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The
,financial
toittrie
VOI. 127.
SATURDAY,SEPTEMBER 29 1928
1,inancial Throuicle
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The Financial Situation.
It will always be a distinctive feature of the Presidential campaign of 1928 that trade and business
have proceeded without much regard to it. The seasonal recession, ordinarily characteristic of the summer months, has been almost entirely absent the
present year. Particularly is this true regarding
the iron and steel industry, accounts concerning
which keep steadily growing better, these accounts
being especially cheering the current week. Contrary to the contentions of certain commentators
who insist that Presidential elections never do have
an unsettling effect upon industrial activity, it is
necessary to go back only four years, to the Presidential election of 1924, to find an occasion when
the pending Presidential campaign exercised a deeply and a highly disturbing effect—when, indeed, an
actual slump in business of large proportions occurred. And this slump found its strongest manifestation in the iron and steel trades, which to-day
are giving such manifold signs of activity.
In 1924 production of steel dropped from 4,187,942
tons in the month of March to only 1,869,416 tons
in July (a shrinkage of considerably more than
50%), and 2,541,501 tons in August, and the make
of iron fell from 3,466,086 tons in March to 1,784,899
tons in July (also a reduction of almost one-half),
and 1,887,145 tons in August, all the months mentioned having contained 26 days. In contrast, note
the experience the present year. In March of the
current year the output of steel ingots was 4,507,520
tons with 27 working days in the month; in July
with only 25 working days in the month, the output
was 3,811,573 tons and in August with 27 working
days the output was 4,178,481 tons. It will be seen
that comparing August with March, both having the
NO. 3301.
same number of days, the falling off was barely 8%,
notwithstanding the heat of the summer, whereas
in 1924, as we have seen, the shrinkage between
March and July was over 50% and between March
and August about 40%. In the case of the production of iron the exhibit is much the same; whereas
in 1924 the shrinkage between March and August
was about 40%, on the other hand. during the current year there has been scarcely any contraction at
all, the make of iron in March 1928 having been
3,199,674 tons and in July and August 3,071,824 tons
and 3,136,570 tons respectively.
The peculiarly gratifying feature is that during
the current month of September-the activity of the
months immediately preceding has been fully maintained and even further increased. The trade papers, the present week, speak almost in glowing
terms of the state of the steel trade. Thus the "Iron
Age," in its issue of Thursday, says that "the inflow
of business in the last month of the current quarter
has proved more than enough to sustain a high rate
of output—it has resulted in a gain. The operations of the U. S. Steel Corporation plants now average 85% of ingot capacity, compared with 75% a
month ago. The rate of a leading independent is
86%. Among the producing districts, Chicago, Pittsburgh, and Youngstown alike have increased production, in each case reaching an average of close to
85%." It should be added that in September last
year, when the seasonal recession was quite pronounced ,the steel mills were engaged to only about
64@66% of capacity. The price situation is also
growing more assuring. The "Iron Age" says on
this point: "Now that specifying is drawing to a
close for those mills that are accepting releases
until the end of September, price uncertainty appears to be passing. While many buyers are not yet
showing an interest in forward commitments, the
number of fourth-quarter contracts so far closed is
larger than expected." The "Iron Age's" composite
price for finished steel remains unchanged for the
eighth week at 2.348c. a pound. The "Age's" composite price for pig iron has advanced for the third
consecutive week, now standing at $17.71 a gross
ton, within 4c. of the highest level to date in 1928,
reached last February.
It is worth noting, too, that the railroads which
for a dozen months or more have had dwindling traffic and revenues to contend with (as compared with
the year immediately preceding) are at last showing
signs of recovery in their returns. A rather significant indication in that respect is furnished by the
statement of the loading of revenue freight on the
railroads of the United States for the week ending
Sept. 15. This proves to have been the largest of
any week of the year thus far, the number of cars
loaded running away in excess of a million, reaching
1714
FINANCIAL CHRONICLE
in exact figures 1,138,312 cars. At the figures mentioned,the total shows an increase of 10,669 cars over
the number in the corresponding week of 1927, something that has not happened very frequently during
1928, though 40,947 cars below the corresponding
week two years ago.
The monthly returns of earnings of the railroads
of the country for the month of August are also
now coming to hand and after a long period of unfavorable comparisons (speaking of the roads as a
whole) are likewise revealing improved results—at
least more generally so than heretofore. Distinction, however, must be made between the different
sections of the country. Not all as yet are able to
make a better showing. One group of roads outdistances all other groups in the favorable character
of the exhibits made. We refer to the roads and systems traversing the spring wheat territory of the
Northwest. There an economic revolution has been
effected as the result of two successive extremely
bounteous harvests of spring wheat,following a long
series of poor or indifferent crop yields. The effect
has been, not only to give the favored roads a larger
grain tonnage, but also a larger movement of merchandise and general freight owing to the greatly
augmented purchasing power of the entire population. The roads in that part of the United States
have for many months been giving a good account of
themselves as a result of the excellent spring wheat
harvest of 1927, standing out in sharp contrast in
that respect with the roads in most other parts of
the country, which have had falling traffic to contend with, and now that a similar abundant spring
wheat crop is assured for 1928, their record of gains
is being further extended. Thus the Milwaukee &
St. Paul reports for August this year gross earnings of $16,174,739 as against only $14,967,419 in the
same month last year and net earnings (above operating expenses, but before the deduction of taxes)
of $4,398,503 against $2,748,244. Of course, this road
is comparing with its receivership period of a year
ago and presumably has had an especial advantage
on that account, but improvement is also registered
by the other large systems in the same territory, even
if not to the same extent. The Chicago & North
Western reports for the month gross of $15,084,455
against $14,631,848, with net operating income of
$3,623,243 against $3,053,128; the Northern Pacific
gross of $9,137,259 against $8,367,550 and net of
$2,950,287 against $2,358,199 and the Great Northern
gross of $11,723,502 against $11,003,396 and net operating income of $3,381,629 against $3,024,478.
The improvement also extends to the roads further
south in the western half of the country, and even
to those in the Southwest, though in this last instance we find some exceptions to the rule. The
Union Pacific reports gross of $21,358,474, against
$20,210,546, and net of $7,964,426, against $7,266,868, and the Burlington & Quincy gross of $16,356,129 against $15,184,344, with net operating income
of $4,707,669 against 4,106,930. The Atchinson
shows gross of $23,264,266 against $21,720,985, and
net of $8,767,165 against $7,099,571. The Southern
Pacific reports gross of $26,943,892, against $26,962,738, and net of $8,030,934 against $8,341,846.
The Missouri Pacific (which suffered very severely
a year ago from the overflow of the Mississippi River
and its tributaries) has gross of $12,048,118 against
$11,020,930, and net of $3,370,463 against $2,936,587; and the St. Louis-San Francisco gross of $8,-
[VoL. 127.
018,037 against $8,001,541 and net of $2,289,627
against $2,250,296.
Even Southern roads, in a section of the country
which has had to contend with severe business depression for about two years, are now in a number
of cases beginning to show indications of better results, though Florida roads and some of those connecting with Florida are still falling behind. The
Southern Railway reports gross of $12,607,305
against $12,515,316, and net of $3,786,572 against
$4,181,583. This is for the Southern Railway proper. For the Southern Railway system the showing
is gross of $16,646,397 against $16,501,551, and net
of $5,067,454 against $5,402,970. The Louisville &
Nashville has gross of $11,560,990 against $13,040,000, with net operating income of $2,005,183 against
$2,833,741; and the Atlantic Coast Line gross of
$4,625,446 against $5,206,790 and net of $234,793
against $271,436 and the Seaboard Air Line gross
of $4,153,972 against $4,487,607, with net operating
income of $608,114 against $776,185. The roads
serving the Pocahontas coal region of course all
make unfavorable comparisons with a year ago,
since the district is non-union and coal mining was
prosecuted on an unusual scale in 1927 when the
union mines throughout the country were closed
down owing to the strike. The Chesapeake & Ohio
reports for the month this year gross of $11,004,517
against $12,355,229 in the month last year and net
of $3,958,747 against $4,664,765.
Among the great east and west trunk lines, results are somewhat irregular, depending to some extent upon whether the roads were little or much affected by the strike in 1927 at the unionized bituminous coal mines. In the case of the Pennsylvania
RR. system, the feature again is the large reduction
in expenses. For the lines directly operated, east
and west of Pittsburgh, the showing is gross of $57,416,369 against $58,285,019, but net of $16,622,093
against $15,794,685. The New York Central reports
gross of $34,018,396, against $34,415,465 and net of
$8,463,025 against $9,127,002; the Baltimore & Ohio
gross of $21,709,323 against $22,104,324 and net operating income of $5,955,583 against $5,177,151; the
Lehigh Valley gross of $6,527,407 against $7,015,477
and net of $2,056,290 against $1,930,361; and the
Erie gross of $9,559,938 against $9,865,923, and net
of $2,126,714 against $2,022,110. The Wabash gives
an exceptionally good account of itself, with gross
of $6,460,981 against $5,841,458 and net of $1,739,152 against $1,417,177. The anthracite carriers all
make unfavorable comparisons, due to the falling off
in the quantity of anthracite mined. The Reading reports gross of $7,351,585 against $7,945,290 and net
of $1,582,625 against $1,968,668; the Lackawanna
gross of $6,962,826 against $7,553,240 and net of
$2,121,474 against $2,487,392.
Brokers' loans again show an increase in this
week's Federal Reserve statement, being the fifth
successive week of such increases. The increase this
time is $54,232,000 and it follows $85,285,000 increase the previous week, $95,982,000 increase two
weeks ago, $54,061,000 increase three weeks ago, and
$34,017,000 increase four weeks ago, making the total expansion for the five weeks $323,577,000. Such
figures speak so eloquently of what is going on in
the speculative arena that there is no necessity for
enlarging upon them. They furnish an interesting
commentary also on the remarks made last week by
SEPT. 29 1928.)
FINANCIAL CHRONICLE
1715
Roy A. Young, Governor of the Federal Reserve reduce somewhat their borrowing at the Federal ReBoard, in an address before the Indiana Bankers serve.
Association, saying that this growth in brokers'
Notwithstanding that the charge for call loan acloans was giving the Federal Reserve authorities no
concern—that this was a matter that would correct commodation at the Stock Exchange tended lower
itself in due time. With the further addition this most of the week—renewals having been effected at
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week, the total of these loans to brokers and dealers 6 % on Thursday and at 6% on Friday, though
(secured by stocks and bonds) by the 45 reporting with a spurt to 8% on the latter day—the stock marmember banks in New York City is brought up to ket, after early strength, has been reactionary. And,
$4,524,708,000. A year ago, on Sept. 28 1927, the paradoxical as it may seem, the reactionary tendency
total, already tremendously swollen, was no more became most manifest when the call loan rate was
than $3,305,623,000. Thus within the twelve months lowest, namely, on Thursday and early on Friday.
the further expansion has been only a little less than The explanation is doubtless found in the circum/
114 billion dollars. During the past week the loans stance that there has been considerable selling to
made by these 45 reporting member banks for their realize profits and also, as in preceding weeks, sellown account decreased from $925,153,000 to $849,- ing on the part of the powerful interests which are
506,000, while the loans made for account of out- evidently engineering the rise, the idea being to preof-town banks increased from $1,634,219,000 to $1,- vent the market from assuming a runaway charac673,943,000 and the loans made "for account of ter as it has on more than one recent occasion threatothers" from $1,911,104,000 to $2,001,259,000. ened to do. On Saturday last, the market had to
It should not escape notice that these loans for ac- absorb much week-end selling, and as a consequence
count of others—aptly described "bootleggers loans" was more or less ragged and irregular. On Mon—have now passed the $2,000,000,000 mark. Twelve day, notwithstanding that more or less selling was
months ago, on Sept. 28 1927, the aggregate of such still encountered, the market displayed buoyancy all
around with large and general advances. On Tuesloans was only $917,632,000.
Borrowing of the member banks at the Reserve day and Wednesday there was again considerable
institutions is somewhat lower the present week, the irregularity, but nevertheless with many new gains,
discount holdings of the twelve Reserve institutions especially in the case of a number of speculative favSept. 26 being reported $1,010,766,000 against $1,- orites which were bid up with great rapidity. On
093,833,000 on Sept. 19. Of the reduction of $83,- Thursday, as already indicated, it was weak all
067,000, $58,739,000 occurred at the Federal Reserve around, while on Friday the weakness partook of
Bank of New York. Even as reduced, however, this the character of a slump until the last hour, when
member bank borrowing at the Reserve institutions support appeared, and prices were bid up with great
at $1,010,766,000 compares with only $430,312,000 rapidity, as a result of which most of the early losses
a year ago. Moreover, the Federal Reserve authori- were recovered and some new advances established.
ties have sought to offset, in part at least, diminu- The volume of transactions has continued large,
tion in member bank borrowing by adding to their running close up to or above 4,000,000 shares on
holdings of acceptances purchased in the open mar- every full day during the week. At the half-day sesket and also by increasing their holdings of U. S. sion on Saturday last the sales aggregated 2,156,810
Government securities. Acceptance holdings have shares; on Monday they aggregated 4,240,850 shares;
risen during the week from $237,189,000 to $263,419,- on Tuesday 4,599,390 shares; on Wednesday, 4,287,000 and holdings of Government securities from 000 shares; on Thursday 4,020,980 shares; and on
$224,727,000 to $229,032,000. The result altogether Friday 3,706,500 shares. On the New York Curb
is that total bill and security holdings now Exchange the sales were 203,500 shares on Saturare $1,507,797,000 against $1,560,329,000 a week day;810,830 shares on Monday; 786,950 shares Tuesday; 1,110,200 shares Wednesday; 1,053,700 shares
ago.
Whether any significance is to be attached to the Thursday; and 1,001,700 shares Friday.
diminished borrowing on the part of the member
Even though the market evinced a reactionary tenbanks remains to be seen. On its face it would seem dency, not a few stocks established new high recto be due to the large payments made by the U. S. ords for the year. Among the stocks so distinguished
Treasury in redemption of the Third Liberty Loan may be mentioned (in addition to the copper stocks
bonds out of the proceeds of the $545,615,000 of new and the motor stocks separately enumerated be4 % Treasury certificates of indebtedness put out low), the following among others: Advance Rumely,
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and the income tax collections on Sept. 15; $965,- Air Reduction, Atlantic Refining, Cushman's Sons,
000,000 of the Third Liberty Loan bonds were still Davison Chemical, Paramount Famous Lasky Corp.,
outstanding on Sept. 14 and of this amount $733,- Goodyear Tire and Rubber Company, Montgomery
000,000 had been presented for payment up to and Ward and Company, Murray Body, Otis Elevator,
including Sept. 25 according to a statement given People's Gas Light & Coke, Phillips Petroleum,
out on Wednesday night of the present week by the Pressed Steel Car, Pub. Serv. Corp. of New Jersey,
Secretary of the Treasury in which it was indicated Sinclair Cons. Oil, Timken Roller Bearing, Union
that the Treasury would do more borrowing in Oc- Carbide & Carbon, United Biscuit, U. S. Industrial
tober. In addition, Government deposits in the Alcohol and U. S. Steel.
banks have been heavily increased during September.
The copper stocks again met with very confident
The statement issued by the Federal Reserve Board buying, due to the continued urgent demand for the
on Monday of the present week showed that Govern- metal and its high price. All the following copper
ment deposits with the 635 reporting member banks stocks established new high records for the year:
in leading cities had increased almost $140,000,000 Anaconda Copper, Inspiration Copper, Kennecott
in the week ending Sept. 19. Obviously, this large Copper, Magma Copper, Miami Copper, and Seneca
increase in Government deposits eased the situation Copper. In the depression on Thursday and Friof the member banks sufficiently to enable them to day, the copper stocks moved lower with the rest of
1716
FINANCIAL CHRONICLE
[Vora. 127.
the list. Anaconda closed yesterday at 81% against iz314 and Missouri-Kansas-Texas at 41% against
/
/,
8114 the close the previous Friday; Kennecott 41%.
closed at 10014 against 99%; Cerro de Pasco closed
/
at 96% against 100; Greene Cananea at 1251 8
Stock exchanges in important European centers
/
against 131%; Calumet & Hecla at 33 against 34%; have been firm and active throughout most of the
Chile Copper at 51 against 54%; and Granby Cop past week, with continued improvement in sentiment
per at 6614 against 641 8 U. S. Steel led the ac- apparent. Trading gained in volume as the cheer/
/.
tivity in the steel group and on Sept. 27 made a new fulness increased and in a few sections of the respechigh for the year at 16158; it closed yesterday at tive lists prices were advanced with
/
an ease that
1577 against 1571 8 the previous Friday. Bethle- approached buoyancy. The dominant
8
/
note, howhem Steel closed at 63 against 66%; Republic Iron ever, appears still to be one of caution because of
& Steel at 801 8 against 85 ; Inland Steel at 69 uncertainty over gold movements and the difficult
/
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y
against 71; and Ludlum Steel at 68 against 701 4
/
. of correctly gauging the effect of the numerous imGeneral Motors continued in the forefront among portant international developments of recent
weeks.
the motor shares. It closed yesterday at 211 against The London Stock Exchange gave an excellent
ac218 the previous Friday. Among the motor stocks count of itself all week. The sessions began
Monday
that made new high records for the year are the fol- with considerable animation in the
miscellaneous
lowing: Chandler-Cleveland Motor, Chrysler Corp., group, one report describin the
g
conditions as
Hupp Motor Car, Packard Motor Car, and Willy& "almost boomlike," insofar as tin
shares were conOverland. Chrysler closed yesterday at 117 against cerned. Specialties were again
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the center of activi110% the previous Friday; Studebaker closed at 80 ties Tuesday, with Chinese bonds
coming in for a
against 82%; Packard at 9114 against 91%; Nash good deal of attention
/
also. Oil stocks became inat 902 against 93%; Hudson at 843 against 85; creasingly popular in
/
1
%
fairly large general dealings
and Hupp at 73% against 75 . The rubber stocks Wednesday and Thursday
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2
, although industrials were
were strong on the firmer tendency of crude rubber. not much behind in interest.
Communication shares
U. S. Rubber closed yesterday at 38 against 36
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2
/ were firm and active all week, but artificial silks
1
2
the previous Friday, and the preferred at 67
/ were somewhat neglected. Gilt-edged securities
1
2
against 6518; Goodyear Tire & Rubber closed at 70y were steady despite
/
8
a continued outflow of gold to
against 67%, and B. F. Goodrich at 8378 against Germany and rumors
/
of further shipments to New
82%. Among the oil stocks, Atlantic Refining York. Yesterday's session
was somewhat irregular
closed yesterday at 183% against 183 the previ- at London, due to
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week-end profit-taking. Proous Friday; Marland Oil at 38% against 40% and nounced strength,
however, was again shown in the
Standard Oil of New Jersey at 45% against 45%.
oils, which continued strong and active on reports
Among the high-priced specialties, Montgomery that the oil companies
might come to some agreeWard & Co. distinguished itself for another spectac- ment with the Soviet Governme
nt.
ular spurt, touching 267 on Sept. 26, which compares
The Paris Bourse was rather hesitant early this
with only 117 last January; it closed yesterday at week with a tendency toward
strength and activity
253 against 252 the previous Friday; Radio Cor- developing in
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the later sessions. Definite improveporation closed at 206 against 204; Warner Broth- ment began Wednesd
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2
ay morning, with cash transers Pictures, Inc., at 11078 against 108; Paramount actions most prominen
/
t although there was also a
Famous Lasky at 148% against 1402 Stewart- good deal of
/
1;
trading on account. A number of
Warner at 102% against 103
/ Allied Chemical & factors contributed to the improvem
1
4;
ent, chief among
Dye at 199 against 196; Sears Roebuck at 147 them the lower
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rates for money at New York and the
against 14818; Union Carbide & Carbon at 18614 more favorable political
/
/
situation of France. Oils
against 179; American Tel. & Tel. at 1793 against at Paris joined
%
the world-wide swing toward higher
1802 General Electric at 1641/ against 165 ; levels Wednesd
/
1;
4
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2
ay and continued their advance
American Can at 10714 against 107; International Thursday. Bank stocks
/
joined in the upward moveHarvester at 288/ against 297; International ment, but professional
78
selling appeared late ThursNickel at 123 against 12878; and Consolidated Gas day and brought levels
/
down again. Stocks as a
at 781 8 against 782
/
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.
whole nevertheless were firm. The Berlin Boerse
The railroad stocks were not particularly prom- was lively and confident
throughout the week. Mininent in the dealings notwithstanding the generally ing shares were most
prominent Monday, but from
favorable reports of earnings which came to hand Tuesday onward potash
stocks alternated with spefor the month of August, excepting St. Louis South cialties in the public
favor. Artificial silks were
Western which registered a new high for the year particularly strong, Tuesday,
while on Wednesday
at 119 on Sept. 22 and Canadian Pacific which closed the publication of a favorabl
e Reichsbank statement
yesterday at 216% against 214 the previous Friday. caused considerable activity in
bank stocks generSt. Louis Southwestern closed yesterday at 115 ally. In the potash section,
Selzdetfurth, Aschersagainst 114 the previous Friday; New York Cen- leben and Westergeln were the
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2
favorites Thursday.
tral closed at 174 against 177 ; Baltimore & Ohio There was also much activiey
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4
in the electric section,
at 112% against 114; Chesapeake & Ohio at 182
/ with the buying attributed chiefly to foreign
1
2
against 184; Atchison at 191 against 193; Great sources.
Northern at 1002 against 101%; Northern Pacific
/
1
at 100% against 99; Wabash at 812 against 83½;
/
1
Official replies to the British note to Washington
Union Pacific at 1982 against 19614; Southern of August 1 and the
/
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/
French note of August 3, regardPacific at 1223 against 1243 New York Chicago ing the naval compromi
%
%;
se agreement between those
& St. Louis at 124 against 125; Missouri Pacific two Governments,
were delivered to the Foreign
at 713 against 73 ; St. Louis-San Francisco at Offices in
%
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4
London and Paris yesterday, and were
115y against 11518; Milwaukee & St. Paul pref. at made public in
2
/
Washington last night. The identic
521 8 against 521 2; Rock Island at 126% against notes were sharp
/
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in tone and they rejected curtly
1
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1717
the proffered agreement "The Government of the
The American note on the compromise agreement
United States feels that no useful purpose would was prepared by Secretary of State Frank
B.Kellogg
be served by accepting as a basis of discussion the through frequent consultations with
President
Franco-British proposal," the notes said. "The Coolidge. Pending its publication, it was
emphaAmerican Government," it was added,"has no objec- sized in Washington that the American
policy would
tion to any agreement between France and Great remain one of dealing with such matters
openly at
Britain which those countries think will be to their duly convoked international gatherings
such as the
advantage and in the interest of limitation of arma- Preparatory Disarmament Commiss
ion of the
ments, but naturally cannot consent that such an League of Nations. "Moreover, it
was made plain,"
agreement should be applied to the United States." a Washington dispatch of Tuesday
to the New York
The specific objection raised by the United States "Times" said, "that with America
n naval policy
Government, according to an Associated Press dis- clearly defined since the conferen
ce at Geneva last
patch, is based on the contention that it would re- year, the naval construction program
of the Coolidge
strict only types of ships "peculiarly suited to the Administration would be pressed,
pending any real
needs of the United States," and leave unlimited accomplishments toward naval
limitation by intercombat ships of greatest value to any nation having national agreement."
widely distributed fueling bases or great merchant
Reports from London during the past week again
marine tonnage.
made clear, as they had many times previously, that
The fact that an agreement had been reached the compromise agreemen
t would be dropped if any
between England and France was first an- of the three Governme
nts to which it was submitted
nounced in the British House of Commons on found it unacceptable.
Such efforts to allay the
.Tuly 30 by Sir Austen Chamberlain, Foreign storm of conjectur
e regarding the agreement and its
Secretary. Summaries were cabled to Wash- possible collateral understa
ndings were, however, of
ington, Rome and Tokio by the two Govern- no avail. The
Fascist newspapers of Rome did not
ments, but in 'accordance with British desires, the hesitate to insist
that an understanding had been
text was not made public. It was made known, reached for the mutual
disposition of French and
however, that the agreement was in the form of British aircraft in
the event of hostilities with other
memoranda, exchanged by the two Governments, in powers. In Germany
it was accepted as a foregone
which a mutual basis for discussing naval disarma- conclusion that a profound
understanding had been
ment before the Preparatory Commission on Dis- reached between Great
Britain and France, an
armament of the League of Nations was laid down. understanding which,
in the German view, nullified
An immense amount of conjecture was aroused with the Locarno compacts.
The German press, accordreference to the agreement in all countries with siza- ingly, was disposed to re-examine
the military and
ble navies. From semi-official intimations it rapidly diplomatic position of the country,
with a distinct
appeared that the agreement dealt with four classes tendency toward postulating closer
political and inof vessels, as follows: 1, capital ships of more than dustrial relations between Germany
and the United
10,000 tons; 2, airplane carriers of more than 10,000 States on the one hand, and between
Germany and
tons; 3, cruisers of 10,000 tons or less; 4, sub- Russia on the other. In Russia,
the press came out
marines of more than 600 tons.
flatly, Monday, with the assertion that an underThe summary of the agreement was received in standing has been reached
between England and
Washington with a coolness that American officials France which involves
aerial as well as naval colmade no attempt to conceal. The portion of the laboration in the event
of war.
agreement that covered capital ships and airplane
It is apparent from these indications of a state
carriers caused little apparent concern. There was of mind in. Europe
that the Anglo-French naval comevery indication, however, of genuine misgiving over promise agreement
may easily mark a turning point
the section relating to cruisers. It was repeatedly of European affairs,
whether its authors intended
intimated in Washington that the agreement ap- it as such or not.
The suspicions of all of Europe
peared designed to checkmate the American Govern- have been
definitely aroused as to the mutual intenment's desire to build sufficient 10,000 cruisers for tions of England
and France, and it may be doubted
the needs of its navy, while permitting Great Britain whether they can
readily be allayed. Despite defian unlimited number of the small cruisers adaptable nite assertions
by the highest officials of the British
to the British navy's needs. Moreover, there was and French
Governments that the agreement contemdistinct questioning as to whether the summary plates nothing
more than a preliminary naval discabled to Washington revealed all of the agreement armament
rapprochement, the opinion is becoming
between the two Governments. This was followed deeply rooted
on the Continent that a far-reaching
by assertions in Paris dispatches to New York news- entente has been
effected. It would not mean the
papers that an unrevealed part of the agreement end of the
agreement if America disagreed to its
provided for British support of the French position terms, says
Edwin L. James, Paris correspondent of
on conscripts in land armies. It was also suggested the New York
"Times," in a dispatch of September
with some degree of plausibility that Great Britain 21. "That
would not dispose of the understanding
and France had revived their entente and would between London
and Paris," he writes, "for whatbe found on the same side of most important inter- ever replies America,
Italy and Japan may make it
national questions hereafter. Such statements will probably
be found that the understanding reprearoused the keenest interest all over the world. For- sents a position
which England and France will supeign Minister Briand of France and Lord Cushendun port in future negotiati
ons regarding limitation of
of England both stated definitely in Geneva early navies." To this was added an
assertion by the
this month that no secret clauses were contained in same correspondent from London, Monday,
that "It
the agreement. Rumors that the Anglo-French en- can now be stated publicly on the highest authorit
y
tente had been revived in great part nevertheless that Great Britain has decided not to oppose
further
persisted.
the French key position on land disarmament. In
1718
FINANCIAL CHRONICLE
[vox,. 127.
briefly expressed his disillusionment over what he
considered negative, even "humiliating" results.
The German delegate, who spoke after him, made
what was described in a dispatch to the New York
"Times," as "an exceedngly careful speech in which
he opened up real hostilities to the League program,
which will probably not be fully developed until the
Council meets next December." The chief note of
the speech, the report added, was that Germany "was
The Ninth Assembly of the League of Nations con- still ready to collaborate and sitll clung to the hope
cluded its deliberations Wednesday and adjourned that the disarmament program would go on." Taken
shortly after noon on that day with very few accom- as a whole, the speech was said to have sounded
plishments to its credit. The most that can be said more like a warning than a direct challenge. Sir
of the sessions, which began September 3, was that Godfrey Locker-Lampson,speaking for Great Britain
they served to bring together the plenipotentiaries maintained that all efforts must be made to prepare
of Germany, France, Great Britain, Belgium, Italy a general conference, but that at the same time it
and Japan, for the private pourparlers which re- would be a catastrophe if the conference met without
sulted in a preliminary arrangement for settlement proper preparation. M. Joseph Paul-Boncour ended
of the Rhineland occupation question. Save for the the discussion with an encomium on the work of
two speeches which Chancellor Mueller of Germany the League.
In the final plenary session, Wednesday, the
and Foreign Minister Briand of France addressed
League Assembly approved a "general act," drawn
to each other from the rostrum of the League body,
the plenary sessions of the Assembly were almost up by Nicholas Ponds of Greece, as a reinforcement
devoid of interest. The matter of greatest impor- of the general treaty for the renunciation of war as
tance before the Assembly was the determination of an instrument of national policy which fifteen worlda date for the next meeting of the Preparatory Dis- powers signed at Paris August 27. Under the "genarmament Commission. In its previous meetings, eral act," the signatory nations would undertake to
the Preparatory Commission had brought its work settle all disputes between themselves by pacific
to the point where actual disarmament proposals means. Subjects which the nations considered of
were believed to be no longer avoidable. There was, strictly domesti • jurisdiction would be reserved from
therefore, the keenest interest in the proceedings the operation of the act. In order to advance the
of the Third Commission of the present Assembly, cause of pacific settlement of international disputes,
which was delegated to consider the problem. After the League's entire series of model treaties for conmore than three weeks of deliberation, the Third ciliation, arbitration and non-aggression was ordered
Commission drafted a resolution on September 25 sent to all Governments. Herluf Zahle, the Danish
expressing the hope that the Preparatory Commis- President of the Assembly, in declaring the meetsion will be able to meet early next year. The reso- ings closed, lauded the frankness with which some
lution intimated that if at such a time the present of the questions had been discussed. He remarked
naval disarmament uncertainty between the United that there had been a certain measure of disappointStates on the one hand, and Great Britain and ment over disarmament at a moment when new hopes
France on the other, had not been adjusted, the for it had been born."While the Assembly has found
gathering must be postponed. This resolution, the progress of disarmament slow," he concluded,
drawn up by M. Joseph Paul-Boncour of France, "it received plain warnings from organizations repwas adopted by the Assembly, Tuesday, with the resenting millions of men and women, which predelegates from Germany and Hungary pointedly sented memorials insisting that there be no faltering in the determination to achieve a reduction • in
abstaining from voting.
Efforts to draft a resolution regarding the Pre- armaments."
paratory Commission meeting and clear up the work
Unremitting efforts are being made in England
of the Assembly were begun. late last week, but
quickly developed into an acrimonious dispute be- to revive the depressed British coal industry and
tween Count von Bernstorff, of Germany, and Lord thus re-employ the several hundred thousand miners
Cushendun, of Great Britain. Lord Cushendun, made idle by the depression. The extent of the deaccording to a Geneva dispatch to the New York cline in the industry is revealed by the official fig"Herald Tribune," desired the Third Commission to ures published in the London Board of Trade Journal
set a date for a conference on sea-power limitation for Aug. 22. In the second quarter of this year
which would precede the Preparatory Commission it was estimated that 56,842,300 tons of salable coal
meeting, but Count von Bernstorff protested the were raised, as compared with 64,280,500 in the first
step strongly. He declared that the naval powers quarter and with 61,859,800 in the second quarter of
should try to agree, but if they could not, then the last year. The average number of wage earners in
League must make one last great effort. The reso- the industry was computed for the second quarter
lution, accordingly, was sent back to the drafting of this year at 930,300, as contrasted with 961,200
committee. Lord Cushendun, out of patience with in the first quarter and with 1,022,700 in the secthe proceedings, left for London last Saturday. No ond quarter last year. As a further indication of
great changes were made in the wording of the reso- the seriousness of the situation, the Board of Trade
lution, and when it came up for a vote Saturday, Journal remarked:"Reckoned on the tonnage of coal
Count von Bernstorff abstained from voting and produced and imported, less the tonnage shipped
abruptly left the Commission meeting. General abroad, the quantity of coal available for consumption in Great Britain amounted to 38,750,000 tons
Tanczos, of Hungary, also did not vote.
When the resolution. came up for final considera- during the quarter ended June 1928, or nearly 8,000,tion in the Assembly Tuesday, General Tanczos 000 tons less than in the previous quarter and 4,500,.
other words, British diplomats will no longer fight
against trained reserves, which the continental nations, led by France, have refused to limit." British
officials, Mr. James added, do not describe their
change of front on land armaments as part of a
political bargain. They describe it as a conclusion
reached entirely independently after a careful deliberation, he reported.
SEPT. 29 1928.]
FINANCIAL CHRONICLE
000 tons less than in the June quarter, 1927." A
Government committee, appointed to consider this
situation, submitted a report Sept. 23. The committee was headed by Lord Melchett, formerly Sir Alfred Mond. The report was notable chiefly for its
practical and definite suggestions for introducin
g
modern scientific methods into the coal industry. In
a London dispatch to the New York "Times," the report was described as suggesting a greater use of
powdered coal on ships in order to restore some
of
the usefulness of coal which oil and electricity
took
away, and recommendina a greater use of low-grade
fuels and organized research into the production of
coke by-products, "a field in which other natio
ns
have made more rapid progress than England."
Reactionary Nationalists in Germany began
a
campaign Monday against the republican form
of
Government by demanding a popular refer
endum on
the question of setting aside the Parliamentary
system and bringing back the monarchy in one form
or
another. The semi-militaristic organization
of war
veterans, banded together, under the name
of the
Steel Helmets, was used as the vehicle for
bringing the campaign to public notice. A petiti
on for a
referendum on 'altering the form of the Gover
nment
was circulated by this group at Magdeburg
and the
5,000 signatures necessary for its consid
eration by
the authorities at Berlin were readily
secured.
Should the Minister of the'Interior permi
t the matter to proceed, the petitioners, under the law,
must
assemble the signatures of 5,000,000 eligible
voters,
after which the popular referendum will be
called.
In the national voting 20,000,000 Germans, or
half
the voters of the country, would have to regist
er
their approval, and not even the most optimistic
of
the Nationalists believe that such widespread
approval would be granted. "Germania,"
itself one
of the most reactionary of Berlin journals,
said editorially Wednesday "If the German Natio
nal Party
wants to expose itself to a sure and painful
defeat,
it, in company with the Steel Helmet
organization,
will call the German nation to arms
against the
Weimar Constitution. After such proce
edings they
will be wiser than before."
1719
theless have been slow. "The peasants will not part
with the grain unless they receive manufactured
goods in exchange at a price they consider fair," the
dispatch added. "Despite the fact that goods production is almost equivalent to that before the war,
both urban. and country demand has so greatly increased and production costs are so high, that it is
impossible to supply the peasants," it was stated.
A detailed review of the Soviet economic situation was made Twesday by M. Quibeshef, President
of the Supreme Economic Council, and reported in
a dispatch from Walter Duranty, Moscow correspondent of the New York "Times." "Industrial production is steadily increasing," the dispatch said,
"but M. Quibeshef admits that the peasant demand
for implements, fertilizers and manufactured goods
is increasing faster still. The harvest totals 300,000,000 poods more than last year, but the transport
difficulties, especially since the best crop was in
Siberia, will hamper its distribution during the coming months. The production of the individual laborer has improved, but the decrease in production
costs is less than was planned. The metal and coal
industries show a steady growth, but there were
heavy losses from faultylabor discipline and absences
from work, which generally means drunkenness.
In the coming year it is planned to invest upward
of 2,000,000,000 rubles, 400,000,000 more than in
the current year, in industrial development, but the
country is still dependent on foreign importation,
which causes currency tension. The Industrial Council recently has been discussing the need for the
import of pig iron as well as of machines and manufactures."
A treaty of friendship and conciliation between
Greece and Italy was signed at the Foreign Ministry
in Rome last Sunday by Premiers Eleutherios Venizelos and Benito Mussolini. The text of the treaty,
as given out on the following day, closely resembles
those made by Italy with almost all the countries of
Eastern and Central Europe. It lays down rules
for the conciliatory settlement of any conflict that
may arise between the two countries incapable of
settlement by ordinary diplomatic methods and provides for neutrality in the case of a conflict by
Faced with the problem of supplying Russi
an peas- either party with a third power or
powers due to
ants with manufactured goods at reaso
nable prices, unprovoked aggression. "This treaty
," says a Rome
the Soviet Government has been issuing a
number of dispatch of Sept. 23 to the New York "Time
s,"
more or less urgent intimations that it
would wel- "crowns the gradual rapprochement betwe
en Italy
come the return of foreign capital to that
country and Greece which has been going on the last
practically on capitalist terms. A decre
few
e promul- years, after a period in which relati
ons were very
gated last week indicates that Russia has
decided strained, following the Corfu incident. Premier
to admit foreign concessionaires in all branc
hes of Mussolini had set himself to gain the confidence
industry, including railways and other
and
forms of friendship of the Greek nation, and the treaty
transportation, mining, electricity,
conseforestry, agri- crates the excellent relations now
existing between
culture, communal or county development
and .road- the two countries. Public opinion
here expresses
way building projects. All Russia will be
open to the strongest gratification that the first act
foreign investment and development,
of the
dispatches said, Venizelos Government has been
the signature of
and particular efforts will be made to intere
st out- this treaty, which is also the first treaty
of its kind
side capital in the creation of a Russian
motor car that Greece has concluded with any forei
gn power."
industry, the manufacture of machinery of
all kinds Premier Venizelos publicly expre
ssed satisfaction,
and artificial silk. Every help will be extended
to Monday, with the signature of the treaty and
said it
foreign investors and wherever possible
tax and "was not directed against anybody."
He expressed
customs concessions will be made so as to
provide the hope that a solid concord of friendship
would
an easy flow into the country of raw and finished be built
on it and added that as soon as certain
materials. The Russian harvest, according
questo a tions regarding the port of Saloniki could
be setMoscow dispatch of last Saturday to the New
York tled he hoped to conclude a similar pact
with Yugo"Times," is fully 100,000,000 bushels greater than
slavia. He added that as yet no pact had
been made
last year, but State grain collections never- with
that of
Turkey but that he would like to
conclude one
1720
FINANCIAL CHRONICLE
as soon as possible. Premier Mussolini, in a Cabinet session held Monday and devoted mainly to foreign affairs, emphasized the "innate pacific character" of the Italian policy in the Near East.
[VOL. 127.
lation, as it regards foreigners, in that liberal spirit
which Washington has sought all through the diplomatic exchanges on both the land and petroleum
problems." To this was added on Sept. 19 an editorial plea by El Universal, one of the two important
journals of the country,for fair dealing and security
against undue risks for foreign capital, so that it
may be attracted to Mexico and thus aid in the economic reconstruction of the country.
A joint Congressional session of Mexican Senators and Deputies on Tuesday evening unanimously
elected Emilio Porte.s Gil provisional President of
the Mexican Republic to serve from Dec. 1 this year
to February 5 1930. This resolves the question of
A three-sided arrangement which is looked upon
a successor to President Canes, whose term of ofas clarifying the rights of the United States as to
fice expires Dec. 1. The extraordinary session of
the Congress was decided upon by the Mexican lead- important approaches to the projected interoceanic
ers shortly after the assassination on July 17, of canal through Nicaragua has been arrived at by
President-elect Alvaro Obregon, whose demise left means of a treaty negotiated between Nicaragua
the country without a duly constituted successor to and Colombia, and a subsequent exchange of notes
President Canes. In the balloting Tuesday, a total between Colombia and the United States. Announceof 277 votes was cast. Extraordinary elections for ment of the signing of the treaty on March 24
a constitutional President will be held on the third through the good offices of the United States, and
Sunday of November, 1929, and the Executive then of the exchange of notes, was made by Secretary
elected will serve for the balance of the full term of of State Kellogg in Washington late last week, si4
six years ending November 30, 1931 . Portes Gil, multaneously with the publication of official statewho is only thirty-seven years old, held the post of ments on the subject in Managua and Bogota. "UnSecretary of the Interior in President Calles's Cab- der the treaty," a Washington dispatch of Sept. 21 to
inet. He was elected Governor of Tamaulipas in the New York "Times" explained, "Nicaragua ob1924 and has had a distinguished career as a lawyer tains the sovereignty of the Mosquito coast and of
Great and Little Corn Islands, about forty miles off
and administrator, but is not a military man.
President has been a firm sup- Bluefields on the Atlantic Coast, for which the
The newly-elected
porter of his two predecessors, General Obregon United States holds leases and which will be of straand President Calles. His record shows that he is tegic value in commanding approaches to the prodeeply interested in child welfare, that he is opposed jected canal. Ownership of the two islands and of
to gambling and drinking and that he favors great the Mosquito coast, which stretches on the Atlantic
liberty of the press. After his election he gave a from Cape Gracias a Dios to the San Juan River,
statement to the press which said: "My policy will has been in dispute between Nicaragua and Colombe inspired by the highest principles of social equity bia for over a century.
"The compact, on the other hand, grants absolute
and justice. My task will be to continue the polibranches sovereignty to Colombia over the islands of San Ancies developed by President Calles in all
of public administration and also to produce the dres, Providencia, Santa Catalina and other small
fulfillment of the social program outlined by the islands and keys which form a part of Andres Archilate General Obregon." It may be taken for granted, pelago. These lie in the Atlantic about 150 miles
a Mexico City dispatch to the New York "Times" off the Nicaraguan coast in the general latitude of
said, that Senor Gil will endeavor to develop the Bluefields. The Keys of Roneador, Quita Suenos
friendly relations existing with the United States. and Serrana, which lie from 150 to 200 miles off the
It is also understood, the report added, that he will Nicaraguan coast in the general latitude of Cape
look sympathetically for some exit from the Catho- Gracias a Dios, are not included in the treaty, their
sovereignty having been in dispute between Colomlic impasse.
developments in Mexico pre- bia and the United States and involving the quesSeveral additional
sage continuance of the improvement in relations tion of discovery before Colombia acquired its indebetween Washington and Mexico City that began pendence. This issue has been placed on a status
with the appointment of Dwight W. Morrow as Am- quo basis through an exchange of notes whereby the
bassador to Mexico last December. The Confedera- United States is permitted to continue lighthouse
tion of National Chambers of Commerce in the Mex- services it has established on the islands as aids to
ican capital announced on Sept. 13 that Mexican navigation and Colombia obtains the right to use
corporations devoted to any other purposes than the surrounding waters for fishing."
those of agriculture, even if partly or wholly conNo changes have been reported this week in distrolled by foreigners, may acquire lands within and
in the terms of section count rates by any of the central banks of Europe.
without the prohibited zones
4 of Article XXVII of the Constitution of 1917, Rates continue at 7% in Germany; 63/2% in Austria;
provided that the permission of the Ministry of For- 53/2% in Italy and Norway; 5% in Denmark and
eign Relations, according to Article VIII of the law Madrid; 432% in London, Holland and Sweden; 4%
regulating section 1 of Article XXVII, is obtained. in Belgium, and 33/2% in France and Switzerland.
1
The Confederation gave out the statement as a di- In London open market discounts are now 4%(4)
communication from the Ministry of Foreign 4 3-16% for both long and short bills, against 4 3-16%
rect
Affairs. "From the viewpoint of foreign investors for both on Friday of last week. Money on call in
in Mexico, the importance of this announcement can- London was down to 23/2% yesterday. At Paris
not be overestimated," a Mexico City dispatch to the open market discounts remain at 331% and in
New York "Times" said. "It would appear to be Switzerland at 3/%•
a drastic concession on the part of the Government to
The Bank of England in its latest statement, dealforeign holdings, and evidence that the authorities
much-discussed land legis- ing with the week ended Sept. 26, reports a loss in
have begun to treat the
SEPT. 29 1928.]
FINANCIAL CHRONICLE
gold of £2,875,585 and an increase of notes in circulation of £721,000, causing a loss in the reserve of
gold and notes in the banking department of 0,596,000. The ratio of reserve to liabilities dropped this
week from 53.18% to 51.54%; two weeks ago the
ratio stood at 55.13% and at this time last year at
27.87%. Public deposits decreased £6,193,000, while
"other" deposits increased 0,941,000. Loans on
Government securities rose £3,617,000, but loans on
other securities dropped £3,321,000. The Bank's
stock of gold now totals £173,204,657, against L151,092,288 in 1927 and £155,833,112 two years ago.
Note circulation aggregates £134,494,000 in comparison with £136,505,190 last year. The Bank's minimum rate of discount (43/2%) remains unchanged.
Below we furnish comparisons of the various items
of the Bank of England return for five years.
BANK OF ENGLAND'S COMPARATIVE STATEME
NT.
1928.
1927.
1926.
1925.
1924.
Sept. 26.
Sep!. 28.
Sept. 29.
Sept. 30.
Oct. 2.
1721
while reserve in foreign currency fell of 3,443,000
marks, bills of exchange and checks 81,669,000
marks, and advances 35,158,000 marks. Deposits
abroad and investments remained unchanged. A
comparison of the various amounts of the bank'a
return for the past three years is furnished below.
REICHBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Sept. 22 1928. Sept. 23 1927. Sept. 23 1926.
Assets—
Reichsmark,.
Reichsmark*. Reichsmarks. Reichsmark:.
Gold and bullion
Inc. 25,673,000 2,335,806.000 1,852.246.000 1,566,796.000
Of which depos.abr'd_ Unchanged
85,626,000
66,543.000 201,784,000
Res've in for'n curr__ _Dec. 3,443,000 187,804,000 153,006,000 456,693.000
Bills of each ak checks _Dec 81,669,000 2.034,722.000 2,235,681,000 1.238,790,000
.
Silver and other coin_ _ Inc. 7,059,000 102,016,000
80,975,000 120.084.000
Notes on oth.Ger.bks_Inc. 2,838,000
25,772,000
24,239.000
14,816,000
Advances
Dec. 35,158,000
34.077,000
35.819,000
7.384.000
Investments
Unchanged
93,819,000
92,261,000
91,394,000
Other assets
Inc. 7.835,000 523,494.000 533,277,000 697,943.000
Liabilities—
Notes In circulation..Dec. 156,312,000 4,100.068,000 3.547.642.000 2,799.247,000
0th. daily mat. oblIg_Inc. 77,015,000 575,228,000 688.251.000 855,166.000
Other liabilities
Inc. 2,421,000 255,209.000 405,430,000 179,634.00'
A moderate and gradual relaxation of the prevailing tightness in money rates on the New York market.
Circulation
b134,494,000 136,505,190 140,516,935 144.774,565
122,288,835 occurred in the early part of this week, only
Publicdepoalts
to be suc9,694,000 25,695,816 21,177.003 27,109.807
17.383,907
Other deposits
103,742,000 97,537,945 101,182.191 102,390.781
110,696.485 ceeded yesterday by further stringency which raised
Governm't securities 31,681,000 56,309.626 33,640,557
36,772,772 39,733,443
Other securities.. _
call loan rates to the highest figure of the week. Call
41,577,000 50.935.049 71,986,116
Reserve notes& coin 58.461,000 34,337,098 35,066.177 75,576.311 80,740,529
35,442,148 25,887,312 loan rates dropped slowly from a high
Coln and bullion_ _a173,204,657 151,092,288
of 73'% Mon155,833,112 160,446,713 128.426,147
Proportion of reserve
day to a low of 6% Wednesday, and Thursday, with
to liabilities
51.54%
27.87%
28.66%
2714%
2034% trades at concessions
Bank rate
of N% to M% reported in the
434%
414%
5%
434%
4%
outside market. Withdrawals by the banks totaled
a Includes, beginning with Apr11 29 1925, £27,000,000
gold coin and bullion
previously held as security for currency note issues and which
was transferred to $20,000,000 Tuesday and $15,000,000 Wednesday.
the Bank of England on the British Government's decision
to return to gold standard.
b Beginning with the statement for Apri129 1925, Includes
£27,000,000 of Bank On further withdrawals of $30,000,000 yesterday, the
of England notes issued In return for the same amount of
gold coin and bullion call
loan rates spurted from 6% to 8%,closing for the
held up to that time In redemption account of currency
note Issue.
week at the latter figure. Time loan rates continued
In its statement for the week ending Sept. 22 the unchanged at 73.% to 73/2%, with more funds avail4
Bank of France reports a decrease in note circulation able in this department of the market than for some
of 308,000,000 francs, reducing the total to 61,013,- weeks past. The greater disposition to loan money
456,640 francs. Total circulation last week aggre- for longer periods caused the bulk of the trading
gated 61,321,456,640 franes and the week before Thursday and Friday to be done at 73.7. Brokers'
0
61,552,456,640 francs. On the other hand, creditor loans against stock and bond collateral continued
current accounts rose 147,000,000 francs and current their upward course this week, the Federal Reserve
accounts and deposits gained 454,000,000 francs. Bank of New York reporting an increase for the week
Gold holdings now amount to 30,568,249,942 francs, ended Wednesday night of $54,232,000. Loans made
due to a gain during the week of 71,086,608 francs. by the 45 reporting member banks in New York are
French commercial bills discounted rose 296,000,000 covered in the statement. The advance is the fifth
francs, bills bought abroad 136,000,000 francs and consecutive one and it carries the total of such loans
advances against securities 13,000,000 francs, while very close to the extreme high of June 6. Gold imcredit balances abroad dropped 365,055,255 francs. ports for the week ended Wednesday totaled $2,798,Below we furnish a comparison of the various items 000, which included the shipment of $2,434,000 from
of the bank's return for the past three weeks.
England which was announced as having been made
BANK OF FRANCE'S COMPARATIVE STATEME
last week. Exports for the week aggregated $414,NT.
Changes
Status as of
000. Rumors were current during the week of fairly
for Week.
Sept. 221928. Sept. 151928. Sept.
8 1928.
Gold Holdings—
Francs.
extensive gold shipments from Argentina.
Francs.
Francs.
Francs.
Gold holdings— -Inc. 71,086.608 30,568,249,942 30,497,163,
334 30,426,061,605
Dealing in detail with the rates from day to day
Cred. bals. abed...Deo.365.055,255 12,984,954,644
13,350.009,899 14.005,063,226
French comm. bills
all loans on Monday were at 73.% including renewals.
discounted
Inc. 296,000,000 3,063,109,837 2,767,109.837
2,453,109,837
Bills bought abed_Inc. 136,000,000 18,451,279,432 18,315,279,
432 17,992,279,432 On Tuesday renewals were again at 73'%, but with
Adv. against secs_Inc. 13,000.000 2,021,392,432 2,008,392,4
32 2.014,392.432 a decline in the general
rate to 7%. On Wednesday
Note circulation_ _Dec. 308,000,000 61,013,456,640 61,321,456.
640 61,552,456.640
Cred. curr. accts Inc. 147,000.000 16,218,543.107 16,071,543,
107 16.119,543,107 renewals were at 7%, but the general rate fell to 6%.
Corr.accts.& dep.Inc. 454,000.000 5.396,833,921
4.942.833.921 5.512,833,921
On Thursday the renewal rate was marked down to
63/2% and new loans were again at 6%. On Friday
In its statement for the third week of September, renewal
s were also at 6%, but in the afternoon there
the Bank of Germany reports a decrease in note cir- was
a spurt to 8% on preparations for the 1st of
culation of 156,312,000 marks, reducing the total the
month payments. The steady rise in time loan
of that item to 4,100,068,000 marks. Total note rates was halted
somewhat on Friday of the present
circulation for the corresponding week last year week
when the quotation for the 30, 60 and 90-day
amounted to 3,547,642,000 marks and for the year periods
was reduced from 734.@73/2%, to 73'4.%, while
before to 2,799,247,000 marks. On the other hand, the figure for
four, five and six-month maturities was
other daily maturing obligations rose 77,015,000 lowered from 7@71
4% to 7% flat. The higher rates
marks and other liabilities increased 2,421,000 had prevailed
throughout the forepart of the week.
marks. On the other side of the account, gold For commercial paper names
of choice character
and bullion rose 25,673,000 marks, silver and other maturing in four to six months are now
quoted at
coin 7,059,000 marks. notes on other German banks 53/2%, with 90-day names of strong
character selling
2,838,000 marks and other assets 7,835,000 marks, at 54%. For names
1
less well known the quotation
1722
FINANCIAL CHRONICLE
[Vol,. 127.
is 59%. The rate for New England mill paper is to Germany during the past several weeks have,
0.
5%@5%7
of course, been an influence in retarding the decline
in the London rate. However, this factor has been
The posted rates of the American Acceptance offset by dulness and hesitation in the London seCouncil for prime bankers' acceptances eligible for curity markets resulting from the gold outflow.
purchase by the Federal Reserve banks have not Bankers strongly incline to the belief that the
been changed during the week and remain at 4V% central banking authorities will endeavor to shape
bid and 43/2% asked for bills running 30 days and also policies so that no large amount of gold will come
for bills running 60 and 90 days,4%% bid and 4/% to New York from London. Even the purchase of
%
asked for 120 days, and 5% bid and 478 asked for open-market gold would not be welcome. Foreign
150 and 180 days. The posted rate of the Acceptance exchange traders state that the Bank of England
Council for call loans against acceptances remained would prefer to lose gold in moderate amounts rather
at 6% until Wednesday, when there was a reduction than increase its rediscount rate and affect business
to 53/2%. Open market rates for acceptances have adversely.
remained unchanged as follows:
This week the Bank of England shows a loss in gold
SPOT DELIVERY.
holdings of £2,875,585. On Saturday last the Bank
-—180Days— —150 Days-- —120 Days
Asked. of England sold £101,000 in sovereigns and set aside
Asked. Bid.
Asked. Bid.
Bid.
4%
434
434
5
434
6
Prime eligible bills
£100,000 for the account of Switzerland. On Mon—90Dap-- —60Dap— —30 Days—
Asked. day the Bank of England received £250,000 in soverAsked. Bid.
Asked. Bid.
Bid.
434
434
434
434
414
4%
Prime eligible bills
eigns from South Africa and sold £31,000 in gold
FOR DELIVERY WITHIN THIRTY DAYS.
.
bars. On Tuesday the Bank sold £1,279,000 in
bid
Eligible ember banks
4
Id gold bars.
On Wednesday the Bank sold £924,000
non-member banks
in gold bars. On Thursday the Bank sold £818,000
have been no changes this week in Federal
There
gold bars. By far the greater part of all this gold
Reserve Bank rates. The following is the schedule wa old to Germany. Approximately £1,000,000 of
rates now in effect for the various classes of paper Sout
rican bar gold will be available in the Lonat the different Reserve banks:
don open market on next Tuesday and approximately
are
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS £750,000 the following week. Banking circles
AND MATURITIES OF ELIGIBLE PAPER.
of the opinion that German interests will outbid
Date
Previous
Rate in Effect
for this gold. Yesterday the Bank of England sold
Rate.
Established.
on Sept. 28.
Federal Reserve Bank.
£14,000 in gold bars, besides earmarking £750,000
July 19 1928
434
5
Boeton
1928
July 13
434
5
New York
for account of South Africa and £400,000 for Switzer434
July 26 1928
5
Philadelphia
454
Aug. 1 1928
5
Cleveland
land.
434
July 13 1928
5
Richmond
434
July 14 1928
5
Atlanta
At the Port of New York the gold movement for
11 1928
July
43-1
5
Chicago
July 19 1928
434
5
St. Louis
the week September 20-26, inclusive, as reported by
4
Apr. 25 1928
434
Minneapolis
4
June 7 1928
434
Kansas City
the Federal Reserve Bank of New York, consisted of
4
May 7 1928
434
Dallas
4
June 2 1928
434
San Francisco
imports of $2,798,000, of which $2,434,000 came
from England, $304,000 from British Malaya, and
Sterling exchange continued under pressure through $60,000 from Latin America. Gold exports totaled
out the greater part of the week, although some $414,000, of which $280,000 was shipped to Java,
firmness was noticeable on Thursday and Friday. $82,000 to Mexico, and $52,000 to Germany. There
The range this week has been from 4.84 to 4.84% was no Canadian movement of gold either to or from
for bankers' sight, compared with 4.84 19-32 to the Port of New York. Canadian exchange has been
4.84 13-16 last week. The range for cable transfers irregular this week. On Tuesday and Wednesday
A
has been from 4.847 to 4.85 1-16, compared with Montreal funds were at par. They went to a slight
4.85 to 4.85 5-32 a week ago. The foreign exchange discount on Thursday and back to par on Friday.
market has on the whole been extremely dull. The While Canada's credit requirements are heavy at
underlying causes affecting the sterling rate have this season, the Canadian banks seem to be keeping a
undergone practically no change in the past few considerable amount of money in the New York
weeks, and, as frequently stated, are of a seasonal market, which constitutes a factor in the comparative
character, the pressure being further accentuated at weakness and irregularity in Canadian exchange.
this time owing to the high money rates prevailing
Referring to day-to-day rates, sterling on Saturday
here. Rumors were frequent during the week that last was under pressure. Bankers'sight was 4.84 9-16
heavy gold shipments were in progress from London @4.84%; cable transfers 4.84 15-16(4)4.85 1-32. On
to New York. It seems, however, that the pre- Monday pressure was renewed. The range was
dictions were unfounded and were based on the sharp 4.84 9-16@4.84% for bankers' sight and 4.84 15-16
bidding by American interests in London for open- @4.84 31-32 for cable transfers. On Tuesday the
market gold. The American bidders seem to be market was dull and fractionally easier. The range
A
invariably outbidden by German interests. Never- was 4.843/@4.84% for bankers' sight and 4.847 @
2
theless, American bankers confidently believe that 4.85 for cable transfers. On Wednesday the tone
before the seasonal pressure comes to an end probably of the market was slightly stronger. Bankers' sight
$25,000,000 in gold may come to New York from was 4.84 9-16@4.84 11-16; cable transfers, 4.84 15-16
London. If money rates continue to rule as high @4.85. On Thursday sterling was stronger. The
in New York as they have been during the past range was 4.84 9-16@4.84% for bankers' sight and
several weeks, London can hardly fail to lose a con- 4.85@4.85 1-16 for cable transfers. On Friday the
siderable amount of gold, and while the loss might range was 4.84 19-32@4.84% for bankers' sight
Closing
strengthen the position of sterling, it would never- and 4.85@4.85 1-16 for cable transfers.
demand and
A
theless be useless so far as making any impression quotations yesterday were 4.845 for
sight bills
New York collateral loan market is concerned. 4.85 for cable transfers. Commercial
in the
-day
2, 60-day bills at 4.80 13-16, 90
The gold exports which have been going from London finished at 4.843/
•
zofi
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1723
bills at 4.79%, documents for payment (60 days) finished at 3.90 13-16 against 3.90 7-16
a week ago;
at 4.80 13-16 and seven-day grain bills at 4.83 8. cable transfers at 3.91 1-16, against 3.90 11-16,
and
Cotton and grain for payment closed at 4.843/
2
.
commercial sight bills at 3.903/, against 3.90 3-16.
2
Antwerp belgas finished at 13.89% for checks and at
The Continental exchanges with the exception of 13,90 for cable transfers, as against 13.89
and 13.90
German marks and French francs have been inclined on Friday of last week. Final quotati
ons for Berlin
to reflect the weaker tone in sterling. In the case marks were 23.83 for checks and 23.84
for cable
of French francs the higher quotations reported transfers, in comparison with 23.823/
and 23.833/2 a
this week are the direct result of pegging operations week earlier. Italian lire closed
at 5.223 for bank%
of the Bank of France undertaken to prevent a ers sight bills and at 5.23 for
cable transfers, as
loss of French gold to Germany or any other quarter. against 5.223/i and 5.233/
8 Austrian schillings
.
French francs ran up sharply at the close on Wednes- have not changed from 143/
8 Exchange on Czecho.
day to 3.913' for cable transfers. They opened at slovakia finished at 2.9615,
against 2.9615; on Bu3.90 11-16. This was taken to indicate that the charest at 0.61, against
0.61; on Poland at 11.25,
Bank of France was behind the buying. This week against 11.25, and on
Finland at 2.52, against 2.52.
the Bank of France sight balances abroad show a Greek exchange closed 1.29
at
for checks and at 1.29%
reduction of 365,000,000 francs. Ever since the for cable transfers, against
1.29 and 1.293/2.
beginning of September the Bank of France has
been selling dollars and sterling and buying francs
The exchanges on the countries neutral during
in order to prevent the franc rate from falling. It the war have
been dull in the New York market.
is understood that French interests have been in- The pressure on the
Scandinavian exchanges arises
vesting large sums in Germany and the United chiefly from transact
ions abroad, and the New
States and this outward flow from Paris has, of York quotations are
little more than a reflection
course, a weakening effect on the franc rate. The of Europea operatio
n
ns. Copenhagen exchange is
Bank of France has been transferring to private especially weak
with respect to Germany, which
individuals and institutions in France on demand title accounts for the
shipment of 10,000,000 reichsto foreign balances hitherto owned by the Bank of marks from Denmar
k to Berlin a few weeks ago.
France.
The margin between gold points of the Danish
German marks are increasingly in demand, not crown and the German
mark is rather narrow, and
only here, but in European centres. This week the gold taken from Copenha
gen can be paid into the
Reichsbank shows an increase in its gold reserve of Reichsbank the same
day. Danish exchange was
25,673,000 marks. As noted above, most of the likewise affected adversel
y this week by the diffigold lost by the Bank of England and taken from culties experienced by
the Copenhagen Private
the London open market has been for German ac- Bank. A cable to Dow,
Jones & Co. on Thursday
count. London dispatches state that within the stated: "Shares of Copenha
gen Private Bank fell
past week fully £3,600,000 were taken by Germany. 73 % on Wednesday on a turnove
4
r of 294,000 kroner,
This week another shipment of $52,000 went from making the official quotati
on 59% of face value.
New York to Germany, making the seventh ship- Despite recent developments
there is nothing like
ment of like amount within as many weeks.
The a run on the bank to-day. An official of the bank
strength of mark exchange in London is attribut
ed stated that the bank is prepared for any eventuality
to the short-term sterling loans to Germany which and
to-day will honor all demands. A member of
have been made mainly by French and other Con- the council
of the bank states there is no question
tinental lenders who have sterling balances in London whateve
.
r about State guarantee. It is understood
The Reichsbank is apparently sterilizing the
gold that a London bank is about to reconstruct the
imports rather than allow them to expand the credit capital
of the Copenhagen bank, but depositors
basis. The rate on three-months commecrial
loans will not be affected." Holland guilders, the most
in Germany is 11%. A London dispatch to Dow, active of
the neutral currencies in this market, have
Jones & Co. a few days ago quoted Charles
E. been somewhat higher, although now under seaMitchell, President of the National City Bank
of sonal pressure. The guilder has been ruling without
New York, as follows: "I expect a revival of Ger- fluctuat
ion around 40.10@40.11 for cable transfers.
man borrowing in New York, although on a
reduced While this is far from the high of 40.39 attained this
scale. I consider German conditions fundamentally year,
it is considered a good price at this season.
sound. German companies and institutions
to Spanish pesetas have been steadier than in several
which we have made loans are making satisfac
tory weeks, although closing lower than a week ago.
progress. German General Electric has moderni
Bankers' sight on Amsterdam finished on Friday
zed
its plants along American lines."
at 40.093 , against 40.073 on Friday of last week;
4
4
Italian lire have shown a fractional ease during cable
transfers at 40.113, against 40.09%, and
the week but have been steady on the whole. The commercial
sight bills at 40.063/2, against 40.05.
weakness is partly due to seasonal causes-accuSwiss francs closed at 19.233 for bankers' sight bills
4
mulating bills for grain importation and the prac- and
at 19.243/ for cable transfers, in comparison
2
tical cessation of tourist transfer to Italy. The with
and 19.2432 a week earlier. CopenItalian rate must nevertheless be considered as firm hagen19.233/i
checks finished at 26.66 and cable transfers at
and considerable transfers to Italy are constantly 26.67, against 26.653/i
and 26.663/2. Checks on
being made in the form of immigrant remittances Sweden closed
at 26.74 and cable transfers at 26.75,
and for investment in the Italian security markets. against 26.743/i and 26.7
53/2, while checks on Norway
The other Continental exchanges have been ex- finished at 26.653/ and
2
cable transfers at 26.663/2,
tremely dull.
against 26.65% and 26.663/ Spanish pesetas closed
2
.
The London check rate on Paris closed at 124.06 on at 16.47 for checks and at 16.48
for cable transfers,
Friday of this week, against 124.14 on Friday of last which compares with 16.51 and
16.52 a week earlier.
week. In New York sight bills on the French centre
1724
FINANCIAL CHRONICLE
[VOL. 127.
The South American exchanges have been steady. certifying daily to the Secretary of the Treasury the
counInterest attaches this week especially to the Argen- buying rate for cable transfers in the different
We give below a record for the
tine rate, owing to an announcement on Thursday tries of the world.
that $12,500,000 in gold was coming from Argentina week just past:
CERTIFIED BY FEDERAL RESERVE
to New York. According to advices received by FOREIGN EXCHANGE RATES UNDER TARIFF ACT OF 1922,
BANKS TO TREASURY
Buenos
SEPT. 22 TO SEPT. 28, INCLUSIVE.
foreign exchange brokers on Thursday, the
Aires Government is planning a shipment to repay
Noon Buying Rate for Cable Transfers to New York,
Yalu in United Stales Money.
a short-term loan of like amount made to the Govern- Country and Monetary
Unit.
Sept. 22. Sept. 24. Sept. 25.1 Sept. 26. Sept. 27. Sept. 28.
& Co. which expired on
ment by J. P. Morgan
$
$
EUROPEWednesday. An offer was made to renew the loan Austria.schilling
.140763 .140787 .140771 .140778 .140768 .140791
.138946 .138928 .138923 .138927 .138934 .138923
the Argentine Government decided to Belgium, belga
at 732%, but
.007240 .007220 .007229 .007229 .007213 .007227
Bulgaria, ley
.029623 .029627 .029627 .029627
repay in gold. The gold could not be shipped to Czechoslovakia, kroneI .029625 .029627 .266577 .266597 .266597 .266593
.266566 .266566
Denmark, krone
England. pound ster4.849673 4.849307 4.848948 4.849176 .849900 .850014
New York at the present rate of exchange without sterling
.025165 .025167 .025169 .025169 .025166 .025161
Finland. markka
.039060 .039061 .039062 .039076 .039107 .039088
loss of interest, but as it is a Government transaction, France. franc
Germany, reichsmark .238332 .238324 .238328 .238354 .238365 .238341
.012936 .012924 .012922 .012927 .012930 .012933
loss of interest does not enter into the calculations. Greece, drachma
.400940 .400973 .401006 .401023 .401070 .401117
Holland, guilder
.174225 .174196 .174252 .174285 .147291 .174338
Because of the position of the exchanges, the Govern- Hungary, Pengo
.052299 .052293 .052294 .052285 .052273 .052278
Italy. lira
than to buy Norway. krone
.266571 .266666 .266563 .266558 .266585 .266575
ment has chosen to send gold rather
.112052 .112052 .112050 .112045 .112050 .112050
Poland. zloty
during the week Portugal, escudo
.044850 .044900 .044980 .044930 .046040 .045022
exchange. Newspaper dispatches
006092 .006097 .006092 .006092 .006093 .006093
Rumania,leu
.165116 .166042 .164953 .164816 .164747 .164735
would be a heavy gold move- Spain. peseta
intimated that there
Sweden,krona
.267428 .267432 .267450 .267452 .287482 .2674,88
!rano- .192413 .192402 .192399 .192444 .192469 .192461
ment from Argentina to New York purely as an Switzerland,dinar
Yugoslavia,
.017600 .017600 .017599 .017600 .017596 .017597
ASIAexchange transaction within the next few weeks. China
650208 .651041 .650416 .645833 .846875 .647291
Bankers familiar with the Buenos Aires market, Chefpa tact
.649375 .649791 .648333 .645833 .647708 .647708
Hankow tael
Shanghai tael
.635445 .638250 .635089 .631785 .834,553 .634732
however, say that most of the statements concern- Tientsin tael
.669375 .670625 .687083 .662500 .665208 .665625
.496785 .497678 .497589
ing the probability of gold imports from Argentina Hong Kong dollar-- .497142 .497232 .496984 .459000 .460750 .460000
Mexican dollar.- .461500 .461750 .460250
'Plantain or Peiy
are too sanguine, as there are many factors making
.462500 .462500 .462500 .480000 .461250 .460833
dollar
Yuan dollar
.459186 .459166 .459166 .457083 .457916 .457500
the business both undesirable and hazardous. The India,rupee
363389 .363547 .383303 .363453 .363655 .363637
yen
Japan,
.457944 .457947 .457644 .457911 .457761 .457936
present movement does not mean a large movement SIngapore(S.S.)dollar. .560833 .561250 .561250 .561250 .561875 .561875
NORTH AMER.
1.000017 1.000060 1.000000 .999978 .999848 .999956
Canada, dollar
on an exchange basis. Exchange traders feel that Cuba, peso
.999312 .999375 .999343 .999343 .999343 .999406
Aires to New York in Mexico, peso
478833 .477166 .477833 .476333 .476166 .475666
any gold moving from Buenos
Newfoundland, dollar .997625 .997718 .997625 .997562 .997500 .997593
SOUTH
the result of a purely Govern- Argentina, AMER.- .956435 .956182 .956211 .956091 .955867 .956145
the near future will be
peso (gold)
Brazil, milrels
119343 .119355 .119395 .119413 .119410 .119377
mental, not of a commercial, transaction. The Chile. peso
121026 .121156 .120957 .121032 .121171 .121172
1.021091 1.021706 1.019908 1.018862 1.017810 1.018602
Uruguay,
present is a time when exporters would rather accu- Colombia,peso
pelo.... . .973200 .973200 .974400 .974400 .974400 .974400
mulate pesos than go short of them. Argentine paper
pesos closed yesterday at 42 1-16 for checks, as
Owing to a marked disinclination on the part of
compared with 42 1-16 on Friday of last week, and two or three leading institutions among the New
.
8
at 423' for cable transfers, against 423/ Brazilian York Clearing House banks to keep up compiling
milreis finished at 11.94 for checks and at 11.97 the figures for us, we find ourselves obliged to disfor cable transfers, against 11.94 and 11.97. Chilean continue the publication of the table we have been
8
exchange closed at 123/ for checks and at 12 3-16 giving for so many years showing the shipments and
for cable transfers, against 123/ and 12 3-16, and receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the FedPeru at 3.99 for checks and at 4.00 for cable transeral Reserve Bank on Dec.6 1920, it is also no longer
and 3.99.
fers, against 3.98
possible to show the effect of Government operations in the Clearing House institutions. The FedThe Far Eastern exchanges have been quiet. There eral Reserve Bank of New York was creditor at the
have been no factors of importance affecting the Clearing House each day as follows:
Oriental quotations. Currently, as during many DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
weeks past, the outstanding influences affecting the
Eastern markets have been of a political character. Saturday, Monday, Tuesday, 1Vednesd'y, Thursday, Friday,
Aggregate
for Week.
Sept. 27. Sept. 28.
The silver price continues to rule at a figure giving Sept. 22. Sept. 24. Sept. 25. Sept. 26.
$
$
$
comparative firmness to the Chinese taels and Hong- 100.000.000 Kowa' 89,000,000 94.000.000 108,000.000 120.009,000 Cr.623,001,000
t in the Chinese Note.-The forming heavy credits reflect the huge mass of checks which come
kong dollars. Owing to improvemen
to the New York Reserve bank from all parts of the country In the operation of,
These large credit balances
par collection
domestic situation and to a somewhat more confident the Federal Reserve System'sof the Reservescheme. operations with the Clearing
Bank's
part
however, reflect only
are represented
Chinese centers are absorbing House institutions, as a the items payable In New York City located outside In
only
feeling of security, the
of
the daily balances. The large volume of checks on institutions
such checks do
New York
amounts. Japanese business condi- not pass are not accounted for in arriving at these balances, asFederal Reserve
silver in large
through the Clearing House but are deposited with the
tions show little change from those prevailing during Bank for collection for the account of the local Clearing House banks.
the past several months. The export of capital from
The following table indicates the amount of bulJapan for investment in London and New York
lion in the principal European banks:
securities seems to continue.The banking situation in
Sept. 29 1927.
Sept. 27 1928.
Japan has shown steady improvement. The fact that Banks of
Total.
Gold. I Silver.
Total. I
BUyer.
Gold.
Chinese continue to boycott Japanese goods is a
the
I
E
factor detrimental to the yen quotation. Closing England. 173,204,657 •
151,092,288
73,204,657,151,092,288
244,546,000147,260,559 13.680,000 160,940,559
France_
d
quotations for yen checks yesterday were 45.80 @46, Germany_ b.244546
90,279,750
994.6
c994,600 113,503,600 89,285,150
112,509,
130,935.000
Spain
27,944,000 132,295,000103,903,000 27,032,
104,351,
against 45.81 @463/i on Friday of last week; Hong Italy
54.093.000 46,826,000 3,849,000 50,675,000
54,093,000
34,484,000
38,129,000
Netherrds.
4
Kong closed at 49.90@501 , against 49.90@50.00; Nat. Belg_ 36,243,000 1,886,000 24,308,000 32,184,000 2.300,000 20,235,000
19,055,000 1,180,000
23,058,000 1,250,000
Switzeri'd_
Shanghai at 63% @63 11-16, against 63% (4)63%; Sweden._ _ 18,066,000 2,059,000 20,125,000 17,723,000 2,682,000 20,405,000
12.271.000
12,732,000 12,271,000
12,732,000
4
723.111 10,844,000
605,000 10,703.000 10.121,000
Manila at 49k, against 493 ; Singapore at 56 11-16, Denmark_ 10,098,
8,180.000
8,163,000 8,180,000
Norway
8.163,
2
@56% against 563/; Bombay at 363/2, against 363/2,
Total week 797,063,657/ 34,738,600831,802,257637,900,907 52,440,6 690,341,597
2
and Calcutta at 363/, against NM.
Prey. week 798,423,899 34.831.600833.255,409637,064,424 52,391,6 689,456,024
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £4.281,300. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
SEPT. 29 1928.]
FINANCIAL CHRONICLE
The United States and the Check to
Disarmament.
It had been generally expected that the ninth
Assembly of the League of Nations, which closed its
sessions on Wednesday, would fix •a date for the
meeting of the Preparatory Commission on Disarmament, and thereby pave the way for an early meeting
of an international conference at which definite
steps in the direction of disarmament would probably be taken. The Assembly adjourned not only
without having taken the action which was expected
of it, but with the clear impression among many of
its members, as well as among those who had observed its proceedings, that the outlook for any
practical agreement about disarmament was even
more doubtful than it was when the Assembly convened, and that even the formal harmony among the
League members which it has been a constant effort
to maintain had been more than ordinarily strained.
There is to be, it appears, some kind of informal discussion at Paris over the question of a meeting of
the Preparatory Commission, under the direction of
its President, Dr. Loudon of The Netherlands. If
all goes well, the Commission may be called together
early in 1929;; otherwise, apparently, the meeting
will be indefinitely deferred.
For this untoward outcome of the Assembly's deliberations the primary responsibility is to be found
in the secret treaty or agreement between Great
Britain and France whose existence was first made
publicly known last July. Precisely what the provisions of the treaty are is not yet known, for the
text of the treaty has not been published, but there
is a general impression that it embodies, in form or
spirit, at least two proposals or understandings
either of which, if it were to become effective, would
render further discussion of disarmament futile.
The first is an agreement under which Great Britain,
in distributing some agreed global amount of naval
tonnage among the various classes of armed vessels,
will be free to build as many small cruisers, less than
10,000 tons, as it pleases, while France, which has
less need for cruisers, will expand at its discretion
its fleet of large submarines. The second is an
understanding that Great Britain, in return, for the
naval predominance which it will thus enjoy, will
make no objection to the continued military predominance of France on the Continent, and will
acquiesce in the continuance of the system of compulsory military service by classes as opposed to the
system of a volunteer army.
Discussion at Geneva brought out the fact that
this treaty, far from being the practical step in the
direction of armament limitation which British and
French spokesmen earnestly represented it to be,
was an obvious stumbling-block and a source of widespread suspicion and irritation. To begin with, the
treaty represented a return to the methods of secret
diplomacy, and while secret diplomacy still has its
advocates, its use in this case became justifiably a
ground for criticism and alarm. The naval part of
the agreement, moreover, ran directly athwart the
program of naval limitation which the United States
had advocated in the three-Power conference at
Geneva, and thereby seemed to array the two leading
Powers of Europe in sharp opposition to the United
States. On the naval side, the treaty looked very
much like an attempt on the part of Great Britain
and France to steal a march on the United States by
1725.
making an agreement in which it must have been
known that the United States would not acquiesce.
On the other hand, acceptance by Great Britain of
French military hegemony in Europe meant inevitably a powerful stimulus to the system of compulsory
military service in other countries than France; and
compulsory service, with classes of scores or hundreds of thousands called up for training every year,
means, of course, after a few years, a very large body
of men with military training potentially available
for war. It needed no argument to show that the
treaty, whatever its provisions, was not only a striking rejoinder to the Kellogg anti-war treaty which
a large number of Powers had just signed and to
which the whole world had been invited to adhere,
but was in fact a practical negation of the spirit of
the Kellogg pact.
Geneva and Paris dispatches during the past week
have reported a disposition, in certain European
political circles, to hold the American Government
largely responsible for the Geneva impasse, and to
picture the United States in the double role of a
world dictator and a kind of dog in the manger. It
is not at the doors of the State Department or the
White House that responsibility should be sought.
The identical notes which Secretary Kellogg transmitted to Great Britain and France on Wednesday,
the text of which was made public yesterday, make
clear the position of the United States. "The Government of the United States," the note declares,
"feels that no useful purpose would be served by accepting as a basis of discussion the Franco-British
proposal." It has "no objection to any agreement
between France and Great Britain which those countries think will be to their advantage and in the
interest of limitation of armaments, but naturally
cannot consent that such an agreement should be
applied to the United States." That the treaty directly affected the United States was evident, as the
note pointed out, from the fact that the naval restrictions embodied in the treaty applied only to
types of vessels "peculiarly suited to the needs of
the United States," while leaving without limitations types of vessels of greatest use to a nation
which,like Great Britain, has widely scattered naval
bases and a large merchant marine tonnage. The
American note does not, apparently, close the door
to another disarmament conference, but the questions with which such a conference would have to
deal, if the Anglo-French treaty were taken as the
basis for discussion, appear to be so far different
from those originally proposed by the United States
as to make the success of the Conference doubtful.
Until this aspect of the situation has been cleared,
Mr. Coolidge will undoubtedly continue to press
upon Congress his naval construction program as a
reasonable measure of national defense.
Now that the United States has made known
.
its opposition, there are grounds for hoping
that the Anglo-French treaty may be scrapped. The
secrecy of the treaty has not only put it on the
defensive, but a widespread revolt against this
method of dealing with a great international interest has now to be reckoned with. The British
Government has been subjected for weeks to a heavy
fire of criticism in the press, not only for binding
Great Britain and France together in the ways
which the treaty is believed to provide, but quite as
much for having so far bungled the business as to
antagonize American opinion. Less circumstantial
1726
FINANCIAL CHRONICLE
[VoL. 127.
reports tell of a growing political opposition to the to define "whispering." There are several kinds.
treaty in France, based in part, it would seem, upon First, there are a few wagging tongues that are
the conviction that the treaty will have the effect downright malicious. There are a few, again, that
of increasing American sympathy for Germany, and are idle lookers-on and who merely repeat what they
upon the realization that, if naval competition is hear as a matter of news. There is still another
again to become the order of the day, the United class, not large, that discusses the floating stories
States can easily outdistance Europe. The position as to their effect on the campaign. And there are
of Germany, too, has changed. The refusal of the those who in their zeal, in their efforts to advance
German delegation at the Geneva meeting of the a party's cause, cannot refrain, in making contrasts
League Assembly to accept a meaningless decision as to the personal character of candidates, from
regarding the meeting of the Preparatory Commis- unconsciously referring to scurrilous stories which
sion showed unwonted independence, and the insist- they hasten to say they "do not believe." The vast
ence of Chancellor Mueller upon a settlement of mass of the voters, it is a pleasure to believe, pass
reparations and the withdrawal of Allied troops all this talk and print by as irrelevant, irresponsible,
from the Rhineland has forced an issue that can not and unworthy of the attention of the electorate, as
be lightly treated. The Italian Government has been having little if any bearing on the campaign, and
opposed to the Anglo-French treaty from the first, as beneath the duty and dignity of those who have
and an inspired Italian newspaper at Rome has made the public welfare at heart.
itself responsible for the assertion that the treaty,
There is nothing new in the fact that "whisperin addition to its military and naval provisions, ing" is going on. It has attended campaigns in
undertakes to deal with air forces also. At no recent the past and will reappear in campaigns of the fumeeting of the Assembly has the political unrest in ture. Men who "run" for high office are special
southeastern Europe been more in evidence, and the targets for gossip, good, bad, and indifferent. Reunrest is not allayed by the appearance of a new cent biographers have seen fit to dig up a lot of
Anglo-French entente, or by the prospect that those this trash about Washington, Jefferson, and others
two Powers, which now dominate the League, may of that day. And we have only to go back to rebe found acting in concert in an effort to dominate cent campaigns to find this tittle-tattle talk
going
the Balkans.
on. As for to-day,it need not alarm us. The election
It is unfortunate that so many European states- will not be decided by the tale-bearers. And at
most
men should continue to think that the United States it is an unpleasant commentary upon a limited
can in some way be dragged into an intimate connec- class of our citizens. We do not elect perfect men
tion with European political troubles, or that the to office. To begin with, there are none. Nor does
refusal of the United States to become involved it follow that flaws in the character of candidates
should so persistently be made the occasion of un- will so operate upon the government as to destroy
friendly criticism. About all that can be hoped for, it. We have had no disreputable Presidents. We
apparently, is that the American attitude and the will not have until the character of the masses sinks
reasons for it may in due time be understood, and to a lower level than it now occupies. We have had
that the American policy of complete independence no autocrats, dishonest men, or men who have used
will be seen to have 'been the best possible thing for the Presidency for corrupt personal gain, in the
Europe. No better service can be rendered by the Presidential chair.
United States to the rest of the world than its firm
The chief thing for us to consider now, granting
refusal to be drawn into the net of foreign political that some "whispering" is going the rounds, is how
complications, and its firm insistence that problems much and how far it obscures campaign issues
and
of general interest shall be settled with regard to prevents a proper review of personal character
as
the general. good. Mr. Coolidge has repeatedly it affects the conduct of office. Foibles may be
made clear his readiness to enter into a further dis- facts, and yet not touch the official demeanor. If
cussion of armament limitation, but only on condi- we go to the past, we will find that drink did not,
tion that armaments, when they shall have been as a rule, corrupt the political morals of our chief
remodeled, shall actually have been reduced. It is representatives. Times have changed since then,
difficult to see in the contentions of Great Britain and liquor is the terrible product of the "worm of
and France any real hope of armamentreduction ;the the still." And whatever our views may be as to
forces of war will be, perhaps, differently displayed, temperance or total abstinence, we must recognize
but their essential power will remain the same if and admit that the offense of "drinking" is now
not actually increased. As long as this attitude highly magnified and stands out as a tremendous
continues, the United States can have no option save evil. But it did not destroy the honor and honesty
to keep to its own course, safeguarding its own in- and intellectuality of those who in other days made,
terests if unhappily they seem to be threatened, administered, and adjudicated the laws. Why should
maintaining a friendly and tolerant temper toward it do so now? We are far from arguing that the
any genuine difference of opinion regarding ways practice is desirable in the interest of men and govand means, but declining to debate issues that are ernments. But we are looking through the lens of
unreal. Any Administration that does this will un- agitation and intense feeling.
questionably have the support of American public
This "personal" feature of a campaign is a drawopinion.
back to the balanced study of character and the
earnest seeking for truth as to the public welfare.
"Whispering."
To print a lot of allusion, without disclosing what
There is too much boasting on the part of mana- is said so that the lie may impale itself on its own
gers in this campaign; and there is too much whis- error, is to add, unwittingly, to the zest for the scanpering on the part of the people. And yet we hasten dal, if indeed there be a lie and there be a scandal.
to say that in using the term "people" we do not And as far as candidates and committees are conmean all the people. Furthermore, it is necessary cerned, they should once and for all shorty down on
SEPT. 291928.]
FINANCIAL CHRONICLE
the "whispering," and then keep silence. To try to
run down the author and starter of this sort of thing
is as futile as to try to find the origin of a whirlwind
running down a road and to gather -up the dust it
scatters on the way. The attitude of reserve in a
man who knows he is worthy should not be broken
by recognizing some nit-wit here or yonder through
any sort of a reply. No man who is intelligent and
studious of the best for the country pays or should
pay any attention to "whispers." Sobriety is an element of good character, and when it does not exist
in public men it is open to all to see.
As for this "claim all" campaign, it deceives no
one. We have been excusing it in the midsummer
as a sort of customary madness. But it is plain to
the most indifferent observer that until the polls
close "no one knows." Our next ballyhoo by managers will be as to "drifts" and "trends." These will
be equally uncertain and equally biased. Both parties have big campaign chests. You can make figures prove anything if allowed to select the figures. The whole effort of national committee work
has become so extended and complicated that it
tends to defeat itself. With no questions at issue
but "wet or dry" and "farm relief," questions that
are not questions, but "planks devised to get in on,"
six weeks before the election there are literally millions who do not know how they are going to vote;
and who in the end will vote "as their fathers did"
or according to "general party principles" or for
the man they "like best." The huge talk of the
Committee Chairmen is really chaff in the wind.
As for the new aids and accessories, they will be
used to little effect. Flash Hoover on the screen in
a Republican community and the applause will indicate Hoover is far ahead in the "running"; flag'
Smith on the screen in a Democratic community
and the reverse will be true. There is not much argument in pictures of scenes and events rehearsed
beforehand. As for the talking pictures, they are
too much a novelty to be worth many votes. Theatres are not run for political purposes, and audiences do not pay to hear or see what may be seen
or heard on street corners and house roofs. As for
interminable harangues on parlor radios, though
millions are given the "opportunity to hear," they
will not hear; for among the friends gathered in to
listen, there will be many irrepressibles who will
comment and cannot be suppressed even when the
hearing is good, and a speech interspersed with
static is devoid of force.
It is too late to change the issues. There may be
some event of great significance that will introduce
a new topic. But the speeches are now all prepared
and will be delivered as written. No whirlwind campaign such as Bryan gave the country seems to be
looked for. The extreme misfortune of the campaign
is that having no issues of nation-wide interest or
nation-wide application, if perhaps we except "wet
or dry," though this narrows down to a matter of
personal preference, since nothing can actually be
done by either side, the misfortune is that the election will be the end of a lot of sound and fury indicating nothing. Probably women will vote in larger
numbers than ever before. Probably their emotions
will be more aroused by "wet or dry" than farm re
lief. Probably they will decide the election. But
can the campaign managers corral the women? He
would -be a hardy prophet who would dare to an
ewer.
1727
The Crops, Politics, and the Surplus.
Now, as the October sun throws the faint veil
of Indian summer over the vast stretches of farm
land in the Midwest, there is joy in the heart of the
husbandman. For the crops are abundant and there
is plenty for all. Not yet does he know of prices
and markets, but the returns of his labor are ample
and the wide world must eat to live. Corn, wheat
and oats, if not a bumper crop, are nearly so. Far
beyond his own needs are the yields of his fields.
He works with nature, and this year, as for many
years past, nature has been kind to him. He looks
with satisfaction on the long lines of wheat shocks
golden in the sunlight, on the waving phalanxes of
the corn, bearing the full ears, that feed both man
and beast, now maturing in the gentle rays of a
bounteous autumn. Looking from his doorway as
the twilight falls and the day is done, a feeling of
thankfulness fills his heart. His toil has been re
warded; he has a personal surplus to sell, and the
world must buy. He has won the first battle in the
yearly struggle to make a living. Not governments,
nor organizations, nor laws, have bnilded this independence, but himself—the greatest individualist
among men! And while the hustings resound with
pleas and theories and commitments, no politics can
harm him where he stands.
But he must sell. Ah, there's the rub. Prices may
not be to his liking, but with transportation at hand,
with credit ample to move his crops, with an imperative demand for his personal surplus, there is
about him not only the will to buy, but the necessity to consume. If the manufacturer has a surplus
at his plant of the thousands and one articles the
machine in a machine -age produces, in countless instances he must create the will to buy and often the
demand of necessity is lacking. It matters not to
him that farm machinery is on the free list, or is not;
he, too, must seek foreign lands for his personal surplus. And so great is his growth and power in the
United States that he can supply the world. Nor
does he hesitate to provide a personal surplus, but
threads the highways of earth seeking buyers for
his products and every year sees his foreign trade
advancing. It may be that, in general, a protective
tariff shutting out interchangeable foreign products
acts to his advantage in the home market. But he,
too, like the farmer, is producing a personal and an
occupational surplus, and having saturated the home
market, will soon be compelled to strike down his
tariff walls and let in the exchangeable products of
other lands, or find his hitherto "protection" a bar
to his further advance,for no man or people or country can continue to sell who will not buy. And
though the hustings ring with pleas and ;theories
and commitments, no politics brought this condition
about, but his own genius for initiative, invention
and enterprise.
Here are two great absorbing, abiding problems.
They are not made by politics and cannot be solved
by politics. If a protective tariff in the past has
aided manufacturers at the expense of all home buyers of their products, it has dug its own grave. The
time will soon come when the goods must be let in
to pay for the surplus sold abroad. If the farmer
with others has been the victim of this tax process
and selling in fall world markets, has not been able
so to fix price, he cannot be helped by the same system now. If he can by co-operative marketing meet
1728
FINANCIAL CHRONICLE
[VOL. 127.
this difficulty more efficiently, well and good, but borrowed money cannot last always. All is not gold
he should beware of surrendering his individualism, that glitters. And campaigns are but interludes.
to associations or government, that will deprive him, Some kinds of reaction are inevitable.
by limitations, fees or taxes, of the right to produce
his personal surplus in his own way on his own farm.
The America of the Future.
Politics, by some strange twist of our constitutional
The initial device which was to make America is
right and theory of rule, in this election campaign,
is appealing to the voters in behalf of these two starting up anew. The schools are under way for
great fundamental industries. They are thus made a new year of work and the colleges and univerto stand as opponents in the principles and policies sities are opening. The young life of the nation is
of "making a living." On the contrary, they are taken in hand in preparation for what it shall have
to do.
natural aids to each other.
Professor W.B. Munro of Harvard has in "Harper's
Trade is mutual and reciprocal. National laws
Magazine" for September a keen fling at the colstop at national boundaries. Natural law is universal and omnipresent. To produce a surplus is to ful- leges; but in spite of the "tonics" pressed upon them,
fill the law of industrial and commercial being. our higher institutions of learning are setting the
Government can neither supply nor demand. If, as pace and sustaining the characteristic life .of the
said, manufacture has had an advantage by our laws nation. It is well, however, to know what others
over agriculture, that time is past. The infant in- think of us, and in the "Atlantic" for September
dustry has grown to be a giant and grapples the we find a high authority speaking. Professor Moritz
world. Without artificial law, without "tariff," J. Bonn of the University of Berlin made a profound
manufacture and agriculture may, can, must, work mpression two years ago at the Williamstown Instiout their destiny under equality of opportunity. tute. He is of the family of one of the great bankers
Their prices, their profits, their markets, can never in Frankfort, and has brought a keen mind and the
be "equalized" by any law save the natural law of habit of intensive thought, with the economist's dereciprocal relations in the complex conditions, mand for definite results,into the service of a univergrowth and compulsions of an advancing civiliza- sity teacher. He has, after extensive travel in this
don. Our political interferences in the logic of country, written an article on "The American Way,"
events are both a farce and a scandal. Manufac- in which he analyzes the American situation with
turers know it and most farmers know it, and some exceptional acuteness. It is important in itself,
candidates know it. A bumper crop is worth more and is especially suggestive as we start anew our
than any three months of political palaver and sub- schools, the agency which plays so large a part in
terfuge.
creating our ethos, the moral and mental, not to
What has sectionalism or socialism to do with the say the economic and political features of our
liberty under law we profess? For it is socialism national life.
to rule private and innocuous personal conduct by
He points out that the difference between Europe
national law; and it is sectionalism to ask aid for and America increases rather than diminishes. We
a region or an industry indigenous thereto. In- are colonizing Europe with capital, machinery and
crease of foreign exports demands an increase in men. Existing animadversion and antagonism are
imports. Ships cannot come home empty at a profit. not due to racial causes. Europe is composed of
But you do not have to sell to the same country at States separated by differences deeper than the racial
which you buy. The bushel of wheat exchanges more ones existing between the American States and their
nearly than any other product for all the world's relatives in the old world. America has not enproducts. An automobile will exchange naturally couraged segregation, but has sought to fuse all
for raw material we do not produce. And all this corners into a common nationality. When groups
rotating trade is the power behind all advance. Sin- have tried segregation, which they are free to do,
gle political campaigns that ignore great fundamen- their children have yielded to surrounding influences,
tal facts for expedients and votes deceive the people have struck their roots into the soil, and have inand retard the great equalization that exists in re- evitably begun to reflect in their speech and ways
ciprocal trade. The farmer is not blind to these the features of the life about them. The American
truths. And there is no more an agricultural prob- problem is simple—what is to be the character of
lem now than there was ten years ago and will be the new American stock? It is no longer a question
ten years hence, save for the effect of booms and of what the foreign elements will give it. These will
wars.
produce and retain marked regional traits, such
Well, the crop comes near to a bumper one, thanks as existed in the thirteen original States, but the
to natural and not congressional law. In little more now established and vital unity of the nation is
than a month the campaign with all its tu3severa- bound to strengthen and solidify as time goes on.
dons, denials, controversies and prophecies, will be
Europe has developed by a spontaneous growth,
over. The crop remains. This is the perennial America by a more conscious will power. European
wealth of a favored country. It is ours under all ad- society has grown up much as things mature in
ministrations and for all time. The "politics" will nature. American society is the product of a
soon be forgotten in the urgencies of trade. There purposeful creation. The United States is the
may be laws, State and national, proposed, enacted master work of the New England Puritans; their
or defeated; exchange will go on. Supply and de- influence permeates the whole. The American Revomand will shift and veer with the wants and tastes lution was the beginning of a new age. Revolutions
of the people. And let it not be denied or forgotten elsewhere were but breaks in a continuous flow.
that extravagance and demand for the non-essentials The American Revolution created a nation. It
of comfortable life, with credit extended to the turned away from a traditional past and began a
breaking point, make for inequalities of life and separate existence. That continues and accounts
must some time run their course. 'Prosperity" on for the gulf between America and Europe, which
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1729
is only deepened by the many powerful forms in We are developing a very helpful form of economic
which America's influence enters Europe to-day. control by establishing financial liens in all countries
The will that has deliberately made a new common- which will make us silent partners of the world. Danger
wealth is what appears in the entrance of American comes when in the hour of destiny the possession of
capital, American machines, American commercial power accustomed to assure profit may become a
and industrial organizations and devices, American justification of oppression. He fears not the vices
architecture, and the like, into Europe. America but the over-pressed morals of American business
believes in change, progress and ultimate per- men. It is a danger that would materialize only
because "men who spend their lives within the
fectability, and is intent on proving it.
The Louisiana Purchase gave the American people empire of business so rarely learn the business of
their opportunity. It unlocked the marvel of the empire." That is, do not learn that the man himself
West, providing in its vast area and unlimited is of so much greater value than business ever can be.
As to the possibility of American business men
natural resources opportunity for every man, no
matter whence he came, so that for once in human doing this, and the reality of the opportunity and
history all competitors could start without undue the task, we may turn from a European to an Amerihandicap. It made possible the evolution of a can thinker and author. Henry Osborn Taylor,
competitive capitalistic society in close accord with in his new book, "Human Values and Verities,"
progressive liberalism. It expelled the lingering (Macmillan), speaking of Italy in the fourteenth
shadow of feudalism that hung over the South. and following centuries, says: "These were cenA subsequent fratricidal war was the instrument, turies of human growth. There had come mechanical and chemical discoveries. Commerce exvastly destructive, that opened a new day.
After the era of free land had ended expansion tended; wealth and material civilization greatly
could no longer be automatic. New forms of business increased. Knowledge grew and thought quickened;
arose and new contests and rivalries came on. sculpture and painting were magnificent; scholarship
American capitalism was often dishonest, and the was general and ardently pursued;" and he adds this:
country in working out its own salvation has not "In what province, what small corner of life, does
infrequently abused its opportunities, but it is not man in the creation of values and validities,.
learning that capitalism can only continue as a wend his way? Where have men not found orsocial system if it delivers the goods, and this must created worth and truth in business, politics, wax;
extend to all. The wage earner cannot be over- no less than in the family, in social life, in religion,
looked and the consumer rather than the producer science and philosophy? Every imaginable part or
is recognized as holding the key to the situation. life may be a sphere for vital endeavor."
So the world opens anew to-day for our young
Immigration is demanding new attention. The
melting pot theory may have operated with only people. It also has something to say to us all, at
moderate success, but Dr. Bonn feels that there is least in the plans for them which appear in our cona kind of nation-wide transubstantiation at work scious example as well as in our words.
from which a new American nation will arise, a
people healthy in body and vigorous in mind, from
Not His Brother's Keeper—The Address of
whose spirit democracy will lift the face of political
Governor Roy A. Young of the Federal
oppression, and modern business development the
Reserve Board.
dread of poverty. The energetic influence of a [Editorial Article in New York "Journala Commerce," Saturday, Sept.22.
democratic, nation-wide system of education is "Leaning across the bosom of the urgent West" or, in less
spreading new ideas, often half-baked ones, all over poetic language, addressing the annual convention of the
of the
Bankers' Association,
the country. Europe observes with interest what Indiana Reserve Board, enters Governor Young, "Not
a general plea of:
Federal
America will do as conditions inevitably undergo Responsible." He says in effect, that the Federal Reserve
change. Will her driving force be spent? Her task Board is not the keeper of the credit interests of the country,
may prove to be a kind of spiritual synthesis, a and must not be taken as responsible for anything that goes
creative chemistry of the mind, more vital than wrong. In his own words, "If unsound credit practices
have developed these will in due time correct themselves,
any material development.
and if some of the overindulgent get burnt during the period
If America's social and economic system proves of correction they will have to shoulder the blame themselves
sound, the rest of the world must adopt it. Prog- and not attempt to shift it to someone else." This someone
ress in the rest of the world has not been so fast else is undoubtedly the Reserve System, so that in effect
the
in these directions. Notwithstanding our policy of what Governor Young says is thatwhatReserve banks have
is going on at the
or duty in
are pouring our wealth into Europe, no particular function
isolation, we
present time.
establishing the tie of creditor and debtor, which
And what is that? Well, Mr. Young describes it very
will inevitably entail losses as well as gains; as accurately. He says that our bank reserves are about
Europe has experienced over and over, and which $500,000,000 smaller than some months ago, and yet that
the structure
we must share. What will then be the attitude of our bankers have gone on enlargingbeen shrinking of credit
steadily.
notwithstanding that reserves have
the United States? Will it cut losses as Europe In fact, Mr.Young sees a probable callfor about$300,000,000
did, and recoup the values with a better interest more of Reserve credit, and he thinks that if in Janthe next time? Or will she try to use political and uary next the member banks do not owe the System
economic pressure? Deep in the American mind more than about $1,000,000,000, "the situation will have
in this
exists a feeling that America has a mission; does it been handled admirably." Enlargement of credit circumway is really a matter which is to be determined by
witness to the presence of a sense of moral obligation stances. "So many factors have an influence on banking,
to make the land and the people worthy of the great that it is a mistake to arrive at the conclusion that the
Federal Reserve System alone, through its policies, makes
opportunities Providence has given them?
Bonn is convinced that notwithstanding what may credit situations." Indeed the System has no control
whatever over a great many factors which form the basis of
be termed the conscious American imperialism of our its rates.
capitalists, they will never try to gain lordship in the
Were it not for the profound faith which Governor Young
world in a deliberate effort for spoils and domination. shows in an overruling financial providence which doeth
is.
1730
FINANCIAL CHRONICLE
(VOL. 127.
things well, this would be an exceedingly discouraging analy- among our financial institutions than at any time in the past
sis. But the Governor is far from pessimistic. He thinks and that we shall either have to reimport gold, consent
the Reserve banks are operating exactly as they should, to a permanent inflation with corresponding high rates and
indeed they are operating "just as the law intended that they high prices, or else do something to check the inflationary
should function," an opinion in which (parenthetically) it condition. As to all this, Governor Young has nothing to
may be confidently stated he is incorrectly informed. In say. Those who have been overindulgent in credit will get
view of this opinion, however,it is not strange that he should "burnt" he thinks, and that is all there is to it. Some
gaily remark that "many people in America seem to be profound law of compensation is at work,rapping bad bankers
more concerned about the present situation than the Reserve sharply over the knuckles and thus subjecting them to
System"—an obvious fact, of which we can only say that the penalties of their peccadilloes. Above all sits the Re"
'Tis true,'tis pity, and pity 'tis, 'tis true."
serve System, flattering itself that all is going just as it
Thus Governor Young. Where have we heard about the should, drawing its salaries and distributing cigars to member
same sentiments? Was it not from the financial Dalai Lama bankers when they call.
of the present Administration, Secretary Mellon? About a
It is a great financial philosophy!
week ago, this authority himself announced that there was
no occasion for worry about credit conditions, and that
"Bootleg Banking."
all was going on exactly as it should with every prospect
In the reprint in our issue of last Saturday of an article
pleasing and satisfactory. In these circumstances it might
be heresy to differ with the opinions thus handed down from the New York "Journal of Commerce" under the above
from the highest sources. At any rate, the address of caption some typographical errors crept into the last paraGovernor Young as reported in the newspapers would appear graph. We accordingly repeat this paragraph below with
to be a kind of footnote or explanatory comment upon the the errors eliminated:
broad doctrines of credit and banking as applied to existing
Our whole banking situation is confused and unsatisconditions expounded by the Secretary of the Treasury.
factory. It has grown steadily worse of recent years at a
Last week the brokers' loan account increased about time when it should have been improving and assuming
$95,000,000, and this week saw another expansion of about the premier position in the world. But notwithstanding the
$85,000,000. The result has been to bring the total up organization of the Federal Reserve System our banking
to within less than $100,000,000 of peak and to induce the authorities allowed the panic of 1927 to come on and then to
be followed by the terrible
marking up of call money to 9% or higher. Incidentally Which occupied the first half epidemic of bank failures
of this decade.
they have
the effect has been a very bad one upon the legitimate followed this with a stock market inflation Now expansion
and
offering of sound investment securities, which bear moderate that is practically unparalleled, and what will come after
rates, and, incidentally, also very injurious to our foreign it is still to be seen. The current market criticism of them
loan business, which is regarded, by many certainly, as an Is directed chiefly at such elements of prudence as still
remain. It is nowhere more ludicrous than in its citation
important factor in our present financial organization.
of evils as if they were
Banking circulars coming from authoritative quarters discussion is one evidenceadvantages. The bootleg banking
of this disposition to put the cart
frankly state the opinion that liquidity is now at a lower ebb before the horse.
Leonor F. Loree Denied Permission to Continue as Director of Missouri-KansasTexas RR—Inter-State Commerce Commission Vacates Authorization to Hold
Similar Positions on Two Roads.
The Inter-State Commerce Commission in a decision dated Sept. 14, and made public Sept. 21,
vacated and set aside its order of April 11 1925 authrorizing Leonor F. Loree to hold the position of
director of the Missouri-Kansas-Texas RR. while
continuing to act as director of the Kansas City
Southern Ry. The Commission's decision reviews
the circumstances that led to the entry of an order
last June requesting Mr. Loree to show cause why
the authorization given three years previously should
not be revoked, and concludes that "in the light of
the above facts, we are unable to find that the holding by Loree of the position of director of the Missouri
Kansas-Texas while continuing to act as director of
the Kansas City Southern would not adversely affect
public or private interests."
Commissioners Aitchison and Porter wrote separate opinions, concurring with the report of the majority. Commissioners Aitchison stated that he
regards the discussion of Mr. Loree's stock transactions as irrelevant and unnecessary. Commissioner Brainerd dissented from the majority report,
stating that "what it is, if anything, that has happened since [April 11 1925] which now requires the
withdrawal of authority once given to Mr. Loree to
hold the position of director of the Missouri-KansasTexas is not made clear in the majority's report."
The report of the Commission—Finance Docket
No. 1975, Sub. 2—dated Sept. 14, together with
the concurring and dissenting opinions, follows in
vision 4, in which Loree was authorized to hold, inter cilia, the position
of director of the Kansas City Southern. These orders were issued in
connection with applications filed by Loree under paragraph (12) of
section 20a of the interstate commerce act, and no hearing was held on
either application. By order of June 22 1928, this proceeding was reopened and assigned for hearing on June 29 1928, upon the question as
to whether the order entered on April 11 1925 should be vacated and
set aside and the application denied.
On June 281928, Loree petitioned the commission to grant a postponement of the hearing, to file a formal statement of charges, if any, which
he might be called upon to meet, and to set the case for hearing before
the whole commission. The hearing was held as ordered. Petitions of
intervention were filed on behalf of the Waco, Beaumont, Trinity &
Sabine Railway Company and R. C. Duff, and by Walter E. Meyer for
himself and other stockholders of the St. Louis Southwestern Railway
Company. No evidence was presented by Loree in his own behalf.
Loree also questioned our Jurisdiction to revoke and set aside the
finding and order of April 11 1925, authorizing him to hold the position
of director of the Missouri-Kansas-Texas, or to limit the grant of authority "until the further order of this commission." We are of the
opinion that we have jurisdiction.
At the time Loree filed his application for authority to serve as a director of the Missouri-Kansas-Texas he was chairman of the board of
directors of the Kansas City Southern and the latter company had
acquired 250,000 shares of the capital stock of the former. The desire
of the owner of this large stock interest to be represented on the board
of directors of the Missouri-Kansas-Texas was, of course, a factor which
was be/ore division 4 for consideration upon Loree's application, as
was the fact that there appeared to be competition between those carriers, particularly on traffic moving between Kansas City, Mo., and
points in Texas.
The testimony shows that following the passage of the transportation
act In 1920, the officers and directors of the Kansas City Southern
commenced a study of traffic relations in the Southwest and of the
possibilities of consolidations, and a special committee was appointed
to consider the matter with Loree as chairman. The conclusion was
reached that the Kansas City Southern should consider the acquisition
of control of other roads to be grouped into a system with the Kansas
City Southern. About the middle of October, 1924, an attempt was
made to acquire the stock of the St. Louis-San Francisco Railway Company in the open market, but after acquiring 1,400 shares the price
advanced so rapidly that the idea was abandoned and the stock so
acquired VMS sold during the latter part of the same month at a profit
of $11,786.50. Also in October, 1924, Otto Kahn, of Kuhn, Loeb de
Company advised Loree that that firm and some of his associates were
buying Missouri-Kansas-Texas stock and asked him if he desired to
take an interest with them. Loree acquiesced, and on November 0 1924,
full:
there were purchased for him 11,950 shares of common stock at 819.68
On April 11 1925, division 4 entered an order authorizing Leonor F. per share, costing 8235,176. On November 7 1924, there were purLoree to hold, until the further order of the commission, inter alia, the chased for him 2,050 shares of common stock at 821,25 per share, costing
positions of director of the Missouri-Kansas-Texas Railroad Company $43,562.50, making the total cost, including brokerage commissions
and of the Kansas City Southern Railway Company. This order re- and interest, 8285,872.14. Loree testified that these purchases were
Voked the supplemental order of February 6 1922, also entered by di- made in the usual way without a specific order from him and without
p.
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1731
City Southern
the deposit of any margin; that he never puts up margin for anything was not tenable, whereupon Up the grove asked the Kansas
-Texas
he buys; that the brokers sometimes carry such purchases for him and whether it would take over the 100,000 shares of Missouri-Kansas
arrangehe sometimes pays for the stock and takes it up, and that in such trans- stock which his company had bought. Following negotiations
actions he invests his credit, which the brokers consider the same as ments were made to take over the stock as of a date six months after
this
cash. In this instance the stock was carried by the brokers until sold. our findings in the Southwestern case. The average price paid for
About November 10 1924, Kahn informed Loree that he had been stock by the St. Louis Southwestern was $44.80 per share.
Under date of October 30 1925, Loree filed with us an application for
approached by Swartwout & Appenzellar, a brokerage firm in New York.
Southwestern.
with an offer of sale of that firm's holdings of Missouri-Kansas-Texas authority to hold the position of director of the St. Louis
stock, and asked Loree whether the Kansas City Southern desired to On June 9 1927, following our decision in the Southwestern case, Loree
buy it. Loree presented the matter to the special committee, which requested that this application be withdrawn.
On July 24 1926, the Kansas City Southern filed an application
decided to acquire the stock. On November 11 it purchased 25,000
shares firm and took options on 17,600 shares for delivery on November under paragraph (2) of section 5 of the interstate commerce act for
25 and 50,000 shares for delivery on December 5. Kuhn, Loeb & Com- authority to acquire control of the Missouri-Kansas-Texas by purchase
Follow- of capital stock, and on the same date the latter carrier filed a similar
pany received a commission of 50 cents per share on this stock.
ing this action by the special committee, Loree notified Kahn that he application to acquire control of the St. Louis Southwestern in the same
did not want any more Missouri-Kansas-Texas stock purchased for him, manner. By our report and order in Proposed Unification of Southand requested that the stock theretofore purchased for him be sold as western Lines, supra, dated May 3 1927, we found that the proposed
acquisitions of control would not be in the public interest and the apsoon as these Kansas City Southern purchases were completed.
- The record shows that the 17,600 shares under option from Swartwou- plications were denied. Following that action, Upthegrove asked the
& Appenzellar were delivered on November 26 1924. On November Kansas City Southern whether it would take over the 100,000 shares
25 1924, Kuhn, Loeb & Company also sold to Kansas City Southern of Missouri-Kansas-Texas stock which was held by the St. Louis South50,000 shares, which stock was apparently owned by themselves and western. Loree testified that while the Kansas City Southern felt that
not included in the Swartwout & Appenzellar options. On December 5 it was not legally or morally obligated to take over this stock, business
the Kansas City Southern took delivery of the remaining 50,000 shares considerations appeared to make such action advisable. Anticipating
of the Swartwout & Appenzellar stock. Meanwhile there had been pur- the tender of the stock, the Kansas City Southern commenced selling
chased in the market through two stock exchange firms a total of 19,600 It in the market through Ladenburg, Thalmann & Company and
shares, all of which were delivered to Kansas City Southern on Novem- before November 1 1927, when the stock was delivered, it had sold
ber 20 1924. Consequently on December 5 1924, the Kansas City 61,400 shares. The remaining 38,600 shares subsequently were transSouthern held 162,200 shares of Missouri, Kansas & Texas common stock. ferred, together with 19,100 shares of the stock held by the Kansas
Of this amount there had been purchased at private sale and by options City Southern, to the Cuthbert Corporation, which had assumed the
all but 19,600 shares. The purchases of stock made in the open market, obligation of the Kansas City Southern to take over the stock held by
delivery of which was taken on November 20 1924,showed prices ranging the St. Louis Southwestern. The St. Louis Southwestern received for
its stock the amount which it had paid for it, plus interest at the rate
from $23.50 per share to $25 per share.
0
In accord with Loree's instructions to Kuhn, Loeb & Company to of 43i per cent per annum. In view of the fact that on June 20 1927
sell his stock when these purchases were completed, on December 3 when the Kansas City Southern commenced selling the 61,400 share,
1924, 4,000 shares of Loree's stock were disposed of at $28.06 per share, mentioned above the highest price was $56,375 per share, and the lowest
and the remainder was sold as follows for January delivery at seller's price received for any of that block up to October 20 1927, was $45.50 ,
option: December 5 1924, 2,000 shares at 832.375 per share; December per share, it is not apparent why Upthegrove should have sought the
6 1924, 6,000 shares at $32.25 per share, and December 8 1924, 2,000 aid of the Kansas City Southern; neither does the record show just what
shares at $31.375 per share. The net profit to Loree on this transaction "business considerations" prompted the Kansas City Southern to take
was $144,708.
the action described by Loree. In anyievent, Loree testified in the SouthCity Southern was obligated to acquire
of the options to purchase Swartwout & Appen- western case that the Kansas
Following exercise
the St. Louis Southwestern within six months after our
stock, and the purchase of the 50,000 shares from Kuhn, Loeb & this stock from
zellar
case. The sale of the 57,700 shares to the Cuthbert
Company, together with the 19,600 shares purchased in the open market decision in that
through Ladenburg, Thabnan & Company commenced on
no further purchases were made by Kansas City Southern of Missouri- Corporation
5 1927, and ended on January 27 1928, the highest price per
Kansas-Texas stock between December 5 1924, and January 26 1925. December
being $44.50 and the lowest price 838.375. The identity
Between January 26 1925, and February 17 1925, the Kansas City share received
Cuthbert Corporation is not shown of record.
Southern acquired 87,800 shares of Missouri-Kansas-Texas stock in the of the
On February 14 1928, in Docket No. 20672, we issued a complaint
market, so that as of the latter date it held 250,000 shares which had
the Kansas City Southern alleging that the ownership by that
been acquired at prices ranging from $23.50 to $38.50 per share. This against
company of large portions of the stock of the Missouri-Kansas-Texas
stock was purchased through Kuhn, Loeb & Company, Boissevain &
St. Louis Southwestern constituted a violation of section 7
Company, Post & Flagg, and Ladenburg,Thalmann & Company. The and the
In its answer dated March 28 1928, the respondent
more stock was purchased until August 19 1925, of the Clayton act.
record shows that no
that it had disposed of 119,600 shares of Missouri-Kansas-Texas
meanwhile, on April 10 1925, Loree had been elected to the board stated
but
stock, including the 100,000 shares acquired from the St. Louis Southof directors of the Missouri-Kansas-Texas and was authorized to hold
that a greater amount could not have been sold in the market
that position by our order of April 11 1925, referred to above. Following western;
seriously disturbing market conditions and causing unnecessary
his election as a director, Loree was elected chairman of the board. without
-Kansas-Texas
respondent then held 330,400 shares of Missouri
Between August 19 1925, and October 15 1925, the Kansas City Southern loss: that
25.16 per cent of the total amount outstanding, and that on
purchased 100,000 shares additional of Missouri-Kansas-Texas stock stock, or
1928, the board of directors of the respondent adopted a
at prices ranging from $40 to $43 per share making its total holdings March 21
the respondent should proceed to liquidate the
350,000 shares. The purchase price of this stock was $11,381,550 and resolution stating that
held by it as soon as permitted by market conbrokerage commissions amounted to $84,467.50, making the total cost remainder of the stock
stock, or by granting subscription rights
$11,466,017.50. The average price per share was approximately ditions through the sale of such
of
to all or any part of such stock, or by trusteeing for sale all or any part
$32.76.
combination of such methods. By a suppleOn October 14 1925, the Kansas City Southern purchased from the of such stock, or by any
May 24 1928, the_respondent stated that between
Chicago, Rock Island & Pacific Railway Company 134,880 shares of mental answer dated
1928, it had sold in the market 42,784
preferred and 19,288 shares of common stock of the St. Louis South- March 29 1928, and May 22
-Texas stock, and that on May 23 1928, it
western Railway Company, paying $92 per share for the former and $60 shares of Missouri-Kansas
shares to Ladenburg, Thalmann & Company
per share for the latter. On November 10 1925, the Kansas City South- sold the remaining 287,616
Company, of New York City, and received
ern purchased in the open market through Ladenburg, Thalmann & and the National City
record:shows, however, that on May 22
Company 100 shares of preferred at $73.50 per share, 20 shares of pre- payment therefor in full. The
board of directors of the Kansas City
ferred at 873.625 per share, 700 shares of common at $53.50 per share, 1928, Loree, as chairman of the
common stock of that company
shares of common at $53.625 per share. Upon completion of Southern, advised the holders of the
and 12
of the 287,616 shares of the Missouri
these latter purchases, the Kansas City Southern held 135,000 shares that in connection with the sale
arrangements had been made under which each
of preferred and 20,000 shares of common stock of the St. Louis South- Kansas-Texas stock,
Kansas City Southern of record at the
western, the total cost including commissions on the stock bought in holder of common stock of the
1928, should have the right to purchase from
the market, being $13,613,301.60. Subsequently all of this stock was close of business June 4
1928, 96-100 share of Missouri-Kansas
sold at cost to the Missouri-Kansas-Texas, subject to our approval, the bankers, on or before June 25
share of Kansas City Southern common
that company paying $7,000,000 in cash and giving notes for the balance. Texas common stock for each
per share, payable in full at the time of
The stock is now held in escrow by the Central Union Trust Company stock held, at the price of $33
Purchase warrants and fractional warrants were
of New York under an escrow agreement dated July 23 1926, and a sup- making the purchase.
4 1928. Meanwhile, on March 27
plemental escrow agreement dated November 18 1927. The record sent to the stockholders on June
application under paragraph
agreement between the Kansas City Southern and the 1928, the Missouri-Kansas-Texas filed an
shows that the
to acquire control of the Kansas
Missouri-Kansas-Texas provides that in the event the latter company (2) of section 5 of the act for authority
the St. Louis Southwestern by purchase of capital
fails to pay the balance of the purchase price within 90 days after our City Southern and (or)
which is now pending before us.
approval of the transaction, the $7,000,000 which it paid shall be for- stock, Finance Docket No. 6817,
The intervener Duff, who is president and principal owner of the
feited to the Kansas City Southern and all of the stock shall revert to
Sabine Railway Company, alleges that his
the latter company. It appears extremely doubtful that such a penalty Waco, Beaumont, Trinity &
retention by Loree of his memberclause would have been approved by any board of directors of the Mis- private interests are affected by the
ship on the board of directors of the Missouri-Kansas-Texas. The
souri-Kansas-Texas uninfluenced by the Kansas City Southern.
Sabine extend from Weldon to
After the purchase of the St. Louis Southwestern stock by the Kansas lines of Waco, Beaumont, Trinity &
to Colmesneil, Texas. These
City Southern, consideration was given to various plans for financing Livingston, Texas, and from Trinity
part of the Missouri, Kansas & Texas Railroad,
the purchase, one of which contemplates the distribution of the burden lines formerly were
present system at the time of reorganiamong the three companies involved, and was designated the triangular but were not included within the
-Texas had been
shows that the Missouri-Kansas
plan. At the hearing in Proposed Unification of Southwestern Lines zation. The record
had given him assistance in connection with
I. C. C. 401) Loree testified that the president of the St. Louis very friendly to Duff and
(124
also in connection with proposed
Southwestern, Daniel Upthegrove, had advised that he thought his the operation of his properties and
Weldon to Waco, Texas, and from Livingston
company would be willing to purchase 100,000 shares of Missouri extensions of his line from
Arthur, Texas, both of which have been authorKansas-Texas stock, and arrangements to do so were made. At the to Beaumont and Port
sas-Texas had favored the proposed
hearing in the present case Loree testified that Upthegrove came to ized by us. The Missouri-Kan
extensions because of the fact that they would enable it to gain access
him one day and said that his company had about $4,000,000 in cash
Beaumont and Port Arthur from Waco. The extension of Duff's
in its treasury for which it had no immediate use, and suggested that to
to Port Arthur had been strongly opposed by the Kansas City
the money be used to purchase 100,000 shares of Missouri-Kansas-Texas line
Southern. Following the adoption of the plan for unification of the
stock. Following the purchase of this stock by the St. Lola-.
and the election of Loree as chairman of the board
western, counsel reached the conclusion that the law did not permit southwestern lines,
Kansas-Texas,_the_attitude I
several companies to control a company, and that the triangular plan of directors of theaMissouri-
1732
FINANCIAL CHRONICLE
toward Duff changed and the support formerly given him was withdrawn. At the hearing in the Southwestern case, the following testimony was given by C. N. Whitehead, then president of the Missouri
Kansas-Texas:
Q. (By Mr. Duff) Mr. Whitehead, you say conditions have changed.
If the application of the Kansas City Southern under Finance Docket
No. 5679 should be refused by the commission, the conditions will be
restored, will they not,
A. I think so, if it is decided that the Kansas City Southern and the
Missouri-Kansas-Texas may not combine, I assume that then the
Missouri-Kansas-Texas will be left where it was before.
Q. If the Kansas City Southern relinquishes, or is required to relinquish and relinquishes, its control which it has and disposes of the stock,
and your property comes back into your hands and your management,
then the attitude of the Missouri-Kansas-Texas may again be studied
and considered from the standpoint of the Katy, unembarassed by that
of the Kansas City Southern?
A. Yes, sir.
The record shows that at the time of issuance by division 4 of its
order of April 11 1925, the Kansas City Southern held 250,000 shares
of the stock of the Missouri-Kansas-Texas and that Loree was chairman
of the board of directors of the former company. It also shows that the
Kansas City Southern has divested itself of its holdings of MissouriKansas-Texas stock. In our report in Proposed Unification of Southwestern Lines, supra, we said:
...
The M-K-T competes with the K. C. Southern for traffic moving
from or through Kansas City to the Gulf for export and on imports
coming through the Gulf ports to and beyond Kansas City. Also through
their connections between Houston and Beaumont they compete for
traffic originating in the Houston-Galveston district and in the Beaumont-Port Arthur district for Missouri River destinations. In fact,
all eastern and northern Texas may be regarded as competitive territory
as between the K. C. Southern and the M-K-T for traffic moving between that territory and Kansas City, since such traffic from points
on only one of those lines, or from points not reached by either of them,
may move hundreds of miles over either of those lines.
In the light of the above facts, we are unable to find that the holding
by Loree of the position of director of the Missouri-Kansas-Texas while
continuing to act as director of the Kansas City Southern would not
adversely affect public or private interests.
That portion of our order of April 11 1925, authorizing Loree to hold
the positions of director of the Missouri-Kansas-Texas will be vacated
and set aside. An appropriate supplemental order will be entered.
Commissioner Aitchison, concurring, said:
I concur in the result, but regard the discussion of Mr. Loree's stock
transactions as irrelevant and unnecessary.
Commissioner Porter, concurring, said:
I concur in the principle underlying the majority report. But in 'view
of the pendency of the cases involving the unification of these lines, I
believe the decision should have been postponed and this case determined with those.
[VOL. 127.
Commissioner Brainerd, dissenting, said:
I assume that the showing made on April 11 1925, fully justified the
finding and order then made by division 4 that neither public nor private
interests would be adversely affected by Mr. Loree's holding the position
of director of the several carriers therein named. What it is, if anything,
that has happened since which now requires the withdrawal of authority
once given to Mr. Loree to hold the position of director of the MissouriKansas-Texas Railroad Company is not made clear in the majority's
report. The facts recited are addressed largely to the efforts made and
now being made by the Missouri-Kansas-Texas Railroad Company,
the Kansas City Southern Railway Company and the St. Louis Southwestern Railway Company to unify the control of their properties
under the provisions of paragraph (2) of section 5 of the act as proposed
In the two applications now pending before us. Our action herein, it
seems to me, tends to prejudge the issues presented by said applications
and those in the proceedings under the Clayton act mentioned in the
majority's opinion.
SUPPLEMENTAL ORDER.
At the General Session of the Interstate Commerce Commission,
held at its office in Washington. D. C., on the 14th day of September,
A. D. 1928.
In the Matter of Authorization, Under Paragraph (12) of Section
20a of the Interstate Commerce Act, to Hold the Positions of Officer
or Director of More Than One Carrier.
Finance Docket No. 1975
-Sub. 2. Application of Leonor F. Loree.
A hearing and further consideration of the record in the above-entitled
proceeding having been had, and the commission having, on the date
hereof, made and filed a report containing its findings of fact and conclusions thereon, which said report is hereby referred to and made a
part hereof:
It is ordered, That that portion of the order entered in this proceeding
on April 11 1925, authorizing Leonor F. Loree to hold the position of
director of the Missouri-Kansas-Texas Railroad Company, be, and it
it hereby, vacated and and set aside.
It is further ordered, That except as herein modified, said order of
April 111925, shall remain and continue in full force and effect.
By the commission.
(Seal.)
George B. McGinty, Secretary.
(1) The order authorizes Mr. Loree to serve as director of the following carriers: Albany & Susquehanna Railroad Company; Chateaugay
Sr Lake Placid Railway Company, Cooperstown & Charlotte Valley
Railroad Company, Cooperstown & Susquehanna Valley Railroad Company; Delaware & Hudson Company; Erie Railroad Company; Greenwich & Johnsonville Railway Company; Kansas City Southern Railway
Company; Mechanicville & Fort Edward Railroad Company; MissouriKansas-Texas Railroad Company; New York, Ontario & Western Railway Company; Northern Coal & Iron Company; Ontario, Carbondale
AZ Scranton Railway Company; Port Jervis, Monticello & Summitville
Railroad Company; Rensselaer & Saratoga Railroad Company; Rutland
& Whitehall Railroad Company; Schoharie Valley Railway Company;
Seaboard Air Line Railway Company; Ticonderoga Railroad Company
Troy Union Railroad Company; Wheeling & Lake Erie Railway Company; and Wilkes-Barre Connecting Railroad Company.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
In steel there has been a fair business and the outlook
Friday Night, Sept. 28 1928.
Is considered encouraging. The automobile industry is
The trade of the country has been benefitted by lower the best
buyer of steel. There is some demand from the
temperatures. Cooler weather has prevailed everywhere.
railroads for rails. Also there is a demand for iron and
Thr has been killing frost in many parts of the Central steel
implements, notably from the tractor industry. The
West, as well as the Northwest. Even in Missouri it has
output of the steel mills is noticeably larger than a year
been as low as 32 degrees. Minimum temperatures in the ago,
and manufacturers are hopeful of getting higher prices
thirties and forties have prevailed over the entire South. for the
fourth quarter. Scrap has been firm, and copper
The retail trade has been whipped up by such tempera- higher,
as well as tin. Live stock, on the other hand, has
tures all over the United States. This has reacted favor- been in
less demand, while receipts at the same time have
ably upon the cotton mills, for instance. A better business been
rather large and prices lower. Hogs are down to
has been reported, not only in the Worth Street district the
lowest prices seen since the end of June. Wheat has
here, but also at Fall River, and in some of the big centers been rather
firm, despite large receipts and a poor export
of the Carolinas. Raw cotton here has advanced recently demand.
The visible supply in the United States is up to
about 2c. a pound and cotton goods % to 14c. under the 103,400,000,
/
the largest since the days of the war, but the
stimulus of a better demand for both raw and manufac- market at
times has been short. The Canadian pool has
tured material. Large Wall Street and Western interests not been
selling for hedge acount. The crop in Western
are supposed to be favorably impressed with the possibility Russia is
said to be small. In the wheat trading at Chiof higher prices for raw cotton and have been operating cago it is said
that politics has had some influence. Sepaccordingly, on a very successful scale. Spinners have tember corn
has declined under liquidation, but other
been "calling" cotton steadily and hedge sales have not months have
advanced. There has been a heavy frost over
made much impression until to-day, when there was a the central
and northern sections of the corn belt. Morenatural reaction at the Cotton Exchange. The bullish fac- over, supplies
of old corn are down to a low level, and it
tors in raw cotton during the week have been cold weather is believed that
this country itself can readily enough conand rain and persistent reports of deterioration in the crop sume a crop of
3,000,000,000 bushels. The high prices curIn much of the belt. Furthermore, there has been a ten- rent for cattle
and hogs (compared with a year ago) sugdency to reduce the crop estimates well below the last gests that the
feeding demand for corn this season may
one by the Government on Sept. 8 of 14,439,000 bales. In be large.
Oats have been steady, as the visible supply is
fact, there is an idea that the Government's estimate may about 9,000,000
bushels smaller than a year ago, and the
fall somewhat below 14,000,000 in the next report on Oct. cheapness of this
grain may cause large consumption on
8, the real date of which, however, is Oct. 1. Wool has the farms.
Of rye, there has been recently a certain
been steady with a fair demand. The branches which have amount of
European buying and prices have shown distinct
been most favorably affected by the more bracing weather strength, as
the supplies are small all over the country.
in the jobbing and retail trade are heavy drygoods, clothing, September is
4 cents higher. Provisions have declined
and silk fabrics; also hats, blankets, shoes, furs, and stoves, this week
owing partly to liquidation of the September
not to mention both soft and hard coal.
delivery and partly to the lower prices for hogs, with im-
A
SEPT. 29 1928.1
FINANCIAL CHRONICLE
1733
year on the 26th, Massapending heavy receipts. Raw sugar declined partly be- month it was 45 degrees. This
recent large pur- chusetts and Pennsylvania had snow flurries and water
cause of hedge selling by Europe against
at one point in that State. Williston, N. D.,
chases of Java sugar. Besides there has been no great do- froze in pails
refined here of late. Coffee had a temperature of 18 degrees. In Ontario, Canada, fruit
mestic demand for either raw or
were damaged. It was 34 to 50 at Chidropped on September delivery as the end of the month and tobacco crops
months declined in lesser degree. cago, 34 to 64 at Cincinnati, 36 to 54 at Cleveland, 34 to 48
drew near, and other
to 48 at St. Paul, 44 to 60 at Kansas City,
Cost and freight prices at times were lower, but of late the at Detroit, 30
has improved somewhat and roasters are sup- 34 to 52 at Milwaukee, and 44 to 60 at Philadelphia. Tospot trade
day it was still cool with temperatures 48 to 58 degrees,
posed to be carrying only light stocks.
40 to 62, Cincinnati 40 to
The output of automobiles has to all appearance risen In Boston it was 46 to 58, Chicago
the general impression is that 52, Cleveland 42 to 58, Detroit 40 to 58, St. Paul 34 to 58,
to a new peak. Certainly
and Philadelphia 50 to 64.
the daily output for September will show an increase over Milwaukee 42 to 62
record for August. At Detroit, however, this
the high
of Business Condiweek, after seven weeks of rising totals, the employment Federal Reserve Board's Summary
tions in the United States—Increase in Industrial
shows a decrease as compared with last week of about 3,200.
Activity—Further Advance in Wholesale Prices.
The total employed, nevertheless, is close to 300,000, or in
The Federal Reserve Board, in its "Monthly Summary of
exact figures 297,573, which shows an increase over the
same time last year of 101,000 and over the total of 1926 Business Conditions" in the United States, issued Sept. 27,
at this time of 63,573. Carloadings for the week ending states that the "volume of industrial and trade activity
Sept. 15 reached the largest total thus far this year. It increased in August, and there was a further advance in
is true that five out of eight groups in these figures showed wholesale commodity prices. Reserve bank credit outstanda smaller total than for the same week last year, but ing increased in September, reflecting in part seasonal defor all that the grand total is somewhat larger than a mands for currency and credit. Money rates remained
year ago. Railroad earnings for August show a slight in- firm," says the Board, its statement continuing:
Production.
crease in both gross and net, despite the small decrease in
Production of both manufactures and minerals increased considerably
carloadings, mostly of coal, not a large revenue producer. in August, the output of manufacturing plants being larger than at this
Railroad traffic at the West just now is large, with no season of any earlier year. Automobile production was in record volume
indicates than output was maintained
shortage of cars in the Central West, though something of in August, and available information
by many producers at high level during September. Iron and steel prothe kind Is seemingly threatened in the Northwest.
large in August and September. and output of nonferrous
duction continued
On the Stock Exchange, after active enthusiastic and metals increased between July and August. Textile mill activity, which
reduced In recent months, also showed a substantial
had been
rising markets, stocks on Thursday declined 4 to 6 points, increase. somewhatemployment and payrolls have increased since midFactory
notwithstanding call money was down to 6% and plenti- summer and in August were close to the levels of a year ago. In the
in a sharp decline after
ful. The ticker on some days was 42 minutes behind the building industry there was evidence of recession in smaller volume during
the early summer in contracts awarded, which were
actual transactions and it was only by telephoning to brok- August than in the corresponding month of any year since 1924. In the
ers on the floor of the Exchange that any clear idea of first three weeks of September. however, awards were somewhat larger
prices at the moment could be had. The difference be- than last year. the Department of Agriculture for Sept. 1 indicate that
Estimates of
tween such prices and those on the belated tape was some- yields of principal crops will be larger than last year and above the average
times 5 to 6 points. To-day stocks declined for a time and for the preceding five years.
Trade.
then suddenly rallied sharply in the face of 8% call money
Distribution of commodities showed seasonal increases in August, alafter an early 6% rate as banks called $30,000,000 to meet though sales in most lines of wholesale and retail trade did not equal the
of August 1927. Department stores increased as is
month-end requirements. Auto stocks and specialties ral- unusually large sales continued smaller than a year ago, while inventories
usual in August. but
quiet and inclined to weaken. In several lines of wholesale trade were somewhat larger than last year.
lied strongly. Bonds were
Freight car loadings were in about the same volume in August as a year
London was quiet and steady.
of miscellaneous commodities and grains were larger
Fall River, Mass., wired that contract sales of some eight earlier. Shipmentslivestock, and forest products smaller than last year.
and those of coal,
or ten different styles of 38-inch goods at full market prices
Prices.
and totaling a fairly large yardage were made there and
The general level of commodity prices increased In August and the Bureau
was the highest in
A
that the sales, followl- g so closely upon the increased con- of Labor Statistics index, at 98.9% of the 1920 average, the prices of livenearly two years. Increases in August were chiefly in
-inch constructions reported last week, stock and livestock products, which are now higher than at any time since
tract sales of 25
had created a much more optimistic feeling. At New Bed- 1920. There were also small increases in fuels, metals and buildings
Grains and cotton showed sharp declines, and there were
ford, Mass., on Sept. 20, the New Bedford Cotton Manu- materials.also in hides and skins and wool. Since the first of September
decreases
facturers' Association voted unanimously to accept the there have been some declines in livestock and meats, and a sharp further
recommendation made jointly on the 25th inst. by the State decrease in cotton, while prices of pig iron, copper and petroleum have
Board of Conciliation and Arbitration and the Citizens' advanced.
Bank Credit.
Mediation Committee that the strike here be settled on the
Between the middle of August and the middle of September there was a
banks in
compromise basis of a 5% cut in wages. Later, New Bed- considerable increase in the loans and investments of member and part
cities. Part of the increase was in loans on securities
hopeful of an early ending of the strike. leading a seasonal increase in other loans. Deposits of the member banks
ford seemed more
reflected
At Greenville, S. C., mills report a much better demand also increased during the period.
Volume of Reserve Bank credit outstanding increased during the four
and prices rising. Charlotte, N. C., wired that the demand
weeks ending Sept. 19 in response to seasonal demands for currency and
was more encouraging.
growth in member bank reserve requirements The increase in total bills
It has been cooler here and almost wintry at times. On and securities was largely in holdings of acceptances and in discounts for
the 25th inst. It was 46 degrees. At Boston it was 44 to 63; member banks.
During the same period there were further Increases in open-market rates
Chicago 40 to 70; Cincinnati 50 to 62; Cleveland 46 to 54; on collateral loans and on commercial paper, while rates on bankers' acceptDetroit 44 to 48; Helena 36 to 64; Kansas City 44 to 62; ances were reduced from .%% to 414 %.
Los Angeles 52 to 72; Milwaukee 40 to 52; St. Paul 34 to
National Bank of Commerce in New York Looks for
48; Montreal 42 to 54; Omaha 38 to 54; Philadelphia 46
Good Fall Business—Fall and Early Winter Peak
to 60; Portland, Me., 42 to 62, San Francisco, 52 to 60;
of Credit.
Seattle 44 to 62; St. Louis 48 to 62. It has been down to
In discussing the business prospect under date of Sept.
freezing point in the Dakotas, Iowa, Nebraska, Wyoming
20 the National Bank of Commerce in New York said:
and Tennessee; in the 40's all over the South and on the
Fall business will be good. A high rate of industrial operation through
25th 37 to 39 degrees in parts of the cotton belt. There the summer has resulted in a general feeling of confidence regarding the
have been snow flurries in northern New York, heavy snow- balance of 1928. and plentiful harvests and the prospect of full employment
,
through the fall promise an active demand for the innumerable art. es
falls in Michigan. At Williston, N. D., on the 25th, it was that make up the necessities of modern living. A normal seasonal Increase
in prospect, which will compare the more favorably
18 degrees. Chicago had a brief snowfall on that day, In business is clearly
declining trend of the latter part of that year.
the first on record for the month of September, the earli- with 1927 because of the in manufacture continues to center about the
The greatest activity
having been Oct. 9 1906 and 1925. The av- steel and steel-using industries. The current year seems likely to prove
est heretofore
erage date for snow there is Oct. 31. Pennsylvania had its one of the best the steel industry has ever enjoyed field, which so far this
Signs of Improvement are apparent In the textile
first snowfall on the 25th. Here on that date overcoats year has been a sore spot in the industrial situation. In the cotton industry
and furs were worn, but in the evening came rain which there was a gratifying turn In August, when production of piece goods
low level of July. New orders and shipments
by 10 p. m. developed into a sharp thunderstorm with vivid recovered somewhat from thea result the stock figure showed a moderate
Improved even more and as
lightning. In Canada it has been down to 10 degrees.
decline—the first in a year's time. September moreover has shown further
Sept. 26 here was the coldest on record with a tempera- evidence of a better demand for cotton goods. Wool manufacture is still
slow, but steady buying of silks was reflected last month In a sharp increase
ture of 43 degrees at 6 a. m. Nothing like it has ever been in production. Demand for rayon products continues to exercise the full
seen in September since 1887 when on the 26th of this capacity of that industry, despite considerable addition to plant equipment.
1734
FINANCIAL CHRONICLE
Thus far, relatively high money rates have had no tangible effect
on
industrial operations and it is hardly likely that they will materially
influence activity for several months to come. However, the trend of
construction, which is perhaps most directly affected by higher capital costs,
is worth attention. The Dodge figures of contracts awarded reached
the
peak in May at about $670.000.000. Since then they have steadily declined. For July, the total was $583,000,000; for August, $517,000,000
.
A good part of this drop is seasonal. The August decline, however. was
contrary to the usual seasonal trend, and the contract figure was the
lowest for that month of any year since 1924. While this does not indicate
a slackening of current construction, and it is yet too early to determine
whether a slackening is to come,the building of'the past has been stimulated
by low costs of capital which are now absent. A moderate decline in construction work some months hence would not, therefore, be surprising.
Fail retail trade has as yet hardly more than begun, but good volume Is
noted in the sections of the West that have already experienced some cool
weather. With a favorable background of industrial employment and
good crop yields, it seems likely that the present expectations of a substantial
Increase in retail trade over the latter part of last year will be realized.
[Vol,. 127.
Industrial Activity Based on Electrical Consumption
Ahead of Last Year
-Nine Months Period Up 5%
Operations of general manufacturing plants of the country
in the first nine months of the year, as measured by consumption of electrical energy, have been almost 5% greater
than those of the same time last year and the period ranks
as one of the most prosperous in the history of American
industry, according to Robert M. Davis, Statistical Editor
of the McGraw-Hill publications. "Outstanding as a factor
has been the almost entire absence of the so-called summer
slump," Mr. Davis declares, "and in a number of instances
important industrial groups reported summer operations of
a higher order than those of the early spring period."
Mr. Davis goes on to say
-
Index Number of Retail Food Prices.
As stated in these columns Sept. 22 (page 1583) the retail
food index issued by the Bureau of Labor Statistics of the
United States Department of Labor shows for Aug. 15 1928,
an increase of a little less than 1% since July 15 1928; an
increase of a little more than 1% since Aug. 15 1927; and
an increase of 52.8% since Aug. 15 1913. The index number
(1913=100.0) was 152.4 in Aug. 1927; 152.8 in July 1928;
and 154.2 in Aug. 1928. The index numbers made available
by the Bureau follow:
"The rate of manufacturing activity from March to the close
of the
third quarter did not vary by more than 4%, as against approximately
10% in the corresponding period last year.
"Of eleven leading industrial groups, only two-lumber and its products
and the textile industry-reported an average rate of operations
during
the nine months under that for the same period in 1927. The manufacture
of automobiles and equipment, including parts, leads in the
gain over
1927, the increase amounting to 29.5%.
The chemicals and allied
products group follows with a gain of 21.8%. Rolling mills
and steel
plants increased their operations by 5.4%, and the ferrous and
non-ferrous
metal working plants gained in rate of operations to the extent
of 13.8%.
"Manufacturing operations, however, have not been on the same high
plane in all sections of the country. The plants in the
North Central
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES States reported the greatest gains over last year with an average for the
nine-months period of 9.6%. This has been due largely
OF FOOD IN THE UNITED STATES.
to the record
operations in the automobile industry and the increased
activity in the
metal working plants. The Middle Atlantic States
Tsar and
Rand Rtb Click Plate Pork BoButreported general manuMonth. Steak Steak Roast Roast Beef. Chlss con. Ham Hens
facturing for the nine months as 9.3% above the same
ter. Mese
period last year.
The chemicals and allied products group led in
this section with an increase
1907
71.6 68.0 76.1
74.3 74.4 75.7 81.4 87.2 85.3
of 27.6%, followed by the metal working industry
1908
73.3 71.2 78.1
76.1 76.9 77.6 83.0 89.6 85.5
with operations 6.6%
1909
76 6 73.5 81.3
greater than last year.
82.7 82.9 82.0 88.5 91.3 901
1910
80 3 77.9 84.6
91.6 94.5 91 4 93 6 94.6 93.8
"Manufacturing activity in New England, the South and the Western
1911
80 6 78.7 84.8
85.1 91.3 89 3 91.0 95.5 87.9
States have not been quite up to the mark set
1912
91 0 89.3 93.6
91.2 90.5 90 6 93 5 97.4 977
last year. The metal
1913
100 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100 0 100 0 103.6100.0
working industry in the New England district increased
its rate of opera1914
102.0 105.8 1030 104 4 104.1 104 6 101 8 101 7 102 2 100.5 94 4
tions over last year by 12%, but this was offset by
a decline in activity
1915
101.1 103.0 101 4 100.6 100.0 96.4 99.8 97.2 97 6 99.2 93.4 105 0
1916
107.5 109.7 107 4 106 9 106.0 108.3 106.4 109.2 110.7 102.2 103.0 116.7 in textile plants of slightly more than 17%. A lower rate of operations
1917
124.0 129.8 125.5 130 6 129.8 151.7 161 9 142.2 134.6 125.4 127.2 150.4 in textile plants resulted in a drop for
the South in manufacturing of
1918
153.2 165.5 155 166.3 170.2 185.7 195.9 178.1 177.0 166.2 150.7 162.4 about 3.3%.
In the Western district, which covers the Rocky Mountain
1919
164.2 174.4 164.1 168.8 166.9 201.4 205.2 198 5 193.0 174.2 177.0 192.8
and the Pacific Coast States, the rate
1920
172 1 177 1 167.7 163.8 151.2 201.4 193.7 206 3 209.9 187.6 183.0 188.2
of operations was only slightly
1921
152.8 154.3 147.0 132.5 118.2 166.2 168.2 181.4 186.4 164.0 136.0 153.9 below that of 1927.
1922
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
"There is every reason to believe that the year will
show a volume of
1923
153 9 150.2 143.4 126 3 106.6 144.8 144.8 169.1 164.3 165.1 144.7 167.0
manufacturing operations about 4% greater than that for the
1924
165.9 151.6 146.5 130 0 109.1 146.7 139.6 168.4 165.7 155.1 135.0 159.7
whole et
1925
159.8 155 6 149.6 135.0 114.1 174.3 173.0 195.5 171.8 157 3 143.1 166.1 1927, which is close to the annual rate of growth normally expected
of
1926
162.6 159.6 153.0 140.6 120.7 188.1 186.3 213.4 182.2 157.3 138 6 65.6 American industry in general."
1927
167.7 166.4 188.1 148.1 127.3 176.2 174.8 204.5 173.2 158.4 145.2 170.1
1927160.6 158.3 153.0 141.9 124.0 174.3 181.1 211.2 180.8 158.4 152.6 70.1
161.0 158.7 153.5 141.9 123.1 171.0 179 6 210.8 180.8 168.4 153 5 170 1
161 8 169.6 153.5 142.5 123.1 174.3 179.3 210.0 181.7 158.4 154.6 168.8
164 6 183 2 158.1 145.6 125.8 175.7 178.2 210.8 182 6 157 3 162.5 67 9
166.5 185.5 157.6 146.9 125.6 173.3 176 3 209.3 180.3 156.2 139 4 167.4
166 9 165 9 157.1 146.9 125.6 165.2 174.4206.3 170 4 156 2 135.2 167.4
171.7 170.0 160.1 149.4 126.4 166.2 172.6,203.0 167.1 157.3 134.2 67.0
172 0 170 9 160 1 149 4 126.4 179.5 •
166.2 158.4 134.2 67 4
172 4 170 9 160.6 150.0 128.1 193.8 172 2 200 0 166.2 158.4 139.4 1706
172.0 170.0 161.1 151.9 130.6 197.6 172.8 199.3 167.6 159.6 146.4 173.3
Nov..-- 171.3 169.5 161.1 153.1 133.9 172.9 171.5 197.0 167.1 159.6 47.3 74.7
172.8 171.3 183.6 158.9 138.0 156.2 167.8 192.9 167.6 160.7 152.5 176.5
Feb.-March__
April_
May
June ..__
July....
Ass__
SeC4----
1
1928Jan
174.8 173.1 165.2 158.8 142.1 149.0 165.2 192.3 172.8 160.7 150.9 177.4
Feb---- 176.4 174.4 1137.2 160 6 144.6 140.5 161.9 190.3 174.6 160.7 147 0 177.4
176.8 175.3 167.2 181.3 146.3 138.2 159.3 187.7 174.6 159.8 149.6 174.2
Apr-- 178.3 177.6 168.7,163.1 147.9 149.0 158.9 158.1177.0 158.4 143.9 172 9
181.5 181.2 172.21166.3 150.4 168.6 159.6 190.3 177 0 158.4 142.6 172.4
MaY
June
186.8 186.5 175.3 172.51152.9 165.7 160.0 1022 174.2 157.3 140.7 172.4
1 11.8 1•1.n'117
,
198.5 172.3 158.4
202.2
loN
100.0165.6 .n1 1715 t°.4 141.8 173.3
144 7 173 8
Pow-..
----Year and
Corn
Cob
Food
Month. Lard. togs. Bread Flour Meal Rtes. toes. Sugar Tea. fee.
Index.
1928
-119.8 162.0
Feb.... 115.8 124.9
112.7 107.2
April__ 112.7 103.8
May ___ 114.6 108.7
June_
115.2 112.5
July_ - 116.5 120.6
to 4 140 4
Awr -
W.
160.6 173.3 117.2 176.5
160 6 173.3 117.2 176.5
160.6 173.3 116.1 200 0
163.6 176.7 114.9 206.9
169.7 176.7 114.9 194.1
172.7 176.7 113.8 170.6
189.7 176.7 114.9 tas.2
142.5 168.5
142.3 167.4
142.6 166.4
142.8 163.8
142.3 151.7
142.1 160.7
142.5 159.7
142.6 159.1
141.9 158.7
142.5 159.1
142.5 160.4
142.1 161.4
159.3
156.0
153.8
153.6
155.4
158.5
153.4
152.4
154.0
156.1
156.5
155.9
142.3 162.8
142.1 163.1
142.3 163.8
141.9 164.1
141.9 184.4
142.1 165.1
142 3 185.1
..-.
-
155.1
181.6
::.1.4
152.1
153.8
152.0
152.8
... -
:-ODODio;;
169.7 170.0 126.4 235.3
169.7 170.0 124.1 223.5
186.7 170.0 124.1 217.6
168.7 170.0 123.0 217.6
166.7 170 0 121 8264.7
166.7 173 3 123.0 352.9
106.7 173.3 123.0 247.1
189.7 173.3 123.0200.0
186.7 173.3 121.8 188.2
166.7 173.3 120.7 176.5
163.6 173.3 119.5 176.6
163 6 173.3 118.4 170.5
WWwwWWWWWWWW
cioicMio
a a 000.00•0010.a
W
Cow Oa Oa
-.IV -4.4,
1
ape.CAC. W•40
.4•4 W War,.a a
CO..c
90.0 87.6 ---- 105.3
82.0
101.5 92.2 ____ 111.2
84.3
109.4 93.9 ____ 112.31
88.7
108.2 94.9 -___ 101.0
-._ _-__
93.0
101.6 94.3 ---- 130.5
____ .......
92.0
105.2 101.6
132.1197.6
100.0 100.0 100.0100.0
100.0100.0
who
103.9 105.1 101 2 108.3
100.4 99.7
102.4
125.8 108.4 104.3 88.9
100.2 1006
101.3
134.6 112.6 104.6 158.8
100.4 100.3
113.7
211.2 192.2 119.0 252 7
106.9101.4
146.4
203.0 226.7 148.3 188.2
119.1 102.4
168.3
218.2 213.3 173.6 223.5
128.9 145.3
185.9
245.5 216.7 200 0 370.6
134.7 157.7
203.4
175.8 150.0 109.2 182.4
128 1121.8
153.3
154.5 130.0 109.2 164.7
125.2 121.1
141.6
142.4 138.7 109.2 170.6
127.8 126.5
146.2
148.3 158.7 116.1 168.8
131.4 145.3
145.9
184.8 180.0 127.6 211.8
138.8 172.8
157.4
181.8 170.0 133.3 288.2
141.0 171.1
160.6
186.7 173.3 123.0 223.5
142.5 162.1
155.4
4'
1927
Jan_--- 126.6 162.0
Feb---- 124.1 128.1
122.8 102.6
120.9 98.3
May... 120.3 97.4
May
119.0 97.1
July-- 119.0 107 0
119.6 121 7
121.5 141.2
124.1 164 1
Nov___ 123.4 178.8
121.6 172.8
caaa a 0.114
80.7 84.1
80.51 86.1
90.11 92.6
103.8 97.7
88.4 93.5
93.5 98.9
100.0 100.0
98.6 192.3
93.4 98.7
111.0 108.8
174.9 139.4
210.8 164.9
233.5 182.0
186.7 197.4
113.9 147.5
107.6 128.7
112.0 134.8
120.3 138.6
147.5 151.0
138.6 140.6
122.2 131.0
olaWiAb.64W
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
Guaranty Trust Company's Views of Conditions
Business Activity Not Affected by Presidential
Elections Nor High Interest Rates.
A continued high level of general trade
activity, with
seasonal expansion in some lines, and a further tightening
of money rates have been the outstanding
features of the
business situation during the current month,
states the
Issue of "The Guaranty Survey," published
Sept. 24 by the
Guaranty Trust Company of New York. "The fall stimulus
is under way, and at present there is
reasonable prospect
for a continuance of sustained business activity
to the end
of the year, at least," "The Survey" continues.
Although
money conditions have undoubtedly operated
In some instances as a check on trade volumes, neither high
interest
rates nor the uncertain influences traditional
ly ascribed to
approaching Presidential elections have served to bring
about a lower level of activity or to dampen
the spirit of
optimism that has been developing in business
circles for
several weeks, according to "The Survey," which
says:
"The
course of trade this year forms an interesting
contrast with the
trend in 1924, the year of the last Presidential
campaign. At that time
the spring and summer months witnessed
the most drastic industrial
curtailment that had occurred since the post-war crisis;
while this year
the summer recession that has come to be
regarded as entirely normal
has hardly appeared at all. This change
is probably due mainly to
economic, rather than political, factors.
No Sign of Severe Money Shortage
"As for the influence of money conditions, there
has as yet been little
evidence of any real shortage of funds for
commercial purposes. To be
sure, the higher level of rates must be regarded
as an indication of less
plentiful supplies of loanable funds than were
available a few months
ago; and, from the point of view of general
business, the very fact that
higher returns must now be paid for the use
of borrowed money is a
factor of no little importance. Nevertheless,
funds for legitimate uses
are still forthcoming in sufficient amounts at
the terms quoted.
Whether the increasing demands of the autumn
and winter will continue
to be met as successfully remains to be seen.
Although the use of bank
credit for speculative purposes has never
resulted
commercial funds, such a situation may exist for in a lasting scarcity of
a short time. So far,
however, it certainly cannot be said that a
period of severe shortage is
in pro-pert.
Union Trust Co. of Cleveland Reports Outlook for
Industrial Earnings Most Favorable of Year.
The upward swing of business which began in the spring
and gained momentum during the summer is continuing
SEPT. 29 1928.]
FINANCIAL CHRONICLE
into the autumn, says the Union Trust Co., Cleveland. The
outlook for industrial earnings is the most favorable of the
year, according to the bank. "Expectations of a steady
flow of prosperity during the autumn are based upon excellent crop prospects, good demand and large outputs of
motor ears, and the stiffening of steel and other commodity
prices," says the bank in its magazine "Trade Winds,"
issued Sept. 22. It also says:
"The credit situation and continuing speculative enthusiasm present
a difficult problem, but one which should not develop to such a point as
to embarrass the ordinary conduct of business.
"It is interesting to note that the rising trend in industrial and
general business activity and profits has almost exactly paralleled the
season's trend of improvement in crop conditions and agricultural prospects. The continuing high purchasing power of the farmer should give
promise of good markets for industrial products, not only this autumn, but
far into the spring.
"Farm prosperity may indeed be accounted one of the factors which is
continuing to maintain the demand for automobiles at its present high
level. This is being reflected in high production schedules of motor
accessories, steel and other automobile supplies. What is even more significant than the continuance of iron and steel activity at a high rate is
the fact that after a long decline, prices have begun to rise materially."
High Monthly Record in Indiana Building Contracts
During August.
Building contracts in Indiana during August reached a
high monthly record for the year; auto accessories continued
their upward march, While auto production is rapidly overtaking its former record. These reports on Indiana business conditions during August are contained in the current
issue of the "Indiana Business Review," published monthly
by the Fletcher American National Bank of Indianapolis.
Edwin J. Kunst, manager of the Indianapolis division of the
Indiana University Bureau of Business Research, prepares
the report. The review says:
"The general upturn in most State businees indicators this summer has
been encouraging. August again showed gains over last year in nearly
all lines of production and distribution for which data are available.
Bmployrnent indexes showed a slight summer recession, but were above
last year in July and August. Pig iron production was ahead of last year
gad did not show as great a seasonal slump for the month."
"The Review" shows that retail and wholesale trade followed the usual trend of summer slackness, but in most
cases remained above last year's record. New automobile
sales made a notable advance, especially in the truck division, while used car sales were also above normal for the
month. Freight car loadings increased, as did grain receipts,
especially in the case of oats. Live stock receipts were still
below standard. An increase in bank debits and savings
deposits more than offset the decline in postal receipts and
bank clearings.
1735
Building in New York Metropolitan Zone Passes BillionDollar Mark for Year.
Building activities in New York's Metropolitan Zone are
running into new high records and are far outstripping all
other sections of the United States, according to figures made
public by S. W. Straus & Co. Building plans filed and permits issued in 53 cities and towns of the zone, including New
York City, for August reached a total of $106,493,329, compared with $100,211,630 for the previous August, a gain of
more than 6%. This is in striking contrast with reports
from more than 500 leading cities and towns of the United
States outside the Metropolitan Zone, which in August reported aggregate building permit losses of 18%. S. W.
Straus & Co. go on to say:
The volume of building now in progress throughout the New York
Metropolitan zone is greater than the activities of all the leading cities and
towns of Pennsylvania. Illinois. California and Ohio combined, which are
the leading building States of the country after New York.
Local building operations for the year 1928 have undoubtedly reached the
billion-dollar mark and by the end of the current month will have gone considerably beyond that figure as the total for the entire zone at the end of
August was 5917.083.983. This figure compares with $825,667.669 for
August 1927, a gain of 11%. In no other metropolitan section of the
United States are there any building activities comparable in proportions
or similar in growth.
While building in the Chicago zone has been well sustained since the first
of the year, these activities have been only about one-third of the volume
of the New York zone.
Both Yonkers and Newark continue month after month to find places
among the 25 leading building cities of the country. Yonkers in August
ranked as the seventh city in the country, being exceeded in building volume only by New York. Chicago, Philadelphia. Detroit. Los Angeles and
Cleveland. Newark ranked fourteenth, being ahead of such large population centres as Washington, Baltimore and San Francisco.
Building permits issued or plans filed in the 63 leading centres of the
Metropolitan Zone for August compared as follows:
Aug. 1928. Aug. 1927'
Aug. 1928. Aug. 1927.1
$
161.150
155,600
5,379,060 2,454,450 Freeport, L. I__
Yonkers
98.250
152,250
2,473.540 4,200.275 Bronxville
Newark
144.942
122.805
Mt. Vernon__ _ 1,394,496 ,1,923,552 Nutley
234.900
142,200
1,294,855 1,342.705 Clifton
Jersey City
73.350
140,400
511,800 Tarrytown
1,206,642
Paterson
441,887
127,455
363,703 Eastchester _ _
1,152,499
Montclair
78.050
125,080
1,054,222 1,200,483 Bayonne
New Rochelle
40.000
125,000
411,415 Kensington.L.I.
914,100
Norwalk
117,120
346.570
592.785 Hillside
820,250
White Plains...
176.150
115,250
548,479
East Orange_ .._
324.350
114.985
452,045 Port Chester___
473,116
Scarsdale
50.535
110.325
553,530 Peekskill
466,665
Hackensack _ _ _
356,000 Mamaroneck
458,000
Harrison
64,192
109.536
Village
436.621 1,077.094
Elizabeth
85.825
109,470
228,174 Glen Rock
416.225
Passaic
105.450
108,300
386,711 Garfield
389,145
Orange
104,398
166.550
871,302 Floral Park,L.1.
328.250
Greenwich
240.685
102.210
21,050 Long Beach.L.I.
312.000
Asbury Park__
171.500
84.000
776,450 Rye
310.100
Bloomfield
75,423
236,700
382.575 Dobbs Ferry__ _
307.950
West New York
74.800
60.200
838,200 Hoboken
296,425
Stamford
68.450
40,775
353,050 Larchmont _ _ _
Teaneck
285.300
42,082
201.290
167,207 Tuckahoe
271.902
Ridgewood _
35,000
41,000
571,654 Cedarhurst, L.I.
256,010
Irvington
Roslyn Estates.
Rockville Center,
23,000
20,000
198,230
L. I
231,675
L. I
10,950
33,450
Pompton Lakes_
Garden City,
25,000
4,500
297.575 Pelham
227.250
L. I
1.600
600
155,925 Amityville, L.I.
224,100
West Orange_ _ _
427.230
211.860
Perth Amboy__
25.916.150 27,830,102
441,610
Total
196,431
Westfield
293.702 New York City_ 80,577.179 72.381.528
Millburn
196,125
338,360
192,325
New Brunswick
398,425
Grand totals_106,493.829 100,211.630
179,675
Kearny
8 Mos.'28. 8 Mos.'27.
327.396
171,478
rlaintleld
226.165 Metropolitan
162,903
Englewood
917,083.983 825.667.669
Zone
Mamaroneck
159,000
147.000
Town
Dr. Lewis H. Haney of New York University Sees
Building Situation As Retarding Factor in General
Business Conditions.
In his monthly analysis of business conditions, Dr. Lewis Revision of National Association of Real Estate Board's
H. Haney, Director of the New York University Bureau
Monthly Index—Changes Base to Year 1926—
of Business Research, emphasizes the building situation.
August Activity Measured by Index Figure of 91.3.
Dr. Haney says:
Change of base in calculation of its monthly index of real
The important news affecting business has not been the announcement
the National Assoof a small importation of gold from England. That Is a seasonal occurrence estate market activity is announced by
and was to have been anticipated. England took only a small part of the ciation of Real Estate Boards. In its announcement, the
$700.000.000 in gold that we have exported—about 3 0.000.000—and is association says:
4
likely to ship back
not
even that amount.
Certainly Mr. Mellon's cautious statement that business is good has
little importance. He held out no hope of lower money rates.
The really big news item has been the report on building acitivity in
August. This shows a continued decline. The total floor space in new contracts In August was only 78,873,000 square feet, which compares with
over 82,000.000 in July and nearly 94,000.000 in June. The August decline,
moreover, was contrary to the usual trend at this season. The value of
contemplated new construction in August was only $612
.000.000 against
$648,000,000 in July and over one billion dollars in June. Usually August
has shown a gain over July. Moreover, permits for building houses, office
buildings, and stores in cities fell off more than usual. The total value in a
list of representative cities last month was around $ 75,000,000 which
2
compared with about $281,000,000 in July.
During the first week of September the decline continued.
This is much as anticipated. Building in some sections has been going
ahead at a pretty rapid rate this summer, and a good deal of it has been
quite speculative. Meanwhile,residential rents,at least,have been gradually
declining. Now the high money rates are checking the flow of funds into
securities such as mortgage bonds. It has become increasingly difficult to
sell bonds yielding even 5-6%,now that money rates are over 7%. Such a
condition nearly always brings a decline in building operations.
Dr. Haney concludes that "while business in general
promises to continue in large volume during the remainder
of the year, the reduction in building is a retarding factor
that will have widespread effects. It goes far toward explaining the fact that railway freight traffic in August was
smaller than.year ago."
The year 1926, which has been adopted as its new base by the United
States Department of Labor in revising the method of compiling its index
of wholesale prices, and by Professor Irving Fisher in revising his weekly
index number of wholesale prices, and which is coming into general use
by statisticians as a norm against which to measure present trends, is taken
as the base of the Association's revised index series.
The previous base of the Association's index, which has been published
since 1923, has been the monthly average number of real estate instruments
recorded for the years 1916 to 1923 inclusive.
This period included pre-war, war time and early poet-war years which
were not typical, and with which there is no longer reason to compare
market activities,
The Association has further revised its index by basing it exclusively
upon the number of deeds recorded in each city or county reporting,
instead of upon the total number of instruments recorded, a category which
included mortgages.
The value of the index has been further strengthened by enlargement
of the list of cities from whose records it is derived.
The index has previously been based on reports from 41 cities. The
revised index is based on reports from 58 cities.
The reports are, in each case, from the official records.
Real estate market activity for the month of August 1,28 as measured
by the new base is indicated by the index figure of 91.3.
The Association points out that the figure for August 1928, and for all
subsequent months constitute a new series not comparable with the former
series of index numbers, and that figures from the present series should not
be used in conjunction with figures from the former series.
The new index number of the real esetate market is based ors the number
of deeds recorded in the following 68 cities:
1736
Akron, Ohio
Albuquerque, N. M.
Amarillo, Texas
Atlanta, Ga
Baltimore, Md.
Boise, Idaho
Boston, Mass.
Brooklyn, N.Y.
Charleston, W. Va.
Chicago, Ill.
Cleveland, Ohio
Columbus. Ohio
Dayton, Ohio
Denver, Colo.
Detroit, Mich.
Erie, Pa.
Flint. Mich.
Indianapolis, Ind.
Jacksonville, Fla.
FINANCIAL CHRONICLE
Jersey City, N. J.
Kansas City. Mo.
Lincoln, Neb.
Little Rock, Ark.
Louisville, Ky.
Madison. Wis.
Memphis, Tenn.
Milwaukee, Wis.
Minneapolis. Minn.
Nashville, Tenn.
Newark, N. J.
New Haven, Conn.
Norfolk, Va.
Oakland, Calif.
Oklahoma City, Okla.
Omaha, Neb.
Orlando, Fla.
Paterson, N..1
Philadelphia, Pa.
Phoenix, Aria.
Portland, Ore.
Pittsburgh, Pa.
Providence, R. I.
Pueblo, Colo.
Reading, Pa.
Salt Lake City, Utah
San Antonio, Texas
St. Louis, Mo.
St. Paul, Minn.
Salem, Oregon
San Francisco, Calif.
Seattle, Wash.
Spokane. Wash.
Springfield, Ill.
Toledo, Ohio
Washington, D. C.
Waterloo, Iowa
Wichita. Kansas
Worcester, Mass.
Bank of Montreal Forecasts Excellent Autumn Trade
in Canada-Huge Wheat Harvest.
Excellent autumn business is in prospect in virtually all
departments of Canadian trade, according to the Bank of
Montreal. The general business situation presents few
weak spots, the bank states. "A Wheat harvest, the largest
in the history of the Dominion and an estimated 110,000,000
bushels greater than 1927, will be a great aid to business,"
according to the bank's summary. "The crop has been
safely gathered and threshing as well advanced. Although
there has been a drop in wheat prices, this recession will be
offset by an increase of 25% in yield as well as generally
higher grades so that the value of the crop is not expected to
vary widely from that of last season. Central and eastern
provinces have good field and fruit crops." The bank also
states:
"The upward trend of foreign trade continues with an increase In August
imports of 813.409,000 and exports of 518,277,000 compared with August
1927. In the first five months of the fiscal year, continuous expansion of
foreign commerco in Canada has brought the total near the high water
mark of 1928. The aggregate is now $1,041.078.000.
"The fall in commodity prices must be considered to appreciate the
significance of the trade recovery. This Recta reaches litt19 less than 40%
so that in volume, current movements of imports and exports greatly exceed
those of any previous period in the history of the Dominion. The maintenance of a favorable balance of trade Is also satisfactory.'
Department of Commerce Monthly Indexes of Production, Stocks and Unfilled Orders.
The Department of Commerce makes public, as follows,
its indexes of production stocks and unfilled ordersfor August.
Production
The marketings of animal products and crops were lower than a year ago.
The output of forest products,although greater than in the previous month,
was also lower than In August, 1927. The production of manufacturers,
according to the index of the Federal Reserve Board, was greater than in
either the previous month or August of last year, after adjustments for
seasonal conditions. Mineral production, though showing an increase over
July, was smaller than a year ago.
Commodity Stocks
The index of commodity stocks as of the end of August showed a gain over
the previous month but was lower than a year ago. As compared with last
year, both raw materials and manufactured commodities were held in smaller
quantities.
Unfilled Orders
The index of unfilled orders of manufacturers at the end of August
showed a decline from both the previous month and the same month last
year. Declines from the previous month were registered in unfilled orders
for textiles, transportation equipment and lumber, the iron and steel group
remaining unchanged. Compared with a year ago, textiles and transportation equipment showed smaller orders. while iron and steel and lumber
manufacturers had larger orders on their books.
The index numbers of the Department of Commerce are given below,
together with the industrial production index of the Federal Reserve Board.
1927.
1928.
Index Numbers, 1923-1925=100.
July.
Production
Raw materials
Animal products
Crops
Forestry
Industrial(compiled by Federal Reserve Board)
Minerals
Total manufactures(adhined)
iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement. brick. and glass
Nonferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks
Total
Raw materials
Manufactured goods
Unfilled Orders
Total
Textiles
Iron and steel
Transportation equipment
Lumber
108
87
August August.
97
105
115
88
114
98
101
111
121
100
89
117
95
120
111
117
112
155
155
125
105
114
121
109
90
-__
-_
132
110
118
116
___
155
131
136
119
119
104
95
117
107
103
113
108
104
114
77
69
89
83
107
102
119
97
112
95
89
112
115
108
75
75
66
88
91
64
88
88
Miscellaneous freight loading for the week totaled 460,398 cars, an increase of 12.067 cars above the corresponding week last year and 8,983
cars above the same week in 1926.
Coal loading totaled 180,678 cars, a decrease of 2,133 cars below the
same week in 1927 and 25.400 cars below the same period two years ago.
Grain and grain products loading amounted to 57,014 cars, a decrease
of 3,641 cars below the same week last year but 7,437 cars above the same
week in 1926. In the western districts alone, grain and grain products
loading totaled 43,356 cars, a decrease of 1,914 cars below the same week
In 1927.
Live stock loading amounted to 34,336 cars, an increase of 2,571 cars
over the same week last year but 5,207 cars below the same week in 1926.
In the western districts alone, live stock loading totaled 26,530 cars, an
increase of 2.655 cars compared with the same week in 1927.
Loading of merchandise and less than carload lot freight totaled 266.713
cars, a decrease of 1,837 cars below the same week in 1927 and 2,669 cars
below the corresponding week two years ago.
Forest products loading amounted to 65,511 cars, 3,767 cars below the
same week last year and 7.548 cars under the same week in 1926.
Ore loading totaled 63,930 cars, 7,419 cars above the same week in 1927
but 13,879 cars below the corresponding week in 1926.
Coke loading amounted to 9,732 cars, ten cars below the same week In
1927 and 2,664 cars below the corresponding week in 1926.
All districts reported Increases in the total loading of all commodities
compared with the same week last year except the Pocahontas and Southern,
which showed decreases, but all except the Central-western and Southwestern reported decreases compared with the same period two years ago.
Loading of revenue freight in 1928 compared with the two previous
years, follows:
1928.
1927.
1926.
Four weeks in January
3,447,723 3,756,660 3,686.696
Four weeks in February
3,589,694 3,801,918 3,677,332
Five weeks in March
4,752,031 4,982,547 4,805,700
Four weeks in April
3,738,295 3,875,589 3,862,703
Four weeks in May
4,006.058 4,108,472 4.145,820
Five weeks In June
4,923,304 4,995,854 5.154.981
Four weeks in July
3.942.931 3,913,761 4,148,118
Four weeks In August
4,230.809 4.249,846 4,388,118
Week ended Sept. 1
1,116,948 1,117,360 1.143.448
Week ended Sept. 8
989,799 1,024,998
991.042
Week ended Sept. 15
1,138,312 1,127,643 1,179,259
Total
35.877.147 36,919.449 37,217,173
Continued Increase in Industrial Consumption of
.
Electric Power in Philadelphia Federal Reserve
District.
The Federal Reserve Bank of Philadelphia reports that
the use of electrical energy by industries was over 6% larger
in August than in July and 23% greater than in the same
month last year. Total sales of electricity increased about
3% in the month and over 19% in the year. Production
of electric power by 12 central stations was 4% larger than
in July and surpassed the amount generated a year earlier
by over 16%. The Bank's statistics follow:
Electric Power-Philadelphia Federal
Reserve District-12 Systems.
Rated generator capacity
Generated output
Hydro
-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other Wed
August.
Change
From
July 1928.
1,810,000 k.w.
+ 1.2%
487,186,000 k.w.h. + 4.0%
124,559,000 k.w.h. -31.8%
287,540,000 k.w.h. +45.3%
75,087,000 k.w.h. -14.5%
383,115.000 k.w.h. + 2.7%
66,513,000 k.w.h. + 2.7%
8,593,000 k.w.h. +14.1%
57,920,000 k.w.h. + 1.2%
259,733,000 k.w.h. + 5.7%
5.808.000 k.w.h. +16.5%
45,922,000 k.w.h. + 2.5%
208,003,000 k.w.h. + 6.1%
56.869,000 k.w.h. - 8.8%
Change
From
Aug. 1927.
+28.4%
+16.2%
+803.9%
-20.9%
+22.1%
+19.2%
+19.2%
+11.1%
+20.5%
+12.7%
+292.0%
+ 3.6%
+23.0%
+48.6%
Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
The following statistics covering wholesale and retail trade
in the Philadelphia Federal Reserve District are made
available by the Federal Reserve Bank of Philadelphia:
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF AUGUST 1928.
Net Halm During Month.
72
Decline in Detroit Employment
The Detroit Employers Association reports employment
figures for the week ended Sept. 25 as 297,573, a decrease
of 3,186 from last week, but an increase of 100,993 over the
corresponding period of last year.
Loading of Railroad Revenue Freight on the Increase.
Loading of revenue freight for the week ended on Sept.
15 was the largest of any one week so far this year, amounting to 1,138,312 cars, the Car Service Division of the American Railway Association announced on Sept. 26. This was
an increase of 147,270 cars above the preceding week this
year, when loadings were somewhat reduced owing to the
observance of the Labor Day holiday. The total for the
week of Sept. 15 was also an increase of 10,669 cars over the
same week in 1927 but a decrease of 40,947 cars below the
corresponding week two years ago. Details follow:
72
85
99
106
[VOL. 127.
Trade.
Bootsand shoes
--
*70.2%
•101.7
*51.2
Electrical supplies__ *78.5
Groceries
*92.7
Hardware
81.6
Jewelry
64.4
Paper
*89.7
Drugs
Dry goods
Stocks at End of Ms,
Index Numbers
Compared Compared Compared Campanili
(P. C. of 1923-1925
with
with
with
with
Monthly Average) Previous
Same
Same
Previous
Month. Month.
Month. Month
July '28. Aug.'28.
Last Year.
Last Year.
103.2%
101.9
63.8
87.1
96.8
82.8
91.0
95.5
+47.4%
+0.2
+24.6
+10.9
+4.4
+1.5
+41.3
+6.5
-17.9%
-5.7
-16.9
+11.7
+1.5
-8.2
-11.8
+3.9
-1.4
+0.8
-2.4
-0.9
-1.9
-14.7
-2.3
-3.4
+2.3
+1.8
FINANCIAL CHRONICLE
SEPT. 29 1928.]
...r.g
,
,
GIUM.4•784/1,11,1 tf. at.. vi.... e.....• .
aWM,
Trade.
.
.... V
Compared Compared Ratio to Compared Compared
with
with
Net Sates
with
with
Same
During Precious
Same
Previous
Month
Month
Month
Month
Month
Last Yeas
Last Year
1737
the coming month this ratio may be expected to improve
even more. In his analysis of the situation by cities, Mr.
Wilcox, under date of Sept. 15, also states:
in farm
......
With the return of hundreds
00000..0.4.0MMt.00N
Reports coming from Mollne-Rock Island Indicate further gains
reported
implement factories, and several significant additions have been
central part
by automobile manufacturers. One large metal plant in the
+7.0% -5.2% 350.6% -4.6% +0.1% of the State recently announced its intentions of retooling its plants to
Boots and shoes
+0.1
-3.6
167.3
-1.8
+3.5
that will
Drugs
meet modern needs and has posted a temporary layoff notice
-2.1
-14.3
268.0
-1.8
+3.1
Dry goods
+12.8
163.3
____
-3.4
affect approximately 260 employees.
Electrical supplies
helped
1 *
- 01.3
115.7
+8.1
+0.2
+0.3
Groceries
The coal mining situation continues to improve and has already
-8.9
-2.5
209.8
-4.4
-0.9
has been received
Hardware
to reduce the extent of unemployment. Additional help
+8.7
-23.3
393.9
+4.3
+5.8
Jewelry
offering a steady
+1.8
-3.5
151.9
from State-wide road building projects which is now
+14.4
+4.3
Paper
market for men.
• Revised.
has been good, although some
The agricultural employment situation
the present time. With wheat harvest
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FED- unemployment is to be expected at
being some weeks away.
OF AUGUST 1928.
being completed early and the corn husking season
ERAL RESERVE DISTRICT FOR THE MONTH
except in districts notably
the demand for harvest hands has slackened
industry Is busily engaged.
Danville and Bloomington where the canning
Stocks at
Net Sales.
Index Numbers
to improve
-The employment situation in Aurora has continued
End of Month
Aurora.
of Sates
the surrounding agriCompared with
(% of 1923-25 Aug. 1928
because of continued activity in metal plants and in
threshing. As a result
Monthly 'lege Compared Jan. 1
cultural districts which have been busily engaged in
Year
Month
Aug. 31
with
office has declined from
the unemployment ratio of the free employment
Ago.
Ago.
Aug. 1927 1928.
July. Aug.
Last year the ratio stood
137 in July to 130 during the past month.however total employment at
in
+3.7
-5.3
-3.9
66.9 -10.2
All reporting stores____ .66.6
150. Despite this general improvement,
-6.2
-4.8
+2.0
in the textile lines.
63.3 -11.4
63.7
Department stores
factories has declined, largely because of large layoffs
+1.3
-5.6
-8.0
-13.8
In Philadelphia
reports which
payroll
Metal factories continue to be busy according to
+3.3
-2.2
-2.9
-6.4
Outside Philadelphia_
forces.
increased schedules and some additions to the working
76.
*8iii --- 4 -10.8
Apparel stores
-:-::1:8 +- 6.6 --lb:i indicate both activity is continuing strong, the prospects as indicated by
2
-5.6
75.7
stores_ 81.3
Men's apparel
While building
-4.3
-8.9
+37.0
-8.7
____
In Philadelphia_
---a decline in the demand
permits are that contractors will shortly experience
-5.9
+12.3
-12.8
Outside Philadelphia --------+1.8
-2.7
for their services.
+31.0
+5.8
76.7 -12.6
Women's apparel stores 79.8
particu-2.9
+27.2
+3.6
____ -12.8
-Employment conditions in Bloomington have been
____
In Philadelphia_
Bloomington.
-0.1
+51.6
+16.7
____ +11.5
Outside Philadelphia___
-increases taking place in all leading lines. There
larly good during August
+13.8
+0.3
+0.4
+2.5
93.7
*104.1
Shoe stores
off for long, however.
is a strong likelihood that farm workers will not be laid
-1.1
-0.1
+4.4
+0.7
70.1 110.5
Credit stores
will soon necessitate
because the harvesting of an unusually good corn crop
Stores in:
manufacturing lines which
+3.4
-4.2
-6.4
63.2 -12.0
Philadelphia
.62.2
the hiring of a large number of huskers. Of the
factories and establishAllentown, Bethlehem
have made an unusually good showing, machinery
+7.0
-4.3
-6.8
+1.8
79.7
79.3
Easton
present movement
ments making farm implements stand foremost. The
-6.8
+1.1
-8.8
+7.4
93.4
80.8
Altoona
it is in line with the
+6.0
+3.7
+2.5
72.2
+2.1
70.9
Harrisburg
is a reversal of the experience of August 1927, although
ratio indicates that
-10.4
+4.6
-8.9
-21.9
63.8
Johnstown
58.5
increases of previous years. The free employment
+0.7
+1.8
-7.5
-4.8
69.5
Lancaster
year.
81.9
the extent of unemployment is also less than it was last
-1.6
-4.1
-7.3
-2.0
66.8
Reading
70.9
owing to
-Employment in Chicago increased 1% during August
Chicago.
-6.6
+7.8
-9.3
-7.2
74.4
Scranton
*81.4
Other leading groups
-1.9
-9.3
+4.8
-8.6
69.7
Trenton
77.1
large additions of working forces in metal plants.
packing have all
+27.0
+3.9
-1.3
65.8 -10.1
71.5
Wilkes-Barre
among which are printing, men's clothing and meat
99.6
NA +10.0
+4.3
+5.4
-3.5
Wilmington
the August movenn
A
, n
-k /
reported reductions. The present gain is in line with
-A A
l
All other cam
the outlook is much
ment in previous years, although indications are that
apparent that the
*Revised.
improved over that of the previous year. It is also
and is now less than
AcetsRec't Collection extent of unemployment has declined during August
Stocks Turnover at End of Duro Mo it was a year ago. The free employment ratio for the past month was 149
Jan. 1-Aug. 31.
Month Compared which compared with 178 in July and 189 in August 1927.
Com. with
with
employment and
-Because of a sharp upturn in August factory
Cicero.
1928.
1927. Year ago, year ago.
outlook in Cicero has conan improved building situation, the industrial
are due largely to a
2.13
All reporting stores
------tinued to improve. The improved factory conditions
2.05
to the free employment
---Department stores
---further pickup in the metal industry. According
2.16
In Philadelphia
every one hundred jobs.
-i-ili.o
1.79
4:0:2 office ratio 183 applications have been reecived for 200 in August 1927.
Outside Philadelphia
__,_
This figure is to be compared with 211 in July and
Apparel stores
---bridge builders
1.79
Men's apparel stores
-------An increased demand for workers by road and
Danville.
2.08
pea canning industry have
In Philadelphia
and the absorption of hundreds of people by the
4-1.7
1.34
4.1:5
Outside Philadelphia
situation. The
been two outstanding events in the Danville employment Employment in
---4.28
____
Women's apparel stores
ceased.
4.63
In Philadelphia
demand for harvest hands has now practically
2.65---or downward move1- +- 5.8
+5.6
Outside Philadelphia
Danville factories has shown no consistent upward
1.84
+2.0
Shoe stores
+4.8
yards reporting gains.
ment-kon foundries reporting reductions and brick
-0.7
L81
Credit Stores
-6.3
by the free employment
The conditions of unemployment as experienced
Stores in:
compared with either
2.31
Philadelphia
1.50.-office have remained practically unchanged when
-rii
We"lel
-2.o last month or August, 1927.
Allentown. Bethlehem and Easton__
1.68
+7.1
Altoona
+9.7
in the free
-A 2% gain in factory employment and a decline
Decatur.
Harrisburg
1.75
+12.4
+2.5
points to an improved
1.72
____
Johnstown
employment ratio from 151 in July to 1933 in August
in which outstanding
1.79
Lancaster
industrial situation in Decatur. The industries
-.
and automobile
Reading
1.65
+13.5
-3.1
pickups have been reported are women's dress factories
-9.4
2.12
Scranton
-1.8
building operations
equipment manufacturing establishments. Present
Trenton
2.21
+5.0
-1.8
using a large number
-1.2
1.80
Wilkes-Barre
-9.0
continue to be pushed ahead at a rapid rate and are
harvest, the demand for
+14.9
Wilmington
1.85
+10.9
of men. Due to the completion of the wheat
-1. 1 a
4-4.0
All other cities
1.62
agricultural workers has slackened.
-Employment in East St. Louis has followed its usual
East Si. Louis.
of
movement with a falling off of 3.6%. Reductions
August Sales of Automobiles in Philadelphia Federal downward August characterized all leading lines, among which are meat
working forces have
coarse of employ' Reserve District.
packing and metals products factories. The downward
free employment office ratio which indicates the
ment is reflected in
e trade in its district during competition for jobsthe slightly greater than it was last month. There
In its report on the automobil
is
and considerable
August, the Federal Reserve Bank of Philadelphia says:
has been some repairing of tracks by street car companies
Retail sales of new passenger cars during August by 12 distributors in building activity both of which have been helpful in relieving East St. Louis
this district declined both in number and value as compared with the pre- of some of the unemployment which would have resulted from factory
ceding month and a year before, but deferred payment sales showed a layoffs.
downward
marked gain over a month and year earlier. Business in used cars de-Reports from Joliet fail to show any central upward or
Joliet.
reporting establishclined sharply.
movement during August. Factory employment in
Wholesale sales decreased in number but not In value from July to ments has scored a 2.3% gain largely because of increases in two metal
August, and were similarly larger in the same month last year. Stocks plants. Other lines showed only slight changes from a month ago. The
of new cars at the end of the month were much smaller than a month and free employment ratio has increased from 126 in July to 130 in August.
a year before, while inventories of used cars showed a pronounced gain, Building permits show a falling off. Harvesting activities are now nearing
has become
especially as compared with August 1927.
completion so that a slackening in the demand for farm help
apparent.
-Employment in the Moline-Rock Island district
Moline-Rock Island.
August 1928 Change From
indicates that
Automobile Trade-Philadelphia Fed.
has improved according to all available information which
estabJuly 1928.
Reserve District-12 Distributors.
August 1927.
employment is again picking up in the large agricultural implement
however.
lishments in this locality. There has been one notable reduction,
Value.
Number.
Value.
Number.
While the automobile accessory industry Is not full represented, the reports
- 2.4% + 7.4% - 1.6% + 6.7% received by the Bureau indicate a falling off in employment. The extent of
Sales, new cars, wholesale
5.% - 2.0% -14.4% unemployment as indicated by the free employment office ratio is less than
- 6.4% -1
Sales, new cars, at retail
-58.0% -31.5% -65.1% -36.7%
Stocks of new cars
27.7% -20.3% -10.6% - 4.6% either last month or a year ago.
Sales of used cars
-The conditions of employment in the Peoria district are slightly
Peoria.
+ 3.0% + 4.3% +68.4% +42.2%
Stocks of used cars
+14.7% +26.4% +22.7% +36.2% less favorable according to both the free employment office index and the
Retail sales, deferred payment
reports from leading manufacturers. The present falling off of factory
employment is a reversal of last year's movement, although there have
the outIndustrial Situation in Illinois-Analysis by Cities. been a number of August declines during recent years. Among
standing reductions which have been reported during August the dismissal
Sidney W. Wilcox, Chief of the Bureau of Labor Statistics of forty workers by a brick yard owner and the laying off of 67 employees
of the Illinois Department of Labor, in his review of the In a metal establishment are the largest. Of the additions which have been
reported the greatest occurred in an automotive establishment whose payroll
industrial situation in Illinois by cities, states that they in- showed an addition of 88 workers.
dustrial outlook as reflected in state payroll and employ-Fifteen Quincy manufacturers report that they have added
Quincy.
payrolls. Leather products establishments and
ment information continues to improve. Free employ- 5.3% more names to their pickup which also received support from metal
printing shops led in the
ment summaries also indicate better conditions, the ratio factori.e. The free employment ratio indicates that the conditions of
declining from 151 applicants per 100 jobs to 138 in August. unemployment are closely comparable with those of a month ago, although
during they are much improved when compared with August 1927.
of students to
schools
1738
FINANCIAL CHRONICLE
Rockford.
-A shortage of machinists, molders, tool makers, hammer
smiths and patternmakers has developed in Rockford
as a result of industrial expansion which has taken place during the last month.
Fifty
leading factory owners representing all leading lines, notably metals
and
furniture, report 3.4% more workers. The Rockford free employmen
t
office reports indicate that jobs have been easier to get in that office than
in any other office in the State. The present upward movement in furniture
and metals indicates that prospects are very good for the coming winter
in
Rockford.
Springfield -While the payrolls of the majority of reporting firma show
only slight changes,two outstanding differences appear which have
affected
considerable numbers of workers. Because of changes to be made in a
metal products factory, 264 workers have received a temporary layoff
notice, and In another establishment 808 employees have returned from a
vacation. The coal mining situation in this locality has continued to
improve, and is now giving employment to a large number of able bodied
men.
Sterling-Rock Falls.
-A gain of 5.7% in the volume of factory employment
in the Sterling-Rock Falls district is noted. The metal group,
which
comprises a large part of the industrial community, is to be attributed with
a large share of the recent pickup which has been unusually great when
compared with other centers.
[VOL. 127.
Chain Store Trade.
A further slight gain (0.5%) was recorded for August over
July in the
number of chain stores operated by 25 companies, and the
number remained, as in the preceding month, more than 20% greater than
a year ago.
Total sales increased 4.5 and 16.6%.respectively, in the monthly
and yearly
comparisons, while average sales per store gained
4.0% over July but were
3.0% below last August. Men's clothing, shoe, and furniture chains
indicate declines in the month-to-month comparison cigar, musical
;
instrument,shoe,furniture, and women's clothing chains
had smaller sales than in
August 1927, with 5
-and-10
-cent stores, and the grocery, drug, and men's
clothing groups reporting gains.
Industrial Employment Conditions in
Reserve District.
Chicago Federal
The Federal Reserve Bank of Chicago states that "employment reports for August indicate a general return to
industrial activity after the seasonal quiet of July. Payroll
amounts especially gave evidence of a reaction, increases in
The monthly summary of industrial conditions in Illinois all but one of the groups, that of food products, following
uniform declines of the preceding month." The Bank, in
was given in our issue of Sept. 22, page 1585.
surveying industrial employment conditions in its "Business
Conditions" report, Oct. 1, adds:
In volume of employment there were declines in the textiles,
Merchandising Conditions in Chicago Federal Reserve
and the
and glass products
District-Gain in Wholesale and Department Store stone, claygain for the period groups, as well as in food products. The
aggregate
July 15 to Aug. 15 amounted to 1.9% in
Trade.
number of workers and 6.5% in amount of payrolls. This compares
with
and 6.1%.
In its summary of merchandising conditions in its district losses of 0.6products respectively,for the preceding period. In the metals
and metal
group gains of 4.8% in men and 8.2% in payrolls
the Federal Reserve Bank of Chicago has the following to approximately balanced the previous losses of 4.1 and 8.9% respectivel
y.
say in its Monthly Business Conditions Report, dated Oct. 1: The vehicles group showed substantial increases in both men and payrolls.
a condition reflected also in the reports
Wholesale Trade.
-August sales in six lines of wholesale trade reporting
to this bank totaled larger than in the preceding month, and in four
groups
also increased over a year ago. In the first eight months of 1928,
reporting wholesale drug firms had sales aggregating 3.4% more than
in the
corresponding period of 1927, wholesale shoes showed an Increase
of 4.6%
and electrical supplies a gain of 5.6%; wholesale dry goods, grocery
and
hardware firms indicated declines in this comparison of 4.2, 1.9, and
4.1%
respectively. Collections for the majority of reporting lines
were larger
in August than in the preceding month and were above a year
ago. Prices
In general were indicated as firm or steady.
WHOLESALE TRADE DURING THE MONTH OF JULY
1928.
Net Sales During Month.
Per Cent Change from
Preceding
Month.
Groceries..
Hardware
Dry goods
Drugs
Shoes
Electrical But/Plies
Stocks at End of Month.
Per Cent Change from
Same Month
Last Year.
Preceding
Month.
(33)+ 8.9
(15)+ 7.7
(12)+28.6
(14)+10.2
( 7)+42.5
(31)+ 8.1
(33)+ 1.9
(15)+ 1.
8
(12)- 3.7
(14)+ 6.2
7)- 7.3
(31)+14.0
AC4014Stt Outstanding End of Month.
Per Cent Change from
Preceding
Month.
Groceries..
Hard ware_ _
Dry goods_
Drugs
Same Month
Last Year.
Ratio to
Net Sales
During
Month.
(21)+ 0.4
(10)- 1.4
( 9)- 0.3
(12)- 2.3
( 5)+ 0.3
(241+ 3.4
Same Month
Last Year.
(21)- 0.6
(10)- 8.7
( 9)+ 4.5
(12)- 4.5
( 51+ 6.8
(24)- 7.3
CoRadians During Month
Per Cent Change from
Preceding
Month.
(29)+ 1.5 (29)- 5.0
(29) 99.5 (24)+ 2.4
(15)+ 4.3 (15)- 1.3
(15) 200.8 (13)- 8.2
(121+11.0 (10)- 0.5 (12) 266.9 (10)+ 0.6
(131+ 2.1 (14)+ 6.4 (14) 137.3 ( 9)+ 3.2
( 6) 10.2 ( 6) 4.5 (6)
+
+
Elec. sum) (301+ 6.3 (301+ 8.3 (30) 248.5 ( 5)- 7.0
138.2 (231+ 3.4
Figures in parentheses indicate number of firms included.
Same Month
Last Year.
(24)+ 0.3
(13)- 5.0
( 8)- 4.4
7)+ 8.0
( 5)+ 5.4
(23)+ 7.8
Department Store Trade.
Total sales during August of 104 department stores in
the Seventh district
exceeded those of the preceding month by 9.5%, but were
only 0.7% heavier
than in August last year. Both the larger and the smaller
cities showed sales
Increases in the monthly comparison, with Chicago.
Detroit and Milwaukee
likewise indicating gains over a year ago. Sales by
Indianapolis firms and
by 57 stores in smaller centers were less In total volume
than last August.
District sales for the first eight months of 1928
aggregated 4.5% more than
in the same period of 1927. Stocks on hand August
31 were heavier than
either a month previous or a year ago by 7.1 and 3.3%
respectively. The
ratio of sales to average stocks, or stock turnover, was
29.6% for August
compared with 30.4% in July: for the year to date turnover
was 246.7%
against 245.6% last year. Collections fell off 11.7% in
August from July.
but exceeded those a year ago by 8.8%. Accounts receivable
on Aug. 31
were 1.0% smaller than a month previous and 7.4% larger
than on the
corresponding date of 1927. August collections averaged
35.9% of accounts
receivable July 31. compared with 35.7% a year ago.
Retail Shoe Trade.
Total sales during August of 25 dealers and the shoe sections of
22 department stores decreased 1.7% from July, but gained 0.7% as
compared with a
year ago. Individually, 14 dealers and 14 department stores
reported
gains In the month to-month comparison. Sales for the
year through
August aggregated 1.3% below the corresponding period of
1927. Stocks
of shoes on hand Aug. 31 of 40 firms averaged 12.6% heavier than
a month
previous and 11.6% above a year ago. Accounts receivable
at the end of
the month declined 15.5% from July 31 and 9.5% from Aug.
31 1927,
according to the reports of 18 dealers. Collections during the
month were
24.4% less than in July, but aggregated 9.3% more than last
August.
The ratio of accounts receivable to sales during the month averaged
60.6%
for August,61.5% for July, and 62.6% a year ago.
Retail Furniture Trade.
Sales of furniture during August increased 33.1% over the preceding
month but were 2.2% smaller than a year ago, according to the
reports of
23 retail dealers and the furniture sections of 26 department stores in
the
district. Gains in installment sales of 18 dealers averaged 48.5% more
and
7.9% less in the respective monthly and yearly comparisons. Total
collections by 21 dealers were 4.4% heavier in August than in July
but fell
1.9% below the level of last August, while collections on installment
accounts gained 2.7 and declined 5.5% in the respective comparison
s.
Accounts receivable Aug. 31 totaled 1.7% more than on July 31 and
0.4%
above the corresponding date of 1927. Stocks on hand of dealers and
department stores averaged 2.9% heavier than a month previous and
were
4.8% larger than a year ago.
from the Employers' Association of
Detroit according to which the volume of employment in that
city was
5.5% larger on Aug. 15 than four weeks earlier, and 7.2%
higher on Sept. 11
than on Aug. 15.
The coal industry continued to add more workers, while building
and
construction work experienced a slight decline in activity.
At the free
employment offices the ratio of applicants to available positions
showed
an improvement, dropping from 151% to 138 in Illinois. from 153
to 113
in Indiana, and from 256 to 215 in Iowa.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
NO. Of wage barriers.
Tom Earnings
Industrial
Groups.
Week Ended
Week Ended
Per
Per
Aug.15 July 15 Cent
Aug. 15
July 15
Cent
1928. 1928. Change. 1928.
1928. Change.
All groups (10)
347,426 340,887
Metals and metal products
(other than vehicles)
141,211 134,714
Vehicles
36.333 35,015
Textilesand textile products 25,856 26,647
Food and related products_ 45,591 46,820
Stone. clay & glass products 14,571 14,890
Lumberand Its products-. 26,888 26,475
Chemical products
9,945 9,883
Leather products
14,207 13,907
Rubber products
3,890 3,602
Paper and printing
29.154 29.134
+1.9 59,439,39 38.860,625 +6.5
+4.8
+3.8
-3.0
-2.8
-0.8
+0.7
+0.6
+2.2
+8.0
+0.1
3,831,152 3,539,086 +8.3
1,160,849 1,003,557 +15.7
600,797
574,358 +4.6
1,140,780 1,176,494 -3.0
438,357
414.072 +5.9
643,739
697,186 +7.8
260,623
250.861 +3.9
320,16
293.426 +9.1
97,99
8,2016 +19.5
044.932
1129.580 +1.7
Business Conditions in Southwest as Viewed By Los
Angeles Chamber of Commerce-Continued Improvement in Employment Conditions.
In its Southwest Business Review, covering the month of
August, the Los Angeles Chamber of Commerce states that
"there has been an unusual amount of business activity
during the month. Speeding up of general business which
as a rule is not expected until early in September, has been
asserting itself during August. Wholesale prices are turning
stronger. There has been a much improved demand on the
wholesaler for stock. Collections continue exceptionally
good. Retail trade has been of a seasonal variety with
greatest demand for vacation goods and lines which are shown
on early fall display." The Chamber of Commerce employment index shows the best improvement of any period during
the year. The Review also states in part:
Postal receipts regarded by many as one of the most dependable
local
records, continue to show a substantial increase over the same period
of
1927. Bank clearings are normal though showing a slight falling off from
the early summer months. Stock exchange transactions are mounting
into larger figures again and Indicate the growing importance of Los
Angeles
as a financial centre. The construction industry shows a slowing up.
Building permit records show approximately 10% less volume for
1928
compared with the same period for 1927. The rest of the calendar
year
looks quite promising. Agricultural yields aro better than estimated
with
general prices quite satisfactory. Livestock continues in demand
and is
bringing good prices. Feed range conditions are spotted and rain
is needed.
Employment
The Chamber of Commerce Index of employment for the month
of August
stood at 109.8 compared to 105.3 for July and 108.1 for August of
last year.
This month marks the third consecutive month of improveme
nt In the
employment situation this year. and the second consecutive
month in which
the employment index exceeded the same month of last year.
With only one exception, each of the ten industrial groups
shows an improved employment situation with reference to last year; this one
exception:
the iron and steel group; stood at 82.1 compared with 103.3
for August of
1927 and 86.6 for last month.
The industrial groups making the largest gains in employmen
t
August were rubber goods, clay products, furniture and fixtures during
and mill
work. Food products manufacturers, wearing apparel establishm
ents and
printing and lithographing Plants showed only slight increases.
Motion
picture employment although seasonally quiet was improved over
last year.
The oil industry showed a moderate but satisfactory gain In employmen
t.
Employment for the summer has been on a much
higher level than last
year and if the usual fall rise is experienced, should be very good for the
balance of the year.
SEPT. 29 1928.]
Construction Industries
The construction industry while continuing steady is running somewhat
lower than the same period of last year, as the following official permit
record will indicate:
$11.790,916 total
August 1927, 3,391 Permits
8,584.613 total
August 1928. 2,892 Permits
$79,270.093 total
First 8 months 1927, 24.991 Permits
$68,885,594 total
First 8 months 1928, 22.888 Permits
The S. W. Straus National Monthly Building Survey continues Los
Angeles as the fifth city in the United States in volume. New York,
Chicago. Philadelphia and Detroit exceed our financial volume record, with
St. Louis as the sixth city but about $2,000,000 less in volume for the
month.
It is also most interesting to note that Los Angeles proper has for months
Past represented from 33% to 40% of all the building permit volume for the
entire State of California. For the month of July 1928 Los Angeles represented almost 37% of the total California Building permit record. There
is every indication that the remaining months of the year will show heavy
construction records and in some quarters there is a prediction that by the
close of the year Los Angeles will match her 1927 record.
International Typographical Union Rejects Proposal
-Hour Week.
For a 40
The International Typographical Union at its annual
convention at Charleston S. C. on Sept. 13 voted down overwhelmingly a proposal of the New York delegation for a
forty hour working week. The Associated Press advices
also statel:
A proposal to allow local unions to declare a strike without the sanction
of the Executive Council of the International Union was defeated.
The convention also voted down a plan to permit a local union to strike
without first notifying the International President in the event that a publisher or proprietor declines to arbitrate.
New Automobile Models Announced
The Durant Motor Co. of New York, Inc., it was announced this week, has on exhibition at its show rooms in
this city two new models, 1Z: the Durant Four and the
Durant Six Cylinder Series "60." These cars have new
advanced body lines and are more complete in equipment.
The Chrysler Corp. has added a 5-passenger Custom
phaeton to its "75" line, listing with standard equipment,
-passenger phaeton is expected to be added
at $1,795. A 7
to this line in the near future.
The Gardner Motor Co., Inc. recently announced three
new series of cars, ranging from $1,295 to $2,395.
June. Previous high"' were March, 1927, with an index of 195,and October.
1925. with 214.
Service parts makers had an August index of 176, their third greatest
month and slightly exceeded only by business in May this year and in 1926.
The July index was 148 and August last year 169.
Accessory sales to the trade in August showed their most vigorous upturn
of the year. The index of shipments was 147 as compared with 112 in
July and lesser figures for all the previous months except May, whose index
was 113. Last year's August index was 115.
Makers of service equipment, that is, garage machinery and tools, had
an August index of 148 as compared with 120 in July and 134 in August last
year. August was also better than June this year and only slightly below the
February to May levels.
Lumber Industry Reports Permanent Revival.
The lumber industry reports a net gain of sales for 1928
to date, according to the National Lumber Manufacturers
Association. This advance contrasts with a decline of 6%
during 1927 and nearly 4% during 1926. The outlook is
declared encouraging, and is largely attributed to the effectiveness of the trade extension activities of various lumber
organizations.
Reports for the week ended Sept. 22 from 877 softwood
and hardwood (units) mills, show an increase in production
to a total of 399,868,000 feet, and a gain in shipments,
which total 413,932,000 feet, but orders went down to
403,241,000 feet. Based on mill averages, there were
appreciable gains in all three items in the hardwood group.
In the softwood group the West Coast Lumbermen's Association reported production for 228 identical mills at 194,334,924, against a weekly operating capacity of 230,561,043
and an average weekly production this year of 186,685,841
feet. The Southern Pine Association reported production
of 203 units (161 mills) at 73,777,340 feet, which was almost
14% under the three-year average production.
August Automobile Production in Canada and the
United States.
August production of automobiles in Canada, as reported
to the Department of Commerce by the Dominion Bureau
of Statistics, was as follows: Passenger cars, 24,274; trucks,
6,971, as compared with production in July of 20,122 passenger cars and 5,104 trucks, and production in August,
1927, of 10,139 passenger cars and 2,387 trucks.
Corrected reports from manufacturers of motor vehicles
in the United States have necessitated a revision in the
August production figures previously given. The revised
figure covering domestic production of passenger cars is
398,689 and of trucks, 59,824, each being larger than for
any previous month on record. The total domestic production of passenger cars and trucks in August, due to
revisions in the figures, was 458,513, also the largest ever
recorded for a single month.
August Biggest Month in History For Automotive
Parts and Accessory Business—Output Continuing
At High Rate.
The automotive parts and accessory business in August
had the biggest month in its history. While car and truck
manufacturers were setting a new monthly record, makers
of motors, bodies and other original equipment naturally
were operating at high levels. They fell a little short of the
peak attained in March which was their record, but exceptionally large August volume in service parts, accessory
and service equipment brought factory shipments for the
parts industry generally to a point never before reached,
according to the Motor and Accessory Manufacturers
Association. Preliminary reprots of September production
and distribution indicate another high month and orders and
prospects leave little doubt that the fourth quarter will be a
record-breaker. After noting the foregoing the Motor and
Accessory Manufacturers Association goes on to say:
Aggregate shipments to the car and truck manufacturers and the wholesale trade by a large and representative group of M.& A. M.A. members in
August were 212% of January. 1925,the base index used in the compilations
for the monthly Business Bulletin of the Association. This compares with
207% in March and 201% in May this year, while all previous months had
been below 200%. August last year yielded an aggregate of 155%.
For original equipment makers August was the second greatest month.
The shipments index was 230 as compared with 203 in July and 155 last
August. The March index this year was 231. declining steadily to 200 in
1739
FINANCIAL CHRONICLE
Unfilled Orders Increase.
the
The unfilled orders of 346 Southern Pine and West Coast mills at
feet
end of last week amounted to 882,146.043 feet, as against 877.289.345
Pine mills
for 335 mills the previous week. The 161 identical Southern
In the group showed unfilled orders of 289,110,080 feet last week, as against
week before. For the 185 West Coast mills the
289,450.560 feet for the
feet for 174
unfilled orders were 593.035,963 feet, as against 587,838,785
mills a week earlier.
had shipments 102% and
Altogether the 543 reporting softwood mills
mills these
orders 99% of actual production. For the Southern Pine
mills
percentages were respectively 118 and 118; and for the West Coast
102 and 98.
normal production
Of the reporting mills, the 495 with an established
for the week of 382,765.000 feet, gave actual production 89%. shipments
91%, and orders 88% thereof.
by the
The following table compares the lumber movement, as reflected
associations,
reporting mills of eight softwood and two hardwood regional
for the two weeks indicated:
Past Week.
Preceding Week 1928.
(Revised).
Softwood. Hardwood. Softwood. Hardwood.
421
515
409
543
Mills (or units+)
346,170,000 53,698,000 323,244,000 54,528,000
Production
352,833,000 61.099,000 332,853.000 59.893,000
Shipments
,
141.6 1 Om)61.701.000 375 219 non c7.654.000
Orders (new business)
• A unit is 35.000 feet of daily production capacity.
West Coast Movement.
new
The West Coast Lumbermen's Association wires from Seattle that
Sept. 22
business for the 185 identical mills reporting for the week ended
171.amounted to 168,830,797 feet, shipments 174.776,408 and production
952.178. Unfilled orders totaled 593.035.963 feet.
Southern Pine Reports.
for 161
The Southern Pine Association reports from New Orleans that
orders were
mills reporting, shipments were 18.29% above production and
New business
17.83% above production and 0.39% below shipments.
week 91.taken during the week amounted to 86,928,800 feet (previous
and produc447,824); shipments, 87,269,280 (previous week 81,384.992);
production
tion 73,777,735 feet (previous week 73.859.490). The normal
(three-year average) of these mills is 85.730.340 feet. Of the 159 mills
Five mills were
reporting running time, 73 operated full time,8 overtime.
shut down and the rest operated from one to six days.
The Western Pine Manufacturers' Association of Portland. Ore., reports
production from 33 mills as 36,457,000 feet. as compared with a normal
production for the week of 33,026 000. Twenty-four mills the week earlier
reported production as 23.128.000 feet. There were marked increases in
shipments and new business last week, due to the larger number of reporting mills.
The California White and Sugar Pine Manufacturers' Association of
San Francisco reports production from 20 mills as 32.891,000 feet (62% of
the total cut of the California pine region),as compared with a normal figure
for the week of 31.837.000. Twenty-three mills the week before reported
production as 33,965.000 feet. There were considerable decreases in shipments and orders last week.
The California Redwood Association of San Francisco, reports production
from 14 mills as 6,116,000 feet, compared with a normal figure of 7.453,000.
Sixteen mills the preceding week reported production as 7,891,000 feet.
Stlipments showed some decrease last week and new business a slight gain.
The North Carolina Pine Association of Norfolk. Va., reports production
from 74 mills as 5.641,000 feet. against a normal production for the week of
15,690,000. Seventy mills the previous week reported production as
8.897,000 feet. There were marked decreases in shipments and new business last week.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
reports production from 8 mills as 13,689.000 feet, as compared with a
normalfigure for the week of 13,345,000.and for the week earlier 11,869.000.
Shipments showed a substantial increase while new business was somewhat
below that reported for the week before.
1740
FINANCIAL CHRONICLE
[VOL. 127.
The Northern Hemlock and Hardwood Manufacturers' Association
of
Oshkosh, Wis., (in its softwood production) reports production from
48 British Spinners Recommend Merger To Cut Costs
mills as 5,646,000 feet, as compared with a normal production for the week
in American Section.
of 21,456.000, and for the preceding week 6,047.000. Shipments decreased
slightly while new business increased considerably.
According to a cablegram from London Sept. 23 to the
New York "Journal of Commerce" the special subcommittee
Hardwood Reports
The Northern Hemlock and Hardwood Manufacturers' Association of of the Federation of Master
Cotton Spinners' Association has
Oshkosh, Wis., reports production from 75 units as 6.545,000 feet, as
compared with a normal figure for the week of 15,709,000. Seventy-nine reached the conclusion that the essential step toward rehabiliunits the previous week reported production as 7,207,000 feet. There tating the trade is the reduction of financial overhead costs
was a slight increase in shipments last week,and a good gain in new business. to an economic
figure and that the piecemeal writing down
The Hardwood Manufacturers' Institute of Memphis. Tenn., reports
production from 334 units as 47,153,000 feet, as against a normal production of capital and financial sacrifices in individual cases are
for the week of 60,160.000. Three hundred and forty-two units the week ineffective. The cablegram further says:
before reported production as 47,321.000 feet. Shipments were about the
It is convinced that a reorganization of the American cotton section
same last week with an appreciable gain in new business.
along the lines of an amalgamation ofinterests promises the greatest measure
of success.
In order to find out how many companies might be brought within the
West Coast Lumbermen's Association Weekly Report. scope of the proposed amalgamation scheme, they have sent out another
questionnaire to spinners returnable next Thursday asking the net results
According to the West Coast Lumbermen's Association, of their trading for the years
1923 to 1927. the interest paid on borrowed
reports from 187 mills show that for the week ended Sept. 15 money and the depreciation allowed in the same period.
The subcommittee specially urged all reconstructed companies to furnish
orders were 28.5% over production and that shipments
the information to enable the
exceeded output by 5.8%. The Association's statement Association to determine which Federation of Master Cotton Spinners'
concerns come within the scope of the
provisions of the scheme.
follows:
The proposed amalgamation is in addition to the Lancashire Textile CorWEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
poration formed by the Cotton Yarn Association and will not compete
187 mills report for week ending Sept. 15 1928.
(All mills reporting production, orders and shipments.)
with it.
Production.
Orders.
Shipmetas.
161,361,010 feet
207,442,033 leet
170,837,879 feet
100%
International Conference on Sugar Restriction Cancelled.
28.5% over production
5.8% over production
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
According to Associated Press advices from Berlin Sept.
CAPACITY (229 IDENTIAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
22 sugar-raising countries outside of Europe, particularly
AatialProdudfon
Average Weekly
Average Weekly
xWeekly
Cuba and Java, are generally blamed here for the failure
Week Ending
Production 37 1Veeks,
Production
Operating
Sept. 15 1928.
EndingSept.15 1928.
During 1927.
of the projected conference among sugar producers. These
Capacity.
181,934,632 feet
187,714,113 feet
190,517,169 feel
232,072,627 feet
x Weekly operating capacity Is based on average hourly production reported for advices state that it proved impossible to obtain agreement
the years 1925, 1928, 1927 and 4 months of 1928 and the normal number of operat- with them on
restricted output. The Berlin accounts add:
ing hours per week.
Representatives of the sugar industry in Germany, Poland and
WEEKLY COMPARISON FOR 174 IDENTICAL MILLS
Czechoslovakia decided yesterday to cancel the international confer-1928.
(All mills whose reports of production, orders and shipments are complete
for the ence called for next month.
last four weeks.)
The Amsterdam negotiations of November, 1927, are stated to have
Week Ending
Sept. 15.
Sept. 8.
Sept. I.
Aug. 25.
Production (feet)
155,922,377 123,508,241 165,112.050 169,812,048 established clearly that the Java planters would refuse to make
Orders (feet)
196,273,156 133,495,359 171,669,277 152,766,587 restrictions. The Cuban tentative proposal to reduce production, which
Rail (feet)
74,855,560 64,083,688 74,109,598 68.125,543 hinged on the Javanese attitude, also
came to naught.
Domestic cargo (feet)
55.976,458 30,546.089 55,242.523 55,548,751
Yesterday's conference was attended by twenty-five producers, inExport (feet)
48,754,666 26,255,189 25.835,502 20,125,158
cluding five Poles, two Czechs and one Dutchman. The Germans and
Local (feet)
16,688,472 12,610,393 16.481,654
8,967,135
Shipments (feet)
164,704.051 146,591,176 200,484,566 178,740,380 the Poles made efforts to arrive at least at some sort of an agreement
Rail (feet)
76,698,418 62,173,536 82,851,845 78.254,614 to raise consumption and
to regulate exports, but the Czechs moved
Domestic cargo (feet)
44,250,154 46,758,119 57,338,399 57.681,744 that
negotiations on the proposal for the next month's international
Export (feet)
27,069,007 25,049,128 43,812,668 33,836,887
conference cease at once. The motion was accepted after a long
Local (feet)
686,472 12.610.393 16,481,654
.
8,967,135
Unfilled orders (feet)
587,838,785 558.833,615 579,233,982 578,865,907 debate, during which the Czechs were accused of dumping on the
Rail (feet)
196,552,713 197,306,134 195,225,427 185.579,178 German market.
Domestic cargo (feet)
203,907,086 193,917,039 209,581.970 198,524,660
Last year's Berlin convention fixing the joint exports of Germany,
Export (feet)
187,378,986 167,610,442 174,426,585 194,762,069
Poland and Czechoslovakia at 1,150,000 tons therefore lapses auto100 IDENTICAL MILLS.
matically.
(All mills whose reports of production, orders and shipments are complete for
1927
and 1928 to date.)
Week
Average 37 Average 37
Ending
WeeksEuro WeeksEnd'
g Cuban Association to Hold Referendum to Determine Upon
Sept. 15'28. Sept. 15'28. Sept. 17'27.
Production (feet)
98,508,869 101.240,255 96.745.619
Continuance of Cuban Sugar Export Corporation.
Orders (feet)
124,548.043 108,886,777 100,517,226
Shipments (feet)
From the "Wall Street Journal" of Sept. 26 we take the
111,430,582 108,827,709 98,205,964
following Havana advices:
The Association of Hacendados and Colonos has
agreed to hold a
referendum among its members to determine
whether they favor continuation of the Sugar Export Corporation next year.
The Export Corporation has sold 78,126 tons of sugar
to Europe
since the ban on shipments was raised in August.
The Newsprint Service Bureau monthly bulletin says: Production
of
At a meeting of the National Association of
newsprint in Canada during August, 1928, amounted to 200,656
Colonos, held in
tons, and Camaguey, the Secretary
of the Association declared it was necessary
shipments to 196,894 tons. Production in the United States
was 115,940 for Cuba to
denounce the Reciprocity Treaty with the United States.
tons, and shipments 114,530 tons, making a total Canadian and
United
States newsprint production of 316,596 tons, and shipments of
311,433 tons,
During August 20,930 tons of newsprint were made in Newfoundla
nd and
To Consider Cuban Sugar Curb.
1,671 tons in Mexico, so that the total North American production for
the
month amounted to 339,197 tons.
According to Havana advices Sept. 28 to the "Wall Street
The Canadian mills producted 206,109 tons more in the first eight months News"
Cuban sugar growers will shortly hold a conference
of 1928 than in 1927, which was an increase of 15%. The United States
to consider curtailment of production without government
output was 76,436 tons, or 7% less than for the first eight months
of 1927.
Production in Newfoundland was 18,406 tons, or 14% more,and in
Mexico intervention.
1,082 tons more, making a total North American increase of 149,161 tons,
or C% over the first eight months of 1927
During August the Canadian mills operated at 78.0 of rated capacity, Gov. General Stimson of Philippines
Opposed to Timberand the United States mills at 77.4% or rated capacity. Stocks of newslake Resolution Limiting Duty Free Sugar Exports to
print paper at Canadian mills totalled 52.108 tons at the end of August,
and
U.S.
at United States mills 40.838 tons, making a combined total of 92,946 tons,
which was equivalent to 6.2 days'average production.
A plea for the definite appreciation
Canadian
Newsprint Production Increased During
August.
The following is from the Toronto "Globe" of Sept. 15.
of the unselfish motives of Americans in the Philippines as a means of strengthCanadian Exports of Newsprint in August Valued at ening the policy of free trade and consequent
ly of killing
$11,473,052, Compared with $10,675,536 in August, the Timberlake resolution, was made
by Governor General
1927.
Stimson at Manila on Sept. 21 in addressing the
delegates
Ottawa Advices Sept.24 to the Montreal "Gazette"stated: of the sixth annual convention of the
Philippines Sugar
Wood pulp exports of all kinds during August, 1928, were valued at Associatio
n. The members of the Association were the
83,618,205, as against $4,469,897 worth of the same commodities exported
in August, 1927. Of this $2,874.155 worth went to the United States, guests of the Governor at a luncheon according to Manila
$200,281 to Great Britain and $543,769 to other countries including Ger- advices to the "Times," which said:
many, France, Belgium. Italy and Japan.
Guying the same month there was exported to the United States 178.970
cords of pulpwood valued at $1,854,224, while in August, 1927, the export
of pulpwood to the United States was 180,416 cords valued at $1,924,730.
Newsprint exports in August were valued at $11,473,052 and in August
1927. $10,675,536. Of this amount $10,180,387 worth went to the United
States, $607,836 to the United Kingdom. $257,930 to Australia, 2107,632
to New Zealand, $165,680 to Argentine and 582,669 to Cuba.
Exports of book paper decreased from $62,161 worth in August of last
year to $56,135 during August, 1928. Kraft paper exports for the same
months increased from $129,623 last year to 2146.730 this year. The
total value of paper and manufacturers of paper in August was $11.945.270
and the value shipped to the United Kingdom was $719.726, to the United
States $10,299,345 and to other countries $926.190.
The Governor General told the delegates that
the present move to
limit sugar imports by the United States
was due to the Filipinos'
actions indicating to America a lack of
appreciation of the unselfish
motives behind the free trade policy. On the
other hand every action
of the Filipinos which indicated confidence in
the United States would
aid in overthrowing the Timberlake resolution
and all others of the same
class. He told the convention he had opposed
and would oppose the
Timberlake resolution strenuously.
Governor General Stimson declared that he
considered the resolution
unjust to the Filipinos in their effort to build up
their industries, and he
thought it would destroy good-will and cooperation
with the Government
of the Philippines. He fully agreed with the
warnings of the seriousness of the situation and the need for a careful campaign
to fight the
reactionary move against the Philippine sugar interests.
SEPT. 29 1928.]
FINANCIAL CHRONICLE
A 100% backing by all planters and members of the Philippine Sugar
Association was pledged today for an effort to defeat the Timberlake
resolution. The 300 delegates unanimously adopted a resolution giving
the Board of Trustees full power to name a committee to carry the
fight to the United States. It was suggested that Rafael Alunan, Secretary of Agriculture, should be sent to the United States to lead the
fight.
Leading sugar men here plan to draw up a petition to the Government
to relieve Altman temporarily to enable him to make the trip.
-Gen. StimAccording to the "Journal of Commerce" Gov.
son advocated greater agricultural and sugar developments
In the islands through the use of private capital. He is
4
quoted as saying:
"In the sugar industry under our present laws it is not easy to raise
the capital necessary for such a relation. In many of the centrals I
visited the capital had only been raised by the use of Government funds,
through the agency of the Philippine National Bank, a method which is
not only hazardous to the Government, but which, owing to the limitation of our revenues, can no longer be indulged in.
"Private capital in the future must be invoked to play this part, not
only in sugar, but in our other industries where such aid and leadership
from capital is needed."
The opposition of the Philippine Sugar Association to the
Timberlake resolution was referred to in our issue of Sept.
22, page 1590.
-Expect Large Output In..
Petroleum and Its Products
crease in California
Although domestic crude oil production continues on the
nerease, the markets have remained in firm position the past
week. Rumors of an impending advance in posted prices for
high gravity Midcontinent crude were still being heard, and
it was felt that some action along these lines would be taken
by the close of the year in the event that gasoline prices hold
around current levels. The success which has attended
efforts to keep production in Oklahoma and West Texas
under control has been a potent factor in making for a stabilized market for domestic crude oil, marking as it does a
definite step to prevent a flood of low-priced crude being
thrown on the market through uneconomic and unrestricted
production in the flush producing pools in these areas.
Operators are somewhat concerned, however, over the outlook in California. Extensive field operations are reported
in that State, and it is expected that considerable new production will come in early in 1929. Operators have not yet
forgotten how the flush production in California pools in
1923 put the entire domestic market in a demoralized state
which lasted for two years or more, and are apprehensive of a
repetition of such a condition.
Demand for high 'gravity, or so-called "sweet" crude, on
the part of refiners who have large gasoline committments
to meet, but who do not wish to add further to their stocks of
fuel oil, has been a factor in making for a strong market for
light crude. On the whole, the domestic crude oil price
structure is now regarded as being in fairly stable position,
and with a continued curtailment program on the part of
operators in the Southwest, and no sensational rise in California production figures, the outlook is favorable for the
remainder of the year at least.
Continued heavy imports of Venezuelan and Colombian
crude are reported at Atlantic seaboard refineries, and this
movement is expected to continue around current levels,
notwithstanding any curtailment program which may be
inaugurated in South American fields. Efforts of world
oil leaders in this direction will be exercised not so much
toward a curtailment of present production, but rather the
postponement of further exploitation and development work
until world markets are in position to absorb the increased
output, it is intimated. Quotations are as follows:
Pennsylvania
$3.35 Illinois
$3.35 Bradford
$1.55
1.80 Lima
1.60 Wyoming, 37 deg_ 1.41
Corning
Cabel
1.45 Indiana
1.37 Plymouth
1.28
1.55 Wooster
Wortham, 40 deg_ 1.56 Princeton
1.67
1.331Canadian
2.00 Gulf Coastal "A".. 1.20
Rock Creek
Smackover,24 deg. .90 Corsicana, heavy_ 1.00;Panhandle,44 deg.. 1.36
Buckeye
3.00 Eureka
3.161
Oklahoma, Kansas and Texas
$1.56 Elk Basin
40
-40.0
$1.49
1.16 Big Muddy
32-32.9
1.33
1.76 Lance Creek
44 and above
1.48
Bellevue
Louisiana and Arkansas
1.25
1.16 Markham _
-32.9
32
1.00
35-35.9
1.31 Somerset
1.75
Spindletop. 35 deg, and up.-- 1.37
KEROSENE HIGHER-GASOLINE STEADY.
Kerosene sales showed a sharp increase last week, the
advent of cold weather stimulating consumption materially.
Sinclair Refining Co. on Sept. 28 advanced its tank car
price Mc. a gallon to 9 cents at New York, Philadelphia,
4
Tiverton, R. I., and Portsmouth, Va.; 83 c. at Charleston,
S. C.,Jacksonville and Tampa;8Mc.at New Orleans and 8c.
at Houston. The Acewood Petroleum Corp. followed in
the advance at New York, but up to the close of the market
Sept. 28, other refiners were still Mc. under the Sinclair
1741
schedule. The Chicago kerosene market rremained steady
throughout the week.
U. S. Motor gasoline was still quoted at 11%c. a gallon
at principal Atlantic seaboard terminals last week, but this
price was being shaded by Xe. or more, and it was expected that leading refiners would shortly reduce the market. It was generally expected that a Yo. cut would be
made, to 11Mc. a gallon. Cold weather had curtailed consumption during the week. The tank wagon market was
unchanged at 18e. a gallon in New York and New England.
Prices in Oklahoma and North Texas remained steady.
Cold weather stimulated furnace oil business materially,
refiners moving out large quantities on contract during
the week, at firm prices. The start of the winter demand
for furnace oil had brought about a firmer feeling on fuel
oil, although that product remained unchanged at $1.05 a
barrel at terminals. Among some operators, there was a
tendency to look for a lower market on fuel oil toward the
close of the year. On Jan. 1 1929, the Gulf Oil Corp.
contracts with the Shipping Board go into effect at Atlantic
ports, the prices named in these contracts being about 15e.
a barrel under the present spot quotation.
Refiners were moving gas oil in larger quantities during
the week. Artilcial gas companies in the New York area
were taking stocks in better volume against contracts, and
the lower grades were coming in for good demand as furnace
oil.
According to unofficial reports from Tulsa gasoline holdings of Mid-Continent refiners Sept. 1 were the smallest
for many years, being estimated at 1,950,000 barrels, a decline of 125,000 barrels during August. Holdings of Oklahoma refiners were off 125,000 barrels for the month, while
stocks of Kansas refiners declined 50,000 barrels, with
holdings in North and West Txeas 30,000 barrels higher,
and in Louisiana and Arkansas 20,000 barrels higher. Refiners in the Mid-Continent area were increasing their
runs of crude. Runs in the area Sept. 1 amounted to
535,000 barrels, the highest on record for the territory.
Refiners were running as much hi h gravity oil as possible,
to obtain maximum gasoline yield and minimum fuel oil
residue. Prices are:
Gasoline (U. S. Motor).
11
1134 Tampa
1134 Jacksonville
New York
1034
093( New Orleans
Chelsea
.1234 *Oklahoma
1034
Providence (deny.). .1334 Houston
Tiverton
1234
.0934
0934 California
Boston (delivered) .1334 Chicago
.09%
.11% North Texas
.11% Marcus Hook
Carteret
.12
Baltimore
1134 Philadelphia
1134
.1134 Norfolk
Portsmouth
Note -The above prices are f.o.b. refineries, tank ear ots, unless otherwise noted.
above the refinery quotation.
Delivered prices are genera ly le. a gallon
*A number of the large refiners were still quoting 934e.
Gasoline kService Station)
24
25 Charlotte
New York
.20 Richmond
24
.21 Charleston
.20 San Francisco
Boston
17
.24 Chicago
Wheeling
Baltimore
.24
1934
21 New Orleans
Norfolk
.21 Parkersburg
Note.
-The above prices are retail Prices at service stations and include State
taxee in State, where a tax is Imposed.
*Kerosene.
New York
0534 Philadelphia (dellv.) .0934
.0834 I Chicago
0634
New York (deliv.)__ .0934 I Philadelphia
.0834 Oklahoma
Sinclair Refining Co. is quoting 9c at New York and Philadelphia
refineries.
Nole.-The above prices are f.o.b. refineries, tank car lots. unless otherwise noted.
Delivered prices are generally le. gallon above the refinery quotation.
•
Bunker Fuel Oil
96
1.05 I New Orleans
New York
1.05 I Norfolk
.85
.90 I California
Baltimore
1.05 Charleston
Nos.
-The above prices are f.o.b. refineries; a charge of Sc. a barrel is made for
earging alongside.
Gas and Diesel Oil.
2.00
.05 M1Diesel oil. New York
Gas oil, New York
Neter-The above pikes are f.o.b. refineries.
Eynon Quotations.
Gasoline, Navy, Newyork,ea. ___ .26901Keroaenc. S. w., New York,es--- .1740
.1865
Bulk
.11341 W.w., New York. re
Tank Wagon Prices.
15
18 I Kerosene. w. w., New York
*saline. New York
Crude Oil Output in United States Shows
Slight Increase.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Sept. 22 1928 was 2,508,850 barrels as
compared with 2,504,900 barrels for the preceding week,
an increase of 3,950 barrels. Compared with the output of
2,534,100 barrels per day for the week ended Sept. 24 1927,
the current figure shows a decrease of 25,250 barrels daily.
The daily average production east of California for the latest
week was 1,877,350 barrels, as compared with 1,869,300
barrels, an increase of 8,050 barrels. The following are estimates of daily average gross production (in barrels) by
districts for the periods stated:
1742
FINANCIAL CHRONICLE
[VOL. 127.
DAILY AVERAGE PRODUCTION.
rels, averaging 170.671 daily, while shipments were 4.487.662 barrels, or
Weds EndedSept.22'28. Sept. 15'28. Sept.8'28. Sept. 24'27. 144.763 daily.
Oklahoma
731,750
726.550
706.050
800,400
As regards world restriction of crude oil that was held to be something
Kansas
99,550
100.100
100,450
105,200
Panhandle Texas
60,900
62,800
65.400
93,750 apart from the Venezuela plan. So far as could be learned, no concrete
North Texas88,550
89,55091,250
81,400 steps have been taken in this direction beyond the conviction developed
West Central Texas
54,950
55,350
55,200
65,550 at the Scottish conferences
that curtailment was most desirable for the
West Texas
348,250
349,800
347.300
206,450
East Central Texas
21,600
21,400
30,300 well-being of the industry as a whole. It is apparent from Mr. Teagie's
24,200
Soathwest Texas
25,800
25,550
30,400 outgiving that concerted plan comprehending inclusion of large and small
25,500
North Louisiana
38,950
39,100
53,350 producers, would meet with the co-operation of the men 'who met in Scotland.
39,150
Arkansas
85,100
84,000
84,350
101,100
Coastal Texas
107,700
105,200
107,100
129,200
Coastal Louisiana
21,450
21,500
21,950
15,750
Eastern
112,500
112,500
113,000
109,000 U. S. Note to Colombia Seeking Reconsideration of
Wyoming
62,150
58,050
55,750
51,800
Cancellation of Barco Oil Concession.
Montana
9,550
9,550
9,750
13,750
Colorado
6,550
7,350
7,050
6,800
Announcement that the State Department at Washington
New Mexico
2,050
2,400
2,300
2,100
California
631,500
635,600
635,800
637,800 had asked the Colombian Government to reconsider its recent
Total
2,508,850 2,504,900 2,494,200
2,534,100
The estimated daily average gross production of the Mid-Continent
field including Oklahoma, Kansas, Panhandle, North. West Central,
West. East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Sept. 22 was 1,555,400 barrels, as compared with
1,552,750 barrels for the preceding week, an increase of 2,650 barrels. The
Mid-Continent production, excluding Smackover, Arkansas heavy oil.
was 1,499,800 barrels, as compared with 1,496.750 barrels, an increase of
3.050 barrels.
The production figures of certain pools in the various districts 'for the
current week, compared with the previous week follow (figures in barrels
of 42 gallons):
-11'eek Ended
-Week Ended
OklahomaSept.22 Sept. 15
North LouisianaSept.22 Sept. 15
Tonkawa
11,850 12.300 Haynesville
5,800 5,800
Buroank
27,900 27,800 Urania
6,700 6,600
Bristow Slick
20,800 20.800
Arkansas
Cromwell
9,050 9,150 Smackover, light
7,300 7.400
Seminole
44,150 47,300 Smackover. heavy
55,600 56.000
Bowlegs
47.700 50,900 Champagnolle
12,700 12,050
Searight
11,850 12,950 Coastal Texas
Little River
119.850 115,700 West Columbia
7,500 7,600
Earlsboro
85.600 91,150 Pierce Junction
9,200 9,300
St. Louis
119.100 103,300 Hull
10,300 10.400
Allen Dome
21,100 21.000 Spindietop
39.800 39.800
Panhandle Texas
Coastal Louisiana
Hutchinson County__ - _ 32,000 32.600 Vinton
4,300 4.300
Carson County
6.600
6,650 East Hackberry
2.100
2.800
Gray County
20,800 21,650 Sweet Lake
3,600 4,100
Wheeler County
900
800 Sulphur Dome
2,350 2.500
North TexasWilbarger
30,500 31,400
Wyoming
Archer County
19,800 19.950 Salt Creek
41.450 37.250
West Central Texas
Shackelford County_ __ _ 10,800 11,100
Montana
Brown County
11,600 11,800 Sunburst
7,800 7,800
West Texas
Reagan County
18,450 18,500 California
Howard County
21,250 19.300 Santa Fe Springs
36,000 39,000
Pecos County
69,000 72.700 Long Beach
196,000 200,000
Crane dt Upton Counties 58,200 59,400 Huntington Beach
52,000 52,000
Winkler County
170,300 166,300 Torrance
17,000 17,000
East Central Texas
Dominguez
11,000 11,000
Corsicana Powell
10.200 9,900 Rosecrans
5,500 5,500
Nigger Creek
850
050 Inglewood
29,000 29,400
Southwest Texas
Midway-Sunset
74.000 74.000
Luling
13.500 13,650 Ventura Ave
55.000 52,000
Laredo District
8,750
8,500 Seal Beach
28,000 28,000
Oil Restriction For Venezuela Planned.
-Will Take the
Form of Not Developing New Sources at This Time.
It is stated in the New York "Journal of Commerce" that
it became known on Sept. 23 from an authoritative source
that the plan for curtailment of Venezuelan crude oil output,
as arrived at by the heads of the large international petroleum
companies meeting in conferences in Scotland, will take the
specific form of an agreement between he factors coycerned in the exploitation of the fields in that country, not
to open up new sources until such time as it is apparent that
world market conditions warrant renewed expansion. The
paper quoted said further:
This will mean that Instead of cutting down existing output in Venezuela,
as has been widely assumed since the return to this country of Walter C.
Teagle, President of the Standard 011 Co. of Now Jersey,following his conversations with Sir Henri Deterding, Managing Director of the Royal
Dutch Shell group, and Sir John Cadman, head of the Anglo-Persian Oil
Co., a British Government-owned concern, the process of restriction will be
much more gradual, and far less drastic than would be an abrupt cut in
production.
Venezuelan production is practically all controlled by three companies.
Royal Dutch Shell, Standard Oil Co. of Indiana. through Lago Oil & Transport. and Gulf Oil Co. Standard Oil Co. of New Jeney now occupies a
commanding position in Venezuela. through the purchase last spring of the
Creole Syndicate which was changed to the position of a subsidiary under
the name of the Creole Oil Co. The New Jersey Standard thereupon advanced Se.000.000 to the new subsidiary for use in an immediate expansion
In that country. . . .
Tnere still remains the working out of details to give the contemplated
plan effect, and it is expected that this phase will shortly engage the attention
of several of the leaders who participated in the preliminary conferences
abroad. Among those who are expected to gather here for discussions
covering the tentative plan not to expand further for the time being their
holdings in Venezuela are, besides Mr. Teagle, Col. R. W. Stewart, Chairman of the Standard 011 Co. of Indiana: W. L. Mellon. President of the
Gulf Oil Corp., and probably a representative (as yet unnamed) of the
Royal Dutch Shell group. All of the men mentioned took part in the conferences in Scotland.
It is expected that such agreement as is finally arrived at will be of such
a nature that It can be modified on comparatively short notice. That Is to
say, if it becomes apparent that consumptive requirements show a tendency
to outdistance production of crude, and the opening up of new sources in
Venezuela appears desirable, little delay would be occasioned in expanding
operations.
Venezuelan oil production in August totaled 9,031.052 barrels, a daily
average of 291.325 barrels, compared with a record of 9,397,541 barrels, or
303,146 daily in July.' It will thus be seen that August production decreased compared with July, due, it is understood, to causes othee than artificial restriction. August shipments totaled 8,933,390 barrels, or 288.175
daily, against 8.807,594 barrels, sr 284.116 daily, in July.
By way of contrast, in August, 1927, oil production in Venezuela was reurned by O'Shaughnessy's South American Oil Reports. as 5,290,807 bar-
cancellation of the Barco oil concession, was contained in
the newspaper "El Tiempo," according to Associated Press
accounts from Bogota Sept. 21. On Sept. 22 a cablegram
from Bogota to the "Herald-Tribune" carried the following
advices in the matter:
The Senate and Chamber of Deputies to-day gave the administration a
unanimous vote of confidence on its refusal to intervere In the cancellation
of the 5,000.000 acre Barco concession, the principal interest in which had
been held by the Gulf Oil Company of Pennsylvania and other American
companies.
Foreign Minister Tribe has laid the entire matter before the national
Congress, including a note from the State Department at Washington,
dated September 17, in which the American government commented on the
fact that Colombia had not responded to a previous note asking that the
American companies be granted a thirty day period in which to present
additional briefs on the cancellation.
In announcing the cancellation of the contract. Minister of Industry
Montalvo, whose department is directly concerned in the matter, declared
that the government's action was caused by the fact that the companies had
not developed the property within the time specified in the contract. The
government now contends that that matter is one for the Col( mb'an courts
and that the government must, therefore, refuse to countenance diplomatic
intervention by the Foreign Office on behalf of foreign interests.
The confidence re.olution of the Chamber declared: "This Chamber emphasizes Its irrevocable adhesion to the international policy of firmness and
dignity as that followed by the government In rejecting at any time any
intervention by a foreign government in matters, the decision in which
belong to the national courts."
Dr. Carlos Uribe, Foreign Minister, announced on Sept.
to the protest of the United
States, growing out of the cancellation of the Barco concession. The Associated Press accounts from Bogota Sept. 25
in reporting this. said:
25 that Colom bia had replied
Ile fDr. Tribe)said the Government did not care to make the note public
but that he would read it at a public session of Congress if that body insisted
The American protest followed refusal of the Colombian Government to
permit Samuel H. Piles, United States Minister, to petition for a hearing
for the American oil companies holding the Barco concession.
Students paraded yesterday expressing their approval of the Government's stand and that of Congress in "rejecting American intervention."
President Abadia Mendez, in an impromptu speech to the students, said
that there was no intervention and that the American Government had
really asked for nothing more than information regarding the status of
negotiations with the oil interests. He added that relations between the
two countries were as cordial as before.
The Secretary of Industry to-day ordered that a detailed analysis of
Colombia's oil be made. This information will be sent to the world's
petroleum markets. The measure resulted from reports that Colombian
oil of excellent quality was being blended with inferior grade in American
markets to make the low grade oils salable.
It was also announced to-day that the treaty commission of the Foreign
Office has held several meetings to study the proposed commercial treaty
with the United States.
It was stated in the "Sun" of Sept. 21 that the Barco concession is one of the largest oil grants ever made by the
Government of Colombia. It went on to say:
It covers upward of 1,200,000 acres of oil lands. The original concessionaire was a native of Colombia. Virgin() Barco. In 1918 he transferred his concession with the consent of the Government, to the Colombian
Petroleum Co., which in turn was owned 75% by the Gulf 011 Corp. and
25% by the Carib° Syndicate, Ltd.
According to the "United States Daily" of Sept. 24 the
background and present status of the dispute between the
oil company and the Colombian Government as made available at the Department of State follows:
Canceled by Decree
The Barco concession was canceled by a decree of the Columbian Government in March. 1926. The Gulf Refining Company filed a memorandum
regarding this, showing that the grounds stated by the government did not
hold. To this the ColumbLan Government did not reply, but informed the
Department of State informally that although the cancellation of the lease
was not justifiable under the terms referred to in the decree of March, 1926.
Yet the lease was canceled on other grounds.
The Gulf Refining Company then asked the Department to ask the
Colombian Government on its behalf if the company could file a memorandum within 30 days. To this the Colombian Government replied that
the question was a private one between it and the Gulf Refining Company.
Surprise Expressed
The reply of the Department of State which has just recently been dispatched expressos surprise that the Colombian Government, contrary to a
procedure customary between friendly nations, declines to answer a straightforward question of fact and attempts to deny to a friendly government the
right to make inquiries on behalf of its nationals.
The Department points out that the United States has requested nothing
of the Colombian Government that it would not grant to the Colombian
Government in similar instances or to any other interests. Moreover, the
United States cannot permit the refusal of the Colombian Government to
deal with this matter in the manner usual between friendly nations to cause
the United States to desist from according such assistance and protection to
American citizens as may be proper and necessary.
1.
SEPT. 29 1928.]
FINANCIAL CHRONICLE
Accordingly the United States will continue to follow with Interest,further
progress of this case.
Copper Demand Brisk Despite Higher Price—Foreign
and Domestic Sales So Far This Month Placed at
Close to 440,000,000 Pounds.
Activity in copper at higher prices has been the feature
in the non-ferrous metal market this week. Lead has continued in good demand at unchanged prices. Tin prices
advanced slightly on better demand from speculative
sources. Zinc was quiet, but firm for all positions, "Engineering and Mining Journal" reports. The activity in
copper and lead is interpreted as reflecting keen demand for
fabricated products on the part of consumers. The paper
referred to goes on to say:
Though the total volume of sales of copper has been somewhat lower than
the record-breaking totals of the two preceding weeks, it was still approximately three times as great as a normal week's business. It is true that
considerably more than half brought only 15c., the publication points out,
but at the same time a substantial tonnage changed hands at 15)4c. delivered. On Monday, the export quotation was raised from 15 X,c. to
C, I. f.
Foreign and domestic sales of copper so far this month have reached the
phenomenal total of about 440,000,000 pounds. In connection with the
recent activity it is believed that many buyers reached the conclusion that
14.75c. copper would not be passed and allowed their supply to dwindle
to a minimum. When in the face of substantial buying producers advanced
their price to The., consumers became panic stricken and endeavored to
meet their needs farther ahead. Coincidently the customers of the fabricators saw the price advance and promptly flooded them with orders,
thereby adding to the demand for refined metal. Of course behind this
buying is the excellent condition of business generally.
Arizona Copper Companies Announce 10% Increase
in Miners' Wage
Associated Press advices from Bisbee, Ariz., yesterday
(Sept. 28) said:
Three of the leading mining companies of Arizona have announced a
10% increase in wages of miners, effective October 1. Approximately
15,000 Arizona miners will be affected. The increase is contingent on
the price of copper continuing at 15 cents or above, which has been the
case for several days.
Annotincentents of the companies—the Phelps Dodge Corporation, Calumet and Arizona Company and the Shattuck Denn Corporation—said
that while the increase applied directly only to miners on a daily wage,
similar increases would be given to employees paid on a monthly basis.
The increase is nine pay rolls will total more than 22,500,000 annually
it was said.
New National Metal Exchange Expected to Stimulate
American Trading in Tin.
A widening of the present world market for tin with
American demand playing a much greater part in setting the
true market value of the metal is expected in the proposed
re-organization of the New York Metal Exchange into the
National Metal Exchange permitting dealing in futures
which previously have been traded in actively only in
London. The Exchange, which will specialize in tin, will, it
is claimed, give New York a tin market comparable to that
in London, which in the past has been alone in setting the
price of this product. Incident to the opening of the National
Metal Exchange it is stated:
The entrance of American consumer demand as a more active element
In establishing tin prices will be welcomed both in the American and foreign
markets. Too often in the past have prices been above or below their true
values because of the disproportionate influence exerted by far distant
markets on the large supplies of the metal consumed in the United States.
The active entrance of United States into the world's tin market is
In line with the general trend that has been evidencing itself in this country
for the past several years, namely the increased participation of United
States in the field of commodity markets. This is illustrated by the rapid
growth and increasing importance of the New York Cotton Exchange, the
New York Rubber Exchange, the Cocoa Ecxchange, the recently organized
Raw Silk Exchange, and other commodity trading centres.
No longer than 4 years ago American dealers in cotton and cocoa, representing the world's greatest consumer, United States, had little to do with
setting the true prices of these products, the markets being made in London
where the supplies were largely controlled. Since there was no place in
United States equipped to deal in "futures," it was necessary that all
"hedging" be done in London. At present the New York and London
Cotton and Cocoa Exchanges operate side by side and each contributes its
share in the fixing of true prices for those products. As a result there has
been a great widening of the market for those products with consequent
stimulation of the use of these products.
The necessity for American buyers becoming a real factor in the tin
market is emphasized by the fact that at present United States consumes
over half of the tin used in the world. In spite of the United States producing virtually no tin, although it has a financial stake in South American
tin mines, the American tin plate industry to-day leads the world. In
addition our automobile industry is continually using more and more tin in
babbitt and other alloys.
The entrance of the American purchaser into the tin market through the
new National Metal Exchange which will specialize in tin should serve as a
great stimulation to the American use of the meatal, according to metal
experts. Prices should in the future reflect American demand. As a result
of this steadying factor, American manufactures will undoubtedly use tin
In much greater quatntities than heretofore.
An item regarding the newly organized National Metal
Exchange appeared in our issue of Aug. 25, page 1030.
1743
Steel Output Higher as Rail Buying Movement Begins—
Volume of Steel Business and Pressure for Deliveries Stiffen Price Situation—Pig Iron Prices
Again Increase.
Expanding demands from the railroads, together with
unabated pressure for material by the automobile industry,
are strengthening the position of steel producers, according
to the "Iron Age" of Sept. 27, in its summary of iron and
steel conditions. The "Age" continues:
The inflow of business in the last month of this quarter has proved more
than enough to sustain a high rate of output—it has resulted in a gain. The
operations of Steel Corporation plants now average 85% of ingot capacity,
compared with 75% a month ago. The rate of a leading independent is
86%. Among the producing districts, Chicago, Pittsburgh and Youngstown alike have increased production, in each case reaching an average
of close to 85%.
Mill backlogs,after being built up by liberal specifications against expiring
contracts, have been reinforced by orders for 155,500 tons of rails, mostly
for winter rolling. Of this total the Louisville & Nashville bought 50,000
tons, the Chesapeake & Ohio 45,500 tons, the Union Pacific 40,000 tons
and the Great Northern 15,000 tons. The New York Central and the
Pennsylvania are expected to enter the market shortly for 200.000 tons
each.
With the launching of the customary fall rail buying movements come
more insistent reports that the railroads will soon make liberal purchases of
rolling stock.
The large volume of business on the books and still coming, in some
cases with increased emphasis on prompt shipment, has stiffened the mills'
attitude on prices. The failure of producers to fix a uniform deadline for
shipping orders against third quarter contracts for bars, plates, shapes and
sheets caused confusion, which they hope to prevent three months hence by
general adherence to Dec. 15 as the last day for specifications.
Now that specifying is drawing to a close for those mills that are accepting
releases until the end of September, price uncertainty appears to be passing.
While many buyers are not yet showing an interest in forward commitments.
the number of fourth-quarter contracts so far closed is larger than expected.
At least one large user of bars succeeded in covering 1.85c., Pittsburgh,
but a preponderant number of contracts for bars, plates and shapes closed
to date have brought 1.90c. to 2c., a full advance of $2 a ton over thirdquarter figures.
Specifying was heaviest in sheets, and some buyers are covered for fully
60 days: yet the price advances asked for fourth quarter are apparently not
impeding contracting.
With some consumers, particularly the automobile industry, prices have
become secondary to deliveries. The motor car makers, after setting a new
monthly record for production in August. are taking more steel than ever
before at this season and expect to maintain present operations through
October. Mills face a pressure for shipments indicating that much of the
steel now being rolled is passing directly into consumption. In certain
Instances buyers are dividing orders among several producers to insure
deliveries when wanted.
The improved tone of prices of finished steel has extended to semi-finished
material, and it now seems probable that fourth-quarter contracts will carry
advances of $1 a ton on sheet bars and $1 to $2 a ton on billets and slabs.
A decline in inquiry for fabricated steel and backwardness of pending
projects, reported from some market centers, has caused mills to extend
protections on plain material and has raised doubts regarding the trend of
construction activity.
In pig iron, the fourth-quarter buying movement is largely over, although
sales by Cleveland producers totaled 35,000 tons for the week. Fortified
by liberal bookings, furnaces are holding firmly to recent price advances.
Blast furnace stocks are being reduced, and, if demand holds at the present
rate through the coming quarter, producers that had large accumulations
early this year will have little stock iron left. Shipping orders from the
automotive industry indicate that it will take as much iron next month as
in September.
Scrap prices, although as a rule no longer rising, remain strong.
British makers of ferromanganese, according to our London cable, have
raised prices $5 a ton, to $110, American seaboard, duty paid.
Copper advanced another Mc. a lb. to 15.25c., delivered Connecticut
Valley, on Sept. 24. Sales for the month established a new recent record
at over 200.000 net tons, of which 70,000 tons is for export.
"The "Iron Age" composite price for pig iron has advanced for the third
consecutive week, now standing at $17.71 a gross ton, within 4c. of the highest level to date this year, reached in February. The finished steel composite remains unchanged for the eighth week at 2.348c. a lb.. as the following
table shows:
Pie Iron.
Finished Steel.
Sept. 25 1928. $17.71 a Gross Ton.
Sept. 25 1928, 2.348e. a Lb.
$17.63
One week ago
2.348e. One week ago
17.34
One month ago
2.348e. One month ago
18.09
2.346e. One year ago
One year ago
10-year pre-war average
15.72
1 689e. 10-year pre-war average
Based on average of basic Iron at Valley
Based on steel bars beams,tank plates,
wire, rails, black pipe and black sheets. furnace and foundry Irons at Chicago,
constituting 07% of the United States Philadelphia. Buffalo, Valley and Biroutput of finished steel.
mingham.
Low.
High.
Low.
High
1928-2.364c. Feb. 14 2.3140. Jan. 3 l928..,.$17.75 Feb 14 $17.04 July 24
1927_2.453e. Jan. 4 2.293o. Oct. 25 1927__ 19.71 Jan 4 17.54 Nov 1
1926_2.453o. Jan. 6 2 403o. May 18 1926._ 21.54 Jan. 5 19 46 July II
1925_..2.5600. Jan. 6 2.396e. Aug. 18 1925__ 22.50 Jan. 13 18.96 July 7
1924_2.789e. Jan. 15 2.4600. Oct. 14 1924__ 22.88 Feb. 26 19.21 Nov. $
1923_2.824e. Ayr. 24 2.446e. Jan. 2 1923._ 30.86 Mar. 20 20.77 Nov.20
Following several weeks of almost unprecedented activity,
the iron and steel markets are more tranquil, the "Iron Trade
Review," in its weekly summary, Sept. 27, says. Most consumers have specified fully their third-quarter contracts,
some have purchased supplementally, and for a majority
the mildly,deferred condition of mill deliveries insures a good
flow of material into October. With producers quoting higher
prices on most products, the general run of consumers is
content to absorb current commitments and defer making
new ones, continues the "Review," which is further quoted:
But production is climbing to higher levels. September shipments of
some large interests are setting an all-time record. As if to step into the
breach as small and moderate-size buyers relax, tonnage outlets for iron and
steel are opening up. Important bridge and structural projects are develop..
lag, some large pipe lines are maturing and rail requirements now being
placed or in early prospect aggregate 400,000 tons.
MA survey by "Iron Trade Review" of consumers' steel stocks in the more
Important consuming centers fails to disclose any noteworthy expansion
1744
FINANCIAL CHRONICLE
Inithe past 60 days. The occasional increase that Is revealed is attributed
to the necessities of accelerated consumption. In fact, considering the
higher rate of consumption, users' stocks on Oct. 1 will be relatively lighter
than 60 days ago. It is apparent that the record steel production of July,
August and probably also September has its roots in definite consumptive
requirements.
Pig iron prices appear to be holding firmly at recently advanced levels, but
In steel the situation is more spotty. Such contracts as have been written
for steel bars, plates and shapes have generally carried a $2 rise. Sheet
producers are waging a determined fight for higher prices and a reduced
cash discount; some large consumers have accepted both conditions while
others, notably some automotive interests, have tendered business on the
old basis only to have it refused. Extensions of third-quarter prices on tonnage requirements of hot rolled strip have been granted, but advances have
been won from some cold strip users. No more than the usual irregularities
are apparent in wire products. Semi-finished quotations have not yet been
tested, coke is steady and scrap is calmer.
Rail awards include 45,500 tons by the Chesapeake & Ohio, 40,000 tons
by the Northern Pacific, 15.000 tons bythe Great Northern and 5,200 tons
by the Colorado & Southern, a total of 105,700 tons. The Burlington is
expected to place 30,000 tons soon, the New York Central 200,000 tons and
the Pennsylvania an unstated tonnage. Chicago district mills have benefited chiefly by actual business placed and part will be rolled next quarter.
The Canadian National railroad has bought 20 locomotives and has 35
pending.
So heavy have soft steel bar specifications been at Chicago the past three
weeks that the record of late March has been approached and deliveries on
some sizes are thirty days deferred. One plate mill at Pittsburgh is booked
solid through the fourth quarter. Featuring prospect structural work is a
20,000
-ton bridge at New York OD which bids will be asked shortly.
Sheet demand has surged in to Chicago mills sufficiently to provide mills
there with the best backlogs this year. Rumors of higher prices in that
district persist. Automotive requirements in the Pittsburgh and Youngstown districts are persistent and conform with continuation of the August
record In automotive production. A showdown on the revised sheet discount seems certain this week, and producers have rarely been more
united.
Shipment* of pig Iron have been so accelerated the past week that the
August rate has been surpassed and the September movement therefore
will be the heaviest this year. The lake furnaces are the most active, 37.000
tons having been placed at Cleveland this week. Modest premiums are
being paid at St. Louis for spot delivery and 10,000 tons of foundry and
malleable iron ii on inquiry there.
A sharp rise in the operating rate of Steel corporation subsidiaries to 84%
which also describes the average for independent producers, seems to assure
an ingot record for September. A banked stack has been lighted at Gary.
Ind., resulting in a fractional advance in the ingot rate at Chicago to 81%,
contrasted with 60% a year ago. Buffalo producers hold at 87% and Pittsburgh at about 85. Mahoning valley independents are averaging 87%
this week, or 10 points above corporation units.
British makers of railroad equipment have booked good export business
in the past week, according to a cable to "Iron Trade Review." German
exports are increasing and prices are more profitable. Belgian prices are
rising, while French prices are firm. European rail makers have advanced
the market 60 cents per ton
For the sixth consecutive week the Iron Trade Review composite of 14
leading iron and steel products has risen. This week it advanced six cents.
to $35.29. At the start of the present upward movement this index stood
at $34.89.
[Vol.. 127.
ESTIMATED PRODUCTION OF COAL BY STATES IN AUGUST (Net Tons)e.
Stale-
August
1928.
Ma alma
1,307,000
ArKa119119
180,000
Colorado
762,000
Illinois
3,710,000
Indiana
1,152,000
Iowa
224.000
Kansas
114.000
Kentucky-Eastern
4.500,000
Western
1.156.000
Maryland
230.000
Michigan
51,000
Missouri
277,000
Montana
263,000
New Mexico
243.000
North Dakota
66,000
Ohio
1,398,000
Oklahoma
230,000
Pennsylvania
10,220,000
Tennessee
460.000
Texas
82,000
Utah
367,000
Virginia
1,040,000
Washington
182,000
Wiest Virginia-Southern b 8.940,000
Northern
3,435,000
Wyoming
514,000
Other states.d
5,000
July
1928.
August
1927.
August
1926.
August
1923.
1,240,000 1,615,000 1,672,000 1,741,000
116,000
140,000
152,000 109,000
634,000 860,000 782,000 758,000
3,120,000 720,000 4.927,000 5,973,000
980,000 1,315,000 1,756,000 1,927,000
302,000 438,000
42,000
184,000
369,000
318,000
180.000
82.000
3,958,000 5,032,000 4,160,000 3,353,000
980,000 2,226,000 1,233,000 950.000
194,000
200,000
272,000 250,000
45,000
92,000
45,000
76,000
268,000
215,000
237.000
171,000
192,000
256,000
206,000 219,000
205,000
247,000
210,000 216,000
34,000
54,000
84,000
90.000
1,175,000 613,000 1,966,000 3,817.000
204,000
241.000
192,000
262,000
9,294,000 10,377.000 12,155.000 16,370.000
425,000
423,000 468,000 517,000
106,000
104,000
92,000
75,000
365,000
277.000 426,000
369.000
985,000 1,156,000 1,180,000 1,090,000
204,000
170,000
199,000 194,000
8,042,000 10,488,000 9,194,000 6,801,000
3,020.000 3,943.000 3,383,000 3,674,000
384.000 479,000 463,000 672,000
17,000
6,000
20,000
17,000
Total bituminous coal__ 41,108,000 36,276.000 41,705,000 45,957,000 50,578,000
Penna. anthracite
6,883,000 4,475,000 7,694,000 8,171,000 8,672,000
To1,11 all mai
A7 001 111111 An 7K1 non an son non KA 170 000 KO 0K11 mai
Figures for 1926 and 1923 only are final. b Include operations on the N. &
W., C.& 0., Virginian, K. & M.; and Charleston division of the B. at Q. c Rest
of state, incl. Panhandle. d This group is not strictly comparable in several years.
Bituminous Coal and Anthracite Production Recovers
from Holiday Losses-Slight Change in Coke Output.
Production of bituminous coal and anthracite in the full
week ended Sept. 15 recovered from the losses sustained in
the preceding week during which Labor Day, Sept. 3, was
observed as a holiday. According to the United States
Bureau of Mines, output of bituminous coal rose from
8,935,000 net tons in the holiday week to 10,177,000 tons
in the following week, a gain of 1,242,000 tons. This was
an increase of 741,000 net tons over the preceding full time
week ended Sept. 1 1928 and also a gain of 529,000 tons over
the output in the week ended Sept. 17 1927. Anthracite
production during the week ended Sept. 15 totaled 1,409,000
net tons, an increase of 293,000 tons as compared with the
preceding week. Compared with the corresponding week
one year ago, the current output, however, shows a loss of
204,000 tons, states the Bureau of Mines report from which
we quote as follows:
The total production of soft coal during the week ended Sept. 15, including lignite and coal coked at the mines, Is estimated at 10.177,000 net tons.
This Is an increas 3 of 1,242,000 tons over the output in the holiday week
Ingot production of the United States Steel Corp. in the preCeding, and is the highest weekly production recorded since that for the
past week was at better than 85% of capacity, states the week of March 10. Production during the week in 1927 corresponding
"Wall Street Journal" of Sept. 25. This compares with a with that of Sept. 15 amounted to 9,648.000 tons.
shade over 79% in the preceding week, or an increase of6%. Estimated United States Production of BUuminous Coal (Net Tons), Incl. Coal Coked.
Two weeks ago the corporation was running at around 77%,
1927
1928
Cal, Year
Cal. Year
continues the "Journal," adding:
Week.
Week.
to Dates
to Date.
Independent steel companies also have increased operations,but thegain is &Pt. 1
354,315,000
9,436,000
9.760,000
312,765,000
not as large as that of the Steel Corp., because some of the smaller units Daily average
1,709,000
1,573,000
1,627,000
1,508,000
363,294,000
8 935,000
8,979.000
321,700,000
among the independents did not move ahead as sharply as the larger com- Sept.8 b
Daily average
1,708,000
1.655,000
1,512,000
1,663,000
panies. Bethlehem Steel is running at about the same rate as the Steel Sept. 15.c
372,942,000
10,177,000
9,648,000
331,877,000
Corp., namely between 85% and 86%, while Republic is credited with Daily average
1,696,000
1.517,000
1,608,000 1,705,000
slightly higher figures. The Youngstown Sheet & Tube and Inland Steel
a Minus one day's production first week In January to equalize number of days in
also have increased their activities.
the two years. b Revised since last report. 5.4 day week. c Subject to revision.
For all the independents the average is now around 85% compared with
The total quantity of soft coal produced during the calendar year 1928
slightly better than 81% in the previous week, or an increase of a little less to Sept. 15 (approximately 219 working days) amounts to 331,877,000 net
than 4%. Two weeks ago the independent average was between 78% and tons. Figures for corresponding periods in other recent years are given
79%.
below:
For the entire industry the rate is 85%. This compares with a fraction 1927
372,942,000 net tons
1924
324,188,000 net tons
1926
over 80% a week ago and about 78% two weeks ago.
378,853,000 net tons
1923
404,403,000 net UM
340,952,000 net tons
1922
260,298,000 net tons
Comparisons with operations at this time a year ago indicate the extent 1925
A. already indicated by the revised figures above, production of soft
of the improvement in recent weeks. In the final week of September in
1927 the Steel Corp. was running at 66%, with independents at about 64% coal declined sharply during the week ended Sept. 8 because of the Labor
Day holiday. Total output Is estimated at 8,955.000 net tons, a decrease
and the average slightly better than 65%.
Because October is usually a month for active steel mill operations. It is of 501.000 tons, or 5.3%,from the production In the week of Sept. 1.
likely that further improvement will be shown In the next few weeks, and
Estimated Weekly Production of Soft Coal by States (Net Tons).
many authorities are predicting a record production for the month.
Week Ended
Sept. 1923
StateAverage..
Sept.8'28. Septa '28. Sept.10 '27. Sept.11 '26.
Alabama
406,000
308.000
315,000
382,000
346,000
Arkansas
31,000
Monthly Production of Coal in August.
46,000
50,000
45,000
24,000
Colorado
182,000
214,000
213,000
214,000
183,000
Illinois
806,000
918,000
180,000 1,047,000 1,587,000
Below are given the first estimates of production of bitu- Indiana
550,000
252,000
260,000
352,000
270,000
minous coal, by States, for the month of August. The dis- Iowa
51,000
53,000
117,000
11,000
71,000
Kansas
20,000
25,000
95,000
37,000
74,000
the tonnage is based in part (except for certain Kentucky-Eastern _ 994,000 1,006,000 1,053,000
tribution of
713,000
962,000
Western
261,000
248,000
273,000
420.000
290,000
States which themselves supply authentic data) on figures Maryland
40,000
47,000
51,000
56.000
53,000
of loadings by railroad divisions, furnished to the U. S. Michigan
8.000
11,000
27,000
16,000
12,000
Missouri
64,000
73,000
73,000
40,000
51,000
Bureau of Mines by the American Railway Association and Montana
61.000
73,000
68,000
70,000
48.000
54,000
80.000
56,000
58,000
47,000
by officials of certain roads, and in part on reports of water- New Mexico
North Dakota
18,000
27,000
15,000
14,000
23,000
Ohio
275.000
310.000
128,000
440,000
861,000
way shipments made by the U. S. Engineer office. The total Oklahoma
56,000
59,000
65,000
60,000
51,000
production of bituminous coal for the country as a whole in Pennsylvania
2,182,000 2,304,000 2,254.000 2,579,000 3,585,000
Tennessee
107,000
99,000
119,000
95,000
110,000
August is estimated at 41,108,000 net tons, in comparison Texas
20.000
26,000
22,000
23,000
20,000
Utah
102,000
107,000
103,000
83,000
75,000
with 36,276,000 tons in July. The average daily rate of Virginia
245,000
237.000
229,000
261,000
282,000
58,000
output in August was 1,523,000 tons, an increase of 72,000 Washington
44,000
52.000
49,000
48,000
W.Va.-Southern b_ 1,945,000 2,026,000 2,263,000 2,003,000 1,512,000
tons, or 5% over the average daily rate of 1,451,000 tons
Northern c
819,000
660,000
714,000
827,000
723,000
Wyoming
165,000
134,000
117,000
119,000
102,000
for July.
Other states
4,000
1,000
1,000
4,000
4,000
Anthracite production in the month of August amounted
to 6,883,000 net tons, as compared with 4,475,000 tons in
July. The average daily rate of output in August was
255,000 tons, an increase of 42.5% over the.rate of 179,000
ons for the month of July.
Total Bituminous.- 8,935.000
Pennsylvania anthra_ 1,409,000
9,436,000
1,728,000
8,979,000 10,163,000 11.814,000
714.000
1,330,000
1.679,000
Total all coal
10,344,000 11,164,000 10,309,000 11,8421000 12.528.000
a Average rate maintained during the entire month. b Includes operations on
the N. & W.. C. dr 0., Virginian, K.& M., and Charleston division of the B.& 0.
C Rest of State, including Panhandle;
SEPT. 29 1928.1
1745
FINANCIAL CHRONICLE
BEEHIVE COKE.
ANTHRACITE.
Beehive coke for the country as a whole during the week ended Sept. 15
The total production of anthracite during the week ended Sept. 15 is
estimated at 1,409,000 net tons, an increase of 293,000 tont over the out- is estimated at 72,000 net tons, as compared with 73,000 tons in the precedput In the holiday week preceding. Compared with the week ended Sept. 1, ing weeks and 101.000 tons during the week ended Sept. 17 1927
however, there is a decrease of 319.000 tons, or 18.5%.
Estimated Production of Beehive Coke (Net Tons).
1928
1927
Sept. 8
Sept. 17
Sept. 15
Estimated United States Production of Anthracite (Net Tons).
. to Date.a
1928.dto
Week Ended66,000 2,109.000 4,336,000
49,000
50,000
Pennsylvania &Ohio
19281927
578,000
11,000
19,000 431,000
11,000
Virginia
Cal. Year
Cal. Year West Ky.. Tenn. and Ga_
187.000
4,000
118,000
2,000
2,000
Ala.,
to Date.
Week.
to Date.a
Week.
Week Ended243,000
5,000
5,000 176.000
5,000
Virginia
153,000
267,000
5,000
7,000
5,000
48.618.000
1,821,000
54,167,000 Colorado, Utah & Wash
Sept. 1
1,728,000
49,734,000
1,330,000
55,497.000
1,116,000
Sept. 8_1,
73,000
101,000 2,987.000 5,611,000
72,000
United States
1,613,000
57,110,000 Daily average total
1 409,000
51,143,000
Sept. 15.c
16,800
13,500
25.400
12,000
12,200
a Minus one day's production first week in January to equalize number of days in
a Minus one day's production first week in January to equalize number of days in
be two years. b Revised. c Subject to revision.
the two years. b Revised since last report. c Subject to revision.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Sept. 26, made public by the Federal Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows a decrease for the week of
$83,100,000 in holdings of discounted bills and increases of
$26,200,000 in bills bought in open market, and of $4,300,000
in United States securities. Member bank reserve deposits
declined $44,700,000 and Government deposits $32,700,000.
Total bills and securities were $52,500,000 below the amount
held on Sept. 19. After noting these facts, the Federal Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills were decreases of
$58,700,000 at the Federal Reserve Bank or New York, $23,900,000 at San
Francisco, $3,900,000 at Kansas City, and $3,000,000 at St. Louis. and
Increases of $4,300,000 at Chicago and $3,300.000 at Dallas. The System's
holdings of bills bought in open market Increased $26,200,006. of certificates of indebtedness $2,700,000, of Treasury notes $1,200,000 and of
United States bonds $400,000.
Federal Reserve note circulation decreased $4,100.000 at the Federal
Reserve Bank of New York and $1,400,000 at San Francisco, and increased
$3,700.000 at Cleveland, $1,900,000 at Chicago 41,300,000 at Dallas and
$2.100,000 at all Federal Reserve banks.
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 1773 and 1774.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Sept. 26 is as follows:
Total reserves
Gold reserves
Jon-ease (-I-) or Decrease (-)
During
Week.
Year.
+82.800,000 -8355,100,000
+7,100,000
-355,900,000
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
-52,500.000
-83,100,000
-61,800,000
-21,200,000
Bills bought in open market
+340,200,000
+580,000.000
+382.100,000
+198,300,000
+26,200,000
+21.300,000
U. £4. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
+4,300,000
+400.000
+1,200.000
+2,700,000
-265,300,000
-200,100,000
-45,300,000
-19,800.000
Federal Reserve notes in circulation
+2.100,000
24,200,000
-92.800.000
-44.700,000
-32,700,000
-23,600,000
-20,700,000
-11,800.000
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
-now
covering the entire body of reporting member banks
635
-cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week show an
increase of $54,232,000, the grand aggregate of these loans on
Sept. 26 being $4,524,708,000. This total is only $38,532,000
below the peak figure of $4,563,240,000 registered on June 6.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-45 Banks.
Sept. 26 1928. Sept. 191928. Sept. 281927.
Loans and investments-total
7 214,786,000 7,284,144,000 6.750,125.000
Loans and discounts-total
5,281,319,000 5,359,866.000 4,964.690.000
42,225,000 38.525.0000
Secured by U.S. Govt. obligations_ _ _ 42,491,000
2,434,087,000 2,510.136.000 2,309,686,000
Secured by stocks and bonds
2,804,741,000 2,807,505,000 2.616.479,000
All other loans and discounts
1,933,467.000 1,924,278,000 1,785,435,000
Investments-total
1071,811,000 1,071,482,000
U.S. Govt.securities
Other bonds,stocks and securities- --- 861,656,000 852,796,000
896,133,000
889,302,000
742,880,000
51,923,000
748,004.000
56,966,000
705,399,000
53,145,000
Reserve with F.R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
5,049,583,000 5,078.121,000 5,184,920,000
1,185,342.000 1,180,114,000 1.011,384,000
44,528,000
55,659,000 126,934,000
Due from banks
Due to banks
106,762,000 112,345,000 101,097.000
1,134,793,000 1,132,405,000 1 170,918,000
228,852.000
Borrowings from F.R.bank-total
305.336,000
96,055,000
85.100,000
Secured by U.S.Govt. obligations_ _ _ 151,525,000 210,075,000
40,955,000
77,327,000
95,261,000
All other
Loans to brokers and dealers (secured by
stocks and bonds):
849,506,000 925,153,000 1,092,479,000
For own account
1 673.943.000 1.634,219,000 1,295,512,000
For account of out-of-town banks
2 001,259,000 1.911,104,000 917,632,000
For account of others
Total
4,524,708,000 4,470,476,000 3,305,623,000
On demand
On time
3,841,593,000 3,770,709,000 2,523,595,000
683,115,000 699.767,000 782,028,000
Loans and investments-total
-43 Banks.
Chicago
2036,555.000 2,052,574,000 1,963,047,000
Loans and discounts-total
Secured by U.S. Govt. obligations_ _ _
Secured by stocks and bonds
All other loan sand discounts
Investments-total
1 570,897,000 1,581,766,000 1.517,113,000
11,773,000
791.068,000
768,056,000
465,661,000
14,217,000
15.959.000
795,051.000 820,858,000
770,756,000 682,038,000
470,808,000 445,934,000
206.354,000 211,688,000 185,685,000
U.S.Govt.securities
Other bonds,stocks and securities_ _ _ 259,307,000 259,120,000 260,249,000
183,224,000
186,878,000 183,208,000
Reserve with F.R.Bank
16,647,000
19,568,000
16,757,000
Cash in vault
1,250,761,000 1,259,148,000 1,289,720,000
Net demand deposits
682,393,000 683,928,000 613,610,000
Time deposits
10,893,000
13,630,000 22,677,000
Government deposits
162,502,000 169,757,000 144,546,000
Due from banks
354,642.000 372,271,000 364.256,000
Due to banks
40,722,000
9,830.000
44,772,000
Borrowings from F.R.bank-total
Secured by U.S. Govt. obligations_ _ _
All other
36,222,000
8,550,000
34,642,000
6,080,000
8,991,000
839,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
635, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Sept. 19:
Largely in connection with the Treasury's quarterly fiscal operations, the
Federal Reserve Board's condition statement of 635 reporting member
banks in leading cities as of Sept. 19 shows a decline for the week of $99.000,000 In net demand deposits and increases of 8140.000.000 in Government deposits, of $134.000.000 In Government securities, of $23.000.000
in time deposits, of $54.000,000 in loans and discounts, and of $37.000.000 in borrowings from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $65,000.000 above the Sept. 12 total at all reporting banks, an
increase of $62,000,000 being shown for reporting banks in the New York
district. of 517.000,000 In the Chicago district, and of $10.000,000 in the
Philadelphia district, and decreases of 510,000.000 and $9,000.000. respectively, in the Cleveland and Atlanta districts "All other" loans and
discounts declined $11,000,000 at all reporting banks, $26.000.000 in the
San Francisco district, $16,000,000 in the New York district, and $9,000,000
1746
FINANCIAL CHRONICLE
In the Boston district, and increased $20,000,000 in the Chicago district
and $7.000.000 in the Atlanta district.
Substantial increases in Government security holdings were reported for
member banks in nearly all districts, the total increase being 6134,000,000,
while holdings of other bonds, stocks and securities increased 86,000,000 at
banks in the Philadelphia district and $1,000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were $99.000,000
below the Sept. 12 total, declined 870,000,000 in the New York district,
$11.000,000 in the Atlanta district, and $6,000,000 in the Kansas City
district. Time deposits declined $10.000.000 at reporting banks in the
San Francisco districts and increased $19,000,000 in the New York district,
$8.000,000 in the Chicago district, $6,000.000 in the Philadelphia district,
and $23,000,000 at all reporting banks. All districts participated in the
increase of $140,000,000 in Government deposits.
The principal changes in borrowings from Federal Reserve banks for the
week were increases of $41,000.000 at reporting banks in the New York
district, $18,000,090 in the Chicago district, $6.000.000 in the Boston
district and $5.000,000 in the Atlanta district, and decreases of $16,000,000
and $12,000,000, respectively, in the Cleveland and San Francisco districts.
A summary of the principal assets and liabilities of 635 reporting member
banks,together with changes during the week and the year ending Sept. 19
1928, follows*
Increase (-1-) or Decrease (—)
During
Sept. 19 1928.
Year.
Week.
$
$
$
Loans and investreents--total
22,395,102,000 +189,239,000 +1,336,520.000
Loans and diseounte—total
15.869,099,000
+54,187.000
+896.521,000
Secured by U.S. Govt. obligations 123.752,000
+3,779.000
Secured by stocks and bonds
6,662,838,000 +61.017,000
All other loans and discounts
9,082,509,000 —10,609.000
+1,296,000
+561,185,000
+334,040.000
Investments—total
6,526,003,000 +135.052.000
+439.999.000
U.S. Government securities
3.060,749,000 +134,079,000
Other bonds. stocks and securities_ 3,465,254,000
+973,000
+461,193.000
--21,194.000
Reserve with Federal Reserve banks_ 1,739.231,000
Gash in vault
246,904,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
+7,849,000
—7,427,000
+34,725,000
—13,503,000
13,099,533,000 —98,755,000
6,913,571,000 +23,103,000
206,560,000 +139,620,000
—166,695,000
+565,839,000
+145,193.000
1,183,205.000 —17.336.000
3,236,888,000 +136,089,000
—5,919.000
—107.152,000
Borrowings from F.R.banks—total_
862.381,000
+37,395,000
+592,665,000
Secured by 15.8. Govt. obligations
All other
•Figures for Sept. 12, revised.
576,373,000
286.008,000
+25,595,000
+11,800,000
+416,377,000
+176,288.000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Sept. 29 the following summary of market conditions abroad, based on advices by cable and radio:
AUSTRALIA.
The trend in Australia toward general optimism continues, although there
is still some hesitancy due to drought conditions in certain wheat areas.
The strike of waterside workers is also affecting the general situation.
Efforts to settle the strike have failed in all important parts except Sydney.
Practically all coastal shipping has stopped and overseas shipping has been
effected. The Government has endorsed the ship owners auggeptions that
calla be made for free labor but it is likely that the strike may continue for
some time Many industries are already curtailing operations as a result
of the strike. The radio market was active in August and September but
was being influenced by sales of old stocks of obsolete sets at reduced prices.
Automotive business is improved as a result of favorable weather and fair
seasonal prospects as spring opens.
AUSTRIA.
Continued stability characterized the industrial trade situation in Austria
during September, the cotton textile industry being the only conspicuous
exception to the generally satisfactory conditions In all important lines.
Fear of a serious setback from higher money rates has largely disappeared
and confidence is felt in well-informed quarters that the present situation
will continue at least until winter. The money market is easy, but rates
are held on a parity with the international markets. Unemployment
remains at a record low point, but a seasonal increase is expected shortly.
Recent rains have helped the sugar beet and late fodder crops, nevertheless
the fodder shortage throughout the Danube area may be serious during the
coming winter.
BELGIUM.
The Belgian Parliament adjourned on Sept. 21 and is scheduled to
reconvene on Nov. 6. The budget for 1928 which has been discussed
throughout the session has not been passed as a whole, but a number of
the sections of which it is composed have been approved by Parliament.
Accordingly, final action on the budget can not be taken before November.
Provisional credits to cover requirements during the next three months
were voted before the Parliamentary recess.
BRITISH MALAYA.
Trade continues slack and no Improvement is anticipated until after
November first. Some uneasiness in official and commercial circles is
being caused by decreased public revenues. Credit conditions continue
tight and money is scarce. Importers in general are buying cautiously.
Textile ordering is slow, but supplies appear sufficient for demand. Department store sales throughout Malaya show a decrease and are only slightly
stimulated by bargain offerings. A heavy accumulation of rubber stocks
by November first Is expected and transportation companies are making
elaborate preparations to handle the tonnage.
[vol.. 127.
Year receipts were only 644.000 bushels because of the considerably later
harvest. With weather conditions again favorable after showers over the
week end of Sept. 15, threshing Is general and is nearly completed in
Manitoba and Saskatchewan. Yields have been variable but generally
high although loss in grade from frosts in Alberta is apparently greater than
expected. Lake and canal traffic returns for August recerd an unusually
heavy grain movement for that month.
HAWAII.
The growth of business in Honolulu continues on a normal scale. Retail
business during the past month has been moderately active and collections
satisfactory. Pre-holiday shipments by wholesalers have been heavy.
Interisland freight traffic has been active although passenger business has
been seasonally slower. Without an increase in area this year's cane output is locally estimated at 25,000 tons over the previous crop. This excess
production compensates for low sugar prices and all sugar companies are
reporting a moderate profit. The mid-summer pineapple harvest has
almost ended. Canners continue to pack one or two days a week and will
not go back to full time until the winter pack commences in December.
Distribution of canned pineapples this season has been the best in the history
of the Industry, and many crops have already been sold out.
INDIA.
Little change in the Indian business situation was noted during the month
and production and trade throughout the country was appreciab.y sess than
a year ago. The Tata Steel Co. strike has been settled by compromise but a
deadiock continues in Bombay. Crop reports are fairly satisfactory except
in northwest India where late rains and pests have caused considerable
damage. Most commodity prices have declined during the past month due
to reduced export demand. Orders for forward shipment of staple import
lines are difficult due to the uncertainty of bazaar clearances during the
approaching holidays.
The jute forecast was somewhat higher than generally expected and the
market weakened slightly on the information. Burlaps have declined
slightly with little business being transacted in near positions.
NETHERLAND EAST INDIES.
Despite uncertainties confronting the sugar and rubber markets, which
are causing large importers to exercise caution, business in general continues
favorable. Import trade in staples for the native market is benefitting
from the improved purchasing power of the native, remeting from excellent
crop returns. European textile importers, however, report dull market
conditions and continued Chinese boycotting of Japanese goods With the
exception of sugar, export markets are active. Due to continued lack of
forward sales the sugar market remains dull. Latest local estimates place
the current crop at over 2.900.000 long tons.
PHILIPPINE ISLANDS.
Although somewhat affected by the rainy season, general business in
August was fairly good and showed improvement over the previous month.
Chiefly because of lower export prices, however, tha business level was
under that of the same month last year. The chief improvement was in
the textile market which was much better than July. Dealers, however,
continue to order for immediate needs only, but stocks In general are suffident for demands. Sales of medium and low priced automobiles predominate and are on the increase. Regulations regarding hired cars are causing
some concern in the second-hand market. Bus lines are increasingly active.
Demand for flour is good, and canned mackerel gains in popularity. The
sugar outlook is favorable and an increase of 10% in the crop is estimated
here. Copra and abaca production continues heavy, with lower prices In
each export market.
SWEDEN.
Recent noteworthy developments in Sweden add stability to the favorable trend in the preseni general economic situation. The resumption of
work in the iron mines on Sept. 1 is expected to have a beneficial influence
on retail business in the affected areas and to restore gradually the purchasing power of the workers. Warm and dry weather has improved the outlook for crops and although the harvest will be late this year it is believed
that the yield will be about normal. The election to the second chamber
which has Just been held was a victory for the conservatives who gained
several seats. The money market showsd no marked changes during
August with the exception of net foreign credits at the private banks which
inofestied to 177,000,000 crowns, a gain of 27,000,000 crowns during the
month. Quotations on the stock exchange made large advances following
the election results. Sales of wearing appearel have been low during the
subnormal summer and makes it necessary to carry considerable stocks
over the winter.
UNITED KINGDOM.
Unemployment registers in Great Britain showed that on Sept. 10 a
total of 1.300.000 persons were on the lists as seeking employment; this
figure represented a decrease of 25.000 in the week and it was also the
lowest total reported since the latter part of July. Unemployment, however,
Is still heavier than it was a year ago by about 250.000 workpeople. On the
other hand, the British Board of Trade Journal, in a special article in its
Sept. 13 issue, pointed out that British manufactured goods were exported
in August to a value °fending £50,000,000 an amount greater by nearly
£2,500,000 than the Aug. 1927 valuation.
Sales of Exchange by Paris Continue—Bank of France
Placing 50,000,000 Francs Per Day on the Market—
All Sales in Dollars.
In a statement to the effect that it is still evident that the
Bank of France has been parting willingly with the dollar exchange which it has had to sell in order to control the market,
a message Sept. 21 from Paris to the "Times" continues:
The large sales of foreign bills by the bank did not begin until early in
September, but they have subsequently been maintained on the scale
of about 50.000.000 francs per day, whereas during the whole of August
such sales amounted to only 36.000,000 francs.
All of the sales this; month appear to have been dollar exchange, the
rate for which has touched the gold export point, whereas the rate for sterling
CANADA.
and other currencies did not. In the matter of sterling bills, the bank
Domestic, wholesale and retail trade is increasing gradually under the probably finds holdings of commercial credits preferable to taking treasury
stimulus of fall buying of drygoods, clothing and boots and shoes, all of bills, for the reason that interest on the coupons of the latter is liable to
which are reported to be moving in good volume throughout Eastern and the 18% French tax.
Western Canada. Business in groceries, confectionery, and hardware is
Credits still held by the bank in the American market are estimated
also strong and heavy demand for motor trucks and farm implements con- in well-informed quarters as not less than 20,000.000,000 franca. Under
tinues to characterise the Prairie trade. Building materials also continue such circumstances it 18 felt that gold exports from Europe to New York are
in demand although the value of permits registered in August declined by likely to be made only from London. where exchange has already virtually
reached the gold export point. But French bankers find it difficult to
about 52% from July and by about 41%•
Movement of new crop wheat to the seaboard has been on an unpre- determine the probable amount of shipments even from the British market.
cedented scale during the past week. Receipts of 10,340,000 bushels by A The Paris exchange market is colorless, a natural result of the complete
country elevator@ on Sept. 18 constitutes a record. On that date of last control which has been asserted by the bank. Weakness In sterling,
SEPT. 29 1928.]
FINANCIAL CHRONICLE
which has lately fallen from 124 23 to 124.16, was ascribed to large sales
on German account.
The magnitude of the bank's transactions may be judged from the fact
that money loaned to the market by the Bank of France and the four
lending private banks has increased between August of last yeat and the
Present date by 11.600,000.000 franes. This increase was made up of7,351,000,000 addition to discounts, more than 3,000.000.000 to current accounts
and 1,200.000.000 to advances against collateral loans on the Stock Exchange. The present aggregate Is 34,000,000,000 francs, as against 22,500,000,000 a year ago.
1747
effective Oct. 1. The new rates it is stated, have to do
with various lines of American export products, as well as
certain goods imported into the United States from Germany.
The German Railroad Co.'s statement is given as follows
in the paper quoted:
British Gold to New York Designated "Special Transaction."
A special cablegram from London Sept. 21 was published
as follows in the 'Times":
The £500,000 gold withdrawal for New York, more than a week ago. is
still regarded as a "special transaction," and it has not been repeated even
with sterling at an equally low rate. The London market is under the
impression that "publicity value," plus favorable influences upon Wall
Street, was an important factor in this particular transaction.
Nevertheless, the shipment could only have anticipated an entirely logical
movement of the kind,seeing that sterling was virtually at the point where
the covering of remittances to New York in gold was more profitable than
using cable transfers of exchange.
"It is the desire of the German Railway Co. not to disturb at present
the pleasant commercial relations between foreign countries and Germany.
The German Railroad Co. has therefore decided to except from the general increases of freight rates certain exceptional tariffs for the exportation
and importation of goods, several transit tariffs and combined tariffs,
which have been issued mutually by the German Railroad Co. and the railroad companies of the neighboring States of Germany. According to this
decision the present rates for certain American export commodities will be
left undisturbed until further notice. In this category are the following:
Burlap, cotton,linters, wool, bananas and certain fruits, hemp,grain,flour.
beans, peas, etc.
"The same measure applies also for the importation of certain German
goods into the United States:
"Thuringia and Nuremberg manufactured goods as toys,ordinary musical
instruments,dolls, artificial flowers, Christmas tree ornaments, paper goods,
glass beads, certain woodware, basketware; etc.; iron and steel cutlery:
goods manufactured of aluminum, copper, lead; glass and glassware; cardboard, wood pulp, yarns, ribbons and tissues of cotton; earthenware,
crockery, porcelain, etc.
"The rates for these articles will not be increased only in those instances
where special tariffs are provided for their exportation or importation.
"The free freight rate service of the German Railroad Co., Freight Information Office, 11 Broadway, is prepared to answer all inquireis with respect to the above information and interested parties are invited to make
ample use of this service."
British Labor Party Urges Control of Bank of England
By Public Corporation in Which Labor Would Be
Represented.
Control of the Bank of England by a public corporation
comprising representatives of the Treasury, Board of Trade, Death of Baron J. Neuflize—Dean of Bank of France
industrial interests, labor and the co-operative movement
Regents Aided His Country in U. S. during the
will be advocated by the labor party in the coming campaign
War.
for the general election, according to copyright advices
Baron Jean de Neuflize, dean of the Regents of the Bank
Sept. 20 from London to the New York "Times", which Bank of France and father of the United States representative
further said:
of that Bank, died in Paris on Sept. 21 at the age of 78.
The party Executive Council issued to-day a supplement to its platform,
urging the necessity for closer popular supervision of banking, and decrying Baron Jean de Neuflize was also Vice-President of the Paris,
the government's post-war handling of national policy on currency and Lyons & Marseilles Railway, Chairman of the Board of
credit without consulting Parliament.
Directors of the Ottoman Bank and President of the Evian
"There are grounds for profound disquiet," the Labor manifesto says,
"that during the years of 1920 to 1925 the financial interests were able, Mineral Water Society. The New York "Times" in its
almost without challenge, to force the nation up the long road of deflation." report of the Baron's death, says:
Serious industrial and social consequences were involved, the party
recalls, yet in the adoption and carrying out of the policy there was "astonishingly little political discussion."
The conclusion which the party draws is that there is too little connection between political democracy and the forces which control this kind
of policy.
The Influence of the British Co-operative Party, which, politics aside,
Is a great chain of co-operative stores and banks throughout the country.
is seen in the banking and currency manifesto issued on the eve of the party
conference as an after-thought to the main trend of the Labor Party's
program.
The co-operative movement, which in itselfis engaged In banking,has been
attacking the increasing centralization of British bank control, one of the
most striking features of the period of trade depression since 1920. The
Labor Party hitherto has been apathetic on the point.
To-day's program calls for "such changes in the banking and financial
system as will secure that the available supply of credit and savings shall
be used for enterprises of national advantage as distinct from those which
are useless or socially injurious and an inquiry into the best method for
achieving this purpose.
"It asks also for an extension of existing banking facilities for persons of small means and the spread of municipal and co-operative banks
throughout the country.
Declaring that the currency question is less a national than a world
issue, it asks the government to carry out the proposals of the Genoa
Conference of 1922 for regulating the value of gold by international agreement.
The Labor Party's proposal to alter the structure of the Bank of England,
which is a private corporation, acting always as a matter of practice rather
than on constitutional provision in co-operation with the Chancellor of the
Exchequer.comeson thesame day as an unusual meeting of Bank of England
stockholders. The half-yearly meeting usually is a somnolent affair, attended by two or three persons, at which a report for the six months of
operation is read. An occasional genteel "Hear, Hear" interrupts the
reading.
This time,however,a now shareholder named Hargreaves arose and invited
the Governor to reply to a criticism recently expressed in the Midland
Bank Magazine that the "Old Lady of Threadneedle Street" was unduly
increasing her reserves. It was suggested also, that it might be a good
thing if the Governor enlightened the public periodically on matters of
financial interest, as presidents of other large banks did at the annual
meetings. He also "ventured the opinion" that the Bank's Constitution
was "archaic" and ought to be brought up to date. He felt it would not be
a bad idea to have the heads of England's "big five" banks represented on
the Bank of England Board of Directors.
Montagu Norman, Governor of the Bank. thanked the new shareholder
for his suggestions, but said he did not care to deal with them.
"As I understand it," he said, "Mr. Hargreaves suggests that certain
persons whom he calls bankers, a very elastic term, should have seats
on this court. That is a point which has been debated on and off for a
hundred years and so far as I am aware no argument has ever been brought
forward to justify it."
-year ended Aug. 31 of £700382
The bank showed a profit for the half
-yearly dividend of 6%. payable on
(about $3,500,000) and declared a half
Oct. 25.
Higher German Rail Rates Granted—Certain American
Exports and German Imports Exempt.
According to the New York "Journal of Commerce" of
Sept. 19 the German Railroad Co. issued on Sept. 18 a
statement announcing that an increase ranging from 10 to
11% on freight and passenger tariffs has been granted by
the Leipzig Special Tribunal, and that the new tariffs become
"Baron de Neuflize was in this country much of the time between the signing of the armistice and 1920, as representative of the Bank ofFrance. He
played a notable role in the negotiations attendant upon the extension of
of French credits here,and on numerous occasions soon after the war asserted
that France would make a speedy recovery.
He came to this country shortly before the entry of the United States
Into the World War, and in February, 1918, made a public address here in
which he asserted that materials available then in France were sufficient to
arm fifty American divisions. Before his visit he had served two years in
the French Army.
In persuading American banking interests to extend credits to France
Baron Neuflize argued that psychology had much to do with the financial
dependability of a nation and pointed to the recovery of the French nation
after the Franco-Prussian War as indicating that the mental attitude of the
French people made extension of credit to them "safe."
He frequently took exception to the tendency in some American circles
to lump European problems as one, and asked that France be considered
apart from the rest, as having specialiproblems and special facilities for
meeting them.
Large German Gold Reserve Factor in Reparations
Deal—Belief Here $250,000,000 Accumulated since
1926 Could Be Shifted.
Writing in the New York "Journal of Commerce" of Sept.
27, Jules I. Bogen states:
It is reliably reported in international banking circles here that a
part of the gold reserve of the German Reichsbank may be transferred
to this country in connection with the proposed plan for a general settlement of the reparations and inter-Allied debt obligations.
The transfer of any substantial portion of the German gold reserve to this
market, ostensibly for the purpose of facilitating the payment by France
of the $400,000,000 war supplies debt due next Aug. 1, would naturally
have a profound effect on domestic credit conditions. It would permit
the member banks to sharply reduce their rediscounts at the Federal Reserve Bank and in that way to further reduce the check on borrowings
for speculative purposes which results from the high rates now maintained
on rediscounts. It is doubtful if such a transaction would meet the
favor of banking authorities here for this reason.
Record Gold Holdings.
The accumulation of gold by the Reichsbank has been persistent since
the stabilization in 1924, and has been going on at an accelerated pace in
the last few months. At the time of the stabilization of the mark
the gold reserve at the German central bank amounted to 818,700,000
reichsmarks. At the beginning of this year this total had been more
than doubled, the reserve amounting to 1,864,643,000 marks. During
the first nine months of this year a further gain of nearly 500,000,000
marks, or $130,000,000, has taken place, in the face of a rise in interest
rates in the United States, which would normally tend to drain gold out
of Germany.
Despite the sharp reduction in the volume of German financing in this
market, Germany continues to be a leading taker of gold in the world
market. Several British shipments of the yellow metal to Germany have
been announced lately, and from week to week the Reichsbank announces a new high record gold reserve as gold is also absorbed from
Russia. The greater part of the recent gold acquisitions of Germany, in
fact, have come from the latter source. The mark has been practically
at the upper gold point with respect to the pound sterling for some
time, the mark being quoted in New York at the present time at a premium, despite the fact that the dollar itself is quoted at practically the
upper gold point in London. Hence, further gold shipments from London
to Germany are generally expected.
1748
FINANCIAL CHRONICLE
The strength of the mark has caused considerable surprise in many
quarters, especially in view of the adverse trade balance of Gemany
and the slowing down in Ameican financing. The most usual explanation is the heavy movement of French short term capital into Germany,
attracted by the high rates to be found there. The French thus have
largely replaced the Americans as the chief purveyors of capital to the
Germans.
Could Shill $250,000,000.
Were the German gold reserve to be reduced to the level of Jan. 1,
1926, it would permit the transfer of more than $250,000,000 in gold
out of the country. This will put Germany into a position to offer the
Allies, in the event of further bargaining as to an immediate reparations
settlement, a large amount of cash in the form of gold as well as bonds.
in view of the large cash payment France will face next August, if she
does not accept the Mellon-Berenger agreement, it is pointed out, this gives
the Germans a strong bargaining position.
It is important to remember that one important reason for Germany's
need of a large gold reserve is the large and regular payments she makes on
account of reparations. Should a reduction of these payments be arranged
there would be less reason for maintaining the gold stock at the present
level. Above all, with the office of the transfer agent eliminated, the
Allies would no longer be interested in seeing that Germany's gold reserve is
at a maximum in order to assure the transfer of reparations payments out
of the country.
It is generally agreed in informed circles here that the payment due by
France to this country next August on account of the war supplies debt
is becoming the most pressing immediate financial problem in Europe.
The French have given clear indication that they will not sign the
Mellon-Berenger agreement, at least not unless they are safeguarded against
possible future reductions in reparations payments by Germany. Such a
concession this Government has so far been unwilling to make. Hence the
French are faced with a so-called "commercial debt" of $400,000,000 on
account of the post-war sale of war supplies, a debt which does not fall
within the same category as the other interallied debts. Despite the
large gold reserves of the Bank of France, the recency of the stabilization
and the general future uncertainty make the payment of so large a sum
in cash out of these reserves of the Bank of France a hazardous operation.
Reichsbank Takes More Russian Gold—Denmark and
England Have Also Made Shipments to Berlin
Market—London Expected to Provide Gold for
New York.
From Berlin Sept. 21 the "Times" reported the following:
The further addition of 40,437,000 marks to the Reichsbank's gold
reserve for the second week of September, making nearly 70,000,000 marks
In a month, came mainly from Russia and Denmark, but a small remainder
resulted from arbitrage deals with London. Berlin bankers expect that
imports of gold by the United States will continue. It is not expected
here that the Bank of England can avoid parting with gold for New York,
but it also is not considered that the Bank will need to raise its discount
rate in order to protect its gold reserve, since it already has surplus gold
holdings totaling some twenty millions sterling which has not been used
for credit expansion.
The official German explanation of why London is more affected than
the Continental markets by the recent money tension at New York is that,
on the Continent, the Bank of France's exchange market policy has open
ated as a counterweight to the high money in America. The French reserves of exchange, which were kept in London before stabilization of the
franc, have now been largely distributed among the markets of Central
Europe, where they have replaced the funds withdrawn by America. This
has partly explained the reecnt firmness of mark exchange and the weakness of sterling.
On the same date (Sept. 21) a London account to the
"Times" stated:
Efforts here to keep the bank's gold holdings reasonably in hand
without recourse to raising of the bank rate, plus efforts of the Federal
Reserve authorities to meet legitimate trade requirements, will, it is
hoped, confine gold exports to the United States to moderate dimensions.
But there is obviously such considerable difference of opinion among
American bankers as to what the actual credit demands will be between
now and the end of the year that bankers here find themselves incapable
of expressing any definite opinion concerning the possible extent of gold
exports to America.
Anomalies of Money Market.
Their view is that if trade, business and the stock market should
enter on a boom together in America a cautious attitude in other countries is clearly desirable, in view of the close connection now firmly
established between all financial centres. Notwithstanding London's actual
loss of gold this month and the further withdrawals that appear to be
in sight, considerable difficulty is being experienced in maintaining discount rates. This somewhat anomalous position is due to the comparative scarcity of bills, coupled with a keen demand for three-month drafts,
which, owing to the fact that they mature at the end of the year, are
extremely profitable. These conditions, however, are probably only
temporary, and firmer London money rates are anticipated soon.
In the case of Germany, sterling exchange has fallen so considerably,
as measured in reichsmarks, that gold is now being sent in large amounts
from London to Berlin. Last Tuesday Germany took £500,000 from the
open market here, and on Thursday it purchased E700,000 gold from the
Bank of England.
Why Germany Takes Gold.
This gold represents credits which Germany has been obliged to obtain
in London, either to replace funds lost to America or because American
bankers were unable to continue making advances on the same scale as
hitherto. If Germany's actual foreign trade balance were the only influence, sterling should stand at a considerable premium on marks, Instead
of marks commanding a premium on sterling.
Americans Organize Bank in Berlin—Join German
Financiers in Institution To Make Industrial
Loans.
Stating that the Central Bank for German Industry,
organized by prominent American and German financial
[Vol,. 127.
institutions, was incorporated in Berlin on Sept. 20, advices
on that day from Berlin to the New York "Times" added:
Four New York concerns—Blair & Co.. the Equitable Trust, International Germanic Co. and E. H. Rollins—are participating.
The President of the institution, the purpose of which is to make loans
to smaller industrial concerns in Germany, Is Dr. Peter Reinhold, former
Minister of Finance.
The capitalization is 17,500,000 marks. However, this sum is merely
working capital and efforts to raise a loan in the United States of $15,000,000 or more will be undertaken immediately.
For some time German industry has suffered, according to financial
experts. through the inability of smaller institutions to obtain loans at a
reasonable figure. Only concerns such as Krupp and the German General
Electric, which are able to borrow large sums, could float loans abroad.
At present the bank will lend sums from $10,000 up and borrowers will be
able to get money at something less than 8% for long-term loans.
The National Association of German Industry is represented in the new
organization, one of its directors being a member of the Executive Committee.
Romolo Angelone on Return from Abroad Reports
Italian EconomicSituation Sound—Treasury Statement at the End of August.
Romolo Angelone, Commercial Attache to the Royal
Italian Embassy, returing to this country from an extensive
trip to Italy, made the following statement on Sept. 25
regarding the economic and financial situation of his country:
"The Italian economic situation is basically sound for all the effects
resulting from the return of the country to the gold standard have been
fully discounted and surpassed. A very Important benefit resulting from
the stabilization of the lira at the present level. is to be found in the movement of industrial concentration and rationalization: as a final result the
key industries have now a larger output, with substantially lower costs of
production, resulting from the adoption of better and unified methods."
The trend Of unemployment towards a rapid reduction offers the best
confirmation to this statement. As a matter of fact from January to
July, 1928, unemployment has been reduced by wholly 50%; the unemployment situation in Italy is shown in the following table:
1928—
Fully unemployed Partially unemployed
January
439.211
76.321
March
47 3 6
6..031
2
June
30.296
247.021
July
27.590
234.210
"Economic trade is quite active, while foreign trade has registered a
slight contraction; the larger adverse balance of trade during the past
months, was caused by increased importation of raw materials, a movement which would indicate a greater industrial activity during future
months.
"With the beginning of the current financial year (July 1 1928=June
30 1929) a reorganization has been inaugurated in the accounting presentation of the Treasury Statement, corresponding to the beginning of a
new period of Fascist finance, that of ordinary administration of the revenue
now placed on a normal and permanent basis.
"The Treasury Statement at the end of August last, shows a cash balance
of 1,032,115,285 lira, the actual receipts for the first two months of the
current financial year, have reached 2.917 millions, while the expenditures
have amounted to 2.953 million lire, with a small deficit of 36 million lire,
resulting from a lower yield of the income tax, whose returns have a highly
seasonal character, and do.not correspond exactly to the estimates which
are made a full year ahead, said deficit will disappear totally during the
next month. The internal debt stood. on August 31. at 86.611 million
lire, showing an increase of 229 millions over the preceding month, as a
result of larger deposits kept by the treasury with authorized Italian banks.
Bank notes in circulation amounted to 71,140 million lire, with a decrease
of 254 millions over the previous month; treasury bills were reduced by
31 million lire."
National Loan Urged to Aid Building Shortage
in France.
Special correspondence from Paris, Sept. 17 to the New
York "Journal of Commerce" is published as follows in its
issue of Sept. 27:
Attention throughout the country is being concentrated at the present
time on the nation-wide housing shortage and the inadequate public utility
facilities available to numerous communities throughout France. The
abnormal conditions of the war and inflation pret ented the cities and
villages of the country from keeping pace with their requirements, so that
following the stabilization this now stands out as the leading domestic
problem of the moment.
Within a few weeks district elections will be held, and early next year the
municipal elections will again offer an occasion for the discussion of this
local problem.
Describing the private and public construction needs as they nos exist,
Charles Dumont says in "Actualities";
"Numerous villages, as well as the great cities and their suburb., are
becoming highly restive under current conditions. Unhealthy housing,
obsolete street paving, inadequate lighting, unsound water systems, Insufficient schools, outgrown hospitals—ail these explain the statistics which
show that the death rate of France is among the highest.
"Large sums are indispensable for purposes of housing, utility construction and public hygiene, but they cannot come from the local budgets.
The latter are already overburdened and can stand no now imposts.
"It remains then to finance local reconstruction out of the national
budget. How can the State stand any further burden?
"I have already suggested that a loan be issued of several billions of
francs, which will be used both to pay off the most burdensome loans at
high rates Incurred by local governments and then to furnish capital to Invest in new urgently needed projects. The Issue of tax-exempt State bonds
w mid cut in half the present cost of raising capital for local improvements.
E.perience has shown that to grant the use of a superior credit is the least
costly of all forms of aid.
"The national Government can then establish conventions with the cities
relative to the disbursement of the proceeds of the loan and the meeting
of interest and principal payments upon it. The Minister of Finance will
have jurisdiction over the matter and he can see to it that cities which are
poorly managed and appear incapable of supporting the charges on the loan
share apportioned to them.
"Issued in the interest of all the departments, hundreds of cities and
thousands of villages, the National Public Health Loan would be based
SEPT. 29 1928.]
FINANCIAL CHRONICLE
solely on the credit of the State. It would, under present conditions, be
issued on a lower interest basis than the last 5% consolidation loan.
"Finally,the State can aid the local administration in making up for nearly
15 years of delayed building through allocating reparation payments in kind
for this purpose. Arranging for the proper deliveries from Germany, it
would be possible to reduce by 40 to 50% the average cost of materials,
machinery and equipment urgently needed for this purpose.
"Our people have been patient as long as great national problems remained unsolved, but the stabilization of the franc is now accomplished.
The housing shortage, the inadequate transit facilities, the lack of water
and electric light and power cannot continue. A united effort is now
needed to end these evils."
1749
Not even Stalin could go much further. Any talk of pledging railroads
or State properties or of abrogating the labor laws and giving foreigners
a free hand is pure nonsense. Even should the Kremlin be willing to take
such steps its supporters would refuse. The still active "Opposition"
forces—it is admitted by one of Stalin's chief henchmen. Uglanob, that
their intrigues have not yet been wholly curtailed—would seize th3 opportunity of regaining power against what they would term "traitors to the
revolution."
Under Secretary of Treasury Mills Makes Deposition
for Banks on Soviet Gold Case.
From the "Times" of Sept. 21 we take the following:
in gold sent to
The suit of the Bank of France to recover $5,200.000
Rumania's Receipts for Eight Months of Current Year the Chase National Bank and the Equitable Trust Co. by the Soviet
$8,000,000 in Excess of Expenditures.
State Bank and later reported brought from Ogden L. Mills, Under-Secreof the Treasurer, a deposition made before Mary E. Smott, a notary
Government receipts for the first eight months of the tary in Washington, and filed yesterday in the Federal Court here.
public
to approximately $119,575,000 accord- Mr. Mills had been asked by the two banking institutions what attitude
current year amount
ing to the Roumanian Minister of Finance. Expenditures the Government assay office would take if the gold was brought here to be
exchanged for currency.
for the same period total $111,442,000, leaving a surplus of
"I told them," said Mr. Mills, "that the stand of the Government.
calls taken in 1920, had not changed: that the Government declined to accept
about $8,066,900. The budget for the fiscal year 1928
for $237,770,000, but as the major part of the collections gold of Soviet origin as it might be subjected to attack internationally."
The last reference to the matter appeared in our issue of
are made during the last half of the year, the present situation is regarded as highly favorable. It is stated that de- Aug. 11, page 768.
spite the fact that the Roumanian tax rate is among the
Hungary Plans Loans to Small Industries.
lowest in Europe, she has had a balanced budget since the
The Washington correspondent of the New York "Journal
year 1921-22. In that year an actual surplus of $3,822,000
announced on Sept. 21 that the Hungarian
was reported. Last year the surplus amounted to $18,657,000. of Commerce"
Ministry of Finance has been authorized to establish an
institute for the issuance of bonds on behalf of small industrial
Bulgarian Bank Loan—Foreign Financial Houses to
establishments which are unable to borrow abroad on their
Make Advances During October
own account, it was reported to the Department of ComManaging
According to the "Evening Post" of Sept. 25,
merce by Commercial Attache H. Lawrence Groves at
Director Malan of the recently established Banque Hy- Vienna. The share capital of the proposed institution
pothecaire to Bulgatie has left London for Geneva to sign will be 10,000,000 pengos ($1,750,000), according to the
an agreement with a group of foreign financial houses for report, of which the State will subscribe 8,000,000 pengos
a mortgage loan. It is also stated that an advance of and banks and industrial establishments 2,000,000 pengos.
4,800,000 Swiss francs will be granted in October. Part
of the loan is expected to be issued in London.
Argentina Decides Against Renewal of $12,000,000 Loan
Because of High Money Rates—Repayment of Loan.
On Sept. 26 Buenos Aires advices (Associated Press) said:
Soviet Bank's Head To Seek Loans In U. S.—A. L.
The Minister of Finance has instructed the Argentine Ambassador at
Scheinman's r • nation as State Bank Head Seen
Washington to cancel Treasury bonds amounting to $12,000,000 expiring
as Move to Give Him More Leeway in Negotiations. today. The Minister said that interest of 7%% asked by New York
A. L. Scheinman, until recently President of the Gosbank, bankers to renew the loan, was too high.
A United Press dispatch from Buenos Aires is quoted as
or Soviet State Bank, will try to visit the United States
"Wall Street Journal" of Sept. 27.
soon after the elections to try to interest American capitalists follows from thehas
signed a decree instructing the Argentine emPresident Alvear
financing Russian industrial and other undertakings says bassy at Washington to cancel the 12,000,000 peso loan which has fallen
in
the "Times," which goes due and which J. P. Morgan & Co. and National City Bank had
a message from Berlin, Sept. 21 to
offered to renew for six months at 7%%.
on to state:
justified by Argentina's
This indicates that M. Scheinman's resignation as head of the Soviet
financial institution was offered and accepted merely as a means of giving
him more liberty in conducting negotiations than he would have as an official
of the Moscow regime.
At present M. Sc.heinman is taking the cure at Carlsbad.
That the Soviet is now willing to give liberal pledges as security and
attractive concessions to private ventures is now intimated in Russian
circles here, although the diehards of Leninism insist moves to obtain
money must not Involve any concessions in the principles laid down by
the first Communist Dictator of Russia.
Further advices, from Moscow, Sept. 23, to the same
paper said in part:
The most pressing problem for the Soviet Union to-day di how to supply
the peasants with manufactured goods at reasonable prices. As shown in
previous dispatches, this is not likely to be achieved in the near future without considerable foreign credits, but unless the problem is solved the State
grain collections and State control over agriculture generally cannot be
satisfactory.
This Is immensely important because agriculture is and must remain
for many years the backbone of the Soviet economic system. But it is
a dangerous error to suppose that the Soviet is on the verge of bankruptcy
or is ready to accept any conditions which foreigners may wish to impose.
What Lenin said when he introduced the New Economic Policy still holds
good:
"If we get foreign capital on terms we can accept our progress will be
Jnuch more rapid. But we can and will manage without it rather than
abandon our principles."
Textile Exports Favorable.
The grain collections during the past fortnight have shown marked
improvement and the realization of 301.000.000 rubles of the new 500,000.000-ruble industrialization loan in less than two months indicates financial
strength, not financial weakness. Nearing the end of the first ten months
of the current fiscal year it is stated that 140,000,000 meters of textile
goods have been exported to Russia's Eastern neighbors, a total which
compares favorably with 192.000.000 meters exported in the record year
of 1913.
In some quarters here it is suggested that textiles, instead of being exported. should be sent to the villages to exchange for grain. But the Soviet
is looking to the future and is building up markets against the day when
the industrialization plan shall be completed.
Seeks Link With America.
On the other hand, there is reason to believe that the Soviet wishes to
emerge from the present economic and diplomatic impasse with the United
States and Groat Britain and that it would be prepared to go half way
or more to meet foreign conditions, if that can be done without "losing
face." Thus the Soviet could not and would not renounce the Comintern
and it could not and would not accept a "Dawes plan" for Russia nor
financial control by the League of Nations like that arranged for Austria.
But it might possibly give acceptable guarantees that no funds should be
transferred from Moscow to the American or British Communist Party,
might be welcomed to co-operate in the
and American "financial advisers"
utilization of a leas or credits.
The decree said such high rate of interest is not
present credit standing and the renewal of the loan is therefore impossible. The statement added that President Alvear considers the
present a convenient time in the interests of the country to liquidate
the whole debt and consolidate it with another fund or substitute short
term notes for it.
The repayment of the Argentine loan was noted as follows in the New York "Journal of Commerce" of Sept. 28:
The Argentine Government yesterday repaid its $12,00,000 short term
loan to J. P. Morgan & Co. Following a visit of the Argentine Ambassador to New York on Tuesday checks for the total amount were
drawn on New York banks, in which Argentina held deposits, it was
learned. The loan was a certificate and was not limited for public
offering.
The reports from Argentina of a gold export to repay the loan to
be shipped on the Munson liner American Legion, which leaves Buenos
Aires October 4, found no confirmation yesterday at the steamship office.
It was stated that no advices have been received in New York of arrangements for a gold shipment.
Foreign exchange dealers stated yesterday that the Argentine Government baying repaid its Morgan loan through an overdraft on New York
banks might make up the sum through a gold shipment. The direct
connection between a gold shipment and the house of Morgan was
positively denied.
The Argentine Government has accumulated gold stock through the
past year, and, according to agencies in touch with Argentine bankers,
would be in a position to export gold. There are no restrictions on
such shipments. The total gold holdings of the country are now above
$625,000,000. They were around $560,000,000 a year and a half ago.
The first statement that gold is to be shipped came from Argentine
newspapers Wednesdays. No official confirmation to these rumors has
thus far been given.
American Loan to Finnish Bank.
From the "Wall Street News" of yesterday we take the
following Oslo advices:
The National City Co. and Lee, Higginson & Co. of New York have
contracted for a $10,000,000 issue of 6% bonds of the Bostads Hypothek
Bank of Helsingfors, at 94%. The issue runs for 33 years.
Danish Bank Closes its Doors.
Associated Press advices yesterday (Sept. 28) stated:
The Privatebanke, the second largest Danish private bank, failed to
open its doors today. The bank has suffered heavy losses chiefly through
interests in a German manufacturing plant. A conference which lasted
all night at the Ministry of Trade failed to reach a basis for reconstruction.
The bank's last statement showed a capital of 60,000,000 kroner ($15.000,000), a reserve of 15,000,000 kroner ($3,750,000) and a working
surplus of 5,000,000 kroner ($1,250,000).
1750
FINANCIAL CHRONICLE
[Wt. 127.
of $20,000,000 Rhine-Westphalia Electric granted and Is not operated for profit. The association was formed
with
the active assistance of the Finnish Governme
nt, which contributed a guarPower Corp. Bonds.
anty fund consisting of its own 5% bonds
to the principal amount of 100.The National City Co. offered Sept. 26 at 94 and interest 000.000 Finnish gold marks (equivalent to
$2.518,500). Three of
yielding about 6.49% a new issue of $20,000,000 Rhine- seven members of the board of directors are appointed by the Governmethe
nt.
and the approval of the Government Is
necessary for the amendment of
Westphalia Electric Power Corp. consolidated mortgage 6% the articles of association or
the issuance of bonds.
gold bonds, due Aug. 1 1953, with stock purchase rights for
The business of the association is restricted
to the granting of mortgage
"American shares." A substantial amount of the bonds, it loans not exceeding 55% of the appraised value of the property covered,
represented by qualified mortgages, payable in
gold. In addition to liais announced, has been withdrawn by Credit Suisse, Zurich, bility for their loans, the mortgago
rs, as members of the association, are,
for Switzerland. The corporation, with its subsidiaries, within the limits mentioned in the accompanying letter, jointly and severally liable for the
ocomPrises one of the largest electric light and power systems for such liability,debts and losses of the association, it any, and, as security
give to
association
in Europe with respect to property value, earnings, capacity gold, for an amount equal the10% of theiradditional mortgages, payable In
to
leans In addition to, but ranking
equally in lien with, the mortgages given in
of power stations and number of customers. The territory
respect of their loans.
These bonds will at all times be secured by the
specific pledge of qualified
served embraces a large part of the Rhineland, including and additional mortgage
s (or cash or bonds of this Issue,
the Ruhr District, the most important industrial section of of an aggregate unamortized principal amount equal to the in lieu thereof)
aggregate prinGermany, with an area of approximately 9,360 square miles cipal amount of these bonds outstanding. After Sept 1 1943 these bonds
must be secured by an equal amount of qualified
mortgages (or cash. in
and a population of more than 8,000,000.
lieu thereof), leaving the additional mortgage
s accompanying the latter
Each $1,000 bond will carry a stock purchase right entitl- pledged as excess security. Prior to this date additional mortgages may
coning the holder to purchase, after Jan. 1 1929, and on or before stitute not more than 9% of such specific security.
The bonds in common with other outstandi
ng obligations of the associaAug. 1 1931, a certificate of the National City Bank of New tion will have the further security of: (a)
The joint and several liability of
York representing four "merican shares," each representing the members to the extent not specifically pledged: (b) the reserve fund of
the association; and
in turn the deposit Ns ith the trustee's agent in Berlin of 100 ernment 5% bonds (c) the guaranty fund, consisting of the Finnish Gov.
above mentioned
Reichsmarks, about $23.80 par value of the common capital
The articles of association limit the aggregate
of the outstanding bonds
stock (bearer shares) of the corporation, fully paid and non- and other liabilities of the association to ten times the aggregate of its capital
and reserve funds and the total amount of its
short-term loans to 10% of
assessable. The price to be paid for each American share will Its total debilities
.
be as follows: If exercised after Jan. 1 1929, and prior to
Mortgage institutions in Finland have granted
long-term loans on urban
Aug. 1 1929, $50 per share; on and after Aug. 1 1929 and residential property for the past 85 years: the records show that defaults
have been extremely rare and that in every
such case the security has been
prior to Aug. 1 1930, $52.50 a share; after Aug. 1 1930 and more than sufficient to enable
the lender to recover In full.
on or prior to Aug. 1 1931, $55 a share, after which date
the purchase warrants will be void. On the basis of the cur- Drawing of Americ
an Portion of Greek Refugee Loan
rent market price of the German shares on the Berlin Stock
of 1924.
Exchange, the equivalent quotation would be approximately
Speyer & Co.announce that $39,000 bonds of the Americ
an
$50 per American share.
portion of the Greek Government 7% Refugee Loan of 1924
Proceeds from the sale of the bonds will be used to reimhave been drawn for redemption at par on Nov.
1 1928.
burse the corporation in part for expenditures in connection
this amount,$33,000 bonds were drawn for the regular Of
semiwith important property additions, to provide funds for
annual sinking fund, and the balance of $6,000 bonds
out of
further acquisitions and for other corporate purposes.
additional funds received from the sale of land to refugee
Further details regarding the offering are given in our
s.
"Investment News Department" on a subsequent page.
Proposed Hungarian Protestant Union Loan
of
$5,000,000.
Offering of $10,000,0006% Bonds of Finland Residen
tial
The floating of a $5,000,000 bond issue of the Protest
Mortgage Bank—Books Closed.
ant
Central
A banking group headed by The National City Company put on Credit Union of Hungary which was to have been
the market this week by E. H. Rollins & Sons and
and including Lee, Higginson & Co.; Guaranty Company of J.
G. 'White & Co., Inc., has, we learn, been indefine
tely
New York;; Brown Brothers & Co.; The New York Trust postpon
ed. The issue is in the form of 7% Thirty-five year
Company and Continental National Company offered on sinking
fund
Sept. 28 at 941 and interest, yielding 6.40%, a new issue of drawings at gold bonds, to be retired by semi-annual
/
2
par. These bonds constitute the only funded
$10,000,000 Finland Residential Mortgage Bank first mort- debt of
the Union. The Protestant Central Credit Union
gage collateral sinking fund 6% gold bonds. A substantial of Hungar
y is
portion of the issue has been withdrawn by European banks, garian Central a corporation with membership in the HunMutual Credit Institute which is the central
including $1,300,000 by Finlands Bank, Kansallis-Osake- associat
ion of Hungarian mutual credit associations, and
is
Pankki and Nordiska Foreningsbanken, in Helsingfors, Fin- controlled
and supervised by the Hungarian Government.
land. The books on that portion of the loan offered in the The Protest
ant Central Credit Union takes care of the
United States were closed at noon yesterday (Sept. 28), the financial
requirements of the Hungarian Reformed and
bonds, it is stated, having been over subscribed. The bonds Lutheran parishe
s and it raises funds to be re-loaned for
will be dated Sept. 1 1928 and will mature Sept. 1 extensions of
church properties, for purchases of income
1961. They wil lbe redeemable in whole or in part on any in- producing holding
s and repayment of short-term obligations.
tereSt date after March 1 1933 on 30 day's notice at 100% of These churches have
been established for over 400 years
the principal thereof. The Trust Indenture will provide for and are permitted by law
to
a cumulative Sinking Fund, with semi-annual payments be- who constitute about 30% collect taxes from the parishioners
of
ginning immediately, payable either in cash of bonds of this revenues of these churche Hungary's population. Total
s amount to about $5,140,000
issue. Cash payments will be applied to the redemption of annually and there is
no record of default on the part of any
bonds at 100%. The bonds will be in coupon form in de- Hungarian Protestant Church
or community.
nominations of $1,000 and $500, registerable as to principal
only. Principal, interest (March 1 and September 1) and
Offering of City of Cologne Bonds in London
sinking fund will be payable in New York City in United
Higginson and Co., London, who purchased
£1,150,000
States gold coin of the present standard of weight and fine- 6%
25-year Sterling ,bonds of the City of Cologne comness, without deduction for any present or future Finnish pleted.
taxes, in time of war as well as in time of peace, irrespective bonds Underwriting arrangements on Sept. 26 and the
were offered for sale on Sept. 27 at 954. The proof the nationality of the holders, at the head office of The ceeds of
the loan will be used in the extension and develop
National City Bank of New York, Trustee. Principal and ment of
the city owned electricity, gas and water
works.
Interest will also be collectible, at the option of the holders,
either at the city office of The National City Bank of New
Bonds of Republic of Peru Drawn for
Redemption.
York, in London, England, in pounds sterling, or at the head
Holders of Republic of Peru, Peruvian
office of Finlands Bank, in Helsingfors, Finland, in Finnish
National Loan,
marks, in each case at the then current buying rate of such 6% external sinking fund gobil bonds, first series, due Dec.
11960, are being notified by J. & W. Seligma
office for sight exchange on New York City, New York.
n & Co. and
The National City Bank of New York,
fiscal agents, that
Finlands Bank, Helsingfors, is Co-Trustee. In advices to
$257,500 principal amount of these bonds
have been drawn
the bankers floating the bonds Otto Stenroth, Chairman of
by lot for
the Board of Directors, and Arvo Linturi, Managing Di- redeem redemption on Dec. 1 next. Drawn bonds may be
ed on or after that date at their principa
rector of the Finland Residential Mortgage Bank, state:
l amount
at the office of J. & W. Seligman & Co., 54 Wall St.,
and
Finland Residential Mortgage Bank was established In 1927. pursuant
to The National City Bank of
special legislation, to provide long-t trim credit on residential property
New York, 55 Wall St., New
in
York. Interest on all drawn bonds will
the cities, towns, boroughs and other urban districts of Finland. It is
a
cease to accrue
mutual association composed of the property owners to whom
loans are on Dec. 11928.
Offering
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1751
of
The political situation in Yugoslavia might prevent the conclusion.
Bonds of Rio Grande do Sul (U. S. of Brazil) Drawn for this deal at the present time, it was learned to-day from a Deputy of the
Croatian Party now in Berlin. The Crotians,- Dalmatians and Slovenes
Redemption.
assert that they will not recognize any debts contracted by Belgrade, and
The Equitable Trust Co. of New York, as fiscal agent should they come into power will take the Government in hand with a clean
OleIX
has notified holders of State of Rio Grande do Sul (United slate, repudiating all obligations of the former regime.
Until the political status is firmer the contracts of the.German concern%
-year 7%
States of Brazil) consolidated municipal loan 43
will not be signed, but as soon as assurance of solid government is given
sinking fund gold bonds, due June 1 1967, to the effect the agreement will be completed and carried out.
$10,000 principal amount of these bonds has been called
that
It was stated in previous advices from Belgrade (Sept 21)
'for redemption at par and accrued interest on Dec. 1, out of that the loan to Jugoslavia, of 100,000,000 gold maria,
moneys in the sinking fund and available,for such purposes. would run for 10 years at 7%.
Payment on the drawn bonds will be made upon surrender
at the office of The Equitable Trust Co. of New York, 11 Expected Withdrawal of Argentina from League of
Broad St., on Dec. 1, after which date interest on the drawn
Nations—No Provision for Dues in Budget.
bonds will cease.
The following Buenos Aires advices are from the "Times":
It is expected that the incoming administration will formally withdraw
Bonds of U. S. of Brazil Drawn for Redemption. Argentina from the League of Nations, since the Chamber of Deputies
Dillon, Read & Co., as American fiscal agents for the which the President-elect's party controls has eliminated from the budget
of 1929 an item providing 500.000 pesos for payment of dues.
United States of Brazil, announce that $239,500 principal
Congress has approved this item yearly since 1923 but has never ratified
amount of the country's 64% external sinking fund bonds Argentina's membership, and the country has never been officially repreLeague meetings.
of 1927, have been designated by lot for redemption on sented at the and support in 1920Since President-elect Irigoyen withdrew
during his first Presidency.
the delegation
October 15 1928 out of the sinking fund. Payment will be
President Alvear, his successor, was a strong supporter of the League
made at par and accrued interest at the offices of Dillon, but was unable to obtain congressional approval or withdrawal.
Read & Co. in New York; N. Y. Rothschild & Sons,
London; Mendelssohn & Co., Amsterdam; Credit Suisse, Bonds of Republic of Chile Drawn for Redemption.
Zurich or Aktienbolaget Svenska Handelsbanken,Stockholm.
The National City Bank of New York, as fiscal agent,
has issued a notice to holders of Republic of Chile 20-year
Bonds of Department of Cundinamarca Drawn for 7% external loan sinking fund gold bonds, due Nov. 1 1942,
Redemption.
to the effect that $229,000 aggregate principal amount of
J. & W.Seligman & Co., fiscal agent, is issuing a notice to the bonds has been drawn by lot for redemption at par on
holders of Department of Cundinamarca external secured Nov. 1 out of sinking fund moneys. Payment on the drawn
6% sinking fund gold bonds, due Nov. 1 1959, stating bonds will be made Nov. 1 at the head office of the National
that $60,000 principal amount of these bonds have been City Bank of New York, 55 Wall Street, after which date
drawn by lot for redemption at their principal amount and interest on the drawn bonds will cease.
accrued interest, on Nov. 1 1928 at the office of the fiscal
agent,54 Wall St., New York. Interest on drawn bonds will Early Action on Recommendations of Attorney General
cease to accrue on Nov. 1.
Ottinger's Committee to Combat Loan Sharks
Urged by President Roome of Excelsior Savings
Bank.
Bonds of Kingdom of Belgium Drawn For Redemption.
Action as soon as possible by the State Legislature to
J. P. Morgan & Co. and the Guaranty Trust Company
New York, as sinking fund administrators have issued a carry out recommendations of Attorney General Ottinger's
of
notice to holders of Kingdom of Belgium Stabilization Loan committee on the loan shark problem is urgently needed to
1926 external sinking fund 7% gold bonds, due Nov. 1 1956, combat the evil, declares Reginald Roome, President of the
announcing that 76,000 principal amount of the Loads of Excelsior Savings Bank of New York. Mr. Roome says:
business is to make
this issue have been drawn by lot for redemption on Nov. The only permanent way to put the loan shark out of to get a loan from
it just as easy and confidential for the dinall borrower
next, at 195. Bonds so drawn will be redemed and paid some legitimate source. Attorney-General Ottinger's committee has done
1,
on that date at the office of J. P. Morgan & Co., 23 Wall the masses of the people ofthe State a great service in studying their problem
constructively.
Street, or at the principal office of the Guaranty Trust Com- considerately and points the way to the real solution in designating the
The
York, 140 Broadway, New York. Interest savingscommittee media for lending to small borrowers on a business
pany of New
banks as
basis. The 149 savings banks of the State, serving over 4,800.000 dewill cease on all drawn bonds on Nov. 1.
positors, are strategically located and effectively organized to give the
small borrower all the necessary service, and ample funds are availaBonds of Czechoslovak State Loan of 1922 Drawn for ble. The people have learned to have the utmost confidence in the savings banks and it is the duty of the State to help them express that confiRedemption.
time of
Kuhn, Loeb & Co., the National City Bank of New York dence inimportantneed. than that is the fact that the savings banks are
even
More
and Kidder,Peabody & Co. have issued a notice to holders of the only institutions organized exclusively for the purpose of transforming
bonds of the Czechoslovak State Loan of 1922 that $104,100 the borrower into a saver. For decades the mutual savings banks have
administrative system for collecting and investing
developed an
principal amount of the 8% bonds of the first portion of the small savings.efficientof administration have been reduced to a minimum
Costs
loan due April 1 1951 and $60,800 principal amount of the and depositors benefit by absolute safety and a high interest rate which in
speculative se8% series B bonds, due Oct. 1 1952, have been drawn by recent years has frequently exceeded the return from highlyJust declared a
curities. The Excelsior Savings Bank, for instance, has
lot for redemption at par on Oct. 1 1928. Bonds so drawn dividend increasing its rate to 436%.
,
It is high time that public attention be turned to the small borrower
will be paid on and after the redemption date at the offices
who needs help in the time of dire personal distress. Our banking machinof Kuhn, Loeb & Co., Kidder, Peabody & Co. and the Naery and resources have been too much diverted to the stock market borrower.
tional City Bank of New York. Interest on the drawn bonds It is significant and not reassuring that the volume of brokers' loans by
New York City banks now exceeds the total of all deposits in all the savings
will cease from Oct. 1.
banks of the State. No attention has been paid to the fact that last April,
for the first time,the volume of brokers'loans by 61 Federal Reserve member
$25,000,000 to Yugoslava Planned—German banks in New York City passed the savings bank total. Brokers' loans
Credit of
Concerns to Furnish It in Railway Materials at the end of April stood at $4.282.000.000 while all the thrift of all the
savings bank depositors in the State had accumulated $4.262,000,000.
—Part for Reparations.
There should therefore be available adequate funds for the man who is
Under date of Sept. 22 advices from Berlin to the New fighting illness, debts or other misfortune as well as the man who Is struggling
with the ticker tape.
York "Times" stated:
The committee's report to the Attorney General was
Two German concerns, the United Steel and the German General Electric, have about completed plans for giving Yugoslavia credits on pur- referred to in our issue of Sept. 15, page 1474.
chases of railroad materials, rolling stock and electrical equipment from
German firms to the amount of $25,000,000.
Part of this sum will be charged off against reparations in kind due to
New Quotation System to Be Inaugurated on New York
that country, while the remainder will be guaranteed by German GovernStock Exchange Oct. 1—Telephone Stations to Be Opment bonds from the Belgrade Government.
erated in Connection with Certain Posts.
This deal is similar to one made with Russia several years ago giving
purchasers of German manufactured goods long credits as a means of
The intention of the New York Stock Exchange to put
building up German export trade and stimulating industry. What it
Into operation on Monday next, Oct. 1, a new quotation
actually moans is that American money lent to Germany will be relent to
Yugoslavia at a slightly higher rate than was paid for on the New York system was made known by the Committee of Arrangemarkets by the German borrowers.
ments on Sept. 27. Through the new system, says the
The original plan for selling on credit hinged on ability to raise a loan in
firms will be enabled to obtain quotations
New York covering the entire amount of the credit extended, though "Times," member
there is a probability now that this scheme may be changed to a much from the floor of the Exchange without delay, even during
smaller sun, since part could be charged off against reparation payments times of heaviest trading, will be placed in operation on
in kind.
likewise said:
The terms as offered by United Steel and German General Electric, Monday. The paper quoted
At the beginning the system will be in operation only at Posts
known as A. E. G., call for 7% nominal interest, with 3% added for amort3, 8, 15, 16, 11 and 23, but eventually it will be extended to all posts.
ization and bank charges. The credits extend over a period of 10 years.
1252
FINANCIAL CHRONICLE
For.. 127.
Among the active stocks that will be served, starting Monday
, are
Chrysler, Erie, Studebaker, Armour, General Gas and Electric,
New
York Central and Paramount.
who traded under the name of W.D.Moore & Co.,accord
ing
to the "Wall Street News" of the same date. Claims
of
The announcement of the Committee of Arrangements the creditors amounted
to a little over $60,000.
follows:
•
W. D. Moore & Co. failed on Aug. 9. The firm
To the Members of the Exchange:
was
automatically suspended from the New York Stock Exchan
The new quotation system with which the Committee of Arrange
ge
ments has been experimenting for some time will be placed in opera- on the same day, when it notifie
d the exchange of its inability
tion on Monday, October 1, 1928, at Posts 3, 8, 15, 16, 22 and 23.
to meet its engagements. Subsequently Thomas
At each of these posts there will be telephone stations in charge
A. Mcof clerks who will report the bid and asked quotations for every stock Grath was appointed receiver. The last referen
ce to its,
at that post as the market changes to operators at quotation boards affairs appeared in our
issue of Sept. 1, page 1191.
in a central room, which
boards will be connected through switchboards to stations at the end of the telephone booth sections on
the
floor.
Requests for quotations should be sent from members' offices over
board wires to their telephone clerks on the Floor in the
customary manner. Members' telephone clerks who receive requests
from their offices for quotations will hand the slip to the quotation
clerk in charge of their telephone booth. That clerk will make a
connection with the central quotation room, from which he
will
instantly secure the desired quotation and give it to the member'
s
telephone clerk for transmission back to the office. Requests
for
quotations from posts which are served by the new quotation system
must not be sent through the tubes. The Exchange will not assume
responsibility for any mistakes that may be made by its employe
es
in quoting stocks, or through the use of the quotation system.
It is planned later to extend the system to every post, and ultimately to connect the central operating room by wire with members'
offices, so that quotations may be directly obtained by members from
their offices.
The Committee believes that the new system will prove of great
advantage to all member firms and their customers and will apprecia
te
receiving your cooperation and that of your employees.
Very truly yours,
COMMITTTEE OF ARRANGEMENTS.
R. L. Bamford, New York Stock Exchange Superintendent
of Telegraph and Reporters, Retires.
Richard L. Bamford, for thirty years superintendent of
telegraph and reporters on the Floor of the New York Stock
Exchange and for a number of years the man who twice each
clay has sounded the gong which opened and closed business
on the Exchange, will retire from active duty on October 1.
Mr. Bamford, who is 64 years of age, first began his work
on the Floor of the Exchange as a telegraph operator for
the Commercial Telegram Company, a ticker service which
was then operated in competition with the Gold & Stock
Telegraph Company.
During the forty-five years of active duty in the reporting
of securities quotations, Mr. Bamford has seen transactions
mount from forty thousand shares a day to more than five
millian shares; he has seen the price of Stock Exchange
seats rise from $14,000 to $415,000, and the number of
stocks cleared through the Clearing House from ten to
more than four hundred. He has served through the
administrations of sixteen presidents of the Exchange from
Alfred S. Hatch to E. H. H. Simmons, and has known many
of the great speculative figures of a generation ago
whose
names have carried through the years and who are remembered today as the greatest leaders of their day.
Governor Young of Federal Reserve Board
Says Conditions Over Most of Which System Has No
Control
Form Basis of Reserve Bank Credit
Policies and
Rates—If Overindulgent Are "Burnt" They
Must
Shoulder Blame—$300,000,000 Additional
Reserve
Credit Needed Before End of Year.
Addressing the Indiana Bankers' Association at
Gary,
Ind., on Sept. 20 Roy A. Young, Governor of
the Federal
Reserve Board,declared that "the Reserve Banks
are functioning just as the law intended that they should
function."
He also made the statement that "many people
in America
seem to be more concerned about the present situati
on than
the Federal Reserve system is. If unsound credit
practices
have developed" he continued "these practic
es will in time
correct themselves, and if some.of the over
-indulgent get
'burnt' during the period of correction, they
will have to
shoulder the blame themselves and not attempt
to shift it to
some one else." Toward the end of his addres
s
Young likewise asserted that "it is reasonable Governor
to
from what I have cited that conditions, over many believe
of which
the system has no control, form the basis of Reserv
e Bank
Credit policies and rates." His address, presen
ted
title "Present Credit Conditions" is reproduced under the
as follows
from the "United States Daily."
Representatives of Federal Reserve banks have
appeared before audiences
so many times to describe currency, discount
system that to-day I am going to digress , and other operations of the
somewhat and talk about the
present credit situation. This is a large
subject, but inasmuch as I am
speaking to an audience that is quite
familiar with banking practice. I
feel I will be able to get over to you a concise
story in the time that has been
allotted to me.
In order to bring the picture up to date, it
Is necessary to review what has
happened during the past eight years.
Gold is
structure, and while the gold standard, perhaps, the basis of our credit
has some faults, it is the
best basis that has yet been devised and
public faith in its efficiency has
been demonstrated conclusively during the past
five years by the willingness
and eagerness with which many countries have returned
to some form of
gold standard. All that has happened for the
past eight years, therefore.
can best be reviewed by referring to gold movemen
ts.
Gold Sent to America.
Since September 1920, and up to
December 1924, gold flowed into the
United States continuously, the net
important movement for the Period
aggregating approximately $1.660,0
00,000. From September 1920, to the
spring of 1922. the gold received from
abroad was used largely by member
banks to reduce their borrowings from
the Federal Reserve banks and thus
Improve the general condition of the member
of the Reserve banks. Generally speaking banks and the reserve position
, gold received during this Period
did not, therefore, become a part of the
not form the basis of credit expansion. reserves of member banks and did
Between 1922 and 1924 gold imports
Members of New York Produce Exchange Indors
e Plans growing demand for currency, and in were sufficient to meet the country's
addition to increase the reserves of
for Security Trading.
member banks which were thus enabled to
ments without increasing their borrowin expand their loans and investAt the New York Produce Exchange yesterday
gs at the Federal reserve banks.
(Sept. From 1924 to the spring of 1927
28) the ballot on New By-Laws empowering the Board of exports, so that the total increase the gold imports just about offset gold
in gold holdings of our country between
September 1920
Managers to inake rules and otherwise establish trading
in approximately and the spring of 1927 aggregated, as I have stated before.
$1,660,000,000.
securities resulted almost unanimously in favor of the
With this addition to
ByLaws proposed. There were only two votes against the pro- principle of credit, banks the gold basis, through the inverted pyramid
were able to expand
posal. William Boatty, President of the Exchange, said: growth, however, could not go into the old-fashtremendously. All of this
ioned forms of credit based
upon production and distribution otherwis
"The active interest taken by members was particula
e known as eligible paper, and
rly gratifying. therefore the
banks had toseek otherforms of credit.
The officers of the Exchange were pleased to greet members
Naturally they turned
who had to the investment
not visited the Exchange for quite sonic time, but in their
credit market.
enthusiasm
for trading in securities on the Exchange, made it a special
Investments Expanded.
point to
be present and vote today."
With this stimulus and support from
the banks throughout
The floor of the Exchange is assuming an entirely new the investment bankers accepted the opportunity and financed the country,
not only new
enterprise by long-time credits, but old
appearance with the locating of the telephone booths
and the result that the proportion of eligibleestablished enterprise as well, with
paper diminished in the portfolios
other furnishings for the New Securities Department. Work- of the banks while the proportion of investm
ent credit held by the
ing out the details of organization and collection of data increased rapidly. For all of the banks of the United States as ofbanks
June
30 1928, the figures are approximately as follows:
for the Securities Trading some time, it is stated, is still
United States Government bonds.$6,000,0
00,000;other stocks and bonds,
required for the completion of the rules and regulations $12.000.000.000; loans on securities (of which
amount $3,000,000,000 is
and also to provide additional needed facilities for the new represented by so-called brokers'loans)$13,000,000,000; loans on real estate
security. $5,000,000,000; loans to custome
rs (of which amount it is estiactivities on the Produce Exchange. Reference to the pro- mated that approxim
ately $5.000.000,000 is eligible paper held by
member
posed move was made in these columns June 2, page 3389, banks)$20.000,000,000; total loans and investments,
$58,000.000.000.
There has been some complaint of late that
and Sept. 22, page 1602.
investment and speculative
credit have not received their proportion
of the bank credit available, but
It seems to me from these figures—when you
add the total
W. D. Moore & Co., Former New York Stock Exchange to the total amount lent on securities and arrive at the totalamount of bonds
of $31.000.000,000—that these forms of credit have been
treated liberally by the banks.
House, in Bankruptcy.
All of this expansion of credit, up to May
1927,
On Sept. 20 an involuntary petition in bankruptcy was increasing the amount of Federal Reserve credit:was accomplished without
because the figures show
that except for
filed in the United States District Court by petitioning of the Reserve seasonal and holiday currency requirements, the total assets
System have continued around $1,000,0
00,000 since 1922.
creditors against the former New York Stock Exchange
Gold Movement Reversed,
house of W.D. Moore & Co. of 71 Broadway. The petition
In May of 1927, however, something
is filed against the partners, Harry M. Curtiss, Spencer business public and financial interests didhappened to which the American
not attach sufficient importance.
This was
Wyman Aldrich, Ernest V. Clark and Norman W.Halliday, the early a reversal in the direction of gold movements. From May until
part of November the Reserve System
offset the exports of gold
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1753
It further expects that this additional Reserve credit will not be used in
by purchases of United States Government securities, feeling that the time
was not opportune to disturb our own domestic situation when the regular further expanding a bank credit situation that grew up when our gold reserves were 8500.000,000 larger than they are now and which has continued
seasonal agricultural requirements were on and stabilization plans for some
of our foreign friends were not completed—and stabilization of foreign to grow while the reserves have been shrinking.
If after January. 1929, following the return flow of holiday currency, the
currencies. indirectly, was of great importance to our domestic situations.
During November and December, when gold cotinued to flow from this banks still owe the System approximately $1,000,000.000 in rediscounts. I.
personally, will feel that the situation has been handled admirably, and I
country,the System did not offset the export movements. This should have
had the effect of retarding the rapid growth of credit, but it did not,largely shall have no cause for concern, because with the tradition which the
because any increase in Federal Reserve Bank credit at that time was inter- member banks have about borrowing continually from the Federal Reserve
preted by the banks and the public as being in response to customary seasonal System, a debt to the System of $1,000,000,000 will have a more modernrequirements, even though it had gone $200,000,000 higher than the Year ating effect upon the too rapid growth of bank credit than any other single
before.
condition that I know of.
The return flow of holiday currency in the latter part of December and
early part of January was greater than it had been in any year for five
years, and therefore the System sold additional Government securities to Forthcoming Treasury Offering—Financing to Compartly offset this return flow. Gold holdings changed but little during
plete Redemption of Third Liberty Loan Bonds.
the months of January and February, but credit expanded at more than the
Announcement of plans relative to an early offering of a
normal rate, and certainly there was no evidence that this additional credit
was required for business.
new Treasury issue was made on Sept. 26 by Secretary of
Bank Loans Explained.
There is an impression in the minds of many people, including some bankers, that a member bank deliberately borrows from its Reserve Bank
at a low rate to enable it to lend at a higher rate solely for the profit in the
transaction. I have been associated with the System for ten years, and I
can say without fear of contradiction that this seldom happens. What
does happen generally, however, is this:
A member bank accumulates depositsin the ordinary course of its business,
and, if it expects to continue its business at a profit, it must employ those
funds almost instantaneously in the credit field that offers the best rates
consistent with safety. Later it has a reduction in deposits and must
replenish its reserve in one of two ways. One Is by borrowing from the
Federal Reserve Bank, and the other is by selling some of its readily marketable assets. In the great majority of cases the member bank which has
wide fluctuations in its deposits borrows from the Reserve Bank. By
doing this the bank avoids disturbing its portfolio and uses the Reserve
Bank for the legitimate purpose of bridging over a temporary shortage in
reserves.
Naturally, when the rediscount rate is low and the open-market rate high,
there is an incentive for the banker to continue to borrow rather than to curtail his investments. When this practice becomes simultaneously general
it furnishes one reason, but only one,for raising the rediscount rates.
There was evidence of this in February, with the result that a 4% rate
was initiated by the directors of the various Federal Reserve Banks. However. the credit continued to expand and the banks continued to borrow
from the Federal Reserve Banks on rediscounts to make up the loss in gold
and the sale of Government securities. No one particular bank was in debt
any great length of time; in fact, the information we have in Washington
is that the bank that borrowed to cover a loss of deposits got out of debt
by liquidating some of its ineligible assets.
When it did so, however, directly or indirectly, it made it necessary for
some other bank to borrow and so the borrowings of member banks were
passed around from one bank to another withour reducing the total indebtedness of the member banks to the Federal Reserve Banks, but on the contrary, increasing it.
Again,in April,the directors ofone of the Federal Reserve Banks initiated
a rediscount rate of 4 %. This was eventually followed by all of the other
Reserve Banks. By June the member banks owed the System approximately $1,000.000,000 upon rediscounts and were in a position where they
could not get out of debt so readily by shifting the load from one bank to
another: in fact, the load centered mostly in the larger cities.
There was a rapid increase in discounts in thc latter part of June and also
in July. some of which, of course, represented currency requirements, but
the increase had the earmarks of further pyramiding of credit and not of
being the old-fashioned credit based upon production and distribution,
with the result that some of the Federal Reserve Banks, where many of
their member banks were heavy borrowers, initiated a rediscount rate of
5%. This action, however, was not taken in the four strictly agricultural
districts west of the Mississippi River where a 4 % rata is still maintained,
largely because the member banks were not heavy borrowers and because
it was at the time of the year when legitimate seasonal agricultural requirements had to be met.
From June up to the present time there has been but little change in the
gold holdings of the United States. The System has not sold additional
Government securities since that time and has undertaken no open market
operations, except of a temporary nature.
To summarize, the banking system of America built up a credit structure
by resorting to the inverted pyramid principle of credit on $4,600,000,000
of gold which we held in May 1927, and to-day, on $4,100,000,000, it is
not only supporting that credit structure but a much larger one. This is
shown by the June 30 reports of member banks which indicate an increase
above last year of $2,500,000,000 in loans and investments. To support
this credit structure, member banks have found it necessary to increase
their borrowings at the Federal Reserve Banks approximately $500,000,000.
From this it seems to me that the Reserve Banks are functioning just
as the law intended that they should function. Miscalculations as to the
future always have and perhaps always will occur with the banks and the
business public and that is one of the reasons why we need Reserve banks;
in other words, institutions which enable the public to adjust their miscalculations in an orderly and systematic way.
So many factors have an influence on banking that it is a mistake to
arrive at the conclusion that the Federal Reserve System alone, through
its policies, makes credit situations. It is reasonable to believe from what
I have cited that conditions, over many of which the System has no control,
form the basis of Reserve bank credit policies and rates.
Many people in America seem to be more concerned about the present
situation than the Federal Reserve System is. If unsound credit practices
have developed, these practices will in time correct themselves, and if some
of the over-indulgent get "burnt" during the period of correction, they will
have to shoulder the blame themselves and not attempt to shift It to someone else.
Conditions Affect Policies.
Great concern is expressed over the mystery of Federal Reserve policies.
Dissatisfaction is expressed because the Federal Reserve System refrains
from prediction and can not always anticipate. I have stated to you that
conditions to a large extent,bring about Federal Reserve policies rather than
that Federal Reserve policies bring about conditions. That is just the position of the System at the moment.
If past experience means anything, we know that the additional Reserve
credit needed between now and Dec. 31 will aggregate approximately
$300.000.000. This will come from the usual seasonal requirements of
agriculture and business. It Is the expectation of the System that this
additional credit will be secured by the member banks rediscounting without
hesitancy to take care of these requirements and that they will lend to their
customers at reasonable rates.
the Treasurer Mellon, who indicated that the purpose of the
proposed Government securities would be to complete the
redemption of the outstanding Third Liberty Loan bonds.
The Secretary's announcement follows:
Secretary Mellon to-day announced that, in accordance with established
procedure, notice has been given to the banks of the country, through the
Federal Reserve Banks, that there will be an offering of Treasury securities
early in October. This new issue will complete the program of financing
occasioned by the maturity of the Third Liberty Loan on Sept. 15 last.
Experience has demonstrated that in the case of the long-term war
issues, which were widely distributed, maturing bends are not all presented
on the maturity date, but a large number are presented for redemption
over a considerable period of time.
In the case of the Third Liberty Loan bonds, $955,000,000 were outstanding on Sept. 14. Only $475,000,000 were presented on Sept. 15, and
up to and including Sept. 25, $733,000,000 had been presented.
Accordingly, in order to avoid borrowing in excess of actual needs and
to save unnecessary interest charges, the Treasury Department en Sept.
15, in connection with its usual quarterly financing, made provision for
the redemption of such Third Liberty Loan bonds as might reasonably be
anticipated would be presented for payment prior to Oct. 15. The October
issue of securities, which in amount will be substantially smaller than the
offering dated Sept. 15, is intended to furnish the necessary funds to redeem
the Third Liberty Loan bonds still outstanding, as well as to provide for
the financial needs of the Government up to Dee. 15 1928.
2% Treasury
The September offering of $525,000,000 4%
certificates of indebtedness was referred to in our issue of
Sept. 8, page 1339, and last week (page 1605) we gave the
figures of subscriptions and allotments. The "HeraldTribune" of yesterday (Sept. 28) commenting on the proposed issue said in part:
Government bond experts are of the opinion that the coming issue will
be dated Oct. 15, will be from $200,000.000 to $250,000,090 in amount,
and will have to bear at least 4M % interest, and possibly 454 or 4,f4 %.
As usual, the market conditions which prevail just before the announcement of the offering, expected around Oct. 8, will determine the int. rate.
Inquiry in banking circles revealed that banks expect better deposit
privileges with the coming issue than accompanied the Sept. 15 offering
of $550,000,000 4;is, and that this might bring more heavy subscriptions
for the new issue. Government deposits in New York banks, recently
created by their subscriptions to the Sept. 15 certificates, have been rapidly
withdrawn by the Treasury for the redemption of Third Liberties. Yesterday's Federal Reserve statement shows Government deposits with New
York City reporting banks at $44,528,000 as against $126,934,000 for the
same week of 1927.
Surprise at the announcement of a new issue was expressed in some
quarters in view of the statement of Secretary Mellon in connection with
the previous issue that "the final redemption of the third Liberty loan
brings to a close the vast operations begun by the Treasury in 1927." ...
Yesterday's statement set forth, however, that "this new issue will complete the program of financing occasioned by the maturity of the third
Liberty loan on Sept. 15."
The 4% certificates dated Sept. 15, are now selling at a discount.
They closed yesterday at 99 28-32 bid. 99 30-32 asked. This makes their
yield 4.59% as against their offering price, which made the yield 4}4 %•
It is for this reason that bond experts feel that the impending issue may
carry an interest rate of 454%.
Bond circles are confident that the issue will be the last before the Dec.
15 refinancing operations. At that time three issues, aggregating about
$824,000,000, mature, and another refinancing operation is in prospect.
About $97.000,000 interest on foreign debts is due the United States at
that time, and with tax payments and other quarterly settlements the
turn-over is expected to come close to $2,000,000,000.
The following notice of the forthcoming issue has been
sent by the New York Federal Reserve Bank to the banking institutions of this District.
FEDERAL RESERVE BANK OF NEW YORK.
New Treasury Issue.
Preliminary Notice of Offering and Methods of Filing Subscriptions.
To All Member Banks, State Banks, Trust Companies and
Savings Banks in the Second Federal Reserve District:
From advices received from the Treasury Department of the United
States, this bank is enabled to transmit to banking institutions in this district the following information:
1. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
3. That each subscribing bank, upon receipt of information as to the
terms of the Treasury offering (either in the press, through the mails or by
telegram) should promptly file with the Federal Reserve Bank any subscriptions for itself and its customers. This is important, as no guarantee
can be given as to the period the subscription books may remain open, and
subscribing banks, even before receipt of official subscription blanks, may
file their subscriptions by telegram or by mail with the Federal Reserve
Bank. Any subscriptions so filed by telegram or mail in advance of receipt by subscribing bank of subscription blanks furnished for the particular issue should be confirmed immediately by mail, and on the blank provided, when such blank shall have been received.
4. That if the terms of the offering when announced provide for both
cash subscriptions and subscriptions for which payment may be tendered
1754
FINANCIAL CHRONICLE
Idother securities, the subscribing hank should prepare its
subscriptions in
such manner as to indicate the method by which it proposes
to make payment and the respective par amounts of securitien, if any, to be tendered
in
payment.
Classification of Subscriptions, &c.
Bank Customers' Subscriptions—With regard to issues, subscription
s to
which the Treasury determines for the purpose of allotment shall
be considered as on a cash basis irrespective of whether or not payment is to
be
made in cash or in securities, the following classification will be
required
of subscriptions made for account of customers, stating
the number of
subscriptions in each class:
Class A—Subscriptions for $1,000 or less for any one subscriber;
Class B—Subscriptions for over
$1,000, but not exceeding
$10.000;
Class 0—Subscriptions for over
$10,000, but not exceeding
$50,000;
Class D—Subscriptions for over
$50,000, but not exceeding $100,000;
Class E—Subscriptions for over $100.000. but not exceeding $500,000;
Class F—Subscriptions for over $500,000, but not exceeding
$1,000,000;
Class 0—Subscriptions for over $1,000,000.
Where the maturing securities are not by the instructions accompanying
the offering given a preference they shall be treated as cash and such
subscriptions to be paid for in securities should be included in the classification.
Bank Subseriptions.—A subscription for a bank's own account should
not be included in the above classification of subscriptions for account of
customers but should be clearly indicated as for the bank's own account
and in addition to subscriptions for customers.
Subscriptions Not Classified.—Where under the terms of an offering
or
under instructions accompanying an offering, the Treasury agrees to allot
new securities in full for any of its securities maturing on the date of
the new
issue or on any later date, subscriptions to be paid for in such
securities
should not be classified.
Application Forms to Be Furnished.
When the terms of the offering are announced, notice thereof, together
with subscription blanks, will be mailed promptly by this bank to
banking
institutions in this district. Should notice and subscription blanks
for
any reason be delayed in reaching such institutions this bank will
nevertheless receive subscriptions either by letter or telegraph. It
is suggested
that subscriptions be promptly transmitted to this bank.
If it be found necessary to telegraph subscriptions they should
be confirmed immediately either by letter or on subscription blank, setting
forth
the classifications indicated above and method of payment, and
clearly
stating that the confirmation is not an original subscription so that
duplication may be avoided.
Very truly yours.
BENJ. STRONG, Governor.
Senator Pine To Protest to Federal Reserve Board
Against Policies Affecting Small Agricultural
Banks.—Seeks Cessation of Policy of Deflating
Banks in Farm Areas.—Money Assembled ifor
New York Use, Is Claim.
The following advices from the Washington correspondent
of the New York "Journal of Commerce," under date of
Sept. 21 were published in the Sept. 22 issue of that paper:
Charging that
[Vol", 127.
country bankers were professing that they were being forced into the stock
market, or into the investment market, either as buyers of securities or
as
lenders on such collateral. These loans were said to have been carried
because the banks could not get enough business at home, the real
fact
in the case being that changes of methods automatically deprived them
ofloans that they need at home,and diverted their resources into an entirely
different kind of loan, it was declared.
Reference has been made to testimony before the committee by Dr. H.
Parker Willis, as a banking expert, wherein he stated that
a bank is a
public service corporation, with one of its functions that of shifting capital
Into the various lines in which it ought to go. "A wisely managed
ablebank,"
he said. ''Is one which gives to every man,according to his necessities,
and
withholds from every one capital when he is not likely to use it, on
the whole
for the best interests of the community.
"If a business is not doing well. or is not wisely handled," said Dr. Willis;
"the banker's duty is to shut down on its credit until changes are
made
there." With this Senator Pine is in accord. What he is aiming
at is the
movement away from the locality of depositors of funds that would ordinarily be available for the use of local industry—the merchant and the farmer
—and not be bottled up for the use of interests in distant parts of
the
country.
"The result of the deflation operations of the Government in my locality," declared Senator Pine."and I can speak for other agricultural areas, is
that the small business men, their loans recalled, have had to curtail their
activities and reduce their stocks. Some have folded up their tents
and
departed from the business world; others have cut their floor space in half
and the released space either is vacant or utilized by a chain store whose
money receipts are exported to the main offices of the operators.
"The operation of the deflation policy has gone far enough now, in my
opinion. I am going to present these facts and views to the authorities here
and when Congress reconvenes I am going to seek the enactment of legislation that I believe will help meet the situation complained of. For one
thing, I would have each of the Federal Reserve districts represented on
the Board, on the theory that with representation the needs of each locality
will be fully known to the board. Prior to 1926 six of the then sitting eight
members were from the Northeastern quarter of the United States and to my
mind they administered the law so that it met the interests of business in
the territory from which its membership came, a territory in each instance
where they were fully advised as to existing conditions."
Alfred7
thif Pont Indicates His Support of Herbert
Hoover for President—Samuel Vauclain, Daniel
Guggenheim and George Eastman Also Voice Approval of Republican Candidate.
Some of those who have declared themselves in favor
of Herbert Hoover, the Republican candidate for President,
are Samuel Vauclain, President of the Baldwin Locomotive Works, George Eastman, of Rochester, N. Y., Daniel
Guggenheim, of Guggenheim Brothers, and E. I. du Pont,
the last named said to be one of the largest individual stockholders in E. I. du Pont de Nemours & Co. An announcement to the effect that in a cablegram from Europe Sept
21, Mr. du Pont announced that he would vote for Mr.
Hoover was contained in a Wilmington, Del., dispatch to
the bank examiners, operating under
Government in Washington, are "running the small instructions from the
banks in the agricultural sections." Senator W.B. Pine of Oklahoma is carrying
a protest to the
officials of the Federal Reserve Board and officials of the
Treasury. In con- the "Times" from which we quote the following:
ferences which he is negotiating. Senator Pine will present
"As I view the present campaign," Mr. du Pont said, "the paramount
a demand that
the Government cease its policy of deflating the banks
in the agricultural issue which overshadows all others is national prosperity. American busiareas, which, he declared to-day, have shown no signs of
diminution since ness must continue on the sound economic basis on which it now resta
Its Inception in May 1920.
and whatever small disturbances are in evidence must be straightened out.
Senator pine has brought with him to Washington data
showing the move"Mr. Hoover is a man who can iron out whatever economic problems
ment of monoy stores in the smaller banks of the
West and Southwest, the exist and direct governmental
affairs in such a way as to keep American
trend being away from local financing to investments
in bonds and other business and the American
standard of living on the present high plane.
securities. He is demanding that the office of the
Comptroller and the
"Mr. Hoover is a self-made man, who has risen from the ranks,
Federal Reserve Board reverse their instructions to the
not by
bank examiners, the aid of some mighty organization
which, he said. literally are "to clean the banks out."
back of him, but by his own efforts
and upon his own merits. During the great World War and since
How well these instructions have been followed, Senator
then
Pine said to-day Hoover has had
his finger on the pulse of American life, and he knows
may be seen in the balance sheets of the smallar banks.
He
of one Institution having $1.000,000 in deposits, which cited the affairs from first-hand knowledge of the problems which must be met by the man
on May 4 1920. who is
elected to the Presidency in November."
had loaned to its customers $235,000. which amount
had been reduced
Pierre S. du Pont, Chairman of the board of the du Pont Company, has
Dec. 31 1927, to $42,000. In 1920 it had no money on
call, to money tied
declared for Governor Smith and Lammont du Pont, President of the
up in other than United States bonds, and it held no commercial
paper. In company,
1927 It had 8185.000 in commercial paper, $131,000 in
has announced for Hoover. Irenee du Pont, another official of
other than Governmeat bonds and $130.000 in call loans.
the company, several weeks ago described the Republican Party's 'stand on
prohibition as "cowardly," but added he hoped something would happen
Would Slop Drain.
"between now and election day which will permit me conscientious
ly
Another bank, he said, with about $1,750,000 in deposits,
had none of its to vote the Republican ticket again."
money in outside commercial loans in 1920. but at the close
of 1927 it had
Mr. Vauclain announced that he would support Mr.
$617.000 thus Invested. On the other hand, in 1920, its local
loans and discounts to Its own customers were $646,682, while at the later
Hoover in the following statement made public at Washperiod they
were but $276,000. Its holdings in bonds and warrants went
from $28,326 ington, Sept. 15:
In 1920 to $468,783 in 1927.
"Upon my return from South America I wish to state my reasons for
Senator Pine pointed out that It was easy to see what was being
done, lie supporting Mr. Hoover for the Presidency.
charged that the money is being assembled locally in the
agricultural centers
"Mr. Hoover possesses all those qualities necessary to insure a safe,
for use in New York City. It is not the money that comes to these
small aggressive and intelligent administration to the affairs of
this Government.
banks that Is intended for investment purposes, but it is the
money that Ile has served his country faithfully and
efficiently in every position of
normally Is the circulating medium of the territory, he
asserted. He ex- trust assigned him, and has
made the office held by him under the present
plained that when the loans were called the result MO a contraction
of local Administration of the greatest
value to our country.
industry. He wants the Administration to slow up this
draining of the
"Mr. Hoover is an engineer of world-wide acclaim. His judgment has
agricultural sections.
been practical in all things, and under the greatest stress he has always
Asked as to the value of the paper that is being called by the
banks, been tranquil,
determined and successful. He is a gentleman, a scholar,
Senator Pine declared the paper Is good until the Government
says it is
an executive, and at all times his head is level and firmly set upon
bad. The Government, he asserted, has control of all of the credit
his
of the shoulders.
United States; when it says paper in a given bank is bad then
it cannot
"He is the ideal man to deal with the more important
be good paper. However, the bankers in the section involved hold a differmatters pertaining to the continuation of our present position among the
ent idea, and should the Government change Its viewpoint they
believe it
nations of
"would be the best paper in the United States."
the world. In every country I have visited his name gives confidence
in
The Oklahoman related how the examiners would enter a bank and de- everything to which it may be attached.
nominata this or that piece of paper as being too slow, and then there is
"The protective tariff, the needs of agriculture, corporation
rights, gova demand that it be taken out of the institution. It is mercantile paper and ernmental control, reduction of the national debt, reduction
of taxes, are, in
loans to farmers largely involved and, he added, under pressure from Wash- my judgment, the most important matters for
consideration during the next
ington. this class of credit is being reduced in the less densely
populated administration.
areas until it is fast reaching a minimum. Senator Pine expressed
"Prohibition, however, has been thrust into this campaign,
the
and it is
opinion that in the larger centers the more powerful banks would not listen expected by the opponents of prohibition
that the defeat of Mr. Hoover
to the same kind of dictation that the smaller institutions were forced
will cause the Eighteenth Amendment to be stricken from
to
the Constitusubmit to.
tion. Prohibition is a delusion and a snare in so far
as the issues of this
Refers to Testimony.
campaign for President of the United States are concerned.
Senator Pine referred to-day to the testimony before the Senate Commit"I am opposed to any retrograde movement. We must not only contee on Banking and Currency incident to its investigation of the
brokers'• tinue to enjoy our present prosperity, but to look forward to a greater
loan situation last spring. It was brought out at that time that
future.
many
Sum., 29 1928.]
FINANCIAL CHRONICLE
"I believe in a full dinner pail for my fellow workment of all classes,
and I am confident it will not be exchanged .for rum.
"I will vote for Mr. Hoover for President along with my friends and
associates, the working people of this great country."
Mr. Eastman's stand was made known in a letter to
Chairman Work of the Republican National Committee, in
which according to Washington advices Sept. 25 Mr. Eastman said:
"The election this year appears important to me because it will determine the progress of the United States for another decade. During the
next four years we should have a President whose capacity for leadership will insure this country a constructive economic and social program
that will provide security of employment of our citizens.
"I have been interested in Mr. Hoover for many years because of his
ability to look ahead and his capacity to formulate and direct large undertakings.
"The nation needs Mr. Hoover's leadership because it needs an engineer
who can keep the trains running on the main line, and not be sidetracked
because of wet and dry trouble on a siding."
1755
resolutions they rose from their seats and sang "The Sidewalks of New
York."
Senator Brookhart left the hall during the demonstration.
The resolutions adopted "unqualifiedly endorse the resolutions of the Corn
Belt Committee, adopted Aug. 31," which endorsed the Democratic farm
platform and tacitly the candidacy of Smith. In regard to Hoover
the resolutions said:
"The nomination of Herbert Hoover at Kansas City, pledged as he is to the
carrying out of the Coolidge policies and with his record of injustice to agriculture,
should be resented at the polls by every farmer in the Middle West."
Senator Brookhart's address dealt largely with what he termed the
"double crossing" of the farmers by George N. Peek, Chairman of the
Committee of Twenty-two; Frank Murphy, legislative representative of
the Corn Belt Committee, and William Birth, Chairman of that organization.
These three, Senator Brookhart asserted, delayed action on the McNaryHaugen bill until late in the session of Congress, hoping "it would be
vetoed and that the veto could be used as campaign material for their
Tammany candidate."
The Senator lauded Mr. Hoover as the war-time friend of the farmer,
declaring that Hoover's determination to maintain the wheat price meant
more to the farmers than all the speeches Peek, Murphy and Hirth had
ever made.
He disclosed that shortly before President Coolidge returned the McNaryHaugen bill unsigned he, on the advice of Hoover, went to the President
seeking to influence favorable action. Denying that Hoover had anything
to do with the writing of the veto message, Brookhart declared that his
attempt to influence the President came to naught because "Ogden Mills
was already writing the veto message."
R. L. Agassiz of Calumet & Hecla Consolidated Copper
Co. to Support Gov. Smith for President—Dr.
Van Dyke also Indorses Democratic Candidate.
The "World" of Sept. 20 stated that Gov. Smith has acquired another Republican convert—Rodolphe L. Agassiz,
Chairman of the Board of Directors of the Calumet and Secretary of Agriculture Jardine-Criticizes Gov. Smith's
Hecla Consolidated Copper Company. The account in the
Statements on Farm Relief.
"World" said:
William M. Jardine, Secretary AV Agriculture, commenting
A resident of Hamilton, Mass., Mr. Agassiz is well known in Boston,
on Governor Smith's Omaha speach of Sept. 18, is quoted in
New York and Chicago, and is a director of Walter Baker Company, Ltd.,
the Edison Electric Illuminating Company, the State Street Trust Com- the "Herald Tribune" of Sept. 22 as stating:
tut
pany and the American Trust Company of Boston.
"A doubt seems to exist in the minds of some persons who are opposed
to the Eighteenth Amendment and its interpretation by Congress in the
Yo!stead act as to whether the election of Gov. Smith would accomplish
any practical good," said Mr. Agassiz in a statement announcing his bolt
of tho Republican ticket.
"Mr. Hoover has given his personal approval to the principle of the
Amendment in these words: 'I do not favor a repeal of the Eighteenth
Amendment.'
"The platform of the Republican Party is eminently satisfactory to the
Anti-Saloon League and its adherents. These bodies are supporting Mr.
Hoover's candidacy with enthusiasm.
"Although the Democratic platform is indefinite on the subject, prohibition has been clearly made the issue by Gov. Smith and already
dominates the campaign.
"If Gov. Smith should be elected the country would have sent to Congress the montage for which that body has been waiting for years—
namely, that the citizens of the United States want their Constitutional
right to enjoy liberty and happiness.
"Even if the personnel of Congress were not greatly changed, which it
probably would be were Gov. Smith elected, the attitude of that body in
regard to remedial legislation on this all important subject would be completely altered.
"The number of Congressmen of all parties who are `dry' by conviction
is not large, probably not many more than 100 in all. The number who
are 'dry' through hair of the Anti-Saloon League and its sympathizers is
large indeed. These men would welcome opportunity to vote according
to their convictions.
"The effect on the policy of the Republican Party as such would be
revolutionary. The party managers would discover over night that the
alliance with the Anti-Saloon League had cost the party the election. That
alliance would be dissolved. The only reason why either party has in
the past been influenced by the Anti-Saloon League is because both
parties feared that the league and its adherents held the balance of
power. Once explode that myth and their Influence in politics will be no
longer a menace."
"In his speech at Omaha Governor Smith denied the Underwood tariff
to be his model and thus again reversed himself on this important issue.
"On farm relief in his Omaha talk he came out flat-footed for the
MeNary-Flaugen measure, which measure proposes to lift the price of all
farm commodities to the domestic consumer by taking enough of each
crop off of the home market to force the price up and *wit the surplus
abroad to our competitors, at whatever it will bring. In almost the same
breath, he tells the consumers of the country that this will not raise
living costs to them. Either Governor Smith is grossly ignorant in the
field of practical economics, or he is deliberately misrepresenting the
truth. I don't believe the majority of consumers or farmers of the
United States can be that easily fooled. They are far more competent
of thinking straight than the Governor apparently gives than credit
of being."
Following his return to Washington on Sept. 17 from a
tour of the western States, Secretary Jardine was reported
as asserting that if Governor Smith is elected and tariff
rates are reduced to the schedules of the Underwood act,
"as the Governor forecast in his speech of acceptance," the
entire farm industry will be thrown into a state of demoralization. The "Times" from which the foregoing is taken,
further indicated Secretary Jardine's views as follows:
There has been a "distinct improvement" in farm conditions in the past
seven years, he [Secretary Jardine] said, and if the farmer repudiates the
policies of the Administration there would be another revision of the tariff
downward, with the prospect that many farm products would be placed on
the free list.
"In an interview in the Industrial Review, Governor Smith described
the Republican tariff as a 'cold-blooded hold-up of the American people
in the interests of a few that were, or are, only too well represented at
Washington,'" Secretary Jardine said.
"The provisions of the Underwood act are painful memories to the
great mass of the American farmers," he continued. "Wheat was on
a bushel, and it should go
the
According to the "Times" of Sept. 16, Dr. Henry van the free list. To-daywheat tariff is 42 cents
that completes with hard western wheat in
higher to keep out
Dyke, author, educator, diplomat and Presbyterian clergy- this country.
"The Democratic free list also included such farm products as corn and
man, who recently denounced the injection of religious
fruit and berries, hides, meats, milk and cream, nuts, oil
prejudice into the Presidential campaign, made definite an- cornmeal, eggs,rye and rye flour, sago, soya beans, swine and sheep, wool
cake, potatoes,
nouncement on Sept. 15 that he intended to vote for Gov- and woll wastes. All these products are now granted protection under
ernor Smith. The announcement was In a letter to Frank the Republican tariff.
"If Governor Smith is elected and carries with him a Democratic
L. Polk, President of the College League for Alfred E.
Congress and the present tariff on sugar is abolished or even lowered,
Smith. Dr. van Dyke was reported as stating:
the beet sugar industry will be annihilated, $250,000,000 now invested
"I have no hesitation in saying that I propose to vote for Governor in beet sugar factories will be wiped out and their thousands of American
Smith, because I regard him as the ablest, most outspoken and fearless employees will be idle."
of the candidates for the Presidency. In these respects he very much resembles Grover Cleveland.
"The support of Tammany did not injure or hamper Cleveland and I Farmers Oppose-Herbert Hoover in Northwest, Accorddo not think it I lwiinjure or hamper Smith. I believe that he will go
ing to Former Senator Hansbrough—Smith Indeinto office without any pre-election pledge, except the great pledge to do
pendent League.
his full duty as an executive officer under the Conatitution—a pledge
which he has always made and kept as Governor."
It was stated in a Washington dispatch Sept. 23 to the
Iowa Farmers' Union Declares Against Herbert Hoover
—Gov. Smith Indirectly Indorsed.
Senator Brookhart, one time leader of the farm revolt in
Iowa, on Sept. 20 failed to carry the Iowa Farmers' Union
with him in his support of Herbert Hoover, says a Des
Moines dispatch to the New York "Times" which gave the
following account of the session on Sept. 20:
He spoke this afternoon before the convention of the union, composed
of 450 delegates, representing about 150,000 farmers in eighty of Iowa's
ninety-nine counties. At the conclusion of his speech the union passed
resolutions condemning Hoover and indirectly endorsing the candidacy of
Governor Smith.
Being a non-partisan farm body, the delegates did not go the full distance in endorsing Governor Smith, but after unanimously adopting the
"Times" that former Senator H. C. Hanahrough, who has
gone to Minneapolis to open offices of the Smith Independent League in the West Hotel there, reported to Democratic headquarters that "the Northwest is afire with opposition to the Republican ticket." The paper quoted also
contained the following:
Mr. Hansbrough, a Republican, formed the league, which is basing
its attacks on the Hoover-Curtis ticket upon the agricultural issue. The
total deflation in five States alone during the period of Republican rule
represents $3,011,000,000 on farm values, he said, and wheat prices have
dropped from $2.20 a bushel under the Wilson administration to 75 cents
"on the mere nomination of Herbert Hoover."
"In some quarters an attempt is being made to confuse the actual
facts in the case," said Senator Hansbrough, "and, while friends of Governor Smith are willing to stand by his record, the friends of Mr.
Hoover are not.
1756
FINANCIAL CHRONICLE
"The object and determined purpose of the Smith Independent League
is to bring the facts home to the farmers and the struggling masses in
every part of the five States of Montana, the two Dakotas, Minnesota and
Wisconsin. In doing so we intend to co-operate with all other Smith
organizations.
"The most potent argument we have to offer is contained in facts which
are indisputable. From 1920 to 1927 farm properties throughout
the
United States have decreased in value nearly forty billions of dollars.
"Farm value shrinkages during the five years from 1920 were in
Wisconsin, $405,000,000; Minnesota, $1,062,000,000; North Dakota, $568,000,000; South Dakota, $1,165,000,000; Montana, $411,064,000, a total
deflation of $3,611,064,000 in these five States.
"During this campaign we intend to drive these facts home to the
farmers in this section. They may go 'dry,' they may go 'wet,' and, of
course, they will go on worshiping the one God, but they
and their
children cannot go hungry. The first law of nature is self-preservat
ion.
In this latter respect they have had no help from Herbert Hoover,
Republican candidate for President."
[vol.. 127.
published report that the railways would abandon the construction of wood freight cars after Jan. 1 1931. The erroneous report was derived from the fact that the rules of the
Association provide for steel underframing on cars built after
that date. Most wood cars are now built in that way.
There is no intention of replacing such cars with all-steel
cars. It was pointed out at the officers of the Association
that whatever are the merits of steel, freight cars made
entirely of it are not suited to all commodities.
Federal Board of Mediation Terminates Efforts to Effect
Agreement in Western Rail Wage Controversy.
The Federal Board of Mediation announced in Chicago on
Sept. 16 that it had terminated its efforts toward bringing
about an agreement between the Western railroads and the
President Lewis of United Mine Workers of America
trainmen and conductors unions. According to the Asso'in Commending Herbert Hoover's Newark Address
ciated Press accounts, Samuel E. Winslow, Chairman of
Says Latter Penetrates Industrial Problem in
the Federal Board, issued the following statement:
Employment Declaration.
In behalf of the Board, the mediation proceedings have been terminated
John L. Lewis, President of the United Mine Workers of for the reason that the carriers and the employees' organizations were
unable to reach an agreement.
America, commenting on Sept. 18 on the Newark, N. J.,
The same account said:
speech of Herbert Hoover on Sept. 17, declared that "Mr.
E. P. Curtis, President of the
Hoover penetrates the heart of America's industrial and Whitney, head of the BrotherhoodOrder of Railway Conductors, and A. F.
of Railroad Trainmen said no Immediate
economic problem when he declares for full and stable action on the strike vote could be taken and indicated the next move should
come from the Government. They promised an official statement shortly
employment for the workers of America.' An Associated
on labor's position in
Press dispatch from Springfield, Ill., reporting this, quoted the Board of Railway the wage controversy. J. W. Higgins, Chairman of
Managers, had no statement to make concerning the
carriers' attitude.
Mr.-Lewis as saying:
"The railroads will be asked again directly what they have
His Newark address reveals his intimate and comprehensive grasp of the
been asked In
economic factors which are the every day concern of the average American. mediation," said Mr. Curtis. "Then if they refuse to accept our proposal
His specific declarations in favor of high wages, free collective bargain- the employees will be free to take any action deemed necessary and desiring, restrictions on the use of injunctions in labor disputes, tariff schedules able. A refusal will mean trouble, which may eventually mean that we will
protective of American labor, continuance of immigration restrictions, quit running trains.
"The main point in dispute is not that the employees have refused to
further expansion of our foreign export trade and Governmental assistance
to the depressed textile and bituminous coal industries constitute a program arbitrate the certain question, but that they have declined to execute an
agreement in advance that they will arbitrate potential cases which
that should carry an intense appeal to very thoughtful citizen.
the
carriers may submit at a future date, say within sixty or ninety
days.
"We construe the law to mean that arbitration features are intended to
Orange Typographical Union Voices Disapproval of be employed when parties are in dispute over certain specific questions
New Jersey State Federation of Labor in Indorsing before them in discussion and that it Is not intended that employees would
commit themselves to the arbitration of disputes which are
not before them
Gov. Smith for President.
for consideration.
"The organizations have been urging the railroad committees to bring
The following advices from Orange, N. J., Sept. 18
Into the negotiations the specific question regarding the rules which they
appeared in the "Times:"
desire considered and, if necessary, arbitrated."
A letter protesting the endorsement of Governor Smith by the New Jersey
The wage demands were referred to in these columns
State Federation of Labor will be sent on Wednesday to the Federation by
Herbert Schaffer, Sec.-Treas. of the Orange Typographical Union. The Sept. 8, page 1343.
Federation action was condemned by the suburban body, which includes
printers in the Oranges, Montclair and Bloomfield.
At its meeting last night Smith and Hoover were both said to be not Further Developments in Injunction Suit Brought by
representatives of labor. John M. Hague,an officer of the union more than
Security Trust & Savings Bank of Los Angeles
twenty-five years, said the State body would not have endorsed Smith
Against Use of Word "Security" by United Security
were it not for Mayor Frank Hague of Jersey City. No particular candidate
Bank & Trust Co. of San Francisco.
was endorsed, and the protest was unanimous.
In a decision handed down on Sept. 5 the Supreme Court
of California denied the application of the United Security
Switchmen'saUnion Declares against Gov. Smith.
The "Evening Post" printed the following Associated Bank & Trust Co. of San Francisco (a Giannini institution)
for a writ of prohibition to prevent the Orange County
Press dispatch from Chicago, Sept. 25:
Election of Governor Smith would be "A menace to organized labor," Superior Court and Judge James
L. Allen from proceeding
Dan (3. Smith, leader of the Switchmen's Union of North America.
said with the injunction suit brought by
the Security Trust &
to-day upon his appointment as director of labor of the Western Republican
Savings Bank of Los Angeles early in the current year asking
campaign headquarters by James W. Good, manager.
"Herbert Hoover is generally regarded by organized labor as safe,', that the San Francisco bank
be enjoined from using the word
said Mr. Smith. "He is a student of economics and his policies are sound.' "security
" in its title. By this decision the case reverts to
the Superior Court of Orange County.
We quote below in full from the San Francisco "Chronicle"
Business Men Offer Services to Aid Department of
of Sept.6 in the matter:
Commerce in Retail Credit Survey.
The bitter legal contest over the use of the word "security"
In the corporaIn furtherance-of the study which the Commerce Depart- tion name of the United Security Bank and Trust Company of San Francisco
ment is making of retail credit throughout the country at will have to be fought out in the Superior Court of Orange county,according
to a decision of the State Supreme Court handed down
the request of the National Retail Credit Association, fortyThe high court denied the application of the yesterday.
local corporation,
nine members of the association have volunteered their one of the A, p. Giannini interests, for a writ of prohibition to
prevent the Orange county court and Judge James
services as chairmen of their particular State organizations
L. Allen from
proceeding with
to co-operate in securing the necessary information. The ings Bank of Losan injunction suit brought by the Security Trust and SavAngeles asking that the San Francisco concern be enjoined
National Retail Credit Association asked the Department of from using the word "security" in Its name.
Commerce to undertake the survey, being convinced on the In In appealing to the Supreme Court for a writ to quash the proceedings
the lower court, the United Security Bank and Trust
basis of its intimate knowledge of credit conditions, that there that it had obtained a certificate from Will 0. Wood. Company set forth
State superintendent
of banks, authorizing the use of the word. The local
is a serious lack of reliable information regarding credit and
bank contended that
Wood's action in view of his powers under the State
banking act was concensequently, many conclusions are being reached which may clusive.
be false and even dangerous. It is also felt that information
In denying the application and sending the case
back to the Orange
of this type should be collected by a governmental agency so county court, the Supreme Court held that the chief question involved is
whether the Los Angeles bank is °stopped from
legal action in the Orange
that the results can be made readily available to every one county court by the State
bank superintendent's
on an impartial basis with absolute assurance that the sepa- and in this, the Supreme Court held,the Superior issuance of the certificate,
Court has the right to prorate returns of firms and individuals will be held strictly ceed in a case Involving the name of a corporation and the certificate obtained from Wood can be considered only as a defense.
confidential. The principal questions asked are based upon
The contention that Wood was right in issuing the
certificate
three major subjects—cash transactions, open credit, and be presented to the Orange county court, and until that court hasmust first
rendered
deferred or installment payments. Other questions relate some judgment the Supreme Court cannot interfere, the decision stated.
The high court held further that one of the Issues
in the case Involves
to the monthly balance, collections, bad debts, and the the construction of certain provisions of
the bank act. Construing of these
provisions, the high court ruled, is within
detailed administration of credits.
the power of the Superior Court.
If the trial court makes error, the matter may then
be carried up to the Supreme Court.
Wood Railway Cars Not to Be Discarded.
The decision was signed by Chief Justice William H. Waste and his
According to the National Lumber Manufacturers Associa- associates on the Supreme bench with the exception of Justice J. W.Preston.
who voluntarily disqualified himself.
tion, it was learned Sept. 22, at the offices of the American
We referred at length to the matter in our issue of June 16
Railway Association, that there is no truth in the widely last, page
3705. Since the proceedings were started the name
SEPT. 29 1928.]
FINANCIAL CHRONICLE
of the San Francisco institution has been changed from
Security Bank & Trust Co. to United Security Bank &
Trust Co.
Annual Convention of American Bankers' Association
at Philadelphia Next Week.
The deliberations of the American Bankers' Association
in annual convention at Philadelphia next week, Oct. 1 to 4
—will servo to focus the attention of the banking fraternity
on that city. The details of the programs of the general
convention and the various sections have already been
given in these columns (Sept. 15. page 1478 and Sept. 22,
page 1609). The speakers, as we have indicated will include Gov. Roy A. Young of the Federal Reserve Board,
Comptroller of the Currency McIntosh, Representative
McFadden, &c. Gov. Young will address the general
convention; Comptroller McIntosh will be a speaker before
tho National Bank Division, while Representative McFadden will address the Clearing House section.
1757
at
Clearings at the New York Clearing House will take place
week
10 a. m., and at the Buffalo Clearing House at 10 a. in. on
days and 9:30 a. m. on Saturdays.
Very truly yours,
Benj. Strong, Governor.
The Federal Reserve Bank of Chicago has also issued a
notice as follows:
compliance with the
Effective September 30, Chicago Banks, in
hour,
Daylight Saving Ordinance, will turn their clocks back one
reverting to Central Standard Time.
which are from 9 a. in.
There will be no change in banking hours,
9 a. in. to 12 M.
to 2 p. m., daily, except Saturday, when they are from
American Bankers Association Convention Financial
Library Exhibit.
The financial division of the Special Libraries Association
representing sixty bank libraries in the United States, has
completed final arrangements for its model financial library
exhibit to be presented at the American Bankers Association
Convention in Philadelphia, Oct. 1 to 4. The exhibit, which
is sponsored and financed by the various banks, is presented
to assist bankers in obtaining the latest and most authoritative financial information. Interesting features will be elaborate clipping files, lists of foreign publications published
in English, bibliographical aids to government publications
on banking and finance. Ethel Baxter, Librarian of the
American Bankers Association and Chairman of the Committee of the financial group of the Special Librarians
Association, is in charge of the exhibit. She will be assisted
by Emma Boyer, Librarian, Union Trust Co., Cleveland;
Edna Casterline, Librarian, Mellon National Bank, Pittsburgh, and Florence Wagner, Librarian, Wall Street Journal.
A special study is being prepared for this exhibit which will
show how the library may serve the bank.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of Raymond
J. Schweizer, deceased, was reported posted for transfer
as
to W. E. Tobias, Jr., the consideration being stated
$415,000. This is the same as the last preceding sale.
Membership transfer for a nominal consideration as follows: that of Marshall Pask to John Fitzpatrick; that of
Edwin T. Crooks to Archie M. Reid.
An associate membership on the New York Produce Exchange was reported sold for $13,500.
A Boston Stock Exchange membership was reported sold
for $26,000. The last preceding sale was for $20,000.
William Palmer Smith, a former Governor of the New
firm
York Stock Exchange and a member of the brokerage
on Sept. 27 at his home in Plainfield,
of Breese & Smith, died
N. J. Mr. Smith until recently had continued business under
the firm name following the death of Mr. Breese some time
ago.
On Monday, Sept. 10, the Central National Bank opened
its third branch office at 82nd St. and First Ave. in the
Yorkville District of Manhattan, offering complete banking
facilities and providing safe deposit facilities.
In order to handle its increasing business the Board of
Directors of the Bank appointed three additional officers:
August J. Weiss, who entered the Central National Bank at
its inception in January 1926 as a member of the Credit
Department, was appointed Assistant Cashier and placed in
charge of the new Yorkville office. Mr. Weiss is VicePresident of the New York Chapter of the National Institute
of Credit, and a member of the New York Credit Men's
and
Caution Against Negotiation of Stolen Montgomery Association. Edward B. Concannon, a Bronx resident
Ward & Co. Shares.
to the opening of the branch at 62-64 East Mt. Eden
prior
Burnside and Jerome
On Sept. 10 1928 the following described securities were Ave. was Assistant Manager at the
B.Smith & Co. by a person Ave. office of the bank. Mr. Concannon has been appointed
stolen from the offices of Edward
Central National
who impersonated a messenger of the brokerage firm entitled Assistant Cashier. Prior to joining the
Bank he was with the Federal Reserve Bank of New York.
to the said securities:
No. 74.413. representing one hundred (100) shares Montgomery Ward & Andrew A. Allan, who likewise has been a member of the
Co., Inc., registered in the name of Horace T. FLshburn
Central National Bank since its inception has been appointed
No. 74.231, representing one hundred (100) shares Montgomery Ward
Auditor. Mr. Allan was formerly Chief Cashier of the
of Logan & Bryan.
& Co., Inc., registered in the name
No. 70,399, representing twenty (20) shares Montgomery Ward & Co.. Gulf, Florida and Alabama RR. and when he came North
Inc.. registered in the name of Logan & Bryan.
became Treasurer of the Ford Mica Co. after which
No. 70,246, representing eighty (80) shares Montgomery Ward & Co., he later
he was affiliated with the New York Joint Stock Land Bank.
Inc.. registered in the name of Logan & Bryan.
No. 63,199, representing one hundred (100) shares Montgomery Ward
& Co., Inc., registered in the name of E. F. Hutton & Co
Under the armed guard of police and private officers,
No. 73,653, representing one hundred (100) shares Montgomery Ward millions of dollars in cash and securities, were transported
Co.
& Co.. Inc.. registered in the name of Tucker. Anthony
late on Sept. 22, when the
No. 0-22,684, representing one hundred (100) shares Montgomery through the mid-town section
Ward dc Co., Inc., registered in the name of Niblack Thorne.
National Bank & Trust Co. of this city
Chatham Phenix
No. 0-22,803, representing one hundred (100) shares Montgomery Ward
moved its branch offices, formerly located at Seventh Ave.
& Co., Inc., registered in the name of James H. Oliphant & Co.
and 39th St., to 205 W. 39th St. Portions of the sidewalk
Bighana, Englar & Jones, 64 Wall Street, as attorneys for
side of 39th St. were removed and the basement
Edward B. Smith & Co., advise that further transfer of the on the south
wall of the bank's present location pierced to give access
above securities has been stopped and a general notice of the
boxes in the basement. These were
theft has been broadcast over the New York Stock Exchange to the safe deposit
moved in sections and replaced in identical arrangement in
ticker and the news ticker. A reward of $5,000 has been
new quarters. The transfer began shortly after
offered for the recovery of the securities and information the bank's
4 p. m. and was completed before night-fall. The Bank
of the thief.
leading to the arrest and conviction
was in operation on Monday morning Sept. 24. Although
complete installations have been made at 205 W. 39th St.,
to Standard Time.
Return
Chatham Phenix branch will be housed there only temDaylight saving time will end today, the official time for
porarily. On the site vacated, construction will begin
the return to standard time being 2 A. M., Sunday, Sept. 30,
immediately on a 30-story structure. The Chatham Phenix
when the clocks will be turned back one hour. The Federal
will occupy the ground floor of this building and will return
Reserve Bank of New York issues the following notice in
to its corner on Seventh Ave. and 39th St. in the autumn
the matter:
of 1929. Plans for the permanent quarters are said to
FEDERAL RESERVE BANK
contemplate one of the most complete banking houses in
OF NEW YORK
(Circular No. 873, September 25, 1928)
uptown New York. Robert C. Brown, Vice-President of
(Superseding Circular No. 840)
the Chatham Phenix, supervised the moving of the branch
RETURN TO STANDARD TIME
office, of which John M. McGrath. Vice-President, will
To all Banks, Trust Companies, Savings Banks, and
be in charge.
Bankers in the Second Federal Reserve District:
Beginning on Monday. October 1, 1928, this bank and its Buffalo
ran& will open and close far business in accordance with standard
time which becomes effective in New York City and in the City of
Buffalo by the retarding of one hour at 2 a. m. on Sunday, September 30, 1928.
Howard B. Smith was appointed Trust Officer of the
Chemical National Bank of this city on Sept. 27. Mr.
Smith has been Trust Officer of the Bank of America for
A
1758
FINANCIAL CHRONICLE
a number of years. He is President of the New York Stock
Transfer Association. Charles E. Kimball, Jr., and John
Nicholas Assistant Trust Officers of the Chemical National
Bank were appointed Trust Officers and Wallace C. Von Arx
Was made Assistant Trust Officer.
Charles Henry Godfrey, ret- ired banker and former partner in the Philadelphia banking firm of Drexel, Morgan &
Co., died on September 24 at Rumson, N. J. Mr. Godfrey
was eighty-nine years of age.
Benjamin E. Smythe, Secon-d Vice-President of the Chase
National Bank of this city in charge of the bank's branch
at 191 Montague Street, Brooklyn, died on September 25
In the Chase National Bank Building at 20 Pine Street,
Manhattan. Mr. Smythe was 58 years of age. At the time
of Mr. Smythe's appointment on August 5 1925 as Assistant
Vice-President of the Chase National Bank in charge of the
banks Hamilton Trust branch in Brooklyn, the monthly
magazine of the Chase National said:
He [Mr. Smythe] began his banking career with the Chemical National
Bank, where he remained for many years, working for some time under
Mr. William H. Porter, formerly a Vice-President of the Chase National.
Mr. Smythe retired from the Chemical to start a new bank, the Gramatan
National Bank in Brorucville, Westchester County, which he organized
and
of which he was Cashier and later President He resigned the presidency
of the Gramatan National to become Vice-President of the Scandinavian
Trust Company of New York. In September, 1923, he came to the
Chase,
being arsigned to special work with Mr. Purdy. Mr. Smythe
has for a
number of years been active in the New York State Bankers
Association
and the American Bankers Association. In 1917 he was Vice-Presiden
t of
the former, and in 1918, President. From 1919 to 1922 he
was a member
Of tele A.B.A. Council and has served on important
committees, including
the Protective, the Finance, and the State Legislative
Committee, serving
on the latter as Chairman.
Arthur S. Kleeman was elected a director of the Manufacturers Trust Company of this city on September 24.
Mr. Kleeman is a Vice-President of the bank In charge
of
Its investment department.
The Bronx County Trust Co.of this city on Sept. 19 opened
a branch office at White Plains Ave. and 233rd St. The new
office will be known as the Wakefield office.
Frederick T. Moses was elected a Director of the Providence National Bank, Providence, R. I., at a meeting of
the Board on Sept. 17.
[VOL. 127.
consolidation agreement between the Guardian Trust Company of New Jersey and the Broad and Market National
Bank and Trust Company was given by the stockholders.
The stockholders of the Broad and Market National Bank
and Trust Company also approved the consolidation the same
day. This action taken by the stockholders of both institutions makes the consolidation effective. The consolidated
bank will be known as the New Jersey National Bank and
Trust Company. The statement of the new bank, based upon figures at the close of business Sept. 27 shows capital,
surplus and profits of $4,000,000 and deposits in excess of
$20,000,000. The Board of Directors consists of the
Directors of both the Guardian Trust Company and the
Broad and Market National Bank. The New Jersey
National Bank and Trust Company will open for business
on Sept. 28. For the next two weeks the bank will occupy
the present quarters of the Guardian Trust Company of
New Jersey and the Broad and Market National Bank and
Trust Company. After that time, the new bank will be
established in its new quarters at the corner of Broad and
Market Streets. Previous reference to the consolidation
was made in these columns Sept. 15, page 1479.
Vice-Chancellor Backes of New Jersey on Sept. 25 signed
an order ending the receivership of the New Jersey Bankers'
Securities Co. On Sept. 21 the stockholders of the company
approved the settlement between Harry H. Weinberger,
former President, and the corporation that received the
tentative approval of Vice-Chancellor Backes Sept. 4. They
also elected a board of directors that he tentatively had
approved. The Newark "News" of Sept. 21, said:
Under the terms of the settlement Mr. Weinberger is to return $2,500,000
to the company, giving security to guarantee fulfIlmentof the obligation.
In addition each of nine other directors or former directors will pledge
himself to the extent of $50,000 as a guarantor that the agreement will be
carried out.
The ten directors chosen to-day are: Edward I. Edw.ards, IlernardYL.
Stafford. John J. Roegner, Robert Armstrong, George E. Morrissey.
William W. Evans. James F. Minturn, Stewart C. Rosa, Abraham Jelin.
and John F. McCormick.
Of these, four, Senator Edwards, Supreme Court Justice Minturn, Mr.
Roegner and Mr. Evens, are present directors and among the guarantor'.
EdwardsMay Be President.
It Is expected that the directors will elect Senator Edwards President
and Mr. Jelin, Vice-President and Manager.
Pending clearing up of the matter, Vice-Chancellor Backes has held
jurisdiction over the affairs of the company by postponing hearings in the
receivership proceedings against it. John J. Stamler, who has been acting
as President of the company at the request of the Vice-Chancellor and
through whose unremunerated efforts the settlement was brought about.
automatically retiree.
Frederick I. Pugsley, Cashier of the Westchester County
National Bank of Peekskill, N. Y., and President of the
Westchester County Bankers Association, has recently completed a tabulation of the banking resources of Westchester
The Board of Directors of the Hibernia Bank & Trust
County as of June 30 1928. The total resources of the Co. of New Orleans
has declared a quarterly dividend at
sixty-one banks amounts to $395,756,846, an increase in one the rate of 5%, or
$1.25 per share, on its $25 par value
. year of more than thirty-one million dollars. There
are shares. This dividend combines the dividend of the bank
thirty-one National Banks in the County with resources of on its own stock
and the dividend on the common stock of
$141,639,708; nineteen State Banks and Trust Companies Hibernia Securities Co.,
Inc., held in trust for the stockwith resources of $129,790,102 and eleven Savings
Banks holders of the bank. On the old stock of $100 par value
with resources of $124,327,036. Mr. Pugsley's records
do the regular quarterly dividend was $4.50 per share and in
not disclose that any new banks have been opened
during addition Hibernia Securities Co., Inc., paid separately a
the past year although several organizations are under
way quarterly dividend of 50c. a share, making a total of $5
and will probably be opened for business in the near
future. per share, so that the total disbursement remains the same
as before. The board of
Kelley Graham, President of the First National Bank of usual quarterly dividend directors has also declared the
on the salaries of the employees,
Jersey City, has been elected a director of the First National the amount for
each employee being determined by the
Bank of Milburn, Essex County, N. J. Interest is lent length of service and
size of salary. Every employee parto the announcement by the fact that Mr. Graham has ticipates in this
distribution.
been instrumental in negotiating the terms of a merger
of the First National Bank of Jersey City and the Lincoln
The American Colonial Trust Co. of Porto Rico opened for
Trust Co., which, it is stated, will give the enlarged First business on Sept. 17th with offices on the third floor of the
National resources of more than $30,000,000. The merger American Colonial Bank of Porto Rico. The new company
proposal has been approved by the directors of both banks has a paid in capital of $100,000, and the shares are all held
and will soon be submitted to stockholders for ratification. by the American Colonial Bank of Porto Rico,excepting the
A point of interest incident to the merger is the fact that qualifying shares of the directors. The officers of the new
when the McFadden bill, extending the scope of national company are: William Schall, President; F. M. Schall,
banks, became law in the spring of 1927, the First National Vice-President; H. L. Cochran, Vice-President; Salvador
of Jersey City was the first national bank in the United Suau, Trust Officer; D. P. Campbell, Secretary; and Rafael
States to be granted permission to open branch banks. Cabrera Torres, Treasurer. The directors are: William
These were the "Old Bergen" branch at 89 Monticello Ave. Schall, F. M. Schall, H. L. Cochran, Salvador Suau, E. S.
and the "Hudson City" branch at 286 Central Ave. Ac- Paine, W. R. Bennett, Eduardo Giorgetti, Adolfo Valdes,
quisition of the Lincoln Trust Co. will give the First National Jose Hernandez Usera, Cecilio Moran, Dionisio Trigo, A.
the main office of that institution at Montgomery and Rauschenplat, 0. B. Frazer, Rafael Carrion and J. Henri
Washington Sts. and its new uptown branch in Bergen Brown. As there was no legislation in Porto Rico regarding
Square adjacent to Journal Square. With its headquarters corporate trusts, the American Colonial Bank of Porto Rico
at 1 Exchange Place, the First National Bank of Jersey had such legislation passed, and the new corporation is the
City will thus have five completely equipped offices through- first trust company to operate in Porto
Rico under the new
out Jersey City.
laws.
• At a meeting of the stockholders of the Guardian Trust
The American Colonial Bank of Porto Rico, San Juan,
Company of New Jersey held on Sept. 27, approval of the Porto Rico, announces
the election of C. Stewart Graham
SEPT. 29 1928.1
FINANCIAL CHRONICLE
1759
and D. P. Campbell as Assistant Vice-Presidents and bank, called at the State Department of Trade and Commembers of the Board of Directors. Mr. Graham has had merce in Lincoln to protest against the closing of the bank.
wide experience in banking, as formerly he was manager of This paper said in part:
with
Trade and Commerce,
That the
the Banco Mercantil American° del Peru; later he was the shortageState Department offrom the Deemer bank, familiar Paul
allowed
of at least $67,000
National Bank Examiner in the Second Federal Reserve Wupper, missing president, to leave for parts unknown, was revealed
District, and more recently Foreign Representative of the Thursday (Sept. 20) in an interview with Secretary Clarence Bliss by the
Bank of America, New York, in Colombia. Mr. Campbell Associated Press. that Mr. Wupper came to Moan Tuesday. the day
Mr. Bliss said
was formerly Auditor, and later Assistant Cashier of the after the examiners appeared, to protest against the closing of the bank.
as Examiners J. F. McClain and L. C. Sorenson had recommended. The
American Colonial Bank of Porto Rico.
secretary prided himself on prompt action is the case, he declared.
• The National City Co. has prepared what is believed to be "He claimed he could raise the money right away to make good the discrepancy by disposing of a ranch he owned," Bliss declared.
the first pamphlet issued by any American Investment organiBank examiners said that conditions had been in the present condition
In the bank for nearly 12 years, although an examination last May showed
zation written exclusively in Chinese. A Cady, manager of
wrong.
the company's Shanghai branch, has written the A. B. C. nothingThursday afternoon State Sheriff Condit, to whom the direction of
Late
of investment for the benefit of Chinese investors and the the search for Wupper has been given, said. that absolutely nothing was
pamphlet contains, in addition information concerning the known of the missing banker's location.
organization together with a description of various bond
The St. Louis "Globe-Democrat" of Sept. 21 reported the
issues floated by the National City. A supplementary
opening the previous day of a new bank in Belleville, Ill.,
booklet, also written in Chinese, gives the latest statement
the Belleville National Bank, making the fifth financial
of condition of the National City Bank of New York.
institution in that city. The new bank, which was recently
At the regular monthly meeting of the directors of the chartered by the Comptroller of the Currency is capitalized
First Citizens' Trust Co. of Columbus, Ohio, on Sept. 20 at $100,000 and has a surplus of $50,000. The officers are:
Robert H. Schryver, Chairman of the Board of Directors, Lee Grandcolas, Chairman of the Board; John Wilbret,
tendered his resignation, according to the Columbus "Ohio President; P. C. Otwell, First Vice-President; Walter FreudState Journal" of Sept. 21. Prior to the merger of the First enberg, Second Vice-President; F. William Kaiser, Cashier,
National Bank and the Citizens' Trust & Savings Bank last and Walter Kottmann, Assistant Cashier..
spring to form the present organization, Mr. Schryver was
A dispatch from Tulsa, Okla., on September 21, printed
president of the latter institution. It is understood, that in the "Wall Street News" of the same date, reported that
Mr. Schryver intends to devote his undivided attention to the First Trust and First IVational Bank of Tulsa, Okla.,
his property interests in Ohio and elsewhere. In regretfully and the First Trust and Savings Bank of that city had
accepting Mr. Schryver's resignation, the directors of the consolidated under the title of the First National Bank and
First Citizens' Trust Co. adopted a resolution tendering Trust Company of Tulsa. Otis McClintock is Pesident of
their appreciation of his many years of devoted service and the enlarged bank, it was stated. Mr. !IleClintock is Viceexpressing their cordial good wishes for his continued
President of the Independent Oil and Gas Company.
success and welfare.
the
That the proposed merger of the City Savings Bank and
From the Chicago "Post" of Sept. 18 we learn that John
the Fidelity Bank & Trust Co., Memphis, Tenn.institutions,
Bain, executive head of 11 of Chicago's outlying banks,
with the Manhattan Savings Bank & Trust Co. of that city.
and his associates in the directorate of the Armitage State
was to become effective on Monday of this week (Sept. 24)
Bank of Chicago, recently purchased a modern bank build- was indicated in the Memphis "Appeal" of Sept. 21, which
ing at Armitage and Kimball Ayes., that city, and the bank stated that the directorates of the three institutions had
was to be moved to its new quarters on Sept. 22. The formally approved the consolidation on Sept. 20. As part
capital of the Armitage State Bank, the paper mentioned
of the merger plan the capital of the Manhattan Savings
said, is to be increased to $200,000, and the surplus to
Bank & Trust Co. was increased from $150,000 to $3E0,000.
$50,000. As of Sept. 13 the total resources of the instiIt has a surplus of $400,000 and deposits of $9,000,000.
tution were $657,000. The officers of the bank are as follows:
Hirsh Morris, said to be the oldest bank President in point of
John Bain, Chairman of the Board and President; John H.
service in Memphis, continues to bead the enlarged bank,
Bain, Jr., Vice-President and Cashier; C. C. Zillman,
William White, former President of the City Savings
Vice-President and Erwin Larsen and Theodore Zillman, while
Bank, has been made Executive Vice-President. Other
Assistant Cashiers.
Officers of the enlarged bank are: Charles J. Haase, W. E.
_____
Associated Press advices from Omaha, Neb. on Sept. 20' Standsbury (former President of the Fidelity Bank & Trust
printed in the New York "Times" of the following day, Co.), J. D. McDowell,Frank T. Cochran,D.D. Robertson,
stated that three Nebraska banks were in the hands of the L. G. Van Ness, J. P. Longon, H. W. Hurt, W. C. McState Banking Department on that day because of alleged Daniel and F. C. Dickson, Vice-Presidents, Eldredge Armiirregularities, and county and State authorities, armed with stead, Cashier; Lee Weed and S. N. Castle, Assistant Casha warrant charging embezzlement of $67,000, were searching iers, and NV . Murrah, Trust Officer. Three new directors
for Paul Wupper, President of the institutions. The banks have been added to the board of the enlarged bank; these
are the Beemer State Bank at Beemer, the State Bank of are T.H.Tutwiler,President of the Memphis Street Railway
McLean and the State Bank of Morse Bluff. J. F. McLain, Co., Rogers Caldwell of Nashville, Tenn. and Edward.
State Bank Examiner, was reported as saying the shortage Potter, Jr. also of Nashville. The new bank has an execuat the Beemer bank might reach $400,000. The deficit was tive committee consisting of the following directors: E. G.
discovered, the dispatch said, when State bank examiners Willingham, Chairman; Hirsh Morris, William White,
checked Mr.Wupper's accounts at the Beemer bank on Sept. Wessell Randolph, T. H. Tutwiler, Rogers Caldwell, W. E.
17. Following a conference with the examiners and officials, Stansbury, Edward Potter, Jr. and Mitchell Rosenthal.
For the time being the enlarged bank is operating two
Mr. Wupper and G. C. Meyer, Vice-President of the Deemer
bank, left for Lincoln, Neb., where Mr. Wupper said he branches, the Fidelity branch in the former quarters of the
hoped to raise the money. Failing to get the money at Fidelity Bank & Trust Co. (with W. E. Stansbury, former
Lincoln, Mr. Meyer said, the last he saw of President President of the Fidelity Bank & Trust Co. as Executiim •
Wupper was in Omaha, when the latter told him he was Officer) and the City Savings branch in the former quarters
going to see a friend in Chicago from whom he hoped to of the City Savings Bank. In a later issue (Sept. 22) the
borrow the money to cover the shortage. Mr. Wupper, the Memphis paper stated that the City Savings Bank Building
dispatch furthermore stated, has been President of the at the Northeast corner of Madison Avenue and Second
Boomer bank for more than 20 years, and Mayor of Beemer Street (which building and that of the Fidelity Bank & Trust
for 16 years. A later dispatch by the Associated Press from Co. were not included in the merger) was the previous day
Lincoln (Sept. 21), appearing in the Omaha "Bee" of the acquired by the Manhattan Savings Bank & Trust Co. ina
following day, reported that the State Guaranty Com- real estate transaction involving $250,000 and that the
mission on that day had sent A. A. Held to take over the purchase would be followed on that afternoon (Sept. 22) by
Beemer State Bank, and put Charles Stone in charge of the the acquisition of the building immediately North of the bank
institution. George Parker of Newcastle, Neb., a member building, fronting 80 feet on Second Street and extending
back 70 feet, the latter transaction involving several hundred
of the Commission, it was said, would become receiver of thousand dollars. Continuing this paper said:
bank, which has approximately $750,000 of deposit
the
The purchase of the City Savings Bank Building was authorized at a,.
liabilities. According to the Omaha "Bee" of the same date meeting yesterday afternoon of the executive committee of the enlarged
Manhattan institution. As soon as plans are completed by Hanker &
(Sept. 21) Paul Wupper, the missing President, on Sept. Cairns, local architects, the property_will be extensively improved and con18, the day after the examiners appeared at the Beemer verted into one of the most modern banking houses in the south.
1760
FINANCIAL CHRONICLE
[Voi... 127.
Reference to the proposed merger of these banks was made
The Board of Directors of the Los Angeles,First National
in the "Chronicle" of July 21, last, page 365.
Trust & Savings Bank, Los Angeles, at its meeting on Sept.
21,accepted the resignation of Peter Tognazzini as a member
The proposed consolidation merger of the American of the Executive Board of
the San Louis Obispo Branch, and
National Bank of Richmond, Va., and its affiliated institu- and elected his son,
Benjamin A. Tognazzini, to succeed
tion, the American Trust Co.,under the title of the American him. The elder Mr.
Tognazzini is relieving himself of
Bank & Trust Co. was approved by the respective stock- many interests and responsibilities
on account of his advanced
holders of the banks recently, according to advices from years and ill health.
Richmond on Sept. 17, appearing on the "Wall Street
News" of the same date. The enlarged institution, the
Advices from Pasadena on Sept. 17, printed in the Los
dispatch said, on Jan. 1 1929 will have combined capital Angeles "Times" of the following day, stated that Reese
H.
and surplus of approximately $5,250,000, and will be one Taylor, Superintendent of the Llewellyn Iron Works of Los
of the ten largest banks South of Baltimore. Reference Angeles, had been unanimously elected on that day a member
to the proposed union of these banks was made in the of the executive board of the Pasadena branch of the Los
"Chronicle" of May 26, page 3247.
Angeles,First National Bank, Los Angeles.
An Associated Press dispatch from Dublin, Ga., on
The election of Culbert W. Faries as an Assistant Trust
Sept. 24, printed in the New York "Times" of the following
Officer of the Los Angeles-First National Trust and Savings
day, reported that the First National Bank of Dublin, an
institution capitalized at $200,000, was closed on that day Bank, Los Angeles, was announced on September 23 follow(Sept. 24), leaving the town without a bank. According to ing a meeting of the Board of Directors of that institution.
an announcement by H. S. Day, Vice-President, the bank Mr. Faries has taken up his duties in the corporate trusts
was closed to ocaserve its assets and negotiations are under and agencies department of the banks of which W. N.
way for a large bank to take over the institution. The bank, Bucklin, Jr., Vice-President, is the manager. He goes to the
which was organized in 1920, in its latest statement showed Los Angeles bank from San Francisco where he has been
Secretary and Treasurer and Office Engineer for the
deposits of between $700,000 and $1,000,000, it was said.
Feather River Power Company since July 1925, and also
On Sept. 20 the Houston National Bank, Houston, Tex., Office Engineer with the Constant Angle Arch Dam Co.
opened for business in its handsome new bank building, since August 1921, including the period of his affiliation
recently completed at a cost of $1,000,000, as reported in with the Feather River Power Co.
the Houston "Post" of Sept. 19. It occupies the same
site as the bank's old home at Main St. and Franklin Ave.
W. M. Crandall, Escrow Officer, Los Angeles, First NaThe formal opening of the building, it was stated, would tional Trust & Savings Bank and C. E. Lones, Manager,
not take place for several weeks, according to C. S. E. Avalon & Vernon Branch, Los Angeles,First National Trust
Holland, the bank's President. The following description & Savings Bank, were the speakers on Sept. 21 at the dinner
of the interior of the new baking home is taken from the meeting of the East Side Bankers Association, held in the
Houston paper:
club rooms of the Administration Building, in the Central
The building is three stories, but has the height of six. The distance Manufacturing
District. Mr. Crandall, a former president
from the main floor to the dome of the handsome ceiling is 55 feet The
transit, auditing and mail departments are located on the mezzanine and of the California Escrow Association, spoke on "The History
the safety deposit, funds and record vaults in the basement. The third of Escrows." Mr. Lones, who is First Vice-President of the
floor is devoted to directors' rooms and other departments. The lobby Los
Angeles Chapter, American Institute of Banking and
of the bank, finished in imported marble and Italian travertine. is 45
by 90 feet. Cages and banking windows are finished in bronze, as is all Chairman of the chapter's Education Committee had as his
of the grill work. The ceiling is elaborately decorated in the mosaic subject "The 1928-29 Education Program in the American
design. The figures are painted, giving the appesance of sculpture.
In low relief, and the balcony with its beautiful arches is in harmony Institute of Banking. The East Side Association comprises
The ceiling is lighted indirectly, huge bowls on pedestals on the railing in its members the Managers and Assistant Managers of the
around the balcony containing lights. Full length windows also supply thirteen branch banks and
the Presidents and Cashiers of
plenty of natural light to the spacious lobby. From the centre a stairway
department. Surrounding the opening of the stairway on the main floor the three independent banks, all east of the Los Angeles
is the marble check desk, where 30 people may be accommodated at one river.
time. The bank has 17 cages. A feature of the bank is the 46
-ton vault
which guards the boxes of depositors. Despite its weight, it swings open
easily.
The Houston National Bank is one of the oldest banks
in Houston, having been organized in 1876 by the late
Henry S. Fox. It is capitalized at $1,000,000 and had
total deposits on June 30 of $15,560,859. Its officers,
in addition to President Holland, are as follows: R. S.
Sterling, Chairman of the Board; Melvin Rouff, Joseph F.
Meyer Jr., and J. W. Fincher, active Vice-Presidents;
Dr. J. Allen Kyle, George L. H. Koehler, A. E. Kerr,
F. P. Sterling, and J. Milton Howe, Vice-Presidents; T. M.
McDonald, Cashier; K. V. Hahn and Bryan Sparks, Asst.
Cashiers, and N. F. Pennington, Auditor.
A dispatch from Austin, Tex. to the Houston "Post" on
Sept. 11 reported the closing within the previous week of five
inter-related Southwest Texas State banks. Financial
stringency in the live stook industry dating back to deflation
days, the dispatch said, was blamed for the banks'embarrassment. The institutions, all under the same ownership, are
the Yoakum State Bank, capital $100,000, the First State
Bank of Hallettsville, First State Bank of Westhoff, Security
State Bank of Alice, and State Bank of Orange Grove. The
last mentioned bank closed its doorson Sept.10. The affairs
of all the banks have been placed in the hands of the State
Banking Department. Philip Welhausen, President of the
Yoakum institution, the dispatch stated, was also President
of all the other institutions; he had resigned his office a few
days previously, according to the State Banking Department. A later dispatch (Sept. 13)from Austin to the Dallas
"News" in reporting the failure said:
Driscoll and Welhausen interests owned the Yoakum State Bank, which
was the central institution for the other 4 establishments, and on its closing
the subsidiaries did likewise. Each of the smaller institutions Is understood
to have had deposits with the Yoakum bank.
Plans for re-organization and continuation of the business for the 4
smaller banks are under way and no effect of the closings will bt felt by other
banks in that territory, it is said. Re-organization is not expected for the
Yoakum bank,however.
That Bank of Italy and Bancitaly Corp. stockholders are
to receive one share of Bank of America, New York, capital
stock for each 40 shares of Bank of Italy and Bancitaly
Corp. stock owned as of Nov.1, was reported in the following
dispatch from San Francisco yesterday (Sept. 28) to the
"Wall Street Journal":
Bancitaly Corp. announces distribution to stockholders of Bank
of
Italy, and Bancitaly Corp. of one share of capital stock of Bank of America
for each 40 shares of Bank of Italy and Bancitaly Corp., owned,
payable
Jan. 1 to stock of record Nov. 1. On basis of present price of Bank
of
America, this means Bank of Italy and Bancitaly Corp. stockholders
will
receive the equivalent of a special dividend of $5 a share. The tote
value
of stock aggregates more than $35000000.
Stockholders of Bancitaly Corp. and Bank of Italy, who subscribed for
Bank of America at $22b earlier in the year, are given a sufficient additional
advantage so that for each five shares originally purchased they will
now
own eight shares. Thes3 subscriptions were on the basis of one share for
24 of Bancitaly or Bank of Italy held.
The Pacific National Bank—a recently organized Seattle
Institution—opened very auspiciously on Sept. 17, according to the Seattle "Post-Intelligencer" of Sept. 18. Large
quantities of flowers, the gifts of other banks, bond houses,
and Seattle business men, were sent to mark the occasion
and throughout the day the banking rooms were thronged
with visitors, the bank being obliged to re-open in the
eN ening from 7 until 10 to accommodate all who wished to
al tend. Deposits for the day were estimated at $2,000,000.
The new bank and its affiliated securities company, the
Pacific National Co., have between them combined paid-in
cnpital and surplus of $3,750,000. William Calvert, Presidimt of the San Juan Fishing & Packing Co., is Chairman of
the Board of the new institution, while George H. Greenwood
is President. Mr. Greenwood went to Seattle recently from
Spokane, Wash., to head the new bank. In the latter city
he was a Vice-President of the Old National Bank & Union
g'rust Co. Items regarding the organization of the new
Pacific National Bank appeared in the "Chronicle" of June
10 and July 28, pages 3710 and 506, respectively.
•----
14
SEPT. 291928.]
FINANCIAL CHRONICLE
1761
Atlantic Refining and Texas Corp. General Motors improved about five points. Chrysler reached a record top;
Hudson sold up to 89% at its high for the day, and Hupp
4
closed at 76 2, as compared with its previous final at 743 .
United States Steel common moved forward and again
sold above 160 and most of the independent issues made
further progress upward. Montgomery-Ward reached the
highest top in its history and Radio Corp. advanced more
than 10 points and crossed 210. Pittsburgh & West Virginia and Delaware & Hudson were the strong spots of the
railroad group, the latter swinging upward about four
points.
The market suffered a severe setback on Thursday, particularly in the forenoon when the heavy realizing sales
carried prices to lower levels. As the day advanced some
of the early losses were recovered. General Motors broke
to 209, but later rallied to 210 where it was off about four
points from the previous close. United States Steel was
down about a pointfrom its new top level of 161% and most
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
of the independent issues were lower. Specialties moved
The stock market was active and strong early in the upward and downward, Case Threshing Machine, for exweek, but subsequently displayed considerable irregularity ample, broke from 363 to 351, but in the rally later in the
on profit-taking, which, however, was confined largely to day recovered to 358, Wright Aero moved around in a
speculative industrials, motor shares and specialties. One similar way and many of the high class speculative issues
of the features of the early part of the week was the demand slipped back with losses ranging from five to 10 points.
for copper stocks, which moved briskly upward and in Railroad stocks improved and sharp advances were recorded
numerous cases advanced into new high ground. Motor in St. Louis-Southwestern which reached a record top with
shares have been somewhat erratic, though General Motors a gain of five points to 119, though it receded to 1145 in
%
at one time raised its top to the highest level in its history. the closing hour. Kansas City Southern, Reading, Rock
The Federal Reserve Bank's weekly statement of brokers' Island, Missouri-Kansas-Texas and Texas & Pacific were
loans showed a further increase of $54,232,000. Call money also outstanding strong features of the rails. Most of the
ranged downward from 7%% on Monday to 6% on Wednes- securities that were strong earlier in the week receded from
day and Thursday, but spurted to 8% on Friday. The one to two points. Continued irregularity characterized
market slipped back on Saturday and many of the highly the movements of prices during the greater part of the session
speculative issues that have been most active in the trading on Friday and the trend of the market was generally toward
moved fractionally downward. General Motors, for in- lower levels until the last half hour when a moderate rally
stance, was heavily sold and closed with a substantial loss. carried a number of the more active issues to higher levels.
Radio Corp., Du Pont, Wright Aero and Montgomery- Railroad shares were in actvie demand at improving prices,
Ward were also weak and closed at lower levels. Copper the strong stocks including such securities as Kansas City
stocks continued to show considerable strength during the Southern, Rock Island, Missouri-Pacific and Atlantic Coast
early trading, but dropped back in the closing hour. This Line. Specialties moved sharply upward under the guidwas also true of Chrysler Motors and Hupp, but Hudson ance of A. M. Byers which reached a new peak at 135 with
was strong all through the session and closed with a net gain a net gain of 10 points. Johns-Manville also moved into
of 1% points. Oil stocks were comparatively strong, At- new high ground with a gain of five points and Gillette
lantic Refining gaining six points to a new high above 189. Safety Razor reached its best with a gain of nearly seven
The market resumed its upward swing on Monday with the points. United States Steel common receded a point or
motor stocks leading the advance. Chrysler forged ahead more below its previous close. Chrysler was the outstandinto now high ground and closed with a net gain of 31 ing strong issue of the motor group and closed with a net
4
points for the day. Hudson, Graham-Paige and Chandler- gain of 61% points. Other strong issues included American
Cleveland were other strong features. United States Steel Can which gained 2% points to 1073 , American Zinc &
4
common moved into new high ground above 161 and closed Lead which improved nearly two points and Mexican Seaat 160% with a gain of nearly three points. Copper stocks board which scored a net gain of 21% points to 321%. The
continued to advance, Greene-Cananea shooting forward final tone was good.
more than five points to above 135. Anaconda reached a
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
new top at 84% and Kennecott reached a new peak at 102.
DAILY, WEEKLY AND YEARLY:
Copper, Calumet & Arizona and most of the others
Chile
Railroad,
State,
I Stocks,
United
sold at higher prices. Public Service of New Jersey sold up
&c.,
Number of
Stales
Week Ended Sept. 28.
Municipal &
Bonds.
Foreign Bonds.
Shares.
Bonds.
to 69%. Specialties continued their advance under the
leadership of Union Carbide & Carbon which advanced Saturday
$3,827,000
2,156,810
$1,164,000
$133,000
7,311,000
4,240,850
1,917,500
Monday
424,000
about 10 points to 190.
7,280,000
2,595,000
4,599,390
700.000
Tuesday
6,991,000
4,287,000
2,404,500
262,000
opened strong on Tuesday but became er- Wednesday
The market
4,020,980
6,068,500
2,133,000
Thursday
136.000
3,706,500
6.209,000
1,806,000
268.000
ratic as the day advanced. Public utilities were particu- Friday
larly strong, National Power & Light again assuming the
Total
23,011,530 $37.686,500 $12,020,000
$1.923,000
leadership of the group with a gain of two points to a new
Sales at
Week Ended Sept. 28.
Jan. 1 to Sept. 28.
top above 43. Consolidated Gas crossed 81 at its high for
New York Stock
Exchange.
1928.
1927.
1928.
1927.
the day, but slipped back to 79% and closed with a net gain
587,923,729
413,147,153
of one point. Copper shares lost none of their buoyancy, Stocks-No,of shares_ 23,011,530 11,373,600
Bonds.
now highs being recorded by Calumet & Arizona, Ana- Government bonds_ __ $1,923,000 $6,979,000 $146,801,250 8231,799.800
State and foreign bonds 12,020,000 14,167,500
583.440,635
617.010.600
conda and Kennecott. Motor stocks did not do so well, Railroad & misc. bonds 37,686,500 43,743,750 1,764,206,176 1,632,976.300
General Motors dropping back to 211, followed by Chrysler
Total bonds
$51,829.500 $84,890,250 $2,493,448,081 $2,481.786,700
which was off about two points and Hudson which moved
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
in a similar way. Merchandising securities were well up
BALTIMORE EXCHANGES.
with the leaders, Montgomery-Ward advancing into new
Boston.
Philadelphia.
Baltimore.
high ground above 265. Sears-Roebuck also bounded forWeek Ended
Sept. 28 1928.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond5alat.
ward about six points to 153%. Wright Aero made a sharp
advance of 12 points and closed around 172. Curtiss, on Saturday
"41,918
83,950 a16,173
89,000
52,473
811,000
Monday
*62,325
15,000 a49,289
45.000
53.094
48.000
the other hand, was off about four points and closed at Tuesday
27,400
52,496
*65,836
11,000 a64,282
64,000
Wednesday
*61,919
26,500 a45,055
27,000
52,538
28,200
Wednesday trading slowed down somewhat, Thursday
146%. On
*65,471
39,000 a52,517
39,500
52,713
30,100
21,345
6,000
11,580
27,000
2.076
25.000
though prices as a rule were higher. Public utilities con- Friday
tinued to attract considerable speculative attention, especiTotal
318,814 $101,450 238,896 $174,900
15.390 3206,300
ally low-priced stocks like Louisville Gas & Electric, Electric pr.o. waok rpvi2ed 104 ann 572 ROA 022 024 lien sin In nil sig., onn
Power & Light and National Power & Light. Consoli- • In addition sales of rights were: Saturday, 188: Monday. 555: Tuesday, 738
dated Gas and Public Service of N.J. were also in demand at Wednesday, 1,325: Thursday. 122.
a In addition sales of rights were: Saturday, 2,600; Monday. 2,400: Tuesday;
improving prices. Oil stocks attracted increasing attention, 3,000: Wednesday, 4.800; Thursday, 9,300
S In addition sales of rights were:
particularly such shares as Pan-American "B," Skelly Oil, Wednesday; 193: Thursday, 229, Saturday, 478: Monday,313; Tuesday; 127;
Advices from Montreal on Sept. 21 to the New York
"Journal of Commerce" stated that the shareholders of the
Canadian Bank of Commerce (head office Toronto) at their
special meeting at which they ratified the proposed merger
of the Standard Bank of Canada with the institution, also
amended the bank's by-laws in such a manner as to permit of
the addition of former directors of the Standard Bank to the
board. S. H. Logan, the present General Manager of the
Canadian Bank of Commerce, will hold the same position
in the enlarged bank and will also become a member of the
board of directors, while Arthur F. White,now President of
the Standard Bank of Canada, will also be elected a director
of the new institution, along with T. H. Wood, A. M. M.
Kirkpatrick, F. W. Cowan, A. R. Auld and W. K. George,
directors of the Standard. The Standard Bank will lose its
identity on Oct. 31 and the new directors will be elected
Nov. 1.
1762
FINANCIAL CHRONICLE
THE CURB MARKET.
There was a broad and active market for Curb securities
;this week and despite profit-taking and money market
conditions, prices generally moved to higher levels. Amer.
%
Rolling Mill, corn. advanced from 973 to 107, reacted to
103 and closed to-day at 1043'. Balaban & Katz, corn.
sold up from 808 to 903 and at 893 finally. Bancitaly
4
Corp. was off from 1287 to 125 but to-day sold up to 132,
%
.the close being at 130. A distribution of Bank of America
stook was announced. Bohn Aluminum & Brass advanced
from 74 to 78%, dropped to 73 and closed to-day at 75.
Checker Cab Mfg., corn. moved up from 56 to 63 5. Columbia Graphophone gained over 12 points to 853. Marion
Steam Shovel improved from 50 to 573/i and sold finally at
563/ Sparks Withington & Co. jumped from 132 to 149%,
9
.
and reacted finally to 140. Utilities held fairly well. Amer.
Gas & Elec., corn. moved up from 172 to 1843' and closed
to-day at 180. Elec. Bond & Share Securities advanced
about eight points to 135%, but reacted finally to 128%.
Among oils Standard Oil of Ky. rose from 1293 to 140 but
'reacted to 132%. Pantepec Oil of Venezuela on heavy
"transaction sold up from 123 to 153 and closed to-day at
143 . Venezuelan Petroleum was also heavily traded in
%
from 43% to 83 and at 73 finally.
A complete record of Curb Market transactions for the
week will be found on page 1792.
[VOL. 127.
The Bulletin issued from the Office of the High Commissioner for Canada
gives the finally revised statistics of Canada's silver production
for 1927
as published by the Dominion Bureau of Statistics at Ottawa. The outpit for 1927 amounted to 22,736,698 fine ounces, as compared with
22.371,924 fine ounces for 1926. British Columbia and Ontario were the principal producers, the former province contributing 11,040,445 fine ounces and
the latter 9,307,953 fine ounces.
The following ware tha United Kingdom imports and exports of
silver
registered from mid-day on the 3rd inst. to mid-day on the
10th inst.:
ImportsExports
Belgium
£101,620 Bombay
£42,300
France
72,204 Other countries
5,342
Other countries
405
£174,229
£47,642
INDIAN CURRENCY.RETURNS.
(In tars of rupees)Sept. 7. Aug. 31. Aug. 22.
Notes in circulation
18246
18290
18209
Silver coin and bullion in India
10487
1052210431
Silver coin and bullion out of India
Gold coin and bullion in India
2976
2
.fie
Wil
Oold coin and bullion out of India _
Securities (Indian Government)
4237 *
4§1
.
!)
.1570
Securities (British Government)
546
532
532
The stock in Shan rhai on the 8th inst. consisted .of about
ounces in sycee. 90.700,000 dollars and 5,580 sliver bars, as50,600.000
compared
with about 49,300,000 ounce; in sycee, 91,400,000 dollars and 6,960
silver
bars on the 1st inst.
Quotations during the week:
-Bar Silcer, Per Or. Std.Bar Gold
Cash.
2 Mos.
Per Or. Fine.
Sept. 6
269-16d.
2611-164.
84s. 11Md.
Sept. 7
2634d.
26)
-id.
84s. 11m.
Sept. 8
269-16d.
2611-166.
84s. 1134d.
Sept. 10
26 11-166.
26 Ud.
84s. 110.
Sept. 11
26 9-164.
26 11-164.
84s. 11d.
Sept. 12
26 Mel
.
28 M d.
84s. 111 (1.
4
Average
26.562d.
26.677d.
84s. 11.8d.
The silver quotations today for cash and two months'
delivery are each
34d. below those fixed a week ago.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended
Sept.28.
Saturday
Monday_
Tuesday_
Wednesday _
Thursday
Friday
*STOCKS(No. Shares).
Inthis.
Miscall:
270,200
579.780
477,700
791,030
802,010
817,760
014.
79,500
130,900
202,250
204,500
133,170
290,000
Mining.
Total.*
BONDS(Par Value).
Foreign
Domestic. Government.
33,800 383.500 $1,094,000
90,250 800,930 1,760,000
108.000 785,950 1,751,000
114,670 1,110.200 1,794,000
118,520 1,053,700 2.241,000
193,940 1,001,700 1,754,000
5181,000
300,000
401.000
397,000
261,000
342,000
Total
3,438,480 1,040,320 657,180 5.135,980 $10.394,000 $1.882.000
•In addition rights were sold as follows: Saturday, 27,700: Monday,
47,800;
Tuesday. 20.500: Wednesday, 77.400; Thursday,62,500: Friday, 40,900.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu.& Co. of London, written under date of
Sept. 12, 1928:
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat..
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Sept. 22. Sept. 24. Sept. 25. Sept. 26. Sept. 27. Sept. 23.
Silver, per oz_d 26%
284
265-18
26g
211
267-16
Gold,per flneoz-s84.11%d. 84.11%d. 84.11%d. 84.11%d. 84.11%d.
84.11348.
Consols,234%
5534
5534
55345534
5534
British, 5%___
10234
10234
10234
10234
10234
_
%_
British,
9834
9834
9854
9834
9834
French Rentes
On Parls).fr_
66.70
66.10
66.40
66.10
66.20
French War L'n
(in Paris)_fr.
94.20
94
04.10
93.80
93.70
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. lots.):
Foreign
5734
5754
5714
57
5754
5734
COURSE OF BANK CLEARIN
GS.
GOLD.
Bank clearings the present week will again show a satisThe Bank of England gold reserve against notes on the 5th inst. constituted a fresh high record, namely E173,897,335 (as compared with factory increase compared with a year
ago. Preliminary
E173.154,480 on the previous Wednesday), and represents an increase of
figures compiled by us, based upon telegraphic advices from
£19,991,021) since April 29 1925
-when an effective gold standard was
the chief cities of the country, indicate that for the week
resumed.
In the open market this week about /436.000 bar gold was available. ending to-day (Saturday,
Sept. 29) bank exchanges for all
The bulk of this amount
-about L332,000
-was secured for Germany, the
the cities of the United States from which it is possible to
balance being absorbed by the requirments of India and the Home and
obtain weekly returns will be 10.2% larger than for the
Continental Trade.
- The following movements of gold to and from the Bank of England have corresponding week last
year. The total stands at $11,961,been announced, showing a net influx of £11,000 during the week under
375,519, against $10,857,127,831 for the same week in 1927.
review:
Sept. 0. Sept. 7. Sept. 8. Sept. 10. Sept. 11. Sept. 12. At this centre there is a gain for the five days ending
Friday
Recalved
£100,000
Nil
Nil £500,000
Nil
Nil of 26.3%. Our comparative summary for the week
Withdrawn_ _ _ 10,000
follows:
28.000
Nil
14,000
Nil /537,000
The receipts an the 6th and 10th inst. were in sovereigns from
Arabia
Clearings-Returns by Telegraph.
and South Africa respectively. The £528,000 sovereigns withdrawn were
Per
Week Ending Sept. 28.
1928.
1927.
destined as follow: Canada, £800,000: Holland, £18,000 and Spain £10,000.
Cent.
The following were the United Kingdom imports and exports of gold New York
56.187,000,000 $4,900,000,000 +26.3
Chicago
registered from mid-day on the 3rd inst. to mid-day on the 10th Inst.:
587,376,685
561,205,432
+4.7
Philadelphia
448,000,000
461,000,000
-2.3
Imports- •
Boston
Exports
378,000,000
382,000,000
-1.0
Kansas City
British South Africa
£1,355,428 Germany
128,191,492
106,595,437 +20.8
£32,300 St. Louis
Arabia
100,000 Switzerland
124,900,000
39,570 San Francisco
111,900,000 +11.0
Clerniauy
25,380 Austria
184,190,000
165,770,000 +11.1
23,855 Los Angeles
Other countries
175.304,000
133,737.000 +30.1
22,561 Pittsburgh
157,439,088
148,420,449
+6.1
Detroit
£1,480,808
191,328,115
133,305,886 +43.5
£118,286 Cleveland
115.863,436
103,712,413 +11.7
The Transvaal output of gold for the month of August last amounted Baltimore
75,123.582
77,566,267
-3.1
to 891,863 fine ounces, constituting a new high racord monthly produc- New Orleans
54,274,720
63,269,973 -14.2
tion, the highest hitherto recorded being in May last when the output was
Thirteen cities, 5 days
58,806.991,118 57,348,482,857 +19.8
886,186 fine ounces. The output for July 1928 was 867,211 fine ounces, Other cities, 5 days
1,160,821,815
1.087,114,210
+6.8
amd for August 1927, 863,345 fine ounces.
Total all cities, 5 days
The following was the composition of the Indian Gold Standard Reserve
59.967.812,933 $8,435.597,067 +18.2
All cities, 1 day
1,993,562,586
on Aug. 31 1928:
2,421.530,764 -17.5
In India
Total all cities for week
Nil
$11,961,375.519 $10,857,127.831 +10.2
In England:
Complete and exact details for the week covered by the
Cash at the Bank of England
£940
Gold
2,152,334 foregoing will appear in our *ssue of next
week. We cannot
-value as on Aug. 311028
British treasury bills
7,358,370 furnish them
to-day inasmuch as the week ends to-day
Other British and Dominion Government securities
-value
as on Aug. 31 1928
30.488,356 (Saturday), and the Saturday figures will not be available
£40,000,000
SILVER.
The market has been quieter in tone, and although prices have fluctuated
they have shown a tendency to sag. The quotations of the 7th inst.-were the lowest recorded
26k6d. for cash and 264d. for two months
since April 26 and May 5 last for the respective deliveries.
China has been a consistent buyer and supplies have been forthcoming
from the Continent and the Indian Bazaars; America has been rather more
willing to soil.
The difference between the cash and two months quotations narrowed
to I
-16d. on the 10th inst. owing to the carrying forward by bear operators
of contracts falling due. However, the premium of Md. on silver for
two months delivery was re-established yesterday.
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. 22. For
that week there is an increase of 13.6%, the 1928 aggregate
of clearings for the whole country being $12,211,412,622,
against $10,753,684,070 in the same week of 1927. Outside
of this city the increase is 13.9%. The bank exchanges
at this centre record a gain of 13.3%. We group the
cities now according to the Federal Reserve districts in
which they are located and from this it appears that in the
New York Reserve District (including this city) there is an
improvement of 13.3% in the Boston Reserve District of
15.2% and in the Philadelphia Reserve District of 6.4%.
The Cleveland Reserve District shows a gain of 15.8%, but
the Richmond Reserve District has suffered a loss of 0.4%,
and the Atlanta Reserve District of 13.1%. In the Chicago
Reserve District the totals are larger by 16.5%, in the
St. Louis Reserve District by 15.0% and in the Minneapolis
Reserve District by 9.0%. In the Kansas City Reserve
District the expansion reaches 23.2%; in the Dallas Reserve
District it is 13.9%,and in the San Francisco Reserve District
28.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Sept. 22 1928.
1928.
1927.
Inc.or
Dec.
1926,
129015194 12,211,412,603 10,753,684,070 +13.
Total
4,809,278,997 4,220,814,439 +119
Outside N. Y.City
...., .,. ,....,
''
"
8,936,953,986
4,111,752,240
........
1925.
9,142,305,993
4,218,400,542
...
-
We now add our detailed statement, showing last week's
figures for each city separately, for the four yell's:
Week Ended Sept. 22.
alliria08 ea
1928.
1927.
Inc. or
Dec.
15
First Federal Reserve Dist rict-Boston
587.266
666.970
Me.
-Bangor..
4,126,714
3,877.261
Portland_ _
Mass.-13oeton _ _ 511.000,000 441,000,000
2,186.475
1,450,780
Fall River_ _ _ _
951,000
938,256
Lowell
1,015,356
996.871
New Bedford_ _
5.050,491
5,105,495
Springfield_ -.
3,408,396
3,401,519
Worcester
16,340,963
19,341,595
Gonn.-Hartford.
7,567.021
8,470,474
New Haven_ - _
12,698,500
15,434,700
R.I.-Providence
729,277
631,626
N. H.-Manche'r
•
571,235,843
-12.0
1926.
1925.
-1.8
+1.1
-0.1
+18.4
+11.9
+21.5
-13.4
709,470
3,298,303
431,000,000
1,883,328
955,214
1,078.511
5,166,510
2,986.195
12,582,286
6,471,300
13,565,000
472.293
592,695
3.285,803
397.000,000
2,071.184
869,122
1.167,304
5,366.912
3.224,826
12,108,840
6,087.187
11,269,900
633,419
495,741,103 +15.2
480,168,410
443,677,192
-New
Second Feder al Reserve D strict
5,782.960
6,219,188
-Albany..
N. Y.
1,182,600
1,267,425
Binghamton_
50,431,085
58,656,877
Buffalo
902.041
1,334.799
Elmira
1,317,100
1,265,977
Jamestown_ _
New York._ _ _ 7,402,133,625 6,532,869,631
11,964,319
13,241,506
Rochester
5.974,463
6,042,022
Syrcau,e
4,984,821
4.336,638
-Stamford
Conn.
790,000
870,820
-Montclair
N. 3.
40,478,123
46,213.547
Northern N.J_
+15.9
-33.7
York
+7.5
5,744,325
4.924,252
+7.2
964,827
816,200
+16.3
53,205.184
52,943,421
+48.0
882,794
920,743
-3.9
1,424,310
1,369,474
+ 13.3 4,825,201,746 4,923,905,451
+10.7
12,113,655
10,196,109
+1.1
4,874,576
5,347,269
+14.9
3,912,730
4,106,153
+10.2
714,131
532,464
+14.2
35.094.483
29,741,651
Total(11 Cities) 7.542,230,607 6,656,028.980 +13.3 4,944,132,761 5,034,776.187
Third Federal Reserve Die trict-Phila delphl a1,562.505
1,707,228 -8.5
1,634,257
Pa.
-Altoona. _
4.869,094 +6.1
5,165,875
5,307,098
Bethlehem _ _ _
1.235,935
1,165.405 +6.1
1.222,850
Chester
2,050,592 +1.6
2,082.850
1,877,061
Lancaster
Philadelphia_
584.000,000 539,000.000 +8.3 534.000.000
3,989.582
4,004,000 -0.4
3,799,612
Reading
5,695,454
12.279,410 -53.6
5,929,610
Scranton
5,343,363 -17.3
4,486,614
4,418,435
Wilkes Barre_
1,539,044 +33.8
2,059.556
1.714.587
York
5,498,824
6,721,016 -18.2
5.563,794
-Trenton._
N.J.
591.073,602
Fourth Feder al Reserve D strict-Clev eland
7,082,000
5,878,000 +20.5
Ohio-Akron. _
5,244,769
3,725,261 +40.8
Canton
74,243,888 +9.4
Cincinnati_- 81,227,128
152,897,991 124,076,587 +23.2
Cleveland
18.777.000 -14.9
15,981.500
Columbus
2,396,277 +33.8
3,202,800
Mansfield
5,181,490
4,518,516 +14.7
Youngstown _
-Pittsburgh
. 198,830,037 172,116,454 +15.5
Pa.
6,036,000
3.293,745
72,039,601
113,403,166
14,928,100
2.834,375
4,557,163
188,748,485
7,103,000
2.004,647
71,029,336
114,076,633
13,106,200
2,075,421
5,264,976
172,538,325
405,731,983 +15.8
403,840,635
387,198,538
Fifth Federal Reserve Dist rIct-Richm ond1,258,675
1,185,743 +6.2
W.Va.-Hunt'g'n
5,344,588 -6.0
5,022,821
Va.-Norfolk _
48,301,000
48,877.000 -1.2
Richmond _ _ _
2.785,146 -43.4
1,577,178
S.C.-Charleston
Md.-Baltimore. 101,973,919 105.637,869 -3.5
23,538,836 +20.8
9.C.-Washing'n
28,446,513
1,323,534
8,160.723
49,532,368
3,247,919
99,118,308
24,155,319
1,285,602
7,854,423
63,533,000
2,883.832
105,203.246
24,320,566
Total(8 cities)-
469,847,485
185.538,171
205,080.689
8,220,290
2,923,883
20,777.293
57,891,319
3.246,692
1,990,594
22,013,161
4,095,000
26,578,269
1,946.099
1,928,630
467,945
67,409,931
8,493,310
2,892,314
21.546,942
85,611,094
2,621,587
2,300,853
32,070.618
26,979.461
28,486,668
2.055,018
1.977.986
732,373
74,240.566
227,881,870 -13.1
219,489,106
290,008,790
Total(13 Cities)
186,580,106
187,369,182
Sixth Federal Reserve Dist rIct-Atlant a
9,549.377 -1.9
9.369.079
Tenn.-Chatt'ga
3,011,471
3,250,000 --7.3
Knoxville
9-3.3
22,336,956
23,066,009
Nashville
62,539,322 --12.3
54,590,885
Ga.-Atlanta__ _
2,161,011
3,135,558 --31.1
Augusta
3,246,083 --15.6
2,738,549
Macon
17,058,096 --28.3
12,566,120
Fla.-Jack'nville.
4,011,000 --61.1
1,559,000
Miami
31,662,244 --14.4
27,089,639
Ala.-Birming'm
1,836,056 +9.5
2,010,1188
Mobile
2,452,000 +3.7
2,542,000
MISS -Jackson._
526,192 --13.6
454,390
Vicksburg
68,278,986 --17.0
La.-NewOrleans 55,017,033
Total(8 WWI)
-
196,178,174
1928.
1927.
Inc. or
Dec.
1926.
S.
Seventh Feder al Reserve D (strict-Chi cago
237,481
244.676 +32.5
324,217
Mich.
-Adrian. _
1,077,845
1,066.552 +17.4
1,252.008
Ann Arbor.._ _
249,222.239 177,075,711 +40.7 186,738,222
Detroit
8.155.940
7,654.147 + 13.7
8.702,568
Grand Rapids.
2,651,114
2,455.405 +27.2
3,122,607
Lansing
2,570.958
2,826.881 +11.6
3,153,729
Ind.
-Ft. Wayne
21.878,000
21.563.000 +13.1
24,377,000
Indianapolis...2,838,300
2,994.800 +6.4
3,185,400
South Bend....
4,789,737
4,771,510 +27.2
5,322,654
Terre Haute_ _ _
37,910,380
40,828,254 +7.1
43,715,731
Wis.-Milwaukee
2,511,260
2,724,364 +7.3
2,922.994
Iowa-Ced. Ran.
9,622,000
9,329,450 +17.3
10.943,853
Des Moines_ _ _
5,870,562
5.906,675 +40.8
8.314.190
Sioux City_ - _ 1.205,929
1,217,347 +23.6
1,504,107
Waterloo
1,459,508
1,563,254 +10.3
1,724,9.58
Ill.
-Bloomington
735,326,715 685,278.377 +10.5 608,008,389
Chicago
1,245,235
1,309,452 -0.8
1,298,853
Decatur
4,997.396
4,416,280 +31.3
5,799,541
Peoria
2,820,396
3,076,459 +17.3
3,608.134
Rockford
2,374,814
2,074,883 +15.8
2,401,995
Springfield--
1925.
194,779
1,222,158
182.074,283
8.713,277
8.539,691
2,509,419
16,172.000
2.433,600
5,425,391
37.551,298
2.553,143
10,054.808
6,139,078
1,389.208
1,492.247
646,410,125
1,474.605
4,871.867
2,462,075
2,364,814
958,377.477 +16.5
908.963,466
942,047.766
Eighth Federa Reserve Dis trict-St.Lo nis5,584,193 i- 1.6
5,671,557
Ind.
-Evansville.
Mo.-St. Louis_ 168,100,000 138,200,000 +21.6
33,035,234 +17.8
38,921,370
KY -Louisville
355,542
323,435 +9.9
Owensboro _ _ _ _
25,587,508 -13.2
22,218,852
Tenn.
-Memphis
16,308,313 +2.5
Ark.
16,714,794
-Little Rock
321,833 +13.1
364.147
III.-Jacksonville,
1,519,135 +5.3
1,599,575
Quincy
5.027.004
143,800,000
31,093,465
250,000
25,861,035
17,100,854
343,610
1,487,691
5,453,749
141,200,000
30,012,104
279,452
34.866.308
20,798.488
388.753
1,297,884
224,963,66
234,296,688
Total(8 cities).
253.945.837
220,879,649 +15.0
Ninth Federal Reserve Dist rict-Mane apolis16,806.182 -26.3
12.381,840
Minn.
-Duluth_ _
96.818,990 +11.4
Minneapolis_ -- 107,723,581
29,429,190 +21.3
35.690.88
St. Paul
1,837,993 +9.8
1,999,25
N. D.
-Fargo...
1,695,235 +6.9
1,812,16
S. D.
-Aberdeen.
795,853 +12.1
892,49
Mont.
-Billings.
3,726,000 +11.1
4,139,00
Helena
9,868,084
84,055,131
28,998,827
1,726,835
1.240,851
674,178
3,452,929
13,909,725
93,132,181
29,245,104
1,501,640
1,594,206
760,664
3,717,369
+9.0
130,016,835
149.860,680
Tenth Federal Reserve Dist rict- Kansa s City334,052 + 13.5
379,230
Neb.-Fremont_ _
413,002 +52.0
627,588
Hastings
4,434,104 +3.8
4,603,203
Lincoln
41,891,317 +28.3
53,750,642
Omaha
8,446,418 +9.5
3,773,583
Kan.
-Topeka - 8,373,406 +8.1
9.049,199
Wichita
Mo.-Kan. City. 176,161,515 138,396,274 +27.3
6.435,904 +25.2
8,059,961
St. Joseph_ _ _ _
81,176,832 +7.0
33,361,161
Okla.
-Okla.City
1,138,976 +16.8
1,330,887
Colo.
-Col. Spgs.
a
a
a
Denver
1,444,159 +10.6
1,597,818
Pueblo
320,760
464,120
4,195,371
41,610,262
3.065.543
8,089,774
140.333,466
6,558,009
34,587,519
1,264,303
a
1,139,856
494,552
494,855
3,999,988
41,468,745
2.765,154
7,135,785
134,065,729
6,644,592
29,550,425
1,074,780
a
1.171,854
Total(7 cities)_
164,639,217
151,109,423
237,484,444 +23.2
241,628,983
228,866,459
-Da lies
Eleventh Fede ral Reserve District
1,901,245 +47.3
2,799,859
Texas
-Austin....
64,307.080 +12.4
72,293.084
Dallas
13,785,649 +17.1
16,138,623
Fort Worth.._
8.648.000 +13.7
9,831,000
Galveston...6,199,385 +11.0
6,878,525
La.--Shreport
2,024,204
58.011,634
14,986,433
14,792,000
6.810.089
2,101,530
59,736,790
14,478,066
12,773.700
7.076.881
94,841.359 +13.9
96,624,360
96,166,967
Twelfth Feder al Reserve D istrict-San Pranci sctr-46.218.184
26,861,162 +101.8
54,214.690
Wash.
-Seattle_ _
12,654,000
14,082,000 +20.7
17,002,000
Spokane
1,495,753
1,571,215 +30.6
2,051,196
Yakima
43.213,699 +2.0
42,777.077
44,083,613
Ore -Portland..
19,727.416
18,733,062 +11.4
20,862,925
Utah-S. L. City
5,448.229
5,001,486 +10.9
5,545,000
Cal.
-Fresno_
6,882,091 +30.3
6.478,887
Long Beach...
8,968,982
235,851,000 169,987,000 +38.7 166,260,000
Los Angeles..
19,291,402
19,264,03 +11.4
21,469,334
Oakland
5,686,296
6,592.675 +9.5
Pasadena
7.219.827
+3.2
8.814,163
12,110,70
12,502,380
Sacramento _
5,182,762
6,433,346
4,341,60 +48.2
San Diego
San Francisco _ 247,912,072 201,296,000 +23.2 186,395,000
2,864,03 +16.0
3,289,576
3,312,503
San Jose
+17.3
1,204,008
1,731,121
1,475,84
Santa Barbara.
2,081,24
2,234,766
Santa Monica.
2,282,999
+9.7
3,201,500 -8.0
2,893,700
Stockton
2,946.100
74.252,242
12,470,000
1,735,829
37,394.391
18,845,565
5.213,892
6,248,107
153,486,000
19.164,269
4,931,391
8,572.863
4.599.069
182.891,527
3,084,040
1,333.790
1,929,571
3,099,700
Total(12 cities)
Total(5 cities).
292,693,785
107,941,091
Total(17 cities) 894,389,988 539,559,468 +28.7 536.051,217 539,252,246
Grand total (129
12211412,622 10753684.070 +13.6 8,938,953,986 9,142.305.993
cities)
Outside New York 4,809,278,997 4,220,814,439 +13.9 4,111,752,240 4,218,400,542
Week Ended Sept. 20.
565,538.383
615,709,016
578.679.152
1,658,398
5,280,111
1,488,839
2,434,482
560,000,000
3,487,310
5,414,061
4,123,415
1,735,927
.5,453,059
+0.4
Total(10015163)
Week Ended Sept. 22.
Ckartngs at
Total(20 cities) 1,116,223,493
S
$
$
%
$
Diets.
Federal R
480,168,410
443,697,192
495,471,103 +15.2
571,235.843
let Boston _ _ - 12 tittles
7,542,230,607 6,656,028,960 +13.3 4,944,132,761 5,034,776,1E7
"
and New York_11
591,073,602
565,536,383
578,679,152 +6.4
615,709,016
Srd Philadelphia10 "
387,198.538
403,840,635
405,731,933 +15.8
469,647,465
lith Cleveland_ 8 "
205,080,669
185,538,171
187,369,182 -0.4
186,580,106
5th R1chmond _ 6 "
290,028.790
219,489,106
227,881,870 -13.1
195,176,174
$56 Atlanta_ _.13 "
958,377,477 +16.5
942,047,766
908,963,466
1.116.223,493
751' Chicago...20 "
224,963,099
234,296,688
220,879,649 +15.0
253,945,837
8th St. Loui9- 8 "
151,109,423 +9.0
149,860,889
130,016E35
164,639.217
956 Minneapolts 7 "
237,454,444 +23.2
038,866,459
241,628,983
292,693,785
1051' Kansas City12 "
94,841,359 +13.9
107,941.091
96,166,967
96,624,360
5 "
Ilth Dallaa
536,051,217
539,252,246
539,559.468 +28.7
696,389,988
1261'San Fran- _17 "
Total(12 cities)
1763
FINANCIAL CHRONICLE
SEPT. 29 1928.]
Clearings 01
1928.
1927.
Int. Or
Dec.
Canada$
$
%
131,711,406 144,457,288 -8.8
Montreal
145,513.944 139,480.308 +4.3
Toronto
42,212,308 +33.1
Winnipeg
56.185,371
19,524,430 -0.9
19,354,822
Vancouver
8,191,348 +8.8
8,909,555
Ottawa
6,830,691 +18.0
8,059,661
Quebec
2,977,070 +14.7
Halifax
3,414,502
6,739,208 -1.0
6,672,509
Hamilton
6,936,292 +69.1
11,763,765
Calgary
2,481,270 +7.1
St. John
2,656,375
2,528.195
2,361.260 +7.1
Victoria
London
3,411,141
3,238.177 +5.3
7,181,089
Edmonton
5,503,370 +30.5
7,062,852
4,913,875 +43.7
Regina
Brandon
945,104
657.806 +43.7
904,062
672.946 +34.3
Lethbridge
2,954,501
2,267,022 +30.3
Saskatoon
1,531,744
1,407,746 +8.8
Moose Jaw
1,356,324
1,288.775 +5.4
I3rantford
1,069.771 +17.2
1.253.938
Fort William....
829,712 +12.9
937.063
New Westminster
327,311 +75.6
574.874
Medicine Hat_ _ _
876,288 +14.6
1,004,657
Peterborough_ _ _ _
956,238 +0.1
956,282
Sherbrooke
1,396,931
1,204,58 +16.0
Kitchener
4,774,462 +19.3
5,694,298
Windsor
464,407 +10.4
512.521
Prince Albert....
865,407 +10.1
952.724
Moncton
1,109,270 -12.9
966,514
Kingston
706.325
729,87
-3.2
Chatham
744,93
+3.6
771,878
Sarnia
0a
„VhO
tflO.WV1.O5
a Manager refuses to report weekly clearings.
1926.
$
99,710.786
99,298,958
51,479.799
17,761,283
6,037,205
5,390,451
2,614.739
5,978,025
5,181,819
2,619,158
1,979.126
2,654,647
4,650,063
5,301,206
622,009
463.173
2,107.339
1,343,926
995,461
1,049,593
766,127
313.186
722.578
842.643
981.185
4.980,211
388,922
809,919
1,555,633
724,920
733.840
tO.4,
* Estimated,
1925.
$
87,580,133
90,386.140
65,472,853
17,379,349
5.662.798
5,223,235
8,923,024
4,976.261
4,893,465
2,453.435
2,018,680
2,614,481
4,371,198
6,177,671
649,391
524,270
1,794,049
1,207,581
957,630
1,073.419
733,048
334.588
899.555
875.018
927,445
3.493,193
275,260
770.997
749,734
.
1764
FINANCIAL CHRONICLE
CURRENT NOTICES.
[VoL. 127.
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
-Lawrence Metzger, associated with Louchheim, Minton & Co. in their 4435 Balfe Development Co., Inc.,
80 Amer. Live Stuck & Loan Co.
main office for many years, will be located at and co-operate in the manageno par
common
$26 lot
$10 lot
50 Marguerite Realty Corp.; 260
ment of their Waldorf-Astoria Branch, Fifth Avenue and 33rd St., New 25 Sprucolite Corp. class A corn_ _ _839
75,000 Internat. Co. of St. Louis,
Salerno Properties, Inc.. no Par;
York.
pref.. par $1
100 Dcrothea Realty Corp.; 20
$500 lot
Donald J. Grant, formerly with Holt. Rose and Troster, has become 42,650 Toombs& Daily Co.,class B,
Pompano Heights, Inc.; 25 Los
common, par $5
$100 lot
Olas Hotel Co., Inc
$50 lot
associated with Hall, Vogel] & Co. of this city as a special partner in charge 100
Landay Bros.,Inc.,corn.,temp.
$10,000 promissory note of Interof the Bank and Insurance Stocks Department.
att.. no par
91c.
mediary Finance Corp., dated
Mar. 31 1927
$55 let
-Shields & Co., New York, announce the opening of a Chicago office 15013.B.& R. Knight Corp.class C
v. t. c.,
888 lot $10.000 promissory note of InterUnder the management of John F. Shields, Resident Vice-President in the 96 Markt no par
& Co. A-8 common, a
mediary Finance Corp. dated
Bankers Building, 105 West Adams St.
Danish corp., 1,000 Kronen each;
Jan 29 1927
$50 lot
100 Markt & Co. A-8 corn., a
6 demand notes of Nome Sunset
Hallgarten & Co., in their weekly letter, present a resume of the
Danish corp., 5.000 kronen each,
Mines, Inc., aggregating $198,progress made by the Hamburg American Insurance Co.. a subsidiary of
$100 lot
262.71
$25101
the New York Hamburg Corporation.
By Wise, Hobbs & Arnold, Boston:
-G. Vail Hartwell, formerly Vice-President and Director of The Balti$ per sh. Shares. Stocks.
more Co., Inc., has been elected Vice-President and Director of Wellington Shares. Stocks.
$ per sh.
6 Manomet Mills_
434 52 Beverly Gas SC Elec. Co., oar 85- 88
Bull & Co., Inc., of this city.
10 Berkshire Cotton Mfg. Co
108
15 Plymouth Cordage Co
7334-7334
Mac Meekin & Williamson of Philadelphia have moved into their new 20 Naumkeag Steam Cotton Co.
6 Olympia Theatres,Inc., pref.(ctf.
13034 ex-div.
of dep. with warrants)
47
quarters in the Fidelity-Philadelphia Trust Bldg. at the southeast corner 31 Arlington
Mills
3634 6 Olympia Theatres,Inc., corn.(ctf.
of Broad and Samson Streets.
60 U. S. Worsted Corp., 1st pf_75-80c.
of dep, with warrants)
14
125 Nashawena Mills
2 units First Peoples Trust
401
The current Investment Review of Reynolds, Fish & Co. of New York
5234
S.
10c 6 Springfield Gas Light Co.(undep.)
contains analysis of Missouri, Kansas & Texas RR., So. California Edison 200 U. Co Worsted Corp. com
19 Otis
par $25
4034
63
Co. and Fleischmann Co.
10 Fairhaven Mills pref. V. t. c
4
33 Odell Mfg. Co. (Maine)
315
2134 100 John West Thread Co. corn.,
-A. William McGivney, formerly with Clinton Gilbert, has become 5 Saco Lowell Shops, 1st prof
6 Great Falls Mfg. Co
7
class B
$1101
associated with the Brooklyn Commerce Co., of Brooklyn, N. Y., in their 21 Bates Mfg. Co
14234 50 New Boston Arena Co. com___. 234
3 Hamilton Woolen Co
trading department.
21
12 Hood Rubber Co. 734% pref.. 8334
25 Great Falls Mfg. Co
734 225 Western Mass. Cos
6734 ex-div.
John B. Crowley, formerly with C. Lester Horn & Co., has become 3 Nonquitt
Spinning Co
1834 93 Messimer & Carreau Co
84 lot
associated with Hanson & Hanson of New York in their Industrial Trading 5 Acadia Mills
934 205 Great Northern Paper Co., par
26 Ft. Dodge Des M. & Sou. RR.
Department.
$25
8235-8234
Co. corn. V. 1. c.; 75 Missouri
100 Universal Chain Theatres, pref.;
Chas. D. Barney & Co. announce the opening of an uptown office at
Zincrields, pref
$5.50 lot
100 common
$50 per unit- 654 Madison Avenue, at 60th Street under the management of W. Edwin 100 Wm.Filenes' Sons Co. common
35 Old Colony Trust Associates-- 5331
(when issued)
Williams.
5434-5534 50 American Mfg. Co.. corn
45
50 American Glue Co. common__ __ 32
20 units First Peoples Trust
5234
50 North Boston Ltg. Properties
10 First National Stores, Inc., let
pref. (undep.), par $50
5134
preferred
1043( ex-d1v.40 Edison Electric Illyminating Co.
30 Merrimac Chemical Co.. Par
of Brockton, par $25
5634
$50
8834 ex-div.
220 Beacon Participations, Inc..
50 Penn Seaboard Steel Corp. corn.;
pref., class A
19-20
5 United Utilities &Service Corp.
FOREIGN TRADE OF NEW YORK-MONTHLY 50 Gt. Northern Paper Co.. Par $25 83
prof.; $53 common
$20 lot
230 Eaatem CUL Assoc., cony. alis. 1435
Bonds.
Per cent.
STATEMENT.
50 Eastern Mfg. Co., pref
7534 $1,000 Oscar G. Davies Co. Be,
100 Old Colony Trust Associates 5334
1929; $2,000 8s, 1932; $2,000 Be.
400 Carr Fastener Co., common
31
1933; $5,000 85, 1934
$10 lot
Merchandise Movement at New York.
Customs Receipts
20 Old Colony Trust Associates.-- 5334
Rights.
$ per right.
at New York.
60 Beacon Participations. Inc..
145 Broctkon Gas L. Co.(undep.)- 534
Month.
Imports.
Exports.
pref.. class A
1934 27 Dedham & Hyde Park Gas At
25 Fall River Gas Works. par 825._ 82
Electric Co., v. t. c
258-334
1928. I
1927.
1928.
1927.
1928.
1927.
10 Old Colony Trust Associates
5334 I Ilaverhill Electric Co., V. t. c---- 934
$
I
$
$
By R. L. Day & Co., Boston.
January - _ 168,712,467176,319,795148,120,044 155,804,975 25,495,311 24,850,299
$ Per Sh. Shares. Stocks.
$ per Sh.
February _ 173,826,482154,108,688 135.898.816 129,846,153 25.128,590 23.881,705 Shares. Stooks.
185,264,893185,002,299 168,891,768 150,680,298 26,742,317 26.875,460 5 Webster & Atlas Nat. Bank
2003.4 400 Golffield Deep Mines Co.,(ass't
43234
No. 12 paid) par 5c.;30 Guaranty
185,919.118188,933.508 130.785,040 164,037,393 24,102,748 28,635,472 2 Merchants National Bank
April
461
Security Corp., 7% pref., par
157,580,673 163,149.501 150,186.285139.497.479 23,853,273 24,059.482 I First National Bank
May
477
$10; 6 Guaranty Security Corp..
144.666.805165,089,895147,075,390 127,325,100 22.888,179 27,940,184 1 American Trust Co
June
common A
149,390.965 58,169,597 147,613,519 38,384,513 26,130,127 28,820,038 2Third National Bank,Springfield_ 584
July
$7 lot
9 Merchants National Bank, New2 Plymouth Cordage Co
73%
buryport, par $20
81
10 Shawmut Bank Investment Tr_ 40%
Total.- _ 1145341.4031090773,283 1028570,862905,555,911 174,320,545.180,462,640
8 First & Ocean National Bank,
4 units First Peoples Trust
52
Newburyport. par $50
141
6 special units First Peoples Trust- 334
Movement of gold and silver for the seven months:
3 First National Bank, Gardner.
..190
30 Dennison Mfg. Co., pref. let ser.10534
5 Farr Alpaca Co
108 ex-div. 3 units First Peoples Trust
52
10 William Mfg. Co., pref
$4 lot 16 Rockland Lt. di Pow. Co., corn.
Gold Movement at New York.
Silver-New York.
9 Hamilton Woolen Co
voting trust certif.. par $50
2034
121
13 McLane Silk Co., pref
40e. 120 Great Northern Paper Co., par
Month.
Imports.
Exports.
Imports.
Exports.
25 Nashua Mfg. Co., common.- 40
83
$25
2 Pepperell Mfg. Co
95
25 Old Colony Trust Associates-. 54
1927.
1928.
1928.
1927.
1928.
1928.
25 Ludlow Mfg. Associates
200
Rights.
$ Per Ri•
5 Continental Mills
8734 10 National Rockland Bank
4035
$
$
$
$
$
$
10 Beaten
29 National Rockland Bank
4135
January__
795.991 17,840,866 50,866.191 14,466,637 2,819,736 3,913,573 1 Nashua RR. Holding Co., Pre 75
& Lowell RR
12934 42 Haverhill Electric Co., (undep.) 935
February _ 5.763.918 14,080,641 24,536,938 2,084,371 1,652,499 4,325,121 13
Greenfield Tap & Die Corp.,
73 Brockton Gas Light Co., v. i.e. 71.4
March____
899,714 1,512,363 96,975,664 1,628,544 2,050,259 2,769,747
8% preferred
9834 ex-div. 132 Brockton Gas Lt. Co.(Undep.) 534
April
3,873,068 3,853,058 94.843,016 1,928.638 1,819,080 4,049,989 100 Moore
May
551,762 27,257,660 82,603.409
934
756,245 1,127,725 3,724.039 100 Moore Container Corp.. corn $10 lot 25 Haverhill Elec. Co
Container Corp., pre1.411 lot 25 Haverhill Electric. Co
877,842 8,031,123 97,939,50
June
932,108 2,762.894 3.432,299
934
July
805,267 5.215,929 72,403,84
1,090,730 2,395,829 3,401,081
By Barnes & Lofland,
gommertial and:MiscellaneousBt11313
Philadelphia:
Total
13,367.562 77.771.638520,168,56
22,887,273 14,628,022 26,615,849
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED
WITH TITLE REQUESTED.
Capital.
-The West Side National Bank of Warren, Ohio
Sept. 22
$100,000
Correspondent, John M. Orr, Box 525, Warren, Ohio'
APPLICATION TO ORGANIZE APPROVED.
-The Peoples Bank of Souderton, Pennsylvania
Sept. 20
S100,000
Correspondent. Gideon M. Haas, Souderton, Pa.
CHARTERS ISSUED.
-The First National Bank of Centerline, Mich
Sept. 17
50,000
President, Leo J. Barry. Cashier, Edward Grendzinski.
-The Needham National Bank for Savings and Trusts,
Sept. 19
Needham, Mass.
150,000
President, Horace A. Carter. Cashier, Robert M.
Tappan.
-The Forest Hills National Bank of New York, N.Y.._ _ _ 200,000
Sept. 20
President, John A. Rapelye. Cashier, Eugene T.
Burgesser.
VOLUNTARY LIQUIDATION.
-The First National Bank in Redlands,Calif
Sept. I7
100,000
Effective April 6 1928. Lig. agent, A. H. Leydecker,
Redlands, Calif. Absorbed by the Security Dank &
Trust Co. of Bakersfield, Calif.
CONSOLIDATION.
-The Tradesmens National Bank,Philadelphia,Pa
Sept. 17
1,000,000
Guarantee Trust & Safe Deposit Co., Philadelphia,Pa.
-1,500,000
Consolidated to-day under Act of Nov. 7 1928. As
amended Feb. 25 1927, under the charter of the Trades
mens National Bank (No. 570), and under the title
rradesmens National Bank & Trust Co. with
of capital stock of 83,300,000. The consolidated bank has
4 branches all located within the City of Philadelphia, l'a.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
2 Erie National Bank
16534 200 River Road Sand Ai Gravel Co.. ill j
4 Penn National Bank
758
New Jersey
21 `11
16 Dela, Co. Nat. Bk., Chester,Pa_340
17 Bessemer-Amer. Motors Corp., "
8 Mitten M. & M. Bank & Trust
partic. preferred
$1 lot
Co. (stamped)
120
32 Bessemer-Amer. Motors Corp.14 • I
25 Mitten M.dr M.Bank & Tr. Co_125
Common
81 lot
5 Union Bank & Trust Co
390
10 Merlon Title & Trust
300
25 Oxford Bank & Ti', Co., par 850.305
50 Excess Insurance Co
1835
2 Fox Chase Bk.dr Tr. Co.. par $50.345
Rights.
$ per Right.
1 Real Estate-Land Title & Tr. Co_786
100 Frankford Trust Co
142
2 Real Estate Tr. Co., ass'd core _307
200 Frankford Trust Co
141
10 West Phila. Title & Trust Co.,
2 Erie National Bank
15
par $50
265
Bonds,
Per Cent
5 Provident Trust Co
846
$2,000 Buffalo & Erle Ry., let 63is, k ,..
.
5 Provident Trust Co
845
1954. (June 1928, and all subse20 Continental-Equitable Title &
quent coupons attached)
38
Trust Co., par $50
334
$1,000 Phila. Real Estate Board,
200 Com'wealth Gas. Co., par $10_ 2
let 10-year 6s
634
100
100 Union Bldg. Co.,no par 50% pd. 16
15 Phila. Bourse, pref., par $25..._ 2634 81,000 Bergner & Engel Brew. Co., • ,
1st 65, ext. 101029. ctf. of dep... 40
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sit.
134 Nat. Motor Corp., corn. of
200 Duprat Mines, no par
434
Del., no par
50c lot 500 Kirkland Bunton Mines, Par 81.530
DIVIDENDS.
Dividends are grouped in two separate tables. In tho
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroad (Steam).
Baltimore it Ohio, corn.(guar.)
134 Dec. 1 Holders of rec. Oct. 320a
Preferred (guar.)
1
Dec. 1 Holders of rec. Oct. 206
Carolina, Churchfleld dr Ohio (guar.).
Oct. 10 Holders of rec. Sept. 29a
- 1
Stamped stock (guar.)
134 Oct. 10 Holders of rec. Sept.29a
Delaware Lackawanna & West. (guar.). "81.50 Oct. 20
*Holders of rec. Oct. 8
Georgia RR.& Banking (quar.)
*234 Oct. 15 *Holders of rec. Oct. 1
Kansas City Southern, pref. (friar.).
1
Oct. 15 Holders of rec. Sept. 29a
N.Y.Lackawanna di West.(quar3
154 Oct. 1 Holders of ree. Sept. 160
Name of Company.
SEPT. 29 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Norfolk & Western, adj. pref.(guar.).-- *1 Sept. 19 *Holders of rec. Oct.
•10,‘ Oct. 31 *Holders of rec. Oct.
Pittsburgh & West Va.(guar.)
Reading Co., common (guar.)
Nov. 8 *Holders of rec. Oct.
*81
United N.J.RR.& Canal(guar.)
234 Oct. 10 Sept. 21 to Oct.
Name of Company.
31
13
10
9
Public Utilities.
American Gas(guar.)
Oct. 11 Holders of rec. Sept.29a
82
Arkansas Power & Light,$7 pf(qu 3-- -- 81.75 Oct. 1 Holders of rec. Sept. 15
Associated Telep. & Teleg. 1st pf.(an.)- 81.75 Oct. 1 Holders of rec. Sept. 25
Class D (guar.)
SI
Oct. 1 Holders of rec. Sept.25
Bangor Hydro-Elec. Co.corn.(guar.)... *134 Nov. 1 *Holders of rec. Oct. 10
Bell Telep.of Pa.,corn.(guar.)
*2
Sept.29 *Holders of rec. Sept.
Brooklyn Borough Gas, corn.(guar.).- •111.50 Oct. 1 *Holders of rec. Sept. 29
17
Participating pref. (quar.)
575c. Oct. 1 *Holders of rec. Sept. 17
Participating pref. (extra)
•634c. Oct. 1 *Holders of rec. Sept. 17
Central Atlantic States Service, pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 25
Cent.Hud. Gas& Elec.corn. v.t. c----- 550c. Nov. 1 *Holders
Sept. 29
Ches. & Pot. Tel. of Bait., pref. (qu.)-- 134 Oct. 15 Holders of rec. Sept. 29
of rec.
Citizens Pass. Ry., Phila.(guar.)
83.50 Oct. 1 Sept. 21
Sept. 30
Colonial Utilities Co. 1st pf.(No. 1)._ _8 1.6234 Oct. 1 Holders of to Sept. 29
rec.
Diamond State TeleD.corn.(qu.)
*2
Sept.29 *Holders of rec. Sept. 29
Edison Elec. Ill. of Boston (guar.)
3
Nov. 1 Holders of rec. Oct. 10
Electric Power & Light Corp., corn.(311.) 25c. Nov. 1 Holders of rec. Oct. 13
General Pub. Serv. Corp.,$6 Pf. (111.)-- 81.50 Nov. 1 Holders of rec. Oct. 9
85.50 Preferred (guar.)
31.3734 Nov.
Holders of rec. Oct. 9
Convertible preferred (quar.)
81.75 Nov.
Holders of rec. Oct. 9
General Water Works Corp. $7 pf. (qu.) 81.75 Oct.
Holders of
Sept. 20
Illinois Northern Utilities.6% Id. (qu.).. *134 Nov. *Holders of rec. Oct. 15
rec.
Internat. Utilities, el. A (guar.)
8734c. Oct. 1 Holders of rec. Oct. la
$7 preferred (ctuar.)
81.75 Nov.
Holders of rec. Oct. 18a
Massachusetts Gas Cos., corn.(guar.).- •$1.25 Nov. *Holders of rec. Oct. 15
Missouri Gas& El. Serv., pr.lien (qu.)..- 31.75 Oct. 1 Holders of rec.
Sept.
Missouri Riv.-Sioux City I3dge. p1. (41.1.) $1.75 Oct. 1 Holders of rec. Sept. 29
30
Montreal L., H.& Pr. Consol.,com.(qu) 60c. Oct. 31 Holders of rec. Sept. 30
Montreal Tramways (guar.)
234 Oct. 15 Holders of rec. Oct. 5
N.Y.Power & Light, 7% pref.(guar.). •134 Oct. 1 *Holders of rec. Sept. 15
$6 preferred (guar.)
*$1.50 Oct. 1 *Holders
rec.
Public.Serv.Corp.of N.J.6% of.(mthly) *50c Oct. 31 *Holders of rec. Sept. 15
Oct. 5
of
Ohio Valley Utilities 6% ser. A pf.(qu.)- 134 Oct. 1 Holders of rec. Sept. 19
Quebec Power (guar.)
500. Oct. 18 Holders of rec.
30
St. Louis Public Serv. pref."A"(qu.)--- $1.75 Oct. 1 Holders of rec. Sept. 20
Sept.
San Diego Consol. Gas & Elec.. pf.(au.) 134 Oct. 15 Holders of rec. Sept. 30
Sierra Pacific Elec. Co., own.(quar.)...50c. Nov. I Holders of rec. Oct. 11
Common (extra)
100. Nov. 1 Holders of rec. Oct. 11
Preferred (guar.)
134 Nov. 1 Holders of
Oct. 11
South.Indiana Gas & Elec.. 7% Pf.(111.) 134 Oct. 1 Holders of rec. Sept. 25
rec.
Six per cent pref. (guar.)
134 Oct. 1 Holders of rec. Sept.25
8.6% preferred (guar.)
1.65 Oct. I Holders of
Standard Public Service, $7 prof. (:111.)-- $1.75 Oct. 1 Holders of rec. Sept.25
rec. Sept. 15
Banks.
Colonial (guar.)
3
Oct. 1 Holders of rec. Sept. 20a
First National. Brooklyn (guar.)
234 Oct. 31 *Holders of lea. Sept.21
Nassau National (guar.)
Oct. 1 Holders of rec. Sept. 250
3
Trust Companiee.
American (guar.)
134 Sept.29 Holders of rec. Sept. 20a
Banco di Sicilia Trust (guar.)
234 Oct. 10 Holders of rec. Sept. 29
Federation Bank & Trust (guar.)
2
Sept.29 Holders of rec. Sept.290
Lawyers (guar.)
134 Sept.29 Holders of rec. Sept. 24a
U.S. Mtge.& Trust(guar.)
*334 Oct. -Miscellaneous.
Abitibi Power & Paper, corn. (quar.)- - - $1
Oct. 2 Holders of rec. Oct. 10
Six Per cent pref. (guar.)
134 Oct. 2 Holders of rec. Oct. 10
Alliance Realty (guar.)
6234c. Oct. 1 Holders of rec. Oct. 10
Allied Chem. & Dye, cam.(guar.)
$1.50 Nov.
Holders of rec. Oct. 11
Amerada Corporation (guar.)
50e. Oct. 3 Holders of rec. Oct. 15
American Can. corn. (guar.)
50c. Nov. 1 Holders of rec. Oct. 31a
American Coal(guar.)
*51 Nov. *Holders of rec. Oct. 11
Amer. Credit Indemnity (quar.)
SI Oct.
Holders of rec. Sept. 26
American Glue. pref. (guar.)
*2 Nov. *Holders of rec. Oct. 20
American Home Products (monthly).- 25e. Nov.
Holders of rec. Oct. 130
American Ice, corn. (guar.)
50c. Oct. 2 Holders of rec. Oct. 5
Preferred (guar.)
134 Oct. 2 Holders of rec. Oct. 5
Amer. Thermos Bottle, corn.(guar.).--- *25e. Oct.
*Holders of rec. Sept. 20
Preferred (guar.)
•87.34e Oct.
*Holders of rec.
American Wholesale Corp., prof.(quar.) 134 Jan 2'2 Called for red. Sept. 20
Jan. 2'29
Anaconda Copper Mining (guar.)
81 Nov. 1 Holders of rec. Oct. 13
Assoc. Apparel Indus., corn.(mthly.)--* 331-30 Oct.
*Holders of rec. Sept. 20
Common (monthly)
* 33 1-3e Nov. *Holders of rec. Oct. 19
Common (monthly)
* 33 1-3e Dec.
*Holders of rec. Nov. 20
Common (monthly)
•33 1-3c Jan 2'2 *Holders of rec. Dec. 21
Baer,Sternberg & Cohen, 1st pref.(qu.)- 134 Oct.
Holders of rec. Sept.22
Second preferred (guar.)
2
Oct.
Holders
Bancroft(Joseph)& Sons Co. pf.(qU.)-- 134 Oct. 3 Holders of rec. Sept. 22
of rec. Oct. 15
Barnsdall Corp
*50e. Oct. 3 *Holders of rec. Oct. 10
Berry Motor (guar.)
300. Oct.
Holders of rec. Sept.20
Blnney & Smith (quar.)
2
Oct.
Holders of rec. Oct. 1
Extra
3
Oct.
Holders of rec. Oct. 1
Black & Decker Mfg.(guar.).
•250. Sept.2 *Holders of rec. Sept. 21
Blaw-Knox Co., common (guar.)
75e. Nov.
Holders
20
Bloomingdale Bros., pref. (guar.)
*134 Nov. *Holders of rec. Oct. 20
of rec. Oct.
Blue Ribbon, Ltd.(quar.)(No. 1)
•500. Oct.
Holders of rec. Sept. 15
Boston Metropolitan Bldgs., pref. (qtr.). $1.75 Sept.2 Holders of
rec. Sept. 24
Pref. (acc't accum. dim.)
h25o. Sept.2 Holders
Boston Woven Hose & Rub.,com.(ext.) 81 Dec. 1 Holders of rec. Sept.24
of rec. Dec. 1
Boyd-Welsh Shoe (guar.)
750. Oct.
Holders of rec. Sept. 27
Brompton Pulp & Paper (guar.)
50c. Oct. 1 Holders of rec. Sept. 30
Bruce Co., common (guar.)
62340. Oct.
Holders of rec. Sept. 20
Preferred (guar.)
134 Oct.
Holders of rec. Sept. 20
Bullard Machine Tool (guar.)
*3734c Sept.2 *Holders of rec. Sept. 18
Extra
•500. Oct. 1 *Holders of rec. Sept.29
Bunker Hill& Sullivan Mining(MtblY.)- *25c. Oct.
*Holders of rec. Sept.29
Extra
*50c. Oct.
*Holders of rec. Sept.29
Burkard Mfg.,common (guar.)
20c. Oct.
Holders of rec. Sept. 20
Preferred (guar.)
55e. Oct.
Holders of rec. Sept. 20
Byers(A. M.)Co., pref.(guar.)
.
1134 Nov. *Holders of rec. Oct. 15
Byers Machine class A
*900. Oct.
*Holders of
Canada Foundry & Forg., corn. A (qu.). •37340 Oct. 1 *Holders of rec. Sept. 20
rec. Oct. 1
Canadian Brewing (guar.)
500. Oct. 1 Holders of rec. Sept. 29
Canadian Fairbanks Morse, pref.(qu.)__
134 Oct. 1 Holders of rec. Sept. 29
Preferred facet accum. dive.)
h3
Oct. 1 Holders of rec. Sept. 29
Canadian Industries, Ltd., Pref.(au).. •$1.75 Oct. 1 *Holders of
rec. Sept. 29
Canadian Industrial Alcohol
Common and class 13 stock (guar.).- _
380. Oct. 1 Holders of rec. Sept. 29
Champion Shoe, pref.(quar.)
134 Oct.
Holders of rec. Sept. 25
Chapman Valve, corn.(quar.)
*82 Oct.
*Holders of rec. Sept.26
Chicago Pneumatic Tool (guar.)
•134 Oct. 2 *Holders of rec. Oct. 15
Chicago Railway Equip., pref. (guar.)._ •13( Oct.
*Holders of rec. Sept. 20
Columbia Baking. 1st pref.(quar.)
*134 Oct.
*Holders of rec. Sept. 25
Commercial Credit(New On.). Pt. (qu.) 2
Sept. 30 Holders of rec. Sept. 20
Consolidated Lead & Zinc el"A"&"B" Divide nd omi ted.
Continental Motors Corp. (guar.)
200 Oct. 3 Holders
Corn Product Refining, corn.(guar.)_ __ *50c. Oct. 2 *Holders of rec. Oct. 15
of rec. Oct. 5
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Oct. 5
Crum & Forster Insur. Share Corp. el. B c*5
Nov. *Holders of rec. Oct. 25
Curtis Publishing.corn.(mthly.)
•50c. Nov. *Holders of rec. Oct. 20
Common (extra)
*50c. Nov. *Holders of rec. Oct. 20
Dairy Dale, Inc., class A (guar.)
'3734c Nov. *Holders of rec. Oct. 15
Class B (quar.)
•1834e Nov. *Holders of rec. Oct. 15
Detroit Creamery (guar.)
.
135c Oct.
*Holders of rec. Sept. 20
Detroit Motorbus (guar.)
•20c. Oct. 1 *Holders of net. Sept. 29
Diversified Trustees Shares series B. * 87.196 cOct. •
Dominion Engineering Wks. (guar.)-- 75c Oct. 1 Holders of
rec. Sept. 29
Eaton Axle & Spring, corn.(guar.)
*500 Oct. 1 *Holders of rec. Oct. 1
Elder Mfg.. common (guar.)
250. Oct.
Holders of rec. Sept. 19
First preferred (guar.)
2
Oct.
Holders of rec. Sept. 19
Class A (guar.)
134 Oct.
Holders of rec. Sept. 19
Elgin National Watch (guar.)
*62h c Nov. *Holders of rec. Oct. 15
Emma) Derrlok & Equip. (guar.)
2
Oct. 2 Holders of rec. Oct. 10
1765
Per
When
Cent. Payable.
Books Oared
Days Incltutoe.
Mi.cellaneous (Concluded).
Equitable Real Estate(New On.)(qu.)- 3
Oct. 1 Holders of rec. Sept. 19
Fedders Mfg., cl A (guar.)
*50c. Oct. 1 *Holders of rec. Sept.21
Federal Terra Cotta (guar?
*2
Oct. 15 *Holders of rec. Oct.' 5
First Trust Bank,Inc.(qu.
12340. Dec. 1 Holders of roe, Oct.
Extra
5340. Dec. 1 Holders of rec. Oct. L31
Fisk Rubber7% let prof
First pref. convertible
}Dlvid end omi Med.
Second Prof. convertible
Fosbay(W.B.) Co. pf.(mthly.)
*50c. Oct. 10 *Holders of roe. Sept.30
Preferred (extra)
•1131sc Oct. 10 *Holders of rec. Sept. 30
Franklin(H.H.) Mfg.,corn
*50c. Oct. 20 'Holders of rec. Oct. 10
Preferred (guar.)
•1;i Nov. 1 *Holders of rec. Oct. 20
Fulton Sylphon, coin.(guar.)
*50c. Oct. 1 *Holders of rec. Sept. 27
Gemme,r Mfg.. Cl. A (guar.)
*75c. Oct. 1 *Holders of rec. Sept. 25
General Alloys. corn.(guar.)
*20e. Oct. I *Holders of rec. Sept. 20
General Outdoor Advertising, corn.(qu.) *50c. Oct. 15 *Holders of rec. Oct. 5
General Refractories (guar.)
*75c. Oct. 15 *Holders of rec. Oct. 6
Georgian, Inc., class A (quar.)
•40e. Oct. 15 *Holders of rec. Oct. 5
Gilchrist Co. (guar.)
*75e. Oct. 31 *Holders of rec. Oct. 15
Globe-Wernicke Co., pref.(quar.)
*134 Oct. 15 *Holders of rec. Sept. 19
Hamilton Bridge, pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 15
Hart & Cooley Co.,Inc.(guar.)
*$1.25 Oct. 1 *Holders of rec. Sept. 24
Extra
*500. Oct. 1 *Holders of rec. Sept.24
Hart Schaffner, Marx,Inc.(guar.)
.62 Nov.30 *Holders of rec. Nov. 15
Hawaiian Commercial& Sugar (mthly.)- •250. Oct. 5 *Holders of rec. Sept. 25
Hillcrest Collieries Ltd., corn.(guar.) - 134 Oct. 15 Holders of rec. Sept.29
Preferred (guar.)
134 Oct. 15 Holders of reo. Sept.29
Holland Land
*El Oct. 1 *Holders of rec. Sept. 20
Holly Sugar Corp., pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 15
Hussmann (Harry L.) Refr. (quar.)_-- 62330. Oct. 1 Holders of rec. Sept.20
Huttig Sash & Door, corn.(quar.)
3734c. Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
13( Oct. 1 Holders of rec. Sept. 20
Independent Oil & Gas(guar.)
1
.37%e Oct. 31 *Holders of rec. Oct. 15
Indiana Pipe Line (guar.)
81
Nov. 15 Holders of rec. Oct. 26
Special
Nov. 15 Holders of rec. Oct. 28
$5
Industrial Acceptance Corp. 1st pf.(au.) 134 Oct. 1 Holders of rec. Sept. 21
Second preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 21
Int. Cont. Invest. Corp.corn.(qu.)
•25c. Oct. 1 *Holders of rec. Sept. 25
Common (guar.)
•25e. Jan 1'29
Common (guar.)
*25c. Aprl'29
Common (guar.)
*25c. Jly 1'29
Internat. Germanic Co., Ltd.Pt.(4113
750, Oct. 1 Holders of rec. Sept. 25
International Paper, coca.(guar.)
*80c Nov. 15 *Holders of rec. Nov. 1
Italo Petroleum Corp. prof.(au.)(No. 1) 134 Nov. 1 Holders of rec. Oct. 15
Johnson Iron Wks.D. D. Shipbldg.&
Preferred (guar.)
*2
Oct. 1 *Holders of rec. Sept.26
•1
Preferred (extra)
Oct. 1 *Holders of roc. Sept. 26
Kalamazoo Stove (Stock dividend)
50 Nov. 1
Knott Corporation (guar.)
.800. Oct. 15 *Holders of rec. Oct. 5
Laclede-Christy Clay Prod., pref. km.). IX Oct. 1 Holders of rec. Sept. 26
Laclede Steel(guar.)
2
Oct. 1 Holders of rec. Sept. 24
Laconia Car Co., 1st pref.(guar.)
$1.75 Oct. 1 *Holders of rec. Beni. 27
Lawton Mills Corp.(guar.)
134 Sept.29 Holders of rec. Sea.25
Lessings,Inc.(guar.)
'Sc. Sept.29 *Holders of rec. Sept. 29
Liquid Carbonic Corp.(guar.)
*SI
Nov. 1 *Holders of rec. Oct. 20
Extra
•25e. Nov. 1 *Holders of rec. Oct. 20
Magnin (I.) & Co., corn. (anar.)
250. Oct. 15 Holders of rec. Sept. 29
Maple Leaf Milling. prof. (guar.)
131 Oct. 18 Holders of rec. Oct. 3
MarbeUte Corp. of Am.corn. & pf. (11.1.) *50e. Oct. 1 *Holders of rec. Sept. 20
Martel Mills, Inc., pref. ser. A (guar.).- 51.75 Oct. 1 Holders of rec. Sept. 2,(i
McColl-Frontenac Oil, pref. (guar.).
- 134 Oct. 15 Holders of rec. Sept. 25
Mead Pulp & Paper, coin.(guar.)
Oct. 1 *Holders of rec. Oct. 1
•$1
Metal& Mining Shares,Inc. corn.
300. Oct. 1 Holders ef rec. Sept. 21
Preferred (guar.)(No.1)
134 Oct. 1 Holders of rec. Sept. 21
Mexican Petroleum, coin. & pref.(au.). *$3
Oct. 20 *Holders of rec. Sept. 29
Moloney Electric common A (guar.).
- $I Oct. 15 Holders of rec. Sept. 30
Motor Products Corp., corn.(cm.)
*50c. Nov. 1 *Holders of rec. Oct. 19
Preferred (guar.)
*$1.25 Nov. 1 *Holders fo rec. Oct. 19
Mount Royal Hotel Co., Ltd., pf.(qu.). •134 Oct. 1 *Holders of rec. Sept.25
Mutual Industrial Serv., el. A (guar.).750. Oct. 1 Holders of rec. Sept. 30
National Carbon, pref. (guar.)
Nov. 1 *Holders of rec. Oct. 20
*2
National Radiator. pref.-Dividend Owl ttedNational Shirt Shops, pref.(guar.)
2
Oct. 1 Holders of rec. Sept. 26
Nedick's, Inc
25e. Oct. 15 Holders of rec. Oct. is
Neve Drug Stores, Inc., conv.A (guar.). 700. Oct. 15 Holders of rec. Oct. 5
New Jersey Zinc (guar.)
Nov. 10 *Holders of rec. Oct. 20
*2
N. Y. Realty dt Impt., Prof.(guar.).
- •$1.50 Sept.29 *Holders of rec. Sept. 12
Noma Electric Corp.(guar3
*40c. Nov. 1 *Holders of rec. Oct. 15
North Lily Mining Co
•20c. Oct. 20 *Holders fo rec. Oct. 10
Ohio Brass class B (guar.)
$1.25 Oct. 15 Holders of rec. Sept. 28
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 28
Ohio Leather, 1st pref. (guar.)
*2
Oct. 1 *Holders of rec. Sept. 20
First pref. (acct. accum. dive.)
*5 3 Oct. 1 *Holders of rec. Sept. 20
. Oil Well Supply. pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 11
Oliver Union Filters, class A (guar.).
- *50c. Nov. 1 *Holders of rec. Oct. 17
Class B (guar.)
*37340 Oct. 1 *Holders of rec. Sept. 17
Pacific S'west Realty, 634% pref. (qtr.). •134 Oct. 1 *Holders of rec. Sept. 20
Parker Austin & Lipscomb, cony. P1.(111) *500. Oct. 15 *Holders of rec. Oct. 1
Pedigo-Weber Shoe (guar.)
132340. Oct. 1 Holders of rec. Sept.26
Penmans, Ltd., common (guar.)
Nov. 15 Holders of rec. Nov. 5
$I
Preferred (guar.)
134 Nov. I Holders of rec. Oct. 22
Phillips-Jones Corp.,Pref.(quar.)
*134 Nov. 1 *Holders of rec. Oct. 20
Pierce Governor (guar.)
'3734c Oct. 1 *Holders of rec. Sept. 16
Pilgrim Mills(guar.)
.$2 Sept.29 *Holders of rec. Sept.27
Pittsburgh Steel Co.. pref.(guar.)
134 Dec. 1 Holders of rec. Nov. 10
Rice-Stix Dry Goods, common (guar.).- •3734c Nov. 1 *Holders of rec. Oct. 15
First and second pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 15
Ross Stores, 1st pref. (guar.)
*2
Oct. 1 *Holders of rec. Sept. 15
Sandusky Cement (guar.)
2
Oct. 1 Holders of rec. Sept. 25
Santa Cruz Cement (guar.)
•$1
Oct. 1 *Holders of rec. Sept. 21
Sayers & Scoville, common (anar.)
*134 Oct. 1 *Holders of rec. Sept.20
Common (extra)
*334 Oct. 1 *Holders of net. Sept. 20
•134 Oct. 1 *Holders
Preferred (guar.)
of rec. Sept. 20
Sclmeneman (J.), Inc., 1st pf. (qu.)._
134 Oct. 1 Holders of rec. Sept. 15
Scott Paper, common (guar.)
•250. Sept.20 *Holders of rec. Sept.22
Scullin Steel,pref. (guar.)
75c. Oct. 15 Holders of rec. Sept. 29
Securities Invest., common (guar.)
8234c. Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept.20
Sharon Steel Hoop, pref.(guar.)
•2
Oct. 1
Sheffield Steel Corp.. corn.(in stock).- -- *150 Oct. 10 *Holders of rec. Oct. 5
Sieloff Packing (guar.)
30c. Sept.30 Holders of rec. Sept.20
Sliver King Coalition Mining (aunt.).-. •250. Oct. 1 *Holders of rec. Sept. 20
Smyth Manufacturing (guar.)
*$1.50 Oct. 1 *Holders of rec. Sept. 20
Southern Stores Corp., pref.(quar.)___ _
134 Oct. 1
Steel Corp. of Canada,corn.& pfd.(qu.)
134 Nov. 1 Holders of rec. Oct. 6
Sullivan Machinery (guar.)
$1
Oct. 15 Sept. 30 to Oct. 12
Telling-Belie Vernon Co.(guar.)
50c. Oct. 1 Holders of rec. Sept. 25
Tintic Standard Mining (guar.)
*200. Sept.29 *Holders of rec. Sept.20
Transue & Williams Steel Forge(aunt.). .25e. Oct. 10 *Holders of rec.
Oct. 6
Triplex Safety Glass (final)
*15
Tuckett Tobacco, common (guar.)
1
Oct. 15 Holders of rec. Sept. 30
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept. 30
United Biscuit, pref.(attar.)
Nov. 1 *Holders of rec. Oct. 18
U.S. Foil. class A (guar.)
•25e. Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 15
U. S. Industrial Alcohol, corn. (quar.)_
$1.25 Nov. 1 Holders of rec. Oct. 15
U.S. Smelting, Reg.& Min., com.(qu.) 8734c Oct. 15 Holders of rec. Oct. 5
Preferred (guar.)
8734c Oct. 15 Holders of rec. Oct. 5
Upson Co., class A & B (guar.)
•40c. Oct. 15 *Holders of rec. Oct. 1
Clam A & B (extra)
•100. Oct. 15 *Holders of rec. Oct. 1
Preferred (guar.)
134 Oct. 1 *Holders of rec. Sept. 17
Victor Talking Machine, corn. (guar.)._ $I
Nov. 1 Holders of rec. Oct. 1
Old preferred (guar.)
134 Oct. 15 Holders of rec. Oct. 1
Prior preference (guar.)
31.75 Nov. 1 Holders of rec. Oct. 1
$6 cony. pref.(guar.)
$1.50 Nov. 1 Holders of rec. Oct. 1
Werner (Frank) Co.,corn.(guar.)
*8734c Oct. 1 *Holders of rec. Sept. 29
4.154 Oct. 1 *Holders of rec. Sept. 29
Preferred A & B (guar.)
Westchester Title & Trust (quar.)
3
Oct. 5 Holders of rec. Sept. 80
Western Grocers, Ltd., pref.(quar.)____
134 Oct. 15 Holders of Me. Sept. 30
Yarns Corp. of America
Convertible Class A (guar.)(No. 1).., 30c. Oct. 1 Holders of rec. Sept. 29
1766
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama & Vicksburg
Bangor & Aroostook, common (quar.)_
Preferred (quar.)
Beech Creek (quar.)
Boston & Albany (guar.)
Boston & amine, prior pref. (quar.)__._
First preferred, class A (quar.)
First preferred, class B (qual.)
First preferred, class C (qual.)
First preferred. class D (quar.)
First preferred, class E (quar.)
Canadian Pacific. core.(qual.)
Preference
Chesapeake Corporation (qual.)
Chesapeake& Ohio.corn.(quar.)
Preferred series A
01210, R.I. dr Pacific. corn.(quar.)
Cleve. CM. Chic. & St. L.. sera. (qual.)
Preferred (quar.)
Camel. RRs. of Cuba, pref.(quar.)- _
Cuba RR., preferred
Gulf Mobile & Nor.,6% pref.(gum.).
Hocking Valley, soul. (guar.)
Joliet & Chicago (quar.)
Lehigh Valley, common (qual.)
Preferred (quar.)
Mahoning Coal RR., corn. (quar.)---Maine Central, common (quar.)
Midland Valley, common
Minn. St. P.& S.S. M.leased lines
-Texas, pref. (quar.).
-Kansas
Missouri
New York Central P.R.(quar.)
New York, Chliago & St. Louis, corn. &
preferred (qual.)
N. Y. N H. & Hartford. corn
Preferred (quar.)
Northern Pacific(qual.)
Old Colony (qual.)
Pere Marquette, corn. (quar.)
Prior preferred & preferred (quar.)
['Web. Bessemer & L. E., corn.(qual.)..
Pittsb. Ft. Wayne & Chic., corn.(quar.)
Preferred (quar.)
Reading Co., 2nd pref. (quar.)
-San Francisco. corn. (qu.)
Si. Louis
Common (extra)
6% preferred (quar.)(No. 1)
6% preferred (qum)
St. Louis Southwestern. pref.(quar.)
Southern Pacific Co.(quar.)
Southern By.. corn. (quar.)
Preferred (quar.)
Southern Ity. M. az 0. stock U. otf
Texas A Pacific (quar.)
Union Pacific,corn.(qual.)
Preferred
Vicksburg Shreveport & Pantile, corn_
Preferred
Wabash. pref. (quar.)
West Jersey ex Seashore (quar.)
When
Per
Cent. Payable.
Books Closed
Days Industoe.
Oct. 1 Holders of rec. Sept. 84
88e. Oct. 1 Holders of rec. Aug. 31a
111 Oct. 1 Holders of rec. Aug. 31a
50c. Oct. 1 Holders of ree. Sept. 14a
Sept.29 Holders of rec. Aug 31
2
fi Oct. 1 'Holders of rec. Sept. 14
Oat. 1 *Holders of rec. Sept. 14
Oct. 1 *Holders of ree. Sept. 14
"2
•151 Oct. 1 *Holders of ree. Sept. 14
"2)1 Oct. 1 *Holders of rec. Sept. 14
•Im Oct. 1 *Holders of rec. Sept. 14
2)1 Oct. 1 Holders of rec. Aug. 31a
Oct. I Holders of rec. Aug. 31
2
75e. Oct. 1 Holders of rec. Sept. 80
234 Oct. 1 Holders of rec. Sept. 60
311 Jan 1'29 Holders of rec. Deo. 8a
114 Sept.29 Holders of rec. Sept. 70
Oct. 20 Holders of rec. Sept. 280
2
114 Oct. 20 Holders of reg. Sept. 286
111 Oct. 1 Holders of ree. Sept. 10a
Feb 1'29 Holders of rec. Jan 1621)
3
1.11 Oct. 1 Holders of rec. Sept. 15a
2)1 Sept.29 Holders of tee. Sept. 86
151 Oct. 1 Holders of rec. Sept. 21
87 Mc Oct. 1 Holders of rec. Sept. 15a
$1.25 Oct. 1 Holders of rec. Sept. 156
812.60 Nov. 1 Holders of rec. Oct. 150
Oct. 1 Holders of rec. Sept 15
1
st.gs 0th. 15 Holders of rec. Sept 29a
Oct. I Holders of rec. Sept.20a
2
111 Sept.29 Holders of rec. Sept. 150
2
Nov. 1 Holders of tee. Sept. 28a
1)1 Oct. 1
1
Oct. 10
1,1 Oct. 1
111 Nov. 1
lit Oct I
111 Oct. 1
134 Nov. 1
75e. Oct. 1
111 Oct. 1
111 Oct. 2
50c Oct. 11
111 Oct. 1
25e. Oct. 1
134 Nov. 1
154 Feb.129
111 Oct. 1
111 Oct. 1
Nov. 1
2
151 Oct. 15
Oct. 1
52
154 Oct. 1
234 Oct. 1
Oct. 1
2
211 Oct. 1
211 Oct. 1
112 Nov.24
81.25 Oct. 15
Holders of rec. Aug. 16a
Holders of rec. Sept. 10a
Holders of rec. Sept. 10a
Holders of rec. Oct. la
Holders of roe. Sept. lbe
Holders of ree. Sept. 7a
Holders of rec. Oct. 50
Holders of rec. Sept. 15
Holders of ree. Sept. 10a
Holders of rec. Sept. 100
Holders of ree. Sept 200
Holders of reo. Sept. la
Holders of reo. Sept. la
Holders of tee. Oct. 8a
Hold, of rec. Jan. 7 '29a
Holders of rec. dept. I5a
Holders of rec. Aug. 24a
Holders of rec. Oct. la
Holders of rec. Sept.24a
Holders of rec. Sept. 15a
Holders of rec. Aug 310
Holders of ree. Sept. la
Holders of rec. Sept. la
Holders of rec. Sept. 8a
Holders of rec. Sept. 80
Holders of rec. Oct. 250
Holders of roe. Oct. la
Public Utilities.
Alabama Power, $7 pref. (guar.)._ --- $1.75 Oot. 1 Holders of rec. Sept. 15
$1.50 Oct. 1 Holders of rec. Sept 15
$8 preferred (qual.)
$1.25 Nov. 1 Holders of rec. Oct. 15
$5• preferred (qar.)
American Community Power
$1.50 Oct. 1 Holders of rec. Sept. 16
1st preferred (No. I) (Qum.)
$1.50 Oct. 1 Holders of rec. Sept. 15
Preference (No. 1) (guar.)
Oct. 15 *Holders of rec. Sept. 15
Amer. 1)I51. Teleg. of N. J.. corn.(qu.)_ •1
Oct. 15 *Holders of rec. Sept. 15
Preferred (guar.)
$1.75 Oct. 1 Holders cf rec. Sept. 14
American & Foreign Power, pref.((NJ
*61)ic Oct. I *Holders of rec. Sept. 14
Pref. allot. certificates (guar.)
78)1c Oct. 1 Holders of rec. Sept. 14a
Pref. allot. ctfs.45% part pd.(qu.)
$1.50 Oct. 1 Holders of rec. Sept. 14a
$6 Pref.((M.)
25c. Oct. 1 Holders of rec. Sept. 17
Amer. Gas & Elec., corn.(guar.)
$1.50 Nov. 1 Holders of rec. Oct. 10
Preferred (quar.)
Light,$6 pref.(qu.)- $1.50 Oct. 1 Holders of roe. Sept. 13a
American Power dc
62 Me Oct. 1 Holders of rec. Sept. 13
$5 preferred, series A (qual.)
1)1 Oct. I Holders of rec. Sept. 15
Amer. Public Service. pref. (qual.)_.._
Amer.Public UM.Pf & partic pf.(qu.)_ _ 81.75 Oct. 1 *Holders of me. seta is
Amer. Superpower Corp., is; pref.(qu.) $1.50 Oct. 1 Holders of rec. Sept. 15
$1.50 Oct. 1 Holders of roe. Sept. 15
$6 preference (guar-)
2)1 Oct. 15 Holders of rec. Sept. 200
Amer. Telep. & Teleg:(qual.)
American Water Works & Electrle$1.50 Oct. 1 Holders of ree. Sept. 120
$6 first preferred (quar.)
Associated Gas& Elec., orig. eer. N.(Q.) 187 wie Oct. 1 Holders of ree. Aug. 31
181.75 Oct. 1 Holders of roe. Aug 31
$6 preferred (guar.)
150c Nov. I Holders of rec. Sept. 29
Class A(qu.)
$1.75
Associated Public Utilities $7 pt.(qua-- •15./ Oct. 1 Holders of rec. Sept. 15
Oct. I *Holders of rec. Sept.21
Barcelona Trac. Lt.& Pr., part. pf.(qu.)
Oct. 15 Holders of rec. Sept.22
2
Bell Telep. of Canada (qual.)
18 Oct. 15 Holders of rec. Sept.20
Telep.of Pa..6 M % Pref.(quar.)._ _
Bell
Binghamton L. H.& Pow., $6 pf. (qu.) 81.50 Oct. 1 Holders of rec. Sept. 15
„ $1.75 Oct. I Holders of rec. Sept. 12
Birmingham Elec. Co., $7 Pf (quar.)
81.50 Oct. 1 Holders of rec. Sept. 12
$6 preferred (qual.)
114 Oct. 1 Holders of roe. Sept. 12
Boston Elevated By., core. (guar.)...314 Oct. 1 Holders of rec. Sept. 12
Second preferred
*134 Oct. 1 *Holders of rec. Sept. 15
Brazilian Tr., L. A P., pref. (quar.)
50c Oct. 15 Holders of rec. Sept. 30
British Columbia Power, cl A (No. I)._ Si Oct. 15 Holders of rec. Oct. la
Transit, corn. (qu.)
Bklyn-Manhattan
$1.50 Oct. 15 Holders of rec Oct. is
Preferred series A (guar.)
$1.50 Jan1519 Holden of rec. Dec. 310
Preferred series A (qual.)
$1.50 AprI519 Hold. of rec. Apr I '20a
Preferred series A (quar.)
$1.25 Oct. I Holders of rec. Sept. 66
Brooklyn Union Gas (qual.)
Power
Buffalo Niagara & East.
Oct. 1 •Flol/lers of rec. Sept. 15
Common and class A (guar.)
Oct. 1 *Holders of roe. Sept. 15
Old preferred (quar.)
Nov. I *Holders of rec Oct. 15
First preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
Calgary Power. Ltd. (quar.)
Oct. 1 Holders of rec. Sept. 5
Generating. pref. (qu.).
California Elec.
Oct. 15 Holders of rec. Sept. 30
California Oregon Power, corn. (guar.).
Oct. 15 Holders of rec. Sept. 30
7% pref.(qual.)
Oct. 15 Holders of roe. Sept.30
6% pref. (quar.)
Oct. 1 Holders of rec. Sept. 14
Capital Tract.(Wash., D.C.).(qu.)
Oct. 1 Holders of rec. Sept. 15
pref.(qu.)_.
CarolinaPower & Light, $7
Oct. 1 Holders of ree. Sept. 15
$6 preferred (quar.)
Oct. 1 Holders of ree. Sept. 15
Illinois Light, 6% prof.(qu.)_
Central
Oct. 1 Holders of rec. Sept. 15
7% preferred (quar.)
Oct. 15 'Holders of rec. Sept. 30
Central ill. Pub. Serv.. pref.(Qua!)....
Oct. 1 *Holders of rec. Sept. 10
(qual.)...
Central Maine Pow.7% pref.
Oct. 1 *Holders of rec. Sept. 10
Six per cent pref.(quar.)
Public Sere. Corp.
Central
111.50 Oct. 1 *Holders of rec. Sept. 10a
$6 pf.(qu.)(No.1)
750. Oct. 15 Holders of rec. Sept. 240
Central & S. W.Utilities. corn•(qual.)..
250. Oct. 1 Holders of roe. Sept. 10
Central States Elec. Corp., corn.(quar.)
Common (payable in corn. stock).... I 214 Oct. 1 Holders of rec. Sept. 10
111 Oct. 1 Holders of rec. Sept. 10
cent pref. (qual.)
Seven per
154 Oct. 1 Holders of rec. Sept.10
Six per cent pref.(quar.)
•$1.75 Oct. 1 *Holders of rec. Sept. 10
Central States P.& L., $7 prof.(qu.)
•1m Oct. 1 Holders of rec. Sept. 15
Chic. North Shore St Milw., pref.(qual.) *134
Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
.135c. Oct. 1 Holders of rec. Sept. 18
Chicago Rapid Transit (monthly)
*60c. Oct. 1 Holders of ree. Sept. 18
Monthly
"650. Nov. 1 Holders of roe. Oct. 16
Prior pref series A (monthly)
"650. Dec. 1 *Holders of rec. Nov.20
Prior pref. series A (monthly)
600. Nov. 1 *Holders of roe. Oct. 16
.
Prior pref. series B(monthly)
600. Dec. 1 *Holders of ree. Nov.20
.
Prior pref. series B (monthly)
[Vox.. 127.
FINANCIA.L CHRONICLE
Name of Company.
Per
When
Cool. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
350. Oct. 1 Holders of rec. Sept. 206
Cincinnati Car Co.(qual.)
Cincinnati Street Ry.(qual.)
'6234c Oct. 1 "Holders of rec. Sept.25
Cincinnati dr Subur.Bell Wel).(qual.). •1.13 Oct. 1 *Holders Of rec. Sept.18
1)1 Oct. 1 Holders of rem Sept. 7
Cleveland By.(Qum.)
50o. Oct. 1 Holders of ree, Sept. 10a
Columbus Elec. & Power, corn. (qual.).
Second preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10a
1,1 Oct. 1 Holders of rec. Sept. 106
Preferred, series B tquar.)
11.1 Oct. 1 Holders of rer, Sept. 10a
Preferred, series C (guar.)
750. Nov. I Holders of rec. Oct. lla
Commonwealth Power, con). (Guar.)._ _
•1M Nov. 1 *Holders of rec. Oct. 11
Six per cent pref. (quar.)
Connecticut Elec. Service cony. pf.(qu.) 91 Oct. 1 *Holders of rec. Sept. 15
Coneol. G. E. L.& P., Bali.. corn. (qu.) .75e. Oct. 1 *Holders of rec. Sept. 16
1
• h
Oct. 1 *Holders of ree. Sept.15
Preferred A (quar.)
1
• h
Oct. 1 'Holders of ree. Sept.15
Preferred D (quar.)
*1M Oct. 1 *Holders of roe. Sept.15
Preferred E (qua?.)
$1.25 Nov. 1 Holders of roe. Sept.29.
Consol. Gas(N. Y.) , Pref.(qual.)
154 Oct. 1 Holders of roe. Sept. 15
Consumers Power Co.6% pfd.((Mar).1.65001. 1 Holders of roe. Sept. 15
6.6% preferred (quar.)
151 Oct. 1 Holders of rec. Sept. 15
7% Preferred (qual.)
60e. Oct. 1 Holders of roe. Sept. 15
6% preferred (monthly)
55e. Oct. 1 Holders of roe. Sept. 15
6.6% preferred (monthly)
81.10 Oct. 1 Holders of tern Sept.12a
Continental Gas & Elec., corn.(qu.)
1,( Oct. 1 Holders of roe. Sept.126
7% prior preference (quar.)
750. Oct. 1 Holders of rec. Sept. is.
Denver Tramway, prof
Oct. 15 Holders of ree. Sept. 200
2
Detroit Edison Co.(quar.)
131 Oct. 15 Holders of rec. Sept.29a
Duquesne Light, 1st pref. (qual.)
Oct. 1 Holders of rec. Sept. 15
1
Duke Power, corn. (qual.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (qual.)
Oct. 1 Holders of rec. Sept.144
Duluth-Superior Tract., pref. (qual.).. 81
•1I4 Oct. 15 *Holders of rec. Sept.30
East Bay Water, pref. A et B (quar.)_
211 Oct. 1 Holders of roe. Sept. 15
Eastern Mass. St. By., adj. stock
Eastern N. J. Power Co.. 6)4% Pf.(q11.) 111 Oct. 1 Holders of rec. Sept. 15
111 Oct. 1 Holders of rec. Sept. 15
Seven per cent Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
2
Eight per cent preferred (quar.)
Texas Electric Co., pref.(qu.).. 111 Oct. 1 Holders of rec. Sept. 14
Eastern
Electric Bond & Share, pref.(qua!).... 151 Nov. 1 Holders of rec. Oct. 13
25c. Oct. 15 Holders of roc. Sept.17
Elec. Bond & Share Secur.(quar,)
$1.75 Oct. I Holders of rec. Sept.13
Elec. Power & Light, pref. (Guar.)
111 Oct. 1 Holders of rec. Sept. 13a
Allot. etfic, full paid (guar.)
Oct. 1 Holders of rec. Sept. 130
Allot.ctfs.40% paid (quar.)
Electric Public Service, pref.(guar.).
- 1)1 Oct. 1 Holders of rec. Sept. 12
$1.75 Oct. 1 Hoidere of rec. Sept. 12
Electric Public Utilities, pref.(Qual.).
El Paso Elec. Co., pref. A (quar.)
134 'Oct. 15 Holders of ree. Oct. la
Empire Gas & Fuel,8% pref.(monthly)' 66 2-30 Oct. 1 "Holders of rec. Sept. 15
• 58 I-3c Oct. 1 *Holders of rec. Sept. 15
7% preferred (monthly)
6 t5% preferred (qual.)
• 54 1-6c Oct. 1 *Holders of ree. Sept. 15
6% preferred (monthly)
"500. Oct. 1 *Holders of reg. Sept. 15
Empire Power Corp.,$6 pref.(quar.)... $1.50,0ct. 1 Holders of rec. Sept. 17
500.1Oct. 1 Holders of ree. Sept. 21
Participating stock (qual.)
$1.25 Oct. 1 Holders of ree. Sept. 54
Engineers Public Sere.. cony. pf.(qu.)
*50c.10ct. 1 *Holders of rec. Sept.20
Fall River Elec. Light (quar.)
20o.,Oct. 1 Holders of reo. Sept. 134
Federal Light & Trac., con).(guar.).
fl5c. Oct. 1 Holders of roe. Sept. 136
Common (payable in corn.stock)
Federal Water Sere., $7 pref. (qual.)... $1.75,0ct. 1 Holders of rec. Sept.20a
$814 preferred (quar.)
1.62 M'Oct. 1 Holders of roe. Sept.20a
Florida Power & Light, pref.(qual.). - $1.75 Oct. 1 Holders of rce. Sept. 12
Florida Public Service Co., pref. (quar.) 111 Oct. 1 Holders of rec. Sept. 15
Ft. Worth Power A Light, pref. (guar.). 134 Nov. 1 Holders of ree. Oct. 15
Gas & Elec. Securities, corn. (mthly.).. •500. Oct. 1 *Holders of rec. Sept.15
Common (payaole in corn.stock)
175o. Oct. 1 *Holders of rec. Sept.15
Preferred (monthly)
'581m Oct. 1 *Holders of rec. Sept.15
General Gus &
corn.A (qaar.). - /7 me Oct. 1 Holder, of rec. Sept. 12 i
$8 preferred clam. A (quar.)
Oct. I Fielders of rec. Sept. 124
52
$1.75 Oct. 1 Holders of ree. Sept. 124
$7 Preferred class A (quar.)
81.75 Oct. 1 Holders of rec. Sept 124
Preferred .'lass H (qmar.)
$1.76 Oct. 1 Holders of rec. Sept. 15
General Public Utilities $7 pf.(q11.)
81.50 Oct. 1 Holders of rec. Sept. 15
Georgia Power, $8 pref. (guar.)
111 Oct. 1 Holders of reo. Sept.29
Gold & Stock Telegraph (quar.)
15‘ Oct. 15 Holders of rec. Oct. 1
()rest Western Power, pref. (quer.). -Great Western Power of California
Seven per cent pref., series A (quar.).. 111 Oct. 1 Holders of rec. Sept. 5
Sic per cent pref., series A (Quar.)---13.4 Oct. 1 Holders of roe. Sept. 5
Hackensack Water, 7% pref. A (guar.). 43 M c Sept.30 Holders of rec. Sept.140
560. Oct. I Holders of ree. Sept.20
Haverhill Gas Light (qual.)
Sept.29 *licIders of rec. Sept.28
Illinois Bell Telep.(guar./
*2
Illinois Power Co..6% pref.(guar.).
154 Oct. 1 Holders of roe. Sept. 15
Seven per cent preferred (qual.)
134 Oct. 1 Holders of rec. Sept. 15
Illinois Power & Light,6% prof.(CPO-- 8134 Oct. 1 Holders of roe. Sept. 10
Indianapolis Power & LighPreferred (quar,)
154 Oct. 1 Holders of rec. Sept. 6
1)4 Oct. 1 Holders of rec. Sept. 12a
Indianapolis Water Co, p1. A (quar
International Power, Ltd., 7% N.(W.) 114 Oct. 1 Holders of rec. Sept. 15
International Telep & Teleg. (guar.)
114 Oct. 15 Holders of rec. Sept.210
interstate Power, $7 pref.(guar.)
$1.75 Oct. 1 Holders of rec. Sept. 10
111 Oct. 1 Holders of ree. Sept. 17
Jamaica Public Service, pref. (qual.)
111 Oct. I Holders of rec. Sept. 17
Jersey Central Pr.& Lt.,7% Pf•(qual.)
154 Oct. 1 Holders of reo. Sept. 17
6% pref.(qual.)
K.C.Pow.& Light, lot pf B
- $1.50 Oct. 1 Holders of rec. Sept. 140
K.C.Public Fiery., pref. A (guar.)
$1 Oct. 1 Holders of rec. Sept 15
111 •et. 1 Holders of rec. Sept. 14
Kansas Gas & Elec., pref. (qual.)
111 Oct. I Holders of rec. Sept.20a
Kentucky Securities, corn.(guar.)
111 Oct. 15 Holders of ree. Sept.206
Preferred (qual.)
.60e. Sept.29 *Holders of rev. Sept. 19
4
Lone Star Gas (quar.)
1 Holders of roe. Sept. 15
Oct.1)4
Long Leland Ltg., series A,7% Pf.(qu.)
134 Oct. 1 Holders of ree. Sept. lb
Series B 6% pref.(qual.)
Mackay Companies,corn.(guar.)
134 Oct. 1 Holders of rec. Sept.210
1
Oct. 1 Holders of rec. Sept.216
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.200
Manhattan Hy.,guar. stock (quar.)Massachusetts Mir. Cos., corn.(qual.).. *75c. 4ept.29 *Holders of roc. Sept. 20
1
• 34
Oct. 15 *Holders of rec. Sept. 25
6% preferred (qual.)
Oct. 15 'Holders of rec. Sept. 25
*2
8% preferred (quar.)
Memphis Power & Light.$7 Pref.(qu.).. 61.75 Oct. 1 Holders of rec. Sept. 15
$1.50 Oct. 1 Holders of rec. Sept. 18
$6 Preferred (guar.)
Metropolitan Edison Co., $7 pref.(qu.) $1.75 Oct. 1 Holders of rec. Sept. 15
$6 preferred (qual.)
$1.50 Oct. 1 Holders of rec. Sept. 15
$1.25 Oct. 1 Holders of ree. Sept. 15
85 Preferred (quar.)
1M Oct. 1 Holders o free. Sept. 15
Michigan Elec. POW& 7% N.(quar.)6% pref. (quar.)
131 Oct. 1 Holders of rec. Sept. 15
Middle West Utilities, con). (quar.)_... 41.75 Nov. 15 *Holders of rec. Oct. 31
7% preferred (quar.)
211 Oct. 15 Holders of rec. Sept. 29
$6 preferred (guar.)
$1.50 Oct. 15 Holders of rec. Sept. 29
Midland Utilities, 7% prior lien (quar.). 111 Oct. 6 Holders of roc. Sept. 22
111 Oct. 6 Holders of roc. Sept. 22
6% prior lien stock (guar.) _
1)4 Oct. 6 Holders of rec. Sept. 22
7% class A preferred (qual.)
13.1 Oct. 6 Holders of rec. Sept. 22
8% class A preferred (guar.)
1)1 Oct. 31 Holders of rec. Oct. 206
Milwaukee Elec. By.ex Light pf.(au.)- .
Minnesota Power & Light 7% prof.(qu.) 154 Oct. 1 Holders of rec. Sept. 15
81.50 Oct. 1 Holders of roe. Sept. 15
$6 Preferred (quer.)
MilleissIPPI River Power, pref. (qual.).. •14 Oct. 1 *Holders of rec. Sept. 15
*50c. Oct. 1 *Holders of rec. Sept. 20
Mohawk Valley Co.corn.(guar.)
Monongahela West Penn Pub.Sera.
43540 Oct. 1 Holders of rec Sept. 15
7% preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 14a
Montana Power.corn.(qual.)
Oct. 16 Holders of rec. Sept. 29
2
Montreal Telegraph (quar.)
Mountain States Power, pref.(qual.)... 134 Oct. 20 Holders of rec. Sept. 30
Holders of rec. Sept. 15
Nassau & Suffolk Ltg.. Prof• Nuari
11 Oct
Holders of rec. Sept.20
National Elec. Power,6% prof.(quar.). 1 '1 0c1..
151 Oct. 1 Holders of rec. Sept.20
7% preferred (qual.)
250. Oct. 15 Holders of rec. Sept.30
National Fuel Gas(quar.)
Holders of roe. Oct. 13
National Power dc Light, pref. (friar.).Holders of roe. Sept. 17
National Public Service, pref. A (qu.)..
Nco ..
1 11 N tv 1
8145° O ov. 11 Holders of roc. Sept.30
Nevada-Calif. Elec. prof. (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 16
New England Power. pref. (quar.)
50c. Oct. 15 Holders of rec. Sept.29
New England Power Assn, corn. (qu.)
'45e. Sept. 80 'Fielders of rec. Sept. 15
New England Pub.Sere.,corn.(qual.)
*SI 75 Oct. 15 'Holders of rec. Sept. 30
$7 preferred (qual.)
.$1 600th. 15 "Holders of rec. Sept.30
$6 preferred (quar.)
*V 68001. 15 *Holders of re?. Sept.80
Adjustment. pref.(quar.)
Sept.29 Holders of rec. Sept 10
New England Telep.& Teieg.(qua?.)... 2
•62)4e Sept.29 *Holders of rec. Sept. 15
New Haven Gas Light (guar.)
New Jersey Power & Light. $6 N.(gu ) 81.50 Oct. 1 Holder, of rec. Sept. 15
11( Oct. 1 Reiner of roe. Sept. 17
New Orleans Pub Serviee. prof.(qu.) -
§F[M.. 29 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Public Utilities (Continued).
N.Y. Central Elec. Corp.,7% pl. WO- 14( Oct. I Holders of rec. Sept. 15
New York dc Richmond Gas, pf.(Qu.)- -- •144 Oct. 1 *Holders of rec. Sept.15
New York Steam Corp..$6 pref.(quar.)_ $1.50 Oct. 1 Holders of rec. Sept. 150
$7 preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 15a
New York Telephone, pref.(guar.)
144 Oct. 15 Holders of rec. Sept.20
North American Co.. common (quar.)_ /234 Oct. 1 Holders of rec. Sept 5a
Preferred (guar.)
75e. Oct. 1 Holders of rec. Sept 5a
North American Edison, pref.(guar.)--- $1.50 Dec. 1 Holders of rec. Nov. 15a
North Amer. Light & Power,$6 Pt.(qu.) $1.50 Oct. I Holders of rec. Sept.20
Northeastern Pow. Corp., corn. (quar.) 25c. Oct. I Holders of rec.
Sept. 15
Class A (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
Northern Ind. Pub. Serv.7% p1.(qu.)
1N Oct. 15 Holders of rec. Sept.29
6% pref.(guar.)
134 Oct. 15 Holders of rec. Sept.29
Am% preferred (quar.)
1M Oct. 15 Holders of rec. Sept.29
Nor. Mex.Pow. & Devel. corn.((Ill.-- 1
Oct. 1 Holders of rec. Sept.24
Preferred (quar.)
144 Oct. 1 Holders of
Sept.24
Northern Ohio Pow.& Lt.. 7% pf.(q11.) 1M Oct. 1 Holders 01 rec. Sept
rec.
15
preferred (quar.).
6%
144 Oct. 1 Holders of rec. Sept. 15
Northern States Power,corn. A (gturr.).- 2
Nov. 1 Holders of rec. Sept.30
7% Pref. (quar.)
1N Oct. 20 Holders of rec. Sept.30
6% pref.(quar.)
144 Oct. 20 Holders of rec. Sept.30
Northport Water Works, pf. (guar.)
144 Oct. 1 Holders
Northwestern Bell Telep.. pref. (au.).. 146 Oct. 15 Holders of rec. Sept.15
of rec. Sept. 200
North West Utilities 7% pr.lien.(qu.)_
134 Oct. I Holders of rec. Sept. 15
Ohio Bell Telephone, pref. (guar.)
144 Oct. 1 Holders of rec. Sept.20
Ohio Edison Co.,6% pref.(guar.)
144 Dec. 1 Holders of rec. Nov. 15
6.6% preferred (guar.)
1.65 Dec. 1 Holders or rec. Nov. 15
7% pref. (quar.)
144 Dec. 1 Holders of rec. Nov. 15
5% preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 15
'
6% preferred (monthly)
50c Oct
1 Holders of rec. Sept.15
6% preferred (monthly)
50c Nov. I Holders of rec. Oct. 15
6% preferred (monthly)
50c Dec. 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
55c Oct. 1 Holders of rec. Sept.15
6.6% preferred (monthly)
55c Nov. 1 Holders of rec. Oct. 15
6.6% Preferred (monthly)
55c Dec. I Holders of rec. Nov. 15
Ohio Elec. Power Co.7% prof.(quar.)
154 Oct. 1 Holders of rec. Sept.20
6% preferred (guar.)
144 Oct. 1 Holders of rec. Sept.20
Ohio Public Serv.7% pf. A (mtly.)
*584 c Oct. 1 *Holders of rec. Sept.20
Ohio River Edison,7% p1.(guar.)
144 Oct. 1 Holders of rec. Sept.20
Ottawa L. II. & Pow., corn.(guarl_
- IN Sept. 30 Holders of rec. Sept. 15
Preferred (guar.)
1M Oct. 1 Holders of rec. Sept.15
Pacific Gas & Elec.. cont.(guar.)
500. Oct. 15 Holders of rec. Sept.29a
Pacific Lighting, 7% pref.(quar.)
*144 Oct. 1 *Holders of rec. Sept. 30
Pacific Teiep. & Teleg., corn.(quar.).., 144 Sept.29Hol
ders of rec. Sept.200
Preferred (guar.)
144 Oct. 16 Holders of rec. Sept.29a
Panama Power & Light, pref. (guar.)
- 134 Oct. 1 Holders of rec. Sept. 13
Penn Central Lt.& Pr.,$5 pref.(quar.)_ $1.25 Oct. 1 Holders
of rec. Sept.15
Penn-Ohio Edison Co., common (guar.)250. Nov. 1
Extra stock div. (one-fiftieth share__ (f) Nov. 1 Holders of rec. Oct. 16
Holders of rec. Oct. 16
$6 preferred (quar.)
51.50 Oct. 15 Holders of rec. Sept. 29
7% prior pref.(guar.)
1N Dec. 1 Holders of rec. Nov. 20
Penn-Ohio Securities Corp.(guar.)
18c. Nov. 2 Holders
Penn. Gas dr El. Corp.,7% pref.(qu.). •114 Oct. I *Holders of roc. Oct. 16
of rec. Sept.20
$7 preferred (quar.)
"SI 75 Oct. 1 *Holders of rev. Sept.20
Pennsylvania Gas & Elec. Co., pf.(au) •114 Sept.29
*Holders
Pennsylvania-Ohio P. & L.. $6 pt.(qu.) $1.50 Nov. 1 Holders of rec. Sept.20
of rec. Oct. 20
7% preferred 'quar.)
1M Nov. 1 Holders of rec. Oct. 20
7.2% preferred (monthly)
60e Oct. 1 Holders of roe. Sept. 20
7.2% preferred 'monthly)
600 Nov. 1 Holders 01 rec. Oct. 20
6.6% preferred (monthly)
55e Oct. 1 Holders of rec. Sept.20
6.6% preferred (monthly)
55c Nov. 1
Pennsylvania Pow.& Lt.,$7 pref.(qu.)_ $1.75 Oct. 1 Holders of roe. Oct. 20
Holders of rec. Sept.15
$6 pref. (quar.)
$1.50 Oct. 1 Holders of rec. Sept.15
Pennsylvania Water & Pow.(quar.).._
6244c Oct. I Holders of rec. Sept 14
Peoples Gas Light & Coke (guar.)
2
Oct. 17 Holders of rec. Oct. 3a
Peoples Light & Pow.Corp. corn A(qtr.)- P60c Oct. 1 Holders
of rec. Sept. 8
Philadelphia Co.. corn. (guar.)
Oct. 31 Holders of rec. Oct. la
$1
Common (extra)
750 Oct. 31 Holders of rec. Oct. la
6% preferred
$1.50 Nov. 1 Holders of rec. Oct. la
Phila. Rapid Transit. ccm.(quar.)
$1 Oct. 31 Holders of rec. Oct. 15a
Preferred
$1.75 Nov. 1 Holders of rec. Oct. la
Philadelphia Traction
$2
Oct. 1 Holders of rec. Sept. 10a
Phila. & Western Ry., pref.(quar.)
62)40 Oct. 1' Holders of rec. Sept. 290
Portland Elec. Power.6% pref.(au).
144 Oct. 1 Holders of rec Sept. 15
7% prior preferred (guar.)
144 Oct. 1 Holders of rec. Sept. 15
Porto Rico Rys., pref. (guar.)
1N Oct. 1 Holders of rec. Sept. 15
Postal Teleg. & Cable Corp.. pf.(qu.)
14( Oct. 1 Holders of rec. Sept. 210
Power Corp. of Canada.6% pf.(gal- -75e Oct. 15 Holder, of rec. Sept 29
Providence Gas (guar.)
$I
Oct. 1 Holders
Public Service Co. of N. H.. $5 p1.(qu.) '$1.25 Oct. 1 *Holders of rec. Sept.15
Public Service Corp. of N.J., corn.(qu.) 50c Sept.29 Holders of rec. Sept. 15
of rec. Sept. is
6% preferred (monthly)
50c. Sept.29 Holders of rec. Sept. la
7% preferred (guar.)
114 Sept.29Holders of rec. Sept. Is
8%preferred(guar.)
2
Sent.29 Holders of rec. Sept. is
$5 preferred (guar.)
$1.25 Sept.29 Holders of rec. Sept. 1
Public Sere. Co.of Okla.. corn. Marl_ _
2
Oct. 1 Sept.25 to Oct. 1
7% prior lien stock (guar.)
154 Oct. 1 Sept.25 to Oct.
6% prior lien stock (guar.)
144 Oct. 1 Sept.25 to Oct. 1
1
Public Service Elec. & Gee,6% pfd.(qu.) 14 Sept. 29 Holders
of rec. Sept. Is
7% Preferred (quar.)
Sept.29154
Holders
Puget Sound Power & Light, pref. (qu.) 134 Oct. 15 Holders of rec. Sept. Is
of rec. Sept.20a
Prior preference (guar.)
134 Oct. 15
Qu1nte & Trent Valley Pow.. pref. (qu.) 1N Oct. 1 Holders of rec. Sept.20a
Radio Corp. of America. pref. A M./- 87440. Oct. 1 Holders of rec. Sept.20
Holders of rec. Sept. la
Railway & Light Securities, corn. (qu.).
50e. Nov. 1 Holders of rec. Oct. la
Preferred (gear.)
144 Nov. 1 Holders of rec. Oct. la
Savannah Mee.& Power. lot pf. A (qu.) 2
Oct. 1 Holders of rec.
First preference, ser. B (quar.)
114 Oct. 1 Holders of rec. Sept.10a
Sept. 150
Shawinigan 32. ater & Power 'guar.).- -50o. Oct. 10 Holders of rec. Sept. 25
Southern Calif. Edison Co.,orig.pf.(gul 2
Oct. 15 Holders of rec.
544% pre. series C (quar.)
144 Oct. 15 Holders of rec. Sept.20
Sept.20
Southern Calif. Gas,6% p1.(guar.) _ _• 3745c. Oct. 15
• 3744c. Oct. 15 *Holders of rec. Sept.30
Series A pref. (guar.)
Southern Canada Power, pf.(guar.) --- 134 Oct. 15 "Holders of rec. Sept.30
Holders of rec Sept. 20
Southern Counties Gas,6% pref.(qu.)__ •134 Oct. 15'Ho
lders of rec. Oct. 1
South Pittsburgh Water, pref. (guar.)-- 134 Oct. 15
Southeastern Power & Light, corn.(q.) 250. Oct. 20 Holders of rec. Oct. 2
Holders of rec. Sept. 29
$7 preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept.
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
15
Participating pref. (guar.)
$I
Oct. 1 Holders of rec.
So'west Gus Util., pref. (qu.)
$ 1.6244 Nov. 1 Holders or rec. Sept.15
Oct 29
Preferred (guar )
$ 1.624 Febl'29 Hold,of rec. Jan.
20:29
Preferred (quar.)
1.6214 M'yl'29 Hold,of rec. Apr.20'29
Southwestern Bell Telep.. pf. (quar.)_... 144 Oct.
1
Southwestern Gas & Elec.. pref.(au) _ •14( Oct. 1 Holders of rec. Sept.20
*Holders of rec. Sept.15
Southwestern Light At Pow., pref.(qu.). .$1.50
Oct. I *Holders of rec. Sept.15
sprlagfield Gan & Elec., pref. A (guar.)144 Oct. 1 Holders of rec. Sept.15
Spring Valley Water(guar.)
• 44 Sept.30 *Holders
I
Standard Gas & Elec., corn.(quar.)--- 87340 Oct. 25 Holders of rec. Sept. IS
of rec.
7% prior pref.(quar.)
144 Oct. 25 Holders of rec. Sept.30
Sept.30
Superior Water L. & Pow.. Pref. Wu.) - 144 Oct. 1 Holders
of rec. Sept.15
Tennessee Elec. Power Co.
first preferred (Guar.)
5%
144 Oct. 1 Holders of roe. Sept. 15
6% first preferred (quar.)
114 Oct. 1 Holders of rec. Sept. 15
7% first preferred (guar.)
1M Oct. 1 Holders of rec. Sept. 15
7.2% Preerred (quar.)
1.80 Oct. 1 Holders of rec. Sept. 15
6% first preferred (monthly)
50e. Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
60e. Oct. 1 Holders of rec. Sept. 15
Texas-Louisiana Power. pref. Marl_ _ _
144 Oct. 1 Holders of
Toledo Edison. 7% pref. A (monthly).' 58 l-3c Oct. 1 *Holders of rec. Sept.15
rec. Sept.15
0% pref.(monthly)
*50c. Oct. 1 *Holders of rec. Sept.15
Tri-State Telep. & Teleg. (guar.)
"11.50 Oct. 1 *Holders of rec.
City R.T.. alinneap., Pref.(au). 144 Oct. 1 Holders of rec. Sept.15
Twin
Sept. 124
United Gas & Elec. Corp., pref.(qu.)
144 Oct. 1 Holders of rec. Sept.15
United Gas Improvement (quar.)
SI
Oct. 15 Holders of rec. Sept. 15."
United Lt.& Pr., corn. A All. old (qu.)_ •1300. Nov. 15 *Holders of rec. Oct.
15
New common, A & B (guar.)
•120. Nov. 15 *Holders of roe. Oct. 15
Preferred A (gum.)
*$1.63 Oct. 1 'Holders of rec. Sept. 15
Preferred B (guar.)
1
11
Oct. 1 "Holders of rec. Sept.15
United Public Service. $7 pref.(quar.)__ $1.75 Oct. 1 Holders of rec. Sept.15
United Public Utilities, $6 prof.(qu.).- $1.50 Oct. I Holders of rec. Sept.15
Name of Company.
Public Utilities (Concluded).
United Securities. pref. (quar.)
United Utilities Co.. pref. (guar.)
Utah Gas & Coke, pf. & partic. pt.(qu.)
Utah Power & Light,$7 pref.(guar.)_
$6 preferred (quar.)
Utilities Power dr Light, class A (qti.) _ _
Class B (quar.)
Seven per cent pref.(guar.)
Virginia Public Service Co.,7% p1.(qu.)
6% pref. (guar.)
Western Massachusetts Cos.(quar.)
Western Power Corp.. 7% prof (quar.).
Western Power L. & Telep., pref.(qu.)
Western Union Telegraph (guar.)
West Kootenay Power dr Light, pl.(qu.)
west Penn Elec. Co.. class A (guar-) West Penn Power Co.. 7% prof. (guar.)
6% Preferred (guar.)
Winnipeg Elec.Co.. pref.(quar.)
Wisconsin Power &Light.6% pf.(No.1)
1767
Per
When
Cent. Payable.
Books Closed
Days hiclusfee.
144 Oct. 2 Holders of tea. Sept.22
$1.75 Oct. 1 Holders of rec. Sept.15
144 Oct. 1 Holders of roe. Sept.15
$1.75 Oct. 1 Holders of rec. Sept. 5
$1.50 Oct. 1 Holders of rec. Sept. 5
ta50c Oct. 1 Holders of rec. Sept.14a
w20e Oct. I Holders of rec. Sept.14
114 Oct. 1 Holders of rec. Sept.14
144 Oct. 1 Holders of rec. Sept. 17
144 Oct. 1 Holders of rec. Sept.17
6234c Sept.29 Holders of rec. Sept. 17
IN Oct. 15 Holders of rec. Oct. la
•
154 Oct. 1 *Holders of rec. Sept.21
2
Oct. 15 Holders of roe. Sept. 25a
144 Oct. 1 Holders of rec. Sept.24
IN Oct. 1 Holders of rec Sept. 151
144 Nov. 1 Holders of roe. Oct. 5a
134 Nov. 1 Holders of rec. Oct. 5a
154 Oct. 1 Holders of rim Sept. 11
"144 Oct. 15 *Holders of rec. Sept. 30
Banks.
America (Bank of) Nat. Assn.(gust.).. I
Oct.
American Union (guar.)
134 Oct.
Bankamerie Corp.(guar.)
1244c Oct.
Chase National (guar.)
334 Oct.
Chase Securities Co.(guar.)
$1
Oct.
Chatham & Phenix Nat.(guar.)
*4
Oct.
Chelsea Exchange (guar.)
Oct.
$2
Commerce (Nat. Bank of) (guar.)
444 Oct.
Fifth Avenue (guar.)
Oct.
6
First National (guar.)
5
Oct.
First Security Co
20
Oct.
Garfield National (guar.)
Sept.2
Hanover National (guar.)
6
Oct.
Manhattan (Bank of) (guar.)
4 . Oct.
National City (guar.)
334 Oct.
National City Co.(guar.)
Oct.
3
Park National (quit.)
6
Oct.
Public Nat Bank & Trust guar.)
Or
*4
(
Seaboard National (guar.)
4
Oct.
Seventh National (guar.)
•144 Oct.
Trade (guar.) (No. I)
144 Oct.
United States(Bank of) (guar.)
344 Oct.
Trust Companies.
Amer. Exchange Irving Trust (gear.).- 344 Oct.
Banes Commerciale Italians Tr.(qu.).. 244 Oct.
Bankers (quar.)
744 Oct.
Bank of Europe Trust Co.(quar.)
244 Oct.
Bank of New York & Trust (qu.)
444 Oct.
Brooklyn (quar.)
"6
Oct.
Bronx County
2
Oct.
Central Union (guar.)
Oct.
8
knmitable (guar.)
$3
Sep1.2
Fidelity (quar.)
234 gept.2
Fulton (quar.)
244 Oct.
Guaranty (guar.)
4
Sept.2
Manufacturers (guar.)
5
Oct.
Municipal Bank & Trust (guar.)
•244 Oct.
New York (guar.)
5
Sept.2
State Bank & Trust Co.(guar.)
Oct.
4
Title Guarantee & Trust (guar.)
4
Sept.2
Eextra
6
sere.2
U.S. Trust(guar.)
$15
Oct.
Fire Insurance.
City of New York Insurance (guar.) -_ 4
Oct.
Home Insurance (guar.)
5
Oct.
North River (guar.)
"6
Dec.
Extra
'10
Oct.
Hassle(quar.)
51.50 Oct.
Holders of rec. Sept. 8
Holders of rec. Sept.24
Holders of rec. Sept. 8
Holders of rec. Sept. 134
Holders of rec. Sept. 134
Sept. d15 to Sep.. 30
Holders of roe. Sept.144
H.dtiers of rec. Sept. 14a
Holders of rec. Sept.294
Holders of rec. Sept. 250
Holders of rec. Sept. 256
Holders of rec. Sept.24
Sept. 19 to Sept. 30
Holders of rec. Sept.286
Holders of roe. Sept.15
Holders of roe. Sept.15
Holders of rec. Sept.21a
*Holders of rec. Sept.15
Holders of rec. Sept.25
'Holders of rec. Sept.25
Sept. 26 to Sept. 30
Holders of ree. Sept.206
Holders of rec. Sept.14
Holaers of rec. Sept.15
Holders of rec. Sept.14
Holders of rec. Sept. 20
Holders of rec. Sept.21
*Holders of rec. Sept.24
Holders of reo. Sept.20a
Holders of rec. Sept.21
Holders of rec. Sept. 151
Holders of rec. Sept.21
Holders of rec. Sept.24
Holders of rec. Sept.14
Holders of rec. Sept. 1541
*Holders of rec. Sept.20
Holders of rec. Sept.22
Holders of rec. Sept.210
Holders of rec. Sept.21
Holders of rec. Sept d21
Holders of rect. Sept.20a
1 Holders of roe. Sept.20
I Holders of rec. Sept.20
15 *Holders of rec. Dec. 9
5 *Holders of rec. Sept.29
1 Holders of rec. Sept.146
Miscellaneous.
Abitibi Power & Paper, pref.(guar.)_ _
154 Oct. I Holders of rec. Sept.20
Abraham & Straus, Inc., pref. (gust.).. 144 Nov. 1 Holders of rec. Oct. 15a
Acme Steel(guar.)
"$1.25 Oct. 1 'Holders of rec. Sept.20
Adams Express, corn.(guar.)
134 Sept.29 Holders of reo. Sept. 150
Preferred (guar.)
144 Sept.29 Holders of rec. Sept.15a
Aeolian Company, pref.(guar.)
144 Sept.29 Holders of rec. Sept.25
Aero Supply Mfg.. Inc.. class A (gust.). '37340 Oct. 1 'Holders of rec. Sept.21
Aetna Rubber, corn. (quar.)
50c Oct. 1 Holders of rec. Sept.14
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept.14
Ahrens Fox Fire Engine, cl. A (gust.)..'3744c Oct. 5 *Holders of rec. Sept.25
Class B (guar.)
*250. Oct. 5 *Holders of rec. Sept.25
Air Reduction Co.(guar.)
50c. Oct. 15 Holders of rec. Sept.296
Extra
$I Oct. 15 Holders of rec. Sept.290
Airways Elec. Appliance, corn.(guar.)._ "$1.50 Oct. 1 *Holders of rec.
Sept.20
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.20
Akron Rubber Reclaiming, pref.'gel_
2
Oct. 1 Holders or roe. Sept.20
Alabama Fuel & Iron (guar.)
144 Ort. 1 Sept. 21
Albany Perforated Wrapping Pa.(qu.).. 50c. Sept.29 Holders ofto Sept.30
rec. Sept.15a
Alberta Pacific Grain, pref.(guar.)
144 Oct. 1 Holders of rec. Sept.15
Alias & Fisher Co.(Quar.)
*50c. Oct. 1 *Holders of rec. Sept.15
Alliance Invest. Corp., corn.(quit.)--.. 20e Oct. 1 Holders of rec.
Sept.14
Allied Chem. & Dy, pref. (quar.)
144 Oct. 1 Holders of rec. Sept.lla
Allied Refrigeration Industries. Inc.
Prior pref. (quar.) (No. 1)
$1.50 Oct. 1 Holders of rec. Sept.15
Aloe (A. S.) Co., corn.(guar.)
620 Oct. 1 Holders of rec. Sept.18
Preferred (gum.)
154 Oct. 1 Holders of rec. Sept.18
Aloha Portland Cement, corn.(quar.)- - •750 Oct. 15 *Holders of rec. Sept.25
Aluminum Co. of Amer., pf. (guar.) -- '144 Oct. 1 *Holders of rec. Sept.15
Aluminum Manufactures. corn. (guar.).
50e Sept.80 Holders of ree. Sept.15.
Common (guar.)
500 Dee. 81 Holders of roc Dec. 16s
Preferred Marl
134 Sept 311 Holders of reo. Sept 15a
Preferred (guar.)
144 Deo. 81 Holders of rec. Dee. 15e
Amer. Art Works. corn.& Dr.(attar.) --- 1 1
4 Oct. 15 Holders of ree. Sept.:40
American Bakeries .class A
*750 Oct. I *Holders of rec. Sept.15
Preferred (quar.)
•144 Oct. 1 'Holders of rec. Sept.15
Amerlean Bank Note. common Marl_
50e Oct. 1 Holders of rec Sept. 12a
Preferred (guar.)
75e Oct. 1 Holders of rec. Sept 12.
Amer. Bond & Mtge.. Pref. (guar.).
-- 134 Oct. 1 Holders of rec. Sept.20
Amer. Bond & Share, corn.(qu.)
10e Oct. 1 Holders of rec. Sept.25
Cons. (extra, payable in scrip)
hlOc Oct. 1 Holders of rec. Sept.25
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.25
Prof.(participating dividend)
44 oct. I Holders of rec. Sept.25
Amer. Brake Shoe & Fdy., corn. (qu.)
400 Sept.29 Holders of rec. Sept. 21a
Preferred (quar.)
134 Sept.29 Holders of rec. Sept.21a
Amer. Can, pref.(guar.)
154 Oct. I Holders
Amer. Car & Foundry, corn.(quar.).... $1.50 Oct. 1 Holders of rec. Sept. 144
of rec. Sept. 14a
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.14a
Amer. Chain. pref. (quar.)
144 Sept 29 Holders of rec. Sept. 19a
kmer. Chatillon Corp.. pf.(gul
'51.73 Nov. 1 *Holders of rec. Oct. 20
kmerlran Chicle, common (guar.)
750 Oct. 1 Holders of rec. Sept. 15a
Prior pref (guar.)
144 Oct. 1 Holders of roe. Sept. 1541
6% preferred (quar.)
•144 Oct. 1 'Holders of rec. Sept. 15
Amer. Chicle, corn. (pay in corn. stk.)_ *0100
American Clear. pref.(guar.)
144 Oct. 1 Holders of rec. Sept.15
American Colortype, corn.(guar.)
350. Sept.29 Holders of rec. Sept. 12
Amer. Cyanamid, corn. A & B (guar.)
30c. Oct. 1 Holders of rec. Sept. 15
Common A & B (extra)
100. Oct. 1 Holders of roe. Sept. 15
Preferred (quar.)
144 Oct. 1 Holders of rec. Sept.15
Amercian Express (guar.)
51.$0 Oct. 1 Holders of roe. Sent. 14a
American Felt, pref.(guar.)
51.50 Oct. 1 Holders of
Amer. Furniture Mart Bldg.. pref.(qu.) 134 Oct. 1 Holders of rec. Sept.20
rec. Sept.20
American Hardware Cori).
Quarterly
$1
Oct. 1 Holders of coo. Sept.154
Quarterly
Jan 1'29 Holders of rec. Dec. 15a
$1
American Home Products (monthly)...
25e. Oct. 1 Holders of rec. Sept. 14a
Amer. Internat. Corp
$1 Oct. 3 Holders of rec. Sept.24a
Amer. Litseed. pref.(guar.)
144 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar-)
134 Jan2'29 Holders of rec. Dec. 286
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Sept.29 Holders of rec. Sept.130
$2
Amer. Locomotive, corn.(guar.)
19( Sept.29 Holders of rec. Sept.136
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept.25
Amer., London & Empire Corp.(qu.)
Oct. 1 Holders of rec. Sept. 15a
American Manufacturing, tom.(quar.)- 1
Dec. 31 Holders of reo. Dec. I5a
1
Common (guar.)
Oct. 1 Holders of rec. Sept. 150
13j
Preferred (quar.)
134 Dec. 31 Holders of reo. Dec. 150
Preferred (quar.)
.20c. Oct. 1 *Holders of rec. Sept. 21
American Milling, corn.(guar.)
Amer.Pneumatic Serv., lot pref.(quar-) *8734c Sept.29 *Holders of rec. Sept.22
Amer. Potash & Chem. Corp.(No. 1)-- *50c. Sept.29 *Holders of rec. Sept.21
Amer. Products, partic. pref. (guar.) -- *50e. Oct. 1 "Holders of rec. Sept. 15
American Radiator, common (guar.)._ $1.25 Sept.29 Holders of rec. S014.150
$1.50 Sept.29 Holders of rec. Sept.150
Amer. Railway Express (guar.)
$1 Oct. 1 Holders of rec. Sept. 10a
Amer. Safety Razor (guar.)
250. Oct. 1 Holders of rec. Sept.100
Extra
Oct. 1 *Holders of rec. Sept.14
*El
Amer.Sales Book, corn,(guar.)
Oct. 1 "Holders of rec. Sept.21
*1
American Screw (guar.)
750. Oct. I Holders of ree. Sept. 20a
American Seating Co.corn.(guar.)
Nov. 1 Holders of rec. Oct. 150
2
Amer. Shipbuilding, corn. (guar.)
134 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Oct. 1 Holders of rec. Sept 140
3
American Snuff, corn. (guar.)
134 Oct. 1 Holders of rec. Sept.14a
Preferred (quar.)
750. Oct. 15 Holders of rec. Oct. la
Amer. Steel Foundries, Corn.(guar.)- 194 Sept.29 Holders of rec. Sept.15a
Preferred (guar.)
to
Oct. I
500. Oct. 1 Sept. 16
Amer. Stores 'quar.)_
134 Oct. 2 Holders of rec. Sept. 50
Amer.Sugar Reg., Pref. Mara
750. Oct. 15 Holders of rec. Oct. la
Amer. Sumatra Tob., corn.(qu.)(No. 1)
Nov. 15 Holders of rec. Nov. la
Stock div.(sub). to stkhold. meeting)_ 13
$2.50 Sept.29 Holders of rec. Sept.22a
American Surety (guar.)
13.4 Oct. 1 Holders of rec. Sept. 100
Amer. Tobacco. pref. (guar.)
Oct. 15 Holders of rec. Oct. 5a
2
Amer. Type Founders, corn. (qu.)
194 Oct. 15 Holders of rec. Oct. 53
Preferred (guar.)
American Wholesale Corp., pref. (guar.) $1.75 Oct. 1 Holders of rec. Sept.20a
20e. Oct. 15 Holders of rec. Oct. 5
Angle Steel Tool (guar.)
$1.625 Oct. 1 Holders of rec. Sept. 20
Apponaug Co., pref.(guar.)(No. 1)_
Arctic Dairy Products, corn.(quar-)- - *500. Oct. 1 "Holders of rec. Sept.20
134 Oct. 1 Holders of rec. Sept.10a
Armour & Co. (Ill.), pref.(guar.)
Armour & Co. of Delaware. pref.(quar.) 154 Oct. 1 Holders of rec. Sept. 10a
*37340 Oct. 1 'Holders of rec. Sept. 17
Armstrong Cork (guar.)
•12340 Oct. 1 'Holders of rec. Sept.17
Extra
750. Oct. 1 Holders of rec. Sept. 210
Artloom Corp., corn. (guar.)
75c. Jan1•29 Holders of reo. Dec. 216
Common (guar.)
I% Dec. 1 Holders of rect. Nov. 160
Preferred (guar.)
3734c Sept.29 Holders of rec.Sept. 170
Art Metal Construction (guar.)
62c. Nov. 1 Holders of rec. Oct. 13a
Associated Dry Goods,common (guar.)_
134 Dec. 1 Holders of rec. Nov. 106
let preferred (guar.)
134 Dec. 1 Holders of rec. Nov.106
(guar.)
2d preferred
50c. Sept.29 Holders of rec. Sept. 170
Associated Oil (guar.)
Astor Financial Corp.. class A (quar.).... 8734c. Oct. 1 Holders of rec. Sept.20
(guar.)_ _ $1.75 Oct. 1 Holders of rec. Sept.20
Atlantic Coast Fisheries, pref.
Atlantic Gulf & West I. S. B. Lines75o. Sept.29 Holders of reo. Sept.10a
Preferreg (guar.)
75c. Dec. 31 Holders of rec. Dec. lla
Preferred (guar-)
*1 Sept.30
Atlantic Macaroni(guar.)
•34 Sept.30
Extra
*31
Oct. 15 *Holders of rec. Oct. 1
Atlas Plywood (guar.)
$1 Oct. 2 Holders of rec. Sept. 21
Auburn Automobile (guar.)
Oct. 2 Holders of rec. Sept. 21
32
Stock dividend
750. Oct. 1 Holders of rec. Sept. 10a
Auto Strop Safety Razor, el. A (quar.)-*80c. Oct. 1 *Holders of rec. Sept. 15
Axton-Fisher Tobacco, corn. A (guar.)-154 Oct. 1 Holders of rec. Sept. 200
Babcock & Wilcox Co.(guar.)
154 Jan 1'29 Holders of rec. Dec. 200
Quarterly
144 Aprl'29 Hold, of reo. Mar.20'29a
Quarterly
*25c. Oct. 1 *Holders of rec. Sept.20
Balaban & Katz (monthly)
*154 Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
Bamberger (L.) & Co.
154 Dec. 1 Holders of rec. Nov. 100
Preferred (quar.)
*56c. Oct. 1 *Holders of rec. Sept. 15
Bancitaly Corp.(guar.)
Bancroft(Joseph)& Sons Co.,corn.(qu.) 6234c, Sept.29 Holders of rec. Sept. 15
$4 Jan. 15 Holders of rec. Dec. 31
Bankers Capital Corp., corn
$17 Jan. 15 Holders of rec. Dec. 31
Common & preferred (extra)
Oct. 15 Holders of rec. Oct. 1
$2
Preferred (guar.)
Jan15'29 Holders of rec. Dec. 31
$2
Preferred (guar.)
Bankstocks Corp. of Maryland
200. Oct. 1 Holders of rec. Sept. 17
Common A & B (guar.)
8134c. Oct. 1 Holders of rec. Sept. 17
Preferred (guar.)
•25c. Oct. 1 "Holders of rec. Sept. 21
Bankstocks Holding Corp. (guar.)
50c. Oct. 1 Holders of rec. Sept. 140
Barker Bros., corn. (quar.)(No. 1)
134 Oct. 1 Holders of rec. Sept.140
634% pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 260
Leather, pref. (guar.)
Barnet
Barnhart Bros. & Spindler
*134 Nov. 1 *Holders of rec. Oct. 20
1st & 2d preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 200
Bastian Blessing Co. pref.(guar.)
500. Oct. 1 Holders of rec. Sept.206
Baxter Laundries, corn., cl. A (guar.)
1% Oct. 1 Holders of rec. Sept. 206
let & 2d pref (guar.)
50e. Oct. 15 Holders of rec. Sept.29a
Bayuk Cigars, corn.(No. 1)
134 Oct. 15 Holders of rec. Sept.29a
First preferred (guar.)
1% Oct. 15 Holders of rec. Sept.29a
Cony,second preferred (guar.)
2
Oct. 15 Holders of rec. Sept.29a
Second preferred (guar.)
*$3 Oct. 1 *Holders of rec. Sept. 18
Bay State Fisheries,com
*70c. Oct. 1 *Holders of rec. Sept. 18
Preferred and prior preferred
1.8734 Nov. 15 Holders of rec. Nov. 1
Beacon Oil, pref. (guar.)
*25c. Oct. 1 *Holders of rec. Sept.29
Beaton & Caldwell Co.(monthly)
Oct. 1 *Holders of rec. Sept.20
Beatrice Creamery, common (guar.)___ *$1
•131 Oct. 1 'Holders of rec. Sept.20
Preferred (guar.)
60e, Oct. 10 Holders of rec. Sept.25
Beech-Nut Packing, corn. ,quar.)
Belgo Canadian Paper, pref.(guar.).- 134 Oct. 1 Holders of rec. Sept. la
*50o. Oct. 1 *Holders of rec. Sept.15
Bendlx Corp., class A (
guar.)
134 Oct. 1 Holders of rec. Sept. la
Bethlehem Steel. Pref. (guar.)
50c. Oct. 5 Holders of rec. Sept. 20a
Bingham Mines
*1.34 Oct. 1 *Holders of rec. Sept. 15
Bissell(F.E.) Ltd., pref.(qu.)
*2 Sc.Oct. 1 "Holders of rec. Sept. 18
Bliss(E. W.) Co.,com.(guar.)
*31 Oct. 1 *Holders of rec. Sept. 18
First preferred (quar.)
*8734c Oct. 1 *11(1ders of rec. Sept. 18
Second pref. class A (guar.)
*150. Oct. 1 *Holders of rec. Sept. 18
Second pref. class B (guar.)
Bloch Brothers Tobacco, corn. (quar.).. 3734c Nov. 15 Nov. 10 to Nov. 14
134 Sept.30 Sept. 25 to Sept.29
Preferred (guar.)
13.4 Dec. 31 Dec. 26 to Dec. 30
Preferred (guar.)
*750. Oct. 1 *Holders of rec. Sept. 15
Bohn Aluminum & Brass (guar.)
*2
Sept.30 *Holders of rec. Aug. 31
Boise Chico 011. class A (No. 1)
Oct. 30 Holders of rec. Oct. 15a
$1
Bon And Co., class A (guar.)
*50c. Oct. 1 *Holders of rec. Sept.28
Class B (guar.)
*$1
Oct. 1 'Holders of rec. Sept.20
Warner Corp.. corn. (guar-)
Borg
•$2.10 Oct. 1 *Holders of rec. Sept.20
Pref.(for period June 12 to Oct. 1)
$1
Oct. 15 Sept. 22 to Oct. 13
Borne Scrymser Co
50c. Oct. 15 Sept.22 to Oct. 13
Extra
500. Oct. 15 Holders of rec. Sept.29
Brading Breweries (guar.)
134 Oct. 1 Holders of rec. Sept.20
Bridgeport Machine. pref.(guar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Brill° Manufacturing, cl. A (guar.) ...•134 Oct. 1
Bristol Brass, pref.(guar.)
*154 Oct. 1
Preferred (on acct. accrued divs.)
$1
Sept.29 Holders of rec. Sept. 19
Bristol-Myers Co.(guar.)
Dec. 31 Holders of rec. Dec. 21
$1
Quarterly
25c. Oct. 1 Sept. 15 to Sept. 30
British-American Oil, Ltd., reg.(quar.)
250. Oct. 1 Holders of coupon No.7
Coupon (guar.)
British-Amer. Tob., ordinary (interim) _ (r) Sept.29 Hclders of coup. No.124r
23.4 Sept.29 Holders of coupon No.50
British-Amer.Tob. preference
British Type Investors, Inc.
•350. Oct. 1 *Holders of rec. Sept. 15
Class A (bi-monthly)
750. Nov. I Holders of rec. Oct. 156
Brockway Motor Truck, corn. (guar.).134 Oct. 1 Holders of rec. Sept. 10a
Cony. pf.(guar.)
Brunswick-Balke-Coriender, pref. (qui - 194 Oct. 1 Holders of rec. Sept.20
250 Oct. 1 Holders of rec. Sept.21
Brunswick Site Co
250 Oct. 1 Holders of rec. Sept. 8a
Bucyrus-Erie Co..common (guar.)
194 Oct. 1 Holders of rec. Sept. 8a
Preferred (guar.)
6234c Oct. 1 Holders of rec. Sept. 8a
Convertible preference (guar.)
300 Oct. 1 Holders of rec. Sept.24
Building Products, Ltd., el. A
134 Oct. 1 Holders of rec. Sept.24
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.20
Bulkley Building pref. (guar.)
134 Oct. 1 Holders of reo. Sept.130
Burns Bros., pref.(guar.)
154 Oct. 1 Holders of reo. Sept. 170
Bush Terminal Bldg., pref.(guar.)
[Vor.. 127.
FINANCIAL CHRONICLE
1768
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
*50c. Nov. 1 *Holders of rec. Oct. 5
Bush Terminal,corn.(quar-)
f134 Nov. 1 Holders of ree. Oct. 5a
Corn.(payable in tom.stock
Debentu-e stock (guar.)
154 Oct. 15 Holders of reo. Sept.28a
50c. Sept.29 Holders of rec. Sept.14a
Butte & Superior Mining (guar.)
Buzza Clark,7% pref.(guar.)
194 Oct. 1 Holders of rec. Sept. 17
500. Sept.29 Holders of rec. Sept. 20
Byliesby(H. M.)& Co., cl. Acorn.(qu.)
Class B common (guar.)
50c. Sept. 29 Holders of rec. Sept. 20
Preferred (guar.)
50c. Sept. 29 Ilolders of rec. Sept. 20
Calamba Sugar Estates (guar.)(No. 13_ *40c.
*35
Preferred (quar.) (No. 1)
California Consumers Co., 87 pref. (qu.) $1.75 Oct. 1 Holders of rec. Sept. 15
California Group Corp., pref. (qu.)_ _ _ $1.50 Oct. 1 Holders of rec. Sept.30
*3734c Oct. 1 *Holders of rec. Sept.20
California Ink, cl. A & B (guar.)
1
.1234c Oct. 1 'Holders of rec. Sept.20
Class A & B (extra)
25c, Oct. 1 Holders of ree. Sept. 70
California Petroleum, corn. (guar.). _
$1
Oct. I Holders of rec. Sept. 15a
Cambria Iron
134 Oct. 1 Holders of rec. Sept.20
Cambridge Rubber, pref. (guar.)
Canada Cement. pref.(guar.)
154 Sept.30 Holders of rec. Aug. 31
$1 Oct. 15 Holders of rec. Oct. la
Canada Dry Ginger Ale (guar.)
50c. Oct. 15 Holders of rec. Oct. la
Extra
Canada Dredge & Dock, corn.(No. 1)_ _ *50c. Nov. 1 'Holders of rec. Oct. 16
*25e. Nov. 1 *Holders of rec. Oct. 16
Common (extra)
75c, Oct. 1 Holders of rec. Sept. 15
Canada Gypsum & Alabastlne, Ltd
3
Oct. 1 Holders of rec. Sept. 15
Canada Permanent Mtge.(guar.)
134 Oct. 1 Holders of rec. Sept. 15
Canada Steamship Lines, pref. (quar.)_ _
Canadian Car & Fdy., pref. (quar.).__.. 134 Oct. 10 Holders of rec. Sept.26
Oct. 4 Holders of reo. Sept. 24
Canadian Cottons, Ltd., common (qu.)- 2
dl% Oct. 4 Holders of rec. Sept.24
Preferred (quar.)
154 Oct. 1 Holders of ree. Sept. 15
Canadian Gen. Elec., pref. (guar.)
'
134 Oct. 1 Holders of rec. Sept.20
Canadian Locomotive, pref. (guar.)
_
Canadian Paperboard, pref. (guar.)- 134 Oct. 1 Holders of rec. Sept.20
2
Oct. 1 Holders of rec. Sept. 22
Canadian Salt (guar.)
Canfield 011
2
Sept. 30 Holders of roe. Sept.20
Common (quar.)
2
Dec. 31 Holders of rec. Dec. 20
Common (guar.)
134 Sept. 30 Holders of rec. Sept. 20
Preferred (guar.)
154 Dec. 31 Holders of reo. Dee. 20
Preferred (guar.)
700. Oct. 1 Holders of rec. Sept. 18
Cannon Mills
15c. Oct. 15 Holders of rec. Oct. 1
Capital Securities, corn.(guar.)
4.134 Sept.29 *Holders of rec. Sept.20
Carey (Philip) Co., pref. (guar.)
Case (3.1.) Thresh. Mach., corn.(guar.) el% Oct. 1 *Holders of reo. Sept. 10
*194 Oct. 1 *Holders of rec. Sept. 10
Preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept. 18
Cavanagh-Dobbs, Inc., pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 14
Celanese Corp.Amer.. prior pf.(qu.)
•750. Oct. 1 *Holders of rec. Sept. 15
Celotex Co., corn.(guar.)
•134 Oct. 1 *Holders of rec. Sept.15
Preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept.20
Central Aguirre Sugar (guar.)
50c. Oct. 10 Holders of ree. Sept. 25a
Central Alloy Steel, corn.(guar.)
134 Oct. 1 Holders of roe. Sept.13a
Preferred (guar.)
$1.75 Oct. 1 Holders of recs. Sept. 15
Central Distributors, Inc. pref.(qu.)
CentralInvestors Corp., cl. A (quar.).... •3734c Oct. 1 *Holders of rec. May 1.0
*3734c Jan2'29 *Holders of rec. May la
Class A (guar.)
Cent. Invest. Trust (guar.)
*81.50 Oct. 1 *Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept. 170
Certain-teed Products, corn,(quar.)--- - $1
194 Oct. 1 Holders of rec. Sept. 176
Preferred (guar.)
75e. Sept.30 Holders of ree. Sept. la
Certo Corporation (guar.)
2543. Sept.30 Holders of rec. Sept. 16
Extra
$1 Sept.29 Holders of rec. Sept.10
Chesebrough Mfg. Co.(guar.)
Extra
250. Sept.29 Holders of rec. Sept.10
25c, Nov. 15 Holders of rec. Nov. 1
Chelsea Exch. Corp., A & B (qu.)
250, Fb15'29 Hold, of rec. Feb. 1 '29
Class A & 13 (guar.)
25c. My15'29 Hold, of rec. May I '29
Class A & B (guar.)
6234c Oct. 1 *Holders of rec. Sept.20
Chic. Jefferson Fuse dr Elec., corn. (qu.)•
Chic. Mill & Lumber, pref. (guar.) ---. •134 Oct. 1 *Holders of rec. Sept.24
*$1.25 Oct. 1 *Holders of rec. Sept.22
Chicago Towel,corn.(qu.)(No. 1)
•$1.75 Oct. 1 *Holders of rec. Sept.22
37 preferred (guar.)
25c. Oct. 1 Holders of rec. Sept.20]
Chicago Yellow Cab Co.(monthly)250. Nov. 1 Holders of rec. Oct. 190
Monthly
25c, Dec. 1 Holders of rec. Nov.20a
Monthly
75c, Oct. I Holders of rec. Sept.100
Chickasha Cotton Oil (guar.)
75e. Jan 129 Holders of roe. Dec. 10a
Quarterly
750. Aprl'29 Holders of ree.Mar 9'29a
Quarterly
75c. Jul 1'29 Holdersof rec.June10'29a
Quarterly
62340 Sept.29 Holders of rec. Sept. So
Chile Copper Co. (guar.)
75o. Sept.29 Holders of rec. Sept. 17e
Chrysler Corp., Common (guar.)
Sept.29 Holders of rec. Sept. 1731
2
Preferred (quar.)
Jan2'29 Holders of rec. Dec. 170
2
Preferred (guar.)
Cincinnati Union Stock Yards (guar.).- "40c. Sept.29 *Holders of rec. Sept.22
34
Oct. 1 Holders of roe. Sept. 15
Cities Service, common (monthly)
% Nov. 1 Holders of rec. Oct. 15
Common(monthly)
Oct. 1 Holders of rec. Sept. 15
Common (payable in corn. stock)._ 134
Commcn (payable in corn.stock)
35 Nov. 1 Holders of rec. Oct. 15
Oct. I Holders of ree. Sept.15
35
Preferred and preferred B B (mthly)34 Nov. 1 Holders of rec. Oct. 15
Preferred and pref. BB (mthly.)
50. Oct. I Howlers of rec. Sept.15
Preferred B (monthly)
Sc. Nov. 1 Holders of rec. Oct. 15
Preferred B (monthly)
6234c Oct. 1 Holders of rec. Sept.20a
City Financial Corp., cl. A (guar.)
134 Oct. 1 Holders of rec. Sept.25
City Investing, pref.(guar.)
87340 Nov. 1 Holders of rec. Oct. 150
City Stores Co., class A (guar.)
31e. Oct. 1 Holders of rec. Sept. 15
Claremont Invest. Corp., pref. (quar.).
50c. Oct. 1 Holders of rec. Sept.20
Cleveland Union Stock Yds.(guar.).
*50e. Oct. 1 *Holders of rec. Sept.20
Club Aluminum Utensil (quar.)
Cluett,Peabody & Co., pref.(guar.).-- 154 Oct. 1 Holders of rec. Sept.20]
Coats(J.& P.) Ltd.
(0
Sept.29 *Holders of rec. Aug. 20
Amer. dep. rcts, for ord. stk
81.50 Oct. 1 Holders of rec. Sept. 126
Coca-Cola Co.,common (quar.)
$3
Oct. 1 Holders of rec. Sept.12
Coca Cola Internat.(guar.)
62340. Oct. 1 Holders of rec. Sept. 15
Cohn-Hall
-Marx, corn.(guar.)
6234c. Ja, 229 Holders of rec. Dee. 15
Common (guar.)
6234c. Ap.1'29 Holders of rec. Mar. 15
Common (guar.)
62340. Jul 129 Holders of rec. June 15
Common (guar.)
134 Oct. 1 Holders of roc. Sept. 15
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 18
"$1
Coleman Lamp & Stove (guar.)
'500. Sept.29 *Holders of rec. Sept.12
Colt's Patent Fire Arms Mfg.(quar.)Columbia Graphophone, Ltd.
"35c.
*Holders of rec. Sept. 17
Amer.dep.rcts.for ord.shares
'Holders of rec. Sept. 17
•100
Stock dividend
25o Sept.29 Holders of rec. Sept. 100
Commercial Credits,corn.(guar.)
154 Sept.29 Holders of rec. Sept.100
634% 1st preferred (guar.)
43%c Sept.29 Holders of rec. Sept. 100
7% preferred (qugr.)
500. Sept.29 Holders of rec. Sept. 100
8% pref. class B (guar.)
900. Oct. 1 Holders of rec. Sept. 150
Commercial Invest. Trust, corn, (guar.)
154 Oct. 1 Holders of rec. Sept. 150
7% first preferred (guar.)
194 Oct. 1 Holders of rec. Sept. 156
634% first preferred (guar.)
32 Oct. 1 Holders of rec. Sept.200
Commercial Solvents Corp.(guar.) - 2
Nov. 1 Holders of rec. Oct. 15a
Stock dividend
50c. Oct. 1 Holders of rec. Sept.200
Conde-Nast Publications, corn.(aU.)Sept.29 Holders of rec. Sept.14
$1
Congress Cigar (guar.)
25e, Sept.29 Holders of reo. Sept.14
Extra
*50c. Sept.30 *Holders of rec. Sept.20
Conley Tank Car, corn. (quar.)
Sept.30 *Holders of rec. Sept.20
*2
Preferred (guar.)
$1.75 Oct. 1 Holders of roe. Sept. 15
0
Consolidated Cigar, corn. (guar.)
"50c. Oct. 1 *Holders of rec. Sept. 14
Consolidated Dairy Prod.(guar.)
Consolidated Film Industries
50c. Oct. 1 Holders of rec. Sept.180
Participating Preference (guar.)
•50e Oct. 1 *Holders of rec. Sept. 17
Consolidated Retail Stores,corn
*2 Oct. 1 'Holders of rec. Sept. 17
Preferred
Oct. 1 Holders of rec. Sept. 10
Constructive Credit Serv. preferred..--- 4
•134 Oct. 1 *Holders of rec. Sept. 15
Consumers Co., prior pref.(quar.)
300. Oct. 1 Holders of reo. Sept. 10a
Container Corp. of Amer., corn, A (qu.)
15e Oct. 1 Holders of rec. Sept.10]
Common class B (guar.)
. 154 Oct. 1 *Holders of rec. Sept. 10
1
.
Preferred (guar.)
2 Oct. 1 Holders of rec. Sept. 170
Continental Baking, pref.(guar.)
$1.25 Nov. 15 Holders of rec. Nov. 50
Continental Can, corn. (quar.)
/3100 Nov.22 Holders of rec. Nov. 50
Common (payable in common stock)
194 Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
*81 Oct. 15 'Holders of rec. Oct. I
Continental Securities Corp.(quar.).
81 25 Sept.30 Holders of rec. Sept.18a
Coty. Inc.(guar.)
134 Sept.30 Sept. 16 to Sept.30
Craddock-Terry Co., common (quar.)- Creamery Package Mfg., corn.(qu.).... *50c. Oct. 10 *Holders of rec. Oct. 1
•134 Oct. 10 'Holders of rec. Oct. I
Preferred (guar.)
SEPT. 29 1928.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Cresson Cons. Gold Min.& Mill.(quar.)
*20. Oct. 10 *Holders of rec. Sept.20
Crosley Radio (stock dividend)
Dec. 31
e4
Crosley Radio Corp.(quar.)
25c. Oct. 1 Holders of rec. Sept. 200
Quarterly
25c. Jan 1'29 Holders of rec. Dec. 200
Crowley Milner & Co.. corn.(quar.)
"50c. Sept.30 *Holders of rec. Sept.10
Crown Willamette Paper. 1st p1. (quar.) $1.75 Oct. 1 Holders of rec. Sept. 13a
2nd preferred (quar.)
$1.50 Oct. I Holders of rec. Sept. 13
Crown Zellerbach Corp., common.(qu.)
(No. 1)
*25c. Oct. 15 *Holders of rec. Sept. 29
Preferred (for months July & August)* S31-3c Oct. 15 *Holders of rec. Sept. 29
Crucible Steel, corn.(guar.)
151 Oct. 31 Holders of rec. Oct. 15a
Preferred (quar.)
1 M Sept.30 Holders of rec. Sept.15a
Cuban-Amer. Sugar, corn. (guar.)
250. Sept.29 Holders of rec. Sept. la
Preferred (guar.)
1 M Sept.29 Holders of rec. Sept. la
Cudahy Packing, common (quar.)
1
Oct. 15 Holders of rec. Oct. 5
preferred
6%
Nov. 1 Holders of rec. Oct. 20
3
7% preferred
355 Nov. 1 Holders of rec. Oct. 20
Curtis Publishing Co., com.(monthly). *50c. Oct. 2 *Holders of rec. Sept.20
•1zi Oct. 1 *Holders of rec. Sept.20
Preferred ((Mar.)
Daley. Inc. (Los Angeles), common and
Preferred (quar.)
*2c. Oct. 1 *Holders of rec. Sept. 1
Danish-Amer. Corp. let de 2nd p1.(qu.). $1.75 Oct. 1 Holders of rec. Sept.20
Darby Petroleum (quar.)
25c Oct. 15 Holders of rec. Sept.29
Davenport Hosiery Mills, pref.(guar.)._
151 Oct. 1 Holders of rec. Sept.20
Davis Industries, class A (quar.)
*3151c Oct. 1 *Holders of rec. Sept. 20
Class A (quar.)
*3151c Janl'29 *Holders of rec Dee. 20
Class B (quar.)
*3151c Oct. 1 *Holders of rec. Sept. 20
Class B (quar.)
*3151c Jan 1'29 *Holders of rec. Dec. 20
Deere & Co., common (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
Detroit & Cleveland Navigation (guar.)20c Oct. 1 Holders of rec. Sept. 15
Devoe & RayneIds, Inc., corn.A&B (qu.) 60c Oct. 1 Holders of rec. Sept. 210
Common A & B (extra)
20e. Oct. 1 Holders of rec. Sept. 210
First and second preferred ((Mar.) -154 Oct. 1 Holders of rec. Sept. 21a
Diamond Electric Co., com.(guar.)._ _
*25c Oct. 1 *Holders of rec. Sept.26
Preferred (quar.)
Oct. 1 *Holders of rec. Sept.26
Diamond Shoe, pref.(guar.)
1.6255 Oct. 1 Holders of rec. Sept.25
Distillers-Seagrams, Ltd
25c Oct. 15 Holders of rec. Sept. 30
Diversified Securities. pref.(quar.)
44c Oct. 1 Holders of rec. Sept.26
Dixon(Jos.) Crucible(quar.)
*2 Sept.29 *Holders of rec.
•14i Oct. 1 *Holders of rec. Sept.20
Doehler Die-Casting, pref.(quar.)
Sept.20
7% pref. 50% paid (guar.)
•8755c Oct. 1 *Holders of rec. Sept.20
D3lese de Shepard Co.(extra)
*81
Oct. 1 *Holders of rec. Sept.20
Dome Mines, Ltd.(quar.)
25c Oct. 20 Holders of rec. Sept.29a
Dominion Glass, com. & pref.(quar.)
134 Oct. 1 Holders of rec. Sept.15
Dominion Rubber,pref.(quar.)
134 Sept.30 Hclders of rec. Sept.21
Dominion Stores (guar.)
750. Oct. I Holders of rec. Sept. 15
Dominion Textile, corn.(quar.)
$1.25 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
154 Oct. 15 Holders of rec. Sept.29
Douglas(W. L.) Shoe, Pref. (quar.)_
151 Oct. 1 Holders of rec. Sept.15
Dow Drug, corn. (quar.)
'25c Oct. 1 *Holders of rec. Sept.20
*134 Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
Draper Corporation (quar.)
Oct. 1 Holders of rec. Sept. 1
21
Dunhill International (quar.)
$I
Oct. 15 Holders of rec. Oct. la
Quarterly
lan15'29 Holders of rec. Dec. 310
$1
Quarterly
Ap15'29 Hold. of rec. Apr. 1 '29a
$1
Duplan Silk Corp.. pref. (quar.)
2
Oct. 1 IIolders of rec. Sept.20
Dupont (E. I.) de Hem & Co.
Debenture stock (quar.)
134 Oct. 25 Holders of rec. Oct. 10
Durant Motors of Canada (quar.)
100 Sept.29 Holders of rec. Sept. 15
Eastern Bankers Corp., preferred(quan) 134 Nov. 1 Holders of roe. Sept. 30
Preferred (quar.)
154 Fob 1'29 Holders of rec. Dec. 31
Eastern Rolling Mill(quar.)
3734c Oct. 1 Holders of rec. Sept. 20a
Eastern Steamship Lines, 1st pf.
*134 Oct. 1 *Holders of rec. Sept.22
' Second preferred (quar.)
8734e Oct. 1 *Holders of rec. Sept. 22
East Hampton Securities(qu.)(No.1).. *2
Oct. 1 'Holders of rec. Sept. 17
Extra
*34 Oct. 1 *Holders of rec. Sept. 17
Eastman Kodak,common (quar.)
81.2 Oct. 1 Holders of rec. Aug. 310
Common (extra)
700. Oct. 1 Holders of rec. Aug. 310
Pref. (quar.)
155 Oct. 1 Holders of rec. Aug. 31
Economic Invest. Trust Ltd. (Interim)_ $1
Holders of rec. Sept.22
Economy Grocery Stores (quar.)
.25c. Oct. 1 *Holders of rec. Oct. 1
Edwards(Wm.) Co.,6% pref.(au.)---1;5 Oct.
Holders of rec. Sept.20
Egry Register, class A (guar.)
*50c. Oct.
*Holders of rec. Sept. 15
Elsenlohr(Otto) & Bros., pref.(quar.)_ _
151 Oct.
Holders of rec. Sept.200
Electric Auto-Lite Co.,corn.(quar.)_ _ $1
Oct.
Holders of rec. Sept. 20a
Preferred (quar-)
151 Oct.
Holders of rec. Sept. 20a
Electric Controller & Mfg. tquar.)
$1.25 Oct.
Holders of rec. Sept. 20a
Electric Storage Battery,com.& pf.(qu.) $1.25 Oct.
Holders of rec. Sept. 8a
Emerson Electric Mfg., Prof. (quar.)-- 151 Oct.
Holders of rec. Sept.20
Empire Safe Deposit (quar.)
234 Sept.2 Holders of rec. Sept.220
Endicott Johnson Corp., corn. (quar.)
81.25 Oct.
Holders of rec. Sept. 20a
Preferred (quar.)
151 Oct.
Holders of rec. Sept. 20a
Equadorlan Corp.. ordinary shares
5e. Oct.
Holders of rec. Sept.22
Equit. Off. Bldg. Corp. new com.(N0.1) 50c. Oct.
Holders of rec. Sept.15a
Preferred (quar.)
154 Oct.
Holders of rec. Sept.15a
Evans Auto Loading, new com.(fluor-)-- *6255c Oct.
*Holders of rec. Sept.20
Evans-Wallower Lead, pref. (quar.)_ _ *154 Sept.3 *Holders of rec.
Sept.20
Fair (The), corn. (monthly)
200. Oct.
Holders of rec. Sept. 200
Fairbanks. Morse & Co.. corn.(guar.)._
750. &Pt.2 Holders of rec. Sept. 12a
Fanny Farmer Candy Shops, corn. (qu.)
25e. Oct.
Holders of rec. Sept. 15
Common (altar.)
25c. Jan 1'2
Preferred (quar.)
60c. Oct.
Holders of rec. Sept. 15
Farr Alpaca (quar.)
*2
Sept.3 *Holders of rec. Sept. 20
Fashion Park, Inc., corn. (quar.)
50c. Nov.3 Holders of rec. Nov. 300
Faultless Rubber (quar.)
50c. Oct.
Holders of rec. Sept. 14
Federal Motor Truck (guar.)
20e. Oct.
Holders of roe. Sept. 15,
Stock dividend
255 Oct.
Holders of rec. Sept. 15a
Federal Terra Cotta, pref.(quar.)
*2
Sept.2 *Holders of rec. Sept. 19
Federated Metals Corp.(quar.)
250. Oct.
Holders of rec. Sept.21
Feltman & Currne. pref. (quar.)
131 Oct..
Holders of rec. Sept. 1
Fifth Avenue Bus Securities(War.)
16e. Oct.
Holders of ree. Sept.14a
Fifth Avenue Investing Corp., corn.(qu.)
75c. Oct.
*Holders of rec. Sept. 25
Preferred (quar.)
*22
Oct.
*Holders of rec. Sept 25
Filing Equip.Bureau. pref.(quar.)
21.75 Oct.
Holders of rec. Sept. 19
Finance Coot Arn.,Balt., Cl. A & B (qu.)
150. Oct. 1
Holders of roe. Oct. 5
7% preferred (quar.)
4354c. Oct. 1
Holders of rec. Oct. 5
Financial & Industries Securities Corp.
Common (quar.)
75c. Oct.
Holders of rec. Sept.20
Common (extra)
35c. Oct.
Holders of rec. Sept. 20
Preferred (quar.)
81.75 Oct.
Holders of rec. Sept. 20
Financial Inv.Co.of N.Y.,corn.(qu.)_ _
40c. Oct.
Holders of rec. Sept. 15
Common (extra)
Sc. Oct.
Holders of rec. Sept. 15
Firestone Tire & Rubber.6% prof.(qu.)
155 Oct. 1 Holders of rec. Oct. I
First Federal Foreign Invest. Trust (qu.) 81.75 Nov. 1 Holders of rec.
Nov. 1
First National Pictures pref. (quar.)__ _
Oct.
2
Holders of rec. Sept. 13a
First National Stores, com.(quar.)
3735e. Oct.
Holders of rec. Sept. 20a
First preferred (quar.)
151 Oct.
Holders of rec. Sept.20
Flelschmann Co., corn.(guar.)
75c. Oct.
Holders of rec. Sept. 150
Florshelm Shoe.6% prof.(quar.)
155 Oct.
Holders of rec. Sept.15a
Flour Mills of Amer., pref. A (quar.) _
2
Oct.
Holders of rec. Sept. 15_
Bros. Gear & Mach.,com.(qu.)
Foote
*300. Oct.
"Holders of rec. Sept. 20
Preferred (quar.)
'134 Oct.
*Holders of rec. Sept.20
Foote-Burt Co.Cl. A (quar.)
250. Oct.
Holders of rec. Sept.20
Preferred (quar.)
151 Oct.
Holders of rec. Sept.20
Forhan Co., corn. (quar.)
200. Oct.
Holders of rec. Sept. 15
Class A participating stock (guar.) _
400. Oct.
Holders of rec. Sept. 15
Formica Insulation (guar.)
250. Oct.
Holders of rec. Sept. 150
Extra
100. Oct.
Holders of rec. Sept. 15a
Quarterly
250. Jan1'2
Holders of rec. Dec. 164
Extra
100. Jan l'2
Holders of rec. Dec. 15a
C.) Co.pref (quar.)
Foster(N.
151 Oct.
Holders of rec. Sept.20
Fox Film Corp., corn. A & B (quar.)--- 81 Oct. 1 Holders of rec. Sept.29a
Fraser Companies. Ltd.(quar.)
200. Oct.
Holders of rec. Sept.15
Freeport Texas Co (quar.)
$1 Nov.
Holders of rec. Oct. 15a
Extra
25e. Nov.
Holders of rec. Oct. 15a
Freiman (A. J.). pref. (quar.)
1)4 Oct.
Holders of rec. Sept. 15
French (Fred.) Constr. Co., prof.
555 Oct.
Sept. 16 to Oct. 1
Fuller(Geo. A.)Co. panic. prior pf.(qU) 155 Oct.
Holders of rec. Sent.100
Galesburg Coulter-Disc. (quar.)
*El
Oct.
*Holders of rec. Sept.20
Extra
.250. Oct.
*Holders of rec. Sept.20
Name of Company.
1769
When
Per
Cent. Payable.
Books Coma
Days Inclusive.
Miscellaneous (Continued).
Gen. Amer. Tank Car, com.(quar.)_ -- $1
Oct. 1 Holders of rec. Sept. 156
Preferred (quar.)
151 Oct. 1 Holders of rec. Sept. 15a
General Baking Co., pref. (quar.)
2
Sept.30 Holders of rec. Sept.21a
General Baking Corp., pref. (quar.) _ _ $1.25 Oct. 1 Holders of rec. Sept.18
*1% Oct.
General Bronze, pref.(quar.)
1 *Holders of rec. Aug. 31
General Cigar, Inc.. com.(guar.)
Nov. 1 Holders of rec. Oct. 160
$1
Preferred (quar.)
154 Dec. 1 Holders of rec. Nov.220
General Electric, common (quar.)
1
Oct. 26 Holders of rec. Sept. 210
Special stock (quar.)
15e. Oct. 26 Holders of rec. Sept. 21a
General Fireproofing, corn. & pf.(qu.) •1% Oct. 1 *Holders of rec. Sept.20
GeneralIce Cream,common (quar.)_ _ _
75e. Oct. 1 Holders of rec. Sept. 240
General Mills, Inc.,6% pref. (guar.)._ _
155 Oct. 1 Holders of rec. Sept. 15a
General Motors,6% pref.(quar.)
155 Nov. 1 Holders of rec. Oct. 8a
151 Nov. 1 Holders of rec. Oct. 8a
7% Preferred (quar.)
6% debenture stock (quar.)
1)5 Nov. 1 Holders of roe. Oct. 8a
General Railway Signal,com.(quar.)_ _ $1.25 Oct. 1 Holders of rec. Sept. 10a
Preferred (quar.)
155 Oct. 1 Holders of rec. Sept. 10a
General Tire & Rubber, pref. (quar.) _
155 Sept.30 Holders of rec. Sept. 20
Gibson Art, common (quar-)
65e. Sept.30 Holders of rec. Sept.20
Gilbert (H. C.) Co. (quar.)
• 87550. Oct. 1 *Holders of rec. Sept.15
Gimbel Bros., Inc. pref.(quar.)
*151 Nov. 1 *Holders of rec. Oct. 15
Gladding. McBean & Co., monthly
25c. Oct. 1 Sept.21 to Sept.30
Monthly
25e. Nov. 1 Oct. 21 to Oct. 31
Monthly
25e. Dec. 1 Nov. 21 to Nov.30
Glidden Co., prior pref.(quar.)
81.75 Oct. 1 Holders of rec. Sept. 14a
Globe Grain & Milling, corn.(quar.)___
*50c Oct. 1 *Holders of rec. Sept.20
let preferred (quar.)
55351c Oct. 1 *Holders of rec. Sept.20
2d preferred (quar.)
*50c Oct. 1 *Holders of rec. Sept.20
Globe-Wernicke Co.. corn.(guar.)
$1.50 Oct. 1 Holders of rec. Sept.20
Goderich Elevator & Trans., Ltd.(quar.)
35c. Oct. 1 Sept. 16 to Sept.30
Gold Dust Corp.(guar.)
$1.25 Nov. 1 Holders of rec. Oct. 170
Goodrich (B. F.) Co., pref.(guar.)
IM Oct. 1 Holders of rec. Sept. 100
Goodyear Textile Mills(quar.)
*$1.75 Oct. I *Holders of rec. Sept. 20
Goodyear Tire & Rubber 1st pref.(qu.) 154 Oct. 1 Holders of rec. Sept. la
Preferred (qar.)
151 Oct. 1 Holders of rec. Sept. 1
Goodyear Tire & Rubb. of Calif.(qu.) •$1.75 Oct. 1 *Holders of rec. Sept. 20
Goodyear Tire &Rub.,Canada. pf.
*21.25 Oct. I 'Holders of rec. Sept. 15
Common (extra)
Oct. 1 'Holders of rec. Sept. 15
*21
Preferred (quar.)
151 Oct.
Holders of rec. Sept. 15
Gossard (H. W.) Co., com.(monthly).. 33 1-3c Oct. I Holders of rec. Sept. 206
Common (monthly)
33 1-3c Nov. 1 Holders of rec. Oct. 19a
Common (monthly)
33 1-3c Dec. 1 Holders of rec. Nov.20a
Common (monthly)
33 1-3c Jan1'29 Holders of rec. Dec. 20
Gotham Silk Hosiery (quar-)
6235c Oct. 1 Holders of rec. Sept.12a
Preferred (quar.)
151 Nov. 1 Holders of rec. Oct.d1la
Gottfried Baking, preferred (quar.)___
154 Oct. 1 Holders of rec. Sept. 25
Goulds Pumps, Inc., common (quar.)__
2
Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
• 151 Oct. 1 Holders of rec. Sept. 20
Graham-Paige Motors, let pf. (quar.)
"151 Oct. I *Holders of rec. Sept. 15
Granby Consol. Min.& Smelt.(qu.)_ _ _
$I Nov. 1 Holders of rec. Oct. Ila
Granite City Steel, pref. (quar.)
*21.75 Sept.29 *Golders of rec. Sept. 18
Grant(W.T.) Co.(quar.)
51 Oct. 1 Holders of rec. Sept. 15
Grasselli Chemical, corn. (quar.)
67c Sept.29 Holders of rec. Sept.15
Preferred (quar.)
154 Sept.29 Holders of rec. Sept.14
Great Lakes Towing, common (quar.).
134 Sept.29 Holders of rec. Sept. 15
Preferred (quar.)
194 Oct. 1 Holders of rec. Sept. 14
Great Western Sugar. com.(quar.)
700. Oct. 2 Holders of rec. Sept. 15a
Preferred (quar.)
151 Oct. 2 Holders of rec. Sept.150
Greene Cananea Copper (war.)
Oct. 1 Holders of rec. Sept. 14a
$1
Greenfield Tap & Die Corp..6% pf.(qu.) 155 Oct. 1 Holders of rec. Sept. 15
8% preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
2
Greif Bros.Cooperage A (guar.)
80e. Oct. 1 Holders of rec. Sept.14
Greif (L)&Bros.class A (guar.)
•8755c Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
•1% Oct. 1 *Holders of rec. Sept.20
Grigsby-Grunow Co.(guar.)
*80c Oct. 2 *Holders of rec. Sept.20
Group No. 1 011
$100 Oct. 16 Holders of ree. Sept.15
Gruen Watch, common (quar.)
500. Dec. 1 Holders of rec. Nov.200
Common (anar.)
50c Marl'29 Holders of rec.Feb.19'29a
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 20a
Preferred (gnar.)
154 Febl'29 Hold. of rec. Jan. 19'29a
Guantanamo Sugar, pref.(guar.)
Oct. 1 Holders of rec. Sept.15a
2
Guardian Invest. Corp., 57 1st pf. (qu-) $1.75 Oct. 1 Holders of rec. Sept. 15
$6 lot preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
$3 2d preferred (guar.)
75e. Oct. 1 Holders of rec. Sept. 15
Gulf Oil Corp.(guar.)
• 37;40 Oct. 1 *Holders of rec. Sept.20
Gulf States Steel, 1st pref.(quar.)
151 Oct. I Holders of rec. Sept. 15s
Gird (Charles) & Co., Ltd., corn
750 Oct. 1 Holders of rec. Sept. 16
Preferred ((mar.)
154 Oct. 1 Holders of rec. Sept.15
Hamilton Cotton. Ltd., preference
50c Oct. 1 Holders of rec. Sept. 15
Hamilton United Theatres, Ltd.,Pf.(011.) 154 Sept.29 Holders of rec. Aug. 31
Hanes(P. H.) Knitting, prof.(quar.)
154 Oct. I Holders of rec. Sept.20
Harbauer Co., common (quar.)
200. Oct. 1 Holders of rec. Sept.20
•134 Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
Harbison-Walker Refrac.. pref. (guar-)
1)5 Oct. 20 Holders of rec. Oct. 10a
Hawaiian Comm'l& Sugar (extra)
*25c Oct. 5 *Holders of rec. Sept. 25
Extra
*250 Nov. 5 *Holders of rec. Oct. 25
Hawaiian Pineapple (extra)
"20c Sept.30 *Holders of rec. Sept.21
Hayner Royalty Corp., pref (qu.)
.
(No.1)
15c Oct. 1 Holders of rec. Sept. 15
Hazel-Atlas Glass (guar.)
*50c Oct. 1 *Holders of rec. Sept. 18
Extra
12550 Oct. 1 *Holders of rec. Sept. 18
Heath (D. C.) es Co.. pref. (quar.)
151 Sept.29 Holders of rec. Sept.28
Helme (George W.) Co., com.(quar.).. 81.2 Oct. 1 Holders of rec. Sept.10a
Preferred (guar-)
151 Oct. 1 Holders of rec. Sept.10a
Heyden Chemical Corp., pref
Oct. 1 Holders of rec. Sept.25
7
Hibbard, Spencer Bartlett & Co.(mthly)
35c. Oct. 26 Holders of rec. Oct. 19
Monthly
35c. Nov. 30 Holders of rec. Nov. 23
Monthly
35e. Dec. 28 Holders of rec. Dec. 21
Hibernia Securities, pref.(guar.)
151 Oct. 1 Holders of rec. Sept. 26
Hinde & Douche Paper of Can.(gnat.).
25c. Oct. 1 Holders of rec. Sept. 15
Holland Furnace (guar.)
• r62 Mc Oct. 1 *Holders of rec. Sept. 15
Hollinger Consol. Gold Mines (monthly) 1
Oct. 6 Holders of rec. Sept. 19
Holly 011 (guar.)
25c. Sept. 30 Holders of rec. Sept. 15a
Holmes(D. H.) Co., Ltd.(qu.)
355 Oct. 1 Holders of rec. Sept.21
Holt. Renfrew dr Co., corn.(quar.)
51 Oct. 1 Holders of rec. Sept. 27
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.27
Home Service Co., 2nd pref.(guar.).--- *50e. Oct. 20 *Holders fo rec. Sept.28
Hood Rubber, 73.4% pref. (quar.)
*S1S8 Nov. 1 *Holders of rec. Oct. 20
•
Seven per cent preferred (quar.)
Nov 1 *Holders of rec. Oct. 20
Horn &Hardart Bakery (au.)
*21.25 Oct. 1 *Holders of rec. Sept.20
Extra
*500 Oct. 1 'Holders of rec. Sept.20
Hoskins Manufacturing
*58c Sept.30 *Holders of rec. Sent. 15
Hotel Sylvania, pref. (quar.)
*2
Oct. 1 *Holders of rec. Sept. 26
Howe Sound Co.(guar.)
$1
Oct. 15 Holders of rec. Bept.29a
Hudson Motor Car (quar.)
$1.25 Oct. 1 Holders of rec. Sept.lla
Hudson River Navigation, pref.(guar.).
2 Oct. 1 Holders of rec. Sept.25
Preferred (acct. accum. div.)
h 6 Oct. 1 Holders of rec. Sept.25
Humble 011 & Refg.(guar.)
.
03Co Oct. I *Holders of rec. Sept. 11
Extra
"20c Oct. 1 *Holders of rec. Sept. 1 1
Humphreys Mfg.,corn.& pref.(quar.)_ _ *50c Sept.30 *Holders of rec. Sept- 15
Hunt's. Ltd., common (guar.)
25c. Oct. 1 Holders of rec. Sept. 15
Firsts and seconds preferred (quar.) _ _
154 Oct. 1 Holders of rec. Sept. 15
Hupp Motor Car Corp., com. (guar.)_ _
50e. Nov. 1 Holders of rec. Oct. 15
Corn.(payable in com.stock)
1255 Nov. 1 Holders of rec. Oct. 15
Huyler's of Delaware. prof.(guar.)
*15i Oct. 1 *Holders of rec. Sept.20
Hydraulic Press Brick, pref.(quar.)---- 155 Oct. I Holders of rec. Sept.22
Illinois Brick (guar.)
600. Oct. 15 Oct. 4 to Oct. 15
Illinois Safety Razor, Cl. B (No.1)
(qu.)_ *500 Oct. 1 "Holders of rec. Sept. 19
Imperial Royalties, pref.(monthly)- -. 1;5 Sept.29 Holders of rec. Sept.25
Class A preferred (monthly)
I5c Sept.29 Holders of rec. Sept.25
Imperial Tobacco (Can.), preferred....
3 Sept.29 Holders of rec. Sept. 7
Incorporated Investors(quar.)
*40e. Oct. 15 *Holders of rec. Sept.29
*1
Independent Pneumatic Tool (quar.)_
Oct. 1 *Holders of rec. Sept.22
•15i Oct.
India Tire & Rubber. pref.(quar.)
1 *Holders of rec. Sept.20
Indian Motocycle, pref.(quar.)
151 Oct. 1 Holders of rec.Sept. 21a
Indian Refining, pref. (for period from
Dec. 16 1921 to Sept. 30 1928)
247.55 Oct. I Holders of rec. Sept. 26a
Refunding preferred (quar.)
151 Oct. 1 Holders of rec. Sept. 25a
Industries Development, pref. (all.)
Sept.29 Sept.26 to Sept.30
2
Inland Wire & Cable (guar.)
•750. Oct. 1 *Holders of rec. Sept. 18
Insurance Securities Co., Inc. (quar.)__
35c. Oct. 1 Holders of rec. Sept. 14
1770
Name of Company.
[VOL. 127:
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company
When
Per
Cent. Payable.
Books Closed
Days Indust's.
Miscellaneous (Continued,.
Miscellaneous (Continued).
Metropolitan Paving Brick, pref.(qu.)._
134 Oct. 1 Holders of reo. Sept. 14
Insuranshares Corp., pref. (quar.)
13.4 Oct. 1 Holders of rec. Sept. 20
Meyer-Banke Co., pref.(No. 1)
'154 Oct. 1 *Holders of rec. Sept. 15
$1.50 Oct. 1 Holders of rec. Sept. 15
Interlake Steamship (guar.)
Oct. 1 Holders of rec. Sept. 19
Internat. Business Machines(quar.)- - $1.25 Oct. 10 Holders of rec. Sept. 220 Midland Steel Products,common (qu.)-- $1
Common (extra)
490. Oct. 1 Holders of roe. Sept. 19
20e. Oct. 1 Holders of rec. Sept. 15
Internat. Buttonhole Sew. Mach.(qu.)Preferred (guar.)
32
Oct. 1 Holders of rec. Sept. 19
51.75 Oct. I Holders of rec. Sept. 15a
Internal.Comb. Engineering,pref.(qu.)
Midvale Cum patsy (guar.)
*500. Oct. 1 *Holders of rec. Sept. 15
Internat. Equities Corp., class A (qual.) 87Sic Oct. 1 Holders of rec. Sept. 20
*8734c Oct. 1 *Holders of rec. Sept. 15
international Harvester cow. tquar.)- 51.5e Oct. 15 Holders of rec. Sept.250 Miller & Hart, pref.(quar.)(No.1)
Miller (I.) & Sons corn. (qu.) (No. 1).
500. Oct. 1 Holders of ree. Sept.15
Internat. Match. corn.& partic. pt.(qu.) 80c. Oct. 15 Holders of rec. Sept. 25a
"40e. Oct. 1 *Holders of rec. Sept. 20
75c. Sept.29 Holders of rec. Sept. 10, MillerWheel (quar.)
International Nickel, corn.(qual.)
40e. Oct. 1 Holders of coo. Sept. 20
1% Oct. 15 Holders of rec. Sept.20a Miller Wholesale Drug corn.(No. 1)Internat. Paper,7% pref.(quar.)
M inneap.-Honeywell Regulator, M.(qu) 134 Nov. 15 Holders of rec. Nov. 3
13.5 Oct. 15 Holders of rec. Sept.20a
Six per cent pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 15
62Sic Nov. 1 Holders of ree. Oct. 15a Mitchell(J. S.) & Co., Ltd., pf (qu.)
International Printing Ink, corn.(qu.)
Mohawk Carpet Mills corn
*51.50 Nov. 1 *Holders of rec. Oct. 15
623.4c Oct. 1 Holders of rec. Sept.10a
Preferred (quar.)
Mohawk Rubber, pref.(quar.)
13.4 Oct. 1 Holders of roe. Sept.26
•25c. Oct. 1 *Holders of rec. Sept.21
International Projector, corn. (quar.)..
*1st Oct. 1 *Holders of rec. Sept.21
Monighan Mfg. Co., cl. A (quar.)
*45c. Oct. 1 *Holders of rec. Sept. 20
Preferred (qual.)
Monsanto Chemical Works(quar.)
*62Sic Oct. 1 Holders of rec. Sept.20
(qu.)
50c. Oct. 1 Holders of rec. Sept. 19
Internat. Safety Razor,el. B(No.1)
Montgomery Ward & Co., el. A (quar.)- $1.75 Oct. 1 Holders of ree. Sept. 204
50c. Oct. 1 Holders of rec. Sept. 15
International Shoe, corn. (quar.)
$1.25 Oct. 1 Holders of reo. Sept. 20a
50c. Oct. 1 Holders of rec. Sept. 150 Morgan Lithograph, common (quar.)_
Preferred (monthly)
Morris (Philip) & Co., Ltd., Inc.(qu.)-25°. Oct. 15 Holders of ree. Oct. la
50e Nov. 1 Holders of rec. Oct. 15a
Preferred (monthly)
Quarterly
25c.Ja u. 16'29 Hold. of ree. Jan. 2 '29a
50c. Dee. 1 Holders of rec. Nov. 15a
Preferred (monthly)
• 6254c. Oct. I *Holders of rec. Sept.20
International Silver, pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 120 Morris Plan Bank (Va.),(quar.)
*15e. Oct. 2 *Holders of rec. Sept. 15
Si
Oct. 15 Holders of rec. Oct. 50 Morristown Securities(quar.)
Interstate Iron & Steel, corn.(quar.)._
Extra
*10e. Oct. 2 *Holders of rec. Sept. 15
J'n15'29 Holders of rec. Jan.5'29a
31
Common (quar.)
Mortgage-Bond Co.(qual.)
Sept.29 Holders of rec. Sept.24
2
$2
Oct. 1 Holders of rec. Sept. 14
IntertYrs Corp., 1st pref.(quar.)
$1 Oct. 1 Holders of rec. Sept.20a Motor Wheel Corp
Island Creek Coal, common (quar.)
31.50 Oct. 1 Holders of rec. Sept. 20a
Corn.(payable in corn. stock)
125 Oct. 15 Holders of rec. Sept. 10a
Preferred (qual.)
ne. Oct. 15 *Holders of ree. Sept.29
$I
Oct. 16 Holaers of rec. Oct. 2a Mountain & Gulf Oil Corp.(qual.)
Jewel Tea, corn. (guar.)
65e. Oct. 1 Holders of rec. Sept. 15a
1% Oct. 1 Holders of rec. Sept. 140 Mountain Producers(quar.)
Preferred (qual.)
*Sic. Oct. 1 *Holders of rec. Sept. 24
Mt. Diablo Min.& Devel.(monthly)
75c. Oct. 15 Holders of rec. Oct. la
Johns-Mansville Co.. corn. (quar.)
25c. Dec. 1 Holders of rec. Nov. 21
Murphy (G. C.) Co.(quar.)
Oct. 1 Holders of rec. Sept. 17a
Preferred (quar
2
Oct. 1 Holders of rec. Sept.29
Murray Ohio Mfg., pref. (guar.)
*2
Oct. 1 *Holders of rec. Sept. 15
Johnston (R.F.) Paint,8% pf. equar.)
500 Sept.30 Holders of rec. Sept. 14
Myers Pump, corn. (quar.)
Joint Security Corp.6% partic. p1.(qu.) 1% Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
34 Oct. 1 Holders of rec. Sept.20
154 Sept.3 Holders of rec. Sept.14
Six per cent panic. pref. (quar.)
Nachmann-Springfteld Co.(No. 1) ---- •500. Oct. 1 *Holders of rec. Sept. 15
$7 cumul. pref ser. B (quar.)(No. 1) $1.75 Oct. 1 Holders of rec. Sept.20
134 Oct. 1 Holders of rec. Sept. 150 Nashua Manufacturing, pref. (quar.).,.. 134 Oct. 1 Holders of rec. Sept. 17
Jones de Laughlin, pref.(quar.)
50e. Nov. 1 Holders of ree. 0 S. 1.56
National American Co.. Inc.(quar.)
*5 1.12% Oct. 1 *Holders of rec. Sept.20
Kalamazoo Stove (qual.)
*50e Oct. 1 *Holders of rec. Sept.15
National Bankitaly Co.(extra.)
Kaufman(Chas. A.) Co..Ltd.(qu.)- - - 2% Oct. 1 Holders of roe. Sept.21
*50c Jan1'29 *Holders of rec. Sept. 15
Extra
Kaufmann Dent. Stores, pref. (quar.)-- 1% Oct. 1 Holders of rec. Sept. 22
`43234c Oct. 15 *Holders of rec. Sept.30
National Biscuit, corn. (quar.)
$1.50 Oct. 15 Holders of rec. Sept.28a
Kawneer Co.(quar.)
50c. Nov.15 Holders of rec. Oct. 31a
Extra
dOe Oct. 1 Holders of rec. Sept.20
Kaynee Co., corn.(quar.)
31 Oct. 1 Holders of rec. Sept. 15
12 Sic Oct. 1 Holders of rec. Sept.20
National Breweries, Ltd., corn. (qu.)-Common (extra)
*1234c Jan 129 *Holders of rec. Dec. 20
Preferred (qual.)
134 Oct. 1 Holders of rec. Sept. 15
Common (extra)
National Candy. common (quar.)
4334c Oct. 1 fielders of rec. Sept. 120
Common (extra)
123.4r Apr129 *Holders of rec. Mar. 20
•123ie July1'29 *Holders of rec. June 20
1st and 2d preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 12a
Common (extra)
1% Oct. 1 Holders of rec. Sept.20
15e. Oct. 1 Holders of rec. Sept.11
National Cash Credit Assn.,corn.(guar.)
Preferred (qual.)
$1.25 Nov. 1 Holders of rec. Oct. 15a
Oct. 1 Holders of rec. Sept.11
Corn.(one-twentieth oh.core.stock)_. f
Kayser (Julius) & Co.,corn.(quer.)
15c. Oct. 1 Holders of rec. Sept.11
Preferred (quar.)
Keith-Albee-Orpheuro Corp., peel. (qu.) 1% Oct. 1 Holders of rec. Sept. 190
Preferred (extra)
15e. Oct. 1 Holders of rec. Sept. 11
Kelley laid. Lime dc Tramp.(guar.).- - 6234c. Oct. 1 Sept.23 to Oct. 1
Nat'l Cash Register, class A (quar.)..
750. Oct. 15 Holders of roc. Sept.29a
'3734c Oct. 1 *Holders of rec. Sept.20
Kelly-Koell Mfg.(qu.)(No.1)
50c Oct. I Holders of ree. Sept.200 National Casket, common
•$1.50 Nov. 15 *Holders of rec. Nov. 1
Kelsey-Hayes Wheel coin. (quar.)
*134 Sept.29 *Holders of res. Sept.18
13.4 Nov. 1 Holders of rec. Oct. 220
Preferred (guar.)
Preferred (qual.)
31.50 Oct. 1 Holders of ree. Aug. 310 Nat Commeri Title & Mtg..Newark(qu) 2
Oct. 1 Holders of rec. Sept.15
Kennecott Copper(
quar.)
.75c Oct. 15 *Holders of ree. Oct. 5
Nat Dairy Products, corn. (guar.)
75e. Oct. 1 Holders of ree. Sept. 44
Keystone Steel de Wire, corn,(quar.)_
•1 3.4 Oct. 15 *Holders of rec. Oct. 5
Preferred A & 13 (quar.)
*31.75 Oct. 1 *Holders of ree. Sept. 45
Preferred (guar.)
(No.1) 62Sic Oct. 1 Holders of ree. Sept. 17
Nat'l Oil Products 37 pt. (qual.)(No. 1) "51.75 Oct. 15 *Holders of rec. Sept.30
Kimberly-Clark Corp.,corn.(qu.)
•134 Oct. I *Holders of rec. Sept. 20
National Lead,common (Misr.)
$1.25 Sept.29 Holders of ree. Sept.146
King Phillip Mills (qual.)
Preferred class B (quar.)
Kirby Lumber, ce rnmon (quar.)
134 Dec. 10 Holders of rec. Nov. 30
134 Nov. 1 Holders of ree. Oct. 190
•13,‘ Oct. 1 *Holders of rec. Sept. 15
National Licorice, pref. (quar.)
134 Sept.29 Holders of rec. Sept.14
Knox Hat, Inc., prior pref.(guar.)
Oct. 1 Holders of rec. Sept.14
2
13.4 Oct. 1 Holders of rec. Sept. 100 National Refining, pref.(guar.)
Kraft-Phenix Cheese (quar.)
National Standard Co. (quay.)
*750. Oct. 1 *Holders of rec. Sept.20
*1% Oct. 1 *Holders of rec. Sept.10
Stock dividend
30c Sept.29 Holders of rec. Sept. 10a National Sugar Refining (guar.)
154 Oct. 1 Holders of roe. Sept. 4
Kresge (S. S.) Co., corn. (qual.)
13.4 Sept.29 Holders of rec. Sept. 100 National Supply, pref. (quar.)
13.4 Sept.29 Holders of rec. Sept.190
Preferred (guar.)
National Surety (quar.)
*50c Oct. 1 *Holders of rec. Sept. 20
Laboratory Products,common (quar.)
254 Oct. 1 Holders of roe. Sept. 113.2 •
Si
Oct. 1 Holders of res. Sept. 14a
30e Oct. 1 Holders of rec. Sept. 22
National Tea, common (qual.)
Lake Erie Bolt & Nut (guar.)
•6234c Oct. 2 *Holders of rec. Sept.21
50e Oct. 31 Holders of rec. Oct. 20
Nat Trade Journal (guar.)
Lakey Foundry & Machine (quar.)_ _ _ _
10c Oct. 31 Holders of rec. Oct. 20
Nauheint Pharmacies, Inc.. pref.(quar.) 62%e. Nov. 1 Holders of ree. Oct. 17
Extra
$1.25 Oct. 1 Holders of rec. Sept. 17a Naumkeag Steam Cotton (qual.)
$3
Oct. 1 Holders of tee. Sept. 20
Lambert Co. (qual.)
el
Oct. 1 Holders of rec. Sept. 181
50c Oct. 1 Holders of ree. Sept. 17a
Nelson (Herman) Corp., stock div
Extra
750. Sept.30 Holders of ree. Sept.210 Nelson (Herman) Corp.(qual.)
*50c. Oct. I *Holders of ree. Sept. 18
Landers. Frary & Clark (quar.)
Oct. 1 *Holders of rec. Sept. 18
76c. Dec. 31 Holders of ree. Dec. 220
Stock dividend
*el
Quarterly
1% Nov. 1 Holders of rec. Oct. 13
Nevada Consolidated Copper (quar.)37540 Sept.29 Holders of reo Sept. 14a
Lane Bryant, Inc., prof.(quar.)
134 Nov.30 Holders of rec. Nov. 200 Newberry
J.) Co. corn. (oharterly)
Lanston Monotype Machine (quar.)---1% Oct. 1 Holders of rec. Sept.21
(Ne. II
30e. Oct. 1 Holders of rec. Sept.15
La Salle Extension University. pf.(qu.)_
•1
Nov. 1 *Holders of reo. Oct. 15
*2
Newberry (J. J.) Realty. pref. (quar.)
Sept.29 *Holders of rec. Sept. 15
Lawrence Portland Cement (guar.)
New Bradford 011 (qual.)
$3.50 Sept.30 Holders of rec. Sept.21
'123.4c Oct. 15 *Holden of ree. Sept.29
Lawyers Mortgage Co.(quar.)
Lawyers Westchester mtg. & Title (qM.) 2
New England Equity Corp., pref. (au.)
2 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept.15
Oct. 15 Holders of rec. Oct. 1
234 Oct. 1 Holders of ree. Sept. 200 Newhall Buildings Trust, pref. (quar.)_ _
Lawyers Title Guaranty
51
Newmont Mining Corp.((Mar.)
Oct. 15 Holders of rec. Sept.28
Leath de Co.$3.50 pref.(quar.)(No.1) - '8734c Oct. 1 *Holders of rec. Sept.20
62Sic Nov. 1 Holders of rec. Oct. 130 Newton Steel, corn.(qual.)
*75o. Oct. 1 *Holders of rec. Sept.20
Lehigh Portland Cement, corn. 'quar.)
134 Oct. 1 Holders of rec. Sept. 140
Preferred (quar.)
*IA Oct. 1 *Holders of rec. Sept.20
Preferred ((M.)
90e Oct. 1 Holders of ree. Sept. 17
New York Mr Brake(qual.)
75e. Nov. 1 Holders of rec. Oct. 4a
Lehigh Valley Coal Sales (qilan)
N. Y. Hamburg Corp.(No. 1)
*31.25 Oct. 29 *Holders of ree. Oct. 15
Leonard, Fitzpatrick & Mueller Stores
New York Loan &Security corp.
• 373.4c. Oct. 1 *Holders of rec. Sept. 20
Common (guar.)
$2 Oct. 10 Holders of ree. Sept.28
(WO
52 Oct. 1 Holders of rec. Sept.20
New York Sun,Inc., 1st pref
4
Oct. 1 Holders of rec. Sept.29
Preferred (quar.)
13.4 Oct. 1 Holders of rec. Sept. 24
N.Y.Title & Mortgage Co.(guar.)
5
Oct. 1 Holders of rec. Sept.21
Liberty Baking Corp.. prof. (guar.)
400 Oct. 1 Holders of ree. Sept. 140
1
Extra
Oct. I Holders of roe. Sept.21
Life Savers, Inc. (guar.)
Liggett & Myers Tobacco, pref. (qu.).. 1% Oct. 1 Holders of rec. Sept. 100 Niles.Bement-Pond Co. pref. (qu.)-- '134 Dee. 31 *Holders of rec. Dee. 21
*50c Oct. 27 *Holders of rec. Sept.28
Preferred (acct. accrued dividends).. *524 Sept.29 *Holders of res. Sept. 19
Lion 011Refining(quar.)
'134 Sept.29 *Holders of rec. Sept.29
Nichols Copper. common
50e. Doe. 15 Holders of rec. May 24
Loenstein(M.)Sons, pref.(guar.)
'7540. Oct. 20'Holders of rec. Sept.29
50 Sept.29 Holders of rec. Sept. 15e NIpissing Mines Co.(quar.)
c
Loew's, Inc., corn. (quar.)
40c Nov. 1 Holders of rec. Oct. 180 North American Car Corp.,corn.(qu.)- - 62Sio. Oct. 1 Holders of roe. Sept.27
i.00se-Wiles Biscuit, corn.(quar.)
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 18a
134 Oct. 1 Holders of rec. Sept.27
1st preferred (qual.)
2% Oct. 1 Holders of ree.Sept. 170
North American Provision. pref.(quar.). *1% Oct. 1 *Holders of coo. Sept.1111
Lord & Taylor con.(mar.)
2
Nov. 1 Holders of rec. Oct. 170 North Cent. Tex. Oil pref. (qu.)(No. 1) 51.625 Oct. 1 Holders of rec. Sept.20
Second pre erred (qual.)
1% Oct. 1 Holders of roe. Sept. 15a Northern Securities, 7% prof.(guar.).
- 1% Oct. 1 Holders of rec. Sept. 15
Lorillard (P.) Co., prof.(qual.)
•12e. Oct. 1 *Holders of rec. Sept. 20
6%% Preferred (qual.)
1% Oct. 1 Holders of rec. Sept. 15
Los Angeles Athletic Club (quar.)
North Star 011 & Ref., pref. (quar.)_
. 1% Oct. 1 Holders of rec. Sept. 15
50e. Oct. 1 Holders of rec. Sept. 20
Ludlow Typograph Co., corn. (quar.)
Novadel Process,corn.(quar.)
*25e. Oct. 1 *Heide,s of roc. Sept.27
$1.75 Oct. 1 Holders of rec. Sept. 20
Preferrei (guar.)
*51 Oct. 1 *Holders of rec. Sept.27
50c Oct. 1 Holders of rec. Sept.200
Common (special)
Ludlum Steel (quar.)
50 Oct. Is Holders of rec. Elept.311a
*50c. Oct. 1 *Holders of rec. Sept.27
Preferred (quar.)
6
MaeAndrews dr Forbes, corn. (qua - IA Oct. 15 Holders of rec. Sept.300
Preferred (special)
*52 Oct. 1 *Holders of ree. Sept.27
Preferred (qual.)
$1.25 Oct. 1 Holders of reo. Sept.21
Mack Trucks, Inc., common (guar.)---. $1.50 Sept.30 Holders of ree. Sept. 150 Ogilvie Flour Mills,corn.(guar.)
50c Nov.15 Holders of rec. Oct. 264
Common (bonus)
$15 Oct. 1 Holders of rec. Sept.21
Macy(R.H.)& Co., Inc., new stk.(qu.)
50c Oct. 15 Holders of rec. Oct. 50 Ohio Seamless Tube, pref.(quay.)
1% Oct. 1 Sept. 15 to Sept.30
Madison Square Garden (guar.)
75° Oct. 15 Holders of rec. Oct. la Omnibus Corp., pref. (quar.)
Oct. 1 Holders of rec. Sept. 14a
$2
Magma Copper Co.(quar.)
Oct. 1 *Holders of rec. Sept. 15
(H. R.) & Co., Inc., pt.(qu.) 154 Oct. 1 Holders of rec. Sept. 206 Ontario Mfg. corn. (quar.)(No. 1)- - MallInson
*51.75 Oct. 1 *Holders of reo. Sept. 15
Preferred "quar.)
1% Jan2'29 Holders of reo. Dec. 200
Preferred (qual.)
2c Oct. 1 Holders of rec. Sept. 19a
0234c Oct. 15 Holders of rec. Sept. 290 Orpheum Circuit. pref.(qual.)
Mandel Brothers. Inc. (quar.)
Otis Elevator,corn.(qual.)
$1.50 Oct. 15 Holders of rec. Sept.29a
Manhattan Financial Corp., el. A (qu.). 37%c Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
1% Oct. 15 Holders of rec. SePt.290
10c Oct. 1 Holders of rec. Sept.20
Class B (quar.)
1% Oct. 1 Holders of rec. Sept. 19a
Manhattan Shirt, prof.(guar.)
I% Oct. 1 Holders of rec. Sept. 170 Otis Steel, prior pref. (qilan)
Owens Bottle Co.. common (quar.)...75e. Oct. 1 Holders of ree. Sept. 15a
Manning Maxwell & Morse, Inc.(qual.) 134 Oct. 2 Holders of rec. Sept.30
Pacific Finance Corp., el. A & B pf.(011.) *50c. Nov. 1 *Holders of rec. Oct. 20
Margay Oil(quar.)
500 Oct. 10 Holders of ree. Sept. 20
Class C 6Si% pref.(quar.)
*41)%0 Nov. 1 *Holders of rec. Oct. 20
Marlon Steam Shovel, corn.(quar.)_ _
75C Oct. 1 Holders of rec. Sept.20
Class D 7% Pref.(quar.)
'433.4 Nov. 1 *Holders of ree. Oct. 20
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept.20
(qu.)- - •51.50 Oct. 1 *Holders of res. Sept. 15
Marlin Rockwell Corp., corn.(quar.)
50c Oct. 1 Holders of rec. Sept.22a Pacific Investing, lst & 2nd M.
•25e Oct. 1 *Holders of ree. Sept. 25
Common (extra)
50c Oct. 1 Holders of rec. Sept.220 Pacific Nat. Co.(No. 1)
Preferred (quer.)
•21 Oct. 1
Marshall Mortgage Corp. (quar.)
25c Oct. 1 Sept. 16 to Sept.30
Packard Electric Co. (quar.)
$1 Oct. 15 Holders of rec. Sept. 428
Maryland Casualty (quar.)
$ 1.1254 Sept.29 Holders of rec. Sept. 14
Extra
50c Oct. 15 Holders of ree. Sept. 428
Mathieson Alkali Wks., coml.(guar.)._ $1.50 Oct. 1 Holders of roe. Sept. 170
25e. Sept.29 Holders of ree. Sept. 15.
Preferred (qual.)
1% Oct. 1 Holders of reo. Sept. 170 Packard Motor Car Co.(monthly)
• 37 Sic Oct. 2 *Holders of rec. Sept. 15
Monthly
25e. Oct. 31 Holders of rec. Oct. 154 •
May Drug Co.(quar.)
Monthly
25e. Nov. 30 Holders of rec. Noy. 15e
Maytag Co.(qual.)
37Sie Oct. 1 Holders of rec. Sept. 150
75e. Oct. 1 Holders of rec. Sept.21
75c Nov. 1 Holders of rec. Oct. 20a Page-Hershey Tubes. Ltd., corn., (411.)McCall Corp.(qual.)
Preferred (quar.)
1% Oct. 1 Holders of roe. Sept.21
•500 Oct. 1 *Holders of rec. Sept. 20
McCord Mtg.. deb. stock (qual.)
• 32%
Palm( live Peet. cons.(In stock)
'Holders of reo. Aug. 10
*51.75 Oct. 1 *Holders of reo. Sept. 20
Prior preferred (quar.)
Paragon Refining, pre!.(No. 1)
Oct. 1 *Holders of rec Sept. 15
*33
McCord Radiator Mfg., cl. A (quar.)-- •75e Oct. 1 *Holders of rec. Sept. 24
Preferred (new)(quar.)
81 340. Oct. 1 Sept. 15 to Sept.30
75c Oct. 1 Holders of rec. Sept. 20
McKee(A.G.)& Co., class A (quar.)-Oct. 1 Holders of rec. Sept. 70
Oct. 1 Holders of rec. Sept.22a Param't FaMOUS Lasky Corp. com.(qu.) $2
McKeesport Tin Plate. corn. (quar.)_ _ 31
10e. Oct. I Holders of rec. Sept. 200 Perk & Tilford (qual.)
750. Oct. 14 Hollders of rec.Sept.29•
McLellan Stores, class A & B(No.2)__._
Stock dividend (quar.)
Oct. 14 Holders of ree. Sept. 290
el
50e. Oct. 1 Holders of rec. Sept. 20
McQuay Norris Co. (quar.)
Quarterly
75o. Ja 14'29 Holders of ree. Dec. 296
Mead, Johnson & Co., corn. (quer.)-- -- *75c. Oct. 1 *Holders of rec. Sept. 15
Stock dividend (quar.)
el
Ja 14'29 Holders of rec. Dec. 29m .
Oct. 1 *Holders of rec. Sept. 28
Meadows Manufacturing, pref. (guar.) *2
Quarterly
75e. Ap14'29 Hold,of rec. Mar.29'29D
Merchants & Mfrs. Sec., pref.(guar.).-- '3734c Oct. 1 *Holders of rec. Sept. 15
e.1% Oct. 15 *Holders of rec. Sept. 29
Stock dividend (guar.)
el
A p14'29 Hold, of rec.Mar. 29'29a
Prior preferred (guar.)
Park-Utah Consol. Mines (quar.)
200. Oct. 1 Holders of roe. Sept. 110
Merchants & Miners Transp.(quar.).. .6234e Sept.20 *Holders of rec. Sept. 15
Parke Davis Co., cons. (guar.)
• 2150. Sept.29 *Holders of rec. Sept.14
$I Oct. I Holders of rec. Sept. 17
Merck Corp., preferred (quar.)
Common (extra)
•100. Sept.20 *Holders of rec. Sept.1,
$1 Jan 2'29 Holders of rec. Dec. 17
Preferred (queer.)
•250. Oct. 1 *Holders of coo. Sept. 15
51.25 Sept.29 Holders of reo. Sept. 50 Pender (D.) Grocery, Cl. B (quar.)
Mergenthaler Linotype ((Mar.)
Class B (extra)
*250. Oct. 1 'Holders of rec. Sept. 15
25e. Sept.29 Holders of ree. Sept. 5a
Extra
1% Oct.. A...Holders.41-ree.-SePt. leta
Penick & Ford, pref.
$1.25 Sept.29 Holders of rec. Sept. 15
Merrimac Chemical (quar.)
.
4
154
SEPT. 29 1928.]
FINANCIAL CFIRONICLE
Per
When
Cent. Payable.
Boots Cloud
Days Inclusive
1771
Per
When
Cent. Payable.
Books Coma
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Penney (J. C.) Co., pref.(quar.)
114 Sept.2 Holders of rec. Sept.20
Spang, Chalfant & Co., pref. (guar.)--- 114 Oct. 1 Holders of rec. Sept.30a
Pennsylvania Salt Mfg.(qua?.)
$1.25 Oct. I Holders of rec. Sept.29a Sparks-Withington Co.,cora.(guar.)._ _
750. Sept.29 Holders of rec. Sept.19
Peoples Drug Stores. Inc. (quar.)
"25e. Oct.
"Holders of rec. Sept. 8
Spencer Kellogg & Sons Inc. new
"40e. Sept.29 *Borders of roe. Sept. 15
Perfect Circle, corn.(qu.)(No. 1)
550e. Oct.
*Holders of rec. Sept.20
Sperry Flour. pref. B.(qu.)
•114 Oct. 1 "Holders of roe. Sept.15
Perfeedon Stove (monthly)
3730. Sept.3 Holders of rec. Sept. 20. Standard CommercialTobacco(guar.).25o. Oct. I Holders of rec. Sept.204t
Monthly
373Ic. Oct. 3 Holders of rec. Oct. 201 Standard Commercial Tobacco, corn
Monthly
374c. Nov.3 Holders of rec. Nov. 20.
class B (payable In class B corn. stk ) 10
Nov. 1 Holders of rec. Oct. 18.
Monthly
37140. Dec. 3 Holders of rec. Dec. 20e Standard Holding Corp
37340. Oct. 1
Sept. 16
Pet Milk, common (qua?.)
37)4c. Oat.
Holders of rec. Sept. 10
Standard Milling, corn.(qu.)
14 Sept.29 Holders of rec. Sept.17.
Preferred (quar.)
1,4 Oct.
Holders of rec. Sept. 10
Preferred (quar.)
14 Sept.29 Holders of rec. Sept. 17.
Pettibone-MIllikenCo..1st&2nd PL(riu.) 14 Oct.
Holders of rec. Sept. 200 Standard Oil(Ky.) (quer.)
4
11
Sept.29 "Holders of rec. Sept.15
Phelps Dodge Corp.(guar.)
*2
Oct.
*Holders of rec. Sept.19
Standard 011 (Ohio). corn
6214e. Oct. 1 Holders of re*. Sept. 7
Phila. Co.of Guaranteeing Mtgs.(quer.) 2% Sept.2 Holders of rec. Sept.
Standard Public Service Corp.$7 p1.(qu) 81.75 Oct. I Holders of rec. Sept.15
20
Philadelphia Dairy Prod., prior Pt.(qu.) 1.6214 Oct.
Holders of rec. Sept.20a Standard Screw, corn. (qua?.)
2
Oct. 1 Holders of rec. Sept.14
Philippe (Louis). Inc., el. A (quer.)_ _ _ 40e. Oct.
Holders of rec. Sept. 200 Stanley Works, corn.(quar.)
•6234c Oct. 1 'Holders of rec. Sept.15
Phillips Petroleum (guar.)
3714c Oct.
Holders of roe. Sept.14a State Title & Mortgage (guar.)
52.50 Oct. 1 Holders of rec. Sept. 15
Pick (Albert)& Co.pref.(quar.)
"134 Oct.
*Holders of rec Sept. 17
Stein Bloch Co.. pref. (quar.)
'134 Oct. 1 'Holders of rec. Sept 15
Pickrel Walnut Co.(quar.)
50c. Oct.
Holders of rec. Sept.20
Stromberg Carburetor of Amer.(quar,)_
50e. Oct. 1 Holden' of rec. Sept.12.
Pie Bakeries of Amer., pref.(quar.)
1% Oct.
Holders of rec. Sept. 15
Stroock (S.) & Co. (quar.)
*75e. Oct. 1 *Holders of rec. Sept.15
Pittsburgh Plate Glass (guar.)
*2
Oct.
*Holders of rec. Sept. 15
Quarterly
•75e Dec. 22 *Adders of rec. Dee. 10
Pittsburgh Screw & Bolt(quar.)
•75e. Oct. 1 "Holders of rec. Sept.28
Suburban Elec. Dev.(qu.)(No. 1)
•3714e Got. 1 *Holders of rec. Sept.20
Pittsburgh Steel Foundry, pref. (quer.) "11g Oct.
*Holders of rec. Sept. 15
Sun Realty Co., corn.(qua?.)
*10c. Oct. 1 *Holders of rec. Sept.20
Prairie Pipe Line (guar.)
3% Oct. 3 Holders of rec. Sept.29
Preferred (quar.)
•14 Oct. 1 *Holders of rec. Sept.20
Pratt & Lambert,Inc.,common (quar.). *75e. Oct.
*Holders of rec. Sept. 15
Swedish Amer.Inv.Corp.,corn.(quar.). 51.624 Oct. 1 Holders of rec. Sept.15
Premier Gold Mining (quar.)
Sc. Oct.
Holders of rec. Sept. 14
Participating preferred (qua?.)
81.6214 Oct. 1 Holders of rec. Sept. 15
Pressed Steel Car, pret. (attar.)
14 Sept.2 Holders of rec. Sept. 1
Swift & Co. (guar.)
2
Oct. 1 Holders of rec. Sept. 10
Price Bros. & Co., cum.(quar.)
Si Oct.
Holders of rec. Sept. 15
Sycamore-Hammon Co., eons.(quar.)- - *45e. Oct. 1 'Holders of rec. Sept.20
Preferred (qua?.)
14 Oct.
Holders of rec. Sept. 15
•8 1.6214 Oct. 1 'Holders of rec. Sept.20
Preferred (qua?.)
Procter & Gamble Co.,8% pref.(MO-- 2
Oct. 1 Septd23 to
Oct. 10
Sylvestre 011, corn.(qua?,)
*15e. Oct. 1 "Holders
Pro-phy-lac-tic Brush, corn.(attar.) - 50c. Oct. 1
Holders of rec. Sept.296 Taggart Corp., $7 pref.(quar.)(No. 1). *$1.75 Oct. 1 *Holders of roe. Sept. 10
of rec. Sept.17
Prudence Co.. Inc., pref.(quar.)
1)4 J an 15'29 Holders
•21.75 Oct. 10 *Holders of rec. Sept.29
Public Security Bond dr Mtge. pf (cigar.) 1% Oct. 1 Holders of rec. Dec. 810 Telautoaraph Corp., pref.(quar.)
of rec. Sept.25
Texas Corp.(quer.)
75e. Oct. 1 Holders of ref. Sept. 7a
Pure Olt,8% pref.(quer.)
2
Oct. I Holders of roe. Sept. lea Term Oil& Land
10o. Oct. 15 Holders of rec. Sept. 15
6% preferred (quar.)
114 Oct. 1 Holders of rec. Sept. 10
Textile Banking (qua?.)
*2
Oct. 1 *Holders of rec. Sept.25
5)4% pref. (quar.)
131 Oct. 1 Holders of ree. Sept. 10
Thompson (John R.) Co.(monthly)._
30e. Oct. 1 Holders of rec. Sept. 21.
Q.R.S. Co.eons.(quar.)
*50e. Oct. 15 *Holders of rec. Oct. 1
Monthly
30e. Nov. 1 Holders of rec. Oct. 23,
Preferred (quar.)
"1% Oct. 1 "Holders of rec. Sept.29
Monthly
300. Dee. 1 Holders of ree. Nov.23,
Quaker Oats, corn.(quar.)
'El Oct. 15 *Holders of rec. Oct. 1
Thompson Products. class A (qua?,)
300. Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
•114 Nov.30'Holders of rec. Nov. 1
Class A (extra)
100. Oct. 1 Holders of rec. Sept.20
Quiesett Mills. preferred
*3
Dee. 1 "Holders of rec. Nov.21
Class B (quar.)
30e. Oct. 1 Holders of rec. Sept.20
Raybestos Co.. common (quar.)
*80o Oct. 1 *Holders of rec. Sept. 15
Class B (extra)
10e. Oct. 1 Holders of roe. Sept.20
Real Silk Hosiery, pref.(quar.)
114 Oct. 1 Holders of rec. Sept.lea Tide Water Oil, corn.
200. Sept.29 Holden of rec. Sellt.174
(guar.)
Reece Buttonhole Sew. Mach.(guar.)._
35e Oct. 1 Holders of rec. Sept. 15
Tide Water Associated Oil, pref.(qui _ _
14 Oct. 1 Holders of rec. Sept. 17a
Reece Folding Machine (quar.)
35c Oct. I Holders of rec. Sept. 15
Timken- Detroit Axle, common (guar.).
15e. Oct. 1 Sept.21 to Sept.30
Regal Shoe, pref.(guar.)
•1M Oct. I *Holders of rec. Sept.20
Common (extra)
5c. Oct. 1 Sept.21 to Sept.7/0
Reis(Robert) & Co. Inc., 1st pfd.(qu.) 1% Oct. 1 Holders
of rec. Sept.24a Tip Top Tailors, Ltd., cony. pref.(geL)- 134 Oct. 1 Holders of rec.
Reliance Mfg., preferred (qua?.)
Sept. 1
,
3
•134 Oct. 1 *Holders of rec. Sept.21
Tintic Standard Mining (qua?.)
•20e. Sept.29'Holders of rec. Sept.19
Remington Arms,lot pref. (qu.)
*1% Oct. 1 "Holders of rec. Sept.30
Extra
•10e. Sept.29'Holders of rec. Sept.19
Remington-Rand Inc. let pret. (gu.).- 2
Oct. 1 Holders of rec. Sept. 10a Tobacco Products Corp.. corn.
$2 Oct. 15 Holders of rec. Sept. 28s
(quar.)
2d preferred (guar.)
14 Oct. 1 Holders of rec. Sept. Ina Toddy Corp., class
dOe. Oct. 10 Holders of roe. Sept.20
Preferred (guar
874c. Oct. I Holders of rec. Sept. 14. Tonopah Mining A (quar.)
740 Oct. 20 Sept.30 to Oct. 7
Remington Typewriter. let pf.(quer.).154 Oct. 1 Holders of roe. Sept. 16e Tooke Bros, Ltd.. pref.
14 Oct. 15 Holders of roe. Oct. 2
(quar.)
Second preferred tquar.)
2 Oct. 1 Holders of ree. Sept.
Torrington Co (quar.)
750. Oct. 1 Holders of ree. Sept.20
Rao Motor Car (quar.)
20c Oct. 1 Holders of rec. Sept. 1541 Traveler Sane .
10a
*3754c Oct. 1 *Holders of me. Sept. 15
(quar.)
Extra
30c Oct. 1 Holders of rec. Sept. 10. Traymore. Ltd..
• 1214o. Oct. 1 *Holders of rec. Sept.15
corn. (guar.)
Republic Investing Corp.(guar.)
*Mc
*Holders
Preference (guar.)
134 Oct. 1 Holders of rec. Sept.15
Reynolds(It. J.)'rob., oom.&com.B(qu) 51.25 Oct. 1 Holders of rec. Oct. I
of n3c. Sept. 18a Treasury Holding 7% pref
*114 Oct. 1
Rhode Island Ice, pref. A (quar.)
21.75 Oct. 1 Holders of rec. Sept.25
Trice Products Corp.(quar.)
62540. Oct. 1 Holders of rec. Sept. 17.
Richardson Boynton Co.pt. p1.(qu.) _
750. Oct. 1 Holders of rec. Sept.20
Trtx Food Products, common
25e. Oct. 1 Holders of rec. Sept. 15
Richfield Oil, preferred (qua?.)
*5354c Nov. 1 *Holders of rec. Oct. 5
Troy Sunshade, common (guar.)
*50c. Oct. 1
Richman Brea. Co.,corn.(qua?.)
$1.50 Oct. • 1 Holders of rec. Sept.24
Preferred (guar.)
.0134 Oct. 1
Rigney & Co., Prof.(guar.)
251. Oct. 1 Holders of rec. Sept.206 Trumoult-ClIffs Furnace, pref.
(qua?.).
134 Oct. 1 Holders of rec. Sept.20
Riverside Forge & Mach.. corn. (qu.).- *60c. Oct. 15 *Holders
of rec. Oct. 5
Truscon Steel, corn.(guar.)
*300. Oct. 15 *Holders of roe. Oct.
Extra
•40c. Oct. 15 *Holders of rec. Oct. 5
Twin Disc Clutch (quar.)
*50e. Oct. 1 'Holders of rec. Sept.20
Ross Gear & Tool,corn.(qu.)
c450. Oct. 1 *Holdres of roe. Sept.20
Underwood-Elliott Fisher Co..cem.(au.) $1 Sept.29 Holders of roe. Sept. 14.
Royal Baking Powder, corn.(qu.)
*2 Sept.29 *Holders of roe. Sept.15
Pref. and pref. B (qua?.)
$1.75 Sept.29 Holders of roe. Sept. 14a •
Preferred (quar.)
*14 Sept.29 *Holders of rec. Sept.15
Union Carbide & Carbon (quiz.)
$1.50 Oct. 1 Holders of rec. Sept. 74
Russ /A fg (quar.)
50c Sept.30 Holders of rec. Sept.28
Union Guarantee Mtge.(quar.)
$1.50 Oct. 1 Holders of roe. Sept.15
Sabina Robbins Paper(guar.)
*21.76 Oct. 1 'Holders of roe. Sept. 26
Com.(guar.)
$1.50 Jan2'29 Holders of rec. Dec. 15
Safety Car Heat & Ltg. (qua?.)
*2 Oct. 1 *Holders of rec. Sept.14
Corn. (extra;
$1 Jan2'29 Holders of rec. Doe. 15
Safeway Stores,corn.(quar.)
*$3 Oct. 1 "Holders of rec. Sept.19
Union Metal Mfg., corn.(qua?.)
500. Oct. 1 Holders of rec. Sept.21
St. Joseph Lead (quer.)
50c. Dec. 20 Dee 9 to Dee. 20
Common (extra)
250. Oct. 1 Holders of rec. Sept.21
Extra
25e, Dec. 20 Dec.9 to Dee. 21)
Union Nlortzue.com.(guar.)
$2 Oct. 1 Holders of roe. Sept. 15
St. Lawrence Paper Mills, pref.(qua,.)
14 Oct. 16 Holders of roe. Sept. 22
Corn. (guar).
$2 Jan2'29 Holders of rec. Dec. 15
St. Louis Nat. Stock Yards (quar.)_
*2 Oct. 1 *Holders of roe. Sept.25
Corn. (extra)
$2 Jan2'29 Holders of rec. Dee, 15
St.L.Rocky Mtn.&Pm.Co.,corn.(qu.)
34 Sept.29 Holders of rec. Sept.15a
6% preferred (quiz.)
114 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
134 Sept.29 Holders of rec. Sept.15a
6% preferred(quar.)
134 Jan2'29 Holders of ree. Des. 15
St. Maurice Valley Corp., prof (au.)
- 14 Oct. 1 Holders of roe. Sept.15
Union Steel Castings, common (guar.,
St. Regis Paper, corn.(quar.)
- •Mle. Oct. 10 *Holders of rec. Sept.25
750. Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
•134 Oct. 10 *Holders of rec. Sept. 28
Preferred (quar.)
14 Oct. 1 Holders of rec. Sept. 15
Union Storage (guar.)
62 Me Nov. 10 Holders of rec. Nov. 1
Salt Creek Consol. 011 (quar.)
*200. Oct. 1 *Holders of rec. Sept. 15
Union Tobacco,clam A (qua?.)
81.75 Oct. 1 Holders of rec. Sept. 14
Sangamo Elec.Co.(quar.)
*50o. Oct. 1 *Holders of rec. Sept. 10
Union Twist Drill, corn.(qua?.)
025e. Sept.29'Holders of rec. Sept.20 •
Santa Cruz Portland Cement,corn.(qu.) *$1
Oct. 1 *Holders of me. Sept.21
Preferred (guar.)
semis Bridge, class A (guar.)
'154 Sept.29 "Holders of rec. Sept.20
50c. Oct. 1 Holders of roe. Sept. 15
Unit Corp. of America, pref.(qua?.).__.
Savage Arms, let pref.(qua,.)
50c. Oct. 1 Holders of rm. Sept.20
*14 Oct. 1 *Holders of rec. Sept. 15
United Cigar Stores of Am.,corn.(qua?.) 250. Sept.29 Holders of rec. Sept.124
Second preferred (Qum.)
.1,4 Nov. 15 *Holders
United Dyewood. pref.(guar.)
Oct. 1 Holders of roe. Sept. 13a
Schlessinger(B. F.)& Sons,corn. A (qu.) *374e Oct. 1 *Holders of roe. Nov. 1
of rec. Sept. 15
United Fruit 'gear.)
Oct. 1 Holders of rec. Sept. la
81
Preferred (qua?)
•1
Oct. 1 *Holders of rec. Sept. 15
United Hotels, 7% pref. (quar.)
*14 Oct. 1 *Holders of rec. Sept.29
Schulte Retail Stores, corn. (qual.)
87 Me Dec. 1 Holders of rec. Nov. 150 United Milk Crate, class
A (guar.)
Common (payable in cm.stock)
*50c. Dec. 1 *Holders of rec. Nov. 15
all Dec. 1 Holders of do. Nov. 15
United Paperboard, pref.(guar.)
Common (payable in corn,stock)
$1.50 Oct. 15 Holders of roe. Oct. la
uM Mar '29
Preferred (quer.)
Preferred (guar.)
$1.50 Jan6'29 Hold, of roe. Jan. 2'MN
2
Oct. 1 Holders of rec. Sept. 12a
Preferred (quar,)
Beeville Mfg.(guar.)
$1.50 Ap1519 Hold, of roe. Ape..1 '29a
*750. Oct. 1 "Holders of tee. Sept.21
United Piece Dye Works,6 M % pf.(gu.)seagrave Corp.(quar.)
154 Oct. 1 Holders of rm. Sept. Mks
30e. Oct. 20 Holders of roe. Sept.29a
6(4% preferred (quar.)
Sears, Roebuck dr Co.
134 Jan2'29 Holders of roe Dee.'$0.
United Profit-Sharing, pre?
Quarterly (payable In stook)
Oct. 81 Holders of reo. Sept. 290
5
el Nov. 1 Holders of rec. Oct. 15. United Shoe Machinery,
corn.(quar.)_ 62140. Oct. 5 Holders of rec. soot.18
Quarterly (payable In Mock)
el Irebl'29 HIM. of roe. Jan.15'29a
Common (extra)
Quarterly (Payable in stock)
Oct. 5 Holders of rec. Sept. IS
$1
el
Myl'29 Held, of reo. Air.13'29a
Preferred (guar.)
Seeond Financial Corp., coin.(qua?.)--- *45o Oct.
374 Oct., 5 Holders of rec. Sept.18
United Verde Extension Mining (qn.)._
Second Internat. Securities A corn.(qu.) 3740. Oct. 1 *Holders of rec. Sept. 15
500. Nov. 1 Holders of roe. Oet. 5.
1 Holders of rec. Sept. 15
U.S. Bend & Share, common (extra)...•
8% first pref. (quar.)
$2.50 Dec. 1 *Holders of rec. Nov.15
76c Oct. 1 Holders of rec. Sept. 15
Participatingpreferred (extra)
6% second pref.(qua,.)
*60o. Dec. 1 *Holders of roe. PIOV. 15
The. Oct.
U.S. Cast Iron Pipe & Fdy.,corn.(qu.)- 254 Dee. 15 Holders of rec. Dee. la
Securities Management Corp..el. A (qu.) 14 Oct. 1 Holders of rec. Sept.15
15 Holders of rec. Oct. la
Preferred (guar.)
Class 13 & C (qua?.)(No. 1)
Dec. 15 Holders of rec. Dee. Is
250 Oct. 15 Holders of rec. Oct. 1a U.S. Fidelity &
Guar., Baltimore (qu.) $2.25 Oct. 1 Holders of roe. Sept.25
Seeman Brothers, Inc.,corn.(guar.)- - 50c Nov. 1 Holders of rec. Oct. 15
Extra
Common (extra)
$1
Oct. I Holders of rec. Sept.25
60o 3-15-29 Hold'ra of me. Mar.1'29a U.S. Foil, new class Et
corn.(qu.)(No. 1) .250. Oct. 1 *Holders of roe. Sept.15
Segal Lock & Hardware. prof. WO--154 Oct. 15 Holders of ree. Sept. 30
U.S. & Foreign See. Corp.
Solberling Rubber, pref.(quar.)
2
Oct. 1 Holders of rec. Sept. 20
First and second pref.(qua?.)
Shaffer Oil & Rein.. pref.(quar.)
Holders of res. Oct. It
14 Oct. 25 Holders of rec. Sept.30
U.S. Gypsum. corn.(quar.)
abater Co , class A (quar.)
81.5° Sept 1 *Holders of rte. Sept. 15
•40c. N9v.30
.
*50e. Oct. 1 *Holders of rec. Sept. 20
Preferred (attar.)
Sharp & Dohme, Inc., pref.(quer.).
*134 Seps.30 *Holders of roe. Sept. 15
$1.75 Oct. 1 Holders of rec. Sept.22
U.S. Industrial
Shattuck (F. G.) Co.(guar.)
.
50e. Oct. 10 Holders of rec. Sept.20a U. S. Leather. Alcohol, pf. (quar.) - - 14 Oct. 15 Holders of rec. Sept.29.
prior pref. (qua,'.)
Sheffield Steel (guar.)
14 Oct. 1 Holders of rec. Sept,10.
500 Oct. 1 Holders of rec. Sept.20
U. S. Lumber (guar.)
Preferred (quar.)
*14 Oct. I *Holders of rec. Sept.20
•1
Oct. 1 *Holders of rec. Sept.20
U. S. Playing Card, (quar.)
Shell Union 011 (qua?.)
91
Oct. 1 *Holders of roe. Sept.20
35c Sept.30 Holders of roe. Sept.
U.S. Print. & Litt,. 2d pref.(quar.)
Shepard Stores. Inc., el. A (quar.)
1,4 Oct. 1 Sept.21 to Sept. MI
75c Nov. 1 Holders of rem Oct. as
Second preferred (quar.)
Class A (quar.)
14 Jan1'29 Dec. 22 to Dec.
75e Febl 29 Hold. of rec. Jan.20 20
U. S. Realty & Invest.(guar.)(NO. 1).. 374c Oct. 1 Sept. 16 to Sept. 31
29
Class A (quar.)
30
75c May129 Hold,of rec. Apr.20 29
U.S Sheet & W.0., pref.(guar.)
Sheriff St. Mkt.& Stor., Cleve.,corn(qu) $1
*2
Oct. I *Holders of roe. 6.01. 21
Oct. 1
U. S Steel Corp., corn. (quay.)
Sherwln-Wms Co., Canada, corn.(qu.). 154 Sept,30 Holders of rec. Sept.20
14 Sept.29 Holders of rec. Aug. 30a
Holders of roe. Sept 15
U.S.Tobacco,corn.(guar.)
Preferred (Quer.)
750. Oct. I Holders of roe. Sept. 17.
131 Sept.80 Holders of rec. Sept. 15
Preferred (quer.)
Shredded Wheat (guar.)
14 Oct. 1 Holders of rec. Sept.17a
*75c Sept.30 *Holders of reo. Sept.20
Universal Leaf Tobacco, corn. (quar.)
Shreveport-El Dorado Pipe Line (qu.)
75c. Nov. 1 Holders of rec. Oct. 19.
50c Oct. I Holders of rec. Sept.200
Preferred (guar.)
Simmons Co.(qua,.)
$2 Oct. 1 Holders of rec. Sept.21.
The. Oct. 3 Holders of rec. Sept.19
Universal Pletures let pre! (quer.)-Singer Mfg.(qua?.)
2
Oct. 1 Sept. 16
Oct. 1
to
*24 Sept.30 *Holders of rec. Sept.
Universal Pipe & Radiator. pref.(qu.)
Extra
51.76 Nov I Haider, of roe. Oct. 15.
*44 Sept.30 'Holders of rm. Sept. 10
Utah Copper(guar.)
10
Slow-Sheffield Steel & Iron, prof.(qua-. 14 Oct. 1 Holders
Holders of rec. Sept.14.
of roe. Sept.200 vapor Car Heating, pref.(guar.)
Smith (I.. C.) & Corona Typewriter
32 Se . 29 Holders of rec. Dec. 10
14 Dee 10
".
Vlau Biscuit, Ltd., pref. (quar.)
11$ Oct. 1 Holders of roe. Sept.22
Common (quer.)
*750. Oct. 1 *Holders of roe. Sept.20
Victor Monaghan, pref.(guar.)
Preferred (quar.)
*134 Oct. 1 'Sept.21 to Sept. 31)
*134 Oct. 1 Holders of rec. Sept.
(V.) Vivaudou. Inc., pref.(quar.)
20
13$ Nov. 1 Holders of rec. Oct. 1541
Sonatron Tube (guar.)
*50e. Oct. I *Holders of
Vulcan Derinning, pref. & pref. A (qu.) 13$ Oct. 20 Holders of rec. Oct. 94
Southern Ice Co., pref.. sm. A (quer.)__ $1.75 Oct. 1 Holders of roe. Sept.20
Prof. (acct. accumulated dividends)-rec. Sept.21a
31 Oct. 20 Holders of rec. Oct. On
Southern Security Co. of N. Y
40c. Oct. 1 Holders of rec. Sept.20
Wabasso Cotton (guar.)
$1
Oct. 1 Holders of rec. Sept. 14
South Penn 011 (quar.)
•50(1. Sept.29 *Holders of roe. Sept. 15
Wacker Drive Bldg.. prof. (quar.)
.$1.50 Oct. 15 *Holders of rec. Sept.29
Extra
•250. Sept.29 *Holders of me. Sept. 15
Wagner Electric, pref.
134 Oct. 1 Holders of rec. Sept.30
(Muth Porto Rico Sugar,corn.(guar.)...
50e. Oct. 1 Holders of rec. Sept. 10a Wahl Co., pref. (acct. (quar.)
accum. div.)____ •311$ Oct. 1 Holders of rec. Sept.20
Common (extra)
25c. Oct. 1 'Holders of rec. dept. 10a
Waltt & Bond, class B (qua,.)
30o Oct. 1 Holders of rec. Sept. 15
Preferred (qua,.)
2
Oct. 1 Holders of roe. Sept. 10a
Waldorf System. corn. (qua,,)
37546 Oct. 1 Holders of rec. Sept.20.
South West Pa. Pipe Lines (quar.)
$1
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
20o Oct. 1 Holders of rec. Ser0.20. •
Spalding (A. G.)& Bros., corn.(qu.)_. $1.25 Oct. 15 Holders of roe. Sept.
29
Walgreen Co.. pref.(quar.)
1.624 Oct. 1 Holders of rec. Sept."),
Common (extra)
$1
Oct. 15 Holders of roe. Sept.29
Waltham Watch, prior pref. (quer.)_ _ _ _ '154 Oct. 1 *Holders of rec. Sept.21
Name of Company.
Name of Company.
154
14
Name of Company.
[VOL. 127.
FINANCIAL CHRONICLE
1772
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ended Sept. 21:
Miscellaneous (Concluded).
*75o. Sept.29 *Holders of rec. Sept.20
Walworth Co., pref. (quer.)
Oct. 1 Holders of rec. Sept.I3a
$2
Ward Baking, corn. A (qua?.)
1;4 Oct. 1 Holders of rec. Sept. 130
Preferred (quer.)
.- *50o. Oct. 1 *Holders of rec. Sept. 12
Warner-Quinlan Co., common (guar.)
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
•1I4 Oct. 1 *Holders of rec. Sept. 12
% preferred (Var.)
81 Oct. 1 Holders of rec. Sept. 17a
FOR WEEK ENDED FRIDAY. SEPT. 14 1928.
Warren Bros. Co.,corn.(quer.)
75c. Oct. 1 Holders of rec. Sept.17a
First preferred (quer.)
8734c Oct. 1 Holders of rec. Sept.17
-Average Figures.
Second preferred (guar.)
NATIONAL AND STATE BANKS
*6234c Oct. 1 *Holders of rec. Sept. 15
Waukesha Motor (quer.)
*81 Oct. 1 *Holders of rec. Sept. 15
Extra
WeatherbIlt St. Sh.corn.(qu.)(No.1)_. *75o. Oct. 1
OtherCash Res. Dep.. Dep.Other
*433( Oct. I
Orals
Preferred (guar.) (No. 1)
Including N. F. and Banksand
Sept.29 Holders of reo. Sept.15a
Weber & Hellbroner, Inc., corn.(quar.)_ $1
Gold, Bk.Notes. Elsewhere. Trust Cot. Deposits.
Loans.
Nov. 1 Holders of roe. Oct. 15a
Preferred (qua?.)
*81.50 Oct. 5 *Holders of rec. Sept.25
West Coast Oil(qua?.)
$
8
s
8
$
8
Manhattan*33 Oct. 5 *Holders of req. Sept.25
Extra
150.067,300 15,8002.051,200 18,665,900 1,257,800 144.168,100
Bank of U.S
Oct. 1 Holders of rec. Sept. 15
2
20,722,000
West Point Mtg.(qua?.)
650,000
Bronx National - - 20,065,000 4,800 730,000
1 *Holders of rec. Sept. 17
*$1 Oct.
2,905,900
Wesson 011 & Snowdrift, corn.(gu.)147,100
Bryant Park Bank 2,051,200 80,500 144,200
22,053,000
Western Auto Supply, let pref.(qu.)--- 81.625 Oct. 1 Holders of rec. Sept. 20
904,000
1,727,000
Chelsea Exch. Bk. 22,318,000
*75c. Sept.29 *Holders of rce. Sept. 24
Western Electric (qua?.)
69,251 1,338,076 1,472,376 15,009,165
of rec. Sept.290 Grace National... 17,791,157 6,000
500 Oct. 31 Holders
Westinghouse Air Brake (qua?.)
Harriman Nat'l-- 37,792,000 20,000 748,000 4,478.000 950.000 41,895,000
3,869,700
Westinghouse Elec.& Mfg. con.(qua?.) SI Oct. 31 Holders of rec. Sept. 280 Port Morris
206,500
81,700
4,268,600 31.500
$1 Oct. 15 Holders of roe. Sept. 280 Public National.- 112,091,000 21,000 1,859,000 6,844,000 3,913,000 106,598,000
Preferred (guar.)
Sept.30 *Holders of rec. Sept.15
031
Westland 011
Brooklyn
*50c. Oct. 1 *Holders of rec. Sept.26
18,652,400
Westmoreland Coal (qua?.)
196 First National_ _ _ _ 19,693,200 32,900 431,100 2,088,200 254,600 52,650,100
Weston Elec. Instrument cl. A (guar.)... 50c. Oct. 1 Holders of rec. Sept. 12
Mechanics
56,075,000 227.000 1,505,000 7,571,000
Oct. 1 Holders of rec. Sept.
2
Wheeling Steel Corp., pref. A
Nassau National_ 21,682,000 89,000 308,000 1,727,000 343,000 19,774.000
234 Oct. 1 Holders of rec. Sept. 12
Preferred B
85,000 8,523,000
596,000
120.000
Peoples
8.595,000
50c. Oct. 20 Holders of rec. Sept.28a TrarlAnq Nat onal_ 2 ma one 5,000
9 9.75600
90 900
296 2011
White Eagle 011 de Ref. (quer.)
26 000
Nntinnnl
White Motor Securities. Pref.(qua?.)... 1,4 Sept.29 Holders of rec. Sept.14
Holders of rec. Sept 15a
25c. Sept.29
White Motor (qua?.)
50o. Oct. 1 Holders of ree. Sept.12
White Rock Mineral Bps.. corn. (qu.)
Oct. 1 Holders of rec. Sept. 12
Firstpreferred (guar.)
-Average Figures.
TRUST COMPANIES
234 Oct. 1 Holders of rec. Sept.12
Second Preferred
134 Oct. 1 Holders of rec. Sept. 21
Whitman (William) Co., pref. (quar.)*6234c Sept.30 *Holders of rec. Sept.20
Wilcox Products, class A (qua?.)
Res. DO., Dep. Other
Oct. 1 Holders of rec. Sept. 15
2
Gross
N. Y. and Banks and
Will & Baumer Candle, pref. (quar.)
Elsewhere. Trust Cot. Deposit:,
Cash.
WMys Overland Co., common (qua?.).. 30c. Nov. 1 Holders of rec. Oct. 223
Loans.
1 Holders of rec. Sept. 243
134 Oct.
Preferred (quar.)
$
$
$
$
Wire Wheel Corp. of Amer., pref.(qu.). 31.75 Oct. 1 Holders of rec. Sept.20a
$
Manhattan81.75 Jan V29 Holders of rec. Dec. 20
20,800 52,651.200
727,800 9,892,500
50,721,449
Preferred (quer.)
American
50c. Oct. 1 Holders of rec. Sept. 14
15,919,560
118,786
847,174
Wood Chemical Products (guar.)
16,837,216
Bronx County
134 Oct. 1 Holders of rec. Sept. 27
22,750,143
530,786 1,660,245
Woods Manufacturing. pref.(quar.)
22,808,324
Central Union
150. Sept.30 Holders of rec. Sept. 15
Woodley Petroleum (qua?.)
Empire
241,087,000 *28.073,000 4,802,000 3,000,000 245,944,000
3734a. Oct. 15 Holders of req. Oct. 1
Bank of Europe & Tr
Woodworth, Inc., corn. (qua?.)
73,728,000 *4,559,200 2,797,100 3,459,400 69,918,000
250. Oct. 1 Holders of rec. Sept.20
269,424 17,363,199
Wrigley(Wm.)Jr. Co., corn.(mthly.)_.
184.747 1,251,159
17.160,136
Federation
25e. Nov. I Holders of roe. Oct. 20
15,971,800
355.800
Common (monthly)
Fulton
16,035,100 *2,051,800
25c. Dee. 1 Holders of rec. Nov.20
Common (monthly)
2,625,000 38,989,000 1,645,000 280,024,000
Manufacturers
282,309,000
Oct. 1 Holders of rec. Sept. 70 United States
81
67.670,473
Yale & Towne Mfg. (qusr.)
80,374,430 4,350,000 7,480,663
0300, Oct. 1 *Holders of rec. Sept. 15
Yarns Corp. of America class A (qu.)
Brooklyn
64,342,800
Yellow & Checker Cab, corn. A (mthly). 6 2-3c Oct. 1 Sept. 28 to Sept.30
Brooklyn
62,011,000 1,517,600 10,046,300
6 2-3c Nov. 1 Oct. 26 to Oct. 31
25,236.988
Common class A (monthly)
Kings County
27,205,784 1,851,126 2,286.717
6 2-30 Dec. I Nov. 26 to Nov. 30
28.200 44,865,100
Common class A (monthly)
1,483,500 3,529,500
Municipal
47,879,900
Youngstown Sheet dr Tube, corn. (cm.). *31.25 Sept.30 *Holders of rec. Sept. 14
Bayonne, N.I,4,1% Oct. I *Holders of rec. Sept. 14
A ass 476
510 SRA
241 070
900 RAO
0211 191
Mechanics-------Series A preferred (guar.)
issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along with
the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY SEPT. 22 1928.
Clearing House
Members.
Bank of N. Y.& Trust Co.__
Bank of the Manhattan Co _ __
Bank of America Nat.A8900National City Bank
Chemical National Bank
National Bank of Commerce.
Chat.Phenix Nat.Bk.&Tr.C,o
Hanover National Bank
Corn Exchange Bank
National Park Bank
First National Bank
Amer.Exchange Irving Tr.Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Trust Co
BankersTrust Co
U.S. Mortgage & Trust Co
Title Guarantee & Trust Co
Guaranty TM'S CO
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co
Equitable Trust Co
Colonial Bank
•Surplus & Net Demand
Deposits
*Capital. Undivided
Average.
Profits.
s
8,000,000
12,500,000
25.000,000
90.000,000
6,000.000
25,000,000
13,500.000
5.000.000
11.000.000
10,000.000
10,000.000
40,000.000
1,000,000
60,000.000
500.000
1,000.000
9,000,000
5,000,000
25.000,000
5,000,000
10,080,000
40,000.000
4.000.000
3,000.000
10,000,000
10,000.000
30,000.000
1,400.000
Time
Deposits
Average.
$
X
$
9,276.000
56,202,000
12,875.200
19.228,500 142,131,000
31,447,000
51,700,000
37,009.900 128,397,000
73.961,000 2807,660,000 168.639.000
7,280,000
20,014,500 128,068,000
45,613,000
46.295,200 316,950,000
44,089,000
14,888.400 157.758.000
2,907,000
26,702,400 114.098,000
31,223.000
17,782,700 169.473,000
8.624,000
25,069,500 113,939,000
10,842,000
87,588,200 244,781,000
46,392,000
52,522,200 354,094,000
6,722.000
600.000
1,438,900
63.408,000
77,826,700 6556,120,000
24,678,000
707,000
3,158,700
567,000
14.318.000
1,899.000
8,392,000
12,351,100 119,531,000
59,915,000
35,403.000
6,631.700
59,835,000
75,000,000 e342,792,000
5.273,000
55,683,000
5,951,400
36,215,000
2,548.000
21,857,400
72,447,000
59,231,700 d433,230,000
5,199,000
39.537,000
3,648.500
2,335,000
16,400.000
3.845,200
29,163,000
24,009,500 133,381,000
21,279,000
22.149,200 el11.600,000
41.602.000
25,591.000 f317,209,000
7,224,000
27,943,000
3,705.600
-The Philadelphia
Philadelphia Banks.
P
0:
re'rr: 42100
§§§§§§§§§§§§
.-wwwww.voom
owcw,wwwwwma
0.;otag.141,
m1414.
folp.
•From unofficial sources. t The New York S ock Exchange has ruled that stock
•Includes amount with Federa Reserve Bank as follows: Central Union,
will not be quoted ex-dividend on this date and not until further notice. I The $28.141,000; Empire, $2,998.000; Fulton, 31,914,800.
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
Payable in common stock. g Payable in scrip. li On account of accumulated
-In the
Boston Clearing House Weekly Returns.
dividends. J Payable in preferred stock.
summary of all the items in the
I Associated Gas & Electric dividends payable in cash or in class A stock as following we furnish a
follows: On 36 prof 3.33-100 shares class A stock: on original preferred, 2.26-100 Boston Clearing House weekly statement for a series of weeks:
of a share of class A stock; on class A stock at rate of 231% of one share of class A
stock for each share held.
BOSTON CLEARING HOUSE MEMBERS.
o Payable in common stock but subject to stockholders meeting Oct. 15.
p May be applied to the purchase of additional common A stock at rate of 1-50th
Sept. 12
Seg. 19
Seyl.. 26 Cliangeefrom
Of a share for each share held at rate of $30 per share.
1928.
1928.
Previous Week
1928.
received in
r British American Tobacco dividend is 10d. per share. All transfersdividend to
Sept. 3 will be In time for payment of
order in London on or before
$
s
$
transferees.
84,150,000
84,150,000 Unchanged
Capital
108.448,000
s Subject to stockholders meeting Oct. 16.
108,448.000 Unchanged
Surplus and profits
1,088,881,000
(Dividend is 9d. per share less expenses for depositary.
Loans, diac'ts & invest'ts. 1,164,384,000 -3,940,000
682,928,000
668,384,000 -9,684,000
Individual deposits
a Schulte Retail stores declared 2% in stock. payable ;i% quarterly.
140,645,000
Due to banks
138,947,000 -4.806.000
s Holland Furnace dividend payable either 6234c in cash or 2% in stock.
283,478,000
285,079,000 +2,095,003
at rate of one-fortieth share: class B Time deposits
14,135,000
to Payable either in cash or class A stock
19,382,000 -4,215,000
United States deposits.-33,165,000
payable either in cash or class B stock at rate of one-fortieth share.
28,174,000 -6.055,000
Exchanges for Clg. House
80,541,000
Due from other banks. _ _
84,038,000 -5.183.000
80,803,000
- Pes've in legal depositles 81,677,000 -1,204,000
Weekly Return of New York City Clearing House.
10,686,000
Cash in bank
-285.000
9,779,000
126.000
-38.000
734.000
.
31, the New York City Clearing House Res've excess in F.R.13k
Beginning with Mar.
Association discontinued giving out all statements previously
Clearing House
return for the week ended Sept.22,with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
Reserve with
is 10% on demand deposits and includes "
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ended May 14, the
Philadelphia Clearing House Association discontinued showing
the reserves and whether reserves held are above or below requirements. This will account for the queries at the end of the
table.
Week Ended Sept. 22 1928.
Two Ciphers (00)
omitted.
Trust
Members of
P.R.System Companies.
1928.
Total.
Sept. 15
1928.
Sept. 8
1928.
$
8
$
$
$
9,500,0
66,590,0
84,290,0
64,290,0
57,090.0
Capital
18,293,0 192,387,0 190,826,0 190,831,0
Surplus and proflts__ _ _ 174.074,0
Loans. diseta. & invest. 1,046,776,0 105,093,01,151,869,0 1,137,824,0 1,140.394,0
904,0
34,151,0
39,319,0
40,718,0
38,415.0
Each, for Clear. House
505.0
92,973,0
85,953,0
92,746,0
92,468,0
Due from banks
3.632,0 138,039,0 133,963,0 127,711,0
134,407,0
Bank deposits
49,184,0 646,892,0 653,838,0 842,451,0
Individual deposits.... 597,528,0
28,274.0 236,183.0 230,622,0 233,682,0
207,909,0
Time deposits
81,070,0 1,020,914,0 1,018.423,0 1,003,844,0
939,844,0
Total deposits
9,222.0
8,751,0
8.751,0
8,649.0
Res. with legal depos.
Clearing Non-Member.
67,287,0
67,845,0
67,180,0
67,180,0
5,776,000 Rea. with F. R. Bank_
3,353,000
773,900
500,000
Mechanics Tr. Co., Bayonne_
11,426,0
2,694,0
11,275.0
11,966,0
Cash in vault•
9,272,0
87,211.0
11,455,0
76,452,0
88,493,0
87,897,0
Total res. & cash held_
Alio Ann non 700 0A7 900 c 009 AAA nnn AAA 930nnn
?
7
7
7
Reserve required
1
Includes deposits In foreign branches: (a) $273.7 3,000: (b) $15,509,000: (e) Excess reserve and cash
1
9
9
9
9
In vault
)
$54,200,000:(d) $79,719,000:(e) $4.080.000: (f 5108,274,000.
•As per official reports. National, June 30 1928. State, June 30 1928. Trust
•Cash in vault not counted as reserve for Federal Reserve members.
companteef, Jane 89 1928.
291928.]
S.
FINANCIAL CHRONICLE
1773
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept.27 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The ReservC Board's comment upon the returns for the
latest week appears on page 1745, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
BUSINESS SEPT. 76 1926.
Sept. 26 1928. Sept. 19 1928. Sept. 12 1928. Sept. 5 1928 Aug.29 1928. Aug.22 1928. Aug. 15 1928. Aug.8 1928. Sept.28 1927
RESOURCES.
s
$
$
$
$
$
$
$
s
Gold with Federal Reserve agents
1,214,889,000 1,167.332,000 1,143,470,000 1.082,429.000 1,093,837,000 1,107,113,000 1,117.450.000 1.107.601,000 1,630-529,000
Gold redemption fund with U.S. Treas.
65,503,000
71,730.000
65,243.000
66.351,000
68.645,000
66.020,000
48,010,000
71,555,000
72,563,000
Gold held exclusively agst. F. 11. notes 1,280,392,000 1,239,062,000 1,212,115,000 1,148,780,000 1.159,080.000
Gold settlement tune with F.R.Board_ 666,714,000 720,346,000 678,301,000 751,338.000 724,889,000 1.173,133,000 1,189,005,000 1,180,164,000 1,678,539,000
715.244,000
Gold and gold certificates held by banks_ 685,896,000 666,482,000 738,530,000 709,031,000 734.840,000 725.611.000 694,976,000 695,550.000 639,749,000
728,611,000 729,702.000 670,565,000
Total gold reserves
2.633.002,0002,625.890,000 2,628,946.000 2,609,149,000 2.618,809.000 2,613.988,000 2.612.592.000 2,605.410.000 2,988,853,000
Reserves other than gold
138,082.000 142,366,000 141,999.000 138,143,000 146,085,000 147,414,000 150,699.000 150,042,000 137,352,000
Total reserves
2,771,084.000 2.768,256,000 2,770,945,000 2,747,297,000 2.764,894,000 2,761,402.000 2,763,291,000 2.755.458.000 3,126,205,800
Fon-reserve cash
56.174,000
59,044,000
52,296,000
59,878,000
58,241,000
57,582.000
60.354.000
51,593,000
58.337.000
Bills discounted:
Secured by U. B. Govt. obligations... 610,143,000 671,977,000 656,035,000 652,032,000 604,316,000 584,184,000
566,854,000 603,944,000 223,011,000
Other bills discounted
400,623,000 421,856,000 413,211,000 428,085,000 434,457,000 453,262.000 435,680,000 457.341.000 202,301,000
Total bills discounted
1,010.766,000 1,093,833.000 1,069,246,000 1,080,117,000 1,038.773.000 1.037,446.000 1,002,534.000 1.061,285.000 430,312,000
Bills bought In open market
263,419,000 237.189,000 211,160,000 186,796,000 184,299.000 183,600.000 189,902,000 161.847,000 242,148,000
U. S. Government securities:
Bonds
53,377,000
53,005.000
54.764.000
53,362,000
53,883.000
54,599,000
55,259,000 253,515,000
54,819.000
Treasury notes
89,222,000
87,976,000
87,886,000
88.251,000
87,026.000
85,651,000
85,622,000
87,641,000 134,559,008
Certificates of Indebtedness
86,433,000
83,746.000
80,096,000
65.949.000
65,476,000
66,660,000
64.968,000 106,278,000
65.972.000
Total U. S. Government securities
229.032,000 224,727,000 221,344,000 206,385.000 208,964,000 206.910.000 206,413,000 207.868.000
494,352.000
Other securities (see note)
4,580,000
4,580,000
2,020,000
990.000
990.000
990.000
990,000
820,009
490.000
Total bills and securities (see note)._ 1,507,797,000 1,560,329,000
1,503,770,000 1.474,288.000 1,433,026,000 428.946.000 1,399.839,000 1,431,490.000 1,167,632,009
Gold held abroad
Due from foreign banks (see note)
573,000
573.000
572.000
571.000
574.000
574,000
574,000
575.000
1,049,000
Uncollected items
689,765.000 813.337,000 771,589,000 681,587,000 615.468.000 636,859,000 735.573,000
593.054,000 653,183.000
Bank premises
60,320,000
60,314,000
60,305,000
60,132,000
60,255.000
60,134.000
60,123,000
60,125,000
59,609,090
All other resources
8,841,000
8,457,000
9,190.000
8,981,000
8.913.000
8.813,000
8.993,000
13,208,000
8,743,000
Total resources
5,094,554,000 5,275.310,000 5,176.249,000 5.025,275.000 4,941,248,000 4,954,310.000
5,028,750,000 4.907,779,000 5.072,479,000
LIABILITIES.
V. R. notes in actual circulation
1,681,581,000 1,679,521,000 1,688,267,000 1.701.035,000 1,650,996,000 1,641,967,000 1.638,622,000
1,627,586,000 1,705,765,000
Deposits:
Member banks
-reserve account
2,315,812,000 2,360.534,000 2,348,676,000 2,273,343,000 2.268,682.000 2.280.560.000
2,285,180.000 2,265.606.000 2,336,548,000
Government
12,699,000
45,379,000
27.324,000
8,948.000
9.617,000
17,331,000
42,277,000
9,307,000
24,507,000
Foreign banks (gee note)
7,337.000
7,459,000
5,952,000
9,799,000
6,347,000
9,140,000
8,953,000
5,791,000
8,724,000
Other deposits
30,302,000
45,580,000
23,875.000
16,941,000
18,877,000
18,599,000
20,053,000
22,922,000
17.803,000
Total deposits
".366,150,000 2.458,932,000 2,388,120,000 2,305.577,000 2.324,682,000 2.325,630,000 2.323,493.0002,33
4.410.000
Deferred availability items
638,620,000 730,605.000 694,925,000 615,257.000 562.768,000 584,711,000 665,639,000 547,270,000 2,389,768,000
602,290,000
Capital paid In
145,618,000 145,376,000 144,986,000 144,924,000 144,860,000 144.854.000
144.695.000
Surplus
233,319,000 233,319,000 233,319,000 233,319.000 233,319.000 233,319.000 233.319.000 143,057.000 130,960,080
233.319.000 228,775,080
All other liabilities
29,266.000
27.537,000
26.632,000
25,163,000
24,623,000
23,829,000
22,982.000
14.921,000
22,137.000
Total liabilities
5,094,554,000 5,275,310,000 5.176,249,000 5,025.275,000 4.941,248.000 4.954,310.000 5,028,750.000 4,907,770,000
5,072,479,008
Ratio of gold reserves to deposits and
F. R. note liabilities combined
65.1%
63.5%
64.5%
65.1%
65.9%
65.9%
65.9%
65.8%
73.0%
Ratio of total reserves to deposits and
F. R.. note liabilities combined
68.5%
66.9%
68.0%
68.6%
69.5%
69.6%
69.5%
09.7%
76.3%
Contingent liability on bills purchased
for foreign correspondents
272.886.000 274,054,000
277,265 279,049.000 277,897,000 289,353.000 290,180.000 305.018.000 186,455,009
Distribinion Oy Maturities-$
$
$
$
$
i
$
$
0
1-15 days bills bought in open market.
97,043,000
93.229,000
97,147.000
90,527,000
80,174.000
75,725,000
77.748,000 51.655,000 111,362.000
1-15 days bills discounted
863.522.000 924,738,000 899,027,000 899.167.000 854.964.000 850,533.000 823,346.000
883.129,000 354,775.
000
1-15 days II S. certif. of Indebtedness.
4.330,000
2,308,000
16,375,000
2,115,000
2.535.000
3,280.000
1,235,000
1,955,000
1,442,000
1-15 days municipal warrants
16-30 days bills bought In open market.
35.433,000
34,741,000
36,551,000
29,577,000
36.280.000
36,924.000
37,618,000
46,948,000
37,852,000
16-30 days bills discounted
44,257,000
57,735,000
54,108,000
57,716,000
.53,014.000
48.386,000
44.542,000 40.727,000
22,886,000
16-30 days U. S. certif. ef Indebtedness
10-30 days municipal warrants
20.000
81-60 days bills bought In open market.
43,168,000
39,862.000
40,304,000
37.230,000
41,153,000
41,387,000
40,716.000
39,414,000
60,278,000
31-60 days bills discounted
57,729,000
65,552,000
69,054,000
78,090.000
83,138,000
86,953.000
80,142,000
79,650.000
31,560,000
81-60 days U. S. costa of indebtedness
81-60 days municipal warrants
61-90 days bills bought in open market.
81,424.000
63.551.000
31,622,000
22.660,000
20,965,000
22,794,000
27,693,000
26,143,000
17,739,000
61-90 days bills discounted
37,780,000
37,258,000
38,781,000
36,717,000
37.542,000
41,200,000
42,491,000
45.324,000
61-90 days U. S. certif. of Indebtedness_
19,187.00
0
40,583,000
45.324,000
745,000
01-90 days municipal warrants
Over 90 days bilis bought In open market
6.344,000
5,806,000
5,536,000
6.802.000
5.727,000
6,770.000
7,429,000
5.481.800
4,453,000
Over 90 days bills discounted
7,478,000
8,550,000
8,276,000
8,427,000
10,115,000
10,374.000
12.505,000
11,963.000
3,353,000
Over 90 days certif. of indebtedness-.
41.250,000
36,114,000
62,976,000
63.361.000
63,414,000
63.380.000
64,017,000
63,733,000 104,836,000
Over 90 days municipal warrants
30,000
30,000
30,000
F. R. notes received from Comptroller__ 2,859,232,000 2
.848.579.000 2.850,462,000 2,311,418,000 2,800,498,000 2,807,420,000 2,816.638.000
2,819.200,000 2,918,127.909
F. R. notes held by F. R. Agent
774,385,000 766.025,000 776,996,000 766,585.000 778,870,000
780,020.000 799.980.000 304.820,000 860.165.009
Issued to Federal Reserve Banks
2,084,847,000 2,082,554,000 2,073.466,000 2,044.833,000 2,021,628,000
2.027,400,000 2.016.658.000 2,014,380,000 2,111,62,000
How Secured341,567,000
By gold and gold certificates
344.067.000
341,321,000 341,321,111 338,820.000 348.620.000 352.827.000 350.977,000 411,830,000
Gold redemption fund
91,105,000
88,586,000
91,016,000
92,994,000
94,621,000
89,541,000
88,153,000
94,652.000
91,210,099
Gold fund-Federal Reserve Board___ _ 779,717,000 737.179,000 711,133,000
648,114,000 660.396,000 668,952.000
By eligible paper
1,214,971.000 1,277,362,000 1,236,448.000 1,226,166,000 1,183.121,000 1,189.770.000 676,470,000 661,972,000 1,127,489,800
1,155,853,001 1.191.942,000 634,517,000
Total
2 424) SA(1 nnn 2.444.694.000 2 270 o I R nnn 9900 R05(W10 9 97A OFR non , 90A 000 nnn 0 970 1
1
1110 non 9 900 11...1 000 7 7,C Ada AAA
2
NOTE.-BegInning with the statement of Oct. 7 1925, two new Items were
added 112
foreign correspondents. In addition, the caption "Al other earning assets," previously order to show separately the amount of balances held abroad and amounts due to
made up of Federal Intermediate Credit bank debentures,
"Other securities," and the caption "Total earning assets" to "Total bills
and securities." The latter term was adopted as a more accurate description was changed so
discount acceptances and securities acquired under the provisions of BectIons 13
of the total of tie
and 14 of the Federal Reserve Act, which, it wasstated,are the only
itemslocluded there,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS SEPT. 26 Mt
Two aphers (00) omitted.
Total.
Balton. New York. Phila. Cleveland. Richmond Atlanta. Chicano,
Federal Reserve Bank ofSt. Louis. Minneap. Kon.city. Dallas. San Fran,
RESOURCES.
$
$
$$
a
$
V
V
5
S
$
s
aom with Federal Reserve Agents 1,214,889,0 126,966,0 175,137,0 83.850,0 152,665,0 23,926,0 59,394,0 274.253,0 17,868.0
$
Dold redo fund with U.S.Treas.
65,503,0 5,660,0
18,372,0 6,294,0 5,351,0 2,110,0 4.486,0 4.928,0 5,458,0 44,621,0 49,931,0 21,627,0 184,651,0
3,074.0 3,292,0 2,262.0 4,276.5
Gold held etc! eget. F.R.notes 1.280.392,0 132,626.0 193.509,0
.
pold settle't fund with F.R.Board 666,714,0 63,433.0 171,960,0 90,144,0 153.016,0 26,036,0 63,880,0 269,181,, 23,326,0 47.695, 53,223,0 23,889,1 188,927,9
29,031,0 81,769,0 27,548,0 10,505,0
Gold and gold certificates
685,896,0 32,398,0 443,774.0 28,608,0 44,760,0 7,227.0 3,974,0 147,973,0 30,393,0 21,587,0 35.733,0 18.981,, 27,796,0
56,449,0 10.680,0 5,730.0 7,589,0 9,847,0 84.880,0
Total gold reserves
2,633,002,0 228,457,0 809,243.0 147.783,0 284,545,0 60.811,0 78.359,0
483,608.0 64,399,0 75,012,0 96,545,0 52,657,0 261,583,0
Eteserve other than gold
138,082,0 12,582,0
24,795,0 7,564,0 12,332.0 8,613,0 14,819,0 18,616,0 16,351,0 1,924,0
5,780,0 4,728,0 9,978,0
Total reserves
2,771,084,0 241,039,0 834,038,0 155,347,0 296,877.0 69,424,0 93,178,0
502.224,0 80,750,0 76,936,0
Non-reserve cash
56,174,0 6,235,0
17,795,0 1,301,0 3,247,0 3,840,0 3,643,0 7,969,0 3,313,0 1,084,0 102,325,0 57.385,0 201,561,0
2,113.0 1,886,0 3,748,0
Sills discounted:
Sec. by U.S. Govt. obligations 610,143,0 27,329,0 232,430,0 80,441,0 40,601,0 22,547,0
23,916.0
Other bills discounted
400,623,0 20,155,0 105,191,0 24,603,0 28,184,0 32,400,0 60,040,0 33,554,0 28,850.0 11,462,0 10,816,0 18,262,0 31,935,0
35,038,0 31,320,0 5,953,0 12,971,0 12,983,0 31,780,0
Total bIlls dLscounted
1,010.766.0 47,484,0 337.621,0 105,044,0 68,785,0 54,947.0 83.956,0
118,592,0 60,170,0 17,420.0 23,787,0 29,245,0 63,715,0
Mlle bought in open market
263,419,0 21,422,0
78,297,0 15,298,0 24,058,0 11,975,0 13,299,0 17.472,0
11,0 11.422,0 15,975.0 15,643,0 88,647,0
J. 8. Government securities:
Bands
53,377,0 1,296,0
3,425,0
964,0 1,188.0 1,153,0 1,226,0 19,927,0 2,125,0 4,722,0 8,712,0 7,938.0
701,0
heasury Donee
89,222,0 1,713,0
12,453,0 9,002.0 27,009,0
594,0 3,754.0
3,792,0 9.500,0 3,925.0 2,412,0 3,516,Q 11,553,0
)ertificates of Indebtedness
86,433.0 4,427,0
35,063,0 11.340,0 6,200,0 1,529,0 1,925,0 10.737,0
2.214,0 4,962,0 3,109,
4,927,0
rem]17. B. Gov't securities
229.032.0 7436.0
50.0410 21 fins n fte 2070 2 975 n 60050 24 Ana n 11 5950 10 051 0 iti 005 n 1455911
57 151•
[Vol.. 127.
FINANCIAL CHRONICLE
1774
LESOURCES (Concluded)
Two Ciphers (OD) omitted.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.Ctty. Dallas. San Fran.
'
$
30,0
5
1,050,0
3
$
4,580,0
Other securities
New York.
Boston.
Total.
3
$
$
3
3,000,0
$
$
500,0
$
3
$
1 507.797,0 78,342,0 467.909,0 141,678,0 127.2400, 70,198,0 104,160,0 170.520,0 71,806,0 40,203,0 55.848,0 62,350,0 119,543,0
35,0
17,0
18,0
14,0
21,0
69,0
21,0
25,0
52,0
47,0
217.0
37,0
573,0
689,765.0 65,773,0 181,228.0 57,121,0 66.650.0 50,440,0 23,403,0 86,233,0 32,866,0 15,281,0 43,615,0 28,134,0 39,021,0
16,675,0 1,752,0 6,806,0 3,532,0 2,845,0 8,720,0 3,911,0 2,202,0 4,308,0 1,917,0 3,828,0
60,320,0 3,824.0
628,0
551,0
389,0
421.0
725,0
395,0 1,850,0 1,071,0
117.0 1,272,0
100.0 . 1,322,0
8,841,0
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
&Bother resources
Total resources
5.094,554.0 393,330,0 1.519.184.0 357.363,0 502,144,0 197,354,0 229,100,0 776,806,0 193,056,0 136,445,0 208.648.0 152,240,0 428,364,0
LIABILITIES.
F. R. notes In actual circulation_ 1,681,581,0 149,324,0 335,178,0 130,603.0 203,868,0 59,873.0 125,214,0 290,452.0 57,363.0 57.113,0 61,308.0 41,635,0 169,659,0
Deposits:
Member bank-reserve acct., 2,315,812.0 150,149.0 888,308,0 134,212,0 189,021,0 68,817,0 63,484.0 349.917,0 81,287,0 52,312,0 89,605,0 66,538,0 182,162,0
291,0 1,315,0 1,386,0
966,0
385,0
708,0
476,0 1,984,0
300,0
3.620.0 1.004,0
264,0
12,699,0
Government
447,0
220,0
227,0
170,0
271,0
876,0
265,0
321,0
655,0
599,0
2,814,0
472,0
7,337,0
Foreign bank
324,0 6,144,0
980,0 4,194,0
442,0 2,480.0 2.675,0
858,0 3.021,0 1,241,0
6,955,0
988.0
30,302.0
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
Another liabilities
.
2.366,150.0
638,620.0
145,618,0
233,319,0
29,266.0
901,697,0 136,673,0 192,997,0 70,885,0 66.175,0 353.981.0 84,618,0 54,428.0 94,317.0 68,397,0 190,139,0
161,159,0 51,972.0 64,118,0 47.245,0 20,751,0 76,691,0 33,402.0 13.543.0 38.900,0 28,631,0 39,7070.
49.316,0 14,416.0 14.306,0 6.102.0 5,238,0 18,362,0 5,399,0 3,015.0 4,198,0 4,300,0 10,901,0
63,007,0 21,662.0 24,021.0 12,324,0 9,996,0 32.778,0 10.397,0 7,039,0 9,046,0 8,527,0 16,629,0
741,0 1,338,0
879.0
1,726,0 4,542,0 1,877,0 1,307,0
2,834.0 1,455,0
8,827,0 2.037,0
151.873.0
62.501,0
10.056.0
17,892,0
1,703,0
5,094,554,0 393,350,0 1,519.184,0 357,363,0 502,144,0 197,854,0 229,100,0 776,806,0 193,056,0 135,445.0 208,648,0 152,240,0 428,364.0
Total liabilities
Memoranda.
72.7
52.2
65.8
69.0
56.9
77.9
48.7
53.1
58.1
74.8
67.4
80.0
Reserve ratio (per cent)
68.5
Contingent liability on bills our
28,411,0 13,932,0 11,474,0 37,973,0 11747.0 7,376,0 9,835,0 9,562,0 19,396,0
76.738,0 25.953,0
chased for foreign correspond'b 282,886,0 20,489,0
IN R. notes on hand (notes reed
from F. R. Agent less notes ir
'
.flo note n on n7n n Ion n4n n on 017 n 04 nn nn 17 019 0 'in ,inn AQ W1.) n II nAn n n nicn Qom n a 7c11 n 01 4000
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPTEMBER 26 1928.
'
Federal Reserve Agent al
-
Boston,
Total.
New
York.
Palici.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap Kan.City. Dallaa. San Fran,
3
3
Two ciphers WOW em tiled
F.R.notes reed from Comptroller 2.859.232.0 241,053,0
F.R. notes held by F. R. Agent.. 774.385,0 61.650,0
3
5
3
S
$
3
S
$
$
3
3
708,858,0 190,850,0 267.158,0 102.984,0 222,664.0 456.894,0 85,853,0 81,367,0 101.508,0 70.528,0 329,515,0
252,840.0 310,00,0 35,230.0 25,479,0 66.740.0 117,870,0 16,550.0 17.339,0 31.180,0 20.107,0 98,400,0
F. R. notes Issued to F. R Bank. 2,084,847,0 179,403,0
Gollateral held as security lor
F. R. notes Issued to F. R. Bk.
Gold and gold certificates__ 344,067,0 35,300,0
91.105,0 18,666.0
Gold redemption fund
Gold fund--F, R. Board
779,717,0 73.000,0
1,214,971,0 68,387,0
Eligible paper_
_ __ ___ _ ___ ___ _
, ,
Total coliateral
,
456,018,0 159.850,0 231,928,0 77,505,0 155,924,0 339,024.0 69,303,0 64,028,0 70,328,0 50,421,0 231,115,0
153,407,0
16,730,0 8.873,0
5,000,0 74.977,0
391,085.0 97,339,0
___ _-- - ._.„._- _
, .
14,803,0 35,000.0
7,600.0 14,167,0
50,000,0 6.690,0 27,100,0
12,665,0 3,236,0 5,294,0 1,253.0 2,258.0 2,454,0 3,071,0 2,824,0 13,771.0
90,000,0 14,000,0 27,000.0 273,000.0 8.000,0 28,000,0 46.860,0 4,000,0 135.880,0
90,982,0 60,568,0 97,036,0 135,942.0 60,158,0 26,628,0 39,660,0 44,736.0 101,950,0
-- ,...,--. ..,
.__
_ ._ _ ._ - _. .-. _ ..._ . ._ .._,___ _ __, ___ _ _. -- - -- --. - -- ......,
,
.
. .
.
. ,
.
.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 635 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 174j immediately following which
we also give the figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPT. 19 1928 (In thousands of dollars).
Federal Reserte District
-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta, Chicago. Ss. Louts. Itinneap Kan.C14. Dallas. San Prat
-total
Loses and investments
5
$
3
$
i
22,395,102 1,520.262 8,503,384 1,265,937 2,195,702
$
682,221
5
$
649,736 3,314.809
$
727,007
$
378,568
3
683,494
3
$
476.273 1,997,709
Loans and dIscounts-total
15,869.099 1,054,750 6,145.368
858,889 1,463,613
522,717
502,923 2,438.743
518.511
245,460
438,116
350.733 1,329,276
123,752
Secured by IJ. S. Gov't obliga'ns
6,662,838
Secured by stocks and bonds
All other loans and alscounts____ 9,082.509
12,856
44,189
376.997 2.911,927
064.897 3.189,252
8.877
472.075
377,937
12.820
647,195
803,598
2,781
186,501
333,435
2,871
22.432
133.607 1.068,642
366,445 1.347,669
3,519
213,412
301,580
2.337
74,307
168,816
3,221
123,176
311,719
2,391
91,143
257.199
5.458
363,856
950,962
6,526.003
465,512 2,358,016
407,048
732,089
159,504
146,813
876,066
208,496
133.108
245,378
125,540
668,433
3,060.749
U. S. Government securities _
Other bonds, stocks and securities 3,465,254
187,361 1,166,515
278,151 1.191.501
121.832
285,216
332,114
399,975
72,857
86,647
74,342
72,471
376,713
499,353
76,446
132,050
73,534
59.574
110,380
125,998
86,985
38,555
372,670
295,763
76,358
13,893
133,575
29,663
41,492
12.035
38,399
9,787
267,038
40.340
45,530
7.110
26.193
5,958
56,242
11,291
32,805
9,091
120,465
21,763
303,882 1,874,998
236.366 1,265,551
20,561
13,710
379,910
239,367
7,238
220.814
130,611
1,665
494.066
178,006
4,006
301,585 849,198
130.928 1,005,307
32,428
13,055
lavestruents-total
Reserve with F. R. Bank
Catskill. vault
1,739,231
246,904
97,279
19,926
803,765
66,047
13.099,533
6,913.571
206,560
Due from banks
Due to banks
908.675 5,640,204
485,402 1.726,333
20,917
59.624
710.890 1,046,734
305,234 964,430
17,00.
10,790
358,677
245,136
6,565
1,183,205
3,236,888
Net demand deposits
Time deposits
Government desosits
46,866 149,759
141,790 1,195,223
57,247
175,847
100,739
241,415
46.651
101.526
71.826
94,265
253.046
513,953
48,171
126.853
49,518
89,699
124,241
223,222
67,006
111,286
168,045
221.809
Borrowings from F. R. Bank-total
862.381
31,925
348.737
76,910
55,471
25.549
57,381
92,903
41,946
12,308
20,516
17,217
81,518
Secured by 0.8. Gov't oblIga'ns.
All other
676,373
286,008
14.530
17,395
250,512
98,225
62,743
14,167
32.442
23,029
9.161
16.388
18,935
38,446
70,407
22,496
15,706
26.240
5.070
7,238
13,911
6,605
11,614
5,603
71,342
10.170
on
Or.
04
An
70
Ad
7,
no
on
0.1
AA
IA
&A
nnet I nv
1,4r
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Sept.26 1928
n comparison with the previous week and the corresponding date last year:
7
ResourcesGold with Federal Reserve Agent
Gold red= p. fund with U.S. Treasury_
Sept. 26 1928. Sept. 19 1923. Sept. 28 1927
$
$
$
175,137,000 175,217,000 301,214,000
13,766,000
15,177,000
18.372,000
314,980,000
263,703,000
429,661,000
Gold held exclusively agst F. P. notes_
Gold settlement fund with F. R Board__
Gold and gold certificates held by bank__
193,509,000
171,960,000
443,774,000
190.394.000
140.597,000
438,714,000
Total gold reserves
Reserves other than gold
809,243.000
24,795,000
767,705,000 1,008,344,000
23,307,000
25,098,000
834,038,000
Tots, reserves
17,795,000
Non-reserve cash
131115 discounted
. 232,4311,000
Secured by U. S. Govt. obligations_ _
105,191,000
Other bids discounted
792.803.000 1,033,651.000
14,611,000
18,229.000
Total bills discounted
13Sis bought in open market
U.S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
Resources (Concluded)Gold bed abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total resources
277,384.000
118,976,000
87,078,000
61,305,000
337,621.000
78.297.000
396,360.000
68,439,000
148,383,000
84,011,000
3,425.000
12,453.000
35,063,000
4,292.000
16.000.000
32,183,000
42,292,000
27,837,000
24,733.000
Total U.S. Government securities....
Other eecuritles (See Note)
50,941,000
1,050,000
52,481.000
1,050.000
9.1,864,000
Total bills and securttles (See Note).- -
467,909,000
518.330.000
327,238,000
Sept. 26 1928. seta. 19 1028. Sept. 28 192
$
$
i
216,000
181,228.000
16,675,0(10
1,323,000
217,000
223.885,000
16,675.000
1.302,000
504,000
160,898.000
16,276,000
4,041,000
1,519,184.000 1,571,441,000 1,557,139.000
f.f01/IfirsFed's Reserve notes In actual circulation_
Deposits
-Member bank, reserve acct__
Government
Foreign bank (See Note)
Other deposits
335.178.000
888,308,000
3,020,000
2,814,000
6,955,000
339,228,000
907,199,000
8,106,000
2,935,000
6.799,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
901,697.000
161,159.000
49.31(1.000
63,007.000
8,827,000
925.039.000 952,145,000
186,220.000 136,692,000
39,398,000
49.307.000
61,614,000
63,007,000
3,469,000
8,634,000
Total liabilities
Ratio of total reserves to deposit and
Fed', R '.me note liabilities combined_
Contingent IlsbIllty on bills purchased
for foreign correspondents
363,721,000
929,666,008
5,290,000
1,585,000
15,601,000
1,519,184,000 1,571,441,000 1,557,239,000
67.4%
62.7%
78,6%
76,738.000
71.900 000
53,391,000
arm.unts due
NOTE.
-Beginning with the statement of Oct. 7 1925. two new items wore added In order to show [separately the amount of balances held abroad and
to
to foreign correspoodents. In addition, the caption. "All other earths assets." previously made up of Federal Intermediate Credit Bank debentures, was changed of
to "Total bills and securities." The latter term was adopted as a more accurate description of the total
-Other securities." and the caption. "Total earning assets"
only Items included
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the
therein.
•
SEPT. 29 1928.1
FINANCIAL CHRONICLE
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Vaulters' 1Ji azette,
Maturity.
Wall Street, Friday Night, Sept. 28 1928.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1761.
The following are sales made at the stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Sept. 28.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares S per share. $ per share.
per share $ per share.
Railroads
Boston At Maine.. _ _ _10
200 70 Sept 28 74 Sept 22 58
Feb 83 Slay
Buff Roch & Pitts_ _ _10
'JO 75 Sept 25 754 Sept 25 60
Fel, 86
Apr
Car CI & 0 etf stpd..100
90 98 Sept 24 100 Sept 28 98
Sept 107% Mar
Cleve & Pittsburgh_ _10
100 75 Sept 27 76 Sept 26 75
Sept 844 Feb
Cuba ItR prof
10
90 86 Sept 26 864 Sept 28 84
Mar 94 June
Havana Elee Ry
• 3,500 8 Sept 22 94 Sept 29 7
Aug 174 June
Preferred
101,
90 684 Sept 26 704 Sept 25 64
Mar 784 Sept
III Cent Skit sec stk 00100
50 77 Sept 28 77 Sept 28 75
July 824 June
Minne,ap & St Louls_10C 1,600 254 Sept 25 24 Sept 22 14 May 634 May
Nash Chatt & St L_ .100
100 1764 Sept 22 180 Sept 25 1714 Au( 204% May
Nat Rys of Mex 1st p11.01
100 6 Sept 28 6 Sept 28 34 Fe. 834 Apr
N Y State Itys peel. _ let
100 35 Sept 25 35 Sept 25 26
Fe( 43
July
Pacific Coast 20 prof.101
80 28 Sept 22 28 Sept 22 204 Aui 39
May
Rensallaer & Sarat 10t
3 14135 Sept 26 14134 Sept 26 1414 Sept ISO
May
So Sty St A:0 MN_ _101 2,971 13734 Sept 22 14274 Sept 25 100
Jill 1594
Jan
ladus.& Miscellaneou.
Abitibi Pr & Pap pfd.101 1,901 8854 Sept 29 8934 Sept 25 874 Au: 10256 Apr
Amer Pow & Light phi.. 1,3 10334 Sept 2t 104 Sept 24 934 Sept 104
Sept
Amer Wholesale prof.
_10(
21 109 Sept 21, 109 Sept 25 104
A p. 11034 July
Barker Bros
•
600 284 Sept 27 30 Sept 26 264 Au: 324 June
Preferred
10 9534 Sept 21 9534 Sept 22 95
101.
Sep. 1014 June
Brockway Mot Trucks_ 21.60 6034 Sept 2: 644 Sept 22 454 Jun(
654 Sept
Preferred
30 123 Sept a 126 Sept 26 110 Jun(
10
Sept
Bucyrus-Erie pret(7) Ba. 50 11334 Sept 2t 115 Sept 25 110% Ma 132
117
Apr
Cannon Mills
4,80 47 Sept 21 48 Sept 22 46
Sep: 50
Sept
Chickasha Cotton 011 I( 20,00 494 Sept 24 53 Sept 26 454 Jun,
56% July
Commonw Power rights. 26.20
14 Sept 2/ 14 Sept 25 13-4 Sep.
Sept
Com'l Inv Trust ware 101, 4,00 14 Sept 21 174 Sept 27 64 Au; 2
174 Sept
Conley Tin Foil etpd_ _ • 2,00
1 Sept 24 14 Sept 28
4 Jai 3% May
Cons Film Industry V. 6.00 254 Sept 2; 264 Sept 22 23
,
July 294 Sept
Container Corp el A_ _21 4,80 234 Sept 2/ 25 Sept 22 21% Ma
36
Apr
Class B
' 8,00 12 Sept 2( 124 Sept 24 104 Ma 19% Apr
Crex Carpet
101 1.30 18 Sept 2. 21 Sept 24 124 Sep 21
Sept
Cushrnan's Sons pf8% _ •
2 1114 Sept 2( 1114 Sept 26 110
Sep 1164 Mar
Curtlsa Aeroplane rights. 56.70
8 Sept 2 104 Sept 26 8
Sept
Cutler Hammer Mfg_ _ It 1.60 58 Sept 2, 5934 Sept 24 52 Jun, 104 Sept
634
DeBeers Cons Mines._ _ .
41 2474 Sept 2. 24:4 Sept 22 234 July 2731 Sept
Mar
Debenhatn Securities_5c 1,201, 40 Sept • • 41 Sept 22 40
Sep 494 May
Drug Inc
^ '4,000 1113( Sept 2. 116 Sept 26 80
Ma 18
Aug
Durham Silk Hos pfd 101
2r 364 Sept 2 3634 Sept 2/ 35
Ma. 4634 Jan
Eisenlolir Bros pref. _10t
9 484 Sept 2 90 Sept 2( 884 Ja 004
,
EitIngon Schild
, 1,10 36 Sept 2. 3731 Sept 24 334 Au 40% Feb
June
Preferred
101 6,10 053-4 Sept 2 1094 Sept 2( 101% Au 14% June
Elec Auto Lite pref._ IN
10 084 Sept 2 10835 Sept 21 1084 Sep 10
July
Elk Horn Coal pref. _ _51
10 134 Sept 2. 134 Sept 24 124 Sep 19
Feb
Emerson Brant class B..
10
4 Sept 2
, 4 Sept 24 234 Ap
94 Slay
Equitable Off Bldg p110)
10 148 Sept 2( 14834 Sept 2. 1784 Ja 60
July
Fairbanks Co prof
*
15
8 Sept 2. 94 Sept 2(
8
Sep 13% Apr
Florshelm Shoe cl A.... 6,70 51 Sept 2. 55 Sept 2( 50
Sep 55
Sept
Preferred
10
80 99 Sept 21 994 Sept a 99
Sep
General Ice Cream _. .9,80 764 Sept 2. 82 Sept 21 744 Jul. 99% Sept
82% July
Gen Sty Signal pref _ _10
2 106 Sept 2. 106 Sept 2; 104
Au 1154 Feb
Glidden Co rights
36,90
4 Sept 2. 134 Sept 2/
34 Sep
Sept
Gold Dust rights
4,10
84 Sept 2. 11 Sept 2: 84 Sep 11
Sept
Graham Paige ctfs
10,40 47 Sept a 56 Sept 2( 264 Jun, 56
Sept
Grand Stores
30 76 Sept 2; 773.4 Sept 2( 654 Jun,
101
Grand Union
• 8,00 35 Sept a 364 Sept 21 26% July 81% Sept
Preferred
* 5.50 5534 Sept 2' 5714 Sept 21 46% Au' 404 Sept
57% Sept
Grant (IV T)
• 1.70 11534 Sept 2. 1174 Sept a. 115% Sep 125%
Sept
Grasselli Chemical
8
.70 614 Sept 2. 6534 Sept 21 514 Sep 664 Sept
Hackensack Water pf 2
2( 29 Sept 21 29 Sept 25 254 JUIN
, Preferred A
51 27 Sept 2 28 Sept 27 254 Jan 384 June
2
29 June
Hamilton Watch prof 10(
31 02 Sept 2f 0234 Sept 2f 99
Aug .04
Apr
Hoe(R)& Co rts____ _. 4,70(
4 Sept 2;
4 Sept 21
34 Sett 1
Sept
Int Paper etfs_ _ __ __
6,10( 69 Sept 2 7134 Sept 2C 66
Sell 7236 JUIY
Prof otN
1.0E11 2,001 974 Sept 2; 984 Sept 22 974 Sept 03
July
Int Printing Ink _ _ _ _ __ 9,001 5034 Sept 21 53 Sept 2( 504
Sell 54
Sept
Jordan Co rts
6,101
4 Sept 2f
4 Sept 24
34 Sept
:5
Kaufman D Stores_ _ _ _
1.10( 304 Sept 2f 3274 Sept 27 30% Sept 32%
Sept
Keith-Albee-Orpheum - 1980( 2735 Sept 2; 3134 Sept 2( 154 May
Sept
Kg :1,60188 Sept 2f 95 Sept 26 754 Slay 34
Preferred
994 Sept
KelvInator Corp
• 33,201 1134 Sept 2; 1334 Sept 28 734 Jull
2
2% Ayr
Kolster Radio Corp._ _. 10010( 71 Sept 21 774 Sept 26 514
Aug 7.751 Sept
Johns
-Manville pref 100
101 120 Sept 2f 120 Se t 28 119
July
Apr
Lehigh Portl Cement 50
901 49 Sept 21i 494 Sept 27 441( Atte 122
54
Mar
Loeves preferred
* 2,201 .024 Sept 25103 Sept 22 99%
McKeesport Tin Plate • 8,701 6834 Sept 28 75 Sept 24 624 Ma, 10% May
June 75
Sept
Maytag prof
• 8,301 47 Sept 28 4934 Sept 24 404 Any
May
Prior prof
. 80( 914 Sept 27 92 Sept 25 9036 Aim 52
101
May
Melville Shoe Corp
1 3,00( 157 S
70 Sept 27 67
Sept
Sept
Mengel Co
*14,30( 354 Sept 28 3834 Sept 22 254 July 70
41
Sept
Mexican Petroleum _ _100
IC 275 Sept 2.5 275 Sept 21 250
Jan
Mohawk Carpet Mills_• 5,00( 4034 Sept 26 4254 Sept 22 3931 Mar 360
Aug 43% Aug
Motor Products
• 5.70( 170 Sept 27 193% Sept 24 94
July 196
Sept
National Supply p1..100
11 115 Sspt 26 115 Sept 26 114
Sept 119
Jan
Norwalk Tire & It p1,100,
1 48 Sept 48 48 Sept 28 3331 Jan 48
Sept
Pacific Lighting
5
DOC 7.5 Sept 26 76 Sept 24 75
Sept
Rights
1 6,50( 24 Sept 27 234 Sent 25 234 Sept 85% June
254
Pacific Mills
• 10( 254 Sept 27 2531 Sept 27 254 Sept 344 Sept
Mar
Penlk & Ford pref...l00
It 105 Sept 28 105 Sept 28 1034 Jan 115
Par Famous
-Lasky new_ 91,60 474 Sept 27 4974 Seat 28 474 Sept 49% Mar
Sept
Penna Coal & Coke,,
20 10 Sept 26 10 Sept 26 8
.50
Aug 144 Jan
Pierce-Arrow cl A
* 6,80 23 Sept 28 2734 Sept 22 23
Set 2754 Sept
Preferred
100 60 664 Sept 2 704 Sept 24 664
Sept
Postal Teleg & Cab p1100 1,10 104 Sept 2 1044 Sept 22 10054 Sept 71
Sept
Rels(Robt) 1st p1, 100 40 724 Sept 24 7234 Sept 24 614 Aug 106
Feb 78
May
Reynolds Tub cl A_ _ _25
2 183 Sept 27 183 Sept 27 1654 Mar 195
May
Spang Chalfant h Co_ _• 20,1
384 Sept 24 424 Sept 26 26
July 4274 Sept
Spiegel
-May-Stern _ _ _ _. 13,
654 Sept 24 6934 Sept 27
Stand Sanitary Mfg_ _ _ 3.20 3574 Sept 26 3654 Sept 28 6535 Sept 72 Sept
34
Stanley Cool America_•59,40 5434 Sept 24 593-4 Sept 26 364 June 424 May
Aug 6954 Sept
The Fair pref
10
6 107 Sept 28 110 Sept 26 1044 Jan 11134 July
Tobacco Prod cilv MN A 1,80 23 Sept 22 23 Sept 22 19
Aug 254 Aug
Class B
30 23 Sept 26 23 Sept 26 1934 Aug 24
Class C
20 2034 Sept 25 2034 Sept 25 203.4 Sept 23 June
Aug
Tile() Products
• '0,401 394 Sept 28 434 Sept 22 323.4 June
443-4
United Paperboard_ _10
30 20 Sept 24 20 Sept 24 174 Aug 2734 Sept
Apr
US Cast Iron Pipe & Fdy
Preferred Ms
10
20 124 Sept 2212434 Sept 22 124 June 128
June
26 80 Sept 28 80 Sept 28 80
Vulcan Detinn'g A pf 10
Sept 90
Sept
Walgreen prof
200 106 Sept 2, 1064 Sept 28 106
100
Aug 10634 Sept
Warner Bros Pictures__ 91,3 6107 Sept 22 118% Sept 26 804 Aug 13211 Sept
I Bank, Trust & Insurance Co. Stocks
10)349 Sept 27649 Sept 27 550
Bank of Commerce_ _10
Feb,770
June
410S20 Sept 24871 Sept 27 560
Bank of Manhattan _10
Feb 940
May
20 755 Sept 26755 Sept 26,660
Corn Exchange Bank 100
May,763
Sept
30 178 Sept 24485 Sept 221410
Eqult Tr Co of N Y_ _100
Jan 599
May
•No par value. a Shillings. g-Ex-Riglita.
1775
Dec. 15 1928._
Dec. 15 1928...
Mar. 15 1929._
Mar. 15 1929._
June 15 1929._
4 tu.
Rate.
aid.
34%
47
34 5'
'
'
31,6%
434%
99022
59"as
951322
gonn
99222
,
. . .
int.
Rate.
Maturity.
992222 Sept. 15 1930-32 334%
992322 ..ar. 15 1930-32 34%
910122 'en. 15 1930-32 356%
uene.,
99.322
Bid.
Ailed.
1(72322
97”22
97"ss
99"22
97°32
972422
New York City Realty and Surety Companies.
Bid
Alliance R'Ity 72
Amer Surety 270
Bond & NI G 425
Lawyers Mtge 355
Rights ____ 21
Lawyers Title
& rniarantee 370
(All prices dollars per share.)
Ask
1 Bid
175 Realty Aseoe's,
(Bklyn)comi 280
622
1st pref.... 96
20 pref. _ _. 93
80
435 Westchester
Title & Tr. 650
Ask
Bta
85 Mtge Bond__ 160
280 N Y Title &
435
Mortgage.. 615
362
flights ____ 79
22 U S Casualty_ 420
AM
290
99
95
--__
380
New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks-N.Y.! Bid
Ask Banks-N.Y Bid
Ask Tr. Cos.-N.I'. Bid
Ask
America
I 186
191 Public
209 213 Central Union 1690 1710
Atner Union. 235 245 Seaboard
800 815 County
600 650
Bronx flank'. 610 725 Seventh
280 290 Empire
435 445
Bryant Park' 275 325 Seward
172
178 Equitable Tr_ 462 467
Central
212 Slate'
9
08
750 765 Farm L & Tr. 780 790
Century
230 250 Trade*
298 315 Fidelity Trust 405 415
Chase
584 588 Yorkville_
25() 29)1 Fulton
670 590
Chath Phenix
Yorktown.... 210 240 Guaranty.... 645 650
Nat Bk & Tr 575 582
Intl Germanic 215 220
Chelsea Exch• 315 325
Brooklyn.
Interstate... 294 298
Chemical__ 915 930 First
540 570 Lawyers Trust
Colonial._
1200
Globe Exch. 275 325 Manufacture
Corn(tierce _ _ 640 siE Mechanics•_ 357 365
New $25 par 225 229
Continental._ 550 600 Municipal._ _ 475 485 Murray Hill, 290 300
Corn Each... 743 753 Nassau
420 440 Mutual(WestFifth Avenue. 2250 2:550 People's
900
chester).... 350 400
First
4350 4400 Prospect
155
170 N Y Trust...I 742 750
Garfield
560
Times Squarel 100
197
Grace
Trust Cos
4645
Title Gu & Tr 795 810
Hanover
New York.
1290 1310
U S Mtge & Tr 165 585
Harriman _ _. 970 1000 Am Ex irv Tr 421 926 United States3000 MOO
275 285 Banat Correle
Liberty
Westehest'rTr 1000 1100
Manhattan._ 850 8(10
Italians Tr. 440 470
Rights
63
65 Bank of N
Brooklyn.
National City 835 840
& Trust Co 745 755 Brooklyn.... 1150 1250
Park
705 715 Bankers T Its 940 950 K Inge Co_ _ 2625 2725
Penn Exch... 192
197 Bronx Co Tr_ 400 425 M id wood _ _ _ _ 280 295
Port Morris
670 72.5
'Beate banks. 1 New stork. r Ex-d1v1 -nd
e Ex-stoek die. v Ex-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. Sept. 22 Sept. 24 Sept. 25 Sept.26 Sept. 27 Sept. 28
First Liberty LoanHigh
34% bonds of 1923-47 _ +ow _
(First 34)
Close
Total sales in $1,000 units...
Converted 4% bonds of High
{
1932-47 (First 4s)
Low_
Close
Total sales in $1,000 units_ _ _
Converted 434% bondsrligh
of 1932-47 (First 4305) Low.
Close
Total sales in $1,000 units...
Second converted 44 %11111311
bonds of 1932-47 (First Low.
Second 4345)
Close
Total sales in 51.000 units.. _
Fourth Liberty Loan
{High
434% bonds of 1933-38._ Low.
(Fourth 44s)
Close
Total sales in $1,000 unite_
Treasury
(Rigs
454e. 1947-52
i I ow.
[Close
Total sales in $1,000 units...
(High
es, 1944-1954
Low.
Close
Total sales in $1,000 units...
(High
334s. 1046-1966
Low.
Close
Total sales in $1,000 units. _ _
(high
34s, 1943-1947
1 Low
(Close
Total soles In 81.000 units...
I High
•354ti, 1940-1943
i 11..,,a
,
I Close
Total sales In 51.000 unity
98"n
95"re
98"st
20
982222
982322
982322
125
98"se
08"ss
OS'',,
25
_
_
99",
99"n
1
101'n
101'n
101'n
16
10- 4
1-;
.
100"n
101'n
13
101 - 3:2
101'n
101322
81
111
111
111
20
9311,,
OS",,
9811st
28
101'n
101 '32
101322
112
11023,2
1102322
1102322
9
106
106
106
200
103
103
103
1
1013;;
101St,
101,
22
141
111
111
111
22
106
105,022
105"se
32
103"as
103'n
103'n
311
98"es
98"se
,
98 in
19
982132
981122
983322
35
101'n
101"n
101'n
196
111
1101132
110.32
17
106'n
106'n
106'n
1
103"32
103'n
103'n
5
98
(822
981122
98(422
5
98Hr,
9814,,
982322
20
1014;
101'n
101'n
65
10- e;
1-6101'n
101.32
13
110"et
110"as
1102",,
1
105"ss
105"12
100"st
12
101- 4,.
101.11
101'n
65
110"st
110"se
110"as
4
106322
105"se
I05"ss
130
103'n
103's:
103'n
26
99
99
99
1
9814.,
98''ss
98th,,
6
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st.4s
99'ss to 99'n 5 4th 43613
101'n to 101'ss
2 1st 436s
100,112 to 101'n I
Foreign Exchange.
To-day's (Friday's) actual rates; for sterling exchange were 4.84
19-320
4.84:4 for checks and 4.8504.85 1-16 for cables. Commercial on
sight. 4.847-16(84.8436; sixty days. 4.80 11-1604.80 13-16, ninety banks
days,
4.78 27-32(34.79 Si and documents for payment, 4.80SI 04.80
.
13-16.
cotton for payment, 4.8336, and grain for payment,
4.83:4.
To-day's (Friday's) actual rates for Paris bankers' francs were
3.9044
03•0036 for short. Amsterdam bankers' guilders were 40.08040.10
for short.
Exchange at Paris on London. 124.06 francs; week's range, 124.14 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualChecks.
Cables.
High for the week
4.8454
4.85 1-16
Low for the week
4.8434
4.8414
Paris Bankers' Francs
high for the week
3.90
3.9114
Low for the week
3.90.40
3.90 11-16
Amsterdam Bankers' Guilders
High for the week
40.10
40.114
Low for the week
40.0634
40.094
Germany Bankers' Marks
Mali for the week
23.8334
23.84%
Low for the week
2.1.8174
23.82:4
The Curb Market.
--The review of the Curb Market is
given this week on page 1762.
A complete record of Curb Market transactions for the
week will be found on page 1792.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 22.
Monday,
Sept. 24.
Tuesday,
Sept. 25.
Wednesday, Thursday,
Sept. 26.
Sept. 27.
Friday,
Sept. 28.
$ per share $ per share $ per share $ per share $ Per share $ per share
19218 19218 19118 19212 19112 19234 19112 19278 1904 1933 191 19124
1037o 10378
103% 104
*10378 104
104 104
104 104
104 104
162 162
162 16214 162 162
162 162 16012 161
18
16014 161
11214 11334
113 11312 11384 1147 114 11538 113 11412 113 115
7912 78 78
*78 80
*77
80
7934 7934 *77
7814 7814
*7113 7114 7012 72
"71
72
7014 7058
71
7114 7114 71
111 111 *111 114 *111 114
111 111
1104 1104 *11012 114
8 7014 721
2
72
7252 7113 724 7112 7113 7114 7312 7052 717
9114 9112 9112 914 914 904 004 90
9014 9012 9012
*91
404 4213 41
4212 4012 4212
4172 41
414 41
4153 40
47 "4014 45
*4014 47 *4014 47
*4014 47
*40
47
*40
214 21412 214 21712 21513 218 216 21972 21752 22112 2151 21912
4
*310 312 310 310 *305 312 310 310 312 312 "305 310
4
18314 184
18212 18512 18212 18338
18378 184
18312 18514 1833 185
1112 1072 1072 1112 1214 1114 1214 1138 1138
1114 11
5111
17
17
1712 1878 1712 181
4 161 1814
4
1614 1614 1613 17
44
43 *40
42 *40
43 *40
43 *40 44 "40
*40
63
6012 6312 "131
*59 61
"59
62 *59 62 '60 63
2
1514 144 14
1414
1414 1414 1414 1512 1414 1553 137 1412
4
3318 3518 35
3618 337 3512 3314 343
3218 323
4 325* 337
3512 37
364 3712 3614 3734 3612 3712 3614 37
3512 3653
54
5212 5414 514 5312
5214 5412 53
5212 5212 5178 54
2
5
4 845 854
85 8512 8412 864 85 85
85
85 4 8412 861
13912 13912 13812 13812 138 139 *138 139
*13812 13914 *13812 140
12484 12214 12312 123 12652 12313 1267
2
12258 12378 12212 12412 123
108 10812 108 10812 *10713 10814 "10712 10884 107 107
10712 108
*101 10214 10113 10112 *101 102 *10012 10112 *100 10112 100 10012
*111 117 *112 117 *112 117 "111 115 "111 115 *111 115
77 '71
77 *71
72
7012 71
77
*72
*72
77 *72
72
72
*7312 74
*7312 76
*731 76
73's 72
*7312 74
76
7712 78
80
79
791
4 7712 79
75
76
75 76
198 201
19314 200
19314 194
197 1991 195 4 197
4
1
*19652 199
131 131
131 13114 132 13214 13014 131
*13034 131
13012 132
52
54
56
4
4 56
56
542 55 *54
*55 5612 *56
563
412
4
4
414 412
414 412
*314 414 *372 412 *4
654 712
714 *61
4 714
.61
4 7
7
*612 7
*612 7
2 5814 5934
s 5834 6014 5834 59% 5818 607
5912 6014 594 603
60
584 59
58% 588 581s 5812 58
5918 585* 59
59
56
5613 565
2 5612 5652 5612 5612 *5513 504 56
*5514 56
9953 10114 10012 10012
101 10173 100 10114 99 99
101 101
98
99
98 98
99
9812 9812 98 98
99
99 99
2312 237
2 2314 2312 2312 2352 2314 2384 2332 2452 2312 2432
497 *471 493* 48
49
471 4734
4934 49
*4712 483* 48
993 "99 100
4
*9912 10012 *9913 10012 9912 100 '99 100 *99
5634 5858 564 5712
5714 583* 57 57
8
574 5772 567 57
*85
87
87
'85 87
*85 87 *85 87 *85 87 *85
14052 141
1394 1404
14114 14114 1414 14113 14172 14172 142 142
*138 145 *138 154 *138 145 '138 145
*140 146 *13812 145
2
4
8
*4514 46
4514 46
46
49! 49
5012 493 507 *4812 497
8012 7934 803* 80
802*
8012 8012 80
81 81
81
81
4852
4912 51
4952 511
3 484 5012 481 49 4 4812 4914 45
4
1
62
6414
6218 63
6214 623
4 615* 651
62 6278 6214 637
6812 6812 *6852 69 '67 6853
6914 *68 69
"68 6914 "68
10358 10358 102 10234 100 1027 *100 10212
*100 104 *100 103
14312 14312 14312 14312 1434 1434 14278 1427 *142 14412
8
144 144
92
92 *87
92 *87
92 *87 92 "87
92 *86
"86
5312 5312 53
5452 5412 58
5314
55 55
54 54
52
*414 5
*414 5
*414 5
*414 5
*414 5
*414 5
*18
26
5118
26 *18
26
*18
28
26
26
*18
*18
47
*46
47 *46
47
47
*46
46
47
4712 '46
*46
15 *10
15 *10
15 *10
15
*10
15
15 *10
*10
*47
49
*47
49
4778 4772 *46
49
49
*46
49 *46
80 "76
82
82
*76
83 *78 83 '76
5
18 83 *76
62
6112 6112
*611, 6412 *6112 6412 6413 65 *6112 6554 62
8 4118 433
414 421
4
4114 4212 4152 4238 4114 423* 4118 417
*10312 10378 10312 10312 1034 10318 103 10318 10318 10312 103 10338
7412 71
73
73 7413 7212 7372 72
2 7252 74
727 741
2
11912 121
11812 12072
7
3
11912 12012 119 4 120 8 11912 12014 1193* 120
355
314 31
*3
312
3
4 3
14 *21
4 314
3
*21
3
4
17512 17634 17512 17612 17514 178 z172 1743
17612 17712 17652 178
124 124
124 12412 124 12414 124 126
125 125
125 125
4
106 1064 *108 10614 106 106
*106 10634 *106 1062 106 106
274 277 280 2844 280 283 *277 280 279 280 270 270
65
6614 64
6552
,
6533 6614 6554 6684 6534 66 4 651g 66
11314 11314 11314 11314
*11234 11312 113 11314 1132* 11338 113 113
4
275
2732 2712 2714 2712 2758 2814 27
285s 2812 2714 2813
*918 912
1 912 *852 912 *8112 912 *918 91
94 94 '85
42
4014 4014 413* 411 *41
42
43 *40
*40 43 *40
184 184 *183 184
181 18212
18212 184 *18251 184
183 183
*80
85
*80 85 "80 85 '80 85 *80 85 *80 85
99 1004 100 10058 995* 10052 10012 10178 10058 10178
99 99
4 9814 9913 9812 99
97
98
9814 98 981
97
*9613 98
28 "23
28
*23 28 *23 28 "23
*25
28 "23 28
6414 84
643* 64 64%
6414 6412 6414 6452 644 6412 64
33
3284 3214 *31
33
33 *30
32
*31
33 *31
*30
132 132
132 132
131 131
132 132
132 132
0132 135
9713
98
*97
97 97 "97
9754 97 97
*97
*97 98
*92
95
95
*92
95 *92
98
*94
98 "94 98
*94
8
4
2
150 15212 1527 15452 1541r 1581 154 15714 15514 1581
150 151
2
10252 10314 103 10412 1021g 1037 103 10614 103 103
1025 103
4
4212 42 4
*4154 424 4214 4214
4212 4212 42
*4114 4212
49
4814 4814
49
49
48
48 48
48
4812 4812 48
84
*63
65
*63 66 *63
68
*64
68
*64 68 *64
4
4
,
1167 116 11612 11512 1163 115 3 1168
2
11813
115 116
115 115
973* 9712 9714 97 97
9732 97
9613 9714 97
98
*96
1143* 1167
s
1153 1187 11438 11652 1141 1157 11418 119
8
11518 119
4
4
4
4
*878 9034 *8754 903 *873 903 *8734 903
5
*875 90 4 '8714 91
4
16
16
167
2
1518 16
1412 145* 1414 1412 1412 1472 15
4
1812 1814 1832 1832 1812 1978 183 19
118
•1712 1872 18
1228 12412
123 12358 12312 125
1235* 125
12414 12414 124 125
%
14618 148
1463* 1461
14714 148
147 1494 1474 14912 14714 149
98 98
9652 9852 9712 9712 *9712 98
98 994 *9812 197
18412 1884 *18412 189
183 184
*184 187 *18314 186 *183 186
36
3714 3714 3634 36% 36
*3612 3712 37% 38
3614 37
3318 *33
3313
3312 3312 3313 3312 3314 3314 *33
3314 34
*10112 1034 101% 1004 *____ 10014 *____ 100 *85 100 *____ 100
2
2
1954 19612 1954 19614 196 19612 196 1997 1977 11812
19512 196
8314 8314 834 8312 8312 8314 8314 8312 '8314 831 *8314 8312
8134 8188 8414 8112 82
847
81
82 8373
83
83 83
97
96 '95
95
*94 97
*94 97
95 96
*95 98
94
93 "92
93
94
*93 95 *93
*93 95 *92 95
46% 4414 454
45
14 4552 454 4718 453* 4814 453* 4614 45
45 3 453
,
46
4 46
404 1
44 404 *4412 461
*44 404 144
Sales
for
the
Week.
Railroads.
Par
Shares
8,800 Atch Topeka & Santa Pb 100
1,400 Preferred
100
3,200 Atlantic Coast Line RR
100
100
42,500 Baltimore & Ohio
400 Preferred
100
50
2,600 Bangor & Aroostook
50 Preferred
100
18,800 Bklyn-Manh Tran v t c_No par
No par
600 Preferred v to
6,500 Brunswick Term & Ry Sec_100
Buffalo de Susq pref
100
70,700 Canadian Pacific
100
400 Central RR of New Jereey_100
6,300 Chesapeake & Ohio
100
16,900 Chicago at Alton
100
19,200 Preferred
100
Chic & East Illinois RR...100
600 Preferred
100
34,100 Chicago Great Western_100
100
58,400 Preferred
21,200 Chicago Milw St Paul & Pan__
45,200 Preferred new
12,400 Chicago & North We8tern_100
400 Preferred
100
15,200 Chicago Rock 1s1 & Paciflo_100
1,500 7% preferred
100
500 6% preferred
100
Colorado & Southern
100
40 First preferred
100
50 Second preferred
100
9,000 Consol RR.of Cuba pref
100
6,500 Delaware & Hudson
100
2,400 Delaware Lack 49 Western_100
700 Deny & Rio Or West pret_100
800 Duluth So Shore at At1-.100
1,500 Preferred
100
54,300 Erie
100
6,700 First Preferred
100
1,000 Second preferred
100
14,100 Great Northern preferred 100
2,200 Pref certificates
100
40,400 Iron Ore Properties__No par
1,50' Gulf Mobile dr Northern-100
500 Preferred
100
4,200 Hudson & Manhattan
100
Preferred
100
1,400 Illinois Central
100
Preferred
100
7,900 lot Rya of Cent America-100
480 Preferred
100
14,000 Interboro Rapid 'Fran v t 0.1130
100
40,200 Kansas City Southern
100 Preferred
100
2,100 Lehigh Valley
50
700 Louisville &Nashville
100
Manhattan Elevated guar-100
3,500 Modified guaranty
100
Market Street Railway._ __100
Preferred
100
200 Prior preferred
100
Second preferred
100
100 Minn St Paul & El El Marle-100
Preferred
100
50 Leased lines
100
90,800 Mo-Kan-Tex RR
No par
1,600 Preferred
100
50,400 Missouri Pacific
100
12,100 Preferred
100
3,200 Nat Rya of Mexic•2d pref_100
34,100 New York Central
100
2,900 NY Chic dr St Louis Co
100
600 Preferred
100
160 N Y & Harlem
50
41,300 N Y N II dc Hartford
100
800 Preferred
5,100 NY Ontario & Western_ _ _100
200 NY Railways pre(
No par
300 Norfolk Southern
100
1,800 Norfolk & Western
100
Preferred
100
17,800 Northern Pacific
100
4,300 Certificates
100
100
Pacific Coast
50
15,100 Pennsylvania
100 Peoria & Eastern
100
1,000 Pere Marquette
100
300 Prior preferred
100
Preferred
100
50,100 Pittsburgh ht West Va
100
6,300 Reading
50
700 First preferred
60
1,300 Second Preferred
50
Rutland RR prof
100
4,70069 Louls-San Francisco...A00
100
4.700i let prof paid
43,100189 Louis Southwestern--100
Preferred
100
100
3,300 Seaboard Air Line
100
1,700 Preferred
100
9,400 Southern Pacific Co
7,800 Southern Railway
100
2,5005 Preferred
100
100
1,500 Texas & Pacific
100
1,200 Third Avenue
1,100 Twin City Rapid Transit-100
100
1,000 Preferred
100
12,700 Union Pacific
100
1,0001 Preferred
100
10,5001Wabash
100
8001 Preferred A
100
1001 Preferred B
100
18,400 Western Maryland
100
20.., Second preferred
•1191 and asked prices: no sake on Oda day. a Ex-dividend. a Ex-dividend and ez-rigni.s.
PER SHARE
Range since Jan. 1.
Os hash of 100-share tots
Lowest
Highest
STOCKS
NEW YORK STOCK
EXCHANGE
122-12121224.
$ per sear/
1821 Mar 2
4
10211 Jan 5
16014Sept 28
10314June 19
78 Aug 6
61 June 12
110 July 7
5312 Jan 17
82 Jan 4
144 Jan 5
38 Sept 14
19512J00e 19
4
2971 Feb 17
17512June 19
5 2 Jan 30
5
72 Feb 20
7
37 Feb 28
58 Aug 15
Vs Feb 8
2012 Feb 20
221 Mar 5
37 Mar 2
78 June 19
137 Sept 5
106 Feb 18
10614 Feb 9
100 Feb 24
105 Aug 15
62 July 3
72 Sept 15
69 Apr 12
16314 Feb 10
129 Feb 20
504 Feb 20
3 Aug 3
413June 19
48/4June 19
60 June 18
4914June 20
934 Feb 6
914 Feb 7
1914June 12
43 Aug 6
99 Aug 16
51 Jan 3
83 Jan 16
18114 Jan 11
13018 Jan 13
3613 Mar 16
697 Jan 8
2
29 Jan 5
43 June 13
6612 Aug 10
844 Feb 20
139I2July 21
75 Jam 9
40 Jan 10
412 Apr 8
21 Apr 17
4313 Aug 23
814May 24
40 June 21
75 Feb 7
81128ept 28
8012June 13
10112June 12
2
417 Feb 7
105 Feb 20
2 Feb 17
156 Feb 16
123 Aug 28
1044 Aug 24
168 Jan 3
5412.1une 19
112 Sept 17
24 Feb 20
514 Jan 24
32 June 12
1.75 June 19
12
79 Apr 26
9212 Feb 7
52
90 Feb 20
wismay 14
6172Juue 19
25 Mar 12
1247 Feb 0
/
97 June 9
94 Aug 2
12114 Feb 20
9414 Feb 7
42 July 16
64 Jan 26
80 Feb 21
109 Feb 7
2July 17
957
674 Feb 3
89 July 14
111 Mar 8
1
17 Aug 4
11728 Feb 7
13912 Feb 8
9652Sept 25
994 Jan 3
284 Jan 10
3214 Sept 5
10112Sept 21
1864 Feb 6
1
82 4 Aug 15
51 Feb 18
5812 Feb 7
87 Feb 4
3114 Feb 8
2314 Feb 8
PER SHARE
Range for Previous
Year 1927.
Lowest
Highest
5 per share $ per share 5 per share
19718 Apr 27 16114 Jan 200 Aug
1084 Apr 9
9913 Jan 1063* Des
19112May 7 17478 Apr 20512 Aug
11972 Apr 12 10612 Jan 125 041
85 Apr 4
7314 Jan 83 June
8414 Jan 11
44 Jan 1034 May
115 4May 31 10112 Jan 122 June
1
7714May 8
53 Aug 7072 Jan
955
sMay 3
784 Oct 88 Jan
4772 Sept 4
74 Oct 1912 Dee
5634 Apr 26
AO Apr 58 June
22314May 8
375 May 7 285 Jan 848 JUI24
20514 Jan 8 15134 Jan 21812 041
1814May 2
454 Jan 1012 June
2613May 2
74 Jan 1852 July
4814May 10
3012 Jan 51 My
7653May 4
113 Jan 8414 041
812 Jan 2212 May
1612Ma9 2
364Sept 26 __ ____ 4472 June
4012 Apr 26
9 Jan 1984 De4
5612Sept 4 ---- ..... 374 Dee
9414May 1
2816 Jan 9712 Sept
150 May 2 12414 Jan 150 Ott
127 Sept 4
6812 Jan 116 Jul)
11112May 31 10284 Jan 11114 Dee
105 May 31
9514 Jan 104 No,
126 May 8
84 Jan 1373* July
85 Apr 10
70 Jan 78 Dee
85 May 9
68 Jan 76 Oot
8753June 1
65 Aug 77 May
226 Apr 26 1714 Jan 230 June
150 Apr 9 18018 Oct 173 Mae
65 4 Apr 28
1
1
4112 Jan 87 4June
772 Dee
6 4 Jan 5
258 Apr
1
912May 2
4 Mar 1114 Dee
6612 Jan 4
3912 Jan 69 4 Sept
4
637k Jan 7 52 2 Jan 51614 Aug
1
62 Jan 6
49 Jan 644 Aug
109 May 14
7952 Jan 10372 Sept
8512 Mar 101 Sept
10514May 15
25 Jan 24
18 July 283* BMA
854 Jan 7652 July
6173May 10
109 May 1 105 Jan 11214 All,
s
7312 Apr 24
4013 Jan 657 May
78 Jan 9012 May
9312 Apr 26
14814May 9 12118 Jan 13933 04'
147 May 15112072 Jan 140 Ocl
12
23 Apr42 00
51 June 16
82 May 2 62 Apr 7414 Oct
62 May 3
8013 Aug 5212 Feb
6512Sept 27
4114 Jan 7011 July
5472 Jan 784 Dee
77 Apr 20
116 Apr 26
884 Oct 1374 June
15912May 10 1281s Jan 15912 Oct
98 May 4
7814 Dec 90 Feb
4114 Dee 5418 Feb
64 May 3
2
712May 15
Vs Nov
67 June
2912May 3
18 Feb 254 June
4152 Feb 5914 Aug
5414May 4
1112 Oct 1712Juni
1618May 4
27 Jan 5612 Dec
5212 Jan 6
87%May 16
50 Apr 8812 Dec
711 Jan 9
584 Mar 71 No!
44 Aug 31
3113 Jan 564 J111111
109 Feb 3
9514 Jan 10912 Dee
76148ept 17
3772 Jan 62 AP1
12413 Aug 31
904 Jan 1185s No!
314 Gel
14 Aug
512 Apr 25
19112May 10 1374 Jan 1714 0(1
146 May 11 5110 June 24012 May
110 Jan 4 102 Mar 110 Dee
505 Apr 26 167 Dec 185 Api
41es Jan 6314 DO2
6812May 2
117 May 3 11012 Oct 11412 Nov
89 May 2
2314 Jan 6184 Beni
13 May 3
413 Dec 1541 Jan
4912 Jan 11
374 Jan 6413Juni
Jan 202 Nov
197 May 9 156
83 June 90 July
90 June 12
10512May 15
78 Jan 10212 Dec
10114May 16
84 July 9972 Dec
1514 Feb 3184 Dee
3472May 25
724 Apr 27
561 Jan 88 Oct
4
20 Jan 11614 July
37 May 1
146 Apr 11 11613 Jan 14012 May
10114Mar 28
93 Jan 9914 Dee
10084 Mar
8914 Jan 974 Dee
161 Apr 9 12212 Jan 174 May
11952May 10
94 Jan 12314 June
46 Apr 9
404 Jan all D•4
597
2May 1
431 Jan 50 Feb
4
7214May 18
48 Jan 69 May
122 Mar 23 10014 Jan 1174 Juno
101 May 21
61
Jan 93 June
119 Sept 22
95 Jan 3
76% Jan 9414 Dec
304 Jan 3
281s Mar 11114 Feb
38 Jan 3
8212 Apr 4512 July
13114May 9 10614 Jan 12672 Dee
165 May 7 119 Jan 149 Dec
10214 Jan 17
94 Mar 1014 Dee
194 Aug 29
6372 Jan 16372 Nov
4612May 3
2814 Aug 41 Feb
56 May 8
45 Nov 6514 Feb
107 Feb 10
99 Apr 108 May
204 4May 9 15912 Jan 19714 Dee
,
874 Jan 20
77 Mar 8514 Die
9514May 11
4014 Jan 81 am t
102 May 18
76 Jan 101 Jute
9912May 18
65 Jan 98 Jul f
2Itu e
543
13% Jan 577
4May 10
547
23 Jan 6711 Jul(
8May 10
.
b Ex-dly of PI, the shares of Chesapeake Corp, stock.
New York Stock Record-Continued-Page 2
1777
For sales during the week of stocks not recorde
d here, see second page preceding
HIGH AND LOW MALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Monday,
Sept. 22. I Sept. 24.
Tuesday,
Sept. 25.
Wednesday, Thursday,
Friday.
Sept. 26.
Sept. 27. I Sept. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jas. 1.
On haste of100
-share lots
PER SHARE
Bangs for Prwtoss
Year 1927
Lowestloksst
Lowest
Hiiikal
Per share $ per share
per share 8 per share I $ per share '5
Per share Sham
Railroads (Concluded).
311 3134 32
4
32
*31
32
$ per share
30 4 3214 3212 333
3
$ per share $ per share 5 per shale
4 33
*664 684 4.861 8818
333
4 2.200 Weertern Pacific
:
100 2814 Feb 7 374 Jan 13
574 5712 563 563 *5614 5812 *5614
4
2518 Apr 474 Jana
4
5812
300 Preferred
100 5218 Aug 15 6214 Jan 6
55 Apr 78 8 Feb
3
Industrial & Miscellaneous.
524 5358
5158 5238 52
521: 5218 5278 524 5512 5418
553
8
•103 108 '
3103 105 '103 105
105 11118 107 10914 10712 10912
113 113 *112 113 *112 113
113 113 *112
*331 350
3493 3493 350 350 •330 345 *335 113 •112 113
4
4
340
335 340
'95 100
*95 100
*95 100
*95 100
*95 100 .95 100
59 60
605 634 6134 65
8
6112 6414 575 617
8
8 5714 61
64 4 65 4 6514 667
3
3
s 665s 693
4 67
683
s 63
67
6314 66
3 4 3%
3
38 4
7
34 4
3
33
4 34
3
/ 33
1
4
4
312 38
777 783
8
8 774 2018 7914 8012 7912 823
4 8018 814 7618 7912
/
1
812 83
4
84 8 4
3
812 83
4
83 1014
8
93 104
8
93 10
8
4
4
43
8
4 1
414 45
8
418 44
414 44, 4 41
*2434 254 25
254 2458 2458 24 4 24 4 244 247
3
3
81 2412 2412
18.700 Abltibi Pow &Pap
No par 47 July
3,700 Abraham & Straus----No Par 90 June 30 85 Apr 62
19 113 Aug 29 Ilia itliti
/
1
4
20 Preferred
100 1104Mar 8 11416-lune 18 109 Aug 1184 Nov
1134 Feb
800 Adams Express
100 195 Jae 4 378 Apr g7 124
Jan 210 Nov
Preferred
100 93 Jan 18 994 Mar 28
94 4 Nov 984 Dee
3
61,600 Advance Rumely
100 114 Feb 8 65 Sept 25
7 8 Oot 154 Feb
5
17,100 Preferred
100 24 4 Jan 17 69 48ept 25
1
3
224 001 4384 Nov
13.300 Ahumada Lead
1
234 Jan 17
54 Mar 20
/
1
234 June
oil Sept
33,700 Air Reduction, Inc.
No par 69 June 19 82 Sept 26
/
1
4
87,100 Ajax Rubber,Inc
No par
74June 12 144 Jan 24
712 Jane Wig 11ai
20,600 Alaska Juneau Gold Min-- 10
1 Jan
54Sept 7
1 June
214 Feb
1,300 Albany Pert Wrap Pap_No par 28 Mar
15 3114 Jan 28
18 Apr 32 Sent
Preferred
100 984 Jan 17 1113 Mar 14
194 196 1 195 197
4
98 June 102 Sept
/
1
4
/ 1963 200
1
4
8
19214 198
/ 19234 198
1
4
193 19911 45,300 Allied Chemical & Dye_No par
•12112 1224 122 1224 *12114 123
146 Feb 18 205 Au g 31 131
12112 1211
Jan 18914 Bent
1341 1347 1323 13234 132 13312 13412 136 *12112 12214 122 122500 Preferred
:
8
4
100 12012June 28 1275
8May 4 120 Mar 124 Aug
*13212 135
13014 13218 2,300 Allis-Chalmers Mfg
*11
1134 1034 1034 *104 1114 *1014 1114
100 11518 Feb 18 14112Sept 4
103 103
8
88 Jan 1184 Dee
8 1018 104
500 Amalgamated Leather_No par
*73
77 1 *73
77
•73
77 •70
10I8June 12 163 Apr 19
77 •_ _ _ _ 77 •_ _ - 70
4
114 Nov 244 Feb
.
1 Preferre
324 33
3214 331
: 323 3314 317 333
4
62
8
8 3114 324 313 3214 15,900 Amerada d
8 Dec 13718 Fe
768
prec
0
8 r
8
20 20
Corp
193 1912 1914 HP
8
No par 22 FO% 2 2034
1914 193
1914 194 19
st
1914 4,500 Amer Agricultural Chem--100 674 U 20 38 Mar 312
69
70
6914 6914 6918 691
684 691
155 Feb 20 2314May 24
8
6814 69
818 Apr 214 Dee
67
684 4,500 Preferred
12418 12418 1254 1253 125 125
8
100 55 Feb 20 7612 Aug 21
126 126
53
12378 12518 12318 1235
284 Apr 723 Dec
4
8 1,400 Amer Bank Note
61
61
605.
sa 6014 60'4 6014 62
10 744 Jan 17 159 May 9
617 617 *6018 614
8
61
Jan 98 Nov
230, Preferre
*22
224 223 2238 *2214 221 •22
8
50 13014Sept 13 657 Jan 3
221± 22
gg
8
5618 Jan 85 Sept
20 23r, 2,600 American d
4
*61
63
8112 814 *61
Beet Sugar_No par 1414July 13 2412 Aug 28
63
61
61
80
1518 Oct 23 4 Mai
80
3
60
61
1,500 Preferred
35 4 303
3
4 35 4 3838 344 3614 3414 35
3
100 36 Feb 17 615
8Sept 13
33
35 Dec 604 Jan
343
4 327
8
41
16.500 Amer
41
41
4138 4114 4112 42
42
4138 4134 414 338 1,800 Am Bosch Magneto.- o par 11588 Feb 18 41 June 4
13
Jan 264 Oet
4112
012314 125 •1234 124 *1234 124 *12314
Brake Shoe & F____No par 397
8Ju1y 17 4918 Jan 27
124 *1234 124 *12314 124
354 May 0 July
141 141
I Preferred
8
8 147 1534 1538 151
8
100 1234Sept
1438 14'z 14
1412 137 14
8
4,500 Amer Brown Boyer!El-No par 104 Apr 21 128 June 12 11714 Feb 128 Mar
50
/ 503
1
4
4 61
52
*50 4 53
3
3 *50 4
3
27 2614May 21
50
503 *504 53
514 Aug 394 Jan
4
10758 10858 10834 11118 10778 11038 1063 521
230 Preferred
100 4014 Apr 27 65 8May 21
7
105 1073 1043 10714
60 Aug 98 Feb
4
8
140 140 •140 1414 •140 14012 •140 4 109
25 7018 Jan 18 1123
1401 140 140 •140 141 289,000 American Can
8Sept 18
43 8 Ma
5
774 Dee
200' Preferred
*95
957
8 95
95
9412 95
100 lb% Jan
93 4 9418 941± 97
3
Jan 1414 Dee
/
1
9414 96
0119 1214 *1204 121
10,200 American Car & Fdy__No par 8814July 10 147 Apr 30 126
121 121 0119 121 *119 121
31 1114 Jan 8
95 July 111 Dee
*119 121
200 Preferred
98
/ 9814 98
1
4
99
08
98
100 11058 Aug 1 1374 Mar 31 124 4 Oct 134 4 June
99
99
9812 984 *963 99
1
3
4
600 American Chain pref
8814 8614 *8412 86
83 4 841g 85
3
100 98 Sept 241 105 June 4
8512 834 84
984 Deo 103 Sept
814 834 2.700 American Chicle
No par 69 Jan 121 92 Sept 11
•112 114 1 114 114 *112 114
38 Jan 744 Nov
1124 11214 112 112 •112 114
115$ 1178 115. 1134 1112 1134 1112 1184
1701 Prior preferred
No Par 107
1113 114 1112 113
90 Jan 110 Dee
/
1
77
4 9,700 Amer Druggists Syndic.ate_10 11 Jan 15 114 May 21
77
767 787
8
8 7612 77
•75
8
765. 738 76
9 8 Apr 154 NOV
3
72
73
1,500 Amer Encaustic Tiling_No par 53 Feb 18 154 Apr 10
220 22812 223 22314 *220 223
22412 22412 *215 220 *218
Jan 4 8034Sept 18
8838 Aug 57 Nov
12
220
4434 45
2.500 American Express
44
4538 4414 4518
4418 4538 4312 44
100 169 Jan 10 236 Sept 1 127
/ 427 4414 15,200 Amer & For'n
1
4
Jan 183 Nov
8
10612 107
107 107
107 107 *107 10712 *107 10712
Power___No par 22 8 Feb 28 49 Sept 5
3
187 Feb 81 Des
8
107 107
900 Preferred
9612 9712 947 9612 95
8
96
No par 1044June 25 110 May 24
96
9812 *95 100
804 Feb 109 4 Dec
96
3
981
•1012 1112 104 1018 *104 1112 *10
3,800 2d preferred
No par 81 Feb 24 100 Sept 7
11
*10
11
*10
11
200 American Hide & Leather_100
45
4514 45 45
*45
46
44
984 Aug 10 154 Feb 1 -is: -- r - 7 Oct
45
434 4318 *42
1
4i7- 11
;
43
600 Preferred
7812 77 I 7612 785$ 7512 703
100 40
4 7512 76
76
68 Mar 867 July
788 7514 76
7
8
4314 43
7,100 Amer Home Products_No par 59 June 13 674 Feb 1
4312 44
43
43 8 424 4338 423 44
7
Feb 18 813
4
4May 31
42% 433
301 Jan 71 Nov
s
098
9,300 American Ice
97
*96
97
*98
No par 28 Jan 10 463 Aug 6
97
•97
98
973 98
4
8
2514 Oct 82 Aug
*97
977
200 Preferred
110 11214 z10812 109
10814 109 4 108 11112 105 110
100 90 Jan 7 9918May 9
3
84
10312 1071 30,500 Amer Internet
Jan 964 May
6
84
6
6
6
Corp_No par
6 18
6
618
6
84
37 Mar 72 8 Dec
,
3
6
6 18 2,900 Amer La France & Foamite_10 71 Jan 5 125 May 17
*68
70
70
70
435
7118 *65
7112 *65
7112 *65
5 Jan 12
14
77
8May 7
4 Jtuw
10 Jan
7112
100 Preferred
118 12134 1154 120
117 118
11638 11978 1154 117
100 58 Jan 10 74 Mar 27
804 Deo 904 Jan
1154 11512 6,800 American Linseed
*124 126 *124 126 •124 126 *124 126
100 Miss Jan 13 135 Sept 4
*124 126 *124 126
204 Apr 724 Nov
95 8 96
Preferred
7
96
96
955 955
8
8 953 96
8
864 Jan
953 9714 9618 97
4
4181 Mar 924 Nov
4
•11612 119 *11612 119 *11612 110 *1184
5,300 American LocomotIve_No 100 87 June 13 13018June 25
par
11812'117 1181 •117 1181
21 115 Jan 31
9914 Oot 118 May
2
151 151 *150 155 *150 155 *150 155
Preferred
100 114 June
150 15014 150 150
*1111 114 *11112 114 *11112 114
:
800 Amer Machine & Fdy.._No par 12911-rune 26 134 Mar 24 1194 Feb 127 July
*11012 114 *11012
19 180 Mar 26
734 Jan 1884 Deo
Preferred ex-warrants
513 62'4 524 533* 5214 5314 5012 534 504 114 •11012 114
8
11112 Mar 1 118 Jan 13
51
50
507 23,600 Amer Metal Co Ltd...No par
8
113 113 *110 113
1095. 1093 110 110 *110 1131 •110
4
39 Mar 13 53 8 Sept 24 ifil; Nov iise iiii
3
11312
300 Preferred (6%)
100 109 Aug 8 1174May 14 ..-- ---- --- --__
•16
17
*16
1634 *16
17
*16
183
4 18
16
•16
17
100 American Piano
*5312 54
*5312 54
5312 531
No pas 123
5314 5318 53
4July 19 25 Feb 7
53 '5318 54
204 Dec 4214Jun•
200 Preferred
834 83% 84
86
84
86
100 6018 July 12 90 Jan 3 84 Nov 1104 May
843 857
8414 851
827 8412 22.000 Am Power & Light
4
15534 155 4 164 156
3
153 15412 152 155
_No par 6214 Jan 11 95 May 14
152 1541 152 153
54
Jan 73 8 Oct
4
8.400 American Radiator
•117 120 *116 120 •117 120 *117 120 *117
25 1304 Jan
120 *117 120
7
74
Amer Ftallway Express_ ___100 1104 Jan 18 16112Sept 5 11012 Jan 147 8 Sept
73
7418 774 734 75 4 73
3
7418 69
4 1383 Feb 21
721
4
70
874 Apr 11614 Nov
71% 26,000 American RepublI
714 7212 714 72
71
s 71
717
cs__No Par 514 Feb 7 85 Apr 12
724 704 711
68% 713 17,700 American Safety
354 Jan 824 Dee
4
31
31
3012 3l's 304 3114 303 303
Raeor_No par 58 Jan 10 74 8 Sept 20
4
4 31
31
7
62 July 847 Nov
•3014 31
8
414 412
1,500 Amer Seating v t c
438 43*
412 41
No par 291s July 18 45 May 14
412 41
*45
8 47
45
387 Oct51 July
8 458 1.800 Amer Ship & Comm
8
84
844 84
85
82
82
318 Aug
81
81
No Par
80% 81
618May 28
80
24 Oct
634 Jan
8012
250 252
249 253
460 American ShIpbuildIng____100 80 Sept 9
251 2541 2504 2523 245 250
28 119 Jan 8
24218
80 Jan 123 4 Nov
3
136 136
36.000 Am.13melting & Refining-100 169
136 136
136 136 *1354 136 *135 136 •135 246
Feb 27 25812Sept 18 1321s Jan 18834 Dee
135
44168 16018 *168 169
400 Preferred
1684 169 •168 170
100 1314 Jan 9 142 Apr 20 1194 Mar 133 Dee
•10518 1121: *10518 11212 *10512 1121 *1054 1117 •168 170 •168 170
400 American Snuff
100 141 Jan 5 1745. Apr 13 119 8 Jan 1483
10512 1051 •10518 112
3
4 Nov
5912 595. 58
20 Preferred
59
58
581
573 59
4
100 102 Jan 5 120 June 5
5618 59
5718 5734 10,200 Amer Steel
944 Jan 10618 Oct
111 111
11214 11214 •111 1121 *111 112
Foundiles__No par 504June 13 704 Jan 11
1107 1117 111 111
8
614 Apr 7244
76
7612 74
120 Preferred
7518 75
761
754 76
100 109 June 19 120 Feb 29 1104 July 115 Dee
3
7418 75
71% 7414 11,300 Amer Sugar Refining
JAB
'10714 1074 10714 10714 1074 1071 *107
100 55 Feb 18 81 Sept 8
1071 107 107
1084 10814
8514 Nov95 May
/
1
4
685$ 687
8 69
700 Preferred
8912 685 698
100 100 Feb 17 11012May 31 104 Nov1184 May
6
812 685. 6712 6814 65
6714 9.000 Am Sum Tob
*21
26
*21
22
*21
22
*21
No par 47 s Feb 27 73 8Sept 7
22
1
•21
22
1
*21
4112 Jan 68$4 Oct
22
17088 18038 180 18134 1794 1817 180
Amer Telegraph & Cable100 x21 Aug
l807 179 18012 17918 1797
s
31 82 Jan 17
28
Apr MA Aug
167 167
8 17,800 Amer Telep 64 Teleg
16514 166 *165 166
165 16518 164 165
100 172 July
164 184
4168 168
165 4 16614 16514 166
900 American Tobacco com-___50 152 June 24 211 May 17 1494 Jan 1854 Oot
3
165 1663 163 1663 18312 16312
4
19 1713 Jan 3 120
4
Jan 189 Nov
5.300 Common class B
•116t1 117
50 152 June 19 177 Jan 3 11914 Jan 188 Nov
11612 1164 •1154 1188 *1154
11614 •11513 11612 •11512 1161
2
•115 11512 115 116
500 Preferred
115 115
100 1153
1154 1154 11612 1173 117 118
4Sept 18 128 Apr 20 1104 Jan 120
4
•10918 110
110 110
1,000 American Type Founders-100 1097 Aug
D441
110 110 *1094 110
110 110 •10918 110
8
10 12884 Jan 2 1197 Nov 148 Feb
8
61
023
30 Preferred
8 60* 6214 614 827
3
613 64
4
100 1071 Jan 7 115 Mar 31 1074 Feb 110
4
61
64
8018 6214 26,000 Am \Vat Wks dr
*9838 100
Bent
*983 100
8
•963 100
4
El
No par 52 June 11 70 4MaY 4
993 093 *9812 993
4
4
3
4 99
/ 993
1
4
66 Aug 7
4
185$ 185$ 19
200 1st preferred
24 Sept
1912 187 193
8
1834 1914
99 Sept 17 100 Apr 13
185 185$ 1814 181_ 2,400 America
8
997 Oct 1034 Dee
s
46
45
44% 447
n Woolen
43% 447
44 44
100 14 July 27 243 Feb 14
4318 437
4
4118 42
184 June 834 Jan
15 4 15
3 *1514 16
3
1.900 Preferred
14
153
100 89 Aug 31 6214 Feb 14
15
15
1418 1418 143 1514 1,300
487 June 8811 Jae
4
8
*454 4812 *45
Am Writing Paper etts_No par
4814 *4514 48
46
46
101:June 20 194 Feb 9
4614 4614 483 47
4
94 May 2414 Oe'
4518 47% 4414 467
500 Preferred
8 445 47
4358 4614 4138 44
84 June 12 52 Sept 17
4114 443 72,000 Amer Zinc, certificate___100
25 4 Apr 57 An
3
8
96
14
9712 97 973
4 954 963
Lead & Smelt---25
4 9514 963
4 95
84 Jan 10 4914Sept 21
96
94% 96
5 Sept 10 Feb
/
1
4
14
8114 823
6,700 Preferre '
8 823 847
845$ 86
834 855
25 40 Jan 16 98 Apr 11
8 82
844 80% 8318 313.100 Anaconda d
35 on 511 Feb
81
4
81
81
8112 80 2 81
Copper Mining-50 54 Jan 1
,
80
8114 8014 81
86 Sept 25
4114 June 601 Dee
79% 8018 4,900 Archer, Danis, Midi'd_
,
*1133 114 *11312 114 *11318 114 *11318 114
4
No par 55 Feb 20 97 May 9
114 114 *1134 114
14
18 Mar 63 Dee
944 9414 944 9412 934 9414 94
10 Preferred
100 1124 Feb 20 11514 Mar 16 106
943
8 934 94
8
*9312 94
Jan 1184 Dee
2018 203
2,100 Armour & Co (Del) Pref.-100
8 20
2014 204 2034 20
204 195 20
*
12June 7
19
79
Oct 9451 Feb
193 68,100 Armour of Illinois class A__25 884 Jan 3 97
4
4
1014 1012 1014 1012 10
97 1014
1013 10
1014
1114 Jan 16 2312Sept 8
912 10
84 May 15 8 Jan
7
88 4 88
51,400 Class 11
88
3
884 88 88
25
878 884 8612 87
8 8 Jan 10 . 1318May 11
3
8614 8612 2,300 Preferred
4018 404 404 414 4014
5 Dec
918 Jan
407
8 40 401 394 40
100
/
4
3814 39
60 Apr 884 Jan
*2912 304 *29
11,300 Arnold Constable Corp_No par 674 Jan 12 914June 13
307 *29
8
30
*29
30
8514July
294 29% 2918 2918
21
Apr 554 Nov
3312 3312 *30
300 Art Metal Construction---10 2512 Jan 23 5134 Apr 2
3412 *30
344 *30
334 .30
10 3434 Apr 19
3318 *30
22 Jan 22 June
3312
1041 111 •10434 111 *1043 111 *1043 III
4
100 Artloops C OD
4
No per 29 July 20 44 8 Mar 30
4
.•1043 111 *10434 III
4
3
60 4 Dec 543
5
4
484 49
4818 484 4818 487
I Preferred
100 107 July 25 114 Mar 19 1094 Nov 11418 Jan
8 484 49311 48
487
8 47
48 8 9.900 Assoc Du Goods
Nov
,
No par 41014June 13 534 Sept 8
12 •l02
103
12 103
104 *103 105 *103
391 Feb 534 Nov
8
3103 105 *103 105
•1074 109 •108 110 010718 111 *107 105 1'
100 1e1 Preferred
103 991/ Aug 30 113 8 Apr 3
111 *107 109 •107 110
7
974 Mar 112 Dig
48
48
48
2d preferred
48
48
49
*4854 494 4818 483
100 1074 Sept 17 11912 Jan 27 105 Mar 116
484 4814
514 5134 491 511 48
Dee
270 Associated 011
8
/
4
5012 01: 4978 47
25 874 Feb 18 53 8 Sept 7
3
494 473 48%
38
4
Oot 5014 Feb
554 554 54
56
5518 56
56
667s 5514 5558 543 5514 5,900 AUG & W 185 Line-No par 874 Feb 18 597
8May 21
308g Mar 3312 Nov
4
1843 18934 1893 194 8 18814 1934 186 192
4
2,900 Preferred
4
5
100 38 Feb 27 5878Sept 7
179 18778 17812 184% 103,500 Atlantic
2914 Mar
*1184 117
1154 1154 •115 117 1 11412 115
Refin[ng
100 95 4 Feb 9 194 85ept24 104 Dee 6118 Nov
3
*11514 117 •11512 117
5
1814
•7918 81
8012 81
300 Preferred
*79
81
*80
100 11412Sept 10 11814 Jan 8 1154 Feb 119 Aug
81
8114 8114 *81
82
Am
*1044 105
105 105
300 Atlas Powder
105 105 *104 106
No par 68 Jan 3 101 Mar 23
104 104 •104 106
584 Mar 70 June
•1218 13
130 Preferred
1212 1212 127 127 •13
8
8
100 102 July 24 11018May 31
1313 1258 123 •1212 124
98
Jan 107 July
*54 6
400 Atlas Tack
514 5%
54 64
No par
512 63
34 Jan
4
1738June 6
64 77
74 June 1218 Afn
63
4 738 12,800 Austin.Nichols&Co_-No par
30 30
30
30
*304 32 I 31
438 Jan 3
35
3478 353 *31
914May 14
614 Mar 104 Jan
34
1,700 Preferred non-voting---100 25 July 13
60 60
*59
61 '59
61 '
36034 61
61
11: Jan 21
231: Dec 61
61
*60
Jim
61
200 Austrian Credit Anstalt
1018 1018 1018 11% 105$ 105$ 1034 11
60 July 18 75 May 9
*1012 113 •1012 11
8
7214 Dec 80 4 Nov
3
1,400 Autosales Corp
8 304 3218 8212 33
287
*28
No par
64 Jan 18 173
332 *28
8May 25
I 33
323 •28
43 Mar 11 Dee
8
323
4 1.100 Preferred
0
45
48
4514 457
444 4512 45
50 25 Aug 31 373
45 *4412 451
4May
28 May 424 Dee
4412 4412
800 Autoatt Sat Razor -A"_No par 434 Jan 10 5212May 25
*250 275 *250 275 *250 275 •250 275 *250 275
43 Nov 467 Nov
*250 275
8
Baldwin Locomotive WIta_100 235 June 11 285 Mar 1
117 117 *1184 118 *11611 118 *116
*116 118
31 1434 Jan sem. Sent
12 118
100 Preferred
110 110 •109
_-_- *109 111 •109 ___- 110 110 •11812 11712
100 1163 Aug 23 1243 April 118
8
4
Jan 12514 July
•109 11114
200 Bamberger (L)& Co pref..-100 1073
outs ao •264 SO •261: 30 *264 29 '
8Sept 4 1117 Jan 5 106 4 Mar 11078 Dee
8
32612 281 *2612 29
3
Barnett Leather
341 354 35
so: 35
4
36
35
36
3318 351
60
Jan 59 8 Feb
33% 3414 243,000 Hamadan Corp class A No par 234 Aug 20 524 Feb 1
7
*24
*34
38
*35
38
36
25 26 June 12 3814 Sept 14
344 344 *33
341
204 008 854 Feb
334 3314
200 Class B
25 20 June 14 3512Sept 17
2011 oos
•Bid and asked prices; no gala OD thin days
g Ex-dividend. a Ex-rights.
821,
New York Stock Record-Continued-Page 3
1778
page preceding
For sates during the week of stocks not recorded here, see third
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 22.
Monday,
Sept. 24.
Tuesday. i Wednesday, Thursday,
Sept. 27.
Sept. 26.
Sept. 25.
Friday,
Sept. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER RHARR
Range Since Jan, 1.
-share iota
On basis of 100
Highest
Lowest
PER SHARI
Range for Previous
Year 1027
Loess*
Highest
per share $ per share 9 vir
Indus.& MisceII.(Con.) Par $ per share
Per share S per share $ per share Shares
4912 Jan 109 Dee
per share 9 per share S per share
No par 98 June 20 14012 Mar 1
Bayuk Cigars, Inc
Jan 110 Aug
•101 108 *102 109 *10312 109 *104 106 *103 108 *10012 103
2
100 109 June lb 1103 Mar 28 101
First preferred
60
1063 1064
4
Oct 1814 Juno
14
*106 10612 10612 10612 .106 10612 10612 10612 *10512 107
1214 Mar 16 2014 Apr 25
No par
Beacon 011
21,600
1712 18
17% 18
4
1814 183
2
183 19
1812 19
504 Apr 7414 Nov
1812 19%
13 8312 Feb 9
52July
20 70
*75
2 1.100 Beech Nut Packing
76,
76
76
4
7612 7612 7612 7612 27512 768s 753 76
154 July 2714 Jae
13 July 26 22 Jan 12
2,500 Belding Hem'wey Co...No par
14
2
*137
1372 14
1334 14
4
133 14
1334 14
2
134 137
2
323 Sept 27 9212May 14
500 Belgian Nat Rys part pref._
4
4
823 823
2
2
8312 827 8272 823 83
*83
33
83
4Sept 8 164 itig
*8312 84
No Par 53% Jan 19 873
4,700 Best & Co
834 8212 83
83
84
3
43 4 Jan 6612 (Sept
2 85
2 83
847
857
8312 8312 83
100 5172.1une 19 89% Apr 14
Bethlehem Steel Corp
2 6214 6414 70.100
653
4
11612June 29 125 Apr 13 1044 Jan 120 Dog
654 6614 6514 6614 643 6614 6414 65,2 63 118
11712 11712 1,200 Beth Steel Corp pi (7%)_100
11712
118 118
2
34 June 627 Nov
4
118 1183 118 119
23 47%Sept 15
118 118
4012 40,2 1,500 Bloomingdale Bros.__ _No par 3352July 1.1 1113
41
41
41
404 4112 41
,
4July 3 10912 Jan 114 Noy
4 415 42
424 423
100 1094 Jan
110 Preferred
109/2 10012 *10912 110
Jan 95 Dee
44
110 *10912 110 *10912 110
110 Sept 22
10912 10912 *10912
100 87 June 27
160 Blumenthal & Co Ore!
110 110
531s Jan 69% Dee
3
10812 110 *10812 10912 1094 110 •110 11012 *110 11012 7312 73%
No par 6514 Jan 3 78 4 Jan 27
1,800 Bon Ami class A
85 ADS
412 Sept
.7312 74 74 74 7372 734 7312 73% 914 9 4 11,900 Booth Fisheries
54 Jan 4 10% Sept 22
*7312 74
No par
94 912
,
912
9
36 Sept 574 May
4
912 93
912 1012
2
3
97 103
100 4114 Mar 14 6212Scpt 22
4,100 1st preferred
*58
59
59
4
4
5814 60
573 593 *58
60
6212 59
60
50 152 June 19 187 Jan 11 16712 Dec 169 Doe
Borden Co
3,900
161 162
4
4
1643 1643 162 164
4
18 May 3012 Hopi
1653 166
165 166
166 187
8% Aug 23 23 Jan 4
100 Botany Cons Mills class A_50
1512 1512 *1212 1512 *1212 14%
1912 Sept 36% Feb
1614
5814 Sept 25
•1212 1614 *1212 1611 *16
55% 452,200 Briggs Manufacturing_No par 214 Feb 4
4 52
4 5312 553
2 Dec
12 Apr
914May 25
112 Jan 10
5512 5412 5714 5612 5814 554 573
54
100
900 British Empire Steel
514
5
,
54
514
5
5
5
5
5
5
512
*5
74 Deo
Apr
1
24 Jan 5 12 Feb 1
100
2d preferred
8
•6
8
*6
8
*6
Feb 223
Doe
8
*6
8
*7
9
4
*6
100 2063 Jan 10 26814 Apr 13 14812
100 Brooklyn Edison Ins
268 *250 270
2
893 Apr 1574 Deo
*260 26514 265 265 *25514 26514 *250 268 *260 4 1684 *164 168
No par 139 June 13 17434 Sept 21
5,000 Bkiyn Union Gas
4
4
304 Feb 6014 Dee
17114 1733 170 1713 1683
11 5512 Apr 6
171 172
r
2June
2
1717 1714
.r_N„ par 45,
No
3,500 Brown Shoe Inc
4
2
503 •4914 494 494 51
49
49
254 July 387 Jgo
4812 4812 *48
4
4812 49
par 2711 Feb 20 623 Sept 20
55% 46.400 Brunsw-Balke-Collan
s 5418 56% 53
56% 583
7
4 5614 59
593
2 53
607
59
10 244 Feb 18. 60 2June 2
331 14,000 Bucyrus-Erie Co
3514 3312 3425 33
2 34
357
2May 14
3532 3612 35
33% Feb 17 443
1(
365* 37
3,500 Preferred
*
4572 444 4472 445 45
8513 June
(the 2
4614 4512 454 45
46
46
46
200 Burns Bros new clAcomNo par 9312 Feb 17 12.5113
4
11614 *11612 1193
4
4
1614 Mar 34% Jan
4
•11614 119% *1(614 1193 *11614 1193 *11614 11934 11614
1,3001 New class B corn__ ...No par 15% Mar 8 4332.1une II
36
7 *37
3734 36% 364 36
Jaz
90 June 100
384 374 37
4
2
377 374 38
100 973 Feb 21 11034June
20 Preferred
1041
4
4
4
1033 1033 *1033 104 1 104 104 *10384 10414 *10312 173
•10334 104
_No par 139 Jan 14 17512Sept 21 z1.0 Mar 145 Doe
1,000 Burroughs Add Mach_
4
17412 17412 172 17312 1713
4
283 Jan 111 Nov
Apr 13
17514'172 175
175
•172 175
par
No 1oo 50 June 20 67.4
5,800 Bush Terminal
573
56
06
55
8
9114 Jan 1117 Dee
5314 534 5814 5612 58
53
104% Aug 16 115 May 21
53
*51
460 Debenture
108 108
108 108
2
100 111 Aug 1 11912June 15 1033 Feb 120 Aug
109 10914 1065* 107 *1074 1095* 106% 109 "114 113 *114 115
60 Bush Term Bides eref_
35 Mar
54 May
1 114 116
114 114 *114 115
5
44 Jan 19 10 May 28
114 114
812 13,800 Butte Copper & Zinc
8
,
814 85
4
Oct 614 Feb
2 83
44
83
84 84
2
812 87
84 9
100 40 July 13 6712May 16
43
44
433* *434 4312 3,000 Burterick Co
114 Jan
434, 43
735 Nov
434 43
4May 21
43
44
84 Aug 8 163
44
_10
2
1112 114 1012 1112 1012 107 19,000 Butte & Superior kilning_ par 65 Mar 1 8014May 24
Jan 9212 June
MI
2 115* 1214
2 11% 123
1112 117
No
1,100 By-Products Coke
76
76
73
4
Jan 1023 Dee
42
785* 785s •76
79
2Sept 28
7914 *76
76
Jan 16 138,
7712 7812
No par 9012
2 123 13012 12514 13812 103,200 Byers & Co (A M)
4
4
,
114 11712 114 4 1163 11614 12612 12314 1277 *1113 11212 *1111* 112 2
100 1085* Apr 13 11412 Aug 14 1053 May 1121: Doe
10 Preferred
,
8
6014 Apr 79 Dec
2
•11114 112 *11114 11212 11212 11212 *11114 11212 78
No par 68.2June 18 323 Sept 17
Packing
7,900 California
78
7814 77
*
8014 804 8012 7912 804 785 704
25 2.514 Mar 16 36 Sept 6
80
California Petroleum
36
.35
36
*35
36
11* Sept
253 1,0
36 1 *35
5% A pr 30
*35
36
*35
36
4
11 Mar 8
*35
10
35 15.300 Callahan Zinc-Lead
314
312 34
4 412
33
414
4
4 14
4
434
4
Jan 3! 0112June 12312 Dee
1144 68,600 Calumet Arizona Mining___10 80 Feb18 12014 Sept 18
4
2
1414 July 244 De*
2
112 1143 114 1187 114 1187 1123 11512 111
10 353*
4
111 1113
25 2018 Jan
2
337 61,800 Calmnet & Hecht
4 33
3312 343
3412 353
3412 353
Jan 6012 Aug
36
344 3412 3412 347
544 Jan 5 8612May
4
7914 8012 793 8014 10.100 Canada Dry Ginger Ale.No Poe 247 Jan 21 374 Sept 17 132
Jan 28314 Oct
s
8032 8114 803 81 i 8032 8114 8012 81
100
355 36214 351 36312 359 36312 7,900 Case Thresh Marlin:a
Feb 129 Dee
1 355 360
Mar 30 111
3.55 362
2June 28 13512
360 360
Case Thresh Mach pref....100 1243
Apr
Apr 33
24
.119 128 *119 128 *119 128 *119 128
28ls Mar 27 4412Sept 17
*119 129 •119 129 ,4
2
4212 38% 413 36,200 Central Alloy Steel__ No par
1684 Aug
2
104 Jan
17% Apr 4
2 915 434 2413 4312 415* 4214 40
11 Aug 14
4212 427
1212 1212 1312 133* 1,200 Century Ribbon Mills_No Oar 77 Aug 24 92 May 15
1312 *1212 13
Jan 884 Dec
2
70
12 I 123
1232 12
*12
100
80 Preferred
4
4
2
*763 847 *2(3 85
8134 85
51,4 D e
52
,8 J
4
81 1 *764 81
81
Jan 3 1013 Sept 24
763
* 4 82
9772 9612 9814 75,100 Cerro de Pasco Copper_No par 58IsSept 25 643 Apr 2/3
Jan 561 May
4 997 10232 9912 1004 97
2
1011z 1024 101 1043
14,700 Certain-Teed Products_No Par 39
397 40
41
395* 405* 394 40
4212 39
5
4212 4272 41
1 7% preferred
100 92 Sept 19 100 May 21
8912
787g Aug
8912 *86
8912 *86
8912 *86
(
8912 *86
964 *86
86
•
No par 71 May 3 7912 Aug 23 - cS Dec
400 Certo Corp
74
7412 *74
745* 74
*74
14 Mar
44 Nov
77
76 1 75
*75
76
54 Feb 29 1435Sept 25
*74
2
1218 1312 1112 127 58.100 Chandler Cleveland MotNopar
2 135s 1414
13 June 264 Ma,
2' 1312 143
2Sept 26
14 Mar 13 267
1112 II12 11 12 127
No par
44,500 Preferred
4
2 225* 2512. 223 25
267
8
4 26
6434 June 867 (set
Jan 6
2, 244 263
237
2 2314
4July 13 814
2312 237
No par 623
6712 6712 10,700 Chesapeake Corp
674 69
Mar
6714 677
6612 6612 6614 68 1 6712 68
Chicago Pneumatic Tool...100 111 Aug 15 1414 Jan 30 1204 Jan 13714 Oct
3,100 C
126 130
128 130
7
128 130
a m ly
H% J uar 651/4
129 130
43 Jan 14
*129 133
2672 Aug 1
130 130
70 Chicago Yellow Cab__.No par
34
3412 34
*34
Aug
35
534
35
2
347 347 *34
35
No par 37 Apr 19 574 Sept 10
32
7,600 Childs Co
5012 51
50% 3112
4
3318 June 44% Dee
5212 503 52
4
2
513 5214 52
25 373 Mar 5 5512Sept 18
5212 53
Chile Copper
2
4
344 Jan 904 Dee
2 533 5414 517 5312 5012 5112 64,600!Christie-Brown tern ctfsNo par 79 June 20 131 Jan 23
3
53 4 553
8
.53% 54% 543 555*
*75 100 .75 100
95
3812 Jan 6312 Deo
95 .70
__ 95 1 *70
5___. 95
4
No par 543 Jan 16 118' -Sept 28
2
Dec
1143 11114 11812 021,200 Chrysler Corn
2
4
8
4
10912 1113 10914 11314 11214 1143 1125 1153 1105*
No par 1133 Jan 9 117 Mar 12 102i, Apr 116 Dec
1 Preferred
4614 Mar 54
5114 Jan 19 5414June 11
No por
700 City Stores class A
54
*53
54
*53
54
53
5312 *53
*531 54
Apr 644 Dee
411/
No par 62 Jan 5 102 June 8
8812 88 2 86% 8912 2,700 Class B
90
,
88
51 June 8412 Oct
91 .
Apr 6
90
90
934 9314 89
1.200 Cluett Peabody & Co_ _No par 69 Aug 13 10934 Mar 19 11114 Jan 12514 Nos
73
74
73
73
74
7412 74
74
74
74
74
100, 1181s Mar 21 124%
74
20 Preferred
120 123
123
4
Apt
1243 *120
4
3
2
No par 127 Feb 20 17734klay IS 4964 Apr 1994 Dec
•11912 1227 119 4 1193 11912 12434 *120 168
Coca Cola Co
2,300
2
166 2 16714 16612 167
,
80 Aug 1133
4
4
No par 50 June 25 1113 Jan 3
16834 1604 169% 16972 16812 1683 168
6012 6312 21,700 Collins & Alkinan
3 10212 Sept 1004 Dee
60% 6172 6114 624 6212 64
8 6112 62
637
62
2001 Preferred non-votIng____100 904July 6 109 Jan 31
07
,
4 97 4 9714 *96
42% Jan 964 July
0634 98
.9712 100
*9712 98
100 5212June 25 844 Jan
•9612 100
72.000 Colorado Fuel & Iron
4 6872 71
664 Jan 1014 Nov
72% 7232 7412 6914 723
. 1
4
6814 70% 693 71% 71
18,300.Columblan Carbon v t eNo par 79 June 12 10414 Sept 25
97
9812 96
96
824 Feb 9814 Ma5
10012 10414 97 101
2
98% 08 103
No par 8912 Mar 15 1333 Sept 20
96
Colum Gas & Elec
2
1274 1297 12212 1273 12212 12612 34.000
4
994 Jan 11012 Dee
128% 131
8
100 106 June 19 1104 Jan 3
128% 1297 12812 130
8001 Preferred
10714 10718
107 107
107
2
,
485 May 781 001
2
par 6214 Jan 11 887 Sept 30
107 10714 107 10714 *107 1074 107
86% 8318 84% 23,900,Commonwealth Power_No par 21 Feb 20 3532May 4
14 June 241/ Dn.
864 864 874 855* 87% 85
2 86
8612 867
_No
6,000 Commercial Credit_ __
3312 34
17 June 2412 Sent
8
3314 3412 3312 3312 3312 34
4
25 23 Feb 3 27 May
,
32 4 3312 323 3412
Preferred
4
2
4
2 243 *243 244 .2432 243
4
1872 June 25 Dee
2
2
4MAY 11
25 23 Feb 7 278
4
8
4243 243 *243 244 *243 243 *243 2512 25
70 Preferred B
2512
*25
25
8913 Dec
69 July
*25
2512 *25
25
2512 25
*25
920 1st preferred (659 %)__ _100 85 June 12 96 Mar 16
,
8714 87 4
89
"87
88
88
41 12 May 62 Deo
89
89
4
89
1 1193 Sept 26
8912 *88
88
.
4
113 1163 18,500.Comm Invest Trust__ _ _No par 5534 Mar 27 109 May 14
4
4
2 1193 11412 1193
9411 Sept 102 Des
2
100 90 Jan
30 7% preferred
112 11412 10818 1133 109 1124 11234 109 *1033 109 *1033 109
4
4
Nov6July
104 104 *1033
2June 16 9812 Aug 20
100 923
4
•1043 107 *1034 109
800 Preferred (634)
9512
95
95
95
3 i t
v 984 Sel
8518
*9512 96
96
96
4Sept 18 14
97
2June 19 2213
97
954 96
15,800 Commercial Solvents...No par 1377
4
39 Aug 63 Dee
206 2093 20734 2175* 210 2135* 210 215
4
s
2093 211
par 48 Jan 19 667 Sept 19
208 21112
500 Conde Nast Publics__ .No
65
*63
65
6312 *63
174 Jan 294 Dee
642 63
644 64% 64
21 Juno 12 314 Apr 17
*3414 64% *
12 263 273 150,000 Congoleum-Nairn Inc_ _No par 67 Feb 18 817 Jan 3
2
4
47 Mar 8812 Dec
2 2712 2914 265* 28
277
8
264 27
No par
4 26
263
26
6912 7041 3,800 Congress ('Igar
7014 71
71
71
7414 Oct 8814 July
7212 7012 71
*71
.No par 794 Jan 20 911 June 4
7114 72
92 ' 13,000 Consolidated Cigar...
92
9212 937
943
4 93
,
3
934 93 4 95 2 9312 943
93
104 Sept 13
100 9614June 26
300 Preferred (6)
99 99
09
*93
1/3 lret
99
4 Oct
,
3 May 18
4
98, 98 4 99
99
7/I Jan 21
598
99
Consolidated Distrib'erallo par
*98
94 Mar 125/2 Dec
7
122.100 Consolidated Gas(NY) No par y74 Aug 28 17014MaY 28
(
8 4
93 Mar 103 Dec
-70is - -T1- -78- /953
7f,72 -i6No par 9714 Aug 31 106 Mar
-78- - 7
-78,
13,700. Preferred
3 x98
1
98%
2
3, Mar
74 June
5% Mar 24
214 Aug 16
4 984 9914 99 9914 99 4 995* 1)914 99 2
9812 983
2 6,300 Consolidated Textile_ _ No par
33
3
332 312
3312 Apr 744 Jae
33* 33
.
33
312 3%
334
Baking Cl ANo par 2611 Apr 10 531 Jan 13
312 334
1014 Jar
3 36
3812 3512 3714 23,200 Continental
I May
374 373
712Sept 24
36% 38
334 Am 10
38
36
No par
Class B
4
343 357
19,1300,
612 7
72
4
Apr 973 Not
64 74
74 712
74 712
100 73 Apr 10 96., Jay 2(
64 712
4,700 Preferred
614 65*
83
4 83
843
4 83
843
58% Apr 864 Dee
1284 Sept 4
84
85
84
2
827 84
82
82
28,100 Continental Can Inc___No par 804 Jan 10
11814 120% 116 119
Jan 126 June
4
100 123 Jan 5 128 Mar 26 120
12212. 121 12212 12018 1213 120 1214 125 125 *12412 125
121
50 Preferred
5334 Dec
7412 De(
•12412 125
10 75 Feb 15 9472May 15
*1244 127 *12414 125 •12412 125
3
804 80 4 3,000 Continental Ins
4
133 Jan
8114 83
84 Nov
82
81% 81
10 Mar 13 20 Sept 18
8114 8112 81
No Par
*8112 83
2 1514 1712 1618 17% 153,800 Continental Motor
WI Jan 68 Nor
16% 153* 163
5s 16
64% Jan 3 80sSept 14
16
16
Corn Products 11edning___25
1612 17
Jan 14214 Dee
2
14814 Apr 10 128
857 873* 8412 854 84% 8412 19.800
100 13812 Jan 16
864 87% 8612 873* 85% 8632 •14014 145 *14014 145 414014 145
200 Preferred
Jan 123 Dee
56
141 141 •14O14 145
No Par 123 Jan 3 24578 Sept 28
•141 145
2
244 2457 22.100 Coty Inc
764 Oct 964 Mat
93 Feb 7
237 239% 23714 2414 240 2414 240 2434 77
228 233
6,000 Crucible Steel of America_ _100 691* July 3 121 May 11 103
78
Jan 115 Sent
2
797
7812 794 7814 7914 7815
80
100 11214 Sept 14
79
79
100 Preferred
*78
117 •115 117
184 Aug 364 Jan
No par 22 Apr 4 2872klay 8
115 115 •115 118 •115 118 *115
•114 120
2314 5,100 Cuba Co
2372 23
4
23
Vs Oct 103 Jan
712May 12
43
2July 31
2 23 2312 2312 24
237
No par
234 2318 23
44 44 2,500 Cuba Cane Sugar
45
45
4
2
283 Nov 503 Jan
4
4% 43
324 Jan 12
4 4%
43
100 15 July 31
44 44
3,900 Preferred
5
5
18
2812 Jan
1872 Nov
1712 1712 18% 18
8
2
167 167 •17
1612 Aug 13 2414May 25
s
2
167 167
•163 18
1712 1734 • 4,000 Cuban-American Sugar..... 10 981/Sept 5 108 Feb I
4
974 Nov 107 Aug
4
173 1814 173 174 173 18
18
100
18
4
173 18
200 Preferred
*9612 10012 *9612 10012
Jan
104 Nov 18
99
12 Jan 4
612Sept 25
*9612 10012 *96 10012 99
4
*953 99
1,900 Cuban Dom'canSug____Nopar
.612 8
*612 8
612 64 *612 8
64 64
434 Apr 583 Sept
4
672 75
.
50 54 Jan 3 7814 Aug 21
14,000 Cudahy Packing
71
14 7012 7112 69
Dee
4512 Nov 004
7212 7112 72
534 Feb 27 19234May 16
724 72
Curtles Ace & Mot Co_ _ No ea
7212 72
72
2
14312 1503 13814 14512 13514 14112 60,500 Preferred
4
100 1173 Jan 5 14312 Apr 1/1 111 Nov 118 Dec
2
150 1583 145 154 y143 14712
,
Oet
Apr 152
No pa 1444 Jan 13 220 Sept 24 103
400 Cushman's Sons
214
Apr 125 Dee
141 Sept 20 107
220 '201 214 '191 212 '191 140
210 220
200 Cushman's Sons pref (7). _100 114 Jen I I
i15- 217
*
13512 136 *136
Apr 8512
30
138 139
49 July 27 584 Sept 6
*135 140
No par
137 139
300 Cuyarnel Fruit
135 135
_ _ -- 5414 54,4
2614 Apr 4812 Dee
531s 5312 *53
4
55
2
No par 343 Feb 18 663 Sept 24
*5314 55
5314 5314 *53
82,300 Davison Chemical
62
60
63
65% 60
4May 3.5 l054 Jan 1254 Not
6614 63
100 11512 Feb 1 1263
4 64
663
100 Deere & Co prof
3
63 2 64% 65
124 12472 •12312 125
*1234 125
17 1334 Jan 17012 Dec
2
2 1247
100 1664 Jan 11 220 Sept
12312 12312 12312 12312 1247 215 *21414 215
21414 21412 4,400.Detrolt Edison
4
2143 216
1
364 Aug 427 Dee
40 Jan 3 61 Apr 16
215
215 21512 214 215
5412 10.000 Devoe & Reynolds A-No Par 108 Jan 9 120 May 16 101
2 54
Jan 1144 Dee
4
2 563 5712 5312 563
577
• 57
100
I 1st preferred
4
5454 5 % 55% 57 *112 113 *112 113 *112 113 *112 113
100 134% Jan Di 164 Aug 25 115 Feb 1474 &Pt
11312 •112 11312
780 Diamond Match
*112
4
1314 Oct 274 Jan
161 12 1613 16012 16312 16014 16114
2
1613 162
12 June 11 2412 Jan 4
162 162
6,400 Dodge Bros Class A____No par
4
1613 162
8 2214 23
564 Oet 85 Feb
2212 223* 2212 227
No par 6312June 19 III Sept 22
4
2212 213 2214 2214 2212 1064 107
*22
,
10614 106 4 *106 10712 1,9001 Preferred
7 June 144 Dee
,
13 1 Jan 9
108 110%
8 June 13
No par
1094 111
Dome Mines. Ltd
4,600
110 111
912 x872 9
914
.
49 Aug 624 Oe:
914 91
912 93*
95
9%
par 5512 Jan 9 79 Mar 29
9% 9%
57% 5912 3,800 Dunhill International. _No
8
11414 Mar 1173 Nos
6012 5914 60
*80
300 Dualiesne Light 1st pref_..100 1004 Aug 22 11612Mar 3 12614 Jan 1754 Sept
6012 6012 6012 60% 6014 604 1003 1013 "100 101 *100 101
2
.No par 163 Feb 211 194'* July30
10132 1015* •100 10112
2,200 Eastman Kodak Co..
•10012 101
2
134 Apr 3 11914 Jan 1314 (MI
17814 18012 179 179, 178 178
100 12312 Aug 31
70 Preferred
4
180 1803 18114 182 *179 18012 125 125
125 125 •12512 126
21 14 Oct 295* Jane
25
126 126 *125 128
56.100 Eaton Axle & Spring_.No par 26 Jan 11 6312Sept 4 168
*125 126
5712 60
5918 61
Jan 84.34 0151
63
61
6,400 El Au Pont de Nem__ _No par 810 Jan 10 4054June 8 10511 Feb 118 Poet
604 6112 613* 633* 6112 6312 395 397
387 392
388 395
39312 307
100 114 July 13 12112May
400 6% non-vot deb
397 40112 305 397
118 118
11612 11612 *117 118 *117 118
•11612 118
91612 118
this day. a Ex-dividend
•Bid and asked prima; no salon on
• EI-1141114.
141-warranta.
055.52
For
New York Stock Record-Continued-Page 4
dur,
week 5r ..rock3 not recorded here, am fourth
page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Monday,
Tuesday,
Wednesday Thursday,
Friday,
Sept. 24.
Sept. 25.
Sept. 26.
Sept. 27.
Sept. 28.
$ per share 8 Per share
per share $ per share
per share
per share
287 3012 28
8
29; 2714 30
30
33
313 3312 303 33%
2
4
111 1143 1113 1143 11138 11412 110; 116
4
4
8
108 11314 10311 112
1018 103
107 12; 1138 1178
4
8
11
11; 10; 11
1012 11
387 3914 3884 40; 397 41
8
4014 4134 39
)
40; 3,
39'8
•10758 1093 107; 10758 10712 1073 *10712 108
4
4
*10712 108 *10712 108
Saturday,
Sept. 22.
Sales
for
the
Brea.
STOCKS
NEW YORK STOCK
EXCHANGE
PEE SHARB
Range Since Jas, 1.
Os basis of 100
-share lots
1779
PER SHALE
Range for Preview
Year 1927
Lowest
Highest
Lowest
Higher
Shares I n a US. & MIscel.(Con.) Par
per share I
per share $ pet share $ per 'kers
62,500 Elsenlohr & Bros
25
1318 Jan 3, 337
88ept 28
10; Nov
1612 Fee
155,600 Electric Autollte
No par 60 June 25 116 Sept 26
20.200 Electric Boat
Vs pa:
8; Aug 15
8June 6
173
Tit; i.."1-- WI; lag
ar
119,000 Electric Pow & Lt
No par 283 Jan 10 4512May 14
4
1612 Jan 32; DM
400 Preferred
No par 10613 Jan 10 110 . Mar 8
98
Jan 109 Nov
Electric RefrigeratIon Nu par
Ills Feb 6
-86v7 664 "89- 915 -go" - g 883* 164 71,300 Pee Storage flattery.
3
1712 Mal 19
5; Nov
371 Jan
8
61-7*63
4 753 •63
_ ..No par 89 Feb 20 917 Sept 27
4 7;
718 718
714 714
8
634 May 79; Jaa
7
7
63
4 6'4
600 Elk Horn Coal Corp__ _Na par
87
8 *8
8%
6 June 19
83
8 8;
814 814 *8
14 Jae I
7 Dee 153 May
3
83
4 *8
9
400 Emerson-Brant Class A.No par
*2812 31
*2812 31
514 Feb21
*26; 31
1512June 4
*2651 31
I
.26;
3
Oct 13
Api
*265 31
8
,Emporium Corp
783 793
4
4 783 7914 7812 7812 7812 7812 7812 31
No par 26 Aug
4
30 July 37 Mat
12
7813 7712 775s 1.800,Endicott-Johnson Corp_ ___50 7514June 25, 33 Mar 1
*122 124 •122 124 •122 124 *122
12 85 Apr 17
124 *122 124 •122 124
643 Jan 8114 Doe
4
I Preferred
4114 42
413 42% 43
4
100 12114 Jan 27 127
45
455* 48
46
473
4 46
47; 134,000 Engineers Public Serv-NO Par 33 Feb l8 48 May 18 118; Jan 125 Sent
9734 973
4 9712 9712 978 99
99 18 1007
Sept 26
21; Jan 395 Oat
8 9912 10018 100 100
8
4,000: Preferred
No par 97 Aug 14 1007
sSept 26
IFrie Steam Shovel
3112 32
3112 313
4 31; 317
8 3112 317
243- -iii 167; -15et
4
8 3118 3112 3114 3114 2,400 Equitable Office BldgNo 5 3312 Feb 21) se; Jan 23
.66
66
65
par 3118Sept 27 333
65
65
65
4July 3
647 647
8
6412 6614 65
2418 241,8 24
243
8 2418 2418 23; 24 .23; 248 *235 6612 5,600 Eureka Vacuum Clean No par 5912 Aug 11 713 Jan 3 16- Aug -777; Nov
8
8 2412
900 Exchange Buffet Corp_ No par 1113 July 17
423 4_2; 424 423
4
4 4212 42N 4212 4212 42
4
2412Sept 15
1518 Jan 23 Dee
42
4218 4218 1,200 Fairbanks Morse
No par 324 Jan 5 54 Apr 19
3014 Nov 93; May
110 110
11018 11012 •110 115 *110 115
110 110
110 110
70 Preferred
14018 14138 14013 14313 14334 145; 14518 147
100 104 Jan 9 1143
4Alas 14 107 Dec 112 Mr r
,
143 146
14418 1483 68.400 Famous Players-i-asky_No par
4
54
54
54
54 I 54
11114 Jan 16 1483
54
54
4Sept 28
54
92 July 115; Dee
•5314 54
5334 54
2,100 Federal Light & Trac
.99 104
10114 10114 •101 104
15 42 Jan 10 5634May 2
103 103
3712 Jan
104 104
47 May
104 104
40, Preferred
•140 160 •140 160 *151 160
No par 98 Jae 6 109 Apr 19
151 151
9112 Feb 100 Aug
157 157 *151 1547
8
200 Federal Mining & Smeit'g_1110 120 Apr 17 15912Sep
*100 101 •100 101
101 101 *100 10112 *98 100; 100
t 19
60 Feb 187 June
100
200! Preferred
20
2114 20
20; 1918 203
100 9114 Jan 3 10212Sept 18
8 1912 20
75 Jan 97 Mat
1913 193
12
4 19
1913 12,300 Federal Motor
*87
88
86; 87
16; Aug 1 257ahlay 11
8612 87
87
88
17 Dec 307k Jan
8812 894 8712 88; 2,800 Fidel Phen Fire Truck_ No par
•1212 14
•12
Ins N Y.„__1
14
*13
7514June 12 9412May 8
14
*13
14
13
13 .13
14
10,Fifth Ave Bus
46
46; 45; 4512 45; 46'2 4613
No par
1114 Jan 9 1514May 16 16- Nov 'I174 4614 47% 47
z May
4912 21,700 r First Nat'l Stores
107 1114 107 1114 107 1138 1112 463
8
No pa
2
28 A vr 4 4912Sept 28
12
1914 May 30 Feb
11
117
8 10; 1118 30,600 Fisk Rubber
62
6212 6212 6212 6212 621
No par
87 Aug 13 173 Jan 4
4
6218 821
14 4 Oct 20
3
62
62
Apr
6112 623
4 2,200 1st preferred stamped_ 100 $813 Aug 11
*61
63
69
61
60 60
9111 Jan 10
5912 62
81
*59
Jan 100 Sent
60
59
59
1,300 181 preferred cony
8114 83% 82
101
86; 86
8714 8512 88
56; Aug 11 978 Jan 5
8412 8714 83
9412 July 102 Sept
85% 380,400 Fleischman Co
4012 4012 *40
No pa
42
4114 40
65 June 19 88 Sept 26
41
42
*40
4814 Feb 71% Dee
41
.40
41
400 Foundation Co
1005 103
8
100 103; 10212 10434 10312 1077
No pa
37 Aug 17 558
4May If)
35 Nov 885 Apr
102 105 110118 104; 84,700 Fox Film Class
8
• 62
63
5612 62
No pa
72 June 12 1195
5718 601
5912 811
8Sept 10
5318 59% 5838 59; 81,100 Freeport Texas A
50 June 851/ Dee
•____ 108 •104 10712 *105
Co
No Par 55 July 23 10914
•104 108 *104 108 1104 103
344 Jan 10811 Dee
Fuller Co prior pref._ __No par 10318 Mar 17 109% Jan 11
2312 23; 2314 2312 23; 24
2312 23
Apr 23
7
'23% 2312 2214 231g 6.800 Gabriel Snubber
13
13
121g 12%
A
'Jo par
1218 1214
15 Mar 23 2812 Jan 5
12
123
113 1214
- i- Dec 16- Aug
i
4
1188 1112 5,800 Gardner Motor
8614 8712 86
87
No par
87
714June 12 164 Feb 2
8812 89
91
8912 903
612 Jan
1512 Dee
4 88
90
34,400 Gen Amer Tank Car
•110 112
110 110 .110 112 *110 111 *110
Ns par 60% Feb 20 91 Sept 19
48
111 *110 111
Jan 8411
200 Preferred
79; 82; 80; 82; 79
100 10914June 23 11134May 15 1063 Mar 112; Dee
8012 7612 787
7513 76; 74
3
Sent
763 55,200 General Asphalt
8
100 68 June 12 947 Apr 30
3
120 123
65 Aug 983 Mar
123 12413 122 12312 *11611 120
4
11614 11614 114 114
1,700 Preferred
•____ 139 •____ 139 •____ 139 •____ 139
100 11018June 12 14112 Apr30 107 Aug144
0
14
139 •____ 139
7 May
3
General Baking pref___No par 134 Jan 26 150
297 30
8
29
30
29
2912 29
30
June 8 11812 Apr 190
29
328 3014 3112 7,400 General Cable
Oct
71
71
71
72
No par 21 Feb 4 3.5; Apr 28
7112 72
7112 7234 7213 75
7214
12,700 Class A
*6212 623
4 62N 633
/Vo par 56 Feb 9 807 Mar 20 '561: -Dcc
4 63
63
6212 634 6212 6212 *6214 7412
s
- ii;O
661;
*115 116 •106 116
No par 5912June 12 751* Feb 2
116 116 *11414 120 *11414 120 .11414 6212 1,700 General Cigar. Inc
52
Jan
Ws Der
120
10 Preferred (7)
52
52
52
100 11414
52
52
5212 5212 5211 *5212 53
Jan 135 Sept
5213 5212 1,700 Gen Outdoor Adv A __ _No par 49 Sept 11 130 Apr 27 116
36
363 37
4
367
3513 3614 36
Aug 15
38
s
36
54es Apr 597 NOT
37
s
36
367
8,900 Trust certificates__ __No par 2912 Aug 1 587 Jan 3
184 165 8 16312 167
3
167 16912 16414 16814 16218 166
52; Jan 7
37
Jan 587 Nov
16218 165
2
70,500 General Electric
1118 1114
1114 1114
No par 124 Feb
1118 1114 11
1114
11
1114
81
Jan 14858 Sept
11
1114 9.300 General Electric special_ _ _ _1() 11 Sept 27 17412 Apr 18
57
57
*56
57 I .5512 57
1
26
57
12 June 7
57
*55; 5612 *55
11 June 11; Jan
56
200 General Gus & Elec A.
•10913 11214 *10613 115 *10912 123 *10912 124
.No par 3614 Jan 18 6014 Aug 2
10912 110 *10734 11213
34 Apr 4713 Feb
200 Gen rlas & Elec pf A (7) No par 108; Jan 4 118
*120 125 *120 125 *120 125
122 122
12114 12114 *121 125
May 10 100
Jan 11014
300, Preferred A (8)
•104 107 •104 105 *104 105 15104 105
No par 12114Sept 27 144 Apr 18 1131 Mar 123; Oct
104 105 •104 105
4
Nov
I Preferred B (7)
21312 217; 21214 21512 21114 21413 21212 217
No par 105; Jan 17 114735lay 16
209 21518 '207; 21218 1028200 General Motors
96
Jan 10513 Dec
Corp
4
1243 125
1243 125 *12412 125
25 130 Jan 10 2133
4
1243 1247 12434 1243 124; 1247
4
4Sept 21 113 4 Aug 141
8
1
4
*
.
10412 10612 1043 107; 105 1067 10412 106
100 12312 Jan 28 127; Apr 12 11812 Mar 126 Oct
4
8
10418 1053 105 108
3 Dee
8
4
40,900 Gen Ry Signal
'
5614 56% 563 5734 5812 607k 607 623
No par
4
8414June
8
8218 Jan 15314 Sept
4 60
613 35,100 General Refractories__.No par 4512June 29 12353 Jan 3
4
11058 1114 11012 11214 11118 11318 11134 114; 11112 6214 1 60
13 32 Jan 3
38
Jan 81
1143 1131 1181 184,100 Gillette Safety
4
Dee
:
44
483
Razor.-No Par 9713June 19 11812Sept 28
8 4714 43 I 46
473
4 45
463
96 4 Noy 10911 Oct
8 4212 4414 4213 4334 40,000 Gimbel Bros
3
9414 9413 9412 94121 94
No par 3418 Mar 6 5078June 14
94
*9312 94
3512 Dec 59 Sept
93
93; 9212 921
1,300 Preferred
2613 2612 281g 27
100 87 Mar 6 101 June 15
26; 27
27
91 Nov 10813 July
29 3 2712 2812
,
104 104 1 104 10414 104 10414 10414 10414 27; 281 124,300 Glidden Co
No par
20 s Jan 27 30 Aug 29
3
1412 May 22 Mu
*10414 105
230 Prior preferred
100 96 Jan 4 105 Sept 12
86 Aug 101 June
106 106% 10614 10712 V96
9814 98 101
99% 1017
8 99% 1013 97.000 Gold Dust Corp v t c___No
8
8158 823
4 82
par 71 Jan 16 1107
85
8314 8614 8412 8514 83
8Sept 5
42 Mar 78 4 Des
1
4 3214 841 33,400 Goodrich Co(B 11
110; 110; 110 11018 110 1101 111 111 •11014 843
No par 6/312June lb 9912 Jan 4
42 4 Jan Mt Dee
1
11114 .11014 112
800 Preferred
6712 6812, 6812 74
Feb 17 11538May 1
7214 74% 7134 73
100
95
705 73
Jan 11113 Des
8
6814 717 81.700 Goodyear T dr Rub__ __No par 10912
8
98
98 I 9712 9812 9814 99
4318June 25 747 Sept 25
98
8
983
983 Aug 69; Dec
4 9812 9812 *98
8
98; 2,200 let preferred
3512 867
8514 8612 833 85
4
3
833 851
4
9212 Nov 98% Dee
834 8412 823 8434 8,300 Gotham Silk Hosiery. No par 9212 Mar 16 9912 Jan 13
4
86
863
. No par 75 June 13 93% Apr 14
8 8414 86
8412 85
83 4 851
3
8314 84
57% Jan 85; Dec
8214 8412 4.600 New
•115 119 *114 118 •115 119 *113 116
No par 75 June 19 93 Apr 14
•110 116 •110 116
68
Jan 8512 Dec
Preferred New
106 109; 107% 103 *____ 107 •____ 107
100 112 Aug 8 130 Apr 12 104
Jan 122 Sept
106 s.... 106
380 Preferred ca-warrants.. _100 106 Sept 22 112 May
*75
8 8 I
8
8
8
75
8 8
7
8
8
8
13
1,000 Gould Coupler A
52
53; 5214 55; 54
No par
7 June 23 123 Feb 2 -1- -6;1 Iii; KO:
5753 57% 6114 5612 60; 53
3
633 6412 64; 6612 6712 691
587 317,200 Graham-Paige Motors_ No par
4
8
163 Feb 18 6114 Sept 26
4
6812 693
6612 63
6518 677g 55,000 Granby Cons NI Sin & Pr
3213 33
32
.100 3918 Feb 18 6912Sept 25 III; -iii 11323
4 3214 33
3214 33t
32% 323
8 32
32
May
4,300 Great Western Sugar.-.Nopar 31 Jan 26 38
•116 116 *115 116
116 116 *115 116
Jan 7
3518 Dec 443
10 Preferred_
12812 13313 129 135; 12912 1353 12818 1321g *11514 116 •115 116
100 11212 Feb 20 120 Jan 3 11812 Feb 123 8 Sept
4
122 12812 12212 12814 121,700 Greene Cananea
Selp',
*5% 6
*53
4 6 ,
4 6
53
Conner-.100 893
3June 19 16412 Jan 4
5% 5%
57
2914 Jan 16112 Dee
8 5%
5; 5;
600 Guantanamo Sugar__ _ _No pa
*95
93 ! •95
98
95
$13 Aug 29
95
*95
97
9; Jan 4
7
95
Oct 1114 may
*95
98
50 Preferred
6812 6812 6912 6953 *6812 6912 68; 68; 95
100 90 July 11 107 Jan 7
95% Jan 106 Dec
6813 69
6714 6712 1,100 Gulf States Steel
•2414 25
*2414 25
25
100 51 Jan 9 737 Sept 12
25 .243 25
4
8
243 243 •243 25
96
4
Oct 64 Feb
4
4
7412 743
30 Hackensack Water
4 743 743
4
4 7412 7412 7412 7434 7413 7412
21 23 Jan 5 30 Jae 31
22 Aug 27 July
743 743
4
4
420 Hanna 1st pref class A.
24% 24% *2412 25
*2412 25
...100 59 May 25 793 Jan 19
*2412 25
4
*2412 25
56
Jan
•2412 25
723* Dee
19; 195
200 Hartman Corp class A.No par 2313 Aug 2 27;
8 1918 205* 1912 2012 19% 2018
Feb 3
195 19%
22; Oct 2714 Mai
8
1913 1113
4 7,000 Class B
•1143 116 *1143 116
4
4
No par
116 116 *114; 118
165 Aug 6 25% Jan 27
8
1812 Dec 291, Apr
1084 117 •10814 117
100 Delme (G W)
25 1033
4June 13 11813 Feb 20
124; 125 I 125 125 .12134
7813 Jan 125
Oct
•1213
*121;
- •12134
563 58 I 5
130 Preferred
4
3
58 .56
100 121 Jan 3 139 May
58
57
57
56
56
55
55
1,300 Hershey Chocolate__ _No par 30 4 Jan 31 64 Apr 28 1181, Jan1 130 July
783 7814 7914 SO
4
7914 80
8
7912 80
26
347g Dec 4014 Dec
79; 79; 78; 7914
5,900 Preferred
10214 10214 10214 10214 10214 10214 *10212 104
No par 7014 Feb 6 82 Apr 16
*10212 104 •10212 104
7014 De075 Dec
12
167 167
300 Prlor preferred
16; 163
4 1514 17
100 10014 Aug 17 105 Apr 14
16
1613 16; 167
995 Dec 103 Dee
3
8 1612 17% 3,400 Hoe (R)& Co
2714 2714 *27
2712 2613 27
No par
27
151411*01 25 3078 Jab 20
27
.2613 263
22
Jan
4 26
at% July
26
7514 *73
600 Hollander & Son (A)... _No par 25 Aug 25, 367 Apr 13
*73
7414 573
7512 *73
.
7514 *73
74
3114 June CA Oct
073
787 79
7514
Homestake Mining
78
7914i 7912 797
100 67 Jan 41 i 514 Sent 7
7912
79
60
Jan 75
Oct
80
8214 38,600 Househ Prod.Inc
144 147% 14612 14912, 144; 1483 144 14514 79% 83
No par 6412 Feb 21 83
8
13914 1433 13713 141
9314 Jan 70; Nov
4
34,400 Houston Oil of Tex tern ct13100 119 June 19 161 Sept 27
67
67% 675* 6913 6813 7012 68
89;
Apr 9
6314 214% 661. 55,600 Howe Sound
804 Jan 175
Oct
85; 873
4 85; 9014 8712 9114 853 8913 67
No par 40; Feb 18 7012Sept 25. 34/4 July (A Dec
4
8412 8712 333 86 319,900 Hudson Motor
4
7412 76
7418 7512' 74
Car_
755
8 73; 7812 7214 75
073
9814 Jan 9112 Aug.
7218 73% 164,500 Hupp Motor Car ._No Par 75 Jan 18 9 Mat IA
8 307 32321 31
3012 307
3214 305 313
8
16
4 3012 3112 3013 3118 57,200 Independent Gil Corp_ __JO 29 Jan 16 7612Sept 26
Oct 3614 Dec
29
*2813 28341 2814 28; 2713
*2812
& Gas_No par 2184 Feb 20 323
sSept 24
2712 2714 2714 27
1752May 323 Feb
4
27
900 Indian Nlotocycle
*95 100
9512 95131 95
No par 27 Aug 3 70 Apr 27
95
*95
98
95 95
13 Mar 47 Dec
•95
98
33; 3234 333s' 3212 3314 32
33
40 Preferred
100 94 Sept 21 115 Apr 12
3 8 3073 317
27
92
Jan 10234 Dee
3 30
31es 24,600 Indian Refining
3012 3114 2934 307
8 293 307
3
10
2914 2958 2818 2914 23
9 Feb 18 391 sJuly 9
'
712 May
1212 Sept
2814 11,000 Certificates
____ *220
____
*230
.200
10
£03 Jan 16 3714July 9
.200
714 Jape 12 Sept
*200
__
94
*92
•92
94
I Preferred
93
93
9312 - -100 101 Jan 4 250 Aug 27
94
94
951 595
99
let 112 Mai
97
1,200 Ingersoll Rand
70
7012 69
71% 6912 7112 7012 7112 70
No par 90 Feb 18 98 Apr 16
7114 68; 70
8713 Nov 9612 Apr
7,000 Inland Steel
No par 46 Mar 3 74 Sept 18
al
Feb 6278 Dec
Preferred
164 -AOis -3 "Aois 167 2913 "30 4 -284 - - -28-ft;
100 11512
.
- -32
64
Jan 118
Oct
97
gh m
2312 51,100 Inspiration Cons Copper _20 18 Jan 6 118 Feb 18 Ill
97
912 10
9; 10
Feb 25 31125ept 25
134 June 2512 Jon
9; 9%
93
s 97
5,80)Intercont'l Rubber____Ns pa
818July 2 313 Jan 4
1614 167g
1612 163
4
4 16; 16; 16
11 Nov 25 Nos
161
1534 157
1512 1534 3.400 Internat. Agricul
80
813
4 8012 81
80
8014 7972 797
No pa
13 Feb 24 207
73
8hlay 17
79
613 Apr 10; Dee
7714
136 137
13814 142
1377 139
13712 1411 1374 13931 1353 7714 2,300 Prior preferred
100 48; Mar 26 8312Sept 10 33 Mar 6612 5.lay
8 137
8
695 71
70
11,300 lot Business Marhines
703
4 69
7012 70
7258 7112 73
4
7012 7114 26,000!International Cement.._No pa 114 Jan 16 14711 Feb 3 5312 Jan 119; Dee
.No pa
58 Jan 3 7412May 16 4614 Jan 65; May
- A63* -if - -'761s 72 72 7434 -72- -711- -68Ts -7 4
i Preferred
100 10812 Jan 4 1107 Apr 26 100
4
2
-63Oct 113 Dec
*105 110 *105
107 110 •105 10978 *107 10912 -6718 7014 107,900 Inter Comb Eng Corp_ No pa
9514 Feb 21) 744 Sept 25 4012 Oct 84 May
*105 109
295 296; 294 295 2292 294
29014 294 .94 .94
100 103 Mar 21 110 Sept 25 101
288 29312 4,7130:Inter n etredal Ilarvest
Oct 10514 Dee
1403 140 4 *14013 141 *14012 141
•1403 141
4
4
3 0 Prefa rion
3
'
er_100 2243 Feb 18 3033
4
14012 14012 *14013 141900
4Sept 18 1363 Jan 25513 Dec
2
434 47
43
Preferred
4 5
5
5
43
100 13614 Mar I 147 May 1 126; Jan 189 Dec
4 5
414 5
412 413 2,300 Int Mereandle Marino
348 35% 351s 3514 3512 374
3518 36
100
314Mar 26
73
8May 9
2 36
3 t Oct
,
841 May
3612 8.100 Preferred
10734 109
10713 11018 210613 1107 10714 10834 3614 367
*
100 3418June 12
10914 1127 10913 11218 107.800•I
*
12518 128
12514 127; 125 127
nternational Match prof 35 9313 Jan 3 4453 Jan 17 3211 Oct 55; May
12412 127
12134 12534
1217
3May
71
7212 69; 71
7
k 6913 7112 6913 714 12012 12384 111,200 International Nickel (The).25 7333 Feb 24 13314 Sept 14 62 Mar 9513 Dee
697 69
12 384 Jan 8912 Dec
6912 70
13,800 International PaPer___No par 68 June 19 863
8May 14 423912 May 81;
Preferred 16%)
5834 16WO1
,
2
100 96 Aug21 107 Apr 12 8514 July 106 Nov
2 68
Del
077
8
*5713 63 *5712 58 -OA' 5712 ,,5r7i2 Vii- -iiii, - -1; *3712 9775 1,200 Preferred (7)
5712
0571. 58
100 977
85ept 28 108 Jan 14 9812 Jan 1125* Der
58
53
56
1354 136
•138 139
60 International Salt
135 135 *130 139 *135 139
100 4912 Mar 28 68; Jan 12 63 Sept
75 Des
300 International Silver
*121 129 *121 124
12112 12113 •121 1223 121 121 *115 139
100 121 June 20 196 Jan 24 13512 Mar 199
4
121 121
140 Preferred
1743 176; 17413 1753 17413 175; 174
4
175 176
100 121 Sept 27 131 Jan 27 109 Mar 128 Nov
4
1753 175 180
4
Oct
18,000 Internet Telep & Teleg.....100 13911 Feb 20
1973
8June 2 12:41 Jan 1587 Seel
4
s
• Bid sad asked prime; no melee on Ude day. s Ex-cilv doled
a Ex-rights'
1780
New York Stock Record-Continued-Page 5
here. see fifth page preceding
For sales during the week of stocks not recorded
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday,
1 Monday, , Tuesday, !Wednesday.1 Thursday,
Saturday,
Sept. 28.
Sept. 27.
Sept. 26.
Sept. 24. 1 Sept. 2.5.
Sept. 22.
STOCKS
NEW YORK SVOCK
EXCHANYE
Sales
for
the
Week.
PER SHARE
Rases fer Propins
Year 1923
HIDbest
Lowest
PER WARR
Range ,91nee Jan. 1.
Os Oasts of 100-abaftSOU
Molest
LOWS(
oar share $ per share
slate
share
per share Shares Indus. & Miscel.(Con.) Par $ perSept 10 $ Per Jan 20 $ 194 Jan 3912 June
384
4
$ per share $ per share I $ per share $ per share $ per share $
Ns par 233
400 Intertype Corp
2812
4812 mar 67 Sept
1
/
264 2612 2812 *24
*24
1 4712 Aug 7 61 May 14
*3412 2613 *244 2612 2412 25
Island Creek Coal
4
/
511 524 2,100
5214 53
5314 53 53
5312 Jan 86 Dee
7734Mar 1 137 Sept 24
531/ 54 1 53 53 1 53
No Pa
130 13012 14,300 Jewel Tea. Inc
134 13434 131 13214 12912 132
12912 137
129 129
100 120 Jan 18 125 May 28 11111 July 12512 Mal
Preferred
*124 127
9814June 19 15914 Sept 28
•12412 128 *124 127 *124 127 *124 127 *124 127
No Pa
15314 15914 139,700 Johns-Manville
1
/
Feb 123 "1:Yei
145% 14714 14312 14634 14312 14734 151 15678 1514 15812 12012 12012
10 Jones & Laugh Steel pref__100 11918July 2 12414May 7 117 Jan 8434 Dec
12112
1
/
1033
10
.
•120 125 .120% 126 *12012 125 .1204 12112'12012
200 Jones Bros Tea, Inc_ No par 2558 Mar 31 40$,4 Jan 31
Ms
384 *34
*3312 3612 *34
12% July 2213 Jan
3312 34
*33 37
84 Aug 10 1518May
No pa
37
*34
5,100 Jordan Motor Car
4 9
83
94
91
912 912
3
9 4 1014 g918 10
9
6
10 Kan City P&L lst pf B No pa 108 Aug 2 114 Apr 26
11112 108 108
49 "iii Tis; Dee
6258 Jan 5 76% Mar 30
.108 114 *108 114 *108 114 *108 114 *108
7134 27.900 Kayser (J) Co v t c____No pa
7234 70
4
1
/ 71
7312 72 73
ins Jan 3214 Nov
4
/
711 72
70
25 15 Feb 17 27% Jan 3
3
69 8 697
2534 128.000 Kelly-Springfield Tire
35 Feb 102 Sept
264 24% 2512 24
3
2214 23 8 2378 2514 25
4
1
/
2218 233
100 55 Feb 17 84 Jan 6
1,100 8% preferred
78
*76
78
78
7734 81
44 Jan 9713 Sent
77
75
76
58 Feb 17 80 Jan 26
73 73 .70
100
7612 4,0001 6% preferred
7812 76
78
76
74
72
19 Oct 27 July
71
71
71
2218 Jan 10 5178Sept 24
70
68
4 444 4712 120,200 Kelsey Hayes Wheel___No par 106 Mar 8 11018 Jan 5 103 July 110 Dec
4612 483
8 47 49
8 4712 603
8 4812 517
474 493
100
I Preferred
109
60 Feb 90% Dee
Feb 20 1031sSept 26
*106 109 *106 109 *108 109 •108 109 *108 10138 90,100 Kennecott Copper
v106 109
NO Par 8018
*
4
434 June 46 Jan
102 10328 1023 10312 10118 1025 100
10014 101% 10118 102
No par 37% Aug 15 52 Jan 19
2,500 Kinney Co
457
45
45
56 June 93 Des
44 4414 4312 4412 4412 4612 4512
100 874 Mar 22 100 Apr 11
*4218 43
380 Preferred
9334 93 94
8
4 93
9334 933
49 June 6274 Feb
17
93
4
3
7
25 5312 Mar 31 76 May
92 93 8 93 4 933 *9214
8
1337 6412 9,700 Kraft Cheese
1
/ 68
6612 6714 66 6612 66 6612 6512 6812 844
1
A5% Jan 774 Sept
10 60% Feb 24 8212Sept 13
4 9,400 Kresge(SS) CO
783
7878 78
1
/
4
/
7815 7934 791 7914 7812 '79121 784 7914 78 115 *112 115
100 11014June 14 118 Apr 27 1104 Feb 118 July
Preferred
10
10 June 18 Dee
4
1
/ 11412 •112 115 *112 115 •112
18 274 Feb 29
114
*112 115
900 Kresge Dept Stores----NO Par 1312 Jan
202 2112 2112 2114 2114
45 Nov 80 Jan
100 51% Feb 1 75 Aug 31
2134 2134 214 2112 2112 2112 2112
I Preferred
75
75 *74
75 *74
75 *74
59 Jan 10614 Bela
75 *74
75 *74
*74
No par 87 Feb 20 1191/Sept 24
8,400 Kress Co
11314 114
118 11912 11212 115
118
73 Mar 27 123% Sept 17
11634 11814 116 11912 11414
*
11878 11618 1183 42,800 Kroger Grocery ds Bkg_No par 20014 Jan 10 280 Feb 2 ifis: Jan all;ilia
11834
11912 12034 11918 12078 119 119 8 119 120
Laciede Gas L (St Louls)._100
*220 240
96 Jan 130 May
1
/
*2074 260 *20712 250 *20712 240 *207 240 *220 240 *102 104
100 100 Jan 5 12412 Jan 26
Preferred
104
17
2012 Jan 374 Nov
•102 104 *102 104 *102 104 *102 104 *10212 UN 35
15.400,Lago OU & TransportNo par 27% Feb 20 394 Apr 25
4
353
66 Jan 8818 Oat
3412 3524 35 3512 354
347
34
3438 347
No par 7912 Jan 10 1275*Sept
Lambert Co
a
7 Jan 1813 Des
125 1275* 125 1267 12212 12534 120 12334 80.600 Lee Rubber & Tire_ _ _ _No par 1714 Jan 3 2412May I
1237i 12512
7
122 8 124
204 214 19,100
8233 Apr 43 Nov
1914 1914 1934 1912 2138 2018 21
19
1934 19
No par 38 Jan 17 835 Sept 26
46,500 Lehn & Fink
3
204 Sept 3414 Dee
4 6058 6234 62% 63 13 60 624 5812 604 33,700 Life Savers
2812 Aug 15 374 Sept 25
6128 595 613
6018
No par
3434 354 344 35
a *8713 Feb 128 SODS
8
3412 345 3628 3612 3734 3534 3137
34
1,400 Liggett & Myers Tobacco_ _25 8318June 22 12218 Jan 3 1186% Feb 128
95
Ool
9438 9414 9414 93 934 *92
94
4
1
/
9218 9234 93 93
25 8014June 19 123 Jan
Series R
3
4
1
/
Apr 11 12414 Jan 140 Dee
9318 93 81 93 93 4 924 934 9134 9238 7,600 Preferred
7
4 93 9328
9212 923
100 134 Aug 2 147
*134 140
49 Oct We AM*
4May 14
•130 138 *133 140 *133 140 .134 140 •134 140 *44
No par 38 July 27 657
2.200 Lima Loc Works
46
4814
45
lb% Sept 78% Dee
4
/
4518 454 45 45
46 46
47
*46
No par 6312 Feb 20 841Sept 28
Liquid Carbonic
7
4872 Jan 63 1 Mar
8312 8112 8412 7934 8312 7812 8112 46,000 Loew's Incorporated_--No par 4918June 19 77 May 9
81
8012 83
4
/
811 82
23,900
5918 61
81
6178 60
732 Jai
5 Oct
8 61
3
6114 60 4 61% 614 617
634 Feb 9 19% Aug 27
61
No par
1118 1134 71,900 Loft Incorporated
1112
4
1
/
25 Dec 113 May
114 111 1134 1118 1218 317 12
3534 Feb 8
114 114 114
NO Par 26 Jan 3
200 Long Bell Lumber A
317 •31
323
1
4
1
/
4
4
111a 323 *3112 323 *3112 3212 3212 3212 7234 7612 7012 7512 26.700:Loose-Wiles Biscuit
3
25 4414June 19 8834Sept 12 45 July 674 Dec
8
7712 7912 765 7812
7714 80
7788 797
100 1174 Aug 17 125 May 9 118 Jan 128 Na
301 1st preferred
*121 122 120 122 *121 123
•11814 123 *118% 123 *121 123
2
2812 May 1173 July
12 4674 Apr 19
25 2334June
29% 10,100 Lorlllard
107 June 11812 Jan
3034 3034 2938 2978 2914 3012 2918 30% 29
100 93 July 13
307 31
400 Preferred
95
90
95 •
10 Ord 12 Aug
9412 9412 9514 9514 95
4
95 95
95 Feb 21 193 Apr 80
*1412 95
No Par
1534 20.400 Louisiana Oil
4 15
1518 153
4
1
/ 16
854 Doe 97 Feb
1614 151 1614 1512 1814 15
16
100 78 July 24 96 Apr 80
300 Preferred
*8712 90
90 90 *8712 90
90
89
3
23 4 Jan 8012 Dee
*8712 89 *8712 89
28 Feb 7 41 May 18
3712 384 28,500 Loulaville 0 & El A--No pa
3812 39
3714 39
20 Oct 334 Mat
3612 373
721/Sept 21
3614 3534 375
3558
3
25 2 Jan 11
No pa
654 684 26,000 Ludlum Steel
708 674 70
43 Nov 6814 Dee
14
8914 7134 6812 7134 69
69 71
1.000 MacAndrews & Forbes_No par 44 Aug 28 57% Apr 20 105 June 134 Aug
x47
471s
48 48
48
48
48
48
49
49
49 49
100 10811 Mar 2 184 Mar
Mackay Companies
•122 128
67 Aug 74 Aug
•122 128 •122 128 *122 128 *122 128 *120 128 *80
100 6814 Jan 13 84 Mar 19
100 Preferred
83
81
81
83
83 *81
8814 Jan 118% May
83 *81
83 .81
*81
No par 83 Apr 17 10778 Jan 8
Mack Trucks, Inc
25,900
92
4
/
4 91
4
1
/ 911 923
382 Aug 27 124 Jan 2434 Nov
4 924 94% 924 958 9214 94
933
913
par y134 Aug 28
4
143 1431 14114 1433 14234 142% 1.200 Macy CoSq Garden.. No par 221s Sept 28 34 May 7
142 142
204 Aug 28% Oet
141 141
14038 141
No
2218 2218 4,100 Madison
233 23 4 2212 2312
3
294 Feb 68% Del
4
5 24
23
2334 24
24
24
No par 43% Feb 27 6414 Sept 25
33,900 Magma Copper
1113 Apr 20% Dee
Apr 12
63% 63 8414 8212 6334 6114 824 5812 62
614 6214 6218
16,100 Mallinson (H R)& Co-No Par 16 Jan 20 28%
4 2838 27% 2618 27
6634 July 95 Dee
4Sept 27
4 21334 2734 2714 273
263
264 2634 26
14
100 37 Jan 30 1063
420 Preferred
4
4
3
3
103 4 105 4 10834 1063 10412 1083
27 Nov del Feb
104 104 *10012 104
15 111 Jan 14
10012 104
100 2712Sept
Manatl Sugar
4
/
*2612 2912 *2612 2912 *2812 291
48 Oct BO% Dee
*2812 30
*2612 30 *2612 30
100 48 Sept 19 88 Jan 17
100 Preferred
*45% 49
*4514 135
48
48
394 Dec 49% Aug
49
*48
*453 49
*4538 50
No par 32 June 25 4013 Jan 24
100 Mandel Bros
3714 *3512 3612
1
/
43 Oct 132
68118June 6
3714 *3812 3714 364 3612 *35
2812Sept 13
3714 *3612
*36
3,300 Manh Elea Supply__ -No pa
31% 3012 31
8
8 31
2414 Jan 35 4 Dec
33 3312 3012 3314 31% 3212 317 317
25 3134 Feb 18 43 May 14
1,200
Shirt
12 Oct 32% Jan
384 3514 3512 3514 3514 4,800 Manhattan 011
4
383 .36
1
/
124 Feb 20 2618 Apr28
*3814 3612 364 364 36
Maracaibo
Expl-No Da
1814 1814
4
/
171 1914 1814 19
81 Jane 6312 Jan
Apr 17
18
18
18
18
1778 18
33 Feb 17 4418
No pa
384 394 384 3914 42,500 Marland Oil
1
/
4
27 Jan 557 Nov
40 40% 394 4012 3914 40
4012 41
4514 Mar 6 67 Aug 28
No Pa
6134 8238 3,300 Marlin-Rockwell
62
5
7
62 62% 621s 62% 6212 82 8 823 62% 82
154 Dee 24% Feb
par 1218 Mat 12 2558June 4
5,100 Martin-Parry CorpNo
214 22% 2078 21
82 Jan 182% Dee
2234 2134 2212 2134 23
14812Sept 12
4
1
/ 22
4
1
/
22 22
14212 13612 13912 5,000 Mathieson Alkali Workallo pa 11734June 19 130 Apr 27 108 Jan 120 Dee
14012 14234 14134 14234 141 14312 141% 141% 138 125 *123 125
100 115 Jan 12
1,000 Preferred
123 123 *123
*123 125 •123 125 31123 125
25 75 July 17 8738Sept 10 66% June 9014 Nov
844 843, 8334 8434 844 84% 8312 83% 6,200 May Dept Stores
8412 844 8418 8578
No Par 1712 Aug 14 2/14 Sept 21
25% 11,200 Maytag Co
2618 2412
2512 2638 25
2838 2512 2878 2534 257
26
No par 58 Feb 3 75 Sept 24
744 2,000 McCall Corp
73
73
73
15;;
73
73
73
55 Mar 90 73
75
74
72 74
1,350 McCrory Stores class A No par 77 Feb 13 105 Aug 25
100 100
9812 99
100 1001
6614 Mar 9614 Dal
10018 102
100 10112 101 101
No par 8012 Mar 14 112 July 20
4,2001 Class B
1
/
1084 1081/ 107% 1091 •106 10812 105 10812
07 Mar 1164 Sept
8 117 July 19
106 10812 108 108
100 109 Feb
500 Preferred
2413 Mar 28% Oat
115 115 •111 11412 *112 1151 11412 11412 115 115
*112 115
McIntyre Porcupine Mines. _5 2612 Aug 20 2818 Mar 16
23
23 *20
23 *20
23 *20
24% Jan 2614 Feb
4
*2134 23 *213 23 •20
300 Metro-Goldwyn Pictures pf_27 24% Aug 30 2718May 29
254 2558 2512 2512
914 Feb
*2512 26
3 Aug
*2512 26
26
May 14
458 Jan 19 39
25% 25% *2512
30% 3238 209,500 Mexican seaboard 011.-No Par
8
7
1314 June 20% Dee
30% 3234 305 31% 2918 31
3014 32% 3118 33
5 1734 Jan 5 25 Sept 25
36.800 Miami Copper
2412 24% 2312 2458 2312 24
254 Oct 119% Jan
2414 24% 2412 25
2312 24
Feb 20 3712Sept 5
35% 79,800 Mid-Continent Petro_ _No par 2518
37
3512 3612 34% 3614 34
97 Apr 105 Feb
• 364 3714 3618 3714 36
100 10314 Feb 20 11518May 11
100
:Odium
112 112 *113 115 *113 115 *113 115 150.700 Mid-Cont Petrol pref
1% Jan
8May 10
73
112 115 *112 115
•
238 Jan 3
Middle States 011 Corp_ _ _ _10
5% 6
5% 834
4 6
53
2% June
83
718
14 Jan
4
1
/
7
10
4
578May
63
4
6% 63
14 Jan 3
10
8
412 45 38,300 Certificates
4% 4%
53
4 5
43
434 518
45
Apr 315 Dee
5
5
5,200 Midland Steel Prod pref..._100 193 June 19 290 Jan 4 106 Nov kW Apt
240 23214 236
3
4
1812 Aug 13 27 Jan 3 174
2383 240 4 23912 246 24312 24814 24034 245 *236 4 24
No par
2312 2312 1,600 Miller Rubber
24
233
24
10912 Oct
23 2312 2334 24
2234 225
100 10214 Jan 10 175 May 3 8112 Jan 1234 Dee
IMontana Power
183 *150 163
4
60% Feb
*150 16634 •150 18634 *150 1863 *16314 168 *150 260 248 2535 125,400 Monte Ward & Co 111 Corp_10 117 Jan 19 267 Sept26
4
6 June 1212 Jan
248 25134 24914 265 258 267 249
1118May 11
8
5% Feb 6
249 2517
No par
13.900 Moon Motors
6% 7
7
712
3
Ms Jan
4
1
/ 74
7
l's Oct
4 712
63
4 7
44May 14
83
4 7 I
63
3
23 Aug 10
3% 314 21,500 Mother Lode Coalition _No pa
4
1
/
314 3
4
1
/ 3%
3
35
312 3%
33
312
318
64 Sept 16% Mar
5 Mar 29 11 May 9
No par
2,2001 MotIon Picture
1014
1014 10
1014 1014 *10
10
10
17 Nov 88% Apr
10
10
10
Mar 32 244 Sept 20
10
No par 13
2012 1834 2012 6.700 Motor Meter A
2034 Jan 2774 Mat
2112 2234 2112 2212 2112 2212 2114 214 20
No par 254 Jan 12 504 Sept 8
4512 4614 13,100 Motor Wheel
4734 464 47
47
10 Jan 794 Dee
4612 4612 4734 4678 48
46
No par 6914June 19 144 Sept 17
4
8514 873 15,700'Mullins Mfg Co
86
4
883 884 84
88
Jan 9 80 Jan 1104 Dee
8834 86
8814 8514
85
100 10434 Jan 17 110%
Preferred
*10612 109
35 4 May 58 Nov
1
6212May 18
•107 110 *107 110 *107 110 *107 109 *10638 109
4
No par 463 Mar
100 Munsingwear Inc
*4812 4912
164 Oat 43 Feb
4
/
4915 491 *483 4934 *4812 4934 *4812 4934 *4812 49% 86
No par 2112 Feb 1 9112Sept 24
90 138,600 Murray Body
904
9312 8514 9212 83
6014 Apr 10174 Del
91
9411 85
85 89
No par 8014 Feb 20 101% Jan 8
9018 93 45.900 Nash Motors Co
74 001
5 Feb
1
/
9414 954 93 9434 9212 9318 91% 9278 18
74 Jan 4 2938 Sept 24
9334 947
184 38,100 National Acme stem ped_ _._10
1918 1934 1812 19%
$114 Sept 49314 Dec
1814 194 1914 2038 194 197
No par 41 Jan 3 108 Sept 18
5,300 Nat Belles Hess
99
102 10234 100 10238 97
4
851 Beet 97 API
103 10334 10118 103
100 103
100 9014 Jan 3 111 May 7
100 Preferred
10712 •105 107
904 Jan 187 Dee
•105 10678 10878 10678 •105 10878 •105 10712 •105 174 X1703 17312 3,300 National Biscuit
35 15912July 12 182 Jan 27
4
172
175 175
175 175
175 176
4
1
/
*175 176
100 13712 Feb 29 150 A pr II 180 Jan 142 Dee
500 Preferred
142 142 .142 143
142 142
3972 Jan 51% Dee
1428 143 *142 143
142 143
.
I No par 474 Jan 16 9412Sept 14
8812 854 874 65,800 Nat Cash Register A w
8812 89 a 86
7
7
6914 May 63 2 Aug
91
s
6413 Jan 5 1087 Sept 24
91.34 89% 907k 89
90
108 1034 106 126.000 Nat Dairy Products...No par
304 June 27% Mel
10618 10712 10512 10878 106 10838 10512 10678 10312 2512 254 2512 1,2001Nat Department Stores No par 2174 Jan 5 28 June 4
2512
*2558 26
8912 July 9414 Jan
2512 28
26
26
91 Jan 10 102 May 2
26
100
28
200 181 preferred
93 9412
*933, 9414 9334 9334 *93
9412 •
17 Feb 60 Oct
94
2914June 12 684 Jan 9
*93 9312 94
4113 4012 4114 4114 424 7.900 Nat Distill Prod etre_ __No par 5114June 13 7113 Jan 9 68 Mar 69 4 June
3
4
/
4
/
4118 4118 4058 411 411 4254 4034 64 •62 64
200 Preferred temp etre__ No par
*62 84
194 Apr 116% June
62 *82
*130
Mar 26 46%Sept 17
4
1
/ 6312 6312
100 2314
6314 63
18.300 Nat Enam dr Stamping
1
/
4414 424 44
6914 Apr 9174 July
417 4412 43
1
/
404 42
424 43141 4178 43
100 9014 Mar 28 9918may 15
......I Preferred
100 115 July 11 136 Jan 31 805 May 202% May
HI fig
300 National Lead
-- -100 189 Jan 3 14714May 18 11813 June 13084 Dee
*HI 12934'Ha" fig *HUB 144 *14212 fig" •1424 144 124 124
2001 Preferred A
142 1421
144
14213 *144 *14212 144 *14212
100 1121a Mar 20 122 July 17 10474 June 1154 De
200 Preferred B
•118
*118 -- 118
194 June Mt Seel
No par 2153 Jan 16 4314 Sept 26
12012 12012 12012 12011
4
1
/ 404 4214 40% 4214 458,900 National Pr & Lt
1
/
86114 Nov 394 Nov
14 July 25 40% Jan 9
3778 3834 3734 41% 4112 434 424 43
1638 4,100 National Radiator__ _ No Par 50 Sept 28 984 Jan 17
16
4 1614 17
96 Nov 98 Dec
8 II% 173
1814 177 1814 171/ 177
No par
.18
300 Preferred
50
50
55
55
58 65
76 May 9772 Dee
69 *58 66 •
8414June 12 110 Apr 19
50
*58 69 •58
11.900 National SuPPIY
102 105
102 103 10034 103
10312 105
100 26712June 13 870 May 15 a213 July 378 Dee
104 10612 104 106
640 National Surety
30212 301 30234 300 30112
No par 160 Jan 17 289 Sept 11 108 Apr 180 Dee
300 301 302 30434 30112 305 301 280 278 280 27612 279
1,600 National Tea Co
12% June 20% Deo
*278
17% Jan 18 504 Feb 16
279% 280 27912 281 *280 28114
4
/
4
263 271 95.400 Nevada Consol Copper-No Par 40 June 19 50% Feb 10
39% Oct 50 June
8
8 275 2814 2718 28
2712 283
No par
4
1
/ 27% 2712 277
27
4
1
/ 3,500 N Y Air Brake
1
/
34 Jan 65% Nov
4478 434 444 43 4314 42% 43
Aug 14 644 Jan 4
44
100 47
4434 4434 4418 45
1,200 New York Dock
4
4912 493 *4812 50
4958 50
7214 Feb 9312 Nov
1
/
100 85 Sept 21 95 Jan 4
1
/
Preferred
*484 4912 484 4814 4814 49
934 Feb 10212 Oet
83 89 *83 89 *83 89
*83 89 *
9914 Jan 3 10512May 16
89
*83
83 89
*
180 NY Steam pref (6).---No par
8
1007 1007
Apr 19 105 Jan 114112 Oel
8
a
100 1007 100 1007 10018 1004 *994 101 *11014 1111
*100 101
60 let preferred (7L_ --No Par 102 Jan 30 115
11112
4
273 Jan 29% May
25 2712 Apr 17 2912May 17
*11012 11178 *111 11178 •111 11112 111 11112 •11014
Niagara Falls Power pf
Mae Jan 644 Oet
Jan 5 7912Sept 4
10 68%
Witoo North American Co
7.
60 Jan 65 Aug
8
50 51 Sept 11 554May 16
"iiTs 7514 743 7528 7384 747 737 7413 7334 Iris; .734 Vila
800 Preferred
ON
5212 524 5238 521s
Feb 7
5214
5438 543s 10012 5214 10012 1004 loots low: 1,100 No Amer Edison pref._ No Par 100 Sept 10 1054May 15 96% Jan 106 S394
.53 5412 53 64
47% Jan 56
1001/
..50 49 Sept 14 55
8
100% 1007 1.0872 101 •10012 101
10 Northwestern Telegraph,.
51
Itet
51
*4812 51
Ds June
48% 51
712Sept 4
213 Mar 15
•4878 51 •
*Ws 51
.
5
•48 8 51
Norwalk Tire & Rubber_ _ AO
8 4,000
5% 53
4
311 Dec III .7as
8
3
5 s 5%
83
4
7% Aug 31 13 May 14
5% 53
Pa 54
3
Pe 5 s
200 Nunnally Co (The)____No par
912
912 *8
*8
8
8
912
•8
911 •8
.8
181
I
-
Ex-rignts,
•Bid and asked prluss; no ssles on th14 day. s Lk-dividend. a
EFL
Si
New
York Stock Record-Continued-Page 6
1781
For sale. during the week of atocks not recorded here, see sixth page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 22.
Monday,
Sept. 24.
$ per share
30
305
8
10012 10012
11
11
*94
994
.7318 7314
SatesSTOCKS
for 1
NEW YORK STOCK
the
EXCHANGE
Week. I
S per share
30
303
8
101 101
1078 1114
98
*94
74
*73
_ ____
Tuesday, !Wednesday, Thursday,
Sept. 25.
Sept. 26.
Sept. 27.
Friday,
Sept. 28.
$ per share
287 29
8
1017 103
8
1034 1034
*94
9618
*73
74
__ _
_
84 --84
211112 2 7 -1914 21914 92512 224 22612
*12212 126 *12212 126 *12212 125
8 303 313* 308 3112
3014 307
8
*9812 9912 9813 9812 9814 9812
*92
95
*92
96
*92
95
78
79
78
7818 775 777
8
8
PER SHARE
Raiige Sitice Jan. 1.
Os bast., of 100
-oar,lots
LowesS
Molest
$ per share 8 per share $ per share Shares 'Indus. & Miscel. (Con.) Par I per share
$ per share
2914 293
8 28
29
28
28
2,100 011 Well Supply
25 2014June 13 41 Jan 11
10112 10112 1015 10153 *1015 103
8
8
Preferred
100 07 June 14 11012 Jan 11
901
103 107
4
8 105 103
8
4 103 103
8
4 1.900,0mnibus Corp
No par
978 Aug 23 15141May 10
*94
9618 *94
9618 *94
1 Preferred A
100 90 Jan 11 9938June 12
9618
74
744 *7312 74
7312 74
800'OPPenheirn Collins &CoNo par 875 Aug 17 8812 Jan 7
____ ____ ____ ____ *2512
__ ___ __ _ lt Orpheurn Circui , Inc
1
18 May 9 30 Sept 12
__
__ ____
__ *8812 -100 Preferred
88
100 75 May 9 102 Jan 6
22214 22412 223 225 z219 223
_-5,800 Otis Elevator
50 14718 Feb 20 22612Sept 25
12212 12212 *12212 125
122 122
601 Preferred
100 11914 Jan 24 1263
4July 19
3013 3034 30
303
4 2918 303 78,100.0tis Steel
8
8Sept 18
No par
104 Jan 1.8 317
9814 9814 98
98
1,100,0115 Steel prior pref
98
98
100 824 Jan 10 9812Sept 8
*92
94
*92
95
91
91
100 Outlet Co
No par 81 June 19 9918Sept 4
773 7712 777 777
8
8
8 775 8012 3,100 Owens Bottle
8
25 744 Jan 3 95% Apr 18
Preferred
100 1143 Jan 3 117 Mar 16
4
52
52
524 51
62
5214 5112 5158 Si
5112 z50
51
2,100 Pacific Gas-Elec
25 4312 Feb 28 533
4May 4
114
18 1%
112
158
114
112
112
114
13
14
114
6,400 Pacific Oil
1 Sept 14
No par
214 Apr 27
*15114 153 *15114 153
154 154
150 150
153 153
150 150
200 Pacific Telep & Teleg _
100 145 June 12 160 May 17
923
8 9012 9413 923 943
91
4
4 93
94
905* 9312 89
9238 272,000 Packard Motor Car
10 5614 Feb 18 923
48ept 21
463 4712 465 4712 47 477
4
8
8 465 483
8
4 49
504 4513 48% 13,900 Pan-Amer Petr & Trans
50 3814 Feb 20 943
4Sept 25
4812 4934 485 4934 483 497
8
4
8 4818 51
49
515
8 4812 5012 190,6001 Class B
50 8752 Feb 20 543* Apr 30
1714 1714 *1714 177
1718 174 1738 173s 1714 1714
1718 1714
1,500 Pan-Am West Petrol B_No par
1512July 23 283* Apr 28
154 1514
145* 153
4 1414 1413 1418 1414
1414 143
1414 1414 3,700 Panhandle Prod & ref_No par
11 12 Feb 11 213
4May 14
*82
85
85
*8112 85
*83
*81
85
*75
85
*75
1 Preferred
85
100 70 Feb 21 10614hfay 15
7912 797
7812 793
4 763 7914 763 793
4
4
4 773 79
8
76
7712 15,800!Park & Tilford
No par 34 Mar 10 87 4Sept 6
3
113 1112 1112 117
8
115* 1178
1112 1114 11
1112 19,000 Park Utah C M
113
8 11
I
9 Aug 15
1411 Jan 5
53
4 6
53
4 57
5 4 63
3
8
612 7
613 714
83* 67 89.9001Pathe Exchange
8
No par
2 Feb 8
918/May 10
8
2314 2314 233 247
25
27
2634 2813 26
2914 25
2612 11,800 Pattie Exchange A
818 Feb 9 34 Aug 8
No par
3434 35
373
343 353* 3512 377
4
383
4
3512 37
3412 357 62,100 Patino Mines & Enterpr___20 237 Jan 3 42 Apr 30
8
173* 177
17
173
17
177
167 173
4 1714 177
8 5,800 Peeless Motor Car
1718 175
,
50 1418 Se pt 13 257 Mar 18
37
3912 37
3734 3612 363
383* 36
4 35
37
35
363 30,400 Penick & Ford
8
No par 22% Jan 7 39125ept 22
1658
1514 1578
164 165* 16
15
1514 1534
1538
1512 1534 4,400 Penn-Dixie Cement__ _No par
1414 July 18 31 May 2
*83
84
84
84
*83
88
*83
88
*83
88
*83
88
200 Preferred
100 75 Sept 13 965 Apr 25
8
190 191 *19012 191
190 191
19012 20114 195 19814 *194 198
5,500 People's G L & C (Chic)100 151% Jan 6 20114 Sept 26
*163 169 *167 167
168 168 *165 168 *160 168 *160 168
100 Philadelphia Co (Pittsb)___30 145 Mar 24 1743
4May 4
•48
487 *48
8
483 *48
4
483 *48
4
483
4 48
48
*48
10 5% preferred
50 4512 Mar 15 49 A u,g 18
484
*5314 5313 5314 5314 5318 3318 53
53
53
535318 5318 2,700 6% preferred
50 52 Jan 3 57 Mar 29
3318 34
33
3313 323 3314 323 34
4
4
3214 33
32
3212 17,500 Mlle & Read C & I....No par 273
8June 13 393 Jan 3
4
Certificates of Int__ _No par 27 Mar 13 38 Jan 12
183 19
1814 183
s
4 17% 183
1734 1714 1712 1714 1713 6.000 Philip Morris & Co., Ltd__ _10 15 Mar 1 251 151ay 25
8 17
4414 443
4 4414 4434 443 45
433 443
4
8
4 434 4312 42
4314 96,100 Phillips Petroleum
No par 354 Feb 20 45 Sept 25
•20
25
243 243 .22
4
4
2312 *22
25
*22
25
*22
25
100 Phoenix Hosiery
5 243
4Sept 24 38 May 9
*9612 98
*9612 98
*9712 98
*9612 98
*9713 98
*9712 98
Preferred
100 96 Jan 9 1034 Feb 14
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --__ ______ Pierce-Arrow Mot Car_ No par
1012 Feb 18 1838May 31
--zz - ..:-- --.:.: - _-- --:, - - --z- - Preferred
10(
397 Feb 16 657 Aug 24
31
312 3 4
3
3
% 34
3
314 3
-34
- 2
3
34
21
4 - 18 40,200 Pierce 011 Corporation
9
25
514 Apr 27
12 Mar 3
3314 3514 3418 3614 33
354 3412 35
3614 3518 357g 35
8.700 Preferred
100
1614 Feb 20 3738Sept 20
5 55*
512 534
55
5 8 512
3
53
3 512
5
53
8
5
514 21,700 Pierce Petrorm
Vo par
312 Feb 16
6 8 Am 27
5
4534 4612 457 465
4514 457
454 46
444 4514 44
4413 11,800 Pillsbury Flour 51111s_ _No pa
3 / Feb 18 4914 Sept 12
24
•118 121 *119 121
119 119 *119 121
119 119 *118 121
300 Preferred
A00 108 Jan 6 125 Sept 12
494 5112 493 51
4
49
51
0012 5112 49
507
49
4918 7,800 Pittsburgh Coal of Pa
100 3818June 2 55 July 6
*8512 88
86
88
*8512 86
8612 883 *8612 87
s
8613 8612 1,600 Preferred
100 81 May 1 8812July 9
*83
88
*83
88
*85
88
*853 88
4
*853 88
4
*853 88
4
Pittsburgh Steel pref
100 8212Sept 20 96 Feb 9
*2814 3038 *29
3112 *2814 32
30
30
.29
30
29
29
200 Pitts Terminal Coal
100 26 Feb 10 36% Mar 20
*6914 71
*6914 71
*6914 71
71
71
*6914 71
6914 6914
150 Preferred
100 69 Aug 14 82 Mar 13
8212 62% 63
60
63 63
6312 64
64 3 653
8
4 6412 6412 2.100 Porto Rican-Am Tob Cl A.100 53 4July 5 797 Jan 6
3
8
25
25
253 26
4
4 283 2858 25
8
265* 263
2512 *25
26
3,200 Class B
No par 234 Aug 15 3512May 18
7112 717
* 713 717
3 7112 717
72
8 71
704 7114 6912 71
72,000 Postum Co. Inc
8July 17 13612May 31
No par 613
25% 263* 2518 2638 2512 2638 2512 2612 26
273
263 273 155,000 Pressed Steel Car
8
4
No par 18 June 13 273
4Sell 27
82
*82
82
84
7912 82
80
82
82is 8318 83
84% 8,500 Preferred
100 70 Aug 29 88 Jan 4
2512 25% 253 2618 2514 253
8
4 2478 253
8 2412 2518 233* 243 10,200 Producers & Refiners Corp_50 16 Feb 17 285
8
8June 6
*443 45
4
*1214 45
443 45
45
8
45
45
45
453 453*
8
260 Preferred
50 41 Feb 20 495
8June 6
•6512 67
*6512 67
67
67
*6512 69
*6512 69
*6512 89
20 Pro-phy-lac-tic BrushNo par 63 Aug 24 91 Feb 17
665 67% 6612 7014 8912 713
8
8 67
68% 663 68 101,500 Pub Ser Corp of N J___ _No par 4112 Jan 9 713
8
8 6712 693
3Sept 25
•108 10913 *108 10912 109 10914 *108 109
106 108
108 108
700 6% preferred
100 1033* Jan 6 115 May 4
•124 126 *124 126 *124 125 *124 125 *124 12818 *124 12518
7% preferred
100 118 Jan 21 12912May 31
*143 148 *143 14734 •143 1473 *143 1473 *143 1473 *143 1473
4
4
4
; 8% preferred
4
100 134 Jan 7 130 May 4
*10814 1083 .10814 10918 1083 1083 *1073* 10812 1075 1073 10812 10813
4
4
4
8
400 pub Serif Elec & Gas pfd .100 107 Aug 7 11012 Apr 25i
803 8114 8012 8114 805* 814 8018 8078 797 8118 8014 807 18,000 Pulltnan Inc
8
8
No par 7818 Aug 15 94 May 15
•2412 243
4 2412 247
2412 24121 •2438 243
2413 241 243 243
s
1,800 Punta Alegre Sugar
50 2314 Aug 2 3438 Jan 3
2513 26
2513 26
2518 2571 243 25 8 2418 243
3
05 19 Feb 1
4 233 243 39,000 Pure Oil (The)
4
8
2712 Jan 5
•111 11112 112 112
112 112 ' 11112 11214.111 11112 *111 1 1112
50 8% preferred
100 108 Mar 15 1111 June 6
8
1313 1333 12814 1313 12812 1307 126 129
4
4
81
12258 1257 1194 122
8
32.200 Purity Bakeries
75 June 15 13312Sept 21
No par 9614 Jan 3 t 71 Apt 12
_1 Class B
_- - - -- ••------ ---- -- --- --'---- •155 165 - 160 199- 162 162'•155 162 *150 19314 *15013 fef 14
400 Preferred
105 July 12 165 Sept 21
197 2063 198% 20513 1984 205 4 20112 211
4
202 2097 1981s 2073 255,000 Radio Corp of Amer___No par 8514 Feb 20) 22612Sept 5
3
8
4
5812 564 *56
*5
611 58
56
*56
58
56
58
*56
58
300 Preferred
50 5412 Jan 41 60 May 16
3813 3714 364 37
38
36
36
36
3512 37
3614 37
5,100 Real Silk Hosiery
10 247 Jan 17 4033 Aug 17
8
94
*933 94
94
*93
9412 9414 9414 9318 9318 93
93
120 Preferred
100 8012July 12 95 Aug 3
103 11
4
107 108 *1012 107
8
1012 1013
93 1012 10
4
101g
1,800 Reis (Robt) & Co
No par
512 Feb 23 13 May 15
2618 267
8 26
2612 257 283
8
8 257 2614 25% 257
8
8 25
253 34,200 Remington-Rand
8
No par 231. Jan 20 31312May 31
*90
92
*90
91
90
91
91
91
89% 89% 894 894
8001 First preferred
100 8812Se1't 19 98 June 2
*92
93
*89
91
*89
90
89
89
*89
91
*89
91
100 Second preferred
100 89 Sept 26 100 Jan 24
33
3312 32% 3312 3312 3434 335 343* 12
5
33
304 327 163,400 Reo Motor Car
8
10 2212 Jan 21 343
4Sept 25
84% 86
85
877k 843 8612 8212 8514 804 8412 7918 823 67,800 Republic Iron es Steel_ _ _ _100 4910110e 19 917
8
4
8Sept 14
•10912 110
10913 10913 10912 10911 *109 110 *1007 110
8
1097 1097
8
400 Preferred
100 102 June 25 112 Feb 6
104 107
lOSs 11
8
1012 103
103* 11
4 1014 102
10
103 10,400 Reynolds Spring
8
No par
814 Feb 18 147
8June 4
140 1407 140 141
3
140 14014 140 14014 139 140
11834 14018 7,800 Reynolds (RJ) Tob class B.25 128 Apr 24 16118 Jail 3
4914 50
4912 5014 4912 497
49
50
4812 493
3 48
48% 44,600 Richfield Oil of California_ _25 2312 Feb 17 53 May 15
186 1864 1864 18614 18712 195
193 195
186 194
190 192
25 145 June 13 233 May 4
58
4
5814 5814 5812 585 5918 5852 5834 4,800 Roasts Insurance Co
5814 5812 573 585
8
6,800 Royal Dutch Co(N Y shares).
445* Jan 20 5912Sept 4
47
48
47
4712 46
47
45 4 463
3
4 455* 463
4 45
4618 8,800 St Joseph Lead
10 37 Mar 16 493
8Sept 19
s 393 4212 41
42
427
4
43
413 427
4
41
42
383 404 14,400 Savage Arms Corp.. __ _No par 37 Aug 10 4912 Aug 31
4
33
312 37
414
44 412
37
418 412
44 40,100 Seneca Copper
44 412
No par
2 Jan 18
412Se1)t 25
84
65
6513 6612 657 67
6414 85
66
66
6318 8414 10.400 Shubert Theatre Corp_ _No pa
5434June 19 72 Sept 10
5712 57% 56
575
8 5514 57
555 567
8
8 555 56
8
5518 55% 83,300 Schulte Retail Stores
No pa
497k Feb 18 8712 Apr 14
120 120 *119 122 *119 120 *11914 120 .11912 120
119 1194
80 Preferred
100 1187
8June 28 129 Apt 11
*133 14
14
4
14
14
14
1334 1418 14
14 :1378 137
1,600 Seagrave Corp
10 Feb 18 1712June 18
147 148
8
1455* 1473 147 1533 149 15314 1464 1493 1453 14913 96.000 Sears. Roebuck & Co No par
8
4
*
Nopar 8218 Jan 16 157 Sept 7
12712 128
129 129
128 128
4
1265* 1293 1243 12613 123 1268
4
7,300 Shattuck (F (1)
No pa
8
8012 Feb 17 1353 Aug 31
*514 52
*303 52
518 52
*47
52
53
51
*33
500 Shell Transport & TradIng_£2 393* Jan 24 513gSept 18
29
2912 29
2914 29
2912 285* 2912 283 2912 273 2
4
3*- 3 9 57,300 Shell Union 011
No par 2314 Feb 8 31 Apt 30
223 223
8
k 22
224 227
22% 22
2234 22
2212 2114 213 11,000 Simms Petroleum
4
10 1818 Feb 20 26 Mar 30
6612 67
66
87
653 678
4
66
667
8 6514 864 6414 8514 15.700 Simmons Co
No par 653
4June 19 73 Apr 4
314 317
3118 3213 3013 32
3112 32
29
305* 2878 3014 469,500 Sinclair Cons 011 Corp_No pa
1738 Feb 20 3212Sept 25
0108 109 *108 109
109 108 *108 109
108 108 *108 109
200 Preferred
100 10212 Jan 4 109, 4pr 28
.
35
3558 3312 3614 353 3655 341
3612 353 383
4 3518 363 79,900 Skelly 011 Co
25 25 Feb 15 363 Sept 27
4
*118 121
121 124 *120 122 *118 121 *119 120
118 118
800 Sloss
-Sheffield Steel & Iron 100 102 June 23 134 Feb 6
147 15
8
*143 15
4
145 15
1414 145*
115s 1378 1318 1313 8.000 Snider Packing
No par
125* Jan 6 20 Apr 30
40
4018 40
40
39
39
3714 38
34
37
3414 3412 1,900, Preferred
No par 34 Sept 27 80 Jan 11
41% 4318 413 423
8
8 4118 4278 4134 4258 41
4214 41: 42
No par 3211 Feb 18 49%May 24
213434 13912 13412 1304 213112 1383 213112 13912 *13112 13912 *13112 13912 23,100 So Porto Rico Sue
4
5,000 Preferred
1001 133 Feb 1 14413 Aug 9
49
4912 4912 497
2 4912 5012 49112 5018 49
4934 485 497 13.8001Southern Calif Edison
8
25 4312 Jan 5 5414May 4
38
39
38
3812 3612 39
36
36
35
35
33
35
3,200 Southern Dairies cl A__No par 2412 Jan 25 605
8May 21
1.114 155*
1514 153
4 1514 153
1314 144 13.55 14
1314 1312 13,6001 Class B
No par
9 Jan 23 30 Apr 23
*115 120 *115 120 :
11513 11513 •115 120 *115 120
3115 120
113,Spalding Bros 1st Pref._ _ _100 109 Jan 7 120 Apr 3
115* 115 *1112 12 1 12
12
12
12
12
12
*1112 12
190'Spear & Co
No par
105 Sept 11 20 Feb 29
8
87
*81
*81
87 1 *81
87
*81
87 .81
86
8112 815*
601 Preferred
100 79 Feb 26 92% Feb 29
425 437
8
4314 44
423 4318 4114 42% 4012 417
8
40
414 25,200 Spicer Mfg Co
No par 234 Jan 12 4412Sept 20
1 Preferred
100 110 Ahr 11 113N.Itine 1
33
3418 33
337
8 3212 33
3212 33
30% 3212 3012 3134 9,700 Stand Comm Tobacco_No par 28 June 22 37 8 Sept 13
7
7134 723
8 72
7312 7214 7318 724 74
713 73
4
7014 7214 32,600 Standard Gas & El Co_No par 577 Jan 12 7312Sept 17
8
663
4 13612 663
8 664 663
6612
4 6612 663
4 6614 8612 6614 668
2,0001 Preferred
50 66 Jan 3 7112May 16
11512 11512 11413 11413 11413 115
11414 11412 11214 11214 111 01212 2,700 Standard Milling
100 100 Jan 5 127 Apr 20
*103 104 *103 104 • 103 103 *10113 103 *10112 103 .10112 103
101 Preferred
100 10018 Jan 3 112 Apr 231
8
8 603 6114 6012 617
597 603
8
8 6018 6113 593 6058 594 6012 65,100 Standard 011 of Cal_ _No par 53 Feb 20 63% Apr 30
4
4618 4612 4618 4714 4614 473
3 46:8 47ls 45% 48% 4538 46 181,800 Standard 01101 NewJersey_25 374 Feb 18 49 Apr 30,
1
-363 36% 36% 37141 365 3714 3618 3678 353* 36% 3512 357 153,100 Standard 011 of New York. _25 283 Feb 17 4112 Apr 30
8
8
4
412 48
47
43
8 47
4 5
458 434
412 413
44 5
3,500 Stand Plate Glass Co_ _No par
214 Jan 3
7% Feb 23
7
21
215 23
22
8
23
2212 21
21% 2014 2014 20
203
4
1,650i Preferred
100 10 Jan 18 40 Feb 23
'Sterling Products
No par 13414 Feb 28 150 Jan 26
10318 1044 10212 10112 10312 10412 103 107
102 1043 1015 10314 33,200 Stewart-Warn Sp Corp.No par 7714 Feb 18 1097
4
8
sSept 12
5578 557
8 54
55% 5554 5412 5514 533 5412 2,300,Stromberg Carburetor_No par 44 Jan 3 744June 4
5514, 5518 58
8
1
I
•Bid and asked price,: no sales on this day. z Ex-dividend. a Ex-rights. 6 Ex-dividend and ex-rignis.
PER All ARS
Lases for Previous
Year 1927
Loma
Higaest
$ per share
311,2 Jan
10214 Mar
11 Mar
81
Jan
5813 Feb
237 Dec
2
10224 Nov
:103 Feb
108 Feb
714 Feb
614 Feb
523* Jan
73 Dec
107
Jan
31 Feb
1 May
124 Mar
333 Apr
4
401e Dec
4014 Dec
161 Oct
4
8 Apr
59 Sept
20
Jan
6
Jan
314 Dec
1811 Dec
1812 Aug
20
Apr
1011 Sept
2113 Dec
91 Sept
126
Jan
854 Jan
Jan
40
Jan
50
373* June
3714 June
18 Sept
3614 Oct
3518 Dec
103
Jan
918 Oct
373 Oct
4
14 Mar
1312 Mar
24 Mar
307 Nov
8
104 Aug
32% Mar
7058 Mar
94 15ec
3013 Apr
74
Apr
85 Aug
15 Aug
9258 Mar
384 Feb
764 Feb
1684 Jan
8
367 Jan
55 Feb
32 Jan
9813 Feb
10812 Jan
8 per Chart
387 Dee
8
110 Jun.
1718 June
9912 May
823 Dee
8
35 Apt
10812 June
1553 Oct
4
124 4 Aug
3
121; June
97 Piny
99 Doe
Ws Dec
120 Nov
50 Dec
17 Ian
162 Dee
62 Dec
65% Ja
683 Jan
8
j
377 Jai
1878 Jan
83 Nov
465* Oct
1013 Dee
12 June
434 June
27 8 Feb
7
Jac
32
2772 Mat
395* Jac
100 May
1683* Nov
16311 Dee
51 Dec
5313 Sept
4.75 Mal
47 Mat
4118 Jan
8014 Feb
5278 Alla
1074 July
Jan
Jan
Aug
Oct
Oct
Jan
2338 MO
10212 Jac
118 June
24 June
512 June
3712 Aut
109
Oct
7412 June
98 Sept
101
Jar
56 June
8412 Der
9112 Jag,
52 8 Dee
7
12618 Dee
7814 Der
9212 May
337 May
.
50 Feb
71 Sept
487 Seri
8
105 Noy
12014 Nov
13514 Nov
11011 Deo
84s4 Dec
967 JAL
8
3312 Mal
11512 Dec
4f14 Jan
_
4118 Apr
49 May
2013 Nov
80 June
53 July
8
2012 Nov
8712 Nov
Oct
90
2512 Dec
53
Oct
965 Jan
8
4
Feb
9818 Feb
25% Dec
74 Jan
4414 July
36 May
101 Not
57
Apt
411 Mar
99 Der
9 June
4714 Dee
10211 Apr
110
Apt
213% Dee
757 Mai
.
106 Mae
13 Dec
162 Dee
*
285 Dee
194
Oct
.1412 Yet,
ire Mat
1 June
56 Aug
47
Jan
11614 Jan
81 Sept
4
51
Jan
563* Jan
413 Oct
8
243 Oct
2
144 July
334 Jan
16
Oct
97
Jan
244 June
11014 Nov
1158 June
44 Nov
33% Aug
1184 Mar
31 Jan
7478 Nov
67 Sept
123 A06
153* Dec
9112 Dec
10112 Oct
477 Feb
818 Feb
4
263 Dec
8
6414 Dee
223* Jan
1044 Dec
3718 Feb
1344 Apt
16% July
6214 July
6232 May
137 Nov
125
102
733
4
27
25
1113
*
- -. Nov
63 2
7
8138 Jan 41 Dec
15 May 46* Jaz
62 Oct 20
4
Jan
103
Jan 11213 Nov
81 May 16 Dec
4
73 Feb 88 Dec
204 Jan 287 May
8
104 Feb 11112 Nov
64
Jan 661 June
4
671g Jan 664 Nov
7014 Jan 104% Dee
84
Jan 103 Dee
503* Apr 613% Jan
3518 Apr 411 Feb
8
293* June 8412 Jan
2 Mar
42 June
2
10 Mar 157 June
8
904 Jan 14312 Nov
5414 Mar 874 13ov
,
2618 June 66 Bent
New York Stock Record-Continued-Page /
1782
For sales during the week of stocks not recorded here, see seventh page preceding
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 22. 1
Monday, i Tuesday,
Sept. 25.
Sept. 21.
Wednesday, Thursday,
Sept. 26. 1 Sept. 27.
Friday,
Sept. 28.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share! I per share $ per share $ per share' $ per share $ per share Shares Indus.& Miscel.(Con.) Par
8
8 815 8278 8218 83% 8014 828 78% 81% 210,700 Studelfreorp(The)____ No par
4 8058 817
8118 823
100
1401 Preferred
1248 1243 1243 1244 125 12.3
4'
4
4
•1243 125 .12434 125 •12434 125
No par
4 18 16,600,Submarine Bout
4
414 412'
4 4
33
4
4%
418
4
414 412
No par
4
553 553
4 6,700 Sun 011
57
56 I 55
587g 5714 55% 5714 5612 5612 56
100
2001 Preferred
105 105
10412 10412 *105 106
•104 106 .103 106 .103 106
No par
4 83
73
4
7% 73 114.700'Superlor Oil
714 73
712 8
4
*
81
812
8
100
7,600:Superior Steel
4
3212 3114 3112 2914 304 2912 30
3212 33
321 3314 31
Si)
19% 2014 6,700'Sweets Coot America
20
20
8 20
207
1978 21
1914 1914
2
183 181a
No par
Symington
*412 5
4 .412 5
*412 5
*412 43
.412 5
*414 5
No par
2,100 Class A
7
1312 1318 137 .1318 14
13
13% 13
4
133 133 .121z 13
4
700 Telautograpb Corp___ _No par
.1814 1812 1812 1812 1814 1812 .18% 1812 1812 1812 1814 1814
No par
1578 1612 116,600 Tenn Corp dr C
1714, 157 1714
8
1518 15
15
1514
1514 15
15
25
6718 68% 185,000 Texas Corporation
693
687 697
8' 68
2 69% 7012
693* 7012 6912 703
8
694 7014 695 70% 70,500 Texas Gulf Sulphur__ NO Pa8 7012 713
4 70% 71% 695* 718
7112 717
10
11,200 Texas Pacific Coal & 011
8
4
14141 133 1414 133 14
1414 1412 14
143*
1412 14
14
1
8
235 29,800 Texas Pac Land 'Trust
23
24% 235* 24141 233* 237
241s 24% 2418 245* 24
fg
No par
1300 Thatcher
.2514 26
.2514 26
2614 2614 2614 2614 2614 2614 2514 26
No par
200 Preferred
48
43 .48
48
485* 48
48%
487 *48
8
487 .48
.48
No par
4 40% 40% 4.700 he Fair
413
8 40
4112 417
4112 42
4112 42
42
42
25
500 Thompson (.1 R) Co
6312
64
6312 6312 *63% 6412 62
6412 .63
6412 •63
*64
8
213 2212 89,600 Tidewater Assoc 011___No par
4 2234 2314 2218 23
2338 2378 2314 233
8
235 24
100
600 Preferred
8
883 883
89
4
4 885* 8853 8812 8812 885 88%
8
88% 887 *88
100
10,400 Tide Water 011
30
29
30
8 2914 2914 29
2712 297
30
29% 303
8 30
100
700 Preferred
9012
9014 0014 9014 .90
.8912 9012 *3912 9012 9018 9018 90
8
141 14518 14078 1435 136 14012 13418 1387 110,200 Timken Roller Bearing.No par
8
1397 14158 1405* 144
,
1043 10312 310114 104% 26,000 Tobacco Products Corp_ _ _100
10418 10512 10434 107
10412 106
1061s 10614
100
11612 11758 11614 118% 6,700 Class A
11812 11812 118 1188 117 117
119 119
814 8% 58,100 Transet'l Oil tern ctf___ No par
8
814 83
812 87g
812 83
812 88
4
8% 8%
600 Transue & Williams Sri No par
4912
52 .50
.48
51
5012
51
4
51
513
.51
52
*51
6812 687
8 68
6812 6714 68% 4,700 Under.Eillott Fisher Co.,Vo par
8
8 685 69
6912 6912 683* 697
100
Preferred
__
.123
.123 ____ .123
.123 ____ .123
.123
1,200 Union Bag dr Paper Corp_ _100
37
37
8 37
383
38
8
4
.38
3912 .383 3912 383 38% 38
188 19212 182 190 217,900 Union Carbide & Carb_No par
179 18212 181 190 1 18612 19112 18714 194
25
4 8.500 Union 011 California
8
4
5112 503 51
493 505* 4912 493
51% 51% 507 5112 51
100
400 Union Tank Car
11012 11012 111 111 •110 1111.2
113 113 *111 113
•112 114
No par
9,800 United Biscuit
4912 4814 487
8 4714 48
4
5012 51 I 493 504 49
5014 504
100
Preferred
•119 130
.119 120 .119
•119
•122 131 •119
10
20,300 United Cigar Stores
28
27
8 2714 28
4
2812 273 28% 27% 283
2812 28
28
100
200 Preferred
10612 10612 .106 10612 *106 107
8
1067 1067 •106 10712
•107 108
100
United Drug
50
1st Preferred
United Dyewood pref
100
4
76
Vcr ;66=. - - " ;66/ Icr i6634 'fa- ;66i3 70 ;664
Nv par
4,300 United Fruit
134% 135
1347 1355* 1343 135
3
134 4 13434 1343 13518. 13438 135
7878 8,800 Universal Leaf Tobacco No par
8053 79
78
80
8 7912 805* 80
807
4 80
803
80
40 Universal Pictures 1st pfd .100
977
•9412 98
97 97
9412 96
.94
96
8 96
977
.94
41,100 Unlvertal Pipe & Rad _ _Nu par
8 2112 23
233
22
2278 24
233 243
25
24
25
24
100
Preferred
.87 102
*36 103 .86 103 .86 101
.101 103
.101 103
600 US Cast Iron Pipe & FdY-100
268 268
270 272 •260 270 .260 270
27012 2701z •260 270
100
200 Preferred
1231. 12312 .122 124 *122 124 .122 124
12312 12312 .122 124
No par
4 3,900 U S Distrib Corp
4
1513 165
1618 1618 153 153
15% 1514
1518 1514 1518 1518
100
100 Preferred
80
80 .78
80 .78
80 .78
89 1 7714 7714 *75
.77
4
5114 523 12,600 S Hoff Macb Corp ___No par
4
8 493 52
493
48% 4912 49
50
4
493 497 .49
8
12418 12612 12212 1257 12318 12512 44,000 U S Industrial Alcohol,....100
s
12112 12212 12012 1237 124 127
100
210 Preferred
8
4
12058 1205* 1185 118%
4
8
1203 1205* 12012 120% .1203* 1203 1203 121
No par
8 38% 40% 3814 397 20.200 U S Leather
413
8
8
8 4112 4234 41
393 39% 393 413
8
563 5712 7,300 Class A
No Par
6012 5914 59% 5914 5914 557 59
5918 5912 59
100
500 Prior preferred
106 106 .10514 106
106 106
.105 1063 .10512 10618 .106 107
4
No par
8 8018 80% 5,100 US Realty & I mpt
8012 817
4
813 82
*
8 815 82% 81% 82
8112 817
100
27,500 United States Rubber
404 3818 40,
8 3818 39
4
363 37%1 3814 393, 3912 4012 40
100
4,300 1st preferred
6712 69
69
8 69
697s 697 703
4 7014 703
8 68
677
66
11,500 U S Smelting. Ref & Min__ _50
8
51% 53
5412 525 54
548 54
543* 51
53% 5438 54
50
300 Preferred
8
53121 53% 5312 .535 54% *5312 5412 54 '4
"5312 54121 5312
4
8
8
8
4
15618 158 1 15814 161121 1583 161 18 1583 1603 15714 1615 1565 15912 749,300 United States Steel Corp
100
141 142 .14118 14212 1,800 Preferred
142 142
8
8
14118 14112' 14114 1413 1415 142
No par
0863* 90 1
100 U S Tobacco
8
8
*833 90 .863 90
4
*
.86% 9 I 86% 863 *863 90
1011
Preferred
.133 134 •I33 134 ,.133 134 .133 134 .133 134 .133 134
10
10 Utah Copper
1
174 174 •170 185 •170 185 .170 185 .170 185
.170 179
3912 40% 20,900 Utilities Pow & Lt A__No par
4 4012 41
41% 4118 413
I 41
42
4114 4112 41
No par
8 7614 813 27,100 Vanadillm Corp
8
8014 833
8112 83
8214 84
85
83
82% 84
3,200 Van Rualte
No Par
2712 *25
28
2712 2712 27
29
4 28
293
2112 2518 25
100
270 1st preferred
64
64 .62
•132
643* 6012 64% 64 64
6018 6018 62
No Par
4,500 Vick Chemical
743
7212 73
8 73
7312 733
4 731 735
7312 747
74% 75
10618 10914 49,000 Victor Talk Machine_ _No par
8
10712 1085 10612 1103* 10718 110
10814 10912
108 109
6% preferred
Ns par
100
500 7% prior preferred
8
1067 107 *10712 109
107 107
4
•10618 10734 *107 1073 107 107
No par
1418 1414
1418 1414 8,200 Virg-Caro Chem
1418 147
8
8 145 144 1412 14%
1434 147
100
51% 5212 4,000 6% preferred
52
5314 52% 5314 5214 5212 52
5312 53
53
100
600 7% preferred
95
9512 95
9512 95 4 9514 9514 *95
3
9512 96
*9512 96
100 Virginia iron Coal dr Coke_100
30 .25
30
2512 2512 .25
30
30 .25
*25
30
.25
Ino
Preferred
*501z 52% *5012 5214 *5012 5214 •5012 5214 .5012 5214 .5012 5214
No par
8 5,700 VIvaudou (V)
8 1452 145
1512' 1412 1514 14% 1453 1434 155* 1412 147
15
100
100 Preferred
79
79
80
82
078
*79
86
.79
84
84 1 .79
*79
100
680 Vulcan Detinning
3234
31
33
3114 31
31
3014 30% 31
3014 30
30
100
60 Preferred
4 90
933
92
4 8612 88 .88
933
3
93 4 .88
933*' .88
.88
100
50 Class A
27
2612 2612 2612 2612 2612 .26
•231t 2612 .2412 2612 .26
No Par
4
4 23% 23% 2318 234 223 2312 2253 2312 19,500 Waldorf System
233* 23% 23% 233
No Par
2312 213 2212 25,600 Vt alworth Co
4
213 243* 22
*
2318 2414 23% 245* 23% 24
100 Ward Baking Class A No par
89% 8814 89%
89
8
89% 89% 883 89
90
90
•8814 90
No par
1812 19
18% 19% 15,400 Class 13
4
163
19
1914 197
8
195
s
183* 1834 19
No par
400 Preferred (100)
87
86
*86
s 85 4 8534 8512 8512 86
3
872
.8512 853* *36
114 1205* 109 1152 10818 113 117,000 Warner Bros Pictures A _ _._10
8
4
1075* 111% 109 11454 1135 117
No par
13,400 Warner Quinlan
4078 3912 90
39% 40
40% 407
8 40
4014 4034 4018 407
No par
1,600 Warren Bros
16912 16912 170 1703 168 170
4
171 171
8
1707 172
•171 174
10 1st preferred
50
.535 55
8
8
*535 55
•533 55
*53% 55
55
55
5
.53 8 55
57,700 Warren Fdry de Pipe_ No par
4
223 24
2612 2314 25
1934 2012 2034 2358 22% 23% 23
No par
65
65
*64
6712 2,400 Weber & llellbr,
67
67 .64
67 .65
87 .65
.65
099 100 .99 100
100
Preferred
*99 100
0101 102 .101 102 .99 102
146 149% 9.900 Western Union Telegram_ _100
15212 15212 153 154 x15112 15212 151 1511_ 14918 150
445 45
443 4.514 x4414 4514 10,000 Wstnghse Air Brake_ _No par
4
4
4514 443 45
45 4512 45
Mfg_ .50
8
4
4
10818 10912 10818 1093 10814 107% 10318 1093 106 10812 x102% 1057 79,600 Westinghouse Elec &
70 1st preferred
50
104 104
106 106
•105 110 0107 110 •10718 108 •106 109
8 9.600 Weston Ejec Instruml_No par
24ss 257
8
257
3
3
2512 25 4 2618 25 4 2614 25
2412 2514 24
No par
100 Class A
34
33
33
34
*33
*33
*33
34
3312 *33
*33
34
West Penn Elec cl A___ No par
*107 108 •107 108 .10718 108 .107 108 *107 108 *107 108
100
160 Preferred
8
1117 11178
11118 112
8
1117 112 .11112 112
8
111 1117 11118 112
100
190 Preferred (6)
8
4
4
4
•100 1003 1003 1003 10012 10012 100 1003 10012 10012
8
1005 10058
110 West Penn Power pref.__ _100
•11614 117
8
8
1165 1165 11612 11612 116 11618 11618 11612 116 11614
100
50 6% preferred
106 106 *106 110 .106 109
106 106 .106 108
•106 108
61% 2,000 West Dairy Prod cl A__ No par
8 59
617
6012 612* 60
62
60% 60% 6114 8114 61
No par
8
35
32
34% 295 33% 24,700 Class 11
32% 3312 33
32
30
3014 317
8
3
2812 283 x27% 283 47,200 White Eagle 011,4 Refit_No par
,
8
2318 283* 235 29 4 284 29
28
28
No par
4 7,800 White Motor
3712 373
3712 3834 3712 38
3712 38
3712 38
38
38
50
4,500 White Rock Min Spell
3912 39
3912 3912 40
3 3812 39% *39
3812 3812 385* 393
4 3,200 White Sewing Machlne_No par
373
37
38
3312 37
3758 3758 3712 3758 38
375
3788
500 White Sewing Mach pt.No par
54
54% 54
5412 5412 *54
54
53
55
*54
55
*54
a
8
s 2612 2812 2918 30% 2912 3034 277 29% 2714 28% 437,200 Willys-Overland (The)
253 263
100
800 Preferred
9934 100% *98 100 .78 100
*99 100 .99 100
.99 100
No par
1,500 Wilson dr Co Inc
12% 13
13
13
13
13
13
13
4
4
0123 13 .123 13
No par
3,800 Class A
2918 2912 28% 2918 2812 28% 2814 29
8
.295 273* 2914 291
100
1,400 Preferred
6914 671z 68
4
683 *68
.68
6814 6812 681z 6814 6814 68
25
192 19412 19118 113278 23,900 Woolworth (F W) Co
8
191% 1933 192% 197
191% 194
19112 192
100
39% 38% 3918 6,400 Worthington P & M
3912 4018 39
41
4018
4012 41
42
41
100
100 Preferred A
•5412 56
54
5512 54
*54
57
56% .53
56% 50
.50
1011
300 Preferred 11
4712
•47
47
4712 47
4712 *47
4712 .47
*47
47
47
15012 16812 51,100 Wright Aeronautical...No par
4
161 17312 171 1783 16112 173
3
161 169 4 1541z 162
No par
3,000 Wrigley (Wm Jr)
,
4 73 73 4 73 7312 7212 731s 7212 73
7412 734 745
7412
25
6814 3,400 Yale & Towne
69% 68
6912 68
6614 6712 68
68
6512 8512 66
4
8 39
40% 35% 393 200,000 Yellow Truck & Coach Cl B.10
4018 407
4 3838 42
391
5
39 2 38
38
100
Preferred
93
.86
93 .86
*86
93
.86
93
93 .86
'88
9312 9,900 Youngstown Sheet & T_No par
9412 95% 92% 9412 92
,
94 4 96
3
93 8 96
937
93
•814 and Asked pekoe; no sales On QM day. s ILiAlvtdand
a Ex-rigats
• No Dar value.
PER SHARE
Range &nee Jan. 1.
Os basis of 100-s8are1018
Highest
Lowest
3 per share
57 Jan 10
12112 Feb 25
3 Feb 14
3112 Jan 9
100 Jan 6
212 Feb 17
18 Jan 18
Ills Feb 8
4 Aug 20
10 Aug 20
1514 Jan 28
10% Jan 16
50 Feb 17
6218June 12
124 Mar 1
20 June 13
22 Jan 5
47 Apr 13
34 Jan 3
5614June 13
1454 Feb 20
81% Mar 15
1958 Mar 7
8854July 26
11238 Mar 3
93 Aug 6
8
1097 Aug 7
4June 13
63
4554 Jan 3
03 June 13
119 Mar 1
3612 Feb 20
136,,, Feb 18
.
423 Feb 11
11012Sept 26
3412 Apr 30
11214 Mar 22
8
227 Aug 4
105 Aug 28
190 Jan 5
59 Feb 28
454 Jan 20
13112June 12
3
60 8June 13
93isslay 7
1554.1une 12
8Sept 1
877
190 • Feb27
115 Mar 10
131 2June 22
7714Sept 24
481sJune 18
10214.Iune 19
8Sept 28
1185
22 Jan 18
62 Jan 5
10414June 23
4
91, Feb 4
27 June 27
55 July 2
3912 Feb 20
Jan 26
51
8June 25
1323
8
1385 Jan 5
86 June IS
12712 Jan 14
139 Jan 17
2812 Feb 20
60 Jan 18
8
75 Jan 7
8
437 Jan 6
58 Jan 17
8
.525 Jan 3
4
1085 Jan 3
10112 Jan ti
12 June 12
8
445 Jan 18
,
881 Jan 16
2512Sept 26
50 Aug 2
1 Patine 26
78 June 22
2212June 13
74 June 21
1912June 29
1912 Jun 3
1412 Aug 8
888* Sept 20
1512July 27
8512Sept 26
22 Jan 5
26 Feb 17
140 June 20
50 Jan 6
13 June 12
5918June 12
9912June 19
13912July 11
4218June 4
8812 Jan 5
54
95 Jan 5
124 Jan 6
3054 Jan 3
103 June 22
108 June 13
9812 July 21
114 Apr 9
103 June 28
5312 Jan 6
204 Jan 5
2018 Feb 21
3014 Feb 21
344 Jan 19
3314June 13
4
513 Aug 21
17114 Jan 16
9254 Jan 3
1112 Jan 3
22 Jan 3
86 Jan 3
1754 Feb 20
28 Jan 5
4614 Jan 19
41 Jan 4
69 Feb 27
68 July 26
65 Aug 3
274 Feb28
2
875 Jan 9
8312June 19
PEE MARE
Roses for Prieto,.
Year 1937
Sowedl
Mellott
ii per share $ per oaare
29 June
84 Sept 17
Feb
127 June 19 118
212 Feb
614 Mar 21
30 Mar
5912Sept 6
109% Apr 26
99 Aug
912May 16
3% Dec
Oct
34%Sept 20
18
Apr
7
2312Sept 10
218 Sept
7 Slay 8
Oct
6
8
195 Apr 27
114 Mar
223
8Ntay 17
818 June
1712Sept 26
46
72%Sept 14
Apr
Jan
49
8
805 Jan 4
12
Apr
1712 Apr 30
,
151 Jan
3054 Apr 27
3912May 8
16% Aug
63 Aug
5358June 1
2414 Jan
44 Sept 12
Jan
47
7154June 4
15% Oct
25 Sept 7
Oct
85
9012Sept 11
19 July
8Sept 18
305
85 Nov
944May 4
Jan
14518Sept 25' 78
4
921 Oet
11818 Apr 16
Apr
128 Feb 14 108
354 Apr
104 Jan 12
10 May
5912 Feb
Jac
45
8May 16
753
Jan
126 Apr 13 120
38% Jan
4954 Feb
99% Jan
174 Sept 26
3952.11ime
57 Apr 16
Jao
94
12818May 8
3918 Dec
51 Sept 24
121 Aug 18
iisi Dec
3452 Feb 10
11418 Apr 5 104 July
Jan
210 Mar 17 159
584 Jan
604 Jan 4
3914 July
8
747 Aug 8
14614May 7 1134 Jan
6018 Nov
8512 Apr 5
96% Dec
100 Feb 24
24% Sep
28 Am 13
81% Jan
103 Sept 17
300 Apr 9 19012 Aug
137 Mar 19 112 Ma
1614 May
2014 Jan 4
31 May
2
903 Jan 10
44
Oct
2
583 Jan 23
09 Ma
127 Sept 25
.
12214May 28 1071 Apr
14 July
51 May 7
274 Jun
72 Apr 25
89 July
1091zMay 14
84
AD
9334Slay 4
3714 Jun
634 Jan 4
4
853 Jun
8
1095 Jan 13
3338 Jan
55 Sept 19
52
45 Jan
5514May 2
8Sept 27 1114 Jan
1615
Jan
14714 Apr 26 /29
Jan
67
105 Apr 16
per share
6312 Sept
1284
818 May
344 Jan
10152 Dee
84 Feb
28 Ma,
14 Dec
Jar
6
1534 Ncv
1714 Nov
1314 Jan
Jan
68
8
815 Sept
8
187 June
40 June
2312 Sept
504 Nov
86 Aug
65% Dec
Im8 JIMA
90e., June
2918 Jan
9014 Seta
14212 Ally
11758 Dec
8
1237 Deo
104 Not
50 Dec
70 Dee
125 Dec
73% Juno
154% Nov
6612 Jan
12712 Dee
4014 Dee
Jan
123
Feb
I11
Jan
27
Jan
37
5% Sept
6214 Dec
Jan
48
32 July
Oct
87
9614 Oct
74 May
2812 Apr
73 June
36 De
6212 Dec
20% Dee
95 De
184 Jan
Jan
90
Jan
16
1814 Dee
17 Dec
8918 Apr
127 Nuv
162 Dec
34 Mat
6718 Dee
1438 Feb
Feb
64
52
63 June
5452 Der
1114 Dec
10212 Doe
1512 Sept
4854 Dee
91 Nov
Jan
51
7812 Aug
394 Jute
11812 Junt,
80 Aug
125 Aug
4
593 Awl
25 Feb
2413 Al.r
1184 Oct
1718 June
Apr
84
1814 Dec
24 June
Jan
65
43 Aug
Oct
18
6514 Dec
10114 Nov
1444 Jan
Oct
60
6752 Jan
82 Mar
11 Sep
30 July
8
977 Jan
Jan
102
101
Dec
Jan
111
10012 Jar
5318 Dec
244 Dec
20 Dot
3114 Nov
Jan
26
214 Mar
46 Feb
1312 Oct
87 June
10 May
1614 May
Apr
58
117114 Jan
2013 Jan
44 Dec
Oct
37
2412 Apr
8
507 Jan
7014 Jar
Jan
25
8312 Aug
8018 Oct
334 Feb
10014 Nov
454 Jan
3412 Dee
180 Nov
71 Dec
27 Juno
754 Aug
8
1035 Aug
176 Deo
5012 Sept
94114 Dee
1034 DeJ
184 Feb
344 Apr
111
Aug
112 Sept
10114 Dec
118 May
111
Due
57 Nov
8
285 Nov
374 Feb
139 June 7
17514 Sept 13
45345lay 31
96 Mar 15
4
203 -lent 24
64%Sept 24
78% Aug 30
115 Sept 5
2021zMay 7
11112 Mar 28
4
163 Feb 11
5512July 25
97 Apr 27
60 May 22
6252 Jan 13
254 Jan 4
100 Jan 28
4
435 Jan 11
99 Sept 4
38 Jan 11
27 Apr 9
267g Sept 20
123 Feb 2
52
21, Jan 13
974 Jan 19
13914 Sept 11
4234Sept 6
19212 Apr 11
61 Apr 16
2612Sept 26
71 Aug 30
103 Jan 3
1774 Jan 3
5758 Jan 27
1134 Sept 17
11154 Scot 17
2s12June 7
40125lay 22
112 Apr 9
11514 Apr 9
10412 Apr 10
118 June 27
113 Jan 5
78 Apr 11
49 Apr 12
2912Sept 17
43%June 1
4458May 11
45 Mar 7
5514June 6
30%Sept 26
10112May 25
16 Feb 14
35 May 15
774 Feb 11
20434 Aug 27
44 Aug 3
61 Aug 3
52 Aug 3
245 May 16
84 Aug 31
844 Apr 25
42%Sept 18
96 Apr 20
1
10817 Jan 26
181; rui;
109 Jute
.
20012 No,
61 Dee
Jan
69
150 Sept
7413 Deo
1034 At
3714 Mar
98 Dec
240 May
125 Nov
4
225 July
9614 Sent
634 May
11112 Dec
Dee
121
2512 Nov
564 Dee
1064 Nov
4
697 Dee
6718 Feb
8
1115 Apr
4878 Der
54 Des
11604 Sent
14114 ore
9712 Dee
8
585 Feb
4112 Sept
534 Aug
Jan
89
2454 Mai
96
Aug
1758 Feb
8278 Feb
84 Feb
1984 Dee
4,8 June
6112 June
5412 June
c
9414
7214 Dee
844 Aug
40 Aug
994e Juts
10012 Dee
New York Stock Exchange-Bond Record, Friday, Weekly and 1 early
1783
1an.1 1909 tAe Enhance tr,,,lhoa of quottrag Omuta was crtaneed and mtres are now "and tnterest"-except for Income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2S.
U. S. Government
First Liberty Loan
395% of 1932 1947
D
Cony 4% of 1932-47
D
Cony 434% of 1932-47
D
20 cony 44 %, of 1932-47
3D
Fourth Liberty Loan
434% of 1933-1938
AD
1947-1952 AD
Treasury 4348
1944-1954 3D
Treasury 48
11116911ry 345
1946-1956 MS
1943-1947 .1
Treasury 3340
Treasury 334sJune 15 1940.1943 3D
State and City Securities
Illa
NY C 34% Corp st_Nov 1954
N
394% Corporate st_kfay 1954 MN
48 regletered
1936 MN
48 registered
1956 MN
4% Corporate stock
1957 MN
434% Corporate stock
1957 MN
1957 MN
4 SS% Corporate 2tock
4% Corporate stock
1958 MN
4% Corporate stock
1959 MN
434s Corporate Stock
1960
445 Corporate Stock_ _1964 MS
434e Corporate stock
1966 AO
4928 Corporate stock
1972 AO
4345 Corporate etoek
1971 J O
4548 Corporate stock ..
1963 MS
434e Corporate stock
1965 3D
iiMe Corporate stock.July 1967• 3
New York State Canal 4s
1960
4e Highway
.Mar 1962 M
Foreign Govt. & Municipals.
Price
Pridav.
Sept. 28.
Week's
Ranee or
Last Sale
Range
Since
Jan 1.
Week's
Ran e or
Last 8a04.
gang,
Since
Jan I.
I
AAR Low
Htei No. Low
High
.451 Los
ftsd
Fl
Low
HI)
4
Cuba (Repub) 58 of 1904_ _1944 M S 101 103 102
103
99 2 105
7
.205 9814421011.42
951.42 Sale 991342 9943
External 58 of 1914 ser A_ _1949 F A 1024 103 103
25 10012 10314
103
1 99 101 13tt
991342 99142
External loan 434s ser C..1949 F A 100 Sale 9912 100
11
96 1004
1014: Sale 100342 101342 119 1001,141031.4o
10312 20 10112 10518
Sinking fund 51/,a_ _Jan 15 1953 .1 3 103 Sale 10278
:
101 Sept'281-101 1021,42 Cundluamarca (Dept
19
'
-Col) 75
,58 sate 9978
10
0
0 S l
% 100
934 100
l
9178 74
59 SIN
4"
N
9012 9242
101.4/ Sale 1018,, 101 421 619 10041 104
,
Czechoslovakia (Rep of) 88..1951 A 0 1084 Sale 1093
8 1093
s 20 108 112
110.
3a/Sale 110,04/ Ill I 73 10914211631s
Sinking fund 83 ser B
1952 A 0 10812 Sale 10912 10912 13 108 112
10513a2Sale 1051342 10642 474 11:41342111,
12 1104 1124
2
4. Danish Cons Municip 88 A_1946 F A 1103 111 11012 111
10341 Sale 103
1031342 343 102..1 1081"41
Series B s t 8s
20 110 1114
1946 F A 111 Sale 11012 111
99
42 98.32
Sale 93
042 99
Demnark 20-year exti 6a._ _1942 J J 1043 Sale 1033
4
4 15 103 1064
4 1043
08",,Sate981142 981342 108 98 10014, Deutsche ilk Am part elf 68_1932 M S 9714 98
99
9812 55
97
971s
Dominican Rep Cost Ad 534a '42 M E3 983 Sale 084
4
6 97 1004
984
lot ser 5 Ms of 1926
12
1940 A 0 100 Sale 96
110
95 1003
1
2d series sink fund 534s....1940 A 0 967 Sale 96
8
964 12
3412 9918
Dresden (City) external 78..1945 M N 100 102 10013 10012 24 190 102es
373 93
4
884 Sept'28
3S14 934 Dutch East Indies exti 6s
4
1947 1 J 1033 Sale 1033
4 10412 88 108 30154
8714 ____ 86 Sept'28
86
40-year external as
9318
1962 M 8 1033 Sale 10312 10412 62 103 1051e
4
993 Mar'28
4
-year external 5 Me
993 1004
30
4
1053 M 8 103
____ 103
103
1013 10414
4
884 1004
30
-year external 534,..- 1953 M N 10314 1034 10314
992 June'28
10314
10114 1041
,
9712 997 98 Sept'28
977 1014
8
10334 1057 10614 Jine'28
10614 1083 El Salvador (Repub) 8s____1948 3 3 1003 111 11012
8
4
4
4 107:2 114
11012
1033 1057 10418 A914'28
4
8
1044 1087n Finland (Republic) exti 68_ _1945 MS 99 Sale 9734
15
99
12
954 100
9712 9812 9812 July'28
External sink fund 73___.1950 M
9812 10134
100 Sale 100
10114 88
91414 10212
9712 9812 9712
9712 1013
973 1014
4
9712
External s f 6348
9914 Sale 9914
4
9972 51
-1956 M
9034 1024
100 Sept'28
Extl sink fund 5.0
984 100
9214 Sale 9132
96
5!
1958 CA
1
9212 118
10014 10214 1023 June'28
4
10234 10512 Finnish Nun Loan 614s A I954 40 9912 Sale 99
19
100
971g 101
10014 10214 103 Ju9.e'28
103 1054
External 6 Ms series 13_...1954 * 0
17
984
993
9712 101
4
10014 10314 10012 Aug'28
10012 105
French Republic ext 7 Ms__ _1941 ii) 115 Sale 11334 115
121 113 Ur,
102 109 10812 June'28
1 812 10984
External 7s of 1924
1940
D 10914 Sale 10734 10914 147 10512 10912
1043 1083 105 Sept'28
4
8
1949 40 1063 Sale 106
105 10934 German Republic ext'l 78
8
1064 132 1044 1073
4
1043 106 107 June'28
4
107 109 4 Gras (Municipality) 8s
4 101 1044
1954 MN 102 10212 10112 103
3
1043 1063 102 Aug'28
4
4
102 1104 GI Brit & Ire!(UK of) 510.1937 CA 10414 Sale 104
1043 132 103 8 1063
5
5
4
10-year cony 534s
1929 CA )1818 Sale 1184 1184 53 1164 119
4
9912 10514
9912 Aug'28
4% fund loan E op 1900 c 19911 M 7s. 8514 86
853
4
853
,
4 20 .151 90'118
_
5% War Loan Lout. 1929 C1947 3D 973 99
10312 June'28
10312 10312
9712 Sept'28
4
c9712 9935
Greater Prague (City) 7 Ms. _1952 MN 106 10612 106
3- 1044 10914
10612
Greek Government s f sec 75_1964 51 N 9658 9712 97
903 100 4
8
9714 83
1
9418 92
Sinking fund sec 63
1968 P A
867 Sale 8612
70
8
87
Bavaria (Free State) 6 Ms
1945fF A
Belgium 25-yr ext s1734s g_1945 J D
20-yr s 1 Fa
1941F A
1
25 year external 634s
1949 M S
External s f 6s
105513 J
External :10-years f 7s....19551J 1)
Stabilization loan 75
1956 1 151 N
Bergen (Norway) 8 188
1945 M N
15
-year sinking fund 6s_ _19491 A 0
Berlin (Germany) 8 f 6 Ms_ _1950.A 0
Bogota (City) ext'l 5 1.80.__194514 0
Bolivia (Republic of) exti 88.1947 M N
Reiser 78
lOSt4j j
Bordeaux (City of) 15-yr 68_1934 M N
963 Sale 96
4
115 Sale 11434
1103 Sale 110
4
10518 Sale 105
10018 Sale 1004
1085 Sale 1073
8
4
1054 Sale 1053
2
113 11312 113
100 10012 1(8112
9912 Sale 994
10414 Sale 10414
105 Sale 105
973 Sale 971g
g
9912 Sale 9912
Brazil(U 8 of) external 821_1941 3 D
External 8 f 63.4s of 1926_1957 A 0
Extisfflt4sof 1927
1957 A 0
75 (Central Railway)
1952 3 D
7348 (coffee eecur) (flat) 1952 A 0
Bremen (State of) eat! 78_1935 24
Brisbane (City) f
1957 ha 8
Budapest (City( esti 511,6_1962
D
Buenos Alma (City) 6148_1955 .)
s f 68 ger 0-2
1960 A 0
Eat! s as ser C-3
1960 A 0
Buenos Alre. (Prov) ext1 63.1961 M 8
Bulgaria (Kingdom) s 1 78_1967 ji
1083 Sale 1085
4
8 109
48
9612 Sale 96
9612 95
96 Sale 96
9612 149
1003 Sale 100
8
10018 107
107 10812 10714
4
10714
10112 Sale 10112 102
20
9212 Sale 9212
33
94
85 Sale 843
4
8512 50
10012 Sale 10012
9
10012
99
9912 9812 Sept'28
0814 Sale 9814
16
99
94 Sale 934
11414 20
90 Sale 90
9012 68
Caldas Dept of(Colombia)7548 46 J J
.
Canada (Dominion of) 55-111 ,Fd(
A i
N
k
10
-year 5 Ms
54
43.4e1936 F A
Carlsbad (City) s f Is
1054 j
Cauca Val (Dept) Colom 748'46 A 0
Central Agri,' Bank (Germany)
Farm Loans I ls Sept 15 1950 1M
Farm Loan a f 6s_July 15 1960 J J
Farm Loan a f 6s.Oct 15 1960 A ()
DOM Loan as ber A _A pr 15 '38 A 0
Chile (Republic of)
-year external 5 f 78.-1942 M N
20
External sinking fund (33_194? F O
A A
External 5 f 65
Ry ref exti 8 f tie
1961 3 J
Extl s f 68 int ctfs
1961 St S
Chile Mtge Ilk 614e June 30 1957 3 D
I 69£8 of 1926._June 30 1961 J D
Apr 30 1961 A 0
(19/1( a 105
Chinese (Hukuang Ry) 55_1951 3 D
Christiania (Oslo) 30 yr e f Gs '54 M
9913 Sale
10012 Sale
100 Sale
10418 Sale
984 Sale
10714 108
10014 Sale
9912
10012
100
1033
4
98
10714
100
9912 Sale
89 Sale
8812 Sale
9112 Sale
9314
89
884
914
1013 Sale 101 12
4
932 Sale 933
4
4
9312 Sale 93'2
9312 Sale 933
4
9414 Sale 9312
9712 Sale 97
99 Sale 98
913 Sale 913
4
4
33 Sale 29
1004 101 1004
98 Sale
91 Sale
91 Sale
905 Sale
8
95 Sale
9414 Sale
9614 Sale
8812 Sale
9612 97
9614 974
9914 10018
9618 Salo
s Ou tile basis of 345 to the E steilna.
Price
g
DJ Sept. 28.
iriaaV .
814
AgrIc Mtge Bank 8 1 65
1947 Is h 89
8918 89
8914
8
8 6s A
Apr 15 1948 A 0 89
9212 894
2
894
Akershus (Dept) cell 53_ _ _1968 154 N 8914 Sale 8914
90
00
Antiounis (Dept) Col 75 A__1945;.)
96 Sale 952
8
9714 , 26
External 5 f 7s see B
194513
955 Sale 955
8
9712 15
8
External s f 78 series C
1945
9412 9612 9434
943
4
1
External a f 7s ser I.)
1945 J
9514 9512 9512
9512
4
External 81 78 1st ser
1957 A 0 9212 95
9414
943
4
5
Fill sees f 7s 2d ser
1957 A 0 94
9512 95 Sept'28 -Ext1 sees f 75 3d %cr._ ._195714 0 934 943 033
4
945
8
8 27
Argentine Govt Pub Wks 68.1960,A 0 9912 Sale 9018
993
4 55
Argentine Nation (Govt onSink fund 68 of June 1925 1959 J D 994 Sale 994
993
4 46
EMI 5 t 65 of Oct 1925-1959 A 0 9918 Sale 991s
993
4 65
Sink fund 65 ((erica A
1957 M S 993 Sale 9912
4
80
External as series Id..Doc 1958 J D 9934 Sale 994 10014 28
993
4
Extl s f 65 of May 1926 _1960 M N 9912 Sale 9914
993
4 48
Externals f (State Ry).1960 NI
99 4 Sale 9914
3
993 127
2
Eat! 65 Sanitary Works _1961 F A 994 Sale 9914
9934 64
Ext Is pub wks(May '271.1961 MN 9938 Sale 9914
9934 31
Public Works extl 548_1962 F A 9558 Sale 9514
43
96
Argentine Treasury 55 £_ _1945 M S 9114 9112 9114
15
92
Australia 30 yr 55 __July 15 1955 J
96 Sale 9512
9612 205
External Os of 1927..Sept 1957 hi S 9,512 Sale 96
964 95
Exti g 434n of 1928
1956 MN 884 Sale 8814
88% 230
Austrian (Govt) s 1 75
1943,a D 10214 Sale 10214
1024 24
Cologne (City)Germany 634s1930 M 18
Colombia (Republic) 68.___1961 J J
External 5 f 68 oi 1928._1961 A 0
Colombia Mfg Bank of 690.1947 A 0
819119g fund 73 of 1926_1916 M N
Sinking fund 7,01 1927_1947 F A
c peunagen (City) 58
o
1952 .1 1)
25-yr g 4 1.511
1953 MN
Cordoba (City) exit if 75.._1957 F A
External s1 75 Nov 15 1937 NI N
cordoba,(Prov) Argentina 751942 J
Costa Rica (Renal)) ext1 75.1951 y,j N
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28.
963
8
91
91
89
9112
94
96
884
9512
9614
100
9618
16
97
11514 64
1103
4 27
10512 43
10012 115
1083 155
4
99
106
7
113
3
10034
9912 62
7
105
10514 (16
9712 204
58
100
100
23
48
102
1003 171
8
10514 170
983
4 36
2
10714
1003
4 20
9912
893
4
39
914
40
27
77
41
10212 22
9414 139
9414 64
9414 53
13
9414
98
59
09
75
923
4 47
33
1
3
1004
09
9134
913
4
903
8
9512
95
964
89
9612
97
100
97
.58
82
56
26
10
33
62
37
30
5
11
26
89
881g
891g
9412
94es
94
944
933
4
9312
933
4
99
95
8912
9032
100,
99
983
4
96
994
9812
9612
1004
Haiti(Republic) a 168
1952
0
Hamburg (State) as
1941 A 0
Heidelberg(Germany)ext 754350 J
Hungarian Munic Loan 734s 19453 1
External 5 f 7s_ __ _Sept 1 19463 J
Hungarian Land 151 Inst 7 Ma 61 M N
fiungary (Kingd of) of 7 1418.1944 F A
Irish Free State extls. s f. 58.1960 MN
Italy (Kingdom of) ext'l 78_1951 3 D
Italian Cred Consortium 79 A1937 M S
s f 78 ser B
Extl
1947 M S
Italian Public Utility ext 79.1952 3 J
lapanese Govt £ loan 48___ _1931 J J
30-year f 614s
1954 F A
Leipzig (Germany)sf 7s
1947 F A
Lower Austria (Prov) 7549_1950 J D
Lyons (City of) 15
-year 6s 1934 151 N
99 1003
4
99 100 8
5
99 101 1,
987 1014
2
99 1003
4
984 101
99 10114 Marseilles (City of) 15 yr 68_1934 MN
99 101
Ntexlcan Irrigat Asstng 4344.1943
914 9714 Mexico(U 5) extl 55 01 18119 £'45 1 --J
5
91 18 93 5
Assenting 58 of 1899
,
1945
9512 99
Assenting 5s large
953, 99
Assenting 48 of 1904
863 925
4
Assenting 4s of 1910 large.....
8
102 104.*
Assenting 4301 1910 small_ _
Trees 63 01'13 assent(large)'33 JJ
96
9912
Small
114 116
Milan (City. Italy) ext'l 634s '52 AO
109 1114 Montevideo (City of) 7s____1952• D
10314 10914
9
84 1014 Netherlands 6s (flat priCeS1_ _1972 M
10512 109
30-year external as
1954 * 0
10414 10814 New So Wales (State) ext 58 1957 CA
11212 1134
Apr I958 * 0
External S f 58
98, 102
Norway 20-year exel Os
1943 P A
97 100
20-year external 63
1944 FA
10314 1087
30-year external 65
1952 * 0
3
10312 108
40-year s f 534s
1965 3D
934 9812
External 51 5s.......Mar 15 1963 M
99 10112
Municipal Bank foal s f 53_1967• 1:1
Nuremberg (City) eat] 6s
1952 P A
107 113 4 Oslo (City) 30-year s f Os...19.55 MN
3
92
9912
Sinking fund 5548
1946 CA
994
95
97 103
Panama (Rep) extl 534s__,1053 3D
103 1085
8
EMI sees f 6 Ms
1961
D
10
014 10312
Extl s f 58 set A ..May 15 1963 MN
9 8 957 Pernambuco (State of) ext. 79 '47 M
07
8
8
8212 897 Peru (Republic of)
100 10214
Extls f sec 7345 (of 1926).1956 MS
96 4 101
3
Extl s flee 75
1959
S
96
Nat Loan exti s f as
9034
1960
D
93
97
Poland (Rep of) gold Os....1940 * 0
893 935
Stabilization loan s f 78_1947 * 0
4
8
Et sink fund g 88
1950 J J
98 102
Porto Alegre (City of) 88_1961 Jo
100 10212
Dal guar sink Id 7 Ms___.1966 33
994 10214
1033 101
4
Queensland (State) eati of 78 1941 AO
98 1014
-year external 68
25
1947 FA
105 1093 Rio Grande do Sul extle f 83_1946 A0
4
981 103
,
Extl 5 f 76 of 1926
1966 '.414
Rio de Janeiro 25-yr at 85...1946 Ac
984 10114
Extl s 1 634
1953 FA
,
863 08 4 Rome (City) ext.! 614s
4
3
1952 * 0
8613 934 Rotterdam (City) extl 65___1964 MN
883 96
4
Saarbruecken (City) 6s
1953
J
Sao Paulo (City) s t 8s_ _Mar 1952
N
1005 104
8
Extl s f 6 Ms of 1927
1957 MN
911 973 San Paulo (State) extl sI 83_1936 3 .1
1
s
91es 97
External sec s f 84
1950 J J
934 97
External is 7s Water L'n.1956 21
9312 9414
Esti sf6s$ int rcts
1968 J J
954 994 Santa Fe(Prov. Arg.Rep.)7s 1942 MS
963 101
4
Seine, Dept of (France) extl 7e '42 3 2
91
Serbs, Croats dc Slovenes 83 '62 MN
95
254 345 Soissons (City of) esti 68_1936 MN
8
9934 102
Styria (Prod) ext1 7s
1946 P A
Sweden 20
-year 135
1939 3 D
9614 99%
External loan 51 4s
.
1954 MN
883 Ws Swiss Confed'n 20-yr s 1 85..1940 .1 .1
4
90 8 95i2 Switzerland Govt ext 534s.1946 * 0
3
864 93 4 Tokyo City 55 loan of 1912..1952 MS
3
9218 98
Ent s f 5 Ms guar
1961 AO
92
98
Tolima (Dept of) eat! 78_._ _1947 M N
954 101
873 81/7 Trondbiem (City) let 542_1957 M N
4
8
95 101
Upper Austria (Prov) 7s....1945 3
95 100
External e f 6)-Os_June 15 19573 D
97 1014 Uruguay (Republic) exti 88_1946 F A
9412 991
External s t 6s
4
1960 M N
Venetian Prov NItg Bank 78_1952 A 0
Vienna (City of) ext18,1 68_1952 St N
Yokohama (City) esti 68_1961 3 D
993 10014 993
4
4
0612
04
96
104 10418 104
9812 987 9812
8
944 953 9512
4
984 Sale 98
101 Sale 10012
9513 Sale 9512
97 Sale 07
9712 0814 9712
955 Sale 955
8
5
9612 Sale 9612
9212 Sale 924
10178 Sale 10134
100 Sale 100
98
9912 9912
993 Sale 9912
4
10012 15
6
07
2
104
5
984
35
96
934 17
13
101
964 71
9712 250
983
s 37
13
96
974 37
92 2 fi4
,
1024 168
8
10012
1
9912
14
100
9912
9/12
10314
95 2
,
94
9712
1004
95
9614
954
94
9514
914
10014
99
964
99
102
994
1051s
102
9712
101
1031s
9714
10012
994
100
1014
943
4
10514
10112
102
10112
10.4
373
4
4934
444
402
3418
6
15
1
7
87
16
99
31
4
493
33:s
30
224
25
224
374
3641
9112
102
1044
5
101
77
944 23
9412 38
10312 47
10314 42
10312 40
10112 54
9714 109
921,
6
91
34
10114 24
10012
10412
1003
4
03
93
10112
101
1014
9812
94
9112
8912
9934
99
109
10814
96
96
1023
4
1064
10312
1023
4
98
93
12
93 4
3
103
103
10112
102
93
93 2
,
10414
1041
.4
97
9812
4
953 Sale
334 337
8
375 3812
8
993
4 1004
334
334
494 Jan'28
3734
373
4
3812 Sept'28
253 2612 25 Sept'28
4
264
264
2312
2412
39
4012 4012
4012
38
38 Sale 38
92 Sale 92
923
4
103
103 Sale 102
10434 105 1043
4
1004 Sale 10034
945 Sale 94
8
94 Sale 94
10214 Sale 10214
1033 Sale 10214
8
102 Sale 102
1003 Sale 1003
4
4
974 Sale 97
92 Sale 92
91 Sale 8934
10012 Sale 1003
4
995 10012 10014
8
10112 10212 10112 10112
8
1027 103 103 Sept'28
9511
9512 Sale 95
944 Sale 944
95
1057 106 10578
8
10318 1033 10318
8
0012 Sale 9014
84
8412 84
8812 Sale 8813
4
993 Sale 9912
1067 108 107
8
1007 Sale 1007
8
8
17
2
1
90
23
10
10614
19
10314
91
122
8434 29
89
36
100
127
107
2
1014 19
3278
31
4614
1614
955
s
105
0318
100
8918
8014
SR
9812
107 4
3
l(144
94
87
9172
1017
1
,04,3 109
10072 1041i
11112 Sale 11112 114
10
1044 13
10412 Sale 104
10612 Sale 106
14
107
99
4
983 Sale 9812
61
10714
107 Sale 107
4
9512 Sale 954
963
8 68
9278 Sale 9212
9314 70
10312 104 104
3
10412
91
9312 9112 Sept'28
116 11612 116
11614
6
97 Sale
10
106 107 106
10712 10
10712 11
10714 Sale 107
10012 Sale 10012 10012 32
943
4 13
9412 Sale 945
8
9712 .32
9712 Sale 97
1044 Sale 104
1043
8 27
984 Sale 98
981
20
983 Sale 0912
4
993
4 15
921
924 921 9218
19
103 Sale 1024
1031g 31
1033 Sale 10314
4
19
1033
111 Sale 11034
111
22
10212 Sale 10212 103
19
8
797 Sale 7914
794 38
903 Sale 904
8
904 23
11112 115 e
7
104 1084
1054 1084
,
712 1004
10512 11014
9312 974
liii 9612
10234 106
9013 94;
11214 120
9612 10014
105 108es
106 109 4
4
100 10414
9412 943
4
943 100
4
1e
19514 10644
9334 101 1
,
98 102
52
97
10218 105
10213 10t1
.
1091 113
4
14
1017 1051,
2
781s 84
874 96
934 0312 934
9312
2
97
9712 97 Sept'28
973 98
4
973
4
9734
8718 887 887 Sept'28
8
8
1084 Sale 108
109
16
9714 Sale 967
3
9712 112
9112 Sale 9112
9112
2
8812 Sale 883
8
89
35
954 Sale 9512
06
26
934 974
4
943, 9/
41
969, 54"
96
9012
1071 1101,
,
9414 100
9112 911,
871 99
4
94 100
New York Bond Record—Continued—Page 2
BONDS
Range
Week's
Price
Is Jan 1. N. Y. STOCK EXCHANGE.
Since
Range or
Friday
Week Ended Sept. 28.
2
4,
1784
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 28.
•E
Sept. 28.
Balt & Ohio 1st g 48__July 1948A 0
July 1948 Q J
Registered
19331W El
-year cony 4Sits
90
M
Registered
Refund & gen 58 series A__1995 3 D
J D
Registered
July 1948 A 0
1st gold is
1995 J D
Ref & gen 65 series C
Va Sys ref 48..1941 M N
PLE&W
1950 3 J
Southw Div 1st 5s__
Tol& Cin Div 1st ref 4s A_1959 J J
2000 M S
Ref & gen 58 series 1)
Bangor & Aroostook 1st 58_.1943 J I
1951 J
ref 49
Con
Battle Crk & Stur 1st gu 38 1989 J
19313 J J
Beech Creek 1st gu g 43
J
Registered
1936J J
2d guar g 5s
1951 A 0
Beech Crk Ext let g 3%s
Belvidere Del cons gu 3%8_1943 J J
1944 .1 D
Big Sandy 1st 48 guar
1927 J J
Bolivia Ry 1st 55
Boston d:N Y Air Line 1st 4s 1955 F A
Bruns & West lot gu g 4s 1938 3 3
Buff Rock de Pitts gen g 521_1937 M S
1957 M N
Coluiol4Sie
Burl C It & Nor 1st 62 coil 5s 1934 A 0
1982 A 0
Canada Sou cons gu 55 A
Canadian Nat 4%s_Sept 15 1954 M S
-year gold 4%s__Feb 15 1930 F A
5
1957 J J
-year gold 4 S4s
30
Canadian North deb sI 7s 1940 J D
1946J J
deb 6%e
-year
25
10- yr gold 4 %3_ _ _ _Feb 15 1935 F A
Canadian Pac Ry 4% deb stock__ .1 3
1946 M S
Col tr 4 Sis
Carb & Shaw 1st gold 481932 N S
1949 J J
Caro Cent 1st cons g 45
Caro Clinch ds 0 lst 30-yr 58_1938 J D
1st & con g Its ser A_Dec 15 '52 .1 D
1981 3 D
Cart & Ad let gu g 4s
1948 3 D
Cent Branch U P 1st C 4s
Central of Ga 1st g 55_Nov 1945 F A
194558 t4
Consol gold 58
M N
Registered
-year secured 68__June 1929 J D
10
Ref & gen 5 Si s series 11— -1959 A 0
1959 A 0
Ref dr gen 58 series C
Chatt Div pur money g 48_1951 J D
Mac & Nor Div 1st g 58_ _1946 3 J
Mid Oak Atl div pur m 5s 1047 .1 J
1946 .1
Mobile Div 1st g 55
1961 J J
Cent New Eng 1st gu 48
Central Ohio reorg 1st 4iis_1930 M
Cent RR & Ilkg of Ga coll 55 1937,51 N
1987 3 J
Central of NJ gen gold 5s
1987 Q J
Registered
1987 ii
General 45
1949 FA
Cent Pac 1st ref gu g 4s
P A
Registered
Mtge guar gold 3148 Aug 1929 3D
List gu 45_1954 AO
Through Short
1980 P A
Guaranteed g 53
Charleston & Sayn'h 1st 78_1938 J 3
Ches & Ohio fund & knot 58_1929 1 3
1939 MN
1st consol gold 58
1939 M N
Registered
1992 M 81
General gold 41531
NI 8
Registered
1930 F A
-year cony 449
20
1st 58__May 1 '40 .1 J
Craig Valley
Potts Creek Branch 1st 431_1948 3 3
1989 .1 3
R & A Div 1st con g 48
1989 .1 J
26 consol gold 45
41
Warm Springs V 1st g 5s 1941 11 8
Corp cony 55 May15 1947 M N
Chesap
Chic ds Alton RR ref g 3s_ 1949 A 0
Ctf dep stpd Apr 1928 Int
iRailway first Hen 310—A950 -i
Certificates o deposit
(3—Ill Div 3%33_1949 .1-3
Chic Burl &
3 J
"
Registered
19493 J
Illinois Division 45
1958 Al S
General 48
M S
Registered
1977 F A
lst & ref 4 qs ser B
1971 F A
lot & ref 58 series A
1934 A 0
Chicago & East Ill 1st 68
C At E III Ry (new co) con 56_1951 IN N
1982 M N
Chic & Erie let gold is
Chicago Great West 151 49._1959 M 5
Chic Ind & Louise—Ref 6s.1941 J J
1947 3 J
Refunding gold 55
1947 1 1
Refunding 48 Series C
1966 M N
lst & geo 5s ser A
B___May 1968 J J
lot & gen 6s ser
-year 4s_.A956 J J
Chic Ind 62 Sou 50
1969 J D
Chic L S & Emit 1st 4 iits
Mt M & St P gen g 45 A_May1989 1 3
Q 3
Registered
Gen g 3(48 ser B..,._ May 1989
Gen 4%s series C___May 1989 3 3
. _
Registered
Gen 4 ..,s series F__. Mar 1989 J .1
/ Due Feb
eDueMay. p Due Deo.
Week's
Range or
Last Sale.
a
so ,
.7loh No.
Ask Low
Bid
High Chic Milw dr St P (Concluded)—
7314 Mar'28
Gen & ref ser A 448__Jan 2014 A0
75 Mar'28
1932 3D
Debentures 4Sis
.
10522 1083
98 105 10512 June'28
717 Irelf28
1925 3D
Debentures 4s
9213 96
10
94
933 9412 9334
7214 Feb'28
1934 3,
25-year debentures 4s
100 100%
10018 100 Sept'28
8
993
94 Sale 93%
94% 560
1975 FA
91, Chic Milw St P & Pac 55_
87
90 July'28
8214 90
8
785 2674
8
Jan 1 2000 4,0 78% Sale 775
Cone ad) 55
95%
89
90 Aug'28
_
8
7912
Chic & N'west gen g 354s___1987 MN 79% ____ 78
9234 99
Sept'2S
9312 - 3- 90
9S 4
4
743 Sept'28
Q F
Registered
7514 8412
76 Sept'28 -79
75
8 14
903
Sale 90%
1987 MN 90%
General 4s
9112 99
9312 57
9312 Sale 9212
94 Apr'28
Registered
Q F
061,
90
90 Aug'28 -- 1
90
Stpd 45 non-p Fed In tax '87 MN 9O52 9212 90
8712 9454
3
89
8
89 Sale_ 883
1043
8 25
4
Gen 4%s stpd Fed Inc tax_1987 MN 1043 110 104%
913
91
4
4
913 June'28
4
Gen 5s stpd Fed Inc tax_ _ _1987 MN 108% 1113 109 Sept'28
94
4
873
4 19
893
4
89 Sale 883
113 Mar'28
MN
Registered
8414 8414
84% Sept'28
10014 Sept'28
1879-1929 A0 10014 .
Sinking fund 6s
_
94
88
89 Sept'28
8712 89
10114 May'28
AO
Registered
8914 94
7
9314
00
90
89
100 Sept'28
1879-1929 AO 9912
Sinking fund 5s
9334 Jan'27
8814 89
100 May'28
A0
Registered
5
904 414
9212
9212
9218 93
1015 Sept'28
s
MN 10112
1933
Sinking fund deb 5s
8614 96
9112 9312 9218 Sept'28
10012 Aug'28
MN
Registered'
92 1043
4
92 Sept'28
100 101
8
10314
1930• D 103l Sale 103
10-year secured g 75
105 107%
10318 ____ 105 Sept'28
11018 11078 1102 Sept'28
-year secured g 6%9._.1936 M
15
97 1008
967 9914 97 Aug'28 _
4
4
May 2037 3D 10614 1063 1063 Sept'28
1st ref g 55
02 10714
Aug'28 _ _
8
1025 10312 102
8
4
98,
May 2037 3D 973 Sale 9718
1st & ref 4lis
94
91
9312 June'28
90
87
91
91.34
4 11
943
4
983 9412
94
91
Chic R I & P Railway gen 48 1988 1 J 91 Sale 9012
93
97%
_
93 Aug'28
_
91 May'28
J 3
Registered
5
96 104
9913
9814 9912 9912
94
1934 A 0 94 Sale 93%
Refunding gold 4s
4
31814 973
8
9012 907 9113 Sept'28
93 Sept'28
A 0
Registered
7414 85
5
75
75 Sale 75
9378
8
5s 93, 9314
1952 M 5
Secured 4%8 seriesA
6514 7612
67 Sept'28
70
s
673
92% May'28
,
2
8512 923 Ch St L 612N 0 Melts Div 43_1951 3 I) 8612 92
86
8
877 86
86
Gold 53
June 15 1951 1 D 10518 108 107 July'28
97 10214
99 Sept'28
9912 100
107 Apr'28
J D
Registered
4
Gold 3%s
June 15 1951 J D 833 ____ 8412 Jan'27
98
91
4 63
933
9314 Sale 9234
9934 June'28
4
89% H8 Ch St L& 1' 1st cons g 5s____1932 A 0 10114 8918 Sept'28
10159 June'28
A 0
Registered
pely 101
204
99
-98g8 sale 9818
4
51 1' M &0 cons Gs____1930 J D 1003 10114 10034 10034
_
98 10018 Chic
98 June'28
_ 9612 June'28
Cons Its reduced to 3As___1930 J D 9612
4 41 100 105
8 1023
8
1015 Sale 1015
7
98
4 98
4
973
19301W 33 973 Debenture 5s
101 101
_ 101 Sept'28
Jan'28 -4
M S 973 _ _ _ 100
Stamped
4 61 103 110
1043
10418 Sale 10418
4
8
085
Chic T It & So East 1st 5s_1960 J D 9812 Sale 9812
25 10612 112
110
8
1097 Sale 10914
9212 28
Inc gu 5s
1)ec 1 1960 M S 9212 Sale 9214
91
9712
4 33
923
9212 Sale 923
10038 26
101 10014
,
Sale 10212 10314 18 10118 10718 Chic Cu Stan 1st gu 4348 A.1063 J J 10014 10.5 10512 Sept 28 - 10314
4
1963 J 1 1043
1st 55 series B
8212 91%
8512 30
8514
843 87
10412 15
1944 3 D 10312 Sale 103
Guaranteed g is
8
1017 Sale 10112 10214 47 100 105,
19633 J 116 Sale 11512 11618 14
1st guar 6 Sisserie3C
8
_ 10212 1043
10212 Sept'28
Chick West Ind gen g 8s_p1932 Q M 101 105 10212 Sept'28
3
83% 9334
85
8
8:;8
- 3 845
8812 81
4
1952 J 1 8818 Sale 873
Consol 50-year 45
6812 72
62 ____ 6812 Feb'28 -- -8 14
s 1035
1962 M S 10312 Sale 1025
1st ref 5%8 ser A
98
95
95 ____ 95 Sept'28 _ 1041 Sept'28 -8
's
Choc Okla & Gulf cons 55_1952 AI N 1045
97
94
95 Aug'28
95%
1
6i 9558
19373 3 96 CM Ilk I) 2d gold 4.tis
97
97
Jan'28
07
8
4
C I St L & C 1st g 4s_ Aug 2 1836(3 F 9512 983 985 July'28
8218
82
_ 82 Aug'28
79%
9714 Feb'28
Aug 2 1936 Q F
Registered
86
8812
2
CM Leb & Nor let con gu 43 1942 MN 8834 -661- 8812
95
92
5
92
94192 - - 2 92
2712
3
' 100___ 100 July'28
- Clearfield & Matt 1st Cu 55_ _1943
138
82 Sept'28
892
8018 - - 192
92
Ch St
9413 9412 1 9413 9772 Cleve Gin deb& tisL gen 43..1993 3D 91 4 10034 9034 99
9412 96
2
99
983
1931 J
4
20-year
100 106%
4
1003 Sept'28
101
__ 112 Aug'28
1993 3D 112
General 58 Series 13
9012 9814
, 23
941.
94 Sale 94
33
101
Ref & Impt 63series A
I929• .1 10059 Sale moss
15 102 10312
102
102 10217 102
_ 107 Aug'28
Ref & knot 6s ser C
1941
3
' 19414
102% 12
-1963 3' 10212 10334 10218
Ref & linpt 58 ser D
4 105 110%
105
10514 1074 105
:3
95
95
9412
1939 J
Cairo Div 1st gold 4s
9(3% 10214
18
975
8
967 9714 9714
1
8612
-14 8612
On W & 56 Div 1st g 4s._1091 3 .1 8612 01
97% 101
44
99
99% Sale 9718
1
8
875
St L Div 1st coll tr g g 45_1990 MN 87'2.... 875s
96%1021s
4 31
973
8
975 Sale 9678
Mar'28
4
Spr & Col Div 1st g 4s
1940 MS 9518 9818 963
8 11214 27 11014 117
8
1115 Sale 1115
___ 933 Sept'28
90
W w Val Div 1st g 45 1940 „T
3 11518 123
11712 11859 11712 118
61
1977
Ref & impt 4%s 8er E
96% 10314
6
98
98
9738 98
98
9 9
9
6
9
1934 33 10158 10812 108'4 Sept'28
CC C & I gen consg 63
8558 92
40
88
8712 Sale 8718
1933 AO 100% 104 10018 Sept'28
Clay Lor & W con 1st g 5s
96 10114
997g 63
4
973 9812 98
10118 Mar'28
3
'
1938
9814 9814 Cleve & Mahon Val g 58
9814 9814 Apr'28
95
80
8
905 Cl & Mar 1st gu g 44s_..1935 MN 964 ____ 100 Nov'27
2
83
8612 83
84
& P gen gu 4%3 ser 13_1942 A0 9818 ____ 1013 Mar'28
100 10512 Cleve
4
1023 104 Aug'28
1942 • J 9818 10112 100 July'28
Series A 4(4s
4
23 107 1093
108 Sale 10712 108
1048 MN 9012 ____ 9014 Apr'28
Series C 34s
9312 95
9312 Mar'28
8914 91
1950 FA 894 ___ 8959 Apr'28
Series D 3 kis
90
79
70 Aug'28
8212 84
2
100
99
105 108 • Cleve Shor Line 1st gu 4%s-1961 * 0 10018 105
10612 ____ 105 Aug'28
s 10812 12
8 21 100 10714 Cleve Union Term 1st 5%8_1(372 A0 10818 Sale 1073
4 1027
10218 10318 1023
10474 18
1973 * 0 10418 105 1041g
lstsf 5sser B
4
1003 10414
10034 Aug'28
1
100
8
1977 AO 9912 1007 100
lat s fguar 4%3ser C
100 10214
10014 10059 10014 10014
10518 Sale 105% 105% 10 105 108% Coal
91 Aug '28
9,1
1045
D 938
River Ry 1st Cu 43
10 103 105
8
1047
104 1047 10414
s
9912 55
Sale 9914
1929 FA
9318 95% Colorado &South 1st g 45
9312 June'28
8812 94
1
97
97
Refunding & eaten 4%8_1935 MN 9518 97
1 102 109
102
102 106 102
93 June'28
Col AR V 1st ext g 48
1948 A0 9
014
1031s 10318
101 107 103% Apr'28
91 Aug '28
05
1955 FA 9014
8
103 1067 Col & Tol 1st ext 48
105 106 103 July'28
_
8
8312 885 Conn & Passutn Riv 1st 43..1943 * 0 88 _ __ 90 May'28
4 19
853
84 Sale 84
4... 95% June'28
_
1930 FA 913
98 100% Consol Ry deb 4s
9814 10014 991 Sept'28
2
74
7512 74
1954 3 .1 74
Non-cony 4s
2 10012 10212
101
____ 101
101
7312 Sept'28
3
' 7312 75
Non-cony deb 4s____J&J 1955
2
119,
10814
11112
11112 Sale 1103
8112 June'28
Non-cony deb 49
A&O 1955 AO 7312 74
10714 11818
_ 10714 Sept'28
1
7318
4
1956 • J 7318 743 7313
Non-cony debenture 43
99
94
937 94 Aug'28
92
9514 24
1942 3D 947s Sale 9414
Cuba Nor Ry 1st 5(45
89% 9612
4
9113 30
9112 913 9118
9653 1a
1952 3 .1 965g Sale 9653
Cuba RR let 50
-year 55 g
94
88
88 Sept'28
_
D 10812 109 107 Sept'28
1936
lat ref 7%38er A
9914
99
9914 99 Sept'28
99
D
9818 99 Aug.28
1936
1st lien & ref Its ser B
9118 9514
4
913 9438 9212 Aug'28
:
18 10012 1051
Sale 10138 102
8
1013
1
9718
97%
Day & 'Mich 1st cons 4%s1931 33 97% 98
91%
9212 48
9214 94
1943 MN
Del & Fludeon let & ref 4s
1193 Aug'27
11318
1021 1
5
,
1935 A0 10' Sale 102
30
-year cony is
21 -65" 1614
100
100 10014 90%
1937 MN 10414 Sale 10312 10412 18
I5
-year 5 lis
4
3 10212 1073
4
103% Sale 103% 1033
1
103
1930 3D 10318 10412 103
10
-year secured 78
103 106
103 July'28
9614 Aug'28
105
RR & Bidge 151 gu g 45._ _1936 FA
0
9738
9912 26
9914 Sale 99
73
91
3
193/
3 90 4 Sale 90%
'
4
983 10214 1)en & KG 1st cons g 4s
4
963 July'28
9
4
4
923
1936 ▪ 3 923 Sale 923
4
Consol gold 4%s
9818 1011a
62
993
4
4
993 Sale 99%
79
91
100 102% Den & R 0 West gen 5s_Aug 1955 MN 90% Sale 90
100 Sept'28
10018
90
93,2
- - 901, Sept'28
T 31 49 3012 3012 9
1035 ▪ „
953 Des M &Ft D 1st gu 4s
8
927
4
88 0112 927 Sept'28
28
3213 29 Sept.28
Temporary ctfs of deposit. _
4
91% 923
9258 July'28
_ 93
10214 Feb'28
100 10212 Des Plaines Vol let gen 4%s.1947 MS
_ 100 Sept'28
ioO
80 Aug'28
1995 3D
Det & Mac 1st lien g 45
0614 100 8
3
9978 340
09 Sale 99
7912 7514 July'28
1995• D 75
Gold 48
4
693 74
4
72
Sale 72
72
8
8
8
993
73% Detroit River Tunnel 4%s..1961 MN 9912 99% 993
69
7
72
72 Sale 72
_ 10312 Aug'28
3
' 10318
8
587 72% Dul Missabe & Nor gen 5s 1941
6112 16
60%
82
10012 July'28
1937 A0 100
7112 Dul 62 Iron Range 1st 55
59
Sept'28
63
62 - - -12 62
10018 May'28
A0
Registered
8518 91 18
8
877 8612 Sept'28
86
3
' 83% 8412 84 Sept'28
89% 0014 Dul Sou Shore & Atl g 58_ __ _1937
8
893 Feb'28
_
8
957 July'28
4
983 East Ry Minn Nor Div 1st 4s '48 * 0
9238
9412 12
9412
95 -_
.1 -WI 100
99 Aug'28
9814 East T Va & Ga Div g 55___1930
88
95
4
95 Sale 9412
6
1956 MN 10513 Sale 10513 10512
Cons 1st gold 53
8
9314 933
Sept'28
9314
4
4
963 102% Elgin Joliet & East 1st g 58..1941 MN 10014 1047 0014 Aug'28
9914 27
98% 997 9878
1065 A0 10212 110 106 Aug'28
10612 13 10418 11014 El Paso & S W lst 5s
10812 10534
106
1031*
8
1053 ____ 10312 Sept'28
9
Erie 1st consol gold 75 ext__1930 M 5 10212 Sale 10212 10318
8314 93
4 53
843
8412 Sale 8414
38
4
1996 J 3 863 Sale 88%
87
1st cons g 45 prior
2 10318 11214
8
s
1053 1107 10434 10559
86 Jan'28
1996 3 .1
Registered
7213
68
4
683 102
68 Sale 68
4
1996 J J 805 Sale 8014
80% 50
1st cons()) gen lien g 4s
2 11514 11814
114
113 118 1137
1996 J 3
763 Sept'28
Registered
10518 106
_ 10512 July'28
100
1951 F A 100 105 10212 10212
gold 4s
Penn coil trust
88% 88%
____ 88% July'28 _
89
1953 A 0 8314 84% 8314
8312 13
-year cony 48 series A
50
100 10714
8
10014 1027 101 Sept'28
1953 A 0 8318 Sale 8318
8 48
843
Series 11
4
5 1083 111 12
10914
109 Sale 109
1953 A 0
86 Aug'28
Gen cony 4s series Et
9612
91
2
9214
9214
9214 ____
4
1967 M N 943 Sale 9412
114
93
Ref & iii,pt 5s
2
102,
99%
4
4
973 993 993 June'28 _ _
1955 3 3 111 Sale 1015
3
8
111
Erie sic Jersey Ist s f 63
85% 9312
18
87
8614 Sale 8614
4
11012
Genessee River 1st of 58..1957 3 J 110% 11114 110
82% 91%
102 Feb'28
8614
78t2 8144 Erie & Pitts gu g 34s ser 8.19403
3
*
765
7653
7612 78
_ 91 June'28
1940 3 J 8014
Series C 3(4*
95 10414
2
9634
8
967 9712 965s
1954 M N 10312 Sale 103
4 53
1033
,
100 1001 Est RR esti s f 7s
_ 100 May'28
8
927 9714
4
963 157
965 Sale 9614
Bid
Railroad
Ala Gt Sou lst cons A 58____1043 J D
1943 J D
1st cons 48 ser B
1928 M N
Ala Mid 1st guar gold 5s
1946 A 0
Alb & Susq tot guar 3%s
1998 A 0
Alleg & West 1st g gu 45
1942 M
Alleg Val gen guar g 45
1st g 48... _July 1995 Q J
Ann Arbor
Atch Top & S Fe—Gen g 413_1995 A 0
A 0
Registered
Adjustment gold 43__July 1995 Noy
Nov
Registered
July 1995 M N
Stamped
M N
Registered
1955 J D
Cony gold 4801 1909
1955 J D
Cony 4s of 1905
1960 J D
Cony g 48 issue of 1910
1965 J J
Rocky Mtn Div 1st 4s
Trans-Con Short L 1st 48_1958 J J
Cal-Ariz 1st & ref 4%o A 1962 1W S
AU Knoxv & Nor 1st g 55__A946 J D
Atl & Char! A L 1st 4%3 A 1944 J 3
1944 J J
-year 58 series B
151 30
1951 3 1
Atlantic City 1st cons 4s
Atl Coast Line 1st cons 4s July '52 M
M El
Registered
1984 J D
General unified 43is
L & N coil gold 43____Oct 1952 MN
19483 J
Atl & Day 1st g 4s
19483 J
2d 48
1949 A 0
ALI & Yad lst g guar 4s
Austin & NW 1st jug 5s_ _ _1941 3 J
Last Sale.
Price
Parlay.
Sept. 28.
Ask Low
1/40 No. Low
Range
Since
Jan. 1.
----Low
Hick
8
723 74%
7018 75
7334
71
7012 73%
9214 9812
617 79%
3
7512 86
7434 845
s
98
89
94
94
89
96%
102 113
4
1043 117
113 113
10014 102%
10114 10114
99 101%
100 1001s
99% 10318
,
100% 1021
4
1023 1061s
10812 1141.4
,3
104 3 114
9558 10413
8612
91
9314
93
91
92
10554
10514
96
,
92 4
9634
9514
4
973
3
92 4
10812
107
-119h
1015g
98
9612
9712
100
96%
9118
9738
103
4
1013
114
101%
4
843
1025s
10454
9512
9754
9714
87
101%
103%
98
10012
100
103%
7
98 2
10312
107
105
1194
1
/
1054
13
93
,
105 4
10754
100
,
98 3
9714
4
933
100 100
,
3
883 97 2
4
3
973 1003
4
1083 110
100 103
10314 108%
9812 10512
95
4
963
8512 9312
,
8612 94 3
9713
98
935g 9612
9612 100 3
,
10(1 10812
10013 104h
10112 1011g
10184 16134
100
9014
89%
09
10314
8
1005
09
100
9014
89%
10012
11012
10714
1007
s
91
9812
9512
02%
91
90
951s
7218
72
80
73
04
9612
10512
98
9313
10913
100
96%
953
4
90
9812
8218
8612
8112
8512
4
911
10614
110
,
101 4
971g
90h
100
10312
10212
4
96,
8714
9234
87
10013
963
4
4
1033
107
'07
,
96 4
94
9814
97
2714 35
3212
26
10214 10214
82
76
80
70
9718 105
10312 10312
9914 10312
10013 102%
8118 90
9f1
95
99 10414
105 111112
9912 10618
108 109%
10212 10612
8314 91
88
88
4
7712 863
7612 8714
10018 104
80% 8912
8018 8912
S6 8812
9954
93
8
1105 116
110 114
102 102
904, 04
4
1008 104
ars
1785
New York Bond Record—Continued—Page 3
Price
Fridati.
Sept. 28.
BONDS
No Y. STOCK EXCHANGE.
Week Ended Sept. 28.
Week's
Range or
Last Sale.
Illinois Central 1st gold 4s___1951 • 3
J J
Registered
'
3
la gold 330
1951
.1 3
Registered
Extended let gol J 33is___1951 AO
1st gold 35 sterIlm1951 M
Collateral trust gold 4s___1952 AG
let refunding 4s
1955• N
Purchased lines 330
1952 J J
J J
Registered
Collateral trust gold 4s___1953 MN
MN
Registered
Refunding Os
1955• N
15
-year secured 6548 g_ - —1936 J J
40
-year 45is
Aug 1 1966 P A
Cairo Bridge gold 48
1950 3D
Litchfield Div 181 gold 38_1951 J
Louisv Div & Term g 33.48 1953 J
Omaha Div 1st g.ld 3s_ __ _1951 FA
St Louis Dly & Term g 38 1951 3
Gold 350
1951 3 1
Springfield Div 1st g 330_1951 J
Western Lines 1st g 9s
1951 P A
FA
Registered
Ill Central & Chic St L SE N 0—
Joint 1st ref be series A_ __1963 Jo
1st & ref 430 ser C
1963 3D
Ind Bloom & Wea lst ext 46_1940 A 0
Ind Ill & Iowa 1st g 4s
1950 3 1
Ind & Louisville let gu 4s
1956 J 3
Ind Union Ry gen 59 ser A I965 3 .1
Gen & ref 5s eeriest B
19653 J
let & Grt Nor let Os ser A
1952 3 .1
Adjustment fis ear A July 1952
Stamped
1st 55 series B
1956 J J
let g 5s series C
19563 .1
Int Rys Cent Amer 1st 58
1972 M N
1st con tr 6% notes
1941 M N
1st lien & ref 630
1947 F A
Iowa Central 1st gold 5s
1938 J D
Certificates of deposit ______
Refunding gold 98
1051 Eri
James Frank & Clear let 45..1959 J D
KaA&GRIstgug 5s
19:183 J
Kan & 151 1st gu g 48
1990 A 0
C Ft El de M Ry ref g 96_19361A
C& M R&B let gu 5s1929,A
Kansas City Sou 1st gold 38_1950 A
Ref & Inapt 55
Apr 19503
Kansas City Term 1st 9s____1960 J
Kentucky Central gold 48__ _1987 J
Kentucky & Ind Term 430_1961 1
Stamped
1961 J
Plain
1961 J
Lake Erie & West 1st g 5s
1937 J
20 gold 55
1941 .1
Lake Shr dr Mich S g 350_1997 J
Registered
1997 J
1931 M
25-year gold 0
Registered
M
Leh Val Harbor Term gu 54_1954 F
Leh Val N Y tat gu a 450_1940 J
Lehigh Val (Pa) cons g 4s___2003 M
Registered
M
General cons 4114.
2003 M
Registered
M
0
0
J
J
J
3
J
J
1
D
D
N
N
A
J
N
N
N
N
Lehigh Val RR gen 5s serlea_2003 M N
Leh V Term Ity 1st gu g 55__1941 A 0
Registered
A 0
Lab & N Y 1st guar gold 4s__1995 04 S
Lax & East 1st 50-yr 58 gu_ _1965 A 0
Little Miami gen 98 Ser A__1962 M N
Long Dock consol g 68
1935 A 0
Long lad 181 con gold 5sJuly 1931 Q J
1st consol gold 4s___ _July 1931 Q
General gold 48
1038 3 D
Gold 98
1932 J 13
Unified gold 48
1949 M
Debenture gold 69
1934 J D
-year p m deb 5s
1937 41 N
30
Guar Sh B 1st con gu 58 Oct '32 M S
Nor Sh 141st con gu 5,i_Ort '32 Q
T., 0 & Jeff lidge Co gd g 48 1945 M
0
51 Due Feb 1
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28.
7-3
11.
Price
Friday.
Sept. 28.
Week's
Range cr
Last Sale.
Raises
Since
Jas. 1.
s sk Loy
High NO Lou
Bid
High
Low
114g1
5 10012 196
99 10212 Louisville & Nashville 5s____1937 MN 10212 103 10312 10312
9334 9914
953
4 44
1940 33 9512 9712 9538
Unified gold 45
9818 103 4
3
100 102 8
,
1001
1931 St
-- 0112 Aug'28
Collateral trust gold 5s
9612 10112
2
10312
03
43 10212 10512
.May 15 1930 MN 10318 104
10
-year sec 78..
83
91%
26
A0 10712 Sale 0612 10712
3 10478 11012
let refund 550 seriesA 2003
39% 52
67
106
2 102 109
2003 AO 106 Sale 06
lot dr ref 5s series B
4
9812 903
9738 1043
4
4 1003
4 34
4
2003 A0 1003 Sale 003
10412 108k
1st & ref 430 series C
100 10338
N 0&
1st gold 68
1930 33 100 101% 00 Aug'28
109 10711
10012 10214
2d gold 65
1930 J J 100 10112 0012 July'28
9914 1021,
3
95
9612
Paducah & Stem Div 48_1946 FA 9214 934 9518 May'28
.
99 1011
683 71
4
70 Sept'28
St Louis Div 2d gold 3s 1980 MS
98 100,
5
100 1027
8
_ 00 Sept'28
Slob & Slontg lst g 450_1940 MS 9912
86 1013,
867 9414
8
9
88
South Ry joint Motion 48 _1952 Ji 88 16 87
1
96% 1003
9212 Sept'28
9012 9812
Atl Know & Cm Div 4s_ _1955 MN 9212 94
7418 79
100 1063
4
Loulsv Cin & Lex Div g 43.I8'31 MN 98 100 100 May'28
953 101
4
9912 Sept'28
9914 10312
Mahon Coal RR 1st 5s
1934 33 991
34 111 117
74%
75
697 793
737 76
4-8
8
13
4
3
8 105 109 , Manila RR (South Lines)4s_1939 MN
7518 82114
80
80
79
82
6
1959 MN
1st ext 4s
983 991
4
,
99 8 10112
,
9912 99% Aug'28
Manitoba S W Coloniza'n 5s 1934 3D 99
101 111 116
4
11212 Sale 11212 1123
88 July'28
88
88
90
_ 11412 1145, Man GB&NW 1st 330_ _1941 33 84
11412 Apr'28
9912 10218
100 101 100 Sept'28
9
95% 1021 Mich Cent Det & Bay City 58.'31 M
96%
963
4
063 101
4
_ 10044 101%
QM 98 1013 10034 Apr'28
4
Registered
10812 39 10518 11514
10818 Sale 10818
975 Jan'28 _
9118
07% 97%
Mich Air Line 43
1940
8 10418 17 103 209
104 Sale 1033
j
9218 July'28 ____
924 9212
9612 10114
16
Registered
9814
9814 Sale 9712
86 Sept'28
7712 8934
1st gold 350
1952 MN 8518
95% 1013
38
,
4
98
974 981 973
9978
9812 100
5
2
20
1929 AG 093 - - -year debenture 4s
8635
86
8518 ___ 86 Mar'28
9212 993
AO 9214 933 9212 Aug'28
4
4
Mid of N J 1st ext 5s
1940
2214 2914
265
8 30
26 Sale 26
98 8 10652
,
9912 10014 993 Sept'28
_
9312
_ 95% Mar'28
1101, 957, Milw L BA West imp g 5s_..l929 FA
98
9914
5 10038 1071 5411 .5 Nor 1st ext 4Si s(1880)1934 • D 9414 9812 98 May'28
104
104 1CT. 104
-S
9511 9912
D 9312 9612 97 July'28
Cons ext 43 (1884)
-Is
1934
99 104
10118 103 100 Sept'28
951, 9712
933 9514 May'28
4
1947 MS 92
10712 101512 Mil Spar & NW 1st gu 4s
_ _ 10812 Sept'28
J J _90 90 Apr'28
90
90
Milw & State Line 1st 350_1941
9734 107
10814- - 101 Sept'28
10012 10114
61
49i2 Sale 9912
42
6
50
10212 1041 Minn & St Louis 1st cons 5s_1943 M N
10212 May'28
_
MN 47% 50
4778 Sept'28
40
67
9712
_ 9718 Sept'28
Temp ctfs of deposit
9712 1013,
1512 38
14
233
4
14% Sale 1434
1st & refunding gold 4s___1949 M
9834 10418
10214 fcTi 10212 Sept'28
16
1112 21
2
16
16
Ref & ext 50-yr 5s ser A__1962 Q F 15
102 1031
:
98 101 102 May'28
87
9212
7
89
8918
89
01St P & S S151 con g 45 int gu'38 J J 88
102 Sept'28
98 1021,
102 _
9312 10012
9818 96 Sept'28
1st cons 5s
1938 33 06
10014 100%
_ _ 10012 Aug'28
4
993
4
98 101
1st cons 5s gu as to int
1938 3 J 100 10012 9958
9918 1024
10014- - 9918 Aug'28
10012 101
997e 10318
10134 14
MS 10112 1013 10034
4
10
-year coil trust 65is
1931
97% 10312
9912 72
99 Sale 98%
100 1034
1st & ref 6s series A
1946 J J 101 102 101 Sept'28
8614 954
89% 75
8934 Sale 8914
92
96
93 2
6
92 Sale 92
25
-year 550
1949 M
_ 954 June'28
954 9614
2
1st Chicago Terms f 4s
92%
1941 MN 9312
9112 9914
9212 93 2 9214
,
95 May'28
95
95
99
99
98 100
1
_
8612 June'28
8912 91112 Mississipp Central 1st 5s___ _1949 ii 9618 99
-8515 88
85
923
4
4
8711 20
_
4
853 853 Mo Kan & Tex 18t gold 4s__ _1990• D 8712 Sale 863
4
4
Si_ 853 July'28
99 104%
4 27
4
864 88i2 Mo-K-T RR pr lien 5s ser A_1962 33 1003 Sale 9978 1003
_
-El- 8612 June'28
8514 9212
8578 29
4
40-year 48 series B
74 Sept'28
74
1962 33 853 8712 851,
74
76
9412 102
3
'
3 9318 93 8 9314
9012 99%
1
91
Prior lien 4Si s ser D
1978
91 Sale 91
883 9614
4
6 1011g 10912
Cum adjust 5s ser A Jan 1967 AO 104 Sale 10312 10412
92% 934 9318 Sept'28
9018 9812
41912 103%
4 10012 39
1965 FA 10014 Sale 993
83
8814 8318 Sept'28
8318 9018 Mo Pac 1st & ref 5s ser A
,
7914 133
7614 8314
4
85 Apr'28
General 98
1975 MS 783 Sale 78 8
86
85
99% 145
98 102%
99% Sale 0938
2
1st & ref 5s ser F
1977 M
4
89 893 883
4
94
881
88%
913
4
1
913
4
4
913 9712
4
9014 9014 Slo Pac 3d 7s ext at 4% July 1938 MN 913 95
9014 May'28
103 103
103 103 Aug'28
1045 3
10712 10112 10712 Sept'28
103 11074 Mob & BR prior lien g 5s
100 Apr'28
J J
99% 100
7 10812 1141
110 not, 110 110
Small
.
87 Sept'28
593 0812
4
1945• J 88 _ _
10058 Sale 10012 10034 74 98 102% 1st m gold 48
8712 120
92%
82
8618 July'28
Small
1945• j 8712 Sale 82
87
8618 971
,
93
98
7818 June'28 743 76
4
7818 8212 Mobile & Ohio gen gold 4s_ _1938 MS 92 8 9412 93 Sept'28
4
99% 10538
4
807 Sept'28
8
Montgomery Div 1st g 58_1947 FA 0914 1003 993 Sept'28
80
--91
8
4
9412 12
9212 993
753 81%
76 Sept'28
Ref & impt 450
1977 Id S 9412 Sale 937
80%74% 76
90 July'28
88
9718
Moh & Mar lst gU gold 4s-- -1991 MS 8514 95
75
767 76% Sept'28
72
90
8
.1 I 106 111 111 June'28
111 112%
857 July'28
1937
8
8018 87
803 89% Mont C 1st au 6s
4
104% 1043
4
Oct'27
la guar gold .5s
1937 J J 101 104 10434 Jan'28
80_ 88
9012 6i 9012 Sept'28
-1504 9414 Morris & Essex 1st gu 334s..2000 3D 8058 82 8112 82 11 79% 83
,
92 Apr'28
90
92
92
12
90
9614
918 Sale 913*
Nash Chatt & St I. 4s Ser A_I978 FA
101 10418
1937 FA 101 104'2 101 Sept'28
8
32 1013 10814 N Flail. S let gu g 55
1033 Sale 10338 1033
4
18
18 July'28 _
18
Nat By of Siex pr lien 450_1957 3
96 101
25
983
98 Sale 98
183 18%
4
33 1778 __-- 183 July'28 _
4
July 1914 coupon on
1412 Sept'28 _ _
12
21
Assent cash war re: No 4 on
_
9218 924
8614 --- 924 July'28
-_-_ 8712 Aug'25
Guar 70
-years f 4s
91 924 91 Sept'28 _
91
1977 AO
97
1414
17
17 -I.418 -- 2
-—
88 July'28
Assent cash war rct No 5 on
88
8414 92
_
92
_
384 July'28
100 105
Nat RR Mex pr 1 430 Oct 1926 33
10014 -- 100 June'28
_
2314
2143
21
9
21 Sale 21
10112 10112
Assent cash war set No 4 on
3 1014 10412
10112
_
22 Apr'27
1418
let consol 4s
1951
1063
4
105 Sale 105
2 104 10812
;') -1-5%
12%
12%
2
85
9914
4
Assent cash war rct No 4 on
9218 35
92 Sale 913
,
7712 Feb. _
28
774 774 Naugatuck RR 1st g 48
1954 W14 -78E8 -6111 86 8 Nov'27
88 102%
9818 102
9818 Sept'28
97
9412 10178 New England RR Cons 58_1995 3
065
8 17
97
12 9612
93
90
88 July'28 _
88
88
9578 102
Consol guar 4s
1945 I
965 984 9712 Sept'28 _
8
88 100
__- 8912 July'28
87
22
863 Sale 8614
4
81 7 9212 NJ June RR guar 1st 4s..1986 FA
_
95 202
9612 98
98 Sept'28
J 889434 997 N 0& N E 1st ref & imp 4148A'52
8
9814 21
9618 967 968
8
88%
90
5
90 Sale 90
98
9718 Sale 9614
91 100
New Orleans Term 1st 4s_..1953
SO
9512 102
9818
5
38
4012
4012
40
42
52
N 0 Texas & Slex n-c Inc 58_1935 A0 9818 Sale 984
2
9912
98 101%
8
42 Sept'28 _
_ 377 49
39
1st 5s series B
47
1954 AO 093* Sale 9914
4
_ _ 100 105
1234 24
1018 19
1114 123 12
1st 5s series C
9
1956 P A 10218 1043 10158 Sept'28
2
93 100%
96
061e
89% 9112 90 Aug'28____
8812 967
1st 43.4s series 13
1956 P A 9514 96
1043
4 10 102 106
4
103 1151ay'27 _
1st 550 series A
1954 * 0 10312 1043 10414
99%
8
_1_
96% 100
967
8
8518 9618 N & C Bdge gen guar 430_1945 j J 9714 9814 967
86 .,Sept'28
8714 93
1
99 101
99
NY HAM B 1st cong 58_1935 50 99 Sale 99
10712
8 105% 10938
93
9218 97
9312 21
933 93
4
N Y Cent RR cony deb 68_1935 MN 10712 Sale 107
107
Apr'28
MN
107 107
100 —.- 100 Sept'28
9912 10312
Registered
4
023 __1__1
893 9712
4
913 Sale 904
4
7512 Sale 7512
7278 793
4
77
2
Consol 45 series A
1998 FA
1004 24
9934 Sale 993
4 101
97 10314
41
Ref & impt 4 q8 series A 2013 AO 100 Sale 100
9818 I13412
28 51 10412 1103
9012 Sale 9012
0 : 0;
63
1
4
1
8818 95 4
92
19
3
Ref & impt 5s series C
2013 AO .0638_ S_a_I!_ 106 jun1
91
10614 10614
A0
91
9314 91 ,Sept'28
Registered
9612
88
933 90 Sept'28
4
90
9612
„• t 83 Sale 82
833
4 13
7978 8738
91
9212 9212 Sept'28
9018 96% NY Cent AC Ilud Riv M 330'97
,
97 101
77 8 8512
8012 Sept'28
98 Sept'28
98
Registered
1997 J J
983
8
9312 9914
9714 97
97
4
100 Sale 100
99% 10514
100
4
Debenture gold 4s
1039 MN 97
9718 Apr'28
MN
9818 100% 100 June'28
9718 98 9
- 100 104%
Registered
3
1
81
93
8612 8318
915 99
4
687
8318
s 7978 8712 30-year debenture 4s
1942 J J 011s - g 93
1
8112 86
8012 83
7714 8618
8
87% 19
70
3,
8112 June'28
783 14 7734
74 7 1 7 %
Lake Shore colt gold 330_1998 FA
98 Sale 973
764 82%
4
Registered
97 200.
9814 34
1998 FA
__
993 Apr'28
4
79 Aug'28
78
87
Mich Cent coll gold 35i8 1998 FA
785* 81
99% 993
4
10413 105 105 Sept'28
_
77
83 4
3
Registered
103 10712
7678 ____ 77 July'28
1998 P A
3
99%_ 99%
9212 984
9612
99%
6
99% 1024 N Y Chic & St L Ist g 49
1937 A0 964 Sale 9612
8812 964 9612
Registered
8312
2
i0i2 8812
86 4 9312
,
1937 AO ------- 9612 Feb'28
N
89 June'28
_
9714 Sept'28 _ _ _ _
9512 l0012
973 98
8
25
-year debenture 4s
89
91
1931
99 Sale 9814
62 10012 10312
2d 69 series A BC
96% 1023
993
1931 MN 102 Sale 10134 102
4 20
8
95 Aug'28
1063
4 25 105 107 8
7
4
Refunding 514s series A _ 1974 AD 1013 102 10614
95 10012
4 1063
4 10 109% 1073
Refunding 5 Si s series B 1975 J J 10612 10714 1063
4
10418 10714 10714
9512 10212
10918 111 14 NY Connect 1st gu 450 A 1953 FA
10714
9714 ---- 983 Sept'28 _ _
4
101
_ 10112 10112 10 10014 10714
let guar Os series It
1953 P A 100 104 104 A119 28 -- 1004 1054
.
_
1037 Feb 28
8
9212 Apr'28
103% 1034 NY & Erie let ext gold 4s
.
9212 9212
913
4
1947 MN
894 91% 8918
3d ext gold 410
995K 10014
8918
9712 100
99% June'28
87
1
1933 M
9212
10538 110 10514 Aug'28
4th ext gold 5s
____ 1003 Mar'28
4
105 115%
1930 AO 100
100841003*
9514
1
9512 9712 9514
88 Aug'28
8814 92
94 100
_
1946 MN
83
9612 N Y & Greenw L gu g 5s
11318 1061 10612 July'28
864 Mar'28
_
86% 8712
2000 MN
10612 10912 NY & Harlem gold 330
__ 10312 10312
MN
Registered
8
8518 Apr'28 _ _
785
5 100 10312
8518 8515
96% - 4
993
Y Lack dr W 1st dr ref gu 581973 MN 1004 ___ 80 July'27
10078- 9712 Aug'28
9412 99 4
,
92
98
923 July'28
4
____ 100
100
4 -65ch 109
First & ref gu 43 con____1973 MN 100
-Is
92
9612
96
02 June'28
97
_
92 10012 NYLE&WIst7sext
1930 MS 10018 10412 106 Feb'27
8712 933 9012 Sept'28
8
1003
4
3 100 16174
1932 P A 10014 Sale 10014
,
87 8 933e N Y & Jersey let 58
99 Sale 98
99
90 NoY'27 -10
98 1004 NY&NE Bost Term 45_1030 AO
•S 8514 85
99
_99 99
821 140
7 28
6,
1
6
97 10112 NYNH& It n-e deb 49_ _1947
8372 July..
7 18
77
70
93 8
130i4 9114 934
10
Non-cony debenture 350_1947 MS
76% 8314
,
90
7
94%
9)13
993
_
7018 81%
7714 723
4
72 14
8
Non-cony debenture 3545_1954 A0 73
4
99 4
1
3
4
99, 102
89 4- - 89
82'2 10
Non-cony debenture 4s
89
0412
78% 884
8112 823 8118
4
1955 J J
1
8714 9412
8214
83
16
Non-cony debenture 4s
79
8812
1956 MN 8112 83
7212 Sale 7214
7212 45
Cony debenture 334s
1956 ▪ J
7012 80
1137
8 27 112 11E12
Cony debenture 6s
1948 j 3 11278 Sale 1127
33
108 Aug'28
98% 115
Registered
10412 25 103 105%
Collateral trust6s
1940 * 0 ioi" Sale- 103
721g 82%
7512 Sale 7512
Debenture 4s
1957 MN
758 15
8
90
72
RI'
1st & ref 450 ser of 1927..1967 J O 90 Sale 893
94%
90 Sale 893
8
90
15
Harlem It & Pt Ches 1st 4s 1954 MN
89
93%
HOD
Ark Low
SO
99 100 Sept'28
Fla Cent & Penn la ext g 55_1930 J J
1943 J J 100 103 100 Sept'28
1st consol gold 58
97
7
Florida East Coast 1st 450_1959 ID _98 8 9618
84
8
1974 MS .3T8 83% 83
let & ref 55 series A
45
Fonda Johns & Glov 1st 4501952 MN 41 Sale 39%
993 Apr'28
4
Fort St U D Co tat g 430_1941 J
108
1961 J o IOSE8 foi 108
Ft W & Den C 1st g 550
1933 AO 10312 10614 10418 Aug'28
Frem Elk & Mo Val 1st 68
10034 10034 10034
GH&SAM&P 1st 5s_1931 MN _
oSf2
_ 99 Sept'28
1931 J J
2d extens Os guar
0712 10014 June'28
1933 A0 0614 "
Galv Moos & Heed la 5s
90
907 89 Sept'28
8
Ga dr Ala Ry 1st cons Os Oct 1945 J J
9914
Ga Caro & Nor 1st gu g 5s 1929 3, 97% 9914 9914
Georgia Midland 1st 3s
1946 AO 7418 7814 794 Aug'28
953 Sept'28
4
Or R & I ext 1st gu g 430_1941 J J 96
4 11314
Grand Trunk of Can deb 68_1940 AO 113 Sale 1123
1067
8
15
-years s 1 68
1936 MS 106 Sale 106
99 June'28
Grays Point Tern- let 5s
1947• D 964
Great No- gen 75 series A___1936 3 1
J J
Registered
let & ref 448 series A____1961 J J
General 534F series B
1952 J
General 68 series C
1973 J
General 455,.. i.er.ta, D
19783
General 4355 series E
1977 3
Green Bay & West deb ars A___ _ Feb
Feb
Debentures ctfs B
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob & Nor 1st 530— -1950 A 0
1st M 5s series C
1950 A 0
Gulf & S I 1st ref & ter g 58_51952 J 3
Hocking Val 1st cons g 410_199V 3 3
Registered
1999 J .1
Housatonic Ry cons g 5s
1937 M N
H & T C 1st g 5s int guar
1937 J J
Waco & N Vir div 1st 8s .1930 M N
Houston Belt & Term 1st 5s_1937 J J
Houston E t7, W Tex 1st g 58_1933 M N
1st guar Oared
1933 M N
Bud dr Manhat 1st 5s ser A_ A957 F A
Adjustment Income Os Feb 1957 A 0
g-7
1786
BONDS
S. 1' STOCK EXCHANGE
Week Ended Sept. 28.
NY0& W ref let g 4s_June 1992
Reg 65,000 only June 1992
General 45
1955
NW Providence & Boston 45 1942
Registered
NY & Putnam let con gu 4s 1933
N Y Susq & West 1st ref 56_1937
2d gold 4na
1937
General gold 55
1940
Terminal let gold 5s
1943
N Y W-ches& B 1st ser I4s
Nord Ry ext'l 5 f 6ne
1950
Norfolk South lot & ref A 542_1961
Norfolk & South let gold 58_1941
Norfolk & West gen gold 8s1931
Improvement & ext 6s_ _ _ _1934
New River let gold 6s _ _1932
N & W Ily let cons g 4a _1998
Registered
1996
DIv'l let lien & gen g U...1944
10-yr cony its
1929
Pocab C & C Joint 45
1941
North Cent gen & ref 58 A._ _1974
Gen & ref 4 ne Fier A stpd_1974
North Ohio let guar g 53
1945
North Pacific prior lien 45._ _1997
Registered
1997
Gen lien ry & Id gt 3e_Jan 2047
Registered
Jan 2047
Ref & impt 4ne aerlee A__2047
Ref & impt its series B_ _ _2047
2o47
Ref & impt 56 series C_ _ _2047
Ref& impt Se series D_ _ _ _2047
Nor Pie Term Co ist g 65_ ...1933
Nor Ry of Calif guar g 5a_ _ _ _1938
North Wisconsin let its
1930
Og & 1Cbaw let gu g 48_
_1948
Ohlo Connecting Ry let 48._1943
Ohio River RR let g 5s
1936
General gold So
1937
Oregon RR & Nay con g 48. _1948
Ore Short Line let cons g 58_1946
Guar stpd cons 5.2
1948
Guar refunding 48
1929
Oregon-Wash let & ref 43_ _1961
Pacific. Coast Co let g 58. __.1946
Pao RR of Mu lot ext g 4s_ _ _1938
2d extended gold 5.2
1938
Paducah & tile 1st f 414s_ _1955
Parig-Lyons-Med RR ext168.19511
Sinking fund external 78..195x
Paris-Orleans RR s f is
1954
External sinking fund 5),e 1988
Paullsta Ry let & ref. f 75___1942
Pennsylvania RR cons g 4s 1943
Consol gold 4a
1943
42 sled sten dollar_ May 1194$
Coaeolidated s 14145
1960
General 4 ne steles A
1965
General 5.9 series B
1968
19
-year secured 7e
1930
15
-year secured 614s
1938
Registered
40
-year secured gold 5a.....1964
Pa Co gu 3ne coil tr A reg___1937
Guar 314s coil trust ser B.1941
Guar 3ns trust etre C.__ _1942
Guar 3 ne trust etts D....1944
Guar I5 -year gold 411_ _1031
-25
Guar 45 ser E trust ette_ _ _1952
Pa Ohio & Del let & ref 4 nsa'77
Peoria & Eastern let eons 45.1940
Income 45
April 1990
Peoria & Pekin Un let 5ne_1974
Pere Marquette let see A 52 1958
/
1
4
let 4s series B
1958
Phila. Bali & Wash let g 4&.1943
Genera)Is series B
1974
PhilliPvIne Ry tel 30-yr of 491937
Pine Creek registered 18t 68_1932
PCC&StLgu4SisA
1940
Series 13 434s guar
1942
Series C 4ns guar
1942
Series D 48 guar
1945
Series E 358e guar gold _1949
Series F 45 guar gold
1953
Series 0 4s guar
1957
Series H eon guar 4a____ _1960
Series icons guar 4.108...A963
SerleeJ eons guar 4369.- _1964
,
General M Is series A
1970
Registered
Gen 'clue guar 59 series B.1975
Pegistensd
Mtn McK & Y les gu 6s....1932
24) guar its
1934
Pitts Sh & I. E let g 59
1940
let consul gold 58
1943
Pine Va & Char 1st 49
1943
Pitts Y& Ash ist 48ser A__ _1943
lat gen 58 Series B.
1962
let gen 6s series C
1974
Providence Recur deb 4s__ _1957
Providence Term 1st 4e.....1956
Reading Co Jersey Cen coil 4s 51
Registered
Gen & ref 4ns series A...1997
Rich & Meek 18t g 45
1948
Richm Term Ry 181 gu 55 _1952
Itio Grande June 1st gu 5,8_1939
Rio Grande Sou let gold 4s. _1940
Guar 4s (Jan 1922 coupon) 40
Rio Grande West let gold 46.1939
let con & coil trust 4s A .
_1949
RI Ark & Louts let 4 ne_ _ _1934
Rut-Canada let gu g 45
1949
Rutland let coo g4$45
1941
St Jos & Grand tel let: 4s__1947
St Lawr & Adir let ir 55
1996
2d gold 68
1996
St L & Cairo guar g 4s
1931
St L Ir Mt & S gen con g 5e. _1931
Stamped guar 55
1931
Unified & ref gold 4s
1929
Riv & 0 Div 1st g 48
1933
Ct L 141 Bridge Ter gu g 55 _1930
,
New YOLK Bond Record—Continued—Page 4
Pries
Friday.
Sept. 28.
41
Range
Beate
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28.
High
Moe Va Low
-Flan Fran pr lien 48 A.__1950
3
. St 1.
3
72 8 30
7412 11
Con M 414s series A
Apr'28
764 78
/
1
Prior lien Ss series 11
197
90
5
8
80
/
1
4
3
68
70
Income series A 6s_July 1960
5
873 93
s
875
8
Jan'28
89 4 8911 St Louis & San Fr Ry gen 68_1931
3
,
General gold Is
1931
88
96.
Aug'28
3
2
8014 93 St L Peor & N W 1st gu 58_1948
8312
12
1931
7
831 St Louis Sou 1st gu g 4s
77
773
4
5
68
801 St L 8 W lst g 48 bond ctfs _1989
.
6912
20 g 48 Inc bond ctfa_Nov 1989
,
99 102
/
1
4
Aug'28
Consul gold 48
1932
8310 92
8812 16
1st terminal & unifying 59.1952
7 100 103
1013
4
St Paul & K C Sh List 450_1941
21
90
97
914
/
1
St Paul & Duluth 1st fta
1931
981 103
/
4
8
1013
4
1st consul gold 48
1968
31
1015 10512 St Paul E Or Trunk 1st 4518_1947
4
4
1013 1033 10134 Sept'28
4
1047 107
s
104
--- 1047 Aug'28
_ 103 1063 St Paul Minn & Man con 45 .1933
4
103 105 103 July'28
1st consul g Cs
897 Dtil
s
927
8 13
923 Sale 9238
4
Registered
9012 964
90
983 9012 Sept'28
4
193
is reduced to gold 414s _193
3
2
921 96.
/
4
93
5
93
93% 9312
Registered
175 1901
_
- 115 July'28
/
4
1937
/
1
5 9/1 978 Mont ext let gold 43
9312
92
943 934
4
Pacific ext guar 4s (sterling)'40
108 Aug'28
1077
8
1073 108
4
9318 1015 St Paul Un Dep 1st & ref 56_1972
_ _ _ 1003 100
- 8
/ 1003
1
4
4
4
E3 A & Ar Pass 1st gu g 49- — 1943
95 103
99, 9612 951 Sept'28
9112
9214 84
9112 92
89
97' Santa Fe Pres & Phen 1st 58 _1942
,,
West 1st g Os
Saiv'sr
88
97
88 Aug'28
gold
6211 721
6612 15
66 Sale 66
99844
10
64
611
64
/ Scioto VAN E let gu g 45_ 19339
1
4
64
633 66
8
Seaboard Air Line let g 45-1950
99
/ 12
1
4
8
97 1015
995 Sale 9914
Gold 4s sta mped
/ 42 111 11714
1
4
1123 Sale 11212 113
4
Oct 1949
989
AfJustment Se
10358 1091.
10458 Sale 1045
8 1045
s
Refunding 4a
4 1,123 109.
8
3
1043 Sale 104, 104,
4
let Az cons 65 Belles A_ _.1959
49 5
107 1103.
1093
4 - -- 10934 June'28
Registered
105 107
102 10512 107 June'28
All & Dim 30-yr Ist g 4s.d1933
99 102% Seaboard All Fla let gu 65 A _1938
99% 10214 99 Sept'28 - --r
Series B
1935
82
3
.
7818 381
83
82
81
Seaboard & Roan Ist 58 extd1931
9558 Nov'27 _ _ _ _
__
iaii. COI So Car & Ga 151 ext 5148_...1929
104 Apr'28
9913 l03'z 10112 June'28
1936
10112 1024. S & N Ala cons gu g Is
Gen cons guar 50-yr 5s._ —1963
1
92
9114 96
92
9412 92
5
1055 Sale 10538 10812
6 102 110 4
8
8
1 1053 111% So Pac coil 4e (Cent Pau co11)3'49
8
1054 106 10558 1051
/
1
Registered
98 100
98 8 101
7
983 Bale 983
4
4
20
-year cony 4s
June 1929
8619 9412
9012 56
897 Sale 893
8
4
let 4)4s(Oregon Lines) A.1977
7414 Sale 733
7334 881
,
7412 24
4
20-year cony As
914 915%
/
1
9318 Sept'28
Gold 4 40 a
19 8
94
6
3
102 102%
100
102 May'28 _
San Fran Term! let 4s...AM
/
1
4
_
993 10058 July'28 .--. 100 1013
4
Registered
96 1007
8
99, 123
99, Sale 9918
41 10112 10511 So Pee of Cal 1st con gu g 58_1937
10312 Sale 10312 104
101 10412 So Pao Coast let gu g'W.-1937
10254 Aug'28 _
1955
93
983 So Pac RIt let ref 48
4
9814 58
953 Sale 953
4
4
Registered
2 1011 1041,
/
4
/
1
10218 10314 10212 1024
Southern Ry let CODS g 58-1994
Registered
4
97
/ 991,
1
4
_
_
- 973 July'
28
Devel & gen 45 series A...1956
933 94
5
93 100
9312
93
Registered
/
1
4
93
/
1
4
1
9218 99
9278 _ _ _- 93
Develop & gen as
1956
1 100 107
103
1023 103 103
8
Develop & gen 614s
1956
97s 1047
7
10112 57
8
101 Sale 101
Mew Div let g
1996
/
1
10712 Sale 10712 10814 19 1044 115
St Louis Div let g 4s
1951
4
4 10318 120 1023 105),
103 Sale 1023
East Tenn reorg lien g 59_1938
s
1103 117 1087 UV
4
1101 Sale 11018
/
4
Mob & Ohio coil tr 45
1938
112 112
112 Apr'28 _
.
1035 Sale 10312 1043
8
8 85 10114 1051
Spokane Internal 1st g 58. _ _1955
87, 93
91 June'28 _873
4
Staten Island Ry let 4 ne....1943
1
8718 92
873,
3
873 - 4 873
4 8838
Sunbury & Lewiston 1st 45..1938
/
1
4
__
8914 90
90 Apr'28
88, 90" Superior Short Line ist 511. _81930
_
8812 July'28
Term Assn of St L let g 4 ne_1939
978 99 98
4
963 100
4
1
98
lot cons gold 5a
90
951
__
.
90
9412 977 Sept'28
Gen refund a f g 48
954 102
/
1
9814 15
973 Sale 9712
4
Texarkana & Ft a let 5n a A 199534
9840
835 92
8
86, 873 864
1
4
/
1
863
4
3712 501s Tex & N 0 eon, gold 58
4012
4013 Sale 4012
5
2943
1000
10214 1081, Texas & Pac let gold 65
103 Sept'28 _ _
105
20 Inc5a(Mar 28cpon)Dec 2000
/ 1041 17 10012 1051
1
4
/
4
1033 1148 103
,
4
1
Gen & ref 5s ser17 13
pIvBL, t ,
.
,
1977
8912 961
.
923
8
923
8
6
91,
1931
Tex Pac-Mo Pac Ter 5 ne-1964
933 _ _ 95 Aug'28 -4
945 100
8
1935
1 10414 04 Tol & Ohio Cent 1st gu 59
10414
10514
10414
Western Div 1st g Sit
1935
4012 2
40
4214 4012
4012
42,
General gold 5s
10212 10514 104 June'28
104 106
_
Toledo Peoria & West let 49_193
1917
8
997 102
8
10018
10018 10012 1004
7
1950
99 10212 Tol St L & W 50-yr g 4s
99 Sept'28 _
9913
1931
2
99, 10312 ToIWV&Ogu4neA
100 Sale 9978 100
let guar 414s series 13
1933
97
99
97 Aug'28 _
98
in
971g
1st guar 4s series C
1942
97% ____ 9714 Sept'28 _ _ _ _
Tor Liam & Buff 1st g 45— 1946
97
97
_
97 Aug'28
96
9718
97 __— 96 July'28 - _ _
97
971e Ulster & Del lit cone g 53- - -1928
98
____ 971 July'28 _
/
4
Certificates of deposit
10012 101 101 July'28
_ - 101 10512
1st refunding g 4e
4Sept'28 - -98 105
1'
1074 108 10714 Sept'28 -- 10414 11410 Union Pacific lot KR & Mgt 49949
/
1
Registered
113 113
/
1
4
1 1358 Jan'28 _
/
1
4
let lien & ref 4s
JUDO 2008
3 10438 1154
1071
/
4
10714 1087 107
e
Gold 4ne
1967
113 11312
/
1
4
_ 11312 Jan'28
let lien & ref 5s
June 2008
40
-year g 4s
1
1918
____ 105 105 Sept'28
105 106
U N J KR & Can gen 45
10318 107
10112 106 10338 June'28
Utah & Nor let ext 4s
100% Itle
1933
- 10018 Sept'28
10018
01
10018 ____ 10014 Aug'28 - _ 117014 10 4 Vandalia rows g 4s series A._1955
Cons a f 4e aeries 13
1957
9018 9018
90% Sept'28 _
9018
944 974 Vera Crux & p assent 4142
1937
54
9214 99
95 June'28 _ _
1931
103
108 10812 Virginia Mid 58 series F
_ 108 June'28 _
General 5a
1001
7618
7
71
80, Va & gouthw'n 1st gu Se..._29
75let cone 50
-year 55
1968
9114
91
9118 June'28
85
/ 92
1
4
Wrg nihn ty tolls series A 19
Via biasa nIR
Virginian
5
19 8
1
9 2
93
10
92 8 Sale 924
3
91, 97
/
1
gold
943 June'28
4
94, 964
2d gold 5e
99 Sale 98 4
98 104 4
1
3
993
8 23
Ref & gen f 55•9 ser A_ __199
1975
3
____ 8212 79% May'28
79is 8214
Debenture 136s registered.1939
1044 10412
99 102 10412 June'28
let lien 60-yr g term 4e..._1954
104 10012 June'28
10014 lolls
Det & Chl ext let g 59
1941
4% 5
5 May'28 _
0. D 715 .e 1949
Des, int:1 ,1.
. 10
, 5
31
5
34 4
71r
712 Apr'28
-- - - --90 8 9114 90
5
90
951t
90 14 22
Tol & Chic Div g 4s
1941
84 Sale 833*
8314 90 8
3
8418 28
943 Sale 941
8
91
9918 Wabash Ry ref & gen 5s B 1978
943
4 25
Ref & gen 4340 See C
84,
1978
794 Aug'28 _
7918 84
,
79
93
93 4 94 July'28 _
3
96 s
5
90
Warren let ref gu g 3na _ _ _ _2000
Wash Cent let gold 48
1948
86
92
86 Sept'28
_ 100 Aug'28
8
100
100 1003 Wash Term let gu 3no
let 40-year guar 48
105 108
10512
- 106 Aug'28
119 83
3
9712 9812 967
96
98 8 W Min W & N W 1st eta 54 __19440
7
8
96,
5
992
8
1952
984 102
/
1
14 Weet Maryland let g 4s
1003
4 54
1st & ref 614e series A
1977
1013 Dec'27
4
- 1
983 119
4
9812 Sale 9812
FA- 161 8 West N YAP,1st g 54
Gen gold 4e
97 4
5
94
4
953
5 60
95 Sale 943
. 19494
6
9818 1013 Western Pac 15t see A 5e. _ _19337
4
10014 10014 100 Sept'28
Reentered
West Shore lit its guar
2361
Reentered
2361
sse
74
Ad Low
Sale 73
7813
70 Sale 68
87, Sale 875
s
4
893
00
88
89
8312 Sale 8312
773 Sale 77
4
6918 Sale 69%
9912
99, 101
8814 Sale 86
10112 Sale 10114
/
1
4
9012 Sale 90
98, ---- 9858
Due May. e Due June. 1 Due august.
Week's
Range or
Sail Sale.
pries
Friday
Sept. 28.
Week's
Range or
Last Sale,
eh
lanes
Sine*
Jaw. 1
HUI
Mob No. Low
.459 Low
1301
8812 Sale 88
8512 93
8912 154
87 8 97
3
/
1
4
89, 341
8914 Sale 89
987 10411
g
10018 Sale 10018 10114 38
99% 1021a
1011 Sale 1014 10112 88
/
4
1011 10312 10212 Aug'28 - - 100 105
/
4
1
9914 mats
100
99 1004 100
4
3 105 111
10112 103 101
10113
9714 97, Apr'28
97
/ 97 e
1
4
5
9214
79
8614 90
8812 Sept'28
82
85
8710
82
82 Aug'28
4,
94% 99
957 Sale 9514
8
96
30
96, 1034
9814 Sale 9814 100
914 98
9312 Sale 9234
9414 18
8818 ____ 99 June'28
99
99
901 9614
/
4
9312 Sept'28
99 1663 9718 June'28
9718 973
8
4
/
1
4
963 9710 95 July'28
4
1033 10812 10312 Sept'28 — _
4
103 106 10634 Mar'28 _ __
8
94 Sale 94
9912
9618 9912 99, Jan'28
_
94
5
92
953 9314
4
8812 9012 8814 Sept'28
6
10512 Salo 1054 105,
91, Sale 904
91, 19
100 102 100 Sept'28
114
104
104
9914
10712 May'28
95 Sept'28
9212
_
1
78
7814
75
784
2
8
7412
743 77
74,
146
41
41 Sale 40
6012 20
6012 Sale 5812
77 Sale 7514
7814 136
85 Mar'28
1
89
89 Sale 89
713
4 68
70 Sale 68
3
70
884 7112 69,
/
1
98 100
98 Sept'211
1
99
993 10012 99
5
1003 102, 10018 Aug'28
8
/
1
4
104 10812 114 May'28
5
/
1
4
905
8
8914 90 8 90
/ 88 Mar'28
1
4
85
/ 89
1
4
99 Sale 99
99 14
10011 107 10012 101
101
10118 1023 101
4
971a
97 Sale 9638
91
9018
90
901
/
4
90
90 July'28
jai') 1043 10634 June'211
8
95
/
1
4
9512
9512 98
/
1
92 Sale 924
9314
96 Apr'28
11018
11012
loi4
115% Apr'28
10514 -8812 Sale 88
8912
/
4
871 Sept'28
11i1- 1144 115
/
1
4
123
122 Sale 121
1054 Sale 1053* 105 8
/
1
3
.
90 9010 90 Sept'28
1037 10518 Aug'28
3
933 92 Sept'28
4
$31
.4
8212 8412 8214
85 Nov'27
95 Apr'28
9978 Apr'211
983 102 10114 Aug'28
4
103
103
102
8814
$9
881s 89
1033
4
10312 Sale 102
100
102 100
4
1'661 1093 10912 Sept'28
2
10812 1093 100 Aug'27
4
1013
4
1013 Sale 10111
4
10018 10012 10038 10012
8
s
1073 Sale 10738 1073
101
101 Sale 101
99 103 100 Aug'28
9934 Sept'28
101 104
19
15 Nov'27
895 94
89,
39,
985 July'28
8
9734
073.4 _
973 Aug'28
4
957 June'28
9414
4
Vi3- 931 Sept'28
4 /
28
88
17
2
77
1
117 8 96
7
8
88
.0312 100
99 104
100 103¼
95 100
'
88 8 06
5
2
27
24
58
4
26
5
12
5
4
13
1
119 1, 1 19
10593451 12 2
°988
0
:6979818
::
IlO 1127 :
13
6
9334 93
8714 8714
1178.
104
87 s 94
7
::
061.
10414 106
918,
81
90
j5
6
1j
99, 997
a
9912 1021s
!OD, 107
87
94
101, 107
12
100 10810
10715 116
10
10
5
1
1154
-.12
991• 10178
105 1/191
4
19915 10314
9814 103
993 10',
4
2
8914 9611
98% 1004
97, 10312
63,
6212
63
60
2
624
/
1
83 July'28
5712 65
3814 3612 3612
1
36,
/
4
96
89
053 Sale 951
4
9314 Sept'28
9212 95
19
9012 Sale 9012
91
41
9812 Sale 9
812
99
10814 110 108 Sept'28
109
80
8812 Sale 8818
9512 94 July'28
92
9712 98 Nov'27 _
/
1
4
93
9514 Aug'28
9412
9412
2
9412 if:1W 9412
/
4
1812 11
18
1812 181
_ 10014 June'28
97
10012 1111 100 Sept'28
-12
981
/
4
2
9814
98
93
8
93 - 93
/
1
s 57
10558 Sale 1054 1057
/ 10212 19
1
4
10212 Sale 102
100 10112 100 Sept'28
1037
e 41
1035 Sale 10314
s
887 May'27
8
10112
8212
89 June'28
1053 July'28
4
10112
913 925 Apr'28
4
8
89
_
83 Aug'28
/
1
4
833 87
3
/
1
4
4
903 933 93 Sept'28
8
9918 99, 99
991
, 20
42
91 Sale 003
8
91
83
83 Mar'28
90
90 Mar'28
/
1
4
-6688
85 Sept'28
89,
9212
9212
99 100
994 Aug'28
79, Sale 7934
80
98, Sale 97
/
1
4
985
8
10112 102 102 Sept'28
9014 92
90 4
3
90 4
3
9812
98 Sale 9712
88 Sept'28
88
88 Sale 86
9718 Aug'28
95% 98 e
3
103, 111,
106 .1063*
5
94 10114
9912 9912
934 98,
8818 941
8
10412 109 4
3
873 94 4
8
3
100 104
10014 109
10718 10712
9212 98
75
8512
72
83 2
1
40
8218
57
72
/
1
4
73
98 4
3
71358 86
87
915
68
947
a
693 94,
4
98 100,
2
99 1017
100 105
1144 115
/
1
2
35
68
2
40
7
Ws;
MN
62
32
9314
9112
991
/
4
953
4
108
8518
93
/
1
4
76
63
68
99
9712
984
/
1
1011
/
4
11/34
89
0011
91tl
98
ging
11314
10114
103,
10714
103 4
5
109%
101111
10412
941,
1714
10014
100
9814
93
104
10114
9814
10214
10731
86's 89
/
1
1044 1054
/
1
911 9311
8
4
83
/ 883
1
4
89
0510
97, 105
8858 944
83
903
8
834
/
1
887
8
9838
7812
83
90 s
5
91
96
101
3714
10319
100 104
885
$
9714 101
9714 971s
8412 934
7
83 8 93
New York Bond Record-continued-Page 5
BONDS
Ns Y. STOCK EXCHANGE
Week Ended Sept. 28.
;
t
Price
Friday.
Sept. 28.
Week's
Range or
Last Sale.
Rance
Since
Jan, 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28.
3
NA,
1787
Price
Sept. 28.
Week's
Rance or
Lan Sale
SW
AEA Low
MO We, Low
Bid
Thee No.
Ask Low
High
Wheeling & Lake ErieCopenhagen Telep ext 89-__1950 *0 99 100 100
/
1
4
100
2
'
A
Ext'n & Impt gold 58
100 Sept'28
N
1930
10112 Sept'28 - 100 1004 'urn Prod Refg 1st 25-yr a f 58'34
Refunding 4He series A.. 1966 MS -6iEs 16" 911
/
4
913
s
9934 24
914 1024 Crown Cork & Seal s lis____1947 J o 99 Sale 99
Refunding 58 series B
98 Aug'28
1966 MS 9614 102
10212 Sale 10218 103
11
Crown-Willamette Pap 68 ___1951 J
98 102
RR let coneo148
4
1949 MS 883 8912 90 Sept'28
71 Sale 71
75
20
Cuba Cane Sugar cony 7s __ _1930 .1
8812 94
Wilk & East let gu g 5s
7178 6758 Sept'28
1942 3D 69
' 73 Sale 7278
3
7514 48
Cone deben stamped 8%.l930
6712 791
,
• D 10014 104 1033 May'28
Will & S F 1st gold 58
4
1938
10354 1044 Cuban Am Sugar 1st coil 8s_1931 MS 10312 Sale 10312 10412 15
Winston-Salem S B 1st 48_ -1960 3,
9112 92 June'28
8
9812 32
Cuban Dom Sug 1st 7 Hs_ _1944 MN 983 Sale 9712
93
92
WI.Cent 50-yr let gen 4s_ - _1949 3, -8318 Sale 825
8
' 10214 Sale 10218
8314 12
3
4
10214
813 928 Cumb T & T 1st & gen 5s___1937
4
Dul div & term let 48'38 MN 9112 93
Sup &
9012
9214 10
/
1
22
931, Cuyamel Fruit 1st e fl3s A _1940 * 0 994 10012 9912 100
88
Wor & Con East 151 4Hs_
923 Mar'28
8
1943 J J
78 Dec'27 ---Denver Cons Tramw let 5s_ _1933 AO 9211
1
92
Den Gas & E L 1st & ref s f g 55'51 MN 99 100 100
1001.
99 100
1951 MN 99
/
1
4
Stamped ea to Pa tax
10014
INDUSTRIALS
/
1
4
Dery Corp(D G) 1st s f 78_ _1942 MS 70 Sale 69
70
/
1
4
' 10114 Sale 101
3
10112 1
Detroit Edison let coil IT 58_1933
Adams Express coil tr g 43___1948 MS 883 90
4
8834
883
4
101 103 102
1st & ref 58 series A_July 1940 M
1034
87
98
Ajax Rubber 181 15-yr f 813_1936 3D 1045 Sale 104
8
9 100 109 4
1045
AO 1033 Sale 103
8
4
1033
4
1949
Gen As ref 58 series A
3
•S
Alaska Gold M deb 63 A _ _ _ _1925
612 10
718 July'28
1st & ref Os series B_ _July 1940 MS 108 Sale 10712 10818 2
318 10
Cone deb 65 series B
612 814 6 July'28 - 1926 MS
1033
4 103 4
3
1955 3D
Gen & ret 56 ser B
34 10
Allis-Chalmers Mfg deb 58_ _1937 MN 9912 Sale 9918
78
9988
10418 10434
1962 P A 1033s- - 10412 10434 1
Series C
98 1023
Alpine-Montan Steel let 78..1955 MS 9312 Sale 9312
9412 11
' 96
3
9612 96
/
1
4
9612 5
93
964 Det United 1st oons g 4Ha_ _1932
Am Agri° Chem let ref.
/
4
81714e 41 P A 1041 Sale 10418
10512 37 104 10612 Dodge Bros deb Os
1940 MN 9838 Sale 98
98
/ 66
1
4
Amer Beet Sug cony deb 68_1935 P A 90
7
92
92
93
8612 86
86
Dold (Jacob) Pack let6s___ _1942 MN 86
79
93
American Chain deb e 88
1933 * 0 10012 Sale 10012 1023
4 45 10012 106k Dominion Iron & Steel be__ _1939 M
97 100
97 Aug'28 - _ _
Am Cot 011 debenture 5e_ __ _1931 ▪ N 100 101
9814 Aug'28 -.9812 45
1942 3' 9812 Sale 97
9618 10211 Donner Steel 1st ref 78
.
Am Cynamid deb 53
1942 AO 94 Sale 9312
6
94
8 105
20
Duke-Price Pow 1st 65 ser A '66 MN 10478 Sale 1045
92
97
Amer Ica s f deb Ss
96
1953 J D 94
_
_ Duquesne Light 1st 4148 A.1967 * 0 10134 Sale 10138 102 43
Arn Mach & Fdy f 68
* 0 104 10414 104
1939
104
Eli Ili East Cuba
American Natural Gas Corp
Sale
99
3
4 42
1
Sag I5-yr e t g 7148'37 MS
Deb 614s (with numb warr)'42 AO 99 Sale 99
991s 37
9951
942
95 Aug'28
97
14 9913 Ed El Ill Bkn let con g 4s_ _ _1939 J
Am Sm & R 1st 30-yr 56 eer A '47 *0 1003 Sale 10012 1017
4
8 63 100 1023 Ed Elm III let cons g 58
4
4
4
1995• J 1083 1163 1143 July'
28
4
let M es series B
6 1064
1947 * 0 10712 Sale 107
1075
8
9512 Sale 9458
9
9512
10 8 Elm Pow Corp(Germany)6145•50
93
Amer Sugar Ref 15-yr 68.. 1937 3J 104 Sale 1033
4 1043
8 54 1024 100
92
9612 92
92
4
Elk Horn Coal 1st & ref 6 1-Zs.1931
76
761 77 Sept'28
/
4
Deb 7% notes (with warr'ts'31
Am Telep & Teleg colltr 48..1929
99 Sale 9878
9918 113
81
100 ____ 100
100
1
Equit Gas Light 1st con 5s _ _1932
984 100
Convertible 48
1936 MS 9512 98
9612 15
96
9712 Sale 971
97
/ 14
1
4
9214 1004 Federal Light dr Tr let 5s _ _1942
20
-year cony 4118
1933 M
4
994
93
993
4
- 9 4
87
98 98 Sept'28
let lien sf58 stamped _ __ _1942
99 4 10212
3
30
-year coil tr 5s
JD 1043 Sale 10414
35 10314 106
4
1946
105's
10414 1043 10414 1043
7
4
let lien (is stamped
4
1942 81
JD 10518 10512 1054 Feb'28 -Registered
/
1
6
99 Sale 99
99
-year deb 6s ser B
1954
10414 1944 30
35-yr.f deb 58
1960 J J 10512 Sale 105
10512 116 1031 109
Federated Metalss f 75
10112 48
1939 3D 10112 Sale 98
/
4
20
-years f 510
MN 1074 Sale 107
10712 81 1041 110
1943
121
490
Flat deb 75(with warr)
1946 J J 116 Sale 106
4
Am TYD13 Found deb 6e
AO 105 Bale 105
1940.
1057
8 17 10312 106
94 Sale 9212
9712 430
Without stock Dumb warrants_
Am Wat Wks& El col tr 58 1934 " 9912 Sale 99
10018 42
4
11513 16
1941 MS 11218 1143 115
9738 1011 Flak Rubber 1st 818s
Deb g(le NW A
1975 M N 10312 Sale 10312 1033
4 31 103 109a Ft Smith Lt & Tr Ist g 58_1936 M
1045 __ 104H Aug'28
8
Am Writ Pap let it 8s
8912 20
8912 Sale 8712
1947
4 10812 21
83
931. Framerie Ind & Deb 20-yr 7348'42 33 10612 Sale 1053
Anaconda COD M01 let 83_1953 FA 10518 Sale 105
1053 321 103 1061 Francisco Sugar lets f 754s_ _ 1942 MN 104 105 104
4
104
1
Registered
10414 Sept'28 -- -- 10414 105
10212 41
1 French Nat Mall SS Lines 7,1949 Jo 10212 Sale 102
15
-year cony dab?.
14412 1133 1104 14412 Gas & El of Berg Co cons g 581949• D 102 104 105 July'28
1938 PA 138 Sale 136
Registered
137 Sept'28 -- 137 137
Gen Asphalt cony 68
1104 39
1939 A0 10714 Sale 10714
Andes Cop Mitt cony deb 71 .1943 J
15712 3658 120 15814 Gen Electric deb g 314s
10312 Sale 152
2
0412
2
1942 P A 9413
Anglo-Chilean s f deb 78..... _1945 MN 96 Sale 96
984 93
g4t 10514 Gen Elec(Germany)7s Jan 15'45 33 103 Sale 1023
4
4 103
4
Antilla(Comp Ague) 7148___1939• J 87
883 8714
4
D 114 118 117
8714
St deb 64s with warr _
118
17
_1940
85
668
Ark & Meru Bridge & Ter 53_1964 MS
10212 10112 Sept'28
Jo 97
9
%
9
9
9
4
99 03 2
Without waretsattach'd '40
12
1014 104
D 934 Sale 923
Armour & Co 1st 4 Hs
1939
4
9314 80
20
-year f deb(is
83
1948 MN 9314 Sale
90 4 944
3
Armour & Co of Del 5148 _1943 J
93
/ 101
1
4
9312 Sale 93
8712 94
Associated 0110% gold notes 1935 MS 1023 102 1023
4
4
/
1
4
4 103
1937 P A 10212 Sale 10158 1034 153
1 Gen Mot Accept deb 88
Atlanta Gm I. 1st 5s
D 10312 ____ 107 June'28 -- -- 101 103
1947
/ 100 8 19
1
4
Gen]Petrol let f 5a
5
1940 A 10012 Sale 100
Atlantic Fruit 7s etre Sop. 1934 Jo 125 _ _ 16 July'28 --- 10814 107
8
Gen Refr 1st s f Baser A
1952 P A 10214 10212 10212 103
5
121s 18
3D 125 ____ 15 July'28 ---Stamped CU..!deposit
8
/
1
4
Good Hope Steel & I sec 73 1945 AO 99 Sale 98
994 17
16
16
107 Sale 107
1073
4 33
Goodrich(B F)Co 1st6 si a_ _1947 J
All Gulf& WI 56 1, col tr 5e_1959
'3 78 Sale 78
N 9112 Sale 911
8
04 38
92
/
4
160
724 8212 Goodyear Tire & Rub 181 5s _1957
J 101 Sale 101
Atlantic Refg deb be
1937
18
10114
99
/
1
4
99
/
1
4
2
977 1033 Gotham Silk Hosiery deb 63.1936• D 9912 100
8
Baldw Loco Work. 1st 5E3_1940 ▪ N 106H 107 10612 10612
2 10612 1081 Gould Coupler 1st s f 6s
7012
1940 P A 7012 Sale 6912
6
.1 10012 Sale 10012 1013
Baragua (Comp Ax) 7(4 . 1937
,
4 10 10012 10844 GI Cons El Power(Japan)75_1944 P A 8912 Sale 9812
9912 11
Barnsdall Corp C. with warr 1940 ID 11012 Sale 10912 11412 713
J 9514 Sale 9412
9513 Cl
lat&gensf6 WI
t/Wk, 51412
1950
Deb (is (without warrant) 1940 ID 934 Sale 93
933 418
105
4
10
0072 93
/ Great Falls Power 1st s f 5(4_1940 MN 10418 10814 105
1
4
Batavian Pete gen deb 4143_1942 J
9312 82
/
4
934 Sale 931
/
1
98
4
Gulf States Steel deb 5ti
_1942 3D 9714 973 97,
12
907 94
4
Belding-Hemingway Os
5
1936 jJ 9134 92
915
8
9158
_
88
88 Sept'28
90
998 Hackensack Water let 4s...1952
Bell Telep of Pa Is series B._1948
1054 Sale 1053
/
1
9612 Mar'28
4 10612 24 104 1095, Hartford St Ry 1st 45
9512
1930 M
let & ref 5.9 itertee C
1980 40 10812 Sale 10814 108
/ 10 106 118
1
4
37
84 Apr'28 _
FIavana Elec comsol g 55... _1952 P A 84
Berlin City Elm Co deb 0%8 1951 Jo 941 Sale 9412
24
/
4
95
7012
Deb 5SZ a series of 1926_1951 MS 70 Sale 7012
0
94
98
Berlin Else El & Undg 1314e _1956 * 0 9414 Sale 9414
944 14
/
1
91
975, Hoe(R)& Co 1st 6Si ser A _1934 L O 9012 92
91
5
93
Beth Steel tat & ref Si guar A '42 MN 1011 102 10112 102
10
/
4
10314 Sept'28
4
9941 1013 Holland-Amer Line 68(flat) _1947 ▪ N 1021
30-yr p & Imp e f Se_ _ _1936
.1 101 Sale 101
10214 41
8952 44
Hudson Coal late f 58 ser A.1982 3D 89 Sale 89
98 109
Cons 30
-year 6s series A__1948
95
10412 Sale 10414
/ 10312 35
1
4
8
1940 MN 1027 107 102
7
Cons 30 year 5 Hs ser B_1953
;2 1023 Sale 10234 1044 115 10212 106 8 RudsonCoGa,lstgSe
4
10312
Humble Oil& Refining 5%1 1932 3, 10114 Sale 01
10188 60
9912 106
Bing & Bing deb 8 tis
1950 M
11
98 Sale 9734
98
Deb gold 58
1937 *0 100 Sale 993
44
04114 99
4 100
Botany Cons Mills 8148
1934 * 0 67 Sale 67
28
68
1043
8
4 56
67
563 Illinois Bell Telephone 55... _1956 3D 1045 Sale 0414
Bowman-Hilt Hotels 78
1934 81
103 1044
10314
4
4 1001. 17
1940 * 0 983 Sale 983
99 1061 Illinois Steel deb 4118
B'way & 7th Ac let con 53_1943
CI 7412 75 1034
7314
733
4
Ilseder Steel Corps f 73
1013
4 33
1948 * 0 10112 Sale l0i14
68
81
Brooklyn City RR let 5a
1941 J J 9114 92
93 Sept'28
901 964 Indiana Limestone lets f 65_1941 MN
8
9011
90 9012 9012
5
Bklyn Edison Inc gen M A
J 105 106 10512 10578
1949
5 101 1011. Ind Nat Gas & 01I5s
98
973 Septi28 _
4
1936 MN 97
J J
Registered
_ 10538 Mar'28
MN 1025 1037 102
8
8
/ 103
1
4
1952
105 4 1053 Indiana Steel 181 5.
4
17
General Os series B
'3 10112 Sale 101
1930
18 101 1944 Ingersoll-Rand 181 53 Dec 31 1935 33
102
102 Sept'28 _
Inland Steel 1st 4145
/
1
1978 AO 9318 Sale 924
934 -178
Bklyn-Man R T sec Gs
1968 33 99
132
99
_
964 100
1005 Sept'28
8
. Inspiration Con Copper 81481931 MS
3
Bklyn Qu Co & Sub con gtd Si'41 MN 65 Sale 9812
2
67
64
64
64
72
1st 58 stamped
1941 .1 .1 72
1
813 82
4
82
• J 8018 Sale ao
Interboro Slap Tran let 5s_ _1968
80
90
81
Iso
Brooklyn R Tr 1st cony g 46.2002
' 80 Sale 7914
3
8814
Stamped
_.
81
430
3-yr 7% secured notes....1921 .1 .1 85 ---- 13612 Nov'27
Nov'27
Registered
83 Apr'28 _ _ _
Bklyn tin El 1st g 4-5s
1950 FL -93- 94
93
93 12 13
10
-year Os
93 100
1932
83
26
8l7 Sale 8178
s
Stamped guar 4-58
1950 PA 93
/
1
9312 Sept'28
10-year cone 7% notes. _1932 __M
93
991
9912 Sale 9914
997
s 60
Bklyn Un Gad 1st cons g 58_1945 MN 1054 94
104 Ill
Int Agile Corp let 20-yr 5s _ _1932 333
__
90
9314 90
4
let lien & ref 6s series A _ _1947 MN 11678 107 106 Sept'28
5
11678 Sept'28
116 11143
4
Stamped extended to 1942 _
833
__M
4 15
8312 Sale 874
Cony deb 511e
'
3
1938
3267
8 73 250 329
Int Cement cony deb Si
9714 59
1948 m_
4
Buff de Susq Iron lst 31541_1932 J O 309 Sale 309
4
963 Sale 963
9412 June'28
/
1
4
Internal Match deb 58
981 121
9314 102
8
Bush Terminal let 4s
1947 in
9814 Sale 97
1952 * 0
9018
9018
5
88
9412 Inter Mercan Marine s 16a _ _1941 JI
1033
8 41
10314 Sale 103
Conso158
'
3
1955
/ 98
1
4
/ 99
1
4
9914
1514 103
International Paper 5s ser A.1947 J 3 98 Sale 9717
Bush Term Bldg.53 gu tax-ex '80 * 0 98
98
32
4
1955M 8 1017 Sale 10178 103
6
Ref s f tls ser A
994 10/1
8
19
By-Prod Coke let 5%. A...1945 MN 10112 1013 10012 101
100 1034 lot Telep & Teleg deb g 43031952 ,!
4
9518 Sale 943
Cal G & E Corp unit & ref 53_1937 MN 100 10114 10114 Sept'28
954 75
10358 10478 10318 103
5 10818 105
/
1
4
Kansas City Pow & Lt 5.1.. _1952 1..7 1 10414 Sale 10418 10415
. .
Cal Petroleum cony deb 8!581939 P A
6
1013 Sale 10118 102
8
43
let gold 4 Sis series B
J 10014 101 10014 Aug'28
9511 102%
1957
_
4
Cony deb s t 510
1938 MN 102 Sale 1025
/
1
4
8 103
32
95 104 - Kansas Gas & Electric 6s....1952 M
7
10418 Sale 10418 108
,
Camaguey Bug 1st.f g 7e
1942 A0 98 Sale 98
98
6
98 1014 Kayser (Julius)& Co deb 51Zs 47 _M
114 Sale 11112 1175 161
Canada Ss List & gen 63.._1941 A
s
1017 10214 10178 1017
8
8 10012 1031 Keith(B F)Corp 15163
8
.
9212
Cent Dist Tel 1st 30-yr de_ _ _1943
1946 _in _V 924 94
93
17
D
105
4 104 4 10512 Kelly-Springf Tire8% note 1931 111
1
/ 20
1
4
_
1074 10812 0712 108
Cent Foundry let ef 63 May 1931 A ____ 105 105
9612 97
974 July'28
/
1
971 y912 Keyston Telep Co let.S,...1935
/
4
9312
9312 94
94
2
A 0 103 Sale 03
Kings County El & 135a.- -1937
Central Steel let get 8s
103
3
1941 MN
1997 A 0 12614
6 120 126
Purchase money 68
Certain-teed Prod 554. A_ _1948 MS 12412 Sale 12412 12412
_ 12558 Sept'23 _ -94
60
8912 97
Kings County Elev 1st g 411_ 194911 A_
,
8112
8112 - - / 8112
91
6
4
Cespedes Sugar Co 1st sf7 He '39 MS 9338 Sale 93
1
102
Stamped guar 4a
9834 105
1949
8118 84
8118
Chic City & Conn Rye 5sJan 1927 A 0 99 102 101
811e
4
64 Sept'28
611 69
/
4
Kings County Lighting 5a
1954
10414 Sale 104
Ch G L & Coke igt gU g 541_1937
10414 10
.1 1007
8 10114 101
10114
4 100 1045
First & ref 6 tits
_
1954
8
Chicago Rye tel Si
116 118 116 Sept'28
1927 P A 80 Sale 80
8218 55
7834 88
Kinney (OR)& Co 714 %notes'36
Chile Copper Co deb 54
1051s
105 106 105
6
1947 1
4
96
202
9314 97 4 Kresge Found', coil tr6s.1936 3 D 10412 Sale 10312 10412 19
3
Clearfield Bit Coal 181 48.-1940 33 953 Sale 9538
90 Apr'28
87
Lackawanna Steel let 58 A _.1950 IM 8 10218 104 102
14 90
Colo F &I Co gen t 58
1024
13
1943 P A
99
14
98 10214
Col Indus let & coil 58 gu. _1934 P A 08 Bale 98
99 102
9578
95
/
1
4
2
04
9814 Lac Gas Lot St L ref&ext 53.1934 * 0 1005 102 101
Columbia0& E deb 56
8
102
3
1952 MN 10012 Bale 99
/ 1011 255
1
4
/
4
Coll & ref 514s series C___1953 P A 104 Sale 10334 1044 22
9814 1014
/
1
Columbus Gas 1s1 gold 58
.1
1932
9412 1001 Lehigh C & Nay sf454e A 1954 33 9914 10014 9912 Sept'28
.
Columbus Ry PAL 151 4Hs 1957 ▪ J 10014 1011e 9814 Sept'28
9278 Sale 9234
93
17
Lehigh Valley Coal lat g 5s._1933
9112 100
Commercial Cable let g 48._2397 Q
100 8 Sale 100
5
100 8
5
90
87 Sept'28
Registered
774 88 4
3
Commercial Credits I 63_ _1934 MN 87
100 100
9812
'
99
3
1st 40-yr gu lot red to 4%.1933• 3 9257 97
98 10118
Celtr s 514 V. noted
1935 Ii 92
93
92
P A 101
92
2
1934
1st & ref s f Sa
92
97
101 Sept'28
97
Cocom'l Invest Tr deb 6...„1948 M
973 Sale
4
98
lst&refsf 5a
51
1944 P A
9512 98
160 10012 Aug'28
.
Computing-Tab-Ree s f 68- _1941 ▪ J 105 10514 97
4
101 1061:
1954 P A ___ 987 99H Aug'28
1st dcref s f 514
8
Conn By Al, let&refg4He._1951• J 994 9914 1053 Sept'28
99 Aug'28
1964 P A
lst&refsf5s
9838 103
9412 9712 95 Sep1'28 _ _ _ _
/
1
4
Stamped guar 4Hs
33 98 Sale
1951
98
98
1974 P A
Ist&refsf Sa
98 102
96 Sept'28 _ _ _ _
Censolldateu llydro-Eles Works
Lex Ave& P F 1st gug 5s....1993 MS
lily, 1204 M B4'0 _ _ _
37, 12 24
8 '
of Upper Wuertemberg 74-1956
Sale
973
4 22
94 10013 Liggett & Myers Tobacco 75_1944 AO
Coal of Md let & ref 5e-1950 J o 972 Sale 9712
Cons
78
7712
1951 P A 10114 104 10114
78
/ 35
1
4
5s
76
834
1017e
11
Coneol Gas(N Y) deb 514a_ .1945 P A 10512 Sale 10514
106
43 1044 107
Liquid Carbonic Corp 68..._1941 F
13812 Sale 13814 142
100
Consumers Gas of Chic gu 5s 1936 J o 100 101 101
10013 1034 Loew's Inc deb (Is with warr _1941 * 0 110 Sale 110
1114 49
Consumers Powerlst 58-.1952 MN 10314 Sale 10318 Sept'28
warrants_ * 0 100 Sale 9934 10012 122
10314
Without stock pur
13 102 1051s
Container Corp 1.1 0.
1948 3D 10014 Sale 100
1003
8 14
1944 A0
9841 102 8 Lorillard(P)Co 78
7
111
15-yr deb 5s with ware._ _1943 3D 92 Sale 9112
17 18 8712
93
Sale12
1951 P A 18
18
53
9015 9813
0834 24
8238 24
4
8
Cont Pap & Bag M111138148_1944 ▪ A 97
983 9612
8
97
/
1
4
6
1937 .1
Deb 5148
79
92 Sale 92
9
788
-
Rases
Maui
Jas. 1.
Low
HAN
100 1024
100 10278
983 1004
8
1.0114 103
1s
6914 93
6518 97
10312 108
9712 10112
99 8 1041
7
1
9812 101
90 103
99 108
5012 76
10014 103 8
7
102 10534
10214 1064
10614 109 41
3
1017 107
8
10212 1074
95
97
14
86 4 99
3
804 8818
85 101
90
991.
103% Ion
P8 104
91 1054
93 4 99
3
11418 11714
94
99
12
92
90
7612 91
99 10212
96 10312
95 10112
100 105 s
3
99 105
95 10112
1001 121
,
91
98
110 120
8912 104
5e
105 11012
104 110 8
7
101 10312
105 107
12
106 117
944 96
102 10612
117 12612
98 1015
a
93
95 4
1
1014 104 4
3
964 1024
102 10812
98 103
1085 10812
8
3193 96
4
9978 103
821
8
69
97 1014
92 4 98
3
10418 106 1
7
9614 101
88 925e
9512 9512
81
08
70
78 4
1
90
994
10078 1044
88
95
10018 109
1005 10318
94 10112
10314 105 s
7
06 1014
987 1024
1
90 1014
974 10012
4
10212 1054
101 104
914 9312
100 1024
7418 8614
7412 8611
7614 83
70
90
964 1084
90 100
77
86
&514 100 8
1
96% 10018
'0212 10615
9712 102 8
1
10114 N161
4
J212 984
10212 1651e
10014 105%
RR% 1061t
10514 122
88 101
10614 10912
9312 99
10214 1073
8
123 (35
805s 9113
80
18 9012
100 107 4
5
11434 120
106 1081
4
7
10212 105 4
101/18 10514
99 1044
102 s 108
5
9912 1014
97 1074
100 UM
97
97
101 102
993 10412
4
96 4 1014
1
94 1004
94
994.
85
374
120 127
997 105%
8
118 142
1051 118 8
4
7
99 10212
109 11812
8712 904
9112
90
1788
19,
BONDS
STOCK EXCHANGE
Week Ended Sept. 28.
New York Bond Record—Concluded—Page 6
Price
Fridal
Sept. 28.
Week's
Ranee or
Last SUB.
1'!
Range
Since
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28.
Price
Prieto.
Sept. 28.
Weer.
Range or
Gael Sate.
z I
g3
tl
Ran
Since
Jas. 1.
Mob No. Low
891
Ask Low
HINI
110k
No. Low
9712 10112
4
9934 119
45 100 10045 Pure 011 s f 514% notes----193 P A 99 Sale 983
5s
7
56
95
984 Purity Bakeries s f deb 5s_ __1948 J J 93 Sale 93
9214 96
95
97 101
17
Remington Arms 68
99
1937 MN 99 Sale 98
947
46
92
97 4
8
:
8714 911 Bern Rand deb 5348 with war '47 MN 9434 Sale 94
12
3
100
9914 1051
6
Repub 1 & S 10-30-yr bs 1_ _1940 AO 100 10058 100
9858 10251
38
Ref & gen 534s series A
I953 J J 10134 10212 101
1013
1 10173 1098,
4
' 10514 106 105
3
9912 95
9
10534 12 105 1134
6718 771 Reinelbe Union 7s with war_1946
,
27
' 9712 9814 9788
3
Without stk punch war
1946
98
46
9714 102
60
7114
-Main-Danube 7s A__ _1950 MS 10112 Sale 10112 1013
8 10018 104
96 1031. Rhine
4
Rhine-Westphalia Elec Pow 78'50 MN 1007 Sale 10078 10212 58 10018 10241
8
99 102
MN 9118 Sale 91
Direct mtge 68
8912 94
1952
9234 83
1
94% 98
Rime Steel 1st.f 78
9512
1955 P A 944 9438 9512
1033 106
4
95
12 10714 114
22 97 1001: Rochester Gas & El 75 set B_I946 M
9588 10912 110
Gen mtge 5348 series C-1948 MS 1097 10934 10512
8
10512
1 104 10812
9(314 1003,
28
Gen mtge 4)48 series D_ _ _1977 MS
31 10014 105
2 94 _
-- 180;
ail
-1
78
843. Roch ,ic Pitts C & 2pm 5e 1948 MN 10114 _ _38
954 984
St Jos Ry Lt & Pr 1st bs
9512 14
1937 MN 9512 Sale 9512
0612 103
891, 9812
' 9858 ___ 96 Sept'28 ---3
96 99
,
5 10412 1061 St Joseph Stk Yd.let 434s._1930
77
3
78
79 e
7
4
78
983 102% St L Rock Mt & P 55 atmpd_1955 ▪ J 77 Sale 77
' 9112 92 93 Aug'28
3
9712 1003 St Paul City Cable C008 58__1937
93
984
4
' 10812 107 0612 10612
3
1 1083 109 4
8
1
5 10212 105 San Antonio Pub Seri; 1st 68_1952
8t
11
9912 198
94
0312
9914 10813. Saxon Pub Wks(Germany) 75'45 P A 9958 Sale 99% 10012 45
25
Gen ref guar 63is
1951 MN 947 Sale 94%
a
45 10038 1061:
94%
14 10012 1054
1946 3' 10214 Sale 10214 103
99 105 Schuleo Co guar 6348
50
4 100 106
Guar 16%s series B
1948 AO 10212 Sale 1023s 103
9712
5 9512 98
273 1004 120 Sharon Steel Hoop s f 530.1948 MN 97 Sale 97
96
30
9312 9612
944 10112 Shell Pipe Line s 1 deb 68....l952 MN 9512 Sale 9458
29
9812 82
9478 10012
9814 1021, Shell Union 011 f deb 58_1947 MN 98 Sale 9712
18
98 1017: Shlnyeteu El Pow 1st 8348..1952 3D 924 9212 92
92
2
913 9812
4
93
22
88
94 a
7
98% 100% Shubert Theatre 13e_June 15 1942 3D 9178 Sale 8934
21
99 104
101
1935• J 10034 Sale 100
30
851s 88% Siemens dr Halske s f 78
105 10534 107
Deb e I 834s
1951 M
10734 11 19412 112
82% 82)
MS 105 Sale 105
4
13 f 6lie allot ctfs 50% Pd --'51
10514 27 104% 1074
1
967a 993,
19
9815 106
90% 100 Sierra & San Fran Power 58_1949 P A 101 Sale 10012 101
140
Silesia Elec Corps I 634s
103 107
9212
9212
1
9212 96
1848 P A
96 102
98
45
10214 1048 Silesian-Am Exp con tr 75 1941 P A 9778 Sale 97
4
N 101 102 10111 10354 29
Simms Petrol6% notes
9814 10811
1929
4
Sinclair Cons 011 15-year 75_1937 ▪ S 102 Sale 10112 102
155 100 1041
_
65
10 56
lat Oen coll(ts series D
4
957g 9934
4
9878 46
1930 _ 983 Sale 983
15
113
9714 99 4
1
let Hen 8345 series D
9514 102
11
1938 I" 9912 9934 9988
3 101 10412
998 72
Sinclair Crude 0115%5 ser A.1938• J 9984 Sale 9712
9412 995
4
9734 65
79 101
45
•
93
9714
1942 0 9734 Sale 9334
100 10034 Sinclair Pipe Line 8 I be
9418 17
934 28
914 95
5s
1939 MS 93% 9312 9212
102 1054 Skelly Oil deb 5345
101 10315
102
1
102 108 Smith (A 0) Corp let 6348_1933 MN 102 10212 102
21 105% 1114 South Porto Rico Sugar 7s 1941 3D 10778 10834 10814 Sept'28 ---. 108 11014
10234 Sale 10212 1027
8 18 10212 1084
99% 106 South Bell Tel & Tel let sf581941 J
73
95 1013 Southern Colo Power Os A 1947 ii 10338 Sale 10314 1037
8 11 102 1074
13 10214 10718
95% 10113 Erwest Bell Tel 1st & ref 58_1954 P A 104 Sale 10312 104
23
90
84
2
9912 102
12
94 Spring Val Water let g 58_1943 MN 104 10412 100 Aug'28
88
MN 10014 100 4 10038 1003
8
1
9912 1011
1
1930
6 113 119 Standard Milling let 5e
8
lst & ref 534,
1945 MS 103% 103% 10412 Sept'28 ---- 10214 1041
,
16 103 106
7 105% 111% Stand 011 of NJ deb 55 Dee 15'46 VA 10212 Sale 1021, 10278 518 10218 104
9334 9811
Stand 011 of N Y deb 4345_1951 J O 9512 Sale 95
96
101
110 110
99
15
9812 1024
3 9218 98% Stevens Hotel let 68 series A.1945 3' 99 Sale 0834
Sugar Estates (Oriente) 75-1942 M
19
97 10114
97
9712 97
971
100
1 100 110
1929 P A 100 10312 100
1,
100 103 Superior 011 let.17.
Kos 1017, Syracuse Lighting let 11 58-1951 3D 10618 10634 106 Sept'28 ---- 105 110
2
10213
10134 Sept'28
1013 106
4
12
6284 62; Tenn Coal Iron & RR gen 58_1951 3
141 1014 117
58 60 Tenn Cop & Chem deb 68_ 1941•0 112 Sale 10812 117
6
107
59 105 1081
Tennessee Elec Pow 1st 88._1947 in 10678 Sale 106
218 4
119
66
73
69
Third Ave 1st ref 48
1960• 3 6814 Sale 67
212 4
6878 109
5584 72 1
7
Adj Inc be tax-ex N Y Jan 1980 A0 6712 Sale 6712
9714 24
951, 1014
8
1937 3, 9634 97 967
18113 32 Third Ave Ry lstg5s
2714 135
N Y Rye Corp Inc 135_ __Jan 1965 Apr 26% Sale 2514
98 100 8
7
99
25
7,18, 9411 Tato Elec Pow 1517e
1956 MS 9834 Sale 9834
Prior lien 88 series A
1965 J J 8512 86% 87 Sept'28
98 100
21
99
6% gold notes_ -July lb 1929 3, 984 Sale 9834
N Y & Richm Gaa 1st (3s A1951 ▪ N 10518 106 106 Sept'28
104 109
Tokyo Elec Light Co. Ltd
4634 60
NY State Rys 1st cons 4345_1962 MN 47 Sale 4634
4714 64
9112 208
90 924
1st 65 dollar series
1953 J D 9114 Sale 91
55
743
8
let cons 6%s series B
5684 20
1962 MN 55 Sale 55
26
99 101 :
9
811 01
105 1091, Toledo Tr L & P613% notes 1930 3, 99% 100 99% 100
N Y Steam let 25-yr 68 set A 1947 MN 10712 - 10612 Sept'28 _
10411 10713
4
1949 MS 102 10412 10454 June'28
9914 10312 Trenton G & El 1st g 5a
- -58
NY Teiep 1st & gen s f 4%8_1939 MN 10018 101 10012 101
12
10212 79 101 103%
1940 MN 102 Sale 102
30
4
-year deben 5 1 tts_ _Feb 1949 P A 110% Sale 110% 111
52 1093 Ill' Trumbull Steel 1st s f 6s
' 6034 65 59 Sept'28 rn
3
6612 Ms
20
-year refunding gold 68.1941 AO 107 Sale 106% 107
43 106 109 Twenty-third St By ref 545_1962
N Y Trap Rock lst es
1946 3D 10012 Sale 100% 10012
1 100 10312 Tyrol Hydro-Elec Pow 7348-1955 MN 9912 Sale 9912 1001 —17
' 10118 Sale 10118 1013
3
Niagara Falls Power 1st 55_ _1932
4 93 10018 1004
98 108
10
99
Ref & gen 68
4
1945 MS 9878 Sale 983
10514 18 10312 10014 IIIigawa El Pow afls
Jan 1932 AO 104 Sale 104
'3 94
1
, 4
95 96 4
4
Nlag Lock &0 Pr 1st bs A__1955 AO 10314 Sale 103
99 9534 Mar'28
10312 34 101 1048 Underged of London 4/413-1933
Union Elec Lt & Pr(Mo)5E5_1932 MS 10012 Sale 100
12 100 103
102
Norddeutsche Lloyd (Bremen)100 103
Ref & eat 5s
1933 MN 101 __ 101 Sept'28
92 94
9312 72
20yrs188
1947 MN 9212 93 93
Nor Amer Cem deb 6348 A.._1940 MS 71 Sale 6 8
10178 Sale 10178 1021
894 93 Un L&P(Ill)18t g 5/48ser A-'5 .3
13 10118 1004
66
4
97
73
99 1037: Union Elev Ry (Chic) be---1945 £ 0 --- 90 90 Sept'28
No Am Edison deb 58 ser A..1957 M
89 947
,
1
11
9912 Sale 9912 100
31
' 10112 103 102 Sept'28
3
9982 102
Nor Ohio Trae & Light 68__ _1947
1931
B 102 Sale 102
19 100 1071: Union 011 let lien f 58
103
02
30-yr 6e series A__ __May 1942 A 10934 110 10934 1093
Nor States Pow 25-yr 55 A 1941 AO 102 Sale 10114 102
2 19 1k 11218
0
7
8
9978 104
21
let lien St 58 series C_Feb 1935 AO 9814 Sale 9814
1st & ref 5-yr 68 series 13._1941 AO 105 Sale 105
106
99
22
16 104 107
9914 14
United Biscuit of Am deb 68_1942 MN 99 Sale 99
_ 99
North WY 1st fd g 414s gtd_1934
'
3
99 1024
9712 106
99
2
Norweg Hydro-El Nit 5345.1957 MN 9188 Sale 9112
92
8 9038 944 United Drug Me 25-Yr 611---19 M
9712 Sale 9712
53
1934 3, 84
Ohio Publlc Service 7345 A1948 AO 114 Sale 11314 114
8812 8412 Sep92 199 95 19914
t9
1
4 113 118 4 United Rye St L 18t g 4s
1818 Sale 11518
lat & ref 711 series B
United SS Co 15-yr 68
1
5
1937 MN 974 98 9714
11518 17 Ilb 118
916 196 9
1947 P A
98 Un Steel Works Corp 634s A_1951 3D 90 91
Ohio River Edison 1st 6s
4
4
9038
9188 23
9032 941,
4 10412 108
1948• J 10512 1063 10538 1063
in 918 Sale 8918
With stock pur warrants
9513
Old Ben Coal 181 65
95
894 974
1
87
1944 P A 9412 Sale 94
10
913
8 11
96
Series C without warrants in 904 Sale 9014
.
Ontario Power N F 1st Se_ _ _1943 FA 101 Sale 100% 101
90
8
3
3 1005 1061
91
D 90 91
With stock our warrants
4
Ontario Transmission 1st 5s.1945 MN 1003 10134 10078 100%
8
897 981
1 1005s 1044
3
987
8
987
8
United Steel Wks of Burbach
9818 108
9934 Sale 9912 100
Oriental Devel guar 68
1t53 M
29
9038 93 s
93
Oslo Gas & El Wks exti .59_ _1963 M S 9212 Sale 92%
Esch-Dudelange 5 1 U.._.1951 A0 10438 Sale 104
7
10438 19 10214 105
15
US Rubber 1st dc ref 55 set A 1947 ii 884 Sale 8812
Otis Steel 1st M 653 set A._ _1941 MS 10012 Sale 100% 1003
8384 9615
971 101
8
4 27
8912 65
' 10112 Sale 101
3
Pacific Gas dr El gen & ref 581942
10182 25 10018 10614
10-7r 734% secured notes.1930 P A 10118 Sale 100% 10112 98 100 1054.
Pac Pow & Lt lot & ref 20-yr 88'30 P A 100 Sale 100
8
991, 1918 U S Steel Corp f Coupon Apr 1983 MN 108 Sale 10714 10814 59 106 109 4
10014 21
Pacific Tel dr Tel 1st bs
5110-60-yr581Regls._ Apr 1983 MN
1024 Sale 10258 1023
4
- 10612
10612
1 10513 10815
9 102% 106
1937 J
Universal Pipe & Rad deb 65 1938 3D 90 Sale 90
Ref mtge 58 series A
1037s 10 102 108
1952 MN 10378 10412 i037
8914 96
9014 10
Pan-Amer P & T cony 8168.1934 MN 10212 Sale 10212 10314 28 50238 10514 Utah Lt & Trac let & ref 6e__1944 AD 95 Sale 95
9512 30
941 10
2 012
1944 P A 10018 Sale 100
let lien cony 10-yr 75
10311 10IY Utah Power & Lt Ist 5s
8
4
1930 P A 1043 10512 10434 Sept'28
10014 32 984 103 11
9412 94
Pan-Am Pet Co(of Cal)cony 138'40 3D 94
s
91ss 9£14 Utica Elec L & P lst f g 56_1950 iJ 10478 107 105
9412 15
105
3 105 1087
Utica Gee & Else ref & ext be 1957
9875 104
19
101
100 Sale 100
Paramount-Wway 1st 534s_.1951 J
1054 1063 10412 105
3 1041, 112
8
98 10 / Vertientes Sugar 1st ref 78_1942
24
97 101
Paramount-Fam's-Lasky 612_1947• D 9914 Sale 99% 100% 90
48 53 5114
98 99 98%
58 4 28
911
%
1953
Park-Lox 1st leasehold 6348_1953 J
8812 10214 Victor Fuel 1st $ 1 be
98 Sale 9734
9912
48 36
3
1
Pat & Passaic G & El cons 881949 MS 102 104 102
102 10712 Va Iron Coal & Coke let g be 1949 MS 82 85 82 Sept'28 -___
102
82 917
e
60
811. Va By dr Pow let & ref 6e-1934 3' 10034 Sale 10012 10034
78
Pathe Exch deb 78 with warr 1937 MN 76 Sale 75%
9912 102
39
8
934 102
95
Penn-Dixie Cement 65 A_ _1941 MS 9412 Sale 9414
30
11412 11412
Peep Gas & C let cons g 85._1943 AO
9
2
82 964
3 11334 1154 Walworth deb 8345(with war)'35 £ 0 10514 Sale 8812
9312 14
1st sink fund 68 series A___1945 £ 0 8614 Sale
Sale 104
10414
Refunding gold be
1947 MB
80
9612
6 102 1081,
6
8738 13
Warner Sugar Refln 1st 78_1941 J
MS
104 104
104 Apr'28
Registered
1055 10612 1058
8
8 106
4 105% 1077
1
99
8412 95
97 1014 Warner Sugar Corp let 72_1930 J
192
Philadelphia Co sec 5s set A_1987 3D 99 Sale 98%
7
89 Sale 863
4
90
Wash Water Powers I 58_ _ _1939• J 104 Sale 10212 104
Pulls Elec Co let 4345
43 9712 1041:
1967 MN 10012 101 100% 101
14 10212 106
914 102
3 Westehes Ltg g Is stmpd gtd 1950 J
9434 95
J 94
3
9512
Phlla & Reading C & I ref 58_1973
1 105 1094
_
10512 10512
4
914 943 West Penn Power ser A 58..1946 MS 10158 1023- 1015a 10238
9312 147
Phillips Petrol deb 511s
3 101 105
4
1939 3D 93 Sale 9234
1st 513 series E
1963 ▪ B 10378
9012 108
Pierce-Arrow Mot Car deb 881943 MS 10618 Sale 10618 107
28
10318 1057
8 20 102 103
la 5388 series F
1953 £ 0 10434 10512 1047
10412 1083
4
10418 106 106 Sept'28
Pierce Oil deb sf 85__Dee 15 1931
8 10114 10614
10512
1st sec 58 series G
1956 in 10218 103 10214 10334 36 10114 106
105
Pillsbury Fl Mills 20-yr 6:3_1943 AO 10414 Sale 104
6 10312 1011..
West Va C & C 181 68
'3 50 Sale 50
1950
9914 113
5014 19 50 (SO
Pirelli Co(Italy) cony 78___ _1952 MN 106 107 106 Sept'28
9312 9612 Western Electric deb 5s_ _ _ _1944 A 0 1024 Sale 10214 103
9312 95 931 Sept'28
Pocah Con Collieries lot 51581957 3
27 1015 10
4 5
103% 106% Western Union coil R cur 513_1938 J J 10214 Sale 10214 10214
104
Port Arthur Can & Dk 135 A_1953 P A 10412 105 104
Fund & real est g 434s___ _1950
N 9712 99 98
104% 106
1st M 68 aeries B
1953 P A 10334 105 106 July'28
98
8 1913 110603:13
5
FA 110 Sale 110
15
-year 6348
1936
2 100 105%
Portland Elec Pow let 65 B 1947 MN 10018 Sale 10018 101
4
7
15 1083 112 11
110
25
-year gold 5s
,
D 10214 103 102
1951
99 1031
100
4
Portland Gen Elec 1st6e19353, 100 Sale 100
25 10114 10514
1021
4
4
9814
9814 Sale 98
Portland By let & ref 6s._1930 M
97% 998 Weet'h'se E & M 20-yr g 53_1946 M
10318 Sale 1023
40 10214 los
4 104
9918
98 101% Westphalia Un El Pow 6o _.1953 .1
2
Portland By L & Plat ref 56_1942 P A 9914 9912 99%
89 Sale 8812
28
90
.1 1003 Sale 10018 1003
8
100 1047 Wheeling Steel Corp 1st 5SO 1948
2
9 88 10112
9 94 4
lst lIen & ref tls series B._ _1947 MN 101 102 10012 101
4
28
White Eagle Oil& Ref deb 5345'37
1 10638 108
4 1073
let lien dr ref 7345 series A.1946 MN 107 -- 1073
With stock purch warrants_
MS 98 Sale 98
9714 105
44
98
Porto Rican Am Tob cony 6131942 J
9814 28
934 100
9714 Sale 9714
9
3
22
93 95% White Sew Mach Os (with war) 38
.
947
143 128 1311s
8 47
Postal Teleg & Cable coil 58 1953 Ii 9434 Sale 9412
130 122
124
Without warrants
9814 104
90
99 4
8
Pressed Steel Car cony g be_ _1933
9812 Sale 96% 100 577
5Wa Sa
3 le Sale 99%
3
99
Wickwire Spell St'l 1st 78_ _1935
'
3
11084 115
11034 Sept'28
Prod & Ref s 175 (with war)_1931• D 11118
5
7 39 se91'2
25
3612
2 1104 1121a Wickwire Sp St'l Co 7e_Jan 1935 MN 3012 3218 3014
Without warrants attached—
4
s
D 11034 lii 11034 1103
303
4
7
8 1011g 1034
Pub Serv Corp N J deb 4245_1948 P A 148 Sale 14612 156% 2759 116 156 a Willys-threrLInd 8 f 6%s_ _ _ _1933 MS 1024 103 10214 103
32 100 10318
Pub Serv El St Gas lat & ref be '85 in 10312 1043 10388 105
10 102 1055a Wilson & Co let 25-yr s 165._1941 AO 10738 Sale 1014 102
101 s l
4
99 10014 Winchester Repeat Arms73411 '41 AO
1st & ref 4348
107
107
1967'In 100 1004 99% 10014 44
4
4 18
5 1 11
9.
' 1003s Sale 9934 10011 197 99
3
97 107 Youngstown Sheet & Tube 581978
14
2
Punta Alegre Sugar deb 78_1937 J
3 19
98
99 98
98
Mob
Ask Low
13•1
Loulsyllle Gas &-E1(Ky) 58_1952 M N 10278 Sale 10212 103
Louisville By let cons 55..__ _1930 .1 J 96
9614 96 Sept'28
Lower Austrian Hydro El Pow
8918
1st s f 6145
1944 P A 89 Sale 88%
100
McCrory Stores Corp deb 5345'41 J D 100 Sale 99
Manati Sugar 1st s I 7345_1942 A 0 10334 105 10334 103%
6912
Manhat By(NY)cons g 48_1990 AO 69 Sale 69
2d 4s
6512 6312 Sept'28
2013 J D
Manila Elec By dr Lt f 58_1953 M El 9614 ---- 99 Sept'28
99%
Marion Steam Shove of 65_ _1947 A 0 9934 10012 99
Mfrs Tr Co ctfs of partIc in
• Al Namm & Son let 65_1943 J D 10334 10412 10334 104
9914
9734 Sale 97
Market St By 75 ser A April 1940 Q
9712
Meridional El lot 75
1957 AO grip Sale 9634
4
Metr Ed let & ref 58 ser C1953 J J 102 1033 0214 103
8012 Sept'28
Metr West Side El (Chic) 48_1938 P A 7712 80
98 98 Sept'28
Miag Mill Mach 75 with war_1958 in 96
in 9212 9312 9312 Sept'28
Without warrants
10518
10518 10514 05
Mid-Cont Petrol 1st 6345.--1940 M
9978 Sale 9934 100
Midvale Steel &0cony s f 581936 M
9812 99% 99
99
Milw El By & Lt ref & ext 4348'31 .11
General & ref 55 series A.1951 3D 10212 103 0212 10212
let & ref Is series B
1961 J D 101 Sale 0072 103
4
Montana Power 1st 58 A
1943 3, 10038 Sale 004 1003
4 10314
Deb bs series A
1962 3D 10234 Sale 023
Montecatini Min & Agrie—
4
11118 Sale 10% 1133
Deb 78 with warrants
1937 J
9714
ii 9678 Sale 9614
Without warrants
9914
Montreal Tram let & ref 58._1941 3, 9918 Sale 99%
Gen & ref st be settee A___1955 AO 9818 __ -- 9838 Sept'28
Series B
981s Sept'28
1955 AO 9818
8714 87
8712
Morris & Co 1st St 434s
1939 3, 87 Mortgage-Bond Co 45 ser 2_J968 AO 82 92 82% .Ian'28
973
4
10
-25-year 55 series 3
1932 J J 9712 98 9734
Murray Body 1st 6345
1934 3D 100 Sale 9818 100
Mutual Fuel Gas 1st gu g 58_1947 MN 100 102 10412 Aug'28
10434 July'28
Mug Un Tel gtd 68 ext at 5% 1941 ▪ N
Namm (A I) & Son—See Mfrs Tr
5984
59 Sale 59
Nassau Elec guar gold 45 1951 3
9814
Nat Dairy Prod deb 5115__ _1948 FA 9818 Sale 9712
101
-- 101
Nat Enam & Stampg 1st 58_1929 in 101
84
Nat Radiator deb 6345
1947 P A 79 Sale 79
10014 10014 Aug'28
Nat Starch 20
-year deb 56_ _1930 3,
National Tube 1st s f 5s
1952 MN 10212 10378 10212 Sept'28
Newark Consol Gas cons 58_1948 3D 103 105 103 Aug'28
New England Tel & Tel be A 1952 in 10714 Sale 10634 10714
let g 4%,series B
1961 ▪ N 10078 Sale 10012 10118
4
New On Pub Serv 1st be A..1952 AO 96% 963 97 Sept'28
Pint & ref 58 series B
963
4
195.5 in 9818 Sale 96
8412
N Y Dock 50
844
-year 1st g 4s__1951 P A 8413 86
9112 91 Sept'28
Serial b% notes
1938 AO 89
NY Edison 1st dr ref 6342 A-1041 AD 114% Sale 114% 116
let Hen & ref bs series B
1944 AO 10414 Sale 10414 106%
N Y Gas El Lt It & Pr g 53_1948 ID 10634 Sale 10614 107
110 Apr'28
Registered
9412
Purchase money gold 48_1949 F A 94 Sale 94
10218 Oct'27
NYLE&WC&RR 510_1942 ▪ N
NY LE& W Dock & Imp 581943 3, 10018
100 Aug'28
N Y & Q El L & P 1st g 55_1930 P A 9914
9914
9914
N Y Rys let R E & ref 45_1942 J J
6234 Apr'28
Certificates of deposit
56-- 58 June'28
3 15
SO-year adj Inc 58___ _Jan 1942 AO
4 Mar'28
3
9
Certificates of deposit
4 Mar'28
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1789
Outside Stock Exchanges.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Sept. 22 to Sept. 28, both
inclusive, compiled from official sales lists:
N.
00000000.0§0
000000000 0
000000000 0
'MCCI
0
99
8214
55
4834
14
9954
102%
104
104
99%
9734
Sept
Aug
June
July
Jan
June
Sept
July
Aug
June
Sent
10011
90
66
52
31
10134
104
10934
108
10134
102
Fel
Jar
Ma
Jun,
Ap
Ma:
Ma:
Ap
Ma
,
Jun.
.
F51
•No par value.
Baltimore Stock Exchange.
-Record of transactions
Baltimore Stock Exchange, Sept. 22 to Sept. 28, both at
inclusive, compiled from official sales lists:
Stocks-
Friaa
Sales
Last 1Veen Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Amer Wholesale pref_ _100
Arundel Corporation
*
At Coast Line(Conn)_ _50
13altimore Trust Co
50
Baltimore Tube pref _ _100
Benesch (1) & Sons corn •
Preferred
25
Black & Decker corn
•
Preferred
25
Boston Sand & Gravel _100
Central Teresa Sug corn
Preferred
10
Chas & Po Tel of Balt pf100
Commercial Credit
•
Preferred
25
Preferred Il
25
Consol Gas,E L & Power_•
6% preferred ser D _100
5% preferred ser A..100
Consolidation Coal __. _100
Continental Trust
Crook (J NV) pref
50
Davison Chemical
*
Delion Tire & Rubber_ _*
Eastern Rolling 151111
•
Equitable Trust Co
25
Fidelity & Deposit
50
Fidelity Trust ..
Finance Co of America A •
*
Series B
Finance Service com A.
_10
First Natl Bank
Houston 011 pref v t ctts100
Mfrs Finance v t
25
25
1st preferred
25
2d preferred
Maryland Casualty Co_ _25
Maryland Mtge com
*
`I V nreolt A, 11.4Innna TrItnqn_ _•
39
30
2651
20
3334
2534
8534
2354
6034
334
30
299
11
1754
6014
165
2574
40
107 108
3854 3934
162 166
163 165
49
49
41
41
27
27
2934 31
26
2611
7734 773.4
35
30
20
2c
115 iissi
34
34
2411 2434
25
26
84
87
110% 11036
102% 103%
2334 24
280 280
5114 5134
6034 6014
3
351
30
31
97
97
298 310
265 265
11
1131
11
11
173.4 18
6054 61
93
93
25
2555
20
2034
1834 1834
165 176
23
26
451..s 46
55
1,135
67
141
5
771
20
290
73
120
50
50
5
170
50
274
620
5
395
679
26
10
20
205
1,178
5
288
4
270
75
40
. 202
100
513
49
39
234
401
1S6
Range Since Jan. 1.
Low.
High.
10434 Mar
3511 July
162
Sept
158% Mar
34
Jan
33
Mar
2634 Apr
24
Jan
2554 Apr
77
Sept
30 Sept
20 Feb
113
Apr
2131 Mar
23
Jan
23
Feb
673.4 June
10934 Jan
100 June
2334 Sept
280
July
5034 Jan
4254 June
3
Sept
2434 Mar
97
Aug
260 June
261
Sept
1014 July
103.4 May
1634 Jan
60
Aug
92
Aug
2434 Mar
1931 Aug
1734 Aug
150
Aug
18
Apr
44
Alm
10934 July
5114 May
212
Jan
225
May
50
July
46
May
2734 Jan
3431 Apr
27
Apr
80
Jan
30 Sept
20 Feb
11514 Sept
35
May
263.4 Jan
2754 May
93
Apr
11434 May
105% Mar
3334 Jan
325
May
53
Aug
6014 Sept
1954 June
33
Sept
120
Apr
326
May
265
Sept
1134 May
1134 Feb
203.4 Feb
64
July
10334 Mar
29 June
26
June
2011 Mar
195
May
26
Sept
co
A ga‘r
94
9534
9874 99
99
99
99
99
981.4 99
99
99
99% 9934
100 100
115 116
99
99
99
99
9934 9934
106 106
44% 44%
9114 9114
9634 9611
99
99
105 105%
103 103
9634 96%
90
90
97
97
103% 10355
101
101
100% 10034
95
68
4534
69%
87
100
8034
9634
6874
46
70
87
100
8054
Inn
Inn
Low.
25
14
7
58
12
8014
7034
84
3268
120
17
23
3711
44
315
12
34834
9
6936
75
5211
3934
High.
27
Jan
1654 Jan
2134 Jan
84
Mar
29
Aug
97% May
8354 May
9034 Mar
42
May
87
Sept
124
Mar
2834 Mar
75
Jan
May
70
Slay
72
34534 June
20
Jan
49634 Sept
1734 Jan
100 June
100 June
5534 Sept
May
43
Sept
94
Jan
Sept
Aug
Sept
Sept
Sept
Aug
Aug
Jan
Jan
Apr
Mar
Aug
Sept
Sept
Jan
Apr
June
Feb
Jan
Jan
Jan
Aug
9634 Sept
98
Aug 10334
98
Aug 102%
98 June 10274
98 June 103
9831 Aug 103
99% Sept101%
9934 May 101
10634 Jan 127
97
May 101
9834 Sept10334
9834 Sept10334
10534 June 108
44% Sept4434
91% Sept99
96% Sept9954
July 9934
98
100
Aug10534
103
Jan 103
9614 Sept99%
87
Aug 993.4
97
July 101
100 [May 10514
101
Mar 10654
100% Aug 101
0000000C
0000000C
00001000
1011 Am
18% Sep
94
Bonds
Baltimore City bonds
4s Sewer Loan
1961
48 Jones Falls
1961
45 School House.._ _ _1961
4s Water Loan
1958
4s Paving Loan__ _ _1951
4s 2d Water Ser.__ _1947
334s consolidated _ _1930
Black & Decker 6%s_ _1937 116
Commercial Credit 6s.1934
Consol Gas gen 454s..1954
ConsolGEL&P 414s 1935 9934
1st ref 6s ser A
1949 106
Danville Traction 5s
Fair & Clarks Trac 50_1938 9134
Fairmont Coal 1st 5s_ _ 1931
Headier Creamery 68_1946
Houston 0115540
1938
Lexington (Ky) St 55_1949
151d Elec Ry 1st 5s_ _ _ _1931
lot & ref 6145 ser A _ 1957
North Ave Mkt 6s.... _ _1948
Penne Wat & Pow 5s_1940
Silica Gel 65413
1932
Titusville Ir Wks 1st 7s '29
Un Porto Rico Sugar
1937 95
634% notes
United Ry & E lot 45.1949 6814
Income 48
1949
Funding 5s
1936
1st 6s
1949 87
Warrington Apts 6s
Wash Bait & Annap 50 1941
Range Since Jan. 1.
000000000000000000000000
000000000000000g009002.00
N000000,000000.00000000000
734 July
13% Sept
Rights
13 S F & G
C
4.4a6-“4,.i.a...- 4, 4 r.:c.i ci4
. .
74,
i
. .
44
M
.N.
88
20
Feb
843.4 Sept
1554 Sept
118
Mar
60
May
14
Feb
2914 Sept
73
Mar
4314 Mar
4934 May
2834 Sept
14
Jan
913.4 Sept
1111 May
85
Apr
23734 Mar
64
Max
1043-1 May
21
Jan
5034 Jan
51
Fel
9'% Sept
154
Jun(
29% Juno
6474 Aug
% Fel
2254 Jar
5834 May
3034 May
82
May
72
Apr
10934 Jar
5634 May
96
Sep
7434 May
31
Sep
65
Jar
61
Ap
52
Ap
135
May
64
May
15
Fel
3634 Fe
3734 Jar
37
Seta'
6034 May
11334 July
16
Sep'
6814 Sep
42
Sep
2
Jar
5
July
46
May
14934 May
2734 July
6234 May
34
Jar
114% Sep
134 Arn
43
Sep
5734 Jar
.1.
0
P.
.
goN0 .0000000000er
11 ,
1.0.00NCON CO 010
High.
1134 June
64
Jan
10
Apr
114% July
58 June
854 June
17
Aug
41
Aug
41
July
2734 Jan
2654 sera
134 Feb
69% Jan
334 Sept
4611 July
20554 Aug
52
Feb
68
Aug
12
Jan
35
July
50
May
3 June
10554 Feb
2234 Jan
47
Sept
54 Apr
3
July
54
July
2034 Mar
78
July
6134 July
92
Jan
52
Jan
90
Mar
55% Jan
22
Jan
60
Sept
5031 May
50
Apr
130
Aug
55
Aug
834 Sept
33% Aug
25 June
18
Mar
4034 May
100
July
1134 Sept
3034 May
2614 Aug
x Sept
4
Sept
361.4 Sept
11414 Jan
15
Feb
3754 Jan
25
July
52
June
54 Jan
3334 Jan
35
Aug
;..;
Low.
on.c*Nop000000m00000qDceagcoggggogggc,2522
t.22gpgrogggg000mooLoo
000
c;
99
8334
6031
4814
25
10034
10234
105
105
10034
98
000000ou00.4cmoN00mvy
01001.0N... CM. NM
,.3c.i,4aCCC
851 914
1634 18%
99
8331
5934
4814
2334
10034
102%
10434
10474
100%
98
.110..00/4 10000N0,V.0
,
N..NOMN0 W.N.
0.1.
cicv
934
1734
HoodsAdv Bag & Paper 65 WI'62 99
Consol Trac N J lot 5s '32
Elec & Peoples tr ctfs 4s'45 60
Inter-State Rys coll tr 4s'43
Lake Sup Corp 5s stpd_
Lehigh C dr N cons 414s '54
Penn Cons 414s
1960
Phi% Elec (Pa) 1st 50 '66
Pirtle Elec Pow Co 53.4s '72
Strawbridge & Cloth 5s '48 10014
York Railways 1st 58_1937
0
RightsInsCo of NA
Manuf Cas Ins
1414 153.4
8054 8451
15
1534
11655 11714
5854 5834
934 911
24
28
55
61
41
41
3051 3134
2636 2834
33.4 331
86% 9134
334 4
4854 4954
221 221
56 34 5734
7514 7674
14
14
38
38
5034 5051
8
834
14034 14234
2434 2434
48
49%
11
51
4
4%
55
55
2814 28%
7834 7934
64
6434
97
99%
5354 5334
9334 9334
7134 7234
3034 3054
60
60
55% 5634
5134 5134
13054 13054
5714 58
954 974
3334 3334
26
2734
3555 3634
49
49
100 100
1554 1534
55
59%
36
42
%
14
4
4
3834 3914
142 14434
2534 2651
52
54
2654 263.4
10734 10934
34
%
4114 4134
41
41
004
Abner Stores
• 1434
American Stores
* 8054
Bearings Co or Amer
•
Bell Tel Co of Pa pref_ _100 11754
Blauners All Ctf
Bornot Inc
Budd(E G) Mfg Co
• 25
Preferred
55
Cambria Iron
50
Camden Fire Insurance ___
31
Commonwealth Cas Co
Cramp Ship & Eng __ _100
354
Elec Storage Battery_ _ 100
FaIrm't Pk Tratur Co com *
Fire Association
10
Hom&Hardart(Phlla)com •221
Horn & Hardart(NY)com •
Insur Coot N A
10
Keystone Tele pref
50
Keystone Watch Case _ _ _ *
Preferred
50
Lake Superior Corp_ _ _ _100
831
Leh Coal & Navigation_ _50 141
Lit Brothers
10 2434
Manufact Cas Ins
Manufactured Rubber.
_10
Mark (Louis) Shoes Inc __•
4
Minehill &SchuykillHav50
North East Power Co ____*
Penn Cent L dr P cum pf. •
Pennsylvania RR
50
Pennaylvania Salt Mfg_ _50 97
Philo,Co (Pitts)6% prof 50
Mitt Dairy Prod pref
Phila Electric of Pa
25
Mile Elec Pow rents_ _ _25
Phila Insulated Wire
•
Philo, Rapid Transit_ _ _ _50 5634
7% preferred
50 513.4
Phila Germ & Norris RR 50
Philadelphia Traction _50
Phlla & Western Ry_
50
Preferred
50
Reliance Insurance
10 26
Shreve El Dorado Pipe L 25 3651
Scott Paper Co
Preferred
100 100
Sentry Safety Cont
Stanley Coot America. *
Tacony-Paltnyra Bridge_
Tong-Belmont Devel_
1
Tonopah Mining
1
4
Union Traction
50 3834
United Gas Improve_ _ _ _50 14234
United Lt & Pr "A" corn.*
U S Dairy Prod class A_ _" 5234
Victory Insurance Co_ _10
Victor Talking Mach corn •
Warwick Iron & Steel__ _10
West Jersey & Seash RR 50 4134
Westmoreland Coal _.50
Range Since Jan. 1.
AIonon W Penn P S pref _25
2554 2634
Morris Plan Bank
10
14
1414
Mortgage Security com •
734
754
First preferred
50
60
60
Mt Vernon-WoodbM vt100 13
13
13
Preferred
100
8034 81
New Amsterdam Cas Co 10
7234 7334
Northern Central Ry __ _50
8534 8534
Park Bank
10
35
3655
Penna Water & Power _ •
8314 84
Real Estate Trustee ...100 123
123 123
Silica Gel Corp corn v t___• 2234 2234 2234
StandGasEqpf w war..100
40
41
Un Porto Rican Sug corn _• 41
40
4334
Preferred
• 443.4 44
4654
Union Trust Co
50
330 330
United Rys & Electric_ _ _50 14
133.4 14
U S Fidelity & Guar __ _ _50 478
470 485
Wash Balt & Annapolis _50
11
11
West Md Dairy Inc com__*
97
97
Preferred
• 95
94
95
Prior preferred
.50
5434 5434
Western Natl Bank
20
3934 40
00000000l001.00000000.00.
.NNW.
-..1...C. .NM...0.1..0IN01.5
.
..
.11 .-.
.1..0 ,M00
Stocks-
Friaay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
sates
Last Week's Range for
Sale
of Prices.
1Veek.
Stocks (Concluded) Par. Price. Low. High. Shares
F11(101,1
95
10634 May
66
Aug 75
Jar
43
Aug 55
Jar
67 rAug 8434 Jar
85
Aug 98
Jar
100'
July 100 I July
80 : Sept 90 0 Jar
Inn
I.,,, inn 0 1oal
Feb
Fel
Jar
Jar
Jar
Mar
July
Apr
Fe
Ap
Arm
Jar
Sepi
Fet
Mal
Mai
Sep
Jar
Jar
Jar
Jum
Fel
Mal
Mal
rSept
• No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Sept. 22 to Sept.28, both
inclusive, compiled from official sales lists:
Stocks-
?may
.xues
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Wind GI Mach,com100
Preferred
100
Amer Wind Glass Co, pf100
Arkansas Gas Corp, com_•
Preferred
10
Armstrong Cork Co
•
Blaw-Knox Co
25
Carnegie Metals Co
10
Cent Ohio Steel Prod, com•
Citizens Tractions
50
Colonial Trust Co
100
Consolidated Ice Co,com50
Devonian 011
10
Diamond Nat Bank_ _ _100
Fidelity Title dr Trust_ _100
First National Bank_ _ _100
Follansbee Bros Co, pf.100
Harb-Walk Ref. corn_ _100
Horne (Joseph) Co,cern- •
Preferred
Lone Star Gas
25
May Drug Stores Corp_ •
Nat Fireproofing, com..50
Preferred
50
Pittsburgh Brewing. com50
Preferred
50
Pittsburgh Plate Glass_ 100
Pitts Screw & Bolt Corp _ _*
Richardson & Boynton, pt
•
Salt Creek Consol Oil_ _10
Stand Sanitary, corn__ _ _25
Suburban Electric Dev _ ___
Union Steel Casting, corn.•
United Engine dr Fdy,com*
United States Glass
25
Waverly 011 Works, el A_"
Westinghouse Air Brake, n*
Wiser 011
25
7nlinr fa-1111nrn\ Onm
90
7
5934
117%
2034
2334
635
400
57
55
3634
19
45%
12%
17
nr.m.
31
3194
50
50
90
91
2% 3
7
714
59
5954
11734 121
20
2034
20% 2434
3934 3934
300 300
5
5
754 754
545 545
635 635
395 405
97
98
205 205
3934 3935
104 104
5634 60
22% 22%
734 7%
1974 20%
4% 534
934 954
286 288
5234 55
33
33
6
6
36.31 36%
19
19
29
2914
45
45.54
1234 12%
33
33
45
4534
17
17
.1
AILS
90
65
160
8,290
8,627
655
850
5,225
2,200
30
10
200
150
1
2
67
20
95
50
10
8,919
25
25
145
1.000
250
131
610
30
100
660
525
60
775
50
20
145
100
7S
Range Since Jan. 1.
Low.
High.
16
Feb
33
Aug
83
Aug
254 May
6% May
54
Aug
91
Jan
16% Jan
1934 Slay
May
38
250
Feb
414 Mar
634 Aug
501
July
610
Jan
345
Feb
95
Aug
178
Jan
38% June
104
July
4854 Apr
20
Jan
614 Feb
17
Aug
234 Apr
734 Apr
210
Jan
4834 Feb
33
Sept
534 June
33
Mar
17
Aug
29
May
4274 Jan
12
Apr
30% Apr
43
Jan
Sept
17
41 (Sept
55 !Sept
91 (Sept
4 May
734 June
67
Mar
125
Sept
2714 Mar
24% Sept
393.4 Aug
310 Slav
6
May
10
Jan
545
Sept
635
Sept
405
Sept
99
Aug
212 May
41
Jan
105
July
60
Sept
27
Mar
10
Mar
24
Mar
531 Sept
10
Jan
290
Sept
5931 Max
38
Mat
751 Jns
4234 Max
1934 Sept
3934 Mar
61
Jar
15% Mar
43
Fel
563]4 Jar
19
May
Al
An/.
CI
Any
• No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Sept.22 to Sept. 28, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks
-Par.Price. Low. High. Shares.
Aetna Rubber corn
•
Preferred
100
Akron Rub reclaim corn....
Allen Industries com_ _100
Preferred
100
Amer Multigraph corn .50
Amer Shipbuilding corn 100
Bessemer Limestone
•
Bishop Babcock
Buckeye Inc corn
24
21
1434
3434
2
22
100
21
14
33
34
81
35
6
12
24
100
21
1414
33%
35
81
35
6
12
Range Since Jan. 1.
Low.
660 18
110 100
130 17
1,280 10%
123 30
450 26%
10 81
10 3314
.50
5
200
934
High.
July 27
Jan
Sept 100
Sept
Apr 29
Jan
July
17% May
July
37
Feb
Jan
36% Sept
Sent
117% Jan
June 37% Jan
Jan
8
Apr
Sept 49
Jan
•
100
4531
Oda,
4534 46
295 295
9dad
9614'
Aug
29
494 Apr
Ma
27
2731 Sep
July
40
3134 Jan
July
24
May
70
2994 Jan
1331 Jun
Feb
33
731 Jan
3434 Aug
2634 Jun
109 Jun
Aug
88
Ma
38
Jan
47
3234 Feb
934 Jan
Sep
38
Feb
256
Au
22
3314 Fe
1024 Aug
Sep
38
654 Fe
May
106
Aug
8
5034 Augl
2631 Sept
Mar
3
Jan
53
Feb
22
130 4234 June
Jan
200 285
2RE1
244‘ Rant
XA
X
XX
4 7
Ezv_aywav'JasZsasagmeEVASEMIEggaEMEga E22Atg,4,1MV44gqgZg4E,M4VIEV.1474ggqgBnag
604
200
1,070
3,306
819
385
250
93
370
490
1,046
2,863
100
1,585
40
290
1,890
200
324
2,370
6,860
400
150
5,960
288
375
420
39
252
120
215
745
730
390
Sept
19
May
112
10931 Jan
3614 Feb
231 Feb
Jan
2
Mar
32
Aug
27
Jan
104
110 June
May
102
134 July
Jan
359
24
Aug
Sept
17
11231 Jan
10334, Aug
5434 Jan
411 Feb
July
30
Jan
32
158 June
Jan
109
10794 Sept
Feb
80
Ma
165
July
95
Jan
96
Aug
57
July
47
10531 Feb
Feb
88
July
39
Jan
390
Aug
100
6041 May
10334 Feb
Feb
18
Feb
123
2731 Ma
High.
.L'4
...TaWW, >W4,
4N>4>n:W*W4gW›-n ,
32
30
54
54
3211 33
274 2711
404
40
4534
45
26% 274
834
82
195 220
25
20
3734
36
20
19
374
37
3434
33
112 113
01
88
69
54
89
86
3611
35
1834 1934
3891
38
332 348
2334 24
524
49
103 10334
39
38
8934 9034
108 108
10
8
5134 6431
31
28
44 5
178 185
3331 35
125
31
32
1,103
445
200
110
56
149
15
504
200
20
100
39
8
10
72
71
260
175
181
100
177
16
10
65
127
550
50
215
20
170
11
40
60
30
4,236
136
235
•No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Sept.22 to Sept.28, both
inclusive, compiled from official sales lists:
Stocks--
Sales
,
144aas
Last Week's Range for
Week.
cf Prices.
Sale
Par, Price, Low. High. Shares.
Range Since Jan. 1.
Low,
gg '44?
'"
"""""
-"
"Gttts.V Ar22*40t
24.WW0
qiPAC
W P.g '
1=VarAtSggrl'atg5gtt,W.Ilt.15.1taWAVAIStWel=gtWatitI
High.
XXXX
XXXX
X
X
X
X
.
Mt•VM.0:01.-.00 .
4.VCV0VOM..0000.....0W0.-.00.,000'4.00000 0VOW U
,
0..,mcwmpN.00,00,,otopmv04,.0MAMO4N.000n....0
co
125 2134 Sept
•
2134 22
25 15% June
154 1531
•
99 9931 Aug
9531
93
Amer Laund Mach com_25 93
July
33 25
28
26
•
Amer Products pref
Aug
1,768 85
Amer Rolling Mill corn_ _25 1044 9734 10534
Feb
_. 2,080 11
__
Amer Thermos Bet"A"_ • 2034
Jan
34 43
46
:ii
io 47
Preferred
24 21
Aug
34
32
100
Baldwin common
27 1084 Mar
10914 10934
100
New preferred
74 Sept
1,025
1034 1134
• 114
Buckeye Incubator
934 Sept
100
94 934
*
Burger Bros
Jan
20 222
235
230
Carey (Philip) com-_--100 230
Aug
59 120
12011 124
100 121
Preferred
231 June
100
3
3
3
Cent Ware & Refrig "A"20
Jun
10, 255
2634 265
100
Central Trust
Feb
100 100
106 106
Champ Coat Pap spl pf 100
1,09, 2234 Jan
46
39
* 4531
Churngold Corp
July
50 3234 324 324 2,209 29
Gin Car Co
29 8034 July
115
111
100
CNO&TPpref
A us
439 97
Cin Gas de Rice pref._ _100 9934 9841 9934
E 12231 Feb
135 135
Cln Gas Transports_ _100
II 974 Apr
100 110Cln Land Shares
32 9734 Feb
"
101- lei
- 1;
CN&C Lt & Tr com_100
7 8034 July
81
81
100
Preferred
426 4531 Jan
5434
53
50 54
Cin Street Ry
419 504 Jan
1154 117
50
Cin & Sub Tel
50 3534 Aug
37
37
Cin Union Stock Yards 100
535 3631 Apr
5814
• 5514 55
City Ice de Fuel
107 304 Mar
35
35
• 35
Coca Cola"A"
Sept
20 93
94
93
Cooper Corp new pre!_100
Feb
• 5534 544 5831 3,958 25
Crosley Radio "A"
Jan
10 102
105 1064
Crown Overall pref---100 106%
5 393-4 Sept
3911 3934
Dayton & Mich guar_ _50
May
34
231
4231
41
Dow Drug common_ _100
1811 1831 2,936 1531 Mar
Eagle-Plcher Lend corn_ _20 1854
10 100 June
100 100
100
Preferred
Mar
45 56
77
75
. 77
Early & Daniel COM
Aug
30 30
Egry Register "A"
Sept
5 340
340 340
Fifth-Third-Union Tr...100 340
37 36031 Feb
389 390
100 390
First National
3 124% Sep
12434 12431
100
Fleischmann pref
1,026 2011 Ma
• 25
243.4 2511
Formica Insulation
Jan
148 43
4931
49
• 49
Gibson Art coin
Sep
54 94
98
94
Globe-Wernicke pref._ _100
July
35 94
9834 983-4
Goodyear Tire 1st pref_100
July
97 46
• 4731 464 4734
Gruen Watch corn
22 11411 Feb
115 115
100
Preferred
10 1231 Sep
14
14
Hatfield-Campbell corn_ •
--
-Fox "A"
Ahrens
Range Since Jan. 1.
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
4xseaE
30
10
KaYnee COM
Kelly Island Lime
• 3211
LeMur,corn
2734
Certificates of deposit- - McKee, Arthur Gas Co- _• 40
45
Metro Pav Brick
Miller Wholesale Drug__ _____
Miller Rubber, pfd _ _ _100
195
Mohawk Rubber
25
Murray Ohio Mfg
364
MYers Pump,corn
10
National Acme
25
National Refining
National Tile
Ohio Bell Telephone, Pf100 113
Ohio Brass "B"
Ohio Seamless Tube
6834
86
Packard Elec, corn
Packer Corp
1914
Paragon Refining
• 38
Reliance Mfg
335
Richman Bros.corn
Scher Hirst class "A"._ _ _• 24
49
Selberling Rubber
100 103
Preferred
Selby Shoe
Sherwin-Williams,corn _ _25 8931
100
Preferred
Stand Text Psod,com _100 10
100 6434
"A" preferred
100 31
"B" preferred
44
Sterns Motor, corn
•
25 180
Steel Tube.Ins
•
Thompson Prod
27
23
165 170
110 11131
5534 59
64 7
7
7
5031
49
2814
28
140 141
112 112
10314 104
24 234
375 375
2434 244
17
17/4
160 160
104 104
5834 5834
831 814
3114
30
364 37
175 17834
110 11134
10731 10811
9331 9334
180 180
9634 9714
104 104
5714 58
64
64
10854 109
95
95
43
43
420 420
10131 10134
75
74
107 107
4911 5511
145 150
3831 3834
Low.
0Z;r0L
8=WO,
.008ZWWM.44.22CONW0t. 4.§018.40grP.000,5550=n0W.-.00ZW4W00,4I-,0,4W0N00
a47; W.4.80.P.5CANtrIWN 4
100..4
,
0 0,10*.CAG.CA..0104 WOCA.-.WW004,0 ,
,
,
gar.000...:400,4..4N0WW00000oP.0=0C40.4 000.00 0O.CAW
X
X
XX
XXX
X
X
XX
27
Byers Mach "A"
•
Canfield Oil corn
100 1114
Central Alloy prat
5534
City Ice & Fuel
10
Clarkfred(G)cow
Cleve Auto Mach corn _50
100
Preferred
Cleve Builders Supply_ _ _ _ ___
Cleve-Cliffs Iron com_ _ _. 141
Cleve Elec 111 6% pref _100
100
Cleveland Ry corn
24
Cleve Securities P L pi& 10
100 375
Cleveland Trust
Cleve Union Stk Yards:Cleve Worst Mills com..100 17
Dow Chemical
100
Preferred
Elec Controller & Mfg- •
811
Falls Rubber com
3111
Faultless Rubber
Federal Knitting Mills
Firestone Tire dr Rubber 10
100 1114
6% preferred
100 1084
7% preferred
100
Foote Burt pref
General Tire & Rubber_ _25
100
Preferred
100
Glidden prior pref
58
God nan Shoe corn
A
Grass- ll Chemical
100 109
Preferred
Great Lakes Towing_ _100
Greif Bros Cooperage•
100
Guardian Trust
100 1014
Halle Bros Pref
Hanna(MA) let pref 100
100
Higbee 1st pref
4934
India Tire dr Rubber
Interlake Steamship
*
Jaeger Mach
&URI
'Mal
Range Since Jan. 1.
oa
40,,D
&Wm
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) For. Price. Low. High, Shares.
Bonds.
Union Metal Mfg
Trust
nuouvi ,D.A.ra Dowse.
VOL. 127.
FINANCIAL CHRONICLE
1790
•
Int Print Ink
100
Preferred
100
Kahn let pref
Kodel Elec & Mfg "A"---•
•10
Kroger corn
50
Little Miami guar
50
Special
•
Lunkenheimer
Julian Kokenge
•
McLaren Cons "A"
•
Mead Pulp
100
Special pref
100
Nash (A)
-•
Nat Recording Pump..
1116
Dhlo Bell Tel prof
100
DM° Shares pref
Paragon Refining corn _25
100
Preferred "A"
Procter & Wamble com_20
100
6% Preferred
Pure 0116% pref_ _ _ _100
•
Rapid Electrotype
100
Rollman pref
3parks WIthIngton pref 100
United Milk Crate "A"....•
10
U. S. Playing Card
U El Print & Litho com_100
100
Preferred
4
U El Shoe corn
•
Whitaker Paper corn
Preferred
5134
2711
118
103
324
1731
104
139
38
282
11134
10034
32
111
5011 52
9931
99
100 10234
274
25
118 119
103 103
46
46
284 2831
3231 3434
1734
17
65
65
101 105
136 140
38
36
113 113
103 103
174 194
4331 44
282 287
11111 11111
loos. 10031
75
73
10011 100%
150 150
33
32
110 112
70
70
100 100
711
714
__
_ 5934 604
1,166
405
52
1,449
7
51
5
25
370
140
40
85
73
362
30
70
261
49
584
243
256
105
10
25
856
236
28
22
72
168
High,
Low.
3034 Aug 5311 Sept
JUne
Aug 100
97
May
Jan 108
100
2131 Aug 5534 Jan
Sept
Jan 120
70
Sept 1104 Apr
103
Sept 494 Mar
46
2931 Mar
254 Feb
Sept
2931 Sept 35
1634 Feb 2031 May
Jan
Mar 82
65
Jan
Sept 112
101
June
Apr 146
100
Apr
Aug 48
28
Apr
10911 June 115
Aug 1064 Apr
103
Sept
931 Apr 20
Sept
4034 Sept44
May
Jan 300
249
July
9631 Jan 113
9631 Jan 10031 Sept
3434 Feb 7531 Sept
Apr
May 103
09
Sept
July 150
114
Sept
July 33
26
Jan
10934 Aug132
May 8314 Jan
64
Jan
964 Feb102
511 Feb911 Apr
6214
52
. ..., Jul _ ... . Sept
._
• No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, Sept. 22 to Sept. 28, both
inclusive, compiled from official sales lists:
JUIC3
Frtallg
Stocks-
Last Week's Range for
Week,
ofPrices.
Sale
Par. Price. Low, High. Shares.
Range Since Jan. 1.
30
15
73
1
3
Trust Co.
Franklin-Amer Trwst _100
100
Mercantile Trust
_
Mississippi Valley Tr. 100
10 200
20 533
20 330
Miscella neon s
Bentley Chain Stores corn •
•
Preferred
•
Boyd-Welsh Shoe
100
Brown Shoe,corn
100
Preferred
•
Burkart Mfg pfd
ChamplunShoeMachpfd100
Coca-Cola Buttling,See_ _1
Cons Lead & Zinc"A" -- -•
•
Elder Mfg,corn
Emerson Electric, pfd _100
Ely&WalkerDGds,com _25
10
Granite 131-Metallic
Hamilton-Brown Shoe _25
•
Hussmann Refr,corn
•
Huttig 8& D,corn
100
Preferred
HydraulicPrBrIck.com-100
IndependentPkg,corn - •
•
International Shoe,corn..100
Preferred
•
Johnson-S de S Shoe
•
Koplar Co, pfd
Mahoney-Ryan Alrcraft.5
M•Aoney Electric "A"- - -•
•
Mo-Ills Stores corn
Mo Portland Cement__ _25
•
Nat Candy corn
•
Pedigo-Weber Shoe
•
Plckrel Walnut
Rice-Stlx Dry Gels own __•
100
lot preferred
100
2nd preferred
Scruggs V-B D CI corn. 25
•
Scullin Steel prof
100
Sedalia Water pref
•
Sheffield Steel corn
•
Skouras Bros"A"
South Acid & Strip corn_ •
.
Southw Bell Tel pref _ _ 100
Stlx, Baer Jr Fuller corn_ •
•
St Louis Amuse"A"
100
St Louis Car pref
St Louis Public Serv pf A •
St Louis Pub Serv corn _.•
•
Preferred "A"
St Louis Screw & Bolt_ _ _25
•
Wagner Elec corn
100
Preferred
Street Ry. Bonds
City & Rubin'PS 58_1934
United Railways 4s_ _ _1934
200
546
333
27
50
29
450
2194
77
5914
21
5511
44
19
3834
20
108
99
35
87
54
11911
2534
24
123
106
9111
200
546
333
27
22
4531 47
40
40
50
49
1194 120
21
21
100 100
59
59
13
12
31
31
108 108
2831 29
450 45e
24
20
32
29
20
20
95
95
431 44
16
16
78
76
11014 111
60
59
52
52
22
21
554 5634
35
35
46
44
2031
19
384 40
2314 24
2031
20
108 10814
9931
99
204
20
35
3631
1024 10231
87
84
54
48
4434 4414
119 11934
36
35
24
21
1014 10111
844
84
254
25
844
84
24
24
110 126
105 106
1,526
266
5
410
10
2
5
100
493
30
10
535
300
240
240
75
2
125
10
639
30
490
135
480
1,568
430
1,033
275
450
526
660
70
15
390
185
25
34
325
30
284
1,191
5
60
170
495
170
95
4,903
14
0111 9111 512.000
8411 8434 28,000
Miscellaneous Bonds
10434 105
1939
Houston 011531s
Merch Bridge & Term Ry
100 100
1930 100
58
Moloney Electric 511s 1943 974 974 9711
103 103
fis '47 103
Natl Bearing Metals
99
99
Serial
-V-B -7s
Scruggs
innl,
.
- • ......, •nIS
-.
High,
Low.
Bank
175 175
Boatmen's Nat'l Bank _100
400 400
Lafayette-So Side lik _100
17631 17734
Nat'l Bank of Corn -_..l00
100 18231 1824 1824
State NaVlBank
130 130
United States Bank_ _ _100
Sept
Feb
Apr
July
Sept
168
325
157
150
130
19214 June
Sept
400
May
236
Jan
200
Jan
135
Sept 225
July 570
Sept 355
Sept
Sept27
21
Sept
4534 Sept48
May
384 Jan 45
45 June 5514 Apr
June
Apr 121
117
Mar 2431 Apr
19
Mar
Sept107
100
Mar 634 Sept
21
Mar 1734 May
11
2334 Jan 38
May
Aug
1024 Jan 110
Jan
Sept33
28
300 Mar 450 Sept
Jan
18 June 30
Mar
Sept41
29
Feb
Sept27
20
May
95
Sept59
331 Apr5 May
Feb
Sept20
16
Apr
Jan 87
62
Aug
10931 July 113
Apr70 May
48
Sept54 June
52
Aug
Aug 26
19
Aug5614 Sept
55
Sept
Jan 36
17
May
Mar 52
38
Aug234 Jan
18
May
35 June 45
Sept
2194 July 24
1914 Sept2311 Mar
Apt
Sept117
103
Jan
Sept104
99
Apr 22
Aug
16
Apr
Jan 46
31
July 1024 Sept
100
Sept
Jan 87
33
Apr 54
Sept
37
3914 June 4711 Jan
Mar
AUg 121
117
Sept
Mar 36
27
Jail
Sept37
21
July
Jan 103
100
7831 Apr89 June
Jan 3234 June
20
7894 Apr89 June
Aug
Jan 30
17
Sept
Feb 126
37
June
9631 Jan 107
0031 Aug
Aug
84
4,000 102
Apt
93
8534 Jar
Sept 105
Sept 100
1.000 100
8,000 9734 Sept 9711
1,000 0934 Jan 104
Sept 10014
1,000 99
va nnli
May
Jan
Feb
OR LC
Tan
MI
Sept
Sept
Sept
Aul
Mai
Mes%
• No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Sept.22 to Sept.28,
both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of MM.
Sale
-Par.Price. Low. High. Shares.
Stocks
American Company
_
Anglo & London P
Atlas Im Diesel En "A"
__
Bancitaly Corporation
Bank of Calif, N A
Bank of Italy, N T & El A _
Byron Jackson
Calamba Sugar 820 par corn
$20 par
California Copper
Range Since Jan. 1.
Low,
High,
Jan 220 June
6,048 130
149 153
153
May
Apr 295
272 225
246 248
248
Jan 874 Aug
3,306 31
7831 82
79
June 220% May
56,273 IGO
1284 125 131
May
105 26934 Feb 452
300 300
19634 20251 14,072 125 June 311% May
200
102% 100 108.4 57,537 31% Apr 108% Sept
33
Aug
Sept
180 30
30% 31
45 19
Sent 1031 Sept
19
19
3.595 2.00 Mar
814 Apr
651 8
894
SEPT. 29 1928.]
FINANCIAL CHRONICLE
&UM
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price, Low, High. Shares,
Friday
Sales
Last Week's Range far
Sale
ofPrices.
Week.
Stocks(Continued) Par. Price. Low. High. Sharer.
Range Since Jan, 1.
Low.
High.
1791
Range Sines Jan. 1.
Low.
High.
• 43
75
Jan 14334 Mar Chain Belt Co corn
41
44
Aug 44
3,750 41
Sept
30
Jan .58 June Chic City & Con Ry pt eh_•
134
1% 133
200
1 June
2
Feb
Preferred
10834 Jan 11234 Mar
18
• 18
400 11% Aug 22% Jan
1834
6934 June 8134 Sept ChicRap Tr pr pf A_ _100
1003( 101%
65 100% Sept 102% Jan
53
Jan 8454 Sept Chic Rye part etre ser 2 100
3
150
134 Aug
3
334 May
98
Jan • 102
Jan Chic Mill & Lum pref.
..100
107 107
Sept 10834 Aug
20 107
340 June 450
Mar Chic No Bh & MB
3034 June 4434 Sept
Prior Ilen pref
100
9733 98%
65 9334 21112 100
Ate
Common
100
18
1844
2534 Sept2934 Sept
Sept 44
40 18
Jan
Preferred
7734 Sept82 Sept
100
53
53
110 50
Aug 65
Jar
23
Jan 3234 June Chic Towel Co cony pref..• 9733 95
265 95 Sent 102
9733
Apr
1714 Jan 3134 May Chmeasha COUOD OIL-10
50
5334 5,900 45 June 68
July
8434 July 99
Apr Club Alum Uten Co --• 31
30
3234 7,600 27
Aug 89
Jae
90 Sept11054 Mar Coleman Lamp & St com.• so
60
6233 1,700 5834 July 66 May
28 June 3414 Jan Commonwealth Edison_100 191
190 19144
754 165
Jan 19234 Sept
2.00
Consul Aut Mdse corn_ •
Jan
744 Aug 133( Sept
12
1233
250
754 May
5
Cum cony pref
Jan
Max
8
45
45
Sept 48
200 46
•
Aug
110
Feb 127
Jan Consumers Co common..5 13% 13% 15% 11,325
7% Jan 17 Sept
Preferred
12 June 19
Jan
91
100 90
90
250 87
Jan 9834 Apr
5634 Sept6431 Aug
Warrants
8%
6% 633
700
334 Feb 10% Apr
33 June 623-4 Sept Crane CO common
49
4934
688 45
25 49
Mar 50 Sept
2.10 Aug
Preferred
100
634 Sept
120 120
Jan 122 Sept
12 119
9834 Jan 10314 Am
Davis indue Inc
15
13
15% 14,900 12% Aug 17% June
Warrants
34 1% 8,810
10334 Jan 1063-4 Max
134
1% July
54 Aug
15 Sept2234 Am
Dayton Rubb Mfg A corn • 47
43
47
130 35 June 59 May
46 June 5334 Jar
Prior common
69
69
18 65
•
Aug 90 Stay
2454 Sept31
Jan Eddy Paper Corp (The)- •
32
32
100 30
Feb 42% May
41
Jan 61
2833 2734 2,650 1334 Jan 28
Sept El Household Utll Corty-10 27
Sept
3734 June 4934 Jar
Klee Research Lab Inc....
1934 16,500
, 1933 12
2% Jan 193( Sept
35
Feb 43 May
Empire G&F Co 7% p1_100 100
9833 100
465 98% Sept 105 May
22 June 2814 Api
161 97% Sept 101% May
97% 98
63.4% preferred
100
1134 May 1534 Max
6% preferred
114 96% Sept 99
95% 9633
100 96
July
49 Sept50 Sept
III 11133
10 108% Feb 113% May
100
42 June 62 June Foote Breferre M Co....6 27
8% pr os G &d
27
28
1,010 1854 Jan 30 May
30 June 77 Sept Galesburg Coulter-Disc..' 81
81
83
5,900 4714 Jan 8634 Sept
32
Aug 39
6
6
JUly Gen Box Corp corn
100
•
734 Apr
234 Feb
18
July 3214 Sept Godchaux Sugar, Inc, cl B• 29
26
2934 15.400
3
Jan 29% Sept
L A Gas& Electric, pfd
106
10554 Jan 11214 Api Great Lakes D & 0....100 270
266 280
345 245
Jan 345 May
Leighton"A"
20
20 Sept2414 July Greif Bros Coop "A"com •
42
44
265 39
Apr 42
Apr
13 July 1614 Sept Orafsby-Orunow Co corn • 310
285 320
7,350 54
Mar 320
Sent
Magnavox Co
4.15
.30
Jan 4.45 Sept
Magnin, I corn
27
22
Jan 28
Hart-Carter Co cony pf • 3334 33
3534 8,050 2931 June 3834 June
Api
Hart Schaffer St Marx_ _100
157 157%
105 134
Jan 181
Apr
Nor Am Invest corn
11114 11114
100 105
Jan 112
Aug Hartford Times part pfd • 43
43
43
130 3954 Feb 46% Apr
Preferred
100 100
10 99
Jan 103 May
Romney Motor Co
27
27
293-4 8,050 12
Feb 294( Sept
North American Oil
4,235 36 June 45 Sept
4334 45
Preferred
48% 48
4934
800 42% Feb 60
May
Occidental Insurance
720 2614 Aug 28
2714 2734 28
Illinois Brick Co
4034 43
1,000 39
Aug
25 41
Feb 44% Sept
Oliver A
52
51
5334 3,782 39
Aug5634 Sept Illinois Nor Util pref._ _100
101 101
160 9834 Jan 10133 Sept
5134 51
5331 6,847 3834 Aug5534 Sept
Inland WI & Cable con2.10 54
54
6854 5,300 28
Jan 5934 Sent
Paauhau Sugar Plantation_
934 954
20
Mar
9
32
30% 32%
Fet Internal Power Co
350 3034 Sept 3234 Sept
Pacific Gns & Elee corn.... 5054 5034 5233 4,620 4334 Mar 11
Kalamazoo Stove corn...• 130
12834 13334 5,950 65% Jan 13734 Sept
5334 Sept
1st preferred
3,212 2634 Jan 2934 Apt
263-4 2654 27
Kellogg Switchbd com_10 1334 1334 1454 15.090
7% Aug 15% Sept
Pacific Ltg Corp corn
7554 7454 76
7,402 7234 Feb9654 May
Preferred
76
76
50 75
100
Mar 96
Jan
6% Preferred
102 10234
130 10054 Jan 10634 Fet
Kentucky UM P•cum pf_50 524 52
235 50% Feb 64% June
523.4
Pacific Tel & Tel common. 15234 152 15214
125 145
July 159 May
Keystone St dr WI corn._.
63
69
14,669 4354 June 70
• 64
Sept
Preferred
80 11334 Jan 125
12034 12034
102 102
Preferred
35 100
Max
100
Jan 114
Mar
Paraffin° Cos Inc, corn.... 8534 85
87
3,017 79 June 10934 Apt
Kimberly Clark Corp.com•
5434 54%
200 52
July 5833 Sept
Plggly Wiggly West Sts A. 3034 30
3134 2,530 2134 June 3474 Sep) Kraft Phenix Cheese com25
66
66
50 6034 Feb 1754 May
Flirt) Whistle pref
15
15
40 1434 Apr 1734 May
La Salle Ext Univ. corn_10
3
3
50
3
Mar
4% July
Rights
2.45 2.35 2.55 27,471
2.40 Sept 2.90 Sept
Leath & Cowin
• 17% 1754 18% 1,100 14 June 1814 Aug
Richfield Oil
17,941 2314 Feb 52 May
483-4 4734 50
Cumulative preferred_ •
52
52
50 5134 June 63 June
Ex-warrants
25
2434 2531 2,010 2234 June 2534 Sept
Libby McNeill & Libby_10 10% 10% 11 34 3.950
834 Apr 13 May
Roos Bros common
32
32
3234
170 31
Feb 3754 Mai
Lindsay Light corn
2
2
10
234 1,150
Jan
4% Apr
Preferred
9934 99
40 973-4 July 10334 Api
9934
Lion 011 Ref Co corn
3034 3274 50,450 24 34 June 32% Sept
• 32
St J Lt & Pr prior pref.__ 115
114 115
11334 Jan 11934 May
35
Loudon Packing Co
3334 35
415 30% June 35% Aug
• 35
6% prior pref
1004 101
30 100
Jan 10634 May
McCord Rad Mfg"A" •
3934 40
450 39% Sept 4433 Apr
B F Schlesinger A corn.... 23
2234 2434
940 20 June 2714 Mai
McQuay-Norris Mfg
• 49% 4934 52
650 23% Jan 130 May
Preferred
95
94
96
130 90
July 99 May
14% 13
Meadow Mfg Co
1434 8.500 10% Jan 22% Apr
Shell Union 011 corn
3,212 24 June 2934 May
2834 siiii 29
Mer dz Mfrs Sec pr pref-25 18
18
100 1534 Jan 25 May
18
Sherman & Clay pr pref._
95
95
5 94 Sept 9914 July
Metro Ind Co etN
106 107
130 100 June 108
106
Sept
Sierra Pacific Elec pref..___ 9434 9414 9414
20 9454 Sept 9734 Juni
Middle West Uttlitles......* 157% 157 162
3,525 12334 Jan 189
May
Southern Pacific
5 11834 Feb 12834 May
12234 12234 12234
12134 122
Preferred
446 116% Jan 125% May
100
Sperry Flour Co corn
7034 7034
215 6034 Mar 85
98
•
99
$6 cum preferred
267 9333 Jan 100% May
Ap,
Preferred
85 9934 Jan 10434 Ma
10134 10134 10134
• 10143 10114 10254
365 99
$6 cum prior lien
Mar 108
May
Spring Valley Water
9134 92
205 91
Aug 120 May
12334 124
Prior lien preferred --100
224 12234 June 13033 MAY
Standard 011 01 Calif
6034 60
6114 31,321 53
Feb 623-4 Ap
Midland Steel Prod com_ ..• 98% 9834 105
240 84 June 11034 Jan
Tidewater Assoc 011 corn._ 2134 2134 2334 2,025 2234 Sept 2334
Midland UtilSop
Preferred
89
8934
150 8934 Sent 90 Sep
7% prior lien pref___100 100
100 101
88 984 Aug 107 May
Union Oil Associates
5014 4934 513-4 6,008 4134
7% preferred "A". ..100 99
98% 99
192 9834 July 107 Sept
Union Oil of California-. 5034 4914 5134 5,203 4234 Feb 5734 AP
Feb 5734 Ap
Prior preferred
65 9814 Aug 107
100 100
100
Mar
Union Sugar common
1054
200
1034 10
734 Mar 16
Miller & Hart Inc cony pf.• 5234 51% 52% 5,900 5034 Aug 5234 Sept
Ap
Wells Fargo Bk & tin Tr_ ______ 300 300
10 295
Feb 37534 Ma!
Minnesp Honeywell Reg •
3734 38
1,120 30
Feb 45 May
West Amer Finance pref.- ______
430
634 634
534 Mar
8
Preferred
10234 10234
50 95
Fet
100
May 112
may
Yellow & Checker Cab.__ 51
51
51
60 481 June 5834 Ma
4
Modine Mfg corn
48
52
1.900 3134 June 54
•
0
Sept
Mohawk Rubber
195 221
198
4.230 160
Sept 223
Sept
Chicago Stock Exchange.
-Record of transactions at Monighan MIS Corp A...
28
2934 1,150 24% Apr 28
5 28
May
Monsanto Chem Works..' 7434 7454 76
Chicago Stock Exchange,Sept.22 to Sept.23,both inclusive
1,000 8833 Jan 79
Sept
Morgan Lithograph corn... 65
64
67
2.550 64 Sent 2734 Apr
,
compiled from official sales lists:
Nachman Springfilled com• 41
12,350 2831 July 47 Sept
3954 47
Friday
Sales
National Carbon pref..100
133S4 133%
50 132
Aug 139% Apr
Last Week's Range for
Range Since Jan. 1.
Nat Elm Power A part • 35% 3534 35% 1,000 2734 Jan 43 May'
Sale
ofPrices.
Week.
National Leather com-__10
4
4
4% 8,350
Stocks844 Jan
6 May
Par. Price. Low, High Shares.
Low,
High.
Nat Standard
42% 4534 5,200 3754 Jan 67% Mai
•
Neve Drug Stores. corn • 2134 19
2834 11,500 19
Sept 33)4 Apr
Acme Steel Co
25 104 34 10434 108
Jan 120 Sept
1,280 83
Convertible"A"
3834 35
3633 1,350 33 June 44 Sept
All-Amer Mohawk "A"..6 18
18
19 34 2,350 1334 Aug 2134 Aug
Nobblitt-Sparks Ind com.• 3534 353( 3633 2,150
American ColortyPe, corn • 39
3354 3934 3.300 23% Feb 3954 Sept North American Car com.• 5034 4931 5244 3,550 28 June 88% May
3234 Jan id
Amer Pub Baty pref....100 10134 101 10134
June
246 97% Mar 104 June Northwest Ens Co corn. _• 44
42
44
750 29
Jan 5014 May
Am Pub Utll Prior pref 100
99
99
40 9334 July 103 June North West UtilitiesAmer Shipbuilding--100
80
82
70 80 Sept 11734 Jan
98
7% lefnerred
98
70 98 Sept 10534 May
100
Amer States Sec Corp A..• 1134 1134 123k
8,050
4
1
,1or lre pfd
Jan 1334 May
p
905-4 993-4
21 9934 Sept 103
100
Class B
Feb
500
• 14
14
15
43-4 Jan 1734 May Novadet Process Co prat •
52
53
300 28
Mar 5$
Warrants_
Sept
454
45-4 5
3,100
34 Jan
634 May Oak & Prod class A
75
18,850 3154 Aug 75 Sept
• 68% 65
Armour & Co pref
- 100
260 6654 Jan 9114 June
8734 88
Class 13
74
67% 66
22,950 3134 Aug 74
Armour & Co (Del) pf.100 94
Sept
94
94
20 87
Jan 97% June Ontario Mfg Co coin
3,050 26
3034 35
0 33
*
July 38 Sept
Art Metal Wks Inc pref-• 44
4334 48
9,350 28 June 49
Sept Penn Gas & Elea A corn
'22% 2243 22%
400 20
Jan 2734 May
Assoc Appar Ind Inc corn.* 6334 5134 55
4,700 5134 Sept 55
Sept Perfect Circle (The) Co • 43
39
44
5,500 314 July 44 Sept
Assoc Investment Co....* 453-4 44
4634
425 36
Jan 46% Sept Pines Winterfront A
137
134 144
12.400 5441 Jan 144
MIAS Stores Corp com___• 56
Sept
51
5634 13,100 78 June5654 Sept Pub Sem of Nor III com 5
,
1414t mar
2.800 27
87
81
Auburn Auto Co Com_ ..* 81
Sept
Common
185 186
• 186
112 15934 Jan 191
Automatic Washer Co
Aug
Common
186 186
100
40 13934 Jan 191
Convertible preferred,,
Aug
• 33
3234 3534 7,100 3234 Sept 36
60 reuaked
Sept Q- 8pm ferr 0
115 115
124 103
100
__.
Aug 126
Backstay Well Co com
Aug
- 3614 35
37
9,970 35
Sept 37
Sept
121 130
128
Co corn..
3,500 3834 Jan *32 Sept
Balaban & Katz v t a__ 25 89
8034 90
20,000 5954 Jan 90
Sept Quaker Oats Co,com
310 3103,4
•
293 262
Preferred
Apr 327
Apr
100
108 108
1 101
Jan 110
Preferred
Mar
119 119
100 119
25 111
Jan 123
Baldwin Rubber A
Apr
24
24
2514 1,800 24
Sept 2554 Sept Raytheon Mfg Co
• 51% 47
54
0,250 41
Bastian-Blessing Co corn.* 45
Aug 54 Sept
40
45
28,750 24
Feb 45
Sept Reliance Mfg, pfd
100 102% 101 1023-4
41 9834 Jan 105
Baxter Laundries Inc A -• 29
Mar
28
30
13,500 21 June 32
Apr RR!) Products Corp el .A.• 37
3434 40
15,700 3134 Sept 40 Sept
Beatrice Creamery com.50 7654 75
77
3.350 64 June 7734 Sept
Class B
3814 9,500 2554 Sept 3834 Sept
33% 32
Bandit Coro Class B. 10 155
155 160
7,550 106
May 16114 Aug Ross Gear & Tool corn....• 40
3934 43
3,400 30 June 42 Sept
Borg-Warner Corp corn 10 10134 101% 109
54,550 70 June 109
Sept Bangamo Electric Co_ _ _ _• 32% 3234 33
850 29
Aug 41
Preferred 7%
Ma
100 103
102 103% 1.585
Aug
Aug
94
94
10 79
Mar 97 Mal
Brach & Sons(E J) corn..• 2334 21 34 2634 9,300 10154 Jan 104 Sept Shaffer Oil & Refg pref_100
1654
2634
Sheffield Steel corn
83
9334
• 86
592 483,4 M
Bunte Bros cam
9334 Sept
10 29
23
30
1,150 15
Jan 30 Sept Sonatron Tube Co corn__ _• 117% 8634 119
31,375 2434 July 119 Sept
Butler Brothers._ .... .20 24
2354 2434 2,150 20
Apr 2814
Aug 2693 Sept
Campb Wyant & Can Fdy• 6034 5854 653-4 18,650 85 June 853.4 May So Colo Pow El A corn -.25 26% 2554 2654 1,965 23
Bo'w 0 & El 7%
98% 9834
40 9833 Sept 10434 Mar
Castle & Co(AM)corn 10 6734 66
7234 8,550 4254 Feb 7234 Sept Spiegel Slay Sternpref _100 - -- 6754 68
Sept
corn _• 68
435 50
•
Aug 71
Celotet Co corn ....
Sept
60
61
100 49
Feb 69
May
8934 91
100
63.4% preferred
415 83
Aug 107 June
•
Cent D Pa Corp "A" pfd.
22
22
100 18 June 2514 yap Standard Dredge cony Of.' 90
3334 3734 7,750 8034 Apr MK May
35
Central Gas & El $434....* 98
98
10 94
98
July 100 may Stewart-Warner Speedom •
106 106
50 7734 Feb 10954 Sept
• 101
101 101
$7 preferred
10 9434 June 1045-4 May Studebaker Mall Or corn_5 12
12
13
1,200
851 May 1434 Sept
Central Ill Pub Serv pret.• 975-4 9733 9934
450 9314 Aug 10054 Apt Super Maid Corp corn... _• 78
7534 81
27,550 45 June 81 Sept
Central Ind Pow pref _100 9414 9454 953-4
85 92
Aug 10154 May Sutherland Paper Co oom10
25
2534
850 22
July 27
Certificates of deposit... ______ 94
Sept
94
20 9334 Sept 101
130 132
May Swift & Co
100 132
585 12434 Jan 136
May
Central Pub Ser (Del)__ •
1914 21
282 1534 Apr 223-4 Aug Swift International
15 3034 3034 32% 11,000 26
Jan 3434 Feb
• 3254 2934 3234
Class A
890 2034 Jan 3234 Sept Tenn Prod Corp. corn....•
1854 1834
200 13
Feb 2234 June
•
85
Central SW POI eom
86
460 76
Jan 98
May Thompson (J R)corn. _25 634 63% 65
510 6834 June
10333 104%
Prior lieu
300 100
Aug 112 May 12th St Store (The) pal a• 2614 2534 2734 1,925 25 June 70 June
3134 May
•
Preferred PrefS 100)4 10054 101
335 9934 Jan 10534 Jan
Stock pur warrants
3%
334 334
900
.-._... o
231 Aug
p & r. nrof * 9034 9814 9914
7 May
70 9714 June 102 iivr..,, Unit Corp of Am pref. _
31
32
3434 11,500 23 June 2014 May
Calif Cotton Mills corn _ _ __ ______
California Ink
57
Calif Ore Power,pfd
11034
California Packing Corp
7734
Caterpillar Tractor
8034
Coast Co Gas& El let pfd _ 10034
Crocker First Watt Bank
352
Clorox Chem
4234
Crown Zellerbach v t c w 1 _ 2534
Preferred
8014
Dairy Dale"A"
27
"B"
2454
East Bay Water A,pith.-- 9734
B,preferred
100
Emporium Corp,The
Fageol Motors,corn
4.75
Preferred
Fireman's Fund Insur
11454
Foster,
& KleLser, corn
1314
Galland Laundry
5634
Golden State Milk
59
Rights
534
Gt West Pwr Ser'A'6%pfd- 101
Preferred
105
Haiku Pineapple
Hawaiian Com'I&Sug,Ltd
Hale Bros Stores, Inc
Hawaiian Pineapple
Home Fire & Marine Ins
3854
Honolulu Cons Oil
3934
Hunt Bros Pack "A",cum_ 2334
Hutchinson Sug Plantat'n
Leslie Calif Salt Co
49
Illinois Pacific Glass"A"
52
Holster Radio
7254
Langendorf Baking "A"_ _. 3554
95
95
40
55
58
5,465
40
11034 11034
7734 7854 1,064
7934 8234 25,409
100 100 34 1.255
352 360
25
41
4434 16,200
2534 2634 16,735
80
8134 1,934
2654 2734
765
2,900
2434 25
94
620
9834
100 106
370
29
29
120
4.50 4.85
1,420
7 • 754
130
11414 168
160
13
1334 1,145
5654 5834
875
57
6154 31,969
4.90
654 22,697
101 101
85
10434 105
120
15
15
85
51
51
100
2434 25
155
58
593.4
730
38
965
3854
39
40
930
23
2334
246
12
12
30
49
50
330
5034 5234 3,902
7114 77 119,330
3534 3734 4,453
3214 6,831
106 106
25
20
20
340
16
490
1634
3.90 4.45 131,022
26
28
3,160
I
[VOL. 127.
FINANCIAL CHRONICLE
1792
9534 9535
99% 99%
100 100
67% 67%
81% 81%
82
82
45
45
44
43
105% 105%
96
96
100 100
9834 99
7934
78
97
97
100 100
89% 89%
101% 101%
94% 94%
102 102%
99
99
99
99
9834 _.
_
. . .99
9834
5534
9834
5534
27
20
46%
49
5
63
126
18
67
49
18
28%
28% 2034
10634 10635
9834
5534
26
20
20
41
44
4534 43
5
5
60
60
125%
126
15
16
61% 5735
45
46
15%
17
52
50
935
4734
3334
22
33
111%
Bonds
Am Lt Pub Serv 530_1948
.
Amer Service Co 6s_ _1930
1930 100
Cent West P569
Chic City & Con Sty 5s.'27
1927
Rys 55
Chicago
1927
Ctfs of deposit
1927
5s series"B"
Purchase money 58_1927
1943
Commonw Ed 58
Cooper Illy Bdge 1st 6s..'58 96
1947
Fed Pub Serv 6s
1930 99
Fed Ut11534s
Met W Side El 1st 4s_ _1938
No Am Fund Corp 530.'49
Guard Title Mtge 501938
Northwestern Eley 58_1941
Saxtet 1st lien 634s"A" '31
St Louis Gas & Coke 68.'47 94%
Swift & Co ist s f 5s_ _ _1944
Util Elkhorn Coal 65..1948 90
West Util Corp 1st 5%s_'48 99
1031 99
-year 5%s
3
_
ougnov lB
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares,
Range Since Jan. 1.
high.
Low.
Jan 102% Apr
95
May
Jan 58
53
Sept
Jan 28
14
Apr
19 June 27
3734 Sept 5634 Sept
Sept
Sept 49
39
May
6
Jan
4
Aug 100 June
55
July
Jan 128
122
1834 Sept
Aug
14
Sept
Aug 69
21
Sept
Aug 40
40
8% Mar 19% May
Jan 30% Sept
5
Feb
100% Feb 110
,0000000000000000000000
125 125
140 143
46% 52
4934 5134
100 100
834 935
50
46
3434
32
38
37
73
73
2034 2435
32% 35%
105 120%
.
ww.
to
4.w.4w w CO
.-.CO
caw
.ow
000.w 0.,.co
-1Wc
omb'cnco.'0.
.
owocowwomov.-4 wo W000W000W00..4
00W0000000000 00 0000000000.00V
United Lt & Power
Class"A"preferred_ ..._•
Class"13" preferred._ _ _*
•
Class"A"common_
United Pap Bd com _ _ _100
Un Repro Corp part pf A_•
Universal Products Co., Inc
UnlyTheatres,conv el"A"5
20
US Gypsum
100
Preferred
Rights
Utah Radio Products corn*
Vorclone Corp part pref __•
•
Wahl Co corn
Walgreen Co
Corn stock purch warr_•
100
634% preferred
Ward (M)& Co
•
Class A
Waukesha Motor corn_ •
•
Wayne Pump, corn
•
Convertible pref
West P L & Tel 7% pf _100
Williams 011-0-Matic corn.
Winton Engine con pref _.•
*
Wisconsin Parts com
*
Woodworth, Inc, pref..
Wrigley(Wm Jr) Co com.•
-Amer Mach part pf•
Yates
Yellow Cab Co Inc (Chic)•
Zenith Radio Corp corn....•
,.p.wwwwwmwoowwooww.mowww
o
o
,Ob- bgbbb- bbObbOOW'gbOOO
,00000000cc00000w0000
Sates
rrsgay
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Mar
121
Mar
66
June
32
45% Sept
Sept
97
6% Jan
42% Sept
Aug
27
Jan
33
68% July
Apr
12
2934 Sep
3534 Feb
130
150
52
52
100
10
52
3434
40
82
24%
43
122
June
Apr
Sept
June
May
Apr
Sept
Sept
May
Aug
Sept
*Jan
Sept
Sept
95
9934 May
0834 Jan
June
60
Aug
79
79
Aug
39 June
Sept
41
103% June
9534 Sept
99% Aug
98% Sept
Sept
78
Sept
97
July
100
89% Sept
May
100
Aug
54
101% Aug
July
99
98% June
90 June
•^^
9534
100%
100
70
88
8734
47
47
109
9734
100
100
84%
07
100
95%
101%
98
103
99
09
99
•--
Sept
Api
Sept
Fet
Jar
Jar
Jar
Jar
Fel.
May
Jar
Ai)]
Fel
Sep
July
Met
Set)
Ma
Jai
Jul!
Sep
Jun.
-*-
•No par value.
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Sept. 22 to Sept. 28, both inclusive, compiled from official sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
ofPrices.
Sale
High.
Low.
Par. Price. Low. High. Shares.
StocksRailroad
100
Boston & Albany
100
Boston Elevated
100
1st preferred
100
2d preferred
Bost & Malne corn oust 100
Ser A 1st pr pf unstpd 100
Sore 1st pref unstpd _100
Prior pre: stamped...100
Ser A 1st pfd stpd __100
Ser B 1st pref stpd_ _100
Ser C 1st pref stpd_ _ 100
Ser D 1st pref stpd_ _100
Boston & Providence_ _100
C.hleJct Ry & US Yd pf 100
East Mass St Sty Co__ ..100
100
Preferred B
100
Adjustment
100
1st preferred
100
Maine Central
N Y N II & Hartford.. _100
North New Hampshire..100
100
Old Colony
50
Pennsylvania RR
176% 176% 176%
85
8434 84
112 114
102% 103
103
73
71
71
8534 89
122 122
110% 10934 110%
78
77
122 124
124
107 108
107
153 155
17534 175%
107 107
33
30
70
68
70
57
51
56
75
73
69
68
6134 64
6634
102 102
132 134
63% 63% 6434
Miscellaneous
17%
American Brick Co
334
Amer Pneumatic Service 25
50
Preferred
100 17934
Amer Tel & Tel
• 1934
Amoskeag Mfg Co
Bigelow-Hartf Carpet.. • 91
lb()
Preferred
Brown & Co
Continental Securities Corp 109
Preferred
______
Crown Cork & Scorn stk
Crown, Cork & Seal Co Ltd
Common stock
10
East Boston Land
Eastern Manufacturing-5
Eastern SS Lines Inc_ _ _ _2o 102
•
Preferred
100 10234
1st preferred
•
Economy Grocery stores..
101) 275
Edison Elec Ilium
Galveston lions Elec.. _100 38
100
Preferred
General Alloy Co: nnr/
-.. . .
.3075
37
306
48
46
680
115
10
260
83
106
200
155
5
15
856
290
3,208
210
15
1,702
13
260
1,045
176%
x8334
110
102%
55
80
114
107
693.4
106%
98
135
173
107
29
63
50
70
59
5434
100%
13134
62
Sept
Sept
July
Sept
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
July
Sept
Jan
Aug
July
Aug
Feb
June
June
July
June
194%
99
nog
110%
83
98
135
115
87
145
131
180
182
113%
43
8034
6534
88
7234
6834
111
141
7234
May
Mar
Jan
Jan
Apr
May
Mar
May
Mar
Apr
Apr
May
Jan
June
Apr
Apr
Apr
Apr
Sept
May
May
Apr
Apr
17
334
1534
178%
1934
88
103
94
109
83
51
17%
334
16
182%
20%
91
103
9434
115
83
52
20
30 1534 July
205
43.4
234 May
340 15 June 2434
2,142 17134 July 210
Apr 25%
1,040 18
439 8734 Sept 99%
Jan 110
5 101
9834
55 9334 July
Jan 13434
480 81
Aug 8534
6 82
200 4034 June 52
Ma
June
Feb
May
Apr
May
Mar
May
Apr
June
Sept
15%
5
234
9334
4734
10234
1634
275
32
75
12
16
5
2%
103%
48
103
17%
278
4034
77
12
./n rz
1,245 1434 Aug
1634
8
250
234 Jan
234
500
134 Jan
Feb 118
9,819 86
Sept 51
265 45
May 108
95 101
Jan Is%
155
Feb 305
700 252
Feb 43
2,305 31
60 74
Sept 8634
635 10 June 1334
no 1, u....• .1•Le
o 1 on
July
Aug
Jan
May
Apr
Apr
Sept
May
May
Apr
Jan
not
on
"
1134
Gillette Safety Razor Co_'
Greif Coop'ge Corp el A _ _
Georgian(The)Inc el A p120
Greenfield Tap & Die. .25
Hathaways Bakeries, Pref.
Hood Rubber
10
Insurance Sec
International Corn_
Kilider,Peab Accep A pf100
Libby McNeill & Libby.
25
Loew's Theatres
Massachusetts Gas Co.100
100
Preferred
Mergenthaler Linotype 100
Mtge Bank of Colombia.io
National Leather
Nat Mfrs & Stores Corp_.•
Nelson Corp(Herm) tr elf5
New Engl Equity Corp..
100
Preferred
•
New Eng Pub Sem
Prior preferred
New Eng Sou Mills nf..100
New Eng Tel & Tel........100
Nor Am Utility full paid_ _
50% paid
Nor Texas Electric _ .... _100
100
Preferred
100
Pacific Mills
10
Reece Button Hole
Reece Folding Machine..10
Ross Stores(The) Inc......
South Ice Co
Ster Sec Corp pf allot etre__
Swedish Am Inv pf tr ctf100
100
Swift & Co
25
Torrington Co w 1
Tower Mfg
Traveller Shoe Co
union Copper Land de Min
5
Union Twist Drill
•
United Elec Coal
United Shoe Mach Corp_25
25
Preferred
S Brit Inv $3 pf allot elf_
US & For Sec Corp 1st pf _
Venezuela Holding Corp_
Waldorf System Inc
Waltham Watch Cl B corn ..5
100
Preferred
Prior preferred
100
Walworth Co
20
Warren Bros
50
Westfield Mfg. Co. cap stk
117% 110% 117%
4334
43
18
16
11% 12
107 107
31
29% 29
24% 25
69% 74
94
94
94
1034 10%
11;4 14
12%
135 13634
135
77% 79
77%
100% 100%
4734
46
47
3% 4
4
3934 40%
4034
2534
25
38
37
9734 9734
102
101
101
10434 105
234
2
142 144
142
90
90
51
51
51
16
17
17
49
49
49
27
26
26
17% 1734
1% 1%
19% 23%
20
19
19
33
31% 31
180
171
175
130 131
130
6734
66% 65
334
3% 3%
19% 20
134
1
18
14
18
67%
66
65
71%
70% 70
31
31
31
78
75
95% 9634
9% 12%
12
24%
23
23
65
65
82% 83
102
101
2134 24
22
170 173
170
44% 4334 45
Mining
Adventure Cons Copper.25
Arcadian Cons Min Co__25
5
Arizona Commercial
Arnold Mining Co
25
10
Bingham Mines
25
Calumet & Hem
25
Copper Range Co
East Butte Copper Min..10
Hancock Consolidated_ _25
Hardy Coal Co
1
25
Helvetia
1
Island Creek Coal
Preferred
25
Isle Royal Copper
25
Kennenan Copper
La Salle Copper Co
25
Lake Copper Corp
25
5
Mason Valley Mines
Mass Consolidated
25
Mayflower & Old Colony 25
25
Mohawk
New Cornelia Copper _ _5
New Dominion Copper...... _
New River Co pref
Nipissing Mines
5
15
North Butte
1
North Lake Mining
25
Ojibway Mining
25
Old Dominion Co
•
P.C.Pocahontas CO
25
Quincy
Rights
St Mary's Mineral Land _25
10
Shannon
Superior de Boston
5
Utah Apex Mining
Utah Metal & Tunnel__ _ 1
25
Victoria
25
Winona
5%
.25
33%
21%
3
3
1
21%
134
.75
.50
4834
5
15
12%
3734
4
31
434
134
Range Since Jan. 1.
High.
Low,
4,177 98 June
July
55 39
1,067 1534 July
280
934 Mar
90 101% Aug
Aug
715 25
135 24% Sept
620 45% Feb
Apr
29 94
7% Jan
60
734 Jan
3,235
Feb
318 109
144 77 June
Apr
70 99
July
488 43
3% Jan
121
Apr
5,185 30
195 24% Aug
Jan
23 25
Jan
10 93
July
112 100
Aug
100 103
2 June
120
Mar
754 x137
Sept
50 00
Mar
223 44
Jan
75 15
30 45% Jan
Aug
485 25
Mar
15 15
1% Feb
120
Apr
1,575 10
Mar
20 17
Jan
31
931
4,893 123% June
371 124% Jan
Sept
1,040 65
Mar
485 .90
Aug
240 17
.40 Apr
1,400
Apr
2.015 11
2,626 40% Ayr
1,301 63% Jun
1,463 29% Mar
155 71% July
65 93% July
Jan
8
1,670
270 19% Jan
Jan
30 60
Sept
04 82
Sept
50 101
130 14% Aug
June
250 zI41
650 43% Sept
117% Sept
46
Sent
2034 Jan
Jan
13
Sept
107
43% Jan
May
32
Sept
74
9534 Jan
11% Sept
Sept
15
May
155
May
88
Jan
112
Apr
52
May
6
Aug
42
34% May
43% Aug
Jan
100
109% Feb
111% May
4% Feb
May
152
Apr
02
Sept
51
2134 Star
May
GO
4034 Jan
17% Sept
2% May
36% June
20 Jun
May
37
Sept
180
135% June
67% Sept
Aug
5
26% Apr
Juno
1
Sept
18
69% Sept
77 Slay
32 June
9634 May
Felt
101
May
36
27% Apr
Mar
00
Apr
98
10635 Mar
25% Sept
102% Apr
Sept
45
.35 May
.05 Jan
50
.20 .20
2% June
Aug
1
1% 1% 2,560
Jan
6
3% Mar
2,330
5%
5
.75 May
.25 Aug
8
.25 .25
Jan
400 41% June 56
4134 42
3334 3534 4,266 20% Jan 35% Sent
21
2334 9,688 14% Mar 23% Sept
3% May
I% Feb
3
3% 3,090
4% July
.30 Mar
150
2% 2%
Jan
12
2% July
525
3
3
134 Apr
.50 Aug
180
1
1
May
Aug 60
250 47
51% 54
30 103% June 106% Apr
105 105
21% 23% 6,250 x1134 Feb 2434 May
May
7
1% Mar
545
534
5
2% June
1.430 .75 Feb
1% 1%
May
3
Feb
1
1% 2% 2,355
2% Sept
134 June
1% 2% 2.090
.83 May
.20 Mar
370
.75
.40
I% May
.50 Jan
.55 1,100
.50
Apr
Sept 85
1,621 42
48
50
530 2534 Feb 34% Sept
3434
33
.30 May
.10 Mar
500
.13
.13
Apr
Sept 63
20 52
53
53
5% Jan
Aug
3
10
3% 334
.00 Jan 644 Sept
28,820
434 6
.70 Sept
.15 July
300
.70
.50
May
3
.60 Feb
1,230
1% 234
10% Aug
Mar
9
1634 2,166
15
1734 May
215 11% Aug
1234 13%
July
3.318 1234 Apr 46
41
38
Sept
5
3% Sep
3% 4% 3,449
1,740 21% Mar 34% May
31% 3334
.70 May
.25 Ma
435
.45
.40
.75 May
.15 Ma
100
.50
.50
5% Jan
3% Aug
4% 4% 1,160
1% Feb
Feb
1
134 3,475
1%
140
234 Sept
.95 Apr
2
2
.50 Sept
359
.40
.10 Feb
.20
Bonds88
88
Amoskeag Mfg 6s.. _1948
10134 101%
Chic Jet fly & U S Y 5s'40
9734 97%
_1946
County Gas Co 5s
East Mass Street RIO6534 6534
1948
434*series A
73% 75
1948
55 series B
100 100%
Fox N E Theatres 634* '43
101
101
Gatineau Power 65...._ 1941
100 100
1936
Hood Stubber 7s
102 102
James Rh Bdge 6%s-1958
,
98% 98%
ICC&M 13dge Inc 5s__1934
100 100
Metropolitan Ice 78._.1954
1932 10034 10034 101
N E Tel & Tel 5s
9334 93%
1934
New River 5s
109% 109%
P Pocah Co deb 78..... 1935
100 100
S F Bay Tell Brice 634* 57
'
88% 88%
Stinnes (II) Ind Corp 79'46
1944 101% 101% 101%
Swift & Co 5s
Utll Service Co 630.-1938 9934 99% 99%
101
101
Western Tel & Tel 59.1932
$2,000 87% Aug 9534 Jan
2,000 101
July 103% Jan
2,000 95
Ma 100 Juno
5,00(1
8,000
16.000
10,000
6,000
2,000
1,000
1,000
6,00
1,000
5,000
2,00
2,000
16,000
5,000
4.000
6434 Sept
72% Sep
100
Sep
Sept
101
100
Jul
102
May
9634 Aug
Mar
100
100
Aug
93% Feb
Jan
106
Mar
100
88% Sept
101
June
99% Aug
100
July
79
Apr
N
A pr
Sct)t
02
188
Sept
101
0
11032 34 Jan
Mar
110080: Septie
10935;4 Feb
115
100
Mar
May
Mar
Jan
103
09% Sept
Jan
103
• No par value. I Ex-dividend
'''3
New York Curb Market-Weekly and Yearly Record
record of the transactions on the Now York Curb Market for the
In the following extensive list we furnish a complete
It is compiled entirely from the daily
Saturday last (Sept.22) and ending the present Friday(Sept.28).
week beginning on
every security, whether stock or bonds, in which any dealings
reports of the Curb Market itself, and is intended to include
occurred
during the week covered:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
IVeek Ended Sept. 23.
Stocks-
Indus. & Miscellaneous.
•
Acetol Products Inc A
•
Adams Millis Corp
•
*tiro Supply Mfg el A
•
so
2834
37
!In 1.4
27
2534
32
50
28
28%
37
5.514
800
5.000
1,000
2.200
Range since Jan. I.
Low.
Aug
22
July
24
Jan
14
534 Jan
High.
314
29
75
50
Feb
May
May
May
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
3934
Agfa Ansco Cerp
Alabama GO So RR ord_50 157
• 89c
Allied Pack corn
Allison Drug Store Cl A_ •
•
Class 13
3931
157
89c
1134
5
4234
157
99c
1234
634
Range Since Jan. 1.
Low,
2,600 3934
100 155
2.400 700
500
8
1,900
334
High.
Sept 4234 Sept
July 184% May
334 June
Aug
Aug 2134 Jan
Aug
153.4 Jan
SEPT. 29 1928.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Alpha Portl Cement corn.•
Aluminum Co. corn
•
Preferred
100
Amer Arch Co
100
Amer Bakeries. cl "A" •
Am Brown BoveriElecCorp
Foundersshares
•
Amer Chain corn
Amer ColortYPe common.*
Am Cyan corn ci B
20
Amer Dept Stores Corp.
American Hawaiian SS_ _10
Amer Laundry Mach corn •
Amer Mfg, corn
100
Amer Meter Co
Amer Rayon Products_ _ _•
Amer Rolling Mill. com_25
Am Solvents & Chem. v t ea
Cony pante preferred •
Amer Thread pref
5
Anchor Cap Corp corn_*
$6.50 cony pref
Anchor Post Fence com_ _•
Anglo-Chile Nitrate Corp.*
Apponaug Co corn
635% cum pref
100
Armstrong Cork common_*
Art Metal Wks cony pf_ •
Associated Dy.& Print._•
Atlantic Fruit & Sugar_..•
Atlas Plywood
Atlas Portland Cement.. ••
Auburn Automobile. com_•
Axton-Fisher Tob corn A 10
Range Since Jan. 1.
Low.
High.
45
140
107
10635
48% 4835
52
45%
14335
1074
49
52
835
33
35
33
19
21
974
4331
114
19
97%
20%
34%
335
42%
10235
32
324
3535
,
99
57
46
28
680
84
40%
8035
213(
935
34
40
3536
22
2335
97%
43%
116
21%
107
21%
3635
3%
4434
103
343
,
1
3531
364
9934
5935
47
30
13,5
8534
4035
8631
2835
120
1434
174
80
125
40
123%
550 11735 Mar 128
17% 3,800
6
Feb 17%
1735
300
935 Feb 19%
9031 11,600 60
Dec 90%
132
31,100 e9931 June 223
4335 9,200 28
Mar 4335
4535
84
3935
33%
20%
21%
19%
10435
214
34%
42%
10235
3431
3335
99
.57
2934
135
84
804
2835
Babcock & Willcox C0_100
Barrie Corp common_ _• 15%
Preferred
i5
Balaban & Kett corn vtc 25 8935
Bancitaly Corporation 25 130
Bastian Blessing Co
• 4335
Baumann (Lud)& Co
Preferred
100
Baxter Laun, corn cl A..25
Benson & Hedges, pref___* 2435
Bigelow Hartford Carpet..•
Bird Groc Stores corn _ _ _ _* 35
Blaw-Knox Co com_ _25
Bliss(E W)Co corn
• 3435
Blumenthal(S)& Co com_• 50
Blyn Shoes Inc com
10
4
Bohn Aluminum & Brass... 75
Bowman-Bilt Hotels corn.•
Bridgeport Mach com_ *
Brill Corp,cl"A"
* 2235
Brill° Mfg corn
•
Bristol-Myers Co cern_ _ -• SO%
-Am Tob ord bear__.£1 3235
Brit
British Celanese
Amer deposit receipts,..., 1235
Broadway Dept Stores
1st pref with warr_ _ _100
Budd (E GO Mfg corn__ _• 2335
Bullard Mach Tool
• 90
Butte Clark Inc corn.. •
Camp. Wyant & Cannon"
Foundry
• 6034
Canadian Indus Alcohol_ _*
Carnation Milk Prodcom25
Carreras. Ltd.
Amer Dep rcts, el "A"
Casein Co of Amer.. __100
Caterpillar Tractor
• SO
Cavan-Dobbs. Inc. corn_ •
635% pref with corn stk
pur warr
100 108
Celanese Corp of Am corn • 58
First preferred
100 12035
Celluloid Co corn
* SO
Celotex Co corn
•
Central Aguirre Sug_ _50
Centrifugal Pipe Corp ___•
935
Charts Corp
• 37%
Checker Cab Mfg corn __
6336
Chicago Nipple Mfg A50
335
Class 13
50
Childs Co pref
100 10635
Cities Service.common__20 6835
Preferred
100 9935
Preferred B
10
City Ice & Fuel
•
Citys Bank Ltd,Budapest.
(Cleve)_Clark Lighter cony A_
•
Club Aluminum Utensil_ ..•
Cohen-Hall-Marx Co_
•
Colgate Palmolive Peet
Ex-stock dividend
8634
Colombian Syndicate
131
Columbia Graphoph Ltd
Am dep rots for ord elk,... ssg
Consol Automatic
Merchandising v t
_ _• 12%
$3.50 preferred
• 45
Consol Cigar warr
Conked Dairy Products_ ...• 1734
Consul Film Indus nom _ _• 153.4
Canso! Laundriee
• 1635
Cons Ret Stores ine. com •
Consolidation Coal corn 100
Copeland Products Inc
Class A with warr
• 1534
Courtaulds Ltd Amer dep
recta for ord stk rag el 2034
Crocker & Wheeler corn 100
Crosse & Blackwell
Pref with warrants_ .•
Crowley Slilner & Co corn •
Cuneo Press corn
10 49
Curtis Aeropl Ex p Corp _ • 24
Curtiss Flying Sery Inc... 18 i
1r
155-4
Curtis Pub Co corn
Davega, Inc
• 3431
Deere & Co. common._100 47531
De Forest Radio. v t e___ • 1431
Detroit Motorbus
10
Dixon (Jos) Crucible_ _100
Doemer Die-Caetine
• 42
Dominion Stores Ltd_
•
Donner Steel Co, corn
Dubiller Condenser Corp _•
435
Dunlop Rubber, Ltd
Amer Dep rcts
Duplan Silk Corp. corn_ •
8% corn preferred_ _100
Dupont Motore
53.4
•
• Durant Motors. Inc_
• 1635
Durham Dup Raz prior p
with ci B corn pr warr100 49%
•
Duz Co Inc cl A v tc
Class 'A"
Eastern Rolling Mill
•
800 36
Feb 48% Jun(
400 120
Jan 1974 May
1,400 105% Jan 110% May
700 46
June 70
Jan
100 49
Jan 59
May
900
100
3,900
3,900
18,100
4,000
5
2
2
10,10
46,30
1,40
1,90
70
2,20
40
2.00
1,10
1,40
500
175
800
7,800
68,500
600
100
2,300
2,000
44
33
2335
y304
134
1535
92
42
110
13
8235
1135
254
23re
42%
1024
123(
2635
30
99
52
293.5
2631
60e
x6334
38
8035
214
100 100
50 9835
284 294
400 23
2435 2435
200 2435
90
90
25 89
35
36
700 2031
120 120
25 103
3134 373.1 13,200 164
49
51% 6,600 28
335 435 3,300
134
73
7835 6,30
3334
3
3
100
1%
234 2%
200
231
20% 2234
900 2031
24% 25%
900 14
80
82% 4,500 65
3131 3234
90
25%
Feb
14
May
Sept 45
Jan
Feb 41) Sept
July 5335 May
Jan 24% June
Jan 2435 Sept
Aug 108
Jan
Aug 80% Jan
Sept to123
Feb
Mar 24
June
June 114
Jan
Jan 2831 May
Mar 41% May
Jan
31 , May
.11
Sept 46
Sept
Sept 104
Sept
June 3431 Sept
Feb 51
June
Aug 38% Aug
Sept 101
July
Aug 66
Slay
July 4735 Sept
Sept 3235 May
Sept
135 Sept
Jan 9335 May
Feb 4735 Apr
Sept 143
Mar
Sept 514 Apr
Sept 102
Apr 33
Sept 314
June 95
Feb 37
Mar 120
Mar 4431
Mar 51%
Aug
434
Jan 87
Aug
64
Jan
535
July
344
Jan 3131
May 85
Jan 3235
Slay
Sept
June
Sept
Apr
Sept
June
Apr
Jan
Jan
Sept
Sept
Sept
Sept
Jan
June
June
Jan
Jan
Mar
Sept
Sept
1235 13%
4,00
1236 Sept
9935
2335
90
1635
25
3,10
200
10
9934 Aug 112
Jan
15
June 34
Jan
43
Jan 99
Sept
1435 May 204 Mar
58
42
53
1014
284
91
1635
66
20,20
1.400
42%
55
2,500
38
Jun
3634 Feb
30
Jan
87
170
80
3331
874
170
82%
33%
108
57
121
80
55
13931
935
354
56
33.4
1%
10635
67%
99
935
56
55
17
3035
5335
10835
200 106
6035 5,000 5335
12635
700 115
8031
500 80
61
890 49
146
300 1164
93
,
1
1,800
831
3735
1,900 2735
6335 86,500 2035
,
334
100
3
135
200
1
30 9435
10635
684 24,200 64
9935
1,800 9434
9%
500
8%
5935
900 3634
400 55
5535
18
700 17
3235 1,30
2734
1,800 2355
5535
85
8636
135 135
334 May
66
Sept
50% Apr
66
May
200 84 Jun 101
Apr
10 156
Jan 226
Mar
900 53
Jan 85% Aug
900 314 Apr 43% June
6,500
7,400
Apr
Aug
Au
July
Feb
Feb
June
July
Mar
July
Aug
Jan
Jan
Jan
Jan
Jan
Sept
Aug
Aug
Jan
112% June
103
May
1854 Jan
122
Feb
6931 Apr
164 June
1235 Jan
38
Aug
63% seat
6 0 Jan
335 Jan
109% Sept
714 June
1034May
954 Apr
6635 Sept
554 Sept
37
Apr
38% Jan
60
Sept
85
Sept
134 Mar
90
Sept
24 May
854 Sept
73
85% 107,30
3435
Jan
12
45
94
4535
15
16
28
234
13
4,50
4536 7.90
,
935
30
50
11,50(
16
1,400
16% 8,10
2936
700
50
23%
74
4336
54
21
12%
14
2635
2351
Aug
Sem
July
Jan
Sept
July
Aug
Sept
7%
Jan
1535 1834
2,500
2035 20%
120 136
2,400
575
5134 51%
51% 5334
49
49
24
2534
15% 1635
18635 18834
344 35
4754 500
1431 15%
10
10
167 167
42
4635
13735 13836
95.5 94
3% 5
200
2.400
500
1,200
13.000
SOO
1,300
525
49,300
100
10
24,500
900
100
24.600
134
48
10
6035
1935
20
38
32
Sett
Aug
Aug
June
Feb
Apr
May
Apr
2035 May
2035 Sept 24% May
23
Jan 150
Sept
5174
3435
40
194
1535
1714
30
22035
134
87-4
16431
1545
104
954
24
Aug
Jan
Feb
Aug
Sept
June
Mar
Jan
Jan
Jan
Aug
Feb
Jan
Sept
Apr
52%
55
5535
44
1934
193
51
500
1635
1534
196
46%
14035
935
65e
July
June
June
May
Sept
Sept
Jan
Stmt
Sept
June
Apr
Sept
Sept
Sept
May
6
635
400
6
204 2035
100 20
101
101
100 101
5
634 5.200 50e
1431 1835 70,100
935
July
Aug
Sept
Jan
Mar
8%
284
11035
735
18%
Apr
June
June
Sept
Sept
Aug
Apr
May
Feb
59
9%
934
30
Feb
May
Aug
May
4935 50
,
635
7
8% 84
30
30
200
300
100
100
45
44
435
22
1793
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Educational Pictures Inept with corn pur war_100
Elec Shovel Coal prior pf_* 504
Evans Auto Loading CI B 5
Ex 100% stock dividend
3635
Fageol Motors corn
10
4%
Fajardo Sugar
100
Fanny Farmer Cdy Shops*
Fansteel Products Inc____• 16%
Feddens Mfg, Inc, cl A _ _ _• 42%
Federated Metals tr Ws__• 21
Filene's(Wm)Sous Co.._* 524
635% cum pref
100 106
Firestone T & R,com _10 172
7% preferred
100
Ford Motor Co of Can_100
Forhan Co, el A
• 32
Foundation Co
Foreign shares class A...5 11
Fox Theatres class A com_• 274
Franklin (H H)Mfg com_• 30
Preferred
100 9735
Freed-Elscrnan Radio
_•
4.4
French Line_ _..600 Francs
Amer shs rep corn B stk_
Freshman (Cheer Co
• 11%
Fuller Brush corn A
5
Common class AA_ _20
Galesburg Coulter-Disc • 83
Gamewell Co, corn
70
General Alloys Co
General Amer Investors
65
General Baking corn
•
Preferred
• 73%
Gen'l Bronze Corp com * 41%
General Cable warrants_ __
13
Gen Elec Co of Gt Britain
American Deposit rcts _
Gent Fireproofing corn _ _ _• 1023-4
Gen'll Laundry Mach corn• 2731
General :Mills Inc, corn_ _ _• 64%
Gilbert (A C) Co corn._t
Preference
• 45
C G Spring & Bump com_•
Glen Alden Coal
• 153
Gobel (Adolf) Inc corn new 3435
Goldberg Stores
2735
Golden State Milk Prod_25 574
Gold Seal Electrical Co__•
835
Gorham Nile corn
•
Gotham Knitbac Mach *
Gt Atl & Pac Tea lot pf 100
Greenfield Tap & Die_ _ _.* 12
Hall(CM)Lamp Co_ _ _ _• 2235
Hall(W F) Printing- --10 3036
Happiness Candy St CIA.'
5%
-Parr Co corn
Hart
45
Hazeltine Corp
• 15
Hercules Powder. pref_ _100
Heyden Chemical
15
Hires tares E)CIA Corn_ •
Holland Furnace Co
• 45%
Horn (A C)Co corn
• 3336
,
7% 1st met
50 45
Horn & IIardart corn _ _
5831
Huyler's of Del corn
173.5
Hygrade Food Prod corn.• 49
Industrial Rayon new_ _ • 13235
Insur Co of North Amer_10 75
Insurance Securities Co_10 25%
Internet Cigar Slachy
*
Internet Products corn_ _ _• 14%
$6 cum pref
100 86
Internet Projector
Internet Safety Razor 13..• 3835
International Shoe corn • 77
Int Sleeping Car & Europe
Trans Am dep rein
Interstate Dept Stores com• 49
7% cum pf with warr 100
Isotta-Frachini warr
Joske 13ros corn t c
Kaufm Dept Sts. corn 12.50
Kemsley Milbourn & Co...•
Keystone AircraftCorp corn 31
Kimberly-Clark Corp,com• 54%
Kinnear Stores Co com__*
Knott Corp. corn
•
Krueger & Toll Co, Am ctfs 354
Kruskal & Kuesoll, Inc_ _•
Lackawanna •qecuritles___• 47
Lake Superior Corp. 100
8
I.akey Foundry A mach_* 34
Landers, Frary&Clark _25
Lane Bryant Inc corn _ _*
Lanston Mono Mach_ _100
Leath & Co com
Lefrourt Realty corn__ • 38
Preferred
• 41
Lehigh Coal& Na, ___50 139
Lehigh Val Coal We new.
31
Lehigh Valley Coat qalee 50
Leonard Fitzpatrick &
uell,r Store. corn
•
Libby McNeil & Libby_10 10%
Libby Owens Sneer Glum lb 14635
Slagnin (1) & Co corn
.•
Manning Bowman & Co A*
1735
Mar Steam Shov, new com• 5635
Marmon Motor Car emu_ • 5135
Massey-Harris Ltd corn_ • 45
May's Bottling Co 01 Am • 1335
Mavis Corporation
•
May Dnur Storer' Corp_ ..
• 234
May Hosiery Mills $4 eh.'
McCord Rad & Mfg v t c_*
McKesson de Robbins come 43
Preference series A_.50 53
McLellan Store, cl A
1\1a/tray-Norris Mfg, corn. 48
Mead Johnson & Co com _• 674
Melville Shoe new corn__ _•
Mercantile Stores Co_ _100
Mesabi Iron
•
2%
Metropol Chaln Stores • 65%
Metro 5 & 50e. Stores cl A •
Class 13
•
Preferred
100
Midland Steel Prod
•
Michigan Steel Corp
Slid Vale Co
• 4035
Miller Rubber pref. __ _100
Slodine Mfg
•
Montecatini Min & Agri
Warrants
335
Moore Drop Fora cl A_ _ _• 59
Murphy (G C) corn
73
Nat Baking common
•
Nat Food Produces
Class A with warr
Class B
• 1134
-
85
49
Range Since Jan. 1.
Low.
High.
85
5031
25
2,200
78
43
July
July
46
47%
431 5
127 131
30
34%
16% 1934
4135 4235
2031 2531
52% 5431
106 107%
172 178
107% 1074
587 610
3135 3235
3,300
900
2,900
150
1,700
1,500
2,800
7,100
900
675
40
260
1,100
4435
435
116
28
12
274
14
5235
106
166
107
610
23
Sept
Aug
Sept
Aug
Feb
Feb
Mar
Sept
Sept
Mar
Sept
Jan
Jan
4935
635
16535
44%
35
5034
2534
54%
107%
238
112
698
34
Sept
May
Apr
Jan
Jan
May
Sept
Sept
Sept
Jan
Jan
May
Aug
11
2631
2635
9235
435
11%
1,100
30
60,400
30% 1,300
9735 25,450
534 2,300
9
1735
1334
85
15
,
4
Aug
Mar
Mar
Slay
Feb
20%
3334
3035
9735
7
May
Sept
Sept
Sept
May
5331
1135
1636
70
83
70
12
644
934
73%
40
11%
5534
700 42
July
14
5% Feb
31,500
1635
100 15
Sept
70
100 70
Sept
83
150 x4735 Jan
71
200 62
Feb
12
200 10% Aug
654
400 6635 Feb
1034 51,800
634 Apr
74% 5,400 73% Sept
4135
700 3535 Jan
14
1,500
July
8
714
15%
30
9434
85
76
1335
77
17
86
5334
16
Mar
Sept
Slay
Slay
Sept
May
Jan
May
May
May
May
Apr
931
10235 10235
27
29
644 6535
19
2035
45
45
83
936
153 155
33
34%
2331 28
57% 62
831 94
5735 574
1834 20
11635 117
1134 12
2236 27
284 3034
535 54
40% 54%
15
16
122 122
1435 15
25
2535
4435 46%
3035 36
444 4735
57
58%
1735 1735
36
49%
13234 143
75
7735
25
2535
100 100
14% 15
86
88
6% 7
3835 4235
77
77
,5
97
Mar
50% Sept
u May
500
10% Aug
400 99 June 109
Apr
4,900 20
Jan 33
June
800 6435 Sept 68
June
2,500 13
Aug
204 Sept
100 43 June 50
Mar
900
535 Aug
1234 Mar
700 1484 Aug 169
Jan
10,700 31
Sept 39
Arm
3,50
234 Sep
Sept
28
4.30
44% Aug 6335 Sept
1,20
is
Jun
17
Jan
10
494 Feb 62
Apr
2,90
184 Sep
Sept
20
7 1164 Sept 120 Apr
2,60
835 Jun
124 Jan
27,40
934 Jan 27
Sept
5.80
22 Jun
3035 Sept
13,700
935 Apr
63.4 Feb
8,300 334 Au
03 June
1,500
835 Feb
16
Sept
30 11835 Feb 124
Apr
800
435 Feb 154 Sept
600 21.4 Mar 26% Aug
9,600 38
47
Jun
June
12.900 14
July 36
Sept
1,600 444 Sep
49
July
500 5235 Mar 64
May
3.000 15
Mar 2035 Jan
32,200 254 Jan 49% Sept
14,400 784 July 143
Sept
2,800 67% Aug 10434 May
400 2431 Sept 32
May
200 88
Aug 105
Sept
2,00
11% June 1535 Sept
600 7535 June 88
Sept
100
64 Sept 14
May
10.300 25
July 42% Sept
200 69
Feb 87
Apr
40
40
10
3831 Aug 45
48% 4936 1,300 37
Feb 56%
114 11435
70 10831 Feb 120
100 100
10 75
Aug 110
38
384
20
36
Slay 43
30
33
3,80
2i% Aug 34
15% 16
80
14% July 2031
31
32% 10,50
20
3435
Sep
54
55% 4,100 52
July 56
29
30
500 26% Jun
38%
35
3635
500 33
July 4435
34
3535 29,000 34
Sep
3535
1735 17%
100 13% Jan
19
47
4735 4,200 45
55;4
Jun
8
83.5
1,500
3% Jan
10
30
34
7,500 27
July 38
66
6635
100 66
Sep
78
464 53
2,400 3835 June 53
108 108
10 108
Sept 108
17% 17%
100 14
17%
July
36% 4234 37,900 254 Aug 424
41
43% 2,900 36
June 43%
1384 14331 2.400 10534 Mar 154%
30% 3134 3.400 27% Mar 89
5031 5231
675 50
Mar 6634
June
May
May
July
Jan
July
May
Sept
Sept
Mar
Mar
Sept
Jan
Jan
Sept
June
Feb
Sept
Sept
Sept
Sept
Sept
June
Jan
Jan
29
2934
200 27
July 43
Jan
200
9
Jan
134 May
13531 14635 2.150 109
Mar 14635 Sept
27% 2734
100 23
Feb 2735 Sept
1735 1731
200 1735 Sept 204 Feb
50
5735 16,30
38% July 5735 Sept
5034 5235 9,300 3835 Feb 5835 Apr
45
47
1.600 39
Mar 47 Sept
13
144 24,300 11
Sept 22
May
15
15
20
15
Sept 3435 May
22
23% 3.600 20
Aug 283i May
40
40
10
40
Aug 484 Jan
22
22
20
184 AD
26
Aug
4175 43
4,500 4135 Sep
454 Sept
53
544 7.70
5351 Sep
5535 Sept
57
58
200 52% Jun
May
64
48
48
00 3935 Me
5935 May
65
68
4,800 53% Feb 72
May
66
6935
7,800 60
Aug 6935 Sept
115 118
300 97
Jan 152
May
235 235 2.900
135 Mar
434 June
6435 66% 4,600 54
Jan 6634 Sept
5
535
200
5
May
11
Sep
335 335
300
335 Sep
Mar
7
58
5831
1.100 44
Jan 81
June
103 10435 1.000 8034 May 112
,
Jan
53
58
400 504 Sep
58
Sept
404 4035
200 39
Jan 4835 Apr
7535 7535
25 7035 Jun
9931 June
52
52
100 33% Jul
58
Sept
1034 10%
3
4
59
6175
72
73
435 5
2,700
500
300
300
2
3535
62%
4
32
32
1134 11%
100
9,100
2235 Jul
6
Jan
Jul
Ma
Jan
Aug
44
63
81
10%
May
Sept
May
Jan
32
15
Aug
May
1794
Sales
Friday
Last Week's Range for
Wee.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Sales
Friaag
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High.
Range Since Jan. 1.
Low,
3% Jan
Apr
31
July
23
2211 Sept
Feb
119
Sept
103
Jan
6
Aug
30
Sept
30
30% Sept
Apr
18
Sept
85
Apr
73
1104 Jan
20 June
Sept
18
Sept
33
74 June
Mar
25
Jan
114
624 Aug
491( Sept
30% Jan
1634 Feb
Jan
28
2014 June
Jan
6
39% pen
1111 Feb
Mar
30
Sept
55
5335 Sept
88
Aug
3151 Aug
July
38
38
Jan
334 Jan
1014 Aug
Jan
92
4435 Mar
July
83
3411 Aug
117
Feb
Sept
24
4
July
9 June
200
4
4
4
10
Nat Leather
39% 4015 2.300
•
Nat Mfrs & Stores
55.600
• 4011 344 42
Nat Rubber Mach'y
200
224 2214
National Shirt Shops Inc..
700
148 151%
100 148
Nat Sugar Refit
75
103 10591
National Tea Co pref. 100 103
914 1,700
9
•
Nat Yheatre Supply corn.
9
600
334 33%
•
Nat Tile
1,300
3215 3316
Nat Trade Journal, Inc_ _• 33
100
3015 30%
Nauheim Pharmacies pref.
1,100
264
25
Nebel (Oscar) Co corn...• 26
1.800
90
85
85
Nehl Corp allot ctfe
400
98
95
• 95
NeLsner Bros corn
100
134 13735
100 134
Preferred
1,100
(Berman)Corp. .5 2534 2535 26
Nelson
25% 5,800
18
Neve Drug Stores corn__ _• 2111
37% 2,200
• 3734 33
Convertible A
1.700
834 911
816
New Mez & Ariz Land.. I
100
34
34
New On Gt Nor RR _100
175
13834 139
Newpart Cu. prior com_100
800
• 81% 8151 8411
Newton Steel corn
700
51
52%
N Y Hamburg Corp---50 51
7034 74% 3,700
Nichols & SLepard Co.._ _• 7231
2,000
54
Stock porch warrants...5111 51
-Pond corn.• 7734 7716 86% 4,700
Niles Bement
23% 2,700
2311 23
Noma Electric Corp corn •
400
714
7
714
.°
North American Cement
1,900
Northwest Englneering._• 4251 4255 444
500
204 22%
•
Novadel Process corn_
300
5211 52%
•
82 sum partic pref
400
7495
73
•
Oakes Prod. cony pf A _
1,400
654 71
•
Cony pref elB
100
90
9091
•
Ohio Brass cl"B"
200
35
35
Ontario Mfg
500
484 4994
•
Parke, Davis & Co
400
5515
55
Pender (D) Grocery cl A_•
300
5
50
• 50
Class B
10
103 103
Penney (.1 C)Co el A p1100
50
99% 9931
Pennsylvania Salt Mfg._50
Peoples Drug Store, Inc. • 6634 6695 7011 3,000
150
9315 95
100
Pepperell Mfg
• 434 3915 4431 4.600
Perfect Circle Co
1,625
16011 175
Phelps Dodge Corp_...NO 174
1,700
2831 31
Philippe(Louls)Ine Acorn • 31
1,900
415
351
Phil Morris Con In° corn.
300
94
9
25
Class A
PM (Albert). Barth & Co
Sept
100
8
8
8
1
V tc
Aug
1934 3.400 19
19
Prof Mani A (part% A pfl• 19
500 184 Feb
33
33
•
Pierce Governor Co
3534 4031 46,700 2334 Mar
Wiggly Corp corn • 40
Finlay
nippy Wiggly Western
1,100 19 June
3131
30
• 30
States Co class A
Pitney Bowes Postage
934
7 June
•
1,400
10
9
Meter Co
Mar
600 144
14411 147
Pittsb & Lake Brie com 100 145
10 210
Feb
284 284
284
100
Mob Plate Glass
July
700 50
574
• 5734 57
Pratt & Lambert Co
45 247
Feb
284 28855
nom..20
Procter & Gamble
June
364 6,300 33
Propper Silk Hosiery Inc.• 364 34
25 10215 May
106 106
Prudence Co 7% pref. _100
400
691 Mar
731
631
10
731
Pyrene Mfg
Aug
Itainn.,w Luminous ProdA• 2831 37% 2911 10,100 20
7.400 4715 Aug
574 6211
25 60
corn
Raybestos Co
80 27015 Jan
300
285
Realty AsaJclates earn_ _ _• 300
14 2,700 50c. Feb
14 660
5
Repetti. Inc
195 July
1,200
134 2
2
Republic Mot Trk ate_ _ _ _•
800 1915 Sept
19% 2295
Reynolds Metals, corn...• 2291
Sept
59% 6016 2,500 60
• 60
Preferred
10 265
June
345 345
•
Richman Bros Co
200 17
Aug
17
17
17
Itichtn.md Radiator corn__
Apr
100 35
3615 3611
•
Preferred
900 2311 May
35
33
Riverside Forge& Mach..
4294 1,500 3091 June
Tool, Qom _ ..• 404 40
Ross Gear &
2211 2,200 184 Sept
20
• 20
Ross Storee Ina
1,175 205
Aug
249 269
Royal Baking Prod corn100
1,700 814 Jan
101 115
100 106
Ruberoid Co
51% 9,700 184 Mar
48
Befe-T-8tat Co eommon • 48
Jan
25 135
154 154
Safety Car Ht.& Lt _ _100
Jan
1,290 310
710 735
• 711
Safeway Stores cons
7054 70% 74% 1,900 30 June
Old fifth warr
140 180 June
419 430
419
2d series warrants
Jan
• 8234 82% 87.31 8,000 50
6$ Regis Paper Co
Jan
418 43814 1,000 215
420
Sanitary Grocery
20 111
Feb
120 120
•
Savannah Sugar oom_
Jan
4115
200 28
• 4115 41
Schifi Co corn
25 11051 Jan
170 170
7% cum cony pret_100 170
Jan
3711 3,800 17
34
• 31
Schulte Real Estate Co_ ..
800 17 June
Schulte United Se to flits* 2295 2211 23%
400 7991 June
92
90
92
100
Pref part paid
JAI)
1,800 83
6231 6431
63
Seeman Bros oommon
5015 524 3,100 334 Feb
•
Selberling Rub, corn
100 394 Sept
3911 3951
•
Selby Shoe Co corn
Selfridge Provincial Stores
May
4
1,400
4% 44
451
El
Ltd ordinary
454 Jan
1235 1351 3,000
• o__• 1231
Servel Inc (sew oo)
Feb
460 23
37
37
100 _37
Pref v t c
1.500 2615 Sept
29)4 29%
•
Beton Leather corn
600 19% May
2691
26
50 26
Sharon Steel Hoop
1,800 30 Sept
4735 50
Shaeffer rte A) Pen _ • 50
50 65% Mar
90
90
Sherwin-Wms Co com_25
1.700 17
Feb
v o • 2234 2211 2431
Inca Gel CorP,Oom
Jan
300 39
5315 54
•
Silver (Isaao) & Bro
643 428 Jan
501 518
100 518
Singer Mfg
200
536 Jan
615 611
El
Singer Mfg Ltd
May
40 104
190 19511
• 190
Smith (A 0 Corp
200
615 Aug
654 694
Sni Viseoaa Ltd_ _ _ 120 lire
May
284 12,800 20
27
• 27
South Coast Co corn
%
397 21.500 234 Jan
• 3634 36
Southern Asbestos
100 25 June
324 324 3214
Sou Groecry Sts corn
400 314 Mar
3995
39
•
Cony class A
Fob
1.500 13
18%
16
Southern Ice & Util comA• 1815
3,100 154 Sept
19
174
1811
Common Class B
500 18
June
Southwestern Stores corn.. 2231 2151 22%
2516
700 25 June
25
• 25
Preferred series A
Jan
120 5125
Spalding(AG)& Bro cons* 20954 20614 210
2% Feb
64 6% 13.600
64
Span & Gen Corp. Ltd.-El
Jan
14934 17.800 80
132
140
Sparka-Withington Co_
5,100 31% Sept
Spencer Kellog & Sons new 3434 3314 3553
Spiegel May Stern CoAug
9231 1,000 84
d%% preferred-.100 9291 89
200 34
Aug
39% 414
Standard Investing Corp.•
Jan
300 60c
100
•
13
Stand Mot Constr
200
834 Apr
10
lu
Corp
Stinnes (Hugo)
600 2416 Sept
24% 2551
Stromberg-Cane Tel Mfg.•
Feb
200 38
40
40
40
Stroock (S) Co---- ----25% 10.500 14% Mar
• 2254 22
Stutz Motor Car
July
4,400 125
182
170%
Swedish-Amer Invest pf100 175
Jan
2,600 125
130 131
100 131
Swift & Co
6,100 254 Jan
16 3034 30% 32
Swift International
300 114 July
174
17
Sync Wash Mach B oom.• 1731
Mar
400 14
1955 19%
Tennessee Prod Corp corn'
June
1,506 30
Thompson Prod Inc Cl A • 3315 3311 3411 149,200
1115 Feb
2291 264
-Detroit Axle_ _ _10 24
Timken
70 10331 Jan
109% 1094
100
Preferred
Jan
4435 4611 3,900 33
'Liebman Realty & Constr • 45
3 June
4,900
3
3
33.4
Exports_ _•
Tobacco Prod
274 3.000 21% Sept
2611
• 2714
Toddy Corp class A
3,100 1091 Sept
1211 13
13
ClassByte
-Lux Pict Serous
Trans
24 May
3% 411 5.600
3%
Clam A common
(VOL. 127.
FINANCIAL CHRONICLE
High.
511
414
2
2311
155
10754
1995
35
354
37%
2615
90
1003(
13951
34%
34
4391
114
48%
1494
90
5611
774
564
90
264
13
504
2451
52%
7415
71
10015
3411
51
5595
53
1064
104
7015
106
4411
175
31
10
14
May
Aug
Sept
June
Sept
May
Ma,
Sept
May
May
Sept
Sept
May
May
May
May
May
Aug
May
Feb
Sept
May
Sept
Sept
May
Ma)
Feb
May
Sept
Sept
Sept
Sept
Mar
Sept
Sept
Sept
May
Ma)
May
Sept
Feb
Sept
Sept
Sept
Mar
Jan
1131 Jan
2215 Jan
3615 May
4115 Sept
33% Sept
1015
185
300
6151
300
3651
1074
915
35
61%
330
111
3
224
604
358
27%
404
35
4354
28
299
125
57
170
735
7495
430
00
43895
129
43
172
384
26
10011
68
5251
394
Jan
Apr
Sept
May
May
Sept
Apr
Jan
May
Sept
May
Apr
Jan
Sept
Sept
Sept
Jan
June
Sept
Sept
Sept
Sept
May
June
Mar
Sept
Sept
Sept
May
Sept
Mar
Aug
Sept
Sept
Sept
Feb
Sept
Sept
Sept
451 May
1634 may
%
477 May
3295 May
2611 Sept
,
6054 A.
Sept
92
29
Apr
May
60
July
530
May
9
Aug
200
94 May
29% July
4095 Sept
34% Sept
434 May
264 May
28 June
224 Sept
284 June
Sept
219
July
11
1494 Sept
Sept
36
100
49%
4
19
35
47%
28
183
137
3434
2514
2334
44%
26%
110
474
415
274
13
7
May
Apr
May
Jan
Apr
Sept
Sept
May
Feb
Mar
June
May
Sept
Mar
Sept
Feb
Sept
Sept
Apr
Transcont Air Tramp. •
Triplex Safety Glass Ltd
Amer dep rcts ord she El
.1U
Pruscon Steel corn
•
Fublge Artificial Silk el B.
•
Tulip Cup Corp corn
Tung-Sol Lamp Wks corn..
22
64
14
23%
5
Union Twist Drill
•
Unit Biscuit Cool B
• 684
Class A
United Carbon v t C•
ilnIted El Coal Cos v t e. • 64
• 4494
United Eng & Fdy
• 22
(Jolted Milk Prod.corn_ .
100
7% cum prof
Unit Piece Dye Wks cum • 874
100 103
691% preferred
United Porto Rican Sug..•
United Profit Share corn.'
United Shoe Mach corn..25
55
_
U S Asbestos
U S Dairy Prod class 1).--• 5335
•
Class B
• 3934
US Foil class B new
US & Foreign See corn...* 29
$6 first pref
• 7511
S Freight
US Gypsum Co corn_ _ _20 5851
• 44
U S Radiator corn
•
U S Stores cl B
Universal Insurance
•
Universal Pictures
Universal Prod
Yen Camp Pack, pref ___50
Wahl Co common
*
Waltt & Bond class A....' 2696
• 2031
Class B
• 5254
Walgreen Co corn
2831
Warrants
651
Watson Lino Warren) Co
• 494
Wayne Pump.
Weeson Oli &
erim •t e• 8034
Western Auto Supply el A•
11%
Warrants
Wheatsworth, Inc, coin. •
Wheeling Steel corn... 100
Wilcox Products cl A....• 37
814
Williams 011-0
-Mat Heat_*
Winter (Beni) Inc corn .•
Wire Wheel Corp corn new. 264
Woodworth Inc corn._ • 35
• 1411
Worth Inc cony el A
• 19
Yellow Taxi of NY
Young ti Ai Sp & WI corn • 54
105
Zenith Radio
Zonite Products Corp com• 3495
Eight.
Curtiss Aeropl & Mot
Detroit Edison
Elec Bond & Share
Fiat
Fox Film
Gen Amer Tank Car
Gold Dust
Gotham Hosiery
Grant(W T) Co
Insurance CO of N A
Keystone Aircraft
Loew's Inc
Penn-Ohlo Edison
Peoples Gas, Lt & Coke...
United Elec Sent bond rt_
U S Gypsum.
White Sewing Mach deb rts
1616
911
531
34
44
4
354
84
4
21
1
9
2
17
10
Public Utilities
24
Amer & Foreign Pow wart_
.• 180
Amer Gas & Eleo
• 105
Preferred
Amm Lt & Trims corn. _100 209
20
Amer Nat Gam cum v
1155
Amer States See cons cl A.
• 1311
Coin class B
411
Warrants
Amer Superpower Corp A • 4011
• 4115
.
Class B common
First preferred
Arkansas Pow & Lt pref 100
• z5011
Assoc Gag & Elms cl A
Brazilian Tr L & P new ord
754
100
Brooklyn City RR
Butt Meg & East Pr own-• 4751
• 4215
Class A
25 26%
Preferred
Cen Bud Gas & El
Central Put) Sera el A.-_• 3215
Cent & S W UHT 7% pt -• 102
Cent States El. 7% pf_100 115
Cities Fiery Pr & Lt $A of..
Columbus El &Pow,corn.•
ConewIth Edlsoo Co 100 191%
Com'wealth Pr Corp pref.
85
Cons G E L &'I' Balt own
100 192
Duke Power Co
East States Pow B coin. •
Else Bond & Sh pre!-101.1 108
Elea Bond & Sh Scour.... 1284
• 70
Elm Invest without war..
Llec Power & Lt 2nd pf A•
2011
Option warrants
Empire Gas & E8% Pf- 100
Empire Gas & E 7% pf _100
Empire Pow Corp part elk*
38
Federal Water Serif ci
FILrida Pow & Lt. pref
_100
Galv-Hous El corn
General Pub dery oom__.• 254
•
$7 preferred
•
$6 first pref
• 444
internal Util class A
• 1491
Class B
Panic preferred
• 1014
Warrants
Italian Super Power
Warrants
IC C Pub Serv pref A vtc• 49
Long told Lighting corn..' 402
7
Marconi Wire! -rot Can .1
Marconi Wireless Tel Cond.
18%
Class B.
Middle West HUI corn. •
•
86 cum pref
100 1604
7% preferred
Mohawk & Hud Pow COM • 40
•
2d preferred
Warrants
Mohawk Valley Co
Ctrs of dep class B
• 2831
Municipal Service
214 2395
5,400
Range Since Jan. 1.
Low.
2051 May
High.
35
May
300
574 584
1,000
5115 5211
100
490 505
210
6% 611
3.200
14% 1511
2315 2431 6.800
100
z17 z17
2751 29% 9.600
5751 694 2,700
23% 244 4,000
1,800
6635
64
4414 44% 4,200
2,400
24
22
78
100
78
9115 2,200
87
600
1024 104%
100
45
45
100
834 84
500
71% 7215
5751 9.100
50
5211 53% 7,000
100
15% 1535
9.100
3834 40
10,700
2811 29
400
954 96
7511 7931 4,700
1.050
5815 6291
2,500
44
41
200
2
2
300
7815 7995
1,000
254 28
200
45
4611
100
1715 1795
100
20
20
1,100
254 26%
18% 2011 4,600
4 1.200
524 547
300
28% 2851
2.200
64 64
46
52% 61,100
7715 8154 7,600
1,000
604 624
1115 134 5,000
300
5235 5495
100
72
72
700
3634 37
200
831 84
300
1211 1295
2655 2734 1,500
3,800
334 36
1.100
14% 16
19
700
19
5054 5434 8,800
900
105 116
900
3414 3514
48
3334
450
6
10%
1916
z17
1374
54%
19
26 4
434
17
76
52%
102
37
815
6334
2795
2835
15
294
204
94
70%
634
384
2
75
134
23
734
996
,
2495
15
3754
1654
5
32
67
51
434
34%
34
364
7
114
204
26%
1491
1291
3151
65
3251
Aug
Jan
Feb
Apr
Feb
Feb
Sept
Feb
May
July
Fen
Sept
Aug
July
Feb
Sept
Sept
Aug
Jan
July
July
Mar
Aug
Mar
June
Feb
Aug
Aug
Sept
Aug
Aug
Aug
Mar
Feb
Jan
Mar
June
Apr
Sept
June
Feb
July
Sept
Jan
Feb
Sept
Jan
June
Mat
.10
Sept
Mar
Mar
Apr
Jul)
66%
5354
628%
8
154
2415
s17
33
70%
2431
6931
614
4211
91
95
110
70
12%
77%
57.4
6215
19
42
32
100%
84%
100
48
3%
824
28
464
27
214
29
20%
66%
3134
26
52%
815,4
(1634
1734
5954
72
37
10
16
3651
394
2351
22
544
11634
48%
June
Sept
Apr
July
Sept
Sept
Sept
Sept
Aug
Sept
Sept
Jan
June
June
May
Apr
June
Feb
May
Sept
May
Jan
Sept
May
Feb
Jan
June
Jan
Feb
July
Sept
Sept
JULY
May
Apr
Sept
Sept
Sept
Jan
Sept
May
Apt
Apr
May
Sept
Sept
Apr
Apt
June
JIMO
Mar
May
Sept
Sept
AM
28,900
9.600
81,700
32,600
29.100
800
7.200
45,200
700
7,500
6.600
1,900
7,900
9,100
2,300
3,800
1,000
734
184
955
211
34
454
Sept
Sept
Sept
Ain
Sept
Sept
Sept
Sept
Sept
Bent
Sept
Feb
Sept
Au
Sepi
Au,
Aug
1111
1719
11
7
434
434
1054
5%
311
10%
5
2515
131
9%
234
19%
124
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Aug
Sept
Sept
Sept
Sept
Sept
July
Jan
84
%
167
931
391
34
451
9
335
2%
7
34
21
I
8%
2
15
10
11
1755
11
7
435
44
9%
551
34
991
5
23
1%
911
211
17%
10%
24
22
172 1864
105 106
209 21015
1835 20
114 12%
1355 1531
411 5
4011 4391
4155 4411
99 101
1064 10611
z5094 5134
6031 6154
714
7
4751 48
4216 43
2611 2615
5591 5551
33
30
102 102
115 115
984 9831
654 6
54
190 191%
10134 102
8711
85
14111 142
2231
22
108 109
12531 13955
6994 74%
102% 1024
20% 22
1114 111%
99% 99%
334 35
3731 3915
10031 10094
41
40
24
2531
130 130
994 100
4451 461(
14% 1516
101 102
34 311
13% 14%
64 74
50
49
300 402
611 7%
184
156%
98
159
40
107
1451
16,600
12,900
1,300
300
4,000
5.100
2,000
4,500
9,000
6,300
900
30
6,200
400
6.000
3,800
1,600
400
500
7,600
50
200
500
100
120
500
4,700
50
500
700
03,200
22,000
100
3,000
300
400
2,100
3.000
125
300
9.500
50
60
1,100
9,800
350
2,300
1.10C
800
300
225
20,000
354
274
3%
1134
1
734
PA
1334
834
1154 FM
117% Jai
Aug
104
Jet
170
Jung
18
74 Mar
754 Mat
1% Apr
334 Aug
34% Aug
98 June
10451 July
*5)754 Feb
54% July
Jai
6
80% Jar
Jet
31
26
Jet
5511 Sept
191. Jet
100 June
10435 Jan
95% Jan
Sept
65
I/17
JAI.
July
100
6794 Jan
130 June
1191 Jan
1073( July
Jac
76
4034 Jar.
Jan
102
134 Jan
11054 Fe.
99% Sept
30
Feb
2734 Jan
1004 Sept
3191 June
16% Jan
Jan
115
994 Sept
43
Aug
34 Feb
Jan
97
June
1
1215 Sept
515 Sept
Sept
49
Jan
175
Feb
3
204 107,800 154 July
Jan
1614
1.800 123
Jan
35C 94
984
400 11734 Jan
16051
40% 4,500 29 91 Jan
25 1024 July
107
Jan
100
144
6
100
7135 7195
2514 2811 26,200
714 Sept
134 Jan
Sept
Sept
May
May
MAY
May
May
May
6e Apr
56% AD
,
105% May
Feb
111
52% May
61% Sept
"4 MAY
494 Sept
4531 Sept
47
May
Sept
58
34
Aug
105% June
12151 May
May
102
7934 May
9434 Sept
104% Jan
92% May
1484 May
26% May
111% Api
13954 Sept
79% May
Apr
106
24% May
11314 Apr
May
105
3914 May
4214 May
10854 Apr
4251 May
May
29
May
140
1034 May
53
MAY
195-1 Ma,
May
105
Sept
4
1654 June
July
7234 Jan
Sept
402
814 Mar
2434
18615
Ill
149
22
14
18%
6%
2015
168
101
1604
53
10851
19%
Sept
May
May
Sept
May
Sept
May
7151 Sept
2831 Sept
SEPT. 29 1928.]
FINANCIAL CHRONICLE
Friday
Saki
Last Week's Range for
Public Utilities(Cenci.) Sale
ofPrices.
Week
Ear Price Low. Htge. Shares
Nat Electric Pow cl
3534 3531 3534
Nat Pow & Light pref._ •
108 108
Nat Pub Berg corn class A• 25
244 2511
Common class B
2734 2711 27)4
Nevada-Calif Elec eom 100
50
52
New Eng Pub Say com_.* 76
78
76
NY Telep 64%. pref.-100 11331 11331 11334
Nor Amer 0th Sec corn__
94
94 954
1st preferred
954 9511
Northeast Power ooze._ • 27% 2711 2831
Noi Ontario L & P pf__100
97
97
Nor States P Corp oom.100 513734 137 141 34
Preferred
100
10834 10834
Ohio Bell Tel 7% pref--100
11211 1123.4
Pacific G & E let pref...25 2611 2634 27
Penn-Ohio Ed corn
• 46
4434 50
7% prior pref
100
105 105
• 596
$6 preferred
98
97
Option warrants
22
2414
22
Penn Ohio Secur
1534 16
Penn Water & Power_
•
82
85
Power Corp of Can
1st preferred
100
101 101
Power Secur prof
65
65
Pub Serv of Nor III
•
180 180
Puget Sound PA Loom 100 983.4 884 102
8% preferred.
100 9834 9814 100
Sierra Pacific El oom..100 4731 4731 4734
South Calif Edis A pt. _25
29
29
Preferred
25 2614 264 2654
Sou Colo Power class A_25
264
25
Southeast Pow & Lt oom.
• 5434 5311 5634
Common v t
54
54
50
$7 preferred
•
108 108
•
Panic pref
89
88
Warrte to pur ouzo stk.. 18)4
1814 1934
So'west Bell Tel prof. _100
119 121
So'west Pow & Lt 7% pf100
10834 10831
Stand Gas & El 7% pf_100 z1094 x1094510931
Standard Pow & Lt eon) 25 4934 4934 5034
Preferred
10454 10434
Swiss Amer Elee prof
99;4 9911 9911
Tampa Electric C
• 60
59
6034
Tenn Elec Pow pref. _100
1064 10631
Toledo Edison 7% pref.100
109 109
Union Nat Gas of Can_ •
37
3731
United Elec Serv warrants
2
234
United Gas Imps
50 143
141 34 14534
United Lt & Pow eon, A_.• 2534 2514 20%
C .mmon Class B
•
3031 3034
UPI Pow & Li class B.___• 2914 2915 31
VS 1 %arse
rp
16
16
1631
Worcester Elea Lt•t 4_25
188 188
Range Since Jan. 1.
Low.
400
400
3,600
100
200
100
350
300
IOC
14,300
4
9,100
5
2
200
15,30
3
15G
7,300
1.300
1,60
2714
106%
22
2431
3314
61
111%
7
92
194
97
128
108
110
233.4
8254
104)4
92
11
13
68
High.
Jan
June
Jan
Jan
Jan
Feb
June
Jan
Jan
Jan
Aug
Jan
July
July
June
Jan
June
Feb
Jai
Feb
Jan
40%
111
2954
3234
55
81
1154
11%
964
31
9934
152
11031
115
30
50
109
100
2534
25
90
May
Feb
May
May
Aug
July
Ms'
Sept
Sept
May
Apr
May
Mar
Apr
Apr
Sept
Jan
May
May
May
May
4 101
Sept
300 603.4 Feb
50 178
Mar
15,60
34% JIM
160 92
Jan
200 29
Jan
3,10
28 June
80
2634 Sept
700 23
July
23.700 414 Feb
6.800 4031 Feb
Aug
100 105
600 84
Jan
10,100 12)4 Feb
150 1174 Aug
500 107
Aug
100 z10934 Sep
3,000 294 Jan
50 103
Aug
800 9614 Jun
1,600 59
Sept
25 103
Apr
200 108
Aug
100 2834 Jan
8.700
114 July
24.500 111% Jan
78,100 13% Jan
200 20
Jan
4,600 18% Jan
7.100 11
Feb
10 188
Sept
101
74
195
102
1053(
50
30
30
2634
61
5731
11134
92
2434
121
11735
1144
584
10734
10331
71
109
115
45
3
150
27%
37
3214
1811
211
Sept
Mar
May
Sept
Apr
Sept
Apr
Apr
Sept
AD.
June
may
Mar
May
Sept
June
Mar
Mal
Apr
May
May
Apr
Mar
May
May
May
Sept
July
May
May
Jan
Tonnes Standard OH
Subsidiaries.
Anglo-Amer 011 (votSO 61
• Non-voting shares_ _El
Buckeye Pipe Line
50
Chesebrough Mfg
25
Continental Oily le- AO
Cumberland Pipe Line 100
Eureka Pipe Line
100
Galena Signal Oil
100
Preferred old
100
Preferred new
100
Humble Oil& Reftnlag..25
Illinois Pipe Line
100
Imperial 011 (Canada)...
•
Indiana Pipe Line
50
National Transit. __ _12.50
New York Tranisit
100
Northern Pipe Lie,new.
Ohio 011
25
Penn-Mez Fuel
25
Prairie 011 & Gel
25
Prairie Pipe Lies
100
Solar Refining
100
South Penn 011
25
So'west Pa Pipe Line5.100
Standard Oil(Indiana)_25
Standard 011 (Kansas).-25
Standard 011 (Hentusicy)25
Standard 011 (Neb)
25
Standard Oh(0)eoin.....23
Preferred
100
Vacuum 011 new
1795
I' tusu,,
Lan Week's Range for
Mining Stocks
Sale
IVeek.
ofPrices.
(Concluded)
Par Price Low. High Shares.
Stifling Stocks
Arizona Globe Copper--.1
70
7c
7c
7.000
Bunker Hill & Bull
10
125 125
200
Carnegie Metals
10 203.5 2034 203.4
400
oentral American Mines
69.4
634 631 2,100
Chief Consul Mining
1
334 334 1,200
Comstock Tun & Dr'ge _10c 45c
40c 45c
4.000
Consul Couper Mines. 5 114
1131 12)4 20,500
Copper Range Co
25
22
22
100
Crotez Silver Mines
1
190 19e
4,000
Creason Como)0 M & MI 85c
83c 89c
2.000
Divide Extension
1
60 20.000
Sc
Dolores Esperanza Corp 2
90e 900
100
Engineer Gold Min Ltd it
4
4
431
1,400
Evans IA allower Lead corn'
714
734 731 4,100
Falcon Lead Mines
7c
6c
4.000
Golden Centre Mines_
1054 1031 1294 23,500
Golden Cycle Min &
111 lh
134
1,000
Goldfield Cons. Mines 1
120 120 14,000
Goldfield Florence
7c
7c
90
4,000
Recta Mining
25c
2.500
1434 15
Hollinger Cone Old Mines b
834
8)4 83-4 2,800
Bud 13ay Min & Smelt...• 1911
1911 2014 37,300
Iron Cap Copper .. .41
234
234 3
500
Isle Royale Copper NJ -25 233.4 2311 2334
400
Kerr Lake
5
38e 38e
1,000
Mason Valley Mines
111
14,400
Mining ('oil) of Canada 5
311 394
200
New Cornelia Copper_ ../ 334 324 3431 10,600
New Jersey Zinc
104 22434 222 236
360
NY Bond Rosario
10 15
123( 15
900
Newmont
Co M..1( 171 Si 170 1804 28,000
NiplasIng Mines
33.4
334 2,300
Noranda Mines, Ltd_ _ .
• 4754 4634 53
58.600
Ohio Copper.
690 83e 39,000
80c
Parmac Porcupine M Ltd.]
15e 200
2.600
Premier Gold Min
2ait
2114 254 3.900
Red Warrior Mining
100
10c 100
1,000
Roan Antelope C Min Ltd
2614 25
263.4 2,500
St Anthony Gold Min
420 89.8 112,200
680
San Toy Mining
40
Sc
12.000
5,
Shattuck Henn Mining.. •
1614 20
194
85.000
So Amer Gold &
I
4
33-4 434 8,000
Standard Silver Lead_ _I
190 190
1,000
reek Hughes. _ _
94 3,000
9
931
Tonopah Belmont Dev__ _I
750 75c
900
Tonopah Extension
6c
70
4.000
United Eastern Mines..
1
1
1,
1.500
United Verde Extenelon50
16
17
1834 19,000
Unity Gold Mines
154 19.4
13.
1.800
Utah Apes_
414 5
2,300
Wenden Copper Mining.
14 90e
134 24.700
West End Exten Min
2c
2c
1.000
Wright
-Hargreaves Mhz...
334 3)4
200
Yukon Gold Co
Ole 740
4,300
Range Since Jan. 1.
Low.
High.
30 Jan
121
June
17
Jan
60e
Jan
3
Aug
204 May
Jan
5
14
Feb
180
Jan
76c Aug
30 Mar
80c Mar
2
Jan
64 Sept
6
July
234 Jan
1% Sept
go
Jan
60
Jan
13% Apr
831 Sep
1654 June
214 Sep
14
Jan
380 Sept
11.• Apr
As Apr
25M Fe.
1804 Jet
1234 Sept
122
Jet
3
Aug
174 Mat
63o Bent
15c
Jan
234 Jar
Re Se”
24% Sept
CR. Mal
30
Jan
634 Jai
254 Jan
12e
Jan
84 Feb
70o Sept
Sc Sept
45e
Jar,
13 June
350 Fel
334 Aug
68e Sept
2o. Jan
31( Sept
50e Feb
100
160
27%
6)(
4%
53c
June
Jan
Apr
Sept
Feb
June
15 May
2211 Sept
320 May
24, Jan
60 Sept
2
A pr
7% Jan
91.4 July
16o
Jan
111% Sept
2
July
18e June
25e May
18
Jan
18M Jan
21% Feb
81 May
4
2334 Sept
640 Feb
2 Sept
ISM Jan
34% Sept
243
Sept
173.4 Apr
1863$ June
5% Jan
64
Juts
114 Jan
388 May
31( Jan
21e. May
27;4 July
69c Sept
60 May
244 Mat
431 Sept
24c May
1114 June
211$ Jan
18c
Jan
134 June
35',4 Jan
2
Aug
534 Jan
3
Feb
Sc. Jan
64 Jan
99c Mar
Bond,
-
68
1814
7
79
8154
223
78
85
6131
4734
18814
5011
7654
21
13234
86
8014
183.4 1914
1834 1934
664 70
140 1401(
1754 1854
97
97
7111 7134
7
735
784 804
79
80
8034 8414
211 223
7731 82
854
82
214 224
57
55
5634 62
6134 634
38
38
4734 4934
18634 191
18034 182
5014 5154
8134 8154
7631 7911
2211
21
12954 140
4354 4434
8534 894
118 118
7934 84
6,700
800
1,200
200
35.300
50
50
300
33G
270
26,700
1,250
18,900
1,300
2,700
350
450
4,200
700
18,100
1,900
200
4,100
50
32.600
2.300
11,000
700
4,550
2
19,900
17 June
16% June
58
Jan
11734 Jan
16
Feb
Mar
88
6434 Jan
44 Jan
35
Jan
27
Jan
594 Feb
17634 Jan
5654 Feb
7434 Feb
1931 June
3834 Jan
5634 Sept
58)1 Feb
28
June
48
Sept
172
Aug
169
Mar
8634 Jan
70
Jan
70% Feb
15
JIM
122% Feb
39% Feb
71
Mar
100
Jan
72 June
22% Feb
20% Feb
76
Apr
161
Apr
28
Jet.
114
May
88
Apr
13 June
8
934 July
88
July
8414 Apr
245
May
82
Sept
894 Apr
3234 May
59
May
624 Sept
6855 May
84
May
66
Ara
223
Mat
188
Apr
63
Apr
104
Apr
83% Ant
274 Ain
140
Sept
4531 Aug
894 Sept
125
May
87% May
Other 011 Stock,.
Amer Conte Oil Fields
1 700
Amer Maracaibo Co
434
5
Argo MCorp
10
234
Athin tie Lobos Oil corn. •
Barnsdall Corp elk purch
warrant,(deb rights).
.854
Burmali 011
Garin Syndicate new rem
14%
Censol Royality Oil Co.£
Creole Syndicate
• 13%
Crown Cent Petrol Corp. •
Crystal 011 Refg corn
•
Preferred
100
Darby Petrol Corp
• 222
Derby Oil& Refg Prof_
14
(lull Oil Corp of Penna.-25 125
Houston Gulf Gas
• 1514
Intercontinental Petrol...10
254
International Petroleum' 384
135
•
Kirby Petroleum
Leonard 011 Develoom3-25
6
Lion Oil Refg
• :32
Lone Star Gas Cory
25 58
Magdalena Syndicate
.1 80c
Mexico Oil Corp
10
Mountain A. Gulf011-1 5850
Mountain Prod Corp...10 22
Net Fuel Gas new
• x2734
New Bradford oil
5 5454
New Eng'Fuel 011
•
North Cent Tex 011
•
Pandem 011 Corporation.*
2sis
Pantepec 011 of Veneauels• 1431
Pennock 011Corp
Red Bank 011
Roller Foster Oil Corn-•
94
Richfield Oil prof
25
Warrants
25
•
Royal Can 011 Synd
•
Ryan Consol Petrol
6
10
Salt Creek Cons 011
Salt Creek Producers...10 2654
334
Teton Oil & Land
1
' 1831
Tidal Osage Oil v t stock
Non-voting stock
• 184
Transcont 011 7% Prof 100
Venesuela Petroleum....6
7)4
16)t
Wilcox al
Oil &
Woodley Petroleum Corp........
65e 740 19.30
49.4 534 15,000
214 41( 3,000
34 334
500
834 1054 111,200
24
24
100
1431 15;1 2.500
831 814
300
124 1334 68.700
134 19.4
200
8
8)4
300
49
49
1,100
20)4 2231 11,600
14
14
100
125 128
11,400
1514 164
1,200
234 234 108,800
3834 414 25,900
134 2
500
6
634 4.300
3034 33
15.300
5654 503.4 7.600
550 86c 64.40C
32c 36c
7.000
82e 89c
6.100
22
223.4 6,000
2831 2714 3,200
434 43.4
2,300
•31 434 2.900
114 12
2.500
231 3
4.900
1254 1534 140,600
511 54
700
934 1154
400
94 104 7.100
25)1
25
700
19
19
100
9.8 1 lo
2,000
53( 511
100
511 634 1,100
2331 2711 8.200
3 14 371 18,500
,
1731 19
500
1634 184 1,200
79
8031
200
45.4 831 175,C00
164 17
600
5
5
10(
65c
Sept
g Feb
214 May
134 Jan
314 July
21 34 Jun
1234 Sept
636 July
10% Jan
76o Sept
7
Apr
48
Sep
814 Jan
734 Feb
10131 Feb
11)4 Feb
1
June
85
Feb
134 Aug
ISM Ma
20
Feb
4814 Apr
54o Sep
20e July
76e June
21)4 Sep
24** Mar
434 Sept
234 Sep
103$ Jan
2% Aug
8)4 Feb
531 Fe
8 Jun
4)4 Feb
22
AD
38% Apr
7c. Aug
4% Jan
5)4 Jan
23% Sep
3
Mar
13
Feb
1334 Feb
75
July
4% Sep
15% Sep
334 Apr
1)4 Jan
654 May
434 Sept
5
Apr
11
24
2314
135
17%
314
1054
49
8
034
1534
1484
2354
23(
4
5%
3
931
33
5934
131
74o
134
2
834
Sept
Sept
Jan
May
May
June
Apr
Sept
may
Aug
May
Apr
Mar
May
May
May
Sept
Sept
Apr
May
Mar
Jan
304 Apr
554 Jan
534 Apr
134 May
6
JIM
1594 July
734 Apr
17
May
13
Aug
3134 Apr
24
May
260. Jan
934 Apr
7
Jan
36
Jan
454 May
22 34 May
214 Apr
9334 Jan
834 Sept
26
AIR
854 Apr
Abitibi PA P Se A....195
90
Adriatic Electric 7e__.196.
Alabama Power 4541..190
944
1st & ref 5s
1951 101
Allied Pk, let col tr 85_1931
Deb 65
1931
35
Aluminum Co a f deb as 6. 102
Aluminum Ltd 5e. _..194/
984
Amer Aegregate•
194: 1034
Amer Com m'l Alcohol lia'4:
With warrants
113
Amer 0 & El 5e
202) 96
arnzertean Power & Light65. without carrot, mit 10731
,
Amer Radiator deb 4318'47
Amer Roll M111, deb Ss 40 9634
Amer Seating 6s..
11174, 94
Amer Solv & Chem 65_1936 10754
Amer Thread 68
192) 1003.
Anaconda Cop Min 64_1921
Appalachian El Pr 55.1954
98
Arkansas Pr & Lt 511...1951
964
AReo Dye & Press 6s. _193s
9534
Associated 0& E 5118 1977 102
Cony deb. 4 14e. _ .1940 10334
Weaned Sun Hard 654a '3:.
Attantic Fruit 8s
194., 193-4
Atlas Plywood 534s...194;
Bates Valve Bag 65...194
With stock pureb warr
107
Beacon 011 6s. with ware& 10334
Belgo-Can Paper 68..1943
Bell Tel of Canada 56.19(41 103
Berlin City Flee Re_.-195s 92
Boston Cons Gas 55...1947 10114
BOet,011 it Maine RR 581967 975'
65
1933 10254
Burmeister & Wale Co of
Copenhagen 15-yr da '10
Canada Cement 5348_1947 10134
Canadian Nat Rye 78_1935 10954
Carolina Pr & Lt 55-19648 10031
New
Cent All States Sent Corp
614% notes with war '33 9834
Cent States Elec fa... 1948 9194
Cent States P & Lt 5341 '63
Chic Pneum Tool 514.1942 985-4
Chic Rye 55 ars dep__1927
Childs Co deb 55
1943 8834
Clue Gas & Erne 45
198). 89
Cincinnati St By 5 3.4s.19.52 994
Mies Service 5s
1966 933-4
6s
1966 1039-4
Cities Service Gas5 he 1942 9336
Cities Sere Gas Pipe L 68'43 99
Cities Sere P & L 554e 1952 97
Cleve Term Bldg 68..1941 97
Colon 011 deb 65
1938 99
Commander Larabee 68 '41 87
Commers end Privet
Bank 5348
1937
Commonw Edison 434s '57 100
Consol 0 EL&P BAUM.. series A
1949 1064
Consul Publishers6)431936
Conan! Textile 8a
1941
Cont'l0& El 5a
1951. 92
Continental Oil 542 1937
Cuban Telep 7)4a._ _.1941 111%
Cudahy Pack deb 654.'37 9934
5e
1948
Denver & 11 0 West 5s '78
Deny & Salt Lake Ry 65'60 88
Detroit City Gas Is B 1950
6s. series A
1947 10654
Detroit Int Bdge 6546_1952 9911
-year s f deb 7 1952 9234
25
Dixie Gulf Gas 654s 1937
with warrants
9254
Empire 011 & Retg 654.'42 924
Eur Mtge & Inv 750.1967 914
Fed Wet Service 53411.1957 103
8934 904
9834 984
94
9434
101 1014
39
39
3154 36
102 102%
98
9834
10315 10331
221,000 89%
12.004; 944
20,000 93
15,000 100
12,000 35
30,000 30
26.004; 100
56.000 951(
12.000 9794
11231 115 175.000
9594 963-4 124.000
Aug
Jet
Sept
June
Jan
Au4
Jul
Aug
June
944
101
10034
10334
5234
471.4
i0Sh
100%
108%
July
May
Mar
Jan
Jan
Jan
Aar
July
May
98
July 115
Sept
93)1 Aug 101% Apr
1064 108
9834 994
9631 97
94
9531
10731 10734
10011 10034
100 1004
974 984
98
9611
9434 9755
10134 1024
10311 10554
86
87
171( 1934
10634 10654
99,000
6.00(
85.600
26.000
3,000
7,000
38.000
143,000
25,000
174,000
77.060
1788000
11,000
26.000
10,000
105
97
06 11
94
99
100
100
97
95
9434
994
97
8434
15%
104
June
Aug
Aug
Sept
June
June
Aug
Jun.
Jun.
Sept
July
Aug
Jan
Apr
Aug
110
100%
99%
1004
125
10134
,
10171
1024
101%
102
11434
113)i
92
2054
115)4
May
Apr
Jan
Apr
May
Jan
Jan
Mat
Mar
Aug
May
May
Apr
May
May
10634 107
1034 10531
wog 10031
1025-4 10311
92
9236
10134 102
974 98
10234 103
16,000 99
34,000 99
1,060 98
10,000 102
111.000 8931
8,000 101
139,000 9534
2.000 102
Jai,
July
Sep
Jun,
Aug
July
Aug
Aug
116
107,4
102%
10.554
1,5,1
104%
100m
104%
May
Apr
Mar
May
June
Apr
May
Jan
Jun
Jun
Jun
Sep
Sep
100
10234
11444
10A%
100%
Jan
Mar
JIB
Msr
Sept
Aug
Aug
Sep
Jun
Au
Aug
Aug
Sep
Apr
Jan
Aug
Aug
Aug
June
Sept
July
99%
97%
99
012%
87
96%
92%
1044
98)4
104%
98
103%
102
100
100
94,4
May
AP,
Jan
July
Jan
Apr
Apr
Mar
May
May
Mae
Ape
AP:
Jan
July
Jan
9731
10191
10954
Kph
10034
9754
102
110
10034
10034
1,000
15.00‘
17,000
45.001,
12,000
944
10051
108
400
1004
974 9854 4,000 9434
45,000 803(
92
91
954 9614 20,000 9534
9811 98)4 2.000 57
82
82
6.000 78
8831 8976 18,000 87%
8854 894 60.000 8554
9831 9931 2,000 9734
94 143,000 90 st
93
10331 1033.4 12,004; 103
9334 9354 20,000 93)4
9914 36,000 98
99
963-4 9734 35.000 96%
97
9834 15,000 97
99 100 107,000 99
2,000 83
87
87
8734 8854 42,000
98 100
20,000
106 10614
9934 100
89
8934
9134 92
95
9514
11134 11111
99
9915
10011 10031
91
92
854 8814
10031 10031
1064 1073.4
99
9934
923.4 9411
8714 Aug 94)4 Jan
9634 July 102% Apr
20.000 104
June 11108%
2,000 97% Jan 102
7,000 89
Sept 96
52.000 89% Aug 97%
6.000 9431 Aug 119
3.000 10934 July 11231
38,000 9754 Jan 101
11,000 91+34 July 102%
11,000 894 June 96%
30,000 80
Jan
0034
5.000 99% Aug 104%
17.000 106
June 1054
51,000 97)4 June 104%
23,000 89% Aug 101
92% 94
10,000
92
9251 76.000
9134 913.4 56,060
10234 10334 203,000
92)4
92
91
9954
Aug
Aug
Aug
June
Feb
May
Jan
Mar
Jan
Aug
May
Mar
May
may
Mat
Feb
Mar
Jan
994 Jan
95% Mar
97% Mar
10834 May
Bonds (Continued)-
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High Week.
Range Since Jan. 1.
Low.
Htph.
Aug
9734 Mar
9134 48,000 90
Firestone Cot Mills 55_1948 9155 91
9335 9434 7,000 9235 Aug 9854 Jan
Firestone T&R Cal 55 1942
First Bohemian Glass Wks
Jan
Aug 103
7,000 88
90
88
lot 78 with stk pur war'57
Aug 9834 Feb
9255 10,000 90
92
Fisk Rubber 534s__1931 92
68.000 9254 Sept n99% Apr
Florida Power & Lt 56_1954 92,4 9234 95
Feb 10155 Aug
1930 100% 10056 10054 11,000 87
Galena-Sig 01175
Jan
Gatineau Power 55_1956 9755 9755 97% 94,000 96% Aug 101
June 10451 Apr
101 101% 89.000 100
1941 101
58
Mar
42,000 0034 July 97
Gelsenkirchen Min 65_1934 91% 9135 92
Genl Amer Invest 5e...1952
Apr
95
Aug
8755 8856 34,000 87
without warrants
June
4
Jan 11,
15.000 100
10235 105
Gen Laundry Mach 6%s'37
Aug 10055 June
28,000 94
96
General Rayon as ser A '48 95% 95
General Vending ComJuly 9854 Om
89% 60,000 84
es with wan' Aug 15 1937 87% 86
Mar
Sept 103
9834 59,000 98
98
Georgia Power ref 58_1967 98
Jan
Apr 1101
10054 10055 11.000 100
5355.'31
Goodyr T & R Cal
Jan
10734 107% 6,000 106% June 112
Grand Trunk Ry 6348_1936
Guardian Investors 5s_1948
Sept 101
Aug
3,000 99
99 101
With warrants
100 100% 32,000 9934 Aug 102% Mai
1937
Gulf 011of Pa 5s
Sinking fund deb 5s _ 1947 100% 10055 10056 35,000 0955 Aug 10255 Jan
May
Gulf States Util 55___ _1956 98% 9831 98% 12,000 9734 Aug 102
Feb
Aug 103
2,000 99
100 100
Hamburg Elec Co 75_1935
5.000 91% Aug 9334 Aug
92
91%
Hamburg El & Ind 5548 '38
Aug 9054 Sept
0 93
1.00
Hanover Cred Ins 5s..1931 9554 9534 95%
5,000 98% Aug 10355 Jan
100 101
1936 100
Hood Rubber 7s
Jan
2,000 85 June 96
88
88
Oct 15 '36 88
5555
Aug 9954 May
Houston Gulf Gas 6341943 95% 9434 9534 76,000 93
9655 69,000 9555 Aug 9934 May
96
96
1943
65
Sept
Jan 275
2.000 143
275 275
11Yrtrade Food Prod 6s 1937 275
Apr
103 105 201,000 9654 Jan 106
Indep 011 & Gas deb 65 1939 103
Mat
98% 99% 57,000 9754 June 102
Ind'poilm P & L 55 ear A '57
Int Pow Secur 7e sex E 1957 96% 96% 9855 12,000 94% July 101% May
9155 58,000 8935 Aug 9934 May
Internet Securities 58_1947 9051 90
Interstate Nat Gas 68.1935
5,000 10156 Jan 104% July
103 103
Without warrants
9534 9651, 45,000 9455 Sept 9935 Apr
Interstate Power 5s___1957 96
9655 9735 20.000 9655 Sept 10251 Mar
1952 97
Debentures 138
Apr
Feb 109
Invest Coot Am be A_1947 9834 9834 9955 33,000 96
Investors Equity 55...1947
1,000 101% Sept 11255 Apr
104 101
With warrants
Mar
Iowa-Nebraaka L & P 56'67 9514 9411 9534 13,000 9334 Aug 101
July 9735 May
9234 11,000 91
Isarco Itydro-Elec 7s_ _ 1952 9255 92
Fraschinl 75..1942
Issotta
May
July 105
97% 9834 28,000 94
With warrants
Italian Superpower 65 1963
July 8651 June
52,000 82
8255 83
8235
Without warrants
July
9754 9,000 9634 Aug 98
97
Kaufmann Dept Sts5ii8'36
1936
Kelvinator Co 6s
Apr
87,000 6354 June 85
68% 6731 73
Without warrants
Sept 9555 Sept
954 78,000 95
95
1948 95
Kendall Co 5%s
9934 9934 99% 99.000 9834 July n10134 May
Koppers G & C deb 55_1947
Lehigh Pow Secur 6s 2025 104% 10444 105% 68,000 10351 May 109% may
Leonard Tiets Inc 7558 '46
102% 10334 5,000 102% Jan 10534 May
Without warrants
Apr
Libby, McN & Libby 58'42 92% 92% 9336 20,000 9234 Sept 97
75..1952
Lombard Elec Co
May
Feb 107
38,000 96
100% 101
101
With warrants
Mar
9554 9,000 9355 Aug 99
95
95
Without warrants
Jan
100
Lone Star Gas Corp 56 1942 9834 97% 98% 10.000 9634 Aug
Sept 10555 Apr
10,000 103
103% 104
Long Island Ltg 6s_ _ _1945
Mar
Aug 100
3,000 94
96
9,5
& Light 55__1957 96
La Power
Apr
Menitoott Power 5348_1951 1019-4 10144 105% 12,000 100% June 10434
Mansfield Min & Sm (Ger)
27,000 100 June 10755 May
104
75 with warrants_ 1941 10355 102
Jan
105
Mom Gas Cos 55551946 10355 103% 104% 10,000 102% Aug 101
Feb
1,000 9514 Aug
97
97
McCord Rad & Mfg 6s 1943
Memphis Nat Gas 6s 1943
1,000 9955 Sept 10055 Sept
9934 99%
With warrants
Mat
1968 98% 9834 98% 69,000 P634 July 10234
Me tEdison 4448
Low
Ns Mar 10534 Aug
105% 1053-1
1936
Midwest Gas 78
6,000 9734 Aug 10314 Ain
101 101
(I L 440_1967 101
Milwaukee
5,000 9934 Aug 10251 Jan
Montgomery Ward 55_1946 10155 101% 101%
103% Feb
Montreal L II & P 55_1951 100% 10034 10134 21,000 9941 Aug
Jan 10134 June
19,000 98
100% 10044 101
Morris & Co 714s____1930
38.003 9834 Aug 10234 Mar
Narragansett Else be A '57 9934 9954 100
July 10351 Jan
9934 10055 4,000 98
Nat Distillers Prod 6 565'35
Aug 10914 Mar
10644 10654 25.000 104
Nat Pow & Lt es A___2026
1978 8634 gam 87% 46,000 8655 July 9434 AM'
Nat Pub Sent 58
65_1943 160% 138% 16454 498,000 105% July 16434 Sept
Nat Rub Msch'y
Aug 113% May
109% 10955 1,000 108
2022
Nebraska Pow 6s
10,000 9855 Jan 0934 Feb
99
99
1941 99
Nevada Con 5s
Mar
9555 95% 19,000 8634 June 101
New Eng 0 et El Assn 54'47 9544
Mar
NYP&L Corp 1e1 4448'67 9334 92% 9351 100,000 9134 July 9755 June
Aug 10655
25,000 105
105% 106
Falls Pow 6s 1950 106
Niagara
Nichols Jr Shepard Co 68'37
Apr
10034 100% 30,000 9444 Feb 101
Without warrants
9355 4.000 92 June 97% Apr
93
Nippon Elec Pow 8%6_1953
Sept 10154 Sept
North Amer Edison 5%5'63 100% 100 10055 150,000 100
mar
MIR 104
.
North Ind Pub Serv 5s 1966 10055 1003410034 22 000 09
June 105% Jan
Nor States Pow 63.4% 1933 10234 10255 103% 17,000 101
June 10334 May
100 100% 20,000 99
Ohio Power 55 ser B__1952
9351 40,000 9134 June 9755 Apr
1955 93% 93
4448 series D
July 102% June
16,000 99
99 100
Ohio River Edison 55 1951
June
100 10051 7,000 100 June 102
Co65 With war 1938 100
Osgood
Apr
1,000 984 Aug 102
100
100
Oswego Fails Co 6s_ _ _1941
10144 A pr
Pao Gas At El let 4548_1957 98% 97% 9851 55,000 9534 July 105
May
Mar
9755 9755 9755 13.000 96
1948
Pacific Invest 58
Penn-Ohio Edison 65 1950
10034 100 102% 26.000 994 June 19434 Ma)
Without warrants
Jan
Au: 104
Penn Pow dr I.t 55 tierB '52 10255 102% 10254 4,000 100
Jan
Aug 104
10235 1023% 3,000 100
1st & ref 55 ser B___19.53
1,000 106
May 107% Mar
10654 106%
Phila Elec Co 55513... _ _1947
Jan
81.000 1034 Aug 107
10455 105
nibs Elec Pow 5555_1972 105
Jan
10355 10355 2,000 10235 Sept 105
Phila Rap Tran as_ __ _1962
Phila. Sub Cos G & E
100 10051 2,000 9734 July 1024 Mar
1957
1st & ref 435s
9954 9935 1,000 97 June 10154 June
Pitts Screw dr Bolt 5545'47
102 103% 21.000 100 June 10334 Sept
1948 102
Pittsburg Steel 611
98% 42,000 9744 June 102% mar
Potomac Edison Si. _ _1956 9844 98
9754 97% 3,000 9534 Aug 1004 Mar
Proctor & Gamble 4%51947 9734
Apr
Aug 107
101% 102% 9,000 101
Queensboro 0 & ES 48'52
Apr
Rem Arms 555% notes '30 9794 9735 9794 2.000 9534 Jan 9994 Sent
35 000 9934 Aug 103
102 102%
Richfield 011555% notes'31 102
Sent
Sept 91
13.000 00
90
90
Rochester Cent Pow 551953 90
17,000 9234 Aug 9634 May
94
93
St Louie Coke & 085 6. 47 94
96% 9755 95,000 9455 Aug 10094 Mar
San Ant Pub Her 5e_1958
Apr
Aug 104
1955 10031 10034 10151 10,000 100
Bauda Falls 55
1975
Schulte It E 6s
109 110% 71.000 9555 Jan 11054 Sept
With warrants
Sept
94% 121.000 8834 Mar 95
94% 93
Without warrants
Apr
Sept 100
5.000 92
94
92
Scripps (E WI 5348_1943 92
6851 7055 32.000 1354 Fell 7635 May
58_1948 69
Serve' Inc(new co)
51.000 9394 Aug 9834 Mar
953.4
Shawinigan W dr P 434s '67 9531 95
Sept 101% Apr
10,000 96
98
97
Bhawsheen N1111875_1931 97
8.000 9934 July 10234 Jan
Sloss-Sheffield S& I 68.29 10034 10034 101
4,000 100 June 102% Jan
101 101
1929
Purch war 65
Apr
Sept 135
94 10934 249,000 94
Snider Pack 6% notes_1932 99
Mar
9734 5.000 9594 June 100
96
Bolvay-Am Invest 55_ _1912 96
Southeast P & L 68___2025
June 10934 Mai
10455 10434 105% 72,000 95
Without warrants
Sept
Jan 158
14655 158 211.000 106
Southern Asbestos 68_1937 147
July 104% API
1951 100% 100% 100% 25,000 100
Sou Calif Edison 55_ __
July 10455 Apr
17.000 100
Refunding mtge 58_1952 1004 10034 100%
Apr
1944 102% 102% 10255 5,000 10055 Aug 10434
Gen & ref 58
1937 9555 923% 9534 26,000 9234 Sept 0554 Jan
Sou Calif Gas 55
9954 Jan
Sept
1,000 96
96
96
1930
Southern Dairies as
July 10034 Apr
9554 96% 10.000 95
Southwest G & E 55..1957
9,000 10255 Aug 1123.4 May
105 106
Fewest Pots Ai It. Its. 2022
[VOL. 127.
FINANCIAL CHRONICLE
1796
Bonds (Concluded)
Staley (A E) Mfg 65 1942
Stand Pow & Lt 6s
1957
Stinnes (Hugo) Corp
75 Oct 1 '36 without wart
75 1946 without warns_
1937
Stutz Slotor 7%s
Sun Maid Raisin 6555_1942
Sun 011 534e
1939
Swift & Co 58 Oct 15 1932
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High Week
9854
100
974 9854 20,000
9941 10034 67,000
8854
89
88
88
101
101
78
78
10135 101
100
99%
89
89
110%
79
101%
100%
Range Since Jan. 1.
High.
Low.
9755 Aug 10135 Mar
99% Sept 10444 Mar
12,000 87
9,000 88
2,000 93
10,000 76
10,000 100
68,000 9955
Sept 98%
Aug 974(
Feb 11055
July 98
July 102%
Aug 10155
May
May
Sept
Jan
APT
Jan
Mar
Texas Power & Lt 5e1956 99% 9955 99% 75,000 9755 July 103
Jan
Feb 116
Trane-Cont 011 78_ _ _1930 105% 105 106% 232,000 103
8,000 894 Aug 95% Apr
Tyrol Ilydro Elec 7s_ _1952 92% 9235 93
Ulen & Co. 63s
1936
United El Serv (Ones) 7856
With warrants
Without warrants
United Indust 63-45...1941 90%
United Lt & Rye 5558_1952 92%
(is series A
1952 102
United Oil Prod 85_ _ _ 1931
cot Havana 7555 '36
(In
United Steel Wks 6355 1947
With warrant.
U S Rubber 334 %notes1029 99%
Serial 655% notes_ _1930 97
Serial 655% notes _1931 96
Serial 655% notes 19:32
Serial 655% notes 1933 9554
Serial 64% notes_ _1935
Serial 655% notes__ 1936
Serial 655% notes__1937 95%
Serial 654% notes_ _1938 95%
Serial 655% notes_ _1939 9554
U S Smelt & Ref 5%8.1935 10251
Utilities Pow Jr Lt 5440 '47
1937
Valvoline Oil 7s
Van Camp Pack 85__ _1941
Vesten Elec Rys 7s_ _ _ 1947
Va Elec & Pow 55 A _.1955
9955 32,000
99
9735 Feb 100
May
May
33,000 101% Jan 125
113 115
Apr
,
9355 9455 15,000 9255 Jan 100
13,000 9055 Sept 9955 Jan
9055 92
93% 70,000 914 Sept 9954 Jan
92
33,000 100% June 10844 Jan
10134 102
Apr
Aug 90
72% 12,000 60
70
July 11335 Feb
2,000 110
110 110
90
9934
97
96
95
95
95
95%
95
95
9555
102
91
99%
97
96
9655
9555
95
95%
9534
9534
9555
102%
13.000 89
3,000 92
3.000 93
1,000 92
9,000 92
14,000 91
2,000 9055
1,000 90
16,000 90
20.000 9056
13,000 9055
21,000 100
93% 93% 33,000
June
July
July
July
July
July
July
July
July
July
July
May
92
103 103% 5,000 103
7,000 6455
70% 71
2,000 89
94
94
19,000 98%
99 100
Warner-Quinlan Co Os 1942 11255 11255 11455
92
9254
Webster Mills 644s- - -1933 92
Western Power 5445_1957 100% 100% 101%
102% 103
WestvacoChlorine55551937
8954
Wheeling Steel 4345_1953 89% 89
58,000 98
2,000 88
56,000 99
13,000 100
52,000 86
96
10255
102%
10251
103
103
103
102.34
102%
103
027
100 %
: 3m
105
Jan 101
Sept
Aug
Aug
Aug
82
96
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
a
u rg
an
Feb
May
July
Jan
Sept
Feb 118
Aug
r
Sty
95
June 109
93x May
Aug 107
Aug
Foreign Government
and Municipalities.
Agricul Mtge Bk Rep of Col
Jan 15 1946
20-yr 75
Baden (Germany) 75. _1951 98
Bank of Prussia Landowners' Assn 6% notes_1930 9534
Bolivia (Remit. of) 75_1969 97%
Buenos Alres(Prov)7448 '47 101%
7s
1952 99%
Cauca Valley (Dept) Colombia, extl s f 713._ _1948 95%
Cent Bk of German Stated:
Prov Banks 68 B....1951 8654
6%8
1958 8834
Danish Cons Muni° 5448'55 99%
55 new
1953 9555
Danzig P Jr Waterway Bd
Eztl sink fund 6%5_1952
Denm'k (Kingd'm)6341'56 99%
430
1962 90%
Estonia (Rep) 75
1967
Finland Residential
1961 9454
Mtge Bank 6s
Frankfort (City) 6401_1953 96
German Cons Muni° 7s '47 98%
Cs
19-17 89
Indus Mtg Bk of Finland
1st mtge coil f 7s_ _1944 100
Medellin (Colombia) 7s '51 9754
1954 93%
611s
Mendoza (Prov) Argentine
7345
1951 97%
album Geraee (State) Brazil
Ext 6558
1958 95.34
Montevideo (City) 155_1959 9655
Mtge Bank of Bogota 78'47 9255
New
9854
Mtge Bank of Chile Its 1931
Site Bk of Denmark Sc '72 9655
Mtge Bk of Jugoslav 75 '87 85%
ParanalState unitras 75'58 03%
Prussia (Free State) 644810
EMI 59 (of '274 Oct 15 '52 90%
Rio Grande do Sul (State)
Brasil 78 (of '27)- 1967 97%
6s
1948 94%
Russian Government
635.
1919 14
1454
5559 certificates ___ _1921
Saar Basin Con Counties
1935 100
78
tistitlago (Chile) 75
1949 98%
Saxon State Mtg Ins 75 '45
634s
1946
Serbs Croats & Slovenee
(King) anti sec 7s ear B'62 85%
Silesia (Pros) 7s
1958 89%
Switzerland Govt 5345 1929
Warsaw (City) 75_ _ 1958
90
99
9754 98
95%
9754
101
09%
9555
98%
102
100%
9554 97
8655
88%
99%
92
87
993%
89%
9054
94%
95
97%
8841
5.000
10,000
97% Jan 10255 Apr
91344 June 9935 June
28,000 94% Jan 9754 Apr
24,000 9734 Sept 98% Sept
35,00( 100% Feb 10555 May
65,000 98
Jan 10241 June
22,000
95% Sept
97
sent
Ma!
Juno
Apr
Apr
18,000
102,000
21.000
19.000
86
8854
97
92
Aug 92%
Sept 9714
May 102
Sept 9955
10.000
87
10054 34,000
90% 173,0(10
1.000
90%
85%
99%
8755
8955
Feb
Aug n90
July 01251 Jan
June 954 May
Apr
Aug 95
11,000
12,000
75,000
31,000
9455
93%
96
8734
Sept 9455 Sept
Aug 89% may
Aug 11)10012MaY
Aug 94% May
87%
8955
99%
95%
941i
96%
98%
8935
100 100% 1.5.000
0734 97% 24,000
93% 93% 16,000
,
9935 July 10214 Feb
Apr
9244 Jan 101
93% July 9451 Sept
97% 9951 43,000
9644
10051
Ain
13,000
16,000
15,000
9,000
34,000
18.000
12.000
8.000
23,000
72,000
93
934(
91%
91%
93
95%
81
9255
95
8851
Aug 97%
Jan 9841
Feb 97
June 05%
June 09
June 99%
Aug 90
Aug 98%
June 984t
Aug n9414
AP1'
Apr
Sept
Apr
Mat
Apr
May
Slay
Mar
May
97
97% 19.000
9441 9444 15,000
96
94
Jai. 100% Apr
Sept 9441 Sept
1414 21,000
14
1444 1444 8,000
12% June
1235 July
9454
95%
9235
92%
98
9655
8554
9231
95%
90
95%
9635
93%
94%
9854
9634
86
94
9(355
90%
Jan
Mar
18
1741 Mar
100
9835
98
9414
3,000
100
9955 30,000
1,C00
98
9641 5,000
904
91 SS
97%
94%
Sept 10254 May
Sept 1014 AO
July 10151 Mar
July 9855 Apr
85%
8951
10055
8755
86
80%
101
88
69,000
24.000
21,000
18.000
82
14834
WO
8.5%
Feb
Aug 92
Sept 8951 June
Aug
June nI03
July 00M may
• No par value. I Correction. m Listed on the Stock Exchange this week, where
additional transactions will be round. n Sold under the rule. ()Sold for cash.
8 Option sales. I Ex-rights and bonus. to When Issued. Z Ex-dlvidend. p Earights. e Ex-stock dividend.
OPtion Sales made as follows: a Middle West CUL prior lien stk. Mar. 5 at 12
S A.G.Spalding Jr Bro.,corn., Jan. 14 at 120:9 Associated Gam Jr Elec., Jan. 14 at 47:
h Sierra Pacific Electric Co., Jan. 6 at 92: u Mt. State Power, Jan. 13. 101%,
(1) Palmolive Pet., Feb. 28 at 85.
"Under the rule" sales were made as follows:
S Belgian National Railway. preference Jan. 20 at 1755: Eltingon Schild CO.
at 10114.
88. Jan. 13 at 9855; 1 Goodyear Tire Jr Rubber of Calif. 554e, Jan. 4
k U. S. Rubber 6)4% notes 1940 at 108; r J. J. Newberry. pref. Jan. 25 at 10754:
o Standard Publishing class A Jan. 25 at 4; u 81,000 United OH Prod. 88 1931.
Feb. 2 at $81. Potrero Sag. 7s. 1967. Feb. 17 at 98; re American Meter Co. Feb. 29
war.,
at 126. (3) Ohio River Edison 55, 1951, Feb. 27 at 103. (4) Nat. Pub. Sur.
Steel
Apr. 24 at 36354. (6) Mtg. Bk. of Bogota 75, 1917, Apr. 20 at 96-Inland
4555, May 4, at $5.000 at 9834. (8) Cities Service pref., May 23 at 10855,
Steel.
(9) German Con. Mines 7e, 1947; May 23. $1.000 at 10134. (10) Trumbull
at 107.4:
pref., July 19, 100 at 12234. (11) Midwest Gas 78. 1936. July 23, 54,000
13) 1,000 Pittsburgh Steel 581948 Aug.24 at 10334.
SEPT. 291928.]
FINANCIAL CHRONICLE
1797
Quotations of Sundry Securities
All bond prices are "sod interest" except where marke.1
Public Ulllllles
Par. Bid
Ask
American Gas & Electric_ t •178 180
6% preferred
•103 10512
Amer Light A Tete com_100 207 212
Preferred
100 115 118
Amer Pow & Light
Deb 682016
M&S 1063 10714
Amer Public U tit corn_ _100 50
65
7% prior preferred _ _ _100 92
94
Partie preferred
100 98 101
Appalachian El Pr pf _ _100 1071 10314
smociated Gas & Elec corn. t •18
20
Original preferred
•56
58
$41 preferred
•97
99
Olt preferred
•1001 102
$7 preferred
•103 105
Det 5e 1968
92
A &
9212
Deb 5s
2S75 971 99
East Util. Asec. coin
•40
41
Cony. stock
11 •14
15
Com'w'Ith Pr Coro pref _100 102 10212
Elea Bond & Share pref _100 1081 10912
:
General Pub Serv corn _ _1 •25
26
$7 preferred
•128 133
$6 first preferred
•10012 10212
Gaol Public Util
100 95 9612
MistsWW1 RI, Pow pref.100 10612 10812
First mtge 58 1951J&J 101 12 10212
Deb 58 1947
MAN 9612 9712
National Pow A Light pref _ r •10712 109
North States Pow com_100 140 141
7% Preferred
100 109 11012
Nor Texas Elee Co oom_ 100 15
17
Preferred
_I00 43
51
Ohio Pub fiery. 7% mei.100 110 11112
6% pref
102 103
Perine Gas & El let pref _25 .2612 2712
PugetSound Pow& Lt6%p 1 .9812 100
5% preferred
•90
92
let & ref 534e 1949_ ...1& D 101, 10214
4
South Cal Edison 8% pf....25 .5
, 60
Stand GA it
pr pf _100 110 11112
Tenn Elec Power let prof 7% 10612 10812
6% preferred
100 9814 993
4
Toledo Edison 6% or
103 105
7% pref
100 10914 11012
Western Pow Corp uref_100 103 107
Dar
Railroad Equipments
Bid Ask
Ask
Bird Grocery Stores corn_ _ t •36
38
Amer Founders Trust corn_. 115 119
i
Pa _ Ba
Atlantic Coast Line 6e---5.25 5.00
7% cum pref(with war)100 109
4412 474
Equipmen t 634s
5.00 4.75 Bohack (H C) Inc com_
65
t •61
6 4 Perferred
7% preeterred
4912 52
/
1
4
Baltimore & Ohio Os
5.25 5.00
7% 1st preferred
100 104 108
Astor Financial class A
46 52
Equipment 434e &
5.00 4.70 Butler (James) corn
14
Class B
12
16
Buff Roeh & Pitts equip 131. 5.25 5.00
Preferred
100
60
Atl & Par Intl Corp
69
7012
Canadian Pacific 434e & Os. 5.10 4.75 Consol Ret Sts, 8% of with
Bankers Financial Trust
95
8
9
Central RR of N J 65
5.2.5 5.00
warrants
100 106 110
Bankers Investml Am cons_
1214 14
Chesapeake dz Ohio es
5.25 5.00 Diamond Shoe, corn
36
38
Debenture shares
914 10
Equl pment6 tte
5.00 4.80
Preferred
104 107
Benin/tucks Corp of Md A
-Equipment 68
5.00 4.75 Fan Farmer Candy Sh pre: t *29
32
Clam B
_
Chicago & North West 65... 5.30 5.00 Fed Bak Shops,corn
•7
10
Pre o
Tjn iterred
_
Equipment 6345
5.10 4.85
Pre/ 7% with warr_ _100 96 100
Chic R I A Par 430 & 5e.
5.00
Feltman & Curme Shoe
British Type Investors A __ _ ;4414
Equipment Os
5.30
Stores A corn
•10
20
Continental Securities Corp. 109 113
Colorado & Southern 6e_
5.50 5.00
7% preferred
85
100 75
Preferred
82 85
Delaware & Hudson Gs__ 5.25 5.00 at Atl & Pat Tea vet corn.' 0355 365
5s 1942 with warrant__ _ _
107
Erle 4 he & be
5.20 4.90
Preferred
100 116 118
1VIthout warrants
105
Equipment6s
5.35 5.05 Grant(W T) Co corn
•119 123
Crum & Forster InsuranGreat Northern Os
5.25 5.00 Grant(WT)RID 7% pf 100 10312
,
shares corn
92
97
Equipment 5s
5.00 4.75 Howorth-Snyder Cc, A_
18
21
Preferred_
100 103
Hocking Valley 5e
5.00 4.75 Kaufm Dep Sts, com_ _100
Diversified Trustee shs
2135 221s
Equipment Os
5.25 5.00
7% preferred
100
Shares B
2183s 1916
Illinois Central 4345 & Si
5.00 4.75 Kinnear Stores corn
12
.
Eastern Bankers Corp corn
2712 Equipment6e
5.30 5.00
8% preferred
100 116 120
Units
149 153 Equipment 7e &
5.00 4.80 Knox Hat,corn
*230 250
Finacferred
isT n & Indust Ser corn..... 115 117
Kanawha & Michigan 68._
5.30 5.00
$7 cum pref
t •106 111
x
107 109
Kansas City Southern 534e. 5.25 5.00
CIA mettle pref
•65
68
Warrants
125
Louisville A Nashville tie
5.30 5.00 Kobacker Stores corn
*44
47
First Fed Foreign Inv Trust 98
Equipment
5.00 4.80
Curn pref 7%
100 10112 10422 Fixed Trust Shares
19
19
/
1
4
Michigan Central 5e &
5.10 4.75 Lane Bryant Inc corn
*53 60
General American Investors
Minn Ht PASS M AM& 542 5.30 5.00
7% cum pref
100 110 115
deb be with warrants.
1391a
_
Equipment 634e & 7s... 5.5 5.00 Leonard Fitzpatrick
&
General Trustee common.. 25
Mlesouri Pacific 6e & 034a.
5.25 4.95
Muller Stores corn
31
1 •29
Old units
80
Mobile & Ohio 5e
5.00 4.75
Preferred 8%
100 108 120
New units
71
New York Central 414e & 5e 5.00 4.75 Lord Jr Taylor
100 320 350
6% bonds
120
Equipment Os
5.25 5.00
First preferred 6%- -100 98 103
Greenway Corp corn
178 23
4
Equipment Te
5.00 4.80
Second pref.8%
100 105
5214 55
Preferred (w w)
Norfolk & Western 434s.,.
5.00 4.75 McLellan Stores corn
*54 /8
Guardian Investment
1812 22
Northern Pacific 78
5.10 4.90
6% preferred
100 100 105
Preferred_
26
28
Pacific Fruit Express
5.1 4.90 Melville Shoe Corp corn __1 •68
70 Incorporated Investors
7512 78
Pennsylvania RR eq 58
5.00 4.70
1st pref 6% with warr_100 103 105 Insuransharee tier A 1927_ _
2514
Pitteb & Lake Erie 634s.... 5.10 4.85
_
Warrants
•
Series C 1927
251 -/
4
Reading Co 4 5.28 & 50
4.9 4.75
*110 113
Series F 1927
2814
St Louis & Ban Francisco Si. 5.10 4.85 Mercantlle Stores
Preferred
100 105 120
Series 11 1927
233
4
Seaboard Air Line 534e & 61 5.7 5.25 Metropolita
n Chain Storee_t •65 66
Series B 1928
21
22
Southern Pacific Co
_ 5.0 4.75
New preferred
Int See Corp of Am corn A.. 59 62
100 110 114
Equipment 7ro
5.10 4.85 Metropol 5 to 50 Sts corn A t .5
8
Common B
34
37
Southern Ry 434s &
4.3
5.10 4.90
Common B
Short Term Securities
97 101
634% preferred
Equipment 6e.
5.30 5.00
Preferred
64
6% preferred
100 58
90 94
Toledo & Ohio Central Ss... 5.30 5.00 Miller (I)
& Sons com____t *3314 3914 Invest Co of Am corn
Allis Chat Mfg. be May '37_ 99
39
42
9912 Union Pacific?.
5.00 4.80
Preferred 634%
99
..100 95
7% preferred
Alutn Co of Amer,59 May'52 1013 10212
99 104
4
Murphy(GO)Co cons____+ .70
75
Series A units
Amer Rad.deb 4 Sis, May'47 98
153
9812
8% cum pref
Investments Trust of N Y
100 104 108
Am Roil .MI11 deb 58, Jun '48 961 97
los
Standard 011 Stocks
Nat Family Stores Inc-..f •26
2712 Massachusetts Investors..
Am Thread 68, Dec 1928_ _
931 95
/
1
4
100 10012
Cum pref $2 with warr_25 .2812 30
Mohawk Invest Corp
Anglo-Am Oil 430. July '29 933 993 knglo-Amer Olivet stock Par
101 103
4
_ El •1912 1912 Nat Shirt Shops. corn
.22
25
Mutual Investment Trust..
Ana'da Cop Mln 65, Jan '29 100 10014
10
3 113
4
Non-voting stock
El •1812 1914
Preferred 8%
90
New England Invest Trust_
954 101/4
100 86
let cons 65_ __Feb. 1953 105 10514 ttlantic Refining
100 13312 183
/ Nat Tea 612% pro
1
4
Old Colony Invest Tr corn.. 32
100 104 106
Batavlan Pete 4 his._ _1942 931 9312
34
Preferred
/
4
100 115 117
NedIck's Inc corn
.2212 24 2
,
434% bonds
Bell Tel of Can
92
A _Mar '55 103 10314
Neisner Bros Inc corn
99
*93
Second intermit See Corp_
iisi 52
Beth SG 5% notes J une 1529 991 100
Borne Scrymeer Co
25 *48
53
Preferred 7%
Cony 11 When If & as Isq... 26
100 134 137
29
Sec 5% note-June 15 '30 99
993 Buckeye Pipe Line Co_ _..S0 038
4
70
Newberry (3 J) Co com _
6% preferred
x •130 14(1
:43
46
Bee 5% note-.June 15 '31 99
993
4
Preferred 7%
Shawmut 13k Inv Trust1542 41
100 106 108
42
Sec 5% notes_June 15 '32 99
..
.
993 Chesebrough Mfg Cons_25 *13
4
812 144
NY Merchandise corn_ _ _t *30
32
434s
90 93
Corn't Invest Tr 58_ May '29 973 983 Continental 011•Ic
4
10 0832 1812
First pref 7%
5s 19.52
100 102 105
95 98
5% notes
May 1930 97 98
Cumberland Pipe Line_ _100 95
97
Penney (J C) Co corn_..100 295 305
65d1952 200
Cud Pkg,deb 534s.Oct 1937 991 99 4 Eureka Pipe Line Co__ _ _100 68
3
74
6% cum el A pref
Sta
Stan Int Secs Corp units_ _ 45 55
100 102 104
Cunard SS Line 4.34s Dec'29 981 9912 Galena Signal 011 corn---100
612 8
Peoples Drug Stores com_ _t •69
70 Standard Investing Corp _ _
38
41
Ed El III Bost 4s, Nov 2 '28 993 10014
Preferred old
100 7s
82
634% cum pref
534% preferred w w
100 111 114
105 108
w w
434% notes_ _ _Nov 1930 991 9912
Preferred new
100 79
80
Piggly-Wiegly Corp
.38
41
5bonds
12911
Empire Gas & Fuel 58
Humble Oil& Relining _25 •8112 82
Preferred 8%
Swedish Amer Investing pf _ 173 1/
100 101 104
17
June 1929-30 961 99
Illinois Pipe Line
100 221 215
Plggly West States A
•30
U S Shares class A
31
Fisk Rub 534s_ _Jan 1931 92
121
Imperial oil
93
*771 78
/
4
Rogers Peet Co corn__..100 125 140
Class A 1
127 138
s
Indiana Pipe Line Co_ _50 .84
8512
4314 4414
Class B
Gen Mot Ac Corp 5s Mar'29 992 100
International Petroleum_ 1 •383 39
4
98
Class C 1
5% serial notes_Mar '30 99
9934 National Transit Co..12.50 8213 2214 Safeway Sts of w'out war 6% 96
4
Sanitary Grocery Co corn..t *425 430
Class 02
5% serial notes_Mar '31 983 9912 New York Transit
254 _
/
1
Co__100 55
ti% preferred
573
4
Class C 3
100 138 142
5% serial notes_ _Mar '32 98 99
221s 2314
Northern Pipe Line Co_ _100 62
64
Schiff Co com
•40
42
Class I)
5% serial notes_ _Mar '33 971 9814 Ohio Oil
25 *6112 6212
Cum cony pref 7% _ _ _100 160 172
U $ Jr Brit Internet units
5% serial notes_Mar '34 971 9814 Penn Mex Fuel Co
7412 7812
25 .3512 37
Silver (Isaac) & Bros coin.' *54
56
U 8 Jr Foreign Sec corn
5% serial nctes_Mar '35 961 9712 Prairie Oil& Gas
2712 29
25 *4712 473
4
7% cum cony pref __ .100 106 109
5% serial notes_ _Mar '36 961 9712 Prairie Pipe Line
Preferred
9412 96 4
3
100 186 188
Southern Groc Stores A _ _.1 *39
41
Goodr(BF) Co 5s Jan 15'29 991 100
United Investors Sec
Solar Refining
100 175 185
Southern Stores6 units
Goodyr T & It 5s_ Dec 1528 991 100
95
Water Bonds.
Southern Pipe Line Co_..6O •15
1712 Spald (A G)& Bros. corn 100 210 220
erten Wat let 5e'56 A.A&O 94
Gulf 011 Corp of Pa deb 58
96
South Penn 011
25 *50
3
50 4 U S Stores corn class A__ __t *4
Birm WW let 5348A'54.A&O 100 103
7
1)ec 1937 100 10012 Southwest Pa Pipe Linee.100 78
84
Com class B
*2
Deb 58
4
let M 56 1954 sec B__J&D 100 10212
Feb 1947 100 10012 Standard 011 (California)
-3 5591 60
/
4
1st preferred 7%
Koppers Gas & Coke deb 5s
48
City W(Chatt)530'54AJA
100 40
101 103
Standard 011 (Indiana)._25 •7614 77
Walgreen Co corn
.53 55
let M 58 1954
June 1947 99
/ 99
1
4
95
/ Standard 011 (Kansas)__ _25 *20
1
4
/ 2114
1
4
8% cum pref
Meg Pet 430.Feb 15'29-35 07 100
City of New Castle Water D
10 107 109
Standard 011 (Kentucky)_25 •13212 133
West Auto Supply corn A t *59
Mar 011 5s-June 15 1929 99 10012 Standard 011(Neb)
61
Dec 2 1941
92 ____
3
4412
034% preferred
Seria15% notes June 1530 973 984 Standard 011 of New Jer. 25 *43
Clinton WW let 6s39 AA 94
100 101 104
iDl
/
1
_25
4
4
Serial 5% notes June 1,531 951 9612 Standard 011 of New York.25 C452 453
Com'w'th Wat let 15348A'47 99 101
/
1
4
.3512 35
Rubber Stocks
Serial 5% notes June 1532 941 9514 Standard Oil (Ohio)
Connellev W 5sOct2'39Adc01 95
26 •86
88
(Cleveland Quotations)
Mans Gas Cos,5345 Jan 1946 10312 1037s
E St LA lot Wat 55'42.J&J 95 96
Preferred_
100 11612 118
Aetna Rubber common._ _ _ t •201 24
Pacific Mills 53'48-.Feb '31 9412 96
let M 65 1942
Swan & Finch
25 •18
20
Preferred
Peoples Gas L & Coke 434s
100
Huntington 1st 6b 64 M11 6
' .19
Preferred
j
Falls Rubber eons
*824
Dee 1929 & 1930 98 100
5s
Union Tank Car Co
95
100 110 11112
Preferred
Proct & Gamb.434s July '47 973 983 Vacuum 011 (New)
Mid States WW 61i'36 MAN 100
25 *10
20
4
4
25 '8012 81
Faultless Rubber
Sloss Shef SU & 1r 68 Aug '29 10012 101 12
.30
Monm Con W letfsei56AJAD 90
33
93
Firestone Tire & Rub eom.10 *171 176
Swift & Co 5% notes
Monm Val Wt 5114,'50_J&) 98 10012
6% Preferred
Muncie WW 58 Oct2'39 A01 94
100 110
Oct 15 1932 99 100 4
/
1
4
Sugar Stock.
,
7% Preferred
Tidew Pow 1st 5s...Asie '29 9812 99 2
108 1 W12 St Jorreph Water 501941A&O 94
1011
(
,
General Tire & Rub corn.
Un NJ RR & Can 45 SepC211 981 991 Caracas Sugar
.26 •180
Sher:imago ValWat 56'56A&O 90
:
_
60 •
3
Preferred
U S £bn & Ref 534e_ Nov '35 102 102
So Pitts Wat let Si 1960 J&J 97
100 961 100
/ Cent Aguirre Sugar cons_ _20 •140 144
1
4
Goody'r TA R of Can pf.100 r1003 107
Wise Cent 55
let M 5s 1955
4
Jan '30 90
Fajardo Sugar
97
FAA 97
_
100 •128 130
India Tire & Rubber
*491 50
Ter H W W Os '49 A JAD 100 10iFederal Sugar Ref emu_ _100
IA
17
22
Mason Tire & Rubber corn_t
let M 5e 1956 tier B FAD 94 .
50c
Preferred
100 35
40
Preferred
Tobacco Stocks Par
100•
10
Wichita Wat 1st Se '49.1N&13 100 103
Godchaux Sugars. Inn
*23
26
Miller Rubber preferred_100 80
let M 65)956 ser B F&A 94
813
4
Preferred
100 83
85
Mohawk Rubber
American Cigar coM__ _ _100 135 142
100 191
Indus a Mnicell
Holly Sugar Corp corn_ t •42
44
Preferred
Preferred
100
95
American Hardware
Preferred
100 111
25 .68
70
93
Seiberling Tire & Rubbert .47
British-Amer Tobin, ord__El .3114 3214 National Sugar Reflning 100 oo
50
Babcock & Wilcox
100 119 123
100 150 152
Preferred
Bearer
100 103 1033 Bible(E W)Co
•3134 3212 New Niquero Sugar
s
*35
37
100 40
45
Imperial Tob of0 Fs & Iran] •28
Preferred
Savannah Sugar corn
29
150 *56
61
•125 130
Investment Trust Stocks
Int Cigar Machinery new100 100 103
Childs Company peel..
Preferred
.100 105 110
100 114 116
and Bonds
Par
Johnson Tin Foil & mcs_mo 60
Hercules Powder
Sugar Estates Oriente DL 100 38
70
100 240 248
42
Allied Internet Investors_t *108 112
union Tobacco on com_
Preferred
20
Vertientes Sugar pf
22
122 125
100 60 65
Allied Capital Corp
Class A
67
73
Internal Sliver 7% pref_101 123
72
79
1
Amer Bond & Share com_10 241 27
Young (J fil) Co
Phelps Dodge Corp
100 110 116
Chain Store Stocks
100 170 175
Amer Brit & Cont corn
Preferred
18
Royal Baking Pow com_100 255 265
100 104
12
Par.
75% paid
81
Preferred
Am Dep St 1st pf 7% _ _ _100 .95
104 108
09
6% preferred
90
4inger Manufacturing_ _ _100 500 520
94
Berland Stores units
1 1
107 111
Amer Milan Hold corn A
261 28 2 Singer Mfg Ltd........£1 *6
,
7
• Per share. t No par value. 0 Basis. st Purchaser also pays
accrued dividend
n Nominal. r Ex-dividend. fr Ex rights r Canadian
Quotation • Sale price.
TOO
30
fOr
io"
Yr
loo
loo
16"
CURRENT
NOTICES.
-The Empire Trust Co. has been appointed registrar of
the class B
stock, no par, of the Wed Holding Corp.
-Municipal Financial Corporation announces the removal of
its offices
to 70 Wall St.. N. Y. City.
-John J. Moore has been appointed Comptroller of John Nickerson
&
Co., Inc.
-Otis Jr Co. aro distributing analysis of General American Tank Car
Corp.
kik
-An analysis of Camden Fire Insurance Association has
been issued for
distribution by lIanson & Hanson, 25 Broadway, New York.
-Edward B. Smith & Co. have prepared an analysis of
Associated Gas
and Electric Company Convertible 434% Gold Debentures.
-Walter Morrow, for many years with Dillon, Read & Co.,
is now assoiated with Otis & Co. in their Bond Department.
-Charles E. Doyle & Co., 49 Wall St., New York, are
distributing a
quotation booklet on over-the-counter securities.
-Regensburger Jr Co. announce the removal of their
offices from 29
Broadway to 42 Broadway; New York.
kurtstutent anfi Sailroad Xnteilignre.
1798
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of September. The table covers eight roads and shows
10.70% increase over the same week last year.
Third week of September.
Buffalo Rochester & Pittsburgh._..
Canadian Pacific
Duluth South Shore & Atlantic._
Mineral Range
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
Total (8 roads)
wicz.)
1927.
1923.
Increase.
$
354,997
5,116,000
109,990
3,726
356,495
559,700
3,700,274
371,412
2
$
17,708
337.199
3.746,000 1,370,000
117,608
4,535
414,486
67,374
492,326
3,999,350
438,535
10,572,594
9,550,039 1.455,172
1.022.555
Notinor',a. on
Decrease.
$
7,618
809
57,991
299,076
67,123
432,617
In the table which follows we also complete our summary
of the earnings for the second week of September.
Previously reported (8 roads)
Duluth South Shore & Atlantic__
Mineral Range
Western Maryland
Total (11 roads)
(normal.. IR 40
1928.
1927.
Increase.
Decrease.
S
Second week of September.
s
s
$
15,363.369 14,065,092 1,298,277
4,279
94,650
98,929
4,397
4,115
438,535
369,885
15,836,298 14,602,674 1,302,556
1.233.624
282
68,650
68,932
In the following table we show the weekly earnings for
a number of weeks past:
Week.
week Feb. (13 roads)
week Feb. (12 roads)
week Mar.(11 roads)
week Mar.(11 roads)
week Mar.(11 roads)
week Mar.(12 roads)
week Apr. (12 roads)
week Apr. (12 roads)
week Apr. (11 roads)
week Apr. (12 roads)
week May (12 roads)
week May (12 roads)
week May (12 roads)
week May (12 roads)
week June (12 roads)
week June (12 roads)
week June (11 roads)
week June (11 roads)
week July (12 roads)
week July (12 roads)
week July (12 roads)
week July (12 roads)
week Aug (12 roans)
week Aug (12 roads)
113 week Aug. (12 roads)
4th week Aug. (12 roads)
1st week Sept.(12 roads)
td week Sept (11 roads)
3c1
4th
lot
2d
3d
4th
let
2d
3c1
4th
1st
2d
3d
4th
let
2d
3e1
4th
let
2d
3d
4th
1st
2c1
Current
Year.
$
18,881.532
15,575,152
9.148,917
9.271,593
14,104,068
21,017.426
15,651,418
13,255,732
9.009,058
17.496,497
13,649,210
14,191,781
14.458,113
15,007,030
13.673,411
14,229,434
14,138.958
19,250,486
14,126.722
14.366,775
14.611,038
20,725,170
14,966,919
15.193,245
15.501,891
22.607.809
14,814.631
15,836,298
10.572_594
Previous
Year.
$
10,882,826
13,665,718
9,305.258
9.523,366
13.836,568
20.134,884
15.283.350
13,508,682
8.996,523
18,058,908
14.118,344
13,656,727
13.506,067
14,264.043
13,394,869
13,551.112
13.541.992
18.288,339
13.318,138
13,648,978
14,078.523
19,038,584
13,605,103
14,211,656
14.278,486
21,421.180
14,510,064
14.602,674
9_550.039
Increase or
Decrease.
%
$
-1.294 0.02
+1,909,434 13.97
-156,341 1.69
-251.773 2.65
-267.552 1.90
+882.541 4.38
+368.068 2.41
-252,050 1.87
+12,534 0.14
-562,411 3.11
-469,133 3.33
+535.054 3.92
+952,046 7.04
+742,987 5.21
+278,542 2.08
+678,341 5.01
+596,966 3.60
+962.147 5.25
+308.584 6.07
+717,797 5.26
+532,435 3.78
+1.686,586 8.84
+1,361,816 10.00
+981,589 6.91
+1.223.405 8.57
+1,186.629 5.54
+304,567 2.09
+1,233,624 8.45
+1.022.555 10.70
-Grossfrom Railway -Net from Railway- -Net after Taxes
1927.
1928.
1928.
1927.
1927.
1928.
$
$
Bessemer & Lake Erie
557.197
975,861
673,262
August ____ 1,960,321 1,505.319 1,110,192
From Jan 1_ 9,942,943 9,229.122 3,724,606 2.782,239 3,188,015 2.294,748
Boston & Maine
August ____ 6,866.206 6,935,586 1,756,018 1.848,563 1,461,817 1,551,804
From Jan L49,802,430 51,512,036 12,614,145 12.418,416 10,244,798 10.040,876
Brooklyn Eastern Dist Terminal
41,325
36,889
120,041
47,664
44,953
116,737
August ____
294,007
320,732
387,951
958.087
981,087
349,697
From Jan 1_
Buffalo Rochester & Pitts
76,385
208,392
258,445
126,386
August ____ 1,438,843 1,511,916
980.677
From Jan 1_11,120,528 11,750,778 2,186.296 1,381.098 1,866,125
Canadian National
August ____24,429,340 21,236,265 6,084,313 3,922,627
Fr'm Jan 1170.934,671 156273.273 29,573,136 22,122,845
Central RR of New Jersey
August ____ 5,401.558 5,505,257 1,856,287 1,935,582 1,329,437 1,457,977
From Jan L37,660,749 39,209,812 10.206,060 10,033,049 6,940,858 7.707.235
Central Vermont
246,363
106,673
265,098
121,821
870.875
838,268
August ____
931,482
From Jan 1.. 4,609,753 6,028,639-1,314,471 1,086,967-1,426,013
Chesapeake & Ohio
August _ _ _ _ 11,004,517 12,355,229 3,958.747 4,664,765 3,338,567 3,860,402
From Jan 1_80,639,836 90,863,391 24,870,878 29,680,883 19.661.859 23,857.075
Chicago & Alton
392.527
607.591
497,948
714,258
August ____ 2,668,767 2,456,083
From Jan 1_18,586,893 18,633,456 3,757,213 3,926.591 2,910,602 3,079,429
Great Western
Chicago
5354,627
0307,771
August ____ 2,259,400 2,310,018
51,232,051 51,061,300
From Jan L.15,971,106 15,870,792
Chicago St Paul Minn & Omaha
5307,255 5127,523
August ____ 2.655,002 2,445,050
51,000,351 51,303,647
From Jan 1_17,139,084 16,955.528
& Pee
Chicago Milw St Paul
August ____16.174,739 14,967,419 3,553,503 1,998,244 2,855,756 1,225,638
Fr'm Jan 1103.692,067 102645,490 19,847,568 8,852,953 16,106,573 4,951,626
Chicago Rock Island & Pac Lines
53.089,301 02,543,830
August _ _13,735,560 12,876,866
b14,750,294013,002,744
From Jan 1_92,318,859 94,030,648
Colorado d; Southern
5286,001 5137,880
August ___ 1,168,007 1,171,429
0805,368 5368,239
From Jan!. 7,611,309 8,176,536
Conemaugh Jr Black Lick
12,521
40,576
13,721
41,576
153.439
177,168
August ____
93,698 -14.317
-4.717
106,698
From Jan 1_ 1,117,940 1,144,075
Del Lack dr Western
August ____ 6,962,826 9,553,240 2,124,474 2.487,392 1,531,092 1,791.303
From Jan L52,300,430 56,080,756 13,596,629 15,662,565 9,419,327 10,751,134
Denver & Rio Grande Western
0549,461 5683,525
August ____ 2,951,908 3.086,716
53,343.810 53,388,587
From Jan L20,132,366 20,416,011
Detroit & Mackinac
67,619
24,931
77,554
35,345
184,342
176,285
August ____
191,121
89,320
273,127
178,388
From Jan L 1,087,459 1,109,722
Duluth Winnipeg & Pacific
46,760
51,976
57,268
63,808
216,111
August..... 242,168
224,810
230,015
308,605
318,367
From Jan!, 1,743,776 1,690.029
Elgin Joliet & Eastern
421,671
487,537
547,816
612,341
August ____ 2,050,022 2.067,232
ie
ErFr_om Jan 1_16.738,073 16,024,050 5.417,061 5,557,854 4,458.775 4,732,563
August ___ 9,559,938 9,865.923 2,126,714 2,022,110 1,769,510 1,663,743
From Jan 1_70,296,820 72,018.310 13,626,423 12,002,750 10,745,023 9,041,579
Chicago & Erle261,849
532,693
316,667
591,367
1,315,782 1,027,620
August
From Jan!, 9,698,106 8,943,389 3,824,945 3,241,627 3,390,869 2,803,059
New Jersey & New York
21,928
16,054
25,508
19,960
141.764
135,414
_
August ____
IA m... Q.n. f R rmdal
74,573
82,019
103.365
113,293
From Jan!, 1,046,257 1,058,698
of the monthly Evansville Indianapolis & Terre Haute 35,355 170,053
We also give the following comparisons
151,548
30.510
325,275
138.223
August ____
572.250
247,175
638,154
284,547
From Jan 1_ 1,182,375 1,735.670
totals of railroad earnings, both gross and not (the net before
Florida East Coast
the deduction of taxes), both being very comprehensive. August.... 662,366 941,451
21,016
-8,778 -127,660 -134,322
From Jan 1_10.276,215 13.534,728 3,385,229 3,171,390 2,186,336 2,158,217
They include all the Class A roads in the country, with a total Great Northern93,381,629 53,024,479
mileage each month as stated in the footnote to the table:
August _ __11,723,502 11,003,397
513,420,995012,457.701
From Jan 1_71,812,012 68,577,366
Net Earnings.
Hocking Valley
Gross Earnings.
0720,053 0461,976
August ____ 2,100.923 2,002,612
Month.
52,465.521 52,846,831
Increase or
From Jan 1_13,071,876 14,304,231
Increase or
Decrease.
1926.
1927.
Decrease.
1926.
Illinois Central System
1927.
02,314,019 92,371.879
August _ _14,654,517 15.791.899
016,325,982017,973,947
Fern Jan 1116.190.374 120450,675
22.686.735 164.013,942 179,711.414 -15,697,472 Kansas Oklahoma & Gulf
579.093,307August _ 556,408.662
59,907
139,5-18
70,076
150,104
234,810
Septem'r 564.043.987 590,102.143-26,058.156 179.434,277 193,233.706 -13,799,429
296,244
August ____
-13.364,491
219,190
566,210
297,063
652,147
October 1582,542.179 605,982.445 -23,440.260180.919,048 194,283,539 -32.54,71806
From Jan 1_ 1,084,879 1.824,731
58,159,905 125,957,014
Novemr1502,994,051561,153.956
Terminal
Lake
Deeem1488,528.003 525,820,708-50,294.705 90,351,147 118,520.165-28,169.018
432
22,303
-3,068
26,628
99,968
122,067
August ____
1927.
1928.
1927,
1928.
19,348 -25,825 -13,090 -58.558
726,355
726,813
From Jan 1_
30,161,749 93,990.640 99.549.436 -5.558,796
January 458.520.897 486,722.646+541,678 Lehigh & New England
455,681,258468.532,117-12.850,859 108.120.729 107,579,051
February
169,916
160,334
196,837
183,230
-4,034.267
597.541
August.... 512,958
March__ 504.233,099 530,643,758 26,410,659 131,840,275 135,874.542 -2.910.862
722,489 1,036,005
839,120 1,210,338
From Jan L 3,529,474 3,920,131
April___ 473,428,231 197.865,380 -24.437.140110,007.453 113.818,315
+840,317 Lehigh Valley
-8,823.323128,780.393 127.940,076
May --- 509.746,395 518.569.718
_ 6,527.407 7,015,477 2,056,290 1,930,361 1,691,690 1,480.571
501.576,771 516.448.21l -14,871,440 127.284.367 129.111.754 -1,827,3q7
August
June
125,700,631 + 11,711,856
From Jan 1_48,060,897 49,611.286 10,457,413 9,976,065 8,106,884 7,781,012
July-- 512.145,231 508,811.786 +3,333,445137,412,487
months has been Maine Central
Nots.-Percentage of Increase or decrease in net for above
C 77,292 C135,383
August ___ 1,669,067 1,776,716
c478,726 C399,390
1927-Aug., 8.73% dec.: Sept., 7.14% dec.; Oct., 3.87% dec.; Nov., 20.53% dec.:
From Jan 1_12,940,163 13,636,884
0.50% Inc.; March. 2.96% dec.:
Dec.. 23.76% dec. 1928-Jan.,5.58% dec.; Feb.,
Midland Valley
9.32% Inc.
148,073
188,670
129.266
175,482
April. 2.56% dec.; May, 0.66% Inc.: June, 1.41% dec.; July,
354,515
367,892
August ____
against
813,430
892,786
068,658
From Jan 1_ 2,419,985 2,585,963 1,016.604
In the month of Aug.the length of road covered was 238,672 miles In 1927.
in
miles In 1926; In Sept., 238,814 miles, against 237,854 miles in 1926;
Minneapolis & St Louis
237.824
238,711 miles,.against
270,731
245,052
211.646
185,854
1,304,206 1,310,161
A ugust
Oct., 238,828 miles, against 238.041 miles In 1926; In Nov..
miles in 1296; in
394,216 -57,402
390.193
889,112
From Jan 1_ 9,257,016 9,003,733
238.142 miles in 1920; in Dec , 238,552 miles, against 237.711
238,608 miles In 1927; in Feb., 239,584 mites. against Minn St Paul & S S Marie System
Jan., 239,476 miles. against
In 1927; in
miles
238,731 miles in 1927; In March. 239,649 miles, against 238,729
4,424,935 4.533,631 1,244,873 1,458,403 1,010,452 1.210.735
August
240,120 miles. against
April. 239,852 miles, against 238.904 miles In 1927; in May,
From Jan 1_30,413,320 29,610,106 6,455.211 6,389.382 4,699,887 4.535,125
miles In 1927: in
239,079 miles In 1927; In June, 240,302 miles, against 239,066
Minn St P & 88 M
787,093
725,879
627,236
570,319
July, 240.433 miles, against 238.906 miles in 1927.
August ____ 2,537,025 2.546,567
337,057
:
A ug u J
Fronista_n_ _1 17,510,023 16,508,919 3.995,974 3.523,913 2,883,551
-The table
Dates.
Net Earnings Monthly to Latest
Wisconsin Cen tral518,993
671,310
583,498
440,131
1,887.910 1,987,063
following shows the gross and net earnings for STEAM
From Jan 1.12,897,295 13,101,187 2,459,237 2,865,469 1,816,335 2.198,068
railroads reported this week:
- Mo-Kan-Texas Lines
Tares
-Grossfrom Railway- -Net from Railway- -Net after
5.207,448 4,766,849 1,824.458 1,738,283
August.
1927.
1928.
1927.
1928.
1927.
1928.
From Jan 1_35,566,566 36,747,174 10,704,383 10,684,669
$
$
Mobile & Ohio
300,024
340,696
258,051
387,244
Akron Canton & Youngstown
August __ 1,427.503 1,535,187
105,370
123,149
113,234
140,901
285.689
336,342
August _
From Jan 1_11,269,496 11,901.900 2,422,460 2,728,424 1,760,732 2,050.411
627,592
662.109
759,783
772,468
Jan 1_2,333,717 2,162,424
From
New Orleans Great Northern
06,078
78,920
95,937
303.162
80,206
276,763
Ann Arbor
August ____
81,065
146.080
108,399
171,946
490.883
542,942
635,105
515,436
500.310
646,887
August ___
From Jan L 2,144,292 2,151,321
658,197
793.078
862,473
993,035
From Jan 1_ 3.878.864 3,777.923
Terminal
New Orleans
32,382
46,463
35,455
132,956
43,816
139.063
Atch Top & Santa Fe SystemAugust _
5,070,426
419.747
401,827
313,727
_23,264,266 21.720,985 8,767,165 7,099,571 6,543,677 30.408.479
511,380
August
From Jan 1. 1.145,220 1.208,622
165081,917 39.544,085 44,748.264 25,944,503
From Jan 1150081,695
New York Central
Baltimore & Ohio
August _ _34,018,396 34,415,465 8,463,025 9,127,002 6,205,890 6,763,604
56,171,716 55,442,399
August _ _ _21,709,323 22,104,324
Fr'm Jan! 219,411,007 257615.704 59,405,525 63,309,907 42,088,759 45.757,441
530,382,934033,290,668
Fr'm Jan 1152,852.453 165821,957
C C Cdr St Louis
Belt Ry of Chicago
August _ _ _ 8,089.772 8,337,780 2,211,326 2,191,069 1,728,908 1,738,041
221.985
214,693
270.253
265,142
677,277
741,256
August ____
From Jan 1_58,780,251 61,200,361 13,633,944 14.129.582 10,301,241 10.806,260
1_ 5,312,860 4,917.572 1,670.954 1,695,468 1,260.734 1.313.066
, From Jan
SEPT. 29 1928.]
FINANCIAL CHRONICLE
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1928.
1927.
1928.
1927.
1928.
1927.
Pittsburgh & Lake Erie
August ____ 2,799,706 2,919.213
622,338
655,571
427,630
468,271
From Jan L20,471,039 22,074,766 3,600,178 4,048,775 2,296,390
2,685,652
New York Chicago & St Louis
August ____ 4,537,372 4,671,845 1,311,420 1,347,583 1,079,131
From Jan L34,551,370 35,913,780 9,019.713 9,850,131 7,024,297 1,078,432
7,797,195
N Y N II & Hartford
August __ _11,898,649 12.329,795 4,018,823 3,823,131 3,429,538
3,306.072
From Jan E89,288,004 92,132,974 25,470,094 24,714,473 16,325,082
17,873,947
N Y Ontario & Western
August ____ 1.648,065 1,723,585
538,237
583,687
493,237
533,292
From Jan E 8,484,872 8,925,566 1,527,587 1.636,872 1,146,830
1,234,598
N Y Susq & Western
August ____
408,774
440,860
77,532
112,537
48,160
84,055
From Jan E 3.215,258 3,279,085
639,689
582,622
404,801
354,385
Norfolk Southern
August _ _ _
732,564
695,571
192,041
183,071
136,915
121,084
From Jan E 6,183,149 6,445,281 1,796.242 1,911,065
1,359,077 1,482,117
Northern Pacific
August ____ 9.137,259 8,367,550 2,9.50,287 2,358,199
From Jan E61,693,814 57,175,238 13.989.552 11,896,495 2,119,235 1,679,135
8,352,629 6,536,656
If* Pennsylvania
August _ _ _ _ 57,416,369 58.285,019 16,622,093 15,794,685
12,824,116 12,041,525
Fr'm Jan 1420.097.209447157,680 106481,767 103666,554
82,979,919 80,362,955
Peoria & Pekin Union
August
157.130
172,964
43,554
47,432
23,114
30,432
From Jan 1_ 1,296,667 1,216,121
413,962
330,844
274,074
182,270
Pittsburgh & ShawmutAugust ____
148,720
201,755
40,800
78,158
39,343
76,897
From Jan L 1,289,902 1,180,610
429,197
198,668
418,311
189,129
Pittsburgh & West Virginia
August ____
419,549
297,656
197,220
96,238
139,694
57,604
From Jan L 2,855,134 2,827,373 1,234,931
1,182,875
840,824
802,042
Pitts Shawmut & Northern
August ____
171,626
169,556
37,423
44,357
34,337
41,306
From Jan 1_ 1,279,003 1,204,528
293,786
195,992
269,252
172,045
Reading
August ____ 7,351,585 7,945,290
91,143,614 01,505,891
From Jan L57,451,478 62,044,027
08,361,567910,158,196
Richmond Fredericksburg & PotomacAugust---- 771,797
841,430
126,652
183,159
88,968
144.352
From Jan 1_ 7,603,525 8,090,000 2,139,655
2,213,469 1,726,844 1,755,756
Rutland
August ____
617,955
602,250
140.549
146,557
107.501
112,271
From Jan E 4,545,406 4,202,777
888,130
729.049
661,006
508,646
St Louis-San Francisco
August ____ 7,671,436 7,782,203 2,739,548 2,696,359
From Jan 1_53,284,452 56,349,454 15,558,220 16,349,457 2.199,590 2,208.238
12,395,704 13,151,110
St Louis Southwestern
August ____ 1,415,138 1,363,351
482,813
501,425
425,845
421,892
From Jan 1_11,675,872 10,990,685 4,049,619 3,169,004
3,552,322 2,770,570
Seaboard Air Line
August ____ 4,153,973 4,487,607
865,655 1,005,739
583,671
730,015
From Jan 1.38.370,605 42.529,341 9,655,546 10,546,294
7,177,880 8,057,227
Southern Pacific Lines
August _ _26,943,893 26,962,738 8,030,935 8,341,846
Fr'm Jan 1192,981,621 103931,114 50,126,077 47,668,990 5,492,781 5,646,325
32,385,310 29,540,893
Southern Railway System
Southern RyAugust _ _12,607,305 12,515,316 3,786,672 4,181,583
_
From Jan E94,588,199 97,798,778 26,065,553 26,974,980 3,000,002 3.388.845
19,912,573 20,839,037
Alabama Gt Southern
August ____
889,524
898,977
270,450
243,858
211,215
187.167
From Jan!. 6,585,605 6,731,081 1,660,064 1,744,937
1,174,438 1,274,937
Cin New Or & Tex PacAugust __ 2.038,593 1,947,570
730,004
664,811
608,179
534,086
From Jan 1_14,424,855 14,907,235 4,328,530 4,426,402
3,452,928 3,551,906
Georgia Southern & Florida-August ____
348.185
385,181
35,502
78,631
15,949
57,000
From Jan E 2,972.496 3,174,490
257,141
257,141
83,440
83,440
New Orleans Northeastern
August ____
456.452
464,994
152,871
151,120
110,132
111,542
From Jan!. 3,586,605 3,822,141 1,112,970 1,197,622
762,262
859,985
Northern Alabama
August ____
98,528
106,086
25,693
38,374
19,754
34.114
From Jan!. 716,412
912,420
201,460
360,537
152,659
316,952
6 Staten Island Rapid Transit
**
August.___
284.100
311,621
114,252
121,919
94,132
104,319
From Jan 1_ 2,091,211 2,183,187
658,990
665.382
495,227
509,013
Toledo Terminal
August - - - 136,851
144,789
51,422
32,751
35,247
14,865
From Jan 1_
978,196 1,036,519
358,001
313,080
219,983
160,951
Ulster & Delaware
August ____
190,155
168,441
81,349
45,289
75,599
39,539
From Jan 1_
833,879
830,209
155,602
80,480
109.601
34,480
Union Pacific System
August-_21,358,474 20,210,546 7,964,426 7,266,868
Fr'm Jan 1131.794.710122701.000 35,371,132 30,520,739 6,661,249 5,997,374
25,072,758 20,286.146
Union RR (of Pa)
August 989,313
939,681
325,265
246,844
273,265
203,844
From Jan 1_ 6,605,309 6,855,166 1,405,592 1,056,191
1,157,073
886,054
Utah
August - --116,982
158,884
29,915
55,002
21,819
48,078
From Jan 1_ 1,014,156 1,086,314
238,001
376,119
181,442
303,609
Virginian
August -_- 1,654,187 2,028.965
8700.713 0958,834
From Jan 1_12,090,701 15,507,979
94,198,501 06,686,651
Wabash
August ____ 6,460,981 5,841,458
9739.523 0498,103
From Jan 1_46,021,845 44,731,136
02,893,383 01,975,181
Western Maryland
August ___ - 1,601,309 1,860,019
537,463
593,293
457,463
488,293
From Jan 1.12,136,599 14,876,112 3,718,139 4,468,415
3,053,139 3,663,415
West Jersey & Seashore
August ___ 1.322,585 1.438.012
0273,598 D118,291
From Jan!. 7,228,022 8,109,113
9593,674 0466,372
After rents.
c After charges.
Total Net
Income.
Min ,r hr
Boston & Maine
Chesapeake & Ohio
Gulf Coast Line
Hocking Valley
Aug '28
123.240
'27
61,800
From Jan 1 '28
603,411
'27
527.851
Aug '28
1,384,528
'27
1,442.838
From Jan 1 '28
9,615,769
'27
9,294 628
Aug '28 *3.579.249
'27 *3,950,702
From Jan 128 *21.355,673
'27 n5,004.066
Aug '28
348.094
'27
328.210
From Jan 1 '28
2,281,526
'27
1,720,337
Aug '28
*720,053
'27
*560,615
From Jan 1 '28 *3,146,914
'27 *3,691,027
Fixed
Charges.
Balance,
5
38,720
84.520
44.782
17,018
336.696
266.815
366.335
161,516
660,591
723.937
657,609
785,229
5,251.193
4.364,576
5,275.054
4.019.574
650,900
2,928,349
625,965
3,324,737
5,086.420 16,269,233
5,326,731 19,677,335
199,789
148,205
174,626
153,584
1,601,038
680.488
1,368,501
351.827
81,581
638.472
98,641
461.976
681.393 2,465.521
844,196
2,846,831
1799
Total Net
Income.
International Great Northern
Fixed
Charges.
$
145,755
132,608
1,159,784
996,226
1,312,797
1,312.706
10,471.887
11,057,122
Balance.
Aug '28
233.312
87,557
'27
188,555
55,947
From Jan 1 '28
1,245,426
85,642
'27
1,104,920
108,694
Missouri Pacific
2,742.279
Aug '28
1,429,482
'27
2,372,554
1.059,848
From Jan 1 '28 15,309.588
4.837,701
'27 12,201,142
1,144,020
New York Chicago & St Louis
Aug '28
*909,429
406,853
502.576
'27
*869,809
320,013
549,796
From Jan 1'28 *5.346,528
2,098,218
3,248,310
'27 *6,307,410
2,182,188
4.125,222
New York New Haven &
Aug '28 *2,857,116
1,857,735
999.381
Hartford,
'27 *2,663,443
1,335,436
1,328.007
From Jan 1 '28 *16,240,902
8,810,219
7,430,683
'27 *15,153,809 10,252,281
4,801,528
New York Ontario & Western
Aug '28
435,632
118,942
316,689
'27
483,519
116,577
366,941
From Jan 1 '28
942,645
966.704
-24,059
'27
1,036,258
936,798
99,460
Norfolk & Western
Aug '28 3,213,642
413,646
2,799,996
'27 3,543,722
434,072
3,119.650
From Jan 1 '28 20,264,895
3.324,529 16,940,366
'27 23.976,798
3,429,026 20,547,772
Minneapolis St Paul & S S M
Aug '28
566,187
417,866
148,321
'27
620,391
418,001
202,390
From Jan 1 '28
987,542
3,298,967 -311,423
'27 2,432,753 3,296,608 -863.854
Pere Marquette
Aug '28 *1.446.980
197,911
1,249,069
'27 *1,278,420
189,358
1,039.062
From Jan 1 '28 *6,103,781
1,458.641
4,645.140
'27 *6,128,493
1,374,537
4.753,956
Pittsburgh & West Virginia
Aug '28
229.870
24,656
205.213
'27
130.680
26,968
103,712
From Jan 1 '28
1.451,655
192,427
1,259,228
'27
1.394,739
214,963
1.179,376
St Louis-San Fran System
Aug '28 2,606,301
1,258,872
1,347,429
'27 2,328,566
1,034,984
From Jan 1'28 15,480,202 11,642,085
3,838,117
'27 14,127,855 10,359.409
3,768,446
St Louis Southwestern System
Aug '28
281,255
222,678
58,577
'27
437,478
219,900
217,577
From Jan 1 '28 2,358,517
1,769,117
587,400
'27 2.158,457
1.783,735
374,721
Seaboard Air Line
Aug '28
881.539
947,877
66,338
'27
900,681
957,960
57,729
From Jan 1 '28 8,395,667
7.760.031
635,636
'27 8,742,960
7,432.303
1,310,657
Texas & PacificAug '28
408,916
254,127
408.916
'27
231,682
261,442
231,682
From Jan 1 '23
4,696,474
1,939.479
4,696,474
'27
1,447,757
1.928,716
1,447,757
Western Maryland
Aug '28
477,674
251,100
226.574
'27
547,366
254,391
292,975
From Jan 1 '28 3,295,124
2,015,228
1.279,896
'27 4,017,081
2,044.717
1.973,084
Wisconsin Central
Aug '28
284,535
173,656
110,977
'27
386.797
168,959
217,836
From Jan 1 '28
792,782
1,359 073 -566,290
'27 1,106,200
1,374,038 -267,838
*Before addition or deduction of "other income."
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Month of August- -12 Months Ending Aug.
31Na Oper,
Net Oper.
Surplus
Gross,
Rerenue,
Cross.
Revenue. Aft. Chgs.
$
Baton Rouge Electric Co
1928
83,578
30.744 1,060,678
374.292
300.103
1927
76,420
25,510 1,013,016
379,836
309.453
Blackstone Valley G & E Co & Sub Cos
1928
437,404
145,692 6,010,135 2,260,020 1.633,122
1927
453,915
154,059 5,846,628 2,089,958 1,483.467
Cape Breton Elec Co, Ltd
1928
.50,158
8,819
661,709
134,501
66.116
1927
49,846
6,780
650,633
149,668
80,726
Columbus El & Pr & Sub Cos
1928
349,783
196,664 4,324,141 2,331,789 1 467,677
1927
362,430
210.510 4,707.633 2,264,640 1,388,669
Eastern Texas Elec Co (Del) & Sub Cos)
1928
799,188
367,604 7,610.966 2,938,360 1,378,099
1927
734,115
296,215 6,821,632 2,500,471 1,219,061
Edison Elec Ii Co of Brockton
1928
157,015
42,416 1,991,571
673,085
637,854
1927
150,140
38,142 1,900,544
657,363
644,878
The El Lt & Pr Co.of Abington & Rockland
1928
61,269
13,357
642,773
118,252
107,293
1927
59,368
12,732
608,190
118,296
112,015
El Paso El Co (Del) & Sub Cos
1928
250,346
93,929 3,120.940 1,235,626 1,031,633
1927
239,121
89,551 2,952,302 1,090,917
920.068
FaliRiver Gas Works Co
1928
73,242
14,783 1,039,781
239,415
221.422
1927
77,241
10,083 1,039,561
274,180
259,116
Galv-Houston El Co & Sub Cos
1928
424,777
129,886 5,223,020 1,698,254
822,172
1927
439,488
148,955 4.940,002 1,476,225
634,190
Haverhill Gas Light Co
1923
53,826
11,447
700,379
141,957
136,087
1927
53,910
9,288
705,585
111,925
109.062
Jacksonville Traction Co
1928
92,230
2,467 1,233,285
126,377
1927
103.598
*2,121. 1,497.991 202,376 *39,127
22,375
North Texas El Co & Sub Cos
1928
222,013
61,809 2,879,813
934,510
517,272
1927
206,498
68,339 2,581,063
829,759
472.490
Puget Sound Pr & Lt Co & Sub Cos
1928
1,208,980
464,438 15,049,942 6,584,015 3,934,720
1927
1,178,900
508,332 14,455.774 6,080,879 3,208,496
Savannah El & Power Co
1928
177,245
77.217 2,238,068
980,041
526,505
1927
178,257
71,421 2.245,721
879,103
470,649
Sierra Pacific Elec Co & Sub Cos
123,638
1928
56,112 1,336,231
651.024
595,612
107,305
1927
54,691 1,258,788
501,942
452,531
Tampa Elec Co & Sub Cos
1923
349,660
79,524 4,686,494 1,508.255 1,469,123
366.977
1927
98,746 4,824,131 1,518,999 1,463,874
Va Elec & Power Co & Sub Cos
1,288,179
510,579 15,942.051 6,704.359
1928
4,880,018
1,218,067
1927
444,847 15,225,551 6,121,049
4,593.963
• Deficit.
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies.)
-Month of July- -7 Mos. End. July 311927.
1928.
1927.
1928.
$
$
$
$
2,368,652 2,746,138 19,497.285 21,733,166
Operating revenues
Net rev,from operations
1.090,339
1,548,181
44,225
-4.700
(incl. depreciation)
Net Income
70,946
211,537
133.052
223.126
2,056,528
1.479,801
-90.073
576.726
-Month of August- -12 Mos. End. Aug. 311927.
1928.
1927.
1928.
2
•
2
$
$
158,277 1.942.699 1.848.722
172,429
Gross earnings
839.162
887,281
74,053
76,790
Oper. expenses and taxes
1,055,418 1,009,560
84,224
95,639
Gross income
340,189
277,136
25.404
20.610
Interest, &c
778,282
244,917
120,922
669.371
221,767
133,552
412,443
218,579
193,864
314.052
145.475
168.577
75.029
58,820
Balance
Common stock dividend
Balance
Barcelona Traction, Light & Power Co., Ltd.
Gross earnings
Operating expenses
Net earnings
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
Pesetas.
Pesetas.
Pesetas,
Pesetas.
6.927,089 6,638,329 59,440,401 57,088,087
2,197.634 2.234,199 17,902,440 17,395.096
4.729.455 4,404.130 41,537,961 39,692,991
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
$
$
$
113.308 2,376,970 2,090,795
196.131
Operating revenue
1,024,929
1,078.112
Oper.expenses & taxes_
352,031
421,279
Maintenance & deprec-
73.359
Operating income
Other income
Total income
Deductions from Income
Interest on funded debt
Other deductions from income
Total deductions from income
Net income
Provision for dividend on preferred stock
Balance of net income
114,607
58,701
1,499,391
1,376,961
877,578
39.864
713,834
87,900
917.443
801,735
317,648
78,711
305.901
69,980
396,359
375,881
521,083
189,633
425,853
117,102
331.449
122.772
Carolina Power & Light Co.
(National Power & Light Co.Subsidiary)
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
Gross earns,from oper__
Oper. expenses and taxes
709.933
345,919
699,314
389.958
8,911,402
4,594,197
8,712,534
4,614,604
Net earns, from oper_
Other income
364,014
29,632
309,356
64,313
4,387,205
794,511
4,097 930
455.324
Total income
Interest on bonds
Other int. and deduc'ns_
393.646
150,392.
20,083
373,669
147,917
6,503
5,181,716
1,794,494
183.722
4,553,254
1.329,382
57.992
Balance
Dividends on pref. stock
223,171
219.249
3,203.500
1,076,127
3,165,880
944,832
2,127,373
2,221,048
Balance
Community Power & Light Co.
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
$
2
$
$
418.402 4.452.100 4,208,232
455,823
Consol. gross revenue...._
237,537 2,638.063 2,536,263
240.465
Oper. expenses, incl. tax.
215 358
Balance_x
180,864
1,814,036
1,671,969
x Available for Int., amortization, deproc., Fed. inc. taxes, dive. & Burp.
Florida Public Service Co.
Binghamton Light, Heat & Power Co.
Tot. op. exp., maint.,
deprec. & taxes__ _ _
131
.
-Month of August- 2 Mos. Ended Aug14
1927.
1928.
1927.
1928.
$
$
$
$
1,778,445
1.778.639
890,796
878.444
Passenger revenue
41,265
46,761
20,954
Other revenue
23.990
1,611,206
809,402 1,650,007
Other. expenses & taxes_
822,954
90,404
82,827
44,718
41,396
Income deductions
118.100
92.566
57.630
38.084
Net corporate income_
39,142
Bangor Hydro-Electric Co.
Net income
Preferred stock dividend
Depreciation
Brooklyn City Railroad Company.
1.584,696
1.545.554
-140.591
Gross income
Interest, rents and taxes
308,750
Brazilian Traction, Light & Power Co., Ltd.
Gross earnings
Operating expenses
[Vol,. 127.
FINANCIAL CHRONICLE
1800
-Month of August- -12 Mos. End. Aug. 311927.
1928.
1927.
1928.
$
i
$
$
3,771.086 3,358,938 27.974,447 25,126.010
1.573,582 1,3E8.735 11,747,154 10,540,755
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
Operating revenue
Oper. expenses & taxes_
Maintenance
Total op. exp.. maint.
and taxes
Operating income
Other income
112.677
.673
1
2.017.027
932,233
80.188
1,8.10,264
962,679
86.582
88,900
53,776
76,853
57,820
1,012,421
994,605
147,645
1.049,261
780.992
125,153
Total income
Deductionsfrom Income
Interest on funded debt
Other deductions from income
Total deductions from income
Net income
Provision for dividend on preferred stock
Balance of net income
1,142,251
906,146
573,322
214,554
456,593
114.233
787,876
570,827
354,374
146,092
335,319
140,929
208.281
4
194.389
Illinois Power Company.
(Subsidiary of Commonwealth Power Corp.)
-Month of August- 12 Mos, Ended Aug. 31
1927.
1928.
1927.
1928.
S
$
2
$
$191.874 $2,677.607 $2,622,081
1197,120
Gross earnings
Oper. exp., incl. taxes &
1,816,341
142,462 1.791,430
137,269
maintenance
1,990,203 16,227,293 14,585,255
$805,740
$886,177
Gross income
$49.421
$59,851
388.537
392.954
Fixed charges
River Power Co.
Broad
$417,203
$493,223
Net inc. avail, for div. & retirement reserve
Month of August- 12 Mo.End.
Aug. 31 '28.
1927.
1928.
$229,620
$227.637
Dividend preferred stock
$
v
150,000.
150,000
157,422 2,079,208 Provision for retirement reserve
170,750
Operating revenue
803,040
137,583
1115.585
Balance
taxes
Operating expenses and
269.187
Maintenance and depreciation
Interborough Rapid Transit Co.
1.072,227
106,611
107,990
Total op. exp., maint.,depr.& tax_
(Net Earnings of the Interborough System under the "Plan")
-Month of August--2 Mos. End. Aug.311,006.981
50,811
62.760
Operating income
1928.
1927.
1927.
1928.
388,071
Other income
2
$
$
$
1,395.053 Gross rev. fr. all sources.. 5,052.627 4,996,138 10,145.869 9,880,038
Total income
Expenditures for oper. &
Deducti ms fro,; 1,.come-maintaining the prop_ 3,482.656 3,213,521
6,834,057 6.462,090
691,620
interest on funde I uu.u.
91,998
1,569,971
1.782,617 3,311,812 3,418,948
Other doduction4 Lo.il income
Taxes payable to City,
783,619
197,300
593.706
298.112
State & the U. S
394.804
Total deductions from income
1.484,505 2.917.007 2,825,242
Available for charges- 1.372,671
611,433
income
Net
266,706 Rentals payable to City
Provision for dividend on preferred stock
for original subways
443,600
221,800
221,900
443,800
344,727 Rentals payable as int. on
income
Balance of net
301,373
Manhattan Ry. bonds
301,373
150,687
150,686
Div. rental at 7% on
Central Illinois Light Company.
Manh. By. stock not
assenting to "plan of
(Subsidiary of Commonwealth Power Corp.)
50.762
25,380
25.381
readjustment"
50.761
-Month of August- 12 Mos. Ended Aug. 31
46.126
25.397
23,248
50,394
Miscellaneous rentals.,_
1927.
1928.
1927.
1928.
850.797
$
846,329
423.364
2
421.114
$
S
4,639,937 4,350,168
321,437
352,463
1.974.445
949,306
1.062,391
2,070,678
Gross earnings
Operating expenses, incl.
2,607.322 Interest payable for use
2,778.777
203,897
217,960
taxes & maintenance_
of bor. money and
sink.fund require'ts:
1,742.846
1,861,159
117.539
134,503
Gross income
Interest on!. R. T.:
454,729
358.628
Fixed charges_
1,381,982
696,631
1st mtge. 5% bonds
1,393,263
690,991
391,020
193,325
7% secured notes
386,651
195,484
1,288,116
1,502,531
Net income avail, for diva. & retirem't reserve_
93,083
47,545
6% 10-yr. notes
95,091
46,541
29,650
Int. on equip. tr. ctfs_
8,137
16,275
14,825
411,278
409.881
stock
Dividend preferred
Sink,fund on I. R. T.
256,800
288.800
Provision for retirement reserve
396,418
1st mtge. bonds
194.788
389,576
198,209
12,659
Other items
6,853
13,700
6,329
620,037
803,849
Balance
1,147,282 1,152.379 2.294.565 2.304.811
Bal. before deduct.5%
Consumers Power Company.
Manh. By. rental
-197,976
-89.988 -223,886 -330,366
(Subsidiary of Commonwealth Power Corp.)
Div. rental at 5% on
•
of August- 12 Mos. Ended Aug. 31
-Month
Manh. Modified guar.
1927.
1928.
1927.
1928.
463.742
231.870
stock (pay. if earned)_
463.741
231.870
$
$
$
$
Bal. after deduct. 5%
2,078,584 28.999,378 25,968,042
2,365,414
Gross earnings
Manh. div. rental
Operating expenses. incl.
(subj, to readjust.)
1,158,409 14,612.052 13,343,232
taxes & maintenance_ 1,272,620
(see note)
--429,846 --321,858 --687,628 -794,108
Note.
-The above stated results from the subway and also from the gm
920,175 14,387,325 12,624,809
1.092.793
Gross income
tern operations are on the basis of the preferential deficits as computed bY
2,717,377 2.533,373
Fixed charges
the company and are, consequently, considered to be only preliminary and
readjustments as may be necestentative,
Net income avail, for divs. & retirem't reserve_ 11,669,947 10,091.436 sitated by because they are subject to such
the final adjudication of objections made by the Transit Com3,251,505 mission to certain items in the accounting under the contract with the city.
3,482,801
stock
Dividend preferred
1,561,000 Such adjudication may show that a portion of the "balance" on the subway
1,870,333
Provision for retirement reserve
is payable to the city with a corresponding change in that balance on the
6,316,812 5.278.930 system.
Balance
AI
Net earnings
9,197,501
SEPT. 29 19281
The Nevada-California Electric Corp.
General Gas & Electric Corp.
(And Subsidiary Companies)
-Month of August
-12 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
Operating revenue
1,854.370
Oper. expenses & taxes_
Maintenance
Depreciation
Rentals
1,741,458 22,812.783 25.513,168
787,923
221,952
150,276
31.812
Total op. exp., maint.,
depr., taxes & rents 1,191,965
796,591
188,953
126,436
32.025
9,552,758 11,810,281
2,476,464 2,397.836
1,553,216 1,585,884
380,921
384.054
(And Subsidiary Cos.)
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
$
S
$
3
434.485
421,286 5,345.136 5,174,508
Gross oper. earnings _-_
193,720 2,280,494 2,336,629
196,869
Oper.& gen.exp.& taxes
Operating profits ____
Non-oper. earns. (net) _
237,616
9,164
227,566
2,244
3,064,642
94,831
2,837,879
182,094
Total income
Interest
246,780
122,721
229,810
111,335
3,159,473
1,453,351
3,019.973
1,482,488
Balance
Depreciation
124,059
49,648
118,475
51,028
1,706.122
607,770
1,537.484
564.472
74,411
8,311
578
67,446
7,867
2.137
1,098,352
96,058
11,411
973,011
123,552
47,422
66,678
61,716
1,013,704
896.881
1.144,007 13,963,360 16,178,056
Operating income
Other income
662.404
88,632
597,451
97,353
8,859,422
1,091,941
Total income
DeductionsInt. on funded debt_ _ _ _
Other deduc.fr. income_
Pref. stk. divs. of subs_
Minority interests
751,036
694,805
9,951,364 10.049,884
300,855
30,585
179,722
8,316
307,717
38,922
167,123
9,957
3,584,855
481,156
2,102,113
252,731
4,265,289
565.090
1,994,223
222,292
Total deductions
1801
FINANCIAL CHRONICLE
9,375,112
674.772
Balance
Disc. & exp. on sec. sold
Misc.add.&ded.(net cr.)
Surp.avail,for redemp.
of bonds,div.&c_
New Jersey Power & Light Co.
519,480
523,726
6.420,856
7,046,896
Balance
231,555
General Gas & El. Corp. Divs.$8 cum. pref. stock,cl. A
41,734
$7 cum. pref. stk. cl. A.
23,333
Cum. pref. stk. class B.
25,316
Common stock class A_
44,296
Common stock class B_
171,085
3,530,507
3,002,988
500,808
280.000
303,793
517,678
306,099
500,802
280,000
303,783
488,893
134.680
132,194
1.908,380
1,573,479
Total op. exp., maint.,
deprec. and taxes
174,543
96,875
38,891
1.622,126
1,429,509
Operating income---.
Other income
56,195
Olalance
41,734
23,333
25,316
41.810
Gulf Power Co.
Gross earnings from operations
Operating expenses,including taxes and maint. _
Net earnings from operations
Other income
Total income
Interest on funded debt
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
$
$
$
$
208.497 2,827,803 2,643.056
230.738
Operating revenue
319,479
120,183
Balance
Dividends on $6 cumulative preferred stock
199,296
46,971
Balance for reserves, retirements and dividends_
152,325
Kansas City Power & Light Co.
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
$
$
$
Gross earns. (all sources) 1,044,903
968,673 13,461.216 11,844,407
Oper. exp. (incl. maint.,
gen. & inc. taxes)....
531,961 6,904,403 5,801,949
573,373
Net earnings
Interest charges
471.530
97,618
436,711
112,576
6,556,812
1,298,731
6,042,517
1,286,972
Balance
Amort, of disc. & prom.
373,911
15,429
324.134
15.428
5,258,081
185.146
4,755,545
179.964
Balance
Div. 1st pref. stock_ _ _ _
Sur.earn,avail,for depr.
& com,stock di v
358,482
20,000
308,706
67,974
5,072,934
639,996
4,575,581
790,190
240,732
4,432,938
3.785.390
Metropolitan Edison Co.
918,389
168,867
2,042,845
1,958.383
39,629
784.958
136,743
684,672
70,678
921,701
755,351
300,000
32.420
254,191
89,492
8.14,427 10,617,099 10,112,932
Oper. expenses & taxes_
Maint. and depreciation
Rentals
4,323,770
1,808,771
66,198
332,420
4,298,635
1,649,660
66,198
343,683
589,280
196.585
411,667
135.377
392,694
276,290
Northern Pennsylvania Power Co.
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1927. ,
1928.
$
$
$
$
816.757
909,769
70,794
62,560
Operating revenue
417,576
208,979
Oper. expenses and taxes
Maint. and deprecia'n_
Rentals
401.848
169,880
516
Total op. exp., maint.,
depr., taxes & rents
48.471
44,786
626,555
572.245
Operating income....
Other income
22.323
17,792
283,213
12,949
244,512
17,250
296,162
261,762
125,025
17,975
141,930
15,242
Total income
Deductionsfrom Income
Interest on funded debt
Other deductions from income
143,000
157,172
153,162
77,427
104,589
51,007
75.734
Total deductions from income
Net income
Provision for dividend on preferred stock
Balance of net income
(And Subsidiary Companies)
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
Operating revenue
1,416,973
541,410
Total income
Month of 12 Mos.End.
Deductions from Income
Aug. 1928. Aug. 31'28.
Interest on funded debt
$
$
88,484 1,039.878 Other deductions from income
57.793
634,589
Total deductions from income
30,691
405,289
Net income
1,555
24,425
Provision for dividend on preferred stock
32,246
429,714
Balance of net income
110,235
Balance
Other deductions
338,482
1,480,080
562,765
Oper. expenses & taxes_
Maint. and deprecia'n_
53,582
The Ohio Edison Company.
(Subsidiary of Commonwealth Power Corp.)
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
$
$
$
$
Gross earnings
141,756 2,036,947 1,895,883
157,407
Operating expenses,incl.
1,081.677
1,071.076
77.351
taxes & maintenance_
78,721
Total op. exp., maint.,
depr., taxes & rents
537,618
494.446
6,198,740
6,014,493
Operating income_ --Other income
380,771
339,980
4,488,358
253.994
4,168,438
276,132
4,742,352
4.444,571
1.487,296
232.973
1,666,875
149,876
1,720,269
1,816,752
Portland Electric Power Co.
3,022,083
1,201,270
2.627,819
1.105,087
1,820,812
1,522,732
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1928.
1927.
$
$
$
$
950,978 12,382,854 12.084,401
Gross earnings
998,680
7,342,504 7,276.987
Oper. exp. and taxes_ _ _ _
585,821
624.881
Total income
Deductionsfrom Income
Interest on funded debt
Other deductions from income
Total deductions from income
Net income
Provision for dividend on preferred stock
Balance of net income
Mississippi Power Co.
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
Gross earns,from oper__
248,469
202,774
2,852,735 2,369,280
Operating expenses, incl.
taxes & maintenance_
146,826
129.115
1,735,236
1.551,027
Net earns, from oper_
Other income
101,643
10,257
73,659
5.862
1,117,499
138,269
818,253
155,266
Total income
Interest on funded debt
111,900
79,521
1,255,768
451,886
973,519
398,466
Balance
Other deductions
803,882
290,086
575,053
154,738
Balance
Dividends on cumulative preferred stock
513,796
209,893
245,315
965,871
195,618
814,206
60,217
Net income avail,for divs. & retirem't reserve_
770,252
753,988
158,152
141,000
144,531
123,000
471,100
486,457
78.685
Dividend preferred stock
Provision for retirement reserve
Balance
Gross income
Interest, &c
373,799
213,081
365,157
213,761
5,040,350
2,571,390
4,807,414
2,578,903
Net income
Dividends on Nock
Prior preference
First preferred
Second preferred
160,718
151,396
2,468,960
2,228.511
473.961
726,083
315,000
475,292
641.968
300,000
Balance
Depreciation
953,916
778.368
811,251
736,069
Balance
175,548
75,182
420,315
175,000
303,903
64.404
Gross income
Fixed charges
Balance for reserves, retirements & dividends _ -
New York Dock Co.
Revenues
Expenses
Net revenues
-Taxes, int., &c
Less
Net income
-Month of August- 12 Mos. Ended Aug. 31
1927,
1928.
1927.
1928.
$
$
$
$
322,347 2,503,389 2,445,321
303.908
153,561
147,981
1,282,990
1.127,091
150,347
91,775
174,366
100.120
1,220,398
775,885
1,318.230
800.693
58,572
74,246
444,513
517,536
Public Service Corporation of New Jersey.
(And Subsidiary Companies)
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
Gross earnings
9,1/1,467
Oper.exp., maintenance,
taxes and deprec'n
7.139,888
8,210,930 122,210,408 111.511,303
Net inc. from oper_.. 2,041,578
26,070
Other net income
1,635,428 34,880,548 30.870,716
-69,777
1,639.219
902,178
2,067,649
1,371.962
1,565,651 36,519,768 31,772,895
1,559.106 17,968,211 18,883,738
Total
Income deductions
Bal.for dirs. & surn--Debit.
695,686
6,585,502 87.349,860 80.720,586
6.545
18,551,556
12,889,157
1802
FINANCIAL CHRONICLE
Reading Transit Company.
(And Subsidiary Companies)
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
Operating revenue
212,734
Oper. expenses & taxes.
Maintenance & deprecia.
Rentals
Total op. exp.,maint.,
depr., taxes & rents
2,813,977
2,925,612
1,598.765
618.020
314.722
2/9,739
1,617.164
687,745
317.340
203.392
206,602
2,531,509
2,622,249
19,341
Operating income
Other income
23,136
282,468
16,470
303,363
21,505
298,938
324,868
87,834
12,933
87.967
21.625
Total income
Deductionsfrom Income
Interest on funded debt
Other deductions from income
Total deductions from income
100.767
215,275
119,145
79,026
Balance of net income
109,593
198,171
119,145
Net income
Provision for dividend on preferred stock
96,130
Southern Indiana Gas & Electric Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
$
$
$
$
Gross earnings
226.909 3.109.131 3,011,177
246,204
Operating expenses, incl.
.
IV
taxes & maintenance_
149,087
1,761,502 1,743,412
139,264
Gross income
Fixed charges
87,644
1,347,629
321.998
1,267.765
363.518
Net income avail, for diva. & retirem't reserve-
1,025,630
904,246
378,754
233,153
334,075
221,428
413.721
348,742
97,117
Dividend preferred stock
Provision for retirement reserve
Balance
The Tennessee Electric Power Co
(Subsidiary of Commonwealth Power Corp.)
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
$
$
$
$
Gross earnings
1,103.053 1,009,609 13,076,962 12,361,727
Operating expenses,incl.
iiiirlitalla
taxes & maintenance..
585.408
555,483 6.972,182 6,601,498
Gross income
517,645
454,126 6,104,780 5,760,228
Fixed Charges (See Note)
2,185,632 2,262.169
Net income avail. for diva. & retirem't reserve
3,919,148 3,498,058
Dividends on let preferred stock
Provision for retirement reserve
1,324,026
970,064
1,176,254
940,864
Balance
1,625.057 1,380.940
Note.
-Includes dividends on Nashville Ry. & Light Co. preferred stock
not owned by the Tennessee Electric Power Co.
Third Avenue Railway System.
Operating RevenueTransportation
Advertising
Rents
Sale of power
-Month of August--2 Mos. End.Aug.311928.
1927.
1927.
1928.
$
$
$
$
1,225.373 1,203,352 2,498,606 2,442,243
12,500
25,000
12,500
25,000
19,655
42,021
21,081
38,970
1,889
579
1209,
903
Total operating rev
1.258.108
Operating Expenses
Maintenance of way
229.191
Maintenance ofequip_ _ _
124,833
Depreciation
-47.561
Power supply
84.497
Operation ofcars
449,102
Injuries to per. & prop..
104,158
Gen. & misc. expenses....
51,257
Total oper. expenses....
1.237,837
2.563,786
2,511,153
202,661
121,978
-23,656
78,258
439.258
102,284
53,508
460.285
242,224
-77,606
166,362
896,962
206,007
100,740
995,476
974,293
1,994,973
262,631
94,389
263,544
' 89,014
568,811
188,962
Operating income_
Interest revenue
168.242
17,681
174,529
17,156
379,849
34.441
Gross income
DeductionsInt. on 1st mtge. bonds _
Int. on 1st ref. M. bds_ _
Int. on adj. mtge. bonds
Track & term. privileges
Miscell. rent deductions
Amort.of dt. disc. & exp.
Sinking fund accruals
Miscellaneous
Int. on series 0 bonds
185.923
191,686
414.290
Total deductions
Net income
Shipments.
-Total steel products for year ended June 30 1928 amounted
to 384,083 net tons.
COMPARATIVE INVENTORIES AT JUNE 30.
1928.
1927.
1926.
1925.
$2,409,659 .1,963,028 $1,623,438 $1,649,592
262.620
504.580
159,154
108,369
989,112 1,550,781
1,064,821
1.254,548
2,429,116 2,239,188 2,442,651
1.890,961
3,617,727 3,770,969 2.319,125 2,307,625
1,377,965
1.485,759
1,496,767
1,148.140
$11,086,199 $11,514.305 $9,105.955 $8,359.235
As usual, inventory values are calculated at cost or market price, whichever was lower.
Capital Expenditures.
-During the year $897180 was expended in
betterments and improvements and in the acquisition of new properties.
There was credited to plant account from various sources the sum of $401.264, making a net increase in capital investment of $495,916.
Employees &Payrolls.
1928.
1927.
1926.
1925.
Aver. No.of employees
At steel works
4,520
5.190
4,834
3,556
At coal properties_ _ _ _
491
727
574
603
Tot. salaries & wages pd.$10.983.610 $12,477,216 $11.554,853 $8,603,159
General.
-In accordance with the action taken at a special meeting of the
stockholders held Apr. 12 1928, authorizing an increase of the indebtedness
of the company in the sum of $16,000,000, there were $11,000,000 of
20
-year 6% sinking fund debenture gold bonds issued, and the proceeds
applied to plant improvements and the payment of all outstanding bonds.
gold notes, bank loans, mortgages. &c., the last of which were retired
Sept. 1 1928.
A special fund of $2,100,000 was set aside for improvements out of this
issue and contracts have been made for a modern new steam plant, an additional electric generating turbine, and partial electrification of the mills
to effect economies in manufacture, and certain changes and improvements
In the mills to increase output and make new sizes and grades of steel demanded by the trade.
The physical condition of the plants was fully maintained during the year,
$2,862,003 having been expended on maintenance,repairs and replacements.
Regular quarterly cash dividends of 1 % on the preferred stock were
paid during the year. No dividends were paid to common stockholders
during the year as directors thought it best to conserve the cash position
of the company.
Ore and limestone
Coal and coke
Pig iron and scrap
Seml-finished products
Finished products
Supplies and stores
CONSOL. INCOME ACCT. YEARS END. JUNE 30 (INCL. SUB. COSA
1927-28.
1926-27.
a1925-26.
1924-25.
Net earnings
c$6,440,529 $7,652.200 $7,954,488
Meant. repairs & replace. 2.862,002 3,480,069 3,387,751 $4,715,299
2,633,374
Depreciation
1,490,673
1,384.920
1,231,240
697,975
Depletion
120,486
201.808
175,659
189,717
Inventory adjustment.
107,578
Doubtful accts. reserve_
15,761
Net profit from oper
$1,967,368 $2,585,403 $3,159,838 $1,070,894
Other income
106,665
217,907
229,088
157,335
Net profits, all sources $2,074.033 $2,803.310 $3,388,925 $1,228,229
Interest paid
b516,671
486,492
374,940
35,052
Loss on prop, abandoned
or replaced
47,304
73,261
47,970
Miscellaneous
31,447
Fed, income tax reserve_
167,916
291,599
432,437
108,974
Net income
$1,342.141 $1,951,958 $2,533,577 $1,052,754
Pref. dive. (7%)
733,250
733,250
733,250
735.000
Common dividends
(2%)507,000(4%)935,491(4%)700.000
Balance, surplus
$608,891
$711.708
$864,837 def$382.245
Shs. corn. out.(par $100)
253.500
253,500
253 500
175,000
Earns. per sh. on com
$2.42
$4.81
$1.82
$t.10
a Includes the results of the operations of the Pittsburgh Steel Products
Co. prior to Sept. 1 1925, date of acquisition. b Includes interest and discount on funded and long-term debt and interest on loans. c After deducting all expenses incident to operations.
Profit and Loss Statement.
-The consolidated statement of surplus, year
ending June 30 1928,follows: Balance at July 11927,$9.588,626; net profit
of combined companies for the year, as per combined income account
(after deducting dividends). $608,891; total, $10,197,517. Deduct loss on
abandonment of ore mine,$134,512; discount and expense and premium on
bonds called for redemption, $170,694; sundry credit adjustments, 1635,259:
balance at June 30 1928. carried to balance sheet, $9.927,570.
42,756
73,301
93,900
1.616
617
1,974
2,790
4,433
2.164
85,513
146,603
187,800
2.897
1.183
2,948
5,580
65,656
4,328
CONSOLIDATED BALANCE SHEET JUNE 30.
1928,
1927.
1927.
1928.
AssdsLiabilities$
8
$
8
Real estate, plant,
Preferred stock-- _10,475,000 10,475,000
&c
53,098.327 Common stock.....25,350,000 25,350.00e
53,594,243
Investments
x1,171,198 1,371,291 Funded debt
11,000,000 5,047,800
Sec. as inv. of res_ 399.386
400.012 Pur. money mtges.
130,000
2,359,299 1,822,710 Accr. int, long-term
1.958.367 Cash
Notes & acc'ts reindebtedness...., 275,000
119,750
ceivable
3,333,831 2,948,428 Notes payable,...
3,451,090
552,786
11,086,199 11,514,305 Accounts payable.. 1,486,526 1,794,107
180.637 Inventories
Prepaid Insurance,
Deprec'n reserve...15,096,260 13,912,484
444,451 Fed. Inc. tax res've 167,916
taxes, Occ
830,205
291,599
372,148
19,644 Am. for exting. of
18,025
34,505 Sale of houses.Cash held by trustee2,100,000
mine property
684,483
567.191
Repairs, &c., yea.... 208,782
891,520
406.654 U.S. Govt. Neer- 499,609
Res,for insurance. 232,500
Res.for contin..&c. 487,960
85.513
Profit and loss__ _. 9,927,570 9,588,625
146,603
187,800
Total
75,391,007 71,619,168 Total
75,391,997 71,619,166
3,251
x After deducting $200,000 unpaid subscriptions subject to call-V. 127
1.259
3.948 p. 423.
5.580
7,282
4,328
257,868
223.553
502,510
445,566
--71,945
--31.867
--88,219
--38,912
GENERAL INVESTMENT NEWS
- Deficit.
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 first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found iff the issue of
Sept. 1. The next will appear in that of Oct. 6.
Pittsburgh Steel Co. and Subsidiary Companies.
(Annual Report-Year Ended June 30 '1928.)
President Homer D. Williams, Pittsburgh, Sept. 20,
wrote in substance:
.
mi
391,597
230,529
-10,777
155,821
881,513
207,590
102.091
Net oper. revenue....
Taxes
42,756
73,301
93,900
1,446
592
1,474
2,790
39.443
2.164
[VOL. 127.
STEAM RAILROADS.
Western Trunk Lines to Ask Maher Rates.
-Western trunk lines informed
the I.
-S. C. Commission Sept. 22, that they will soon file an application
asking for an Increase in freight rates throughout the Western section of
the United States. The "Sun" Sept. 22, p. 17.
Number of Freight Cars Installed and Locomotives Placed in Service.
Class 1 railroads in the first eight months this year installed 42.572 freight
cars, according to reports filed by the carriers with the Car Service Division
of the American Railway Association. Compared with the corresponding
period last year, this was a reduction of 9.702 in the number of freight
cars installed. Freight cars on order onSept. 1 this year totaled 9,257,
compared with 18.764 on the same date last year. In the month of August
the railroads installed 6,718 freight cars compared with 7,131 in August
last year.
Locomotives placed in service by the Class I railroads during the first
eight months in 1928 totaled 995, which was a decrease of 304 compared
with the corresponding period last year. Locomotives installed in August
number 114, compared with 104 placed in service in August 1927. Locomotives on order on Sept. 1 1928 totaled 100, compared with 207 on the
same date in 1927.
These figures as to freight cars and locomotives include new and leased
equipment.
•
SEPT. 29 1928.]
1803
FINANCIAL CHRONICLE
Freight Cars in Need of Repairs.
-Class 1 railroads on Sept. 1 had 149,252
freight cars in need of repair, or 6.6% of the number on line, according to
reports just filed by the carriers with the Car Service Division of the
American Railway Association. This was a decrease of 4,803 cars below
the number reported on Aug. 15, at which time there were 154,055, or
6.9%. Freight cars in need of heavy repairs on Sept. 1 totaled 109,010,
or 4.8%. a decrease of 205 compared with Aug. 15, while freight cars in
need of light repairs totaled 40,242, or 1.8%. a decrease of 4,598 compared
with Aug. 15.
Locomotives in Need of Repairs.
-A new low record for all time in the
number of locomotives in need of repair was established by the railroads
of this country on Sept. 1, according to reports filed by the carriers with
the Car Service Division of the American Railway Association. The
number in need of repair on that date was 7,954, or 13.4% of the number
on line. This record was established in the face of the fact that at this
season of the year freight traffic is always heavier than at any other time.
The record established on Sept. 1 exceeded by 52 locomotives the best
previous record attained on July 1 this year.
This new low record which applies to all steam locomotives, more than
reaches the goal set, so far as motive power is concerned, by the railroads
of this country in 1923, when a program was adopted by them calling for
the maintenance of adequate and efficient transportation service. At
that time, the goal agreed upon called for a reduction to 15% in the number
of steam locomotives in need of heavy repairs.
The number of such locomotives in need of repair on Sept. 1 was a
decrease of 873 compared with the number in need of repair on Aug. 15.
at which time there were 8,827,or14.9%. Locomotives in need of classified
repairs on Sept. 1 totaled 4,486, or 7.6%, a decrease of 440 compared with
Aug. 15, while 3,468. or 5.8%, were in need of running repairs, a decrease
of 433 compared with Aug. 15. Class 1 railroads on Sept. 1 had 6,504
serviceable locomotives in storage, compared with 6,712 on Aug. 15.
Matters Covered in "Chronicle" of Sept. 22.-(a) British Railroads save by
wage cut, p. 1599. (b) Draft new railway consolidation bill for early
passage-Sub-committee of Senate under Fess pushes work to completion.
P. 1609.
Jersey zone, it has been announced. This high-voltage system was decided
upon because it seems the best suited to meet the operating requirements
applying in both sunurban and main line service, in the event that later
on it is considered desirable to carry the electrification of the road over the
Pocono Mountains to Scranton and the anthracite coal fields.
-V. 126, P.
2298.
-Abandonment of
Denver & Rio Grande Western RR.
Branch Line-Listing.
The L-S. C. Commission on Sept. 14 issued a certificate authorizing
the company to abandon its Floresta Branch extending from Crested Butte
In a general westerly direction approximately 10.7 miles to Floresta all in
Gunnison County, Colo.
i. The New York Stock Exchange has authorized the listing of $12,000,000
ref. & improv. mtge. 5% gold bonds,series "B," maturing April 1 1978.
Earnings 6 Months Ended June 30 1928.
$14,601,189
Total operating revenues
11,533,474
Total operating expenses
1.110.000
Railway tax accruals
725
Uncollectible railway revenues
Railway operating income
Other operating income
$1.956,989
513.373
Total operating income
Deductions from operating income
$2,470.363
110,224
Net railway operating income
Total non-operating income
$2,360.138
169.849
Gross income.
Total deductions from gross income
Income applied to sinking funds
$2,529,988
1.990.394
455.943
$83,650
Comparative Balance Sheet.
June 30 '28. Dec. 31 '27.
June 30 '28. Dec. 31 '27.
The I.
-S. C. Commission on Sept. 14 issued a certificate authorizing
LlabUtffesAssets- •
S
the Coal & Coke Railway to abandon a portion )1.61 miles) of its Turner
$
In rd.& eq-205,244,022 203,512,249 Common stock_ 72,457,539 72,457,539
branch in Kanawha County, W. Va., and the Baltimore & Ohio RR. to
Preferred stock- 16,445,600 16,445,600
Impts. on leased
abandon operation thereof.
-V. 127. P. 1620, 678.
railway prop. 1,011,260
968,154 Funded debt-.120.565,000 117,450,000
Belgian National Rys.-Earnings.Funded debt maDeposits In lieu
of mtgd. prop169,500
Lured, unpaid
The New York agency of the Banque Beige pour l'Etranger has received
erty sold
31,955
31,955 Grants in aid of
by cable the following official information regarding the gross earnings
800.312
800,312
construction _
250,519
249,129
(taxes deducted) of the Belgian National Rys., during the month of August MIsc.phys.prop.
Inv.In affil. cos. 11,614,514 11,622,890 Traf.& cal.serv.
1928:
547,422
603,389
bals. payable_
5,303,007 1,215,610
Transportation of passengers and luggage
Frs. 85,000.000 Cash
Freight
183,700,000 Special deposits_ 1,372,764 1,215,611 Aud. aec'ts and 4,174,944 2.564.338
wages payable
Loans& bills rec.
2,844
500
Other sources
6,300,000 Traffic and car
62,522
Misc.see'te pay.
51,873
serv. bats. rec.
971,429 1,232,530 Int. mat'dunpd. 1,198.960 1,211,392
Total
Frs.275,000,000
Unmatured int.
These figures compared with total gross income (taxes deducted) of Net bats. rec. fr.
320,244
424.011
104,170
114,724
accrued
Frs. 262,900,000 for the month of July 1928 and Frs. 243,700,000 for the
agts. & cond_
Misc, accts. rec. 1.414,347 1,326.907 Unmatured rents
month of June 1928.-V. 127, P. 1386.
42,913.
53,937
accrued
Mat'l & supplies 3,760,498 2,900,118
Bloomsburg & Sullivan RR.
Rents receivable
29,348
40.350 Unreported pre-Sale.
33.629
33,883
8,764
pay freight
6,660
Default having been made in the payment of the principal of the bonds Other cur. assets
97,970
82,857
11,184
dated June 23 1898 and due Jan. 1 1928, and of the 6 months' interest due Work. fd. advs.
11.024 Derd liabilities_
1,713,669 1,960.923
on said date, and the company having failed to make good the default Rents and insur.
Tax liability
375,000
after notice as required by the mortgage, Fidelity-Philadelphia Trust Co.,
prams. paid in
Oper. reserves._
8,872 Accrued depree.„
20,507
trustee, will sell at public auction at the front door of the County Court
advance
2,767,133 2,307,730
House of Columbia County, Bloomsburg, Pa., on Oct. 23 1928, all the Other unadjustequipment_
619.299
60,297 0th.unac11. ered. 527,869
61,468
right, title, interest, estate and ownership of company. The railroad and
ed debits__
Add'as to prop.
property shall be sold in one lot and as an entirety.
Ore. Income
Fidellty-Philadelphia Trust Co.as trustee, mortgagee, claims there is now
242,433.
242,433
and surplus_ _
due upon the mortgage on account of principal, the sum of $178,900, with
Sins,fund res've 2.838.774 2,382.831
nterest from July 11927.-V. 126, p. 861.
P.& L.surplus. 5.681.467 6,391,732
Net income
Baltimore & Ohio RR.
-Abandonment of Portion of Line.
Boston Railroad Holding Co.
-New Director.
-
231,208,151 225,939,337
P. 0. Dumaine has been elected a director, succeeding the late 0:F.
Total
Choate Jr.
-V.117, 1). 2108.
-V.127, p. 950.
Canadian National Rys.-Places Equipment Order.
-
An order for locomotives has been placed by this company with the
Montreal Locomotive Works, Ltd., this order being the first part of a
total of 55 locomotives which are required to increase the motive power of
the system. The 20 ordered in Montreal are for freight and passenger
service, and the balance will be for similar service with a number of locomotives for switching purposes.
-V. 127. ri• 678.
Total
231,208,151 225,939.337
Hudson & Manhattan RR.
-Stock Issue Approved.
Tile New Jersey P. U. Commission on Sept. 17 approved the application.
of the company for approval of the issuance of $5,631,000 common stock
to be used for conversion of 52.500 shares of non-cumul. pref. stock and
$944,000 of 1st mtge.4% gold bonds. Both of the latter issues are now
outstanding.
-V. 126. p. 2306.
International Rys. of Central America.-Pref. Stock
Central Indiana Ry.-Abandonment of Part of Lines.
-J. Henry Schroder Banking Corp., Blyth, Witter- Sold.
& Co.and White,Weld & Co.have sold an issue of $3,000,000
5% cumulative participating preferred stock. The shares
participate equally and ratably with the common in any yearafter the latter has received $5, are non-callable and havefull voting power. This offering does not represent new
financing by the company.
The company has been granted permission by the I.
-S. C. Commission
to continue operation of that part of its Waveland Junction-Muncie line
between Anderson and Lebanon, Ind., a distance of approximately
42
miles, and to abandon the portions between Muncie and
Anderson. 18
miles; between Lebanon and Waveland Junctions, 34 miles, and its line
from Sand Creek to Brazil 21 miles.
The Commission has canceled a certificate of public convenience and
necessity, issued March 29 1927. to the company authorizing
abandonment
of all its lines on the condition that the company should sell them or any
part of them to any persons desiring to purchase for continued operation
and offering to pay not less than their fair net salvage value.
Since then the Cleveland, Cincinnati, Chicago & St. Louis
Panhandle, a subsidiary of the Pennsylvania, have offered to and the
the line between Anderson and Lebanon, for $500,000, and have purchase
concluded
that the Central Indiana should continue to operate that part of its properties and abandon the remainder.
-V. 124. p. 2583.
Chesapeake & Ohio Ry.-G. S. Kemp Answers G. C.
Scott in Controversy over Van Sweringen Merger Plans.
Counsel for the Van Sweringen brothers offered to the committee of
minority stockholders of the Chesapeake & Ohio representation on the
board of directors in return for the committee's support before the L the
Commission in obtaining permission to buy Pere Marquette stock, -S. C.
said by George S. Kemp, leader of the minority committee. Mr. it was
Kemp
of Bryan. Kemp & Co., Richmond, Va., made the statement in denying
the recent assertion of George Cole Scott of Scott & Stringfellow of Richmond, a director of the C. & 0., that the Kemp committee's
opposition to
the 0.&.0. merger continued because membership in the C.& 0.
directorate
had been refused to it. Mr. Kemp,said in part:
"I have neither the time nor the inclination to engage in a controversy
with George Colo Scott in the newspapers, but since he has seen fit to criticize me and my associates relative to the work we have done and are
doing
-S. C. Commission,I venture the opinion that his statement
before the I.
was
inspired by some one other than himself and given out by him,
taking
advantage of his former association with the stockholders'
protective
committee and of the influence it might have with the commission.
"As to his statement relative to having members of our committee put
on the 0. & 0. board, Mr. Scott probably is not aware of the fact that J.
Luther Moon and I were approached by Frank H. Ginn (of counsel for
the
Van Sweringen brothers) in Washington in June, 1927, and asked
cooperation before the commission relative to taking over the optionour the
174,000 shares of Pere Marquette common stock owned by the on
Nickel
Plate Railroad at $110 a share. and if our co-operation could be obtained
they would be willing to grant any reasonable concession and give our
present committee representation on the board."
-V. 127. p. 1671.
Chicago & North Western Railway.
-Bonds.
-
-S. C. Commission on Sept. 18 authorized the company to procure
The I.
the authentication and delivery of $28,456,000 of 1st & ref. mtge. gold
bonds;said bonds to be held by it until the further order of the commission.
V. 126, p. 3749.
Columbus & Greenville Railway.
-Notes.
-
-S. 0. Commission on Sept. 14 authorized the company to issue
The I.
not exceeding $101.000 of promissory notes or lease warrants in connection with the procurement of two gas-electric motor cars and two trailer
-V. 119, p. 1281.
cars.
Delaware, Lackawanna & Western
fication.-
RR.-Electri-
Direct current of 3,000 volts will be used by the road for propelling suburban trains on 173 miles of track to be electrified in the Northern New
-Organized in New Jersey in 1904 to acquire previously existCompany.
ing lines, now operates over 760 miles of railroad in the Republics of Guatemala and Salvador. The road comprises the principal railroad in Central
America, and in Guatemala extends from the Atlantic Coast to the Pacific
Coast via Guatemala City. Company carries over its lines substantially
the entire production of the United Fruit Co. within the region served by
the railroad.
Company has had under construction during the past three years 197
miles of railroad, of which 80 miles are now in operation, the completion of
which will extend the line from the City of San Salvador to Zacapa, Guatemala, connecting at that point with existing lines of the company. This
new mileage, which is expected to be completed by Feb. 1929, should result
in a substantially increased volume of business, as it will traverse a rich
agricultural and mining section and shorten considerably the trade route
from the Pacific Coast region of Salvador to the United States and Europe.
Upon completion of the new mileage, International Railways of Central
America will operate a total of 867 miles of,railroad. Diversified agricultural products constitute the oulk of the company's freight traffic, which
produces about 75% of the railway operating revenues of the company.
Over 75% of the total revenue of the company is received in United States
dollars or in gold.
Earnings.
-Consolidated railway operating revenues, net earnings before
fixed charges and Federal taxes, and net income applicable to stock for the
past 4 calendar years and as furnished by the company for the 12 months
ended Aug. 31 1928. have been as follows:
Railway
Net Earnings bNet Applic. -Earned per Sh.cCom.
Oper. Rev.
.
Pref.
.
as Above.
to Stock.
1928-a
$7,477,909 $3,739,792
$24,26 d$6.11
$2,427,406
1927
7,012,190
4.73
19.92
1,992.754
3,251,387
6.826,573
4.63
1926
19.58
3,017,897
1,958.706
6.097,011
3.51
1925
16.05
2,704,405
1.605,797
1924
5.120,572
2.83
14.02
2.408.352
1,402.094
a 12 months to Aug. 31 1928. b Before deducting interest on obligations
issued for construction of lines not yet completed, which interest has been
charged to capital account as a part of the cost of the new property. in
accordance with I.
-S. C. Commission procedure. c Based on the 315,000
shares now outstanding. d Without giving effect to participation of
preferred.
Net earnings before fixed charges and Federal taxes for the first 8 months
of the current year were 26% larger than in the same period of last year.
Of the total funded debt outstanding with the public, approximately 42%
or $11,500,000 was issued to finance the above mentioned 197 miles of new
road, from which only relatively small earnings have as yet been derived'
for the reason that through connection with Atlantic ports has not yet
been established.
Capitalization.
-The capital stock and funded debt outstanding with the
public are as follows:
$26.983.522
Funded debt
Preferred stock (authorized and outstanding)
10,000,000.
Common stock (authorized, 500,000 shares)
315,000 abs.
The issuance of additional funded debt is restricted, as stated in the
letter of which this is a summary.
Listed.
-Preferred stock listed on the New York Stock Exchange.
V. 127, p. 1672.
1804
FINANCIAL CHRONICLE
Manila Railroad Co.
-Earnings.
-Income Account for Fiscal Years Ended December 31.
1924.
an Pesos.)
1926.
1925.
1927.
Totalry.oper.revenues_ 13,038,540 12,652.401 12,633.660 11,400,165
Total ry.oper.expenses_ 7,613,932 7,694,264
7,626,840 7,336,960
Netrev.from ry.oper. 5,424,608
Total taxes, accruals, &c.
165,493
4,958,137
156,813
5,006,820
145,046
4,063,205
130,229
Ry. oper. income_ _ _ _
Total non-oper. income_
5,259,115
299,042
4,801,324
192,897
4,861,774
187,761
3,932,976
140,047
Gross income
5.558.157
Total deduction
2,600,497
Approp. of net inc. for
sinking fund purposes_
596,470
4,994,221
2,621,415
5,049,535
2,653,298
4,073,023
2,737,845
300,402
508,081
[VOL. 127.
Corp., United Gas Improvement Co., Penn-Ohio Securities Corp., Utility
Shares Corp., Southeastern Power & Light Co., National Power & Light
Co., United Illuminating Co., United Light and Power Co.. Electric
Power & Light Corp.. American & Foreign Power Co., Inc., Electric Bond
& Share Securities Corp., American Gas & Electric Co.. Waterbury Gas
& Electric Co.. Waterbury Gas Light Co., Penn-Ohio Edison Co., Consolidated Gas, Electric Light & Power Co. of Baltimore, Consolidated Gas
Co.of N. Y., American Power & Light Co., Columbia Gas & Electric Corp.,
Cities Service Co., and Detroit Eason Co. It also has holdings In several
other companies.
Purpose.
-Proceeds from the sale of this preferred stock will be used
for the acquisition of additional interests in certain electric light and power
companies and for other corporate purposes.
Earnings 12 Months Ended Aug. 311928.
1927.
Interest and dividends
$2,609,529 $3,379,141
Profits,commissions,&c
2,326,335
753,919
185,159
1,150,019
Bal. to prof. & loss acc'ts 2,361.190
1.888,156
2,072,404
Note.
-Values are expressed in Philippine currency: 1 peso equals 50 cents
U. S. A. currency.
-V. 125, p. 909.
-Listing.
Minneapolis & St. Louis RR.
Total
Expenses
Taxes, incl. reserve for Federal tax
Total
$3,363,448 $5,705,477
70,282
29,351
289,061
132,097
$161,448
$359,343
Balance applicable to dividends
5,346,133
$3.202,000
Annual div. requirements on 310,000 shares 1st
pfd. stock,$6 series (incl. this issue)
$1,860,000
The above statement for the 12 months ended Aug. 31 1928 shows a
balance applicable to dividends of more than 2.8 times the annual dividend
-Texas RR.-Leonor F. Loree Denied requirements of the 1st pref. stock which will be outstanding upon the
Missouri
-Kansas
this financing.
-Commission Vacates Authorization to completion of earnings do not include the enhancement in market value
Directorship on Road.
The above
-Adverse Effect Found during the period, of the present holdings of the corporation, nor do they
Hold Similar Positions on Two Roads.
include stock
-Three Commissioners Write Separate investment of dividends received, nor the income to be derived from the
on Interests of Public.
the proceeds of this issue.
Opinions, One Dissenting on Ground No Cause for Action Is
CapitalizationAuthorized. Outstanding.
-See under "Current Events and Discussions" on 1st pref. stock (no par) $6 series, cumulative
Shown.
(including this issue)
350,000 shs. 310,000 shs.
preceding pages of this issue.
None
Not designated as of any series
50,000 shs.
Pref. stock (no par) $6 series. cumulative_ _
300,000 shs. 267,164 shs.
The "Wall Street Journal" Sept. 25 had the following:
None
Not designated as of any series
100.000 shs.
L. F. Loree, whose authority to sit as a director on the board of the
-S. C. Conunission, Common stock (no par) Class A
1,000,000 shs. 521,796 shs.
Missouri
-Kansas
-Texas RR. has been revoked by the I.
Class B
1,500,000 abs. 814,188 abs.
told the commission in the hearing held at Washington in June that he
-Kansas
-Texas if
The corporation has no funded debt. Its net assets (at current market
would be "very glad" to get off the board of the Missouri
prices at the close of business Sept. 22). after giving effect to this financing
ordered to do so by the commission.
The statement of Mr. Loree's attitude in the matter of holding director- exceed $118.000,000. This amount is equal to more than $380 for each
ships on the boards of both the Katy and the Kansas City Southern was of the 310,000 shares of 1st pref. stock to be presently outstanding.
made during the hearing on commission's order to show cause why he V. 126. p. 3751.
should not relinquish the Katy post.
He stated: "I would like,if counsel has not already explained my position,
Associated Gas 8c Electric Co.
-First Stepfor Conversion
to say that if the commission feels as a general proposition that the sitting
on two boards of companies that are proposed to be brought together under of $10.000,000 of 534% Convertible Debentures Nearly Exthe consolidation sections is detrimental. I shall bow with entire willingness hausted.to any finding of that kind. I want to be helpful. I think I may continue
The company in a letter to holders of its 554% convertible debentures
to be hopeful, and I do not want to occupy a position that will be obstruct- due 1977, states that the amount of these debentures presented for convering. If this commission feels I should get off of one of these boards I will sion has been so large that the opportunity of converting on the most
be very glad to do so."
nearly
provided
Another statement of Loree's earlier in the hearings was: "We would be favorable basis is pointedin the indenture for the first $10,000,000 is
the basis of conversion
exhausted. It
very much disappointed if eventually we do not get the three properties for the next $5.000,000 out that when this occursamount of debentures,
becomes $115 principal
put together in one transportation system." Properties referred to are the instead of $110 for units of two shares of class "A"and one share of common
-V. 127, P. 1251.
Katy, Cotton Belt and Kansas City Southern roads.
stock of a present market value of approximately $120.50. Holders are
advised that
wish to
- send in their if they still at once.take advantage of this offer they should
New Orleans Texas & Mexico Ry.-Interest Payment.
opportunity of
debentures
Unless this
The company has declared interest to the amount of 234% to be payable converting their debentures on the terms of theis done the
will have expired
first
on the 5% non-cumul. income bonds, series A, for the 6 months period and the debentures will be converted on the terms of stepnext higher group
the
ended June 30 1928. and will, on and after Oct. 1 1928, at its office, 120 open, namely $115 per unit of 2 shares of class A and 1 share of common
Broadway, N. Y. City, make payment of such interest upon presentation stock.
-V.127, p.405.
and surrender of coupon No. 24, appertaining to said bonds.
In lieu of their inability to take advantage of the more favorable of the
two conversion features, the company has decided to offer the holders the
Ohio River & Western Ry.-Sale.same privilege of exchange for class A stock or $5 preferred and common
-V. 125, p. 1705.
See Pennsylvania Ohio & Detroit RR.
stock, as has already been offered to the holders of $6.50 dividend preferred
for each $100 of
offer
-Acquisition and stock.2This 1-10thprovides for the exchange 1 and 1-10 shares debentures
Pennsylvania, Ohio & Detroit RR.
of the new
either and
shares of class A stock or
Operation of Line.
$5 dividend preferred stock and 1-10th share of common stock. All stock
authorizing to be exchanged under these offers must be received by Oct. 15 1928.
The I.
-S. C. Commission on Sept. 15 issued a certificate
If the holders of the 5) % convertible debentures prefer to have them
,
5
the company to acquire, and the Pennsylvania RR., lessee, to operate.
that portion of the line of railroad of the Ohio River & Western Railway accepted at their call price of 105 upon subscriptions to the new 10-year
extending from Zanesville to Lawton,9.12 miles, all in Muskingum County, 5/i% investment certificates which are being offered to stockholders of
Associated Gas & Electric Co. on "Rights." they are advised to deposit
0.-V. 127, P. 1251.
each $1,000 534% debenture at $1,050 cash value and interest to be applied
to the purchase of 53-i% investment certificates at $990 for each $1,000
-Operation of Line.
Union Pacific RR.
The I.
-S. C. Commission on Sept. 14 issued a certificate authorizing the principal amount.
It is the policy of the company to retire the 554 %convertible debentures
company to operate a line of railroad extending from the end of a track
known as the Wyandotte spur in a general northerly and northwesterly by conversion, exchange or purchase as rapidly as is practicable. In line
- with the general plan which underlies this policy, it has recently made
Wyandotte County, Hans.
direction a distance of 2.91 miles, all in
limited offers for the conversion of its high yield preferred stocks and
V. 127, p. 406.
convertible securities and for the few issues of underlying bonds and preferred
-Abandonment of stocks which remain outstanding. It is stated that these exchange offers
Valley RR.
Yazoo & Mississippi
are being very generally availed of by the holders of such securities. See
Branch Line.
V. 127, p. 1673, 1523.
The I.
-S. C. Commission on Sept. 14 issued a certificate authorizing the
Electric Sales.
company to abandon a branch line of railroad extending from Lamont
-V.126.
to Moores, a distance of 4.36 miles, all in Bodvar County, Miss.
The properties of the Associated System in Nova Scotia, Now Brunswick
and Prince Edward Island showed an increase in the output of electricity
p. 3926.
for the week ended Sept. 15 of 33.2% over the corresponding period for
the preceding year and for the four weeks ended Sept. 15 showed an increase of nearly 31% over the preceding year.
PUBLIC UTILITIES
The expansion of business and agriculture in Western Kentucky and
Tennessee is continuing, the output of the Kentucky-Tennessee properties
-Bonds Offered.
- showing increases of 18.1% for the week and 19.5% for the four weeks in
American States Public Service Co.
Island
An additional issue of $1,600,000 1st lien 534% gold bonds, the output of electricity. Other properties, especially Staten bridge
third
where ground has
series A, due May 1 1948, is being offered at 9534 and int., connecting Staten just been broken for the construction of aof 14.5% for
Island with New Jersey shows increases
to yield over 5.85%, by Peabody, Smith & Co., Inc., and the ieek and 18.9% for the four weeks, while the Central and Western
New York properties showed increases of
to
Davis, Longstaff & Co. These bonds are listed on the the ending of the summer season on Cape 14% the16%. Notwithstanding
Cod
output of the Cape and
Chicago Stock Exchange.
Vineyard /Electric Co.showed an increase of 13.1% for the week and 14.3%
for the four weeks, while New Hampshire properties showed increases of
The company will, through its subsidiaries, own and manage properties
-V. 127. p. 1673.
supplying water and (or) artificial gas for domestic and commercial purposes more than 16% for both the week and th 3 four weeks.
to a portion of the cities of Los Angeles and Sacramento and 26 additional
British Columbia Power Corp., Ltd.
-Initial Div.
cities and suburban communities, also in California. Company will serve
An Initial quarterly dividend of 50 cents per share has been declared on
more than 31,000 customers in a territory the population of which is growing,
the class A stock, no par value, payable Oct. 1510 holders of record Sept. 30.
It is estimated, at the rate of approximately 20% a year.
Annual earnings of the properties for the year ended July 31 1928, after See offering in V. 126, p. 3296.
deducting all operating expenses, maintenance and taxes other than Federal
Brooklyn Borough Gas Co.
-Extra Preferred Dividend.
income tax, as reported, are approximately 2.65 timesthe annual interest
The directors have declared an extra dividend of 65.I cents a share in
charges on all first lien bonds. The appraised value of these properties
as reported on the basis of reproduction cost now, less depreciation, is in addition to the regular quarterly dividend of 75 ccnts a share on the 6% corn.
excess of $6,000,000. The subsidiary companies will have no outstanding panic. pref. stock, payable Oct. 1 to holders of record Sept. 17. Like
funded debt upon completion of this financing. Compare V. 127, p. 1523, amounts have been paid quarterly since July 1 1927.-V. 126, p. 4080.
1673.
The New York Stock Exchange has authorized toe listing of Guaranty
Trust Co. certificates of deposit representing $8.667,000 refunding &
extension mtge. 5% gold bonds duo Feb. 1 1962, with coupons due Aug. 1
-V. 127, p. 679.
1923 attached.
-Preferred Stock Offered.American Superpower Corp.
Bonbright & Co., Inc., are offering at 8993/I a share and
dividend, to yield over 6%, an additional issue of 60,000
shares 1st preferred stock, $6 series (no par value).
Central Cities Telephone Co. Chicago.
-Listed.-
The Baltimore Stock Exchange has authorized the listing of $200,000
additional first lien collateral sinking fund 6% gold bonds,series of 1927.
Balance Sheet as of May 311928.
LlabitUlesFIxed assets (plant)
$4,581,165 Common stock
1750,000
Working assets
190,976 Funded debt
2,783,000
Deferred charges
27,014 Current and working liabilities 375,966
890,188
Reserves and surplus
Data from Letter of L. K.Thorne, President of the Corporation.
-Corporation was organized in Delaware, Oct. 26 1923. with
Company.
broad powers to acquire and hold securities of electric power and light
companies, to construct, operate or lease power stations and transmission
lines and to act as fiscal agent for electric power and light properties.
Total
54,799,154
Total
$4,799,154
The corporation holds for investment the common stocks of a number -V. 125, p. 2806. 2670.
of successful and progressive companies in the electric light and power
business. Its earnings consist primarily of dividends on these stocks. In
Central Maine Power Co.
-Tenders.
addition, it has received fees in connection with the underwriting of offerThe
Street
ings of additional stocks of certain of the companies in which it is inter- Mass.,Stateuntil Trust Co., trustee, cor. State and Congress Sts., Boston,
will
Oct. 5 receive bids for the sale to it of 1st mtge, bonds to
este& and has sold at substantial profits certain of its holdings. While an
amount sufficient to exhaust $46,782.-V. 127, D. 1674
.
the corporation is not limited by its charter as to the character of the investments that it may make, it is primarily concerned with the developCentral Power Co. (Del.).
-Acquisition.
ment of the electric power and light industry, and is particularly interThe municipality of Unadilla, Neb., recently sold their entire interest and
ested in the development, through interconnection, of large power systems
holding in the municipal electric distribution system to the above company.
along so-called "superpower" lines.
-year street lighting
-The corporation owns substantial interests in the The latter was granted a 30
-year franchise and also a 10
Present Holdings.
-V. 126, p. 2642.
following companies: Public Service Corp. of N. J.: Commonwealth Power and pumping contract.
SEPT. 29 1928.]
1805
FINANCIAL CHRONICLE
Central Power & Light Co., San Antonio, Tex.Contract.
Water Improvement
The company's proposal to the Maverick County
the company will
District No. 1, has been accepted. Under this contract
amounts: $270.000 Per
purchase water from the District in the following the second 5 years, and
for
Year for the first 5 years: 5265.000 per year
$222,000 per year thereafter.
a point near its proposed
This water will be delivered to the company atbetween the point of de-foot head
hydro-electric plant, providing an 80
This water will permit the development of
livery and the river bed.
of the irrigation district will be
approximately 10,000 h.p. The facilities the point of intake to the hydro
used to convey the water by gravity from
plant.
acres. Sale of
The irrigation phase of the project will serve 60,000 completion of
irrigation district bonds has been deferred pending the p. 2787.
-V. 126.
company.
negotiations for purchase of water by the
-Listing.
States Electric Co.
Central
temporary
There have been placed on the Boston Stock Exchange list,convertible
certificates for 100,000 shares (authorized 750.000 shares) on notice
series, with authority to add
preferred stock-optional dividend
-V.126, p. 3114.
of issuance and payment, 10.000 additional shares.
Vermont Ry.-Tendersfor 500 Automobile Cars.
Central
W.
Announcement has been made by George A. Gaston and Judge John
automobile
Redmond, receivers, that tenders have been called for 500
of the railway. The cars will be of the rear end
cars for use on the lines
the fast handling
loading type and will embody all the latest features for additional freight
of automobiles. Tenders have also been called for 2 are in addition to
type. These
engines of the most modern and powerful
8 similar engines that were recently ordered for the Central Vermont lines.
The automobile cars are intended to take care of the rapidly increasing
Western lines of
automobile traffic which originates on the Grand Trunkover the Central
Canada's great transportation system and is carried
-V. 127, p. 405.
Vermont for New England points.
-Definitive Bonds.
Cincinnati Gas & Electric Co.
' The Guaranty Trust Co. of New York is now prepared to deliver definitive Sat mtge. series A 407 gold bonds due April 1 1968, against the surrender for cancellation of its interim receipts for such bonds now outstanding. (For offering, see V. 126. p. 2308.).-V. 126, p. 2962.
additional shares of preferred stock and
16 1928. The issuance of 900,000 was also approved by the Public Service
1,800,000 shares of common stock
in the authorized
Commission by an order dated Aug. 9. The increase
from 4,320,000 to 12,000,000 shares was
number of shares of common stockfiled in the office of the Secretary of State
effected by a certificate ofincrease
of New York on Aug. 11.
issued to the holders of record
4,320.000 shares ofcommon stock are being
previously issued shares of
at the close of business on Aug. 17 1928 of the for each share previously
share
stock, at the rate of one additional split-up of the previously outcommon
of effecting a
outstanding, for the purpose
standing common stock, two shares for one.
cumulative preferred stock and
900,000 additional shares of the $5 stock are to be issued in exchange
1,800,000 additional shares of the common of the Brooklyn Edison Co., Inc.
900,000 shares of the capital stock stock), at the rate of two shares
for the
(constituting its entire outstanding capital preferred stock for each share
such
of such common stock and one share of Co.
of capital stock of the Brooklyn Edison
Pro-Forma Balance Sheet of Dec. 31 1927.
shares of the capital
tAfter giving effect to the acquisition of 900,000
stock of the Brooklyn Edison Co., Inc.]
Liabilities
Assetsa8313,963,351
Common stock
Fixed capital (Including land,
b191,100.000
698,852,072 $5 cum. pref, stock
plant and equipment)
50,000,000
-year 534% gold debs
493,088,357 20
Investments
Real estate mtge. assumed on
Loans and advances to affil35,000
purchased
property
19,807,000
lated companies
6,200.000
Advs.from affil.companies
Temporary investments (NaTemp. advs. from affil. cos 19.200.000
19,200,000
Gone' City Bank)
2,837.695
2.990,637 Accounts payable
Cash
3,137,368
4,458,303 Consumers' deposits
Accounts receivable
815,690
liabilities.-888.068 kliscell. current
Interest receivable
1,351,843
3,449,446 Federal taxes accrued
Materials and supplies
2,161,483
Other taxes accrued
Unamortized debt discount &
3,114.118
1,795,678 Interest accrued
expense
13.289
576,960 Miscell. accrued liabilities_ _ _
Abandoned property
195,551
reserve
Retirement
9,301,659
Contingency reserve
682,272
reserve._ _ _
Fire insur.
1,726
Miscellaneous reserves
40,995,475
Surplus
6645.106.520
Total (each side)
d by 2,100.a Represented by 10,440.000 shares (no par). b Represente
-V. 127, P. 1523, 1252.
000 shares (no par).
-Series $5 Cumtd. Pref.
Coast Counties Gas & Electric Co., San Francisco.
Consumers Power Co. (Me.)
Control Acquired by A. E. Fitkin & Co., Inc.
Stock Offered to Shareholders.
1928 authorized an
The stockholders at the annual meeting held Aug. 7
the authorized preferred
increase of 250,000 shares without par value in
previously authorized prestock, the n3w shares to rank equally with thein one or more series. Such
time
ferred stock and to be issued from time to when authorized by the Michigan
preferred stock can be issued and sold only s, including the acquisition of
P. U. Commission for capital expenditureextension or improvement of
property, the construction, completion,
necessary
facilities or for the improvement or maintenance of service, made
increased demands for service.
by the growth of the company and the without par value, with dividends
A series of $5 cumul. pref. stock
and callable
-J. 1, entitled upon dissolution to 100 and divs, stockholders
payable Q.
and all
upon 60 days' notice at 105 and diva, has been created said series at $95
an opportunity to purchase stock of
are being offered
per share and accrued dividends to date of payment. to and including Oct.
under this offer will be received up
- 8.Subscriptions paid in full or in installments, under this company's time
-Initial Preferred Dividend.
and may be
Colonial Utilities Corp.
610 per share and the balance in
The directors have declared an initial quarterly dividend of 61.62% payment plan of a down payment of
with a final payment of $5.-V. 127.
per share on the 1st pref. stock, payable Oct. I to holders of record Sept. monthly installments of $10 per share
P. 821.
29. See also V. 127. p. 1102. 1389.
A. E. Fitkln & Co., Inc., has acquired control of the above company
through purchase of the common stock and 2nd pref. stock. The Coast
Counties company owns and operates gas and electric properties serving
more than 60 communities comprising a population estimated at 80,000
in the Counties of Santa Cruz, Santa Clara, Monterey, San Benito and
Contra Costa, Calif.
Direction of the properties will be in the hands of the United States
Public
Engineering Corp., the personnel of which managed the National Gas &
Service Corp., Inland Power & Light Co. and Western United
Electric Co.
A dispatch from San Francisco states that the price to be paid for the
common stock is $250 per share and for the 2nd pref. stock $130 per share.
All persons wishing to take advantage of the offer must deposit their stock
-V.127,p.106.
with the Bank of California in San Francisco within 14 days.
-Listing.
Commonwealth Power Corp.
-60,000 Kilowatt Power Station.
Duquesne Light Co.
of the Byllesby
Herrera Erickson, Vice-President in charge of operation
authorization has been
Engineering & Management Corp. announces capacity steam electric
for the construction of a 60,000 kilowatt Light Co., one of the
made
generating plant in Pittsburgh, for the Duquesne The cost of the initial
of utilities.
Standard Gas & Electric Co.. groupbe approximately 69,000,000, and it
Installation of this new station will
s switch house, and
will be located adjacent to the Duquesne company
Island.
south of the present power station,on Brunot enough to house two 60.000
'will be large
The power house building
present only one 60.000
kilowatt turbo-generators and 6 boilers, but at provision being made for
boilers are to be installed,
$56.060.477 $51,818.618 kilowatt unit and 3
estimated the completed station will
Total earnings
future extension to the station. It is
Oper. exp., incl. maint., Federal & other taxes- - _ 29,354.394 27.732,593 cost 513.500,000.
for the new station
Fixed charges of subs., viz., int., amort. of debt
According to Mr. Erickson, work of drawing the plansstart late this year
hands of public &
disc., div. on pref. stk. in the
Actual construction work will
12,180,546 11,757,012 will start immediately.
minority stkhders'int. earned during year
through 1929.-V. 126, p. 3297.
15,151
604,294 and continue
Int. charges (net) Commonwealth Power Corp_
-To
3,815,385 3,437,599
Eastern Massachusetts Street Ry.-New Directors
Provision for retirement reserve
The New York Stock Exchange has authorized the listing of 149,551
shares of common stock (no par value) on official notice of issuance and payment in full, making the total amount applied for 1,645,054 shares. (See
V. 127, P. 1389.)
1928.
1927.
12 Months Ended July 31$40,443,362 $36,563,121
Electric
8.525.818
7.690,323
Gas
4,770.700 4,860,093
Transportation
2,320.597 2.705,081
Heating. water ice & coal
$10,695,001 $8.287,119
Net income
Div. on Commonwealth Power Corp. pref. stock _ 2,940,614 2.206,573
Bal. appl. to Commonwealth Power Corp. corn
$7,754,387 $6,080.547
stock
1,495,503
1,359,573
Shares outstanding at close of period
$5.18
$4.47
Earnings per share
Comparative Consolidated Balance Sheet.
July 31 '28. Dec. 31 '27
July 31 '28. Dec. 31 '27.
LazafififesAssets
6% cum. pl.stk- 50,000,000 50,000,000
Prop. & plant of
Common stock _638,027,281 25,708,262
subs., general
286,732,637 276,902,186 Preferred stock. 97,057.400 94,659,400
account
205,860
212,155
3,957,094 4,984,999 Common stock_
Cash
Funded debt held
Cash rec,seal of
by public'
subser.to comBonds of submon stock _ 10,319,019
sidiary cos _ _ _107,768,900 116,133,200
U.S.Govt.secs.
2,425
933,477 5,912,978 Notes payable__ 7,450,715
& Ws.of dep.
1,671.237
Acets receivable 5,840,222 6,172,198 Acc'ts payable__ 1,577,296
4,942
756,230
29,079 Divs. payable._
127.082
Notes receivable
691,247
34,736 Accrued interest 1,294,749
7,543
Int.receivable
Accr. taxes, incl.
Due on subti, to
Fed.taxessub.
928,257 1,136,068
pref. stock _ _
to review by
Mat'ls & suppl's 5,064,577 5,166,531
U. S. Treas.- 5.018,708 5,867,449
Com'Ith Power
secur_a11,551,302 11,538,254 Purchase money
Corp.
142,359
obligations.
Int.in dc advs.to
49,615
43,159
affil.&oth.cos. 1,370,929 1,654,722 Miscellaneous __
Retirement res. 15.641,841 14.220,992
Skis. fds. & spe1,548,542
86,747 Other reserves__ 1,596,866
204,361
cial deposits
58.304
60,266
Prem.on pf.stk.
Bond disc.,prem.
Contribution for
di exp.In proc602,585
501.633
extensions ___
cess of amort_ 6,099,705 7,047,626
Def'd liabilities_ 2,122.735 2.186,032
Def. charges &
7,431,466 7,093,551
852,018 Surplus
772,959
prepaid acc'ts
333,909,063 321.498,143
Total
333,909,063 321,498,143
Total
y Giving effect to stock to be issued and cash to be received on subscription offer to common stockholders. a Excess of par or stated value
of Commonwealth Power Corp. securities or payables issued over par or
stated value of subsidiary company securities acquired. $18.068,004: less,
surplus of subsidiary companies at date of control, including minority stockholders' interest, 56,516.702. b Represented by 1,645,054 shares of no
-V. 127,p. 1674.
par value.
-Listing-ComConsolidated Gas Co. of New York.
mon Stock Split-Up Twofor One-Pro Forma Balance Sheet.
Increase Fares.
& Co. and N. L.
H. R. Hardwick and F. H. Baird of Hayden, Stone
Sherman Adams, Roger
Amster have been elected directors, succeeding L.
Miller.
Amory and F. T.
in fares in all divisions
The public trustees announce a general increase fares is due to the award
of the system to take effect Oct. 1. The advance in of 3c. an hour. There
an increase in wages
of the board of arbitration of
present, this rate being
will be no change in the rate of cash fare for the
changed by reducing
10c. in all divisions. In general, the ticket fares will be
D. 1524.
-V. 127.
the number of rides on the ticket.
-Earnings.
Electric Bond & Share Co.
Cal. Yrs.
Gross
Income.
Comparative Income Statement
Pref.
Net
Balance.
Divs.
Income.
Common
Dividends.
Accum.
Income.
778,730 4,119,184
3,114,871 1,697,471 563.524 1,133,946
1919
800,000 4,858,204
3,564,734 2,127,600 588,580 1,539,020 x1.000,000 5,829,051
1920
606,666 1,770.846
3,968,972 2,377,513
1921
4,789,498
6,141,511 3,741,469 676.666 3.064,802 13,904,357 9,736,053
1922
1,399,609
11,410,693 7,489,358 1,123,191 6,346,166 1,856,576 14,981,867
1923
7,102,390
12,552,881 8,455,790 1,353,400
1924
17.620,497 12,302,366 1.500,000 10,802,366 y2.412,8I9 23,371,414
1925
20,056,694 14,069,234 1,500,000 12,589,234 2,000,000 33,940,648
1926
x27.137,500 16,325,541
. ,
18,513,299 11,899,326„
1927
12 mos. end.
9,879,622 x12,537,500 19,769,066
Aug.31 '28_19,230,147 12,535,389 2,855,766
440,599
Surplus at beginning of business Mar.151905
24,482,587
Surplus at close of business Aug. 31 1928
in 1913, 51,000,000
x Includes special dividends on common stock of $1,500,000
(215,000,000 in Jan.
in 1916, $200,000 in 1921, 63,000,000 in 1922 and 623,750,000 dividends at the rate
and $8,750,000 in Nov.) in 1927; all in addition to the regular
of this amount
of 8% per annum on the common stock since July 151909. Y 6412,819
represents dividend period adjustment paid Jan. 151925.
Comparative Balance Sheet.
Dec. 31
Aug. 31
Dec. 31
Aug. 31
1927.
1928.
1927.
Assets1928.
$
$
LiabilitiesCash.4 call loans 19.539.402 14,319.209
538,627 6% pref. stk... 50,000.000 50.000.000
Notes & loans rec. 150,000
2,190,252 Common stock_ 70,000,000 50,000.000
Accts.receivable 1,285.753
71.018
344.661
Accts. payable_
Cus.sec. di accts.
22,267 Gus.sec.& accts.
1,801
-Sales
2,789
-Purchases
Int.& dive. accr.
420.554 Accr. for expa. dz
63,369
receivable
taxes not yet
331,554
291,934
Misc, cur. assets
1,344,947 1,498,303
due
Investments _125,520,900 106,372,980
500,000
250,000
Pref. diva. seer_
77,967
Other assets -__
Dep. on acct, of
155,925
secur. loaned_
37,300
Syndicate Bab..
891,065
508,941
Reserves
24,482,588 21.039,063
Surplus
The New York Stock Exchange has authorized the listing of 6,120,000
additional shares of common stock (no par value) on official notice of issu146,931,127 124,195,443
Total
146,931,127 124,195,443
ance, and 900,000 additional shares of $5 cumulative preferred stock (no
Total
and upon payment in full, making
par value), on official notice of issuance shares of preferred stock and
10,- -V. 126, p. 2789.
amount applied for 2.100,000
the total
-Rights.
Electric Bond & Share Securities Corp. stockholders of
440,000 shares of common stock. -The issue of the additional shares of
the common
Authority for and Purpose of Issue.
The directors voted to offer pro rata to $90 per share for one share of
was recommended by the board of trustees
privilege of subscribing at
preferred and common stock
was authorized by the stockholders July record Oct. 4, the
at a meeting held on May 15 and
1806
FINANCIAL CHRONICLE
[VOL. 127.
common stock for each 3 shares of common stock
held. This will call for company will
the issuance of 801,275 shares of authorized
common stock. Payment for tems of New acquire control of the extensive power and distributing sysEngland Power
subscriptions is to be made at the office of the
corporation, 2 Rector St., powers developed and under Association in the United States. Water
N. Y. City, or at the Guaranty Trust Co. of
construction of International Paper Co. and
New York in London or Paris New England Power
on or before Oct. 31.
Association with their
1,300,000 h.p., capable of being increased subsidiaries amount to over
The entire issue has been underwritten by a syndicate
through further development
headed by Bon- and utilization of undeveloped sites
bright & Co., Inc., at the offering price.
to a total
addition the New England Power Association of over 2,600,000 h.p. In
Assets and Surplus Aug. 31 1928.about 382,000 h.p. of steam electric capacity. system owns and operates
Listing.
-Debentures listed on Boston Stock Exchange.
Pres. S. Z. Mitchell, in a letter to stockholders Sept.
25 says:
CapitalizationThe assets of Electric Bond & Share
Issued.
Outstanding.
Include cash and call loans receivable Securities Corp. as of Aug. 311928, 1st mtge. gold bonds, 5% series due 1956
of $8,355,252. notes
*152,500,000 a$52,292,500
ceivable of $20,650,000, accrued interest and dividends and loans re- 67 sinking fund gold debs., due 1941
12,600,000 612,131,000
receivable of 6V gold debs., series "B." due 1941
-$372,474. prepaid taxes of $7,023, miscellaneous investmen
(this issue)
ts (carried at 6% (preferred stock cumulative)
7,500,000
cost) of $764,325 and the following securities of Electric
par $100)
25,000,000
-300 shares of 6% preferred stock and 700,000 sharesBond & Share Co. Common stock (no par value)
500,000 shs.
* Additional 1st mtge. bonds may be issued
(being the entire amount of outstanding common stock of common stock
under the conservative
of Electric Bond & restrictions of the trust deed.
Share Co.).
a After deducting
through sinking fund. b After deducting $369,000 8207,500 redeemed
The company as of Aug.311928,had no debt,except $1,346,
redeemed through
representing sinking fund.
sundry accounts payable. Its surplus (entirely earned)
bad outstanding 2,403,816 shares of capital stock, all of was $3,321,249. It
one
Opens New Section.
out nominal or par value, on which dividends are paid class and withquarterly at the
The highest transmission voltage in Canada has
annual rate of $1 per share.
-V.126,p. 2474.
been started with the
opening of the new Quebec section between Paugan
with operation at 220.000 volts. Twelve transforme Falls and Toronto,
Electric Public Utilities Co.
-Definitive Bonds Ready.
220,000 volts were supplied to the company by thers for operation at
Definitive 3
Canadian General
-year 5% gold bonds, due May 1 1931,
Electric Co., Ltd. Nine of these transformers are
delivery in exchange for outstanding interim certificateare now ready for 25 cycles,
rated at
s at the Guaranty
and step the generator voltage up from 6,600 to 19,000 kv.a..
Trust Co.of New York. For offering,see V.
220,000 volts.
The remaining three are rated at 20,000 kv.a.,
126. P.3115.
to supply power to a 110.000-volt transmission25 cycles, and will be used
Federal Light & Traction Co.
system from
-Listing.
volt line. The generating stations of the Gatineau company the 220,000
The New York Stock Exchange has authorized toe
are approxi-V. 126, p. 4081.
Oct. 1 1928 of not exceeding $65.820 common stock listing on or after mately 250 miles from Toronto.
(par $15) on official
notice of issuance as a stock dividend, making the
total amount applied
General Water Works Corp.
for $6,648,975 common stock.
-Initial Dividend.
The directors have declared
The company's statement to the New York Stock Exchange
says: Since share on the 67 series preferred an initial quarterly dividend of $1.75 Per
June 6 1928 the Trinidad Electric Transmission, Railway
stock, payable Oct. 1 t0holders of record
acquired from the Aguilar Light & Power Co. the electric & Gas Co. has Sept. 20. See offering in V. 127, p. 1524.
light and power
plant, franchises and other assets heretofore operated
--.
and owned by the
latter company at Aguilar, Colo.
Grand Rapids Grand Haven & Muskegon Ry.-Sale.The New Mexico Power Co. has acquired the electric
The property will be sold at foreclosure on Oct.
light and power
plant and assets heretofore operated under the name
25, under the direction
of Springer Light & of Kirk E. Wicks. Master in Chancery. Certain properties including
Power Co. at Springer, N. Mex.
several lots which have been released from the mortgage,
Consolidated Statement ofIncome(Co.and Subs.)(Inter-Co.
The announcement reads that all bids, whether for the will not be sold.
Items Eliminated).
entire property or
12 Mos.End.
Cal. Year only certain parcels, will be submitted to the Court for its further proceedings, including reception of further bids in open
July 31 '28.
1927.
Gross earnings
Court at a date to
17,512.590 $7,010,040 be announced later.
-V. 126, p. 1980.
Oper. expenses (not incl. Fed,income taxes)
4,395,692 4,177,100
Federal income and profits taxes
*180,000
Green Mountain Power Corp.
*180.000
Interest and discount
-Bonds Offered.
-G. L.
1,029,582
920,689 Ohrstrom & Co., Inc.,
Dividends on preferred stock:
Brown Bros. & Co., Coffin & Burr,
Springfield Railway & Light Co
Inc., Graham, Parsons & Co., and Old Colony Corp. are
Springfield Gas & Electric Co
67,105
65,482 offering at 96
J
Central Arkansas Public Service Corp
and int., to yield about 5.27%, $7,200,000
104,768
104,764
1st mtge. 5% gold bonds, series of 1948.
Available for surplus (before retirement reserve)
$1,735.441 $1,562,003
Dated Aug. 1 1928: due Aug. 1 1948. Principal
* Estimated: settlements still open.
-V. 127. P. 821. 106.
payable at principal office of the corporate trustee. and int. (F. & A.
Denom.
Federal Water Service Corp.
$500c5 Red. all or part on any int. date, upon 30 days' notice, 81,000 and
-Class "A" Stk. Inc.
to and incl.
- Aug. 1.1930 at 105: thereafter, to and incl. Aug. 11935,
The stockholders on Sept. 25 voted to increase
at 103;
of class A stock (no par value) from 600,000 sharesthe authorized amount to and incl. Aug. 1 1941, at 102; thereafter, to and incl. Aug. thereafter
1 1947, at
to 1.000,000 shares, in 101; and thereafter
order to insure additional capital stock when need
at 100; in each case with accrued
crease was made in the authorized amount of class for same arises. No in- payable without deduction for normal Federal income interest. Interest
tax not in excess
B stock, and no issuance of 2% per annum.
of this additional authorized class A stock
Refund of Minn., Penn., Conn., Kansas and
according to President C. T. Chemery.-V. is contemplated at present, taxes not to exceed 4 mills, Maryland tax not to exceed 4% mills, Calif.
Ken127. p. 1674.
tucky, Virginia, West Va., and Dist. of Col. taxes not to
Mich.exemption tax not to exceed 5 mills, and Mass.income exceed 5 mills,
Gas & Electric Securities Co.
-Extra Dividend.
or savings bank) tax not to exceed 6%,to resident holders (or corporation
The directors have declared a stock dividend of 75
upon written apcents per share in plication within 60 days after
common stock in addition to the regular monthly
payment. Bonds are exempt from personal
share on the common stock, both payable Oct. 1 dividend of 50 cents per property tax under present Vermont law. The Seaboard National
Bank
to holders of record Sept. of the City of New York,
15.-V. 123. p. 3318.
and John A. Burns, trustees.
Issuance.
-Authorized by the Vermont P. S. Commissio
Data from Letter of M. G. Clark, Vice-President of then of the State.
Gatineau Power Co.
Corporation.
-Bonds Offered.
-Public offering
Company.
-Incorporated
of $7,500,000 6% gold debentures was made Sept. 27 by a properties supplying electricin Vermont. Now ONVI18 or presently will own,
light and power service and (or) manufactured
banking group composed of Chase Securities Corp., Bankers gas service for domestic and industrial purposes to various cities and communities located in
Trust Co., Harris, Forbes & Co., Lee, Higginson & Co., properties, integral the north central part of the State of Vermont. These
parts of which date back to 1852, form a
interBlair & Co., nc., The Union Trust Co. of Pittsburgh, connected system constituting one of the largest groups of unified utility
public
properties in the State. The territory served by the properties
Continental kational Co., Halsey, Stuart & Co., Inc. and ulation estimated to be excess
has a popof 95.000. Over
the net operating
Redmond & Co. The debentures, which are designated as income is derived from in sale of electric energy87% ofis generated
the
which
prinaeries"B"and are priced at 101 and int. to yield over 5.88%. cipally in hydro-electric plants.
Among the larger communities served with electric light
and power are
Dated Oct. 1 1928; due April 1 1941. Interest payable A.
& 0. In New Montpelier, Winooski, Barre. Waterbury. Vergennes and Burlington,
York and Boston in U. S. gold coin and in
The City of Burlington operates a municipal plant supplying
electric light
dian gold coin, without deduction for anyMontreal and Toronto in Cana- and power
U.
exceeding 2%. Penn. 4 mills tax refundable. S. Federal income tax not are suppliedwithin the city limits. In addition, electric light and power
to 45 other communities, practically all
Red. at any time in whole
or in part on 30 days' notice at 105 up to and incl. April
in the Winooski River Valley, and manufactured gas is of which are located
1 1931 and therosupplied to the cities
after at )4% less each succeeding year, plus int,
of Burlington and Winooski.
$1,000 and $500 c*. Montreal Trust Co.. trustee. in all cases. Denom.
CapitalizationAuthorized
Outstanding
Data from Letter of A. R. Graustein, Pres, of the
1st mtge. 5% gold bonds Series of 1948
Company.
(this issue)
Company.
-Company. one of the principal power units in
a
$7.200,000
the Inter- 1,5% 1st mtge. gold bonds, due Jan. 1
national Paper Co. system and one of the
1955
on the North American continent, is now largest hydro-electric producers
Closed
finishing, within cost and time Cumulative preferred stock (no
1,243.000
estimates, the construction of 3 hydro-electric developme
par value)
d45,000 shs.
c39,009 she.
capacity of 419,500 h.p., all situated on the Gatineaunts of an installed Non-cumulative second preferred stock
River within 35
(no par value)
miles of the City of Ottawa and within economic transmissi
5,000 shs.
c5,000 shs.
on distance of Common stock (no par)
the largest markets for power in the Dominion of Canada.
50.000 she.
27,210 she.
Initial deliva Issuance limited
eries of this power to the Hydro-Electric Power
of the amended and supplemental
Commission of Ontario, indenture to be datedby the1provisions Underlyin
Aug. 1928. 6
the company's largest customer, are scheduled to begin
g bonds secured by
Oct.
powers held by the company and located on the Ottawa11928. Other lien on the properties to be acquired from Brulington Gas Light Co. prior
c $8
River and its Series. d 5.000 shares reserved for conversion of an
tributaries bring its total capacity, now operating or nearing
equal
completion. of non-cumulative second preferred stock as provided number of shares
up to 544,300 h.p.. of which 463.300 h.p. is already
in the articles of
power plants comprising its system are so designed in operation. The association as amended.
that
Security.
-These bonds will be secured by a direct first mortgage on all
of 544,300 h.p. may be increased to 697.000 h.p. whenever this capacity
the power market Justify, merely by installing additional conditions in the physical properties now owned and presently to be owned by the corequipment at poration, subject only to a prior mortgage on the
relatively small expense. The total potential capacity
properties, appraised at
including its undeveloped power is in excess of 1.100.000 of the company $2,707,855, to be acquired from Burlington Gas Light Co..securing $1,243,h.p. All of these 0005% 1st mtge. gold bonds of that company,
powers are owned in fee or held under long term governmen
which
t leases.
by the corporation in connection with its acquisitiobonds will be assumed
Purpose.
-Proceeds of this offering of $7,500,000 6% debentures
n of the properties of
, series Burlington Gas Light Co.
B and of 11.100,000 5% bonds recently sold by the company
The value of the properties now owned and presently to be
'000 5% bonds to be presently offered will reimburse the and of $7,900,owned, as of
company for ex- Aug. 311928, as appraised by independent
penditures made or to be made in connection with the recent
acquisition duction cost new, less depreciation, and engineers on the basis of reproof the Bryson and Chaudiere plants on the Ottawa
River including the betterments to said date in the amount of including at cost additions and
enlargement of the Bryson plant now under way, and
$323,387, is in excess of $15,340.for other capital 000.
expenditures.
Physical Properties.
-The electric properties comprise 14
Power Contracts,
-Contracts for the sale of all the primary power presating stations, with an installed capacity of 30,290 k.w.,electric generontly to be generated at the plants have already been
including the
executed
Hydro-Electric Power Commission of Ontario. City of Ottawa, with the Middlesex plant, of which 22,040 k.w. capacity is hydro-electric. The
Canadian properties include over 1,000 miles of transmissi
International Paper Co., Canada Cement Co., Ltd., E.
B. Eddy Co.. Included in the properties are water power sites on and distribution lines.
Ottawa Electric Co. and Gatineau Electric Light Co., Ltd.
advantageously situated for
-deed securing the company's 1st mtge. gold bonds contains The trust the efficient development of power to meet future requirements. A new
-electric generating plant, situated in 'Middlesex, is
limiting and defining the conditions under which changes may provisions 3,200 k.w, hydro
under
be
certain of these contracts in order to introduce the reasonable made in construction to meet the rapidly increasing power demands and to improve
flexibility operating conditions. The gas plant has a generating
desirable in long term contracts.
cubic feet of manufactured gas per day, and includescapacity of 1,200.000
Earnings.
-Net earnings available for interest and reserves under
over 53 miles of discon- tribution mains. The properties are supplying a total
tracts now signed, it is estimated, will be in excess of $6,600,00
of over 24,500 ser0 for the vice meters.
12 months beginning Oct. 1 1931, or over 1.7 times
Earnings.
-The earnings of the
Interest requirements on the $19.631,000 debentures the combined annual
(including this issue) be owned are officially reported asproperties now owned and presently to
and the $2.292,500 1st mtge. gold bonds, to be presently
follows:
12 Months EndedFor the 12 months beginning Oct. 1 1928, on which date outstanding.
Aug. 31 '28. Dec. 31 '27. Dec. 31 '26.
deliveries of Gross revenues
power to the Hydro-Electric Power Commission of Ontario are
scheduled Oper. exp., maint. & taxes, other $1.827.795 $1,750,418 $1,684.771
to commence. it is estimated that such net earnings will be
in
than Federal tax
1.1 times these combined annual interest requirements. In the excess of
668,891
721.517
789.490
following
years, increased power deliveries called for by the power contracts
will
Balance
result in constantly increasing earnings up to the twelve months
11.158,904
$895.281
beginning
The annual interest requirements on corporatio$1,028,901
Oct. 1 1931, and these earnings will further increase thereafter as
n's entire funded debt
power (including this issue) requires $422,150.
utilized for steam is delivered for power purposes.
The above earnings for the 12 months ended Aug.
International Paper Co. controls the entire equity in Gatineau
31 1928 and Dec. 31
Power Co. 1927 give effect to the deferring, with the approval
and has successfully supervised its development program which
of the P. S. Commission.
completed within cost and time estimates. International Paper is being of extraordinary operating expenses in the amount of $63,897, incident to
Co. with the flood of Nov. 1927. All extraordinary
its subsidiaries is the largest manufacturer of paper
expenses occasioned by this
the world
-of the largest holders of water powers and timberlanin in North and one flood will be amortized over a period of 20 years.
ds
America.
Purpose.
-Proceeds will be
A plan is in process for the formation of a new holding
part for the acquisition of certain of
company to be the Properties herein referred used in refunding
'known as International Paper & Power Co. and it Is
to, for
purposes and to reimburse
expected that this the corporation for the cost of constructi
on of additions and improvements.
1
SEPT. 29 1928.]
1807
FINANCIAL CHRONICLE
New Issue of 39,000 Shares $6 Cumulative Preferred Stock
-G.L. Ohrstrom & Co., Inc., and Brown Bros.
to Be Offered.
& Co. have underwritten, for public offering in the near
future, a new issue consisting of 39,000 shares $6 cumulative
preferred stock (no par value). This stock, the issuance of
which has been authorized by the Public Service Commission of Vermont,is redeemable at the option of the corporation,
in whole or in part, on any dividend date upon 30 days,
notice, at $105 per share and accrued dividends.
Hamburg Electric Co. (Hamburgische Electricitats
-Calls $100,000
Werke Aktiengesellschaft) Germany.
f
o 10-Year 7% Debentures.
The International Acceptance Bank,Inc., announces that the company
-year sinking fund
has called for retirement $100,000 of its outstanding 10
The bonds
7% external gold debentures, due Nov. 1 1935. be made at will be retired
the offices of
Nov. 1 1928 at 100 and int. Payment will
on
-V. 126, P. 1980
International Acceptance Bank, Inc., in New York.
-Definitive Debentures Ready.- •
Houston Gulf Gas Co.
The Guaranty Trust Co. of New York is now prepared to deliver definitive 6 % sinking fund gold debentures, due April 1 1943, against surrender of outstanding temporary debentures. (For offering, see V. 126,
p.2790.).-V. 127. p. 1103.
-Stock Increased.
Illinois Bell Telephone Co.
The stockholders on Sept. 26 increased the authorized capital stock (par
$100) from $110,000,000 to $150,000,000.
The directors have approved the expenditure of $5,303,940 for new plant
-V. 127.
and extensions, making a total of $27.424,000 so far this year.
p. 1525.
-Acquisition.
Lake Superior District Power Co.
The company on Aug. 31 acquired electric systems serving the towns of
Park Falls, PifieId and Phillips, Wis. They were formerly served by the
Flambeau Public Service Co. These three towns are located in the centre
of the territory served by this company and the purchase adds 1.411 meters.
-volt transmission line that connects the north and
This company's 66,000
south end of the property runs through Park Falls and will connect with
-V. 127.
-volt transmission line that serves the three towns.
33,000
the
p. 822.
-Earnings.
Los Angeles Gas & Electric Corp.
(Covers both Gas and Electric Departments.)
1928.
1927.
12 Months Ended Aug. 31$21,633,206 $20,848,820
Gross earnings
11,912,691 11.261.724
and taxes
Operating expenses
2.497,132
2,441,259
Interest charged to operation
2,581,408
2,320,295
Depreciation
200,352
257,803
Amortization
that isolated
The purpose of this development is to provide power in order
plants having
plants at Greybull and Worland may be replaced, both territory.
demand for service in this
become inadequate to meet the
127, p. 1526.
-Listing.
American Co.
North
on or after
The New York Stock Exchange has authorized the listing par value,
without
Oct. 1 1928 of 121,948 additional shares common stock
on official notice of issuance as a stock dividend.
Only).
Income Statement of North American Co.(Parent Company
1927.
1928.
12 Months Ended June 30$1,535,155 $1,219,639
Gross income: Interest received and accrued
7,580,585
8,965,372
Dividends
987.296
670,700
Other income
$11,171,228 $9,787.521
Total
586.693
629,975
Expenses and taxes
335,050
511.758
Interest paid and accrued
810.029,494 $8,865,777
Net income
-Capital surplus (premium on capital stock): Balance
Surplus Statement.
issued during 12
June 30 1927. $23,821,632; premium on common stock
in payment of
months ended June 30 1928 (other than common stock issued
Undivided profits: Balance June 30 1927.$13.095,dividends)$1,846,400.
$10,029,494; total
221; balance of income, 12 months ended June 30 1928.
-Dividends on stock of North American Co.:
surplus.$48,792,748. Deduct
shares of common
Preferred, $1,820,027; common (paid in 456,139.575
$148,150.
stock), $4,561.395. Other charges to undivided profits (net).
$42,263.176.
Total surplus June 39 1928,
Balance Sheet June 30 (Parent Company Only).
1927.
1928.
1927.
1928.
Assets
pref.stock__ 30,333,900 30.333,700
Stocks & bonds_111,831,629 98,144,329 6%
2.050
Scrip
Loans & advs.to
Common stock_a47,613,230 42,880,840
subs. & MM.
97,510
a103,880
Scrip
companies ___ 27,790,537 19,645,573
1,767,522 3,755,084 Dividend Pay •in
Cash
1,071,881
common stock 1,183,011
168,337
504,722
Notes receivable
759,054 Funds of subs.&
490,766
receivable
Awls
766.752
762,250
affiliated cos_
Office furniture
1 Bus to sub. ens_ 10,746,245 1,674.087
1
dc misc. propNotes payable__ 8,030,916 7,529,555
1,873
153,109
Acc'ts payable__
Div. payable on
455,005
455,008
pref. stock__
21,151
20,190
Divs. unclaimed
123,724
Res,for ins.liab.
597,395
720,262
Other reserves__
42,263,175 36,916,854
TotaReach side) 142,385,179 122,472,381 Surplus
or par value.
a Represented by 4,771,711 shares without nominal
V. 127, p. 1104.
-Transfer Agent.
States Power Co. (Del.).
$4,569,317
Northern
transfer
The Guaranty Trust Co. of New York was recently appointed
-V. 127,
stock.
agent for an additional 20,000 shares of 6% cumul. pref.
D. 1526.
-Associates. Listing.
There have been placed on the Boston Stock Exchange list, temporary
voting trust certificates representing 1,875.000 common shares
common
-V.127, p. 1390, 1253.
(without par value).
Oklahoma
esident and
Announcement has been made by J. F. Owens, Vice-Pr
other installations of
General Manager, that the electric plant, lines and purchased and actual
Power Co. in Alva. Okla.. have been
the Southwest
Operations by the
transfer of the property became effective Aug. 31.
purchasers were taken over as of Sept. 1.-V. 127. p. 1526.
Balance for dividends and surplus
--V. 127. 13• 1525
.
$4,440,045
Massachusetts Utilities
-Bonds Offered.
-Guaranty
Memphis Power & Light Co.
Co. of Now York and Harris, Forbes & Co. are offering at
93 and int. to yield about 43'g%, $3,000,000 1st & ref. mtge.
gold bonds, series "C," 43% (see description in V. 126,
p. 1659).
-Acquisition.
Gas & Electric Co.
--Listing.
Corp.
Pacific Lighting
listing of 9,000 addiThe New York Stock Exchange has authorized the
notice of issuance
tional shares common stock (no par value) on official Gas & Power Co.,
Marla
in exchange for all of the capital stock of Santa official notice of issuance
to add 113,646 shares of stock on
with authority
for 1.250.105 shares.
and payment in full, making the total amount applied 9,000 shares to be
of
The directors on July 11 authorized the issuance stock of Santa Marla
Data from Latter of E. W. Hill, Vice-President of the Company.
being all of the capital
exchanged for 1,000 shares and
-Company does the entire electric power and light and gas Gas & Power Co. This company owns all of the issued capital stock of
Business.
business in Memphis, Tenn., and supplies electric power and light to the Santa Marla Gas Co.
of warrants to subscribe for
a population estimated at 210.000.
remainder of Shelby County, serving
The directors Aug.8 authorized the issuance
Sept. 1
Of the company's gross earnings from operation for the 12 months ended 113,646 shares, being at the rate of one share for each 10 shares heldthe sale
1928. about 73% was derived from sale of electricity and about 1928, and $50 per share. An agreement has been entered into for share.
Aug. 31
to begin distributing
less than $50 per
27% from manufactured gas. Company expects
of any stock not subscribed for at a price of not
San
natural gas to its consumers early in 1929, having recently made a long-term Rights expire Oct. 311928. Payment may be made in New York or
contract with the Memphis Natural Gas Co. for a supply of natural gas Francisco. The proceesd from the sale of this stock are to be used for ex-V. 127, p. 1253. 1104.
from the Monroe and Richland gas fields in northern Louisiana.
pansion and other corporate purposes.
Company owns all the capital stock of the local street railway company,
-Wireless Service is Proposed
which is operated on an economic basis, and it supplies at wholesale all the
Radio Corp. of America.
current used by that company.
ion Announces Plan to Link
property includes an electric generating station with a for Business Centers-Corporat
-The
Property.
present installed generating capacity of 54,000 kw., a water gas plant More than 30 Cities in New System.
corporation to 30
having a daily capacity of 12,000.000 cu. ft., and extensive electric and gas
Extension of the wireless communication system of the States, for which
the United
distributing systems.
more of the principal commercial centers of be employed, including those
Purpose -Proceeds will be used to reimburse the company for expendi- 148 channels in the short wave band would
Radio
tures made for additions to property and for other corporate purposes.
allocated the corporation, was proposed before the Federal
Counsel for the
-These bonds are to be direct obligations of the company and already
Security.
Commission Sept. 26. Colonel Manton Davis, General
will rank equally with the $9.775,000 bonds series A and C now outstanding. corporation, presented arguments in behalf of the corporation's application
They will be secured by a direct first mortgage upon a substantial portion for 33 additional standard channels in the continental point to point band.
of the present property, including the company's electric generating sta- which would be "doubled up" so as to provide 67 frequencies, and which,
tion, and a direct mortgage upon the remainder of the physical property,
with present trans-oceanic frequencies assigned the corporation.
subject only to two closed issues of underlying mortgage bonds aggregating included
make available the 148 channels.
behalf of the cor$1.734,000 principal amount outstanding and maturing in 1929 and 1931, would
During the presentation of testimony, witnesses on network to operate
respectively.
urgent need for a domestic radio
-The valuation for rate-making purposes of the company's poration emphasized the C. A. trans-oceanic system, and also to operate
Valuation.
for the R.
properties as of Aug. 31 1928, based upon an appraisal made in 1920 by as a "feeder" within the continental bounds of the United States. Compoint
independent engineers designated by the Tennessee Railroad and Public point to with the land line telegraph and cable companies, they stated,
petition
Utilities Commission, plus subsequent net capital expenditures, amounts places the corporation at a disadvantage. Setting up the continental netrates to the public
to more than $21.500,000.
work would ultimately lead to a reduction of message radio competition,
Capitalization to Be Outstanding upon Completion of This Financing.
trans-Atlantic cable and
$1,734,000 just as has been the case in the
Underlying bonds (mortgages closed)
.000 Colonel Davis contended.
.
competition.
fat & ref. mtge. gold bonds, series A,4%,due 1948
A discussion of law as it pertains to telegraph and radio
5,275,000
%, due 1978 (incl. this issue)
Series 0,
Commission, Ira E. Robinson, and
30,000 shs. between the Chairman of the Radiohearing. Chairman Robinson stated
stock, $7 per share per annum
Preferred
Colonel Davis, occurred during the
6,766 she.
Preferred stock, $6 per share per annum
wire facilities to handle domestic high
400,000 shs. that there are at present available them, supplement them, or what," he
Common stock
speed traffic. "Shall we supplant
Earnings for Calendar Years.
inquired.
Net Before
Operating
Gross Earns.,
could justify
Colonel Davis declared he knew of no principle of law that to become
Renewals and
Expenses
Incl. Other
the Commission in denying the corporation's radio facilities extensive
and Taxes.
Income.
Replacements.
of the wire lines, and to supplement the
effective competitors
$2,671,177
$1,886,706
$4,557,883
"in
1924
facilities they already have. He contended that the Radio Act of 1927
2,317,042
2,576,310
4,893.352
be in competition
1925
one syllable words says that radio communications must 1527.
2,902,642
2,438,982
5,341,624
1926
-V.127, p.
organizations."
with wireless, cable and radio
3,257,565
5,915,530
2,657,965
1927
3,405,983
2,761.633
6,167,616
-Definitive Bonds.
1928(12 mos. end. Aug.31)_ _
Rhine-Ruhr Water Service Union.
Net earnings for the 12 months ended Aug. 31 1928 amounted to more
to exchange outThe International Acceptance Trust Co. is preparedfund 6% gold dethan 31 times the $699,075 annual interest requirements on total funded standing trust receipts for Rhine Ruhr 25
-year sinking
debt as shown above.
11953. for definitive bonds at its office, 52 Cedar St.,
Supervision.-The company's operations are supervised (under the direc- bentures, due Jan.
York City. See offering in v.126. p. 1199. 1041.
tion and control of its board of directors) by the Electric Bond & Share New
-V. 126, p. 1659.
Co.
Power Corp. (Rhienisch
Rhine-Westphalia Electric
Montreal Light, Heat & Power Consolidated.
Westfalisches Elektrizitatswerk Aktien-Gesellschaft).
Dividend Rate Increased.
-National City Co. offered Sept. 26 at 94
-Bonds Sold.
The directors have declared a quarterly dividend of 60 cents per share
$20,000,000 consol. mtge.
no par value, payable Oct. 31 to holders of record and int. yielding about 6.49%,
on the common stock,
stock pur'
Sept. 30. Previously, the company paid quarterly dividends of 50 cents gold bonds, 6% series of 1928,(carrying certain
-V. 126, p. 577.
per share.
chase rights for "American shares"). A substantial amount
-Starts New Line.
Mountain States Power Co.
these bonds has been withdrawn by Credit Suisse, Zurich,
-volt trans- of
Work has been started by the company on 70 miles of 33,000
have also been withfrom Lovell to Worland, Wyo., by way of Greybull, for Switzerland. Additional amounts
mission line extending
the transmission system of the "United drawn for other European markets. The issue has been sold.
in order to deliver power from
to the town of Greybull
States Reclamation Service, now serving Lovell,
and General
and Worland. according to C. M. Brewer, Vice-President
Manager.
be in a position to serve other towns in the Big Horn
This line will also
Work on this project was started
Valley such as Basin and Manderson.
completion on Oct. 15. To data approxiAug. 15 and was scheduled forbeen placed and the proposed
construction
mately 30 miles of poles have
schedule Is being maintained.
F.& A. Principal
Dated Aug. 1 1928,• due Aug. 1 1953. Interest payable
coin of the present standard of
and int. payaole in N. Y. City in U. S. gold National City Bank, without
office of
weight and fineness at the head
levied by or
deduction for any past, present or future taxes or duties collectible within
at the
and interest will also be
the German Empire. Principal office of National City Bank at New York
option of the holders, at the city
Eng.,in pounds sterling, or at the Credit Suisse. Zurich, Switzer•
in London,
A
1808
FINANCIAL CHRONICLE
[Vox,. 127.
land,in Swiss francs, in each case at the then current buying rate
of the said Aug. 1 1931, a certificate of The
banks for sight exchange on New York City. Denom.
National City Bank of New York, reRed. all or part, at any time, upon 30 days' notice, at$500 and $1,000c*. presenting 4 "American Shares," each such American share being issued
102 and int.,
deemed on or before Aug. 1 1933; at 101 and Int., thereafter to and if re- against the deposit with the trustee's agent in Berlin of 100 Reichsmarks
incl. (approximately equivalent to $23.81),
Aug. 1 1943;and at 100 and int. thereafter. Also redeemabl
par value, of the common stock
operation of the sinking fund, on any interest date, upon e In part througn (bearer shares) of the Rhine-Westphalta Electric Power Corp., fully paid
30
at 100 and int. National City Bank of New York, trustee. days' notice, and non-assessable. The price to be paid for each American share will be
Darrestadter as follows: if the purchase warrant
Und Nationalbank Kommanditgesellschaft auf Aktien, co-trustee
is exercised after Jan. 1 1929, and prior
.
Listing.—Application will be made to list these bonds on the New York to Aug. 1 1929, $50 per American Share; if exercised on or after
1
1929, and prior to Aug. 1 1930, $52.50 per American
Stock Exchange.
Share; if exercised on
Aug.
or after Aug. 1 1930, and on or prior to Aug.
Summary of Letter of Messrs. Henke and Schmitz, Man. Directors
Share; after which date the purchase rights 1 1931, $55 per American
. market
will be void. The
price of the German shares on the Berlin Stock Exchange current
Essen, Germany.
indicate
Company.—The corporation has experienced a
a market value for the American Shares of approxima
tely $50 a share.
Its organization in 1898, and at the present time,remarkable growth since
The capital stock of the corp. amounts to
with
155,000,000 reichsmarks, par
panies, comprises one of the largest electric light andits subsidiary com- value, of which 150.600,000 Reichmark
Europe with respect to property value, earnings, capacitypower systems in bearer shares and 4.400,000 reichsmark s, par value, is represented by
of power stations entitled
s, par value, by registered shares
and number of customers served. The business
to certain "super-dividends
esof the
pecially well integrated. Electric energy is generatedcorporation is n's shares. Dividends have been paid " in excess of those paid on the bearer
in corporatio
on the bearer shares of the corporation.
power stations from fuel obtained from
mines of sub- as outstanding from time to time, at the rate of 8% for the fiscal year
sidiary companies, and is supplied to over the adjoining coaland
1925-1926, and at the rate of 9% for the
440.000 industrial
fiscal year 1926-1927. After
customers through the corporation's high tension transmissionresidential deduction of the German income tax
lines and dends,
(Kapitalertragsteuer)of10% on dividistribution systems.
the dividend of 9% is equivalent to
The territory served has an area of about 9.360 square miles, and includes
The American Shares will be issued by 8.1%.
The National City Bank of New
a large part of the Rhineland, extending from the Netherlan frontier York, as depositary, pursuant to
ds
the terms of
on the north and west, into the Province of
entered into between The National City Co., a deposit agreement to be
the National City Bank of
south to the River Nahe. This area includes Westphalia on the east, and New York and the holders of certificate
the Ruhr District, the most
s issued and to be issued thereunder;
important industrial section of Germany, and awe the so-called Siegerland
and such American Shares will be
,
known for its iron ore deposits. As there are numerous industries of a ing from time to time upon the entitled to all dividends and rights accrudeposited shares. American Shares (in
widely diversified character, the propserity of the territory
multiples of four American
is
on the success ofany one business. The communities entirely not dependent surrender to the depositary Shares) wil be exchangeable at any time, upon
by the
system have a population of over 8,000,000 and include the supplied Essen. corresponding par value of and payment of the necessary charges, for the
deposited
cities of
Muhlheim-Ruhr, Gelsenkirchen, Crefeld, Munchen-Gladbach, Wesel, the agent of the depositary in Berlin. shares, deliverable at the office of
Osnabruck, Remscheid, Solingen, Siegen, Bingen, Kreuznach and Neuss.
The Common stock (bearer shares) of the Rhine-Wes
tphalia Electric
In addition, the corporation furnishes electric energy to large portions of the Power Corp. sold on the Berlin Stock
cities of Cologne, Dusseldorf. Duisburg, Coblenz and Oberhausen, and of par (equivalent to approximately Exchange on Sept. 24 1928, at 212%
$50 per American Share). During
to the extensive plants of the largest inland harbor of Europe
at Ruhrort. the last 6 months, the price range of the bearer shares has been 175% Or
The electric output of 1,650.000,000 Alowatt-h
par low, and 215% of par high. The approxima
te equivalent price range
ended June 30 9128, was the greatest in the historyours for the fiscal year In dollars of the American Shares would.be,
of the corporation; and
low, $41.70 a share, and high.
of this amount, about 81% was generated in the corporatio
n's power $51 a share.
stations.
Sinking Fund.—The mortgage trust indenture
will provide for a cumuProperties.—The system includes 9 electric generating stations with an lative sinking fund calculated to retire by
aggregate capacity 0(700,000 h.p. The principal station of the corporation. of the 6% Series of 1928. Sinking fund is maturity over 56% of the bonds
designed to operate semi-annually
the Goldenberg plant, is one of the largest and most
to retire the bonds of this issue, by purchase or
modern in
redemption,at not exceeding
and has a capacity of 390,000 h.p. The present constructi the world. 100 and accrued interest.
provides for a consMera.de increase in generating capacity, andon program
Security.—Bonds will be secured by direct mortgages on the
that of the
operating
Goldenberg plant alone will attain 530.000 h.p. Its equipment includes properties including real estate, power stations
and
four 67,000 h.p. steam-turbo units. The transmission and distribution tribution systems owned directly by the corporatio transmission and dissystems comprise over 1,580 miles of 110,000 volt steel tower lines and securing $6.681,610 industrial debentures and n, subject to the charges
to the closed mortgages
15,000 miles of medium and low voltage lines which supply approximately securing $24,448,000 direct mortgage gold
bonds. In addition, the cor510.000 electric meters. The above figures for output and
poration will covenant that if it should at any
only the inter-connected electric system of the corporatioproperty cover of the properties of certain of its subsidiary time mortgage or pledge any
companies, herein above ren and its sub- ferred to
sidiaries, which does not include the many
as constituent companies, it will make
companies
of whose stocks substantial amounts are ownedaffiliated electric
security of the consolidated mortgage gold bonds. provision for the prior
by
The fuel for the corporation's power stations is the corporation. entirely
In connection with the payment of
from coal and lignite mines owned by subsidiaryobtained almost located constitutent companies have issued reparations, the corporation audits
companies and
under or immediately adjoining the stations. The coal mines, estimated to debentures Bank (Bank fur Deutsche and deposited with the industrial
Industrie-Obligationen) in accordance
contain 75,000,000 tons (of 2,000 pounds), are being
with the so-called "Dawes plan"
1,400,000 tons a year. The lignite mines are estimatedmined at the rate of of$7,015,595 with respect to whichindustrial debentures in the facsamount
the annual charges on account ofinterest
to contain 450.000.- and
000 tons, and the power stations of the corporation, which
amortization will not exceed $420,935. in the aggregate. In the opinion
are designed to of counsel,
burn this fuel efficiently, consume appromat
the liability of the
a
Although lignite (brown coal) has a relativelyely 4,000.000 tons as year. for the payment of these sums iscorporation and its constituent companies
secured by a first charge,in many respects
low heating value
compared with coal, it is mined through surface workings
analogous
at very low cost law which to a tax lien, upon their fixed property. In accordance with a
because the average depth of the cover of
effects a further internal distribution in Germany of the burwhich the lignite deposit extends for aboutsand is only about 30 feet, below den of reparations, the annual payments
120 feet.
on account of the industrial
The corporation has consolidated its territories
its half debentures will probably be
Interest in a company located In Central German) by exchanging interest maximum annual payments, considerably reduced so that the estimated
on account of the industrial debentures of
,for a majority
In the Braunkohlen Industrie A. G."Zukunft" Weisweiler
the corporation and its constituent companies
. This enterprise $300,000,
, is not expected to exceed
owns lignite mines near Aachen. Germany, and
or less than M of 1% of the value of their physical properties.—
distribution
system in a territory situated between the Dutchhas an electric boundary V. 126. p. 2477.
Frontier and the
of the corporation's own territories. During
the past year it had sales of
172.500,000 kilowatt hours which
Ridgfield Water Supply Co.—Trustee.—
corporation's
sales above mentioned. The line of are not included in the be connected
The Seaboard National Bank of the City of New York was recently apthis new
with the corporation's own high etnsion lines. subsidiary will
pointed trustee of an issue
-year 5% gold bonds, series A.
In order to supply the steadily increasing demand for current in the vast dated Aug. 1 1928, and due of 1st mtge. 25
Aug. 11953.
and populous territory extending from the Dutch and
Southern Germany and, further, to the boundarie Belgian frontiers to
San Joaquin Light & Power Corp.—Listing.—
s of Switzerland and
Austria, a 220,000-volt circuit will shortly be placed in operation.
The San Francisco Stock Exchange has authorized the listing of 4,231
tension cable will be connected with hydro-electric power plants This high shares of prior pref. 7%
Germany and Switzerland as well as with the power plants in in Southern series A, 6% stock, parstock, par $100, and 11,280 shares of prior pref.,
the central
$100, making the total amount listed 118,432
German lignite coal district. Eventually the system
shares of 7% pref. and 26,280 shares of 6% pref. stock.—V
. 127, p. 823.
hydro-electric power plant now under construction near will also include a
Essen, in the very
center of the corporation's territory, which
Sierra Pacific Electric Co.—Extra
utilize the off-peak
surplus of steam generating capacity of the plant will n's
The directors have declared an extra dividendDividend.— share
corporatio
own plants and
of 10 cents per
on
of the steel works and coal mines in the Ruhr district,
the
to a level of 160 metres, the water thus stored serving in filling a reservoir per common stock In addition to the regular quarterly dividend of Si)cents
share, both payable Nov. 1 to holders of record Oct. 11.—V.
to generate current
to supply day-time peak requirements. This plant
126, P.
1200.
will have
190.000.h. p. with an annual output of 200,000.000 kilowatt a capacity of
In addition to the electric and coal properties descrioed hours.
Southwest Power Co.—Sale of Alva (Okla.) Plant.—
poration owns a modern coke oven plant which supplies above, the corSee Oklahoma Gas & Electric Co. above.—V
gas at wholesale
. 127, p. 1391, 1105.
to the city of Essen. The high pressure gas transmissi
on system connected
with that plant has been ceded to the "Ruhrgas
Standard Gas & Electric Co.—Finance Committee.—
"
that company. The latter company was formed in exchange for stock of
President John J. O'Brien announces that at the regular
to exploit the gas production of practically all the coal mines of
the
the Ruhr District. The cor- board of directors on Sept. 20 there was created a finance meeting of,
poration also owns the entire capital stock of
committee to
have supervisio
railway companies, and operates under lease two relatively small electric B. W. Lynch n over all financial affairs of the company, consisting of
several municipally owned
(Chairman), It. J. Graf, J. II. Briggs and M. A. Morrison,
lines. It also holds as investments, smaller stock interests
all of whom are Vice-Presidents of the company.
—V. 127, p. 1528.
public utility companies. In respect to both revenue and in many other
physical value,
however, the electric and coal properties represent
United Light & Power Co.(Md.).—Purchase of American
over 96% of all properties owned and controlled.
Light ce Traction Explained.—In connection with the$acPurpose.—proceeds from the sale of the present issue
of bonds will be quisition
used to reimburse the corporation in part for
of the American Light & Traction Co., the United
nection with important property additions, toexpenditures made in conacquisitions and for other corporate purposes. provide funds for further Light & Power Co. has issued the following explanation of
the transactions involving change of control:
Earnings.—The consolidated earnings
Its wholly owned subsidiary companies,of the corporation and certain of
The recent acquisitio
including only a portion
earnings of the many other companies in which the corporatio of the Traction Co. by United n of the controlling interest in American Light &
Light & Railways Co. of Delaware, a wholly subn has a
substantial and profitable interest, for the three fiscal years
ended June sidiary of United Light & Power Co., was accomplished entirely without
30 1925, 1926 and 1927, respectively, were as follows:
public financing.
The only additional funded obligation of the consolidat
Fiscal Years Ended June 30
ed group consists
of $26,872,970 of 5% 20
1925
1926
-year debentures of the United
1927
Gross earnings, including non-operatnewly organized subsidiary of United Light & Railways American Co., a
ing income
$24,266,224 $23,688,756 $26.965,563 also issued 150,000 shares of class "A" conunon stock Co. There were
of United Light &
Oper. exp., maint. & taxes
16,563.957 15.165,562 16,992.084 l'ower Co. These securities passed to the Koppers interests.
The consideration received by United Light & Railways Co. for
those
Net before reserves for renewals &
holdings of preferred and common stocks of American securities was the
Light & Traction
replacements
17.702,267 $8,523,194 $9,973,479 Co. owned by the Koppers interests.
The earnings statement for the year ended June 30
The final effect of these transactions has been to
increase the equity
able. It is fully expected that it will show earnings 1928, is not yet avail- behind
the previous year, which exceeded all previous years in excess of those for extent. the debentures of United Light & Railways Co. to a suhstantial
This is also true of the securities of the United Light
in Ore history of the
& Power Co.
corporation in point of earnings. Indications are that the current year
will Earnings available for securities of these companies have also increased
set another new record, output during the past few months having increased materially,as demonstrated
by the fact that consolidated net earnings of the
approximately 23% over the corresponding period of the previous
year. combined properties for 12 months ended July 311928, were equivalent to
The net earnings of $9,973,479 for the fiscal year ended June
$1.31 a share of
'shown above, compare with annual charges of $3,062,880 30 1927, as 93 cents a shareUnited Light & Power Co. common stock, compared with
for
,
Interest requirements on the mortgage debt including thisconstituting include consolidated the 12 months ended June 30 1928, which did not
earnings of American Light & Traction Co.—V.
Issue, and
estimated maximum fixed charges on industrial debentures
issued under 127, p. 1677. 1528.
the Dawes plan.
Value of Property.—As of JUDO 30 1928, the book value of the physical
United Public Utilities Co.(N. J.).—Pref. Stock Offered.
properties of the corporation and its constituent companies was in
excess —Thompson Ross & Co. and Hale, Waters
of $115,250,000 of which properties valued at $87.300,000
& Co., are offerare owned ing an
directly by the corporation, and the balance by constituen companies
additional issue of 15,000 shares $6 dividend series
t
.
Constituent companies is the term applied to those subsidiary companies preferre
d stock (no par value) at $91.50 and div., yielding
the earnings of which are included in the above consolidated earnings
ment and the properties of which the corporation will covenant state- over 6.55%.
mortgage except as security for the consolidated mortgage gold not to
Transfer Agents: Bankers
These figures are especially conservative. It is estimated that it bonds. of III., Chicago. Registrars Trust Co., New York and Central Trust Co.
: Seaboard National Bank of the City of New
be impossible to reproduce these properties in Germany to-day would York and National Bank
for less
of the Republicof Chicago.
than $145,000,000 and that their cost in the United States
Listed.—This stock is listed on the Chicago Stock Exchange.
exceed this amount. Moreover, these figures do not take intowould greatly
Data from Letter of Ernst Jacobson, Pres.
the value of the corporation's holding of shares In many ()the, consideration
Company.—A New Jersey corporation. Owns of the Company.
and coal mining companies, all of which are also carried on public utility
the books at bonds, indebtedness (except current indebtedness all of the outstanding
very conservative amounts.
not in excess of current
Stock Purchase Rights.—Each $1,000 bond will carry a stock purchase assets) and at least 95% of the capital stock of operating subsidiaries furnishing public utility service to a centralized
right evidenced by an appropriate warrant, non-detachable until
Jan. 1 the territory lying between Dayton, Ohio, andgroup of 58 communities in
1929, entitling the holder to purchase after Jan. 1 1929, and on or
Winchester. Ind., and to a
before centralized group of 78 communities in North and
South Dakota, and fur-
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1809
-Inquiry funds New
(g) Indian Government exonerates the Standard Oil
Tex., Fort
uneconomic prices-Rotal Dutch shell
nishing ice service in Anniston and Mobile, Ala., Fort Worth,
Orleans. York company did not sell there at Prices," p. 1593. (h) Holland and
Ark., and to nine communities in Louisiana,including New
at "Uneconomic
Smith,
system sup- found to have sold
-American may now develop
oil resources
Company also controls, through subsidiaries, the distribution
Ark. Electric United States reciprocate an lands. p. 1593. (i) Oklahoma Corporation
plying natural gas to the domestic population of Fort Smith,
Dutch East Indies petroleum
supplied to 27,369 customers in 128 communities an Commission issues order limiting crude oil output to 700,000 barrels daily,
light and power is
population
for new oil regulations approved by Colombian
gas to 19,634 consumers in 23 communities. The combined
gas service alone p. 1593. (j) Bill providing
of the territory supplied with electric light and power and
Congress, p. 1594.
(I) Peoria (Illinois) coal
is estimated to be in excess of 250.000.
(k) Illinois miners ratify wage pact, p. 1595.
power stations
7% bonds of Republic
The properties of the operating subsidiaries include electric
miners quit. p. 1595. (m) Offering of $23,000,000
generating capacity of 22,337 h.p.: ice plants having a of Bolivia books closed-marks further step in financial reorganization of
having a combined
1601.
of 395.000 cubic feet
daily ice-making capacity of 1,585 tons: gas plants miles of electric trans- South American countries under United States supervision, p.
Italians,
daily capacity, supplemented by natural gas; 1,026
American shares offered for Banca Commerciale
distribution mains and 148 miles of gas trans- (n) 125,000 Offering of $2,000,000 434% bonds of Land Bank of the State
mission lines: 287 miles of gas
Tl• 1601. (o)
mission lines.
of New York. p. 1602.
York Stock Exchange on
-Net assats of the company, based on valuations by independent
Assets.
(p) Market value of listed shares on New
at cost, indicate a value of over $200
Subscriptions to treasury certified
engineers, with subsequent additions
Sept. 1, $57,385,881,463. p. 1602. (q) 0, Third Liberty Loan exchange
per share for this preferred stock.
allotments $549,615.90
400,
Ended $1,020.034. 0. p. 1605. (r) Turnover at Treasury Sept. 15. approximately
Consolidated Earnings (Company and its Subsidiaries) 12 Months
$103,153,90
and Porto Rico
July 31 1928.
000, p. 1605. (s) Damage suffered in Florida
and American Red Cross,
$4,345,977 $2,000,000,
through hurricane-Appeal of President Coolidge
Gross earnings
Oper.exp.,incl. maint.& taxes (other than Fed.) but bef.deprec. 2,672,399 P. 1608.
$1,673,578
-To Increase Directorate.Net earnings
Acme Syndicate Ltd.
883,400
directorate to 15 members,
Ann. int. requirement on company's total funded debt
The directors have decided to increase the time stockholders will vote
called for Sept. 29 at which
$790,178 and a meeting wasThe corporation was organized in June for the purpose
Balance
proposal.
308,625 on the
and mercantile enterprises. C. Lester
Annual pref. div. requirement (incl. this issue)
the of financing medium sized industrial
The balance of net earnings, as shown above, was over 2.56 timesout- Horn is Chairman of the board.
They
annual preferred dividend requirement on the preferred stock now
were added to the company's board this week.
Five new directors
George C. Van Tuyl. Jr.,
standing.
are James A. Councilor, of Washington, D. C.;
-These 15,000 shares of preferred stock were issued in part in V.-Pres. of the North American Title & Guaranty Co.; J. Lewis LuchenPurpose.
connection with the acquisition of securities of wholly owned subsidiaries bach, V.-Pres, of the American Bureau of Shipping; Gilbert P. Taylor,
s
and in part to reimburse the company for capital expenditure made by also of the American Bureau of Shipping and C. 0. Yoakum, of the Gen-V. 126, p. 3451.
subsidiaries and-or for working capital.
eral Securities Corp. of Birmingham. Ala.
Capitalization
$6,785,000
-Series A 6%
First lien gold bonds
-To Offer Stock.
Products Co.
Acoustic
6,810,000
Series B 534%
public offering next week
1,850.000
H. F. Gillespie & Co. Inc. has purchased for
as "Sonora"
Two-year 554% gold notes
ofcommon stock of this company better known
51,500 shs. 200 000 shares
Phonograph Co. Inc.
Pref. stock (no par value) (incl. this issue)
180,300 shs. which represents the merger in 1927 of the Sonora Corp. The company
Common stock (no par value)
stock of company Is owned by United the Premier Laboratory Co. and the Bidhamson n both recorded and
.-All of the common
Management
plans to cover the entire field in sound reproductio tion of sound with
-V. 126. p. 3591, 2647.
Public Service Co.
broadcast and will also specialize in the synchroniza
-V. 125 p.
auditoriums.
.
-Listing
film for use in theaters, churches, schools and
Utilities Power & Light Corp.
New York stock Exchange has authorized the listing of 23.000 2150, 1974.
The
without par value, on official notice of
additional shares of class A stock
-Dividend Outlook.
Advance-Rumely Co.
Issuance and payment in full, making the total amount applied for 748,000
on the preferred stock."
"There is no thought of resuming dividends
for
shared of class A stock.
of 17,875 shares according to an official of the company, commenting on the outlook
On Sept. 4 1928, the directors authorized the issuance
of the 23,000 shares of class of stock embraced in the present application dividend resumption.
end of the year." he said.
"We will owe the banks about $3,000,000 at the of a merger of our coms policy of offering such stock to class A stockto continue the corporation'
or even suggestion
holders in lieu of cash dividend for the current quarter of 50 cents per "There has been no discussion and we know of no reason why our stock.
company
prices.
share, payable Oct. 1 1928, such sale to be at the rate of $20 per share. pany with any other
the sale of the remaining 5,125 especially the common,should rise to its present high market
On the same date the directors approved
present are about
up to
"However, our deliveries from Jan. 1 1928,of lastthe and due to the
shares for cash. The proceeds are to be used for the acquisition of addiyear
23% ahead of deliveries for the same period
that was
tional properties.
% 20. fact that last year we liquidated a big inventory of machinery year were
The exchange has also authorized the listing of $20,000,000
operations this
carried over from the year before, our factory saving in factory overhead,
year gold debentures.
much heavier than in 1927 with a resultant
very
Consolidated Balance Sheet June 30.
year with a substantial loss,
and we believe that instead of winding up the
with a modest profit."
1927.
1928.
1927.
1928.
as was the case in 1927, we will wind up this year
Assets
Preferred stock_ 16,251,400 11,769.233 V. 126, p. 1984.
Prop., plant and
A
-Balance Sheet June 30.
Aetna Mills.
equip., &c.-201,948,267 127,958,399 Class B com.stk.:16.770.077 8.440,157
46,765 Class com.stk. y9,366,745 4.214.727
Corporations.)
Sinking funds__
(As filed with the Mass. Commissioner of
subs.
1927.
Special deposits_ 3,078.612 17.163,741 Pref. stcck subs_ 36,050,246 30,967,591
1928.
1927.
1928.
41,325
4,215,840
AssetsInvestments _-- 13.365,592 1,137,462 Corn. stk.
Preferred stock_ __ 34490,000 1490,000
Real estate, mach.,
6,585,080 7,488,257 Burp. applic. to
Cash
Com.stk.& surp _ _ 358,837 x433,610
stk. of U.P.&
land and water
358.268 1,472,606
500,000
Marketable secs.
$558,971 $625,459 Mortgage bonds._ 450,000
Lt. Corp__ - _ 7,767,159 5,034,664
rights, &c
80,546
59,422
128,005
62,943
Notes receivable
755,543 Accounts payable_
373,551
Merchandise
550,000
Acets receivable 4,990,439 3,066,318 Burp. applic. to
479,524 Notes payable.
minor. stk. of
Acc'ts receivable_ _ 283,441
4,467
26,071
Int.& divs. rec_
109,002 Due Aetna Mills
53,412
73,985 Cash
subsidiary ___ 3,352,462
50,100
Due from empl.
Realty Co
104,112
119,125
Securities
400,000 534% gold debs.
344.000
on stk.subscr.
9,073 Res. for redemp. of
3,798
due June 1 '47 20,000.000 20,000,000 Prepaid expenses...
3,349,475 2,152,637
Inventory
Shirreff Worsted
18,902
20,582
fund
Funded debt of
Sinking
1,000
Cash Burr. value
stock
subsidiaries .106.1l3.500 71,262.600
66,666
81,243
of policies....
1,860
Mtge. payable__
1.860
Total(each side)$1,412,880 $2,101,615
Pref. stk. of sub.
of no par value. y Dividends in arears,
Contracts Par.
x Represented by 16,500 shares
held for exch.
for purch. of
1,200
900
$176.400.-V. 125, p.3351.
(contra)
206,843
183,676
properties_ _ _ _
40.816
Due fr.atilt.cos. 1,866,953
-Larger Dividend.
Subs. pref. stock
Pay.on invest.&
Air-Way Electric Appliance Corp.
900
1,200
held for exch.
$1.50 per share on
dividend
prop. In proc.
The directors have declared a quarterly comparesof
quarterly diswith a
of acquisition_ 5,315,014 17,962.833 Accr.int. et diva.,
the common stock. payable Oct. 1. This
&c., funds on
on July 1 and April I last. (Compare V. 126.
Unamort. debt
2,461.674 16,862.256 tribution of $1 per share
deposit
8,279,799 7,419,779
disc & exp
p. 1663
Notes payable... 1,852.825 3.172,912
12 months ended Aug. 31
Unamort. stock
president Pratt Tracy says earnings for the same period of last year.
1,035,640 1,384.580
to $605.817 in the
disc.& exp.__ 3,928.676 2.385,767 Acc'ts payable
37.273
307,454 were $1,461,529, as compared
Prepay. & other 1,911,555 689,726 Divs. payable 2,564,148 1,126.843 -v. 126. p. 1984.
Accr'd Items__
Items
500,000
Notes rec.(disc.)
--Tenders.
Algoma Steel Corp.
Divs. accr. not
will until
due & not deThe United States Mortgage & Trust Co., New York, trustee, bonds to
for the sale to it of 1st & ref. 57 sinking fund
107,196
115.163 Oct. I receive bids
clared
V. 127, p. 1099.
Divs. payable In
an amount sufficient to exhaust about $108.000.Cl. A stk. &
-Six New Complaints SubV. t. c. for
Aluminum Co. of America.
299,127
523,889
Class B
874,984
623.092 mitted Against Company.
Consumers' dep.
company has in
Notes pay., to be
Amendments to the original complaint, alleging that theof 1914 creating
liquidated on
six instances engaged in practices in violation of the Act charged in the
addition to violations
sale of secure.
the Federal Trade Commission in
the Federal
5,447,000
pledged
original complaint against that company were submitted to
Deferred Habits_ 1.284,913 1,286,211 Trade Commission Sept. 24. by Richard P. Whiteley, Attorney for the
Deprec.,renewls
Commission.
The first amendment
dr replay. res_ 16.539,421 11,040,817
Four amendments were offered by Mr. Whiteley.
Act against
Fed'l & State inapplied to the first count, charging violation of the Clayton
626,503
451.064 unlawful restraints and monopolies, and was of minor importance No
come taxes...
Contingency gc
raised by the respondents
objection was
charges
854.278
other reserves 1,560.034
The remaining amendments fell under the second count, which
Act. The
unfair practices in violation of the Federal Trade Commission
count charges that the Aluminum Co., has em255,489,367 189,537.986 second paragraph of this
Total
255,489,367 189,537,986
Total
a scheme to gain monopoly of the said castings industry of the United
x Represented by (157,868 no par shares. y Represented by 830,140 ployed by using six specified practices.
States
-V. 127, p. 1392.
of this
y
no par shares.
The second amendment would insert in the introductor clause pracparagraph the words "and is now using, among others, the following
-Trustee.
Utilities Service Co.
same insertion is made in paragraph 3, which charges
tices, to wit." The
The Seaboard National Bank of the City of New York was recently a monopolistic scheme to gain,by specified practices monopoly of aluminum
appointed trustee of an issue of let lien 6% gold bonds, series A, and of an raw material, of aluminum ingots and sheets, of secondary aluminum, and
r 614% cony, gold debenture bonds, series A. See also V. of aluminum fabricated products.
issue of 10-yea
opposed
127, p. 1677, 1528.
The chief of counsel of the Aluminum Co., William W. Smith, limits"
the
these amendments on the grounds that they would "remove
heretofore placed in the investigation of the complaint. to other charges,
INDUSTRIAL & MISCELLANEOUS.
"If 'among others' is to allow testimony with respect
be omitted entirely and the respondent
-American Brass Co., Sept. 24, advanced the specific charges might as well against it," declared Mr. Smith.
Brass Raises Prices.
American
silver products, in- be not acquainted with the charges
price 34 cent a pound on all brass, copper and nickel
offered would add six specified practices to those
The last amendment
cluding seamless tubes. On Sept. 22 the company advanced copper wire listed under paragraph 3 in the original complaint. These practices charge
and cable prices 34 cent a pound. "Wall Street Journal", Sept. 24, p. 14. the respondent with acquiring all bauxite deposits where there might be
-Plan to create merger of soft coal
$200,000,000 Coal Merger Abandoned.
competition, with acquiring water-power or riparian rights, with preventing
companies in Virginia and West Virginia abandoned. New York "Journal others from entering the aluminum business by representing itself as in
of Commerce," Sept. 28.
market, with restricting substantial competition in foreign
-London control of the America, with transferring aluminum to its subsidiaries
London Tin Prices Advances on Announcement of New Combine.
aluminum in
cable, Sept. 27, says: Following the announcement that 16 important below production costs, and of selling aluminum alloy products at prices
a profit.
Malayan tin companies, controlling 12% of the total world output, had
than cost or less than competing producers can sell the same at
Mr. Whiteley.
combined, another sharp rise in the price of tin took place in the London less
These amendments were moved at this time, declared
Metal Market to-day. The price ofspot metal advanced E3 to £226 58. Per because the original complaint was not known to the Commission's counsel
of £16 per
and because, to be proven, new eviton, making a total rise over the past fortnight Increased ton.of
sale ordinary at the time it was filed on July 11925,
have to be introduced.
Matters Covered in "Chronicle" of Sept. 22.-(a)
dence which must come from the respondents would by Mr. Smith on the
August,
life insurance in United States duringSecretary I. 1582. (b) Country's
proposed amendment was made
Opposition to the
Jardine urges farmers to
unrelated charges. Paragraph 3 in the
trade in August. p. 1583. (c)
foreign
and wood pulp production ground that it introduced 6 new and to monopolize through four kinds of
hole wheat, p. 1585. (d) Falling off in paper
original complaint charged a scheme
wage demand-general
in July, p. 1587. (e) Copper producers faceof metal, p. 1590. (f)increase acts taken against competitors, all of which acts are closely related and
Return
as result of raise in price
he said.
likely to be sought
at conference on alleged to constitute said scheme,
nding reached
declared, the "scheme" which in the
of W. C. 'Seattle from abroad-understa
By the amendments, Mr. Smith
-question as to
conduct with respect
World's ell problems of desirability of regulating output
original complaint has to do only with alleged wrongful
Venezuela production. p. 1592.
1810
FINANCIAL CHRONICLE
[Tor,. 127.
to shipments, is expanded into "schemes" which have
no relation whatUpon this site the company is erecting a 3
soever to shipments.
-story fireproof theatre, store
and commercial building at a cost of $450,000.
To allow entirely new allegations after a complaint has been filed
This building will be conand three
years have been consumed in taking testimony,Is unfair to the respondent. structed entirely of fireproof steel and reinforced concrete with granite and
terra cotta trim, in Spanish type, and from an
continued Mr. Smith. Mr. Smith further declared that the amendments
architectural standpoint
will be one of the outstanding edifices of the
sought to bring before the Commission private litigation now
City of Anderson.
pending
The north portion of the building
courts, citing suits brought against the Aluminum Co. by George D. In the
Haskell theatre of the latest type, containing will be devoted to a moving picture
or by the Baush Machine Tool Co. of which Mr. Haskell is President
in
and a rooms on either side of the lobby. The excess of 1,600 seats, with storeDirector.
south half of the building will be
Two of these suits had been brought by Mr. Haskell in the United devoted to mercantile storerooms.
Income -The theatre portion of the building
States District Court of Massachusetts and Southern New York,
has been leased and will
res- produce a gross rental of $28,000 per
pectively. while a third was brought in the Massachusetts District Court
by tile portion of the building has been annum, and the income of the mercanthe Baush Co.. ho said. The suit of Mr. Haskell in the Massachusett
conservatively estimated at $37,000, a
s total gross income of $65,000 per annum,
court will probably be decided this winter, declared Mr. Smith.
whereas expenses of every nature
The Chairman of the Commission, W. E. Humphrey. questioned the have been liberally estimated at $29,000 per annum, leaving a not income
advisability of the Commission's admitting new allegatoins which would available for the obligations of the preferred stock of $36,000 per annum,
or double maximum dividend charges.
virtually bring the pending Haskell case before the Commission.
Sinking Fund.-Company agrees to pay monthly
Mr. Whiteley, while admitting that "most of the allegations in the amendto the underwriters as
ment were now." declared that they were "tied up with other charges in the fiscal agents for the first preferred stock, one-twelfth of the amount necessary
to meet each year's dividend and retirement
original complaint and bore directly on the case."
requirements.
"We should have the facts in this amendment so the findings of the ComAtlantic & Pacific International Corp.
mission will cover the whole case," asserted Mr. Whiteley.
--Financial
Mr. Humphrey stated that the Commission must have some evidence for Statement.
the basis of admitting the amendment,and suggestedithat it might be better
The statement as of Aug. 31 1928, shows 27.6%
of the corporation's
for Mr. Whiteley to file a motion for a new complaint.
resources in cash and call loans compared with 46%
in cash and call a few
"I do not believe that is necessary," replied Mr. Whiteley, adding that weeks earlier. The company which operates
sufficient evidence for the proposed amendments was in the record. The trust, had its investments distributed as as an international investment
of August
Commission made no decision, but took the case under advisement.
47.8%, preferred stocks 7.6%, common stocks 17%, 31 as follows: Bonds
money on call 16.5%.
Among the principal features of the amended complaint is an addition money in banks 11.1%.
which charges that "discrimination in price between purchasers of
Government securities comprised 11.3% of
sheet aluminum or of virgin aluminum ingots by respondent was not virgin public utilities 15.7%, banking institutions 8%resources, industrials 32.6%.
made
on account of the differences in the grade, quality or quantity of the com- ally, distribution was as follows: United Statesrailroad 4.8%. Geographicand Canada 64%,including
modities sold, nor did it make any due allowance for difference in the cost 27 issues and its cash and call loans;
of sale or transportation, nor was it made in good faith to meet competition 3.5% in 2 issues; Hungary, 2.8% inGermany, 23.9% in 20 issues; France,
two issues; Japan, 2.3% in 2 issues;
nor in the selection of customers in bona fide transactions."
Austria, 2.1% in 3 issues; Italy, 1.1% and Jugoslavia,
0.3% in 1 issue each.
In another instance the amended complaint reads as follows:
-V.127, p. 263.
(e) The company seeks to purcha.se or acquire and does acquire wherever
possible all bauxite deposits where the obtaining or use of the same by anAtlas Plywood Corp.
-Acquires Canadian
other has or would subject respondent to substantial competition in the
The corporation has acquired for cash the properties of Company.
the Bedford Mfg.
production of virgin aluminum ingots.
Co. of Waterloo, Que. The plant of the latter
(f) It seeks to purchase or acquire and does acquire wherever possible wood veneer mill, Ralph M. Buck, President will be equipped as a plyof the Atlas company, anwater power or riparian rights where the use of the same by another has or nounced. The main mill building will be in
operation by November, with a
would subject respondent to substantial competition in the manufacture of weekly production capacity of 400,000 square
feet of
alumina or aluminum or aluminum alloys or aluminum products.
duty of about 30% on American plywood products plywood. There is a
entering Canada.
-V.
(g) It seeks and endeavors to prevent others from entering Into the 127, p. 1530.
manufacture of alumina or aluminum or aluminum products by representing
Backstay Welt Co.
that respondent controls the market for both foreign and domestic alumi-New Financing.
num.
New financing is expected shortly
(h) It seeks and endeavors to and does control the market for foreign stock. The company, an Indiana consisting of 30,000 shares of common
aluminum within the United States thereby restricting substantial com- ship formed in 1889 and supplies company, is the outgrowth of apartnerapproximately 60% of the demand of the
petition in said foreign aluminum within the United States.
automobile industry for welts, gamps,
(i) It transfers virgin aluminum metal to its agents and (or) its subsidi- for trimming, weather-stripping and molding and binding used principally
elimination of noise and friction.
aries. at an arbitrary price below the cost of production or below the selling
The financing is to be made by
price of said metal to competitors of its said agents or subsidiaries engaged in & Co.,and Ralph A. Bard & Co. Fletcher American Co; Minton, Lampert
the production or manufacture and sale of aluminum alloy sheets and (or)
aluminum alloy products.
Baltimore Brick Co.
-Bond Retirement, &c.
(j) It makes sales of aluminum alloy sheets and (or) aluminum alloy
In explaining the decision of the board to retire
all bonded indebtedness
products to manufacturers or fabricators of said aluminum alloy sheets and at the same time defer preferred
dividends, President Carroll Van Ness
or aluminum alloy products at prices approximating the actual cost of made the follov,log statement:
manufacture or at prices less than the cost to the respondent of manu"The funds necessary to retire the issue have come largely
from the sale
facturing the aforesaid aluminum alloy sheets and (or) aluminum alloy prod- from time to time of real estate owned
by the
ucts: and (or) at prices lass than competing producers or manufacturers of has been removed, and from other real estate company from which the clay
no longer needed in the operaaluminum alloy sheets or aluminum alloy products can sell said aluminum tion of the company. The company's
corporate mortgage wisely provided
alloy sheets or aluminum alloy products at a profit, taking into considera- that a portion of the proceeds of
such
tion the cost to the said competing producers or manufacturers of virgin acquire additional clay lands, of which sales of real estate could be used to
aluminum.
-rho trustee has purchased a large the company has availed itself.
(k) The practices of respondent as set out in this paragraph and in the market, and interest on these bonds portion of the bond issue in the open
subparagraphs thereof have been made and are being made for the purpose from the sale of real estate and in has been used to augment the proceeds
turn applied to the acquisition of bonds.
and (or) effect of unfairly harassing the competitors of respondent or of 'rho outstanding bonds. with July 11929,
and subsequent coupons attached.
respondent's subsidiaries or for the purpose and (or) effect of gaining and are payable on and after Jan. 11929.
The Jan. 11029 coupons should be
maintaining a monopoly of aluminum raw material, or aluminum ingots detached and collected in the usual
manner.
and sheets, or secondary aluminum, or of aluminum fabricated products
"During the last
years up
or aluminum alloy products throughout the United States and with the paid on the preferred stock at 6% „to April 1 1928, dividends have been
per annum,
effect of suppressing competition or of creating or tending to create or regular dividend rate and paying 1% per annum thus taking care of the 5%
on account of
maintain a monopoly.
tion, in this way reducing the accumulated dividends from the accumula-V. 127. p. 108.
82% in 1923.
to 74,' in 1928. As the semi-annual dividends of 3%
each, paid respecAmerican Commercial Alcohol Corp.
-Definitive Bonds. tively in Sept. 1927, and March 1928, were
The National City Co. W. M. Schall & Co. and Bower, Pogue. Pond & surplus, and as the current earnings of thepaid largely out of accumulated
Vivian, announce that definitive 1st mtge. bonds are ready for delivery in themselves to warrant the payment of the 6 company are not sufficient in
months' dividend now duo, the
exchange for interim certificates at the office of the National City Co.. directors have decided that it would be wise
to conserve the resources of
52 Wall St., N. Y. City.
the company until such time as business conditions,
which have not been
These bonds, which carry Stock purchase warrants giving the holder satisfactory for nearly two
the right to purchase 5 shares of common stock for each $1,000 bond at See also V. 127, p. 1679. years, warrant the resumption ofsuch dividends,"
a price of $30 per share compared with current quotations of $70 a share,
were offered in April of this year at 98 and int. to yield 6.20% and are now
Barnsdall Corp.
-Resumes Dividend.
-The directors
selling at approximately 112. (For offering, see V. 126, p. 2793.)-V.127, have
declared a dividend of 50 cents per share, payable
. 125.5.
American Eagle Aircraft Co.
-Financing.
-
Public financing for the company will shortly be announced by a banking
pr3up headed by Billings. Ward & Co. The American Eagle Aircraft Co.
Is at present preducing 18 planes a week and Is reported to have on hand
270 unfilled orders. Financing will provide funds for additional plants
and equipment which will enable the company to increase their output
four times.
American Ice Co.--Earnings.-
Oct. 31 to holders of record Oct. 10. The last previous
dividend was 2Y-2% in class A stock on Feb. 6 1928. A
similar stock distribution was made on Nov. 11927., while
on Apr. 5 and July 15 1927, quarterly cash payments
of
6232 cents per share (232%) were inade.----V. 127, p. 955,
685.
Blaw Knox Co., Pittsburgh.
-To Increase Stock.
-
August earnings of the company before Federal taxes and depreciation
The
were S1.151,463. This represents an increase of 43.1% over August of stock stockholders will vote Oct. 11 on increasing the authorized common
from 360.000 shares, par $25, to 1,500.000 shares of no
last year and was the best month in the company's history.
par value.
-V. 127. p. 412.
Pres. Charles C. Small says: "In both July and August the company's
earnings reached new high peaks. The hot weather of these months was a
Bendix Corp. (III.)
-Tenders.
favoring factor, although the results of other months have also been good.
The Union
For example, earnings for the first 8 months of the present year, before until Sept. Trust Co.. trustee, 7 South Dearborn St., Chicago, Ill. will
-year 6% sinking'
Federal taxes and depreciation, have amounted to $3,872,000, an increase secured gold29 receive bids for the sale to it of 5
fund
notes to
of 27.5% for the same period of last year. It now appears that the cur- not exceeding 101 andan amount sufficient to exhaust $100,000, at a price
'
int.-V. 127, p. 1393.
rent year will be the company's best.'
The directors have declared the usual quarterly dividends of 134% on
Black & Decker Mfg. Co.
-Dividend Dates.
the preferred stock and 50 cents a share on the common, both payable
The quarterly dividend of 25c. per share recently declared
Oct. 25 to holders of record Oct. 5.-V. 127, p. 1678.
on the common stock is payable Sept. 29 to holders of record Sept.
21. Previously
American Sumatra Tobacco Co.
-To Increase Stock.
- quarterly dividends of 20c. per share were paid on this issue. Compare
V. 127, p. 1679.
The stockholders will vote Oct. 17 on increasing the authorized common
stock (no par value) from 175,000 shares to 225.000 shares.
(E. W.5 Bliss Co.
-Plans Aero Motors Production.
A 3% stock dividend has been declared on the common stock, subject
Production ofthe Bristol"Jupiter"airplane motor probably will
be started
to the approval of the above proposed increase, payable Nov. 15 to holders in the United States
before the end of the year by this company, which
of record Nov. 1. See also V. 127, p. 1678.
was
recently given an exclusive license for the manufacture and sale of
the engines
American Trustee Share Corp.
-Div. on Ser. B Shs.- in this country, it is announced. Two model motors from the plants of the
Bristol Airplane Co., Ltd. at Bristol, England, have arrived
in this country
The Diversified Trustee Shares have declared a semi-annual dividend of and will be given exhausted
87.196 cents per share on the series II shares, payable Oct. 1. This brings inary to the beginning of tests by the United States Government prelimmanufacturing operations by
the annual dividend for 1928 to $1.30355.-V. 126, p. 3931.
Changes in the Bliss plants are being speeded up to the Bliss company.
the new motor on a large scale as soon as the tests permit production of
American Wholesale Corp.
are completed. The
-Preferred Stock Called.
"Jupiter" engine
All the 7% cum. pref. stock has been called for redemption on Jan. 2 radial air-cooled is considered the most highly perfected motor of the static
type.
1929 at 110 and div. at the Central Union Trust Co., 80 Broadway, N. Y.
The Miss company, which
City. Books for the transfer of the preferred stock will be closed on and of various types of machinery.is one of the oldest American manufacturers
operates plants In
after Dec. 18 next.
-V. 127. p. 550.
Mich., Salem and Cleveland, 0., and in ParisBrooklyn, N.Y.,Hastings.
and London.
-V. 127. P•
826.
Anderson (Ind.) Theatre Realty Co.
-Preferred Stock
-The Meyer-Kiser Bank, Indianapolis, recently
Offered.
offered at par and div. 8300,000, 67 1st preferred stock.
0
Blue Ribbon Ltd., Winnipeg.
-Initial Common Div.
-
The directors have declared an initial quarterly
dividend of 50c. per
share on the common stock, no par value, payable
Oct. 1.
The stock is to be secured by a new theatre, store and commercial buildThe directors have also declared a quarterly dividend
(No. 2) of 1%
ing in the heart of the business district of Anderson, Ind., held under a on the 615% cumul. cony. red.
,
pref. stock (par $50), payable Nov. I %
-year leasehold, valued, with theatre fixtures, at $500,000.
to
99
holders of record Oct. 15. An
The stock is dated Sept. 1 1928, due annually Sept. 1 1930-1943. Divs. on the pref. stock on Aug 1 last.initial dividend of like amount was paid
-V. 127, p. 412
payable Q-M. Callable at 101h up to and incl. Sept. 1 1934, and at 101
thereafter.
Boeing Airplane Co.
-Operations in August.
Location and Building.-Company has acquired on advantageous terms the
A 61% increase in eastbound air mall from the San Francisco
Bay cities
99
-year leasehold estate in an irregularly shaped piece of ground at the north- over the Boeing Air Transport, Inc., for
the
east corner of 12th and Meridian Sts., Anderson, Ind. This plot has frontage by W. G. Barron. Vico-President in charge month of August Is reported
of traffic. Total poundage o
of 114 ft. on Meridian St. and a depth of 120 ft. on 12th St., and in addi- Pacific Air Transport planes flying
between Seattle and Los Angeles intion to the square thus formed, an additional plot 72 by 58 feet in the rear creased 71%. Eastbound mall
of the Meridian St. frontage. thus providing an "L"shaped piece of ground. ing July totaled 9,519 pounds carried by Boeing Air Transport duras compared with 15 402 pounds for
This location is in the very heart of Anderson's business section.
August. During July the Pacific Air Transport coast lino
carried 8.890
not
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1811
pounds. August loads totaled 15,170 pounds. Northbound mail on the entitled upon surrender of your certificates of deposit. There will be no
charge to depositing stockholders. All expenses in connection with the proPacific Coast exceeded southbound mail in volume by about one-third.
During July there were 181 passengers carried by the Boeing Air Trans- posed plan will be paid by Central Aguirre Associates.
All communications to the committee should be addressed to J. B. Keyes,
port, Inc.
An air mail route direct from Chicago to Atlanta cutting many hours Secretary, 45 Milk Street, Boston, Mass.
Contmittee.-Charles G. Bancroft, John Farr, Charles G. Meyer and
Southfrom the transit time of letters and express from the far West to the
east, will go into operation within the next 6 months, according to the terms James H. Post -V. 127. p. 1680.
of a contrct awarded recently by Postmaster-General New to the Inter-Dividend.
Central Atlantic States Service Corp.
state Airlines, Inc.. of Chicago. The route is 790 miles long, and passes
The directors have declared the regular quarterly dividend of 131% on
through Terre Haute, Evansville, Nashville and Chattanooga. with a spur
with the the 76' cumul. pref. stock, payable Oct. 1 to holders of record Sept. 25.from Evansville to St. Louis. It will make connection at Atlanta
°
Atlanta-New Orleans route, and with a route to be established from Atlanta V. 126, p. 2152.
-Minneato Miami. Connection will he made at Chicago with the St. Paul
-Registrar.
Checker Cab Mfg. Corp.
polis line, Kansas City, and with Boeing Air Transport, transcontinental
trunk line which feeds all lines serving the Pacific Coast. The new line will be
The National Bank of Commerce in Now York has been appointed regis-V. 127. p. 1531, 1107.
-hour schedule, which is an average of more than 100 miles per trar of the common stock.
flown on a 7
-V. 127. p. 111.
hour.
-Listing.
Borden Co.
The New York Stock Exchange has authorized the listing of 15,416
additional shares of capital stocx (par $50) on official notice of issuance,
in part payment for the assets and business of Thompson's Malted Milk
Co. and its associated company, Thompson's Malted Milk Co. of Canada.
Ltd.; and 8,000 additional shares of capital stock, on official notice of
issuance, in payment for the assets and business of Clover Leaf Milk Co.,
making the total amount applied for to date 1,250,348 shares (of an aggregate par value of $62,517,400).
All of said stock: is, or will be when issued, full paid and non-assessable
with no personal liability attaching to stockholders.
Under authority of resolutions duly adopted by the board of directors,
at a meeting held Aug. 7, the officers of the company authorized the following transactions:
(a) The purchase by the company of all the assets and business of Thompson Malted Milk Co.. Wisconsin. and of Thompson's Malted Milk Co.
of Canada. Limited, part payment to be made by the issue and delivery
of 15.416 shares of capital stock of the company, and the assumption
by the company of all liabilities (excepting certain tax liabilities) of each
of the corporations existing at the time of purchase; and further payment to be made by furnishing funds for the redemption at the earliest
practicable redemption date of $492,500 preferred stock (par value $25
per share) of Thompson's Malted Milk Co., redeemable at $27.50 per
share and divs., and the payment by the company in cash for certain
specified inventories of raw material, coal and supplies on hand at the
time of closing.
(b) The purchase of all the assets and business of Clover Leaf Milk Co.
(III.), payment to be made by the issue and delivery of 8,000 shares of
capital stock and the assumption by the company of all lianilities (excepting certain tax liabilities) of the corporation existing at the time of pur-V. 127, p. 1531.
chase.
-Stock Decreased.
Boston Rubber Shoe Co.
-Produces 5,000,000th Car.
Chevrolet Motor Co.
The company produced its five millionth car, Sept. 8, a little more than 8
months after the four millionth car was produced. Jan. 11. Early this
month the company passed its 1927 record of slightly more than 1,000.000
cars. It required a little more than 10 years for the company to build its
firso 1,000,000 cars. The last 4.000,000 were produced in a little more than
5 years, and the last 2,000,000 in a little less than 20 months.
During the first 6 months of this year, the company sold 50% of all automobiles sold in its price class, against 40% in 1927. The following record
shows when the company passed the successive millionth marks:
Car No. 1,000 000, Feb. 27 1923; Car No. 2,000,000, July 10 1925; car
No. 3,000,000, Jan. 12 1927; car No. 4,000,000, Jan. 11 192S: and car No.
5,000,000, Sept. 8 1928.
-V. 127, p. 1107.
("Wall Street Journal.")
-Bonds
Clark--Howard Business Block, Chicago.
Offered.-Greenebaum Sons Securities Corp. is offering
8,650,000 1st mtge. 6% bonds secured by the Clark-Howard
Business Block, a 6-story and basement building of fireproof construction located at the Southeast corner of Clark
& Howard Sts., Chicago. The bonds mature from Sept.
15 1930 to Sept. 15 1940 and are priced to yield 5.47 to
6% according to maturity.
-Debentures Offered.
(J. R.) Clark Co., Minneapolis.
Kalman & Co. and Merchants Trust Co., St. Paul, Minn.
are offering $250,000, serial 6% gold debentures at 100 and
interest.
The company has filed with the Massachusetts Commissioner of Corporations and Taxation articles of amendment whereby the authorized
capital stock is reduced from R5,000,000. par $100, to $1,000.000, by the
-V.123, p. 2144.
purchasti for retirement of 40,000 shares of stock at par.
-Extra Div.
Boston Woven Hose & Rubber Co.
The directors have declared an extra dividend of $1 per share on the
common stock. payable Dec. 15 to holders of record Dec. 1. The regular
quarterly dividend of $1.50 per share was paid on Sept. 15. The company
on Nov. 15 1927 paid an extra dividend of $2 per share on this issue.
V. 125, p. 1976.
-Extra Dividend.
Bullard Machine Tool Co.
The directors have declared an extra dividend of 50 cents per share on
the common stock, no par value, payable Oct. 15 to holders of record
Sept. 29. An extra dividend of like amount was paid on July 31 last.
,
The directors also declared the regular quarterly dividend of 373," cents
per share on the common stock, payable Sept. 29 to holders of record
Sept. 18.-V. 127. p. 551.
-Initial Dividend.
Canada Foundries & Forgings, Ltd.
An initial quarterly dividend of 373 cents per share has been declared
on the class A shares, no par value, payable Oct. 15 to holders of record
Oct. 1. This stock was recently issued in exchange for the recently outstanding 7%, pref. stock on the basis of 4 class A shares for each pref.
share. Soo V. 127, p. 264.
-3% Back Div.
Canadian Fairbanks-Morse Co., Ltd.
The directors have declared a dividend of 3% on the pref. stock on account of accumulations, in addition to the regular quarterly dividend of
both payable Oct. 15 to holders of record Sept. 29. A similar dis13.1i
tribution on account of arrearages was made on Mar. 15 and July 16 of this
-V. 120, p. 3932.
year.
-Extra Dividend.
Canadian Industries, Ltd.
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend or 50 cents per share on the
common stock, no par value, payable Oct. 31 to holders of record Sept. 30.V. 127, P. 551.
-New Officers.
Canadian Westinghouse Co.
n. U. Hart has been appointed Vice-President and Chief Engineer and
-V. 126, P• 2970.
George R. Kerr Vice-President and Treasurer.
-Recapitalization Plan.
Central Aguirre Sugar Co.
The following letter, dated Sept. 20 1928, has been sent
to stockholders:
You are a stockholder in Central Aguirre Sugar Co., a Porto Rican corporation which at the present time has outstanding 180,000 common
shares (liar $20). A number of the larger stockholders, who together own
more than a majority of the outstanding shares, think it advisable that the
present par value shares be exchanged for new no par shares on the basis of
four new shares for each share now held. As the laws of Porto Rico contain no provision for the issue of no par shares by Porto Rican corporations,
it has been proposed that a new holding company be formed in the United
States and that the present stockholders tean.sfer their present holdings to
the new company and receive in exchange four no par common shares of
the new company for each share so transferred.
The formation of such a holding company requires no official act on the
part of the officers or directors of the company. Ilowever, directors have
felt that the demand of stockholders for a new holding company was sufficiently urgent to justify them in taking the initiative. They have accordingly considered the matter in conjunction with your officers and executive
committee and have come to the conclusion that the proposal has merit,
and that sufficiently substantial advantages will accrue to the stockholders
to justify this action. Consequently directors have designated an informal
committee to take such steps in the matter IIS they deemed to be advisable.
The committee has accordingly organized a new company in the nature
of a voluntary association under a declaration of trust called Central Aguirre
Associates, with authorized transferable certificates consisting of 720.000
no par common shares which will be sufficient to accomplish the proposed
exchange.
The committee has designated United States Mortgage & Trust Co.,
55 Cedar St., N. Y. City, and the First National Bank of Boston as depositaries and you are requested to mail or deliver your present shares to one of
these depositaries on or before Nov. 1192S. All stock certificates deposited
should be endorsed in blank, or be accompanied by duly executed stock
transfer powers. Transfer stamps need not be attached. The committee
has executed a deposit agreement dated Sept. 20 1928 and has filed an original copy with each of the depositaries. This deposit agreement sets forth
in detail the terms and conditions of the deposit and is open to your inspection. You will become a party to this deposit agreement by merely depositing your stock. A transferable certificate of deposit will be issued to
you by the bank in which you make your deposit.
It is sincerely hoped that all stockholders will deposit their shares. Unless the holders of at least 80% of the outstanding shares deposit their stock
certificates within the time limit specified ,or within such extended time limit
as the committee in its discretion may determine, Central Aguirre Associates
will not be put into operation. If Central Aguirre Associates is not put
into operation, your present stock certificates will be returned upon surrender of your certificates of deposit. If 80% of the shares are deposited
and the committee determines to carry the plan into effect, you will receive
to which you are
in due course the shares in Central Aguirre Associates
Dated Oct. 1 1928; due serially Oct. 1 1929 to 1938, both incl. Principas
and int. payable (A. & 0.) at the Merchants Trust Co., St. Paul. Minn.,
trustee and registrar,without deduction for any normal Federal Income
taxes up to 2% per annum . Denom. $500 and $1.000c*. Red. all or part
of 1% for each
on any int, date on 30 days' notice, at a premium of
year or fraction thereof of unexpired term, but at a minimum or 27.
Company is the country's largest manufacturer of ladders and household
woodenware, producing a complete line of both of these items. Its principal
products are ironing tables, stepladders, extension ladders, clothes racks,
and skirt and pastry boards, manufactured under exclusive patents, and
These products
featuring the nationally advertised "Rid-Jid"brand.
enjoy a nation-wide sale through leading jobbers, department stores, mail
order houses, electric power companies, &c.
Business was founded in 1878 and incorp. in Minnesota in 1889. management having been in the hands of the Clark family for 3 generations. The
operations of the company have been profitable every year but one for the
past 50 years.
Earninos.-The following is a statement of the net earnings of the company (adjusted for certain non-recurring interest charges) as certified by
Ernst & Ernst, accountants and auditors.
1925.
1926.
1927.
1924.
1923.
Cal. YearNet earns. bef. deprec.$148,499 $116,890 $225,307 $163,906 $192.161
19,091
15,561
13,921
13.090
Depreciation charges_ 12,519
175,069
148,344
211.446
103,800
Net earns aft. deprec. 135.980
annual net earnings after depreciation but before Federal taxes, for
The
-year period averaged over 10 times maximum interest requirethe above 5
ments on these debentures, and for the year 1927 were over 11.6 times
such requirements.
-year period ending Dec. 31 1927, have
The company's net sales for the 5
averaged in excess of $1.000.000 per year.
-The consolidated balance sheet as of June 30 1928, adjusted to
Assets.
give effect to the issuance of these debentures, shows net tangible assets
available for these debentures of approximately $4.000 for each $1,000
debenture. The net current assets amount to over $1,1100 for each $1,000
debenture.
-Suit.
Claude Neon Federal co.
Claude Neon Federal Co. and Claude Neon Light's, Inc., Sept. 21 filed
in the District Court of the United States for the Northern District of Illinois, Eastern Division, suit for a permanent injunction and for an accounting against the Q. R. S. Co. and Lu-Mi-Nus Signs. Inc., covering the
manufacture, lease or sale of Neon Tube signs. The suit is based on the
Georges Claude patent, No. 1.125.476, System of Illuminating by Luminescent Tubes. Motion was also filed for order to show cause why a preliminary injunction should not issue against Q. R. S. Co. and Lu-Mi-Nus
Signs, Inc. The motion is based, in part, on a decision of the U. S. Circuit
Court of Appeals for the second Circuit, (New York) holding the Georges
Claude patent in suit, No. 1.125,476 valid and infringed.
-Contract.
Club Aluminum Utensil Co.
The company has entered into a contract with International Silver Co.
of Meriden.Cann.,one of the largest silverware manufacturers in the world,
to supply its organization with Rogers Bros. 1817 silver plate, hich will
be sold on a club plan similar to that used in merchandising of its aluminumware.
President William A. Burnette states that a subsidiary sales organization
has been perfected to distribute this widitional product, in large volume
enabling the company to compete satisfactorily with ordinary retail prices
and still maintain its regular margin of profits.
Two new products have been selected by the Club Aluminum Utensil
Co. for addition to their regular lines of aluminum ware and Club Health
Products. Experimental sales tests will be started on these items during
October under direction of sales groups trained in the club plan used in
the merchandising of the company's proved products. Pres. William A.
Burnett° expects that sales of these new items will reach a volume suffi-V. 127, p. 957.
ciently large to place each in a separate department.
-Initial Preferred Dividend.
Columbia Baking Co.
The directors have declared an initial quarterly dividend of $1.75 a share
on the let pref. stock. payable Oct. 1 to holders of record Sent. 25. The
company WaS incorporated last May and in June absorbed the Southern
Baking Co. (V. 126, p. 3775.)
-Stock Increase, &c.
Columbia Graphophone Co., Ltd.
The shareholders, at their annual meeting, approved modification in
the articles of incorporation and approved an increase in the capital stool
to £2.800,000 by the creation of 4.000.000 new common shares of 10s.
par, each, to provide for a bonus and for general purposes.
Sir George Croydon Marks, Chairman, stated that the increase in the
reserve fund was due to exchange of shares of this company, at a substantial
premium, for shares of associated companies. Since the close of the financial year, the company has purchased 5 acres of land adjoining the main
London factory and is erecting a new plant which will be ready for production during the coming season. Sec also V. 127. p. 1681, 1531.
-Listing.
Commercial Investment Trust Corp.
The New York Stock Exchange has authorized the listing of 21,966
additional shares of common stock (no par value) on official notice of
issuance or payment in full, in the acquisition of common stock and pref.
stock of Peierls, 13uhler & Co., Inc., making the total amount applied for
513.466 shares.
The corporation will issue 16.466 shares of Its common stock in consideration for a majority of the common stock of Peieris. Buhler & Co.. Inc.,
and, in connection with the completion of acquisition of the remaining
common stock and not less than 76% of the pref. stock of Peierls, Buhler
& Co., Inc., the corporation will issue from time to time 5.500 shares o
1812
FINANCIAL CHRONICLE
its common stock for cash consideration to be fixed by the board of directors, but in no event to be less than the stated value of the shares of corn.
stock of the corporation. Contracts providing for such purchase and the
purchase of not less than 76% of the pref. stock of Peierls, Buhler & Co..
Inc., were entered into on Aug. 30 1928.-V. 127, p. 1394.
Continental Terminals, Inc. (& Subs.).-Bal. Sheet
May 1 1028.A33e13-Plant, property & equip,ent_511,622,754
Cash
1,205,561
Ctfs. of deposit
162,248
Customers accounts
32,515
Secured loans
447,065
Deposit for Fed. taxes
2,795
Invest. & miscell.
102,425
to sub. cos. aset._Adv
27,495
Preted ins., rentals,taxes,ete. 1,234,100
LtattUtties$1,064,400
Preferred stock
x270,537
Common stock
9,470.000
Funded debt
Notes payable
109,051
7,169
Accounts payable
Acct. Int. on bonds
51,296
Accr. payrolls, taxes & ins._
27,139
Common etk. deliverable
5,662
3,831.704
Surplus
Total
Total
$14,836,959
x Represented by 269,760 no par shares.
-V. 124, p. 3074.
$14,836,959
Corticelli Silk Co.
-Obituary.
Louis de Barth Gardiner, Vice-President, died suddenly Aug.22 at Mount
Vernon, N. Y.
-V. 127, p. 1257.
-Expansion.
Cox Stores Co., Inc.
The company is about to complete negotiations for the acquisition of
several large chains operating in contiguous territory, which will be merged
with the company, it is stated.
-V. 127. p. 1681, 828.
Crown Cork & Seal Co., Inc.-Bal. Sheet June 30 1028.
(United States operations only.)
LiabiliSiesAssets
Land bldgs.& machinery_ __ 15,213,757 Capital stock
:57,522,495
Cash
973,977 Sinking fund bonds
5,500,000
Notes & accts. receivable_ _ _ _ 2,164,814 Notes payable
497,860
2,400,496 Accts. pay. accounts, &c_ _ _
Inventories
165,775
34,791 Notes & prey,for pay. of cerPrepaid insurance
Investment in subs.,&c
tamn assets
1,970.780
255,800
1.765,555 Reserves
Patents & patent rights
24,172
Deferred expense
587,119 Surplus
1,145.187
$15,111,289 Total
Total
$15,111,289
x 145,500 no par shares of $2.70 pref. stock and 275,000 no par share
Common stock.
-V. 127, p. 1257.
Crum & Forster Insurance Shares Corp.
-Stock .1Xv.The directors have declared a 5% stock dividend, payable Nov. 5 in
class B common shares to stockholders of record Oct. 25 1928.
Cuban-Dominican Sugar Co.
-Bonds Called.
The National City Bank of New York, as trustee, 55 Wall St., N. Y.
City, will redeem Nov. 1 next. $113,500 of 1st lien 20
-year sinking fund
73.% gold bonds, due Nov. 1 1944, at 110 and int.-V. 126, p. 1987.
Curtiss Flying Service, Inc.
-Transfer Agent.
The Equitable Trust Co. of New York has been appointed transfer agent
for the common stock. See V. 127,p. 1532, 1681.
-Acquisition by Purity Bakeries
Cushman Son's, Inc.
Corp.
-Terms of Exchange of Stock.
-See Purity Bakeries
Corp. below.
-V. 127, p. 414.
Dayton Rubber Mfg. Co.
-Earnings.
J. A. MacMillan, President and General Manager, reports that the
net profit of the company for August, before depreciation and taxes, was
$141,303.-V. 122. p. 3647.
-New Directors.
De Forest Radio Co.
Three directors have been added to the board of directors, namely: Powel
Crosby, Jr. (President of the Crosley Radio Corp.. Cincinnati, O.).'Vincent
Bendix (President of the Bendix Corp., South Bend. Ind.), andP. Chauncey
Anderson (of the law firm of Pendleton, Anderson, Iselin & Riggs, New
York). The original board of directors included the following: A. J. Drexel
Biddle, Jr. (Chairman), Victor C. Bell, James I. Bush, P. L. Deutsch,
James W. Garside (President), Orlando P. Metcalf, Wiley R. Reynolds,
Harris Hammond, and Arthur B. Westervelt.
President Garside, at the annual stockholders' meeting, reported rapid
progress m re-equipping the company's large plant in Jersey City, and in
securing the engineering and production personnel, as well as building up an
efficient business and sales organization. The plans for the coming year,
which include a steadily increasing production until an annual vacuum
tube production of 5,000,000 is attained, were discussed and received the
full approval of the representatives of the stockholders.
-V.127, p.828.
Devoe & Reynolds Co., Inc.
-New Chairman.
It is announced that de Lancey Kountze has been elected Chairman of
the board of directors, replacing Dr. I. W. Drummond,resigned.
-V. 127.
p. 1395.
Distillers Corp.-Seagrams, Ltd.
-Initial Dividend.
-
[VOL. 127.
The earnings for the eight months ended Aug.31 1928 are equivalent after
preferred dividends to $3.11 per share on the common stock. This compares with $2.39 per share for the same period in the preceding year.
The corporation in August purchased and canceled 800 shares of its 7%
cumulative preferred stock, thus reducing the amount of preferred stock
outstanding to $920,000 par value.
-V. 127, p. 1681.
Empire Oil & Refining Co.
-New Refinery.
Plans were announced last week by officials of the Cities Service Co. for
the construction of the ninth oil refinery for the Cities Service organization.
The refinery will be built for the Empire Oil & Refining Co., a subsidiary.
at a point in the upper Mississippi Valley, probably in eastern Iowa. It
will be the fifth plant for the Empire companies.
The refinery. which will contain the latest and most modern equipment.
will be built to supply the rapidly growing demand in the upper Mississippi
Valley for Empire refined products, which are distributed by the Cities
Service Oil Co., a subsidiary. The latter company now serves 1,400 communities in 13 Middle Western States with Cities Service oils and gasolines.
The new refinery will have an initial capacity ef 10.000 barrels of crude
oil daily, and this capacity will be increased at an early date to 20,000 barrels
-inch all-welded oil pipe line will be built from Augusta, Nan.,
0
the refinery. This line will have an ultimate maximum daily capacity to
daAily1
of
40,000 barrels of crude oil.
The Empire now owns and operates refineries at Ponca City, Cushing
and Okmuigee, Okla., and at Gainesville, Texas. Other Cities Service
refineries are at Titusville, Pa.: Petty Island, Philadelphia, Pa.. and East
Braintree, Mass.
-V. 126, p. 1360.
Federal Mogul Corp., Detroit, Mich.
-Stock Offered.
Baker, Simonds & Co., Inc., are offering 40,000 shares
common stock (without par value).
Dividends are at the rate of $1.20 annually, payable Q.
-J. Transfer
agent, Detroit dc Security Trust Co., Detroit. Registrar. Union Trust
Co., Detroit.
CapitalizationAuthorized.
Outstanding.
8% cum. partic. pref. stock MOO par)
$400,000
a3240,000
Common stock (without par value)
150,000 shs.
she.
a This stock has been called and will be retired Dec. 1 1928130,000 porfrom a
tion of the proceeds of this financing.
Data from Letter of J. H. Muzzy, Chairman of the Board of Directors.
History and Business.
-Corporation was incorp. May 1 1924 in Michigan
and is the outgrowth of the Muzzy Lyon Co. and the Federal Bearing &
Bushing Corp., the two companies having merged on the above date. The
business has grown to its present proportions through reinvestment of earnings, except for the proceeds of an issue of $240,000 of 8% cumulative
participating preferred stock.
The principal business of the company consists of the manufacture and
sale of the following commodities: Bronze back Babbitt lined bearings.
die cast Babbitt bearings and bushings, bronze bushings, bronze washers,
bronze castings. Babbitt metals, bronze bars-cored and solid. These
products are void mainly to manufacturers direct , its principal customers
being automobile and associated companies
The company manufactures and sells to between 900 and 1.000 customers
replacement bearings for practically all standard engines that have been
built. It also sells to the car distributors, service stations and repair
shops a re-babbitting and boring machine. In addition to its domestic
business, the company has developed a profitable and rapidly expanding
foreign business.
Assets.
-The balance sheet after giving effect to this financing as of
Aug. 311928,shows total assets of $1,929,705: current assets, of $1,019,192.
as compared to current liabilities of $226,649,a ratio of 4 Si to 1. Although
the company holds many valuable patents and has expended considerable
sums for advertising to build up the business, patents and good-will are
carried a. $1. Net tangible assets are $1,370,563. equivalent to $10.54
per share
t
Sales and Earnings -The net sales and net profits of the corporation,
after deducting all expenses including adequate depreciation, and after
deducting Federal income taxes, have been as follows:
Year Ended Dec. 31Sales.
Profits.
Earns. per Sh
1925
$3,693,411
8370.264
52.84
•
3,814.570
359,748
2.76
11992276
3,933,446
130,207
1.00
1928 18 months)
3,395.953
327,634
2.52
Reduction in earnings in 1927 was primarily due to extra expense Involved in the rearrangement of several important departments, the building
of an addition to Plant No. 1, and the installation of new factory and machine equipment. Earnings in 1928 prove the value of these changes.
Dividends.-DIvidends in excess of S450,000 have been paid by the company during the above period of three years and eight months Dividends
will be paid at the rate of $1.20 annually, payable quarterly on Jan., Sic.
The initial dividend will be paid Jan. 1 to stockholders of record Dec. 15
Purpose -The sale of this stock does not represent any new financing by
the company except for the retirement of the preferred stock, but is simply
a purchase of part of the interest of the present stockholders.
Application will be made to list this stock on the Detroit Stock
Exalstinngge.
i ila
1
s
s.
Fidelity Home Investment Co.
-Bonds Offered.
-Smith,
Hull & Co., Inc., Minneapolis ore offering at par and int.
$500,000,6% guaranteed first mtge. collateral gold bonds.
Both principal and Interest are guaranteed by endorsement of the Metropolitan Casualty Insurance Co. of New York. Denom.
$500 and
$100. Principal and int. payable at principal office $1,000, Chatham
of the
Phenix National Bank & Trust Co., Now York, trustee. Callable all or
part on any int. date at 102 and int. if red, on or before 3 years from date:
at 101 and int. if redeemed on or before 5 years from date: at 100 and int.
thereafter. In event of default, all or part of the issue may be called by
the Surety company at par, plus int. Interest payable without deduction
for normal Federal tax up to 2%. Company agrees to reimburse
for State. county or city taxes not in excess in the aggregate ofthe holder
4% mills
on each dollar of the principal amount of said bonds, as provided in the
trust indenture.
Company.
-le engaged in the real estate mortgage loan business and in
the purchasing of first mortgages on improved city real estate. Company
operates in the larger cities and towns of Texas.
Security -Bonds are the direct obligation of the company and are spe-To Redeem Remaining Preference cifically secured by deposit with the trustee of real estate first mortgages,
Dodge Brothers, Inc.
trust deeds, and (or) instruments of like legal effect. obligations of the
Stock (About 14,000 Shares) at $105.
United States and (or) cash equal in the aggregate
not less
The corporation early this week announced that all but about 14,000 of the principal amount of the bonds outstanding.toThe firstthan 101%
shares of the 837,500 shares of preference stock formerly outstanding have deposited as security are all on fee simple improved or income mortgages
now been exchanged share for share for stock of the Chrysler Corp. and real estate and are approved as proper collateral for the bonds producing
that arrangements have been completed for calling for redemption at $105 by the Metropolitan Casualty Insurance Co. of New York, the of this series
guarantor.
per share and accrued dividends, this small residue of the preference stock,
Mortgages.
-The first mortgages pledged as security for the bonds of this
of the total stock.
amounting to about 1'A
series are in every instance the direct obligation of
make exchanges of Chrysler and are secured by first liens upon approved realthe owner of the property.
The corporation has therefore ceased to
estate properties
stock for Dodge preference stock and will proceed with the formal steps ing only of residences, small apartments, and incomeproducing consistproperties
for the redemption of the remaining preference stock. The next available owned in fee simple. Mortgages on special purpose propertiessuch
as inredemption date is Jan. 15 1929 and the redemption price on such date. dustrial properties, theatres. &c., are not acceptable.
-V. 127.
including accrued dividends, will amount to $108.50 per share.
First National Pictures, Inc.
P. 1681, 1395.
-Control-Earnings.
See Warner Bros. Pictures, Inc.. below.
-Acquisition.
(E. I.) du Pont deNemours & Co.
6 Mos. End, June 30acquired the alum plant of the North Hudson Chemical
1928.
The company has
1927.
Co., located at Albany. N. Y. Operation of the plant was taken over by Total operating income
$12,427,135 811,786.820
the duPont company Sept. 15. This acquisition gives the duPont company Net °peg% inc. after royalty exp., film exhaustion,
selling. gen. & adminis. exp.. de
two alum plants, the other being located at PhiMdelpnia. Sales of pro- Other
669,512
497.690
duction of both plants will no directed from the company's sales office in Profit income
160,853
185.994
after int. Fed. & State taxes. &c
-V.127, p. 542, 553.
709,032
New York. ("011, Paint & Drug Reporter.")
605,892
Commenting on the report. Warren C. Boothby. Treasurer, said:"During
-Bonds Offered.
the 6 month period we retired $760,000 of 6% purchase money
Eastern Offices, Inc.
notes.
$100,000 of 1st mtge. 61i
-V. 122, p. 98.
See Graybar Building below.
gold bonds and also 760 shares
pref. and
1,000 shares of 2nd pref. ..clavt A stock. The company's of 1st for the
surplus
-Bonds Called.
Electro Bleaching Gas Co.
period showed an increase of $666.719, bringing the total to $7,188,155.'
-V. 118, p. 207.
See Niagara Alkali Co. below.
-V. 127. P. 1533.
The directors have declared an interim dividend of 25 cents per share,
payable Oct. 15 to holders of record Sept. 30.
This company was incorporated on March 2 1928, as a holding company, to acquire stock of the Distillers Corp., Ltd., and of the Joseph E.
Seagram & Sons, Ltd.
In a letter to the shareholders, President William H. Ross states that
the directors have only drawn from the subsidiary companies such dive.
as are justified out of the profits of the 5 months' trading from March 2
to July 31 1928.
It is not intended to close the accounts of this company until Sept. 20
1929. which will permit of a further 12 months' results being obtained
from the subsidiary companies to July 31 1929, being the close of their
respective fiscal years, and a resolution to that effect was passed by the
directors at a meeting held on Sept. 19.
-Earnings.
Electrographic Corp.
Period End. Aug. 31- 1928-Month-1927.
$12.014
$19,087
Net profit. after taxes_ _ _
5,367
5.367
Prov. for 7% pref. diva_
Net profit available for
common stock
$13,720
56,647
1928-8 Mos.-1927.
$372,898
$297.133
46,200
46,200
$326,698
$250,933
(Wm.) Filene's Sons Co. Stocks Sold.- Lehman
Brothers and Lee, Higginson & Co. I ave sold $3,500,000
6%% cumulative preferred stock and 100,000 shares common stock. The preferred stock was offered at 104% and div.
and the C0111111011 at $38 per share.
et
SEPT. 29 1928.]
FINANCIAL CHRONICLE
Preterroo stock is preterred as to dividends and as to aisetA t 3 the extent
of $11u or snare ous diva, in the event of 1 q tidation• dividends payable
quarterly, cumulative from Oct. 1 1928; red, in whole or in part at any
time u,on 60 days' notice at $110 per share, plus diva. Company agrees
on or before Feb. 1 in each year be :inning with 1931 to acquire for retirement by redemption or purchase at not exceedin • the redemption price,
out of surplus or net profits after dividends on the pref. stock, at least
3% of the largest amount in par value of the pref. stock which shall ever
have been issued and outstanding. Pref. stock is subject to existing Preferred stocks called for rode option, with funds sufficient for the redemption
thereof deposited until April 1 1929 or in their prior retire nent, holders of
all except not more than $1,000.000 par value having already a greed to
surrender their shares for immediate retirement or reclassification.
CapitalizationAuthothed. Outstandino.
614 5:, cumulative pref. stock (par $100)
,2
'
$10,000,000 *$5.610.000
Common stock (no par value)
500,000 shs. 500,000 shs.
* Excluding $390,000 treasury stock.
-Company has ad:toed to make application to list both the preListing.
ferred stock and the common stock on the New York and Boston Stock
Exchanges.
Data from Letter of A. Lincoln Filene, Chairman, Boston, Sept. 25.
-Company through its main store in Boston and its 10 branch
Business.
stores and shops in other localities in New England, is en a ed in the retailing of clothing and accessories for men, women and children. The business, although thus specialized, ranks second in size among the retail department store enterprises of New England, being in my belief one of the
lar.est, if not the lar :est, of its kind in the country.
In 1856 William Filene, the founder, opened a store in Salem. Mass.,
and in 1881 a store in Boston, selling furs, gloves, veils, trimmines and
laces. In 1901 this business was taken over by Edward A. none and the
present Chairman under the firm name of 'William Filene & Sons. The
enterprise grew steadily in volume and scope, necessitating frequent additions to the space occupied.
In 1903 the business was incorporated in Mass, with a capital stock of
$150,000 under the present name of Wm. Filene's Sons Co. In 1906 the
capital stock was increased and some of the shares distributed to a number
of the executives.
In Sept. 1912 the Filene store moved into a new building at the corner of
Washington and Summer Sts., Boston. especially designed for the business,
covering about half of a city block and having eight stories and three basements. At the same time new merchandise departments, including complete men's shoes, were added. The result of this step was an increase of
over 75 in business during the first year, followed by a continued growth
which made subsequent ei•Vargements necessary during: ensuing years, until
the store now ranks with the larger stores of the country. During the last
10 years, small branch shops have been opened at Nerthampton. Wellesley, south Hadley, Hyannis, Magnolia and Falmouth, Mass.; Portland and
York Harb:r, Me., and Providence, R. I.
During the current year the company opened a three-Story and basement
store in W orcester, Mass., which is showing satisfactory results.
In 1923 the company purchased the common stock of the FreelandLoomis Co., an old-ostablished corporation operating two stores in Boston
under the name Continental Clothing House. These stores, retailing men's
clothing, furnishings, hats, and shoes, are now being profitably operated
under their original name.
-The net sales of Wm. Filene's Sons Co. and its net profits
Earnin 3.
after cieuucting all charges, including depreciation, and after Federal income taxes at the rate of 12% in lieu of Federal income and capital stock
taxes actually paid, as certified by Herbert F. French Co., public accountants and auditors, were as follows:
1928.
1927.
1926.
1925.
Net sales
$30,372,457 $28,473.565 $26,299.753 $25,723.908
Net profits as above_ --- 2,064,291
1,861,176
1.191,073
1,103,993
Times pref. div. requirement earned
5.6
3.2
5.1
3.0
Per share common
$3.39
$2.99
$1.65
$1.47
Balance Sheet as at Jan. 31 1928.
(After giving effect as of that date to the recapitalization of the company
and the sale of certain shares of preferred stock.]
Assets
Liabilities
Cash in banks and on hand- $1,641,179 Accounts payable
$97,346
Govt. and municipal bends
3.054,299 Accrued payrolls, rentals,
Acc'ts and notes receivable
commissions and dividends
121,104
less reserve
1.908,413 Federal and State taxes
278.753
Merchandise inventory
2.400,892 Reserve for bonus to officers
Securities of other companies
820.172
and employees
775,275
Fixed assets
1,861,136 614% corn. pref. stock
5,610.000
Deferred charges
929.270 Common stock (500,000 shs.,
Good-will
1
no par)
5,000.000
Surplus
734.886
1813
Comparative Balance Sheet.
AssetsJune 30'28. Dee. 31 '27.
Liant/isfes- June 30'28. Dee. 31'27.
Land. plant & eq_152.099,389 52,196.249 Capital stock
$2,440,262x$2,218,032
Cash
$438.653 5205,047 /keels payable228,071
151.535
Marketable secs
Reeve for taxes
186.021
24,746
78.508
Acets receivable_ 293,203
237,108 Accrued
25,005
18,259
Notes receivable_
8.750
1,122 Other curr. blab_
336
7,425
Inventories
481.626
500,496 Debenture bonds_ 588,000
828.000
Other curr. assets.
18,393
18,393 Land contract._ 120.000
140.000
G'd-will, pats.,&c.
1
1 Reserve for Gov't
Investments
22,635
22,635 taxes
174,057
Prepaid items_ _
25,000
35.628
Deferred charges
23,808
25.078
Total
• $3,600,477 $3,241,751
Total
$3,600,477 $3,241,751
x Represented by 40.000 shares of class A stock and 100,000 shares of
class B stock.
-V. 126, p. 4089.
General American Tank Car Corp.
-Subscriptions.
-
Subscriptions for the additional common stock, which will be offered
to common stocTholders of record Oct. 1 at $65 per share, are payable at
the Chatham Phenix National Bank & Trust Co., 149 Broadway, N. Y.
City. Sea also V. 127.p. 1683.
General Laundry Machinery Corp.
-Unfilled Orders,etc.
The corporation reports unfilled orders on hand as of June:30, 1928lammed
an increase of 100 over the same period of last year. Net earnings, after
depreciation, bond interest and taxes, available for dividends on the common
stock amounted to $184,773 for the six months ended June 30,1928. This
is equvalent to $1.84 a share, or at the annual rate of $3.24 a share in 1927
and $3.22 a share in 1926-V. 126, p. 2798.
General Motors Corp.
-President Sloan on the Outlook.
Among the passengers sailing Friday night (Sept. 21) on the
S. S. 'Olympic" for Cherbourg was Alfred P. Sloan Jr.,
President of General Motors. Before sailing Mr. Sloan
issued a statement on the outlook, which follows:
With two of my associates I am leaving for a month's absence on an
operating trip visiting the corporation's foreign subsidiaries. This is the
routine trip which is customarily made by a group of General Motors
executives at this time each year. There is no special significance to be
attached to it.
General Motors operations abroad are each year increasing in importance
both in their contribution to our total volume of business as well as to our
profit account. The American car is gaining rapidly in popular favor in
all overseas markets and it is our hope and ambition to obtain a larger
part of the market than vve now enjoy. It is expected that the corporation's total shipments overseas this year will be 290,000 cars and trucks.
This will involve a value to General Motors on a wholesale basis of approximately $265,000,000. We are confident that this is only the beginning
if we can measure up to the opportunity presented.
Conditions in general with General Motors at this time are satisfactory.
At no time have I felt more confidence in the future security of the corporation's position from every standpoint. Earnings are proceeding a an
excellent rate. For the first nine months of this year they will exceed
those of the entire year 1927, therefore, it appears reasonable to suppose
that we should report this year the largest earnings in our history.
Stocks of General Motors cars in the field are relatively the smallest that
they have been at this season for many years past. As a matter of fact.
in some lines there is a shortage which is handicapping us. Our new series
of cars recently announced-Cadillac, LaSalle and Buick-are taxing the
capacities of their respective plants. The favorable reception that Buick has
received has forced up production to over 1,300 cars a day
-a new record.
Cadillac and LaSalle have been especially well received, particularly the
new transmission and braking system. New records for production are
being established by the Cadillac plant yet demand Is in excess of supplyA new Oakland model will be announced in about three weeks, which I feel
sure will be well received. The trend may be judged by the fact that
retail sales of General Motors cars for the first eight months are 26% ahead
of the corresponding period last year. As a matter of fact, retail sales of
all important manufacturers in the automotive industry have continued
through the summer at an exceptionally good rate. In view of the above
it is very evident that there is reflected a general state of prosperity for
industry in general especially in view of the fact that practically all sections
of the country are contributing to the general result.
I appreciate that stockholders have in mind the possibility of some
readjustment in the corporation's capital structure-perhaps in the regular
dividend rate-at the forthcoming meeting in November. Nothing has
been determined or seriously discussed as yet and it is unlikely that the
matter will be given
for still
Total
$12,615,363 Total
$12.615,363 reasonable to suppose attention directors another month. However, it is
that the
will follow the precedent already
established of so rearranging
First Trust Bank, Inc., N. Y. City.
-Larger Extra Div. shares may be popularized to a the corporation's capitalization that the
reasonable extent in order that the stockThe First Fiscal Corp. announced that the directors of the First Trust
mak. Inc., have declared the third quarterly dividend as follows: A holders' list may be expended. It is to the interest of any corporation
regular of 123ic. per share and an extra of 5 Sic. per share to be paid to to enjoy broad distribution of its securities. It is also not inconsistent
with this thought that such a readjustment might carry with it an increased
stockholders of record Oct. 311928, payable on Dec. 11928.
Previous quarterly cash dividends paid are as follows: (1) June 11928. regular dividend payment.
So far as General Motors is concerned, I look forward to the balance of
1214c. per share regular; (2) Sept. 1 1928, 1255c. per share regular, and
,
the year and into next year with confidence.
-V.127, p. 1683, 1109.
236c. Per share extra.
Fisk Rubber Co.
-Defers Preferred Dividends.
-
General Vending Corp. of Va.-Stock Purchase Warrants.
F. J. Lisman & Co. have issued the following statement:
The directors on Sept. 27 voted to defer the quarterly dividends of
"We have received many inquiries from General Vending bondholders
i3% on the eumu I. 1st. preferred. cony. 2nd pref., and the cony. 1st pref.
stocks, due at this time. Dividends on the pref. stocks are cumulative at regarding the status of the stock purchase warrants attached to the bonds.
"We are pleased to advise you that provision has been made so that holdthe rate of 7% per annum. This rate was paid to Aug. 1, 1928.-V. 127. ers
of such warrants may, upon the exercise theerof, receive at their option
p. 1109.
two shares of common stock (votin- trust certificates) of'Cameo' for each
share of common stock of General Vending Corp. called for by such war(H. H.) Franklin Mfg. Co.
-Common Dividends.
The directors have declared a quarterly dividend of 50 cents per share on rants at the prices set forth therein.
"We would also advise you that Consolidated Automatic Merchandising
the common stock, no par value, payable Oct. 20 to holders of record Oct.
10 A like amount was paid on thfs issue on July 20 last, when the first Corp., 'Camco,' has unconditionally guaranteed the above mentioned
bonds.
disbursement on the common stock since fuly 1921 was made.
"In order to avoid the inconvenience to bondholders necessarily involved
John E. Williams, formerly merchandising and advertising counsel, has
in having the guaranty endorsed on the bonds, it has been arranged so that
been elected Vice-President in charge of sales.
-V. 127, p. 689.
no such endorsement is required and that instead a copy of the guaranty
agreement, a duplicate original of which is on file with the trustee, Central
Franklin Surety Co.
-New Directors.
Union Trust Co.,80 Broadway, N.Y. City,certified by Consolidated AutoLouis Carroll and Lazarus White have been elected directors.
-V. 127. matic Merchandising Corp.,
will be furnished by us to bondholders on applip. 1682.
cation to dealers from whom the bonds were purchased by them. A certified copy of said guaranty agreement has also been placed on fibo with each
Frink Corporation.
-Earnings.
-V.127. p. 1534.
The corporation reports net sales of $1.284,394. exclusive of Prank Realty Stock Exchange on which the bonds are listed."
Co., Inc., for the period from Nov. 7 1927 to June 30 1928. Manufacturing, selling, administrative expenses. &c., amounted to $1,102,256, leaving
Glidden Co.
-Listing.
a profit from operations of $182.138. Other Income, including proceeds
The New York Stock Exchange has authorized the listing of 100.000
from life insurance policy amounting to $100.000. less other deductions, additional shares of capital stock (no par value) upon official notice of
amounted to $133,891. leaving not profits before deducting bonuses, int. issuance and payment in full making the total amount applied for 500,000
charges, bond discount, depreciation and Federal taxes of $316,029.
shares. (See also V. 127, p. 1258.)
The report also shows total assets on June 30 of 52,974.650. of which
Consolidated Balance Sheet as of July 31 1928.
cash amounts to $73.434; marketable securities, at cost, $265.071; notes
[After giving effect to new financing.]
and accounts receivable, less reserve, $284.068, and inventories, at cast,
Assets
Liabilities
5414.124. Fixed assets, less reserve for depreciation, are carried at $822.086
good-will is carried at Si. Earned surplus was shown as $170,970, Ore lands & leases less depict_ $416,556 Prior preference stock
$6,972,200
while
Land
1,456,556 Common (no par value)
62,500,000
and capital surplus ;3141.266, making a total surplus of $312,236.
Earniu-s for the calendar year of 1928 are estimated as follows: net EtIdgs., mach.& equipment .7.178.703 Notes payable
952,000
1,044,180 Accounts payable. &c
923.236
sales, $2,010.356; Profit from operations. $285.085; other Income at $53,046; Good-will, trade marks, &c
Cash
888,813 Accr.taxes. bd.Int.,ins.,&o_
213,957
and net profit at $338,131 on an equivalent basis, but exclusive of proceeds Cost.
notes& acc'ts recelv. _ _ 3,903,874 01v. pay. prior pref.stock_ _ _
-V. 126, p. 1988; V. 125, p. 2816.
121,099
of life insurance policy.
Miscell. accounts receivable_
45,702 Federal taxes
40,199
Galena-Signal Oil Co. (Pa.).
-Selling Agreement.
Inventories
5,335,725 Mortgages payable
117,500
Other assets
-year agreement with the
839.402 First mortgage 6s(sub cos.) _ _
The company has entered into a 20
443.000
California under which the latter will market GalenaStandard Stock held for retirement__ - _
52,400 Reserve for gen.contingencies
Oil Co. of
oils and
396,078
397,290 Profit and loss
greases in the western part of the United States and certain foreign terri- Deferred assets
868,559
-V. 127. p. 1683, 829.
Paid in surplus
tories.
4.640,812
Unearned usrplus
1,478,696
Manufacturing Co.-Earnings.Gemmer
Earned surplus
1,891,847
Earnhys for the first 6 months of 1928 reported by the company amounted
Total
821,557,004
to 5335.398, after allowing for all charges, including Federal taxes. This
Total
$21,557.001
Is greater than the amount earned in the entire year 1927, amounting to
a After depreciation of $2,526,108 b 400,000 shares (no par value).
i81,185,and is in excess of 5 times the dividend requirements on the class A V. 127. p. 1534.
stock. These earnings are at an annual rate of $16.77 per share on tho
A stock and $5.50 per share on the class 13 stock, after allowing for
class
Gold Dust Corp.
-Rights.
class A dividends. If all the class A stock was converted into class B stock,
The common stockholders of record Sept. 25 have been given the right
earnings would be at the annual rate of $4.79 per share.
to subscribe on or before Oct. 15 for additional common stock (no par
1814
FINANCIAL CHRONICLE
value) at $80 per share in the ratio of one new share for each 2 shares held.
Subscriptions are payable at the New York Trust Co. 100 Broadway.
N. Y. City. The purpose of this offering is to reimburse'the company for
the acquisition of control of the American Linseed Co.
The stockholders will vote Oct. 15 on increasing the authorized common
-V. 127. p. 1534.
stock from 325.000 shares to 1,000.000 shares.
-Reopens
Goodyear Tire & Rubber Co., Akron, 0.
Offer Made to Preferred Stockholders.
The stockholders have been notified that the privilege of exchanging
preferred stock for 1st preferred stock on the basis of one share of the
4
former for 1 3 shares of the latter will be reopened for the months of Octo-V. 127, P. 948.
ber and November.
-Rights.
Gotham Silk Hosiery Co., Inc.
The common stJckholuers of record Oct. 1 N. ill be given the right to
subscribe on or before Oct. 22for approximately 220.000 shares of no par
value capital stock of the Gotham Knitbac Machine Corp. at $11 per share
on the basis of one share of Knitbac stock for each two shares of Hosiery
common stock held. Payment should be made at the National Bank of
Commerce, 31 Nassau St., New York City.
Holders of outstanding stock purchase warrants for common stock of the
Gotham Silk Hosiery Co., Inc.. will be entitled to rights accruing to holders
of common stock under this offer, only if they exercise their rights to purchase such common stock under such warrants, on or before the record
date. Oct. 1 1928.
Of the authorized 1,100.000 shares of no par value capital stock of the
Knitbac Corporation, 550,000 shares have been acquired by the Gotham
Silk Hosiery Co., Inc., without cost, and 300,000 shares will be issued to
the inventors. See also V. 127, p. 1683.
-To Increase Common Stock and
Granite City Steel Co.
Reduce Preferred Shares.
The stockholders will vote Oct. 5 on increasing the authorized common
stock (no par value) from 155,918 shares to 250,000 shares.
Following approval of this increase, the board plans to reduce the preferred stock to 82,000,000 from $4.000,000 by the purchase fo 20,000 shares.
Arrangements have been made to purchase this stock from Hayden. Stone
price. This arrangement is
& Co. at 101 or $4 a share under the callable to
sell their shares pro-rata
subject to the right of the preferred holders
to the company up to the amount to be purchased.
It is intended to use the proceeds of the sale of the common stock for
Announcement to stockholders states, however, that It is
this purpose
not proposed to issue at once all additional common shares If increase is
authorized. Stock to be issued will be offered common shareholders pro
-V. 126, p. 3457, 3764
rata to their holdings at a price to be determined.
-Rights-Realty Corporation
(W. T.) Grant Co. (Del.).
-President C. E. Freeman, Sept. 19,
to Retire Preferred Stock.
says in substance:
The directors have decided to sell 31.700 shares of unissued capital stock
without par value, and to give the stockholders the privilege of buying the
same at $70 per share.
The proceeds of the sale will be given to the W. T. Grant Co. (Massachusetts Corporation), the entire capital stock of which is owned by this
corporation, and that Company will in turn give as much of the same to the
W. T. Grant Realty Corp., the entire common capital stock of which it
owns, as it will require to enable that company to call in and pay off its
entire outstanding 7% pref.stock,and the balance will be used oy the W.T.
Grant Co.(of Massachusetts) for the purpose of opening new and additional
stores, &c.
The volume of business of the W. T. Grant Co. (of Massachusetts), the
.operating company, continues to increase. Two hundred stores are now in
result of these
operation, 43 having been opened since Jan. 31. 1928. As ahave increased
new stores together with the growth in the old stores sales year over the
more than 25 for the first seven months of the current fiscal year
ending
corresponding period last year. Sales for the entire fiscal
New
Jan. 31 1929 are conservatively estimated at over $53,000,000.
secured.
stores are being opened as rapidly as desirable locations can be 31 1929.
will he opened before Jan.
It is expected that 20 additional stores
The stockholders of record Oct. 1 1928 will be entitled to subscribe on or
before Oct. 30 for one share of the additional stock for each 16 shares held.
Subscriptions are payable at the Guaranty Trust Co.. 140 Broadway,
N. Y. City.
paid
Shares now offered to stockholders which are not subscribed for and price
for above set forth have been underwritten at a price higher than the
shares are being offered to stockholders.
at which the
Any stockholder desiring to sell his warrants for full shares or fractional
warrants, or to purchase fractional warrants in order to permit subscription
for full shares. may do so through Lehman Brothers, 16 William St., N. Y.
City or Blake Brothers & Co.. 5 Nassau St., N. Y. City. See also V. 127,
p. 1684.
Graybar Bldg. (Eastern Offices, Inc.), New York.
Bonds Offered.-Public offering was made Sept. 25 of an
issue of $10,500,000 1st mtge. leasehold sinking fund 5%
bonds, series A, by Halsey, Stuart & Co.; Harris, Forbes &
•Go., and Graham,Parsons & Co. at 92 and interest.
Dated June 1 1928, due June 1 1946. Interest payable J. & D. in New
York and Chicago. Red. all or part by lot on any int. date upon 45 days'
notice, at 103 to and incl. June 11933; thereafter at 102 to and incl. June
1 1938; thereafter at 1.01 to and. incl. June 1 1943, and thereafter until
maturity at par, plus int. in each case. Denom. $1,000 and $500 c*.
Chase 2,ational Bank, New York, trustee. Company has covenanted to
provide a semi-annual sinking fund for series A bonds, commencing Dec.
1 1934, in amounts sufficient to retire prior to maturity over 38% of the
principal amount of such bonds. Interest payable without deduction for
any normal Federal income tax not exceeding 2% per annum. Company
has agreed to reimburse resident holders of these bonds upon proper request within 60 days after payment, for the Penn. or Conn, personal prop4 Si mills
erty taxes, not in excess of 4 mills per annum; the Marylandannum, ortax:
for
the Calif. personal property tax not in excess of 5 mills per
not exceeding 6% thereof per annum.
the Mass,income tax on the interest,
-story Graybar Building, the equipment
-A 1st mtge, on the 30
Security.
.contained therein, and on the leasehold estate. The building and leasehold have recently been appraised by Horace S. Ely & Co. as having a
value of $18,000,000. On the basis of this valuation, these bonds constitute a 58% loan.
-Series A bonds have been issued and are secured
Mortgage Provisions.
by the same mortgage securing $1.500,000 of series 1.1 bonds (subordinate
incl.
In lien to series A bonds) maturing semi-annually Dec. 1 1928 to and
whereby all of
Dec. 1 1934. Provision has been made in the amortgage lien with series
may be placed on parity in
series B bonds, or part by lot,
shall
A bonds, when and to the extent that reappraisal of the property
indicate that the principal amount of the then outstanding series A bonds,
such
plus all series R bonds which heretofore shall have been placed onmortto the
parity, is less than 58% of the value of the property subject available for
defined in the mortgage)
gage; provided net earnings (as
14
bond interest, for a 12 months period within the immediately preceding
months, shall have been not lesa than 234 times the annual interest charges
bonds which have
upon,all the outstanding series A bonds, plus all series B all as provided in
theretofore or are then being placed upon such parity,
the mortgage.
-Halsey, Stuart &
Serial Mortgage Bonds Offered.
Co.,Inc
and Graham,Parsons & Co. are also offering $1,500,00
serial mtge. leasehold 5 y,% gold bonds, series B.
serially in
Series B bonds will be dated June 1 1928 and will mature
incl.
semi-annual installments of $120.000. beginning Dec. 1 1928 to and
maturing Dec. 1
June 1 1934. the remaining $60,000 principal amount 1 at the Chicago
Int. will be payable semi-annually June 1 and Dec.
1934.
deduction
and New York offices of Halsey, Stuart & Co., Inc., without
deductible at the
for any normal Federal income tax now or hereafter
2% per annum. Denom. $1.000 and $500 c*.
source, not In excess of
days' notice, at
Red.. all or part, by lot on any int. date upon 451933; thereafter following
at 102%
prices; Series A, at 103% to and incl. June 1to and incl. June 1 1943,
at 101%
to and incl. June 1 1938; thereafter principal amount, plus Int. in each
and thereafter until maturity at the
will agree to
case: series B at 103 plus int. prior to maturity. Company
reimburse resident holders of these bonds upon proper request within
[VOL. 127.
60 days after payment, for the Pa. or Conn. personal property taxes, not
in excess of 4 mills per annum: the Md. 4
tax; the Calif. personal
property tax not in excess of 5 mills per annum, or for the Mass, income
tax on the int. not exceeding 6% thereof per annum.
Data from Letter of John R. Todd, Pres. of Eastern Offices, Inc.
-The Graybar Building, completed in 1927. is one of the three
Property.
largest office buildings in the world. The site, comprising the area of al
entire block adjacent to the Grand Central Terminal, Is one of the most
central and accessible office building locations in New York City-the
building connecting directly with the Grand Central Terminal and the
subway lines converging at that point. In addition to the Graybar Electric Co., Inc., the largest distributor of electrical supplies in the United
States, many other nationally known organizations have offices in the bldg.
-A subsidiary of the New York Central RR. has leased to
Leasehold.
Eastern Offices, Inc., the site occupied by the building for three rental
Periods extending to Nov. 1 1988( subject to lessor's right to purchase the
building in 1967 at its then value) and the owner of the land during said
lease is to pay one-half the annual tax upon the land as if unimproved and
one-half of all assessments levied against the property for local improvements. The first rental period extends to Nov. 1 1946 or beyond the
maturity of these bonds, with a maximum annual ground rental, exclusive
of taxes,&c.,of$300.000. There can be no mortgage ahead of this leasehold.
-Earnings of the recently completed building, on the basis of
Earnings.
operating results to date and giving effect only to executed leases, have
been estimated by an independent certified public accountant, for the
year ending April 30 1929, as follows:
$2,847,414
Gross earnings
1,271,881
Oper, expenses, maint., insurance, ground rent & gen. taxes
$1,575,533
Net income, before depreciation & Federal tax
525,000
Maximum annual interest on series A bonds
78.750
Maximum annual interest on series B bonds
Approximately 9434% of the total net rentable area of the building has
been leased and it is expected that favorable leases with selected tenants
for the remaining space will be made within a short time. The average
life of the leases now in effect is approximately 934 years.
-The proceeds from the sale of these bonds, together with other
Purpose.
funds, have been applied toward the refunding of $10,000,000 of bonds
-V. 127. p. 1684.
bearing a higher interest rate.
-Meeting Postponed.
Great Falls Manufacturing Co.
The special meeting of the stockholders was adjourned to Nov. 23 1928.
because the special stockholders' committee, authorized to take such action
as was deemed expedient to liquidate the corporation, has not completed
-V. 126, p. 4090.
its report.
-Larger Dividend.
Guaranty Co. of New Jersey.
The directors have declared a quarterly dividend of 2% (20 cents Per
share), payable Oct. 1 to holders of record Sept. 20. On July 2 last, a
quarterly disbursement of 134% was made as compared with an initial
quarterly payment made on April 2 1928.-V. 126, p. 1988.
-Listing.
Harbison-Walker Refractories Co.
The New York Stock Exchange has authorized the listing of 1,440,000
shares of common stock (no par value) in exchange for the outstanding
360.000 shares of common stock (par $100), each share of the outstanding
common stock (par $100) to be exchanged for 4 shares of common stock
without par value.
Comparative Balance Sheet,
June 3028 Dee.31'27.
June 30'28. Dec. 31 '27.
$
$
Liabilities$
$
Assets6% preferred stock 3,000.000 3,000,000
Property account _35,634,972 27,453,003
Common stock _36.000.000 36,000.000
Betterments com2.527,535 3,684,038
5,959,281 Reserves
pleted
517,720 Accts. payable ___ 879,853 1,264,846
Bett. uncompleted
187,478
166,828
998,014 Pay rolls
Deterred charges.- 1.071.362
1,300.000
2.569.222 3,329.776 Bills payable
Inventories
6,068.957 5,878,841
Accts. receivable._ 2,789.068 2.348,760 Surplus
49,919
36,277
Notes receivable_ _
1.372,419 2,435,216
Cash
Total(ea.side) _49,943,173 50,016,103
Invest.securities.6.469,852 6,924,414
-V. 127, P. 1684•
-Business at New Record.
Hayes Body Corp.
"With 2,000 men working full time in its Grand Rapids plant, and 500
men working overtime in the Ionia plant, the corporaiton Is enjoying the
Hoagland.
best business in its history," according to President W. W.days ahead
"Delivery of Plymouth bodies to Chrysler began on Sept.18,five
of schedule, and delivery of De Soto bodies will begin Sept. 24," Mr. Hoagland reported. "Willys-Overland has increased its September schedule
100 bodies per day. Roo deliveries continuo as Per schedule, and Marmon
deliveries will begin in quantity Oct, 1."-V. 127, p. l684
HeightsIce Co -Trustee.--
The Seaboard National Bank of the City of New York was recently
appointed trustee of an Issue of 1st lien & purchase money 6% gold bonds.
dated June 1 1928.
-Regular Dividends.
Herman Nelson Corp.
The directors have declared the regular quarterly cash dividend of 50
cents per share, payable Oct. 1 to holders of record Sept. 18. A similar
distribution was made on July 2 last, prior to which quarterly dividends of
30 cents per share were paid.
to
A stock distribution of I% (previously declared) is payable Oct. 1the
holders of record Sept. 18. Like amounts were paid in stock in each of was
while in January last a 2% stock dividend
two preceding quarters,
paid.
-V.126, p.3457.
-Initial Dividend.
Hoyden Chemical Corp.
St Is announced that the directors have declared an annual dividend of
7% on the 7% pref. stock (for the year ended Sept. 30). payable Oct. 1
to holders of record Sept. 2.5. Last week it was erroneously stated that
the company had declared a quarterly dividend of 134% on this issue.
V. 127, p. 1684.
-Changes in Personnel.
Hupp Motor Car Corp.
Ala meeting of the directors last week, A. Von Schlegell, first vice-president and secretary-treasurer. resigned from active executive duties.
Hastings,
The board elected the following executive officers. Charles D.
Cole
chairman; DuBois Young, president and general manager; R. S.
formerly general sales manager, elected vice president, in charge of sales;
manager, elected vice-president in
W. S. Graham, formerly production
charge of manufacturing: Ralph R. Lyons. formerly comptroller, elected
treasurer, and George E. Roehm, formerly assistant secretary, elected
-V. 127. p. 1684.
secretary.
-Proposed Boyd ReHygrade Food Products Corp.
demption.During the latter part of November 1927, J. A. Sista & Co. offered
$1.000.000 1st & ref. mtge. cony.6% gold bonds. due Dec. 11937. at 9034
offering
and Int. (V. 125, p. 2944). Less than one year from the originalcommon
date, practically all of these bonds have been converted into
on or before Oct. 1 1928, a notice will be published, calling the
stock, and
remaining outstanding bonds at 105 and int, with the right to convert bonds
into stock continuing to redemption date, Dec. 1 1928. Each $1.000 bond
is convertible into common stocic at $17.50 per share or into approximately
-V.127, p. 961.
57 shares.
Independent Oil & Gas Co. Larger Dividend.
share
The dIre,ctors have declared a quarterly dividend of 3734 cents per
on the common stock, no par value, payable Oct. 31 to holders of record
company paid quarterly dividends of 25 cents Per
Oct. 15. Formerly the
share.
declaring
Pres. E. H. Moore stated that the Board felt warranted In due to its
this dividend in view of the satisfactory condition of the company
earning facilities as well as the confidence of the
additional and varied
Board in the future of the industry.
Including
"Net earnings for the current quarter, after all charges and to excftsi
earnings of recently acquired Manhattan 011 Co., are estimated
-V.127,p. 831,556.
$2,000,000." Pres. Moore said.
SEPT. 29 1928.]
FINANCIAL CHRONICLE
-Extra Dividend of $5.
Indiana Pipe Line Co.
The directors have declared an extra dividend of 10% (55 per share) on
the outstanding 55,000.000 capital stock, par $50 in addition to the usual
quarterly dividend of 2% ($1 per share), both payable Nov. 15 to holders
of record Oct. 26. In each of' the 5 preceding quarters, the company paid
an extra dividend of $I per share. On Dec. 22 1927 the company also
-V. 126, p. 4091.
made a special distribution of 30% ($15 per share).
Intercontinental Investment Corp.
-Initial Corn. Div.
At a recent meeting of the board, the corporation placed its common
stock on a dividend basis of $1 per share per annum, payable quarterly.
The first dividend of 25 cents per share will be payable Oct. 1 to holders of
record Sept. 25. This investment trust was organized Aug. 22 1927, at
which time preferred and common stock were sold in units, each unit
comprising 1 share of pref. stock of $100 par value and 4 shares of common
stock of no par value.
The directors also declared the regular quarterly dividend of $1.50 per
share on the preferred stock.
William A. Adams, Vice-President of the Alwyn Corp., N. Y., is a
director.
International Business Machines
Proposal to Change Par Value of Stock-New Well.
-
The directors have called a special stockholders meeting for Oct. 24. for
purpose of voting upon a proposal calling for a change in par value of the
outstanding common and preferred shares. The plan calls for an exchange
of 10 shares each of the outstanding $I par value common or preferred stock
for one share each of new common or preferred stock without par value.
Vice-President A. G. Wilkes announced that the company has Just
brought in a 5,300 barrel well in the Signal Hill field in California, where
the company is now said to be the third largest producer. Fourteen
additional wells are being drilled in this field under the direction of Robert
McKeon, Vice-President in charge of operations.
-V. 127, p. 1537.
Jewel Tea Co., Inc.
-Sales.
First 36 Weeks of1928.
1927.
1926.
1925.
Sales
$10,652,550 $9,784,849 $9,901,856 $9,411,823
Avge. no. of sales routes
1,103
1,091
1.070
1,038
Sales for the four weeks ended Sept. 8, 1928 amounted to $1,130.311
against 31.046.448 in the same period of the previous year, an increase of
$83.863, or 1.10%-V. 127, P. 1260.
Johnson Iron Works, Dry Dock & Ship
Corp.
-Bonds.
- Inc.
-Extra Dividend of 1%.
-
It is announced that $1.000,000 of the 30
-year 6% s. f. gold bonds,
due July 1 1941, will be retired on Jan. 1 next. There are at present
-V. 127. P• 556.
$5.327.500 of the bonds outstanding.
International Germanlc Co., Ltd.
-Dividend No. 2.
The directors have declared a regular quarterly dividend of 75 cents
per share on the preference stock, payable Oct. 1 to holders of record
Sept. 25. An initial dividend of $1.50 per share (covering the first two
quarters of 1928) was paid on this issue on July 2 last.
-V.127. p. 692,556.
International Paper Co.
-Awarded Govt. Contract.
-
The international Envelope Corp., a subsidiary, has been a.arded the
contract for supplying the U.S.Post Office Department with 12,800,000,000
stamped envelopes and newspaper wrappers for the four-year period commencing Jan. 11929.
The International Envelope Corp. was the lowest bidder with a bid of
513.209,793. which was $105,000 below the bid of the present supplier.
The paper will be supplied by the International Paper Co. and the en velopes will be made by International Envelope Corp., in which it is understood the Standard Envelope Mfg. Co.of Cleveland has an interest.
This contract is another step by the International Paper Co. towards
diversification of products. The company has grown from a 5100,000,000
company in 1924, when its principal product was newsprint, to the proposed 5550.000,000 company which will come into existence when the new
holding company, the International Paper 8z Power Co. is formed and
takes over the additional New England Power Association stock. More
than half of the new company's assets will be public utility Properties and
the balance well diversified, including plants producing newsprint, writing
and book paper, envelopes, sulphite pulp for rayon, sanitary napkins,
wrapping paper, bags, cement sacks, wall board, mulch paper, and many
other products.
Completing Paper Bag Plant at Bastrop, La.
Machinery is now being installed in the paper bag plant which the International Paper Co. is building at Bastrop. La., and the plant will soon
be in operation. Of a daily capacity of 35 tons of grocery bags, the
plant will be owned and operated by the Continental Paper & Bag
Corporation. a subsidiary. It is being built in conjunction with one of the
two kraft paper mills of the International at Bastrop. and will use a part of
the product of that mill in the manufacture of paper bags.
With bag plants at Rumford Falls, Me.: Brooklyn, N. Y.; Wellsburg,
W. Va.; Marinette. Wis.: and Ottawa, Ont.; the International Paper Co.
ranks as one of the largest manufacturers of paper bags in the world.
V. 127. p. 1536.
International Printing Ink Corp.
-Earnings.
-
1815
Building Co.,
The directors have declared an extra dividend of 1% in addition to the
usual quarterly dividend of 2% on the preferred stock, payable Oct. 1 to
holders of record Sept. 26.-V. 124 p. 932.
Jordan Motor Car Co., Inc.
-Listing.
--
The New York Stock Exchange has authorized the listing of 74.000
additional shares of common stock (no par value) on official notice of
Issuance and payment in full, making the total amount applied for 200,000
shares.
The 74.000 shares are to be offered for subscription to common shareholders of record Sept. 25, In proportion of .5873 additional share for each
share then held. The subscription price for the additional shares is $8 per
share, payable in full oefore the close of business on Oct. 15, when right to
subscribe expires.
Payment for stock subscribed is to be made at the office of company,
1070 East 152d St., Cleveland, 0., and Chase National Bank, New York
City.
The subscription has been underwritten by bankers who have agreed to
take, at the above price, all shares not subscribed for. The underwriting
commission is $1 per share on the full number of shares offered.
Proceeds derived from the sale of the above-mentioned additional shares
will be used as working capital and for its corporate purposes.
Income Statement for the 6 Months Ended June 30 1928.
Number of automobiles sold
2.355
Net value of automobiles sold
52,729.943
Net value of parts sold
158.768
Total net value ofsales
$2.88.c,712
Interest earned & other income
4,323
Total income
32.893,035
Cost of goods sold, excl. of depreciation
2,734.167
Selling, admin. & general exp. incl. other charges against income_
376.978
Depreciation
200,756
Net loss
$418.867
Comparative Balance Sheet.
June 3028. Dec.31'27
AssetsJune30'28 Dee.31'27.
Liabilities$
$
$
$
146,743
90, 406 Notes payable__ -- 187,881
Cash
262,473
428.871 Ace. pay. di seer.
Notes &accts. rec 262,367
Inventories
y629.454
998,284
accounts
1,162,254 1,020,495
Miscel. notes, ace.
Discounted drafts
365.026
claims, dm
83.024
116,507 Other liabilities__ 379,300
400.000
z1,059.522 1,244,753 Res, for conting __
assets
Fixed
50.000
13.600
Contracts, plans,
Pref. stock
925,250
925.250
300,000 Common stock
300.000
spec., &c
x1.868.478 1,868.478
77,234 Front ez toss Burp
48,920
Deferred assets
Deficit
2.043,134 1,599.267
2,530.029 3.256.056
Total
Total
2,530,029 3,256.056
x Represented by 126,000 no par shares. y Less 587,030 allowance for
shrinkage. z Less 5344,701 for depreciation.
-V. 127. p. 1684.
The corporation in the first earnings statement since its consolidation of
four leading ink manufacturers, reports consolidated net profits for the six
months ended June 30 1928 of 5870.779, equivalent after allowing for six
months' dividends on the preferred stock to $2.58 a share on the common
stock now outstanding. Earnings for full year 1927, based on results of
predecessor companies, were $1.694,470, equivalent to $4.98 a share on the
common stock. Consolidated sales were 59.137,992 for the first six months
ended June 30 1928, compared with $16.836.386 for the full year 1927.
The consolidated balance sheet at June 30 1928 shows current assets of
$8,543,250 as compared with current liabilities of 52,490,696.
Jessup & Moore Paper Co.
-Balance Sheet June 30.
John M. Tuttle, President, says that sales of the corporation for the two
months ended Aug.31 1928 ran 10% in excess of sales during the correspond[As filed with the Massachusetts Commissioner of Corporations.]
ing period of 1927. and two of the operating subsidiaries, Queen City
Assets-1928.
1027.
Mobilities1928.
1927.
and 'Philip Ruston, Inc. reported sales for August in excess of any month :Plant & fixtures_S7,340.058 $7,323,635
Capital stock
$3,598,700 83,633.200
in their history. Since t:he consolidation on May 31 1928, important plant
591,181
641,909 5
-year gold notes._ 600.000
600,000
improvements have been made and operating economies effected. Further Merchandise
1,395 Accounts payable_
426
Notes receivable._
151,164
developments include the expansion of the laboratory division and the con130,413
365,137
327,588 Mortgages
Accts.receivable
2,250.000 2,250.000
centration of raw material purchases.
103,238
105,529 Notes Payable-- 480,000
Cash
380,000
The regular quarterly dividends of 62% cents per share on the common Securities
200
200 Surplus
1,393,170 1,460,713
and $1.50 per share on the preferred were declared Sept. 17, payable Nov. 1
Castilla 1st pf.s. f..
90,614
80,394 Int., taxes & accr.
to holders of record Oct. 15.-V. 127. p. 1537.
Unexp. Maur. and
expenses
36,833
42.955
miscellaneous _ _
19,013
16,631
International Safety Razor Corp.
-Outlook.
Total(each side)..$8,509.867 $8,497,281
All indications point to 1928 as a record year for the corporation, with
x After deducting reserves for depreciation.
net profits for the year amounting to about $650,000 an increase of 50%
-V. 125. a. 1589.
over 1927, according to Pres. A. H. Bryant. This would exceed $4 per share
Kaufmann Department Stores, Inc.
-Listing.
on the 135,000 shares of no par "IV' stock, after provision for dividends of
New York Stock Exchange has authorized the listing of 600.000
The
$2.40 per share on 40.000 shares of class "A" stock. Earnings in 1927 shares of common stock (par $12.50)
on official notice of issuance in examounted to $423.187, equivalent to $2.42 per share on the clsass "B" change for outstanding
certificates of $100 par value.
-V. 127. p. 116, 418.
stock.
Mr. Bryant stated that it IS likely that the present annual dividend rate
Kemsley, Millbourn & Co., Ltd.
-Deposits.
of $2 per share on the class "B" stock may be increased to $2.50, or on
The company announces that over 61% of the authorized issue of cem.
extra distribution made, in the near future. Plants of the company, it is stock has been deposited with the National Bank of Col.mores in New
stated, are at present operating at capacity. As soon as production facilities York for exchange for the common stock of the
Commercial Credit Co. of
have caught up with present demand, the company will enter upon a Baltimore at the rate of 34 share of
national advertising campaign which should make itself felt in increased Commercial Credit. The time limitKemsley, Millbourn for one share Of
for the exercise of the right of exsales volumes and net earnings during 1929.-V. 127, p. 1111.
change will expire 3 p. m. Monday, Oct. 1. and according to the announcement no extension of the time limit is contemnlated.-V. 127. p. 1260,
International Salt Co.
-Tenders.
-Kendall Co.(Formerly Kendall Mills).
The United States Mortgage & Trust CO.. trustee, 55 Cedar St., N. Y.
-Stock Div., ctc.
City will until Oct. 10 receive bids for the sale to it of 1st consol. collat.
The company has filed with the Massachusetts Commissioner of Corportrust mtge. bonds to an amount sufficient to exhaust $92,344 at a price not ations and Taxation articles of amendment whereby 384,358 no par shares
Including 105 and int.
-V. 127. p. 557.
are to be issued as follows: 244,358 as a stock dividend; 40.000 shares for
cash and 100.000 shares for patent rights, trade marks, copyrights and
International Silver Co.
-Contract.
good will -V. 127. p. 1537.
See Club Aluminum Utensil Co. above.
-V. 127. p. 1398.
Iron City Sand & Gravel Co.
-Listing.
-
The Baltimore Stock Exchange has authorized the listing of $1,100,000
,
1st (closed) mt.e. 6% sinking fund gold bonds.
-V. 127. p. 1537.
Irvin Cobb Hotel, Paducah, Ky.-Bonds Offered.
The Louisville National Bank & Trust Co. and Block,
Fetter & Trost, Louisville, Ky. are offering $400,000
bonds at par and int.
1st (closed) mtge. 6% serial gold '
Dated Oct. 11928; due serially Oct. 1 1929 to Oct. 11938. Principal and
int. (A. & 0.) payable at the Louisville National Bank & Trust Co., Louisville, Ky., trustee. Denom. $500 and 31.000. Red. all or part on any int.
date upon 60 days' notice at a premium of 2% in addition to principal
and interest.
The Irvin Cobb Hotel will be situated on the corner of Sixth and Broadway. Paducah, Ky. The property has 88 ft. fronting on Broadway and
165 ft. on Sixth St. The hotel, to be completed about February 1929, will
be eight stories in height and contain 201 rooms, all equipped with bath.
The hotel will be of Old English style of structure and of fireproof construction.
These bonds will be a direct obligation of Adolph Well and secured by
a closed first mortgage on the land and by the hotel building now being
erected. Foe simple ownership is guaranteed by the Louisville Title Co.
The hotel has been leased for 25 years at an average not rental which
will show earnings of approidmately 234 times the interest requirements
on the total issue of bonds. The lessee will pay all State, county and
municipal taxes on the property and premiums on insurance.
-Initial Div., &e.
halo Petroleum Corp. of America.
An initial annual dividend of 7% has been declared on the 7% pref.
stock, payable Nov. 1 to holders of record Oct. 15.
Its
Kendall Mills, Inc.
-Stock Dividend.
-
See Kendall Co. above.
-V. 127, p. 1684, 1538.
(G. R.) Kinney Co., Inc.
-Sales Increase.
-
President E. H. Krom authorizes the following: "Sales for the current
quarter to date (July .August and September to the 17th) show an increase
of $339.854, or 9.94% over the corresponding period of last year. July
had an Increase of 4. 7% over last year; August 11.31% over last year,
while September sales to the 17th were 16% over last year. With the
exception of only 3 days for this quarter, sales of the company have been
ahead of the corresponding day last year."
-V. 127. a. 1685, 1398.
Kraft-Phenix Cheese Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of $188,475
additional common stock (par $25) on or after Oct. 1 1928, as a stock
dividend, making the total amount applied for 512.890,850.
Income Account, 7 Months Ended July 31 1928.
Net sales, excluding inter-company transactions
339,861,830
sales
Cost of
34.288.818
Selling, administrative and general expenses
3.899.186
Net operating profit
$1,673,826
Miscellaneous income (net), including Kraft-Phenix Cheese Co.
equity in undistributed current earnings of directly controlled
non-consolidated companies
Dr.8.081
Interest charges
275,101
Net income
$1.390,643
preferred stock, excluding equity of Kraft Cheese
Dividends on
Co.of Illinois
8,545
Net income before Federal taxes
51,382.098
1816
FINANCIAL CHRONICLE
[VOL. 127.
the An kg-Oriental Agiumg Ccrp.. the Tin Selection Trust and the London
Consolidated Balance Sheet.
[Including only those companies whose common stock was 100% owned Tin syndicate, which are already associated In the most powerful combination of tin producing companies in the world.
at July 31 1928.
The new combine, which is called the London Malayan Tin Trust, Ltd.,
July 31 '28. Dec.31 '27.
July 31'28. Dec.31'27.
will have an authorized capital of £2,000.000 of which 1,249,000 shares of
$
Liabtlittess
5
Assets$
.£1 each are to be offered for public subscription shortly. It will control 16
Notes pay., banks
Cash in banks and
and brokers __.10,546.500 3,925,000 imoortant Malayan companies which hold an aggregate of more than
on hand
1,458,627 1,617.763
780,000,000 cubic yards of proved dredgeable alluvial, with reserves
Notes & accept'ces,
Customers' notes
26,500 exceeding 260,000 tons of tin oxide, valued at more than £40,000,000. The
100,390
trade
& seals receivqe 5,365,932 1,894,283
associated companies own a fleet of 20 of the largest and most modern tin
Debella.(due 1929) 1,000,000
Sundry notes and
105.450 dredges in the world and control between them approximately 12% of the
76,999 Emprys•8% debs. 107.400
awls receivable 984.445
845.503 total world output.
/keels pay.. trade_ 1,607.911
Raw mans, goods
The new trust has been formed by the Anglo-Oriental Mining Corp. and
48,641
In process, &c_11,220,864 7,811,307 ;keels pay.,sundry 339,625
43,250 the London Tin Syndicate in association with W. P. Hammon and Newton
25.750
Mortgages payable
Prepaid expenses,
Cleveland, senior members of the Yuba Associated Engineers of San
119.601
154,883 Accrued expenses- 254,516
ins. prem., &c__ 458.604
254,712 Francisco, which manaze some of the largest alluvial dredge mining fields
404.811
Res to Fed. tax
Officers'& employ.
in the world, together with F. G. Pratten and Malcolm Newman, directors
64,919 Das. due 1930-31 4,000.000
notes & awls__
of Alluvial Tin (Malaya) Ltd.
25.000
Mtge. pay., 1930_
Notes rec. & trade
The board of directors will consist of John Howeson, Chairman of AngloEquity of pref.
acc'ts of assoc.
177.283 Oriental Mining Corp., Sir Alfred Henry Ashbolt, Chairman of the Harbour
stockholders ___ 228.546
871.229
840.171
companies
36.391 Tin Dredging Group, Sir William Daniel Henry, Chairman of the Tin
44,471
Scrip outstanding_
Investments. asso12,552,150 9,167.425 Selection Trust, W. P. Hammon, senior member of the Yuba Associated
1,437.579 1,400.714 Capital stock
elated cos
07,192 Capital surplus
3.883,368 3,544.155 En lneers, California, and E. G. Pratten, Chairman of Alluvial Tin
Other Invesrts_ 6,425.361
804,302 (Malaya) Ltd. Consulting engineers of the trust are the Yuba Associated
1,813,872
6,171.716 3,824.402 Earned surplus
Prop.. prt & equip.
yn lneers and the Anglo-Oriental Mining Corp.
808.273
Leaseholds AC lie's. 806.919
The significance of this merging of eastern companies rests in the fact
DWI on debs. &
that the production and marketing of the xtorld's tin will henceforth mainly
derd nnanc. exp. 259,265
be in the hands offour great combines, each of which possesses a co-ordinated
Pats., trade-m'ks,
sales and production organization. Production has been or anized for some
476,251
goodwill, &O.__ 1,594.826
time in Bolivia, the Dutch East Indies and Nigeria, three of the ;greatest
37,024.310 19,098,216 producing fields. Production in Malaya, which is the world's richest tin
Total
37.024.310 19,098,216
Total
Producing territory and contributes some 36% of the world's total output,
has been in the hands of a large number of scattered producers. It has
Withdraws Southern Dairies Offer.
,
The company has withdrawn its offer to exchange its shares for Southern consequently lacked the strength which united policy in matters of technical
Dairies class 'A" and class "B" stock, and stock of Southern Dairies direction and marketing affords.
The me-ging of 16 of the most important of these Malayan companies in a
deposited under the exchange plan has been rejected, according to a letter
horizontal Combine is the first step towards the consolidation of the whole
sent out to Southern Dairies stockholders.
J. L. Kraft states that this action was taken because sufficient of this important area. Further important ramifications are planned and
Chairman
-Phenix a total of 85% of each the directors of the new trust hope to accomplish in the Malayan field what
stock hal not been receivel to give Kraft
has already been achieved by the Anglo-Oriental group in the Nigerian
class of Southern Dairies stock.
Cheese Co. will retain its control of the field.
It was stated that the Kraft
In expert circles in London it is believed that the merger will strengthen
Southern Dairies, Inc. and that the former company will continue to have a
the Position of producing companies throughout the world and bring added
-V. 127, p. 1260.
hand in the management of the latter.
stability to the tin industry generally.
-Earnings.
Langendorf Baking Co.
The company reports for the months of July and August earnings after
depreciation, taxes and interest amounting to $67.492.-V. 127. p. 116.
-Offers Certificates.
Lawyers Mortgage Co., N. Y.
The company offered this week $1,457,250 lot .14 ,e. certifkateo to yield
$625,000 due
514%. secured by New York City properties as follows:
Dec. 15 1933, secured by land and six story building on Woodycrect Ave.,
Ave. and 162nd St., Bronx, valued at $1.042,500: (b) $140,000 due
Ogden
July 1 1933, secured by land and six story building on Willoughby Ave.,
Brooklyn, N. Y., valued at $215,000: (c) $440,250 due March 1 1932.
secured by a group of one-family dwellings at 232nd, 233rd and 2/4th eta.,
Laureiton. Queens,valued at $693,100:(d)$252.000due Jan. 11932,secured
by a group of dwellings at 233rd and 234th Sts., 234th St. ana Menton°
St.. Laureiton, Queens, valued at $396.800.-V. 127, P. 1686.
-Moore,
-Stock Offered.
Liberty Dairy Products Corp.
• Leonard & Lynch, Martin & Co., Inc., Hill, Wright & Frew
and J. H. Holmes & Co., are offering at 100, $1,000,000
7% cumulative convertible first preferred stock.
Preferred as to dividends and as to assets. In the event of liquidation.
whether voluntary or involuntary. up to $105 per share and dive. Dividends
payable quarterly, cumulative from Oct. 15 1928. Red. all or part on 60
days' notice at $105 a share and diva. Free of present Penn. personal
property tax. Fidelity Title & Trust Co., transfer agent: Union Trust Co.
of Pittsburgh. registrar.
Convertible -Each share of 7% cumulative convertible 1st preferred
stock is convertible Into 3 shares of common stock up to and including
Oct. 15 1930: into 214 shares of common stock up to and including Oct. 15
1931; into two shares of common stock up to and incl. Oct. 15 1932: and
into 13i shares of common stock up to and Incl. Oct. 15 1933. Convertible
up to the redemption date.
-A sinking fund of3% per annum of the maximum amount
Sinking Fund.
of 7% cumulative convertible first preferred stock at any time outstanding
payments to be made semi-annually on each Jan. 1, and July 1 Is to he
established commencing Jan. 11930. to he used solely for the purchase and
(or) redemption and retirement of this stock.
Outstanaing.
Authori7ed
Capitalization•
$1,000,000
7% cumul. cony. 1st pref. stock (per $100) $1 000,000
None
2nd pref. stock (par $100)---- $2,000.000
7% cumul.
54,072 shs.
*120,000 shs.
Common stock (no par value)
* 30.000 shares of common stock are reserved for conversion of the 7%
cumulative convertible first preterred stock.
Data from Letter of John R. Her-”es, Pres, of the Corporation.
History.-Liberty Dairy Products Corporation is a consolidation of the
following companies: Ohio and Pittsburgh Milk Co. (Tralin r as Hermes
Groves Dairy Co.): ShadysIde Milk Co.; itheinold Ice and Ice Cream Co.
Pure Milk Co.
and Kittanning
The consolidation forms one of the largest and most important units
engaged In the production and distribution of dairy products in Pittsburgh
and contiguous territory. The business of the corporation includes the
wholesale and retail distribution of milk and cream and manufactured
dairy products, ice cream, butter, buttermilk, cheese and other products.
A large portion of the corporation's business is transacted on a cash basis
with little inventory risk and slight credit losses. Products are distributed
to over 65,000 consumers and through more than 2,500 well-established
dealers.
-Net sales for the year ended April 30 1928, if these
Sales et Earnings.
companies had been consolidated for this period, amounted to $4,15 2.513.
Net Income, after eliminating non-recurring interest charges of $31,633.
and after deducting depreciation and Federal income tax at 12%, amounted
to $156,804. This was equivalent to 2.2 times the dividend requirements
of the 7% cumulative convertible first preferred stock outstanding under
the above stated capitalization. After allowing for preferred dividends,
It was equivalent to $1.60 per share of common stock outstanding under
the above stated capitalization. The certified average annual net income
for the three yea(s from 1925 to 1927 inclusive, computed on the same
basis, amounted to 8126,509, equivalent to 1.8 times the average annual
dividend requirements of the 7% cumulative convertible first preferred
stock and, after providing for preferred dividends, to $1.04 on the common
stock.
-The properties of the corporation have been appraised as of
Assets.
April 30 1928, by the American Appraisal Co. at $1,693,522. Net assets
after giving effect to present financing, as shown in the accompanying
balance sheet, as of April 30 1928, amount to $2,106.002, equivalent to
$210 per share of 7% cumulative convertible first preferred stock. Current
assets amount to $719.294.47.
-The net proceeds of the sale of 7% cumulative convertible
Purpose.
first preferred stock will be applied to the liquidation of liabilities of the
All of
companies consolidating to form Liberty Dairy Products Corp
the net assets, except a small part for which cash will be paid, will be
turned over to Liberty Dairy Products Corp. in exchange for common
stock. Management and control of the corporation will remain in the
hands of the men who have been responsible for the successful growth
of the predecessor companies.
-Corporation will make application to list this stock on the
Listing.
Pittsburgh Stack Exchants.
-Dividend Rate InLiquid Carbonic Corp. (Del.).
creased-Extra Disbursement of 23 Cemts Declared.
The directors have declared an extra dividend of 25c. per share and a
quarterly dividend of $1 per share on the outstanding 147.073 shares of
common stock, no par value, both payable Nov. 1 to holders of record
Oct. 20. From Nov. 1 1926 to Aug. 11928. incl.. quarterly disbursements
-V. 126, p. 2978.
of 90 cents per share were made.
-Tin Combine With
London Malayan Tin Trust, Ltd.
Resources rf £40,000,000 Effected in Europe.
The formation of a great new combine of British tin producing interests
operating in the Malayan Peninsula was officially announced Sept. 26 by
McGraw-Hill Publishing Co., Inc.-Consolidation.AffillatIon of the Breeden. Lord & Nagle Co.. publisher of "Textile
World," oldest business paper in its field, with the McGraw-Hill Publishing
Co. was announced Sept.24 by James H. McGraw, President of the latter
oreanization. The consolidation adds a new and important division to
the McGraw-Hill organization and increases its business, Industrial and
engineering publications to 23.
In addition to "Textile Word," which was established in 1868. the
merger includes the Consolidated Textile Catalog,"Textile Advance News,"
Official American Tesetile Directory. the American Knitting Trade Directory and a aroup of technical books devoted to the textile industry.
The Breeden. Lord & Nagle organization will operate as a separate
division of the McGraw-Hill company and its management will continue
In the hands of the men who built It. Henry 0. Lord will continue as
President. Frank L. Nagle as chairman of the board and II. 0. Barnes as
Secretary. Joseph H. Breeden will be Vice-President and General Manager, Mr. Lord and Mr. Brayton become members of the board of directors of the McGraw-Hill Publishing Co.and Mr. Bragdon joins its executive
committee.
Affiliation of the Bragdon, Lord & Nagle Co., with the McGraw-Hill
organization marks the second large-scale development to be effected by
the latter company within throe months. On .Tune 29. Mr. McGraw announced a merger with the A. W.Shaw Co. of Chicago which, as a division
of the McGraw-Hill Co., is the publisher of the "Magazine of Business,"
devoted to the general executive interests of all business, and of "System."
In addition to the broad sweep of business, the McGraw-Hill publications cover the fields of metal mining, coal, the electrical industry, food
manufacture, industrial management, power, electric railway and bus
transportation, machine tools, civil enzineering and heavy construction,
radio and chemical eneineering. The "Textile World" covers the major
branches of its field-cotton, wool,silk, rayon and other fibers: the knitting
-V. 127, P. 1686.
ndustry and bleaching, dyeing and finishing.
.-Listing
Mack Trucks, Inc.
The New York Stock Exchange has authorized the listing of 19.947
additional shares of common stock, upon official notice of issuance and
Payment in full, making the total amount applied for 755,624 shares.
Consolidated Statement of Earnings (Including Subsidiaries).
6 Mos.End. For Yr.End.
June 30 '28. Dec. 31 '27.
Sales
$28,926,942 $55,270,294
Net profit after providing for depreciation, but
6.664.306
3,415.055
before providing for Federal income taxes
820.000
585.000
Deduct
-Reserve for Federal income taxes
Net profit
Dividends on 1st and 2nd preferred
$2,830,055 $5,844,306
1.137,751
$2,830 055 $4,706.555
Net earnings available for common stock
Net earnings avail, for com,stock per share issued.
Balance Sheet.
Comnarallos Consolidated
June8 '28 Dec.Dec.31 0
127
66
0
.30
AssetsJune 30'28 Dec. 31 '27
Liabilities-$
$
3
Capital stock---y 3.907,640 3.907,640
Real estate, bidgs..
eq., mach., &c.x20.997,282 21.390,723 6% notes series A.:2.600,000 2,600,000
Cash
2,857,029 2,992.637 Equity of minority
stockholders in
Accts. & notes rec.24,017,829 22,855.473
2,915
2,915
subsidiaries_ _ _
19.539.165 17,214.622
Inventories
Notes pay.(Mack)
Due from employ.
Accept. Corp.). 8,000,000 7,000.000
under stk. allot_ 1.148.022 1,435.033
523,314 Accounts payable_ 2,262,243 1,427,459
Sundry invesrts- 517,815
455,222 Accrued accounts_ 1,506,919 1.339.884
570.371
Deferred charges
121,926
92,990
Customers deps._
Licenses, patents.
820.000
Res.Fed.Inctaxes. 999.233
patent rights &
2,438.365 2,438.365 Res. for conting__ 1.012,850 1.012.850
good-will
Capital surplus_.29.5l8,321 29.570,842
Earned Surplus_ _ _22.153,829 21,530.807
72,085,878 60,305,387
Total
72,085,878 69,305,387
Total
- 127.p 832.
y Represented by 781.528 shares
depreciation of $10,291,626.
x After
-V• 127, n• 832.
of no par value. z Of Mack Trucks Real Estate, Inc.
(
McKesson & Robbins,Inc. Md.)-Mutualization Plan.
Formal announcement of a mutualization plan for the drug supply
industry is expected to be made Nov. 1 by McKesson & Robbins, Inc..
and affiliated companies which undertook recently a grouping of 15 leading wholesale drug companies.
Details concerning the consolidation, which involves companies with
selling power of $100.000,000, revealed recently that the new company's
adjusted balance sheet carries goodwill at $1. Ultimately, the present
group of companies is expected to be increased to 50, covering every important trading territory in the country and having a capitalization of between
4
$250,009,003 and 4 300,000.000.
Under the plan to be announced, reliable reports indicate, wholesalers
who are parties to the consolidation will assume the position of distributing
stations for every national manufacturer of drug products at the disposal
of every independent and individual retailer in the country. For the first
time in the history of drug jobbing in the United States retailers will have
a voice in the management and conduct of the supply depots from which
they derive their supplies. Completion of the consolidation in practice
and in fact will bring about a mutualization of national manufacturers
and individual retailers with the latter fully represented on the board of
directors of the house with which they do business and also on the retailers'
advisory committee which will direct the policy of meeting competition.
The mutualization plan, which is expected to be in operation by the
first of the year, provides that retailers, in order to receive the utmost
advantages, are neither required to make capital investment unless they
wish to do so, nor to make deposits with the corporation in order to secure
SEPT. 291928.1
FINANCIAL CHRONICLE
their requirements at the lowest possible cost. Without being forced to
pay for goods in advance, retailers will have the distinct advantage of collective advertising collective window and counter display and co-operation
in coping with chain store advertising and merchandising programs.
The plan places the retailer in a position to advertise collectively and
sell merchandise on the same terms and under the same conditions as those
established by chain store systems and department stores.
The consumer will not be compelled to travel miles to secure chain store
prices but will find available in the neighborhood drug store at the same
price such merchandise as chain and department stores so extensively
advertise. The advantage of this plan from the public point of view is
obvious when one considers that individual and independent retailers in
this country now number 54,000 and distribute 85% of all drug products
consumed. From an economic viewpoint the plan also is of benefit since
it enables more consumers to purchase at cut prices and assures the independent and individual retailer equal advantages with the chain stores.
Leading national manufacturers already are cooperating with the new
organization in perfecting plans whereby depots of the new organization
will be used as a clearing house to furnish retailers' requirements at the
lowest possible cost to the retailers themselves. Aside from paying the
public or the individual druggist a good return on the capital invested by
them in securities of the company, profits such as accrue will be distributed
to all retailers who are members of the mutuallzation group to be utilized
In meeting all merchandising methods employed by chain store systems.
(Compare also V. 127. p. 1539-1686.)
The Guaranty Trust Co. of New York has been appointed transfer agent
for 1,084,409 shares of common stock, no par value, and 320.000 shares
of preference stock, series A,7%,convertible, $50 par value. (See V. 127.
p. 1539.)-V. 127, p. 1686.
Madison Square Garden Corp.
-Earnings.
-
5 Months Ended May 31-Income
Direct and apportioned operating expenses
Interest on bonds and mortgages
Deprec., amort., general & admin. expenses
Provision for Federal income taxes
Net income for period
Surplus at Jan. 1 1928
1927.
1928.
$2,429,343 $2.595,646
1,618,411
1,460,889
44.404
63,325
328.237
390,725
76.300
39.000
$500,591
$503,107
$1,394,086
Total surplus
Unamort. charges on 1st mtge. gold bonds called for redemption S1 897393
'
March 5 1928
300,030
Dividends paid
121.823
Miscellaneous adjustments (net)
45,232
Surplus May 31 1928
S1,430,107
The company has changed its fiscal year to end May 31 instead of Dec.31.
-V. 127, p. 693.
Magnin Building, Hollywood, Calif.
-Bonds Offered.Strassburg & Co. and Dean Witter & Co., San Francisco,
Calif., are offering at 100 and int. $260,000 1st mtge.5%
sinking fund gold bonds.
Dated Sept. 1 1928; due Sept. 1 1938. Principal and int. (M. & S.)
payable at Wells Faroo Bank & Union Trust Co.. San Francisco, trustee.
Donom. $1 000. Callable all or part on any int. date on 40 days' notice
at 103 and in up to and incl. Sept. 1 1935: thereafter at a reduction of
;4 of 1% for each succeeding 6 months. Interest paysole without deduction
for any normal Federal income tax not exceeding 2%. Exempt from
personal property tax in California.
These bonds will be the joint and several obligation of E. John Magnin
and Grover A. Magnin and in addition thereto will be secured by a first
closed mortgage on certain real property together with improvementsthereon
located on Hollywood Boulevard in Hollywood. Calif. These premises
are at present occupied by I. Magnin & Co.
Based on appraisals of the land and present buildings, plus the cost of
Improvements, the completed property will have a value of $601,736.
The property, together with improvements, has been leased to I. Magnin
& Co. for 10 years beginning Sept. 1 1928. at a minimum annual rental
which substantially exceeds maximum annual interest and sinking fund
requirements.
Marchant Calculating Machine Co.
-Earnings.
-The company reports net earnings after depreciation but before Federal
taxes for the first eight months of the year of $242.573.
A letter to stockholders directs attention to the fact that all of the bank
indebtedness has been paid in full and that all accumulated preferred stock
dividends have been liquidated. Quick assets exceed total liabilities by
more than 15 to 1 and cash in bank and on hand is in excess of $120,000.V. 127. p. 116.
Marion Steam Shovel Co.
-752 Common Dividend.
-
The directors have declared the regular dividend of 1;,i% on the pref.
stock, and the regular quarterly dividend of 75 cents per share on the common stock of no par value, (eihIch was recently increased from 50,000 to
100,000 shares), both payable Oct. 1 to holders of record Sept. 20. This
is at the rate of $3 per share per annum on the present common shares and
Is equivalent to $6 per share per annum on the common stock outstanding
prior to the payment Aug. 15 1928 of the 100% stock dividend. On the
old 50,000 shares of common stock, quarterly dividends of 75 cents per
share were paid from July 1 1927 to July 2 1928 incl.-V. 127. p. 962.
Maytag Co.(Del.)
-To Enter European Field.
The company has taken the first steps in the development of the export
field in sendinz a representative to Germany, where preliminary surveys
Indicate that a larva potential market exists for the washing machine, it is
announced. A quantity of machines has been shipped for initial display
and demonstration and arrangements have been made to secure the cooperation of important electric interests in Germany in the marketing of
the machine.
Sales of the Canadian branch for the first half of 1928 were over 60%
ahead of the corresponding half of I927.
-V. 127. p. 1687.
1817
occupies a new three-story and basement concrete and steel building having
26,840 square feet of floor space of which more than half will be used for
sales and the remainder for offices and stock.
The opening of this new store is in line with the company's extensive
program of expansion inaugurated earlier in the year with the proceeds
from the sale of additional pref. stock. The corporation, according to
President E. W.Livingston, is now operating 98 stores in the United States
and Canada. Before the close of 1929 it is expected about 40 new stores
will be added to the chain. 12 of which are now under construction and will
be opened during the current year.
-V. 127, p. 1540. 833.
Metropolitan Royalty Corp.-Acquisit'n-New Director.
The corporation has purchased 266.5 full royalty acres in the western
part of the Chalk Field, in Howard County, Tex.,situated 125 miles northeast of Hendricks Field, Winkler County.
John C. Cosgrove, a director of the Federal Reserve Bank of Philadelphia, has recently been elected a director of the above corporation.
Missouri State Life Insurance Co.
-Business Gains.
The company reports a gain of $60.120,640 in paid for business for the
8 months of 1928, as compared with the same period of 1927. According
to President Hillman Taylor a total volume of $182,166,881 in paid for
insurance was turned in during the 8 months of 1928 as against $122,046,041
for the same period in 1927. These figures represent both group and ordinary business.
-V. 127, p. 1540.
Missouri River Sioux City Bridge Co.
-Dividend.
The directors have declared the re.rular quarterly dividend of $1.75 per
share on the preferred stock, payable Oct. 15 to holders of record Sept.
30. See also V. 126, P. 1823.
Morgan Lithograph Co. (Cleve.).
-Annual Report.
Year Ended June 30Operating profit
Interest
Donations
Provis.for dougtful sects
Miscellaneous deductions
Life insur. exp
1928.
$676,613
796
8,929
49,623
13.469
8,910
1927.
$690,695
10,633
12,420
15,000
10,604
$835,531
.
19,848
8.751
13,337
35,889
$525,874
10,291
6,352
Net income
$594,285
Interest earned
2,437
Miscellaneous income. _ _
6,601
Dividends received
Profit on sale ofsecurities
Cr.from cap,of art works
171.003
$642,038
5,233
17.010
$757.707
5.627
1.620
$498,757
2.402
1.620
2,313
7,002
Total income
Depreciation
y Rental of plant under
lease
Res. for Fed. taxes &
contingencies
$774,325
$664,281
13,677
$764,954
127,716
$512,094
203.897
174,486
70.000
15.000
75,000
65,000
10,474
Net profit
$447,094
$461.118
$562.237
$500.428
Previous surplus
$2,048,087 $2.264.790 $1,983,876 $1.260,086
Exc,of amt.rec.for corn.
stock over declared val.
1,298,945
Exc. book val. of net assets
of cos. acq'd over cash
pd. & decI'd value of
corn.stk.issued therefor
494.162
Apprec. in book value of
bicigs., ac. deprecia'n
299.065
2.704
Other credit adj
8.008
Total
$2,556,523 $2,725,908 $3,845,058 82.503,110
Divs. pd. & provided for
x301.974
500.000
489.053
500.000
Chgs. applic. to prior
periods (net)
58,154
173,106
Amort. portion of leaseh'd
2,571
4,714
Res.for contingencies__ 150.000
200.000
10,000
Apprec. inc. in book val.
of mach. sold
17.261
Huhn,of apprec. of perm.
assets-Cleveland plant
311.913
Reduc. engrav. to nom.
206,559
value of $1
Excess Fed taxes
1,544
Miscell. chgs. & stk. &
y422,744
bond disct
Surplus June 30
81,984,255 $2,048.088 82,264,790 31.983,876
Shs. of cap. stk. outst'g
100.000
100,000
71,024
100.000
(par $5)
$5.62
$6.29
Earns. per sh.on cap.stk
$5.00
$4.61
X Includes stock dividend (10.000 shares) paid Aug. 24 1924.
y Includes provision for expenses of Morgan Properties Co. In excess of
its income.
-V. 126, p. 3462.
Mortgage Corp. of Virginia, Richmond, Va.-Bonds
Offered.
-Scott & Stringfellow, Richmond, Va., are offering
$191,400 1st mtge. real estate collateral trust 6% serial gold
bonds, series 5, at 100 and interest.
Dated Sept. 15 1928; due serially 1 to 5 years. Int. payable M. & S.
at Industrial Bank of Richmond, Va. Denom. $1.0013. $500 and $100 c*.
Red. all or part on any int. date at 101% and int. First & Merchants
National Bank. Richmond, Va.trustee.
These bonds are the direct obligation of the corporation and are secured
by deposit with the trustee of $191,400 principal amount of first mortgages
on improved income-producing fee simple city real estate conservatively
aporaised at $416,649. or over twice the total amount of this issue. This
collateral consists of 41 different first mortgages giving an average loan of
$4.668.-V. 127. p. 1399.
Meadows Manufacturing Co. (Md.).-Sells Patent, &c.,
Motor Transit Corp.
-Lane, Piper &
-Notes Offered.
Rights to Bucket Elevators.
The Hayes Mfg. Co.. Galva, Ill., has taken over the patent rights. Jaffray, Inc., St. Paul, and associates are offering an
manufacturing riohts and patterns of the Meadows Mfg. Co., for its line additional issue of $250,000 3
-year 6% cony, gold notes at
of portable, power and bucket elevators, and will continue production at
See original offering and description in
the Galva Want. The Meadows company desires to devote its entire time 100 and int.
to the manufacture and sale of its washing machines, hence the sale of the V. 126, p. 4095.
elevator line.
-V. 125. P. 3650.
Motor Wheel Corp.
-Listing.
Melville Shoe Corp.
-Listing.
The New York Stock Exchange has authorized the listing on or after
The New York Stock Exchange has authorized the listing of 354.132
shares of common stock (no par value), which are issued and outstanding,
with authority to add to the list 22.908 shares of common stock. on official
notice of issuance and payment in full upon exorcise of outstanding corn.
stock purchase warrants. See also V. 127, p. 270. 693. 833.
Metal & Mining Shares, Inc.
-Initial Dividends.
The directors have declared the first quarterly dividend on the 6%
'cumul. pref. stock, par $50, and a dividend of 30 cents per share on the no
par common stock. Both dividends are payable Oct. 1 to holders of record
Sept. 21. See also V. 127. p. 96.3. 270.
Metropolis Fire Insurance Co.
-Personnel.
-
Officers and Directors.
-James Cunnion. Pros. (Pres., Industrial & Investing Corp.); Chas 13. McLaughlin, Vice-Pros., Couns-1. (member of
firm. Van Gordon & McLaughlin); John A. Campbell. Treasurer (Gen.
Agent. Farmers & Traders Insurance Co.): H. T. Owen, Secretary (Treas.,
Industrial & Investing Corp.); Isaac Arndt (Pres.. I. Arndt & Co., Inc.,
Insurance); Jacob S. Strahl (Pres.. Judea Life Insurance Co.. Justice,
Municipal Court, Brootilyn, N.Y.): Robert A. Cools (commercial stationer
and printer, New York City); James Cunnion Jr. (Sec. & Treas., Public
Security Bond & Mortgage Corp.); Edward Shipman (Union Indemnity
Co.); A. Holzman (wholesale tobacco merchant); Henry De Solo, Mendes
(Pres.. H. D. Mendes & Co.); Joseph Coghlan (Insurance): Albert Cole
-V. 127, p. 1540.
Bogert (U. S. Postmaster, Yonkers, N. Y.).
Metropolitan Chain Stores, Inc.
-Expansion.
-
The corporation opened in Montreal on Sept. 22 one of the largest chain
stores in the five-cent to $1 line on the American continent. The store
Oct. 1 of 137.500 shares additional common stock (no par value) to be
issued as a stock dividend, making the total amount applied for 687.500 abs.
Consolidated Balance Sheet June 30.
1928.
1927.
1927.
1928.
AssetsLiabilities
$
Land, bldgs., ma782.800
Preferred stock_
ehlnery, &c_
- 8,202.420 7,066,972 Common stock._ x 5.500,000 1.500,000
Cash, &c
635,153 2,263,898 Acc'ts pay. (taxes) 1.085.557
947.475
Acets receivable.. 2.264,144 1,479,455 Accr'd taxes, &c__
74.495
Inventories
2,552,367 2,948,555 Fed'i incorre taxes 302.5851 214.429
Ctfs. of deposit__ _ 504,644
Res. for cont., dm_ 106.207
Market.securities_ 1,232.474
Profit and loss__ _ 7.185.298 8.680,731
Notes receivable__
14,979
Sec. owned land
contingent, .ko _ 628.512
Prepaid taxes,Ins.,
bond Meet.. &c. 219.448
266,555 Total (each side)_14.254.143 14.025.435
x Represented by 550,000 no par shares.-.'. 127. p.1399
Mount Emily Lumber Co.
-Bonds Called.
The company has called for redemption No. I, at 102 and int. $70,000
1st mtge. VI sinking fund gold bonds. Payment will be made at the
Michigan Trust Co., Grand Rapids, Mich.
-V. 125, p. 1985.
Murray Corp. of America.
-New Control.
Announcement Is made by the corporation of a change in control of its
common stock. The new interests are represented by new directors elected
on Sept. 26 as follows: C. W. Avery, A. P. Dowell, Charles Widman,
H. 0. Barker (Chairman of the Board); C. P. Curtis, D. W. Gurnett (a
1818
FINANCIAL CHRONICLE
[VOL. 127.
partner of Gurnett & Co. of Boston); J. C. Merckley and C. C. Gibson,
(President of the Mullins Mfg. Co.)
C. W. Avery, formerly assistant to the President. has been elected
President, succeeding William R. Wilson.
Charles Widman has been elected Vice-President in charge of sales. The
officers of Secretary and Treasurer were not filled at the meeting. A. P.
Dowell was elected Vice-President in charge of manufacturing.
-V. 127.
la• 1113. 117.
Packard Electric Co., Warren, 0.
-Extra Dividend, &c.
The directors have declared an extra dividend of 50c. per share in addition to a regular quarterly dividend of $1 per share on the outstanding
30.600 shares of common stock (no par value), both payable Oct. 15 to
holders of record Sept. 29. On Jan, 15, April 15 and July 15 last an extra
dividend of 30c. per share was paid in addition to a regular quarterly disbursement of 70c. per share.
-V. 126, p. 3940.
National Food Products Corp.
-Earnings.
-The corporation reports net income, applicable to dividends, for the 12
months ended June 30 1928, of $218,226. Gross income for the period totaled $281,183, which represents interest and dividends received and the
portion of net income of subsidiary and controlled companies applicable to
the investment therein of the corporation. Corporation's surplus as of
June 30 amounted to $1,113,698.-V. 126, p. 1824. 1365, 1051. 729. 261;
V. 124. p. 2602: V. 123. p.3046; V. 122, p. 2665, 2203.
Paramount Famous Lasky Corp.
-Listing.
The New York Stock Exchange has authorized the listing of 2,063.517
shares common stock (no par value) upon official notice of issuance in
exchange for 687,839 shares of common stock (no par value) now outstanding and listed in the ratio of 3 shares of new common stock for each
share of old common stock.
-V. 127, p. 1540, 835.
National Manufacture & Stores Corp.
-Sales.
Increase,
Month of August1927.
1928.
Sales
872,416
3564,441
$492,025
-V. 127. p. 1687.
- National Radiator Corp.
-Defers Preferred Dividend.
The directors have voted to defer the usual quarterly dividend of $1.75
per share ordinarily due about Nov. 1 on the $7 cumul. cony. pref. stock,
n°par value. This rate had been paid since Nov. 1 1927.
The new management states that earnings do not justify payment of
the dividend at this time.
-b.127, p. 695.
National Surety Co.
-To Increase Capital, &c.
A spacial meeting of stockholders has been called for Oct. 10 to ratify
a proposal of the directors to increase the capital stock from $15,000.000,
par $100. to $16,000,000, par $50. Reduction in the par value of the
stock from $100 to $50 will result in an exchange of shares on a basis of 2
shares of the $50 par value stock for each share of $100 par value stock
held as of Oct. 10. Other business to be transacted at the meeting includes authorization of an increase in the number of the directors from
51 to 63.
The increase in capitalization will be subject to the condition that at
least two-thirds of the present stockholders waive their right to subscribe
to the new stock and authorize the sale of the now stock, upon which
waivers are thus received, to the company's employees, agents, managers
and others (except to the chairman, vice-chairman, president and directors
who are not salaried officers of the company). The subscription price for
the new stock also will be determined at the meeting.
A change in date of the annual meeting of stockholders from the third
Tuesday to the last Tuesday in January each year and of the annual meeting of the board of directors from the third to the last Tuesday in January
also will be up for discussion and vote at special meeting.
-V. 127, p. 1540
cNehi Corp.
-Admitted to Curb.The 20,000 allotment certificates representing a new issue of 20,000
shares of $5.25 cumul. pref, stock recently offered by Schluter & Co.,
Inc., and Oliver J. Anderson & Co., were admitted to trading on the New
York Curb on Sept. 22, the opening sale being 873'. The shares were
offered in units of one share of preferred and one share of full voting corn.
stock at $85 per unit„, See V. 127, p.1687.
Neve Drug Stores, Inc.
-Dividend No. 2.
The directors have declared a quarterly dividend (No. 2) or 70 cents a
share on the convertible A stock, payable Oct. 15 to holders of record
Oct. 5. An initial quarterly dividend of like amount was paid on July 15
last.
-V. 126, p. 4096.
Petoskey (Mich.) Portland Cement Co.
-Notes Offered.
-Continental National Co., Chicago, recently offered
$1,500,000 serial 6% gold notes at 100 and int. for 1929-33
maturities and 99% and int. for 1934-38 maturities.
Dated Aug. 1 1928: due $150,000 each Aug. 1 1929 to 1938 incl. Principal and int. (F. & A.) payable at Continental National Bank & Trust.
.
Co. of Chicago, trustee. Denom. $1,000 and $500c5 Redeemable on
any interest date after Aug. 1 1929, on 30 days' notice at 100 and int. plus
,
6
a premium of; of 1% for each year or part thereof prior to maturity, the
premium in no case to exceed 3%.
Data from Letter of J. B. John, President of the Company.
Business -Company, incorporated in Delaware in February. 1917,
operates a modern cement mill of 1,500,000 barrels annual capacity at
Petoskey. Mich. The location of the plant on Little Traverse Bay affords
excellent shipping facilities by water as well as by rail. The lake shipments
are handled at the company's own concrete dock. Directly adjacent to
its mill the company owns an extensive limestone quarry, estimated to
contain sufficient stone above lake level to supply the requirements of the
present mill for at least 100 years.
The product is sold under the trade name of Petoskey Portland Cement
'4
and through the strong dealer organization which the company has bull 1
it receives a steady demand and wide distribution.
Earnings.
-The sales and earnings of the company for the three years
ended Dec. 311927, were as follows:
-NetEarn.Be!.Int.and Fed. Taxes
Before Deprec. After Decree. Times Maem
Calendar Yearand Deplern and Denten Int. Charges
Sales
5338.153
3.75
1925
5476.733
$1.616,249
4.08
1926
367.747
531.829
1.934,575
4.65
418.804
1927
591,291
2.131.768
4.16
374,901
Annual aver,
533,284
1,894.257
Due to unseasonaole weather in the early spring and to lower prices for
cement, earnings this year are at a lower rate than last year. the company
estimating that earnings for the full year will be approximately three times
maximum annual interest charges on these notes.
It is expected that after the company has received the benefits of the
improvements to be made and new property to be acquired with the proceeds of these notes, earnings will exceed those of former years.
Purpose.
-Proceeds will be used to retire approximately 3600.000 serial
notes dated Dec. 1 1925: $315,000 notes payable to Petoskey Transportation Co. due Feb. 1 1934, and for additions and improvements to the
company's properties.
Phelps Dodge Corp.
-New Sales Company Formed.
This corporation, the Nichols Copper Co., the Calumet & Arizona
Mining Co. and the Old Dominion Co. have formed a new copper selling
agency to be called the Phelps Dodge Sales Co., Inc. Beginning Oct. 1.
New England Oil Refining Co.
-Temporarily Stops Oil the new company will market all copper heretofore sold by Phelps Dodge
Corp. and the Nichols Copper Co. This will include the output of Phelps
Refining Operations at Fall River.
Nichols
Dominion
Regarding the many rumors in connection with the closing down of the Dodge Corp., Calumet & Arizona Mining Co., Old Extension Co.,
Mining Co,
Copper Co. and its clients, including United Verde
plant of the company at Fall River, the company states officially that it
has temporarily ceased its manufacturing operations on account of the and Granby Consolidated Mining, Smelting & Power Co. at El Paso,Texas.
These companies are also building a copper refinery
large stock of finished goods on hand and the company's policy of liquidatexpected to be
ing those stocks before bringing in additional supplies of oil. This cessa- Ground for the refinery will be broken in October and is
tion of refining at Fall River in no way affects the distribution of the com- operating in 1930.
Officers of the Phelps Dodge Sales Co., Inc. are: Walter Douglas,
pany's commodities, in fact the New England company and its distributCampbell, Vice-Presiing subsidiary, the Mayflower 011 Co. today are better situated so far as Chairman; C. Walter Nichols, President; Gordon R.
Bennett. Chairthe supply of raw material is concerned than ever before, it is announced. dent; A. T. Thomson, Secretary and Treasurer; Walter C. of Sales, and
man of Advisory Committee: Charles A. Austin, Manager
-V. 127, p. 421. 1262.
Martin H. Crego, Assistant Manager of Sales.
The directors are Walter Douglas, C. Walter Nichols, Gordon R. CampNew Jersey Shares Corp.-Hambleton & Co. Has No Conbell. Cleveland H. Dodge and Walter C. Bennett. Offices will be at 99
nection with Company.
John St., N. Y. City.
-V. 126. p. 3941.
In view of newspaper reports as to the recent hearing of the Davis Committee surveying the New Jersey State Department of Banking and In-Transfer Agent.
Pierce Petroleum Corp.
surance, Hambleton & Co., Inc., makes the following statement:
The Guaranty Trust Co. of New York has been appointed transfer
"Neither Hambleton & Co.. Inc.. nor any of its officers or directors, or agent for 11.500 shares of preferred stock, consisting of 1,0 0 shares each
9
its affiliated companies, has at the present time any connection with or is of series "A" and "K," incl., and 500 shares of series "L. • See also V.
in any way interested in New Jersey Shares Corp. Any such connection 127. p.
1116.
was terminated on Jan. 9 1928 at the request of Hambleton & Co., Inc.
The sales contract between Hambleton & Co., Inc. and New Jersey Shares
-C. L.
-Stock Sold.
Polymet Manufacturing Corp.
Corp. which was entered into on Oct. 8 1927. and ratified by the stock'
holders of New Jersey Shares Corp., was canceled by mutual agreement at Schmidt & Co. Inc. Chicago, announce the sale at $21
'
such time."
-V. 125, p. 3493.
per share of 10,600 shares common stock, no par value.
Outstanding
Authorised
Niagara Alkali Co. and Electro Bleaching Gas Co.
- Capitalization30.000 shs.
30,000 shs.
Common stock (no par value)
Bonds Called.
Transfer agent: National Bank of the Republic of Chicago, Chicago;
Certain bonds aggregating $100,000 have been called for redemption registrar: Foreman Trust & Savings Bank, Chicago.
Nov. 1, at par and int. and a premium of Yfi of 1% for each 6 months
Data from Letter of Otto Paschkes, Pres. of the Corporation.
between the date of redemption and the maturity of the particular bonds
so-called for redemption. Payment will be made at the Maine Trust Co.
'History.-Corporatlon la being"organizedin Delaware to acquire-iii;
of Buffalo, trustee, Buffalo, N. Y., or at the Second Ward savings Bank, entire business and assets of the company of the same name incorporated
in New York on March 19 1924. This company began business with a
Milwaukee. Wis.-V. 118, p. 211.
nominal investment and the business has grown steadily without additional
North Butte Mining Co.
-Sale of Stock Assured.
capital.
President Paul A. Gow Sept.5says in substance:
Corporation manufactures essential units for manufacturers of radio
The directors are convinced that by reason of the vicious attack made receivers, transmitters, power supply devices and television apparatus. The
upon the company by the bondholders' committee late in the month of principal products made by the company are filter blocks, paper condensers,
May, many Eastern stockholders were deterred and failed to make their bake-lite molded condensers, resistance units, voltage regulators and radio
subscription for treasury stock, which expired on June 1. However, in accessories. Company sells to the leading radio set manufacturers throughthe face of this opposition subscriptions were received for 335,85! shares of out the country and also markets its products through some of the leading
treasury'stock, amounting to 3839,627. Of this amount over $400,000 was chain store organizations. In addition, distribution of the company's
subscribed in Butte, where all of the North Butte properties are situated products has recently established in England, South America, Australia
and where the personnel of the board of directors and officers is known. and Canada.
Subscriptions for treasury stock exceed the estimated indebtedness by apThe company's manufacturing operations are carried on in New York
proximately $100,000 and will insure the payment of all obligations of the City where it leases a plant on advantageous terms.
company.
Earnings.
-The business has shown a net profit in each year since its inThe directors have entered into a contract with responsible interests ception. Net earnings as reported by the Auditors for the 28 months ending
covering the balance of stock remaining unsubscribed at a price considerably July 311928, after all charges including provision for Federal income taxes,
more than its par value, and aggregating over 81,000,000 net, and we ex- have been as follows:
pect the company to be in a position during the month of November in
-Year ending March 31-4 Mos. end.
July 31 1928
the present year to resume operations in its properties.
1928
1927
The Granite Mountain Mine will be reopened and ores produced from Net earnings (as above)
531,950
385.922
315,660
reserves in stripes now open.
The above shows net earnings for 12 months ending March 31 1928 of
The East Side properties of North Butte, embracing about 1,100 acres. approximately $3 per share on the presently issued and outstanding stoc.c.
will be developed through the Main Range shaft, now 2,200 feet deep. Comparison of the company's monthly sales this year show an increase of
This property is on the direct easterly extension of the principal copper- 150%-250% over last year's similar periods. With the additional workliver veins of the Butte District. (See also V. 127, P. 559.)
ing capital made available by this financing the company expects materiallY
Ohio Leather Co.
-Clears Up Accruals on 1st Pref. Stock. increased earnings.the intention of the directors to authorize the payment
Dividend.
-It is
The directors have declared the regular quarterly dividend of $2 a share of dividends at the rate of $1.50 per share per annum payable quarterly,
and a dividend of $3 a share on account of accumulation on the 1st preferred January. April, July and October first.
stock, both payable Oct. 1 to holders of record Sept. 20. Like amounts
Purpose.
-Proceeds will be used to increase the company's manufacwere paid on Jan. 1 and April 1 last. The payment on Oct. 1 will clear up turing facilities and for additional working capital.
all arrearages on this issue.
-V. 127, p. 696.
Procter & Gamble Co.
-New Director.
-Initial "B" Dividend.
Oliver United Filters, Inc.
Henry Walter has been elected a director to represent employes of the
The directors have declared an initial quarterly dividend of 373. cents
-V. 127, p. 561.
per share on the"B"stock, no par value, payable Oct. 1 to holders ofrecord Staten Island, N. Y., plant.
Sept. 17.
Purity Bakeries Corp.
-To Acquire Cushman's Sons, Inc.
The directors also declared a regular quarterly dividend of 50 cents per
share on the $2 div. cumul. cony. A stock, no par value. payable Nov. 1 to -M. L. Molan, President of Purity Bakeries Corp., has
holders of record Oct. 17. An initial dividend at this rate was paid Aug. 1 authorized the following announcement:
on the "A" stock for the period from May 17 to Aug. 1. See V. 127, P.
After a considerable period of negotiation, under date of Sept. 25, the
272. 835.
Purity Bakeries Corp. has made an offer to stockholders of Cushman's
-Definitive Ctfs.Sons, Inc., to exchange common stock of Purity company for common
101-110 Central Park West, Inc.
Derhntive certificates are now ready for delivery in exchange for out- stock of Cushman company on the basis of five shares of Purity company
stock for each throe shares of Cushman's common stock. Substantially
standing interirns. See offering in V.127, p. 272.
SEPT. 29 1928.]
1819
FINANCIAL CHRONICLE
all the large holders of common stock of the Cushman company have given
their assurance that they will make the exchange. Purity Bakeries Corp.
has arranged with Cushman's Sons, Inc., of N. Y. City, to have the operation of the wholesale baking business of Cushman's placed under the management of Purity company.
Purity Bakeries Corp. was organized in Dec. 1924 and owns and operates
through its subsidiary companies 34 plants located in 12 States, including
the cities of Chicago. Detroit, Cleveland, Newark. Cincinnati, Pittsburgh,
St. Louis, Indianapolis, Kansas City, Memphis, Toledo, Columbus, Minneapolis, St. Paul, Hamilton. Duluth, Flint, Wichita Falls, Muskogee,
Springfield, Decatur, Burlington and Sedalia.
Additionally, it has very recently acquired the controlling interest in
the stock of the Dixie Baking Co.of Texas, which in turn controls the operation of five plants in Texas, located in Dallas, Houston, Fort Worth.
Beaumont and Abilene.
The Cushman company, formed in 1914, was the result of the consolidation of the business originally established by Sylvester Cushman and his
sons in 1886 and of other business conducted by other members of the
Cushman family, and also the business of Herschman & Bleier, founded in
1867.
The Cushman company at the present time operates nine wholesale plants
and operates in its store business in Greater New York and nearby localities
186 stores.
As the result of these plans the staff of Purity company will lend their
abilities to the wholesale division of Cushman's, while the staff of Cushman's will be enabled to devote their attention more specifically to the management, development and extension of Its store business.
The businesses to be affiliated will represent the aggregate annual output
of approximately $45,000,000.—V. 127, p. 423.
Rainbow Luminous Products, Inc.—Rainbow Light,
Inc. Opens Two New Plants.—
The Rainbow Light, Inc., manufacturers of luminous tube electric display lighting, and the operating subsidiary of Rainbow Luminous Products,
Inc., is opening two new production plants located in Pittsburgh and Boston
to handle the greatly increased business in those districts and to relieve the
Detroit and Long Island City plants formerly serving this area, it was announced by President E. C. Bull.
In.sidition to the two new plants, the capacity of the Detroit plant is
agaiff being enlarged for the second time in 60 days. The main plant at
Long Island City. N. Y., is also being enlarged by 50% of its present capacity.
Although sales of both Rainbow Luminous electric tubes and complete
signs established a new high record during the second quarter of this year.
sales during the present quarter have increased 500% over the previous
record. The company at the present time is making installations for 20
of the largest national advertisers in the country, and local business in the
branch plant territories has more than kept pace, according to Walter E.
Skiff, General Sales Manager.
The six Rainbow Light,Inc., plants,located in Long Island City, Chicago.
Cleveland, Detroit, Kansas City, and, through Neale Rainbow Light,
Inc., in Los Angeles, have been operating at full capacity for some time.—
V. 127. p. 696.
ment shall be to supply to the new corp. the funds necessary for said
redemption in lieu of the shares of common stock of the Republic company
necessary for such exchange.
Prior to this transaction, the Republic company owned 11.799 shares of"
the common stock of the Tubes company, which will be surrendered for
cancellation, leaving after such surrender and after redemption of the
preferred stock of the Tubes company 90,000 shares of common stock of the
Tubes company outstanding. For each share of common stock of the Tubes
company thus remaining, there will be offered:
7
-20th of 1 share of corn. stk. of the Republic company aggregating
31,500 shares;
8
-10th of 1 class"A"share of the new corp. aggregating 72,000 shares:
5-10ths of 1 class"B"share of the new corp. aggregating 45,000shares;and
$50 face amount of deben. of the new corp. aggregating $4.500,000.
The sale by the Tubes company of all of its property and assets, including
its good-will, has been authorized by the board of directors of the Tubes
company at a meeting held Aug. 14 1928, and by the stockholders of the
Tubes company at a meeting held Sept. 14 1928. The issue by the Republic
company of 115,824 shares of its common stock has been authorized by the
directors of the Republic company at a meeting held on Aug. 14 1928.
Income Account Sir Mos. End, July 31 1928 (Republic Co.)
$34.575,190
Gross sales
30.451,927
Cost of sales
$4,123,263
253,337
Gross profits
Other income
$4.376.601
Total earnings
774.000
Prov.for deprec. & renewal of plants & exhaustion of minerals..
820.606
Interest and discount on bonds and notes
874,696
General administration expense
168,000
Provision for Federalincome taxes
Net profits applicable to dividends
Dividend on preferred stock
Dividend on common stock
Balance Sheet,
Assets-$4,655,198
Cash
1,211,868
Marketable securities
6,559,543
Accounts & bills receivable
2,143,857
Ore contract payments
14,536,791
Inventories
49.229
Sinking fund
Stock in sundry companies— 1,818,529
Advances to associated cos.__ 3,325,069
Deferred chgs. to operations 1,590,044
Miscellaneous
8,469
135,057,856
Plants dr property
Republic Iron & Steel Co.—Listing, &c.
The New York Stock Exchange has authorized the listing of not exceeding
115,824 additional shares (no par value) common stock, (a) 31,500 shares
thereof on official notice of issuance in partial payment for all the issued and
outstanding common stock of Steel & Tubes, Inc (new corp.) and (b)
84,324 shares thereof on official notice of Issuance to the holders of class
"A" shares of the new corporation which are to be issued, making the total
applied for to date 740,343 shares.
The Republic company, under date of Aug. 14 1928. entered into an
agreement with Steel & Tubes, Inc. (called the "Tubes Co."), pursuant to
the terms of which the Republic company has caused to be organized a
new corp., which on or before Oct. 11928. will acquire all the property and
assets, including the good-will of the Tubes company.
The capital securities of the new corporation (Steel & Tubes, Inc.) on or
about Oct. 1 1928,follow:
Authorized. Outstanding.
Class "A"(no par)
72.000
72,000
Class "B"(no par)
45,000
45,000
Dlass "C" shares (no par)
117,000
Common stock (voting)(no Par)
117.000
*117,000
15
-year 6% sinklngfund debentures
$4,500,000 $4,500,000
* All owned by the Republic company,
.
Both class "A • shares and class "B shares of the new corp. are redeemable at the option of the new corp. at $75 per share plus diva., are pref.
as to assets an such basis and are entitled to annual cumulative dividends of
$4.50 per share in preference to the common stock of the new corporation.
Class "A" shares and class "B" shares are convertible at the option of the
holder and the class "A" shares and class "B" shares, converted or redeemed, will be cancelled and will not be re-issued, but class "C" shares of
the new corp. having the same preferences as to assets and dividends equal
in number to the class "A" shares and class "B"shares so held or redeemed
may be issued. The class"A"shares are also redeemable at the option of the
holder prior to Oct. 1 1931, at $75 per share plus dive. on any quarterly
dividend date upon 90 days' notice.
The new corp. will assume all the liabilities and obligations of the Tubes
Co. and will execute and deliver an entire issue of $4,500,000 15
-year 6%
sinking fund debentures, all of its authorized class "A" and class "B"
shares and will transfer and deliver 31,500 shares of common stock of the
Republic Co. to the Tubes Co. The Tubes Co. will dissolve and surrender
its charter as soon as may be after the sale of its property and assets, including good-will to the new corp. The Republic company, which will own all
of the common stock of the new corp., Is obligated under the above-mentioned agreement, among other things, to provide funds and securities for
the redemption of the outstanding preferred stock of the Tubes company
and for the discharge of mtge. indebtedness of subsidiary corn. of the
Tubes company, aggregating $720,000, to issue 31,500 shares of the coin.
stock of the Republic company to or on the order of the new corp. to enable
the new corp. to fulfill Its obligation to the Tubes company above referred
to.
The Republic company is further obligated under the above-mentioned
agreement, among other things, to issue such further shares not exceeding
84,324 shares of its common stock to or on the order of the new corp. to
enable the new corp. to fulfill its obligation to the holders of the class 'A"
shares of the new corp. whereby all the Issued and outstanding class "A"
shares of the corp. may be exchanged for full shares of the common stock of
the Republic company on or before Oct. 1 1929, on the basis of $75 a share
and divs. for and in respect of each class "A- share of the new corp., and
$65 per share for and in respect of each share of the common stock of the
Republic company with an adjustment for dividends and thereafter and on
or before Oct. 1 1930, on the basis of $75 per share and diva, for and in
respect of each class "A" share of the new corporation and $75 per share
for and In respect of each share of the common stock of the Republic company with an adjustment for dividends. The balance of the value of class
"A"shares of the new corp. so tendered for conversion is to be paid in cash,
The Republic company under said agreement Is further obligated to
issue from time to time to or upon the order of the new corp. a sufficient
number of shares of the common stock of the Republic company to enable
the new corp. to fulfill its obligations to the holders of the class "B"share
of the new corp. whereby the class "B" shares of the new corp. may be
exchanged at any time during a period of 2 years from Oct. 1 1928, for full
shares of the common stock of the Republic company, on the basis of $75
per share and accrued dividends for and in respect of each class "II" share
of the new corp.. and the market value of the common stock of the Republic
company at the time said exchange is made. The balance of the value of the
class "B"shares so tendered for exchange during such period is to be paid in
cash.
The market value of the common.stock of the Republic company as above
referred to is to be determined by.the weighted average of the sales price as
officially reported by the New York Stock Exchange of the last 1,000 shares
of the common stock of the Republic company sold on the New York Stock
Exchange prior to the day of presentation of said class "B" shares for exchange. The maximum number of class "B" shares of the new corp. which
may thus he exchanged is 45,000.
At the election of the new corp. the class "B"shares of the new corp. so
tendered for exchange may be redeemed by the new corp. for cash on the
basis per share of $75 and accrued dividends In lieu of the issuance or transfer
of shares of the common stock of the Republic company in exchange therefor. In the event of the election of the new corp. to redeem the class "B"
shares of the new corp. so tendered for exchange in lieu of issuing and
transferring shares of the common stock of the Republic company in exchange therefor the obligations of the Republic company under said agree-
Total
—V.127, p. 1540.
8170,965,456
$1,739.298
875,000
877,030
July 31 1928.
Liabilities—
Current accounts payable__ 15,017,719
431.037
Int. accr. on bonds & notes__
Prov.for regular & spec.taxes 1,049.855
1.285.634
Reserves for: Relining
598.285
Personal injuries
373,427
Fire losses
965,343
Contingencies
592039
Special expense
1,500.000
Possible addl Fed. taxes
Depreciation & renewal_ __ 16,396.317
Exh. of mini & min equip. 5,959,978
Amort.of wartime facilities 3.300.000
5% sinking fund mtge. bonds 9.873.000
8,264.000
Ref.& gen. mtge. 5)45
1.2.180,000
15 yr. 1st mtge.68
2,623,500
7% 10-yr. debentures
25.000,000
Preferred stock
46.673,040
Common (no par)
28.882,279
Earned surplus
Total
8170,965,457
Richfield Oil Co. of California.—Listing.—
The San Francisco Stock Exchange has authorized the listing of 175.000
additional shares of common stock (par $25) making the total amount listed
2,100.881 shares.—V. 127.P. 1263, 1690.
Richmond Ice Co.(& Subs.).—Earnings.—
Net income for August 1928 available for interest and depreciation was
169,666,against $49.501 for August 1927. For the 12 months ending Aug.1
1928 the company's earnings were $241,580, against 1221,415 for 12 months
ending July 1 1928, and $214,188 for 12 months ending June 20 1928.—
V. 125,P.3653,
.—
Ross Gear & Tool Co.—Estimated Earnings
Earnings for the first nine months of 1928 are estimated in excess of
$600,000 after all charges. including Federal taxes, by Edward A. Ross,
President. This is equal to $4 per share on the 150,000 shares of common
stock, which is at an annual rate of $5.33 per share.
The management reports that the number of stewing gear shipments
for the third quarter are 112% greater than for the same period of 1927,
and exceed the second quarter of this year by 10%. Previous experience
has shown that the third quarter is usually less than the second quarter.
This large increase is said to be due In part to the large increase in the number
of gears sold for replacement throughout the country.
The October schedule is reported as the largest in the history of the cornpany.—V. 127, p. 561.
Ross Stores, Inc.—Merger Rumors Denied.—
President Benjamin Bachrack last week stated that all rumors as to consolidation of the corporation with any other chain store organization were
absolutely without foundation. The corporation is not considering any
consolidation, but is proceeding with the development of its own business
along constructive lines prevously determined upon, it was further stated.
—V. 127, p. 1690.
Rumidor Corp. (N. J.).—Dividend Prospects.—
President R. D. Zucker announces that the corporation intends to
inaugurate dividends on the common stock for payment on or about Jan.
1 1929, with an initial regular quarterly payment of 50 cents per share,
placing the common stock on a regular annual $2 basis. From present
indications it appears likely that an extra dividend of 50 cents will be
paid in addition to the first regular quarterly payment, it is said.
Sales of Ramidors have been increasing rapidly, according to Mr.Zucker.
A large contract was recently closed with the Ameican Tobacco Co. and
there are other large contracts In immediate prospect. Also, the "refill"
business, a big factor in the corporation's trade, has been showing corresponding increases.—V. 127, p. 1690.
Safeway Stores, Inc. (1M:10—Proposed Consolidation.—
See Sanitary Grocery Co., Inc., below.—V. 127, p. 1540,
836.
Sanitary Grocery Co., Inc.—To Merger With Safeway
Stores, Inc.—Offer to Stockholders.—
President E. G. Yonker confirms the report that an offer of 3 shares
of Safeway Stores common stock (as at present constituted) in exchange
for 5 shares of Sanitary Grocery common stock will be presently submitted to the stockholders. It is expected that before this proposition
can be consummated Safeway common stock will be increased either by
a stock dividend of 400% or by a 5
-to-1 split, in which event one share
of Sanitary will receive in exchange 3 shares of new Safeway stock. As
a part of the new developments, Sanitary preferred stock will be called
but prior to redemption the preferred stockholders will be entitled to
convert their stock into common and receive the pro-rata shares of Safeway common in exchange according to the plan.
In his remarks, Mr. Yonker states as follows: "Safeway Stores operates
993 grocery stores, 289 markets and 6 bakeries, the largest chain west of
the Mississippi River. The gross volume of Safeway in 1927 was in excess
of 176,000,000. The Safeway company first came into prominence in
1925 through the acquisition of several chains in California and in July
1926 it joined with the Skaggs organization. At the time these 2 organizations joined forces they had 869 stores and total volume of business of
aopmximately $38,700.000, while the sales of 1928 are expected to exceed
$100.000,000.
"Sanitary Grocery Co., Inc., was originally established in 1909 with 23
stores. At the time of its incorporation in 1927, when the present management took charge, it had 312 stores and a'sales volume of about $15.000.000.
At the end of the calendar year 1927, the company had 368 stores and did
a volume of business amounting to over 117,700.000. In Sept. 1927, the
company acquired a chain of 49 Piggly Wiggly self-service stores and
meat markets operating in Washington and vicinity and these stores are
being successfully operated under the Sanitary management. Last May
the company acquired 46 stores of the H. D. Lipford Grocery Co., located
1840
FINANCIAL CHRONICLE
[VOL. 127.
in Richmond, Va. I estimate that the volume of business of the Sanitary dividends of at least $4 per share shall have been paid out of current net
Grocery Co. this year should be approximataly $25,000,000.
earnings on both classes of common stock the preferences and priorities of
"I shall be President of the corporation which will operate the Sanitary class "A" common stock shall cease and thereafter both classes of shares
Stores, while my associate. II. V. Hoskinson, will be Vice-President. shall become one class of common stock entitled per share to equal dividends
Both of us are large stockholders in the present Sanitary company and and equal assets in liquidation.
we will vote in favor of the plan. Apart from this I shall become a ViceTransfer agent, for class "A" and class "B" common stocks: Guaranty
President of Safeway Stores, Inc., with headquarters in Washington. Trust Co.. New York. Registrar, for class "A" and class "B" commoa
We plan so increase stores in our immediate territory as fast as good loca- stocks: Chemical Nat. Bank of New York.
tions are available."
-V. 127, p. 1541, 836.
Data from Letter of Robert Jemison, Jr., Pres. of the Corporation.
Business.
-Corporation has been organized in Delaware to carry on the
(The Saxet Co.
-New Name-Bonds Called.
business of an investment trust. It will invest and re-invest its funds in a
See the Saxet Gas Co.. below.
-V. 126. D. 3138.
broadly diversified list of bonds, stocks and other securities, in conformity
(The) Saxet Gas Co. (formerly The Saxet Co.)
-Call. carefully formulated investment regulations established In the certifiAll of the outstanding 1st lien 6Y6% sinking fund gold bonds, dated cate of incorporation and by-laws of the corporation.
Management.
-The board of directors is composed of successful business
Nov. 1 1927. of the Saxet Co., have been called for redemption Nov. 1
at 104 and interest. Payment will be made at the office of Peabody. men who have had broad general experience in finance and in industrial
and public utility management. In the determination of an investment
Houghteling & Co., 10 So. La Salle Street, Chicago, Ill.
policy and in the selection of individual securities the board of directors
will be assisted by the Investment Research Corp. which includes in its
Schettler Drug Co.
-Acquisition.
personnel a group of highly trained analysts and several of the countrY's
On Aug. 1 last the 4 stores of the Scott
-Kay Drug Co. were purchased
and, including the store to be opened this month in the new Fisher Build- leading economists. The Investment Research Corp. has supplied the
ing on the Boulevard, there will be a total of 12 stores in the Schettler economic, financial and corporate analyses which the Investment Co. of
America, Pacific Investing Corp. and American Capital Corp. have used in
organization. See also V. 126, p. 2327.
the management of their funds. The total investment fund now under its
supervision is in excess of $40,000,000.
Schulte Retail Stores Corp.
-Earnings.
Authorized, Outstanding.
Capitalization6 Months Ended June 301928.
1927.
Net profit before Federal taxes
$2.607,375 $2,694,001 Prior pref. stock (no par value) not desig. as to
none
200,000 shs.
Shares common stock outstanding (no par)
1.120.772
1,116,152
Earnings per share after preferred dividends
$1.85 Preferred stock (no par value):
$1.80
Not designated as to any series
none
200,000 shs.
-V. 127. p. 1264.
Class"A"common stock (no par value)
200 000 abs. 40 000 shs.
Class"B"common stock
500 000 shs. 90.000 shs.
(Joseph E). Seagram & Sons, Ltd.
-Control.
There will also be outstanding option warrants for the purchase of
See Distillers Corp-Seagrams. Ltd.,above.
-V.124.P. 1525.
76,666 shares of class "B" common stock at $10 a share at any time prior
to June 30 1940; and the corporation has entered into contracts under
Selfridge Provincial Stores, Ltd.(England).
-Earnings
Years EndedAug. 31 '28. Oct. 31 '27. which similar option warrants for an additional 123.333 shares will be
Dividends received
£277,915
£327.101 issued at intervals during the next five years.
The issuance of bonds, debentures or other evidences of indebtedness
Transfer fees
384
549
maturing one year or more from the date thereof is limited by the aeticles
ofincorporation to an amount equal to the aggregate of the capital thedtpaid
Total income
£278.300
£327,650 In,
and the reserves, surplus and undivided profits of the corporation.
Management and secretarial expense
x61,379
2,720
Assets.-Cpon completion of this financing the corporation will have a
Interest on temporary loans
2,546
18,040 net
investment fund of $1.200.000 and in addition thereto an operation
Income tax
See x
61,179
reserve fund set up from subscriptions by founders and directors to class
Discount on install, of share cap. pd. in adv.....
9.167 "B"
shares, estimated sufficient to pay the organization cost and operating
Divs. on ordinary shares (less income tax)
168,000
133,518
Reserve to write off preliminary expense
48,270
100,000 expenses of the corporation, other than taxes, during the first year and a
half of operation.
Restrictions Upon Investment of the Corporation's Funds-By the terms of
Balance,surplus
def£1.896
E3,026 the
certificate of incorporation the investment policy of the corporation is
Previous surplus
3,026
limited in the following manner:
Not more than 5% in value of the assets of the corporation shall be inTotal surplus
£1,130
£3,026 vested
in any one stock or other security, or in securities issued by any one
x Includes taxes.
-V. 125. p. 3074.
corporation, syndicate, association, trust, firm or individual, except,
however, that an amount not exceeding 20% of the value of the assets of
Shares in the South, Inc.
-Investment Trust Organized the
be invested
to Specialize in Southern Securities-Sponsored by Caldwell one corporation may at any timecorporation,in the security or securities of
or more subsidiaries of the
provided that any such subsidiary be organized to conduct the business of a general investment trust
& Co.
and be so restricted in its organization that not more than 5% of its assets
Formation of a now investment trust, Shares in the South, Inc.. has been
one enterprise.
announced by Caldwell & Co., investment bankers. The trust, which will shall be invested in any one security or the securities of any in any security
No
have offices in New York and Nashville is the first organized for the ex- which part of the assets of the corporation shall be investedthereof.
involves unlimited liability on the part of the holders
plicit purpose of investing in the securities of Southern enterprises. The
the assets of the corporation shall be invested in any security
shares, it is stated, will be limed on the New Orleans Stock Exchange. or No part offor the
securities
purpose of acquiring, controlling, or carrying on the
A large part of the common stock of the trust has already been subscribed whole or any
part of the business of any corporation, syndicate, association,
for by officers and employees of Caldwell & Co.
trust, individual, firm or other organization issuing the same, except in the
Shares in the South, Inc., has been incorporated in Delaware with an
authorized capitalization of 250.000 shares of no par common stock, of case of investment in securities of any subsidiary as aforesaid.
In
poll
which it is planned to issue 50,000 shares in the near future. It will be the addition to the above fundamental principles of investment by-la y,
s
following investment regulations have been incorporated in the
conducted as an investment trust of the corporation type, similar to those of the
corporation (which with respect thereto may be changed only 'by the
which have proven highly successful in England and Scotland.
voting stockholders) for the purpose of assuring further diversification and
The investment trust will use the funds received through the sale of its
capital stock to invest in the stocks and bonds of the various types of South- additional safeguards in the interest of the holders of securities of the
ern corporations, including railroads, public utilities, insurance companies, corporation:
(1) Of the assets of the corporation, after excluding therefrom all invest
banks and industrial concerns.
ments
be invested
Officers and directors of Shares in the South. Inc., will be composed of in any in securities of subsidiaries: (a) Not more than 5% maysecurities or
one
officers of Caldwell & Co., who will give the investment trust their personal obligationssecurity or the securities of any one issue, except the Not more
of the United States of America or Great Britain; (b)
supervision. Rogers Caldwell, President of Caldwell & Co., will be Presi- than 20% may be invested in
securities originating in any one nation or
dent of Shares in the South, Inc. Other officers will be DeWitt Carter,
V -Pres.; E. J. Heitzeberg, V.-Pres.: Fred K. Kirtland, Treas.: and T. W. country, except the United States of America and Great Britain; (c) Not
more than 20% may be invested in securities representing any one distinct
Goodloe, Sec. Directors will include H. C. Alexander, Jack M. Bass, class
Rogers Caldwell. DeWitt Carter, T. W. Goodloe, E. J. lIeltzeberg, C. H. than of business or industry other than those named in (d); (d) Not more
40% may be invested in securities representing any one of the following
Hutton, Fred K. Kirtland, Frank D. Marr and R. L. Voss.
classes: banking institutions. insurance companies, investment organizations, railroad companies, or power and light companies;(e) Not more than
Sharon (Pa.) Steel Hoop Co.
-New Director.
an
B. E. Ilibbee, Vice-President in chimes of sales, has been elected a 20% may be invested in the securities of recently organized enterprises: its
enterprise shall be considered to be "recently organized" unless it, or
director to fill a vacancy.
-V. 126. p. 3774.
predecessor (or some one of its principal predecessors when the issuer is a
combination, consolidation or merger of organizations) shall have been in
Sharp Manufacturing Co.
-Subscriptions Asked.
President Joseph T. Kennedy is notifying stockholders that it will be existence and engaged in the same business for at least three years.
(2) Corporation may participate in selling groups or underwriting syndinecessary for them to subscribe to approximately E1,000,000 of prior
preference stock or notes to enable the mill to continue in operation. If cates in issues of securities eligible for purchase. provided that total liabilities incurred in underwriting shall not at any one time exceed 20% of
stockholders or others do not express a willingness to subscribe the required funds by Oct. 1 a special meeting of stockholders will be called to the amount of the corporation's assets.
Directors.
-J. Warren Andrews, (Sec., Investment Research Corp.);
vote on liquidation.
-V. 127, p. 1117.
George Gordon Crawford, (Pres. Tennessee Coal, Iron & RR.); Robert
Jemison. Jr., Pres., (President, the Jemison Companies, Inc.. Director,
Sheffield Steel Co.
-50% Stock Dividend.
The directors have declared a 50' stock dividend on the common First Nat. Bank of Birmingham, Woodward Iron Co.); Crawford Johnson,
stock, no par value, payable Oct. 10 to holders of record Oct. 5. A 33 1-3% (Pres.. Crawford Johnson & Co.. Inc., Director, the First Nat. Bank of
Birmingham); Jonathan B. Lovelace (of E. E. MacCrone & Co.); Lindley
stock distribution was made on July 1 last. Compare V. 126, P. 3774.
C. Morton (Director. American Traders Nat. Bank, Birmingham. Protective Life Insurance Co.): H. G. Seibels, Vice-Pres. (Pres.. Birmingham
Shreveport El Dorado Pipe Line Co.
-Earnings.
Fire Insurance Co., Pres. Jemison-Seibels, Inc., Director. American
8 M ellhe Ended Aug. 311928.
1926.
1927.
Gross earnings
$757,
$781,190 $1,054,731 Traders Nat. Bank. Birmingham, Ala.): Matthew Scott Sloan (Pres.
789
New York Edison Co., Brooklyn Edison Co: Director, American Exchange
Oper. expenses, maintenance & rep- 301.433
284,650 Irving Trust Co., Nassau
292,775
Nat. Bank of Brea' lyn. Flush Terminal Co.,
Interest, rent & Federal taxes
54,647
80,661 Sloss
62,132
-Sheffield Steel & Iron Co.). Temple W.Tutwiler.(Director. American
Adjustment of inventory
215,361
283,982 Traders
107,683
Nat. Bank). Wm. B. White, Sec.-Treas. (Bradley. Baldwin. All.
Balance
$186,348
$405.436 and White: Director, Birmingham Fire Insurance Co.).
$318,598
No portion of the earnings of the Shreveport Producing & Refining Co.
Southern Sugar Co.
-To Finance New Sugar Mill by
included above.
The Shreveport Producing & Refining Co. earnings for the 8 months Sale of Preferred Stock.
ending Aug. 31 1928 are as follows: Gross revenues, $2,875,599; cost of
-ton daily capacity
crude oil, operating expenses, maintenance and overheah, $2,569,419: atTo finance construction of a third sugar mill of 2,500
Canal Point. Fla., the company announces an issue of 35,000 shares of
profits from operation, $306,179: interest. taxes and miscellaneous, $40,686;
miscellaneous earnings, $789: total available for reserves and capital stock, 7Ve_ cumulative preferred stock.
The company recently has completed the sale of 84.500 000 of preferred
$266,283.
Approximately 60% of the steck of this company is owned by the Pipe stock to finance two sugar mills erected at Clewiston and Canal Point, Fla.
The new mill will give the company in 1929 a total grinding capacity of
Line Company.
-V. 127, p. 1690.
4,500 tons per day.
The company's development, when fully completed, will It is said, be
Southern Baking Co.
-Sale.
capable of producing on its 110.844 acres of Everglades land, about 450,000
See Columbia Baking Co. above.
-V. 126, D. 3775.
tons of sugar annually.
-V. 127.13• 1690.
Southern Bond & Share Corp.
-E. E.
-Stock Sold.
MacCrone & Co., New York and Detroit, and Jemison &
Co., Inc., Birmingham, Ala., have sold 40,000 shares
class A common stock (no par value) at $30 per share.
With each share of class A common stock now offered there
will be delivered one-half share of class B common stock.
Sparks-Withington Co.
-Annual Report.
,r End. 6 Mos. End. Year End,
PeriodJune 30'28 June 30 '27 Dec. 31 '28
Net profit
41.212,606
$229,384
x67,364
Prov. for estimated Fed. Inc. taxes_ _
See x
See x
32,000
Underwriting exp. on new pref. stk.
& prem, on old pref. stk. (net)
6,491
Prov. for retire. of pref. stk
12,240
12,265
Adj. applic. to previous years
7,106
Net profit
$1,206.115
$55.124
8178,013
Other income
1,300
Total income
$1,206,115
$56,424
$178,013
Preferred dividends
13,282
6.900
14,646
Common dividends
223,920
74,640
149.280
No par value and non-redeemable. When and as declared by the board of
directors class "A" shares are entitled to non-cumulative annual dividends
up to $2 per share before any dividends on class "B"; In excess of this
amount claw "A"shares are entitled to receive per share one-half the amount
of dividends paid per share on class "B" until each class shall have received
$4 per share per annum:thereafter additional dividends shall be paid equally
on both classes. Subject to the rights of the prior preferred and preferred
stocks exclusive voting power is vested in the common stocks, each share
being entitled to one vote. In the event of any distribution or liquidation
of the assets of the corporation there shall be distributed, subject to the
Surplus
$968,913 def$25.116
rights of holders of the prior preferred stock and the preferred stock. $30 Previous surplus
253,306
278,422
a share to each share of class "A" common stock outstanding: thereafter ,
$10 a share to each share of class "B" common stock outstanding: after
Total surplus
$1,222,219
$253,306
which all remaining assets are to be distributed equally per share of common Earns per share on no par corn. stk._ _
$8.03
$0.41
stock irrespective of class. Whenever for two consecutive years annual
x After Federal income taxes.
$14,087
264.334
$278,421
$1.23
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1821
Condensed Balance Sheet June 30.
Superior Oil Corp.
-Chairman Elected.
Assets1928.
1927.
1928.
1927.
E. R Perry, formerly v ice-President of Cosden & Co. has been elected
Land,b1dgs.,mach.
Preferred stock__.$1,000,000 $195,900 Chairman of
the Board. H. G. Davies will continue as President. George
and equip
y$1,292,077 81,114,179 Common stock__ _x1,446,997 1,446,997
F Naphen and M. M.
Cash
1,265.076
64,976 Accounts payable- 341.602
148.833 (formerly President of Cunniff, of Naphen & Co.,=nd Maxwell Stevenson
U.S.Liberty bonds
Creole Petroleum Corp.) were added to the Board
50,000
Notes payable- 267.000 of Directors.
-V.127.p. 698.
Grade accept ree
8,538
6,617 Est. Federal taxes_ 182.000
29,558
Accts.receivable.... 358,423
225,717 Deferred income__
2,635
Tennessee Products Corp.
-Balance Sheet June 30 1928.
Mdse. Inventory
703,055
442,077 Pref. St. called for
Cash on dep. to reAssetsLiabilities
retirement
55,617
61,200 Cash on hand
tire pref. stock....
55.617
and in banks__ 8244,783 Accounts payable
Res. for patent lit.
$145,373
17.007
Miscall. assets._
219,727
256,147 Surplus
Accruals
1,222.218
63,889
253,306 Acc'ts receivable, less doubtPat..tr. marks,&o. 182.275
ful accounts
187,661
352,074 Consignment account
40,846
Deferred charges_ _ 116.280
Notes receivable
26,686 Reserves
122,427
101,148
Inventories
1,398,665 J. J. Gray, Jr., account
25.000
Total
Prepaid fire insurance
84,251,068 $2,419,801
10.161 10-year 6% notes
Total
$4,251,068 32.419,801 Treasury
800,000
bonds
23,500 10-year 1st mtge. 614s
x Represented by 149,280 no par shares. y After depreciation.
1.345.000
-V. 126. Sinking fund cash account.-3,233 1st mtge. 5% bonds
P. 3775.
8492.500
Notes receivable (land sales
8% preferred stock
988,000
contracts with employees).
Southern Dairies, Inc.
2,619 Common stock
-Offer Withdrawn.
b6,605,983
Treasury stock at cost
803 Kraft-Phenix Cheese Co. above.
24,707
-V.127. p. 1117.
Coal,Iron & timberlands,&c. 8,453.688
Deferred charges
67.621
Standard Investing Corp.
-Earnings.
6 Months Ended Aug. 311928.
Total
1927.
$10.607,738
Total
810.607,788
Income from diva, and int. (int. rec'd & accr'd)___
$295.532
$198,146
a Covering Wrigley plant only: due in annual installments
Interest
115.424
129.687 Jan. 1. b Represented by 207,501 shares of no par value. of $27,500 On
Operating expenses
17,427
6.095
Caldwell & Co., Nashville, Tenn, recommend the pref. stock at par
Amortization
15.950
10.541 ($50). V. 123, p. 2533.
Balance
$146.731
$51.822
Transcontinental Oil Co.
-Production.
Net profit on sales
354,339
111 002
Information has been received by this company that the regular semimonthly gauge of producing wells in the Yates Pool, Pecos County, Tex.,
Total
$501,070
$162,824 was taken on Sept. 15 1928 and indicated a production from the field
Tax reserve
of
79,693
28.486 3.835.105 barrels per day, an increase over the Sept 1 production of
slightly over 409,000 barrels. The Transcontinental
Net applicable to reserves and stock
-Mid Kansas ipro6421.375
$134,338 duction from the field as of Sept. 15, gauged 1,697,626 barrels per day,
Dividends paid
131.135
an increase of over 306,000 barrels per day as against the run of Sept. 1.
This increase in production for the joint property was due to the fact
Earned surplus
$290.240
$134,338 7 wells were deepened, which increased their flow substantially. and 5 that
new
Balance Sheet Aug. 31.
wells have been brought in with an aggregate daily production of 193,066
1928.
barrels.
1927.
1928.
1927.
Assets
Liabilities
Transcontinental
-Mid Kansas holdings are now entitled to approximately
Investments
9,674,775 5,843,866 Preferred stock. _z$4,000,000 x1,350,000 45% of the oil being marketed through the pipe lines under the proration
For'n exch.to cover
Common stock.- _y1.438,960
85,000 agreement, and whereas the amount marketed as of Sept. 1 for the 2
security purch
50,045 10-yr.5% gold deb. 4,500,000 4,500,000 companies ran slightly over 28,000 barrels per day, the Joint oil delivered to
Call loans
500.000
the pipe line as of Sept. 15,and thereafter will amount to 32,600 barrels per
Acc'ts payable
590
Acc'ts receivable..
9,284
Int. rec. but not
day, incrfessing Transcontinental's share to 16,300 barrels per day.
-V.
Cash
143,042
46,397 earned
7,076
7,636 127.p. 1400.
Unamort. discl on
Reserve for taxes_ _ 103,842
28,486
5% debentures_ 153,000
Triplex Safety Glass Co. of North America, Inc.
171,000 Initial surplus_ _ _
65,000
65,000
Organization caps.. 112,992
13,869 Undivided profits_ 543.464
134,338 Final Dividend of 15%.
Acer. int. recelv_
65,840
45,283
The directors have declared a final dividend of 15%, making 20% for
Total
10,658,933 6,170,461
-V.127.p. 1691.1541.
Total
10,658,933 6,170,460 the year,compared with 12Si% in the previous year.
x Represented by 15,000 shares of no par value.
y
Truscon Steel Co.
-Co-Registrar.
132 shares of no par value. z Represented by 40,000 Represented by 145,shares $5.50 dividend
The Bank of America National Association has been appointed co
series cumulative preferred stock.
-V. 127, p. 275.
registrar of the 700.000 shares of common stock.
-V. 127, P. 426.
Standard Oil Co. of New York.
-Indian Government
Exonerates Company-Inquiry Finds It Did Not Sell There
at
Uneconomic Prices-Royal Dutch Shell Found to Have
Sold at
"Uneconomic Prices." See last week's "Chronicle," page
1593.-V. 127, p. 562.
Standard Textile Products Co.
-Earnings.
J.'1'.
Broadbent,Pres..announced that net profits of the company
totaled
$60,000 for August of which $20.000 was added to reserve for
New orders are increasing,and the prospects for the remainingcontingencies.
months of the
year are favorable.
The company during recent months placed on
products of modern design and color which are the market several new
among consumers. All plants are now operatingattracting wide attention
at capacity.
-V. 127. is•
836.
Steel & Tubes, Inc.
-Capitalization,
(H.0.) Stone & Co., Chicago.
-Debentures Offered.
H.0.Stone & Co. Chicago, are offering at prices to yield
from 5% to 6.35%, according to maturity, $3,000,000
serial and sinking fund gold debentures (closed issue). 6%
&c.
See Repuolic iron cz. Steel Co.p.
---- 1541.
8'
Dated Aug. 11928: due Aug. 1 1929 to
Feb.
payable (F. & A.) at the office of 11. 0. Stone 1 1939. Principal and int.
&
$1,000, $500 and $100 ce. Redeemable all or partCo., Chicago. Denom.
on
IN and int.. on 30 days' notice. Interest payable any interest date, at
without deduction for
normal Federal income tax not to exceed 2%.
Upon application as provided in the indenture, company will on any
dent owner for taxes paid under the laws ofdebenture reimburse the resiIncome from or ownership thereof as follows: the respective states on the
Mich. 5 mills, Minn. 3 mills, and Wisconsin Calif. 6 mills, Iowa 6 mills,
paid, and upon like application, as provided,not to exceed 6% of the int.
the company will reimburse
taxes paid by the resident owner in any other state,
not in excess of 5
mills per annum. Chicago Title & Trust Co..
trustee, and
Business.
-Company renders a complete investment and registrar.
real estate service including the underwriting and sale of 1st
mtge. bonds and mortgages,
brokerage, the subdividing and sale of
land, property management and
renting, the sale and management of co-operative
Security.
-These debentures are the direct apartments and insurance.
secured by a trust indenture which provides:obligation of the company.
that the
not exceed one-third of the total assets, that the total funded debt shall
indebtedness, both
funded and unfunded, shall not exceed two-thirds
of
no additional funded debt shall be assumed, except the total assets, that
purchase money mortgages, unless the total assets are throe times the
total funded indebtedness
and the average net earnings for the three
times the interest on the then total funded years preceding exceed three
debt,
may be paid except from net earnings subsequent and that no dividends
to Jan. 1 1928.
Assets.
-The net assets of the company apnlicable
to
after giving effect to this issue. are $10,797,292, which the funded debt,
is 3.59 times the
amount of this issue, the only funded debt of the
company.
Earnings.
-The net earnings for four years
(before Federal income tax) average $908,310,and the 6 months of 1928
or 5.05 times the greatest
annual interest char re of this issue.
Sinking Fund.
-Company covenants, in addition to paying serial
maturities, to deposit with the trustee annually,
commencing
an amount equivalent to 59% of the annual net earnines in June 1 1930.
excess of $500,000, to be used as a sinking fund for the retirement
of debentures by purchase or redemption.
Purpose.
-Proceeds will be used to fund outstanding bank
loans and for
other corporate purposes.
CapitalizationAuthorized.
Outstand'g.
Debentures
63,000.000
$3.000,000
Preferred stock
2.500,000
2,311.000
Common stock (no Par)
sn.000 shs. 39,842 shs.
Sullivan Machinery Co.
-Outlook-Status.
Vice-Presiden
United Bankers Oil Co.
-Liquidation.
-
We have been informed that the Empire Trust Co., as trustee. Is still
receiving deposits of certificates for Bankers shares. The trust agreement
terminated on May 10 1926.-V. 121, p. 212.
United Publishers Corp. of N. Y. City.
-Larger Div.
-
The directors have declared a quarterly dividend of $1.25 per share on
the common stock (no par value) payable Sept. 29 to holders of record
Sept. 19. Previously the company paid bi-monthly dividends of 75 cents
per share on this issue.
-V. 121, p. 2534.
United States Bond & Mortgage Corp., New York.
Bonds Offered.
-S. W. Straus & Co., Inc., are offering $1,000,000 6 6% guaranteed coll, trust sinking fund gold bonds
,
at par and interest.
Dated July 15 1928; due July 151942. Interest payable (J.& J.) Denom
$1,000 and $500cs. Principal payable at Guaranty Trust Co., New York
(trustee), and interest payable at the office of S. W. Straus & Co., Inc..
New York. Callable at 103 and int. during first five years: at 102 and int.
for second five years; and at 101 therefater. Red. for sinking fund at 101
and int. Federal income tax up to 2% per annum paid by the borrowing
corporation. Minn. three mills tax; Mont. 34 mills tax: Penn., Conn.,
Vt., Calif. and Okla, four mills taxs: Md. 4 mills tax: D. of Col.. Va.,
Neb., Wyo.. Ky., Colo. and Kan. five mills taxes; Mich. mortgage exemption five mills tax; Iowa six mills tax; N. H. State income tax up to
3% of the interest per annum. and Mass. State income tax up to 6% of the
interest per annum refunded.
Company.
-The business was established Apr. 1 1924 in Mineola, L.
with a paid in capital of $65.000 by a group of about 20 men, nearly all of
whom were officers and directors of State and National Banks in Long
Island. As of June 30 1928, Its capital, surplus and deferred income reserves amounted to $3.153.762.09, with assets (after giving effect to this
financing) of $6.211.316.85.
The company operated for a year and a half exclusively in Nassau County.
with a view of testing thoroughly the principles on which it was founded.
These tests having proved uniformly satisfactory, the company began to
expand in a conservative way, making close affiliations with bankers in
community after community until its operations now Include Queens,
Suffolk and Nassau Counties in Long Island, and New York and Westchester Counties, all being in the Greater New York metropolitan zone, .
Guaranty.
-The bonds are unconditionally guaranteed by endorsement
both as to principal and interest by the Mortgage & Title Guaranty Co. of
America. This company is a subsidiary corporation of the United States
Bond & Mortgage Corp., with a paid-in capital stock and surplus of $300.000. An increase in the capital stock and surplus to 51.000,000 has been
voted by the board of directors of the parent corporation and has been approved by the Insurance Department of the State of New York under
whose regulations and supervision the guaranty company operates. under
the insurance laws of the State of New York the funds of the guaranty
company must be segregated and kept apart from those of any affiliated
corporations.
Compare also V. 126, p. 3777.-V. 127. p. 1266.
United States Foil Co.
-Initial Class B Dividend.
-
The directors have declared an initial quarterly dividend of 25 cents per
share on the class Ii common stock, no par value, payable Oct. 1 to holders
of record Sept. 15. See also V. 127, p. 1266. 1119.
U. S. Smelting, Refining & Mining Co.
-Earnings:
-
8 Mos. End. Aug. 31- 1928.
1927.
1926.
194a.
Profit after interest.. _ - - 53,939,012 $3,605.000 $4.0 )8,834 54,280.150
Depr., depl'n & amort'n 1,569,334
1.497,426
1.587.968
1,853,395
Net Profit
$2.369.678 52.107,574 52.480,866 52,426.755
Preferred dividends..... 1,134.817
1.134.817
1,134.817
1.134.817
Surplus
51,234,861
$972,757 51,346,049 $1.291.938
Earns. per sh.on 351.117
shs.(par $50)corn.stk.
$3.52
52.77
$3.65
53.83
-V. 126, p.4101.
t A. E. Blackwood says in substance: "We
look for a
greater demand for our products, and, in consequence. anticipate
a better
fourth quarter than in 1927. Unfilled ordnrs have increased
since Jan. 1. Invoiced business for the first 8 months of this considerably
year is some
6% less than for the same period of last year.
"Cash on hand Sept. 1 amounted to 51.065.664, against $070
Upson Co., Lockport, N. Y.
-Extra Dividends.
211
Dec. 31. last; notes receivable were 5459.320. as compared with 6198 at
The directors have
297
t the end of last year; and accounts payable Aug. 1 were $334,848 against both the class "A" anddeclared an extra dividend of 10 cents a share on
class "B" stock, in addition to the regular quarterly
399.908 at Dec. 311927.
dividend of 40 cents a share on both issues, all payable Oct. 15 to holders
"There has been a decided increase in production at the Michigan
City of record
plant and a satisfactory improvement in production at the Claremont -V. 127,Oct. 1. Like amounts were paid on April 16 and July 16 last.
p. 123.
(N. H.) plant.
"Naturally, we cannot definitely predict the final results for
Van Canto Packing Co.
-Extension of Time for Deposit.
this year
but we feel confident that our dividend will be earned, and indications are
The oondholders committee, consisting of A. E.
that our income statement will compare favorably with that of 1927."- H.G.Polhemus,representing the 8% bondholders Latta, J. F. Hewitt and
have further extended the
V. 127. p. 1400.
time of deposit of the 8% bonds to Oct. 15.-V. 127,p. 1401.
1
1822
FINANCIAL CHRONICLE
[vol. 127.
Yarns Corp. of America.—Stock Offered.—Doroshaw &
Vancouver (B. C.) Western Drug Co., Ltd.—Preferred
Stock Sold.—Pemberton & Sons Vancouver, Ltd., Van- Co., New York, are offering at $16.75 per share, to yield over
couver, B. C., have sold $400,000 63% cum. sinking 7%, 18,000 shares convertible class A stock (no par value).
fund pref. shares at $99.50 and divs., to yield over
Initial Dividend.—
The directors have declared an initial quarterly dividend of 30 cents
Each preference share will carry a bonus of 1-5th of one
per share on the outstanding convertible class A stock, payable Oct. 1 to
common stock.
share of
holders of record Sept. 29. See offering in V. 127, Ei• 539.
Shares are preferred as to assets and dividends. Cumulative dividends
-J..
at the rate of 6 % per annum will accrue from July 1 1928. payable Q.
Yellow Cab Co., Baltimore, Md.—Pref. Stock Sold.—
by cheque, negotiable at par at any branch of the Royal Bank of Canada
Baltimore recently offered and sold $300,000
as to assets upon voluntary or involuntary Gillet &
In British Columbia. Preferred
dissolution up to $105 and accrued dividends. Redeemable at the option cumulative
Co.,% prior preferred stock (par $100) in units of
of the company as a whole or in part on 60 days' notice at $105 per share
and int. Registrar and transfer agent: Montreal Trust Co., Vancouver,B.0. one share of common stock and two shares of prior preferred
Issued
Authorized.
Capitalization—
stock at $200 per unit.
% cumulative sinking fund preferred
-M. Red. on any div. date upon 30 days' notice
Dividends payable Q.
$400.000
$1.000.000
shares (par $100)
20.000 shs. at $107.50 per share and diva. This stock is free from the Maryland
50.000 she.
Common shares (no par)
securities tax of 4millg and the dividends received from it are free from
Data from Letter of Dr. G.H. Worthington, Pres. of the Company.
the present normal Federal income tax. Transfer agent. Union Trust Co.,
Company.—Is being incorp. for the purpose of acquiring the entire issued Mauland, Baltimore, Md. Issuance approved by the P. S. Commission
capital of Vancouver Drug Co. 1928 Ltd. and Western Wholesale Drug of Maryland.
1928 Ltd., which will operate the established wholesale and retail drug Data from Letter of W. W.Cloud,Pres.& Genl. Mgr.of the Company.
Company.—Organized in Maryland early in 1909, being among the
business now carried on in Vancouver, B. C., under similar names. The
business has grown since 1909 from one store and an investment of $25,000 pioneer taxicab companies in America,and has been in continuous operation
to its present proportions without any further investment of capital. The since organization. Business has shown marked progress since its inception
activities of the business now include 15 retail stores in Vancouver, New and for years the company has done the major part of the taxicab business
Westminster and Victoria, wholesale and manufacturing drug business, in the City of Baltimore and its suburbs. In addition to operating a fleet
Candy manufacturing plant, photographic developing and finishing plant, of more than 200 taxicabs, the company also owns valuable leasehold real
estate.
and other departments incidental to the business.
Authorized. Outstanding.
Assets.—The combined assets of the company as at May 31 1928. after • Capitalization—
$300,000
7% cumulative prior preferred stock (par $100)-- a$350.000
giving effect to the present financing, will be substantially as follows:
$299,500 7% cumulative preferred stock (par $10)
40.870
50.000
Real estate
125.200 Common stock (no par)
b37,000 shs. 30.000 she.
Fixtures, equipment and manufacturing plant
406.678
a $50,000 of the authorized amount of prior preferred stock is held in
Net current ass,,
ts
2.228 the company's treasury for conversion of the authorized $10 preferred
Deferred charges
stock. b 7,000 shares reserved for conversion of prior preferred stock.
giving3 0
3 67
$833,607
Assets.—Based on balance sheet as of June 30 1928 after giving effect
Total
to the present financing, there is a sound value of over $171 for each share
There will be no liabilities outstanding as at May 31 1928, after
of prior preferred stock.
effect to present financing.
Earnings.—Net earnings available for prior preferred dividends, after
Earnings.—Earnings, before provision for depreciation and income
deducting local taxes and depreciation, but before deducting Federal income
taxes,apart from real estate rentals,for the year ending Dec.31 1927
taxes, and after eliminating certain non-recurring expenses, for the 234
amounted to
For 5 months ending May 31 1928. on the same basis, earnings$51,895 years ended June 30 1928, have averaged 4.5 times prior preferred dividend
84.000 requirements. For the 6 months ended June 30 1928, net earnings so
were $35.359 or at the annual rate of over
26,000 available for such payments were 5.1 times the required amount.
Total dividend requirements on the present issue
Listing.—ApplIcarlon will be made to list the prior preferred and common
. Sinking Fund.—A sinking fund will be set up annually, equal to 10%
of the consolidated net earnings of the operating companies, less deprecia- Cocks on the Baltimore Stock Exchange.
tion, income taxes and allowances for preferred dividends in the holding
company. The fund will be in the hands of a trustee who may apply it
in the purchase of preference shares, which shares may be retired from time
CURRENT NOTICES,
to time by way of reduction of share capital. Any balance may be used
at the discretion of the directors in the redemption of preference shares at
dividend.
$105 per share and accrued
—C.H. Wettemu of the American National Bank, Nashville, Tennessee,
is the new president of the Financial Advertisers' Association. He was
Virginia Bond & Mortgage Corp.—Bal. Sheet Sept. 1 '28. elected at the 13th annual convention of the Association held In Utica,
Liabilities—
Assets—
5200,000 Sept. 17-20. Other officers elected were: First Vice-President, A. E.
$3,427 Preferred stock
Furniture SC fIxt.(after deprec.)
500,000 Bryson, Halsey, Stuart & Co., Chicago; Second Vice-President, F. It.
201,386 Common stock
Cash
1,892,000 Kerman. Bank of Italy, San Francisco; Third Vice-President, C. H. MC,
3,130.893 Collateral trust bonds
Loans
282,000
202.269 Bank loans
Accounts receivable
3,418 Mahon, First National Bank, Detroit; Treasurer, E. A. Hintz, Peoples
95,300 Accounts payable
Investments
26,044 Trust & Savings Bank, Chicago.
mt.
9.058 Accr. i and taxes
Deferred charges
582,578
The Board of Direcors for the coming year consists of: Clinton F. Berry,
Deferred income
158,297 Union Trust Co. Detroit; C. E. Bourne, Royal Bank of Canada, Montreal;
$3,642,334 Surp. dr undivided profits
Total (each side)
W.E. Brockman, Minnesota Loan & Trust Co., Minneapolis; George Dock,
—V.124. p. 1683.
Wm. R. Compton & Co., New York; Chas. Eastman, Taylor Ewart & Co..
Warner Bros. Pictures, Inc.—Acquires Control of First Chicago; Frank Fuch, First National Bank, St. Louis; II. G. Hodapp,
National City Co. New York, N. Y.; Robert J. Izant, Central National
National Pictures, Inc.—
The corporation has acquired an additional block of 19,000 common Bank, Cleveland; H. Ennis Jones, Franklin Trust Co. Philadelphia; H. A.
shares of First National Pictures. Inc., stock, which added to the 23.000 Lyon, First National Bank, Boston; A. Douglas Oliver. Provident Trust
shares acquired through the acquisition of the Stanley Co. of America Co.,
Philadelphia; Alva Maxwell. Citizens & Southern National, Atlanta;
gives the Warner company a total of 42,000 shares out of 75,000 shares
outstanding. Holdings acquired were formerly owned by Balaban At H. W. Kitchell, Illinois Merchants Trust Co., Chicago; I. I. Sperling,
Katz, Skouras Bros., Saenger Enterprises, A. II. Blank Finkelstem & Cleveland Trust Co., Cleveland; Fred M. Sinker. Commerce Trust Co.,
Ruben and Robert Liebler, who had trusteed their holdings. The Fox
Film Corp. owns 21.000 shares of First National stock, and the remaining Kansas City.
12,000 shares are scattered. ("Wall Street Journal.").—V. 127. P. 1542.
—Announcement has been made of the consolidation of George Batten
Co., Inc., and Barton. Durstine & Osborn, Inc., two large and well-known
Auto Supply Co.—Sales.Western
national advertising agencies, with headquarters in New York City. Bruce
Increase
1928-8 Mos.-1927
Increase
1928—August—i927
$253,000 Barton, President of the latter, is to be Chairman of the Board of the
5331.000 I $7,627,000 $7,374,000
$1.475,000 51.144.000
new company. William II. Johns, President of George Batten Co., Inc..
The company now has 47 stores in operation.—V. 127. P. 1119.
will be President of the consolidated agency and Roy S. Durstine, Secretary
Wheeling Steel Corp.—Permanent Bonds Ready.—
and Treasurer of Barton, Durstine & Osborn, Inc., will be Vice-President
Permanent 1st & ref. mtge. 434% sinking fund gold bonds, series "B," and General Manager. The new firm will be Batten Barton, Durstine
due April 1 1953, are ready in exchange for interim certificates at the offices
Branch offices will also be consolidated, giving the new
of Lee, Higginson & Co. in New York, Boston and Chicago. (For offering & Osborn, Inc.
company enlarged facilities in Chicago. Buffalo and Boston. The Chicago
see V. 126. p. 2165.)—V. 127, p. 838.
business of the present George Batten Corp., George Batten Co., Inc.,
White Sewing Machine Corp.—Earning8.and Barton, Durstine & Osborn, Inc., will be combined under the name
1927.
1928.
8 Months Ended Aug. 31—
Osborn Corp. of Illinois. of which Bruce
$881,790 of Batten, Barton, Durstine &
$944,548
Net income after all charges and taxes
Barton is Chairman of the Board; R. L. Hurst, President; William II.
—V. 127, p. 1401.
Roy S. Durstine, Vice-President; Chas. D. Mitchell,
Johns, Vice-President;
Wisconsin Parts Co., Oshkosh, Wis.—Stock Offered.— Vice-President; F R. Feland, Secretary. and R. J. Hayward. Treasurer.
—The28th educational year of New York Chapter, American Institute
Lane, Roloson & Co., Inc., and Brokaw & Co., Chicago,
first. Registration has taken place during
begins
recently offered 35,000 shares of common stock at $24 per of Banking,week. on October are that last year's record of 3,287 students
Indications
the present
share. Stock has been listed on the Chicago Stock Exchange. will be exceeded this year. The new educational announcement lists 53
year. Of these 28 are so-called Standard
Transfer agent: Union Trust Co., Chicago: registrar: National Bank of courses that are being offered this 3
courses, which are grouped into -year courses in Commercial Banking.
the Republic of Chicago, Chicago.
Outstanding
Trust Banking, Investment Banking, and International Banking. The
Authorized
Capitalization—
Chapter. has a faculty of 76 members.
70.000 she.
Common stock (no par value)
0
7 , 0 shg
History.—Company. organized under Wisconsin Law in 1919.1s rngaged Seven new course' are announce I: Foreign Banking Systems by Mr.
in the manufacture of both front and rear axles for trucks ranging in capacity Hans Widenmann of Ludwig Bendix; Industrial Security Analysis and
from 13.5 to 7 tons. Rear axles, which comprise over 96% of the total axle Public Security Analysis, both by Donald M. Street of the Guaranty Trust
prouuctlon, are designed with either double reduction or worm drive. Co.: Bank Auditing by Homer 0. Holland of the American Exchange
Company ranks first among axle manufacturers in the production of double Irving Trust Co.; Current Economics and Financial Problems by Dr. Justin
reduction drive and second in worm drive axles. The double reduction H. Moore of the American Exchange Irving Trust Co.; Advanced Public
type, which constitutes a large majority of the total number of axles pro- Speaking by Dr. Charles A. Tonsor, formerly of New York University;
duced, is particularly efficient in heavy duty service. Company owns Real Estate Financing by Ralph E. Cramp, Counsellor at Law; and Bank
valuable patents covering the manufacture of this type of axle, which Administration Seminar, of which the instructor is to be announced later.
During the early years of the Chapter its courses wore designed wholly
patents were developed under the President's direction.
The strong position of the company from a sales standpoint is evidenced for bank men. However, as the local banks required men skilled in the
by the fact that it supplies axles to more than half of the truck manufac- handling of investment problems. the Chapter added the necessary courses
turers in the United States. The annual purchases of the largest single In financing and investments. Its courses are now open to employes of
customer constitute less than 15% of the company's total business. In banks as well as of investment houses.
addition to its axle business, the company manufactures a line of misceledition of Farr & Co.'s Manual of Sugar Companies
—The ninth
laneous products, including tractor transmissions and roller bearing journal are now ready annual
for distribution, and which is the most comprehensive yet
boxes.
Co.. contains a statistical
are located on about 80.600 square feet of land on Issued by Farr & American producing and review of 25 important Cuban,
Company's plants
refining companies with synopsis
Rican and
the Chicago and North Western Veit line in Oshkosh, Wis. The plant Porto other sugar companies in this country, Cuba, ...Into Rico. Hawaii
buildings, all constructed between 1912 and 1926, occupy about 50,000 of 85
small buildings. the Philippines, Santo Domingo, Mexico, Central and South America and
square feet, exclusive of the office and certain adjacent
Sales and Earnings.—Net sales have shown a steady increase in every Java.
—p. Fred Fox. formerly Manager of the trading department of F. J.
year from 1921 to 1927, inclusive, and results for the first 6 months of 1928
indicate the best year in the company's history, both from the standpoint Lisman & Co., announces formation of the firm of P. P. Fox & Co. to deal
In investment securities, with offices at 30 Bread St., New York. Irving
of net profits and net sales.
6 Mos. end. Gold has become connected with the new firms in its trading department.
June 30 '28
1927
1926
—Bedell & Co. with headquarters at 32 Custom House St., Providence,
Net profits available for dividends
$186,487 have issued an analysis of the New England Woolen Industry in the form of
$229.056
$187,434
after Federal income taxes
3(1 page booklet copies of which this firm Is distributing gratis to those
$3
Earnings per share common stock_ _.27
e interested.
ed
t 7
s2 6
Purpose.—Proceeds from the sale of this 3 ack will be used to complet fr
the building of an extension to the present plant. to reimburse the company
—Orion, Kent es Co.. members New York Stock Exchange,60 Broad St.,
preferred stock, for additional working New York, have issued a condensed analysis on several leading oil comfor retirement of outstanding
capital and other purposes.
panies, in which a discussion of the present oil situation is included.
Dividends.—It Is intended that the company will inaugurate the payment
—Stephen E. Hopkins of Providence has moved to the New Industrial
of dividends on the common stock at the rate of $1.60 per share per annum,
Trust Bldg.
payaole in equal quarterly installments commencing Jan. 11929.
FINANCIAL CHRONICLE
SEPT. 29 1928.]
1823
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL
-ETC.
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
!The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed ''INDICATIONS OF
BUSINESS ACTIVITY."1
Friday Night, Sept. 28 1928.
COFFEE.-On the apot was quiet and steady early in the
week; Rio 7s, then were 173ic.; Santos 45, 233 to 2334c;
Victoria 7s and 8s, 163 0.
/
Later trade was moderate at steady prices. Santos 4s,
233' to 24c, Rio 7s 173/2c; Victoria 7s-8s 17e. Within a week
30,000 bags of Robustas it is said have been bought back by
the original sellers.
Some reports said that the weather in coffee growing districts was cloudy in all sections. Any rain would greatly
relieve the situation.
One comment was that the market continued to be considerably below shipping parity with Brazil.
On the 24th inst. cost and freight offers were unchanged to
slightly higher.
On the 25th inst. cost and freight offers were about unchanged.
On the 27th inst., cost and freight offers were generally
lower. Santos Bourbon 2-3s were quoted at 24c.;3s at 23Yie.
to 23.80c.; 3-4s at 22.80 to 23.10c.; 3-5s at 223/2 to 22.65e.;
4-5s at 22.20 to 223 0.; 5s at 22.15c.; 5-6s at 21.90c.- to
/
22.65c.;6s at 21.65c.;6-7s at 20.90c.;7-8s at 18.10 to 20.d0c.;
part Bourbon 2-3s at 24c.; 3-5s at 22.85e. Peaberry 4s at
22 Yie.; 4-5s at 223(c.; 5-6s at 21.900.; in combination
prompt 3-5s were offered at 22.40c. and 4-5s at 221 0.
/
The deliveries of Brazilian coffee last week were 150,600
bags against 154,876 in the preceding week and 176,105
bags for the corresponding week last year. Futures on the
24th inst. advanced 5 to 15 points; sales of Rio were 7,250
bags and of Santos 13,750 bags. Covering and supposedly
European and Brazilian buying with higher Santos cost and
freight prices accounted for the rise. Another comment
was as follows:"The fact that Rio holders are aware that
they have sold as much coffee as they can expect to, to
Europe, and are now turning their attention to our importers
and roasters has at times tended to an easier tone. but
Brazil is offering sufficient support to at least maintain
present levels if not to advance them. A further sentimental effect resulted from the news of continued drought
in Sao Paulo. Serious results to the Santos outturn are
feared unless rain is had shortly."
Sao Paulo, Brazil cabled that the dry season in the coffee
regions of Sao Carlos, Arraguara and Douradense is causing
alarm.
The "West Corum" has landed 14,000 bags of Brazilian
coffee at Houston and the "Conehattan" 10,000 bags at
Baltimore, all of which is going at once into consumption
and does not appear in the visible supply.
To-day Rio futures closed 5 points lower to 3 points higher
with sales of 10,000 bags. Santos futures were 2 points off
to 3 higher with sales of 16,000 bags. Final prices for the
week show decline of 14 points on December Rio and 20
points on December Santos.
Rio coffee prices closed as follows:
Spot
17% IMar
Dec unofficial_May
16.06®
15.58® nom IJuly
'Sept
15.28®
14.94 ®
14.70®
bid
Santos coffee prices closed as follows:
Spot
Dec
Unofficial ___
21.80®
IMar
May
21.33®
20.97®
IJuly
'Sept
20.88® -_-20.30® bid
-Prompt Cuban raws were quiet for a time at
SUGAR.
23e. c. & P. and 4.02c. delivered. Some inquiry from
Europe and Canada for shipment broke the monotony a
little but the bids were unacceptable. A leading importer
of Porto Rican sugars had reports that damage done to the
growing cane in Porto Rico by the hurrieance amounts to
fully 25% of the entire acreage. Some of it may revive
during the remaining three months of growth weather but
in any event there is a fear of a reduction in sucrose content.
Receipts at United States Atlantic ports for the week were
48,343 tons against 56,355 in the previous week and 40,453
in the same week last year; meltings 61,000 tons against
58,000 in previous week and 54,000 last year; importers'
stocks 260,122 tons against 271,301 in previous week and
134,977 last year; refiners' stocks 94,298 against 95,776 in
previous week and 51,872 last year; total stocks, 354,420
against 367,077 in previous week and 186,849 last year.
One report of the Cuban crop movement for the week ending
Sept. 22nd, was: receipts 51,895 tons; exports 91,763 and
stock 501,620 tons.The exports were distributed asfollows:
To New York 19,267 tons; Philadelphia 13,276; Boston
4,643; Baltimore 1,433; New Orleans 20,092; Savannah
4,379; Interior of United States, including Charleston 2,084
tons; Canada 3,174 tons; United Kingdom 19,865; France
2,757; Canary Island 157; Central America 56. The meltings
of all refiners from January 1st to September 15th according
to the Sugar Institute were 3,275,383 long tons against
3,721,219 last year.
On the 25th inst. 1,500 tons Cuban raws sold out of store
at 3.93c. delivered. It was said on the 26th inst. that some
25,000 tons of Java whites for October-November-December
shipment had been made to the Continent on the basis of
12s. 9d. e. i. f. On the 27th inst. the sale of 120,000 of Java
sugars was confirmed by early London cables. It consisted
of raws not browns and was sold for December to March
shipment at a price equal to 10s. 3d. c. i. f. or about 2.030.
f. o. b. Cuba. Tate Lyle is said to have taken 50,000 tons
of the block, the Continent 70,000. There was a report that
25,000 tons of Java whites have been sold to the Continent
at 12s. 9d., probably a resale from the original block.
Havana cabled: "Instructions have been given for
chartering ships to carry the balance of 300,000 tons of
Cuban sugar sold to England as difficulties between Czarnikow Rionda Co. and Tate & Lyle, the British refiners, have
been settled. Aurelio Portuondo, member of the Sugar
Export Corp. and H. Fanjul, President of Cuban Trading
Co., have sailed for the United States." Havana cabled
that the Cuban Export Corp. has been completely dissolved.
Other cables said that the decree of dissolution has not yet
been issued, but was expected momentarily. This was
called bullish. Prague cabled that after general rains
last week the weather was fine. The weight of beets with
tops is given as 426 grams, without tops at 295 grams
and the sucrose yield was 17.77%. Last year, the figures
respectively were: 460, 371 and 17.25%.
Hamburg cabled that the market was steadier with the
dryness continuing and partly delaying harvesting.
Prague cabled: "General rainfall in Europe during the past
three days but it has come too late to do good. The weather
is cold. It is believed that Licht's estimate, which is now
about due will be below that of Dr. Mikusch's which was
issued about the end of August."
Refined was 5.40e with a rather better demand.
.
Future on the 24th inst. declined 4 points with sales of
28,900 tons. No aggressive demand appeared. British
buyers it is supposed are less anxious after recent estimated
purchases of 200,000 tons of Java white for shipment west
of Suez added to the purchases of Cuba a short time ago.
They may feel secure for the rest of the year. A prospective
large carryover of Cuban raws is not forgotten; it is indeed
underlined. And yet there was no very marked pressure
to sell futures.
Regardless of the selling by big producing interests
and the prospects of large supplies for next year, they contend
in certain quarters that all known bear factors have by
this time been discounted and that present prices are intrinsically very cheap. Even if Java's next crop will be
increased 500,000 tons or more and European consumption
-ports some
is reported as increased 14%, the decrease in ex
assert offsets this. The next Cuban crop is expected to show
a substantial increase. Early reports of damage due to the
hurricane in Porto Rico were much over-estimated and is
now known to be less than 20%. With all these facts some
are dubois about the possibility of a sustained advance
during the remainder of this year. Some said that there
is a reasonable expectation of a crop of around 4,600,000
tons of Cuban with a possibility under favorable conditions
of 5,000,000 tons. They add with the acknowIdged increased demand for Cuban sugar from Great Britain during
1928 a Cuban crop of 4,600,000 tons ought not to be a
heavy burden on prices for raw sugars in New York. It
is suggested that present prices will increase the consumption
the world over to such an extent that present, or lower prices,
will ultimately prove to be the foundation for a permanent
change in the whole sugar situation.
The stock of raw sugar in licensed warehouses to-day is
1,740,084 bags against 1,943,402 bags on Aug. 31st and
2,367,218 bags on May 26th, when it was at its highest.
The raw sugar market had a much better tone yesterday.
Of Cuba for October shipment 14,000 bags were sold at
2 7-32c. c. & f. New York. Canada bought 19,500 bags for
first week in October shipment at 2.20e. c. & f. Halifax,
equal to about 2.05c. f. o. b. Of store sugars 4,000 tons
sold at 3.96e. delivered equal to 2 3-16c. c. & f. Licht's
.
preliminary estimate of the crop of all Europe is as follows:
Germany, 1,600,000 metric tons against 1,655,000 last year;
Czechoslovakia, 1.040,000 metric tons against 1,240,000 last
year; France. 810,000 against 865,000 last year; Belgium,
260,000 against 275,000 last year; Holland, 280,000 against
260,000 last year; Poland, 640,000 against 560,000 last
year; Italy, 390,000 against 284,000 last year; Spain, 238,000
against 215,000 last year; England, 225,000 against 220,000
last year; Russia, 1,430,000 tons against 1,500,000 last
year;total all Europe,7,807,000 metric tons against8,016,000
1824
FINANCIAL CHRONICLE
[VOL. 127.
last year. Licht reports that September weather for the
growing crop was chiefly unfavorable. To-day futures
closed 3 to 5 points lower with sales of 34,600 tons. They
ended 8 points lower than a week ago. Prompt raws were
quoted at 2 3-16c. or 3.96e. delivered.
Sugar prices closed as follows:
17.40c. In London under the stimulus of a brisk demand
for landed c.i.f. terms from America prices advanced 1-16 to
%d Spot and Oct.8%d to 8 7-16d; November 83'i to 8 9-16d;
December 8 9-16d to 8 %d;January-March 8 11-16d to 83 d.
4
In London on Sept. 24th the stock was as follows: 31,884
tons against 32,110 a week previous, 32,815 a month ago,
Spot unofficial 2 3-16 IMar
2.13(42.141July
2.29
_
67,253 a year ago and 34,587 two years ago. In Singapore
Dec
2.07 ®
May
2.21 ®
Sept
2.36L.37 on
Sept. 24th October 83.d; October-December 8 3-16d;
Jan
2.10® ___
LARD.
-On the spot was weaker late last week with the January-March 8 3-16d.
London closed on the 22nd inst. unchanged to 1-16d. net
demand smaller. Prime Western 12.05 to 12.15c in tierces
higher.
c.i.f. New York; refined Continent 143'gc; South America 8 7-16d. Spot-September and October, 8 5-16d.; November,
and January-March, 8 11-16d. Singapore on the
143 0; Brazil 1534c.
/
/
4
Futures on the 22nd inst. at one time advanced 5 to 7 22nd closed dull and unchanged; No. 3 amber crepe, 73 d.,
points but reacted later, owing to a decline in hogs and a a decline of 1-16d. On the 25th inst. London closed steady
-October 8%d.;Novembreak of 73/2c in September corn. Liverpool advanced 6d and 1-16 to %d. higher, with spot
to is. Deliveries of bellies on September contracts on the ber, 8 9-16d.; December, 8 11-16d. and January-March
22nd inst. at Chicago were 250,000 lbs. Hog receipts at 8 13-16d. On the 26th inst. New York advanced 10 points
on
Western points were 28,000 against 18,400 a week before at some months and fell 10 points on others after all month
one time were off 10 to 20 points. Consumption for
and 17,000 last year.
Today prices declined 12 to 17 points. There was quite a September is estimated in one case at 40,000 tons or 3,000
little selling of October. Cash trade was small. Hogs were to 4,000 tons less than the August figure. The present
10 to 15e higher. Western hog receipts were 62,000 against month has one day less of course. Imports of crude for
51,000 a year ago. Chica o expects 5,000 tomorrow. Final September are put at about 40,000 tons. Prices here on
the 26th inst. closed at 18.30 to 18.40e. for October; 18.40e.
prices show a decline for the week of 50 to 60 points.
for December, 18.30e. for January and 18.50 to 18.60e.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
for May. B. B. contracts: October-November and DeSat.
Mon.
Tues.
Wed. Thurs.
Fri.
September
12.37
12.32
12.22
12.12
12.12
11.95
cember, 18e.; January, 1929, February, March, April, May
December
12.65
12.55 12.47
12.40
12.42
12.30
and June, 17.70c.; July, 17.90e.; August, 17.80c.; spot,
January
12.95
12.85 12.82
12.67
12.80
12.75
18.20e. Outside prices: Smoked ribbed sheets, spot,
PORK quiet; mess $33.50; family, $36; fat back, $28 September and October, 18% to 18%c.;October-December
to $31. Ribs, Chicago, cash, 14.25c, basis of 50 to 60 lbs. and January-March, 183 to 185 c.; April-June, 18% to
%
average. Beef firm; mess, $24; packet, $25 to $26; family, 183 0. In London on %
/
Sept. 26th
tone was
$28; extra India mess, $49 to $42; No. 1 canned corned beef, especially for spot and nearby rubberthe good local firmer
with
specu$3.10; No. 2,6 lbs., South America, $16.75; pickled tongues. lative and Continental demand.Singapore was firmer and
$75 to $80. Cut meats firmer; pikcled hams, 10 to 20 1-16d. higher. In London spot and September, 85 d.;
%
lbs., 23% to 2330.; pickled bellies, 6 to 12 lbs., 213c.; October, 8%d.; November, 8 11-16d.; December, 830.;
/
/
bellies, clear, dry salted, 18 to 20 lbs., 18e ; 14 to 16 lbs., January-March, 8%d., or 1-16 to Ad. higher for theday.
:
18%e. Butter, lower grades to high scoring, 42 to 490.
The mem oers of the Rubber Exchange of New York are
Cheese, 24 to 28e. Eggs, medium to extras, 293 to 39e.
signing a petition seeking to have a day appointed to vote
OILS.
-Linseed was in only fair demand but steady. on the proposition to make Saturday, Oct. 13, the day
Crushers asked 10c. for raw oil in barrels, carlots and after Columbus Day, an extra Exchange holiday. Some
10.8c. in single barrels. Consumption has been very large argued that consumption continues at a very satisfa,ctory
but stocks are ample. The strength of flaxseed has done rate with estimates early in the week for the current month
more than anything else to maintain prices. Cocoanut, of anywhere from 35,000 to 37,500 tons. American conCoast, tanks, 7%c.; spot, N. Y. tanks, 8c.; Corn, crude, sular officers at Singapore, Penang, Colombo, Batavia,
barrels, 1030.; tanks, f.o.b. mill, 8% to 8%c. Olive, Sourabaya, Medan, London, and Liverpool, who vise
/
Den., $1.35 to $1.40. Chinawood, N. Y. drums, carlots, invoices on all rubber shipped to the United States from
spot, 15%c.; Pacific Coast, tanks, spot, 14c. Soya bean, Malaya, Ceylon, and the Netherland East Indies, and
barrels, N. Y., 123c.; tanks, coast, 934e. Lard, prime, practically all from the United Kingdom, report by cable
%
/
163/243.; extra strained winter, N. Y., 133 e. Cod, New- the following amounts of rubber invoiced during the week
4
foundland, 680. Turpentine, 523/2 to 58c. Rosin, $9.60 ended Sept. 15 1928 as compared to amounts invoiced during
to$11.05. Cottonseed oil sales to-day, including switches, the three preceding weeks: Sept. 15, 8,724 long tons;
11,200 barrels. P. Crude S. E., 83c. Prices closed as Sept. 8, 7,880; Sept. 1, 8,553, and Aug. 25, 10,671 long
tons. In London to-day prices closed unchanged to
follows:
id. lower: Spot-Oct., 83/2d.; Nov., 8 9-16d.: Dec., 8%d.,
Spot
Dec
10.26(410.25 Mar
10.25®
10.50(810.53 M
Oct
10.30®
Jan
10.30(410.33 April
10.55(410.65 and Jan.
-Mar., 8%d. The trade looks for a decrease of
Nov
10.25(810.35 Feb
10.30(810.45 May
10.651810.69
about 200 tons in the London stock on Monday. To-day
PETROLEUM.
-Recent cold weather has stimulated the prices closed 10 points lower to 10 points higher with sales
demand for fuel oils. Big consumers are buying in a larger of 150 lots. Final prices are 20 to 30 points higher than a
way and owner of home burners are more interested. Prices week ago.
were steady. Furnace oil was more active. Bunker oil
HIDES.-Frigorifieo Mies were in fair demand. Sales
was firm with spot oil in fair demand, contract deliveries included 32,000 Argentine steers at 23 11-160. to 23 13-16c.
large and spot stocks small. The price was $1.05 refinery Country hides were quiet. Sellers and buyers' ideas are
and $1.10 f. a. s. New York harbor. Gas oil was in better rather far apart. Common dry hides were in rather better
demand and steady. Gasoline was fairly active. The demand and as a rule steady. City packer remained quiet.
demand was mostly for nearby requirements. Jobbers are
offering their September
not anxious to purchase ahead. The price was steady at Packers were not steer hides. Last sales production of
native and branded
included it is
11%o. for United States Motor in tank cars at New York stated a lot of spready native steers at 263/20.; butt brands
harbor refineries. The Gulf market was steady with the at 23c. and Colorados at 22c. Common dry Cucuta, 350.;
foreign demand up to expectations. Kerosene was more Orinoco and Santa Marta, 34c.; Maracaibo, Laguayra and
active and steady at 83'c. in bulk at refineries. Lubricating Savanilla, 33c.; Central America, 333/ic. New York City
oils were steady, with a fair demand. Late in the week calfskins, 5-75, 2.45c.; 7-9s, 2.90c.; 9-12s, 3.80o.
kerosene in bulk was advanced Mc. by the Sinclair Refining
OCEAN FREIGHTS.
-Coal rates advanced. Other rates
Co. This was not surprising as many in the trade had expected higher prices. Supplies are decreasing, consumption were steady.
CHARTERS included grain from Montreal to Constantinople, 20.Sic.'
increasing and the weather has been unusually cold. Texas Oct. 15-31;33.000 qrs. Montreal, Nov.5-25,to Marseilles, 17X,c.; Montreal
refiners are reported to be taking steps to reduce their runs Oct. 15-25, to Beirut, Piraeus, Patras, 23s. for heavy grain, flour, option
Montreal to
of crude oil and are determined to avoid any excessive 27c.;3-20 to Avon,Greece. Oct. 25-Nov. 10, 4s.; 20,000 qrs. Montreal.
Oct.
London Dunstan, 3s. 3d.;
accumulation of refined product at a time when the demand 23.900 qrs. Mo.dreal2s. 10d.: Liverpool. Mersey ranse 2s 10id full.
October 1 15, London
Btrley
usually falls off. The Humber Oil & Refining Co. already sugar Nov. 5-20. 26,000 qrs.Montreal to Antwerp or Rotterdam, 144d';
17s. 6d.: 0
has reduced the runs at its McCamey refinery which is UnitedCuba, last half. Oct. to Marseilles,Domingo or iba early Nov. to
Kin;do-n-Continent 26s; Santo
Cuba to United
adjacent to producing fields of West Texas. The reduction Ktn rdom-Cont ,17s.6d. Oct.(Covering Holland sale); coal. Hampton Roads
part cargo to Venice or Trieste. $2, Sept.; lumber, Gulf. Oct.
-Nov., to
in runs will amount to from 6,000 to 10,000 bbls. daily. Buenos Aires or Rosario, 45s.; sulphur. Gulf, Oct., $3.75, Rotterdam disOther companies are taking similar action. The recent pro- charge; same, last half Oct., Hamburg, $3.50. Time: Delivery, New
York, prompt West
delivery, Vancouver, reration program in the Winkler County pool of Texas was delivery United KinIndies round. $2.30; Oct.merchandise from North
;dom-Continent, $1.40;
put into effect mainly because of the large storage of crude Pacific to United kingdom, $1.50; lumber, Columbia River to Japan.
oil and the seasonal decrease in the demand for oil products. $7.50; wheat, Vancouver to United Kingdom or Continent, 29s. 6d.; to
Antwerp or Rotterdam, 29s.; to Scandinavia,
[Tables of prices usually appearing here will be found on an earlier page in
our department of'Business Indications," in an article entitled "Petroleum
and Its Products."I
299. 8d.: Oct.
-Nov.; wheat.
Vancouver to Antwerp or Rotterdam,28s. 3d., Oct.; Vancouver to Antwerp
or Rotterdam, 29s. 64.; wheat. Vancouver to Antwerp or Rotterdam.
Oct., 28s. 3d.; Vancouver to Lisbon. Nov. 1-25, 30s.
RUBBER.
-On the 24th inst. advanced 20 to 40 points
on futures and 25 points on outside prices. Trading slowed
down on account of the Jewish holiday. The sales were
617 tons. Higher London and Singapore prices were the
force behind the advance. The London stock decreased 226
tons. New York on the 24th closed with Sept. 18.10 to
18.200; October 18.10e; December 18.20 to 18.30c; January
18.20e March 18.30c. Spot price 18.20c. BB contracts:
September 17.90e; October 17.80c; November 17.7Jo; December, 17.60c; January 17.40c; February 17.40e; March 17.40c;
April 17.400; May 17. 40c; June 17.40c; July 17.30e; August
TOBACCO.
-Has been in rather better demand, notably
for Java, Sumatra and new Porto Rico. Some of the
manufacturers report increased production,if others make no
such claim. Supplies of Java leaf are said to be only moderate, if not small. The Raleigh, N. C. News & Observer
states that farmers in the southeastern part of North Carolina are determined to reduce the tobacco acreage because of
unprofitable prices current for the 1928 yield. It is claimed
that there will be reductions in other parts of the eastern belt
also. Harvesting is making good progress in Connecticut.
In Wisconsin a good crop is reported and harvesting is being
SEPT. 29 1928.]
FINANCIAL CHRONICLE
pushed. Pennsylvania broadleaf filler 10c.; broadleaf binder
20 to 253ic; Porto Rico 60 to 80c.; Connecticut top leaf 21c.;
No. 1 second 1925 crop 65c.; seed fillers 20e; medium wrappers 65c.; dark wrappers 1925 crop 40c.
-Prices have been firmer in Southern low volatiles
COAL.
at the West stimulated by cold weather and a better demand.
Chicago, Cleveland and Cincinnati have had a larger trade
especially Chicago. Hampton Road's trade has increased
somewhat in high and low southern volatile. In New
England business has been unsatisfactory but this does not
seem likely to continue. To New York shipments of soft
coal were large. Retail dealers here have been buying
anthracite more freely. Bituminous f. o. b. piers navy
standard $5.25 to $5.60; high volatile steam, $4.30 to $4.60;
high grade medium volatile, $4.90 to $5. Anthracite, f. o. b.
mines, company, grate, $8.25; stove, $9.10; pea, $4.50 to $5;
rice, $1.75 to $2.25; egg, $8.75; nut, $8.75; buckwheat,
$2.75 to $5.25; barley, $1.25 to $1.75.
COPPER.
-Domestic demand fell off but export business
was fair. Domestic consumers' requirements seem to be
well covered over the rest of the year. In a few cases
December needs will have to be covered. It is probable
however that many over-bought for November and that
this copper will be carried well into December. Foreign
consumers on the other hand have contracted for only about
half of their October requirements and for little if any
November and December. Lake shipments are falling off.
Prices were 15%o c. i. f. Europe and 15Xc delivered Connecticut Valley. In London on the 26th inst. spot standard
declined Is 3d to £64 us 3d; futures fell 2s to £65 2s 6d;
sales 50 tons spot and 250 futures; electrolytic unchanged
at E71 5s for spot and E71 15s for futures.
Of late trade has been less active but steady. Lake 15(
to 15%o; electrolytic 154c. London on the 27th inst.
declined Is 3d on standard to £64 10s; futures of 2s 6d to
£65;sales 200 tons spot and 350 futures. Electrolytic£71 5s.
TIN was in fair demand. Sales here on the 26th inst.
were 300 tons. Consumers bought on a fair scale. A sale
of May was made at 483/2c. on the 26th. Prices advanced
that day to %c. October sold at 4R3 to 487 c., November
A
4
at 48% to 48%e.,and December at 48% to 483/2c. American
8
tin deliveries this month are expected to make a new high
record or about 8,000 tons. In London on the 26th inst.
standard dropped 10s. to £223 for spot and £218 10s. for
futures; sales 50 tons spot and 550 futures; spot Straits
unchanged at £226. Eastern o. i. f. London declined 10s.
to £220 15s. on sales of 175 tons. Of late trade has been good;
sales 500 tons. Spot Straits, 49%c., October, 49%c.,•
November, 49%so. In London on .the 27th inst. standard
advanced £1 10s. to £224 lOs ; futures up £1 17s. 6d. to
£220 75. 6d.; sales 100 tons spot and 900 futures; spot
Straits 15s. higher at £226 15s.,• Eastern C. f. London up
£1 10s. to £222 58. with sales of 175 tons. The organization
of a new combination of British tin producing interests operating in the Malayan Peninsula.was officially announced on
the 26th inst. by the Anglo-Oriental Mining Corp., the Tin
Selection Trust and the London Tin Syndicate, which are
already associated in the most powerful combination of tin
producing companies in the world. The new organization
called the London Malayan Tin Trust, Ltd., will have an
authorized capital of £2,000,000. It will control sixteen
important Malayan companies which hold an aggregate of
more than 780,000,000 cubic yards of proved dredgeable
alluvial with reserves exceeding 260,000 tons of tin oxide
valued at more than £40,000,000.
LEAD was in good demand and generally steady. Middle
Western producers quoted 6.323 to 6.350. Some prompt
lead was said to be available at 6.30c. In London on the
26th inst. prices advanced Is. 3d. to £21 15s. for spot and
£21 10s. for futures; sales, 150 tons spot and 650 futures.
Later offerings of second hand lead were small and very
shortly consumers are expected to increase their purchases
for November. New York, 6%$3.; East St. Louis, 6.32%c.
In London on the 27th inst. prices declined Is. 3d. to £21
13s. 9d. for spot and £21 8s. 9d. for futures; sales, 150 tons
spot and 400 futures.
ZINC was in fair demand and steady at 6.25c. East St.
Louis. Production last week was abnormally low but is
expected to show an increase in the present one. Brass
special showed a premium of 10 points over slab zinc in
August according to the American Zinc Institute. In
London on the 26th inst. spot advanced 3s.9d. to £24 2s.6d.;
futures up 2s. 64. to £24 6s. 3d.; sales. 325 tons futures.
Of late new features have been wanting and prices have
remained at 6.250. at East St. Louis and 6.35c. for brass
special and $40 per ton for ore. London on the 27th inst.
fell 2s. 6d. to £24 for spot and £24 3s. 9d. for futures; sales,
25 tons spot and 300 futures.
STEEL has been firm with an Increased output and a
good demand from the automobile trade. Prompt deliveries
are exacted by this branch of industry. Machine tools are
in excellent demand. Some predict n bigger demand for rail
equipment before long. The composite price of iron and steel
products advanced for the sixth week in succession. This
time it is 6 cents to $35.29. Finished steel is unchanged and
has been the last two months. Specifications are rather
large. Orders moreover are reported for 155,000 tons of
rails, mostly for winter delivery. Bars have sold at 1.85c,
Pittsburgh but in most eases bars, plates and shapes sell
it is said at 1.90 to 2c or $2. a ton higher than prices for the
1825
third quarter. Sheets are most wanted. The tin plate
output has fallen off at Pittsburgh. Birmingham and
Youngstown talk hopefully. At Pittsburgh there is a fair
demand for tin plate except from can makers. The output
is about 70 per cent. The price is still $5.25 per base box
Pittsburgh. Fourth quarter sales of bolts and nuts are
generally at 60 to 70 off. Rivets 2.90c Pittsburgh, for
structural and 70 to 10 off for small sizes. Specifications
are steady for both without being as large as a month ago.
Railroads buy little. The Labelle plant of the Crucible
Steel Co. has resumed operations in full on a seven days
basis after having been working half the time since last April.
PIG IRON has been decidedly quiet here and prices
are largely nominal. Nobody knows how they would be
affected by a reduced bid on a big order. The melt on the
Eastern seaboard is stated as about 75%. Brooklyn recently bought considerable Buffalo iron for barge delivery.
Prices so far as appearances go are steady enough but
orders are only for small lots. No. 2 foundry plain Eastern
Pennsylvania, $20; Buffalo, $17 to $17.50; Virginia, $20 to
$20.50; Birmingham,$16.25; Chicago,$18 to $18.50; Valley,
$ 7 to $17.50; Cleveland, delivered, $17 to $18; Basic
Valley, $16.50 to $17; Eastern Pennsylvania, $18.75 to
$19.25. All of which prices are as already intimated for
routine business.
WOOL.
--Woolen types were weaker in response to lower
prices for pulled. Boston said that clothing territory wools
sold for a time at 98e. to $1 scoured basis. Graded French
and strictly combing also original bag territories met with a
moderate demand at steady prices. Boston wired a Government report as follows: Demand for domestic 56s and 48505. wools is somewhat slower than last week, but a few
houses continue to move fair quantities of these grades.
Ohio 56s strictly combing, bring 55c. in the grease and 4850s., strictly combing bring 54c. to 550. for the average
shrinking wools. Territory 56s, strictly combing sell at
$1.02 to $1.06 scoured basis and the 48-50s, grade moves
readily at 95e. to 98c. scoured basis. It is of interest to
recall that on the 14th inst. the East India sales closed at
generally firm prices little changed from those of the previous
auction. Sydney sales last week were postponed on account
of the dockworkers strike. It was hoped that they might
be resumed on the 24th.
In London on Sept. 21st offerings 10,495 bales. Demand
good from British and Continental buyers. Prices steady.
Withdrawals of slipe crossbreads and Cape wools continued
numerous owing to high limits. New Zealand greasy cross
bred best 56s cost 24o; 50-56s, 22d; 50s, 21d; 46s-48s 19%d
and 44s-46s, 1734d. Details:
Sydney. 448 bales; greasy merinos, 25% to 27% d.; scoured merinos,
24 to 35d. Queensland, 653 bales; greasy merinos. 14 to 12d.; scoured
merinos. 33 to 34d. Victoria, 1,507 bales: greasy merinos, 25 to 28%cl.;
scoured merinos. 343 to 40%d.; scoured crossbreds, 19 to 37d. Adelaide,
272 bales; greasy merinos 20 to 24%d. West Australia. 344 bales;greasy
merinos, 1854 to 2154d. Falklands, 727 bales: greasy crossbreds. 14%
to 20d.; scoured crossbreds, 16% to 41d. New Zealand. 5.642 bales;
greasy crossbreds. 17% to 24d. Cape, 879 bales; greasy merinos. 14%
to 20%d.; greasy crossbreds, 14% to 20d. New Zealand slipe crossbreds,
13% to 2934d.. latter for halfbred lambs.
In London on Sept. 24th offerings 9,600 bales of Colonial
and 3,210 bales of English, the latter representing about
180,000 fleeces. Demand good. Of English wool barely
half was sold owing to the firmness of the limits. Prices
ware in buyer's favor for English greasy wool at 13d to 20%d
and for washed English wool at 15% to 27d. Firm limits
for Colonial wools also led to many withdrawals. Details:
Sydney. 1.850 bales; greasy merinos, 29 to 28d.; scoured merinos, 3414
to 3654d. Queensland, 2,717 bales; greasy merinos, 3914 to 445.; scoured
merinos. 1354 to 2454d. Victoria, 1,399 bales; greasy merinos. 26 to
2954d. Adelaide, 1,229 bales; greasy merinos, 18 to 24d.; scoured merinos.
30 to 40d. West Australia, 792 bales; greasy merinos, 14 to 255. New
Zealand, 956 bales; greasy crossbreds, 21 to 3156d. Cape, 658 bales;
greasy merinos. 1414 to 1654d.; scoured. 2914 to 36d.
New Zealand slipe crossbreds were quoted at 15d. to 25d.
The dates for the 1929 auctions were fixed as follows: Janu15, Mar. 5, Apr. 13, July 9, Sept. 17 and Nov. 19. In
London on Sept. 25 offerings 11,000 bales. They include a
large selection of merinos and crossbreds.
Holders were
plainly more ready to sell. Withdrawals were fewer. The
Continent took the largest quantity. Prices were steady.
New Zealand greasy crossbred best 50.56s, were quoted
at 23d.; 48s, 19%d. and 44-46s, 183'd. Details:
Sydney, 780 bales; greasy merinos,1614 to 27d.; scoured merinos. 35Y
to 39d. Queensland, 2.271 bales; greasy merinos. 18 to 2554 scoured
merinos. 41 to 44545. Victoria. 1,621 bales; greasy merinos. 1314 to 305.;
scoured merinos, 32 to 405.; greasy crossbreds, 1354 to 22d.; scoured.
2454 to 2854d. South Australia, 552 bales; greasy merinos. 1814 to 2550.
West Australia, 495 bales; greasy merinos, 2214 to 258. Tasmania. 428
bales; greasy merinos, 25 to 29545. New Zealand, 4,753 bales; greasy
merinos. 1714 to 221d.; scoured. 37 to 4250.; greasy crossbreds. 1614
to 23d.; scoured. 17 to 30545. Cape. 141 bales; withdrawn. Victoria
greasy comebacks. 1 to 2814d. New Zealand crossbred slipe, 1314 to
7d., latter for halfbred lambs.
In London on Sept. 26 offerings 13,250 bales. Demand
good; the Continent was the largest buyer. Prices steady.
Firm limits, however, continue to cause numerous withdrawals. New Zealand greasy crossbred best 56-58s,
realized 23%d.; 50-56s, 21d.; 48s, 1930.; 46.48s, 183';
,
46s, 174d. and shabby 46.48s, 1434 to 1634d. Details:
Sydney.
478 bales; greasy merinos, 1814 to 255.; scoured merinos, 31
to 365. Queensland, 450 bales; greasy merinos, 17 to 2154d.; scoured
merinos. 2514 to 46d. Victoria, 1.065 bales; greasy merinos. 26 to 28145.;
scoured merinos, 31 to 3954d. Puntas. 3,837 bales; greasy
merinos, 1414
to 1854d.; greasy crossbreds, 1414 to 2454d. Buenos Aires. 580 bales;
greasy crossbreds, 1234 to 21545. scoured New Zealand. 6.000 bales;
greasy crossbreds. 1414 to 23lid.;scoured, 223-4 to 26d. Cape.235
meriros. scoured. 3634 to 38345.: greasy crossbreds. 1234 to 2154d. bales;
About 1325 bales Peruvians were offered but mostly withdrawn, best greasy merinos commanding 21d and crossbreds
20%d. Victoria greasy comebacks were quoted 25 to 29d;
New Zealand crossbred slipes 13d to 27d, the latter for halfbred lambs and Punta slipes were 143..d to 233.d.
[VOL. 127.
FINANCIAL CHRONICLE
1826
In London on Sept. 27th offerings 10,000 bales mostly of
speculator's lots of greasy merinos and crossbreds. Demand
good especially from the Continent. Prices generally unchanged. Withdrawals were fewer however. New Zealand
greasy crossbred best 58s realized 25d; 50s, 20d; 46s
19d and 44s-46s, 18d. Details:
Sydney, 2,399 bales; greasy merinos, 19 to 27Md. Queensland, 1,165
bales: greasy merinos, 16 to 2334d.; scoured merinos. 3934 to 44d.: greasy
crossbreds, 20 to 23d. Victoria, 2.744 bales; greasy merinos, 22 to 29346.:
scoured merinos, 29 to 356.;scoured crossbreds, 24 to 34d. West Australia,
1,081 bales:greasy merinos, 1534 to 26d. Kenya.292 bales;greasy merinos,
16 to 186. New Zealand, 2,165 bales; greasy crossbreds. 15 to 2554d.
Cape, 158 bales; greasy merinos, 14 to 206. Victoria greasy comebacks
were quoted at 25 to 296. New Zealand slipes, 13 to 24d.
COTTON
Friday Night, Sept. 28 1928.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 417,651 bales, against 336,659 bales last week and
242,040 bales the previous week, making the total receipts
since Aug. 1 1928 1,459,544 bales, against 1,939,214 bales
for the same period of 1927, showing a decrease since Aug. 1
1928 of 479,670 bales.
Mon. Tues.
Sat.
Receipts at24,425 19,051 57,178
Galveston
Texas City
19,011 37,773 25,710
Houston
____ 6,266
____
Corpus Christi
7,769 6.373 8.991
New Orleans
879 1.626 4.182
Mobile
4,116 3.108 5,536
Savannah
995
429 Loss
Charleston_
280
127
287
Wilmington
20
60
Norfolk
Boston
Baltimore
pnt,,b, thly week_ 55.979 69.126 109.558
Wed.
Totat.
Fri.
Thurs.
17,165 16.119 19,919 153,860
6,807 6.807
16,601 20.953 24,172 144,220
____ 17.831
____ 11.565
11.243 8.152 5,927 47.455
1.575 1.748 1.551 11.561
4,199 5.061 5,315 27,335
737 5.728
1.202 1,297
424 1.776
469
189
434
223
121
10
400
244
241
52.184 65 485 65.119 417.°51
The following tab e shows the week's total receipts, the
total since Aug. 1 1928 and stocks to-night compared with
last year:
Receipts to
Sept. 28.
Stock.
1927.
1928.
This Since Aug This Since Aug
11928. Week. 1 1927.
Week.
1928.
1927.
Exported to-
From
Aug. 1 1928 to
Sept. 28 1928. Great
GerExportsfrom- Britain. France. many.
12,541 16,341
34.96 38,914
Galveston_-_
Houston
Texas City_
Corpus Christ.
Port Arthur_
New Orleans_
Mobile
Savannah
Charleston_ _ _
Wilm Ington _
Norfolk
Lake Charles
New York__ _
Los Angeles_ _
Seattle
Total____
12,602 28,435
550
19,659 2,761
2,707
--3,701
1,430
6,13
9,982
27
919
103,996 87,951
Japan&l
Italy. Russia
Other.
Total.
59,515 12,062 14,798 38,105 30.783 184.151
68,868 22.593 29,458 60,299 22,850 277,942
_
100
100
57,747 18.978 4,684 50:611 25,5981 199,175
550
,125 4:542 110,057
7,343 4,317 68,440 3
40
3,865
200
558
5,143
.
"Zoo 7011 10,045
7,891
1,71
4,715
3.500
--_
8:16o
----I
8,866
1,913
--_
493
493
13,581 1.419
i:ii" 1-97- 31,335
.
1,230
3,553
2,04
875
875
221,106 63,139117.600159,322 89,294 842.408
Total 1927_ _ _ 122,155103,389 387.427 52,016101,126 114,743 102,762 963,618
Total 1920... 234,3511115.201 388,781 89,221 117,673 99,937 93,0681,138,232
-It has never been our practice to Include In the
Note.-Zzports to Canada.
above table reports of cotton sh pments to Canada. the reason being that virtually
all the cotton destined to the DornInton comes overland and If Is Impossible to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view
however, of the numerous Inquiries we are receiving regarding the matter, we will say
gnat for the month of August the exports to the Dominion the present season have
been 8.035 bales. In the corresponding month of the preceding season the exports
were 8.218 bales. For the twelve months ended July 31 1928 there were 2311,562
bales exported as against 274.919 bales for the corresponding twelve months of
1926-27.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
GerOther CoastGreat
Sept. 28 at
- Britain. France. many. Foreign wise.
Galveston
New Orleans.. _
Savannah
8.400
905
5,000
7.600 9,400 27,000
3,623 1,746 8.191
---- 12.000
2,000
1.000
Charleston_
Mobile
Norfolk
Other ports •
.000
3
4:686
4.666
Total.
Leaving
Stock.
318,838
103.685
39,266
_ 21,216
,
4 H0
11.550
10.994
10.6ilo 404.960
4,000 56,400
14,465
17.000
Total 1928.. 16.505 12.223 26.146 43,241 4.000 102.115 910,509
Total 1927_ 26.972 17.321 71.121 59,788 12,641 187,843 1.531.585
Total 1926_ _ 41.919 36.478 50.369 82.613 23,286 234.665 1.053.527
•Estimated.
for
delivery has been active
future
Speculation in cotton
153.860 489,763 103.625 398.288 375.238 399.39.5 at
Galveston
rapidly advancing prices, owing to inclement weather,
7,640
13.647
7.827
17. ! 2,718
6.807
Texas City
144.220 552,858 139.000 755.735 378.178 550.559 some bad crop reports and a very plain tendency to reduce
Houston
Corpus Christi__ _ 17.831 168.775 20.006 108,149
crop estimates. The current idea is that in the next Govern550
Port Arthur.lcc_-___
47.455 131,445 50.386 231.133 118,150 297,891 ment report, to be issued on Oct. 8, the estimate will be
New Orleans
Gulfport
34.149 below 14,000.000 bales against 14,439,000 on Sept. 8, this
15,800
18.091 16.692 68.125
11.561
Mobile_
2.227
2,227
year, 12,955,000 the finil crop last year, and 17,911.000 in
Pensacola
585
613
Jacksonville
56.266 126,545 1926. The minimum temperatures have been in the lower
58.705 33.840 245,671
27,335
Savannah
forties and even at times in the thirties. The 30s have been
Brunswick..
44.824
21.216
81.988
13,932 24.755
5.728
Charleston
noted in Texas, Tennessee, Missouri (32) Arkansas, Ala29
Lake Charles
14.213 bama, and Georgia. General rains fell on Wednesday and
2,894
13,069
2.144 6,088
1,776
Wilmington
22.165
10,994
12.282
3.153 4,874
434
Norfolk
Thursday in Texas, and in Georgia and Texas to-day. They
N'port News, etc_
11.815 209.883 were as a rule considered harmful. They might lower the
1.43.5
640
282
New York
5.694
2,474
1.179
____
914
400
Boston_
779 grade. It is feared that this will be a low grade crop.
871
12.051
1,703 1.179
244
Baltimore
5.106 Veterans in the business fear that the supply of cotton
4.439
55
Philadelphia
417 RAI 1 459 544 406030 1.930_214 1.012.624 1.719.428
above % of an inch will be none too plentiful this year.
There have been fears of an unusually early killing frost
In order that comparison may be made with other years, this year. This to a certain extent has dominated the marwe given below the totals at leading ports for six seasons: kets. In parts of Texas a late date of frost is highly deReceipts atGal veston___ _
Houston, Stc.•
New Orleans_
Mobile
Savannah._. _
Brunswick __ _
Charleston_
Wilmington
Norfolk_ .._ - ._
,
N'port 17-lc.
All others ..
1928.
1927.
1926.
1924. 1 1923.
1425.
164.055
153,860
103.625
154,41'
137,401
185.261
144.220
139.000
10,386
175,086
148,125
80.51
66.205
16,692
33.840
75.515
21,105
65.321
101,442
12,386
44.808
60.9231
5.7
21.958
34,816
1,743
16.952
24,755
6,088
4,874
38.372
7.873
22.562
12.876
9.031
25.224
2.922
2.263
2.835
9.777
9,987
23,767
3.938
2.647
47.455
11.581
27.335
__
5.778
1,776
434
25.282
7.4 e 0
26,77'
3.000
329.949
Total this wk_ 417 651
1 AC.11 51,1 V 1120 91,1 1 070 020 1 047 229 1 424 791111 Ann 1 ma
v
•
- ....
cut
of
• Beginning with the season of 1926. Houston figures include movement
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
406.031
567.704
494.293
366,4
The exports for the week ending this evening reach a
total of 143,339 bales, of which 16,034 were to Great Britain,
13,730 to France, 44,208 to Germany, 6,049 to Italy,
54,844 to Japan and China, and 8,474 to other destinations.
In the corresponding week last year total exports were
154,923 bales. For the season to date aggregate exports
have been 842,408 bales, against 963,618 bales in the same
period of the previous season. Below are the exports for
the week.
Reported to
GerGreat
Sept. 28 1923.
Exportsfrom- Britain. Prance. many.
Japcout
Dab. Russia China. Other.
Total.
--------16,700 3,900 39,854
19.254
_,
Galveston
---- 26.619 1,972 69.383
11,954 9,019 16.622 3107
Houston
7.525 1,752 17.831
____
-_ 4,711 2,691 1,152
Corpus Christi_
400 8,949
3,000
____
-- 2,062 1,700
1.787
.
New Orleans
------------350 2.593
200
____
2,043
Mobile
Charleston
492
Norfolk
zoo
iiii
---------------------100
New York
1,600
-___
00
-----Seattle
Total
Total 1927
111
'1,...al 106
16,034 13,730 44,208
6,049
24,043 16,100 53,608 16,818
AS 1127 24 741 83 7541 20.807
____
54,844
8,474 143,339
____ 25,196 19,158 154,923
---- 51.085 28,352 274,538
sirable. Shedding, rust, and attacks by weevil and boll
worms are still a source of complaint. The weevil has recently hit a large area, It is said, in the northern belt.
An unusually low percentage of lint to seed is reported
over the belt, especially in Texas and Louisiana. It turned
out that the recent hurricanes and cloudbursts in Georgia
and the Carolinas had done much greater harm to cotton
than had been supposed. A sharp decrease in the crop of
the Atlantic States was the result. though reports of a loss
of % of a million bales are considered more or less exaggerated. Some say 150,000 bales. Perhaps that is more
probable. Steady deterioration has been persistently reported throughout most of the belt. Prospects of a top
crop in Texas and many other parts of the belt are said
to be poor.
Meantime, spot cotton has been in good demand at a very
sharp advance. The basis has been firmer. England, the
Continent, Russia and Japan have all, it is stated, bought
spot cotton more freely. Japanese advices intimate that
the trade of Japan will have to buy freely. Some New
England mills have bought. There is growing rope of an
early settlement, perhaps to-day, of the strike at New Bedford, now In its twenty-fourth week. Carolina mills are doing a more encouraging trade. Manchester has had a good
demand for cloths The Government weekly report stated
that high winds, heavy rains and flooded lowlands did much
damage to cotton in the more eastern portions of the belt,
especially in the Carolinas and southeastern Georgia, where
the crop deteriorated steadily with much shedding, bolls rotting and seed sprouting. In the Central States of the belt
the week was generally fair and mostly cool and while the
coolness retarded development in some places, the crop generally opened rapidly and picking and ginning made good
advance under the prevailing favorable weather for field
work. Boll rot continued in portions of this area. In
Oklahoma the week was rainless and cotton made fair to
good progress. It is opening nicely, but prematurely in the
dry western areas; picking and ginning advanced rapidly
SEPT. 291928.]
FINANCIAL CHRONICLE
1827
in the central and eastern portions and is well under way
In much of the West. In Texas there is little change in
the general situation except for deterioration in northwestern districts. The crop is made in the east, with top crop
prospects poor, while cool, cloudy weather retarded opening in the western portion; dryness following earlier rank
growth, has caused excessive shedding in the northwest.
Picking advanced well until stopped by rain the middle of
the week.
On the 24th inst. the Census report on ginning was considered in the main bullish. It put the total up to Sept. 16
at 2,498,252 bales against 3,504,995 up to the same date last
year and 2,509,103 in 1926. It included Texas with 1,662,695 bales against 1,684,291 for the same time in 1927 and
1,100,017 in 1926; Miss., 219,081 against 364,141 last year
and 256,306 in 1926; Louisiana 199,824 against 221,609 in
1927 and 172,321 in 1926; Georgia 111,485 against 474,766
last year and 344,128 in 1926; Arkansas 105,132 against 90,228 last year and 132,735 in 1926.
In the speculation here, Wall Street, Chicago, Detroit, California, the Southwest and Europe have bought. The "wire"
houses have had better business. Hedge sales have lagged
far behind most of the time, the trade buying. October
went to a discount on the 25th inst. of 4 to 5 points under
December, when delivery notices were issued for 4,200 bales
out of a certificated stock of 7,237 bales. But later in
the week October went to a premium of 3 to 5 points over
December. During most of the week, profit taking has been
easily absorbed. To-day prices declined owing to lower
cables than due, increased hedge selling, more or less liquidation, a certain amount of short selling and the fact that
over much of the belt the weather was considered more favorable. The general rains In Georgia and Texas have no
great effect. The technical position was weaker after recent quick advance of 2c. Hedge selling increased both in
New York and Liverpool. On the other hand, some of the
crop reports from Texas and other parts of the belt were
still unfavorable. Liverpool, the trade and shorts were buying. Some thought the market on the whole gave a very
good acocunt of itself. Final prices show a rise for the
week of 65 to 85 points. Spot cotton closed at 19.30c.
for middling, an advance of 85 points.
FUTURES. The highest, lowest and closing prices at
New York for the past week have been as follows:
Middling fair
Strict good middling
Good middling
Strict middling
Middling
Strict low middling
Low middling
*Strict good ordinary
*Good ordinary
Good middling
Strict middling
Middling
Strict low middling
Low middling
Good middling
Strict middling
Middling
*Strict low middling
*Low middling
Strict good middling
Good middling
Strict middling
*Middling
*Strict low middling
*Low middling
Good middling
*Strict middling
*Middling
Good middling
*Strict middling
*Middling
Good middling
Strict middling
*Middling
*Good middling
*Strict middling
*Middling
Stock at London
Stock at Manchester
Saturday,
Sept. 22.
Monday,
Sept. 24.
Tuesday. Wednesday, Thursday. Friday,
Sept. 25. Sept. 26. Sept. 27. Sept. 28.
Oct.
Range_ 18.28-18.67 18.20-18.90 18.50-19.05 18.55-19.12 18.36-19.02 19.01-19.32
Closing_ 18.60-18.67 18.78-18.81 18.64-18.65 18.91-18.92 19.32-19.34 19.05-19.08
Nov.
Range._
18.63-18.85Closing_ 18.59-18.8219.28-19.01Dec.
Range.. 18.29-18.61 18.20-18.98 18.60-19.07 18.58-19.09 19.04-19.35 19.00-19.23
Closing_ 18.58-18.61 18.83-18.85 18.64-18.66 18.86-18.88 19.29-19.31 19.02-19.05
Jan.
Range. 18.27-18.62 18.16-18.92 18.56-18.97 18.52-18.98 18.97-19.32 18.95 19.19
Closing.. 18.56-18.62 18.79-18.80 18.57-18.60 18.82-18.84 19.23-19.26 18.99-19.01
Feb.RangeClosing_ 18.5218.73-18.53- - 19.14-18.9318.75
Mar.
Range. 18.24-18.52 18.12-18.89 18.50-18.88 18.50-18.90 18.8.549.20 18.86-19.08
Closing_ 18.4848.50 18.68-18.72 18.5048.52 18.68-18.75 19.04-19.16 18.87-18.89
Apr.
Range..
Closing_ 18.4718.69-18.48-18.6719.0318.83May
Range__ 18.21-18.51 18.08-18.85 18.45-18.85 18.43-18.85 18.86-19.15 18.76-18.98
Closing- 18.46-18.5118.70-18.73 18.46-18.47 18.66-18.69 19.02-19.05 18.80-18.81
June
Range..
18.40-18.60-18.96-18.73Closing- 18.43-18.62July
Range__ 18.10-18.45 18.09-18.69 18.34-18.70 18.33-18.72 18.73-19.03 18.64-18.85
Closing_ 18.14-18.43 18.55 ---- 18.34-18.54-18.56 18.90-18.95 18.67-
Range of future prices at New York for week ending
Sept. 23 1928 and since trading began on each option:
Option for
-
Range for Week.
Range Since Beginning of option.
Sept. 1928-_
17.45 Jan. 28 1928'22.30 June 27 1928
Oct. 1928.. 18.20 Sept. 24 19.32 Sept.28 17.31 Sept. 19 1928 22.87 June 29 1928
Nov. 1928
17.25 Jan. 28 1928 22.46 June 30 1928
Dec. 1928.. 18.20 Sept.24 19.35 Sept.27 16.98 June 12 1928 22.70 June 29 1928
Jan. 1929._ 18.16 Sept. 24 19.32 Sept.27 17.00 Feb. 2 1928 22.45 June 29 1928
Feb. 1929
18.68 Aug. 21 1928 18.70 Aug. 21 1928
Mar. 1929__ 18.12 Sept.24 19.20 Sept.27 17.20 Sept. 19 1928 22.38 June 29 1928
April 1929
18.58 Aug. 18 1928 22.06 July 9 1928
May 1929.. 18.08 Sept.24 19.15 Sept.27 17.22 Sept.19 1928 22.30 Attie 29 1928
June1929
18.00 Aug. 13 1928 19.07 Aug. 17 1928
July 1929__ 18.09 Sept. 24 19.03 Sept.27 17.12 Sept. 19 1928 19.97 Aug. 9 1928
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday
The following averages of the differences between grades, But to make the total the complete figures for evening.
to-night
as figured from the Sept. 20 quotations of the ten markets (Friday), we add the item of exports from the United States,
designated by the Secretary of Agriculture, are the differ- including in it the exports of Friday only.
ences from middling established for deliveries in the New
1928.
Sept. 281927.
1926.
1925.
bales- 562.000 1.006.000 765.000 420.000
Stock at Liverpool
York market on Sept. 27:
White
.83 on middling
White
.59 on middling
White
.39 on middling
White
.25 on middling
White
Basis
White
.70 off middling
White
1.43 off middling
White
2.14 off middling
White
2.89 off middling
Extra white
.39 on middling
Extra white
.25 on middling
Extra white
Even on middling
Extra white
.70 off middling
Extra white
1.43 off middling
Spotted
.21 on middling
Spotted
.03 off middling
Spotted
.64 off middling
Spotted
1.24 off middling
Spotted
1.91 off middling
Yellow tinged
.04 off middling
Yellow tinged
.37 off middling
Yellow tinged
.73 off middling
Yellow tinged
1.24 off middling
Yellow tinged
1.84 off middling
Yellow tinged2.60 off middling
Light yellow stained
.81 off
Light yellow stained-- 1.30 off middling
Light yellow stained-- 1.90 off middling
middling
Yellow1.08 off middling
Yellow stained
1.87 off middling
Yellow stained
2.50 off middling
Gray
55 off middling
Gray
.85 off middling
Gray
1.21 off middling
Blue stained
1.53 off middling
Blue stained
2.15 off middling
Blue stained
2.92 off middling
*Not deliverable on future contracts.
.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Sept. 22 to Sept. 28Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
18.90 18.05 18.90 19.15 19.80 19.30
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept.28 for each of the past 32 years have been as follows:
1928
1927
1926
1925
1924
1923
1922
1921
19.39c.
22 25c.
15.20c,
23.70c.
25.70c.
30.10c.
21.35c.
20.20c.
1920
1919
1918
1917
1916
1915
1914
1913
31.00c.
31.60c.
32.65c.
24.70c.
16.15e.
11.25c.
1912
1911
1910
1909
1908
1907
1906
13.60c. 1905
11.85e.
11.15c.
13.90c.
13.10c.
9.40c.
12.20c.
9.75c.
10.85c.
1904
1903
1902
1901
1900
1899
1898
1897
11.30c.
11.60c.
9.00c.
8.31c.
10.50c.
6.62c,
5.56c.
6.81c.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
Saturday... Steady.45 pts. ad v _ Strong
Monday ___ Steady. 15 pts. adv _ Steady
Quiet. 15 pts. dee! _- Barely steady.._
Tuesday
Wednesday_ Steady. 25 pts. adv _ Steady
Thursday _- Steady,45 pts. adv _ Barely steady_ _
Steady,30 pts. dec. Barely steady_
Friday
Total
Since Aug. 1
SALES.
Spot. Contra Total.
1.400
1,300
700
225
600
1.400
1.300
700
225
600
4.295
33.873
4.?25
1.500 35.373
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
39,000
88,000
56.000
27.000
601,000 1.094.000
821,000
447.000
242.000
124.000
5,000
59.000
21,000
329.000
162.000
6.000
87,000
24,000
56.000
94.000
3,000
25,060
10.000
78.000
73.000
2.000
39,000
7.000
5,000
1.000
451.000
608.000
188,000
205.000
Total European stocks
1,052.000 1.702.000 1.009.000 652.000
India cotton afloat for Europe.-- 91,000 113.000
96,000
73.000
American cotton afloat for Europe 382.000 431.000 539,000 737,000
Egypt,Brazil,&c.,afloatforEurope 87,000 106.000 113.000 103.000
Stock in Alexandria, Egypt
190.000 299,000 168.000 120.000
Stock in Bombay, India
825,000 335.000 326,000 425.000
Stock in U. S. ports
al.012.62401.719.42801,228.192 815.250
Stock in U. S. interior towns.-- 0474,252 0647,605 0744,323 957,762
U.8.exports to-day
242
3.045
Total visible supply
4.114.118 5.356,078 4.283.515 3.883,012
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales 273.000 676.000 362,000 118.000
Manchester stock
24,000
75.000
43.000
22,000
Continental stock
397.000 556.000 139,000 155,000
American afloat for Europe
382.000 431,000 539,000 737.000
U.S. port stocks
01,012,62401.719.42801.288.192 815.250
U.8. interior stocks
0474.252 0647.605 0744,323 957.762
U.S. exports to-day
3.045
242
Total American
East Indian. Brazil,
stock
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
2.563.118 4.108,078 3.115.515 2,805.012
289,000
330.000
403.000
302.000
15.000
54,000
91.000
87.000
190.000
825.000
13.000
52,000
113,000
106.000
299,000
335.000
13,000
49.000
96.000
113.000
168.000
326,000
5.000
50,000
73.000
103.000
120.000
425.000
1.5.51,000 1,248,000 1.168,000 1.078.000
2,563.118 4.108.078 3,115,515 2.805,012
Total visible supply
4.114.118 5.356.078 4.283.515 3.883.012
Middling uplands. Liverpool
10.72d. 11.57d.
7.29d. 12.72d
Middling uplands. New York
19.30c. 21.80c.
14.396. 21.15c.
Egypt,good Sakai. Liverpool
19.15d. 19.956. 17.76d. 30.30i1.
Peruvian. rough good, Liverpool_ 13.006. 13.25d. 14.00d. 24.00Q
Broach. fine, Liverpool
9.056. 10.251.
7.206. 11.5141.
Tinnevelly, good, Liverpool
10.00d. 10.65d.
7.75d. 11.95d•
a Houston stocks are now included in the port stocks; in previous years
.
they formed part of the interior stocks.
'Estimated.
Continental imports for past week have been 109,000 bales.
The above figures for 1928 show an increase from last
week of 308 216 bales, a loss of 1,241,958 from 1927, a
decrease of 169,397 bales from 1926, and a gain of 231106 bales over 1925.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
1828
FINANCIAL CHRONICLE
Movement to Sept. 28 1928.
Towns.
Ala.,Birming'm
Eufaula
Montgomery
Selma
Ark.,Blytheyill
Forest City
Helena
Dope
Jonesboro
Little Rock
Newport
Pine Bluff_
WalnutRidg
Ga., Albany
Athens
Atlanta
Augusta
Columbus_ - _
Macon
Rome
La.. Shreyepo
Miss„Chuiadal
Columbus._
GreenwoodMeridian
Natchez
Vicksburg.. _ Yazoo City
Mo.. St. Louis_
N.C..Greensb'r.
Raleigh.x_
Oklahoma1 15 towns*
S.C., Greenyill
Tenn..Memptd
Texas, Abilene_
Austin
Brenham
Danes
Paris
Robstovm_
San Antonio_
Texarkana
Waco
573
874
5.0971
3.9411
5.066,
1,0071
3.540
6.491
362
9.144
2,684
9,8271
____
340
165
1,443
13.525
762
4,656
25
13.001
14.697
2.184
15.563
4.067
1,925
1,495
3,716
2,326
19
612
404
738
2,58
28
1.937
9,74
1,670 10.872
11.364
990 11,715
8,14
2,046 7.397
1,25
437 2,674
5,72
430 7.456
14,757 2.973 8.543
376
24
414
16.061 4.556 11,607
3.322 1.854 1,673
19.093 7,060 8,446
1
13
268
923
284 1.734
205
50
880
3,528 1,589 9.770
35.284 4.619 23.565
1.917
51 1,211
9.291 3.341 3.593
431
4
5,815
30.425 3,698 30,205
32.089 1.901 39,392
2,835
700 2,315
32.657 2,280 47.448
8.84. 2,234 4.102
6.038
688 13.982
3.618
72 4,548
10.059
608 12.720
16.481 2.408 1.846
283
336 1,500
I
31.709
43.784 18.628
19,883 2.437
2,954
47.169 100.994 23,314
519
1.012
352
20,728 4.661
6.530
2.589
14.788 1,915
7,452
18.152 7,201
10.187
23.114 8,296
500
13,789
500
1,573 22.281 1.835
8,991
13,437 4,001
12.518
46,558 11.002
Ship Stocks
'nerds. Sept.
Season. Week.
30.
Receipts.
Week.
13.097
13,983
42,548
36.608
4,719
2,720
5.003
14.070
1.160
18,523
6,166
10.423
574
3.95
12,022
15,580
96.665
5,401
29.16
4,791
34,726
47,118
11.461
36.275
21,372
18.591
4,778
4.77
24,927
4,519
226
8.573
3,000
6.401
5,571
3,193
2,094
3.42
5,69
10.000
4,12
5,68.
14
342
4,000
6.426
19.966
1,583
3,068
2.810
11,272
15.851
3,752
15,78
3.51
3,62
1.57
1.802
4,518
661
126
26,873 29.03
6.470 8.64
86.693 44.559
604 4,264
4.691 1,44
13.940 2.11
15.135 5.002
7,090 5.503
4
3.064
4.128 1,47
5.418 3.7
18,760 7.234
4,228 7.837
1,000 12.386
3,633 38,179
2,313 32,193
980 8,135
209 8,492
1.385 9,500
3,738 6,097
200 1.676
4.708 17,607
2.951 3.020
14,063
2,7
355
79
327 2.342
1.000 10,221
2,161 14,947
3,4139 77.716
914 1,923
2.347 7.773
2,750 3,774
5,345 30,723
4,735 48.09t
2,299 8.175
13,333 29,352
2,172 14,583
1,200 15,520
397 4.129
118 4,521
134
4,581
967 22.410
426
61
50.814 15,957 211,915
34,589 5.809 23,219
125,751 19,079 92,461
10,289 3.800 1,671
11,016 2,105 2.765
12,101
984 9,871
15,242 3,689 6,934
19,355 4.696 3,717
29,378
637 5,303
23,474 1,258 4,208
9,919 2,239 5,709
36,191 6,955 10,523
Total. 56 towns260,236 625.465 132,363 474,252 270.038 923,165143,598 647.605
x Discontinued. •Includes the combined totals of 15 towns In Oklahoma.
The above total shows that the interior stocks have
increased during the week 126,202 bales and are to-night
173 353 bales less than at the same tinle last year. The
receipts at all the towns have been 9,87,2 bales less than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Sept. 28ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, dm
Total gross overland
Deduct Shipments
Overland to N. Y.. Boston, &c
Between interior towns
Inland. &c.,from South
Total to be deducted
12,870
29.553
1,699
The foregoing shows the week's net overland movement
this year has been 1,079 bales, against 1,699 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 16,683 bales.
-1928
---1927
Since
Since
In Sight and Spinners'
Week. Aug. 1.
Week. Aug. 1.
Takings.
417.651 1,459.544 406,030 1,939,214
Receipts at ports to Sept. 28
29,553
1,699
12,870
1,079
Net overland to Sept. 28
880.000 95,000
956,000
Southern consumption to Sept. 28120,000
538.730 2,352.414 502,729 2,924,767
Total marketed
126,202
159.758 123,011
274.653
Interior stocks in excess
Excess of Southern mills takings
*198,241
*224,707
over consumption to Sept. 1_
625.740
Came into sight during week--664.932
2,313,931
2.974,713
Total in sight Sept. 28
North.spinn's's takings to Sept. 28 26,619
*Decrease.
156,394
31,188
171.311
Movement into sight in previous years:
Since Aug. 1Bales.
789,897 1926
689,225 1925
510.459 1924
Bales.
2.870,994
3.509.840
2 539.055
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:
C osing Quotations for Middling Cotton on
Week Ended
Sept. 28.
Saturday. Monday. Tuesaay. Wed'day. Thursd'y. Friday.
18.30
18.13
18.00
18.21
18.13
18.50
18.25
Augusta
17.55
Memphis
18.20
Houston
Little Rock_ __ - 17.65
17.60
Dallas
Fort Worth_ _ - -
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
18.55
18.33
18.30
18.44
18.25
18.60
18.44
17.85
18.45
17.92
17.85
17.85
Saturday,
Sept. 22.
3ctober __
govember
December
farmary __
February _
darch ___
4 pril
Say
lune
Fuly
Tone
;pot
)ptions _
Monday,
Sept. 24.
Tuesday, Wednesday, Thursday,
Sept. 25. Sept. 26. Sept. 27.
Friday.
Sept. 28.
17.86-17.88 18.07-18.08 17.9318.19-18.20 18.56-18.57 18.3317.96-18.01 18.19-18.20 18.03-18.04 18.28-18.31 18.66-18.69 15.40-18.42
18.00-18.02 18.20-18.22 18.0618.29-18.30 18.66-18.69 18.40-18.41
18.03-18.07 18.23-18.27 18.07-18.08 18.28-18.30 15.6318.36-18.38
18.0418.22-18.26 18.0418.27-18.28 18.6018.2717.98-18.02 18.1617.98 -- 18.20-18.21 18.51-18.53 18.19-18.21
Steady
Very sty
Steady
Steady
Steady
Barely sty
Steady
Steady
Steady
Steady
Steady
RtwiLda
COTTON GINNING REPORT.
-The Bureau of the
Census on Sept. 24 issued the following report showing the
number of bales of cotton ginned in each of the cottongrowing States the present season up to Sept. 16, in comparison with corresponding figures for the two preceding
seasons. It appears that up to Sept. 16 1927 2,498,252 bales
of cotton were ginned, against 3,504,995 bales for the
corresponding period a year ago, but comparing with 2,509,103 bales two years ago.
Number of bales of cotton gimmed from the growth of 1928 prior to
Sept. 16 1928. and comparative statistics to the corresponding date in
1927 and 1926.
State.
Running Bales (Counting Round as Ralf
Bales and Excluding Linters).
1928.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Texas
All other
1927.
1926.
80,025
16,359
105,132
6,658
3.940
111,485
199.824
219,081
3.012
58.162
24,976
1.662,596
7.002
447.f61
7.731
90.228
2,312
11,238
474.7(6
.
221.609
364,141
22,275
44,283
126,701
1,684.291
7,459
225.972
12.705
132,735
6,618
11,430
344,128
172.321
256,306
35.723
37.072
158.390
1,100.017
15.686
United States
*2.498.252
*3.504,995
*2.509.103
* Includes 88.761 bales of the crop of 1928 ginned prior to Aug. 1 which
was counted In the supply for the season of 1927-28, compared with 162,283
and 47.770 bales of the crops of 1927 and 1926.
The statistics in this report include 103,266 round bales for 1928; 100,739
for 1927, and 61,651 for 1926.
The statistics for 1928 in this report are subject to correction when
checked against the individual returns of the gInners being transnlitted by
mail. The corrected statistics of the quantity of cotton ginned this season
-1927
-1928-prior to Sept. 1, are 956.711 bales.
Since
Since
Consumption, Stocks. Imports and Exports-United States.
-Cotton con.
Week. Aug. 1. Burned during the month of August 1928 amounted to 626.729 bales
Week. Aug. 1.
26,530 Cotton on hand in consuming establishments on Aug. 31 was 782.068
17,169
4,581
2,408
15.334 bales, and in public storage and at compresses 1.188.861 bales. The
282
1.022
2,505
44 number of active consuming cotton spindles for the month was 28.243.508.
129
2.111
3,504 The total Imports for the month of August 1928 were 25,258 bales and
230
.
129-EitT5ii
32.938
43.147 the exports of domestic cotton, including linters. were 259.489 bales.
4.244
5.351
45.762
45.806
5.130
4,700
World Slattstzcs.-The estimated world's production of commercial cotton
exclusive of linters, grown in 1927. as compiled from various sources is
12,423
99.131
18,003 134.365 23,204.000 bales counting American in running bales and foreign in bales
of 478 pounds lint, while the consumption of cotton (exclusive of linters
14,720 in the United States1 for the year ending July 31 1927, was approximately
644
2.899
1,819
2.901
3.391 25,869,000 bales. The total number of spinning cotton spindles, both
326
397
80.461
10.374
14,088
86,701 active and idle, is about 165,000.000.
86.261
11.344
16,304 104,812
1,079
Leaving total net overland*
*Including movement by rail to Canada.
Week-Oct. 2
1926
-Oct. 3
1925
-Oct. 4
1924
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Movement to Sept. 30 1927.
Stocks
Sep,
.
28.
[VOL. 127.
18.35
18.18
18.10
18.24
18.19
18.75
18.25
17.65
18.25
17.75
17.65
17.65
18.60
18.40
18.35
18.48
18.50
18.90
18.50
17.90
18.45
17.98
17.85
17.85
19.05
18.76
18.70
18.83,
18.88
19.30
18.88
18.30
18.90
18.40
18.30
18.30
:8.80
18.53
18.45
18.52
18.63
19.40
18.63
18.00
18.65
18.15
18.05
18.05
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that the weather during
the week has been mostly cool with considerable rainfall in
Texas and the eastern section of the cotton belt. High
winds in some of the eastern states were damaging to cotton.
In those states where there has been too much rain, there
has been much shedding and rotting of bolls. Although the
cool weather retarded development, the crop as a rule is
opening rapidly and picking and ginning have made good
advance.
Texas.
-The cotton crop is made in the eastern section of
this state and the prospects for a top crop are considered
poor. Cool, cloudy and wet weather has retarded opening
of bolls in the western section. Picking advanced well until
stopped by rain.
-The first two days of the week picking was
Mobile, Ala.
retarded by rain. The remainder of the week has been clear
and good progress has been made in picking. Movement of
cotton from plantations is brisk. Much cotton is still unpicked in the upper counties, but there is not much left in
the lower counties.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Rain.
5 days
2 days
5 days
7 days
4 days
2 days
Raingall.
5.07 in.
0.46 in.
1.26 in.
46.81n.
9.72 in.
0.38 in.
5 days .30 in.
9.30
2 days 0.94 in.
5 days 2.98 in.
4 days 0.961u.
4 days 0.411n.
dry
5 days 4.54 in.
4 days 1.89 in.
3 days 0.82 in.
dry
dry
dry
dry
dry
dry
nlgn 83
high 80
high 90
high 84
high 82
high 82
high 90
high 84
high 88
high 82
high 84
high 80
high 86
high 78
high 80
high 82
high 89
high 91
high 83
high 82
high 86
high 84
Thermometer
low 63 mean 73
low 48 mean 64
low 54 mean 72
low 66 mean 75
low 68 mean 75
low 58 mean 70
low 50 mean 70
low 50 mean 67
low 58 mean 73
low 60 mean 71
low 50 moan 67
low 52 mean 66
low 54 mean 70
low 58 mean 68
low 56 moan 68
low 50 mean 66
low 56 mean 73
low 40 mean 66
low 44 mean 64
low 51 mean 67
low 39 mean 62
low 41 mean 63
SEPT. 29 1928.]
FINANCIAL CHRONICLE
Rain. Rainfall.
Thermometer
Little Rock
dry
high 82 low 49 mean 66
Pine Bluffhigh 94 low 49 mean 72
Alexandria, La
1 day d1.40 in. high 86 low 54 mean 70
Amite
3 days 0.65 in. high 86 low 49 mean 68
New Orleans
4 days 2.68 in. high __ low __ mean 74
Shreveport
4 days 0.27 in. high 84 low 52 mean 68
Columbus
dry
high 92 low 43 mean 68
high 89 low 43 mean 68
2 days
Greenwooddr0.07 in. high 81 low 55 mean 68
Vicksburg
MooIle, Ala
3 days 2.26 in. high 88 low 55 mean 72
Decatur
dry
high 84 low 43 mean 64
Montgomery
1 day 0.31 in. high 89 low 51 mean 70
Selma
2 days 0.27 in. high 93 low 48 mean 71
2 days 0.29 in. high 91 low 60 mean 76
Gainesville, Fla
Madison
5 days 2.12 in. high 91 low 52 mean 72
Savannah, Ga
3 days 1.10 in. high 90 low 60 mean 70
Athensgh 90 low 42 mean 66
hi
Augusta
1 day dr6
.15 in. high 88 low 54 mean 71
Columbus
1 day 0.34 in. high 92 low 48 mean 70
Charleston, S.0
1 day 0.46 in. high 89 low 58 mean 74
Greenwoodhig 86 low 45 mean 66
Columbia
1 day d%.01 in. high 88 low 50 mean 69
Conway
3 days 0.48 in. high 88 low 50 mean 69
Charlotte N. C
dry
high 85 low 47 mean 65
Newborn
1 day 0.08 in. high 90 low 47 mean 69
Weldon
dry
high 87 low 41 mean 64
Memphis Tenn
dry
high 82 low 46 mean 64
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Sept. 28 1928. Sept. 30 1927
Feet.
Feet.
3.7
2.8
12.2
8.1
7.3
6.8
4.3
. 5.8
19.5
13.0
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
Above zero of gauge-
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 putports.
Week
Enda
Receipts at Ports.
1928. 1 1927.
1926.
Stouts at Interior Towns.
1928.
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
2,000 bales. Exports from all India ports record an increase
of 14,000 bales during the week, and since Aug. 1 show an
increase of 60,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
Sept. 26.
1928.
1926.
225,000
4f1f1 4F4
Receipts (cantars)This week
Sinew Alla 1
1927.
240,000
7510.007
165.000
415 315
This .Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)-
To Liverpool
3,000 11,846 4,750 15,387 4.750 25,259
To Manchester, &c
16,043 --__ 14,146
---- 16,629
To Continent and India_ 4,000 43.996 5,250 44,793 7,250 33.627
To America
12.461 5,750 17,013 1,250 8,677
Total axone'.
7.000 614.346 15.750 01.330 13.250 514.102
Note.
-A canter is 99 lbs Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Sept.26 were
225,000 canters and the foreign shipments 7.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is firm and in cloths is steady. Demand for both
yarn and cloth is improving. We give prices to-day below
and leave those for previous weeks of this and last year for
comparison:
1927.
1928.
32s Cep
Twist.
fags, Common Mideg
to Finest.
Uprds
32s Cop
Twist.
tags, Common Slide°
to Finest.
UpPds
Receiptsfrom Plantations
1927.
June
29.. 30.851 36.843 58.136 437.961
July
6-- 36.994 38.801 37,067 407,726
13-- 27,419 34,623 36,882 388,332
20-- 19.932 30,27 37.161 356,443
27-- 18.771 35.602 85,22 328.470
Aug.
3-- 28,393 45.276 53,306 302,330
10-- 21.074 84.02 73.869 286.253
17_- 26.280108,930 87,880 266,345
24-- 58,671143,9 113,19. 258,393
81.. 129694248,049187,891 245,571
Sept.
222.173261,473208,801
7-- 336,659334,837410,2341 251,824
14__ 242,0319.94 330.497 275,13
04
348.05
21._
28._ 417,651406,03 567.7041.012,62
1829
1926.
471.86
987.09
449,131
412.498
392.271
374.492
952.467 6,759 16.283
917,992 6,025
n11 2.407
884,912
nll 10.04
4,081
819.353
nil 17.823 19,663
376,345
359.809
349,011
336,511
336,614
542,251 2,2531 47,129 22.217
522.013 4,999 67.488 53,631
511,748 6,370 98.132 77,615
496,117 50,719131,450 97,800
488.127116,872248.152179,901
371,441
421,618
524,59
647,60
490,346 227.926296,300211,014
533,485265,849370,122373,572
631.415409,582437,813508,164
744,323543.853529,041680,612
1928. 1 1927.
5,572
5,512
1926.
9.037
Juned.
d. e. d.
29_-_- 16340183( 146
July6---- 17 01834 14 6
13___. 17 01834 14 8
20---- 163(01834 14 2
27---- 1634018 141
Aug.3.--- 16 01734 13 6
10.... 16 01734 13 6
17_ 1534017 136
24.... 1534017 13 2
81.... 1534017 13 0
Sept.7---- 153401634 12 7
14.___ 1434 016 12 6
21--- 1434016 12 7
25.._.. 1412016 12 7
s, d.
015 0
d. d.
d. s. d.
s. d.
12.49 143401654 130 0413 3
015 0
015 0
014 4
@143
12.53
12.14
11.81
11.73
15 01631
1534017
153401734
153401734
13 0
13 1
13 4
13 0
4413 3
013 4
@13 6
@136
9.17
9.65
9.91
10.05
014 0
014 0
@140
013 4
(413 2
10.80
10.32
10.71
10.44
153401734
17 019
163401734
16361018
18 019
13 2
13 5
13 5
14 0
13 6
013 4
013 7
@137
014 2
014 0
9.47
10.40
10.60
11.15
12.34
@13 1
013 0
013 1
013 1
10.62
9.84
9.99
10.72
18 019
1734019
17361019
173401914
13 6
13 6
13 3
13 4
014 0
014 0
013 5
(413 6
12.67
11.83
11.20
11.57
d.
9.11
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
The above statement shows: (1) That the total receipts reached 143,339 bales. The shipments in detail, as made
from the plantations since Aug. 1 1928 are 1,626,170 bales: up from mail and telegraphic reports, are as follows:
in 1927 were 2,213,867 bales, and in 1926 were 2,187,503
Bales.
-To China-Sept. 22
-Chinese Prince, 100
100
bales. (2) That although the receipts at the outports the NEW YORK
-Alfonso XIII, 100
To Corunna-Sept.24
100
past week were 417,651 bales, the actual movement from GALVESTON-To Japan-Sept. 20--Atlantic City, 3,350
plantations was 543,853 bales, stocks at interior towns
Sept. 21-Alibank, 9,125---Sept. 25
-Denmark Meru,
4,225
16,700
having increased 126,202 bales during the week. Last year
To Bremen-Sept. 20-Jevington Court, 7,559......Sept. 24
• receipts from the plantations for the week were 529,041
Aquarius, 6.507, Thistleford. 5.188
19.254
To Oporto-Sept. 21-0gontz, 2,450
2,450
bales and for 1926 they were 680,612 bales.
To Bilboa-Sept.21-0gontz,200
200
To Passages
-Sept.21-0gontz,200
200
WORLD SUPPLY AND TAKINGS OF COTTON.
To Rotterdam-Sept. 24
-Aquarius, 1.050
1,050
Cotton Takings,
Week and Season.
1928.
Week.
1927.
Season.
Week.
Season.
3.805,902
Visible supply Sept. 21
4,998,404
4,175,480
Visible supply Aug. 1
4.961.754
American in sight to Sept. 28.... 664,932 2,313.931 625,740 2,974.713
6,000
Bombayreceipts to Sept. 28_ _
44,000
8.000
142.000
Other India ship'ts to Sept. 27
71,000
3,000
9,000
114,500
45,000
Alexandria receipts to Sept. 26
97.200
48,000
169.860
20,000
Other supply to Sept. 26_ *.b__ _
144.000
18,000
135,000
Total supply
Deduct
Visible supply Sept. 28
4,544,834 6.845,611 5.707,144 8,497,827
4.114,118 4,114,118 5,356,078 5,356,078
Total takings to Sept. 28_a..... 430,716 2,731.493 351,066 3,141,749
338,716 1,992,293 282,066 2.256,389
Of which American
Of which other
739,200
92,000
69.000
885.360
•Embraces receipts in Europe from Brazil, Bmyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 880.000 bales in 1928 and 956.000 bales in 1927
-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 1.851.493 bales in 1928 and 2,185,749 bales in 1927. of
which 1,112,293 bales and 1,300,389 bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1928.
September 27.
Receipts at
-
1927.
1926.
Since
Week.1Aug. 1.
Since
Week.lAug. 1.
Since
Week. Aug. 1.
6,000
Bombay
44,000
8,000
For the Week.
Exports
from
-
6
Total all
1928
1927
1926
45,
25,
19,
3,000
9,000
28,000
17,000 31,000 48,000
4,000 20,000 10,000 34,000
2,000 47.000
1,000 44,0
I
7,000
128.000
Since August 1.
Great
Great Conti Japan&
Britain. neat. China. Total. Britain.
Bombay
192814,000
14,111
1927
17,00
1926
Other Ind'
3,000
1928
3,000 6,
1927
1.000 27,00
1926
142,000
6,000
9,000
1,000
Conti- Japan &
tient.
China. Total.
81,000 210,000 297,000
56,000 128,000 193,000
61,000 130,
192,000
10,000 61,000
12,500 102.000
7,000 80,000
71,000
114,500
87,000
16,00 142.000 210,000 368,000
21,500 158,00 128,000 307,500
8,000 141,000 130,00 279,000
NEW ORLEANS
-To Japan-Sept. 20-Heina, 3,000
3,000
To Oslo-Sept. 22
-Tortugas. 100
100
To Warburg
-Sept, 22
-Tortugas, 100
100
To Rotterdam-Sept. 26-Effna, 100
100
To Uddevalla-Sept. 22
-Tortugas, 100
100
To Bremen-Sept. 26-Effna, 2,062
2.062
To Venice-Sept.26-Tergestea. 1.700
1.700
To Liverpool
-Sept. 27
-West Totant, 1,401
1.401
To Manchester-Sept. 27
-West Totant-386
386
NORFOLK
-To Manchester
-Sept. 24-Kerhonkson. 250
250
To Bremen-Sept. 28
-Westfalen, 242
242
PORT TOWNSEND-To China-Sept. 19-Shidzuoka Meru,200200
-Emil Kirdof, 900
SAN PEDRO-To Bremen-Sept. 24
900
To Japan-Sept. 24
-Santos Meru, 700
700
HOUSTON
-TO Bremen-Sept. 22-Thistleford, 7,207-Sept.
24-Sylvia de Larrinaga, 2.139---Sept. 26-Drachenfels,
5,282--_Sept. 27-Juventus, 1,994
16,622
To Aalborg-Sept. 27
-Tortugas, 250
250
To Japan-Sept. 22
-Atlantic City, 3,893... Sept. 21
-A11
bank, 7,975.. Sept. 24
-Denmark Meru, 3,550--Sept.
25-Heina, 2,651--_Sept. 26
-Patrick Henry, 3,100
21,169
To Norkoping--Sept. 27
-Tortugas, 100
100
To China-Sept.22
-Atlantic City, 2,950.....Sept. 26
-Patrick
Henry,2,500
5.450
To Warberg-Sept. 27
-Tortugas, 100
100
To Havre-Sept. 25
-Hornsby Castle, 1,900-_-Sept. 268,242
To Goatenburg-Sept. 27
-Tortugas, 288
To Ghent,
-Sept. 25
-Hornsby Castle, 1,164
1,164
To Stockholm-Sept. 27
-Tortugas, 50
50
'lb Dunkirk-Sept. 26
-Jacques Cartier. 777
777
To Liverpool
-Sept. 27-Historician, 11.529
11,529
To Manchester
-Sept. 27-Historician, 425
425
To Genoa-Sept. 26-Monstella, 3.197
3,197
To Nykoping-Sept. 27
-Tortugas, 20
20
CORPUS CHRISTI
-To Bremen-Sept. 24-Hybert, 2,691
2.691
To Japan-Sept. 24
-Patrick Henry, 2,725--_Sept. 26
-511
jested, 3.950
6,675
To China-Sept. 24
-Patrick Henry,850
850
To Havre-Sept. 24
-Effingham, 4,711
4,711
To Ghent
-Sept. 24
-Effingham, 1,205
1.205
To Rotterdam-Sept. 24
-Effingham, 547
547
To Genoa-Sept. 26
-West Modus, 1,152
1.152
MOBILE-To Liverpool
-Sept. 21
-Maiden Creek, 100.. Sept.
24
-Mercian. 1,141
1,241
To Manchester
-Sept. 21-Maiden Creek, 50--_Sept. 24
Mercian, 752
802
To Rotterdam-Sept. 21-West Zeda, 300
300
To Antwerp-Sept. 21 West Zeds, 50
50
To Bremen-Sept. 21-Nemaha,200
200
CHARLESTON-To Bremen-Sept. 27-Grete, 1,500
1,500
To Hamburg
-Sept. 27-Grete, 737
737
Total
143,339
[VOL. 127.
FINANCIAL CHRONICLE
1830
To-day prices ended / lower to / higher at Chicago,
1c.
4
1c.
4
-Current rates for cotton from
COTTON FREIGHT.
New York, as furnished by Lambert & Burrowes, Inc., are %c. lower at Minneapolis and % to %c. higher at Winnipeg.
Fluctuations at Chicago were within narrow limits. Early
as follows, quotations being in cents per pound.
Stand- prices were lower with cables disappointing and export deHigh
StandHigh
StandHigh
ant.
Density.
Density.
ard.
ard.
Density.
mand quieter. But professional and commission house buy.50e. .600. Shanghai .700. Mc.
Liverpool .460. .60c. Oslo
.750.
ing halted the decline. Export sales at the end of the day
Manchester.45o. .600. Stockholm .600. .760. Bombay
.450.
.50e.
.650. Bremen
.300. .450. Trieste
Antwerp
were estimated at 500,000 to 600,000 bushels, mostly Mani.500. .65o. Hamburg .450. .600.
.37140. .52I4o. Fiume
Ghent
.750.
toba. The "Modern Miller" reported delay in seeding of
.45o. .600. Piraeus
.310. .460. Lisbon
Havre
.75o. .900.
.60c. .750. Salonlea
Rotterdam .400. .550. Oporto
winter wheat and plowing owing to a lack of moisture in the
.650
.500. .650. Barcelona .300. .450. Venice
Genoa
ground. Threshing of spring wheat Is nearly completed.
.650. .800.
Japan
-By cable from Liverpool we have the fol- Bradstreets' North American exports for the week were
LIVERPOOL.
statement of the week's sales, stocks, &c.,at that port: 8,359,000 bushels, against 12,218,000 last year. World's
lowing
Sept. 7. Sept. 14. Sept. 21. Sept. 28. shipments are expected to be 10,947,000 this week. Argen39,000 tine shipped 2,160,000 bushels and Australia 512,000. Ar37,000
45,000
3'7.000
Sales of the week
21.000
21.000
27,000
22,000
Of which American
1,000 gentine cabled that wheat there would arrive at interior
1,000
1,000
1.000
Actual exports
48,000 points in the north before Dec. 1. Final prices show an
51,000
52,000
53,000
Forwarded
633,000 608,000 577,000 562,000 advance for the week on December of %c., but other months
stocks
Total
356,000 334,000 307,000 289,000
Of which American
28.000 are % to lc. lower.
25,000
21,000
30,000
Total imports
7,000
101,000
22,000
Of which American
Amount afloat
Of which American
11,000
100,000
27,000
6,000
130,000
52.000
11,000
136.000
60.000
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
No. 2 red
1863-i 1669-i 1659-i 1643- 166 16634
The tone of the Liverpool market for spots and futures DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
each day of the past week and the daily closing prices of
Sat. Mon. Tues. Wed. Thurs. Fri.
September
114% 1149-i 1139-i 1149-i 11534 116
snot cotton have been as follows:
December
11834 1189-1 117
Ham 1189-1 118%
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market,
12:15 I
P.M.
Quiet.
Good
demand.
Good
demand.
Mic1.1Tpl'ds
10.32d.
10.42d.
10.39d.
Good
demand
10.35d
Good
inquiry.
10.60d.
7,000
Friday.
Moderate
demand.
10.72d.
6.000
March
1229-1 122% 1219-1 12231 12234 122%
12534 12534 1243-1 1259-1 12531 1153.1
May
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat.
October
December
May
Mon. Tues. Wed. Thurs. Fri.
117
1163-1 11431 115
115
11634 11651 114
12251 12234 120 121
11591 11534
11531 116%
12151 121%
Indian corn has dropped 7 cents on Sept. under liquidation, but other months have been firm with frosty weather
and a steady demand. The feeding demand will probably be
large. Prices declined 7%c. on September on the 22d inst.
Firm
Quiet: 2 to on general liquidation. It uncovered stop orders. Cash
Firm
Barely st'y Barely st'y Very st'y
Market,
23 to 24 poi 2 to 4 pts. 14 to 18 pts 4 to 7 pts. 7 to 19 tits. 13 pts.
4
markets declining, pulled down September. Country ofdecline.
advance, advance, advance, advance, advance.
P. M.
ferings increased Somewhat. On the 24th inst. Sept. fell
for each day are given below:
Prices of futures at Liverpool
3c. but later regained 2c. of this loss, despite scattered
liquidation. Final prices were lc. net lower on September
Fri.
Thurs.
Toes.
Wed.
Mon.
Sat.
and lc. up on later months. Distant months rallied. Frost,
Sept. 22
12.1512.30 12.15 4.00 12.15 4.04Y12.16 4.00 12.15 4.0012.15' 4.00 even if it could do no serious harm, is still a word to conto
Sept. 28. P. na.P• m• IL na• IL nt• IL m•P• ro.P. nl. P• to.P. m.D. m P. M.P. m•
jure with. Receipts of old corn were larger, about 350 cars,
d.
d.
d.
d.
d.
d.
d. d.
d.
d.
d.
but offerings for forward shipment were small. A good
9.87 9.77 9.84 9.95 9.8010.02 10.05 10.21 10.22 10.19
.__ __
September. _ _
9.72 9.62 9.69 9.80 9.64 9.80 9.89 10.04 9.98 9.95 shipping demand prevailed at the recent decline, which
October
9.86 9.85 struck shippers as an opportunity. The United States visiNovember --------9.62 9.52 9.58 9.69 9.53 9.74 9.78 9.93
December --------9.63 9.53 9.59 9.70 9.53 9.74 9.78 9.92 9.86 9.85 ble supply decreased last week 607,000 bushels against an
9.63 9.53 9.58 9.69 9.52 9.73 9.78 9.90 9.83 9.81
January
9.63 9.53 9.57 9.68 9.51 9.73 9.75 9.89 9.82 9.80 Increase in the same week last year of 1,039,000 bushels;
February
9.67 9.57 9.61 9.72 9.54 9.76 9.77 9.91 9.83 9.81
March._
-- -9.67 9.57 9.61 9.72 9.54 9.78 9.76 9.90 9.81 9.79 total 7,195,000 against 23,733 last year.
April
9.68 9.58 9.63 9.74 9.56 9.78 9.78 9.91 9.82 9.79
To-day prices ended / lower to %c. higher. Liquida1c.
4
May
9.67 9.57 9.62 9.73 9.55 9.77 9.76 9.88 9.80 9.77
June
9.87 9.57 9.62 9.73 9.55 9.77 9.76 9.88 9.79 9.77 tion of September caused an early decline, but like in wheat
July
9.62 9.52 9.57 9.68 9.50 9.72 9.71 9.80 9.70 9.68 buying by commission houses and professionals, together
August
9.61 9.51 9.54 9.69 9.47 9.69 9.68 9.76 9.65 9.63 with covering of shorts, brought about an
_
September
advance. Export
sales were reported of 300,000 to 500,000 bushels. The cash
demand was fair. Some frosts were reported, but had little
BREADSTUFFS
Influence. Receipts were fair. Final prices show a decline
Friday Night, Sept. 28 1928.
/
1
4
on September for the week of 7 c., while other months are
Flour was without features of very striking interest. 1 to lc. higher.
4
have risen, however, even if the demand was not
Prices
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
active. Small lots satisfy the average buyer. An anchor
11591 115 11054 1179-i 1173( 117
was the firmness and activity in No.2 yellow
to windward for the mills
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
mill feed. It is more profitable than it was. It set up a
Sat. Mon. Tues. Wed. Thurs. Fri.
95
94
94ri 96
95% 95%
bar to an advance in flour. The idea seemed to be "let September
December
76% 77% 77
79
78% 78%
well enough alone." Fair clearances were made from New March
78% 79% 79
8031 8031 8051
York, but they were largely of Canadian flour for the ConOats prices have been quite well maintained, with stocks
tinent. The reports are persistent that new export business is small. Stocks of flour at New York in the various small and farm consumption likely to be large. On the 22d
railroad yards were put by the Inspection Department of Inst. prices ended %c. lower to %c. higher, the latter on
the New York Produce Exchange at 1,223 cars against September on small trading. Oats were overshadowed by
1,233 cars a week ago and 1,025 cars last year. Later prices the other items in the grain list with their activity or their
advanced in response to the upward trend of cash wheat sharp fluctuations. On the 24th inst. prices ended unchanged to Y
2c. lower. Distant months showed the most
prices.
Wheat prices have been quite well maintained in spite steadiness; near months weakened, with trade not active,
of a big increase in the visible supply and the lack of any and the United States visible supply increased last week
aggressive export buying. On the 22d inst. prices ended 1,051,000 bushels against practically no increase last year.
1
4
/
4
/ to %c. lower in Chicago and / to 11c. lower in Winni- The total is now 15,664,000 against 25,133,000 a year ago.
1
4
To-day prices advanced / to lc. There was a fair de1
4
peg. Liverpool did not respond fully to the Chicago rise
of the 21st. A rally of nearly 2 to 2%c. came at one time, mand. Shorts were covering and country offerings were
but it did not hold. Yet hedge selling was unexpectedly not liberal. Cash markets were steady and receipts light.
small. Mills bought December at Minneapolis. Liverpool The strength of other grain helped. Commission houses
advanced 2% to 31.43d. owing, it was said, to the recent were buying. The open interest in September at Chicago
sharp upturn in North American markets. Stronger Ca- was 1,537,000 bushels yesterday. Final prices are unchanged
nadian and Argentine shippers' offers and active covering to %c. higher as compared with those of a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
on the part of millers clinched the nail. The weather was
Sat. Mon. Tues. Wed. Thurs. Fri.
reported in the main favorable. On the 24th inst. prices at No. 2 white
54
54
539-1 533-4 539-1 539-1
one time rallied 1% to 2c. from the earlier low, but ended
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
virtually or actually unchanged. Liverpool declined for a September
43q 42$ 42
413-1 421 43%
to %d. higher. Commission houses had December
time, but closed
42
42
42H 42% 42
43
44
44
4331 44
orders to buy on breaks. Yet beneficial rains March
44
449-4
a good many
and Australia. Country rnarketings DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
occurred in Argentine
Sat. Mon. Tues. Wed, Thurs, Fri.
and arrivals at Winnipeg were large. The United States October
537
0 531i 53% 57% 57
56%
em
50
49% 4954 52% 52% 52%
visible supply increased last week 7,500,000 bushels against Decber
53
5334 539-1 553-1 5531 559-1
and the total is now May
5,358,000 in the same week last year
RTE.
-September has been tightly held and has risen
up to such rather striking figures as 103,382,000 bushels
against 75,226,000 a year ago. The increase, it is believed, over 4 cents net, while other months have also been firm
will go further from the spring wheat movement and some with stocks rather meager all over the country. On the
increase in the winter wheat marketing. Export demand 22d inst. prices ended %c. lower to %c. higher. September
was poor. The weather in the American and Canadian was higher. Shorts were covering in this month. Other
Northwest was called good. The forecast was for clear months were depressed by the decline in wheat. On the 24th
Inst. prices ended 1 to 11e. higher with a good and per/
2
weather.
Sales
7,000
4,000
7,000
8,000
h00000W0.000,,.1
;i••• Qt Pp 9!.
• .•
• 91
;P;Pin •
Quiet
Quiet; 1 pt.
Quiet
Q't but st'y Steady
Firm
Futures.I
27 to 31 pts 9 to 11 pts. 2 to 6 pts 15 to 17 pts 1 to 3 pts. decline to
Market
decline,
advance. 1 pt. adv.
advance, advance, advance,
opened
SEPT. 29 1928.]
FINANCIAL CHRONICLE
1831
sistent cash demand and no burdensome movement of the
The visible supply of grain, comprising the stocks in
crop. The United States visible supply, it Is true, increased granary at principal points of accumulation at lake and
las tweek 462,000 bushels against a decrease in the same seaboard ports Saturday,
Sept. 22, were as follows:
week last year of 994,000. The total is 2,274,000 bushels
GRAIN STOCKS.
against 2,323,000 a year ago. The steadiness of the deWheal,
Corn.
Oats,
Rye,
Baxley,
mand is what counts. To-day prices closed % to 21 4c. high,
United Statesbush,
bush,
bush,
bush.
bush.
New York
356,000
21,000
286.000
48,000
80.000
er with the demand fair, shorts covering and offerings small. Boston
32,000
Hedging sales were not large. Cash rye was firm. Mills Philadelphia
700,000
11,000
252,000
22,000
243.000
2,898,000
26,000
179,000
2,000
were said to be inquiring for old rye. Little or no export Baltimore
353.000
Newport News
77,000
demand appeared. The open interest in September rye yes- New Orleans
960.000
93,000
91,000
71,000
404.000
2,258.000
trday was 465,000 bushels. Final prices show an advance Galveston
19,000
794,000
Fort Worth
5,313,000
71,000
225,000
8,000
55,000
for the week of 1 to 4%c.
Buffalo
2,125,000
497,000 2,174,000
433,000
670,000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
105
10534 1064 10831 10631 109
10034 10134 10034 10134 10234 1024
10234 10331 10234 10334 10331
September
December
March
1004
Closing quotations were as follows:
Wheat. New YorkNo.2 red, f.o.b
No.2 hard winter, to.b
Corn. New YorkNo.2 yellow
No.3 yellow
$6.30
Spring patents
Clears,first spring____ 5.90
Soft winter straights__ 6.35
Hard winter straights...
Hard winter patents_ 6 35
Hard winter clears,..... 5.25
Fancy Munn. patents... 7.95
8.10
_
City mills_
GRAIN
Oats. New York
No. 2 white.
No.3 white
Rye. New York
1.17
No. 2 f.o.b
1.15
Barley, New York
Malting
8431
FLOUR
$8.70 Rye flour patents
$6.50@$6 85
6.25 Semolina No 2, pound334
6.85 Oats gooda new
2.70@ 2.75
0,37 Corn flour
2 80@ 2 85
75 Barley goods
Coarse
5.50
3.00
8.20
Fancy pearl Nos. 1.2.
3 and
8.80
50€5 7.00
1.6631
1.3234
1.16
6 00(
4
6
All the statements below regarding the movements of grain
-receipts, exports, visible supply, &c.
-are prepared by
us from figures collected by the New York Produce Exgive the receipts at Western lake and
change. First we
river ports for the week ending last Saturday and since
Aug. 1 for each of the last throe years.
Flour.
Receipts atChicago
Minneapolis
Duluth
Milwaukee-Toledo
Detroit
IndianapolisSt. Louis..
Peoria
Kansas CityOmaha
St. Joseph
Wichita
Sioux City__
109A
Corn.
Oats.
Barley.
Rye.
bbls.1961bs.bush.60 lbs.bush.56 lbs.bush. 32 lbs. tea.48lbs.bush.561bs.
453,000 1,437,000
266,000
820,000
477,000
31,000
71,000
5,429,000
437,000 603,000 237,000
303,000 3,544.000 1,220,000
14,000
7,194,000
182,000
235,000 239,000
43.000
93,000
36,000
419.000
15,000
113,000
9,000
1,000
27,000
12,000
26,000
2,000
6,000
316,000
125,000
248.000
3.000
319,000
336,000 107,000
146,000 1,203,000
41,000
628,000
60,000
58,000
155,000
39.000
531,000
1,803.000
94,000
313,000
778,000
152,000
27,000
303,000
357,000
22,000
396,000
12,000
134,000
27,000
94,000
9,000
513,0001 18,364,000
546.0001 19,572,000
500,000 9,722,000
Total wk.1928
Same wk.19271
Same wk.192
Since Aug. 1
1928
1927
Wheat.
4,297,000
5,511,000
4,678,000
afloat
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
648,000
194,000
2,398,000
35,000
310,000
243,000
22.000
35,000
11,125,000 5,400,000 3,464,000
130,000
125,000
924,000
75,000 1,003.000
14,986.000
602,000
12,500,000
52,000 3,460,000
631,000
41,000
54,000
4,478,000
85,000
147,000
20,887,000
163,000
12,000
5,957,000
1,000
2,000
2,591,000
9,000
14,000
15,000
665,000
803,000
250,000 1,926,000
9,367,000
134,000
391,000
936,000
152,000
154.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Sept. 21, and since July 1 1928 and 1927,
are shown in the following:
Wheat.
1
New York__
Philadelphia__
Baltimore_ _ - _
Newport News
Norfolk
New Orleans *
Galveston_
Montreal
Boston
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels. Bushels.
120,000
53,000
14,000
10,000
7,000 141,000
2,000
251,000
21,000
1,043,000 2,703,000
Total wk.1928 559,000 8,153,000
106 t 1 o 1,456' i 2,907,000
'
2,000
Since Jan.1'28 l7OOO 68. •OOOILO7,111 26.171 o '
I 26,220,00013,449,000
Week 1927_ _. 511,000 7,018,000
Since Jan.12715.653.000197.368.000
93, t o
'
748,000 1.596,000 2,746,000
7,617,000 18.626.00029.234.000,24.551.00n
• Receipts do not include grain pluming through New Orleans for foreign ports
on through bills of lading.
The exports from the several eastboard ports for the week
ending Saturday, Sept. 22 1928, are shown below:
Exports fromNew York
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels.
1,229,431
8,000
160,000
347,000
1,274,000
6,586,000
24,000
Total week 1928_ 9,628,431
Same week 1927_ _ _ 7,095,576
Bushels. Bushels. Bushels. Bushels.
103,576 298,082
214,644
4,000
4,000
35,000
281,000
1,000 251,000
2,000
24,000
34,000
4,000
109,0 1 .
19,000
80,00 •
126,000 266,000 279,000 545,0
19,000
24,000
63,000
312,576
288,067
854,082 279,000 1,229, 44
218,000 1,642,676 1,189, • 4
The destinat'on of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
Week
Since
and Since
Sept. 22 July 1
July 1 to
1928.
1928.
Wheat.
Week
Sept. 22.
1928.
Since
July 1
1928.
Corn.
Week
Sept. 22.
1928.
Since
July 1
1928.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Other countries.--
Barrels. Barrels. Bushels.
Bushels. Bushels. Bushels.
49,529
825.874 2,500,461 21,047,363
709,326
200,737 1,329,570 7,059,970 84,129,708
26,000
19,000
107,000
19,000
54,000
84,000
11,000
101,000
18.000
24,000
329,000
32,310
202,928
49,000
681,945
2,250
Total 1928
Total 1927
312,578 2,566,372 9,628,431 85,931,016
288,067 2,153,389 7,095.576 64.375.124
24,000 1,150.576
63.000
341,000
141,000
189.000
58,000
Total Sept. 22 1928._120.535,000 7,195,000 16,648,000 3,441,000 10,432,000
Total Sept. 15 1928_ _ _110,698,000 7,862,000 15,971,000 2.513,000 8,400,000
Total Sept. 24 1927_ _ 84,554,000 23,733,000 26,361,000 3.864.000 5,714,000
3,891.00q146.168.000 38.141,000 40,097.00036.987,000, 5,852,000
3,743,000 134,972,000 35,575,000 37,838,000 22,112,000 11,396,000
4 nos (W4flhIlS604000 22.299.000 37.104.000 10.757 nen 4 gal en
Bushels.
Barrels.
Bushels.
305,000 1,296,111 • 27,
47.''I
15,000
4,
24,000
90,000
10,
2,000
1,000
264,000
59,00'
60,00
223,000
90,000 6,265,000
5,000
31,000
45,000
139,000
134,000
Total Sept. 22 1928_ _ _ 17,153,000
984,000 1,167,000 2.415,000
Total Sept. 15 1928___ 14,816,000
1,358,000
701,000 1,500,000
Total Sept. 24 1927... 9,328,000
1,228,000 1,541,000
742,000
Summary
American
_103,382,000 7,195,000 15,664,000 2,274,000 8,017,000
Canadian
17,153,000
984,000 1,167,000 2,415,000
Exports.
Receipts at-
28,000
252,000
981,000 2.395,000
164,000
687,000
14,000
42,000
4,000
87,000
31,000
87,000
Total Sept. 22 1928_103,382,000 7,195,000 15,664,000 2,274,000 8,017,000
Total Sept. 15 1928___ 95.882,000 7,862,000 14,613,000 1,812,000 6,910,000
Total Sept. 24 1927._ 75,226.000 23,733,000 25,133,000 2,323,000 4,972,000
Note.
-Bonded grain not included above: Oats
-New York, 6,000 bushels; Philadelphia, 5,000; Baltimore, 13,000; Buffalo, 8,000; total. 32,000 bushels, against
24,000 bushels in 1927. Barley-Baltimore, 33,000; Buffalo, 115,000; Buffalo
afloat, 189.000; Duluth, 123,000: Canal, 440,000: total, 900,000 bushels, against
-New York, 274,000 bushels; Boston, 100,000;
20,000 bushels in 1927. Wheat
Philadelphia. 188,000; Baltimore, 218,000; Buffalo, 2,173,000; Buffalo afloat.
1,845,000: Duluth, 178,000: on Lakes. 501,000: Canal, 610,000: total, 6,087,000
bushels, against 4,773,000 bushels in 1927.
CanadianMontreal2,674,000
445,000
127,000
85,000
Ft. William & Pt. Arthur_ 9,887,000
266,000 1,027,000 2,189,000
Other Canadian
4,592,000
273,000
55,000
99,000
3,052,000 5,032,000 1,572.000
2,969,000 2,954,000 2,815,000
2,630,000 1,505.000 813,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 22, follow:
199,000
4,000
27,000
9,000
23,000
118,000 1.230,000
Corn.
1928.
Week
Sept. 21,
Bushels.
Bushels,
Bushels.
Bushels.
North Amer- 11.550,000 129,181,000101,547,
120,00
152,000
Black Sea_ - _
472,000 2,528,
Argentina-- 2,664,000 22,471,00# 19.240,000 6,177,
Australia...280,000 11,664,00# 15,440,000
India
1,040,000 6,976,0
0th. countr'si 1.160,000 11,312,000 5,040,
1,156,09
Total _---115,806.000 176,140,000 150,771,
Since
July 1.
1927.
Since
July 1.
Bushels.
Bushels.
2,497,000 1,005,000
1,641,o I
5,815.000
95,840,00 100,416,000
11,347,00
4.421,000
7.453,000 111,125,000111,657.000
WEATHER BULLETIN FOR THE WEEK ENDED
SEPT. 26.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Sept. 26, follows:
At the beginning of the week the tropical storm was central near Savannah.
Ga., and on the morning of the 19th over extreme eastern North Carolina,
attended by further heavy rains and high winds in Atlantic Coast districts. Thence it moved northward, with greatly decreased intensity,
over central Virginia, western Pennsylvania, and the eastern Great Lakes,
with quite general rains over the Northeast and the upper Ohio Valley.
Otherwise the weather during the week was mostly fair except for widespread showers in the North-Central States about the middle, and general
rains near the close in Gulf districts, resulting from a depression in the
Gulf of Mexico. These latter rains were moderate to heavy in extreme
southern sections, including considerable portions of Texas.
There was a sharp drop in temperature over the Northwestern States
on the 20th, when high pressure occupied that area, and after a brief
period of warmer weather, another cool wave overspread the northern
Great Plains which brought freezing temperatures as far south as northern
Nebraska on the morning of the 25th at about the average date for the
first killing frost in that section.
Chart I shows that the week, as a whole, was very cool in nearly all
sections oast of the Rocky Mountains, the temperatures being especially
low for the season in the central valley States where the weekly means
ranged mostly from 7 to 12 deg, below normal. Along the Atlantic Coast
nearly normal temperatures prevailed, and west of the Rocky Mountains
the period was generally warm, the week averaging mostly from 3 deg.
to as much as 9 deg, above normal. The chart shows also that freezing
temperatures were reported from first-order stations along the northern
border from New England to the Rocky Mountains, and extending into
the Great Plains as far south as extreme northern Nebraska, while in
the interior valleys the minima for the week were only slightly above the
freezing point in many localities. The lowest reported was 18 deg. at
Williston N. Dak., on the morning of the 25th.
Chart II shows that rainfall was heavy to excessive in the west Gulf
area and lower Rio Grande Valley, and also over a coast belt extending
from the lower Mississippi Valley eastward to Florida and northeastward to New Jersey. In this area many stations reported weekly totals
exceeding 2 in.. while in southern Texas they were from about 2 to 10 in.
Elsewhere rainfall was generally light, with the interior valleys and western
half of the country receiving very little, although moderate amounts
were reported from a few localities.
High winds, excessive rains, and flooded lowlands caused much damage to late crops in the Atlantic Coast States from New Jersey southward
to Florida, although in some sections, principally in and near the mountains, damage was relatively light. But little farm work was accomplished in this area, except that the latter part of the week was cool,
sunny, and more favorable for both field operations and improving general conditions. There was also some delay to farm work by heavy rains
in the west Gulf districts, but elsewhere seasonal activities made good
advance, although fall plowing and seeding were interrupted in many
places by hard soil. Rain 18 needed over much of the interior and north
1832
FINANCIAL CHRONICLE
western portions of the country, particularly in the Pacific Northwest
and the western parts of the Great Plains States.
At the close of the week killing frost overspread the central-northern
portions of the country, and light to heavy deposits occurred in exposed
places as far south as northern Tennessee, which did some damage to late
truck crops and gardens. The harm to staple crops, however, was relatively small, in general, because of their advanced state. In the upper
Mississippi Valley, particularly in Iowa, the frost was three weeks earlier
than last year and about 10 days ahead of the average date of its first
occurrence, but to the northward and northwestward this year's frost
occurred at about the average date.
SMALL GRAINS—Fair weather and much sunshine were favorable
for threshing in the late northern and northwestern districts of the country,
and this work is now well along. Plowing and the seeding of winter wheat
and other grains made slow progress in much of the grain areas, because
of the dry, hard condition of the soil. Many complaints of dryness
were received from the Ohio Valley States, southern Missouri, and in
most sections of the Plains from northern Texas northward, with rain
badly needed in the last-named area. It continued too dry also in Montana, most Rocky Mountain districts, and in the Pacific Northwest.
Rice threshing was delayed in the west Gulf area. Grain sorghums are
maturing rapidly in the Southwest,and broom corn harvest is well advanced
In Oklahoma.
CORN.—The frosts that overspread part of the Corn Belt the latter
part of the week caused only light injury to the crop, in general, with the
bulk safe in most sections. Corn was mostly safe in the Ohio Valley with
only scattered damage reported; good progress in silo filling was noted.
In Iowa about four-fifths was reported safe. Killing frost occurred in
this State on the 23d and 25th which was three weeks earlier than last
year and 10 days earlier than normal; the average per cent that escaped
frost injury during the past five years was 70;and during the last 10 years 83;
excellent progress was made in silo filling and fodder cutting. In the
northern Great Plains killing frost ended the growing season, but damage
was small; in Nebraska there was some frost injury in the northeast, but
light elsewhere, while in the southern Plains and Missouri the crop is
largely made. In the East considerable corn was beaten down by the
wind and rain. In the Great Lakes region much is now safe and cutting
is general.
COTTON.—High winds, heavy rains, and flooded lowlands did much
damage to cotton in the more eastern portions of the belt, especially in
the Carolinas and southeastern Georgia where the crop deteriorated steadily,
with much shedding, bolls rotting, and seed sprouting. In the central
States of the belt the week was generally fair and mostly cool, and, while
the coolness retarded development in some places, the crop generally
opened rapidly, and picking and ginning made good advance, under the
pravailing favorable weather for field work. Boll rot continued in portions
of this area.
In Oklahoma the week was rainless and cotton made fair to good progress. It is opening nicely, but prematurely in the dry western areas;
picking and ginning advanced rapidly in the central and eastern portions, and is well under way in much of the west. In Texas there is little
change in the general situation, except for deterioration in northwestern
districts. The crop is made in the east with top crop prospects poor,
while cool, cloudy weather retarded opening in the western portion' dryness following earlier rank growth, has caused excessive shedding in the
northwest. picking advanced well, until stopped by rain the middle
of the week.
[VOL. 127.
THE DRY GOODS TRADE
New York, Friday Night, Sept. 28 1928.
The week's business in textiles showed a very sanguine
disposition. The colder weather stimulated activity in
many directions, and a much stronger demand set in for
fall goods. It is reported that distribution is progressing
at a swifter pace, and buyers are placing confidence in
an extended season. This applies particularly to the woolens
and worsteds, where an expanded fall business has dwarfed
interest in the important spring openings. With regard
to cottons, an increased volume of sales, which testifies to
the growing confidence of buyers in the matter of values,
has had the effect of putting many lines which have sold
unreasonably close to cost, on a steadier and more profitable basis. Spot business has been very active and it is
said in some quarters that it might be considerably more
so were it not for limitations imposed by the prevalent
curtailment policy. An average price reduction of 5% on
many of the new staple linens has caused a very encouraging increase in the demand, which heretofore has been
practically confined to novelties. Silk consumption continues at a high rate, business going forward in spite of
some dissatisfaction with prices. Interest is directed to
the openings of spring silks, which are almost at hand.
Rayons are in a strong position, and it is thought that there
will be no important price revision in the near future. New
uses are expected to absorb the increased production for
the year.
DOMESTIC COTTON GOODS.—The improvement noted
in the domestic cotton goods markets during the past few
weeks has become more general. Demand has embraced a
wider variety of goods and in some instances it has been
estimated that it equalled, if not exceeded, production.
Interest in both gray and fine goods has been most gratifying, and with sentiment more cheerful than it has been
for some time, it is believed that further expansion is probable, before any material slump appears. Print cloths have
been particularly active and factors report a dearth of
The Weather Bureau also furnishes the following resume certain of the more popular constructions. Business in most
of the conditions in the different States:
of the fine goods such as broadcloths and some of the finer
Virginia.—Richmond: Temperature below normal most of week. High
winds, with rains, first part of week damaged crops to some extent, mostly counts has approximated good volume as they are wanted
In southeast. Unfavorable for farm work until latter part when good for printing and converting. Nevertheless, production of
progress in cutting corn, picking cotton, and preparations for winter the latter type is not believed to be in excess of 50% of
wheat. Apple picking active; considerable fruit blown from trees.
North Carolina—Raleigh: Excessive rainfall and strong winds, attend- capacity and it is considered likely that curtailment of proing passage of tropical storm, with vary heavy flooding caused much duction will continue to be practiced until a still stronger
damage to crops in east and central, but little in mountain region. Dam- statistical position can be discerned. Prices have been deage severe in large flooded areas of east; much corn blown down, water
soaked or rotting, and portion under water. Cotton deteriorated badly cidedly better and in a number of directions a reasonable
in Coastal Plain and portions of Piedmont and some lowland destroyed,
while much water-soaked, with bolls rotting and shedding. No rain since profit has been obtainable. For instance, print cloths are
Thursday favorable in reducing damage, though rivers of Coastal Plain being held at Y
4c. higher than they were a week ago, and
still in heavy flood at close of week.
South Carolina.—Columbia: Excessive rains, whipping winds, and in several other directions a similar condition prevails.
late crops and further aggravated The current improvement is principally attributed to the
flooded lowlands seriously damaged
an already unfavorable situation. Cotton deterioration continued steadily,
with much shedding, boll rot, and seed sprouting, and conditions favorable expanding operations of retail stores which have taken a
for weevil; quality reduced. Late corn badly prostrated and much early good proportion of the merchandise, but undoubtedly the
corn already down is now beyond recovery.
Georgia.—Atlanta: Gales and excessive rain, accompanying hurricane extensive buying by the automobile manufacturers who have
at close of preceding week, reported to have greatly damaged crops over been taking a good volume of many sorts of cloths have
southeast; much timber destroyed, shade, fruit, and nut trees blown been
largely accountable for the improvement. Automodown, and cotton blown out of bolls. Rains on 23d over southern half,
but weather mostly sunny and dry during past week: favorable for har- bile makers have established a record output for last month,
close stopped growth. Cotton has ceased
vesting crops, but coolness at
blooming and no top crop; opening rapidly and picking and ginning general. and with the production of cars also high this month, facPreparation of soil for winter cereals advancing rapidly.
tors are of the opinion that similar conditions will prevail
Florida—Jacksonville: Lowlands of north and central too wet and
Okeechobee district flooded. Harvesting peanuts, corn, hay, and plowing during October, and possibly Until the end of the year.
in west, where beneficial showers. Seed beds ruined, corn badly damaged, Print cloths 28
-inch 64 x 60's construction are quoted at
cane blown down, and pecan trees uprooted or damaged in much of the
-inch 64 x 60's at 5c. Graygoods in the 39section east of the Suwanee River. Citrus heavily damaged along storm 6%c., and 27
track; box loss not known. Sweet potatoes on lowlands serious loss in inch 68 x 72's construction are quoted at 8c., and 80 x
south and central.
Alahama.—Montgomery: Vegetation needs rain in many sections. 80's at 10%c.
Progress of corn poor to good; harvest beginning in south and fodder
WOOLEN GOODS.—The colder weather of the last few
pulling and haymaking continue. Progress of pastures and sweet pota- days
brought about a further and more marked expansion of
toes mostly fair to good. Cotton opening rapidly and progress in picking mostly good and nearly finished in some localities of south; progress business in fall woolen and worsted goods. The accelerated
mostly fair to good; boll rot continues in many sections, but
in ginning
demand for spot fabrics emphasized the shortness of stocks
decreasing somewhat.
Mississippi.—Vicksburg: Cool and dry throughout, except occasional and caused buyers who had not provided for their needs
and very good progress in picking,
showers. Cotton opening rapidly
while fairly good advance in ginning. Poor to fair progress in 'housing difficulty in placing orders. With the market occupied by
this movement, interest in The American Woolen Company's
corn. Progress of pastures generally poor.
Louisiana.—New Orleans: Cool and dry, except general rain Saturday formal opening of women's
dress, suit and coat fabrics for
and Sunday in sugar and rice region, which interfered with rice harvestfor picking cotton in principal areas the coming spring season was considerably less than under
ing and threshing. Very favorable
and gathering well advanced in many sections, with condition of staple ordinary circumstances, even though many lines were ofvery good, and ginning progressing satisfactorily. Corn harvest continues.
Texas.—Houston: Cool, with excessive rains latter part of week in fered at exceptionally attractive prices. In view of the
south, but only light, scattered showers in north. Pastures, late feed existing activity, and indications that the present season
crops peanuts, and sweet potatoes improved where rain, but soil still too
dry for fall plowing and seeding in northern third. Ample moisture for will be extended later than usual, some of the other factors
seeding winter truck in south, but this work delayed by wet soil. Little are deferring spring showings until as late as Oct. 15, in
change in progress and condition of cotton, except in northwest where
deterioration reported; crop made in eastern half of State, but top crop order to catch the market in a more attentive mood.
prospects poor; cool, cloudy weather delayed opening in extreme west
FOREIGN DRY GOODS.—While not progressing as far as
and dry weather, following earlier rank growth, caused excessive shedding
In northwest; picking and ginning made good progress until stopped by could be desired, conditions in the linen market have shown
rain near middle of week.
Oklahoma—Oklahoma City: Cool latter part of week; no rain. Favor- a marked improvement during the week. Merchants report
able for maturing and harvesting crops. Progress of cotton fairly good; a steadily increasing number of individual orders, with
c a inamosg nmatufely in ed aiwesd w ttruas
a id c ng anternel e nijliwkr nd tiof prospects of some continuity of demand even after
,rallitdli;rrn
opening
the ing n nice
niagvancg
west; condition spotted, but averages fairly good. Corn matured and evitable slackening in holiday goods activities portended
begun. Sowing wheat retarded account dry soil. Grain sorghums during the course of the next month or so. Meanwhile,
harvest
good and maturing fast.
Arkansas.—Little Rock: Progress of cotton very good, due to dryness. the demand for staples which, up till now, has been more
and large portion open; picking and ginning proceeding rapidly in all or less completely overshadowed by that for novelties in
portions; crop half picked in some southern localities. Very favorable striking colors and designs, is assuming
a more definite
are good to excellent.
for harvesting corn, rice, and forage crops all of which while
dry elsewhere. shape. Prices have been recently reduced to a more equable
Tennessee.—Nashville: Cool, with rains in east,
ProProgress of corn fair, except late in northwest retarded by coolness. stand basis, and buyers are beginning a covering
movement which
gress of upland cotton very good and opening, while lowland poor
and late. Little preparation for fall seeding of winter wheat and oats. is conceded capable of development. Recent activity in
housed and cured; some fields in north-central entirely burlaps has been interesting as sales made
Tobacco about
here for future
ruined by frost.
Kentucky.—Loulsville: Dry, with low temperatures. Heavy local shipment from Calcutta are reported to be the largest in
damage to potatoes, late corn, tomatoes,
frosts on Monday; considerable
several months, and it is stated that the trade is well covsweet potatoes, and truck. Corn mostly safe in central and east and cutting advancing. Tobacco neary all cut and housed. Too dry for germi- ered for the remainder of the year. Light weights are
deteriorating from
nation or soil preparation. Pastures and late crops
quoted at 7.15c. to 7.20c., and heavies at 10.25c. to 10.30c.
drought.
SEPT. 29 1928.]
FINANCIAL CHRONICLE
*tate ana (lag Pepartment
NEWS ITEMS
Baltimore Md.—Proposed Constitutional Amendment.—
At the general election to be held on Nov. 6, a proposed constitutional amendment regulating the compensation of the
members of both Houses of the General Assembly of Maryland will be submitted to the voters. The amendment in
official form is as follows:
Wftereas, at the January Session of the General Assembly of Maryland.
held in the year 1927, an Act was passed, to wit: Chapter 379 proposing
an amendment to the Constitution of Maryland, title "Legislative Department," regulating the compensation of the members of both Houses of the
General Assembly of Maryland: in words and figures as follows:
CHAPTER 379
An Act to propose an amendment to Section 15 of Article III, of the
Constitution of the State of Maryland. title "Legislative Department."
regulating the compensation of the members of both Houses of the General
Assembly of Maryland, and to provide for the submission of said amendment to the qualified voters of the State of Maryland for adoption or
rejection.
Section 1. Be it enacted by the General Assembly of Maryland (threefifths of all the members of each of the two Houses concurring). That
the following be and the same is hereby proposed as an amendment to
Section 15 of Article III, of the Constitution of the State of Maryland,
title "Legislative Department," the same if adopted by the legally qualified voters of the State, as herein provided, to become Section 15 of Article
III, of the Constitution of the State of Maryland.
15. The General Assembly may continue its session so long as in its
Aiment the public interest may require for a period of not longer than
90 days; and each member thereof shall receive a compensation of $15 per
diem for every day he shall attend the session, but not for such days as
he may be aosent, unless absent on account of sickness or by leave of the
House of which he is a member and he shall also receive such mileage as
may be allowed by law not exceeding 20 cents per mile; and the presiding
officer of each House shall receive an additional compensation of $5 per day.
When the General Assembly shall be convened by proclamation of the
Governor, the session shall not continue longer than 30 days, and in such
case the compensation shall be the same as herein prescribed.
Section 2. And be it further enacted by the authority aforesaid, That
said aforegoing section hereby proposed as an amendment to the Constitution of the State ef Maryland shall at the next general election for members
of Congress held in this State, be submitted to the legal and qualified voters
of the State, for their adoption or rejection, in pursuance of the directions
contained in Article XIV of the Constitution of the State of Maryland.
and at the said general election the vote on the said proposed amendment
to the Constitution shall be by ballot, and upon each ballot there shall be
printed the words "For the Constitutional Amendment," and "Against the
Constitutional Amendment," as now provided by law, and immediately
after said election due returns shall be made to the Governor of the vote
for and against said proposed amendment, as directed by said Fourteenth
Article of the Constitution, and further proceedings had in accordance
with said Article Fourteen.
Approved: April 5 1927.
Now, Therefore, I, Albert C. Ritchie, Governor of the State of Maryland, in pursuance of the direction contained in Section 1 of Article XIV
of the Constitution of Maryland, do hereby order and direct that this
Proclamation containing a full, true and correct copy of the text of said
Chapter 379 of the Acts of the General Assembly of Maryland of 1927. be
Published in at least two newspapers in each of the counties of the State
where so many may be published and where not more than one may be
Published then in that newspaper, and in three newspapers published in
the City of Baltimore, one of which shall be published in the German
language, once a week for at least three months next preceding the general
election to be held in the State of Maryland on Tuesday the 6th day of
November 1928, at which election the said proposed amendment to the
Constitution shall be submitted in form and manner prescribed by the
General Assembly, to the legal and qualified voters of the State for their
adoption or rejection.
Chicago, Ill.—New Tax System Will Be Sought by City.—
Herbert D. Simpson, Associate Professor of Economics at
Northwestern University, has written an article now appearing in the current issue of the "National Municipal Review"
in which he describes the inequalities of assessments throughout the city. Dr. Simpson declares that there are more
than twenty bodies which have the power to levy taxes. He
further states that the financing method now in operation
has come from constitutional and legislative enactments,
which date back almost a century and advices installation
of a new system. The New York "Times" of Sept. 15 had
the following article on the subject:
The City of Chicago, which has been one of the heaviest borrowers in
the municipal bond market in recent years, due to the development of its
system of parks and its sanitation. faces a complete readjustment of its
tax rates. A scientific attempt will be made to unravel the inequalities of
Chicago's assessments, which formerly deviated from uniformity on an
average of 40%, according to Herbert D. Simpson, Associate Professor of
Economics at Northwestern University, in the current issue of the National
Municipal Review.
Due to its rapid growth in population and wealth, Chicago is spending
nearly $260,000,000 a year in governmental activities, according to Dr.
Simpson. In the expenditure of those funds several governmental bodies
participate, including, besides the State Legislature and the Cook County
Board of Commissioners, the City Council. the Board of Education, the
Sanitary District, the Forest Preserve District, certain "townships" within
the city which still maintain the power to levy taxes, sixteen park boards
and certain other special bodies, which bring the total to more than a score.
System Called Inefficient.
"The expenditure of public money in Chicago is not only a large business but a very heterogeneous one, carried on oy a surprising variety of
agencies, with a confusing division of responsibility and with apparently
no co-ordination among spending bodies or purposes of expenditure," Dr.
Simpson says. "Any private business of comparable size that would attempt to conduct its financial affairs through such an organization would
certainly go bankrupt. The only reason the City of Chicago has not gone
Into receivership is that its citizens have managed their private business
better than their public and have accumulated sufficient surpluses in the
one account to offset deficits in the other.
"In short, wealth has increased so rapidly during the past decade that,
In spite of wasteful and extravagant expenditures, the government has
remained solvent. Of all taxes collected to provide for these expenditures,
the general property tax still constitutes more than 90%. This general
system of taxation and assessment has come down in varying portions,
from constitutional and legislative enactments of 1898 and 1848, portions
of it, in fact, from 1818.
Study Made by Author.
By the time any system of taxation has been in operation for a century
more or less, it would seem appropriate to undertake some accurate appraisal of its results, and this the writer, in conjunction with the staff of
the Institute for Research in Land Economies, attempted to do for Chicago
In the Summer of 1926."
The inequalities in the city's assessments run as high as 40%, according
to Dr. Simpson, who characterizes the over-assessment of property as
"confiscation," amounting annually to more than 830.000,000. He asserts
that such taxes collected go, not to increase the revenue of the city government, but merely to replace payments that should have been made by
other property holders. Vacant land within the city is assessed at 19.7%,
and improved property on an average of 32.4%. The tax rate averages
approximately 5% of the assessed valuation.
1833
Cook County (P. 0. Chicago), Ill.—County Seeks Gas
Tax Receipts.—Aceording to report, the County Board has
made a bid for a portion of the $6,700,000 that has been collected under the gas tax, which was held unconstitutional.
The Board estimates its proportionate share at $2,400,000,
to be used for highway improvements. There are 51 other
counties that are also claiming their shares. The fund is
now bound up by litigation set in motion by the oil companies. The County Board charged in a resolution that the
companies had instituted the injunction proceedings for their
own benefit.
Dallas, Tex.—Public Opinion Solicited on Bond Expenditures.—In an effort to regulate the spending of money
through large bond issues for civic improvements a
citizen's association is circulating a questionnaire among
the city's prominent business men asking for their opinion
on the disposition of available and future funds which
will enable the city to give the property owners and
taxpayers a guarantee that, in the future, needless
tax burdens will not be put upon them. The following
report on the action appeared in the Dallas "News" of
Sept. 23:
Means of safeguarding the expenditure of money under the $100.000.000
improvement program Dallas is launching are sought by the Kessler Plan
Association in a questionnaire sent out Saturday by Dr. E. H. Cary, President, to several hundred civic leaders in Dallas.
"I don t believe people in Dallas realize It yet, Dr. Cary said. "but in
addition to the three pond issues totaling 837,000.000 voted last December
and April there will be assessments against individual property owners
along the routes of Street opening and widening projects, there will be
dedications of land for boulevard, parkway and park purposes in the city
and county. Thus, during the next 10 years the property owners of Dallas,
city and county will pay for public improvements through bonds, assessments and dedications of land to a total of around $100,0)0,000.
Control of Funds.
Control of the vast reservour of bond money is in the hands of five different independeit boards and commissions, he said, and the direction of the
millions of dollars in special assessments will be under the control of 20 or
30 different assessment boards.
"Honesty and good intentions no doubt will always prevail, he said.
"but these various groups, being elective or appointive, will inevitably
change from year to year in personnel. Such a situation demands that an
association of private citizens shall exercise a steadying influence for economy and wise spending during the crucial years of the improvement program.
The Kessler Plan Association, he said, must rededicate itself to the objective of shouldering this responsibility to the little home owner and the
big taxpayer alike.
'The association must continue to work to convince property owners of
the ultimate benefits of the improvement projects, he pointed out, so the
unified plan of through trafficways will not be disrupted because property
owners along certain sections have not been completely sold.
To Prevent Overloading.
One of the most serious problems confronting the association is to bring
about the co-ordination of planning projects, he suggested, to prevent
the overloading of the real estate market in Dallas.
He cited the comprenensive zoning enabling act which has Jeen available
and in effect since it was passed by the Legislature June 19 1927.
Each month's delay in putting this into effect, he said, is costing
Dallas property owners hundreds of thousands of dollars. Residential
districts are being spoiled and the already overloading supply of suburban
store buildings is being increased.'
He suggests, among other things, that property owners be given the
-year payment plan along street revision projects; that a
benefit of the 15
tangible start toward zoning be made by proper racial grouping and segregation.
Careful study of taxation as applied to city, county and town planning.
he suggests, will go far toward giving the property owners and taxpayers a
guarantee that needless tax burdens will not be placed on them.
Research Bureau Urged.
Since Dallas and the Kessler Plan Association have become the fountain
head of help to citizens concerned about efficient government. Dr. Cary
calls attention to the need of having a bureau of municipal government
research, with a large library of books, pamphlets and individual reports
on city planning, taxation and all phases of city and county administration.
"Our selfish interests alone would call for the extension of our helping
hand to smaller cities and towns of Dallas County," he asserted,"since the
expansion of Dallas toward the far borders of the county seem inevitable.
The best interests and the future growth of these smaller cities, such as
Garland, Mesquite, Grand Prairie, Richardson, Carrollton and others
have prompted a strong desire on their part for the correct planning of all
Dallas County. Lancaster, with its recent bond program, Is a fruitful
example of co-operation between the association and leader in these respective communities."
Indiana, State of.—Levies Revised to Fit Tax Rate.—In
order to allow the present State tax rate of $0.23 on each
$100 of taxable property to remain as it now stands, the
members of the State Tax Board on Sept. 19 announced
that they would distribute individual levies so as to permit
the retention of the present rate. This action was approved
by Governor Ed. Jackson. The following outline of the
proposed distribution of levies is taken from the Indianapolis
"News" of Sept. 19:
When the State officials began consideration of the levy for 1929 tax
payment purposes they were faced with the necessity of adding to the
list of levies the 2
-cent levy created by the 1927 legislature for the benefit
of the four State educational institutions of higher learning—Indiana and
Purdue Universities and the normal schools at Terre Haute and Muncie.
All levies except the State general fund rate and the teachers' retirement
fund are specified by the legislature, so the shifting to care for the 2
-cent
additional rate had to be done by the State officials in these two funds. The
State officials said they also found Tuesday that the levy of 5 mills for
corn borer relief, which was created by the 1927 legislature, will cease to
operate at the end of 1928.
The tax board then absorbed the 2
-cent increase by reducing the State
general fund levy from 12.15 cents to 10.45 cents and increasing the State
tuition fund rate from 1.8 cents to 2 cents. State officials agreed that the
reduction in the general fund levy would reduce the State's daily balances
next year considerably.
Aside from the two levies fixed by the tax board Wednesday and the new
2
-cent levy, other individual levies which are included in the State tax
rate are: State tuition, 7 cents; World War Memorial,6 mills; Dunes State
Park,2 mills; Indiana Board of Agriculture, 2.5 mills; State forestry, 1 mill,
and the George Rogers Clark memorial, 4 mills. The tax board also fixed
the State poll tax at $1.50. which included 50 cents for school purposes
and $1 for State revenues.
Pane ma(Republ c of .—Bonds Calledfor Redemption.—We
)
are informed that all the outstanding 30 and 35-year 634%
external secured sinking fund gold bonds of the republic,
due on Dec. 1 1956 and June 1 1961, respectively, will be
redeemed at 103 on Dec. 1 next at the head office of the National City Bank of New York, fiscal agency, 55 Wall St.,
New York. Upon presentation and surrender of these
bonds with all interest coupons maturing subsequently
1834
FINANCIAL CHRONICLE
to the redemption date, holders will be paid out of cash
the
deposited with the fiscal agent for that purpose. Interest
on the bonds will cease from and after Dec. 1 1928.
BOND PROPOSALS AND NEGOTIATIONS.
[Vol,. 127.
BIRMINGHAM, Oakland County, Mich.
-BOND FFERING.Sealed bids will be received until 2 p. in. on Oct. 1 by Myrtle E. Gerson,
Village Clerk, for the purchase of two issues of bonds, aggregating
$407,704.42 as follows:
$304,900.00 street improvement, special assessment bonds. Int. rate is
not to exceed 6%. Denom. $1,000, $500 and $100. Due on
Oct. 1 as follows: $57,100 in 1929: $58.700. 1930: 867,700,
1931: 856.700. 1932 and $64,700 in 1933. A $3,000 certified
check must accompany the bid.
102,804.42 street improvement bonds. Int. rate is not to exceed 59'.
Denoms. $1,000 one for $171.45, $391.61 and one for $241.36.
Due on Oct. 1 as follows: $18,804.42 in 1929 and $21.000,
1930 to 1933. A $2,000 certified check is required.
Dated Oct. 1 1928. The legal and printing expenses on the bonds are
to be paid by the purchaser.
ADAMS COUNTY (P. 0. Decatur),Ind.
-BOND SALE.
-The $6,560
issue of 455% Preble Tvrp. road bonds offered on Sept. 21-V. 127, p.
1554- was awarded to the First National Bank of Decatur for a $.39 premium, equal to 100.594, a basis of about 4.37%. Dated Sept. 15, 1928.
Due on May and Nov. 15,from 1929 to 1938 incl.
BOND SALE.
-At the same time an issue of $6.560 Kirkland Twp.
road bonds was awarded to a Mr. Austin 0. Straub of Decatur for a $52
premium, equal to 100.792.
BOONE COUNTY (P. 0. Lebanon), Ind.
-BOND SALE.
-An issue
- of $1,517.10 6% semi-annual drainage bonds has been purchased by the
ADAMS COUNTY (P. 0. Decatur), Ind.
-BOND OFFERING.
Sealed bids will be recieved until 10 a. m. on Oct. 2, by Ed. Ashbaucher, Farmers State Bank of Lebanon for a premium of $21.01, equal to 101.312.
County Treasurer, for the purchase of a $2,480 issue of 44% semi-annual
road bonds.
BORGER CITY, Hutchinson County, Tex.
-WARRANTS REGIS-G,N. Holten, State Comptroller, registered an issue of $125,000
AKRON CITY SCHOOL DISTRICT (P. 0. Akron), Ohio.
-BOND TERED.
OFFERING.
-Sealed bids will be received until 7.30 p. m. on Oct. 8, by 6% serial funding warrants on Sept. 17.
Irene M. Moses, Clerk-Treasurer, for the purchase of a $660,000 issue of
BOURBON TOWNSHIP SCHOOL DISTRICT (P. 0. Bourbon),
Dated Oct. 1 1928. Due $33,000
44% shcool bonds. Denom. $1,000. Dat
-BONDS NOT SOLD.
-The $85,C00 issue of
from Oct. 1 1929 to 1948, incl. Int. payable on Apr. & Oct. 1. Bide can Marshall County, Ind.
be made for a different int, rate stated in multiples of 4 of 1%. A certified 4549' school bonds offered on Sept. 21-V 127, p. 1415- was not sold as
no bids were submitted. The bonds were re-offered for sale on Sept. 28.
check for 2% of the bid, payable to the District. is required.
-The
ALBANY COUNTY (P. 0. Albany) N. Y.
-BOND SALE.
BOWBELLS SCHOOL
,
wbells), Burke County,
$60,000 issue of 455% registered refunding bonds offered for sale on Sept. N. Dak.-CERTIFICATE DISTRICT (P. 0. Elwill be received by L. B.
OFFERING.
-Bids
27-V.127,p.1704
-was awarded to Geo. B. Gibbons & Co. of New York Lodmell, Clerk of the Board of Education, until Sept. 29, for the
purchase
at a price of 101.90. a basis of about 4.27%. Dated Oct. 1 1928. Due of a
Issue
$3,000 from Oct. 1 1929 to 1948. incl. The other bidders were as follows: 7%.$3,000 in sixof certificates of indeotedness. Int. rate is not to exceed
Due
months. Prin. and int. payable in Bowbells. A cerPrice Bid. tified check for 2% of the bid is required.
Bidder
Batchelder, Wack & Co., N. Y. City
101.444
Dewey, Bacon & Co
101.58
Manufacturers & Traders Peopled Trust Co., Buffalo
101.705
BOWMAN COUNTY (P. 0. Bowman), N. Dak.-BOND OFFERING.
Rutter & Co., New York City
101.895 -Sealed bids will be received until 10 a. m. on Oct. 2, by A. J. Poke.
New York State National Bank, Albany
County Auditor, for the purchase of a $50,000 issue of road bonds
Int.
101.60
rate is to be named by bidder. Denom. $500. Dated Nov. 1 192E Due
-BOND SALE POSTPONED.
- $5,000 from Nov. 1 1931 to 1940, incl. A certified check for 2% of
ALLEN COUNTY (P.O. Lima), Ohio.
I bid
The sale of the $22,753.74 issue of 54% road bonds that was scheduled is required.
for Sept. 21-V. 127. p. 1554
-has been postponed until a later date.
Dated Oct. 1 1928. Due from Oct. 1 1930 to 1939, incl.
-BOND
BRENTWOOD (P. 0. Pittsburgh), Allegheny County, Pa.
ALLEGAN, Allegan County, Mich.
-OTHER BIDS.
-A complete lis OFFERING.
-Sealed bids will be received by F. IL Appenrodt, Borough
ofthe bids submitted on Sept. 5 for the $185,000 lighting bonds awarded to Secretary, until 8 p. m. on Oct. 4 for the purchase of an Issue of $150,000
the Detroit & Security Trust Co., Detroit, as 44s eta premium of $991.00t 44% coupon borough bonds. Denom. $1,000. Dated July 1 1928. Due
ea ual to 100.53,a basis ofabout 4.46%-V. 127, p. 1554
-Is published here' on July 1 as follows: $5,000. 1931, 1932, 1934, 1936. 1937. 1939 to 1950.
with:
810.000. 1951; $5,000, 1952 and 1953; 810,000, 1154; 85.000, 1955 and
BidderRate Bid. $10.000. 1956 to 1958. The bonds are free from State tax. Burtewin.
Detroit & Security Trust Co
100.53 Scully & Burgwm of Pittsburgh will furnish the legal approval. A $1,000
First National Co. of Detroit
100.12 certified check must accompany the bid
At 45i%:
Bank of Detroit
102.32
-Sealed bids
-BOND OFFERING.
BUFFALO, Erie County, N. Y.
Braun, Bosworth & Co
101.53 will be received by William A. Eckert, City Comptroller, until 11 a. m.
Morris Mather & Co
101.40 (easternstandard time) on Oct. 1, for the following issues of coupon or
John Nuveen & Co
101.20 registered
aggregating $2,040,000:
Griswold-First State Co
101.17 $1,500,000bonds improvement bonds. Due $50,000 from Oct. 1 1938
general
Prudden & Co
100.16
to 1967, incl.
At 555%:
540,000 school bonds. Due $27,000 from Oct. 1 1929 to 1948, incl.
Thompson, Kent & Grace, Inc
105.00
Int. rate is not to exceed 454%.
Brown. Cress & Co Inc
100.00
Bidders will be required to name interest rates on each issue not exceeding
At 5%:
and one-quarter (454%) per cent= per annum and not less than three
102.25 four one-half (34
Prudden & Co
annum, and at such definite rate of
and
Channer Securities Co
103.78 Interest expressed %)per centum per
in multiples of one-quarter (4) or one-tenth (1-10) of
Seipp, Prince]]& Co
101.00 one per centum (1%),but at no higher rate of interest than shall be required
issue
said bonds
ALMOND (P.0. Almond,R. F. D. No. 2), Allegheny County, N. Y. to insure the sale of said bonds at par, and all ofof bids will of each
be by taking
-The 87.500 issue of coupon or registered highway bonds shall bear the same rate of interest. Comparison named in the respective
BOND SALE.
the aggregate of interest on both issues at the rate
-was awarded to the Riveroffered for sale on Sept. 22-V. 127, p. 1280
bids,
head Savings Bank of Riverhead as 54. for a premium of $10, equal to for and deducting therefrom the premium bid. No bids will be accented
the bonds, and any
less than the
100.133. a basis of about 4.98%. Dated June 1 1928. Due on June 1 as bid separate maturities or for terms of this par value ofbe rejected, and all
notice will
not complying with the
follows: $500 in 1930 and $1,000, 1931 to 1937, incl. There were no other
bids must be unconditional. The Comptroller reserves the right to reject
bidders.
any and (or) all bids.
Coupon bonds in $1,000 denomination, exchangeable for registered bonds
ANGELS CAMP,Calaveras County, Calif.
-BOND SALE.
-A $15,000
Issue of 5% paving bonds has recently been purchased by the Bank of In denominations of $1,000 or multiples thereof. Prin, and int. (A.& 0.)
Italy of San Francisco for a premium of $132.18, equal to 100.881, a basis payable in gold or its equivalent at the office of the City Comptroller or
at the Hanover National Bank in New York City. Caldwell & Raymond
of about 4.91%. Due in 1942.
of New York City will furnish the approving opinion. The above attorneys
-BOND SALE.
ARLINGTON, Gilliam County, Ore.
-The $6.000 or the Comptroller will furnish the required bidding forms. A certified
- check for 2% of the bid, payable to the City Comptroller, is required.
Issue ofcoupon city hall bonds offered for sale on Aug.28-V. 127. p. 1142
Financial Statement (Sept. 1. 1928).
was awarded to a Mr. George C.Stephens of Arlington as 54% bonds, at a
price of 101, a basis of about 5.56%. Dated Aug. 15 1928. Due $1,000 Assessed valuation:
$1,000,512,590.00
Real property
from Aug. 15 1932 to 1937 incl.
31,257.800.00
Special franchise
ARLINGTON COUNTY (P. 0. Clarendon), Va.-NOTE OFFERING.
6,690.000.00
Personal property
Sealed bids will be received by Wm. H. Duncan, Clerk of the Board of
•
Supervisors, until 10 a. m. on Oct. 30, for the purchase of a $50,000 issue
$1,038,460,390.00
Total assessed valuation
of water notes. Denom. $1,000. Due in 5 years.
Bonded debt:
Monthly local work bonds (issued under old charter in
AURORA SCHOOL DISTRICT (P. 0. Aurora), Kane County, Ill.
anticipation of the collection of taxes, maturing in
-BOND OFFERING-Sealed bids will be received by G. V. Watson,
$55,247.76
1928)
Board, until 10 a. m on Oct. 3, for the purchase
Secretary of the School
1,352,169.10
Water (prior to January 1.1904)
of a $260,000 issue of school bonds. Wood & Oakley of Chicago will furnish
15,414.820.31
Water (subsequent to January 1 1904)
the approving opinion on the bonds. A certified check for 1% must accom73.970,692.87
Net bonded debt
pany the bid.
590,792.930.04
Total bonded debt
-BOND OFFERING.
AVALON, Cape May County, N. J.
-Sealed bids
will be received by Elmer B. Stretch, Borough Clerk, until 8 p. tn. on Oct. Sinking funds (not deducted above):
$4,209,174.90
Water
2,for the purchase of a $50,000 issue of5% Convention Hall bonds. Denom.
$2.949,468.23
Various
$500. Dated Oct. 1 1928. Due $2,500 from Oct. 1 1929 to 1948. incl.
1.
Int. is payable on Apr. & Oct.
$7,158,643.13
Total sinking funds
The right to reject any or all bids is reserved by the Commissioners, and
The City of Buffalo was incorporated in 1832 and has never defaulted in
unless all bids are rejected, the whole amount of said bonds will be sold to
the payment of any of its obligations of any nature. There is no litigation
the bidder or bidders complying with the terms of the sale, and offering
to pay not less that par and the amount necessary to be raised and to take, or controversy pending or threatened concerning the validity of this issue
therefor, the least amount of bonds, commencing with the first maturity; of bonds. or the corporate boundary lines or taxing powers of said municiand where two or more bidders offer to take the same amount of such bonds pality, or the title of its present officials to their respective offices.
then the bidder or bidders offering to pay the highest additional price will
-On Sept.
-BOND SALE.
CAMBRIDGE, Middlesex County, Mass.
be awarded the bonds so bid for.
A certified check for 2% of the bonds, payable to the Borough, is re- 28 the Harvard Trust Co. of Cambridge was awarded four issues of 434%
coupon bonds aggregating $458,000 at a price of 100.965. The issues are
quired.
divided as follows:
-BOND OFFERING.
BELVIDERE, Boone County, III.
-Sealed bids 838,000 street bonds. Denom. $1,000. Dated Oct. 1 1928, payable
will be received until noon on Sept. 29, by Harry M. Perkins, Mayor, for
$8.000 on the first day of October in each of the years 1929 to 1931,
incl., and 87,000 on the first day of Octoaer in each of the years
the purchase of a $4.500 issue of67. annual sanitary sewer bonds. (Opening
of bids at 1 p. m. on Oct. 1.) Denom. $500. Dated when sold. Due
1932 and 1933.
$500 from Mar. 1 1930 to 1938. incl. Prin. and int. (Mar. 1) payable at 355,000 street bonds. Denom. $1,000 and $500. Dated Oct. 1 1928,
payable $35.500 on the first day of October in each of the years
the office of the City Treasurer.
1929 to
-BOND OFFERING.
- 50,000 ;Raiding1938 inclusive.
BENTON COUNTY (P. 0. Vinton), Iowa.
bonds. Denom. $1.000 and $500. Dated Oct. 1 1928.
Bids will be received until 2 p. m. on Oct. 2 by E. Bordewick, County
payable $2,500 on the first day of October in each of the years
4
Treasurer, for the purchase of a $60,000 issue of4% road bonds. Denom.
1929 to 1948 inclusive.
Dated Oct. 1 1928. Int, payable on May and Nov. 1. Blank
$1,000.
15,000 sewer separate system bonds. Denom. $500. Dated Oct. 11928.
bonds to be furnished by purchaser. Chapman & Cutler of Chicago will
payable $500 on the first day of October in each of the years 1929
furnish legal approval. Either open or sealed bids will be accepted. A
to 1958 inclusive.
Treasurer, is
certified check for 3% of the bonds, payable to the above
Financial Statement April 1 1928.
required.
$4,212,950.00
-The Funded city debt
BERLIN, Green Lake County, Wis.-MATURITYBASIS.
2,813,512.88
hall bonds that was awarded to Sinking fund for funded city debt
875.000 issue of 44% semi-annual city
the Federal Securities Corp. of Chicago at a price of 100.6173-V. 127. P.
$1,399,437.12
Netfunded city debt
July 1 as follows: $3,000, 1929 to 1937; $4,000, 1938 to Serial city debt
-is due on
1555
5,179,500.00
1944 and $5,000, 1945 to 1948 all incl., giving a basis of about 4.45%.
$6,578,937.12
Net city debt
-BOND OFFERING.
BIRMINGHAM, Jefferson County, Ala.
427,500.00
Sealed bids will be received untll noon on Oct. 16 by C. E. Armstrong, Funded water debt
402,063.48
.
City Comptroller, for the purchase of a $300,000 issue of 454,44 or 41'd % Sinking fund for funded water debt
blic improvement bonds. Denom. $1,000. Dated Nov. 1 1928. Due
$25,436.52
0,000 from Sept. 1 1929 to 1938 incl. The bidder is to name any of the Net funded water dent
523,500.00
basis rates at which he will pay par or more for the bonds. Prin. and Serial water debt
semi-annual int. is payable in gold at the Hanover National Bank in New
$548.936.52
Net water debt
York City. Thomson, Wood & Hoffman of New York City will furnish
Population, 1920 Census, 109,456; 1925 Census, 120.054. Assessed
the legal approval. A certified check for 1% of the bid, payable to the
valuation. $188,528,200.
City is required.
r
SEPT. 291928.]
FINANCIAL CHRONICLE
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.
The $1,000,000 temporary loan offered for sale on Sept. 25-V. 127,P
1705
-was awarded to the Shawmut Corp. of Boston at a discount rate of
4.82%. The next best bid was submitted by S. N. Bond & Co. of New
York offering 4.90% Plus $12.00.
CAMDEN COUNTY (P. 0. Camden), N. C.
-BOND SALE.
-A
$15,000 issue of 6% coupon or registered refunding Ponds was awarded
at par on Sept. 10 to Daniel Lewis of Greensboro. Denoms. $1,000 and
$500. Dated Aug. 1 1928. Due on Aug. I 1938. Int. payable on Feb.
and Aug. 1.
(This report corrects the one given in V. 127, p. 1705.)
CARTER COUNTY SCHOOL DISTRICT NO. 73.(P. 0. Ardmore),
Okla.
-BOND SALE.
-The $10.000 issue of school bonds offered for sale
on Sept. 18-V. 127, p. 1705
-was awarded to the First National Bank 0
Ardmore. Dated Sept. 1 1928. Due $1,000 from Sept. 1 1933.to 1942, incl
.
CASHMERE, Chelan County, Wash.
-BOND OFFERING.
-Fred N.
Mintzer, Town Clerk, will receive sealed bids for the purchase of a
$6,000
Issue of semi-annual special water revenue, refunding
on Oct. 8. Int. rate is not to exceed 6%. Denom. bonds, until 8 p. m.
$600.
1928. Due $600 from Oct. 1 1929 to 1938 incl. A certified Dated Oct. 1
check for 5%
of the bid is required.
CHICOPEE, Hampden County, Mass.
-BOND SALE.
-A $335,000
issue of 4H% school bonds was awarded on Sept. 27 to the
Trust Co. of Springfield at a price of 100.844. Dated Oct. Commercial
from 1929 to 1938,incl. Other bidders were: Harris. Forbes 1 1928. Due
Stone & Webster & Blodget, Inc., 100.67; Estabrook & & Co., 100.76;
F. S. Moseley & Co., 100.64; Curtis & Sanger 100.62; E. 11. Co., 100.644;
Rollins & Sons
100.58; National City Co. 190.533; R.L. Day & Co. 100.449;
and Eldredge
& Co. 100.33.
TEMPORARY LOAN-A $100,000 temporary loan was awarded
to the
Third National Bank & Trust Co. of Springfield
of $1. The Commercial Trust Co. bid 5.20%. at 4.74%. phis a premium
CLAY COUNTY (P. 0. Brazil), Ind.
-The $117,000
Issue of 454% coupon road bonds offered -BOND SALE.
for sale on
-was awarded to the Citizens National Bank of Sept. 25-V. 127. P.
1555
of $333, equal to 100.284. a basis of about 4.22%. Brazil. for a premium
DUO $3,900 on May and Nov. 15 1930 to 1944, incl.Dated Sept. 5 1928.
The other bidders
and their bids were as follows:
Bidder
Prem.
Fletcher-American Co
$304
City Securities Co
202
Brazil Trust Co
197
CLINTON, Custer County, Okla.
-BONDS NOT SOLD.
-The
000 issue of semi-annual water works extension bonds offered on $600,-V. 127, p. 1555
-was not sold as the only bid, that of 100.11 Sept. 25
for
%
bonds, tendered by C. Edgar Hannold of Oklahoma City, was
rejected.
CLINTON TOWNSHIP SCHOOL DISTRICT (P.
0. Clinton), Ind.
-BOND OFFERING.
-Sealed bids will be received
11, by Rex Haskell, Trustee, for the purchase of until 10 a. m. on Oct.
$25.000 issue of 4H%
school bonds. Denom. $500. Dated Oct. 1 1928. aDue
$1,000
and $1,000 Jan. and July 1 1930 to 1941. Prin. and int. (J. July 1 1929
& J.) payable
at the First National Bank of Clinton.
COCHRAN, Bleckley County, Ga.-BOND
OFFERING.
-Sealed
bids will be received by T. S. Vernon. City Clerk and Treasurer
until8 p. m.
on Oct. 2 for the purchase of two issues of 4H% coupon or
registered bonds
aggregating $25,900 as follows: $18,000 city hall and
$7,000 school bonds.
Denom. $1,000. Dated Nov. 1 1928. Due $1.000 from
1953 incl. Optional after 1933. Prin. and int. (M. & Nov. 1 1929 to
N.) payable in
New York or locally. A $1,000 certified check must
accompany bid.
COLORADO, State of (P. 0. Denver)
-BOND ELECTION.
-The
voters will pass on a proposal to issue $60,000,000 in bonds for
highways at
the regular November election. The Denver and Rocky Mountain
of Sept. 22 commented on the forthcoming amendment as follows: "News"
The $60.000,000 highway amendment, which will come
of Colorado in November, was approved by the Denver before the voters
Chamber of Corn,
merce yesterday.
Instructions were given the highway committee to conduct
publicity campaign thruout the state for the measure by the an intense
board of di,
rectors of the chamber.
An expenditure of $10,000,000 per annum over a six-year
for by this good roads amendment. Should the measure period is called
the tax on every gallon of gasoline will be 5 cents. At the RO into effect,
present time it is
3 cents a gallon.
COLUMBUS, Franklin County, Ohio.
-LIST
-The
following is a complete official tabulation of the bidsOF BIDDERS.
for the purchase of the $305,000 issue of 4H% gradereceived on Sept. 20
crossing
bonds awarded to R. W. Pressprich & Co. of New York and elimination
$11,500 premium, equal to 10.3.77, a basis of about 4.21%; associates, at
BidderPremium
Phelps, Fenn & Co., N. Y. City
$11,184.35
Arthur Sinclair, Wallace & Co. and Hannahs, Bailin & Lee,
N. Y. City, and Otis & Co., Cleveland
11,010.50
Edward Lowber Stokes & Co., Philadelphia
10,947.00
Detroit & Security Trust Co., Detroit
10,888.00
Dewey,Bacon & Co., N.Y. City, by Ohio Nat. Bank,
Columbus 10,767.00
Roosevelt & Son, N. Y. City
10,611.25
Seasongood & Mayer, Cincinnati, and Stephens & Co. and M.
F.
Schlater & Co., N. Y. City
10,313.00
R. L. Day & Co.. Boston
10,214.45
Bankers Trust Co. and Guaranty Co. of N. Y., N. Y.
City, and
Tillotson & Wolcott Co., Cleveland
10,183.95
First-Citt7e0s Corp., Columbus, and Illinois Merchants
Trust
Co. and The First Trust & Savings Bank, Chicgao
10,025.00
Eldredge & Co., New York
9,753.90
Stranahan, Harris & °ads, Toledo
9608.00
Estabrook & Co., N. Y. City, and the Herrick Co., Cleveland
9,392.00
Continental National Co. and Wm. R. Compton Co.,
Chicago9,278.00
Barr Brothers & Co., N. Y. City, and W. H. Newbold's Son
&Co., Philadelphia
9,264.99
The Northern Trust Co. and E. H. Rollins & Sons,
Chicago
8,628.00
Ames, F,merich & Co., Chicago
8,601.00
A.0. Becker & Co. and A. B. Leach & Co., Chicago
8,480.00
G. W. McNeal' & Co., Chicago
Harris, Forbes & Co. and the National City Co., N. Y. City, 8,448.50
and Hayden, Miller & Co., Cleveland
8,171.00
Title Guarantee & Trust Co., Cincinnati. and Lehman
Brothers,
N. Y. City
F. L. Putnam & Co., N. Y. City, First National Co. of Detroit, 8,113.50
and Putleyn & Co. N Y. City
8,110.00
Braun, Bosworth & Co.. Toledo
8.028.00
COLUMBUS, Franklin County, Ohio.
-NOTE SALE.
-The $123.500
issueofspecial assessment promissory notes offered for sale on
Sept. 24V. 127. p. 1706
-was awarded to Stephens & Co. of New York as
5s, for a
$57 premium equal to 100.045, a basis of about 4.99%.
Dated Oct. 1 1928.
Due on Apr. 1 1930.
The other bidders and their bids were as follows:
BidderRate Bid.
Premium.
First Citizens Corp. of Columbus
$140.00
Assel, Goetz & Moeriein of Cincinnati
RR
115.00
CONCORD,Merrimack County, N. H.
-BOND SALE.
-E.IT.
& Sons of New York were awarded at a price of 100.51. a $100,000 Rollins
issue of
43/% school bonds. The bonds mature from 1929
to 1948, incl.
TEMPORARY LOAN.
-The Shawmut Corp. of Boston was
$100,000 temporary loan at a discount basis of 5 23%. Due awarded a
on Dec. 17
1928.
The other bidders for the bond issue were as follows: R. L. Day
100.199: Estabrook & Co., 99.786; [lards, Forbes & Co., 99.77; & CO.,
National
City Co., 99.721; Atlantic-Merrill Oldham Corp., 99.534; Shawmut
Corp..
99.47, and A. B. Leach & Co.,99.012.
1835
registered. Principal and int.(A.& 0.) payable in Conshohocken. Townsend, Elliott & Munson of Philadelphia, will furnish approving opinion.
A certified check for 2% of the bid, payable to the Borough Treasurer is
required.
CRANSTON, R. I.
-NOTE OFFERING.
-Sealed bids will be received
until noon on Oct. 1 by the City Treasurer, for the purchase of an issue of
$100,000 notes. Dated Oct. 2 1928. Due on April 2 1929.
CRITTENDEN COUNTY (P. 0. Marion)Ky.-BOND ELECTION.
At the regular election in November the voters will be called upon to give
their approval on a proposal to issue $200,000 in bonds for the building of
primary roads.
CUYAHOGA COUNTY(P.O.Cleveland),Ohlo.-BOND OFFERING.
-Sealed bids will be received until 11 a. m. on Oct. 6. by Louis Simon,
Clerk of the Board of County Commissioners, for the following issues of
414% coupon bonds aggregating $312,381:
8126,756 Detroit Road bonds. Due on Oct. 1 as follows: $13,756 in 1929;
314.000. 1930 to 1936 and $15,000 in 1937.
116,230 West Lake Road bonds. Due on Oct. 1 as follows: $14,230.
1929: $14,000, 1930 to 1934 and 816.000, 1935 and 1936.
69.395 Cleveland-Lorain Road roads bonds. Due on Oct. 1 as follows:
$6,395 in 1929; 87,000, 1930 and 88,000. 1931 to 1937.
Dated Sept. 1 1928. Different int. rates in multiples of Ji of 1% are
acceptable. Prin. and int. (A. & 0.) Payable at the office of the County
Treasurv. A certified check for 1% of the bid, payable to the above
Treasurer, is required.
Financial Statement Sept. 211928.
Actual value of property (estimated)
Assessed valuation 1927, real estate
Assessed valuation 1927, personal
$4,000.000,000.00
2.195.887.890.00
795.088,950.00
Total assessed valuation
$2.990,976.840.00
Bonds outstanding for bridges, buildings, road improvements, &c.:
Bridges and buildings
6.480,000.00
Road bonds (Section 6929G. C.):
County
$9,892,920.68
10,645.235.97
Assessment
20.538,156.65
Inter-County Highway Bonds (Section 1223 G. C.):
$637,408.92
County
Assessment
475,796.00
1.103,204.92
Sewer bonds
7,530.200.00
Water bonds
6.535,700.00
$42,187,261.57
Total bonded indebtedness
Cash value of sinking fund for debt redemption- _
689.65724
Population (census), 1920, 943,495; population -(estimated) 1927.
.
1,200.000.
DAYTON, Montgomery County, Ohio.
-BOND SALE -The three
issues of coupon bonds aggregating $440,000. offered for sale on Sent. 20V. 127. p. 1556
-were jointly awarded to Roosevelt & Son and R. M.
Schidt & Co., both of New York,on an all or none bid as follows:
$200,000 4H % fire department bonds for a premium of $1,920. equal to
100.96, a basis of about 4.34%. Dated Mar. 1 1928. Due on
Oct. 1 as follows: $15,000, 1929 to 1936 and 816,000, 1937 to
1941, all incl.
184,000 414% bridge imp, bonds for a premium of $2,723.20, equal to
101.48, a basis of about 4.36%. Due $8,000 from Sept. 1 1929
to 1951 incl.
56,000 5% garbage reduction plant bonds. Awarded for a premium
of $772.80, equal to 101.38, a basis of about 4.51%. Dated
Oct. 1 1928. Due from Oct. 1 1929 to 1933 incl.
-BOND OFFERING.
DEARBORN, Wayne County, Mich.
-Sealed
bids will be received until 8 p. m. on Oct. 3 by Myron A. Stevens, City
Clerk,for the purchase of three issues of6% sem1-annual bonds, aggregating
$53,500 as follows:
$44,000 sewer district No. 20, special assessment bonds. Denom. $1,000.
Due on Oct. 1 as follows: $8,000, 1929 and $9,000, 1930 to 1933,
Inclusive.
."4.4
6,000 sewer district No. 22 bonds. Denom. $1.000. Due on Oct. 1 as
1,
follows: $1.000, 1929 to 1932, and $2,000 in 1933.
3,500 sewer district No. 20 bonds. Denom. $700. Due $700 from Oct.
1 1929 to 1933.
Dated Oct. 1 1928. Legal and other expenses are to be paid by the
Purchaser. A certified check for 5% of the bid, payable to the City Treas..
is required.
DECATUR COUNTY (P. 0. Greensburg), Ind.
-BOND SALE.
The $6.600 issue of 4H % coupon road bonds offered on Sept. 22-V. 127.
-was awarded to the Fletcher Savings Bank of Indianapolis for a
lj• 1556
Premium of $7.70, equal to 100.116, a basis of about 4.47%. Dated Sept.
15 1928. Due $330 on May and Nov. 15 1929 to 1938, incl. The other
bids were as follows:
Premium
Bidder
City Securities Co. of Indianapolis
$3.00
J. F. Wild Investment Co.
1.00
C. J. Erdman of Greensburg
2.00
DECORAH, Winneshiek County, lowa.-ADDITIONAL INFOEMATION.-The $4,700 issue of street improvement bonds recently awarded
-V. 127, p. 1556
-bears interest at 6%, payable on May 1. Denoms.
$500 and $200. Dated May 15 1928. Due from 1929 to 1936 incl..
without option. Purchased at par by E. P. Shea of Decorah.
DELPHI FALLS, Onondaga County, N. Y.
-BOND SALE.
-A $35:
000 issue of4H% water works bonds has recently been purchased by Batchelder. Wack & Co. of New York at a price of 100.213 a basis of about
4.23%. Due from 1929 to 1962, incl.
DENVER (City and County), Colo.
-BIDDERS.
-The following is a
list of the other bids submitted on Sept. 17 for the purchase of the $330.000
issue of 5H% coupon improvement bonds awarded to the International
Trust Co. of Denver
-V. 127, p. 1706
-at a price of 100.62:
BidderPrice.
Henry Wilcox & Sons, Inc.: J. H. Woode & Co
100.601
United States Natonal Co. et al
100.304
Bosworth, Chanute. Loughridge & Co (on $134,500)
100.65
Boettcher & Co
100.20
DERBY, New Haven County, Conn.
-Sealed
-BOND OFFERING.
bids will be received by Frank M. Clark. City Treasurer, until 2 p. m.
on Oct. 3. for the purchase of a $23,000 issue of 4H% coupon refunding
bonds. Denom. 31,000. Dated Oct. 1 1928. Due 31,000 from Oct. 1
1930 to 1952, incl. Principal only of bonds may be registered. Prin. and
semi-annual int. is payable in gold at the office of the City Treasurer.
Thomson, Wood & Hoffman of New York City will furnish the legal approval. A certified check for 2% of the bid, payable to the City Treasurer,
is required.
DIMOND TOWNSHIP(P.O. Bowbells), N. Dak.-BOND OFFERING.
_sealed bids will be received until 2 p. m. on Oct. 1, lay L. S. Kalvig,
Township Clerk, for the purchase of a $2,000 issue of 6% semi-annual
township bonds. Due from 1930 to 1932. A certified check for 2% of
the bid is required.
DODGE COUNTY (P. 0. Juneau), Wis.-BOND OFFERING.
Sealed bids will be received by E. F. Becker, County Clerk,until 2 p.111.
on Oct. 9 for the purchase of a $200,000 issue of 4H ,coupon semi-annu
1
highway, series B bonds. Denom. $1,000. Dated'May 1 1928. Due
on May 1 1947. Legal and printing expenses are to be borne by purchaser.
A certified check for 2% of the bid, payable to the County Treasurer, is
required.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 125 (P. 0. Ash),
CONSHOHOCKEN, Montgomery County, Pa.
-BOND OFFERING. Ore.
-BOND OFFERING.
-Sealed bids will be received by II. A. Carlson.
-sealed bids will be received by 11. D. Herbert, Borough Secretary,
noon on Oct. 1, for the purchase of a $60.000 issue of 4 % coupon until District Clerk, until 1 p. m. on Sept. 29, for the purchase of a 86.000 issue
fund of 5% semi-annual school bonds. Denom. $1,000. Dated Oct. 1 1928.
floating debt bonds. Denem. $1,000. Dated Oct. 11928. Due on
Oct. 1 Due $1,000 from Oct. 1 1929 to 1934, incl. Teal, Winfree, McCulloch
as follows: $10,000, 1933; $2,000. 1934; $3,000, 1935 to 1940; $4,000.
1941
to 1946; $5.000, 1947 and $1,000 in 1948. Principal only of bonds may be & Shuler of Portland will furnish legal approval. A certified check for 5%
must accompany bid.
1836
FINANCIAL CHRONICLE
[VOL. 127.
-BOND OFFERING.FULTON COUNTY (1'. 0. Rochester), Ind.
Geo. A. Black, County Treasurer, will receive sealed bids until 10 a. m.
on Oct.3,for the purchase of a $4.000 issue of4%% semi-annualroad bonds.
-BOND OFFERING.
FULTON COUNTY (P. 0. Wauseon), Ohio.
Sealed bids will be received until 11 a. m. on Oct. 8 by 0. L. Watkins,
County Auditor, for the purchase of a $39,000 issue of 5% road improvement bonds. Denom. $1,000. Dated Aug. 15 1928. Due $10,000 from
Sept. 1 1929 ot 1931 and $9.000 on Sept. 1 1932. Approving opinion of
Squires, Sanders & Dempsey of Cleveland will be furnished at expense of
purchaser. Purchaser shall delivery charges outside of the county. A
$1,000 certified check, payable to the County Treasurer must accompany
the bid.
-A $65,000 issue of
-BOND SALE.
GALESBURG, Knox County, III.
water works plant construction bonds has been purchased by the Western
Investment.Co. of Galesburg.
-Sealed
GALLATIN COUNTY SCHOOL DISTRICT NO. 28 (P.O. Menard),
-BOND OFFERING.
DULUTH, Saint Louis County, Minn.
-Sealed bids will be received until 2 p. m. on
-BOND OFFERING.
bids will be received until 2 p. m.on Oct. 22 by A. Davenport, City Clerk, Mont.
bonds. Denom.$1,000. Oct. 8 by Beesie Collins, District Clerk for the purchase of a $4,000 issue
for the purchase of a $370,000 issue of4X% bridge
Int. rate is not to exceed 6%. Dated June
Dated Oct. 1 1928 and due on Oct. 1 as follows: 120.000, 1929 and $25,000, of semi-annual school bonds.
No allowance will 30 1928. A $400 certified check must accompany the bid.
1930 to 1943 incl. City will furnish the bond forms. (A. &
payable
be made on forms furnished by bidder. Prin. and int.
GEORGETOWN SPECIAL SCHOOL DISTRICT (P. 0. GeorgeIn gold at the American Exchange Irving Trust Co. of New York City. town), Sussex County, Del.
-Sealed bids will be
-BOND OFFERING.
Chapman & Cutler of Chicago will furnish the legal aproval. A certified received by Alexander Harrington, Secretary of the Board of Education,
check for 2% par of the bonds, payable to the city, must accompany the until 1 p. m. on Oct. 1, for the purchase of a $35,268 issue of 5% coupon
school bonds. Denom. $1,000, one for $268. Dated Oct. 15 1928. Due
Prin. and int.
1930
-Sealed $2,268 on Oct. 15 1929 and $3.000 from Bank to 1940 incl.
-BOND OFFERING.
EAST AURORA, Erie County, N. Y.
Georgetown. A certfied
Village Clerk, (A. & 0. 15) payable at the Farmers' Board of Education, is required.
bids will be received until 8 p. m.on Oct.8 by D.N.Rumsey, aggregating check for 5% of the bid, payable to the
of
for the purchase of two issues of coupon or registered bonds
The taxable property of the consolidated districts, as at present con$90.000 as follows:
stituted amounts to $1,898.366.
875,000 Municipal Building bonds. Due on Oct. 1 as follows: $3,000.
All outstanding bonds of the Georgetown special school districts will
bond issue.
1929 and $4.000, 1930 to 1947 incl.
be paid during the present year by funds outside of the present not be paid
15,000 land purchase bonds. Due $1.000 from Oct. 1 1929 to 1943 incl.
There is no floating indebtedness of the district, which will
Int. rate is not to exceed 5%. Denom. $1,000. Dated Oct. 1 1928. by the end of the year 1928, without the funds provided for in this issue.
Int. rate is to be stated in a multiple of one-tenth or X of 1% and is to be
the same for all the bonds. Prin. and int. (A. & 0.) is payable In gold or
GLASSBORO SCHOOL DISTRICT, Gloucester County, N. J.
its equivalent at the Bank of East Aurora or in New York exchange. Clay, BOND SALE.
-The $22,000 issue of 44% coupon or registered school
Dillon & Vandewater of New York City will furnish the legal approval. bonds offered for sale on Sept. 24-V. 127, p. 1556-wasawarded at par
June 1
A $2,000 certified check, payable to the Village, must be filed with bid.
to the Farmers & Mechanics National Bank of Woodbury, Dated1931 to
1928. Due as follows: $2,000, 1929 and 1930 and $1,000 from
EAST PEORIA SANITARY DISTRICT (P. 0. East Peoria), Taze- 1948,incL
-A $24,000 issue of 5X% flood control
-BOND SALE.
well County, III.
-John A.
-BOND OFFERING.
GLEN RIDGE, Essex County, N. J.
bonds has been purchased by an unknown investor. Due in 1948.
p. m. on Oct. 8, for
-A Brown, Borough Clerk, will receive sealed bids until 8
-BOND SALE.
EAST SAINT LOUIS, Saint Clair County, 111.
4%% coupon or registered improvement
purchased the purchase of an issue of$125,000
$712,000 issue of4X% refunding bonds has recently been jointlyMerchants bonds. Denom. $1,000. Dated July 1 1928. Due on July 1 as follows:
and int.
at par by the Union Trust Co. of St. Louis and the Illinois
$5,000. 1930 to 1940 and $7,000. 1941 to 1950, all incl. Prin.
Trust Co. of Chicago. Due from 1932 to 1947, incl.
(J. & J.) payable in gold at the Glen Ridge Trust Co. of Glen Ridge. The
Prin. and int. (M. & S.) payable at the office of the City Treasurer. U. S. Mortgage & Trust Co. of New York will certify signatures and seal
New York will
Chapman & Cutler of Chicago approved the legality of the bonds.
on the bonds. Hawkins, Delafield & Longfellow of the bid, payable
approve legality of the issue. A certified check for 2% of
EDEN CONSOLIDATED SCHOOL DISTRICT (P. 0. Yazoo City), to the Borough is required.
-Sealed bids will be received
-BOND OFFERING.
Yazoo County, Miss.
NO. 20 (P. 0.
until Oct. 1 by F. J. Love. Clerk of the Board of Supervisors, for the purGOLDEN VALLEY COUNTY SCHOOL DISTRICTof
53% bonds
-The $11,500 issue
-MATURITY.
chase of a $12,000 Issue of school bonds.
Belmont), Mont.
Aug. 25-V. 127, P. 1706 is
awarded at par to the State of Montana on
-Sealed bids due in 1938.
EDGERTON, Rock County, Wis.-BOND OFFERING.
will be received until 7 p. m. on Oct. I. by Alfred Teisberg, City Clerk.
-Sealed
-BOND OFFERING.
GRAND RAPIDS, Kent County, Mich.
for the purchase of a 822,000 issue of 5% semi-annual street improvement
11 by Jacob Van Wingen, City
bonds. Denom. $1.000. Dated Oct. 1 1928 and due onOct. 1, as follows: bids will be received until 3 p. m. on Oct. % bonds, aggregating $745.000.
in 1948.
of four issues of 4%
Clerk, for the purchase
$1.000. 1929 to 1945; $2,000, 1946 and 1947 and $1,000
as follows:
-The $20.000 $300.000 street impt. bonds. Due from 1929 to 1938 incl.
EDMONDS,Snohomish County,Wash.-BOND SALE.
- 220.000 street impt. bonds. Due from 1929 to 1933 incl.
18-V. 127, p. 1416
Issue of coupon water bonds offered for sale on Sept.
125.000 sewer construction bonds. Due from 1929 to 1933 incl.
was awarded to the State of Washington as 4X% bonds, at par. Dated
1938 incl.
100,000 sower construction bonds. Due from 1929 to payable semi-annuSept. 11928. The only other bid was a premium offer of $5 on 5% bonds
Denom. $1,000. Dated Oct. 1 1928. Prin. and int.
by the State Bank of Edmonds.
A certially in New York exchange at the office of the City Treasurer.
ELBURN COMMUNITY SCHOOL DISTRICT (P. 0. Elburn), fied check for 2% of the bid, payable to the Treasurer, is required.
-A 193.000 issue of high school
-BOND SALE.
Kane County, Ill.
-The
-BOND SALE.
GREENE COUNTY (P. 0. Catskill), N. Y. sale on Sept. 21-V.
building bonds has been purchased by an unknown investor.
coupon highway bonds offered for
$7,500 $450,000 Issue of jointly awarded to the Guaranty Co. of New York and
-A
-BOND SALE.
ELK RIVER, Sherburne County, Minn.
-was
127. p. 1416
basis
Issue of municipal building bonds will be taken over by the State of Minne- Barr Bros. & Co., both of New York, as 4Xs, at a price of 100.199, a incl.
1930 to 1954.
sota as 4% bonds at par.
of about 4.23%. Dated Oct. 1 1928. Due from April 1their bids:
The following Is a complete list of the other bidders and Rate.
Premium.
-BOND OFFERING. Sealed
BiddersEMPIRE, Jefferson County, Ohio.
100.062
4
bids will be received until noon on Oct. 15 by E. L. Van Dyke, Village Bankers Trust Co., and Harris, Forbes & Co Co_ _ _
100.065
4
issue of 6% Nessley St. imp, special asamt. bonds. Graham, Parsons & Co.,and Phelps, Fenn &
Clerk, for a $5,577.86
100.709
4.40
1 as National City Co
Denom. $500. one for 8577.86. Dated May 1 1928. Due on Sept.
100.06
4.30
$1,000,
follows: $577.86 in 1929: 3500, 1930; 11,000, 1931; 3500. 1932;multiple Dewey, Bacon & Co
100.114
4311
rate of int stated in a
Detroit Co., Inc
Bancitaly Corp., and the
1933 and $500, 1934 to 1937. A different
100.189
oi
of X of 1% is permissable. Auth: Sects. 2293-24, General Code of Ohio. Manufacturers & Traders Trust Co., Buffalo
100.3987
4.40
of the bid, payable to the Village Treasurer, is I ulleyn & Co
A certified check for 5%
Co., and
required.
Batchelder, Wack & Co.; A. B. Leach &
100.4133
4.40
H. L. Allen & Co
100.3775
4.30
-A 850,000 issue of George B. Gibbons & Co., and Roosevelt & Co
-BOND SALE.
ENID, Garfield County, Okla.
-The successful bidders are
5% park bonds has been purchased by the First National Bank of Enid
BONDS OFFERED FOR INVESTMENT.
for a premium of $1,501, equal to 103.002.
for public subscription at prices, according
now offering the above bonds
these bonds
- to maturity to yield 4.10%. The offering notice states that
-TEMPORARY LOAN.
State,
ESSEX COUNTY (P. 0. Salem), Mass.
-was are legal investments for savings banks and trust funds in New York taxes.
The $100,000 temporary loan offered on Sept. 25-V. 127. p. 1706
New York State income
exempt from all Federal and
awarded to the Merchants National Bank of Salem at a discount basis of and interest is
-Sealed
-BOND OFFERING.
4.71%, plus a premium of $1.41. Dated Sept. 25 1928 and due on Nov. 15
HALFWAY, Macomb County, Mich.
1928.
bids will be received until 8 p. m. on Oct. 3 by Arthur J. Wendt, Village
bonds
-Sealed Clerk, for the purchase of 14 issues of semi-annual special assessment$1,000
-NOTE OFFERING.
ESSEX COUNTY (P. 0. Salem), Mass.
%. Denoms.
$490.000. Int. rate is not to exceed
bids will be received until 11 a. m. on Oct. 2 by the County Treasurer, for aggregating Dated Sept. 1 1928 and Sept. 15 1928. A certified check for
and $500.
$95,000 as follows:
the purchase of two issues of notes aggregating
payable to the Village, is required.
$50,000 tuberculosis hospital notes. Dated Oct. 1 1928. Due on Apr. 10 2% of the bid, bonds were unsuccessfully offered on Sept. 12).
(Some of these
1929.
1 1929.
-The $24,000
-BOND SALE.
45,000 Kernwood bridge notes. Dated Oct. 1 1928. Due on June
HAMILTON, Butler County, Ohio.
issue of 4%% coupon impt. bonds offered on Sept. 25-V. 127,P. 1416
SCHOOL DISTRICT (P. 0. Fairfield), Camas County, was awarded to the Ohio State Teachers Retirement System for a 820
FAIRFIELD
-A $25,000 issue of high school building bonds has premium,equal to 100.083. a basis of about 4.48%. Due from Mar.1. 1930
Ida.
-BOND SALE.
recently been purchased at par by the State of Idaho.
to 1939 incl. The other bids were as follows:
Price Bid.
Rate.
Bidders$24.226.00
4%%
FANNIN COUNTY LEVEE IMPROVEMENT DISTRICT NO. I N. S. Hill & Co
-The $188,302.95
-ADDITIONAL DETAILS.
24,217.00
0. Bonham), Tex.
4%
(P.
con- Seasongood & Mayer
24,169.00
%
Issue of 6% levee improvement bonds that was awarded at par to the
Herrick & Co
24,170.00
-is due from 1933 to 1963 incl.
4 X%
-V.127. p. 1144
tractor
Co
Title Guarantee Trust
24,154.00
43j%
FLINT TOWNSHIP SCHOOL DISTRICT NO. 19 (P. 0. Flint), Otis & Co
24,147.00
43 4
-The $40,000 issue of 5% Assel, Goetz & Moerlein
-BOND SALE.
Genesee County, Mich.
24,141.00
4%%
-was W. L. Slayton & Co
p. 1706
coupon school bonds offered for sale on Sept. 24-V. 127, a premium of
24,128.00
4 X%
Braun, Bosworth & Co
Detroit & Security Trust Co. of Detroit for
awarded to the
24,081.60
70
Due on Mar. 1, from Stranahan, Harris & Otis
$1,525, equal to 103.812, a basis of about 4.66%.
24,081.60
4X V
First Citizens Corp
1955. incl.
1931 to
24,050.00
& Co
-BONDS NOT SOLD. Hoefinghoff art Co
24,048.00
(P. 0. Covington), Ind.
...
' FOUNTAIN COUNTY
be Bohner-Relnh
24,007.00
4
-The $140,000 issue of 4%% bridge reconstruction bonds scheduled to
Detroit Trust Co
24,006.00
4%
sale on Sept. 22-V. 127, p. 1141-was not offered on that date McDonald, Callahan Co
offered for
sale in
24,265.00
5
because of legal objections. The bonds will again be offered for
Well Roth & Irving
24,090.00
5
the future in a smaller issue.
& Harrison
Breed-Elliott
-The $15,000
SCHOOL DISTRICT (P. 0. Freedom) Beaver Count;,
-MATURITY.
County, Mont.
FREEDOM
HAMILTON, Ravalli
-The $90,000 issue of 4 X% coupon school bonds issue of 6% coupon special improvement bonds that was awarded at par
-PRICE PAID.
Pa.
-1708
-Is due in 1943 and optional
awarded on Sept. 19 to J. It. Holmes & Co.of Pittsburgh-V.127.P.4.36%. to local banks on Sept. 4-V. 127, p. 1556
equal to 102.333,a basis of about
was sold for a premium of $2,100,
at any time.
Due from Apr. 1 1931 to 1955 incl.
-The $85,000
-BONDS NOT SOLD.
HANOVER, York County, Pa.
-Thetwo issues
on Sept. 20-V. 127, p. 1144-was not sold
Chatauqua County,N.Y.-BOND SALE.
FREDONIA,
on Sept. Issue of 4% sewer bonds offered Sept. 1 1928. The bonds mature serially
of coupon or registered b‘mds aggregating $81,000, offered for sale Traders
- as no bids were received. Dated
s &
-were awarded to the Manufacturer
1951. incl.
24-V. 127. p. 1556
$77.76, equal to from Sept. 1 1929 to
Peoples Trust Co. of Buffalo as 4.40s. for a premium ofas follows:
-At a
-BONDS VOTED.
HATTIESBURG, Forest County, Miss.
100.09. a basis of about 4.39%. The issues are divided to 1947, incl.
held on Sept.20 the electors approved the issuance of$75,000
872,000 water filtration bonds. Due 14,000, Oct. 1 1930 1 1929 to 1938, special electionsmall majority . The issues are divided as follows: $40,000
,
In bonds by a
bonds. Due $900 from Oct.
9,000 street improvement
trefighting equipment;$20,000 for bridges and $15.000 sewer repair bonds.
incl.
The other bidders and their bids were as follows:
HIGHLAND TOWNSHIP SCHOOL DISTRICT (P. 0. Bloomfield),
o offid Price Par
Rale
4. v
Bidder-The $10,005 issue of 4 X %
-PRICE PAID.
Greene County, Ind.
oar
Indianus
Citizens Trt Co
school bonds that was purchased by the Inland Investment Co. of of $11,
100.144
4.50%
a premium
Batchelder, Wack & Co
-was awarded to them
100.2147 apolls-V. 127. p. 1706 of about 4.48%. Due asfor
4.60%
follows: $345 on July 1
Geo. B. Gibbons & Co
100.109, a basis
equal to
100.08
4.50%
,
Dewey ,Bacon & Co
1929 and $345 on Jan. and July 1 1930 to 1943. incl.
Par
5%
D.S. Wright & Co.
DOVER SCHOOL DISTRICT (P. 0. Dover), York County, Pa.
-Sealed bids will be received by Harry U. Baughman,
BOND OFFERING.
15, for a $5,200 issue
Treasurer of the School Board. until 8 p. m. on Oct.
of 4%% coupon joint high school bonds. Denom. $100. Dated Oct. 1
1928. Due on Oct. 1 as follows: $300, 1929 to 1933; $400, 1934 to 1942
and $100 in 1943. Prin. and semi-annual int, payable at the office of the
School Treasurer. A certified check for 1% of the bid, payable to the
Treasurer, is required.
DOVER TOWNSHIP SCHOOL DISTRICT (P. 0. Thomasville),
-Paul H. Fissel, Treasurer of the
-BOND OFFERING.
R. D. No. 2), Pa.
School Board, will receive sealed bids until 8 p. m. on Oct. 15, for the PurDenom.
chase of a $20,000 issue of 43 % coupon joint high school bonds. semi-an$1,000. Due $2,000 from Oct. 1 1929 to 1938 incl. Prin. and check for
A certified
nual int. payable at the office of the School Treasurer.
1% of the bid, payable to the above Treasurer, is required.
SEPT. 29 1928.]
FINANCIAL CHRONICLE
HOLDREGE, Phelps County, Neb.-ADDITIONAL DETAILS.
The two issues of bonds aggregating $7.057.64 that were purchased by the
Peters Trust Co. of Omaha
-V. 127 P. 854
-were awarded at a price of
100.015. The maturity of the $2.249.20 issue of 5% intersection paving
bonds is as follows: $249.20 on June 1. 1930; $500 in 1932. 1934. 1926 and
1938. The basis is about 4.99%.
HOLLAND, Ottawa County, Mich.
-BOND OFFERING.
-Sealed
bids will be received until 7.30 p. m. (Eastern standard time) on Oct. 4,
by Oscar Peterson. City Clerk, for the purchase of two issues of annual,
special assessment bonds aggregating $413,213 as follows:
$42,975 15th St. impt. bonds. Denoms. $1,000 and $775. Due $4,775
from 1930 to 1938 incl.
5,238 East 26th St. impt. bonds. Denom.$582. Due $582 from 1930
to 1938 incl.
Dated Sept. 1 1928. Printed bonds to be furnished by purchaser. A
certified check for 2% of the bid is required.
HOUSTON, Harris County, Tex.
-RECORD OF BONDS VOTED.
The following appeared in the Houston "Post" of Sept. 19 and shows the
bonds approved by the voters since 1925:
Faith in Houston has been manifested by citizens who voted $17,000,000
In improvement bonds in little more than three years, records of City
Controller H. A. Giles reveal.
Since April 1925. four bond issues have been approved by voters. One
Issue was voted in April 1925, another in Oct. 1926, another in Nov. 1927,
and the last about a month ago. In addition, during that period council
through special power has issued $100.000 each year for general improvements.
The 1927 issue was the largest, providing $6,650,000 for civic extensions.
The issue in 1925 made $4,900,000 ready for expenditure. The 1925 issue
provided $2,200,000, while the recent vote approved expenditure of
$2,950,000.
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
Huntington), Suffolk County, N. Y.
-BOND SALE.
-The $75,000
Issue of 434% coupon or registered school bonds offered for sale on Sept.
25-V. 127, p. 1557
-was jointly awarded to Roosevelt & Son and Geo. B.
Gibbons & Co., incl., both of New York, for a premium of $403.05, equal
to 100.537. a basis of about 4.42%. Dated Sept. 15 1928. Due from
Sept. 15 1930 to 1940, incl. The other bids were as follows:
BidderPremium.
Lehman Bros. of New York
$399.75
Sherwood & Merrifield of New York
252.00
Barr Bros. & Co. of New York
217.43
Dewey, Bacon & Co. of New York
135.00
Pulleyn & Co. of New York
133.50
Batchelder, Wack & Co. of New York
107.25
Huntington banks (joint bid)
none
HURON COUNTY (P. 0. Bad Axe), Mich.
-BOND SALE.
-The
$40,000 issue of 5% coupon covert road bonds offered for sale on Sept. 20V. 127, P. 1557
-was awarded to the Detroit and Security Trust Co. of
Detroit, for a premium of $476. equal to 101.19, a basis of about 4.76%•
Dated Sept. 1 1928. Duo from Sept. 1 1929 to 1938, incl. The other
bidders and their bids were as follows:
Bidder
Prem.
Lewis & Co. of Detroit
$440
liumpus & Co. of Detroit
253
Merchants National Bank of Detroit
57
A. T. Bell & Co. of Toledo
44
'INDEPENDENCE, Montgomery County, Kan.
SALE.
-BOND
The two issues of 434% coupon bonds, aggregating $18,900 offered for sale
on Sept. 20-V. 127, p. 1557
-were awarded to the Commercial National
Bank of Independence, for a premium of $90, equal to 100.476, a basis
of about 4.41%. The issues are divided as follows: $11.700 paving bonds
and $7,200 storm sewer construction bonds. Due from 1929 to 1938, incl.
The other bidders were:
BidderPremium.
Central Trust Co. of Topeka
$4.55 per $1,000
Citizens Frist National Bank of Independence
$16.53
INDIANAPOLIS, Marion County, Ind.
-BOND SALE.
-The $42,000
issue of 434% Municipal Tomlinson Ilan and City Market bonds offered
for sale on Sept. 24-V. 127, p. 1707
-was sold to a syndicate composed
of the Fletcher Savings & Trust Co., the Fletcher-American Co. and the
Inland Investment Co.. all of Indianapolis, for a premium of $88.50. equal
to 100.21, a basis of about 4.45%. Dated Nov. 11928. Due $7,000from
Jan. 1 1931 to 1936 inc.l. The $60,000 issue of 434% semi-annual City
Hospital bonds offered at the same time was not purchased.
INDIANAPOLIS SCHOOL DISTRICT (P. 0. Indianapolis) Ind.
BOND OFFERING.
-Sealed bids will be received by Albert F. Walsman,
Business Director of the Board of School Commissioners, until 11 a. m. on
Oct. 19, for the purchase of a $564,000 issue of 334% coupon school bonds.
Denom.$1.000. Dated Oct.20 1928. Due $282,000, Oct. 20 1933 and 1934.
The above Business Director will furnish forms, envelopes and a prospectus
of the bonds. A certified check for 3% par of the bid, payable to the Board
is required.
1837
KARNES COUNTY ROAD DISTRICTS (P.O. Karnes City) Tex.
BOND SALE.
-The remaining two issues of the four issues of 5% semiannual road bonds offered for sale on Apr. 9.-V. 126, p. 1870.
-have
since been awarded as follows:
$80,000 district No.4 bonds to the Roger H. Evans Co. of Dallas. Due
from 1929 to 1958, incl. and optional after 10 years.
65,000 district No. 3 bonds to A. T. Bell & Co. of Toledo. Due from
1929 to 1958, incl.
-BOND SALE.
-A $14,000 ISSIle
KELLOGG,Shoshone County, Ida.
of bridge bonds has been purchased by Cantrill, Richards & Blum. Inc.
of Spokane.
-The $235,000
KENOSHA, Kenosha County, Wis.-BOND SALE.
Issue of 434% coupon school bonds that was offered for sale on Sept. 20V. 127, p. 1557
-was awarded to the Continental National Co. of Chicago.
for a premium of $4,061, equal to 101.728, a basis of about 4.29%. Dated
Sept. 15 1928. Due from Sept. 15 1929 to 1948, incl. The following is an
official tabulation of the other bidders and their bids:
Premium.
Bidder$3.809.35
E. H. Rollins & Sons
3,807.00
Illinois Merchants Trust
A. G. Becker & Co
3,660.00
3,600.00
First Trust & Savings, Chicago
3,572.00
Stranahan, Harris & Oatis
3,407.50
Hill Joiner & Co
3,081.00
Harris Trust & Savings Co
3,002.00
A. B. Leach & Co
2,780.75
First Wisconsin Co., Milwaukee
2,724.00
Northern Trust Co
2,702.50
2nd Ward Securities Co
2,700.00
Taylor, Ewart & Co
2,507.00
Kissel, Khmicutt & Co
2.280.00
Ames, Emerich & Co
2,120.00
Halsey, Stuart & Co
2.100.00
Morris Mather & Co
1,407.65
R. L. Day Co
1,402.00
C. W. McNear & Co
KLAMATH COUNTY SCHOOL DISTRICT (P.O. Fort Klamath)i
Ore.
-BOND SALE.
-The $3,000 issue of semi-annual school bonds offered
for sale on Aug. 28-V. 127. p. 989
-was awarded to the First National
Bank of Fort Klamath as 534% bonds, for a premium of $17, equal to
100.566, a basis of about 5.16%. Dated Sept. 1 1928. Due on Sept. 1
1948 and optional after Sept. 1 1933.
-At
KNOC COUNTY (P. 0. Barbourville), Ky.-BONDS VOTED.
-the voters authorized
the special election held on Sept. 22-V. 127, p. 1417
the issuance of 8100,000in bonds by a large majority. unofficially estimated
at almost 20 to 1. It is reported that about $140,000 in bonds is now
outstanding, it is stated of an old issue of $200.000 voted ten years ago.
The State will have charge of the expenditure of the new issue and outline
the road work to be done on a three-to-one financial plan.
-The three issues
-BOND SALE.
KNOXVILLE, Knox County, Tenn.
of 435% coupon or registered bonds, aggregating $1,367,000. offered for
-were awarded to a syndicate composed
sale on Sept. 25-V. 127. P. 1557
of the First National Bank, Redmond & Co., Rogers Caldwell & Co.. and
Graham. Parsons & Co., all of New York City, at a price of 100.279, a
basis of about 4.46%. The issues are divided as follows:
$767,000 series G improvement bonds. Dated Aug. 1 1928 and due on
Aug. 1 as follows: $76.000, 1930 to 1932, and $77,000. 1933 to
1939, all incl.
500,000 sewer bonds. Dated Sept. 1 1928 and due on Sept. 1 as follows:
$10,000, 1931 and 1932 and $15,000. 1933 to 1964, incl.
100,000 bridge bonds. Dated Sept. 1 1928. Due $5,000 from Sept. 1
1931 to 1950, incl.
Denom. $1,000. Prin. and semi-annual int. is payable in gold in New
York City.
The following is a complete list of the other bidders and their bids:
Price Bid.
Bidders$1.368,502.33
Bankers Trust Co.. New York
1,364.963.17
Commerce Union Co., Nashville
1,364.591.00
American National Co.. Nashville
1,363.823.00
W. R. Compton Co., Chicago
1,362,338.53
National City Bank, New York
1,361,873.00
First National Co .Detroit
1.360,561.43
Rutter & Co., et al
1,359.481.50
M.F. Schlater & Co
1,357,560.10
J. C. Bradford & Co., Nashville
1,347,178.50
A. B. Leach & Co.. Chicago
BONDS OFFERED TO PIJBLIC.-The successful bidders re-offered the
above bonds for public subscription at prices to yield 4.30% on all maturities. According to the offering circular the assessed valuation for
taxation in 1928 is $149,415,923 and the net bonded debt including this
issue is $15,922.725. Estimated population in 1928 is shown as 102,100.
IRONDEQUOIT UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
LA CANADA SCHOOL DISTRICT, Los Angeles County, Calif.
Rochester) N. Y.
-BOND SALE.
-An issue of $190,000
V semi-The $15,000 issue of 5% school bonds offered for sale on
annual school bonds was awarded on Sept. 24 to Sage, Wolcott & Steele of BOND SALE.
-was awarded to the Anglo London-Paris Co. of
Rochester at a price of 100.823, a basis of about 4.68%. Dated Aug. 1 1928, Sept. 11-V. 127. p. 1283
Los Angeles.for a $235 premium, equal to 101.566, a basis of about 4.77%.
and due from Aug. 1 1930 to 1958 incl.
Dated Sept. 1 1928. Due $1,000 from Sept. 1 1929 to 1943,incl. The other
ISLAND HEIGHTS Ocean County, N. J.
-BOND OFFERING.- bidders and their bids were as follows:
Premium.
BidderSealed bids will be received by George S. McKaig. Borough Clerk, until
$203
9 p. m. on Oct. 10, for the purchase of a $27,000 issue of 5% coupon Capital National Bank Co
183
water supply bonds. Denom. $1,000. Dated Oct. 15 1928. Due $1,000 Bank of Italy
162
from Oct. 15 1930 to 1956, incl. Prin. and int. (A. & 0.) playable at the Dean Witter & Co
194
First National Bank of Toms River. Legality approved by Walter Carson Wm. R. Staats Co
of Camden. Above sum to be raised and will be sold to bidder offering
said sum and taking least amount of bonds commencing with first
-BOND OFFERING.LAKE COUNTY (P. 0. Painesville), Ohio.
maturity. A certified check for 2% of the bid, payable to the Borough, is Sealed bids will be received by L. J. Spaulding, Clerk of the Board of
required.
County Commissioners, until 11 a. m. on Oct. 4, for the purchase of a
$55,063 issue of 5% coupon sewer and water improvement bonds. Denoms.
JAMESTOWN, Newport County, R. I.
-BOND OFFERING.
-Sealed $1.000. $500 and one for $563. Dated Oct. 1 1928. Due on Apr. & Oct. 1
bids will be received until 8 p. m. on Oct. 8 by William A. Clarke, Town from 1929 to 1948, incl. Prin. and int. (A. & 0.) payable at the County
Treasurer, for the purchase of a $70,000 issue of 436% coupon Beavertail Treasurer's office. A $1,000 certified check, payable to Lynn I. Fuller.
Road bonds. Denom. $1,000. Dated Oct. 1 1928 and due on Oct. 1, as County Treasurer, is required.
follows: $3,000 from 1929 to 1938 and $4.000 from 1939 to 1948 all incl.
Financial Statement.
Prin. and int. (A. & 0.) payable at the Town Treasurer's office or at the
$190,000,000.00
First National Bank of Boston. No bid for less than par considered. Estimated value of taxable property
127,702.140.00
Legality will be approved by Ropes, Gray, Boyden & Perkins of Boston. Last assessed valuation for taxation
3,620,818.43
Bonds will be certified as to genuineness by the First National Bank of Total bonded debt including this issue
1.120,566.93
Water works debt (included in total bonded debt)
Boston.
Special assessment debt (included in total bonded debt)
1.676,338.58
Financial Statement, September 18 1928.
Total floating (general obligation) debt
1,096,055.13
Valuation. 1927
$5,984,712.00
Tax rate, 4.86. County Population (1929) 28,627; county population
Ferry bonds
$160,009.00
now, 35.000.
Other indebtedness
191,387.50
LANE COUNTY SCHOOL DISTRICT NO. 133 (P. 0. Eugene),
Ore.
-BOND SALE.
-The $5,000 issue of6% school bonds offered for sale
on Sept. 14-V. 127. p. 1417
-was awarded to Carl E. Nelson of Salem, at
a price of 102.25, a basis of about 5.53%. Dated Sept. 15 1928. Due $500
Net debt
$382,627.20 from Sept. 15 1929 to 1938 incl. The First National Bank of Eugene was
Population 1,800.
The town of Jamestown, R. I., owns and operates the Jamestown and the only other bidder offering a $50 premium for the bonds.
Newport Ferry Co. It operates five boats, four of which have been paid
LANSING TOWNSHIP SCHOOL DISTRICT NO. 2(P. 0. Lansing)
for out of earnings. Present earnings are sufficient to pay principal and
Mich.
-BOND OFFERING.
-Sealed bids will be received until 7:30 p. m.
interest of all Ferry Bonds now outstanding.
(Eastern Standard Time) on Oct. 1. by Charles S. Snell, Director of the
Total value of Ferry Co.. property is approximately $500,000.
School Board, for $32,000 issue of semi-annual school bonds. Int. rate is
JAY COUNTY (P. 0. Portland), Ind.
-BOND SALE.
-Four issues not to exceed 5%. Due on Oct. 1 as follows: $1,500. 1929 to 1936: $2,000.
of 434% semi-annual road bonds aggregating $40,407. have recently been 1937 to 1943 and $3.000 in 1944 and 1945. Printed bonds and legality to be
sold; the issues are divided as follows: $13,989 Bearcreek Township;$10.460 paid for by purchaser. A certified check for 5% of the bid, payable to the
Jefferson Township;$9,313 Jefferson Township and $6,645 Madison Town- Treasurer of the School District, is required.
ship bonds.
LAPORTE COUNTY (P. 0. Laporte), Ind.
-BOND OFFERING.
JEANNETTE, Westmoreland County, Pa.
-PRICE PAID.
-The Sealed bids will be received until 10 a. m. on Oct. 1, by L. A. Ohming.
$200,000 434% borough bonds sold on Sept. 19 to Otis & Co. of Cleveland
- County Treasurer, for the purchase of a $3,630 issue of 6% semi-annual
-were awarded at a premium of $5,540. equal to 102.77, ditch bonds.
V. 127, P. 1707
a basis of about 4.27%. Due on Sept. 1 from 1932 to 1956.
LEWISTOWN SCHOOL DISTRICT, Mifflin County, Pa.
-BOND
JOPLIN, Jasper County, Mo.-ADDITIONAL DETAILS.
-The $150,000 Issue of 4% coupon or registered school bonds of-The SALE.
$30,000 issue of 434% semi-annual viaduct bonds that was awarded at par fered for sale on Sept. 24-V. 127, p. 1557
-was awarded to the Citizens
to the Joplin National Bank-V. 127, p. 1417
-is dated Sept. 1 1928. National Bank of Lewistown at par. Dated June 1 1928. Due $25,000
Due in 1948 and optional at any time.
on June 1 from 1933 to 1938. incl., in 1943, 1948. 1953 and 1957.
Total indebtedness
Sinking funds
351,387.50
31,239.70
1838
FINANCIAL CHRONICLE
LONGMEADOW, Mass.
-BOND SALE.
-The four issues of 41%
coupon bonds aggregating *177.000 offered for sale on Sept. 24-V. 127.
1:01707
-were awarded to F. S. Moseley & Co. of Boston at a price of
101.116, a basis of about 4.07%. The issues are as follows:
3100.000 school bonds. Due October 1, as follows: *7.000, 1929 to 1938
incl.: and $6,000, 1939 to 1943 incl.
37.000 street construction bonds. Due October 1, as follows: $4,000
1929 to 1935 incl.; and $3,000, 1936 to 1938 incl.
21,000 pavement bonds. Due October 1, as follows: $3,000. 1929; and
112,000, 1930 to 1938 incl.
19,000 school bonds. Due SLOW, October 1 1929 to 1947 incl.
Dated October 1 1928. Denoms. $1,000. Prin. and int. payable at
the First National Bank, Boston.
The other bidders and their bids were as follows:
BidderPrice Bid.
Harris, Forbes & Co
100.97
R. L. Day & Co.
100.795
E. H. Rollins & Sons
100.731
Stone & Webster & Blodget, Inc
100.72
Third National Bank & Trust Co. of Springfield
100.625
Wise, Hobbs & Arnold
100.547
Old Colony Corp
100.517
Curtis & Sanger
100.46
F. L. Putnam & Co., Inc
100.457
Eastabrook & Co.
100.08
LONG POINT-NEBRASKA DRAINAGE DISTRICT (P. 0. Pontiac), Livingston County, 111.
-BOND SALE.
-A $21,200 issue of 6%
annual drainage bonds was recently purchased by the National Bank of
Pontiac for a premium of $101.46, equal to 100.478.
LOS ANGELES,Sos Angeles County,Calif.-BONDS AUTHOR'
ZED.
-We are informed that the City Council has approved the issuance of
$500,000 in 20
-year bonds to pay the initial claims arising from the St.
Francis Dam disaster. It is said that bids will be called for shortly on
these bonds.
LOS ANGLES COUNTY ACQUISITION AND IMPROVEMENT
DISTRICT NO. 113 (P. 0. Los Angeles), Calif.
-The
-BOND SALE.
*39,578.90 issue of improvement bonds offered for sale on Sept. 17-V.
-was awarded to Wheelock & Co. of Los Angeles,as6% bonds.
127, p. 1557
for a $703 premium, equal to 101.776, a basis of about 5.77%. Dated Aug.
13 1928. Due from Aug. 13 1930 to 1947, incl.
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 54
(P. 0. Los Angeles), Calif.
-BOND SALE.
-The $115,000 issue of 6%
coupon district bonds offered for sale on Aug. 28-V. 127, P. 855
-was
awarded at par to B. L. Hames & Co. of Los Angeles. Due from 1929
to 1965, incl. There were no other bids submitted.
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 57
(P. 0. Los Angeles), Calif.
-ADDITIONAL INFORMATION.
-The
$80,000 issue of 8% public property purchase bonds that was purchased
by the Securities Oorp. of Los Angeles at a price of 100.6875-V 127, p.
-is dated Oct. 1 1928. Due $4,000 from Oct. 1 1931 to 1450,
1558
incl.
Prin. and int.(A.& 0.) payable at the City Treasurer's office or at the Bank
of America, National Association in New York City. Basis of about 5.92%.
LYNDHURST, Bergen County, N. J.
-BOND SALE.
-An issue Of
7
8100.000 50 temporary improvement bonds has been purchased by M. M.
Freeman & Co. of Philadelphia. Denom. $1,000. Prin. and int.(A. & 0.)
payable at the First National Bank of Lyndhurst.
[VOL. 127.
Legality of bonds will be approved by Squire, Sanders & Dempsey
Cleveland at the expense of purchaser. Delivery to any point outside of
of
the county will be paid for by the purchaser.
MISSOURI, State of (P. 0. Jefferson City)
-BOND ELECTION.
According to a report appearing in the St. Louis "Globe-Democrat" of Sept.
25, at the regular election on Nov. 8, a proposition to issue $75,000,000 in
bonds for state wide roan construction will be submitted for approval by the
voters.
MONROE COUNTY (P. 0. Bloomington), Ind.
-BOND SALE.
-An
$11.700 issue of 41.6% semi-annual road bonds has recently been purchased
at par by Joseph Campbell of Bloomington.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND
SALE.
-The 511.000 issue of 434% coupon road bonds offered for sale on
Sept. 25 (V. 127, p. 1708) was awarded to the Crawfordsville Trust Co. of
Crawfordsville for a premium of $52.80, equal to 100.48, a basis of about
4.20%. Dated Sept. 15 1928. Due $550 on May and Nov. 15 1930 to
1939 inclusive. The other bidders and their bids were as follows:
Bidder
Premium.
Fletcher Savings & Trust Co
$22.70
Waynetown State Bank
17.80
J. F. Wild & Co
15.00
City Securities Co
3.00
Merchants National Bank
2.20
MORROW COUNTY (P. 0. Mt. Gilead), Ohio.
-BOND OFFERING.
M. L. Rule. Clerk of the Board of County Commissioners, will receive
sealed bids until 10 a. m. on Oct. 15,for the purchase of a $28,043.70 issue
of 5% coupon Mt. Gilead-Mt. Vernon ICII, No. 333, Section H road
bonds. Dated April 1 1928. Due $971.85, March and Sept. 1 1929 and
81,450 March and Sept. 1 1930 to 1938, inclusive. A certified check for
5% of the bid, payable to the County Treasurer, is required.
NAPIER TOWNSHIP SCHOOL DISTRICT (P. 0. Schellsburg),
Bedford County, Pa.
-BOND SALE.
-The $11,000 issue of 434% coupon
school building bonds offered for sale on Sept. 15-V. 127, p 1417
-was
awarded to J. H. Holmes & Co. of Pittsburgh for a premium of $115, equal
to 101.45, a basis of about 4.55%. Denom. $1,000. Dated July 1 1928.
Due $1,000 from July 1 1933 to 1943. had. Int. payable on Jan. and July 1.
NASHUA, HILLSBOROUGH COUNTY, N. H.
-TEMPORARY
LOAN.
-Sealed bids will be received by the City Treasurer until 10 a. m.
on Sept. 28, for a temporary loan of $100,000. Dated Oct. 1 1928. Due
on Feb. 15 1929.
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN.
A temporary loan of $100,000 was awarded on Sept. 28 to the Old Colony
Corp. of Boston on a discount basis of 5.20%. Due on Feb. 15 1929.
NASHVILLE, Davidson County, Tenn.
-BONDS AUTHORIZED.
-At a meeting of the city council on Sept. 18, an issue of $400,000 sanitary
sewer bonds was authorized. The issue is to be designated as series 0 of
1925. The following description of the bonds appeared in the Nashville
"Banner" of Sept. 19: The bonds are for the amount yet left in the 111,000,000 worth of bonds voted by the citizens of Nashville in 1925. the other
$600,000 having been practically exhausted. They will bear the date of
Nov. 11928, and will be in the denominations of $1,000 each. Sale is to
be to the bidder designating the lowest interest rate.
The bonds will mature as follows: $6,000 annually from 1929 to .1938;
$8,000 annually from 1938 to 1948; $10,000 annually from 1948 to 1953;
McCRACKEN COUNTY (P. 0. Paducah), Ky.-BOND OFFERING. 512.000 annually from 1954 to 1958: $14,000 annually from 1959 to 1963.
-Sealed bids will be received until Oct. 4 by the County Clerk, for the and $16,000 annually from 1963 to 1968.
purchase of a $200,000 issue of road bonds. (This is the last portion of an
NATCHITOCHES PARISH ROAD DISTRICT No. A-9 (P. 0.
original issue of $500,000).
Natchitoches) La.
-BOND SALE.
-The $45,000 issue of semi-annual
road bonds offered for sale on Sept. 19-V. 127, p. 1146
McMINNVILLE,Warren County,Tenn.
-was awarded to
-BOND SALE.
-The $25,000
issue of 5% coupon fire-engine and water main bonds offered for sale on the Hibernia Securities Co. of New Orleans. Dated Sept. 1 1928. Due
Sept. 24 (V. 127. P. 1708) was awarded to Caldwell le Co. of Nashville for from 1929 to 1948, Incl.
a premium of $380, equal to 101.52. a basis of about 4.88%. Denom.
NEENAH, Winnebago County, Wis.-BOND OFFERING.
-Sealed
$1.000. Dated Oct. 11928. Due on Oct. 1 1948.
bids will be received by H.S. Zenilock, City Clerk, until 5 p. m.on Oct. 5,
% coupon high school bonds.
-BOND SALE -An issue for the purchase of a a $350,000 issue of
McNAIRY COUNTY (P.O. Selmer), Tenn.
of $125,000 road bonds that was voted on Sept. 18 has been purchased by Denom. 81,000. Dated July 1 1928. Due on Jan. 1 as follows: $23.000.
1932 to 1941 and $24,000, 1942 to 1946, all inel. Prin. and int. (J. & J.)
Caldwell & Co. of Nashville for a premium of $250, equal to 100.20.
WARRANT SALE.
-At the same time the above company purchased payable at the office of the city treasurer. A $2,500 certified check must
accompany the bid.
a $6.000 issue of school house warrants at par.
MACOMB COUNTY (P. 0. Mt. Clemens), Mich.
-BOND SALE.
The two issues of coupon bonds aggregating *68.400 offered for sale on
Sept. 19-V. 127, P. 1558
-were awarded to the Citizens Savings Bank of
Mt. Clemens as 53% bonds, for a premium of $376.50, equal to 100.55
a basis of about 5.20%. The issues are divided as follows:
$63,000 lateral drain bonds. Due from May 1 1930 to 1943, incl.
5.400 lateral drain bonds. Due from May 1 1930 to 1935, incl.
MAHONING TOWNSHIP SCHOOL DISTRICT (P. 0. Lowell
vine, R. F. D.), Pa.
-BOND SALE.
-The $109,000 43.5% coupon school
-were awarded to the Peoples
bonds offered on Sept. 7-V. 127, p. 1146
Savings & Trust Co. of New Castle, for a premium of $175, equal to 100.16,
a basis of about 4.48%. lOne from Dec. 1 1929 to 1955. Incl.
MARICOPA COUNTY SCHOOL DISTRICT NO.80(P.O. Phoenix),
-The following shows the other bids sub-LIST OF BIDDERS.
Ariz.
mitted on Sept. 17, for the $15,000 issue of 53(7,, coupon school bonds
awarded to the U. S. National Co. of Denver.
-V.127, p. 1708
-at 100.31,
a basis of about 5.22%:
BidderRate. Price Bid.
Valley Bank of Phoenix
100.448
Peck-Brown & Co. of Denver
101.810
55
5307
Peck-Brown & Co. of Denver
100.07
U. S. National Co. of Denver
102.27
U. S. National Co. of Denver
105.13
MARION COUNTY (P.0. Marion),S. C.
-BOND SALE.
-The $325,000 issue of highway bonds offered for sale on Sept. 11-V. 127, p. 1283
was awarded to the Detroit & Security Trust Co. of Detroit, as 5% bonds.
Dated Sept. 1 1928. Prin. and int.(M.& S.) payable at the office of the
purchaser.
NEOSHO COUNTY SCHOOL DISTRICT NO. 84 (P. 0. Thayer),
Kan.
-BOND SALE.
-The 48,500 issue of 434% coupon school bonds
offered for sale on Sept. 17
-IL 127. p. 1558
-was awarded at par to local
banks. Dated Aug. 11928. Due from Feb. 1 1930 to 1938,incl. The only
other bidder was the Central Trust Co. of Topeka, offering par.
NEW MEXICO, State of (P. 0. Santa Fe).
-BOND SALE.
-The
$500,000 issue of highway bonds offered for sale on Sept. 25-V. 127, p.990
-was awarded to a syndicate composed of the Detroit & Security Trust
Co.; Boettcher & Co.; Bosworth, Chanute, Loughbridgo & Co., and Gray,
Emery, Vasconcells & Co., all of Denver, as 6% bonds, for a premium of
equal to 100.152, a basis of about 5.96%. Dated Oct. 1 1928 and
due on
$1,527'Oct. 11933.
NILES CENTER, Cook County, 111.
-BOND SALE.
-Two issues of
bonds, aggregating $200,000 have recently been purchased by Hill Joiner
& Co. of Chicago, for a 8900 premium, equal to 100.45, a basis of about
4.45%. The Issues aro divided as follows:
5165,000 434% water works building bonds. Due from June 15 1930 to
1948, incl.
35,000 434% garbage incinerator bonds. Due $2,000, 1930 to 1944, and
85,000 in 1945.
NOBLE COUNTY (P. 0. Perry), Okla.
-RATE
-MATURITY.
-The
/135,000 issue of road bonds that was purchased at par by the county sinking
fund.
-V. 127, p. 990
-bears interest at 5% and is duo in 1930.
NOLAN AND TAYLOR COUNTIES RURAL HIGH SCHOOL DISTRICT NO. 5 (P. 0. Sweetwater), Tex.
-BONDS REGISTERED:=On
Sept.17 the State Comptroller registered a $50,000 issue of 5% serialschool
purpose bonds.
NORDHOFF UNION GRAMMAR SCHOOL DISTRICT (P. 0.
MARSHALL TOWNSHIP SCHOOL DISTRICT (P. 0. Warrendale),
-BOND SALE.
-The $16,000 issue
-BOND .SALE.
-The $30,000 issue of 434% school bonds offered for Ventura) Ventura County, Calif.
Pa.
of 5% school bonds offered for sale on Sept. 18-V. 127. p. 1558
-was
sale on July 29-V. 127, p. 298
-has been awarded to A. B. Leach & Co.
of Philadelphia at a price of 100.60, a basis of about 4.44%. Dated July awarded to the First National Bank of Ventura, for a premium of $275.
equal to 101.718, a basis of about 4.75%. Dated Oct. 1 1928. Duo $1,000
1 1928. Due $1.000 from July 1 1929 to 1958, inclusive.
from Oct. 1 1929 to 1944, incl.
MASSACHUSETTS, State of (P. 0. Boston).
-BONDS RETAILED
The other bidders and their bids were as follows:
-The $4.000.000 4% Metropolitan District
IN NINETY MINUTES.
BidderPremium.
bonds that were awarded on Sept. 21 to a syndicate headed by Stone & U. S. National Dank
$266.00
Webster & Blodget, Inc., of New York at 101.036. a basis of about 3.98% Dean, Witter & Co
239.00
-were immediately re-offered for public subscription at Bank of A. Levy, Inc
-V. 127. p. 1708
238.00
prices to yield from 3.80 to 4.00% and were all disposed of it is stated, in Wm. IL Stoats Co
202.00
ninety minutes after the opening of the books.
Freeman, Smith & Camp Co
56.66
MAYFIELD HEIGHTS, Ohio.
-NOTE SALE.
-A $205,000 issue of
NORFOLK COUNTY (P. 0. Dedham), Mass.
LOAN.
6% street improvement notes has recently been awarded at par to McDonald -A temporary loan of $100,000 was awarded to -TEMPORARYDeposit
the Boston Safe
Callahan & Co. of Cleveland. Denoms. $1,000 and 55,000. Dated Sept. Co. of Boston at 4.80%, plus a premium of $1. Dated Sept. 25 1928.
15 1928. Due on Sept. 15 1929. Int, payable on M. & S. 15.
Due on Nov. 15 1928
MAYWOOD, Frontier County, Neb.-PRE-ELECTION SALE.
-A
NORTH EVANS FIRE DISTRICT (P. 0. Angola) Erie County,
$54,000 issue of funding bonds has been purchased by Wachob, Bender & N. Y.
-The $35,000 coupon apparatus and building bonds
-BOND SALE.
Co. of Omaha, prior to an election to held soon.
offered on Sept. 17-V. 127, p. 1558
-were awarded to Geo. B. Gibbons
& Co. of New York as 5% bonds, at a price of 100.41, a basis of about
-BOND OFFERING.
MEDINA COUNTY (P. 0. Medina), Ohio.
- 4.95%. Dated Sept. 11928. Due $1,750 from Sept.
1 1929 to 1948, incl.
Sealed bids will be received until 11 a. m. on Oct. 6, by L. F. Garver, (This corrects report of sale appearing
in V. 127, D. 1708).
Clerk of the Board of County Commissioners, for two issues of 5% bonds
aggregating $127,417.76 as follows:
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 7
587.617.76 road improvement bonds. Denom. $1,000, one for $617.76. (P. 0. Great Neck), N. Y.
-BOND OFFERING.
-Sealed bids will be
Dated Oct. 1 1928. Due on Oct. 1 as follows: 817,617.78 in received until 8.15 p. m. on Oct. 8 by William G. Genner, District Clerk,
1929: 517.000, 1930 and 1931 and S18,000, 1932 and 1933. A for the purchase of a $640,000 issue of 4,434cr43407 coupon or registered
82,000 certified check, payable to the County Treasurer, is school bonds. Denom. $1,000. Dated June 1 lon. Due $40,000 from
required.
June 1 1943 to 1958 incl. If low rate bid is acceptable the higher rate will
39,800.00 road improvement bonds. Denom. $1,000, one for $800. not be considered. Prin. and int. (J. & D.) payable in gold or its equivalent
Dated Sept. 15 1928. Due on Oct. 1 as follows; $3,800. 1929: at the Seaboard National Bank in New York. Bonds will be prepared
$4.000. 1930 to 1938. A $1,000 certified chock payable to under the supervision of the U. S. Mortgage & Trust Co. of New York.
the above treasurer, is required.
Approving opinion of Hawkins. Delafield & Longfellow of New York City
SHPT. 29 1928.]
FINANCIAL CHRONICLE
will be furnished. A certified check for 2% of the bid, payable to the
Board of Education, is required.
O'BRIEN COUNTY•
(P. 0. Primghar), Iowa.
-BOND SALE.
-The
$45,000 issue of annual primary road bonds offered for sale on Sept. 25
(V. 127, p. 1708) was awarded to the Iowa National Bank of Des Moines
as 43.4s for a premium of $180, equal to 100.40, a basis of about
4.43% •
Due from 1934 t 1942 inclusive. Optional after five years. The other
bids were as follows:
BidderPremium.
White-Phillips Co. of Davenport
$175.00
Geo. M. Bechtel & Co. of Davenport
170.00
OCEANSIDE,San Diego County,Calif.
-BOND SALE.
Issue of water system extension bonds that was approved-The$110,000
by the voters
on Aug. 31-V. 127, P. 1418
-has since been purchased by an unknown
Investor.
OLEAN, Cattaraugas County, N. Y.
-BOND SALE.
-The two issues
of coupon or registered bonds aggregating 9272.500, offered for sale on
Sept. 25-V. 127, p. 1418
-were sold to Harris, Forbes & Co. of New York
as
% bonds,for a premium of $133.50. equal to 100.48, a basis of
about
4.23%. The issues are described as follows:
$172,500 paving bonds. Due 911.500 from Oct. 1 1929 to 1943 incl.
100,000 bridge bonds. Due 95,000 from Oct. 1 1929 to 1948 incl.
OLMSTED FALLS, Cuyahoga County, Ohio.
-BOND OFFERING
-Sealed bids will be received until noon on Oct. 15, by A.F. Schuttenbergs
Village Clerk, for a $7,400 issue of 6% sidewalk, special assessment
bonds.
Denom. 9500, one for $400. Due on Oct. 1 as follows:
$1.500. 1931 to 1933 and $1,900 in 1934. Bids may be made91.000, 1930;
in a different
rate of interest than stated in a multiple of g of 1%. A certified
check for
10% of the bid, payable to the above treasurer, is required.
OMAHA, Douglas County, Neb.-BONDS
-At the
special election held on Sept. 25-V. 127. p. 856DEFEATED.
-the voters decisively
defeated on a referundum vote the proposal to issue $1,500,000 in
bonds to
Pay for extensions and improvements to the
system so that it could take care of natural gas municipal gas distributing
in the city. The vote was
approximately 31,000 "against" to 7,000 "favorable."
ORLANDO, Orange County, Fla.
-BONDS NOT SOLD.
000 of 5% refunding, series 13 bonds offered for sale on Sept. -The $135,26-V. 127 .13.
1709
-was not sold as all the bids were rejected. Dated Oct. 1
1928. Due
from Oct. 1 1931 to 1940, incl.
OWEN COUNTY (P. 0. Spencer), Ind.
-BOND SALE.
-The Wow
issue of 4g % Joseph Zink et al highway improvement bonds
offered for
sale on Sept. 5-V. 127, p. 1147
-was awarded to the Gosport State
of Gosport for a $21 premium, equal to 100.262, a basis of about Bank
4.45%.
Dated Aug. 15 1928. Due from 1929 to 1938. inclusive.
OXNARD,Ventura County, Calif.
-MATURITY
-BASIS.
000 issue of 4g% improvement bonds that was recently -The 940,purchased by
Redfield, Van Evera & Co. of Los Angeles at a price of
1559
-is due $2,000 from 1929 to 1948,incl., giving a basis 101-V. 127. p.
of about 4.63%•
PACIFIC COUNTY CONSOLIDATED SCHOOL DISTRICT
NO.
113 (P. 0. South Bend), Wash.
-BONDS OFFERED.
-Sealed bids
received by Elbert Pedersen, County Treasurer, until 9:30 a. m. on were
Sept.
28,for the purchase of three issues of coupon bonds, aggregating 921,000 as
follows: $15,000 refunding bonds, $3,500 school building bonds and
gymnasium bonds. Interest rate not to exceed 6%. Due in from $2,500
years and optional after 2 years. Principal and semi-annual int. 2 to 5
at the office of the County Treasurer or at the State Treasurer's payable
office in
Olympia. Bonds to be furnished by purchaser.
PALMETTO, Manatee County, Fla.
-BOND SALE-The two
of 6% bonds, aggregating $35.000, offered for sale on Aug. 21-V. issues
127, p.
856
-were awarded at par to the Barnett National Bank of
Jacksonville.
The issues are described as follows:
920.000 white way lighting bonds. Due 92,000 from May 1 1939 to
1948
incl.
15,000 water works bonds. Due $1,000 from May 1 1939 to 1953 incl.
PATERSON, Passaic County, N. J.
-BOND OFFERING.
bids will be received until 9:31) a. m. on Oct. 10 by Howard L. -Sealed
Bristow
Clerk of the Board of Finance, for two issues of 414% coupon or registered
bonds, aggregating $955,000 as follows:
9556,000 general improvement boucle. Due on Oct. 1 as follows:
$15.000,
1930 to 1950: $20,000, 1951 to 1961 and $21,000 in
399,000 school bonds. Due on Oct. 1 as follows: $10,000,1962. to
1930
19634
$15,000, 1964 to 1966, and 14 in 1967.
Denom. $1,000. Dated Oct. 1 1928. Prin. and int. (A. & 0.)
payable
at the City Controller office or at the Hanover National Bank in
New York
City. Hawkins, Delafield & Longfellow of New York City will
furnish
legal approval. A separate certified check for 2% of the bid, payable
to the
City is required.
No more bonds of each Issue will be sold than will produce a sum
authorized amount of such issue and an additional sum of lessequal
to the
91,000. Unless all bids are rejected each of said issues will be sold than
bidder or bidders complying with the terms of sale and offering to to the
pay not
less than the sum required to be obtained at the sale of
issue,
take therefor the least amount of bonds,commencing withsuchfirst and to
the
(stated in a multiple of 91,000); and if two or more bidders offer tomaturity
take the
same amount of such bonds, then to the bidder or bidders offering
to pay
therefor the highest additional price. The right is reserved to
reject all
bids and any bid not complying with the terms of this notice will be
rejected.
In addition to the amount bid the purchaser must _pay accrued
at the rate borne by the bonds from the date of the bonds to the interest
date of
payment of the purchase price.
Any bidder may condition his bid on the award to him of both of
said
issues, but in that case, if there is a more favorable bid for one
of such
Issues for which he bids, his bid will be rejected.
PENN TOWNSHIP SCHOOL DISTRICT (P.O. Butler),
Pa.
OFFERING.
-Zeno F. Henninger, Attorney, will receive sealed -BOND
bids until
10 a. m. on Oct. 13, for the purchase of a $40,000 issue of 4)4%
school bonds. Denom. $1,000. Dated Sept. 1 1928. Due on coupon
Sept. 1
as follows: $3,000, 1930 to 1942, and $1,000 in 1943. Optional after
Sept.
1 1939 Interest is payable semi-annually.
PERRY TOWNSHIP SCHOOL DISTRICT (P. 0. Evansville),
Vanderburg County, Ind.
-BOND SALE -The $40,000 issue of
bonds offered for sale on July 10-V. 127, p. 4121-has been 4% school
the Peoples Savings Bank of Evansville for a $50 premium,equalawarded to
a basis of about 3.97%. Dated July 1 1928. Due from Julyto 100.125,
1 1929 to
1938, inclusive.
PIQUA, Miami County, Ohio.
-BOND SALE.
-The four issues
bonds aggregating 965,339.88. offered for sale on Sept. 19-V. 127, of
P.
1418
-were awarded as follows:
$45,539.88 city's portion improvement bonds to the Title
Guarantee &
Trust Co. of Cincinnati as 4g% bonds, for a premium
of
$31.88. equal to 100.07.
14,500.00 city hall and fire department bonds, to A. E. Aub &
Co. of
Cincinnati as 4)4% bonds, for a premium of 9150, equal
to
101.034, a basis of about 4.65%. Dated March 1 1928.
Due
on March 1 1943.
4,000.00 5% public square improvement bonds, to local banks.
Due on
Sept. 1 1932.
1.300.00 5% fire apparatus bonds, to local banks. Due on Sept. 1
1931.
PLAINVIEW Hale County,Tex.
-BONDS REGISTERED.-A $98,000
issue of 5% serial refunding bonds was registered on Sept. 21 by
G. N.
Holton, State Comptroller.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT No. 2 (P.O.
-BOND SALE.
Bartow) Fla.
-We are now informed that the $65,000
Issue of 6% coupon school bonds that was unsuccessfully offered for sale
-has since been sold to the Brown, Crtunmer on
Jan. 27-V.125,P. 3674
of Orlando. Dated Jan. 1 1928. Due from Jan. 1 1931 to 1950, incl. Co.
PONTIAC, Oakland County, Mich.
-BOND SALE.
-The three issues
of bonds aggregating $340,000,offered for sale on Sept. 25(V. 127, p. 1709),
were awarded to a syndicate composed of the Union Trust Co., Braun,
Bosworth & Co., Joel Stockard & Co. and Lewis & Co.. all of Detroit,
for
1839
a premium of $70. equal to 100.02, a basis of about 4.36%. The issues are
described as follows:
3180.000 aviation landing field bonds as 43.15. Dated Aug. 1 1928. Due
$6,000 Aug. 1 1929 to 1958 Inclusive.
150,000 pavement bonds as 434s. Dated Aug. 1 1928. Due $10,000
Aug. 1 1928 to 1943 inclusive.
10.000 fire and police alarm bonds as 434,45. Dated June 1 1928. Due
31,000 June 1 1929 to 1938 inclusive.
Denom. $1,000. Principal and interest payable at the office of the City
Treasurer. The following is the official tabulation of the other bids:
BidderRate.
Premium.
Detroit & Security Trust Co. and Watling, Lerchen
& Hayes:
390.000 Aviation
4g %).
$132.00
4340:.
90,000 Aviation
150.000 Pavement
43.1 %
180.000 Aviation
434?:
3,385.00
150,000 Pavement
434%
1,015.00
10.000 Fire and Police Alarm
4%%
6.00
Stranahan, Harris & Oatis:
$180.000 Aviation
%.
4g%
150,000 Pavement
4g %
1,212.12
10,000 Fire and Police Alarm
434%
60,000 Aviation
4g%
120.000 Aviation
4g%
8.00
150,000 Pavement
43.1%
10,000 Fire and Police Alarm
4g%
180,000 Aviation
150.000 Pavement
1434%
3,264.08
10,000 Fire and Police Alarm
Griswold-First State Co. and Bankers Trust Co.:
9180,000 Aviation
150,000 Pavement
3,538.50
34)4%
10.000 Fire and Police Alarm
Bank of Detroit and A. B. Leach & Co.:
$180,000 Aviation
150.000 l'avement
1,360.00
14;4%
10,000 Fire and Police Alarm
180.000 Aviation
434%1
150,000 Pavement
374.00
431%
10,000 Fire and Police Alarm
43 %
,
1
Guardian Detroit Co.:
960.000 Aviation
4g%I
Aviation
60,000 A
132.00
4g%
60,000 Aviation
434%
150,000 Pavement
47.00
434%
,
10,000 Fire and Police Alarm
1.00
434%
First National Company:
9180.000 Aviation
150,000 Pavement
2,075.00
14g%
10,000 Fire and Police Alarm
Illinois Merchants Trust Co. and Ames, Emeri
& Co.:
$180,000 Aviation
1
150,000 Pavement
685.00
'434%
10,000 Fire and Police Alarm
I
PORT JERVIS, Orange County, N. Y.
-BOND OFFERING.
--Sealed
bids will be received by John F. Cleary, City Clerk, until 8 p. m.on Oct. 15
for the purchase of a $24.000 issue of 5% City Hall Addition bonds. Denomination $1,000. Dated Nov. 1 1928. Due $6,000 from May 1 1930
to 1933. incl. Prin, and semi-annual int. payable at the office of the City
Treasurer, A 9500 certified check must accompany the bid.
PORTLAND, Multnomah County, Ore.
-An issue of
-BOND SALE.
$102,979.55 6% improvement bonds was awarded on Sept. 19 as follows:
$99,000 jointly purchased by the Freeman. Smith & Camp Co. and George
H. Burr, Conrad & Broom, Inc., both of Portland. at bids ranging from
106.093 to 106.151. The remaining 93,979.55 was awarded to the City
Treasurer at par. The bonds mature in 10 years.
POUGHKEEPSIE, Dutchess County, N. Y.
-BOND OFFERING
CORRECTION.
-We are now informed that the 999.000 issue of 434 or
434% series 1928 refunding bonds to be offered for sale on Oct. 1 are due on
Oct. 1, as follows: $4,000, 1933 to 1956 and $3,000 in 1957. This corrects
maturity as given in V. 127, p. 1709.
PUTNAM COUNTY (P. 0. Ottawa), Ohio.
-BOND OFFERING.
Sealed bids will be received until noon on Sept. 29, by A. B. Bruskotter,
Clerk of the Board of County Commissioners, for the purchase of a $5.844.40 issue of 5% improvement, county's portion bonds. Dated Aug. 1
1928. Due on Nov. 1 as follows: 9644.40 in 1930 and $650 in 1931 to 1938.
Inclusive. Prin. and semi-annual int. payable at the office of the County
Treasurer. A $250 certified check, payable to the Treasurer, must accompany the bid.
BOND OFFERING.
-Sealed bids will be received at the same time and
Place by the above named Clerk, for the purchase of a $3,313.15 issue of
5% road improvement, county's portion bonds. Denom. $370. one for
$'353.15. Dated Aug. 1 1928. Due on Nov. 1 as follows: 9353.15 in
1930 and $370 from 1931 to 1938. inclusive. Prin, and semi-annual int.
Payable at the County Treasurer's office. A 9200 certified check, payable to the above Treasurer, is required.
RHEA COUNTY (P. 0. Dayton), Tenn.
-BOND OFFERING.
Sealed bids will be received until Sept. 29 by J. 0. McKenzie. Count,'
Judge, for the purchase of $200.000 issue of school bonds. These bonds
were recently voted.
READING, Berks County, Pa.
-BOND SALE.
-The 9100,000 issue
of 3)4% coupon or registered series A park and playground bonds offered
for sale on Sept. 26-V. 127. p. 1709
-was awarded at par to George D.
Horst of Reading. Dated Aug. 1 1928. Due $10,000 from Aug. 1 1929
to 1938 incl. No other bids were submitted.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-BOND OFFERING.
-Sealed bids will be received by Menan Well,Clerk of the Board of County
Commissioners. until 1 p.m. on Oct. 11,for the purchase of a 934,000 issue
of 534% road improvement bonds. Denoms. $1,000 and 91,500. Dated
Oct. 111928. Due 92.000 Apr. and Oct. 1 1930 to 1933 and $1.500. Apr
and Oct. 1 1934 to 1939. all incl. Prin. and int. (A. & O.) payable at the
office of the County Treasurer. A certified check for 3% of the bonds,
payable to the County Auditor, must accompany the bid.
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND OFFERING.
Raphael E. Dieclanann, County Treasurer, will receive sealed bide until
10 a. m. on Oct. 1, for the purchase of a $9,600 issue of 434% coupon road
bonds. Denom. am. Dated Sept. 4 1928. Due 980 from May and Nov.
15 1929 to 1938. incl. Interest is payable on May & Nov. 1.
ROCHESTER, Monroe County, N. Y.
-Sealed
-NOTE OFFERING.
bids 14111 be received by C. E. Higgins, City Comptroller. until 2.30 P. m.
(Eastern standard time) on Oct. 3, for the purchase of 8175.000 local improvement notes: 925.000 municipal land purchase notes: $625,000 school
construction notes: $325,000 transit subway notes; $35.000 municipal
aviation field notes and $10.000 Winton Road subway notes. All the
issues aggregate 91,195,000. All are dated Oct. 8 1928 and mature on
Dec. 8 1928. All notes were authorized within the past year. Payable
at the Central Union Trust Co. in New York City.
ROCKFORD SANITARY DISTRICT (P. 0. Rockford), Winnebago
County, 111.
-BOND SALE.
-The *500,000 issue of 4 g % sewer, series A
bonds offered for sale on Sept. 25-V. 127. p. 1709
-was awarded to the
Peoples Bank & Trust Co. of Rockford at a discount of $4,593.50. equal to
99.081, a basis of about 4.35%. Dated Sept. 1 1928. Due 925,900 from
Sept. 1 1929 to 1948 incl.
ROME, Oneida County, N. Y.
-BOND OFFERING.
-Sealed bids wil
be received until noon on Oct. 10 by Lynn C. Butts, City Treasurer, for
the purchase of two issues of coupon or registered bonds aggregating 9166,004) as follows:
9140.000 refunding water bonds. Due $10,000 from Oct. 1 1932 to 1945,
inclusive.
20,000 Fish Creek water bonds. Due $4.000 from Oct. 1 1929 to 1933,
Inclusive.
Interest rate is not to exceed 5%. Denom. $1.000. Interest rate is
to be stated in a multiple of one-tenth or g of 1% and is to be the same
for all the bonds. Prin. and int. (A. & O.) payable in gold or its equiva-
1
1840
FINANCIAL CHRONICLE
lent at the National Park Bank in New York City. Clay, Dillon & Vendawater of New York City will furnish the legal approval. A $3,200 certified check, payable to the City, must accompany the bid.
-Sealed
-BOND OFFERING.
SAGINAW, Saginaw County, Mich.
bids will be received until 10 a. m. on Oct. 2 by George C. Warren, City
Comptroller,for a $15,000 issue of 4X% sewer and water connection bonds.
Denom. $1,000. .Dated July 1 1928 Due $3,000 from July 1 1929 to
1933 incl. Prin. and int. (J. & J.) payable at the office of the City Treasurer. A certified check for 2% of the bonds, payable to the City Treasurer,
Is required.
-BOND OFFERING.
SAGINAW COUNTY (P. 0. Saginaw), Mich.
Sealed bids will be received until 12:S0 p. m. on Oct. 2 by George H. Sutherland, Chairman of the Board of County Road Commissioners, for a $30,000 issue of 434, 4X or 57, semi-annual highway improvement bonds.
Denom. to suit purchaser. Dated June 1 1928. Due from May 1 1930
to 1934 incl. The legal and printing expenses to be paid by purchaser.
Authority. Act 59, Public Acts of 1915, as amended.
[VOL. 127.
Instruction for the purchase ofa $25,000 issue of67,school bonds. Denom.
$1,000. Dated Nov. 1 1928. Due $1,000 from Nov. 1. 1931 to 1955,incl.
Prin. and semi-annual int. payable at the Chase National Bank in New
York City. The legal approval of a highly reputable bond attorney will be
furnished. A $500 certified check must accompany the bid.
-The $5,000
-BOND SALE.
SYRACUSE, Kosciusko County, Ind.
Issue of 6% coupon water plant bonds offered for sale on Sept. 18-V.
-was awarded to the Fletcher-American Co. of Indianapolis
127, p. 1419
for a premium of $3, equal to 100.60, a basis of about 5.83%. Dated
Sept. 15 1928. Due on Aug. 1 as follows: $750 from 1929 to 1932 and
$1,000. 1933 and 1934. No other bids were submitted.
-Sealed
-BOND OFFERING.
TAMAQUA, Schuylkill County, Pa.
bide will be received by Henry Kellman, Borough Secretar6, until 10 a. m.
% water works
on Oct. 9, for the purchase of an issue of $100,000
bonds. Denom. $1,000. Dated Oct. 1 1928. Due on Oct. 1 1948, and
optional after Oct. 1 1933. Interest payable on April and October 1.
-The
-BONDS REGISTERED.
TEXAS, State of (P. 0. Austin).
-BOND OFFERING. following issues of bonds were registered by G. N. Holton, State CompSAINT CLAIRSVILLE, Belmont County, Ohio.
troller, during the week ending Sept. 22:
-Sealed bids will be received by Buena Nikolaus, Village Clerk, until noon
Maturity. Rate.
Purpose.
Place.
Amt.
on Oct. 20. for the purchase of a $5,500 issue of 6% fire engine bends.
Serial
5
Ind. School District
Carrollton
Denom. $500. Dated June 1 1928. Due on Oct. 1 as follows: $500 from
1,100 Collingsworth County Cons. Sch. Dist. No.20 10-20 yrs. 5
1929 to 1936 and $1,500 in 1937. Auth.: Sect. 3939, General Code of Ohio.
5
Cons.Sch. Ditt. No.17 Serial
2,000 Kaufman County
payable to the Village Treasurer, is required.
A certified check for 10%.
5
Cons.Sch.Dist. No.11 Serial
5,000 Taylor County
Cons. Sch. Dist. No.18 10-20 yrs. 5
- 0, 2.500 Tr nity County
-BOND OFFERING.
SALUDA COUNTY (P. 0. Saluda), S. C.
Cons. Sch. Dist. No.30 Serial
5 0
3,500 Travis County
Sealed bids for the purchase of a $50,000 issue of coupon highway bonds
-BOND OFFERING.
will be received until 11 a. m. on Oct. 3, by Jeff D. Griffith, Secretary of
TRUMBULL COUNTY (P. 0. Warren), Ohio.
the Highway Commission. Interest rate is not to exceed 5%. Denom. -Sealed bids will be received until 1 p.m. on Oct. 1 by David H. Thomas,
$1,000. Dated Aug. 1 1928. Due $25,000 on Feb. 1 1944 and 1945. Clerk of the Board of County Commissioners, for three issues of 4%
Prin. only of bonds may be registered. Int. rate is to be stated in a mul- bonds. aggregating $225,700 as follows:
tiple of X of 1% and is to be the same for all the bonds. Prin. and int. $143,500 road bends. Denom. $1,000, one for $500. Due $8,500 on April
(F. 8c A.) is payable in gold in New York. Reed, Hoyt & Washburn of
and $8,000 on Oct. 1 1929. $8,000 April and $7.000 Oct. 1 1930
New York City will furnish legal approval. A certified check for 2% of
and $7,000 April and Oct. 1 1931 to 1938,incl. Auth. Sect. 6929,
the bid, payable to the County, is required. (These bonds come under
General Code of Ohio.
the South Carolina Reimbursement Agreement.).
73,100 road bonds. Denom. $1.000. one for $100. Due $3,100 on April
and $4.000 on Oct. 1 1929, $4,000 April and Oct. 1 1930 to 1935
-The for
-BIDDERS.
Calif.
SAN FRANCISCO (City and County),
and $3,000 on April and Oct. 1 1936 to 1938. Same authority
lowing is an official tabulation of the bids received on Sept. 17 for the
as given above.
$4,000.000 issue of 4X % coupon or registered Hetch Botchy bonds awarded
9,100 bridge bonds. Denom. 91,000, one for $100. Due $100 on April
to a syndicate headed by R. H. Moulton & Co. of San Francisco (V. 127.
and 51.000 Oct. 1 1929 and $1,000 April and Oct. 1 1930 to 1933.
:
P. 1709). at 101.79. a basis of about 4.39%
Auth.: Section 1223. General Code of Ohio.
Price Bid.
BidderDated Oct. 1 1928. A different rate of interest stated in a multiple of
London Paris Co.-Anglo London Paris Co., First
Anglo
(of 1% is permissible. Principal and int. A. & 0.) payable at the office
Nat. Bank. N. Y., Bank of Italy, N. T.& S. A., Eldredge
of the County Treasurer. Legal opinion to be furnished by the purchaser.
& Co., the Detroit Co., Inc., Kissel, Kinnicutt & Co., and
each issue, payable to Frank F.Musser,County
A $1,000 certified check,
$4,047,964.00 Treasurer, is required. on
Redmond & Co
-William R.
William R. Compton Co., Syndicate Managers
-The
-BOND SALE.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
Compton Co., Stone & Webster and Blodget. Inc., Estethree issues of 411% bonds aggregating $97,800, offered for sale on Sept.
brook & Co., Dewey, Bacon 8c Co., Northern Trust Co.
4,042,760.00 21-V. 127, p. 1560
-were awarded to Stranahan, Harris & Oatis, Inc.,
and Curtis & Sanger
-By Blyth, Witter
of Toledo. The three original issues were as follows:
Guaranty Co.of New York and Associates
& Co.. agents (bid for a portion, $2,000,000. maturing
and $2,000,
2,033,000.00 $38.500 West River road bonds. Due as follows: $2,500, April incl., and
$50,000 due annually)
1938-77.
Oct. 1 1929: 62.000, April and Oct. 1 1930 to 1937,
-Halsey, Stuart
Halsey, Stuart & Co., Syndicate Managers
$1,000. April and Oct. 11938.
& Co., Inc., E. H. Rollins & Sons, A. G. Becker & Co.,
33,800 Newton Falls County Line road bonds. Due as follows: $2,800.
Geo. B. Gibbons & Co.. R. W. Pressprich & Co., F. L.
April 1, and 92,000, Oct. 1 1929: $2,000, April and Oct. 1 1930 to
4,046.000.00
Putnam & Co., and Crocker First Company
1934, incl.; $2,000, April and $1,000, Oct. 1 1935, and $1,000.
-Lehman Bros.. Kountze Bros., GuarHeller, Bruce & Co.
April and Oct. 1 1936 to 1938, incl.
Parsons & Co.
dian Detroit Co., Pulleyn & Co., Graham,
25.500 Newton Falls Southington Smith road bonds. Due as follows:
Howe. Snow & Co., R. N. Schmidt & Co., Mississippi
$2,500, April, and $2,000, Oct. 1 1929; $2,000, April and Oct. 1
Co., Dean Witter & Co.,
Valley Trust Co. Wells. Dickey
1930: 62,000, April and $1,000, Oct. 11931, and $1,000. April and
Trust Co., Bond & Goodwin & Tucker.
Anglo-California'
Oct. 1 1932 to 1938, Incl.
Inc., Wells Fargo Bank & Union Trust Co. and Heller,
Dated Sept. 1 1928. Principal and interest payable at the office of the
4,050.111.00
Bruce & Co
County Treasurer.
-Old Colony Corp.,
The National City Co. (Managers)
road bonds was awarded with the above
A fourth issue
Kean,Taylor & Co., Sinclair Wallace, Wm.Cavalier & Co., 4,045,999.60 named issues; allof 516.000 4% premium of $523.48, equal to 100.46, a
four bringing a
R. E. Campbell & Co., E. R. Gundelfinger, Inc
basis of about 4.65%.
-The
-BOND SALE.
SCHUYLERVILLE, Saratoga County, N. Y.
TUCKER CONSOLIDATED SCHOOL DISTRICT (P. 0, Tucker),
issue of 5_7 registered improvement bonds offered for sale on Sept. De Kalb County, Ga.-PURCHASER.-We are now informed that the
$14,000
-V. 127_, to.
° -was awarded to the National Bank of Schuylerville 828.000 issue of 5X% school bonds that was reported sold.
27-V. 127. D. 1710
for a premium of $245, equal to 101.75, a basis of about 4.53%• Dated 1710
-was purchased by the Robinson-Humphry Co. of Atlanta. Due
Oct. 11928. Due on Oct. 1 as follows: 81,000„1929 to 1932; $3,000, 1933 from Dec. 1 1929 to 1947, incl.
Geo. B.
and 1934 and 94,000 in 1935. The other bids were as follows: Buffalo
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Belleville), Pa.
Gibbons & Co. of New York 100.07. and the Peoples Trust Co. of
BOND SALE.
-A 913,000 issue of 4% school bonds was recently awarded
100.03.
at par to local Investors. Due la 1958 and optional in 1933.
-Two
SCOTTSBLUFF, Seottabluff County, Neb.-BOND SALE.
VALLEY COUNTY SCHOOL DISTRICT No. 1 (P. 0. Glasgow)
Issues of 4X% bonds have recently been purchased by the Omaha Trust
-The $35,000 issue of school bonds offered for sale
-BOND SALE.
Co. of Omaha for a premium of $325, equal to 100.377. The issues aggreg- Mont.
-was awarded to the State of Montana al;5%
on Sept. 25-V. 127, p. 1419
ate $86.000 as follows:
bonds, at par. Dated June 30 1928.
district paving bonds Due serially.
$56,000
years.
30.000 intersection paving bonds. Due in 10
VANCE TOWNSHIP (P. 0. Fairmount), Vermilion County, Ill.
BOND SALE.
-A $60,000 Issue of 57 road bonds was recently purchased
SEATON SCHOOL DISTRICT (P. 0. Seaton), Mercer County, by the H. C. Speer & Sons Co. of Chicago. Due $6,000 from 1933 to
%
-A $30,900 issue of 4j school bonds has been pur- 1942, inclusive.
111.
-BOND SALE.
chased by the White-Phillips Co. of Davenport. Due in 1938.
VIRGINIA BEACH, Princess Anne County, Va.-BOND SALE.
-On The 525.000 issue of 5X% water bonds offered for sale on Sept. 24SHELBYVILLE, Shelby County, Ky.-BOND ELECTION.
Oct. 13, a special election will be held in order to have the voters pass upon V. 127, p. 1710
-was awarded to Metter & Co. of Norfolk. Due in 20
arosition to issue $150,000 in bonds for the construction of a new grade years. It is reported that $5,000 of the issue will be set aside for general
school.
Improvements.
-The follow-LIST OF BIDDERS.
-TEMPORARY LOAN.
VISALIA, Tulare County, Calif.
SOMERVILLE, Middlesex County, Mass.
National ing is a list of the other bidders submitting tenders on Sept. 17, for the
A $200,000 temporary loan was purchased on Sept. 24 by the First
850.000 5% semi-annual improvement bonds awarded to R. H. Moulton
Boston at a 4.725% discount. Due on Mar. 15 1929.
Bank of
-V. 127, p. 1710
-at 103.406, a basis of about
& Co. of San Francisco.
-The 4.57%:
-BOND SALE.
SOUTHAMPTON, Suffolk County, N. Y.
Prem.
bonds offered for sale on "Sept. 26Bidder$70,000 issue of 5% county highway
$1,555
-was awarded to Roosevelt & Son of New York at a price Bank of Italy
V. 127. p 1559
1.454
4.59%. Dated Oct. 1 1928. Due $7,000 from Detroit Co
of 101.90. a basis of about
1,419
Dean Witter & Co
Apr. 1 1929 to 1938 incl.
1,269
Weeden & Co
1,228
STAMFORD SCHOOL DISTRICT (P.O. Stamford), Jones County, E. II. Rollins & Sons
1.141
-Sealed bids will be received until 8 p• m• Heller, Bruce & Co
-BOND OFFERING.
Texas.
818
of the Board of Educaion, for the Wm. R. &eats & Co
on Oct. 2 by N. S. Holland, Secretary
purchase of a $65,000 issue of 5% school bonds. Denom. $1,000. Dated
-A $24,000 Issue
-BOND SALE.
WARREN, Jo Daviess County, III.
91.000 from 1929 to 1943 and $2,000from 1944 to 1968,
Aug. 11928. Due
all inclusive. Prin. and semi-annual int, payable at the State Treasurer's of 4g% water works bonds has been purchased by the White-Phillips Co.
office or at the Hanover National Bank in N. Y. City. A certified check of Davenport.
for 5% is required.
-BOND SALE.
WARREN COUNTY (P. 0. Williamsport), Ind.
-The two The $11.000 issue of 5% road bonds offered for sale on Sept. 25-V. 127,13•
-BOND SALE.
STARKE COUNTY (P. 0. Knox), Ind.
22-V.127
-was awarded to the Farmers Bank of West Branch for a premium
Issues of5% coupon bonds aggregating $11,730, offered on SeptIndianapolis 1560
of $68.92. equal to 100.626. a basis of about 4.94%. Due $550 on May and
-were awarded to the Fletcher Savings & Trust Co.of
p. 1710
The Nov. 15 1930 to 1939 incl.
for a premium of $49.40, equal to 100.421, a basis of about 4.92%
Issues are as follows:
incl.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0
$7,430 road bonds. Due $371.50 on May and Nov. 15 1930 to 1939
-BOND SALE.
-The $123,734 issue of
Toledo), Lucas County, Ohio.
Prem. $37.70.
-was
Nov. 15 1930 to 1939 Incl. school building bonds offered for sale on Sept. 21-V. 127, p. 1419
4,300 road bonds. Due $215 on May and
awarded to Ryan, Sutherland & Co. of Toledo as 4I7 bonds, for a prePrem. $11.70.
Investment Co. mium 0[91,639,equal to 101.324, a basis of about 4.68%. Dated Sept. 1
The only other bidder for the issue was the J. F. Wild
1928. Due on May and Nov. 1 from 1929 to 1948, inclusive.
ffering $1 premium on each issue
-The
-BOND SALE.
WATERBURY, New Haven County, Conn.
-A $7,500 issue of 5%
-BOND SALE.
SUMMIT, Cook County, 111.
of coupon or registered bonds aggregating $550.000, offered for
Co. of two
refunding bonds has been purchased by the Wm. R. ComptonDue on sale issues
-were awarded to Stephens & Co. of
on Sept. 21-V. 127. p. 1560
Chicago. Denoms. $1,000 and $500. Dated Jan. 15 1928.
New York at a price of 100.775, a basis of about 4.22%. The issues are
July 15 as follows: $500 in 1935 and $1,000 from 1936 to 1942, inclusive. described as follows:
4l7 water bonds. Due $10,000 from July 15 1929 to 1958, 1nel.
SUNFLOWER COUNTY SUPERVISORS ROAD DISTRICT NO. 3 $300.000 4 % sewerage bonds. Due from July 15 1930 to 1942, incl.
250.000
-A $75.000 Issue of 57, road
-BOND SALE.
(P. 0. Indianola), Miss.
-The above bonds are now being ofBONDS OFFERED TO PUBLIC.
bonds has been purchased by the Hibernia Securities Co.Inc., of New
4.10% on
for public
Orleans. Denom. $1,000. Dated July 2 1928. Due on July 2 as follows: fered by the purchaserare reputedinvestment at prices to yield
to be legal investment in New York,
all all maturities. They
1949 to
62,000, 1929 to 1933: $3,000, 1934 to 1948 and $4,000, National1953, in Massachusetts, and Connecticut for savings banks and trust funds.
Bank
Prin. and int. (J. & J. 2) payable at the Hanover
incl.
New York City.
-A $31,000
-BOND SALE.
WAUKON, Allamakee County, Iowa.
4 X% funding bonds has been purchased by the Waukon State
SUWANNEE COUNTY SPECIAL TAX SCHOOL DISTRICT No. 3 Issue of Dated June 11928. Due on May 1 as follows: 56,000 from 1929
-Sealed bids will be received Bank.
-BOND OFFERING.
(P. 0. Live Oak) Fla.
until noon on Oct. 16, by T. W. Sweat, Secretary of the Board of Public to 1932 and $7,000 in 1933.
SHPT. 29 1928.]
FINANCIAL CHRONICLE
WAWAYANDA COMMON SCHOOL DISTRICT NO. (P. o. New
Hampton), Orange County, N. Y.
-BOND SALE.
-The $15,000 issue
of 4X% coupon school bonds offered for sale on Sept. 21-V. 127, P. 1560
-was awarded to the Merchants National Bank of Middletown for a
premium of $75.50. equal to 100.503, a basis of about 4.67%. Dated
Oct. I 1928. Due $1,000 from Oct. 1 1929 to 1943, incl. The only other
bid was an offer of par tendered by Geo. B. Gibbons & Co. of New York.
WAYNE COUNTY (P. 0. Jesup), Ga.-BOND SALE.
-Two issues of
road bonds, aggregating $60,000 have recently been awarded as follows:
$40,000 to the sluicing fund and $20,000 to the Brunswick Bank & Trust
Co. of Brunswick.
WAYNE COUNTY (P. 0. Richmond), Ind.
-BOND SALE.
-The
$.30.000 issue of 4% coupon court house repair bonds offered for sale en
Sept. 22-V. 127, p. 128:6
-was awarded at par to the Dickinson Trust
Co. of Richmond. Dated July 1 1928. Due as follows: $1,500, July 1
,
1929; $1,500, Jan. and July 1 1930 to 1938. incl., and $1,500, Jan. 1 1939.
1841
YOUNG AMERICA TOWNSHIP(P.O. Hume),Edgar County,Ill.
BOND SALE.
-A $77,000 issue of 5% road improvement bonds has been
purchased by T. A. Worley & Co. of Chicago.
CANADA, its Provinces and Municipalities.
BARFORD TOWNSHIP (P.O. Coaticook), Que.-BOND OFFERING
-Sealed bids will be received by E. Gerin, Secretary-Treasnrer. until 8
p. in. on Oct. 1 for the purchase of a $14,000 issue of 5% semi-annual
improvement bonds. Dated Sept. 1 1928. Due serially in 40 years.
BRANDON SCHOOL DISTRICT (P. 0. Brandon), Manitoba.
BONDS NOT SOLD.
-The $125,000 issue of 5;4% school bonds offered on
Sept. 15-V. 127. p. 1286
-was not sold as the bids were all rejected. The
school board has decided to defer the sale for a few months. Due in 1956.
WEST GATES WATER DISTRICT (P.0. Rochester) Gates, Greece
and Ogden, N. Y.
-BOND OFFERING.
-Sealed bids will be received at
BR1DGEBURG, Ont.-BOND OFFERING.
-Sealed bids were received
the office of Webster & Smith, 303 Wilder Bldg., Rochester, until 2 p. m.
on Oct. 3, by Martin Dodd, member of the Board of Water Commissioners, until 7.30 p. in. on Sept. 28, by A. S. Jackson, Town Clerk, for the purfor an $18,000 issue of coupon or registered, Wegman Road Ext. bonds. chase of two issues of bonds aggregating $102,432 as follows:
Int. rate is not to exceed 6%. Denom. $1,000. Dated Sept. 1 1928. Due $77,432 local improvement bonds. Due in 15 years.
25.000 5% high school bonds. Due in 30 years.
$1,000 from Mar. 1 1931 to 1948 incl. Prin. and int. (M. & S.) payable at
the Bank of Spencerport. Clay, Dillon & Vandewater of New York will
furnish legal approval. A $1,006 certified check, payable to the Water
BRITISH COLUMBIA (Province of)
-BOND SALE.
-A special
Commissioners, is required.
dispatch to the Wall Street "Journal" of Sept. 27 reports that the Province
has sold $6,000,000 bonds at a rate of 4.91% to a syndicate including the
WEST PALM BEACH, Palm Beach County, Fla.
-BONDS RE- Canadian Bank of Commerce, the Dominion Securities Corp.. Wood,
DEEMABLE.
-W.D. Bradford, City Treasurer, has announced that there Gundy & Co., A. E. Ames & Co. and a New York City firm. The news
is $236.720 available at the Hanover National Bank and the Guaranty report goes on to state:
This is the first sale in years in which the Province did not call for public
Trust Co. in New York City to pay the principal and interest of the bonds
tenders. Plan was adopted due to the condition of the bond market and the
that fall due on Oct. 1.
prevailing high prices at public tenders.
Of the bonds $4,000.000 is to refund maturing treasury certificates and
WICHITA,Sedgwick County, Kan.
-BOND SALE.
-The issue ofcou- $2,000000 to refund short-term Pacific Great Eastern Ry. and University
pon bonds, aggregating $337,162.26, offered for sale on Sept. 24-V.127, p. of British Columbia building bonds.
1711-were awarded as follows:
$153,684.75 4 % paving and sewer bonds to the Prescott, Wright, Snider
GRAND MERE, Que.-BOND OFFERING.
-Sealed bids will be reCo.of Kansas City at a price of 100.605,a basis ofabout 4.37%.
5 p. m. on Oct. 1
A. Desilets, Secretary-Treasurer, for the
Denoms. $1,000 and one for $684.75. Dated Sept. 1 1928. ceived untila $50,000 issue of 5ysemi-annual improvement
purchase of
bonds. Dated
Due in from 1 to 10 years.
Sept. 1 1928. Due serially in (1 years.
29,000.00
% bridge bonds to the Prescott. Wright, Snider Co.
Kansas City at a price of 100.605, a basis of about 4.37%.of
MIDDLESEX COUNTY(P.O. London), Ont.-BONDS NOT SOLD.Denom. $1,000. Dated Sept. 1 1928. Due in from 1 to 10
Two issues of 507 bonds aggregating $132.'748.50 were unsuccessfully ofyears.
104,477.51 4% internal improvement bonds to the above named firm fered for sale on Sept. 19 as all the olds were rejected. The issues are as
at a price of 98.163. a basis of about 4.36%. Denoms. follows: $84,000 improvement bonds and $48,748.50 improvement bonds.
$1,000, $500, one bond for $460.57, one for $733 and one for
$783. Due in from 1 to 10 years. Dated Mar. 1 1928.
NORTH VANCOUVER, B. C.
-BOND SALE.
-An issue
50,000.00 4;4% market house and exhibition building bonds to the State 5% improvement bonds has recently been purchased by of $40,282.10
an unknown
School Fund Commission at par. Denom. $1,000. Dated investor. Due in 1943.
Sept. 1 1928. Due in from 1 to 10 Years.
45,334.18 4% eg,_ Central Avenue paving bonds were not sold. Denoms.
ONTARIO (Province of).
-NOTE SALE.
-The "Wall Street Journal"
$1.000 and one for $334.18. Dated Sept. 1 1928. Due in
of Sept. 26 states that the Province has sold a $10,000.000 issue of one-year
from 1 to 18 years.
treasury notes in London on a 5.118% basis. The Wall Street "Journal"
WILLACY COUNTY ROAD DISTRICT NO. 3 (P. 0. Raymond- commented on the sale as follows:
Sale
of $10.000,000 one-year treasury note in
-BONDS ,REGISTERED.
ville), Tex.
-A 8220,000 issue of 5%% serial Londonby Province of Ontario first sale
on a 5.118% basis is the
by Ontario in England since 1905.
road bonds was registered on Sept. 19 by the State Comptroller.
One banker says it simply shows that the London market is again decidedly cheaper than that of New York, where he estimates it would have
WILLIAMS COUNTY SPECIAL SCHOOL DISTRICT NO, 90 cost 534% to make the flotation. If the New York market continues
(P. 0. Williston), N. Dak.-CERTIFICATE OFFERING.
-Sealed bids tight, as it seems likely to do in his opinion, he expects further Canadian
will be received until 2 p. m. on Sept. 29. by Ed. A. Tuftedal, District flotations will find their way to London, where funds are freer.
Clerk, for the purchase of a $12,000 issue of certificates of indebtedness.
There is a report that hitherto the Bank of England has frowned on
Due on March 1 1929. A certified check for 2% of the bid is required.
Canadian financing, presumably to preserve English free funds for domestic
trade demands. The present loan, placed through the instrumentality of
WINCHESTER SCHOOL DISTRICT (P. 0. Winchester) Adams the Bank of Montreal,is thought to indicate either a change of front by the
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received until Bank of England authorities or the presence of sufficient surplus funds in
noon on Oct. 11, by McPherson Purdy, Clerk of the Board of Education, the London market beyond the bank's control. In either case, it is befor a $50,000 issue of 5% coupon school bonds. (Bonds will be sold at lieved further Canadian financing may be expected in London, both by
7:30 p. in.). Denom. $1.000. Dated Sept. 15 1928. Due $2,000 from Ontario and other provinces. The present Ontario sale is understood to
Sept. 15 1929 to 1953, incl. Bids will be accepted at a different rate of bit, epresent the balance of the year's financing which had been withheld to
ry to secure a better price.
stated in a multiple of yi of 1%. Principal and int.(M. & S.) Payable at
the Winchester Bank Co. of Winchester. A $1,000 certified check, payable
to the above clerk, must accompany the bid.
ONTARIO COUNTY (P. 0. Whitby), Ont.-BOND OFFBRINO.Sealed bids will be received until noon on Oct. 1 by E.A. McKay,County
Treasurer, for the purchase of a $200,000 issue of 5Yi% semi-annual county
WOBURN, Middlesex, Mass.
-TEMPORARY LOAN.
-A temporary
loan of $150,000 was awarded to the Old Colony Corp. of Boston at a dis- bonds. Due in 5 years.
count basis of 4.92%. Due on Jan. 28 1929. Other bidders were as follows:
Shawmut Corp. 4.93%; Salomon Bros. & Hutzler, 4.94%. plus
POINT GREY, B. C.
-BOND SALE.
-An issue of 6177,067.54 5%
$2 00;
Bank of Commerce & Trust Co..4.985%.
rmprevement bonds was purchased by an unknown investor during July.
Due in 1958.
WOLF POINT, Roosevelt County, Mont.
BOND SALE.
-A $96,852.19 issue of 5% local improvement bonds was
-BOND SALE.
-A $51,000
issue of 5 % refunding bonds has oeen purchased by Benwell &
Co. of also disposed of in July. Due in 1938.
Denver. Dated Sept. 1, 1928.
PRINCE GEORGE, B, C.
-BOND SALE.
-An $18,000 issue of 534%
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND SALE.- electric light extension bonds has been purchased by an unknown investor.
The $255,000 coupon road bonds offered for sale on Sept. 21-V. 127, p. Due in 1943.
1419-were awarded to Stranahan, Harris & Oatis of Toledo as 43(%
bonds for a premium of $867. equal to 100.34, a basis of about 4.71%.
REVELSTOKE,B. C.
-BOND SALE.
-A $25.000 issue of 5% improveDated Sept. 1 1928. Due on Mar. and Sept. 1 1930 to 1934 incl. The ment bonds has recently been disposed of. Due in 1948.
names of the other bidders for the bonds were as follows: Seasongood &
Mayer; Arthur Hoefinger & Co.; Provident Savings Bank & Trust
VICTOR1AVILLE, Que.-BOND OFFERING.
Co.:
-Sealed bids will be
Continental National Co.; Detroit & Security Trust Co.; First
noon on Oct.
W. Fortier.
Co.; Braun, Bosworth & Co.: the Herrick Co. and Spitzer, Rorick National received until875,000 issue 1 by semi-annual Secretary-Treasurer, for the
& Co.
purchase of a
of 5%
improvement oonds. Dated
Sept. 1 1928. Due serially in 40 years. Payable at local bank.
YEMASSEE SCHOOL DISTRICT (P. 0. Yews
) Beaufort
-BOND SALE.
County, S. C.
-The $28,000 issue of school bonds
WRIGHT TOWNSHIP (P. 0. Wright), Que.-BONDS NOT SOLD.
offered for sale on May 8-V.126, p. 2856
-was awarded to the South The $40.000 issue of 5%% improvement bonds offered on Sept. 4-V. 127,
Carolina National Bank of Charleston. Due from 1930 to 1948. incl.
-was not sold as no bids were received for the issue.
p. 1286
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223 Pacific.Southwest Bldg.
PASADENA, CALIFORNIA
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
120 SOUTH LA SALLE STREET
LOUISVILLE KY.
CHICAGO
BUFFALO
Founded 1885
A. J. WRIGHT & CO.
Members New York Stock Exchange
Western New York and Canadian
Mining Securities
Local Stocks and Bonds
Bought and Sold on a Brokerage Basis Only
BUFFALO, NEW YORK
•
ALABAMA
& SON
J. J. B. HILLIARDExchange
Members New York Stock
Bonds
Louisville Securities
investment
412 W. Jefferson St., LOUISVILLE,KY.
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
@FedFRASER