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The
uniturrri31
financial
runtde
INCEUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
SATURDAY, SEPTEMBER 3 1927.
VOL. 125.
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The Financial Situation.
There have been no startling changes in stock
market operations during the past week, except to
persons who have been looking for another collapse
like the two severe breaks early in August. This
has not come. Indeed, yesterday the market was
fairly buoyant. Trading has become normal in volume at and around 2,000,000 shares daily. The industrial average has gained slightly during the
week, making several new highs, while the railroad
average, after at first declining,.has also again begun to climb up. Bonds have held practically the
same level, at the highest point in fifteen years.
Call money has remained constantly at 3 %, a
/
1
2
rather vivid indication of the extreme ease of money
conditions; even the month-end requirements and
the approach of the crop moving season did not suffice to change the rate. The market was subjected
to something of a bear raid on Wednesday, but, as
has been the case in all recent attacks of this kind,
it was overwhelmed by buying orders.
There have been a number of prominent bond
issues this week. On Monday a syndicate composed
of Kidder, Peabody & Co., Lee, Higginson & Co., and
Harris, Forbes & Co., Inc., offered 30,942,000 Boston
& Maine Railroad 1st 5s, series "AC," 1967, at 93%,
yielding 5.41%. These bonds were snapped up and
immediately went to a premium. On Tuesday a
large syndicate headed by tilt Chase Securities Corporation, Blair & Co., Inc., and Ernesto Tornquist
& Co., Ltdx., offered $40,000,000 Government of Argentina external gold 6s, 1960, at 99%, yielding over
6%. On the same day a syndicate headed by Otis &
Co. offered $12,000,000 Iowa-Nebraska Light &
Power 1st and refunding 5s, 1957, at 961 yielding
26,
over 5.20%, and on Wednesdify a syndicate com-
Bank and Quotation Section
Bankers' Convention Section
NO. 3245.
posed of Halsey, Stuart & Co., Inc., Edward Lowber
Stokes & Co. and Hambleton & Co. offered $17,000,000 New York New Haven & Hartford Railroad 6s,
1930, on a basis to yield 4.50% to the first call date,
March 1 1928.
The Boston & Maine and New Haven issues, coming in the same week, call attention to the very
rapid improvement in the New England railroad situation which has taken place since the period of
Government operation, when money was advanced
by the Government to these roads at 6%, which has
only currently been refinanced in part through
these issues. These railroads both suffered the
shock of the criticism contained in the report of the
Storrow Committee in June 1923, which followed an
intensive study of the situation extending over many
months at the insistence of the Governors of the
New England States. This report analyzed railroad
operations from a broad point of view and made
many stinging criticisms that were at that time
thought to be academic and somewhat absurd as
pointing towards an impossible goal.
The roads have had the good fortune of coming
into the hands of men who aceepted this report, not
as something to be sneered at, but as a challenge, and
under their administration these roads have not only
achieved the apparently ideal ratios indicated in
the report, but in some cases have passed them.
These executives have been engaged in dealing with
railroad operations in a territory where gross revenues have not tended to grow rapidly. They have
been carving net income out of expense account and
they have surpassed the hopes of the most sanguine.
Both roads have rapidly advanced to positions of
great strength, regaining the prestige which it was
supposed had been lost forever, and in addition have
the prospect of still better things to come. The congestion of 1920, which fairly prostrated all New
England activities, is a thing now long forgotten.
The situation of cotton has again been sufficiently
conspicuous to be a factor in the security markets,
prices advancing sharply to a new high level. Cotton at 22@23c. a pound is now selling for nearly
twice the price of last December, and the planters
of cotton in the South cannot fail to be benefitted
by the wonderful transformation. This, of course,
will be offset to some extent because of the smaller
crop, but the calamity which then seemed probable
has not only been averted, but the present promise
is for exceptional prosperity for the South, so far
as it is dependent upon cotton.
It will be recalled that at the time of the collapse
great pressure was brought upon President Coolidge
to call an extra session of Congress to deal with
what was regarded as an approaching
calamity.
1228
THE CHRONICLE
The wisdom of the President in refusing to do this,
is now clearly manifest. What he did do was to set
in motion the existing agencies of the Government
and by the exercise of wise counsel enlist the ordinary normal activities of Southern planters and
others concerned with cotton. The whole chapter
can now take its place as an application of the true
principles of "Good Government," whereas had the
President acceded to popular demand the nation
might now have to deal with a major problem of a
different sort.
'A calculation has been made that the securities
listed on the New York Stock Exchange have a present value of about $90,000,000,000, as compared with
a valuation of $77,000,000,000 on May 1—an increase of $13,000,000,000, or about 16%. Without
attempting to verify the calculation, it seems pertinent to ask whether what has been going on in the
American stock market during recent years has not
been something more than an advance in security
prices based upon prosperous business and growing earning power. These elements have been present, to be sure, but in the last analysis has there
not been in the main simply an adjustment of security values to the decreased purchasing power of the
dollar?
During the turmoil of the war period and the years
immediately following, an adjustment of this kind
could not be completed. It was not, in fact, until
several years after the post-war deflation that buyers of securities could form any opinion as to what
was likely to prove the permanent value of the postwar dollar. Since 1923 the level has been fairly
permanent, so far as value adjustments are concerned. May it not be that this phase of price movements is being completed? At any rate, there is no
warrant for assuming that the upward surge is going to continue in anything like the rate of the past.
There will, of course, be movements in individual securities in accordance with the changing positions
of individual businesses, but there seems warrant
for assuming that a large part of the market movement in recent months has been an adjustment to
new money conditions, due to the ease and facility
with which our Federal Reserve banks are providing and dispensing credit, and that such adjustment
Is a passing, and not a permanent, phase.
The feature in the weekly returns of the Federal
Reserve banks issued after the close of business on
Thursday is again the expansion in the item of
brokers' loans. The 52 reporting member banks in
New York City show a grand total of loans to
brokers and dealers (secured by stocks and bonds)
of $3,184,058,000 on Aug. 31, as against $3,168,074,000 on Aug. 24. This increase of roughly 16 million
dollars pretty nearly cancels the reduction of the
previous week, when the amount fell from $3,188,969,000 to $3,168,074,000. While this week's increase does not bring the total to a new peak it does
leave the amount close to the maximum recorded the
early part of August. It is well enough to recall
that new high records were established twice during the month of August. A new peak had been
established on June 15, at $3,159,876,000. But on
Aug. 3 the total went to $3,171,845,000, and on Aug.
10 a still higher figure was reached at $3,190,329,000. This last now stands as the highest in all time,
thus far, and the present total of $3,184,058,000 is,
[vol.. 125.
hence, only about six million dollars less than the
record, an amount so inconsequential, having regard for the magnitude of the total, that it may well
be disregarded. The simple truth is that these
brokers' loans keep hovering close to the highest
figures ever recorded and from present indications
any substantial contraction in them does not seem
to be a probability of the immediate future.
The returns of the Federal Reserve banks themselves are along previous lines. The member banks
find it possible to finance this immense mass of
brokers' loans without the necessity of additional
drafts on Reserve credit. On the other hand, the
Reserve banks are desirous of seeing Reserve credit
engaged to the same extent as before, and even to
add to the amount. Hence they keep steadily enlarging their holdings of United States Government
securities. Discounts now stand at $400,524,000,
against $414,157,000 a week ago,though the decrease
has been in part made good by larger purchase of
acceptances, the holdings of these being $185,128,000 Aug. 31, against $178,809,000 on Aug. 24. The
really big change is in the holdings of United States
Government securities, which now stand at $472,814,000, against $444,821,000 a week ago, being an
addition of roughly $28,000,000. In the four weeks
since July 27, when the amount was only $385,016,•
000, the increase has been over $87,000,000, and at
$472,814,000 for Aug. 31 comparison is with only
$318,964,000 on Sept. 1 1926. In the interval of a
year the member banks have greatly reduced their
borrowings (in amount of over $225,000,000) and
the Reserve banks have sought in part at least to
counterbalance the reduction and maintain the volume of their earning assets. With this week's increase in the holdings of Government securities total
holdings of bills and securities stand at $1,058,786,000, against $1,038,107,000 Aug. 24, $1,003,253,000
Aug. 17, and only $953,831,000 July 27. The long
and short of the matter is that at a time of great congestion in the money market, with loanable funds
redundant everywhere, the Reserve banks keep pushing out new Reserve credit, thereby adding to the
plethora and accentuating a situation where both
credit and money are in excessive supply. No wonder the excess finds steadily growing employment
in Stock Exchange speculation.
Another feature in the returns is a still further
reduction in the item termed "due from foreign
banks." The amount is now down to $12,248,000,
against $23,629,000 on Aug. 24, and 48,759,000 Aug.
10, and the reduction indicates that these foreign
banks are gradually paying off the indebtedness
which they incurred when the Federal Reserve banks
acquired a lot of gold abroad and then turned it
over to these foreign institutions. Federal Reserve
notes in actual circulation increased during the week
from $1,670,831,000 to $1,676,440,000 and gold reserves fell $3,009,841,000 to $2,997,923,000. Owing,
however, to the contraction in deposits, which represent mainly the reserves of the member banks, the
ratio of reserves to liabilities has been only slightly
diminished, standing at 78.3%, against 78.5% last
week.
Last Saturday's return of the New York Clearing
House banks and trust companies was of the same
character as the returns for other recent weeks. In
the matter of reserve requirements, these institutions keep operating close to the legal minimum.
It is true that on tale basis of the figures showing
SEPT. 3 1927.]
THE
CHRONICLE
the actual condition of the banks at the end of the
week the excess reserve last Saturday was $20,670,670 and the previous Saturday was as high as $47,549,710, but in the averages for the entire week the
excess reserve last week was a bare $2,156,180, and
the week before was only slightly better, at $3,880,520, showing that there must have been days in both
weeks where reserves were heavily impaired, otherwise the amount could not have been drawn down
to such small figures. Returning again to the figures of actual condition, it is noteworthy that the
reserve kept by the member banks of the Federal
Reserve with the Federal Reserve Bank of New York
was reduced $28,380,000 during the week, accounting for the large reduction in excess reserves as
compared with the previous Saturday (in the figures
of actual condition of the Clearing House institutions). Loans were reduced during the week in
amount of $25,442,000, while deposits fell off in
nearly the same amount, the demand deposits having decreased $11,470,000 and the time deposits
$13,509,000.
1229
ago, although the indebtedness involved this year
was somewhat larger than in August 1926. There
is a very small augmentation in the August liabilities for the trading class this year, but for the division embracing agents and brokers a very large increase appears both as to the number and the amount
involved. Two stock brokerage firms in New York
City added to the indebtedness for this division in
the month just closed.
The increase in the number of failures last month
over a year ago in the trading class affected chiefly
the divisions embracing grocers, dealers in clothing,
in shoes and related lines, furniture, dry goods,
drugs, jewelers, general stores, and hotels and restaurants, particularly the first three or four lines
mentioned. Quite a decrease for August is recorded
in the number of defaults in the hardware division.
Liabilities were larger last month in the classes
embracing grocers, hotels, clothing, dry goods and
drugs, but a reduction appears in most other divisions included. In the manufacturing section there
were more insolvencies last month in only a few of
the leading lines, the only notable increase being
for the division embracing lumber, in which there
is also quite an expansion in the amount of indebtedness that appears. On the other hand, fewer failures are recorded in August this year for machinery
lines, clothing manufacturers, printing and for
bakers. The indebtedness is somewhat heavier in
the manufacturing division for the classes embracing machinery and printing, but for other sections
the amount involved is not large.
Failures last month where the liabilities in each
instance were in excess of $100,000, numbered 54,
with total indebtedness of $20,554,170. These figures compare with 49 similar defaults in August
1926 involving only $10,311,253. It is apparent from
this feature of the report to what the increase in
liabilities for August this year is mainly attributable
and the same remark applies to practically each of
the earlier months this year. Some increase as to
the indebtedness due to these larger failures last
month appears both in the manufacturing and trading divisions, but the chief addition in the August
statement is in the class embracing agents and
brokers, ten of the defaults in that division being
responsible for nearly 85% of the total liabilities
for that section.
Insolvencies during August, as in the earlier
months of the year, were more numerous than they
were a year ago, and the indebtedness involved,
owing to a number of large defaults that occurred
last month, is again very heavy. There were 1,70S
mercantile failures in the United States, according
to R. G. Dun & Co., for the month just closed, with
liabilities of $39,195,953. These figures compare
with 1,756 similar defaults in July involving $43,149,974 and 1,593 failures in August of last year for
$28,129,660 of indebtedness. The August insolvencies this year exceed those of a year ago in number
by 7.2%, while for July this year the increase in
the number of defaults over a year ago was 94%.
As previously noted, each month this year to date
has shown an augmentation over last year, but for
the second quarter of the year the increase averaged
only 4.8%. During the first three months of 1927,
when mercantile defaults were also very heavy, there
was an increase over the preceding year of 9.2%.
The monthly increase in comparison with the previous year goes back to September 1926, while for
the twelve months back of that date, seven months
show fewer failures than in the preceding year and
five a larger number. In the eight months of 1927
there have been 15,760 failures in the United States
involving $363,873,445, against 14,674 similar deViscount Cecil of Chelwood, long a member of
faults for the first eight months of 1926 owing $267,- Premier Baldwin's Cabinet, exploded something
708,170.
very like a political bombshell in England Monday
Of the August insolvencies this year 438 were in by resigning his post because of.disagreement with
the manufacturing division for $14,921,067; 1,174 his colleagues over disarmament. Lord Cecil has
were trading failures involving $14,702,047, and 96 for years devoted himself to the furtherance of inter7
were defaults of agents and brokers with total in- national peace. He was one of the principal British
debtedness of $9,572,839. These figures compare delegates to the tripartite conference at Geneva for
with 449 manufacturing insolvencies in August of the limitation of naval armaments and decided to
last year for $12,615,585; 1,071 trading defaults in- resign after the failure of that meeting. In a statevolving 14,095,543, and 73 failures of agents and ment on the reasons for his resignation Lord Cecil
brokers with $1,518,532 of liabilities. The increase gave them to the Premier as the Cabinet's rejection
in the number of defaults in August this year over of the Treaty of Mutual Assistance, the Ministerial
a year ago is wholly in the classes embracing traders declaration against compulsory arbitration by the
and agents and brokers. This has been the case iv Hague Court, rejection of the protocol of 1924, the
almost every month of the present year. In July partial failure of the Preparatory Commission on
each of the three classes showed more failures than Disarmament to .achieve its object, and the breaka year ago, but for the half year of 1927 almost the down of the Geneva Naval Conference. "I believe,"
entire increase that appears was in the trading he added, "that general reduction ,and.limitation
of
class. There were fewer defaults in the manufac- armament is essential to the peace of the world
and
turing division last month than in August a year that on that peace depends not only the
existence of
1230
THE CHRONICLE
the British Empire, but even of European civilization itself. . . . An advance, first in the direction
of security, then of arbitration, and, lastly, of'disarmament itself, has been tried, and in each case has
made little or no progress. In each case the policy
I advocated has been overruled. I can see no way,
then, in which I can be of further service in the
Cabinet to this cause, which I regard as supremely
important." Premier Baldwin, in his reply to Lord
Cecil, declared that the latter had exaggerated the
differences between himself and his colleagues in
the Cabinet. He quoted a statement made at Geneva
by Sir Austen Chamberlain, the Foreign Secretary,
representing the views of his Government as favorable toward the League, arbitration, and the International Court of Justice. "In essence," the Premier added, "this policy does not appear to differ
materially from your own views even now as stated
by you. We have pursued it ever since with results
on the peace of the world and disarmament which I
shall presently show have not been inconsiderable."
Re was not without hope, Mr. Baldwin said in conclusion, that the Three-Power Conference, notwithstanding its apparent failure, may yet result not
only in a possible early reduction of naval armament but, in the long run, a better understanding of
each other's problems and difficulties by the nations
concerned.
The InterparliamentaFy Conference at Paris, attended by delegates from thirty-seven nations, was
made the vehicle for much wrangling between
French and German representatives on the vexed
question of war guilt. The speech of Dr. Paul Loebe,
President of the Reichstag, was the occasion for the
discussion, which was carried on by Senator Henri
de Jouvenel on Aug. 25. On the following day Senator Magnette of Belgium added his voice on behalf
of his country. He brought a motion which proposed proclaiming solemnly that peace between nations is the supreme ideal which all peoples and all
Governments ought to seek; that moral disarmament is essential to all work of reconciliation; that
violation of the neutrality of Belgium in 1914 was
a very regrettable and reprehensible act, and that
the conference of parliamentarians should declare
that respect for treaties must henceforth remain a
strict and invariable rule of conduct for all peoples.
A German delegate, Dr. Schucking, thereupon undertook to answer the arguments of M. Magnette and
Senator de Jouvenel. "The German people," he
said,felt that "after having changed its Government,
to be reproached with being the sole country guilty
for the outbreak of the war affects its honor. It
feels that it has a right to push this question further
in a perfectly objective manner." Then he thrust
forward the statement: "All countries have not the
same interest in having the truth made clear." Dr.
Schucking next launched into a defense of the treaties of Locarno. "To us it seems incomprehensible
that these treaties, which received the approbation
of the whole world, should now be considered inadequate," he said. "We believe," Dr. Schucking added,
'that the Treaty of Versailles gives us the right to
demand the evacuation of the Rhine and that, on
the other hand, the new situation which has been
created by Locarno and the entry of Germany into
the League of Nations imposes on other Powers the
obligation to liberate Germany from this heavy burden of foreign occupation which has lasted nine
[voL. 125.
years." The dispute was ended Tuesday by healing
words from M. Briand, Foreign Minister in Premier
Poincare's Cabinet. Locarno, M. Briand told the
Parliamentarians at the final full session, was only
a beginning. "And I, as Minister of France," he
said, "find no difficulty in recognizing publicly that
in acceding to the conception of such an accord and
in assuming such obligations the German statesmen
have shown great courage and the real spirit of
peace, and they have a right to our constant support
on this enterprise, with all its consignatories."
Allied troops in the Rhineland are to be reduced,
at British insistence, by approximately 10,000 men,
and not by only 5,000, as proposed by the French.
The French Cabinet had decided at a meeting on
Aug. 19 that a reduction of only 5,000 men would
be consistent with "the security of France and the
safeguarding of her rights." The British held, however, that the occupying force, numbering more than
60,000, might be cut by 20%. An agreement was
finally suggested in a British note of Aug. 26. This
was considered by the French Cabinet in a meeting
on that day and it was indicated that a compromise
figure of about 10,000 would probably be arrived at.
Final details will, however, be worked out by M.
Briand and Sir Austen Chamberlain, Foreign Ministers of France and Great Britain in Paris
and at Geneva during the September sessions of the
League of Nations Council. The British Foreign
Office stated, in its note, that it considers the Rhineland occupation solely as a guarantee of the execution of the Dawes plan. This definition of the reasons for maintaining Allied troops in Germany is
quite contrary, according to a Paris dispatch of
Aug. 26 to the New York "Times," to the generally
accepted belief in France that the occupation is a
measure of security. Sir Austen Chamberlain, without specifically saying so, implied that the Locarno
agreement now gives France security and that the
occupation is continued merely as a guarantee of
reparations payment. Sir Austen indicated clearly,
moreover, that the British flag will fly on the Rhine
just as long as does the French flag.
The plan of M. Aristide Briand, Foreign Minister
of France, for a pact to outlaw war between France
and America for all time was again brought up at
Buffalo, N. Y„ Wednesday by M. Maurice Bokanowski, French Minister of Commerce and Aviation.
Addressing more than 3,000 members of the bar of
the United States and Canada, M. Bokanowski delivered the personal greetings of his Premier to the
lawyers and bespoke their co-operation in problems
which, he predicted, will arise in the future over
aviation, trade and other activities in the international field. "It will tax our ability, our knowledge
of the law and'of the hearts and minds of men to the
very utmost to find practical formulae of conciliation and co-operation," M. Bokanowski said. "Here
also we must be prepared to draw up equitable
agreements that will prevent useless contention and
provide for the legal settlement of unavoidable disputes. . . . Our common efforts will be facilitated
by the ties which have ever bound us to the pact of
perpetual friendship between the French Republlc
and the United States of America—the pact to outlaw war between our two democracies for all time
—needs only to be written. Diplomats do not have
to negotiate when that which is already graven in
SEPT.3 1927.]
THE CHRONICLE
1231
our hearts is quickened at such a gathering as this
As for the products contained in List B, the question has
by the representatives at law of the people of France arisen whether they shall pay the minimum tariff accorded
Germany or whether they shall pay the general tariff.
and of the United States."
A large French Government refunding operation
is to be undertaken in the New York market late this
year or early next, according to announcements
which were made Wednesday coincident with the
arrival from Paris of Paul Claude!, French Ambassador. The prospective flotation will approximate
$100,000,000, and will be used principally to retire
the remaining $72,000,000 of the 8% loan of September 1920. Unusual interest attaches to the plan
because of the interdiction on French financing in
this country which was imposed nearly three years
ago as a result of the failure by France to ratify
the Mellon-Beranger debt agreement. The new
French loan, it was said, will be permitted by Washington because it will not require the raising of new
funds here, but will instead continue at lower rates
of interest loans already made. M. Lecour-Gayet,
financial attache to the French Embassy, who also
returned Wednesday after a stay in Paris, said that
the loan would in all probability be sought. "At
present," he added, "the debt on this loan is really
only $72,000,000, and if a loan is made, it will be for
the purpose of refunding the amount borrowed and
availing ourselves of a lower rate of interest on
a
new loan of $100,000,000, made possible throug
h the
improved condition of French Government
finances." In banking circles in New York it
was
pointed out that the 8% bonds which are to be
called
in connection with the new issue cannot be
retired
until the March 15 1928 interest date. Sixty
days
advance notice must be given of an hatenti
on to retire the bonds, which are callable at 110.
The current yield of the 8% bonds is now about
5.95% and
bankers believe, therefore, that a 6% French
bond
for refunding purposes could readily
be sold near
par.
Heavy increases in the French tariff on Americ
an
goods may result from the new Franco-Germa
n commercial accord, which goes into effect Sept. 6. The
lack of a commercial treaty with France
bars us
from the general benefits of the most
favored nation
clause and also makes our shipments subject
to the
increases in duties on many classes of
goods as provided for in :he Franco-German accord.
The new
schedules, according to a dispatch of Aug.
31 from
Edwin L. James, Paris correspondent of
the New
York "Times," are separate from the
schedules prepared for the new French customs law, but
probably
will be incorporated into it. The "Journal
Officiel"
published the new schedules Thursday and
an analysis of them, prepared for the New York "Times
" and
reprinted from that journal, follows:
The United States has enjoyed up to the
present: First,
the minimum tariff for a certain number of
articles inscribed in List A; second, the general tariff
prior to the
law of March 26 1910, for certain products on
List B;
third, the general tariff prior to the decree of
March 28
1921 for all other merchandise.
As a result of putting into effect the new
commercial
accord between France and Germany the situation
will be
profoundly changed as from Sept. 6. A certain
number of
products on List A will be submitted to the new
minimum
tariff accorded Germany. Emery paper, copper, varnishe
s,
soaps, fish glue, carbon paper, photographic supplies, leathers, steam engines, road machines, typewriters, calculating
machines, agricultural machines, boilers, radiators, machinery parts, tools, locks, coffee mills and meat grinders are
among the articles affected.
For products for which by unilateral favor France had
permitted the general tariff fixed prior to 1921, the situation seems clear. Whereas in the law of 1921 it was specifically stated that the increases did not apply to the
United States, the new decree is silent as to the United
States. Therefore it appears that the United States must
pay in conformity with the decree of Aug. 30 1927, which,
generally speaking, increases four times the old rates to
arrive at the new minimum rates.
Revision of the Spanish tariff law has been ordered by a royal decree published in the "Gaceta de
Madrid," according to advices received in Washington from Commercial Attache C. A. Livengood, at
Madrid. Hope was expressed in business circles
here that this might lead to a resumption of the
negotiations for a commercial treaty between the
United States and Spain. The decree provides that
data needed for revision of customs: duties shall be
collected by various sections of the Consejo de la
Economia Nacional and presented to the Consejo
sitting in plenary session Oct. 1 next, which in turn
will compile a definite revised tariff and present it
to the Government. The proposed revision will take
into consideration the average actual valuations of
goods for the years 1924, 1925 and 1926, the necessary reforms in classification, laws affecting customs duties enacted subsequent to the last revision,
commercial treaties and conventions signed and ratified since the last revision, and the known policy
of the Government to treat all nations which grant
reciprocal favor on the basis of the most favored
nation. It is stipulated that the new tariff shall
follow the same form and general divisions as the
law now in force; that is, a two-column tariff, of
which the first column shall apply to nations with
which Spain may not have a commercial convention,
treaty arrangement or modus vivendA, and the second column for those with which she may have any
such relation. The second column is to be considered as a minimum and may not be reduced or
rebated through consolidations or in any other manner in future commercial conventions or treaties,
except in exceptional cases acted upon from time
to time by the Council of Ministers, of such a general character as to harmonize with existing international commitments. Substantial reductions in
duties, even to the point of free entry, are to be provided in the forthcoming revision for natural or
artificial fertilizers, certain primary materials and
such intermediate products and machinery as are
not produced in Spain, when importation thereof
will run to the benefit of national production. It is
provided that when the Government policy of transforming its commercial treaties containing consolidations (or rebates below the second column) into
general and reciprocal most favored nation treaties
shall have been completed the Government may suppress or reduce the special coefficients or surtaxes
provided by the royal decree of July 9 1926.
The fate of the great Chinese trading port of
Shanghai, undecided since the resignation on Aug.
8
of the Nanking Generalissimo, Chiang Kai-shek, still
remains in doubt. Marshal Sun Chuan-fang, the
Shantung Commander who held Shanghai last
March, was reported Aug.26 to be approaching daily
closer to the great city at the mouth of the Yangtze.
His troops were said to have crossed the Yangtz
e at
.
1232
THE CHRONICLE
[VOL. 125.
several places and in Peking, the capital city of throughout China, a Shanghai dispatch to the New
the Alliance of Northern War Lords, it was even. York "Times" said. "It is declared by many here,"
claimed last Saturday that he had taken Nanking, the dispatch added, "that for several months now
former seat of Chiang Kai-shek's Government. This the State Department has taken a different view on
was quickly denied by the Southern Nationalists, many questions from that of American officers and
who declared, according to an Associated Press dis- officials in China, and fears are expressed by some
patch of Aug. 27 from Shanghai, that they had. that Admiral Bristol was chosen by Washington
driven the Northern troops back across the Yangtze with a view to winning Nationalist favor by a procafter disarming many. The Nanking military au- ess of placation, if not actually so instructed. Amerthorities stated, in addition, that they had taken ican business men, officers and officials are overover both the Shanghai-Hanchow and Shanghai- whelmingly of the opinion that only a firm stand
Nanking railways, repaired the breaks in them and will recover the treaty rights, say those who are
rushed 8,000 troops to Chikiang, near Nanking. Nan- fearful of the possible consequences of Admiral Bris• king, however, is said to be under constant bom- tol's appointment."
A significant change in the Japanese attitude tobardment by the Northerners. The morale of the
Kuomintang, or Southern Nationalists, meanwhile, ward China was indicated by an announcement,
is said to be weakening, and their ammunition run- made in Tokio Aug. 30, that orders had been issued
ning low. Their defense, according to Shanghai dis- for the withdrawal of Japanese forces from Tsinan
patch of last Saturday to the New York "Times," and Tsingtao, in Shantung. The shifting of the war
seems to be growing weaker daily. "It is generally front in China back to the Yangtze River and the
believed here," the dispatch added, "that the South removal of the risk of disorders in Shantung Provwill soon be forced to recede unless one of those fre- ince were the obvious precursors of the announcequent miracles in Chinese warfare occurs to stem ment. The evacuation will be completed, the stateSun Chuan-fang's desperate dash to Shanghai. Na- ment said, in less than ten days, part of the force
tionalist officials are decrying lack of unity in this returning to Manchuria and the remainder to Japan.
crucial moment and politicians are arguing while A plain warning to the Chinese that further disthe cause trembles. The British forces are ready td turbances would be attended by the dispatch of Japdefend the International Settlement here again. The anese troops to any part of China was contained in
opinion is freely expressed that their orders will be the announcement, which said: "In case peace and
less restricted and that, therefore, there will be more order are disturbed in the future not only in Shanshooting this time if trouble comes." Firing on for- tung, but in any part of China where many Japaneign ships in the Yangtze River continues despite ese reside, and it is feared that the safety of our resithe internecine struggle. Officers of the American dents may thereby be affected, the Japanese Governdestroyer "Noa" reported Aug. 25 that their vessel ment may be constrained to take such self-defensive
had been fired upon heavily by both Northerners and steps as circumstances may require. We remain
Southerners. So heavy was the fire that the "Noa's" firmly convinced that the timely dispatch of troops
armament was nearly pierced in several places, they certainly accounts for the fact that notwithstanding
serious disturbances we have fortunately been able
said.
split in the Kuomintang party, occasioned by to protect our residents satisfactorily and to preThe
Chiang Kai-shek's secession from the Hankow Gov- vent the occurrence of any untoward event." This
ernment last April was reported healed in a Shang- withdrawal of Japanese troops is of particular sighai dispatch of Sept. 1 to the Associated Press. Ef- nificance and interest in view of the repeated charges
forts to bring together the Nanking and Hankow of "imperialism" and aggression that have been
Governments were instituted immediately after Chi- made against the Japanese Government.
ang's resignation. A conference was arranged at
At Cherbourg, France, a further echo of the SaccoKiukiang, and this, it now appears, was successful.
Vanzetti executions was heard on Aug. 26. SymDr. C. C. Wu, Foreign Minister of the Nanking regime, announced the fusion of the two Governments pathizers with the two Massachusetts anarchists
at Shanghai.Thursday and stated that the Kuomin- who were convicted of murder in 1920 gathered in a
tang Central Executive Committee, the highest au- great mob in the French seaport and attacked the
thority in the Nationalist political organization, American Consulate, but were driven back by police,
would meet in Nanking Sept. 15 to decide upon the soldiers and firemen before material damage was
personnel and policies of the new Government, and done. First, Associated Press dispatches said, there
lay down plans for a vigorous resumption of the was a meeting of protest against the executions, then
military drive toward Peking. The fusion of the a concentrated movement against the Consulate.
two Governments was made possible, Dr. Wu de- About midnight the mob had increased greatly in
clared, by the expulsion by the Central Executive numbers and savagely stoned the defenders of the
Committee of six Communists. This step, he said, Consulate. They were repeatedly charged by
reconciled the Nanking moderates and assured abso- mounted gendarmes and artillery men, but relute unity at the coming conference, which would formed their ranks again and again. They raised
a barricade of coal wagons and barrels which was
be made up of "delegates from all China."
stormed by colonial infantry. The firemen, using
Keen interest was displayed in the past week re- streams of water, were able to drive the advancing
garding several foreign developments in relation to forces back at various points, but could not disChina. Rear Admiral Mark L. Bristol arrived at perse them. The military finally prevailed and arShanghai Wednesday to supersede Rear Admiral rested fifteen of the rioters. The mob at a late hour
"InterClarence S. Williams as Commander-in-Chief of the was still around the Consulate singing the
the police. The latter, howAmerican Asiatic fleet on Sept. 9. The change in nationale" and hooting
command is the cause of much speculation and some ever, had the situation well in hand.
anxiety among American business men and officials
SEPT. 3 1927.]
THE CHRONICLE
Disturbing developments in Mexico were revealed
Aug. 26 in an announcement by the American Department of State. Eighteen Americans and eleven
British, the announcement said, were threatened by
Red syndicalists and American mines had been
seized near Etzatlan, in the State of Jalisco. In
official circles in Washington, the situation was
viewed as presenting a difficult problem and as complicating further the delicate relations existing between the United States and Mexico. News of the
seizure was contained, it appeared, in a telegram
from Joseph C. Satterthwaite, American Consul at
Guadalajara, forty miles from Etzatlan. Mr. Satterthwaite advised that the Americans and British
had barricaded themselves in their homes and were
unable to leave. Previous advices from Mr. Satterthwaite were to the effect that labor agitators from
Guadalajara were attempting to arouse workmen at
the Amparo mines to take action against the foreigners in case of the execution of Sacco and Vanzetti.
The Consul stated that, in company with the British
Consul, he had called this matter to the attention
of the General in command of the Federal troops.
American Charge d'Affaires Schoenfeld, at Mexico
City, a statement added, had requested the Mexican
Government to furnish military protection for the
Americans at the Amparo mines.
A supplementary statement was issued by the
State Department later in the day. This was to the
effect that Charge d'Affaires Schoenfeld had been
informed by the Acting Minister for Foreign Affairs
in Mexico City that "the situation of Americans and
British at the Amparo mines is satisfactory and the
military has it in hand." Substantiation of this
information was afforded in a measure by an Associated Press dispatch of Aug. 26 from Mexico City,
which said that President Canes had issued instructions to the military commandant of Jalisco to afford full protection to officials of the Americanowned Amparo mines and its mining properties.
Nevertheless, anxiety in Washington was not allayed, as a further report from Consul Satterthwaite
indicated that no Federal or State troops• had arrived on the scene. It was said in Washington that
the Government of Jalisco is itself sharply tinged
with Red, while all of Western Mexico is in a state
of unrest that makes continued disorder probable.
Broken bands of rebels and bandits, ranging from
50 to 1,000 men, were reported unusually active in
Jalisco and Nayarit, one such band having been responsible for the death of an American girl, Miss
Florence M. Anderson, only the previous Tuesday.
Renewed assurances were given Mr. Schoenfeld in
Mexico City Monday in response to his request that
ample protection be given Americans and British
at the Amparo mines. Consul Satterthwaite at
Guadalajara, moreover, reported last Saturday that
Governor Benitez of Jalisco had arrived at the mines
and that local reports were that everything was
quiet. The Consul telegraphed Monday, however,
that troops were still absent and the situation serious. "Armed radicals still control camps, issuing
threats," he said. Federal troops were reported
nearby Tuesday and the lives of foreigners, it was
said, were no longer in danger. Apprehension in
Washington thereupon quieted down. Charge d'Affaires Schoenfeld advised the State Department at
the same time that he was making further representations to the Foreign Office in Mexico City almost
• every day in order that Mexican officials might have
1233
the matter always in mind. He continued to urge
that all possible precautions be taken for the safety
of Americans and other foreigners in the Amparo
mining district.
The relations between the United States and
Mexico were discussed carefully but frankly by
President Canes in his message to the thirty-second
Mexican Congress, which opened Thursday. The
message, unusually lengthy, was read in the Republic's Upper Chamber in the presence of the entire
diplomatic body in the Mexican capital. A notable
absentee on the diplomatic benches was the United
States Ambassador, who is on leave of absence.
Ambassador Sheffield's place was taken by Charge
d'Affaires H. F. A. Schoenfeld. The discord with
the United States was deplored by President Canes,
who was reported by the New York 'World" to have
said: "Relations with the United States, so fundamental in our international life for obvious reasons
of proximity and large commercial interests, assume
unfortunately a character of indecision that frequently brings about disagreement and even calumny in the polemic sustained by the two Governments. There even take place acts which the Executive considers deplorable. These hurt national feelings which desire only constant and cordial friendship with the United States. They hurt commerce
and business and hinder our peaceful development.
The fundamental difficulties with the Government
of the United States centre, as it is universally
known, on the application of the laws derived from
Article 27 of the Constitution. To date the disagreement with Washington deals principally with the
character of the aforesaid statutes. They have
never presented to the Government of Mexico evidence of concrete acts of aggression against foreign
capital invested in the petroleum industry whose
rebellion and defiance of the laws are such as no independent country can admit."
Reparations payments by Germany under the
Dawes plan were virtually completed for the third
year Sept. 1. S. Parker Gilbert, Agent-General for
Reparations Payments, announced in Berlin on that
day that 55,000,000 gold marks had been paid
promptly by the German Railways, leaving only
20,000,000 marks outstanding on the transport tax.
Payment of the latter sum, due Sept. 15, will bring
the total payments up to the required 1,500,000,000
marks for the third year. Mr. Gilbert reported further that transfers in foreign currencies during the
third year amounted to 49.5% of the total transfers, as compared with 35.35% for the second year.
Payments in kind dropped 14%, while transfers in
German marks also diminished. Of the total cash
transfers in the third year 50.55% were in German
currency, while such transfers for the second year
were 64.65%. Payments by Germany for the maintenance of the Allied armies of occupation and for
inter-Allied Commissions came to 80,369,000 gold
marks during the third year of the Dawes plan.
During the fourth year, which began Sept. 1,
Germany's reparations payments ,will total 1,750,000
,000 marks. The fourth year will furnish a
more
severe test than did the previous ones, as
the German budget will be obliged to bear a burden
of 500,000,000 marks, as compared with only
110,000,000
marks for the year just completed. A
rapid increase
in German Governmental expenditures
has been in
progress for some time, necessitating
an extraordi-
1234
THE CHRONICLE
nary budget of nearly 1,000,000,000 marks in the
last fiscal year. According to a Berlin dispatch of
Sept. 1 to the New York "Times," neither AgentGeneral Gilbert nor the German Government were
willing to express an opinion concerning the future
of the Dawes plan.
[VOL. 125.
item are included holdings of foreign exchange, decreased 399,768,115 francs, advances declined 12,293,541 francs, general deposits 1,747,787 francs,
and silver'4,033 francs. Bills discounted increased
240,873,300 francs, and Treasury deposits 14,706,312
francs. Comparisons of the various items of the
Bank of France statement are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Official discount rates at leading European cenStatus as o
Changes
the present week.
for week.
Aug. 311927. Sept. 1 1926. Sept. 2 1925.
tres have undergone no change
Francs.
Francs.
Francs.
Francs.
2
1
/
They remain at 7% in Italy; 6 % in Austria; 6% InGold Holdings— Unchanged 3.681,513,972 3,684,382,198 3,682,714,525
France
462,771,4781 1.864,320,907 1,864,320,907
in Berlin; 5% in Paris, Belgium„ Denmark and Abroad—Available_ Unchanged
Abroad—Non-avail. Unchanged
1,401,549,4251
2
1
/
4 % in London and Norway; 4% in SweMadrid;
Unchanged
5.545,834,875 5,548,703.106 5,547,035,433
Total
310.041,134
338,810,727
Dec.
2
1
/
4,033
den, and 3 % in Holland 'and Switzerland. In Silver
342,519,698
Bills discounted__ Inc.240,873,300 1,967,602,378 6,329,144,704 4,437,214,535
London open market discounts closed yesterday at Advances
Dec. 12,293,541 1.618,446,804 2,156,781,410 2,814,632,764
Note circulation...1110.593.784M0
4
1
/
4 @4 5-16% for short bills and at 4 5-16% for long Treasury deposits_ _Inc. 14,706,312 63,266,041,870 55,346,489,465 45,445,018.745
11.873,344
8,589,547
131,492,732
bills, against 4 5-16% for both on Friday of last General deposits_ Dec. 1,747,787 12,443,633,561 3,267,874,539 2,573,063,977
24,650,000,000
week. Money on call in London was up to 4% on Advances to State—Dec400,000,000 23,564,949.816 37,350.000,000 28,800,000,000
3,786,722,204 3,363,503.353
Dec399,768,115
Divers assets
/
yesterday at 314%, against
Wednesday, but closed
The New York money market remained easy
/
27s on Friday of last week. At Paris open market
rates remain at 2% and in Switzerland at throughout the past week despite the strain occadiscount
sioned by the customary month-end settlements. An
3 7-16%.
abundant supply of funds was available at all times,
The statement of the Bank of England for the call money being quoted on the Stock Exchange at
/
week ended Wednesday revealed a decrease of £252,- 312% at every session. Calling of loans by the
banks in considerable volume was reported Mon599 in gold holdings. Total gold now stands at
£151,239,624, against £155,498,797 a year ago and day, Wednesday, Thursday and Friday. The
£162,531,518 two years ago. Reserve of gold and amounts were, respectively, $20,000,000, $15,000,No stiffening in
notes in banking department decreased as much as 000, $10,000,000 and $20,000,000.
to an increase in circulation of rates resulted from this extensive calling of loans,
£1,272,000, owing
into the market in ample
£1,019,000. The proportion of the Bank's reserve to as funds continued to flow
/
or "street" trades at 314% also
liabilities for this week is 29.08%. A week ago it volume. Counter
were reported on the first two days of the week. The
was 28.97 and two weeks ago 29.46%. Public dethus again demonposits increased £4,725,000, but "other" deposits de- underlying ease in money was
strated. The strong cash position of large corporacreased £9,537,000. Loans on Government securisituations and a lack of
ties expanded £3,025,000, while loans on "other" se- tions, favorable inventory
stands heavy commercial demands are generally considered
curities declined £6,502,000. Note circulation
for the current ease.
at £137,442,000, comparing with £141,288,970 in 1926 to have united in making
the previous year. The Bank's Moreover, very little of the expected increase in the
and £144,978,535
2
1
/
official discount rate remains unchanged at 4 %. demand for funds for agricultural and commercial
Below we furnish comparisons of the various items requirements has been noted in the market. Time
4%
/ to 4% for 60 and
money was quiet all week at 33
in the Bank of England return for five years:
/
90-day loans, and 414% to 4%% for four, five and
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1923.
six months periods. A substantial increase in
1925.
1926.
1927.
Sept. 2.
Sept. 3.
Sept. 5.
Sept. I.
Aug. 31.
brokers' loans against stock and bond collateral was
6137.448.000 141,288,970 144,978,535 125.725,405 124,884,900 again reported Thursday in the statement of the
Circulation
22,149,000 15,731,775 12,664,797 10,395,872 14,128,637
Public deposits
93,200,000 108.580.583 116,780.530 114,896,683 110,015,567 Federal Reserve Bank for New York reporting memOther deposits
Govern't securities_ 58,447,000 38.056,779 39,646,556 43.658,443 49.845,601
ber banks. The increase was $15,984,000, which
41,638,000 70,568,095 70,767,495 77.481,413 70,030,395
Other securities_
Reserve notes & coin 33,541,000 33,959,827 37.302,983 22,427.386 22,515,045 places the total figure practically at the record
Coin and bu1lion2151,239,624 155,498,797 162,531.518 128,402,791 127,649,945
point reached early in August. The loan total is
Proportion of reserve
283%
27.32%
1831%
173%
29.08%
to liabilities
now $425,000,000 larger than it was in the corre4%
435%
4%
5%
%
Bank rate
sponding week of last year.
a Includes beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27.000.000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
Dealing in detail with the rates from day to day,
all call loans on the Stock Exchange, including renewals, were put through (as was the case last
week) at 3 % on every day from Monday to Fri2
1
/
day, inclusive. In time loans virtually the only
change has been the marking up of the rate for four
months to the level of that for five and six months.
Quotations yesterday were 3 @3/ for 30 days,
2
1
/ 34%
4
1
/
34@4% for 60 days, 378@4% for 90 days, 4 @
/
0 for four months and also for five and six
4%7
months. For commercial paper the rate for four to
six months' names of choice character still remains
at 3%@4%, while for names less well known the
4
1
/
quotation continues at 4@4 %, which is also the
quotation for New England mill paper.
The Bank of France in its report issued Aug. 31
showed an increase of 593,784,000 francs in note
circulation, probably to meet month-end requirements, the total now being 53,266,041,870 francs, in
comparison with 55,346,489,465 francs a year ago
and 45,445,018,745 francs in 1925. Gold holdings in
their three divisions (at home, abroad available and
abroad unavailable) remained unchanged. The total is 5,545,834,875 francs, against 5,548,703,106
francs at this time last year and 5,547,035,433 francs
the previous year. Advances to the State were reduced 400,000,000 francs during the week. That
item now stands at 24,650,000,000 francs, against
In the rates for banks' and bankers' acceptances
37,350,000,000 francs in 1926 and 28,800,000,000
francs in 1925. "Divers," or sundry, assets in which no change whatever has occurred during the week.
SEPT. 31927.]
THE CHRONICLE
1235
This advance of sterling and other European exchanges will assist foreign buyers in making their
purchases of grain, cotton and other American farm
products."
New York bankers are confidently expecting transfers of gold from Argentine to establish balances
for the facilitation of exchange transactions between
Buenos Aires, New York, and London. On Monday
the Bank of England sold £7,000 gold bars to a
destination not stated. On Tuesday the Bank
bought £266,000 of open market gold, of an available total of 084,000. India, Egypt, the Continent
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid.
Asked. and the home trade took £118,000. The undisclosed
Bid.
Asked.
Bid.
Asked.
334
334
334
334
334
Prime eligible Mlle
334
buyer who has been prominent in gold purchases
—90 Days— —60 Days— —30 Days—
Bid.
Asked.
Bid.
Asked.
Bkl.
Asked. in London for some time past was not in the
market.
334
354
334
Prime eligible bills
334
351
3
On Thursday the Bank of England shipped £100,000
DELIVERY WITHIN THIRTY DAYS.
FOR
bid to Argentina.
em
banks
In its weekly return on Thursday
banks
331 bid
Bank of England showed a loss of £252,599
the
gold for the week. At the Port of New York the
here ehmavbere
no changes this week in Federal gold movement for the week Aug. 25-31, as reported
en
Reserve Bank rates. The following is the schedule by the Federal Reserve Bank of New York, conof rates now in effect for the various classes of paper sisted of imports of $100,000 from Latin-America.
at the different Reserve banks:
Exports were $116,000, chiefly to Mexico. There
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
was no Canadian movement of gold either to or from
AND MATURITIES OF ELIGIBLE PAPER.
the United States. Canadian exchange transactions
Rate in
Date
Previous
this week have been generally at a slight premium.
Erne: on
Federal Reserve Bank.
Established.
Rate.
Sept. 2
On Saturday, with practically no business trans334
Boston
Aug. 5 1927
4
piring, Montreal funds were quoted at a premium
New York
354
Aug. 5 1927
4
Philadelphia
4
Nov. 20 1925
334
of 5-64 of 1%. On Monday the premium was
Aug. 8 1927
Cleveland
334
4
334
Richmond
Aug. 16 1927
4
Atlanta
Aug. 13 1927
4
3-64. On Tuesday and Wednesday the premium
354
4
June 14 1924
Chicago
434
Aug. 4 1927
St. Louis
4
dropped to 1-32 of 1%. On Thursday it was 1-64
334
Minneapolis
4
Oct. 15 1924
434
Kansas City
334
July 29 1927
4
and on Friday 1-32. Practically all news of a busiDallas
Aug. 12 1927
334
4
San Francisco
4
Nov.23 1925
334 , ness character coming out of
Canada, especially
with respect to crop movements, points to flourishing
Sterling exchange has been more active this w ek, conditions and prospects, so that Canadian exchange
1
within a range of /s@3-16. The range for the week, is expected to rule at a slight premium most of
bankers' sight, was 4.853 down to 4.85%, though the time for some months to come.
4
Referring to day-to-day rates, on Saturday last
the major volume of transactions took place around
4.85 13-16, bankers sight, 1-16 under the new high sterling was firm in a dull half-day market: Bankers'
for the year reached last week, when sterling sight drafts were 4.85%@4.85%, cable transfers
touched 4.857 for bankers' sight and 4.86 9-32 for 4.86 3-16@4.863i. On Monday the market was
4
cable transfers. There was considerable buying more active, with bankers' sight again at 4.85%@,
4
throughout the week until Thursday, when sterling 4.857 and cable transfers 4.86 3-16 to 4.863. On
cables were on offer. Strangely enough, the highest Tuesday demand was 4.85%@4.85%, cable transfers
and lowest rates quoted were on Thursday, when 4.86 3-16@,4.86 . On Wednesday sterling was easier.
bankers' sight opened at 4.853 , and cable transfers. Demand was 4.85%@4.85 13-16; cable trans-fers
4
/
at 4.861 8 and on rather heavy offerings dropped to were 4.86N@4.86 7-32. On Thursday sterling
,
4.855 and 4.86. The transactions in the fore part cables were on offer and there was another fractional
4
of the week were largely of bankers' routine character, drop. The range was 4.85%@4.85% for bankers'
representing chiefly finance bills, with commercial sight and 4.86@4.86N for cable transfers. On Friday
transactions barely in evidence. The underlying con- the range was 4.85%@.4.85% for bankers' sight and
ditions affecting rates have continued practically 4.86@4.86 1-16 for cable transfers. Closing quotaunchanged since the first week of August. Aside tions yesterday were 4.85 11-16 for demand and
from actual trading, the only news of importance 4.86 146 for cable transfers. Commercial sight bills
4
having any bearing on sterling exchange was the finished at 4.85 9-16, sixty-day bills at 4.813 ,ninetystatement published by the Federal Reserve Board on day bills at 4.80, documentsfor payment(sixty days)
Wednesday in explanation of the relation of the re- at 4.81%, and seven-day grain bills at 4.847 .
4
discount rate to the credit situation. The Reserve Cotton and grain for payment closed at 4.85 9-16.
Board said that "the lower money rates in this counIn the Continental exchanges the features of intertry have had an influence causing funds to be transferred to foreign money centres where higher rates est centre on French and Italian exchange. On
prevail, with the consequence that sterling and other Saturday last lire weakened on moderate offerings.
exchanges have advanced." The Board also said: The demand for lire was extremely light in a dull
"This rise in the exchanges is facilitating the autumn session, so that the few offerings were sufficient to
purchases of American agricultural products by for- force the rates for cable transfers down to 5.38,
eign countries, and will be an influence against further closing at 5.403. There was a rebound, however,
imports of gold, while the lower level of interest rates in the active markets of Monday and Tuesday, when
in this country at the season when crops are moving cable transfers opened at 5.413/ and sold as high as
3
in large volume both to domestic and to foreign mar- 5.43%. The weakness displayed last Saturday was a
favorable factor in the business situation. puzzle to the banking,sommunity. The genera
kets is a
For call loans against bankers' acceptances the
posted rate of the American Acceptance Council has
/
been 314% all week. The Acceptance Councli still
makes the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve
/
banks 318% bid and 3% asked for bills running 30
/
/
days; 31 4% bid and 318% asked for bills running
/
/
60 days and 90 days; 338% bid and 314% asked for
/
1
2
0
and 3%7 bid and 3 % asked for 150 and
120 days,
180 days. Open market quotations also remain unchanged, as follows:
1236
.C.ELL CHRONICLE
[VOL. 125.
In the exchanges of the countries neutral during
opinion is that the selling was done by speculators
to test what official support might be forthcoming the war interest centred this week on the firmness in
on the down side. Evidently 5.39% is the official Norwegian krone and Spanish pesetas, although the
Italian low. It has been repeatedly pointed out volume of transactions in the New York market was
that Premier Mussolini and Count Volpi stated that largest in exchange on Amsterdam. On Thursday
lire would be held indefinitely around 90 to the Norwegian exchange went to 26.24 for cable transpound. At recently ruling levels of 5.44 they were fers, the highest in this market since 1919. The
slightly above that price, as the dollar equivalent buying of Norwegian was largely speculative both
of 90 to the pound is 5.40 1-6. Tax reductions in here and abroad, especially in Amsterdam, based on
Italy during the past year are estimated at 550,000,- the expectation that an attempt will be made to send
the currency to parity before the close of the year.
000. lire.
Exchange on Paris moved within limited range, Par is 26.80. If this step is taken, it will complete
/
cable transfers moving between 3.91% and 3.921 g. the return to normal currency conditions in the
The essential features underlying French exchange Scandinavian countries. When this is accomplished,
have not changed during recent weeks. The out- bankers here believe that Sweden, Denmark and
standing news bearing on the situation is the plan Norway will probably renew the former monetary
for a $100,000,000 refunding loan to be offered here. relations which existed before the war, when the
It is generally understood that the Administration three nations had in effect a common currency, with
at Washington will place no obstacles in the way of consequent ease of commercial intercourse between
refunding loans to France, although the Adminis- the Scandinavians, and steadier exchange quotations.
Spanish exchange moved up in sympathy with
tration interdiction will doubtless hold against new
loans until there has been some formal settlement Norwegian, through speculative operations. Many
of American debt claims. A dispatch from Paris on traders bought on the theory that any protracted
Thursday which gives further firmness to the tone enhancement of Norwegian would be accompanied
of French exchange stated that the Government by a widespread speculative activity in pesetas. It
had anyounced that the legal limit on the Bank of will be recalled that the Spanish Government in a
France's advances to the State has been reduced statement made on Aug. 16 let it be known that the
from 36,500,000,000 francs to 32,000,000,000 francs. Government was not operating in exchange, but
Present advances to the State are 24,650,000,000 would do so if the necessity arose. Bankers believe,
francs, leaving a margin available of 7,350,000,000 however, that the Spanish Government would have
some' difficulty in operating to prevent a rise in
francs.
There were no particular movements of interest in pesetas, though they might experience none at all in
German exchange this week. Leon Fraser, general resisting a decline.
Bankers' sight on Amsterdam finished on Friday
counsel of the Dawes Plan, who returned on the
2
at 40.043/, against 40.0i3/ on Friday of last week;
steamship Paris this week after three years in Germany, said: "Germany is enjoying greater prosperity cable transfers at 40.063/2, against 40.073. and com013/2. Swiss
to-day than at any time since the war, and her in- mercial sight bills at 40.00, against 40.
dustries in particular appear to be prospering on a francs closed at 19.273/2 for bankers' sight bills
sound foundation. Germany has been paying $1,- and at 19.28 for cable transfers, in comparison with
000,000 a day since the Dawes Plan became opera- 19.28 and 19.283/i a week earlier. Copenhagen
tive, and beginning next week will pay $1,150,000 checks finished at 26.763/ and cable transfers at
a day. From all indications the country is not being 26.773/2, against 26.773/2 and 26.783/2. Checks on
2
affected by this payment, and so far as can be deter- Sweden closed at 26.843/ and cable transfers at
mined at this time it should not be affected in 26.853/2, against 26.843/ and 26.853/2, while checks on
the future." London cablegrams on Friday stated Norway finished at 26.21 and cable transfers at 26.22
that the National Bank of Austria had recently against 25.97 and 25.98. Spanish pesetas closed
converted 25,000,000 schillings of foreign currency at 16.91 for checks and at 16.92 for cable transfers,
reserve into gold. The gold was bought through the which compares with 16.83 and 16.84 a week earlier.
Bank of England.
The London check rate on Paris closed at 124.02
The South American exchanges were firm and
on Friday of this week, against 124.02 on Friday of steady though dull, this week. Last week in this
last week. In New York sight bills on the French place the return of Argentina to the gold standard
centre finished at 3.91%, against 3.91% a week ago; was noted. This continues, of course, the most imcable transfers at 3.92, against 3.923/, and commer- portant feature of interest in the South American
8
cial sight bills at 3.91%, against 3.91%. Antwerp exchanges. As stated above, in discussing sterling,
belgas finished at 13.91 for checks and at 13.92 for American bankers are expecting gold transfers from
cable transfers, as against 13.91 and 13.92 on Friday Buenos Aires to New York to establish balances with
of last week. Final quotations for Berlin marks which to facilitate exchange transactions. As stated
were 23.78 for checks and 23.79 for cable transfers, last week, New York bankers also expect that as a
in comparison with 23.78% and 23.79% a week ear- next step in improving its financial affairs, Argentine
lier. Italian lire closed at 5.423/ for bankers' sight will probably eliminate its dual currency. Argentine
bills and 5.43 for cable transfers, as against 5.43% paper pesos closed yesterday at 42.67 for checks, as
and 5.43% last week. Austrian schillings have not compared with 42.59 last week, and at 42.72 for
been changed from 143/8. Exchange on Czechoslo- cable transfers, against 42.64. Brazilian milreis
vakia finished at 2.96%, against 2.96; on Bucharest finished at 11.89 for checks and at 11.90 for cable
at 0.62, against 0.613 ; on Poland at 11.20, against transfers, against 11.86 and 11.87. Chilean exchange
%
11.24, and on Finland at 2.513 . Greek exchange closed at 12.02 for checks and at 12.03 for cable
%
closed at 1.32 for checks and at 1.32% for cable transfers, against 12.01 and 12.02, and Peru at 3.81
for checks and 3.82 for cables, against 3.79 and 3.80.
transfers, against 1.30M and 1.30% a week ago.
SEPT. 3 1927.]
THE CHRONICLE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
AUG. 27 1927 TO SEPT. 2 1927, INCLUSIVE.
Noon Buying Rate for Cable Transfers to New York.
Value in United States Money.
Country and Moneta
Unit.
Aug. 27. Aug. 29. Aug. 30. Aug. 31. Sept. 1. I Sept. 2.
EUROPE
Austria, whining ....__ .14071
Belgium, beige
Bulgaria lev
007254
Czechoslovakia, krone .029627
Denmark, krone
.2678
England. pound sterling
4 8618
Finland. markkat
.025188
France. franc
0392
Germany, reichsmark. 2378
Greece. drachma
.013083
Holland, guilder
4007
Hungary, pengo
1744
Italy, lira
0540
Norway, krone
2598
Poland. zloty
1120
Portugal. escudo
.0491
Rumania.len
006160
Spain, peseta
1682
Sweden,krona
.2684
Switzerland. franc
.1928
Yugoslavia. dinar_.... .017597
ASIAChina
Chefon, tael
.6263
Hankow,tael
6259
Shanghai, tael
6032
Tientsin, tael
6379
Hong Kong, dollar_ .4815
Mexican dollar____ .4383
Tientsin or Pelyang,
dollar
4392
Yuan. dollar
4358
India, rupee
.3616
Japan, yen
4726
Singapore(S.S.).dollar .5602
NORTH AMER.Canada. dollar
1 000551
Cuba, peso
I 000156
Mexico. peso
.476500
Newfoundland. dollar/ .998250
SOUTH AMER.Argentina, peso (gold) 9894
Brazil, milreis
.1183
Chile. peso
1204
Uruguay. peso
1 0026
3
.14063
.1392
.007271
.029627
.2678
.14067
.1392
.007227
.029626
.2677
.14071
.1392
.007233
.029627
.2677
.14068
.1392
.007245
.029628
.2677
.14084
.1392
.007250
.029626
.2677
.8618
.025192
.0392
.2380
.013117
.4006
.1744
.0542
.2599
.1121
.0491
.006179
.1681
.2685
.1928
.017602
.8617
4.8815
.025186 .025181
.0392
.0392
.2380
.2380
.013163 .013173
.4007
.4007
.1745
.1746
.0543
.0544
.2601
.2805
.1121
.1123
.0491
.0486
.006169 .006165
.1685
.1688
.2685
.2685
.1928
.1928
.017598 .017598
4.8605
.025183
.0392
.2379
.013189
.4007
.1746
.0544
.2616
.1121
.0488
.006168
.1692
.2685
.1928
.017596
4.8600
.025190
.0392
.2378
.013188
.4006
.1747
.0542
.2618
.1123
.0486
.006170
.1691
.2684
.1928
.017606
.6285
.6252
.6048
.6360
.4822
.4322
.6285
.6252
.8047
.6352
.4819
.4325
.6271
.6241
.6034 ,
.6346
.4814
.4342
.6238
.6144
.6005
.6308
.4802
.4325
.6244
.6152
.6019
.6315
.4806
.4303
.4288
.4254
.3616
.4722
.5598
.4279
.4246
.3616
.4722
.5598
.4321
.4288
.3617
.4726
.5598
.4308
.4275
.3622
.4730
.5598
.4246
.4213
.3621
.4726
.5598
1.000508 1.000023 1.000179 1.000092 1.000195
.999969 .999719 .999719 .999781 .999969
.476333 .476333 .476567 .476333 .478733
.998594 .998125 .999984 .997750 .997969
.9688
.1184
.1204
1.0016
.9691
.1184
.1204
1.0007
.9692
.1185
.1204
1.0006
.9698
.1184
1204
1.0011
.9698
.1184
.1205
1.0004
In the Far Eastern exchanges the feature this
week is a softness in Japanese yen, due largely to
speculative operations in Shanghai. The average
quotation for the yen in August was about 473.
This compares with 48% at the beginning of the
year. The banking and business troubles, which
reached a crisis in the early spring, hardly need
to be recalled here. A week after the end of the
moratorium (April 22 to May 13) the yen dropped
to 453 . So that the August average price shows
4
a good recovery. Mr. S. Tominaga, an important
official in the Yasuda, the largest bank in Japan,
is quoted by Dow, Jones & Co. as having recently
said, "Speculators for a decline in yen are taking
a great risk. About 40,000,000 yen has been sold
short in Shanghai in the expectation that the collapse which followed the April crisis will be repeated.
These accounts must be settled eventually. Japan's
excess of imports for the first half of 1927 was
more than 100,000,000 yen below the 1926 figures.
If exports flourish, why should yen decline?" He
pointed to a number of circumstances which indicate that in the immediate future Japan will
pay out less specie to balance its accounts abroad.
Owing to boycotts Japanese exports to China dropped
about 60,000,000 yen in the first half of the year. Mr.
Tominaga declared that Japan has little to fear
from Chinese boycotts as experience shows that
they do not last very long. The Chinese exchanges
are lifeless on this side, but continue to show a
weak tone as they are involved very largely in the
low ruling rates for silver. Of course, there are
other factors, such as the disturbed state of affairs
due to the protracted partisan war and unsettled
Government, and the stand. which the Indian
Government has taken respecting the gradual reduction of its silver reserves. The United States
Department of Commerce issued a statement yesterday saying that the currency reserve in India
on Aug. 22 amounted to 1,046,000,000 rupees in
silver coins, an increase of 7,900,000 rupees since
1237
Aug. 15. The bullion in reserve totaled 87,600,000
rupees, compared with 90,600,000 rupees on Aug. 15.
Closing quotations for yen checks yesterday were
47.25@47%, against 473.@473/2 on Friday of last
week. Hong Kong closed at 483.'@48 7-16, against
483@).48;Shanghai at603.@,60 7-16,against60%@
603 ; Manila at 493/2, against 49
%
Singapore at
56.15@56 7-16, against 563/@56 7-16; Bombay at
8
36 5-16, against 36 5-16, and Calcutta 36 5-16,
against 36 5-16.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $2,818,709 net in cash as a result of the
currency movement for the week ended Sept. 1.
Their receipts from the interior have aggregated
$3,964,209, while the shipments have reached $1,145,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended Sept.!.
Banks'Interior movement
Into
Banks.
Out of
Banks.
$3,964,209
Gain or Loss
to Banks.
$1,145,500 Gain $2,818.709
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday.
Aug. 27.
MondaY,
Aug. 29.
Tuesday, Wednescry, Thursday, Friday,
Aug. 30. Aug. 31. Sept. 1. Sept. 2.
Aggregate
for Week.
$
$
$
83,000,000 75,000,000 75,000,000 79,000,000 84.000.000 110,000 000 Cr. 506.000.000
Note.
-The foregoing heavy credits reflect the huge mass ot checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such ehecks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Banks of
Sept. 1 1927.
Sept. 2 1926.
Total.
Gold.
Tote!.
L
L
£
C
England_ _ 151,239,62
151,239,624 155,498.797
'155,498.797
France a._ 147,260,559 13,680,
160,940,559 147,375,2
13.521:1,000 160,895,288
Germany b 88,234,600 c994,600 89,229,200 63,064,000 c994,600 64,058,600
Spain
103,902,000 27.125,000131,027,000 102,253
26,853,000 129,106.000
Italy
46,790.000 3,842,000 50,632,000 „
2,290,000 37.760,000
Netherl'ds 32,200,
2,378,
34,578,000 35,000,
2,300.0001 37.300,000
Nat. Bele - 18,804,000 1,176,000 19,980,000 10,955,000 3.4T3,000, 14,384,000
Switzer!' d 17,333,
2.714.000 20.047,
16,813,000 3,542,0001 20,3.55,000
Sweden_ _ _ 12,669,000
12,669,000 12,870
12,670,000
Denmark 10,121,
718,000 10.839,111 11,619,
854,000, 12,473.000
Norway
8,180,000
8.180,
8,180,000
8,180,000
,
Total week 636.733.783 52,627,600889,361,383 598,898,0
53.782.600652,680,685
Prey. week 636.251,382 52,518,600688,770.98 598,789,495 53,706,600 650,476,095
I
1
a Gold holdings of the Bank of France are exclusive of gold held abroad,amounting
the present year to £74,572,836. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £3,327.150.
c As of Oct. 7 1924.
The Resignation of Viscount Cecil.
Viscount Cecil's resignation of his minor post in
the Baldwin Cabinet on Monday has created something of a stir in European political circles, and may
possibly turn out to have some effect upon political
events in the immediate future. On the surface, at
least, the reasons for the resignation seem clear. In
regard to "the broad policy of disarmament," Viscount Cecil declared in his letter to Premier Baldwin, he and a majority of the Cabinet were "not
really agreed." It is his belief "that general reduction and limitation of armament is essential to
the
peace of the world, and that on that peace
depends
not only the existence of the British
Empire, but
even of European civilization itself."
Limitation of
armaments, accordingly, seems to him
"by far•the
1238
THE CHRONICLE
most important public question of the day," but he
is "convinced that no considerable limitation of
armaments can be obtained except by international
agreement," and it is upon the attainment of such
an agreement that "the chief energies of the Government ought," in his opinion, "to be concentrated."
Beyond this broad divergence of view on a question of policy, Viscount Cecil reveals more specific
grounds of grievance and dissent. "Much that happened," he writes,"during the session last spring of
the Preparatory Commission for the Reduction and
Limitation of Armaments was, to me, of a disquieting nature. Over and over again I was compelled
by my instructions to maintain propositions in the
Commission which were difficult to reconcile with
any serious desire for the success of its labors."
Nevertheless, when Premier Baldwin asked him to
serve as a member of the British delegation to the
recent Geneva Conference, he "gladly accepted," and
"thought there was little doubt of an agreement being reached." Unfortunately, the record was again
one of failure, the cause of which "may have to be
probed when Parliament meets," and he once more
found himself "out of sympathy with his instructions."
Regarding the question of Viscount Cecil and his
instructions, two observations are to be made. The
first has already been lodged with much force by
Premier Baldwin,in his letter accepting the resignation. "As regards the work of the Preparatory
Committee of the League," Mr. Baldwin writes,"you
presided over the sub-committee which prepared the
British case and practically drafted your own instructions, and in your absence your place was
taken by a colleague whom you will certainly not
accuse of lukewarmness in the cause." As for the
recent Geneva Conference, if Viscount Cecil was
again out of sympathy with his instructions, his
attitude gave singularly little evidence of it. Not
even Mr. Bridgeman himself, the official head of
the British delegation, appears to have been more
outspoken or uncompromising in debate or informal
discussion than the noble Lord, and he was reported
to have been unceasing in his efforts to impress the
foreign correspondents with the justice of the British case. At the close of the Conference, when Mr.
Gibson skilfully laid bare the real significance of
the British contentions, it was reported that Viscount Cecil was so much disturbed that he was with
difficulty restrained by his chief from making a
reply on the spot.
The question of instructions is often a difficult
one, and a certain subordination of individual opinion to the requirements of a Government policy is
almost inevitable if an international conference of
any kind is to succeed, but if Viscount Cecil really
found himself out of sympathy with his instructions
at the time of the League parley, and was convinced,
as his letter of resignation indicates that he was,
that the British Government did not wish an agreement to be reached, he would seem to have taken a
questionable risk in consenting to represent the same
Government at another parley called to deal with
one of the most important phases of the same general issue, and in any case is hardly entitled to hide
behind his instructions after having spoken and
acted asif he were committed to them heart and soul.
Viscount Cecil's personal excuses or justification,
however, are of relatively small consequence in comparison with the broad general issues which his
[VOL. 125.
action raises, or the possible political effect that
his resignation may have. The substance of his
charge is that the Baldwin Government, while willing to discuss the reduction or limitation of armaments, was not at any time really willing to see
armaments reduced or limited. What happened a
few weeks ago at Geneva is held up as only a repetition of what had happened several times before.
"I look back," he writes, "on the refusal to accept
the treaty of mutual assistance, unconditional rejection of the protocol, the Ministerial declaration
against compulsory arbitration, the partial failure
of the Preparatory Commission, and the breakdown
of the three-Power Conference."
It is unfortunate that an allegation whose main
substance is so weighty should be weakened by so
obvious a confusion of the good and the bad. If
Viscount Cecil and his friends (he has been a prominent figure in the British League of Nations Association, a propaganda organization said to number
some 400,000 members) regard the various counts
in this indictment of the Baldwin Government as
forming a logical whole, there will be wide dissent.
from his accusation, even though he makes his own
position clear. The notorious Geneva protocol, one
of the most objectionable schemes for enforcing
peace that has yet been submitted to an astonished
world, was widely condemned by public opinion before the British Government took the trouble to
consider it, and has no friends to-day save in the
negligible group of theorists and enthusiasts who
still affect to see in the League of Nations the salvation of mankind. Compulsory arbitration, again,
practicable only for small nations too weak to resist,
and sure to be spurned by any great Power the moment it is tried, is another of the impracticable
schemes to which the League has given a certain
vogue, but which the Baldwin Government is to be
commended rather than blamed for refusing seriously to consider.
Viscount Cecil, in other words, looks at international politics and international welfare through
the eyes of the League. He has been a devoted advocate of the League, an enthusiastic supporter of
some of its extravagant pretensions, and a staunch
apologist for it even when it has shown itself ineffective and weak. Certainly, if the Preparatory
Commission of the League had been able to advance
by never so little the cause of limitation of armaments, its work would have been entitled to hearty
praise; it is even conceivable that, with so much of
a foundation laid, the Geneva Conference which
met last June might have had a different outcome.
To accuse the Baldwin Government, however, of
fundamental opposition to disarmament because, on
the one hand, it has turned away from certain impracticable or mischievous suggestions emanating
from the League, and, on the other hand, has been
willing to see the Preparatory Commission and the
Geneva naval parley break down, is to confuse two
unlike issues. For the recent failure at Geneva the
Baldwin Government has a heavy load of responsibility to bear, and no explanations thus far offered
appear to make the burden less, but such action as
the rejection of the Geneva protocol, although it did
nothing to advance the cause of world peace, had at
least the merit of not making a bad matter worse.
The possible consequences of Viscount Cecil's resignation, accordingly, bearing in mind his intimate
relation to the League, may be important. The res-
SEPT.3 1927.]
THE CHRONICLE
ignation, as it happens, comes at a moment when
not only the League, but also the Locarno pacts
which M. Briand acclaimed as evidence of a "new
spirit" in Europe, are under open and severe criticism. Only a few weeks ago M. de Jouvenel, the
leading French delegate to the League, resigned his
appointment, and in a public statement forcibly arraigned the Council of the League for its timorous
and evasive policy in matters in which some of the
greater Powers were concerned. The sessions of
the Interparliamentary Union, which has just closed
its meeting at Paris, have been the scene of warm
debates in which German delegates, citing the guarantees as well as the "spirit" of Locarno, have demanded the withdrawal of the remaining Allied
troops, more than 50,000 in number,from the Rhineland, and declared that "efforts at moral pacification find themselves obstructed by the fact that on
one side disarmament is imposed by force on some
peoples, while other peoples proceed with intensive
armaments." A Hungarian delegate at the same
meeting asserted that "the present European attitude made disarmament a political instead of a
technical problem, with armed nations asking security and disarmed nations deprived of it." When
M. de Jouvenel warmly defended the continued Allied occupation of the Rhineland, and argued the
familiar thesis that the Locarno pacts made no
change in the obligations carried by the Treaty of
Versailles, a spokesman of the German Government
was quoted as saying that "if Senator de Jouvenel's
speech expresses the opinion of the French Government, the League of Nations might as well be dissolved, and the Powers devote their whole attention
to increasing and developing their fighting forces."
Such is the outlook for European harmony and
world peace on the eve of another meeting of the
League. Confusion of issues, charges of bad faith
on the part of Governments, wordy disputes regarding the meaning of treaties, preparations for war
on the part of the great Powers and helplessness in
the event of war on the part of certain subjected
Powers, are among the items which bulk largest in
the foreign news from day to day. For the moment,
apparently, the disarmament issue is dead. It seems
highly improbable that President Coolidge, with his
Administration nearing its close, will try to revive
the idea of an international conference, and there is
small reason for thinking that such a debate in
Parliament as Viscount Cecil has hinted at would
result in any radical change in British policy. The
one practical lesson to be drawn from the situation
is that disarmament, whatever the importance of
its technical features, is at bottom a question of public opinion and ethical sense. As long as the peoples
of the world are willing to sustain the financial
burden which swollen armaments involve, taking
counsel of their prejudices or fears and making
ready for a war that nobody wants, we may not hope
for greater enlightenment or higher moral purpose
on the part of Governments. The resignation of
Viscount Cecil will have been well-timed if it serves
to dispel in any measure the notion that disarmament or peace are to be attained by merely artificial
arrangements, or by ingenious devices for perpetuating the theory of a balance of power, or in any other
way than by cultivating in individuals and in nations a sincere desire for peace, and a mutual confidence and respect which shall make war a thing no
longer to be apprehended.
1239
Racial Animosity.
Personally, we often arrogate to ourselves an
entire freedom from racial antagonism. And we
are honest in this belief as individuals. We point
to the United States as the melting pot of all the
races of earth. And we prove thereby our love for
the Brotherhood of Man. What is this amalgamation of the races? Save for certain enthusiasts it
has its color barriers. In some States certain races
are not permitted to intermarry, as in the case of
blacks and whites. The melting pot is in fact a restricted one. The white races in the United States
do not, save in exceptional cases, intermarry with
the black, brown and yellow races of Africa and the
Orient. We assume that we have an inborn right to
make this distinction. And we have. Even the law
of natural selection has not yet broken down color
and caste. But we do believe that these races have
a right to exist and to maintain their integrity.
Nevertheless we still declare and believe that among
the white races, that have on the whole established
what we contend to be a superior civilization, there
is no super-race which, under natural laws, should
withhold itself from intermixture.
At this point and with this in view we may begin
our study of racial antagonism. And now we come
in contact with the elements of our likes and dislikes, for we have them as races, just as we have
them as individuals. They are political, social and
religious. Two parties have so long dominated in
the alternate control of the Government; have so
long declared opposing principles and policies of
rule; have so long, we may add, taught their respective beliefs to their children; that there is a marked
cleavage between the two parties. It is far more
political than social, but it is social. The independents that have from time to time branched away
from the old parties have often been doubly sneered
at for their temerity. Yet the conscientious as well
as courageous voter who will follow his convictions
is a defender of democracy. Further than this the
political antagonism (once so marked between South
and North) has disappeared and inter-marriage is
freely sanctioned without a thought of social
distinctions. The natural law of love holds its
sway.
Pride in, and preference for, race is natural and
right. There is genius enough in each, though it is
for all. Love and reverence for race is not ground
for exclusiveness and arrogance. We speak now, of
course, of the white races. The Fatherhood of God
implies the Brotherhood of Man; and the true Brotherhood holds no inhibition on racial intermarriage.
No people is chosen of God. All are children of the
one God. Any attempt to set up a favorite position
in this respect breeds a false pride. This in turn
breeds the ills of superiority, selfishness and social
favoritism. These in turn are met by like qualities
in the other races. Characteristics of this kind
creep into commerce and finance. And soon we have
business existing on an unnatural plane. Competition becomes distorted. Co-operation cannot be
free. The end is antagonism and even hate. In
such an atmosphere false charges appear and grow.
How much of this exists in our country each
man
must determine for himself. But the antidote
in
social life, as we have previously said, is
kindness
and free acknowledgment of the worth of
all the
white races.
1240
THE CHRONICLE
It has been shown by 'recent well-known trials
settled out of court by mutual agreements that you
cannot at law libel a race though you may an individual as a member of that race. Whether this be
good law or bad it suggests to every individual and
race the benefits of speaking well of all peoples and
the cultivation of good-will. An Irishman may like
the Irish, a Frenchman the French, a Dutchman the
Dutch, and an Englishman the English, but when
they settle on American soil, build a home, and rear
children, they all become Americans free to assodate together in business and to give and be given
in marriage. Otherwise, there must grow up, sooner
or later, a race that holds itself aloof, and so doing
invites dissent, discordance, and at last antagonism.
At the same time this antagonism translates itself
ultimately into social and commercial contrasts
which eventuate into measures said to be oppressive,
and in fact sometimes are. Commerce ought to do
away with this but does not for several reasons.
If, in analyzing these characteristics, we belong
to the majority races (again we confine ourselves
wholly to the white) we are apt to fail to see the
true position of a minority race. But one thing in
our own country we must all acknowledge and remember is that we cannot bring with us and implant
in our children the ancient histories, wars, hatreds,
oppressions, of our more or less remote ancestries.
We cannot become one people if we do. Once we
leave the old world, save the love we bear to those
still there, we leave all behind—traditions, customs,
politics, racial exclusiveness, and Governments. We
cannot set ourselves apart and refuse to mix. We
cannot harbor resentments born of wars, social and
Governmental, hundreds of years old. Our boasted
equality must be real, actual, evidential in society
and trade. And by so much as we cherish these feelings we defeat the object of our coming and set up
an aristocracy of race that can only end in enmity.
It is not incumbent on us to like all persons in
equal degree or all races. We are entitled to our
preferences. But, as we often do, to single out one
race for scoffing is wrong, and has an evil effect.
There are the good and bad in every race. There is
a difference in intelligence, manners, beliefs. We
have a right to choose between them. But we have
no right under the doctrine of the "Brotherhood of
Man" to refuse to any race its proper meed of respect. If we allow our feelings to control us we will
soon cherish a dislike that falls into enmity. Instead of cultivating a subconscious superiority, let
us respect ourselves for what we are as a people and
try to see the good in all other peoples. Unfortunately for us, with our former "open door" policy
of immigration, we came in contact with the "lower
classes" of some of the European peoples and thus
obtained a prejudice not altogether warranted by
the facts in the case even at that time.
But the "foreigner," on the other hand, cannot
come here, get drunk on our form of liberty, think
in his access of freedom that he is better than anyone
and owns the country by virtue of a too soon attained ballot, and in the end crowd us off the sidewalk. Nor can he, schooled in the pride of race,
consider himself anointed and more scholarly. We
have been busy hewing out the forests for him to
cultivate. Nor can he congregate in cities, and by
virtue of money or numbers, run the place. He cannot point to age-old oppression and turn the finger
of scorn because of every little rebuff, be it social or
[VoL. 125.
political, he may meet with. His ancient glories,
religious or what not, need never panoply him with
self-glorification. If we dig deep enough there is
glory enough in each race. Races sometimes establish nations and Governments. And it is to their
credit they do so. No race at this date in the world's
history can claim special privileges under present
Governments unless they show the reason why.
Agriculture in Its Wide Relations.
The farm question is going to be before the country in many connections this fall. It created a
growing interest in the Williamstown Institute in
the midst of the great international questions. It is
even contended that the failure of the McNary-Haugen bill was a blessing, as it opens the way for further demand upon the Government for great appropriations an'd permanent national commissions and
boards.
It is well to glance at the actual situation as it is
to-day. The rapid growth of the cities, East and
West, is attended by a decrease of the farm population. Three new influences contribute directly to
this. The first is a new sense of community life.
With the radio, the telephone and the parcel post,
farming folk get the news of the world. Their horizon is lifted. They talk things over with their scattered neighbors; they get to know one another; they
discuss their common needs; inevitably they discover the possibility of united action. Then comes
quickly for the young people the attraction of the
town with its glitter, its movies and its open doors
to the unknown world. The third disturbing influence is the coming of machine substitutes for the
woman's work in the house and in man's work on
the land, from electrical devices in the kitchen and
the dairy to tractors and the combined harvester in
the field.
Then there are the directly destructive agents, like
the boll weevil and the corn borer. Both have been
fought with apparent success, though there is a revival of the weevil in the South, and the borer in
Massachusetts. But the danger is well understood
and the resources of the Government, however
largely they may be required, are certain to be effectively used. Impoverishment of the soil is a less
obvious, but more extensive evil. The early settlers
in the West soon learned that the fertility of their
wonderful wheat lands rapidly diminished and when
it fell to 10 or 12 bushels to the acre, they pulled up
stakes and moved on. The capital loss to American
agriculture by exhaustion of plant food is now set
at $400,000,000 or more yearly. Increased use of
mechanical power was a necessity; the amount employed per farm worker has more than trebled since
1850. The combined harvester-thresher in the Great
Plains region reduced the labor required for wheat
by nearly three man-hours per acre. Meanwhile a
million and a quarter farm work horses were displaced between 1920 and 1925 by 260,000 tractors.
Soil robbery went on at a great rate. When local
fertilizers were fully used there was still an annual
deficiency of about 40%. To restore this loss in
1926 commercial fertilizers were bought at a cost of
$225,000,000. On the basis of a study of a number
of crops it is estimated that in 1923 the use of fertilizer increased the value of these crops to over
three times the cost of the fertilizer. Larger acreage
under cultivation is obviously not the primary need.
SEPT. 3 1927.]
THE CHRONICLE
Mr. John A. Todd, visiting this country in the
interest of the Liverpool Cotton Service, reports that
in addition to the lack of rotation which he found in
Texas, is the absence of cattle, hogs and chickens
from most of the farms, and the consequent scarcity
of natural manure. Artificial fertilizers are unavailable because of the lack of rainfall. The result
is that large sections of the State are sinking below
the margin of profitable cultivation. The average
yield of the State.is below that of the whole Cotton
Belt; and even the Black Lands of central Texas are
showing soil exhaustion.
With the complexity of the agricultural situation
in this country such as it is, the question of adequate
remedies is important. Increasing the number of
small farms with intensive cultivation which prevails in certain European countries is advocated.
To secure continued possession small families, it is
claimed, will be necessary; the home will then remain for the son or daughter as their inheritance, to
be loved and cherished. They will have this in mind
from childhood, and as a matter of course will be
trained to its necessary cultivation and will pass it
on to their children. But the family of one or two
children cannot be the ideal for any permanent civilization, or give promise of producing the supply of
food the world needs to-day, when, as in China and
India millions of people are living perpetually on
the verge of starvation. The small farm is also not
easily adjusted to the use of machinery which is now
recognized as the indispensable instrument of adequately increased production. Furthermore, the
small farm as it prevails in any given area makes it
more difficult for the surplus children, which inevitably appear, to secure homes for themselves, and
turns them out into the ever-increasing crowd of the
unemployed, and what is worse, the unemployable,
because they are unskilled in other lines of industry.
Co-operation on a large scale is urged. This already exists in many forms as the result of volunteer individual action. But in the comprehensive
form prevailing in manufacturing lines it will be
difficult to introduce into agriculture. Great and
frequent variation both in the amount of world pro.
duction and in the market price is a prevailing obstacle. Other lands awakening to the use of modern methods and modern machines are sure to have
large surplus for export at greatly reduced price.
Fluctuation of,price already works destruction. The
recent long continuance of a boom with us has been
followed by a slump in the West, which, where great
expansion had arisen, has led to the loss, it is said,
of large numbers of farms, whose owners were unable to meet interest on their borrowings and the
increase of operating expenses and of taxes. The
Government is loudly called upon to aid with great
loans and some method of stabilizing prices by practically buying up surplus crops to be disposed of
when, and as, that may be possible.
But this would not go to the heart of the matter,
%yen if it were coupled with the adoption of measures to save the waste of agricultural raw material,
or to apply to farming the methods found to-day in
manufacturing industry. The need is different, and
the remedy must be more radical. It must begin on
the farm and apply to the farmer himself.
The farm has lost its hold upon the young people.
That is certainly an abnormal situation. To be
remedied it must be reached in its causes. Obviously
the farm must be made profitable; and that, not
1241
only as a profitable productive industry, but of all
that makes life valuable. It must be a challenging
and rewarding field for intelligence. Elsewhere
men's minds are awake. Science is seen to promote
success, and men on all sides are eager for its aid.
Old ways are abandoned and old-fashioned machinery, however good of its kind, is scrapped to give
place to the new. The farmer, not as here and there
an individual, but as a class, needs to be taught this.
Backward States content with country schools for a
few months in the year are changing them. Better
schoolhouses are building; more money is granted;
a higher grade of teaching is sought; and scattered
children are gathered at the township centres where
all may profit by it. The Agricultural Department
is sending out exhibits, with expert instructors to
show the farmers what can be done and how profitable it will be for them to do it. Agricultural
schools are locally following this up and supplying
trained young men and women as teachers for the
district schools.
Social results immediately appear. Neighbors
compare notes; conferences are arranged and are
eagerly attended; there is a new atmosphere, and a
new community life appears, in which each is of interest to all and all in return contribute to the wellbeing of each. So far as this extends you have the
conditions which will attach the young people to the
soil and tend to make them love their home and look
upon their father's occupation as an attractive field
for themselves.
Professor Jakob Lange has recently come over
from Denmark to tell how effectively this scheme
has worked there. The State by nearly a century of
legislation has gradually led up to this result. The
political and civic emancipation needed in Denmark
is not needed here. But at the point where the special need exists with us and is felt everywhere, that
of laying hold and creating a new life in the steadily
increasing class of men down and out because they
have no place and no fitness for any, and are the
"poor whites," or the youths who drift into the cities
to become whatever chance may make them,
this method was not adequate,. Then began
some ten years ago in Denmark the thoughtful effort
of a single man to reach the neglected and unawakened young men of the peasant class about him. We
have already called attention to the people's high
schools which have sprung from that beginning. It
has created a new life throughout Denmark, and
already is spreading abroad.
It indicates the line of promise for us. To our
new methods, our new machines, and our new grandiose schemes of legislative support, we have to add
this of fixing attention upon the possibility of each
community helping itself, and of showing them how
this can be done if they will accept the individual
duty of "making disciples"; learning oneself, and
then transmitting it to those about us, especially to
those who need it most, whoever they may be.
Killing the Anthracite Goose.
So far as the anthracite industry is concerned, it
looks as if the United Mine Workers were killing
the goose which has been laying eggs for the miners
of hard coal. After making a careful survey in the
anthracite region a special committee of the Lehighton Chamber of Commerce reports that the real reason for poor business in that section is "that the
anthracite mines are practically idle, some not oper-
THE CHRONICLE
1242
ating at all and others but one or two days a week,
which means that the miners are not earning enough
to feed their families even starvation rations."
Of course, the activity of the anthracite mines is
dependent upon the demand for hard coal. High
wages, insisted upon by the leaders of the United
Mine Workers, naturally keep up operating costs
and in turn the market value of the product of the
mines. Anthracite, due largely to the last strike, is
meeting with severe competition which it never before experienced. Scarcity of hard coal during the
strike of 1925 opened the door for the sale of bituminous coal and oil in markets which had been dominated largely theretofore by the anthracite trade.
Some resentment against the strikers was unquestionably aroused, especially in New England, where
consumers have largely turned to the use of soft coal
and oil. But elsewhere, also, anthracite now meets
with keen competition. In the suburbs of New York
and Brooklyn one householder after another is installing oil burners and in the city proper office
buildings and large apartment houses are also falling in line. This means a permanent loss in anthracite consumption.
If the business men and other residents of the
hard coal regions really wish to relieve a situation
which is proving to be disastrous to themselves, they
might with much logic direct their efforts towards
the production of anthracite at lower cost. An appeal by them to the leaders of the United Mine
Workers might be heeded, because it will be far
better for the mine worker to have steady employment at a fair wage than to have the scale of wages
so high as to assure work only, as the committee
says, "one or two days a week."
The practical solution is for the mine worker to
co-operate with the mine owner so as to enable anthracite to meet competition by a price which will
appeal to all consumers of fuel. Not less is it essential that there shall not hereafter be any suspension
of mining through strikes, leaving consumers for
long periods without any coal at all and inducing
them to have recourse to other kinds of fuel, more
especially oil.
A World Without Government, According to
Russian Soviet Thinking.
[Communicated.)
A wireless message from Moscow to the New York
"Times" last week said: "I deny the existence of
an American do:nocracy," Leon Trotzky declared to
an unofficial delegation of the American Federation
of Labor now in Moscow. "Under the externals of
a political democracy," he continued, "the United
States is ruled by a most concentrated capitalistic
dictatorship. The Soviet system, on the contrary,
is a dictatorship of the working class, which has
no interest in deceiving others as to its true character, for whereas those feudal lords, the financiers,
wish to make their dictatorship external, the Communist Party regards the proletarian dictatorship
as a passing phase leading to a society needing no
government, because it will be based on a union of
producers freed from exploitation and class differences."
Bosh! We are all of us looking forward to a
"society" in heaven, "needing no government—freed
from exploitation and class differences," but we are
quite convinced it is impossible on this earth. For
some reason our Heavenly Father, in creating man,
[VoL. 125.
so made him that his natural inclination seems to
be contrary to the full enjoyment of the blessings
that surround him on all sides. We talk a great
deal about how those blessings should be distributed and how the interests of every one should be
the concern of all. Our intentions are good, but
our performance is very bad.
Some very excellent people believe and are convinced, that as one generation succeeds another evidences of betterment in the direction of the millennium are apparent. It is true that in many respects,
and in some very limited quarters, very marked
progress has been shown in the direction of consideration for the rights of the people as a whole, but
occurrences from time to time, that are forced on
public attention, strongly suggest that without the
compulsion of government and law such consideration would be short-lived. It may happen that on
some occasion even these agencies will fail, and that
such improvement as we have made will suffer a
serious setback. Should that prove to be the case,
there is satisfaction in the belief that the final recovery, which must follow, will be accompanied by
another step forward and that this will bring us
slightly nearer to the ultimate goal of a united
society "freed from exploitation and class differences," but still far removed from its actual accomplishment.
It is in this way that the progress of the world
has been made. Such advancement as is possible,
however, has been very slow, oh ,so slow! In reality it scarcely seems as if we have made any advancement in the direction hoped for at all. Recent
occurrences emphasize this view of the matter very
strongly. It is not necessary to go far from home
to find them. What has been the attitude of labor
toward their fellow-men on many questions about
which they have differed? "The Soviet system"—
what is its record on matters in which differences
appear? "The Communist Party regards the proletarian dictatorship as a passing phase leading to a
society needing no government." God help that
society!
One who has been widely proclaimed as having
the support and sympathy of the various interests
associated in the aims above set forth (in fact there
were two of them) declared as his final pronunciamento on an important public occasion: "Long live
anarchy." What bearing does that phase of exploitation have on society and in what manner does
it handle class differences? This is the theory of
government which M.Leon Trotzky also advocates.
According to the precepts of the anarchist, such
differences as do appear are disposed of in short
order—the other fellow is cut off promptly and
without ceremony. Furthermore, the same privilege is denied to the other fellow by the party of the
first part. In reality it seems that this is not in
the direction of progress in any way, but on the contrary, is getting back to the very first principles,
when man was first put upon this earth to rule ot
ruin, perhaps both.
W. A. C.
Prizes for Flying.
The loss of seven lives in the late Oakland-Hawaii
flight has awakened in many minds a question as to
the wisdom of offering prizes for feats of daring involving great danger. After Lindbergh made his
famous voyage it was thought we would all be in
SEPT. 31927.]
THE CHRONICLE
the air in a few years. Now it is believed attention
should be turned to short flights over land. There
can be no question that commercial flying is making
great strides in Europe and in our own country as
well. But we are told that the railroads are not
alarmed at this progress, believing it will be a long
time before this form of competition will become
important. Standing on the dock in New York City
and looking up at the broadside of an ocean-going
vessel like the "Mauretania" or one of its sister
ships, each capable of carrying thousands at one
time in comfort and safety, it requires a vivid imagination to picture aeroplanes of the future carrying even their hundreds. An aviator once said to
the writer, before it became the rule to carry parachutes, "the trouble is as long as the plane is in the
air you have something under you, and you hesitate
to jump, and trust yourself to the opening of so
frail and uncertain an attachment out in space."
Gravity never ceases.
Offering prizes for excellence in life or literature
has little to commend it. Many are induced to try
for what only one can receive. There is great waste
of time as a consequence. On the other hand, and
this is true especially of literary prizes, those who
tender the offer are enabled to make a selection from
numerous offerings they could not otherwise do,
and receive in opportunity more than they pay for.
Or if this be not true, they pay a price for what they
do buy, in excess of the market price, if such a thing
can be said to apply to such wares as novels and
poems. We all like to win. Each of us is willing
to strive for the extraordinary. As a result the
work, whatever it may be, rests on a false base.
Thete is excellence in great labor for its own sake.
But somehow in working for a prize the desire to
win infuses itself into the work essayed. If we
examine the great literary works of the world we
will find prize-winning almost a negative incentive.
A prize in to-day does not, we think, give us our
highest literary works for the very reason they are
usually offered for productions that will sell. And
best-sellers are not always best in intrinsic merit.
However, this is not all the truth.
As shown in the air contest we have cited, some
were induced to make the effort without due preparation. Some were willing to adventure in such
frail craft that they had to be prevented, ruled out.
This is commentary enough on prize offering. Holding up unusual rewards in life or literature induces
those to try who are unfitted. Risking a worthless
novel in a contest may have a reaction. But risking
a precious life in the unattainable is a serious matter. So that those who offer these prizes must take
the responsibility for the effects they produce. As
far as encouragement of flying is concerned, on the
plea of encouragement of "preparedness" for some
far-off military need—that is as you believe about
it. In the instance we have referred to, it was said
there were forty vessels scouring the seas for some
trace of the lost mariners. Let this be considered
a sympathetic duty—it brings to mind another phase
of this present zeal for a new form of transportation. Not all who entered this race were amateurs,
some experienced flyers lost their lives. Are we
as ready as a people to mourn these men as we are
to praise those who have succeeded?
There is a steady flow of energy into the useful
and beautiful. There is no need to offer a prize for
accomplishment. Man is born to achieve, as the
1243
sparks fly upward. • If flying or anything else is a
worthy advance it will come in its own good time
out of the very nature of man. And to those who
go down in defeat there is due as much praise as to
those who win. The names of the successful Atlantic fliers are indelibly impressed on the people's
memory, those lost in the vast Pacific are scarcely
known or remembered. Flying itself is but an episode in our advance. It may prove helpful and it
may not. If it could supersede all else in a year
we would be poorer rather than richer because of the
waste that would ensue. Why not let these things
work themselves out according to the natural laws
of abounding energy? Why offer prizes at all? Say
that much time will ultimately be saved to mankind.
What will men do with the leisure? Culture and
the spiritual, as we have said before, do not necessarily follow time saving.
This attitude toward advance, progress, the "new,"
and it exists all over the world, emphasizes physical
progress at the expense of the spiritual. Many of
these new inventions drive men into their use at
great cost and danger. To add to this promotion by
offering material rewards adds to the folly and fanaticism of to-day. We do not philosophically inquire into their uses before we force them into the
market. Some of them are no more than toys that
amuse "the child older grown." They come from
the unwearied energy of mind to create. They will
be adopted gradually by the masses if they fill a real
need. It is the same thing as a subsidy by a Government to a business. If the business cannot stand
on its own feet, if it cannot find its place in affairs
on its merits, it will perish. Government is only
sustaining a failure. And prizes for flying tend In
the same way to create a sentiment among the people that this new thing we must have at any cost.
The deep woods have been attractive to great thinkers because they invite to meditation—the way man
attains to a knowledge of soul. Jazz destroys the
deep harmonies of music. Man cannot fly to what
we call heaven.
This passion for a new material world,for a world
of applied science, has fastened itself upon mankind.
It forces upon every people a part at least of the
high cost of living. Mass production opens the
opportunity for a better life judged by physical
tests. But does it increase unselfishness, helpfulness, tolerance, happiness in the true sense of the
word? It is much to be doubted. We do not observe that as a rule the racing flivvers stop to invite
those who ,are compelled to walk the highways to
ride. Many do, many do not. The time saved is for
the owner. We are not saying that those who drive
can or should make a practice of picking up the
traveler by the wayside. Our thought is, using this
special form of machine as an illustration, that the
possession of these new inventions does not of itself
work directly on the spiritual nature of helpfulness
and kindness. It does create an artificial barrier
amounting almost to a class division. A slower
growth, a more deliberate use, a more thoughtful
attitude to the meaning of physical progress, would
not so quickly change the essential nature of
man.
There are several ways of destroying life. One
is to offer a prize for feats of dangerful daring. Another is to encourage the universal use of time-consuming engineries on the assumption that they save
time in work. Yet work is not without thought and
1244
THE CHRONICLE
thought is the substance of being. Mass production
that brings greater comforts and simpler living cannot be stopped. It will go on and on. But mass
production which runs ahead of the natural ability
of the people to consume must answer for much of
our unrest, dissatisfaction, and bitterness at heart.
This is proven in the fallacies of communism and
anarchy. It needs no argument to prove that the
[VOL. 125.
machine displaces more labor than it employs. If
it did not it would fail. But in giving better living
conditions in a physical way, if it does not compensate in a spiritual way—it creates a passion for
pleasure and waste. Other machinery in the making
may employ labor in other fields, hastening the evil
as well as the good, so that a more even progress depends upon a more wise acceptance and use.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Sept. 2 1927.
In wholesale and jobbing trade there has been a further
slight improvement. It is mostly in the South and at the
Northwest. Both are getting good prices for their products.
The great rise in cotton this year and since last December
of some 10 cents per pound, has had a good effect. At the
large cities of the country there has also been some improvement. Retail trade in New York and some other centres of the country has been hurt, however, by cool, wet
weather. And even where business has increased it has
been stimulated in a measure by reductions in prices and
special sales. The big industries are for the most part
quiet. The cotton goods industry is still in the van. Various cotton fabrics have advanced noticeably; some
bleached cottons 12 to 1 cent, printed goods and colored
/
cotton / to 11 cents and some knitted goods 50 cents to $1
1
2
/
2
a dozen. Print cloths and sheetings have advanced / to /
1 1
2 2
c
or more per yard. And Fall River last week sold 130,060
pieces, which was double the business of any week for a
long period. But some buyers are now holding off for the
next Government cotton crop report on Sept. 8, which may
be the price pivot. Trade in men's wear woolens and worsteds for next spring has been larger. Some fancy weaves
are largely sold up by the mills. Broad silks, however,
were generally quiet. Raw silk was somewhat steadier,
though price movements at times were rather erratic. Many
industries are less active than they were a year ago. Cotton clothing lines and the shoe industry are notable for
activity in contrast with other branches. There is a better
business in coal and also in lumber at steadier prices. After
decreasing for three months as compared with a year ago
car loadings are beginning to increase. Northwestern spring
wheat estimates are smaller. There is danger that early
frost may curtail the crop of corn. A moderate improvement is noticed in the jewelry trade in the East. Mail
order sales in August by two houses were 17% larger than
in the same month last year. In the tobacco markets at
the South good prices prevail and in the Southeast the crop
is earlier than usual, if some reports from elsewhere are
not so good. There is an active business in wrapping paper,
twine, and the wooden box trade, which is certainly suggestive. In a certain sense and within limits they are
key trades.
Wheat declined 4 cents, with large receipts at spring
wheat points, an increase in the estimate of the Canadian
crop to 430,000,000 bushels and a falling off in export
business. At times the weather in Europe has been better.
Besides Europe evidently expects the large Canadian crop
to keep down the price of wheat. It has recently fallen
some 15 cents. Corn has declined about 5 cents, with better weather and liquidation here, as in other grain. The
visible supply is about 3,000,000 bushels larger than a year
ago and the Kansas crop looks fine. The danger is of frost
east of the Missouri River, where nearly half the crop needs
a late fall. Oats declined 2 cents, with some crop reports
favorable if others are not, and in any case corn fluctuations
governed this grain. Rye declined 4 to 5 cents, with Northwestern receipts increasing and export demand small. Provisions advanced with a noticeably better trade. Cotton advanced some 75 to 100 points, with crop estimates in some
cases 12,750,000 to 13,000,000 bales, in contrast wtih the
Government estimate on Aug. 8 of 13,492,000 bales. Weevil
damage is declared to be widespread and serious. But since
December last year prices have risen nearly 100% and it
may be a significant warning that the world's spinners'
takings this week for the first time in many months were
smaller than in the same week last year. The tendency is
to overdo bull speculation. The trading has at times this
week been active and excited, reaching or exceeding 1,000,000 bales in a single day, something reminiscent of Daniel
J. Sully's ill-starred bull campaign in 1903-04. Latterly
Liverpool, after balking at the rise, has fallen into line and
the spot sales there have been 10,000 to 15,000 bales a day at
rapidly rising prices. At Alexandria, Egypt, there has
also been a pronounced advance. Wool has been quiet and
steady. Steel has been quiet and in some cases prices appear to have been reduced on worth-while tonnages, for instance of sheets. The production ranges from 60 to 70%.
Dilatory tactics in buying by the railroad, automobile and
oil companies hits the steel trade. Pig iron has been dull,
and if prices are not shaded now and then rumor is at
fault. Coffee has declined in Brazil, Europe and the United
States despite reports that Brazil had secured a loan of
£5,000,000. Stocks are large, but after all, prices do not
decline much. The Defense Committee has given a good
account of itself, assisted, it seems, by a rather large export demand. Raw sugar advanced with big buying and
reports that Cuba will curtail its marketed crop 500,000
tons further and endeavor to induce other sugar growing
countries to do the same. Cuba, Europe and the American
trade have bought and futures have risen noticeably, and
nervous shorts have covered.
The stock market has continued to be more or less irregular, but of late has been stronger, especially industrial
shares, rails, utilities and mercantile issues, regardless of a
somewhat firmer tone in the money market. It is true that
the call rate is 3 %, but it would not be surprising to see
/
1
2
a moderate advance before long, judging from the banking
withdrawals. In Wall Street the tone is hopeful as to the
prospects for the fall trade. Bank clearings show a gain for
the week and also as compared with the same week last
year. Transactions in stocks are still on a remarkably large
scale, to-day approximating 2,000,000 shares, or about half
a million shares more than on the same day last year. The
wonderful breadth of the stock market for at least three
years past is one of the interesting and significant things
in the business history of the United States. To-day the
London market was steady, with an excellent demand and
some issues higher, although London is none too well
pleased, it seems, over the loans made in the United States
to Germany. It is a notable thing in recent business developments that the Dawes plan in Germany is working
out so smoothly. Germany is promptly paying its installments, regardless of the pessimistic predictions which were
at one time so freely circulated. To-day the Paris Bourse
was somewhat unsettled.
Pawtucket, R. I., wired that the Manville-Jenckes Co. is
preparing to reopen its United States division at Central
Falls, which was closed down several years ago. North
Carolina Piedmont mills have gone through August operating at virtually full time both day and night. At Greenville, S. C., mills are doing a somewhat better business.
Richmond, Va., reports that most of the cotton mills in the
Fifth Federal Reserve District have sufficient orders to
employ them well into the fall months. Goods are being
shipped as manufactured, practically no stocks being accumulated in the warehouses.
The fight among plasterers and cement workers is ended
and on Sept. 1 150,000 workers were once more at work
throughout the country on a normal basis. Manchester,
England's cotton goods trade has been very much unsettled,
Tattersall says, by the erratic cotton movements, adding
that the advance has been too rapid for buyers to follow.
More encouraging advices have been received from India,
and early in the week some large sales took place in light
THE CHRONICLE
SEPT.3 1927.]
bleaching cloths, buyers not generally being prepared to
operate on a free scale at current levels. The use of cotton
table damask is increasing and production nearly doubled,
according to a study just completed by Cotton Textile Institute.
At Calcutta burlap on Sept. 1 advanced sharply; 40
-inch,
-ounce goods rose as much as 18d. and 10%-ounce advanced
8
12d., owing to what is described as a renewal of a corner on
shipments from Calcutta.
Montgomery, Ward & Co. report that their sales increased
9.14% for August. The total is placed at $13,825,103 for the
month, as against $12,667,430 in August last year. Sales
for the eight months to August this year were put at $118,068,029, against $119,867,695 for the same period last year,
a decrease of 1.50%. Sales of Sears, Roebuck & Co. for
August were stated at $23,969,681, an increase of 22.2% as
compared with last year. For the first eight months of the
year sales were $174,656,950, a gain of 5% over the same
period last year.
The weather continues abnormal. Here the week was
cloudy. Last Sunday the rains were heavy, clearing on
Monday, Aug. 29, but on Sept. 1 came a rainfall here of
3.20 inches, causing interruption to travel in and around
New York, especially on Long Island, where cellars were
flooded, street car traffic halted at many points and automobiles were stalled hub-deep in streets filled to the curb.
Throughout Westchester and the Hudson Valley the rains
washed out many roads and undermined the foundations of
a bridge near Middletown. In New Jersey, from Jersey City
as far south as Atlantic City, streams of water ran over
every road. The Hackensack Valley was flooded when the
Hackensack River overran its low banks and halted automobile, bus and trolley traffic. In Brooklyn, the Flatbush,
East New 'Pork, Bushwick and Coney Island sections were
the hardest hit, with 3 feet of water in places. New York
was the rainiest place in the country. The temperatures on
the 1st inst. were 62 to 68; in Chicago 64 to 84; in Cincinnati
58 to 82; in Cleveland 58 to 74; in Detroit 58 to 78; in Kansas City 68 to 84; in St. Paul 66 to 90; in Montreal 60 to 78;
in Boston 64 to 66; that is, while the East was rainy and
cool the West was dry and relatively hot. To-day was pleasant until to
-night, when there was a shower. The forecast
is for fair weather to-morrow. Temperatures to-day
were
63 to 77 degrees, showing a rise. In Chicago
they were 62
to 84 and in St. Paul 64 to 90.
Wholesale Trade in United States in July 1927 as
Reported by the Federal Reserve Board-Below
That of June This Year and July Last Year.
Volume of wholesale trade was slightly smaller in July
than in June, according to reports received by
the Federal
Reserve System from firms in six leading lines of wholesale
trade. Sales of groceries, shoes and hardware declined,
while those of meats, dry goods and drugs
continued in
about the same voluem as in June.
Compared with the
corresponding month of last year total
sales of reporting
firms in July were about 5% smaller,
reflecting reductions
in sales of all lines except shoes and drugs,
whichwereslightly
large than in July a year ago. A rart of the
decline in sales
from July of last year is accounted for by
the fact that July
of this year had one business day less than
July 1926. Percentage changes in the value of sales in July as
compared
with June of this year and July of 1926 are as
follows:
CHANGES IN VALUE IN WHOLESALE SALES.
Line.
Percentage of Increase (+) or Decrease (-) in Sale in July 1927,
Compared with
June 1927.
Grocery
Meat
Dry goods
Shoal
Hardware
Drugs
0.0
+2.3
-8.3
-8.0
+1.8
July 1926
-6.8
-6.5
-3.3
+2.9
-5.1
-3.6
Total, six lines
-3.7
-4.9
Among the additional lines not included in the above table, domestic
sales of agricultural machinery and farm implements were about 4% smaller
than a year ago, according to reports received by the Federal Reserve Bank
of Chicago from 8.5 manufacturers. Orders for machine tools placed
with
firms reporting to the National Machine Tool Builders Association declined
in July and were 25% smaller than in July of last year. Sales of men's
clothing by firms reporting in the New York Federal Reserve District were
70% larger in July than in June and about 2% larger than in July 1926.
.% larger than in July of
Sales of women's coats and suits were nearly NO
last year when activity In the clothing industry was sharply curtailed as a
result of the strike at that time. Ng
Stocks of Wholesale Firms.
Value of merchandise stocks carried by reporting wholesale grocery, dry
goods and shoe firms was larger for the country as a whole at the end of
1245 .
July than at the end of June, while stocks of hardware and drug firms were
somewhat smaller. Increases in stocks of dry goods were reported in nearly
all sections of the country and reflected preparation by firms in these lines
for the expansion in whole trade that usually occurs early in the autumn.
Compared with July of last year, stocks in all lines were smaller.
Index numbers ofthe dollar value ofsales ist six leading lines of wholesale
trade are given below. On the following pages are shown changes in sale
and stocks by lines and by Federal Reserve districts.
VALUE OF WHOLESALE TRADE BY LINES.
(Index numbers with average monthly sales in 1919 as 100)
Groceries.
Meat.
Dry
Goods.
S7wes.
79
80
86
84
76
81
82
77
77
78
76
78
59
60
59
59
103
107
105
99
123
111
116
114
84
82
77
81
86
79
71
74
72
72
75
71
74
78
68
56
58
53
102
99
102
94
122
113
115
118
78
79 .
81
78
Hardware. Drugs.
Total.
1926.
April
May
June
July
1927.
April
May
June
July
80
82
CHANGES IN SALES AND STOCKS OF WHOLESALE rums BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (+) or Decrease (-) Per Cent.)
Line and Federal Reserve District.
Sales, July 1927,
Compared with-
aStocks. July 1927,
Compraed with
-
June 1927. July 1927. June 1927. July 1926.
Groceries
United States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Dry Goods
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta Dlitrict
Chicago District
St. Louis District
Kansas City District
Dallas District
San Francisco District
Shoes
United States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
San Francisco District
Hardware
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Drugs
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
•
San Francisco District
Furniture
Richmond District
Atlanta District
St. Louis District
Kansas City District
San Francisco District
Agricultural ImplementsUnited Statea.b
Minneapolis District
Dallas District
Stationery and Paper
New York District
Philadelphia District
Atlanta District
San Francisco District
Automobile Supplies
San Francisco District
Clothing
New York District
St. Louis District
Cotton Jobbers
New York District
Silk Goods
New York District
Machine Pools
United States c
DiamondsNew York Maria
JewelryNew York District
Philadelphia District
EMariazi Supplies-Philadelphia District
Atlanta District
St. Louis District
San Francisco District
StonesSt. Tools District
-8.6
-4.5
-9.9
-12.7
-9.3
-7.0
-12.0
-8.7
--11.3
-14.0
+1.1
-5.9
+0.8
-1.0
-7.6
-8.1
4-8:3
.
+lac ..
-7.2
+2.9
-4.8
-5.6
-0.9
-5.7
-8.0
-2.9
+5.6
-15.8
-4.6
-7.0
-6.1
+1.2
-6.9
--15.7-4.8
-1.0
- 0:6
0.0
-3.8
-6.9
-10.6
+16.9
-7.6
-10.8
-5.1
-7.8
-6.3
+2.3
-6.8
--14.5
-9.3
+8.7
+11.4
-2.7
+16.7
+17.7
+26.0
+0.2
-3.3
-8.2
--12.5
-3.0
+6.3
+9.8
-2.3
-0.4
-7.8
+13.0
-9.7
--8.3
+7.9
-22.5
+2.2
-22.2
+19.0
-4.7
-6.0 .
+64.6
-15.9
-9.1
+2.9
+12.1
-2.4
-18.7
-13.5
+16.3
-1.7
-6.6
+19.0
-18.9
-0.3
-8.0
-20.3
-11.2
--2.3
-5.2
-1.0
-5.1
-11.9
-10.3
-2.1
-1.2
-17.7
-3.6
+9.1
-5.6
-- i)
d
+11.3
+2.3
+11.2
+7.2
4-5.1
+19.7
+16.9
+3.6
-iii
+2.1
-4.6
+1.7
+2.4
+1.8
+3.7
--5.2
-34
+39.9
-33.5
-1.4
+0.7
49
.6
-2.0
+17.0
+2.6
-5.3 -28.0
-11.6
-0.3
+3.1
-0.6
-0.9
-2.7
-0.3
-3.0
+0.4
-1.0
-9.6
-3.5
-17.2
-4.4
+1.0
+9.0
-1.1
-3.1
.
L13.6
4-4.5
+4.1
-5.1
-8.6
-1.6
-13.9
-8.0
-13.1
+3.8
-17.9
-6.0
-6.9
+0.9
-10.6
-8.9
+9.6
-4.8
-------
-10.6
-17.6
+14.3
----
+illi
z-b:i
-0.2
0.0
-7.7
+9.5
'--18.7
0.0
-0.8
-8.4
-7.1
+1.8
+12.6
-3.8
-3.1
-0.1
-0.1
-6.1
-5.6
+4.6
+1.6
-3.1
4-3.6
+2.0
-3.2
-2.6
-2.9
+4.2
-3.1
+0.8
+7.9
-4.8
-7.1
-19.0
-.441.2
-8.9
+7.8
+1.4
-5.3
+1.3
-30,8
-30.0
+12.6
-7.4
-0.2
-14.5
-15.9
-1-20i.4.
-1.1
+2.1
-4.5
-4.8
-33.1 ,
-4.8
-8.3
+- - 4
2.
+90.0-----10.2
-3.7
'
-11- 6 . -28.0
.
+3.0
+34.2
-10.5
-5.3
-3.8
-12.8
-22.8
-6.2
-3.2
+2.0
--2.7
-9.2
-4.4
---1.6
---I.3
.-f.ti
64
-..
-2.0
-8.8
+0.2
-2.1
+88.9
-64.6
+32.4
+49.2
___ -
----
-5.0
+5.9
-
----
+24.5
+10.4
--13.7
--9.6
-6.6
-25.3
+5.9
-24.9
-42.2
--28.6
-12.9
-9.8
-7.0
-7.3
+10.3
-14.1
-12.6
-22.6
+1-.5
+0.1
0-.0ct
+1.4
+0.64
-3.1
+4.5
-26.5
-11.il
- 7
+10.0
4- 12.6
-+9.2
it
--.99 n
-1-4.7
-30.7
+11
a Changes in total stocks for the United States are weighted averages computed
basis of firms which have reported regularly to the Federal
on the
Reserve System
since January 1923.
1246
THE CHRONICLE
b Sales of agricultural implements for the United States are compiled by the I
Chicago Federal Reserve Bank from reperts of leading manufactures and include
all of their domestic business.
C Based upon indexes of orders placed with manufacturers furnished by the
National Machine Tool Builders' Association.
d Includes diamonds.
Federal Reserve Board's Summary of Business Conditions in the United States-Decline in Industrial
Production-Advance in Wholesale Prices.
Industrial production declined in July to a level below
that of a year ago, while the Department of Labor's index of
wholesale prices advanced for the first time since last autumn, says the Federal Reserve Board, in its monthly summary of business conditions in the United States, issued
Aug. 28. Demand for bank credit showed a seasonal increase, but easy conditions prevailed in the money market,
the Board noteg, its review continuing:
[VoL. 125.
The following business indicators are made available by
the Department:
WEEKLY BUSINESS INDICATORS.
(Weeks ended Saturday Relative numbers, average 1923-25- 100.)
1927.
1926.
Aug.27 Aug.20 Aug. 13 Aug.6 Aug.28 Aug.21 Aug.14
Bituminous coal produen
Lumber production
Beehive coke production_
Petroleum production
(daily average)
FreIght-car loadings
Building contracts (27
States)
Wheat receipts
Cotton receipts
Cattle receipts
Hog receipts
Price No.2 wheat
Price cotton middling..
Price Iron and steel
composite
Fisher's price index
Bank loans and discounts
(total)
Debits to Individual accts
Interest rates, call money
Business fallures
Stock prices
Bond prices
int, rates, time money_ _ _
Federal Reserve ratio. _.
* Revlsed.
93.8
106.4
44.1
75.0
98.6
80.9
87.2
105.5
43.3
115.1
108.2
73.9
108.1
105.5
74.7
109.1
106.4
66.5
120.9
119.2
93.3
102.3
44.1
123.7
109.4
123.7
106.8
104.5
118.5
104.2
113.6
103.8
115.7
141.3
206.6
61.2
97.5
67.8
100.0
75.4
159.4
241.7
47.7
91.5
66.6
99.3
71.3
102.2
306.8
36.2
83.5
70.0
96.5
70.2
171.4
137.0
61.2
102.2
59.0
95.8
70.2
131.6
175.5
53.5
101.3
66.9
95.8
66.9
131.8
235.2
48.3
97.5
66.1
96.5
65.4
87.5
87.5
87.5 87.6
90.8
90.8
90.8
91.4
90.0
89.2
89.8
94.7
95.3
94.8
Production.
116.5 117.0
Output of manufactures declined in July and was in practically the same
117.0 116.7 112.6 112.5 112.9
103.2 *115.8 108.4
118.4 102.5 111.4 106.0
volume as a year ago, and the production of minerals, which was further
84.8
84.8
90.9
87.9 115.1 109.1
109.1
reduced during the month, was at the lowest level since early in 1926, when
90.7
97.3
06.6
95.3
89.9
88.9
91.2
the anthracite strike was in progress. Iron and steel production in July
180.3 177.5 175.1 179.5 137.2 138.7 137.5
109.4 109.3 109.2 108.9 106.0 106.0 106.2
was in the smallest volume since 1925, and continued at practically the same
91.4 102.9
97.1 100.0 108.6 108.6 105.7
level during the first three weeks of August. Automobile output for July
101.3 I01.3 101 2 1004
072
cut a
079
and the early weeks of August was considerably below that of the corresponding month of last year; production of rubber tires, nonferrous metals, and
food products and activity of woolen mills were smaller in July than in the
preceding month. Cotton consumption was smaller than in June, but continued unusually large for this season of the year. Production of leather, Retail Trade in United States in July as Reported
shoes and lumber increased in July as compared with June. Factory
by Federal Reserve Board - Sales Seasonally
employment and payrolls showed seasonal decreases in July and were smaller
Smaller Than in June.
than in any month since 1924. Employment in coal mining has been
reduced In recent months, and reports indicate some unemployment in
Distribution of merchandise to consumers, as indicated
certain of the building trades, owing to the decline in the construction of
by sales of department stores, mail order houses and chain
houses. Building contract awards in July and in the first three weeks of
August continued larger than a year ago, the increase reflecting chiefly a stores, was seasonally smaller in July than in June, the
growth in awards for engineering projects.
Federal Reserve Board reports in giving details regarding
The Aug. 1 cotton report of the Department of Agriculture indicated a
retail trade in the United States during July. In its survey
production of 13.492.000 bales, or 25% less than the record yield of last
year. The Indicated production of corn, though considerably larger than the Board states:
Compared with July a year ago sales of department stores were slightly
the expectation in July, was 262,000,000 bushels lower than the harvested
crop of 1926. The August estimate of 851,000.000 bushels of wheat indi- smaller owing to the fact that there were five Sundays in July of this year
and consequently one less business day than in July 1926. Sales of mail
cated an increase of 18,000,000 bushels over the 1926 crop yield.
order houses and chain stores. on the other hand, which are influenced by
Trade.
changes in the number of operating units as well as changes in the volume
Distribution of merchandise at wholesale and retail showed about the of trade, were larger than in July of last year.
usual seasonal decline in July. Compared with a year ago,sales of wholesale
Percentage changes in the volume of sales of reporting firms in July 1927.
firms and department stores were slightly smaller, owing largely to the fact compared with the corresponding period in 1926 and the number of firms
that there was one less business day in July of this year than in July 1926. reporting, are given in the following table:
•
Bales of mail order houses and chain stores were somewhat larger than a
CHANGES IN RETAIL SALES AND NUMBER OF FIRMS REPORTING.
year ago. Inventories of department stores continued to decline in Ju,b
P. C. of Inc. (-I-) or
and at the end of the month were slightly smaller than a year ago;and wholeDec. (-) In Sales in
-Number of Stores Revering
July
July 1927 Compared
sale stocks also continued smaller than last year. Shipments of commodiJuly
Class of Stores1926.
with Jule 1926.
1927.
ties by freight decreased, contrary to the usual seasonal trend, and were
Department stores
-3.7
660
660
smaller in July and in the first two weeks of August than in the same period Mail order houses
+2.8
*4
*4
of last year.
Chains of stores
+17.8
27 Grocery
25,607
27,869
Priem.
5 Five-and-ten-cent
+7.1
2,222
2,420
The Bureau of Labor Statistics index of wholesale prices advanced slightly
+10.8
9 Drug
631
747
-1.4
3 Cigar
3,321
In July, reflecting chiefly increases in the prices of corn, livestock, cotton
3,422
-3.4
561
6 Shoe
598
and leather, while prices of wheat, silk, metals and building materials de-26.2
4 MURIC
60
62
clined. Since the latter part of July prices of corn, cotton and cattle have
+0.3
5 Candy
276
277
continued upward, and those of wheat, noneferous metals and rubber have
of mail order firms. Number of separate distributing houses and
*Total number
also advanced, while hogs, lumber and hides have declined.
retail outlets not available.
Volume of Trade in Week of August.27 Larger Than in
Same Period Last Year According to Department
of Commerce-Weekly Business Indicators.
The dollar volume of trade during the week ended Aug. 27,
as seen from figures on check payments, although smaller
than in the preceding week was larger than in the corresponding week of last year, according to the weekly statement of
the Department of Commerce released for publication
-to-day (Sept. 3). In its review for the week the Department
says:
Wholesale prices continued to recover but were still substantially below
the level of last year. Prices of cotton continued to average higher than
In either the previous week cr the same period a year ago, while wheat
prices, although lower than in the preceding week were higher than last
year. Iron and steel prices, on the other hand, showing no change from
the preceding week, were lower than last year. The volume of new building
contracts awarded in 37 States was lower than in either the preceding week
or the corresponding week of 1926.
Loans and discounts of Federal Reserve member banks, showing a
decline from the preceding week, were higher than during the corresponding
week of 1926. Prices of stocks listed on the New York Stock Exchange
continued to average higher, establishing a new high record during the week.
Interest rates on call loans, showing no change from the preceding week,
were substantially lower than for the same week of last year. Bond prices
continued to average higher. Interest rates on time money averaged lower
than in either the preceding week or the corresponding week of last year.
The Federal Reserve ratio continued to expand as compared with last year
but showed no change from the preceding week. Business failures were
more numerous than in the same week of 1926.
The output of bituminous coal during the week ended Aug. 20 was larger
than in the preceding week but smaller than in the same week a year ago.
The production of lumber during the same week was larger also in the
previous week but smaller than last year. Beehive coke production,
showing no change from the preceding week, was substantially smaller
than a year ago. Petroleum production receded perceptibly from the
preceding week but was higher than in the corresponding week of 1926.
Receipts of wheat at primary markets were running substantially higher
than a year ago. Receipts of cattle, however, were smaller than last year,
while hog receipts were larger.
Department Store Sales and Stocks by Federal Reserve Districts.
While for the country as a whole department store sales were 3.7%
smaller than in July of last year, there were wide variations in the extent
of the decline in different sections of the country.
In the Philadelphia
Richmond, St. Louis and Dallas Federal Reserve districts decreases varied
from 6 to 8%, while in the other districts the decline ranged from less
than 1% to 3.5%.
Inventories of merchandise carried by department stores continued to
decline and at the end of the month averaged for the country as a whole
slightly smaller than a year ago. Smaller stocks than in July of last year
were reported by stores in the New York, Philadelphia, Atlanta, St. Louis
Minneapolis, Kansas City and Dallas Federal Reserve districts. In the
other districts stocks were slightly larger. After allowing for the usual
decline that is customary In midsummer inventories of merchandise at
the end of July were lower than at any time since August 1926.
Stock Turnover.
A larger decline in sales than in stocks in July resulted in a slightly
lower rate of stock turnover than in July of last year. For the first seven
months of the year as a whole, however, the rate of turnover continued
slightly higher than in the corresponding period of 1926.
Among tables furnished by the Board giving index numbers of sales of chain stores and mail order houses and
detailed statistics for department stores by Federal Reserve Districts and cities we reproduce the following:
SALES OF DEPT. STORES, MAIL ORDER HOUSES AND CHAIN STORES.
(Index numbers. Monthly average 1919-100.)
Matt
Chains.
meal Order
Stores Houses Grocery 5 4f, 10 Drugs Cigar Shoe Music Candy
Stores
(359) (4)
(5)
(4)
(27)
(9)
(3)
(6)
(3)
1926.
March
April
May
June
July
1927.
March
April
May
June
July
130
133
137
130
99
130
120
105
113
97
302
329
322
309
517
199
202
214
304
206
194
191
188
184
195
142
150
160
152
155
143
166
174
153
145
112
111
109
118
108
206
226
220
204
210
128
143
131
130
97
132
128
106
115
100
386
381
382
398
373
213
244
224
224
221
224
223
206
210
217
153
157
157
151
153
125
198
143
155
140
108
104
88
87
80
216
257
218
215
211
SEPT. 3 1927.]
THE CHRONICLE
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS.
(Index numbers. Monthly average 1919-100.)
1217
DEPARTMENT STORE STOCKS,BY FEDERAL RESERVE
DISTRICTS.
(Index numbers. Monthly average 1919-100.)
Federal Reserve District.
Federal Reserve District.
U. S. 130s- New
Cleve-IRich- At- Chi- M in- Dal-. San
(359) ton York Phila. land mond lanta MOO neap. las Fran.
(24). (63)* (22)• (54)* (25)* (35)• (63). (23)• (21)• (31)•
1926.
March
April
May
June
July
1027.
March
April
May
June
July
130
133
137
130
99
119
133
134
134
94
131
138
139
137
99
138
128
137
129
87
127
133
137
126
100
130
126
129
123
96
10S
114
114
104
80
145
147
159
146
115
94
107
102
93
81
111
108
115
107
79
158
150
152
142
124
128
143
131
130
97
121
144
130
139
90
132
148
134
143
96
123
133
124
126
80
124
147
132
124
98
119
134
123
120
89
100
114
108
102
79
151
162
151
147
115
93
103
92
92
76
110
114
116
100
72
159
166
152
137
127
U. S. Bos- New
Cleve- Rich- At
- Chi- M in- Dal- San
(314) ton York Phila. land. mond Uinta cago neap las
• (24). (63)* (13). (52). (19). (22)* (.51)• (22)• (19)* Fran,
(29)*
1926.
March
April
May
June
July
1927.
March
April
May
June
July
142
143
138
131
125
124
125
123
116
111
142
142
138
131
124
201
201
184
177
171
137
134
133
126
118
128
131
132
126
119
122
125
118
110
108
160
169
153
147
136
110
110
106
101
94
128
130
12,5
114
110
141
145
139
131
129
142
143
138
129
124
127
129
127
119
115
140
142
137
128
122
205
200
191
183
176
135
134
130
124
118
132
132
131
122
117
127
130
120
106
107
160
161
155
145
138
100
100
97
89
88
112
112
109
101
95
145
147
139
138
134
• Number of stores included In index.
• Number of stores Included In index.
STOCK TURNOVER OF DEPARTMENT STORES, JULY 1927.
Rate of Stock Turnover.*
Rate of Stock Turnover.*
(Increase or Decrease (-). Based on value figures
Federal Reserve
Jan. 1Federal Reserve
-Per cent.)
Jan. 1District and
July.
July 31.
District and
July.
July 31.
City1927. 1926. 1927. 1926.
City1927. 1926. 1927. 1926.
Change in Sales.
Boston
Change in Stocks.
Atlanta
Federal Reserve
Boston
.26 2.36 2.39 Atlanta
.24
.25
.30 2.13 2.18
District and City.
July 1927 Jan. 1-July 31 1927 July 31 1927 compared with Outside Boston_ .24
.25 1.80 1.76 Birmingham
.23
.17 1.51 1.54
comparedwith
New Haven
compared with
.25
.25 1.66 1.58 Chattanooga_ _ _ .16
.18 1.35 1.39
July 1926. Jan. 1-July 31 1926. July 311926. June 301927. Providence
.29
.30 2.09 2.08 Nashville
.20
.21 1.85 1.74
New Orleans_ .._ .16
.17 1.35 1.48
Boston
Per Cent.
Total
Per Cent.
.24
Per Cent.
.26 2.12 2.13 Savannah
Per Cent.
.18
.22 1.60 1.58
Boston
New York
-4.6
1.6
Other cities_ _
4.7
-5.2
.20 .19 1.59 1.79
Outside Boston
New York and
-2.1
1.9
1.0
-0.8
-----New Haven
Brooklyn,
-3.1
.24 .25 2.28 2.23
3.3
Total
-3.8
-9.8
.19
.19 1.58 1.63
Providence
-2.1
Bridgeport
.34
0.5
.35 1.92 1.90
-9.0
2.1
Buffalo
.21 1.89 1.69
.23
Chicago-Total
Newark
-3.6
1.7
.24
.25 2.18 2.07 Chicago
-3.5
2.9
.42
.46 2.98 2.88
New York
Rochester
.27
.27 2.04 2.07 Detroit
.31
.33 2.55 2.63
New York
Syracuse
1.9
.25 2.19 1.80 Indianapolis__ _ _ .32
.29
--0.8
-3.9
.33 2.61 2.57
Bridgeport
Other cities_ _ _ _ .18
-9.4
-4.7
.19 1.33 1.35 Milwaukee
--9.4
-13.5
.22 1.85 1.76
.23
Buffalo
-3.3
-0.5
--7.0
Other cities_ _
3.3
.21
.21 1.70 1.64
Newark
Total
-2.8
8.3
.25 2.16 2.08
.24
7.2
2.2
Rochester
-9.1
-3.2
Philadelphia
--1.6
Total
-4.8
.26
.26 2.13 2.98
Syracuse
-9.0
Philadelphia
-2.2
--22.9
.20
.22 1.96 2.09
-5.4
Other cities
-2.7
Allentown
-1.6
--2.7
.30 .29 1.53 1.49
-5.3
St. Louis
Altoona
.20 1.63 1.50 St. Louis
.22
.19
.20 1.86 1.88
Total
-3.4
1.9
Harrisburg
-1.5
.20
.22 1.56 1.67 Evansville
3.1
.17
.16 1.35 1.25
PhUade/phiaJohnstown
.16
.18 1.41 1.47 Little Rock_ _ _
.17
.16 1.37 1.39
Philadelphia
-8.4
--5.3
Rochester
0.6
.22
3.2
.24 1.66 1.82 Louisville
.21
.21 1.84 1.71
Allentown
10.9
Reading
8.2
7.4
.20 1.49 1.40 Memphis
.18
5.6
.20
.20 1.54 1.53
Altoona
5.8
5.5
Scranton
-4.3
.24 .25 1.90 1.99
-5.5
IIarrisburg
-11.3
--10.4
Trenton
-1.6
.21
9.3
.22 1.82 LSO
Total
.19
.19 1.73 1.72
Johnstown
-10.4
--1.9
Wilkes-Barre.__ .20
-1.0
-2.3
.22 1.58 1.60
Lancaster
6.3
--4.9
Wilmington_
15.1
.21
.24 1.56 1.69
-6.1
Minneapolis
Reading
-12.4
York
-5.6
-3.3
.23
.23 1.78 1.77 Minneapolis_ _ .31
-1.7
.30 2.42 2.39
Scranton
-8.0
0.4
Other cities_
0.7
.20 .22 1.35 1.48
0.3
Trenton
-7.3
--1.8
18.8
-2.3
Dallas
Wilkes-Barre
-8.5
0.9
Total
.20
6.6
.22 1.82 1.92 Dallas
3.4
.15
.16 1.46 1.36
Wilmington
-5.8
Cleveland
2.8
10.4
-4.6
Fort Worth_ _ .18
.17 1.48 1.33
York
-2.6
2.1
Cleveland
-0.9
.22
.23 1.91 1.92 Houston
-8.6
.21
.22 1.91 1.81
Other cities
-9.0
--4.9
Akron
1.1
.27
.25 1.99 1.81 Other cities_ _ .18
-4.8
.19 1.57 1.58
Cincinnati
.23
.24 1.96 1.93
Total
-6.9
-3.9
Columbus
-1.3
.26
3.7
.26 1.92 1.86
Total
.17
.18 1.58 1.48
Cleveland-.
Dayton
.25
.26 1.88 1.85
Cleveland
0.4
1.2
Pittsburgh
5.5
.19
.19 1.65 1.67
2.2
San Francisco
Akron
7.0
2.8
Toledo
-6.1
.21
.20 1.57 1.49 San Francisco
-4.6
.19
.20 1.48 1.53
Cincinnati
2.4
2.9
Wheeling
12.8
.23
.22 1.68 1.56 Los Angeles_
1.6
.23
.26 1.91 1.91
Columbus
14.6
14.4
Youngstown _
10.5
.26
.31 2.17 2.44 Oakland
8.5
.19
.19 1.41 1.33
Dayton
-8.9
-1.4
Other cities_
--4.1
.17
-12.0
.17 1.34 1.34 Salt Lake City
.16
.14 1.23 1.14
Pittsburgh
-4.5
2.7
-5.9
Seattle
.25
.28 1.80 1.77
Toledo
2.4
5.4
Total
4.5
.22 1.78 1.77 Spokane
.22
2.4
.16
.14 1.08 1.04
Wheeling
-4.3
-2.4
Richmond
-S.0
-8.6
Youngstown
6.5
7.0
Richmond
33.0
.22
6.7
.22 1.86 1.83
Total
.22 1.62 1.61
.21
Other cities
-4.2
1.3
Baltimore
0.5
.19
-4.8
.21 1.71 1.74 Other cities._ .14
.16 1.14 1.19
Washington
.22
.24 1.86 1.91
Total
-0.2
0.9
Other cities__
1.8
.18
.20 1.46 1.54
United States. .22
.23 1.91 1.99
Richmond
Richmond
-0.2
2.8
Total
-0.9
.20
--1.4
.22 1.75 1.79
Baltimore
-11.8
-4.2
-1.9
--2.2
• Figure for rate of stock turnover Is the ratio of sales during given period
Washington
-6.4
to
-2.4
1.5
--6.1
average stocks on hand.
Other cities
-2.7
3.3
--5.9
CHANGES IN SALES OF DEPARTMENT STORES BY DEPARTME
Total
-7.7
NTS.
-2.6
0.02
-4.0
Atlants(Increase or decrease (-) in sales In July 1927, compared with July 1928.,
Atlanta
8.8
8.8
11.2
--10.6
Birmingham
14.3
--3.9
--14.9
--3.5
Chattanooga
Federal Reserve District.
-9.1
0.4
2.4
--2.9
Department.
Total.
Nashville
-4.7
-1.6
--2.5
-8.5
Bos- 'New i Plata- Cleve- Chl- DalNew Orleans
San
-8.1
--2.7
3.3
11.0
Savannah
ton. York. delph, land, ago. las. Fran.
-18.4
1.5
--1.4
--5.0
Other cities
--9.1
--10.9
--13.8
Per Cl.Per Cl. Per Cl. Per Cl. Per CI. Per Cl. Per Cl.
Silks and velvets
Total
-17.2-27.0 -10.5 -16.1 -15.2 -19.8 -16.7
-1.8
-1.6
-1.0
-1.5
Woolen dress goods
Chicago
1.6 -10.0 25.3
1.4 -12.5 35.3 47.5
Cotton dress goods
Chicago
-8.9 -17.1 -4.8 -19.1 -5.2 -0.8 -8.1
4.5
--1.4
-.9.4
Linens
Detroit
-6.8 -616
5.3
0.9 -10.3 -9.4 -39.2
1.0
4.2
17.1
1.9
Indianapolis
Domestics
8.2 -13.3 -2.9 -10.3 -6.0 -5.2 -3.1
2.5
2.7
10.9
-3.3
Laces, trimmings & embr. -10.4 17.4 -8.2-10.4 -12.1 -3.1 -14.3
Milwaukee
-0.2
0.4
--4.3
-1.8
Neckwear and vellings_ -10.7 -9.7 -23.8 -11.4 -11.0 -18.7
Other cities
-6.3
7.3
-1.1
-8.8
-5.6
Ribbons
0.8-12.7 12.1- 1.9 11.4 -2.1 -5.2
Notions
Total
-2.6 -7.1 -1.3 -10.1 -1.6 -1.4 -3.3
-2.1
1.4
1.2
-2.3
Toilet articles and drugs
St. Louis
-1.5 -5.2 -1.4 -9.4 -2.4 -0.7 -3.5
Handkerchiefs
-0.9 -9.1 -0.2
Bt. Louis
--8.4
4.2
0.3 -2.3 -2.8
-3.8
1.7
Sliverwear and jewelry._
Evansville
4.5 -3.3 -1.2
12.1
2.6 13.7 10.3 -1.6
15.5
13.4
-2.1
Leather goods
3.1
1.0 -1.7 11.9
Little Rock
3.9
11.6
2.3
0.8
-5.8
-5.1
-5.6
Art goods, incl. neediew'k -5.2 -11.0 -2.9 -17.2 -5.0 -3.0 -1.1
Louisville
--2.5
-1.3
-0.9
-4.0
Men's clothing
Memphis
--4.3
-9.4 -12.5 -13.8 -6.0 -7.9 -5.1 -6.5
-4.4
-9.1
-10.3
Men's furnishings, including hats and caps
-1.8 -5.4 -2.1 -11.3 -3.2
Total
-6.0
5.9 -15.3
-3.7
-4.9
-2.2
Boys' wear
Minneapolis
1.5 -3.5 -4.1 -4.6 -4.8
6.3 -19.3
Women's coats
Minneapolis
-3.8 -7.3
-7.0
4.6 38.4 -7.6
6.8
-4.0
1.3
-7.0
-1.0
Women's suits
Kansas City
-10.8 -77.5 -9.9 10.8
7.2 -12.3 -15.3
Women's skirts
Kansas City
16.5 18.8 57.0 -11.0 15.9 36.3
--5.3
-4.4
3.2
--3.4
4.7
Women's dresses
Denver
--4.0
-0.7 -8.2 -0.1 -14.2
1.3
0.2
5.9
1.7
--6.1
--4.5
Misses' ready'to'wear
Lincoln
-10.0
-1.7
1.7
3.1 -11.1 -7.1 -6.3 -26.5
--5.4
--11.0
--13.0
Furs
Oklahoma City
-2.6 -56.5 51.6 -63.0 -2.9 19.6 -46.4
8.7
11.4
2.4
--10.3
,1rs. & girls' ready-to-wear 10.1
Tulsa
4.4
2.9 26.7
9.1
5.5
11.9
15.1 -21.0
10.7
--7.5
Waists and blouses
Wichita
19.8
2.3
2.6
8.4 21.6
9.0
2.3 158.6 20.5
10.0
--9.4
Sweaters
19.7 24.2 17.2 28.0 23.8
Other cities
-9.0
-2.4
6.3 48.8
-4.5
Millinery
-2.3 -1.6
5.3 -7.9 -2.4
0.5
2.5
Gloves
Total
8.7
4.2 24.2
8.5 28.0 14.9 22.2
0.8
-2.9
Corsets and brassiers_
DaUas-5.5 -4.6 -4.6 -10.7 -7.5 -2.7 -4.4
Women's & childrente hose
- 18.1
5.7
3.1
Dallas
1.4
9.8
7.7 11.6 -5.0
-7.8
--15.9
--8.7
Knit underwear
-3.5
1.6
3.5 -3.9 -20.2
Fort Worth
0.3 -2.3 -13.9
3.9
-9.6
--5.0
Silk & muslin underwear,
Ilouston
0.9
2.8
5.1
--2.5
incl. petticoats
-0.9 -9.8 -4.9 -2.6
-4.0
cities
Other
1.7
3.2
8.8 -8.9
1.1
--2.7
Infants' wear
0.8 -4.4
4.2 -1.7
0.7
3.0 -7.5
Negligees, aprons and
-7.7
Total
-1.0
-7.0
-5.3
house dresses
18.2
7.5 19.4 -13.8 26.4 28.4
San Francisco-2.1
Women's & child. shoes._ -1.6 -2.3
5.2 -1.0 -5.2
0.4
0.4
San Francisco
4.1
0.0-1.5.5
--3.9
Men's and boys' shoes _
-3.2 -6.7 -3.3 -6.2 -2.3
-3.3
5.1
Los Angeles
3.8
6.5 -24.4
1.0
Furniture, beds, mat.,-6.0
-0.6
Oakland
-3.8
-2.9
tresses and springs
-2.4 -2.0 -8.6 -40.0
3.1
-2.1
Salt Lake City
2.2 -7.0-30.6
-8.3
--3.0
Draperies, lamps & shades
1.2 -5.9 12.8 -3.9
0.3
3.0
Seattle
0.9
2.0
2.6 -25.1
--5.6
Floor covering
-2.4 -5.6
2.2
9.8 -22.7 -6.0 -1.2
-1.2
Spokane
-0.9
-0.6
China and glassware
-2.2 -,.8
-11.0
2.5 -1.9 -4.6 -3.8 34.7
-3.8
Other cities
1.0
-4.1
-6.4
House furnishings
-1.8
5.3 -1.1-10.3 -6.5
Toys and sporting goods._ -1.4 -7.9
-1.9
3.7 -3.0 -3.5 -.0.2-21.3
Total
2.5
1.9
-0.4 -25.1
-2.0
Luggage
-8.6 -18.3
0.9 -8.2 -9.0 -15.9Books and stationery _...
28.8
5.2 -2.8 11.5
-3.7
-0.8
United States
2.3
-0.4
3.4
-3.0
9.3
Musical Instr. & radloa
2.3
-3.5 -22.4 -8.4 109.9
8.6 -32.7 -55.6
110'
II
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6'40 00 00060.b;-0
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CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES,JULY 1927.
1248
Per Cs.Per Cf.Per CI PET Cg. Per Cl. Per Ct Per Ct. Per Cf.
1.9-40.5 -3.9
8.7
Silks and velvets
-3.4 -5.2 -8.3 -9.0
Woolen dress goods
-11.7 -3.0-16.8-16.1 -9.7 -3.0 -35.4 -14_4
Cotton dress goods
-13.1 -7.7-11.3 -14.7-15.3-12.8 -35.7 -8.5
2.1 -54.0 32.3
Linens
2.1 -1.4 -1.5 -1.0
-0.2
3.3 -2.2
Domestics
5.9 -14.0 -2.2 -1.7 -3.5
-3.3
Laces, trimmings & embrd -15.0 -6.9-17.1 -5.6 -10.5-13.3 -53.3-10.3
Neckwear and vellings...- -7.3 -9.1-12.2 -2.3 -1.3 -0.3-44.2 -2.3
1.2 -9.9 -50.9 -2.0
Ribbons
-7.8 -3.5-14.5 -1.5
Notions
9.7 --14.8 --2.5 --2.9--17.7--35.7 --4.9
--7.6
-3.7 12.3 -2.8-24.7 -0.4
Toilet articles and drugs
0.4 -0.7
0.9
8.0-30.3 -3.0
1.2 -2.5
9.5
Handkerchiefs
8.0
0.9
1.6
5.9 -6.7-50.6
5.5
Silverware and jewelry
0.7 -4.0
-0.7
5.7 -21. -7.7
Leather goods
3.9 22.7 -3.2 23.3 -8.7
0.6
2.8 -7.9 -5.7-22.7
Artgoods,incl. needlework -4.6 -1.4 -5.2
1.0
2.4 -4.4 -7.1-48.6
Men.a clothing
-5.9 -2.0 -4.3
Men's furnishings, incl.
2.0
2.6 11.9 -8.2 -1.4 -2.3-38.1
hats and caps
0.2
5.7
5.2 -4.5 12.8 -39.1
7.2
Boys' wear
5.6
0.3
3.8
7.4 34.7 20.1 23.8 -24.4
6.8
Women's coats
13.8
Women's suits
-16.9 -36.9-27.7-12.4 -21.6-16.3-14.1 -9.3
Women's skirts
-7.3 20.8 152.7 -1.0-14.0 38.7 20.8 -34.0
4.1
11.3 15.2 15.1 10.4 17.5 13.9 -21.6
Womens' dresses
Misses' ready-towear
15.5 14.7 -2.6 21.5 22.4 29.2-55.3 37.4
5.6 20.9 35.2
Furs
26.0 31.7 16.7 13.2 31.5
Juniors' & girls' ready-to8.2 18.1 17.2 17.4 21.8 -29.0 15.4
wear
15.1
1.5
1.7 86.8 -22.
9.1 -8.3 50.0
9.1
Waists and blouses
4.8-11.9 12.4
0.5 12.2
8.4 22.4 -4.0
Mveaters
5.5
1.6 12.3 -1.8
1.8 -0,8-17.8-11.1
Millinery
1.4 -4.1 -4.4-36.3 -16.7
7.0
'Moves
-4.7 -3.6
3.9-10.3 -1.9 -6.0 -1.3 -7.7 -1.9
Oorsets and brassiers
-3.5
0.4-30.0 -4.0
2.7
7.6 -2.2
7.0
1.1
Women's & children's hose
Knit underwear
-6.9 0.04 -1.5-13.2 -5.2 -13.2 -39.3 -6.3
311k and muslin underwear
0.5-54.6 -3.5
Including petticoats.... -5.5 -3.0 -6.2 -4.6 -2.1
1.6
0.6 -0.1 -43.3
6.4
9.5
1.4
0.5
Enfants' wear
negligees. aprons & house
2.9
2.8 -1.6 -6.1 -1.1 -1.8-57.8
-3.0
dresses
Women's and children's
0.2-50.8 13.1
6.4 12.3-10.3 -0.3
1.6
shoes
-0.7 19.9 11.7 -19.0 -0.7 -2.0 -41.6 -11.6
Men's and boys' shoes
Furniture, beds, mattres2.3 -7.3 -3.0 -4.8 -65.0 45.6
1.4
--0.4
ses and springs
6.2
)raperies, lamps & shades -1.7 -0.4 -0.2 -6.6 -0.2 -3.0-49.1
6.5 -0.5 -5.4 -1.6-63.4 -7.7
-4.4 -2.1
zloor covering
1.1
6.4 -2.4-38.3
Dhina and glassware
-2.9 -0.7 -6.7 -4.4
7.0 -6.0 -46.4 -3.9
0.7-12.7 -2.7
louse furnishings
-4.9
1.9-11.5 -45.9 -1.3
roys and peening goods- -1.9
9.3 -3.0 -4.3
0.5-56.8 -2.3
1.4
-6.4 -2.8 -8.9 10.7
Alggage
2.3
3.8 -1.1 -10.9 18.9 -13.1 -37.4
2.4
looks and stationery....
0,0
lefilafral Ina., A, ratline -lit 1 -IR A -9,1 9 -A A -111 -0 :5 -53 R
Car Loading of Railroad Revenue Freight Increasing
But Still Slightly Below Previous Two Years.
Revenue freight loaded during the week ended on Aug.20
totaled 1,066,636 cars, according to reports filed on Aug. 30
by the carriers with the Car Service Division of the American
Railway Association. This was an increase of 17,356 ears
above the preceding week this year, increases being reported.
in the total loading of all commodities except coke. Compared with the corresponding week last year, the total for
the week of Aug. 20 was a decrease of 14,867 cars as well
as a decrease of 13,359 ears under the corresponding week
in 1925. The details are given as follows:
Miscellaneous freight loading for the week of Aug. 20 totaled 406,352
cars; an increase of 8,371 cars above the corresponding week last year and
14,140 cars above the same week in 1925.
Coal loading amounted to 1,73.558 Cars. This was a decrease of 12,163
cars under the same week last year and a decrease of 27,567 cars compared
with the same period two years ago.
Loading of merchandise and less than carload lot freight totaled 261.250
cars, an increase of 844 cars above the same week last year and 1,025 cars
above the corresponding week two years ago.
Grain and grain products loading totaled 53,956 cars, an increase of
the same
3.082 ears above the same week in 1926 but 1,586 cars below
products
period in 1925. In the Western districts alone, grain and grain
same week
loading totaled 36,237 cars, an increase of 2.791 cars above the
last year.
decrease of 346 cars under
Live stock loading amounted to 29.542 cars, a
1925. In
the same week last year and 304 cars below the same week in
a decrease
the Western districts alone, live stock loading totaled 21.277 cars,
of 1,069 cars under the same week last year.
the same
Forest products loading totaled 69.284 cars. 910 cars below
week last year and 1.718 cars below the same week in 1925.
week in
Ore loading totaled 63,310 cars, 11.752 cars below the same
ago.
1926 but 3,044 cars above the corresponding period two years
cars under
Coke loading amounted to 9.384 cars, a decrease of 1,993
the same week in 1926 and 393 cars below the same period in 1925.
decreases in
All districts except the Pocahontas and Southern reported
correthe total loading of all commodities not only compared with the
period
sponding period in 1926 but also compared with the corresponding
In 1925.
previous
Loading of revenue freight this year compared with the two
years fellows:
1925.
1927.1926.
4,458,949
4,428,256
4,524,749
Five weeks in January
3,623,047
3,677,332
3,823,931
Four weeks in February
3,702,413
3.877.397
4,018,395
Four weeks In March
4,710,903
4f/91,006
4,890,749
Five weeks in Apr11
3,869,306
4.145.820
4,096,742
Four weeks In May
3,965,872
4.089,340
3,974,160
Four weeks In June
4,945,091
5,213,759
4,935,397
Five weeks in July
1,052,518
1,075,392
1,024,218
Week ended Aug.
1,064,476
1,102,680
1,049,280
Week ended Aug. 13
1,079,995
1,081,503
1,066,636
Week ended Aug. 20
'33,402,257 33.482,465 32,470,570
Total
Dun's Report of Failures in August.
; It is natural to expect a reduction in the business mortality
during the Summer, and this year has provided no exception
the seasonal trend. For five consecutive months,commercial
failures in the United States have declined in number, with
Number
LtabfUttes
1927.
1927. 1926. 1925.
1925.
1.,70b 1.593 1,513 $39.195,953.328.129.860,$37.158,861
1,756 1,805 1,685 43,149,974, 29,680,009 34,505191
,
1,833 1,708 1,745 34,465,165 29,407,523 36,701,405
1.852 1,730 1,767 37.784,7.73 33,543,318 37,026,552
1.968 1,957 1,939 53.155,727 38,487,321 37.188,622.
August
July
June
May
April
2nd.Quarter
March
February
January
1st Quarter
,
5,653
2,143
2,035
2,465
5,395 5,451 5125.405,665 $101,438,162$110,916;870,
1,984 1,859 $57,890,905 $30,822,547 234.004,731
1.801 1.793 48.510,716 34,176;348 40,123,017'
2,298 2,317 51,290,232. 43.661,444. 54.354,032.
6,643. 6,081
5,969 $156,121,853 S108,460.339 $126481780,
The tabulation which separates failures by branches of
business shows 438 manufacturing defaults in the United
States last month,with liabilities approximating $14,900,000.
This is a small, decrease in number, but a considerable rise
in indebtedness, compared with the totals for August. 1926.
Six of the fifteen manufacturing classifications show fewer
insolvencies than a year ago while in three groups the number
is the same for both years. The lines in. which numerical
decreases occurred last month are machinery and tools,.
woolens, carpets and knit goods, clothing and millinery,
printing and engraving, milling and bakeries and miscellaneous. No failures were reported in paints and oils for
either year, while no changes are shown for cottons,,lace and
hosiery, and hats, gloves and furs.
Among traders, defaults last month numbered 1,174.
involving $14,702,017 of liabilities, The number is 103
above that for August 1926, but the indebtedness is only
moderately higher. Of the fifteen separate trading classifications, only four show fewer insolvencies than a year ago,
these bong tobacco, &c., hardware, stoves and tools, books
and papers, and hats, furs and gloves. The record for the
other commercial failures, i. e„ agents, brokers, ac., is
adverse, particularly as to liabilities. These rose above
$9,500,000, a few defaults of unusual size swelling the total
for this group.
FAILURES BY BRANCHES OF BUSINESS
-AUGUST 1927.
Number.
Ltabilltles.
Manufacturers,
1927. 1928. 1925.
Iron, foundries & nails
Machinery & tools
Woolens,carpets & knit gds.
Cottons, lace & hosiery_ _
Lumber,carpent'rs& coopers
Clothing dr millinery
Hats, gloves & furs
Chemicals & drugs
Paints & oils
Printing & engraving
Milling & bakers
Leather, shoes & harness
Liquors & tobacco
Glass, earthenware & brick.
All other
1925.
4
23
3
2
43
52
6
3
1
25
3
__
31
41
8
5
3297,716
1,570,400
300.000
35,315
3,252.334
411,530
97,800
864,000
$471,000
823.233
80,000
17.580
2,596,917
1,216,814
94.300
46.771
8.434.696
987,583
112,402
295,100
19
29
16
13
10
224
Traders.
General stores
Groceries, meat & fish
Hotels & restaurants
Liquors& tobacco
Clothing & furnishings
Dry goods & carpets
Shoes, rubbers Ss trunks,... _ _
Furniture & crockery
Hardware,stoves & tools_ _
.
Chemicals & drugs
Paints & oils
Jewelry dt clocks
Books & papers
Hats, furs & gloves
All other
Total
1926.
8
15
1
2
64
27
6
4
Total manufacturing
Trading
Other commercial
1927.
24
39
12
4
4
230
18
41
21
4
7
169
1,461,363
312,000
415,918
224,927
699,002
4.978.762
174.509
419,783
358.181
19,169
177,500
6.022,928
748.577
273,173
.
678 843
23,575
133,776
9,686,531
olt•
CO ,
Dal- San
Jas. Fin.
449
265 514,921.067 812,515,585 822.338.628
67
249
69
27
122
65
36
38
43
41
6
28
10
11
259
94
241
82
21
144
54
43
33
32
31
4
38
8
3
243
.
to
New Phila. Cleve- CMYork. delph. land. cago.
cue4a.c.ncocne-4-4cs.
Boaton.
CO
Federal Reserve District.
Total.
the total reported by R. G. Dent & Co.. for. August 1,708.
This is 2.7% under the number fbr Jury,and marks the tow
point for the year to date. Comparing with the.2,465.defaults
.
of last January, the high level for the year,. a falling off of
30.7% is shown. The present totaE is 7.2% above the 1,593
insolvencies of August 1926, but this is a better exhibit
than was made in.July of the current year, when the increase
over the failures of the corresponding period oflast year was
9 1-3%.
The record of August liabilities is the best, with the exception of that of June and May, of any month this year;. an
aggregate of $39,195,953 being reported. Whereas the
reduction in the number of defaults from the July total is:
less than 3%, the contraction in the indebtedness:is 9.2%,
and the decline from the approximately $57,900,000 enlist
March, the high mark of this year,. is. 32.3%.. There,is,.
however, an. increase of about 39% over the $28,129,660,
of August 1926, one insolvency in the brokesage class contributing largely to the rise in last month's liabilities.
Monthly and quarterly report of business failures, showing
number and. liabilities, are contrasted below for theperiod
mentioned:
to
V
CHANGE OF STOCKS LN DEPARTMENT STORES BY DEPARTMENTS.
(Increase or decrease (-) In stocks. July 31 1927 compared with July 31 1926.1
Department.
rVoL. /25.
THE CHRONICLE
8668,576
2,064,124
1.989,836
114,350
1,580,823
1,208,192
376,130
860,179
322,567
466,025
28,921
372,544
26,100
12,000
4,611,680
2792,838
1,667.634
741.918
240,208
1,293,145
1,064,238
488,357
886,262
748.460
299.339
105.417
407.898
871,047
127,922
4,360.860
$6,300
801,992
158,400
$921,976
1,924.917
852,110
272,853
1,873.334
740,352
634,881
359,236
395,215
333,988
41,747
583,990
192,874
23,800
4,308,857
1 174 1,071 1,069 814,702,047 $14,095,543 $13,460,130
79 9,572,839 1,518,532 1,360,103
73
96
1 708 1,593 1,513839,195,953 528,129.660 537,158,861
SEPT. 3 1927.]
THE CHRONICLE
1249
Monthly Indexes of Department of Commerce-Decrease
Department Store Trade in New York Federal Reserve
in Manufacturing Production.
District Below That of Year Ago.
Under date of Aug. 31 the Department of Commerce preIn reviewing department store trade in the district, the
sented as follows its monthly indexes of production, stocks Sept. 1 "Monthly Review of Credit and Business Condiand unfilled orders for the month of July:
tions" issued by the Federal Reserve Bank of New York
Production.
says:
Sales of leading department stores in this district averaged 3% smaller in
July than a year previous, but there were five Sundays during the month
this year, and daily average sales were slightly larger than a year ago. All
sections of the district reported smaller total sales than in July 1926 except
Westchester County, where reporting stores have been expanding their business rapidly, and the lower Hudson River Valley. Leading apparel stores
also had a slightly smaller volume of business.
The accompanying diagram, showing outstanding orders for merchandise
reported by department stores at the end of each month, indicates that
forward buying during the spring season was even smaller this year than in
other recent years. but the July reports indicate that advance buying of
Commodity Stock.s.
fall merchandise has been of about the ---ons. Average stocks
Commodity stocks held at the end of July, after corrections for normal of
merchandise at the end of July remained somewhat smaller than a year
seasonal variations, were larger than at the end of either the previous ago,
but the decline in total sales caused a slight reduction in the rate of
month or July 1926. declines from the previous month in the stocks of man- stock
turnover compared with last year.
ufactured foodstuffs and raw materials other than foodstuffs being insuffiThe proportion of outstanding charge accounts collected during July was
cient to offset increases in raw foodstuffs and manufactured commodities slightly
smaller than a year previous: this also may have been due to the fact
other than foodstuffs. As compared with last year, all groups were held that
there was one less business day this year.
in larger quantities except manufactured foodstuffs, which declined.
Comparisons of July sales and stocks in leading departments with those
of a year ago are shown in the fol owing table:
Unfilled Orders.
The index of unfilled orders, principally iron and steel and building maPer Cent of Charge
Percentage Change
Accounts Outstanding
terials, again declined, touching in July the low point reached during the
Jaill 1927 front
June 30
1921 business depression. The causes for the recent decline in this index
CoVerred in July.
July 1926.
are quite dissimilar, however, from those of 1921.
Locality.
The index numbers of the Department of Commerce are given below:
Stock on
Hand End
Net
1927.
1926.
Production1926
1927
of Month.
Sales.
(Index numbers: 1919=100.)
July.
June.
July.
Raw materials: Total
116 New York
103
107
--2.6
45.8
47.3
Minerals
150 Buffalo
145
149
48.7
--3.3
-7.0
48.3
Animal products
115 Rochester
124
116
--9.1
-1.6
36.4
39.6
Crops
103 Syracuse
69
83
-9.0
-22.9
26.0
23.8
Forestry
124
119 Newark
115
44.0
-2.8
+7.2
45.3
Manufacturing, grand total (adjusted)
127 Bridgeport
135
132
--9.4
Total (unadjusted)
127 Elsewhere
135
127
31.2
32.0
Foodstuffs
128
146
148
Northern New York State
Textiles
121
95
108
Central New York State
Iron and steel
118
125
108
Southern New York State
Other metals
172
173
161.
Hudson River Valley District_ _ _ _
Lumber
144
143
134
Capital District
Leather
78
88
87
Westchester District
+5.3
Paper and printing
123 All department stores
114
104
43:3
4- :5
4
Chemicals and oils
177 Apparel stores
184
187
44.6
+3.1
45.0
Stone and clay products
174 Mail order houses
178
178
+0.7
Tobacco
128
147
145
Automobiles (included in miscellaneous group)
220
201
166
Miscellaneous
132
137
120
Net Sales
Stock on Hand
Commodity Stocks
Percentage Change Percentage Change
(Index numbers: 191100.)
July 1927 from
July 31 1927 front
Unadjusted
July 1926.
July 31 1926.
Total
153
164
163
Raw foodstuffs
203 Woolen goods
217
236
+25.3
--16.8
Raw materials for manufacture
110 Books and stationery
120
134
+11.5
--1.1
Manufactured foodstuffs
97 Women's and misses' ready-to-wear
98
89
+7.7
+12.4
Other manufactured commodities
173 Home furnishings
191
184
+5.1
-2.7
Adjusted for Seasonal Element.
Women's ready-to-wear accessories
+4.4
-2.3
Total
166 Shoes
188
178
+4.1
+12.2
Raw foodstuffs
255
286
256 Linens and handkerchiefs
+4.1
+0.2
Raw materials for manufacture
134 Toys and sporting goods
168
161
-3.0
+3.7
Manufactured foodstuffs
89
89 Hosiery
86
+1.4
+7.6
Other manufactured commodities
172 Luggage and other leather goods
185
194
-4.9
-0.6
Unfilled Orders
Silverware and Jewelry
-4.0
Total (1920=100)
43
40
48 Toilet articles and drugs
-0.7
Iron and steel
30
31
37 Men's furnishings
-2.1
+11.9
Building materials
94 Cotton goods
98
78
-3.7
-13.1
Musical instruments and radio
-24.2
Furniture
-8.6
+2.3
Gain in Wholesale Trade in New York Federal Reserve Silks and velvets
Men's and boys' wear
-10.7
District in July as Compared with July 1926.
-13.
Miscellaneous
-6.8
-12.1
Manufacturing production in July, after adjustment for working-time
differences, was smaller than in June, but larger than a Year ago. With
no adjustment for differences in working time, production decreases from
the previous month were registered in all industrial groups except foodstuffs
and chemicals and oils which increased. As compared with last year, all
groups were higher except iron and steel, lumber, paper and printing, nonferrous metals, and sundry miscellaneous industries, including automobiles,
which declined. The production of raw materials in July was greater than
In June but smaller than in July of last year, all groups declining from a year
ago except animal products, which increased slightly.
July sales of reporting wholesale dealers in the New York
Federal Reserve District averaged 53.- % larger than a year
ago, due chiefly to a large increase in sales of women's coats
and suits, which in July 1926 were affected by a strike,
according to the Sept. 1 "Monthly Review of Credit and
Business Conditions" by the Federal Reserve Agent at New
York. The Bank further reviews wholesale trade in the
district as follows:
Sales of cotton goods and of paper continued larger than last year and
small increases were reported also In sales of men's clothing and drugs.
Decreases in July following increases in June occurred in sales of groceries,
silk and shoes, however, and sales of hardware, machine tools, stationerY,
diamonds and jewelry were considerably smaller than in July 1926.
Stocks of groceries at the end of July were substantially larger than a year
previous, and shoe stocks continued much above the low level of last summer; Jobbers' stocks of cotton goods and mill stocks of silk goods also remained somewhat larger than in 1926. Stocks of jewelry and diamonds
were about the same as a year ago, but decreases continued to be reported
in drugs and hardware. Collections appear to have been somewhat slower
than in July 1926 In several lines.
Commodity.
Groceries
Men's clothing
Women's dresses
Women's Coats and suits
Cotton goods-Jobbers_
Cotton goods-Commien.
Silk goods
Shoes
Drugs
Hardware
Machine tools**
Stationery
Paper
Diamonds
Jewelry
.....
...,-........y. ...venues
Percentage Change Percentage Change
Per Cent of
July 1927 from
July 1927 from
Accounts OutJune 1927.
July 1926.
standing June 30
Collected in July.
Net
Stock end
Net
Stock end
Sales. of Month Sales. of Month 1927,
1926.
-9.9
+8.8
-8.1
+70.4
+1.6
-27.7
-0.5
+213.9
+99.6
+34.5
--5.0 +10.4
-17.2
+4.2
-13.7 •
+1.2
-9.6
-22.5
+1.7
-2.4
+12.6
+9.6
+2.0
-20.3
+3.1 -11.9
--6.6
-25.3
-22.8
-12.8
+4.9
-9.6
f-24.91
0
+5.01
-42.21
1-12.91
+22.8
+5.5
73.9
30.1
-
79.2
45.7
- --
+5.9
37.6
41:7
-
• 8.7
+
+39.9
-16.6
-8.6
48.6
-36.8
39.2
48.3
53a
-.
.
38.9
38.2
49.6
+0.6
74.7
65.0
28.3
66.3
66.4
24.4
80.7
54.4
Store Sales in New York Federal
Reserve District.
The New York Federal Reserve Bank reports that "the
increases over last year in total sales reported by leading chain
store organizations continued large in July, especially in view
of the fact that there was one less business day than in the
corresponding month of 1926." "Variety stores," says the
bank, "continued to show the most rapid rate of growth in
total volume of business, and sales of grocery chains again
showed a large increase over last year. Sales of drug and
ten-cent store chains also were larger than in July 1926,
while tobacco and shoe systems reported slight declines, and
sales of candy chains showed little change." The Sept. 1
"Monthly Review" of the bank, from which the foregoing is
taken, also says:
Sales per unit were generally affected by the short month and only grocery
and variety stores showed increases over last year. The rapid increase in
the number of stores operated continued to restrict sales per store in drug
chains, and shoe chains showed a considerable decline which may reflect,
at least in part, a continued tendency toward the operation of smaller units.
Type of Store.
+10.0
* Quantity, not value. Reported by the Silk Association of America.
4 Reported by the National Machine Tool Builders' Association.
.•
Increase in Chain
Percentage Change-July 1927 from July 1926.
No. of Stores.
Grocery
Ten cent
Drug
Tobacco
Shoe
Variety
Candy
Total
Total Saks.
Sales per Store.
+8.8
+8.9
+17.4
+3.0
+7.4
+22.2
+3.3
+18.8
+7.0
+8.8
-1.4
-3.2
+24.7
-0.2
+9.2
--1.7
--7.4
-4.3
-9.9
+2.0
-3.3
+8.6
+14.4
+5.3
Slight Improvement in New England Business
Conditions Reported by Boston Federal Reserve
Bank.
While stating that New England business
improved slightly in July, compared with June, conditions
the Federal
THE CHRONICLE
1250
Reserve Banklof Boston in its Sept. 1 "Monthly Review'
notes that there has been no marked change since March.
We quote from the "Review" as follows:
The New England Business Activity Index, which has been improved
and made more comprehensive,indicates that activity during the first three
months of 1927 was substantially below that of the corresponding period
a year ago, while during the months of April-July, inclusive, activity has
been more pronounced this year than in 1926. When allowance for the usual
seasonal fluctuations had been made, some industries reflected appreciable
increases in activity in July as compared with June, while others showed a
distinct falling off. Cotton consumption by the New England mills in
July was materially less than in June. In fact. the July consumption was
11,100 bales less than in any other month this year. The recent strength
of raw cotton prices has apparently caused a decrease in the demand for
finished fabrics. Wool consumption, which showed considerable activity
In June, declined somewhat in July, while raw wool prices have continued
firm. Activity in the shoe industry increased in July by more than the
usual seasonal amount, but the increase in New England was relatively
greater than that of the entire country. Hide and leather prices have
softened recently. The square-foot space of contracts awarded for new
building in New England-residential group-declined in July by about the
usual seasonal amount, while in the commercial and industrial group there
was an increase, which was contrary to the usual seasonal movement,
between June and July. Sales of new automobiles in New England declined
In July as compared with June, due to a decrease in the sales of two lowpriced four-cylinder cars. Employment conditions have shown no marked
change during recent weeks. The number of persons on pay rolls in Massachusetts declined in July, but by less than from June to July a year ago.
The number of business failures in this district declined, whereas there is
usually a seasonal increase in July. Sales of department stores in New
England in July were about 4% under a year ago, but preliminary reports
indicated that August sales would be about 10% higher than the corresponding month a year ago. There has been a distinct easing in money
rates since the latter part of July, and the most significant change has
been the reduction of the rediscount rate by eight reserve banks from 4
to 3A %. There has been no recent change of the rediscount rate in four
districts, Philadelphia, Chicago, Minneapolis, and San Francisco. Total
loans of N. E. member banks declined recently.
Gains in Output of Electric Power in Philadelphia
Federal Reserve District During July as Compared
with Same Month Last Year-Decline as Compared
with June.
The Federal Reserve Bank of Philadelphia announces
that the output of electric power by 14 central stations of
its district was nearly 3% greater in July than in the same
month last year, the largest increases occurring in production
by hydro-electric plants and in the volume of electricity
purchased. Between June and July, however, the output
declined 2.5%, hydro-electric plants showing the greatest
decline in the month. Rated generator capacity also
decreased from the previous month and that of a year ago.
Total sales of electricity, says the bank, decreased 3.8%
from June to July but were 2.8% larger than a year before,
Sales of electricity both for lighting and for power purposes
declined in the month, and the latter were also a trifle lower
than a year earlier. Consumption of electric power by
industries, and street cars and railroads was slightly lower
than a month and a year before. Details are shown in the
following table:
Electric Power
Philadelphia Federal Reserve District
14 Systems.
Rated generator capacity
Generated output
-electric
Hydro
Steam
Purchased
Sales of electricity
Lighthig
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
Change
Change
from
from
July 1927. June 1927. July 1926.
kw. 1,364,000
kwh. 389.957,000
kwh. 14.783,000
kwh. 304,032,000
kwh. 71,142,000
kwh. 314,224,000
kwh. 55.715,000
kwh. 6,687,000
kwh. 49,028,000
kwh. 215.828.000
kwh
2,018.000
kwh. 42,155,000
kwh. 172,655,000
kwh. 41,681.000
-2.6%
-2.5
-32.2
-3.0
+10.0
-3.8
-5.7
+2.8
-6.7
-3.5
+1.9
-2.0
-3.9
-2.6
-0.6%
+28
+13.3
-6.9
+60.7
+2.8
+11.9
+5.2
+12.8
-0.6
+8.3
-2.2
-0.2
+14.2
Franklin Fourth Street National Bank of Philadelphia
Finds Business Recovering from Summer Lull.
In its September letter, "Trade Trends," the Franklin
Fourth Street National Bank of Philadelphia presents the
follcnvilig business review:
The approach of fall finds trade and industry slowly recovering from the
summer lull after a seasonal let-down somewhat more pronounced than that
of a year ago. But in spite of unfavorable reports from some fields of
industry and keen competition in all of them, the balance remains well on
the constructive side. On the basis of business reports for the first eight
months of the year, there is little to suggest unfavorable comparisons with
last year's record volume.
Motor car production in the first half of the year fell 237,000 units short
of the corresponding six months of last year. In the past month, however,
new models were introduced and plants were expanded in anticipation of
increased production this fall. Employment in leading automobile manufacturing centres has been progressively on the increase.
Steel mill operations in August were close to 70% of capacity. The failure both of the railroads and of the automobile builders to enter the market on a large scale was primarily responsible for the low operation rate.
An increase in the forward business of the United States Steel Corporation
at the end of July, and stability later in the month in the rate of mill
operation seemed to mark the turning of the corner.
'Forty-six of 51 leading railroads handled less traffic in July thia year
than in July 1926, but the total of cars loaded with revenue freight for the
first seven months of the year was larger than loadings for the correspond-
[VOL. 125.
ing period a year ago. Industrial consumption of electric power, the vol
time of bank clearances and the continuance of easy credit conditions alike
testify to continued favorable business conditions.
August reductions in Federal Reserve Bank rediscount rates were partly
designed to facilitate crop movements in the West and South and to stimulate manufacturing activity in the eastern and north central sections
They have already been reflected in stiffer rates for British sterling and
thus appear as an important factor in orderly financial and business adjustments abroad. This is coming about through an increased flow of
banking credit overseas to centres where interest rates are higher than in
this country.
Agricultural prospects now are distinctly better than at this time last
Veer. Though Government forecasts point to the smallest cotton crop since
1922 and to a corn crop smaller by 10% than that of last year, the advance in the price of these staples promises a substantial increase in income of agricultural producers.
Business Summary of Central Trust Company of Illinois
-Satisfactory Conditions in Basic Lines of
Industry in Fall Months Looked for.
In a business summary for August, the Central Trust Co.
of Illinois, at Chicago, states that "with a continuance of
the present easy money conditions, the fall months should
prove satisfactory in all of the basic lines of trade." It also
comments as follows on the business situation:
An analysis of total business operations presents an interesting comparison
between the activities of the first seven months of this year and the corresponding portion of 1926. Business volume, which was expected to fall
short of last year by about 3% in the aggregate, has lived up to expectations with remarkable precision.
During the earliest weeks of the year, a number of lines dropped below
last year's levels. As the year grew older, this apathy disappeared and
recession began in other lines. Approaching the middle of the year, there
was another slowing down in metals and minerals and a speeding up in
textiles and leathers. Having passed the mid-year period, we now have
evidence of improvement in some of the metals and in most of the nonmetallic minerals. Definite improvement in textile operations has been
accompanied by gains in the meat packing industry and in the output of
boots and shoes.
Transportation earnings, particularly in the net operating income column, have been unsatisfactory, but freight movement broke the record for
the first half of the year and the gains in car loadings now taking place,
mostly due to a large marketable crop production, suggest that 1927 may
still prove a record year for freight traffic, canal and rail. Another side
of the transportation picture has not been so bright, automobile production having been well under last year's record. The combined output,
omitting the leading manufacturer, has.equaled expectations and, with
new models now ready, production of these companies will soon set some
high marks. The outlook for bus and truck production continues to improve.
C. L. Bradley Sees Farmers Returning to Buying Market
with Resultant Beneficial Effect on Business.
Viewing as probable that "within the very near future
proceeds of this year's large agricultural crops will enable
the farmers to get back into the buying market," C. L. Bradley, President of the Union Terminal Co. of Cleveland adds
that "this stimulus may enable business to remain at a high
level throughout the balance of the year, and that possibly
we may see a substantial fall recovery." His views are
expressed in an article in the Aug. 27 issue of "Finance and
Industry" of Cleveland bearing the caption "Farmer on
Way to Market." In part he says:
The total volume of business activity still continues high; but there has
been in evidence throughout the summer a rather steady decline of this
volume. The stiffening for the demand for products in many lines, which
has been expected now that it is time for autumn requirements to be taken
into consideration, has been somewhat slow in developing. Nevertheless, it
appears probable that the summer recession has been little more than
seasonal. We are now, perhaps, feeling the curtailment of the general
public purchasing power brought about by the agricultural situation of the
last season, a factor which has manifested itself in a falling off in industrial production and more unemployment.
Eight hundred and forty-nine plants in Pennsylvania report a decrease of
1.7% in employment in July as compared to June; New York State reports a decrease of 2% in factory employment in 1,600 concerns, and the
July decline of employment In Illinois is estimated at 3.6%. According
to Department of Labor estimates, the factory employment in the entire
country in July was 2% below the June level, and payroll totals declined
4.5%. Payrolls have likewise declined in the Western Reserve district.
Paralleling this trend, we naturally find a falling off in total volume of
industrial production. The Standard Trade and Security Service Aggregate
Production Index has been steadily receding, standing in March at 124.7;
April, 121; May, 121.2; June, 119, and July 116.4. Industrial production
as measured by consumption of electrical energy in July declined somewhat from the June level. Railroad freight loadings, while continuing
high, have shown somewhat of a falling off. Aggregate industrial profits
for the first half of this year are estimated at about 6% less than for
the corresponding period last year. . . .
The extent of the fall recovery depends to a considerable extent upon
the price situation. Agricultural prices, which have been out of line with
industrial prices, rose somewhat in July, increases taking place in prices of
cattle, hogs, lamb, hides, cotton, eggs, tobacco and wool, and other farm
products. This increase was sufficient to bring up the average of wholesale prices in July. Retail food prices, however, showed a decline of
approximately 3% in July, and there has been little indication of any
cessation in the general decline of prices, except in the case of crops.
Irving Fisher's Commodity Price Index declined again last week. The
whole price situation seems to be at the present time nicely balanced.
There appears little likelihood that industrial prices will stiffen any this
fall, and they may very likely drop still further. It is to be hoped, however, that agricultural prices will continue to maintain their recent increases and to enjoy further increases. It this should be the case, the
return of the farmer into the buying market may stimulate the general
volume of distribution. Even if substantial increases in prices of farm
products fail to materialize, however, the large volume of this year's crops
SHPT. 31927.]
THE CHRONICLE
promised in recent estimates should seem sufficient to stabilize the domestic market. A recent report from Washington places the value of this
year's agricultural crops at approximately a billion dollars greater than
last year's, even at present price levels. This fact alone should give adequate assurance of a satisfactory autumn.
Merchandising Conditions in Chicago Federal Reserve
-Loss in Wholesale and Retail Trade.
District
Declines in both wholesale and retail trade in the Chicago
Federal Reserve District in July indicated in the following
comments on "Merchandising Conditions," taken from the
Sept. 1 "Monthly Business Conditions Report" of the Federal Reserve Bank of Chicago:
Wholesale Trade.
Although July sales, as shown on the accompanying table, were smaller
yearly comparisons, wholesale dealers in general
in both the monthly and
indicated that conditions were satisfactory. The lowered sales volume is
attributed In part to uncertainty regarding the corn crop, and partially to
the act that harvesting operations are at present engaging the attention of
farmers. Iowa reports showed conditions much improved over those which
have prevailed for some time. Individually, the majority of firms followed the sales trends indicated in the table; shoe dealers, however, onehalf of whom reported increases over a year ago, were an exception.
WHOLESALE TRADE DURING THE MONTH OF JULY 1927.
1251
early in August; at Illinois offices the decline was from 180 to 170%; and
for Iowa there was an advance from 230 to 248%. In Detroit, where for
two months employment has been declining, an increase of 1.5% compared
with a decline of a like amount the preceding month.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RES. DIST.
-No. of Wage Earners
Total Earnings
-Week Ended
Week End,ed
Juk 15 June 15 P. Ct. Julo 15
June 15 P. Ct.
Industrial Groups1927. 1927. Ch'ge. 1927.
1927. Ch'ge.
An groups (10)
341,768 349,644 -2.3 38,701,712 39,273,077 -6.2
Metals and metal products
(other than vehicles)
135,801 143,592 -5.4 3,310,324 3,647,490 -9.2
Vehicles
30,634 31,731 -3.5
888.904 1,004,213 -11.5
Textiles SC textile products 25,026 24,960 +0.3
639,248
632,088 +1.1
Food and related products 51,411 49,330 +4.2 1,232,500 1,222,935 +0.8
Stone, clay & glasl products_ 14,231 14,507 -1.9
422,196
444,663 -5.1
Lumber and its products_ _ _ _ 28,804 29,050
658,600
712,492 -7.6
10,339 10,960 -5.7
Chemical products
280,188
304,122 -7.9
Leather products
14,363 14,310 +0.4
304,254
315,304 -3.5
3.546 3,603 -1.6
Rubber products
80,784
97,704 -17.3
Paper and printing
27,C09 27,601 +0.03
884,714
892,066 -0.8
Northwestern National Bank of Minneapolis Sees
Downward Business Curve of 1926-27 Taking Upward Course-Sale of Farm Implements as Gauge
of Purchasing Power of Farmers.
The view that "the downward business curve of 1926-27
is now going up" is put forth by the Northwestern National
Bank of Minneapolis in its Aug. 15 "Review," from which
the following is quoted:
Best merchandising gauges of the purchasing power of farmers of the
Northwest, and of their inclination towards exerting it by the actual purSame Month
Preceding
Same Month
Preceding
chase of goods, are sales of farm implements and lumber. Dry goods might
Last Year.
Month.
Month.
Last Year.
be included, though sales records of such merchandise are not so simon
(23) -6.9
Groceries
(35) -6.1
(24) +1.2
(35) -8.7
pure an indicator. Records of distribution of automobiles, tires, millinery,
( 8) +3.8
( 8) -3.0
Hardware
(13) -3.0
(13) -3.6
lighting plants, radios, holiday goods, &c., are, of course, valuable: but
(10) -4.4
(10) +7.2
Dry goods
(12) -2.7
(12) -2.3
they do not reflect bed-rock conditions so accurately as the commodities
(10) -0.4
(10) +0.7
(13) -6.1
(13) -3.1
Drugs
( 6) -0.6
( 8) -6.6
( 6) +9.0
Shoes
( 8) -6.0
mentioned. Reliable evidence of the volume of lumber sales will not show
Collections During Month up with definiteness for another month or two and not definitively until
next spring. Wholesale merchants of dry goods say that during the past
Accounts Outstanding End of Month Per Cent Change From
Ratio to
Per Cent Change From
two weeks orders have been coming in freely and that country trade shows
Same F the
Net Sales
breath of new life. Sales have been: "Fine in August"; "There has
Preceding
Month
Preceding Same Month During
Month.
Month.
Last Year. been a considerable increase over last year";"We have had very good sales,
Last Year.
Month.
though spotted in direct proportion to the outturn of crops in various
Groceries
(31) -4.6 )31) -1.6 (31) 110.0 (26) -3.8 (25) +0.6
communities." The first week in August was the major annual Twin City
(13) +1.4 (13) +3.9 (13) 205.3 (11 -4.2 )11) -3.1
Hardware
market week, and dry goods wholesalers report the largest business transDry Goods _ _ _ (11) -0.6 (11) +5.3 (11) 316.8 ( 9) -9.2 ( 9) -3.7
(11) =2.3 (11) -6.7 (11) 136.4 ( 6) +2.0 ( 6) -3.8 acted with country dealers they have ever had during this period; the exDrugs
Shoes
( 7) +1.4 ( 7) -5.2 ( 7) 288.0 ( 6)-15.8 ( 6) -7.7
pectation is for further good business during the Minnesota State Fair
week (Sept. 3-10).
Figures in parenthesis indicate number of firms included.
Encouraging as a gauge of the ability and desire to buy have been the
Department Store Trade.
sales of farm implements. In the early years after 1920, when many other
In line with the usual July recession, reports of 83 department stores classes of goods were moving in increasing volume, these refused to respond
indicated a total sales decline of 24.2% from June. Contrary to the trend with any show of buoyancy. Of late years there has been a gradual imfor several years past, there was likewise a decline of 2.1% from the pre- provement. This summer we find that in the Dakotas and Montana
ceding July, not sufficiently large, however, to carry the total for the Implement sales have markedly increased. South Dakota and Montana
first seven months of the year below the 1926 figure. Stock turnover, as are most clearly singled out as showing gains over 1926. Tractors, binders
indicated by the ratio of total sales to average stocks, was 26.2% for July, and threshers have been excellent sellers. It is unanimously agreed that
or the same as last year, and 213.4 for the first seven months of 1927 as sales of hay tools have been the best in many years; some wholesalers say:
compared with 208.4 for the same period of 1926. Stocks at the end of "Last year's sales in this line have been doubled"; "They are the biggest
July totaled 2.3% under those on hand June 30 and 1.2% larger than a seller of the year"; "They have been the best of any line." This is due,
year ago. Collections during the month and outstanding accounts on July of course, to the tremendous hay crop. Mortality of all implement orders
31 were 7.1 and 9.4% smaller than a month previous, and 1.5 and 4.5% has been low. Because of heavy straw and many weeds, it is taking an
greater than the figures for last July, with collections kveraging 38.1% of unusual amount of twine to bind grain, and sales have been correspondingly
outstandings on June 30 and 39.6% a year ago.
heavy. The price of sisal twine to the farmer is lower than last year by
more than 10%.
Retail Furniture Trade.
Foregoing comments show that the downward business curve of 1926-27
Sales of furniture at retail during July, as indicated by reports received Is now going up.
There is apparently no fictitious enthusiasm about
from 25 dealers and 23 department stores, declined 5.9% from the preced- prospects. This district has seen too
many things go wrong at the last
ing month, but increased 7.5% over July of last year. Eighteen dealers moment to become incautious. Crops
are not assured until housed in
showed aggregate gains for installment sales of 7.8 and 21.8%, respec- granaries or hauled to elevators, and even then prices
have a disconcerting
tively, with collections 12.5 and 12.6% larger; total collections advanced way of going wrong. The 1927 crop, while not the bumper one that was
7.7 and 8.0%. Stocks on hand at the end of the month were somewhat at first hoped for, will be, by and large, very satisfactory. In South Dasmaller than either 30 days or a year earlier, and accounts receivable of kota and Montana the people are feeling particularly "chesty." Corn,
dealers on the same date, though 2.2% under June 80, were 14.5% ahead of late flax and potatoes are uncertain quantities. Oats is an outstanding
July 31 1926.
disappointment, being light in weight and low in yield, though in Wisconsin
Retail Shoe Trade.
and certain districts in other States there are exceptions to the rule. Leaf
Total sales during uly of 17 retail shoe stores and the shoe sections of and stem rust have taken a considerable toll of late grains in Minnesota
23 department stores fell 24.1% under June and 0.5% below July of last and the eastern Dakotas. Winter wheat, rye and early spring wheat are
year; stocks were smaller by 9.8 and 6.8% in the two comparisons; re- generally good, and barley is a fine crop. Milk production is large; in
ceivables and collections, as reported by dealers, also declined, the latter Minnesota in July it is estimated to have been 801,000,000 pounds, comdropping 24.6% under June and 34.9% below a year ago. The ratio of pared with 714.000,000 pounds in July 1926.
outstanding accounts on July 31 to total sales during the month was 70.0%,
Minneapolis business indicators such as bank transactions, building peras compared with 70.7 for June and 89.7 for July 1926.
mits, postal receipts, freight shipments, show no remarkable recent changes
up to Aug. 1, except that valuation of building permits here, as well as in
St. Paul and Duluth,fell off rather sharply in July, as compared with a year
Decrease in Industrial Employment Conditions in ago. Minneapolis building permits for the first seven months of 1927,
however, are ahead of those for the first seven months of 1926. Funds on
Chicago Federal Reserve District.
deposit in Minneapolis banks are plentiful, and interest rates remain unManufacturing plants of the Chicago Federal Reserve changed.
District, employing over 340,000 workers, reported a 2.3%
decrease in the number of men for the June 15 to July 15 Business Conditions in Kansas City Federal Reserve
period and a payroll contraction of 6.2%, as compared with
District
-Volume of Trade Lower Than a Year
Ago
the preceding month. The latter decline was due in part to
-Better Agricultural Situation.
vacations of individual employees and in part to general
Marked improvement in the condition and estimated yield
-downs for vacation, it is stated in the Sept. 1 number of unharvested farm crops and slower and more
shut
orderly
of the "Monthly Business Conditions Report" of the Federal seasonal marketings of grain and livestock were among the
Reserve Bank of Chicago, which continues:
Important developments in the Kansas City Federal ReIn the metals and metal products group, where employment was reduced serve District during July, it
is pointed out in the Sept. 1
5.4%, payrolls dropped 9.2%, makers of vehicles showed wage declines of
11.5%, with the number of men laid off totaling only 3.5%; similarly, Issue of the "Monthly Review" of the Federal Reserve Bank
manufacturers of stone, clay and glass products reduced payrolls by 5.1% of Kansas City, according to which production of flour
and
and the number of men by 1.9%, lumber producers by 7.6 and 0.8%, and meat decreased and the output of minerals
increased. The
the chemical products industries by 7.9 and 5.7%, respectively, the last
showing the heaviest curtailment in forces of any of the reporting indus- Bank states that trade was smaller in volume than a year
ago; we quote as follows what it has to say as to wholesale
trial groups.
Of industries showing employment increases, the largest gains took place and retail trade:
products, where the total advance amounted to more than 4%.
In food
Wholesale Trade.
Building construction was well maintained, and favorable weather condiemploy more workers on roads.
Reports of wholesale firms handling six lines of merchandise showed
tions made it possible to
their
Indiana there was a reduction in the aggregate sales during July were 0.7% smaller than in June
offices in
and 4.5%
At the free employment
positions from 151% the first week in July to 148 smaller than in July of last year. Considered by separate lines,
ratio of applicants to
sales of
Net Sales During Month.
Per Cent Change from
Stocks at End of Month.
Per Cent Change from
1252
THE CHRONICLE
[VOL. 125.
dry goods, groceries, drugs and millinery were larger and sales of hardment of Agriculture in its Sept. 1 report on the agricultural
ware and furniture were smaller than in June. Wholesalers in all lines,
except drugs, reported their July sales were smaller than in July of last situation. The Department says:
The crops present as varied a picture now toward the close of the season
years.
Wholesalers of dry goods were making shipments on advance orders for as they have since spring. Of the country's two greatest cash crops, wheat
July and August delivery, and their sales were considerably in excess of has turned out well, while cotton promises anything but a big yield. Of
those for June of this year, although scene dealers reported that current the two leading feed crops, hay was a record crop while corn is a partial
trade on fall goods had not responded as it should to the generally prosper- failure.
Cotton has been hurt by the boll weevil. Corn is still a great uncertainty.
ous conditions resulting from the improvement in agriculture. However,
wholesalers were not receiving as many cancellations of fall orders as were a substantial portion of the crop requiring almost a miracle of good weather
received at this time last year. This was attributed in part to the stronger to mature. Potatoes give promise of a fairly large production though
market for cotton goods, and in part to the better general conditions than blight has become evident locally through the East. The hay crop was
by far the largest ever grown, but rainy weather made it difficult to secure
have prevailed in the past five years.
The heavy trade in groceries reported by wholesalers during the season the latter part of the crop. Apples promise to yield about half as great a
continued through July and into August, with the volume for July larger supply as last year. being better in western than in eastern districts.
than in June of this year but smaller than in July of last year.
Cotton production, according to the Department, as
The better agricultural situation was also reflected in a decided imindicated by late forecasts will meet only consumptive
provement in the wholesale hardware trade. While in July sales showed
about the usual decline for the midsummer season, the volume of business needs, but "the consequent upturn in cotton prices bids fair
for the month was generally satisfactory.
to give the South a greater total income than it received
July was an "off" month for the wholesale furniture trade, reports showfrom last year's record crop. The recent rise in cotton and
ing declines in sales both as compared with the preceding month and the
corresponding month last year, although there were evidences of some corn prices, in fact, has lifted the unit purchasing power of
improvetnent at the end of the month,
farm products back to an index of 87 (the five pre-war
Sales of drugs and chemicals showed no appreciable improvement during
years being considered as 100)."
compared with June, but on the whole were larger than a year ago.
July as
Although rust damaged the spring wheat crop to some
Some activity in drug sundries and soda fountain supplies was indicated.
Conditions during July were more favorable for the wholesale millinery extent in North Dakota, and drought took toll in Montana,
trade and sales were greatly in excess of those for June, but were much
the crop as a whole, the Department states, is excellent,
smaller than in July of last year.
Distributers of implements and farm machinery reported thair sales Much of the North now has its first good wheat crop in
during July were about 10% above those of a year ago. Sales in some four years, and it is expected that tie returns this season
lines, however, were disappointing as in many sections there was so much
moisture that it kept threshers from work and farmers were not able to will go in considerable part to pay the debts contracted in
get their plowing started. One of the largest distributing firms reported lean years. The relative profitableness of wheat and developtheir sales for 1927 would be the largest of record-larger than in 1920
- ment of the combine-harvester are attributed with tending
which was the limes banner year.
Wholesale trade in automobile tires and accessories, which in recent to stimulate winter wheat production. Reports to the
years has greatly expanded with the increased number of cars in use, was Department indicate intentions of growers to sow about
heavy in July, but buying activity by consumers was slightly below that 13% more
wheat acreage this fall than last, and should this
year at this season. Dealer's docks were about even or slightly below
last year's average. Due to a general demand on the part of automo- occur together with average later abandonment and average
bile users for low-priced merchandise some less expensive lines of goods yield, a 13% increase in production is in prospect. Such an
were added by several companies.
increase in the crop next year, says the Department, would
Retail Trade.
mean a substantial exportable surplus, and growers must be
Trade at reporting department stores in this district was 3.6% smaller
in July of this year than in July of last year, due in part to the fact that prepared to sell their wheat on a world market basis.
five Sundays in July of this year resulted in one less business day than in
July last year. On the basis of daily averages the value of sales during
Automobile Models and Prices.
the month was about the same as a year ago. The reports showed July
sales were 22.1% smaller than in June, indicating a little more than the
Chevrolet Motor Co. subsidiary of General Motors Corp.,
customary mid-summer decline. During the first seven months of 1927 the
value of sales of reporting department stores was 0.8% larger than for has reduced the price of the imperial landau $35 to $745.
the like period in 1926. Sales of special line stores handling men's and R. H. Grant, vice-president in charge of sales in announcing
women's apparel, in their dollar value, were 31.6% smaller than in June the reduction, said:
and 0.7% smaller than in July a year ago. A number of general merThe new low price on the imperial landau gives Chevrolet a complete line
chandise stores and retail furnitures stores reported similar declines from
of cars consisting of seven passenger models and two commercial types
the preceding month, and the volume smaller than that of a year ago.
ranging in price from $395 for the half ton truck chassis to $745 for the
imperial landau."
Slowing Up of Business Activity in San Francisco
Federal Reserve District During July.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of San Francisco in reviewing business conditions in the district during
July, reports as follows under date of Aug. 20:
In the Twelfth Federal Reserve District, industry generally was less
active during July 1927 than during July 1926, and the volume of distribution and trade, although declining more than seasonally during the
month, was maintained at approximately the levels of a year ago. Volume
of employment and payroll disbursements were smaller than a year ago.
Demand for credit, while greater than in 1926 has not shown the expansion
during recent weeks which usually occurs at this season of the year. The
agricultural season is later than last year, but harvesting has been proceeding under favorable conditions and satisfactory yields of most of the district's chief crops are generally predicted.
Curtailed operations in building and flour milling throughout the district, in lumbering in the Pacific Northwest, and in the food products industries in California contributed largely to the decline of industrial activity in the district.
Sales both at wholesale and at retail declined by more than the usual
seasonal amount during July 1927, and were smaller in' value than during
July 1926. If allowance be made for one less business day in July 1927
than in July 1928 and for relative price levels during the two months, the
daily average sales figures were larger during the later than during the
earlier month, however. Total freight carloadings were slightly larger in
July 1927 than in July 1926.
The daily average volurne of check payments (bank debits) continued
large and this bank's seasonally adjusted index advanced one point to 127
(1923-1925 daily averag 100) in July 1927. The increase was caused
partly by a large volume of security speculation and partly by withdrawal
of time deposits which showed a marked falling off at banks located in
the principal cities of the district.
-TWELFTH DISTRICT.
BANK DEBITS*
July June
July June Mag
1927. 1927. 1927. 1926. 1926.
116
122
With seasonal adJustments
128
126
127
110
117
121
120
122
Without seasonal adJustmenta
•Dally average. 1923-1925 equals 100.
A reduction of $150 on all eight cylinder models was
announced Sept. 1 by the Hupp Motor Car Co. There
was no reduction on the six cylinder line.
F. B. Stearns Co. on Aug. 30 announced a new model
cabriolet roadster added to both its six and eight cylinder
ine, priced at $3,550 and $4,550 respectively.
Manufacturing Activities in Chicago Federal Reserve
District
-Midwest Distribution of Automobiles.
According to the Federal Reserve Bank of Chicago, shipments in July by 31 shoe factories in the Seventh (Chicago)
District exceeded current production by 0.8%, with each
Item showing a seasonal recession from June. Twentythree of the firms reported unfilled orders which in the
aggregate gave assurance of about eight and one-half week's
business at the present distribution rate. The bank's further advices regarding shoe manufacturing, tanning and
hides, states:
Stock shoes on hand in 26 of the establishments totaled 91.0% of the
July shipment volume of these concerns.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN JULY 1927
FROM PREVIOUS MONTHS.
-Per cent Change Pam
Companies
June 1927.
Included.
July 1926.
Production
31
-12.7
+12.6
Shipments
-2.3
31.
+7.0
Stock shoes on band
+3.8
26
+14.8
Unfilled orders
+7.1
-11.5
22
Declines and increases in leather production in July as compared with the
preceding month were about evenly divided among the list of reporting
firms in the Seventh district, with total volume below a year ago. The
value of sales billed to customers by representative tanneries in the district
aggregated less than in June, but above uly of last year. Prices ranged between steady and slightly firmer.
Trading in packer green hides showed a recession at Chicago during
July as compared with the preceding month, while sales of calf and kip
skins increased. Shipments from that city were a little heavier, however,
than in June, according to compilations made by the local Board of Trade.
Chicago quotations averaged higher for July than for June.
Crop Prospects in August Unchanged Except for
Cotton-Purchasing Power Higher.
As to automobile production and distribution, the Bank
Crop prospects remained practically unchanged during says:
Passenger automobiles manufactured In the United States during July
August, except for cotton, but recent price advanced in
cotton and corn have lifted the purchasing power of farm totaled 233,425, according to the Department of Commerce report, which
represents a decline of 14.7% from June and of 26.4% from July 1926.
products to the level maintained for some time prior to the Truck production of 29,981 for the country showed recessions of 25.4 and
slump in cotton last fall, says the United States Depart- 19.8% in the respective comparisons.
THE CHRONICLE
SEPT. 3 19271
Because of marked increases reported by several of the larger distributers,
aggregate sales during July of 86 wholesale firms in the Middle Wert
showed a gain over both the preceding month and July last year; almost
three-fourths of the distributers indicated declines in the former comparison, and one-half in the latter. Sales at retail declined for the third consecutive month, while they have been lower in the year-to-year comparison since September 1926. Used car sales in July were smaller than in
June or the corresponding month a year ago. The number of both new and
used cars held at the end of the month declined from June 30, but new
cars on hand were heavier than last year and used cars smaller in number.
Deferred payment sales of 83 dealers constituted 44.0% of their total
retail sales, against 49.0% a month previous and 49.9% in July 1926.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in July 1927 from previous months.
-Co's Included
-P.C. Change fromJune 1927.
July 1926. June 1927. July 1926.
New cars:
Wholesale
+162
Number sold
36
34
+29.8
34
+3.1
36
Value
+9.2
Retail
-29.9
88
Number sold
-9.7
86
-9.2
Value
-13.1
88
86
On hand July 31
+31.2
-4.2
57
Number
59
+33.8
57
Value
-8.4
59
Used cars
-12.6
Number sold
-21.1
89
86
Salable on hand
-2.5
Number
-7.7
69
66
66
+12.4
Value
89
+6.2
Volume of Automobile Trade in Philadelphia Federal
Reserve District During July Above That of Year
Ago.
Retail sales of passenger cars in July were appreciably
above the total of a year ago, both in number and value, the
demand for less expensive and high priced cars being especially active, according to the Federal Reserve Bank of
Philadelphia, which in its advices says:
Between June and July the medium priced care alone showed a gain in
number and value. Retail sales on deferred payment exceeded the total
of a year earlier, as did sales of used cars.
The wholesale distribution was considerably more active in July than
in the like month last year, the total gain being 70% in number and nearly
55% in value. Sales from June to July decreased in less expensive cars but
increased in other classes of automobiles.
Stocks of new cars at the end of July were greatly in excess of those on
the same date last year, except in the more expensive automobiles, which
declined. Inventories of used cars also were heavier than a year before.•
-Change from
July 1927
Automobile Trade
Philadelphia Federal Reserve District
13 Distributors.
Sales. new ears, wholesale
Cars under $1,000
Cars $1,000 to $2,000
Cars over $2,000
Sales, new cars at retail
Cars under $1,000
Cars $1,000 to $2,000
Cars over $2,000
Stocks of new cars
Cars under $1,000
Cars $1,000 to $2,000
Cars over $2,000
Sales of used ears
Stocks of used cars
Retail sales, deferred payment
June 1927.
Julie 1926.
Number.
Value.
Number.
-19.1%
-29.7
+41.1
+25.2
-29.1
-31.1
+5.8
-9.4
+11.5
+39.6
-38.0
-18.8
-10.2
-6.0
-12.1
-14.1% +70.0% +54.6%
-30.6
+105.0
+106.2
+36.9
+10.0
+6.6
+13.7
+76.9
+42.5
-26.1
+18.2
+13.9
-31.2
+20.2
+20.4
+14.7
-8.9
-8.1
-11.9
+5.6
-5.9
-0.2
+112.4
+35.5
+39.1
+225.0
+226.2
-21.9
+24.6
+29.2
-23.1
-39.0
-48.4
-1.4
+24.6
+16.3
+29.8
+3.8
+26.8
+15.7
+4.5
+2.9
Value.
Lumber Buying and Shipments Increase.
Substantial increases in shipments and new business, with
production about the same, in the activities of the organized
lumber industry for the week ended Aug. 27, when compared
with the previous week, is indicated by telegraphic reports
received by the National Lumber Manufacturers Association
from 353 of the larger commercial softwood, and 137 of the
chief hardwood,lumber mills o the country. The disparity
in the number of mills reporting, however, makes it difficult
to give accurate comparisons.
The 335 comparably reporting softwood mills showed a
slight decrease in production,a nominal increase in shipments
and new business about the same, when compared with reports from 349 mills for the preceding week. In comparison
with the same period a year ago, when, however, 25 more
mills reported, production was about the same, a slight
decrease in shipments and a marked decrease in new business,
The 137 hardwood operations showed production about
the same and slight decreases in shipments and new business
this week, when compared with reports from 149 mills for
the previous week. In comparison with the same period a
year ago, when reports were received from only 108 mills,
there were considerable increases in production and new
business, with shipments about the same, reports the Nationa' Association, adding:
Unfilled Orders.
The unfilled orders of 229 Southern Pine and West Coast mills at the
week amounted to 615,537,210 feet, as against 629,203.481 feet
end of last
for 228 mills the previous week. The 101 identical Southern Pine mills
In the group showed unfilled orders of 231,143,220 feet last week, as against
231,448,965 feet for the week before. For the 121 West Coast mills the
unfilled orders were 384,393,990 feet, as against 397,754.516 feet for 120
mills a week earlier.
Altogether the 335 comparably reporting softwood mills had shipments
101%,and orders 96%,of actual production. For the Southern Pine mills,
these percentages were respectively 103 and 102: and for the West Coast
mills 106 and 98.
1253
Of the reporting mills, the 314 with an established normal production for
the week of 227,412.935 feet, gave actual production 103%, shipments,
104% and orders, 100% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood, regional associations,
for the three weeks indicated:
PasSWeek.
Corresponding
Week-1928.
Preceding Week
1927 (Revised).
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
137
Mills
335
360
108
349
149
Production_ 246,108.000 21,948.000 243-.870,000 16,269,000 252,406,000 22,828.000
Shipments. 248,498,000 18,999,000 253,632,000 19,269,000 243,527,000 20,526,000
Orders..... 237,227,000 22,938,000 253.413,000 18.616,000 238205,000 24,108.000
Because of fluctuations in the number of West Coast mills reporting this
year,softwood comparisons between 1927 and 1926 are without significance.
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable,are not included in the foregoing
tables. Eighteen of these mills,representing 50% of the cut ofthe California
pine region, gave their production for the week as 24.393.000 shipments,
21,081,000 and new business 21,728.(1)0. Last week's report from 18
mills, representing 57% of the cut was: Production, 26,204.000 feet;
shipments, 22,368.000, and new business. 22.947.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 121 mills reporting for the week ended Aug. 27 was 2%
below production and shipments were 6% above production. Of all new
business taken during the week 51% was for future water delivery, amounting to 61.368,518 feet. of which 44,205.444 feet was for domestic cargo •
delivery and 17.163,074 feet export. New business by rail amounted to
53,364,604 feet, or 45% of the week's new business. Fifty-two per cent of
the week's shipments moved by water, amounting to 66,644,066 feet, of
which 49,839,030 feet moved coastwise and intercoastal, and 16,805.036
feet export. Rail shipments totaled 57,400,972 feet. or 44% of the week's
shipments, and local deliveries 5,260,379 feet. Unshipped domestic cargo
orders totaled 123,073,561 feet, foreign 135,054,744 feet and rail trade
126,265,685 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 108
mills reporting, shipments were 2.52% above production and orders were
2.03% above production and 0.47% below shipments. New business taken
during the week amounted to 64,777,174 feet (previous week 65,368.281);
shipments 65,082,919 feet (previous week 64,328,748). and production
63,485,263 feet (previous week 62,594.446). The normal production of
these mills is 73,220,284 feet. Of the 104 mills reporting running time, 55
operated full time, 19 of the latter overtime. Three mills were shut down,
and the rest operated from two to five and one-half days.
The Western Pine Manufacturers Association of Portland. Ore., with
three fewer mills reporting, shows a considerable decrease in production, a ,
Blight decrease in shipments and new business well in advance of that
reported for the preceding week.
The California Redwood Association of San Francisco, Calif., wth one
less mill reporting, shows production about the same, approximately a
50% increase in shipments and a good gain in new business.
The North Carolina Pine Assocation of Norfolk, Va., with five fewer
mills reporting, shows production and shipments about the same, and
a slight increase in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports some decrease in production, a nominal increase in shipments and
new business slightly below that reported for the week earlier.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with three fewer mills reporting, shows some decrease in production, shipments about the same
and a small decrease in new business.
Hardwood Reports.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported from 13 mills (three fewer mills than reported
for the week before) production and shipments about the same, while
new business more than doubled.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 124 mills (nine fewer mills than reported the previous week) production and shipments about the same, while new business fell off to
some extent. The normal production of these units is 20.832.000 feet.
West Coast Ltimbermen's Association Weekly Report.
One hundred twenty mills reporting to the West Coast
Lumbermen's Association for the week ended Aug. 20
manufactured 123,098,565 feet, sold 123,673,050 feet and
shipped 124,618,526 feet. New business was 574,485 feet
more than production, and shipments 1,519,961 feet more
than production.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW
SHIPMENTS AND UNFILLED ORDERS.
Week EndedAug. 20.
Aug. 13.
Aug.6.
No. of mills reporting__
120
121
122
Production (feet)
123,098,565 115,159.948 123,775,979
New business (feet)
123,673,050 123,994.698 107,803,590
Shipments (feet)
124,618,526 114,684,083 105,874.049
Unshipped Balances
132,626,768 129,503,425 136,553,147
Rail (feet)
Domestic cargo (feet)._ 131,028,709 135,212,381 138,997.243
Export (feet)
134,099,039 127,212,658 125,294,610
Total (feet)
First 33 Weeks ofAverage No. of mills
Production (feet)
New business (feet)
Shipments (feet)
BUSINESS
July 30.
122
118,678.715
111,378,450
117.265,599
132,321.065
130,241,637
117,665,374
397.754,516 391.928,464 400,845,000 380.228.076
1927.
1926.
1925.
1924.
85
106
117
124
2,665,611,344 3,438,503,476 3,335,095,704 3.078,188,260
2,786,762,839 3.569,526,575 3,464.615,814 3,088,717,429
2,737,970,887 3,538,914,887 3,487,221,685 3,230,003,677
New Bedford Mills May Pool Selling to Protect Prices-Co-Operative System of Centralizing Quotations
and Sales Considered.
In order to combat the "ridiculously inadequate prices"
that have been ruling in the gray goods markets on various
standard types of plain woven fine cotton fabrics, and assure
to the producers a fair return with a slight margin, the fine
cotton goods manufacturers of New Bedford, it is learned
THE CHRONICLE
1254
from New Bedford (Mass.) advices to the New York "Journal of Commerce," may soon take steps to co-operate more
closely with each other on prices and quotations, and may
even go to the extent of pooling their sales on certain types
of fabrics, so that quotations from the various individual
mills would be obtainable only through one central agency.
The advices, dated New Bedford, Aug. 28, go on to state:
The possibility of such action was suggested several weeks ago by a
prominent New Bedford cotton manufacturer and reports recently concerning the difficulties encountered by the fine goods mills in obtaining for
their plain woven fabrics sufficient to cover bare production cost indicate a
rapid crystallizing of sentiment favoring such action.
•
"Serious Situation."
"So long as buyers of goods can play one producer against another, and
can resort to deception and downright misrepresentation in forcing prices
down regardless of production costs, there is little hope of the cotton mills
realizing any profit from the standard plain woven constructions on which
there is keen competition," said'the Treasurer of one of the most widely
known fine cotton goods mills in New Bedford. "The difficulty in working
prices in such fabrics to higher levels, in keping with the advance in
staple cotton prices, really constitutes a serious situation for the fine cotton
goods mills because the prices that have been ruling on such goods allowed
virtually no profit margin, even when cotton costs were several cents a
pound lower than they are now. If this continues the mills will be forced
to take some concerted action along the lines of co-operative selling of such
goods or will have to stop making them altogether."
"The condition is partly due," he continued "to the mill men themselves,
to their too keen competition with each other, their ruthless determination
to get orders regardless of the sacrificesiinvolved. There is no real good
accomplished by competition when it is carried to such a degree that prices
are forced below cost. Buying would be just as great in the aggregate if
prices were one or two cents a yard higher, there would be no appreciable
difference in the price of the goods by the time it reached the ultimate
consumer, and the difference in the gray goods price would mean to the
mills the difference between ruin and prosperity. The buyers naturally are
trying to get their goods as cheap as they can, but their real object is merely
to make certain none of their own competitors are able to buy gray goods
any cheaper; their haggling, of course, is not aimed at squeezing the producer, even though that may be what they accomplish. If the mills got
together and quoted one price and stuck to it, the buyers would offer very
little objection to paying it, provided they could be certain that every one
else would have to pay the same price. The result would be immediate
stabilization of gray goods value and all the benefits that would come from
such a condition."
Sherman Law Not Forced.
Asked bow the mills could thus get together on prices without coming into
conflict with the Sherman law, the mill official said: "There I. nothing in
that law to prevent the various New Bedford mills from selling a portion of
their product through a single agency, whether that agency be a man, a
committee or an association. If all the quotations come from one place
you would accomplish virtually the same result, even if there was a slight
variation between the quotations on goods from certain specified individual
mills."
Asked whether the mills have been considering any such plan, be said that
such an idea had been suggested to the various mill men on several occasions
and is now being talked over, with the idea of stabilizing the market for the
various standard plain-woven goods on levels which the mills will find are
workable.
While New Bedford fine goods mills are accustomed to turn out a large
volume of fancy and semi-fancy fabrics, by far the bulk of their output
on a yardage basis consists of the plain woven goods,such as lawns, pongees,
broadcloths, organdies, sateens, plain voiles, oxfords, alpacas, cantons, &c:,
Sales of such goods are regularly reported through the New Bedford
Fine Cotton Goods Exchange, with the prices quoted and prices at which
goods were sold. These reports, however, are made after the transaction,
and in some instances it is then too late to remedy any damage done to
the current market. A co-operative system of centralizing both quotations and selling of such goods, it is calimed, would supply the firmness
which the present market conditions require.
Report on Hosiery •Industry in Philadelphia Federal
Reserve District.
The following table, compiled by the Bureau of the Census
showing the activities of hosiery mills in the Philadelphia
Federal Reserve District in July and a comparison with
those of June, is made public by the Federal Reserve Bank
of Philadelphia.
Men's
Full-fashioned.
in Dozen Pairs
Production _
Shipments
Stock,finished &
In the gray- Orders booked_
Canceirns rec'd
Unfilled orders
end of month_
Per Cent
July Chang Jut1,
1927. from 1927,
June
1927.
Production ____
Shipments
I
Stock,flnished &
In the gray__ _
Orders booked_
Cancelrns rec'd
Unfilled orde
Iv end of month_
Full-fashioned.
Per Cent
Per Cent
Change July
Change
from
1927. from
June
June
1927.
1927..
Seamless.
July
1927.
Per Cent
Change
from
June
1927.
21,149 -23.2221,711 --2.3 493,083 --20.1 155,170 -15.0
25,651 +0.7234,217 +15.2 485,539 --23.9 154,652 -19.3
319,404 --2.6
57,095 +2.4386,062 -4.8 848,326 -o
21,573 +1.5224.425 +15.5 349.348 -48.3 155,702 -9.5
2,564 •-54.2
569+185.913,728 -37.8 18,707 +23.5
18,596 -16.9376,0
Boys' and
Misses.
In Dozen Pairs.
Women's
Seamless
-4.2 1,346,612 -8.5 109,180 -1.2
Children's and
Infants'
Per Cent
Per Cent
July Change July Change
1927. from 1927. from
June
June
1927.
1927.
23,005 -16.9 53,146 -33.0
17,945 +52.2 69,389 -37.1
Athletic and
Sport.
Per Cent
Change
July
1927. from
June
1927.
Total.
July
1927.
Per Cent
Change
from
June
1927.
29,036 -25.4 996,300 -17.0
42,072 -19.81,029,465 -16.5
-2.1
46,381 -0.6 183,823 +0.9 30,355 -2661871446,,
11,046 -63.5 83,418 +32.9 44,295 -12.4 889,807 -24.7
208 -47.7 --------1,589 -50.0 27,365 -16.4
51.527 -2.4 81.471 +63.9
65.287
+3.42.048.783 -5.2
[VOL. 125.
British Cotton Yarn Men Seek Public's Aid-Difficulties to Be Aired at Town Hall Meeting Sept. 6.
According to the London correspondent (Aug. 28) of the
New York "Journal of Commerce," the Lord Mayor of Manchester has consented to preside at a meeting in the Town
Hall Sept. 6 at the instance of the Cotton Yarn Association
for the purpose of directing attention to the deplorable state
of trade existing in the section of the cotton industry devoted to spinning yarns from American cotton. Describing
this as the most important move yet made toward discovering the remedy for the difficulties besetting the trade, the
advices add:
The chief speaker will be J. M. Keynes, who has been in consultation
with the Cotton Yarn Association since its inception a few months ago.
Mr. Keynes states that he hopes the meeting will help mobilize public
opinion and that it will result in inducing the whole yarn trade to join
the association, placing it in a position to deal with the problem of surplus
capacity and facilitate concentration of production.
All mayors of Lancashire and Cheshire cotton manufacturing towns
have been invited to the meeting, also members of Parliament, representatives of banks, county shippers and also all members of the cotton
trade.
The calling of the meeting coincides with the improvement in the Manchester yarn trade, but this is due partly to the holidays at Oldham and
partly to purchases forced by the rise in cotton prices.
Meanwhile the Cotton Yarn Association and the Federation of Master
Cotton Spinners' Association are conferring, while atgeneral trade meeting
will follow for the purpose of reporting the results of the conference.
-Large Printers
Higher Prices Fixed on Printed Fabrics
Bring Values Closer to High Cotton Parity.
The large corporation printers have finally been forced to
succumb to the abnormal advance in cotton and cloths in
the past month or two, says the New York "Journal of
Commerce" of Sept. 1. It adds:
Yesterday (Aug. 31) they put prices nearer a parity of 22c. cotton and
will only sell on that basis for deliveries in September and October.
Advances announced range from ;ic. to 13c, a yard. Buyers were so
well prepared for a new and higher level that some of them bought all that
could be delivered on certain styles up to Nov. 1.
M.C. D.Borden & Sons, Inc., issued the following new lists for September-October delivery only, orders subject to acceptance, no stock protection, prices subject to change and withdrawal without notice, and guaranteed to the date of billing against any price made by the house:
-White grounds, grays,shepherd checks,indigos,
-inch Worth Cambric
36
light indigos, black and whites, clarets, solid colors, 15%c.
-inch Little Jane Chintz, 16c.;
-36-inch Kinross Prints, 133c.; 36
35
-inch Delaine Novel-inch Scout Percales, white ground only, 16c.; 36
36
-36-inch Rexford
-36-inch Rexford Frock Styles, 18c.; 35
ties, 16304 35
Plain Colors, 1730.
-White grounds, grays, shepherd checks,
36
-inch American Cambric
indigos, light indigos, black and whites, clarets, solid colors, 18c.
-inch Kingwood Plain Colors,
-inch Kingwood Dress Prints, 19Mc.; 36
36
19c.
-White grounds, grays, shepherd checks,
-inch Rumson Cambric
36
indigos, light indigos, black and whites, clarets, solid colors, 20 c.
-inch Pilgrim Cretonnes, 15c.:
-inch Bungalow Cretonnes, 16c.; 36
36
,
0
-inch Alicia Dress Prints, 28304
-inch Challie de Mousseline, 133 .; 32
36
-inch Alida plain white, 23c.
-inch Alida Plain Colors, 2550.; 32
32
-inch 4-4 011 Color Reds, 13Mc.;23 -inch Mary Lou Frock, 12c.; 36
-24
32
inch Flyer Bunting, 8Mc.
American Prints, Rainbow Prints, Excelsior Percales, 24
-25-inch Arcade
-25-inch Gingham Effects,
Lawn, 24-25-1nch American Printed Oils, 24
-23-inch Flyer Oils, 24-25-inch Adriatic Oils,
23-inch Broadway Oils, 22
24:25-inch Ryton Oils, 32-inch 7-8 Oil Color Reds, 23
-24-inch Kingvale
Gingham, withdrawn from sale.
-inch Mentone Percale-Printed, 15%c.; plains, 15c.
36
-White ground only, 100.
36
-inch Bradford Cambric
-inch Dressal-Stock goods, 10.0.
36
36
-inch Triam Percale-Fast to washing, 18c.; plains, 18c.
-Inch Manchester Cambric-Printed styles, 2030.; plaint!, 2030.
36
36
-inch Lawret (fast to washing -Printed Styles, 18c.
36
-inch Piza Cloth (fast to washing -Printed styles, 190.;plains, 190.
36
-inch Melbourne Challie, 1330.
-inch Westmoreland Cretonne, 15c.
36
36
-inch Croft Cretonne, 16c.
Sample Cards
-Carded styles, complete two to three weeks, except
where special cards are required. Not responsible for late delivery caused
by special packbags, special tickets or special cards, and cancellations for
these causes will not be considered. Prices are subject to change or withdrawal without notice. All orders are subject to revision and our acceptance.
Algonquin Prices Advanced.
All lines of printed goods of the Algonquin Printing Co. were advanced
yesterday and new price lists will be issued shortly. The advances are in
line with those made by other printers.
Windsor Lines Up.
The Consolidated Selling Co. named prices as follows: Windsor prints,
648. 15%c.; Windsor Pelham prints, 18c.; Windsor prints, 19)4c, September. October and November deliveries.
Goods Prices Advanced-Trade Becoming
Accustomed to Likelihood of "High" Cotton-Raw
Cotton Prices the Important Factor.
The following observations are from the Boston News
Bureau:
Cotton
There appears to be an increasing realization in the cotton manufacturing
industry that operations incoming months are likely to bebasod on relatively
"high" cotton. At present the staple is around five cents per pound higher
than a year ago, and at its highest level for almost two Years, or since
October, 1925. Very seldom indeed have raw cotton prices bounded upward as quickly as in the past seven months.
SEPT. 3 1927.]
THE CHRONICLE
Until a short time ago purchasers of cotton goods were convinced the
rise in the staple would prove temporary, and declined to pay other than
very moderate advances, preferring to wait until "cotton would react."
Recently, however, cloth prices have been marked up very considerably,
-cent per yard announced on Tuesday.
with fresh advances ofa quarter to half
Price Changes Being Made.
Whereas during most of the first half of this year it had been considered
impossible for the average mill to sell its goods on a replacement basis,
now several large selling houses have adopted a policy of quoting prices
to yield the mill a "moderate" profit, even on to-day's cotton, and therefore are changing their quotations just as often as there Is an appreciable
'variation in prices for the staple.
All classes of cotton goods have shared in the advance, but by no means
equally. On the average there has been an appreciation of around 20%.
of which 13% to 14% has been in the past two months. Some construetions are up 40%. and others less than 10%. The heavy goods like duck,
drills and denims have been particularly strong. Most colored goods lately
have been better, but fancies, which are much less dependent upon raw
cotton than plain types, have been a bit slow. Branded sheethags, important to New England, are in a strong position, and a further advance
may come at any time, to supplement the 73 % mark-up of late July.
Raw Cotton Has Advanced 85%.
While cotton goods have advanced about 20% from the beginning of
the year, raw cotton has advanced 85%. Only the mill, therefore, that
bought ahead heavily has enjoyed much inventory appreciation. Cloth
prices last year did not fall as rapidly as the staple, and consequently would
be expected to make a slower recovery this year.
The inherently strong position of the industry is seen in the fact that sales
of cotton goods have continued in good volume, despite the price advances.
Last week was one of the busiest this year.
The close dependence of goods upon the staple's price is apparent. Therefore a note of caution is sounded by those who look ahead a year hence when
a larger crop may be in prospect; from the present level there is the potentiality of inventory losses equal to those suffered from October. 1925. to
the beginning of this year.
High Cotton Stirs Greater Hope for Rayon's Expansion.
An article in New York "Journal of Commerce" of Sept. 1
says in part:
Rayon prices are not likely to change on November 1,nor the remainder of
the year, if the forecast of a member of the Viscose Co. proves well founded.
This executive expressed the opinion that much benefit Is bound to inure
to the industry if prices can be maintained on even keel as long as it is
possible to hold them unchanged. However, this is not the official view
of the leading factor, and it was pointed out that many things can happen
between now and November 1.
The reason domestic factors are inclined to favor unchanged prices is
to create the greatest amount of stability on which weavers and knitters,
confronted with sharp fluctuations in silk and cotton staple, can be influenced to expand the use of the fiber.
Another reason is that the producers are anxious to impress buyers with
the fact that, though all trade conditions favor a rising market, yarn houses
will not take advantage of the situation to make manufacturers pay more,
but in return they are desirous of having the weaving and knitting trade
abstain from insisting on reductions during temporary slack periods.
Price Question Unsettled.
Pointing out that business is a mattes of give and take, the rayon producers are disposed to concede unchanged prices on a very firm market if
buyers will co-operate with them during slow periods to abandon the
practice of "bearing the mark" to force price-shading. Of course, the inexorable law of supply and demand is the keynote to the situation in the
end, but it is asserted that if sellers can afford to practice magnanimity
at this time there is no reason why yarn buyers cannot do likewise when
things run In their favor.
While the policy of certain factors in the industry, including the leading
producer, which accounts for about 58% of the domestic rayon distributed
in this country. Is inclined to favor unchanged prices the rest of the year,
it Is not known what the du Pont Rayon Co., the second largest producer
in the country, is likely to do, and it is recalled that the last advance in
March was first announced by this company. If du Pont's should desire
to get 5c or 10c a pound more for rayon it is inevitable that Viscose and
other companies should follow.
The continued firmness of values and exceptional statistical strength of
the market are not questizned by authorities or manufacturers of finished
goods, who still find it difficult to cover all their requirements from the
limited output of domestic plants, and are therefore pressing importers
for larger consignments. The Commercial Fiber Co. reported yesterday
that a heavy demand has developed lately from cotton mills, both East
and South, particularly for 150 denier in all qualities,
Buyers Anticipate Freely.
A member of the Viscose Co. when questioned as to the increased demand
for rayon yarn remarked that there could not be an increase, so far as
they are concerned, because they cannot sell more than they produce, and
the full output of the Viscose plants has been sold up several months, and
right up to November 1. A number of mills are seeking to cover their November and December requirements in shaping up new spring lines, which
are expected to maintain their 1927 activity, and, while some may have
succeeded in placing mcderate commitments through the closing months,
producers are averse to booking that far ahead until the price question is
definitely settled.
Cone Denims Priced On An 181 Cent Basis For
4
Irregular Goods.
The Cone Export & Commission Co. named a basis of
18M cents on Aug. 29, at which they will sell 2.20-yard
indigo denim irregular or mill run over goods that come to
hand, says the New York "Journal of Commerce", which
adds:
The new price 'will apply strictly to goods of the character named, as
no future business can be booked at this figure with cotton on its present
level.
The house has been revising prices steadily on other colored yarn products, but has not been able to keep pace with the rise in cotton from
day to day.
1255
Phoenix Hosiery Co. Cuts Prices 10%.
According to press advices from Milwaukee wholesale and
retail price reductions of approximately 10% were announced
on August 29 by the Phoenix Hosiery Co. on full fashioned
ladies' hose. Wholesale prices were made effective at once
and retail prices as of Aug. 30 1927. The dispatch also said:
The company also announced credit will be Issued on all goods shipped
since July 15 to conform with new reduced prices in order to protect dealers.
Officials of the Phoenix said that they believed next year will see $1.75 and
$1.50 as popular prices for average women, and that there is bound to be
a readjustment in the entire women's hosiery business.
Japanese Government and Raw Silk Association Vote
20,000,000 Yen to Stabilize Raw Silk Industry.
From the "Journal of Commerce" of Sept. 2 it is learned
that the Japanese Government and the Raw Silk Association
of Japan, a subsidized organization, have voted to spend
20,000,000 yen (about $10,000,000) in an effort to stabilize
the raw silk industry and lift prices from their present levels,
unequalled since the post war deflation in 1921. The paper
quoted credits this information to official cables received on
Sept. 1 by S. Morita, manager of the New York office of the
Japanese association. In its further account the "Journal
of Commerce" states:
Other cables to importers placed the amount as high as 50,000.000 yen.
Silk prices here and in Yokohama advanced sharply.
Will Loan to Farmers.
The Japanese Government, according to Mr. Morita, has authorized the
use of 15,000,000 yen for loans to farmers and sericultural improvements.
The Raw Silk Association voted at a general meeting to form a new company
to be capitalized at 5,000,000 yen, to finance filatures and use other direct
methods of steadying prices.
The new company, it Is believed, will be called the Japanese Imperial
Raw Silk Syndicate. No other details were available, Mr.Morita declared.
Since May raw silk prices have with minor interruptions declined steadily
until on Aug. 15 Saiyu grade, the index silk, dropped to 1,290 yen. This
level, allowing for changes in-grades and exchange conditions, was practically the equivalent of that obtaining in war time years of 1917 and 1918.
Prices rallied with a 50
-yen advance within a week,but the market has since
been slowly weakening. News of the Governmental assistance yesterday
brought a 20
-yen jump, making Saiyu 1,350 yen.
Market Baffled by Decline.
Back of the mystifying decline in raw silk value was weakness of the
general financial situation in Japan, importers believe. American mills
have set a record in silk consumption for the first seven months of 1927 and
silk supplies have not been exceptionally large. Reports of the incoming
summer and autumn crops indicate a 7% increase, according to advices
received here, but supplies of the first spring crop, which is the most important in Japan, were practically normal and have been in the market for a
number of weeks.
The Government's program, as explained by Mr. Morita, will aim to
remedy basic evils in the farmers' position and will not be as immediate
in its effect on present market conditions as that of the new syndicate to
be formed by the Raw Silk Association. Mr. Morita was unable to say
whether the Government's 15,000,000 yen appropriation would be used in
loans to aid the farmers during the period when the next crops will be in the
market.
A part of the money will be used in the purchase and improvement of
cocoons, but details of the plan have not been worked out, the association
official said.
Trade Efforts to Peg Prices Fail.
The formation of a new company by the Raw Silk Association to aid the
filatures and restore prices created more market comment. Since the
decline in May, reelers and spinners have been conferring with a view to
pegging prices. At one time more than ten filatures pledged themselves
not to sell Saiyu grade under 1,320 yen, the then current level. Within a
short time, however, underselling became widespread and the agreement
was ignored by common consent.
On Wednesday reelers in Yokohama held another meeting but no progress
was made. The greater number of cables reported that the plan wasstill
under consideration but no steps had been agreed upon. Other cablessaid
that efforts had been completely abandoned when the conferees could not
come to any agreement. The inability of the reelers to act on their own
initiative Wednesday may have served tas a spur to the Government.
In the opinion of many importers, agreements between filatures on prices
will continue to be futile until each has posted a bond and underselling is
penalized by fines. In recent years reports of price agreements have furnished a stock topic of talk in periods of falling prices but the plan has been
defeated each time and in some cases by members of the agreement themselves. If the new snydicate provides for punishment of offending filatures
by substantial fines the project will receive much more consideration among
factors here.
Meat Packing Industry Reviewed by Chicago Federal
Reserve Bank.
The Sept. 1 "Business Conditions Report" of the Federal
Reserve Bank of Chicago thus reviews the meat packing
Industry:
July production at slaughtering establishments in the United States
totaled less than in the preceding month, and payrolls for the last week of
the period declined 1.2% in number, 4.6% in hours worked, and 4.5% in
value from corresponding figures for June. Domestic inquiry for smoked
meat, fresh pork, and boiled ham improved, while there was a fair to good
demand for other products. The aggregate value of sales billed to domestic and foreign customers by 60 meat packing companies in the United
States decreased 1.8% from June and was 7.2% under a year ago. Domestic
demand ranged between fair and good at the beginning of August. July
quotations at Chicago advanced for veal, continued steady to slightly firmer
for beef, and eased for lamb in comparison with those of the preceding
month. Pork prices showed somewhat irregular trends owing to differences in demand, but averaged near the July level. Aug. 1 inventories at
packing plants and cold storage warehouses in the United States
totaled
slightly in excess of those at the beginning of July, despite a
reduction in
THE CHRONICLE
1256
pickled and frozen meats; beef and lamb stocks showed the only declines
in volume from a year ago; while all items increased over the 1922-26
August average with the exception of beef, lamb and dry salt port inventories.
Foreign trade remained only fair for lard and rather dull for meat during
July, so that a majority of firms reduced the quantity of their shipments
for export from June. Packers' stocks in transit and abroad were reported
a little heavier for Aug. 1 than at the beginning of July. European prices
for lard and boxed meats continued below Chicago parity.
Value of Hogs Marketed in Minneapolis Federal Reserve
District in First Seven Months of 1927 Below
That of Same Period in 1926.
The value of hogs marketed by farmers in the Ninth
(Minneapolis) Federal Reserve District during the first
seven months of 1927 was one-quarter less than the value
of hogs marketed during the same months of 1926, according to the "Monthly Review," issued Aug. 29 by the Federal Reserve Bank of Minneapolis. The Bank has the following to say:
The decrease in income is the combined result of smaller marketings and
lower prices. The total cash income from hogs had increased from $164,000,000 in 1923 to $213,000,000 in 1926, according to the index recently
made in this office.
This index has been based on the number of swine as given in the 1925
Farm Census, the Jan. 1 number of swine reported by the United States
Department of Agriculture, the June 1 and Dec. 1 Pig Surveys conducted
by the United States Department of Agriculture in conjunction with the
Post Office Department, and miscellaneous supplemental data published by
the nited States Department of Agriculture and the St. Paul Union Stock
Yards Co. The monthly median hog price was computed by this office
from representative sales reported in the South St. Paul "Reporter."
The various steps in the preparation of the index were as follows: (1)
Determination of spring and fall pig production; (2) determination of the
monthly rate of marketing of the number of hogs produced; (3) determination of the number of pounds of hogs marketed monthly and the value
of that poundage.
The total number of swine, as reported in the 1925 farm census, was
found to be less than the total number reported by the United States Department of Agriculture for the same date, particularly in the States with
the larger number of hogs. Inasmuch as ft was necessary to use United
States Department of Agriculture figures for the years for which census
figures were not available, census figures by States (and figures for the
counties of Wisconsin and Michigan which are included in the Ninth Federal Reserve District( classified by age and sex, were adjusted to agree
with the United States Department of Agriculture Jan. 1 total swine figures, as shown in the table below, in thousands:
ACTUAL CENSUS FIGURES.
WWI .0
Fall Pigs,
Minnesota
Montana
North Dakota
South Dakota
Wisconsin and Michigan •
Sows.
All Other.
Total.
865,000 673,000 1.177,000 2,715,000
130,000 54,000 94,000 278,000
247,000 205,000 332,000 784,000
592,000 630,000 1,378,000 2,600,000
168,000 72,000 94.000 334.000
Ninth Federal Reserve District
2.002.000 1.634.000 3.075.000 6.711.000
ADJUSTED CENSUS FIGURES.
Fail Pigs. Sows.
Minnesota
Montana
North Dakota
South Dakota
Wisconsin and Michigan *
All Other.
Total.
1 145,000 892,000 1,563,000 3,600,000
131,000 54,000 95,000 280,000
248,000 206,000 334,000 788,000
628,000 668,000 1,464,000 2,760,000
191,000 82,000 107,000 380.000
Ninth rntint.n1 Tincnrun TlIatrirt
9 %I/ nen 1 fins NIA 1 tea nen t one rim
•Twenty-six counties in northwestern Wisconsin and 15 counties in upper peninsula of Michigan.
The fall pig crop of 1924 and the spring crop of 1926 were used as the
basis for computing the other crops from 1922 to 1927 by means of United
States Department of Agriculture percentages of increase or decrease.
The fall pig crop of 1924 was assumed to be the number of pigs shown
In the adjusted census figures in the table above, after deducting an estimate of December pigs and adding June pigs. This latter adjustment was
necessary because the pig surveys are made on Dec. 1 and June 1. The
spring crop of 1925 was computed as follows: The number of sows farrowed in the fall of 1924 was found by dividing the fall crop by the number of pigs saved per litter. These fall farrowed sows were deducted from
the number of sows on Jan. 1 1925 to obtain the number of sows for spring
farrowing. The spring crop was computed by multiplying the spring farrowing sows by the number of pigs saved per litter.
The estimated pig crops used in our index are as follows:
PIG CROPS IN THE NINTH FEDERAL RESERVE DISTRICT 1922-1927.
Spring.
Fall.
Spring.
Fall. I
1922
6,865.000 2,176,000
7,943,000 3,110,000 1925
1923
8,643,000 3,040,00011926
7,094,000 2,053,000
1924
7,340,000 2,553,00011927
6,671,000
Monthly marketings were apportioned according to seasonal relatives
computed from "Hogs moved off of farms," reported to the United States
Department of Agriculture by 7,500 farmers, and on the size of the pig
crops. The spring crop was reduced by the estimated number of hogs
slaughtered on farms since these do not produce cash income. The monthly
marketing rate used is the same for all years because no satisfactory
index of changes in rate is available for this district and such changes
are believed to be of small significance. There are two very clearly defined marketing waves, August to February, when spring pigs are marketed,
and March to July, when pigs are marketed, and March to July, when fall
pigs are marketed. The peak of marketing is in November.
The third step in the preparation of the index was the determination
of the average weight of hogs marketed and the price per hundred weight.
The average weight of hogs marketed at South St. Paul as reported by the
St. Paul Union Stock Yards Co., which is an actual average of all swine
received, was selected. The monthly median hog price was computed by
this office from representative sales quoted in the South St. Paul "Reporter."
Losses by disease reduce the size of the pig crops. Allowance is made
for this factor by using conservative estimates of the size of the
crops.
Figures for the entire United States show that the average annual loss
during the five years May 1 1920-April 30 1926, was only
4.8% Of the
number of swine, including pigs, on farms May 1 each year.
[VOL. 125.
To determine the number of hogs slaughtered on farms it was estimated
that 2.8 hogs were slaughtered annual on each of the 454,000 farms in the
Ninth Federal Reserve District.
Details of Tobacco Sales in Georgia During Fourth
Week of 1927 Season.
The report of tobacco sales in Georgia shows a total of
49,360,368 pounds of tobacco sold during the four weeks of
the 1927 season as compared with 39,247,998 pounds sold
during the same period of 1927. We give herewith the
fourth weekly report of the 1927 season issued Aug. 29 by
the Georgia Co-Operative Crop Reporting Service of the
United States Bureau of Agricultural Economics, State
Department of Agriculture:
OFFICIAL TOBACCO WAREHOUSE REPORT (AS REQUIRED BY LAW)
TO GEORGIA DEPARTMENT OF AGRICULTURE
-EUGENE
TALMADGE, COMMISSIONER.
Pounds of tobacco reported sold fourth week 1927 season
*14,308,785
Average price per pound, as reported, fourth week's sales
18.59e.
Total value, as reported, fourth week's sales
$2,660,078.40
1927.
1926.
Total number of pounds reported sold to date
39.247,998
49,360,368
Average price per pound, as reported, to date
23.760.
20.090.
Total value, as reported, to date
$9,915,042.79 $9,326,878.94
tThird week's report (revised-Pounds sold
15,781,210
Average price per pound
21.920.
Total value
$3,458,964.66
SUMMARY OF WAREHOUSE SALES FOR WEEK ENDING AUG. 26 1927
(FOURTH WEEK), WITH COMPARISONS FOR FOURTH WEEK
OF 1926.
Markets.
Pounds
Sold
No. First-Hand
Houses
1927.
Average
Price
Per Lb.
1927.
Pounds
Sold
First-Hand
1926.
Average
Price
Per Lb.
1926.
Adel
17.37
396,637
2
Bainbridge
14.73
121,816
19.05
1
250,708
17.15
Baxley
268,362
16.00
2
504,606
Blackshear
17.90
277,114
19.14
4
1,738,090
Calro_b
1
20.28
105,556
Camilia_b
16.45
126,162
15.44
2
180,848
Douglas
20.18
1,921,120
1,377,218
18.54
4
Fitzgerald
167.528
2
15.36
213,560
18.62
Hahira.b
3
18.03
334,320
200,378
17.86
Hazlehurst
18.36
504.126
237,316
21.08
2
Metter_1
19.42
154.384
606,118
17.00
2
Moultrie
18.45
631,756
229,318
18.87
1
Nashville
19.20
1,379,492
382,734
20.40
3
Pelham
16.46
110,176
18.54
510,182
1
Quitman
16.42
95,410
1
23.13
Thomasville
161,152
1
Tifton
18.22
825,968
18.80
1,889,022
3
541,941
21.27
1,230,288
Valdosta
19.39
3
Vidalia
18.26
941.876
17.26
3
1,535,750
Waycross
18.35
66.844
2
482,156
16.91
All other_a. 67,438
15.83
State tetras
43
14 305.755
15.59
11.455.891
18.84
a Tobacco Warehouse, A ma. Ga., operated 1926-not operating 1927.
1' Revision necessary as P enters Warehouse, Cairo, and Thomas County Tobsoc0
Warehouse, Thomasville, fa led to send in their report in time to be included in our
consolidated report.
S No report received from Planters Warehouse, Cairo-Camilla Tobacco Warehouse, Camilla-Farmers Independent Warehouse, HahIra-Central Tobacco
Warehouse, Metter-Brooks Co. Tobacco Warehouse, Quitman-Thomas County
Tobacco Warehouse, Thomasville, and Farmers' Tobacco Warehouse at Valdosta.
•Seven reports missing.
The above is compiled by Marcus P. McWhorter,
Collaborator, U. S. Statistician, Georgia Department of
Agriculture. The report for the third week will be found in
our issue of Aug. 27, page 1112.
Crude Oil and Gasoline Prices Reduced in Some
Sections.
Another reduction in crude prices was announced this week
by the Humble Oil & Refining Co. when it placed Lytton
Springs (Texas) crude oil on a separate gravity basis and reduced prices an average of 15c. a barrel. The minimum
price is $1.05 a barrel for 33 to 33.9, with a 2c. differential
ensuing for each degree to 52 and above, which marks the
top price of $1.45 a barrel.
Gasoline prices were reduced in a number of territories
during the week. On Aug. 27 it became known that the
gasoline "price war" in Newport News, Va., had ended and
the price at service stations had been restored to 23c. a gallon, compared with 17c. for the past month, tax included.
On Sept. 1 the Gulf Oil Corp., distributors of Good Gulf
gasoline, reduced the price 2c. a gallon, tank wagon,in Richmond, Va. The tank wagon price, which was 203.o., is
now 18%c. It is understood that the filling stations will
pass this reduction along to the consumer, making the price
2134c. instead of 233'c. as heretofore.
In Boston, Mass., on Sept. 1 the Standard Oil of New
York reduced the price of gasoline lc. a gallon, making the
tank wagon price 17c. and service station price 180. This
reduction applies to the whole State of Massachusetts.
A reduction of 2c. per gallon was announced Sept. 2 by
the Standard Oil Co. of Kentucky in Atlanta, Ga. The new
tank wagon price is 16c. per gallon, against 18c., and service
stations, 180. against 21c., both effective as of Aug. 27.
Chicago wholesale market prices Sept. 1 were: U.S. motor
grade gasoline, 6@)63jo.; kerosene, 41-43 water white, 4©
4%c.; fuel oil, 24-26 gravity, 85@873io.
SEPT. 3 1927.]
THE CHRONICLE
Further Decline Occurs in Crude Oil Output.
A further decrease, estimated to be 11,500 barrels, was
reported in the daily average gross crude oil production in
the United States for the week ended Aug. 27, according to
figures compiled by the American Petroleum Institute.
For the week ended Aug.27 the daily average was 2,506,900
barrels as compared with 2,518,400 barrels for the preceding
week. The daily average production east of California
was 1,879,000 barrels, as compared with 1,896,800 barrels,
a decrease of 17,800 barrels. The following are estimates of
daily average gross production by districts for the weeks
mentioned:
(Bs Barrels)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Aug. 2727. Aug.20'27. Aug.13'27. Aug.28'26.
817,050
858,300
468,300
798.250
105.350
112,250
105,000
104,600
113,600
102,200
99.850
105,650
82,150
85.050
86,050
87,000
68,400
52,950
66,000
67,300
38,850
174,200
163,100
163,700
31,800
32,550
63,000
32,050
32,250
46,150
30,300
31,600
56.900
54,850
56,550
60.600
155,800
102,950
106,550
104,550
123,200
151,050
123,100
123,950
12,500
14,350
15,150
14,700
109.000
114,500
115,500
115.000
69,550
58,250
51,650
54,050
27,750
16,750
14,350
16,850
6,800
8,500
7,150
6,850
4,450
2,300
2.700
2,850
604,100
617,700
621,600
627,900
1257
be determined by the possession of available petroleum and its products.'
To a layman, the war power is the broadest power given to the Federal
Government,and it was the common defense which brought about the union
of these States. The Federal Government not only received the grant of
all war power, but the States relinquished all power regarding war. I have
held at all times that any non-offending State had the right to demand of
the Federal Government that it step in and prevent the ruthless waste and
overproduction of our most important munition of war.
I would like to see the Minerals Section of the American Bar Association
go on record as declaring without equivocation that the Federal Government
has ample power to enforce the unit operation of pools and prevent the waste
that now is unavoidable under the State laws. If the Minerals Section says
that the Federal Government does not have this power, then I believe it
to be the duty of the Minerals Section to bring this matter before the entire
American Bar Association and prepare and support an amendment to our
Federal Constitution that will permit the Federal Government to do anything and everything both in times of war and in times of peace, or in anticipation of war, necessary for our national safety.
Japan May Control Oil to Boost Price-Government
Regulation is Talked in Tokio to Buoy Sagging
Petroleum Market.
Government regulation of the petroleum industry is
under discussion in Japan as a result of the increasingly
chaotic and depressed condition of the market, the Department of Commerce was advised on Aug. 29 by the American
Consul at Tokio. According to Washington advices to the
New York "Journal of Commerce." Continuing, the paper
quoted says:
The declining prices, it is stated, are causing considerable loss to domestic
producers, who find themselves unable to operate Japanese oil wells at a
profit. Government regulation of oil importation, again suggested, is,
however, periodically revived whenever Japanese oil interests find competition severe.
It is proposed that a combination be formed of the principal Japanese oil
interests, including the Navy Department, in which the foreign companies
operating in Japan will also be invited to participate, whereby a virtual
monopoly would be created for the distribution of petroleum products
throughout the country and prices would be regulated so that domestic
oil wells could be operated at a profit.
In this connection, it is reported that the Department of Commerce and
Industry has appropriations amounting to 2,500.000 yen to be expended
Aug.27. Aug.20. during a period of five years in grants of aid for oil prospecting. The
7,200 7,200 scheme allows each approved applicant to deal with fifty oil wells during
9,800 9,600 the five-year period. Grants not exceeding 50% of the prospecting expenses
10,300 10,450 are to be paid to those in possession of the necessary equipment,and to those
80,000 81,200 who have no equipment 50% of its cost. It is stated that the plan is to be
worked out in detail and put into operation in the near future.
8,950 9,100
2,750
2,850
8,100 5,900
14,850 15,250 Steel Activity Remains at About Last Week's Level
53,000 55,100
Pig Iron Shows More Firmness-Prices Unchanged.
5,500
5,200
2,176.850
2,575,550
2,518,400
2,506,900
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas, Panhandle, North, West Central, West
Texas, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Aug. 27 was 1.550,600 barrels, as compared with 1,562,700 barrels for the preceding week,a decrease of 12.100 barrels. The MidContinent production, excluding Smackover. Arkansas heavy oil was
1.470.600 barrels as compared with 1,481,500 barrels, a decrease of 10.900
barrels.
The production figures of certain pools in the various districts for the
current week compared with the previous week follow:
Total
(Figures in Barrels of 42 Gallons.)
OklahomaMirth LouisianaAug.27. A uo.20.
North Braman
....._
3,250 3,400 HaynesvIlle
South Braman
2.350 2.450 Urania
Arkansas
Tonkawa
19,850 19,700
Garber
10,600 11,050 Smackover, light
Burbank
37,900 38,450 Smackover, heavy
Bristow Slick
25,150 25.500 Coastal Texas
Cromwell
12,300 12,350 West Columbia
Wewoka
16,600 17,300 Blue Ridge
281,400 278,800 Pierce Junction
Seminole
Earlsboro
154,900 173,100 Hull
Panhandle Texas
SpindletoP
Hutchinson County-- 80,350 78.450 Orange County
Carson County
Wyoming
9,550 9,950
10,450 9.800 Salt Creek
Gray
Wheeler
1,650 1,550
Montana
West Central Texas
Sunburst
Brown County
24,000 24,500
California
Shackelford County
6,950 7,250 Banta Fe Springs
West Texas
Long Beach
Reagan County
25,150 25,200 Huntington Beach
Pecos County
6,000 5,100 Torrance
Crane at Upton Counties.127,550 118,800 Dominguez
East Central Texas
Roseerans
Corsicana Powell
14,950 14,950 Inglewood
Nigger Creek
2,800 2,950 Midway-Sunset
Southwest Texas
Ventura Ave
Luling
16,950 17,200 Seal Beach
Laredo District
10,000 10,850
33,000 35,300
12,000 14,500
40,500
91,000
69,000
21,500
15,500
8,000
34,000
88,000
48,400
59,000
40,500
91.000
68,000
21,500
15,500
8,000
34,000
86,000
46,600
55,500
H. L. Doherty Urges Federal Legislation to Authorize
Government to Prevent Ruthless Waste of Oil.
Henry L. Doherty of New York, after a prolonged illness,
has again taken up his fight to stop the ruthless waste of 711
and natural gas which is common under our present methods
of oil production. The nature of Mr.Doherty's latest move
was a brief addressed to the Minerals Section of the American
Bar Association, which convened at Buffalo on Aug. 30, in
which he holds that inasmuch as oil, our most important
munition of war, is being flagrantly wasted, the Federal
Government is well within its rights, under the war powers
of the Constitution, to step in and pass legislation adopting
the unit operation of pools and thereby regulate oil production
and protect our national defense. In discussing this problem
Mr. Doherty said:
Oil is our most important munition of war, and its waste and dissipation
have reached proportions which can hardly be described by the use of conservative language. In fact our overproduction and waste are nothing
short of scandalous. It would be the worst sort of a national calamity if
we should exhaust our oil resources to the point where our national defense
was imperilled.
In view of the importance of oil for our national defense, and also in view
of the fact that an adequate supply cannot be proven: also in view of the fact
that even if our resources are enormous, they must soon be dissipated under
our present methods of production, therefore I regard oil as coming within
the scope of the powers that should be exercised by the Federal Government.
The Federal Government has power to conscript the wealth and blood of
the nation in event of war or in preparation for war. It is not necessary to
determine how far the Federal Government can go at this time into the
matter of legislating regarding the production of oil, because no one, with
any degree of support, is urging that the Federal Government do more at
this time than merely step in and legislate to force the development of our
oil pools in accord with natural laws and because in doing this it will not be
taking property but will be greatly increasing the amount of oil that can be
recovered, not only for the owners but for the nation.
!r• President Coolidge in appointing the Federal Oil Conservation Board
said at one point:_"It is even probable that the supremacy of nations may
Demand as represented by specifications and new orders
has been sufficient to increase slightly the operations of the
Steel Corp. in the last days of August, but it will not be
surprising if steel production of the month for the industry
as a whole will prove to be no larger than July, when a
shade over 70% of capacity was engaged, observes the
"Iron Age" this week.
Betterment is looked for through September. This
promises to be very gradual, at least in the first half, with
all industries, rather than a few particular ones, contributing. Construction enterprises continue to give a good
account of themselves, some rail negotiations are in their
first stages, but any marked expansion in automobile steel
demand is postponed into October declares the "Age's"
review of the industry on Sept. 1, adding:
There are practically no developments in prices. The situation is still
one of mills standing firm in the face of purchases no larger sometimes than
commonly satisfied by warehouses. Here and there production is curtailed
below the rate of current demand to accumulate orders for an approach to
economical rolling.
August production of pig iron, from preliminary estimates, was slightly
under July. Pending complete returns, it may be put at 2,936.000 tons,
which is roughly 15.000 tons, or 34%, below July. The loss in daily output compared with the preceding month is not 485 tons, whereas the drop
from July to August last year was 737 tons per day.
The showing also is that 187 furnaces will be active Sept. 1, or three less
than a month ago. There was a net loss of one steel-making and two
merchant stacks.
Structural steel bookings for the week covered close to 50,000 tons.
Inquiries for the regular fall buying movement have not appeared, but
it is learned that the Louisville St Nashville is planning for 69,000 tons
.
Some quickening in light rails is attributed to the improvement in the coal
market.
In pig iron there are indications of greater firmness, although sharply
competitive prices are still reported in some markets.
Both of the "Iron Age" composite prices again remain unchanged, that
for pig iron being $18.13 for the fourth week, while finished steel stands at
2.367c. a lb. for the twelfth week. Both are below the lowest levels of 1923
to 1926, incl. The composite price tables thus stand as follows:
Finished Steel.
Pig Iron.
Aug.30 1927, 2.367 Cents per Pound.
Aug.30 1927. $18.13 a Gross TOPS.
One week ago
2.3670. One week ago
818.13
One month ago
2.367e. One month ago
18.34
2.4310. One year ago
One year ago
19.46
Ten-year pre-war average
1.689e. Ten-year pre-war average
15.72
Based on steel bars, beams,tank plates,
Based on average of basic iron at
plain wire, open-hearth rails, black pipe Valley furnace and foundry irons at
and black sheets. Constituting 86% of Chicago, Philadelphia. Buffalo, Valley
the United States output.
and Birmingham.
High.
Low.
High,
Low,
1927_2.453c.. Jan. 4; 2.3390., Apr. 26 1927_.$19.71, Jan. 4; $18.13,
1926_2.453e., Jan. 5; 2.403e., May 18 1926_ 21.54, Jan. 5; 19.46, Aug. 9
July 13
1925_2.560e., Jan. 6; 2.396e., Aug. 18 1925__ 22.50, Jan. 13;
19242.789c., Jan. 15; 2.460e., Oct. 14 1924_ 22.88, Feb. 26; 18.96, July 7
1923-2.824c.. Apr. 24; 2.446e., Jan. 2 1923._ 30.86. Mar,20; 19.21, Nov. a
20.77, Nov.20
1258
THE CHRONICLE
While production of pig iron in August continued to decline, for the fourth consecutive month, the decrease was
the smallest of any of four months, suggesting that the low
point of the year has been reached and an upturn may be
expected in September, says the weekly summary of the
trend in the steel and iron markets issued Sept. 1 by the
"Iron Trade Review."
The total production in August was 2,929,020 tons, or
25,605 tons below that of July. The daily average output
for August was 94,484 tons, or 827 tons less than the July
average. August and July each having 31 days, a decline
in the total output and the daily average relatively is the
same, or 0.8%. The drop in the number of active stacks,
from 190 in July to 188 in August, was the smallest of any
since the recession in production began in May, reports the
"Review" from which we add:
[voL. 125.
The estimated August output of 94,715 tons per day compares with 95,199 tons per day in July
-a loss of only 484
tons in the daily rate, or about one-half of 1%. A year
ago the August daily rate was 103,241 tons. It was larger
than the daily rates in August of 1924 or 1925, reports the
"Age," adding:
Net Loss of Three Furnaces.
Operations In August showed a net loss of only three furnaces
-8 were
blown out or banked and 5 were blown in. The Steel Corp. and independent steel companies are each credited with a loss of 3 furnaces, while
2 merchant furnaces stopped operating. The five furnaces blown in included four independent steel company stacks and one Steel Corp.furnace.
At the end of August 187 furnaces were in blast, as compared with
190 on Aug. 1.
Furnaces Blown in and Out.
Among the furnaces blown in during August were one furnace at the
Steelton plant of the Bethlehem Steel Corp. in the Lower Susquehanna
Valley: one Aliquippa furnace of the Jones & Laughlin Steel Corp. and
one furnace of the Pittsburgh Crucible Steel Co.in the Pittsburgh district;
The August daily average of 94,484 tons is the lowest for any month one furnace of the Colorado Fuel & Iron Co. in Colorado and one Bessemer
since August, 1925. The total for August, 2.929,020 tons was 271.703 furnace of the Tennessee Coal, Iron & Railroad Co. in Alabama.
Among the furnaces blown out or banked during August were one furnace
Sons, or 8.5% less than that for August, 1926.
Pig iron displays more life, with several leading consumers, including of Witherbee, Sherman & Co. in New York; one furnace at the Steelton
Standard Sanitary Mfg. Co. having closed for forward requirements and plant of the Bethlehem Steel Corp. in the Lower Susquehanna Valley;
others negotiating for good tonnages. Furnaces are reducing stocks. one Mingo furnace of the Carnegie Steel Co. In the Wheeling district; one
August shipments surpassed those of July, while new sales fell slightly Gary furnace in the Chicago district: one furnace of the Colorado Fuel &
behind those of that month. Foundry iron on recent tests demonstrated Iron Co. in Colorado and one furnace of the Sloss-Sheffield Steel & Iron Co.
its strength at $17.50, base, valley, while basic eased off 25 cents to $17.25. in Alabama.
The Buffalo market is stronger. Foundry coke Is in better demand with
The actual output for August will be published next week
prices steady, while heating coke shows advances of 50c. to a dollar in
some districts.
August is passing with little change in the position of finished steel. Permanent Injunction Issues in Ohio Restraining
Structural bookings declined somewhat in the past week, due largely to
Union Men from Interfering with Non-Union Coal
exhaustion of pending work at New York, but no other finished steel line Is
Miners
-Machine Guns Guard Mine.
so active. Those products finding major outlet in the automotive industry
hav e undergone further contraction both in sales production. The 1928 rail
Judge L. G. Worstell at Athens, Ohio, on Aug. 22 anmarket was more active and inquiry for locomotives has expanded. But
Interest in cars is dormant. Steel making averages 67 to 69%, with the nounced that an injunction, first issued as a temporary reindustry still looking to the middle of September to develop imptovement.
straining order to prevent union miners from interfering with
With lake shipments, iron ore in August, estimated at 8,750,000 tons,
non-union operation of the Lock Run Coal & Clay Company's
movement for the season to September 1 has fallen behind that in the commine near Nelsonville, had been made permanent, said Asparable period of 1926 by approximately 500 tons.
sociated Press advices, which further stated:
Slackening Up of Steel and Iron Operations in Philadelphia Federal Reserve District During July.
Activity in the iron foundry industry, as shown by production, shipments and unfilled orders, declined noticeably in
July from that during the same month last year, such
recession being somewhat more than seasonal, the Philadelphia Federal Reserve Bank notes in surveying the iron
and steel foundry operations for the month. Continuing
its review of the iron foundry industry the bank says:
Eighteen deputies of Sheriff Williams are now posted about the property.
Judge Worstell's ruling allows the union to have six pickets posted about
the property. The mine, which is managed by Don McGill, is guarded by
machine guns.
The issuance of the temporary restraining order was noted
in these columns Aug. 20, page 990. On Aug. 25 it was announced that an attempted invasion of the non-union coal
mines of Middleport and Pomeroy (Ohio) by a thousand
union sympathizers was halted by quick action of union officials, who feared the.demonstration might lead to violence.
These advices from Athens, Ohio (Associated Press) went on
to say:
The output and shipments also were materially smaller in July than in
June, whereas the volume of unfilled orders increased both in tonnage
and value. Stocks of pig iron, scrap and coke held by iron foundries at
Starting in the Sunday Creek Valley, near Glouster, with 400 union
the end of July were larger than on the same date of the previous month.
Compared with a year earlier, supplies of coke alone declined. Details sympathizers, the caravan picked up several hundred more as it proceeded
southward through the county until the throng, carried in automobiles and
are given in the following table:
headed by a drum corps, was estimated to have numbered 1,000 men, women
and children when it was stopped.
Per Cent Per Cent
Learning of the advance on Meigs County fields, Oral Daugherty, PresiJuly
Change
Change
1927.
Year Ago. Month Ago dent of the Sub-District Miners' Union, left Athens in an automobile and
headed off the party before it crossed the county border. Be Induced the
Capacity
tons
11,736
crowd to turn back and it dispersed quickly.
Production
tons
4,082
-22- :5
2
-:ii:i
As the throng pressed onward the members of the party called out to
Malleable iron
tons
219
-38.3
-36.5
others along the roadside, who either leaped in the passing errs or soon
Gray Iron
tons
3,863
-21.2
-14.0
Jobbing
tons
2,812
joined in other vehicles.
-18.7
-10.9
For further manufacturing
tons
1,051
-27.6
-21.4
After halting the attempted invasion, Daugherty went to Pomeroy,
Shipments
tons
4,299
-6.1
-1.1
where he remained in case another effort would be made. As the Athens
Value
1575,420
-11.4
-2.2
Unfilled orders
County union sympathizers approached Sheriff J. A. Willock of Meigs
tons
5,179
+3.3
-5.0
Value
$920,829
+18.3
County prepared for the emergency by mobilizing deputies and announced
-3.0
Raw stock-Pig iron
tons
+1.7
5,732
+0.3
he was ready to meet the situation. Richard Campbell, President of the
Scrap
tons
3,577
+10.1
+0.8
Pomeroy district of the union, also started to head off the miners, and
Coke
tons
2.025
+2.0
-13.4
reached them about the same time Daugherty came up from the rear.
As to the steel foundry operations the bank states:
The "march" was started with the idea of persuading a number of former
A considerable drop in the volume of production, shipments and unfilled Athens County union miners, now working in non-union mines in Melga
orders occurred between June and July in foundries making steel castings County. to give up their employment and join the fight against operators
In this district. The output In the month was also lower than a year before, who are in disagreement with the union over the wage scale.
but the tonnage of shipments and unfilled orders was appreciably greater.
According to Associated Press accounts from Columbus
Stocks of pig iron, scrap and coke held by foundries at the end of July were
smaller than on the corresponding date last year. Supplies of pig iron Ohio, additional precautionary measures were taken by
and scrap also declined from June to July but inventories of coke
increased county and State officials on Aug. 27 to prevent further
substantially. Comparisons follow:
July
1927.
Capacity
Production
Shipments
Value
Unfilled orders
Value
Raw stock-Pig iron
Scrap
Coke
tons
tons
tons
tons
tons
tons
tons
Per Cent Per Cent
Change
Change
Year Ago. Month Ago
12,490
5,468
3,922
$597,147
3,336
$440,002
2,117
6,500
1.423
3.fi
-2 -. -iii
+12.5
-25.1
+3.0
-22.8
+18.1
-39.7
--17.2
--57.5
--20.1
--9.8
--14.7
--9.2
+51.5
-7.7
disturbances in the coal fields of Ohio. Two additional Ohio
National Guard officers were assigned to the field by Adjutant-General Frank D. Henderson and Sheriff William
Addison, Jefferson County, began deputizing additional
aides. It was also stated that imminent attempts by operators in the eastern fields to open mines on a non-union basis
with as nearly full forces as possible, and announced intention of another "march" on Pomeroy by union sympathizers
brought about the moves.
Ten Pennsylvania Mines Reopen -Resume on NonEstimated Pig Iron Output Shows Small Loss in
Union Basis.
Month of August.
From the "Wall Street News" of Sept. 1 we take the
According to data gathered by wire by the "Iron Age"
on Tuesday, Aug. 30, the estimated pig iron production for following:
Ten mines of bituminous coal producing companies in central PennsylAugust was 2,936,150 gross tons, or 94,715 tons per day.
vania, closed since July 1 when miners refused after months of negotiations
These figures include estimates of the output for the last to accept lower than the Jacksonville wage level, have reopened with nontwo or three days of the month by the companies sending union labor. Preparations are now being made to reopen additional mines
in the returns. It was necessary to estimate in the "Age" as rapidly as possible.
Three of the mines are those of the Pennsylvania Coal & Coke Corp.,
office the production of only seven furnaces.
three belong to the Clearfield Bituminous Corp., owned by the New York
SEPT.3 197.]
TELL CHRONICLE
Central, two belong to Rembrandt Peal, one to Madeira-Hill and one to
another producer.
No trouble attended resumption of mining on a non-union basis. Pickets
assembled at some of the mines but these were dispersed by State pollee.
Men in the reopened mines came from other fields and none of the miners
who walked out June 30 have returned.
Reading Company and Lehigh Coal & Navigation
Company Advance Price on Anthracite Coal.
The following from the "Philadelphia News Bureau"
appeared in the "Wall Street Journal" of Sept. 1.
Reading Co. and Lehigh Coal & Navigation Co. have advanced prices of
the domestic sizes of anthracite at the mines 25 cents a ton, in accordance
with previous announcement. The advance is general among the large
producing companies, some of which have also raised the price of No. 1
buckwheat 25 cents.
Improvement Shown in Both Bituminous Coal and
Anthracite Markets.
The interplay of cross-currents is rdtarding the upward
movement of prices in the spot bituminous coal markets of
the United States at the present time, observes the "Coal
Age News" in its Sept. 1 review of conditions affecting the
important coal markets of the country. But neither these
cross-currents nor the rising tide of soft coal production have
been strong enough to check the advance completely, declares the "News." While some buying interests are deliberately seeking to halt the upward swing in spot quotations, there are others whose necessities are such that they
are quietly bidding for free tonnage wherever it can be had,
continues the summary, adding:
The consumer drive against prices has been most in evidence in the Middle
West, where the first real upward movement developed. Western railroads
withdrew some of the support they have been giving the Chicago market in
western Kentucky coal and prices softened. This brought on a sympathetic
reflex in other coals, but the sum total was a minor recession which easily
could be wiped out over-night if the railroads which have been diverting
orders to eastern Kentucky, northern West Virginia and Alabama were to
turn back to the western district.
The influence of this diversion of coal orders to the East is working toward
a stronger undertone in all of the Atlantic seaboard markets. This has been
definitely recognized in higher prices at Baltimore and in a reduction in spot
offerings of Fairmont coal in Philadelphia. New York's reaction is still
largely sentimental. New England seems to be out of the zone of influence
and even the heavy westbound movement of West Virginia low-volatile coal
has not disturbed the steam, plants of the Northeast.
Buffalo finds selling pressure diminished. Pittsburgh, on the other hand.
now complains that competition from Fairmont has increased and that local
demand for domestic sizes is adding to the difficulties of marketing the bulk
of the spot tonnage from western Pennsylvania. Domestic sizes also are
raore active in Ohio. The Cincinnati market is in a strong position from the
standpoint of tonnage and prices. Louisville also enjoys a large volume of
trade.
The situation in the Northwest is highly satisfactory. Cargo dumping.
at the lower ports for the four weeks ended at 7 a. m. Aug 29 totaled
3,505,136 net tons, as compared with 3,497,579 tons during the corresponding period last year. Cumulative total dumpings to Aug. 29 were 4,262,041
tons ahead of the totals for last year. In the Southwest conditions are still
spotty. The same is true of the Intermountain region, where Utah finds
business difficult and Colorado and Wyoming report a general expansion of
trade.
"Coal Age News" index of spot bituminous prices, as corrected by telegraphic check of the principal coal markets of the country, was 174 yesterday. The corresponding weighted average price was $2.11. This was no
change in the index number when compared with figures for Aug. 24. but
showed an increase of 1 cent in the price. The advances made by West
Virginia and southeastern Kentucky coals were largely offset by the readjustments in prices on western Pennsylvania and western Kentucky tonnage.
Bituminous production last week again established a record. The National Coal Association estimates that the output approximated 9,750,000
net tons, as compared with 9,142,000 tons for the week ended Aug. 20 and
9,093,000 tons for the week ended Aug. 13. The production last week was
the largest reported for any week since the beginning of the suspension in the
Central Competitive Field districts. Cumulative production to Aug. 27
approximated 348,723,000 tons, as compared with 351,687,000 tons during
the corresponding period last year.
Further improvement in domestic anthracite demand was reported last
week and the first three days of the current week. Most of this demand,
however, came from the retail distributors who sought to add to stocks
before to-day's general advance became effective. Household consumers
displayed little interest in the way of additional orders. Steam sizes continue strong despite the recent increases in output.
Beehive coke in the Connellsville region has weakened in the last few days,
although nominal quotations are unchanged. Byproduct ovens are in a
better position, largely because of gradually expanding domestic demand.
Anthracite mines that were running only one and two days
each week in July are now going "full steam ahead." No
one knows better than the experienced coal dealer the
psychological benefits of early cool days as affecting purchases. One early cold snap is worth half a dozen later on
in its effect on the market, declares the "Coal and Coal
Trade Journal" in its review under date of Sept. 1. From
this we quote in part as follows:
1259
can at best create only a temporary market if they all pull the production
throttle wide open.
In western Pennsylvania, with increased demand for coal, more difficulty
is reported in supplying it.
In Ohio the operators have appealed to the Federal Courts with success,
and the miners' officials are less openly combative. It is believed that there,
as in Pennsylvania, the operators will make a stronger effort after Labor
Day to open their mines.
Illinois and Indiana mines are reported to be growing restless after their
long idleness and to be watching the increasing inroads of Eastern open
shop coal that once in will be hard to get out. The Chicago market is an
illustration. These Eastern shippers pioneer, and before you know it
they have staked a homestead. They got the habit 150 years ago, and it
still sticks to them.
It is reported that western Kentucky operators have advanced their wage
scale 20%. How long will that last if Indiana and Illinois mines resume?
However, the essence of the open-shop policy to-day is give and take
give with a good market, take with a poor one; common sense between
operator and miner.
Bituminous Coal Production Increases-Anthracite
-Coke Unchanged.
Output Slackens
In its weekly summary of the production of soft and
hard coal and of coke, the United States Bureau of Mines
reports that for the week of Aug. 20 the production of
bituminous coal gained 49,000 net tons over the high output
of the preceding week, while anthracite output fell off by
about 30,000 net tons during the same comparative periods.
The output of coke remained unchanged at 108,000 net tons
for the Aug. 20 week. Statistical tables from the Bureau
of Mines' report, showing how this year's output compares
with that of one year ago, are appended:
The total production of soft coal during the week ended Aug.20,including
lignite and coal coked at the mines, is estimated at 9,142,000 net tons, an
Increase of 49,000 tons, or 0.5% over the output in the preceding week.
The generally upward trend that is usual at this season appears to be
well established.
Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked:
1926
1927
Week. Cal.Yr.to Date.a
Wee/c.
Cal.Yr.to Date.
318,739,000
10.150,000
319,309,000
8,495,000
August 6
1,729,000
1,692,000
Daily average
1,416,000
1,733,000
10,628,000
9,093,000
327,832,000
329,937,000
August 13_b
1,516,000
1,723,000
1,771,000
Daily average
1,734,000
336,973,000
9,142,000
10,533,000
340,470,000
August 20c
1,717,000
Daily average
1,524,000
1,756,000
1,735,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
The total quantity of soft coal produced during the calendar year 1927
to Aug. 20 (approximately 196 working days) amounts to 336,973,000
net tons. Figures for corresponding periods in other recent years are
given below:
288,076.000 net tons
340,470,000 net tons 11924
1926
359.004,000 net tons
300,580,000 net tons 1923
1925
ESTIMATED WEEKLY PRODUCTION OF SOFT COAL BY STATES.
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Aug. 13 is
estimated at 9,093,000 net tons. Compared with the output in the preceding week, this is an increase of 598,000 net tons, or 7%•
The following table apportions the tonnage by States, and gives comparable figures for other recent years:
Estimated Weekly Production of Soft Coal by States (Net Tons).
August
Total Production for Week Ended
Aug. 15
Average
Aug. 14
Aug. 13
Aug. 6
1926.
1925.a
1923.b
1927.
State-1927.
405,000
414,000
387,000
352,000
365,000
Alabama
174,000
206,000
221,000
153,000
Ark., Kan., Mo.& Okla.._ 158,000
163,000
164,000
168,000
170,000
182,000
Colorado
133,000 1,100,000 1,205,000 1,327,000
148,000
Illinois
375,000
349,000
428,000
269,000
237,000
Indiana
69,000
87,000
97,000
9.000
10,000
Iowa
983,000
935,000
745,000
1,105,000
985,000
Kentucky-Eastern
280,000
284,000
211,000
514,000
447,000
Western
65,000
56.000
43,000
64,000
60,000
Maryland
9,000
13,000
20,000
17,000
16,000
Michigan
45,000
59,000
42,000
49.000
51,000
Montana
45,000
51.000
48,000
52,000
44,000
New Mexico
14,000
20,000
20,060
10,000
12,000
North Dakota
525,000
466,000
848,000
130,000
133,000
Ohio
Pennsylvania
2,235,000 2,154,000 2,736,000 2,518.000 3,640,000
114,000
105,000
92,000
115,000
Tennessee
95,000
20,000
19,000
24,000
23,000
Texas
25,000
77,000
91,000
87,000
81.000
94,000
Utah
269,000
259,000
242,000
248,000
Virginia
257,000
50,000
39,000
45,000
41,000
47,000
Washington
West VirgInia-Southernc 2,335.000 2,187,000 2,261,000 1,929,000 1,512,000
741,000
814,000
816,000
782,000
Northern_d
840,000
106,000
114,000
84,000
149,000
Wyoming
90,000
4,000
5,000
4,000
2,000
Others
2,000
Total
9,093,000 8,495,000 10,628,000 10,204,000 11,240,000
a Revised. b Weekly rate maintained during the entire month. c Includes
operations on the N.& W., C.& 0., Virginian, K.& M., B. C.& G.and Charleston
division of the B. & G. d Rest of State, including Panhandle.
ANTHRACITE.
The production of anthracite during the week ended Aug. 20 is estimated
at 1,577,000 net tons. While this is a slight decrease from the output in
the preceding week-30,000 tons, or 1.9%-it is higher than that In any
other week since the end of June.
The total production of anthracite from Jan. 1 to Aug. 20 amounts to
50.480,000 net tons. This compares with 50,236,000 tons in 1926 and
58,413,000 tons in 1925.
Estimated United States Production of Anthracite (Net Tons).
1927
However,so far the buying has been largely hand-to-mouth,and the larger
Week.
Cal.Yr.to Date.
Week Ended
Week.
Cal.Yr.to Date.
1,371,000
c47,296,000
1,843,000
percentage of domestic sizes is yet to be supplied. The anthracite industry Aug. 6
46,517,000
1,607.000
c48,903,000
1,937,000
48 454 000
branches is in the possible condition to furnish the consumer with Aug13
In all its
1,577,000
Aug.
am
50,480,000
1,782,000
50,236,000
steady supply of the best prepared product and the highest standard
a fluent,
- b one day's production first week in January to equalize number of days
ris
of service in its history. In our opinion this result has been reached by in the two years. b SubJect to revision. c Revised since last report.
closer contact between producer and dealer.
BEEHIVE COKE.
-of-district" buying is making the market,
In the bituminous trade, "out
The total production of beehive coke for the country as a whole during
which shows decided evidence of improvement. Whether this market in
view will develop into something worth while depends largely upon the the week ended Aug. 20 is estimated at 108,000 net tons. Since Alb' 2.
courage of the closed-shop operators who have so far refused to sign the when the output for the week dropped approximately 18% to a total of
Jacksonville union scale, resisting the temptation of advancing prices that 106.000 tons, there has been little change.
1260
.
[VoL. 125.
THE CHRONICLE
The accumulative production of beehive during the year 1927 to Aug. 20
amounts to 5,209,000 net tons as against 7,869,000 tons during the corresponding period in 1926.
Estimated Production of Beehive Coke (Net Tons).
1926
1927
Week Ended
to
to
Aug.20 Aug.13 Aug.21
Date.a
Date.
19273) 1927.
1926.
Pennsylvania & Ohio
77,000
76,000 149,000 4,056,000 6,395,000
488,000
515,000
West Virginia
15.000
15,000 14,000
461,000
172,000
Ma., Ky., Tenn. dc Ga
7,000
4,000
4,000
237,000
225,000
Virginia
6,000
6.000
6,000
174,000
128,000
Colorado dr New Mexico
4,000
4,000
3,000
114,000
113,000
3,000
2,000
3,000
Washington & Utah
Production of Bituminous Coal During Month of July.
Below are shown the estimates of the production of bituminous coal, by States, for the month of July (issued by the
United States Bureau of Mines). The distribution of the
tonnage is based in part, except for certain States which
themselves supply authentic data, on figures of loadings by
railroad divisions, furnished by the American Railway
Association and by officials of certain roads, and reports on
waterway shipments made by the U. S. Engineer office.
United States total
108,000 108,000 182,000 5,209,000 7.869.000 There
were 25 full working days in the month of July as
40,000
26,000
Daily average
18,000 18,000 30,000
a Minus one day's production first week in January to equalize number of days against 26 days in June. The average daily rate of output
In the two years. b Subiect to revision.
for the country in July was 1,345,000 net tons, a decrease
of 64,000 tons, or 4.5%, from the rate maintained in June)
Analysis of Imports and Exports of the United States reports the Bureau of Mines, adding the following table:
ESTIMATED PRODUCTION OF SOFT COAL BY STATES (NET TONS)st
for July.
July
JunO
July
July
July
State1927.
1927.
1926.
1925.
1923.
Washington Aug. 30 Alabama
The Department of Commerce at
1,292,000 1,373,000 1,731,000 1,553,000 1,621,000
128,000
122,000
issued its analysis of the foreign trade of the United States Arkansas
123,000
92,000
104,000
534,000
592,000
666,000
803,000
691,000
for the month of July and the seven months ending with Colorado
Illinois
362.000
245,000 4,405,000 4,431,000 5,284,000
Indiana
880,000
764,000 1,394,000 1,440,000 1,878,000
July. This statement indicates how much of the merchan- Icwa
37,000
30,000
335,000
303,000
365,000
129,000
105,000
316,000
315,000
318,000
dise and exports for the two years consisted of crude or Kansas
4,101,000 4,124,000 4,117,000 3,710,000 3,059,000
The following is the report Kentucky-Eastern
partly or wholly manufactured.
Western
2,003,000 2,016,000 1,052,000
862,000
843,000
234,000
Maryland
231,000
265,000
224,000
176,000
in full:
62,000
Michigan
53,000
23,000
48,000
70,000
ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED
STATES FOR THE MONTH OF JULY 1927.
(Value in 1,000 Dollars.)
Seven Months Ended July.
Month of July.
Croup.
1926.
1927.
I
1926.
1927.
Value. P. C. Value. P. C.1 Value. '.C.'Value.
Domestic Exports
72,006 20.0 55,074 16.31 569,315
Crude materials
Crude foodstufIs and food
33,908 9.4 21,909 6.5 138,330
animals
Manufactured foodstuffs 35,412 9.8 31,283 9.3 272,010
53.135 14.7 83,014 18.7 370,066
Semi-manufactures
Finished manufactures 165,990 46.1 165,931 49.2 1,165,316
C.
P.
22.6 611,758 23.2
5.5 172,4571
10.8 260,4921
14.7 418.1701
46.4 1,184.718
6.5
9.8
15.8
44.7
Total domestic export 360,452 100.0337,162100.02,515,038100.02,647,596 100.0
8,813
60,132
64,894
Foreign exports
7,865
-Total
368,317
345,975
2,575,170
,712,490
Imports
Crude materials
131,299 38.7120,172 37.61.118,817 42.4 965,291 39.5
Crude foodstuffs and food
animals
42,189 12.5 34,269 10.7 309,229 11. 283,881 11.6
Manufactured foodstuffs. 29,221 8.6 35,086 11.0 242,427 9.2 276.422 11.3
Semi-manufactures
65,687 19.4 62,409 19.5 482,006 18.2 433,766 17.8
Finished manufactures
18.. 483.20 19.8
70,562 20.8 67,440 21.2 488,5
Total
1,0 nan inn n210 OVA inn no fun can Inn
no SAO !CAA 11111 n
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
WestVirginia-Southernb
Northern
Wyoming
Other States_c
127,000
96,000
180,000
187,000
242,000
134,000
169,000
166,000
176,000
171,000
178,000
215,000
214,000
173,000
218,000
33,000
43,000
61,000
68,000
60,000
553,000
592,000 1.842,000 1,989,000 3,559,000
188,000
184,000
169.000
171,000
202.000
8,580,000 9,730,000 11,268,000 9,995,000 15,332,000
383,000
384,000
455,000
437,000
470,000
88,000
92,000
83,000
82,000
99,000
324,000
301,000
331,000
306,000
863,000
1,048.000 1,174,000 1,116,000 1,054,000
998,000
146,000
181,000
164.000 170,000
152,000
8,523,000 9,678,000 9,378,000 7,742,000 6,480.000
3,200,000 3,764,000 3,173,000 2,838,000 3,558,000
364,000
379,000
428,000
377.000
477,000
6,000
10.000
17,000
16,000
17,000
33,637,000d36,827,000 43.472,000 39.362,000 46,707,000
Total
a Figures for 1925 and 1923 only are final. b Southern section includes operations
on the N. & W., C.& 0., Virginian, K. & M., B. C.& G. and Charleston division
of B.& 0. The Northern section comprises the rest of the State including Panhandle.
c This group is not strictly comparable in the several years. d Revised.
From preliminary car loading reports the National Coal
Association estimates the total production of bituminous coal
during theweek ended Aug. 27 at 9,750,000 net tons. This
total shows a considerable increase over that for the preceding week and is the largest weekly tonnage produced
since the first of April.
.
Current Events and Discussions
Return of Member Banks for New York and Chicago
Federal Reserve Districts.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week,instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks
-now 661
cannot be got ready.
The following is the statement for the New York me nber
The Federal Reserve Bank of New York reports a decline of $23,700,000 banks and that for the Chicago member banks thusissued
In discount holdings and Chicago a decline of $4,300,000, while the Boston
bank shows an increase of 89,900.000 in discounts, San Francisco of $4,000, in advance of the full statement of the member banks, which
000, and St. Louis of $2,500,000. The System's holdings of acceptances latter will not be available until the coming Monday. The
purchased in open market increased 86,300,000, of Treasury notes 810,New York statement, of course, also includes the brokers'
300,000, of Treasury certificates $9,200,000, and of -United States bonds
loans of the reporting banks, which now have risen very
$8,500,000.
The principal changes in Federal Reserve note circulation for the week close to the maximum, the grand aggregate of these loans for
comprise increases of $3,500,000 and $2,200,000, respectively, at the New
$3,184,058,000, against $3,168,074,000
York and Atlanta Reserve banks,and a decline of $2,600,000 at Cleveland. Aug. 31 being
Aug. 24 and $3,190,329,000 Aug. 10, which latter stands as
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found the very highest on record.
REPORTING MEMBER BANKS IN CENTRAL
on subsequent pages-namely, pages 1292 and 1293. A CONDITION OF WEEKLY RESERVE CITIES.
New York-52 Banks.
summary of changes in the principal assets and liabilities
Aug. 311927. Aug.24 1927. Sept. 1 1926.
of the Reserve banks during the week and the year ending
$
Investments
-total
6 634,232,000 6,509,566,000 6,249,330,000
Loans and
Aug. 31 1927 is as follows:
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Board and which deals with the results for the
the week of $20,700,000 in bill and security holdings and of
$5,600,000 in Federal Reserve note circulation, and decreases of $11,800,000 in cash reserves, $5,000,000 in nonreserve cash, and $11,400,000 in amounts due from foreign
banks. A decline of $13,600,000 in holdings of discounted
bills was more than offset by increases of $28,000,000 in
Government security holdings and of $6,300,000 in acceptances purchased in open market. After noting these facts,
the Federal Reserve Board proceeds as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Government obligations
Other bills discounted
Bills bought in open market
U.S. Government securities. total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
10, Members' reserve deposits
E Government deposits
Increases 1+) or Decreases(-)
During
Year.
Week.
-811,800000 +8179,400,000
-11,900,000
+169,600.00
0
+20,700,000 -143,000,000
-13,600,000 -225,800,000
+100,000 -102,900,000
-13.800,000 -123,000,000
-88,400.000
+6.300.000
+153,900,000
+28,000,000
+8,500,000
+166,500,000
+10,300,000 -118,100,000
+105,400,000
+9.200,000
-26,500,000
+5,600.000
-12.600,000
-59.000,000
-6,800,000
+75.000,000
-6,500,000 - 11,600,000
Loans anddiscounts-total
4 815,941,000 4,695,912.000 4,479,110,000
44.757,000
31,986.000
Secured by U. S. Govt. obligations__ 41,237,000
2 155,846,000 2,084.531,000 2,102,729.000
Secured by stocks and bonds
All other loans and discounts
2 618,858,000 2,570.395,000 2,331,624,000
1 818,291,000 1,813,654.000 1.770,220,000
Investments-total
U. S. Government securities
Other bonds, stocks and securities_ _
890,434,000
927,867,000
889,976.000
923,678,000
896,421,000
873,799,000
Reserve balances with Fed. Res. Bank
Cash in vault
708,166.000
55,384,000
725.901,000
54.723,000
706,460.000
80,787,000
Net demand deposits
Time deposits
Government deposits
5,263.372.000 5,121.828,000 5,012.380.000
1,001,872,000 1,006.896.000 885.542,000
15.046,000
4,467,000
4,467,000
Due from banks
Due to banks
93.816,000
79.279,000
86,487,000
1,191,435.000 1,124,782,000 1,122,212,000
SEPT.3 1927.]
THE CHRONICLE
Aug.31 1927. Aug.24 1927. Sept. 1 1926.
$
Borrowings from F. R.Banks—total.— 54,600,000
86,652.000 121,667.000
Secured by U. S. Government oblig'ne 39,950,000
50,200,000
88.630,000
All other
14,660,000
36,452,000
33,037,000
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
1,045,669.000 1,000,961,000 991,437,000
For account of out-of-town banks 1,222,914,000 1,246,848,000 1,098,091,000
For account of others
915,475,000 920,265,000 668,746,000
Total
On demand
On time
Loans and investments—total
3,184.58,000 3,168,074,000 2.758,274,000
2,351,253,000 2,335,079,000 2,049,160,000
832,805,000 832,995,000 709,114,000
Chicago-45 Banks.
1,861,529,000 1,852,653,000 1,770.932,000
Loans and discounts—total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments—total
1,464,547,000 1,455,493,000 1,398,853,000
14,686,000
782,911,000
666,950,000
396,982,000
14,106,000
769,360,000
672,027,000
397,160,000
13,659,000
688,944.000
696,250,000
372,079,000
U. S. Government securities
174,888,000 175,830,000 161,751,000
Other bonds, stocks and securities__
222,094.000 221,330,000 210,328.000
Reserve balances with Fed. es. Bank
188,199,000
190,698,000 174,174,000
Cash in vault
18,056,000
18,059.000
20,048.000
Net demand deposits
1,279,696,000 1,281,872,000 1.223,137,000
Time deposits
567,244,000 563,520,000 521,045,000
Government deposits
3,013,000
3,013.000
3,264,000
Due from banks
140,267,000 139,917,000
149.880,000
Due to banks
360,774,000 358,810,000 364.596.000
Borrowings from Fed. Rea. Bank—total_
4,710,000
2,975,000
16,939,000
Secured by U.S. Govt. obligations
4,390,000
2,645.000
13.954.000
All other
320,000
330,000
2,985,000
Complete Return 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 661, cannot be got ready.
In the following will be found the comments of the Federal Reserve Board respecting the returns of the entire body
of reporting member banks of the Federal Reserve System
for the week ending with the close of business Aug. 24.
The Federal Reserve Board's condition statement of 661
reporting member banks in leading cities as of Aug. 24 shows
declines of $66,000,000 in loans and discounts, of $8,000,000
in investments, and $117,000,000 in net demand deposits,
and an increase of $21,000,000 in borrowings from the
Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, declined $17,000,000 at reporting banks
in the Chicago district, $10,000,000 at reporting banks
in the
Philadelphia district, and $28,000,000 at all reporting member banks. "All other" loans and discounts were $37,000,000 below the total reported a week ago, the principal declines being $25,000,000 in the New York district and $6,000,000 each in the Philadelphia and Cleveland districts.
The
statement goes on to say:
Holdings of United States securities remained
practically unchanged, an
increase of $12,000,000 at banks in the Chicago
district being approximately offset by a decrease of $11,000,000 by
banks in the Boston district.
Holdings of other stocks and bonds were $6,000,000
below the total on
Aug. 17, the larger decline of $15,000,000 for
banks
trict being offset by increases, principally in the in the New York disPhiladelphia and Richmond districts.
Net demand deposits declined $64,000,000 at
reporting member banks
in the New York district, $15,000,000 in the
Philadelphia
000 in the Boston district, $10,000,000 in the Chicago district, $11,000,district and $117,000,000 at all reporting banks.
Borrowings from the Federal Reserve banks were
$21,000,000 larger than
a week ago, practically the entire increase being
reported by member
banks in the New York district.
A summary of the principal assets and liabilities of
661
reporting member banks, together with changes during
the
week and the year ending Aug. 24 1927 follows:
Increase or Decrease During
Aug. 24 1927.
Week.
Year.
20,460,257,000 —73.335.000 +776,461,000
Loans and discounts—total
14,555,133,000 —65,534,000 +485.884,000
Secured by U. S. Govt. obligations_ 113.693.000 —3,767,000
--31,049,000
Secured by stocks and bonds
5,822,264,000 —24,915.000 +325,919,000
All other loans and discounts
8,619,176,000 —36.852.000 +191,014,000
Investments—total
5,905,124,000 —7,801,000 +290,577,000
U.S. Government securities
2,483.690,000 —1.446,000 —2,095,000
Other bonds, stocks and securities 3,421,434,000 —6,355,000
+292,672,000
Reserve balances with Fed. Res. banks. 1,713,514,000 +45,319,000 +83,357,000
Cash in vault
254,464.000 +5.395.000 —19,394,000
Net demand deposits
13,164,404,000 —116,551,000 +329,445,000
Time deposits
6,257,428,000 +5,968,000 +555,328,000
Government deposits
40,377,000
—22,000 —43,898,000
Due from banks
1,088,554,000 —55,225,000
3,251,077,000 —70,773,000
Due to banks
Borrowings from F. R. banks—total__ 257,353,000 +21,310,000 —91,610.000
Secured by U.S. Govt. obligations__ 159,151,000 —2,079,000 —42.953,000
98,202,000 +23,389,000 —48,657.000
All other
Loans and Investments—total
1261
Summary of Conditions in World's Market According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (Sept. 3) the following summary of conditions abroad, based on advices by cable and other means
of communication:
AUSTRALIA.
Conditions remain unchanged in Australia, with business gyenerally quiet
and money still scarce. No rainfall of importance was reported during
the past week and consequently no improvement has occurred in agricultural or pastoral districts.
The wool and wheat pools will continue in effect until June 1928. With
the exception of the Bank of Australia, financing of these pools will be
in the hands of the same banks as at present.
AUSTRIA.
Austrian industrial activity was again well maintained in August, but
there was a certain seasonal trade slackening in some lines, including cotton goods, shoes, leather specialties, ready made clothing and timber.
Effective Aug. 25, the official discount rate was reduced from 7 to 6.5%.
This indicates the favorable development in the money market and the
satisfactory position of the National Bank. The current financial status of
the Government remains strong, with monthly surpluses substantially exceeding expectations. The short general strike, following the Vienna riots,
made itself felt in the lower trade returns for July. The number of unemployed again declined in the month of July 15 to Aug. 15, and a notable
drop was registered in the official index of wholesale prices.
BOLIVIA.
Business during August has been dull in all lines, due to the seasonal decline in the purchasing power of the greater part of the Indian population,
who have just finished their spring planting. The only market showing
fair activity is the market for foodstuffs. The rise in the exchange value
of the boliviano tends to further restrict purchases, as buyers are anticipating action by the Government on the recommendation of the Kemmerer
Commission, which proposes to fix exchange at 2.73 bolivlanos to the
dollar.
Tin mines are producing to capacity, and the price of tin, although
fluctuating, is rising steadily. The average price per ton during the first
25 days of August was £294, as compared to £289.10.0 during a like
period in July, £287 per ton during the first 23 days of June and E286
per ton for the eame period during May.
BRAZIL.
Business in Brazil continues dull, but with some improvement as cornpared with July, the general tone being a little more optimistic. Interior
points report a better demand for goods due to the funds now being received for crops, especially coffee. Exchange has remained steady, with
the supply of export drafts greater than the demand, a condition to be
expected at this time of the year. There is also a large demand by importers for future exchange, but banks are not willing to sell heavily due
to the uncertainty in the market. Credits are somewhat improved over last
month.
Both the Santos and the Rio coffee markets have been uncertain and
inactive, due partly, it is said, to the opinion given by a Nictheroy judge
that the restriction of entries into Rio was unconstitutional, but the chances
of making this opinion effective are remote, the trade believes. Besides
the market is waiting to hear the decision of the renewal of the interState conference scheduled for the first few days of September . The
State of Parana has entered the coffee conference, negotiations having
started. The Sao Paulo coffee centenary which has been postponed until
October promises to be a great success. Sugar producers have combined
for valorization in anticipation of a million-bag carry-over.
CANADA.
General business conditions have exhibited practically no change from
last week and all lines continue normally busy. Good sales of hardware
and sporting goods in fall lines are reported.
The value of building permits issued in July indicates some recession in
activity as measured by records of the previous month, and the corresponding month of last year. Pig iron and steel production was also less by
scene 14% than in July 1926.
Employment at the beginning of August showed a further moderate increase over the July figure, and the index (January 1921 base) is now
higher than for any corresponding month on record, probably due to increased activity in metallic and non-metallic mining.
The last Winnipeg crop report, dated Aug. 20, indicated that about
three weeks of good weather would be needed to insure a fully matured and
safely garnered crop. There has been some frost and rust seems to be
fairly general; with the exception of Alberta Province, the general outlook is not quite as optimistic as previously reported. Warm, moist
weather in New Brunswick is responsible for the spread of blight which
is expected to reduce the potato crop unless more favorable conditions
follow.
CHILE.
Although the dulness evidenced during the latter part of July has continued throughout August in all lines of merchandising, a few encouraging
signs are noted which would seem to augur an improvement in Chilean
business. Difficulties are still being encountered in the collection
of
commercial accounts, and requests for extensions are more ntnnerous.
Note
circulation has declined further, but money appears to be
plentiful, as
stock exchange transactions during August exceeded both June and
July.
A statement issued by the Minister of the Treasury regarding estimated
income of the Government and proposed economies has been well
received.
Nitrate sales during August have been fairly heavy, with prices
firm.
Four more oficinas were operating on July 31 than on June 30,
making a
total of 36 plants producing. The nitrate outlook at present is
considered better than at any time during the pat two years. This
activity in
the nitrate fields has led to an improvement in the condition of
local manufacturing industries. Exports of copper ingots during the
first six months
of 1927 were 35,322 tons greater than during the same
period last year,
as recent reports show that 116,630 tons were shipped
from Chile during
the first half of 1927.
There were few purchases of imported merchandise in
interest was awakened in certain textiles, principally August, although
prints, ducks and
drills. Anticipation of reductions in import duties
has paralyzed sales of
automobiles and trucks.
CHINA.
Importers at Tientsin port anticipate business below
normal during the
remainder of the year. An increase reported to
be effective on Sept. 20
in
1262
THE CHRONICLE
American import duties on dressed skins and goatskins has stimulated the
export from Tientsin of all available lots of such cargo. Cotton prices are
holding firm, due to heavy buying in August for American markets and the
small stocks in Tientsin. This year's cotton crop is expected to be above
average and of good quality.
The bristle and horse-hair market is dull, with prices too high to attract
business from abroad. Demand for straw braids is low and dealers are
likely to suffer losses unless an early recovery of demand is evidenced.
The wheat crop in North China is reported to be above normal. Resulting from the embargo upon flour shipments train Shanghai to North
China ports, Tientsin importers have placed largo orders for foreign flour,
and the market, erratic during August, is now recovering.
A food shortage is being felt at Hankow. Commercial and customs revenues at Hankow in August are probably about the same as in July, with
general trading conditions in Central China unfavorable. The silver embargo is still in effect, but shipments are being made under special Government permits. Efforts are being taken toward restoring service on the
Peking-Hankow railway by agreement with Marshal Feng Yu-hsiang.
CZECHOSLOVAKIA.
The strong tone of business and Industry noted for some months past
continues unabated and industries formerly lagging behind the general
Improvement report betterment. Notably, greater coal shipments reflect
replenishment of industrial coal yards and the approach of the sugar manufacturing season. The china industry with 250 furnaces in operation and
12,000 workmen employed, reports that the increase of British import tariffs
promulgated in April has not had so great an effect as anticipated and
that production is increasing. The textile industry as a whole, leather,
automobiles and lumber, are operating at capacity; iron and steel, machinery and other metal working industries at or near capacity.
ECUADOR.
Business conditions in the interior appear to be Improving, as crops
have been good. On the coast, however, the situation is still unsatisfactory,
In Spite of a good rice crop and average cotton and coffee crops.
The opening of the Central Bank took place in Quito on Aug. 10, and the
Guayquil branch was formally opened on Aug. 25. Dollar exchange has
been stabilized, and dollar drafts will be availablee at not more than 5.06
sucres to the dollar, the gold export point during the past fiscal year.
Receipts of cacao from July 21 to Aug. 25 were 17,000 quintals, and
exports 15,000 quintals. Receipts from June 23 to July 21 were the same,
but exports were 28,000 quintals.
GUATEMALA.
The month of August was unusually dull. Merchants placed but few
orders of consequence, but they have been retrenching their stocks and paying their overdue drafts. It is estimated that the coming coffee crop
will be normal. The market is extremely dull and there is no demand for
the approaching crop. European buyers have made no offers since July.
As a result of the stagnation, prices have declined 1% cents since July and
4 cents since August of last year, at which time good Guatemala standard
was selling f.o.b. 25-26 cents a pound, and 27 cents in the German market.
Growers are not pressing offers as they are in good condition financially
as a result of the good crops of the last three years.
JAPAN.
Trade in Japan is improving slightly, but there is no apparent assurance
of any continued improvement in trading conditions. It also appears probable that credits may become more difficult toward the end of the year.
According to results of hatchings of the entire spread of silk egg cards,
an increase of 7.30% in the season's crop over that of last year is indicated.
The Japanese cotton mills in Shanghai are reported to be prepared to
close on Sept.1, presumably in protest to the announcement of the Nanking
Government that a 121 production tax would be imposed on Sept. 1.
/
2
%
LATVIA.
The outstanding features during July were the renewed activities by an
American banking house in the negotiations for a loan to the Government
of Latvia, a slight reduction in the number of protested notes, the postponement of final approach of the trade treaty with Soviet Russia, some
restricted labor unrest, a pronounced boom in the timber export business
and an increase in the adverse trade balance.
Business in general continues very dull, but prevailing feelings are more
hopeful than in previous months. Agricultural prospects are not bright,
although crops are officially reported to be fair. Financial stringency
continued unchanged during July. Changes in the financial policy of
Latvia are anticipated in view of the election of a new board of directors
of the Bank of Latvia. The financial situation among the farmers has
become more acute, with little hope of improvement. The conditions obtaining have forced agricultural banks and co-operatives to retrench on
their credits.
MEXICO.
Business in Mexico remained irregular during August. A number of
commercial organizations have protested against the increases in Federal
and State taxes during the present period of economic depression. Prices
for native foodstuffs are generally low.
On Aug. 24 the Secretary of the Treasury sent silver coins amounting
to 850,000 pesos to the mint to be melted and sold as bullion, this being
part of the campaign to restore silver coins to a gold parity. During the
last two weeks of the month silver coins were at a discount of about 6%
as compared with gold.
According to official statistics oil exports amounted to 4,515,000 barrels during July, as compared with 5,751,300 barrels during June 1927 and
7,677,014 barrels during July 1926. Oil exports during the first seven
months of this year are 40% less than during the same period of 1926.
The mining industry continues fairly prosperous in the northern States,
and while some mines have closed down or restricted operations in some
sections, new veins have been opened in others. However, in central and
southern Mexico the industry is in a very depressed condition.
NETHERLANDS EAST INDIES.
Following recent holidays in Netherlands India, produce markets were
more active during the past week. The pepper market continued strong,
featuring increased prices. Representatives of American manufacturers
of automobiles are visiting the islands and the sales outlook is reported
to be good.
PHILIPPINE ISLANDS.
The Philippine copra market has steadied and trade is more active, as
a result of increased London buying and interest concerning the United
States cotton crop. Arrivals of copra at Manila, which have been low,
are holding up fairly well and three oil mills are operating intermittently,
with the others engaged full time.
Abaca trading is light on a weak market. Production is somewhat
heavier and prices have declined slightly.
Import trade and general retail business continue seasonally quiet.
[VOL. 125.
RUMANIA.
Foreign trade for the first half of the current year, 'according to preliminary figures of customs returns published by the Ministry of Finance,
closed with a favorable balance of 2,061,675,000 lei—imports, 16,866,227,000 lei, and exports 18,927,902,000 lei, as compared with an unfavorable
balance of 634,862,000 lei—imports, 18,221,446,000 lei and exports
17,-856,584,000 lei for the same period of 1926 (average rate of exchange
of the lei for the period: in 1926, $.041 and in 1927, $.059). The favorable turn in the foreign trade balance in 1927 is accounted for chiefly by
enhanced exports which were favored by the unusually mild weather, which
kept the river ports open for navigation practically all winter, and by the
reduction of the export tax and railroad freight rates on grain and petroleum products. The favorable trade balance and the consequent influx
of foreign bills account for the relatively high rate of exchange of the
lei maintained in 1927.
TURKEY.
State revenues for the fiscal year ended May 31 1927 are estimated by
the Ministry of Finance to have exceeded the budget figures of 183,020,000
Turkish pounds (approx. $0.515). On the basis of these returns, a smaller
defecit is anticipated for 1926-27 than for 1925-26, which was approximately 8,433,000 Turkish pounds. Recent customs returns compare favorably with the previous year; returns for July exceeded those of July 1926.
Imports for the first seven months of 1926, according to the customs administration, were valued at 126,163,800 Turkish pounds, against 135,658,000 Turkish pounds in 1925, while exports for the same period were 101,256,000 and 94,531,00Q Turkish pounds, respectively.
UNITED KINGDOM.
The Merchandise Marks Advisory Committee has published recommendations to the Board of Trade to the effect that imported wire netting,
woven wire and mill bobbins should be required to have country of origin
marks. The Marconi Co. has announced that the beam wireless testa
between India and Great Britain resulted in both sending and receiving
over 130 words a minute over eighteen hours daily for seven days, thus
exceeding the Government contract requirements, notwithstanding disturbed atmospheric conditions caused by the monsoon. Sterling exchange
reached a new high level for the year on Aug. 26, when the demand quotation in New York reached $4.85% to the pound.
VENEZUELA.
Business in general is quiet, due to the usual seasonal dulness at this
time of the year and also to lack of work on account of the curtailment of
the public works program and lessened activity in the oil fields. Money
for loans is scarce, hank collections are fair, but no important business
failures have occurred.
Automotive imports have sharply declined, due to the decreased demand caused by unfavorable conditions existing for a number of months.
Although operations by the petroleum companies continue restricted,
preparations for future development are going on, including the increasing
of the tanker fleets.
James Speyer Optimistic onlGerman Position, But
Declares That Reparations Must Be Definitely Settled Before Europe Can Be Normal—Need of Foreign Capital.
The reparation problem still demands a definitive solution,
failing which the restoration of financial and commercial
normalcy in this and other European nations cannot be expected, James Speyer, senior member of the international
banking house of James Speyer & Co., New York, said in an
interview at Berlin Aug. 27, the correspondent of the New
York "Times"in copyright advices indicating as follows what
Mr. Speyer had to say:
Mr. Speyer's survey of conditions In Germany. based on interviews
with numerous leading bankers and business men, here follows:
"It seems that Germany is making progress, and it is particularly encouraging to note that savings banks deposits continue to increase. Internal and political conditions are being gradually strengthened, which
undoubtedly is largely due to the sterling qualities of President Hindenburg, who is universally esteemed as Germany's Grand Old Man'
"The Berlin Stock Exchange Is now passing through a period of readjustment and is showing a reactionary tendency, which seems but natural
after the great advance in quotations. The rise of stock prices was largely
due to overoptimistic expectations caused by the quick industrial recovery
and accelerated by the British coal strike and its consequences last year."
Speaking on economic and general conditions, Mr. Speyer said:
"It is but reasonable that the German people, having lost a large part
of their working capital and savings through the disappearance of the old
currency, and deprived of their outside investments, will neod foreign
capital for some time to come. As the Germans are generally acknowledged
to be a hard-working, order-loving people, it seems that their country offers
a legitimate field for the investment of American surplus capital. These
investments, carefully selected, should prove profitable in the long run.
"Germany has re-established the gold standard and the Dawes Plan,which
helped safeguard Its currency, Is now generally regarded as the best possible
measure that could have been devised at that time. It was a step in the
right direction, but the ultimate solution of the reparations problem still
has to be found. Until this matter is finally and satisfactorily settled absolutely normal trade and financial conditions cannot be expected in Germay
and other European countries."
"Mayor Walker was very cordially received here and made an excellent
impression," Mr. Speyer said in conclusion. He is returning home via
London.
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are
for Aug. 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults of
member banks of the Federal Reserve System) was $4,744,415,637, as against $4,745,222,568 July 1 1927 and $4,858,473,503 Aug. 1 1926, and comparing with $5,628,427,732 on
SEPT. 3 1927.]
TELE CHRONICLE
1263
Nov. 1 1920. Just before the outbreak of the European war debts to this country,
according to the review published
War, that is, on July 1 1914, the total was only $3,402,015,- Aug. 27 by Dominick
& Dominick. The article says:
427. The following is the statement:
To those who wonder how Europe is to continue to send money
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6
to this
country for American products, in addition to sending money here
on payment of its debts, the sums which America spends annually abroad on
travel
constitute a partial answer to the problem. Tourist expenditures
have
become an increasingly large item in the American balance of
trade,
constituting in effect an Invisible import. The total figure for these
expenditures in all countries in 1926, including Europe, amounts to
$761,000.000.
The relationship of these tourist expenditures to other items in
the
American balance of payments is interesting. Upon a total of
private
American investments abroad amounting at the end of 1926 to
$11,215,000,000, the total dividend returned for the year is estimated at
$678,000,000. The sums spent by American tourists would therefore more
than
cover this amount.
Payments received by the United States Treasury during the
calendar
year 1926 from foreign governments, on account of the war debts,
amounted
to about $160,000.000 in interest and $35,000,000 in principal-a
total of
$195,000.000. Even when the maximum receipts from the war debts
are
secured-which will not take place until about 60 years from now
-the
figure will be about 8415,000,000. The tourist expenditures, which
are
likely to be much greater at that date, will amply cover this figure also.
Leon Fraser, Formerly General Counsel of Dawes
Plan, Returns to United States-Sees No Necessity
for Revision of Plan.
Leon Fraser, formerly General Counsel of the Dawes plan
and Paris representative of the Agent General for Reparations Payments, who recently resigned his post to resume
the practice of international law in New York, returned on
the French line steamer' Paris" on Aug. 31. Mr. Fraser,
according to the New York"Times," deprecated the rumors
that there would be any immediate revision of the arrangements made for the payment of reparations due to a conflict
on private loans to German industries. He said that Germany has been paying for the year ended yesterday $1,060,000 a day, including Sundays. The "Times" (Sept. 1)
went on to say:
Beginning to-day the payment per day will be increased to
$1,150,000.
Of this large sum, Mr. Fraser said, S20,000.000 a year goes to the
United
States as repayment for the expenses incident to the Army of Occupation.
"In other words," he added, "Germany works for twenty days
each year
to pay America and 345 days to pay her ten other debtors.
"There is no use of talking a bout a revision of the Dawes
plan, because it
is working practically, and there is no sense in trying to
revise something
working satisfactorily."
He asserted that Germany was meeting the tremendous
strain upon her
resources extremely well. German reparations would reach
the figure of
S600,000,000 a year in 1929, Mr. Fraser said, and would remain
fixed at
that figure. It was inconceivable to believe that this
would go on permanently, he continued, but "it would certainly be the program
for many
years to come."
When informed that Bernard Baruch had asserted that the
financiers
believed the conflict between the reparation payments and the
private
loans would necessitate a revision of the Dawes plan, Mr. Fraser
said:
"I would not think so for a moment. The private loans made to
German
industries are small compared to the huge BUMS which are paid
under the
reparations. Mr. Baruch failed to state in his views that the private
loans
extended sometimes from ten to twenty years, and that it is
the practice
to make a tenth or a twentieth of the payment of the
principal each year.
For this reason there is no such thing as the private loans and
the reparations
falling together at one calamitous moment. These
private loans are
actually spread over a long period or time"
Return from'Abroad of Paul Claudel, French Ambassador to' United States
-Likelihood of New French
a Includes United States paper currency in circulation In
Refunding Loan of $100,000,000 to Be Negotiated
the amount held by t te Cuban agency of the Federal Reserve foreign countries and
Bank of Atlanta.
b Does not include gold bullion or foreign coin outside of vaults of the
Here.
Treasury.
Federal Reserve banks. and Federal Reserve agents.
c These amounts are not Included in the total since the money held
Reports of proposed financing in the United States in
in trust
against gold and silver certificates and Treasury notes of 1890
gold coin and bullion and standard silver dollars, respectively. is Included under behalf of the French Government, to which we referred
d The amount of money held in trust against gold and silver
Treasury notes of 1890 should be deducted from this total before certificates and last week (page 1122) have continued to figure in the news
combining it with
total money outside of the Treasury to arrive at the stock of money in
the United the present week, the intimations being that the proposed
States.
e This total Includes $20,459,272 of notes In process of redemption, $142,113,324 issue will be in the nature of a refunding loan which may
of gold deposited for redemption of Federal Reserve notes.
redemption of national bank notes, $2,830 deposited for 56.134,791 deposited for reach a total of $100,000,000. In indicating that there
retirement
circulation (Act of May 30 1908). and 86,426,700 deposited as a of additional might be a modification of the loan against
credit to France
reserve against
Postal Savings deposits.
resulting from the failure of the ratification of the French
I Includes money held by the Cuban agency of the Federal Reserve
Bank of
Atlanta.
debt agreement, Washington advices Aug. 30 to the Now
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury York "Times"
stated:
for their redemption; silver certificates are secured dollar for dollar by standard
The indications here are that a banking syndicate will be permitted
silver dollars held in the Treasury for their redemption; United States
notes are
secured by a gold reserve of $155,420.721 held in the Treasury. This reserve soon to float a refunding issue in this country for the French
Government,
fund may also be used for the redemption of Treasury notes of 1890, which
are so that France may be able to take advantage of her improved financial
also secured dollar for dollar by standard silver dollars held In the Treasury. Federal
position and call in issues on which she is now paying as high
Reserve notes are obligations of the United States and a first lien on all the
as 8%.
assets
Because of failure by France to ratify the Mellon-Berenger agreement
of the issuing Federal Reserve bank. Federal Reserve notes are secured by
the
deposit with Federal Reserve agents of a like amount of gold or of gold and such for the repayment of the French wartime
indebtedness the American
discounted or purchased paper as is eligible under the terms of the Federal
Reserve money market has been closed to that Government, so far as public offerAct. Federal Reserve banks must maintain a gold reserve of
cluding the gold redemption fund which must be deposited with at least 40%, in- ings of bonds and other securities are concerned.
the United States
But the feeling here is now reported to be
Treasurer, against Federal Reserve notes In actual circulation. Lawful money
that, despite the continued
has been deposited with the Treasurer of the United States for retirement of
inaction by France on the war debt, the ban should
be lifted if a purely
outstanding Federal Reserve bank notes. National bank notes are secured all refunding loan is
by
proposed, as this would simply result in permitting
United States bonds except where lawful money has been deposited with the Treasurer
of the United States for their retirement. A 5% fund is also maintained in lawful France to replace bonds already existing with others on which she would
money with the Treasurer of the United States for the redemption of national bank make a very material saving in interest rates.
notes secured by Government bonds.
Action Awaits Mellon's Return.
.
At the State Department to-day It was said that no action
would be
taken in any event until the return of
Money Spent in Europe by American Tourists in 1926 In Washington about Sept. 6. At thatSecretary Mellon, who is expected
tilde, if proposals for a refunding
More Than Double Year's Payments on European issue are made by bankers representing France, the matter will be placed
before Mr. Mellon and his advice will play a prominent part in
the decision
War Debts.
made.
MoRey spent by American tourists in Europe in 1926,
The general belief seems to be that Mr. Mellon will
recommend to the
amounting to $456,000,000, was equal to more than twice President and State Department that the ban which has been imposed
now for nearly three years be modified to permit the flotation
of a refunding
the year's payments of principal and interest on the European issue. The ban will remain, however, where new money
is concerned.
1264 '
THE CHRONICLE
[VOL. 125.
With the return from abroad on Aug. 31 of the French
Ambassador to the United States, Paul Claudel, confirmation was received as to the French refunding plans,
the "Journal of Commerce" thus referring to the proposals:
loans to permit of the balancing of the budgets of foreign Governments
and is decidedly against loans that would make possible the application
of new funds to the upkeep of any foreign army or navy.
There have been many objections voiced against the proposals of the
French to get "new" money in this country. France has not funded
situation with
Reports that France will seek a loan of $100,000,000 in New York for the her war debt and is even now faced with rather a trying
for the purchase of
purpose of refunding outstanding dollar loans received confirmation yester- the near approach of the due date of her obligations
financial operaday in statements made by Paul Claudel, French Ambassador to the United some $400,000,000 of war stocks which are aside from the
States, who arrived here on the France. According to M.Claudel, however, tions covered by the so-called war debt proper.
negotiations for this financing have not yet been started.
Prior Agreement Cited.
Further questions were referred by M. Claudel to Robert Lecour-Gayet,
The counter-argument is that the bonds which now the French Governfinance attache of the embassy, who met M. Claudel at the pier. M. Le- ment seeks to refund with lower interest bonds are covered by an agreecour-Gayet explained that the loan would be for the purpose of refunding ment entered into before this Government indicated its policies antagonistic
the 8% loan issued by J. P. Mrogan & Co.. in 1920, which will mature in to new issues as above stated; that the refunding issue could not be con1945.
sidered as a new issue since the money derived from the sale of the new
Debt $72,000,000
bonds would but go to pay off the old obligation.
"At present," M. Lecour Gayet stated. "the debt on the 1920 loan is
It is pointed out here that there is no Federal Government prohibition
if a new loan is made, we can avail ourselves of a against the floating of foreign issues in this market, but the views of the
only $72,000,000 and
lower rate of interest made possible through the improved condition of Administration are that no such Issues should be taken up, and generally
French Government finances."
speaking, the investment bankers of the United States have been content
The consensus of opinion in Wall Street yesterday was that the flotation to give heed to the feelings of their Government.
this market is in all probability not immediately
ofa French refunding loan in
Secretary of the Treasury Mellon is returning to the United States on
In prospect. While it is generally expected that the French Government the George Washington, due to arrive in New York Tuesday, Sept. 6. It
will take some steps to refund a part of the dollar loans now outstanding, Is anticipated that some Government pronouncement will be forthcoming
it is not believed very probable that this operation will take place before soon after that date. It has not been stated whether Mr. Mellon would
the latter part of this year, or the first part of 1928.
go to Rapid City to discuss the matter with Mr. Coolidge, but the inThe 8% dollar loan of the French Government is redeemable on any ference is that since the President is expected back within a week thereafter,
interest date by means of increasing sinking fund payments upon sixty if there is anything more to talk about with respect to these operations
days' notice to holders of the bonds. Since the next interest date is Septem- the discussions can well wait.
ber 15, it is now too late to plan immediate redemption and it Is thought
highly improbable that any attempt will be made to float a refunding loan
French Bank Loan Limit Reduced.
for the retirement of this issue very far in advance of March 15, when the
next semi-annual interest payment falls due.
The following Paris advices are from the Boston News
Other Loans Outstanding.
Of the two other French dollar loans outstanding, the 7;4s of 1941 are not Bureau of Aug. 30:
prior to maturity. The shaking fund provision for
Legal limit on amount of advances by the Bank of France to the governsubject to redemption
annual payments of $750,000 applied monthly to the purchase of these ment, fixed at 36,500,000,000 francs (approximately $1,460,000,000), Jan.
bonds at a price not exceeding par was in effect only during the five years 1. 1927, will be reduced to 32,000,000.000 francs Sept. 1, while actual
from July, 1921. to June, 1926, and is no longer operative. Of the original amount owed by the government to the bank totals 23,550,000.000 francs.
Issue of $100,000,000 bonds, $60.000,000 are still outstanding. The 7s of Short-term national defence bonds to amount of 1,300,000,000francs will also
'49 are not redeemable before maturity except by annual sinking fund pay- be withdrawn from circulation. These changes will be shown in Bank of
ments of $4,200,000. There are about $91,000,000 of these bonds still France statement of Sept. 1 as due to consolidation loan launched by the
Treasury some months ago.
outstanding of an original issue of $100,000,000.
The general expectation is that the French Government will eventually atThe "Wall Street Journal" in referring to the action stated:
loan into an issue carrying a 6% coupon. Investtempt to refund the 8%
French government has announced that reduction has been made in
ment authorities are of the opinion that some part at least of the 7s of lagal limit of Bank of France's advances to the State from 36.500.000.000
1949 may be retired by offering some inducement to holders. The ad- francs to 32.000.000,000 francs. Bank return for this week shows advances
vantage in these refunding operations, it is believed, is not so much in the
actually at 24.650,000,000 so that a margin is still available of 7,350.000,000
possibility of obtaining lower interest rates as in the reduction of the annual francs. This roughly equals the amount of private banks deposits on cursinking fund payments.
rent account with the treasury, so that in the event, which is unlikely, of a
It was -pointed out in the "Times" of Sept. 1 that the sudden wholesale withdrawal of the latter, the government could obtain
8% bonds, sold through a syndicate headed by J.P. Morgan adequate funds from the Bank of France.
Announcement represents the fullfilment of undertakings made at the
& Co. in 1920, originally amounted to $100,000,000, but time of the July issue of 6% rentes. Government then undertook to reduce
the sinking fund has since cut down the amount outstanding the limit of advances by a loan of nominal amount to be subscribed to either
should
to between $70,000,000 and $80,000,000. The item added: in cash or national defence bonds after the Caisse Amortissementas now
are announced
• The bonds are callable at 110 and closed yesterday on the New York Stock have discounted the latter. Cash subscriptions
amounting to 3.250.000.000 francs while the Caisse Amortissement has
Exchange at 111. Recently these bonds reached a new high point of 112X
In order to make up
and their return to the neighborhood of the call price reflected a general discounted 1,115,000.000 national defence bonds.
of the loan which is 349,opinion in Wall Street that the issue is to be retired. French 7% bonds, the difference between actual nominal amount
000.000 franca and then bring the total of reduction to a round figure of
which are callable in portions for amortization purposes at 105, closed
the government has drawn 484.000.000 francs from
yesterday at 106%. It is possible that the 7s will be included in the refund- 4,500,000,000 francs,
fund maintained by the bank against the State debt.
ing program, but this is not considered likely. The 7%% French bonds the permanent sinking
corresponding decrease in this week's bank return.
outstanding in this market give the only true slant on the market estimate This fund showed a
Advances to the State showed a decline of only 400,000,000 francs but
of French credit, since they are not callable, either for the sinking fund or as
is due to the fact that the government had already paid the cash suba whole. They closed yesterday at 1153. With fourteen years to run, this
bank, and in the past week only received the amount due
these bonds at current prices give a yield of about 5.95%. Bankers believe, scriptions into the
from the Odom) Amortissement, part of which moretherefore, that a 6% French bond for refunding purposes could be readily for the defence bonds
over has been retained for monthly settlements.
sold near par.
Decline of 1,747.000.000 francs in the bank's private deposits was due
In Washington advices Aug. 31 to the "Journal of Com- due mainly to withdrawals on the part of the Caisse to pay the government.
W. Morrow of J. P. Government points out that 13 months ago the advances to the State
merce" the recent visit of Dwight
francs or
amounted to
Morgan & Co. to President Coolidge, was alluded to, limit. They38,350,000,000than they within 150.000,000 francs of the legal
have been since May, 1925.
are now lower
the dispatch saying in part:
Anticipated approval of the proposals of the French Government to
refund in the United States existing 8% French bonds, of which there
remains outstanding approximately $70,000,000, as made known yesterday
that
at the State Department, was interpreted here to-day as an indication
the department has heard from President Coolidge.
foreign
President Coolidge has always manifested intense interest in our
assumed
relations and policies. It was said of him last spring that he had
and would condirect charge of the foreign relations of the United States
continent,
tinue in charge while the grave problems then presented on this
President's
In Europe and in Asia were pending. It was asserted that the
determination was in harmony with precedents previously established,
It was
made especially notable in later years by President Wilson.
explained that in doing this Mr. Coolidge was not taking away from the
or responsibility and that in
State Department any of its authority
Secretary Kellogg he found the co-operation which would make his decisions
workable.
Morrow's Visit Recalled.
of
Special significance thus is being given the recent visit to Rapid City
Dwight Morrow, of J. P. Morgan & Co.. a close personal adviser of the
August. It was given out
President. At that time, about the middle of
of
that Mr. Morrow was interested to learn the real political intentions
the President—perhaps for an interpretation of the word "choose" employed by Mr. Coolidge in his now famous cryptic announcement to the
conditions
country—and to give him information as to business and financial
throughout the country.
this
The interest of two of the three French external loans floated in
country is payable with the Morgan Co., it is pointed out, and it is the
refunding
speculation here that Mr. Morrow discussed the subject of the
of the issue in question, originally of $100,000,000, but of which $27,815,300 has been retired, leaving a balance of about $72,184,700. It was
stated at the time of his visit to the summer White House in the Black
Hills that he discussed industrial and financial matters with the President,
so that the assumption here is that the financial affairs of the French
came within that category. . . .
All through the Administration there has been a disinclination to approve
of the flotation of the issues of foreign Governments which have not made
settlement of their war debts with the United States. Secretary of Commerce Hoover has indicated his personal opposition to the loaning of money
abroad except for industrial purposes. He does not apparently favor
French Debt Accord Viewed as Far Off—Minister of
Pensions Doubts Parliament Will Approve It Before
End of 1928.
A Paris cablegram Aug. 27 to the New York "Times"
(copyright) stated that in view of the approaching general
election there is no chance of the Mellon-Berenger debt
agreement receiving the approval of the French Parliament
before the end of 1928. Continuing the cablegram said in
part:
Such was the definite indication given to the New York "Times" correspondent to-day in conversation with Louis Marin, Minister of Pensions.
M. Main, who Is one of Premier Poincare's closest advisers and leader
of the Nationalist group in the Chamber of Deputies,said it was quite likely
the Government would make another temporary debt arrangement covering
the year 1928 and similar in character to the one which payment was being
made this year.
The terms of this year's agreement provide for payment of $30,000,000
which Is the same amount France would have paid had she ratified the
Mellon-Berenger agreement. M. Mann believes France will willingly pay
a like amount next year.
The Minister of Pensions explained that in the present state of public
opinion it would be impossible to obtain parliamentary approval to any
debt agreement tying up the taxpayers for a period of sixty-two years.
When the average Frenchman contemplated payment of the debt for
more than sixty years he threw up his hands in despair and said no. But
'when he was told that an agreement had only been signed for twelve months,
even though the total payment was the same as under the Mellon-Berenger
accord, he accepted the situation without protest.
French Treasury Not Buying Dollar Bonds in American
Market.
The New York "Journal of Commerce" reported the
following from Paris Aug. 29:
SEPT. 31927.]
TH l
CHRONICLE
No purchase of French dollar bonds in American markets has been made
by order of the French Treasury, according to information received by the
Agence Rconomique et Financiere, in denial of New York cables to the
effect that extensive buying of this order was in progress. It was further
stated that rumors spread through the political press concerning Imminent
new conversion operations lack foundation.
1265
French Ambassador Claude' informally indicated to State Department
officials to-day that his Government may attempt to refund Its New York
loans, now bearing 8% interest.
The department did not indicate its approval of such an undertaking,
Inasmuch as no formal proposal was submitted, it is understood. As
reported exclusively by the United Press last Saturday, the Administration
Is Inclined to permit the anticipated funding operation while retaining its
ban against new private loans to France.
Helping to Save French Franc—Burning Up Money
From Paris the following Associated Press advices were
to Aid Exchange—Voluntary Contributions to
announced last night:
Special Fund 294,742,435 Francs.
A report that France would seek a new loan in the American market
From its Washington bureau, the "Wall Street Journal" was denied from Premier Poincare's office in the Ministry of Finance
to-day, where it was stated that the only financial operation contemplated
of Aug. 23 reported the following:
Reports of the progress being made by France in burning up money to
help her exchange have reached here. A formal ceremony is described
which took place at the French Mint early in July, at which time approximately 19.000.000 francs worth of securities, turned in by their owners as
voluntary contributions to "save the franc," were incinerated in the furnaces
of the mint.
Under a finance law of March 31, 1926, the French Minister of Finance
was authorized to receive voluntary contributions to be carried in a special
Treasury account and to be applied exclusively to the amortization of the
short term debt. At that time the franc was on the downgrade,and in April
1926, there was created a national committee charged with receiving the
voluntary contributions. The committee, headed by Marshal Joffre, made
an official appeal to the public and indulged in a great deal of propaganda.
Since then, of course, the franc has improved to the extent of 50% as compared with its value in July, 1926.
Total voluntary contributions up to June 30, 1927. reached 294.742,435
francs, divided as follows:
Francs
In cash
228,084,162
(of which 48,193 francs from the sale of jewelry and other
precious articles turned in)
In State rentes: 3.528,070 francs of rentes, representing a nomi66,658,273
nal capital of
These rentes were divided as follows:
5.371.833
3% rente
29.500
3% amortizable rente
1,200
33 % amortizable rente
7,196.200
1917 4% rente
14.573.550
1918 4% rente
6,627.940
1916-1916 5% rente
4.064.500
5% amortizable rente
27,221.050
6% rente
1,561.000
19254% ronto
Alsace-Lorraine 3% rente
11.500
In treasury securities
7,519.700
In Credit National securities
1,397.500
In miscellaneous securities
82,500
As soon as these securities were turned in they were canceled in the ledger
of the public debt of France. The formal destruction of securities at the
mint in July involved 22,774 rente securities of the State. representing
nearly 900,000 francs in rentes and a nominal capital of about 19,000.000
francs. Voluntary contributions still continue.
at present is conversion of the 8% loan floated in 1920. (M.Poincare holds
the portfolio of Finance as well as the Premiership).
,
A communique was issued rearlier
Contrary to certain announcements appearing in New York and reproduced by part of the French press, there is no question of issuing a new
French loan on the American market. This was announced to representatives of the American press by our Ambassador and financial attache on
their arrival in New York.
The only operation which can be contemplated atthe moment is conversion of the 8% loan issued in the United States/in 1920, conversion
having been the object of authorization by Parliament.
P. B. de Sousa of Aldred & Co. on Return from Europa
Reports Improved Conditions in France. Tax Reduction in Italy is of Advantage to Nation.
The friendly relations existing in Italy between labor and
industry and the substantial tax reductions which have affected all classes, are proving of inestimable advantage to
the nation, according to P. Bon de Sousa, Paris banker and
correspondent of Aldred & Co. who returned from Europe
this week. Mr. de Sousa was impressed by the results of
these tax reductions which are estimated to amount to
550,000,000 lire per year, and, in making a report of his
investigations to the International Power Securities Corporation, said:
The economics which have been introduced by the Government in the
conduct of its business have resulted, not only in the balancing of the country's budget, but also in permitting the Goverment to make a very substantial reduction in its taxes. These reductions cover a broad field and
are estimated to amount to 550,000,000 lire per year.
It is difficult for countries outside of Italy to understand at present the
spirit which animates the Italian Government and the Italian people.
There is very intense patriotism widely spread among all classes of people
combined with a very practical Governmental administration and a better
understanding between labor and industry, brought about by the sympathetic attitude of the Government toward each. The great port improvements which are under way,the attention which is being given to the tourist
business, the modernization of highways, the furthering of agriculture
by the spreading of information through agricultural schools and by means
of regulations—all these factors are evidence of the country's propose.
There has been a great move to decrease imports and to assist manufacturing for export in order to help Italy maintain a stable currency. It is
perhaps not generally realized that Italy is now the third shipping nation
In the world. Restriction of emmigration for the purpose of keeping the
better labor and intelligence of Italy at home where it may help the Mother
country is being introduced.
Repayment By French Treasury to Bank of France
During Year of 14 Billion Francs—Stabilization of
Franc Expected to Be Deferred Till After General
Elections Next May.
In a cablegram from Paris Sept. 1 (copyright) to the New
York "Times" Edwin L. James has the following to say
Commenting on the present state of France, Mr. de
regarding the repayment by the French Treasury of advances Sousa said:
In France I found conditions considerably improved owing primarily
made by the Bank of France.
The French Government announced to-day that in the year since Raymond Poincare has been Premier and Finance Minister the Treasury
has repaid to the Bank of France about 14,000.000.000 francs of advances
to the State. The Bank of France weekly statement to-day indicates completion of the movement to reduce by 4,000,000,000 francs the legal limit
of advances to the State.
A year ago, when M.Poincare took hold of the messy fiscal situation, the
advances of the bank to the State stood at 38,350,000,000 francs and there
remained available only 150,000,000 francs. To-day the advances stand
at 24.650,000.000 and even with the reduction of the limit from 36.500,000,000 to 32,000,000.000 there remains available 7.000,000,000 francs.
The reduction of more than 4,000,000,000 in the limit of advances represents the turning over to the Bank of France of the product of the recent
6% loan, and in that sense does not decrease the total indebtedness of the
French Government. However, it does better the position of the Bank of
France.
It is worth while noting that during the time the advances to the State
have been cut 14,000.000.000, circulation has fallen only about 4,000,000,000 and Is now standing at 53,266.000,000 francs.
In considering the general position of French finances it may be pointed
out that, in addition to $800,000,000 in gold, the Bank of France and
the Treasury have acquired in the last year nearly $1,000,000,000 worth
of foreign gold assets. While, of course, these do not belong to the State,
they represent transactions based on credit operations made possible by the
return of French capital which went into foreign investments prior to the
Poincare regime.
Premier Poincare's friends are counting on his excellent management
of the State's finances to protect him against attacks due when Parliament
meets in October. While his enemies have a majority they have been
hesitant in the past about using their power for fear of precipitating another
franc crisis. It now appears likely that M.Poincare will yield to the advice
of his friends and abstain from stabilizing the franc until alter the elections
next May.
While one would never impute to a man of M. Polncare's character a
program based merely on political considerations, some of his adherents
unquestionably foresee the force of a political platform along the lines that
P0111Care and the franc stand or fall together. However that may be, the
plan favored by a number of Ministers for stabilization of the franc at
twenty centimes gold prior to the re-entry of Parliament seems for the
present quiescent.
If M. Poincare and his supporters win the May elections, the way will
be open for definite stabilization of the franc. If, however, as now seems
more likely, the Left retains its majority in the Chamber, the situation
will become uncertain.
United Press advices from Washington in the "Sun"
last night (Sept. 2), said:
to the success of the present Ministry towards stabilizing the value of the
franc. The increase in the value of the franc In some instances has resulted in the development of difficulties in the movement of export products. As an offset, however, the higher value of the franc with its greater
purchasing power benefits manufacturers in the purchase of raw materials
in foreign markets. Certain indistries, such as those concerned with the
generation and distribution of electricity, are in an improved condition
and this has been reflected in the market quotations of the shares of the
respective companies.
Germany Completes Third Year Payment to Allies—
S. Parker Gilbert Announces Receipt of 1,500,000,000 Marks under Dawes Reparation Plan.
S. Parker Gilbert, Agent General for Reparation Payments, announced that with the payment on Sept. 1 of
55,000,000 gold marks by the German Railway Co., Germany has completed the payments for the third year undothe Dawes Plan, amounting to 1,500,000,000 marks, except
for a balance of 20,000,000 on account of the transport tax,
which is not due until Sept. 15. A copyright cablegram
from Berlin, Sept. 1 to the New York "Times" in making
this known, added:
To-day's payment by the German railways represents the balance that
was due on account of the third year's interest on its reparation bonds,
"Germany thus has made fully and punctually all payments falling
duo during the third year of the expert's plan," the Agent General states
In a communique.
Transfers in foreign currencies during the third year, which ended yesterday, amounted to 49.5% of the total transfers, as compared with 35.35%
for the second year. Though the payments in kind show a 14% drop,
the amount of transfers in German marks also dropped. Of the total cash
transfers the third year 50.55% were German currency, compared with
64.65% the second year.
Greater Inflow from Abroad.
Due to Germany's increased export and tourist travel a great amount of
foreign money flowed into the Reich's treasury. During the third
year
73,522,000 marks was paid for maintenance of armies of occupation
and
6,847,000 for inter-allied commissions.
During the present year which started to-day Germany's
reparation
payments will total 1,250.000,000, which is the last year of the
transition
period. Payments will be increased to 2,500,000,000
after that periOd.,
1266
THE CHRONICLE
During the coming year the budget will be obliged to bear a burden of
500,000,000 instead of 110,000,000, as during the third Dawes year.
For the past few years German receipts from taxes and customs have
shown substantial excesses over budgetary estimates, but last year these
were disposed of in an extraordinary budget totaling nearly 1,000,000,000
marks.
Though neither Agent General Gilbert nor the German Government
was willing to express an opinion concerning the future of the Dawes
plan, there is a general feeling that the Reich can stand the strain, especially
since her industries are showing progress. Invisible imports, such as
tourist trade, the German merchant marine and through freight carried
on the Reich's railroads, offset an unfavorable trade balance.
Large Decrease in Loans.
The steadily increasing prosperity of Germany is further demonstrated
by the Berlin "Tageblatt" in a report published to-day, showing not only
that foreign but also domestic loans have decreased largely during the
present year. While banks and industries borrowed 1,400,032,000 marks
in foreign countries in 1925 and 1,600,097,000 marks in 1920, loans raised
abroad this year up to Aug. 31 amount to only 718,000,000.
This means that the total borrowings from foreign countries for the
present year will barely exceed 1,000.000,000 marks. Domestic loans
decreased correspondingly and will probably amount to 70% of last year's.
The report also shows that the efforts of the Roichsbank to make more
money available for agriculture by curbing stock speculation has been
highly successful. Farmers up to yesterday received advances amounting to 192.000,000 marks, against only 67,000,000 all of last year.
There is no fear on either side about reparation payments for the coming
year. The first real test will be the fifth or standard year.
German Reparation Receipts and Payments
During July.
Receipts during July of 111,733,174 gold marks are
reported by the Agent-General for Reparation Payments,
while payment during the month are indicated as 95,533,499
gold marks. The following is the statement, issued Aug. 8,
giving details of the receipts and disbursements:
OFFICE OF THE AGENT-GENERAL FOR REPARATION PAYMENTS.
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE THIRD ANNUITY
YEAR TO JULY 31 1927.
(On cash basis, reduced to gold mark equivalents.)
Third Annuity
Month of
Year-Cumulatire Total to
July
1927.
July 311927,
Gold Marks.
Gold Marks.
A. Receipts in Third Annuity Year
I. In Completion of Second Annuity
(a) Transport Tax
8,095,425.61
(b) Interest on Railway Reparation Bonds_
45,000,000.00
2. On Account of Third Annuity
(a) Normal Budgetary Contribution
9.166,666.66 100,333,333.33
(b) Supplementary Budgetary Contribution__ 34,800,000.00 230,400,000.00
(c) Transport Tax
22,500,000.00 247,500,000.00
(d) Interest on Railway Reparation Bonds____ 45,000,000.00 450,000.000.00
(e) Interest on Industrial Debentures
125,000,000.00
3. Interest received
266,507.85
2,267,451.37
Total Receipts
B. Balance of Cash at Aug. 31 1926
111,733,174.51 1,209,006,210.31
93,626,074.81
Total Cash Available
C. Payments in Third Annuity Year
1. Payments to or for the account of-France
British Empire
Italy
Belgium
Serb-Croat-Slovene State
United States of America
Rumania
Japan
Portugal
Greece
Poland
1,302,722,285.12
41,697,521.48
22,926,558.02
7,348,872.26
4,038,037.09
3,554,229.03
5,885,668.29
657,578.66
299,685.33
527,192.86
205,471.80
505,323,627.01
248,846,030.61
77,680,303.66
57,152,720.45
38,858,288.51
80,633,239.10
9,087,982.25
6,456,181.72
6,358,291.00
3,326,136.60
237,310.97
.
87,140,814.82 1,033.360,111.88
Total Payments to Powers
7,701,092.09 82,000,106.18
2. For Service of German External Loan 1924
3. For Expenses of
826.87
Reparation Commission
2,269,399.28
308,301.44
3,247,255.43
Office for Reparation Payments
279,573.90
2,663,058.69
Inter-Allied Rhineland High Commission
.
1,233,279.66
Military Inter-Allied Commission of Control_
5.928.02
72,657.16
4. Costs of Arbitral Bodies
5. Discount on amounts received from Deutsche
Reichsbahn Gesellschaft In advance of due
454,003.04
6,252,488.83
date
Dr417,041.03
295,929.77
6. Exchange differences
Total Payments
D. Balance of Cash at July 31 1927
95,533,499.15 1,131,994,286.88
170,727,998.24
1,302,722,285.12
• See Tables I and II for analysis of payments by category of expenditure and
by Powers.
TABLE I-TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING
TO CATEGORY OF EXPENDITURE.
Third Annuity
Year-CumulaMonth of
tire Total to
July
July 31 1927.
1927.
Gold Marks.
Gold Marks.
1. Occupation Costs
2,757,791.44 34,276,646.94
(a) Marks Supplied to Armies of Occupation_
(b) Furnishings to Armies under Arts. 8-12 of
3,463,275.24 32,656,604.68
Rhineland Agreement
Month of
July
1927.
Gold Marks,
4,055,560.01 142,160,663.24
Total Payments to Powers
87,140,814.82 1.033,960.III.88
TABLE 11
-PAYMENTS TO EACH POWER CLASSIFIED
ACCORDING
TO CATEGORY OF EXPENDITURE.
i 44
Third Annuity
Month of
Year-GumulaJuly
tire Total to
1927.
July 31 1927.
Payments to or for Account ofGold Marks.
Gold Marks.
1. France
(a) Marks supplied to Army of Occupation
(b) Furnishings to Army under Arts. 8-12 of 1,499,598.11 22,690,219.02
Rhineland Agreement
2,328,106.02 22,325,811.93
(c) Reparation Recovery Act
4,252,528.84 56.804,901.97
(d) Deliveries of coal, coke and lignite
11,233,358.22 166,639,705.55
(e) Transport of coal, coke and lignite
864,796.88 17,784,678.92
(f) Deliveries of dyestuffs and pharmaceutical
products
371,609.94
2,823,192.69
(g) Deliveries of chemical fertilizers and nitrogenous products
3,429,445.20 37,723,600.50
(h) Deliveries of coal by-products
1,057,819.67
4,982,336.84
(1) Deliveries of refractory earths
12,262.33
137,564.20
(1) Deliveries of agricultural products
7,544,535.32 16,393,810.95
(k) Deliveries of timber
1,487,648.77 21,105,156.86
(I) Deliveries of sugar
1,815,699.42 13,007,356.47
(m) Miscellaneous deliveries
6,355,112.76 64,929,451.38
(n) Miscellaneous payments
75,000.00
882,678.55
(o) Cash transfers:
(i) Settlement of balances owing for deliveries made or services rendered by
the German Government prior to
Sept. 11024
286,584.56
(II) In foreign currencies
56,706,576.62
Total France
41,697,521.48 505,323,627.01
2. British Empire
(a) Marks supplied to Army of Occupation
1,248,219.43 11,496.681.13
(b) Furnishings to Army under Arts. 8-12 of
Rhineland Agreement
821,761.88
7,001,723.53
(c) Reparation Recovery Act
20,856,576.71 206,588,732.57
(d) Miscellaneous payments
15,849.41
(e) Cash transfers
(1) Settlement of balances owing for deliveries made or services rendered by
the German Government prior to
Sept. 1 1924
35,022.76
(ii)In foreign currencies
23,618,021.21
Total British Empire
22,926,558.02 248,846,030.61
3. Italy
(a) Deliveries of coal and coke
4,997,998.84 41,203,998.96
(b) Transport of coal and coke
1,570,524.54 12,150,203.57
(c) Deliveries of dyestuffs and pharmaceutical
products
129,401.62
2,786,547.25
(d) Deliveres of coal by-products
258,127.52
3,886,795.36
(e) Miscellaneous deliveries
391,822.49
9,591,793.61
(f) Miscellaneous payments
49,719.30
997.25
(g) Cash transfers in foreign currencies
8,005,245.61
Total Italy
7.348,872.26 77,680,303.66
4. Belgium
(a) Marks supplied to Army of Occupation
9,973.00
89,746.79
(b) Furnishings to Army under Arts. 8-12 of
Rhineland Agreement
313,407.34
3,239,060.22
(c) Deliveries of coal, coke and lignite
3,928,971.84
(d) Transport of coal, coke and lignite
433,719.54
(e) Deliveries of dyestuffs and pharmaceutical
products
574,292.62
5,430,118.12
(1) Deliveries of chemical fertilizers and nitrogenous products
798,496.87
8,850,846.00
(g) Deliveries of coal by-products
8,346.46
284,831.29
(h) Deliveries of timber
80,431.50
2,257,305.24
(I) Miscellaneous deliveries
2,253,088.40 26,293,746.23
(J) Miscellaneous payments
11,252.68
(k) Cash transfers:
(1) Settlement of balances owing for deliveries made or services rendred by
the German Government prior to
Sept. 1 1924
115,487.79
(ii) In foreign currencies
6,217,629.71
Total Belgium
4.038,037.09 57,152,720.45
5. Serb-Croat-Slovene State
(a) Deliveries of pharmaceutical products
109,929.70
(b) Miscellaneous deliveries
3,535,281.34 38,539,403.88
(c) Miscellaneous payments
18,947.69
208,954.93
Total Serb-Croat-Slovene State
3,554,229.03 38,858,288.51
6. United States of America
(a) Deliveries under agreement
1,830,108.28 35,412,752.44
(b) Cash transfers in foreign currencies
4,055,560.01 45,220,486.66
Total United States of America
5,885,668.29 80,633,239.10
7. Rumania
(a) Miscellaneous deliveries
(b) Miscellaneous payments
(e) Cash transfers in foreign currencies
657,578.66
8,132,261.85
5,098.83
950,621.57
Total Rumania
6,57,578.66
9,087.982.25
299,685.33
2,744,673.51
3,071,189.82
640.318.39
8. Japan
(a) Deliveries of chemical fertilizers and
nitrogenous products
(b) Miscellaneous deliveries
(c) Cash transfers in foreign currencies
Total Japan
16,231,357.06
2,435,321.42
1,075,304.18
4,227,942.07
1 324 293.65
12,262.33
7,544,535.32
1,568,080.27
1,185,699.42
14,225,233.64
211.872,676.35
30,374,602.03
11,149,787.76
49,319,120.01
9,153,963.49
137,564.20
16,580,403.95
23,362,462.10
13,007,356.47
159,916,100.86
49,830,029.36 524,874,037.22
3. Deliveries under Agreement
4. Reparation Recovery Acts
1.830,108.28 35,412,752.44
25,109,105.55 263,393,634.54
299,685.33
6,456,181.72
9. Portugal
(a) Miscellaneous deliveries
(b) Cash transfers in foreign currencies
527,192.86
6,032,117.49
326,173.51
Total Portugal
527,192.86
6,358,201.00
205,471.80
3,326,136.60
10. Greece Miscellaneous deliveries
11. Poland
(a) Deliveries of agricultural products
(b) Miscellaneous payments
(c) Cash transfers:
(1) Settlement of balances owing for deliveries maAle or services rendered by
the German Government prior to
Sept. 1 1924
(ii) In foreign currencies
Total Poland
5. Miscellaneous Payments
94,944.94
Third Annuity
Year-Omit/fatire Total to
;
July 31 1927
Gold Marks
6. Cash Transfers
(a) Settlement of balances owing for deliveries
made or services rendered by the German
Government prior to Sept. 1 1924
459,582.16
(b) In foreign currencies
4,055,560.01 141,701,081.08
6,221,066.68 66,933,251.62
2. Deliveries in Kind
(a) Ccal, coke and lignite
(b) Transport of coal, coke and lignite
(c) Dyestuffs and pharmaceutical products
(d) Chemical fertilizers and nitrogenous products
(e) Coal by-products
(f) Refractory earths
(g) Agricultural products
(h) Timber
(1) Sugar
U) Miscellaneous deliveries
VoL. 125.
186,593.00
12,219.12
22,491.05
16,007.90
237,310.97
1,185,772.82
Grand total
87,140.814.82 L033.060.111.88
SEPT. 3 1927.]
THE CHRONICLE
1267
of the fact that the gold stock, as mentioned, was reduced during the
month.
The transactions on the Copenhagen Stock Exchange in stocks and
bonds were in July smaller than In June (the month when the half
-yearly
payments of interest on mortgages take palce) the average weekly transThe Andrei Brothers' Bank formally was pronounced bankrupt by the actions in bonds amounting to 2.7 million krone (June. 3 million krone).
local Tribunal. A warrant was issued for the arrest of Gianluigi Andrei. and in stocks 1.2 million krone (June. 1.3 million bone). In July 1926
Deficit is estimated at 30.000,000 lire.
the figures were, however, somewhat smaller, namely, respectively 2.4
and 0.9 million krone, as also the index for the stock exchange quotations
shows a greater interest in the stock exchange. There was, however,
Increase in Gold Reserves of Bank of Poland.
no essential change since last month, as the bond index for July was 89.2
The Bank of Poland increased its gold reserves 2,800,000 (June 89.4) and the stock index 92.8 (June 92.3) when the quotations
July 1 are fixed at 100. But for July 1926 the corresponding figure was
zlotys to 163,000,000 zlotys during July. This represented 86.1 and 87.9 and the progress is shown in all groups of stocks (bank
of 28,400,000 zlots since July 31 1926. Foreign stocks from 78.4 to 82.6. shipping stocks from 103.2 to 108.3. and industrial
an increase
exchange reserves were increased 1,900,000 zlotys to 220,- stocks from 83.6 to 91.6).
Unemployment at the end of July was only slightly greater than at
700,000 zlotys during July, or an increase of 129,400,000 the same time last year, namely 17.3, against 16.8%. as the difference
According to advices re- in the industrial professions proper was still smaller, namely 19.2, against
zlotys since the previous year.
ceived by the Bankers Trust Co. of New York from its 19.1%.
The Government's revenue from consumption taxes was in July 23
Foreign Information Service, corresponding to the steady million bone, of which 10.8 million krone were customs taxes proper.
expansion in business in Poland, discounts of the Bank of The corresponding figures in July 1926 were 24.9 and 10.7 million bone.
Italian Bank at Turin Closed.
The following from Turin (Italy) appeared in the "Wall
Street Journal" of Sept. 1:
Poland reached the highest figure in the past two years of
406,000,000 zlotys. The company, under date of Aug. 29,
says further:
City of Danzig Inaugurates Monopoly in Tobacco.
Advices from Washington Aug. 29 to the New York
"Journal of Commerce" stated:
This compared with 387,752,000 zlotys on June 30 and 304.200.000 zlotys
on July 31 1926. Loans on securities and investments also continued to
A complete tobacco monopoly, controlling imporation, cultivation,
advance, the former at 21,200.000 were 2,100.000 zlotys larger than on
sale, has been inaugurated by the Free City of Danzig,
June 30, while the latter at 23,500,000 zlotys were 5,100,000 zlotys larger manufacture, and
as provided for in the agreement of MarchF31 1927 between Danzig and
than at the end of the previous month.
the Department of Commerce to-day.
The outstanding note circulation of the bank also reached the highest Poland, according to advices to
will be operated on a basis similar to that of the Polish
figure in the past two years, 744,800.000 zlotys, as compared with 727,500.- The new monopoly
fr_ 1204
monopoly, it wae_stated.Wil
000 zlotys on June 30 and 495,200,000 zlotys a year ago. The ratio of gold tobacco
and foreign exchange to note circulation was slightly lower on July 31 than
at the end of the preceding month. 50.8% as compared with 51.1%, but
Decree Issued in Spain Authorizing Importation
considerably higher than the ratio of 30.4% for July 31 1926. Figuring
of Corn.
reserves at their full value in papal' zlotys, the
gold and foreign exchange
present reserve is equal to 74.5% of note circulation.
A decree temporarily authorizing the importation of
The principal items in the Bank of Poland financial statement for June 30
foreign corn into Spain was issued on Aug. 29, according
and July 31 as received by the Bankers Trust Co. are as follows:
to Associated Press advices from Madrid.
DANK OF POLAND.
July 311927.
June 30 1927.
Zlotys,
Zlotys.
AssetsCuba Negotiatingi$200,000,000 Loan-Half Would Be
Specie
Zlotys 160,714,856.47
Cold
Marketed:Soon and the Balance Next Year.
164,659,096.41
161,682,740.87
967,884.40
Silver
220,701,731.82
218,879,461.42
Foreign exchange
The following is from the New York "World" of yesterday
181,370,233.77
Exchange difference on specie and foreign exch. 176,398,230.44
406,064,276.76 (Sept. 2).:
387,752,867.32
Bills discounted
21,287,704.45
19,102,279.37
Loans on securities
23,578,778.80'
18,497,816.41
The Cuban Government, it is understood, is considering the flotation of a
Investments
127,174.153.47 loan in this market which may amount to $200,000,000. When and if
129,009,737.72
Other
part of this amount, probably $100,000,000,
1,111,323,133.55 1.144,845,975.48 negotiations are completed,
would be marketed soon and the balance some time next year.
Liabilities
100,000,000.00
100,000,000.00
Proceeds of the proposed loan, it is said, would be used to defray part
Capital
4,653,130.00 of Cuba's extensive road building program and some money may be used in
4,653,130.00
Reserve
744,685,170.00
727,513,080.00
Circulation
erecting sugar warehouse facilities Ili:various localities.
Deposits
Zlotys 95,605,054.60
Treasury
226.945,209.61
215,191,542.05
119,586,487.45
Other
68,382,465.87 Mexico Renews Effort to Steady Silver Money-Banks
63.965,401.50
Other
Co-operating with Finance Ministry on Manner of
Solving Problems Indicent to Currency Rehabilitation Program.
Economic and Industrial Conditions in Denmark
The following Mexico City advices are from the "Wall
During July.
Street Journal" of Aug. 31: frA
The Danish National Bank of Copenhagen and the
Efforts of the finance ministry to stabilize Mexican silver currency con31) the tinue unabated. In this connection a meeting was held by the Finance
Danish Statistical Department have issued (Aug.
Ministry with representatives of the various banks established in Mexico
following statement regarding the economic and industrial City which have been co-operating with the government in the developduring July 1927.
conditions in Denmark
ment of its plan for rehabilitation of the silver currency. The following
1,111,323,133.55
1,144,845,975.48
The Danish export of agricultural products was in July greater in all statement was issued: "Object of the meeting was to discuss new measures
products than in July 1926, and essentially larger in the most important for the plan in order that the steps which are being taken may give the best
products, butter and bacon. The average weekly exportation was: results. The Finance Ministry is proposing a general scheme, the basis of
Butter, 3,134,000 kilos (July 1926. 2.743.800 kilos); eggs. 1.087.300 scores which is co-ordination of activities of banking institutions for silver stabi(July 1926. 1,062.800 scores); bacon. 5,053.200 kilos (July 1926. 3.257,200 lization in such a way that all factors interested shall produce the effects
kilos); beef, 1,023,400 kilos (July 1926, 907,400 kilos).
desired.
The prices on the exported products did not differ much from the prices
"The bankers were notified that the Finance Ministry is convinced that
in general somewhat lower than in July 1926. The they are assisting development of measures being taken, as far as it is
in June 1927 but were
average weekly quotations were: Butter, 264 bone (July 1926, 294 bone) possible within their economic capacity, and that by acting with closer
per 100 kilos; eggs. 1.27 krone (July 1926, 1.28 bone) per kilo; bacon, co-operation the desired success will be obtained once public confidence
1.40 bone (July 1926, 1.81 bone) per kilo; beef, 62 ore (July 1926, 56 ore) is secured.
per kilo on the hoof.
"The bankers have expressed their entire approval of the attitude of the
The trade balance with the foreign countries in June showed for imports ministry and at future meetings further details will be discussed in order to
136 million krone and for exports 140 million krone, so that exports were effect improvement in the relation of gold and silver currency.
in excess of imports with 4 million krone. June 1926 had an excess of
"A total of 80.000 sliver pesos are being converted into silver bars daily
imports of 6 million bone. For the first half of 1927 imports exceeded at the mint. In the meantime the Bank of Mexico will continue to send to
with 40 million lame, against 22 million krone in 1926.
exports
that place its silver collections until the 5,000.000 pesos which are to be
The Statistical Department's wholesale index was also for July as for demonetized are collected."
the previous three months, 152. As far as the individual groups are
concerned, there was a slight decrease in the food products and feeding
Return of;Argentina to Gold Basis.
stuffs also in metals, while there was an increase in the fuel as a result
of the sales duty enforced from July 1 on benzine. There was also an
Supplementing the item appearing in our issue of Aug. 27
increase in the prices of wearing apparel.
The freight rate figure, which is averaged from the quotations during (page 1120) regarding the return of Argentina to a gold basis,
the months, showed a decrease from June to July from 110.0 to 107.2, we quote the following Associated Press advices from Buenos
In spite of some increase during the end of July. For July 1926 the figure
Aug. 28:
was fixed at 104.4. Concerning the bank and financial conditions the Aires
The return to the gold standard, which had been requested on many
following should be noted:
The total loans of the three private principal banks decreased with over occasions since the close of the war, is viewed in the most favorable light in
decision, saying
4 million bone, and the deposits about 14 million bone. This greater all circles. Press editorials applaud the Administration
decrease in the deposits than in the loans is mainly due to conditions con- that the reasons which prompted the close of the official conversion office
disappeared, adding that among
nected with the half-yearly summary, tem, and the three banks have (Caja de Conversion) in 1914 have entirely
therefore, in spite of the mentioned shifting, by using outstanding debts the favorable results will be the establishing of exchange.
The question of re-opening the office was taken up by Congress on
and by increasing the debts to the other domestic banks and savings
banks-however, only to a small extent to the National Bank-been several occasions, precipitating long debates, with the Finance Ministry
closure ought to be maintained until
able to reduce the net debt to the foreign Countries with about 20 million of the Administration believing the
War no longer affected the
krone. Of this amount is about 4 million bone put at the disposal by the conditions brought about by the World
stock of foreign valuta during the month only international securities market.
the National Dank, whose
Those who demanded the re-opening of Caja pointed out that when the
Increased about 6% million bone, in spite of the fact that the bank has
war started the gold fund in Caja amounted to 194.452.622 gold pesos,
sold gold for about 103' million bone.
while now, when the emergency has passed, it has reached 455.663.784 gold
The amount of bills in circulation from the National Bank decreased
of an increase of more than 20,000,000 gold pesos
during the month from 368.2 to 353.2 million krone, BO that the percentage pesos, with a prospect
was about 56, against 57 ultimo June. In spits more before the close of the year. These figures, the same persons con.
for covering ultimo July
1268
THE CHRONICLE
[VOL. 125.
tend, prove that there never was any necessity for keeping the office closed
secured by lien on any of its revenues or assets or assign any of its revenues
throughout the post-war period.
or assets as security for any guaranty of any obligation, the bonds of this
The "Buenos Aires Herald" comments: "Let us be thankful. The great Issue
shall be secured equally and ratably with such other loans or bonds or
decision has at last been made. Further entreaties, 'Loss on exchange,'
such guaranty.
will no longer be made in the books of the great foreign companies operating
Sinking Fund.
In Argentina."
Beginning March 1 1928, and semi-annually thereafter on Sept. 1 and
March 1 in each year, the Government covenants to pay to the fiscal agents
Buenos Aires Seeks $4,500,000 Loan.
as a sinking fund an amount equal to one-half of 1% of the maximum amount
ofthese bonds at any time theretofor issued plus an amount equal to accrued
The "Journal of Commerce" yesterday (Sept. 2) said:
and unpaid interest on all bonds previously acquired through the operation
The City of Buenos Aires is in the market for a loan of $4,500,000. accord- of
the sinking fund. All sinking fund payments are to be applied to the
ing to advices from Argentina. It is expected that the loan will bear interpurchase of bonds below par through tenders or if not so obtainable, to the
est at 6% and that the proceeds will be used in financing various public
redemption of such bonds by lot at 100 and interest on the next succeeding
Works and constructions that have been in progress. The last financing
interest payment date. Sinking fund payments may be increased by the
done in this market by Buenos Aires was in July, when a 6% loan of $3,executive power if considered advisable.
396.000 maturing in 1960 was offered at 973i by a syndicate headed by
Blythe, Witter & Co.
Finances.
The proposed loan, it is said, represents all the new capital that Buenos
The national debt of Argentina as of June 30 1927, at gold partities of
Aires expects to need for some time to come. It is believed, however, that exchange amounted to the equivalent of
$1,090,525.643 United States
before a very long time has elapsed. if market conditions are favorable, the gold, or about $109 per capita. A substantial portion
of this indebtedness
city will make an attempt to float a refunding loan in this market for the was incurred for the acquisition of revenue producing
properties and public
purpose of retiring the outstanding 6 % bonds, and replacing them works. According to the Government's census of 1914, the
total value of
with a loan carrying a lower rate of interest, possibly 5 %. At present, Government owned property at that time amounted to
$1,125,000,000
in the opinion of those who are well informed upon the subject, it would including revenue producing properties valued at
$530,000.000. The
hardly be worth while to attempt such an operation, since Just now it is national wealth, based on the figures of the same census, was
in excess of
believed nothing better than a 6% rate could be obtained, and so small $14,500,000.000.
a reduction in Interest charges would hardly be sufficient to pay the exA gold reserve equivalent to approximately $435.900,000 United Stated
penses of floating the loan. With announcement of the reopening of the gold is held against notes In circulation, representing a ratio of
about 78%.
Conversion Office by the Argentine Treasury, however, which means a
An item regarding the return of Argentina to the gold
return of Argentina to an effective gold standard, investment bankers feel
that the position of outstanding Argentine bonds, both Government and standard appeared in our issue of Aug. 27, page 1120.
municipal, has been strengthened, and that in the future it may be possible
for loans to be placed here more advantageously than at present.
Offering of 81,000,000 Bonds of Province of Hanover
(State of Prussia, Germany) Harz Water Works
Offering of $40,000,000 6% Bonds of Argentine GovernLoan—Books Closed.
ment—Books Closed—Issue Oversubscribed.
Lee, Higginson & Co. offered on Aug.31 at 95 and accrued
Offering was made on Aug. 30 by a nationwide banking
syndicate of a new issue of $40,000,000 Government of the interest, to yield about 64%, a new issue of $1,000,000
Argentine Nation external sinking fund 6% gold bonds, Province of Hanover (State of Prussia, Germany)Harz Water
State Railway loan of 1927. The bonds were offered at Works Loan, first series 6% bonds. The books were closed
99 and interest to yield over 5%. The offering was made the same day. The proceeds of these bonds together with
by a syndicate composed of Chase Securities Corp., Blair & additional issues (the total not to exceed $6,000,000 on
Co., Inc., Ernesto Tornquist & Co., Ltd., of Buenos Aires, account of construction now contemplated) will be used to
Halsey, Stuart & Co., Inc.; Brown Brothers & Co.; the provide part of the cost of construction of a comprehensive
Equitable Trust Co. of New York; Graham, Parsons & Co.; system of water works in the Harz Mountains to be built to
Union Trust Co. of Pittsburgh; Union Trust Co., Cleve- control floods, supply drinking water to the larger cities of
land, O.; Blyth, Witter & Co.; E. H. Rollins & Sons; Minois the Leine Valley, including the city of Hanover, and also to
Merchants Trust Co., Chicago; Continental & Commercial generate electric power.
The bonds offered this week will be dated Aug. 1 1927
Co., Chicago; J. G. White & Co., Inc., and Hemphill,
Noyes & Co. The closing of the subscription books, and the and will run until Aug. 1 1957. A cumulative sinking fund,
oversubscription of the bonds was announced almost first payment May 1 1932, is provided on these bonds
coincident with the opening of the books on Aug. 30. This sufficient to retire the entire issue by maturity. The bonds
financing is of particular interest, since it followed closely will be callable on any interest date as a whole, on and after
the announcement of the Presidential decree re-establishing Aug. 1 1932 at 102, decreasing on Aug. 1 1937 to 100, and
unlimited convertibility into gold of the Argentine currency, in part only for the sinking fund on and after Aug. 1 1932 at
thus placing Argentine on a gold basis. The bonds will be 100 plus accrued interest in each case. They will be coupon
the direct obligation of the Argentine Government and will bonds in denominations of $1,000 and $500. Principal and
be redeemable through a cumulative sinking fund commenc- interest will be payable in Boston, New York and Chicago
ing March 1 1928 calculated to be sufficient to retire the at the offices of Lee, Higginson & Co., fiscal agents for the
entire issue before maturity, Sept. 1 1960. Commenting service of this loan, in United States gold coin of the present
on the floating of the bonds by the Blair-Chase Securities standard of weight and fineness without deduction for any
taxes present or future imposed by the German Reich or
group, the "Journal of Commerce" of Aug. 30, said:
Wall Street was surprised by the announcement yesterday that a loan of any taxing authority therein. The following information is
$40.000,000 bad been arranged for the Argentine Government by a group summarized from a letter to the
bankers from the Governor
of bankers headed by the Chase Securities Corp. and Blair & Co. This is
the first Argentine loan since 1924 that has not been handled by J. P. (Landeshauptmann) of the Province of Hanover:
The Province of Hanover Is one of the most important agricultural and
Morgan & Co., and the National City Co., and the change in bankers has
aroused much interest, as an indication of increased competition for South industrial areas in Germany and one of the largest provinces in the State
of Prussia. It has an area of about 14,900 square miles or over one-twelfth
American business.
It is understood that a number of bids for the Argentine loan were of the total area of Germany; its population exceeds 3,200,000. . . .
The total present direct debt, including these bonds, amounts
entered by New York houses, showing a return to the keen rivalry which
to less
bankers have recently deplored. According to a report heard in several than $6,500,000 or slightly more than $2 per capita. Direct and contingent
debt combined amount to less than $19 per capita.
Important houses, the loan was first awarded to the Argentine banking
In every year since 1900 revenues of the Province have exceeded
house of Ernest. Tornquist & Co. of Buenos Aires, and was sold by them to
expenditures except for the year ended in 1926 when there was a deficit
the Blair-Chase group, of which they are members.
of $36,000.
The fiscal year ended March 31 1927 showed an excess
of revenue of
The new $40,000,000 issue of bonds will be dated Sept. 1 $125,000.
and will mature Sept. 1 1960. The proceeds of this issue will
be applied by the Government to the funding of floating
debt of the Argentine State Railroads. The bonds will be
in coupon form in denominations of $1,000 and $500,
registerable as to principal only. Principal and semi-annual
interest (March 1 and Sept. 1) will be payable in United
States gold coin of the present standard of weight and fineness at the principal office either of the Chase National Bank
of the City. of New York or of Blair & Co., New York,
fiscal agents for the loan, without deduction for any taxes
or other Governmental charges present or future of the
Argentine Government or any taxing authority thereof or
therein.
The following information contained in the offering circular
is credited to Dr. Victor M. Molina, Argentine Minister
of Finance:
Direct Obligation.
These bonds will constitute the direct obligation of the Argentine Government and will be issued under authority of the Budget Law of 1927, Law
No. 11389. The Government covenants that,
if, while any of these bonds
remain outstanding, it shall create or issue or guarantee
any loan or bonds
Security.
The bonds will be the direct obligation of the Province of Hanover.
The Province has no secured debt outstanding and agrees that If in
the
future it shall create any pledge or mortgage on any of its revenue or
property to secure a provincial loan, these bonds will be equally secured.
This loan and the plans for the water works have been approved by the
competent authorities of the German Reich and the State of Prrussla, both
of which are bearing part of the cost of construction.
It is expected that interim receipts will be ready for delivery
on or about Sept. 8.
City of Berlin Arranges Loan—Reaches Agreement
With Dillon, Read & Co. For Housing Loan of
$30,000,000.
An agreement was reached on Aug. 31 between Dillon,
Read & Co. of New York and the Municipality of Berlin for
an American loan of $30,000,000 to finance the city's building
program, according to a message Aug. 31 (copyright) to the
New York "Times." It was also stated therein:
A contract was awarded to the German construction firm of Philipp
Holzmann & Co. to erect the buildings, which will contain 8,000 apartments over which the city will exercise renting control.
SHPT. 31927.]
THE CHRONICLE
is fixed at a figure
The city guarantees the interest on the loan, which
the loan will expire
covering the yearly rate and amortization, so that
of the bonds was
In twenty-six years. The rate of interest for the emission
not made public.
amortization
The plan for giving security on the loan and the method of
by P. W.Chapman
and renting control follow closely the scheme submitted
& Co. of New York, which the city rejected.
In printing the above the "Times" said:
& Co. succeeded
The foregoing dispatch indicates that Dillon, Read
offer prowhere P. W. Chapman & Co. failed because the Dillon-Read
work. Oppovided that German contractors carry out the building
it would have
sition to the Chapman offer also resulted from the fact that
returned 8%, with an additional 1% for amortization. In this connection
watched with interest
the rate of interest on the newly approved issue will be
In financial circles.
on
Early this year Chapman & Co. proposed to build 14,900 apartments
the latest American and German plans, at a cost of between $30,000.000
leasing and to
and $40,000,000, the Berlin municipality to take over the
guarantee an income of $4,000.000 a year.
Among the objections made to the Chapman plans were that they called
required
for four-story houses instead of three, that the projected sites were
for railway stations and the contention that the entire project would cause
a sharp rise in the cost of building material.
B. R. Johnson, Vice President of Chapman & Co., asserted here that
and
opposition to their plans came from a minority of German builders
apartment house owners.
Cash offer to Holders of State of Hamburg (Germany)
Bonds of 1919.
Commissioner for German Government loans
The Special
issued on Sept. 1 the following notice to holders of the
State of Hamburg (Germany) 4 2% bonds of 1919 and
432% bonds of 1919, series B:
old holders of the
The State of Hamburg has made a cash offer to the
cash offer in
above bonds, holding at least 500 marks face value, which
exchange of their
many Instances is more favorable to them than the
viz.: 20 reichsmarks for
bonds under the regular exchange procedure,
have been acquired
500 marks each of either of the above b1311813 of the bonds
for 500 marks
by the present owner prior to Nov. 1 1919; 3 reichsmarks
been acquired by the
each of either of the above Issues if the bonds have
1920.
present owner between Nov. 1 1919 and June 30
file
Bondholders wishing to avail themselves of the above offer may
for German
applications without delay with the Special Commissioner
Loans, 42 Broadway New York, N. Y.
of old posThe bonds, together with coupon and renewal sheets, proof
accompany the
session (broker's bill of sale, atc.) list of numbers, have to
applications.
already filed
This cash offer is also open to those bondholders who have
Revaluation
their applications for the exchange of their bonds under the
and also
Law. The bank receipt obtained when depositing the bonds
possession privileges,
the "Decision" of the State of Hamburg, granting old
for the cash payIf already received, has to be filed with the application
state that they
ment. Applicants filing such "Decision" must expressly
Liquidation Debt.
waive all claims for "Drawing Rights" and Loan
More deatiled information and the necessary blanks for filing of applications may be obtained at the office of the Speical Commissioner for German
Government Loans at 42 Broadway, New York, N. Y.
1269
Redemption of Bonds of Czechoslovak Republic Due
1945.
The Czechoslovak Republic has notified holders of its
secured external sinking fund gold loan of 1925, Series "A",
20
-year 73% bonds, due October 1 1945, that $444,500
principal amount of the bonds of this issue have been selected
by lot for redemption on October 1 1927, at 105. The
drawn bonds will be redeemed and paid upon presentation and
surrender on and after October 1 at the head office of the
National City Bank of New York out of funds held by the
bank, as fiscal agent, for that purpose. Interest on the
drawn bonds will cease from and after the redemption
date.
Louis Franck, Governor of National Bank of Belgium,
Sails for United States.
Brussels (Belgium) Associated Press advices Aug. 31
stated:
Louis Franck, Governor of the National Bank of Belgium, left to-day
for Cherbourg, where be expected to embark on the steamship Homeric
for New York.
It is understood that during his trip to America he will meet financiers
and bankers in various parts of the country, although the trip is said to be
purely unofficial.
The "Journal of Commerce" in its issue of Sept. 1 said:
A conference between Louis Franck, Governor of the National Bank of
Belgium, who is reported to be on his way to this country, and a group of
American bankers,is scheduled to be held in New York sometime next week,
according to information received in financial circles yesterday. The
nature of his mission to the United States could not be ascertained here.
Redemption of Irish Republic Bonds by Receivers of
Bond Certificate Holders.
Receivers for the first national and second external loans
of the Republic of Ireland, announced on Aug. 27 that they
are now prepared to consider claims of 350,000 subscribers
in the United States to the fund of more than $2,000,000,for
the control of which the Irish Free State recently brought
suit against Eamon de Valera, Stephen M. O'Mara and
others. An item in the New York "Journal of Commerce"
in stating this said:
With the suits dismissed the funds here were ordered returned to subscribers.
Bond certificate holders must file proof of their claims on or before
Jan. 15 1928. It is not expected that any distribution "can be made until
at least six months after the expiration of the date set for filing claims because
of the large number of claimants and the vast volume of work entailed in
assembling and proving the various claims." Executive offices have been
opened at 117 Liberty Street.
The receivers are Peter J. Brady, President of the Federation Bank & Trust Co.; J. Edward Murphy, attorney, of
Senator John L. Buckley,
Definitive Bonds Available in Exchange for Interim 165 Broadway, and former State
of 220 Broadway.
of Hamburg (Germany) Bonds.
Receipts for State
Kuhn, Loeb & Co. have notified holders of interim
Banks Close Reorganization Because of Curreceipts for State of Hamburg (Germany) 20-year 6% Canton
rency Depreciation Is Expected.
gold bonds, due Oct. 1 1946, that the receipts may be exCanton advices (Associated Press) Sept. 1 in the New
on or after Sept. 6 1927 at
changed for the definitive bonds
the International Acceptance Securities & Trust Co., 52 York "Times" stated: announced to-day a five-day closure. The
The Government banks
Cedar St.
object was not stated, but reorganization as a result of currency depreciaBonds of Department of Cauca Valley (Republic of
Colombia) Drawn for Redemption.
J. & W. Seligman & Co., as fiscal agents, have issued a
notice to holders of Department of Cauca Valley (Departa-year
mento del Valle del Cauca), Republic of Colombia, 20
732% secured sinking fund gold bonds that $48,000 principal
amount of these bonds have been drawn by lot for redemption
on Oct. 1 1927. The bonds so drawn for redemtpion are
payable on and after Oct. 1 1927 at the office of j. & W.
Seligman & Co., 54 Wall St., out of sinking fund moneys
received or to be received for such purpose, at 103%.
Interest on the bonds so drawn will cease after Oct. 1 1927.
Redemption of Agentine Government Bonds Due 1959.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, issued a notice on Aug. 31 to holders
of Government of the Argentine Nation external sinking
Lund 6% gold bonds, due October 1, 1959, announcing that'
$80,500 principal amount of the bonds of this issue have been
drawn for retirement at par and accrued interest on October
sinking fund. Bonds bearing
1 1927, out of moneys in the
numbers drawn by lot will be redeemed and paid
the serial
the office of J. P. Morgan
on and after October 1, either at
23 Wall Street, or the head office of The National
& Co.,
55 Wall Street, on the presentation
City Bank of New York,
surrender of such drawn bonds. Interest will cease
and
on October 1.
on all such drawn bonds
tion is expected.
Militarists are detaining three members of the Chamber of Commerce
pending payment of 10,000,000 Mexican dollars toward the war fund.
Efforts to raise the amount are being made in commercial circles.
Redemption of Called Farm Loan Bonds Urged by
Commissioner Meyer—Holders Lose $1,000 Daily—
$9,000,000 Estimated Outstanding.
Government urgently desires the presentation for
redemption of some $9,000,000 of Federal Farm Loan bonds
which were called for redemption by the Federal Land banks
May 1 last, an item from Washington Sept. 1 to the New
York "Journal of Commerce" states. It adds:
The
The total outstanding at that time was $92,800.000. All the bonds of
the outstanding issues of 1917, 1918 and 1919. bearing dates of May 1 and
Nov. 1 1917, Nov. 1918 and May 1 and Nov. 1 1919. were included in
the call.
The holders of these outstanding bonds are losing more than $1,000 s
day, according to Farm Loan Commissioner Eugene Meyer. since, as he
pointed out, these bonds ceased to bear interest on the call date, May 1.
He has requested the co-operation of the press as well as of all banking and
distributing organizations in bringing the situation to the attention of the
holders of the $9,000,000 of bonds and in urging them.in their own Interest,
to present the bonds for payment.
Receiver Named for Ohio Joint Stock Land Bank of
Charleston, W. Va.
The Ohio Joint Stock Land Bank of Charleston, W. Va.,
which, it is stated, has been practically in liquidation during
the past two years, has been placed in the hands of a receiver
following the failure to pay its Sept. 1 interest, the Federal
Farm Loan Board announced Sept. 1. The Board appointed
1270
THE CHRONICLE
J. S. Horton receiver. The Board's announcement is given
in the United States "Daily" as follows:
Upon receipt of notice of the failure of the Ohio Joint Stock Land Bank,
with headquarters at Charleston, W. Va., to pay interest due Sept. 1 on
part of its outstanding bond issues, the Farm Loan Board, pursuant to
authority contained in Section 29 of the Federal Farm Loan Act, to-day
appointed J. S. Horton as receiver of the bank, and instructed him to take
immediate charge of its affairs for the purpose of conserving its assets and
protecting the interests of all parties concerned.
The Ohio Joint Stock Land Bank is one of the smaller institutions. The
capital stock is $250,000 and the outstanding bonds aggregate $1,369,300
Mortgage loans total $1,399,000. The bank has issued no bonds since January 1924 and has been practically in liquidation during the past two or three
years. Other institutions having considered the possibility of taking over
the bank without result, receivership was the only course open.
[Vol,. 125.
In order to take advantage of the company's present improved
credit
and the low interest rates now prevailing, and by way of
preparation for
the large financing which will be required by 1934, your
board of directors
has adopted and has decided to recommend to you the plan
of financing
set forth above. The $40,000,000 series A bonds now to
be issued will
avoid the creation of additional obligations maturing
before 1934, will
refund all the existing note issues with an issue which will
mature after
1934, and will provide additional capital through an issue
which will
mature after that date.
In the event additional capital is needed before 1934, the plan
provides
a means whereby it may be obtained through the issue of a
new series of
secured gold bonds, which after 1934 will likewise be included
under the
company's new mortgage to be executed then.
Looking foreward to a time when the new bonds of the company
may
become legal investments for savings banks, it is proposed
to limit the
amount of bonds which may at any time be secured by the
new mortgage
to an amount not exceeding three times the capital stork
then outstanding.
Although the new mortgage will not be executed now, the
company will
thus at this time announce its intention of refunding the
existing 1st &
ref. bonds through a new mortgage, the bonds issued
under which may
become eligible for savings bank investments.
Your board of directors regards this as a very constructive
plan of
financing and take pleasure in recommending if to you for your
approval.
Under the statutes of Illinois, the agreement to execute the new
mortgage
must be approved by two-thirds in amount of the outstanding
stock. Since
the company has many stockholders, widely scattered, it Is very
important
that you do not neglect to send in your proxy for this
meeting.
By order of the board of directors.
CHARLES HAYDEN, Chairman.
The $40,000,000 Issue of the Chicago Rock Island &
Pacific Ry. Heavily Oversubscribed.
The $40,000,000 Chicago Rock Island & Pacific Railway
Co. secured
% gold bonds, series A, due Sept. 1 1952,
which were issued last week by Speyer & Co., the
National City Co., and J. & W. Seligman & Co., were
heavily oversubscribed. The proceeds of these bonds will
be used to pay approximately $28,862,000 notes, to be presently called. These notes mature during the next three
years and include a 6% note to the Government for $7,- Dallas Federal Reserve Bank
and Houston Branch Will
862,000. After this financing, the company will have no
Aid Cotton Growers in Marketing Their Crop.
short-term obligations or bonds due before 1934 except
In its issue of Sept. 1 the "Wall Street Journal" announced
equipment trust certificates. The proposed issue will also the following advices from Dallas:
provide a substantial amount for additions and betterments.
Federal Reserve Bank of the Eleventh District, located in Dallas, is ready
This issue is part of a total of $80,000,000 bonds to be to put its resources into present cotton marketing situation in Texas to help
growers wishing to market their crop in a more orderly manner, according
authorized under a trust indenture which the stockholders to Lynn P.Talley, Governor.
Under ordinary Texas cotton marketing system, crop is thrown on the
are now asked to approve at a special meeting on Oct. 31.
The $40,000,000 series A bonds sold last week will be country markets as fast as ginned, resulting usually in a break in the price.
The bank does not plan to encourage holding cotton,"for we do not believe
secured until April 1 1934 by $45,000,000 1st & ref. 4% this is the solution of the problem; but we are ready now and always will be
bonds then due. In 1934, in accordance with the pro- ready to finance farmers until the real value of their crop is realized.''
Referring to efforts last season to
visions of the trust indenture referred to, the company Talley said his institution addressed finance the Texas cotton crop, Mr.
letters to member
parts of
will create a new mortgage in place of the first and refunding the State advising that Federal Reserve Bank would banks in allnotes on
substitute
mortgage upon all the properties then subject thereto, and warehouse cotton for those then maturing on the growing crop. He said
a single
and the
will secure the above $880,000,000 bonds equally and ratably that he did not receivebankers replybe more crop was dumped on the market.
On a rising market
may
willing to become partners with
with any bonds which may be issued under the new mortgage; their clients in marketing cotton and thus not destroy present price levels,
the company will not extend either the refunding bonds or which are expected to restore prosperity.
Since the Government's forecast, Aug. 8, price in Texas
any prior lien bonds. In order that the bonds issued under $30 a bale and business conditions have been improved has risen about
greatly. It is felt
the proposed mortgage may, in due course, become legal that if farmers can be induced to hold their cotton off the market until they
are assured the cost of production and a reasonable profit, perhaps $200,000,investments, the authorized amount is to be limited in conformity with the New York law in regard to savings bank 000 to $300,000.000 may be added to the value.
It was also stated in Houston advices to the same paper
investments. Full particulars regarding the transaction
Aug. 29 that while the Houston branch of the Dallas Federal
appear in the following notice to the shareholders, issued
Reserve Bank will aid farmers in holding cotton, this year, by
under date of Aug. 24:
substituting notes on warehouse cotton for loans on the growTHE CHICAGO ROCK ISLAND & PACIFIC RAILWAY CO.
ing crops, there is no indication that growers in the Houston
New York. Aug. 24 1927.
district will avail themselves of the opportunity, says L. C.
To the Stockholders,
Enclosed is notice of a special meeting of stockholders to be held at the Pondrum, Cashier. He says that as long as the price is over
office of the company in Chicago on Oct. 31 1927 for the purpose of ap- 20c., farmers will market their cotton
as soon as picked.
proving an issue of $40.000,000 secured
gold bonds,
434%
series A, due
Sept. 1 1952. to be dated Sept. 1 1927 and to mature Sept. 11952.
You are requested to execute and return the enclosed proxy at your
early convenience.
These bonds will be issued under a trust indenture which will provide
for secured gold bonds to be issued in series from time to time not to exceed
$80,000,000 at any one time outstanding. This present issue, $40,000,000.
constitutes series A. It will be secured until April 1 1934 by the pledge
as collateral security of $45,000,000 of 1st & ref. bonds, which mature
on that date. After April 1 1934 these series A bonds, as well as any
others which may be issued under the proposed trust indenture, will automatically become part of and be secured by a new mortgage which the
company obligates itself to create upon all of the properties of the company
then subject to the first and refunding mortgage; thus giving these bonds
after 1934 the same rank which the 1st & ref. bonds now have. The
trust indenture securing the proposed $40,000,000 series A bonds and
any additional series up to an aggregate of $80,000,000 contains a covenant
on the part of the Railway company binding it to execute such a new
mortgage, and to make provisions therein for securing these bonds equally
with all other bonds to be issued thereunder. It is this provision which
requires specifically, under the statutes of Illinois, the approval of twothirds of the stockholders, and it is for this reason that a special meeting
has been called to lay the matter before you.
The purpose of the proposed issue may be briefly stated as follows:
As of Dec. 31 1926 the company has outstanding in the hands of the
public bonds and notes maturing on or before April 1 1934 exclusive of
equipment trust obligations. aggregating $155,334,000. These
are:
Notes—
Maturity.
Rate. Amount.
2
-year secured gold, June 1
1926
June 1 1928 43•5% $6,000,000
5
-year secured gold, July 1
1924
July 1 1929 5% 10,000.000
5
-year secured gold, Sept. 1
1924
Sept. 1 1929
5,000,000
B. S. Treas., Nov. 20 1920_Nov. 20 1930 5%
7,862,000
6%
$28,862,000
Bonds Due in 1934—
B.!. A. & L. 1st mtge
Mar. 1 1934 4%% 11,000,000
B. C. R. & N. cons. 1st
mtge. guaranteed
April 1 1934 5% 11,000,000
G.R.I. & P. 1st & ref. M_ _April 1 1934 4% 104,472,000
126.472,000
$155,334,000
This amount is approximately two-thirds of the entire funded debt,
exclusive of equipment trust obligations. The $28,862,000 notes maturing
during the next three years are secured by approximately $45.000.000
of 1st & ref. and other treasury bonds of the company, the value of the
collateral being over 150% of the amount of notes outstanding.
Guy Huston of Chicago Joint Stock Land Bank
Advises Stockholders That for First Time in
Seven Years There Is "Real Demand for Farm
Lands"—Warning Against Sales at Distress Prices.
Attention to a market letter which contains the statement
that "the Farm Loan Board is advising the banks under its
supervision to avoid as far as possible sales of land at distress
prices" is called by Guy Huston, President of the Chicago
Joint Stock Land Bank, in a notice to the stockholders of
the latter under date of Aug. 24. President Huston says:
To Our Stockholders:
Because of the effect of a change in econom'e conditions upon the Chicago
bank and upon the market value of its securities, I think the enclosed
excerpt from the Whaley-Eaton letter No. 464 will be of interest to the
stockholders of the Chicago Joint Stock Land Bank.
It is my belief that the market value of the securities of the bank has
been unduly depressed by a situation that is temporary. Since organization the maturities of installments have been in excess of $21,000,000, of
which only $224,248 was carried as six months' delinquent as of June 30
1927. Substantial collections continue to be made on these delinquents
weekly.
The Chicago bank is a tremendously valuable property. It has a perpetual charter, and it is fair to assume that it will be serving the farmers
of Illinois and Iowa a hundred years from now. It has been through a
ten-year period of war and reconstruction, inflation and deflation, during
which time it has loaned to farmers approximately $73,000,000. Under
normal conditions of agriculture the brakodown of loans should be merely
For the first time in seven years we now have a real demand for farm
lands. It is believed that a large part of the farms now owned by the bank
and those in distress will be sold during the last half of the year. The
unusual amount of field work necessary at this time is a heavy charge on
the bank, but in the nature of things must be only temporary.
The economics of the present situation now appear to be all in favor of
the farmers, and I suggest the careful consideration of the enclosure.
Very truly yours,
GUY HUSTON, President.
The following is the excerpt from Whaley-Eaton letter
No. 464, July 23 1927 (Whaley-Eaton Service, Washington,
D. C.), referred to in President Huston's notice:
SEPT.3 1927.1
THE CHRONICLE
1271
are infrequent.
the banks under its but in effect they are long-term loans, calls for repayment
3. Land Values.—The Farm Loan Board is advising
prices. In Philadelphia, too, the rate on call money, it was said, is not the market
avoid, so far as possible, sales of land at distress
supervision to
is, the changes here having little,
l in relation to trade con- factor that the call money rate in New York
The cumulative reasons, which are fundamenta
if any, effect on market conditions.
ditions over the winter, are given below.
the Administration, after
4. Indices of Prosperity.—Financial elements of
Depratment of Agriculture
discussion of elaborate figures produced by
Philadelphia Stock Exchange Adopts New Rule
conclusions in which at
experts, have arrived at definite and optimistic
concurred. These conAffecting Specialists.
least one important member of the Cabinet has
It was made known in the Philadelphia "Ledger" of
clusions are briefed for clarity:
the market, which
a. The short corn crop is throwing distress hogs into hogs will intensify Aug. 26 that the Board of Governors of the Philadelphia
in
after their absorption will tend to rise. The shortage demand for all subSo will it affect the
new floor rules providing the
the demand for vegetable oils.
High prices Stock Exchange has adopted
stitute feed products, including grains, hay and potatoes.
same rules for specialists in stocks as prevail on the New
commodities, therefore, are quite likely.
for all these
not less than the
0
b. Those who make oven 607 of normal crops will have
a shortage.
Exchange, which permit such brokers to charge
equivalent cash return they would have got unless there had been will be at York Stock
of farm crops this year over last year
on purchases of odd lots of the
c. The increase in value
run far over that. one-eighth more than cost
a minimum two billions of dollars. It will probably
less
only
distribution of this excess income will be among fewer people, not than stock in which they specialize, and to return one-eighth
The
-million less people on the farm this year
because there are some half
odd lots sold.
and elsewhere
last, but also because numbers of farmers in the flood district of by Con- than the price received for
will have no income at all. They will have to be taken care
gressional appropriation. But the per-farm distribution ofincome among
the farina that do make crops will be comparatively high. Such farms
s Corporation to Appear Directly in
will have good purchasing power this winter. As many of them have been Chase Securitie
under-maintained, income will be freely spent to bring them back to normal
Bond Offerings.
maintenance.
d. The world economic swing is unquestionably favorable to agriculture,
With the offering this week of a $40,000,000 Argentine
as a comparison of the industrial price level with the agricultural price
Government loan (referred to in another item in,this issue),
level shows.
e. Good lands in the grain sections are beginning to move. Outsiders
the name of the Chase Securities Corporation for the first
at prevalent low prices, as investments.
are beginting to buy
offering of the bonds to the
Within the next two months, unless wholly unexpected changes occur, time appeared directly in the
will be issued from Washington a very optimistic statement, survey- public. This action represents a change of policy on the
there
ing the situation and declaring that agriculture is again coming into its own.
advisable
part of the Chase Securities Corporation, rendered
by the growing importance assumed by the corporation in
Purchasing Value of Dollar Increasing with Declining financing operations. The Securities corporation, which is
Living Costs According to National Industrial the investment arm of the Chase National Bank, has hereConference Board, Inc.
tofore confined its activities to syndicating and has been
The purchasing value of the dollar, as measured by living one of the major houses of issue in that capacity.
costs such as are encountered by the American wage earner
and all other persons of moderate means, which includes the Bankers Association Urges Protest by National Banks
bulk of the population, has increased nearly 6% since Dec.
Capital Stock.
in Ohio Against Tax on Shares of
1925, and to-day stands at the highest point since July 1924
national banks in Ohio were inMore than three hundred
according to the National Industrial Conference Board,
the Ohio Bankers Association on Aug. 25 to
247 Park Avenue, New York. The/dollar now, on the basis structed by
county auditors against assessment of any
of living costs in July, the Board says is worth 61.7 cents as protest to their
tax year 1927, ac(1914) dollar. It was lowest in personal taxes on capital shares for the
compared with the pre-war
cording to the Ohio "State Journal," which says: protests,
July 1920, at the height of the post-war inflation period,
Such banks pay about $2,000.000 annually in taxes. The
when its purchasing value had shrunk to 48.9% of the pre- according to instructions, are to be based on claims that these taxes, as
rule
28 alsa states:
assessed under present Ohio laws, are in contravention of the uniform
war dollar. The Board under date of Aug.
Owing to declining living costs, the increase in the purchasing value of
as
the dollar has been steady during 1926 and the current year. Inasmuch
average wage earnings during this period have fluctuated not more than
4% and employment has been steady, the purchasing power of the wage
earners' aggregate income, that is the potential buying power of the bulk
of the population to-day should be at a high level, in the view of the Conference Board. In this circumstance the Conference Board sees a fundamental factor auguring well for wholesome business conditions in the immediate future.
While the Conference Board's employment index and that of the total
' number of hours worked per month for June reflects a slight decline from
previous months, they reveal no recessions exceeding 5% in degree as
compared with the beginning of the year 1926. This. the Board declares,
Is no more than is to be expected over a period of a year and a half in length
and reflects only the normal pulse beat of industrial and trade activity.
Average wage earnings, whether computed hourly or weekly, show a
remarkably steady upward trend, average earnings per worker employed in
June having been even slightly higher than they were at the beginning of
1926. "Real earnings," that Is the purchasing power of wage earnings per
week in June were nearly 4% higher than in Jan. 1926.
The average total cost of living in the United States, as computed by the
Conference Board, decreased 1.6% from the middle of June to the middle of
July, due mostly to an average decline in retail food prices of 3.8%; contributing factors were a slight decline in rents and retail clothing prices.
Retail food prices on the average in July of the present year were 8% lower
than in Dec. 1925; rents averaged 5% lower and clothing was nearly 5%
cheaper than at the end of 1925. Discounting seasonal fluctuations, fue I
and light costs about held their own, while prices of all sundry articles declined slightly but steadily during 1926 and the first half of the current
year.
n,
tax provision of the State Constitution, clauses of the Federal Constitutio
and are in conflict with Federal statutes.
Philadelphia Call Money Rate Reduced from 5 to 06%.
In announcing that the interest rate on call money would
be,reduced from 5% to 4%% by the large Philadelphia banks
and trust companies, effective Sept. 1, the Philadelphia
"Ledger" of Aug. 30 said:
The Cincinnati "Enquirer" has the following to say regarding the matter:
several weeks
filing
The action of the Bankers Association follows the
banks, of Columbus,
ago by the Commercial, Ohio and Huntington national
shares for 1926 be
of a suit in Federal Court, asking that the tax on their
be set forth in the
declared void. In this suit claims similar to those to
banks in the State in
protests were made. Action of all of the national
their rights
protesting against assessment of the 1927 taxes will preserve
should the Columbus banks win their suits.
Big Revenue Is Involved.
Columbus
In the event that the Court sustains the contentions of the
taxing bank
banks in their litigation, and rules that the present method
State will stand to
shares is unconstitutional, local taxing districts of the
of personal taxes
lost about 82.000,000 of tax revenues. This is the amount
shares. These taxes
paid each year by the national banks of Ohio on their
go to the local taxing districts.
are not paid into the State Treasury, but
banks would affect
Therefore, a Court ruling favorable to the Columbus
in Ohio.
every county and practically every taxing district
for relief. Failure
The plan of the banks is first to ask the County Auditor
result in an appeal
on the part of these officials to accede to the requests will
in each case to the State Tax Commission.
banks are to cite
In making the protests to the County Auditors the
by the Columbus banks
grounds similar to those upon which the suit filed
collected on bank shares
Is based. The allegations are that the taxes now
Constitutions and statutes,
are in violation of both the Federal and State
void in their entirety.
and are unconstitutional,illegal, discriminatory and
companies, alttough
It is charged that capital stock of building and loan
listed by its owners
in competition with that of the banks,is permitted to be
in computing the net amount
as credits,from which debts may be deducted
at the full 100% value.
to be taxes, whereas taxes on bank shares are assessed
This will be the first change that has been made in the rate since Aug. 23
1926, on which date it was advanced from 4% to 5%. Some of the institutions sent out notices of the reduction yesterday. Others will do so
to-morrow.
It was explained by an official of a large trust company yesterday that the
lower rate will apply only to brokers' loans; the rate on call loans to individuals usually ranges 3 of 1% above the interest rate on brokers' call loans.
With but one exception the rate on call loans in Philadelphia has not been
below the 4%% mark since 1921. In June 1924 the rate was reduced to
4% and continued at that figure for thirteen months.
In December 1921 the rate on call loans in this city was 6%. Since that
time changes made in the rate and the dates on which they were made follow:
0:
Jan. 16 1922. 5%; June 16 1922, 43-5%; Oct. 20 1922, 57 Nov. 81923,
%;Jan. 211924. 5%; AI ill 23 1924,4%;June 16 1924, 4%; June 24
%; Sept. 28 1925, 5%; April 30 1926. 4% %; Aug. 23 1926. 5%;
1925,
.
and Sept. 1 1927, 455%•
adThe easing tendency in the money market generally was the reason
the reduction announced yesterday.
vanced for
was 3 %. It has ranged
In New Ycrk the rate on call loans yesterday
a bankers,
between this figure and 4% for several months. Philadelphi
that a call loan in New York means
however, point out in this connection
the loan called is not paid within twentyJust what it is termed, and that if
it is sold. The situation in Philadelphia,
four hours the collateral securing
are millions of dollars loaned on call.
they say, is different. Here there
Banks Held for Returns.
at its source, banks
The banks also allege that while bank stock is taxed
value, buildthemselves being required to list all shares at their true and full
substantially all of
ing and loan stock is listed by its individual owners,
whom fail to return it for taxation.
investment comMortgage companies, finance companies, incorporated
pay no more than
panies and other like competing concerns, it is declared,
amounts of capital stock.
20% of the amount of tax paid by banks on equal
these competing
This is due, according to the banks, to the fact that
in taxing
Institutions are permitted to return their assets for taxation
the concerns
districts having substantially lower rates than those in which
of such corporaare transacting their business, and to the fact that capital
tions invested in tax exempt securities as untaxed. In contrast, banks are
they do business
required to make tax returns in the taxing district in which
and, through the payment of taxes on their shares, pay taxes on tax exempt
securities.
Capital in the hands of individuals who loan money and engage in other
fields in competition with banks, pay only 10% of the taxes assessed against
equal amounts of bank capital, it is alleged. This is caused, the banks say,
by the almost complete failure of these individuals to return this capital
for taxation, whereas the banks, under present laws, pay on all of their
capital.
The Columbus banks which brought the case have been relieved under an
order of Judge Benson W. Hough, from paying the taxes for the last half
of 1926, due in June 1927, until further action is had in the case. David
P. Anderson, Treasurer of Franklin County, who is made defendant in the
case, is to file his answer on Oct. 1.
1272
THE CHRONICLE
[VOL. 125.
Receiver Asked for New York Stock Brokerage Firm
To Stabilize Value.
The new enactment gives the Commission power to refuse a certificate
of Dean, Onativia & Co.—Firm Dissolved Last July
where the financial condition and the plan of operation and proposed
and Business Taken Over by E. A. Pierce & Co.
undertakings of the public service corporation are not such as to afford
On Monday of this week (Aug. 29)an involuntary petition reasonable protection to the purchasers of the securities to be issued.
in bankruptcy was filed in the United States District Court toIn view of the purpose of the public service corporation securities law
stabilize the value of this form of security and
far as
against the firm of Dean, Onativia & Co., 11 Wall St., at possible from the realm of speculation and thus toto remove it asservice
enable public
one time one of the most widely known member firms of corporations to finance at as small a cost as possible and in turn to enable
the New York Stock Exchange, by three creditors, repre- them to furnish public service to the public at as low a charge as is possible,
permits the Commission to order the proceeds
of securities
sented by Eli S. Wolbazst, attorney, of 1328 Broadway, impounded until sufficient funds are available to of the salethe successful
guarantee
completion of the project for which the securities are issued.
this city, according to the New York daily papers of Tuesday
Aug. 30. The petitioners are Louis Lewis, with a claim of
Prevent Losses.
$2,778; Abraham Buchstahl, whose blaim is for $2,659, and toThis is important to prevent losses to investors by reason of failures due
inability
Irving L. Lewis, whose claim is $3,796. The petition completion. to raise sufficient money to carry a public utility project to
Chapter 509 permits the Issuance by public service corporations of nonestimates liabilities at $2,600,000 and assets of $1,500,000.
The partners named in the petition are J. Clarke Dean, J. par value stock. The general law permitting the issuance of this form of
common stock by corporations generally did not apply to public service
Victor Onativia Jr., Emanuel F. Rosenbaum, Edwin S. corporations, and repeated efforts have been made before various legislaRosenbaum, Benjamin R. Calm, Hal E. Wiley, Joseph tures for many years to permit public service corporations in Wisconsin
to issue non-par
Rosenbaum, John D. Cady and Ira E. Westheimer. It of this chapter. stock. All such efforts have been fruitless until the passage
Whether this power will be in
appears that the firm was dissolved on July 16 of this year questioned by many public utility authorities,the public interest is seriously
It will permit public service
corporations whose stock has fallen below par to find a market for further
and its business taken over two days later by the New York
stock issues, a thing which was in many cases impossible under the
old
Stock Exchange firm of E. A. Pierce & Co., who did not law because the old law provided that the
stock had to be sold at par.
assume, it is said, the obligations of the individual members
of the firm growing out of the Dean-Onativia failure in July
1925. The firm's liabilities in the crash of 1925 were State Department at Washington Refuses to Permit
Shipment of Army Rifles to Soviet Russia.
estimated at $36,000,000 and its assets at $35,000,000. It
Newspaper accounts from Washington, Aug. 31, anfailed on July 3 1925 and resumed business 17 days later—
July 20. The following in regard to the present bankruptcy nounced that negotiations instituted in New York recently
proceedings against the firm is taken from Tuesday's New by agents of the Russian Soviet Government for the purchase of 150,000 army rifles, have been /blocked at least
York "Times" (Aug. 30):
The petition alleges as acts of bankruptcy the company's assignment to temporarily by the refusal of the State Department to perthe Stock Exchange firm of E. A. Pierce & Co. and also an attempt to mit their shipment abroad.
The New York "Journal of
create a class of preferred creditors. The liabilities are estimated at
Commerce," in its advices from Washington, stated:
$2,600,000 and the assets at $1,500,000.
The creditors charge that the holders of notes "issued to cover moneys and
other debts owing by the alleged bankrupts," and amounting to $1.500.000.
were told to deposit their securities with a designated bank and they would
receive 20% of the amount due on the notes, together with 2% of their
original face value. Then the notes would participate ratably with certain
other notes maturing in July 1930. This was done with intent
to prefer
certain creditors, the petition declared.
The bankruptcy action came as a surprise in stock market circles because
it had been understood that the firm had been dissolved
and its business
taken over by E. A.Pierce & Co. Mr.Onativla, who was the floor
member
of Dean, Onativia & Co., is still a member of the Exchange.
The firm of Pierce & Co. takes the position that it Is not concerned with
the present action. In taking over the business of the Dean-Onativia
firm
it did not assume the obligations of individual members of that firm growing
out of the Dean-Onativia failure in 1925. It is understood that the individual members, or some of them, guaranteed at that time the payment
of certain obligations. How much of those obligations has been paid is
not known.
After the failure of Dean, Onativia & Co.. one of the largest in Wall
Street history, the firm was able within a short time to resume business
with its creditors satisfied. Later the Stock Exchange reinstated the firm
and it remained in business until it was taken over by Pierce & Co. on
July 18 of this year. Many of the firm's creditors came to its assistance
at that time, furnishing funds that enabled it to re-establish itself. It
has been assumed in Wall Street that the firm paid 100 cents on the dollar.
The records of the Stock Exchange show the firm of Dean, Onativia &
Co. was dissolved on July 16.
The partners in Dean, Onativia & Co. who by their indorsement of notes
assumed the obligations held by creditors following the failure in 1e26,
have paid off 61% of the claims and are in position to pay 17% more, it
was announced on their behalf yesterday.
, The attitude of the Administration toward arms shipments to Russia was
revealed early this week when an attorney representing both parties to the
negotiations called at the State Department with the information that a
contract for the sale of the arms was ready for signing and that the refiles
had been assembled in New York for shipment. He was informed that the
Administration strongly disapproved of such action, although there is no
actual embargo on shipments of arms and munitions to RUSIda similar to
that applied to arms and munitions intended for Mexico.
Right May Be Tested.
In the face of the official warning the arms negotiations have been temporarily postponed, although it is learned that the Soviet purchasing agents
may attempt to load the rifles aboard a vessel now in New York Harbor in
order to test the right of the American authorities to interfere with the arras
shipment.
Officials of the State Department admitted to-day that several requests
for permission to ship arms to Russia have been made to the State
Department within the past few months, but would not reveal the names of
those
firms which had made these applications, holding that such requests
are
confidential unless the firma desire to make the matter known themselves.
It was said at the State Department that when such requests
have been
made, the Department has strongly indicated its disapproval of the shipment of arms to Russia, although there is no official embargo in
effect.
Officials, however, would not say whether the Administration would actually
intervene to prevent such shipments if an attempt was made to ship arms
to
Russia despite the disapproval of the State Department, declaring that the
question had not arisen so far.
Ban by Germany Hinted.
Among foreign diplomats in Washington who have standing instructions
from their governments to follow all Soviet activities in this
country, the
fact that Russian agents are seeking arms in the United States
was taken
to-day to indicate that the European market has been closed.
Until
recently Russian orders for arms, ammunition and other war supplies
were
for the most part placed in Germany, but it is recalled that at
the time of
London's break with Moscow after the seizure of the offices
of the Arco,
Trading Bureau, Foreign Minister Stresemann joined other
European
statesmen in warning the Soviet authorities that they
must cease their
subversive activities.
It is confidently believed by diplomats here that the German
arms market
was closed to Russia at that time with the result that the
Soviet agents
have been forced to find other sources of supply.
Later in the week, Thursday (Sept. 1), Judge Francis
A. Winslow of the United States District Court appointed
E. Bright Wilson, an attorney of 111 Broadway, receiver
for the firm, according to yesterday's "Times", which reported Mr. Wolbarst, the attorney for the petitioning
creditors, as saying that the purpose in having a receiver
appointed was to conserve and facilitate the equal distribuIt was reported in a Washington dispatch, Sept. 1, to the
tion of the firm's assets, and furthermore quoted him as
saying that he was told that an offer of composition was New York "Times" that the negotiatiosns for a shipment of
about to be made and that it had already received the ap- 150,000 to 200,000 rifles to Soviet Russia have been dropped
proval of the holders of a substantial amount of the claims. by the New York firm involved in the transaction as a result
of State Department disapproval; this, says the dispatch,
was made known by Royal T. McKenna, local attorney
representing the company, who declined to reveal the idenChanges in Wisconsin Law Affecting Sale of Public
tity of the New York firm, but said his clients had abandoned
Utility Securities—Issuance of Stock of Nonthe deal "for patriotic reasons and at great loss." From the
Par Value Permitted.
"Times" we also take the following:
Changes in the Wisconsin laws affecting the sale of public
Denial that the Soviet Government had sought to purchase
munitions of
utility securities in the State have been made by the State war in the United States was issued yesterday by Saul G. Bron, Chairman
of the Amtorg Trading Corporation, chief buying agency
here of the Soviet
Legislature, which has also enacted legislation permitting Government. . . .
public utility corporations to issue stock of non-par value. "We have purchased no military rifles or other
munitions and have not
From the Milwaukee "Sentinel" of Aug. 20, we quote the attempted to make any such purchases," said Mr. Bron. "No one has
been authorized to make any such proposals on behalf of any purchasers in
following advices from Madison:
the Soviet Union.
Chapter 444 provides an extremely important improvement in the law
relating to the issuance of securities by public service corporations.
Formerly, all securities of public service corporations had to be authorized
by a certificate of the Railroad Commission, but the question as to whether
the Commission could refuse a certificate authorizing the issuance of such
securities as were actually necessary to raise money with which to finance
any public utility undertaking no matter how speculative or how dubious
the outcome of the venture might appear, was subject to considerable
doubt and in fact is at the present time being litigated in the courts.
"It is not clear from the Washington reports whether the expression of
disapproval attributed to the State Department refers to attempted purchases by interests hostile to the Soviet Government or by irresponsible
speculators in surplus military stores. If the State Department moans to
express disapproval of munition sales to interests hostile to the Soviet
Government, we are extremely gratified by this announcement. If, on the
other hand, the announcement refers to the activities of irresponsible individuals, we are not interested, because we are not in the market for munitions. In the past two years we have purchased about 1.500 hunting rifles
SEPT.3 1927.]
TiLE CHRONICLE
these shipments,
for use by trappers in Siberia. No objection was made to
which were entirely of a non-military nature."
Inquiry by New York Stock Exchange into Transactions
in Vulcan Detinning Co.
Under date of Aug.27 the Committee on Business Conduct
of the New York Stock Exchange called upon members for
information regarding transactions from Aug. 22 to 27,
inclusive, in Vulcan Detinning Co. common stock. The
following is the notice issued by Secretary Cox of the Exchange:
Aug. 27, 1927.
Gentlemen:—The Committee on Business Conduct directs me to request
Wednesday, Aug. 31 1927, with a list of all
you to furnish it by noon,
transactions made by you from Aug. 22 to 27 1927, inclusive, in the Vulcan
Detinning Co. common stock, giving the volume and prices, the names of
the members or firms with whom the transactions were made, and the
customers for whom you acted. Kindly use trade dates and not blotter
dates.
In making up the information requested, please do so in the manner
designated below:
(Date.)
(Name of Firm.)
Report of
List of transactions in Vulcan Detinning Common Stock from beginning
of business on Aug. 22 to the close of business on Aug. 27 1927:
Name of
Shares
Shares
Name of
Customer.
Price.
Sold.
Bought.
Other Broker.
Date.
You are also requested to furnish the Committee by the above-mentioned
hour with the name of every individual,firm or otherwise, having a position
In your office in said stock at the close of business on Aug. 29 1927, giving
the respective long or short position as to each of said accounts.
A reply is requested whether or not you have anything to report.
Please send this information In a sealed envelope addressed to the Committee on Business Conduct, Room 601.
Very truly yours,
E. V. D. COX,Secretary.
1273
1. That Saturday, Sept. 10 1927, and Sunday, Sept. 11 1927, be days on
which the sesquicentennial of the political beginnings of this free commonwealth will be commemmorated.
2. That while all places and all citizens of the State should observe these
days, special public exercises should be held in the City of Kingston, the
first State capital, where the above-mentioned events occurred.
3. That private homes and public buildings throughout the State be decorated for the occasion, and that schools, churches and civil and patriotic
organizations join in the celebration.
4. That, as a result of these observances, the people of this State should
seek a better understanding of our splendid history,should develop a greater
love for our free institutions, should take a deeper pride in our accomplishments,should resolve to give more time and thought to the solution of our
present problems and should strive to make our State and our Nation
greater in wisdom, justice, tolerance, democracy and progress.
ALFRED E. SMITH.
According to the New York "Herald-Tribune," Dr.
Alexander C. Glick, State Historian, who has just completed
plans for the sesquicentennial on Sept. 10, is of the opinion
that the Kingston birthday party is the most significant
celebration in this year of Revolutionary anniversaries.
The program for the celebration of the day at Kingston includes the dedication of a new $100,000 State museum,
memorial speeches and the presentation of a historical
drama entitled "The Birth of New York State." Governor
Smith will deliver an address on the "History of the Executive Branch of New York State," and former Senator
Wadsworth will speak on the "Constitutional Development
of the State." Speaker Joseph A. McGinnies will talk on
"Changes in the Legislature During the Last Century and a
Half." Special services will be held at Governor Clinton's'
monument in the Dutch churchyard.
Resignation of Viscount Cecil from British Cabinet
Following Differences with Government on DisIn its issue of Aug. 26 referring to the advances in the
armament Issue at Three-Power Naval Conference
stock, the New York "Times", said:
at Geneva—Latter's Adjournment with Failure of
Securities of the Vulcan Detinning Co. provided a market mystery
Delegates to Agree on Cruiser Limitation.
yesterday with abrupt advances in price. The common opened at 47%
and went to a closing high of 60 for a net gain of 124 points. The A stock
The resignation of Viscount Cecil from the British Cabinet,
opened at 38 and went to a closing high of 42 for a net gain of 4 Points.
differing views of himThe preferred opened at 114% and went to a closing high of 120 for a which, he indicates, results from the
gain of 5% points.
self and the majority of the Cabinet on the policy of disThe turnover of these stocks was small, the units of trading being less
armament, was announced on Aug. 29. In his letter of
than 100 shares. The common stock turnover was 4,350 shares, the A
stock 200 shares and the preferred 300 shares. The company earned resignation to Prime Minister Baldwin, Lord Cecil, who was
$7.59 a share on the combined preferred and A stocks in the first half of one of the delegates to the Three-Power Naval Conference
the year, against $7.53 per share in the first half of 1926. There is an
Geneva, refers to the failure of that conference to bring
accumulation of dividends against the preferred stock, although payments at
of 2% on arrears were made Jan. 20, April 20 and July 3. Officials of the about agreement between the conferring Powers, and states:
company gave no reason for the sudden advance in the stocks.
"It is enough now to say that I found myself out of symIn noting the issuance of the questionnaire by the Stock pathy with the instructions I received, and I believe an
Exchange, the "Journal of Commerce" of Aug. 30, com- agreement might have been reached on terms which would
mented as follows on the fluctuations in the stock:
have sacrificed no essential British interest." Reciting that
An inquiry into the sudden collapse of the stock of the Vulcan Detinning
and disarmament
Co. was ordered yesterday by the New York Stock Exchange's committee in his policies as to security, arbitration
on business conduct. With only 20,000 shares outstanding the stock of have in each ease been overruled, Lord Cecil concludes with
this company has been subject to violent fluctuations, the common closing
the statement that "I can see no way, then, in which I can
yesterday at 46j, off 8% points for the day. The low for the day, howbe of further service in the Cabinet to this cause, which I
ever, was 43M , down 11A points from the previous close. . . .
In circles informed with the affairs of the company it was learned yester- regard as supremely important." Further below we are
day that Mr. Buttfield and his associates have controlling stock interest
account of the adjournment of the Three-Power
In the company, and that the advance was caused by buying by outside giving an
occasion
interests who were seeking control. The realization on the part of this Naval Conference on Aug. 4, and we are taking
outside group that the floating supply was not large enough to permit elsewhere in this issue to give some of the addresses at the
them to acquire control in the open market has been followed by liquidation
concluding session. According to Associated Press adviees
of their holdings.
Aug. 29, Viscount Cecil's resignation from the
The financial report of the company for the second quarter shows net in- from London,
Geneva for the meeting of the
come of $76,808, and a net for the first half of the year of $183,673, com- Cabinet means he will not go to
his
pared with $182,349 for the same period in 1926. This was equivalent to League of Nations Assembly next month. Explaining
$7.59 a share on the combined preferred and "A"shares. The balance sheet step, Lord Cecil is quoted as follows in these cablegrams:
of the company as of June 30 1927. shows current assets of $1,413,705,
and current liabilities of $440,918, leaving net working capital of $972,787.
Cash totaled $429,114. and investments, $54,841.
"The reasons for my action are to be found in the general history of the
disarmament question, culminating in the failure of the Geneva Conference.
I feel I shall be able to do better work in the cause of disarmament outside
the Cabinet than in; therefore. I shall not go to Geneva as a British delegate.
"It is, of course, possible that I may go to Geneva in the future as the
representative of Great Britain without being a member of the Government,
but of that I cannot speak."
Then alluding to the failure of the recent tripartite naval conference, he
added: "I think success might have been achieved without any sacrifice of
British interest. I was out ofsympathy with the instructions I received."
Proclamation of Governor Smith of New York Designating Sept. 10 and 11 for Observance of Sesquicentennial of State.
A proclamation setting apart Saturday, Sept. 10, and
The following regarding Lord Cecil's resignation is taken
Sunday, Sept. 11, for the commemoration of the sesqui- from a copyright cablegram to the New York "Times,"
centennial of the political beginnings of the State, was issued Aug. 29:
Viscount Cecil of Chelwood,one of the founders of the League of Nations
by Governor Smith of New York on Aug. 30. While all and one of the principal British delegates to that body, resigned from the
and all citizens of the State are asked to observe the Baldwin Cabinet to
places
-day because of disagreement with his colleagues' attidays designated, the Governor urges the holding of special tude toward disarmament, the Hague Court, the protocol of 1924 and the
tripartite naval limitation conference. His position in the Cabinet
public exercises in the city of Kingston, the first State recent
was Chancellor of the Duchy of Lancaster.
capital. The proclamation follows:
In a communication to Premiet Baldwin Lord Cecil states that he wrote
Whereas, One hundred and fifty years ago, at Kingston, the first State the Premier a letter on Aug. 9 expressing his wish to resign just after the
Constitution was adopted on April 20 1777; Colonel George Clinton was break-up of the Geneva Naval Conference, but that consideration of the
Inaugurated as the first Governor of the State on July 30 1777; the first contents of that letter had been delayed by the Prime Minister's absence in
State Supreme Court held its first session on Sept. 9 1777. and the first Canada.
State Legislature convened on Sept. 10 1777; and
In a statement on the reasons for his resignation Lord Cecil gives them to
Whereas, The President and Regents of the University of the State of the Premier as the Cabinet's rejection of the Treaty of Mutual Assistance,
York, in order to awaken a deeper and more intelligent interest in the the ministerial declaration against compulsory arbitration by the Hague
New
history of the beginnings of our commonwealth and to stimulate a more Court,rejection of the protocol of 1924,the partial failure of the Preparatory
a more responsive and more responsible citizenship, have recommended a Commission on Disarmament to achieve its object, and the breakdown of
program of suitable public observances commemorating the founding of the Geneva Naval Conference.
the Government of New York State; and
Baldwin Minimizes Difference,
Whereas, The Legislature and Governor of New York State have approLord Cecil declares that he has no complaint against the attitude a
priated funds for such commemorative exercises and have directed the
William Clive Bridgeman, First Lord of the Admiralty and chief British
Commissioner of Education to arrange for an execute the same;
delegate to the naval conference.
Now, Therefore, I, Alfred E. Smith. Governor, do hereby proclaim:
1274
T-FTE CHRONICLE
The Viscount exjreases great concern for the
future of not only Europe
but of civilization itself if armaments are not limited,
and declares that he
will devote his time to the creation of an enlighten
ed public opinion. In
which, he believes, lies the hope of Europe.
Premier Baldwin in his reply to Lord Cecil declares
that the latter has
exaggerated the differences between himself and his
colleagues in the Cabinet. Not only the British Government but those
of the Dominions as well
have not been content with merely preaching
disarmament, but have disarmed to the limits of national safety. the Premier
asserts.
The difference between the Cabinet's
attitude and that of Lord Cecil,
continues Mr. Baldwin, are differences of
method rather than of policy.
Refusing to adopt a pessimistic view of the
future, Mr. Baldwin states that
some progress, with the prospect offurther advances,
has been made toward
disarmament.
Excerpts from Cecil's Letter.
Lord Cecil's letter says:
"On the broad policy of disarmament the majority
of the Cabinet and
I are not really agreed. I believe that
armament is essential to the peace of general reduction and limitation of
the world and that on that peace
depends not only the existence of the British Empire,
but even of European
civilization Itself.
"It follows that I regard limitation of armaments by far the
most important public question of the day. Further, I am convinced
that no considerable limitation of armaments can be obtained except by
international
agreement. On the attainment of such an agreement therefore,
,
in my
judgment, the chief energies of the
I do not say it should be bought atGovernment ought to be concentrated.
any price. But I do say that It is of
greater value than any other political object.
"Much that happened during the session last spring of
the
Commission for the Reduction and Limitation of Armament Preparatory
s was, to me,
of a disquieting nature. Over and over again I was compelled
by my instructions to maintain propositions in the commission which
were difficult
to reconcile with any serious desire for the success of Ps
labors. For the
most part, these instructions turned on smaller points, but the
cumulative
effect on the minds of the commission
the cause of its comparatively Ill success. was very unfortunate and largely
Expected Success at Geneva.
"Nevertheless, when you were good
ask me to be one of the
British representatives to the recent enough toe,
conferenc I gladly accepted. I
thought there was little doubt of
agreement being reached, and I believed that an agreement between an three great naval
the
armaments would be of great assistance, facilitating powers to reduce
the efforts of the
preparatory commission for general limitations.
Its failure would, of course, be a corresponding
disaster. But I did
not contemplate failure. Unfortunately, failure
followed, and the causes
of that failure may have to be probed when Parliamen
"It is enough now to say that I found myself out t meets.
of sympathy with the
instructions I received, and I believe an agreement might have
been reached
on terms which would have sacrificed no essential British
interest.
"What, then, of the future? I look back on the
treaty of mutual assistance, unconditional rejection refusal to accept the
of the protocol, the
Ministerial declaration against compulsor
of the Preparatory Commission and now y arbitration, the partial failure
the breakdown of the three-power
conference.
advance, first in the direction of security, then of
arbitration, and,
lan ly, of disarmament itself
little or no progress. In eachhas been tried, and in each case has made
case
ruled. I can see no way, then, in the policy I advocated has been overwhich I can be of further service in
the Cabinet to this cause, which I regard
as supremely important."
In his answer to Lord Cecil Premier
Baldwin quotes a statement made
at Geneva by Sir Austen Chamberlain,
the Foreign Secretary, representing
the views of his Government as
favorable toward the League, arbitration
and the international court of
justice.
"In essence," he continues, "this
policy does not appear to differ materially from your own views even now as
stated by you. We have pursued
It ever since with results on the peace
of the world and disarmament which
I shall presently show have not been inconsider
able.
"It is not, I think, on the broad policy of
peace and disarmament that our
differences, as far as there are differences, arise
so much as on the means
whereby that policy can be most effectively forwarded
. Even here there
was at least a large measure of agreement.
"As regards the work of the Preparato
ry Committee of the League,
you presided over the subcommittee which prepared
the British case and
practically drafted your own instructions, and in
your absence your place
was taken by a colleague whom you certainly
will not accuse of lukewarmness in the cause.
"As regards the recent conference of the three
powers, I shall enter
into no details at this stage since you refrain
from doing so, though here
again I think you exaggerate whatever difference
existed between the
Government and yourself.
"But this much I must say: I can take no blame
for its failure, either
to myself or to my colleagues who, after my departure
and up to the very
moment when a telegram from the delegation in
Geneva informed them
that the conference was at an end, were still working
for such a compromise
88 might yet attain the twin objects
of limitation of armament and natural
security.
"As to the future I refuse to share your pessimism
. It is true that no
great progress has yet been made on the line
of great world conferences
to which you refer. The Geneva protocol
did not commend itself to us
any more than the treaty of mutual assistance
did to our predecessors.
But, as I have already noted, progress has
been made by other if leas ambitious methods. The Washington Conferenc
e, the Locarno Treaty and
the settlement with Turkey have
all led to some measure of disarmament
and indicate that progress can be
made on the lines we are pursuing.
"I am not without hope that the
Three-Power Conference, notwithstanding its apparent failure, may yet
result not only in a possible early
reduction of naval armament but, in
the long run, a better understanding
of each other's problems
and difficulties by the nations concerned."
[VOL. 125.
that consultation between them may lead
to an early solution." At the same time the delegates
agreed to recommend
to their respective Governments the
desirability of arranging between the signatories of
the Washington Treaty that
tile Conference to be called pursuan
t to Paragraph 2 of
Article XXI of that treaty should
be held earlier than
August 1931, the date contemplated
under the terms of that
instrument, in order that any decision
reached by such a
conference may come into force before
the capital ship construction program commences, namely,
in November of
that year. Besides the Geneva
statement, Secretary of
State Kellogg issued at Washington
Aug. 4 a statement
with regard to the failure of the Geneva
Conference to secure adjustment of the views of the
delegates, in which he
said that "what was sought was to
extend the principles of
the Washington treaty to other naval
auxiliary craft. This
was found impossible without greatly
enhancing a cruiser
building program which we thought neither
necessary nor
wise." According to a dispatch Aug. 4
from Deadwood,
S. D., to the New York "Times," President
Coolidge joined
with Secretary Kellogg in expressing the
hope that the collapse of the Geneva Conference would not lead
to naval competition, but would lead to an enlarged naval
conference in
Washington early in 1929. The dispatch added:
The President believes that this Conference, participat
ed in by the
leading naval Powers, will be preliminary to a snore
determined effort to
reach an agreement on naval limitation. He feels that
the Geneva Conference has had the effect of presenting the respective views
of the three
leading Powers to the world, and that the peoples of these nations
have
learned through open diplomacy the intentions of their Governmen
ts respecting expenditures on armaments.
Before he ends his Administration early in 1929, it was said unofficiall
y
here to-night that President Coolidge would call another naval
conference
at Washington. It is his belief that more can be accomplis
hed in such an
atmosphere than in Europe, and that after further considerat
ion of the
questions and the reaction among the taxpayers of Europe
the naval Powers
will find themselves more favorably inclined to consider an
agreement on
naval armaments that would assure peaceful relations and a reduction
of
tax burdens.
It was said that President Coolidge would make some informal exposition of his views on a future conference before the end of
the week.
The following is Secretary Kellogg's statement:
I regret, of course, that the Geneva Conference did not succeed in
making an agreement for limitation of naval armament. The Conferenc
e
was suggested by the President in the hope that he could accomplish
a
real reduction in building programs. He also believed if the
three great
naval Powers could succeed in such limitation it would prevent
competitive
building, lift enormous burdens from the countries involved
and be a great
moral example to the world.
We believed that there was no condition to-day which
could threaten
the security of the Powers interested or justify increased
building programs. It was found impossible to get an agreement
either to reduce naval
armament or to limit it within what we considered were
reasonable bounds.
What was sought was to extend the principles of the Washingto
n treaty to
other naval auxiliary craft. This was found impossible
without greatly
enhancing a cruiser building program, which we thought neither
necessary
nor wise.
I do not think the United States can afford to give Its moral approval
to such an expansion with all it implies. We proposed as a maximum 300,000 tons of cruisers and were not prepared to increase this by 126,000 tons,
and probably more, in order to make a treaty.
Pursuant to the Washington treaty, the United States made drastic cuts
in its capital ship program and scrapped the largest capital ship navy in
the world. It made greater sacrifices than any other country; in fact,
it
scrapped 780,000 tons of capital ships.
It had every reason to believe that the British Government was prepared to carry out a real reduction and our delegates labored earnestly
and conscientiously along these lines. Japan was anxious to go even
lower than the maximum set by the United States.
I do not believe, however, that the general discussions which have taken
place at Geneva will be fruitless, and I am certain that the failure at this
time to enter into an agreement will not impair the cordial relations existing between the British Government and the United States.
I do not consider the failure to make an agreement now as final, and
I am confident that the work done at Geneva will make it possible, after
consultation between the Governments, to find a basis for reconciling the
divergent views and lead to the early conclusion of an agreement for the
limitation of auxiliary naval vessels.
The joint declaration of the American, British and Japanese delegations, delivered at the plenary session of the
Aug. 4 witnessed the adjournment,
without results, in so three-Power naval conference on Aug. 4 was as follows:
far as cruiser limitation is
In pursuance of the suggestion of the President of the United States, the
concerned, of the three-Power
plenipotentiary
conference, which was opened at Geneva June 20, with
the nic Majesty anddelegates of the President of the United States, His Britanof His Majesty the Emperor of Japan, met at Geneva on
object of bringing about the limitation of auxiliar naval
June 20 to consider the limitation of auxiliary naval craft.
y
craft. On certain questions provisions agreements were
Meetings have been held from that date until the 4th of August, during
reached, three points of agreement relating particularly to which period the delegates and their advisers have considered in detail
various methods of effecting this object.
the limitation of destroyers and submarines.
On many important questions provisional agreements have been reached,
The opening
of the Conference, held at the instance of Preside
certain of which are embodied in the annexed report of the technical comnt Coolmittee of the Conference. These points of agreement relate particularly
idge, was noted in these columns June 25, page 3723-37
26-- to the limitation of destroyers and submarines, and it was only when the
a previous item having been given in our issue
Conference took up the question of limitation of the cruiser class that
of June 11,
page 3445, and still another reference having appeared in difficulties were encountered.
These difficulties proved to be of a character to render it desirable to
our July 30 issue, p. 599. A statement issued jointly
on Aug. 4 adjourn the present negotiations until the
by the American, British and Japanese delegate partici- an opportunity to give further consideratrespective Governments have had
ion to the problem and to the
s
pating in the Conference indicated that in view of the diffi- various methods which have been suggested for its solution.
The American delegates presented the view that within total tonnage,
culty of reconciling the divergent views of the participants limitation (maximum
), initially suggested, should be between 250,000 and
s
on the subject of cruiser limitation
it was deemed wise to 300,000 tons in the cruiser class for the United States and the British
Empire, and between 150,000 and 180,000 tons for Japan; each of the
adjourn the Conference "and to submit the problem for the
Powers should have liberty to build the number and the type of vessel
further consideration of their Governments,
In the hope which they might consider best suited for their respective national needs,
SEPT.3 1927.]
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T1 l
CHRONICLE
with freedom, subject to limitation of the Washington treaty, to arm these
vessels as they saw fit.
The British delegates, while putting proposals tending to a limitation
of the size of the vessels of all classes, have opposed the principle of
limitation by total tonnage alone on the ground that the largest ship and
the heaviest gun permissible must inevitably become the standard. They
desired, first, a strict limitation of the number of 10,000-ton 8-inch gun
cruisers, and, secondly, the establishment of a secondary type of cruiser
to a maximum calibre of six inches. The British delegates contended that
the establishment of this type alone would enable the British Empire,
within a moderate figure of total tonnage, to attain the numbers which it
regards as indispensable to meet its special circumstances and its special
needs.
The Japanese delegates presented the view that low total tonnage levels
should be fixed which would effect a real limitation of auxiliary naval
vessels. As for the question of the 8-inch gun cruisers, while the Japanese Government could not agree to any restriction as a matter of principle, they had no difficulty in declaring that provided a tonnage level of
815,000 tons for auxiliary surface vessels were fixed for Japan they would
not build any further than 8-inch gun cruisers until 1936, except those
already authorized in existing programs.
Various methods were considered of reconciling the divergent views
Indicated above, but, while material progress has been made and the points
of divergence reduced, no mutually acceptable plan has been found to
reconcile the claim of the British delegates for number of vessels, for the
most part armed with 6-inch guns, with the desire of the American delegates for the lowest possible total tonnage limitation with freedom of
armament within such limitation, subject to the restriction as to armament already set by the Washington treaty.
Faced with this difficulty, the delegates have deemed it wise to adjourn
the present conference with this frank statement of their respective views,
and to submit the problem for the further consideration of their Governments, in the hope that consultation between them may lead to an early
solution.
Further, the delegates agree to recommend to their respective Governments the desirability of arranging between the signatories or the Washington treaty that the conference to be called pursuant to Paragraph 2 of
Article XXI of that treaty should be held earlier than August 1931, the
date contemplated under the terms of that instrument, in order that any
decision reached by such a conference may come into force before the
capital ship construction program commences, namely, in November of
that year.
In making these recommendations and in submitting this statement of
the points of agreement as well as of the points on which agreement has
not yet been achieved, the delegates desire to place on record a statement
of thir conviction that the obstacles that have been encountered should
not be accepted as terminating the effort to bring about a further limitation of naval armament.
On the contrary, they trust that the measure of agreement which has
been reached, as well as the work which has been done in clarifying their
respective positions, will make it possible, after consultation between the
Governments, to find a basis for reconciling divergent views and lead to
the early conclusion of an agreement for the limitation of auxiliary naval
vessels which will permit of substantial economy, and, while safeguarding
national security, promote the feeling of mutual confidence and good understanding.
1275
Admiral Saito declared in a valedictory address that he for one declined
to view the results of the Conference as a rupture of negotiations. He
was convinced, he affirmed vigorously, that in some form or another attempts to limit extravagance and competition in naval building, already
limited in practice by common sense, would continue and eventually succeed.
Address at Concluding Session of Geneva Naval Conference of W.C. Bridgeman, First Lord of Admiralty
on British Proposals.
Defense of the proposals made in behalf of Great Britain
at the Geneva Conference for the limitation of naval armament was submitted at the concluding session on Aug. 4 by
W. C. Bridgeman, First Lord of the Admiralty. Mr. Bridgeman, whose speech we give in full further below, in the
course of his remarks said, "we found ourselves in marked
disagreement with the American delegation on the subject
Of cruisers." In part he added:
We have been told that "our respective navies should be maintained at
the lowest level compatible with national security" and we proceeded to
explain quite plainly what was our problem in this respect.
We said that it was numbers we required, and that if a limit could be
put upon a number of large cruisers and a low maximum size on smaller
cruisers we would arrive at a much levier total tonnage than would be
possible if other countries demanded an unlimited number of ships of
10,000 tons and 8-inch guns.
But we found that the American delegation were unwilling to put a limit
within total tonnage to the number of cruisers carrying 8-inch guns.
Although we have stated our reason for wanting a number of small
cruisers, we do not understand what are their reasons for demanding so
many large cruisers or so many with such high offensive weapons as the
8-inch gun. . . .
We have made repeated efforts to put our total tonnage at the lowest
figure compatible with security, and our final effort is embodied in our
latest proposals. But we have had to raise the maximum figures for limiting the size of destroyers and submarines to meet the wishes of other
parties, thereby increasing the tonnage we should have like in these cases
.
to diminish. .
I am given to understand that the American delegation objects to limitation in second-class cruisers to 6-inch gun calibre and insist on freedom to
mount any gun up to 8-inch in these ships. While we are unable fully to
understand their objection, I can assure them that our attitude is not due
to fear of any unfriendly action on their part It is due to the feeling that
we came here to try to agree to limitation of armaments in the future, and
we cannot append our signature to a clause which would violate the three
cardinal points laid down at the outset of the conference by the American
delegation. We believe that it could have no other effect than that of a
considerable increase in the offensive strength of the fleets of the world.
Mr. Bridgeman's address, as given in copyright advices
from London, Aug. 4, to the New York "Times," follows:
I agree with the Chairman in_thinking that our discussions have not
have made will
and that the exploration
W. C. Bridgeman, First Lord of the Admiralty, who acted been by any means useless preparing further advances we the direction of
in
have been advantageous in
as head of the British delegation, had, in part, the follow- limitation.
All three Powers most certainly have had the same goal in view. In
ing to say in his speech at the concluding session on Aug. 4:
We have made repeated efforts to put our total tonnage at the lowest
figure compatible with security, and our final effort is embodied in our
latest proposals. But we have had to raise the maximum figures for limiting the size of destroyers and submarines to meet the wishes of other
parties, thereby increasing the tonnage we should have liked in these cases
to diminish. We have offered to agree upon a maximum building program
over a period of year so that each nation should have complete knowledge
of the position of the others. But this has not proved acceptable.
After the war, like the United States, we scrapped a very large number
of warships, amounting to a tonnage of 1,797,000 tons in battleships,
cruisers and destroyers, in the interest of limitation. In the same way
now no impartial critic can say that we have not made our full share of
concessions as a contribution toward arriving at an agreement.
I am given to understand that the American delegation objects to limitation in second-class cruisers to 6-inch gun calibre and insist on freedom to
mount any gun up to 8-inch in these ships. While we are unable fully to
understand their objection, I can assure them that our attitude is not due
to fear of any unfriendly action on their part. It is due to the feeling
that we catne here to try to agree to limitation of armaments in the future,
and we cannot append our signature to a clause which would violate the
three cardinal points laid down at the outset of the conference by the
American delegation. We believe that it could have no other effect than
that of a considerable increase in the offensive strength of the fleets of
the world.
It is obvious that without any agreement and without calling a conference America has the power and means to build as many cruisers within
the limit of 10,000 tons and 8-inch guns as she pleases. We hoped that In
the endeavor to bring about effective limitations she would have been
willing to join with us in setting a lower standard for future cruiser construction which would have been an example of all nations.
It is a great disappointment to part without arriving at a comprehensive agreement, and we should have been glad of an agreement, even if it
had included only those items on which there seems to be no difference of
opinion.
We give in full elsewhere this speech and that of the
Chairman of the American delegation, Ambassador Gibson.
With regard to the adjournment of the Conference, Associated Press accounts from Geneva Aug. 4 said:
The closing meeting of the naval conference to-day was held in the
presence of a large assemblage. It was carried out without the employment of words of recrimination, and, as Mr. Bridgeman, head of the
British delegation, said:
"We are not dispersing in a spirit of bitterness or despair."
When the conference adjourned sine die, after the adoption of a joint
declaration suggesting direct negotiations between the Governments, Mr.
Bridgman walked up the stairs of the Hotel des Brugues to the private
office of Mr. Gibson and shook his American colleague warmly by the hand.
This was hailed as an indication that the First Lord of the British Adtniralty believed the differences between the United States and Great
Britain manifested at the Conference were nothing more serious than a
slight family tiff.
attempting to reach it we have traveled sometimes together in pairs and
sometimes all three on the same track. At other times we have sought
different roads, and the examination of those different routes will have
contributed towards the final selection of the right one which, perhaps,
may, after all, be one that has not yet been discovered by us.
My Government desires use to try to make clear the way in which we
have approached the task and our genuine desire for the limitation of
naval armament.
President Coolidge's Admonition.
In a message from President Coolidge conveyed to the conference at the
first plenary session we were enjoined to come to an agreement "rendering
impossibl any form of naval competition between the three Powers." This
was subsequently amplified by a statement by the Chairman of the three
cardinal points which should guide us. They were, first, elimination of
competitive building; second, we were to consider security and defense
and not aggression; third, we must study economy.
The British delegation have endeavored to keep those points faithfully
in mind in all the proposals which they have put forward.
First was avoidance of competition, and it was with that end in view
that we proposed there be two classes of cruisers, two of destroyers and
two of submarines, in each of which the maximum tonnage for each individual vessel would be fixed. Without this provision it seemed to U9 that
mere fixation of total tonnage could not remove the danger of competition
and would in fact increase it. If one power used total tonnage for construction of the largest type of vessels, it would lead to an attempt on the
part of the other powers to follow their example and increase instead of
decrease their offensive strength and the maximum would, as experience
has shown, become the standard size.
This was well exemplified by the decision taken at Washington to limit
cruisers to 10,000 tons and 8-inch guns. The effect was that this maximum has been taken as standard for most of the cruisers built since that
date.
Offer Made by Britain.
It was or this reason that, while agreeing to the ratio proposed by the
United States of America in the largest type of cruisers, 10,000 tons and
8-inch guns, we desired to limit the numbers of those large cruisers. We
offered to refrain ourselves from laying down any more and not proceed
with the Dorsetshire, on which money has already been spent, whilst
America was to be able to build up to equal numbers and Japan to the
number of eight. We suggested that no other cruisers be built except
those of lower tonnage and mounting no gun larger than 6-inch.
Again, in destroyers the American plan gave the opportunity of building
destrcyers up to the size of 3,000 tons, and if this size were to be adopted
there would be little difference between large destroyers and small cruisers, and the tendency would have been to build destroyers of the largest
type.
We therefore proposed to limit the size and armament of destroyer leaders and destroyers to a figure which took into account the existing practice of the three Powers. On this point we were all able to agree.
It was for the same reason that we proposed two classes of submarines.
But in this we were actuated by the additional motive of limiting offensive
strength. We regard the larger submarine as we regard the larger cruiser,
as a weapon of offense. And by this resirintinn te thp size and number
1276
THE CHRONICLE
of large submarines we desired, in the Chairman's words, to avoid "the
suspicion of aggressive intent." In all these cases we also suggested the
limit of guns they should carry, and I am glad to say that as far as the
guns were concerned we were able to agree in respect of destroyers and
submarines. But as regards the displacement of the vessels, the size
agreed upon in each case exceeded the figures proposed by us.
Again, in all these proposals our plan would have led to greater economy
and more of the taxpayers' money would have been saved in each country.
We cannot therefore be charged with departing from the Chairman's third
Injunction to exercise wise economy.
Another Economy Proposed.
We made another proposal in the direction of economy which if adopted
would save many millions of pounds to all three countries. This was a
reduction in future of the size of battleships and extension of their age
limit. It is true that in this direction no actual building can be begun
before 1931. But preparation for designs begins about two yearn before
the keel is laid, and if we agree upon a future policy now we should save
a great deal of anxiety and uncertainty and be setting an example to the
world.
When I first mentioned this it WU seized upon by suspicious parties as
an attempt to give us a permanent advantage, though under the Washington Treaty we were permitted to build the Nelson and Rodney in exchange
for scrapping four other battleships in order to give us an equivalent in
vessels mounting 16-inch guns with those of the United States of America
and Japan and so establish the balance of 5-5-3. which was the basis of
that agreement.
It is true that these two ships of ours were the last to be built. But it
never entered our heads that our proposal could be regarded as calculated
to disturb the balance arranged at Washington for battleships.
I therefore explained when making the proposal that it would necessitate some elasticity in the figures in the replacement table. My object
was to show that we were willing to agree to any modification which might
become necessary in order to preserve the balance arrived at in Washington.
I hoped the conference would at least have agreed to pass a resolution
that unless any unforeseen circumstances arise before 1931 we recommend
this reduction in size and this extension in age of battleships. For in
this direction lies much the greatest saving which can be effected.
The Japanese delegation have expressed sympathy with our view and the
American delegation—and I thank them both—have consented if agreements on other points can be reached to consider it in a preliminary way.
A clear pronouncement on this point would be an enormous advance in
limitation and economy.
After working for some time on these lines we found ourselves in marked
disagreement with the American delegation on the subject of cruisers. We
have been told that "our respective navies should be maintained at the
lowest level compatible with national security" and we proceeded to explain quite plainly what was our problem in this respect.
We said that it was numbers we required, and that if a limit could be
put upon the number of large cruisers and a low maximum size on smaller
cruisers we would arrive at a much lower total tonnage than would be
possible if other countries demanded an unlimited number of ships of
10,000 tons and 8-inch guns.
American Delegation Objected.
But we found that the American delegation were unwilling to
put a
limit within total tonnage to the number of cruisers carrying 8-inch guns.
Although we have stated our reason for wanting a number of small cruisers, we do not understand what are their reasons for demanding so many
large cruisers or so many with such high offensive weapons as the 8-inch
gun.
We have stated that the geographical position of our mother country
and Dominions should be borne in mind. We said so In accepting President Coolidge's invitation and have frequently repeated that a number of
small cruisers is a vital necessity to the Empire, whose widely scattered
parts are divided from each other by seas and oceans and whose most
populous parts are dependent for their daily bread on sea-borne trade and
would perish if we failed to protect it.
No doubt it is not easy for countries differently placed fully to realize
our feelings in the matter. But no Briton who was at home during the
war at its most anxious time will forget the feeling that situation brought
home to us. Month by month we found our rations of bread, meat, error
and other articles lowered and we could see the spectre of starvation
slowly approaching.
Is it to be wondered at that every one of us feels that it is our duty to
make what provision we can to protect ourselves and our children against
a recurrence of such a danger?
Though we are carrying a heavy burden of taxation, though we are suffering from industrial depression, you will find few people in Britain who
will demur at providing the money necessary to keep open the waterways
of our food and raw materials. We regard it as an insurance against a
terrible risk and, like other insurances, it is a provision against unforeseen
disaster and not a provision against danger from any particular country
or against any present menace.
Sufficient proof that we are not nervous about any danger from American action lies in the fact that we have made no complaint as to American
superiority in destroyers and submarines or shown any desire to build up
to equality in those classes. We have made no concealment of our needs
or of the reasons for our requirements.
Case Put Clearly by an American.
No one could have put the case more clearly than did Mr. French, Chairman of the House Naval Committee, in presenting the navy estimates in
the American House of Representatives on Jan. 4 last. He said:
"Close the lanes of the sea to the ships of Britain and suffering will be
brought to the people of the British Isles within a period of weeks. Turn
to the United States. Our country could be cut off from the rest of the
world and there would be food for our people; there would be fuel and oil
for our use; there would be materials of all kinds for our service. The
lanes of the sea might be closed to us for weeks or for years.
"Should the necessity arise, the United States, within her own territory,
could sustain her people without suffering and could produce the material
to meet whatever emergency our naval necessities might require."
At the same time without delay we set work to fix the tonnage of our
requirements at the lowest possible figure. Though we had 114 cruisers
just before the war and many more some ten years earlier, we are only
asking for a maximum of 70 now. No one can say that we have not
gone far in reducing our requirements.
Sought Accord With Japan.
It was pointed out at the last plenary session that the obstacle to a
settlement was that we could not reconcile our differences with Japan, but
that if some basis could be found which would be mutually acceptable to
the British and Japanese delegations it might be possible for the American
delegatinn to make the agreement complete.
[VOL. 125.
We have consequently made a great effort to put our requirements into
a form which would be acceptable to the Japanese delegation, and we believe we were met by at least an equally strong attempt on the part of the
Japanese delegation to the same end.
The proposals which were published a few days ago embody the result
of those efforts. We understand that these proposals in the main would
not meet with opposition from the Japanese delegation. These, together
with other proposals we made, would bring about in the near future a very
sensible limitation of naval armament.
This scheme, as carefully explained by Sir Austen Chamberlain in a
statement made in the House of Commons on July 27—the full text of
which I am circulating to the conference—is a temporary arrangement intended to last till 1936, the date of the expiration of the Washington
agreement. I am also circulating a draft of the proposals contained in
this scheme with a brief explanation of the various clauses.
Part of the British delegation's proposals entail a savings far in excess
of any other scheme before the conference. Our proposals for reductions
In size, tonnage and calibre of guns and extension of life of capital ships
would save over £50,000,000 to the British Empire during the period of
replacement and proportionately large savings for other countries.
Our cruiser proposals would save £1,000,000 on every cruiser to be constructed in the future after the ratio in large cruisers has been attained.
For destroyers and submarines they would stop the ever-increasing tendency to raise the size and cost of these vessels. In each case we should
have eliminated competitive building. In each case we should have effected economy. In each case we were considering security and banishing
aggression from our minds.
Efforts Made to Meet Objections.
What have we done to try to meet the objections to our original plan?
We have frankly stated our needs and given our reasons for holding to them,
and explained our conception of national security. We have agreed to try
to fix total tonnages, provided there is a proper division of classes and
a maximum fixed for each type. This we understood to be agreed to by
the American delegation at the Preparatory Disarmament Conference and
we had presumed it would also be welcomed here.
We have made repeated efforts to put our total tonnage at the lowest figure compatible with security, and our final effort is embodied in our latest
proposals. But we have had to raise the maximum figures for limiting the
size of destroyers and submarines to meet the wishes of other parties,
thereby increasing the tonnage we should have liked in these cases to
diminish. We have offered to agree upon a maximum building program
over a period of years so that each nation should have complete knowledge
of the position of the others. But that has not proved acceptable.
After the war, like the United States, we scrapped a very large number
of warships, amounting to a tonnage of 1,797,000 tons in battleships,
cruisers and destroyers, in the interest of limitation. In the same way
now no impartial critic can say that we have not made our full share of
concessions as a contribution toward arriving at an agreement.
I am given to understand that the American delegation objects to limitation in second-class cruisers to 6-inch gun calibre and insist on freedom to
mount any gun up to 8-inch in these ships. While we are unable fully to
understand their objection, I can assure them that our attitude is not due
to fear of any unfriendly action on their part. It is due to the feeling that
we came here to try to agree to limitation of armaments in the future,
and we cannot append our signature to a clause which would violate the
three cardinal points laid down at the outset of the conference by the
American delegation. We believe that it could have no other effect than
that of a considerable increase in the offensive strength of the fleets of
the world.
It is obvious that without any agreement and without calling a conference America has the power and means to build as many cruisers within
the limit of 10,000 tons and 8-inch guns as she pleases. We hoped that in
the endeavor to bring about effective limitations she would have been willing to join with us in setting a lower standard for future cruiser construction which would have been an example of all nations.
Disappointed at Result.
It is a great disappointment to part without arriving at a comprehensive
agreement, and we should have been glad of an agreement, even if it had
included only those items on which there seems to be no difference of
opinion. I made a formal suggestion to this effect, which was, however,
found to be unacceptable. I am circulating a copy of it. It was as follows:
Even as there is for the present no apparent prospect of coming to a
complete agreement about small cruisers it would be most unfortunate if
the conference were to separate without arriving at some international
arrangements tending to economy.
A large measure of agreement has already been reached with regard to
10,000-ton cruisers, flotilla leaders, destroyers and submarines. It seems
to us that a similar agreement might well be reached with regard to battleships.
These results are not all that had been hoped for, but they are of great
value and it would be an international misfortune if they were lost on the
present occasion. Sooner than see the conference wholly fail we are
authorized to sign an agreement even if it embodied only points on which
provisional agreement has already been reached by the three delegations.
Stresses Role of Peace Spirit.
But if it be now found impossible to agree upon a formula which is acceptable to all parties, that would not indicate a spirit of antagonism between the three Powers. Still legs would it mean that we intended to
enter upon competition in new construction. We shall not then disperse
in a spirit of bitterness or despair.
The peace of the world does not depend upon a comprehensive form of
words and mathematical tables suitable to the various needs of each Power,
but on the friendly and peaceable spirit of the great nations. No
formula could succeed in ensuring peace if the spirit of peace was not
present, and no failure to find a formula is disastrous if the nations concerned still hold fast to the will for peace and to that detestation of aggression to which, I am convinced, all present to-day adhere as steadfastly
as we did before we met
I am speaking to-day not only for His Majesty's Government of Great
Britain and the Government of India, which I represent at this conference,
but I am authorized by the delegates representing His Majesty's Government of Canada, Australia, New Zealand and South Africa to say that
they are in agreement with the statement of the case which I have had the
honor to make.
Address of Ambassador Gibson at Concluding Session
of Geneva Naval Conference—Contrasting American and British Proposals.
Elsewhere we refer to the adjournment on Aug. 4 of the
trl-Power Conference at Geneva, held at the Instance of
SEPT.3 1927.]
UTE CHRONICLE
1277
The American delegation has never been able to reconcile the conception
of absolute naval needs with the negotiation of a treaty to fix limitations
on the basis of mutual concessions. If the sole purpose of our negotiation
be that of setting forth the view of each power as to their requirements
without regard to the navies of others, it is difficult to see how we can
arrive at a treaty for the limitation of navies.
Further, we have not yet been able to understand why, in a time of profound peace and at the moment that we are seeking to reduce the burdens
of naval expenditure, the British Government considers a considerable program of naval expansion as an absolute and even vital necessity.
Efforts of United States to Meet Views of Great Britain.
In an effort to meet the views of the British Empire delegation we have
indicated our willingness to make very substantial modifications in our
original proposals respecting cruisers. We have agreed to discuss a tonnage in the cruiser class far in excess of what we had hoped might be fixed
as a limitation for the future. This was done in an effort to help meet the
British claim for numbers of vessels.
Further, we have agreed to discuss the number of 10,000-ton cruisers and
Instead of the 48 cruisers now in service, the British Empire delegation
has set forth in the report of the technical committee a need for 15 8-inch- to accept a secondary class of cruisers provided that the secondary type
gun cruisers and 55 cruisers of a smaller type, a total of 70. The claim for of cruisers should not be of a maximum individual displacement which
these figures was defended on the ground of the absolute naval needs of will preclude the mounting of 8-inch guns, a calibre of gun which NM
the Empire. The American delegation has never been able to reconcile agreed upon by the signatories of the Washington Treaty.
Unfortunately, these efforts to meet the British position, together with
the conception of absolute naval needs with the negotiation of a treaty to
later, were not considered
fix limitations on the basis of mutual concessions. If the sole purpose of other American proposals, to which I shall refer
a comour negotiation be that of setting forth the view of each Power as to their sufficient. Any further concessions on our part would have involved
to our needs, and we
requirements without regard to the navies of others it is difficult to see plete surrender of the right to build ships responsive
were to be reached
were obliged to take the bround that if agreement
how we can arrive at a treaty for the limitation of navies. . . .
The British delegation, in its proposal sought to secure agreement to limit there must be some measure of reciprocity in concession.
We frankly recognize that the naval needs of various Powers differ, and
very strictly the number of the larger type of cruisers with 8-inch guns and
been put forward that the
to limit all other construction to small size cruisers armed with 8-inch we never have contested the argument which had
best be met by numbers
guns, a type of ship of relatively small use to us because of its lack of naval requirements of the British Empire could
cruising radius and protection. The immediate and obvious result of of vessels.
system of limitation of naval strength by total
One of the virtues of the
acquiescing in these British proposals would have been that the British Emto use its tonnage allotpire would have been able to build exactly what it desired, and that we, tonnage in classes is that each country is left free
what we consider ment according to its special needs. We have felt, however, that the makon the other hand, would be restrained from building
honestly subscribe as representing the
that we might need and yet the tonnage levels insisted on by the British ing of a treaty to which we could
dependent upon meeting these requirements
Empire would result in a substantial increase even over present strength. limitation of armament was
which constituted a limitation and not an expansion.
. . . At the time of the adoption of the Washington Treaty, as I have within total tonnages
bases scattered along its lines of communimentioned before, the delegates of the British Empire looked upon a total With a large number of naval
the desire of the British Empire for
tonnage for surface auxiliary craft of 450,000 tons as an acceptable and cation, we can quite well understand
smaller type.
reasonable figure. But now we are faced with a program calling for a certain number of cruisers of the
At the same time we feel that it should be recognized that our own
647,000 tons of auxiliary surface craft, a tonnage far in excess of that congeographical position and our lack of bases, resulting in part from the
templated at the time of the Washington conference. . . .
a larger type of cruiser
The interruption of our work should not be interpreted as indicating a restrictions of the Washington Treaty, require
further, that the repeated
permanent inability to agree upon an effective method of naval limitation, affording a longer cruising radius. We felt,
cruiser tonnage to the lowand it is our hope that a thorough study of the whole problem of naval expression of our willingness to reduce the total
sufficient evidence that
armaments may lead to the finding of some method of reconciling the est limits acceptable to the British delegation was
which could
views of our respective Governments and that a satisfactory agreement may we had no thought of engaging in a program of construction
be any cause of apprehension.
shortly be concluded for a greater limitation of auxiliary naval craft.
agreement to
The British delegation in its proposals sought to secure
limit very strictly the number of the larger type of cruisers with 8-inch
The address in full follows:
cruisers armed with
The conference has now reached a point when it is essential to review guns and to limit all other construction to small size
to us because of its lack
the situation and to determine whether we can usefully continue our work 6-inch guns, a type of ship of relatively small use
with any hope of a successful conclusion. Since the proposals which have of musing radius and protection.
The immediate and obvious results of acquiescing in the British proposals
been laid before us by Mr. Bridgeman represent the final decision of the
able to build
British Empire delegation, I fear, as I have already informed Mr. Bridge- would have been that the British Empire would have been
restrained
man, that we shall be forced frankly to admit that our efforts at present exactly what it desired and that we, on the other hand, would be
tonnage
to find a basis for negotiation acceptable to all three Powers have not been from building what we consider that we might need, and yet the
levels insisted on by the British Empire would result in a substantial insuccessful.
I should like to take this occasion for stating somewhat fully the Ameri- crease even over present strength.
It may be well here to touch upon the view which has been expressed that
can views on the subject, not by way of argument with my colleagues, but
freebecause the solution of this problem can be found only if all conflicting we have rendered agreement difficult by our alleged insistence upon
dom to build a large number of 10,000-ton cruisers armed with 8-inch guns.
views are clearly stated and left for mature consideration.
These the British delegation terms offensive vessels, as distinguished from
Object of Conference.
the 6,000-ton cruisers armed with 6-inch guns, which they call defensive
First of all, let us consider why we came here. The President of the cruisers.
No such distinction was recognized at the time of the Washington Treaty.
United States on Feb. 10 extended to the Powers signatories to the WashWashington Treaty an invitation to meet in Geneva to agree upon extension to The 10,000-ton cruiser with 8-inch gun armament was fixed by the
delegates at
auxiliary craft of the principles of that treaty. Great Britain and Japan ington Treaty, and this discussion was supported by the British
United
Furthermore, the
accepted this invitation. The President's initiative in calling the confer- that conference and adopted as non-controversial.
this size. Five
ence was in conformity with the repeatedly expressed desire of our Con- States did not commence the construction of cruisers of
have now been practically completed by the British
gress, as specifically set forth in an Act of Feb. 11 1925, that armaments cruisers of this type
four vessels of
should be effectively reduced and limited in the interest of the peace of the Empire and six more are in process of construction, while
world and for the relief of all nations from the burdens of inordinate and 9,750 tone are now in commission.
which are about 15% comThe United States has two 10,000-ton cruisers
unnecessary expenditures.
none
The President's invitation left no room for doubt as to the purpose he pleted and six for which the contract has been recently let. We have
authorizing
had in mind, and the proposals to be made by the American delegation that will be afloat for approximately two years. In the Act
the construction of these cruisers it was provided that in the event of an
could have been forecast with considerable accuracy.
It was known from the President's message that we would propose international conference for the limitation of naval armament the President
limitation of auxiliary craft by categories, that we were in favor of limit- was empowered in his discretion to suspend in whole or in part any coning them according to the principles of the Washington Treaty. It was struction authorized by the Aet.
The British Empire delegation has drawn a sharp distinction between
not difficult to forecast even the tonnage levels which we would suggest,
as it was obvious that no fresh complications in the world situation had the offensive and aggressive character of 8-inch gun .cruisers and the •
called for a material increase over the figures suggested by us at Washing. essentially defensive character of the 6-inch gun cruiser which they feel
ton in 1922—namely, 450,000 tons of both classes of auxiliary surface would, but which do not, serve our purpose. The American delegation
cannot but feel that every warship possesses essentially offensive charactervessels.
In strict conformity with the spirit and in view of the President's in- istics, and that no ship is built for the sole purpose of defending itself
vitation, the American delegation on the opening day of the conference laid against attack. We cannot follow the reasoning which attributes to 6-inch
on the table clear, simple and comprehensive proposals for a limitation of gun cruisers a purely defensive role. We are told that they will police
naval armaments. We were confident that proposals of this general char- trade routes and protect British commerce upon the seas. But in order
to afford effective defense to British commerce upon the seas, these cruisacter would be acceptable to the Powers represented here.
It was not unreasonable to feel that even if the specific figures suggested ers must in time of war effectively deny the sea to others.
by us as a basis of discussion were not acceptable, a reasonable limitation
When we come down to essentials, the claim on the part of any nation
might be achieved on the basis of the present strength of the strongest for the right to maintain in time of peace a cruiser strength sufficient to
navies in the different categories; that is to say, the British Empire in afford complete security to its commerce in case of war renders imposcruisers and the United States in destroyers and submarines, with the sible any effective naval limitation by international agreement
result that by agreeing upon such figures we should be relieved of the
When we are asked to limit strictly the number of cruisers on which
dangers of competitive building.
8-inch guns may be mounted and eventually to abandon that gun altogether
delegation subsequently indicated its willingness to nego- in favor of the 9-inch gun, we are compelled to consider the effect of
The Japanese
tiate on the basis of the minimum figures suggested by the American such a limitation upon our situation, in view of the fact that the British
Government has at its disposal approximately 888,000 tons of fast merdelegation.
It should be rvalled that the minimum figures of the American pro- chant ships capable of being readily converted into cruisers and armed with
posal involved a considerable reduction in the destroyer and submarine many 6-inch guns, as contemplated by the Washington Treaty.
We, on the other hand, have only 180,000 tons of such ships. As was SO
tonnage now possessed by the United States.
ably brought out by Lord Jellicoe, converted merchant ships played a
Claims of British Government.
great part in the !ate war.
From the first, however, we encountered a serious difficult in the claim
Tonnage Proposed at Washington Conference.
it needed a considerably larger number of
of the British Government that
There is another matter which has given us cause for reflection. At the
cruisers than it now possesses. Instead of the 48 cruisers now in service,
time of the adoption of the Washington Treaty, as I have mentioned bethe British Empire delegation has set forth in the report of the Technical
delegates of the Brithqt Empire looked upon a total tonnage for
Committee a need for 16 8-inch grun cruisers and 55 cruisers of a smaller fore, the
figures was defended on the ground surface auxiliary craft of 450,000 tons as an acceptable and reasonable
type, a total of 70. The claim for these
Empire.
figure. But now we are faced with a program calling for 647,000 tons of
of the absolute naval needs of the
President Coolidge, with a view to effecting an agreement
for the limitation of naval armaments. As indicated in the
item referred to, the Conference ended without accomplishing the object sought. In addition to the statements in our
general item relative to the conclusion of the Conference.
we are giving here the address of Ambassador Hugh S. Gibson, Chairman of the American delegation, at the concluding session on Aug. 4. Mr. Gibson in undertaking to present the American views on the subject, stated that from the
first the delegates "encountered a serious difficulty in the
claim of the British Government that it needed a considerably larger number of cruisers than it now possesses." He
added:
4+4
1278
THE CHRONICLE
[VoL. 125.
auxiliary surface craft—a tonnage far in excess of that
contemplated at ciples, looking ahead to its influence on disarmament
the time of the Washington conference.
among the nations
of the world and the interest of peace, an
What has brought about this change on the part of the
British Govern- naval Powers is of surpassing importance.agreement between the principal
ment? What new factor in world affairs has appeared upon
the horizon
We believe that we can all afford to make a very
which has caused them apprehension? One of the mightiest
strict limitation which
fleets on the will largely decrease our armaments
in
high seas, that of Germany, has disappeared. So far
as we know, no decrease the burden of taxation and the the near future and, consequently,
fear of war.
other great maritime nation has embarked on any program
which could
We cannot believe that if the three great naval
conceivably be considered a menace to the British Empire.
Powers are all willing
to make this limitation and reduction
there is
Other than the Powers here represented there are in the
resultant danger to
entire world their respective Governments, their trade routes any
but five navies possessing modern cruisers of effective
or their possessions. We
combat value; the believe we should deal with this subject
on a broader and higher ground
strongest of these has approximately 72,000 tons and the
total effective than our need of meeting all conceivable
cruiser tonnage of all five (combined) is now less than
eventualities.
From generation to generation during
200,000.
the last hundred years it has
The British contention has been that their proposals
make for economy, become more and more evident that these three
while ours call for a large outlay. We cannot admit
nations intend to and will
the justice of such live in a state of peace, and we should approach
a claim.
this subject of naval limitation on the basis that war between them is
We have proposed a low limitation on total tonnage,
unthinkable.
which means a
The interruption of our work should not be interpreted
very large saving. Economy can only be realized by
as indicating a
reduction of total permanent inability to agree upon an effective
method of naval limitatonnage. The fact is that within the total tonnage limitation
tion, and it is our hope that a thorough study of
the unit size of vessel the greater is the economy, both in initial the larger
the whole problem of
construction naval armaments may lead to the finding of some method
and in operation and maintenance. Both high total tonnage
of reconciling
and small the views of our respective Governments and that a satisfactory agreement
units are necessarily expensive. I should like once more
to stress that may shortly be concluded for a greater limitation of auxiliary
naval craft.
the American proposals would obviously permit of drastic
In conclusion, I should like to express, on behalf of
economies and
the American delethat a proposition largely to increase the tonnage of auxiliary craft
beyond gation, our warm personal esteem for our associates of the British Empire
that which any country now possesses would impose, we
believe, an un- delegation and of the Japanese delegation.
necessary burden.
It has been a privilege to work with them on this problem, and
we trust
The latest proposals of the British Empire delegation do not
indicate that, even though we have not succeeded in reaching an agreement at this
any substantial reduction in the tonnage demands or modifications
in the time, our work may mark a step forward toward eventual ea-re:meat
acposition taken by the British representatives on the technical
committee ceptable to us all.
during the early days of the conference.
We are all of us united in the sincere desire to promote good underThe proposals of the British Empire delegation which have recently
been standing and friendship between our three countries, and I am confident
submitted to us contain the points of difficulty which we have
encountered that the present inability to agree will not discourage us in our efforts to
from the outset and, in addition, a new difficulty in that a
combined ton- achieve substantial limitation in naval armamentr.
nage limitation for all auxiliary craft including submarines
is suggested.
This total, fixed at 590,000 tons, is to be augmented by an
additional 25%
of so-called over-age vessels. But the age limit for
replacement within Lord Balfour, of Great Britain,"Corrects" Ambassad
or
the tonnage limitation of 590,000 tons has been so
reduced
Gibson's Quotation at Geneva Naval Conference —
in effect a proposal for a total limitation of effective that we have
vessels of over
737,000 tons.
Winston Churchill Holds British Are Not to E!aine
If we deduct from that figure the highest submarine and
destroyer tonfor Failure of Parley —Decries Naval "Nightmares."
nage heretofore suggested by the British Empire
delegation, namely,
90,000 tons of submarines and approximately 221,000 tons
The Earl of Balfour, in a speech at Whittinghame on
of destroyers,
there would remain a tonnage limitation for cruisers of
at least 426,000 Aug. 6 complained of being misquoted at the Geneva Naval
tons. This is over 75,000 tons in excess of the British
cruiser strength Conferenc
e by Ambassador Hugh S. Gibson, head of the
upon completion of vends now under construction. This
figure could be
materially increased under the combined tonnage system
proposed by the American delegation, in connection with his attitude on
British through the utilization of a part of the destroyer
and submarine cruiser tonnage at the Washington Naval
Conference of
tonnage for cruiser construction.
1921, according to a cablegram from London (copyright)
It is obvious that a treaty fixing total tonnage limitations
at any such
figures would not be a present limitation, and that even
without a treaty, to the New York "Times," whose account continued:
It is unlikely that any of the Powers would reach any
such maximum tonLord Balfour said he had been misrepresented by American newspapers,
nage before 1931, when, in any event, we are to meet
again to consider too.
the question of naval armament.
"I have been repeatedly misquoted," he declared. "The statement I made
Effect of British Proposals.
regarding cruisers auxiliary to a battle fleet has been interpreted as meanThus, for the immediate future, the only real effect
of the British pro- ing that the whole force of cruisers required to protect the British Empire,
posals is to restrict types of cruisers, not building
programs, and to obli- its commerce and its lines of communication might be met by 450,000
gate the United States, in case it should desire
to build within the total tons.
tonnage limit proposed, to construct many 6,000-t
"The following words in my statement at Washington are left out,
on
a type which we have clearly indicated is not adapted6-inch gun cruisers, 'Taking these two—the battleships themselves and the vessels auxiliary
to our needs.
and necessary to a battle fleet,' and so on.
I cannot but feel that the British Government has unnecessary
"I had made no reference to the numberless purposes for which other
sion as to the use which might be made by the United States of apprehenreasonable
cruisers and other auxiliary ships would be required for such an Empire
freedom of action in the cruiser class within strict tonnage limitations.
It is to be remembered that if the total tonnage for cruisers should be as our own."
fixed as low as 300,000 for the United States and the British Empire,
Hopes for Accord Late.
a
certain part of this will be consumed in the construction of the maximum
It was really a melancholy reflection, added Lord Balfour,
that in one of
size cruisers of a number to be agreed upon. A further considerable
part his leading arguments Mr. Gibson should inadvertently have omitted words
Is already taken up as far as the United States is concerned, by the
exist- without which the passage was capable of the gross misconstruction and
ence of ten 6-inch gun ships of the Omaha class, aggregating approximatel
y abuse to which, unhappily, it had been subjected.
70,000 tons. The only practical question arising, therefore, is whether,
He had every hope, however, he added, that the subject discussed
in
at
addition to building an agreed number of maximum size cruisers, none of Geneva would be reopened and that after it was reopened
it would lead to
which has yet been completed by the United States, our future construction results which would promote the great objects
that President Coolidge
of secondary cruisers with 8-inch guns within this narrow limit could be had in view.
on such a scale as to give concern to the British Empire.
There were some leading questions, continued Lord Balfour, to which he
In an effort to meet" any possible concern of the British Government on had never discovered the American reply. One was the British
proposal
this score—an apprehension which, I hasten to add, we consider unwar- that auxiliary cruisers of the smaller type should be limited
to 6-inch inranted by anything in our past or present policy—we had already sug- stead of 8-inch guns. He was not aware of anything said
on the other
gested the possibility of inserting in the treaty a political clause provid- side except that the proposal was unacceptable to the United
States. No
ing in effect that if the building program of any of the signatory Powers argument of any importance had been used against it, though
it would
within the tonnage limitation agreed upon for cruisers should give concern guarantee economy and security, he declared.
Lord Balfour concluded by saying that he looked
to any other contracting Powers, a meeting of the signatories could be
forward without decalled at any time after 1931, and if a satisfactory agreement was not spair to the future in this naval controversy.
If the difficulties were looked at "with sympathy,
reached the treaty might shortly be terminated. It is difficult to see why
knowledge, justice
this would not adequately meet any possible apprehension, as it would and a desire for fair play," he said," I do not, for
a moment question that
not be possible for any Power to make any substantial progress on a build- the comparative failure of the conference is but a teinporary
misfortune,
ing program within the short time prior to the termination of the treaty. and at any rate the vast majority of those I am addressing
will live to see
Furthermore, I may add that we are so confident that nothing in our own an arrangement which will give that economy and security to all the Powers
policy could give ground for such concern that we felt no hesitation in concerned which the President of the United States so ardently desires."
suggesting such a clause.
Ramsay MacDonald Critical,
The American delegation was greatly impressed by a statement recently
Ramsay MacDonald, former Labor Premier, said
in an interview to-day
made by the British Foreign Secretary to the effect that war between the that failure of
the conference was inherent in the lack of preparation and
British Empire and the United States was already outlawed in the hearts the fact that
the delegations were ill chosen.
of both nations. We give our thorough endorsement to this view, and
"If we approach disarmament or armament agreements
in this way misthe sincerity of this endorsement has been proved in practice by the fact chief rather
than good will be done," he declared. "The Foreign Office
that our Government has not ind4cated misgivings or concern because the should explore
the matter from the beginning.
British Empire has built up a cruiser force entirely disproportionate to
"For the time there may be increased friction between the United States
our own.
and ourselves, but the common sense of both countries is too great for that
We •find it difficult, however, to reconcile the British conviction that to continue."
war is already outlawed between Us with their present unwillingness to
Churchill Disavows Blame.
recognize our right to build a limited number of the type of ships we would
-Speaking to-day at Haslemere, Winston Churchill, Chancellor of
the Exdesire, or with their willingness to risk the success of this conference
chequer, declared that the British delegates were
because they fear the problematical possession by us during the life of this
not to blame for failure
of the Geneva Conference. After pointing out
how dependent Great Britain
treaty of a small number of 8-inch gun cruisers, and this in spite of the fact
Is on the safety of its lines of trade and communicati
ons as compared to
that any apprehension which might be occasioned by such problematical
the self-contained United States, Mr. Churchill said:
construction is amply covered by the political clause which offers a re"We contend that our position is entirely different
from that of a vast
lease from the obligation of the treaty.
self-contained community. Therefore, we are not now
able, and, I trust, at
Appreciation of Proposals of Japanese Delegation.
no future time, to embody in a solemn international agreement any words
Before concluding, I should like to take occasion, in the name of the which would bind us to the principle of mathematical parity in naval
American delegation, to express once more our appreciation to the Japan- strength.
ese delegation for the proposals they have brought forward and supported
"That is the same position we took up at Washington and which our
as regards low tonnage limitations. We feel that the firm desire of their
American friends then very frankly and fairly recognized. Indeed, one of
country to effect limitation of armament at or below existing tonnage the principal spokesmen of the United States Senate stated our case with
levels will have a profound influence.
comprehensive, lucid and eloquent force which has never been surpassed.
We regret exceedingly that we have as yet not been able to harmonize
"If the issues now being raised at Geneva had been raised at Washington,
the conflicting views on naval limitation. We believe that, on broad prin- and if not only the battle fleet
but the whole cruiser problem had been
•
SEPT. 31927.]
THE CHRONICLE
debated and no recognition shown of the special vital needs of the British
Empire, tic2. Washington Conference would have failed just as that at
Geneva has done.
"The doctrine of naval equality, if it is to be accepted by us, must
take into consideration the whole position of the two countries on the sea
and their respective risks and vulnerability.
"Nevertheless, there is substance in the American contention that the
minor vessels we need to keep our sea roads open and to protect us from
starvation might also have offensive value and enable us to interrupt the
sea routes of others. This is one of the obstinate difficulties of the problem and ought to be studied patiently.
"It is with the greatest pleasure that we have all read the statement of
Secretary Kellogg that failure of the conference will not mean any change
In the cordial relations of Great Britain and America. We will take no
offense because the United States builds the cruisers she considers she re,
quires, and we cannot conceive of any circumstances that will ari e in any
period that is possible to consider that would lead to a deplorable race in
armaments between the two countries.
"It may well be that some of the doctrines which President Coolidge
had in view when he invited us to Geneva will be achieved in the next few
years, not on paper, but in practice.
"I hope that, when we say we should not be alarmed by American cruiser
programs, we shall not confine ourselves to pious sentiments but prove
our confidence and composure by actions that speak louder than words.
Then we may hope that in a few years the ugly process of swapping naval
nightmares, in which so many people recently have been indulging, will
fall back into the obscurity from which it never should have emerged."
1279
In advising the Commission, the examiners' report said that present rates
on coal to Charleston constituted the key to the situation, rates to other
ports being made by adding to or deducting differentials to or from the
Charleston rate. The present rate to Chareslton on coal from the Pocahontas fields in West Virginia is $3.30 per ton, and the report advised the
Commission to make it $3.02. From the Coal Creek fields in Tennessee
to Charleston the report suggested a rate of $2.82 per ton, as compared with
an existing rate of $3.10. Rates from other points of origin to other ports
under the terms of the recommendation would be varied in accordance with
the reductions ordered in the Charleston rate.
Readjustment of Grain Rates on Canadian Lines
Ordered by Dominion Board.
The Dominion Board of Railway Commissioners on
Aug. 26 ordered that the rate on grain and flour from all
points on the Canadian Pacific branch lines in the three
Prairie Provinces to the head of the Great Lakes be equalized
with the present Canadian Pacific main line rates, according
to Associated Press dispatches from Ottawa Aug. 26.
It was further stated in these advices:
Other railways in the Prairie Provinces are required to adjust their
rates correspondingly. This will mean reductions from every point located
on a branch line of any railway in Western Canada which exceeds the
main line scale of rates.
Export rates westbound to the Pacific Coast are also revised so as to
Informal Conversations Preceded Geneva Conference put all branch line points on a footing of equality with Canadian Pacific
main line points. This is an important readjustment which it is expected
for Limitation of Naval Armaments.
will be of advantage particularly to grain shippers in Alberta and SasThe Washington correspondent of the New York "Journal katchewan.
informal conversations took
Freight tariffs on merchandise shipped from distributing centres in
of Commerce" reports that
Provinces are ordered to be revised so as to secure the
place between the American and British naval authorities the three Prairie short-haul mileage.
advantage of the
the assembling of the Naval Limitation Conferprevious to
The order wool abolish the exisiting "mountain differential rates" by
ence at Geneva, State Department officials revealed on way of Vancouver and require equal rates per mile of way of Pacific ports
from the prairies with those now applying by way of Lake ports to the
'Aug. 8 In commenting on the statement appearing in the East. Traffic experts said the Board's action undoubtedly would enspeech delivered by Vice-President Dawes at Buffalo on courage grain exports by way of Pacific ports through the Panama Canal.
The Board also ordered a reduction on grain rates from bead of the
Aug. 7 to the effect that the inability of the American and
lake
of rail to
and Monteral. The reduction
British delegates to agree at the conference was "perhaps way ports by way from 3434 Quebec per hundredweight. On wheat by
of Quebec is
cents
to
due to insufficient preliminary preparation." The corre- 18.34 cents, with a corresponding reduction by way of Montreal. This
reduction, however, does not affect the water-borne rate, which practically
spondent went on to say:
These conversations had reached such a stage that the State Department determines the wheat export movement by way of Montreal and Quebec.
was confident that the conference would succeed.
The exchange of views which took place were confidential, it is stated,
and to reveal their specific contents or the persons engaged would pre- Reduction in Freight Rates on Canned Goods and
clude the possibility of future negotiations of this sort; but that they were
Sugar from Pacific Coast to Missoula, Mont.,
held and that the British showed every evidence of apprdving the American
Ordered By Inter-State Commerce Commission,
naval limitation plan is strenuously emphasized by State Department offiWashington Associated Press advices Aug. 27 stated:
cials.
Conferences With Beatty.
Reductions in freight rates on canned goods and sugar moving from
In well-informed circles it is learned that conversations preliminary to Pacific Coast ports to Missoula, Mont., were ordered to-day by the Interthe formal conference took place both at Geneva and London, and at va- state Commerce Commission, effective Nov. 28. Under present rates, the
rious times, extending back as far as last summer and continuing through commission held, business houses in Missoula are subjected to unfair
the winter.
discrimination, since competing houses in Spokane, Wash., have a better
Rear Admiral II. P. Jones, chief of the naval contingent attached to the rate.
American delegation, visited London in December to confer with Admiral
St. Joseph, Mo., was declared by the commission to be unfairly treated
Beatty, at that time First Sea Lord of the British Admiralty Office. Other in the existing arrangement of freight rates on apples and to suffer from
conferences were held during the sessions of the League of Nations pre- discriminations unduly favorable to St. Louis and other distributing centres.
liminary. disarmament conference at Geneva, when Hugh Gibson, destined
A comprehensive revision of the apple rates out of St. Joseph to destinato become chief of the American delegation at the conference, called by tions in Nebraska, Iowa, Minnesota and the Dakotas was ordered to bePresident Coolidge, conferred with Sir Austen Chamberlain, the British come effective Nov. 28. The new rates, which were based on a mileage
Foreign Minister, and Allan Dulles, technical expert of the American scale set forth in previous decisions of the commission, will operate to
delegation, who exchanged views with Lord Robert Cecil.
place the charges from St. Joseph to consuming territory on a basis equivaJust how deeply the details of the future American arms proposal were lent to that now enjoyed by St. Louis shippers.
gone into is not known, but in official circles here it is generally accepted
that the British Government was made fully aware of the nature of the
American plan some time before the naval conference was officially convened at Geneva and had given informal notice of its approval. Under Banks Entering Life Insurance—Fear Expressed for
these circumstances the State Department approached the Geneva negotiaAgency System if Movement Continues Spread.
tions confident that there would be no hitch and assured that the treaty
Under the above head the New York "Journal of Comgoverning the possession of auxiliary naval craft would be signed without
undue difficulty.
merce" printed.the following in its issue of Aug. 30:
Jellicoe's Stand Questioned.
From various points in the West come reports that agents are considerably
Just why there was a last-minute reversal in the attitude of the British perturbed by the decision of some large city banks to open life insurance
Government has not been disclosed, but the opinion prevails in British departments, employ solicitors and go out after insurance policies. Becircles here that the appointment of Admiral Lord Jellicoe to the office of First cause of the peculiar power of the banks, which have a knowledge of their
Lord of the Admiralty, succeeding Earl Beatty, was responsible for the depositors' financial affairs that could not possibly be obtained by any outunyielding attitude of the British Admiralty at Geneva. The preliminary sider, ear I expressed that a wide spread of insurance departments in large
conversations during which the American proposal was broached, were all city banks may have a serious effect on the agency system. A particularly
carried on with Admiral Beatty, it is recalled, and his successor was bad effect on the agent. it is maintained, Is that the bank solicitors so far
neither fully posted as to their trend nor was he inclined, according to have been employed on a salary basis, which permits the bank itself to
Rritish observers here, to be fully sympathetic with their purpose.
retain a large part of the commissions.
Commenting on the assertion included in a speech delivered on Saturday
One city in which complaint has arisen is Louisville, Ky., where one
by Winston Churchill, to the effect that the British Government is unable agent reported that a bank with such a department recently wrote $300,000
solemn international agreement any words which would insurance in a single month. A bank solicitor, it is pointed out, could read"to embody in a
bind us (the British) to 4 principle of mathematical parity in naval ily obtain entry to the prospect upon the introduction of one of the officers
strength," State Department _officials pointed out that what the American of his bank. Armed with complete information as to the prospect's deGovernment sought at Geneva was actual parity in building programs. posits, loans, business, business dealings and financial position and backed
Both countries, not the British alone, have trade routes to defend, it was by a suggestion from some bank official that the taking out of insurance
insisted, and both have important naval needs to take into consideration. would be a good thing, such a solicitor starts out with an advantage no
ordinary insurance agent can get. If the prospect happens to be a heavy
The principle of parity is not inconsistent with these requirements.
borrower at the bank, the solicitor's opportunity is even greater, and since
most large prospects have a good deal of dealing to do with banks,there are
Lower Rates on Coal to Southern Ports Advised in Re- a great many cases where it might be possible to freeze out the ordinary agent
Commerce' Commission by altogether. It is obvious that the business man who must depend in no
port to Inter-State
small degree on the good will of his banker is not going to reject a proposition
Examiners.
from him except on good grounds, especially if the solicitor has used his
opportunity to convince the prospect that it is good business to protect
Richmond press advices Aug. 29 stated:
Rates on coal moving from principal Southern mining centres to South himself, his family and his business through insurance.
should be reduced by an average of 23 cents a ton, the InterLife Insurance Field Entered by California Bank with Numerous Branches.
Atlantic ports
A similar complaint has come from California, where the situation is made
State Commerce Commission has been advised, following an investigation
by its examiners. The Traffic Association of South Atlantic Ports, repre- more formidable by the tremendous development of branch banking.
senting business interests at Wilmington, Charleston, Savannah, Brunswick One great bank with more than 160 branches in California alone and more
and Jacksonville, brought a general complaint against the level of coal rates than 280 branches in its entire chain, is said to have opened a life insurance
department recently under the name of a subsidiary. Arrangements
to their cities from West Virginia, Tennessee and Kentucky.
have
been made to use the lists of
a Richmond dispatch to the New York "Journal of customers in connection withdepositors, applicants for loans and other bank
In
this work. The present plan, it Is said
is to
Commerce" it was stated:
try to make arrangements with life companies to offer
leads to selected
1280
THE CHRONICLE
agents on the basis of information in the bank's possession, the bank retaining much of the commission. Failing in working out this plan,the bank.
it is believed, will develop its own agency system, making direct connections
with the companies. If this latter plan should go through, it is conceded
that the agency system, which has been the outstanding factor in American
life insurance development for many years, will be seriously endangered.
[VOL. 125.
been agreed upon for the consolidated association resulting
from the merger of the Pacific-Southwest Trust & Savings
Bank with the First National Bank of Los Angeles. A statement issued on Aug. 26 by the consolidating institutions
said:
All of the parties to the discussion have met at conferences, and this name
Creation of Life Insurance Department by Equitable is acceptable to all of them.
The consolidated association, with the approval of the Comptroller,
Trust Co. of New York—Not to Solicit Insurance.
sought to use the name First National-Consolidated Bank & Trust Co.
The creation of its insurance trust department by the The First National banks in various communities where the consolidated
bank would
felt that confusion might arise, which resulted in
Equitable Trust Co. of New York has met with wide spread protests andhave a branchConferences between the parties resulted in the
litigation.
and favorable comment on the part of insurance companies selection of a name acceptable to both.
The only point in controversy at all times has been the title, and the reason
and life underwriters, according to a statement on Sept. 1
a disagreement
that would best
by Joseph N. Babcock, Vice-President of the trust company. has beenconfusion. Theas to what would constitute a title of arriving at a
prevent
conferences held for the purpose
"Our insurance trust department, which we believe to be conclusion satisfactory to all were conducted in a spirit of co-operation, and
with the idea that it was really
the first of its kind in the United States," said Mr. Babcock, rather than the selfish desires a question of the best service to the public,
of either of the parties that should
"has been in operation slightly more than a week, and in and the name Los Angeles-First National Trust & Savings Bank govern,
was assented to by all parties, and there is every reason to believe that this name
that brief space of time hundreds of interested persons, inwill be acceptable to the Comptroller of the Currency, and when so acsurance underwriters, officers of insurance companies and cepted the consolidation will be effected under this title.
others have called or telephoned, asking information and ofThis will remove any basis for further friction that can grow out of the
fering substantial business. We have every reason to be- question of title.
lieve that this new department is going to be a very big
In an item in our issue of August 20 (page 1002) we noted
success." Mr. Babcock added:
I want to make it clear that the Equitable Trust Co. of New York has that the Supreme Court of the District of Columbia on Aug.
no intention of soliciting insurance. It is concerned only with the creation 17 had ruled against the First National Bank of Pasadena,
of estates by insurance and with the conserving of the proceeds and the Calif., in its action to enjoin the Comptroller of the Currency
proper administration thereof. The basic idea back of the creation of this
from approving the proposed merger of the First National
insurance trust department is that it will act as a co-ordinating agency
between the life underwriter, his client and the latter's lawyer, to bring Bank of Los Angeles and the Pacific-Southwest Trust &
about the establishment of an estate in trust. The services of this depart- Savings Bank and the establishment of a branch of the
ment will be open without charge to any one who may desire to avail himself of the information in the possession of the trust company or its experi- merged banks in Pasadena under the name of the "First
National Consolidated Bank & Trust Company." In adence. organization and facilities.
It has been suggested that in other States some banks are engaged In dition to the Pasadena bank, ten other banking institutions in
the soliciting and writing of life insurance policies in competition with
insurance agents or underwriters. This criticism cannot apply in any re- Southern California were parties to the proceedings against
spect to this company, for, as stated before, we are concerned only with the the Los Angeles banks; the Pacific-Southwest Bank has two
administration of insurance trust estates and the creation of trusts for the branches in Pasadena
and fifty-three in other parts of the
purpose of assuring the payment of premiums.
The opening of the new department by the Equitable State where the eleven complaining national banks do
business with the words "First National" in their titles. The
Trust Co. was referred to in our issue of Aug.27,page 1134.
uniting Los Angeles institutions announced on Aug. 27
Pacific Coast Delegates to Houston Convention of receipt of the following telegram from Washington indicating
American Bankers Association Will Visit Dallas that the Comptroller of the Currency would approve the
compromise title for the consolidating banks.
en Route.
Comptroller to-day issued following statement, distributing it through
Plans for a special train to convey delegates from the official treasury news channels:
The
announced to-day that he had been
Pacific Coast to the annualconvention of the American Bank- advisedComptroller of the Currency consolidating
by the attorneys for the
institutions, the First
ers Association which will be held in October at Houston, National Bank of Los Angeles and the Pacific-Southwest Trust & Savings
Texas, are being made by J. Dabney Day, President of the Bank,and by the attorneys for the various First National Banks in California opposing the adoption of the
Citizens National Bank and the Citizens Trust & Savings First National-Consolidated Bankname by the consolidating institutions of
& Trust Company of Los Angeles, that
Bank, of Los Angeles, as chairman of a Committee of the they have reached an amicable compromise to the effect that the consolidating institutions will adopt the name Los Angeles-Fled National Trust
California Bankers Association. In addition to bankersfrom
& Savings Bank; that this compromise
dismissal of
Los Angeles and San Francisco, delegates from the Pacific all suits in Federal Courts of California. probably will result inthe adoption
It is understood that
Northwest have been invited to join the party, and they will by the consolidating institutions of the name Los Angeles-First National
Trust & Savings Bank
concentrate in Los Angeles. The Southern Pacific will at all times has been is acceptable to both factions; that the controversy
merely a question of title.
run a special train starting on Thursday October 20 and
The Comptroller further stated in view of the fact that the action brought
arriving in Dallas, Texas, early Saturday morning, Oct. 22. against him by the First National 'Bank of Pasadena was dismissed by
of Columbia, thus upholding the
A full day will be spent in Dallas, as guests of the Dallas order of the Supreme Court of the Districtto grant such titles as may appear
discretionary power which is vested in him
Clearing House Association, Dallas Chamber of Commerce, proper to national banking associations and as such discretionary power
will
and the Texas State Fair. The latter will be visited during Firstbe no longer in question, he will approve the new title Los AngelesNational Trust & Savings Bank upon submission to him of the proper
the day, and in the evening there will be a banquet given by papers of consolidation under the new name.
the Dallas Banks. The route is arranged through Dallas in
order that the delegates may have an opportunity of seeing
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
one of the most productive cotton-growing sections of Texas.
A new high record price for New York Stock Exchange
In view of the increasing importance of the cotton crop in membership was established this
week when the membership
California there is a very keen method of cultivating and of Walter L. Ross was posted for
transfer to Malcolm E.
Important banking connections Falk for a consideration
handling in other sections.
of $226,000. The previous high
exist between Texas and the Pacific Coast States. Southern record was $224,000.
California entertains a very large number of summer visitors
R. Lacour-Gayet, financial attache to the French Emfrom Texas, and the latter State is also one of our important
sources of livestock. California fruits, canned goods, and bassy, has returned from France, and has resumed the
manufactured products are exported to Texas. Both direction of his office at 35 Nassau St., New York.
States have important oilfields, and are largely interested
Graham B. Blaine was this week elected a Vice-President
in petroleum production and refining. Mr. Day says:
We are assured of a good number of bankers in this interesting trip, and of the International Acceptance
Bank, Inc., at the regular
doubtless others will make up their minds to join us as the time draws
meeting of the Board of Directors. Mr. Blaine recently
nearer. Every part of California will be represented, as well as Arizona.
Washington, Oregon, Nevada, and New Mexico. We shall bring the resigned as Vice-President and Treasurer of the Kidder
greetings of the 12th Federal Reserve Bank District to bankers in the 1lth Peabody Acceptance Corp. of Boston.
District, the Federal Reserve Bank which is located at Dallas.
The committee on arrangements appointed by R. B.
The Bank of America of this city celebrated its 115th
Hardacre, President of California Bankers Association, con- anniversary on Aug. 31 with an informal luncheon in the
sists of J. Dabney Day, Chairman, Frank J. Belcher Jr. of President's office. Those who attended were shown the
San Diego, Russell Lowery and J. B. McCargar, San Fran- bank's first ledger, in good
state of preservation, in which
cisco and W.R.Morehouse, Los Angeles.
the names of John Jacob Astor and prominent New York
families appear, and the growth of the bank was depicted
Expected Dismissal of Actions Growing Out of Use of for them by replicas of the original three-story brick buildTitle "First National" by Consolidating Los Angeles ing and the present 23-story skyscraper as well as by stateInstitutions—Compromise Name Agreed to.
ments of condition as of 1812 and 1927. Directors attendAs indicated in these columns last week (page 1135), the ing the luncheon were: George Blagden, Clarke, Dodge &
name Los Angeles-First National Trust & Savings Bank has Co.; Arthur V. Davis, President Aluminum Co. of America;
SEPT.3 1927.]
THE CHRONICLE
Archibald Douglas, Douglas, Armitage & McCann; Douglas
L. Elliman, Douglas L. Elliman & Co.; Edward Flash, Jr.,
President Edward Flash Co.; Crowell Hadden, President
Brooklyn Savings Bank; George Hewlett, Hewlett & Lee;
Robert J. Hillas, President Fidelity & Casualty Co.; James
T. Lee, President Shelton Holding Corporation; Acosta
Nichols, Spencer Trask & Co.; Alfred P. Walker, President
Standard Milling Co.; Elias A. de Lima, R. Stuyvesant
Pierrepont, Edwin Thorne and John E. Rovensky, First
Vice-President. The bank home has never moved from the
original site at 44 Wall Street. The private residence of
Francis Bayard Winthrop in which the bank began its
career, paying a rental of $2,000 a year, has been replaced
three times within a century with larger structures. Nine
years prior to its founding the Louisiana Purchase had
been concluded and in the ten years from 1807 to 1817 the
first steamboat navigated the Hudson River, the first experimental railroad was built, and work was started on the
Erie Canal. A recent discovery of manuscripts among the
unfiled papers of the bank reveals many new facts about
financial and political events leading up to the War of 1812
and the years of President Madison's administration. The
Bank of America was a direct successor of the United
States Bank and the struggle to obtain a charter not only
embroiled the State but affected a presidential candidacy.
The last financial statement of the Bank of America shows
assets of more than $171,000,000 and capital, surplus and
undivided profits of close to $12,000,000. Since 1812 the
bank has paid dividends in excess of $32,000,000.
1281
The Liberty National Bank in New York announces that
its banking quarters and safe deposit vaults at 50 Broadway
are nearing completion and will be ready for inspection in
early October. It had been expected that the new quarters
would be in readiness by Sept. 1.
J. K. Cooney of the Bankers Trust Co. died suddenly on
Aug. 29 of heart failure, while on his vacation in the Catskills. Mr. Cooney was formerly Secretary of the Business
Conduct Committee of the Investment Bankers Association
and President of the Bankers Club, Inc., the employees'
club of the Bankers Trust Co. For two successive years Mr.
Cooney was Chairman of the Investment Bankers group in
the annual Salvation Army Maintenance Appeal.
At the close of business on Aug. 31, the new capital of the
Bank of the Manhattan Company was fully paid. The
capital as indicated in our issue of Aug. 6, page 738, was increased from $10,700,000 to $12,500,000,following the acquisition of the Bank of Washington Heights.
Henry L. Nichols and Andrew J. Ryder, Assistant Cashiers
of the First National Bank of Brooklyn, were on Aug. 26
elected Assistant Vice-Presidents of the institution.
Samuel Parker, for the past twenty-nine yews President
of the First National Bank of Batavia, N. Y , died at his
home in that place on Aug. 22 in his ninety-third year.
Death was due to pneumonia and heart weakness. The deceased banker was said to be one of the oldest active bank
On Aug. 29 representatives of the Telephone Company
demonstrated their improved typewriter communication
service by sending messages from the Equitable Trust Co.'s
New York office to the Baltimore and Washington offices
of Equitable representatives, where the equipment has just
been installed. The Washington office of the Equitable's
representative is said to be the only business office in the
city equipped to send and receive typewritten messages over
the Bell long distance wires. These facilities will be valuable to business men of the capital for the rapid transaction of New York banking business. This telephone typewriter service of the Equitable consists of a circuit set up
between the New York, Baltimore and Washington offices,
equipped with machines in each office with a keyboard
similar to that used on the ordinary typewriter. The apparatus is electrically operated and as the keyboard is manipulated, messages, letter by letter, are instantly transmitted
from and to any of the three offices. The message is produced in typewritten form on tape at the receiving station
and simultaneously a copy of the matter transmitted is also
produced at the sending 'station for record purposes. This
system is modeled after the machines now used by various
news services in distributing items to subscribers.
presidents in the United States. Mr. Parker was born at
the Parker homestead near Elba, Genesee County, N. Y.,
on Sept. 22 1834, and lived in Genesee County all his life.
Until his election in 1898 as President of the First National
Bank of Batavia —of which he had been a director since
1883—he was engaged in farming. At the time of his death,
in addition to his activities in he Batavia bank, he was
President and a director of the Bank of Elba, Supervisor and
a Ju cc of the Peace in Elba, and President of the Genesee
Coun,,y Agricultural Society.
After sixty years of business as the Ilion National Bank,
Ilion, N. Y., the title of the institution has been changed to
the Rion Bank & Trust Co., according to a press dispatch
from Mon on Aug. 26, printed in the Utica. "Press" of the
following day. The change was unanimously voted by the
stockholders at a recent meeting. The Rion National Bank
was organized in 1867 under the leadership of the late Charles
Harter. In 1919 trust powers were granted the institution
by the Federal Reserve Board, and it now has trust assets
of $792,674. The personnel of the Ilion Bank & Trust Co.
is asfollows: Ralph D.Le Roy,President;Frank S.Hoefler and
Frank A. Schmidt, Vice-Presidents; Frank M. Bellinger,
Cashier, and Richard W. Selwood, Assistant Cashier.
After conducting its business under one roof for SS years
and at its present location at 31 Nassau Street for the last
The formation of the New Jersey Bankers' Security
70 years, the National Bank of Commerce in New York will Corporation, an organization which may conduct chain
open a Midtown office on Tuesday, Sept. 6. Recognizing banking in the State, was announced in the Newark "News"
the increasing importance of the Grand Central section as of Aug. 29, from which we take the following:
The charter filed with the Secretary of State allows the corporation to
a business and financial centre, the bank has located its
companies. insurance companies and other
new office at 269 Madison Avenue, between 39th and 40th purchase stocks, banks, title supervision of the State and Federal banking
financial institutions under the
streets. The Midtown office will be in charge of J. S. departments.
H. Weinberger,its founder,
The corporation is already functioning, Harry
Alexander, Jr., Second Vice-President, assisted by Ernest
Passaic. It has boughtfrom him his controlling interest
M. Schneider, Assistant Cashier. The latest statement of announced to-day in Co. of New Jersey, Merchants Bank of Passaic, Hobart
In the Service Trust
the bank shows resources of 655 million dollars, with cap- Trust Co., all Passaic institutions, and also holds securities in the Equitable
Mr. Weinberger is
Title, Mortgage .Sr Guarantee Co. of New York.
tal, surplus and undivided profits of 68 million.
He is also President of Worth, Inc..
The following is from the "Wall Street Journal" of Sept. 1:
Plans have been completed for the organization of City Financial Corporation, a securities company, to be under the management of B. K. Marcus,
President, and Saul Singer. Executive Vice-President of Bank of United
States.
Authorized capital of the company consists of 750.000 shares of class A
stock and 300.000 shares of class B stock, of which 300,000 shares of class
A and all of the class B will be presently issued. Both classes of stock are
of no par value.
The corporation will begin business with a paid-in-capital of more than
$20.000.000. It is reported that applications already received for class A
stock, at $83 a share, indicate that all of that issue will be oversubscribed.
and it Is likely, therefore, that no general public offering will be made.
While this is an individual undertaking, the managers propose to accord
to stockholders of the Bank of United States the privilege of subscribing to
units of 134 shares of A stock and 4 share of B stock at $85.50 a unit.
In addition to the privilege of subscription given to the stockholders of the
bank direct, it is reported that the Bank of United States will receive
substantial benefits from this undertaking.
President of all of these institutions.
women's apparel dealers, with stores in New York and Newark.
Senator Edwards is Chairman of the Board of directors of the corporathe founders, as are
tion. Supreme Court Justice Minturn is another of
Mayor John J. Roegner of Passaic, who Is Vice-President of the Garfield
counsel of the National
Trust Co. of Garfield; W. W. Evans, director and
Vice-President of the
Bank of America, Paterson; Frederick N. Goodwell,
Hobart Trust Co., and David G. Smith, director and counsel of the Broadway National Bank of Paterson.
The plan of the corporation follows the investment trust system of England and other European countries, Mr. Weinberger said to-day. The
capitalization is $3,000,000. There will be an issue of 300.000 shares of
stock at $12.50 par value. Depositors of banks in which the corporation
purchases stock will be given first chance to buy the issue.
The corporation will act as a holding company controlling banks in which
It is a depositor.
Negotiations are under way, Mr. Weinberger said, for securities in all
old-line banks and trust companies in the State. Ile would not say whether
he was negotiating for control of any particular bank in Newark or Essex
County.
According to the Aug. 30 issue of the Newark "News,"
William Harris, lawyer, has been added to the directorate
The Manufacturers Trust Co. announces the Association
of the New Jersey Bankers Securities Corporation, and will
of Nelson B. Phillips with its investment department.
have an active part in the management, it is announced by
1282
.
THE CHRONICLE
Mr. Weinberger, who also made known the election as
a
director of Frank C. Campbell, a Vice-President of the
United National Bank of New York. The officers of the
new corporation are: President, Harry H. Weinberger;
Chairman of the Board, Senator Edwards; Vice-President,
James F.Minturn;Secretary,David E.Smith,and Treasurer,
Fred M. Bidwell.
At a meeting of the directors of the Bordentown Banking
Co., of Bordentown, N.J., on Aug. 23, John H. Hutchinson
was elected President of the bank, succeeding J. Holmes
Longstreet, deceased. R. Howard Aaronson was elected
Vice-President, succeeding Mr. Hutchinson.
The newly organized Columbus Trust Co. of Newark, N. J.,
opened for business on Aug. 15 at 121 Seventh Avenue,
Newark. As indicated in our issue of July 30 (page 606),
the institution has a capital of $200,000 and a surplus of
$100,000. It also reports undivided profits of $20,000. It
Is under the management of Pellegrino Pellecchia, President; Michael A. Seatuorchio, Chairman of the Board;
Felix Forlenza and Joseph Aiello, Vice-Presidents, Arthur
P. Dickinson, Vice-President and Treasurer, and Edoard
o
Yuliano, Assistant Secretary-Treasurer. The officials express themselves as optimistic as to the future, daily evidences being received of the support of the community in
the shape of new accounts and general business. A large
amount of foreign exchange business is being conducted.
It is stated, and special attention will be given to that
field.
[VoL. 125.
of Commerce, being a National Counsellor, and
is a member
of the Research Committee of the Nationa
l Coal Association.
Effective Aug. 18 1927, the Merchants' Nationa
l Bank of
Butler, Pa., went into voluntary liquidat
ion. The institution, which was capitalized at $200,000,
has been absorbed
by the Butler Savings & Trust Co. of
Butler.
James A. Houck, Treasurer of the State
Savings & Trust
Co. of Indianapolis, was elected a Vice
-President of the
institution at a meeting of the directors on
Aug. 16,according
to the Indianapolis "News" of the
following day. The
directors also elected Edward B. Funk,
heretofore discount
teller, Assistant Secretary. Mr. Funk, it
was stated, would
become acting Secretary to fill the office of
Secretary made
vacant as a result of the resignation of Wallace
Weatherholt
to become State Securities Commissioner.
Mr. Houck, the
new Vice-President, has been connected
with the company
for a number of years. He served for four
years as a member
of the Indiana State Board of Tax Commiss
ioners.
A special dispatch on Aug. 29 from Galesbu
rg, Ill. to the
Chicago 'Tribune" that announcement was
made on that
day of a consolidation of the National Bank of
Abingdon,
Ill. with the First State & Savings Bank of that city
and the
liquidation of the Bank of St. Augustine, St. Augusti
ne, Ill.,
an institution owned by the First National Bank of Abingdon.
The consolidated bank in Abingdon will be known as
the
First State & Savings Bank.
Scott Howell Plummer a Vice-President of the Northwestern National Bank of Minneapolis, died suddenly
at
his home in that city on Aug. 26. Mr. Plummer, who
had
been a resident of Minneapolis for nearly 50 years, was
born
in Brooklyn Center, Minn. in 1874. He began his banking
career as a messenger for the former Minneapolis
Bank.
Later he entered the employ of the Northwestern Nationa
l
Bank as a messenger and from this position worked his
way
up to the Vice-Presidency he held at his death. He was
Following a hearing at the State House, Boston, on Aug.
appointed Cashier of the institution in 1917 and a Vice30, the Massachusetts State Board of Bank Incorpo
ration President in
1926.
granted a charter to the Lee, Higginson Trust Co.
(an institution being formed as an adjunct to the busines
s of Lee,
According to advices from Davenport, Iowa, on Aug.
Higginson & Co. of Boston and to which reference
31
was to the New York "Journal of Commerce," creatio
n of one
made in the "Chronicle" of Aug. 13, page 874), according
to of the largest banks between Chicago and the Pacific
Coast,
the Boston "Transcript" of the same date. There was no
with total resources in excess of $30,000,000,
was effected
opposition. Speaking for the petitioners, Thomas Nelson by
the consolidation of the American Commercial
& Savings
Perkins, counsel, said that the trust business done by the Bank
of Davenport, Iowa, and the Iowa National
Bank of
firm of Lee, Higginson & Co. has increased to such an extent
that city, announced on that date by Edward
Kaufmann,
that it is deemed wise to have it handled by an organization
President of the former. The merger will go
into effect
especially created for the purpose. Besides having a large
Nov. 1. The new institution will continue the name
of the
amount of trust and agency property to care for, Mr. PerAmerican Commercial & Savings Bank and Mr. Kaufma
kins said, the firm acts as agent for financial corporations.
nn
will remain as President. H. P. Oetzmann, Cashier
of the
For this reason he thought the firm should have some perAmerican Commercial, will become a Vice-President
of the
manent organization by which this class of business can be
enlarged bank, as will Frank B. Yetter, a Vice-President
of
handled. Clients of the firm have already indicated that
the Iowa National Bank. Louis G. Bein, Cashier
of the
they would like to have their trusts handled by the proIowa National Bank, will become Cashier of the
enlarged
posed new organization. Heretofore, he said, the trust busibank. All of the present directors of the Americ
an Comness has been under the management of individual member
s mercial and three directors from the Iowa Nationa
l Board
of the firm of Lee, Higginson & Co. The company, it is
will comprise the directorate of the new bank. The
dispatch
said, proposes to do a small amount of general bsuines
s. furthermore stated that the American Commercial
& Savings
Besides Mr. Perkins, those who favored the plan were
Bank has a 14-story building under construction at
a cost
Charles E. Cotting, David H. Howie, George C. Lee and
of $1,000,000.
representatives of the Second National, Atlantic National,
Merchants' National and Shawmut National banks and the
The Stockmens National Bank of Nampa, Idaho, (capital
Old Colony Trust Co.
$75,000) went into voluntary liquidation as of July 14 and
is succeeded by the First Security Bank of Nampa.
Charles P. Berdell Jr., formerly associated with the investment firm of Berdell Brothers, has been elected a ViceAccording to the Topeka "Capita
President of the Old Colony Corp. of Boston and will be con- Bone, Kansas State Bank Commiss l" of Aug. 19, Roy L.
ioner, on Aug. 18took
nected with its New York office after Oct. 1. Mr. Berdell over the affairs of the Rossvill
e State Bank at Rossville,
has gained national prominence in the investment markets, Kan., following the suicide
on that day of I. B. Alter, its
especially in regard to the financing of public utilities, in cashier. Evidence of a shortag
e in the bank's funds ranging
which he has specialized for the past twenty years. Old from $25,000 to $30,000 had been found
according to the
Colony Corp. is owned and controlled by Old Colony Trust Commissioner, it was said, and a check-u
p of the institution's
Co. of Boston and has gained country-wide recognition in accounts was still in progress. The
dispatch furthermore
the successful distribution of investment securities.
stated that William Kennedy, Assistant Bank Commissionor,
had been placed in charge of the institution.
L. Rodman Page Jr. has been elected a director of the
Corn Exchange National Bank of Philadelphia, according to
The stockholders of the Louisville National Bank, Louisthe Philadelphia "Ledger" of Aug. 24. Mr. Page is Vice- ville, Ky., voted on
July 18 1927 to change the name of the
President of the Crozer-Pocahontas Co., Treasurer of Crozer bank to "The Louisville
,National Bank & Trust Co."
Coal & Coke Co., Vice-President of Page Coal & Coke Co. This change has
been approved by the Comptroller of the
and Secretary of Upland Coal & Coke Co. He is President Currency and is
now effective. The stockholders also voted
of the Smokeless Coal Operators' Association of West Vir- to increase the
capital stock of the bank from $500,000 to
ginia and is active in the work of the United States Chamber $750,000,
and to give the stockholders the right to subscribe
The Peoples National Bank of Jeannette, Pa., which had
a capital of $25,000, was absorbed by the First Nationa
l
Bank, also of Jeannette, on Aug. 16. The latter on June
30
1927 reported a capital of $50,000, surplus fund of $150,00
0
and undivided profits of $21,090. Its deposits June 30
were
$2,472,099 and its aggregate assets $2,950,810.
SEPT. 31927.]
THE CHRONICLE
to the new stock at $200 per share. The par value of the
stock of the bank is $100 per share. Each share of old
stock carries one right and two rights are required to purchase one new share of stock. The right to subscribe expires
on Sept. 30 1927. The new stock is now being subscribed
and being paid for and the new capital wil be effective when
certification is made to the Comptroller that the new stock
has all been paid in. The sale of new stock will yield $500,000, $250,000 of which will be added to capital account,
$100,000 to surplus account and $150,000 to be invested
in the capital stock of the Louisville National Co., recently
organized for the purpose of taking over the bond department
of the bank, engaging in the business of making real estate
loans and selling bonds secured thereby And the other
activities in which such companies usually engage. The
stock of this company by order of the stockholders of the
bank will be unified with the stock of the Louisville National
Bank & Trust Co., each share of the bank stock carrying
ownership to one-fifth of a share of stock of the Louisville
National Co. The bank has recently obtained the right
from the Federal Reserve Board to exercise full trust powers
and the directors elected Nicholas H. Dosker, formerly
Vice-President and Trust Officer of the National Bank of
Kentucky, to be Executive Vice-President of the Louisville
National Bank & Trust Co.; also to take charge of the trust
activities of the bank.
The National Bank of Grand Saline, Texas, with capital
of $50,000 has been taken over by the State National Bank
of that place, the institution going into voluntary liquidation
as of Aug. 15.
After many weeks spent in appraising the holdings of the
United Bank & Trust Co. of San Francisco and the FrenchAmerican Bank of that city, the consolidation of which
under the title of the former was consummated in April
of the present year, a joint announcement of details was
made on Aug. 26 by James D. Phelan, President of the
enlarged bank, and Leon Boequeraz, Chairman of the Board
of Directors, according to the San Francisco "Chronicle"
of Aug. 27. Stockholders of the United Bank & Trust Co.
will receive 72,000 shares while French-American Bank
stockholders will receive 70,000 shares of new stock, or a
total of 142,000 shares will be issued in exchange for outstanding securities. Continuing the San Francisco paper
said:
Directors of the merged institution will immediately avail themselves
of the opportunity afforded by the new banking act of splitting
the old
shares on a four for one basis and the new stock will consequentl
y have a
par value of $25.
After appraising the properties, the directors announced that the net
value of the contributed assets were worth $7,100,000 or equal to about $50
a share on the new stock. In other words this would be the book value
of the $25 par shares.
The directors have also determined to offer 98,000 shares of new stock
to the stockholders in the form of rights within a short time at $87.50
a
share, which will return the bank $8,575,000. This will be used
for expansion purposes. The issue has already been underwritte
n by unnamed
parties.
If the rights are offered in their entirety to the stockholders,
each holder
of ten shares would be entitled to seven new shares, the figures
indicate.
Inasmuch as there are 45.000 shares of old United Bank stock
outstanding
at present, the shareholders would be entitled to 1.6 now shares
of stock
with a stated value of $140 a share. This compares with
$175, which has
been the current street market value and the price alleged to have
been paid
for the Spreckels block.
On the other hand, the French-American stock outstanding totals
shares, or each French-American share would have an equivalent 17,500
worth
of $350 per share. The last sales of this stock were around
$260 a share
which price was paid by certain large interests recently.
The letter to the stockholders, as printed in the paper
mentioned, follows:
Pursuant to the agreement of consolidation of United Bank &
Trust Co.
of California and the French American Bank the undersigned have
determined the net value of the assets contributed to the United
Bank &
Trust Co. by the consolidating banks to be $7,100,000.
"It is proposed by virtue of an amendment to the law passed
by the
last Legislature to change the par value of the shares of the bank from
$100
to $25, which will increase proportionately the number of shares to
be
allotted under the consolidation agreement.
"It is also proposed that the bank then immediately sell 98,000
shares
(in addition to those to be issued under the consolidation agreement
at
$87.50 per share, which will reallzo $8.575,000. The purchase of this
stock has already been underwritten. This will make the combined sound
capital assets of the bank and auxiliary corporation over
$16,000,000.
Stockholders will be advised, as soon as the board of directors act,
of the
rights allotted to them to purchase this stock.
"As soon as the proposed change in par value is accomplished there will
be issued, pursuant to the consolidation agreement, in proportion to their
respective holdings, to the stockholders of United Bank & Trust Co. of
California 72,000 shares and to the stockholders of the French American
Bank 70,000 shares.
"Stockholders should immediately send their certificates of stock of
United Bank & Trust Co. of California and of the French American Bank
to the main office of the bank in San Francisco to be exchanged for certificates
representing the appropriate number of shares of the United Bank &
Trust Co.
1283
Announcement was also made that four new banks had
been purchased by the French-American Corporation (a
subsidiary of the enlarged bank, with resources of $19,000,000). The acquired institutions include the Security Trust
Co.and the First Bank of Kern in Bakersfield(Kern County),
Calif., with the former's branches in Fellows, Taft and
Maricopa, and the Security State and the Security Savings
banks of San Jose, Calif. The four banks will be merged
under the title of the Security Trust &!Savings Bank, with
headquarters in Bakersfield, and operated as a separate
institution, although controlled by the United Bank &
Trust Co.
It was furthermore announced, the paper mentioned said,
that the new United Bank & Trust Co., through its subsidiary (the French-American Corporation) would acquire
several new banks within the next few weeks, and it was
predicted that the expansion of the institution throughout
California would be impressive. The acquisition of the four
banks mentioned brings the assets of the United Bank &
Trust Co., it is understood, up to $100,000,000.
THE WEEK ON THE NEW YORW.STOCK EXCHANGE.
Except for a brief setback on Wednesday, during which
some of the more active speculative issues reacted downward,
the stock market has been fairly strong the present week.
Interest has focused to a considerable extent on the steel
stocks and motor issues, especially United States Steel com.,
which has continued its record breaking advance into new
territory. Railroad shares appeared to receive less attention
than the industrials and specialties, nevertheless there were
some good advances recorded by a number of prominen
t
issues among both the high and low priced stocks.
Oil
shares were under pressure during the forepart of the week,
but showed some improvement on Thursday. Local traction
stocks made little progress and public utilities were practicall
y
at a standstill until Friday.
Stocks bounded upward in the early trading on Saturday
,
but realizing and professional pressure brought a sharp
downward reaction at the close. An attack was made on
the oil
shares and several prominent issues dropped to new
low figures for the year. General Motors assumed the
leadership
in the first hour and not only reached the 250 mark but
surpassed it, the new "when issued" stock moving upward
with
it. General Electric was particularly strong and was run
up to a new peak at 138, and United States Steel common
broke into new ground at 142, both issues keeping close
to
the top figures at the close. Chrysler was the star of the
independent motor group and lifted its record to a new
high
above 61. On Monday price movements were
somewhat
confused and for a large part of the session the market
was
without definite trend. United States Steel common
superseded General Motors as market leader and moved
forward
more than 3 points to a record top. Col. Fuel & Iron improved nearly 3 points to 80 at its high for the day, though
it was still nearly 16 points below its record top. In the
early
trading General Motors declined 5 points to 2443, but
later
rose to 251%. Chrysler reached a new peak at 61% but
Hudson declined about 2 points and rallied 1 point to 843.
In the so-called specialties group, American Can held
the
spotlight for a brief period and closed nearly 3 points above
Saturday's final. General Railway Signal improved
2%
points, Reynolds Tobacco nearly 4 points and Timken
Roller
Bearing 38 points. Declines of from 5 to 12 points
%
occurred
in a number of highly speculative stocks, though many
of
these were partly recovered before the closing hour.
Oil
shares were again under pressure, Barnsdall "A" dropping
below 21, while Pan-American made a new low for
years below 46, while both Phillips and Marland recent
sold at
now low prices for recent trading.
Steel stocks continued to forge ahead in the trading
on
Tuesday, United States Steel corn leading the
upswing with
a gain of nearly 3 points to a new high at 14838.
/
As the
day advanced the buying broadened out to include
a larger
list of industrials, American Can selling at its highest
present shares, closely followed by General Electric,for the
did equally well. National Lead, Allied Chemical which
& Dye,
Westinghouse Air Brake and R. J. Reynolds
Tobacco "B"
also ran up sharply, the latter selling at the Lest
in its history.
Railroad issues moved generally downward,
Rock Island
slipping below 108. There were also
sizeable breaks in
such active stocks as Houston Oil, United
States Cast Iron
Pipe & Foundry, Hudson Motors, Atlantic
Refining and
Texas & Pacific. General Motors
gained over 2 points to
250%, but this was turned into a
loss before the close.
The market was again irregular on
Wednesday, most of the
recent speculative favorites receding from 2 to 7 points.
General Electric was the strong feature of the day and moved
briskly forward to a new high for the present shares. Allied
2
Chemical & Dye also was strong and advanced to 1603/, as
compared with its previous close at 1583/2. Railroad stocks
made very little progress, the only noteworthy feature being
Western Maryland, which advanced 4 points to above 59.
The sharpest breaks were in Houston Oil, which declined
about 6 points and in the local tractions, which slipped
back from 3 to 5 points. The weak stocks included, among
others, General Motors, which declined 23% points, Air
Reduction, 63' points, American Smelting, nearly 3 points,
and Du Point, about 5 points.
Stocks again moved upward on Thursday, though the
early trading was marked by a brief period of irregularity.
The recovery was most pronounced in the railroad shares,
particularly those of the Southwestern roads, including
Missouri Pacific and Union Pacific, the former advancing
nearly 2 points to 53 and the latter moving forward 2 points
to 1883/2. Western Maryland continued in active demand
and improved 6 points to 62. Baltimore & Ohio, Atchison,
Lehigh Valley and New York Central were prominent in the
upswing and closed with substantial gains. As the day
advanced, Baldwin Locomotive moved up with the leaders
and sold above 259, followed by Allied Chemical, which
broke into new high ground at 162%. The industrial stocks
moved briskly forward under the leadership of General
-the top price at which the
Electric, which advanced to 142
present shares have sold. Mercantile stocks were strong all
through the session and both Sears-Roebuck and Montgomery Ward enjoyed substantial gains, the latter setting
a new high for the year. Nash Motors was again the
favorite among the independent motor stocks ant. crossed
84 to its best since the stock split up. Gains ranging from
2 to 6 points were scored by many of the more active issues,
including among others Allied Chemical & Dye, Wright
Aero, United States Rubber, General Asphalt, Houston Oil
and Great Western Sugar. Oil shares also improved, but
most of the local traction stocks were weak.
The market was fairly buoyant on Friday and many
substantial gains were recorded all through the list. Industrial stocks were in sharp demand, American Can leading
the upswing with a further gain of 13' points, while Allied
Chemical & Dye improved 23g points to 164. General
Railway Signal climbed 3 points to 1503 and American
4
Linseed closed 2% points up to 513 . Mercantile stocks
continued to improve, Sears-Roebuck making a further
3
gain of 23" points to 75%, Woolworth 23% to 173% and
4
Ward 23/i points to 773 . Railroad stocks
Montgomery
also were strong, Wabash moving forward 33/ points to
68, Western Maryland corn, advancing 23/2 points to 643
and Pittsb. & West Va. 53/i points to 1563. Other conspicuously strong stocks included Baldwin Locomotive,
Consolidated Gas, Hudson Motors and Missouri Pacific.
The final tone was good.
EXCHANGE
TRANSACTIONS AT THE NEW YORK STOCK
DAILY, WEEKLY AND YEARLY.
United
,
$1.1 11
Bonds.
Rocks,
Number of
Shares.
Railroad,
de.,
Bonds.
Stars,
AfunicIpta &
Foreign Bonds.
1,003,400
1,926,000
1,774,355
1,698,800
1,695,040
1.956,700
32,252 000
4.680 000
5.953 000
5,108 000
5,894 000
5,998 000
13,764.500
2,542.500
2,372,000
3,671,000
2,961,000
2,600,000
3194,000
343,500
563,000
187,000
1,087,000
1,041,000
10.054.295
329,885,000
317,911,000
33,415,500
Wed Ended Sept. 2.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Week Ended Sept. 2.
Sales at
New York Stock
Eschange.
1926.
1927.
-No. of shares_
Stocks
Bonds.
Government bonds_ -State & foreign bonds_
Railroad & misc. bonds
Jan. 1 to Sept. 2.
1928.
1927.
10,054,295
9,677,571
365.222.663
306.610,087
$3,415,500
17,911,000
29,885,000
32,636,000
11,474,000
30,777,500
$210,140,550
562,358,300
1,490,481,050
$186,694,550
436,729,950
1,401,430,700
32,024,855.200
351,211.500 $44,887,500 32,262,979,900
Total bonds
PHILADELPHIA AND
DAILY TRANSACTIONS AT THE BOSTON.
BALTIMORE EXCHANGES.
Week Ended
Sept. 2 1927.
Saturday
Monday
Tuesday
Wednesday
Thirsday
Friday-
[VOL. 125.
THE CHRONICLE
1284
BailiMOTO.
Philadelphia.
Boston.
Bond Sales.
Shares. Bond Sales. Share!. Bond Sales. Shares.
$14,200
1,977
31,000
10,679
$7,000
•19,396
20,100
5,720
17.000
15,593
22,700
*36,567
15.000
4,984
11,500
29,270
23,000
*23.081
30.000
6.368
20,000
19,680
4,050
*34,266
24,500
4.268
9,000
34,233
24,600
*30,919
32,000
4.659
8,000
69,752
9,000
18,108
Total
P1ey. week revised
162,337
156.838
390,3.50
179,207
366,500
27,976
3135,800
1114.700
111.346
$124,100
33.008
3119,600
Tuesday, 484;
In
• addition, sales of rights were: Saturday. 43; Monday, 349;
Wednesday, 394: Thursday, 196.
THE CURB MARKET.
Curb Market trading was quiet and irregular the most
part of this week's session with prices unsettled. Towards
the close speculation became active and prices turned
sharply upward. Industrial and miscellaneous stocks were
again the most active issues. Brillo Mfg. corn, sold up from
%
143/i to 163 and at 16 finally. Celanese Corp. corn. advanced sharply from 773% to 903%,a new high record. Amoskeag Co. on a few transactions jumped from 78 to 84. Bancitaly Corp. after fluctuating between 1243% and 125 during
the week sold to-day ex the stock dividend down from 903"
to 893/i and up to 923%, the close being at 9132. Curtiss
Aeroplane & Motor corn. rose from 32 to 42. Davega,
Inc., sold up from 48 to 583, the final figure to-day being at
58. Firestone Tire & Rubber gained 21 points to 167,
reacting finally to 160. Melville Shoe com, moved up from
105 to 1153'. Royal Baking Powder corn. advanced from
280 to 330 and reacted finally to 303. Singer Mfg. sold up
from 389 to, 430. Tubize Artificial Silk class B advanced
from 215 to 240. U. S. Gypsum corn, gained ten points
.
8
to 106 and finished to-day at 1053/ Utilities were dull,
with only fractional price changes. In oil Imperial Oil of
3
Canada was conspicuous for an advance from 483% to 55%,
the close to-day being at 53%. Elsewhere in the oil division
there was very little change.
A complete record of Curb Market transactions for the
week will be found on page 1310.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS (No. Shares)
Week Ended Sept. 2.
Domestic.
1,14,4:Wise
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
95,705
141,800
165,265
143,295
179,910
199,515
25,450
53.300
60,450
52,600
63,350
81,700
925,490
336,850
Foreign Gott.
3749,000
1,748,000
2,012,000
2,278,000
1,709,000
1,709,000
$79,000
276,000
264,000
258,000
322,000
402,000
273.320 $10,205,000
$1,601,000
29,210
36.010
42,600
53,300
64,000
48,200
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a satisfactory
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Sept. 3), bank exchanges for all the cities
of the United States from which it is possible to obtain weekly
returns will be 7.5% larger than for the corresponding week
last year. The total stands at $9,917,584,994, against
89,226,487,383 for the same week in 1926. At this centre
there is a gain for the five days of 14.3%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended Sept. 3,
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
34,985,000,000
540,730,724
432,000,000
352,000,000
108,663,817
110,000,000
146,472,000
134,356,000
126.673,463
128,173,216
93,525,519
87,187,880
57,222,521
$4,275,000,000
535,207,158
433.000,000
325,000,000
122,457,150
115,200,000
149,817,000
149,972,000
135.600,000
131,079,309
92,250,537
83,662,098
48,194,591
+14.3
+1.0
-0.2
+8.3
-11.3
-4.5
-2.2
-10.4
-6.6
-2.9
+1.4
+4.2
+18.7
Thirteen cities, five days
Other cities, five days
$7,302.010,140
1,045,977,355
36,597,339,841
1,104,282,885
+10.7
-5.3
Total all cities, five days
All cities, one day
$8,347,987,495
1,569,597,499
$7,701,622,726
1,524,864,657
+8.4
+2.9
IA 017 AR! mu
AO 99A 157
Total all cities for
week
nnn
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ended Aug. 27. For
that week there is an increase of 7.7%, the 1927 aggregate
of clearings being $8,965,203,019 and the 1926 aggregate
$8,321,846,006. Outside of New York City, however, there is
a decrease of 3.7%, the bank exchanges at this centre having
increased 17.3%. We group the cities now according to tho
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 16.9%, but in
the Boston Reserve District a decrease of 1.1%, and in the
Philadelphia Reserve District of 2.9%. The Cleveland
Reserve District shows a loss of 8.9%, the Richmond Reserve
SEPT. 3 1927.]
THE CHRONICLE
SUMMARY OF BANK CLEARINGS.
Inc.or
Dec.
Week End. Aug. 27 1927.
1927.
Federal Reserve Dists.
let Boston ___.12 cities
2nd New York_11 "
3rd Ph iladel phial0 "
4th Cleveland. _18 "
5th Richmond _16 "
6th Atlanta _ _ _ _13 '
7th Chicago __20 "
8th St. Louis_ __18 "
9th Nlinneapolls17 "
10th Kansas City12 "
Ilth Dallas
15 "
12th San Fran_ _17 "
$
421,349,249
5,421,554,200
502,892,753
336,261,050
166,769,363
171,542,568
874,172,617
188,271,039
100,633,141
226,030,443
63,606,650
484,119,946
$
$
$
%
426=1,565 -1.1
377,296,444
381,539,297
4,636,726.267+16.9 4,327,803,274 4,313,058,640
517,759,517 -2.9
522,605,430
467,274,043
369,076,402 -8.9
343,835,588
310,297,318
203,636,165 -18.1
161,047,473
192,036,798
177,069,479 -3.1
233,591,460
160,359,722
889,363,558 -1.7
821,240,719
790,912,295
189,211,133 -0.5
184,173,287
174,272,473
107,717,632 +0.9
127,581,997
96,108,192
220,445,174
233,825,906 -3.3
220,510,674
64,656,327 -1.6
68,522,500
68,768,087
506,582,055 -4.4
464,625,414
380,032,175
Total 129 Cities_ _-__
Outside N. Y. City
8,965,203,019
3,649,310,571
8,321,846,006 +7.7
3,790,681,855 -3.7
7,883,843,585
3,657,222,287
7,524,114,689
3,296,784,731
-1-11 a
771 1 134 4,9
070 717 018
(Innadia
01 oltina
gen A.
1926.
AR,
qtti 01.1 FAA
1925.
1924.
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Aug. 27.
.
Clearings at
1927.
1926.
-Boston
First Federal Reserve Dist act
639,199
Maine-Bangor_ _
603.975
3,339,326
Portland
2,898.306
Mass.
-Boston _ 376,000,000 384,000,000
1,462,563
Fall River_ _ _ _
1,448,467
a
IIolyoke
a
Lowell
947.385
889,630
a
Lynn
a
888.760
1,148,027
New Bedford_ _
4,098,036
4.753,94(3
Springfield _ _ _
2,966,988
3,128.872
Worcester
-Hartford
13,245.16
10,760,355
Conn.
6,749,990
6,956.98
New Iiaven_ _ _
R.I.-Providence
10,237,80
9,382,100
567,044
457,037
N.IL-Manch'r.
Total(12 cities)
421,349,249
426,271,565
Second Feder al Reserve I) istrict-New
-Albany _ _
6,222,202
N. Y.
5,077,396
Binghamton_ _ _
857,227
871,601
Buffalo
44,548,042
44,509,804
Elmira
821,663
883,610
Jamestown__ _ _
dl ,067,435
1,406,426
New York _ _ _ _ 5,315,892,448 4,531,164,151
Rochester
10,101,168
9,738,372
Syracuse
4,781,182
4,802,408
Conn.
-Stamford
c3,467,882
3,594,603
14. J.
-Montclair
489,845
431,902
Northern NJ.
33,305,106
34,245,994
Inc. or
Dec.
1925.
1924.
+5.8
+15.2
-2.1
+1.0
a
+6.5
517,738
3,810,518
333,000,000
1,543,269
a
911,658
-22.6
-13.8
-5.2
+23.1
+3.1
+9.1
+23.8
1,136,563
4,604,080
2,758,567
10,939,591
6,878,887
10,598.000
597.573
675.952
2,605.837
343.000.000
2,119,863
a
989,541
a
946,747
4,054,039
2.504,226
9,587.523
5,427,285
9.034,700
593,564
-1.1
377,296,444
381.539.297
York+22.5
5,291,367
4,925,357
-1.6
901,900
680.200
+0.1
49,380,138
36,764,935
7.0
755,077
676.109
-24.1
1,497,387
1,128,734
+17.3 4,276,621,298 4,227,330.158
+3.7
9,588,357
8,546.612
4,724,403
4,320,409
-3.5
3,105,842
2,380,954
+13.4
389,833
463,282
25,547,672
25,841,890
Total(11 cities) 5,421,554,200 4,636,726,267 +16.9 4,327.803,274 4,313,058.640
Third Federal Reserve Ms trict-Phila delp hi aPa.
-Altoona____
1,794,468
1,601,662 +12.0
1,460,069
Bethlehem _ _ _ _
4,034,991
4,134,556 -2.4
4,178,347
Chester
1,107,460
1,166,934 -5.1
1,420,392
Lancaster
1,886,120
1,737,097 +8.6
2,490,312
Philadelphia
476,000,000 491.000,000 -3.1 404,000,000
Reading
3,208.948
3,449,205 -7.0
3,191,949
Scranton
4.855,141
5,438,290 10.7
5,077,956
Wilkes-Barre_
d3,128,055
3,460,796 --9.6
3,949.754
York
1,247,578
1,383,720 --9.8
1,537,715
N.J.
-Trenton..
5.629,992
4,387.257 +28.3
5.208,936
Del.-Wilmtng'n.
a
a
a
a
Total (10 cities)
502,892,753
517,759,517
2.9
Fourth Feder al Reserve D ballet-Cloy elandOhio-Akron_
5,519,000
5,258,000 +5.0
Canton
3,146,226
3,314,901
Cincinnati. _
64,181,854
.
64,398,240 -0.3
Cleveland
107,555,169 106,784,935 +0.7
Columbus
14,739,000
14,247,900 +3.4
a
Dayton
a
Lima
a
Mansfield
d1,735,973
1;07,982 9.0
a
Springfield..
a
a
a
Toledo
a
d4,948,690
Youngstown_ _ _
5,864,389 15.6
a
Pa.
a
-Erie
Pittsburgh_ _ _ _ 134.435,138 167100,055 19,6
522.605,430
1,376,235
2,409,216
1,070,329
2,155,167
443,000.000
2,796,163
4,361,909
3,226,952
1,250,912
4,627,160
a
467,274,043
5,836,000
3,212,724
62,360,655
101,055,313
13,607,900
a
a
1,829,462
a
a
4,379.398
a
151,554,136
3,888,976
a
139,120,000
-8.9
343,835,588
310,297,318
Fifth Federal Reserve Dist net-Riches ond1,121,608
W.Va.-Ilunt'g'n
1,250,253 -10.3
Va.-Norfulk„._
4.852,519
6.798,719 28.6
49,344.000
Richmond _
_
48.210.000 +2.4
-Charleston
*1.667,500
1.853,004 S.C.
10.0
90,279,426 124,850,243 Md.-Baltimore _
27.7
D.C.-Washing'n
19,504,310
20,673,946 -5.7
1,322,506
6,524,028
56,088,000
2,138,947
105,414,327
20,548,990
1,247,107
5,429,851
50,458,000
1.437,731
83,727,784
18,747,000
203,636,165 18.1
192,036,798
161,047,473
Sixth Federal Reserve Die trict-Atlan taTenn.-ChatVga.
7,442,515
6,347,877 +17.2
2,598.115
Knoxville
2,531.430 +2.6
21,418,314
18.688,183 +14.7
Nashville
44.727.714
Georgia-Atianta
46,166,041 -3.1
1,843,017
1,518,143 +21.4
Alginate
2,081,091
1,541,079 +35.0
Macon
a
a
a
Savannah
15,060,141
23,339,199 -35.5
Fla.-Jack'nville.
2,857,004)
5.782.630 50.6
Miami
21,169,664
20,981,834 +0.9
Ala.-131rining'm•
1.581,284
1,619,459
+2.4
Mobile
1,544,000
1,177,000 +31.2
-Jackson
Miss.
246,990
256.635 3.8
Vicksburg
47,158,144 +3.8
48,934,548
La.-NewOrleaus
6,504,249
2,826,977
18.535,290
67,303.823
2,110,514
1,990,015
S
26,113,693
28,501,537
22,465,122
1,885,391
1,446,417
524,735
53.383,697
5,256.545
2,398,703
17,127,976
45,224,236
01,500.000
1,620,570
•
11,446,494
2,437,870
20,969.039
1,465,426
959,000
228,954
49.704.909
233,591,460
160,359,722
Total(8 cities) _
Total(6 cities)-
Total (13 cities)
336,261,050
166,769,363
171.542,568
369,076,402
177,069,479
-3.1
7,263.000
4,168,808
54,639,315
87,299,901
12,167,000
a
a
1,750,418
a
Week Ended Aug. 27.
Clearings at
1927.
1926.
Inc. or
Dec.
1925.
$
8
%
8
Seventh Fed rat Reserve D istriet-Chi cagoMich.-Adrian
208,225
183,378 +13.6
160.694
Ann Arbor...
757,714
1,383,958 -45.3
735.422
Detroit
169,481,801 178,259,416 -4.9 147,169.128
Grand Rapid I.
6,529,799
8,074,700 -19.1
6,816.053
Lansing
2,272,288
7.770,369 -70.8
2,360,137
-Ft. Way le
2,456,231
Ind.
2,270,487 +7.8
2,365,961
Indianapolis_ ._
19,755,000
18,568,000 +6.4
14,171,000
South Bend.. _
2,513,300
1,790,000 +40.2
2,185,631
Terre Haute_ ._
4,432,481
4,863,578 -8.9
4,449,120
Wis.-M ilwauk ae
37,917,749
36458,058 +4.9
35,084,623
Iowa-Ced. Ra )_
2,650,476
2,823,832 -6.1
2,296,032
Des Moines_ ._
8,054,969
8,905,584 -9.6
7,844,599
Sioux City ._
4,928,758
5,503,999 -10.5
6,076,121
Waterloo __ _ ._
947,59'
1,050,562 -9.8
976,911
Ill.-13loomingt in
1,304,876
1,212,103 +7.7
1,497,796
Chicago
599,792,296 599,962,856 -0.1 576,496,134
Danville_
a
1,359,546
Decatur
1,224,823 +11.0
1,484,084
3,991.518
Peoria
4,509.871 -11.5
4,575,873
Rockford_ _ . _
2,715,889
2,608,359 +4.1
2,339,853
Springfield_ _ ...
2,102.106
2,230,625 -5.8
2.155.547
Total(20 cal 5) 874,172,617 889,363,558 -1.7
Eighth Fede ra 1 Reserve Dis trict-St. Lo uisInd.-Evansville_
5,039,914
4,072,431
+1.4
Mo.-St. Louis _ 123,500,000 123,269,905 +0.2
.
Ky.-Louisville_30,162.932
30,411,606 -0.8
Owensboro..
268,115
253,042 +6.0
Tenn.-Mempl Is
15,551,804
16,223,206 -4.1
Ark.-LittleR 2,1t
12,302,442 -1.9
12,067,669
111.-Jacksonville.
365,407
411,649 -11.2
Quincy
1,315,198
1,366,852 -3.8
1924.
8
140,773
727,686
143.019,249
5,880,164
5,461,000
2,017.274
16,166,000
1,644,600
4,479.785
29,177,813
2,205.123
7,925,294
5,483.816
1,123.659
1,206,371
555,028,726
a
1,402,295
3,599,394
1,847,815
2,375,458
821.240,719
790,912,295
4,448,625
124,600,000
26,096,525
258,403
15,349,800
11,704,544
401,988
1.313.402
4,309,369
120,100.000
24,771.425
354.640
13,528,901
9,599,532
347,486
1,271,120
)
Total(8 citIes
188,271,039 189,211,133 -0.5 184,173,287
Ninth Fede al Reserve Die trict-Minn eapolis -Mtnn.-Dulut
d5.565.460
6,365,261 -12.6
9.761,452
Minneapolis_ -71.863,742
70,031,978 +2.6
83,324,922
St. Paul_ _ _
24,775,891
25,215.482 -1.7
28,311.159
No. Dak.-Fa go
1,608,838
1,639,332 +4.5
1,525,266
S. D.-Aberd m.
1,163,384
1,189,398 -2.4
1,486,102
3_
469,826
495,734 -5.2
553,334
Helena
3,188,000
2,880,447 +10.7
2,619,762
174,272,473
Total(7 citIes,)_ 108,633,141 107,717,632 +0.9 127,581,997
Tenth Fede al Reserve Dis trict- Kens as CityNeb.-Fremon d258,320
316,420 -18.4
324,611
Hastings__-__
469,841
396,641 +18.6
527,997
Lincoln
4,078,416
3,609,608 +13.0
3,784,568
Omaha
40.124.949
35.987.964 +11.5
35,949.235
Kan.
-Topeka
d2,561.036
2,898,187 -11.6
2,621,523
Wichita.....
d7,858,781
7,386.713 +7.7
7,636,886
Mo.-Kan. Cit V- 120,101,369 129,797,674 -7.5 119,438,275
St. Joseph.. _ 5,649,305
5,957.008 -5.2
6,297.536
Okla.
-Musk ee
a
a
a
a
Oklahoma C ty
22,696,100
26,396,097 -14.0
21,163,681
Tulsa
a
a
a
a
-Col. Sp pl.
Colo.
1,208.388
1,134,772 +6.5
1,146,407
Denver
19,822,483
18,757,693 +5.7
20,531,159
Pueblo
e1,201,455
1,187,729 +1.2
1,108.773
96,108.192
17
Total(12 cid 7.5) 226,030,443 233,825,906 -3.3
Eleventh Fede ral Reserve District
-Da has
Texas
-Austin
1.375.620
1,184.646 +16.1
Dallas
41,928,264
34,199,192 +22.6
Fort Worth.__ d10,153,093
11,721,450 -13.4
Galveston__ _
5,670,000
13.1.33,000 -56.8
Houston_ _ _ -a
a
a
La.-Shrevepo -t_
4,479,673
4,418,039 +1.4
Total(5 cid 3)
63,606,650
64,656,327
Twelfth Feeler al Reserve D strict-San
Wash.-Seattl L _
42,345,440
45,788,516
Spokane_ _ _ .__
12,038,000
11 006,000
Tacoma_ _ _
a
a
Yakima. _
1.191,003
1,348,726
Ore -Portland1__
35,133,770
41,060,940
Utah-Salt L. C.
15,281,163
16,098.143
Nev.-Reno -.
..._
a
a
Arlz.-PhoenLi
a
a
Calif.
-Fresno._
3,962,816
5,033,311
Long Beach
6.386,987
5,720,996
Los Angeles.__ 150.563.000 161,393,006
Oakland_ _ _ .__
15,756,922
17,828,99C
Pasadena...
.__
5,113,357
4,035.116
Sacramento __
d6,251,623
7,036,020
Sun Diego_
4,433,139
5,118,844
San Francis20_ 177,495,000 175.943,00C
San Jose_ _ _
2,445,705
2,538,553
Santa Barbar5_
1,206,302
1,204,963
Santa Montca.
2,070,419
2,076,945
Stockton...
c2,445,300
2.450,00(
Total(17 cit les) 484,119,946 506,582,055
129
Grand total (
cities)
--- 8,965.203,0198.321.846,0W
1,e aAn .21n c.71 q nnn no, occ
CutsIde N. Y
1927.
Total (29 cities)
294.055
558,808
4,086,708
37,635,881
2,377,238
7,955,017
121.797.987
6,829,542
a
18,947,963
.1
991,762
18,115,768
854.445
220,530,674
220,445,174
1,573,795
41,130,613
10,261,139
10,219,000
a
5,337,953
1.421,899
40,241,498
9,087.083
14,517.369
a
3.500,238
68,522,500
sco41,706.975
10,337,000
a
r
1,487,404
1
35,996,293
I
15,111,547
a
a
3
3,347,810
3
6,123,737
7 134,136,000
3
18.388.283
3
4,765,465
I
10,266,620
1
4.251.108
1 170,296,0430
2,501,900
7
1
1,337,541
3
1,920,831
2
2,650,900
08.768,087
i
l
35,259.927
9,572.000
a
1,275,005
32.082,688
13,155,000
a
a
3,652.417
5,374,297
106,901.000
13,800,795
4,025,220
6,636,834
3,037,610
138,400,000
2.431.329
868,111
1,702,442
• 1,857,000
-4.4
464,625,414
380,032,175
+7.7 7,883,843.585 7.524.114.889
q,
'QC,
on.
.
.
000 00,0
r
,0A
,n1
Week Ended August 25.
Clearings at
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat...
Peterborough_ -Sherbrooke
Kitchener
Windsor
.
Prince Albert_ _ _
Molict011
Kingston
Chatham
Sarnia
6.291,792
60,656.554
23.219,631
2,090,934
1,227,860
428,851
2,192,570
i
,I 1+1.+11+11±1,,, 110+
District of 18.1% and the Atlanta Reserve District of 3.1%,
the latter due largely to the falling off at the Florida points,
Miami having a decrease of 50.6% and Jacksonville of
35.5%. In the Chicago Reserve District the totals are
smaller by 1.7% and in the St. Louis Reserve District by
0.5% but in the Minneapolis Reserve District there is a
gain of 0.9%. The Kansas City Reserve District records a
decrease of 3.3%, the Dallas Reserve District of 1.6% and
the San Francisco Reserve District of 4.4%.
In the following we furnish a summary by Federal Reserve
districts:
1285
$
105,807,854
114,218,943
45.019,208
17,951,957
6,341,004
5,714,379
2,702,817
5,041,200
6,545,549
2,314,947
2,130,721
2,686,353
4,921,163
5,372,4,3
590.496
583,482
2.423,166
1,223.215
1,182,764
852,062
873.443
298,219
789.584
849.274
1.082,764
4.653.492
414.229
872,042
776,024
767,681
633,608
1926.
$
107,061,881
87,760.517
37,572,426
16,514.688
5,567,531
5,899,467
2,584,020
4,921,208
5,394,172
2,300,034
1,896.833
3,708,135
4,060,724
3,679.785
561,771
469.164
1,760.789
1,107.768
965,417
720,044
672,289
249,068
684,471
868.816
802,134
4.018.651
413,455
775,490
681,812
587,359
654,641
[nc.ur
Dec.
%
-1.2
+30.2
+19.8
+8.7
+13.0
-3.1
+6.5
+2.4
+21.3
+0.6
+12.3
-27.6
+21.2
+46.0
+5.1
+24.4
+37.6
+10.4
+22.5
+18.3
+29.9
+19.7
+15.4
-2.2
+35.0
+15.8
+0.2
+12.5
+13.8
+30.7
-3.2
1925.
$
94,163.882
79,053,856
30,483,634
15,346,570
5.353.529
5,033,757
3,497,191
4,734,329
5,998,837
2,602,214
1,971,623
2,203,753
4,226.327
3,279,892
608.055
482,853
1,66,523
958,120
769,506
588,728
579,623
263.388
605.958
842,076
974.538
3.244,588
259,589
783,067
648,616
1924.
$
86,605,525
89,163,963
40,726.252
14.165,424
4,737,444
5,069,481
2,310,377
4,568,121
4.465,772
2,123,077
1,618,347
2.377,322
3,665,094
2,428,209
602,482
447,218
1.314,816
994,271
732,879
660,403
536,504
241,382
771.013
751,622
739,450
3,313.467
251,316
813.506
542,879
345.684,053 304,014,560 +13.4
271,194,622 278 737 ',Is
a No longer report clearings. b Do not respond to requests for
figures. c Week
ended Aug. 26. d Week ended Aug. 25. e eek ended Aug.
24. * Estimated.
. 1286
[Vol,. 125.
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 17 1927:
GOLD.
The Bank of England gold reserve against notes amounted to £151,127,770
on the 10th inst. as compared with E150,654,570 on the previous Wednesday.
Bar gold to the value of about 1936,000 was available in the open market
this week. Of this amount £600,000 was taken for a destination undisclosed, £30,000 for Egypt and India, £40,000 for the Home Trade and
£50,000 for the Continental Trade. Of the balance, £225,000 was secured
by the Bank of England, leaving a small amount which has not yet been
realized.
The following movements of gold to and from the Bank of England have
been announced:
Aug. 11. Aug. 12. Aug. 13. Aug. 15. Aug. 16. Aug. 17.
£225,000
Received
£1,000,000
Withdrawn_ _
inst. was in sovereigns set
The withdrawal of £1,000,000 on the 13th
aside on account of the South African Reserve Bank. The receipt yesterday
was in bar gold from South Africa. During the week under review £775.000
on balance has been withdrawn from the Bank. thus making a net efflux
this year of £474,000. Since the resumption of an effective gold standard
there has been a net efflux of £5,793,000 as set out in the daily bulletins at
the Bank.
According to the "Times" of the 15th inst., the National Bank of Belgium
has acquired 18,000,000 francs worth of gold from the latest consignments
from South Africa. A similar amount was purchased by the Bank a week
ago in New York.
The following were the United Kingdom imports and exports of gold
registered during the month of July last:
Exports.
Imports.
£13,676
.Russia
£30,730
3.580
Netherlands
751,393
8,891
Belgium
45,938
3,926
France
20,497
Switzerland
112,600
Egypt
51,971
500
West Africa
45,000
Argentina, Uruguay Sz Paraguay
1,375
Other countries in South America
110.346
Rhodesia
2,449.870
Transvaal
British India
108,775
Straits Settlements
36,677
21,400
63,340
Germany
Austria
23,400
Other countries
20,925
6,560
Total
£2,685,930 £1,245,443
The following were the United Kingdom imports and exports of gold
registered in the week ended the 10th instant:
ImportsExports
Ecuador
£11,880
£355,991 Germany
British South Africa
17,930
779,9J2 Austria
Other countries
34,250
4,186 Egypt
24.050
British India
12,505
Other countries
Total
£100.585
£1,140,079
SILVER.
The market has been fairly active, the buying mainly being bear covering
on China account. The Indian Bazaars have not been in good heart; not
only have they been reluctant buyers for prompt delivery, but they have
often sold short for two months. America has offered with some freedom
at the higher rates obtainable, but have been sluggish operators at the lower
level. The tone does not seem robust.
The following were the United Kingdom imports and exports of silver
registered during the week ended the 10th inst.:
ImportsExports
United States of America__ £4,928 British India
193,778
Mexico
46,078 Other countries
18,763
Other countries
2,042
Public Debt of United States-Completed Returns
Showing Net Debt as of June 30 1927.
The statement of the public debt and Treasury cash holdings of the United States as officially issued June 30 1927,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1926.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
June 30 1927. June 30 1926.
Balance end month by daily statement, dro
$234,057,409 $210,002,027
-Excess or deficiency of receipts over
Add or Deduct
or under disbursements on belated items
+1,126,051
-1,459,289
$232,598,120
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_
Settlement warrant checks
Total
_
$211,128,078
$45,518,122
89,908,356
7,812,410
1,475,424
$49,449,756
79,179,067
10,201,765
1,818,983
1144,712,313
Balance. deficit(-) or surplus(+)
+187,885,807
INTEREST-BEARING DEBT OUTSTANDING.
Interest June 30 1927.
$
Title of LoanPayable.
2s Consols of 1930
Q.
-J. 599,724,050
Q.
-F.
2s of h,16-1936
48,954,180
Is of 1918-1938
Q.
-F.
25,947,400
Q.M.
49,800,000
35 of 1961
3s Conversion bonds of 1946-1947
Q.
-J.
28,894,500
J -3
Certificates of indebtedness
702,095,500
3-3 1,397,687,000
330 First Liberty Loan, 1932-1947
J -D
5,155,700
48 First Liberty Loan, converted
J -D
532,823,350
431s First Liberty Loan, converted
-D.
3,492,150
434s First Liberty Loan, second converted_ __ _J.
M.
-N.
18,323,300
4s Second Liberty Loan, 1927-1942
1,288,056,450
434s Second Liberty Loan converted
M.
-S. 2,147,664,850
4348 Third Liberty Loan of 1928
A.-0. 6,296.906,450
4345 Fourth Liberty Loan of 1933-1938
782,320,300
4345 Treasury bonds of 1947-1952
1,042,401,500
45 Treasury bonds of 1944-1954
491,212,100
3345 Treasury bonds of 1946-1956
467,801,650
334$ Treasury bonds of 1943-1947
309,259,325
45 War Savings and Thrift Stamps
13,229,660
3.-3.
234s Postal Savings bonds
J.
-D. 2,019,194,550
5hs to 5%s Treasury notes
$140,649,571
+170,478.507
June 30 1928.
$
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
483,279,000
1,397,689,100
5.156,800
532,874,250
3,492,150
20,849,700
3,083,678.100
2,488,272,450
6,324,471,950
763,948,300
1,047,087,500
494,898,100
359,809,690
12,540,040
1,612,403.600
18,250.943,965 19,383,770,860
246,084,419
244,523,064
13,327,800
14,707,235
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
a18,510,174,266 19,643,183.079
Total debt
Deduct Treasury surplus or add Treasury deficit__ +87,885,807 +70,478,507
b18,422,288,459 19,572,704.572
Net debt
a The total gross debt June 30 1927 on the basis of daily Treasury statements was
$18,511,908,931.85 and the net amount of public debt redemption and receipts in
transit, &c., VMS $1,732,665.75.
S No deduction is made on account of obligations of foreign Governments or other
investments.
goiromerciai andpaisceriantratsBenTS
Total
-All
Breadstuffs figures brought from page 1347.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts al
-
Flour.
Wheat.
bbls.196lbs.bush.60 U's.
228,000 2,188,000
Chicago
2,998,000
Minneapolis1,212,000
Duluth
422,000
Milwaukee--_
60,000
Toledo
397,000
Detroit
79,000
108,000
IndianapolisSt. Louis.. _ _
102,000
851.000
Peoria
22,000
56,000
Kansas City_
2,651,000
Omaha
2,036,000
232,000
St. Joseph
Wichita
590,000
Sioux City_ _
57,000
Corn.
Oats.
Barley.
Rye.
h.56 lbs.bush. 32 lbs.bush.4819s.bush.56l5s.
1,958,000 1,931,000 843,000
74,000
254,000
241,000 2,201,000 1,120,000
2,000
912,000 872,000
14,000
161.000
867,000 290.000
4,000
11,000
342,000
54,000
5,000
26,000
11,000
385.000
420,000
19,000
17,000
403,000
468,000
574,000
246,000
37,000
285.000
87,000
386,000
214,000
28,000
299,000
17,000
146,000
61,000
36.000
Total
£115,541
£53,048
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
July 22. July 31. Aug. 7.
Notes in circulation
17763
17771
17591
Silver coin and bullion in India
11070
11242
11250
Silver coin and bullion out of India
Gold coin and bullion in India
2976
2976
2976
Gold coin and bullion out of India,
Securities (Indian Government)
3545
3545
3545
Securities (British Government)
No silver coinage was reported during the week ended the 7th inst.
The stock in Shanghai on the 13th inst. consisted of about 57,700,000
ounces in sycee, 80,600,000 dollars and 1,540 silver bars, as compared with Total wk. '27 448,000 13,843,000 4,784,000 7,004,000 3,282,000 1,251,000
494,000
2,163,000 5,665,000 1,284,000
about 60,300,000 ounces in sycee, 78,400,000 dollars and 300 silver bars Same wk. '26 488,000 10,888,000 4,782,000 12,084,000 3,657,000
709,000
Same wk. '25 460,000 8,994,000.
on the 6th inst.
Quotations during the week:
Since Aug.11,745,000 63,831,000 13,975,000 19,823,000 7,676,000 2,446,000
1927
-Bar Silver, Per Or. Std.Bar Gold,
2,079,000 67,102,000 10,754,000 20,432,000 4,165,000 1,359,000
1926
Cash.
2 Mos.
Per Or. Fine.
2.115.000 52,957,000 19,983,000 52.570,00011,105.000 1.568,000
1925
Aug. 11
24 15-16d.
25 1-16d.
84s. 1114d.
12
25 1-16d.
2534d.
84s. 113-d.
13
255-16d.
253-sd.
84s. 111A.
,
Total receipts of flour and grain at the seaboard ports for
15
2514d.
25 3-16d.
84s. 1134d.
16
2534d.
25 3
-ilk!.
84s. 1010. the week ended Saturday, Aug. 27, follow:
17
25X d.
25 3-16d.
845. 10-'d.
Average
25.114d.
25.187d.
84s. 11.2d.
Rye.
Barley.
Receipts atOats.
Flour.
Wheat.
Corn.
The silver quotations to-day for cash and two months delivery are each
Bushels. Bushels.
Barrels.
Bushels.
Bushels. Bushels.
Xd. below those fixed a week ago.
2,000
New York.... 207,000 1,305,000
363,000
42.000 230,000
3,000
Philadelphia_
39,000
28,000
551,000
28.000
5,000
Baltimore.._
29,000
21,000
526,000
9,000
Newport Ne
3,000
-PER CABLE.
ENGLISH FINANCIAL MARKETS
Norfolk
3,000
128,000
New Orleans•
12,000
54,000
101,000
139,000
The daily closing quotations for securities, &c., at London, Galveston
303,000
Montreal
49,000 4,724,000
5,000
637,000 717,000 404,000
as reported by cable, have been as follows the past week:
1,000
Boston
19,000
8,000
1,000
Aug.27. Aug.29. Aug. 30. Aug.31. Sept. I. Sept. 2.
London,
Wed.
Thurs. Frt.
Mon. Tues.
Week Ended Sept. 2Sat.
415,000
Total wk. '27 403,000 7.677,000
748,000 947,000
506,000
25 3-16
25 3-16 259-1
d 25 3-16 2514
2534
Silver, per oz
Since Jan.1'27 13,842,000171,358,000 7,014,000 17,091,00024,823.000 21,259,000
C 84.1114 84.111.6 84.1034 scum scum 84.1031
Gold, per fine ounce
54 11-16x543I
83,000
5434
5434
Consols, 234 per cents-----64%
Week 1926_ _ _
473,000 7,500,000
840,000 712,000
254,000
101%
10174
10194
British, 5 per cents
10134
10174
Since Jan.1'26 16,557,000 133,428,000 4,643,000 36,424,000 21,199,000 26.610.000
9614
9634
9654
....... _ _ _
9654
British, 434 per cents
96fi
57.90
58
58.10
58.70
French Rentes (in Paris), fr. ____
58.05
• Receipts do not include grain passing through New Orleans for foreign ports
77.10
77.10
77.10
French War Loan(InParts),fr. ___
76.50
77
on through bills of lading.
same day has been:
The price of silver in New York on the
The exports from the several seaboard ports for the week
Sliver In N.Y., per oz. (eta.):
ending Saturday, Aug. 27 1927, are shown in the annexed
5494
5434
5434
Foreign
5434
54%
5434
statement:
z Ex-Interest.
Total
SEPT. 3 1927.]
Exports from-
THE CHRONICLE
Wheat.
Flour.
Corn.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
450,000
80,546
Bushels. Bushels.
1,496,082
597,000
344,000
128.000
New York
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
306,000
288,000
3,786,000
308,000
7,000
Total week
Same week 1926_ _
7.253,082
5.895.041
7,000
115.000
18,000
3,000
3,000
27,000
37,000
27.000
23,000
218,546
257.399
20.000
7,000
130,000
387.000
137,000
272.000
387,000
126,000
377,000
973,000
787.327
The destinat-on of these exports for the week and since
July 1 1927 is as below:
Flour.
Exports for Week
and Since
Week
July 1 to-Aug.27
1927.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit.No.Am.Cols_
Other countriesTotal 1927
Total 1926
Since
July 1
1927.
Wheat.
Week
Aug. 27
1927.
Corn.
Since
July 1
1927.-
Week
Aug. 27
1927.
Since
July 1
1927.
Barrels. Barrels.
Bushels.
B •shels.
Bushels. Bushels.
71,386
452,146 2,709,486 13,308.891
92,820
551,393 4,484,596 22,782,516
19,055
72,055
9,000
53,000
3,000
54,000
9.000
63,000
9,000
2,000
153,000
26,285
72,793
50.000
135,003
218,546 1,211,387 7,253,082 36,281,410
257.399 1.566.590 5.985.041 51.607.528
12,000
115.000
207,000
906,000
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
Shares. Plod*.
Per cent.
$ per a. Bonds.
105
San Antonio Paper Shell Pecan
$1.000 Interboro Metrop. Co. coll.
Co., Texas corp
$1,000 lot
trust 455s ctf. of del3
$2 lot
100 Reybar Land Corp., corn__ 25 lot $2,500 Braden Apr. Co., Braden98 3753-10,000 Sadonia Mills, Inc.
ton, Fla., let mtge. 7% bonds,
B preferred
due June 11937. $2,000 of which
$50
98 3753-10,000 Sadonia Mills, Inc.
lot
are guar. by Adair Realty & Trust
cora, trust etre., no par
Co., June 1 1927 and subsequent
Bonds.
Per cent.
coupons attached
30
$10,500 Biscayne Bay Hotel Co.
$2,000 North East Second Ave. Co.
Miami, Fla., 61-1% bonds, guar
let mtge. 7% bonds. $1,000 due
by Adair Realty & Trust Co.,
Feb. 16 1929-51,000, due Feb.
$3,000 due July 11930. 8500 due
161938. Guar. by S. H.Rand Jr.
July 1 1934, 37,000 due July 1
Aug. 16 1927 and subsequent
1935; July 1 1927 and subsequent
coupons attached
50
coupons attached
30
34,000 Sarasota Terrace Hotel Co.,
$1,500 Henry J. Dynes. West Palm
1st mtge. 7% bonds, due March
Beach, Fla., 7% 1st mtge. bonds.
10 1937, guar.Ky Adair Realty dt
$500 due June 15 1930, guar. by
Trust Co. Mar. 10 1927 and sub.
Adair Realty & Trust Co.;$1.000
sequent coupons attached
20
due June 15 1937
42
$1.000TennesseeTerraceHo tel Inc.,
$100 Florida Realty & Securities
Knoxville,Tenn., let mtge. 63i%
Corp., Jacksonville, Fla., let
bonds, due April 1 1938, guar. by
mtge. 654% bonds, due July 1
Adair Realty & Trust Co. April
1941, guar. by Adair Realty &
1 1927 and subs. Coml.attached_ - 21
Trust Co
28
$1,000 Union Realty Corp., Birm$1,000 Polk Hotel Co., Haines City.
Ingham, Ala., 1st mtge. 655%
Fla., let 7% bonds, due July 25
bonds, due Mar. 15 1934, guar.
guar. by Adair Realty & Tr.
1935,
by Adair Realty & Trust Co.
Co., July 25 1927 and subsequent
Mar. 15 1927 and subsequent
coupons attached
30
coupons attached
25
$85.500 Tampa Commercial Hotel
563.500 William N. Young Hotel
Co.,Tampa, Fla., 1st mtge.6 %
Co., Little Rock, Ark., 655%
bonds, due Nov.2 1937, guar. by
bonds, guar. by Adair Realty &
Adair Realty & Trust Co. May
Trust Co.. $63,000, due July 15
2 1927 and subs, coup. attached_ 30
1938-5500 due July 15 1937.
$225,000 Forrest Hills Corp., AuJuly 15 1927 and subsequent
gusta, Ga., 1st mtge.654% bonds
coupons attached
guar. by Adair Realty & Trust
$6,000 Interboro. Metrop. Co. coll.
Co., $8,000 due June 15 1929,
trust 455% gold bonds, option
$2,000 due June 15 1930, 54,000
No. 1 elected; ctf. of deP
$4 lot
due June 15 1934, $6,000 due
$2,000 Weld Co., Colo., GreeleyJune 151935,$10,000 due June 15
Poudre Irrig. Dist. & Municip.
1936, 56,000 due June 15 1937Water 6% bonds, due Dec. 1
E184,000 due June 151938,$5,000
1929. Dec. 1912 and subsequent
due June 15 1928
30
coupons attached
817 lot
1287
By Wise, Hobbs & Arnold, Boston:
Shares Stocks
$ per sh. Shares. Stocks.
$ per sh.
5 Old Colony Trust Co
397
20 Boston Belting Corp., pref
10c.
74 Atlantic National Bank
32051 600 United Mineral Lands Corp_ -31 lot
30 National Shawmut Bank
306
8 Hemenway Chambers Trust ,pref_ 32
88 National Shawmut Bank
306
28 Fall 111v. Gas Wks., par $25_8555-8554
5 Nashawena Mills
7394 5 Great American Ins. Co
4344
25 Arlington Mills
54
10 Nathan D.Dodge Shoe Co., pref. 2
3 Pepperell Mfg.Co
11094 ex-div 10 Hood Rub. Co.755% pr. pref_9314-94
45 Farr Alpaca Co
160
1 special unit First Peoples Trust
5
39 Ludlow Mfg. Associates_1824 ex-div. 2 units Mutual Finance Corp
50
60 Nashua & Lowell RR
14651 5 Niagara Fire Ins. Co
340
10 Merrimac Chemical Co., par 550 8454 9 American Glue Co., pref
108
22 Hood Rubber Co.74% pr. pref. 934 15 Draper Corp
7254 ex-div.
15 Great American Ins. Co
4344 25 United Elec. Light Co., Spring20 Cambridge El. Lt. Co., par $25_180
fieldpar 325
140 ex-div.
32.000 Gas Products Co., par SI__ - 7c. 125-10 Indian Orchard Co
1454-15
6 units First Peoples Trust
58
20 Craton & Knight Co. common__ 994
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
. $ per sh.
3 Buffalo, Niagara & Eastern
Power, no par
38
1 Buffalo, Niagara & Eastern Pow.,
Pref.. Dar 325
264
Shares. Stocks.
$ per sh.
500 Columbus Kirkland, par $1_ _ _ _ 3550.
500 Night Hawk, par 51
60.
5 Keitor QuaUtol, Inc., par $20
51 lot
•
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Aug. 23
-The Willowbrook Nat'l Bank, Willowbrook, Calif
$25.000
Correspondent, Will Adams, Willowbrook, Calif.
Aug. 23
-The St. Albans National Bank of New York, N. Y
200,000
Correspondent, Robert E. Dedell, 176th St., St. Albans,
New York, N. Y.
APPLICATIONS TO CONVERT RECEIVED.
-The Hartford National Bank, Hartford, Ala
Aug. 23
850.000 •
Conversion of the Bank of Hartford, Ala.
Aug. 25
-The Exchange National Bank of Jefferson City, Mo
100,000
Conversion of the Exchange Bank of Jefferson City, Mo.
CHANGE OF TITLE.
Aug. 26
-The Ilion National Bank, Ilion, New York to "Ilion
National Bank & Trust Co."
VOLUNTARY LIQUIDATIONS.
-The Stockmons National Bank of Nampa, Idaho
Aug. 23
$75.000
Effective July 14 1927. Liquidating Agent, First Security
Bank of Nampa. Idaho. Succeeded by First Security
Bank of Nampa, Idaho.
Aug. 24
-The National Bank of Grand Saline, Texas
850,000
Effective Aug. 15 1927. Liquidating Commission: W.P.
Allen, Terrell, Texas; W. Arthur Reid and T. D. Hunt.
Grand Saline, Texas. Absorbed by the State National
Bank of Grand Saline, Texas, No. 12745.
Aug. 26
-The Merchants National Bank of Butler, Pa
200,000
Effective Aug. 18 1927. Liquidating Commission: Butler
Savings & Trust Co; H. W. F. Graham and John Troutman. Butler,Pa. Absorbed by Butler Savings & Trust Co.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Aug. 24
-The Citizens Union National Bank of Louisville, Ky.
Location of branch, vicinity of Fourth and Broadway
(324-326 West Broadway), Louisville.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Delaware & Hudson Co. (quer.)
251 Sept. 20 Holders of rec. Aug. 27
Delaware Lackawanna .1r Western
(z)
Holders of rec. Sept. 6
Old Colony (quer.)
'131 Oct. 1 *Holders of rec. Sept. 10
St. Louis Southwestern, pref. (quer.)..... 154 Sept. 30 Holders of rec. Sept. 15
Southern By. NI. & 0. stock tr. ctfs_ _ *2
Oct. 1 *Holders of rec. Sept. 15
Public Utilities.
American Public Serv. Co., pref. (quer.) *151 Oct. 1 "Holders of rec. Sept. 15
American Utilities Co., pref.(quer.)....... $1.75 Sept. 1 Holders of rec. Aug. 20
Arkansas Natural Gas (guar.)
120. Oct. 1 Holders of rec. Sept. 14a
By R. L. Day & Co., Boston:
Banger Hydro-Elec. Co..6% pf.(qu.)
•154 Oct. 1 *Holders of rec. Sept. 10
7% preferred (qua:.)
Oct. 1 *Holders of rec. Sept. 10
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per sht Brazilian Tr., Light & Pow., pref. (qu.)_
14 Oct. 1 Holders of rec. Sept. 15
50 National Shawmut Bank...306-30054 10
Boston Fish Market Corp., pref.,
Central Maine Po.ver. 7% pref. (quar.)_ "154 Oct. 1 *Holders of rec. Sept. 10
1 Atlantic National Bank
32034
series B
10331 & die.
'134 Oct. 1 *Holders of rec. Sept. 10
6% preferred (qua:.)
5 First National Bank
600
10 Puget Sound Power & Light Co.,
Central & Southwest Utilities (quer.) _ _ *75c. Oct. 15 *Holders of rec. Sept. 30
33 National Shawmut Bank
306
prior pref
10651 & div. Consolidated Gas of N. Y., prof. (qua:.) '$125 Nov. 1 *Holders of rec. Sept.30
30 Atlantic National Bank
320
36 Lynn Gas & Elec. Co., undeP..
Denver Tramway Corp., pref. (quer.). "154 Oct. 1 *Holders of rec. Sept. 15
5 Pepperell Mfg. Co
10034, ex-div.
par $25
172
Edison Elec. Ill. Co.of Brockton (quer.) 6234e. Nov. 1 Holders of rec. Oct. 14
22 West Point Mfg. Co
1354 8 Plymouth Cordage Co
108
Elec. Light & Power Co. of Abington &
6 Merrimack Mfg. Co., pref
7654 10 Towle Manufacturing Co
127
Rockland (guar-)
50c. Oct. 1 Holders of rec. Sept. 15
11 Merrimack Mfg. Co. corn
1314 1 Great American Insurance Co._.4344
Electric Public Service 7% pref.(guar.). 154 Oct. 1 Holders of rec. Sept. 20
76 Pepperell Mfg. Co__111-11154,ex-div. 14 Hood
Rubber Co.,74% pref... 93 X
Electric Public Utlitities, 87 pref. (au.). 51.75 Oct. I Holders of rec. Sept. 20
16 Farr Alpaca Co
15954
Bonds.
Per cent. Fall River Electric Light (quer.)
*500. Oct. 1 *Holders of rec. Sept. 20
25 Arlington Mills
5354 $6,060 Fort Worth Stockyards Co.
Interstate Power, preferred (guar.).
12 Naumkeag Steam Cotton Co
- *$1.75 Oct. 1 *Holders of rec. Sept. 6
181
let M.65, March 1932
10154 Kentucky Securities, common (guar.)._
154 Oct. 1 Holders of rec. Sept. 20a
4 American Glue Co., pref
107
$2,000 Bloomington & Normal
RY•
134 Oct. 15 Holders of rec. Sept. 20a
Preferred (quer.)
2 special units First Peoples Trust
5
& Light Co. 18t & gen. 513, Jan.
Manhattan By. modified guar.(qua:.).. 5.154 Oct. 1 *Holders of rec. Sept. 12
2 Mass. Ltg. Cos.,8% pref., widep.137
1928
9954 Nassau dr Suffolk lAghttng, pref.(qua:.). 154 Oct. 1 Holders of rec. Sept. 17
12 units First Peoples Trust
58
52,000 S. D. Warren Co. lot M.6s,
National Public Service, corn. A (quar.)- 400. Sept. 15 Holders of rec. Aug. 27
25 Saco Lowell Shops, 2(1 pref
851
Feb. 1945
1034
Pref. series A and partic. pref.(quer.)- 51.75 Oct. 1 Holders of rec. Sept. 17
6 Columbian Nat. Life Insur. Co25234 $1,000 New Scollay
Building Trust
New England Pub. Serv., common (au.) "45c. Sept. 30 *Holders of rec. Ang. 31
10 Mass. Bonding & Insurance Co_4964
1st hl. 456s, March 1934
96
Prior lien preferred stock (quer.)
"$1.75 Sept. 15 *Holders of rec. Aug. 31
250 American Glue Co.. corn
3494
New York Telephone. prof.((Wax.)
14 Oct. 15 Holders of rec. Sept. 20
Ohio Bell Telephone, pref. (guar.)
*154 Oct. 1 *Holders of rec. Sept. 20
By Barnes & Lofland, Philadelphia:
Portland Electric Power, 1st pref. (qu.)
155 Oct. 1 Holders of rec. Sept. 15
Shares. Stocks.
$ per sh. Shares. Stocks.
Prior preferred (qua:.)
13 Oct. 1 Holders of rec. Sept. 15
4
3 per sh
14 Amer. St. Co. com.,no par
64
30 Mutual Trust Co., par $50
Pub.Scrv. Corp. of Long Island, pf.(qu.) 154 Oct. 1 Holders of rec. Sept. 17
16854 Shawinigan Water &
3 Hare dr Chase. Inc., pref., with
25 Northeastern Title dr Trust
50c. Oct. 10 Holders of rec. Sept. 23
Power (quer.)
Co.
3 shares common
$5 lot
par 550
Southern Canada Power, pref. (guar.)... *14 Oct. 15 "Holders of rec. Sept. 24
78
1 Provident Trust Co
8054 10 Victory Tr. Co., Camden, N.
Oct. 1 *Holders of rec. Sept. 15
J__14754 Southwestern Gas & El., 8% pref. (au.). *2
10 Tioga Trust Co-, Par 350
170
40 Phila. Life Ins. Co.. par 510....
Seven per cent- preferred (quer.)
•154 Oct. 1 *Holders of rec. Sept. 15
14
3 Franklin Fourth St. Nat. Bank 590
10 Commonwealth Casualty Co.,
United Light dr Power, corn. A ((Mar.)-- *I2c. Nov. 1 *Holders of rec. Oct. 15
3 Market St. Nat. Bank
518
par $10
Common B (quar)
*12c. Nov. I *Holders of rec. Oct. 15
22
3 Corn Exchange Nat. Bank
763
47 Lake Superior Corporation
Preferred A (quer.)
*$1.63 Oct. 1 *Holders of rec. Sept. 15
1 Southwark Nat. Bank
451
1 Penna. Academy of Fine Arts- 251
Preferred B (quer.)
"$1
Oct. 1 *Holders of rec. Sept. 15
3334
4 Southwark Nat. Bank
448
15 Germantown Pass. RY
175
16 Overbrook Nat. Dank
123 Huntington & Broad Top Mtn. 74
Banks.
5 Overbrook Nat. Bank
175
Chatham-Phenix Nat. Bk.& Tr.(qua:.) *4
RR. & Coal Co.. pref., v. t. c___ 2
Oct. 1 *Holders of rec. Sept. 15
175
3 Overbrook Nat. Bank
5 Union National Bank
2
Oct. 1 Holders of rec. Sept. 16a
35034 Chelsea Exchange (guar.)
705
15 Union National Bank
Commerce, Nat. Bank of (qua:.)
5 Fidelity Phila. Trust Co
4
Oct. 1 Holders of rec. Sept. 16a
350
Market St. Title & Trust Co.,
5 Union National Dank
Seaboard National (qua:.)
20
4
Oct. 1 Holders of rec. Sept. 24
360
440
2 Penna. Co. for Ills. on Lives. &c_895
par $50
Trust Companies.
8454
Rights25 Bankers Trust Co., par 850
$ Per right. United
States(man)
49 Manufacturers' Casualty
124 Oct. 1 Holders of rec. Sept. 20
5 West Phila. Title & Trust Co., par
-. 354
24551
350
Bonds
Co_Per
269
Miscellaneous.
$500 Lake Superior Corp. inc. mtge. Cent.
10 Aldine Trust Co., par $50
Allied Chemical dr Dye Corp., pf. (qu.). 151 Oct. 1 Holders of rec.
58, Oct. 1924 (Oct. 1921 and all
20 Republic Trust Co., par $50_ _ ..16551
Sept. 9
American Arch (qua:.)
*$1.75 Sept. 1 *Holders of rec. Aug. 20
subseq. coupons attached)
5 Mitten Men dr Management Bank
10
Amer. Bank Note, common (quer.)
110
55,000 Southwest Gas Co. let s. f.
500. Oct. 1 Holders of rec. Sept. 12a
& Trust Co., par 550
Preferred (qua?.)
654s, May 11037, with warrants_ 9655
75c. Oct. 1 Holders of rec. Sept. 12a
6 Mitten Men & Management Bank
10934
& Trust Co., par $50
1288
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Amer. British & Cont. Corp.
First preferred allot. ctfs. 50% paid__ 75e. Sept. 1 Holders of rec. Aug. 15
American Can. pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 15a
Amer. Car & Fdy., common (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 12
1% Oct. 1 Holders of rec. Sept. 12
AmTferrhedain (tinsrjef.
C
Co pr (quer.)
1,‘ Oct. 1 Sept. 21 to Sept. 30
Amer. Encaustic Tiling, corn.(guar.).- 60e. Sept. 30 Holders of rec. Sept. 15a
Preferred (quar.)
131 Sept. 26 Holders of rec. Sept.23a
Amer. Furniture Mart Bldg., pref.(qu.)_ '$1.75 Oct. 1 *Holders of rec. Sept. 20
Amer. Home Products Corp
200, Oct. I Holders of rec. Sept. 14a
Amer. Safety Razor (quer.)
*750. Oct. 1 *Holders of rec. Sept. 15
Extra (payable in stock)
e*1
Oct. 1 *Holders of rec. Sept. 15
Amer. Steel Foundries, corn.(guar.).- *75e. Oct. 15 *Holders of rec. Oct. 1
Preferred (quar.)
*1 X Sept.30 *Holders of rec. Sept. 15
American Tobacco, pref. (quar.)
131 Oct. 1 Holders of rec. Sept. 10
Atlas Portland Cement(quar.)
.50c. Sept. 1 *Holders of rec. Aug. 19
Borne Scrymser Company
$1
Oct. 15 Sept. 24 to Oct. 14
Extra
75c. Oct. 15 Sept. 24 to Oct. 14
Brillo Mfg., Inc., class A (quar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Cambria Iron
'Si
Oct. 1 *Holders of rec. Sept. 15
Canadian Bakeries, Ltd.. tat pf. (qu.)
.134 Sept. 15 "Sept. 8 to Sept. 15
Canadian Cottons, Ltd., corn. (guar.)._ 2
Oct. 4 Holders of rec. Sept. 24
Preferred (mutt.)
131 Oct. 4 Holders of rec. Sept. 24
Case (J. I.) Thresh. Mach.,corn.(qu.)
'13. Oct. 1 *Holders of rec. Sept. 12
Preferred (quer.)
*1X Oct. 1 *Holders of rec. Sept. 12
Celotex Co., common (guar.)
.75c. Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
.31.75 Oct. 1 *Holders of rec. Sept. 15
Central Manhattan Properties, class A
$1.08 Sept. 1
Chicago Elec. Mfg., class A (quer.)_ __ _ *50c. Oct. 1 *Holders of rec. Sept. 20
Coca-Cola Co., common (quar.)
.$1.25 Oct. 1 *Holders of rec. Sept. 10
Commercial Invest. Trust, corn.(qu.)- 90c. Oct. 1 Holders of ree. Sept. 15a
7% first pref.(quer.)
111 Oct. 1 Holders of rec. Sept. 150
6% first pref. (quer.)
I X Oct. 1 Holders of rec. Sept. 15a
Cooper Corporation, common (guar.)._ *El
Oct. 15 'Holders of rec. Oct. 1
Preferred (quar.)
e$111 Sept. 15 *Holders of rec. Sept. 1
Crown-Willamette Paper, let pref. (Ou.) *134 Oct. 1 *Holders of rec. Sept. 13
Curtis Publishing, corn
.50e. Sept. 2 'Holders of rec. Aug. 22
Common
•500. Sept.10 *Holders of rec. Aug. 22
Detroit & Cleveland Nay.(quar.)
*2
Oct. 1 *Holders of rec. Sept. 15
Dictaphone Corp., corn.(quar.)
"250. Sept. 1 *Holders of rec. Aug. 19
Preferred (guar.)
Sept. 1 *Holders of rec. Aug. 19
*2
Dominion Textile, corn. (quer.)
$1.25 Oct. I Holders of rec. Sept. 15
Preferred (quer.)
.13 Oct. 16 *Holders of rec. Sept. 30
Economy Grocery Stores (quer.)
*25e. Oct. 15 'Holders of rec. Sept. 1
Eruption Mining Co.(quer.)
.7310. Oct. 3 *Holders of rec. Sept. 15
Federal Terra Cotta Co., pref. (quar.)
Sept. 30 *Holders of rec. Sept.20
*2
Feltman & Curme Shoe Sts., pref.(qu.). •114 Oct. 1 *Holders of rec. Sept. 1
Fifth Avenue Bus Securities(quar.)
.16c. Oct. 17 *Holders of rec. Oct. 3
.750. Oct. 1 *Holders of rec. Sept. 13
Fleischmann Co.,corn.(quer.)
rFoster & Kleiser Co., corn. (quar.)
25c. Nov. 15 Holders of ree. Nov. la
114 Oct. 1 Holders of rec. Sept.27a
rPreferred (guar.)
General Baking. pref. (quar.)
Sept.30 Holders of rec. Sept. 200
$2
.114 Oct. 1 *Holders of rec. Sept. 15
Glidden Co., prior pref. (oilar-)
Hammermill Paper, preferred (quar.)..... '13 Oct. 1 *Holders of rec. Sept. 20
Helme (George W.) Co.. COM.(guar.).- $1
Oct. 1 Holders of rec. Sept. 12
Preferred (quer.)
IX Oct. 1 Holders of rec. Sept. 12
Hanes(P.H.) Knitting Co., pref.(quer.) 134 Oct. 1 Holders of rec. Sept. 20
Hilicrest Collieries, com. (quer.)
*131 Oct. 15 *Holders of rec. Sept. 30
Preferred (quer.)
*134 Oct. 16 *Holders of rec. Sept. 30
Honolulu Consol. Oil (quar.)
*50e. Sept. 15 *Holders of rec. Sept. 5
Extra
•250. Sept. 15 *Holders of rec. Sept. 5
Humble Oil & Refining, corn. (guar.)... .30o. Oct. 1 *Holders of rec. Sept. 10
Extra
*200. Oct. 1 'Holders of rec. Sept. 10
Hydraulic Press Brick, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 23
Independent 011 & Gas(quar.)
25e. Oct. 31 Holders of rec. Oct. 17a
Industrial Finance Corp., corn.(in stock) (z) Sept. 15 Sept. 1 to Sept. 14
6% pref. (acct, accumul. div.)
h $37.50 Sept. 15 Sept. 1 to Sept. 14
International Paper,7% pref.(quar.)_ .134 Oct. 15 *Holders of rec. Oct. 1
Six per cent preferred (quer.)
•131 Oct. 15 *Holders of roe. Oct. 1
International Silver, pref. (quer.)
114 Oct. 1 Holders of rec. Sept.120
Life Savers, Inc. (quar.)
40e. Oct. 1 Holders of rec. Sept. 14a
Mathieson Alkali Works, corn. (quar.) *31
Oct. 1 'Holders of rec. Sept. 15
Preferred (quer.)
*154 Oct. 1 *Holders of rec. Sept. 16
May Drug Stores (quar.)
•500. Oct. 1 'Holders of rec. Sept. 10
,,__
134 Oct. 1 Holders of rec. Sept.20
Mill Factors Corp. (quer.)
X Oct. 1 Holders of rec. Sept. 20
Extra
Morgan Lithograph, common (guar.).- $1.25 Oct. 1 Holders of rec. Sept. 190
90e. Oct. I Holders of roe. Sept. 14a
Motor Meter, Inc., class A (quer.)
50c. Sept.20 Holders of rec. Sept. 10
Motor Wheel Corp., corn. (quer.)
.15e. Oct. 1 *Holders of rec. Sept. 1
Munyon Remedy (quar.)
National Brewing, Ltd., corn. (guar.).- $1 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
114 Oct. 1 Holders of roe. Sept. 15
1% Sept.30 Holders of rec. Sept. 15
Nat. Enameling & etas.. prof. (guar.)._
.50e. Oct. 15 *Holders of ree. Oct. 1
New York Transportation (quar.)
114 Nov. 1 Holders of rec. Oct. 12
Oil Well Supply, prof. (quer.)
.$2 Oct. 1 *Holders of rec. Sept. 15
Omnibus Corp. (quer.)
.4331c Sept. 15 *Holders of rec. Aug. 31
Oneida Community, corn, and pref
Orpheum Circuit, common (monthly)-..* 16 2-3e Oct. 1 *Holders of rec. Sept. 17
Oct. 1 'Holders of ree. Sept. 17
*2
Preferred (quer.)
*134 Oct. 1 *Holders of ree. Sept. 15
Otis Steel, prior preferred (quer.)
Palge-Det. Motor Car, 1st & 2d pf.(qu.) .111 Oct. 1 *Holders of rec. Sept. 15
Pettibone-Milliken Co. 1st & 2d pf.(qu.) .114 Oct. 1 *Holders of reo. Sept. 20
2
Sept. 1 Holders of rec. Aug. 15
Phenix Cheese, pref.(quar.)
*33 Sept. 1 *Holders of rec. Aug. 30
Pierce Mfg. (quar.)
Pittsburgh Steel Foundry, pref. (quer.). .134 Oct. 1 *Holders of rec. Sept. 15
Porto-Rican-American Tob., el. A (qu.)_ *111 Oct. 10 *Holders of rec. Sept. 20
134 Oct. 1 Holders of rec. Sept. 10
Pure 011 Co., 514% prof.(guar.)
131 Oct. 1 Holders of rec. Sept. 10
Six per cent preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 10
preferred (guar.)
Eight per cent
$1.25 Oct. 1 Holders of rec. Sept. 17
Reynolds(R. J.) Tobacco, corn.(qu.)
$1.25 Oct. 1 Holders of rec. Sept. 17
Common B (quar.)
Simmons Company, common (quar.)._ *50o. Oct. 1 *Holders of rec. Sept. 15
Sloss-Sheffield Steel & Iron, corn.(quar.) 134 Sept.20 Holders of roe. Sept. 106
*111 Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
*500. Sept. 30 *Holders of rec. Sept. 13
South Penn 011 Co.(quar.)
500. Oct. 1 Holders of rec. Sept. 10
South Porto Rico Sugar,corn.(quar.)
Oct. 1 Holders of ree. Sept. 10
2
Preferred (guar.)
001. 1 *Holders of roe. Sept. 19
*2
Spicer Mfg., pref. (quar.)
'St Sept.80 *Holders of rec. Sept. 15
Standard 011 (Kentucky)(quar.)
Oct. 1 Holders of rec. Sept. 10
2
Swift & Co. (quer.)
15e. Sept. 30 Holders of rec. Sept. 14
Texas Pacific Coal & Oil (quer.)
Sept. 30 *Holders of ree. Sept. 12
*200.
Tide Water Oil, common (quer.)
"31 Oct. 3 *Holders of roe. Sept. 15
Wabasso Cotton Co. (quer.)
.30c. Oct. 3 *Holders of rec. Sept. 16
Extra
50e. Oct. 1 Holders of rec. Sept. 156
Warner-Quinlan Co., corn. (quer.)
1% Oct. 1 Holders of ree. Sept. 156
Preferred (quer.)
Warren Bros., common (quer.)
"31 Oct. 1 *Holders of rec. Sept. 20
First preferred (quer.)
*750. Oct. 1 *Holders of roe. Sept. 20
S
Second preferred (guar.)
.87540 Oct. 1 *Holders of rec. Sept. 29
Oct. 1 *Holders of ree. Sept. 12
Wheeling Steel Corp., class A (quar.)
.2
Class II (quer.)
:2
0 Oct. I *Holders of rec. Sept. 12
1
Sept.80 *Holders of rec. Sept. 5
White Motor Securities, pref. Mar.)
._
Youngstown Sheet & Tube, corn.(qu.) .$1.25 Sept.30 "Holders of rec. Sept. 14
*111 Sept. 30 *Holders of rec. Sept. 14
Preferred (quar.)
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.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Oct. 1 Holders of rec. Sept. 80
Alabama & Vicksburg
3
Bangor & Aroostook, common (quar.)-- 88e. Oct. 1 Holders of rec. Aug. 31
Preferred ((mar.)
134 Oct. 1 Holders of rec. Aug. 310
Boston & Albany (quer.)
Sept.80 Holders of rec. Aug. 310
2
Boston Revere Beach dr Lynn (quar.)... .134 Oct. 1 *Holders of rec. Sept. 15
Canadian Pacific. corn.(quer.)
234 Oct. 1 Holders of ree. Sept. la
Oct. 1 Holders of rec. Sept. 1
Preference
2
[Vol.. 125.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam) (Concluded),
Chesapeake Corporation(WM)
(No. 1)_
Chesapeake & Ohio, common (guar.)_ _ _
Preferred
Chestnut Hill (quar.)
Chic. Rock Isld. & Pac.. corn.(guar.)._ _
Consolidated ERs. of Cuba, pref.(MO Cuba RR.. common
Preferred
Erie & Pittsburgh (guar.)
Fonda Johnstown & Gioversv., pf.(qu.)_
Gulf Mobile & Northern. pref. (guar.) .
Hocking Valley RR.(quar.)
Maine Central. corn. (quer.)
N. Y. Chicago & St. Louis, corn.(quar.)
Preferred A (quar.)
New York Lackawanna & Western (qu.)
Norfolk & Western, common (quer.)_ vPere Marquette. corn. (in coin. stock)..
Pere Marquette, common (quer.)
Prior preference (quar.)
5% preferred (quer.)
Phila. Germantown & Norristown (qu.).
Reading Co., first preferred (quar.)
Second preferred (quar.)
St. Joseph South Bend & Sou., com
Preferred
St. Louis-San Fran. Ry., corn.(quer.) _ _
Common (extra)
Preferred(guar.)
Southern Pacific (quar.)
Union Pacific, corn. (guar.)
Preferred
Vicksburg Shreveport &Pacific,com
Preferred
750. Oct. 1
234 Oct. 1
314 Jan 1'28
750. Sept. 6
134 Sept. 30
131 Oct. 1
$1.20 Sept.28
3
Febl'28
8734c Sept. 10
134 Sept. 15
134 Oct. I
234 Sept. 30
1
Oct. 1
131 Oct. 1
131 Oct. 1
134 Oct. 1
2
Sept.19
j20 Oct. 1
131 Oct. 1
134 Nov. 1
13/ Nov 1
$1.50 Sept. 6
50o. Sept. 8
50e. Oct. 13
87340. Sept. 15
234 Sept. 15
114 Oct. I
25c. Oct. 1
134 Nov. 1
134 Oct. 1
254 Oct. 1
Oct. 1
2
234 Oct. 1
234 Oct. 1
Books Closed
Days Inclusive.
Holders of rec. Sept. 80
Holders of rec. Sept 80
Holders of rec. Dec. 8s
Aug. 21 to Sept.
Holders of rec. Sept. pa
Holders of rec. Sept 100
Holders of rec. Sept 28
Holders of rec. Jan. 16a
Holders of rec. Aug. 310
Holders of rec. Sept. 100
Holders of roe. Sept. 16a
Holders of rec. Sept. 8a
Holders of rec. Sept. 15
Holders of rec. Aug. 150
Holders of rec. Aug. 150
Holders of rec. Sept. 150
Holders of rec. Aug. 3Ia
Holders of rec. Sept. 76
Holders of rec. Sept. 140
Holders of rec. Oct. 140
Holders of rec. Oct. I4a
Aug. 21 to Sept. 5
Holders of rec. Aug. 22
0
Holders of rec. Sept. 200
Sept. 11 to Sept. 14
Sept. 11 to Sept. 14
Holders of roe. Sept. 90
Holders of rec. Sept. 90
Holders of rec. Oct. 150
Holders of rec. Aug. 280
Holders of rec. Sept. la
Holders of ree. Sept. la
Holders of ree. Sept. 80
Holders of rec. Sept. 80
Public Utilities.
American Public Utilities
(o) 114 Oct. 1 Holders of roe. Sept. 15
Prior pref. and participating pref.
Amer. Telephone & Telegraph (quar.)__ 234 Oct. 15 Holders of roe. Sept.20a
Amer. Water Wks.& El.$6 tat pf.(qu.)_ $1.50 Oct. 1 Holders of ree. Sept. 15
Associated Gas & Elec., $7 pref (quar.)- 41.75 Oct. 1 Holders of roe. Aug. 31
f8734c Oct. 1 Holders of rec. Aug. 31
Original pre/.(quer.)
Nov. 1 Holders of rec. Sept. 30
50e
Class A (quar.)
Associated Telep. Utilities, Pref.(quar.)- $1.75 Sept. 15 Holders of rec. Aug. 31
Oct. 15 "Holders of rec. Sept. 23
.2
of Canada (quar.)
Bell Telephone
*2
Sept.30 *Holders of roe. Sept. 29
Bell Telephone of Pa., cont. (quar.)
111 Oct. 15 Holders of rec. Sept. 20a
Preferred (guar.)
Sept. 15 Holders of rec. Sept. 1
.
Birmingham Water Wks Co.,8% pt.(qu.) 2
Bklyn:Manhattan Transit
$1.50 Oct. 15 Holden Of ree. Oct. la
Preferred, series A (quar.)
$1.60 JanI6'28 Holders of ree. Dee. 810
Preferred, series A (guar.)
$1.50 Apri6'28 Holders of rec. Apr 1'280
Preferred, series A (quar.)
31.25 Oct. 1 Holders of rec. Sept. 80
Brooklyn Union Gas(quar.)
.500. Sept.30 *Holders of rec. Sept. 20
Byllesby(H. M.)& Co., corn. A&B(qu.) 4
114 Oct. 15 Holders of rec. Sept. 30
Power.7% pref.((p.)
Canada Northern
Central Illinois Publis Service, pf.(qu.) 31.50 Oct. 15 Holders of roe. Sept.30a
'134 Oct. 1 *Holders of rec. Sept. 10
Cleveland Ry.,corn.(quar.)
Columbus Elec. & Pow., common (flu.). 50o. Oct. 1 Holders of rec. Sept. 96
134 Oct. 1 Holders of rec. Sept. 90
Preferred series B (quar.)
111 Oct. 1 Holders of rec. Sept. 9a
Preferred series C (quer.)
111 Oct. 1 Holders of rec. Sept. 9a
Second preferred (quer.)
Control. Gas El.L.& P.(Bait.) com.(q11.) 62310 Oct. 1 Holders of rec. Sept. 150
Oct. 1 Holders of rec. Sept. 150
2
Preferred series A (quer.)
114 Oct. 1 Holders of rec. Sept. 150
Preferred series B (quar.)
111 Oct. 1 Holders of rec. Sept. 150
Preferred series C (quar.)
134 Oct. 1 Holders of roe. Sept. 150
Preferred series D (quar.)
$1.25 Sept. 15 Holders of rec. Aug. 90
Consolidated Gas(N.Y.)corn.(quar.)
134 Oct. 1 Holders of rec. Sept. 15
Consumers Power,6% pref. (quar.)__
1.65 Oct. 1 Holders of rec. Sept. 15
6.6% preferred (quer.)
114 Oct. 1 Holders of rec. Sept.15
Seven per cent preferred (quer.)
50o. Oct. 1 Holders of ree. Sept 15
Six per cent preferred (monthly)
550. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
Sept.30 Holders of rec. Sept. 290
Diamond State Telep.. corn.(guar.).
- 2
133i% preferred (quan)
131 Oct. 15 Holders of ree. Sept.200
114 Sept.15 Holders of me. Aug. 150
Duquesne Light, first pref. (quer.)
134 Sept. 15 Holders of rec. Aug. 31
East Kootenay Power, pref. (quar.)___ _
Eastern Texas Electric Co., pref.(quar.) 154 Oct. 1 Holders of rec. Sept. 6a
Electric Power & Light, pref.(quar.)___ _ $1.75 Oct. 1 Holders of rec. Sept. 15
(qu. $1.75 Oct. 1 Holders of rec. Sept. 150
Allotment etts. for pt. stk. full pd.
Allotment etf. for pf. stk.40% pd.
(qu) 700. Oct. 1 Holders of rec. Sept. 150
Engineers Public Service, $7 pref.(quar.) $1.75 Oct. 1 Holders of rec. Sept. 60
Federal Light & Traction, corn. (quer.) 200. Oct. 1 Holders of rect. Sept.13a
Common (payable in common stock)_ n15c. Oct. 1 Holders of rec. Sept. 13a
*67c. Sept. 10 "Holders of rec. Aug. 25
Foshay(W. B.) Co., corn. (monthly)_
558c. Sept. 10 *Holders of roe. Aug. 25
7% preferred (monthly)
.67c. Sept. 10 *Holders of rec. Aug. 25
8% preferred (monthly)
Frankford & Southwark Pass. Ry.(qu.). $4.50 Oct. 1 Sept. 2 to Oct. 1
Sept. 15 Holders of rec. Sept. la
Galveston-Houston Elec. Co.,6% pref._ 3
General Gas & Elec., corn., class A(qu.)- 037310 Oct. 1 Holders of rec. Sept. 120
$2 Oct. 1 Holders of ree. Sept. 12s
$8 preferred class A (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 120
$7 preferred class A (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 120
Preferred Class B (quer.)
Hackensack Water, pref. class A (quar.)_ 43/4 Sept.30 Holders of rec. Sept. 150
IX Sept.dt Holders of rec. Aug. 20a
Houston Gulf Gas, preferred (quer.)
Illinois Bell Telephone (quer.)
*2
Sept.30 *Holders of rec. Sept.29
Illinois Power Co.,6% pref. (quar.).._
131 Oct. 1 Holders of ree. Sept. 15
Seven per cent preferred (quer.)
114 Oct. 1 Holders of rec. Sept. 15
Indianapolis Water Co., pref.(quar.)... 131 Oct. 1 Holders of rec. Sept. 100
Indianapolis Water Works, pref
331 Oct. 1 Holders of ree. Sept. 100
Kansas City Pow.& Lt. 1st p1. A (qu.)
$1.75 Oct. 1 Holders of roe. Sept. 140
First pref. series B (quar.)
.31.50 Oct. 1 *Holders of rect. Sept. 14
Kentucky Hydro-Elec. Co., pref. (rm.). 111 Sept. 20 Holders of roe. Aug. 310
Laclede Gas Light, corn. (quar.)
Sept. 15 Holders of roe. Sept. to
3
Laclede Gas & Moe. Co., pref. (quar.)- .111 Oct. 1 'Holders of roe. Sept.220
Louisville Gas& Elec.(Del.) A &B (qu.) 4334c. Sept.24 Holders of rec. Aug. 31
Mackay Companies, COM.(guar.)
1/4 Oct. 1 Holders of ree. Sept. 30
Preferred (guar.)
1
Oct. 1 Holders of rec. Sept. 30
Memphis Power & Light,$7 prof.(altar.) 31.75 Oct. 1 Holders of roe. Sept. 17
$6 preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 17
Middle West Utilities, prior lien (quar.) 2
Sept. 15 Holders of rec. Aug. 31
Monongahela West Penn Public Service
Preferred (guar.)
4331o. Oct. 1 Holders of ree. Sept. 15
Montana Power, corn. (quar.)
134 Oct. I Holders of rec. Sept. 120
National Power de Light Co., pref.
(0) $1.75 Oct. 1 Holders of rec. Sept. 15
_
New England Telep. & Teleg.(guar.). _
2
Sept. 30 Holders of rec. Sept. 10
New York Steam Corp.,$7 pref. A (on.) *$1.75 Oct. 1 *Holders of rec. Sept. 15
.$1.50 Oct. 1 'Holders of rec. Sept. 15
36 preferred Mar-)
Niagara Falls Power Co., pref.(guar.) _ _ .43Xc Oct. 15 *Holders of rec. Sept.30
North Amer.Co.,com.
(qu.)(In com.stk.) 1231 Oct. 1 Holders of rec. Sept. 60
Preferred (quer.)
75c. Oct. 1 Holders of rec. Sept. 60
North American Util. Sec., litt pref.
(qu.) $1.50 Sept.15 Holders of rec. Aug. 31
Allotment certifs. for first pref.(quar.) 750. Sept. 15 Holders of rec. Aug. 31
Northern Liberties Gas Co
$1
Sept. 12 Aug. 5 to Sept. 11
Northern Ohio Pr. & Lt.,6% prof.(411.)131 Oct. 1 Holders of roe. Sept. 15
Seven per cent preferred (quar.)
111 Oct. 1 Holders of rec. Sept. 15
North West Utilities, prior lien stk.(cm) 134 Oct. 1 Holders of ree. Sept. 15
Oklahoma Gas & Elee. Co., pref.(quer.) 154 Sept. 15 Holders of rec. Aug. 31
1,‘ Sept. 15 Holders of rec. Aug. 81
Ottawa & Hull Power. pref.(quar.)
Pennsylvania G.& E. Co., Corn. (otter.). 2
Oct. 1 Sept. 21 to Sept. 30
Preferred (quer.)
13.4 Oct. 1 Sept. 21 to Sept. 30
-Ohio Power & Light
Penn.
36 preferred (guar.)
81.50 Nov. 1 Holders of roe. Oct. 20
Seven per cent preferred (Qum.)
154 Nov. 1 Holders of rec. 001. 20
7.2% preferred (monthly)
We. Oct. 1 Holders of rec. Sept.20
60e. Nov. 1 Holders of ree. Oct. 20
7.2% preferred (monthly)
550. Oct. 1 Holders of rec. Sept.20
6.6% Preferred (monthly)
55e. Nov. 1 Holders of rec. Oct. 20
6.6% Preferred (monthly)
Pennsylvania Water & Power (quer.).
623.40. Oct. 1 Holders of rec. Sept. 16
1300. Sept.15 Holders of rec. Aug. 160
Philadelphia Electric Co.(quar.)
Power Corp. of Canada,6% pref.(quar.) 131 Oct. 15 Holders of rec. Sept. 30
SEPT. 31927.]
Name of Company.
THE CHRONICLE
Per
When
Cont. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Public Service Corp. of N.J., cons.(qu.) 50c. Sept.30 Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept. 20
2
Eight per cent preferred (quar.)
13 Sept.30 Holders of rec. Sept. 20
Seven per cent preferred (quar.)
preferred (monthly)
50c. Sept.30 Holders of rec. Sept. d2a
Six per cent
Public Service Elec.& Gas,7% Of.(911.)- 1% Sept.30 Holders of rec. Sept. 20
134 Sept.30 Holders of rec. Sept. 20
Six per cent preferred (quar.)
Radio Corp. of Amer., pref. A (quar.)_ 8734c. Oct. 1 Holders of rec. Sept la
.81.
Oct. 15 *Holders of rec. Sept.30
St. Maurice Power Co.(No. 1) (qu.)_
3
Oct. 1 Holders of rec. Sept. 66
Savannah Elec. & Power, preferred
2
Oct. 1 Holders of rec. Sept. 6a
Debenture stock, series A (guar.)
1% Oct. 1 Holders of rec. Sept. 66
Debenture stock, series B (quar.) _ _
Oct. 1 Sept. 2 to Oct. 1
Second & 3d Sts. Pass. Ry.,Phila.(qu.)_ $3
Southern California Edison, pref. A (qu.) 43)4c Sept. 15 Holders of rec. Aug. 20
Preferred series B (guar.)
37340. Sent. 15 Holders of rec. Aug. 20
Southern Colorado Power. pref. (guar.). 1% Sept. 15 Holders of rec. Aug. 31
Standard Gas & Elec., 8% pref. quar.). $1
Sept.15 Holders of rec. Aug. 31a
Superior Water, Light & Power
Preferred (quar.)
13( Oct. 1 Holders of rec. Sept. 15
Tennessee Elec Power 6% 1st pref (qu.). 134 Oct. 1 Holders of rec. Sept. 15
Seven per cent 1st preferred (guar.)._
134 Oct. 1 Holders of rec. Sept. 15
1.80 Oct. 1 Holders of rec. Sept. 15
7.2% 1st pref. (guar.)
50e. Oct. 1 Holders of rec. Sept. 15
Six per cent 1st pref. (monthly)
60e. Oct. 1 Holders of rec. Sept. 15
7.2% 1st pref. (monthly)
Utah Gas& Coke, pref. & partle. pt.(qu) 31.75 Oct. 1 Holders of rec. Sept. 15
Utilities Power & Light,class A (quar.)__ e500. Oct. 1 Holders of rec. Sept. 6
Class B (quar.)
o 25c Oct. 1 Holders of rec. Sept. 6
Preferred (quar.)
1M Oct. 1 Holders of rec. Sept. 6
Virginia Electric & Power,6% p1.(quar.) 134 Sept.20 Holders of rec. Aug. 310
7% preferred (qua:.)
154 Sept.20 Holders of rec. Aug. 310
Washington Water Pow., Spokane(qu.)_ 1% Sept. 15 Holders of rec. Aug. 25
West Penn Railways,6% pref.(quar.)
134 Sept.15 Holders of rec. Aug. 25
Winnipeg Elec. Co., pref. (qua:.)
1.34 Oct. 1 Holders of rec. Sept. 6
Wisconsin Public Service, pref. A (qu.)_ _ 1% Sept.20 Holders of rec. Aug. 31
Preferred B (guar.)
1% Sept.20 Holders of rec. Aug. 31
Trust Companies.
Equitable (qmar.)
Sept.30 Holders of rec. Sept. 160
3
Fire Insurance.
Home Insurance (Tian)
5
Oct 10 Holders of roe. Sept. 30
Miscellaneous.
Adams Express (quar.)
$1.50 Sept.30 Holders of rec. Sept. 15a
50c. Oct. 1 Holders of rec. Sept. 15a
Aetna Rubber, common (guar.)
1% Oct.
Holders of rec. Sept. 15a
Preferred (guar.)
Aluminum Manufacturers,com.(qua:.). .50c. Sept.30 *Holders of rec. Sept. 15a
.500. Dec. 31 *HcIders of rec. Dec. 180
Common (guar.)
5131tc. Oct. 1 Holders of rec. Sept. 150
Amalgamated Laundries, Pref.(mrh13
5814. Nov. 1 Holders of rec. Oct. 15a
Preferred (monthly)
58103. Dee. 1 Hclders of rec. Nov. 15a
Preferred (monthly)
5814.Jan 2'28 Holders of rec. Dec. 15a
Preferred (monthly)
581.c. Feb l'23 Hold. of roe. Jan. 15'28a
Preferred (monthly)
5913e. M'rl'28 Hold. of roe. Feb. 15 280
Preferred (monthly)
58Irc. Aprl'28 Hold.ofroe Mar.15'280
Preferred (monthly)
8Sise M'yl'28 Hold,of roe. Apr. 15'280
.
Preferred (monthly)
5811c. Jun 1'28 Hohl,of rec. May 15'2R0
Preferred (monthly)
500. Oct. 1 Holders of rec. Sept. 12a
American Bank Note, cons.(quar.)
Preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 120
American Chicle, corn. (guar.)
75e. Oct. 1 Holders of rec. Sept. 150
134 Oct. 1 Holders of rec. Sept. 15a
Six per cent preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
Seven per cent preferred (guar.)
Amer.
-La France Fire Eng., Inc., pf.(qu) I% Oct. 1 Holders of rec. Sept. 154
Sept.30 Holders of rec. Sept. 130
American Locomotive, corn. (quar.)..... $2
Preferred (quar.)
1% Sept.30 Holders of rec. Sept. 136
1% Oct. 1 Holders of rec. Sept. 16a
American Mfg. Co., corn. ((mar.)
1% Dee. 31 Holders of rec. Dec. 16a
Common (quar.)
1M Oct. 1 Holders of roe. Sept. 160
Preferred (qua:.)
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. lea
750. Oct. 1 Holders of rec. Sept. 10a
American Plano, corn. (quar.)
1M Oct. 1 Holders of rec. Sept. 10a
Preferred (quar.)
American Radiator, common (qua:.)... $1.25 Sept.80 Holders of rec. Sept. 15a
Amer. Railway Ex1:4414 (011ar.)
21.50 Sept.30 Holders of rec. Sept. 15a
American Rolling Mill
Common WOW
50e. Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 15a
American Seating, corn.(extra)
250. Oct. 1 Holders of rec. Sept.208
Common (quar.)
75e. Oct. 1 Holders of rec. Sept. 20
American Shipbuilding, corn. (quar.)
2
Nov. 1 Holders of rec. Oct. 15a
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 15
American Stores Co.(quar.)
50c. Oct. 1 Sept. 16 to Oct. 2
American Sugar Refining,corn.(guar.)._ 1M Oct. 3 Holders of rec. Sept. la
Preferred (quar.)
1% Oct. 3 Holders of rec. Sept. la
Amer. Vitrified Prod.. corn.(qua:.)
50o. Oct. 15 Holders of rec. Oct. 5a
Armour & Co. (Illinois). prof. (qua:.).. 1% Oct. 1 Holders of roc. Sept. 10a
Armour & Co. of Del., pref. (qua:).... 1% Oct. 1 Holders of rec. Sept. 106
Art Loom Corp., corn. (qua:.)
75e. Oct. 1 Holders of rec. Sept. 15a
Associated 011 (guar.)
50e. Sept.24 Holders of rec. Aug. 31a
Atlantic Terra Cotta, pref. (qua:.)
134 Set:4.15 Holders of rec. Sept. 5
Atlantic Refining, corn. (guar.)
1
Sept. 15 Holders of rec. Aug. 22
Atlas Powder, common (qua:.)
$1 Sept. 10 Holders of rec. Aug. sla
Auto Car Co., prof.(guar.)
.2
Sept. 15 *Holders of rec. Sept. 5
Auto Strop Safety Razor, el. A (quar.).. 750. Oct. 1 Holders of rec. Sept. d15
Babcock & Wilcox Co.(quar.)
154 Oct. 1 Holders of rec. Sept. 20a
Quarterly
1% Jan 1'28 Holders of rec. Doe. 20a
Quarterly
1% Apr1'28 Hold. rec. Mar. 20'28a
Balaban & Katz, common (monthly)._ 250. Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20e
Bomberger (L.) & Co.. pref.(qua:.).... 1% Dee. 1 Holders of rec. Nov. 12a
Bancroft (Joseph) & Sons Co. (qua:.).. 62M0. Sept.30 Holders of rec. Sept. 15
Bankers Capital Corp., pref.(quar.)
Oct. 15 Holders of rec. Sept.30
$2
Preferred (quar.)
82
Jan16'28 Holders of rec. Dec. 31
Beech-Nut Pocking, corn. (guar.)
60e. Oct. 15 Holders of rec. Sept.246
Preferred (quay.)
134 Oct. 15 Holders of rec. Oct. la
Belding-Corticelli, Ltd.. pref. (guar.).
- 154 Sept.15 Holders of rec. Aug. 31
Belding Hemingway Co. corn. (guar.)._ 50c. Oct. 1 Holders of rec. Sept.200
Beigo-Canadian Paper, corn.(guar.)._ 1% Oct. 10 Holders of rec. Sept.30
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 2
Bendlx Corporation (guar.)
*500. Oct. 1 *Holders of rec. Sept. 15
75c. Sept. 15 Holders of rec. Aug. 250
Beet & Co., common (No. 1)
Bethlehem Steel, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 2a
37;40. Nov. 15 Holders of rec. Nov. 10
Bloch Bros.Tobacco, cons.(quar.)
Preferred (quar.)
134 Sept.30 Holders of roe. Sept. 25
1% Deo, 31 Holders of rec. Dec. 26
Preferred (quar.)
*31
Oct. 1 'Holders of rec. Sept.20
Borg & Beck (quar.)
Boston Woven Hose & Rubb.,corn.(qu.) 81.50 Sept. 15 Holders of rec. Sept. 1
British-Amer. Tob., ordinary (Interim). (k) Sept.30 Holders of coup.No. 119
Preference
234 Sept.30 Holders of coup. No. 48
British Columbia Fishing
$1.25 Sept.10 Holders of rec. Aug. 81
Common (guar.)
Common (qua:.)
$1.25 Dec. 10 Holders of rec. Nov.30
Common (qua:.)
$1.25 3-10-'28 Holders of rec. Feb.28'28
Preferred (quar.)
134 Sept. 10 Holders of rec. Aug. 31
134 Dec. 10 Holders of rec. Nov. 30
Preferred (guar.)
134 3-10-'28 Holders of roc. Feb.28'2S
Preferred (guar.)
Buckeye Pipe Line (quar,)
$1
Sept. 15 Holders of rec. Aug. 1 9
75e, Oct. 1 Holders of rec. Sept. 19a
Bucyrus Company, corn. (quar.)
1)4 Oct. 1 Holders of rec. Sept. 19a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 13a
Burns Bros., preferred (quar.)
154 Nov. 1 Holders of roe. Oct. 14a
Prior preferred (guar.)
Burroughs Adding Mach. (quar.)
75e. Sept. 10 Holders of roe. Aug. 280
*2
Oct. 15 *Holders of roc. Sept. 30
Bush Terminal Co., COna. (quar.)
Seven per cent debenture stock (qu.)_ _ *IN Oct. 15 *Holders of rec. Sept.30
- *13( Oct. 1 *Holders of rec. Sept. 16
Bush Terminal Bides., pref. (quar.)50e. Sept. 20 Holders of rec. Sept. 6a
By-Products Coke, common (quer.).
234 Oct. 1 Holders of rec. Sept. 20a
Preferred (quar.)
$1
Sept. 15 Holders of rec. Aug. 31a
California Packing (quar.)
81.50 Sept.26 Holders of rec. Sept. 9a
Calumet & Arizona Mining (qua:.)
50e. Sept. 15 Holders of rec. Aug. 31a
Hecht Consol. Copper
Calumet &
Canadian Car & Foundry, pref. (qua:.). 134 Oct. 10 Holders of rec. Sept.260
I3( Sept.30 Sept.21 to Oct. 4
Canfield Oil, corn.(quar.)
1)4 Dec. 31 Dec. 21 to Jan. 4
Common (quar.)
134 Sept.30 Sept.21 to Oct. 4
Preferred (quar.)
134 Dec. 31 Dee. 21 to Jan. 4
Preferred (quill%)
Name of Company.
1289
Per
When
Cent. Payable
Books Closed
Days /MCIf.48f0t.
Miscellaneous (Continued).
Carter (Wm.) Co., pref. (quar.)
'134 Sept. 15 *Holders of rec. Sept. 10
Case (J. I.) Thresh. Mach., cons. (qu.).. ▪ M Oct. 1 *Holders of rec. Sept. 12
Preferred (qua:.)
*
1% Oct. 1 *Holders of roe. Sept. 12
Central Alloy Steel, corn.(quar.)
50c. Oct. 10 Holders of rec. Sept.24a
Preferred (quar.)
13( Oct. 1 Holders of rec. Sept.134
Certo Corporation (quar.)
75e. Sept.30 Holders of rec. Sept. la
Extra
25e. Sept.30 Holders of rec. Sept. la
Chesebrough Mfg. Consol. (qua:,)
Si
Sept.30 Holders of rec. Sept. 10a
Chicago Fuse Mfg. (qua:.)
*6230 Oct. 1 *Holders of rec. Sept. 16
Chicago Mill & Lumber, pref. (quar.)_ .
1% Oct. 1 *Holders of rec. Sept.21
Chicago Yellow Cab (monthly)
33 1-3c Oct. 1 Holders of rec. Sept. 204
Monthly
33 1-3e Nov. 1 Holders of rec. Oct. 21a
Monthly
33 1-3e Dec. 1 Holders of rec. Nov. 18a
Childs Company,common (qua:.)
60c. Sept. 10 Holders of rec. Aug. 270
Common (pay, in no par corn. stk.).. fl
Oct. 1 Holders of roe. Aug. 250
Common (payable In no par corn. stk.) fl
Dec. 30 Holders of rec. Nov.254
Preferred (guar.)
134 Sept. 10 Holders of rec. Aug. 27a
Chile Copper Co.(guar.)
6234c Sept.30 Holders of rec. Sept. 2a
Chrysler Corporation, corn.(quar.)
750. Sept.30 Holders of rec. Sept. 15a
Preferred A (quar.)
Sept.30 Holders of rec. Sept. 15a
$2
Preferred A (quer.)
Jan 3'28 Holders of rec. Dec. 154
22
▪ ti Oct. 1 'Holders of rec. Sept. 15
Cities Service, common (monthly)
Common (payable In common stock)_ _ *134 Oct. 1 *Holders of rec. Sept. 15
Preferred and preferred BB (monthly) *34 Oct. 1 *Holders of rec. Sept.15
Preferred B (monthly)
Oct. '
1 Holders of rec. Sept. 15
Cleveland Stone (guar.)
50c. Sept.15 Holders of rec. Sept. 5a
Commercial Solvents
New stock (quar.) (No. 1)
Oct. 1 Holders of rec. Sept.20a
E2
Congress Cigar (qua:.)
*31
Sept.30 *Holders of rec. Sept. 14
Extra
*25e. Sept.30 *Holders of roe. Sept. 14
$1.75 Oct. 1 Holders of rec. Sept. 154
Consolidated Cigar, corn. (qua:.)
13( Oct. 1 Holders of rec. Sept.20a
Continental Can, Inc., pref.(quar.)
Continental Oil (guar.)
250. Sept. 15 Aug. 14 to Sept. 15
Cookeville Shale Brick, Ltd., pref. (M1.) 1
Sept. 15 Holders of rec. Aug. 31
Cosgrove Export Brewery (quar.)
134 Sept. 15 Holders of rec. Aug. 31
Cosgrove-Meehan Coal, pref. (quar.)
134 Oct. 1 Holders of rec. Sept.230
Preferred (qua:.)
134 Dec. 21 Holders of roe. Dec. 19a
Coty,Inc.(quar.)
$1.25 Sept.30 Holders of rec. Beet.15
Crane Company, corn.(qua:.)
134 Sept. 15 Holders of rec. Sept. la
134 Sept. 15 Holders of rec. Sept. its
Preferred (guar.)
Crucible Steel, pref. (quar.)
134 Sept.30 Holders of rec. Sept. 15a
Cuban-Amer.Sugar, corn.(quar.)
25e. Sept.30 Holders of rec. Sept 3a
Preferred (quar.)
1)4 Sept.30 Holders of rec. Sept. 3a
Cumberland Pipe Line (guar.)
2
Sept. 15 Holders of rec. Aug. 31
Cuneo Press, class A (Qum.)
Sept. 15 Holders of rec. Sept. its
El
Clam A (quar.)
Si
Dec. 15 Holders of rec. Dec. la
334 Sept.15 Holders of res. Sept. 1
Curtiss Aeroplane es Motor, preferred
Davis Mills(quar.)
1
Sept.24 Holders of rec. Sept. lots
Decker (Alfred) & Cohn, Inc.. com.(qu.) 50e. Sept.15 Holders of rec. Sept. 6a
Derk Manufacturing,sink,fund pt.(qu.) 2
Sept. 15 Holders of rec. Sept. 1
Diamond Match (111.1110
2
Sept.15 Holders of rec. Aug. 3Ia
Dow Drug, corn. (quar.)
*2
Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 20
Draper Corporation (quar.)
1
Oct. 1 Holders of rec. Aug. 27
Dunhill International, corn. (guar.)._ $1
Oct. 15 Holders of rec. Oct. la
Common (guar.)
$1
JanI5'28 Holders of rec. Jan.1'28a
Common (quar.)
21
Apri5'28 Holders of rec. Apr.1'28a
DuPont(E.I.)de Nem.& Co., corn.(qu.) 28
Sept. 15 Holders of rec. Sept. its
Debenture stock (quar.)
134 Oct. 25 Holders of rec. Oct. 106
Eagle-Picher Lead, corn. (guar.)
40e. Dec. 1 Holders of roe. Nov. 15a
Preferred (quar.)
154 Oct. 15 Holders of rec. Sept.30a
Preferred (quar.)
134 JanI528 Holders of rec. Dee. 31
Early & Daniels, common (qua:.)
62)40. Oct. 1 Holders of rec. Sept.20a
Common (extra)
25e. Oct. 1 Holders of rec. Sept.20a
Common (guar.)
6234c. Jan 1'28 Holders of rec. Dec. 200
Common (extra)
25c, Jan 1'28 Holders of rec. Dec. 200
Preferred (quar.)
51.75 Oct. 1 Holders of rec. Sept. 200
Preferred (quar.)
21.75 Jan 1'28 Holders of roe. Dee. 20a
Eastern Bankers Corp., pref. (quar.)._ 81.75 Nov. 1 Holders of rec. Sept.30
Preferred (guar.)
$1.75 Feb. 1 Holders of rec. Don. 31
Eastman Kodak, corn.(guar.)
$1.25 Oct. 1 Holders of rec. Aug. 310
Common (extra)
75e. Oct. 1 Holders of rec. Aug. 31a
Preferred (guar.)
Oct. 1 Holders of rec. Aug. 3I6
Fioenlohr (Otto) & Bros., pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 200
Electric Storage Battery
Common and preferred (quar.)
31.25 Oct. 1 Holders of rec. Beet. 86
Emporium Corp.. cons. (quar.)
50c. Sept.24 Holders of rec. Sept. la
Equitable Office Bldg. Corp., corn.(qu.) $1.75 Oct. 1 Holders of rec. Sept. I5a
Preferred (qua,.)
13( Oct. 1 Holders of rec. Sept. 15a
Fair (The), common (monthly)
200. Oct. 1 Holders of rec. Sept. 20a
Common (monthly)
200. Nov. 1 Holders of rec. Oct. 216
15‘ Nov. 1 Holders of rec. Oct. 21a
Preferred ((Mar.)
Fairbanks, Morse & Co., corn.(qua:.).. 754 Sept.30 Holders of rec. Sept.12a
Federal Mining & Smelting
Preferred (qear.)
134 Sept. 15 Holders of rec. Aug. 2.5a
Federal Motor Truck (guar.)
200. Oct. 1 Holden' of rec. Sept. 17a
Stock dividend
e234 Oct. 5 Holders of rec. Sept. 17a
Financial Investing Co., corn.(quar.)_ - _ 30e. Oct. 1 Holders of rec. Aug. 31
Common (extra)
100. Oct. 1 Holders of rec. Aug. 31
Oct. 1 Holders of rec. Sept. 13
First Nat. Pictures, panic. let pf.(qu.). 2
.
First teederal Foreign Invert. Trust (qu.) $1.75 Nov. 15 Holders of roe. Nov. 1
30c. Oct. 1 Sept.21 to Sept.30
Foote Bros. Gear & Mach., corn.(qu.)
Common (quar.)
300. Jan1'28 Dec. 21 to Dee. 30
Preferred (quar.)
134 Oct. 1 Sept.21 to Sept.30
154 Jan 1'213 Dec. 21 to Dec. ao
Preferred (quar.)
Forhan Company,corn.(qua:.)
25e. Oct. 1 Holders of rec. Sept. 15
40c. Oct. 1 Holders of rec. Sept. 15
Class A stock
Formica Insulation (guar.)
250. Oct. 1 Holders of rec. Sept. 15
100. Oct. 1 Holders of rec. Sept. 15
Extra
Quarterly
25c. Jan1'28 Holders of rec. Dec. 15
Extra
10o. Jan 1'28 Holders of rec. Dec. 15
See note (r).
Foster & Kletser Co
Foundation Company (guar.)
81.25 Sept. 15 Holders of rec. Sept its
Gabriel Snubber Mfg. (qua:,)
8734c Oct. 1 Holders of rec. Sept. 136
Gamewell Company,corn.(qua:.)
31.25 Sept. 15 Holders of rec. Sept. 5a
General Cigar, deb. pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 24
General Electric Co.(guar.)
Oct. 28 *Holders of rec. Sept. 23
*81
*15e. Oct. 28 *Holders of rec. Sept.23
Special stock (quar.)
$2
Sept. 12 Holders of rec. Aug. 20a
General Motors Corp., corn. (quar.)
Six per cent preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 10a
Seven per cent preferred stock (quar.). 134 Nov. 1 Holders of rec. Oct. 10a
Six per cent debenture stock (quar.)
134 Nov. 1 Holders of rec. Oct. 10a
Gleasonite Products (guar.)
25c. Sept. 15 Holders of roe. Sept.d0
Globe Soap Co.
First, second and special pref.(qua:.). 134 Sept. 15 Sept. 1 to Sept. 15
Golden Cycle Mining & Reduction (qu.) 4c. Sept. 10 Holders of rec.Aug. 3Ia
Goodrich (B. F.) Co., Prof.(wen) - - 131 Oct. 1 Holders of roe. Sept. 90
Goodyear Tire & Rubber,7% pref.(qu.) 13( Oct. 1 Holders of rec. Sept. 1
Gossard (H.W.) Co., common (monthly) 33 1-3 Oct. 1 Holders of rec. Sept.30a
Gotham Silk Hosiery, Inc., corn.(qu.)-- 6234c Oct. 1 Holders of rec. Sept. 15a
Grt. West. Sue., new corn.(qu.)(No. 1) *70e. Oct. 2 'Holders of rec. Sept. 15
.134 Oct. 2 *Holders of rec. Sept. 15
Preferred (guar.)
Greenfield Tap & Die,6% prof. (quar.)_
134 Oct. 1 Holders of rec. Sept. 15
8% preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 15
Guantanamo Sugar, pref.(quar.)
2
Sept.30 Holders of rec. Sept. 15a
Guenther Publishing Co.. pref. (guar.). 5
Nov.20 Holders of roe. Jan. 20a
Gulf States Steel, corn.(quar.)
131 Oct. 1 Holders of roe. Sept. 15a
First preferred (quar.)
154 Jan3'28 Holders of rec. Dec. 15a
Hall(C. M.) Lamp Co
25e, Sept.10 Holders of ree. Sept. la
Harbison-Walker Retrae., pref. (guar.). 1% Oct. 20 Holders of rec. Oct. 10a
Hartman Corporation, class A (guar.)... 50c. Dee. 1 Holders of rec. Nov. 17
Class B (payable in class A stock)_ _ (1) Dec. 1 Holders of rec. Nov. 17a
Hathaway Baking, pref. (quar.)
134 Septd14 Holders of rec. Sept. its
Hecla Mining (guar.)
*25c. Sept. 15 *Holders of rec. Aug. 15
Hibbard, Spencer. Bartlett Co.(mtir17.)- 300. Sept.30 Holders of rec. Sept 22
Holland Furnace (quar.)
962340 Oct. 1
Hollinger Consol. Gold Mines, Ltd.
10e, Sept. 9 Holders of rec. Aug.
24
Horn & Hardart (Phila.), corn.(quar.)
81.25 Oct. 1 Sept.21 to Oct. 1
Hudson Motor Car Corp. (quar.)
$1.25 Oct. 1 Holders of rec.
12a
Independent Oil & Gas (quar.)
25c. Oct. 31 Holders Of MC. Sept.I7a
Oct.
134
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
60c. Oct. 15 Oct. 5 to Oct. 16
(w)Illinots Brick (quar.)
545c. Oct. 1 *Holders of rec. Sept. 20
India Tire & Rubber,corn.(guar.)
•13 Oct. 1 *Holders of rec. Sept. 20
1d
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. I5a
Inland Steel, preferred (quar.)
$I
Oct. 10 Holders of rec. Sept 22a
Internat. Business Machines (quar.)
Sep .30 Holders of rec. Sept. 10a
International Cement, corn (quar.)__ $1
1,1 Sept. 30 Holders of rec. Sept. 10a
Preferred (quarterly)
International Harvester, corn. (quar.) _ _
134 Oct. 15 Holders of rec. Sept.240
1;4 Oct. 1 Holders of rec. Sept. 15a
International Salt (quar.)
Oct. 15 Holders of rec. Oct. 8
Interstate Iron & Steel. common (guar.) $I
Jan16'28 Holders of rec. Jan. 9'28
$1
Common (guar.)
Oct. 1 Holders of rec. Sept. 15
IntertYPe Corporation. 1st pref. (quar.). $2
Jones & Laughlin Steel, pref.(quar.)---- 13‘ Oct. 1 Holders of rec. Sept. 150
Sept. 15 Sept. 2 to Sept. 15
8
Keeley Sliver Mines, Ltd
50c. Oct. 1 Holders of rec. Sept. 200
Kelsey-Hayes Wheel, common
$1.25 Oct. 1 Holders of rec. Sept. 26
Kennecott Copper Corp.(quar,)
134 Sept. 10 Holders of rec. Aug. 31
Kirby Lumber, common (emir.)
134 Dee. 10 Holders of rec. Nov.30
Common (quar.)
$1.75 Oct. I Holders of rec. Sept.15
Knox Hat, prior preferred (quar.)
37 Mc Oct. 1 Holders of rec. Sept. 10a
Strait Cheese, corn.(quar.)
Common (payable In common stock)_ _ f134 Oct. 1 Holders of rec. Sept. 10a
30c. Oct. 1 Holders of rec.Sept ha
Kresge (S. S.) Co., corn. (quar.)
131 Oct. 1 Holders of rec.Sept. Ila
Preferred (quar.)
1.1% Oct.
1 *Holders of rec. Sept.30
Laconia Car Co., 1st pref. (quar.)
10c. Sept. 15 Holders of rec. Sept. 1
Lake Shore Mines, Ltd. (quar.)
be. Sept. 15 Holders of rec. Sept. 1
Bonus
LIggett & Myers Tobacco Co.
134 Oct. 1 Holders of roe. Sept. 126
Preferred (quar.)
50c. Sept.30 Holders of rec. Sept 10a
Loews,Incorporated (quar.)
Sept. 30 Holders of rec. Sept. 10
Long Bell Lumber Co., corn. cl. A (qu.)- $1
234 Oct. 1 Holders of rec. Sept. 17a
Lord & Taylor, common (quar.)
Madison Square Garden Co. ((MAO-- 250. Oct. 15 Holders of rec. Oct. 5
50c. Oct. 10 Holders of rec. Sept. 20
Margay Oil Corp. (guar.)
800. Oct. 1 Holders of rec. Sept. 15a
Marvel Carburetor
134 Nov. 1 Holders of rec. Oct. 20a
McCrory Stores Corp.. Pref. (quar.)- -- McLellan Stores, corn. A and B (guar.) 250. Oct. 1 Holders of rec. Sept. 20
250. Jan2'28 Holders of rec. Dec. 20
Common A and B (guar)
$1.25 Sept.30 Holders of rec. Sept. 6a
Mergenthaler Linotype (quar.)
25c. Sept.30 Holders of rec. Sept. 6a
Extra
Metro-Goldwyn Pictures Corp., pf.(qu.) 134 Sept. 15 Holders of rec. Aug. 27a
13( Oct. I Sept. 16 to Sept. 30
Metropolitan Paving Brick, pref. (qu.)
Oct. 1 Holders of rec. Sept. 20
Midland Steel Products. corn.(quar.)--- El
48e. Oct. 1 Holders of rec. Sept. 20
Common (extra)
Oct. 1 Holders of rec. Sept.206
$2
Preferred (quar.)
Oct. I Holders of rec. Sept.200
$1
Preferred (extra)
50c. Oct. 1 Holders of rec. Sept. 17
Midvale Co.(quar.)
500. Oct. 25 Holders of rec. Oct. 50
Miller Rubber. corn.(quar.)
Montgomery Ward & Co.,el. A (quar.).. 81.75 Oct. 1 Holders of rec. Sept. 20a
Montreal Cottons, Ltd., corn.(quar.)-- 134 Sept. 15 Holders of rec. Aug. 31
134 Sept. 15 Holders of rec. Aug. 31
Preferred (quar.)
$1.25 Oct. 15 Holders of rec. Sept. 3)a
National Biscuit, corn.(quar.)
National Candy,com.and 1st&2nd pref. 334 Sept. 7 Holders of rec. Aug. 16
81.25 Sept. 30 Holders of roe. Sept. 16a
National Lead. corn. (guar.)
134 Sept. 15 Holders of rec. Sept. 2a
Preferred A (quar.)
134 Nov. 1 Holders of rec. Oct. 14a
Preferred B (quar.)
575e. Oct. 1 *Holders of rec. Sept. 20
National Standard Co.(guar.)
134 Oct. 1 Holders of rec. Sept. 6
National Sugar Refining (quar.)
234 Oct. 1 Holders of roe. Sept. 16a
National Surety (quar.)
525e. Sept:15 *Holders of rec. Aug. 31
National Transit Co.(quarterly)
30c. Oct. 1 Holders of rec. Sept. 4
Nelson (Herman) Corp.(guar.)
el
Oct. 1 Holders of rec. Sept. 19
Stock dividend
Neptune Meter, corn., class A & B (qr.) 500. Sept. 15 Holders of roe. Sept. la
New Bedford Cotton Mills(quar.)
•134 Sept.24 *Holders of rec. Sept. 10
Ohio 011 (guar.)
50c. Sept. 15 Aug. 16 to Sept. 4
Extra
25c. Sept. 15 Aug. 16 to Sept. 4
011 Well Supply.corn,(guar.)
50c. Oct. I Holders of rec. Sept. 120
Otis Elevator, preferred (guar.)
134 Oct. 15 Holders of roe. Sept.30a
Preferred (quar.)
134 Jan15'28 Holders of rec. Dec. 310
Overman Cushion Tire, pref. (auar.)
194 Oct. 1 Holders of rec. Sept.24
Package Machinery, 1st pref. (quar.)--- 13( Nov. I Holders of rec. Oct. 20a
Packard Motor Car. monthly
200. Sept.30 Holders of rec. Sept. 15a
200. Oct. 31 Holders of rec. Oct. 15a
Monthly
20c. Nov. 30 Holders of roe. Nov. 15a
Monthly
Page-Hershey Tubes. Ltd., corn.(qu.)_ _ 75c. Oct. 1 Holders of rec. Sept. 20
134 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
75c Sept.27 Holders of rec. Sept. 176
Parafflne Cos., Inc., corn.(N.)(No. 1)..
Paramount Famous Lasky Corp.
Oct. 1 Holders of rec. Sept. 15a
$2
Common (quar.)
f$2
Sept.20 Holders of rec. July 28a
Common (extra)
25c Sept.30 Holders of roe. Sept. 15a
Pennok Oil Corp.(quar.)
Pennsylvania-Dixie Cement, pf. (guar.) 134 Sept. 15 Holders of rec. Aug. 31a
75c. Oct. 1 Holders of rec. Sept. 14a
Phillips Petroleum (quar.)
134 Sept. 15 Holders of rec. Sent. 1
Port Alfred Pulp & Paper, pref.(quar.)_ _
131 Sept. 30 Holders of rec. Sept. la
Pressed Steel Car. pref. (quar.)
Pro-phy-lac-tic Brush, pref. (guar.) - 135 Sept. 15 Holders of rec. Aug. 31a
.
15c. Sept. 15 Holders of rec. Sept. la
Q It S Music (monthly)
Oct. 15 Holders of rec. Oct. la
$1
Quaker Oats, common (quar.)
4134 Nov. 30 Holders of rec. Nov. la
Preferred (quar.)
134 Oct. 1 Holders of rec.Sept.d20a
Reliance Manufacturing. pref. (quar.)_
400. Oct. 1 Holders of rec. Sept. 10a
Remington Rand, Inc., corn. (quar.)..
Oct. 1 Holders of rec. Sept. 10a
Common (payable In common stock)_ _ fl
134 Oct. 1 Holders of rec. Sept. 10a
First preferred (quarterly)
Oct. 1 Holders of rec. Sept. 10a
2
preferred (quarterly)
Second
Remington Typewriter 1st pref.((Mar.). 1,4 Oct. I Holders of ree. Sept 15a
Oct. I Holders of rec. Sept. 150
2
Second preferred (riar.)
1% Oct. 1 Holders of rec. Sept. 15a
Republic Iron & Steel, pref. (quar.)__
50e Sept.20 Sept. 10 to Sept. 20
St. Joseph Lead (quar.)
25e. Sept. 20 Sept. 10 to Sept.20
Extra
50o. Dec. 20 Dec. 10 to Dec. 20
Quarterly
25e. Dec. 20 Dec. 10 to Doe. 20
Extra
Sept.15 Holders of rec. Sept. 1
Sanitary Grocery CO.,corn,(qu.)(NO.1) $2
513.4 Oct. 1 *Holders of rec. Sept. 15
Savage Arms, 1st pref. (quar.)
•134 Nov. 15 *Holders of rec. Nov. 1
Second preferred (quar.)
8734c.Dec. 1 Holders of rec. Nov. 156
Schulte Retail Stores. common (guar.)
35c. Sept. 30 Holders of rec. Sept. 6a
Shell Union 011, corn. (guar.)
$1.25 Sept. 15 Holders of rec. Sept. la
Shubert Theatres (quar.)
500. Sept. 15 Holders of roe. Aug. 15a
Skelly 011 (guar.)
Oct. 10 Holders of rec. Sept. 30
Smith (Howard) Paper Mills, pref.(qu.) 2
Oct. 1 Holders of rec. Sept. 15
1
South West Pa. Pipe Lines (guar.)
134 Sept.30 Holders of rec. Sept. lea
Standard Milling, corn. (guar.)
134 Sept.30 Holders of rec. Sept. 19a
Preferred (quarterly)
Standard Oil (California) (quar.)
6234c Sept. 15 Holders of rec. Aug. 15a
6234c Sept. 15 Holders of rec. Aug. 16a
Standard Oil (Indiana) (guar.)
Extra
250. Sept. 15 Holders of rec. Aug. 16a
Standard Oil (Nebraska) (quar.)
63e. Sept. 20 Aug. 28 to Sept. 20
Standard 011(N.J.), corn., par $25 (qu.)
250. Sept. 15 Holders of rec. Aug. 250
Common, par $25 (extra)
1234c Sept. 15 Holders of roc. Aug. 25a
Common, par $100 (quar.)
Sept. 15 lielders of rec. Aug. 250
1
Common, par $100 (extra)
50c. Sept. 15 Holders of rec. Aug. 25a
Standard 011 of New York (cow.)
40c. Sept. 15 Holders of roe. Aug. 190
Standard Oil (Ohio), corn.(quar.)
Holders of rec. Aug. 26
62340. Oct.
Sun OIL com.(quar.)
25e. Sept. 15 Holders of rec. Aug. 250
Telautograph Co., pref. (guar.)
134 Oct. 10 Holders of rec. Sept. 30
Tennessee Copper & Chemical(quar.)
1234c. Sept. 15 Holders of rec. Aug. 310
Texas Corporation (quar.)
750. Oct. 1 Holders of rec. Sept. 9a
Texas Gulf Sulphur (quar.)
$1
Sept. 15 Holders of rec. Sept. la
Thompson Products. el. A dc B (quar.)
300. Oct. I Holders of rec. Sept.20a
Class A and B (extra)
100. Oct. I Holders of rec. Sept.20a
Tidal
-Osage 011, Corn. (No. 1)
*50c. Sept. 19 *Holders of rec. Sept. 12
Tide Water Associated Oil. pref.(quar.)_
134 Oct. 1 Holders of rec. Sept. 96
Timken Roller Bearing (quar.)
$1
Sept. 5 Holders of rec. Aug. 19a
Extra
25e. Sept. 5 Holders of rec. Aug. 19a
Todd Shipyards Co.(quarterly)
*El
Sept. 20 *Holders of rec. Sept. 3
Truscon Steel. corn. (quar.)
30c Oct. 15 Holders of roc. Oct. 50
Underwood Typewriter, common (qu.).. 81
Oct. 1 Holders of rec. Sept. 3a
Preferred(guar.)
134 Oct. 1 Holders of rec. Sept. 3a
Union Carbide & Carbon
$1.50 Oct. 1 Holders of rec. Sept. 6a
Union Storage (quar.)
6234c. Nov. 10 Holders of rec. Nov. 10
[VOL. 125.
THE CHRONICLE
1290
Per
When
Cent. Payable.
Name of Company. -
Books Closed.
Days Inclusive.
Miscellaneous (concluded).
United Bond & Share Corp., corn
$2
Sept. I Holders of rec. Aug. 15
United Cigar Stores, corn. (quar.)
20e. Sept. 30 Holders of rec. Sept. 9
Common (payable in common stock)
/1 34 Sept.30 Holders of rec. Sept. 9
United Drug, 1st pref. (quay.)
8734e. Nov. 1 Holders of rec. Oct. 150
United Fruit(quar.)
Oct. 1 Holders of rec. Sept. 3a
$1
United Paper Board. pref.(guar.)
134 Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
134 JanI6'28 Holders of rec Jan.2'28a
Preferred (quar.)
134 AprI6'28 Holders of rec .Apr .'28a
U.S.Cast Iron Pipe & Fdy.,corn.(qu.)_
234 Sept. 15 Holders of roc. Sept. la
Common (quar.)
234 Dee. 15 Holders of rec. Dm la
Preferred (quar.)
134 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
131 Dec. 15 Holders of rec. Dec. la
U.S. Freight (quarterly)
.$1.25 Sept. 10 *Holders of rec. Aug. 31
U.S.Gypsum,coin.(quar.)
40c. Sept.30 Sept. 16 to Sept. 30
Preferred (quar.)
1-34 Sept.30 Sept. 16 to Sept.30
United States Leather, prior pref.(guar.) 134 Oct. 1 Holders of rec. Sept. 106
U.S. Realty & Improvement,corn
$1
Sept. 15 Holders of rec. Aug. 25a
United States Steel Corp., corn.(quar.)_
134 Sept.. 29 Holders of roe. Aug. 310
Universal Pipe & Radiator, corn.(qu.). 50c. Oct. 1 Holders of roe. Sept. 15a
Common (extra)
25c. Oct. 1 Holders of rec. Sept. 150
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 156
Vacuum Oil (quar.)
50c. Sept.20 Holders of rec. Aug. 31
Extra
50c. Sept.20 Holders of rec. Aug. 31
Valvoline Oil, corn. (quar.)
134 Sept.15 Holders of rec. Sept. 9
Viau Biscuit, let pref. (quar.)
134 Sept. 1 Holders of rec. Aug. 25
V. Vivaudou Co., common (quar.)
*75c. Oct. 15 *Holders of rec. Sept. 15
Preferred (quarterly)
*134 Nov. 1 *Holders of rec. Oct. 17
.01u Oct. 1 *Holders of rec. Sept.22
Wahl Co., preferred (guar.)
Waitt & Bond, Inc., class B (interim)-- 26c. Oct. I Holders of roe. Sept. 15a
Waldorf System, corn. (guar.)
37 Mc Oct. 1 Holders of rec. Sept. 206
Preferred (quar.)
20c. Oct. 1 Holders of rec. Scot.206
Walworth Co., common (guar.)
300. Sept.15 Holders of rec. Sept. la
750. Sept. 30 Holders of rec. Sept. 200
Preferred (guar.)
Wamsutta Mills (guar.)
1
Sept. 15 Holders of rec. Aug. 9
Ward Baking Corp., corn., el. A (guar.)_ $2
Oct. 1 Holders of rec. Sept. 15
134 Oct. 1 Holders of rec. Sept. 15
Preferred (quarterly)
White Motor (guar.)
*S1
Sept. 30 *Holders of rec. Sept. 15
250. Aug. 31 Holders of rec. Aug. 170
Wright Aeronautical Corp. (quar.)
Wrigley (Wm.) Jr. & Co.(monthly).250. Oct. 1 Holders of roe. Sept. 200
Monthly
250. Nov. 1 Holders of roe. Oct. 20a
250. Dec. 1 Holders of rec. Nov.200
Monthly
$I
Oct. 1 Holders of rec. Sept. 90
Yale & Towne Manufacturing
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted ex.
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
f Payable In common stock. g Payable in scrip. h Ou account of accumulated
dividends. m Payable in preferred stock.
North American Co. stock dividend is 234% or at the rate of one-fortieth of a
share of common stock for each share held.
it British Amer. Tob dividend is 10 pence per share. All transfers received In
order at London on or before Aug. 31 will be in time for payment of dividend to
transferees.
1 Payable either in cash or class A stock at rate of 2 67-100 of a share of class A
stock for each share of original pref., and 4 67-100 for each share of 57 dlv. pref.
n Federal Light & Traction stock dividend is 15 cents, equal to one-one hundredth
of a share of common stock.
n Holders of common class A stock are given the right to subscribe to additional
class A common at $25 per share to the extent of the dividend.
71 Payable either in cash or 8% In to par value stock, at option of holder.
r Foster & Kleiser dividend on 6% and 8% pref. stocks reported in previous issueS
was an error.
Hartman Corp. class B stock divs. are one-fortieth share of class A stock.
ti Transfer books closed from Aug. 16 to Sept. 1, both Inclusive.
v Payable either in cash or on class A stock at rate of one-fortleth of a share
class A stock for each share, and on class 11 one-fortieth of a share of class B for each
share of class B stock.
so Payable also on Increased capital.
z Dividend is one-half share of Lackawanna Securities Co. stock.
reinject to approval of inter-State Commerce Commission
z Industrial Finance stock dividend is one-quarter of a share of common stock.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 27. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is. three ciphers 1000] omitted.)
I
New
Belt I've
Capital. ProfUs.1 Loans,
wile
Discount, Cash
Time Bank
Net
Week Ending
De- Circuin
Legal Demand
Aug. 27 1927. Nat'l, June 301 /routState, June 30 mends, Vault. be post- Deposits. posits. ation.
(000 omitted.) iTr.Cos.June 30, &c.
tortes.
Members of Fed. Res Bank. Average. Average Average
Bank of N Y & $
Trust Co____1 6,000 12,326
78,764
484 7,372
Bk of Manharn 10,700 15,8111 180,953 3,778 19,011
Bank of America 6,500 5.289. 89,813 '1,134 11,534
National City
75,000 68,777, 812,451 3,725 81,175
Chemical Nat'1_1 5,000 18,745' 138,826 1,340 15,011
NatBk of Comm 25,000 43,624 374,334
449 43,069
Chat Ph N 11 &T 13,500 13,846 218,203 2,089, 22,042
Hanover Nat'Ll 5,000 26,097 137,777 1,471, 16.000'
Corn Exchange_' 11,000 16,5611 204,960 4,034 23,603
National Park_ 10,000 24,517 160,569
878
Bowery & E itiv 3,000 3,757
75.586 2,044 7,0011
First National_ _1 10,000 80,758 283,301
642 24,242
Am Ex Irving Tr 32,000 29,772 430,495 3,487 51,3971
Continental Bk. 1,000 1,324
,
133
8,018
833,
Chase National; 40,000 39,707 587,715 6,131 70,033,
Fifth Avenue...1
500 3,070
23,238
746 3.159r
Garfield Nat'l_
1,882
427 2,104
16,026
Seaboard Nat 1. 6,000 11,770 122,755
775 1,5,303
Bankers Trust _ 20.000 38,507 346,999
855 37,15(
U S Mtge & Tr_ 3,000 5,005
733 7,045
58,944
Guaranty
30,000 32,839 463,081 1,296 49,116
Fidelity Trust_ _ 4,000 3,339
45,148
676 5,361
New York Trust 10,000 22,575 176,518
57S 18,314
Farmers L & Tr. 10,
20,979 138,186
617 14,481
Equitable
30,000 23,770 310,550 1,461 34,347
Average. Average
3
54,369 8,524
140,375 31,847
87,235 4,329
*824,272 157,334
121,447 4,247
326,005 22,183
157,920 44,266
121,949 2,734
171,600 30,566
6,938
•
48,197 21,943
183,013 14,985
384,909 40,519
539
5,520
*545,411 42,196
25,496 1,471
315
15,308
116,778 2,909
*316,268 41,439
52,891 5,519
*437,797 59,22'J
40,167 4,164
131,360 28,067
*109,0137 19,900
*350,821 50,258
Avge.
97
348
0.135
4,86
2,977
6,534
2,479
41
Total of averages 368,200564,657 5,489,256 39,984 596,079 4,420,774635,421 3,303
1-Totals, actual ndition Aug.275,475,210 39,336612,630 c4,408,760642,296E3,328
Totals, actual c ndition Aug.20 5,498,394 39,003641,010c4,417,004 656,272/3,234
Totals, actual c ndition Aug. 13 5,533,292 40,503622,338U4,462,194654,81123,097
State Banks Not Member, of Fed'i Res've Bank.
State Bank_
Colonial Bank
5,000
1,400
6,041
3,305
Total of averages
6,400
104,463
32,914
4,363
3,245
2,176
1,553
9,347
137,377
7,608
3,729
Totals, actual condition Aug.27
Totals, actual condition Aug,20
Totals, actual co ndition Aug. 13
137,179
137.942
138,936
7,564 • 3,833
7,486 4,358
7,670 3,887
36,174 62,65
26,505 6,056
02,679 68.707
--
62,255 68,725 _
63,557 68,1376
64,470 138.518
TRE CHRONICLE
SEPT. 3 1927.]
New
Net
Time Bank
Reset,
apital., Profits. Loans,
Demand
De- Ciro.with
Discount. Cash
Week endlr g
in
Legal Deposits, posits. talon.
Aug. 27 1927. at'l June 30 Investtate, June30 merits, Vault. Deporttortes.
dte.
[000 omitted.] r.Cos. June 30
Average. Average Average Average. Average Avge.
$
$
$
$
$
$
$
$
Trust Comps es Not Members of Fed '1 Res'ye Bank.
39,529 2,083 -Title Guar & Tv 10,000 19.642 66,976 1,534 4,414
19,020 2,576 ---25,052
953 1,967
Lawyers Trust_ 3.000 3,515
2,487
6,381
58,549
4,659
_---
91.819
93,314
90.900
2,394
2,337
2,460
6,501
6,624
6,317
57,585
59,509
57,418
4,912
4,494
4,510
_ ---
Gr'd aggr.. ergs 87,600597.1625,718.661 50,079606,189 4,542,002718,78723,303
Comparison wi h prey. week_ _ -33,836 -359-5,806 -29,825-5,581 -25
Gr'd agar., act'• cond'n Aug.275,704,208 49,294622,984 4,528,600715,93323,328
.
Comparison wi h prey. week . -25,442 +468,-29028 -11,470-13,509 +94
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'!cond n
aggr., act'!cond'n
aggr., act'rIcond'n
agar.. act';cond'n
agar., act''cond'n
Aug.205,729,650
Aug.1315,769,128
Aug. 65,707,939
July 30,5,824,399
July 235.754,979
48,826651,992
50,633632,542
50,70(1636,657
48.708628,292
40.947611.316
4,540,070729,44223,234
4,584,082727,83923.097
4,596,086728,417 23,179
4,698,997710.398 23,223
4.615.463710.96923.121
Note.
-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Aug. 27. 33,465,000. Actual totals Aug. 27.
$3,465,000; Aug. 20, 33,466,000; Aug. 13, $3,865,000; Aug. 6, 56,040,000; July 30,
38,207,000; July 23, 88,225,000. Bills payable, rediscounts, acceptances and other
liabilities, average for week Aug. 27, 5608,105,000; Aug. 20, $606,812,000; Aug. 13,
3612,876,000; Aug. 6, 3613.330,000; July 30, $583,959,000; July 23. 5596,104.000.
Actual totals Aug. 27, 3631,797,000; Aug. 20, 5652,360,000; Aug. 13. 5638,036,000:
Aug. 6, $699,321,000; July 30, $595,756,000; July 23, 5616,940,000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Dank, $238,207,000; Chase National Bank, $13,198,000; Bankers
Trust Co., $41,545,000; Guaranty Trust Co., $77,060,000; Farmers' Loan & Trust
Co., $2,497,000; Equitable Trust Co., $103,542,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, 538.235,000;
Chase National Bank, $1,853,000; Bankers Trust Co., 3741,000; Guaranty Trust
Co.. $3,192,000; Farmers' Loan & Trust Co., $2,497,000; Equitable Trust Co.,
58,447,000.
•
C Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
In
Reserve
In Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies*
Total
Total
Total
Total
Aug. 27
Aug. 20 _ _ _
Aug. 13 _ _ _ _
Aug. (I__ _
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
596,079,000 596,079,000 594,063,250
3,729,000 11,337,000 11,282,220
6,381,000 16,470,000 8,782,350
2,015,750
54,7813
85,650
10,095,000 606,189,000 616,284,000 614,127,820
10,201.000 611,995,000 622,106,000 618,315.450
10,569,000 616,941,000 627,510,000 623,345,320
10,507.000 621,479,000 631,986,000 626,984,450
2,156,180
3,880.520
4,164,6M
5,001,550
7,608,000
2,487,000
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank, includes also the amount of reserve required on net time deposits, which was as follows:
Aug. 27, $19,362,630; Aug. 20, 819,627,500; Aug. 13, $19,774,410; Aug. 6, 519,478,160: July 30, 819,087,500; July 23, 319,087,500.
Actual Figures.
Reserve
Cash
in
Reserve
in VauU. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust corn panies*. _ _
Total
Total
Total
Total
7.564,000
2,394,000
Total
Reserve.
•
Reserve
Required.
20,670,670
47,549,710
22,725,150
55,564,720
State Banks andiTrust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking. Department.)
Differences from
Aug. 27.
Precious IFeel.
51,351,228,900 Dec.$12,110,700
Loans and investments
4,902.500 Dee.
Gold
133.800
23,894,400 Dec.
Currency notes
120,700
106,751.000 Dec. 1,005.300
Deposits with Federal Reserve Bank of New York_
1,371,698,300 Dec. 12,521,000
deposits
Time
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies in N. Y. City, exchange and U. S.
1.303,205,700 Dec
deposits
4,945,200
174,053,000 Dec. 6,243,900
Reserve on deposits
Percentage of reserve. 20.6%.
RESERVE.
- -Trust Companies--State Banks
$37,358,700 17.36%
328,180,200 15.64%
Cash in vault*
10,485.600 4.87%
28,020,000 4.46%
in banks and trust cos
Deposits
547,844,300 22.23%
$126,209,200 20.10%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Aug. 27 was $103,751,000.
Total Cash
in Vaults.
$
5.795,187,800
5,841,843,700
5,795,647,000
5,849.461.000
5,883,509.200
6.000,106.000
6,008,429,100
6,084,075,000
5,978.960,700
6,082,939,600
6,087,209,400
5,930.407,000
5,921,931.500
5,921.572.000
5,950,261.700
5.931,055.300
5,879,977,900
5.845.207,700
8
83,996,400
82,302,800
89,252,700
84.400,900
84,839,100
83,095,800
84,973,500
82,303,900
80,35.5,400
80,744,400
86.222.100
82,586,100
79,187,600
80,246,400
80.359,900
80.989,500
79,489,400
78,875,900
Reserve in
Depositaries.
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing
House by clearing non-member insitutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers [000) omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Aug. 27 1927.
Members of
Fed'I Res'ye Bank.
Grace Nat'l Bank_ _
State Bank
Not Member of the
Federal Reserve Bank
Bank of Wash. Hts_
Trust Company
Not Member of the
Federal Reserve Bank
Mech. Tr., Bayonne
Loans,
Discounts,
Net
Profits. Investments,
(2c.
Reserve
with
Cash
Net
Net
Legal Demand Time
in
Vault. Depott Deposits Deposits.
tortes.
Average.
2
1.000
1,970
13,575
Average
$
1,148
95
500
687
9,118
341
Gr'd aggr., Aug. 27
1,500
Comparison with prey. week
2,658
22,693
-2
4361
+61
Gr'd
Gr'd
Ord
Gr'd
2,658
2,658
3,766
3,766
22,695;
22,4371
3
33.78
34,618
430
1,3041
442
aggr., Aug. 20
aggr., Aug. 13
aggr., Aug. 6
aggr., July 30
1,500
1,500
1,900
1,900
Average. Average.
$
7,805
3,867
183
3,258.
5,827
1,331 *11,063
9,694
-19
--21 - --164
1,350
1,323
1,828
1,860
1,336
11,084
11,001
19,022
19.363
9,858
9,892
13,607
13,595
* Bank of Washington Heights merged with Bank of Manhattan Co.
a United States deposits deducted, all.
Bills payable, rediscounts, acceptances and other liabilities. $2,672,000. Excess
In reserve, 520,120 decrease.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
•Not members of Federal Reserve Bank.
•This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows.
Aug.27.319.268,800; Aug. 20, 319,688,160; Aug. 13. $19,644,330; Aug. 6, 519,649,820; July 30, $19,178,520; July 23, 519,178,520.
Total
Demand
Deposits.
$
6,997,642,400
7,073,334.000
7,061,639,900
7,081,208,600
7,104,398,300
7,193.686.300
7,194,292.400
7,252.983,200
7.197,444,000
7,267,488,800
7,305,578,900
7,152,547,900
7.106,073,800
7,110,323,700
7,181.738,200
7,177,325,100
7,115,836,600
7.069.889.900
Week EndedApr. 30
May 7
May 14
May 21
May 28
June 4
June 14
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Aug. 31
1927.
Surplus
Reserve.
612,630,000 612,630,000 592,407,680 20,222,320
3,833.000 11.397,000 11,205,900
191,100
6,501,000 8,895.000 8,637,750
257,250
Aug. 27_ _ _ _
9,958,000 622,964,000 632,922,000 612,251,330
Aug. 20_ _ 9,823,000 651,992,000661,815,000 614,265,290
Aug. 13
10,130,000 632.542,000 642.672,000 619.946,850
Aug.
10,393,000 666,657,000 677,050,000 621,485,280
Loans and
Investments.
§§M§M§§§M§§§§
92,028
dition Aug.27
dition Aug.20
dition Aug. 13
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
COO CO
0.*N0000=.C.03WOOVII,00,0
13,000 23.158
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
i0M.-.00MCONWO0OV.I.
Total of averag
Totals, actual
Totals, actual c
Totals, actual c
1291
Changes from
Previous Week.
Aug. 24
1827.
Aug..17
1927.
$
$
$
$
Capital
77,150,000 Unchanged
77.150,000
77,150,000
Surplus and profits_ _ -95,463,000
95,463,000 Unchanged
95.463,000
Loans, disc'ts & invest_ 1,063,997,000 Dec.
57,000 1,054,054.000 1,064,678,000
Individual deposits
664,537,000 Inc. 2,274,000 662,263,000 674.452,000
Due to banks
155,356,000 Dec. 1,717,000 157,073.000 164,816,000
Time deposits
262,322,000 Inc.
248,000 263,074,000 261,560,000
United States deposits_
5.930,000
6,545.000
5,933,000 Inc.
3,1300
Exchanges for CI's Wee
23.360,000
25,264,000
25,284,000 Inc. 1,924,000
Due from other banks
80,478.000
88,122,000
77,415,000 Dec. 3,063,000
Res've in legal deposles
83,180,000
82,539,000
81,261,000 Dec. 1,919.000
Cash in bank
8,676,000
8,877,000
Res've excerpt in F.R.I3k
469.000
138.000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending Avg. 27, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Two Ciphers (00)
emitted.
Week Muted August 27 1927.
Membersof
Trust
F.R.System Companies
1927
Total.
Aug. 20
1927.
Aug. 13
1927.
Capital
551,425,0 85,000,0 356,425,0 556,425,0 855.425,0
Surplus and profits
163,104,0 18,044,0 181,148,0 181,148,0 181,148.0
L08.125, disels & investm'ts 945.453,0
47,694,0 993,147,0 1003,262,0 1007,511,0
Exchanges for Clear.House 31,147,0
139,0 31,286,0 33,273,0 33,564,0
Due from banks
89,377,0
17,0 89.394,0 93,879.0 93,000,0
Bank deposits
139,787,0
1,099,0 140,886,0 141,015,0 141,499,0
Individual deposits
610,078,0 28.209,0 638,287,0 651,253,0 653,051,0
Time deposits
151,763,0
2,516,0 154,279,0 154,592,0 155,381,0
Total deposits
901,628,0 31.824,0 933,452,0 946,860,0 949.881,0
Res've with legal deposit'y
3,275,0
3,275,0
3.451,0
3,306,0
Reserve with F. It Bank
69,441,0
1'9,441,0 69,994, 69,531,0
Cash in vault*
10,029,0
1,207,0 11,236,0 11,087,0 11,365,0
Total reserve & rash held... 79,470,0
4,482,0 83.952,0 84,532.0 84,202,0
Reserve required
68,263,0
4,497,0 72,760,0 73,657,0 73.994,0
Excess cm & cash In vault_ 11,207,0
-15,9 11,192,0 10,875,0
4._ ,
• Cash in vault cot counted as reserve for Federal Reeerve
members.
[vol.. 125.
THE CHRONICLE
1292
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 1 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon upon the returnsfor the
latest week appears on page 1260 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT TIM CLOSE OF BUSINESS AUGUST 31 1927.
Aug. 31 1927. Aug. 24 1927. Aug.17 1927. Aug. 10 1027. Aug. 3 1927. July 27 1927. July 20 1927. July 13 1927. Sept. 1 1926,
8
5
5
5
$
5
5
$
8
RESOURCES.
1,640,200,000 1,615,271,000 1,636,161,000 1,615,882,000 1,588,841,000 1,652,604,000 1.664,068,000 1,633,803,000 1,395,311,000
Gold with Federal Reserve agents
53,622,000
40.883,000
40.868,000
40.219,000
47,396.000
42,178,000
41,752.000
40,689,000
36,670,000
Tress_
Gold redemption fund with U.13.
Gold held exclusively agst. F. R. notes 1,676,930,000 1,655.960,000 1,678,339,000 1,657,634,000 1,628,560,000 1,700,000,000 1.704,936.000 1.674,686.000 1,448,933,000
631,491,000 643,573,000 618,127,000 644,942.000 664,501,000 567,132,000 549,380,000 585,410.000 732,717,000
Gold settlement fund with F. R. Board
Gold and gold certificates held by banks_ 689,502,000 710,308.000 706.478,000 705,429,000 716,966,000 756,356,000 757.363,000 752,582,000 646,661,000
2,997,923.000 3.009,841,000 3,002,944,000 3,008,005,000 3,010,027,000 3,023,488,000 3,011,679,000 3,012,678.000 2,828,311,000
147,813,000 147,663,000 145,871,000 146,158,000 152,248,000 157,322,000 159,290,000 158,160,000 138,032,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,145,736,000 3,157,504,000 3.148,815,000 3,154,163,000 3,162,275,000 3.180,810,000 3,170,069,000 3,170,838,000 2,966,343,000
49,328,000
64,424,000
63.333,000
56,560,000
55,684,000
61,072,000
54,761,000
53,039,000
48,050,000
217,817,000
182,707,000
217,677,000
106.480,000
220.503,000
169,990.000
225,487,000
187,618,000
265,503,000
179,870,000
220,671,000
177,459,000
216,443,000
186,879,000
244,133,000
182,069,000
320,675,000
305,673,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
400,524,000
185.128.000
414,157,000
178,809.000
390,493,000
170,932.000
413,105,000
175,707,000
445,373,000
177,882,000
393,130,000
169,385,000
403,322,000
185.379,000
426.202,000
193,207,000
626,348,000
253,481,000
212,077,000
09,642,000
161,095,000
203,557,000
89,333,000
151,931,000
178,443,000
95,788,000
167,297,000
191,611,000
88,913,000
139,753,000
188,715,000
84.828.000
133,737,000
180.784,000 182,181,000
80,332,000
80,310,000
123,000,000 123,278,000
176,725,000
76,832,000
124,240,000
45.605,000
217,702,000
55,657,e90
Totai U. S. Government securities
Other securities (see nets)
472,814,000
320,000
444,821,000 441,528,000
300,000
320,000
420,277,000
1,300,000
407,280,000 385,016,000
1,300,000
1,300,000
385.769,000
1,300,000
377,803,000
1,300,000
318,964,000
3,700,000
975,770,000
2,682,000
48,718,000
694,843,000
59,296,000
14,611,000
998,512,000 1,202,493,000
2,682,000
744,000
48,716,000
753,494,000 620,052,000
59,931.000
59,292,000
16,696,000
14,459,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected Remo
Bank premises
All other resources
1,058,785,000 1,038,107,000 1,003,253,000 1,010,389,000 1,031,835,000
Total resources
LIABILITIES.
F. It. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
4,945.388,000 4,958,639,000 5,022,656,000 4,939,742,000 5,010,786,000 4.019,920,0005,030,222.000 5,112,417,000 4,915,587,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other nobilities
2,341,283,000 2,353,882,000 2,346,969,000 2,354,134.000 2,393,649,000 2,330,018,000 2,346,278,000 2,361,240,000 2,282,320,000
555,002,000 561,147,000 639,320,000 545,023,000 573,844.000 557,209,000 636,487,000 677,702,000 568,299,000
130,727.000 130,730,000 130,391,000 130,058,000 129,864,000 129,807,000 120,795,000 129,414,000 123,490,000
228,775,000 228,775,000 228.775,000 228,775,000 228,775,000 228,775,000 228,775.000 228,775,000 220,310,000
18,266,000
11,907,000
12,476,000
12,382,000
12,124,000
12,609,000 13,264,000
13,274,000
13,161,000
12,248,000
603,366,000
59,455,000
17,747,000
23,629,000
609,876,000
59,452,000
17,032,000
39,057.000
700,960,000
59,444,000
16,360,000
48,759,000
594,915,000
59,414,000
15,542,000
953,831,000
48,719,000
48,723,000
637,703,000 601,252,000
59,313,000
59,414,000
15,152,000
14,923,000
1,676,440,000 1,670,831,000 1,664,502,000 1,668,488,000 1,672,530,000 1,661,729,000 1.676,411,000 1,703,289,000 1,702,902,000
2,298,880,000 2,305,727,000 2,294,893,000 2,310,141,000 2.349,898,0002.282,028,000 2,300.580.000 2,315,003,000 2,223,902,000
24,326,000
13,524,000
13,727,000
18,352,000
15,855,000
10,125,000
12,699,000
21.363.000
19,247.000
15,166,009
5,532,000
4,701,000
5.142,000
4,639,000
5,201,000
5,334,000
4,935,000
5,536,000
18,926,090
27,181,000
25,137.000
24,229.000
24,823,000
24,496,000
23,073,000 25,379,000
24,168,000
Total liabilities
4,945,338,000 4.958,639,000 5,022,656.000 4,939,742,000 5,010,786,000 4.919,920.000 5,030,222,000 5,112,417,000 4,915,587,000
Ditto of gold reserves to deposit and
69.7%
74.1%
74.9%
74.1%
75.8%
74.8%
74.0%
74.8%
74.6%
F. R. note liabilities combined
Ratio of total reserves to deposit and
74.4%
78.0%
70.7%
78.4%
77.8%
78.5%
78.8%
78.5%
78.3%
F. It. note liabilities combined
Contingent liability on bills purchased
44,875,000
155,453,000 150,745,000 151,749,000 151,583,000 151,195,000
165,746,000 162,087,000 160,540,000
for foreign correspondents
5
107.871.000
307,428,000
90,497,000
$
106.034.000
317,677,000
445,000
$
102,704,000
300,567,000
$
111,460,000
322,069,000
S
105,945,000
349,810,000
5
76,112,000
297,756,000
434,000
$
81,640,000
301,207,000
32,000
5
73,954.000
329,243,000
32,000
$
68,967,000
462,142,000
29,169,000
21,396,000
5,000
29,818,000
21,681,000
69,340,000
27,887,000
22,945,000
92,925,000
30,151,000
20,860,000
2,362,000
32.649,000
20,136,000
45,906,000
21,223,000
48,940,000
23,449,000
53,344,000
22,914,000
52,065,000
42,356,000
27,835,000
42,029,000
24,604,000
42,921.000
22,444,000
37,585,000
22,340.000
38,608,000
63,408,000
26,908,000
37,099,000
66,464,000
31,743,000
37,583,000
60,294,000
37,402.000
38,355,000
29,924,000
45,768,000
33,041,000
67,797,000
69,268,000
20,000
17.486,000
23,740,000
16,234,000
26,444,000
16,363,000
22,588,000
16,231,000
23.532,000
10,636,000
29.042.000
12,697,000
29.753,000
12.681,000
28,225,000
15,194.000
26,328,000
31,052,000
55,138,000
42,264.000
2,767,000
5,931,000
70,593.000
Distribution by Maturities—
1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 flays municipal warrants
51-60 days bills bought in open market.
81-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
81-60 days municipal warrants
61-90 days bills bought in open market_
61-00 days bills discounted
01-90 days U. S. certif. of Indebtedness_
61-1;0 days municipal warrants
Over 90 days bills bought In open market
Over 111.1 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
20,000
2,119,000
5,434,000
82,146,000
1,534,000
6,808,000
74,372.000
1,525,000
8,036,000
73,983,000
1,694,000
9,276,000
67,273.000
2,927,000
11,815,000
63,172,000
4.715,000
12,086,000
93,322,000
4.947,000
14,676,000
93,162,000
9,514,000
10,318,000
55,657,000
F. R. notes received from Comptroller_ 2,885.232,000 2,883,884,000 2,903,263,0130 2,904,294,000 2,913,429,000 2,932,487,000 2,953,526,000 2,952,237,000 2,871,780,000
845.375,000 841,595,000 848.135,000 859,995,000 860,581,000 875,685,000 871,670,000 845,660,000 835,734,000
F. R. notes held by F. It. Agent
2,039,857,000 2,042,289,000 2,055,128,000 2,044,299,000 2,052,848,000 2,056,802,000 2,081,856,000 2,106,577,000 2,036,046,000
Issued to Federal Reserve Bangs..
How Secured—
By gold and gold certifIcatee
Gold redemption fund
Gold fund—Federal Reserve Board
BY eligible paper
421,875,000 413,276,000 413,276,000 413,277,000 413,275,000 391,855,000 391,857,000 391,891,000
97,672,000 107,533,000
94,115,000 101,065,000
96,938,000 104,500,000 103,546.000
04,011,000
374,000 1,105.057,000 1,118,385,000 1.099,059,000 1,080,951,000 1,159,684,000 1,174,539,000 1,134,379,000
1,124,
553,416,000 567,172,000 539,037,000 558,173,000 598,287,000 534,279,000 549,845.000 575.874.000
300,983,000
105,023.000
989,305,000
855,009,000
2.193.076.000 2,182,443,000 2,175.248.000 2,174,055,000 2,186,628,000 2.186.883.0(10 2.213.913,000 2.209.677.000 2,250,320,000
Total
and amounts due
new tems were added in order to
NOTE.—BegInnIng with the statement of Oct. 7 1925, two earn ng assets," previously in tie snow separate v ate amount of balances held abroad was changed to
up of Forolu; Intermediate Credit Bank debentures.
Io.foreign correspondents, In addition, the caption, "All other
total of
l'Otber eecurities, and tile caption," "Total earning assets" to "Total bills and securities." roe latter lie-n was adopted as a more accurate description of tbeIncluded
the only items
the discounts, acceptances and securities acquired under the provisions Of Sections 13 Add 14 of the Federal Reserve Act, which, it was stated, are
therein,
AUGUST 31 1927
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH or THE 12FEDERAL RESERVEBANKS AT CI OSE OF BUSINESS
Two ciphers (00) omitted.
Federal Reserve Bonk of—
Total.
Boston.
$
$
RESOURCES.
Gold with Federal Reserve Agents 1,640,260,0 134.532 0
.
Gold redo fund with U.S. Tress
36,670,0 4,797.0
I..
Vas7
Gold held excl. twst:F.R. notes 1,676,030,0 139,320,0
Gold settle't fund with F.R.Board 631,491,0 44,804,0
Gold and gold certificates
689,002,0 29,408,1
Total gold reserves
Reserves other than gold
2,997,923,0 213,541,0
147,813,0 14,833,0
Total reserves
3,145,736,C 228,374.0
Non-reserve cash
48,050,0 5,281,0
Bills discounted:
Sec. by U.S. Govt. obligations 217,817,0 19.378,0
Other bills discounted
182,707,0 17,535,0
Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness_ _ _
400,524,0 36,913,0
185.128,0 18.446,0
Total U.S. Govt. securities,...,.
472,814,0 22,409.0
212.077,0
99,642,0
161.095,0
8,506,0
4,866,0
9,037,0
Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louts. Ilinneap Kan, City Dallas, San Fran.
--8
$
$
$
5
$
$
3
$
$
$
341.312.0 136,413.0 215,660,0 46,567,0 141,960,0 273,621.0 21,696,0 54,296,0 62,820,0 27,190,0 184,193,0
966,0 1,920,0 1,479,0 2,072,0
810,0 1,588,0 1,351,0 1,563,0
1,892,0
9.222,0 9,010,0
New York.
-
0
64,408,0 28,541,0 185,756,
23,167,0 13,238,0 35,595,0
7,958,0 9,514,0 29,692,0
350,534,0 145,423,0 217,552,0 47,533,0 143,880,0 275,100,0 23,768,0 55,106,0
214,116,0 40,261,0 68,862,0 24,055,0 7,932,0 135,211,0 9,055,0 10,195,0
465,277,0 28,920.0 33.913,0 4,098,0 7.811,0 51,744,0 13.249.0 7,918,0
—
1,029,927,0 214,604,0 320,327,0 75.686,0 159,623,0 462.055,0 46,072.0 73.219,0
26,904,0 9,319,0 10,799,0 6,133,0 13,658,0 24,162,0 15,406.0 4,460,0
-1,056,831,0 223,023,0 331,126,0 81,319,0 173,281,0 486,217,0 61,478.0 77,679,0
11,451,0 1,042,0 3,503,0 4,178,0 4,151,0 7,124,0 3,315,0 1,706,0
100,533,0 51,293,0 251,043,0
5,683,0 8,061.0 8,395,0
71.897,0 24,443,0 10,837,0 6,239,0 3,546,0 20,503,0 11,146,0
34,291,0 12,360,0 8,203.0 15,651,0 30,060,0 12,259,0 17,555,0
2,161,0
5,163,0
1,530,0 4,034,0 33,094,0
7,226,0 10,043,0 12,356,0
106,188,0 36,803,0 28,040,0 21,890,0 33,611,0 32,762,0 28,701,0
77,807.0 3,079,0 11,436,0 12.492,0 7.123,0 20,713,0 4,577,0
7,324,0
4,462,0
8,765,0 14,077,0 45,450,0
5,837,0 6,398,0 12,758,0
32,328,0 11,261,0 28,429,0 9,462,0
20,644,0 8,191,0 11,673.0 5,649,0
35.172,0 15,457,0 12,766,0 10,416,0
4,216,0 39,294,0 14,270,0
2.363,0 11.381,0 7.648,0
8,034,0 20,234,0 11.199,0
106,216,0 59,354,0 259,438,0
1,963,0 2,419,0
2,547,0
9.522,0 16,978,0 15,159,0 22,652,0
6,287,0 6,488,0 5,559,0 8,893,0
6,096,0 10,120,0 8.463,0 14,601,0
33,586.0 29,181,0 46.146,0
868 0
88,144.0 34.909.0 52. . 25.527.0 14,613,0 70,009.0 33,117,0 21,405.0
SEPT. 3 1927.]
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
Total.
IS
320,0
Other securities
Total bills and securities
Duo from foreign banks
Uncollected items
Bank premises
All other resources
New York.
Phila.
$
$
$
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Nan. City Dallas. San Fran
$
300,0
$
$
$
$
$
20,0
$
$
$
272,139,0 74,791,0 92,344,0 59,909,0 55,647,0 124,384,0 66,395,0 33,211,0 48,188,0 49,656,0104 354 0
493,0 1,660,0
625.0
3,553,0 1,154,0 1,275,0
517,0
361,0
445,0
421.0
' '
842,0
160,644,0 50,664,0 56,461,0 49,865,0 23,696.0 72.724,0 27,834,0 12,154,0 37,646.0 23,207,0 33,632,0
16,276,0 1,749,0 7,119,0 2,391,0 2.901,0 8,521,0 3,957,0 2,774,0 4,470,0 1,827,0 3,519,0
7,453,0
326,0 1,399.0
917,0 2,002,0
402,0 1,552,0
1,386,0
567,0
588,0 1,075,0
4,945,388,0 371,190,0 1,528,347,0 353,649,0 493,227,0 199,194,0 261,721,0 702,016,0 164,413,0 129,257,0 200,079,0 137,016,0 405,279,0
1,058,786,0 77,768,0
12,248,0
902,0
603,366,0 54.839,0
59,452,0 3,946.0
80,0
17,747,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1,676,440,0 139,005,0
Deposits:
Member bank-reserve acc't 2,298,880,0 150,537,0
Government
353,0
12,699,0
Foreign bank
351,0
5,536,0
Other deposits
98,0
24,168,0
892.809,0 139,279,0 186.367,0 70.721,0 65,900,0 347,027,0 76,317,0 48,570,0 89,145,0 59,283,0 172,916,0
363,0
1,507,0
419,0 2,572,0
598,0 1,857,0
881,0 1,379,0
1,049,0
756,0
965,0
450.0
2,150,0
496,0
244,0
192,0
201.0
646,0
141.0
173,0
164,0
328,0
62.0 1,008,0
16.974,0
52,0 1,082,0
249,0
61,0
158,0
235,0
38,0 4,151,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
913,440,0 140,154,0
137,066,0 46,701,0
39.362,0 13,224,0
61.614,0 21,267,0
388,0
2,819.0
374,046,0 131,915,0 212,822.0 59,201,0 156.189,0 235.020,0 41,276,0 56,840,0 62,498,0 40,292,0 167,336.0
2,341,283,0 151,339,0
555,002,0 53,154,0
130,727,0 9,466,0
228,775,0 17,606,0
13,161,0
620,0
188,290,0 73,598,0 66,742,0 350,612,0 77.648,0 50,257,0 00,602,0 60,241,0 178,360,0
53,094,0 47,222,0 23,287,0 64,715,0 29,109,0 10,607,0 33,069,0 23.454,0 33.464,0
13,948,0 6,239.0 5,150,0 17,325,0 5,291,0 3,003,0 4,220,0 4,270.0 9.229,0
23,746,0 12,198,0 9,632,0 31,881,0 9,939.0 7,527,0 9,029.0 8,215,0 16,121.0
1,327,0
736,0
661,0
963,0
721.0 2,463,0 1,150,0
544,0
769,0
Total liabilities
4,945,388,0 371,190,0 1,528,347,0 353.649,0 493,227,0 199,194,0 261,721,0 702,016,0 164,413,0 129,257,0 200,079,0 137,016,0 405,279,0
Memoranda.
Reserve ratio (per cent)
78.3
8.26
78.7
77.7
82.3
51.7
61.6
69.4
82.1
83.0
72.5
59.0
75.0
Contingent liability on bills purchased for foreign correspond'ts 165,746,0 12,459,0
45,638,0 15,948,0 17,609,0 8.639,0 6,811,0 22,925,0 7,143,0 4,984,0 6,147.0 5,814,0 11,629,0
F. R. notes on hand (notes reed
from F. It. Agent less notes in
circulation)
363,417,0 24.514,0 116,159,0 34,498,0 22,800.0 13,452.0 25.833,0 50.937,0 4,845,0 4,373.0 10,418.0 6,407,0 49,181,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS AUGUST 31 1927.
Federal Reserve Agent at-
Boston, New York.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Nan. City Dallas. San Fran.
(Two ciphers (00) omitted.)
$
$
F.R.noteo rec'd from Comptroller 2,855,232,0 240,419,0
F.R.notes held by F. R. Agent_ 845,375,0 76,900,0
$
$
$
$
$
$
$
$
$
$
$
782.285.0 202.813,0 201,412,0 97,677,0 251,212,0 442,157,0 65.361,0 85.822,0 111,016,0 63,141,0 281,917,0
292,080,0 36.400,0 25,790,0 25,024.0 69,190,0 156,200,0 19,240,0 24.609,0 38,100,0 16,442,0 65,400,0
FM.notes Issued to F.It, Bank- 2,039,857,0 163,519,0
Collateral held as security for
F.R.notes Issued to F. It. Bk.:
Gold and gold certificates__ _ 421,875,0 35,300,0
Gold redemption fund
94,011,0 10,232,0
Gold fund-F.R.Board
1,124,374,0 89,000,0
=fable paper
553,416,0 55,359,0
490.205,0 166,413,0 235,622,0 72,653,0 182,022,0 285,957,0 46,121,0 61,213,0 72,916,0 46,699,0 216,517,0
Total collateral
38,600.0 36,468,0 17,217,0
8,500,0 12,267,0
18,373,0 40,000,0
215,150.0
21,162,0 10,936,0 12,060,0 7,349.0 6,243.0 1,621.0 1,196,0 1,029,0 3.960,0 2,817,0 15,406,0
105,000,0 125,477,0 165.000,0 2,750,0 118,500,0 272,000,0 12,000,0 41,000,0 58,860,0 6,000,0 128,787,0
168,833,0 31,189,0 37,449,0 33,500,0 40,119.0 51,553,0 32,619.0 11,371,0 14,034,0 20,050,0 57,340,0
510,145,0 167.602,0 253,109,0 80,067,0 182.079,0 325,174,0 54,315.0 65.667,0 76,854,0 47,240,0 241.533,0
2,193,676,0 189,891,0
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 661 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. 121917, 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 1261,immediately following which
we also give the figures of New York 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. AUGUST 24 1927. (In thousands of dollars)
Federal Reserve District-
Total,
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
s
$
$
$
a
Loans and investments-total_ _ _. 20,460,257 1,436,747 7,596,324 1,183,873 2,090.669
684,633
593,829 3,024,530
699.766
349,248
635,383
3
$
405,076 1,760,179
Loans and di8counts-total
$
$
$
$
$
$
14,555,133
997,082 5,349,657
798,209 1,411,020
524,664
481,291 2,242,898
604,804
229.039
431.305
315,580 1,269,584
Secured by U.S. Gov't oblig
113.693
Secured by stocks and bonds.... 5,82226
4
All other loans and discounts.... 8,619,176
34,411
5.514
35702 2,404,537
3
634,545 2.910,709
8,743
401.574
387,892
17,919
595,266
797,835
3,292
155,238
366,034
5,020
19,638
110,701 093,960
365,570 1,229,300
4,639
203,683
296,482
2,214
75,736
151,089
3,886
131,970
295.449
2.928
76,530
236,122
5.389
316,046
948.149
5,905,124
439.665 2,246,667
385,664
679,649
159.969
112.538
781,632
194,962
120.209
204.078
89,496
490,595
Government securities.... 2,483,690
Other bonds, stocks dc securities 3,421,434
137,582 981.771
302,083 1,264,896
87,023
298,641
292,279
387,370
72,289
87,680
50,013
62,525
306,286
475,346
70.412
124.550
64,131
56,078
97,577
106,501
60.634
28,862
263,693
226,902
83,662
15,587
133,140
30,365
44,388
12,684
37,033
10,548
263,279
44,123
46,883
7,174
21,991
5,863
56,500
12,050
30,229
9,077
111,788
21,215
Investments
-total
U. S.
Reserve balances with
Cash is vault
F. It. bank
Net demand deposits
Time deposits
Government deposits
100,414
17,712
784,207
68,066
F. R. Bk-total_
Secured by U.S. Gov't oblig
All other
13,164,404
6,257,428
40,377
915.630 5,681,306
466.107 1,479,755
5,573
5,708
769,678 1,061,985
265,089 909,138
4,506
5,247
394,813
235,990
1,133
321,617 1,859,625
238,133 1,120,639
3,055
4.765
398.714
236.576
620
205,639
126,105
514
503,850
156,034
563
268,719
109,732
2,180
782.528
914,130
6,513
1,083,554
3,251,077
Due from banks
Due to banks
Borrowings from
1,713,514
254,464
51,257 118,254
157,486 1,186,864
52,591
173,855
107,060
256,251
52,970
117.913
75,734
109.973
219,688
509,088
47,239
120,705
46,241
77,315
112,357
223.588
54,408
88.376
150,755
229.663
257,353
15,974
102,024
16,268
19.617
5,247
15,612
21,523
16,506
2,200
3,543
7,872
30,967
159,151
98,202
9,065
6,909
62,656
39,368
9,920
6.348
16,379
3,238
2,318
2,929
2,110
13.502
15,275
6,248
7,568
8,938
1.450
750
2,225
1,318
3,225
4.647
26.960
4.007
661
36
86
45
71
67
33
97
31
24
65
45
58
Number of reporting banks
Condition of the Federal Reserve Bank of New York
The following shows the condition of the Federal Reserve Bank of New York at the close of business Aug.31 1927
In comparison with the previous week and the corresponding date last year'
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Cold held exclusively agst.F.R.notes_
Gold settlement fund with F. R. BoardGold and gold certificates held by bankTotal gold reserves
Reserves other than gold
Aug. 311927. Aug. 24 1927. Sept. 1 1926.
$
341,312,000 321,368,000 352,345.000
9,222,000
10,634,000
8,925,000
350,534,000
214.116,000
465,277,000
332,002,000
216,348,000
468,482,000
361,270,000
255,856,000
397,916,000
1,029.927,000 1,016,832,000 1,015,042,000
26,004,000
28,414,000
26,856,000
Total reserves
• 1,056,831,000 1,045,246.000 1,041,898,000
11,451,000
Non-reserve cash
13,304,000
11,492,000
Bills amounted
Secured by U. S. Govt. obligations-71,897,000
74.108,000 126,242,000
34,291.000
Other bills discounted
55.798,000
50,001,000
Total bills discounted
Bills bought in open market
U.S. Government securities-.
Bondo
Treasury notes
Certificates of indebtedness
106,188,000
77.807,000
129,906,000
75,222,000
176,243,000
33,191,000
32,328,000
20,644,000
35,172,000
30,349.000
15,118,000
33,399,000
1,322,000
45,045.000
14,346,000
' 88.144,000
Total U.S. Government securities,.
78,866,000
60,713,000
272,139,000
283,994,000
270,147,000
Total bills and securities (See Note)---
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
Aug. 311927. Aug. 24 1927. Sept. 1. 1926.
$
$
$
3,553,000
160,644,000
16,276,000
7,453,000
6,684,000
154,355,000
16,276,000
6,885,000
744,000
151,241,000
16,740,000
4,922,000
1,528,347,000 1.526,744,000 1,497,184,000
LfaelliffesFedi Reserve notes In actual circulation_
Deposits
-Member bank, reserve acct.Government
Foreign bank (See Note)
Other deposits
374,046,000
892,809.000
1,507,000
2,150,000
16.974,000
370,532,000
900,744,000
1,443,000
1,549.000
16,792,000
389,097,060
864,941,000
3,518,000
4,784,000
10,323,009
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
913,440,000
137,068,000
39,362,000
61,614,000
2,819,000
920.528.000
131,836.000
39,358,000
61,614,000
2,876,000
883,566,000
125,724,000
35,655,000
59,964,000
3,178,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined.
Contingent liability on bill purchased
for foreign correspondence
1,528,347,000 1.526,744,000 1,497,184,000
82.1%
81.0%
81.9%
45,638,000
45,229.000
12,241,009
NOTE,-BeginnIng with the statement of Oct. 7 1925. two new items were added in order to show separately the amount of balances
held abroad and amounts due
.
to
foreign correspondents. In addition, the caption,.."All other earning assets," previously made of Federal intermediate credit bank debentures, was
netts'," and the caption "Total earning assets to • Total bills and securities:. The latter term was adopted as a more acourate description of changed to -Other
the total of the dlscounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only
Items Included therein,
1294
THE CHRONICLE
anitere
New York City Banks and Trust Companies.
antic
Railroad and Miscellaneous Stocks Review-page 1283.
Sales at N.Y.Stock Exch this week notin our detailed listi
uTuchs.
Week Ended Sept. 2.
Sates
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. I.
Lowest.
Highest.
Par. Shares S per share. $ per share. $ per share.'S per share.
RailroadsMar
10 108 Aug 31 108 Aug 31 10234 June410
Buff Roch & Pitts pf _100
Apr 58 June
50 51 Aug 31 51 Aug 31 40
Buff & Susq pref v t c 100
Canadian Pacific rts_ _ _ _ 34.500 4 Aug 29 434 Aug 27 314 Aug 434 Aug
100 9134 Aug 31 9134 Aug 31 833.4 Jan 9134 Aug
Caro Clinch & Ohio_ _100
Sept
Mar 60
10 60 Sept 1 60 Sept 1 55
Det & Mackinac pref 100
Gt Northern pref ctfs 100 1,600 9634 Aug 31 9774 Aug 27 8534 Mar 9854 Aug
100 80 Aug 30 80 Aug 30 76 June 8334 July
Havana & Elec pref._ 1e0
Jan 340 Sept
100 520280 Aug 29340 Sept 2 200
Hocking Valley
20 7934 Sept 2 7934 Sept 2 7634 Marl 8334 May
Ill Cent Leased Line_100
Jan 634 Feb
100 234 Aug 30 234 Aug 30 1
100
Iowa Central
July
July 00
500 186 Aug 31 191 Sept 2 169
Nash Chatt & St L_..100
Nat Rys of Mex ler pf100 200 334 Aug 30 33.4 Aug 30 334 Aug 534 Feb
100 1,400 174 Aug 31 134 Aug 30 134 AugI 234 Feb
26 preferred
Apr
10 170 Sept 2170 Sept 2 16834 M 185
50
NY & Harlem
81,700 534 Sept 1 534 Aug 27 4 June 534 Aug
NY Central rights
9.725 174 Aug 30 2 Aug 27 174 Aug 234 Aug
NYNHde Hartf
July 22
Feb
100 300 12 Aug 31 12 Aug 31 12
N Y State Rys
July 9534 Aug
Northern Pac etre...100 1.200 9234 Aug 31 9434 Aug 27 84
Sept
20 105 Sept 1 105 Sept 1 10334 Aug 105
100
Pitts C C de St L
2014734 Sept 2 147 14 Sept 2 14234 Apr14734 Sept
Pitts Ft W & Chic_ _100
Mar 16631 Aug
100
Preferred
1015634 Aug 3015634 Aug 30 147
Twin City Rap Tran_100 300 52 Aug 29 52 Aug 29 4934 June 6514 Feb
Ap 106% Mar
100
20102 Sept 2 102 Sept 2 99
Preferred
Industrial & Misc.Sept
AptI 27
Albany Pert Wrap Pap.• 6,060 23 Aug 30 27 Sept 2 18
90 97 Aug 30100 Aug 31 96 June 10034 Jan
100
Preferred
Feb
Amalg Leath prof. _100 100 7534 Sept 1 7534 Sept 1 7514 Sept 107
100 400 101 Sept 1 101 Sept 1 10034 Aug 101
Aug
Am Chain pref
1,000 45 Sept 2 47 Sept 1 383.4 Aug 473-4 July
Am Encustic Tiling.
Sept 4334 June
* 6,700 34 Sept 2 3514 Aug 27 34
Amer Plano
170 9434 Sept 1 9434 Aug 29 89
100
July 11034 Mar
Preferred
10 134 34 Sept 113434 Sept 1 13314 Mar 13734 June
Amer Radiator pref...100
100
Jan 98
10 95 Aug 31 95 Aug 31 80
July
Amer Shipbuilding
50 101 Aug 3110114 Aug 31 9434 Jan 10134 June
100
Amer Snuff pref
10C 11034 Aug 29 111 Aug 29 1073-4 Feb 11334 May
Amer Type Fdrs pref 100
Sept
Am Wat Wks & El old 20 701 105 Aug 27 106 Sept 2 6234 Jan 108
Aug
56 106 Aug 31 106 Aug 31 9914 Jan 106
Amer Wholesale pref_100
Am Writ Pap pf ctfs_100 1,400 5134 Aug 27 5434 Aug 30 2534 Apr 5734 Aug
106 434 Sept 2 434 Sept 2 434 Mar 514 June
50
Autosales Corp
May
May 40
100 34 34 Sept 1 3434 Sept I 28
50
Preferred
Jan 110
Aug
Bayuk Bros 1st pref-100
8010934 Sept 210934 Aug 29 101
* 1,700 4934 Aug 31 5014 Aug 27 4934 Aug 5134 July
Co
Best &
120 85 Aug 30 8534 Sept 1 44
Aug
Jan 87
Blumenthal & Co p1_100
ICO
Byers & Co pref
17011034 Sept 1111 Aug 27 10534 May 11134 July
100 108 Aug 31 108 Aug 31 1063.4 Jan 10934 June
Central Alloy Steel pf 100
• 2,700 75 Aug 27 7634 Aug 27 75
Aug 7874 Aug
Certo Corp
*15,100 73 Aug 31 7634 Aug 27 6434 June 7534 June
Chesapeake Corp
100 4834 Aug 2! 4834 Aug 29 4614 Mar 513.4 Aug
*
City Stores class A
• 1,700 4814 Aug 31 4934 Aug 29 4134 Apr 53
Class B
Aug
Collins .8 Alkman pf_100 1,900 102% Sept 1 103 Aug 29 1023.4 Sept 1053.4 Aug
Aug
Comm'l Solvents
• 5,100 17934 Sept 1 192 Aug 27 17634 Aug 198
Aug 4334 June
Conde Nast PublishIng_• 1,100 4054 Aug 27 41 Aug 30 39
Jan 126 June
10120 Aug 29 120 Aug 20 120
Continental Can pref 100
100 700 20 Aug 31 2334 Aug 27 14
Aug 2434 Aug
Crex Carpet
Crown WillamIte lot pf*
100 92 Aug 31 92 Aug 31 87
July 93
Aug
10 114 Aug 29 114 Aug 29 103
Cushmans Sons pref 8%
Feb 12034 Aug
Aug
100
170 115 Aug 31 116 Aug 27 10534 Jan 120
Deere de Co pref
Dunhill internatIonal_s 2.900 4934 Aug 27 5034 Sept 2 49
Aug 6334 July
54 Sept
34 Sept
34 Sept 2
Elec Refr1gera'n rights__ 1,400
51 Sept
Jan 1534 May
Elk Horn Coal Corp„..* 900 10 Sept 1 11 Aug 31 9
20 20 Aug 27 20 Aug 27 18 Jun 273.4 May
50
Preferred
July 3734 Mar
• 600 3034 Aug 31 3234 Sept 2 30
Emporium Corp
Mar
25 500 334 Aug 30 334 Aug 30 334 Feb 8
Fairbanks Co
Aug
10 113 Aug 31 113 Aug 31 10934 Jan 115
Franklin Simon pref _100
May
ri130
General Baking pref___* 410 130 Aug 29 130 Aug 29 11834 Apr
Aug
Gen Gas & Elec Cl B___• 500 43 Sept 1 43% Aug 31 3534 Ap 46
Aug
Gen Motors new w 1_ _21700,700 12334 Aug 21 127 Aug 29 11334 Aug 127
Aug 101 June
50 8634 Aug 30 87 Aug 30 86
Glidden Co prior prof 100
10 10134 Aug 29 10134 Aug 29 9934 Jan'108 74 Mar
Gulf States St1 let pf_100
30 28 Aug 31 28 Aug 31 253-4 Marl 2934 May
Hackensack Water p1_25
Jan 96
20 9434 Aug 30 9434 Aug 30 92
Apr
Indian Motocy pref _ _100
10 89 Sept 1 89 Sept 1 8534 July 9034 July
hat Paper pref (5)_ _ _100
Ma 72
Jan
70 69 Sept 2 70 Aug 29 60
International Salt_ _100
July 534 Aug
20,500 5 Aug 27 534 Aug 30 4
Int Tel& Tel rights
Jan 101
Aug
• 2,000 92 Aug 27 100 Aug 30 59
Kress Co new
Jan 130 May
10 103 Aug 27 100 Aug 27 05
Laclede Gas pref _ _..100
Jan 121% May
3011934 Sept 2 120 Sept 2 118
Loose-Wil 2115 1st pf _100
M
8534 Aug
50 8234 Ault 30 8334 Sept I 55
McCrory Stores el A •
Mar 116 34 Jan
100 108 Sept 1 108 Sept 1 97
100
Preferred
2 24
Macy Co
•j 1,100200 Aug 2920834 Sept 27 203.4 Jan 21034 Aug
AugI 2334 Aug
.*p 3,300 22 Aug 31 2234 Aug
Mad Square Garden.
July
MaIllmion de Co pref.100l 490 74 Sept 1 7834 Aug 29 6634 Julyl 89
4634 Aug
Aug
Mandel Brea
'I 1,406 443.4 Aug 30 33 Aug 30 43 julyl 4934 Aug
Feb
Aug!46
30 33
30
1001 100 33
Manati Sugar
Feb
July 77
1001 200 6434 Aug 31 65 Sept 1 64
Preferred
Aug
Jan 121
Shlrtpf..lOOl 100 121 Aug 30 121 Aug 30119
Manhattan
July
Jan 112
30 11134 Aug 27 11134 Aug 27103
Mathieson Alkali p1_100
Jan 104
Aug
80 10234 Aug 29 104 Aug 29 80
Mullins Body pref...100I
Aug
10010934 Sept 110934 Sept 111043.4 June 110
1
Nat Lead pref B
May
50 116 Aug 30 116 Aug 3611434 Jan 120
160
Nat Supply pref
Aug
1001 9734 Aug 29 100 Aug 31 9334 Feb 100
NY Steam pref (8)...1
96 5134 Aug 27 53 Aug 29 4734 Jan 63 May
Northwest Telcgrapb50I
011 Well Supply pref_ 1001 270 107 Sept 2 10834 Sept 11102% ?star 110 Juno
Jan 120 May
5611634 Aug 3111634 Aug 31115
..
Owens Bottle pref. 1001
Mar 145 June
7013634 Aug 31 137 Aug 31'124
Pacific Tel ,k Tei....1001
• 2,6001 5 Sept 2 7 Aug 30 5 Septl 12 June
Pathe Exchange
May
Penick & Ford pref _100 100 104 Aug 29 104 Aug 2916034 Apr 106
16100 Aug 30100 Aug 30 90 May 10034 May
Pettibone Mull 1st pf 100
Apr
Jan 45
42 Aug 27 40
10 42 Aug27
50
PhIla Co 5% pref
Jan 6634 June
106 55 Sept 2 55 Sept 2 47
Phillips Jones Corp_ ___*
Sept 3734 Aug
18.3001 32 Sept 2 3534 Aug 29 32
Pillsbury Flour A11115..._•
Aug 10634 Sept
100 3,200 104 Aug 2710634 Sept 2 104
Preferred
100 1,506 46 Aug 30 49 Aug 31 3034 Apr 55 June
Pitts Tenn Coal
Mar
Apr 83
8074 Aug 31' 74
110 7934 Aug 20
Preferred
100
Aug 9134 Jan
Porto-Ric Am T ci A.100 2,800 6934 Aug 29 74 Sept 11 65
Aug 25 May
•18,500 1634 Aug 29 2134 Sept I' 15
Class B
Feb 70
Aug
Prophylactic Brush Co.* 200 6934 Aug 29 70 Aug 29 55
*45,700, 77 34 Sept 2 793.4 Aug 27 7334 Aug 7914 Aug
Pullman Co new
107 Sept 1 10134 Jan 10874 Aug
Purity Bakeries pref_100
16010534 Aug 27
July
10610574 Aug 3110574 Aug 31 97 May 107
Reid Ice Cream pref.100
July 7314 Jan
1001 6434 Aug 31 64 34 Aug 31 62
Rels(Robt)&Co lot pf100
May 178 June
50,170 Aug 31 170 Aug 31 13434
Reynolds Tobacco cl A25
July
Snider Packing pref _100 205 4534 Sept 2 46 Aug 27 4534 Sept 5234 June
1534
M
60 1134 Aug 29 12 Aug 29 10
Stand Plate Glass pf.1110
502695 Aug 302850 Aug 27 1500 Jan 3650 June
Texas Pee Land Trust100
*, 100 1814 Sept 1 1834 Sept 1 163.4 Aug 1934 July
Thatcher Mfg
July
Aug 45
• 400 43 Aug 29 4334 Sept 2 43
Preferred
Jan
49
10 37 Sept 2 37 Sept 2 3634 July 9634 Sept
United Dyewood pref 100
May
9634 Sept 2 81
US Distrito. pref__100 1,200 9434 Aug 27
July 1834 Aug
• 1,500 1634 Aug 29 17 Aug 30 14
US Leather
• 2.300 3634 Aug 31 3734 Aug 29 2734 June 4034 Aug
Class A
July
July 97
Prior preferred.....100 1.100 95 Aug 31 95 Aug 31 89
Van Raalte
• 700 534 Sept 2 974 Aug 30 sh Sept1434 Feb
Feb
27 50 Aug 27 4834 July 64
First preferred_ _100
20 50 Aug
Aug
Vulcan Detinning_..100 6.190 39 Aug 31 65 Aug 27 16 34 Jan 80
Aug
Jan 125
8011734 Aug 27 125 Aug 27 90
100
Preferred
Jan 5934 Aug
100 800 293.4 Aux 31 4634 Aug 27 16
Class A
Aug
30 92 Sept 2 93 Aug 31 883.4 Aug 95
100
Preferred A
471i Mar
A
11
43 Aug 27 46 Aug 31
90
Warren Bros 1st pret_50
19% Aug27 18% Sept7 June
Warren Fdy & Pipe_ _• 2,100 18)4 Sept
Wa
Weber & Hellber pf_100 1,300 10234 Aug 31,103 Aug 29 10234 Aug 1033.4 Aug
Jan
W Penn Pow 6% pf _100
18019034 Aug 27 10734 Aug 31,100% Marl108 June
July
91
100 89 Sept 2 89 Sept 21 82
Westinghouse El 1st pf50
• No par value.
[VOL. 125.
Banks-N.Y. Bid
America*____ 175
Amer Union*. 235
Bowery EastR •675
Bronx Bores_ 515
Bronx Nat__ 530
Bryant Park* 230
Capitol Nat.
Bank & Tr_ 218
Cent Mere Bk
de Trust Co. 353
182
Central
600
Chase.,
Chath Phenix
NatIlk &Tr 550
Chelsea Exch• 323
Chemical_ _ _ _ 980
Colonial*. _ __ 1000
Commerce_ _ - 585
Continental_• 275
Corn Exch.__ 635
Cosmoplan•_ 125
Fifth Avenue_ 2275
3850
First
500
Garfield
Globe Exch. 250
330
Grace
Hamilton_ _ _ _ 243
1395
Hanover
Ask
385
___
_._
530
___
225
3E0
190
605
560
328
1010
__592
642
340
2375
3900
Banks.
Bid
Harriman__ 760
Manhattan. _ 625
Mutual*
675
National City 755
New Netteds• 450
Park
630
173
Penn Exch
Port Morris.. 400
Public
685
Seaboard._ _ 825
Seventh
215
State*
655
Trade*
245
United
330
United States.x590
Yorktown*
185
Brooklyn.
Coney Island* 350
275
Dewey *
First
400
Mechanics'* _ 349
Municipal* _ 387
Nassau
400
People's
750
A.t
___
630
___
760
470
640
183
___
835
230
665
350
600
___
___
___
425
354
393
415
__
300
___
248 *State banks.
1415 I New stock.
z Ex-dividend
s Ex-stock dividend.
All prices della rs Per share. it Ex-risehts.
Trust Cos. • Bid
New York.
Am Ex Iry Tr. 430
Bank of N Y
& Trust Co. 745
Bankers Trust 975
Bronx Co Tr. 325
Central Unio 1295
350
County
Empire
525
Equitable Tr. 432
Farm L & Tr_ 6F3
Fidelity Trust 350
505
Fulton
Guaranty Tr_ 600
Interstate.... 254
Lawyers Trust _._
Manufacturer 825
Murray HIM_ 325
Mutual(Wes
cheater) __ 285
N Y Trust__ 745
Terminal Tr. 245
184
Times Squa
Title Go de Tr 800
U S Mtg de T 690
United States_ 2575
Westehest'rT 900
Brooklyn.
Brooklyn_ _ __ 1075
Kings Co....2400
27(1
MIthrond
Ask
435
755
985
310
1320
360
535
436
690
525
605
259
_ -635
335
--755
--190
810
600
2650
-.1105
2500
200
New York City Realty and Surety Companies.
Bid
Alliance R'Ity 51
Amer Surety.' 280
Bond & M G. 385
Lawyers Mtge 324
Lawyers Title'
.6, Guarantee 330
Ask
60
285
___
330
335
AU prices dollars per share.
Bid Ask
Bid Ask
Mtge Bond_ 145 155 Realty Assoc'
Nat Surety_ 242 248
(Bklyn)com 272 280
lot pref____ 92
N Y Title &
95
24 prof__ 88 , 91
Mortgage- 518 525
I
U S Casualty_ 320 340 Westchester
I Title & Tr.. 570 650
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Int.
Rate.
Notaries.
Bid.
Sept. 15 1927-- 334% 991132
Sept. 15 1927... 374% 998122 100
,
'Is
Dec. 15 1927.-- 434% 100,131 1001, Mar. 151928... 374% 100 a2
Mar. 15 1930-32 384% 1001s
Asked.
100
10011s
100114
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond
Prices.
1
Aug.27 Aug.29 Aug.30 Aug. 31 Sept. 1. Sept. 2.
High 101132
FIrsf Liberty Loan
314% bonds of 1923-47._ Low- 101%11
(Firgt 3HO
ICl000
Total sales in $1,000 units_
{
Converted 4% bonds of HIgl;
101'31
7
101822
101832
1018s, 1011132 101,133
101'3I
101h,
WM,
101'32
101%
101%
I
I
cioso
____
_ ___
__
.
Total sales in 51,000 units __
,
_Converted 414% bondsrigh 103 s2 103131 10313,
of 1932-47 (First 414s) Low. 103131 1031,2 1031,,
Close 103832 103832 103 1t
,
1
7
Total sales in $1,000 units_ _.
38
Second Converted 434% n is h 102,13,
bonds of 1932-47 (First Low. 1021132
Second 4145
Total sales In ELMO units._ _
High
--------100
Second Liberty Loan
____
_ _ _ 100
4% bonds of 1927-42_ _ _ _ Low_
Clone
_
..... . _ _ 100
(Second 4s)
_.
1
Total sales in $1,000 units---____
,
Converted 434% bonds Higl 100,3s 100 31 100",,
,
01 1927-42 (Second) 11.0w. 100111 100 n 100511
Close 100832 100133 1001,t
4415)
57
Total sales In 81,000 units_
.
78
49
Mg/3 1011,2 1011,1 101 22
,
Third Liberty Loan
434% bonds of 1928.-- Low_ 101133 101112 101132
(Third 43.4*)
IClotse 101122 101832 101132
Total sales fa 81.000 units. _ _
110
24
26
nigh 104 22 104'12 104'n
Fourth Liberty Loan
,
104
104
434% bonds of 1933-38... Low_ 104
(Fourth 414s)
Close 1041,1 104
,
104 n
Total sales in $1,000 units_ _
28
124
161
.
Treasury
{High 1131, 113,132 1132132
3,
440, 1947-52
I ow_ 113,113 113,132 113 32
,,
Close 113",2 1131132 113113s
Total sales in $1,000 units_ _ _
21
34
1
(High 1081132 108"32 1081132
High 108",,
4/1, 1944-1954
Lcw. 108"st 108
”
108,7
Close 108,, 108"32 108"32
n
Total salts in $1,000 unite_
10
5
25
__-___
High 1051832
3345, 1946-1956
--_
1I.ow. 10511,t
._._
Close 105,132
-----Total sales ln ELMO units...
____
____
25
{High 100,112
____ 100,132
3;48, 1943-47
Low. 1001121
____ 10011,s
-.. 100,132
,
Close 10011
Total sales in $1,000 units....
____ 133
251
2
Mit'33
101"11
1011111
101311111
121
9
_ __ _
____
____
1038,2 1031133 103"3,
103131 103113 103"3,
,,
32
,
103 32 1031, 103 33
9
11
19
33-1
106
------100132
1001s1
-100"n
,
100 22
1001131
32
3t
101,
101121
101133
27
,
104 n
104
,
104 32
15
113,112
113,133
1131132
7
109
108"al
109
2
......
____
---.
...
101.
101
101
5
0
10 13,
,
100 31
100132
15
,
101 33
101132
,
101 ”
12
,
104 31
,
104 32
,
104 1,
370
114
114
114
105
109
109
109
100
1051,3
105112
10514
100
1011,2
101
101h2
108
100",,
,
100 33
1001033
47
n
101,
101132
101431
25
104 st
,
,
104 31
104 21
,
57
,
114 3s
113,421
,
114 n
377
1091u
,
109 21
,
109 23
100
1061st
106
10613,
313
,
101 n
101
1011,2
71
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
22 2d 434s
25 3d 414s
100132 to 100132 57 4th 4345
1 5 Treasury 45
100,1,3 to 101
,
103183s to 103 en
“
108,132 to 10811
Foreign Exchange.
-To-day's (Friday's) actual rates for sterling exchange were 4.85%04.855i
for checks and 4.88@4.88 3-32 for cables. Commercial on banks, sight,
4.855404.85 0-16, sixty days, 4.81 54 ©4.81%. ninety days, 4.80, and
documents for payment, 4.81 1404.81 34. Cotton for payment, 4.84 9-18.
and grain for payment. 4.85 9-16.
To-day's (Friday's) actual rates for Paris bankers' francs worn 3.91340
3.9174 for short. Amsterdam bankers'guilders were40.03040.05 for short.
Exchanges at Paris on London, 124.02 francs; week's range, 124.02 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Cables.
Cheeks.
Sterling Actual4.8831
4.8574
High for tho week
4.88
4.8534
Low for the week
Parts Bankers' Francs
3.9234
3.92
High for the week
3.9134
3.9134
Low for the week
Germany Bankers' Marks
23.8034
23.80
High for the week
23.7834
23.77
Low for the week
Amsterdam Bankers' Guilders
40.07
40.05
High for the week
40.06
40.03
Low for the week
1295
N3W York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PACES
For sales during the week of stocks usually Inactive, see preced ng page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 27.
Monday,
Aug. 20.
Tuesday, 'Wednesday, Thursday,
Aug. 30.
Aug. 31.
S2pt. I.
$ per share $ per share $ per share 1$ per share
Friday,
Sept. 2.
$ per share $ per share
Sales
for
the
Week.
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
$ per share
$ per share
Railroads.
Par
19414 1965 19314 1953 19214 19438 1923 195
8
195 8 197
4
,
4
193 1947 26,300 Ater: Topeka & Santa Fe__100 1613 Jan 8
8
4
*10212 10312 103 103 *10212 103121 10314 10314 •10212 10312 1034 10314
/
1
400 Preferred
100 993 Jan 5
8
195 195
19612 197
191 193
1903 1923 •1933 19412 194 19412 5,300 Atlantic Coast Line HR__ _100 1747 Apr 6
8
8
4
8
1185 11912 1183 1193 1183 11914 1187 1203 120 1213 35,800 Baltimore & Ohio
8
11914 120
4
8
4
8
8
8
100 10812 Jan 4
*79
/ 80
1
4
*7913 80
7912 79121 791 7913 7918 80
/
4
*7913 80
900 Preferred
100 7314 Jan 3
*7512 77
7512 76
7412 75
x74
74
7413 743
76
4 75
1,400 Ih.ngor & Aroostook
60 44 Jan 8
*111 11112 111 111 *11014 111 *10812 111
10914 10912 10812 10912
90 Preferred
100 10112 Jan 10
5513 5513 551 5518 543 5512 53
/
4
4
54
5314 5514 55% 55% 6,900 BkIn-Manh Trac v t o_No Par
53 Aug 3
83
85
•
85 8512 85
85
*83
85
85
*83
8312 84
600 Preferred v t o
No par
82 July 9
*912 10
913 912 .8
917 .8'2 9
8 9
*83
8 912 *83
300 Brunswick Term & Ry Sec 10(3
9 July 11
*93
943 *90
4
9212 88
90
*8512 9212 *8818 9212 *
9212
88
33 Buffalo Rochester & Pitta_100 801.4 Jan 8
*
59
623 *59
4
623 *59
4
623 *59
4
823 *59
4
623 •
4 59
82%
Canada Southern
100 59 Jan IS
1853 1863 18514 186
4
4
18514 1863 18514 186 118312 18514 1843 18512 10,800 Canadian Pacific
8
4
100 165 Jan 8
13315 330 *305 320 *305 325 *310 329 *305 330 *310 325
Central RR of New Jersey, 100 285 Jan 4
19518 19512 195 1953 194 19512 19212 19312 1923 194
4
8
19312 195
15,000 Chesapeake & Ohio
100 151% Jan 25
8'4 814
818 814
8
8
8
8
*8
814
43 Jan 8
800 Chicago & Alton
*8
814
100
14
14
*13
1312 13
138 123 133
4
4 133 137
8
8 137 137
4,650 Preferred__ ______ ._
100
712 Jan 5
*43
4512 *43
4512 443 46
4
*42
45
*43
4512 4514 451 2 1,400 Chic & East Illinois RR_,.. 100 3013 Jan 10
,
791 79 2 *78
7912 7884 79
/
4
783 79
4
79
79
79
79,
2 1,600 Preferred
100 43 Jan 8
1513 1512 1412 1513 1413 1518 15
1614
1513 16
1512 1614 16,100 Chicago Great Weatern_100
812 Jan 6
3213 3414 317 3318 317 3212 3214 3438 33
8
8
343
333 3514 28,700 Preferred
8
100 234 Jan 7
/
1
165 168 163 17
8
4
17
17
165 17
8
1612 173
4 17
1717 8,900 Chicago Milw & St Paul_ 100
9 Jan 4
1612 165
8 1012 171s
1612 163
4 1612 1612 1613 16%
1612 16% 5,709
Certificates
100
313 323
4
, 313 323
4
8 3112 313
4 303 3112 31
4
3314 3214 333* 13,600 Preferred
9 8 Ja n
a
100 185 j ii
313 3134 3113 317
4
303 313* 3
4
4
03* 3114 303 3214 315 32
8
11,500 Preferred certificates.
100 187 Jan 3
9014 901, 895 9012 8914 90
8
8914 893
4 8914 9017 90
91
12,200 Chicago & North Weste2n_100 783* Jan 27
•136 138 *136 138
137 137 *13612 138 *13612 138 *13612 138
100 Preferred
100 12414 Jan 3
1093 110
4
4
1093* 11038 1073 1095 1073 1083 1085 1097 1095 1107 24,700 Chicago Rock Isl & Pacific 100 6812 Jan 4
8
8
8
8
8
10834 10834 *10814 109
1083 1083 108 10812 108 108 *108 1084
4
4
600 7% preferred
100 10254 Jan 4
10158 1013* 1013 1013 1013 1014 *1011 1013 10114 10114 *10114 1013
4
4
4
/
4
4
4
400 6% preferred
100 9514 Jan 28
•124 127
124 124 *122 126
122 122
122 12214 125 125
600 Colorado & Southern
100 84 Jan 3
•
72
773 *72
4
773 *77
4
773 *77
4
773 *77
4
773
4 77
77
100 First preferred
100 70 Jan 4
*73
74
*73
74
*73
74
*73
74
*73
74
*73
74
Second preferred
100 68 Jan 14
*68
69
68 68
69 69
69
69
*69
691 69
/
4
694 1,400 Consul RR of Cuba pref..100 65 Aug 13
205 206
20712 209
208 20914 207 208
20712 209
2083 2111 6.400 Delaware & Hudson
4
/
4
100 17112 Ja.128
1316812 167 *166 16712 16514 166
165 113512 *166 10612 164 1643
4
1,300 Delaware Lack & Western_ 50 14014 Jan 27
59% 593 *5812 59
8
5712 5812 57
57
•57% 58
58
58 t
700 Deny & Rio Or West pref__100 4118 Jan 6
6012 61
60
60% 5978 603* 59
6014 585 6138 6118 6218 45,100 Erlo
8
100 3912 Jan 3
6012 60% 601 607
/
4
8 5938 6012 5912 6018 60
60% 60% 61% 14,100 First preferred
100 523* Jun 4
61
•58
*5812 6012 59
*5812 61
59
59
59
',59
61
200 Second preferred
100 49 Jan 4
9918 997
9918 10014 9918 100
8
9818 993
8 995 100% 12,500 Great Northern preferrod 100 795 Jan 4
4 9812 993
8
8
243 2614 24
4
253
4 2412 25 4 243 2512 2458 2612 253 2618 109,500 Iron Ore Properties..-No Par
3
4
18 July 11
70
*88
70
70
6712 68
68
68
871 7012 7014 7012 5,100 Gulf Mobile & Northern 100 351 Jan 6
/
4
/
4
•110 111 •110 111 *110 111 *110 111
111 11112 111 111
400 Preferred
100 105 Jan 14
*553 56 8 55% 56
4
,
•
5512 553 •5512 56
4
555 55% 55% 567
8
.2 2,400 Hudson & Manhattan
100 4012 Jau 3
88
*86
•
86
88
88
*88
•86
87
86
86
88
*86
200 Preferred
100 78 Jan 6
1327 132% 133 133
8
1317 132
8
13113 1313 131 1317 13112 132% 4,300 Illinois Central
8
4
100 12118 Jan 10
•
130 135 •130 135 '130 135 *130 135 *130 135 *130 135
Preferred
100 120% Jan 12
•7812 7912 *7812 7912 •79
7912 *79
79,2 *79
7913 *79
7912
Railroad See Series A..1000 74 Jan 4
*3638 40
3812 3812 3812 3813
*3712
3612 3818
600 lot Rye of Cent America 100 23 Apr 20
723 72% *7112 7212 •
8
70
7212 70
70
*723 7213 .70
8
7212
30 Preferred
100 62 Apr 29
3414 35
30
*34
,3 3312 3512 3012 35
3212 3312 3314 341 7,600 Interboro Raeld Tran VI 0.100 3012 Atm 31
/
4
62
6212 63
6314 62
6238 611s 62
62
643
4 64
6674 13,500 Kansas City Southern
100 411 Jan 4
/
4
71
71
*70
*70
*70
71 '
370
71
71
*70
71
*70
Preferred
100 647 Jan 7
8
108% 109
10613 10712 1043 1064 1047 1055 1053 10713 10718 111
8
4
5,600 Lehigh Valley
4
60 993 Jan 6
149 140 *14014 147
14714 1473, 14512 14513 146 148
147 147
1,100 Louisville & Nashville
100 1283 Jan 14
8
•307 8412 *80% 8412 *803 8412 *843 841 *833 8412 *803 84
8
4
8
8
/
4
8
Manhattan Elevated guar_ 100 80 Aug 2
*4613 4712 47
4714 47
47
4618 47
467 483
8
4 4814 4914 3,900 Modified guaranty
100 44 June 14
.513 6
451,
512 5% *517 6
51
*51 5 2 *514
/
4
,
5
,
300 Market Street Railway.
____100
412 Feb 2
*23
*23
25
25
*23
25
*23
25
*23
25
*23
25
Preferred
100 18 Feb 10
5(3
55
*56
5612 551 59
/
4
55
55
5614 5512 551
55
1,100 Prior preferred
100 41% Feb 7
•13
*13
16
16
*13
16
*12
16
*12
*12
16
16
Second preferred
100 1158 afar 15
3 4 314 •31a
318
,
3%
31
3
31 '
/
4
33
3/
1
4
31 314
/
4
1,900 Minneapolis & St Louls
13 Jan 13
100
*4112 42
413 42
4
41
41
*4013 421 *4012 42
*4012 4212 1,000 Minn St Paul & 58 Marle_100 27 Jan 6
*61
*62
69
68
*62
68
*61
68
'61
68
64
64
200 Preferred
100 50 Apr 28
*6218 62% 6212 63
63
6314 6312 633
63% 633
6312 64
350 Leased lines
100 68, Mar 25
4
45% 46
451z 453
443 4514 4414 45
4
4518 467
4614
31 13 Jan 8
10618 1061 10612 1067 10614 10634 10612 1063 10612 1061 1065 4713 8,900 Mo-Kan-Texas RR____NO pa
8 1063
4 3,100 Preferred
100 95 4 Jan 4
3
52
527
52
53
5138 523
4 5112 517
51% 531
533 5512 33,300 Missouri Pacific
8
100 377 Jan 4
8
10018 102
10072 10214 1603 10114 10012 1003 10012
8
10218
4
100 9012 Jan 4
1314412 14812 *14412 1481 *14412 14812'14412 1481 *14413 10212 •14412 1043 20,200 Preferred
14812
New Orl Texas & Mexioo 100 121 Jan 8
155% 1563 155 1561 15414 15513 1535 1541 15318 15512 155 14813
4
8
15612 44,000 New York Central
100 13714 Jan 27
126 120 *1251 126
/
4
125 1'257 12314 124
12312 1263 12612
4
100 8110 June 14
•106 10614 *106 1061 106 10612 106 106 *105 1063 *106 12812 3,700 N Y Chic & St Louis Co
4
10812
600 Preferred
100 102 Mar 8
501 5112 49% 505
/
4
8 4914 5012 4914 503* 49% 507
8 5014 513 50,800 N Y N II & Hartford
2
100 4158 Jan 4
3512 3914 355 3
8 5% 3412 345
8 33
351
325 34% 341 3612 19,500 N Y Ontario & Western _100 2314 Jan 15
8
/
4
*812 10
*84 10
/
1
*8
*8
10
10
*8
10
*8
10
N Y Railways pret ette_No Par
7 Aug 4
*5518 573 •55
4
57
*551 5612 55
/
4
551
5414 5414 55% 55%
700 Norfolk Southern
100 371 Jan 14
/
4
18812 18914 18814 1881 18814 19013 118514 1861 1851 183
/
4
18514 186% 5,100 Norfolk & Western
100 158 Jan 4
*85
87
•85
87 •
85
87
.85
88
*85
88
*85
88
Preferred
100 83 June 23
943 95
4
94% 953
2 94 947
03
94
925 94
2
94
8.700 Korthan Pacific
95
100 78 Jan 3
22
•19
•19
22
*20
•20
25
25
*20
25
*20
Pacific Coast
25
100 1514 Feb 3
6518 6512 65
65% 6434 653
8 645 65
8
645 65
8
64% 6514 23,200 Pennsylvania
60 568 Jan 3
4
*40
41
*38
41 . 4 40
383
4012 415
8 40
427
8 4212 44
17,100 Peoria & Eastern
100 20 Jan 25
134% 1343 *13212 134 •13212 1343 '13014 132 *13113 13234 133
4
4
4,100 Pere Marquette
1381
100 11413 Jan 6
96
96
96
9(3
*953 9(3
4
(16
96
•9614 973 *9614 973
4
300 Prior preferred
93 Jan 22
*94
9414 94
94
•04
9414 94
04
94
9412 *9414 973
900 Preferred
100 893 Jan 4
4
153 15412 •151 152% 149 149
148 150
150 1513 15214 158
4
7,700 Pittsburgh & West Va
100 12212 Jan 18
114 114% 1123 11434 112% 11312 1133 1153
1141 115
/
4
4
4
8 115 1161 10,900 Reading
50 94 Jan 4
•4I% 42
*413 42
4
*4134 42
*4134 42
*4134 42
413 913
4
100 First preferred
50 4012 Jan 13
•
4414 4514 4414 4414 *44
*44
45
45
44
44
*44
45
200 Second preferred
4
50 433 Jan 12
58
1355
*50
57
55% 55% 55
55
•54
57
*54
57
400 Rutland RR pret
100 43 Jan 7
8
8
11218 1133 11218 1127 112 11278 111% 11213 112 113
113 113% 9,400 St Louis-San Franctsco
100 1005 Jan 6
4
•100 102 •100 102 •100 102
10014 10014 •100 102 *100 102
200 Preferred A
48212 84
,
100 96 Jun 21
8212 783 82 2 78% 81
*82
4
,
7913 81% 821z 831
6,000 St Louis Southwestern....100 61 Jan 6
88
•85
•85
871z *85
873 873
4
4
8712 *8512 87
*3513 87
100 Preferred
100 78% Jan 8
34
34
341 34
/
4
34
34
*333 35
4
34
34
3478 353
2,400 Seaboard Alr Line
100 28',7.lar3l
41
*4012 41
41
*4012 4112 4034 40% 41
4112 42
421
1,230 Preferred
100 3212 Apr 28
1193 1203 11912 12014 119 119% 119 1207 120 1217
4
12018 121
4
8
14,400 Southern Pacific Co
100 10814 Jan 2a
1331 134% 1331s 13312 13234 133% 13118 13312 13112 1323 13214 1331
/
4
4
12,900 Southern Railway
100 ID/ Jan 28
995 993 •
8 9912 99% 993 100
8
4
9912 100
993 99% .99
8
993
800 Preferred
100 94 Mar 10
8612 87
•
8612 87
81
8112 8212 8212 84% 843 88
85
8
7,800 Texaa & Pacific)
100 537 Jan 7
2
*3312 35
35% 353
4 31
3414 283 341 2013 3212 30
4
/
4
31
7,000 Third Avenue
100 283 Aug 31
4
189% 190
4
1883 190 118612 188'3 188% 1891
4
18911 1903 1893 190
4
8.700 Union Pacific
100 159 2 Jan 27
8412 841z *84
841
*
84
8414 84% 84 8 1*4
3
4 *82
821
700 Prefer,NJ
100 77 Mar 5
.65
64
6414 65
651
6412 6212 63% 627 6513 653 68
8
4
14,500 Wabash
100 4013 Jan 4
941
.94
9412 94% 9412 9412 94
04
9412 95
95
961
2,400 Preferred A
100 76 Jan 3
*S0
00
eS8
86
89
89
89
*86
*86
89
89% 897
100 Preferred B
100 65 Jan 15
50
5152 523
511
5014 55
553 59 4 57
4
,
62% 6214 65 240,500 Western Maryland
100 133* Jan 6
52
2
537 537
5214 52
5512 5613 .5912 5712 6213 623 65
4
10,400 Second preferred
100 23 Jan 7
3712 *361 373
.36% 393
353
35
353 3612 36
4
/
4
4 363 37% 2,800 Western Pacific new
4
100 2512 Apr 26
6714 67 4 67% 89% 6814 697
671
66
,
8 68
89
6912 6913 4,800 Preferred now
100 55 Apr 26
80
80
*70
•70
80
-70
*70
80
*70
80
*70
80
Wheeling & Lake Erie Ry _100 2712 Jan 3
Preferred
100 4713 Jan 7
4
4
4
7912 7013 *78% 81
:783 791 *783 791 *783 791
1
*783 81
4
100 Industrial & Miscellaneous.
1033 1073 10413 10858 10513 10712 107% 109% 13,800 Abitibi Power & Paper_No
4
8
304 1041 10314 105
par 83 Jan 27
85
8312 86
87
85
8312 8413 85
87
,
86% 8713 9212 4,500 Abraham & Straus-___- par 6214 Mar 26
o
4
112 112:2 *11112 113 *11113 113
4
:113 113 *1113 112 •11112 113
1
10
109 Aug 11
15312 167 *16312 1671 •160 16614 *160 165 *180 184 *160 166
Adams Express
100 124 Jan 5
*1214 1314 12
1214 *113 12
4
123 13
4
11
1134
10% 1114 3.400 Advance Rumely
100
912 Jan 3
3518 351
3812 361
35 35
37
37
34
3412 .3412 37
100 3014 Jan 25
800 Advance Runiely pref
43
4 518
5
51
43
4 43
518 512
4
4% 5
5
5
11,400 A/turned& Lead
1
23
4June 2
8
17912 18512 17814 184
184 1841 1853 188
188
*18412
185 18512 3,500 Air Reduction, Ino____No par 13413 Jan 26
8
81 81
/
4
81
818 814
812 914 30,300 Ajax Rubber, Inc
8
81 812
/
4
82
,
No par
712June 1'
114
113 *114
13
8 *114
11
1% •114
112
112 *114
1%
800 Alaska Juneau Gold Min._ 10
1
4
15814 16218 162 18414 112,100 Allied Chemical & Dye_ No pa 131 June 18
4
13513 15712 155 1573 15614 1583 158 161
,
Jai/ 25
,
asked pr ces. X Ex-dlvidend. a Ex-rightts. b Ex dly. Pis shares of Chesapeake Corp. stock.
• Bid and
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share
200 Aug 25
10312 July 26
20513 Aug 1
1247
8May 31
83 June 7
10312May 27
122 June 22
707 Jan 20
2
88 Jan 4
1518 Jan 7
115 Mar 10
623
4May 11
1943 Aug 2
8
348 June 1
196 Aug 4
105
8June 21
183,July 2
51 July 11
82 Aug 2
227rMay 2
447
8J.the 2
1838 Aug 22
17% Aug 23
345
2June 23
327
8June 23
9314 Aug 2
130 May 23
116 July 14
11114June 2
1037
8June 2
1373
4Ju1y 21
7712June
73 May 27
77 May 6
230 June 6
173 Mar 23
673
1June 9
65% Aug 5
6614 Aug 4
64 Aug 4
/
1
4
10114 Aug 25
2612Sept 1
765
,JulY 21
11214 Apr 27
657
8May 10
9012May 10
1373* Aug 4
1341 Aug 2
/
4
8014June 21
3812 Aug 30
73 June 2
52,8 Feb 26
7012July 18
715,July 25
1371
/
4June 9
14914Ju1y 14
DO Fee 11
647 Feb 28
67
81une 23
251June 22
/
4
593 Aug 5
4
1712June 22
4% Feb 3
453
8July 7
70 July 13
64 Sept 2
5612...tune 17
10714 Aug 23
62 Apr 23
Illly Apr 23
1597
8June 3
15812 Aug 2
24012May 26
8June 15
1097
682 Feb 16
4114July 20
15 4 Jan 14
3
8412June 10
192 Aug 2
90 July 251
967 Aug 151
2
2714 Feb 15
6614July 30
463
4Ju1y 20
14012alay 28
9734May 28
96 May 26
174 May 24
123 4June 9
3
4212 Feb 16
50 Feb 16
69 May 27
11714June 2
104 July 11
93 June 17
1,07
8June 17
4114 Feb 17
4532July 25
12558 Aug 1
13614 Aug 23
100 Aug 30
10212June 21
41 Feb 8
19212 Aug 2
8412May 20
81 June 9
101 June 9
98 June 9
67%June 9
6712June 9
4712June 22
763 Feb 7
2
130 Feb 8
97 May 13
122 Mar
9418 Mar
18112 Mar
8312 Mar
6712 Jar,
33 Mar
977 Feb
5418 Mar
78 Mar
811 Mar
893 Mar
4
58
Jan
14612 Jan
240 Mar
112 Mar
414 Sept
618 May
30 Dec
3012 Mar
4
73 Mar
181 Mar
/
4
814 Dec
4
73 Dec
1418 Mar
14 Apr
6514 Mar
11812 Jan
4012 Ma
96 Ma
8314 Ma
52 Ma
62 Ma
59
Jan
683 Nov
4
1501 Ma
/
4
129 Ma
3712 May
2212 Ma
33 4 Ma
3
30 Ma
8812 Ma
18 Dee
2518 Apr
95 Ma
345 Jan
8
67% Ms
11312 Mar
11512 Mar
711 Jam
/
4
24 Dec
82 Mar
2412 Jan
3414 Mar
805 Mar
8
7512 Ma
118 Ma
84 Mar
3812 Jan
41s July
1912 Oct
391 June
/
4
113 Oct
4
118 Dec
25% Dec
50 Dec
Oct
60
2913 Oct
82 Mar
27 Mar
71 12 Mar
120 Mar
117 Mar
130 Mar
93 Mar
305 Mar
8
4
193 Mar
6
Jan
27% Apr
13914 Mar
8312 Nov
65% Mar
15
Oct
48% Mar
1578 Oct
87 Mar
79 Mar
70% Mar
85 Mar
79 Mar
39% Dec
40 Mar
42 Apr
85 Mar
83 Apr
/
1
4
5712 Mar
72 Mar
2712 Mar
3112 Mar
9618 Mar
103% Mar
871 Apr
/
4
4218 Mar
1312 Jan
14111 Mar
74% Jan
337 Mar
8
88 Mar
57 Mar
11 Mar
16% Mar
2712 Dec
72 Dec
18 Mar
37 Mar
172
Der.
102 Dee
26213 Jar.
109 4 Sept
3
737 Aug
2
49 Feb
103 Dec
777 Dee
89 4 Dec
3
185 Nov
8
873 July
4
61 June
17014 Dee
306
Jan
178% Sept
1158 Feb
1814 Feb
37 Feb
613 Feb
4
1212 Sept
31% Sept
1412 Jan
14
Jan
24 Aug
23 8 Aug
5
83 4 Sept
3
12612 Apr
7114 136C
108 Dec
98 Nov
961 Oct
/
4
74
Oct
72 Sept
7212 Dec
1834 Sept
/
1
16312 Jan
47
Jan
42 Dc
5514 Dec
5014 Dec
8413 Dec
2714 Feb
4114 Sept
10913 Sept
4112 Dec
80 Dec
131 Sept
12912 Sept
77 June
31
Feb
66 June
533 Dee
4
51% Sept
68% Sept
108 Dec
149 Sept
92% Apr
617 May
2
10 Feb
40 Feb
513 Feb
3
2212 Feb
3% Jan
5212 Feb
79 Feb
68% Feb
471 Feb
/
4
963 Dec
2
45 Sept
95 Sept
13212 Jan
14712 Sept
20412 Sept
106 July
483 July
8
28% Feb
2014 Feb
44% Sept
17074 Oct
85% Aug
8212 Aug
48
Jan
57
/ Oct
1
4
2834 Jan
122 Dec
96 July
917 July
1
13514 Dee
10114 Dee
42 Arlf
451 Dec
4
8114 Anil
10312 Dec
9712 Dee
74 Feb
8(11 July
/
4
51 Dee
485 Feb
2
112 Dee
/
1
4
1311 Sept
/
4
9512 mu
615 Jan
8
43 Apr
1688 Oct
8
811 Aeg
/
4
Jae
52
783 Jan
4
72
Jan
183 Jan
2
243 Sept
8
391 Jan
/
4
863 Sept
4
32
Jan
5012 Jan
10334 Sept 2
921zSept 2
113 Feb 30
108,July 8
15 4 Feb 9
3
41 Feb 9
513 Mar 5
1991 July 18
/
4
13 Mar 25
/
1
4
214 Feb 18
16414Sept 2
703 May
4
43 May
1044 Mar
/
1
911% Mar
8 Dec
287 Dec
8
458 Nov
10714 May
718 Oct
78 Oct
106 Mar
98 Sept
72 Dee
112 Der.
138 Sept
22 Sept
86 4 Sent
3
918 Jan
1463 Dee
4
16 Feb
2
Jan
1487 Dee
1296
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually Inactive, see eecond page preceding
PER SHARE
PER SHARE
STOCKS
Range for Previous
Since Jan. 1 1927
HIGH AND
W SALE PRICES
-PER SHARE, NOT PER CENT. 1 Sales
1.0WRange
NEW YORK STOCK
for
-share lots
On basis of 100 HighestYear 1926
EXCHANGE
the
Friday,
Wednesday, Thursday,
Saturday,
Tuesday,
Monday,
Highest
Lowest
Lowest
Week.
Sept. 2.
Sept. I.
Aug. 27.
Aug. 31.
Aug. 29.
Aug. 30.
:Kisco!. (Con.) Par $ per share $ per share $ per share 3 per share
3 per share 3 per share $ per share $ per share 3 Per share 5 Per share Shares Indus. &
4
400 Allied Chemical & Dye pref_100 120 Mar 11 124 FAug 4 1185 Mar 12284 Dec
8
8
8
s
1223 1223 1227 1227
.122 12312 *122 12312 1223 1233 *12214 123
4
8
4May 31
7814 Mar 945 Jan
100 88 Jan 25 1118
2,100 Allis-Chalmer4 Mfg
111
4
10912 111
10812 109 *10812 1093 10914
4
1093 11014 110 110
100 109 Feb 9 11212 Apr 21 105 Apr 11112 Dec
Preferred
1434 Oct 21 Sept
12 Sept 2 2418 Feb 11
------------1318 1,700 Amalgamated Leather_No par
;1312 1412 1312 1313 *13
2414 May 327 Aug
No par 273 Apr 28 375 Feb 7
3
297 298 295 30
8 2912 2913 2912 2912 2912 2912 4,800 Amerada Corp
2912 297
9 Oct 3433 Jar
818 Apr 6 144 Feb 14
4 9,200 Amer Agriculture 1 Chem_100
123
12% 12
13
12
1312 133 133
4
4 13
1338 121.3 13
353 Oct 964 Jan
4
100 2814 Apr 6 513 Jan 10
4414 4218 4312 4312 4312 6,700 Preferred
*4414 45
4412 43
43
44
44
8
345 Mar 46
Oct
10 41 Jan 6 6518 Aug 27
4 1,000 Amer Bank Note
644 648
*6313 55
65
*6312 65
654 65
65 65
65
55
Jan 5812 July
50 5612 Jan 4 82 July 20
80 Preferred
62
'59
4
62
*59
82
*59
*59
62
60
*59
60
59
2012 Sept 383 Feb
4
233
1818 Apr 28 ' 4 Mar 14
900 American Beet Sugar_No par
4
21% 213
*2018 2012 2018 2013 *19
*2012 21
21
*19
21
55 Nov 83 Feb
100 48 May 4 6018 Jan 3
400 Preferred
49
*48
40
40
49
*48
49
*4812 5312 4813 4813 *48
13 Jan 20 233 Aug 27
4
16 May 343 Jan
4
2113 2234 213 2238 217 2212 41,100 Amer Bosch Magneto_No par
2112 2334 223 2312 2218 233
4
Am Brak o Shoe & F new No par 3512May 2 46 July 25
8 2,200
4 4312 4312 4313 437
4312 4313 43 8 43% 44
4312 433
3
44
Mar 12781- Feb
4 100 11714 Feb 7 128 Mar 12 11014 100 Preferred
12312 12312
*12013 123 *120% 123 *12012 123 *13012 123 *12012 123
3014 Mar 50 Aug
514 Aug 26 3913 Jan 5
4 7,200 Amer Brown Seven El_No par
103
73
818 912 10
8
8
612 67
64 7
65, 734
8612 Mar 9715 Jan
100 40 Aug 19 98 Feb 1
300 Preferred
4
4012 433
4
4013 433 *4012 42
42
4013 4013 4018 4134 42
8
387 Mar 6318 Aug
8
25 435 Mar 31 647 Sept 2
8
8
6218 63% 6214 6338 6312 647 287,500 American Can
4
603 613
8 6038 6358 635 645
100 128 Jan 14 134 Aug 30 121
Jan 1304 Dec
1,000 Preferred
13312 134
133 133 *133 134
134 134 *133_ 133 133
9112 Mar 1147 Jan
s
Car & Fdy___No par 95 July 13 10914May 27
- 103 103
103 10313 103 10312 10214 16212 10212 10318 103 10318 2.000 American
4June 8 12011 Oct 13014 Dec
100 12512Ju1y 18 1348
100 Preferred
_ _
___ *130
_ _ *130
__ *132
.
130 130 4 130
___ 4 132
'
31
Jan
Oct 51
No par 36 Jan 26 6212July 25
2,700 American Chicle
58
573
58
58 - 14 57 - 4 5712 - -18
58
58 59
414 Jan
5813 5813 58 103 Aug
20 1514Juue 9
98
13'8 1312 5,300 Amer Druggists Syndicate...10 1273 Apr
'4
1314 13 8 13
1338 1313 1314 1312 1314 1313 13
Jan 17 164 Aug 16 105% Mar 140 Jan
100
1,600 American Express
160 *15712 160
158 159 *157
8
1803 1603 160 160% 158 159
8
1414 Nov 423 Jan
8
187 Feb 17 2512 Mar 29
8
2338 23% 237 2414 17,200 Amer & For'n Power__No par
2418 2413 24
2438 2313 2418 2314 247
Oct 98 Feb
79
No par 8613 Feb 15 105% Aug 27
2,300 Preferred
8
104 1043 104 1045 *103 104
4
1043 1057 105 10514 105 105
8
73 Apr 26 10,2 Feb 8
7 May 174 Feb
3
200 American Hide & Leather_100
4 *9
93
94
97
912 *9
97
4 *9
912 93
*90.1 10
3312 May 6714 Feb
4July 20
100 48 Mar 1 683
400 Preferred
6314 6314
64
8
63 63
6238 825 *63
8314 6314 *6314 64
7
8
2338 Oct 3038 Dec
4
3 513 537 25,300 Amer Home Products _No par 303 Jan 3 55 Aug 23
523
8 5014 5112 51
5234 53
5118 523
5213 527
8
4,700 American Ice New__ __No par 28 Aug 13 323 Aug 22
2914
2912 29
29
3018 3014 2934 3014 2938 3012 2912 30
81
863100 84 Jan 7 96 May 7 - -12 Oct - 4 June
400 Preferred
4
9114 *9114 913
*9114 9112 91
*9114 92
*9114 93
*9114 92
315 July 465 Feb
Internet Corp___No par 37 Mar 23 5512June 7
8 5114 5114 7,700 Amer
517
*51
3
5
524 5214 51
8
513 5213 5114 52
1
9% Dec 157 Jan
4 June 4 10 Jan 3
2,600 American La France F E___10
7
7
7
67
67
4 7
63
67
634 74
74
7
100 2013 Apr 5 517
8
255 Oct 5272 Jan
8Sept 2
4 494 517 23,600 American Linseed
4 477 4838 4713 493
4
4914 5018 4813 49
483 493
Jan
671 Oct 87
8Mar 19 7512Sept 2
100 463
4,600 Preferred
4
723 7513
72
72
714 73
74
7414 745 *73
74% *73
9014 Mar 11938 Jan
5,300 American LocomotIvo_No par 103 June 30 116 May 18
109 109
11058 11114 10912 11013 10914 10913 10813 10914 108 109
100 11912 Feb 23 127 July 23 116 Aug 12414 Deo
390 Preferred
125 *12412 12612
8
*125 12612 12518 125% 1243 1243 *1243 12513 125
4
8514 Oct 8012 Aug
& Fdy --No Par 734 Jan 3 11712Sept 2
4
1054 10734 10513 10713 107 10812 10714 1113 112 11712 8,200 Amer Machine
103 106
100 12518 Jan 6 162 Aug 17 114 July 125 Dee
Preferred
___ *165 180 *165 180
*182_ .*16314
- *16314 _ _.162
434 Dee 573 Feb
8
1,100 Amer Metal Co Ltd___No par 38 July 12 464 Aug 3
8
437 444
43 8 43 43
4318 - 18 4414 43
4414 *4318 40-14 4358 - 5
100 108 Jan 6 11212May 17 11313 Apr 120 Feb
Preferred
*108 110 *108 110 *108 110 *108 110 *10814 110 *10814 110
3
50 4 May 7212 Sept
26
8
65% 6438 653
8 6.54 863 23,700 Am Power & LIght___No par 54 Jan 27 674 Aug
653 663
6612 6512 663
8
4 6418
66
8
25 11012 Jan 21 13712 Aug 22 10114 May 1228 Aug
11,800 American Radiator
4
136 1387 13414 13613 13418 1357 13313 1347 1313 13313 132 134
77% Mar 90 Dee
1,100 Amer Railway Exprees____100 8712 Apr 4 105 June 24
100 100
*99 100
*99 100
99 100
99
100 10013 99
74 Jan
3978 Nov
8July 7
800 American Republicallo par 3518 Jan 4 647
45
45
45
45
45
45
*4514 48
4514 4514 4514 46
42 Apr 7038 Aug
42 July 23 6112 Mar 28
47
8
473 473
473* 4612 4612 4612 4613 1,400 American Safety Razor_100 433
47 " 47
*4512 47
No par
45ept 2 51 July 20
3,200 Am Seating v to
4
43% 4413 433 44
45
45
45
4513 45 8 453
3 45
45
3
-17i
1 - Mar
Dec
64 Jan 7
312 Mar 23
313 313
8 1,100 Amer Ship & Comm__ _ No par
312 35
37
35, 35
3
4 34
33
5
38
*353 334
8 Apr 152 Aug
8
16714 16912 16913 1713 63,800 Amer Smelting dr Refining_100 13253 Jan 25 17214 Aug 2 1095 Mar 1223 Dee
8
169 17038 168 1703, 169 1713 16712 171
8
100 11914 Mar 16 13012July 30 1127
500 Preferred
4
4
4
128 12814 1273 1273 *1273 12812
128 128
*128 129 *12712 12813
8
100 1193 Jan 17 138 Sept 2 12184 Oct 185 Feb
900 American Snuff
136 13613 13514 13514 *13513 13712 1373, 138
*133 1373, •135 137
40 May 47 Aug
23,400 Amer Steel Foundries__No par 4112 Apr 29 5814 Aug 24
5513 56
4
543 573
3
8 54 4 567
575
56
58
57
568 57
100 11014July 5 115 Jan 13 11014 Sept 115 Feb
100 Preferred
4
11318 11318 *1123 114 *11234 114
.11234 114
*11234 114 *11234 114 4
654 Apr 8714 Nov
3
100 79 Jan 25 95 4May 26
9114 904 9112 7,600 Amer Sugar Kenning
907 x90
90
8
895 91
907 9113 9114 92
7
100 107 8Mar 3 11612May 26 100 June 11013 Nov
500 Preferma
4
114 114 *1123 11313 11312 1133
4
114
114 114 *11312
*11314 114
2914 Aug 44 Dee
Tub v t o....No par 4112 Jan 3 627 Aug 4
4 5918 59% 2,800 Am Sum
4
583 5914 58% 593
6014 5914 60
130
4
593 60
2512 July 41% Feb
4
100 Amer Telegraph & Cable 100 26 Apr 1 363 Aug 24
3414
35
*3413 36
35
*3412 36
*3313 3412 *3312 3412 *33
8
3
100 14914 Jan 3 1723 Apr 8 1395 June 151 Deo
6,900 Amer Telop & Teleg
1687 18918 16814 1687 168 16813 1685 169
8
1687 16918 169 1693,
8
8
4
7 147 Aug 5 111% Mar 1243 Sept
1,500 American Tobacco com____50 120 Jan
144 144
144 14413 145 14614 *14413 14513 1447 14473 144 1447
4
50 11914 Jan 5 1463 Aug 5 11018 Mar 124 Sept
1447 14478 3,900 Common Class B
144 14414 14312 14434 1443, 1457 145 145 4 *144 145
3
100 11018 Jan 4 117 Sept 2 10618 Jan 113 May
Preferred
700
4
•116 117 *116 117
11512 11513 11512 11513 *11513 11612 1163 117
Jan 135 Feb
600 American Type Founders_100 125 Jan 7 146 Feb 18 114
*12913 131 *129 131
13113 13113 1317 13212
130 1313
131 131
4
52
513 534 8,900 \m Wtr Wk* & Elo new Noyar 46 Aug 8 5314 Sept 2 101i3 ilea' I0814 Jan
5112 52
52
5214 5113 5113 507 52
51
100 10412 Mar 1 I 1.184June 22
let preferred (7%)
k
g
19 June 427 Jan
100 1612June 7 333 Jan 5
8
8
217 22
4 233 25% 243 258 2514 257 26,709 Aoerican Woolen
22
4
233
23
8
237
Apr 9014 Dee
88
8June 1 8612 Jan 7
100 467
Preferred
2g 56
5918 14,300
.5218 524 528 55
5838 58
4
13 533 5514 544 56
8May 26 2212 Aug 23
97
4 20
203
2014 2014 2012 4,100 Am Writing Paper cris_No par
19% 197
o 20
2018 2012 2012 207
1218 Feb
1014 Feb 17
Si, May -- 6 Sept 1
8,200 Amer Zino, Lead & Smelt _25
6
6
4
63
6
.
4 63
63
7
7
*613 7
*612 67
20 May 54 Dee
25 38 July 14 5114 Feb 18
700 Preferred
38
3812 38
38
40
40
4134 40 40
'40
4014 4
*40
s
4112 Mar 517 Aug
Copper Mining-50 4114June 27 494 Jan 12
8,900 Anaconda
4634 4614 47
4614 4638 46
4613 4714 4613 47
4
463 467
1 Jan
347 June 44
400 Archer, Den'is. MidI'd_No par 38 Mar 12 4634 Aug 5
8
4512 453* 453
3
4
3
4613 *453 4612 45 4 45 4 4513 4513 *44
*46
Oct
100 108 Jan 4 110 Aug 8 100 Mar 108
10 Preferred
4
'1073 110
4
4
*1073
108 108
4
4
4
*1073 110 *1073 110 .1073 108
9014 May 977 Jan
100 8314 Aug 5 9818 Feb 16
800 Armour & Co (Del) pref
87
• 8713 8712 8718 - -18 *8712 88
88
8712 8712 88
88
'87
4
814May 4 157 Jan 7
3
1318 May 2512 Feb
9
9
4,000 Armour of Illinois Class A__26
9
9
94 93,
918 013
914
9
9% 918
Jan
17
918 Jan 6
5' May
518May 5
25
2,500 Class B
5% 53
,
52
514
514 538
512 512
54 514
3
514 5 8
Apr 93 Feb
80
100 CO Apr 13 8614 Jan 27
200 Preferred
67
'65
4
65
8613 65
6514 *64
*64
65
65
*8413 65
4
18 Apr 313 Jan
3712 37
3712 37
3712 2,500 Arnold Constable Corp_No par 21 Apr 1 3813 Aug 26
3613 373* 3714 3714 37
8
373
37
5
1918 Jan 23 4 Oct
400 Art Metal Construction__10 22 Jan 11 32 Juno 24
27
2512 2512 *253, 2612 *25
3
*2512 2618 *2513 25 4 *2513 26
464 Sept 6312 Jan
4July 12 545 Jan 5
No par 433
100'Artloom Corp
46
46
*451. 46
*454 46
*4513 46
*4514 46
*4514 46
100 11114May 31 11312 Aug 15 108 Mar 113 Den
Preferred
11313 *113 11312 *113 1131,
•113 11313 *113 11313 *113 11312 *113
374 Mar 547 Jan
No par 3912 Feb 9 477 Aug 25
9,700 Assoc 1)ry Goods
4 4613 47
463
4 46
3
45 4 463
4618 47
4
8 463 47
473
47
06 Mar 10238 Jan
8
100 9712 Mar 3 1055 Aug 31
100 1st preferred
,
105 8 10538 *105 10612 *105 10612
*10413 106 *10313 106 *10313 105
100 105 Mar 23 109 June 9 102 May 110 Dee
2d preferred
*10712 109 *107 109 *107 109 *107 110 *107 108 *107 108
4
448 Jan 60 Mar
25 42 June 14 5014 Feb 19
Associated 011.
45
*40
45
10
4,
45
*40
45
*40
45
*40
45
*40
Oct 683 Jan
29
8
8Mar 25 42 Jan 5
3513 3,100 AUG & W IS S Llne_No par 303
4 35
352
3
3614 3638 *3614 3712 3814 3638 35 4 35% 35
4
33, Oct 564 Jan
100 29 Mar 25 4114June 7
84
Preferred
599
*3614 3714 *3618 3714 3614 3812 357 357
3613 3613 *3614 37
2May
97 Mar 1283
8
100 107 Jan 28 1313 Aug 5
12012 115 11812 116 1184 11612 11812 11714 118% 39,500 Atlantic, Refining
11913 12012 1183,
100 11513 Feb 1 119 Aug 20 11518 Oct 120 June
Preferred
*116 120 *116 120 *116 120 *116 120 *117 11812 *117 11812
54 Mar 64 Nov
No par 5812 Mar 17 70 June 9
50C Atlas Powder
86
*63
60
6712 *85
63
,
87 2 *
4
663 *613
65
65
65
8
94 Jan 973 Dee
100 98 Jan 6 107 July 2
60 Preferred
102 102 *10112 102 *10112 102
102 102
102 102 *10112 102
174 Jan
Oct
8
No par
714June 25 1218 Apr 7
5
Atlas Tack
*738 84 *738 814
5
812
*7
812
838 *7
,
4 8 4 *75
*73
Jan
7% Oct 28
414 Mar 22 104 Jan 3
600 Austin, Nichols&Co vto No par
6
*5
4% 47
514 514 *514 6
3
5 8 512
*512 6
93 Jan
61 Jan
100 2618July
Preferred_
37
*29
*2014 37 *29 37 •29 37 *29 37 *29 37 25934 26234 46,500 Baldwin Loot. calve Wks-100 14318 Jan 26 2628 Sept 5 54 Nov 1674 Dec
9273 Mar
2
18
255 25612 256 25713 255 2563* 258 25914
255 258
Ica 116 Jan 14 1251(July 7 105 Mar 1194 Nov
000 Preferred
12414 12414
4
3
4
3
*122 123 4 1233 124. 124 4 1243 *122 12413 123 123
4
200 13atnberger (L)& Co pre 100 1063 Mar 30 11012May 10
*10712 10814 *108 10814 10814 10814 *108 10813 *108 10814 10814 10814
- --7- --,-No par 40 Jan 6 59% Feb 9
5312 5412 54
5412 5413 5413 1,800 Barnett Leather
55
35
*5514 56
56
55
23'l May 334 Jan
25 207 Aug 29 3512 Feb 26
2234 2314 63,450 Barnsdall Corp class A
2212 2212 232
4
8 218 2212 22
4 208 217
,
21 8 223
2212 Oct 394 Jan
25 2114 Aug 29 3212 Feb 28
1,900 Class B
*2214 24
22
8 22
4
4 213 223
2114 2114 2114 213
22
22
No par 4912 Jan 25 973 Aug 17
39 Mar 5583 Nov
4
9312 2,000 BayUk Cigars, Ins
92
92
92
4
903 93
94
9412 *93
*9414 9514 *93
No par
1,200 Beacon Oil
15 Aug 29 1814June 7
16
*15
16
*15
16
8
8 1512 157 *15
155
15
16
16
,
20 5014 Apr 29 607 Feb 15 1214 Oct 7173 Feb
8
5414 5414 543 5738 5,100 Beech Nut Packing
547
8 54
8 544 547
5338 535
55
*53
4
26 Doc 398 Jan
309 Belding Llem'wey Co_No par
1512July 7 2714 Jan 7
4
4 213 217
8
4 2138 2138 *215 213
8
8
8
*213 223 *2112 217 *2113 213
3714 May 5118 Sept
100 433 Jan 27 65 Aug 21
4
6218 627 55,800 Bethlehem Steel Corp
8113 83
637
8 62
6318 63% 627 6414 624 633
8
99 June 1057 Dec
1,800 Preferred (7%)
4
3
100 1041 Jan 3 1163 Aug 31
4
8
3
3
4
1153 115 4 115 4 11614 116 11614 118 1163 1157s 116 21143 1143
28 June 42 Deo
4
3812 3813 383 4012 2,400 Bloomingdale Bros_ ___No par 34 June 15 4214 Aug 17
8
*3 12 39
39
9
3
0
4
*3812 4013 *39
100 10912 Jan 20 1134 Apr 18 1044 June 110 Deo
Preferred
*10913 111 *10912 111 *10913 111 *10912 111 *10913 111 *10912 111
5312 Dec 564 Deo
,
22,100 Bon Aml, class A
No par
5313 Jan 5 66 4 Aug 26
g 6313 64
6512 644 65
63 6318 63
6412 8612 6418 657
4
93 Jan
418 Mar
57
No par
412Sept 2
8% Apr 14
612
438 57 7,700 Bcoth Fisherles
5
6 8 638 *612 7
8 714
3 *63
6% 63
348 Oct 5113 Jan
let preferred
100 3612Sept 1 5714May 27
4 2,800
4
393 393
45% 3612 43
454 4512 45
*4513 48
*4512 50
41.1s Jan
20 May
8Sept 2
2,900 Botany Cons Mille class A__50 18 May 4 287
287
27
2413 2412 2512 28
24
*2314 2413 *2314 2412 24
24 Oct 3713 Jan
8
304 2813 297 91,700 Briggs Manufacturing_No var 28 July 13 3653 Feb 23
4 29
2813 273* 293
4
273 2812 28
2718 28
8
1,300 Brooklyn Edison, Ine
100 14812 Feb 11 1847 Aug 16 133 Mar 163 Sell
178 179
178 1797 176 17713 *177 178
178 178
0179 180
68 Mar 98 Dec
No par 89% Apr 4 15113 Aug 10
4 2,600 Bklyn Union Gas
145 14713 14618 1473
'
*147 148 4,145 148 4 145 148 *144 147
2912 June 4853 Jan
No paf 3012 Feb 1 45 Aug 24
3,000 Brown Shoe Inc
7
3
43 4 4313 437
43
43
43
43
3
4314 44 8 *43
44
44
4
24% Mar 393 Sept
8July 11 38% Jan 10
3312 3,400 Brunsw-Balke-Collan'r_No par 257
33
3338 3212 327
7 337
33% 3318 333
3 33
3318
33
2,500 Burns Bros new elAcom Na par 8512June 17 12584 Jan 20 121 Mar 144 July
94 100
*9318 94
94 94
94
94
94
94
*9333 96
2613 Nov 44 Feb
No par
1614 Mar 18 343 Jan 27
8 2,400 New class B corn
243
22
22
22
22
22
22
23
22
22
23
*2212
Preferred
97 Mar 10312June
100 90 June 20 100 Jan 3
*9113 9412
*0113 9412 *9112 9412 *9113 9413 *9112 942 *9112 9412 11212 113
7712 Apr 124 Dec
4
600 Burroughs Add Maeh_No par 200 Mar 2 1263 Fob 2S
112 11214
*108 11213 *10814 11212 *109 11113 112 112
164 Mar 3414 July
3,400 Bush Terminal aew__No par 29% Jan 12 6314Ju1y 13
60
59
5734 5734 5714 59
4 59
8 573
3
5912 583 587
59
86 Apr 93 Aug
100 9114 Jan 5 10412 Aug 31
230 Debenture
104
'10314
104 10413 103 103 4
8
*104 10414 10414 1043 104 104
9913 Jan 104 Nov
40 Bush Term 131dgs, pref
100 1033, Feb 14 120 Aug 8
4
8
1187 118 118 *118 1183 *118 11812 118 118
*11714 11712 *11714
84 Feb
4 De(
518May 2
500 Butte Copper & zino
4
33 Mar 10
5
4
4
414
*4
414
*4
4
4
4
4
438
*4
17% afar 71 Set)
100 5018June 28 818 Feb 15
4
4,400 Butterick Co
5213 5213 53
5212 534 52
1614 Jae
4
523 5318 5213 5412 534 54
711 May
4
4
71 Apr 4 10 Jan 7
400 Butte & Superior Mining_ 10
4
84 83
4 9
•83
4 9
3
*8
9
9
834 *814 858
834
83 Jun( 90 Seld
500 By-Products Coke.__No NV
66 Jan 29 9212J1,ne 2
724 7214 727 73
79
574
77
574
77
*74
75
75
8
447 Nov
28 Mar
42 Jan 3 94 June 2
7513 7412 7513 9,300 Byers & Co (A MI_ ___No pm
7412 74
7318 7518 74
767
8 75
7512 763
6614 Oct1794 Fell
70 Jan 5
64% 9,000 California PackIng____No par 8014 Apr I
8312
64
*63
4
6314 6312 6412 x623 63
63
63 63
294 Oct384 Fell
Aug 31 327 Jan 18
13.500 California Petroleum
25 214
2212
8 22
8 2114 2138 213 2112 2118 2113 2118 223
212 215
238 Jar
112 Mar
10
238 Jan 17
113 Jan 3
15, 1,200 Callahan Zino-Lead
113
15
112
113
113
142
2
11.
113
113
*113 138
5512 Star 7358 Aug
4
900 Calumet Arizona Mining
10 6112June 27 723 Aug 26
3
7113 70 4 704
s
4
8
707 7114 703 707 *70
7213 7212 71
713
1812 Ass
13% Ma
1414 July 7 17 Apr 20
900 Calumet & Heels
21
1618 /1512 1513 1512 15% *1534 16
16
163
8
49 Sept
163* 163 *16
3212 Oc
56,400 Canada Dry ()Inger Ale.No par 738 Jan 6 60,8 Aug 10
5414 55
5812 537 5614 5414 547
5714 56
5614 57% 56
6213 Jan 176 hag
3,000 Case Thresh Machtne
100 132 Jan 27 269 July 28
263 265
260 264
*259 281
258 2631. 263 203 *258 262
• Bid and asked prices; no sales on thia day. s Ex-411vidend. a Ex rights. b Ex-dividend and ex-rights.
54
•
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 27.
Monday,
Aug. 29.
Tuesday,
Aug. 30.
Wednesday, Thursday,
Aug. 31.
Sept. 1.
Friday,
Sept. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
1297
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
per share 5 per share 5 per share $ per share $ per share 5 per share Shares Indus. & Miscel. (Con.)
Par $ per share $ per share, 8 9 share $
12412May2
5j e
per
*118 124 *118 124 *118 124 *118 124 *118 124 *118 124
share
Case Thresh Mach pref___ 100 111 Feb 28
28
2818 285 2914 29
1p gss uli
8
1
293
8 2814 293
8 29
e
29
29
29
3,800 Central Alloy Steel__ __No par 24 Apr 1 33 Apr 28
2812 Oct 3314 Aug
*16
17
*1518 1712 *1614 17
*16
17
*16
17
*16
17
Central Leather
100
8% Jan 3 1812 Aug 16
7 Nov
2018 Jan
_ ______
Certificates
100
714 Jan 3 1512May 26
7 Dec
7 15" IS- 7,§6" 1E- ;io- ii- iio- - --1- ;io" ii- *so .
83 Noy
4
82 2
86
Preferred
100 54 Jan 14 83 Aug 15
4314 Apr 983 Jan
4
Preferred certlficates
Jan 3
-HT, -1 -1- -1134 -111- -i 12 -1- -3- -1414 -1- 3- -ii- -141- -1:412 -11- _ - :600 Century Ribbon Millie.._No 100 54 Jan 26 78342uly 18 50 Nov 5412 Doe
-1 2
4
54
64
- 3
8
par
104
4
163 Aug 30
1014 Oct 3274 Jan
*75
80
*75
80
80
82
77
77
78
78
78
78
160 Preferred
100 70 Jan 24 84 Aug 2
784 Dec 90
6418 648 6418 643
Jan
4 64
643
8 634 64
634 6412 64
65
7,500 Cerro de Pasco Copper_No par 58 Juno 27
5712 Jan 7312 Aug
4914 4914 4812 493
8 4812 4812 4812 483
8 4812 48% 4812 4812 3,300 Certain-Teed Products_No par 42 Jan 25 6612 Aug 24
553
4May 11
3618 May
*10812 1135 *10812 1135 *10812 1135 *109 1135 *109
8
4918
8
8
8
_ _ *109
_ ___ ___
let preferred
100 106 Feb 1 111 June 25 100 May 10614 Jan
*612 63
4 .812 634
658 6%
Nov
618 618
612 612
511 _-- 8
65
400 Chandler Cleveland Mot No par
5 Aug 16 14 Mar 22
812 Nov
204 2012 2012 203
26 Feb
20
4 20
20
20
20
20
2014 213
8 4;500 Preferred
Vs par
13 June 27 2614May 6
203 Dec 1514 Feb
4
*125 130 *127 128
125 125
124 127 *12612 128
127 127
1,000 Chicago Pneumatic Tool...100 12018 Jan 3 13714 Mar 2
9418 Apr 12814 Dee
613 613
4
4 62 627
8 6212 6312 62
6318 62
6212 623 627
4
3,600 Childs Co
No par
4838:gar 31 6511 Aug 25
4518 May 663 Jan
3618 3611 36
3614 36
8
3618 36
36
36
36
23514 3512 5,500 Chile Copper
35 3318June 27 3914 Mar 21
30 Mar 36% Jan
*2212 26
*2214 26
*2214 26
*2214 26
*2214 26
*2214 28
Chino Copper
5 2218 Jan 7 24 Apr 11
16 Mar 26 Nov
563 563
4
4 553 595
8 60
6234 5814 6212 58
6118 *6053 6114 4,100 Christie-Brown torn etre No par 347 Jan 5 657
8
8June 16
2912 Oct 63% Jan
6014 6114 604 6214 6012 62
58% 6114 593 608 6012 6112 277,300 Chrysler Corp
8
No par 384 Jan 28 6214 Aug 29
2812 Mar 547 Jan
8
*114 11418 11418 11418 114 114
114 11111 114 114 *113 114
1,000 Preferrea
Vs par 1023 Apr 11 1143 Aug 26
s
8
93 Mar 108
*6614 6612 .6614 6612 67
Jan
67
66
67
6612 6612 *6512 6712
600 Cluett Peabody de Co No par 51 June 17 69I8July 29
60 Dee.. 6818 Jan
4_ *1193 120
*1193
4
120 120
121 121 *120 121
120 120
30 Preferred
100 1104 Jan 6 121 Aug 31 10314 Jan 116 Sept
*11612 1163- 117 117
4
8
1167 117
11614 1163 11612 11612 117 11712 2,700 Coca Cola Co
No par c9612 Apr 27 19912 Apr 22 128 Mar 174 Dec
3
8718 88
8818 89
88
893
90
905
8 8912 9112 90
8,100 Collins & Alkman new No par 86 Aug 26 957 Aug 6
91
8
7718 773
4 7814 803
4 79
8319 803 8414 82
4
833
8318 844 92,700 Colorado Fuel de Iron
100 4233 Jan 4 963
8July 12 493 0
2711 Mar .72
7312 *72
7312 *72
ct
73
.73
7312 73
73
73
Columbian Carbon v t o No par 667 Jan 3 851:Mar 18
73
300
8
555 Jan 7011 Dec
944 9514 9412 943
4 9312 043
4 93
938 933 947
4
9414 9514 16,300 Colum Gas & Elec new_No par 8278 Feb 11 9834May 27
855 Nov 91 Dec
8
*106 10618 10534 106
10512 106
106 106
1057 10614 10612 10612 1,700 Preferred new
8
100 994 Jan 24 1074 Aug 8
98% Nov 1013 Nov
583 5812 573 5812 58
8
8
4
584 58
5833 5812 603
4 6012 613 20,500 Commonwealth Power_No par 4838May 25 613
8
8Sept 12
1712 1712 *1712 18
177 177 *171z 18
4 1712 1712
500 Commercial Credit_ ___No par
*1711 173
14 June 29 2058 Feb 21 164 Nov .2012 21
2012 2012 21
4712 Jan
21
*21
2114 *214 2114 *2118 21%
Preferred
120
25 17 June 10 23 Mar 10
2114 Nov
*2014 21
2614 Jan
21
21
*203 22
4
2114 22
*2012 22
22
140 Preferred B
22
25 187
8June 15 23 Jan 7
20 Nov
76
27% Jar
76 '
376
77
76
76
7612 7612 76
76
76
79
260 let preferred (534%)-.100 69 July 8 8518 Jan 12
854 Dec 9918 Fet
*4514 46
*4514 46
*4514 4712 *453 4712 *4514 4614 157 4614
4
300 Comm Invest Trust___ No par 4118May 4 5634 Mar 14
544 Dec 72
*90
98
Jar
*90
98
*90
98
*90
98
*90
98
7% preferred
*90
98
100 95 Apr 21 981 Jan 27
:
97 June 104
*88
89
Jar
*8612 89
.8612 89 .88
90
*8612 89
*88
89
Preferred (64)
100 863
8July 5 95 Mar 14
89 May 100
3783 379
4
Jar
374 374 *372 377 *365 375 *365 375
372 372
500 Commercial Solvents B No par 223 Jan 3 384 July 12 11814 Jan
244 2411 2334 2518 2334 245
237 NON
8 2311 2414 235, 24
8
2312 253 100,900 Congoleum-Nairn the_ _No par
1
17 Jan 26 2512 Aug 17
1212 May 2933 Sem
6711 68
6712 673
4 66% 675
8 66% 667
8 6718 6912
67
6812 7,400 Congress Cigar
No par 47 Mar 11 6912Sept 1
4012 May 57 De.
*14
12
*14
12
*14
12
*1
Conley Tin Foil stpd
1
*14
12
*14
12
No par
14 Feb 1
58 Jan 5
38 Dec1 Mai
80% 8112 803 8133 805 8112 81
4
8
811
: 82
82
8114 813 2,300 Consolidated Cigar
No par 757 Apr 30 8634July 7
8
4514 Apr 8714 Dee
*104 107 *10412 10512 *104 106 *105 106
105 105 *103 1053
200 Preferred
4
100 967 Aug 11 1063 Aug 231. 91 Mar 1073 3013
8
4
8
*5
8
3
4
3
4
3
4
4
3
3
4
3
8
4
*5
4
%
5
8
5
8 1,500 Consolidated Distrib're No par
8July
5
24 Feb 4
14 Aug
11112 11213 11114 1123 11012 11114 10912 111
612 Jai
10934 11111 Ill 1133 41,100 Consolidated tges(NY) No par 94 Mar 27
8
4
9 11414 Aug 11
87 Mar 11511 Aui
7
994 0918 09
9914 995, 99
8
997 100
1097 100
993 997
4
4,000 Preferred
No par 93 Mar 18 100 Aug 31
53
8 53
514 53
8
5
5 14
44 5
3
412 431
412 43 23,300 Consolidated
4
_ _No par
318 Mar 14
718June 18
--14MaY
1
4312 431
44
- 414 Noi
443
4 4312 44
43
4314 4212 4312 43
44
5,300 Continental Baking elANo par 3318 Apr 30 747 Jan 6
Textile6012 Oct 937 Am
*5
5
533
5
5
5
47
8 5
43
4 17
43
4 5
6,500 Class li
No par
4 May 19 1014 Jan 5
75 Oct 1518 Sep
8912 8912 893 90
8
4
89
8912 89 89
89
8912 8914 895
8 2,700 Preferred
100 72 Apr 1 9714 Jan 13
87
74
Oct 964 Auf
74
7333 753
8 74
7512 7312 7412 71
73
73
743 11,900 Continental Can, Inc_ _No par 584 Apr 9 7712July 26
8
70 Mar 9212 Jar
*188 190 .188 190 *186 100
1895 190 *195 190 *186 190
8
200 Continental Insurance
25 135 Jan 27 19312July 28 122 Mar 1444 Jar
107 11
105 11
8
105 11
8
105 1034 1012 103
8
4
1012 103
4 7,400 Continental Motors_ _ _No par
1014June 16 133 Jan
4
5478 547o 5412 55
97 May 137 De,
8
8
543 55
8
5414 5433 5412 5514 55
555 11,100 Corn Products Refining____25 167 Jan 12 6318May 6
8
8
14
*132 135 *132 135
351 Mar 5158 De.
1325 13258 132 135 *132 134
8
100 Preferred
100 128 Jan 11 135 Aug 31 12212 Jan 13014 De
91
9115 911
91
904 907
8 90
90
*9012 91 *133---- 2,100 Coty, Inc
9012 907
3
No par 56 Jan 3 0431July 19
4412 Mar 62 De
895 8911 898 91
8
90
9034 8912 90
,
8914 8933 8912 90
4,700 Crucible Steel of America_100 77 Jan 4 963 Mar 4
4
*111 1123 *111 1123 *111 11234 *111 11234 111 111 *110 112
64 Apr 8211 De,
4
100 Preferred
100 103 Jan 18 113 Aug 19
2018 2014 2014 2012 19% 2014
96 Mar 104 De
1912 1933 195 2012 20
8
2012 9,000 Cuba Co
No par
1812 Aug 19 3414 Jan 9
7
2814 0 t 533u Jun
*73
4 8
734 7
73
4 73
4
74 8
3
8
83
4
83
8 83
3,400 Cuba Cane Sugar
No par
7 July 9 103 Jan 5
4
*37
38
3612 375 *364 3714 3614 38
8
85s May
1112 Jal
37
383
4 383 387
4
8 5,700 Preferred
100 34IJune28 503 Jan 4
4
35IrJune 503 De.
.23
233
4 2314 2358 23
2312 2314 234 2318 24
22418 243
8 6,500 Cuban-American Sugar
10 2112 Aug 13 2812 Jan 3
5107- *107 112 *107
2014 Aug 3038 .18J
_ __ *107
_ __ *107
_ __ *106 112
Preferred
100 102 Jan 31 107 Aug 11
143 143- *1414 153 *14
4
4
973 Jan 105 No
4
15
*1414 15
*14
15
1414 15
700 CubanDom'canSugneWNOpar 131
:June 30 18 Jan 21
483 483
4
4 48
154 Sept2014 Jun
183
4 48
4814 48
4814 48
48
48
48
2,200 Cudahy Packing fleW
50 4312 Apr 8 52% Feb 23
*11612 120 *11612 11712 *11612 11712 11612 11612 *116 120 *116
5118 Nov
55 De
120
100 Cushman's Sons
NO par 103 Apr 4 120 July 18
774 Mar 108 De
.47
48
48
48
1714 177
8 474 4718 474 4712 48
48
900 Cuyamel Fruit
No par 30 Apr 28 51 Aug 16
7 3633 354 3618 35
3612 3712 35
32 Nov61
Ja
3611 35
357
8 3518 357 18,400 Davison Chemical v t e_No par 2614 Apr 28 377
•15112 152 *15112 152
Aug 26
234 Oct463 Fe
15112 152
4
151 151 *15012 152
152 152
900 Detroit Edison
100 13312 Jan 21 157 June 2
*37
*3612 39
39
Mar 1414 De
*37
3834 *37
38
3718 3718 373 378
8
200 Devoe dr Raynolds A__No par 3612 Aug 13 4233 Feb 2 12333
132 132
•132 134
31
13214 13214 130 13211 13114 13114 132 132
Oct 10418 Fe
110 Diamond Match
100 115 Feb 28 13612 Aug 2-173 1818 173 1818 173 1818
4
4
4
1734 177
1712 1814
172 18
4
17,900 Dodge Bros Class A___No par
1614July 8 274 Jan 5
69
695
8 69
2114 May 6912 683 6914 6812 69
4
4714 Jet
6812 70
69
697
8 8,800 Preferred tort I
77
NO par 8612 July 8 85 Feb 14
814 *8
812
7912 May 90 Jul
8
8
7 4 73
3
4 *8
812
8
83
8 1,000 Dome Mines, Ltd
No par
7 June 30 1114 Jan 4
8
Oct 20 Me
Douglas Pectin
No par 46 Jan 3 80 July 5
*ii5ir4 fill; *Hi.; fieij *115 11612 *115 11612'115 117 .115 116
19 Mar 46 No
Dueueene Light lat pref-100 11414 Mar 2 1163
168 168
4June 1 11118 Mar 1163 Au
167 1693 1673 16812 2166 16612 166 166
4
4
4
166 16012 2,300 Eastman Kodak Co__
267 295
8
8 2814 293
4 2818 283
4 27% 2812 2712 2833 277 283 55,800 Eaton Axle & Spring_ _No par 12614 Jan 28 17312 Aug 2 10633 Mar 1363 De
8
8
__No par 244 Mar 21 29%June 20
30314 3063 30212 310
4
30712 31012 303 30812 3003 3093 307 3087s 36,800
23 Oct 323 Fe
4
4
E I du Pont de Nem new_No pa 168 Jan 25 31012 Aug 30
•112 113
113 113
1125 1125 *1127 113
4
1543 Nov 18118 De
8
8
113 113
1123 1133
4
8
700 6% non-cot deb
100 10512 Feb 5 1133
•1213 127
1212 1212 1212 1234 1214 1214 *1214 124 *1214 123
8Sept 2 1003 Apr 11018 De
4
4
600 Eleenlohr & Bros
25 117 Jan 3 1612 Feb 15
8
943 95
4
943 95
4
10 4 Oct2013 Fe
3
933 947
4
8 9314 943
8 0312 9514 95
96
9,400 Electric Autollte
No par 634 Jan 13 96 Sept 2
205s 21
2014 2012 20
614 Mar 82 Fe
2014 1914 2018 1914 2014
197 2012 12,500 Electric Boat
No par
1312 Mar 2 2218 Aug 15
2512 26
25
257
4 Mar 16 De
245 257
8 245 25% 2514 26
8
26
267 60,800 Electric Pow & Lt
8
Yo par
161 2 Jan 27 267 Aug 24
*1155
_ _ •11512
1514 Oct34 Fe
*11512 ___ *11512
12
__ •11512 _ _ *11512
__ ___
Allot ctfs for pref 40% Pd-- 1037 Jan 28 115 May 21
8- *105 10512
10412 1043 .105 10512 105 105 *140 16518
8
- 4
994 Ma 115 Fe
*105 1054
_400 Preferred
No par 98 Jan 14 10614Juno 10
137 1418 135 1414 134 133
8
8912 Mar 9814 Se;
4 133 133
4 1314 1414
1412 1512 52,900 Electric Refrigeration_No par
1214 July 13 373 Jan 3
695 695
8
8 685 6933 69
8
338 Dec 78I Jut
8
693
4 6912 6934
6912 69
70
2,800 Elec Storage Battery No par 6314May 3 7912 Jan 6
*812 612 *51: 612 .512 612 *54 612 69
7118 Mar 914 Au
*512 612 *512 012
Emerson-Brant Class A_No pa,
6 Aug 26 13 Apr 14
614 Dec
814 De
7212 7212 7212 7212 *7112 7212 71
7111 7014 71
7078 723
4,400 Endlcott-Johnson Corp___ 50 64 4 Jan 28 725 Aug
2
*123
8
_ *123
17
6518 Mar 7233 Fe
_
•123
_
*124
_ *124
_
_
Preferred
100 1163 Jan 5 12112Mar 28 114 Jan
8
*123--- 32 - , 3214 - -- 32 - -3
32
327
8
ii 4
327
8
32 - 3214 6i
120 Set
4
12 33 314 16,700 Engineers Public Serv _ _No par 21% Jan 11
1054 10512 106 106 *1057 106
3333 Aug 25
8
1914 Oct244 Jul
8
1057s 1057 10512 10512 *10514 106
400 Preferred
No par 933 Jan 8 10612June 2
4
3014 30
3018 3033 30
9214 Nov 9618 At
3014 298 297
2913 303
4 30
307
s 9,400 Erie Steam Shovel
5 213 Jan 3 3438July 13
4
•10712 109 *10712 109
1073 1087 107% 1075 1077 1077 *108
4
214 Oct254 Nil
8
8
8
10812
500 Preferred
100 10112 Jan 6 11358July 22 100
*87
88
87
87
87
87
*87
Oct102 Ne
88
8712 88
8712 8712 1,000 Equitable Office
6934 70
6918 691: 6912 70
7012 71
997 June 13214 Jul
8
6912 6912 6914 69% 4,300 Eureka Vacuum Bldg.No par 864 Aug 12 9212June 3
Clean_No par 50 Aug 12 77 Aug 6
.19
103 *19
4
193 *19
4
193 *19
4
43 May 683 I.%
193 *19
4
8
193 *19
4
193
4
Fxchange Buffet Corp_No par
.38
39
1518 Jan 25
39
*38
*3812 3912 *38
19 4May 21
39
3
4
143 July
*3812 39
17
A;
3812 3812
100 Fairbanks Morse
No par 371415lay 2 4318May 11
*108 112 *108 112 *108 112 *108 112 *106 110 .105
3
3733 Dec59 4 Fe
110
100 107 Feb 7 112 Mar 2 10618 Nov115 Fe
4
18
4
1013 10212 101 10312 10312 1043 10134 1043 10218 1033 1013 1027 27,100 Preferred
8
4
4
8
Famous players-Laelry_No par 92 July 28
11914 11914 *11812 120 *119 120 *119 120 *119
*11914 120
114 4 Feb 24 1034 Jan 1274 Jul
2
120
100 Pi eferred (8%)
8
4214 42
100 1147
8July 28 12433 Jan 12 115 Mar 1244 D,
424 4112 42
42 4 4284 42
*4112 42
42
4314 4,800 Federal Light de Trao
9912 9912 08
15 3712 Jan 17 47 May 3
98
*9912 102
*9714 9914 *98
28 Mar 4711 D,
0914 •98
9914
60 Preferred
No par 911 Feb 23 100 Aug 25
*140 153 *140 155 *110 155 *140 149 *130 149 *137 147
:
88 June 94 B,
Federal Mining & Smelni_100 60 Feb 9 187 June 16
*93
95
93
93
93
*93
03
95
*9234 9412 *922
41 May 11134 Je
4
_
300 Preftrred
7
2218 223
4 224 2218 2214 2238 2214
2314 33
:
23% 24
61 Mar 105
Ji
224 1,800 Federal Motor Truck., No 100 751 Jan 28 97 Mar 12
par 1812 Aug 3 3033 Jan
4
1393 1393 139 139 *135 137
4
*138 140
13512 1362 1363 1363
23 Oct 3438 Al
4
4
4
600 Fidel Phen Fire Ins of N Y- 28 9312 Feb 3 193 Jan 10
*100 101 *100 101 *100 101
•100 10018
*9912 101
*9914 101
First Nat'l Pio, lot pref_100 9712 Jan 13 103 Mar 6 160 Apr 20014 It
235 235
8 235 24
8
*235 24
8
244 2418 253 2633 265 273
4
98 May 107 F.
8
8
4 5,900 First Nat'l Stores
No par
15 8 1612 15% 1614 153 16
5
1914May 11 30 Feb 7
*157 16
8
4
153 1638
4
28 Nov 493 Fl
16
3
173 40,000 Flak Rubber
4
No par
84
84
85
85
147
.8312 8414 84
eJune 17 20 Apr 20
8512 8512 8512 86
1414 May 2614 31
86
2,300 let preferred at/untied-100 81 Jan
b 893
11June 2
76% Apr 844 M
.97 101
*97 101
*97 101
*97 101
*97 100
*97 10012
let preferred cony
100 9412July
623 6312 628 637
62
6338 6112 6233 6214 63
8
633 64
94 June 107 M
44,600 Fleischman Co new____No par 464 Feb 5 101 Apr 21
684 583
8 963 5818 57
.1
573
5714 5714 5512 5512 57
1
6412 Aug 26
3214 Mar 564 F.
573
4 2,600 Foundation Co
No par 6518June 9 888 Apr 1
653 6612 654 6614 643 6512 6514 66
4
6612 67
7314 Dec 1795 34
6614 663
4 4,400 Fox Film Class A
No par 50 June 28 7412 Jan 6
4 7312 758 7412 763
743
8 743 758 7418 7514 754 7611 43,600 Freeport
8
7418
5518 Mar 85
J1
Texas Co
Ne par 3414 Jan 4 77 8July 29
54
52
5312 50
4 53
52
7
504 5218 5112 5212 31,900 Gabriel Snubber
534 533
19% Jan 38 D
A
914 912
No par 294 Jan 3 59 Aug 5
914 912
9
9
*83
4 9
8
8
87
2533 Nov 42 F,
8
87
8 87
1,400 Gardner Motor
No par
597
64
8 5914 6058 5812
5914 613
62
8
5834 607
61
538 Nov
8 60
93 3,
4
6112 42,100 Gen Amer Tank Car_ No par 16 Jan 27 587 Aug 5
:
Jan 3 624 Aug 26
*11018 1121 11012 11012 *110 11212 *110 11212 *110 11212 *110 11212
39 Mar 553 31
100 Preferred
100 1063 Mar 1 11053 Aug 10
8
4
65
665
8 653 6612 6612 6812 68 68
6714 707
991:June 109 D
69
7012 14,700 General Asphalt
100 65 Aug 27 96 4 Mar 2
4
4
3
10714 1073 .10814 10914 109 109 *1093 114 '111 116
90 Mar 9414 Al
111 III
500 Preferred
100
.57i2 6814 •68
6812 6712 6814 *674 68
8
94% Mar 14018 Ai
67
6733 *67
6712 1,100 General Cigar, Inc new..No par 10714 Aug 27 1447 Mar 2
62 Jan 26 7012July 15
48 Mar 5912 F,
*122 130 *122 130 *122 130 *122 130 *122 130 *122 130
Preferred (7)
4
100 118 Jan 6 122 May 10
4571, 58
,
68
53
578 573
4 58
Jan 118 D
5818 573 573 *578 5812
4
4
600 Gen Outdoor Adv A_No par 545 April 5812 Feb 9 109
49
4958 5012 4914 50% 50
51
49% 19
51 Mar 563 Ai
513
8 514 517 18,400
3
8
8
13512 1383 13614 1403 1393 14214 140 14333 1423 14412 191,700 Trust certificates___No par 37 Jan 18 55 May 31
28% Mar 397 D
1334 138
8
General Electric New....No par
81
79 June 951: A,
1114
1114 1114 114 1114 114 1114 1114 1138 11
1118 1114 4,100 General Electrio speelal____10 11 Jan 27 14412Sept 2
June 21
115 Jan 6
1153 4233 4133 42
8
43
4112 415
11
4 42
8 4134 417
8
Jan
423 423
11% D
5,900 General Gas tc Elea A _No pa, 34 Apr 1
4712
10812 10812 109 109 *107 10912 *107 110 *107 109
34 Mar 69 .1,
•10812 109
200 Gen Gas & Elec el A (7)No par 100 Jan 3 10513 Feb 2
4June 9
11612 11611 *11612 117 *116 117
95
•116 117 *116 117 *116 117
100 Preferred A (8)
No par 11314.Mer 22 120 June 1 10518 May 100 D
Apr 113 Se
•I03 104 *103 104 •I03 104 *103 104 .103 104 *103 104
Preferred B (7)
Vs par 96
4
9'214 Apr
4
248% 2504 24412 2513 24814 2507s 245 24812 24512 2503 2483 2507 359,100 General Motors Core_No par 14518 Jan 13 103 June 22
4
J.
Jan 25 2512 Aug 29 11314 Mar 96
4
4
8
4
1243 1243 1243 125
4
4
1244 1241 1244 1244 1243 1242 1217 125
4
225 4 A
3.150 7% preferred
3
100 1184 Mar 9 123 Aug 26 1134
,
Jan 12214 r)
• Dig and asked prices: no ea es on 11,18 daY.
v end. a Ex-rights. e Ls-Mel/end
in stick.
1007.
New York Stock Record--Continued-Page 4
1298
fourth page preceding
For sales during the week of stocks usually inactive, see
-PER SHARE, NOT PER CENT.
HIGH AND LOIV SALE PRICES
Saturday,
Aug. 27.
Monday,
Aug. 29.
Tuesday,
Aug. 30.
IVednesday,1 Thursday,
Sept. 1.
Aug. 31.
Friday.
Sept. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHIRE
Range Since Jan. 1 1927
On basis of l00-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
per share $ Per share
In lusttial & Misc. Par 3 per share $ per share $
share
9814 Apr 105 June
$ per share 3 per share 3 per share S per share $ per share S per
Gen MotorsCorp ti%dM p1100 104 Mar 7 10812 Aug 11
1
_ •107
__ .107
6012 Mar 937 Aug
.107
15934 Aug 29
_ *107
.107_ *107
8218 Jan 14
14712 15012 68,700 Gen'Ry Signal new _ ___No par 38 Jan 14 75 June 1
Jan
-.
36 May 49
-8
8
- - -12 1467 11634 148 1197 146 1491s 146 14£i
14514 146
6813 6,400 General Refractorles___No par
674 67
6712 66
4114 Nov 784 Jan
4
6853 6912 6718 6812 66
Mar 24 493 April
8
3712
*69'4 697
No par
Gimbel Bros
4200,
46
46
46
1114 Jan
4 45
4,53
445 4,558 45
8
46
46
464 45
100 994 Mar 18 10812July 141 100 Nov 254 Jan
500 Preferred
4
4
4
8
153 June
4
4
4
•10638 1063 *10613 1063 .10613 1063 *10612 1063 10612 1063 10614 1063
1412May 21 22 Mar 10
VG par
2,500 Glidden Co
15
15
8
145 15
4112 Mar 564 Feb
4
4
1434 1434 1412 143
8
4 143 143 .1453 1434
42 Mar 9 617 Aug 10
8 8,600 Gold Dust Corp v t e_No par
4
703 Feb
8
4 583 604 5918 603
3913 Nov
5912 6014 5878 5912 5838 593
4Sept 2
.5938 60
4
Co (B F)__No par 423 Jan 3 743
4
4 734 733 63,200 Goodrich
733
8 72
7118 727
73
9412 Dec 100 Feb
6814 7118 71
6914 70
100 95 Jan 3 10512Sept 2
900 Preferred
10512 10512
--_- -7
*105
4
4
1043 1043
10414 10414 10413 10412 10434 105
8
T & Rub__ __No par 483 Aug 31 5612 Aug 5,_4
4
523
8
483 5118 5012 _- - - 513 5253 9,300 Goodyear
5118 52
52
4
513 524 52
10C 105 Jan 7 112 June 0 10414 Dee 199 8e93
200 Prior preferred_
_
4
_ .1113
4
334 Mar 6912 Nov
4
8
4
8
•1115 11134 11153 11153 *1115 11134 1113 1113 .1113
4
1
/
57 Jan 12 7914 Aug 24
i
8
4 7
773 - - 12 5,300 Gotham Silk Hosiery __NC par
7ii2
4
4713 July 687 Nov
7714 7833 7714 7712 763 7838 *7612 7712 7612 - 58 Ian 12 79 Aug 24
No par
7812 1,700 Now
8 78
775
4 77
4
3 763 763
8
8 765 763
773
7714 7738 77
100 101 Jar 26 115 Sept 2-800 Preferred rlest
4
12
1134 1143 115 115
113 .113 114
ii Oct 21 Jan
113
•113 114 *11212 113
514 Aug 30 10 May 25
No par
800 Gould Coupler A .
6
6
514
514
6
1618 Mar 364 Dee
514 514 *5
4
512 53
3
31 13 Jan 27 45 May 26
3
54 54
8
4 404 413 25.700 Granby Cone M Bra & Pr_100 37 Aug 12 437
4 4053 4138 4012 4118 404 403
403
83e9t 2
3918 3912 40
8
4
4314 423 437 63,900 Great Western Sugarnew.Vopar 1164 Feb 26 122 June 3 10812 Mar 1181- J1.07
40
4 8 393 4014
4
3913 4018 3912 397
3934 40
100
230 Preferred
4
120 121 *120 121 *120 121
4
93 Apr 343 Deo
12012 12012 12012 122
.12013 123
11,900 Greene Caniusea Copper-100 2914 Jan 27 6918 Aug 30
5812 65
58
58
5613 59
5634 58
5714
8 57
567
56
8
107 Feb
54 Jan
8 Jan 26 1114May 31
_No par
914 912 1,100 Guantanamo Sugar__
94
8 Oct 9333 Jan
513
9
4
834 83
4 .812 83
812 812
4 834
83
100 46 June 30 64 Feb 28
900 Gulf Stated Steel
51
4914 4914 .50
45 June 6013 Det
*5012 51
5018 5012 4814 50
.5038 51
100 68 Jan 31 67 Jan 19
let pref class A
20 Hanna
60
*57
61
*57
60
Oct 2812 Nov
26
62 .57
60
60 .57
62
•60
100 Hartman Corp cla..a A_No par 2312Sept 2 2714 Mar 29
2313 2312
8
243 Dee 30 Sent
8
*2312 25 .2312 25 .2313 25
25
25 .23
20 Aug 12 293 Apr 18
.23
Na par
B
Jan
2214 2214 2212 2212 1,900 ClassWheel
174 Dec 46
2112 2212 *2214 23
8
22
217 22
22
152 Feb 15 2812Mar 31
No par
Hayes
88 Mar 88 Dec
3
25 7612 Jan 14 1017 Mar 17
100 Helm°(0 W)
*99 100
,
1712 May 35 2 Aug
-18July 6
22 Jan 31 417
2
56F3 1611- ;0612 10112'100 16 4 166- IVO- ;65- loo - 35
No par
Hoe(R) & Co
1,900
35
35 .3414 3512
4 35
34
3614 3413 343
37
37
No par 314June 3 3712July 26
Son (A)
Oat
63
364 364 3612 8,300 Hollander &Mining
36
4712 Jan 4
36
3658 353 36
37
36
100 60 Jan 25 6313 Jan 16 35
35
Homeatake
8
___ .6212 _ _ *6212
40 Mar 483 Jan
65 .62.62
434 Jan 3 6512 Aug 8
65 .62
•62
Househ Prod,Ine.tem etf.Vopar
2,500
61
61
61
Jan
5914 60 - 504 Mar 71
594 11 17412July 9
6 -761 - -1 s
62
62
62 62
of Tex tern etts100 6018 Jan
4
2
120, 1213 80,900 Houston Oil
Jan 45 Sept
27
417 Apr 18
11914 12312 120 125
8
4July 1 i
4
No par 343
130 1333 13012 13212 12314 131
4014 5,100 Howe Sound
8
397 4014 40
4
403 Oct 12314 Jan
No Dar 4814 Jan 24 0112 Aug 2
8 3912 4012 3912 40
4
4013 393 397
40
Hudson Motor Csr
8
8
8114 8212 8218 845 105,000
17 Mar 283 Jan
83
10
81
3
8Sept 1 233 Jan
8358 8534 8212 8412
8514 86
4,700 Hupp Motor Car Corp____10 177
3
177 18
Jan
8
1818 177 18
8
193 Mar 34
4
3May 20 323 Feb I
I7,
3 1858 1814 18
Claa_No par
1814 183
1814 1858
2014 2,900 Independent 011 &
,
20 2 20
1412 Dee 2414 Feb
13 Mar 30 27121uue 29
2012 2053 204 2012 2014 2012 20
No par
21
.2038
1,700 Indian Motocycie
4
734 Oct 13, Fob
4 2412 2514 2512 253 *2614 2612 1,500 Indian Refining
712May 12 1118 Mar 14
2413 243
10
25
8
*2418 245 •24
8 812 834
814 83
713 Oct 1213 Feb
1012 Mar 14
812 .818 838
714June 20
10
8
7
7 3 74
Certificate3
4 8
*73
818 812 1,300
Jan
8
8
8014 Mar 104
2
814 814
8
8
.74 814 *713 814
1,200 Ingersoll Rand new___ _No par 8814June 30 9612 Apr 25
90
3413 May 433 Dec
90
4
89
89
90
*89
91
90
91
No par 41 Feb 15 5512July
9113 9113 91
Inland Steel
4 3.200
534 *524 523
52
52
5218 52
100 111 Jan 3 117 June 8 1084 Mar 115 Feb
5214 52
52
52
52
_ *115 ----------Preferred
2034 Mar 2858 Nov
.115 _ _ .115
_
*115
_ __ .115 _
.115 _
Inspiration Cons Copper___20 1212June 27 2512 Jan 12
184 1812 1953 3,
8
- 8 185 liss 1814 - 193
19
1878 19
1918 1ils
4
12 Dec 213 Feb
4
153 Mar 12
8June 21
113
.Vo par
100 Intereont'l Rubber
13
.12
12
12
13
918 Dec 2614 Jan
13 .12
4
*12
13
6o Apr 23 123 Aug 23
Vu par
.12
13
•12
Internal Agrlcul
8
1012 107 *1013 1114 1,500 Prior preferred.
8
563 Dec 95 Jan
1012 1114
26
1114 1112 *1012 1114
100 33 Mar 20 6612May
1218
•12
200
53
53 .50
8
*50
3818 Mar 567 Dee
50
2
50
54
.51
54
3
3
55 4 55 4 *50
18,300 lot Business Machlnes_No par 534 Jan 13 94 Sept 31
9214 9212 94
90
8
443 Oct 714 Jan
3 9114 93
933
4514 Jan 21 6538May
8878 8978 90
3
883 8838
554 3,400 International Cement No par 10214 Jan 21 11014May 19 1017 Oct 106
8 55
Jan
8
547 547
55
8
3
8
8 553 55 4 55
555
100
5512 5512 55
Preferred
4
1083 *108 1084
3313 Mar 6413 Jan
4313 Jan 28 64 Mar 1
.10713 10812 *107 10812 1.0712 10812 *10712 10812.108
63,500 Inter Comb EM Corp_No par
8
8 483 5014 4814 4912 483* 4914 10,300 International Harveeter_100 1353 Jan 18 199 Aug 5 11214 Mar 15818 Dee
4933 507
3
4
484 4912 473 50
4
19414 1983
Jan 129 Dee
192 19313 192 194
19012 1954 193 194
4
100 1263 Jan 12 133 May 18 118
192 193
900 Preferred
132 13214
8
123 Feb
6 Sept
13112 13112 132 132 *131 132
45fay 27
83
13112 132
412 Aug 8
100
•13113 132
1,500 lot Mercantile Marine
5
5
518
518
514 514
8
27 Mar 463 Feb
512 512
3
*512 553
101) 354 Aug 9 55 3May 31
*513 6
3712 3814 3,000 Preferred
4
373 38
38
3
4 38
5312 Mar 663 Feb
8June 7
4 3813 3914 384 383
4
383 383
International Match pref_35 62 Mar 2 775
4 7414 744 13,900
4
8
323 Mar 4614 Jan
754 7312 744 733 743
7612 74
74
74
74
Nickel (The).26 384 Jan 3 75 May 31
s 654 6713 35,700 international Paper..
4 654 66,
673
4418 Apr 834 Aug
684 66
67
664 68
4
663 67
.No par 43912May 18 8078 Mar 7
4
553 14,000 International
5614 55
8
89 May 100 Dee
3
100 9612 Jan 3 10318Sept 2
55 4 564 5514 5614 5514 554 543 5514 5418 103
103 10318 7,400 Preferred (7%)
Jan
1024
4
175
4
10213 10278 1024 10213 10253 1023 1023 103
400 International Stioe____No par 160 Jan 21 20014Sept 2 135 May
s 20014
s
197 1997 1997
_ _--- - - -0
•197 200 .197 200 .197 200 *197 2 0 .
100 13512Mar 21 196 Aug 2
100 International Silver
Jan
168 168 *167 172
2 111 `Mar 133
173 .168 173 .168 173
11168 173 .168
23,700 Internat Telep & Teleg-100 12214 Jan 25 148129ept
8
Jan
1811 July 29
14413 14738 14614 1484 14612 1484 1464 1477 14714 14812
144 145
1912 Jan 31 3912June 18
No par
700 Intertype Corn
34
4
3414 3414 33, 3314 .33
34
34
34
3412 3412 34
4812 Mar II 6618 Aug 31
1
1,700 Island Creek Coal
65
65
6618 644 65
65
Jan 5612 Deo
4
26
6412 6412 *6313 6412 6413 643
No par 5312 Jan 3 67 Aug 29
8 9,400 Jewel Tea, Ina
655
654 65
65
65
65
67
66
67
4 65
663
65
100 11112 July 25 12512 Mar 15 11513 Jan 12712 Nov
200 Preferred
Jan 120 Aug
112 112 .11112 11212.11214 11212.11112 11212
*111 113 .11112 112
4May 21 114
50 Jones & Laugh Steel pref 100 117 Feb 2 1223
4
.1203 12114 12114 1214
3
4
4
41203 12114 12114 12114 .1203 12114 .120 4 12114
1911 Feb
9 Doc
8June 27
1058 Jan 3 305
1,300 Jones Bros Tea, Inc. _No par
25
2512 .24
.2412
FJ13
25
24
*2534 26
12 Nov 86
*2512 2612 2514 26
8July 6 2212 Jan 5
125
No par
Joedan Motor Car
8
4 1814 1812 175 1814 16,400 Kaa City P&L 1st pf A_No par 112 Feb 10 11512July 15 10714 Mar 115 Nov
1834 191
4 1813 183
1812 1934
2014
19
200
4
4
4
4
4
4
334 May 513 Dec
4
*114 11434 .114 1143 .114 1143 .114 1143 *114 1143 1143 1143 12,700 Kayser (J) Co v t _
, 49 Apr 29 5034 Aug 25
No pa
5812 5914
5712
5712 57
9 Oct 2112 Feb
4 5712 5853 57
583
5812 57
58
912 Jan 27 30348ept 1
25
Tlre
8
3
3
3 277 30 4 287 3018 229,300 Kelly-Springfield e283
4
4312 Oct 743 Feb
53 2914 2713 294 27
25
414ept 2
2612 28
100 35 Feb 2 853
4
4 8412 853 10,400 8% preferred
843
4 8012 834 80
7812 803
80
45 Dec 734 Feb
4 74
7312 743
100 44 Jan 19 86 Sept 2
6,100 6% preferred
86
85
84
8012 824 82
4
783 81
79
75
76
72
par 20 July 33 27 July 11
700 Kelsey Ila,e_a Wheel_ __No
24
2418 *23
Nov
6414 2414 2414 2414 2418 2414 24
25 .24
.24
No par 60 Feb 9 72 Aug 23 list Mar 704 7112 31,100 Kennecott Copper
8
8 707 714
218 Jan
8
3 705 713
4 May
4 704 713
703
1 Mar 11
8 70
7018 707
14June 30
900 Keystone Tire & Rubb_No par
4
14
14
14
58
.14
18
39 Nov 8218 J11,0
4
*
14
14
4June 28 45 Jan 5
14
193
14
No par
100 Kinney Co
.2318 2612
26
26
28
*26
28
.26
28
*26
85 Sept 9914 Jan
28
.26
100 58 June 29 8412 Apr 8
230 Preferred
4
7814 784 *7814 793
78
7918 8013 8012 78
5653 Dee 68 Nov
79
79
79
25 49 June 16 624 Feb 25
4 7,700 Kraft Cheese,
563
54
3
563 5714 5618 57
Jan
424 Mar 82
5613 58
59
4 58
6912 Aug 5
5914 593
3
10 457 Jau 28
8
8 665 6714 20,400 Kresge (8 8) Co new
4 6553 667
53
4 65- 663
673
4 6612 674 67
67 673
100 11013 Feb 9 118 July 16 11212 Nov 1144 Feb
20 Preferred
12
8
1518 Mar 333 Jan
4
.11513 1153 11512 11512 *115 11534 .115 11513.115 11513 11513 115
10 June 28 1712 Feb 8
par
100 Kresge Dept Stores__ No
*1213 15
14
14
15
.14
15
7014 Mar 9314 Feb
*14
15
.14
15
.14
100 46 June 28 SO Jan 4
Preferred .
60
60 .45
52 .45
*45
54
*45
2 146 Mar 196 Dee
54
*45
60
.45
4
300 Laclede Gas L (St Louls)__100 1733 Jan 27 28712June 17
1918 May 2412June
230 230 .230 245 *220 240 .225 240
231 231
3314 Aug
2012 Jan 13
.230 240
8 9,600 Lago 011 & Trans00rt.No per
307
30
3012 3012 31
3912 May 72 Nov
294 3013 30
2912 30
8
295 30
NO par 60 Jan 28 0258July 18
8
735 7514 14,300 Lambert Co
JIM
4
14
4 763 764 7453 76
IN Dec
764 773
8July 25
3
7 Jan 4 117
8 775 78
783
78
No par
8 7,900 Lee Rubber & TIre
115
11
11
3 11
113
1113 Jan
304 Mar
114 1114 1112 1112 1113 11
4
11
8
No par 323 A pr 27 383 Aug 30
22,300 Lehn & Fink
4 374 38
373
37
38
25 Dec
4 37
3712 383
1718 May
8 374 38
3
36 4 367
2458 Feb17
No par 21 Aug 31
1,300 Life Savers
4
2112 2112 2112 213 214
*2114 2112 *2114 2112 2114 2114 21
7218 Mar 103 Dee
700 Liggett & Myers Tobacco__25 .8713 Feb 10 123 May 24
4
12012 12012 11914 11914 *120 122
71 Mar 723 Dot
11918 11918 120 120
.119 120
8
25 .865 Feb 10 12214May 24
8 12,600 Series II
8
4
8
120 1203 120 12078 12018 1205 12014 1207
4
11913 11934 11914 120
4
WO 1243 Jan 27 133 Aug 25 1193 Jan 1293 Mai
Preferred
5312 Mar 604 Jai
.131 134 .131 134 *131 134 *131 134 .131
8
.131 134
No par 62 Jan 6 763 Apr 26
2,100 LIMA 1.00 Wki
4
*643 65
4
3
643 65
65
6512 6612 65
4312 Oct 587 NO,
66
3
65
65
65
900 Liquid Carbonic cartifa_No par 48 Aug 12 593 Feb 14
49
4912 49
4913 4912 *49
4912 50
3414 Mar 4831 DC
*4912 50
49
50
464 Jan 4 6378 Mar 17
8
553 14,400 Loew's Incorporated_No par
8 55
5514 5414 553
54
Oct 1114 F it
8
6
3 554 565
5512 563
753 Jan 20
56
56
6 Feb 23
No par
2,800 Loft Incorporated
658 64
64 613
::
oc, 1211 r
6's 618
414 Dec 5014 F
8
64 614
614 63
Mar 7
8
64 63
600 Long Bell Lumber A. No par 3212 Apr 26 43 Aug 4
35
35
*3412 35
35
35
4
*3412 35 .343 35
35
35
54
2July 1
4
503 19,500 Loose-Wiles Biscuit new __ _ _25 3351
Dag
4 4913 5033 50
4 4918 503
504 491s 503
8 49
4818 495
100 157 Mar II 171 May 7 12014 Mar 175
20 preferred
274
3July 28
.5 2312May 2 473
4012 21,000 Lorillard
3938 4012 40
Aug
3918 40
4058 4138 4013 4134 3912 41
100 107 June 27 11812 Jan 13 111 18 Apr 120 June
Preferred
194
8
12 Mar
111212 11512 *113 11512 .113 1167 11512 116 .114 116 *111 116
2Sept 2 12 Aug 16
103
13,600 Louisiana 011 temp atfs_No par
8
103 11
4
103 1118 1034 11
93 1)e, 98 1)e(
103 1112 107 11
8
4
3
1118 1133
100 90 Apr 0 97 Feb
100 Preferred
9113 .9012 91
4 9012 9013 91
3
8
4 90 4 903
22 4 Mar 2613 Feb
4
903 903
4
*903 91
2354 Jan 3 28 May 10
1,600 Louisville GA El A--No par
4
263 27
27
4 27
2714 z2634 263
274 27
2253 Oct 5814 Feb
2718 27
27
4June 24 3314 Mar 18
213
No par
400 Ludlum Steel
8
Feb
8 2313 2313 233 2338
8
233 233
Oct 138
8 24
4
.2313 233 .233
.2312 24
100 105 June 27 134 Aug 24 122 Mar 7318 Feb
1,800 Mackay Companies
130
124 12418 .120
124 126
129 129
68
4
1130 13112 1283 130
100 67 Aug 2 74 Aug 18
900 Preferred
7112
7118 7114 714 72 .70
72
Jul'
7214 72
*71
73
.71
894 Nov 159
,
No par 8 4 Jai. 24 11834May 23
8
8 9813 1003 40,300 Mack Truck'', Inc
Nov 113 June
994 9814 1005
4 9853 100
98
8 99 1003
10013 1017
100 109 Jan 25 11318July 19 10712 Oct 1084 Sept
let preferred
100
.10913 11012 *10912 112 .1094 11012 10912 11012 10912 10912 .110 112
1.8 10712June 9 102
100 102 Jan
100 2d preferred
Apr 444 Feb
8
1105 10618 *105 106, *105 10618 1054 10512 .10512 107 .10512 10712
34
2913 Feb 9 384 Aug 24
No par
,
2,700 Mag,,a Copper
37
8
8
37
3712 365 374 365 364 37
8
4 363 37
284 Jan
4
363 363
8
125 Nov
1112 Apr 7 18 May 2
1.900 MallInson (11 Ft) & C.o_No par
*1514 16
15
15
53 15
4 1413 1514 14
1453 143
.1413 15
4
Oct 873 July
44
50 Aug 29 132 Aug 5
No our
524 5314 4,500 Manh Elea Supply
3
524 53
52
51
524 504 52
8 50
5112 525
214 Oct 327 Jan
8July 21
25 2414 Jan IN 343
900 Manhattan Shirt
2913 2934 2918 2912 2914 2914 *2914 2912
4532 Sept
4
4
293 293 .2953 30
2712 Mar
Ian 22 50 Aug 16
Manila Electric Corp_No par 40
100
60
60
*47
60
*47
.47
60
47 .47
47
50
*47
1)I4 Oct 28 Feb
J41118
4
13 June 27 223
300 Maracaibo 011 Expl_-__No par
15
16
1412 1578 15
.15
16
1614 •15
3
.15
16
.15
4914 Mar 833 June
31 June 27 584 Jun 17
No par
19,600 Marland 011
3512 364 3512 36
3512 36
6
354 3
2
4 35, 36
36,
36
2412 Oct 33 Mar
No pa- 27 Jan 10 6314 July16
2,200 Marlin-Rockwell.
48
8 4714 4714 48
8
23 June
4
4814 4814 473 4818 475 4814 4712 485
May
17
,
8June 29 24 4 Feb 24
165
400 MartIn-Parry Corp__ No par
21
21
*18
21
.18
8
213 2113 2012 2013 .18
not, 21
6212 May 10618 Jan
4July 20
kallo par 82 Jan 6 1243
11512 11714 115 1163 116 11653 2,300 Mathicson Alkali Wor4
116 11712 115 115
1116 118
6912 Dec 70 Dec
4
4June 28 803 Aug 18
663
2
794 4,800 May Dept Stores new
4
7912 79
7814 7914 783 7914 79
2412 Sept
3
78 4 7812 79
3
78 4
19 Mar
2318 Jan 15 3414 Aug 10
No par
8 3114 3112 6,200 Maytag Co
8 3112 315
317
Jan
3113 304 3158 31
3118 314 31
72 Mar 121
300 kir:Crory Stores Class B Nora, 5612 Mar 4 90 Aug 5
85
8514 85
85 .83
*83
85
*83
8418 85
*8412 86
30 Feb
Ocl
224
2712 Feb 28
300 McIntyre Porcupine MInes__5 2412 Mar 14
8
8
8
*253 2512 253 255 .2512 26
*2512 26
2512 Nov
*2512 26
*2514 26
2214 Jan
Metro-Goldwyn Pictures pf _27 244 Jan 3 2614 Feb 21
134 3255
.2414 2514 *2414 2514 •2414 23 .2414 254 *2412 25 8 *2412 25
6 Feb
914 Feb 16
3 Aug 23
44 418 3,100 Mexican Seaboard 011_ _No par
43
418 44 44
453 478
4
412 43
174 Oct
.412 44
11 Mar
1612 Feb 28
0 1313June 21
4
143 144 1,400 Miami Copper
15
4 144 144 15
Jan
144 143
4
4
143 143
15
15
2712 July 37
394 Jan 21
29 Apr 2'J
9,000 Mid-ContInent Petro...No par
31
3 3018 3118 3012
303
3 30
3 3013 303
3012 304 303
90 Mar 10414 Dec
30
Feb 3
100 97 Apr 28 105
200 Mid-Cont Petrol prof
4
10234 1023
4
1024 *9914 1023 +100 10234 100 100
212 Jan
Nov
34
4
.994 1023 .9914
33,June 23
153 Jan 3
'212 213 4,200 Middle Staten 011 Corp____10
253 253
8 24
25
8 24
25
14 Pee
13 Oct
212 24
8
24 25
3
2 4June 23
113 Jan 26
IC
1,000 CertifIcates
.134 2
4 2
.13
2
4 2
13
2
2
Mar 13311 Feb
2
.14 2
1,500 Midland Sloe' Prod pref._100 106 Apr 11 14334 Aug 25 107 May 443 Feb
13713 13878
135 137 *133 138
13612 137
4
4
4
30
4
1383* 13812 1373 1373
4
2,700 Miller Rubber etfs___No par
233 Aug 26 363 Apr 12
273
2 *27 28,2 . 8 28
271
8 27
4
8
693 Mar 8612 Nov
2412 244 244 2614 263 273
100 814 Jan 28 10614July 22
4 1,500 M
101 1023
4
4
,,
1021, 10114 101, 1003 101 *10014 103
102
36 Ms. " Jar
'102 107
,
3
86.700 Morita Ward & Co III eoro__10 60 Feb 3 78 Sent 2
7158 725* 714 734 7318 751, 7514 78
721. 73
7918 733.
s Ex-dividend. 61 Ex-r gbts.
• Hid and asked prices: no sales on this day.
Shares
New York Stock Record-Continued-Page 5
1299
For sales during the week of stocks usually inactive, see fifth page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. 1 Sales
for
Monday,
Saturday,
Wednesday, Thursday,
Tuesday,
Friday,
the
Aug. 27.
Aug. '29.
Aug. 30.
Sept. 1.
Aug. 31.
Sept. 2.
Week.
$ per share 5 per share S per share 5 Per share 5 Per share $ per share
712 712
7
7
*7% 7 4
714
3
718
7
718
7
7
212 25
212 2%
212 238
212 25
212 2 8
212 25
8
.8
87
8 *8
812
712 712 *73
9
*73
4 9
*73
4 9
253 258 2512 2712 2612 273
4
8 27
2814 283 2912 29
8
293
4
8
273 277
8
8 265 2712 2614 2718 2612 267 *2612 27
8
2612 2812
5618 5412 58
5712 5812 578 60
5218 5414 54
56
571.2
4758 473
8 4714 478 4538 57
4614 463
4 463 463 *46
8
47
2312 2412 2412 258 247 2518 25
8
2612 2514 2612 24
2534
813 823
4
4 8118 8212 8112 82
813 8312 82
8
844 843 8514
4
4514 6
14 *5
5 4 53
3
4
514 514
514 5
6
5% 55
•35
36
36
36
3514 3514 3412 35
*3412 36
35
353
4
3
*8712 9012 903 903
8 8914 8914 *8812 89
*8812 89
8812 89
*13312 135
135 1363 13534 13872 13712 13938 13718 1393 13914 1423
4
8
4
*13312 13612 *133 136 *140 160 *137 140
140 140 •137 140
44
4412 443 46% 4512 4612 453 46
4
4514 4578 4514 453
8
4
6514 6512 643 6514 64
4
653
4 6212 6418 60
6211
6212 61
2312 23 8 23
5
2312 *2314 2312 2314 2314 23
23
227 23
8
91
91
91
91
*9058 9118 *9038 9118 *905 9118
91
91
8
3814 39
3712 3812 3818 3814 36
3718 3712 3718 3838
38
*53
55
*53
57
*53
58
53
53
*517 58
8
*517 5712
8
5
2812 28
287 287 *28
*
*
283 *2712 2812 .2712 2812 2814 2814
4
88
88
88
88
88
88
88
88
*87
89
88
88
11314 11314 114 114
114 1163 1133 11334 *114 116
4
4
116 11612
13132 13212 *132 13212 13218 13214 *132 13212 13212 1323 2134 134
4
223 23
4
2212 22% 2212 223
4 2214 2212 2218 2238 22% 2314
*8412 86
8412 8412 8414 8412 84
8412 8412 8612
8414 *84
244 244
244 246
245 4 249
3
24512 2473 24514 247
4
24614 2473
4
152 153
15112 15112 150 15012 15012 151 *15012 152
150 150
155 157
8
8 1512 157
8 1512 153
1538 1514 1513 1514 1558
4 15
*45
4514 4512 465
451 453
4 4514 458 4514 455
8 45% 453
4
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Shares Indus. & ?insect. (Con.) Par 8 Per share
t Per share $ per share $ per share
6 June 23 1212 Jan 5
No par
si 900 Moon Motors
934 Nov 373 Feb
8
5,300 Mother Lode Coalition_No par
212May 13
43 Jan 3
8
4 Nov
7% Feb
200 Motion Picture
712 Aug 30 18% Mar 18
No par
1034 Dec 2312 June
10,300 Motor Meter A
No par 243 Aug 25 38% Apr 18
8
333 May 533 Feb
4
8
8,800 Motor Wheel
4
No par 203 Jan 3 27 2 Mar 29
7
1918 Nov 337 Feb
8
20,400 Mullins Body Corp_.._ _No par
10 Jan 5 GO Sert 1
8 Nov
195 Feb
tMay 17 49% Aug 18
1,500 Munsingwear Inc
No par 358
343 Apr 383 July
4
19,400 Murray Body new
No par 20 Aug 9 43 Feb 23
91,300 Nash Motors Co
No par 6014 Apr 25 8514 Sept 2 62 Mar - - -Oen
707
8
700 National Acme stamped__10
5 Feb 15
68May 18
7
5 Nov
127 Jan
8
1,300 Nat Belles Hess
No par 3412 Aug 31 4414 Apr 11
500
Preferred
100 883g July 11 97 Apr 19
36,400 National Biscuit
25 943* Jan 27 1423
4Sept 2 74
Jan 102 D3e
100
Preferred
100 130 Jan 10 141 Aug 25 126
Jan 13112 Apr
27,600 Nat Cash Register A WIN.par 397 Jan 3 46% Aug 29
8
3712 Oct 54 Jan
57.200 Nat Dairy Prod
8
No par 5914May 3 687 Aug 4
2,600 Nat Department Stores No par 2014June 27 273
8Mar 1 14 Oct 4238 Jan
300
let preferred
_100 8912July 26 9414 Jan 10
893 Oct 97
4
Jan
9,600 Nat Distill Prod etfs___No par
1212 May 34 Jan
8June 6
17 Feb 8 513
Aug 7318 Jan
Preferred temp ctf_No par 43 Mar 22 693
100
3712
4June 8
500 Nat Enam & Stamping___100 1918 Apr 29 35 8June 6
2118 July 4012 Jan
3
900 Preferred
76 'July 89114 Jan
100 898 Apr 29 9178July 5
4May le 138 Apr 181 Dec
1,900 National Lead
100 995 May 31 2023
100 1131-June 2 134 Sept 2
800 Preferred A
162- -31,000 National Pr & Lt etfa__No par 1914June 23 23% Mar 24
4 ...,f.tr 383* Jan
6512 Jan 88 Dec
3
3.300 National Supply
50 76 May 11 95 4 Feb 18
100 a218 July 21 269 May 13 208 Mar 237 Dec
2,050 National Surety
o3u1y 21 11812 Nov 238
900 National Tea Co
No par 108 Apr 18 1743
Jan
21,400 Nevada Consol Copper_No par 123
8
4June 29 157 Aug 25
1138 June 1614 Nov
3612 Jan 4612 Sept
4.100 N Y Air Brake
No par 403* Jan 8 50 June 9
201s Nov 848 Jan
217 Jan 3
8
1318 Apr 21
No par
_
7014 Dec 85
Preferred
Apr
No par 43 Mar 30 72 Jan 13
511i4 e6
Li
8Sept 2
32
Oct 45% Feb
a 1112 ii - -3
New York Dock
6100 34 Jan 14 633
*83
87
*84
87
1584
87
*84
86
500 Preferred
69 May 77 Den
87
8714 87
100 7218 Feb 9 88 Sept 2
88
*28
2812 *2814 2812 2812 2812 *283 2812 *288 2812 2812 2812
5
8
200 Niagara Falls Power pf new_25 273 Jan 31 29 8May 2
2738 Mar 2912 Dee
4
6214 523
4 5214 527
42 Mar 87
5212 53 4 5318 543
8 53% 5412 5412 56% 101,000 North American Co
3
8
10 455 Jan 14 6618Sept 2
Jan
*5112 5212 •52
5212 5212 5212 5212 5212 *5212 527
49
8 5238 527
Jan 52% Aug
50 50 Jan 10 55 Aug 9
8 1,100 Preferred
*101 102 *101 102 6101 102
700 No Amer Edison pref__No par 965* Jan 8 1023 Aug 13
9118 Mar 97 Dec
4
10112 10112 10138 1013 10212 10212
4
*212 234
212 2%
234 2% *212 23
418 Oct1518 Jan
53 Feb 10
8
8June 16
600 Norwalk Tire St Rubber
17
* 27
10
4
4 27
27
8
8
23
•1012 14
*1012 14
11
*11
11
14
*1012 14
*11
123 Dec 1712 Jan
4
95 Aug V' 13 Jan 19
8
14
100 Nunnally Co (The)____No par
g
353
358 358 *3512 357 *3412 35
345 3438 35
353
8
30 July 3838 Oct
35
8June 3
1,100 011 Well Supply
'5 3114 Jan 28 443
1
1218 12% 1112 1218 1178 12
12
12
12
12
12
1218 133 12,000 Omnibus Corp
11 Mar 25 171)4June 11
Oct2214 Feb
4
No par
7112 713
713 72
4 71
4
7212 7212 723* 7234 2,200 Oppenhelm Collies & CoNo par 5812 Feb 8 7312 Aug 20
71
72
72
47 Jan 6338 Sept
*28
2814 2712 28
26% 25% 2612 2478 257
267
8
2712 Mar 3318 Nov
2414 251
5,000 Orpheum Circuit. Ito
1 2414Sept 2 35 Apr 7
*____ 105 *103 106 •_ 10412 *1037 10412 *10378 10412.1037 1041
8
8
Jan 105 Apr
Preferred
100 10312Mar 23 10812June 2 101
*14112 142
13812 13912 *138 139
139 139
1,100 Otis Elevator
13938 14134 140 140
2
' 50 3103 Feb 2 1437 Aug 16 106 May 136 Del
117 11712 .1163 11812 *117 11812 *117 11818 119 11913
1173 119
4
4
280 Preferred
4
4
100 108 Feb 16 1243 Aug 2 1023 Jan 10912 Aug
0% 10
10
*978 10
1014
10
10
08 10
2,100 Otis Steel
Oct1412 Jan
8
14
08 10
7 Feb 10 1212June 6
No par
7412 7412 *74
7412 74
7412 *74
7412 *74
7412 7412 7412
700 Prior pref
8June 9
63 Nov74 Sept
100 6112 Feb 8 793
*77
78
4
7712 7712 7714 7714 *763 77
*763 77
4
77
77
500 Owens Bottle
25 7518 Jan 18 8412 Mar 14
53 4 Mar 90% Deo
3
3912 3912 39
*3912 40
39% 39
393 *39
8
3912 3912 3913 1,800 Pacific Gas & Elea new
25 31 Feb 18 40% Aug 23
114 *118
114
114
114
*118
118
114
Bs
118
118
118
1,000 Pacific Oil
nl May 8
17 Jan 7
I May 25
No par
1318 Feb
41% 423
8 4012 4218 40
407
8 4018 4112 4130 417 58,000 Packard Motor Car
4114 40
427*Aug 24
3
10 33 4 Apr 28
313* Mar 4514 July
1134 12
115 12
8
113 12
4
113 12
4
117 12
8
12
13
25,600 Paige Del Motor Car--No par
9 Nov 2812 Jan
8
77 Mar 22 1412May 4
47
48
4518 4614 4538 47
4712 4814 4712 4812 4714 4812 23,800 Pan-Amer Pelt & Trans -50 451 Aug 29 657 Jan 19
5818 Mar 7611 Jan
4712 48% 455* 4718 455 4712 4718 483
8
567 Mar 783* Jan
4 475 491
4712 49'8 103,200
Class B
50 455 Aug 29 66% Jan 20
2012 2012 2038 203
4 2012 2114 *203 2112 *203 2112 2012 203
4
4
4 1,50 Pan-Am West Petrol B_No par
19 Mar 30 377 Jan 24
8
30
Oct 46
Jan
*914 1014 *914 1014 *912 10
*914 10
*914 10
41 Jau 32 June
*912 10
Panhandle Prod & Ref _No par
8 Apr 29 187g Jan 17
*44
58
60
*44
58
*44
*55
58
55
55
*55
58
400 Preferred
100 55 Sept 1 813 Jan 17
4
LI
Jan 9938 June
3712 3812 37
3712 3712 373
38% 39
388
38
9,000 Park & Tilford tern ctts_No par 20 Jan 27 4218June 16
373 38
4
18% Oct 2818 Jan
738 75* *75* 712
*714 7 2
,
714 7 4
,
714 714 *7
7%
500 Park Utah C M
1
6 Jan 3
8 Mar 4
518 Sept812 Feb
3318 333
8 33
33
3212 33
273 3218 288 293
8
4 2518 263 15.800 Pathe Exchange A new No par 2518 Sept 2 43142une 17
4
207
8 20
195 195 •1912 21
8
8
20
2018 2018 *20
193 193
4
4
600 Patine, Mince & Enterpr __20 1812 Aug 1 277 Feb 2
8
4
8
237 238 234 233 *233 23% 2314 2314 2314 2314 2214 2318 1,700 Peerless Motor Car
60 20 Apr 29 32 Jan 81 13 8 Nov 3
311i, Noy
23
2318 2318 2318 2312 233
4 2312 2312 23
235
23
23
3,600 Penick & Ford
NO pal 21 Jan 17 277
2May 91 167 Jan 24 113r1
8
*14
17
*14
15
1518 15
*1212 17
15
15
14
14
300 Penn Coal & Coke
50 1014 Jan 19 2512MaY 27
7 Aug 19
Oct
4 233 25
4 253 253
25 4 253
3
2412 237 2414 24
4
24
8
2414 5,700 Penn-Dixie Cement_ _ ..No par 237 Aug 22 395 Jan 13
8
8
38 Dee 41 Dee
*9212 05
*9212 9338 *9212 95
*91
031 *91
93
*91
Preferred
93
100 9318 Aug 26 100 May 14
99 Nov 10011 Nov
1 1 Feb 14
8
14June 25
2% Jt.n
--- ---Penn-Seaboard St'l vtc No pa
--- ---- ---- ----52 Oct
ii1ii4 15014 149% 15012 148 14914 14614 14718 i4714 11713 itiii2 1.13:1
People's 0 L & C (Chic)_100 126 Jan 14 1635 Aug 5 117
8
Jan 131 Dee
*1105 109 10104 107 *105 108 *104 106 *103 107 *103 107
Philadelphia Co (Pittaill___50 8514 Jan 18 110 Mar 25
5918 Mar 91 Deo
*5212 53
*5212 53
*5212 5312 52% 527
527 527
8
8 53
531s
600
6% preferred
50 50 Jan 6 5318Sept 2
45
Oct 5114 July
403 405
8
8 40
4012 40
4014 40
413
4 403* 41% 4012 41
15,000 Thila & Read C & I___No par
373
8June 30 47% Mar 4
3614 Apr 4838 Feb
*40
42
*40
42
*39
41
*40
42
40
40 4 *4012 41
1,000
Certificates of Int_ __No par 3714June 30 47 Mar 4
363 June 44112 Jan
4
26
26
2612 2612 *26
278 26
26
*26
27
700 Phillip Morris & Co, Ltd_ _ _10 28 Juno 30 4118 Jan 10
2614 2614
16 Apr 41 Dee
4214 43
415 428 413 4238 4218 427
4
8 4214 437
425* 4330 61,300 Phillips Petroleum ____No par 38 July 13 6014 Feb 16
40 Mar 573* Dec
*46
49
*46
48
*46
4734 46
46
46
46
46
46
1,100 Phoenix HoelerY
31 Mar 4614 Nov
5 42 Jan 7 52% Aug 2
10412 10412 *10412 1047 1047 10478 *10412 105 *10412 105 *10412 105
8
2
170
Preferred
100 103 Jan 5 10734July 0
94 Mtr 103
Oct
1012 1118
4 1914 103
1014 103
4
95 1912
8
97 1012 1014 1012 29,000 Pierce-Arrow Mot Car No par
8
958 Aug 31 235 Mar 8
19 May 4318 Jan
8
4314 45
43
447
3 4214 443
4 43 433
4 42
44
4234 433
4 8,400
Preferred
100 42 Sept 1 10212 Jan 3
7612 Apr 12714 Aug
5
8
5
8
*8
8
8
4
8
8
8
8
*5
8
54
5
8
3
4
118June 22
21
3
4
12Mar 25
84 2,300 Pierce 011 Corporation
12 Octl'ilt Jan
17
17
*17
20
163 163 *17
19
4
4
*17
1712 *163 17
4
300
1118 Nov 2718 Jan
Preferred
100 1312 Mar 24 24 June 21
3,
2 312
37
33
4 33
4
312 37
312 3
4,100 Pierce Petrol'm tern etfahlo par
% *312 37
214 Aug
512June 20
212 Mar 22
*334
7
Jan
58
5718 5814 5714 59% 57
5714 63
61
6213 61
6214 19,600 Pittsburgh Coal of Pa
29 June 4212 Jan
4
100 323 Mar 22 7412June 7
*84
86
*84
86
*84
88
85 85
*85
87
*85
87
70 June 85
Preferred
100 705 Mar 10 9312June 8
300
8
Jan
*97
09
9712 9712 *9712 09
*9712 99
- __ _ *97
94 Ma 100% Dec
99
100 9513 Apr 11 101 Jan 18
100 Pittsburgh Steel prof
114 1153 11378 11512 11314 11678 114 11632 11418 1175 1173 12012 136,800 Postum Co. Inc
--- 8
4
7512 Star 1247 Feb
No par 923*Mar 16 12012Sept 2
8
74 4 77
3
4 7318 755
7412 753
8 71
74
72
744 7312 7814 43,600 Pressed Steel Car new
34% May 44 Nov
100 3612 Feb 5 78 Aug 26
90
90
.
903 *89
8
8912 89% 89
8912 *87
883
8 8812 887
7712 Dec 95 4 Jan
Preferred
8 3,100
100 7612 Feb 5 9212May 12
3
2212 2312 223 2234 2258 23
8
2212 2212 *233 24
8
23% 2312 5.200 Producers & Refiners Corp_60 1630 Jan 6 337
11 Mar 2044 Oct
8hitty 18
4
4
404 403 *403 4112 *4012 41
*4012 41
41
41
*41
4114
303 Stay 4134 Oct
4
270
Preferred
50 36% Jan 6 50 Feb 9
4112 413
4 415 42
8
4114 42
4114 418 41% 417 34114 4214 17,600 pubServCorpofNinewNopar 32 Jan 6 4514June 1
3114 Oct3384 Nov
101 101
1003 101
*100 101
4
1003* 1003* •10034 1011 *1001* 101
9612 Apr 101
60
Oct
6% preferred
100 9812 Feb 19 10114May 10
*11414 11514 *11412 11514 *11412 11514 *11418 11514 *11418 11514 *11312 114
77 preferred
100 10812 Jan 5 1155s Mar 23 10312 Jan 110 Ng,
130 132 *130 133 *130 133 *1293 133
•132 133 •132 133
4
800
87, preferred
100 126 Jan 10 132 June 20 116 Mat 1243* Nor
108 108 10108 10818 108 108
10818 10818 10812 10812 2107 107
Jan 10413 Sept
500 Pub fiery Else & Gan p00_100 102 Jan 4 108
97
1345tay 20
1587 158% 157 157 *157 158 •155 158 *150 154 *153 157
8
300 Pullman Company
100 2150 July 29 19512May 25 14514 Star 19912 Sept
39
3912 •38
*37
*363 3712 3714 383
4
4 383 3914 39
4
3938 2,600 Punta Alegre Sugar
33 Apr 4914 Dec
50 34% Mar 22 46% Jan 3
8
8
2614 2638 257 2614 257 2614 2612 2614 2614 267
2 263 26 8 20,100 Pure Oil (The)
8
,
2514 00 31
Jan
8June 27 3312 Mar 4
25 255
*112 114 *112 114 *113 11314 *112 114 *113 11312 *113 11312
Apr 1123
8% preferred
4June
100 1113* Jan II 114 May 25 106
56
5614 *55
56
56
*55
*55
56
5434 55
55
3g
55
400 Purity Bakeries class A__2
58 May 3
42% Mar 31
Oct49 Nov
47
790 8014 80
4
79% 80
*8012 82
80
7912 7912 *7912 793
4 1.000
4112 Nov 44 Dee
Class B
No par 414 Jan 3 8318 Aug 23
64% 63
8 62
6418 6214 6312 62
615 627
8
6334 6314 653* 60,100 Radio Corp of Amer
32 Mar 615 Nov
8
No par 4118 Apr 13 6814 Aug 17
4 533* 54
5312 543
*54
543 3323 523
4
*5312 54
4
4 54 ' 54
1,600
442e Mar 537 Dec
Preferred
50 49 May 3 543* Aug 29
*4212 45
45
*4238 43
*43
*4214 45
*4238 44
*425 44
8
4
Rand Mines. Ltd
323 Apr 415 Oct
40 Jan 5 46'8 Apr 25
No par
8
•1518 1512 1518 1518 *151t, 1512 147 1478 *1318 15% *15% 1512
300 Ray Consolidated Conner-1
1012 Mar
1318July 1 1512Mar 1
163* Nov
3
2614 254 26% 25 4 2612 2512 26
26
2512 26
257 6
26
6,700 Real Silk Hosiery
6014 Oct
3712 Nen
8July 1 49 Apr 20
10 235
887 *8414 8712 8712 8712 87
8
*84
8312 84
90
*883 89
8
210
Preferred
93% Dec 100 NO,
100 80 June 1
99 Mar 2
6412 62
8 61
633
8 623 64% 63
*6012 6112 5918 605
4
6314 21,300 Reid Ice Cream
393 Dec 56
Jan
4
No par 3812 Jan 24 645* Aug 30
*614 63
4
4 *614 63
614 612 *630 63
4 •3
6 * 64
812 612
400 Reis (Robt) de Co
71 Jul)
9 Jan 10
8July 2:3
No par
183 Feb
4
53
4014 4114 385 405* 385 3914 383 303
8
4014 407
4
4 393 40% 64,300 Remington-Rand
4
No par 37% Apr 14 4714June 9 ..--- ---- ---- 9914 100
*99 100
*9814 100
*9812 100
*983 100
4
*9834 09
300
First preferred
100 98 June 20 10212 Apr 25 ---- ---- ---- ---•10114 105 .10114 105 *10114 10214 *10114 10214 *10114 10214 *10114 10214
Second preferred
100 99 June 3 110 Apr 25
•____ 115 *110 115 *110 115 *110 115 *110 115 *110 115
Rem'g'tn Type 7% 1st 91_100 110 Feb 18 11712 Feb 10 108 -Apr 1 18
Oc
115 115 *110 117 *114 115 *114 115
•__
115
110 110
700 8% 26 preferred
100 110 Aug 29 126 Apr 26 105 Apr 11514 Aug
---- ---- ---- --- --- - ---- ---- --- -- - - ---- -Replogle Stool
8
918 Apr 30 1312 Jan 10
Oct 1573 Jan
No par
6612 66
,
67 2 67% 67 2 6712 66
,
68 68
66
6614 6614
1,000 Republic Iron & Steel
44 May 6338 Jar
8
100 5812 Jan 4 757 Mar 11
8
1043 1043 *10312 10412 *104 10512
4
4
4
*104 105 *104 1043 *1047 105
100
Preferred
9114 Mar 99 Sept
100 9638 Jan 3 106 May 26
712 8
718 7%
73* 8
714 73
2
712 8
718
73 15,100 Reynolds Spring
4
414 Oct 11:12 Jac
4 Feb 21
No par
1014July 11
4
4
13718 13712 13918 14134 1413 1433 14214 143% 14214 1433* 14212 143
51,600 Reynolds (Iu) Tob Clue 13 25 9818 Feb 24 1437 Aug 31
90 Mar 1217 Nos
8
10712 10812 *10712 109
10712 1123 11012 11312 1105 1103 112 11314 7,100 Roane Insurance Co
4
8
4
25 74 Jan 13 11312 Aug 31
76% Dec 100
Jar
8 4514 4514 *4514 453
*4512 457
4512 4512 *4530 45% 453 453
4 1.000 Royal Dutch Co(NY thereat_
4414July 27 6412 Feb 11
475 Oct 673 Jas
8
8
*4014 41
4014 403
4012 41
2 4018 41
3
41
*405 40 4
8
41
1,400 St Joseph Lead
10 36 May 23 437 ?Aar 4
365 May 4818 Pat
8
4
8 643 6514 6338 6412 6378 64
8 6512 657
633 64
657 657
2
4
5,200 Safety Cable
4
No par 623 Jan 3 7414July 20
4218 Mar 5512 Not
*44
48
48
*44
*45
48
48
*45
48
*45
*44
48
8June 24 7212 ?Aar 6
Savage Arms Corporation_100 475
675* Nov 10212 Fet
1415
8
13
4
15
15
8
15
8 15
112
112 *112
4
*112 13
13
4
500 Seneca Copper
No par
33 Jan 10
4
1 June 30
212 Dec 10% Jar
66
67 z6478 65
664 68
8
6414 6434 23,900 Shubert Theatre Corp_No par 65 Aug 13 68 Aug 29
614 6412 647 68
52 Mar 70% Julf
47 5514 5414 547
4 5412 55
8 53% 5411 538 543
5
543 55
4
16,200 Schulte Retell Stores-Ns par 47 Jan 18 5612 Aug 18
4212 Mar 13812 Jet
112012 123 *12012 123 *12012 123 *12012 123 *12012 130
•12012 123 )
Preferred
100 11614 Jan 22 123 Aug 5 11212 Jan 120 Sep
95 93*
5
934 97
4
95
8 95
*9 8 93
8 1,200 Seagrove Corp
93 10
4
10
10
95
8Sept 1
No par
13 8 Jan 3
5
1211 Mar 14 4 Mal
5
715
8 7014 7412 73% 751 121,800 Sears,Roebuck & CO newNopar 51 Jan 17 755
711 7214 7012 713* 70
4
713 727
8Sept 2
4414 Mar 681s Sep
773* 7818 7812 803
7712 7712 7718 7712 77% 77% 7714 79
4 4,650 Shatuck (F 0)
No par
588 Jan 17 825 Aug 16
8
67 Mar 895 Jal
3
4 *4212 4314 *4212 4314 *4212 4314 *4212 4314
*42% 43% *4212 433
Shell Transport & Tradlng.£2 4218July 27 477 Feb 10
4012 July
485 Jai
8
8 261s 2614 26
268 263 2638 7,900 Shell Union Oil
8
8
8 263 2612 2614 263
2618 267
No par 2528 Apr 29 315 Feb 7
4
24 Mar 31 No
*Bid and asked pricw no sales on this day s Ex-dividend, a;Ex-rights. n Ex-dividend one share of Standard 011 of California new.
Distributed ooe-haItS hare eodunon stack and one-half share Preferred
-el-12 no -EL,
aii4 -6-23i ,-T.-,F,
-.
-
- Tznil
2
New York Stock Record-Continued-Page 6
1300
For sales during the week of stocks usually inactive. see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Aug. 27.
Monday,
Aug. 29.
Tuesday,
Aug. 30.
Wednesday, Thursday,
Aug. 31.
Sept. 1.
Friday,
Sept. 2.
Sales
for
the
Went.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 3 per share $ per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par
2,900 Simms Petroleum
10
8
153 1538 153 16
8
1518 1514 1514
153
8 15
15
1538 *15
No par
553
8 5,800 Simmons Co
8 55
/ 5414 555
1
4
8 5514 66
5514 55
/ 557
1
4
5514 561 55
/
4
100
340 Preferred
4
4
4
1103 1103 1103 1103
4
4
4
4
4
110 1103 *1103 11112 1103 1103 1103 111
/
1
4
4
1612 161 13,700 Sinclair Cons OR Corp_No par
/
4
4 1612 17
1634 1678 1612 163
4 1612 1684 1612 163
300 Preferred
99
100
981 9812 99
/
4
99
9912 99
991 *09
/
4
9912 *99
*99
264 11,400 Skelly Oil Co
/
1
25
4 26
4
3
3
2618 25 4 2614 25 4 2618 253 263
2618 2638 26
400 Sloss-Sheffield Steel & Iron 100
128 128 *126 128 *127 127 *124 127 *124 127
127 127
2,600 Snider Packing
14
No par
1418 14
137 13
8
/ 14
1
4
8
1418 137 14
1418 1434 14
4 4914 4114 37,500 So Porto Rico Sug new_No par
8
393
8 387 403
8 38
377 383
8
4 3714 3812 3714 383
Preferred
100
4
4
4
4
*125 129 *125 1283 *125 1283 *125 1283 *126 12814 *126 1283
/ 3718 9,700 Southern Calif Edison
1
4
26
/
4
/
1
365 364 3612 364 3612 361 36
8
/
1
365 37
8
36
/ 37
1
4
8
8 1,500 Southern Dairies ol A_No par
8 205 205
8
8
/ 205 205
1
4
2058 2058 205 20
21
201 2034 21
/
4
700 Class B
4
No par
8 *812 83
812 85
8 8 85
5
8
85
8 85
8 *853 9
*85
8 912
Spear & Co
No par
•1012 1312 *1012 1312 *1012 1312 *1012 1312 *1012 1312 *1012 1312
40 Preferred
100
7814 *75
7814
7814 *75
7814 *75
783 783
2
4 7812 7812 *75
8 2634 2778 21,200 Spicer Mfg Co
No par
26
2714 2618 273
26
2738 25
2512 26
/ 26
1
4
Preferred
100
*11012
*11012
- *111 11212 *111 11212 *111 11212 *111 1124
8
6314 633 6414 23,300 Standard Gas & El Co_No par
63
/ 63
1
4
/ 63
1
4
633 -- -3- 62 - - 12 63 631 63
8 63 4
/
4
900 Preferred
/ 64
1
4
50
63
*6312 64
/
1
/ *6312 64
1
4
645 645
8
8 644 64
*6412 64
/
1
4
100
4
8
93
95 4 9212 9412 9213 943g 933 953 14,900I Standard Milling
3
94
905 911 91
8
/
4
100
4601 Preferred
s
8
8 977 977
8
8 977 977
975 977
8
*9714 9712 9712 9712 9713 98
/ 14,300 Standard Oil of Cal new.No par
1
4
/
4
531 531 53
/
4
533 537
4
3
8 5318 53 4 5318 533
3
5312 53
4 5
4
,
3812 3818 38 2 381.2 383 22,700 Standard 011 of New Jereey-25
3818 3812 3818 3812 3818 3812 38
/
1
/ 3118 304 3114 10,100 Standard 011 02 New York--25
1
4
3118 3114 3078 3114 304 3114 31
3114 30
/
1
300 Stand Plate Glass Co..-No par
33
8
314
314 *3
314 *3
314 314 *3
314 314
S31
No par
4
8 4,200 Sterling Products
8
4
*12812 130
128 12813 126 1283 1237 12518 124 12514 1253 1267
-Warn Sp Corp_No par
15,900 Stewart
8
6512 655 67
643 6612 65 6518 65
4
6614 6714 6618 67
1,800 Stromberg Carburetor_No par
*33
34
33
33
33
35
/ 35
1
4
3412 36
3618 3618 34
8
4
/
4
5114 511 513 523 17,400 Studeb'rCorp(The) new No par
/
4
513 5214 511 62
4
/
4
52
5238 511 53
100
Preferred
3
118 121 *118 121 *118 121 *118 121 *118 121 *118 121
No par
912 1,500 Submarine Boat
8 612 *538 912
612 612 *63
518 514 *518
5111 514
100 Sim 011
3218
No par
3238 *32
3212 *32
*32
32
3212 32
*32
*32
33
No Par
/ 3,000 Superior 011
1
4
31 3
/
4
8
33
4 37
33
4 3
/
1
4
3
/ 38
1
4
37
2 3
/
1
4
3 4 38
3
7
22
100
100 Superior Steel
*21
22
*21
*21
22
*20
21
22
2118 2118 *21
4
300 Sweets Co of America...50
93
4 93
*93 1014
4
*914 11
10
10
10
10
*10
103
4
2 *312 412
.0312 372 *312 37
*312 4
318
4 318
318 *23
100 SymingtOu temp etfs.No par
700 Class A temp ctfs.No bar
912
*9
9
9
9
9
9
9
9
9
9
2,000 Telnutograph Corp...No Par
14
14
4
*133 14
*133 14
4
*14
14
141 *14
/
4
1412 14
1,200 Tens Copp & C
9
9
9
9
8 *918 914 *918 914
818 93
*918 9 12
3
No part
4
8 4918 4912 4918 493 18,400 Texas Corporation
8 4918 493
49
8 4918 493
/ 493
1
4
493
8 48
251
673 108,100 Texas Gulf Sulphur new No parj
4
/
4
8 6712 6818 x6614 661 66
67
/ 6814 6714 6838 675 683
1
4
8
137 1418 2,900 Texas Pacifie Coal & Oil
8
/ 1334 14
1
4
/ 1338 13
1
4
*133 14
4
5
13 8 133
5
4 13 8 13
101
2713 2812 117,500 Texas Pao Land Trust new__1
8
8 2518 2612 257 28
2812 2912 2714 283
4 2612 277
No par
1,700 The Fair
8
8
4
3212 3212 323 327 *325 33
33
33
33
33
33
33
25
500 Thompson (J R) Co
534 5312
/
1
53
53
54
53
/ 54
1
4
*63
54
*53
*53
54
1612 167
8 6,000 Tidewater Assoc 011___No par
164 1634 1612 163
/
1
4 1614 1614 1614 1612 1638 17
100
300 Preferred
8812 *8712 8812 88
88
88
88
*88
88
138712 88
88
100
*22
22
700 Tide Water 011
*22
24
24
2412 2218 2218 22
*23
244 *23
/
1
*89
90
100
100 Preferred
*89
90
*88
90
8812 *8712 88
*88
88
88
12512 12814 12212 126
124 1263 126 12814 43,800 Timken Roller lleartne_No par
4
12312 130
1232 125
4
4,000 Tobacco Products Corp-100
99
993
8 99 9912 9914 100
993 100
4
101 1013 10012 101
8
100
100 Class A
0113 114
/
1
4
114 114 *11312 114 *11312 114 *11312 114 *11312 114
8
8
8 18
8
813
83
8
83 61,800 Transo't'l OC temotf newNopar
8
8
818 83
8
8
812
*1512 17
*154 17
/
1
*1512 17
*1612 17
*1612 17
'
31512 17
Transue & Williams St'l No par
*54' 56
2
65
5512 66
x541 544 1,400 Underwood Typewriter ____25
/
4
/
1
56
*543 65
553 56
4
4
48
*48
49
4412 4538 8,500 Union Bag & Paper Corp_100
4712 48
48
45
47
455 46
8
13612 13714 13614 1383 13614 1371 13512 13714 136 1373 13712 1387 26,000 Unto° Carbide & Carb_No par
/
4
4
8
4
4212 4258 4214 423
8 4218 4214 42
4218 5,000 Union 011 California
4214 4213 4234 42
25
113 113 *110 113 *110 113
300 Union Tank Car new
/
4
110 11012 *1111 113 *11112 112
100
361 36
/
4
/ 36
1
4
363
8 36
3618 35
/ 357
1
4
/ 353
1
4
4 5,500 United Cigar Stores now___10
3
/
1
8 35 4 354 35
1105 10514 105 105
105 10518 *1043 10518 10518 10514 1043 105
100
4
1,200 Preferred
4
1704 17014 171 17312 170 1733 1693 170
/
1
100
4
4
5,800 United Drug
1683 16918 168 169
4
*59
,
58
5953 *59 8 59 *5918 5912 593 593 *593 60
50
200 1st Preferred
8
*593 60
4
4
4
11354 136
1363 137
4
No par
1364 13714 136 136
/
1
1,900 United Fruit
135 136 *135 136
/
1
4
101 101 *10012 101 *10012 101 *10012 101 *10012 101
90 Universal Pictures let p26_100
100 10014
22,200 Universal Plpe & Red-No Dar
Preferred
100
38,800 0 S Cast Iron Pipe & Fdy-100
Preferred
100
8,600 1J SDistrib Corp new__ No Par
9,300 U8 Hoff Mach Corp vtoNo Dar
100
3,400 11 5 Industrial Aloohol
100
306 Preferred
10,200 U S Realty & Impt new.No par
100
40,000 United States Rubber
100
1,600 1st Preferred
3,100 US Smelting, Ref & Min___60
50
600 Preferred
___ ____ ____ ____ ...... ____ ____ ________ _____ _ United States Steel COrp_100
8
New w I
8
8
4
8
Ili; Ili 1423 14514 14458 14838 z14318 1467 1433 1463 14512 1465 540,700
100
13514 1354 135 13514 135 1353 135 1354 13514 1354 4,100 Preferred
8
/
1
1343 135
4
4,83
857 4,83
8
857 *gals 8578 *83
8
No par
857
100 0 S Tobacco
*84
85
/
1
4
85
s 85
Preferred
100
/
1
12612 128 *1264 128 *12612 128 *12612 128 *1264 128 *12612 128
10
119'3__ *120
325 Utah Copper
_
_ 120 120 *12014
_ *12012
/
1
- *1204
3218 18,600 Utilities Pow & Lt A_-_NO par
31
3 -3
31
8 3114 -- 31
3112 3118 -- -58 3114 - -1 4 3114 -- 12 3118 313
No par,
54
5412 25,200 Vanadium Corp
52
54
8
/ 5114 63
1
4
5312 527 53
527 533
8
8 51
No par
8 1,600 Vick Chemical
s
8 5618 5612 5614 5612 5614 5612 5612 565
4 567 567
56
/ 563
1
4
34
/ 35 8 343 3514 343 3512 353 363 25,100 Victor Talk Machtne No par
1
4
4
4
3
8
4
345 347
8
8 3412 35
No par
300 6% preferred
90
90
*88
90
*88
90
90
*88
8812 *80
88 88
100
97
/ 97
1
4
800 7% prior preferred
97
97
/ 97
1
4
/
1
4
/ *97
1
4
9712 9712 97
97
9714 *97
No par
4 13
/ 133
1
4
4 1314 1312 8,000 Virg-Caro Chem
4
12
/ 1312 123 134 1234 133
1
4
*1212 13
100
8
8 1,700 6% Preferred
4112 4018 4018 407 407
8 40
403
8 4018 4078 4018 405
*40
100
100 7% Preferred
*8512 87
86
*87
8812 *8734 881 88
*85
87 .85
88
/
4
Virginia Iron Coal & Coke_100
*43
50
*43
50
*43
50
*43
50
*
1341
50
No par
283
8 2718 2814 13,200 Vivaudou (V)
4
2838 271 2814 28
4 2818
8 2818 283
2818 287
100
300 Preferred
10018 1003
8
100 100 *100 101 *10012 101
•
100 100 *100 101
No par
200 Waldorf System
*197 20
8
*194 21
/
1
20
2014 20
/
1
/ 194 *20
1
4
*194 2012 19
/
1
No par
1,700 Walworth Co ode
*193 20
4
/
1
/ 193 2194 20
1
4
4
193 19
4
/ 19
1
4
20
20
1934 20
100 Ward Baking Class A No par
110 110 *110 115
105 110 *105 110 *105 110 *105 110
No par
/
1
4 5,900 Class B
4 244 253
*2414 243
2512 2412 25
25
/ 25
1
4
2558 255
8 25
No par
9318 9312 1,200 Preferred (100)
4
/ 923 93
1
4
4
4 923 92
/ 923
1
4
8
8 92
9212 9212 927 927
5,500 Warner Bros Pictures A----10
/
1
/
4
3
4
23
/ 2318 2318 213 22 4 2118 211 224 23
1
4
2312 2312 23
No par
1,300 Warner Quinlan
2514 2512 2512 26
25
244 2412 25
*25
26
*25
26
No par
•
8
4
8
10012 10212 10212 10912 108 1087 11114 1133 11112 11512 1097 11212 8,600 Warren Bros
200 Weber & tIellbr, new e_No par
*71
72
*7112 72
72
*71
7114 711g 7114 *71
*72
73
16212 16312 2,500 Western Union Telegraph_100
4
/
1
4
16212 162
/ 1624 1623 162 1623 162 16212 *162 164
1
4
6,500 Westinghouse Air Brake-50
/
4
18514 18614 18512 1863 186 1873 1834 186
18312 1854 1841 135
4
4
/ 844 27,000 Westinghouse Eleo & Mfg-50
1
4
/
1
8412 83
8518 83
84
857
8 84
8512 8412 8512 83
1,100 Weston Eleo Iustruml_No par
13
8
/ 13
1
4
1314 125 12
1314 134 1314 1314 13
*1314 14
No par
600 Class A
3112 313
4
/
4
4 311 3112 *3114 32
32
32
313 313
4
*3114 32
10 West Penn Eleo CIA vtl NO Par
108 10812 *108 10812 *108 10812 *108 10812
108 10812 108 108
100
120 Preferred
4
8
4
11012 111
111 111
11014 11012 110 1103 110 1105 11012 1103
320 West Penn Power Dref
100
/
1
8
11312 1147 114 11412 11478 1144 114 114
114 114
114 114
200 Mite Eagle Oil dsltelg _No par
*2212 23
*221 2312 *2212 2234 2212 2212 2212 2212 *2212 23
/
4
50
3914 3918 3912 21,400 White Motor
38
383
4 38
3712 38
38
375 3812 37
8
1,800 White Rock Min Sp ott_No par
37
3718 36
4
/ 37
1
4
*3714 371 373 37
/
4
37
37
/ 38
1
4
37
14,700 White Sewing Machine_No par
45
8 4514 4612 44
4618 473
4214 48
8
4318 4318 423 43
600 White Sewing Mach pt_No par
56
*55
*5512 56
/ 56
1
4
5512 553
4 65
55
56
56
*55
12
12
200 Wickwire Spencer ctf__No par
2
*5
5
8
12
12 12 *52 12 :3
.32 12
5
8
1738 167 1712 1718 1738 53,400 Willye-Overland (The)
; 17
17
1814 163 1818 164 175
/
1
4
1,200 Preferred
100
8
8
4 927 935
8
9312 925 933
93 8 93 8 93
5
5
*93
9312 9318 94
1318 13,900 Wilson & Co.Inc. new-No par
13
/
1
*111 1112 1112 1212 1112 124 12
121 124 1314
/
4
/
4
247
8 7,400 Clue A
8 24
No par
2312 2338 247
21
2314 2212 2314 23
*2012 22
8 3.600 Preferred
/
1
7312 724 727
100
711 72 4 72
4
3
71
/ 71
1
4
6712 6712 6714 70
31,500 Woolworth (F W) Co
26
/
4
/ 17014 1711 16918 1711 16914 17112 172 174
1
4
17118 17212 17112 172
/
4
1.000 Worthington P & Iff
100
35
33
/ 33 8 334 3312 3312 3312 33
1
4
7
333 343
4
4 33
35
Preferred A
64
*52
100
64
*62
*52
54
*52
54
*52
54
56
052
100 Preferred B
4512 4512
100
*4612 47
*45
47
*45
47
*45
47
*45
47
/
1
4
6512 533 554 54.200 Wright Aeronautioa'._--No Par
/ 5318 51
1
4
55 8 50
5
55 4 53
3
52
5312 51
400 Wrigley (Wm Jr)
543 5412 *54'2 5512 5614 5614 *5412 5512
2
5512 5512 *5412 56
No par
Yale & Towne
3
25
4
4
*83 s 85
5
$835 85
8
*835 843 *835/ 843
8
*833 85
8
*83 8 85
5
31
313 32
8
8 3418 3514 193,700 Yellow Truck & Coach C111_10
317
8 3114 315
8 3118 3312 3314 347
/
4
87
893
4 89 8912 88
100
87
89
/ 87
1
4
89
8914 8812 881 3,200 Preferred
1,200 Youngstown Sheet & T_No var
87
8612 8612 87
87
8714 87
*87
87
88
87
88
•Bid and asked pr cee: no salsa on this day b Ex-dividend and es-rights. a Ex-rights. x Ex-dividend.
/ 263
1
4
2818 2818 25
4 25
4
27
284 27
/
1
*27
275
8 273 29
*86
90
90
*88
89
/ *86
1
4
*86
90
*86
90
*86
90
19012 19912 195 199 x196 20014 193 196
197 205
206 208
/
1
4
/
1
4
*114 115 *11412 11534 *113 116 *113 115
4
1114 116 *11412 1153
184 193
/
1
19
1914 19
1918 1914 19
4
8 193 2018
1914 191
5512 564 5612 57
/
1
/
1
/
1
5614 5612 564 584
5512 5512 5512 56
7718 7712
7714 763 77
77
/ 7758 77
1
4
4
/ 78
1
4
78
/ 7884 77
1
4
117 117 *115 119 *115 119
119 119 *115 120
1115 119
6412 65
/ 64 4 65 8 635 65
1
4
6514 657
/
1
4
4 6412 64
8
/ 6414 643
1
4
3
5
4712 48
/ 47
1
4
4814 49
4812 49
8
/
4
8
/ 493 591
1
4
473
4 463 49
94
/ 95
1
4
95
95
96
943 96
*95
95 95
96
97
4
4112 4134 4114 4234 4134 42
4 4134 413
4114 417
8 4114 413
/
1
4
5014 5018 5018 *50
5018 *50
5014 5014 5014
*50
5014 60
PER SHARE
Range &nee Jan. 1 1927
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share
1414July 16
3312 Jan 6
10714 Jan 4
16 June 30
97 Jan 8
2418June 27
113 June 29
115
8June 22
/
1
4
33 Aug 12
11812Mar 4
311 Jan 3
/
4
15 May 20
7 May 18
834May 13
73 Feb 24
2012 Jan 27
104 Feb 21
54 Jan 25
5718 Jan 3
7014 Jan 4
84 Jan 5
501 Apr 28
/
4
3518 Apr 29
34June 27
29
2 Mar 29
9012 Jan 4
6114 Mar 15
2618June 1
49 June 23
118 Feb 10
212 Feb 28
30 Mar 21
3
3 4 Mar 30
19 2 Jan 25
5
7 Apr 27
318Scpt 1
812Mar 1
1112Mar 9
8
/
1
4June 10
45 Apr 19
49 Jan 3
12 Apr 29
$ per share $ per share $ per share
1518 Aug 2858 Jan
223 Feb 16
4
/
1
4
283 Oct 54 Jan
8
597 Aug 3
8
11118July 15 10512 Nov 10912 July
/
1
/
1
2238 Jan 20
164 Oct 244 Feb
10314 Jan 31
90 Mar 9912 June
2658 Mar 3718 June
373 Feb 21
8
13414 Apr 6 183 Apr 14212 Aug
21_1634 July
42 8May 18
5
Deo
Oct 121 1311 Aug 5 110
/
4
30 Dec 33 July
3712 Aug 24
/
1
4
41
Oct 55 July
453 Jan 13
2
1712 Oct 35 4 Mar
20 Jan 7
3
10 Dec 1734 Feb
15 July 29
80 Feb 14
72 Apr 8212 Jan
183 Apr 8132 Feb
4
287
8May 25
Jan 10714 Dee
11012 Aug 26 101
51 Mar 69 Feb
66 4June 16
3
8
63 Mar 575 Feb
/
1
4
644 Aug 30
/
1
6718 Oct 9211 Feb
9534 Aug 30
50 Mar 90 Feb
98 June 2
8
524 May 635 Sept
/
1
4
603 Jan 19
8
373 Dec 463 Jan
8
414 Feb 5
/
1
3212 Dec 3314 Dec
/
4
341 Jan 18
8
312 Nov 107 Feb
8June 9
43
75 Mar 9614 Nov
13312 Aug 19
/ Jan
1
4
6814 Apr 20
61 Nov 92
/ Jan
1
4
473 Dec 77
4
5412Mar 1
47 May 62 Sept
57 Apr 8
122 Feb 23 11412 Feb 12212 Jane
3 Feb
/
1
4
112 July
81*May 12
/
1
344 Jan 17
/
1
301 Mar 414 Jan
/
4
514 Dee
1 July
612 Feb 18
1912 Apr 34 Sept
28 May 18
/
1
4
8 Apr 17 Sept
/
1
4
1358 Feb 3
/
1
4
4 Nov
1412 Jan
6 Jan 14
/
1
104 Oct 204 Feb
/
1
133 Jan 14
8
11 Apr 1478 Jan
1512 Aug 4
104 Dec 16 Feb
/
1
134 Jan 13
5312 Nov 5738 Dec
58 Jan 17
8
39
Oct 623 Nov
6812 Aug 26
12 Oct 1912 Jan
8June 8
187
1512 Jan 25
2414 Jan 11
47 Jan 26
1512June 2
87 July 19
19 July 25
8612July 20
78 Jan 3
9312 Apr 11
108 Apr 16
34 Apr 30
10 May 4
45 Jan 29
3812 Jan 25
9918 Jan 26
395
8June 27
94 Jan 3
35 Aug 8
/
1
4
104 July 29
159 Jan 26
6812 Jan 6
11312 Jan 26
98 Jan 14
40 June 7-ii Jan
2 -58 6 Dec 36 Aug 5
4214 May 5012 Sept
56 June 21
191June9-/
4
/
1
904June 1
3914 Jan
27 Nov 2918 Jan 13 Jan
8714 Nov 103
89 4 Apr 25
3
8
44 Mar 853 Nov
/
1
4
14212 Aug 3
9514 Apr 1165s Sent
11038 Jan 5
8
118 July 13 103 Mar 1183 Sept
512 JUIV
3 Mar
9
/
1
4June 18
Jan
15 Aug 27
173
4July 16
/
1
4
4314 Nov 63 Jan
60 Apr 18
/
1
4
35 May 7114 Jan
7314June 1
/
1
7712 Mar 1004 De°
1444 Aug 5
/
1
3
$74 Jan 583 Sept
6612 Jan 6
93 Dec 9514 Dec
11612July 18
____ _--- ---- ---3818July 26
24-109 June
Dee
182 Apr 20 134 Mar 174 /
1
4
601s July 12
5512 Mar 59 JUll
98 Apr 126 NoV
/
1
4
138 Aug 5
90 Mar 984 Dee
1033 Apr 26
s
25 Aug 30
81 Jan 27
/
1
4
19012 Aug 30
112 Mar 14
1414May 5
5158 Feb 1
69 Mar30
10714 Apr 4
54 Apr 6
3714June 16
4June 16
853
333 Jan 13
8
455 Jan 18
8
15312 Jan 28
1114 Jan 28
/
1
129 Jan 28
67 Jan 4
123 Jan 14
111 Feb 11
27 Jan 8
37 Jan 20
48 Jan 3
32 July 13
8712 Aug 16
9612 Aug 23
712May 23
2518 Apr 4
73 June 8
40 Aug 5
244 July 25
99 Aug 12
1934July 7
17's July 20
8918 Apr 13
1712June 14
84 Apr 9
20 July 5
24 June 6
66 Jan 14
7112-Aug 26
14418 Jan 8
13312 Jan 4
67 Jan 4
/
1
4
125
8Sept 1
30 July 14
97 2 Jan 4
7
37 Mar 29
/
1
4
13 8 Mar 344 Dec
5
/
1
4
62 Mar 90 Dec
96 May 7
246 May 20 150 May 24812 Aug
118 July 1 1004 Mar 118 Dec
/
1
22 July 7
/
1
4
4518 -Jan - 8 -Feb
633
8May 19 593
4538 Mar 844 Dee
89 Feb 28
119 Aug 29
9914 Apr 11478 Nov
4818 Mar 7178 Jan
6712 Aug 24
67 Feb 28
/
1
4
5014 May 8814 Jan
/
4
1113 Apr 8 1011 Mar 109
8
Jan
44 Aug 11
30
Oct Ws Jan
42
5014 Aug 18
Oct 50 Jan
Apr 16012 Dec
176 May 31 117
,
14S3 Aug 30 1137 Dec 117 Dee
8
8July 29 12412 Mar 1303 Dee
1363
4
5612 Jan 67 Dee
8612June 16
1263 Aug 11 112 Mar 123 Doe
4
93 Apr 116 Nov
124 Aug 24
34 May 19
275 Dec 37 Feb
8
29 Mar 43 Aug
563 Aug 17
4
63 .1une 6
/
1
4
43 July 52 Aug
/
1
4
41 Apr 12
964 Apr 13
/
1
--- ---10012 Apr 13
_
144 Aug 23
/
1
9 Oct 25 Feb
/
1
4
42 Aug 17
/
1
4
3132 Oct 69
Jan
8912 Aug 22
83 Oct 981s Jan
51 Jan 4
40 May 6012 NOV
3914June 20
26 Mar 3612 Dec
11812June 20
94 4 Jan 11012 Dee
3
25 Feb 7
17 Jan 23 Dec
2412 Apr 1
124June 2314 Jan
/
1
110 Sept 1
99 June 195 Jan
33 8 Feb 18
5
2114 Oct 853 Feb
2
9534 Feb 3
8812 Oct 11012 Jan
4512 Jan 6
12 June 691 Sept
/
4
2812May26-11512Sept 1 - 8 Apr 43769 Dee
7512 Aug 9
- --- ---- -17012June 8 1344 Mar 1577 Sept
8
18734 Aug 30 10514 Mar 146 Dee
65 May 7912 Feb
89 Aug 1
133 May 1918 July
18 Feb 15
/
1
4
4
34 4 Apr 20
3
2714 Jan 11212 Oot
111 Aug 22
884 Jan 9812 Oct
1113
9512 May 1024 Dec
4July 13
118 May 27 108 Mar 115 Sept
2712 Feb 15
254 Apr 2511 Feb
/
1
2
5118 Apr 90 Feb
681 Fob 28
/
4
3314 Aug 16
22 Oct 38 Feb
/
1
4
5314 Aug 10
2
59 Jan 17 151- "Oct 13414 en
3 Jan
/
1
4
112 Feb 14
5 Dec
8
18 May 34 Jan
5
24 4 Mar 3
884 Oct 99 Feb
96 Aug 22
8
6 May 143 Dec
175 Feb 21
8
/
4
14 May 301 Des
32 Feb 23
/
1
4
8
42 May 813 Dee
84 4 Feb 23
3
17412 Aug 22 12014 Dec 128 Dee
/ Jan
1
4
19 Nov 44
46 June 7
64 Nov 80 Feb
6112June 9
374 Nov 65 Feb
5412June 7
4
2412 Mar 393 July
58 Aug 25
47 Apr 551 Feb
573 July 11
4
6018 Mar 724 Aug
Aug 24
8412
20 May 358 Sept
40 Aug 10
9112 Apr 1074 Sept
99i July20
/
1
69 May 954 Aug
14
97 Mar 24
102 Jan 4
111 Jan 15
22 Apr 25
36 July 12
26 Jan 26
2112 Mar 24
de Feb 18
18 Aug 8
16 June 30
87 June 11
10 May 5
164May 6
58 Apr 7
117 Jan 11
/
1
4
204 Jan 27
46 Jan 22
AO Feb 2
2412 Apr 5
50 Jan 4
/
1
4
7014 Jan 8
25 Jan 14
8318 Aug 33
4June 29
813
1302
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2.
t
Price
Friday.
Sept. 2.
Week's
Range or
Last Sale.
4,
2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2,
.
1>
•••
Price
Friday,
Sept. 2.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Ask Low
Bid
High No, Low
High
Bid
Ask Low
High No. Low
High
Cart & Ad 1st gu g 49
93
1981.3 D 92
92 Aug'27
9012 933 Coal River Ry 1st gu 4a__1945
4
D 9018
_
4
4
883 903
8
Cent Branch U P let g 4e
4
1948 3 D 843 8512 8614 Aug'27
4
861, Colorado & South 19t g 4a__1929 F A 993 913 903 June'27
83
4 Sale 993
1
4
993
993
4
98
4
Central of Gs let g 5a_Nov 1945 F A 106
4
____ 1053 May'27
2
10413 1057
Refunding ZE eaten 4558_1935 M N 9818 Salo 9818
9814 11
967 99
8
Consol gold Os
1945 M N 10412 105 1045 Aug'27
8
102 1067 Col & El V 1st est g 4a
8
1948 A 0 9478 96
9478
2
947
8
917 947
2
s
Registered
F A 10034
4
1003 July'27
1003 1003 Col & Tol 1st ext 4s
4
4
91
94
9012 July'27
9012 9012
10
-year secured 6s .June 1929.3 D 1013 10214 1013
8
4 10214 10 1013 10314 Conn & Passrum RI, 151 its1 9 F
4
1955 A O 8814 ____ 8818 May'27
43
A
8818 881s
Ref & gen blis series B__-1959 A 0 10512 10628 1055
8
10528 35 10412 1068 Consol Ry deb 48
4
1930 F A
95 8 9612 8238 Dee'26
,
Ref & gen be series C
1059 A 0 10234 10313 10313 Aug'27
102 10312
Non-cony 4s
1054.3 J
735 75
8
75
7538 12
701, -- 1
7 6
8
Chatt Div pur money g 412_1951 J D 903 92
91 July'27
8
888 92
8
Non-cony debenture 4a_1956 1 .1 7313 747
8 7314
747
8 11
69112 7714
Mao & Nor Div let g 58_1946 1 J 10318 ____ 103 Aug'27
Non-cony debenture 4s
10118 105
1956
7312 7512 7313
4
745
8
6918 77
Mobile Division 521
_ 102 104
1048 3 J 10318 105 10312 Aug'27
Cuba Nor Ry 1st 5
1942 J D 9758 Sale 07
973
4 55
98
97
Cent New Eng let cu 4a
28
1961 J .3 8518 857 8418
8
85
Cuba RR let 50-year 55 11-1952 J J 97 Sale 97
7812 86
34
971
Central Ohio more 4548._..1930 M $ 9912 ____ 9913 Aug'27
9412 98
995
4
99
let ref 75-48 ser A
19303 D 10958 110 1093
8 1093
5 107 1103
4
8
Central RR of Ga coll g 5s 1937 M N 10014 101 10014 Aug'27 _
9913 1013
8
let lien & ref 65 ear B
1936 J D 993 1003 10114 Aug'27
4
4
99 3 10212
8
Central of N J gen gold ba
116
I987 J J 11618 118 116
112 1187 Day & Mich 1st cone 4148_1931 J J 99
s
9912 9878 Aug'27
988 99 8
8
8
Registered
4
4
1987 Q J 1153 ____ 1153 Aug'27
1128 116
Del & Iludgon Ist & ref 4s_1943 MN 9518 Sale 9518
8
14
96
9318 97
lent Pao let ref gu g 48
9312 ____ 9313
1949 F A
9312
8
9114 943
30-year cony 5e
1935 A 0 14112 Sale 13814
14112 41 11412 153
Registered
_
9218 May'27
F A 9114
903 9218
15-year 511s
s
1937 MN 105 10512 10534
10534
2 103 106
Mtge guar gold 3 yid_ _Aug 1929.1 D 99
____ 99
6 9784 99
99
10-year secured 75
1930 J D 107 Sale 10658107
3
Through St L 1st gu 49___1954 A 0 9012 9212 9012 Aug'27
_
D RR & Bdge let gu 4e g1936 F A 963 ____ 9614 Apr'27 23 10553 1077
893 93
8
4
96
9014
Guaranteed a 512
8
4
1043
8 50 10112 10412 Den & R 0 let cons g 48_
1960 F A 1043 Sale 1033
J J 92
925 9214
8
927s 32
4
893 93
Charleston dr Savn'h let'78_1936 .1 J 1183 ____ 1193 Aug'27
8
8
11814 1193
Consol gold 410
8
1936 J J 047 9614 95
8
95
5
97
Ches de Ohio fund St impt 58_1029 1 J 10114 Sale 101 Aug'27
94
10018 10112
Improvement gold 5s_
1928 .1 D 10018 10014 10014 Aug'27
9912 10012
let coneol gold be
10612
6 1033 108
1939 M N 10614 10612 10614
Den & ItO West gen 5s_A- 1955 MN 8458 Sale 845
8
ug
8
853 166
4
738 897
8
8
Registered
_ 10212 105
1939 M N 105 10612 105 May'27
Des M & Ft D let gu 4ii__ .1935 J J 33
35
3412 Aug'27
3378 36
General gold 4558
4
10
1992 M S 993 Sale 9934 100
9718 10014
Temporary ctfs of depealt____
30
32 32 Aug'27
30
86
Registered
9458 Aug'27
8
M S 945 98
945 963 Del & Mack let lien g 4s_ _1995 ID
8
4
75 Aug'27
4
7014 755
20
-year cony 455s
4
1930 F A 1003 Sale 10012 1003 -422
4
Gold 3s
091e 10112
1995 3 D 1005
68
62 June'27
62 6518
Craig Valley let be
8
1940.1 J 10114 __ 1007 Feb'27
10034 101
De
t siver Tunnel 4559_1961 M N
Sale 993
4
100
15
9718 100
Potts Creek Branch let 48_1946 J J 8812 92
90 June'27
_
8938 92
Dul Missabe 44 Nor gen 5s1941
.3
1037 July'27
8
.
8
10334 104
11 a, A Div 1st con g 49
_
1989 .1 J 9014 9114 90 Aug'27
867 90 8 Dui & Iron Range let 5s_1937 A 0 1967344
8
,
10314
39158:4
10314
2 1013 10314
4
2d conaol gold 4/3
8
1989 J .1 875 ____ 87 July'27
85 4 87, Dul Sou Shore & All g bs_ _1937 J J 85 Sale 84
3
2
85
34
7518 88
Warm Springs V let g 543_1941 M S 10114
10018 Feb'27
997 100 8 East Ry Minn Nor Div 1518
,
40_'48 A 0 035
_ 9418 June'27
04
941/
Chesap Corp cony 521 May 15 '47 MN 983 Sale 98
8
987 416
8
95
East T Va Oa Div g 58.. 1930 J J 1003 101 101 Aug'27
99
4
8- 14
1001 10212
4
Chic & Alton RR ref g 3s...1949 A 0 7212 73
72
10
72
71
Cons let gold Se
7312
1956 9.5 N 107'8__-_ 10712 Aug'27
100 10711
CH dee steel Apr 1926 Int__
7212 ____ 7212 Aug'27
71
723 Elgin Joliet & East let g 541941 MN 1023 1012 1043 Aug'27
4
4
4
102 10432
.3411way flint lien 354s
65
7
1930 ri 65 Sale 6412
0114 68 4 El Paso & S W lat bs
,
1965 A 0 10614
__ 10614 Aug'27
104 4 10114
Ctfs dep Jan '23 & sub coup
6313 65
6312 Aug'27
60
Erie let consul gold 75 extI930 M S 1063 10718 10612 10714 60 1088 1071s
67
4
Chic Burl & Q-111 Di v 3568_1949 .1 i 883 91
4
883
883
4 32
8
868 8914
8
1st cons g 4s prior
1906 1 J 863 Sale 8612
8
865
8 25
81% 8878
Radatered
8714 Aug'27 -J .1
8714 8714
Registered
1997 J J
I 833
4
833
4
83 4
3
79
Il inois Division 4e
9612
l 9658 97
965
8
6
943 98
8
let corml gen lien g 4e
1996 J J 79 Sale I 785
8
7912 43
7312 794
General 48
9612 Sale 9614
9612 51
9312 9712
Registered
_1996
J
7612
72
let & ref 454e ser B
1977 F A 10014 Sale 100
10014 225
9738 10012
Penn coil trust gold 4s____1951 F A jai" 1-W 75i: m
81102 AilYg:2
21 _ 9814 103
let & ref ba aeries A
10714
8 10518 10714
1971 F A 10714 10712 10714
59-year cony 48 series A__1953 A 0 85 Bale 85
85 3
4 20
4
788 86
Chleago & East Ill let 6a
10612 19 106 1063
_ 10612
1934 A 0 10613
Series B
4
1953 A 0 85 Sale 1 85
8538
79
Ws
C & E Ill Ry (new co) con 591951 MN 903 Sale 9018
8
903
8 38
803 901,8
8
Gen cone 45 eirles D
1953 A 0 12418 Sa8 11412 1143 939
8
n le
2414
8
8412 13114
Chic & Erie let gold So
1982 M N 10712 Sale 10712 10712
7 105 10814
Ref & impt 5s
1967 M N 9518 Sale 9414
9512 608
9114 957
8
Csicago Great West let 4s 1959 M 5 723 Sale 713
4
73
4
146
6914 7414
Erie &Jersey let ef 6s
11412
1955 J
14 11112 115
Chic Ind & LOWEST-Ref 60_1947J 3 116
____ 117 Aug'27 1137 117
8
Genesee River let s I 59_1957 J J 1147 Salo 11478
8
11478
8 11153 115
Refunding gold 58
104 Sale 104
1947.3 .1
10418 11 10314 10418 Erie & Pitts gu g 3.54s B
1940 .1 .1 9014 9112' 8813 Nov.
26
Refunding 48 Solos C
4
9114 May'27
1947 J J 903
_
91
9114
Series 033-05
1940 3
9018 ____ 89 Apr'27
-if)" "fii"
General 58A
1966 MN 103 Sale 103
103
14
997 103
8
Est RR extl I 79
1954 M N
93
95 4 10314
3
May 1966.3 I 10918 Sale 10918 10918 --__ 1065 1095 Fla Cent& Penn
General 89 11
8
8
1st ext g 158_1930
_ 10012 July'27
pp% 1015
J 10012
8
Chic Ind & Sou 50
-year 48-_19&6J J 943 9614 9438
8
945
8
5
9218 96
Consol gold 58
1943
J 10178 ____ 1013 Aug'27
4
10138 1017
$
Chic L iii & East let 4 SO_ ___1069 J D 9714 ____ 97 May'27
963, 973 Florida East Coast let 4558_1959 J D 9814 ____ 983
8
4
4
983
4
5
97 4 9312
3
C M & Puget Sd 1st gu 411---1049 J 1
_
643 Aug'27
4
55 8 65
5
let & ref 5s series A
1974 M S 9712 Sale 9712
9818 100
9414 10118
11 S Ti certifa of deposit
65
6512 6538
66
19
553 6612 Fonda Johns dr Glov 4549_1952 MN
4
65
58
Ch M & ER I' gen g 4s Ser A_81989.--J 8712 Sale 8714
j
88
4
8812 Fort St U D Co lit g 4544
85
1941
.1
9512
94
Registered
8418 July'27
Q J
8314 8418 FtW&DenC let g
J D
106% 108
General gold 315s ser 11__81989 .1 J 763 - 12 747 July'27
77
4
8
_
7412 78
Ft Worth & Rio Grist g 48,.1028J .1
973 99
8
Can 41.5a berles C___May 1989 3 J 971s 973 9712
4
9712 25
947
8
From Elk & Mo Val let 69
1033 A 0
10612 1081s
Gan& ref ser A 41(4Jan 2014 A 0 6814 Sale 6713
6812 39
6812 G 11 & S A NI & P 1st 55_1931 M N
57
100'3 1013
4
Guar Tr certlfe of deposit
68 Sale 675g
6812 38
567 6812
5
2d extens 59 guar
10004 S111S :13-24- 102 July'27
11110096 8583348 e -1 1
1931 J
08950 iI14 l
0 4:
10015 1021s
Gen ref cony ser 13 58_Jan 2014 j'A 663 Sale 6578
8
663
8 51
11118909517985825813 MAAA 3222;77:
5512 67
Gal, Hous & Rend let Os_ .1933 A 0
983 Aug'27
4 Aug'27uuugalYgg:
9612 10114
_
Guar Tr certifs of deposit_
663 Sale 6512
8
663
8 53
4
55 4 663 Ga & Ala Ry 1st cons 58_0c1 19453
3
100 Sale 100
6834
100
1
90 100
1st Sea 68
10418 Sale 10378
10418 57 10314 10612 Ga Caro & Nor 1st gu g bs_ A0293 J
10014 Aug'27
9852 10012
Debenture 455a
1952 I-13 6614 67 67 Aug'27
9 i .3 5
3
6612 67
Georgia Midland let 35
1946 A 0 7512 7814 78 Aug'27
7212 78
Bankers Tr certIle of deposit
6638 Sale 6578
68
36
68
56
Gr R & I est 1st gu g 455e
1941 J .1 9814 985 985 Aug'27 ____
8
8
9712 988
4
Dabenture 48
- -55 67 Sale 653
1925 3
4
21
67
5612
Grand Trunk of Can deb 78_1940 A 0 11438 1145 11438 1147
8
8
4 11414 116
U El Mtge & Tr ctfe of
663 Sale 66
4
66 3
4 67
5612 67
15-year s I Os
1930 M S 10712 Sale 10712 108
2
19 1067 1085
3
debenture 45
dep.25yar 14/34 33 653
6612 Aug'27
4
_
5613 6612 Grays Point Term 1st5e_1947J D 963 ___- 9712 June'27
8
9712 9711
, Farm L & Tr etts of dep__
6614 Sale 65
562. 667 Great Nor gen 78 series A
3
6612 35
3
11438 Sale 11412 1151a 85 1181s 11134
1936 3
Chic & N•west gene 3lis
8
1987 MN 825 8312 8312
8312 11
7818 84
Registered
.1 J
114 May'27
114 114
Regetered
80 July'27
0 F 7818
7412 80
let & ref 454e series A____1981 J J 9912 Sale 9918
10012 18
97 1003
4
General 4e
1987 84 N 0312 9412 94
94
2
General 515e aeries B
90 3 963
,
19523
4
Ill Sale 111
11112 21 108 112
Registered
Q F 8013 9312 92 May'27
0214
92
General 55 series C
1973 J I 10618 Sale 106
10614 10 10014 1053
4
Stpd 48 non-p Fed In tax '87 MN 94 Sale 94
94
6
9013 9412
General 455s series D
1976 3 .1
941s 100
Gen 4I.1 a stpd Fed Inc tax_1987 MN 933 95 10718 Aug'27 ---- 105 109
4
Green Bay & West deb Ws A____ Feb 65 8 8 % 85 2 Au?/917 __8_
827'4 6
8 98712
6
'3
2
_2
8318 86
Gen be stpd Fed Inc tax___1987 MN 1115 Sale 11158 1113
8
4
9 10814 11414
Debentures
B
Feb 2718 28
28
28
21
30
Sinking fund 6e
1879-1929 A 0 10314
10334 Aug'27
10114 1033 Greenbrier Ry let gu 4s____1940 M N 927 ____ 93 Aug'27
4
8
93
9313
Registered
__ 10234 May'27 _ _
A 0 10213
101 1023 Gulf Mob & Nor let 555e__1950 A 0 1063 10634 1063 Aug'27
4
8
8
105 10612
Sinking fund be
1870-1929 A 0 1013
8
10112 Aug'27 -10014 10318
let NI 58 series C
1950A 0 10118 10138 101 Aug'27
100121 1021
4
1879-1929 A 0 1002z
Registered
10113 Aug'27
10018 10214 Gulf & I lat ref & ter g be _81962
J 10712 ___ 10712 10712
4 107 1073
4
Sinking fund deb Se
1933 M N 10214
102 Aug'27 - - 1005 10273 Hocking Val let cons g 4558.1999 J J 1033 10414 10334
8
8
1033
4
5
978s 10414
Al N 101
Registered
____ 102 Aug'27
10118 102
Registered
1999 J
Mar'27
953 953
4
4
10
-year secured 7eg
1030 3 D 106 Sale 106
1063
6 10528 10714 Housatonic fly cone 8 68
8
Sale
1937 M N
9812 100
15 year secured 1355a g
1113
4
1936 M 5 11132 11212 11134
5 1115 11313 H & T C let g int guar
2g0 48
- 2
8
:
1937 J J 105- ii02 14 10992953344
l093
02 4
(5 1003 1023
1
8
4
let & ref g 58
May 2037.1 D 1087 Sale 1087
8
8
5 10212 11258
10918
Waco & N W div let 138 1930 MN 10312 ____ 10312 Aug'27__ 10214 10312
8
May 2037 J D 1003 Sale 100
let & ref 435s
10012 78
9712 1007 Houston Belt & Term let 55_1937 J 1 100 1003 10034 Aug'27
8
4
991s 1011s
Ch1e R I & P Railway gen 48_1988 J J 903 913 9034
4
8
92
4
873 9218 Houston E & W Tex Ist g 68_1933 MN 10012 10112 101 June'27
10012 1013
4
4
Registered
888 Aug'27
3 3 883 _
4
8011 8834 let guar be red
101
1933 M N
•
10018 10118
Refunding gold 48
178
1934 A 0 9472 Sale 9412
95
9214 9514 Bud & Manhat 58 series A 1957 F A 1005 Sale 10014
8
101
75
98 101
___ 9378 July'27
Registered
A0
9253 937
Registered
8
F' A
0714 June'27
9714 9714
Ch St L & NO Mem Div 49_1951 J 13 897 ____ 90 Aug'27
8
8914 91
Adjustment income 59 lob 1957 A 0 9214 Sale 9138
9214 162
84
9314
Ch St L de P let cons g ba__1932 A 0 102
____ 102 Aug'27
10114 1025 Illinois Central let gold 45___1951 -1 3 9514 97
8
9513
9513
at 97
5
Chic SIP M & 0 cone 6[2_1930 J D 10312 Sale 10314
10312
10212 104
Registered
1051
925 Apr'27
3
8
925 93
8
8s
Cone 65 reduced to 3558_1930 J D 9612 967 9614 May'27
8
98
1st geld 355s
9614
- 12 9 2
1051 J J -137F -- 1- 8714 Jan'27 _ _
0
87
8714
Debenture 55
8
1930 M S 097 100
993
4
993
991s 100
4
Extended 1st gold 354 a
1951 A 0 8713
8838 Apr'27 _ _ _ _
8814 8914
993 ____ 9934 Aug'27
8
Stamped
993 10014
8
1st gold 3e sterling
1951 M 5 7318
85 June'271June'27
7
8
7
73
7512
007 105
8
Chic T H & So East 1st 5e__1960 3 D 993 9912 9918
8
935 097
8
8
Collateral trust gold 6,2
1052 A 0 9112 023
4
901s 93
Inc gu 55
26
95
Dec 1 19130 M El 95 Sale 9434
873 9554
4
Registered
A 0
88
8912
Chic Un Ste'n let gt.1410 A _1963 J J 10012 Sale 100
1003
9714 1003
4 27
1st refunding 4s
4
1955 56 N 9618 Salo 961:
11
9133
64
931s 9712
5
__ 10-13 Aug'27
let 59 series B
8
4
1903 J .1 1043
10312 106
Purchased lines 3555
1952 J
87 3 -- 88
,
897
85
9
5
8 43 July'27
888
8
1944.3 D 1033 10412 10334 10412
10113 1053
Guaranteed g 58
4
8
Collateral trust gold 413
195.3 56 N 893 Sale
4
15
88
9018
let 6558 series C
11163.1 .3 11712 11812 11712 11812
11614 11854
Registered
81 N 16135-18
8611 8613
__ _2
2
_
19881301142
Chic & West Ind gong Os.j1932 Q 51 10512 ____ 10534 Mar'27
69 10512 106
_
Refunding 55
Sale
19.55 M N
1119
3
1063 100
891
19
Consol 50-year 48
8653 90
1052 J J 8918 Sale 89
15
-year secured 83.3e g_..1930 3
11318
11 1.3 11812
3
let ref 555e seeA
2
4 10514 19 10312 10512
1962 M S 10512 1057 1043
40-year r d s gold Aug 1 tor,r, F A 10034 Sale 10012 101
e B ",age
r
"
963 101
8
75
Oboe Okla & Gulf cons 58 .1952 M N 1043 __ _ 104 June'27
8
10314 104%
Cairo
1950.3
933 ____ 9338 Mar'27
8
934 93 2
2
oin H & D 2d gold 454 a__ _1937
9818 Aug'27
9738 9818
J 9818 99
Litchfield Div let gold 84_1951 J J 7814 ____ 7814 Aug'27
7612 7834
0 I St L & C 1st g 4s___Aug 1938 Q F
____ 9712 June'27
9514 99
L Mley Div & Term g 3143_1953 3"83 84I8 _ . 8412 June'27
,
78
8_5.
8212 8412
Registered
9614 June'27
9518 9614
Aug 1936 Q F
Omaha Div let gold 3a
1951 F A
7814
7814
7
70
78 4
,
CID Lob & Nor g 48 3
9014 933
Elt Louis Div & Term g 38_1951
4
9212 9312 9114 June'27
u 1942 M N
J 7918 8114 787 Apr'27
8
761g 79
CID S & CI cons let g 5s ...1928
100 10012
J 100
__- 100 Aug'27
Gold 3550
1951 J J 8612 Sale 8613
8612
8512 98 2
,
Clearfield & Mali 1st gu 58_1943
9913 9913
Springfield Div let g 3548_1951 .1 I 8518 ____ 81 Sept'20
J 1003 _ .__ 9912 July'27
8
Cleve CM Ch & St L gen 49_1903
4
943 Aug'27
89
983
8
Western 1..1%2e lat g 4a__ _1951 1 A 9212 Sale 9212
D 9418 95
8
923
4 15
123
4
Registered
9312 May'27
92
9312 Iii Central &Chic St L & NO
20-year deb 43-8
8
Joint let ref 5e series A
1931 .1 J 993 100
093
983 100
4
4
1963 J D 105 106 10512 10512
9934 10
8 10312 10512
General be Series B
110 July'27
1073 113
4
Ist & ref 416s ser C
1993 J 13 111
1963 J D
9812 20
9614 9914
Ref & Impt 89 series A
98
Gold 55
6 10213 10314
1929 .7 11 1027 Sale 10238
8
_ _ _3 108
1027
8
8
1061 J D 1084'3 9 ! 97 July'27
g
8
1043 107
105 108
68 series C
Registered
1941 J J 1053 10712 1067 Aug'27
8
4
10338 107 10312 Mar'27
10312 1031s
Is series D
8
2 1027 105 8
10438
8
1963.3 J 1043 1047 1043
8
,
8
1951 J D 8012 ---- 7812 Feb 26
.
Cairo Div let gold 45_ _ _1939 il J
9312 9514 Ind Bloom West 1st ext 412_1940 A 0 0318 ___ 9338 May'27
43°BlId3m4&"
037 Aug'27
8
_
554 IA
Cin W & M Div late 4s 1991 J .1 893 ____ 9034 Aug'27
903 Ind III & Iowa lat g 4a
4
86
3
1950.3
9412 96
9434 Aug'27
_
93
/ 9 4
1 43
4
OIL Div 151 coil tr g g 4.8....1990 M N __._ _.._ la14 Aug'27
91
87
End & Louisville let gu
8889 8
3
4
7
y
J J 8612 8712 8638 Aug'27 -1)018
84
Registered
8714 8714 Ind Union Ry gen 58 see A 1088
M N
10118 10278 10278 102
3 10112 10318
813r & col Div let g 4a_ __1940 M S 9628 ---- 07 Aug'27
Gen & ref 5a series 11
917 9714
8
19653 .3 103 Sale 10212 Aug'27
.
8
_ 1017 1021
W W Val D1y let g 4s____1940 J J 9018 ____ 9612 Apr'27
9712 jut & Girt Nor let fle see A 1952 3 J 10778 Sale 10778
91
1077
8 15 1053 10853
3
CC C & I gen cons g fis_ _ _1934 1 .1 10814 1083 10814 Aug'
10612 1091s
Adjustment 6e eer A July 1962 Aprl 9518 957 9538
27
4
8
52
90
836 08
8
Clev Lor & W con lat g 521_1933 A 0 103
1023 10383
2
Stamped
____ 103 Aug'27
8118 8818
8514 873 85 July'27
4
Cleve & Mahon Vale be__ A938 J J 10012 ___ 10012 Apr'27
let 5s series B
10012 10012
9814 10112
1958 J3 100 1003 10014
AIN.1
10014 14
4
01 &Mar let gu g 454a
9838 993 lot Rye Cent Amer let 58
4
1935 MN 99
993 993 July'27
4
4
75
8214
1972 M N 8014 8012 8014
9
805
8
Cleve & P gen gu 4544 ser B_1942 A 0 10112 ____ 0018 Aug'26
151 coil tr 8% notee
1941 M N 9512 Sale 9538
923 955
4
9513
*
7
Series A 955 a
1942 .1 J
1515 101
1st lien Ar ref 63-5o 58_ _1947 j D 90 Sale 0012
101 Mar'27
92
g sld
90
4
1235 F A
9113
Series C 354e
8912 Iowa Central let
89
2
1948 MN 883 9014 8912
8912
4434 fila_lt_3_ 44,5134 Aug'2710
4
443 68 3
4
,
Series D 3155
,
8914 8914
1950 F A 88___ 8914 May'27 __Certificates of deposit__________
44
55
Cleve Sher Line let gu 6141_1981 A 0 1013 ____ 1013 July'27 ____ 10118 104
Refunding gold 48
4
4
1412 3112
1412 1512 143
4
143
4
Cleve Union Term 55ia
1972 A 0 110918 Sale 10838 10918 28 108 1103 James Frank & Clear let 45_1959 J D 9312 ____ 9414
8
915 96
4
9414
2
lit a f &leer B
1973 A 0 105
105% Ka A & It 1st gu g ISa
_ 105
12 10312
10514
103 103
8
1938.1
1023 ____ 103 May'27
b Due Feb. * Due May. p Due Dec.
BE L, 1
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2.
it .3
Price
Friday,
Sept. 2.
Week's
Range or
Last Sate.
g 31
'
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2.
13,3,
ft.'?
a.,
1303
Price
Friday.
Sept. 2.
11
7eek's
Range or
La4t Sete.
g
c
Range
Since
Jan. 1,
Bid
Ask Low
High No, Low
High
High
High No. Low
Bid,
Ask, Low,
_
855 88 8 N Y Central &Hudson River
8
,
__ 885 Aug'27
8
1090 A o 8854
Kan & M lett fru g 48
835
8 10
1997 J .1 84% 843
8013 8512
4 83
Mortgage 558
5 101 102
S & M cons g 68
M N 101 163 10112 10113
C Ft
1928
1997.3 J
82 July'27 __ -783 8312
2
3Registered
3 92 95
8
037
8
C Ft s & M Ry ref g 48 1936 A 0 937 9414 934
9758
10
1934 PA N 975 ____ 968
9814 9814
Debenture gold 45
9912 10214
KC&MR&B 1etipa58 1929 A 0 9914 10214 101 Aug'27
96
96
06 Feb'27
MN
Registered
73% 7513
Kansas City Sou let gold 3s-1950 A 0 7514 7513 7514
7512
961 ____ 9714 Aug'27
1942 J
9412 9833
-year debenture 48
30
8 10114 12
9914 10114
Ref & inapt 5e
Apr 1950 J 1 1005e Sale 1005
93 Feb'26 ___ _
.1 .1
Registered
9212 59
8212
88
Kansas City Term let 48___1960 J J 9212 Sale 92
g32 7 _ 24_ -7918 8338
8
Lake Shore toll gold 3358_1998 F A 83 Sale 882178
8112 91
0014 Aug'27
Kentucky Central gold 48__1987 J J 9014
Aug
78% 81
1998 F A
Registered
_ _ 86% June'27
8518 94%
Kentucky & Ind Term 4358_1961 J 11
83
2
793 8518
4
84g 83
Mich Cent colt gold 3340_1998 F A -8218 8612- - 90 July'27
91
8812 9012
Stamped
1961 J J 9014
8118 July'27
787 8214
s
1998 F A
Registered
8 1017
8
101 103
Lake Erie & West let g 56 1937 J .1 10218 103 1017
9614
4
94 4 904
3
1937 A 0 9614 Sale 9534
8
g 4s
8
29 gold 55
1941 I J 102% 103 1017 July'27 ---- 100% 11125 N Y Chic & St L
04
9918
5
943
4
4
1937 A 0 --- ---- 043
Registered
8413 10
8012 8518
Lake Bier & Mich S g 334E1_1907 J D 8413 855 84
2
, 96% 9914
10914 36
93
1931 M N 99 Sale 99
25-year debenture 45
8314
80
Registered
8312
5
1097 J D 8312 Sale 8312
40218 1023
8
2d Be seriee A B C
1931 M N 103 Sale 1028
69
9814 100
100
Debenture gold 4s
M 5 993 10018 997
4
8
1928
21` 10418 10712
107
Refunding 5;48 series A 1974 A 0 107 Sale 10614
0912 149
25
-year gold 46
97% 99
%
1931 M N 9912 Sale 99
11 10414 107
107
Refunding 6) series R .1975.3 J 1063o 10612 10612
-Is
4
2 104% 1073
LehWal Harbor Term bs_1954 F A 10514 10512 10514
1073
4
1
99
943 100
e
993 99
8
2
10118
9812 10118 N Y Connect let gu 435e A 1053 F A 99
Leh Val N Y let gu g 4,348 1940 J J 10118 ___ 101
s
10412 105 105 Aug'27 --_ _ 1033 105
let guar 55 serles B
4
8
Lehigh Val (Pa) cone g 4e_2003 M N 903 Sale 903
4
4
903
8614 01%
913 Oct'26
4
1957 F A
NY
Erie 1st eat gold 46_1943 M N
N89 May'27 _ _ _ _
Regletered
155_ giie_
84
M
8912
9812 687
8
981 July'27
1933 NI S
3d ext gold 4 35e
loo
10014 11 97 101
General cone 4345
2003 m N
985s 10012
1003 Mar'27
8
23
1930 j D 10858
A O 090 4
4th ext gold be
97 June'27
97
Registered
MN
97
99 Nov'26
9914
5th eat gold 46
10 10312 108
Lehigh Vol RR gen Is neries_2003 (11 N 10718 108 108
108
99's i004
8
100 Aug'27 -- - 6
192 M N 997
948
Leh V Term Ry let gu g 65__11, A 0 105_ 105 Aug'27
10212 10512 N Y & Greenw L gu g 5s
41
813 8518
4
8358 June'27 _ _ _ _
2000 Ill N 8212
Registered
- 4
102% 10212. NY & Harlem gold 335e_
A 0 ____ 1643 102% Mar'27
8212 8212
8212 Mar'27
M N
Registered
Leh & N Y lst guar gold ls__1945 M S 90__ 907 Aug'27
8
90
90%
80 July'25 __ _ _
Y Lack & W let & ref 58.._1973 N N
Lox & Feet 1st 50-yr ba gu__1965 A 0 11112 112 1113 Aug'27
109% 1133
4
lois 1041*
10418 June'27
i,i7r88
First & ref 4 Ms
I Ittle Miami gen 45 Ser A _1962 MN 90---. 913 June'27
4
863 91%
8
___ 106 Feb'27 __ _ _ 106 106
0
Long Dock coneol e 68
193 A S
1083 10912 27 Y LE&W let 76 ext__1073 ? N 106
4
1935 A 0 109 10912 109 Aug'27
4
- 8
F A 10014 1007 1003 Aug'27 -- _ _ 10014 101%
Lone Ield let eon gold 5eJnly1931 Q J 10114 ____ 995
20
8 100
995 10113 N Y & Jersey 1st
8
_
9014 ____ 90 Dec'26 -__
NY & Long Branch gen g 451941 M
5832
19
let consol gold 4e___ _July1931 O J
98
98
___ 98 Feb'27
Ap
r'27 __ _ _ -51- 91 91
General gold 4e
925 9818 NY &NE Bost Term 40_1939 A 0 92
8
9312 94% 9414 Aug'27
1938 .1 D 9774
8312
NYNH .4 11 n-e deb 4e_1947 M S 82% 15-1 833 Aug'27 _ - _ _
Gold So
May'27
9315 95 4
3
1032 J D 9514
8
723 75
Non-cony debenture 3348_1947 M E3 7312
Hnifled gold 45
9012
917 89'142
8
89
1949 ra ill 9018 ---- 95
65513 7312
31 A ug 2
7
4
Non-conv debenture 3;48_1954 A 0 7218 -- -- 723 .Alig:277 •-_-_-_-_
Debenture gold be
101
Aug'27
99
1934 .f D 9912 10114 101
8312
76
8314
5
Non-conv debenture 4'3_1955 J J 83 Sale 8314
20
-year p m Jet. Is..
13
4 100
9818 10014
1037 M N 100 Sale 993
8
76% 835
483
5
Non-conv debenture 46.„1956 M N 821 8318 83
Guar refunding gold 4e
4
883 9138
1949 M 13 9014 9114 913 Aug'27 --__
4
2
683 73%
8
4
723
723
4
Cony debenture 3lie
1956 J J 723 73
Nor Sh B 1st con on 5s.Oet '32 Q J 10014 10012 10014
3 100 101
10014
11214 Sale 11112 11212 40 10512 11212
Cony debenture 68
1948 .1
Louisiana & Ark Et g Se__ 1927 MS ____ 10014 100 June'27
100 100%
103 10714
10714 Aug'27
Registered
.1 J
Lou &Jeff Bdge Co gu g 48.._1945 M S 8912 9012 905 Aug'27 ____
8
8953 9213
8 13 102% 10514
Collateral trust 68
1940 A 0 l0412 Sale 10412 1045
Louleville & Nashville 5e
____ 107 June'27 ____ 10613 107
1937 M N 107
6913 76
4
743
4
4
Debenture 4s
1957 M N 743 Sale 7414
2
Unified gold 48
97%
972
8
953 0812
4
J J 975 98
1940
8814 901.
2
4
8
Harlem R & Pt Chez 1st 4,1954 M N 897 903 897 Aug'27 -__
I J ____ ____ 9658 May'27
95
965
8
Registered
9972 100
3
10112 Aug'27
10118 1023 NY & Northern 1st g be_ _1927 A 0 997 10018 997 Aug'27 _ __ _
4
Collateral trust gold 158___1031 MN 10112
7614 7912
7634
7814
5
N Y 0& W ref let g 4s_June 1092
14 10318 108
105
10-year secured 7s
MN 105 Sale 105
1930
I 7218 Dec'26
54 S
Registered $5,000 only
let refund 5248 series A 2003 A o 1073 1098 10712 Aug'27
4
105 110
-4
-7 5- 78
7
8 7613 7612 Aug'27
General 45
1955
D 757 5 1055 1083
let & ref be series B
8 1063
4
4
4
2003 A 0 107 1077e 1065
.
3-_
8
N Y Providence & Boston 4a.1942 A 0 905 ____ 8612 Dec'26 _-_
4
10214 1027 10214
10214
let & ref 4)-g15 series C
8
994 1035
3
8
2003 A 0
9212
9112 ____ 918
917
8
5 -3572 N 0 & M let gold Os
8
4
10314 104% N Y & Putnam let con gu 48 1993 A
1930 J J 1033 _ __ _11037 Aug'27
5972 100
8
997 May'27 __ _ _
1927 MS
2d gold Be
1035 103% NY&RBIstgold 5e
8
1930 J J 10314 1035 1034 Aug'27 __
8712 9412
1
92
4
NY Susq & West lot ref 58_1937 J .1 913 92 92
Paducah & Mem Div 48 1946 F A 9512 ____ 935 June'27 __ __
8
93% 95
72% 80 4
3
7418 75
7912 June'27 --- _
29 gold 435s
1937 F A
flit Loide Div 29 gold 30_1980 M El 6814 ____ 6812 Aug'27 __
6612 69
7118 80
1
751
.
7518 7614 7512
General gold 5s
1940 F A
Mob & Monte 1st g 434s_ _1945 M 5 10014 10114 10114 Aug'27 --__ 10014 10114
9812 101
8712 91
Terminal let gold 58
1943 AI N 100 10218 101 June'27
27
South Ry joint Monon 48_1052 J J 91 Sale 893
01
8
8412 Sale 8414
8512 21: 7812 8512
Atl Knox's & On Div 4614155 M N
91114 97
9613
9612 11
,
9312 97% N Y W'ches & B let Der 1 4348'46 I
I
Lousy Cin & Lox Div g 4348'31 M N 100 ____ 100 Aug'27 _ _ -993 100,2
4
9314 1003
1003 159
8
s
1950 A o 10014 Sale 997
Mahon Coal RR let 53
103% 10318 Nord Ry ext'l 5 f 6358
1934 3 J 10212 10312 10318 Apr'27
8
94%
6
904 947
Norfolk South Ist & ref A 543_1961 F A 943 947 945
Manila RR (South Lines) 9s_1939 M N
715 7213 715
72
18
66
73
8
10114 10214 10114 Aug'27 ____ 10012 1015
Norfolk & South 1st gold 5s_1P41 M N
let de
4
7312 84
•
1959 M N 7514 773 78 July'27
4
4
4
Norfolk & West gen gold 68_1931 Ill N 10512 1053 1053 Aug'27 -___ 1043 10658
Manitoba SW Colonlza'n 53 1034 .1 D 100 101 100 Aug'27
100 101
4
Improvement & ext 68_1934 F A 10818 1083 10818 Aug'27 --__ 10818 110
Man GB &N W let 3358_1941 J J 865e ---- 8313 Feb 26
.
10612
Mich Cent Det &Bay City 58;31 13 M 1018 10212 10112 July'27
ioiT2 10154 New River let gold 68_ _ _1932 A 0 10534 Sale 10612 July'27 20 10612 107
9514
967
9258 9714
N & W Ry let cone g 4s
1996 A 0 9612
Q M --------101 Dec'26
Registered
947
8
6
92% 95
Registered
1996 A o ____ ____ 947
Mich Air Line de
-55T4 - 72
0513 July'27
131940 J J 951 .
943 Sale 945
4
943
4
4
93
955*
DWI let lien & gen g 48.1944 J J
J J --------02 Mar'26
Registered
10-yr eonv. 6
1929 M S --------187 Aug'27 ____ 158 187
.
J L 5513 1st gold 3348
79 Nov'26
1951 M 5 8518 88
95
1
92% 96
9512 95
Pocah C & C joint 4s
1941 J D 95
let gold 33511
85 4 90
3
1962 M N 8918 ____ 8918 Aug'27
20
7
North Cent gen & ref be A_ _1974 M S 107 ____ 107 July'27 _-__ In% If:104
-year debenture 4s
98% 100
1929 A 0 9978 ____ 100 Aug'27
Mid of N J let ext be
Gen & ref 4349 series A
1975 at S --------89 June'27 ._ _ _
10
97
95
981
.
1940 A 0 97 Sale 97
94% 100
14
9818
99
Milw LB & West imp g 65J929 F A 10012 101 1003 Aug'27
1945 A 0 9812 99
4
10012 1015 North Ohio let guar ft 88
8
9114 97
95 12 29
Mil de Nor let ext43
North Pacific prior lien LS__ _1997 0 .1 9514 Sale 95
9513 Dec'26
4s(1880)1934 J D 0634 98
90% 9414
Cone ext 43.58 (1884)
9414 93 Aug'27 _-__
95l 98
Registered
1997 Q J 93
4
1934 .1 D 963 ____ 9613 Aug'27
6553 6934
Mil Spar & NW let gu 45._ _1047 MS 04
69% 43
Gen'l lien gold 3s____Jan2047 Q I 673 Sale 685
j 02 4
a 0
F 68 4 6le 67 8
14 95%
943 94
4
3
92
94
63
53 6758
1911w & State L let gu 341_1941 1 3 8653 ____ 8318 Dec'25
5
67
Registered
Minn & St Louis let cons be 1934 M N 5012 Sale 5013
5
la T
8114
4
Ref & Rapt 4148 series A__2047 J J 1013 ____ 10112 1013 _ _ __
-iOis 57
5012 --- '1 emp Ms of deposit
J J
9714 ____ 08 May'27
M N ____ 527 5014
Registered
8
5014
2
1014 55
let & refunding gold 4a___1949 hi B 1714 183 18
111 11614
4
1161
Ref lna pL ile series B____2047 J J 11614 Sale 1143
183
4
2
4
1713 23
Ref & ext 50-yr 5s err A_ _1962 Q F
1115 ____ 11014 Mar'26 _7_5_
Registered
airs ---114 Sale 14
14
5
123 1514
4
M St P & 13 S M eon g 4s lot gu'38 3 1 8812 894 8812
um 2
1073
8 10 i
Ref & impt be series C _2047 I j 10714 1073 10714
4
J J
11
8614 8914
8014
let cone be
6
Ref & impt Os series D___2047 J J 10712 108 10712 1071
1938 J .1 06
9634 98
9614 20
96
995
4
let cons 58 gu an to lot....._i938 J J
4
P13 8 0 78
/
4
9614 08% Nor Pac Term Co 1st g 66__1933 1 J 1093 ____ 1093 July'27_ ___ 10 4 I 4:1
97l1 Sale 961
' 97% 28
10-year coil trust 6348-.1931 M 5 10112 Sale 10012 10118 14
Nor Ry of Calif guar g 5s _ _1938 A o 1053 106% 103 July'27 ____
06 4
4
9713 102
8
1027 10318
let & ref 68 series A
North Wisconsin let 6e
1930 J J 10212 ____ 10318 Mar'27 ---_
10014 20
11814 102
1946 J J 10014 Sale 100
15
8512
1
811 884
Og & L Chem let gu 4e 2_1948 J J 8512 8612 8512
-year 5)4s
*
1949 M 5 87 Sale 87
8214 89
8713
6
let Chlcago Term a f le__ _19411M N 9814 ---- 981 June'27 __ __
9458 9438
8
97% 9814 Ohio Connecting Ry 1st 48_1943 M S 953 ____ 9458 Mar'27 ____
1936 1 D 10212 ____ 1218 Jilklugne: : -_-_ 1 ,4 LIB
12
: .
2
MIssissipPi Central let 5e_ 1949,3 3
9512 9712 Ohio River RR Let g 58
---- 9612 Aug'27
Mo Kan & Tex let gold 45 _1900. J H 6638 Sale 8914
27
2
% ii_
General gold be
J D 103
A O , _
8014
8914 40
8614 89%
Me-11-T RR prlien 58 ser •_1962'J 3 10414 Sale 10418
9312 Aug'27 ___
885 9412
8
10412 31 101 104% Oregon RR & Nay con g 48_11994367
410-year 45 series 13
8
807
13
8512 89% Ore Short Line let cons g 56.1916 1 J 109 Sale 10812 Aug'27 -- -- 10658 109%
1962 3 3 8914 8958 887
10
-year 6a SerumC
10914
3 106 110
Guar cone 58
1946 1 .5 109 110 109
1932 J 3 10314 Sale 10313
10358 16 102% 104
Cum adjust be ear A Jan. 1967 A 0 107 Sale 106%
9814 100
90 8 ,0
993
4 100 I 28
Guar refunding 48
1029 J D 997 100
107
61
96 107%
8(11 9113
j
Missouri Pacific
9012 40
9014
Oregon-Wh let & ref 4s_ 1961 J J
as
I
let & refunding be ser A.. _1066 F A 100 10013 9912
9013 8912
1946 J D 90
Pacific Coast Co let g 5s
8912
1
83
93
101
38
073 102
4
9334 95
General 46
4
4
933 Aug'27 ____
1975 M B 78 Sale 7714
7813 245
74% 7914 Pee RR of Mo let ext g 48 1938 F A 933 95
let & ref 56 ser 13
4
29
ended gold be
j 102 -_______ 102 Aug'27_ _ _1_ IN Iggi2
.1 0,34
ext
1977 M 8 993 Sale 9912 101
307
073 101
4
Mo Par 3d 74 ext at 4 5 July 1038 MN
100
,
94 _____ 933 Aug'27 _ _ _
Paducah & Ills let a 1 41 -519938 33
4
927 95
8
.58
55
8713 97
Mob & Bir prior lien a 5e
264
97
973 June'27 ___ _
1945 J 3 10014
Parle-Lyone-Med RR 6s_ __ _1958 F A 964 Sale 9538
97% 99
let in gold 40_
101
9612 103
90
Sinkleg fund external 78_1958 M $ 103 Sale 10213 103
8814 June'27 __ _ _
1045 J i 8818 881s 8814
951.4 10212
Small
10212 24
8
8
1954 M 5 10214 1027 10158
1945 J i 83 ____ 825 June'27 __ _ _
82
82% Paris-Orleans RR a f 7s
Mobile & Ohio new gold 6a_1927 1 D 10018 ____ 10012 Aug'27 ___ _ 10018 102% Paullsta Ry tel & ref a f 7s_ _1042 M El 10114 10112 10112 Aug'27 _- __ 10114 i0312
let extended gold Om__ July 1H7 ,.1 1 --------10018 May'27 _ _ _ _
9512 9858
9838 Aag'27 ____
2
8 4
993 10012 Fennsyh an% RR cons 948_1043 hi N
4
General gold 45
9414 98
1
9412
4
941 Sale 9412
4
963 Aug'27 --__
Consol gold 4s
1948 Al N 963 98
023 0518
8
94% 97%
Montgomery Div 1st g 5e_1947 F A
97
17
4
10214 1022 July'27
8
4s eterl stpd dollar_May 1 1948 al N 965 9712 963
1003 102%
3
1927 .1 D 1000118
St Louie Divielon be
3 101% 10513
100 Aug'27 1044
1960 F A 10414 Sale 10414
Consolidated 458s
99% 10014
Mob & Mar let gu gold 48_1991 M S 9314 943 9212 June'27 _ __ _
904 9712
4
9914 102114
8
1023
4 28
4
General 434e wiles A.,,,.1965 J D 1017 Sale 1013
Most C let gu g 60
6 1067 112,
2
4
3 1121
4
8
1937 J 1 1113 113 112 Aug'27.
General 58 series B
11014 11312
1968 3 D 11114 1113 1113
.1 .1
Registered
-____ 11112 Mar'27
10612 37 1053 107%
4
11112 111 12
10-year secured 7s
_1030 A 0 10614 Sale 10614
let guar gold 5s
1123
8
1937 J 1 i5i 10412 10512 Aug'27
15
-year secured 6lie
103% 10512
1936 F A 11218 Sale 112
Morris & Essex let gu 3348_2000 J 0 833 Sale 833
__
4
4
4
6
80,2 85
4
833
Registered
F A 11118 ____ 11118 Aug'27 __61 lir: 111314
Nashir Chatt & St L lid 58._1928 A 0 10038 1003 1003
4
8
1003
1 12
9 10014 101 12
40
-year secured gold 38_1964 M N 10312 Sale 10414
10512 59 101
12
N Fla A S let gu g 5s_ __
1937 F A 10212 ____ 10312 Apr'27 ____ 1025 10312 Pa Co gu 33431 coll tr A reg__1937 M 5 8714 ____ 89 Mar'27 ____
8
8
Nat Rye( Mex pr lien Alia_ .1957 J .1 --------30 Sept'24
Gila: 33-9s roll trust (ter 11_1941 F A 8718 88
8712 Aug'27 ____
86
8912
Assent cash war rot No 4 on
107 1118 1114
8
1114
4 -1114 -211Guar 34s trust ale C____1942 .1 D 86
85
86 12 June'27 ____
8612
Guar 70
-years f 48
_
8712 Aug'25 __ _
1977 -84 4 8613
3
Guar 3358 trust etre D____1944 I 0 86
8712 855 June'27 ____
Aesent cash war rct No 5 on A-6-- -- 1 - 1818 Aug'27
1434 678
17
-- -- Guar 15-25-year gold 4e___1031 A 0 9833 Sale 9838 9914 16 9713 9914
25
Nat lilt Nlex pr I 4104 Oct _1926 J"-i --------3812 July'25
Guar 48 aeries E
1052 RI N 90
92
9018 Aug'27
_
July 1914 coupon on
J .1
24 Sept'25 ---Pa Ohio & Det lot & ref 434, A'77 A 0 99 Ssle 983
99 --31F4
i)i1
(1 1
1
Assent cash
- lily 1-- 17
7
rot No 4 on.
17
1 -1.7- 1613 Peorla & Eastern let cons 48_1940 A 0 9014 Sale 8934
9014
1st consol 48 war1951 Ati --------28 Apr'26 -April 1990 Apr. 5014 Sale 49
Income 413
5014
A 0 --------1812 June'26
April 1914 coupon on
Peoria & Pekin Un 1st 5 Si8.1974 F A 106 Sale 1034
106
71 10 4 11631
1 1-11i3'4
51
:
Ascent rash war rot No 4 on_
9
1014 9 Aug'27
11858 Pere Marquette 1st ser A be_1956 J J 10 17g Sale 10478
9
,
104% I
Naugatuck RR let g 4s___ _1954 Ai -14 85
5314
____ 875 July'27 ____
8
89
875 875
8
11856.3 J 903 9114 91 Aug'27 ____
8
8
let 45 series li
133453 J 10012 ____ 1013 June'27
Now England cone 55
8
953 98
8
9911 101% Philti 13a11 &:. Wash lot g 4,s_1943 M N 9712 100
97 Aug'27 ____
Consul guar 48
89% Aug'27 _
112
General 5e aeries IS
1974 F A 11158 113 112
8712 8012
510's1411 4 ,1
N J June RR guar let 4s__ ._ 1r8r t ti 8T8
ll
7e
1
1 (
8512 Jan'27 ___
4312
8512 8512 Philippine Ry let 30-yr s f 48 1937 I .1 4312 Sale 4313
NO & NE let rof&imp 44s A'52 1 J 085 - 1- 99 Aug'27
8 66 2
,
106'3 1068
9612 99
Pine Creek registered IA 65.19321 D 106% ____ 10634 June'27 ____
8
New Orleans Term let 42_ _ _1953 3 3 8818 893 8914 Aug'27 -__
4
0
993 1011,,
194 A 0 10114
10114 Aug'27 ____
8
She 835 PC C& St Lgu 4588 A
4
10014 10113
N 0 Texas & Mel n-o inc 58_1935 A 0 993 10112 10014 Aug'27 ____ 100 101
1942 A 0 10114 10112 101 Aug'27 ____
Series B 4348 guar
1 100 101 11
101 July'27
100 4 10114
3
let be eerie B
1954 J 0 10014 10114 101
101
1942 M N 10114
Series C 4348 guar
,
9613 June'27 ____
1058 1 A 104 1043 10458
4
10434 15 103 1043
1945 M N
96
let 58 serlim C
9714
Series ID 45 guar
4
9314 ____08
'
965 08
8
1954 A 0 10514 Sale 10514
1053
4 20 1043 106
Series E 3355 guar gold---1049 F A
let 530 series A
4
8
9812
1953 J I) 9714 ____ 9714 Apr'27 ____
9714 115118
9512
1
97
Series ' guar geld
11 As
N & C Bdge gen guar 4 148_1945 J .1 975
983
4
1957 Si N
9714 ____ 973 Aug'27 ___
101
2 1003 102
965 9758
Heiler! G 45 quer.
4
N YB&M 11 let eon g bs 1935 A 0 101 102 - Ica
8
1960 F A
_ _ 973 Aug'27 ____
s
Series It con gu5r 48
975 10012
N Y Cent RR cons deb Os 1935 M N 10712 10812 10712
10712
8
3 10(158 1087
8
103 10412 103 Aug'27
9713- _
M N --------11614 Mar'26 --- 3erles icons guar 435E...1963
99% 10314
Reg!stered.
9332 8312 1 00 9514 Series J mos guar 434s 1964 M N 103 ____ 10313 Aug'27 ___ 100 10312
1008 F A 9312
COnsol 45 settee A
8
25
General M be settee A_ _1470 „I D 11014 Sale 11014
11014 25 10658 1 10'6
977 1023
2
s
Ref & impt Vie series 14_2013 A 0 10112 Sale 997 102
B_1975 A 0 11014 Sale 110
10812 34 10514 10812
11018
Gen mtge guar 55 serles7 106 Ill
Ref & helot 56 seriee 0-- _2013 A 0 108 Salo 108
1
A 0 --------10513 Jan'27 ____ 10512 10612
I
1.
Registered
l
_-_-
____
E
:
1304
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2.
New York Bond Record—Continued—Page 4
E
z
Priem
Friday,
Sept. 2.
Week's
Range or
Last &Ie.
Range
Since
Jan. 1.
Bid.
Ask. Low.
High No. Low
High
Pitts & L Erie 2d g 55_-_Jan 1928 AO 100
10012 July'27
99 1007
s
Pitts Mc% & Y let gti es.....1932 3, 10418 106 106 May'27
105% 108
2nd guar es
1934 3, 10418
10134 Nov'26
PittaSh &LE late 5a
1940 A0 10314
10012 July'27
1013; 162';
let conaol gold 5e
1943 J
10014 ---- 10013 Apr'27
1004 10012
Pitta:Va & Char let 48
1943 MN 95
96 Aug'27
96 96
Pitts Y & Ash let cons5a_1927 MN 99% 10018 100 July'27
100 100
let ten 45 series A
1948 in 93
94 Mar'27
92% 94
let gen 155 series B
1962 FA 10434 107 106 Aug'27
10458 107
Providence Scour deb 45_ _1957 MN 6912 75 701: July'27
70
75
Providence Term let 48
1956 MS 8512 - - 8418 July'27
8418 844
Reading Co Jersey Cen coil 481951 *0 941s 953 95
9 92 100
9534
4
Gen & ref 434e series A
1997 33 10038
10013 101
108
98 101
Rich & Meek lat 45
1948 MN 82 82% 82 Aug'27
794 82%
RIM= Term Ry 1st gu 5e
1952 33 10118 101% 10158 July'27
101% 103
Rio Grande June 1st gu 58._1939
D 9934 10014 100 Aug'27
100 10114
Rio Grande Sou 1st gold 48.._1940 3,
Aug'27
7%
4
73 10
74 7 4
3
3
Guaranteed (Jan 1922 coup on) ii
6
Rio Grande West let gold 48_1939 3, 9258 Sale 9238 May'25 10 IOT2 1314
9238
let con & coil trust 4e A_ _1949 *0 8618 865e 8618
8613 25
5
84 87 s
RI Ark & Louie 1st 4345___ _1934 MS 9612 97
9658
967
8 50
94% 9713
Rut
-Canada let gu g 4e
J 84
1949
85% 83 July'27
824 85%
Rutland let con g 430
1941 3, 94
9543
954 9412 July'27
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2.
B
.45.
Pries
Friday,
Sept. 2.
Week's
Range or
Last Sale.
Bid.
Ask. Low.
High No.
Virginia Mid be series F_1931 M
1007 -- 100% May'27
3
General be
1936 M N 10038
1
102% 102%
Vs & Southw'n let gu 5e
2003 J J 10134 10412 10134 Aug'27
let cone 50
-year 541
1958 A 0 963 97 97 Aug'27
4
Virginian Ry let 58 scrim 4_1962 MN 10718 sale 107
10714 40
Wabash let gold be
2
1939 MN 10413 105 10433 10432
26 gold 58
3
1939 F A 103 __ _ - 10332 1033
2
Ref s f 5304 Berke A
1975 M S 10514 Sale 10412 10514 166
Ref & gen &aeries B
1976 F A 101 10114 10032 10112 81
Debenture B Si registered_1939 J J 9613 -- 8314 Feb'25
2
4
185 Ilan 50-7r g term 4s 1954 J J 883 Sale 88%
883
4
Det & Chi ext 1st g es
1941 I J 103
4
- 1033 July'27
Dee Moines Div let g 4a 1939 J J 9018 -- 92% June'27
Om Thy 1st g 3)48
1941 A 0 8478 8612 8611
864 10
Tol & Chic Div g 45
1941 M
9112 ---- 9111 Aug'27
Warren let ref gu g 3301-2000 F A
_ __ 834 82 July'27
Wash Cent let gold 49
1948 Q M
8858 June'27
Wash Term let gu 330
1945 F A 834 8612 86% Aug'27
1st 40
-year guar 413____
1945 F A 9218
92 July'27
WMlnWANWletgu5ei93OF A 984 100 9918 Aug'27
West Maryland let g 4a__ _1952 A 0 844 Sale 84
38
843
let & ref 5)is series A1977 J J 1003 Bale 99% 1007 142
4
Wee: N Y & Pa let g 5e
1937 II 3 102 Sale 102
1
102
Gen gold 48
1943 A 0 90%
9014 Aug'27
St Joe & Grand Iel 1st; —1947
'3 85
8812 8878 Aug'27
863 8914
4
Income g 58
Apr 1 1943 Nov
45 Feb'25
St Lawr & Adlr 1st g 5e
100
1948 J
100 Aug'27
108 10018 Western Pao let ser A 5s---1946 IN 13
fii;fe" 99% 100 68
241 gold 65
1996 AO 1071/
10714 Aug'27
10518 10714
let gold tle eerlea B
1946M B
10238 Aug'27
St L & Cairo guar g 48
1931 ii 973 92 2 9758 Aug'27
3
3
9614 97% West Shore 1st 4s guar
23613 J 8913 90 90 Aug'27
St L Ir Mt & S ten con g 50_1931 *0 10034 Sale 101% 101% 27
99 101%
Registered
2361 3 J 8014 Sale 87%
10
881
Stamped guar 5s
1931 *0
10038 Sept'26
Wheeling 43 Lake Erie
Unified & ref gold 46
pull Sale 9912
1929
14
993
Wheeling Div let gold 58_1928 J J 100 10014 100 July'27
972* Ws;
Registered
33
9813 Aug'27
984 984
Ext'n & Inlet gold Esi
1930 F A 10012
10012 Aug'27 ---Illy & G Div 1st g 48
1933
9558 Sale 94%
123
96
Refunding 430 series A 1966 M S 9214 95 93 Aug'27
93% 96
St L M Bridge Ter gu g 5e_ 1930 A0 10058 1013 11013 1001
4
7 100 101%
Refunding 5s series B
1966 M S 10034 10214 1013 Aug'27 -- —
St L & Ban Fran (room co)4a1950 3, 8778 Bale 8714
139
8814
8413 '381s
RR let comma 45
1949 M S 893 9014 894
8
89%
6
Registered
3,
87 May'27
87
87
Wilk&Eastle1gug5el942J D 7214 77 78
78 1
1
Prior lien series B 51
1950 3, 10114 Sale 10118 10158 29
99 4 102
3
Will & F let gold 53
19383 D 10354 -- 104
104
2
Prior lien aerial C 6e
1928 Ii 101 Sale 101
1011
6 100 102% Winston-Salem S B let 413_1960 J J 90 Sale 90
90
1
Prior lien Vie eerie D
1942 33 10213 103 10213 103
23 10111 10313 Wis Cent 50-yr let ten 40. _ _1949 J J 8214 83 8314
8313 10
Cum adjust ser A 6qJu1y 1955 40 10114 Sale 10118 101% 33
99 102
Sup & Dul div & term let 49'36 MN 9118
92 Aug'27 -Income scrim A 6s_July 1960 Oct
983 Sale 984
4
987
9514 9974 Wor&ConEaetlet4Ho,,_1943i J 9218 9212 9214 Aug'27 ---St Louts & Ban Fr Ry ten 88_1931 3, 10438 Sale 10438 1047 109
2 104% 1057
INDUSTRIALS
8
General gold Se
1931 ii 1013 -- 10134 1013
1 10012 1017 Adams Expresa colt tr g 48_1948 M S 95 Sale 95
4
8
3
954
St L Peor & N W let gu 643_1948
J 10638 10714 10618 July'27
10413 1064 Ajax Rubber let 15
-Ire f8.J938 3 D 107 Sale 10634 10713 10
St Louis Sou let tug 49_ _1931 MS 9734 99 9758
3
975
8
9818 984 Alaska Gold M deb 65 A __ 1925 M
314 Aug'27
43
4 6
St L S W 1st g 441 bond ctfe_1989 MN 88% 89 89
2 8812 8911
89
47
57
Cony deb 138 aeries B
1926 51
514 July'27
2d g 45 Inc bond ctfa_Nov 1989 J J 8278
8313 Aug'27
81
94
8312 Alpine-Montan Steel 1st 78_1955 M
9412 94
943
4 10
Consol gold 4e
1932 in 96% 9714 96%
971
17
9414 974 Am Agri° Chem 1st ref s f 734e '41 F
10318 Sale 1025* 10318 99
let terminal & unifying 56_1952 is 98% Sale 97%
991
7
95 993 Amer Beet Bug cony deb 68_1935 F
4
92
9312 924
3
934
St Paul & K C Sh List 4344_1941 FA 9434 95 9413
941
7
9212 96
American Chain deb e f 641_1933 A
1033 ____ 10314 Aug'27
St Paul & Duluth let 5e
1931 FA 10134 10218 10158 July'27 101% 102
Am Cot 011 debenture 58—.1931 MN 98 Sale 9714
98
8
let mageol gold 48
1968 3D 93
95 93 Aug'27
91
93 Am Dock & Impt gu 6a
19383 J 1053 ____ 10614 Aug'27
4
St Paul E Or Trunk 434e__1947
'3 98 10014 98 Jan'27
98 98
1939 A 0 1034 ____ 104
Am Mach & Fdy s tle
104
10
Bt Paul Minn & Man con 46_1933
J 975 98 9712 Aug'27
8
974 984 Am Republic Corp deb f4 A937 A o 994 Sale 9913
4
9912
let consol g de
1933 3, 10714 1083 10714 Aug'27
4
10714 108% Am Elm & R let 30-yr 55 set A '47 A 0 10214 Sale 1024 103
43
Registered
J
10611
107 July'27
107 10714
1947 A 0 108 109 109
1st M (334 seriee B
12
109
es reduced to gold 4346_1933 3, 100 1003- 10014 Aug'27
4
9912 10058 Amer Sugar Ref 15-yr 88-1937 J 3 1041s 10478 10412 10472 36
Registered
3, 984- 9914 July'27
9914 9914 Am Telep & Teleg coil Sr 411-1929
J 9972 Bale 99% 100
48
Mont ext let gold 4e
1937 D 9618 6'i 9618 Aug'27
Convertible 46
1938 M 13 9634 Sale 963
95% 9814
4 • 97
33
Registered
in 9414
9513 Jan'27
_
1933 M S 10118 -___ 10012 July'27
9512 9512 . 20
-year cony 4348
Pacific ext guar 48 (sterling)'40
J 914 93 9212 May'27
91
19463 D 1043 Sale 104
4
924
30
-year colt tr 58
1044 45
St Paul Un Dep let & ref 5441972
J 107 108 10738 Aug'27
1960 3 J 104 Sale 104
10514 1075
35-yr al f deb 58
105
90
8
1943 M N 108 Sale 108
20
-year s f 53Se
10812 51
B A & Ar Pass let gu g 4s__1943
J 92 Sale 9178
92
9 88% 92% Am Type Found deb es
1940 A 0 105 10572 105
4
10614
Santa Fe Free & Phen 59._ _ _1942 MS 10218 ____ 102 July'27
1Q2 10314 Am Wat Wks & El col tr 56_1934 A 0 1007s Sale 100
10078 16
Say Fla & West let g Se
1934 *0 1083
3
_ 10913 May'27
108% 10911
1975 M N 10514 Sale 10514 106
Deb g 65 ser A
11
lit gold 5e
1934 *0 10212
_ 104 May'27
102% 104
Am Writ Pap let g es
19473 J 92 Sale 91
92
53
Scioto V & N E let gu g M1989 MN 937
9418 Aug'27
91
95 Anaconda Cop Min let 65-1953 F A 10458 Sale 10418 1043 183
Seaboard Air Line g Se
1960 *0 8213 11478 84 Aug'27
3- _811s 84
15
-year cony deb 76
1938 F A 10918 Sale 10812 1091g 136
Gold 413 stamped
831
1950 *0 83
8312 83
8 8012 87% Andes Cop Mln cony deb 7s-1948 J
107 Bale 10613 1065
8 49
Adjustment ISe
Oct 1949 PA 844 Sale 8418
41
8318 8812 Anglo-Chilean 7s without war_'45 M N 9453 Sale 9413
8
43
947s 100
Refunding 45
1959 40 7234 Sale 72
723
45
693 763 AntIlla(Comp Asuo) 7348 1939 J J 9734 98 98
8
4
2
984
1st & 00118 63series A
S 97 Sale 9634
1946
943 99% Ark & Mere Bridge & Ter 531_1984 M S 102 10258 10113 July'27 _
4
9714 118
Atl & Blrm 30-yr let g 4a_41933
S 934 Sale
9034 95
9318 21
Armour & Co let real eel 434e'39J D 90 Sale 893
4
9012 27
Seaboard All Fla let gu ee A_1935 PA 9612 Sale 934
96
94
96% 118
9858 Armour & Co of Del 534e
1943 J J 90 Sale 8913
9018 55
Serf ea 13
1935 F A 964 9634 9813
963*
9658 Associated 011834 gold noted 1935 M S 103 Sale 10212 103
94
11
Seaboard & Roan 55 extd1931 J J 10012 10034 100 June'27 14 100
100% Atlanta Gas L let 58
19473 13 103 ____ 10253 May'27
Bo Car & Ga let ext 5344__ 1929 M N 101
4
1011
2 1003 10134 Atlantic Fruit 78 ctfe dep
1013* 101
1558 ____ 1538 June'27
1934 J
& N Ala cone gu g 544
1936 F A 10311 104 10318 July'27
10318 105
Stamped ctfe of deposit
J D 2118 ____ 18 Jan'27
Gen cons guar 50-yr 65_ _ _1963 A 0 11114 1113
4
7132 34
So Sac coil 48(Cent Pao colt) rig J D 921/ 934 11114 Aug'27 20 11014 11214 Atloulf&WISSLcoltrSeJ9S9J J 7034 7112 71
9238
93%
884 93% Atlantic Refg deb 56
19373 J 10114 Sale 10018 102
34
Registered
J D 8634 ___ 89 Aug'27
88
89 Baldw Loco Works let 5e _1940 MN 10712 ____ 10714 1073
2
4
20
-year cony 48
June 1929 M S 10014 Bale 997
53
8
9858 10014 Bamgua(Comp As) 734e_ _ _1937 J J 106 ____ 1075e 1075a
1
1st 4344 (Oregon Lines) A_1977 M S 1013* Sale 10034 10014 144
1013*
10014 102
Hamadan Corp 68 with warr_1940 J D 98 Sale 9712
985 148
3
20
-year cony Se
1934 J D 10214
_ 103
1 100 103
103
Deb 65 (without warrant)_1940 3 D 9012 9114 8913
9112 90
20
-year gold Gs
1944 M N 10113 10i134 10134 1018
a
2, 1005 102% Belding-Hemingway (le
8
1936 J J 98
9812 98
9812 10
Ban Fran Terml let 444_1950 A 0 9213 9378 92
93
18' 904 9414 Bell Telep of Pa 58 series 11_1948 3 J 10414 105 10414 105
13
Registered
A 0 87 894 81 July'27
87 93
let & ref 5a aerial C
1960 A 0 106% Sale 10618 10658 31
So Sac of Cal 1st con gu g 56_1937
N 10534 1064 10534 July'27
10412 107
Berlin Elec El & Undg 6340_1956 A 0 9634 Sale 9618
9712 65
So Pee Coast let gu g 4s_ __ _1937
J
___ 9513 Mar'27
944 95 2 Beth Steel let & ref 58 guar A '42 MN 10214 Sale 102
,
10238
go Pao RR let ref 42
1955 j
96
95149614 9578
30-yr p m & imp f tc_ _ _193611 J 101 Sale 1004 101
9614 28
93% 977
8
25
Registered
J J
- 9458 Aug'27 —
9414 9618
Cone 30
-year 6s series A _ _1948,F A 164 Sale 104
16412 107
Southern Sty let eons g Se_ 1994 j
10512 110 log
.
10934 10 10612 110
Cone 30 year 5358 series B_1953 F A 10114 Sale 101
10214 44
j
Registered
106 Aug'27
10353 108 131ng A Bing deb 6348
1950111 8 93
9312 93
9312 15
Deyel & gen 48 series A19545,A 0 89 Bale I 8813
89
82 88 8918 Booth Fisheries deb if 0_1928:A 0 10214 --__ 10118 Feb'27
_
Develop & gee Be
1958* 0 117 Bale .1164 117
27 113% 11714 Botany Cons Mille 634e-1934 A 0 8812 Bale 86
8612 13
Devel & ten 83O
1956'A 0 12378 Sale 12314 1277
8 41 11914 127% Brier Hill Steel let 530.—_1942;11 0 105 Sale 10418 105
12
Mein Div let g 5e
_19984 J 10714 ---- 109 Aug'27
10614 109 Irwai A 7th Av let cg 56_1943'3 D 72 Sale 72
12
73
St Louis Div let g 4.5
19513 J 9114 9134 9114 Aug'27
89% 92
Ctfe of dep Mind Dec.'28 Intl-74 May'27
Bast Tenn rearg lien g 5a 1938 MS 10134 ____ 10118 Nov'26
Brooklyn City RR 54
1941 3
9234 Sale 92
9314 48
Mob & Ottlo coil tr 48_ _ _ _1938 M S 94 Sale 9334
943 Bklyn Edison Inc gee Si A 1949 J
94
16
92
1053
4
Spokane Internet let g 5e_ _ _1955
- 105% 106%
843 853 8514
8
4
8514 4
84 891s
GenersldeeerleeB
1930 3 J 104 Sale 104
3
1044
Sunbury de Lewiston let 4e_1936 J .1 933 --- 9312 July'27
3
9212 934 Bklyn-Man R T see es
1968 J .1 97 Sale 9
9 73 220
4
Superior Short Line let 5e__81930 M
10058 ---- 10012 10012
1 10013 10013 Bklyn Qu Co & Sub con gtd 54'41 M N 5714 Sale 57
8
5714
let 5a stamped
1941 3 J 71% 73% 7318
2
7318
Term Assn of St L 1344630_1939 A 0
9913 - -- 99% Aug'27
9858 100 Brooklyn It Tr let cony g 4e..2002 J
8812 Aug'26
let Am gold 58
104 105 1034 Aug'27
102% 104
1921 J J
3-yr 7% secured notee
13612 Nov'26
Gen refund t g 411
19 8 1 90 Sale 90
9. 1
4
5 874 9013
904
Ctle of depoeit stamped-----12818 Nov'25
Texarkana & Ft lat 530 A 1950 2' A 108 Bale 105%
106
98 1027 106% Bklyn Un El let g 4-5e
4
s
"tia- 9413 94
1050
95
Tex & N0con gold 5a
1943 3 J
99% Aug'27
1
9978 10118
Stamped guar 4-5e
93
94 93
1950? A 93
Texas & Pao 1M gold 5a2000 J 13 99%
107% Sale 107% 107%
1 105 4 1084 Bklyn Un Oaa let cone g 58l945 MN 108% ---- 10638 1063
2
8
s
Gen & ref 5a series 13
1977 A 0 101 Sale 10014 101
98' 101
2
1
64
let lien & ref 6e eerie(' A...1947 MN 115 Sale 115
115
La Div B L let g 56
19813
8
76
99 100 s
8 10
7
Cony deb 53ie
225
1935J J 22413 Bale 223
Tex Pac-Mo Pao Ter 5345_1964 M S 1005 Sale 10033 1005
10618 _ -- 10638 10612 35 1044 10613 Buff & Suaq Iron f 5s
19323 D 9218 9312 924 Aug'27
Tol & Ohio Cent 1st
5e1935 J J 10184 -- 10134 Aug'27
100 10213 Bush Terminal let 45
1962 A 0 924 93% 91% June'27
Western Div let g 54
1935 A 0 9934 _ - 10013 June'27
5
10014 102
99
Comet IN
1955 J J 99 Sale 99
General gold 158
1935 3
10018 10114 Bush Term Bides 58 Ife tax-ex '60 A 0 102 Sale 102
1024
To13(10 Peoria & West 1st48_1917 J D 1004 101 10014 Aug'27
J
18
15 May'27
15
15 By-Prod Coke let 5348 A-1945 M N 1003 -- 10078 Aug'27
4
Tol Bt L & W 50-yr g 4e___ _1950 A 0 15
92 903
91
2
8958 91 Cal G & E Corp unif& ref 56_1937 MN 10218 -- -- 10218 1024 15
4
903
4
To1 WV&Ogu43.5134
19313 J 9914 ---- 99 Aug'27
99 99 Cal Petroleum cony deb sf 661939 F A 93
93% 13
9313 93
151 guar 430 aeries B
1933 J J 901 4 ---- 9914 Aug'27
994 9914
1938 M N
Bale 974
97% 14
Convdebef534e
let guar 444. aeries C
1942 M
3
29
4
94 957 Camaguey Bug let f g 7e_ 1942 A 0 100 Sale 100
101
Tor Hare & Buff let g 45._ 1946 i D 953 9212 9538 Mat'27
1
9112
1
9112 Cent Diet Tel 1 130-yr 5e---1943 J D 10318 Sale 10312 1034
90
98 2
'Ulster & Del let cons be--.1928 i D 9112 Sale 9112
8813 71 Cent Foundry 1st e f es_May1931 F A
62
5
62
6012
97 Aug'27
let refunding g 4e
1952 A
3218 43 4078 Aug'27
39
14 42 Cent Leather let lien 5113s_ _1945 J 3 10334 Sale 1033
4 10414 21
Union Pacltio let RR & ld gt
9758 Sale 9714
Ws 99 4 Central Steel let go f 8e
975
8 30
3
1941 MN 122 124 124 Aug'27
Registered
J J 9434 Sale 942
4
1
11
93 8 96% Ceepedes Sugar Co let s f 730'39 M S 101 Bale 10018 101
943
7
4
.
lat
& ref le— __June 2008 M S 9533 Bale 95
9534 17
9111 9813 Chic City & Conn Rye 5e3an1927 A 0
4
63 Aug'27
Gold 430
19673 J 9834 Sale 98
gels 987 Ch G L & Coke let gu 58_ _1937 J J 1035 Eit;le 102is 1825
3
7
983 136
4
028
7
8vs
8
let lien & ref 68
June 2008 M B 11058 11258 11058 Aug'27
28
1085 113 Chicago Rye let 544
8
1927 F A 8215 Sale
10-year secured es
1928 3
10114 Bale 10114 10158 16 10178 102 8 Chile Copper Co deb 58
3
1947 J J 95 Bale 9412
9514 82
U N J RR & Can gen M
1944 M S 97
97 Aug'27
944 97
Mein Gas & Elm lst & ref 58'58 A 0 10214 10213 10214 Aug'27
Utah & Nor let ext 45
1933 S
9
9712
534s ser B due
97 981
9834 July'27
4
Jan 1 1961 A 0 10412 10478 10413 1043*
Vandalla cone g 4,8 aeries A955 F A 95 351
971- 96 Aug'27
2
9212 9714 Cities Sery Pow & L s f ea_1944 MN 1047 Sale 180451142
8
Conaol 4a series B
1957 M N 96
Clearfield Bit Coal let 48_1940 J J
9712 9012 Oct'26
July'27
Vera Crus & P let gu 430_1934
5
Cob F & I Co gee 5 I 6o--1943 r A i9 .
1061 10678
97
0
03
04
515
4
July 1914 coupon on --------3 J
2
Col Indus let & coll 65 ge---11)34 F A
24 Apr'28 _
Amenting set
1984 .--- 1512 WC: 1912 Aug'27
"Ni 154 Columbus Gas let gold 58_1932 3 J 9712 Sale 9712 977 12
s
1
794
Commercial Cable let g 4e 2397 Q
7912 Sale 7912
Due May. C Due June. k Due Aug.
Range
Since
Jan. 1,
Low
High
1003 100%
4
7
1023 102 8
4
4
1013 1021
4
94% 98
10213 107%
103 105
100% 103%
1034 1054
9918 102
-11S
-;883*
.
10311 105
881s 931s
83i4 87
90 9112
1
80 834
874 82 s
1
5
8554 874
874 934
984 99 5
3
7634 84%
99% 10118
10111 10213
88 9014
1005*
10214 1044
gals 91
86
80
-9898
2984 101
9914 10012
904 94
10012 101%
8714 9014
7214 80%
104 104%
86% 90
80 844
887 92
4
9214
89
89 9513
105 s 109 8
7
3
3
54
34 514
9114 974
974 1043
4
924 98
101 1034
95 98%
10512 10614
10312 10413
99 100
10013 10311
107 8 1094
3
1
104 106 4
981 100
4
931 92
4
9814 100Ts
102 1054
101 105
1053 10818
4
4
1023 1064
4
98 1011
10084 10614
83 93
103 8 104 s
3
7
Hos 10914
10314 108 8
7
8914 9814
9312 100
10014 10214
9318
88
87% 9584
1003 104
4
1025 103
5
4
15% 15%
18
18
70
12 76 s
7
10013 102%
108 108
10612 10814
9614 106%
89 9412
9811
94
1023 1054
4
10278 1065
8
94
97 4
2
100 1027
.
933* 101
10144 1041s
9714 10214
92 0414
1014 1011s
80
92
1034 1064
yl
7912
72 4 76
2
92 94
4
10314 1652
109114 10541
8
95% 1017
563 88
8
7318 80
-"CA" ihi
9
3 9718
....
1025 107
8
113% 1154
In 230
92 9312
90 4 9
7 2
9514 994
9914 102 8
5
100% 1014
1011s 103%
9113 967
s
95 1024
go 101
10214 10414
96 99
101 10
414
118 4 126
2
9E05 103%
gg
72
102 103
74 4 8511
3
923 9814
4
101 1021a
10414 10534
in% 1047
8
854 851s
96 102
934 97
9838 98
82
77
New York Bond Record-Continued-Page 5
r
,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2.
I'..'.
g
''1.
...c.
1305
r>
Price
Friday,
Sept. 2.
Week's
Range or
Last Sale.
1,
'ZS
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2.
High
High No. Low
Ask Low
Bid
993
4
1
93
97
____ 97
Commercial Credit s f 65___1939 MN 97
9012 9212
9212 13
notes
1935.9 1 93 Sale 92
Col tr 81554%
s
22 1043 10534
4 105
8
Commonwealth Power 68_1947 MN 1047 Sale 1043
1 10414 10612
Computing-Tab-Roe 5 1 6s 1941 J J 10514 10512 10512 10512
____
9618 9818
ConnRy & L let & ref g 45451951 J 2 9818 9914 9818 Aug'27
98
08
3
943 984
4
98
1951 1 J 98
Stamped guar 4545
8
10112 53
983 102
Cigar 8 f 65_1936 A 0 10114 Sale 101
Consolidated
Consolidated Hydro-Elec Works
9912 13
974 101
9912 9878
of Upper Wuerternberg 75_1956 1 J 99
76
8314 46
8514
Cons Coal of Mil 1st & ref 55_1950 J D 8314 Sale 8112
COASJI Gas(NY)deb 534s..1945 F A 10612 Sale 10618 10612 35 10512 10612
6
75
8118
7512
Pap & Bag Mills 654s_ _1944 F A 75 Sale 75
Cent
4
4
Consumers Gm of Chic gu 551936 J 13 1003 ____ 10114 Aug'27 ---- 1003 10214
10412 11 102 10412
8
8
1952 MN 1037 Sale 1037
Consumers Power let 58
97
99
98
4
1946 J D 98 Sale 973
4
Container Corp lot Os
9912 10114
____ 100 July'27 ---Copenhagen Teel) ext 68_1950 A 0 100
8
let 95
8 f be 34 M N 102 1023 10212 Aug'27 ---- 10118 1034
Corn Prod Refg
-Yr
9
933 10414
4
Crown Cork & Seal let Mt 65_1942 F A 10112 Sale 10112 10112
10112 12
994 1017
8
Crown-Willamette P51168_1951 1 J 10112 Sale 101
6
941g 993
4
95 7
8
9514 9612 95
1930 1 J
Cuba Cane Sugar cony 7s
19
9518 102
99
4
Cony deben stamped 8%A930 1 J 983 Sale 98
4
7 10712 1053
11
Cuban Am Sugar 1st coll 8s-1931 , 5 10812 Sale 10812 10812
987 10112
8
14
4
1044 MN 1003 Sale 10012 101
Cuban Dom Sug let 7548
7 10012 1023
4
4 102
1937 1 J 10134 Sale 1013
Comb T & T 1st & gen 5s
933 9714
4
9714 Aug'27 -1990 A 0 9714 99
Fruit let s f es A
Cuyamel
90 100
91
100
Davison Chemical deb 0 M5_1931 1 J 100 Sale 9914
0912 10
908 10112
Den Gas& E List & rats!g 5551 M N 9918 Sale 9912
MN
9938 9934 9914
9912
2
934 10112
Stamped as to Pa tax
81
65
2
6712
Very Corp (D G) 1st 51 75__1942 M S 6712 Sale 6712
8
____ 10358 Aug'27 ---- 1014 1035
Detroit Edison let coll tr 58_1933 1 J 103
8
1037
8 11 10214 1037
let & ref 50 series A_July 1940 M 5 1034 Salo 103
103
21 1024 10438
8
1999 A 0 1027 Sale 1024
Gen & ref 55 sales A
11 10714 109
4
let & ref 68 series B-JulY 1940 M S 1083 Sale 10834 109
8
4
4 10312 19 1015 1033
1955 1 D 103 Sale 1023
Gen & ref Is ser B
12
9212 97
96
8
Het United let cons g 434s--1932 1 .1 955 Sale 9512
96
85
873 239
4
Dodge Bros deb Os
1940 MN 8714 Sale 86
894
SI
6
8214
Gold (Jacob) Pack let 613_1942 151 N 82 8214 8218
76
48
10
71
4
4
D minion Iron & Steel 58-1939 M 5 703 743 71
4914 75
3
6912
69
685 70
8
Certificates of deposit
93
1
95
95
953 95
4
1942 2 1 95
Donner Steel let ref 75
10515 37 10312 10512
Duke
-Price Pow let 6s ser A '66 IVI N 1054 Sale 195
:i
rg
''li:
Price
Frid .
Friday.
Sept.2.
Week's
Range or
Last Sale.
.
o -Z3
ol,
Range
Since
Jan. I.
Bid
High No. Low
Ask Low
Nigh
Lackawanna steel let 58 A__1950 M S 10112 102 102
10
102
9914 102
4 10014 1024
1004
Lac Gas Lot St Lref&ext 55_1934 A 0 10114
_ - 10114
8 1034 the
10482
8
Coll di ref 534s series C---1953 F A 1045 Sale 10414
4
4
9712 997
Lehigh C & Navel 4545 A__1954 1 J 993 10012 993 Aug'27 ____
2
8
Lehigh Valley Coal let g 58__1933 J J 101 10158 1015 Aug'27 ____ 101 102
9513 97
let 40-ye gu int red to 4% _1933 .1 J 9512 9812 9512 Aug'27 ---1934 F A 101
101 July'27 ---- 101 104
1st & ref s f 50
1944 F A 993 100 8 10112 Aug'27 ---lot & ref s 1 Is
4 - - -799 4 1014
3
10112 no
9912
let & ref 55
ggl
--12
I
9912 1011
4
gg 1014
A 100 101 101 Aug'27 --lot & ref 59
1974 F A ____ ____100 Aug'27 --994 101
1st & ref s 1 55
May'27
Lea Ave & P F let gu g 58_1993 M S
312 123212
2 --i5 120 12
37
3
7
412
Liggett & Myers Tobacco 78_1944 A 0 122i2 11-_7
1151 F
i,
:
1023 1033 1035
4
4
8 1034
. 10214 10614
5
bs
--------1011 Feb'27 --- 10114 10114
Registered
12 Sale 10412 10514 50 104 112
4i1
Liquid Carbonic Corp 65_1941 F A
8
Loew's Inc deb 6s with warr_1941 A 0 1035 Sale 10358 10418 52 101 1054
int2
9
96
9912
9914 Sale 9914
Without stock put warrants_
11712 10 115 120
1944 A 0 11718 11812 11718
Lorillard (P) Co 78
9512 10013
20
98
1951 F A 974 .9714 9678
55
F A
9634 973
4
------9712 Apr'27 ---Registered
99.4 109
25
ale 1023
4 103
Louisville Gas & Elec (Ky) 58 52 M N ja
94
99
_ ____ 974
9718
5
Louisville Ry let cons 58____1930 J
LowerAustrien Hydro Elec Pow8712 9512
89
lets f 63.4s
99 101
.
4
N314 43
2
1
97
9.93
5
McCrory Stores Corp deb 5:911 .1 too 9914 Sale 9012
_541
105
942 A
1023 108
4
1 478 10512 105
ManattSugar lots I 7545..
72 • 14
6714 73 2
7
Manhat KY(NY)cone g 4s1990 A
72 Sale 714
5812 63
2013 I D 64
,
65
623 Aug'27 --__
4
2d 4s
9334 99
997 9918 99 Aug'27 ---8
Manila Elec RY & Ltsf 58-1953
of partic in
Mfrs Tr Co etre
9 10412 10512
A 1 Namm & Son let 6s_1943 1 D 10412 Sale 10412 10518
993
4 28
9614 1004
Market St fly 78 ser A Apr111940 Q J 9912 Sale 9912
3 10512 109
Metr Ed let Are! g 65 ser B_1952 F A 109 Sale 10838 109
8
4 100 1023
1023
1953 J 7 10214 Sale 10214
4
let & ref Is series C
8
5 10514 10714
Metropolltan Power lot lis A1953 ./ D 1064 Sale 10634 1067
7758 79
80
775 July'27 ---i
8
Metr West Side El(Chic) 41_1938 F A
101
N 105
kilag Mill Mach 78 with war_1056 1 D 101 Sale 101
o
J D 9212 Sale 9214
9212 15
1014 93
Without warrants
10412 12 10311 10514
Mld-Cont Petrol let 6548_1940 M S 10412 Sale 10414
30
9714 1003
5
Midvale Steel &0cony Elf be 1936 M S 9978 Sale 9912 100
We 10038
9912 20
4
billw Flee Ry&Lt ref&ext 4545'31 .1 J 9952 993 9912
1017
8 53
994 10212
General & ref 5/3
1013 Sale 101
4
10 105 108
106
1053 Sale 1054
4
East Cuba Sug 15-yr 8 1 g 754/3'37 M S
98 101
150
101
101 10112 10012
1st & ref 58 B
1
947 9714
8
9714
9714
1939 1 J 9714 __
Ed El III Bkn let e011 g 48
E3i 13.1 104 Sale 10358 10412
7 10112 _0412
Montana Power 1st bs A
CA Elea Ill let cons g 5s__1995 1 .1 11012 ____ 984 Aug'27 --__ 10671 111
i
95
9912 Montecatini Min & Agile
40
98
4
8
4
Elea Pow Corp (Germany)6348'50 M 0 973 977 973
102
984 1017
s
98 10014
Deb 7s with warrants__ _1937 J J 100 Sale 9914
100
Elk Horn Coal lst & ref 6168.1931 1 0 974 10012 9612 Aug'27 ____
9312 July 7
2
9288 1004,t
25
92
03
95
2 27
'
Without Warrants
95
993
4
98 111 Aug'27 --__
Deb 7% notes (with werets'31 J 13 96
993
8
7
Montreal Tram let & ref bs__1941 J 1 994 Sale 9914
955s 99 4
6
11018 57 10518 111
Empire Gas & Fuel 185750-1937 MN 110 Sale 110
__ 97
98 1)212
Gen & rats f 53 gerlee A__I955 A 0 9612
1st & ref 6545(with waretar41 A 0 10512 Sale 10512 10512 10
Morris & Co lets!4 Me__ 1939 J J 8578 Sale 8514
857s
12
83
89 4
3
9954 101
- 10012 June'27 --__
Equip Gas Light let con 58-1932 M E3 10014
97
83 83
95
Mortgage-Bond Co 4s ser 2_1966 A 0 9712 99
83 Aug'27
8
Federal Llght & Tr let 5s
1942 M S 0658 904 965 Aug'27 --__
05
9814
9612 _ _1_2_
10-25
1932 1 2 83
-year 58 series 3
__ 9712
973
4
96
5
96 4 984
1
4
1942 M S 953 96
1st lien s l 531 stamped
3
94
9812
6 102 1047 Murray Body 1st 6
8
9512
9512
1041
95 -96
1942 M S 10412 Sale 10218
1st lien 65 stamped
4 10112 1004
10214
97 1013 Mutual Fuel Gas let gu g 5s_ lal' N 10214 ____ 10214
s
IA
1959 J 0 10412 Sale 1003 Aug'27
4
30-year deb its ser B
10114 103
887 9712 Mug Un Tel gtd beat 4% _ _1941 M N 10114 --_- 103 June'27
8
9658 10
58
1 D 96 Salo 96
1939
Federated Metals sf 7s
9212 10812 Namm (A I) & Son-See Mfrs Tr
lOOle 34
1996 J J 100 10012 100
LIM deb 78 (with warr)
1951 1 J 57 Sale 57
6213
9112 99
6i 57
Nassau Eloc guar gold 4s
944 22
Without stock porch warrants9314 Sale 9314
18E
2
4
341 9838 10318
National Acme 1st e t 7558_1931 3 13 102 1021 102
23 115 120
1991 /54 i 11812 Sale 11812 119
-r
risk Rubber let s / 85
1940 MN 1023 Sale 1023
9014 Nat Dairy Prod 6% notes
87
4
10312 100 100 10112
8814 8818
1
4
88's
Ft Smith Lt & Tr let g 511-1936 M S 85
5
9812 105 4 Nat Enam & Stampg 1st 58_1929 1 D 102 104 102 June'27 --__ 1013 104
1
10514 181
.4
Framerlo Ind di Hey 20-Yr 750'42 1 J 105 Sale 1043
J 100____ 10014 June'27 --__
7
4
993 1004
Francisco Huger 1st 51 7548_1942 M N 10518 10514 10812 10812 12 106 109 8 Nat Starch 20-year deb 58-1930 J
1 1034 10514
1952 MN 10412 Sale 10412 10412
4
941 10112 National Tube 1st 8 t 5s
French Nat Mall ss Lines Is 1948 -1 0 105 Sale 10012 10112 124
Newark Consol Gas cons 58.1948.9 0 1033 ---- 1033 July'27 ---- 1025 10312
8
8
s
4
Gas & El of Berg Co cons g 581949 l D 10318 ____ 103 July'27 --__ 1023 103
10514
10634
6 106 11212 New England Tel & Tel 58 A 1952 .1 n 10518 ---- 105
2 103 10514
1939 A 0 106 10612 10618
Gen Asphalt cony 65
954 101
1961 MN 9934 Sale 995
40
let g 43.0 series B
91
9314
8
100
F A 9318 ____ 93 Aug'27 --__
1942
Oen Electric deb g 33.45..
9712
8
9358 98
4
4 1043
8 10 103 10512 New On pub Sery let Is A 1952 A 0 963 Sale 9634
8
Gen Elec(Germany)713Jan 15_'45 J J 1037 Salo 1033
97
53
9358 97
1955 1 D 9634 Sale 9012
First & ref Is series B
131 deb 6 Ms with war
1940.9 D 123 125 124 Aug'27 --__ 113 13814
994 102
N Y Air Brake let cony 6/1-1928 M N 10112 102 10112 Aug'27 ---- 10012 1023
4
10112 17
Without warete attach'd '40 1 0 10112 Sale 10114
87
10
8958 8714
.
9012 1023 NY Dock 50-year let g 4s-1951 F A 87 Sale 8634
8
4 10214 225
Gen Mot Accept deb 138„.. A937 F A 10214 Sale 1013
4
6 115 1161
4
1940 F A 101 Sale 101
NY Edison lst & ref 6545 A_1941 A 0 1155 116 11155
8
10112 25 10014 102
8 1153
Geld Petrol let 8 f bs .
8
1944 A 0 1043 105 10458 10434 31 1025 105
First lien & ref bs B
4
Den Rofr let 81 585 ser A _ _1952 F A 10434 ____ 105 Aug'27 --__ 10112 106
16 106 109
9912 10312 N Y Gas El Lt & Pow g 58_1948 J D 10814 ____ 10812 109
30
Good Hope Steel di I sec 78..1945 A 0 1015 102 1015
8
8
102
9214 9412
10714
6 1045 108
8
Purchase money gold 4E1_1949 F A 9412 9638 9412 Aug'27 _-__
Goodrich (B F) Co let 634s1947 J J 10714 10713 10714
____
8 1203
4 43 12014 1224 NY LEA W C & RR 534s..1942 MN 10258 105 1101 july'26 _-__
s
Goodyear Tire & Rub let 88_1941 MN 1203 12012 1203
- 78
10
-year 51 deb g 88.May 1931 F A --------11014 Aug'27 --__ 1094 11114 NY LE & W Dock & Imp 581943.9 1 102
_ 1017 Mar'27 -- __ 1014 1013
1975 M N 9414 Sale 9312
let M coil tr 55
9412 774
- 12
914 97,2 N Y & @ El L & P let g 55_1930 F A 101 161 10214 July'27 ____ 10012 11214
9714 1004 NY Rys let RE & ref 48_ 1942 1 J
15
_ 8712
6 ---- -------Goam Silk Hosiery deb 611_1936 J D 9958 Sale 9912
th
993
4
14
87
Certificates of deposit
77
'
Gould Coupler let 51 65._ 1940 F A ____ 733 77 Aug'27 --__
-- 13 5514 July L27
8
30-year adj Inc 5/3__Jan 1942 A 0
Granby ConsMS& P CCM fis A'28 MN 101 10112 1013 Aug'27 ____ 101 102
8
Certificates of deposit
512 512
____ 101 May'27 --__ 101 102
5 :N -_-_-_-_
Stamped
1028 M N 101
1712 13ac
5 31er
94. 8 9912 N Y Rye Corp Inc 6s___Jan 1965 A 11-r
5
- - H. Sale
9
8
9834 47
Gt Cons El Power(JaPan)78_1949 F A 9812 Sale 977
?CI3
8 4 11
178 :4
943
4
Prior lien 68 series A
1965 1 J 78 Sale 78
978
51
91
let & gen a t 634e
4
933
4 52
1050.9 J 033 Sale 9312
10412
1 102 10612
1951 M N 106 10612 10412
10414
1 1024 10812 NY & Itichra Gas let 6s
Great Falls Power let et Ss Igo MN 10414 ____ 10414
NY State Rye let cons 4 M8_1962 MN 5434 Sale 5412
95
53 4 594
1
96
5514 23
Gulf States Steel deb 5yis_ _1942 1 D 9514 Sale 95
9.512 12
7018 82
let cons 654s series B
1962 M N 7014 72
71 Aug'27 -__
1 105 10813
____ 108
14
108
8611 8912 N Y Steam let 25-yr Baser A.1947 MN 108
Hackensack Water let 40_1952 1 1 883 ____ 89 Aug'27 --__
4
10012 15
984 10011
Hartford St By let 45
8
9312 95
N Y Telep let & gen 81450_1939 MN 10018 Sale 997
1936 M S 95 ____ 95 May'27 ____
30-year deben s f Bs__ _Feb 1949 F A 11014 Sale 11018
14 110 11132
Havana Eke consol g 5e,_1952 F A 95 ---- 97
11014
9512 98
9718
3
7
Deb 5548 serlee of 1926
-year refunding gold 68_1941 A 0 10912 Sale 10914
11012 42 107 8 11012
8712 87
20
9038
1951 M S 87
8712
6, 87
11614 1013
1948.9 13 101 Sale 10034
10114 25
4
Hershey Choc let & coil 55461990 J .1 10212 Sale 1023
8
4
10212 18 10134 1033 NY Trap Dock 10168
2 10014 1034
101
23
98 10212 Niagara Falls Power let 55 1932 i J 10212 ____ 10212 10212
Hoe(R)& Co let 6548 ser A..1934 A 0 9912 Salo 9938
Jan 1932 A 0 1045 105 10412 10412
1 10314 106
Holland-Amer Line 65 (flat).1947 M N 102 Sale 10112 102
8
22
9112 102
Ref & Ren 6s
9752 368
974 9834 Nlag Lock &0 pr let 55 A __1955 A 0 10212 103 10212 1024 38 10014 10314
Hudson Coal 1st s f 58 oar A_1062 1 D 9712 Sale 9718
8112 954
8612 24
Hudson Co Gas let g 5B- --1940 MN 10312 __-- 10312 1035
8512 8512
8 10, 102 1047 No Amer Cement deb 6548 A.1940 M S 85
8
10014 346
964 10014
No Am Edison deb 58 ser A_I957 M S 100 Sale 9934
Humble Oil& Refining 5545.1932 J J 10214 10212 10214
10212 2821 1014 103
Deb gold 158 temp
9912 28
9512 9912
1937 A 0 9912 Salo 9914
995
8 511 97 10014 Nor Ohio Trac & Light 6/1_1947 M S 9912 Sale 9814
Illinois Bell Telephone 55_1956 1 D 1043 Sale 1043
4
4
10434
9 10234 1055 Norn States Pow 25-yr bs A_104I A 0 10218 Sale 102
8
10214 40 100 10 4
2
4
1054
3 10411 10614
Illinois Steel deb 4519
1940 A 0 993 Salo 9912
964 994
let & ref 25-yr 65 series B_1941 A 0 10558 10618 10558
993
4 84
1
98 101
1996 A 0 1003 Salo 10078
4
99
Seeder Stec /Corp 8 f 7/1
10118 16 100 1023 North W T 1st Id g 450 gtd_1934 1 J 99 Sale 99
4
Indiana Limestone 1st s f 65_1041 54 N 9934 Salo 995
8
9958 11
98
913 Ohio Public Service 7515 A__1946 A 0 11534 116 11534 1153
4
4
4 114 116
115
5 113 4 11613
3
1930 M N 9818 9012 99 Aug'27 --__
Ind Nat Gas & Oil be
let & ref 78 series B
1947 F A 11434 Sale 11412
98
9912
1952 M N 1043 Salo 1043
4
4
1043
4 15 10312 10514 Ohio River Edison let 58_1948 J J 10634 Sale 10612
Indiana Steel let 58
1063
4 10 1051s 10738
2
90
9312
9212
Ingersoll-Rand let Is Dee 311935 J .1 1011g _--- 10012 May'27 --__ 10012 10012 Old Ben Coal let Os
1944 F A
9218 9212 9212
1945 M N 1033 Sale 10314
1943 F A 10314 ____ 103 Aug'27 ___ 101 10314
Inland Steel deb 5518
3
10312 66 10118 10414 Ontario Power N F let 5s
Inspiration Con Copper 650.1931 M S 10018 Sale 1004
10018 12
0814 10158 Ontario Transmission bs
1945 MN 102 103 102 Aug'27 _ - _ _ 10014 1024
8
Apr'25 --__ ____ ____ Otis Steel 1st M Os err A
1941 M S 9538 Sale 9538
953
4 65
9312 964
Interboro Metroll coll 434s_ _1956 A 0 __ 127 11
994 1034
13 Apr'26 ---1035
8 40
Guaranty Tr Co ctfs dap
Pacific Gas& El gem & ref 50_1942 1 J 10312 Sale 10318
773 105 -iEr2 2
2
99 4 10114
5
1005
8
Interboro Rap Tram let 58_1966 1 2 77 Sale 7658
8
iiii Pac Pow & Lt let&ref 20-yr bs'30 F A 10314 _ - __ 1005
J J
774 101
753 7914 Pacific Tel & Tel let 5e
Stamped
763 Sale 7612
4
8
1
10314
2 10114 1035
1937 1 J 10314 Sale 10314
1932 A 0 79 Sale 79
3 10112 16414
793
4
5
77
825
8
Ref mtge 58 series A
1952 M N 10314 Sale 10314
1033
s
10
-year 65
964 99
-year cony 7% note8_1932 M S 9812 Sale 98
Pan-Amer P & '1' cony 51 6s-1934 M N 10214 Sale 102
1023
8 29 102 1064
9834 03
10
8152 9238
1 1044 10614
8812
1
let lien cony 10-yr 7s
1930 l' A 10558 1053 1055
8
Ink Agrio Corp 1st 20-yr 55 1932 M N 8812 Sale 8812
4
8 1055
79 Aug'27--__
9112 10012
4 16
13 945s Sale 9412
Stamped extended to 1942____ MN 7112 76
943
69
83
Pan-Am Pet Co(of Cal)conv 6540
Inter Niemen Marine 51(35_1991 A 0 1003 Salo 1003
4
8 1003
4 76
955 1027s Paramount-Bway let 5548_1951 2 2 10034 1007 10012
8
8
10034 22
98 101
97 10114 Park-Least leasehold 6545 1953 ,
4
85
9312
10114 31
1947
, .1 10114 Sale 100
90 Sale 90
91
Internatiorull Paper 55
4
1955 M S 1033 Sale 103
105
55
975 105
8
Betel Os ser A
Pat & Parealc0& El eons 55.1949
10312 ____ 10012 Aug'27 ____ 100 10312
1941 A 0 10412 Sale 10314
10514 222
9714 10514 Pathe Each deb 75 with war 1937 M N 9812 Sale 9938
Oonv deb 65
10014 IN
Tee 20
1
4
:- 98 sale 98
1045 Sale 10438
8
Stamped
9818 105
10478 225
Penn-Dixie Cement 6s A _ _ _ _194 i
4, 1137 ---- 1135 July9 ___ 11312 115
11818 453 107 1184 Peop Gas & C let cons g 65 1943
9 27
'
8
8
Int Teel)& Teleg cony 554s 1945 M S --------114
1952 J J 943 Sale 944
8
92
Refunding gold 55
1947
I 10314 ____ 10314
9412 346
944
10314
1 1013 10314
Deb g 954s
s
.1 S 9918 ____ 9014 Apr'27 ____
4
9 10334
Registered
9914 094
16 10112 11114
Jurgens Works Os(flatprice)_1947 J J 1033 10414 1033
1952 M S 10514 Sale 105
A 104 Sale 104
10512 30 103 1057 Philadelphia Co coil It 65 A _1944
1043
4 15 1034 1047
8
3
Kansas City Pow & Lt 5s
1957 J 2 10018 10012 100
6
9
9812 100
91:: 0
100
16
15
-year cony deb 5545____1938' 5 103 Sale 10212
10318 40 100 :07142
4
18t gold 4348 series B
9012 10212
10112 27
/1_
10614 43 103 4 10612 Phile& Reading C & I ref 55_1973 J l 10014 10118 10012
3
Kanse8 Gas & Electric 61952 M S 10618 Salo 10618
9714
_
1
Kayser (Julius) & Co let at 7o'42 F A --------10711 Aug'27 --__ 106 4 1081 2 Pierce-Arrow Mot Can deb 851943 M E3 97 Sale 97
1033
4 81
1947 M S 10312 Sale 10212
4
95 1033 Pierce 011 deb 5 f Ss_Dec 15 1931 J D 10134 10312 1013 July'27 ____
4
9912 10412
Cony deb 5548
1998 11/1 S 993 Sale 0934
4
Pillsbury Fl Mills 20-yr 6s__1943 A 0 103 1033 10314
2
1037
100
9
965 100
8
8
5 10214 1054
Keith (B F) Corp let 68
4 10838 24
8
995
8
99 10812 Pleasant Val Coal Ist g a 1 68_1928 J J 9914 9912 995
I
99 100
Tire 8% notes_193I MN 108 Sale 1073
Kelly-E3Dringf
9212 Aug'27 ____
9514 Aug'27 --__
06
Pocah Con Collieries let a f 551957 J 1 9212 94
93
914 9212
Keyston Teter) Co let 5e_1935 J J 954 96
4
3 10312 1044 Port Arthur Can & Dk 65 A.1953 F A 1043 -___ 1100447348
:
133,4 25
4
5
8,
Kings County El & PS 58-- _1937 A 0 10418 10414 10418 10418
1953 F A 1043
_ 12678 127
4
1907 A 0 127
1st 151 Os series B
2 12414 127
July'27 :::
Purchase inogey Os
10214 27 100 1014
817
8
1
8114 86
Portland Elec Pow 1st 68 B-19 MN 10214 Sale 10138
47
King county Elev let g 4/1_1949 F A 8112 847 817
,
8
8
8
Portland Gen Eleo 1st 58_1935 J .1 100 101 10012
10012
_ ___
811410
81
80
stamped guar 45 _____ _ _1999 F A 8112 823 8114
9
997 101
8
97
9712 97
____ 105 Aug'27 ____ 10112 105
Portland By let di ref bs_ _1930 MN
4
9 2 0714
Kings County Lighting 58__ .1954.1 1 105
58.1942 F A 96 Sale 9512
Portland Sty L & P 1st ref-1954.9 .1 11712 11812 118 Aug'27
11214 118
N
31
91138 963
4
First & ref 6548
1
'36 J D 10:3 10412 10312 10312an Walt
let lien & ref 65 series B__ _1947 M N 1027 Sale 101
8
11 inney(011)& Co 73.4% notes
1027
5
9 10018 1024
1930 J D 104 105 104
let et refund 754s series A_1946 M N 10712 --__ 10712
10514 33' 102 10514
10818
6 1064 10812
Kresge Found'n cell tr 65
I
I
Pressed Steel Car cony g 58._11133 3 J 9738 Sale 9612
983
4 94
9312 983
4
ri, 100
wi
p
1306
T1-1 11 CHRONICLE
New York Bond Record-Concluded-Page 6
[VoL. 125.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 2.
Price
Friday,
Sept. 2.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
of"
.
Standard 011 Stocks Par Bid Ask
Bid Ala
Public Utilities
Anglo-Amer Oil vet stock_ £1. *185 19
8
American Gas & Electric-1 *106 10618
Non-voting stock
El *18
19
810212 10312
6% preferred
Bid
Ask Low
High No. Low
High Atlantic Refining
100 1173 118
4
Deb 60 2014
4
MAN 10612 1063
Prod & Ref s f as(with warts)'31 J D :111 8 -_ III 11311
Preferred
,
100 117 11812 Amer Light & Traci com_100 16012 171
- 111 July'27
Without warrants attached__ J D 110 Sale- 110
2 110 1113
1113
4
4 Borne Scrymser Co
25 *6012 62
Preferred
100 110 114
Pub Bert Corp of NJ sec 68_1944 F A 1063 Sale 10612 10714 55 1033 1074 Buckeye Pipe Line Co_ _ -50 *5614
,
4
4
5612 Amer Pow & Light pref_ _100 1035 104
8
Seog5yts
19563 J 104 Sale 10312 1041 1
24 10112 105
Chesebrough Mfg Cons_25 *108 10912
Deb (is 2016
MAS 105 10518
Pub Serv Elec & Gas Is t51281959 A 0 10514 10512 10514 Aug'27
1043 10614 Continental Oil v t e
4
10 *183 1812 Amer Publie Util corn _100 55
8
59
let & ref 522e
1064 A 0 1053 1053 105
1 104 1063
.8
CumberlandPipe Line_.A00 87
105
4
92
4
95
7% prior preferred __100 93
Penta Alegre Sugar deb 75_1937 J J 10712 Sale 1065
8 10712 15 106 I1113 Eureka Pipe Line Co__ ._100 *55
59
88
Panic preferred
100 85
Remington Arms 65
1937 MN 97 Sale 97
Galena Signal Oil coin_..100
6
95
98
9712
722 75 Associated Elec 5;45'46A&O 102 10212
8
Repub I & S 10-30-yr be 5 f_ _1940 A 0 10112 Sale 10114
10112
Preferred old
6 10018 108
100 40
41
Associated Gas A Flee com.1 *2012 22
Ref & gen 534s series A_ _ _1953 J J 101 10114 10112 10112
Preferrel new
7
100 36
93 8 10214
5
39
Original preferred
*51
53
Rbeinelbe Union 7swith war 1946
J 1153 Sale 11412 1153
4
4 16 11334 126% Humble 011& Refining__ _25 *6114 62
16 preferred
*93
95
Without stk porch warle_1946 J J 1013 Sale 10114
4
0812 10412 Illinois Pipe Line
10134 68
100 161 162
563-4 preferred
*97 100
Rhine-Main-Danube 7s A__ _1950 M S 103 Sale 103
66 10112 10412 Imperial 011
103
*5314 533
4
$7 preferred
*100 104
Rh1ne-Weetphalla Flee Pow 78'50 M
Indiana Pipe Line Co...._50 *7014 71
103 Sale 10212 1037
8 19 1013 105
4
Blackstone Val GAF com_50 514112 143
Direct mtge 6s
1952 Al N 9512 Sale 9512
International Petroleum-9512 96
*3112 313 Com'with Pr Corp pref _100 *10012 101
953
4 33
4
Rime Steel let e f 73
_ _1955 F A
9638 Sale 9512
6
963
8
National Transit Co_.12.50 *1514 153 E/ec Bond & Share prof _100 107 109
933 94
4
4
Robbins & Myers 1st 5f 76_1952 J D 45
45 Aug'27
New York Transit Co.._ -100 333 343 Flee Bond & Share Secur-t *7418 7412
55
45
65
4
4
Rochester Gas & El 7s ser 11_1946 M
11114 1113 11114
7 111 113
8
11112
Northern Pipe Line Co.1013 83
86
1918
Lehigh Power Securities....t •19
Gen mtge Vie series C__ _1948 M S 10018 -- -- 106 Aug'27
105 10614 Ohio Oil
*6214 625 Mississippi Riv Pow pre1.100 102
25
8
Roth & Pitts C&Ipm 5e1946 MN 9034 9212 90 May'27
90
25 *2318 2314
0212 Penn Mex Fuel Co
Firet mtge 55 1051__J&J 102
Rogers-I3rown Iron gen&ref 7s'42 hi N 3718 3812 373 Aug'27
8
247 494 Prairie Oil A G149
8
'25 *5112 513
4
Del) )55 1947
9512 9612
MAN
Stamped
Si N 374 393 3718
3718
Prairie Pipe Line
8
24
60
100 1803 18112 National Pow & Light pref-t 106 1074
4
St Jos Ry Lt & Pr 1st 58_ -_ _1937 11 N 9612 97
97
07
109 182 185 North States Pow com_100 1215 12238
055,3 973
4 Solar Refining
8
St Joseph Stk Yds 1st 411a_ _1930 J J 973 __
4
973 973
4
4
973 May'27
4 Southern Pipe Line Co.._ _50 *1812 193
4
Preferred
100 105 107
St L Rock Mt & P 5astmpd_1955 3 J 8012 814 8112 Aug'27
21 *37
7558 8112 South Penn 011
38 Nor Texas Elea Co com_100 21
23
St Paul City Cable eons 58_1937 J J
954 Aug'27
75
94, 96 4 Southwest Pa Pipe LInes.100 *72
4
,
62
Preferred
100 d60
San Antonio Pub Serv lst 88_1952 J J
2 10513 10812 Standard 011 (California)--t *531 5312 Ohio Pub Sere, 7% pref-100 105 107
10714
10714
Saxon Pub Wks(Germany) 75'45 F A 10214 16212 10218
10214 18 101 104
Standard 011 (Indiana)__ _25 *7528 754 Pacific Gas & El 1st pref. _25 *26
28
Gen ref guar 0248
1051 MN 987 Sale 983
8
*5
3
987
8 65
8
963 9912 Standard 011 (Kansas)_..25 *165 17 Power Securities corn
4
8
t
&hide° Co guar 6 tie
1946 .1
1037 Sale 1023
8
4 104
9
4
Standard 011 (Kentucky)_25 1213 12212
99 8 104
3
*29
81
Second preferred
,ar s f 6
Peries 11_ __ _1946 A 0 10312 Sale 1027
8
104
23
45
Standard Oil (Nob)
21 *44
98 104
Coll trust Os 1949___J&D *92
95
Sharon Steel Hoop 1st 8e eer A '41 Si 13 1087 ____ 10858 Aug'27
8
_ _ 10712 1094 Standard 011 of Now jer_ _25 *38
3812
Incomes Juno 1949__F&A 84
87
Sheffield Farms 1st & ref 6125'42 A 0 1075 Sale 1075
8
8 1083
4 13 107 100
Standard 011 of New York.25 *3118 3114 Puget Sound Pow & 14_100 30
33
Shell Union Otis f deb 55_1047 M N 9818 Sale 98
83
98 14 171
25 *81
Standard Oil(Ohio)
9612 99 4
3
90
100 88
Siemens & Halske a f 7s____1935 J J 1023 10314 1027
8
1 1017 105
8 1027
1012
8
16
Preferred
100 118 127
8
100 10612 10812
Ste See allot Ws 5% pd__1951 M S 10312 1033 103
65 1013 106
104
4
100
Swan & Finch
4
673A rreeffee551e 1949 _ &1 101
1
t ref rrrred
de
/
Sierra & San Fran Power 55_1049 F A 991,1 Sale 9914
993
4
9
Union'rank Car Co
100 11112 112 South Cal Edison 8% pf _ _2/ *3914 4014
95 100
Silesia Flee Corps I 6345_ t046 F A 9414 9612 9612
967
8
2
21 *12714 12814 Stand 0& E 7% Pr 91
9212 98% Vacuum Oil
-100 107 109
Slieelan-Am levy col tr 7e_ _ _1941
100 Sale 0812 100
66
10
9512 10112 Washington Oil
Tenn Else Power 1st pref 7% 10712 10812
Simms Petrol 6% tiptoe__ _ _1929 M N 98 Sale 98
3158
9712 105
Toledo Edison 7% Pref-109 106 108
Sinclair Cons 011 15-year 78.1937111 S 993 Sale 993
4
4
109083%4
Other 011 Stocks
973 1023
4
4
Wet preferred
as
09 115 117
183 l'n col tr 65 C with war_1927IJ D 10013 Sale 10018
10014 23
99% 10214 Atlantic Lobos Oil
5751 1
rnw CorporP Pref-109 100
io
let lien 6 1 series B
45
D 953 Sale 953
1938,J
9612 55
4
4
4 Chic it Stk Ld Bk Bondt
Preferred
50 *3
924 1024
Sinclair Crude 0113-yr Os A_1928
A 1003 Sale 10014
10012 36
8
097 10118 Gulf Oil
8
101
21 *9012 91 5228 Nov 1 1951 opt 1931_
Sinclatr Pipe Line 5(55
1942:A 0 9314 Sale 9278
9338 102
10 624
9112 9538 Mountain Producers
98
4 re
Nov 1 1951 opt 1931..
Skelly 011 deb s f 5345
1039M S 953 Sale 95
8
9512 52
937 95 4 National Fuel Gas
2418 2412 Se May I 1952 opt 1932_
8
98
3
21221th (A 0)Corp let 61es__1933 MN 10218 _ _ _ 102
102
2 10114 1023
97
4 Salt Creek Consul OIL._ _10 *614 64 49i8 Nov 1 1952 opt 1932_
South Porto Rico Sugar 7a._1941 J D 1097 1104 1097
8
110
42 107 110
8
97
Salt Creek Producers.....10 *2812 293 4114s Nov 1 1912 opt 1932._
4
thud!) Bell Tel & Tel 1st s 15e1941 J J 104 Sale 10378
105
17 10212 105
98
412a May 11063 opt 1933_
Southern Cob Power 65 A__1947 J J 104 Sale 10313 104
12 10018 10412
Railroad Equipment.
98
3
3
4
9
8
Ca Nov 1 961 o p t 1 93 =
ts
13'west Bell Tel let & ref Se_ _1954 F A 1045 Sale 1045
8
8
105
11 102% 105% Atlantic Coast Line 65
5.00 B4a.3010s
%
98
ilering Val Water 1st g 5s_ _1943 M N 1003 ____ 995 July'27
s
8
_
4.62 4.55 434e Oct 1 1965 out 1935_
Equipment 694s
9812 100 8
98
,
Standard Milling let 5s
1930 M N 10118 102 10118
10118
2 100 103
Baltimore & Ohlo 69
5.00 4.90 pac Coast of Portland,Ore
1st & ref 53-5s
1945 M S 1013 1023 10212 103
4
4
3 10112 103%
Equipment 434s & 5s____ 4.60 4.45
08 101
55 1955 opt 1935_ _ _M&N
Stand Oil of NJ deb 55.Dec 15'46 F A 1034 Sale 1034
1033
4 112 1013 103% Buff Koch & Pitts equip
4.70 4.50
98 101
2
5s 1054 opt 1934._ _M&N
Stand 011 of N Y deb 41es_ _ 1953_
D 96 Sale 955
8
9614 171
.0
8
04
5.
0
7
0614 Canadian Pacific 434s & 6s_ 4. 0 4.15
Sugar Stocks
Stevene Hotel 1st(is eer A _ _..1945 J J 10012 Sale 10012 1005
8
4
3
Central RR of N J Os
(19 102
Caracas Sugar
50 *1
Suear Estates (Oriente) 7s...1942 NI S 100 10014 10014
10014
1
5.00 4.90 Cent Aguirre Sugar corn.. _20 *110 11012
9812 10012 Chesapeake & Ohlo 65
Superior Oil 1st s f 75
1929 F A 1013 103 10134 July'27
4
Equipment61.1s
993 103
4.70 4.60 Fajardo Sugar
4
100 •157 15812
SYracuee Lighting 1st g 5a_ __1951 J D 105 ____ 10438 July'27
40
4. 5 4 15 Federal
.0 4 5
5
5
102% 1043
8
Ref rum.. _100 30
_
p
Equipment55
Tenn Coal Iron & RR gen 5s_1951 J J 1045 10512 10412 Aug'27
8
75
103 1055
8 Chicago Burl & Quincy 6s
100 65
Tenn Copp & Chem deb Os_ _1941 A 0 993 Sale 993
.11
4
4
10012 28
3
9814 10114 Chicago & North West Se_. 4:70 4.90 GodeharrxSugars, Inc
5 00 46
.0
rrefc u ed
t
Tennessee Mee Powlst 65._ 1947 J D 10718 Sale 10658 10714 67 10518 10712
14
Equipment ales
100 12
Third Ave 1st ref 45
1960 1 J 694 Salo 68
Chic R I & Pao 434e & 56..._ 4.75 4.55 Holly Sugar Corp corn-- t *38
71
63
40
695
8 67
Aaj Ina Se tax-ex N Y Jan 1980 A o 6114 Sale 5934 6412 684 5612 66
Equipment 68
5.05 4.95
86
Preferred
1041 82
nitre Ave Ry let g Sa
19373 J 987 993 99
12
99
8
Colorado & Southern 65____ 5.10 5.00 National Sugar Refining_100 135 138
4
97 100
%Mho Else Pow let 7s
1955 Si S 9818 Sale 9818
9812 27
945 99 4 Delaware & Hudson 65
5.05 4.95 New Niquero Sugar
8
,
65
100 55
6% gold notes _ __July 15 1920 J J 98 Sale 98
98 12 22
957 9014 Ede 434s & 6e
4.90 4.65 Savannah Sugar com
s
*136 140
Tokyo Elm Light 6% notes_1928 F A 9938 Sale 984
Equipment 69
994 73
9714 100
100 *115 120
Toledo Edison let 7s
1041 NI S 1083 Sale 10812 1083
4
4 38 107 4 109
Great Northern (is
3
70
efe: OrienDept_ 100 65
i: sw ar nf
r EataI es
er tee t
r
Toledo Tr L & P 5X% notes 1930J J 1003 1005 100
8
8
Equipment 55
1005
8
4
4 .1 49000 eugt
55. 05 45: 5 Ve a
5
.
4
983 10114
4
75
Prr
100 65
Trenton 0 & El 1st g 5&.1049 Si 13 10338 105 1035g Aug'27
4.55 4.45
1024 1035
/
1
8 Hocking Valley 55
Tobacco Stook,
Trumbull Steel lets f fis_ _ _1940 M N 100 Sale 100
1005
8 12
Equipment 69
5.05 4.90 American Cigar corn.._.
9712 10114
.I00 117 120
Twenty-third St Sty ref 55.. _1982 J J 5414 64
54
55
8
54
4.50 4.40
6712 Illinois Central 434e & Ss..
preferred
100 102
Tyrol ilydro-Elec Pow 7ees-1955 Si N 9912 Sale 98
Equipment6s
9714 10214
5.00 4.90 British-Amer Tam,orel_el *25 16"
1003
4
9
Ullgawa El Pow it f 7e
1945 efi S 903 Sale 9912 100
4
22
Equipment 75 & 6348
402
9512 103
26
El *25
Undergrel of London 434s..1033 J J 94
063 06 July'27
4
Kanawha A Michigan Os_ _ _ 5.05 4.55eaiel Tob of B & Irerd *2514 26
4.95 Im perrar
05 4 96
,
n
Income 69
1048
95
97 97 12 Aug'27
__
Kansas City Southern 5345
5.10 4.85 Int Cigar Machinery New100 *81
967 98
8
83
Union Elea Lt de Pr(Mo)61_1032 M S 10214 103 10214
10214
1 10114 103
Louisville & Nashville 65_ _ _ 5.00 4.85 Johnson Tin Foil & Met_100 60
75
Ref & ext 5a
1932 M N 1023
8
1 10114 103
_ 10228
1023
8
Equipment CI tis
4.62 4.55 MacAndrews & Forbes_ _100 395 397
,3
8
IJaEL.&P(Ill)ietg534ssnj'A1954 J J 10312 Sale 10312 10312 12 10134 105
Michigan Central 66 & Cs4.62 4.55
Preferred
100 103 106
A 0 8412 ____ 843
2
4
8512
Minn SIP ASS M 434s A58 4.70 4.50 Mengel Co
81
Onion Eiev Hy (Chic) 5s_ __ _1945
86
45
100 40
Union Oillst lien f be
8
1931.3 J 1017 10218 102 Aug'27
Equipment 634* & is.... 5.10 4.80 Universal Leaf Tob corn 10112 102
53
*51
80-er(is series A
4
May 1942 F A 10812 1083 10812 1084
MissouriPacific Os & 8 He_ 5.10 4.80
3 107 109
Preferred
100 112 115
1st liens f 55 series C Feb_1935 A 0 9812 Sale 98
0812 16
96
997
s Mobile & Ohio 513
4.65 4.55 Young (J 5) Co
100 00 100
United Drug 20-yr 620.0et 15 1944 A 0 10718 Sale 10718
10712 17 10612 10812 New York Central 434s & 5a 4.50 4.40
Preferred
rr
100 100 105
1
83
Equipment64
8314 8318
76
8314
United EY11 St L let g 4s_ _1934 .1 I 82
4.90 4.75 Rubb Stks (Cleve'd (tuatara)
United SS Co 15-yr Os
4
23
1937 Si N 943 Sale 9412
95
Equipmentis
90
9712
4.62 4.55 Falls Rubber cora
*412
101
85 100 106
Un Steel Works Corp 6tea A_1951 J D 9712 Sale 100
Norfolk & Western 4 Yis_ _ _ 4.50 4.40
Preferred
19
25 *8
4
9712
3
Without stock pur warrants... .1 D 100 8 Sale 9712
964 9812 Northern Pacific 7s
4.70 4.60 Firestone The & Rub com.10 *156 160
.1 D 10018 Sale 10012
101
6 100 1057
Series C with warrants
8 Pacific Fruit Express 78
4.65 4.60
6% preferred
100 106 10612
Pennsylvania RR eel 50 A Se 5.00 4.50% Preterred
1Vthout stock pur warn_ J D 100 10012 98 Aug'27
97 101
100 104 105
United Steel Wits of Burbach
Pittsb & Lake Erie 694s.- -- 4.70 4.60 General Tire & Rub com....25 *150 165
10414 23 100 10414 Reading Ca 414e & 55
4
Esch-Dudelange s f 75_ _ _1951 A 0 1033 Sale 103.4
4.50 4.40
7
Preferred
100 1021s 11012
8 1037 105'2 St Louis & San Francisco
10518
United Stores Realty 20-yr fie '42 A 0 105 10.514 105
8
4.75 4.55 Ooody'r R & R of Can pf.100 r10112
044 200
88
U El Rubber lst & ref 58 ser A 1947J J 9414 Sale 9278
967s Seaboard Air Line 5.348 & Os 5.15 4.90 India Tire & Rubber new- .2112 2212
J J
9438 Fe13'27 - _ _
913 94 8 Southern Pacific Co
8
,
Registered
4.50 4.40 Mason Tiro & Rubber com-1 *1
134
11 103 1063
4 los
Equipment75
10-yr 7te % secured notes 1931) F A 105 Sale 1043
4
4.62 4.55
17
Preferred
100 14
91 1064 10012 Southern Sty 434s AS
U S Steel Corp ccoMmle AM' 1963 MN 109 Sale 10834 109
4.60 4.45 Miller Rubber preferred_100 9812 99
5 1053 1003,
1083
4
1083
4
f 10-60-yr 5alreglet_ A pr 1963 MN
4
Equipment 65
5.01 4.95 Mohawk Rubber
100 18
8
89
13012 so
8714 9012 Toledo & Ohio Central ft.__ 5.05 4.90
Universal Pipe & Red deb 01936 J D 884 Preferred
100 47
9618 52
935 804 Union Pacific 75
4
8
Utah
& Tree Ist dr ref Ed_ _1944 A 0 96 Sale 953
4.62 4.55 Ele:bezIlng Tire & Rubber_.t *323 33
4
38
101
973 101
s
Utah Power & Lt lst 5,5
1944 F A 100 10012 100
Preferred
100 102
103 101
104
Utica Elec L & P 1st s f g 55_1950 J
Short Term Securities
_ _ 104
103
Water Bonds.
13 10218 106
Anaconda Cop Mln 146291&J 102 10238 Arkau Wat let 52'56 .A&0 96
106
Utica Gag & Elec ref & est .56 1057 J .1 10518 1055 105
- -8
963
4
Chic RI & Pee 501929_1k! 10038101
10012 23
983 101
4
VertIentee Sugar 1st ref 70_1942 3 D 100 Sale 100
Birm WW 1st 511sA'54.A&II 10312 10414
5% notei 1929
Victor Fuel 1st s I 56
6212 Aug'27
5614 65
63
57
NUS 10038 101
1953
let M 5e 1054 ser 11__J&D 100 101
1
412% notes 1928_ _ _ _J& D 10018 10014 Butler Wat Co sf59'27.J&J
02
0214
Valron Coal & Coke 1st it 56 1949 Si S 9218 933 9214
953
4
8
6
101
Va Ry Pow let & ref 5a
0868 1013
8 Federal Sue Ref Os'33.M&N
19343 J 100 101 10014
0642 08
03
89
96,2 aloss-Sheft 8 & I 65'20_F&A 10212 03 C NV pthatt)5tW-1 1&&
Walworth deb 6.12 e(with war)'35 A 0 92
977 914
1
8
9114
90
S'' C 2 i9 1 54 J S
(
10214 103
3
\
9112 97
1st glnk fend de aeries A_....1645 A 0 95 Sale 94
9518 40
JAB 9712 0812
let M fie 1054
Indus. & Miscellaneous
2
107
917 1074
8
3
Warner Sugar Refln let Te_1941 J
107 Sale 1067
City of New Castle Water
781s 9814 American Hardware
Warner Sugar Corp 1st 7s_.1039 J J 9014 Sale 8912
5
91 1 2
25 *79
82
I
55 Dec 2 1941._ _
Babcock & Wilcox
10234 103
Wash Water Power sI 55_1939 J J 103
103 July'27
104) 114
__ Clinton WW let Ed'30.F&A
3
Weatehee Ltg g Is stmpd ettl 1950
- 8
D 10314 1043 104 Aug'27 -- 1023 10112 151-8 (E IV) Co
1 •17 1814 Com'w'th Wat let 5lesA '47 102112 100983 2
9960 2 %
Preferred
10414
5 10112 10414
West Ky Coal 1st is
1944 Si N 104 Sale 104
5U *58
- Connellsv W 5sOct2'39A&01 95 - - -Borden Company eon_ 50 •111
2 10018 103
103
West Penn Power sec A 58_ _ _1940 Si 13 1005 103 103
8
E St L & Int Wat
let 5e serlee F
63
10312 16 10014 10312 Celluloid Company
10 %I 0 1034 104 10314
100034 03:
02
0
63
c 4
2
100 48
55
1st al Os 1942
Preferred
3 10412 1055
105
8
1st 514e serius F
100 102 110
1953 A 0 105 1054 105
Huntington let 62654__M&S
100 10312 Childs Company prof_..100 120 123
list see 5s %ries G
8
8
8
1956 J D 1027 1033 1027
1024
1954
5a
Hercules Powder
3
65
80
kestVa 0&C bit6s
67
6514
1950 J J 654 66
100 100
94
Mid States WW 66'36 MAN 101
Preferred
Western Electric deb 56
8 10312 10 1011s 104
95
1044 A 0 10338 104 1033
100 ll8I l2012 MonmeonW let 59'16A1.4D 94
8
Wyetern Union coil tr cur 56_1933 J J 1035 Sale 1035
8
8
1035
8 10 1013 10514 Internal Silver 7% prof _100 120 121
Monte Val Wt 534.-. '50 J&J 9912 10012
Lehigh Valley Coal Salem_ 50 92 92 14 Muncie WW 5e Oet 2'39 A01
5
05 100
Fund A real eat g 4tie_ _1950 M N 9012 995 003
8
4
993
4
11 111 14 11372 Phelps Dodge Corp
15-year 61-20 g
8
1939 F A 1115 11134 11112 112
100 115 119 St Joeeph Water 5a 1041A&O 9712 9838
8
8 Royal Baking Pow eom_100 320 325 Shenango ValWet 5e 66A&0 684 6.5
8
25
4
1035 103 1;03 1037
-year gold 58
8
1951 J D 10312 1057 1023
04
4
99
5:4
Preferred
8
Wea'houseE & M 20-yr g 58_1946 MS 10378 Sale 10338
8 32 101 1037
1037
100 107 110 So Pitts Wat 1st 58 1060 J&J
9
5
99.2 Singer Manufacturing_ _ _100 420 430
Westphalia Un El Pow 634s.1950 J D 965 Sale 9612
94
063
4 65
99)4
8
FAA 08
let M 56 1055
9634 10112 Singer Mfg Ltd_
Wheeling Steel Corp 1st 51251048
10112 39
4
10112 Sale 993
1.1
512 Tor LI WW 64 '49 A_ _J&D 10212 10312
*5
9734 148
13712 12
White Sew Mach 68(with war)'361 I 134 137 12912
MA
161 39 58 1056 ser
35
54
Wickwire Open Sri 1st 7s_ _ _1035 J J 37
_
1g 24
'7
35 A u023 - - _ 7
38
Wichita Wat let 6a 40 M&S 102 --2(1
62
Wickwire Sp Srl Co is Jan 1935 MN 23
23
24
4
23
9612 ---1st M 53 1956 eer 13._5&A
1013 1037
4
8
WMys-Overiand s f 8 94s,._1933 Itl S 1025 103 10212
8
Wilson & Co 1st 25-yr a I 6a_ _1941 A 0 10112 Sale 10114
4
e
1015
8 42 , 973 1027
•Per share. t No par value. h B:1318. d Purchaser Ma) pays accrued dividend.
winebeeter Arms 7245
10614'
8 10412 10612
1941 A 0 10614 Sale 160
t New stuck. f Flat price. k L.144 Saltl. n Nominal. z Ex-dividend. y Ex-rights.
Young'n Sheet & T 20-yr 65_1943 J J 105 Sale 10434
120 1 10334 105
105
r Canadian quotation. s Sale price
1
BOSTON STOCK EXCHANGE-Stock Record seeBarPage
HIGH' AND
Saturday,
Aug. 27.
-PER SIIARE, NOT PER CENT.
LOW ,SALE PRICES
Monday,
Aug. 29.
Tuesday, I Wednesday, Thursday,
Sept. 1.
Aug. 31.
Aug. 30.
Friday,
Sept. 2.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
Lowest
Highest
1307
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Par
Railroads.
Shares
222 Boston & Albany
100 171 Jan 7 188 May 27 159
182 184
182 182 z180 1804 *x179 184
182 182
/
1
Jan 17512 Dee
183 183
100 81 May 10 94 Jan 15
309 Boston Elevated
84
84
8312 8312 8314 8412 8412 8412
4
77 May 8512 July
8312 8312 .833 84
100 9812 Apr 27 10312June 9
210 Preferred
lops 10118
89 Feb 103 Dee
*loo Dm *loo 101 lot 101 mco, 10014 *10014
100 109 Mar 30 118 May 23 11212 Dec 122
11712 11712 --------20 let preferred
116 116
•114 11712 .115 116 .115 116
Jan
100 101 Jan 20 1074 Feb 28
10 20 preferred
_ _
____
8
8
9812 Jan 112
_ •106 10)1 .10614 ____ 1067 1067 *10612 108
Jan
106
100 5118 Mar 7 70 July 6
764 Boston & Maine
35 Mar 5812 July
__
5718 56
577 577
8
57
8 5612 - 12.
____
_5i
5718 -5718 56
100 59 Jan 22 6912July 13
66----------------50 Preferred
___
66
66
66
66
32 Apr 6112 Dee
66 -Series A 1st pref
100 78 Jan 15 87 June 1
/
1
4
4
4
8412 ____ ____ ______
____ .82
i823 4 84 .823 84 .823 ____ .82
59 Apr 88 Dec
100 125 Jan 8 139 May 3
Series B 181 pref
___
_ ______
.
.120 125
84
*120
.120
_ .120
•120
Apr 130 Dee
___ ___ ______
Series C 1st pref
74 Apr 110 Sent
.108 116 .108 116 •108 116 .108 fui .108 116
100 104 Feb 15 116 May 26
_ ___ ___
__ ____
_ *150
Series D 1st pref
•150
.
150
•150
100 154 Aug 21 165 Apr 21 105
Jan 165 Des
---1612 11012 112 +11014 I 1i *11014 112
107 Prior preferred
--10412May 6 113 May 21
94
112 112
Apr 10712 Dec
-•11I ili 11012 1 5 Boston & Providence
__ __ _ _ _ _
210 210
.205 210 *205 210 .205 210 .208 210
100 198 Jan 18 210 Sept il z17512 Mar 20712 Dee
41
42
41
41
--------890 East Mass Street Ry Co
40
40
40
3912 42
40
28
100 25 Feb 4 42 Aug 271
Oct 61
Jan
6912 7112 7112 72
5912 Apr 71
--------755 1st preferred
70
70
70
70
7012 70
Jan
100 64 Feb 8 72 June III
--------70 Preferred B
67
67 67 *x67
68 68
68
56 May 69
67
68 • 67
100 60 Mar 14 68 Aug 27
Jan
5414 5318 54
40
Apr 4914 Jan
53
100 42 Apr 1 5414 Aug 27
53
5312 5214 5312 5212 5212 --------1.765 Adjustment
--------130 Maine Central
*64
4 _
65
49 Sept 60 Feb
.6412
6412 65 .643
__ *6412 66
100 474 Jan 13 74 Mar 29
/
1
317 Mar 483 July
/
4
8
/ 5018 49 1014 4914 4912 5012 5112 1,444 NY N Ef & Hartford
1
4
50 4 511 4912 504 49 3
/
1
4
8
4
100 4118 Jan 6 583 Feb 16
*101 103 *101 103
Apr 9812 Dec
11 Northern New Hampshire_100 9212 Jan 13 102 June 14
102 102 *102 103 *102 103
81
____ ____
*141
_ ____ ____ ____ __ Norwich & Worcester prel_1(10 127 Jan 4 142 May 17 120 Apr 132 Dec
___ *141
__ *14114
*14114
*14114
Jan 125 Sept
10 Old Colony
/ --4
.13512 137 .1357 137
100 122 Jan 4 137 June 7 111
/
1
/
1
____
8 1354 13518 .1354 130 *1351 136
993 Mar 107 Dec
4
*113
____ *113
____ *11314
_ ____ Vermont & Mas8achueett5_100 107 Jan 6 116 Jan 31
*113
____ *113
Miscellaneous.
534July 30
2 Nov
5
Jan
8 3
/ .338 3
1
4
.3 8 37
3
214 Jan 3
8 .33
/
1
4
/ 3
1
4
3
/ 38
1
4
/ 2,115 Amer Pneumatic Service
1
4
7
37
8 3
/
1
4
3
18 Dec 2414 June
*21
2112 21
21
a21
50 1512 Jan 12 2112July 30
2112 *21
2112 2114 2112 --------295 Preferred
4
1683 16912 168 16918 1673 1683 1683 16918 16838 16918 16878 16958 1,572 Amer Telephone de Telog__100 14912 Jan 3 172 Apr 7 13912June 1503 Fel)
4
8
4
8
4812 July 71
694 7014 70
No par 48 Jan 17 86 Sept 2
Jan
7512 78
23,333 Amoskeag Mfg
80
79
86
80
/ 79
1
4
83
82
7212 Nov 78 Eel
82
No par 7328 Jan 10 85 Mar 7
8212 8212 83
*8012 81
82
8412 8312 8312 --------161 Preferred
411 42
/
4
411 42
/
4
1,295 Assoc Gas & Flee class A ____
413 42
4
364 Jan 25 4233 Aug 5
/
1
411 42
/
4
417 42
8
411 42
/
4
- - ---- -- - -Atlas Plywood tr etre
-12
/
1
4
5314June 9 59 Feb 10 92 Apr 63 Jar
814 Oct1714 Jar
Atlas Tack Corp
8 Jan 22 12 Apr 7
Vs par
.1512
1418 May 2012 Jar
____
1512 Aug 25 2012 Jan 3
.1512 _ _
_ _ ___ __ _ Beacon 011 Cc corn tr etre__
__
_ . *1512 _ _ ____
74 Nov 9812 Jar
923 ---- 92 -- -3- 917 - 4 923
4
374 Bigelow-Hartf Carpet_No par 77 Feb 17 9334 Aug 25
92 4
- -12
91
8 92
-91- 92
91
9112 - -12 91
. .25 .50 *.25 .50 •.25 .50 *.25 .50 '.25 .50 ____ ____ ____ _ _ Cold di Corp., class A T C ___ .50 May 17
.
1
5 Jan 3
- De(
57 May -71 8212 8212 8212 8212 *81
--------75 Dominion Stores, Ltd_No par 67 Jan 26 8514 Aug 1
83
83
8212 8212 *80
14 Dec
34 Jar
334 Feb 3
*112 2
114June 27
____ ____ ____ _ _ East Boston Land
*112 2
*112 3
*112 2
10
*112 2
312 Mar
738 Ocl
3
7 4 Mar 17
*5
54 *5
514 *5
10 Eastern Manufacturing
312 Jan 11
5
*5
5
514
514 *5
5
514
44 Nov 8812 Jar
81
1,310 Eastern fifi Llnea. Inc
8112 8112 80
45 Jan 4 82 Aug 25
81
81
813
4 8114 8114 80
8112 81
34 Nov 45
Jar
*4312 45
*4312 45
No par 35 Feb 15 4538July 20
80 Preferred
44 44
+4312 45
*4314 45
+43
45
*07:2 0912 *97
904 Oct 994 Jar
700 let preferred
9812 9914 -------100 8734 Feb 17 9914sent 1
9812 +97
9812 *9712 99
14 Nov 26 Fet
14 Jan 18
/
1
4
275 Economy Grocery Store,
.13
10 June 1
14
/ 1414 1414 .1414 1412 1412 144
1
4
133 133
4
4 133 13
4
Jan 250 Yet
242 243
617 Edison Electric Illurn
244 244
243 2441
242 243
/
4
242 243
100 217 Feb 18 267 May 23 x207
24112 244
7
--------320 Federal Water Per? corn
31
31
31
27 Apr 20 33 8June 20
31
31
3012 3078 •23012 3114 31
Oe
14
2812 2812 2914 29
27
28
301 3012 3212 2,631 Galveston-Houston Elec_100 2212 Apr 20 3212Sept 2 -- June 27
/
4
28
27
27
____ ____ ___
+13
4June 1
Jai
14
11 Dec 17
.1312 14
General Pub Serv Corp corn_
14
111 Jan 11
/
4
.1314 14
143
.13
160 Germ Cred & Inv 1st pref
21,2 Jan 4
..i20- 1014 .x20 2014 .x20 2014 ./20 2014 20 20 ____
19 Fe))
/ Jai
1
4
715 Gilchrist Co
*35
35
3512 *35
3414 Apr 60
3412 357
3512 35
8 3512 357
No par 3414June 28 38 Mar 15
s 3512 --1
35 4
94
4 913 9214 9112 9212 9112 9412 3,002 011ette Safety Rasor
8812 Mar 11312 Fel
92
4
93
No par 841 Mar22 9514 Jan 11
913 923
93
4
9
____ ____
9 •_ _ __
*__ __
Greenfield Tap & Die
9 •____
10 May 14 Sep
25
8 Aug 25 1212Mar 2
Hathaway Baking corn
1212 *12
1212 *12
.
_ _ ___
1212 *12
71 12
.
1212 ____
1212 *12
12 Jan 17 13 Mar 14
3612 3614 3614 36
490 Hood Rubber
3614 36 - 3612
No par 3238July (1 47 Jan 3 - / Dec - 4 Fe)
*3512 3612 3614 3614 *36
454
1
088_ _ la_
_ ___ __ _ Kidder, Peab Accop A pref_100 94 Apr 26 253
4July 12 2.93
Apr 96 Jut
*9514 _ _ .9514 - - .9514
_ .9514 - - *9514
if 10 1634
103595 Libby, McNeill & Libby __.._10
612 Aug
..16
*83
4 - 12
7 Aug 25 11 Aug 31
6
9
,2 - 4 10 -- 4 11
104 De
93
/
1
.712 10
.712
Loew's Theatres
+714
__
__
*712 10
*712
10 Jan 18
6 Jan
6 July
124 Jai
25
106 1017
105 105
105 1067 105 165
_8
105 105
303 Massachusetts Gas Cos__ i00 84 Mar 25 108 Aug 23
105 105
80 Apr 9412 NO'
773 Aug 31
4
101 Preferred
100 70 Jan
65 Jan 701 Fe)
4
4
/
4
7612 773 *7612 7712 763 773
4
- 77
77
- .
77
110 111 •110 111 *110 11012 110 110
-- 143 Mergenthaler Linotype_No par 108 Feb IS z1153
.77--10912 110
4J00e 3 1104 June 1110 Ma:
.110 111
____ ____ ____ ____ ____ ____ ____ ____ ___
Miss 11.1v Pow stpd prof.._..I00 95 Jan22 10112June29
89 Apr 98
Jan
.
34 31, .34 31, *34
312 *34 312
31, 318
3
314
157 National Leather
/
1
4
43 Jan 20
s
10
2 Mar 24
2 Aug
412 Jan
29
*29
2912 .29
2912 2934 2914 2914 29
5 2312 Feb 14 3118 Apr 16
2912 --------265 Nelson (Herman) Corp
1512 Jan 2912 Jul
.24 •____ .24 ____ ___
•____
.24 •____
.24 •____
.24 3._ ___
New Eng Oil Ref Co tr Ms_ .20 Feb 1 .25 May 7 .20
Jan .95 Ap
5 Mar 30
•
100
Preferred tr ctfs
312 *312•
312 Jan 11
3 July 104 Ja
312 a31:. •- 312
108 New England Pub Serv $7 prof 91 Jan 18 10012July 2
6iii 0834 *5A ,__ 100 no
;O"§i4 __
____ 5584
1U3
102l
•10212 ____ .10212 103
10212 192 8 *.21003 __ - - 1003 10123- ---- ----74
62 Prior preferred
9714 Jan 26 104 July 23 95 Sept111 Be
4 - 4
•____
.25 •___
.25 .____
.25 3
.____
.25 .___ .25 ____ ____
New Eng South Mills__No par .20 June 29
314 Feb 23 .50 Dec
8 Fe
*418
-*413
-15 Preferred
43
100
8 43
2 Apr 1
3 *412 --- *412 --- ---87 Feb 28
8
Ja
2 Dec 28
--•138311 I383- 138 13812 138 13813 138 13812 138 13812 138 13812
-- 4
244 New Eng Telep & Teleg_100 11511 Jan 4 140 Aug 10 1107 Apr 1183 Fe
4
s
.90
92
.90
92
.90
92 nr90
89 Feb96 Fe
--------5 No Amer MAI 1st pf full paid__
92
90
90
90 Jan 5 95 Feb 29
__ +43
_ *43
1st pref 50% paid
_ __
___ ':4333_ _ *243
.
8
40 Jan 6 4612 Feb 23
143 Dec 27 Fe
*4312-333 39
4
3818 - -3914 39 4012 39 40
100 3512Mar 28 4312 Jan 7
39 10
3912 19
.12 iiiPacLfic Mills
3512 July 55 la
Plant (Thos 0). 1st pref___100 15 June 22 423 Jan 3
8
40 Mar 6814 Ja
;"-- Tri- ;i, 2 4' 6 1512 1512 *1512 16 *1512 16 1512 1012
1512
0
42 Reece Button Hole
10 15 Mar 17 16,2 Feb 10
15 Feb
1714 Au
•.r13
8
112 *113
8
112 nr13
8
112 *313
1 Mar 4
118 Dec
8
112
2 No
14 Jan 11
/
1
112
112 --------10 Reece Folding Machine_ 10
113 113
113 113
114 114
11412 11412 11312 117
840 Swed-Amer Inv part pref 100 10512 Jan 5 119 May 9
98 May 110 At
1173 1173
4
4
120 12018 11912 11912 11912 120
11012 120
11912 120
148 Swift & Co
11912 120
100 115 Jan 3 12018 Aug 27 111
Apr 11814 De
.78
79
.78
79
78
78
7812 781 57712 79
,
200 Torrington Co
25 66 Jan 3 8012 Aug 11
54 Mar 72 Set
7712 7812
.612 6
/
1
4
612 612
612 612
6
/ 63
1
4
8
250 Tower Manufacturing_
612
612
612 61
/
4
4 Mar
*1614 1714 *1614 1714 .16
17
--------100 Traveller Shoe Co T C
1614 1614 .1614 17
16 Aug
1812 Mar 22
.912 11
.912 11
.912 11
*912 10
*912 11
50 Union Twist Drill
7 Jan
912 912
154 Fe
5
912Sept 2 1412 Jan 24
64
6414 64
6312 633
6414 6312 64
4 6418 6414 6418 65
1,781 United Shoe Mach Corp
47 Mar 534 Au
25 50 Jan 3 65 Sept 2
2914 2914 *29
2914 •29
2914 *29
2914 ____
95 Preferred
___
28
2912 29 2
Jan 30 Jul
30 July 2
25 28 Jan
,
.87
89 .87
89
87
89
88
89
883 4 90
82 Nov 135 Fe
90
90
525 0 8 & Foreign See let pref f pea 83 May 3 90 July 7
.x82
8214 82
83
8214 83
84
83
83
84
8312 84
920 1st prof 75% pald
74 Apr 30 84 Aug 30
60 May 90
Al
•412 6
*412 6
*412 6
*412 8
.412 6
Venezuela Holding Corp
412July 5 11 Apr 30
20
20
20
204 20
20
20
20 "1197 20
8
17
Jan - 4 0,
223260 WaldorfSys,Ino, new sh No par 1912July 29 2712 Feb 23
20
20
*51__ 5
__ 0
__ +51
___ .51
52
_______ ____
29
Jan 41 Di
Walth Watch el B com _No par 4012 Jan 21 5411 Apr 21
..r72 16
7412 ' 1.172
-75
- - .272
75
75 ..r72 7520 Preferred trust etfs
4818 Nov 61 Di
100 61 Jan 3 77 May 12
•102 103
10212 10212 .102 103
103 103 .103
____ 103 103
154 Prior preferred
100 10012June 14 118 May 20 101 Sept 112 Di
+1012 2012 20
20
.194 20
20
20
2014 2014 20
2018
425 Walworth Company
Js
1714 Aug 11 2434 Apr 1
1233 May 23
101 1087 10712 109
8
101 101
109 114
11112 115
44 Mar 69 Di
10912 112
8.333 Warren Bros
50 6513 Jan 13 115 Sept 1
4 45
45
46
443 443
4
46
•45
4614 46
46
39 Apr 48 DI
--------270 let preferred
50 44 Jan 5 50 Feb 16
.48
____ .48 ____ .48
5112 .48
6112 *4712 51
---- ----------20 preferred
42 Apr 47 Fe
50 45 Jan 17 52 Apr 14
*1614 ____ *1614 -___ •1614 -___ •1614 ---- .1614 -----------Will & Hamner Candle 0Orn___
14 Jan 12 1714 Mar 16
104 Aug
/
1
17 1 Jr
,
Mining.
*____
.25 *____
.25 *____
.25
_
.25 *____ .25 •
Adventure Consolidated_ -__25 .05 Jan 14 .20 Feb 10 .05 Ma .40 Jul
.25
+.75 .85 ---------75 .75 *__. 50 .75 +.50 .75 ..40 .75
3.
45 Arcadian Consolidated_ _ 25 .20 July 18 .89 Jan 15 .25 Mar
11 Al.
/
4
4,512 6
512 512 4512 6
*512 6
*512 6
512 512
60 Arizona Commercial
914 May
12
/ Js
1
4
/
1
104 Jan 6
5
5 July 11
48
48
48
48
3
.48
•473 49
4
49
48
48
48
135 Bingham Mines
29 June 55 4 Js
48
3
10 30 Jan 3 4912 Aug 5
16
1614
16
1614
16
1618 1512 153
8 1514 1512 1512 154
/
1
670 Calumet & lIecla
1314 June 181 As
/
4
25 1418June 27 17 Apr 20
.25 .25
.25 .28
•.25 .28
.25 .30
.15 .25
.20 .20 2.010 Carson Hill Gold
Jo
1 .10 Jan 7 .80 Apr 29 .10 Dec 60
14
13
131 *1212 13
/
4
.13
/ 1414 1312 1312 .13
1
4
13
8May 20 15 July 22
13
13 May 20
200 Copper Range Co
Jo
25 117
*13
*13
8
8 112
RI
13
8
112
13
8 *114
112
112 *114
112
300 East Butte Copper Mining_ 10
214 Oct4 Fe
2 Jan 4
/
1
4
114June 30
..40 .50 $.40 .50 *.40 .50 __15Franklin
.26 .26 3
•.40 .50
-- - -- 11 Jr
/
4
25 .05 Feb 1 .80 Mar 17 .25 Nov
3.35 .40 4
.35 .35 .
..35 .40 .435 .40 ..35 .40
•
.35 .40
1 July 1 .27 Dee
200 Hancock Consolidated
114 Ju
25 .15 Apr 8
17
/ 1718 1714
1
4
4 1634 1712 17
1712 173
163 18
163 17
4
4
3,025 Hardy Coal Co
14 Mar 2114 Js
1
14 Apr 28 18 Jan 7
•.25 .50 •.25 .50 •.25 .50 •.25 .50 •.30 .50 __
Helvetia
Oct2 Jr
25 .60 Apr 26 .85 Jan 6 .75
4 6412 6412 602 65 4 617 65
2 6433 643
3
6412 847
2
65 65
3,059 Island Crook Coal
/
1
4
1 47 Feb 2. 65 Aug 31
.106 10712.106__ .106 10712 106 106 .106 10712 .106 10712
5 Preferred
1 105 Feb le 107 Apr 13
9911 Jan 108 Ju
1012 1012 1012 1012 1012 1012 10
•1012 11
1012 *10
11
250 Isle Royale CoPPex
/
4
25
9 July 13 111 Jan 19
912 June 14 At
112
112 .112 2
•112 2
*112 2
*112 2
.112 2
50 Keweenaw Copper
27 Feb 4 .60
8
28
1 July 21
Jan
27 Sc
1
1
1
3..90
118
11
/
4
1
1
3
..90
..90
118 ..90
118
1,760 Lake Copper Co
Oct
25 .80 Jan 7
11 Ju
/
118Mar 18 .60
4
0.60 .70 ..60 .70 .
+.60 .70 .
3.60 .70 ..60 .70 ..60 .70
La Salle Copper
24 M
25 .50 Mar 28 .90 Apr 22 .80 June
.85 .83 ..60 .90
•.80 .90 ..80 .90 •.80 .90
.80 .80
850 Mason Valley Mine
5 .80 July 5
11 Jan
/
4
2 Jan 4
24 Se,
/
1
•.10 .20 *JO .20 +.10 .20 3
..10 .20 ..10 .20 ..10 .20
Maas Consolidated
28 .15 Apr 8 .85 Jan 3 .15 Dec .75 Ju
.70 .70 .3.70 .80 •.70 .80
+.70 .80 ..70 .80 ..70 .80
250 Mayflower-Old Colony
25 .2.5 May 3
112 Jr
112 Jan 11 .40 Dec
43
43
4312 42
/ 43
1
4
4212 42
43 8 43
,
42
43
44
230 Mohawk
25 3433June 22 4412 Aug 5
30 Mar 46 0
21
2112 2112 211 1 2114 *2034 2112 21
2112 2112 21
21
295 New Cornelis Copper
5 1812June 24 24 Jan 20
1812May 24 Ai
..05 .15 •
.05 .15 __ .._ _
..03 .15 ..05 .15 ..05 .15 4
New Dominion Copper
.05 May 28 .08 Feb 1 .05
Jan .20 Jul
•
_ 18 •
18 *. _ 18 *_
18 .... . 18 *_ . ff - __
100 .17 May 14 197
New River Company
8May 12
18 Dee 25 Fi
62
aT2 6212 *62 65 .ii 65
.
;Eo 62 .6iii 62
110 Preferred
100 58 Apr 14 75 Feb 8
45 July
72 F.
.538 53
8
5
/ 512 *53
1
4
8 6
53
8 512
*514
215 Niplasing Mine,
53 .4 534
4
5
5 Aug 16 101s Feb 2
51
/
5 July
1012 D
D. 112
112
11 *112 13
/
4
4
1 12
112
112
112
112 1,830 North Butte Mining
112
10 .50 June 28
33 Jan 5
8
2 Apr
3 Be
/
1
4
*.613 1 *Di 1 4..60 1 p.60 1 ..66 1
*AO 1
0,111hway Mining
25 .60 July 21
114 Jan 26 .50
Jan
Ni
12 ....._ 12 +____ 1134 .____ 12 3. _ _ 12
3
.1112 _ _
12
240 Old Dominion Co
25 10 4June 29 15 Apr 1
3
13 Dec 20 J11
/ 173 171 1712 1712 1714 17
1
4
4
/
4
8 1712 1712 1712 17
173 173
8
680 P'd Cr'k Pocabontfre Co No par
11 Jan 4 1812 Aug 19
-34
1012 Mar 15
Jr
15
*1512 17
*1512 1612 *1512 1612 *1512 1612 1512 1512 15
215 Quincy
25 1314 July 13 1918 Apr 22
1512 May 25 Ju
•2012 21
2034 203 .203 21
+2012 21
4
4
22
21
21
.21
155 St Mary's Mineral Land
25 1812June 28 2514 Jan 8
25 Dec 3812 F.
134
11 .114
/
4
114
13
4 .114
/
4
/ 11 .
4
Seneca Mining
1 July 2
11 .11
/
4
*114
312 Jan 14
23 Dee
4
9
/ Ji
1
4
.35 .35 4
..35 .45 '.35 .45
.
1
.40 .40 4..35 .45 ..35 .45
200 Shannon
10 .15 May 9 .40 Jan 12 .16 Dec 80
Ji
3.25 .40 3..25 .40 +.25 .40 ..25 .40 ..25 .40
Superior ts Boston Copper_ IC .15 Mar 23 .40 Fob 23 .20 Nov
4
..25 .40 .
1 if M
s
5
5
.438 5
5
-------5
3
8 58
415 Utah-Apex Mining
53
514
*5
6
418July 14
74 Feb 24
/
1
434 Oct 118 Fi
4
11
/
4
13
4 .1
1,
4
lls
Ils
1 3f4 114
4
11
/
4
3,600 Utah Metal & Tumult
I .85 June 30
118
2 Feb 2
25 Dec 2% M
114
115 *114
134
112
11.
2
ilI
11 l'a114
/
4
114
445 Victoria
25 60 July 11
13
4
13
4
2 Aug 24
40 May 75 F,
'.10 .15 ..10 . .15 *AO .15 ..10 .15 ..10 .15 ____ ____
Winona
25 03 Mar 9 .70 June a
in Rene In v..
• Bill and asked prices; no sales on this day. a Assessment paid. 8 Ex_steeg dividend. I New stock. Z Ex-dividend. y Ex-rights. a EX-dividend and rights.
THE CHRONICLE
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price, Low, High. Shares.
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange, Aug. 27 to Sept. 2, both inclusive:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares.
Bonds
-
Atl G&WISSL 55_1959 71
13utterick Pub Co 6%s '34
Chic Jet Ry & US Yd 4s'40
E Mass St RR 415s A_1948
55 series B
1948
65 series D
1948 89
Hood Rubber 7s
1937
Isarco Hydro Elec 7s_1952
KC
& B Inc 55__ _1934
4s
1934 94%
Mass Gas 4145
1931
Miss River Power 55_ _1951
New Eng Tel & Tel 55_1932
P C Pocah Co 7s deb_ _1935
South West Gas Co 615s '37
Sou Ice Util Co 6s_ _ _1946
Western Tel & Tel 5s_ _1932 101%
71
09
89
68
74
88
103
9334
9915
94%
101%
102%
102
115
96
94
101%
Range Since Jan. 1.
Low,
71
33,000 70
99
2,000 99
89
2,000 88%
68% 11,000 64%
76% 14,650 69
89
2,250 82
103
2,000 101
93% 5,000 93%
9914 3,000 08
3,000 91
94%
101% 3,000 97%
10234
1,000 100%
4,000 10035
102
4,000 102
115
96% 9,000 96
94% 8,000 94
101% 4,000 100
High.
May
Aug
June
Aug
Jan
Feb
Apr
Sept
Jan
Mar
Feb
Apr
Jan
Jan
Aug
July
May
75
Jan
101% July
91
May
7034 June
78% May
91
June
104
Jan
93% Sept
101
Jan
94% May
101% Aug
102% Aug
102% Aug
120
Aug
97
Aug
95
Apr
10235 June
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Aug. 27 to Sept. 2, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Almar Stores
Alliance Insurance
10
American Stores
•
Bell Tel Coot Penn pref__
Cambria Iron
50
Congoleum Co Inc
•
Consol Traction of N J_100
Cramp Ship & Eng
Curtis Publishing Co corn •
Fairm't Pk Trans Co corn *
Fire Association
50
Giant Port Cement pref _50
Horn & Harden(H Y) corn
Insurance Co of N A __ _ _10
Keystone Telephone_ _ _60
.
Preferred
50
Lake Superior Corp_ _100
50
Lehigh Navigation
Lehigh Pr Sec Corp corn...*
10
Lit Brothers
Mark Shoes Inc coin
•
North Pennsylvania__ _50
Penn Cent L & P prior pf_•
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50
Philadelphia Co(Pitts)
Preferred (5%)
50
Preferred (cumul 6%)_ 50
Plana Electric of Pa
25
P Power receipts
25
Phila Rapid Transit_ _ _ _50
* 7% preferred
50
Philadelphia Traction_ _ _50
Mita & Western
60
50
Preferred
Shreve El Dorado Pipe L 25
Scott Paper Co pref_ _ _ _100
Stanley Co of America_ _ _.
Tone Belmont Devel_ _ _1
1
Tonopah Mining
Union Traction
50
United Gas !rapt
50
•
U S Dairy Prod"A"
•
Victor Talk Alachine new__
West Jersey & Sea Shore 50
Westmoreland Coal
50
Range Since Jan. 1.
Low.
High.
May 1734 Jan
350 10
13
1234 1311
431 48
6115 6034 6115
Feb 61% Aug
64% 4,149 6234 May 73% Jan
64% 63
115
115 115%
113 112% Jan 115% Sept
20 40% Mar 42
41% 41%
Mar
100 1734 Jan 25
25
25
Aug
300 3534 Jan 64% May
58
58
2%
115 July
147
23.4 2%
5% June
193
193 193
15 177
May 193
Sept
8
200
5% Mar 12% June
834
62
62
450 51
62%
Aug
Mar 65
42% 42% 43
110 34
Jan 48% Jan
5315 5331
70 50% Apr 56% June
67% 66% 68
3,262 51% Jan 68
Aug
2%
215
215
185
5
Jan
234 July
18% 1815
25 17
June 19% Mar
234
335 6,690
11.4 Jan
334 July
107
105% 107% 3,977 105% June 119% Jan
20% 18% 20% 50,073 15% Jan 20% Sept
24
24
24%
Ill 23
May 28
Jan
18% 19%
335 12% Mar 21
June
85% 85%
100 81% Mar 85% Aug
76% 76% 76%
163 7511 Aug 77% Aug
64% 65% 16.300 5934 Jan 68% Jan
79
76
79
210 74% Aug 70% Apr
55
17%
5314
50%
58%
18%
100
67%
2
37
116
41% 41%
15
52% 52%
20
51% 5534 53,493
16% 17% 1,741
53% 54
295
50% 50%
329
58
227
683-4
11
11%
100
34
2'
35
18% 19
415
99 100
60
67% 68% 10,043
1 1-16 I%
82
2
2
2.000
37
3715 1,002
111 116
19.606
34
34
25
13
13
40
34% 3534
590
42% 43
50
56
56
25
40%
49%
46%
9
52
50
53
11
33
18%
973-4
64%
1
2
36
89%
28%
9
32%
40
51
Bonds
Amer Gas & Elec 55_ _ _2007 100% 100 100% 83.000 95
Baldwin Locom let 55_1940 10715 107% 107%
1,000 107%
Consul Trac NJ let 551932 85% 84% 85%
8.000 62
Elec & Peoples tr ctfs 4s...45 57% 56% 5734 41,500 54
62
Peoples Pass tr ctfs 45 1943
63
3,000 62
Pirtle Elm (Pa) 55._ _.J060
105 105
2,000 103
, 1st 55
1966 105% 105% 105%
6,000 103%
515s
107% 107% 1,000 105
1953
_
,
Jan 45
Jan 5211
Feb 5511
Jan 17%
Apr 55%
June 52%
Mar 69
Aug 15%
Aug 39
Aug 24%
Feb 101
Aug 9034
2%
Aug
Aug
2%
Jan 3934
Feb 116
Feb 35
Mar 15
July 41
Jan 4734
Mar 58%
May
May
Sept
Sept
June
June
Mar
Mar
May
Jan
Aug
Feb
Mar
Apr
Mar
Sept
June
June
Apr
Mar
June
Feb
Sept
Jan
Jan
Aug
Jan
Feb
Feb
June
Sept
May
Mar
Jan
May
May
May
101%
107%
89
69
71
106
106
107%
•No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange Aug. 27 to Sept. 2, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Allen Industries
•
Preferred
•
Amer Multigraph corn..,.,•
Buckeye Incubator, corn*
Bulkley Building pref.. _100
Byers Machine "A"
•
Central Alloy Steel pref ZOO
City Ice & Fuel corn
•
Cleve Blurs Sup & Br corn •
Cleveland-Cliffs Iron corn •
Cleve Elect Ilium com_100
Preferred
100
Cleveland Railway corn 100
Cleveland Trust
100
Clev Worsted Mills corn 100
C & B Transit
100
C & S Brew pref
100
Dow Chemical corn
•
El Controller & Alfg corn..
Elyria Iron & Steel com_25
Fed Knitting Mills com_ •
Firestone T & Rub com_10
6% Preferred
100
7% preferred
100
Genl Tire & Rub corn _25
Glidden prior pref
100
Goodyear T & Rub pref 100
GrasselU Chemical corn _100
Prefored
100
Great Lakes Tow com_100
Guardian Trust
MO
Halle Bros pref
100
Ilarris-Seyb-Potter corn - •
Higbee 1st pref
100
31
2534
72
32%
30%
325
111%
104%
330%
22
70
63
158
105
150
87
133
87
11% 1135
30% 31
25% 26%
48% 49
72
72
40
40
100 109
32% 32%
30% 31%
100 101
325 325
no% 111%
104% 10415
33015 33014
21
22
70
80
20
20
99 100
63
63
53
53
29
29
144% 165
106 106
104% 105%
150 150
87
87
118 119
13134 133
108% 10815
87
87
375 375
102% 10234
29
29%
104% 104%
25
315
1,140
313
23
10
315
1,241
273
140
25
171
542
23
233
260
100
89
117
100
15
688
15
290
10
20
107
142
80
10
10
65
75
5
[VOL. 125.
Range Since Jan. 1.
Low.
10
July
3015 Aug
19% Apr
43
Jan
68
Mar
35
Apr
106% Feb
23% Jan
24% Mar
74
Feb
May
297
Feb
108
9634 Jan
300 June
Mar
21
Mar
57
17
May
Mar
70
6214 Aug
4934 Apr
28% Apr
Jan
117
101% Jan
Feb
99
145 June
Jan
84
Feb
100
Aug
127
102% Apr
7534 Jan
Jan
260
99% Apr
Aug
28
High.
11%
3134
27
53
77
41%
10934
34
3334
115
325
111%
104%
33015
2711
80
20
100
6741
55
31%
165
107%
10534
158
100
120
134
108%
95
375
102%
3011
Aug
Aug
Aug
Apr
June
July
Juno
Aug
June
July
June
Juno
Sept
Sept
Feb
July
July
Aug
June
Feb
May
Sept
July
Sept
Slay
Juno
Aug
May
Aug
Apr
Aug
Aug
Feb
Industrial Rayon "A"... _•
Interlake Steamship corn.*
Jaeger Machine corn
•
Jordan Motor pref
100
Kaynee, corn
•
Preferred
100
Kelley Island L&T corn 100
Metropol Pay Brick com..•
Miller Rubber pref _ _ __100
National Refining corn _25
National Tile corn
•
Nineteen Ilundred Washer
Common
*
North Ohio P & L 6% p1100
Ohio Bell Telco pref _100
Ohio Brass "B"
*
Preferred
100
Packard Electric
•
Paragon Refining corn..25
Preferred
100
Peerless Motor corn
50
Richman Bros corn
•
River Raisin Paper corn.*
Selberling Rubber corn.._*
Preferred
- 100
Sherwin-Williams com_ _25
Preferred
100
Sparks-Withington com__.
Stand Textile Prod corn.100
A preferred
100
B preferred
100
•
Stearns Motor corn
Telling-Belle Vernon com_•
"A"
•
Toledo-Edison prior p1_100
Trumbull Steel com
*
Preferred
100
Union Metal Mfg corn_ *
Union Mortgage com__100
2d preferred
100
Union Trust
100
White Motor Secur pref 100
Youngstown Sheet & Tube
Preferred
100
934
934 1034
120 120
3134 32
45
45
3234 33%
99
99
160% 160%
27
27
98% 98% 98%
35% 3511
36% 36% 3715
2634
8434
82
36
22
219%
33
104%
14
3215
5
42%
24
116
1214
37
284%
2615 26%
84
84%
112 112
82
81
106
106
36
36
9% 934
85
85
22
22
218 219%
734 715
32
33
101% 101%
60% 61
104% 10434
13
14
15% 15%
50
50
3214 33
4% 5
42% 4314
24
24%
116
116
1215 12%
833.4 84%
43
4334
37
40
60
65
283 285
104 104
1083-4109
Bonds
-
Range Since Jan, 1.
High,
Low.
4% Jan 10%
650
100 109% Feb 120
520 2715 Feb 3234
Aug 63
5 45
Jan 33
375 23
43 96
AM 90
740 132% Feb 165
Jan 30%
11 22
July 106
352 98
50 34% July 41%
865 33 June 38
475
35
58
151
10
265
20
5
20
245
15
925
22
1,185
44
300
100
100
100
230
810
483
15
175
113
160
75
30
263
5
25
Apr 26% July
79% Apr 84% June
Mar
105% June 114
Apr
76
Jan 85
101% Mar 107 Juno
35
Aug 36
Aug
G
Apr
934 July
June
May 87
66
21% Apr 32
Jan
142% Mar 224% June
8% July
615 Apr
34% July
21
Jan
96
July
Jan 102
44
July
Feb 61
104% Sept 10414 Aug
1815 Mar
11% July
7
Feb 16% Aug
25
Feb 50 June
13
Sept
May 33
834 Jan
334 Aug
36
Mar 4834 May
July
203.4 July 25
114% Jan 117
May
934 Jan
14
Aug
72% Feb 90
May
40
Apr 4315 June
37
Sept 6115 Mar
60
Aug 82
Mar
218
Jan 290
Aug
9914 Slay 107
Apr
260 10615 July 111
inn, Inn, CS nnn
Aug
June
Slay
July
Aug
Aug
Aug
July
Feb
Jan
Aug
GO!, A In 1r
May
Inn,
T,,,,
*No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange Aug. 27 to Sept. 2, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Amer Laundry Mach cm25
Rights
Amer Products prof
•
Amer Rolling Mill com__25
Preferred
100
Baldwin new pret
100
Buckeye Incubator
•
Burger Bros
•
Preferred
50
Byers common
Champ Fibre pref
100
Churngold Corporation_ _•
CM Car Co
50
CNO&TP
100
Cin Gas & Elec
100
C N & C Lt & Trac com 100
Preferred
100
Cin Street Ry
50
CM & Sub Tel
50
City Ice & Fuel
•
Coca Cola "A"
•
Col Ry Pr "B" pref
_100
Cooper Corp new pref__100
Crown Overall pref. __100
Dow Drug corn
100
Eagle-Picher Lead corn.
..20
Fifth-Third-Union Tr _100
.
First National
100
•
Formica Insulation
Gibson Art corn
•
Globe Wernicke corn_ _ _100
Preferred
100
Gruen Watch corn
•
Hatfield-Rellanco corn...•
Preferred
100
Hobart Mfg
•
Kahn participating
40
Kodel Radio"A"
•
Kroger corn
10
Lunkenheimer
•
Manischewitz com
100
Mead Pulp special pref_100
Ohio Bell Tel pre
100
Paragon Refining com__25
Preferred
100
Printing Mach com
_100
Procter & Gamble corn_ _20
8% Preferred
100
100
Pure Oil 6% pref
Richardson corn
100
•
U S Can corn
10
U S Playing Card
US Print & Litho com_100
100
Prcftred
100
US Shoe pref
100
Vulcan Last corn
100
Preferred
,
*
Whitaker Paper corn
- re-CITC .
10234 10214 103
1% 1 1-16 134
25
25%
67% 6734 68%
11315 11334 114
110 110
49% 48% 4934
18
18
573.4 5734
39% 39% 39%
108 108
40
4034
24% 24% 25%
345 345
99% 9931 100
97
97
7311 7314
46% 4515 46%
107% 108
108
32
32
3234
3114 31
32
10134 10134
10134 101% 102
100 100
350 355
261-5 26
2634
330 330
350 350
25
25
42
42
42
97
97
0834 9834
52
52
53%
18
1634 18
103 103
35
34% 34
43% 4334
57% 50% 58
12514 125 12531
29
29
2934
119 119
104 104
112
11134 11234
834 9
88
87
275 275
201 202
204
181
181
99% 9934 99%
135 135
45
44
11015 110% 111
6814 70
TO
9834 9815
5615 57
57
3634 3334 36%
101% 101%
u
59
,p9,,,
1,170
538
60
927
105
3
753
50
26
75
6
167
417
10
422
1
24
390
272
359
185
35
60
25
12
1,451
1
6
109
841
10
35
330
212
20
205
10
660
567
382
50
10
263
89
97
5
337
2
132
8
50
105
86
2
110
884
10
5
4
Range Since Jan. 1.
Low,
9915 July
1
July
21% Jan
44
Jan
110% Slay
10614 Jan
44
Jan
12
Feb
50% Jan
38% July
103
Jan
3411 Jan
2115 Feb
320
Jan
9634 Jan
91
Mar
70
Mar
38% Jan
90% Jan
2215 Jan
27% Apr
96
Jan
100
Apr
100
Sept
280
Jan
26
May
30234 Feb
Jan
338
19% Jan
3915 July
Jan
85
85
Jan
44% Feb
13% Jan
101
July
2634 Feb
Feb
39
914 Jan
June
118
26% Apr
no
98%
10615
6
65
275
177
163
99
135
38
85
55
8715
38
31
100
51
ma tz
Aug
June
June
Apr
Jan
Aug
Feb
Jan
Jan
Aug
Ape
Jan
June
Jan
July
Aug
Apr
Jan
am,,
High,
106
134
2715
72
114
110
51
22
58
42
108
45
July
July
Aug
July
Juno
July
Apr
Mar
June
July
July
Mar
26% Apr
365
Feb
100
Aug
99 Slay
78
Feb
4634 Sept
108
Sept
33% July
35
July
103 Juno
Slay
103
Jan
105
Sept
355
May
31
330
May
350
Feb
25
Jan
44
Fob
96
Aug
100
Aug
56% Jan
Feb
18
105
May
33% July
Apr
45
July
65
133% Feb
Apr
30
119
Aug
Apr
124
Slay
114
93-4 July
Aug
88
Aug
275
May
204
Feb
184
June
101
Jan
150
Aug
45
Aug
115
79
Aug
Juno
101
57
Aug
3634 Sept
Aug
102
Mar
65
mote Tiny
•No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Aug. 27 to Sept. 2, both
inclusive, compiled from official sales lists:
Stocks
-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price, Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bank Stocks
First National Bank _ _100
Nat Bank of Comm_ _100
275
151
275
15134
27 251
21 150
Jan 285
July 163
Trust Company StksMercantile Trust
100
Miss Valley Trust
100
430
300
430
300
10 437
3 285
July 430% Feb
Sept
June 300
Street Railway Stocks
St Louis Pu8 Service_ _ _
28
2614 28
so
18% Afar
May
JD.
3034 July
THE CHRONICLE
SEPT. 3 1927.]
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. Iligh. Shares.
Miscellaneous Stocks
Amer Credit Indemnity_25
20
Aloe common
Baer, Sternberg & Cohen
100
1st preferred
100
2d preferred
Beck & Corbett pref_ _100
•
Boyd Welsh Shoe
100
Brown Shoe corn
100
Preferred
•
Burkart common
2434
Preferred
100
Century Electrio
Eisenstadt Mfg pref_ _ _100
100
E L Bruce pref
100
Elder Mfg 1st pref
Ely de Walker D 0 com.._25
•
Elder common
Fulton Iron Works pref 100
Hamilton Brown Shoe_ _25 34U
Hydraulic Pr Brick corn 100
Preferred
100 8131
•
Ind Pkg common
Preferred
100 110
Internet Shoe corn
200
Preferred
100
•
Johansen Shoe
Laclede Gas Light pref_100
Mo Ills Stores corn
• 1336
Mo Portland Cement_ _ _25 41
20% paid
25
Moloney Elec pref
100
Natl Candy corn
100 1)8
2d preferred
100
Pedigo Weber Shoe
•
Polar Wave I & F Co
Slice Stix D 0 corn
• 20%
2d preferred
100
Scruggs VBDO corn _25
1st preferred
100 72
Scullin Steel prof
•
Sheffield Steel corn
Skouras Bras "A"
•
Southern Acid & Sul com •
Southw Bell Tel pref_ _ _100 118
St Louis Amusement A_ •
St Louis Car Iwof
100
&ix Baer & Fuller
• 2931
Wagner Elec corn
• 3236
Preferred
100 87;1
Waltke Corn
85
260
57
36
Low.
50
32
May
Feb
9356
p
.Miscellaneous Bonds
Scullin Steel Gs
1941
9436 9436
95% 95%
97% 07%
4034 41
4436
44
121 121
1531 1551
2434 2431
125 128
100 100
97
97
108 108
32
32%
184 1831
58
58
344 3431
531 5%
78
81%
24
24
110 110
199 200
109% 110
35
35
104 104
1331 1334
4136
41
3734 39
101
101
98
98
10334 10335
35
35
3031 31
204 21
9934 9935
17
1751
73
72
33
3331
2731
27
38
38
39
38
11731 118
40
40
97
97
3031
29
303-1 3236
8731 8734
76
77
3
6
5
25
101
10
33
250
30
10
4
48
210
250
25
150
25
312
5
13
325
14
2
1
2
27
13
35
130
7
51
55
945
100
20
9
40
145
40
85
259
50
10
515
384
10
60
9434
95%
97
37
3134
10331
15
24
114
WA
97
100
3031
18
45
3334
4
69
20
1084
158
108
26
96
13
40
37
9931
84
100
30
29%
1934
99
16
73
33
2534
32
36
1144
40
96
26
183.4
68
5131
Aug
Aug
Aug
May
Mar
Feb
Aug
Aug
May
July
Aug
Apr
July
Aug
June
July
May
May
May
Jan
Feb
Feb
June
Jan
Aug
Aug
Aug
Jan
Feb
Feb
AP
Aug
Jun
July
Au
Au
Sep
Feb
Au
July
Ma
Au
Jan
Au
Jan
Feb
Jan
1236 1236
Mining StockConsol Lead & Zinc Co A_•
Street fly. Bonds-_
E.St.Louls & Sub Co 581932
St L & Sub fly gen M 55 '23
United Rya 4s C-D_ _ _1934
57
35
Range Since Jan. I.
267
12
July
92
9334 824,000
5,000
86
86
82% 82% 1,000
99
2,500
99
8631 Jan
Apr
81
75% Mar
09
High.
GO
37
June
May
Mar
Feb
Aug
Feb
42
45
Aug
121
Aug
16
Aug
24% Sept
Aug
128
July
101
9734 Jan
Aug
108
384 Apr
194 June
Aug
60
Mar
40
Jan
7
81,4 Sept
Feb
25
Sept
110
200
Aug
111
Aug
36
Aug
May
140
15% June
Apr
54
40 June
10234 Mar
11034 June
June
107
3736 July
Apr
34
2231 Jan
Aug
100
2234 Feb
Mar
84
Mar
39
2834 Apr
Jan
48
4534 Jan
June
119
46 • Mar
Apr
102
314 Jan
3931 May
90 Juno
8631 Mar
98
99
0731
17
Jan
9334 Sent
July
88
Aug
83
Sept 101
Apr
• No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Aug. 27 to Sept. 2, both
Inclusive, compiled from official sales lists:
Bonds
Pittsburgh Brewing.
_ . . ... . . G5.1949
.
unt
99
W
co
o.-.
w. In
0....:t,...-..o . ,,-....,oe, ... W ..4
3c,,c,b;0...-...COOM
COO' 6.60
.0..
. .
1
,C,',
0.-.0 X.0 .10,.., 0000000 0.0000000o6.0000
,
,
230 230
35
35
105 105
931 934
79
80
1331 1434
9434 9434
300 300
9% 936
8
834
85
85
11534 116
308 308
110 110
834 9
231 231
4734 49
1931 20
2634 263.1
22
22
6
6
9% 951
83% 83%
331
334
230 232
4934 51
631
63-4
90
94
120 120
35
35
186 187
Range Since Jan. 1.
Low.
218
35
101
6%
70
1134
8331
275
936
731
8431
115
290
10531
6
2
3731
1756
2334
2031
5
931
71
3
225
36
6
78%
120
3236
137
Jan
May
Apr
Apr
June
July
Feb
Mar
May
Aug
Aug
Mar
June
Jan
Feb
Apr
Jan
July
July
Jan
June
Sept
Jan
July
May
June
May
June
Aug
Jan
Jan
High.
230
52
109
94
80
1434
9831
300
15
934
85
11631
380
110
124
4
494
2136
3031
2331
6
1134
8834
3%
270
51
8
97
120
40
187
Sept
Jan
Jan
July
Sept
Aug
June
Aug
Jan
July
July
May
Sept
June
Apr
Feb
Aug
Aug
Mar
May
Au!
Jar
June
Feb
Jar
Ant
Feb
Aut
AU!
Ain
Ala
J§
Allegheny Trust Co_ _ _ _100 230
AM Wind GI Mach com.100
Am Wind GI Co pref. _ _100
aArkansas Nat Gas com.10
934
flaw-Knox Co
25 79
Carnegie Metals Co_ _ _ _ .10
Columbia Gas & Elec corn_
Commonwealth Tr Co.100
Devonian 011
10
934
Dixie Gas & Utilities com _•
854
Preferred
100
Duquesne Light 7% pf _100
First National Bank_ _ _100 308
Harb-Walker Ref pref_ _100
•
9
Houston Gulf Gas
Indep Brewing corn
50
Lone Star Gas
25 4831
May Drug Stores Corp.._ _ _
1 934
Nat Fireproofing pref..i00
Oklahoma Nits Gas ctf den_
•
Penn Federal. corn
Pittsburgh Brewing, prof 50
956
Pittsburgh Coal, Prof. _100
Pittsburgh Oil & Gas_ _ _ _5
Pittsburgh Plate Glass.100 232
50
Pittsb Screw & Bolt Corp_ _
Salt Creek Consol Oil_ _ _10
Stand Sanitary Mfg,com25 90
Third National Bank 100
Union Steel Casting, corn •
Westinghouse Air Brake_50
W
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
90
9934
9536 Feb 0931 Aug
:PO n
"'
Aug
•No par value.
Arkansas Natural Gas should have been 931, not 931.
a High sale last week for
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Aug. 27 to Sept. 2, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last IVeck's Range for
Week.
of l'rices.
Sale
Par. Price. Low. High. Shares
19
Adams Royalty Co corn _ _• 1931
534
531
All American Radio el A _ _5
9931
Mn Fur Mart Bldg pf..-100
2534
Amer Slultigraph corn_ •
10031
American Pub Serv prof 100
Am Pub Util Co par pfd 100 8734 87
100 9331 9331
Prior lien
93
American Shipbuilding_100 95
431
434
Amer-States &cur Corp A•
4
4
•
Class 13
87
Armour & Co (Del) pref 100 87
6431
100 66
Armour .1z Co prof
9
9
Common cl A v t 0_25
34
Investment Co•
Associated
Auburn Auto Co com__25 12031 11634
574
Balaban & Eats v t C._ _25 58
105
100
Preferred
2334
Bastlan-Blessing Co (com)• 24
Range Since Jan. I.
Low.
1931
700 18
5%
60
5
40 93
9931
20 194
253-4
35 94
10031
8731
so 73
94
130 92
505 7931
96%
4% 2,900
2%
431
3
1,750
72 8331
87%
1,430 5934
6(1
9
75
831
3431
130 34
20,200 osq
121
379 5734
583-1
95 100
105
575 23
24
High,
Aug 324
Apr 10%
Apr 9931
Mar 2531
Jan 104
Jan 884
July 96
Jan 974
Apr
434
Apr
434
Aug 97%
Apr 8634
May
16
June 3831
Jan 121
Aug 63
Feb 1,
June Sc.
Feb
Mar
Sept
Sept
May
Jan
June
July
Jan
Jan
Feb
Jan
Jan
Feb
Sept
Jan
May
July
1309
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Beaver Board pf v t c__100
Bendix Corp cl A
10
Borg & Beck corn
10
Brach & Sons(E J) corn_ _•
10
Bunte Bros corn
Butler Brothers
20
Cent D Pa Corp "A" pf •
Celotex Co corn
Preferred
100
Central III Pub Serv pref.*
Central Ind Power pref _100
Certifs of deposit. _ _ _100
Central Pub Serv (Del)..•
Central S NV Util tom_ _ _ _*
Preferred
*
Prior lien pref
Chic City & Con fly pt sh •
*
Participation pref
Chicago Elec Mfg "A"._•
Chic Fuse Mfg Co com *
ChicNS&Mil pr lien pf _100
Preferred
100
Chic Rap Tran pr pf A 100
Club Alum Utensil Co_..*
Commonwealth Edison 100
Consumers Co corn
5
Crane Co corn
25
Preferred
100
Cuneo Press A pref
50
Decker (Alt) & Cohn, Inc_•
Deere & Co pref
100
Diamond Match corn. _100
Eddy Paper Corp (The)....•
El Household Util Corp_10
Elec Research Lab, Inc_ _*
Empire G & F Co 7% pf100
8% Preferred
100
Evans & Co, Inc, el A___5
Class "B"
5
Fair Co (The) corn
Fitz Simons & Connell
Dk & Dredge Co com_20
Foote Bros(G & M)Co_ _5
Gossard Co (II NV) corn _ _•
Great Lakes D & D. _100
Greif Bros Coop'ge A coma
Hammermill Paper Co_ _10
Hibbard, Spencer, Bartlett & Co com
25
Illinois Brick Co
25
Indep Pneum Tool v t e_ •
Inland Wire & Cable Co_10
Jaeger Machine Co corn_ •
Kellogg Switchb'd com _ _10
Preferred
100
Sty Hydro-Elec pref __100
Keystone St & Wire pf.
_100
Kraft Cheese Co com__ _25
Kuppenheimer & Co Inc_5
Laclede G & E prior lien100
La Salle Ext Univ com _ _10
Libby. McNeill & Libby _10
McCord Radiator Mfg A.
Marvel Carbuertor (Ind) 10
Middle West Utilities_ _ _ _•
Preferred
100
6% preferred
•
Prior lien preferred_ _100
Midland Steel Prod corn *
Midland Util 6% pr lien100
7% prior lien
100
Preferred 6% A
100
Morgan Lithograph corns
Nat Elec Power A part
..°
7% preferred
100
National Leather corn_ _ _10
National Radiator
•
Preferred
*
National Standard corn. _*
North American Car com •
Nor West Util pr In pf...100
7% preferred
100
Novadel Process Co corn__
Preferred
*
Fisk, Barth & Co part pf.•
Pines Winterfront A com..5
Pub Serv of Nor III corn_
Pub Ser of Nor III corn,100
6% preferred
100
7% preferred
100
Q-R-S Music Co corn_ _ _ _•
Quaker Oats Co coin
•
Preferred
100
Reo Motor Car Co
10
Ryan Car Co (The) corn.25
Sangamo Elec Co
•
Preferred
100
Sears Roebuck coin
•
Shaffer Oil & Ref pref _ _100
Shaler Co class A
•
So Colo Pr Elec A com_25
So'w G & El Co 7% pf __WO
Stewart
-Warner Speedcm •
Studebaker Mall Ord corn 5
Swift & Co
100
Swift International
15
Thompson (J R) com
25
United Biscuit class A. •
United Light & Power
Class A preferred
•
Class B preferred
Common class A new._•
Common class B new.
S Gypsum
20
Preferred
100
Vesta Battery Corp corn _10
Wal Co com..
•
Ward (M)& Co
10
Class A
•
Waukesha Motor Co corn*
Williams Oil 0 Mat corns
•
Wolff Mfg Corp corn
Wolverine Portl Cement_10
Wrigley(Wm Jr) Co corn.•
Yates Machines Pare pfd-•
Yellow Tr & Colt Mfg B.10
Yellow Cab Co Inc (Chic) •
38
56
72
20
204
25
87
93
9134
1731
6636
9634
14
20
103
333.1
15234
7%
5331
29
13%
1036
10934
444
4331
3234
13%
3831
168
3731 3634
3231
55
45
5
1031
4834
11334
113
94
12131
65
106
102%
334
38
9734
3631
834
26%
2231
48
141
117
111
2251
3134
7531
2631
99
66
9
120
2331
54
9634
14
10514
13%
774
83-4
3
354
38
Low.
38
38 3531
38
52
56
8,150 3631
6734 72
11,300 53
19
20
325 1836
14
15
35 14
2011 2036
985 17
25
25
160 24
7931
78
530 6931
8734 8831
330 86
9234 93
182 88%
93
93
25 8531
91
9234
64 85%
174 17%
360 154
6631 67
1,370 5634
9651 97
506 92%
10236 103
70 9834
13!,
131
31
415
331
134 1431 2,025
20
250 20
2035
35
150 30
3534
101 101%
100 984
65
GO 63
6536
61 102
102 103
33
1,060 33
3331
152 152%
1,080 138
531
731 84 1.430
4731 48
110 47
119 11936
100 117
53%
53
103 4934
3134
31
220 25
11536 116
35 106
130 130
55 116
62 20
29
30
8.400 11
1134 15
7;6
375
1031 104
99% 100
361 0231
108% 10934 3,025 10036
43
444 2,170 3834
4131 44
1,700 24%
32% 33
430 2136
3231
14
0836
28
Range Since Jan. 1.
3231
1431
3936
170
3736
3236
430 2634
545 12
3.010 3131
35 140
290 3631
40 30
5931 5936
21
42
42%
785
50
150
50
2734 28
820
31
2
31
12
1236
379
9731 98
3
9731 100
3
05
95
2
55
21
57
45
4531
10
9834 9834
so
59
431 5
931 1151 22,21
38
GO
3831
4731 493-4 8,800
11031 11351
1,095
112 113
845
9331 94
195
120 1223.4
238
5231 56
1,160
94
95
80
1054 106
165
121
10254 1024
6331 644 3,475
2431 2434
20
98
76
98
3
34 1,385
38
384 3,350
9734 9736
540
35
364 3,96
31
34
1,67
984 99
14
95
97
15
8;4 8%
30
26
26%
80
2231 23
6
48
48
25
14034 14134
7
1403-4 14034
1
10631 10631
1
117 117
1
40
4031
17
20031 205
7
110 111
23
87
2234 23
1251 1231
50
3134 3131
77
I
10734 107 34
7031 753-4 43,10
86
2
86
22
60
22
26
325
27
98
316
99
65
6734 12,400
834 934
264
11934 1201/
1,190
23
23% 5,110
5336 54
695
50
41)
1.400
96%
55
13%
18
944
123
29
13%
7151
114
49
8
234
636
544
154
3131
3731
Bonds
Armour & Co of Del
20-year gold 6345_..1943
90
84%
Chicago City fly 58_ _ _1927
Ctfe of deposit
1927
82
Chic City & Con Rya 55'27
6431
Chicago Railways
1st M ctf of dep 5s 1927 8236 82
53 series 13
1927 434 4331
Purchase money 55.1927
43%
Colwood F M 1st 65..1942
9734
Foreman Bank 1st mtg 5315 100
100
Grt Lakes Util 1st 53451942
954
90
81.000
84% 2,000
82
1,000
64% 3,000
June
Sept
Sept
Jan
Jan
Feb
May
June
June
Jan
Aug
Aug
May
Feb
Apr
July
Jan
June
Mar
Aug
May
Feb
Feb
July
May
Aug
Jan
May
Slay
Aug
Aug
July
May
May
May
Aug
Aug
Aug
Sept
Aug
Apr 34
1431
Jan
Slay 56
Mar 177
Aug 41
Feb 36
July
Jan
Jan
July
June
June
59
Aug
39% June
Aug
50
2654 Aug
27% Feb
12
Aug
9334 July
9431 Jan
8834 Mar
41
Feb
36
Jan
9834 June
454 Aug
834 Jun
37
Apr
41
May
108
Apr
11031 Jan
9234 July
11734 Jan
38
Apr
9231 May
9234 May
924 Slay
Jan
58
23% Feb
9334 Jan
254 Apr
38
Aug
9734 Aug
3031 Jan
22% Jan
97% Mar
944 Mar
June
8
2131 July
1931 Jan
40
May
13031 Jan
132
Jan
101% June
1124 Apr
32% Jan
175
June
107
Jan
19% ma
9;6 Apr
29
July
1024 July
52
Jan
84% Aug
22
Sep
254 Jan
9434 Jan
544 Ma
536 Jun
11531 Ma
184 Ma
40
Apr
3934 Jan
135 87
9631
145 50
55
14
165 124
20
600 15
106
12,055 9031
123
10 115
2936
125 27
570
134
83-4
7731 26,500 67
11.5
70 11231
49
20 34%
834
7
200
134
334 1,015
631
5
150
56
190 51
900 154
16
3531
1.230 2534
3834 5,025 3734
High.
46
56
72
3531
2034
2354
2731
8636
92
9534
95
94
18
6734
731
10431
231
1931
26
3534
1014
72
10434
3331
155
831
52
121
54
3131
119
136
30
1534
15
100
11034
4431
44
3536
May
Jan
Jan
Aug
Aug
Jan
June
Apr
Aug
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
Jan
Aug
Jan
June
July
May
July
Jan
Apr
Apr
Feb
Mar
Mar
Jan
Jan
Apr
Jan
Apr
Mar
Mar
Jan
Jan
Mar
70
Jan
4334 July
58
June
2831 Aug
324 May
1934 Mar
98
Jan
100
Aug
95
Aug
63
Feb
50
Aug
1004 Mar
9
Jan
114 Aug
40
Jan
494 Aug
117% May
11231 Aug
94
Sept
1223( Aug
56
Aug
95
Aug
106
June
102% Aug
683!Z May
2531 Jan
Aug
98
431 Jan
3831 Aug
9734 Aug
383( July
34
Aug
101
Jan
Feb
100
934 Aug
2736 Feb
28
June
53
July
143
May
142
May
10631 Aug
117
July
43
Aug
205
Aug
113
Slay
24
May
15
May
33
July
10731 Aug
7531 Sept
89
June
2431 May
28
Slay
99
Sept
68% Apr
1034 July
12031 Mar
2431 May
56
June
52 June
Jan 9731
Jan
55
Ma
17
May
24
109
Au
Ma 123
June 37
Jan
1731
May 77%
Mar 117%
Mar 49
July
1631
636
Aug
Feb
731
Jan 6731
June 2731
Mar 40
Aug 39
89% Aug
75
Jan
8151 Aug
5234 Jan
Juno
July
June
Aug
Jan
July
Feb
Juno
Sept
May
Sept
Feb
Feb
July
July
Mar
Aug
July
95% Jan
8831 June
88
June
73% June
82% 15,000 74% Jan 8436
45
24,000 35
Jan 6134
4331 2.000 29
Jan 5151
97% 5,000 0731 June 97%
100
30.000 100
Aug 100
9531 5,000 9531 June 0584
July
June
June
June
Aug
June
[VOL. 125.
THE CHRONICLE
1310
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Price. Low. High. Shares
Bends (Concluded)
HousG G Cos f g 6301931 105
105
Met W Side El lot 4s__1938 78
78
Southern United Gas
1st 6s series A
1937
98
United PS Co 2-yr 65_1929 99
99
151 6s series A
1947 0935 99
2-yr 535% gold notes '29
99
Westvaco Ch Pro Corp10-yr 535s
1937
101%
10535 14,000
78
5,000
11,000
98
15,000
99
9935 21,000
2,000
99
Range Since Jan. 1.
Low.
96
78
98
99
9835
9631
High.
Jan 11035 May
Apr
Apr 80
May 98
Aug 99%
June 101
July 99%
May
Apr
May
May
Bonds-(Concluded)
United Ry & Elec 4s__1949
Income 45
1949
Funding 55
1936
1st 65
1949
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price, Low. High. Week.
75%
53%
8235
9831
75
53
81%
9835
7535 19,000
53%
7,000
8235 6,800
6,000
99
Range Since Jan. 1.
Low.
7031
51
75%
9835
High.
Jan 7934
Jan 60
Jan 89
Aug 10135
May
Apr
May
June
*No par value.
-Record of
San Francisco Stock and Bond Exchange.
transactions at San Francisco Stock and Bond Exchange
Aug. 27 to Sept. 2, both inclusive, compiled from official
*No par value.
lists:
of transactions at sales
-Record
Baltimore Stock Exchange.
Sales
Friday
Baltimore Stock Exchange Aug. 27 to Sept. 2, both inLast Week's Range for
Range Since Jan, 1.
Sale
Week,
of Prices.
clusive, compiled from official sales lists:
Par. Price, Low. High Shares.
StocksLow.
High.
00
g°g ggggbgg=rxgg
gg xxg
g=g
xv'ggg gs.g g
agAzzga.r.q5EAqtgraPaqgg4g2A2ragwgwvAulguli
tigggg.4a
g4tgEngngEn.§.4q6gg,z,
g
0
b p.....=
o
= gm
10134 May
10134 May
10134 May
100
Apr
99
Aug
97
Aug
10035 Sept
10034 Aug
10735 May
9334 June
100
Aug
10034 June
100
Sept
101
Jan
104
Feb
9934 Aug
102
May
100
Aug
July
102
90%1 May
1 nA 1/ TT a a
g
9834 Jan
99
Feb
9834 July
99
Mar
9834 Aug
94
May
9834 Jan
9835 Jan
10734 Aug
9234 Apr
9334 Apr
98
Jan
9934 Jan
98
Aug
103
Feb
Feb
97
Jan
91
100
Aug
10034 Mar
65
June
son IV Tan
XggSg
0034
4234 Aug
265
July
141
Aug
152
Sept
1335 Sept
2535 Juno
285
July
37
Feb
210
Aug
11734 Sept
5235 Jan
10935 Sept
66
Aug
29
Feb
2235 Jan
23 EJune
62
July
11434 Aug
117
Aug
13034 Aug
3735 Jan
325
Aug
425 June
33
May
115
Sept
25734 Aug
1134 Sept
1131 Aug
1834 Jan
10135 Feb
9934 June
70
Feb
500 Mar
44
Jan
2235 Feb
22
Jan
2134 Feb
168
Aug
48
Aug
30
Aug
2634 Aug
22
Aug
95
Aug
21235 Sept
75
Aug
1214 Jan
5835 Aug
110
May
44
May
24 June
342
Aug
5331 June
5331 June
..•
99
99
100 100
100 100
100 100
9835 99
97
97
10035 1
10031 10034
10735 10734
9334 9331
9934 100
9834 99
100 100
98
98
10334 10334
9931 9934
100 100
100 100
101 101
8534 87
1112 /1/ Inn!
ow00000soopoggoogooc
8185
.
Bonds
Baltimore City 4s w 1_1958
1951
4s
1961
45
Black & Decker 6355
Central Cities Tel 65
Commercial Credit 65_1934
Consol Gas gen 4348_1954 10034
Cons G E L & P 4%8..1935
1st ref 6s series A...._1949 10735
Consol Coal ref 4%s_ _1934
Davison Chemical 635s.._-- ......
Elkhorn Coal Corp 6358'31 9831
Georgia & Ala cons 58_1945
Bendier Creamery 65_1946
Houston 0116345
1935 10335
Maryland El Ry 1st 5s 1931 9935
1952
6355
So Woods Pros 6so w w-Titusville Sr Wks let 751929
Wash Bait dr A nnap 55 1941 87
.,oc4
42
19
33734
.
mt.
7334
9
5735
Jan
Jan
July
Feb
July
July
Jan
Jan
Jan
Jan
Jan
Jan
May
June
June
June
Jan
May
Mar
June
July
Mar
July
Mar
Feb
Jan
Jan
June
June
Aug
Jan
Aug
Jan
July
Apr
Apr
Apr
Jan
Apr
Mar
Mar
May
Jan
June
Jan
Apr
June
Jan
May
Aug
Feb
Aug
Feb
96
American Trust Co
350
345 350
Anglo California Trust Co_
365 365
28
210 222
229
Anglo & London P Nat Bk_
Armour & Co "A" corn_ ___ ......
9
9
30
"B" core
100
534
535
192
Bancitaly Corporation
18934 x9234 15,368
Bank of California. N A_
255
250 255
189
Bank of Italy
189
18535 189
3,213
calamba Sugar, corn
125
75
76
76
California Copper
200
3.50 3.50
California Packing Corp- 64
62% 6435 1,598
California Petroleum com_
2234
3,590
2234 21
Caterpillar Tractor
3731
33
3734 63,325
97
9634 97
55
Coast Co Gas & El let pref
Crocker First Nat Bank _ _ _ ..__.. 305 308
35
201
East Bay Water"A" pref
9734 9735 9734
106 10634
100
"13" preferred
32
455
Emporium Corp, The
3134 31
42
4235
84
Ewa Plantation Co
200
614 7
Fageol Motors pref
Federal Brandeis
1834 1835 1935 5,750
1.101
89
93
Firemen's Fund Insurance- 93
1234 13
70
Foster & Klelser corn
196
Great Western Power pref_ 10435 104 105
15
3034 3034 3034
Hale Bros Stores
20
5131 5134
Hawaiian Comm'l & Sugar
118
49
4834 48
Hawaiian Pineapple
30
60
30
Home Fire & Marine Insur
250
3.50 4.75
Honokaa Sugar
900
36
3534 3635
Honolulu Consol 011
220
Hunt Bros Pack "A" com_
2334 2335 2334
25
14
14
Hutchinson Sugar Plant'n_
110
Illinois-Pacific Glass"A"-- 37
3631 37
100
2235 2235
Key System Transit pr pref
50
LA Gas & Electric pref___ 10334 10234 10334
300
250 305
Magnavox Co
19
18
19
900
Magnin (I) corn
3634 3735
1,155
North American Oil
150
Oahu Sugar
3634 37
20
1234
1215 1234
Olaa Sugar
4235 4234
60
Onomea Sugar
11
11
20
Paauhau Sugar Plantation_
545
Pacific 1.1 Corp 6% pref___ 10134 10134 10131
125
550
54735 550
Pacific Ltg Corp corn
1.1235 1.12341.1234
1,160
Pacific Oil
408
Pacific Tel & Tel common_ 13734 13634 13734
114 115
68
Preferred
2,045
6535 6434 -6534
Paraffine Cos, Inc, com
43
1,180
Phillips Petroleum
4234 42
574
, corn_23
23
2335
PiggIV Wiggly 24 StatesA_
16
16
100
Plg'n Whistle preferred_ _ _ _ ______
30
25
30
Pioneer Mill
19
1835 1931 2,751
Richfield 011
10935 10934 11131
106
S J Lt & Pr prior pref
10034 100 101
45
"B"6% preferred
110
"A" 7% preferred
10634 107
220
21
21
Schlesinger (B F)"A" corn
2134
9335 9334 94
185
Preferred
2631 26
2634 2,965
Shell Union Oil common__ _
9231 95
370
Sherman Sr Clay 7% prof_ _ ______
•
90
90
30
Sierra Pacific Esec, pref.
11935 120
60
Southern Pacific
45
4935 4914
Sperry Flour Co common_
390
9734 9834
Preferred
80
103% 10334 104
Spring Valley Water
3.135
5331
5331 53
Standard 011 of Calif
500
Texas Consolidated 011 ---------590 590
4134 4174 1,435
Union Oil Associates
42
42
4234 3,315
Union Oil of California__ _
142
1234 1234
Union Sugar common
95
2535 2534
Preferred
260
43% 4334
Walalua Agricul Co Ltd.__ ______
20
__ _ __ 285 285
Wells Fargo Bk Sr Un Tr
736
235
735
7%
West Amer Finance pref
387
3.50 3.75
3.55
West Coast Life Insur
140
8
834
Yellow & Checker Cab_ __ _ ______
10
100 100
Zellerbach Paper 6% pref
731ay,.
all r'arnarn /inn
2411
2214
25
1.750
... 07.
W
00.
1314 Ca
1A•0000W. 4.
0w0
0000000W0000.043.
00W. ...JO.
IA
0
.00 it.w.Wwwwww
-a co
NW.
00
IA
0.0
140
140 W IA= WCO 0 00 0200.-100.00.-1-4430000.4 0000
0
0
000D
N.C. 0
0W-.100Cat,OW 00 0.0
•D•W -40.000W0004,• OW0bP•WW000
2934
3134
230
13735
12935
1134
24
250
26
170
115
49
65
53
1434
1934
1834
51
11034
11234
127
2934
240
35935
21
71
1353.4
gy,
935
1635
98
86
65
250
25
19
1635
17
98
3735
2634
2334
15%
7834
207
5234
9
4711
103
3635
1635
205
4735
50
High.
...1.=1>......›.....44›.>..4..-1..›
,
,...1>t4,-.n.)...,,,,..c.s. .,
,
..,
,
...4.44-.4.
,
-,,,
gg.figq,1q4VggggggEV.11'gg4lingq4e,iG4V35N”AggliNg7,444ligg'9,4g.ggqgAgMig7.5ghtgg
160
Low.
rw'g gg gg=
98
93
a
100
257
1134
88850218 o855885881
.
-mma4..ava,64aa4a,-;a,64-
32
300
4134 42
261 263
14035 14035
14631 152
12
1334
25
25
285 285
33
33
200 205
11734 11734
51
5134
9934 10935
66
66
1734 18
22
22
2035 2131
6131 62
11335 114
11635 11634
130 130
30
33
300 300
360 360
27
25
93 115
250 25734
1134 11 34
1134 1134
1631 1634
98
98
9235 93
65
65
250 255
26
26
2135 2135
20
20
18
18
154 168
4534 48
29
2934
26
2635
2131 2131
90
9035
212% 21235
73
7431
9
9
5734 55
10931 10934
41
43
19
1934
335 338
4735 4735
5135 52
Ca,.0.0vmm.com.mv.
1
174
21
W00WWWW0t..M.0000M000M000010 00000014/000WWWM0000[..0000V0.NS0
,
0WOWN0M0 ww.0.0.0NNN
.00 000 N
0
VW0M
N
.V V
.0
V
200
11734
5134
10935
__c
152
1335
0
4134
4
Arundel Corp
*
Atlan Coast L (Conn)_ _ _50
Bait Commercial Bk___100
Baltimore Trust Co
50
Black & Decker Mfg Co_ _•
25
Preferred
Canton Co corn
*
Central Fire Insurance_ _10
Century Trust
50
Ches & Po Tel of Balt pf100
Citizens National Bank_10
Colonial Trust
25
50
Commerce Trust
Commercial Credit
25
Preferred
Preferred B
25
Consol Gas, E L & Pr_ •
100
635% preferred
100
7% preferred
100
8% preferred
Consolidation Coal_ _100
100
Continental Trust
Drovers & Mech Bank_100
•
Eastern Rolling Mill
25
Equitable Trust Co
50
Fidelity & Deposit
Finance Co of America_ _25
25
Series B
Finance Service class A.10
Bendier Creamery pr p1100
Houston 011 pref v t c _ _100
Hurst(J E)dr Co 1st 91_100
Lorraine Petroleum Co__lc
Mfrs Finance corn v t_-_25
25
First preferred
25
Second preferred
25
Trust preferred
Maryland Casualty Co_ _25
Merch & Miners Transp_ •
10
Merch Nat Bank
Monon Vall Trac pref25
Mt V-Wcodb Mills v t r 100
100
Preferred v t r
Nat Union Bk of Md___100
New Amsterd'm Cas C0_10
Old Town Nat Bank_ _ _10
Penna Water & Power_100
Sharpe At Dohme pref _ _100
un Porto glean Sug com_*
United Rys & Electric__ _50
U 8 Fidelity & Guar_ __ _50
West Md Dairy Inc com_ *
50
Prior preferred
Range Since Jan. 1.
... ,..
Sales
Friday
Last Week's Range for
Week,
of Prices.
Sale
Par. price. Low. High Shares.
9934 Apr 101% July
0
5,000
,
,
.. w
W
.
.t.
.WW
,,,, .
0
,,,,,, .... ,,,,,,,,,,p= ,,,,w 000000000.0 .
.
0e
00, 0,0.4.430.00
W0 .0.2.
W000,.... a
,.., .
0 00000000 0 1 ACO
,
,
ONO
0WNW.•
-.4.00
00.
0
300
0000
WWWWWC00.00000001400,1 0..00.0,
,
0000000
00000• 00-..000000.0oP0-40000W-,0A•000
Stocks-
10131
*No par value. z Eatom dividends
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last(Aug 27) and ending the present Friday (Sept. 2). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price, Low, High. Shares.
Week Ended Sept. 2.
Stocks-
Indus. & Miscellaneous.
Aeolian Wen Piano dr
Planets 7% pref
100
Aero Supply 1‘112 class A_ _• 12%
• 10
Class B
Ala Gt Sou RR ord'y
_50
Aluminum Co corn
• 102
100 104
Preferred
American Arch Co
100
Am B own Boveri El Corp
Founders' shares
Founders' shams v t e_.•
634
American Chain Co com- •
Amer Cyanamid corn B_20
Preferred
100
American Hawaiian 83.l0 15%
Amer Mfg Co common_100
• 10635
Amer Meter Co
Amer Rayon ProcItuite • 15
Amer Rolling Mill com__25
100
Preferred
Am Solv & Chem par pf__*
American Thread prof_ _5
83
Amoakeag Company
97
97%
so
935
140%
98
104
69%
1035
14134
102
104
77
100
2,000
300
2,800
400
2,500
1236 12%
531
5
535 631
4735 4735
28
2931
89
9031
1531 16
8215 84
106% 10635
15
1635
67
6731
11231 11235
15
1535
33,s 331
84
78
Range Since Jan, 1.
Low,
97
8
3%
123
57%
101%
6935
Aug
Feb
Apr
May
May
Mar
Sept
High.
111
14
1111
14244
105
10435
11144
Apr
Aug
Aug
Aug
July
Apr
Apr
5
Aug 21 Jan
900
Jan
5
Aug 21
1,200
100 40% July 4734 Aug
Apr 3754 Jan
1,300 26
July
June 91
100 84
2044 May
9
Jan
3,300
June
July 90
250 79
100 8954 Jan 110 June
4,600
854 Mar 18% Jan
1,800 4444 Feb 72)5 July
Apr
60 10934 June 113
1734 Aug
May
400 11
3use Mar
3% Jan
300
Aug
June 84
300 57
Sales
Prigay
Last Week's Range for
Said
TVeek.
ofPrices.
Stocks (Continued) Par. Price. Low, High. Shares.
Anglo-Chile Nitrate Corp_•
Atlantic Fruit & Sugar •
Atlas Plywood
•
Atlas Portland Cement _ •
Auburn Automobile com.25
Babcock & Wilcox Co_ _100
Daeottaly Corporation_ _25
Belding Hall Electrice com•
Bliss(E W)Co corn
•
Blyn Shoos Ins eom
10
Bohn Aluminem & Brass_•
Dorden Co common__ _ 50
Nat City refs fer new stk
Borg & Beck
•
Bridgeport Machine com..•
5,111 Corporation class A.'
•
Class I1
Brill Mfg corn
•
Class A
BrIt-Awaer Tob ord bear_ £1
Ordinary registered
el
Bucyrus Co corn
25
Preferred
100
Busyrus-Erie Co w 1
120%
115%
592
2131
12335
119
7034
3934
16
23
25
820
52
40
117
11535
58935
131
1735
4
21%
119
119
7034
231
3335
1735
14%
25%
2535
2415
6631
105
22%
Range Sines Jan. 1.
Low.
Feb
25% 2,100 14
900 8Io May
810
Aug
100 51
52
Jan
100 40
40
Jan
120% 4,250 60
July
25 113
11535
11,400 8.534 Jan
125
y, Aug
200
1%
Aug
100 16
1735
344 Jan
200
4
Feb
22% 2,700 13
Jan
1,100 101
123%
Apr
100 102
119
May
400 59
7134
944 July
1,000
3
39% 1,000 33 June
200 154 APT
1734
736 Feb
1631 13,000
Jan
700 20
26%
300 23% Feb
2535
900 23% Feb
2535
,
200 50 June
6635
100 10234 Mar
105
900 2134 Aug
23
High.
3134
134
65
45%
12035
124
127
234
2435
93'
2331
125
119
71%
844
47%
22%
1635
26%
26
26
6935
11235
2335
May
Jan
May
June
Sept
Mar
Aug
Aug
Apr
Apr
Aug
Aug
Sept
Sept
Mar
Jan
Feb
Sept
Sept
July
July
July
June
Aug
SEPT. 3 19271
THE CHRONICLE
1,600 60
300 83
300 114
400 70
100 86%
400 9755
2,500 10%
May
Jan
Aug
Aug
Mar
Sept
Sept
June
Sept
July
Sept 62
Aug
Aug 83% Sept
Sept 114% Sept
Jan
Apr 85
Apr
91
Mar
Jan 11271 June
May 18% Jan
20
27%
9
4%
4051
87%
754
81
2351
1854
151
154
15%
30%
Mar
Mar
Aug
Aug
Mar
July
Slay
Apr
Jan
Mar
Apr
Jan
Aug
July
26%
41%
49
35%
58%
905.1
855
85%
34
26
374
3%
22%
36
June
Aug
Apr
July
Feb
Aug
Feb
Mar
Aug
Aug
Jan
May
Apr
Jan
7%
200
1,000 24%
600 30
20,900 19
100 84%
25 170
100 113
4,300 4431
200 20
550 70
3
1,300
10 151
10 81%
1,500
2%
500 500
5%
78,600
Apr
Jan
Jan
Jan
Jan
June
June
July
July
Jan
May
Mar
Aug
Aug
Aug60e
Jan
22
34
69
42
107%
190
118
58%
3015
18854
1034
172%
83
534
1
1454
May
July
Aug
Sept
Aug
June
Jan
Aug
Apr
June
Jan
Feb
July
Mar
Aug
Mar
800 47
Sept49
1.000
4
June 11
600 33% Jan 35
1,200 1351 Sept1555
300
451 Aug10%
1831
2% Aug
500
100 3934 Feb4434
300
154 May
434
200 150% Mar 16535
Mar 33
700 25
500 x40% Aug 42
32%
500 27 Jun
9 Jun
1,000
17%
Feb 167
1,010 115
Jan 105
100 99
Aug
Jan
May
Sept
Apr
Jan
Sept
Jan
May
Jan
July
Aug
Aug
Sept
June
2,000 92
July 97%
Sept 6234
100 45
210 339
Apr 566
800 1751 Jan 2234
Mar
June
Aug
Aug
600
4,800
400
1,400
36,100
2,600
100
100
700
500
5,000
500
3,400
25
100
931 Aug 2034 Mar
1238 June 2151 Apr
2,10
Apr 1951 Jan
1,500 12
600
254 June
7% Jan
11,30
9% May 2334 Jan
4,500 3951 Jan 5854 Aug
July
400 53
5954 Jan
2% Aug
Feb
100 85c
2,700 40e May
354 Jan
8,300 8234 Apr 7034 July
455 Mar
9,800
73 July
Jan 84% Mar
200 51
800 40% Feb 57
Aug
1,000 20 June 2455 Sept
22,300 8634 Mar 95
Jan
200
Apr
838 Sept 12
10,200
8
Mar
1351 Aug
4,100 15954 Apr 183% Aug
4,300 2554 Jan 70
Aug
2,600 1234 July
18
Aug
1,100 93%
1,700 60
25 110
1,300 7434
200 15
100
7
600 2354
2,600
4%
Aug 9655
Feb 99
Apr 133
June 11031
Jan 26%
July
1055
Aug 2774
May
7
Aug
Aug
Aug
Aug
Aug
Mar
July
Jan
25 0755
1.100
435
3,400 1334
4,700 2854
20 114
600 MI 155
Aug 98
May
133.4
Mar 3131
Jan 50
Mar 120
Jan
234
May
Aug
Sept
Sept
June
May
200
9
Aug
10
200 2734 Mar 35
2,100 3451 Aug 3755
50 3255 June 46
100 5055 Apr 56.35
200 14% Aug
1631
900 24
June 30
50 20
Sept 32
31,300
1174
43.4 Jan
1,900 51
Feb 6851
1,600 46
Apr 90
67,900 5535 Jan 12051
1,300 41
Aug 4235
300 17
Mar 2255
4,000 1231 Sept 1355
4,100 2734 Aug 38
3,800 16
June 2431
3,800 73
Aug 74
400 18 June 36
50 10534 July 121
5,800 3755 July
46
450 8934 Mar 100
Aug
Sept
Sept
Feb
June
July
Jan
Mar
Aug
Sept
Sept
Aug
Aug
Apr
Sept
Aug
July
Aug
Jan
Jan
Jan
Mar
4,300 33
1,500
8%
470 116
300 39
10 102
1,100 1734
900 47
200 29
11,200 1935
Aug 48
Aug
July
114 Aug
Apr 15954 Jan
July 4334 Mar
Jan 10551 June
July
1954 May
Aug 6234 Jan
Star 39
May
Sept
2835 June
Mavis Bottling Co of Am_* 13%
13
1355
May Drug Stores Corp_ *
18% 19%
McCall Corporation
•
50% 50%
McCord Plod & Nffg v t c •
18% 18%
Mead Johnson &Co corn'
58% 60
Melville Shoe Co com
• 115% 105 115%
Mengel Company
40
43
1H 40
Mercantile Stores com 100
9551 95%
Merch. & Miners Trans_ •
45
45
Mesabi Iron
1% 1%
•
151
Metrop Chain Storee
• 5451
5434 55
Met 5& 50c Stores A corn _• 2335 20
24
Class B common
• 11%
855 11%
Preferred
100 6355
5931 63%
Midland Steel Prod
53
•
5655
Miller Rubber pref
_100
97% 98%
Moore Drop Forge cl A_ *
31% 31%
Mot Pict Cap Corp pref _25 20
19
20
Murphy(GC)Co new corn.*
55
56
8% preferred
108 108
Nat Food Products el B_ •
2% 335
Nat Sugar Refining_ _100
136% 136%
Neisner Bros Inc com_
•
68% 69%
Preferred
100
99 100
Neptune Meter classA
2255
*
22
Newberry (J J) Co com__* 153
152 155
New Mex & Ariz Land_ __1 10%
10
10%
New Process Co corn
• 3355 3134 33%
NY Auction corn class A* 18
18
18
NY Central RR new w I__ 15555 153 156
NY Merchandise Co_ __ _• 3634 35
37
NY NH & 11 7% pf w I 100 108
107% 10851
Nichols & Shepard Co__ •
24
24
82
Ohio Brass class B
83
• 82
Oneida Comm 7% pref _ _25 2834 28
28%
Ovington Bros part prof..'
8
8
851
Pacific Steel Boiler
• 1155 10% 1155
9451 95
Palmolive Peet Co eom_ •
109% 109%
Preferred
100
Parke Davis & Co
30
30
Penney (J C) Co CIA pf 100 101% 101% 101%
Peoples Drug Stores
• 39
35
40%
Phillip-Niorr Cons Inc Com. 11
12
11
Class A
16% 17%
25 1654
Pick (Albert) Barth & CoCommon vot tr ctf ____1 13%
1334 14
Fret CIA (partio pref)__' 22%
2231 23%
Piedmont & North Ry _100
68
68
Pierce, Butler & Pierce_ _25
24
24
Pitts & L E RR. corn-_50 165% 164 166
Pittsb Plate Glass-See not e belo w
Pittsburgh Screw & Bolt _ _•
49
5034
Pratt & Lambert
• 56
55
5638
Procter & Gamble corn ..20
201 204%
Prudence Co 7% pref _ _100 104% 104% 104%
Pyrene Manufacturing_ _10
934 951
Q It S Music Co cony_ __ _* 4134 3955 41%
Realty Associates corn._
275 28051
275
Remington Arms corn. *
15% 16
Re° Motor Car
10 22% 2251 22%
Republic Motor Truck..,.
•
355
351 334
Richman Bros Co
218 218
•
Richmond Radiator corn.' 3155
3031 32
44
44
7% convertible pref_ _* 44
Rolls-Royce of Am pref
8534 8535
Ross Stores. Inc
16
•
1735
Royal Bob Powd corn._100 303
280 330
Ruberold Co
100
68% 6855
Safeway Stores corn
291 304
• 300
•
St Regis Paper Co
5031 5134
Sanitary Grocery Co corn. 236
•
232 237
Savannah Sugar corn_
13754 137%
•
Seiberling Rubber Co com• 3334 3231 3331
Selfridge Prov Stores LtdOrdinary
4% 5
il.
5
Bervel Corp (Del) corn A_•
154
1
1%
Sherwin-Williams corn_ _25
603.4 6131
Silica Gel Corp corn v t C.
1634 17%
17
Silver (Isaac)Bros Inc com* 4934 45% 4935
Singer Manufacturing_ _100 430
389 430
Singer Mfg, Ltd
5
5
El
Snia VLscosa ord__(200 lire)
Dep reefs Chase Nat Bk_
835 934
Southern Grocery St's cl A• ______
3151 3134
Sparks-WithIngton Co...• 16
15
16
Stand Comml Tob com__• 3555 32
3555
Stand Motor Con.strue_100
1%
134
Stand Sanitary Mfg corn 25
92
92
16355 165
Steel Co of Canada corn 100
• 42
39% 42
Stroock (S) & Co
•
1255 14
Stutz Motor Car
11555 118
Swedish-Amer Inv pref 100 118
120 12054
Swift & Co
100
Swift International
15 2355 23
2355
SyraeuseWashNinch corn II• 18
18
18
Tietz (Leonhard) warrants_
185 185
Timken-Detroit Axle___10 12%
1255 1255
Trans
-Lux Day Plot Screen
Class A corn
•
4%
455 4%
Trumbull Steel com
12
25 12
1251
27
Truseon Steel common 10
29
Tub's° Artificial Silk cl B. 240
215 240
Tung-Sol Lamp Wks cl A.• 2155
2134 22
Common
1035 1031
•
United Artists Theatre Co
95
Allot elf for com & pref__ __ ____
95
United Biscuit class IS _ _ _ _•
851 855
32
United Elec Coal Cos v t c * 3155 25
United Eng & Fdy new WI.
4934 50
United Profit Sharing com_
955 10
United Shoe Mach,com_25
6434 6534
If S Dairy Prod class B_ __* 1255
1255 1255
08 L Battery corn new...' 50
48
52
7% preferred class B...10
8% 9
US Finishing Co pref__100
9255 0234
U S Freight Co
• 98
9655 9934
U S Gypsum corn
20 105% 96 106
Preferred
100
122 122
U 13 Stores Corp class B___•255 255
--- - - Unly Leaf Tobacco com__• 5034 5031 5131
Universal Pictures
• 3234
3055 3255
Waitt& Bond Inc cl A__ • 24
24
2435
Class 13 stock
• 16
16
17
Warner Brothers Pictures.' 1555
1434 16
Wesson 011&S D com v t c• 6874 6355 6955
Preferred
• 10014 9955 10055
Western Auto Supply pref *
25% 26
West Dairy Prod cl A_
•
51
SIM
Class 11 v t e
• 23
23
2334
West Nld Ry 1st pref _ _100 133
131
133S5
Westrnouse Mr Brake new. 4635
4635 4734
Wheel'g & L E pr lien_ _100
167 167
Wolverine Port Cement 10
655 655
Mach
if
Yates Amac partc p •
11 34 14%
65%
Low.
High.
851 July
18% Aug
48
June
16% May
3955 Jan
59
Feb
27
July
o5 q Aug
39% Nfay
55c June
30
Feb
5
July
151 Jan
30
Feb
3934 Apr
9734 Aug
25% Apr
18
May
37
June
108
Aug
2
July
126
Mar
3655 Feb
96
Jan
22
Aug
Jan
85
93.4 Apr
29
July
18
Aug
143
July
27
Jan
107% Aug
21% Mar
76
Jan
28
Sept
8
Sept
9% May
69
Apr
106
Mar
2755 Mar
99
June
28% Apr
10% Aug
15% Aug
15
Aug
21% Aug
60
Mar
21
Jan
6031 Aug
115
Sept
43
Aug
112
Star
45
Aug
1% Aug
5755 July
24 Sept
11% Sept
63% Aug
56% Aug
10551 Feb
60
Jan
21% Apr
58% Aug
108
Aug
9
Apr
155
May
69% Aug
10031 May
24% Feb
155
Sept
16
June
3431 June
20
Aug
166% Aug
37
Aug
108% July
30% Apr
84
Mar
28
Sept
10
Jan
1251 Jan
96
Aug
111
May
31
Apr
130, June
4
40% Aug
20% Jan
22
Jan
12%
20
40
20
161
Jan
1431
Apr 28%
Feb 68
May 24
June 181%
June
June
Aug
June
Feb
37
48
178
102%
9
38
225
7
1934
2
153
20
3751
85
16
161
6855
232
37
210
133
23
July
Mar
Feb
Jan
Feb
Aug
Jan
Mar
Mar
Slay
Apr
May
May
July
Aug
Feb
Aug
Feb
Apr
July
Jan
Apr
5051
58
204%
105
14%
4354
28051
17
23%
5%
224
35%
45
9934
17%
330
72
304
5455
244
140
3534
Aug
Aug
Sept
Jan
Jan
Aug
Aug
Api
Mal
Jar
Jun(
Aug
Junl
Api
Ate
Sepl
Ant
Ails
Jul!
Ate
JQ
Jul:
434
1
44
13%
26
360
4%
Aug
555
June 1051
Feb 61%
Mar 19
Apr 4935
June 430
July ra551
Jun
Fel
AU
Fel
Sep
Sep
Ma
5
2954
15
1955
750
80
12735
39
1238
109
11555
1834
134
90
1134
Jan
Aug
Aug
Jan
July
June
Feb
Aug
May
Apr
May
Mar
July
Mar
Niar
11
3555
184
3534
14
x9451
165%
44
21
118
12035
2434
19
320
14
AC
Fe
Nis
Ser
Ma
Au
Au
Jo
Ms
Jun
Me
Ma
Jul
Ma
Ma
I
351 July
834
I
1434
954 Jan
I 24
Jan 29
I 145
Jan 255
I 1751 Jan 2451
I
834 Feb 13
Ja
Au
At
Ma
Jut
Ms
-44.kwg. .wk 0k
.nada Cement, Ltd_ _100
=Ilan Indus Alcohol *
se Plow Wks cl B v t c_*
•
,terpillar Tractor
lanese Corp of Am com_•
First preferred
100
Ilulold Co corn
100
Preferred
41u1old Co (new)Common
60
62
83
83%
Preferred
_
First preferred
i13% 113% 114%
*
78%
77
;lotex Co common
87
100 _
87
7% preferred
;ntral Aguirre Sugar_ _ _50 110% 109 110%
intrifugal Pipe Corp.__ .• 14% 14% 14%
M & St P (new co)24% 25
New common w I
25
New preferred w I
40
39% 40%
ylcago Nipple NIfg el A 50 _ ----934 10%
50
Class 13
5
6
48% 4934
ties Service common_ _20 49
Preferred new
100 89% 89% 9051
Preferred 13
10 ------8% ssi
100 ______
82% 82%
Preferred BB
ty Ice & Fuel (Cleve)_ _• 32% 3255 3235
rnn-Hall-Marx Co
• ------2
4% 25
2%
255 25re
Ylomblan Syndicate_ _ _•
231 3
ynsol Dairy Products_._• ____
• 16% 15% 16%
ynsol Laundries
rnsolidation Coal corn 100 _ _ _ _ _ _
31
31
opeland Products, IncClass A with warrants_ • ______
1055 10%
yurtaulds Ltd
/1
32% 32%
uneo Press, corn
100
63% 65
32% 42
Urtiss Aeropl & M corn_ • 42
107% 107%
Preferred
1150 _ _
urtiss Publishing corn ..• _ __ _ _ _ x190 190
*
m11555 m11555
$7 preferred
58%
48
• 58
avega Inc
* 24% 24% 2454
avenport Hosiery
165 169%
acre de Co common_ _100 168
331
354
o Forest Radio v t c• 334
lton (Jos) Crucible Co100 ______ 155 155
8151 81%
onner Steel Co 8% prof__ ___ _ __
2% 3
3
ubllier Condenser Corp_*
99e
,upont
Motors* 11%
931 11%
•
,urant Motors Inc
,urham Dupl Razor pr pf
47
48%
With cl B comst pur war* ______
•
6
6%
luz Co CIA v t c
3474 3435
Itingon-Schuld Co coin.*
13% 1554
15
lee Refrigerating w 1
4% 454
stey-Weite Corp class A.• ______
•
255
334
Class B
vans Loading corn B_ _ _ _5 4435 44% 4438
3% 3%
egad Motors Co corn_ _10 ___
155% 158
loo i'i
alardo Sugar
30% 3055
anny Farmer Candy St_• __ __ __
42
41
ashion Park, Inc, corn_ _* 42
31
31%
'eddere Mfg Inc el A.....' 31
16
17
ederated Metals stk tr t* _ ___
lrestone Tire & It. corn _10 15955 145 167
104% 10431
100
7% preferred
Ira Bohemian Glass Wks
94
93
let 7s with stk pr warr'57 94
45
45
• 45
llintkote Co com
:AO 550
'ord Motor Co of Can.100 542
•
2234 2255
brhan Co class A
'oundation CoForeign shares class A..• ____-051 934
'ox Theatres el A coin--.' ------17
1735
tanklin (II II) Mfg corn..' 17
1554 1754
'reed Eisemann Radlo___•
2%
234 2%
'reshman (Chas) Ce
1755 2051
• 2055
• 53% 5551 57
'ulton Sylphon Co
lamewell Co common_ *
5534 5534
:inland Steamship
2
3 ------2
1% 2%
)(trod Corporation
*
2
3eneral Baking CIA
• 6955 6934 6955
Class B
6% 6%
•
634
3eneral Fireproofing corn.• ------7934 79%
;call Ice Cream Carp. _• 5255 51
5254
len'l Laundry Mach corn • 20% 2051 2434
Miletto Safety Razor.....' 9454 9134 95
30 Spring & Bumper com•
8%
854 854
lleasonite Prod corn.-- _10 13
1234 1331
Men Alden Coal
• 17974 179% 18351
6955
lobe'(Adolph) Inc corn..' 6855 64
Sold seal Electrical Co.. 5 17
.
17
1734
;oodyear Tire & Rubber9454 9534
Prof new when issued 100 95
98%
brand(F&W)5-10-250 St• ____-- 96
13154 13155
7% prof
100
101
3rant(W T)Co of Del corn' 101
10834
2534 26
labirshaw Cable & WIre_.
•
loll (C NI) Lamp Co
951
951
26
26%
loll(W F)Printing new.10
555
555 5%
Sappiness Candy St CIA.'
Iarris-Seybold-Potter Co
7% pref with warr _ _100 ------9774 9735
• 12
12
lazeltine Corp
12%
3134
Lleliman (Rich) Co corn..' 3151 30
panto pref with warete• 4934 473-1 50
11855 119
Ilercules Powder pref _ _100
151
131
•
[Leyden ClICIIIIcal
Eleyden Chemical Corp10
10
•
Common new
35
34
•
Ilobart Manufacturing_ _. __ __ __
* 36% 3451 37%
Ilolland Furnace
*
__
35% 3535
Rubber corn
flood
5355 5335
•
horn & Ilardart corn
1455 1535
Huyler's of Delaware Inc.• __ __ __
2535 26
Imperial Tob 0 13 & 1_11 26
20
20
• 20
India Tire & Tubber
954
955 1034
lndustrial Rayon class A_•
6851
Insur Co of North Amer_10 ____ __ 67
7934
Internet Cigar Machinery • 88
.
-Many new Corn _ • 11834 10631 118%
Johns
42% 4254
Joske Bros Co coin v t e • __ __ __
1755 18
. 18
ileiner Williams Stng
1234 1334
(enisley Nilllbourn & Cow I 1355
4055 38
Kinnear Stores Co com_.• 36
2338
Kruskal & Kruskal. Ino • 2231 22
74
6834 65
Lackawanna Secur new __
•
___
2454 2734
of Florida
Land Co
-- 106 106
50 _
Lehigh Coal & Nay
4131 40% 4174
Lehigh Vol Coal etre new
9274
Lehigh Vol Coal Balea 50 92% 92
Leonard Fitzpatrick &
48
corn_ _• 4435 42
Mueller Stores
1155
10
Libby, McNeil & Libby.10 10.55
126 128%
Libby Owens Sheet Glaaa25 127
3974 3955
NlacAndrews& Forbescom•
105 105
100 105
Preferred
19%
18
Magnin (I) & Co Inc com_•
48% 5055
Marmon Motor Car corn.: 50
39
39
Ltd corn....•
Massey-Harris
19% 2334
• 20
Mavis Corp
Aug 44
Apr 26
Feb 185
Jan 35
13
Feb
Feb 3738
May 90%
May 15851
Feb 66%
Jan 118
b..
38
600 34
20%
100 18%
30 130
185
33%
200 22
4%
700
3%
900 27%
3738
9031 18,600 44
152
3,300 131
66% 3,200 17
116
2,500 6551
Range Since Jan. 1.
.8kwb.w
k .w:.1swso b
00000k0M0W0k0000000
wa.mb'p
000
00 ,000000
C
10,
.
0 00,,0.0, 1 00 000-1 00.00 00cA00 000000000000
RRRR,,R R,,SocciEggSS8 8S8 8C180800 cc0000.000000000 000,00 ooaoo oacooc00000000coo=w00000c,,c00000000000d0000coo
37
20%
182
33
354
3755 3474
90% 77%
147
152
65
59
115
112
High.
Low.
- w're..0T. kb
w
22..222 2.9W2 294R5.75:9-,RRRR*RR
nerd Machine
13 [tier Brothers Tool__*
20
Range Since Jan. 1.
1311
_
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
I
I
I
)
1
)
)
)
)
)
3
)
D
D
D
D
9
9
0
3
3
0
D
0
0
95
7
23
4954
0%
51
9%
32
8%
91
6955
90
115
1
3755
2934
24
1555
13%
5(135
95
2134
4734
15
98
43
163
5
1431
Sept
Jan
Apr
Aug
Aug
Jan
Mar
June
June
July
Mar
July
Jan
June
Jan
Jan
Sept
June
July
Apr
May
Apr
Feb
Feb
Jan
June,
Feb
Apr
Aug
10134 Jut
13
Fe
3354 ma
50
At
1355 Al
6551 Set
14% Ju
52
At
9
Mr
9334 At
105
At
110
Jr
122
Set
535 JF
5234 Ju
4534 M,
2651 Ju
17
Se
3354 jr
6934 Al
102
Al
46
Al
53
At
2434 AI
145
Mc
4751 Al
173
Ju
8% Ju
27
.11
3% Sept
255 Aug
4
May
3% A
255 A
20
•
Right.
Celluloid Co
Newberry (J J)
White Sewing Mach deb rts
35i
14
3% 3S1
251
235
12% 1531
Wwb
Friday
Last Week's Range Sales
for
of Prices.
Sale
itocks (Continued) Par. Price. Low. High. Shares
0Q0
_
0
0
0
Public Utilities
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Am Dist Tel of NJ pref.100
Amer Gas & Elec corn---• 10635
" 10211
Preferred
Amer Lt & Tr corn new_100 17055
100
Preferred
Amer Pow & Light pref..100 1034
Amer Superpower Corp A_* 3531
* 3641
Class B common
• 98
First Preferred
Participating pref_ _ _ _25 29
Assoc Gas dc Elec class A_• 4141
Bell Tel of Pa 611% Pf 100
Blackstone V G&E,corn _50
10
Brooklyn City RR
Buff Nlag & East Pr com -• 3631
25
Preferred
Central States Elec com_ •
100 9836
7% preferred
Cit Ser Pr & Lt 7% pf 100
• 914
$6 preferred
Columbus Elec St Power- -* 6851
Com'w1h-Edition Co_ _100 154
wealth Power Corp
Com'
100 10015
Preferred
Con Gas EL &P Batt com• 614
Elea Bond St Share pref _100 1084
Eleo Bond & Share Secur_• 7536
Eleo Invest without warr_• 3834
Eiec Pow & Lt 2d pref A--• 994
104
Option warrants
Empire Gas & F8% pref100 10951
100
7% preferred
Empire Pow Corp part stk*
Federal Water Serv cl A_ _• 31
Gale-Houston Elec corn 100 314
General Pub Serv com _ _ _• 1441
Ga Power (new corp) $6 pf•
Daternat Utilities class A_• 43
6
•
Class B
Jer Con Pr & Lt 7% pf _100
Kansas Gas & El pref--100
Lehigh Power Securities.-' 2011
Long Island Lig 7% p1100
134
Marconi Wirel Tel of Can-1
Middle West Utilities com • 113
100 122
Prior lien stocks
• 9331
$8 preferred
100 113
7% preferred
Mohawk & Hud Pow corn.* 3011
• 5034
Mohawk Valley Co
1211
*
Municipal Service
Nat Elee Power class A- • 2431
Nat Power & Light pref_ *
Nat Pub Serv com class A.• 2231
* 18
Common class B
Warrants
Nebraska Power pref_ _100
Nev Calif El Corp com _100
New Eng Pow Assn corn_ •
NY Telep 615% pref--100 11434
North Amer Mil Sec corn'
Northeast Power com_---• 194
Northern Ohio Power Co.• 15
Nor States P Corp com_100
100
Preferred
Penn-Ohio Edison com---• 4034
7% prior preferred__100 10211
•
$6 preferred
18
Warrants
Penn Ohio &cur Corp---• 1474
Penn Pow & Light pref_ •
Penns Water & Power_ •
25 5515
Phila Elec Co corn
Puget Sound P&L com_100
100
6% preferred
Rochester G & L pf D100
Sierra Pac Elec Co corn _100
•
Sou Cities Util corn A_
100
Preferred
Southern Colo Pow el A_25
Sou Gas & Power cl A_ _ _ _• 2111
Southeast Pow & Lt corn' 3634
Common voting tr. ctf..•
Participating pref
9
Warrants to pur com etk_
Southw Bell Telep pref_100
pref-100
Southw P & L
.25
Standard Pow & Light.
•
Tampa Electric Co
58
Toledo Edison 7% pref_10 11554
United Gas Impt
United LightSt Pow coreA• 1434
• 9634
Preferred class A
• 55
Preferred B
20
UtilitiesPow & Lt class Be_
Utility Share Corp corn...* 13
354
warrants
Option
Western Power pref._ _100
Former Standard Oil
Subsidiaries.
Anglo-Amer Oil(vol eh)_ £1 1815
Borne-Scrymser Co_ __ _100 -----Buckeye Pine Lind
50
Chesebrough Mfg Cons_25
1841
Continental 011 v t
100
Eureka Pipe Line
Galena-Signal 011 cora.100
Humble Oil dc Refining_ -25 6131
100
Illinois Pipe Line
Imperial 011 (Canada)---' 53%
50
Indiana Pipe Line
National Transit_ -_12.50
100
New York Transit
Northern Pipe Line_ _100
25 6215
Ohio Oil
25 23%
Penn-Man Fuel Oil
25 52
Prairie 011 & Gas
100 181
Prairie Pipe Line
50 19
Southern Pipe Line
25 37%
South Penn Oil
So West Pa Pipe Lines. 100
Standard Oil (Indlana)-25 7534
Standard 011 (Kan) _ __25
Standard 011 (Kentucky)25 122%
Standard 011(0)new corn 25 8051
Swan & Finch 011 Corp_ _25
25 127%
Vacuum 011
Other 011 Stocks.
Amer Contr 011Flelds__-.5
•
Amer Maracaibo Co
.10
Arkansas Natural Gas.
Barnsdall Corp stk laurel)
warrants (deb rights).
British-American 011_
•
Carib Syndicate new corn-Creole Syndicate
•
Gibson Oil Corporation--1
Gilliland 011 corn V t --•
[Vox,. 125.
THE CHRONICLE
1312
690
4
94
33.1
2255
1131
141
109
10311
102%
170
115
10354
34%
35%
98
29
4114
115
141
334
3511
2611
19%
97%
10151
90%
68%
154
109
10641
103
17211
115
1044
35%
364
98
29
41%
11511
147.55
351
37
2634
20
100
10155
914
70
15415
100 10034
61%
61
1084 109
744 7654
37% 3934
994 101
94 10%
1084 1094
9941 99%
35
3531
30% 314
314
27
1334 1441
98
98
43
41
5% 64
1024 10234
10634 10655
1841 2015
10915 10915
Me 144
111 11311
122 122
93% 9311
112 113
3094 3115
50
524
1251 1311
2415 24%
10714 108
22
22%
18
18
111
141
111 111
27% 27%
7241 7311
11451 114%
5% 5%
1815 20
1441 15%
120 1224
10531 105%
3911 404
102% 10254
89% 90
174 1811
12% 14%
109 109
5715 5846
524 5554
29% 3011
8631 87
104 1044
26
2611
32% 32%
70
7111
254 26
x1734 21%
36% 3741
351i 3515
8134 8115
84 9
117% 11715
10851 10931
22% 22%
59% 60
1064 107%
111% 116%
13% 14%
9615 96%
544 54%
1811 20
12% 13
2% 3%
102% 102%
25
9,300
1,300
350
25
150
1,900
2,900
200
200
4,100
20
1,200
1,200
1,700
500
200
60
200
800
75
30
Range Since Jan. 1.
Low.
190
684
9534
16441
11234
9715
2751
2855
9315
2641
35
1124
1,98
311
254
2554
1734
9234
10134
90
6734
139
Aug
Jan
Feb
Aug
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Aug
Mar
Jan
Apr
Jan
Aug
Aug
Feb
Jan
1,400 9131 Jan
3,700 5074 Jan
750 10534 Mar
7,300 663-4 Mar
5,500 3234 Feb
450 8911 Mar
5,600
63-f Jan
6.500 10434 May
500 974 June
Jan
200 26
5,100 3011 Aug
Apr
1,300 22
4,000 114 Jan
Mar
100 94
Apr
2,900 24
Jan
3
4,000
25 100
Apr
July
10 104
Jan
71,000 15
20 10751 Jan
12,200 790 Jan
Feb
1,200 108
100 108
Feb
450 x9174 June
350 10534 Jan
.5,800 203-4 Jan
Feb
1,500 37
500
811 May
300 2311 Feb
Jan
200 101
5,400 1874 Jan
Jan
100 14
Ul Mar
200
10 10734 Feb
Feb
100 25
130 494 Feb
275 41274 Apr
555 July
100
9,700 1434 Apr
15,300
974 Jan
1,300 10941 Jan
100 10015 Jan
Feb
4,200 27
180 9791 Jan
60 8011 Jan
1,900 104 Jan
84 Feb
8,800
Jan
25 106
Mar
400 45
1,800 4641 Mar
Apr
300 28
20 8351 Jan
100 103 June
200 244 Aug
100 2311 Jan
Aug
100 70
200 2531 Aug
Aug
1,000 15
11,000 294 Mar
Jan
1,000 28
100 6734 Jan
2,700
83-4 Jan
50 11355 Jan
Jan
60 104
Jan
200 22
300 49
Jan
110 10631 Aug
Feb
10,800 89
18,200 1234 Mar
Jan
300 85
300 504 Jan
6,100 134 Jan
700
94 Feb
151 Apr
6.300
Jan
300 98
High.
110
10715
1044
177
126
No%
383-f
3955
100
2934
43
11515
15434
63-4
37
2
634
2051
100
103
9234
80
15515
July
Aug
June
July
Apr
June
June
June
Aug
June
Mar
Aug
May
Jan
Sept
Sept
Feb
Sept
June
July
May
June
1004 Sept
6151 July
10936 Aug
7941 July
4031 June
1014 Aug
114 Aug
1104 Aug
1004 Aug
39
June
32 June
314 Sept
15 June
9831 Aug
43
Sept
754 June
1024 Aug
108
June
2014 Sept
112
May
141 Aug
11711 May
1174 May
9411 June
11394 Feb
3214 Aug
5334 Aug
1331 Aug
2534 Feb
1084 May
24 June
2034 Mar
331 Jan
111
Aug
Apr
31
94
Aug
11534 Mar
655 Apr
July
20
1541 Aug
124 June
107
May
4034 May
10434 May
90 June
1811 May
1474 Aug
110 June
5851 Aug
554 Sept
3511 June
July
89
10455 May
284 Apr
4211 Mar
Mar
92
2774 Mar
223,4 Apr
384 June
37
Aug
834 Aug
1034 May
11851 June
110
July
244 Jan
64
May
10754 Aug
11634 Sept
1551 Jan
9734 May
57
July
Sept
20
1311 May
311 Sept
10234 Aug
600 17% July
1814 1811
Apr
100 50
6014 6015
Jan
150 45
164 1615
200 7651 Jan
109% 109%
17% 1815 8,410 16% Aug
Jan
100 47
5615 57
74 Aug
200
8
8
Mar
6,900 54
6054 62
500 1234 Jan
160 16115
4851 x5541 29,100 37,1 Jan
Jan
50 81
70% 7011
400 1351 Jan
1511 1515
50 314 Jan
3331 33%
Jan
100 70
8415 8415
Apr
2,700 52
65% 62%
Apr
900 12
2251 2311
3,300 4,534 Apr
51% 5215
Jan
350 132
181 181%
Feb
700 16
19
20
100 34% Apr
3711 3751
50 5511 Jan
75
75
7311 7541 67,000 644 May
500 15% Mar
1641 1741
600 111% June
12141 12215
Apr
850 73
81%
79
Jan
300 15
16
1715
2941 3,800 9534 Jan
126
21% Jan
Feb
69
59 June
115 June
22% Jan
58% June
13% Feb
63% Aug
1644 Aug
x554 Sept
7211 May
17
May
Feb
37
June
91
644 Feb
June
31
55% Jan
July
186
274 Feb
41% Van
May
77
7534 Sept
20% Jan
1234 Aug
87% Apr
18 June
134,1 June
550 Aug
3 June
64 Apr
2718 Jan
7% Jan
941 July
580 72e 70,000
3,600
315 4
1,900
911 911
34
264
20
11
141
500
3% 1,300
100
264
224 3,800
16,100
12
144 8,100
300
506
331
2035
14%
9%
1%
500
May
Jan
May
June
Sept
May
751 Feb
Mar
27
July
26
1414 'Jan
341 Jan
Mar
2
Sales
Friday
Last Week's Range for
Week.
of Prices.
Other 011 Stocks
Sale
(Concluded)
Par. Price. Low. High. Shares.
Gulf 011 Corp.of Penna._25 91
Houston Gulf Gas
•
141
Intercontinental Petroleum
International Petroleum_.• 3115
Kirby Petroleum Co
*
1%
Leonard 011 Developm't_25
9%
Lion Oil& Refining
Lone Star Gas Corp___-25 4815
Magdalena Syndlcate___ _1
111
Margay 011
• 3541
Mountain & Gulf Oil__ _1
Mountain Producers____10 24
Nat Fuel Gas. new
• 2411
New Bradford 011
5
New England Fuel Oil____ -----New York 011
25
North Central Texas Oil..'
Pandem Oil Corporation.*
Pantepec Oil of Venezuela •
9%
Red Bank 011
25
Reiter Foster 011 Corp •
Richfield Oil of Cal pref _25
Royal Canadian Oil Synd_.
Ryan Consol Petroleum.,.'
541
Salt Creek Consul 011_10
Salt Creek Producers__ _10 2815
Tid-Osage 011 non-vol stk•
Voting stock
•
Venezuela Petroleum_ _ _ _5
611
Woodley Petroleum Corp.*
90
831
144
29%
14
9
2151
48
19‘
35
1 16
,
24
2411
434
331
5.41
1115
1011
914
214
311
23
100
531
641
284
21%
22
6
555
3,000
91
1,400
9
154 2,000
3151 17,800
,
500
13-4
911 4,900
400
22%
600
4854
600
19g
,
394 2,800
200
liii
1,200
24%
244 2,604)
200
4%
100
34
100
531
200
1151
100
1015
1,300
10
100
214
400
4
100
23
2,000
lie
200
541
1,100
615
600
29
1,200
2241
400
2235
611 10,200
300
515
Mining Stocks.
American Exploration_ I
1%
134 75e
40
50
Arizona Globe Copper...l
1
131
Beaver Consolidated
111
102 104%
Bunker Hill & Sullivan_ _10 102
20
2o
Butte & Western Mining_l
2.4 2%
241
Consol Copper Mines_ _ 1
60 80
Cons Nevada Utah Corp_3
70
14
14
25
Copper Range Co
180 180
1
180
Cortiz Silver Mines
211 211
Cresson Consol GM dcM_1
4o
Sc
1
Divide Extension
40
241
254
Engineer Gold Mines Ltd_5
241
30
4c
Eureka Croesus
1
410 410
1
Falcon Lead Mines
100 160
Golden State Mining___100 150
40
50
Goldfield Florence
1
2c
2o
Hawthorne Mines Inc__ 1
1531 1651
Heels Mining
250
1751 17%
Hollinger Cons Gold 5I__5 1734
800 80c
Kerr Lake
5
Kirkland Lake Gold M__1
234 23-4
251
660 770
5 750
Mason Valley Mines
New Cornelia Copper_ _ _ _5 214 214 214
185 189
New Jersey Zinc
100 185
Newmont Mining Corp_10 1014 9511 10111
544 53-4
Nipissing Mines
5
24%
• 2434 24
Noranda Mines. Ltd
10
134
115
North Butte
115
lin 14
141
1
Ohio Copper
25o 380
Parma° Porcupine MInes..1 28e
50
5c
Plymouth Lead Minos_ _I
2118 2 11
,
_1
Premier Gold Mining
120 15o
1
Red Warrior Mining
4% 4%
Shattuck Denn Mining_ •
241 3
24
South Amer Gold & Plat_l
lo
20
Spearhead Gold Mining..
9
911
Teck-Hughes
1
154 2
Tonopah Mining
13-4
24%
United Verde Extension 50c 244 24
5
54
5
Utah Apex
30
30
1
303
West End Extension
Bonds
Adriatic Electric 721_1952 9.5
Ala Pow 1st & ref 5s__1956
Allied Pack lst14 coll tr88'39 4834
Allis-Chal Mfg 6s____1937 9874
Aluminum Co s 1 deb 58 '52 10011
Amer 0 & El 68
2014 1063-4
American Power dr Light
Os. without warr___2016 105
Amer Radiator deb 411s'47 9641
Amer Roll Mill 6e____1938
Amer Seating 1313
1936 10434
American Thread 6s_ _1928 102
Anaconda Cop Mln 68_1929 1024
Appalachian El Pr 56_1956 2741
Arkansas Pr & Lt 5.8.-1956 -9651
Assoc'd Sim Hardw 634s'33 90
Atlantic Fruit fis
1949
Batavlan Petr deb 411e '42 93
Beacon 0116s, with warr'36 102
Beaverboard Co 8s___I933
Bell Tell of Canada 53_1955 10234
let M 58 ser 11 June 1 '57
Berlin City Elec 648_1951
64% notai
1929
Boston Como' Gas 58_1947
Boston & Maine RR 601933 10251
As
1967 9434
Brunner Tur & En 7368,
55
Certificates of deposit_
Buff Gen Elec gen 62_1956
Burmeister & 1Vain Co of
Copenhagen 15-yr 138 '40
Canadian Nat Rye 78_1935
30
-year 411s
1957
Carolina-Georgia Serv Co
1st M 68 with warr_1942 9715
Carolina Pr & Lt 53_1956 10114
Chic Mllw & St P (new co)
50
-year .56 w
1076 949-4
Cony ad1 w I
5934
Chic Rys 55 ate dep_1927
Cincinnati St Ry 5348_1052
Cities Service 58
1956 9015
68
1966 101
Cities Service Gas 5481942 904
Cloy Term Bldg 68_1941
Columbia G & E deb 58.52 984
Columbus Ry P& L 448'57 9411
Commander-Larabee 68 '41 97
Commonw Edlson 4481957 9771
Cons GEL&P Balt5,518 series E
1952 107
5s series F
1965
Consol Publishers 6%81936
Consol Textile 8.8
1941 9841
Cons Gas & El 648 A_1964
Cosg-Meehan Coal 61113 '54
Cuban Telephone 7%81941 113
Cudahy Pack deb 534,1937 974
58
1946
Detrilt City Gas 58 13.1950 10015
Detroit Int Bdge 6158_1952 1024
25
-year s 1 deb 7s___1952 10041
Eitingon-Schild 6s ...1'J38
Elea Refrigeration 68_1936 81
Empire 011 & Refg 53-4a '42 96
9431
101%
48%
9831
100
106%
95
101%
49
98%
100%
10841
Range Since Jan. 1.
Low.
86% Apr
855 July
800 June
28)1 June
11( Jan
654 May
214 Aug
Jan
37
111 June
Mar
12
July
1
224 Apr
23 June
434 Aug
Apr
4
911 Mar
1034 June
331 Aug
941 Aug
14% June
3% Sept
23
Aug
100 Aug
4% May
6
May
274 Apr
15
Apr
17
Apr
44 June
551 Apr
High.
Jan
8122
851 Apr
Mar
2n
ja
3444 Feb
10% Feb
27% Feb
3429955 AugJanA ug
115
Jan
2 1 May
6
8
534 Apr
64 Mar
ue
13 j nb
2
1 F e
9% Apr
124 mar
24% Jan
15% Jan
244 Apr
350 Feb
Jan
7
Jan
Feb
n
32
8
234 Mar
26% Feb
741 Jan
Jan
8
14 Sept
25,700 300 June
90 Aug
3c Mar
12,000
13-f Sept
Jan
500 650
1,300 6715 Feb 104% Sept
Apr
8c
lc Aug
1,000
331 Mar
23-1 July
1,300
Sc Aug
2c July
14,000
Aug
May 14
200 12
70
Jan 30e Feb
2,000
244 Aug
141 May
300
70
Jan
30 June
22,000
51.‘ Jan
131 July
1,700
is Feb
30 July
16.000
Jan
1,000 41c Sept 780
20 May 170 Aug
67,400
130 Mar
30 June
2,000
Jan
lc June 110
1,000
700 1244 Feb 1611 Aug
16% Aug 2241 Feb
300
200 60e July 950 Feb
211 Sept
111 Apr
500
211 Jan
2,700 65o July
Jan
200 1811 June 24
178 June 19334 mar
220
15,500 6711 Jan 101% Aug
104 Feb
54 Aug
300
May
2,500 19% Jan 25
311 Jan
200 800 June
111 July
32,100 400 Mar
10,000 100 June 46o July
15e Feb
50 Aug
5,000
211. Aug
14 Jan
1,200
4,000 120 Aug 390 Feb
Jan
6
241 Aug
100
3% Jan
214 July
900
Jan
40
lc June
3,000
954 Aug
5% Jan
6,900
341 Jan
141 Aug
1,100
Feb
900 2241 Jan 28
7% Feb
454 June
400
70 Apr
3c
Jan
12,000
15,000 92
10.000 984
10,000 4041
17,000 9655
89,000 99
57,000 101;1
12,000
1044 105
964 97% 79,000
6,000
10411 105
10411 10535 18,000
49,000
102 102
102 10251 9,000
9711 9751 42,000
9541 9631 62,000
13,000
90
90
1531 1615 12,000
39,000
9241 93
81,000
10115 102
6,000
9611 97
102% 102% 15,000
1014 10211 39,000
9914 9915 12,000
2,000
9915 99%
28,000
101% 102
102% 10241 6.1)00
9341 94,1 508,000
10,000
46% 49
4741 48% 6,000
10341 10341 10,000
100
9441
103
10034
101
10141
95
9314
90
15%
92
97
95%
101
1014
95%
98
1004
1004
93%
37
4734
10241
June 9631 May
Mar 102% Aug
Jan
May 76
July 99% May
June 100% !Mar
Jan 107 June
Mar
June
Jan
Aug
June
Jan
Feb
May
May
Aug
May
July
Mar
Feb
Juno
June
June
June
Jan
Aug
July
Aug
Mar
107 June
974 Aug
105
Aug
109
July
102
Jan
10215 Feb
97% Aug
9751 Aug
97% Jan
2015ZJune
96% Jan
103% Jan
9911 July
Apr
103
102% May
99% Jan
101
Mar
Feb
103
Mar
103
94% Sept
9234 Feb
49% Sept
10341 Apr
Jan 9715 Apt
1,000 94
9614 9631
May
Feb 113
111% 111% 39,000 111
11,000 984 June 9831 June
98% 9851
9711 9715 6,000 9755
101 3-4101 34 65,000 100
Jan 9715 Jan
June
Jan 103
9411
58%
82
99
90
101
9611
08%
98%
03%
96
0734
94%
5911
8231
99
91%
1014
9611
98)1
9914
9411
97
98
272,000
157,000
8,000
5,000
273,000
60,000
56,000
1.000
44,000
38,000
21,000
17,000
91
5431
74
99
88
93%
9611
98
98
9411
95
9511
June
Mar
May
Aug
July
Jan
June
Aug
July
Aug
May
Apr
95
5941
834
100
9114
10311
9615
100
10034
9411
98
98
Apr
Apr
May
Juno
Feb
Feb
June
Jan
May
Aug
Jan
Aug
10631
10451
98
9851
104%
96
113
9734
99
looki
10231
100
97
7535
,
96
107
10451
98
9841
10411
98
113
97%
9941
10054
1033-f
1003-1
9715
81
9611
12,000
1,000
20,000
11,000
2,000
11,000
3.000
26,000
11,000
45,000
17,000
31,000
2,000
75,000
84,000
106
10196
,
9741
894
102
533-1
11014
9414
97
9955
100%
loo
9651
56%
96
Mar
Feb
Feb
Jan
Juno
Jan
May
July
July
June
July
July
July
July
May
107%
1044
101
99
1044
98
114
98
10015
101
105
10011
9811
9714
96%
July
Aug
May
May
Aug
Sept
Aug
Jan
Mar
Apr
Aug
July
Apr
Jan
May
SEPT. 3 1927.]
Bonds (Contlaued)Europ Nita & Inv 755s 1950
Falrb'ks, Morse & Co 53'42
1933
Federal Sugar Gs
Fisk Rubber 534s.._.1931
Florida Power & Lt 55_1954
Gair (Robt) Co 534s._1042
Gatineau Power bs_ _1956
1941
(is
Gen Amer Invest 5s 1952
General Petroleum 65.1928
Georgia Power ref 56_1967
Goodyear T & R 5s_ _ _1928
Goodyear T&R Cal 5555'31
Grand Trunk Ity 6 A s_ 1936
1937
Gulf 011 of Pa 55
Sinking fund deb 5s_1947
Serial 5553
1928
Gulf States Uttl 55_ _ _ _1956
hamburg Elec Co 7s. _1935
Hood Rubber 75
1936
Illinois Pr & Lt 5555..1957
Indep Oil & Gas deb 651939
Indlan'p's P & L 58 ser A'57
Jot Pow Scour 7s ser E.1957
Interstate Nat Gas 6s 1936
Without warrants
Interstate Power 53_ _ _1957
Debenture 6s
1952
Invest Bond & Share Corp
Deb 55 with warr
1947
Investors Equity 55_ _ _1947
With warrants
Isarco Hydr-E1 7s_ __ _1952
Jeddo-Highland Coal 6s '41
Kansas G & E deb 6s_ _2022
Kemsley, Millbourn & Co
Ltd s f deb 6s Sept 11942
Koppers0& C deb 55_1947
Laclede Gas Light 5353 '35
Lehigh Pow Scour 6s__2026
Leonard Tletz Inc 7158 '46
With elk purch warrants
Without stk purwarrants
Libby, McN & Libby 7s'31
Lombard Elea Co 78_1052
Lone Star Gas Corp 55 '42
Long Island Ltg Co 65_1045
Manitoba Power 5355_1951
Mass Gas Cos 548_ _ _1946
Merldionale Elec Co (Italy)
30
-years 78 eer A__1957
Midwest Gas 75 A__ __1936
Milwaukee G L 454s. _1967
Montana Power deb 58 '62
Montgomery Ward 55_1946
Montreal L II & P 55 A '51
1930
Morris & Co 755s
Narragansett Co col fa 1957
Nat Dist Prod 634s...1038
Nat Pow & Lt 65 A._.2026
Nat Pub Serv 6558-1955
Nat Radiator deb 6558 '47
Nebraska POWer 65._ _2022
1941
Nevada Cons Ls
Nlagtua Falls Pow 65_1950
Nichols & Shepard Co 68'37
with stock purch warr'ts
Nor Cent ULU 6555_ ._l942
North Ind Pub Serv 5s 1966
Nor States Power 65581933
614% gold notes__ _1933
Ohio Power Ls ser B-1952
434sseriesD
1956
75 series A
1051
Ohio River Edison 55_1951
Oklahoma Nat Gas 65_1941
08Wegl) River Power 68 '31
Penn-Ohlo Edlson 68_1950
With warrants
without warrants
Penn Pow & Light 58111952
First & ref 5s D____1953
Phila Electric 58
1960
65
1941
Phil!' Etc.., Pow 546_1972
Phila. Rap Transit Gs_ _1962
Phila Sub-Counties 0 & E
let & ref 415s
1957
Phillips Petroleum 5545 '39
l'irelli Co (Italy) 7s_. _1052
Pitts Screw & Bolt 555s '47
Porto Rican Am Tob 68'42
Potomac Edison 55_..1056
Power Corp of NY 536s'47
Pub Say Else &0 58_1965
Pure 011 Co 64s
1933
10 years f 518% notes'37
Queensboro 0& 1115 A s'52
Rem Arms 555% notes '30
Rem Rand Lao 5148-1947
with warrants
Richfield Oil of Cal 68_1941
Bauda Falls Co 5s____1955
Schulte R E Co 6s____1935
6s without corn stock1935
1931
Serve' Cory Os
1931
Shawaheen Mills 7s
Shubert Theatre Gs_ -1942
Sloss-Shef S & lpIn 65 1929
Sink fund gold notes 1029
Snider Pack 6% notes_1932
Solvay-Amer Invest 551942
Southeast P & L 68--2025
without warrants
Sou Calif Edison 5s___1951
1944
58
Southern Dairies Os _ _1930
Southern Gas Co 6345.193
5
So West 0 & E 53 A_ _1957
Houthwest'n P & I. 65_2022
Stand Invest 5s with war'37
Stand 011 of NY 610-1933
stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warr
7s 1948 with warrants__ _
1937
Stutz Motor 7555
Bun Maid Rabin 6155_1942
1939
Sun Oil 5558
Swift & Co 58 Oct 15 1932
Texas Power & Light 58 '56
Trans-Cont'l Oil 70-1930
-Lux Daylight Plc Scr
Trans
Co 615s with warr _ _1932
Tyrol Hydro-Elee 78-1952
1936
Ulen & Co 6558
United El Serv (Unes)7s'56
warrants
Without
United Indus 6553____1941
United Steel Wks 655s 1947
With warrants
U S Smelt & Ref 5155.1935
Uti1ties Pow & L? 534s ;47
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
for
ofPrices.
Price. Low. High. Week.
9115
95
07,5
97%
101
141
101
973.4
99%
084
100
9611
9816
98
994 99,1
97
9711
94
00
9751 98
944 95
9755 9715
9734 97%
100% 101
12915 1414
101 101%
9714 9731
974 100
9834 98%
10835 10911
loon 100)5
094 100
1004 100%
9631 9655
101
102
10255 10255
9455 9455
9851 9855
97,1 9855
94
9434
1.000
26,000
18,000
17,000
163,000
32.000
73.00
27,000
365,000
8,000
148,000
125,000
24,000
9,000
12,000
49,000
1,000
41,00
7,000
1,00
1.000
38,000
106,00
2,000
Low.
99
9534
83
96%
92.4
9555
9455
9811
100
100)1
9534
974
95
108%
09
9855
100
944
100
101
0455
98
9655
9231
May
June
Aug
June
June
June
Jan
Jan
Feb
June
June
Mar
Jan
May
June
June
Jan
June
June
Apr
Aug
July
June
July
High.
101
97)4
94
983%
9515
97%
9755
114
14155
1014
98
101
99%
109%
100%
100%
102,4
98
102
104
9455
994
984
97
Mar
Mar
Aug
Aug
Aug
Mar
Sept
May
Sept
May
Apr
Aug
June
July
Apr
Jan
July
May
Aug
Feb
May
May
Jan
Apr
1003% 1003% 5,00
95
9515 30.009711 9711 16,00
100N Aug 102% May
9431 July 97% May
97
July 9851 June
100
100% 100
951X
9655
102
100%
10031 11,00
96)5 37,00
102
1,00
10055 2,00
June 10111 July
100
May
June 102
9355 May
NA Sept
Jan
July 103
101
9736 Jan 10034 Sept
12951 10914 12111 216,000 1004
97
96% 9711 125,000 953%
2.000 100
10034 10014
10211 102 10235 78,000 983.4
Aug 129% Sept
AuO !)734 Aug
July 101% Jan
Jan 1024 Aug
1194 1194 2,000
10115 101% 10,000
102
1034 1034 10355 16,000
83,000
0451 9355 95
9731 70,000
97
10454 10434 29,000
1004 100% 20,000
1044 104 10414 19,000
108
994
102%
9134
95
1024
08
103%
Mar
Apr
July
June
July
Jan
Jan
Feb
13355
102%
10414
95%
9851
105
100%
10471
May
June
Mar
Mar
June
Slay
Sept
July
934 94
97
97
9631 97%
97% 0851
98% 9916
1004 100%
983,5
98
100 100%
99A 100
103 1035.1
10134 1011i
100 10034
105% 10514
96
9611
100 106
53,000 91
11,000 9534
49,000 93%
72,000 0655
23,000 9751
45,000 0915
20,000 95
45,000 08%
17,000 98
71,000 984
24,000 9755
15,000 100
1,000 1024
22,000 92
2,000 104%
June
Mar
Mar
July
Mar
Jan
May
July
May
Feb
June
Aug
Jan
June
Apr
95%
100
9734
98%
100
1014
1044
101
10014
103%
102
10015
106
10215
107
May
Jan
Sept
Aug
Aug
May
Mar
Aug
July
Aug
Mar
Aug
May
Jan
Jan
1024 102% 1034
93
98
08
98
98
117% 1164 117%
10315 103%
1003% 99% 10031
93
93,5
107 107%
101
101 1014
102 102%
100% 100% 100%
15,000 98
1,000 97
5,000 9655
77,000 110
8,000 10255
4,000 974
39,000 8931
9,000 105
34,000 97
4,000 99
6,000 99
Feb
May
June
Apr
Mar
Feb
Feb
Jan
Jan
Jan
Jan
10734
100
98
119
103%
101
0334
lox
101
1054
1014
Apr
Feb
Aug
Juno
Mar
Aug
Aug
Aug
Aug
May
July
132
100
102
10255 102
105
10714 107%
10551 105%
103
10255
5,000
36.000
2.000
12,000
5,000
4,000
36,000
13,000
11555 Jan 13455
9554 Jan 100%
99
Jan 10255
994 Jan 102%
102% Jan 105
107
June 108
1024 Feb 106
9931 Jan 103
Aug
Aug
Aug
Aug
Aug
Mar
Aug
May
934
97
98
100%
9835
100%
1031i
1013%
1003%
96
100 A
13455
100%
102
10255
105
10754
10551
103
964 97
95% 954 9514
9934 984 9951
100
100 100
99% 984 09,1
9755 07
9735
9855 984 9855
10315 10355
103% 10355 103%
0855 984 9855
10251 102 10234
95
9555
9051
05
9835
95
10055
974
903%
26% 26%
99
97)4
96
10234
102%
106
10555
98
0935
95
100%
98
0034
28
99
96
10251
102%
10651
9831
102,1 1024 1024
100% 10051 1004
10354 10351
9955 100
102% 102 102%
76
96
96
103
10251 103
103
103 103
10455 10435 10431
30,000 9414
213,000 95
31,000 954
50.000 100
83.000 9755
32,000 95
3.000 0751
13,000 99%
15,000 102%
95,000 97%
11,000 100
4,000 93
084
9451
09
9351
1004
97%
91
96%
July
July
July
June
June
Mar
July
Mar
May
Aug
May
June
01.000 98
July
2.000 91,5 Apr
15,000 97% Jan
24,000 921.1 Mar
37,000 85
Mar
61,000 20
July
22,000 9455 Mar
25,000 96
June
8,000 1024 Jan
1,000 1014 Jan
35,000 99
June
54,000 98
June
97
100%
10255
101
100
9755
100,1
1044
104
984
103
9711
Aug
July
Apr
Aug
Mar
Aug
July
Aug
June
July
Aug
Apr
101% May
994 Mar
101
Aug
08
Aug
00% Aug
74
May
1013% Feb
09 June
103
May
103 [June
112 June
9951 Jan
140,000 9611 Jan 10251 Aug
82,000 97% Jan 10111 Apr
2,000 9931 Apr 103% Aug
8,000 994 May 100
Juno
4,000 1014 Jan 103% Apr
6,000 94,5 May 102
Jan
14,000 994 Jan 10355 July
23.000 100
Mar 109
May
51,000 1044 July 105% Feb
98
9851 18,000 98
984 98
9854 44,000 98
054 94,1 0531 11,000 88
98
35,000 9455
9734 98
1004 100% 10014 9,000 994
100% 100 100)4 20,000 99
97% 120,000 .95A
07% 97
11411 113)1 1143.6 14,000 97%
91
99
1,000
4,000
94
10051
1,000
0714 22,000
91
1,000
28,000
97
Bonds (Concluded)U S Rubber 64% notes'28
Serial 655% notes_ 1029
Serial 655% notes__1930
Serial 614% notes_ _1931
Serial 63-4% notes__1932
Serial 655% notes__1933
Serial 635% notes__1934
Serial 655% notes_ _1935
Serial 655% notes_ _1936
Serial 614% notes_1937
Serial 655% notes_ _1938
Serial 655% notes__1930
Serial 655% notes__1940
Warner Bros Pict 63651928
Warner-Quinlan Co 6s 1942
Webster Mills 6555_1933
Western Power 548_1957
Westvaco Chlorine 5158 '37
White Fagle0& R 5568'57
Wisconsin Cent Ry 5s_1930
10055 1004
10055 1013-4
10055 101
10055 10034
10014 100y,
1003-410034
10014 10055
10055 101
10055 10035
10014 101
1004 101
1004 10031
10055 10131
83
8655
9454 9411
94
95
974 9855
101 10134
96
964
9755 9754
Range Since Jan. 1.
10011 100% 10,00
9511
9715
1313
Friday
Last Week's Range Sales
Sae
ofPrices.
for
Price. Low. High. Week.
084
92
994
93
89
934
July
July
Jan
May
May
Jan
June
Jan
100%
101
100
9851
101
10011
973%
119
Apr
Mar
Feb
May
June
Aug
Jan
Aug
June 101% Aug
July 08
Apr
Jan 101
May
Jan 103% Apr
June 94
Apr
June 99
Jan
9811 93% 343,000 9855 July
103% 10334 29,000 10134 Jan
94% 9434 14,000 9.134 July
99
July
104
Apr
044 Aug
Foreign Government
and Municipalities.
Agricul Mtg Bk Rep of Col
20
-year sink Id 78_1946
20
-year 7s_ __Jan 15 1947
Argentine Govt 65_ _ _ _1960
Baden (Germany) 78__1951
Bank of Prussia Landowners Assn 6% notes'30
Brisbane (City) 5s____1957
Buenos Aires(Prov)734s '47
75
1936
75
1952
7s
1957
75
1958
Cent Bk of Germ State &
Prey Blis let 65 ser A '52
Copenhagen (City) 53_1952
Danish Cons Munie 514555
Danzig P & Waterway Lid
external St 655s _ _ _ _1952
Denmark (King'n) 5348 '55
65
1970
Estonia (Repub of) 75_1967
German Cons Mimic 75 '47
Hamburg (State) Ger 65'46
Hungarian Land Mtg Snot
7355 series A
,
1961
Indus Mtge Bank of Fini'd
let mtge coils f 7s_ _1944
Medellin (Colombia) 7s '51
Ss
1948
Mendoza (Prov) Argentina
7158
1951
Montevideo (City) 65_1959
Mtge Ilk of Bogota 78_1947
Mtge 13k of Chile 65.1931
5itg Bk of Jugoslavia 7s '57
Nethrds(Kingd) 65 10_1972
Peru (Republic of) 75_1950
Prussia(Free State) 655551
Rio Grande do Sul (State)
Brazil ear 7s(of 1927)1963
Extli i 7s (of 1927)_1967
Russian Govt64s____1919
6 Asetfs
1919
555s
1921
5155 certificates_ _ _ _1921
Santa Fe (City) Argentine
Republic esti 7s
1945
Saxon State Mtge Inv 7s'45
6551
1946
Serbs Croats & Slovenes
(King) ext sec 7s ser B '62
1004
10015
10055
101
101
10055
9411
9415
9854
10131
100
963-4
97
993%
100
9715
9731
943%
100
973.4
9714 07
9514 9511
953.4
9511
100
9415
9534
9931
Law.
High.
1,000
8.000
13.000
4.000
13,000
7,000
6,000
12,000
5,000
9,000
12.000
3,000
34,000
34,000
1,000
19,000
89,000
13,000
26,000
3.000
9931
,
094
9836
9735
9755
9735
9754
9755
9755
973%
97
97
0755
8015
0331
9115
9655
984
93
96
June
June
July
June
June
June
June
June
June
June
June
June
June
July
Aug
Apr
June
Mar
June
June
9734 83,000
974 29,000
9934 9,000
1004 19,000
9531
964
9935
98
Mar 9736 Aug
Apr 9734 Mar
Aug 9931 Aug
June 10231 Jan
9755
9434
10034
9751
98
9511
95.4
9411
93
9776
9534
9455
93
94
June 9931 Mar
June 9631 Mar
Jan 10051 Aug
Jan 99
July
Feb 9834 Aug
June 97
Apr
June 9511 Aug
38.000
5.000
57,000
17,000
21,000
69,000
60,000
9434 9655 19,000
9511 9534 140,000
9934 9911 69,000
90
10131 10115
101
9455
1003-4
9911
974
_
Range Since Jan, 1.
9455 Aug 9635 Aug
9531 Aut. 973% June
9734 Jan 100
Mar
10,000 90
90
91,000 9934
102
1.000 100
101
9435 12,000 9455
33,000 9834
101
9754 10,000 9535
094 9931
6,000
102
Feb
102
Feb
103 • Jan
103
Feb
10355 Apr
10355 Apr
1034 Apr
my, June
1034 May
103
Feb
103
Jan
104
Mar
10455 Mar
11154 Feb
10034 July
99
Jan
99
Jan
10211 July
10051 May
99
Jan
97
Aug 9015 Aug
Jan 10231 Aug
Mar 102
Apr
July 9455 July
June 102
Jan
Jan 9936 Apr
June 101
Mar
10055 10035 10035
4,000 9931 Jan 1014 Jan
9311 9311 9331 26,000 91
July 96
Feb
10311 10276 10315 8,000 10231 June 10514 June
97
964 97
93
9335
,
9535 9555
974 9711 9715
8634 8615 87
1034 10531
99
9635 9951
9951
991.1 9934
9615
17
1634
174
1634
933-4
9914
97
96
1431
1434
1455
15
9734
9611
1735
1711
1751
18
26.000 95 June 994
13,000 914 July 9454
6.000 954 Apr 9535
31,000 94
July 994
52,000 82 June 9235
1,000 10351 Sept 109
256.000 9531 May 9911
36,000
96
June 10051
Jan
Feb
Aug
Feb
Apr
Jan
Sept
Feb
16,000
32.000
73,000
214,000
03.000
105,000
Jan
June
Sept
Sept
Sept
Sept
93
9355 16,000
100% 10034 0,000
9814 9916 21.000
96
98
12
1114
114
12
July
Aug
June
July
July
June
9834
9734
174
1755
1751
18
914 June 9555 May
0955 Apr 10214 Feb
9651 June 100
Jan
884 8835 8831 54,000 86
June 923% Apr
1111 S.,
ln, A< ln,az
1 volt lo.
"'''' 's
•No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. nt Sold under the rule. n Sold for cash.
a New Stock. r Ex 33 1-3% stock dividends sold at 14811 on Jan. 3 1927 with stook
dividends on. s Option sale. I Ex rights and bonus. u Ex special dividend of
83% and regular dividend of 2%. s Ex cash and stock dividends. w When issued,
z Ex-dIvIdend. y Ex-rlglits. z Ex-stuck dividend. p Cash sales of $2,000 on
Friday this week at 05.
Note.
-Omitted from last week's record. 20 shares of Pittsburgh Plate Glass sold
at 227. Last week's range should have read 227 low. 231 high; range for year to
date 227; Aug. low 269 January high.
Cml*,”.•.1.-.•. I, • C / Z
a
• 11141n
CURRERT NOTICES.
-Chase & Falk announce the admission to their firm of Paul W.
Richardson, formerly with Brown Bros. & Co., and the change of firm
name to Chase, Falk & Richardson with offices at 34 Pine St.
-The business of Fred H. Emery will be hereafter conducted by the
limited partnership of Fred IL Emery & Co., with offices at 1832 Union
Trust Building. Cleveland, Ohio.
-Redmond & Co. announce the removal of their Philadelphia offices from
1427 Walnut St. to 1429 Walnut St. Offices are maintained in New York,
Boston, Baltimore, Albany and Philadelphia.
Fox, O'Hara & Co., members of the New York Stock Exchange,
announce the opening of an uptown office at 551 Fifth Avenue, corner of
45th St., under the managment of Benno Traubman.
Gruntal, Lilienthal & Co., members of the New York Stock Exchange,
have prepared a circular on Westinghouse Electric & Manufacturing Co.,
copies of which may be had on request.
-Edey & Gibson, members of the New York Stock Exchange, announce
that John J. Radley, Jr., formerly with Chase, Falk & Kelley, has become
associated with them.
Blair & Co., Inc., announce the appointment of John A. Logan,
formerly of II. M. Byllesby & Co., as City Sales Manager in their Chicago
office.
Edward B. Smith & Co., members of the Now York Stock Exchange,
have prepared a circular which analyzes the common stock of the Chesapeake
Corporation.
-Emil W. Tonner, Manager of the Investment Department of
Commonwealth Bank for the past ten years, has become associated the
with
Crane & Rubenl in their retail sales organization.
-Byck & Lowenfels members Now York Curb Market have removed
their offices to 50 Broadway, N. Y. Their now telephone number
is
Bowling Green 4180.
-W. K.Terry & Co.. Toledo, Ohio. announced that Frank E.
Sedgwick,
who has had twenty years experience in the municipal bond business is
now
associated with them as Vice-President.
Bernard B. Badgley, formerly of Prince & Whitely, has
become associated with Reynolds, Fish S.: Co.
Walter T. Griffith has been admitted as a general partner in
the firm
of Throckmorton & Co.
Investment antt Satkola intelligente:
1314
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third
week of August. The table covers 5 roads and shows 0.74%
increase over the same week last year:
1927.
Third Week of August.
1926.
364,779
327,184
Buffalo Rochester & Pittsburgh4,960,205 4.822,695
Canadian National
354,701
327,073
Minneapolis & St Louis
12.573
9.112
Nevada-California-Oregon
682,771
659,910
Texas.k Pacific
6,283.484 6,237,518
Total (5 roads)
Net decrease (0.74%)
Increase. Decrease.
37,595
137,510
27.628
3.460
22,861
137.510
45,966
91,544
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Week.
lid week
2d week
lid week
4th week
lit week
2d week
ad week
4th week
lit week
2d week
ad week
4th week
lit week
2d week
3d week
4th week
lit week
2d week
3d week
4th week
1st week
2d week
3d week
Mar. r.3 roads).Mar. 13 roads)_.._
Mar. 13 roads)__-_
Mar. 13 roads)____
1
April (13 roads
April (13 roads __-April (13 roads
April (13 roads --May (13 roads)._
May (13 roads)__-May (13 road.
May (13 roads ____
June (13 roads
June (13 roads)---June (12 roads)____
June (13 roads
July (13 roads)---July (13 roads)---July 12 roads)---July 12 roads)____
Aug. 13 roads)___.
Aug (13 roads)..__
-Aug.( 5 roads)
14.995.998
15,453.141
15.190.382
22,052.923
15.204.434
14.742.573
14.590.611
19.895,469
15.252.550
14.872.278
14.552.518
20,444.541
14,674,637
14,637,922
14.923.185
20,190,921
14,345,693
14,389,046
14.414.724
13,239.045
14.138,182
14.932.688
6,283,484
Previous
Year.
Increase or
Decrease.
1-887,700 4.81
14.308,298
4-871.918 4.55
14.781.223
4-218.958 1.45
14,973.428
--173,528 0.78
22,226.451
4-s7.739 1.00
15.166.695
4-339.888 2.42
14,402,687
4-349.327 2.44
14,241.283
18,769,562 4-1.125.906 6.00
A-945.816 6.61
14.308.734
--230.776 1.53
15,103.054
--627,007 4.14
15,179.524
--899,801 4.22
21,344.342
--494,123 3.25
15.168,759
--608.420 4.00
15,244,341
--461.704 3.00
15.384.889
--188.300 0.92
20.377.221
--883.913 5.81
15,229.606
--196,928 1.35
14,585,974
--245.822 1.67
14,660.546
15.025,966 --1,786.921 11.89
--881.733 5.86
15.019.916
--434.169 2.82
15,366,857
4-45,966 0.74
6.237,518
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country,with a total
mileage each month as stated in the footnote to the table.
Net Earnings.
Gross Earnings.
Month
1926.
1925.
Increamor
Decrease.
1926.
1925.
Increase or
Decrease.
$
S
i
8
$
$
July-- 555.471,276 521,596.191 +33,875,085 161.070,612 139,644,601 +21.435,011
Aug..- 577.791,746 553,933,904 +23.857,842 179,416.017 166,426,264 +12,989.753
Sept.._ 588.945,933 564,756.924 +24.192.009 191.933,148 176,936,230 +14,996,918
Oct __ 604.052.017 586.008.436 +18,043,581 193.990,813 180,629.394 +13,361,419
Nov_ 559.935,895 531,199,465 +28,736,430 158.197,446 148.132.228 +10,065.218
Deo__ 525,411,572 522,467,600 +2.943,972 119,237,349 134,504,698 -15,267.349
1926.
1927.
1926.
1927.
Jan -485,961,345 479.841.904 +6,119.441 99.428,246 102,281.496 -2.853,250
Feb-- 467,808,478 459,084.911 +8,723.567 107,148,249 99,399,962 +7.748.287
+627,358
+432,618 135,691,649 134,064,291
Mar__ 529,899.898 529.467.282
-774,126
.497,212.491 498.677,065 -1.464,574 113,643,766 114.417.892
Aprll
.517.543.015516.454.998 +1,088,017 126,757,878 127,821.385 -1.063,507
May
June.516.023.039 539.797.813 -23.774.774 127.749.602 148.646.848 -20.897.188
Nots.-Percentage of Increase or decrease in net for above months has been
1926-July, 15.35% inc.; Aug.. 7.86% inc. Sept., 8.48% Ins.; Oct., 7.35% Inc.
Nov.. 6.79% inc.; Dec., 11.36% Inc. 1927-Jan., 2.79% dec.: Feb., 7.80% Inc.:
Mar.. 1.21% Inc.: April, 0.67% dec.; May, 0.83% dec.; June, 14.07% dec.
In July the length of road covered was 236,885 miles in 1926, against 235,348
miles in 1925; in Aug., 236,759 miles. against 236,092 miles: In Sept.. 236,779 miles,
against 235,977 miles; in Oct., 236,654 miles, against 236,898 miles: in Nov., 237.335
miles, against 236,369 miles: in Dec., 236,982 miles, against 237,373 miles. In
-Jan., 237.846 miles, against 236,805 miles in 1926; in Feb., 237.970 miles,
1927
against 236,870 miles in 1926; in Mar., 237,704 miles, against 236,948 miles In 1926:
in April, 238.183 miles, against 237.187 miles in 1926; in May, 238.025 miles, against
237,275 miles in 1926; in June, 238,425 miles, against 237.243 miles in 1926.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway -Nei Arta Taxes
1926.
1927.
1928.
1927.
1926.
1927.
$
Akron Canton & Youngstown
65,769
83,212
84,953
94,355
271,029
262,327
July
430,721
522.222
563.236
646,554
From Jan L 1,876,735 1,843,222
American Railway Express
180,719
183,654
376,267
409,043
24,915,284 25,656,652
July
916,392
920,919
Fr'm Jan 1116,449,818 118541,588 1,831,856 1,807,664
Ann Arbor
62,658
55,538
88,794
82,871
455.809
447,428
July
572,07.5
577.132
729,172
754,074
From Jan L 3.287,040 3,320,775
Atchison Topeka & Santa Fe System
21,592,524 25,561,510 7,443,250 11,022,217 4,667.262 8,446,943
July
From Jan 1143360.932 134652.315 37.648,693 39,405,392 25,338,052 27,455,020
Atch Topeka & Santa Fe
6,889,091
17,211,605 20,355,749 5,082,962 8.892.277 3,643,678 23,661,033
July
From Jan 1_114166693 110813,451 30,967,433 33,197,946 21,722,459
Gulf Col & Santa Fe
017,490 1,279,049
3.086,556 3,504,326 1,001,201 1,367,794
July
2,520.062
From Jan 1_20,133.556 16,138,516 4,316,206 3,148,809 3,726,675
Panhandle & Santa Fe
663,915
488.246
762,145
559,087
1,294,362 1,701,436
July
2,631,474
From Jan 1_ 9,060,683 7,700,347 2,365,054 3,058,638 2,084,291
Atlanta Birm & Coast
39,429
23,021
53,370
37.480
532,734
459,456
July
221,245
23.614
319,282
124,023
From Jan 1_ 3.086,446 3.364,342
Atlanta & West Point
47,111
42,230
63,313
55,760
268,795
255,699
July
287.732
269,832
395.397
377,131
From Jan 1.. 1.794,351 1,835,257
Atlantic City
295,967
203,118
331,498
243.428
701,021
624,551
July
92,532
308,886 --203.219
42,666
From Jan 1_ 2,360,201 2,621,688
Atlantic Coast Line
766,289
249,602 1,217,869 -104.633
July
5,322,815 6,946,107
14,978,798
From Jan L50,730.291 60,497,169 12,286,882 18,839,599 8,754.177
Baltimore & Ohio
6,823,413 3.889,675 5.839,759
20,321,744 22,192,585 4,922,821
July
28,596,190
From Jan 1_141535274 142273,776 34,789,010 35,088,391 27,718,094
Baltimore & Ohio-Chicago Terminal
24,494
-3.594
79.573
54,975
July
338.822
321.130
61,017
410,401 -10,293
360,762
From Jim 1_ 2.243.256 2,147,701
& Aroostook
Bangor
---6.168 ---63.782 -30,598
July
338,899 -45,224
318,261
919,00/
From Jan 1_ 4.571.384 4,047,124 1,597,456 1,242.399 1,230,631
--Net after Taxes
-Gross from Railway- -Net from Railway
1926.
1927.
1926.
1927.
1926.
1927.
$
$
Bellefonte Central
152
267
266
378
July
7,736
5,636
--4,565
--2,855
--3,760
--2,078
From Jan 1_
44,612
40,634
Belt Ry of Chicago
137.366
142,762
181,954
190,430
July
625,937
622,648
929.483
From Jan 1_ 4,240,295 4,221,215 1,425,215 1,268,686 1,091,081
Bessemer & Lake Erie
440,671 1,024,188
474,201 1,180,197
July
1,414.462 2,076,023
From Jan L 7,723,803 8,709,757 2,108,977 3,163,055 1,737,551 2.651,536
Bingham & Garfield
1,242
-7,623
11,790
-2,710
July
36,731
47,655
19,159
3,831
85,018
55,061
From Jan 1.. 294,819
323,336
Boston Sc Maine
July
6,609,572 6,965,082 1,852,867 1,827,160 1,556,668 1,584,484
From Jan L44,576,450 46,547,110 10,569,853 11,224,742 8,489,072 9,464,060
Brooklyn E D Terminal
43.742
23,232
52,167
29,560
July
127,051
106,952
293,891.
262.949
346,222
312,300
From Jan 1_ 848,313
845.072
Buff Rochester & Pitts-295.073
75,849
345,112
125,876
July
1,425,158 1,606,163
904,292 1,684,058
From Jan L10,238,862 10,240,291 1,254,712 2,034,225
Buffalo & Susquehanna
-2,910
--710 --12,195
107,727 --10,095
July
113,427
From Jan 1_ 910,162
697,940 --16,186 --70,190 --30.886 --91,290
Canadian National Rys21,032,354 21,278,013 2,466,982 3,465,006
July
Fr'm Jan 1150,731,1681,46739,9H 16.537,769 19,022.742
Atl & St Lawrence
32,610
4,579
46,260
17,089
252,672
203,252
July
117,953
76,534
213,598
166,744
From Jan 1_ 1.586.994 1.567,217
. Chi Det & Can 0 T Jet
128,927
149,983
139,441
160,388
319,307
310,700
July
985,751
From Jan 1_ 2,315,455 2,206,920 1,129,171 1,058,325 1,056.526
Det 0 H & Milwaukee
289,612
285,740
294,798
299.850
714.406
789,943
July
From Jan 1_ 4,863,113 4.316.311 1,868,694 1,606,738 1,276,079 1,570.628
Canadian Pacific Lines in Vermont
2,943
36,371
4,734
41,121
197,834
191,639
July
-3,458
-4,615
124
28,635
347,096
1_ 1,191,109
From Jan
Canadian Pacific Lines in Maine
138,682 -15,578 -22,151 -28,878 -38,051
123,914
July
47,716
39,040
132,016
132,140
Jan 1_ 1,647,019 1,575,676
From
Canadian Pacific
16,598.421 3,126,786 3,921.134
16,028,715
July
Fr'm Jan 1104,871,278101826.207 16,139.086 17,877,823
Central of Georgia
721,201
409,840
866,042
535,478
2,314,837 2,930,909
July
From Jan 1_16,255,387 18,432,738 3.734.771 4,351,424 2.880,412 4,525.950
Central RR of N J
1,474,451
4,867,047 5,530,171 1,377,043 1,872,737 1,238,343
July
From Jan L33,704,555 33,419,161 8,907,467 8,975,403 6,249,258 6.199.359
Central Vermont
50.759
197.409
69,769
216.971
826,971
829,394
July
583,893
685,119
717,711
820,969
From Jan 1_ 5,157,764 5,146,198
Charles & West Carolina
42.835
6,916
62,835
24,442
292,127
249,974
July
984,743
289,356
634,043
435,076
From Jan 1_ 2,140.321 2,379,528
Chicago & Alton
434,063
296,786
543,298
402,578
2,289,522 2,680,803
July
2.686,902 2,806,578
From Jan 1_16,168.363 17,410,291 3,428,643 3,565,288
Chicago Burl & Quincy
2,814.068
12,196.479 13,450,753 2,534,627 3,562,964 1,741,972 15,932,993
July
From Jan 1_83,800,390 88,049.414 21,934,482 22,351,259 15,405,480
Chicago & East Illinois-.
376,656
313.503
522,506
429,238
2,203,880 2,333,163
July
1,438,232
From Jan E15,564,427 15,561,409 2,896,773 2,301,254 2,087,769
Western
Chicago Great
455,388
224,788
555.643
309,363
1,989,558 2,319,166
July
From Jan E13,560,747 13,996,037 2,265,617 2.637,282 1,684,114 2,039,491
Chicago & Illinois Midland
-5,282
130 -98,272
98,933 -91,387
70,732
July
89,358
146,527 -250,560
695,456 -200.936
From Jan L 963,863
Louisville
Chicago Ind St
342,622
338,857
432,668
420,946
1,493,534 1,480,671
July
From Jan L10,600,135 10,422,221 2,779,798 2,772,061 2,258,028 2,202.530
Chicago Milwaukee & St Paul
500,098 1,755,115
13,041,622 13,602,534 1,252,030 2.507,630
July
From Jan L87,678.071 88,862,737 12,104,798 15,153,254 6,834,515 9,885,278
Chicago & North Western
13,030,023 13,869,739 3,107,908 3,489,275 2,305,414 2,687378
July
From Jan L83,557,744 86,422,444 17,19,337 18,768,487 12,001,248 13,149,959
Chicago River & Indiana
153,221
158,076
199,061
199,039
567,321
546,018
July
From Jan L 3,907,004 3,896,068 1.316,890 1,312,389 1,033,420 1,014,560
Chicago It I & Pacific
11,236,458 12,488,310 2,874,030 3,854,006 2,241,551 3,258,158
July
From Jan.1.75,832,502 72,242.774 17,169,747 15,251,185 12,713,416 11,094,991
Chicago St Paul Minn & Om
222,229
69,121
322,229
2,116,413 2,198,711 - 173,054
July
From Jan L14,510,478 14,715,469 2,441,471 2,364,817 1,706.053 1,597,727
Cilnchfield194,289
121,508
254,337
196,525
684,964
621,318
July
From Jan L 4,697,222 4,669,709 1,674,387 1,688,988 1,149,343 1,268,838
Colorado & Southern
927,478
972,140
July
From Jan 1- 7,005,107 6,732,356
Ft Worth & Denver City
975,213 1,270,294
July
From Jan 1- 7,174.460 6,847,514
Trinity & Brazos Valley
457,043
July
193,938
From Jan 1_ 1,426,158 1,315,115
Wichita Valley
127,263
July
98,877
822.194
From Jan 1- 998,896
Columbus & Greens
153,874
127,894
July
From Jan 1_ 976,886 1.058,812
Delaware & Hudson
3,514,296 4,325,909
July
From Jan L24,399,691 25,463,327
Denver & Rio Grande
2,670,025 2,884,471
July
From Jan L17,329,298 17.971,357
Denver az Salt Lake
327.172
267,714
July
From Jan L 2,026,672 2.070,673
Detroit & Mackinac
160,041
148,919
July
902,138
From Jan 1_ 925,380
Terminal
Detroit
210,233
177,444
July
From Jan 1_ 1,241,608 1,509,934
Detroit Toledo & Ironton
July
594,344 1,094,8.59
From Jan 1_ 5,363,381 7,802,807
Detroit & Toledo Shore Line
312,142
313,465
July
From Jan L 2,936,475 2,724,928
101,326
35,038
734,022 1,206,313
35,611
281,627
37,730
759,961
548,431
203,917
622.726
229,429
1,853,728 2.456,424 1,432,642 2,022,579
26,312
70,480
180,319
-38,609
19,034
18,901
172,615
-92,764
7,169
409,183
60,885
355,154
381
346,451
51,351
288,804
-22,315
913,895
25,837
888,949
-23,515
55,035
24,251
159,505
607,327 1.347,245
724,327 1,435,245
4,050,058 5,972,168 3,230.581 .5,354,638
616,826
343,810
806,902
533,939
3.499,352 4,558,442 2.197,386 3,248,813
-26,154
44,748
-15,160
41,964
-34,970
-5,642
--21,168
-51
40,911
195,573
19,369
61,867
30,796
123.512
9,607
-2,223
58,354
400,378
77.944
338,941
44,474
286,564
58.643
226,333
308.853
43,146
1.212,293 2,652,134
255,859
22,250
954,380 2,101,331
06,903
107,780
120,235
137,351
1,540,476 1,353,579 1,336,960 1,188,907
SEPT. 3 1927.]
ThE CHRONTCLF,
1315
-Gross from Railway- -Nei from Railway- -Net after Tares
-Gross from Railway- -Net from Railway--Net after Tatra
1927.
1927.
1926.
1926.
1926.
1927.
1927.
1926.
1926.
1927.
1926.
$
$
$
Mississippi Central
Duluth & Iron Range
891,164
614,176
1,029,331 1,168,394
548,381
470,241
July
136,150
July
136. 52
30,319
32,584
22,385
23,336
991,079
From Jan E 930,566
867,735
664,405
838.038
019,325
From Jan E 3.717,798 3,467,251
238.163
235.203
180,142
168,724
Missouri-Kansas-Texas Lines
Duluth Missabe & Northern
2,620,734 3,123,689 1,835,654 2,425,258 1,591,675 2.162,393
July.
4,483,704 5,352,358 1,225,303 1,719,717 5878,511 51,290,179
July
From Jan E31,980,325 31,320,845 8,946.386 9,246.576 56,628,121 56,744,997
From Jan 1_ 9,155,753 8,677,165 4,375.260 4,135,637 3,167,853 3,039,563
Mo-Kan-Tex of Tex
Dul So Shore & Atlantic
457,790
481,881
29,213
86,052
July
58.213
54,052
1,592,336 2,032,572
343,434
July
473,982
290,797
420,056
478,914
275,914
619,594
From Jan E11,928,637 11.704,410 2,586,075 2,581,698 2,200,999 2,206,038
407,579
From Jan E 3,090,760 3.074,933
Duluth Winnipeg & Pacific
Missouri-Kansas-Texas
221,214
43,634
198.147
8,905
-1.013
32,542
July
July
881,868 1,245,734
2,891,368 3,319,786
700,396
977,534
251,357
From Jan 1. 1,473,918 1,343,794
From Jan 1_20.051.688 19,616,235 6,360,311 6,654,868 .5,032,515 5,154,960
174,895
108,270
178.050
Elgin Joliet & Eastern
Missouri Pacific
1,918,455 2,288,400
577,028
837,053
717,597
460,920
July
July
10,398,040 11,115,984 2,323,394 2,539,386 1,907.038 2,082,658
From Jan E14,856,818 15,518,113 5.010,038 .5,474,039 4,310,892 4,776,483
From Jan 1.70,541,945 74,838,180 12.970,225 16,485,545 10,027,844 13,295,340
Erie RRMissouri & North Arkansas
NJ&NYRRJuly
136,892
150,674
646
6,406
-1,694
4,006
July
144,761
142,250
23,474
34,191
30,541
19,897
From Jan 1_ 985,799
980,579
110,376 -36,171
93.404 -52,564
From Jan 1_ 916,929
929,643
129,904
77,6.57
52.645
103,224 Nashville Chattanooga & St Louis
Evansville Ind & Terre Haute
July
1,899,569 2.050,626
387,900
490,394
297,556
380,105
July
236,422
From Jan L13,399,158 13,983,090 2,758,028 2.755.112 2,234,564 2,193,748
200,750
57,559
103,543
94,732
52,742
From Jan 1_ 1,410,397 1,446,218
458,101
474,044
437,217 National Rys of Mexico.
420,702
Florida F.ast Coast
June
9,262,846 9,818,901
174,668 1,173,681
July
981,655 1,717,798 -63,013
From Jan E55,773,089 56,864,762
487,711 --188,819
348.687
3,489,808 6.213.236
From Jan L12,593,277 19,300,395 3,180,168 6,198,355 2,295,539 5,258,595 Interanic Ry of MexicoFonda Johns & Gloversville
June979,007 1,108,015
-175,193
103.656
July
83,014
91,370
19,299
11,459
From Jan 1_ 6,064,267 7.221,990
24,337
16,497
-.-447,320 1,374,042
From Jan 1. 692,658
721,811
195,177 Nevada Northern
221,272
250,057
168,392
Ft Smith & Western
76,668
44,747
79,384
41,443
July
30.780
32,525
July
124,054
127,411
544,888
16,613
283.006
From Jan 1_ 555,320
280,445
224,069
14,464
8.963
11,113
208,970
From Jan E 940,753
83,521 Newburgh & South Shore
917,568
110.381
74,306
122.248
Galveston Wharf
165,892
157,505
42,538
July
37,646
27,864
25,130
July
222.902
174,570
158.084
From Jan 1_ 1,021,200 1,165,876
88,185
29,741
12,229
283,684
112,804
56,241
130,302
From Jan 1. 1,156,850
283.563
223,311
96,667 New Orleans Texas & Mexico
883,308
412,063
Georgia RR
271,894 -62,718
54,005 -82,547
174,518
July
27,414
July
589,334 -323,516
88,630
463,256
81,171
From Jan 1_ 1,591,443 2,111,024 -102,237
101,186
89,274
513,437
407.629
From Jan E 3,284,285 3,537,234
593.828
471,754
668,662
546,103
Beaumont Sour Lake & Western
Georgia & Florida
237,039
256,083
40,035
67,840
36,395
July
60,975
July
390,286
527,501
13,244
From Jan I_ 1,792,044 1,702.315
173,706
46,040
38,940
148,868
20,944
424,784
478.014
Front Jan E 1.080,467 1,133,387
257,846
146,190
307,652
200,784
St Louis Brownsville & Mexico
Grand Trunk Western
155,140
634,068
154,770
649.728
July
119.650
123,931
July
From Jan 1_ 5,725.632 5,306,471 1,944,430 1,804,178 1,699,116 1,589,439
317.977
1,732,125 1,723.708
486,950
400,627
395,698
From Jan 1.12,109,877 11.705,454 3,277,918 3,088,834 2,686,263 2,572,189 New York Central
3,175,589 34,218,077 8,158.775 9,508.676 5,947,434 7.141,177
Great Northern System
July
9,789,740 10,327,012 3,408,769 3,847,866 2,463,973 3,010,542
July
From Jan 1_224189.442 226574,185 54,376,306 57,079,643 39,186,881 41,354,714
From Jan E57,573.969 57,525,083 14,779,793 15,038,916 9,246,102 9,722,242
Bait Ches & Atlantic
Green Bay & Western
July
185,957
171,621
37,893
24,929
28,027
15,068
July
117.543
126,751
25,111
7,910
-90
From Jan 1. 780,300
768,264 -158,280
15,111
162,541 loss183,392 1088187,841
From Jan 1_ 904,772
944,924
233.250
184,607
128,606
166,110
Cincinnati Northern
Gulf Mobile & Northern
371,651
368,320
July
112.713
88,498
91.018
71,054
563,038
July
535,316
128,338
159,615
113,644
96,618
From Jan E 2,662,997 2,659,469
794,815
883,719
625.031
693,558
From Jan E 3,924,460 3.625,335 1,086.356 1.089.765
830,154
783,839
Indiana Harbor Belt
Gulf & Ship Island
940,937
895.666
250,034
July
375,592
208,507
316,362
302,892
July
329,558
4,774 -77,982 -19,084 -103.412
From Jan 1_ 6,553,712 6,382,270 1,612,370 1,894,539 1,298.334 1,564,066
From Jan 1_ 2,183,129 2,305,581 -51,933 -395,342 -219,035 -577,204
Michigan Central
Hocking Valley
7,529,956 8,018,858 2,131,320 2,370,777 1,636,424 1,889,792
July
July
1.958,919 1,751,241
784,977
667.551
581,934
457,893
From Jan 1.52,036,422 55,501,590 15,715,927 17,788,255 12,222,302 14,259,120
From Jan E12,301,619 11,355,933 4,488,165 3,459,356 3,686,961 2,652,468
C CC & St Louis
7,443,257 7,911.445 1,622,564 1.920,235 1,242,487 1,504,074
July
Illinois Central System
From Jan 1_52,882,581 53,239,253 11,938,513 13,174,135 9,068,219 10,050,145
14,729,982 15,304,591 3,154,082 3,366,515 2,230,874 2.357.807
July
Fr'm Jan 1104.658,777 103647.706 23,741,597 23,147,506 16,568,058 16,115,096
Pittsburgh & Lake Erie
2,856,317 2,932,000
704,253
July
847,540
Illinois Central Co
511,053
439,157
From Jan 1_19,155,553 19.062,916 3,393.204 3,525,900 2,217,381 2,281.972
12,731,659 13,006,907 2,944,753 3,004,575 2,204,940 2,159,131
July
. From Jan 1_89,947,429 89,584,583 21,737,757 20,380,646 15,852,504 14,378,876
July17,
Westernlso74
Toledo & Peoria
861
18,957
Yazoo & Miss Valley
-8,129
17.957 -15,847
799,545
$6,001 -59,211
July
From Janl_ 951,233
1.978,431 2,283,869
35,882 -111,117
210,040
361,392
31,485
202,774
From Jan 1_14,624,062 14,036,056 2,020,770 2,785,365
766,278 1,762,466 New York Connecting
242,139
223,597
133,662
July
83,180
96.162
44.380
International Great Northern
From Jan 1_ 1,709,851 1,597,246 1,018,210
906,048
743.710
637,648
July
1,214,667 1,526,718
95,213
329,078
52,623
274,584
From Jan 1_10,189,417 10,073.542 1,660,423 1,879,297 1,363,800 1,561,562 NYNH& Hartford
11,713.370 12,242,255 3,462,298 3,176,565 2,958,342 2,689.421
July
Kansas City Mex & Orient
From Jan 1_79,803,179 81,027,914 20,891,342 20,724,743 17,220.586 17,379.290
July
245,277
245,574
24,514
16,400
20,403
5,303
From Jan 1_ 1.720,582 1,134,339
48,070 -40,611
18,469 -75,426 Norfolk & Western
9,175.505 10,930,854 3.381,672 4,963.200 2,530,246 3,961,491
July
K C Mex & 0 of Texas
From Jan 1_65,159,355 65,495.417 23,774,188 25,480,224 17,815,140 19,896,699
July
614,086
362,760
172.916
67,288
165.819
60.288
From Jan E 3,850,852 2.013,190
862,775
389.772
812,717
320,349 Northern Pacific
7,468.821 8,246.303 1,854,049 2,396,717 1,178,444 1,842,325
July
Kansas City Southern
From Jan 1.48,807,688 52,304,723 5,538.296 11,698,174 4,857,521 6,838,438
July
1,684,954 1,683.826
592,320
561.245
481,690
454,253
From Jan E10,884,050 11,003,384 3,479,577 3,570,805 2,705,162 2,816.121 Northwestern Pacific
688,572
850,073
213,814
415,202
July
173,075
Texarkana & Fort Smith
374,448
543,010 1,032,329
From Jan 1_ 3,494.763 3.952,827
257.997
July
744.763
245,406
256,995
116,559
78,679
63,739
99,764
From Jan!. 1,709,010 1,756,812
829,826
642,827
537,869
709,748 Penn. System Pennsylvania Co
Kansas Oklahoma dt Gulf
55.200,623 59,231,293 13,039,994 14,815,824 9,169,932 10,999,007
July
July
221,078
234,418
62,022
59,767
51. 75
51,404
From Jan 1_388872661 396046,792 87.871,869 82,322,435 67,721,592 62,407,331
From Jan E 1,589.921 1,498,109
226,987 -240,545
159,283 -336.609
Long Island
Lake Superior & Ishpeming
4,052.006 4,052,137 1,495,468 1,710,335 1,045,379 1.332,192
July
290.686
July
380,121
157,124
231,048
126,140
219,436
From Jan L23,103.175 22,256,278 4,926.743 5,403,738 3,559,853 4.278,518
From Jan 1. 1,137,438 1,198,345
370.401
412.086
235.820
326,344
Monongahela
Lehigh & Hudson River
610,129
561,623
296,821
274,075
270,108
July
270,350
275,197
85,322
July
247.106
96,411
88,631
81,281
From Jan 1. 4,513,240 4,043,083 2,256,587 1,922,557 2,053,378 1.743,962
From Jan L. 1,941.837 1,890,526
635,229
657,830
518,648
549,146
W Jersey & Seashore
Lehigh & New England
1,350,337 1,498,837
504.770
471,793
July
233,190
476,070
July
555,061
93,745
228,157
262,458
80,966
195,368
From Jan I_ 6,671,071 7,219,015 1,003.254 1,187,670
From Jan E 3,322,590 3,013,218 1,013.501
537,258
933,905
715,034
866,089
784,142
Lehigh Valley
Peoria & Pekin Union
5,364,535 7,335,439
July
534,198 2,166,441
139,343
136,956
12,734
20,435
565,148 1,732,975
July
12,734
20,435
From Jan 1_42,595,809 44,755,305 8,045,704 10,612.208 6.291,441 8.211,915
283,412
From Jan 1. 1,043,157 1,012,007
306,989
151,838
181,989
Los Angeles & Salt Lake
Pere Marquette
2,212,665 2,009,112
441,539
July
430,867
3,854,762 3,888,316 1,142,342 2,675,800
July
293,871
936,449 1,007,248
299.220
From Jan 1_14.509,066 14.040,478 2,323,728 2,510,912 1,378,671 1,579,910
From Jan 1_25,505,201 25,312,654 7.126.362 7,285,653 5,695,617 5,857,427
L011181811a & Arkansas
Perkiomen320,532
269.026
51,302
95.653
107,184
July
133,894
67,885
43.366
29.164
July
37,559
65,558
61,208
401,504
From Jan 1_ 2,048,067 2,393,252
774.331
From Jan 1_ 716,358
807,882
354,577
255,692
226,206
221,307
536,899
303,947
Louisiana Ry & Navigation Co
Pittsburgh & Shawmut262,824
310,663
63,049
July.
50,067
155,884
140,898
40,387
41.054
July
35.318
39,141
28,037
34,976
From Jan 1.. 1,774.488 2,037,843
139.602
260,216 -17,848
955,469
120,512
From Jan 1_ 978,855
210,499
112.232
105,327
289.123
La Ry & Nay Co of Tex
Port Reading
75,797
114,552
-2,109
38,471
175.507
July
-8,146
167.886
70,961
July
25,622
34,462
59,415
8,462
1.436
741,596
From Jan E 585,909
88,424 -26,651
From Jan E 1,454,848 1,452,032
647.538
628.237
60,341
531,599
514,283
La-Miss Transfer
Quincy Omaha & K
17,892
14,015
-711
548
71,060
C72,562
July
-1,527
-1,871 -21,763
July
-340
-7.695 -23.346
87,286
27,067 -18,930
1,497 -22.649
From Jan I_
513,733 -88,915 -78.926 -109.942 -112,472
From Jan 1_ 454,374
-312
Louisville Henderson & St Louis
Rutland
303,196
287,964
71,419
40.052
545,833
585,878
117,331
53.752
July
July
122,185
86,678
25,702.
88,043
631,429
473.650
490.339
582,492
From Jan E 2,265.314 2,156,098
From Jan 1_ 3,600,527 3.846,303
631,741
396,375
350,877
433.840
Louisville & Nashville
7. ,8
St Louis San Francisco
11.949.229 12,367.902 2,656,998 3,332,182 2,025,698 2,627,043
July
8.226.720 1.518,109 2.130,853 51,601,093
52,107,895
From Jan E83,789,815 84,864,175 17,356,75.5 20,081.815 13,318,658 15,724,267
From Jan 1.50,494,771 52,947,875 11.343,256 12,431,022511,799,289512.309.100
Central-Maine
1,815,241 1,694,877
261,140
338,690
146,751
236,531
July
Frcr7 7,871,515 1,839,594 2,597.357 1,467,346
an
July
BtiAluis-Ban 6.809.
2,141,023
From Jan 1_11,859,168 11.764,944 2,406,493 2,385,702 1.608,463 1,686,749
From Jan 1_48,081,084 50,657,482 13.589,506 15.0/9,760 10.910,878 12,362,599
Midland Valley
St Louis-San Francisco & Texas
375,091
325,404
107,579
140,806
88,174
140,370
188,296
119,998
July
17,392
July
51,689
14.817
49,319
820.585
991,103
684,164
861,873
From Jan!. 2,231,448 2.446.451
225,833
From Jan 1- 1.148.105 1,087,803
251,401
207,405
232,596
Minneapolis & St Louis
.7td y Worth & Rio Grande
Fort
74,938
54,317
1,089,943 1.188,999
11.581
101,009
-8,801
106,992
JULY
2,487 -22,925
-1,565
119,462
188,861 -269,048 -254,418
716,815 -33,265 -41.157 -61,767 -27,084
From Jan 1- 7,893,572 8,012,458
From Jan 1_ 718,888
-70,386
Minn St Paul & Sault Ste Marie
San Ant Uvalde .4 Gulf
4,133,892 4,212,190 1,158,443 1,120,648
912,288
133,802
151,632
866,615
July
9,182
July
40,683
5,576
36,636
From Jan 1_25.076,475 25,818,600 4,930,979 5,055,132 3.334.390 3.404.255
From Jan 1. 1,177,314 1,115,225
315,705
336,587
290,177
311,235
--Gross from Railway- -Net from Railway- -Net after Taxes
1926.
1927.
1926.
1927.
1926.
1927.
$
$
$
St Louis Southwestern System
311,715
273,585
404,269
345,508
1,889,823 2,048,905
July
From Jan 1_13,607,688 14,163,805 2,333,627 2,944,125 1,825,831 2,290,416
St Louis Southwestern
357.035
375.837
416,011
421,011
1,325,927 1,410,307
July
From Jan 1_ 9,627,334 10,111,788 2,667,579 3,175,788 2,348,678 2,728,729
St Louis South-Western of Texas
638,599 --75.503 --11,742 --102,252 --45,319
563,896
July
From Jan 1_ 3,980,334 4,052,017 --333,953 --231,663 --522,847 --438,313
Seaboard Air Line
982,482
741,812
4,486,000 4,961,401 1,020,679 1,281,091
July
From Jan 1_38,041.734 40,643,882 9,540,556 10,629,583 7.327,213 8,536,904
Southern Pacific System
24,938,513 25,192,251 6,392,070 7,746,013 3.908,540 5,256,564
July
From Jan 1166968,376 165383,895 39,327,144 39,596,918 23,894,558 24,602,509
Southern Pacific Co
18,399,624 19,370,188 5,556,470 6,542,610 4,013.312 5,007,208
July
From Jan 1_ 120413460 119,222633 33,228,690 33,346,474 23,236,489 25,590,942
Sou. Pacific 8. S. Lines
166,629
84,856
175,829
89,029
990,005 1,045,126
July
911,231
665.024
980,231
702,031
From Jan 1_ 7,024,514 7,192,187
Texas & New Orleans
724,261
444,016
746.571 1,027,574
5,548,884 5,778,937
July
FromJan E39,530.402 38,969,095 5,396,423 5,270,214 3.381,552 3,178,714
Spokane International
38,644
34,741
33,258
40,108
113,003
107,649
July
181,164
215,398
253,055
218,792
711,390
From Jan 1_ 694,813
Spokane Portland & Seattle
305,749
204,980
228,513
290.119
777,223
733,692
July
988,653
From Jan E 4,680,622 4,538,270 1,641,249 1,529,108 1,080,366
Tennessee Central
62.984
54,864
57,141
60,002
265,538
278,347
July
354,594
307,786
310,579
346,862
From Jan E 1.886,277 1,884,959
Terminal Railway Assn of St Louis
444,862
190,954
289,430
333.091
1,056.175 1,117.705
July
From Jan 1_ 7,704,234 7,682,645 2,507,132 2,781,356 1.797.467 2,006,822
Pacific
Texas &
660,172
509,686
664,952
497,302
2,869,533 2,803,917
July
From Jan L21,284,796 19,445,461 4,712,760 4,132,356 3.617,712 3,029,042
Ulster & Delaware
57,054
39,833
45,583
51,304
177,014
161.086
July
58,122
-5,059
35.191
17,871
701,721
From Jan L. 661,788
Union Pacific
8,576,728 9,592,374 2,241,596 2,816,098 1,604,790 2,137,570
July
From Jan 1_54,955.222 58,216,758 14,754,839 16,400,724 9,824,027 11,534,964
Oregon Short Line
618,808
267,422
513,794
367,635
2,678,285 2,810,646
July
From Jan E18.143,049 19,444,039 4,180,233 4,726,840 2,399,235 2,928,621
Ore-Wash Ry & Nay Co
599,906
410,121
150,406
340.609
2,252.238 2,531,719
July
686,840 1,955,198
From Jan E14,844,027 16,216.259 1,995,071 3,173.878
St Joe & Gd Island
-9,293
37,370 -23,426
50,691
254,554
282,511
July
476,208
209,813
314,363
33 ,837
From Jan 1_ 1,748,805 2,000,849
Union RR (Penn)
190,499
223,499
295,826
356,826
897,490 1,174,441
July
682,210 1,312,184
809,347 1,577,591
From Jan 1_ 5,915,485 6,980,927
Utah
24,064
23,961
33.473
30.548
132,471
108,838
July
209,196
275,780
255,531
320,217
923,154
From Jan E 927,430
Virginia
950,773
584,550
709,569 1.078,886
1,694,614 2,127,890
July
From Jan E13,479,014 12,343,199 6,424,989 5,402,543 5,354,788 4.480,088
Wabash
749,607 1,144,774
940,483 1,408,224
5,343,213 6,023,006
July
From Jan L38,889,678 40,030,055 8,431,544 9,493,060 6,559,217 7,569,348
Western Maryland
520,085
436,044
605,085
536,044
1,750,011 2,005,117
July
From Jan 1A3,016.093 12,774,905 3,875,122 3,831,900 3,175,122 3,271,900
Pacific
Western
432,790
546,841
-755
127,677
1,413,175 1,617,288
July
45,875 1.343,735
916,818 2.056,128
From Jan 1_ 8,233.979 8.346,357
Western Ry of Alabama
54.785
65,511
43,105
52,982
262,314
287,033
July
275,185
421,926
537.818
371,754
From Jan 1_ 1,792,551 1,995,155
& Lake Erie
Wheeling
287,269
418,321
435,865
592,875
1,567.226 1,865,049
July
From Jan L11,001,829 11,778,608 2,995,078 3,394.827 2,072,329 2,416,461
•Figures are given in Mexican currency. b After rents.
-Gross from Railway- -Available for Int.- -Surp. after Charges.
1927.
1926.
1926.
1927.
1926.
1927.
s
$
$
s
$
$
et Louis San Fran System
307,222
811,518
7,113,328 8,226,720 1,601,093 2,107,895
July
From Jan E50,494,771 52,947,875 11,799,289 12,309,100 2,733.462 3,320,743
Fixed
Net
Charges. Balance.
Income.
32,947
23,366
July '27
31,414
38,628
'26
228,034
199,218
From Jan 1 '27
228.081
230.826
'26
16,725
12,713
July '27
13,441
21,885
'26
117,049
132,219
From Jan 1 '27
93.354
122,242
'26
1,769,747
July '27 2,727,094
1,750,730
'26 2,507,114
From Jan 1 '27 15,895,330 12,321.809
'26 16,422,779 12,332,108
235,179
237,156
July '27
234.801
310,291
'26
From Jan 1 '27 1,780,755 1,623,812
1,639,420
'26 2,319,072
247,580
500,848
July '27
245.880
493,129
'26
1,790.326
3,470,435
From Jan 1 '27
1,733,831
'26 3,096,220
Fonda Johnstown & Gloversville
Georgia & Florida
NY N II & Hartford
St Louis Southwestern
Western Maryland
[VOL. 125.
THE CHRONICLE
1316
-9,580
7,214
-28,816
4.744
-4.012
8,444
15,170
28,898
957,347
1,158,309
3,573,521
4.090,671
1,976
75,490
157,144
679.652
253,268
247.249
1,680,109
1,362,389
Balance,
Fixed
Net after
Gross
Charges.
Surplus.
Taxes.
Earnings.
$
$
k218,309 5-108,963
June '27 2,858,684 Jc109,346
Atl Gulf & W I SS
k231,842
8183,182
'26 3,419,280 /c415,023
Lines
9129,216
6 months ended June 30 '27 18,987,028 id .451,645 k1,322,428
8132,359
'26 20,438.635 Jc1,564,070 k1,431,711
668,654
*339.694
128,724
210,970
Carolina Power & Lt July '27
*314,951
108,313
646,469
206,638
'26
1,341,301
12 months ended July 31 '27 8,705,432 *4,560,369
3,219,068
1,221,662 2,423,462
'26 7.678,425 *3,645,124
911,858
290,093
8621,766
Engineers Pub Serv Co July '27 2,463,622
784,516
261,828
'26 2,214,608
8522,688
12 months ended July 31 '27 28,555,123 10,952,406 3,276.737 87,675,669
3,118,031 86,524,365
'26 25,156,416 9,642,396
167,303
80,275
Federal Light & Trite July '2/
520.308
87,028
494,279
'26
165.777
Co
69.092
96.685
7 mos ended July 31 '27 4,029,034
1,505,041
510.818
994,223
'26 3,781,469
1,421,510
474,860
946,690
131,758
Public Serv Co of N H July '27
278,135
39,109
92,649
'26
112,970
268,826
(& Subsidiaries)
76,097
36,873
7 months ended July 31 '27 2,050.886
1.005.046
245,934
759,112
'26 2,048,077
974,854
715,974
258,880
*214,968
Third Ave Ry SystemJuly '27 1,273,316
e222,013
-7,045
'26 1,333,348
*306,183
e217,942
88.241
July '27
York Utilities Co
11.568 *J-2,679
#3,630
-6,310
'26
14,239
*J-663
83,921
-4,584
7 months ended July 31 '27
115,671
*I-5,809
k27,076
-32,885
'26
123,025 5J-2,714
-24,181
#26,894
* Includes other income. b After rents. c After depreciation. e Includes amortization of debt discount and expenses. I Before taxes. k Includes taxes.
Month of July12 .1foUhs Ending July 31
Surplus
Surplus
Gross.
Net.
YearAft. Chges.
Gross.
Net.
Aft. Chges.
$
8
$
$
$
a
Baton Rouge Elec Co
87,810
25,956 , 20,182 1.013,089
1927
380,829
310,449
76,168
24,951
1926
19,254
904,996
329,057
258,508
-Blackstone Vol G & E Co & Sub Cos
433,207
134,948
84,849 5,785,722 2,053,514 1,449,386
1927
112,389
64,892 5,343,842 1,947.602 1,437,015
395,939
1926
Cape Breton El Co, Ltd
3.544
650,848
9.261
153,871
50.264
84.916
1927
2,830
588,721
109.627
46.679
40.585
8,560
1926
Edison Elec Ill Co of Brockton
656,184
32,843 1,881.747
643,954
34,085
141,495
1927
560,161
583,699
25,257 1.718,150
26,187
122,003
1926
The El Lt & Pr Co of Abington & Rock
109,233
115,274
14,458 600,890
15,038
55,824
1927
103,798
569,047
107,018
10.428
47,699
10,759
1926
El Paso Elec Co dr Sub Cos
907,677
70,917 2,936,859 1,077,085
238,919
85,798
1927
843.255
57.337 2,690,128 1,007,637
218.893
71,190
1926
Fall River Gas Works Co
267,957
282,797
23,456 1.039.727
24,624
84,575
1927
218,956
996,098 . 222,683
11,030
11,619
77,892
1926
Gal-Houstan Elec Co & Sub Cos
612.115
77,128 4,897,293 1,449,617
441,171
148,731
1927
428,810
60.393 4,230,335 1,151,492
124,323
397,054
1926
Lt Co
Haverhill Gas
105,198
107,743
707,941
12,523
12.639
59,389
1927
137.770
138,177
669,299
15,186
15,189
56,934
1926
Jacksonville Traction Co
43,702
225,472
1,949 -11,932 1.522,214
105,074
1927
202.217
395,232
23,443
7,787 1,566,291
128,673
1926
Elm Lt Corp
The Lowell
620,346
613,029
25,472 1,757,950
26,639
121,344
1927
588,786
598,776
33,233 1,696,699
124,095
35,866
1926
North Tex El Co & Sub Coe
62,765
825,708
32,738 2,576,661
206,782
468,810
1927
204.816
63,458
813,233
33.318 2,501,533
459,280
1928
Puget Sound Pow de Lt Co dx Sub Cos
219,800 14,359,708 5,987,716 3,117,713
1.142,980
459,943
1927
422,525
187.128 13,178,692 '5.140.230 2,643,145
1,036.403
1926
Savannah Elec de Pow Co
30,517 2,249,805
173,293
68,623
873,576
473,455
1927
24,868 2,129,821
175,267
54.445
1926
788.723
421,405
Sierra Pac Elec Co & Sub Cos
487.521
45,978 1,281,079
108.124
50,250
438,719
1927
41,887 1,176.232
45,788
104,859
525,460
482,65e
1926
Tampa Elec Co & Sub Cos
88,171 4,836,026 1,514,445 1,459.408
93,059
355,759
1927
87.641 4.416,373 1.407,595 1,326,511
374,405
92.358
1926
& Pow Co & Sub Cos
Va Elec
323,515 15,146,487 6.089,748 4,557,315
453,433
1,231,838
1927
283,171 13.525,022 5,581,137 3,975,852
419.353
1,148,390
1926
12 Months Ending June 30-Month of June
Sierra Poe Elec Co dc Sub Cos
40,475 1,257,814
44,575
1927
103,014
483,058
434,028
51.470
1926
525,600
48,058 1,167,996
104,690
483.227
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
No. of Co.
Gross
Stations in
Earnings.
Service
June 30.
$
June 1927
14,386,739 79,012,607
June 1926
13,566,822 73,372,349
6 mos.end.June30'27_14,386,739 468,067,475
6 mos.end.June30'26.13.586,822 430,346,822
Operating
Expenses.
3
52,484,043
49,121,167
306,589,780
287,623.684
Net
Operating
Revenues.
$
26,528,564
24,251,182
159.477.695
142,723,138
Operating
Income.
$
19.478,379
17,638,180
117,396,314
103,233.939
FINANCIAL REPORTS
-An index to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
Electric Railway and Other Public Utility Net on the last Saturday of each month. This index will not
table gives the returns of include reports in the issue of the "Chronicle" in which it is
-The following
Earnings.
ELECTRIC; railway and other public utility gross and net published. The latest index will be found in the issue of
*Aug. 27. The next will appear in that of Sept. 24.
earnings with charges and surplus reported this week:
--Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year,
Year.
Companies.
8
8
$
8
4,284,442 3,964,068
Barcelona Trac,Lt& P Co_e_July 6,508,460 6,274,181 35,288,861 33,148.217
7 months ended July 31____ 50,449,758 49,009,911
c Figures given in pesetas.
Adirondack Pow & Lt July '27
'26
Corp
12 months ended July 31 '27
'26
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
$
$
$
989,016
159,409
c248,425
767,031
837.118
171,026
c208,144
689,851
1,978.671 81,532,823
9,576,516 c3,511.494
1,958,485 91.451,438
8,877,906 e3,408,923
Atlantic Refining Company.
(Semi-Annual Report
-6 Months Ended June 30 1927.)
Chairman J. W.Van Dyke,Aug.30, wrote in substance:
The outstanding feature of the present statements Is a net loss for the six
months' period under review of $1.477.400 after a sizable writing down of
merchandise inventories and all other deductions. This unpleasant exhibit
was foreseen and forecasted at the annual meeting on May 3. A showing of
this kind seems inevitable when crude oil and products prices have been
declining for any considerable period of time. Company has had correexperiences at different times in the past, conspicuously the first
spondingsix months of 1921. when a loss of $8.114.200 was recorded.
The reasons for such a showing under the conditions of the industry which
have prevailed during all of the current year are easily comprehended when
THE CHRONICLE
SEPT. 3 1927.]
the system of accounting practiced by company is understood. Such system
requires that all merchandise inventories carried through any period shall,in
event of declining values, be written down to cost or market, whichever is the
lower. The application of this principle for the period under review has
required a downward adjustment of inventories to the amount of $1,572,300.
. The accounting system also requires that crude oil as processed at the
refineries shall always be charged with the cost of the oldest crude of its
grade in the hands of company at the time of such processing. It is consequently obvious that when from two to five months must elapse between
the purchase of crude oil and its conversion into marketable products a
falling market for such products must reduce and possibly extinguish the
margin of operating profit regardless of whether the products are sold or are
retained in inventory at values as above described.
Since, during the first six months of this year there were three changes
downward in the market prices of the principal grades of crude oil, and
since the products marketed much more than discounted such changes,
It is clear that manufacturing operations cannot be recorded as on a satisfactory basis regardless of whether the crude operated upon was drawn from
stocks on hand at the beginning of the period or was purchased at current
crude oil prices during the earlier months of the period.
The following statistical data comparing the first six months of 1926
and 1927 will evidence the force of the above reasoning:
1927.
1926.
Six Months Ended June 30552,839,407 557,780,413
Petroleum products sold (gallons)
$73,415,524 $66,751,397
same
Value of
11.97c.
13.28c.
Average price realized per gallon
6.09c.
6.90c.
Cost per gallon of crude processed
$55.360 $1,572,261
Inventory adjustments
Dec. 31 '26. June 30'27.
Inventory198,610,792 211,922,182
Crude oil (gallons)
283,457,580 281,653.075
Products (gallons)
It will be noted that while a slightly larger volume of business was conducted during the current period than for the one previous, the sales value
declined nearly $6,700.000, or an average of 1.31c. per gallon. At the
same time the allocated value of the crude oil as processed was lower by
only 0.81c., while the ecet of operations, which, of course, is in no way
affected by merchandise values, remained essentially the same. This
comparison brings out the interesting fact that even though crude oil may
be selling at the wells below the average cost of production, as it probably
is at present, it brings no advantage to the refiner, since the pressure of
such crude oil upon the market so influences the value of petroleum products
that the refinery's margin for operation is reduced rather than increased.
Therefore, low crude prices are generally disastrous.
The redeeming feature of the present situation, so far as company is
concerned, is that its operations are continuous and rather uniform in
character and volume. It is purchasing its crude supply from day to day
at present low levels and is carrying inventories expressed in gallonage, as
distinguished from dollars, equal to those of earlier and higher priced
periods. Therefore, if and when the price trend reverses itself losses real or
apparent which are incidental to inventory levels may be retrieved.
Company's physical operations are moving well. The new and improved
apparatus for all refineries authorized late last year has been constructed
and is in operation. The anticipated savings in manufacturing expense
are now being realized. The Diesel electric tank ships are just going into
commission. Crude petroleum from leaseholds is the greatest in company's
experience and promises to continue at a relatively high level the balance
of this year. The expenditures and commitments for the next several
months will be the lowest possible commensurate with the present and
future protection of the properties and business.
CONSOLIDATED EARNINGS STATEMENT,6 MOS.ENDED JUNE 30.
1927.
1926.
1925.
1924.
$71,427,157 $75,927,193 $65,207,739 $64,146,059
Gross income
Raw mat% op., &c., exp. 64,286,357 67,255,273 55,239,292 55.617,339
Net income
Other income
$7.140,800 $8,671,920 $9,968,446 $8,528,721
532.834
500,296
950,387
684,508
Total income
$8,091,187 $9,356,428 $10,501,281 $9,029,017
$395,650
$641,089
$575,726
$430,593
Interest
464,985
486,696
522,986
Insur.& other reserves
418,658
4,610,803
4,369,396
4,138,542
Deprec'n and depletion_ 5,489,535
800,000
365,000
Fed'I taxes (estimated)_
398,800
451,643
Inventory adjustment- - 1,572,261
1,428,371
Intangible devel. costs
1,125,474
Gen.int., disc., chgs.,&c
80,441
Net income
Dividends
106851,477,420 $3,248,113 $4,225,811 $2,214,758
700,350
701,050
1,700,350
1,200.350
Balance, surplus__ _def$2,677,770 $2,547,763 $3,524,761
Previoussurplus (adj.)__ 33,358,363 27.533,745 21,709,498
Adj. of Bur. not incident
to current period
Dr.161,352 Dr.695,665
$514,408
20,787,232
P.& L.sur. June 30_*$30,519,241 $29,385.843 $25,234,259 $21,301,641
* The Atlantic Refining Co. interest,$30,637.680,less deficit of minority
interest, $118,440.
COMPARATIVE CONSOLIDATED BALANCE SHEET JUNE 30.
1927.
1927.
1926.
1926.
Assets$
Plant account. _x69.785,877 61,501,674 Common stock_ 50,000,000 50,000,000
Invested in assoPreferred stock_ 20,000,000 20,000,000
ciated cos..
8,513,575 5,969,992 Cap. stk. of sub.
Cash
cos. not held
3,446,488
3,963,306
U.S. Govt. sec_
by A. R. Co__ al57,960
103,891
2,712,194
180,085
1,038,620 Debentures __.- 14,390,000 15,000,000
0th. market secs
290,773
Accr. Int. rec'ble
166,112 Mar.equIp.notes
259.102
68,667
Accts. receiv'bley14,149,091 16,782,850 414% see. notes_
5,807,000
Notes receivable
645,167 1,249,027 Sub. co. bonds
Due from empl.
38,423
de mortgages_
168,100
218,700
Inventories
36,458,370 39,554,416 Accts. payable__ 6,065,454 6,842,973
Fed'I taxes (est.)
Prepaid and de470,260
917,116
ferred Items_ 2,317,357
1,816,923 Notes payable__ 3,003,404
57,500
Other advances,
Mtge. payable_
150,000
284,406 Accr. liabilities_
.1tc
353,214
453,417
Deferred items.
595,174
259,554
Other oper. res_ 9,898,219 5.335,122
Profit and loss__ 30,637,680 29,483,958
Appr. surp., &c.
267.648
265,428
1317
Sales and collections in Cuba have been very disappointing owing to the
low price of sugar and the Government's restrictions placed upon Its production.
Of the 32,000,000, estimated on June 30 1924, as collectible from all past
due accounts of 1921 and prior years, there has been collected to June 30
1927. $1,738.806. and the balance is believed to be collectible.
The Charlotte Harbor & Northern Ry. has been operated lease by the
Seaboard Air Line since Jan. 1 1926, and the terms of its contract to purchase this property provide for payment on or before March 11928.
The Havana factory, which was destroyed by fire in June 1926 has been
replaced by a better plant which began operating in Dec. last. All of the
company's operating properties have been maintained in prime physical
condition and expenses have been curtailed wherever possible, compatible
with efficiency.
Company has no bank loans outstanding and its current assets on June 30
1927 were $24,751,831 against current liabilities of 51,711.472.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED JUNE 30.
[Incl. sub. cos. and inv. in Charlotte Harbor & Nor. Ry. and Assoc. Cos.]
1926.
1925.
1927.
1924.
x Consol. income from
allsources
$2,106,606 $5,303,445 $6.811,478 $5,953,220
Less reserves for freights,
disc. doubt'lacc'ts,,Stc 1,394.439
1,146,020
1.314,680
1,863,909
Int. paid and accrued_
2,051,402
2,340,536
1,572,173
2.441,367
Plant depr.& mines depl. 1,064,129
1,082,311
1,110,447
1.535.481
Total
Net profit
Previous deficit
54,030,741 54.279,733 54.765,663 55.840,757
$112,463
def$1,924,135 $1.023,712 $2,045,815
16,836,525 17,860,237 19,404,876 12,817,584
Total deficit
$18,760,660 $16,836,525 $17,359,061 $12,705,121
Reduc. in capital assets_
5501.176
Res.for bad & doubt.rec.
56.699.754
Profit & loss deficit.-518.760.660 $16,836,525 517,860.237 519,404.875
x After deducting operating expenses, including cost of maintenance
and repairs, selling and administrative expenses.
•
CONSOLIDATED BALANCE SHEET JUNE 30.
[Including Charlotte Harbor & Northern Ry. and Associated Cos.]
1926.
1925.
1927.
$
Assets$
$
Land, buildings and machinery
x18,590,707 19,178,487 20,515,231
Other investments, less reserves- a7,169,710
7,090.854
5.589,639
Mining properties, less depletion_ _ _ _ 13,998,800 13,960,164 16.060,441
Cash
6,749,003
7,499,708
6,265,507
U.S. Government bonds
25,000
25,000
Accounts and notes receivable
y10,348,563 13,271,555 16,472 812
,
Inventories
9,890,962 10,880,792
7,629,265
Brands, patents and good-will
1
1
1
Sinking funds
959.172
59,782
1,244.626
591,836
524.133
429,133
Unexpired insurance, taxes, &c
Profit and loss deficit
18,760,660 16,836,525 17,860,237
Total assets
83,855,623
r
Liabilities
-Common stock
633,322,126
Preferred stock
a
c28,455,200
1st mtge. cony, gold bonds
1st ref. mtge. bonds
19,707.500
Acc'ts payable and accrued liabilities 1,087,988
Notes payable, &c
Accrued bond interest
623,484
Res. for Fed. taxes & contingencies
499,265
Deferred credits
160,060
89,304,262 95,344.921
33,322,126 33.322.126
28,455.200 28,455,200
1,582.000
3.829.000
23,209.500 26.674.500
1,160,907
1,017,668
59,064
763,728
900,347
507,008
668,295
303,792
418,721
Totalliabilities
83,855,623 89,304,262 95.344,921
x Alter deducting $10,627,296 reserves for depreciation and adjustment
of property values. y After deducting $6,270,088 reserves.
a Includes the investment in the Charlotte Harbor & Northern Ry. Co.
Boca Grand Corporation and other investments. b Common stock
authorized, $50,000,000; less unissued, $16,677,874. c Preferred stock
authorized, $50,000,000; less unissued, $21,544,800.-V. 124, p. 794.
Alabama Power Co.
(Annual Report
-Year Ended Dec. 31 1926.)
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
1926.
1923.
Operating revenue,less
discounts, &c
$13,044,493 $11,589,419 $8,823,389 $7,863,294
Operating expenses
6,945,570
6.351,937
4.490.026
4,278.222
Net earns, from oper. 56.098,923 $5,237,481
Other income
124.400
134,698
54,333.363
172,432
53,585,072
257,258
Gross income
$6,223,323 $5,372,180 $4,505,795 $3.842,330
Int. on bond. debt (net) 1,597,174
1,596,597
1.696,003
1.069.303
Depr., amort., rents, &c
454,160
955.862
1.034.214
500.273
Prof. stock dividends.... 1,324,628
711.215
1,044,523
340.884
Int. on 100-yr. gold debenture certificates..
851.900
851.900
851,900
851,900
Transferred to P.& L. $1.949,347
$923,297
$792,518
$546,029
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1926.
1926.
1925.
1925.
Assets
Mediates$
Cost of prop's_ ..x102314,703 87,997,341 7% cum. pref. stk.. 421,200
487,800
Construction work
17
( dh.)Pref.stk y
in progress
181,759 (56 sh.)pref.stk_. ',40,054,870 33,876,838
Furs. & fixtures
124,699
124,776 Common stock.x
Operating equaret- 202,569
182,942 let M.5% bonds_10,221,000 10,221,000
Inv. in Mill., &c.,
1st M. lien & ref.
companies
1,780,671
858,961
(5%)
23,700,000 12,700,000
Cash
1,862,087
918,960 let M. lien & ref.
Funds with empl...
31,340
8,371
bonds (6%)__ _ _21,000,000 21,000,000
Notes & accts. rec. 1,577,582 1,503,082 Selma Ltg. Co. let
60,799
59,853
M. 30
-year 5s.. 238,000
238,000
136,007,112 135,039,520
Total
Total
136,007,112 135,039,520 Sundry accounts
Materials & supp. 902,233 1,087,456 Town of Albertx After deducting $47,059,515 for depreciation and $5,233,699 for deple- Stock subscripUns
vUle 30
-year 59_
7,000
7,000
tion and amortization. y Lees reserve for bad debts, $264,994. a After
receivable
358,694
278,577 Mont. Lt. & Wat.
deducting deficit of subsidiaries applicable to minority interests amounting Cash on depos. for
Power Co. 5s...._ 515,700
554,200
125,p. 918; V. 124,n. 3213, 3072, 2912, 2752, 2593, 1983;
to 5118,440.-V.
pay coups,
93,462 Mont. Lt.& Pr. 54
24,000
25,000
150-429
V. 123, p. 2904, 2143, 1385, 1109, 714.
Deferred charges 5,860,476 5,440,158 Notes & accts. pay 382,177 1,446,728
Coat of devel.load.
Prof. diva. payable 393,487
291,513
Agricultural Chemical Company.
American
Mitchell Dam_ _
103,754
155,631 Unclaimed wages_
1,475
13,395
Cost of develop.
Mat. Int. unpaid
(28th Annual Report-Year Ended June 30 1927.)
86,143
89.892
load, Cherokee
Int. on deb. Ws.. 425,950
425.950
Pres. Robert S.Bradley,New York,Aug.17,wrote in brief: Bluffs
240,721 Due to affil. cos... 786,855 1,163,649
20.620
Misc. unad.i. cred.
109,239
The balance sheet and profit and loss account of your company for the Cost of develop. load
Martin
240,721
Retk. & renewals. 2,426,007 2,024,324
fiscal year ended June 30 1927 are submitted herewith.
Salaries & wages__
114,130
98,320
The past year proved to be a very unsatisfactory one for the fertilizer Prepaid Insurance,
licenses, &c_ _ _ _
55,660
75,433 Taxes, &c
255,467
225,467
industry both as regards volume of sales and earnings Early in the
items in
Interest accrued
400,608
329,792
season of 1927 the low price ot cotton indilated a reduced fertilizer demand MLscell.
suspense
302,208
58,287 Customers' depos. 404,365
345.505
in the Southern States. Competition for the business became acute and
100-yr. gold deb.
gradually spread to all other sections of the country until there developed
certificates
12,170,000 12,170,000
a general stampede to unload inventories regardless of cost, on a restricted
Res. for ml., &c
146,448
115,461
demand. Price schedules were practically abandoned and the whole inSurplus (subject to
dustry became demoralized as far as any semblance of stability was conFederal tax)__._ 1,733,123 1,306,700
Company was obliged either to meet this competition o rsurrender
cerned.
a share share of its legitimate trade. It naturally chose the former course
115928,624 99,265.773
Total
Total
_115928,624 99,265,773
as being the lesser of two evils and in so doing pursued a more aggressive
x Cost of properties,.balances at Dec.31 1925,588,179,100, plus additions
sales policy than in the previous two years, when its schedules were strictly
adhered to, but, as it proved, at the expense of a heavy loss of tonnage. for 1926. 514,135,603. total, as above $102.314,703. y $7 per share cumul.
While the sales tonnage of the company was substantially increased in pref.stock, no par value (preferred on dissolution at $100 per share). authorshares;issued and outstanding, 171,405 shares; subscribed but
1927. profits were eliminated and the year ended with an operating loss ized, 390,000
not issued, 1,493 shares. z Common stock authorized, 600,000 shares, no
as shown below.
year's sales in the cotton States were made on a cash par; issued and outstanding. 391,020 shares. a $6 per share cumul. Pref.
About 83% of last
basis. The time sales should be readily collectible this Fall, especially stock, no par value (preferred on dissolution at $100 per share), authorized,
in view of the marked advance in the price of cotton since the planting 200,000 shares: issued and outstanding. 54,642 shares; subscribed but not
issued, 4,274 shares.
-V. 124, p. 2425.
season.
1318
THE CHRONICLE
Commercial Credit Co., Baltimore.
(Semi-Annual Report
-6 Months Ended June 30 1927.)
Chairman A. E. Duncan reports in substance:
The results for the six months ended June 30 1927 are about as were
anticipated last
[VOL. 125.
time sale notes. only $39,544 were over 60 days past due, according
to
original terms.
Unused credit lines with depositary banks June 30 1927, $15,970,000.
CONSOLIDATED BALANCE SHEET JUNE 30.
[Including Commercial Credit Corp., N. Y.; Commercial Credit Trust,
Chicago, and Commercial Credit Co., Inc., New Orleansi
1927.
1926.
1927.
1926.
Assets$
Liabilities$
$
$
Cash and due from
PI. stk., MM. cos_ 2,987,500 3,000,000
banks
14,061,703 18,540,481 6).4% pref. stock. 8,000,000 8,000,000
Open acc'ts, rioter),
% prof. stock__ 4,000,000 4,000,000
accept'ces, &e_a20,656,927 20,082,896 Pref,stock, class B 4,000,000 4,000,000
Motor in ret. time
Common stock_ _c10,050,892 11,633,536
sales notes... _b56,351,085 76,887,604 Coll, trust notes_42,921,500 57.846,500
Sundry acc'ts and
Notes pay., secur. 5,868,523 4,371,632
notes receivable_ 521,216 1,378,688 Notes pay., unsec. 8,848,274 16,504,000
Re-possessed cars_ 217,208
579.288 Sundry accts. pay_
702,782 1,624,8.54
Investments.
Accr. Fed..&c., tax 122,467
367.786
Sund.stics.& bds.
1,000
3,000 Reserve for Federal
Sinking fund.. _
.
31,682
253,311
taxes (1928)_ _ _ _
121,801
Comm. Cr. Co.
Contingent reeve. 2,324,906 2,668,713
(treas. stock).
44,033
187,170 Deal, partic. loss
Invest'ts (subs.). _ 2,070,491
reserve
921,672
Due from empl___
180,384
Res. for possible
D3ferred charges.. 892,935 1,053,904
losses
1,228,640 1,224,822
Fur. & fixt. (cost
Derd int.& chgs.... 2,929,720 3,664,503
5902,628.25) _ _ _
4
4
fall, with the two exceptions noted below. Current
operations for the first quarter, as expected, showed very little profit,
but consolidated net income from current operationsfor the second quarter
and applicable to the common stock of the company was at the annual rate
rate of $1.91 per share.
The following consolidated comparison shows that motor retail out
standings, which have been the principal cause of reduced earnings for the
last two years, are again under proper control and in better shape than ever.
June 30'26. Dec. 31 '26. June 30'27.
Total receivables outstanding
$96,970,499 $86,669,872 $77,008.012
Total reserves & unearned income
(excluding taxes)
7,558,038
7,095,606
7,404,938
Motor retail paper outstanding
75,106,452 69,389,787 56,351,085
1 to 2 months past due on original
terms
554,858
515,582
194,061
Over 2 mos. past due on orig. terms
340,978
309,401
173,928
Repossessed cars:
Company's possession-number. 1,818
543
1.506
Company's possession-amount _ -579,288
217,207
564.350
Dealers' possession-number
1,08,3
682
438
Dealers' possession
-amount
497,047
172,199
300.8,92
In spite of the substantial reduction in current volume and outatandings,
due principally to the temporary curtailed production of Ford cars, perTotal
95,028,670 118966,347
Total
95,028,079 118966,347
centage if management expenses has been reduced to less than it was
a Of the 420,656,927 open accounts, notes, acceptances and Installment
last year upon a larger volume, and current operations are showing a satislien obligations only $231.229 were over two months past due, exclusive
factory net income.
Liquidation of assets of Mortgage & Acceptance Corp.. acquired last of $349,572 taxicab paper. Is Of this figure only $173,929 was over two
year. realized sufficient cash within seven months to pay off its entire months past due according to original terms. c Represented by 680,000
indebtedness. including its notes not due until 1930 and 1935. which shares of no par value.
Unused credit lines on June 30 1927 with depositary banks. $29.030,000.
speaks well for the liquidity of motor retail paper. On July 31 1927 there
remained only $268,367, mostly current, assets yet to be liquidated, but
FINANCIAL STATEMENT OF SUBSIDIARIES, JUNE 30 1927.
your company has had to assume a loss of $325,000. which has been charged
direct to surplus. Of the large number of similar deals made by your
Comm.Cred. Comm.Cred. Com.Cr.Co •
company during the past 15 years, this is the first and only one that has
AssetsCorp.,N.Y Trust, Chic. Inc.,N.Orl.
N.Y.
not turned out as well or better than anticipated.
Cash and due from banks
$4,006,842 $2,819,390 $1.427,891
Company is interested in one account, upon which a substantial loss Open accounts, notes,acceptances and
may or may not be taken, dependent upon outcome of reorganization,
installment lien obligations
7,118,644
2,512,254
425,998
but, through desire to put behind it all items of any doubt, a reserve of Motor lien retail time sales notes_ _
19,326,541
7,772,971
050
6.18876
41:6
$275,000 has been charged direct to surplus and set up against any such Sundry accounts receivable
150,500
121,360
contingency. It is, of course, unfortunate that these two large items Re-possessed cars
98,95618,025
29,062
should have developed just when your company had re-established its Investments
1,000
earning capacity. Prior to these two incidents, during the entire 15 years Deferred charges
143,885
54,3271
38,170
existence of your companies, no loss on any one account in excess of $60,000 Furniture and fixtures
1
1
had ever been sustained.
The assets of each company are in first-class shape, with a minimum
Total
$30,846,369 $13,298,238 $8,151,298
of outstandings I to 2 months and over 2 months past due and repossessed
Liabilities
cars on hand, also that they have not changed their previous policy of Collateral trust notes payable
$14,921,000
$4.681,500
charging off all bad and doubtful items, regardless of the effect thereof Notes payable, secured
5.868,523
upon operating results. This is evidenced by actual salvage of $480,731 Notes payable, unsecured
120,000 $7,047,500
recovered during the six months ended June 30 1927 and $742,303 recovered Sundry accounts payable
129.002
269,009
39,444
during the calendar year 1926 on claims previously charged off. Such Accrued Federal, &c., taxes
74,605
21,063
19,816
large recovery could not have been possible unless a very liberal policy of Reserve for Federal tax (1928)
49,369
9.685
charging off such items had not first been followed.
Contingent reserve
1,012,564
43,739
312,921
Deal. partic. loss reserve
87,064
248,481
138.449
BRIEF SUMMARY OF OPERATIONS.
Reserve for possible losses
92,599
287,298
116,595
[Commercial Credit Co., Consolidated.]
Deferred interest and charges
257,793
347,464
941,025
3 ltios. End. 6 Mos. End. 6 Mos. End. Capital stock
4,500,000
June 30'27. Mar.31 '27. June 30'27. 8% preferred stock
1.000,000
1,987,500
Gross receivables purchased
$62,763,235 $42,280,915$105,044,149 Common (20,000 shares, no par)_
3.198,991
Average cash employed
86,542,138 92,823,785 89,682,978 Common stock
1.000400
Gross earnings from operations
3,118,143
3,113,700
6,231,844 Surplus and undivided profits
2,554,495
918.410
Net income for int. & disc.t charges,
appl. to Bait. co.. prior to Fed. tax.
995,398
478,314
1,473,712
Total
$30,846,369 $13.298,238 18.151,298
Int. & diset. chges. to Bait*. co
336,230
410,615
746,845 -V. 125. p. 920.
Net inc. applicable to cap. stock of
consol. cos., after Fed. taxes:
American Cyanamid'Company.
Balto. division (incl. Charlotte)_
207,566
50,940
258,507
St. Louis Division
Dr18,764
Dr86,523
Dr67.759
(15th Annual Report-Year Ended June 30 1927.)
San Francisco Division
117.034
82,199
199,233
Total Baltimore company
New York company
Canadian co.(owned by N. Y.co.)_ _
1305.836
189,080
74.321
$65,380
52,846
43,133
$371,216
241,926
117.454
Total New York company
Chicago company
New Orleans company
$263,401
53,554
41,210
$95,979
Dr65,996
20,851
$359,380
Dr12,441
62,061
Consolidated, all companies
Divs. on pref. stock, Chicago co
Divs. on pref. stock, New On. co__ _
$664,001
39,917
20,000
$116,214
40,000
20,000
$780,216
79,917
40.000
Net inc. app. to cap. stk. Bait. co_
Divs. on 6 % and 7% 1st pref.stocks
Divs. on 8% class B pref. stock
$604,085
199,087
80,000
$56,214
198,759
80,000
$660,299
397,846
160,000
Net income on common stock
Dividends on common stock
$324,998 Dr$222,545
169,791
169,795
$102,453
339,586
Net operating credit
$155,208 Dr$392,340 Dr$237,133
Debits to surplus and undivided profits:
Miscellaneous surplus adjustments.
1,322
Furniture & fixtures charged off_ _
8,088
Deprec. treas. stock to market val_
7,550
Depr. Mtge. dc Accept. Corp. inv325,000
Spec. res for poss. loss on one acct_
275,000
Total debit or credit to surplus and
$155,208 Dr.$392,340 Dr$854,092
undivided profits
The operations of Commercial Credit Co. alone shows all dividends paid
on its entire capital stock, a large portion of which has been and is invested
in the entire common capital stock of its aff.liated companies. This
entitles the Baltimore company to all of their earnings above interest and
preferred stock dividends, even though such earnings are retained by the
affiliated companies.
As the affiliated companies have needed additional capital resources
more than the Baltimore company, they have not paid any dividends
on their stock held by the Baltimore company to offset the dividend requirements paid by the Baltimore company on its own capital stock, which
must be considered when reviewing the net income applicable for capital
stock of the Baltimore company alone.
BALANCE SHEET AS OF JUNE 30 1927.
[Commercial Credit Co., Baltimore, only.]
1927.
Assets
Cash and due from
banks
5,779,827
Open accts., notes,
&c
.9,615.653
Motor rn ret, time
sales notes._ _ _b24,054,450
Sundry sects and
notes receivable. 263,961
Re-possessed cars_
71,164
Invest'ts(sub.cos.)14,242,387
elks. & bds.
Sinking fund notes
31,682
Due from empl
180,384
Treasury stock...
44,033
Deferred charges
656,653
Furniture & fixt_
1
1926.
9,383,257
9,718,775
33,989,463
559,189
324.328
11,588,787
2,00
253,311
187.170
754,862
1
1927.
Liabilities3
1st pf. stk.,6X%. 8.000,000
4,000,000
1st pref. 7%
4,000,000
Pref. elm B 8%
:10,050,892
Common
Coll. tr. notes pay_23.319,000
Notes pay., Imam_ 1,680,774
300,855
Sundry accts. pay_
Accrued Fed'I, &c.,
6,984
taxes
62,747
Res. for Fed. taxes
Contingent reserve 955,681
Deal, part, loss res. 447,678
Res. for possible
732,149
losses
nerd Int.& chges. 1,383.438
PI.(Incorp. brch.).
1926.
$
8,000,000
4,000,000
4,000.000
11,633,536
33,862.000
700.000
999,934
96,840
1,188,796
581,711
1,678,324
54,940.197 66.741,142
Total
54.940,197 66,741.142
Total
Note.
-Contingent liability on guaranteed motor lien retail time sales
notes, $1,000,000.
x 680,000 shares, no par value. a Of the open accounts, notes, acceptances and installment lien obligations, only $86,046 were over 60 days
Past due, exclusive of $349,572 taxicab paper. b Of the motor lien retail
Pres. W.E. Bell, New York, Aug. 1927, wrote in substance:
20th Anntsersary.-As the year 1927 marks the 20th anniversary of th e
incorporation of the company, it has been thought of interest to submit the
following summary of the company's operations from the commencing of
business to June 30 1927.
Earned surplus before process development expenditures,deprec.
and contingency reserves, and extraordinary write-offs
$20,428,532
Capital profits on preferred stock purchased and retired
960,155
Total
$21,388.687
Reserved for depreciation, obsolescence and renewal of existing
plant, property and equipment
x4,464,357
Reserved for contingencies and unexpended at June 30 1927
645,002
Reserved for depreciation of patents and processes
2,108,515
Research and process development exp. charged to earnings.... 1,525.456
Good-will written off
2,216,805
Investment in Amalgamated Phosphate Co. written down
1,782.187
Net income
Dividends on preferred stock
Dividends on common stock
$8,646,366
5.161.308
1,648,575
Surplus as at June 30 1927
31,836.483
x Does not include reserves for depreciation of any properties abandoned
or sold and not now owned by the company, such items of depreciation
having
intren deducted before arriving at earned surplus.
t the original costs of patents and processes of $3,549,637 a depreciation reserve of $2,108,515 has been accumulated, while the value of
this asset has been maintained through expenditures for technical research
and process development. These expenditures, which are reflected in the
earned surplus account as a charge against earnings, have of late years
become so large in proportion to the amount at which patents and processes
are carried on the company's balance sheet that the directors at their
meeting June 7 1927 instructed the management not to make any further
charges for depreciation of patents and processes until further action by
the board.
The foregoing statement reflects the writing off of good will in the
amount of 82.216,805 and the writing down of the company's investment
in Amalgamated Phosphate Co. to the extent of $1,782,187, thus reducing
the amount at which this investment is carried to the par value of the
capital stock of the Phosphate company,all of which is owned by company.
Of these extraordinary write-offs, totaling $3,998,991.
the amount of
13.038,836 was made out of current earnings and earned surplus, the
remainder (1960.155) being provided for out of capital surplus created
through the purchase and retirement of preferred stock.
During the past five years company has invested $4,852,479 in plant
extensions and improvements upon properties now owned without recourse
to new financing.
During the fiscal year ended June 30 1927 there matured the unredeemed
portion of an original issue of $1,500,000 of bonds Issued in 1911 by the
Amalgamated Phosphate Co., now one of the subsidiaries of the company.
These bonds were paid off out of the proceeds of a new issue of $1.500.000
of 10
-year bonds of the Amalgamated Phosphate Co.
In the fiscal year just closed Amalgamated Phosphate Co. Purchased
from the parent company all the Florida properties of the latter at their
book value, consisting of cost less reserves for depreciation and depletion.
The particulars are as follows:
Land:Original cost,$241,582;less amt.reserved for depl..$35,320 $206,262
Buildings and equipment: Original cost,$1,686,757;less amount
reserved for depreciation,
952,354
34,403
Operating assets, consisting of inventories, &c
318.545
Total
$1,477.161
An effect of the foregoing transaction is that depletion and depreciation
of these Florida properties, which was formerly charged off on the books
of the parent company, and which during the fiscal year amounted to
3118.690 was charged off in the fiscal year under review on the books of
the Amalgamated Phosphate Co.
SEPT. 3 1927.]
THE CHRONICLE
On the books of the parent company there has been charged to operations
and credited to the reserve for depreciation, obsolescence and renewal
during the fiscal year under review, the sum of $458,809. During the fiscal
year there has been invested in land and plant extensions and improvements
the sum of $868,574.
The claim of the Government for additional taxes referred to in the
reports for preceding years still remains undetermined. This claim is
believed amply provided for by the contingency reserve.
The earnings of company and its subsidiaries from the fertilizer branches
of the business during the fiscal year under review were affected by unfavorable conditions in the fertilizer industry. The other branches of the
business, which have become a more important part of the entire business,
showed growth and improvement.
RESULTS FOR YEAR ENDED JUNE 30.
1927.
1926.
1925.
1924.
1
Not
Gross sales
1812.948,636 810,190,806 $8,912.555
Freight allowances
f available 1 1,099,360
1,097,872
600,311
Net sales
$10,676,186 $11,849,276 $9,092.935 $8,312,244
Sales to subsidiaries_ - - 918,432
669,166
423.280
541,370
Total sales
$11.594.617 $12,518,441 $9.516,215 $8,853,614
Operating charges
9,144,226 9,602,149 7,403,084 6,540,636
Selling & gen. expenses_
705,479
1,003,234
668,955
528,941
Net profit on sales..... $1,744,912 $1.913.058 $1,444,175 81.784.036
Miscellaneous income__ _
276,172
186,698
107,022
146,573
Total income
$2,021,084 $2,099,756 $1,551,197 81,930.609
Miscellaneous charges_ _
514,179
89,121
17,517
59,153
Net profit Am.Cy.Co. 81,506.904 $2,010,635 $1,533,680 81,871,456
Profit ofsub. cos
Cr.108,488
Ree've for Fed'l taxes__ _
150,673
123,507
148,888
189,542
Licenses & pate, writ. off
234,887
234,887
234,888
Net income
Previous surplus
81.356,232 81.652,240 $1,149.904 $1,555.514
1,362.173
927.232
1,039,268
1,628.219
1319
The paperboard industry operated at 70% of the mill capacity and
company made no profit during the year in the manufacture of paperboard.
The small profit shown was made on special products.
Your mills increased about 13% in productive capacity and the conversion cost has been somewhat decreased.
Under the conditions existing in the paperboard industry, an estimate
of the outlook for the fiscal year ending May 1928 is uncertain. Nevertheless, with the larger production, lower costs, nigher tariff on straw paper
and a normal straw crop condition, directors anticipate satisfactory earnings.
There are 867 stockholders all told, 121 of whom are employees
members of their families, and 27 of whom were former employees. and
INCOME ACCOUNT FOR YEARS ENDED.
May 28
May 29
May 30
May 31
1926-27.
1925-26.
1924-25.
1923-24.
Mill earnings
$641.367
1923.607
$791.476
$705,768
Taxes & insurance
145.94
155.771
119,045
147,797
Administration exp._ _ _
132,193
131.325
133,193
134,951
Depreciation
275,000
300.000
300,000
300.000
Reserve for Federal taxes
4.933
Net income
388.185
8292.529
$241.835
$123,420
Preferred diva. (6%) _ _
79r2
78.972
79.476
79,476
Common dividends
(1%)119.920 (13)19,935
Balance, surplus
S9.213
S91.637
1102,404
$43,914
Shares of common outstanding (par $RO_ _
120.000
120,000
120,000
100.550
Earns, per sh. on cons
$0.08
$1.78
$1.35
$0.44
COMPARATIVE BALANCE SHEET .
May 2827. May 29'26
Assets$
$
Real estate, plants,
equipment, &c_12,720,172 12,553,680
Other securities.... 119,651
71,329
Cash
285,473
283,481
Notes & accts. rec. 555,465
659,839
Merchandise and
supplies
1,054,109
960,483
Deferred charges..
438
626
Suspended assets.
18,391
11,771
May 28'27. May 20'26.
Liabilities$
$
Preferred stock... 1.317,200 1.317,300
Common stock_ _ _12,000,000 12,000,000
Accounts payable_
424,724
193.943
Corn.(Hy. payable
59,960
Pref. div. payable.
78,972
Reserve for accrued
taxes, &c
70,910
130,599
Surplus
855,275
846,027
Total surplus
$2,718.405 82.579,472 $2,189,172 33.183.733
Loss on aband. equip.
8,312
7,845
136,347
Research exp. writ. off.,
117.539
173,538
Sundry charges
21,851
22,684
69,322
Total
14,747,081 14,547,829
Total
14,747,081 14,547,829
Red. of inv. in A.Ph.Co.
282,187
500,000
1,000.000 -V.124, p.247.
Preferred dividends(6%)
335,754
335.754
335.754
335,754
Common dividends
428,630
395.658
395,658
362,686
Standard Milling Co.(and Subsidiaries).
Profit & loss surplus__ 81.836,483 81.362,173
$927.231 81,279.624
Note.
-Net losses of sub. cos., not included in above table. after allowing
(Financial Report-Year Ended June 30 1927.)
for income taxes, amounted to 858.780 in 1927. $163,854 in 1926 and
CONSOLIDATED SURPLUS ACCOUNT.
$58,072 in 1925.
BALANCE SHEET JUNE 30.
Year End. 10 Mos. End.-Years End. Aug.31
June 30'27. June 30'26.
1925.
1924.
1927.
1926. I
1927.
1926.
Net profits all cos
32,246,105 $1,613,111 $1,917,657 $1,242,173
Assets
$
1 Liabilities
Int.& disc.on bds.& notes
473,353
Land, bldgs.. &c.- 8,975,898 10.065,302 Claes A stock
370,296
276.846
194,817
1,316,020 1,286,680
389,250
324,375
Notes & accts. rec. 745,120 1,094,998 Class B stock
389,249
389,196
5,264,080 5,146,720 Div. on pref. stock
624,661
Cash
520,927
624,589
1,693,671 1,086,687 Common stock...
624,532
14,200
160.900 Div. on common stock
Inventories
2,507,103 2,918,718 Preferred stock
5,595.900 5,595.900
Ba:ance, surplus
3758.841
3397,513
License, Pats, Ste- 3,549.
$626.973
$33,627
400,000 Previous surplus
037 3,549,421 , Notes payable_
6,457,182 6,160.625 5.792,276 5.933,649
Inv. In sub. cos--. 3,674,144 3,612.187 Fur. mon. obliges
31,111
99,440
72,684
Inv. in other cos_
12,500 Accts. pay.. aces.
Total surplus
57,216,023 86,558,138 16,419,249 35,967.276
Due from sub. cos. 1,497,499 1,394,016
wages & taxes
821.593 1,010,428
225.601
U. S. Govt. sees. _
23,708 Due to imbed. cos. 1,073,552 1.378,563 Reduc. of Staten Island
plant values
Prepaid insurance_
615,813 Dividends payable 215,825
595.953
175.000
182.853 Bond disc,
written off_
100.956
258,625
Res. for coining- 645,002
728,299
Res, for deprec. of
Profit & loss, surplus_ $7.216,023 $6,457,182 36,160,625 35.792.276
plant, equ1p.,&e. 4,464,357 4,789,369
Shares of corn. outstandRes. for deprec. of
ing (par $100)
124.973
124.973
124.973
patents & proc_ 2.108,515 2,108,515
124,880
Earns, per eh, on coin
$11.07
57.35
$10.01
Prov.for Fed. tax. 150,673
$5.27
123,507
Total (each side).23,537,310 24,373,348 Surplus
1,836,483 1,362,173
CONSOLIDATED BALANCE SHEET (INCL. SUBS.) JUNE 30.
-V. 124, p. 3498.
1927.
1926.
1927.
1926.
Assets$
Liabilities$
$
$
Washburn Crosby Co. & Subsids., Minneapolis.
(Annual Report-Year Ended June 30 1927.)
CONSOLIDATED INCOME ACCOUNT.
Year Ended
11 Mos.End. Year Ended
PeriodJune 30'27. June 30'26. June 30 '25. July 31 '24.
x Net sales
$96.393.137$114.506.386 $92,007,356 $76,900,964
Cost of sales, incl. mfg.,
selling & admin. exp
92,845,792 112,303,766 89,480,948 74,180.090
Net operating profit-- $3,547,346 $2,202,620 $2,526,408 $2,720,874
Other income
49,160
53,904
38,863
141,167
Gross earnings
$3,596,506 $2,256,524 $2,565,271 82,862,041
Interest charges
660,792
602,291
423,569
303,576
Res. for Federal taxes._
384.816
218,508
286,712
348,421
Net income
82,550,898 81.435.726 $1,854,990 $2.210,044
x After deducting freight, returns and allowances.
CONSOLIDATED BALANCE SHEET JUNE 30.
Land, bldgs., machinery, trademarks, &c
28,321,247
Marketable occurs.
4,411
Cash
4,185,053
Drafts, accts. &
bills receivable_x2,935,634
Inventories
6,366,508
Prep'd hums., &c_
252,543
Company's bonds
purchased
55,247
Preferred stock... 6,488,000
Common stock_ _ _12,497,342
28,177,205 Gold notes
3,300,000
9,323 Bonded debt
5,878,000
4,255,801 Accounts payable_ 679,930
Amount payable in
3,141,943
monthly install_
289,286
4,907,297 Special reserve,,.. 1,462,895
312,859 Accrued interest,
taxes, &c
767,911
24,863 Depreciation, &o_ 3,541,255
Surplus
7,216,023
Total
42,120,642 40,829.292
Total
x After deducting $333,840 reserves.
-V. 123,
6,488.000
12,497,342
3.300,000
5,998,000
520,272
353,571
1,462,895
585,508
3,166,521
6,457,182
42,120,642 40,829,292
p. 1246.
Laurentide Company, Ltd.
(Annual Report
-Year Ended June 30 1927.)
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1927.
1926.
1925.
1924.
Operating profits
$2,317,025 12.486,268 32,631.395 $3.058.350
Other income
78,349
146,682
38,711
85.489
Income from investments
380,693
388,919
391.557
407.751
Total income
$2.776,067 $3,021.868 $3,061,663 $3,551,590
Interest, &c
313.352
316,294
381.065
318.876
Res,for taxes. depr., &c.
715,225
798,742
770,623
1.148.190
Net profit
81,747,490 $1,906,830 $1,909,975 32.084.524
Dividends
1.728,000
1.728,000 1.728,000
1.728.000
Balance, surplus
319,490
$178,833
$181,975
$356,524
Previous surplus
2,467.965 2,289.131
2.107.156
1.750,632
Profit & loss, surplus_ $2,487,455 $2,467.964 $2,289,131 $2.107,156
Earns, per sh. on 288.000
she. (par $100) cap.
stock outstanding,...
$6.07
$6.62
$6.63
$7.24
George Chahoon, Jr., President. says: "The mills have operated during
the year with a curtailed production, and the contract price for newsprint
27,307,269 24,565,592
Total
Total
n307,269 24,565,592 has been lower.
"The company has acquired full ownership of the Menjobagues Lumber
x After deducting $2,872,366 reserve for depreciation. y Loss reserve for Co.. Ltd.and purchased
the Perthuis Seigniory. thus materially increasing
accounts, $100,652. x For re-purchase of common stock.
doubtful
its timber'resources.
Contingent Liabilities.
-In respect of drafts discounted 31,309,218. In
"The company has also completed a new steam plant for the use of
the majority of cases the rafts are secured by bills of lading for flour, &c., pulverized fuel which is now
operating with reduced steam costs."
and in such cases the possibility of loss is limited to the extent of unfavorable
fluctuation in the market price.
-V. 123. p. 1246.
a
BALANCE SHEET JUNE 30.
1927.
1926.
1927.
1926.
Assets$
LiabUitie $
9
Real est., plant &
7% cum, preferred
equipment
x9,139.645 8.766,743
stock
6,648,900 6,678,200
Water, pow. & rts.
1
1 Common stock
6,955,300 6,890,900
Trade marks, good
Notes payable_ _
2,600,000
will, &c
1
1 Accounts payable_ 1,778,305 2,101,835
Cash in bank and
Stock purchase ob2,533,406 1,827,212
on hand
ligations
396,941)
396,949
Anis.& sight draft 1,398,912
,
945,433 Savings accts. of
46,242
Cust'rs notes rec.38.204
officers and emCust'rs accts. rec_y2,270,272 3,108,031
ployees
1,282,265 1,306,884
133,020
Misc. accts. rec.__
107.734 Accrued taxes._ _ _
535,782
468,306
Adv. on grain purDiv. on pref. stock
77,571
77.912
429,333 1,630,657 Other expenses
chases, &c
63,108
65,730
10,444,597 7,205,192 Special and current
Inventories
395,759
Prepaid expenses
409,358
reserves
2.317,334 1.973,588
13,369
25,162 Surplus
Due from empl__
1,000,000 1,000,000
50,963
50,915 Undivided profits_ 3,651,755 3,605.288
(at cost)
Eliks.&bds.
54,800
54.000
Exch. memberships
z396,949
31:6,949
Dep. with trustee.
United Paperboard Co., Inc.
-Year Ended May 28 1927.)
(14th Annual Report
President Sidney Mitchell reports in brief:
1927.
1926.
1927.
1926.
Assets$
Liabilities$
$
$
Mills, bldgs., plant
Stock
28 800,000 28,800,000
de machinery. a24,245,615 23,307,532 Com.div.
(due July) 432,000
432,000
Logs, merchandise,
Wages
60,836
79,804
&c
b3,863,711 3,631,786 Bank of Montreal_ 1,210,755
Accounts and bills
Bills payable
55,875
196,142
730,612
receivable
895,341 Accounts payable_ 1,219,738 1,091,255
Cash
30,786
358,153 Reserves
265,371
235,620
Investme Is
5,706,758 5,127,946 Tax reserves
234,626
235,626
Ins. prem. unexp_
76,145
89,615 Unpaid dividends.
11,335
11,776
Deferred charges
124,364
139,833 Surplus
2,487,455 2,467,965
Total
34,777,990 33.550,188
Total
34,777,990 33,550.188
a After deducting $44,387,673 for depreciation and depletion.
P Low prices prevailed for paperboard during the year. Company is a
large user of straw in the manufacture of straw paper, and the straw was
very poor in quality after the last harvest due to excessive rains, which
necessitated using a larger quantity of straw per ton of paper in manufacturing, which increased the cost considerably.
There were large importations of foreign straw paper which had become
a!menace to the straw paper industry. Fortunately, In the month of
May the U. S. Customs officials agreed to reclassify straw paper as paper
instead of straw board, which has been the custom. The tariff on paper
b Includes
Is 30% as against 10% on board. Even with the duty of 30% the cost logs and supplies. $3,164,830; merchandise, $91,355, and
mill supplies,
of foreign straw paper delivered In Eastern cities is below the selling prices 3607.526.
quoted by American manufacturers. However, the delay in securing
Indirect liability for customers' paper under discount is
$29,709.
shipments, the necessity of larger inventories and some additional waste
Contingent liability for guarantee of bonds of Laurentide
Power Co
will, we hope, prevent further importations in large quantities.
31.510,000.-V. 123. p. 1379.
1320
THE CHRONICLE
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
,
-Freight cars in need of repair on Aug. 15 totaled
Repair of Freight Cars.
148,346, or 6.5% of the number on line, according to reports filed by
the carriers with the Car Service Division of the American Railway Association. This was an increase of 2,756 cars above the number reported on
Aug. 1, at which time there were 145.590. or 6.3%. It was, however, a
decrease of 21,419 cars compared with the same date last year. Freight
cars in need of heavy repair on Aug. 15 totaled 104,509, or 4.6%.an increase
of 1,191 compared with Aug. 1, while freight cars in need a light repair
totaled 43,837, or 1.9%, an increase of 1,565 compared with Aug. 1.
Matters Covered in -Chronicle" Aug. 27.-(a) Railroad revenue freight
large but below 1926 and 1925, p. 1105. (b) Clerks and freight handlers
on Illinois Central, Yazoo and Mississippi railroads awarded 5% wage increase, p. 1132. (c) Coal rate cut recommended for South Atlantic ports
by Inter-State Commerce Commission, p. 1132.
Atchison Topeka & Santa Fe Ry.-Outlook.-Pres.
W.B. Storey is quoted as follows:
During the remainder of the year our traffic and earnings will show
declines from 1926. At present our loadings are considerably off from
last year.
The combination of circumstances which made 1926 an exceptionally
prosperous year for us has not reappeared in 1927. It now looks as if
Kansas will have less than 100.000,000 bushels of wheat. The crop is
badly off in the Texas Panhandle territory served by us, and movement
of wheat from that section to date is not half that of last year. Kansas
has been having too much rain, if anything, and a lot of grain left in shock
Is sprouting badly. On the other hand, although corn in Kansas is coming
along rather slowly, prospects are for a good corn crop in that state. Corn
looks fair in Missouri.
Oil traffic will be considerably lower. Movement of inbound supplies
to open up fields will be less, as there is no object in drilling when prices are
so low. As for outbound movement, pipe lines are taking away some oil
traffic we had last year.
Prospects for citrus fruits in California are all right, and the outlook
-as much as last year. Efforts are
Is for a large crop of deciduous fruits
being made to form an organization to keep grape shippers advised as to
the market situation in various parts of the country. It is hoped this organization will be kept up for three years at least. This is a grape situation
entirely, as other fruits are pretty well controlled by fruit associations.
More livestock is moving now than a year ago. The livestock industry
as a whole is in better shape than for some time. The ranges generally are
In pretty fair shape, although some few spots are shipping out stock to pasture because the range has given out.
Our vacation travel business has been about the same as usual. This
summer business, of course, is handled at reduced rates.
The process whereby some groups whittle away at railroad freight rates
at the same time that other groups try to raise railroad exptnses continues
without interruption. For instance,our deciduous fruit rates were reduced,
but I have not heard of any advances being put on other commodities to
make up for lost revenue. No wage ncreases of consequence seem in immediate prospect, although requests for advances are going through the
process of mediation.
Our additions and betterments program for 1927 isgoing forward according to schedule. The deficiences of the war period have been fully made
up, and at
tt;
f ea tlay sr we es
arec lifed to tle cae only of rresl necesZies
att
•eho w mue wm ea afr
About the presnenin t
ng
spend on capital account. This method is working out satisfactoriy and
enabling us to grow up properly with our territory.
Regarding rumors concerning a stock divid3nd, President
W. B. Storey has issued the following denial:
"I know it has been assumed by the public that Atchison might declare
a stock dividend out of surplus when the valuation question was settled.
As a matter of fact, we have never said anything to justify such a belief.
We have said that we could not consider such a matter while the valuation
auestion was pending, and the situation is in no wise changed in respect to
&is
"Vie have no plans whatever in the matter of such a distribution and we
cannot even consider it before we know what recapture action the Government will take under this valuation. It would be foolish to get rid of our
surplus or any great part of it when the Government may demand a recapture of past earnings amounting possibly to many millions of dollars.
If the Government should make what we consider an unfair demand, of
course we can take the matter into court and fight it out, but unless the
Government takes such action or the I.
-S. C. Commission fixes a rate
based on that valuation which we consider unjustly low we can do nothing."
-V. 125, p. 907.
[VOL. 125.
Baltimore & Ohio, owned or used, devoted to common carrier purposes,.
are found to be as follows:
ClassificationFinal Value.
Final Value.
Classification(1) Owned and used
66,750.
$348,250,000 Home Avenue RR
69,000
,
(2) Owned but Not Used;
St. Clairselle & Northern-257,500.
Leased to
Bowling Green RR
260,000
Bait.& Ohio Chi.Term.RR.
214,000 Piqua & Troy Branch
Benwood & Wheel.Conn.Ry.
12,463 Dayton & Michigan:
8.100,000.
Erie RR
Owned by this company_
22,828
437
Fairport Paineav. az E.Ry
943 Owned by private Parties335.000
.
Little Kanawha RR
2,200 Cincinnati & Dayton
33,000.
Long Fork By
24,025 Lima Belt
2,900,000*
Morgantown & Kingw. RR_
8,000 Valley RR
Newburgh & So. Shore Ry
'
6,701 Toledo & Cincinnati:
19,875,000,
Ohio River & Western Ry
Owned by this company
2,100
314,677
Pennsylvania Co
Owned by private parties_
4,479
Pitts. Ctn. Chi. az St. L.Ry.
132,941 B. az 0. Southwestern:
River Terminal Ry
Owned by this company_ _ 52,500,000'
242
330,237
Sandy Valley & Elkhorn Ry.
Owned by private partjes
65,000
3,400,000
Sharpsville RR
16,750 B.& 0. Chic. Term?. RR
17,500'
Southern Ry
14,600 Chicago & Alton RR
593
Staten Isl. Rap. Tran. Ry
184,000 Chicago & Western Ind. RR.
80'
Union Depot Co. (ColumChic. Burl. az Quincy RR_ _
72,500.
bus, Ohio)
88 Chic. Milw.& St. Paul Ry
4,265.
West Virginia Northern RR.
405 On.Sandusky & Cleve. RR.
5,336
Western Maryland Ry
410 Cm.Indianap. az West. RR_
8,348
Wheeling & Lake Erie Ry
1,524 Cleve. az MahonIng Val. Ry.
3,072
Zanesville & Western By....
3,498 Cleve. az Pittsburgh RR---697'
American Express Co
100,000 Columbus az Xenia RR_ _ _ _
4,250
Cherry River Boom az LumCumberland & Penna. RR
73,558
ber Co
45,750 Dayton Union Ry
531,000
Cleve. Southw. az Col. Ry_
.
95,000 Del. Lack.& Western RR
63
Maryland Electric Rye
6,800 Det. Tel.& Ironton RR_ _ _ _
1,398
Monongahela Val. Trac. Co.
328,000 Little Miami RR
3,410
United Rys. & Elec. Co,,_ _
1,037 Maryland & Penna. RR__ __
914
Wash. Bait. & Ann. El. Ry_
3,691 New York Central RR_ ___
67,494
Pennsylvania RR
33,500
Total
$1,297,475 Phil. Balt. az Wash. RR_ ___
2,745
(3) Used but Not Owned;
Pitts.& W. Va. Ry
88
Leased fromPitts.Chartiers& Yough.Ry.
289,265
Bait. az Ohio in Penna.:
Pitts. Cin. Chic & St. L. RR'
5,131
Owned by this company- 843,700,000 Washington Terminal,Co
2,345.
Baltimore & Philadelphia:
West Virginia Northern RR.
78
Owned by this company__
7,750,000 Western Maryland Ry
9,038
Gaffney & James City
20,000 Wheeling & Lake Erie
1,094
Pittsburgh Junction:
Wilmington & Northern RR.
1,081
Owned by this company- 5,750,000 Youngst. & Austintown Ry.
6,800.
Owned by private party101,235 Youngst. & Ravenna RR_ 936
St. Ry (electric).
Quemahoning Branch
2,400,000 Cincinnati
Wheeling Pittsburgh & Bait. 9,100,000 Connelsville, Uniontown &
979'
Lancaster Cecil & Southern.
115,000
Wheel. RR. (elec. line)- 138.500
Metropolitan Southern__
525,000 City of New York
12,500'
Washington County RR_ . 1,200,000 George Dressler, N.Y. City
24,000,
Winchester & Strausburg-- 585,000 City of Philadelphia
88,800,
Winchester Sc Potomac
1,050,000 Emily R. DeGaney, Ma4,250.
Baltimore & New York
625,000 Mrs.B.Leonard, Celery,Pa.
92,000.
B. de 0.4z Chicago (of Ill.)
2,650,000 Wash.Baltalz Annap.ELRy_
154,250.
B.&0.& Chi.(MO.az Ind.):
Penn.& Lake Erie Dock Co.
Owned by this company_ 22,500,000 Sarah C. Trott and others,
860.
Owned by private party
700
Buffalo, Ohio
29,800'
Bait. & Ohio Connecting_ _ _
195,000 Seymour Impt. Co
Baltimore Belt
6,750,000 Mather Humane Stk. Trans.
570,000
Confluence & Oakland
282,500
portation Co
96,500,
FaIrm't Morgant'n & Pitts.Bridge Co. of Foxburg
30,800
Owned by this company_ - 4,675,000 Pitts. Joint Stock Yard Co.
Georgetown Barge, Dock,
Edward Watson, Vincennes,.
4,800.
Elevator & By
193,500
Ind
1,802,919'
Schuylkill River East Side__ 10,200,000 Other private Parties
Wash. & Western Maryland
285,000
$231,429,283,
Sundae Creek RR
229,000
Total
Ohio & Little Kanawha__ __
1,650,000
$349,547,471
Columbus, Findlay ,Sz North.
212,000 Total owned
$579,679,286
Pittsburgh & Western:
Total used
Owned by this company_ _ 16,000,000
Owned by private parties.
45,936
The sum of $21,250,000 is included in the value above stated as owned
and used on account of working cap tal, including material and supplies
'
No other values or elements of value to which specific sums can now be
ascribed are found to exist.
-V. 125 p. 908.
Boston & Maine RR.
-Bankers Sell $30,942,000 5% Gold
Bonds.
-A nationwide syndicate headed by Kidder, Peabody
Co. on
Baltimore & Ohio Chicago Terminal RR.
-Tentative & Co., Lee, Higginson & Co. and Harris Forbes & 5.41%,
Aug. 29 offered and sold at 934 and int., to yield
Valuation.
$30,942,000 1st mtge. gold bonds, series AC 5%. This new
The I.
-S. C. Commission has placed a tentative valuation of $31,467,733
on the owned property and of $25,162,226 on the used property of the 5% issue will enable the company to retire $29,298,000 of
company as of June 30 1918.-V. 96. p. 486.
6% bonds now owned or formerly owned by the U.S. Government and $1,644,000 5% bonds formerly held by the public..
-Stock Listed.
Bangor & Aroostook RR.
The Boston Stock Exchange has authorized the listing of 29,360 additional The bonds are issued subject to the approval of the I.
-S. C.
shares (par $50) common stock.
-V. 125. p. 1046. 908.
Commission and of the stockholders.
Tnls latest development in the improved financial standing of the Boston
-Tentative Valuation.
-A value
Baltimore & Ohio RR.
& Maine, coming
and sale of $13,000,000
heels of
of $579,679,283 is found by the I.-S. C. Commission for the in prior preferenceclose on theextensionsubscription of$40,000,000 of bonds
stock, and
for 15 years
property used by the B. & 0. for common-carrier purposes, at 5%, will leave the road with fixed charges materially reduced.
Purchase of these bonds now
banking syndicate headed by the'
as of June 30 1918, in a tentative valuation report made three prominent banking houses by the as an accommodation to railroad,
which,
public by the Commission on Aug. 30. This is characterized took over from the Government a few weeks ago $26.980,000 of Boston &
Maine bonds when sale impended to other interests under conditions which
by the Commission as a "value for rate-making purposes."
would have made refunding difficult completes an arrangement in which
For the carrier property owned, the valuation found the Treasury Department and the bankers joined to give Boston & Maine
tentatively is $349,547,475. The total figure of $579,679,- an opportunity to take up these war-time bonds under the present favorable
refinancing.
283, includes $231,429,283 for leased lines, and $348,250,000 conditions ofare dated Sept. 1 1927 and are due Sept. 11967. Int. payable
The bonds
M. &
all or part,
for the carrier wholly owned and used. Property owned but on anyS. Both principal- and int, payable in Boston. Red., 1947: thereint. date 00 60 days' notice at 1073i to and incl. Sept. 1
,
not used was valued at $1,297,475.
after at 105, accrued int. to be added in each case. Denom. c* $1,000
The report covers the Baltimore & Ohio and 35 subsidiary properties,
while a separate report in Valuation Docket No. 1071. also made public
on Aug. 30, covers the Baltimore & Ohio Chicago Terminal RR. and the
Lyons & Chicago RR, as of 1918.
The carrier property owned by the B. & 0. C. T. was assigned a final
value for rate
-making purposes of $31,467,733 while that used was valued
at $25,162,226. after deducting $6.524,043 for property owned but not
used, leased Co the Baltimore Bs Ohio, and other railroads. The figure
includes $214,000 for the Lyons & Chicago RR.
The outstanding capitalization of the Baltimore Sr Ohio, on valuation
date, according to the report, was $648,897,698 of which $151,945.578
represents common stock. $58,863,479 preferred stock, and $438.088,640
funded debt.
Its investment in road and equipment was stated in its bookies $365,837,158. With readjustments required by the accounting examination,
the report says, this would be reduced to $333,100,144. The cost of
reproduction of the used property exclusive of land, was placed at $560,378,022, and the cost of reproduction less depreciation at $437,071,077.
In addition, 63,603 acres of carrier lands and 1,405 ft. of bulkhead rights
were assigned a value, as of the valuation date. of $102,381,571.
The company had an investment in miscellaneous physical property of
*8,682.638. the report says, and held securities of and other investments
in other companies of a par value of $398,683,067. recorded in its accounts
at $346,033,855 book value. The sum of 821,250,000 is included in the
final value on account of working capital, including material and supplies.
The Baltimore & Ohio Chicago Terminal RR. had an outstanding capitalization in the valuation date of $41,044,000 and its book investment in
road and equipment was $40,021,067.60, the report states.
and r* $1,000. $5,000, $10,000, $25,000. Old Colony Trust Co. and S.
Parkman Shaw Jr., Boston, trustees.
Data from Letter of Pres. Geo. Hannauer, Boston, Aug. 27 1927.
Territory Served.
-The B. & M. operates 2,082 miles of road, including
1,599 miles of road owned and 450 miles which are operated under long-term
bases. Company serves centr 11 and northern New England, including the
central and northern part of Massachusetts, nearly all of New Hampshire,
southeastern Maine and a part of Vermont. Its lines extend into New York
State and connect with the trunk lines to the South and West,and Connect
New England with the main routes from the coal fields. At Portland, Me,
the company connects with the Maine Central RR. and forms Maine's
principal artery for the large tonnage in and out of that State. Its lines
through New Hampshire and Vermont connect with the Canadian Pacific
and the Canadian National Rys. to provide entrance to Montreal and access
to the Northern routes from the West over which large volumes of traffic
move. Its line which crosses Massachusetts from Boston to Mechanicville
and Rotterdam Jct., N. Y. connects with the Delaware & Hudson and the
New York Central Lines at these points.
For the year ending Dec. 31 1926 the company carried 35,752,143 passengers and 24,113,359 tons of freight. The freight carried includes 3,472,000
tons of agricultural products, 656,000 tons of animal products, 6,816,000
tons of mine products,including 2,760,000 tons of anthracite coal and 2.656,000 tons of bituminous coal, 2,610,000 tons of forest products and 8,849,000
tons of miscellaneous manufactured products, including 1,101,000 tons of
petroleum and its products.
During the past 3 years the company has made remarkable improvements
in its operating efficiency, and many of the present operating records.are
the best in the history of the road.
The full text concludes with a summary recapitulating the
Terminal Improvements.
-The B. & M. is engaged in a program of terminal improvements at Boston for which expenditures of $5,000,000 have
various items as follows:
consideration of all facts herein contained, already been authorized. This project, completed in several of its most
Final Value.
-After careful
including appreciation, depreciation, going-concern value, working capital Important details at a cost to date of some $3,000,000, involves the unificaand all other matters which appear to have a bearing upon the values here tion and modernization of the Boston terminals with improved service and
reported, the values, for rate-making purposes, of the property of the substantially improved operating efficiency. New and modern freight
SEPT. 3 1927.1
THE CHRONICLE
house facilities have been erected and are in operation; a new fruit and vegetable terminal has been in service several weeks; two new classification
yards, equipped with a car retarder device, are practically completed. A
modern general office building has reduced the number and improved the
efficiency of the general clerical staff, an improved track layout has segregated the freight and passenger operations in Boston terminals with resultant
Improvements and efficiencies to each; a new automobile unloading station
has promoted increased traffic of this class; and with several further phases
of this project developing the results to the B. & M. in volume of traffic,
quality of service and improved efficiency should reflect the expenditures
in large measure. It is anticipated that this Boston terminal unification
alone will result in an annual saving of approximately $500,000 in operating economies.
A new classification yard has been completed at White River Junction,
Vt., or consolidated interchange of cars to and from the northern routes,
and at Mechanicville, N. Y., the Boston & Maine's principal gateway to
and from the West, improvements, within a month or so of completion,
will materially expedite traffic and permit operations at lower cost.
-'The Hoosac Tunnel, which provides the
Other Important Improvements.
B. & M. with the shortest route across the Berkshires to the Hudson River
at lowest grade and minimum curvature, has recently been enlarged so that
the largest freight cars are now handled directly without former detour or
delay. Other important improvements include strengthening of bridges,
increased clearances, use of larger power for longer runs, rock ballasting
and first reductions of grade in years, all of which are important factors in
better service and more efficient results.
Bond Issue.
-Indenture authorizes the issuance of bonds to an amount
which,including underlying bonds and all pre-existing bonds secured equally
with this issue and then outstanding, shall not exceed twice the aggregate
par value of the capital stock at that time paid in and outstanding.
Security.
-These bonds (series AC 5%) rank equally with $90,916.979
of other bonds secured under the same mortgage. This mortgage is, in
the opinion of counsel, a 1st mtge. upon the railroad system, including the
lessee's interest in the principal leasehold lines, subject, as to the property
acquired from Worcester Nashua & Rochester RR. and Portsmouth Great
Fads & Conway RR., to $1,575,000 of outstanding prior lien bonds. At
the time the property of these two companies was acquired 119 miles of the
road owned by them was subject to these prior lien bonds.
These bonds are, therefore, secured (1) by a 1st mtge. on 1.480 miles of
road owned by the company; (2) by a 1st mtge. on the lessee's interest in
the leased lines covering 400 miles of road;(3) by a mortgage on the remaining 119 miles of road,subject to the $1,575,000 prior mortgage bonds above
mentioned; and (4) by a 1st mtge. on the terminal properties owned, with
unimportant exceptions, including the extensive railway and passenger terminals in Boston, which are assessed for approximately 130.000,000.
The Boston & Maine is now a unified system. Certain properties, such
as Fitchburg Boston & Lowell, Concord & Montreal, Connecticut River
and Manchester & Lawrence roads, which were formerly operated under
lease, have become through consolidation an integral part of this system
and constitute an important part of the security for these bonds.
Valuation.
-The Value of the railroad, excluding leased lines, as tenta-S. C. Commission, together with subsequent
tively determined by the I.
additions, amounts to over $255.000,000. This valuation is after deducting
approximately $45,000,000 for depreciation. As total funded debt including equipment treist obligations amoonts to only $129,934,579, there
will be over $1,960 of property value for each $1,000 of indebtedness.
-The proceeds of this issue of bonds are to be applied
Purpose of Issue.
towards the retirement of $29.298.500 of the company's bond now or
formerly owned by the U. S. Government and the reimbursement of the
company for 11,644,000 of the company's bonds acquired from the public.
Earnings and Expenses Years Ended Dec. 31.
*1924.
1926.
1925.
$81,625.375 $81,628,763 180,486.711
Operating revenues
597,533
Non-operating revenue
1.876,049
987,311
Gross revenues
183.501,424 182.616.074 $81,084.244
Operating & ether expenses and taxes 68,784,270 69,220,947 70,942,371
Net income avail, for fixed charges..$14,717,154 113,395.127 $10,141,873
*Including two roads operated separately prior to 1925.
Upon completion et'this financing the interest requirement on funded debt
will amount to $6.467.645 and the requirement for rental of leased lines
$1.139,132, a total of $7,606,777. For 7 months ended July 31 1927 gross
revenues were $44,576,450 and net income available for fixed charges
was $7,851,790.
Capitalization (Upon Completion of Present Financing).
Prior preference stock (when fully paid)
$13,000,000
First preferredstock.817,900
Preferred stock
3,149.800
Common steel(
30,505,100
Mortgage bonds, including this issue
121,858,979
Underlying divisional bonds of two acquired companies
1,575,000
Equipment trust obligations
6,394,600
Real estate mortgages
106,000
Is addition to the above, there are outstanding with the public stocks
and bonds of leased lines having a par value of $16,719.700, the charges
on which are provided for under leases to the Boston & Maine RR.
Financial Position of Company.
-The recent financial reorganization of
the company which was made effective on Sept. 1 1926 has placed the
company in a very strong financial condition. Under the plan $40,490,000
of bonds of various maturities were extended for 15 years, the interest rate
for the extended period being 5%. $13,000,000 of 7% prior preference
stock was sold principally to the stockholders of the company. This prior
preference stock is now selling in the market at about 113. The $40,490.000
of extended bonds were made convertible into this prior preference stock
in limited amounts at 100 at any time during the years 1930 to 1939 incl.
If exercised, this conversion privilege will substantially reduce the company's funded debt.
On Aug. 24 1927 cash, Government bonds and other readily marketable
securities exceeded $13,000,000. At the same time it had no bank loans
and no current indebtedness other than that incurred in the ordinary course
of business, and there is $5,345,550 coming in during the next two years
in payment for prior preference stock already subscribed for.
It has been a matter of satisfaction to find the extent to which the public
has responded to improved freight and passenger service, to the improvement in general facilities and the establishment of additional service.
Recognition of the need for adapting railroad operations to the changed
conditions of modern transportation has brought a substantial measure of
public support.
Diesel Direct-Drive Locomotives to Be Introduced by Co.
-
The Diesel direct-drive locomotive-with efficiency four times that of a
steam locomotive,a flexibility which makes it available to run heavy freight
trains, fast passenger trains or switching movements 24 hems a day, and
economies that will be far-reaching-is to be introduced to American railroading on the Boston & Maine system within 6 months. If it meets contract requirements with these results in actual service, the Boston & Maine
is in position, through an option made public Aug. 27 for the first time, to
obtain 20 of these new rail-power units.
-drive Diesels on American railroads in
The introduction of these direct
the opinion of motive engineers, may change the picture of ultimate railroad electrification which has been in the minds of many men for a long
time, and develop instead a Diesellzing of railroad power units in this
country.
President George Hannauer of the Boston & Maine announced that the
builders, the Fried Krupp Works at Essen, Germany, have just cabled word
that the first of the Boston & Maine's new Diesel locomotives will be given
ite initial test on the lines of the Prussian State Ry. about Dec. 1. and
should be available for service in New England in January. These tests
-V.125. p. 1188.
will be supervised by an official of the Boston & Maine.
Carolina & Georgia Ry.-Sale.This road, 25 miles long from Andrews to Hayesville. N. C., has been
bought by Kester Walton. representing a group of buyers, according to a
press report from Asheville, N. C.. which says that the price accepted is
$58,000. Of late the line has not been regularly operated and it was mainly
a lumber railroad. It was owned and operated by John C. Arbogast of
Asheville, together with S. F. Chapman and R. Y. Grant of Tennessee.
but it went into bankruptcy; hence the sale. It is further stated that a bid
of $54,000 was made by another prospective purchaser, but before the time
limit for bids expired the Walton offer was made and accepted by the Court
on recommendation of A. Hall Johnston, acting receiver for Silas G. Bernard. The Court then signed an order accepting the bid.("Manufacturers'
Record")
-V. 114. p. 2467.
1321
Chicago Burlington & Quincy RR.
-Earnings Decline.
President Hale Holden Aug. 30 is quoted in part:
"Our revenues are being affected by the smaller movement of coal due
to the bituminous str.ke, and for th.s reason I do not look for our 1927
earn.ags to be as good as they were ai 1926.
"Revenue from the crop movement well be larger than last year. but will
not be large enough to offset the decline in coal revenue. With the exception of coal, our freight loadings are running about the same as last year.
With normal coal loadings our total business would be greater than 1926.
We are not Contemplating the purchase of any equipment at this time, and
it is doubtful whether we will make any large purchases later, as we have
just completed a five-year program of rehabilitation which eaves our property in the best condition in history."-V. 125, p. 644.
Chicago Rock Island & Pacific Ry.-Stockholders to
-See under "CurVote Oct. 31 on Creating New Bond Issue.
rent Events and Discussions" on a preceding page, and also
V. 125,p. 1188.
Detroit & Mackinac Ry.-Abandonment.-
The I.
-S. C. Commission has denied the application of this company for
authority to abandon its Rose City branch extending from Emery Junction,
Iosco County, Mich., to Rose City, Ogemaw County, 31.22 miles, with a
branch from Smith Junction to South Branch, 0.92 miles, but will permit
the carrier to reopen the case after 18 months if it desires to make further
showing that operation of the branch cannot be justified. The Commission
has issued a certificate authorizing this company to abandon its Lincoln
branch which extends from its main line at Linco n Junction, Iosco County.
to Lincoln. Alcona County, 14.66 miles, thereby reversing a previous decision in which an application to abandon this branch was denied.-V.125.
p. 777.
Erie RR.
-Vice-President Resigns.
John J. Mantell, until Jan. 1 last a regional Vice-President of the railroad on its heaviest traffic lines and since then resident Vice-President of
the company, has resigned, effective Sept. 1.-V. 125. P. 909.
-Abandonment of Line.
Johnsonburg RR.
The I.
-S. C. Commission on Aug. 12 issued a certificate authorizing the
toand foreign commerce, that portion
company to abandon as to interof its railroad extending from a point approximately 1.22 miles from Johnsonburg to the end of its railroad at Clermont, a distance of 18.4 miles,
all in Elk and McKean Counties. Pa.
-V. 123. p. 1248.
Long Island RR.
-Bonds Paid.
-
The following notice was issued to the holders of the $984.000 New York
& Rockaway Beach Ry. 1st mtge. 5% bonds, maturing Sept. 1 1927.
The principal of the above bonds will be paid upon presentation at office of
the Pennsylvania RR. 380 Seventh Ave., New York, or at office of the
Treasurer, Broad Street
Station, Philadelphia. The second mortgage
income scrip of above company maturing Sept. 1 1927, will also be paid at
above offices.
-V. 125, p. 644.
Louisiana & Arkansas Ry.-Note.-
The I.
-S. C. Commission on Aug. 19 authorized the company to issue s
5% unsecured promissory note for $2,600,000, to mature Jan. 11928. and,
if necessary, to renew the same for a period of four months. The report
of the Conunission says:
"On Sept. 1 1902 the applicant made its first mortgage to the Standard
Trust Co., New York (now Guaranty Trust Co.), trustee, which provided
for the issue of $7,000,000 of bonds. There have been issued thereunder
and are outstanding $5,196,000 of bonds, of which $2.601.000 are held by
the trustee of the mortgage in a sinking fund and kept alive for interest
payments under the provisions of that indenture. The remaining $2,595,000 of such bonds will mature Sept. I 1927.
The applicant represents that it is without funds to meet these maturing
bonds, and proposes to obtain the money to pay them and the expenses
incident thereto, as well as for the satisfaction and release of the mortgage,
through a loan of $2,600,000 by the National Park Bank of New York.
The loan will be made pursuant to the terms and conditions of an agreement,
to be entered into with the bank, which will provide that the applicant shall
issue and deliver to the bank its promissory note for the amount of the loan.
Authority is requested to execute the proposed agreement and to borrow
the amount stated. Inasmuch as these transactions do not come within
the purview of Section 20a our authorization will be confined to the issue
of the note.
"The proposed note will be dated Sept. I 1927, will bear interest at the
rate of 5% per annum from date and will mature Jan. 1 1928, but will be
made with the understanding that it may be renewed on the same terms
for an additional 4 months. The note alone will amount to more than 5%
ofthe par value of the applicant's outstanding securities."
-V.125.P.PM.
-Control.
Muskegon Railway & Navigation Co.
-S. Commission on Aug. 15 approved the acquisition by the Grand
The I.
Trunk Western Ry.and theToledo Saginaw & Muskegon Railway of control
of the Muskegon Railway & Navigation Co., pursuant to certain contracts.
Authority was also granted to the Grand Trunk Western Railway and the
Toledo Saginaw & Muskegon Railway to assume obligation and liability in
respect of the payment of certain rates of interest on $572,300 of Muskegon
Railway & Navigation Co. 1st mtge. 6% gold bonds, due March 1 1949.
The report of the Commission, says in part:
In 1918 the carrier was organized for the purpose of constructing and
'
operating the belt line. Authority for the construction of the line was
obtained for the Michigan Public Utilities Commission early in 1920. Prior
to the effective date of paragraph (18) of Section 1 of the Inter-State
Commerce Act,and funds necessary for construction purposes were obtained
by the sale of capital stock and 1st mortgage 6% gold bonds, due March 1
1949, largely to manufacturers and shippers of the Muskegon district and
to metallurgical interests contemplating the construction of a blast furnace
and coke ovens at Muskegon, or interested in the distribution of pig iron.
Additional securities were subsequently issued in satisfaction of indebtedness of the carrier for cash advanced by the "principal" security holders and
for construction materials furnished by the Grant Trunk, and for other
purposes. The following table is a summary of testimony as to the total
amounts and ownership of securities eventually issued and now outstanding:
Bonds.
--Capital StockPrincipal
%
Par
Value. of Total. Amounts.
Manufacturers and shippers of the Muske1137,200
$37,226 23
gon district (140 holders)
Metallurgical interests
65,000
The Hickman Co
32,800
132,800
The Miami Co
41,100
177,500
The Chemical Co
46.800
Total
The Grant Trunk
Scattered
$120,700
75
3,367
2
$375,300
55.300
4.500
$572,300
Total
$161,293 100
In view of the continual losses sustained by the carrier, certain persons
interested as security holders took the matter in hand to work out some
salvation" for themselves and the shippers. It was thought that the best
solution of the problem would be for one of the trunk lines to take over the
management of the carrier. Two Committees were formed-one, hereinafter called the local Committee, to protect the interests of security holders
residing in Muskegon, and the other, composed of two representatives of
the Miami Metals Co., one representative of the Hickman Williams &
Co.. Inc., and two representatives of the Muskegon interests, to co-operate
with the local Committee in solving the problem. The testimony clearly
shows that the paramount concern of the Muskegon interests was, and now
is, to avoid a recurrence of unsatisfactory railroad conditions obtaining in
the Muskegon district prior to the organization of the carrier. It would
seem that at first the majority security holders may have viewed the matter
from a somewhat different aspect, for the first approach to a solution was
through overtures by the president of the Hickman company and the
president of the carrier to the president of the Pere Marquette. inviting
that carrier to make a proposition for operating the belt line of taking it
over on some basis. The Pere Marquette offered to operate the line for
two years, without assuming any obligation as to bond interest or taxes,
but this proposal was considered unsatisfactory because it left the security
holders in an uncomfortable position.
orriessie,
In the fall of 1924. at a conference at Chicago, the Pere Marquette
offered to purchase the stock and bonds of the carrier at prices of 10 cents
1322
THE CHRONICLE
and 40 cents on the dollar, respectively. When brought to the attention
of the local Committee, this offer was deemed unacceptable because it was
felt that control of the carrier by the Pere Marquette would defeat the
object for which the belt line was built. To this objection the Miami
company and the Hickman company deferred, with the result that no
further negotiations were had between the Committees and the Pere
Marquette.
Meanwhile the local Committee had broached the matter of the carrier's
financial predicament to the Grand Trunk and the Pennsylvania, some
suggestion being made as to co-operation by those companies in operating
the belt line. The Grand Trunk offered to lease the carrier's properties for
a term of 10 years. This offer was rejected. The representative of the
Pennsylvania was favorably impressed with the prospect of that company
acquiring some interest in the belt line, or taking it over, but was unable to
obtain the sanction of the Pennsylvania because the Allied Chemical &
Dye Corp. could not be persuaded to join in the deal. Finally, after several
negotiations with the Grand Trunk, the efforts of the Committees resulted
In the making of the contracts now presented for our consideration.
One of the proposed contracts is between the applicants and the Hickman
company, the Miami company, and the Muskegon interests; the other is
between the applicants and the Chemical company. The contracts are
both dated Oct. 20 1926, and are substantially identical, the Chemical
company having preferred to enter into a separate agreement rather than
deposit its securities with the Committees.
Under the terms of the contracts, the parties, other than the applicants.
agree to deposit their securities, indorsed if necessary) in blank for transfer.
and all unpaid coupons for interest accruing prior to Dec. 15 1924, with the
Union National Bank of Muskegon, as "escrowee." Other security holders
are accorded the privilege of participating in the benefits of the contracts
upon depositing their stock and bonds with the escrowee. At the date of
the hear,allbut e1,000 of stock and $400 of bonds had been so deposited.
Subject to our approval the contracts are to be effective for five years
from May 11926. So long as they are in effect and there is no default on the
part of the applicants, shares of the carrier's stock sufficient to qualify
directors are to be held by nominees of the applicants and the escrowee is
to vote the remainder of the deposited stock as directed by the applicant
The latter are to guarantee payment by the carrier of interest on the deposited bonds at the rate of 2% per annum from Dec. 15 1924, to March 1
_ 1927, 2SS% per annum for the two years ending March 1 1929, and 3%
per annum for the remaining period of the contracts. Interest coupons are
not to be canceled, but are to be delivered by the escrowee to the applicants, who are to be subrogated to the rights of the depositors therein.
Provision is also made for the repayment of cash advanced to the carrier
by the security holders and for reimbursement of certain expenses of the
Committees.
The applicants are to cause the properties of the carrier to be operated
and maintained during the term of the contracts and to indemnify the carrier
against all claims arising out of such operation and maintenance. In case
the term of the contracts is not extended on or before the end of the fiveyear period, the applicants agree to purchase the deposited bonds at 60 and
upon payment of the purchase price, the bonds, interest coupons, and
capital stock then held in escrow are to be delivered to the applicants for
absolute ownership. Default in the performance of obligations assumed
under the contracts is to have the effect of accelerating the purchase of the
deposited securities by the applicants.-V. 124. p. 3348.
New York New Haven & Hartford RR.
-Participation
-Public offering Aug. 31 of $17,000,000
Certificates Offered..
participation certificates 6% collateral note marks a further
step in the plan for adjusting the Government obligations
incurred by the railroad during the time it was operating
under Government control. The certificates mature March
1 1930 and were offered by a group headed by Halsey,
Stuart & Co. Inc. and including Hambleton & Co. and
Edward Lowber
Staes & Co., to yield 4.50% to the first
call date, March 1 1928, and 6% thereafter. These certificates do not represent new financing.
It is interesting to note that the certificates, which represent shares in
the promissory note of the railroad, are in $5,000 denominations only,
making this the minimum that can be purchased.
This $17,000,000 note, security for which consists of $20,000,000 of the
railroad's let & ref. mtge. (3es bonds, due 1930, was given to the DirectorGeneral of the Railroads in 1'920 when the stoverninent returned the roads
to private control. The note represented expenditures made for additions
and betterments during Federal control. Since that time the note has
been held by the Treasury Department.
This is the second step in the clearing up of the Government loans.
The railroad recently received the approval of the stockholders for the
issuance of 493.367 shares of 7V cumulative pref. stock. The sale of this
0
stock will provide $43.000,000 for the retirement of another note held by
the Treasury Department on Oct. 15. The Government desired the
latter note to be taken up so that the proceeds may be used toward the
retirement of bonds of the Second Liberty Loan on Nov. 1.
Stock Not Ex-rights Aug. 29.
The New York Stock Exchange committee on securities has ruled that
common stock and the 6% convertible debentures should not be quoted
ex-rights Aug. 29 and not until further notice. The company recently
offered common stockholders and holders of the 6% convertible debentures,
due 1948. both of record Aug. 29. the right to subscribe at $100 a share for
7% cumulative pref. stock k par $100), in the ratio of one share for $400 of
debentures and one share for every 4 shares of common held. Rights to
subscribe expire Oct. 1.-V. 125, p. 1048, 778.
Ohio & Kentucky Ry.-Securities.-
-S. C.Commission on Aug. 10 granted authority (1) to extend from
The I.
July 1 1926 to July 1 1930 the date of maturity of $250,000 of 1st mtge.
sinking fund 5% gold bonds, and (2) to issue $31,250 of 5% income certificates. series A, and $175,000 of 5% income certificates, series B.
The report of the Commission says in substance: The bonds which it is
proposed to extend were issued under an indenture dated July 1 1896.
They matured July 1 1926. but none of the principal has been paid nor the
interest that was due on the semi-annual interest dates. July 1 1924 to
July 11926. The applicant also has outstanding $175.000 of debentures,
which are dated June 1 1916 and matured July 11926. The principal has
not been paid nor the interest due June 1 1924 or since. The applicant proposes to refinance these outstanding bonds and debentures through voluntary action of the holders.
A bondholders' committee was formed and a notice dated June 25 1926
was sent to the holders of the bonds and the debentures requesting the deposit with the committee of such securities for the purpose of carrying out
a plan of refinancing. The plan has since been incorporated in an agreement dated Mar. 28 1927. It is stated that all the bonds and $169,000 of
the debentures have been deposited with the committee.
The above-mentioned agreement was entered into by and between the
bondholders' committee the Central Union Trust Co. of New York, the
applicant, and the Kentucky Block Cannel Coal Co. Pursuant to the
terms of the agreement the bondholders' committee will deliver to the trust
company the entire $250,000 of bonds, together with the unpaid coupons,
amounting to $31,250. $169.000 of the debentures with all unpaid coupons.
and all other coupons held by the committee, relating to other debentures
and amounting to $22,605, and the applicant will deliver to the trust company its duly executed coupons, which will relate to the $250,000 of bonds,
and will represent interest thereon at the rate of 5% per annum from July 1
1928 to July 1 1936. The first of such coupons will be payable on Jan. 1
1929 and the succeeding coupons will be payable semi-annually thereafter
on Jan. 1 and July 1 in each year, beginning July 1 1929 and ending July 1
1936.
The applicant will also issue and deliver to the trust company $31,250
of income certificates, series A, 22 in number, In various denomination
ranging from $50 to $11,250 each, and $175,000 of income certificates,
series B, in the denomination of $1,000 each. Upon the receipt of the
above-mentioned securities, the trust company will cause all unpaid coupons
relating to the bonds, together with $1619,000 of the debentures with the
unpaid coupons pertaining thereto, to be canceled and will stamp each of
the bonds with a legend extending the date of their maturity from July 1
1926 to July 1 1936. whereupon the trust company will deliver the bonds,
so stamped, together with new coupon sheets attached, $31.250 of the income certificates series A and $169.000 of income certificates series B, to
or upon the written order of the committee, for the account of the owners
Of such bonds and debentures. The trust company will also deliver the
fVoL. 125.
remaining $6,000 of income certificates series B or any part of them upon
the surrender to it of a like amount of outstanding debentures with coupons
attached. Under the agreement the coal company guarantees payment of
the principal of the bonds upon the date of maturity as extended.
The series A and series 13 certificates will be dated July 1 1926 and will
mature July 1 1936. The terms and conditions of the certificates provide
that interest thereon will be payable out of the net income available after
payment of interest on the bonds. The series A certificates will have priority in the distribution of the assets of the applicant over the series B certificates and the stock, while the series B certificates will have priority only
over the stock.
-V. 125, p. 1049.
Old Colony RR.
-Stock Auctioned.
-
A block of 8,917 shares of stock was sold at auction at Boston, Mass.,
on Aug. 3 at 13734 per share for the lot. The buyers were Hornblpwer &
Weeks. This issue, previously authorized by the I.
-S. C. Commission, is
for the purpose of reimbursing the New York New Haven & Hartford RR.,
lessee, for capital expenditures.
The directors have approved the issuance of 9.274 shares of capital
stock to reimburse the New Haven BR. fur additions and betterments to
its property.
-V. 125, p. 778.
Paulista Ry.-Bonds Called.Ladenburg, Thalmann & Co., as fiscal agents under the loan, have drawn
by lot and called for redemption on Sept. 15 1927 $69,500 of Paulista Re.
1st & ref. mtge. 7% s. f. gold bonds, series A, making a total of $648,000
bonds redeemed by the sinking fund. Bonds are payable at 102 and int.
at office of Ladenburg Thalmann & Co.,25 Broad St., N.Y.City.
-V.124,
P. 1355.
Pittsburgh Cin. Chic. & St. Louis RR.
-Tenders.
The Farmers' Loan & Trust Co., N. Y. City, will until Sept. 29 receive
bids for the sale to it of consol. mtge. bonds of the Pittsburgh Cincinnati,
Chicago & St. Louis By. to an amount sufficient to exhaust $1,372,890
at a price not exceeding par and int.-V. 123, p. 1248.
St. Louis & O'Fallon Ry.-Final Valuation.
-S. C. Commission Aug. 30 made public its final valuation report
The I.
finding the final value for rate-making purposes of the property owned
and used for common-carrier purposes to be $810,000 as of June 30 1919.
This company operates a line from East St. Louis, Ill., to O'Fallon Mine
No. 2, a distance of 8.939 miles.
Earlier in the year the Commission issued a report on this carrier, finding
a value for recapture purposes as of the years 1920 to 1923, on which it
based an order directing the company to pay to the Government one-half
of its net railway operating income in excess of 6% on its value (V. 124, P•
1898). The case attracted nation-wide attention because it had been selected as a test case under the recapture provisions of the Transportation
Act of 1920.
At that time the Commission had not completed its valuation of the property under the Valuation Act of 1913. but it announced a method of bringing underlying valuation data up to date for recapture purposes by adjusting the data as of 1919 to later years by making allowance for the additional
investment in the property in later years. At the same time it announced
some of the principles to be followed in general in bringing valuations made
as of 1914 and later years up to date and the railroad applied to the U. S.
District Court at St. Louis for an injunction against the order in the recapture case.
The final valuation now announced is the same as that reported in the
Commission's mutative valuation of the property by order of May 18 1025.
A protest against the tentative valuation was filed by the carrier within
the statutory period, the report says, and a hearing was assigned and due
notice given. The carrier entered an appearance at the hearing, but presented no evidence, brief or argument in support of its protest, and the
Commission has now ordered that the tentative valuation be made final.
V. 124, p. 3768.
Seaboard Air Line Ry.-Guaranty.-
-V. 125.
See Baltimore Steam Packet Co. under "Industrials" below.
IL 1049.
-Construction of Extensions.
Toledo & Cincinnati RR.
The L-S. C. Conunission on Aug. 18 issued a certificate authorizing the
company to construct two extensions of its lines of railroad aggregating
-V. 107, p. 403.
4.3 miles in length, all in Butler County. Ohio.
-Control.
--Wichita Falls Ranger & Fort Worth RR.
-V. 124, p. 3627.
See Wichita Falls & Southern RR. below.
-Acquisition of Control.
Wichita Falls & Southern RR.
The 1.-S. C. Commission on Aug. 10 authorized the acquisition of control
by the Wichita Falls & Southern RR.; (1) of the Wichita Falls & Southern
Ity. by purchase of the capital stock of that company and by lease of its
properties, and (2) of the Wichita Falls, Ranger & Fort Worth RR. Co.
by purchase of the capital stock and bonds of that company and by lease of
its properties.
The report of the Commission says in substance:
The applicant, the railway company, and the Ranger are incorporated
under the laws of Texas, and their lines are located entirely within that
State. The railway company's line extends from Wichita Falls, Wichita
County, southerly through Archer County to New Castle, Young County,
a distance of 52.36 miles; the applicant's line extends from New Castle
southerly to Jimkurn. Stephens Comity. a distance of 41.2 miles and the
Ranger extends from Jimkurn southerly through Eastland County to
Dublin. Erath County, a distance of 74.8 mike. The applicant operates the
entire line of the railway company under an operating agreement, and
operates under trackage rights over the Ranger between Jimkurn and
Breckenridge. a distance or 9.2 miles. The railway company's line connects
at Wichita Falls with the Fort Worth & Denver City By.. the Wichita
Valley By., and the Missouri-Kansas-Texas RR., and at Olney with the
Gulf Texas & Western RR. The applicant's line connects at Graham with
the Chicago Rock Island & Gulf Ry. The Ranger connects at Ranger
with the Texas & Pacific By., and at Dublin with the Missouri-KansasTexas RR. and the Fort Worth & Rio Grande RR.
All of the stock of the railway company and of the applicant is owned by
Frank Kell, President, and his associates. It is stated that the stock of the
railway company, which consists of 530 shares of the par value of WO each,
has no ascertainable market value, and the applicant proposes to purchase
it at par.
Under the terms of an indenture to be executed as of July 1 1927, the
railway company proposes to lease to the applicant for 99 years all of its
properties in consideration of the payment by the applicant as rental, of all
Interest on outstanding bonds, all taxes, expenses incurred by the railway
company in maintaining its corporate existence, and a sum equal to 6%
per annum on the capital stock of the railway company. The applicant
will take possession of all current assets and assume all current liabilities
and floating indebtedness of the railway company as of July 1 1027, will
maintain the leased properties in good order and condition, and will save
the railway company harmless from all suits, costs, damages, &c., arising
out of the operation of tile leased properties. The proposed lease contains
the usual provisions for recovery of the properties by the railway company
in the event of default by the applicant. Upon the execution of the lease
the existing operating agreement between the parties will be terminated
and canceled.
The balance sheet of the Ranger as of April 30 1927, shows investment in
road and equipment $3,634,939, current assets $143,501, deferred assets
$500. unadjusted debits $14,289, capital stock ;120,000, grants in aid of
construction $727,550,long-term debt e2,975,717,current liabilities $24,883,
deferred liabilities $10.058, unadjusted credits $57,535, additions to property
through income and surplus $4.860, profit and loss debit balance 8130,374.
The long-term debt represents a judgment debt held by the National
City Bank in the name of one of its officers. In our report and order in
Securizies of IV. F. R. & F. IV. RR., 124 I. C. C. 311, we authorized the
Ranger to issue $1,000,000 of common capital stock and $2,000.000 of let
mortgage 5SS% bonds for delivery to the National City Bank in settlement
of this and other indebtedness. The testimony is that, while the securities
have not yet been issued, the Judgment has been released. The present
stock will be canceled when the new stock Is issued. The applicant holds an
option from the bank for the purchase by it at any time within a period of
two years from June 1 1927, of the stock and bonds mentioned above for
31,000,000, plus interest at the rate of 5% per annum figured quarterly
from that date. The applicant states that in the event the present application is granted it proposes to seek authority to issuebonds in respect ofthe
properties under unified control, and will pay for the stock and bonds of
the Ranger out of the proceeds ofthe bonds Lobo issued hereafter. Included
THE CHRONICLE
SEPT. 31927.]
In unadjusted credits Is an item of $36,700 for depreciation accrued on
equipment.
The applicant proposes to execute an indenture of lease with the Ranger
as of July 1 1927 the terms of which will be substantially similar to thos
'
contained in the indenture to be executed with the railway company.
V. 124. p. 3627.
Wichita Falls & Southern Ry.-New Control.
-V. 123. p. 1760.
See Wichita Falls & Southern RR. above.
Wyoming & Missouri River Ry.-Abandonment.-
-S. C. Commission on Aug. 10 Issued a certificate authorizing the
The I.
company to abandon its line of railroad in Butte County, S. Dak., and
Crook County, Wyo.-V. 123. p. 322.
PUBLIC UTILITIES.
-Proposed Consol.Adirondack Electric Power Corp.
-V. 125, p. 1050.
See New York Power & Light Corp. below.
-Earnings.
Adirondack Power & Light Corp.
1927-12 Mos.-1926.
-Month-1926.
Period End. July 31- 1927
$689,831 $9,576,516 $8.877.906
Gross earnings
$767.031
6,065,022
5,470,983
*Oper. exp. bc taxes-- _ 518.606
481.686
1,978,671
1.955.485
159,409
171,026
Int. chgs. & rentals...
1323
The Maryland P. S. Commission on Aug. 23 granted to the company
the right to retain its lines and serve the city of Havre de Grace, Md.,
after hearings held from Aug. 4 to Aug. 19 had definitely established the
fact that a fight for that territory existed between the company and the
Northern Maryland Power Co. (controlled by the Philadelphia Electric
Co.) The P. S. Commission, however, claims it has no jurisdiction over
the matter of the ouster ordinance passed by the City Council of Havre de
Grace against the Northern Maryland company. Unsatisfactory and inadequate service is charged against the latter .by many residents of the
city. (See also V. 124, p. 3066.1-V. 125. 13• 779.
Continental Gas & Electric Corp.
-New Subsidiary
Acquires Iowa and Nebraska Properties.
-See Iowa-Nebraska
Light & Power Co. below.
-V. 125, p. 1191.
Cumberland & Westernport Transit Co.
-Dismantled
The S. Snyder Corp., Rochester. N. Y., on Aug. 17 began to dismantle
the electric line, formerly maintained by the Cumberland & Westernport
Transit Co., between Frostburg and Westernport and Frostburg and
Cumberland, Md. This property was purchased by the company for
$60,000.-V. 123, P. 1112.
-Report.
Derby Gas & Electric Corp.
The corporation and subsidiary and controlled companies in their consolidated statement of revenue and expenses for 12 months ended June 30
1927 reports gross revenues of $1,388,456, expenses of $595,857, and net
charges but before provision for renewals
Net income
$37,119 $1,532,823 $1,451,438 earnings after fixedIncome tax, of $289.499.-V. 124, p. 505. and replace$89,016
ments and Federal
* Incl. for credit to
$54,921
$29.139
$647,341
$559,733
res. for deproc
-Franchises.
Dixie Gas & Utilities Co.
Comparative Balance Sheet.
The company has been granted franchises to supply natural as for
July 31 '27. Dec. 31 '26.
July 31 '27. Dee. 31 '26 domestic and industrial uses in the following towns in Texas: Orange,
Assets$
Rusk, Jacksonville, Nacogdoches, Timpson, Crockett and Livingston,
Fixed capital. _ _ 55,144,556 53,838,054 Common stock__ 9,328,500 9,317,600 having a total population of 32,500. Pipe for the Lying of the necessary
113,800 mains has been ordered and construction work is expected to be started
Cash
699,012
518,318 Pref. stk. $6 cum. 1,540,700
Notes de accts. rec 2,002,988 2,201,673 7% cum. pf. stk.12.069,100 11,106.100 shortly. The gas to be distributed will be transported from the fields
Mat'ls & supplies 903,287 1,014,545 8% cum. pr. stk_ 2,554,700 2,554,700 by the Dixie Pipe Line Co.
-V. 125, p. 1051.
Prepayments_ _ _ _
169,400
23,466
26,955 Stock subscribed_
-Definitive Bonds.
Electric Public Service Co.
Subscr.to cap.stk.
57,151
Stock issuable in
22.800
Definitive 10
exchange
11,900
-year 6% sinking fund gold debenture bonds due April 1
Investments_ __ _
662,542
286,548
Special deposits__
145,478 Funded debt_ _ _31,825,100 32,878,100 1937, and definitive 1st lien collateral 53% gold bonds, series C, due
41,397
252,250 April 11942, will be ready for delivery in exchange for outstanding interim
35,500
Unamortized debt
Other mtge. Habil
Notes & accta.pay 1,018,977 2,235.596 certificates on or after Sept. 7 1927, at the Trust Department of the Guardiscount and ex-V. 125. p. 515.
548,998 anty Trust Co., 140 Broadway, N. Y. City.
pense
1.504.487 1,576,004 Unmat'd liabilities 888,383
340,056
Suspense
610,811
516,052 Consumers' depos 360,375
-Definitive Bonds.
Electric Public Utilities Co.
57,788
86,306
Prep's serv. accts.
Intangible cap, to
Definitive 5% gold notes due June 1 1928 will be ready for delivery in
959,702 Sacandaga reserv'r
be amortized
923.563
Sacandaga reserv'r 3,033,878 3,003,840 improvement tax 2.882,184 2,852,146 exchange for interim certificates on or after Sept. 7 at the Trust Depart,111,925 ment of the Guaranty Trust Co., 140 Broadway, N.Y.City.
-V.125. p.647.
Suspense credit__
713
489.206
Reserve
651.604
-Merger Plans.
Empire Gas & Electric Co.
1,836,221 1,643,580 Total (ea. side)65,231,146 64,463,163 Surplus
The company has filed an application with the New York P. S. COMMiSAll of the outstanding 1st & ref. mtge. gold bonds, series of 5k% due
1950, have been called for payment Nov. 1. at 105k and int. at the office ston for approval of the merger with it of the Seneca Power Corp. of Seneca
Falls, alleging that consolidated operation can be conducted with greater
of the Guaranty Trust Co., trustee, 140 Broadway N. Y. City.
-V. 123, p. 1502.
efficiency and the elimination of dupl cated work.
-V. 126, p. 1050.
See New York Power & Light Corp. below.
-Tenders.
American Telephone & Telegraph Co.
-Balance Sheet.
Engineers Public Service Co.(8c Subs.).
June 3027. Dec. 31'26.
June 3027. Dec. 3126.
Assets
Prop., plant,&c.144,203,236 132,708,757 Pref. stk. of sub. 22,894,400 22,123,200
Agreement to unStock subscribed
342,586
derwrite allotfor (subs.)_ _
146.330
American Water Works & Electric Co., Inc.-Acquisien
ment ars. for
Bonds of subeild's 64,914,500 57,166,500
The company has acquired the Noroton Water Co.. supplying the compref. & com.
Coupon notes__ 5,951,800 5.953,000
munities of Noroton, 'Darien and Glenbrook, Conn., and through its
stock
262,250 Unpaid but unsubsidiary, Commonwealth Water & Light Co., has acquired the Bernards Cash
2,405,976 6,145.022
derwritten bal.
Water Co., supplying Bernardsville and Basking Ridge N. J.: the Milling- Notes receivable
94,206
61,617
on allotment
price of allotton Water Co..supplying Millington, N. J. and the Stirling Water Supply Acc'ts receivable 2,771,589 2,492,074
-V. 125, P. 779.
meat cerilte_
Co., supplying Stirling, -N. J.
Mans & SUPP- 2,131,100 1,788,555
262,250
Prepayments _ _ _
604,224
834,360 Notes payable__ 3,024,938 2,165,566
Bell Telephone Securities Co.
-New President.
58,965
293,271 Acc'ts payable__ 1,019,622
848,842
Subscr. to stock.
Arthur W.Page has been elected President to succeed David F. Houston, Misc. investmls
66.681
126,612 Accounts not yet
resigned -V. 113. p. 1254.
2,494,417 1,999,094
Sinking funds
4,651,309 3,254,166
due
48,789
269,564
Special deposits. 3,113,795 2.848,871 Divs. declared
Boston & Worcester Street Ry. Co.
Retirement res. 9,423,360 11,184,413
Unamort'd debt
Judge Sanderson in the Massachusetts Supreme Court at Boston gave a
270,416
236,929
disc. & exp
8,366,128 3,279,103 Oper. reserves
hearing on the form of decree for foreclosure by American Trust Co. of a
1,119,243
579,318 Unadiusted cred 1,136,759 1,050,500
mortgage for $2,500,000 on Boston & Worcester Street Ry., secured by Unadjusted deb.
Bal. of assets for
$2,460.000 bonds, and of a mortgage of the Framingham Southborough &
cora, stock of
Marlborough St. Ry. secured by $60,000 bonds. It is expected the bondsubs. in hands
holders at the foreclosure will purchase the two lines, conferences on the
1,205,180 1,260,126
of public
matter having been going on for months. Judge Sanderson agreed that
Total(ea.side)164,586,451154,673,975 Bal. of assets_ _ _a51,868,653 50,010,693
upset price to be named in the final decree as to foreclosure should be
a Showing book value of 307,658 preferred shares and 778.962 common
$360,000 for both roads, and the purchaser will have to provide about
shares, both without par value.
-V. 125, p. 779.
$180,000 in cash to meet expenses and charges.
-V. 124, P. 3627.
The Old Colony Trust Co., trustee, 17 Court St., Boston, Mass., will
-year 5% collateral trust
until Sept. 12 receive bids for the sale to it of 30
gold bonds due Dec. 1 1946 to an amount sufficient to exhaust $800.254.
Interest on accepted bonds will cease Sept. 14.-V. 125, P. 778.
Central Power Co.(Del.).
-Bonds Called.
All of the outstanding 1st mtge. gold bonds, series B and C,dated July 1
1919, have been called for payment Oct. 1 next at 105 and interest at the
office of the Continental & Commercial Trust & Savings Bank, trustee,
208 South La Salle St., Chicago,
125, p. 779.
Chicago South Bend & Northern Indiana Ry.-Rates.
The basic passenger rate became 3 cents a mile effective Aug. 8, instead
of 2.1i cents. The new rate was authorized by the Indiana P. S. Commission. Until a year ago the company was charging the 3
-cent rate, but
the rate was lowered to combat bus competition. It failed to draw sufficient
patronage to make the passenger department pay. The sale of books,
containing $5 worth of transportation for $3.75, will be continued, and
commutation books at the rate of 1 k cents a mile which can be used by an
entire family also will be sold.
-V. tga. P• 647.
Cohoes Power & Light Corp.
-Proposed Consolidation.
-
See New York Power & Light Corp. below.
-V. 125, p. 1050.
Commonwealth
Stock Listed.
Power
Corp.
-Additional
Fulton County Gas & Electric Co.
-Proposed Consol.See New York Power & Light Corp. below.
-V. 125, p. 1052.
Havelock Electric Light Co.
-Merger.
See Iowa-Nebraska Light & Power Co. below.
-Sold.
Homestead & Mifflin Street Ry. (Pa.).
-V. 124. p. 644.
See Pittsburgh (Pa.) Railways below.
-Earnings.
International Utilities Corp.(& Subs.).
1927.
1926.
12 Months Ended June 30$5,507,027 $4.585,424
Gross earnings, hicl, other income
Oper. exp., incl. deple.; amort., deprec., maLut.
& taxes, incl. Fed. taxes, & earn, applicable to
3,552,221
minor. int. in common stk. of sub. cos
3,138.258
770.368
793,421
Funded debt int. & disc. expense
83,987
64,588
Other interest
Divs. paid on accr. on pref. stocks of sub. cos.
258,103
167.600
owned by the public
Preferred
$842,348
Net income to surplus
$421,556
(Cr.)662 (Dr.)10,249
Net surplus adjustments
The New York Stock Exchange has authorized the listing of 125,400
additional shares (par $100) preferred stock, making the number of such
Combined net earnings on the basis of stock
$843,010
shares to be issued and outstanding 500,000, the total authorized issue of
ownership June 30 1927
$411,307
-V. 125, p. 914.
that class.
Consolidated Balance Sheet as of June 30 1927.
-Bonds Sold.
Iowa-Nebraska Light & Power Co.
[After giving effect to sale of $13,208,200 preferred stock and the retirement of $11,011,500 of bonds.]
Otis & Co., Bonbright & Co., Inc., Harris, Forbes & Co.,
Liabilities
Assets
Continental & Commercial Co. and J. G. White & Co. Inc.
,
$283,342,859 6% cumul. pref. stock
Prop., plant, inv., deo
550,000,000
Invs.in affiliated companies_ 1,039,765 Common stock
x18,230,704 have sold at 96% and int., to yield over 5.20%,$12,000,00
706,722 Pref. stock of subs. cos_ _ _ _ 92,535,100 1st lien & ref. mtge.5% gold bonds, series A. The company
Sink.funds & special deposits
'Tenn. Elec. Pow. Co. stock
Bond discount & expense in
process of amortization... 7,279,996 (5,961 shares)
213.422 is a subsidiary of the Continental Gas & Electric Corp. and
Def.charges & prepaid acc'ts
873.446 Bonds of sub. cos
118,877,500 holders of latter corporation's 1st lien 5% bonds and ref.
5,291,628 Contracts payable
58.000
Cash & working funds
Customers' deposits
1,533.344 mtge. 6% bonds have been offered bonds of the above issue
U. S. Govt. sec. & bank
certificates of deposit.... 6,628,621 Other deferred Items
215.702 in exchange for their present holdings. A portion of the
5,719.786 Notes payable
Accounts receivable
2,600 present issue has been withdrawn for delivery to those
who
113,840 Accounts payable
991,735
Notes receivable
63,912 Accrued interest
Interest receivable
1311,076 have accepted the offer (see V. 125, p. 1191).
.
1,833,015 Accrued taxes
Dated May 1 1927; due May 1 1957. PrWcipal and int. (M. & N.)
4.978.127
Due on subscrip. to pref.stk
5,757,894 Sundry current liabilities
_54,979 payable at Cleveland Trust Co., Cleveland, trustee, or at Bankers Trust
Materials & supplies
Dividends payable
642,549 Co., New York. Denom. c* $1,000, $500 and $100 and r* $1,000 and
Depreciation reserves
14,054,211 $5,000. Company will refund, upon proper application, any Penn. Conn.
Other operating reserves.. _
1,758,4.51 or Calif. personal property tax not in excess of 4 mills, any Kentucky
Premium preferred stock_
65.945 personal property tax not in excess of 5 mills and the Mass, income tax on
Contributions for extensions
3
98,313 the hit. up to 6% per annum. Interest payable without deduction for any
Sur.of sub.at date of control 6,565,805 Federal income tax up to 2%. Red. all or part by lot at any time upon
$318,651,485 Surplus since date of control 0,433,921 30 days' notice up to an incl. May 1 1932, at 107k and int., thereafter up
(each side)
Total
1937, at 105 and
x Represented by 1.359,529 shares,no par value. See also V. 125. p. 1051. to and incl. May 1 int.; thereafter int.; thereafter up to and incl. May
1942, at 102S and
up to and incl. May 1 1952. at 101 and
Commonwealth Water & Light Co.
int., and at 100 and int. thereafter prior to maturity.
-Acquisition.
Issuance.
-Authorized by the Nebraska State Railway Commission.
under American Water Works & Electric Co., Inc. above.
-V. 118.
See
Data from Letter of Pres. Richard Schaddelee dated Aug. 27.
p. 315.
-Has been organized in
Company.
Consolidated Gas, Electric Light & Power Co. of properties of the following companiesDelaware to acquire all of the physical
in Nebraska and Iowa, now
controlled
-Retains Lines in Havre de Grace.
Baltimore.
by Continental Gas & Electric Corp.: Lincoln Public Service Co.,
Nebraska
1324
THE CHRONICLE
Gas & Electric Co., Iowa Service Co. and Havelock Electric Light Co.
Company will also acquire from the Continental Gas & Electric Corp. all
of the outstanding securities of the Maryville (Mo.) Electric Light & Power
Co.
The territory served includes Lincoln, Neb., a city of 80,000 population,
and 196 adjacent cities and comnumities in Nebraska, Iowa and Missouri,
and inter-connected by transmission lines. This territory is one of the most
highly developed agricultural districts in the United States. The total
population served is over 230,000. There are 56,750 electric customers
and 19,581 gas customers.
The properties include a main central station at Lincoln and other stations,
with a total installed steam capacity of 28,207 k.w. and hydro-electric
capacity of 2,489 k.w., 1,615 miles of distribution lines and 1,748 miles
of transmission lines. Electric output for the 12 months ended May 31
1927. was 77.382,462 k.w.h. and gas sales were 569,554,800 cu. ft.
Lincoln Public Service Co. does practically the entire electric light and
power business in Lincoln (except for street lighting and pumping for which
the City of Lincoln maintains its own plant) and 5 adjacent suburbs and
furnishes gas to Lincoln, University Place, Havelock and intervening
territory. It also serves Lincoln with heat and wholesales electricity in
various suburban towns.
Nebraska Gas & Electric Co. serves electric light and power to Beatrice,
Aurora,Plattsmouth and York and 101 smaller cities and towns in Nebraska.
It also serves Beatrice, Plattsmouth and York with gas.
Iowa Service Co. supplies Clarinda. Red Oak, Shenandoah and 56 lesser
communities in west central Iowa with electric light and power. It also
serves Red Oak and Shenandoah with gas and operates an ice and cold
storage plant at Clarinda. Havelock Electric Light Co. serves electric
light and power to Havelock and Waverly, Neb. Maryville Electric Light
& Power Co. serves electric light and power to Maryville, Mo., and 24
surrounding communities.
Security.—Secured by a direct first mortgage on a substantial portion of
the company's fixed properties by a direct mortgage on all other fixed
Properties of the company, subject only to $3,000,000 of closed divisional
liens, and by a first Hen on all of the outstanding securities of Maryville
Electric Light & Power Co.
The property upon which this issue of bonds will be a direct first mortgage
has been appraised, as of May 31 1927. at a fair reproduction value (including going value and working capital) less depreciation, of $15,544,652.
The property upon which this issue will be a direct mortgage, subject to
,
$3,000,000 of underlying bonds, has been similarly appraised at $6,748,181,
and the property of the Maryville Electric Light & Power Co. at $1,151,425, making the total value of the property directly or indirectly under
the 1st lien & ref. mtge. $23,444,258.
Purpose.—Issued as a part of the purchase price of the above mentioned
properties and securities and ..or other corporate purposes.
Authorized. Outstanding.
Capitalization—
Divisional bonds
$3,000,000 $3,000,000
1st lien & re.. mtge. 5% bonds, series A (this
issue)12,000,000
y Common stock (par $100)
140.00 shs. 93,092 shs.
'
0
x Limited by provisions of the indenture referred to below. y T.i be
owned by Continental Gas & Electric Corp.
Earnings.—Consolidated earnings statement of the properties to be
Included in and controlled through 100% stock ownership by the IowaNebraska Light & Power Co. for the 12 months ended May 311927, with
Comparative figures for the 12 months ended May 31 1926 is as follows:
1926
1927
Gross earnings
$4,467,591 $4.943,607
Operating expenses, maint., taxes & depreciation. 3,278.109
3,453.333
Net available for interest
$1,189,482 $1,490,275
Interest requirements on total funded debt,including this issue
750,000
Net earnings for the 12 months ended May 311927. as given above, are
equivalent to over 1.98 times the interest requirements on the company's
entire funded debt to be outstanding.
Of combined gross earnings over 93% and of combined net earnings over
94% is derived from the sale of electricity and gas and from the sale of
electric and gas appliances, the balance being derived from the sale of heat
and ice and from miscellaneous sources.
Additional fiends—In addition to the present authorized issue of
000,000 1st lien & ref. mtge. 5% gold bonds, series A, the mortgage$12,provides for issuance of bonds thereunder in series bearing the same or different
rates of interest, dates, maturities, redemption provisions and such other
distinguishing features with respect to each particular series as may be
determined by the directors at the time of the original issue of each series,
subject always to the restrictive provisions of the mortgage.
Additional bonds of any series may be issued for the following purposes:
(1) To refund outstanding divisional liens, viz: $1500,000 1st & ref.
mtge. 5% gold bonds, series A, due Jan. 1 1939, of Lincoln Public Service
Co., and $1,500,000 1st consol. mtge. 5% gold bonds due Dec. 11941, of
Lincoln Gas & Electric Light Co. (2) For the acquisition or retirement of
bonds of any series issued under this mortgage subject to the limitations
set forth in the mortgage. (3) To refund prior liens on hereafter
acquired
property. (4) For not exceeding 75% of the cost or fair value, whichever
is less, of improvements, extensions, additions and
Company's properties, all as provided in the mortgage;betterments to the
that net earnings after depreciation and maintenanceprovided, however,
as
the
mortgage for 12 consecutive months within the 15 monthsdefined in the
preceding
date of application for bonds shall have been at least 1U times the annual
Entereert requirements on all obligation secured by liens prior
lien & ref. mtge. bonds and on all 1st lien & ref. mtge. bonds to the 1st
outstanding,
Including those proposed to be issued.
Franchises.—The franchises of the various companies to be included in
the company are, in the opinion of the company's counsel, satisfactory and
contain no unusual or onerous restrictions, burdens and conditions. Many
of the franchises, such as the franchises in Lincoln, York and Norfolk.
Neb., and other cities and towns, are in perpetuity ,while many other
franchisee run for approximately 25 years, the present statutory period in
Nebraska and Iowa. The average life of the franchises limited as to time
may be conservatively placed at 15 years. In only one city, Villisca,
has the franchise expired and negotiations are now being conducted la.,
for
a renewal.
Management.—The management will be under the
tinental Gas & Electric Corp. which will own all of thesupervision'of Concompany's_common
stock.—V. 125. p. 1192.
Iowa Service Co.—Merger.—
Bee Iowa-Nebraska Light & Power Co. above.—V. 125, p. 1052.
Lincoln (Neb.) Public Service Co.—Merger.—
See Iowa-Nebraska Light & Power Co. above.
Maryville (Mo.) Electric Light &
Control.—
Power
Co.—New
See Iowa-Nebraska Light & Power Co. above.
Mohawk Hudson Power Corp.—Sub. Cos. to Consolidate.
See New York Power & Light Corp. below.—V. 124, p. 2907.
Municipal Gas Co. of the City of Albany.—Proposed
amsolidation—Lond Called.—
See New York Power & Light Corp. below.
All of the outstanding $2,000,000 1st mtge. 55i% gold bonds, series A,
dated April 1 1922 have been called for payment Oct. 1 at 10755 and int.
at the office of the Central Union Trust Co., trustee, 80 Broadway, N. Y.
City.—V. 125. p. 1052.
Nebraska Gas & Electric Co.—Merger.—
Bee Iowa-Nebraska Light & Power Co. above.—V. 125, p. 1052.
New Bedford & Onset Street Ry.—Sale.—
The sale of the road to a New York group was announced Aug. 24 by
Elton S. Wilde, President of the Union Street Ry., of which the Onset
line is a subsidiary. The new owners, it Is said, plan to continue operation.
—V. 124. p. 3353. hull
ION
MIN
—747,7 7c7;17—Power 8c Light Corp.—Consolidation of
Rketric Light and Power Companies—Terms of Merger.—
The officials of the Adirondack Power & Light Corp. Cohoes Power &
Light Corp., Fulton County Gas & Electric Co., Municipal Gas Co. of
the city of Albany, Troy Gas Co. and Adirondack Electric Power Corp.
[VOL. 125.
have tiled with the New York P. S. Commission a petition to consolidate
Into the New York Power & Light Corp. Such a consolidation, if authorized, is expected to provide improvements and benefits in operation and
financing not now possible.
The stock of the new corporation thus formed is to be substituted for
the stocks of the consolidating companies as provided in the consolidation
agreement. The new corporation would have the same number of shares
of 8% preferred stock and of 7% preferred stock as Adirondack Power &
Light Corp. now has. It will also have $6 preferred stock, without par
value, in like amount with Adirondack Power & Light Corp.. plus a little
more to exchange for some of the other companies' stocks.
The petition filed with the N. Y. P. S. Commission by
the above companies for authority to consolidate into New
York Power & Light Corp. provides in substance:
Municipal Gas Co. of the city of Albany is to acquire all of the common
stock of Adirondack Power & Light Corp.. Troy Gas Co., Fulton County
Gas & Electric Co. and Cohoes Power & Light Corp.. owned by Mohawk
Hudson Power Corp., and the several companies mentioned above are
to transfer their franchises, works and systems to the New York Power &
Light Corp.
New York Power & Light Corp. seeks authority to issue the following
securities:
(a) 8% preferred stock
(b) 7% preferredstock
(c) $6 preferred stock (no par value)
ock
26, 42055 :
$1 7 65 :
0 : 5548
5°.
97
d) Additional $6 preferred stock (no par) not to exceed_ _ _
754 shs•
e) Common stock (no par)
underl0O0,000 shs.
) 1st mtge. gold bonds. 4)4% series, due 1917, issued
and secured by a mortgage and deed of trust, on all of its property
rights and franchises in the aggregate
$
At the present time Municipal Gas Co. of the City of Albany owns no
70 0 00
stock in Adirondack Power & Light Corp.. Troy Gas Co., Fulton County
Gas & Electric Co. or Cohoes Power & Light Corp.
The price proposed to be paid by Municipal Gas Co.of the City of Albany
for the stocks is in cash the aggregate of (a) the par value of the shares of
stocks with par value, and (b) the capital liability of the shares of stocks
without par value. The par value and capital liability, as the case may be,
have been agreed to be as follows:
1. Common stock of Adirondack Power & Light Corp., $50 per share.
2. Capital stock of Cohoes Power & Light Corp., $25 per share.
3. Capital stock of Fulton County Gas & Electric Co.. 317.236 per share.
4. Capital stock of Troy Gas Co.. $33.33 1-3 per share.
The terms of payment are that cash shall be paid upon the transfer of
the stocks to Municipal Gas Co. of the City of Albany.
If and when Municipal Gas Co. has acquired the shares of stock, it will
be an operating gas and electric corporation owning all of the capital stock
of Cohoes Power & Light Corp. and of Fulton County Gas & Electric Co..
and more than 99% of the common stock of Adirondack Power & Light
Corp., and more than 92% of the capital stock of Troy Gas Co. Adirondack Power & Light Corp. in addition to owning all of the gas and electrical
properties formerly owned by Adirondack Electric Power Corp. at the present time owns more than 99% of each class of stock of Adirondack Electric
Power Corp.. which it is not proposed that Municipal Gas Co. shall acquire.
It is proposed, after such acquisition, subject to permission being granted
by the Commission, and subject to proper corporate authorization by the
respective corporations, that Municipal Gas Co., Adirondack Power & Light
Corp.. Troy Gas Co.. Fulton County Gas & Electric Co., Cohoes Power &
Light Corp. and Adirondack Electric Power Corp. will consolidate to form
a new corporation to be known as New York Power & Light Corp. The
authorized capital stock of the new consolidated corporation will consist of
1,750,000 shares, divided into 30,000 shares (par $100) each 8% preferred
stock; 150,000 shares (par $100 each) 7% preferred stock; 320,000 shares
(without par value) of $6 preferred stock and 1,250,000 shares (without
par value) of common stock. The manner of distributing the shares of
the new consolidated corporation among the stockholders of the constituent
corporations shall be as follows:
Each holder of one share of 8% preferred stock of Adirondack Power
& Light Corp. will receive one share of the 8% preferred stock of the
new consolidated corporation.
Each holder of one share of 7% preferred stock of Adirondack Power
& Light Corp. will receive one share of the 7% preferred stock of the
new consolidated corporation.
Each holder of one share of $6 preferred stock of Adirondack Power
& Light Corp. will receive one share of the $6 preferred stock of the new
consolidated corporation. Each subscriber to one share of the $6 preferred
stock of Adirondack Power & Light Corp. will receive one share of the
$6 preferred stock of the new consolidated corporation on payment in
full f & subscription price for such $6 preferred stock of Adirondack
ofPower
Light Corp.
Each holder of one share of common stock of Adirondack Power &
Light Corp., other than Municipal Gas Co.. will receive
share of the
$8 preferred stock of the new consolidated corporation.
Each holder of one share of the capital stock of Troy Gas Co.. other
than Municipal Gas Co., will receive one share of the $6 preferred stock
of the new consolidated corporation.
Each holder of one share of poreferred stock of Adirondack Electric
Power Corp.. other than Adirondack Power & Light Corp.. will receive
one share of7% preferred stock of the new consolidated corporation.
Each holder of one share of the common stock of Adirondack Electric
Power Corp.. other than Adirondack Power & Light Corp., will receive
55 share of the $6 preferred stock of the new consolidated corporation.
,
Each holder of one share of the capital stock of Municipal Gas Co.
of Albany will receive one share of the common stock of the new consolidated corptation.
Municipal Gas Co. will surrender for cancellation the certificates
for the shares of stock of Adirondack Power & Light Corp.,Troy Gas Co.,
Fulton County Gas & Electric Co., and Cohoes Power & Light Corp. of
whatever class which it holds, and no stock of the earn consolidated corporation will be issued in exchange therefor.
Adirondack Power & Light Corp. will surrender for cancellation the
certificates for all of the stock of Adirondack Electric Power Corp. of
whatever class which it holds and no stock of the new consolidated corporation will be issued in exchange therefor.
Fractional shares of the $6 preferred stock of the new consolidated
corporation will not be issued, but a holder of common stock of Adirondack Power & Light Corp. or of Adirondack Electric Power Corp. who
is entitled to a fractional share of $6 preferred stock of the new consolidated corporation, after consolidating all other fractions to which he
may be entitled, will be permitted, on surrender of said right and the
payment of cash, to subscribe for an integral share of said $6 preferred
stock at the rate of $100 per share. The proceeds realized on the sale of
$6 preferred stock for this purpose will be used for payment of an equivalent amount of debt of the new consolidated corporation incurred for
capital purposes or for other proper capital purposes.
By the foregoing provisions, it is proposed to issue 25.547 shares (par
,
$100) 8% preferred stock of the new consolidated corporation in exchange
for 25,547 shares (par 3100) 8% preferred stock of Adirondack Power &
Light Corp.: 146,541 shares (par $100) 7% preferred stock of the new
consolidated corporation in exchange for 146.541 shares (par $100) 7%
Preferred stock of Adirondack Power & Light Corp.; 18 shares of the (par
$100) 7% preferred stock of the new consolidated corporation in exchange
for 18 shares of the preferred stock of Adirondack Electric Power Corp.;
20.000 shares without par value of $6 preferred stock of the new consolidated corporation in exchange for 20.000 shares without par value
of the $6 preferred stock of Adirondack Power & Light Corp. including
subscriptions to such $6 preferred stock of Adirondack Power & Light
Corp. on compliance with the terms of said subscriptions: 428H shares
without par value of $6 preferred stock of the new consolidated corporation in exchange for 853 shares of the par value of $50 per share of the
common stock of Adirondack Power & Light Corp.; 101 shares without
par value of $6 preferred stock of the new consolidated corporation in
exchange for 202 shares of the par value of $100 per share of the common
stock of Adirondack Electric Power Corp.: 5.543 shares without par value
of $8 preferred stock of the new consolidated corporation in exchange for
5.543 shares without par value of the capital stock of Troy Gas Co.: not
to exceed 754 shares without par value of $6 preferred stock of the new
consolidated corporation for cash at $100 per share in order to take care
of the adjustment of fractions; 1.000,000 shares without par value of the
common stock of the new consolidated corporation in exchange for 1,000,000
shares without par value of the capital stock of Municipal Gas Co.
The reasons why Municipal Gas Co. of the city of Albany desires to make
the purchase of the stocks of Adirondack Power & Light Corp., Troy Gas
Co.. Fulton County Gas & Electric Co. and Cohoes Power & Light Corp.
and the reasons for said proposed consolidation are as follows:
SEPT. 3 1927.]
THE CHRONICLE
1325
This proposed acquisition and consolidation is to procure co-ordinated in the history of the system, and an increase of 5.36% over the output for
operation of the various agencies producing and distributing electrical the corresponding week of 1926.
n
The earnings statement reported in V. 125, p. 1053, as covering the
energy throughout the Mohawk Valley and vicinity, such purpose which
necessarily may be accomplished more easily by having all of the various six months ended June 30 should have read "12 months ended June 30."
properties producing and distributing electric energy throughout said -V. 125, p. 1053.
territory owned by one operating gas and electric corporation rather than
-Earnings.
Northeastern Power Corp.
having such property owned and operated by several separate operating
1926.
units even though under one control through stock ownership as at present.
6 Months Ended June 301927Furthermore the proposed acquisition and consolidation will result in Gross income
$3,826,830 $3,318,115
the elimination of numerous unnecessary corporate entities requiring, as Oper. exps. (int., all taxes, maint. & deprec'n,
2.778,349
they do, separate boards of directors and officers, the holding of separate
2,765,173
preferred stock dividends, &c.)
corporate meetings, separate corporate records and books of account and
$519,766
separate financing. As a result of such acquisition and consolidation.
$1,061,656
Net income
the operation of the properties now owned as a unit will be more efficient Dividends on Class A stock
21,052
26,358
and will result in many economies and will greatly facilitate their management and financing.
$518,713
$1,035,298
Balance
As a result of such acquisition and consolidation and the elimination of Int. in undistrib. earns, of affiliated companies.
146,224
479,801
the underlying securities of the several corporations by a new mortgage
to be made by the new consolidated corporation, the securities of the new
$664,938
$1.515,09
Balance
corporation can be sold more easily and the financing of
consolidated
914.
additions and betterments to its properties made at a considerable reduction
in cost.
-Bonds
Ohio Central Telephone Corp., Columbus.
The proposed acquisition and consolidation will be in furtherance of
Offered.
-Thompson, Kent & Grace, Inc., Emery, Peck
the public service.
When the Conunission permits and approves the proposed consolidation, & Rockwood Co., and Paine, Webber & Co. are offering
meetings ofthe stockholders entitled to vote thereon will be held to authorize
at 100 and int. $1,600,000 1st mtge.6% gold bonds, series A.
the consolidation.
When the Commission approves the proposed consolidation, the new
.
Dated July 1 1927; due July 1 1947. Denom. $1,000. $500 and $100c5
consolidated corporation proposes to make, execute and deliver a mortgage Interest payable J. & J. without deduction for normal Federal income tax
and deed of trust to be a lien on all its property rights and franchises then not to exceed 2%. Red., all or part, on any hit, date on 30 days' notice.
owned or thereafter acquired (except as expressly limited), which mortgage to and incl. July 1 1932 at 105 and int.; thereafter to and incl. July 1 1937
will be unlimited as to the total amount of bonds which may be issued there- at 104 and int.: thereafter to and incl. July 1 1942 at 103 and int.: thereunder (subject only to the conditions therein set forth), and will provide after to and incl. July 1 1945 at 102 and int.: thereafter and prior to
for the issuance in series of bonds secured thereby, with such rates of July 1 1947 at 101 and int. Upon proper and timely application as prointerest and with such other terms and provisions consistent with the vided in the trust indenture, the company will reimburse the holders of
mortgage as may be determined at the time of issuance.
-mills tax: Md.
these bonds for the Penna., Conn. and Calif. 4
The new consolidated corporation desires presently to issue $70,000,000 tax; Iowa 6
-mills tax, and Mass, income tax not exceeding 6%. Principal
1st mtge. gold bonds, 4 % series due 1967, and to sell such bonds for and int. payable at the Continental & Commercial Trust & Savings Bank,
cash at not less than 93% to realize a sum of not less than $65,100,000. Chicago. Central National Bank of Cleveland, trustee.
Bonds of said 43i% series due 1967 will bear interest at the rate of 435%
Issuance.
-Authorized by the Public Utilities Commission of Ohio.
per annum from Oct. 1 1927 (payable in April and Oct.) and will mature
Data from Letter of B. A. Ogden, President of the Corporation.
on Oct. 11967. The proceeds will be used as follows:
Company.
1. $39,326,190 to refund the following bonds which are now outstanding
-Upon completion of this financing the corporation,organized
but which, with the exception of the 1st mtge. gold bonds, series A, of in Ohio, will own and operate telephone properties in central and southern
Cohoes Power & Light Corp. have already been called for redemption or Ohio furnishing telephone service without competition. The population
which will be called for redemption at the earliest date on which they may of the territory served is approximately 120.000 and the territory contains
growing industrial communities and substantial rural towns supported
by redeemed:
by prosperous farming districts. Company owns and operates 38 exTotal.
Principal. Premium.
changes, over 16,800 stations and more than 2,677 miles of pole lines
(a) 50-yr. 5% mtge. gold bonds due
$250,000 $5,250,000 and an extensive toll system which is the source of large revenue.
1962 of Adirondack Elec. Pow.Corp $5,000,000
These properties have been in successful operation for a period of over
(b) 1st & ref. mtge. gold bonds,series
20 years. The lines inter-connect with the Bell and independent comof Se due 1950,of Adirondack Power
& Light Corp
14,346,000
932.490 15,278,490 panies serving in adjacent territories and subscribers are furinshed with
nation-wide long-distance service. All of the properties are well con(c) let & ref. mtge. gold bonds, series
structed and maintained in accordance with the best standards of enof 530 due 1950, of Adirondack
Power & Light Corp
4,500,000
247,500
4,747,500 gineering practice.
Security.
-Secured by a direct first mortgage on all the real and physical
(d) let & ref. mtge. gold bonds,series
property now owned or hereafter acquired, as provided in the trust inof5s due 1957,of Adirondack Power
& Light Corp
5,000,000
250,000
5,250,000 denture. Based on recent appraisals made by Snook, Hillhouse & Co.,
Columbus, Ohio, and John I). Love, Columbus, Ohio, independent en(e) 1st & ref. mtge. gold bonds,series
gineers, together with capital expenditures made since the date of these
A,of Fulton County Gas & Electric
Co. due 1946
2,456,000
184.200
2,640,200 appraisals, the properties securing these 1st mtge. bonds have a reproduction value of $3,473,495 and a depreciated sound value of $2,960,407.
(f) 1st mtge. gold bonds, series A. of
Cohoes Power & Light Corp. due
Earnings
-Year Ended March 311927.
1929
4,000,000
4,000,000 Gross income
$426,379
(g) 1st mtge. gold bonds,53i% series
Operating expenses, including maintenance and taxes
204,641
A,of Municipal Gas Co.of the City
of Albany due 1952
150,000
2,000,000
2,150.000
Net available for interest, depreciation and Federal taxes
$221,738
Annual interest charges
96,000
Total
$39,316,190
On the above basis, net earnings are over 2.3 times interest charges
2. $22,171,540 to pay debts incurred by the several companies, as on these bonds before depreciation and 1.84 times after allowance for
follows:
depreciation reserves.
(a) For payment of debts incurred by companies as of Aug. 10
Outstanding.
Authorized.
Capitalization1927, for permanent additions and improvements to their
$1,600,000
First mtge. 6% gold bonds (this issue)
*
respective properties
$2.671,540 Preferred stock (par $100)
350,000
$500,000
(b) For payment of debt incurred by Municipal Gas Co. for
5.675 shs.
Common stock (no par value)
7,500 shs.
purchase of stocks of Adirondack Power & Light Corp.,
x Restricted by indenture.
Troy Gas Co., Fulton County Gas & Electric and Cohoes
Purpose.
-These securities are being issued to partially provide for the
Power & Light Corp. approximately
15,850,000 acquisition of properties.
(c) For payment of debt incurred by Municipal Gas Co. for
purchase of gas and electrical assets of Eastern New York
Olean (N.Y.) Bradford & Salamanca Ry.-Discontinued.
Utilities Corp
3,650,000
Effective Aug. 31 operations in New York State ceased. Oars, tracks
and equipment in New York State will be abandoned with P. S. Commission
Total
$22,171,540
3. The balance to be applied in partially reimbursing the company for and Supreme Court sanction. Bradford,in Pennsylvania, will have service
the more than $10,000.000 of expenditures that they have made from income pending the Pennsylvania P. S. Commission hearing Sept. 8.-V. 125,
P. 1194.
for capital purposes to Dec. 31 1926.-V. 125. p. 1053.
New York Rapid Transit Co.
-Asks Rehearing on Bond
Issue.
The company on Aug. 31 applied to the Transit Commission for a rehearing on its petition to be allowed to issue $20,000,000 bonds to be taken
by the B. M. T. at 80. The latter company has assailed the Commission
for exceeding its authority in denying the original application, contending
that it assumed to act as agent for the city and to pass on questions which
solely concern the directors of the company.
The application for a rehearing was considered and referred to counsel
of the Commission. It is considered probable that it will be denied, and
in any event the action of the company is regarded merely as a formality
precedent to an application to the Appellate Division for a writ, which is
the usual proceeding in such cases. Long litigation is regarded as likely
over the bond issue question, which was handled for the Commission by
Samuel Untermyer virtually as part of the recent transit inquiry.
In its application the company asserts that the Commission in denying
the original petition was in error and acted contrary to the facts. It contends that Mr. Untermyer, as special counsel. the Commission and the city
said there would be no objection to the sale of $3,467,000 of the bonds
at 80 for equipment for additional operation. The assertion is then made
that the Commission instead of acting "in its regulatory capacity as an
impartial and judicial body had erroneously and improperly assumed
to act in its capacity as the agent of the City of New York under Contract
No. 4, and in such consideration has confused its functions and duties as
a regulatory body and its functions and duties as agent of the city.'
In thus acting, the application says, the Commission presumed to use
its powers as a regulatory body "to protect alleged rights" of the city
without regard to the right of the petitioner, notwithstanding the fact that
the rights of the city in this instance are fully protected by the contract
-V. 124, p. 2908.
itself.
-New Construction.
New York Telephone Co.
The directors on Aug. 24 authorized the expenditure of $5,007,085 for
new construction work and the expansion of existing plant in various parts
of the territory served by the company. This increases the total appropriations made since Jan. 1 to $60,380,515, of which $50,432,915 was set
aside for the construction of additional plant facilities in the metropolitan
area.
Among the principal items provided for in the August appropriations are
the erection of a 7-story building at the southwest corner of the Grand
Concourse and East 175th St.. Bronx, N. Y.. and the reconstruction of
underground cable plant in Manhattan and the Bronx along the route of
the Eighth Ave. rapid transit subway excavation.
Appropriations for Westchester County provide for the installation of
additional equipment and apparatus in the Oakwood central office, Mt.
Vernon. The Pelham central office at New Rochelle is to be materially
enlarged and additions are to be made to the outside plant in the Mamaroneck, l'ark and Nepperhan central office districts.
Among the items approved for Brooklyn, Queens and suburban Long
Island area new telephone building at Long Beach, additions to the outside
plant in North Brooklyn and in the Cedarhurst, Patchogue, Bellenort,
-V.125.P 1191.
Laurelton, Jamaica and Republic central office districts.
-Electric Output-Farn'nos.North American Co.
Electric output of the North American System, serving Cleveland, Milwaukee, St. Louis and surrounding territories, and central California. for
the weeklendedIAug. 18,was 100,034,000 k.w.h., the highest weekly putput
Public Service Corp. of N. J.-Consol. Balance Sheet.
May 31 '27. Dec. 31 '26.
May 31 '27. Dec. 31 '26.
Assets
LiabilitiesFixed capital_ _ _494,193,426 479,894,785 Com.stk.(no par)y84.400,163 64.910.329
.
Cash
15,705,878 27,078,024 8% cum. pf. stk. 21,531,200 21,531.200
Marketable(WS.
757,656
762,969 7% cum. pt. stk. 28,908.000 28.904.200
Notes receivable
3.617
3,600 6% cum. pf.stk. 16,928,100 8.756.500
9,222,148 Cap. stk. of over.
Accounts reedy. 8,781.268
diva. rec.
sub,controlled
51,304
23,907
through stock
Materials& supp 6,948,517
6.253,659
ownership_ _ _ _ 31,835.93.5 30.030,740
Misc.curr.asseta.
319,901
342,188
Cap.stk.of lessor
Purchase of pref.
stock under decoo controlled
ferred paym't
through stock
ownership_ _ 6,283,327 6,803.647
plan
1,817,333
1,441,596
Investments
Cap.stk.of lessor
Subsidiary Az
cos. not contr.
affird cos_ 2,002,313
through stock
2,002,103
Other invest't
ownership_ _ _ _ 29,525,600 55,427,405
419,169
336,660
360,500
360.500
Sinking funds_ _
18,312
123,028 Prem .on cap.stk.
2.059,700
Miscell. special
Cap.stk.subscr. 2,705,100
funds
63,611
28,553 Funded debt_ _243,560,044 240.382.583
3.221,343
8,607.340
Special deposits.
453.931
446,419 Accts payable
3.595,115
Prepayments_ _ _ 2,613,917
411,887 Consumers'dep. 3,731,948
34,577
81,425
Misc. curr. liab.
Unamortiz. debt
3,043,485
discount and
Taxes accrued.. 3,962,646
2,548,717
expense
4,631,259
3,693,810 Interest accrued 2,425,003
110,005
Misc. suspense_ 2,914,978
442,445
1,052,830 Misc. accr. liab.
x40.796,603 36.797,912
Reserve
1,563,230
Misc. unadJ.cred 1,599,347
Profit and loss._ 19,799,236 16.979.446
541.718,677 533,125,879
Total
541,718,677 533,125,879
Total
x Retirement reserve, $34,685,700 contingent reserve, $249,833. casualty and insurance reserve, $1.957,862; unamortized premium on debt.
$6,748; contributions for extensions, $225,185; miscellaneous reserves,
$3,671.275. y Represented by 4,153,482 shares of no par value.
-V. 125.
P. 1194.
Philadelphia Co.
-Tenders.
The Guaranty Trust Co., trustee. 140 Broadway, New York City, vrill
until Sept. 9 receive bids for the sale to it of first refunding and collateral
trust mortgage gold bonds,series A 6%,dated Feb. 11919.due Feb. 1 1944.
to an amount sufficient to exhaust $120,101. at a price not exceeding 10334
-V. 125. P. 1194.
and interest.
Pittsburgh (Pa.) Railways.
-Acquisition.
The company has purchased the Homestead & Mifflin Street Ry. A
new line, it Is said, will be built at a cost of$220.000 for reconstruction work
and $80,000 for rolling stock.
-V. 124, p. 2422.
Potomac Electric Power Co.
-Bonds Called.
Certain of the outstanding gen. & ref. mtge. gold bonds, series B. 6*0,
dated Oct. 11921. due 1953. aggregating $52,000, have been called for payment Oct. 1 at 107% and int. at the office of the National City Bank.
trustee, 55 Wall St., New York City -V. 124. p. 2749.
1326
TITE CHRONICLE
Peoples Gas Light & Coke Co.-Consol. Balance Sheet.
June 30'27. Dec. 31 '26.
June 30'27. Dec. 31 '26.
AssetsLiabilities$
$
$
$
Prop., plant and
Capital stock__ 46,383,000 46,273,800
equipment_ _ _130,178,093 128,301.808 Subscribed
202,000
311.200
Misc.investm'ts 7,915,207 6,837.420 Funded debt_ _ _ 58,177,000 63,927,000
Reserve funds__ 2,810.173 2.692.187 Purch. contracts
Cash
600,000
600,000
3,991,821 8,379.870
Payable
Notes receivable
388,333
45.431 Notes payable._ 3,312,352
36,958
919,327 1,004,819
Accounts rec... 4,720,031 4,531,259Acc'ts payable
927.660
925,476
Mans a. suppl- 2,413.415 1,895,854 Divs. declared
Matured bond
Matured bond
505,425
350.490
int. deposits_ _
505,425
350,490 Int. unpaid_
740,726
802,971
Sundry advances
Consumers' dep.
and deposits_ 1,235,938 1,236,937 Taxes accrued_ 2.155,887 3,136,801
645,691
Interest accrued
542,408
Subscribers to
capital stock_
37,975
216,242 Retirement res. 16,086,141 15,525,464
Prepaymenta _ _ _
223,541
192,463 Ins. fund reserve
(Invested) _
1,340,356 1,265,252
Disc. & comm.
on stk.& bds.
733.225 Provident fund
700,069
res. (Invested) 1,469.816 1,426,935
Unamort. rents_ 3,737,398 3,839,717
942,336 Miscell. reserves 2,324,374 2,031,133
Def. expenses__
859,958
115,781
56,212
Deferred credits
22,801,435 21,585,906
Total (ea.sIde)_933,158,665 160,195,239 Surplus
The Peoples Gas Light & Coke Co. has guaranteed as to principal and
interest the following bonds:
(1) Chicago & Illinois Western RR.6% general gold bonds, due
$196,333
July 1 1947
(2) Chicago By-Product Coke Co. let & ref. mtge. 5% gold
13,000,000
bonds, due Dec. 1 1976
-V. 125, p. 1194.
-Definitive Bonds.
Queens Borough Gas & Electric Co.
Definitive
% gold debenture series A bonds, due April 1 1952,are
ready for delivery in exchange for outstanding temporary bonds at the trust
department of Guaranty Trust Co. of New York, 140 Broadway, New York
City.
-V. 125, p. 247.
-Proposed Merger.
Seneca Power Corp.
--V. 118, p. 1403.
See Empire Gas & Electric Co. above.
-Proposed Bond Issue.
Shawinigan Water & Power Co.
In connection with the proposed issue of $200,000,000 1st mtge.sinking
fund gold debenture bonds or debenture stock Pres. J. E. Aldred has issued
the following circular letter in explanation of its necessity and gives the
following review of the conditions brought about by the growth of the
company:
In Oct. 1919 the shareholders authorized the creation and issue of 1st
ref. singe, sinking fund gold bonds issuable in series, but limited to an
aggregate principal sum at any time outstanding of $50.000,000. Pursuant
to such authority the directors from time to time have issued bonds of
various series which, with certain consolidated mortgage bonds with prior
rank, form an amount presently outstanding of $26,129,500.
Since 1919 the company has made remarkable progress of which the shareholders have been informed in successive annual reports of the directors.
The last annual report reviewed this growth for a number of years past and
recorded the increase in the aggregate value of the assets of the company,
and the increase in its revenues.
Additional contracts with Montreal Light, Heat dr Power Consolidated
and the supply of power to large industries in Three Rivers have called for
extensive augmentation of the company's transmission and distribution
equipment.
The company's investments in other directions have been very extensive,
Including an interest in United Securities, Ltd., brought about by taking
over the Montreal Tramways Co. and the large interest acquired in DukePrice Power Co., Ltd., with which was involved a contract for the delivery
to this company of 100,000 h.p. from the development on the Saguenay
River, necessitating the construction of a transmission line from that point
to the City of Quebec.
Another important asset of the company is its interest in Quebec Power
Co., the growth of which in its sphere of operations in the Quebec district
has been very substantial.
It is very evident that a limitation of $50.000,000 applying to the company's borrowings through the issue of bonds will not permit the company
to secure the capital which will be essential if its progress is maintained in
the future at the rate which its expansion has taken since 1919.
The directors have consistently maintained the policy of financing the
company's requirements only through the sale of its bonds, together with
the issuance from time to time of common shares.
Between 1919 and 1927 the company increased its capital in the form of
common shares by an amount of $7,500,000. It is not advisable to market
further bonds of the presently authorized let ref. mtge. bonds if the limitation of $50,000,000 is likely to be reached in the next few years. At the
present time, everything points to this outcome. It is therefore expedient
that provision should be made whereby a much larger creation of bonds
should be authorized, out of which sufficient bonds would be set aside to
retire the presently outstanding bonds of the company as and when the
directors may deem such action expedient, and which may prove advantageous to the company. At the present time the directors anticipate only the
issuance of additional bonds necessary to meet expenditures for extensions
to the plant of the company already in hand.
To this end, your sanction is being asked to create an issue of 1st mtge.
bonds limited to an amount of $200,000,000. The directors are confident
that this action is fully advisable and requisite to maintain the company
in the sound financial position which it has enjoyed in the past.
-V. 125,
p. 1195.
-Earnings.
Southern Ice & Utilities Co.
1927.
1926.
12 Months Ended July 31$3,870,656 $3,099,688
Sales
Net earnings available for interest, charges, depre974,707
815,682
ciation and Federal taxes
--Ir. 124, P. 2632
.
Syracuse Lighting Co., I nc.-Earnings.12 Months Ended July 31Gross earnings
x Operating expenses and taxes
1927.
1926.
$6,864,096 $6,574,374
4,419,560 4,426,484
Net earnings
Interest and income deductions
12,444.535 82,147,890
730,001
612,764
$1.714,534 $1,535,126
Net income
x Including credit to reserve for depreciation of $342,000 in 1927 and
$300,000 in 1926.
Compatative Balance Sheet.
July 31 '27. Dec.31'26.
July 31 '27. Dec.31 '26.
Assets
Fixed capital
25,457,961 23,829,022 Common stock.- 4,834,600 4.834,600
84,918 Preferred stock
Cash
42.554
Acc'ta receivable
802,351
760,379 8% cumulative_ 2,000,000 2.000,000
7% cumulative_ 1,000,000 1,000,000
Subscribers to cap37,592 6;4% cumula_ _ 2,000,000 1,996,800
84,855
tal stock
895,500
152,482 6% cumulative_ 1,744.200
Prepayments
267,680
107,700
Cap, stock milieu_ 250,900
Materials and sup11,805,000 11,837,000
979,174 Funded debt
1,248,444
plies
3.945 Notes & acc'ts pay. 2,802,584 1,909,317
3,502
Investments
361,684
25,650 Unmat. liabilities_ 156,161
51,939
Special deposits_ _ _
101,331
97,637
Consumers' depos_
Unamortized debt
2,697
527,358 Suspense credits__
discount & exp. 513,574
116,167
49,977 Divs. declared
60,161
Suspense
1,031,269
783,794
Reserves
691,807
622,771
Surplus
Total
28,533,022 26,450,497
-V. 124, p. 2909.
28,533.022 26,450,497
Total
•
[voL. 125.
Data from Letter of A. P. Barrett, President of the Company.
Company.
-A public utility operating company incorporated in Delaware. Owns and operates a number of previously existing public utility
properties serving without competition 19,765 electric and gas customers and
2.338 water customers in 84 prosperous and growing communities located in
Texas, Oklahoma, Kentucky, New Mexico and Louisiana. Company furnishes electric and gas service to a population in excess of 150.000. While
Its principal earnings are derived from the sale of electric light and power,the
company also serves 14 communities with ice, including Fort Worth, Houston and Gainesville, Tex.
CapitalizationAuthorized. Outstanding.
let M.20
$5,800,000
-year 6% gold bonds,series A (this issue)
a
15
1,750.000
-year 6% sinking fund debenture gold bonds_ _ _ _
a
7% cumulative preferred stock
1,250,000
5,000,000
Common stock (no par value)
30,000 shs. 20,000 shs.
a Limited by conservative restrictions of the trust indenture, but not to
any principal amount.
In addition to the above there are outstanding $287.500 6% and 634%
purchase money mortgages, payable in annual installments of $27,500.
Earnings of Properties Now Owned, Year Ended July 31 1927
Gross earnings
81.831.054
Oper exp ,maint and taxes (except Fed taxes) and prior charges 1,077,921
Net earnings
$753.133
Annual int. requirements on $5,800,000 1st M.20
-year 6% gold
bonds (this Issue)
348,000
Balance
$405133
Net earnings as shown above are more than twice the amount required
for annual interest charges on this issue of bonds. Recently completed
capital improvements and extensions, it is estimated, will substantially increase the above earnings as the benefitsfrom such expenditures are notfully
reflected in the earnings for the year ended July 31 1927.
Purpose.
-Proceeds will be used to reimburse the company's treasury in
part on account of expenditures made for improvements and extensions to
Its properties.
-V. 125, p. 387.
Third Avenue Railway Co.
-Semi
-Annual Interest.
The directors have declared a semi-annual interest payment of 151%
on the outstanding 122,536,000 adjustment mtge. 5% income bonds,
payable Oct. 1. The same amount was paid April 1 last. The continued
payment of only half the interest due brings the total back interest unpaid
to 27%% as of Oct. 1. A statement issued by the company says:
"The past year has been an eventful one for the companies of the Third
Avenue Railway System. Much .of the uncertainty as to the future,
occasioned by threatened bus competition has been cleared up and the
future never seemed more assured or brighter.
"Operations for the year ending June 30 1927. showed approximately
$250,000 above 5% on the adjustment bonds. This showing was abnormal
in the respect that there was a substantial increase in receipts and in net
due to the Interborough strike which occurred during that year, temporarily
diverting travel to the Third Avenue lines.
"It has been necessary in order to avoid the sale of securities at a sacrifice
to finance all the operations of the companies for the last ten years out of
surplus.
"During the past year among other extra payments approximately $300,000 was paid on account of paving bills of previous years which has been in
litigation and also it was necessary to pay $350,000 on account of capital
expenditures, making approximately $650,000 paid out of the year's
surplus for expenditures not chargeable to operating expenses.
"At the present time the companies of the system have in the treasury
available for all purposes approximately $1,500,000. This is outside of Its
yoweanrs
securities which were bought and placed in its treasury more than 10
ago.
"From this it will be seen that although the future of the companies of
the system seems assured, the cash available for all purposes has not been
increased during the past year. Under the conservative policy which has
characterized the management, it is advisable to conserve this cash surplus.
This is more urgent by reason of the increase of wages that has been going
into effect during the past few months."V 125 p. 782.
Tide Water Power Co.
-Changes Dividend Periods.
Dividends on the 7% and 8% preferred stock of the company (a subsidiary of National Public Service Corp.), which heretofore have been paid
monthly, will be paid quarterly, effective Oct. 1, on which date the last
monthly dividend (for September) will be paid.
-V. 124, p. 3632.
Tokyo Electric Light Co., Ltd.
-Earnings.
-
The company derived gross revenue of $3,248,859 (converted at 50 cents
per yen) from the sale of 163,280,893 kilowatts during the month of June
1927. The increase during the month of connected load showed a gain of
477 k.w. in lighting, heating and domestic load, and 2,607 k.w. in power
for industrial and other purposes.
The total maximum demand on the company's system during Juno was
377 829 k.w. The total load in kilowatts connected to the mains at the
beginning of the month included 245,340 k.w.for light, heating and domestic
load, and 393,017 k.w. for industrial and other power purposes.
-V. 124.
p. 3070.
-Bonds Offered.
Tri-State Telephone & Telegraph Co.
-Wells-Dickey Co., Minneapolis, and Merchants Trust Co.,
St. Paul, recently offered $250,000 additional 1st & ref.
(now first) mtge. 5%% gold bonds, series A. Dated May 1
1922; due May 1 1942.
Capitalization.
$5,000,000
1st & refunding (now first) mortgage 534s
Twin City Telephone Co. stock (assumed)
134.390
5,729,910
Preferred stock
5,000.000
Common stock
Company.-Incorp. in 1903. Is one of the leading independent telephone
companies in the United States. Owns and operates without competition
a comprehensive telephone exchange and toll system for 38 counties in
southern Minnesota having a combined population of about 1,00Q,_000.
Principal cities served are St. Paul, Stillwater, Winona, Fairbault, Owatonna, Austin, Albert Lea, Red Wing and Rochester. Through connection
with the Northwestern Bell Telephone Co., the facilities of the Bell system
are available to subscribers of the company, thus affording nation-wide
telephone service.
Security.
-Secured by a first mortgage on all of the operating properties
of the company. The valuation of the company's property by the Minnesota Railroad & Warehouse Commission, as of Dec. 31 1920. plus the
cost of additions since, is $18,483,000. Additional bonds may be issued
under conservative restrictions required by the trust deed.
1923.
Earns.Yrs.End.Dec.31- 1926.
1924.
1925.
Gross inc.from all sources $5,465,114 $5,272,985 $4,986,846 $4,812,615
Oper.exps.,taxes,deprec.
Operating expenses,taxes,
Depreciation, &c
3.734,664 F3,642,769
3,908,876
4,073,093
Net earns, prior to Mt. $1,392,021 $1,364,109 $1,252,182 11,169.8
46
Int. on bonds outstanding
285,000
284,946
287,100
273,675
Net earns, after int.__ $1,118.346 31.077.009
8884.846
$967,236
-V. 124. P. 1823.
Troy Gas Co.
-Proposed Consolidation.
-V. 125. P. 1054.
See New York Power & Light Corp. above.
Underground Electric Rys. Co. of London.
-
Owing to the fact that there was not a quorum present, no decision could
be reached at the meeting of Income bondholders held on Aug.5 to consider
certain alterations in their security. The meeting was accordingly adjourned and it was indicated that the &lectors were prepared to modify
the scheme to the following effect: (1) the period when the option to
convert is to run to be extended from 2 to 3 years, and (2) for the purpose
of conversion the ordinary shares to be valued at 21s, instead of 22s.
V.125,P.387.
-R. E. Wil-Bonds Sold.
Texas-Louisiana Power Co.
United States Electric Light 8c Power Shares, Inc.
sey & Co., Inc., Troy & Co., Chicago, and A. E. Fitkin & Declares Initial Dividend on Series A Certificates.- •
An
Co., New York, have sold at par and interest $500,000 trust initial dividend at the annual rate of 6% from date of sale of series
certitimtes to Sept. 1, based on the
-year 6% gold bonds, series A. declared by this investment trust, which;owpurchase price of 31, hasibeen
additional first mortgage 20
securities in 69 electric light
and power companies. See V.k124, p. 275
Dated Jan. 1 1926; due Jan. 11946.
-Earnings.
United Light & Power Co.(& Subs.).
1927-12 Mos.-1926.
Period End. July 31- 1927-7 MOS.-1926.
Gross earns. of sub. cos.$25,687,057 $23.285,790 $43,901,957 $40.289,625
1,898,171
2,050,212
1,158.538
trans.-- 1,178,209
Less: Inter-co.
$24.508,848 $22,127,252 $41,851,744 $38,391,454
Gross earnings
12,110,445 10,781,529 20.684,174 18,453,811
Operating expenses
2,404,499
2,490.448
1,384,601
Maint., charge, to oper. 1,451.887
3,142,626
3.415,534
1,918,878
2,055.469
gen. & income
Taxes,
Total oper. exp., maint.
$15,617.801 $14,085,008 $26.590.156 $24,000,936
& taxes
1,898,171
2.050.212
1.158,538
Less: Inter-co. trans..- 1.178.209
4102.765
Total operating exps_ _$14.439,592 $12,926,470 $24,539,944 $22,
9.200.782 17,311,801 16,288,689
Net earns, of sub. cos__ - 10,069,256
2,346,061
1,874,313
706,805
1,130,051
earnings
Non-oper.
Net earns., all sources$11,199,307 $9.907.587 $19,186,114 $18,634,750
Int. on bds. & notes of
4.400,477
4,321,621
2,493.431
sub. cos. due public__ 2,502,119
Balance
Divs. on pref. stocks of
sub. cos. due public St
prop, of net earnings
attrib. to corn. stk.
not owned by company
standing shares of the United Electric shall have been deposited, the acquisition ofsuch shares shall take place.
The circular letter issued by United Electric points out the strength and
perfect condition of that company and states that outside interests have
sought to gain control of it. The offer of the Western Massachusetts
has been made within 60 days "for the purpose of tying together under one
financial control the various utility companies in western Massachusetts,
which for a number of years have enjoyed close and mutually profitable relations." The principal companies now comprising the holding concern are
the Turners Falls Power St Electric Co., the Greenfield Electric Light &
Power Co., and the Pittsfield Electric Co. Its lines serve various other
western Massachusetts-Connecticut communities. It is stated that, under
the proposed relationship the local organization would remain undisturbed.
-V. 125, p. 1054. en
-Obituary.
United Gas Improvement Co.
Lewis Lillie, Vice-President. died Aug. 27.-V. 125, P. 387.
-Makes Offer to
Western Massachusetts Companies.
Acquire United Electric Light Co. Stock.
-V. 124, p. 3633.
See United Electric Light Co. above.
$8,697.188 $7,414,157 314.864.493 $14,234,273
1,848.006
1,690.891
3.129,480
2.830.266
Gross income, avail to
U. L. & Pow. Co-.- $6,849.182 $5.723,266 $11,735,013 $11,404,006
2.987,109
3,202,981
1,913,743
Int. on funded debt.... 1,851,244
445,756
790,267
236.818
533.116
Other interest
510.701
680,926
321,322
420.686
Prior pref. stk. diva....
Net income
Class A preferred diva
Class B preferred diva
1327
THE CHRONICLE
SEPT.3 1927.]
$4,044.136 83.251.383 87,060.840 $7,460.440
986,287
1,029.940
586.829
607,007
324,000
309,900
189.000
179.130
Surp. earns., avail, for
deprec., amort. St
cora, stock diva__ - $3.257.999 $2,475.554 35,721,000 $6,150,153
payable in ComDividend declared by American Light & Traction
Co..
mon stock on June 30 1927, is not included in the above figures.-V. 125.
P. 782.
-Earnings Statement.
Utilities Power & Light Corp.
In connection with the 12 month's report (V. 125, p. 1196), Harley L.
Clarke. Pres., says in a letter to the stockholders of the corporation and
Its subsidiaries:
"The outstanding feature of the progress recently made has been the
acquisition by the company of the entire common stock of Laclede Gas &
Electric Co., which owns controlling interests in the Laclede Gas Light
Co. and Laclede Power & Light Co. The Laclede Gas Light Co. furnishes
gas, without competition, to St. Louis, Mo., and the Laclede Power &
IAght Co. furnishes electric light and power in St. Louis.
"The company has also acquired 100% stock ownership in St. Louis
Gas & Coke Corp., which has acquired the business and assets of St. Louis
Coke & Iron Corp. operating the second largest combined merchant blast
furnace and by-product coke oven plant in the United States, located at
Granite City. Ill., across the Mississippi River from St. Louis. The company's coking equipment includes two batteries of 40 ovens each (of Roberts
By-product Coke Ovens), with a combined daily capacity of 2,000 tons
of coal. producing 1.400 tons of coke.
he company has negotiated mutually profitable contracts under which
St. Louis Gas & Coke Corp. s ill sell to the Laclede Companies and to various
industries, by-product gas and surplus electrical energy produced at its
plant. There is an excellent market in the St. Louis district for both pig
iron and coke produced by the St. Louis Gas & Coke Corp., so that this
acquisition should prove a very valuable one. The company's pig iron
capacity is 1,100 tons per day.
'The purchase of the St. Louis properties was not consummated until
after July 1, so that the results of their operations are not reflected in the
statements. It is interesting to note, however, that a consolidated earnings
statement, including the operating results of the Laclede properties, would
show gross revenues amounting to $27.543,282: net earnings before fixed
charges of 312.901,213; and a Mance of net earnings, before depreciation
and Federal income taxes of 54.734.933. Other net earnings of your company,including the net earnings of the St. Louis Gas & Coke Corp. amount
to 51.509,158. making total earnings of 36,244.091 avallaole for the payment of interest on the 5S% debentures of Utilities Power & Light Corp.,
which were not outstanding until after June 30.
"It ii expected that the benefits resulting from economies presently to be
effected, will materially increase the net income available for dividend payments to the stockholders."
Consolidated Balance Sheet.
June 30'27. Dec. 31 '26.
June 30'27. Dec. 31 '26.
Assets-.
$
7% pref.stock- 11,769,233 8,747.000
Prop.. plant &
equipment_ __127.958.397 103,863,503 CLA stk.(no par) a8,440,157 6,864,482
(no par) b4.214,727 3,116,861
Sinking funds__
79,423 CI.13 stk.
46.765
Special deposits_ 17,163.741
443,627 Pref, stock of
449,4041 subsid. cos-- 30,967,591 17,642,739
Investments..__ 1.137.462
7,488.257 2,642,044 Corn, stock of
Cash
41,325 1.250,025
Marketable sec. 1.472.606 2.097,9511 subsid. cos___
131,264 Funded debt_ __c91,262.600 49,692,600
80.546
Notes receivable
Acc'ts receivable 3,066,318 2,614.270 Not.pay.(MInn.
Elec. Uistrib.
4,467
Int. & div. rec.
Co.)
2.000.000
Due from empl.
400.000
1,860
400,000 Mortgage pay
1.880
on stk. subs__
1,817,126 Contr. pay. for
2,152,637
Inventory
pur. of prop_
206,843
207,278
Cash Burr. val
Accrued int. &
on policies on
dividends_ _
16.862,256
60,643
66,666
144,349
lives of officers
Notes payable__ 3,172,912 2,252.401
Interstate Power
Accts payable.- 1,384,580
1,529,081
Co. pref.stock
Dividends pay-307.454
307,798
(held for ex101.300 Accrued Items_ 1,126,844
1,200
1,285.995
change)
Dividends ace.
from affil.
Due
40,816
80,402 (not due).__.115,163
98.294
companies...
1,410,318 Divs. pay. In cl.
Deferred assets_ 17,962.833
A stk.& v.t. e.
Meet. & asp.- 7,419,779 4,111.124
for cl. B stock
299.128
411,813
Unamort. stock
623,092
1,328,702 Consumers' dep.
603,829
r disc. & exp- 2,385,767
Deferred Habil._ 1,288,211
638,188
Prepayments &
436,045 Interestate Pow.
689,726
other items_
Co. pref. stk.
(held for exchange)
1,200
101,300
Res. for depree.
renewals and
maintenance._ 11.040,817 9,851.646
Rea.for Fed.Inc.
tax
451,064
580,009
Res, for conting
& other
854.278
593,513
Surp. applie. to
stock of U.P.
& L. Corp.-. 5.034,565 6,806,267
Sure. appl, to
minority elks.
73.985 7,339,816
of subsidiaries
Total
189.537,986 122,067,146
189,537,986 122.067.146
Total
362.234 shares no par). b Represented by
a Represented by Funded debt of subsidiary companies in hands of 992
500,the
par). c
shares (no
-V.125. p. 1196.
Interstate Power Co.
public,since funded by
-Offer
United Electric Light Co., Springfield, Mass.
Massachusetts
by
Made for Stock the Western have submitted toCompanies. an offer
its stockholders
company
of
The directors Massachusetts Companies, a holding concern, to take over
of the Western
Electric on the basis of 234 of the Western
the stock of the United each one of United Electric. The agreement
Massachusetts shares for
acceptance provides that if by Oct. 20 51% of the outrecommended for
INDUSTRIAL AND MISCELLANEOUS.
-On Aug. 26 Revere advanced price 10 pts. to
Refined Sugar Prices.
6c. per lb. On Aug. 31 American advanced price 10 pts. to 6c. per lb.
On Sept. 1 Federal, National and McCahan each advanced 10 pts. to
6c. per lb.: Arbuckle, 10(415 pts. to 5.90c. per lb. Later on the same
day (Sept. 1) Arbuckle reduced price 15 pts. to 5.75c. and repriced all
orders taken earlier in the day at higher prices.
-American Window Glass Co. reduced
Window Glass Prices Reduced.
prices 15% due to foreign competition. "New York Times" Sept. 1.
-White Star Line on Sept. 1 reduced
De Luxe Passenger Ship Rates Cut.
prices of de hue accommodations 10 to 15%. New York 'Times" Sept. 2.
Chicago Motion Picture Theatres Closed by Strike Between Moving Picture
-New York "Times"
Operators' Union ana Chicago Exhibitors' Association.
Aug. 30.
Matters Covered in "Chronicle" Aug. 27.-(a) Shipments of plantation
rubber in first half of 1927 larger than those for same period in 1926.
p. 1109. (b) Woolen prices may be advanced later. p. 1110. (c) Opening
by American Woolen Co. of spring line of men's fancy woolen suitings-More silk and rayon used, and cloth widened
Prices higher than year ago
two inches, p. 1110. rci) Progress reported in movement to organize
woolen industry-Increased use of woolens and worsteds in women's wear
sought, p. 1110. (e) Loss of 1,000,000 pounds in tea imports in last
fiscal year as compared with previous year. p. 1113. (fi W G. Skelly
of Skelly Oil Co. says curtailment in Seminole area is success-Look
for return to normal price, p. 1113. (g) Petroleum statistics of the United
-The world's production of petroleum, p. 1114. 'h) InStates for 1926
crease in price of anthracite coal announced by Lehigh Coal & Navigation
Co., p. 1115. (1) Massachusetts Commission urges householders to secure
early supplies of coal-Domestic anthracite statistics, p 1115. (j) Industries urged by National Association of Purchasing Agents to provide
-Possible shortage with continuance of strike until December
for coal needs
or April, p. 1116. (k) Newspaper service established under name of
Pan-American Information Service to build Latin-American trade, p. 1125.
(I) Revision of listing charges by New York Stock Exchange. p. 1127.
(m) New York Stock Exchange rule holds price at which order In executed
shall be binding despite rednering of erroneous report, p. 1127. (n) Members of New York Stock Exchange prohibited from continuing in partnership
with expelled or suspended member unless sanctioned by Governing
Committee, p. 1128. (o) Notice of New York Stock Exchange relative
.
.
to stock transfer tax where par value of stock is expressed in foreign money
P• 1128. (P) New York Stock Exchange on stock transfer taxes applied
to stock where par value has been changed, p. 1128. (4) New requirements
.for listing of securities put into effect by San Francisco Stock & Bond
Exchange, p. 1128. (r) Bond dealers see congestion cure in inter-trading
Claim splitting of commissions by syndicate members helps sales
-Success
of Detroit Bridge issue laid thereto, p. 1128. (s) Ratio of borrowings
in open market by venous industries-Textile industry shows larger
number of borrowers. p. 1128.
-Bonds Offered.
-Harris
Addressograph Co., Chicago.
Trust & Savings Bank, Continental & Commercial Co.,
H. M. Byllesby & Co., Otis & Co. and Guardian Detroit
Co. are offering at prices ranging from 97.75 and int. to
100.48 and int, to yield from 5% to 5.80% according to
maturity $3,000,00054% serial gold debentures.
Dated Sept. 1 1927;due seriallyfrom 1928 to 1937. Int. payable M.& S.
at Harris Trust & Savings Bank. Chicago, trustee. Callable on any int.
date at par and int. plus a premium of 34% if unexpired term is 6 months,
1% if more than 6 months and not more than 3 years, 2% if more than 3
ars and not more than 6 years, and 3% if more than 6 years. Denom.
,000 c*. Company will agree to pay int. without deduction for any
ederal income tax not in excess of 2% and to reimburse the holders of
these debentures for the Calif. personal property tax not exceeding 4 mills
per $1 per annum.
Data from Letter of Chairman Frank H. Woods,Chicago Aug.25.
-Recently incorp. in Delaware. Is acquiring the business and
Company.
assets of the Addressograph Co. (of III.). The latter company was incorp. in 1896 for the purpose of manufacturing, selling and distributing
addressing machines and other types of office equipment. Its principal
products are Addressograph machine', Graphotype machines and Dupligraph machines. Practically every large business house in the country
industrials, public utilities, insurance companies, banks, railroads, wholesale and retail stores and Governmental departments-is a user of one or
more machines. The business has grown steadily until at the present
time annual sales of machines and supplies exceed $6.000.000. which makes
the company by far the largest single producer in its field. Factories
located in Chicago and Brooklyn, and sales offices and service stations
maintained in practically all of the principal cities of the United States
and in many a the more important cities of Central and South America,
Asia, Africa and Australia. The European business is conducted by a
British company to which machines and machine parts are sold.
Capitalization (Adjusted to Give Effect to this Financing).
$3,000,000
534% serial gold debentures (this issue)
Capital and surplusrepresented by 200,000 shs. of common stock
of no par value
4,020,656
-During the past 4 years the net sales and net earnSales and Earnings.
ings after depreciation and the elimination of non-recurring items of miscellaneous income but before Federal taxes available for interest have
been as follows:
Times Annual
Net
Int. Reguir.
Net Sales.
Earnings. on Des.
Year8787,334
$5,219.774
4.7
1923
5,440.559
823,207
4.9
1924
5.2
5.868.010
858.51
1925
6.001,099
766.907
4.6
1926
The average annual sales during these 4 years were $5,632,380 and average annual net earnings $808.989, equivalent to nearly 5 time. the annual
interest requirements of these debentures. During the past 9 years net
sales have increased from 32.938.384 to 36.001,099 while net earnings
increased from 8380..743 to $766.907. The average annual sales during
this period amounted to $4.882.190 with average annual earnings of$746,607
or over 4.5 time. such interest requirements. Based upon returns for the
first 6 months of 1927 it is estimated that the current year will show net
earnings of more than 5 times this requirement.
Financial Condition June 30 1927 (After this Financing),
Liabilities
Assets
Real est., plants & equip_ _$2,020,530 Accounts payable-trade.. $223,779
664,127 Accruals and reservesCash
170.657
837.193 Res. for Fed. taxes
Acct.. receivable-trade
-prior
years
15.521
Accts. & notes rec.-misc.
82.557
1,858.252 Rm.for Federal tax-1927
Inventories
58,000
157.734 Serial 554% deben tures - 3
Deferred charges
2,292 Capital stock and surplus,, .000,000
Investments
4,020,656
2,000.000
Patents
c
Total
-V. 124, p. 3071.
$7,555.649
Total
$7.555,649
1328
THE CHRONICLE ,
-Goldman, Sachs
Abbotts Dairies, Inc.
-Bonds Sold.
& Co. and Prince & Whitely have sold at 100 and int.
$4,000,000 6% gold debenture bonds.
.
Dated Sept. 2 1927; due Sept. 1 1942. Denom. $1,000c5 Principal
and int:(M. & S.) payable at office of Goldman, Sachs & Co. New York,
without deduction for any Federal income tax not in excemi of 2% per
-mills tax to holders
annum. Company will agree to refund the Penna. 4
of bonds resident in Pennsylvania upon proper application within 60
days after the payment thereof. Reel., all or part, at any time on 30
days' notice at 103 and int. Penna. Co. for Insurances on Lives & for
Granting Annuities, Philadelphia, trustee.
Sinking Fund.
-As a sinking fund the company will agree to retire
annually at least 3% of the largest principal amount of bonds at any
one time outstanding.
Authorized.
Issued.
Capitalization64,000,000
6% gold deb. bonds due 1942 (this issue) _610,000,000
5,000,000
650,000
First pref. 7% stock (par $100)
5.000,000
528,900
Second pref. 7% stock (par $100)
50.000 shs.
50,000 shs.
Common stock (no par value)
C. R. Lindback, President of the Company.
Data from Letter of
Company.
-Is to be formed in Maryland through the consolidation of
Abbotts Alderney Dairies, Inc., and Dolfinger's Dairies, Inc.
Abbotts Alderney Dairies, Inc., was formed in 1919 as a merger of the
Lifter Ice Cream Co. and Abbotts Alderney Dairies. With its predecessor
companies, it has been engaged in the distribution of fine milk and dairy
products in Philadelphia for over 50 years. Company's business consists
of the collection and distribution of fluid milk, both at retail and wholesale,
and the manufacture and distribution of ice cream and other dairy products.
In 1926 the company acquired all of the capital stock of the Cameron
Creamery & Products Co. of Cameron, Wis. It supplies the ice cream
plants with the finest grade of tuberculin-tested cream.
-The business now owned was established in
Dolfinger's Dairies, Inc.
1881 and has been built up to its present high position entirely through
the reinvestment of earnings during the 46 years of its successful operation.
Company is engaged primarily in the retail distribution of milk, cream
and butter within the district known as South Philadelphia.
The merger of the two businesses should result in economies through the
elimination of duplication of street service and in other directions. These
economies will no doubt be reflected in the future earnings of the new
company. Both companies have a very excellent reputation for the
quality of their products, and the merger should enable them to enlarge
their market for these products and should also permit them to render
even better service in the distribution of their products than has been
possible heretofore.
Profits.
-The combined net profits of Abbotts Alderney Dairies, Inc.,
and Dolfinger's Dairies (a proprietorship), predecessor of Dolfinger's
Dairies, Inc. for the three years and six months ended June 30 1927, after
all charges, including ample depreciation of physical properties, except
executive salaries to be discontinued and certain expenses not applicable
to the business, together averaging $83,026 per annum,and before interest
on mortgages to be discharged and Federal income taxes, have been as
follows:
1927
1926.
(6 Mos.)
1924.
1925.
Calendar YearsCombined net prof. (as above)_$1,190,458 $1,369,512 $1,382,420 $515,166
The annual average of such net profits for the 335 years ended June 30
1927 amounted to $1,273,587, or over 5.3 times the interest requirements
on this issue of debenture bonds. The profits for the year 1926 were
equivalent to more than 5.7 times such interest requirements.
Because of the seasonal nature of the ice cream business a larger proportion of the net earnings are realized in the second six months than
in the first six months. The net profits for the first six months of 1927
were slightly less than those for the corresponding period of 1926, due
to the cool spring.
Purpose.
-To finance in part the acquisition of Dolfinger's Dairies
Inc., and to retire the existing 1st pref. stock and outstanding mortgages
of Abbotts Alderney Dairies, Inc.
Balance Sheet June 30 1927 (After Consolidation and Financing).
Liabilities
Assets$766,430
Cash
$1,140,689 Accounts payable
94, •
Accts. & notes receivable_
476,054 Federalincome taxes
81,077
121,561 Accrued items
Cash surr. val. of life ins__
39.275
576,402 Drivers'security deposits_
Inventory
171.973
43,072 Reserve for contingencies_
Miscell. investments
63,340 6% gold debenture bonds.. 4,000,000
Inv. in & adv. to subsids_
650,000
6,258,884 7% 1st pref. stock
Land and properties
528.900
421,039 7% 2d pref. stock
Deferred charges
2,191.185
Common stock (no par)
Capital surplus, arising
from appraisals, &c- -- 259,745
$9,101,041 Surplus
317.526
Total (each side)
-Balance Sheet June 30.Albers Bros. Milling Co.
Liabilities1926.
1927.
1926.
1927.
A ssets-
[Vor.. 125.
American Machine & Foundry Co.
-Report.
6 Mos.End. June 301927.
Sales
$3,599,099
Royalties
79,231
1926.
$3,190,996
70,985
1925.
1924.
Not available.
Total income
Mfg. cost and expense
$3,678,330 $3,261,982
2,951,287
2,724,958
Operating profits__ _ _
Interest, deprec'n, &c__
Federal taxes
$727,043
196,232
26,609
$537.024
213,916
10,624
$378,498
156,816)
Profit
Divs.rec.from Int'l Cig.
Machine Co
Prop. int. in profits of
Int. Cigar Mach.Co__
$504,203
$312,484
$221,682 loss$22,232
87,384
118,633
64,483
52,101
Total profit
Preferred dividends_
$722,336
70,000
$431,117
$286,165
$29,869
$125,280
147,512
130,750
Balance,surplus
$652,336
6431,117
$286,165
Consolidated Balance Sheet as of June 30.
1927.
1926.
1927.
Assets
LiabilitiesFixed assets
5,585,600 5,379,193 Pref. stock (7%) 2,000,000
Goodwill,pat'ts,&c 4,543,774 5,406,277 Common Stock...16,000,000
Stock officers and
Mortgage payable. 600,000
employees
913,396
913,396 Funded debt
1,682,500
Inv. in and adv. to
Notes payable_
atfIi.& contr.cos 6,597,394 3,287,056 Accounts payable_ 211,149
Cash
565,650
704,893 Res. for Fed. taxes
84,721
Call loans
700,000 1,000,000 Accr. s. f. and int_
84,828
Accounts. notes &
Reserve for deprec. 3,166,861
acceptances rec. 750,701 1,085,795 Prov. for coating's 885,294
Inventories
2,943,721 2,938,199 Earned surplus.. _ 5,610,269
Prepaid insurance
Capital surplus... 2,654,941
and royalties_ _ _
13,625
21,664 Minority int. in
Misc. adv.,claims,
Standard Tobac163.245
43,328
co Stem Co_ __ _
5,396
Deferred charges
318,853
335.875 Deferred income..
$29,869
1926.
2,000,000
6,000,000
640,000
1.784,650
1,000,000
187.676
57,650
87,550
1,550,979
346,465
4,780,989
2,674,095
5,477
145
22,985,958 21,115,676
Total
Total
22,985,958 21,115,676
x Represented by 180,000 shares, no par value.
-V. 125 .p. 249.
American Woolen Co.-Earning8.Year Ended Dec. 31
6 Mos, End,
1924.
PeriodJune 30 '27.
1926.
1925.
Net profits, after taxes.. $239,202df$2.103,153 $3,051,065d1$4,025.865
3,500.000
3,500,000
3.500,000
Pref. dividend (7%)_ _ _ _ 1,020,833
(335)1516,667
Common divs. (cash)_
4,750
8,750
Subsidiary dividends_ _ 437
1,750
Balance, deficit
Previous surplus
$782,068 $5,604,933
$453,685 $9,051,282
15,597,021 23,324,616 20,808,2(9 34,087,736
Total
$14,814,933 $17,719.713 $20.354,524 $25,036,454
Cr9,457
Cr5,071,935
Res, restored to surplus
2,918.555
2,101,893
Depreciation
1,061,346
2,122,692
Profit & loss'surplus_ _313,753.607 $15,597,021 $23,324,816 $22,127,358
Consolidated Balance Sheet.
June 30 '27. Dec. 31 '26.
June 30 '27. Dec. 31 '26.
Assets
Common stock_ 40,000,000 40,000,000
Plant & mill fixtures
54,262,515 55,293,748 Preferred stock. 50,000,000 50,000,000
25,300
300
Investments._
3,469,769 2,999,314 Sub. cos.' stock.
Shawsheen notes 5,500,000 5,500,000
Wool and fabrics,
raw, wrought
Webster notes__ 5,500,000 5.500.000
Wool purchase
& in process,
105,403
and supplies 41,277,289 45,864,991
acceptances. _
Cash
88,650
10,869,301
6,902,633 Bank accept's..
Accounts receivNotes payable_
. 2,078,700 6,151.700
15,199,833 23,080,511 Curr. acc'ts, &c. 2,300,415 4,931,228
able (net)
Acceptances re729,664
Accr'd pref. div.
ceivable
105,403 Res. for taxes &
Deferred charges
198,491
532,482
contingencies. 4,063,176 4,063,176
Mtge. on N. Y.
City bldgs___ 2,081,000 2,087,000
Total(each side) 125,277,198 134,779,083 Undiv. profits._ 13.753,607 15,597,022
-V. 125, p. 1055.
American Writing Paper Co.
-Receiver Discharged.
-
Preferred stock _ _$2,255,150 52,206,900
Judge Lowell in the U. S. District Court at Boston has approved the
Real estate, plants,
goodwill, &c__$x4,058,019 $4,056,515 Common stock__ 2,206,900 2,255,150 report of Sidney L. Willson, receiver for the company, and confirmed his
First mtge. 71Is.. 1,271,900 1,299,800 discharge as receiver. Mr. Wilson's report was verified by the Court
Cash in banks and
152,645
233,459 Aug. 6.-V. 124, p. 115, 1364.
232,959 Accounts payable_
237,575
on hand
400,000
488,000
Notes payable_
Notes and accounts
46,222
Amoskeag Co.
48,400
-Stockholders Advised Not to Sell.
y1,154,293 1,069,794 Acceptances payle
receivable
45,405
94,685
Kidder, Peabody & Co.. have sent the following notice to Amoskeag
935,180 1,057,781 Tax.,int.,&c„seer.
Inventories
25,000
30,000 stockholders: "It is our opinion that the shares of the Amoskeag Co. are
46,073 Real est.pur.contr.
Adv. against grain
213,319
69,547 worth, intrinsically, more than the present market value. We, therefore,
79,805 Surplus
Sundry investm'ts. 103,039
29
42
venture to advise stockholders not to sell."
-V. 123, p. 1999.
Dep. with trustee_
180,807 Total(each side)--$6,618,718 $6,723,766
130,572
Def'd charges, &c_
Atlantic Gulf & West Indies SS. Lines.
-Earnings.
-x After deducting $1,395,336 reserve for depletion. y After deducting
Period End. June 30- 1927
-Month-1926.
-V. 124, p. 3071.
1927-6 Mos.-1926.
$35,601 reserve for doubtful accounts.
x Operating revenue_
$2,858,683 $3,419.279 $18,987,027 $20,438.635
Net after depreciation__
1,233,667
39.712
356,878
1.046,114
-Earnings.
American Druggists Syndicate.
Gross income
109,345
1,564,070
415,023
1,451,644
1926.
1927.
Sir Months Enaed June 30231,841
1,322,428
1,431,711
$212,067 Interest, rent & taxes....218,309
but before taxes-- $521,085
Net profit after depreciation
The company recently contracted with John H. Woodbury and the
Net income
$132,359
def$108,963
$183,182
$129,216
their
John H. Woodbury Laboratories, Inc., to be the exclusive agent for 3355.
x After depreciation.
-V. 125, p. 652.
-V. 124, p.
products in the III ited States and all foreign countries.
-Capitalization.
American Glanzstoff Corp.
In ourissue of Aug. 13 we referred to the Amerioan Glanzstoff Corp. and
capital
its application for charter in Tennessee. The amount of stated
follows:
given as $37,000,000 is misleading. The facts are as preferred and 300,000
The company actually is capitalized for $7,000,000
Secretary
no par value common shares. The error crept in when the $100 each.of
State of Tennessee erroneously figured the common shares at City. B. C.
located at 180 Madison Ave., N. Y.
Company's office is
Dunlop is trice-President-V. 125. p. 917.
-Meeting Postponed.
American Hide & Leather Co.
postponed to
The stockholders' meeting, scheduled for Aug. 16 and later been called
Sept. 1 has again been postponed to Sept. 15. The meeting had stock, par
shares of common
to act on a proposal to change the 115,000
-V.125, p. 1055.
$100 to 115,000 shares of no par value.
Autocar Co., Ardmore, Pa.
-Tenders.
-
The Equitable Trust Co., trustee, 37 Wall St., N. Y. City, will until
Sept. 15 receive bids for the sale to it of 1st mtge. sinking fund 7% convertible gold bonds to an amount sufficient to exhaust as nearly as possible
the moneys held in the sinking fund Sept. 15 at a price not exceeding
10735 and interest.
-V. 124, p. 1364.
Baltimore Steam Packet Co.
-Guaranteed Notes Sold.
The Continental Co. and Robert Garrett & Sons, Baltimore,
have sold at prices to yield from 53.. to 5.40%, according to
maturity, $925,000 secured 5% serial gold notes.
Dated Aug. 1 1937, due serially Aug. 1 1930-1933. Denom. $1,000.
Principal and int. payable at Continental Trust Co., Baltimore, Md.,
trustee, or its agency, N. Y. City. Int. payable F. & A. Callable all or
part at 100 and int, on any int. date on 60 days' notice. If bonds are called
American Home Products Corp.-Consol. Balance Sheet. in part the latest maturity must be called first. Guaranteed unconditionally
J'ne 3027. Dec.3126. as to payment of principal and interest by Seaboard Air Line Ry. by
J'ne 3027. Dec.31'26.
AssetsCapital stock__ ...x$6,600,485 $6,600,485 endorsement on each note.
Land, buildings,
Data from Letter of L. R. Powell, Jr., Vice-Pres, of the Company.
equipment, &c. y$416,637 $308,734 Min. stockholders'
294
1,762
int in subs_
1,099,723 1,344,009
Company.-Incorp. by an Act of the General Assembly of Maryland,
Cash
300,000
59,087 Bills payable
54,387
being Chapter 328, passed at the December session 1819. Company has
Investments
51,785 for a period
95,727
666,691 Accounts payable_
618,593
of 87 years furnished uninterrupted freight and passenger
Accts. receivable
4,519
16,538 Accrued exp
service on the Chesapeake Bay. The Old Bay Line, as it is generally
Notes receivable
78,080
306,552 Inc. tax payable_
334,149
known because of its long service, has the distinction of being the oldest
Inventories
111,152 inland
31,429
23,165 Prop. purch. oblig
136,001
Prepaid expense
water transportation service on the Chesapeake Bay. 120,000
Dividends payable 120,000
Company operates combination freight and passenger steamers between
Good-will, trade5,544,635 4,962,659 Res. for Fed. &
Baltimore, Md.•, Old Point, Norfolk and Portsmouth, Va., connecting
marks, &c
168,817 Baltimore on
99,453
State taxes
south, thus forming
the
150,000 an important linknorth and Norfolk-Portsmouth on the service. Company
151,378
Res. for coating's_
in rail and water freight and passenger
16,578
Commission
exchanges traffic at Baltimore with the Pennsylvania RR.. Baltimore &
484,901 Ohio and
z704,714
Surplus
Western Maryland Ry. and at Norfolk with Seaboard Air Line
Ry., Norfolk & Western, Atlantic Coast Line, Norfolk Southern and
'
$8,204,126 $7,687,434 Virginian railways. Thus interchange of rail and water traffic fill possible
Total
68,204,126 $7,687,434
Total
x Represented by 300,000 shares of no par value. y After deducting with 8 trunk line railroads. insuring the company a large volume of traffic.
$132,405 allowance for depreciation. z Including minority interest of In 1931 Seaboard Air Line By. acquired control of Baltimore Steam Packet
Co. and now owns its entire capital stock.
51.918.-V. 125, p. 1193.
SEPT. 3 1927.]
THE CHRONICLE
-The available records of the company show that since 1840
Earnings.
with the exception of the period when the company was operated under
Federal control, it has earned a net profit in every year of its 87 years
.
operation, with the single exception of the year 18:48. The average net
income after deducting depreciation, interest and all other charges, for the
5
-year period ended Dec. 31 1926 was $233,712, as against interest charges
on the above notes of $46,250, or more than 5 times such charges. The
net income for the 6 months ended June 30 1927 available for interest
charges on these notes was $102,911, as compared with $101,284 for the
corresponding 6 months of 1926.
Security -Notes will be specifically secured by a first preferred ship
mortgage to be executed by the company to the trustee upon completion of
a new modern steamer being built for the Company by The Pusey & Jones
Corp. for service between Baltimore and Norfolk. Under the terms of this
indenture the proceeds from these notes will be deposited with the trustee
for payment to the builders of the steamer in accordance with the contract.
The cost of the vessel including furnishings and fixtures will be in excess
of the amount of this issue. Fire and marine insurance policies in adequate
amounts payable to the trustee or the company as their interests may
appear will be carried.
-Company as of June 30 1927 shows capital assets
Financial Statement.
of $2,105,237. current assets of U70,005. which are more than 2.75 times
current liabilities of $130,074. Company's surplus as of June 30 197 was
$2,246,141. and its total assets were $3,228,834. Company's only funded
debt other than this issue of notes consists of $387,000 marine equipment
trust obligations held by the U. S. Government. Company has a contingent liability with respect to certain notes of Seaboard Bay Line Co.
held by the Treasurer of the United States, and secured by railway equipment trust obligations assumed as a direct obligation by Seaboard Air "Line
By.
Barnsdall Corporation.
-Financing Rumors Denied.
-
1329
thereon. Company owns in fee approximately 150,000 sq. ft. of land in
the city block bounded by Central Ave. and Kohler St. and 8th and 91,11
streets, having a combined street frontage of approximately 1,223 ft. Company also owns a lease on approximately 40.000 sq. ft. of adjoining property
with a frontage of 175 ft. on Central Ave., extending 238 ft. in depth to a
frontage on Merchant St. of 165 ft. Contracts have been let for the
construction on this property of 8 class C wholesale produce market buildings, all 1-story with the exception of a 2
-story building at the corner of
91,11 and Kohler streets: also for construction in the courtyard of 2 steel
frame yard stand buildings. The market buildings will contain 197 stores
with a total area of 82,520 sq. ft., having a lineal frontage of over 2,000 ft.;
the total store frontage on streets and courts is approximately 3,500 ft., a
large portion of the store space having frontage on both street and court.
In addition, the yard stand buildings will contain 118 stalls with a total
area of 16,993 sq. ft., having a lineal frontage of over 9)0 ft. An extensive
system of paved courts and exits will make all the stores and stalls easily
accessible by truck and wagon.
The buildinis so erected and a 3
-story class C building which now occupies
approximately 20,000 sq.ft. of this property at the corner of 8th and Kohler
streets, with a floor space of approximately 60,000 sq. ft., will be operated
as a wholesale produce market comparable in equipment and range of
activity with the most modern truck and produce marketing plants in the
United States.
Valuation.
-The real estate securing these bonds has been appraised by
Roy C. Seeley Co. at $862,500 and by W. H. Daum & Staff at $915,000.
The 3
-story class C building has been appraised by the latter at $100,000.
Thus the total property value, on the basis of average land appraisal and
minimum improvement costs of $225,000. is $1,214,000. On the basis of
this valuation the $550,000 1st closed mortgage 634% sinking fund gold
bonds comprise a 45% loan on land and buildings owned in fee.
Income.
-At the present time 75% of the rentable space has been leased
for a term of 10 years. The rental of the remainder of the space has been
withheld insofar as possible, for the purpose of providing greater diversification of produce lines by making short term leases to transient growers.
The method of leasing to this class of business allows more favorable rentals.
Estimated Annual Income.
Rental (on basis of leases already obtained)
$173.880
Miscellaneous income from lessees
2,000
M.C. Brush, Chairman of the board of directors, has issued the following
statement with regard to reports that the company contemplated floating
a short-term bond Issue:
"The company has no intention of issuing any such securities or making
any new arrangements for financing whatsoever, and I believe its cash and
quick assets are amply sufficient for its corporate purposes.
"The company's crude oil production is now averaging approximately
40,000 barrels net a day. Its net earnings for July, after ample depletion
Total estimated revenues
$175,880
and depreciation, exceeded $572,000. On the basis of present crude prices, Deducting
10% for vacancies
17,500
it. B. Reeser, President, estimates net earnings for August will easily exceed
63,280
$750,000, and should continue throughout the rest of the year in excess of Operating expenses, insurance, taxes, &c
that amount per month. If September shows earnings only equal to July,
Estimated net income available for interest
193,110
the third quarter would show earnings of $1.60 a share, as compared with Maximum annual interest requirements of 1st mtge.
bonds_ _
35,750
$1.43 a share for the first and second quarters combined.'
Leases already signed for space in the buildings insure an annual net
Consolidated Balance Sheet
income substantially in excess of interest requirements on the bonds.
Inc 3027. Dec .31'26. The foregoing estimated net income, after deducting 10% for vacancies.
J'ne 3027. Dec.3126.
amounts to 2.66 times the maximum annual interest requirement of $35,750
Assets$
25.000,000 25.000.000 on the $550.000 1st mtge. 634% sinking fund gold bonds.
Property
x64.461.895 61.085,183 Class A stock
Sinking Fund.
-Indenture will provide a sinking fund which is calculated
3,841,400 3.715,900
Invest. in affil. cos 725.699
575.099 Class B stock
242,719 Bonded debt
25,540,825 25.913,750 to retire approximately 62% of the bonds prior to maturity.
Adv. to affil. cos._ 257,097
Proceeds.
-Proceeds are to be used to clear the above real property from
Sink. fds. for bonds
77,500 Stock of subs, not
25,655
owned by Barns. 947,249
Deferred charges._ 291.117
240,876
947,249 existing encumbrances, to construct buildings as above described and for
Cash
1.526,842 3.662.901 Aecr int.,taxes,&c 740,144
746,152 other corporate purposes.
Barns stkin treas. 274,375
274.375 Bills & accts. pay_ 3,861,608
881.647
Checker Cab Mfg. Co.
-Registrar.
Bills & accts. rec.. 1.787,031 1.833,970 Proceeds adv.sale.
68.197
Chatham Phenix National Bank & Trust Co., New York, has been apInventories
4,882,248 3,198,151 Dividends payable 714.183
568,831
Surplus
13,586,551 13.349,048 pointed registrar of 100.000 shares of pref. stock, no par value, and 200,000
shares of common stock, no par value.
-V. 119, p. 1068.
74.231.959 71,190,773
Total
Total
74,231.959 71,190,773
Chevrolet Motor Co.
-Production Schedule.
x After deducting depreciation and depletion of $20,264,752.-V. 125,
C.F. Barth, V.-Pres.,says: "We are proceeding under the heaviest prop. 1197.
duction schedule In our history. On Aug. 12 we turned out the 732,147th
Baylor College for Women, Belton Tex.
-Bonds Of- car so far this year and thus outstrip our entire output for 1926. Our
August schedule
-Liberty
fered.
Trust Co., St. Louis, Mo., recent y of this year and calls for 89,474 units, an increase over Jan., Feb. and July
a consideralqe gain over August of 1926. Every month
offered at par and int. $400,000 1st mtge., serial 6% real so far this year we have increased by a wide margin our own high marks
for 1926. In both 1925 and 1926 our September production exceeded
estate bon
that of any other month in those years.
Dated June 1 1927,' due serially. June 1 1929-1937. Principal and int.
"While the total volume of automobiles manufactured during last six
(3. & D.) payable at Liberty Central Trust Co., St. Louis, Mo. Callable months of 1927 may not exceed the output during the same period last year,
at the option of the borrower on any int. date upon 30 days' notice at 101 when the U. S. Census Bureau figures show that 1,694,641 units were
and int. Liberty Central Trust Co. and J. R. Harkey, trustees.
built from July to Jan., it must be remembered that last year was most
Baylor College for Women had its inception in a charter granted by the successful and remarkable in all automotive history, and that a considerable
Republic of Texas to Baylor University on Feb. 1 1845. This charter pro- drop from last year's figures would still not mean that business was below
vided for a primary and female department. The latter department was normal."
-V. 125. p. 1056.
organized some time prior to June 13 1850, and was known as Baylor
Female College, its first location being at Independence. Tex. In 1886 the
Chrysolite Silver Mining Co.
-Auction Sale.
college was moved to Belton. its present location. From an enrollment of
Nine lode mining claims in the California mining district of Lake County.
75 students in 1851, Baylor College has grown to be, from the point of Colo., the only remaining property of the Chrysolite Silver Mining Co. a
enrollment, the second largest denominational college for women in the New York corporation, organized in 1879, with a capital of $10.000,0150,
country. During the past 15 years the enrollment of the college was in- have been sold at public auction in Colorado for $2,000, papers filed Aug.26
creased from 408 to 2,372 and the property investment from $250,000 to in the County Clerk's office revealed. The property was sold by R. D.
over $1000,000.
McLeod, ancillary receiver, appointed by the U. S. District Court of
Security.
-Bonds are secured by a 1st mtge. upon the college's property. Colorado, to Howard Platt, the highest bidder, and the sale has been
located at Belton, Tex., consisting of its campus of 75 acres, together with confirmed by Supreme Court Justice Alfred Frankenthaler, who directed
all the improvements and equipment thereon and certain other real estate that the debts of the corporation be paid and the balance of the assets
owned by the college. The property securing these bonds has been con- distributed among the stockholders, ("Journal of Commerce").
servatively valued in excess of $1,000,000.
Purpose.
Coca-Cola Co. -Earnings.-Proceeds will be used to retire an outstanding mortgage debt,
which was originally $500,000. on part of the property covered by this
Period End. June 30- 1927-3 Mos.-1926.
1927-6 Mos.-1926.
mortgage and for other p
Gross sales
$9,468,592 $9,065,398 $16,130,521 $14,992.140
Control.
-The charter ortZliir College for Women states that it is a Mfg.& general expenses_ 5,875,053
i
s
5.451,395 10.179,983
9,261.306
subsidiary of the Baptist General Convention of Texas and is controlled
by that body through the appointment of its board of trustees. The PresiOperating proLts_ -- - $3,593.539 $3,614,003 $5,950,538 $5,730,834
dent of the executive board advises that, in effect, this loan is an obligation Miscellaneous deductions
543.558
656.457
857.045
1,035,191
of the Convention. The Convention is composed of 3,249 churches, having
a total membersalp of 468,065. The churches in the Convention own 2,358
Net before Fed. taxes_ $3,049,981 $2,957.546 $5,093,493 $4.695,643
church buildings, the value of which with other property owned is $23,Another 2-for-1 split-up of the common stock of the company was
038,325. The total contributions of these churches for the year 1926 were rumored in the
$6.773.751. of which $5,404,750 was used for local purposes and $1,369,000 first meeting of financial district this week as a probable outcome of the
the board next year, the new stock to be placed on a $3
for missions, education and benevolent purposes.
dividend basis. Th.s would bring the outstanding stock to 2,000,000
shares.
-V. 124. p. 2596.
Borne-Scrymser Co.
-Extra Dividend.
An extra dividend of 75c. per share has been declared on the stock in
Commercial Solvents Corp.
-Balance Sheet.addition to a regular semi-annual dividend of $1 per share, both payable
AwlsJune 3 '25. Dec.31 '26.
Liabilities- June 30'27. Dec.31 '28.
Oct. 15 to holders of record Sept. 23.
These are the second dividends declared on the new $25 par value capital Land, mach., .fic_54,170,497 $3,512,553 Common stock.- _$4,370,543 $4,370,543
1
1 Accts.& loans pay.
stock, four shares of which were issued in exchange for each share of $100 Good-will & pats__
89,522
108,479
1,896,093 2,128.784 Dividends payable 217,722
par value stock in Oct. 1926. On April 15 last, an extra dividend of 75c. Cash
217.722
350,287 Accrued accounts_
per share, in addition to the regular semi-annual dividend of $1 per share, Accts. received, aic 558,015
57,162
50,067
Inventories
1,785.701 1,420,026 Fed, tax reserve_
was paid. (For record of dividends paid on the old capitalization from 1912 Other
502,057
354,666
assets
2,345
33,761 Process cred.(emit) 81,172
to 1926, incl., see V. 123, P. 1254).-V. 124, p. 1364.
Deferred charges._ 202,647
173,608 Earned surplus_ _ 3,297,121 2,517.542
Bowman-Biltmore Hotels Corp.
-Tenders.
-Total
$8 615,299 $7,619,019
Total
The Union Trust Co., 814 Euclid Ave., Cleveland, O., trustee, until
$8,615,299 $7,619,019
x Represented by 108,861 shares of no par value class B stock.
Sept. 1 received bids for the sale to It of 1st mtge.leasehold 7% sinking fund
The above balance sheet is before giving effect to recent change in
gold bonds to an amount sufficient to exhaust $60,000 at a price not exceedcapitallzition noted in V. 125, p. 1198.
ing 107 and Int.-V. 125, p. 99.
Canada Packers, Ltd.
-Offer Extended.
See under William Davies Co., Inc., below.
-V. 125, p. 1056.
Celluloid Co.
-Merger Approved.
The stockholders of the company voted Aug. 29 in favor of a merger with
the Safety Celluloid Corp., a subsidiary of the Celanese Corp. of America,
as outlined in a letter to stockholders. (See V.125,P.919)-V.125.p.1056.
Conduit Company, Ltd., Toronto.
-Preferred Stock Offered.
-Fry, Mills, Spence & Co., Toronto are offering
$250,000 7% sinking fund cumulative preference stock at
par (VW) and div. with a bonus of
share of no par
value common stock.
Transfer agent, National Trust Co., Ltd. Registrar, Chartered Trust
Executor Co. The preference stock is preferred as to divs, and assets;
entitled to cumulative cash divs, at rate of 7% per annum payable Q.
-J.
Callable all or part at 110 and divs. on 60 days' notice at option of the
company, or company may purchase for redemption in the open market
up to 110 and div. Provision is made for an annual sinking fund of 10%
of the net earnings available after making provision for preference stock
dividends.
Dated Aug. 11937. due Aug. 11912. Int. payable F.& A. at Merchants
CapitalizationAuthorized Outstanding.
Savings Bank, Los Angeles, Calif., trustee. Denom. 7% sinking fund cumulative pref. stock (this
National Trust &
Issue) $250,000
$250,000
.
$1,000 and $500 e5 Red. upon 35 days' notice on any int. date at 103 and Common shares (no par value)
12,000 shs. 12,000 she.
payable without deduction for the normal Federal income tax
int. Int,
Data from Letter of J. Herbert Hall, President of the Company.
up to but not exceeding 2%. Exempt from personal property tax in
Company -Is an old established company, having its Inception in
California.
1900.
Company was one of the first to manufacture
Data from Letter of Pres. Geo. A. Bigler, Los Angeles, Aug. 11. has always occupied a prominent place, not rigid electrical conduits and
only
-Recently incorp. in California to acquire certain industrial the conduit business, but in the electrical industry in the development of
Company.
as a whole. Company
prop?rty in Los Angeles located in the wholesale district of the city, and to owns and operates a thoroughly modern plant, in Toronto, for
construct and administer an extensive group of wholesale market buildings facture of rigid electrical conduits, elbows, couplings. &c. the ManuMany new
Central Wholesale Market Co. Los Angeles.
-Bonds
-Bond & Goodwin & Tucker, Inc., and Banks,
Offered.
lluntley & Co., Los Angeles, are offering at 100 and int.
S550,000 1st (closed) mtge.63'% sinking fund gold bonds.
1330
THE CHRONICLE
methods of improving certain manufacturing operations and new devices
to aid in these operations have been installed recently. Products are used
in the wiring of practically all types of construction, such as Industrial
plants, offices, public buildings, hotels, apartment houses, stores, garages,
churches, houses, railway cars and steamboats.
Earnings.
-The average annual net earnings of company for the 4 years
ended Sept. 30 1926, after depreciation and after making provision for
Government taxes were 542,207, which is at the rate of 16.889' per annum on the preference stock, or 2.41 times the preference dividend requirement. Net earnings for the 12 months period ended Sept. 30 1926
on the same basis, were $50,870, which is at the rate of 20.34% per annum
on the preference stock, or 2.90 times the preference dividend requirement.
Net earnings for approximate 83'i months period ended June 11 1927.
on the same basis were $39,759. which pro rata is at the rate of 22.45%
per annum on the preference stock, or 3.20 times the preference dividend
requirements, and at the rate of $3.22 per share per annum on the present
no par value common shares of the company, after provision for preference
stock dividend.
Since 1907 dividends actually disbursed by the company over this 20
year period, have averaged more than 1 1-3 times the present annual
preference stock dividends.
Congress Cigar Co., Inc.
-Earnings.
Period end. June 30- 1927-9uarter-1926.
1927-6 Mos.-1926.
*Net profit
$400,301 $1,207,662
$569.843
$987,985
Earns, per sh. on 350,000
shs, no par stock
31.62
31.14
$3.45 .-17 125
,
,.$2.82
* After allowing for estimated Federal taxes on basis of 1334%
p. 1198.
Curtis Publishing Co.
-Common Dividends.
The company has declared two dividends of 50c. each on the outstanding
900,000 shares of common stock of no par value, payable Sept. 2 and Sept.
10 to holders of record Aug. 22. In August last a dividend of 50c. was paid
on the common and $1 in July.
-V. 125, p. 252.
-Balance Sheet.
Cushman's Sons, Inc.
June 30 '27. Dec.31 '26.
AIM 30'27. Dec.31 '26.
Assets
Land, Mdse., &e-- 5.992,501 6,000,538 7% pref.stock.... 2,691,000 2,694,600
Good-will, trade8% pref.stock_ ___ 2,796,000 2,645,700
851,200
marks, &e
3,048,001 3,046,001 Common stock- :851.200
537,000
Mtges, receivable_ 231,000
231.600 Real estate mtges- 507,500
Cash for redemp.
Accts., Habil., &e. 228.670
383,108
of pref. stock
5,693 Federal taxes
209,508
182,900
59,047
U. B. securities_ _ _
18,864 Conting. reserve
57,084
78,637
18,664
Cash in bank & on
Employ. see. dap_
32,145
33,225
hand
1,324,988
958,810 Capital surplus_ 1,108,116 1,109,615
Accts.& notes ree_ 192,179
257.009 Earnings surplus__ 3,099,233 2,868,252
Inventories
477,208
569,006
Deferred charges
236.882
296,915 Total (each side)-.11,578,452 11,384,24
x Represented by 100,240 shares of no par value.
-V. 125. p. 1198.
(William) Davies Co., Inc.
-Time Extended.
The privilege of exchanging "A" and "B" shares for stock of Canada
Packers, Limited, has been extended until Oct. 1. Concerning this, a
circular leaer sent to shareholders said in part:
"On Aug. 15 1927 National Trust Co., Ltd., had received from the shareholders 53,111 class A shares and 58,052 class B shares, being more than
75% of each class of stock, and the transaction was accordingly completed
on Aug. 15, the shareholders depositing such certificates having allotted to
them preference and common shares of Canada Packers, Limited. (See
V. 125, p. 1057.)
"Canada Packers, Ltd., is willing to accept further class A and class B
shares of William Davies Co.. Inc., to the total of the balance ofsuch shares
outstanding and on the same basis as the shares already acquired, provided that immediate notice is given to National Trust Co. Ltd., and immediate delivery made ofthe share certificates. The time limit within which
shares must be received by National Trust Co. if advantage is taken of this
offer is Oct. 1, provided that in the case of any shareholder who is unable to
complete the transfer of his shares by reason of said share or shares being
part of an estate and letters probate, letters of administration or succession
duty waivers being delayed. National Trust Co., Ltd., may in its absolute
discretion extend the time for the completion of the transfer for such period
as it may consider necessary, but in such cases the certificates for the said
share or shares must be forwarded to National Trust Co., Ltd..immediately."
-V.125, p. 1057.
Eastern Wire & Cable Co.
-Purchases Control of Habirshaw Wire dc Cable Corp.
-Potter & Co. Offer $25 for all
Outstanding Stock.
The Eastern Wire & Cable Co., which has been organized In Delaware,
has purchased through Potter & Co. more than 100,000 of the total 170.000
voting trust certificates of the Habirshaw Cable & Wire Corp., and, at
the request of the voting trustees and in order that all certificate holders
should have the same opportunity to sell, they have authorized Potter
& Co. on their behalf to offer the same price. $25 a share, for all or any
part of the minority voting trust certificates for a period of 90 days from
Aug. 25 1927.
Officers of the Eastern Wire 8c Cable Co. are: William C. Robinson.
Pittsburgh, Pres.; Franklin S. Jerome, Seymot, Conn., Treas.; Wylie
Brown,
Y. City, V.-Pres.•, I. A. Bennett, Pittsburgh, Sec. These four
constitute the board of directors.
IV'
The purchasers are not at this time considering any merger, sale of
securities or changes in connection with the stock or status of the Habirshaw
Cable & Wire Corp.
-Sales.
Economy Grocery Stores Corp.
Month of JulySales
-V. 125. P. 1198.
1927.
$695,337
1926.
$618,142
[VOL. 125.
theless, we are pleased to report that in the third quarter ending June 30.
the corporation earned $1,079,348, which, after setting up ample reserves
and writing off all items necessary in the opinion of your management to
make the balance sheet of the corporation wholly conservative, resulted in
net earnings carried to surplus of $333,792. After making such charges,
the corporation had as of June 30 1927,special reserves amounting to $752,587, exclusive of reserves for depreciation. It is improbable that all of
these reserves will be required.
A definite market has already been established for electric refrigeration.
This fact is recognized by such concerns as General Electric Co., whose
entrance into the field this year helps strengthen the industry. During the
year the corporation has enjoyed a most satisfactory volume of sales, both
in the United States and in the new and developing field abroad. The
total for the fiscal year ending Sept. 30 1927 should exceed $21,000,000.
While the field is competitive, Kelvinator has maintained its position of
quality leadership in the household field for 12 years. Nizer was the pioneer
in commercial electric reflrgeration. Leonard ice boxes have been sold for
48 years and nationally advertised for 29 years, and it is the largest manufacturing unit of its kind in the world. The goodwill of the corporation is
second to none in the field, and the acceptability of its products, Helvinator,
Nizer and Leonard, stands amply demonstrated. /siker and Leonard sales
this year were less than expected, owing to weather and to other causes
which I believe will not recur. This was, however, more than offset
by the fact the Kelvinator increased its sales of household refrigerating units
about 100% this year to date as compared with the same period last year.
This indicates its ability to hold its place in competition.
Since Aug. 1 1926 there has been expended on plant extensions a total
of $6,049,012, and in addition the corporation has furnished $1.000,000
as capital to its subsidiary, Refrigeration Discount Corp., to help finance
the sale of units on a time basis. These funds were only in part secured
from the sale of securities by the corporation and Electric Refrigeration
Building Corp., and the balance taken out of working capital.
Earlier in the year I saw an opportunity advantageously to improve the
corporation's current position by the sale of 42,000 shares of stock at $22.50
per share. To completely restore the corporation's current position to an
entirely satisfactory one and enable it to handle its present and expanding
business, makes desirable the introduction of further capital. Accordingly,
the directors on Aug. 29 voted to offer to stockholders the right to subscribe
to additional shares as above outlined.
The directors have determined that this issue of stock shall be first offerNi
to the stockholders, because it is being sold at a price materially less than I I),
minimum price ever before received by the corporation for any of its stock,
and in the belief that the offering price is such that many of the corporation's
stockholders will desire to take advantage of an opportunity to average the
cost of their stockholdings. The offering has been underwritten fby Prince
& Whitely and associates], who have contracted to purchase any stock which
may not be subscribed for by the stockholders, thus assuring the corporation
that the entire amount of the offering will be taken. The underwriters will
receive as part compensation for their services an option to purchase an
additional 50,000 shares of stock at a price of $20 per share.
It is the belief of your President that this financing will provide adequate
working capital and place the corporation in excellent financial condition.
In conclusion, I would like to say, after five months of study of the affairs
of your corporation. that I can see a very generous measure of anemia
ahead of us. A careful study of our market indicates that a steady increase
in volume of sales should continue during 1928 as it has in 1927, and that
the sales throughout the entire year will become more nearly uniform.
Although at the present time the great proportion of sales is still being made
in the first six months of the calendar year, and although the benefits of the
economies put into effect by the management have not yet been fully
realized, nevertheless, I believe that losses, such as were incurred by the
corporation during the last six months of 1926, will not be repeated but will
be substantially reduced, if not entirely eliminated, during the last six
months of the calendar year 1927.
If the economies already assured had been effective throughout the present
fiscal year the resultant savings to the corporation of at least $3,000,000
would have provided a handsome profit instead of the loss expected for the
fiscal year ending Sept. 30 1927. While it is difficult to estimate definitely
the profits for the coming year, a careful study of the present situation,
taking into consideration the now assured operating economies and a normal
increase in volume would indicate tha two should realize a net profit for the
fiscal year commencing Oct. 1 1927 of at least $3,000,000, which would
represent approximately $3 per share on the total stock to be outstanding
upon the completion of this financing.
Balance Sheet June 30 1927.
(After giving effect to all financing to Aug.30 1927,including above offering.]
Liabilities
Assets
Cash on hand & on deposit $4,570,831 Notes payable to banks__ $4,750,000
Notes Sz accounts receiv_ a2,853,576 Accounts payable
1,302.926
Raw & finished inventory a7,353,516 Customers'credit balances
130,043
Investment in subsidiaries 3,057,317 Accr. payrolls & expenses
427,433
Federal taxes due current
Sundry notes, adv., &c.,
year
assets
643,836
102,159
Land, buildings & equip't a5,992,012 Due to sub. corporations_
65,290
Patents, goodwill &(ran_
839,232 10-year 6% gold notes_
2,880,000
Reserves for conting. adj_ a453,532
Prepaid int., insur., adv.,
&c.,deferred itsms
568,712 Capital and surplus
b15,767.649
Total
$25,879.032 Total
825,879,032
a Reserves:(1) For doubtful accounts, $171,405:(2) for inventory shrinkage, $127,649;(3) for contingencies, $453,531;(4) depreciation on buildings
and equipment, $1,065.368: total, $1,817,955. b 1,001.291 shares no par
value capital stock. The number of shares to be outstanding is subject
to increase by conversion of fractional scrip certificates and other stock up to
a maximum of 1,924 additional shares.
-V. 125, p. 1198.
Fageol Motor Co. (Calif.).
-Earnings.
Grosssales
Gross cost
Results for 3 Months Ended June 30 1927.
Gross profit
$866.964
697.415
$169,548
Overhead expenses
135,451
-New President.
Electric Household Utilities Corp.
Edward N. Hurley Jr. has been elected President to succeed Neil 0.
Operating profit
$34,097
-V. 125. p. 394.
Hurley, who resigned, but will continue as a director.
Royalties, $20,650; income credits, $18,825
39,475
-Rights, &c.
-The stockTotalincome
Electric Refrigeration Corp.
$73,572
15.354
holders of record Sept. 9 will be given the right to subscribe Income debits
to 231,068 additional shares of capital stock at $12.50 per
Factory net profit
$58,218
26,137
share to the extent of 30% of their respective holdings. Pay- Retail branch net profit
ment must be made either in full, $12.50 per share, on or
Consolidated net profit
$$4,355
before Sept. 29, or in two installments, $5 per share on or -V. 125. p. 525.
before Sept. 29, and $7.55 per share on or before Oct. 29,
Fiftyler Realty Co., Gary, Ind.
-Stock Offered.
-The
President C. K. Woodridge, in a circular letter, Aug. 30, Meyer-Kiser Bank, Indianapolis, recently offered at par
corporation's situation since he and int. $350,000 6%
gives an outline of the
tax
assumed the duties of General Manager, in charge of all its fee simple 1st pref. stock. exempt personally guaranteed
operations, on March 1 1927. He says in part:
Dated Sept. 1 1927, due serially Sept.
The ensuing time has been spent in careful investigation and analysis
of the corporation's financial requirements and its operating results in its
manufacturing plants and in its sales fields.
During the past year a considerable portion of the corporation's available
working capital and earnings were expended by the preceding management
in the modernization and improvement of its plants and in an extensive
sales and advertising program in preparation for future increased sales. No
further expenditures are considered necessary for that kind of preliminary
development. From now on the corporation should reap material benefits
in decreased costs and increased volume from these expenditures already
made.
Up to March 1 1927 the economies expected through the merger of the
three manufacturing and sales units, Kelvinator. Nizer and Leonard, had
been only partially realized. Since that date manufacturing in Detroit had
been concentrated in one plant, and all manufacturing at Detroit and Grand
Rapids combined under one manufacturing head. Large savings have
been effected through this consolidation of operations and through revised
sales policies. Had the benefits of these economies been fully realized
during the present fiscal year, the savings to the corporation would have
been at least $3.000,000.
The inauguration of a new administrative policy and program requires
more time to register its full effect than has yet been available. Never-
1 1930-42. Divs. payable Q.
-M.
Callable at 102%.
Company owns in fee simple the property at the northeast corner of
West Fifth Ave. and Tyler streets, Gary, Ind., with a frontage of 125 ft.
on Fifth Ave. and the same frontage on Tyler St. On this corner the
company is erecting a 3
-story, fireproof store, apartment and theatre
building, which will contain 6 store rooms, 16 apartments, 1,400-seat
moving picture theatre.
The ground has been appraised at $137,500 by the Gary Land Co. and
the improvements thereon are being built at an actual cost of $465,000, a
total valuation, therefore of $602,500.
Junior Securities.
-The first preferred stock issue will be followed by a
second preferred stock issue, junior in all respects to the first preferred, in
the sum of $100,000, and also by $225,000 common stock.
Income.
-The theatre will be leased to the Grand Amusement Co. of
Gary at a net rental of $28,000 per annum. It is estimated that the 16
apartments will produce a gross revenue of $14,080 per annum and the
6 store rooms a gross rental of $13,500 per annum. The gross rental of
the entire project will, therefore, aggregate 355,580, against which expenses
with a liberal allowance for vacancies have been conservativley estimated
at $14,500 per annum, thus leaving a net operating surplus of $40,080 with
which to meet the preferred stock requirements, or more than double the
maximum dividend charges on the first preferred stock.
SEPT.3 1927.]
THE CHRONICLE
-Participation CertifiForeman Trust & Savings Bank.
-A. G. Becker & Co. are offering at 100 and
cates Offered.
int. $2,000,000 the Forman Trust & Savings Bank, as
trustee, 53'% 1st mtge. participation certificates, series A.
The first mortgages in the trust estate are, in the opinion of
the trustee, 60% first mortgages on improved real estate
in Chicago, Ill.
1331
Goldblott Brothers founded their business 13 years ago and each year have
increased its volume of sales from 22 to 62%. The net sales for 1926 totaled
$2,971,536, and for 1927, on the basis of the business of the first four
months, should exceed $4.000.000.
(B. F.) Goodrich Co.
-Obituary.
Bertram G. Work, President, died suddenly at St. Moritz, Switzerland,
on Aug. 30.-V. 125, p. 775.
Great Western Sugar Co.
-Div.on Old Common Stock.
-
Dated Aug. 1 1927. due Aug. 11937. Principal and interest (F. & A.)
payable at A. G. Becker & Co., in Chicago or New York, or at office of
the trustee. Red. all or part on Aug. 1 1932, or on any int. date theremt. upon 30 days' notice. Denom. $5,000, $1,000 and
after at 100 and i
$500 c* and r5.
Securit.-Thse certificates will represent an undivided share to the
extent of their principal amounts and semi-annual interest at the rate of
534% per annum in a trust estate consisting of $2,000,000 principal amount
of first mortgages on improved real estate in the city of Chicago, Ill., and
(or) obligations of the United States and (or) cash. No mortgage in this
trust estate shall exceed, in the opinion of The Foreman Trust & Savings
Bank, Trustee, 60% of the value of the property securing it, and every
mortgage shall be such as is lawful for the investment of trust funds in the
State of Illinois.
Individual Mortgages.
-The mortgages included in this trust estate will
Trust & Savings Bank, trustee, and will be
be selected by The Foreman
diversified as to size, type of property, maturity, maker and location.
Foreman Trust & Savings Bank.
-The Foreman Trust & Savings Bank
has had over 60 years' experience in the making of conservative first mortgages. Founded in 1862,it was a pioneer in this field and it has continuously, since that time, been one of the leading factors in the real estate first
mortgage business. The volume of its first mortgage business aggregates
many millions of dollars.
All of the capital stock of The Foreman Trust & Savings Bank is owned
by The Foreman National Bank. The combined capital, surplus and
undivided profits of the two banks as of June 30 1927 was $15,131,465 and
their combined resources as at that date totaled $121,938,495.
Provisions of the Trust.
-These certificate; will be issued under a trust
indenture witn the trustee,which will provide, among other things, substantially as follows:
(1) There shall be deposited with the trustee for the benefit and security
of the holders of these certificates, first mortgages of the kind described
above and (or) obligations of the United States and (or) cash, in the principal amount of the total principal amount of these certificates to be issued;
(2) the principal of these certificates and the semi-annual interest thereon
at the annual rate of 5Si% will be payable, respectively, out of the principal
of the trust estate and the income thereof; (3) the trustee may at any time
in its discretion make substitutions in the securities comprising the trust
estate;(4) additional certificates may be issued from time to time in one or
more series, the securities deposited with the trustee for each series, however, to be held separate and distinct from those deposited for any other
series, and each series shall be separate and distinct from every other series
to the like extent as if each series of the certificates were secured by a
separate indenture; (5) The Foreman Trust & Savings Bank, as trustee,
will have complete discretion as to the securities which will make up the
trust estate. It will hold title policies, or certificates of title, or legal
opinions satisfactory to it, covering the title to the properties covered
by the first mortgages, will cause the properties subject to the mortgages
deposited with it to be insured for the fair insurable value against loss by
fire, and, if deemed advisable by the trustee, against loss by tornado, and
will attend to the collection of principal and interest on the deposited
securities.
The directors have declared a dividend of$2.10 a share on the old common
stock, which has not been exchanged for the new stock, payable Oct. 1
to holders of record Sept. 15. An initial dividend of 70c. per share has been
declared on the new no par value common stock, payable Oct. 2. See V.
125, p. 1199.
(J. C.) Forkner Fig Gardens, Inc.
-Protective Committee.
(Thomas F.) Healey & Sons Warehouse & Storage
Guerin Mills, Inc.
-Time for Deposits Extended.
Approximately 707 of the outstanding 1st mtge. 15
-year 7% bonds
have now been deposited under the deposit agreement dated July 25 1927.
The committee for the bondholders desires the unanimous support of bondholders and, to that end, has extended, until Oct. 1, the time within which
bonds may be deposited without penalty.
The committee again calls to the attention of the holders of undeposited
bonds its original statement that the success of its attempt to remedy the
present financial situation of the company, without the delay and loss
entailed by foreclosure and receivership is to a considerable degree dependent
upon the prompt support of substantially all of the bondholders. The
committee again urges all holders of the bonds to become parties to the
deposit agreement by depositing their bonds with the New York Trust Co.,
100 Broadway, N. Y. Chi%
At the first meeting of the committee action was taken limiting total
compensation and expenses to an amount not in excess of 1% of the principal
of the deposited bonds and, further, providing that, in the event of a
voluntary reorganization, depositing bondholders shall be charged with no
expense whatever.
-V. 125 p. 789.
-New Control
Habirshaw Cable & Wire Corp.
-See Eastern Wire & Cable
Minority Offered $25 Per Share.
Co. above.
-V. 125, p. 1199.
Hartman Corp.
-Consolidated Balance Sheet.
June 30'27. Dee.31 '26
June 30'27 Dee.31 '26.
$
$
Assets$
$
x37,569
Fixed assets
18.124
6,827,419 6,686,712 Claw A stock
17,522,321 17.522,321
Cash
743,556 1,058,932 Class B stock
997,604
Accts. receivable_ _13,276,868 12,997,722 Accounts payable_ 920,282
Notes receivable
107,484
132,830 Notes payable._ _ _ 3,250,000 3,800,000
370,394
Inventories
3,412,952 3,542,293 Accrued taxes, &c_ 291,105
Purch money oblig
Invest. in stits. of
maturing within
other cos.& assn. 1,003,761 955,866
39,875
67,875
Employed stk sub1 year
Purch.money °bib;
scrip. acc't (notes
379,250
41,978
66,112 (del. maturities) 379,250
receivable)
3,498,060 2,999,861
Deferred charges
380,132
338,012 Surplus
Notes recible (def.
128,788
163,065
maturities)
Due from affil. co_
15,524
13,883
Total
_2_,_5 938,463 25,955,428
25,938.463 25.956.428
Total
"TRepiesenW37,569 shares of no par valV7125,p.1199:
Unforeseen economic situations that have occurred since company's Co., Inc.
bonds were sold to the public has caused the creation of a bondholders'
American Exchange Irving Trust Co., New York, has been apponted
reorganization protective committee, which is composed of L. A. Henry, trustee for an issue of 5150,0006% 10
-year 1st mtge. gold bonds.
C. W. Skaggs and G. A. Moller.
Honolulu Consolidated Oil Co.
-Extra Dividend.
While the bonds outstanding are not in default as to payment of principal
or interest, it is necessary to the continued welfare of the company that a
An extra dividend of 25 cents per share has been declared in addition to
reorganization program as recommended by the committee and the under- the usual quarterly dividend of 50c. per share, both payable Sept. 15 to
writers be adopted or ultimate failure of the securities be admitted.
holders of record Sept. 5. On June 15 last the same amounts were paid.
A new company is to be organized which will authorize a new bond On Dec. 15 1926 an extra distribution of 50c. per share was made.
-V.
issue of $1,075,000 7% bonds. It will be secured by a first lien on all
lands subject to the lien at present and on additional properties valued at
360,900.
Humble Oil & Refining Co.
-Cent Extra Dividend.
-20
The face amount of the issue will not exceed 60% of the appraised value
of the land mortgaged, taking into consideration the fact that land under The directors have declared an extra dividend of 20 cents
contract of sale or balance due amount to less than 60% of the appraised per share, in addition to the usual quarterly dividend of
value.
The bonds will mature in 10 years, subject to prior redemption at 102. 30 cents per share, both payable Oct. 1 to holders of record
Operation of a sinking fund should retire part of the issue in advance of Sept. 10. Like amounts were paid on July 1 and Oct.1
maturity. This will be augmented by use of proceeds from sales of lands 1926 and on Jan. 1, April land July 1 last.
-V.125, p. 1200.
under contract and the lien.
Those holding the existing $719,000 of bonds are requested to exchange
Industrial Acceptance Corp.
-Balance Sheet.
their bonds for new ones on a basis of par for par. The remainder ($319,June
-30'27. Dec.31'26.
June30'27. Dee.3116
000) will be issued and sold to retire current indebtedness and to provide
Assetsadditional working capital.
-V. 120._p. 1886.
Caah in banks and
1st pref.(lens.f.). 3,890,400 3.934.300
on hand
2d preferred..... 1,500,000 1,500,000
4,102,698 5,027,648
Garmed Realty Corp.
tw. uptoPIV.
a,
-Trustee.Common stock_ _ _a1,250,000 1.250.000
The Chatham Phenix National Bank & Trust Co., New York, has been Cash in trust, Studebaker dealer coll.
Coll. tr. gold notes
pieigtd orporlotrrteeuretrtmorfafe securing an
trust gold
Logoi?snte.seiagoldrndifa,matung nf Studebaker notes_ 465,545 2,389.983 and other notes
payable similarly
dealers'
serialyto
July 1 193.
21,939.170 251881.116
notes S. accept's.26,001.149 25,536,701
secured
Notes & acc'ts rec. 414,111
General Asphalt Co.
346,448 Notes pay.(foreign
-Bonds Called.
bilb3 of exch.,&c) 1.812,105
448,855
293,014
230,816
Certain of the 6% 15
-year sinking fund convertible gold bonds, dated Deferred charges
Accts. payable,incl.
Oct. 1 1924. aggregating $191,300, have been called for payment Oct. 1 at Invest.in & adv. to
545,186
330,967
affiliated cos__ _ 518,995
taxes
403,663
105 and int. at the Bank of North America & Trust Co., Philadelphia,
Drafts in transit
352,000
546.000
trustee under the terms of the trust agreement, called bonds may until Furn. & fixtures,
923,173
1,225,500
less deprec'n...... 104,078
93,944 Reserves
Oct. 1 be converted into shares of the company's common stock.
-V, 125.
207,500
Goodwill & other
Dividends July 1._ 207,500
p. 1058.
747,729
577,298
intangibles
1,570,000 1,570,000 Surplus
General Motors Corp.-Pref. Stock Offered.
-J. P.
Morgan & Co. have purchased privately a large block of 7%
preferred stock, which is being offered publicly at $124.75
a share, to yield 5.61%. No new financing is involved in
the offering.
Total
33,469,591 35,599.202
33,469,591 35,599.202
Total
Contingent Liability through guarantee of obligations of foreign subsidiaries
$3,502,137, secured by foreign Studebaker dealers' notes and acceptances,
not included in above statement._
711. 2 . 0 shares no par value. . 125, p. 1059.
0
0
-V
The Oldsmobile division has sold the largest volume of cars in July for
Industrial je Finance I,Corp.
on Common
-Stock
any July in its history. Retail sales substantially
ry ich w cw hproduas
Accumulated Divs. on Preferred-No Affiliation.
Lion. Efforts to speed up the $3,000,000 expansion program,
The corporation has declared a 25% stock dividend on its common stock.
recently started and which will permit of a material increase in output, are
being made because of the expansion of summer business.
-V. 125. P. 1187. Holders will on Sept. 15 next receive 1 share of common stock for each
4 shares of common stock held on Aug. 31.
1199.
The accumulated dividends amounting to $37.50 per share on the 6%
German General Electric Co.
-Proposes Stock Inc.
pref. stock have also been declared payable Sept. 15 to holders of record
The directors of the company have convoked an extraordinary general Aug. 31. The right of the holders of 6% pref. stock to surrender their
meeting for Sept. 19, when sanction will be asked for an increase in the shares, together with their right to accumulated dividends in exchange for
company's ordinary share capital by 30,000,000 marks, making the total the 7% pref. stock at the rate of $130 par value of the 7% stock for each
-V. 120, p. 590.
150,000,000 marks.
$100 Par value of6% stock surrendered, will terminate on Aug.30.
John Markle on Aug. 25 announced that he is no longer connected with
Goldblatt Brothers Department Store Building, Chi- the corporation, or any ofits affiliated or subsidiary companies,in any way,
-V.124. p. 3360.
-Bonds Offered.
-H. 0. Stone & Co., Chicago, are either as an officer, director, stockholder or creditor.
cago.
offering at par and int. $350,000 1st (closed) mtge.6% serial
International Combustion Engineering Corp.
-Capital Stock Increased-Rights to Pref. Stock-Acquisition.
gold bonds.
-
Dated May 1 1927; due semi-annually from Nov. 1 1928
-May 1 1934.
Denom. 31.000, $500 and $100c* Int. payable Si. & N. at office of
H. 0. Stone & Co., Chicago. Callable at 103 and int, on any int. date
upon 60 days' notice. Federal income tax, not in excess of 2%. payable
for the bondholders by the mortgagor at the office of II. 0. Stone & Co.
security.
-A direct (closed) first mortgage on the land, fronting 72 feet
1 inch on Chicago Ave., and the five-story department store building.
Goldblatt Brothers, the owners of this property, have a net worth exceeding $1,000,000. The property has been appraised as follows (minimum): Land, $324,000; building, upon completion. $291,250; total
valuation, $615,250.
-The average net annual earnings of Goldblatt Brothers,
Earnings.
co-partners, for the years 1922 to 1926 inclusive, after deducting expenses
of every description, including depreciation on physical assets, but before
Federal income taxes,are equalto3.2times the greatestannual interest charge
on this bond issue. The average net annual earnings for the years 1924
to 1926 inclusive computed as above equal 4.7 times the greatest annual
interest.
The stockholders on Aug. 30 authorized the increase in the common
stock from 750,000 shares (no par value) to 1,100.000 shares (no par value),
and also authorized 100,000 shares of preferred stock (without par value).
Of the pref. stock, 50.000 shares will be issued immediately for cash to provide the corporation with working capital and to provide. in part, the purchase price of the entire capital stock of F. J. Lewis Manufacturing Co.,
the remainder of such purchase price to be paid in common stock of the
corporation. The offering of such 50,000 shares of preferred stock,for
subscription by the stockholders has been underwritten by Otis & Co. el
The directors have voted to offer the 50,000 shares of new preferred stock
(which bears dividends at the rate of $7 per annum cumulative from Oct. 1
1927, and is convertible into common stock share for share) for subscription pro rata to the stockholders of record Sept. 9. Arrangements have
been made whereby warrants will be issued entitling stockholders to purchase 1-17th of a share of new preferred stock for each shate of common
stock held.
Subscription warrants entitling stockholders to subscribe at
share to 50,000 shared of new preferred stock on this basis will be $100 pee
mailed to
1332
THE CHRONICLE
stockholders promptly after Sept. 9 1927. Subscriptions to the new preferred stock may be made only upon surrender of subscription warrants,
accompanied by payment in full at the rate of $100 per share in New York
funds, to Guaranty Trust Co., 140 Broadway, N. Y. City, or 32 Lombard
St., London, Eng., before the close of business on Sept. 30 1927. No
Interest allowance will be made because of payments received prior to that
date.
Listing.
-The N. Y. Stock Exchange has admitted to the list temporary
certificates for 50,000 shares of no par $7 cumulative convertible pref. stock
and 924,529 shares of no par common stock.
The listing application states that of the 924,929 shares of common stock
681,529 shares are to be issued in substitution for previously listed shares
of capital stock (of which 681,101 shares are outstanding), 185,000 shares
together with $2,625,000 cash-are to be issued in exchange for 5,000
shares of the capital stock of the P. J. Lewis Manufacturing Co. of Illinois,
8.400 shares are to be offered executives of the International Combustion
Engineering Corp. and its subsidiaries for subscription at $14 per share,
upon the consideration that these executives agree to continue in the service
of the corporation for a period offive years. when the shares will be delivered
to them, and 50,000 shares will be issued upon conversion of the pref. stock.
The report of F. J. Lewis Manufacturing Co. and subsidiaries for five
months ended May 28 1927, shows sales of $2,450,201 and net profit of
-V. 125. p. 1059. 790.
3535,674 after depreciation. Federal taxes, &c.
-Balance Sheet
(& Subs.).
Intercontinental Rubber Co.
Consolidated Balance Sheet June 30.
1927.
1926.
1927.
1926.
Liabilities
AssetsCapital stock
x5,960,040 5,960,040
Land, plantations,
68,752
35,664
dre
y4,064.065 3,890,908 Drafts payable_
Accounts payable. 112,900
101,301
Pats.„ trade names,
128,703 GA& foreign taxes
&o
128,703
Cash
137,797
121,448
415,836 (estimated)101,945
1,425
9,000
Call loans
2,475,000 2,100,000 Def. credit to ine18,008 Sundry reserves_
73,101
74,149
Marketable scour.
Res. for prop. val. 299,727
Acc.& trade accept.
299,727
1,065,566
256,469 Surplus
846,536
249,796
receivable
453,333
437,149
Inventories
Advances & claims
-less reserve_
105,859
120.630
Prep.& def.charges
78.606
99,718
1,720 Total(each side)._ 7,683,457 7,484,214
Treasury stock _
1,720
x Represented by 594.570 shares, no par value. y Alter deducting $515,
-V. 125, 13. 1059.
332 reserve for depreciation and amortization.
[VOL. 125.
On the two properties the company gets certain duty concessions on
machinery imported. It will be exempt from ordinary taxes, but will pay
$75.000 a year income tax for four years and $150,000 a year after that
until 1973.
What Government Aimed At.
Apparently, the Government has had a number of definite ends in view,
in introducing the agreement: (1) To insure employment. This is also
shown by an additional clause in the agreement, which provides that, if
requested, the company must cut 30,000 cords of pulp wood yearly during
the next four years, to be exported on terms similar to those for the exportations after that date; (2) to put the mills in the hands of those who will
operate them so successfully that the Government will not be called upon
to meet its guarantee; (3) to provide for expansion in existing operations.
$10,000,000 Debentures to Be Redeemed Oct. 1.
-The company has called for redemption on Oct. 1 1927 at 1023 and
int. $10,000,000 6% convertible gold debentures dated Oct. 1
1926, due Oct. 1 1941. The retirement of the debentures is
pursuant to the provisions of the trust indenture between
the company and the Chase National Bank, New York,
trustee.
In announcing the proposed redemption of the debentures, Owen Shepherd, Vice-President and Treasurer, calls attention to the fact that the right
to convert the debentures so called for redemption into cumulative 7%_Preferred stock of the company at the rate of $100 of debentures for $100 of
stock, as provifed in the trust indenture, will expire on Oct. 1 1927, as well
as the right exercisable at the time of such conversion to purchase common
stock of the company on the basis specified in the trust indenture or on the
more favorable basis proposed by the company in connection with its recent
issue of additional common stock and specified in the company's supplemental indenture to the Chase National Bank, dated June 7 1927. that is,
the right to buy common stock at $40 a share on the basis of 2 shares for
each 31,000 of debentures converted.
Holders of the debentures called for redemption may deposit their securities either for payment or conversion into preferred stock at the Chase National Bank, New York, the First National Bank, Boston, or the Royal
Bank of Canada. Montreal.
-V. 125. P. 1059.
International Projector Corp.
-Earnings.
-
The corporation reports sales of $1.025,633 for seven months to July 31
1927. After deducting cost of sales,and general and administrative costs,
depreciation, &c., net income before taxes is reported at $270,507.
Balance sheet July 31 1927 showed total assets of $5,669,258, the ratio
of current assets to current liabilities being in excess of 8 to 1. Property
-Newfoundland Company.
International Paper Co.
plant and equipment were shown at $2.534,427, against which there were
The following published statement is understood by the "Chronicle" to depreciation reserves of 3611,168, or more than 24%. Corporation conbe correct:
tinued its policy of carrying good-will at the nominal figure of $1. Cap"International Paper Co. of Newfoundland, Ltd., new subsidiary of Inter- italization consists of 25,000 shares of $7 preferred stock and 200,000
national Paper Co. of New York, will, upon ratification by Newfoundland shares of common stock, all of no par value.
Legislature of agreements between the paper company and the Government,
Between 45 and 50% of the corporation's revenue is derived from the
acquire the Corner Brook plant of Newfoundland Power & Paper Co. and sale of parts and from repair work on the many delicate parts of motion
thereby increase International Paper's total newsprint capacity by 400 tons picture projectors, of which the corporation is the largest manufacturer.
'
a day initially, and later by about 800 tons. Total newsprint production The corporation's products are now distributed by a world-wide dealer
by International Paper outside the United States will, after acquisition of
-V. 124. p. 380.
this additional 400 tons daily, be approximately 500,000 tons yearly, or organization.
slightly more than it produced in this country five years ago.
-Sales.
-International Shoe Co.
"Initial investment of International Paper Co. in the new project will
totaled $85,496,000.
In the period from Dec. 1 1926 to Aug.
be $2,500,000. For this it will receive the entire common stock issue of a gain of $6,460,000 over the corresponding19 net sales year.-V. 125,1).529.
period last
International Paper Co. of Newfoundland. The Bank of England will
own the $10,000,000 issue of 5% preferred, cumulative after five years.
-Sales.
-Comparative Balance Sheet.
Jewel Tea Co., Inc.
"Funded debt of the new company will probably include $5,000,000
July 1627. .11421/ 1726.
.
AssetsJu1116'27. Ju1117 26. Liabilities40
-year 5)4% first mortgage bonds to be owned by the Bank of England.
in place of a $5,000,000 collateral mortgage loan now owned by that institu- Capital assets....x $639,629 $738,358 Preferred stock.--$2,550,000 $2,970,000
120,000
- y120,000
120,000 Common
120,000
tion on the property. Present issues of $10,000,000 434% debentures, Goodwill
credit&
1,749,869 1,694,709 Letters ofstock_guaranteed by the British Government and $10,000,000 534% debentures, Inventories
295,231
.
AcacetZetsnesuit_ ry 437,698
pay es d_
guaranteed by Newfoundland Government, at preserit maturing about Accounts and notes
278,921
h18,659
receivable.z
20 years hence, are expected to be extended to 1973. Upon approval of
accrued and un1,029,809 1,089,851
the debenture holders, Bank of England collateral loan, of which S5,000,000 Investments
227 392
10 :000
0
claimed pref.div. 207,372
55,280
80,710
is outstanding of 310.000000 authorized, will be increased to $20.000,000 Trust funds
153,224
181,563
494,636 Federal taxes
499,459
authorized. This will give new company $15,000.000 authorized, but Cash
Divs.pay.Oot.1'26_
Com.stock held for
unissued with which to make developments.
168,371
Reserve for coining 124,463
employees
44,752
"Properties of Newfoundland Power & Paper include valuable timber
55,260
80,710
565,851 Surety deposits576,293
reserves, to which International Paper will make additions through pur- Deferred charges
989,846
Surplus
1,317,634
chases elsewhere in the Dominion of Newfoundland. New acquisition will
give approximately 90.000 h.p. of developed hydro-electric power, as well Total(each side)_ _$4,999.440 $5,077,325
as a substantial amount of undeveloped power. Company will have right
x After depreciation of $652,088. y Represented by 120,000 shares no
to export one-half cord of pulpwood for each ton of paper produced on new par value. a After deducting $81,245 reserve for doubtful accounts.
machines."
Note.
-Contingent liabilities for letters of credit issued against coffee on
July 16 1927. $711,729.
The "Financial Post" of Canada Aug. 12 had the following: contracts, not shipped at redemption requirements at July 16 1927 (2,400
Note.
-Preferred stock
Premier Monroe of Newfoundland has made public the terms of the shares) have not been given effect to, but 4,500 shares in treasury are
agreement under which the International Paper Co. will acquire the plant available therefor.
of the Newfoundland Power & Paper Co. His outline indicates that
First 32 Weeks of Year1927.1926.
1925.
Newfoundland is ready to pay a stiff price to get out from under the burden Sales
$8,738,400 $8,871,853 $8,417, 37
1.36
0
8
of the guarantee it gave to £2,000,000 of debentures of the company, Average number of sales routes
1.091
1.069
and to insure increased employment in the Island. Yet the agreement is -V.125, p. 1200.
much better from the Island s standpoint than earlier forecasts had it,
and indicates considerable concessions by International Paper Co.
Johns-Manville Corp.
-Current Operations.
The British Government also guaranteed £2,000,000 of additional
Commenting on the current operations of the corporation, President
debentures. If the present deal proves to be the salvation of the company, Theodore F. Merseles says:
the British Government will be protected from loss on its guarantee, but,
The company's sales in the field of building construction, with especial
apparently,is making no concessions to save the industry or prevent loss on reference to private house building, continues in large volume and well up
the guarantees beyond permitting further bonds to be issued ahead of its to the peak levels of last year. Reportsfrom our larger distributors throughsecurity.
out the country indicate that building activities of this type may be exTake Over Corner Brook Plant.
pected to continue on this basis well into the future.
The company's sales of power plant materials, which are usually a good
Under the agreement outlined by the Premier, the International Paper
Co. will buy the plant at Corner Brook. The Newfoundland Government index to the state of business among manufacturers, have continued in
would shortly have had to take it over from the Sir W. G. Armstrong- excellent volume throughout the summer and there are no signs of slackenWhitworth Co., which had run the cdst of construction up from $25,000.000 ing in the future.
The company's sales in the oil fields show that the oil industry is directing
to $45,000,000 and had been forced to leave the British and Newfoundland
constantly increased attention towards conservation. More and more
Governments to hold the bag.
The International Paper Co. will buy the plant from its English owners. measures are being taken to prevent the heavy losses from evaporation of oil
What it will pay is apparently not incorporated in the agreement with in storage which, heretofore, have been so costly; and, also, a great deal
Newfoundland but it may not amount to much more than an assumption is being done in the way of lightning protection according to methods
of the £4,000,600 of debentures guaranteed by the two Governments and developed by Johns-Manville. Millions of gallons of oil are being saved
the additional £1,000.000 of unguaranteed debentures subsequently issued In this manner.
-V. 125, p. 1060.
to secure a bank loan. It is not certain if the price to be paid will protect
Kaynee Company.
-Extra Dividend of 50 Cents.
any holders of junior securities, which include a further bank loan of
The company has declared an extra dividend of 50c. a share on the com$10.000,000,secured by a junior debenture.36.500,000 ofincome debentures,
0.000,000 of preferred shares and $5,000.000 of common shares. It is mon stock, payable in four installments of 1234c. a share on Oct. 1 1927.
said that the Bank of England will have a $10.000,000 holding of preferred Jan. 1, April 1 and July 11928. to holders of record on the 20th of the prestock in the new company to be formed under the name of International ceding month, respectively. The regular quarterly dividends of 50c. a
Paper Co. of Newfoundland. This may be in lieu of the bank loan men- share on the common and of $1.75 on the preferred were also declared
payable Oct. 1 to holders of record Sept. 20.-V. 123. p. 1769.
tioned.
Will Add to Plant Capacity.
Kelly Dry-Pure Juice Corp.
-Offering
-Stock Offered.
property, agrees to spend
The International Paper Co., on buying the
$15,000.000 on enlarging it and for other purposes. It will have until was made Aug.31 of 27,543 shares class A stock, cumulative,
mill from 400 to 600 tons daily. To raise participating and of no par value
1933 to bring the capacity of the
by a syndicate composed of
the money, it will be permitted to put another £3,000.000 of debentures
ahead of the two guaranteed Issues, making in all f4,000,000, or $20,000,000 Credit-Canada Limitee, Inc., of New York and Montreal;
British and H. F.
of mortgages, ranking ahead of the issues guaranteed by the
McConnell'& Co., New York, and Truax, Carsley &
Newfoundland Governments.
The company will also interest itself in the Gander Valley Paper Mill Co., Montreal. The offering was made in units of 10 shares
Project. This is controlled by the Reid Newfoundland Co.. but the of class A stock and 5 shares of class B stock priced at $330
International is buying it out. The Reids have put much time and money
•
on this project, but have never got it going. The International Paper per unit. The stock is offered as a speculation.
-a 2,000 ton a day mill, to be finished
Class A stock is entitled to receive cumulative dividends at the rate of $3
agrees to build a mill at the site
company may, by paying $50,000 a per share per annum payable semi-annually before any dividends are paid
by 1933. If not completed then, the
Year forfeit, delay the work two years. The Government will build a on class B stock. Class B stock is then entitled to receive non-cumulative
dividends of $3 per share. In further distribution of dividends in any on
railway to the mill.
year, each share of class A stock and each share of class B stock will receive
Concessions by Government.
In return for these undertakings of the International Paper Co., the the same amount. In the event of dissolution or liquidation class A IAOCk
Government makes certain concessions. When the respective new mills will be entitled to receive the sum of$33 per share plus cumulative dividends
have been completed, the company will be allowed to export pulpwood from before anything is paid on class B stock; thereafter the class B stock is enNewfoundland on payment of $1 a cord royalty. The pulpwood must be titled to receive the sum of $33 per share, and any further amounts available
cut in the northern areas, where the lack of power precludes the establish- are then distributable equally per share among the holders of the class A
ment of paper mills and the limit of such export will be ono-half cord of stock and the class B stock. Dividends will begin to cumulate upon the
wood for each ton of paper produced from the new machines installed; that class A stock as and when issued.
The holders of the class II stock will have the sole voting power until and
is, roughly. 30,000 cords a year for the new Corner Brook additions and
30,000 cords a year for the Wander mill. If the mills fall below 80% of unless after Jan. 1 1930 there shall be two consecutive semi-annual diviProduction capacity, export rights are to be suspended. The $1 a cord dends in arrears on the class A stock, in which event the holders of the class
royalty extends for 2() years, after which the price may be revised upward A stock will have the right to vote, share for share, with the holders of the
class B stock until the default shall have been cured, when the sole voting
in proportion as newsprint prices rise.
SEPT. 3 1927.]
THE CHRONICLE
1333
Data from Letter of Robert R. Appleby,Pres. of the Corporation.,
power will again pass to the holders of the class B stock. Without the prior
--Is an acceptance corporation, organized in 1916 and is an
Company.
written consent or vote of the holders of at least65% of the then outstanding
class A stock, no stock, bonds or other securities having preference or priority outgrowth of affiliated companies doing business in England and Australia,
over the class A stock (except purchase money mortgages or other purchase the original English company being formed in 1857. Through these
created.
affiliated companies, or by direct branches and employees resident abroad,
money liens) may be
Chatham Phenix National Bank & Trust Co., New York. registrar. and the corporation maintains representatives throughout Europe, Australia,
Application will be made for listing these shares on the New York
New Zealand, South Africa, South America, and the Far East, who are
in close contact with properly authorized distributors of American manuMontreal Curb markets.
Issued.
Authorized.
facturers, and for whom they also act as purchasing, fiscal and shipping
Capitalization—
shs. 27,543 shs.
basis, enjoying extremely favorable and
Class A stock, cumulative, participating (no par)_ _50,000 shs. 50.000 shs. agents on a commission American manufacturers, who regard the cordial
50,000
corporarelations with the leading
Class B stock, non-cumulative, no par
tion as a valued aid in the development of their export business.
Letter of Pres. Edward H. Fellows, Dated August 1927.
Data from
The cortkration specializes in the financing of wholesale exportations to
Company.—A Delaware corporation. c.wns the exclusive world rights distributors of such products as automobiles,steel, agricultural machinery,
covering the Matzke processes for working and (or) preserving without the motorcycles, &c., and its gross business turnover in 1926 amounted to
all
use of preservatives, fruits. vegetables, coffee and nowkinds of food and 327.817.134. The nature of the corporation's business makes it practically
or hereafter taken free from inventory losses, and it may properly be regarded as a financial
drink products, during the life of the longest patents
out and under all secret processes so long as any business is being carried on institution. Over the last 10% years, including the deflation period
under any of them. These rights cover the entire world excluding only following the war boom, the corporation's total losses have been less than
Belgium and that portion of the British Empire lying outside of North and 1-5 of 1% of its total turnover, and over the past five years the loss ratio
South America and contiguous islands, upon which excluded territory this has been approximately 1-100 of 1%,
Earnings.—Net earnings before Federal taxes for the 3 years ended
corporation has an option.
Until this process was perfected by Wincenty Matzke, a German-trained Dec. 31 1926, averaged $271,420 per annum, or over 434 times annual
chemist and engineer, in his London laboratory in 1924, it had never been interest requirements on this issue. Earnings in 1926, before Federal
possible to keep pure juices indefinitely without the addition of benzoate taxes, were $294,993, or about 5 times such requirements. Corporation's
of soda or some other artificial preservative. Under the alatzka process, earnings before Federal taxes, available for interest on these bonds, for
however, all fruit and vegetable juices are preserved in their natural state, the first 6 months of 1927 were $157,282 and large additional earnings are
remaining 100% pure and retaining all qualities and flavors without de- anticipated from the increased business accruing to the corporation through
the use of the proceeds of this issue of debentures.
terioration or fermentation.
The Matzke process is protected by applications for patents covering both
Purpose.—Corporation has recently concluded arrangements with several
process and apparatus, granted or pending in all principal countries that are of the largest automobile manufacturers through which it is confidently
parties to the International Convention. Patents have already been issued anticipated a very material increase in the volume of its business will result.
in several countries including England, France, Spain, Poland and South The proceeds of these debentures will be used by the corporation as additional working capital with which to expand its credit and other facilities
Africa.
The Kelly ginger ale works have been in successful operation in Canada for for handling the increased volume of business offered to it.
Sinking Fund.—Indenture will provide that the corporation, beginning
14 years. Starting with a nominal capital, it is to-day one of the leading
ginger ale enterprises in the Dominion. For the purpose of making a test with the year 1928, will make fixed minimum sinking fund payments to
to demonstrate the selling possibilities of Kelly Dry Ginger Ale in the United the trustee for each fiscal year ending June 30, calculated to retire the
Statest a plant was acquired in Long Island City, N.Y..a year ago,in which entire issue by maturity. In addition, thereto, and in any fiscal year
Kelly Dry Ginger Ale was made and sold to several hundred distributors in (beginning with the fiscal year ending June 30 1930), that the net profits
New York City and suburbs, who have repeated their orders in spite of the of the corporation are $200,000 or more, after deducting interest charges
fact that absolutely no consumer advertising was done to create a demand on this issue and Federal income taxes, there shall be paid to the trustee,
for Kelly Dry.
90 days following the close of such fiscal year, one-quarter of the corporaAs a result, the Kelly Dry-Pure Juice Corp. has been formed and with a tion's net profits, less the amount of the minimum fixed sinking fund
its shares has purchased the famous secret Kelly Dry ginger ale payment above provided for and paid for said fiscal year. Sinking fund
portion of
and ginger beer formulae, the Long Island bottling plant, and other assets moneys in the hands of the trustee shall be utilized for the purchase of
of the Kelly Dry Ginger Ale Corp.. covering the United States. It is debentures, if obtainable, at or below the call price, or, if not so obtainable
planned to immediately enlarge the New York plant and build a bottling then for redemption, by lot, at the call price. The right to convert deplant in Chicago, from which Kelly Dry and other products of the corpora- beatures into stock, as to debentures called for the sinking fund prior to
Dec. 31 1934, continues until 60 days after publication of advertisement
tion will be dispensed to the trade.
Purpose.—The proceeds of the sale of this issue will •provide funds for to that effect.
general corporate purposes—including the financial assistance to or the
Balance Sheet June 30 1927 (after this Financing).
erection of plants using the Matzke process in the fruit and vegetable growing
Liabilities
Assets—'
section of the country: to defray the cost of the development of the ginger Cash
$1,340,963 6% convertible bonds_ -$1,000,000
ale and ginger beer business of the coropration; and for advertising and
6.500,000
M'k'table securities at cost 672,070 Drafts discounted
working capital.
138.511
Sundry creditors
---The present capacity of the Long Island plant, which is 40,000 Due from banks on drafts
Earnings.
al.515,000
delivered
49,161 Capital stock
bottles per week, will be doubled immediately, bringing the capacity to
474,599
bottling Sundry debtors
3,200 cases of 25 bottles each per week. It is proposed to establish a
plant of similar capacity in Chicago, which will bring the output of the Foreign sight & short term
6,500,000
drafts
corporation up to 6,400 cases of 25 bottles each per week, or 332,800 cases
per year. Based upcin the figures given by the Kelly Dry Ginger Ale Corp. Office furn. & fittings (less
depreciation)
4,991
a case of 100 bottles of high-grade ginger ale costs the manufacturer $6 per
Total (each side)
$9,153,511
111,728
case and is Bold for about 313.50, yielding a profit of approximately $7.50 Prepaid taxes insur. etc.__
a Represented by 151,500 shares (no par) of an authorized issue of
per case. Based on the capacity of the two plants, after the expansion protaken place, the estimated profits of the corporation. at 50% less 270,000 sits.
posed has
than the above figures, should amount to over $300,000 a yearfrom the sale
of Kelly Dry.
Lackawanna Securities Co.—Curb Voids Contracts on
-ton plant working oranges
Mr. Matzke has estimated the earnings of a 32
in Stock Under New Plan.—
for juice and their by-products for 250 days per year, will amount to $645.000 Stock Under Old Plan—Dealings
.
Extensive profits accumulated through dealings in the "when issued"
per year,from which would be deducted a royalty of 2% 31, to be paid to the
Matzke Corp. on wholesale prices of the products of the corporation pre- stock of the company on the New York Curb were lost Aug. 26 when the
served by the Matzka process and 1% on wholesale prices of the by-products Exchange's Committee on Securities ruled that all contracts previously
made were null and void.
thereof. The estimated cost of such a plant is only $90,000.
The Committee gave as its reason for this action the material changes
The possibilities of earnings of this corporation from the application ofthe
Matzke process are so vast that it is almost impossible to give a fair esti- made in the plan announced on March 23 by the Delaware Lackawanna &
-S. 0. Commission.
mate of what they might be. In order to take care of the waste.fruit of the Western RR. following the veto of the I.
-ton
State of California alone, it has been figured that it would take sixty 32
The sole asset of the Lackawanna Securities Co. will be $58,500,000 Glen
plants using the Matzke process.
Alden Coal Co. 4% 1st mtge. bonds. In the original plan these securities
Directors.—Edward II. Fellows, New York: Luc Rochefort, Montreal; together with $33.506,000 bonds of the Morris & Essex RR. and theNew
H. R. Baughman. New York; E. F. Kelly: T. J. Kelly, E. A. Ouimet, York Lackawanna & Western RR., subsidiaries of the D. L. & W., were
Montreal; Hudson C. Miller, L. J. Bell, Rene A. Wormser, Wincenty to be the assets of the holding corporation.
Matzke, Cornelius J. Callahan, N.Y.City.—V. 125, p. 1060.
Based on the total assets of $92,006,000 the "when issued" shares of
Securities covered a range between 87 and 106% on the New
Kelly Furniture Co., Detroit, Mich.—Notes Offered.— Lackawanna
York Curb Exchange. Trading in the shares was arrested some time ago
revised plan. The
pending
Benjamin Dansard & Co., Inc., Detroit, are offering at par Clearing the Commerce Commission's approval of theof the ruling of the
House announced Aug. 26, as consequence
and int. $350,000 10-year 6M% sinking fund gold debenture Exchange Committee on Securities, thata was prepared to issue at 9 a. in.
it
Aug.27 statements and checks covering balancee on deposit in clearances
notes.
the stock.
Dated Sept. 15 1927: due Sept. 15 1937. Denom. 31.000.$500 and $100 • onThis action, incidentally, will wipe out all losses sustained as well as all
Prin. and int. payable at Union Trued Co., Detroit, trustee. Red. on any gains derived by traders or investors in the stock.
Int. date prior to maturity at 104 and int., to Sept. 15 1928, 10334 to
stock as approved by the board of
The new
Sept. 15 1929, 103 to March 15 1931, 1()% to March 15 1932, 102 to Sept. directors ofLackawanna Securities Co. aggregating 844,411 shares of no
the D. L. & W. on Aug. 25,
151933. 101% to Sept. 151934, 101 to March 15 1936 and 10035 to March par capital stock, was admitted to listing on the New York Curb Exchange
15 1937. Interest payable M.& S. without deduction for normal Federal Aug. 26. when 65 was bid, with no stock offered. Later 80 was asked, the
Income tax not exceeding 2%.
quotations discouraging traders.
Business.—The company—controlled by Charles R. Murphy, furmerly wide range between the two an initial transaction at 79 was made,followed
Toward the end, however,
treasurer of the Murphy Chair Co. in Detroit—operates a chain of retail
to only 300 shares.—V. 125.
one at
stores on Detroit's main arteries, outside of the Three Mile Circle, served by 1200. 73. total sales for the day amounting
by a warehouse centrally located. The business was started in 1919 F•
and has never shown an operating loss. The business for the first half of
Libby, McNeil & Libby.—Bonds Called.—
1927 exceeded, both in profits and number of sales made, that of any
-year gold bonds dated
All of the outstanding $8,000,000 1st mtge.7% 10
6 months in their history. Their collection record is good, the losses May 1 1921 have been called for payment Nov. 1 at 103 and int. at the office
being approximately only one-half of 1%.
of the Harris Trust & Savings Bank, trustee, 115 W. Monroe St., Chicago,
Eartunc.—Net earnings after depreciation, for the 6
-year period 1922
Harris, Forbes & Co., 56 William St., or Central Union Trust Co., 80
to 1927 last half of 1927 estimated), average $87.768 per annum. For or
years (last half of 1927 estimated), earnings average 3114,333 Broadway. N. Y. City.
the last
To finance the retirement, the company is expeeted to float a new issue of
per annum, which is equivalent to 5 times interest charges on these notes.
or 32% of the entire principal amount of these notes. Company estimates 5% bonds.—V. 124, p. 2289.
1927 earnings at 3120,000.
Libby-Owens Sheet Glass Co.—Contract.—
Assets.—.A balance sheet as of March 31 1927. giving effect to the present
Contract was let Aug. 18 to the A. Bentley & Sons Co. by the company
financing and reappraisal of properties shows total net assets of $948,096.
note. The ratio of current assets to current liabilities for an expansion of the Libbey-Owens plate glass plant in East Toledo,
or $2,709 per $1,000
investment of 32,000,000. Plans
which,
is approximately 3.4 to 1, and net current assets are $518,839, or 31,482 for the with equipment, will represent an
expansion, which will include units for the polishing and grinding
per $1,000 note.
of plate glass, the product to be consumed principally by the automobile
Sinking Fund.—Beginning Oct. 1 1927, monthly payments will be made
to the trustee in amounts sufficient for the seml-annual interest and tax industry, have been under consideration several months. Lockwood,
requirements. After Sept. 15 1928. the monthly payments into the sinking Greene & Co., Detroit,the engineers,received bids Aug. 17, but the contract
until Aug. 18.
fund will provide for the retirement of notes, at least semi-annually, and in was not awarded will see
The extension
addition of a force of 400 men to the East Side
such amounts that all these notes shall have been retired at maturity.
to take care of the rapidly growing Industry and will enlarge the importance of East Toledo as an industrial
Purpose.—To provide working capital
center, as well as adding to Toledo's prestige as the leading glass manubusiness and to retire present mortgage.
of the world. The
All of the outstanding 6% 1st mtge. serial gold bonds, dated Sept. 15 facturing centercontinuous skylight.new plant will be 750 feet long by 136
and steel and
It will be
wide, with
1925 have been called for payment Sept. 15 at 105 and int. at the office feet correspond to the present plant. The motorof concrete
generator equipment will
will
Detroit (Mich.) Trust Co., trustee.—V. 121. p. 1916.
of the
be enlarged, power house unit extended and shop additions made. Work
months to build
Kemsley-Millbourn & Co., Ltd., New York.—Bonds on the extension will start immediately. It will require 8plant one of the
and equip the structure. Its completion wth make this
Sold.—.J. A. Sisto & Co., New York have sold at 995 and largest of its kind in the country.—V. 124, IL 3506.
int. $1,000,000 6% sinking fund convertible debentures.
Dated Sent. 1 1927; due Sept. 1 1942. Denom.$1,000 c*. Int. payable
of Commerce, Now York. without
M.& S. at National Bank 2%. Penn. and Conn.4 mills taxes,deduction
tax up to
Maryland
for Federal incomethe Mass. tax measured by income, not in excess
of 6%
and
434 mills tax
per annum, refundable. Red. all or part on any int. date upon 60 days'
103 and int., but right to convert debentures into stock continues
notice at
date, whichever is earlier. National
until Dec. 31 1934, or redemption
trustee.
Bank of Commerce in New York,
Privilege.—The principal of each 31,000 debenture will be
Conversion
of the corporation as follows: At any
convertible into no par value stockJan. 1 1929 at
to
$10 per share;
time after Nov. 1 1927 and prior per share: thereafter and prior thereafter
to Jan. 1
$12
and prior to Jan. 1 1931 at
$15 per share; thereafter and prior to Jan. 1 1935 at $17 per share.
1933 at
provide for an equitable adjustment of conversion rates in
Indenture will
capitalization, consolidation, &c.
the event of change in
Ludwig Baumann Brooklyn Building (Elbeco Realty
Corp.), Brooklyn, N. Y.—Bonds Offered.—S. W. Straus &
Co., Inc., are offering at par and mterest $1,600,000 first
mortgage fee 6% sinking fund gold bonds.
Dated Aug. 15 1927: due Aug. 15 1912. Principal and interest (F. & A 1
payable at S. W.Straus & Co.. Inc., New York. Denom.$1,000, 35(0 an'a
$100 c*. 2% Federal income tax paid by the borrowing corporation.
Penn. and Conn. 4 mills tax, Maryland 4)4 mills tax, District of Columbia'
5 mills tax, and Mass. State income tax up to 6% of interest per annum,
refunded. Redeemable,except for sinking fund retirements, at 103 and int'
on or before Aug. 15 1932: at 102 and int. after Aug. 15 1932 and on or
.
before Aug. 15 1937; and at 101% after Aug. 15 1937 and before Aug. 15
in
1912. Callable tor sinking fund at 101 and int. Trustee, Harry H. Arnett.
V.-Pres. S. W. Straus & Co., Inc.
1334
THE CHRONICLE
Security.—The bonds are directly secured by a closed mortgage on land
owned in fee fronting the entire block on the east side of Hoyt St. between
Livingstone and Scherxnerhorn Sts.. Brooklyn, N. Y., together with a
10
-story and basemct steel frame, fireproof store, office and showroom
building now being erected upon a portion of this land; and, upon satisfaction of an existing mortgage, for the payment of which, within 60 days.
sufficient funds have been deposited with the Title Guarantee & Trust Co.
will constitute a closed first mortgage thereon. The property occupies an
excellent location in the heart of Brooklyn's retail and shopping
district,
directly opposite A. I. Namm & Co.'s department store, with other large
department stores in the immediate neighborhood and convenient to all
forms of transportation.
Valuation.—The The American Appraisal Co. has appraised the sound
Investment cost. including financing, of the land and completed building at
$2,212,000, showing a margin of security of $612,000 over the amount of
this bond issue.
Lessee.—The entire building and the land upon which it is to stand has
been leased to Ludwig Baumann & Co., one of the largest retail distributors
of household furnishings in the United States, for a period of 21 years at a
net annual rental of $168,000, an amount substantially more than the greatest annual combined interest and principal charges on this issue. The lessee
reports average net profit after Federal income taxes and depreciation for
the past three years of $364,702 and its certified balance sheet shows a net
worth of $4,192,912 as of June 30 1927.
Borrower.—The bonds are the direct obligation of the Elbeco Realty
Corp., which is owned and controlled by Ludwig Baumann & Co.
Sinking Fund.—This loan is protected by annual retirements of principal
as hereinafter set forth. The date of maturity of all of the bonds is Aug. 15
1942; but under the provisions of the trust mortgage out of the total Issue of
$1.600,000, $754,500 will be retired before maturity through the operation
of a sinking fund. The requirements of the trust mortgage in this respect
are as follows: Beginning Aug. 15 1930, a certain amount of bonds must be
retired and canceled annually either through purchase in the open market
or by private purchase from their holders, or if sufficient bonds shall not be
purchased to meet the requirements set for the borrower, through the
trustee, shall within 30 days prior to each Aug. 15, call a sufficient amount
of bonds by lot at 101 and int. to make up the necessary amount.
[VOL. 125.
at prices ranging from 100 and int. to 101 and int., to yield
from 53.% to 6% according to maturity.
Dated Aug. 1 1927; due serially 19-9-42. Principal and int. (F. & A.)
payable at New England National Bank & Trust Co., Kansas City, Mo.,
trustee, or at First National Bank, St. Louis, Mo., without deduction for
any normal Federal income tax not in excess of 2%. Kansas 5 mills intangible tax (and similar intangible taxes in other States) refunded. Denom.
$1,000, $500 and $100. Red. all or part on any int. date, option of the
Hospital, upon 4 weeks notice at par and int. plus a premium of ji% for
each 6 months or fraction thereof, from date of redemption to date of
maturity thereof, but in no event shall the premium for redemption be more
than 5% of the face value of the bond redeemed. First National Bank,
Fort Worth, Texas, local trustee.
Purpose.—Proceeds will be applied to the completion of 4 floors and the
solarium (providing a capacity of 200 beds) and the operating floor of the
new hospital of the Central Texas Conference M. E. Church, South, at
Forth Worth. Texas.
Security de Values.—These bonds are direct obligations of the Methodist
Hospital, Fort Worth, Texas, a corporation, and will be secured by a first
closed mortgage on the real estate, building, equipment, and furnishings of
the corporation.
The value of the physical property after the expenditure of
proceeds
of these bonds, will be as follows: Land, $50,000; building and the equipfixed
ment,$926,500;special equipment and furniture,$50,000; total, $1,026,500.
The hospital.—A movement to build or acquire a hospital for the Central
Texas Conference of the Methodist Episcopal Church, South, was unanimously approved at the conference meeting in 19:9, and also in 1920 and
1921. The hospital plan, as it is now being carried out, was unanimously
adopted in 1922;and each year thereafter similar approving resolutions have
been unanimously adopted.
In order to accomplish the work of building and operating the hospital,
the "Methodist Hospital, Fort Worth, Texas," was incorp. in Texas. This
corporation is a duly authorized agency of the Central Texas Conference:
and the members of its Board of Trustees are selected by the Conference.
The hospital is being erected in Fort Worth, Texas, on an entire block of
ground 212 ft. by 216 ft. situated in a good residential district approximately one mile from the center of the city and adjacent to one of the
Lumber Mutual Casualty Insurance Co. of N. Y.- Principal boulevards. The building is of fireproof construction, contains
9 stories and a solarium, all of reinforced concrete construction whit walls
20% Dividend.—
hollow tile faced with tapestry brick, terra cotta, and stone trimming.
The company has declared a 20% dividend on policy expirations for the of has a rectangular center with four
It
wings 40
fourth quarter of 1927, which has been approved by the insurance depart- form a corner of the center, thus providing ft. by 80 ft., each extending
outside light and air for each
ments of New York and Pennsylvania.—V. 125, p. 105.
bedroom and operating room. The site has been paid for and the frame work
and the exterior have been fully completed.
Lyman Mills.—Large Stockholders Advise Liquidation.—
Four floors,
operating rooms on the eighth floor and the solarium,
Certain large stockholders are sending shareholders a circular approving providing spacethe 200 beds, are
for
the recommendation of majority of directors for liquidation. At the meet- furnishings of the building will now being completed. The equipment and
be high class and in accordance with the
ing on Aug. 4 holders of 6,912 shares out of 14,700 shares voted for dissoluThe
tion, but directors are now seeking an expression of opinion from those not best hospital practice. the hospital is expected to be ready for use about
March 15 1928. It is
intention to later finish, equip, and furnish the
present at the meeting.
The circular reads in part as follows: "The undersigned are stockholders remaining floors, as needed, providing an ultimate total capacity of four
to a substantial amount and thoroughly approve the recommendation of hundred beds.
the majority of the directors for liquidation.
Metropolitan Chain Stores Inc.—Common Shares
"By the balance sheet it appears that on June 25 1927 the company had:
Offered.—Public offering of 15,000 shares of the no par
Cash
$487,043
Liberty bonds,&c
704,000 value common stock was made Sept. 1 by George H. Burr
Receivables
317,229 & Co., specialists in chain store company securities. The
Inventories (not deducting a reserve set up on the books of
$1,139,520)
1.409.105 stock is priced at market, approximately $55 per share.
Less accounts payable
$2,917,377
89,882
Net quick assets
$2,827,495
Since 1921 net quick assets have shrunk about $1,200,000.
"For some time the company has been making little or no money, and
directors have been advised by experts in the textile business that there is
small prospect of making money by carrying on the mill as at present.
They are further advised that if the mill is altered over so as to be confined
to the manufacture of fine goods, it has a possibility of making some money
in the future, but to do this involves an expenditure of $500,000 to $1.000,000; that is to say, turning most of the present cash and Liberty bonds into
an improvement of the plant.
"In the present state of the textile industry In New England it seems to us
that this would be a mistake. By liquidating at the present time we can
realize a substantial sum for our shares, estimated by directors as at least
$165 per share, which invested at 4% would produce a higher return than
the dividends recently paid by the company,and these dividends have been
paid, not out of annual profits, but out of the accumulated surplus offormer
years.
"We hope that stockholders who have not already sent their proxies to
directors will now do so, in order that at the adjourned meeting there may
be in favor of liquidation not ony a majority of those present and voting,
but of all the outstanding shares."
[Signed by George Wigglesworth, Henry Wheeler, Philip Dxeter,Robert H.
Gardiner and Henry L. Shattuck.1—V. 125, p. 1060.
Margay Oil Corp.—Dividend Increased.—
The directors have declared a quarterly dividend (No. 6) of 50c. per
share on the outstanding 160,000 shares provided by amendment to the
certificate of incorporation of April 27 1926, payable Oct. 10 to the holders
of record Sept. 20. Previously, quarterly dividends of 25c. per share were
paid.
The officers of the corporation are authorized to withhold payment of
this dividend upon stock of the issue of 800,000 shares until exchanged for
the new stock. Stockholders who have not exchanged their certificates
are requested to do so at once at New York Trust Co., 100 Broadway,
N. Y. City.—V. 124, p. 1835.
Memphis Union Stock Yards.—To Pay Bonds.—
The bondholders are notified that the bonds which matured on July 1
1927 will be paid on presentation at the First National Bank of Memphis,
on or after Sept. 1 1927, together with interest accrued from July 1 1927 to
Sept. 1 1927. Interest will cease to run on all bonds of the issue on Sept. 1
1927.
Mercantile Mortgage Co., San Francisco.—Bonds
Offered.—Harris Trust & Savings Bank, Chicago, recently
offered at 100 and interest $2,000,000 collateral trust mortgage 6% gold bonds, series F.
Dated June 1 1927,• due June 1.1942. Interest payable J. & D.at American Trust Co. San Francisco; Harris Trust & Savings Bank, Chicago, or
Pacific Coast /
1`rust Co., New York, without deduction for any normal
Federal income tax up to 2%. Denom. $1,000 and $500 c*. Redeemable
on any interest date on 30 days' notice, in whole or in part, at 102 for first
five years, 101 for next five years, and thereafter at par. American Trust
Co., San Francisco, trustee. In the opinion of counsel, these bonds are
exempt from California personal property tax.
Company.—Organized to California in September 1925, and makes first
mortgage real estate loans on improved urban property in the San Francisco
metropolitan area and the territory adjacent thereto. The stock of the
company is owned by the American National Co., the securities company
affiliated with the American Trust Co., and the stock of the American
National Co. Is trusteed for the benefit of the stockholders of the American
Trust Co. The American Trust Co. has total resources of nearly $300,000,000.
Company has by its trust indenture and by agreement with its bankers
agreed to those conservative restrictions which experience has found effective
In the safeguarding of this class of investment.
Security.—Bonds are the direct obligations of the company, which now
has a capital, surplus and undivided profits of over $575,000. In addition
the bonds are secured by the deposit with the trustee of first mortgages on
carefully selected types of improved urban real estate to an amount always
equal in face value to 110% of the bonds outstanding under the indenture.
The bonds may also be secured in the same ratio by cash or bonds and obligations issued by or under the authority of the United States. Each mortgage deposited must not exceed 60% of the appraised value of the property
mortgaged.—V. 123. p. 334.
Methodist Hospital, Fort Worth, Texas.—Bonds
Offered.—Prescott, Wright, Snider Co. Kansas City, Mo.,
are offering $500,000 1st (dosed) mtge. 6% serial gold bonds
'
This offering, it was pointed out by the bankers, does not
represent new financing on the part of the company, but
are shares privately acquired.
Company Is one of the largest of the systems in the United States soiling
merchandise priced at from 5c. to $1, and from the standpoint of sales
volume, it ranks among the first five largest in the country. Because
of its strategic position, the company has been mentioned prominently
in connection with merger negotiations during the past few months. When
the company was reorganized two years ago, E. W. Livingston, formerly
with McCrory Stores, was elected President, and A. N. McFadyen,formerly
Vice-President of S. S. Kresge Co., was elected Vice-President of the
Metropolitan organization.
The company now operates 87 stores in the United States and Canada
and will open additional stores before the close of the year. This compares with 68 stores in operation in 1924.—V. 125, p. 924.
Mobile.& Gulf Navigation Co., Mobile, Ala.—Bonds
Offered.—Ward, Sterne & Co, Birmingham, are offering at
prices to yield from 6 to 7%,according to maturity, $125,.
%
000 1st mtge. 7% serial gold bonds.
Dated Aug. 1 1927: due serially from Feb. 1 1928
-Aug. 1 1937. Interest.
payable F.& A.at office of Ward,Sterne & Co., Birmingham,Ala. Callable
all or part, in inverse order of maturity on any int. date at 103 and int.,
or at 100 and int. plus a premium of
of 1% for each year or part of a
year to maturity, whichever may be lower. Denom. $1,000 c*. First
National Bank of Mobile. Ala., trustee.
Company.—Engaged principally in dredging sand and gravel from the
Alabama, Mobile and Tombigbee Rivers and transporting and distributing
this product. The barges, derricks and tow-boats of the company are
rented to others for various activities in and around Mobile Bay when not
required by the company. Company was organized in 1918 and purchased
at that time certain ocean-going schooners and also certain equipment for
dredging sand and gravel. Due to the extreme depression in the oceangoing shipping industry following the war, the schooners were operated at
a loss, and later disposed of at a figure which, together with losses from
operations, represented the loss of the entire investment.
The gravel operations have been successful from the start,
company officials. Company is distributing its product in according to
Mobile and
adjacent communities and in a coastwise territory, extending from Bay
St. Louis, Miss., to Key West, Fla. It has furnished a large part of the
sand and gravel used in its territory since its organization and expects a
continued heavy demand for its products duo to building
road and sea wall construction under way or contemplated. operations and
Earnings.—Paul E. Chalifoux, Pres, of the company, estimates that
earnings from operations will be in each year not
than twice the amount
required to meet the semi-annual installments lessinterest and principal.
of
Earnings in recent years, have been as follows:
—Calendar Years-- 6 Months
1925.
1927.
1926.
Net profit from operations
$111,865
$63,599
$43,887
Depreciation
17,132
16,872
29,780
Interest paid
8,550
7,066
10,456
Netincome
$18,205
$39,660
$71,622
Security.—The Issue will be secured by a closed first mortgage on th
real estate and equipment of the company at and near Mobile, Ala. The
property to be mo(tgaged is carried on the company's books as follows:
Land (cost), $51000; equipment, at cost, $397,213: less: reserve for
,
depreciation, $91,946; total, $356.266.
Montgomery Ward & Co., Chicago.—Sales.1927.
1926.
1924.
1925.
Month of August
$13,825,103 $12,667,432
$10,332,692
8 mos.ended Aug.31_ _ _118,068,029 119,867,695 $11,801,892 94,711.733
105.070,429
—V. 125, P. 792.
Moto Meter Co., Inc.—Omits Class B Dividend.—
The directors have voted to omit the regular quarterly dividend of 25
cents a share due on the class B stock at this time. The regular quarterly
rsento 90 •nlept the er A stoca hares arergidptro ida 0)
t s o.
n
e cla
. as decla
bp Oct.7
record
the
company. and the payment was omitted to conserve cash and further
safeguard the dividend on the class A stock. Pres. George H. Townsend.
said:
"Earnings, while lower than last year, have more than covered dividend
requirements, in spite of having charged off $173,000 in the first six months
to'introduce and develop the new self-adjusting spark plug, the success of
which seems assured.
"Up to Aug. 1 we sold 1,175,000 Boyce Moto Meters, compared with
1,444,000 last year, notwithstanding that there has been virtually no Ford
outlet during the last four months.
"Our subsidiary, the National Gauge & Equipment Co. has shown a
marked improvement in earnings during this year, and to take care of
'
mg
THE CHRONICLE
SEPT. 31927.1
1335
the increased demand for its production large expansion has been required.
Our cash position is approximately 81,000,000 in the treasury of the MotoMeter Co., as well as $200,000 in the treasury of the National Gauge &
Equipment Co."
Period End June 30- *1927-3 Mos.-1926. *1927-6 Mos.-1926.
$886,335 $1,326,373
$695,134
$451,760
Operating profit
38.583
21,333
63,293
31,147
Depreciation
192,938
111,190
101.164
56,909
Federal taxes
56,000
28,000
pref dive-- Nat'l Gauge
The long-standing controversy between the Government and the B. L.
over oil leases in Federal Reserves Nos. 1 and 2 in the
Doheny in
Elk Hills fields of Kern County. Calif., was terminated Aug. 28 when
Federal Judge Paul McCormick discharged the receivership wihch three
years ago was placed over the company's operation of the leases. From the
date that the receivership became effective. March 17 1924, until Aug. 24
last, Federal records show that the former Doheny holdings netted the
Government a total of $12,369,000.
Admiral Harry H Rousseau, retired, and Compton Anderson receivers
presented a bill for $12,653.31, as their fee.
$655,862 $1,094,852
360,000
360,000
100,000
100,000
-Government Requests
Payments Ordered in Naval Oil Suit
-The "Wall St.
Settlements over $13,000,000 Involved.
Journal," Aug. 27, says:
Netincome
Divs, on class A stock._
Divs,on class B stock
$335,704
180,000
50,000
$572,636
180,000
60,000
8634,852
$195.852
8342,636
$105,704
Balance, surplus
* Includes earnings of National Gauge & Equipment Co in 1927 but not
in 1926.
Comparative Consolidated Balance Sheet June 30.
1926.
Liabilities1927.
1926.
1927.
Assets34750,000 $750,000
Capital stock
Real estate, equip.,
750,000
x$505,215 $442,313 6% gold notes_
&a
Notes payable_ _ _ _ 250,000
Pat.rights & trade
94,518
158,725
1 Accounts pay
1
marks
230,000
1,042,999 1,803,566 Divs. payable.... 230,000
Cash
621.449 Accr. royal. payNotes& noels.rec. 604.341
68.792
107,010
rolls, &c
42,481
Duefrom sub.cos.
137,755
610,624 U.S.& Far.Inc. tax 120.892
766.836
Inventories
58,252 Res. for U. S. &
1,551,602
Investments
72,249
172,690
Foreign inc. tax_
86,231
109,655
Deferred charges
2,184,252 2,168,681
Surplus
Total (each aide)$4,623,129 $3,622,435
z After deducting $447,853 reserve for depreciation. y Represented by
200.000 shares of class A common stock and 200,000 shares of class B common stock, both of no cam value.
-The assets and liabilities of the National Gauge & Equipment Co.
Note.
are not spread on the above balance sheet but the entire common stock,
consisting of 80,000 shares of no par value, acquired Sept. 11 1926, is
carried as an investment at cost, namely. 81,500,000.-V. 125, p. 659.
National Department Stores, Inc.
-Earnings.
1925.
1926.
1927.
6 Months Ended July 31Net profit after int., depreciation &
$965,377 81,028.506
Federal taxes
$511,079
Net profit for the 6 months ended July 31 1927 is equivalent after preferred
dividend requirements to 1 cent a share on 550,000 shares of no par common
stock, against 83 cents a share in the corresponding period of 1926.
Morton Stein, Treas., states that "total liabilities on notes payable
amounted on July 31 to $425,000. as against $4,865,000 on July 31 1926.
Total current liabilities on July 31 of this year were $4,669,147, which
compares with $9,124,523 on the same date last year. The ratio of current
assets to current liabilities was 4.28 to 1 on July 31 1927, as against 2.6
to 1 on July 31 1926."
Since Aug. 1 the volume of sales, it is stated, has shown a substantial
upward tendency, and the management is most optimistic as to the outlook
-V. 124, p. 2130.
for the next six months.
-Bond Issue Approved.
National Fireproofing Co.
The stockholders of the company at a special meeting on Sept. 1 approved
an increase in the company's indebtedness. See offering in V. 125. p. 1201.
-Registrar.
National Radiator Corp.
Bankers Trust Co., New York, has been appointed registrar for the
preferred and common stock. See also V. 125, p. 924.
The Government has requested Pan American Petroleum & Transport
Co. and Pan American Petroleum Co. of Calif.. latter a subsidiary of Pan
American Western Petroleum Co. to settle on Sept. 1, the judgment
awarded by the courts in the Elk Hills Naval Reserve suit.
Under the decree Government gets approximately $13,009.508 representing principal and interest to date of entry of the decree, following Supreme
Court decision, on May 9, last in District Court of California.
Pan American Petroleum & Transport Co.'s payment under the judgment is estimated to be about $9,800.000. Company has made provisions
ahead for this judgment and is now making plans for the payment. Pan
American Petroleum of California, Pan American Western subsidiary, has
to pay something under 82,000,000 to the government. Balance of $13,009,508 is understood to be an obligation of individuals.
This judgment was won by the government in the suit against the naval
reserve lease in California and contracts for erection of oil storage in Pearl
Harbor, Hawaii, and partly filling storage with fuel oil.
Government's suit was started to have abrogated, on contention of
fraud, the lease granted Pan American Petroleum of California by former
Secretary Fall to develop the Elk Hills Naval Reserve lease. The suit also
attacked a subsequent contract under which Pan American dredged the
harbor at Pearl Harbor, Hawaii,erected 4,200,000 barrels steel storage and
put 1,500,000 barrels of fuel oil therein for use of the Navy.
When California properties of Pan American Petroleum & Transport Co.
were segregated early in 1925, Pan American Petroleum & Transport
assumed responsibility for any obligation in connection with Pearl Harbor
storage and the oil tanked there. Pan American Western,formed by E. L.
Doheny to take over the Pan American Co. of California in the segregation,
assumed responsibility for money spent in developing the Elk Hills lease.
For the Pearl Harbor work some $9.500,000 was spent by Pan American
Petroleum & Transport, while development of the lease represented about
$1,500,000. Both companies were reimbursed for these expenditures by
oil produced by Elk Hills Reserve or cash obtained on reserve oil sold.
The government sued to have the contracts abrogated and the final decree,
made by the U. S. Supreme Court on Feb. 28. last, upheld the government's contention that the lease was invalid. The court also held the Navy
and Interior Departments lacked authority to make contract for expenditures made for Pearl Harbor work. Also that Congress was the only body
with power to appropriate money for such work and that payment should
have to come from that body. It ordered the government be reimbursed by
the companies for the money obtained, or its equivalent in oil, from oils
produced on the lease, in payment for Pearl Harbor and development
expenses on the lease.
A Los Angeles dispatch, Feb. 27. said: "Pan American Petroleum Co.,
subsidiary of Pan American Western Petroleum, on Sept. 1 will pay the
U. S. Government $1,919.064.96 in accordance with the Supreme Court's
decision in the Elk Hills Naval Reserve lease case. Of the total, $1,556.-V. 124.
861.17 represents principal and $362,203.79 is interest thereon.
p. 2603.
-Time Extended.
New England Southern Mills.
The committees representing, under the plan of reorganization dated
June 1 1927. the New England Southern Mills (formerly called the Inter-year sinking fund gold notes, due Dec. 1
national Cotton Mills) 7% 10
1929, and the 7% secured gold notes due Dec. 1 1933, have extended
the time of deposit of these notes under their respective deposit agreements
until Sept. 30 1927. This date conforms with the date already set for
-V. 125, p. 1061, 107.
the deposit of the preferred stock.
North Atlantic Oyster Farms, Inc.(& Subs.).
-Report.
Year Ended June 30Net income from operations
Other income
1927,
$39,722
33,335
1926.
$130,470
51,137
1925.
$187,323
36,709
Total income
Depreciation of bldgs. and equipment
Amortization of oyster Teases
Refinancing expense
Interest on bonds
Reserve for Federal taxes
Dividends on class A stock
$73,057
23.341
10,090
$181,607
22,184
10,269
40,458
45,282
4.400
60,276
$224,032
20,938
11,559
15,006
48,594
15,500
75,372
$39,197
$37,062
Balance, surplus
-V. 123, p. 1258.
60,275
def.$61,107
Ohio Leather Co.
-Minority Loses Suit.
The application by minority stockholders seeking the appointment of a
receiver for the company and a restraining order against the payment of
dividends and issuing stock was disallowed by the court Aug. 23.
The company is calling on holders of the let preferred stock who gave
the company an option at $80 a share to turn in their holdings. The action
follows dissolution of the temporary injunction against the purchase of not
to exceed 1,200 shares at $80 a share.
-V. 125. p. 531.
Oil Well Supply Co.
-Balance Sheet June 30.1926,
1927.
1927
1926.
LieIddies-.
$
Preferred stock.._ 6.760,000 6,930.000
6,693,847 Common stock... 9.140,625 8.125,000
1,446,778 1st mtge.6% serial
bonds
12,911
1,800.000
521,250 Accts. Pay, Wel
accrued exp
2.222,529 3,544,370
9,126,372 Notes pay. banks. 1.200,000
600,000
13,135,759 Bal. due to officers
129,190 & employees, &c
4,467
3,917
32,160 Prov.for Fed., &c.
337,455
taxes
292,316
341,706
191.428 Sink. fd.Instals_
Divs. payable.... 118,300
283,775
Res. for conting__ 675,867
721.852
Tot.(each side)_30,543.457 31.027,150 Surplus
y10,129,354 9,126,530
-Notes receivable discounted, $2,230,191. x After
Contingent Liabilities.
deducting $6.083,618 reserve for depreciation. y Includes earned surplus of
89,844.979, and capital surplus of $284.375.-V. 125. p. 1202.
Assets
9
Property, plant &
equipment
17,063.689
877,571
Cash
Cash with trustee_
Liberty bonds.
Notes & accts. rec.
8,034,536
less reserve
14,007,790
Inventories
Prepaid expenses_ 112.761
Bal.due from empl. 15,199
224,607
Investments
207,304
Deferred charges
$
-Bonds Called.
Oswego Falls Corp.
Certain of the 1st mtge. 6% sinking fund gold bonds dated July 1 1927,
aggregating $18,000. have been called for payment Sept. 30 at 105 and
interest at the office of the Equitable Trust Co., trustee, 37 Wall St.,
-V. 123, p. 2912.
New York City.
Pan American Western Petroleum Co.
-Earnings.
Period End. June 30- 1927-3 Mos.-1928.
1927-6 Mos.-1926.
$5.780,500 $10,998,111 $14,848,564 $16,422.758
Gross sales
7,743,972 11,439.324 11,806,589
Operating & other costs_ 4,205,935
$1,574,565 $3,254,139 $3.409,240 $4.616.169
Operating profit
618,792 x1,543,587
Interest. &c
1,228,332 x2,989.051
Depreciation k depletion 1,052.099
2,000,491
16,605
Federal taxes
def$96,325 $1,710,552
$163,813 $1,627,118
Net income
Earn, per sh. on 500,010
she, of combined class
Nil
$3.42
$0.33
$3.25
A and B stock (no par)
x Includes depreciation, depletion and Federal tastes.
Receivership in Doheny Oil Case Terminated-Final Action
in Government's Fight to Regain Fields Leased by Fall.
-Earns.Paramount Famous Lasky Corp.(& Subs.).
-Quarters Ended--6 Months EndedJuly 2 '27. June 26 '26. July 2 '27. June 26 '26.
Period$937,819 a$3,532,325 $2,587,509
$1,465,052
Net profits *
* After all charges and reserve for Federal income and other taxes.
a The 6 months figures include company's $479,416 undistributed share
of earnings of the Balaban & Katz Corp.. a 65% owned subsidiary.
After allowing for payment of dividends on the preferred stock, the
above earnings amount to $2.27 per share for the 3 months and $5.60 per
share for the 6 months of 1927 on the common stock outstanding.
Sam Katz. President of Publix Theatres, Inc., has been elected a member
-V. 125, p. 1202.
of the executive Committee of the board of directors.
-Bonds Offered.
Pearson Hotel Co., Russellville, Ark.
Southern Securities Co., Little Rock, Ark., recently offered
$75,000 1st mtge. (closed.) 7% serial gold bonds at prices to
yield from 6% to 7% according to maturity.
Dated July 1 1927; due Jan. 1 1928, and annually thereafter on July 1
of each year to July 1 1939. Interest payable (J. & J.) at office of Bankers
Trust Co., Little Rock. Ark.. trustee. Callable at 105 and int. on any
int, date upon 30 days' notice. Federal income tax up to 2% paid at
source.
-Hotel Pearson is a 4 story fireproof hotel building constructed
Building.
of reinforced concrete and brick and embodies the latest principles of
space and structural economy. The building, equipment and furnishings
are modern throughout. The ground floor, in additon to the lobby and
banquet room, has also a restaurant, 3 store rooms and other modern hotel
facilities and conveniences.
There is ample ground available on the hotel property for any addition
that future patronage might demand.
-Secured by a direct closed first mortgage on thereal estate,
Security.
building and furnishings. The valuation, as determined by independent
appraisals, is given as follows: Real estate, $15,000; blinding, $129.000;
furnishings. $25,373; total, $169,373.
Each $1,000 bond will be secured by property valued at more than
$28.
Earnings-With a proper allowance for vacancies, the annual gross
income from this hotel has been estimated at $31,680. The annual expenses
are estimated at $15,000, leaving an estimated yearly net income, before
depreciation. of $16,680, which is more than 3 times the greatest annual
interest requirement.
-To Issue Debentures-Stock Changes.
Photomaton, Inc.
The stockholders will vote Sept. 14 on approving an issue of $900,000
-year 7% debentures to be dated Sept. 1 1927 and to mature on Sept. 1
8
1935. It is also proposed to change the authorized shares of common
stock, both class A and class B, of the par value of $1 per share, into common stock, without par value class A and class B, respectively, at the rate
of one share of class A and class B without par value, for each 10 shares
of class A and Class B of the par value of $1 per share, respectively.
The company proposes further to increase the authorized number of
shares of such new class II common stock resulting from such change,
namely, 170,000 shares, to 211,250 shares, such increased amount being
sufficient to provide a reserve of the new class B common stock for issue
upon the exercise of stock purchase warrants which are to be attached to
the debentures which are shortly to be issued.
These stock purchase warrants will entitle holders to subscribe on or
after March 1 1928 to the new class 13 common stock ef the company at the
rate of 4 shares of new class 13 common stock (equivalent to 40 shares of
the present class B common stock) for each $100 of debentures at the
following prices: 825 per share of new stock if exercised on or before March 1
1930: 115 per share of new stock if exercised after March 1 1930. and on or
before March 1 1931. and $45 per share of new stock if exercised after
March 1 1931 and on or before March 11932, at which time the warrants
will expire.
Common stockholders of the company, both class A and class B. of record
at the close of business on Sept. 14 1927, will be entitled to subscribe to the
debentures at the rate of one $100 debenture for each 200 shares of common
ste.k now outstanding (or for each 20 shares of new common stock without
par value) and upon approval of this plan by the stockholders, subscription
warrants (including fractional warrants) will be mailed to stockholders.
The debentures have bean underwritten by bankers and certain directors
who are also large stockholders of the company. The underwriters will
receive a cash compensation for the underwriting, and in addition options
to purchase in the aggregate 5,250 shares of class B common stock without
par value at less than the present market value.
The proposed issue of debentures will provide funds for the rnato:
prodncti
u m
and installation of additional machines required in the expansion plans of
the corporation, involving the eventual distribution of Photo
chines to all the more prominent cities and resorts.
1336
THE CHRONICLE
[Vol,. 125.
have been drawn at 100 and int. for payment Feb. 1, 1928: M-90; M-95;
Additional Machines Installed.
The stockholders are advised that since July, 34 machines have been M-552• M-1377; M-2539; /3-312; D-252.
Additional bonds, it is announced, will be drawn Nov. 1 1927, for payinstalled and are in operation in companys OWD studios, licensee studios,
department and chain stores, making a total of 77 machines installed and ment Feb. 11928.-V. 124, p. 2132.
in operation.
Roxy Theatre Corp.
-Breaks All Theatrical Records for
Installations are being made and 15 machines will be in
a few days in additional stores while contracts have beenoperation within Attendance and Receipts.
signed and it is
expected that 41 additional machines will be installed during Sept. or early
The Roxy Theatre, controlled by Fox Theatres Corp., continues to break
in Oct. in other stores, &c.
all theatrical records for both attendance and receipts, according to official
figures just made public by the company covering operations for the 24
Stockholder Asks Proxies to Halt Sale of Debentures.
Opposition to the announced plan of the company to issue $900,000 7% weeks since the institution was opened last March. During this period the
debentures is voiced by Fred L. Lavanburg, a stockholder, who has asked attendance at the theatre exceeded 3,000.000, while the box office receipts.
for proxies from other stockholders. In a notice published Mr. Lavanburg after allowing for taxes, totaled $2.489,600, or an average of more than
says the proposed issue would take precedence over the preferred and class $100.000 weekly. Based upon the showing already reported, it is predicB stock and that all the 200,000 shares of class A stock, which has the ted that gross receipts for the first year will substantially exceed $5,000,000,
exclusive voting power,is closely held by the present heads of the company. as the most profitable weeks of the year are ahead.
During the two weeks ended Aug. 19 and Aug. 26 gross receipts during
Back dividends on the preferred stock have accumulated to the extent of
16%, he says, and it is proposed to pay no dividends on this issue or the the showing of Fox's new film, "What Price Glory." totaled $144,000 and
$138000, respectively, thus establishing two more high records since the
class B until the proposed bonds have been retired.
-V. 125, p. 532.
opening of the theatre. This is the first showing of the picture at popular
prices, and
Pierce Arrow Motor Car Co.
-Omits Pref. Dividend.
- reflected the success of the picture in New York City is expected to be
the earnings
The directors have voted to omit the $2 quarterly dividend Fox Filmfavorably in produced the of both the Fox Theatres Corp. and the
Co., which
film.
on the 8% preferred stock. Pres. Myron T. Forbes said
According to statements made in executive circles, Fox Film, as a result
of the showing of pictures at the Roxy Theatres, should receive from this
in part:
source alone approximately $525,000 from film rentals annualfy, equal to
"Passenger car sales have been about equal to last year's sales. During over $1 per share on its 500,000 shares outstanding
the year, however, we made a drastic reduction in our prices, with corre- Corp. and Fox Film, jointly, invested approximately stock. Fox Theatres
$4,000,000
sponding decrease in profit per unit. The demand for heavy trucks has had control of the Rory Theatre, and the two companies are expected to acquire
to receive
a falling off, which, however we believe to be only temporary. This has $1.000.000 annually on this investment. Fox Theatres Corp. owns 75%
resulted in throwing an extra burden of overhead on our passenger car busi- of the capital stock of the Roxy Circuit, Inc. which in turn controls 51%
ness, which is reflected in current earnings. We therefore deem it the part of the Rosy Theatre Corp.. and it is expected the company will receive
of conservative management to omit the preferred dividend."
-V. 125. approximately $500.000 a year in dividends from the Rosy Theatre.
P. 661.
The following table of weekly admissions since the opening of the theatre
shows hoe earnings have held up during the summer dull period:
,
Piggly Wiggly Western States Co.-Earnings.Week
Quar. End. Quay. End. 6 Mos.End. Mar. 18Ended. Attend'ce. Net Reds. Week Ended Attend'ce. Net Reds.
(incl.
June 10
Period$83.266
103,000
June 30'27. Mar. 31 '27. June 30'27.
opening night) 155,417 $147.987 June 17
Net profit after charges but before
102,534
130.338
Mar.
138,480
110.514 June 24
119,156
Federal taxes
97,790
$59,861
883,482
$143,343 Apr. 25
1
152,635
122,106 July 1
117,963
-V. 125, p. 1063.
94,023
Apr. 8
127,058
101,646 July 8
118,657
97,731
Apr. 15
130,003
104.990 July 15
Pillsbury Flour Mills, Inc., Del. (& Subs. Cos.).
102,348
83.419
Apr. 22
158,580
122,836 July 22
117.269
92,319
Consolidated Balance Sheet June 30 1927.
Apr. 29
120,335
97,301 July 29
105,623
85,197
[Giving effect to transactions consummatedVin July 1927. affecting May 6
123,901
100,636 Aug. 5
116,979
94,790
Pillsbury Flour Mills, Inc., as fellows: (a) the reclassification of its capital May 13
112,097
91,460 Aug. 12
114,939
89,866
stock, (b) the introduction of additional capital through the sale of capital May 20
117,011
95,762 Aug. 19
176,226
136,883
stock for cash, and (c) the retirement of its outstanding Issue of $800,000 May 27
110,101
89,181
serial
% collateral trust notes.]
June 3
109,361 23 weeks_ _ -2.893,323 $2,351,608
127,148
AssetsLiabilities
Stockholders Approve Note Issue.
Fixed assets
x$14,013,120 Preferred stock
$6,000,000
The stockholders on Sept. 2 approved the issuance of $2,500,000 63i%
1,045,041 Common stock
Cash
4,000,000
-year sinking fund gold notes for the purpose of retiring the current debts
Accounts receivable
y1,137,655 Notes payable
1,849,433 5
Bill of lading drafts under coll. 1,814,332 Accounts pay. & accruals... 1,346,675 of the corporation. At the regular annual stockholders' meeting, Ernest
W. Niver, of Halsey, Stuart & Co., was elected a director.
8,001,704 Res.for Fed. & State taxes on
Inventories
-V.125, p. um.
Surr. val. of life Maur. policies
211,400 income, &a
731.147
St. Regis Paper Co.
-Balance Sheet June 30 1927.Readily market. scour. depos.
Funded debt
7,393,700
for contingencies
130,961 Res, for conting
Asset3Liabilities
265,130
Prepaid limn, int., &c
139,547 Capital surplus
1,333,429 Plant prop., timber lands,&e. 19,558,937 Common stock at surplus_ $24.555,O25
Trade memberships, sundry
Paid-in surplus
Preferred stock
269,283 a Corn. stk. of Northeastern
2,000.000
stocks, &c
91,182 Earned surplus
Power Corp.(1,452,660shs.) 19,527,138 5-yr. 6% debentures
4.202,295
4,754,500
Due from employ. & others,
Other investments
574.197 Current liabilities
1,570,639
porch. of stk. of the
for
Current assets
6,322,087 Reserves
3,467,646
Parent company (stock
Deferred charges
365,452
pledged as collateral)
89,661
Dig. on bonds. less amort., &
Total
$36,347,810
Total
$36,347,810
other deferred charges
716,488
a 1,452,660 shares having present market value of over 525,000.000.
Hydraulic rights
1
b 587,780 shares without par value. Company guarantees $1,275,000
Goodwill, trade marks, &c
1
Total (each side)
$27,391,092 St. Regis Paper Co. of Canada. Ltd. 634% serial gold debentures and the
x After deducting $1,577,245 reserve
dividends
y after deducting $258,481. reserve for for depreciation and maintenance. - 125,on $841,400 8% cumulative preferred stock of the same company.
V.
bad debts.
-V. 123, p. 2402.
p. 1064.
Pittsburgh Steel Foundry Corp.
-Bonds Called.
-
Certain of the outstanding 1st mtge. 6% sinking fund bonds dated
April 1 1925. due April 1 1950 have been called for payment Oct. 1 at
1023i and interest.
-V. 124. p. 1372.
'
Port Alfred Pulp & Paper Corp.
-Co-Buyer of Quebec Co.
Safeway Stores, Inc. (& Subs.).
-Earnings.
6 Months Ended June 30-Net sales
Net profit after taxes
Preferred dividend
1927.
1926.
$35,090,202 $22,621.535
748,716
698.144
126,000
126,000
This company, together with Price Bros. & Co., Ltd., have acquired the
Balance
Quebec Pulp & Paper Mills, Ltd., for a price said to be approximately Earns. per share on 55,069 shares (no par)common
$7,000,000. part of which will be paid in cash and the balance in stock of
stock outstanding June 30 1927
the new company.
-V. 124, p. 2132.
- 125, p. 1204.
V.
Port of Havana Docks Co.
-Tenders.
-
5622.716
$572,144
$11.30
$10.33
Sanitary Grocery Co., Inc.
-Acquisition.
-
The Farmers Loan & Trust Co., trustee, 22 William St.. New York City,
The company has purchased the 49 Piggly Wiggly Self Service stores
will until Sept. 15 receive bids for the sale to it of 5% 1st mtge. 30
-year and meat markets operating in Washington and vicinity, and will continue
gold bonds dated Feb. 1 1911. due Feb. 1 1911 to an amount sufficient to the operation of these storm through a subsidiary, the Maly Wiggly Eastern
exhaust 19,220 at a price not exceeding 100 and Int.-V. 123, P. 993.
Co. of Delaware, under their present management headed by John I. Power.
Through the additional facilities afforded the local Piggly Wiggly stores
Porto-Rican American Tobaeco Co.
-Dividend No. 2.
- will obtain and maintain the same high type of groceries as distributed in
The directors have declared a regular quarterly dividend (No. 2) of the stores of the Sanitary Grocery Co., in addition to the meat, fruit and
$1.75 per share on the outstanding class A common stock, par $100, payable vegetable specialties which the Piggly Wiggly stores have been selling.
Oct. 10 to holders of record Sept. 20. An initial dividend of like amount No change is contemplated in the policy or merchandising methods of the
was paid July 11 last. (See V. 124, p. 2922)-V. 125, 9. 1063.
Sanitary Grocery stores. The new acquisition will give Sanitary Grocery
Co. a total of 361 stores.
-V. 125. 1). 927.
Price Bros. & Co. Ltd.
-Co-Buyer of Quebec Co.-
See under Port Alfred gulp & Paper Corp. above.
-V. 124, p. 2922.
Quebec Pulp & Paper Mills, Ltd.
-Sale.
-See Port Alfred Pulp & Paper Corp. above.
-V. 124, p. 2782.
Remington-Noiseless Typewriter Corp.
-Dissolves.
--
A certificate of dissolution was filed by the company Aug. 23 with the
Secretary of State of New York. The company Is now an integral part
125. p. 401.
of the Remington Rand
Schulco Co., Inc.
-Comparative Balance Sheet.
June 30'27. Dec.31'26.
Assets$
5
WI est., bldgs.,&c. 7,504,500 7,502,250
Cash
50,058
19,552
Dep. with trustee_ 104,253
102.745
Amortization
750
750
Int. & skg. fund.. 189,634
185,442
Awls receivable
730
5,726
-Earnings.
Reynolds Spring Co.
1927-6 Mos.-1926.
Period End. June 30- 1927-3 Mos.-1926.
$60,580
$52,754
$129,316
Net earnings
$117.715
75,789
Depreciation & interest_
154,922
84,523
145,373
6,441
Federal taxes
11,650
June 30 '27 Dec. 31' 26.
Liabilities$
$
Capital stock
x500
500
Funded debt
7,413,000 7,463,500
Int. seer. on bds._ 181,968
177.773
Int. seer. on 1st m. 104,252
102,745
1,216
Acc'ts payable__
7,261
Reg. for deprec'n
56,905
134,470
7.779
Surplus
14,519
Total
7,849.925 7,816,465
Total
7,849,926 7,816,465
x Represented by 100 shares of no par value,
--V. 125. 0. 1204.
Sears, Roebuck & Co., Chicago.
-Sales.
-
1927.
1924.
1926.
1925.
$31,769
$21,650
$39,308 Month
$25,576
Net loss
$23,969,681 $19,604,621 $16,946,972 $13,476,326
Commenting upon the present status of the company and its outlook 8 mos. of August
ended Aug. 31- _ _174,656,950 166,237,923 152,262,838 131,810,544
Pres., W. C. Reynolds, states:
-V. 125, p. 795.
"We are pleased to be able to say that our methods of manufacturing are
still being improved. Our organization is being further strengthened and
Sheridan-Wyoming Coal Co.
-Permanent Bonds.
our plans of operation are being extended. We have developed and are
Permanent 1st mtge. 6% sinking fund gold bonds (closed 1st mtge.).
producing new products In each of our factories all of which promise to
losses into substantial profits." due 1947, are now ready in exchange for interim certificates at the offices
increase our volume of sales and turn our
of Lee, Higginson & Co.. New York,Boston and Chicago.
-V. 125, p. 108.
-V.124, p.2764.
-Tax Adjustments.
(R. J.) Reynolds Tobacco Co.
The stockholders are in receipt of the following letter:
For some years past our annual financial statements have carried notes
to the effect that all taxes were paid or provided for in maximum amounts,
and that pending application for adjustment of Federal profits taxes in
accordance with the provisions of the statutes applicable to the various years
in question should result in a substantial increase in the undivided profits
account.
Such adjustments, just completed, have resulted in a net increase of
approximately $8,000,000 in the undivided profits account as published
in the financial statement for the year ending Dec. 31 1926.
The proceeds of all adjustments completed in prior years were carried
into undivided profits account as shown in the statements published for
the years in which such settlements were made, and the exact amount of
the net increase in the undivided profits account as effected through settlements made in the current year will be shown in the financial statement for
the year ending Dec. 31 1927.-V. 125, p. 532.
Rima Steel Corp. (Rimamurany-Salgotarjan Iron
Works Co., Ltd.)
-Bonds Called.
F. J. Lisman & Co., fiscal agents, 20 Exchange Place, N. Y. City,
announce that the following 1st mtge. 7% sinking fund gold bonds due 1955
Shreveport-El Dorado Pipe Line Co., Inc.
-Earnings.
-
Period End. July 31- 1927
-Month-1926 1927-7 Mos.-1926
Net profit after int.,
rentals, taxes,invent'y
adjust, but before res_
$347,346
$28,918
8298,206
868.560
-V. 125. P. 662.
Shubert Theatre Corporation.
-Earnings.
-
Years End, June 30- 1927,
1924.
1926.
19?5.
Operating profit
$2,646,022 $3,289.519 $1,865,759 $2,440,354
Deprec. & amortization_
201,887
285,616
308,445
281,752
Int. on real estate intges.
237,977
193,034
260,287
226,155
Int. on 7% debentures_ _
280,000
203,357
210,744
263,712
Federal taxes
215,000
125,000
180,000
250,000
Net income
51.611.578 52,320,867 51,075,831 51.505,490
Dividends paid
799.504
Balance, surplus
Shares of capital stock
outstanding (no par).
Earns, per sit. on cap.stk
$834.074
160,670
$10.17
$2,320,867 81.075,831
$1,505,490
150.000
$7.17
150,090
$10.04
154 040
$115.07
SEPT. 3 1927.]
THE CHRONICLE
Consolidated Balance Sheet June 30.
1928.
1927.
1928.
1927.
Liabilities3
$
$
AssetsReal est. & equ.p_14,286,904 9,738,525 Cap. stk. & surp__x8,765,379 8,641,283
y2,409,775 2,623,000
7% gold debs
Bldg. adv. & lease
7,500,000
869,133 6% gold debs
529,799
secur. dep
Real est. mtges_ 5,733,431 3,559,300
Rights, tr.-names,
206,600
1 Accounts payable_ 292,057
1
i
good-will, &c
105,600
6,760,783 2,788,591 Mtge. payments- 179,700
Cash
730,211 Accr. taxes, mtge.
547,149
Accts.receivable
137,201
209,181
545,579
Interest, &c
553,494
Productions
120,378
95,808
Fed, taxes payable
Adv, pay.for prod.
236.777
180,910
114,854 Deferred credits
122,925
rights
360,007
3,236 Reserve for taxes. 261,274
6,503
supplies_
Mat'ls &
35,608
46,738
Life ins. policies
820
660
Cash in sink.fund_
994,863
2,617,798
Investments
168,727 Total (each side)_25,627,516 15,990,148
154,762
Deterred charges
x Represented by 160,670 no par value shares. y Called for redemption
on July 15 1927.
Signal Mountain Portland Cement Co., Chattanooga,
-Lane, Piper & Jaffrey, Inc.,
-Notes Offered.
Tenn.
Minneapolis, are offering at 100 and int. $600,000 5-year
6% sinking fund gold notes.
Dated Aug. 1 1927; due Aug. 1 1932. Denom. $1,000 and $500 c*
Principal and int. (F. & A.) payable at Harris Trust & Savings Bank,
Chicago, trustee, without deduction for normal Federal income tax up to
2%. Company will refund the Minn. 3 mills money and credits tax.
Red. all or part on any int. date upon 30 days' notice at 100 and hat., plus
a premium of 34% for each year or fraction thereof between the date of
redemption and date of maturity.
Data From Letter .of John L. Senior, President of the Company.
Company.-Incorp. in Delaware in 1920. Is engaged in the manufacture
and distribution of Portland cement under the trade name "Signal
Mountain" ancijs one of the largest companies engaged in this business in
the South. Plants, which have a manufacturing capacity of 1,500,000
barrels of cement per annum, are located 5 miles from Chattangooga and
are well situated with respect to a large trade area which the company
serves. The properties comprise a complete manufacturing uriit,including
a modern,economically operated manufacturing plant and about 450 acres
of land, on which the plant is located and which contains supplies of clay
and stone sufficient for operations at present capacity for over 70 years.
-Sales and earnings of the company for the 3 years and
Sales & Earnings.
6 months ended June 30 1927 were as follows:
1926. 6 Mos. 1927.
1925.
1924.
$857,978
$1,312,784 $1,955,351 $2,178,617
Net sales
616,605
164,994
313,844
604.760
Net earnings
101,620
130,529
72,697
77.861
Depreciation
92,297
503,140
486,076
235,983
Avail.for int.& Fed.taxes
Interest charges on the $600.000 notes now to be outstanding are at the
rate of $36,000 per annum. Net earnings of the company available for
interest and Federal taxes, during the 3 years and 6 months above described,
were at the average rate of $376,427 per annum,or in excess of 10 times such
annual interest requirements.
-The balance sheet as of June 30 1927, after giving effect to the
Assets.
Issuance of these $600,000 notes, shows net tangible assets of $2,712,812,
or more than $4,500 for each $1,000 note now to be outstanding.
Plant investment of the company, carried at $1,957,882, after depreciation, is at the rate of less than $1.31 per barrel of annual capacity, which
offers an unusually favorable comparison with other modern plants.
Authorized.
Issued.
Capitalization$1,000,000
$600,000
5
-year 6% sinking fund gold notes
3.000.000
2,500,000
8% cumulative preferred stock
30,000 shs. 30,000 shs.
Common stock no par value)
-To fund the company's bank loans and floating indebtedness,
Purpose.
Incurred principally in plant extension and permanent improvements to its
property, and also to increase working capital.
-Indenture will provide for a sinking fund at the rate of
Sinking Fund.
3 cents for each barrel of cement produced and shipped, which sinking
fund is expected to retire before maturity more than 30% of the principal
amount of these notes now to be issued.
South Porto Rico Sugar Co.
-Initial Dividend on No
Par Common-To Purchase Bonds.
The directors have declared an initial quarterly dividend of 50c. Per
share on the now common stock of no par value and the regular quarterly
dividend of $2 on the outstanding preferred stock, both payable Oct. 1 to
holders of record Sept. 10.
The Bankers Trust Co., 16 Wall St., N. Y. City, has been authorized
to purchase for the company's account all outstanding 1st mtge. 7% bonds
of 1941 that can be obtained for 110. As of May 1, there were $4,805,000
of these bonds outstanding.
-V. 124, p. 3786.
1337
refining and marketing interests as are now handled by other subsidiaries
not wholly owned by the Standard of New Jersey will retain their present
status. The plan of reorganization simply involves the transfer to the new
operating company of all interests which are owned outright by the parent
company.
The large subsidiaries such as the Humble Oil & Refining Co., the
Standard Oil Co. of Louisiana, the Imperial Oil. Ltd., and the International
Petroleum Co., of which the Standard of New Jersey owns only a controling
interest, will continue to function as independent units. There is a possibility that later steps will be taken to acquire the minority stocks of those
companies with the view of having the parent company's wholly owned
subsidiaries take over their activities. The present plan, however, contemplates no change in the position of the partly owned subsidiaries.
The Carter Oil Co.,one of the large producing subsidiaries of the Standard
of New Jersey, will go out of existence and its business will be taken over
by the new operating company. Its capital stock of $25,000,000 is owned
by the parent company. The natural gas subsidiaries, some of which are
wholly owned by the parent company, will not be taken over now.
The foreign companies to be included in the new foreign subsidiary
number about 18, now organized in Europe and South America. It is
expected that men identified with these enterprises will be chosen as
officers and directors of the new foreign subsidiary.
The value of the capital stock of the three new operating subsidiaries and
the Standard of New Jersey's share of the stock of its partly owned subsidiaries is expected to approximate rather closely the total assets of the
present Standard of New Jersey, which are in excess of $1,500.000.000
There will not be any exchange of stock of the old company for stock in
companies that have been or will be formed. The old Standard of New
Jersey is merely shifting its business to the operating subsidiaries inexchange for all of their capital stock. The old Standard of New Jersey has
outstanding stock of about $625,000,000 par value.
The division of the old company's business will involve widespread change
in the personnel, but only in the way of transferring employes from the
present payroll to the payrolls of the new companies. The bulk of the
organization will remain in the same location. Employes at the company's
main offices, 26 Broadway, will retain their headquarters there, for the
most part. Necessarily, there will be some readjustments involving transfers, but not a great many. There will be some reduction in the total
personnel eventually. it is understood.
The status of the Standard of New Jersey (old company) will compare.
after the re-organization is completed, with the United States Steel Corp.,
which is principally a holding company with its operating interests nominally
-V. 125. p. 795. 1064.
segregated in_individual companies.
-Acquisition.
Stanley Co. of America.
Three new motion picture theatres, with a combined seating capacity of
nearly 5,000, will be opened by the company in Philadelphia next month.
The new houses are the Manor,the Egyptian and the Drexel Hill, all located
in growing residential neighborhoods. With these additions the Stanley
chain will number more than 230 theatres in operation throughout the East.
-V. 125. p. 533.
-Earnings.
Union Tank Car Co.
Results for 6 Months Ended June 30 1927.
Profit from oper. (after deprec.), $1,707,045; other income,
$1,868,475
$161,430; total income
Int. deductions. &c., $359,266; Federal income tax (est.).
547,274
$188,008
Net income
Dividends paid
Balance, surplus
Previous surplus
$1,321,201
768,350
$552,851
2,454.093
Surplus June 30 1927
$3.006.944
Earns, per sh.00 307,340 shs. of(par $100) capital stock outst'g
$4.30
Comparative Balance Sheet June 30.
1927.
1926.
1927.
1926.
Liabilities$
Assets$
$
$
Tank car equiVt.x.40,475,640 38,761,090 Preferred stock
y
12,000,000
19,919 Common stock_ _ _30.734,000 24,584.400
Office furniture_
1.924,943 4%% equip. tr. ct113,000,000
Shops
Accounts payable. 491,670
38,557
318,018
Accrued income__
609,352
255,354 Accr. int. & State
Material
168,221
tax
Cash & securities_ 5,464,229 4,478,921
892,921
919,163
Accts. receivable_ _ 1,499,949 1,510,576 Reserves
3,006,944 9,149,225
Surplus
Unamort. debt disc 206,029
48,293,755 46,950,804
48,293,755 46,950,804
Total
Total
x After deducting $1,911,202 reserve for depreciation. y Redeemed
Dec. 1 1926.-V. 124. p. 2291.
United Engineering & Foundry Co., Pittsburgh.
Capital Changes.
-
The stockholders will vote Oct. 25 on approving a resolution passed by
the directors July 26 as follows:
1. That the authorized common stock be reduced from 75,000 shares
(par $100) to 69,353 shares (par $100), and that the 5,647 shares now in the
treasury be cancelled.
2. That the authorized preferred stock be reduced from 18,000 shares
(Par $100) to 15,749 shares (par $100), and that the 2,251 shares now in the
treasury be cancelled.
3. That the 69,353 shares of common stock (par $100) be changed or
converted into 416.118 shares of common stock without par value and that
6 shares of no par value stock be exchanged and issued for each share of
stock outstanding.
The Corporation Trust Co.on Aug. 29 placed on file with the Secretary of the present par value capital applicable to the no par value common stock
4. That the stated
State of Delaware the certificate of incorporation of the Standard Oil
be fixed at $5,409.534.
Co. of New Jersey with a capitalization of $200,000,000, divided into 2.000,5. That $1,525,766 of the capital of the company heretofore credited
000 shares of the par value of $100 each. It is generally understood that
surplus, so that the same may be
this company is being formed in furtherance of the recently announced against the common stock be credited toand distributed in such manner as
plan for segregating certain of the assets of the Standard Oil Co. of New declared in dividends from time to time
-V.125. p. 663.
the directors may from time to time determine.
Jersey (N. J. corporation).
The charter of the Delaware company authorized that company to
-Capital Increase.
United States Freight Co.
purchase, refine, treat, distil, manufacture, store, buy, sell and dispose of
The stockholders will vote Sept. 20 on increasing the capital stock from
petroleum products, artificial gas, operate /Jumping stations, tanks, to
100,000 no par shares to 300,000 no par shares. The plan calls for the
merge or consolidate in such manner as may be permitted by law.
old stock. The remaining
In connection with the incorporation in Delaware of the new company exchange of two new shares for one share of the reimburse the company for
100,000 shares will be retained in the treasury to
the New York "Times" Aug. 30 had the following:
The Standard Oil Co. of New Jersey, which has been the keystone of the capital investments,to retire all outstanding indebtedness ofsubsidiaries and
Standard Oil group since the splitting up of the Rockefeller petroleum to provide for additional working capital.
If the increase in stock is authorized the directors propose to offer stockenterprises under a Supreme Court decree in 1911, will become merely a
holding company for operating subsidiaries under a sweeping readjustment holders the right to subscribe to 20,000 shares of new stock in the ratio of
plan announced Aug. 29. For the first time since the dissolution the com- one share for every ten shares of new stock held, at a price to be announced
pany is dividing its business into separate corporate units in the interest of later.
It is also proposed to place the new stock on an annual dividend basis _of
closer integration of operations and increased efficiency.
Yesterday the Standard of New Jersey caused to be placed on file with $2.50. equivalent to the present rate of $5 on the eld stock. Directors
the Secretary of State of Delaware a certificate of incorporation for the believe present business and future prospects will justify increased divinew operating company, which will bear the same name as the parent dends in 1928.-V. 125. p. 110.
company. The old company, which now becomes a holding company, was
incorporated in New Jersey. The new company although incorporated in
-Forms Subsidiary.
United States Shoe Co.
Delaware, will be known also as the Standard of New Jersey.
'
President John G. Holters announces the purchase of the shoe manufacThe capital stock of the new operating company will be $200,000,000, turing business of A. J. Sweet. Inc., of Auburn, Me. The financial setup
consisting of 2,000,000 snares of $100 par value each. The old, or holding, of the Alfred J. Sweet Co., the new subsidiary, which has been formed to
company, by transferring certain of its operating functions to the new, take over the Sweet concern, is as follows, according to the announcement
will take over all the capital stoekof the latter. Working capital will be of President Hollers:
pping
wicis
tea
dh niiev. icom pa
t ae s company y the oldw er ist
supplied
o
"A new company has been organized, which is called Alfred J. Sweet Co..
was created sedie time ago under the and will be operated as a division of the United States Shoe Co. Its capital
eedo a .
laws of Delaware to take over the marine business of the Standard of New structure is as follows: $600,000 first mtge.6% 10
-year gold bonds, $1.300.Jersey. has a capital stock of $40,000,000 par value, all of which will be 000 6• pref. stock, 12,000 shares no par common stock. Of the common
;
7
,
held 13,, the old Standard of New Jersey. E. M. Clark has been elected stock 0
' is owned by the United States Shoe Co. and 10% is to be retained
3%
Pres. Robert L. Hague, V.-Pres. and Gen. Mgr.,and R.F. Hand, V.-Pres. by A. J. Sweet.
and Mgr. Those officers and H. j. Effelborn. W. L. Isle,
sst. Gen.
"The officers of the new company are: "Pres., John G. Hollers; viceW. C. Chaloner and C. E. Klipgaard compose the board of directors.
Presidents, E. M. Daniels, Herbert L. Loring and Edward W. Morphy;
Another subsidiary will be formed soon to take over the foreign business Treas., E..3. Boos, and Asst. Treas., F. H. Holman.
"The board of directors comprises these officers with the addition of A. J.
,of the Standard of New Jersey. No announcement has been made yet as
to that plan. All of the Standard of New Jersey's foreign interests, which Sweet, Chairman. .1. P. Orr and D. B. Litchfield.
"The average earnings for the past four years and eight months
are very extensive, will be transferred to the company to be organized,
the laws of Delaware, as the main operating foreign the rate of 65,067 per annum. The earnings at the present were at
probably under
time are
holding up with the average. These figures are after allowing for taxes and
sub id iary
Just what interests will be included in the Delaware operating company the interest on the bonds. It is provided that there should be a sinking
was not announced, but it is understood that the producing, refining and fund of $60,000 a year on the bonds which will retire them at maturity
marketing departments in this country will be grouped. Such producing, After deducting this amount there is available for preferred stock
dividend
Standard Oil Co. of New Jersey (Delaware).
Incorporated in Delaware-To Be Operating Unit of Old
New Jersey Company.
-See Standard Oil Co.(N. J.) above.
Standard Oil Co. (New Jersey).
-New Delaware
Company Formed-Organized as Operating Unit of Old New
Jersey Company-Parent Company Becoming Holding Cornpany-Foreign Unit is Planned.
A
•
1338
THE CHRONICLE
$305,067. The amount necessary to pay the preferred stock dividend is
$78.000 per annum, which leaves an average of $227,000 per annum available for the common stock.
"It is anticipated that the business of the Alfred J. Sweet Co. can be very
largely increased because of the management of the United States Shoe Co.
'
On the basis of the average earnings the amount available for dividends
on the common stock held in the treasury of the United States Shoe Co. Is
over $200,000 per annum."
-V. 125, P. 1065.
United Steel Works of Burbach-Eich-Dudelange
(Societe Anonyme des Acieries Reunies de BurbachEich-Dudelange) (Grand Duchy of Luxemburg) "Arbed."-Bonds Called.
Certain 25
-year sinking fund 7% gold bonds, dated April 1 1926, aggregating $84,500, have been caned for payment Oct. 1 1927 at par and int.
at the office of Kuhn, Loeb & Co., 52 William St., N. Y. City, or at the
Guaranty Trust Co., 140 Broadway, N. Y. City -V. 124, p. 2446.
Ilk Universal Crepe & Tissue Mills, Inc.
-Definitive
Bonds.hisk
Definitive 1st mtge. 63. % gold bonds, due May 1 1927, accompanied
by a bonus of 5 shares of common stock with each $1,000 principal amount,
will be ready for delivery in exchange for outstanding interim receipts on
and after Sept. 8. 1927. at the trust department of the Guaranty Trust Co.
140 Broadway, N. Y. City.
-V.124, p. 3787.
Vitaglass Corp., N. Y.
-Stock Increased.
-
The stockholders have voted to increase the authorized common stock
c
lu value) from 3,000 shares to 50,000 shares and the 7% cumul. pref.
stock (par $100) from 1,000 shares to 10,000 shares.
-V. 125, p. 1207.
Vulcan Detinning Co.
-Balance Sheet June 30.-
Assets1927.
1926.
Liabilities-1927.
1926.
Plant dr equipm1x$1,306,548 $1,233,433 Preferred stock_ __$1,500.000 $1,500,000
Pats.,g'd-will, Oa_ 4,361,637 4,361,637 Pref. A stock
919,400
919.400
Cash
429,114
44.5,822 Common stock... 2,000,000 2,000,000
Investments
54,341
2,000 Common A stock_ 1,225,800 1,225,800
Accts. receivable
233,626
366.633 Accounts payable_ 228,813
170,268
Advances
20,001
19,772 Divs. payable, &c_
90,727
90,727
Inventories
676,123
561,377 Res. for taxes, &c_ 121.379
125,640
Cont.& def. Habil_ 264,355
137,903
Surplus
931,418
820,937
Total
$7,081,891 36,990,675
Total
$7,081,891 56,990.675
a Obligations payable if and when dividend arrearages are paid upon the
preferred stock other than pref. A stock. x After deducting $889,916
reserve for depreciation.
The Business Conduct Committee of the New York Stock Exchange
has begun an investigation into the causes of the recent violent fluctuations in the common stock of the company. The stock, following the
announcement Aug. 29 that the inquiry had been started, broke badly
on the Exchange The common, which last week soared from a low of 40
to 80, sold down to a low of 39 and the class A sold down to 29% from a
high of 59j. The low for the common this year is 163 and the class A
16. The common.class A and preferred stocks are dealt in only in odd lots.
The investigation by the Business Conduct Committee was started
after the common had moved rather sensationally last week.
W. J. Buttfieid, President of the company, announced Aug. 26 that
there was nothing in the business of the company to account for the spectacular price movements. He expressed the opinion that the buying
was a result of extravagant predictions as to earnings of the company.
-V. 125, p. 1208.
Wabash Portland Cement Co.
-Bonds Called.
-
Certain of the outstanding 6% serial gold notes dated March 16 1925.
aggregating $300.000 have been called for payment Sept. 15 at 101
at the office of the Union Trust Co., Detroit, Mich., trustee. and int.
-V. 120.
D. 1894.
Wabasso Cotton Co., Ltd.
-Extra Div. of 50 Cents.
The directors have declared an extra dividend of 50c. per share in addition
to the regular quarterly dividend of $1 per share, both payable Oct. 3 to
holders of record Sept. 15. Like amounts were paid Jan. 2, April 2 and
July 2 last.
-V. 125, p. 1208.
Ward Baking Corp.
-Earnings.
-
The corporation reports for the 33 weeks ended Aug. 13 1927 net profit
of $2,553,403 after charges and Federal taxes, equivalent after allowing
for dividend requirements on 318,415 shares of 7% preferred stock to
$6.27 a share on 86,275 no-par shares of class A stock and $1.20 a share on
500.000 no-par shares of class B stock. This compares with $2,513,203
or $6.20 a share on 86,C91 class A shares and $1.13 a share on class B in
corresponding period of 1926.
Of the net profit of $2,553.403 reported to Aug. 13 1927, $1.545,97.9
was earned in the last three five-weekly periods, two of which were the best
periods in history of company, as against $1,374,725 for the same three
periods of 1926.
The balance sheet as of Aug. 13 1927 shows surplus of undistributed
earnings on hand over and above dividends paid of $6,871,404, all of which
has been accumulated since company was organized in Dec. 1923.
The company's new plant at Baltimore,it is stated, will go into operation
In September.
-V. 125, p. 664.
-Dividend.
Warner-Quinlan Co.
The directors have declared a dividend of 50 cents a share on the 240,380
common stock (no par value) and a quarterly dividend at the rate of 6%%
Per annum on the $1,500.000 preferred stock, both payable Oct. 1 1927, to
holders of record Sept. 15, 1927.
The company reports that sales of asphalt for the first 6 months of 1927
showed an increase of 35% over the corresponding period of 1926, and that
sales of gasoline showed an increase of 200% over the same period.
-V.125.
p. 1208.
-Common Stock Sold.(John Warren) Watson Co.
Hornblower & Weeks, New York, have sold at $24.50 per
share 200,000 shares common stock (no par value).
Common shares are entitled to receive dividends at the rate of $2 per
annum in excess of any dividends which may be paid on the deferred shares.
Common and deferred shares have equal voting rights, share for share,
and are without preference in liquidation. Deferred shares are convertible
Into common, share for share, upon the following conditions: 150,000
shares, or any number of them, may be converted, accordingly as not
earnings for 1927, or for any year thereafter, are equal to $3.50 per share
on the sum of the then outstanding common shares plus tho deferred shares
so convertible, a second 150,000 shares, or any number of them,accordingly
as net earnings for 1928, or any year thereafter, equal $3.75 per share, and a
third 150,000 shares, or any number of them, accordingly as net earnings
for 1929, or any year thereafter equal $4 per share on the then outstanding
common plus the deferred shares so convertible.
Issued.
Authorized.
Capitalization650,000 shs. 200,000 ohs.
Common stock (no par value)
450,000 shs. 450.000 ohs.
common stock (no par value)
Deferred
All the deferred shares will be taken by John Warren Watson and his
associates in the company.
Data from Letter of John Warren Watson,President of the Company.
Company.-Incorp. in Pennsylvania. Is sucCeeding to the business
founded in the latter part of 1919 to produce shock absorbers for motor
vehicles under the name of "Watson stabilators." Stabilators were first
adopted as standard equipment on one car in 1920. To-day a majority
of the builders of America's cars listed at $2,000, or over, have adopted
Watson stabilators as standard factory equipment. Retail sales to car
owners have been limited somewhat in the past by the $48 price of the
standard model and by the fact that so many of the larger cars, for which
this model was especially adapted, were delivered already equipped.
Company is now about to announce a new stabilator, retailing at $28 per
complete set, and designed especially for the needs of the light short wheelbase car. An entirely new market many times larger than the market
previously available is thus being opened up.
[VOL. 125.
The most Important of the original patents will not expire until 1942.
In addition, the company holds other important and valuable later patents
providing further protection.
Company occupies, under a 10
-year lease, a modern factory located in
Philadelphia, thus making unnecessary any heavy investment in land or
buildings.
Sales & Earnings.
-Sales and earnings before deducting royalties formerly
paid on patents now owned by the company but after deducting Federal
taxes at current rate of 13%% have been as follows:
Net Profit
Per Share
Net Profit
before Royalties
of
after Federal
Net Sales. & Federal Taxes. Taxes at 13% %.Common.
1927 (6 months)__ _$2,031,374
$463.678
$401.082
$2.00
1926
3.335,271
667.573
2.88
577.450
1925
2.497,469
2.51
581.033502,593
1924
803,842
33.856
0.15
29,285
1923
823.857
201.049
0.86
173,907
1922
534.529
164,972
0.71
142.701
Earnings for the first 6 months of 1927 were over 60% ahead of the
corresponding period a year ago determined on a similar basis. Net
earnings for the 12 months ended Juno 30 1927 were $734.675, equivalent
to $3.67 per share on the common stock to be presently issued.
Dividends.
-It is expected that a quarterly dividend of 50 cents per
common share will be paid Dec. 15 1927.
Listing.-Company will make application in due course to list the common
shares on the New York Stock Exchange.
Balance Sheet June 30 1927.
[Giving effect to: (a) Organization of The John Warren Watson Co..
(Pa.); (b) merger of The John Warren Watson Co. and John Warren
Watson Co. under the name of John Warren Watson Co.; (c) equal exchange of preferred stock of John Warren Watson Co. (old stock) for
preferred stock of new company and the issue of 200.000 shares of common
stock and 450,000 shares of deferred common stock for the entire outstanding common stocks of the merging companies: (d) reservation of cash for
retirement of preferred stock of John Warren Watson Co.)
AssesLiabilities
Cash
$180,136 Accounts payable
$40,023
Notes & accts. rec.. less res__ 253,503 Accrued accounts
93.682
Inventdries
283,924 Reserve for Federal taxes_ ___
82,453
Life Insurance-Cash value__ _
3,648 Pref. stock & premium
a225,886
Cash res. for ret, of pref. stock 225,887 Capital stock
b711,483
Employees accounts
6,638
Mach'y, equip. & fixtures__ _ _
178,177
Good-will & patents
1
Prepaid expenses
21,619
Total (each side)
$1,153,532
a To be called for retirement on or before Dec. 1 1927. b Represented
by 200.000 shares common stock and 450,000 shares deferred common stock
Weber Showcase & Fixture Co.
-Successor.
See Weber Showcase & Fixture Co.. Inc. (Del.), below.-V.118, p. 3090.
West Virginia-Ohio River Bridge Co.
-Listing.
The Baltimore Stock Exchange has authorized the listing of $700,000
1st mtge.6%% sinking fund gold bonds and 5,000 shares without par value.
$7 cumulative first pref. stock. See also V. 125, p. 111, 664, 930.
Wright Aeronautical Corp.
-Acquisition.
--The stockholders of the Paterson Industrial Development Co. have
authorized the sale of the property leased by the Wright Corp. for the sum
of $400,000. The contemplated sale as and when consummated will also
include certain additional tracts of land not included in the Wright lease.
The factory buildings were not constructed for the Wright corporation and
the latter's lease of the property, which was originally for a 5
-year period,
was extended for an additional period of 3 years, which will expire on May 1
1928. No sale has as yet been consummated.
-V. 125, p. 798.
Wyandot Copper Co.
-Proposed Dissolution.
Notices under date of Aug. 18 have been sent out calling a special meeting
of the stockholders at the office of the company.68 Devonshire St., Boston,
Sept. 26, for the purpose of considering and voting upon the question of
winding up, dissolving and terminating the existence of the corporation.
The notice was signed by Harold L. Vose, Secretary.
-V. 120, p. 2954.
York Manufacturing Co.
-New Offocers.-
Frederick C. McDuffie has been elected President and Fred W. Steele
Treasurer -V. 124, p. 3647.
CURRENT NOTICES.
-The First National Corporation of Boston announces the opening of a
St. Louis office on Sept. 1 in charge of Willard D. Grimm,formerly Assistant
Manager of the corporation's Chicago office. With the extension of its
activities to St. Louis, the First National Corporation will have offices in
eight cities, all connected by its own private wire system. The others, in
addition to the home office in Boston. are located in New York, Chicago,
Philadelphia, Baltimore, Pittsburgh and Cleveland.
-Melvin J. Woodworth, President of the New York News Bureau
Association, publisher of the "Wall Street News," will sail for Europe on
Saturday on the steamship "Majestic." Mr. Woodworth is going to
London to attend the annual meeting of the Central News,Ltd., an associated company of the Now York News Bureau. He expects to make a
tour of the Continent and study European conditions, particularly in
France.
-Charles M.Marvin,formerly Assistant Vice-President of the Guaranty
Trust Co., has become associated with Blair & Co., Inc., in its buying
department. Mr. Marvin has been with the Guaranty Trust Co. since
1918. and before that was Treasurer of Batavia Rubber Co. of Batavia.
N. Y.
Announcement is made of the formation of the firm of Dewey, Bacon
& Co., members of the New York Stock Exchange. The office of this
company will be located at 50 Broadway. Now York City, and the firm wil
engage in the transaction of a general investment and commission business
and deal in municipal and other bonds.
The members of the firm will consist of Frederick A. Dewey, formerly
Vice-President of the Farmers Loan & Trust Co.; Francis M. Bacon, 3rd,
member of the New York Stock Exchange, and formerly associated with
the Investment Department of the Farmers Loan & Trust Co., and Gethryn
C. Stevenson, formerly Treasurer and Director of Geo. B. Gibbons & Co
-Curtis & Sanger have issued their monthly analysis and quotation
pamphlet on Long Island banks and trust companies with special reference
to the Little Neck National Bank and the Bank of Rockville Centre Trust
Company.
Den A. Mullen, formerly with Hornblower & Weeks, has become
associated with Prince & Whitely at their main office, 25 Dread St. Mr.
Mullen was formerly Secretary of the Clearing House Section of the American Bankers Association.
-R.H. Neilson. of Bay City. Mich., has become associated with Federal
Water Service Corporation at the latter's headquarters in New York. Mr.
Neilson is a graduate of the University of Michigan and has had wide
experience in corporate and public utility law practice.
-Taylor, Thorne & Co., members of the New York Stock Exchange;
announce the retirement of Carroll S. Bayne from general partnership in
the firm, effective Aug. 31 1927, and the admission of Willard D. Litt te
general Partnership, effective Oct. 1 1927.
Lawson & Co..specialists in bank stocks, announoe the removal of their
offices from the fifth floor to larger quarters on the ninth floor of 111 Broadway. The firm's new telephone number will be Rector 13412-1355.
SEPT.3 1927.]
TICE CHRONICLE
1339
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
-SUGAR-COFFEE
COTTON
-ETC.
-WOOL
--DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME.
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
etorial inatte , in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."'
Friday Night, Sept. 2 1927.
COFFEE on the spot was in only moderate demand;
Santos 4s, 16% to 17c.; Rios 78, 13% to 13%c. Spot trade
to-day was light and the tone rather weak. No. 7 Rio,
8
33/2 to 133‘c.; Santos 4s, 16% to 163/e. Later on, the spot
/
trade was still dull with Rio 7s, 133% to 1388c., and Santos
4s, 16% to 17e. Fair to good Cucuta, 183% to 193%c.;
washed Caracas, fa r, 223/2 to 2334e.; Bucaramanga natural,
2134 to 23e.; washed, 2334 to 2434c.; Honda, Tolima and
Giradot, 24 to 2434e.; Medelin, 26 to 263%c.; Manizales,
2454 to 25c. On the 29th ult. cost and freight offers from
Brazil were higher. For prompt shipment, Santos Burbon
2-3s were at 173% to 18.40c.; 3s at 163% to 18c.; 3-4s at 173%
to 1734c.; 3-5s at 163% to 163 c.; 6-7s separations at 1440.;
%
7-8s at 13.15 to 18c.; Peaberry 3-5s at 17.20 to 17.40c.;
4-5s at 16.30 to 16.55e.; 5-6s at 16.30 to 17.35c.; Rio 7s,
12.70 to 124 7-85 at 12.45c.; Victoria 7s plus 15 at 12.70c.
40.;
For Oct.
-Nov.shipment Victoria 7-8s were offered at 11.65e.;
part, part Santos 3-5s at 16c. On the 30th spot was quiet.
Early cost and freight offers from Brazil were firmer. For
prompt shipment, they included Santos Bourbon 3s at
173/2e. 3-4s at 1734c.; 3-5s at 1634 to 168 c.;4-5s at 16.10c.;
%
5s at 1634c.; 5-6s at 15.700.i 6s at 15 35c.; 7s at 15.10c.;
6-7s grinders at 148 c.;7-8s grinders at 1330.;part, part 2-3s
%
at 183/2c.; 35 at 18 to 19.15c.; 3-5s at 16.30 to 16.95e.; 5s at
16c., and 6s at 153 e. Rio offers were higher; 7s being
%
quoted at 12.80c.; 7s minus 25 at 12.55c.; Victoria 7-8s
were here for prompt shipment at 12.10c.; 8s plus 25 at 12c.;
and the latter grade for Sept.
-Nov. shipment at 11.85c.
Cost and freight prices from Santos of late have been about
unchanged, but Rio and Victoria prompt shipments were
lower. Santos Bourbon 2-3s for prompt shipment were
offered at 17%c.; 3s at 173%c.; 3-4s at 163/2 to 173/20.; 3-55
at 16 to 163c.; 4-5s at 15.85 to 163/2c.; 5s at 15.20 to 163%e.;
%
part Bourbon or flat bean 3-5s at 16.20 to 163/20.; 6s at
15 11-150.; 6-7s at 16c. Santos Peaberry 4s at 16.95 to 17c.;
Rio 7s were offered at 12.60c. for prompt shipment, and
Victoria 7-8s at 11.80 to 12e. For October-December shipment Santos part Bourbon 4s were offered at 16c.., and for
October-November, Victoria 7-8s at 11.80e. Rio has a
stock of 222,000 against 279,000 last year. Santos receipts
on the 1st inst. were 34,000 against 26,000 last year; Santos
stock was 977,000 against 1,020,000 last year; S110 Paulo
receipts were 35,000 against 25,000 last year; Jundiahy
receipts were 27,000 against 19,000 last year. Rio receipts
were 16,000 against 9,000 last year. The arrivals of mild
coffee in the United States for the month thus far aggregated
190,000 bags; deliveries for the same time were 172,464 bags.
Stock on Aug. 29 was 290,444 against 293,325 on Aug. 22,
and 347,130 on Aug. 29 last year.
On the 31st cost and freight offers were unchanged to
1-16c. higher for Santos, unchanged for Rio, and about %c.
higher for Victories. They were again in light supply.
For prompt shipment Bourbon 2-3s were here at 173/2c.;
3-4s at 173/2 to 173 c.;3-5s at 16.30 to 163 c.;4-5s at 16.10e.;
%
%
Bourbon separations 6-7s at 143/2c.; 7-8s at 13c'• part
Bourbon or flat bean 3s at 183 0.; 3-5s at 16.20 to '
4
163/2c.;
6s at 15 11-16c.; Santos peaberry 3s at 17.40c.; Rios 7s at
12.80c.; 7-8s at 12.550.; Victoria 7-8s at 12.15 to 123jc.
London has an idea that credits against the Sao Paulo coffee
crop may equal $25,000,000. Futures have declined here,
nevertheless. One comment was, "The new loan which
the State of Sao Paulo has contracted through the Institute
for the purpose of continuing their defense of coffee prices
will be in the form of a credit at the rate of 534% and a
commission which has not been stated. The State Bank of
Sao Paulo will deposit as security for this credit railroad
bills of lading for coffee still in the interior. In order to
mobilize this credit the Bank of Brazil will issue convertible
notes to be withdrawn when the coffee has been shipped."
Brazil advices say that there has been a large coffee export
business which has helped to keep rates steady, so that there
has been very little strain on the governing bank to maintain
stabilization rates. With the present coffee position in the
State of Sao Paulo, where holders up-country are asking
higher and higher prices for really good grades, which are
scarce, it is argued there is every reason to believe that there
will be little change in the exchange position for some months
to come.
Some do not look for large deliveries during September,
as there is no coffee due or on the spot that could be delivered
at a profit. The recent sales of washed Robusta coffee at
from 12.60 to 12.80e. for shipment to arrive in time for December delivery and at 1234c. for November-December
shipment, showing a small profit over the March price, is
having a depressing effect. The present Robusta crop is
estimated at from 750,000 to 1,250,000 bags,of which about
75%.would be washed. That is the only kind deliverable on
the Exchange here. The coffee grades about No. 2. The
demand for it is not brisk, except on a cheaper basis than
Santos 3s. The home consumption of this coffee is said to
be large and sales to foreign markets are not expected to exceed 200,000 bags. As for Brazil interior stocks on Aug. 15,
it is stated were 6,157,000 bags, an increase for the first 15
days of August of close to 800,000 bags. A year ago they
were practically 6,400,000 bags. From that time they began to decrease. By July 1 they were down to 3,312,000
bags. In other words, the Defense Committee financed last
year close to 6,500,000 bags and carried the surplus of supplies of the world. Before the world war the surplus was
financed principally by European capital. This year, if the
dilatory policy of buying is persisted in, the burden of the
surplus will be on the shoulders of the Defense Committee.
Futures on August 31 ended unchanged to 10 points lower;
sales 17,000 bags showing that speculation had relapsed
into its old dullness. The opening was with prices up 5 to 9
points and the cables firm. There is still talk of a big supply,
the smallness of the spot trade and of the supposed inability
of the Defense Committee in the long run to maintain prices.
Futures on the 1st inst. ended 4 to 20 points lower with Rio
and Victoria cost and freights lower and speculation dull.
The trading amounted to only 22,000 bags. Laneuville
stated the world's visible supply on September 1st as 4,727,000 bags against 4,504,000 bags Aug. 1st and 4,712,000 bags
Sept. 1 1926. Today futures closed 15 points lower to 5
higher, with sales of 44,750 bags. The cables were weaker.
Rio was 725 to 800 reis lower this morning. Santos was
unchanged. Exchange was unaltered. Rio exchange
5 15-16d; dollars 8$320. Havre was 1 to 2 lower and Ham3
burg fell % to 4. Ten Victoria notices were issued. That
caused uneasiness among September longs. September
showed the most weakness. Final prices show a decline
for the week of 12 to 14 points. Prices were as follows:
[May
Spot unofficial 13j [December -11.65©11.67
-11.38 © nom.jJuly
I March
September 12.30@
11.22©
11.15© nom.
-Prompt Cuban raws were quiet on the 29th
SUGAR.
ult. at 3c. c.i.f.; later a reaction for a time, with a rally
to
still later ' 3e. on big transactions. Foreign markets were
lower with better weather on the Continent for the beet crops.
It is believed by some that Cuban interests have definite
information about restriction and that it is bullish. Certainly they were buying. New York ignored London's weaknesses on Aug. 31. The Far East is said to have been buying
Cuban sugar and 3c. was quoted more confidently on Aug.
31. Fair sales were made at 2 31-32c. to 3c., c. & f. Receipts at Cuban ports for the week were 39,813 tons, against
40,898 last week, 34,223 same week last year and 36,407
two years ago; exports, 79,769 tons against 76,945 tons last
week, 128,344 last year and 80,213 two years ago; stock,
822,211 tons, against 862,167 last week, 934,416 last year
and 822,799 two years ago; centrals grinding, none. Of the
exports, U. S. Atlantic parts received 50,267 tons, New Orleans 10,234 tons, Galveston 5,523 tons California 3,220
tons, Europe 9,984 tons and Canada 541 ions. The weekly
Cuban statistics according to one report: Arrivals, 33,396
tons; exports, 82,827 tons, and stocks, 843,333 tons. Of the
exports, 19,585 tons were for New York, 21,179 for Philadelphia, 9,971 for Boston, 3,518 for Baltimore, 11,270 for
New Orleans, 3,391 for Galveston, 168 for interior of United
States, 3,220 for California, 541 for Canada, and 9,984 for
the United Kingdom.
Receipts at United States Atlantic ports for the week
were 81,787 tons against 77,044 1st week, 61,723 same week
last year and 52,303 two years ago; meltings, 70,000 against
66,000 last week, 63,000 last year and 66,000 two years
ago; importers' stocks, 133,681 against 136,333 last week,
181,020 last year and 70,982 two years ago; refiners' stocks,
90,846 against 76,407 last week, 53,829 last year and 80,601
two years ago; total stolks, 224,527 against 212,740 last
week, 234,849 last year and 151,583 two years ago. It is
noted that meltings continue at a rapid pace. It is argued
that every indication points to as large a distribution in this
country as last year with a fair possibility of an increase,
taking into consideration the gradual disappearance of invisible stocks. Some look with apprehension on the matter
of supply and demand for the rest of this season. Cuba, up
to the present, has sold approximately 850,000 tons of her
stook to countries other than the United States, and there is
inquiry for further quantities from Europe which may cause
some uneasiness here as to where supplies can be obtained
for fur wants until the appearance of new crops. Refined
advanced to 5.90 and 6e.
1340
THE CHRONICLE
[VOL. 125.
Consumption figures according to "Die Deutsche Zucker- 2c. to 16e. and service
industrie" are as follows in various European countries in of Aug. 27. The Gulf station price 3c. to 18c., effective as
'
Oil Corp. cut the tank wagon price
the 10 months from Sept. 1st to June 30th: 4,925,221 tons of gasoline 2c. in
Richmond,
against 4,947,502 tons for the same time in 1926. It is high production in the Seminole Va., to 183%c. Continued
field raised the July petroleum
pointed out that the consumption in Great Britain is satis- output to a new high
factory and includes home-grown sugar after Jan. 1st. The of 3,795,000 barrels record of 78,333,000 barrels, an increase
over June, according to the Bureau of
decrease in France to 652,977 tons is due to the fact that Mines of the Department of
Commerce. The daily average
when the franc depreciated in 1926 and stocks of mer- for the month was 2,527,000 bbls., an
chandise accumulated. Futures on Aug. 31st closed 1 to over June. Production at Seminole increase of 42,000 bbls.
in July rose to the un9 points higher with sales of 84,750 tons. Europe deemed it precedented total of 15,196,000
advisable to cover for all the weakness reported in the June and considerably surpassed bbls., against 11,589,000 in
the record for peak producEnglish market. More than one Cuba interest gave the tion previously held by the Smackover
market support. Cuba both bought and sold. It took in West Texas with power to act were field. Oil operators
to meet again to-day
profits. Shanghai is said to be buying. Early on the 31st at the invitation of W. S. Faxish,
prices here were 5 to 10 points higher. On the 1st inst. 3c. Oil & Refining Co., a subsidiaryPresident of the Humble
c. & f. and 4.77 duty paid plainly enough registered the New Jersey, in an effort to arrive of Standard Oil Co. of
at some plan
market here; 200,000 bags were sold it is said on Aug. 31st at production of crude oil. New York export prices: to curtail
Gasoline,
2 15-16e. to 2 31-32c.; on Sept. 1st, 100,000 bags of Cuba eases, cargo lots, U. S. Motor
specifications,
are reported to have been sold as well as 8,100 tons of Porto 24.40c.; bulk, refinery, 83,4c. Kerosene, cargo deodorized,
Rico and 3,500 tons of Philippines on the basis of 3c. Futures white, cases, 16.15c.; bulk, 41-43 deg., 63%c.; lots, super
water white,
on the 1st inst. advanced 5 to 7 points. Europe, Cuba and 150 deg., cases, 17.15c.; bulk, 43-45 deg., 63c. Bunker
New York bought. Europe took Dec. and Jan. The total oil, per bbl., f.o.b. dock, 1.65c. Diesel oil, Bayonne,
sales were estimated at 37,700 tons. Refined was generally 2.10e. Gas oil, Bayonne, tank cars, 28-34 deg., 5c.; bbls.,
6o.; one refinery unexpectedly lowered the price to 5.75c. deg., 53(e. New Orleans, Gasoline, U S. Motor, 36-40
bulk,
with new business small.
73j0.; 64-86 deg. gravity, 375 e.p., 83jc. Kerosene,
To-day futures closed 1 to 3 points lower with sales of white, 5c.; water white, 6c. Bunker oil, grade C for prime
bunker51,700 tons. Cuba it is said, will cut down the crop 500,000 ing, 1.450.
tons below the present restricted level. It will ask other Pennsylvania
$2.65 Buckeye$2.25 Eureka
$2.50
Corning
1.45 Bradford
2.65 Illinois
1.60
sugar-producing countries to do the same. Profit taking Cabell
1.40 Lima
1.71 Wyoming, 37 deg- 1.30
caused the decline. Wall Street and commission houses Wortham, 40 deg_ 1.36 ndiana
1.48 Plymouth
1.33
Rock Creek
1.25
1.60 Wooster
were the largest sellers. New buying and the trade took Smackover 24 deg- 1.25 Princeton
1.77
Canadian
2.24 Gulf Coastal "A"_ 1.20
the offerings. Europe was covering to some extent. Small
Corsicana heavy- 1.10 Panhandle,44 deg. 1.12
sales were reported at 3c. for the first half of September. Oklahoma, Kansas and TexasElk Basin
$1.33
40-40.9
$1.36 Big Muddy
1.25
On Thursday refiners are said to have taken 250,000 bags.
32-32.9
1.20 Lance Creek
1.33
Final prices show a rise for the week of 11 to 14 points.
52 and above
1.06 Grass Creek
1.33
Louisiana and ArkansasBellevue
1.25
Spot raws ending at 3c were Mc. higher for the week.
32-32.9
1.20 Cotton Valley
Spot unoMdal
3
1January
September - _2.92® _-_ March
December_ __3.0203.03
3.00 ®
2.910
IMay
I July
2.98 ® _....
3.060 --
35-35.9
Lytton Springs. 52 deg
1.26 Somerset light
1.45
1.00
2.35
RUBBER declined on the 29th inst. 10 to 40 points with
sales of 333 lots. Tires sell less freely; the prolonged wet
weather in the East hurts the trade. The outside market
was dull. Regardless of a decrease in the stock in London of
583 tons last week here the tone was depressed; regardless
of the fact that in London business was good and prices
very steady. The stock there is 64,259 tons against 64,842
tons last week,62,819 a month ago, 67,054 three months ago
and 30,159 Oct.ear ago. London Spot and Sept. were
a
163% to 17d; t 17 to 173%cl; Singapore Aug. 163%d; Sept.
also 163%d; Oct.
-Dec. 163%d. New York Exchange quotations at the close on Aug. 29 were as follows: Sept. 33.90o.,
Oct. 34.20o., Dec. 34.40c., Jan. 34.90o., March 35.30c., May
36.10e., July 36.20e. Outside prices: Spot and Aug. smoked
sheets 34 to 34%c.• Sept. 34 to 34%c.• Oct. 343% to 34%e.,
Nov.
-Dec. 343 to 34%c. Jan.
4 '
-March'353% to 353%e. First
latex crepe 34 to 343%e.; clean tin brown crepe 30 to 303e.;
specky brown crepe 293% to 30c.• rolled brown crepe
4
273% to 273 c; No. 2 amber 30% ' 303%c; No. 3 amber
to
293 to 30c; No. 4 amber 293 to 293%e. Paras, Up-river
%
fine spot 303% to 31c; coarse 193% to 20c; Acre, fine 31 to
313%c; Caucho, ball upper 203% to 208 0. On the 30th
/
ult. New York closed 10 points lower to 30 higher after
an increase with sales to 699 lots. Early prices were weaker
with those in London and Singapore. But a better demand
braced the market here later. Akron estimates of Sept.
tire production were equal to that of July and larger than for
this month or at about 145,000 units per day. Dealers'
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. sales may decrease somewhat but orders have been received
Sat.
Mon. Tues.
Wed. Thurs. Fri.
for original equipment from the automobile makers. The
September dellvery_cts.12.85
12.77
12.70
12.60
12.90 13.07
Goodyear plants are still operating close to capacity, or
October delivery
12.95
12.90
12.85 12.77
13.00
13.20
January delivery
13.62 13.60
13.60
13.47 13.62
13.80
about 60,000 tires a day. B. F. Goodrich Co. are at about
PORK steady; mess, $31; family, $35 to $38; fat back 40.000 tires daily.
On the 30th ult. New York closed as follows: September
pork, $22 to $29. Ribs, Chicago, cash, 11.75e., basis of
50 to 60 lbs. Beef, quiet; mess, $18 to $19; packet, $16 to and October,34.20c.; November,34.30c.; December,34.50e.;
$18; family, $20 to $22; extra India mess, $33 to $35; No. 1 January, 34.80e. Outside prices: Smoked sheets, spot,
canned corned beef, $2.50; No. 2, 84.25; 6 lbs. South August and September, 333 to 34c.• October, 34 to 343%c.; •
4
3
America, $12.75. Cut meats; pickled hams, 10 to 20 lbs., November-December, 34% to 3458c.; January-March,
/
173 to 190.; pickled bellies, 6 to 12 lbs., 213 to 233c.; 353% to 353%c.• first latex crepe, 34 to 34%c.; clean, thin
4
4
bellies, clear dry salted, boxed, 18 to 20 lbs., 163e.; 14 to brown crepe, 263% to 303/sc. London spot, 163 to 183%d.;
4
16 lbs., 173/Ic. Butter, lower grade to high scoring, 363/2 to September, 16%d. Singapore, August off to 163%d.;
453%0. Cheese, 26 to 283%c. Eggs, medium to extras 23 September, 163d. On Aug. 31 New York ended 30 points
lower to 10 higher with sales of 411 lots. Closing prices at
to 37e.
-Linseed was quiet at 9.7c. for tank cars, 11.05e. the Exchange on that day were as follows: September,
OILS:
for carlots, 11.1e. for 5 barrels or more and 11.5e. for smaller 33.900.; October, 34e.; November, 34.30c.• December,
quantities. Cocoanut, Manila coast, tanks, 8% to 8%c.; 34.50c.; January, 34.80c.; February, 35.10e.; darch, 35.40e.
spot, tanks, 8% to 8%c. Corn, crude, tanks, plant, low Smoked sheets, spot and September, 34 to 343%o. First
acid, 9c. Olive, Den. 1.80 to 1.85c. China wood, New latex crepe, 34 to 343%e. London was slightly higher on
York, drums, spot, 184;4 Pacific coast, tanks, spot, 15%c. Aug. 31. Spot and September, 163% to 17d. Singapore,
%
Soya bean, coast, tanks, 9% to 93 c. Lard, prime, 16c.; September, 163%d.; October, 165 d.
4
New York on the 1st inst. was dull and 10 to 30 points
4
extra strained winter, New York, 125 e. Cod, Newfoundlower with continued bad weather in the Eastern States hitland, 63 to 65e. Turpentine, 573% to 623%c. Rosin, $10.45
to $13.65. Cottonseed oil sales to-day, including switches, ting the tire industry. London declined slightly. September
4,400 barrels. Crude, S.E., 93%c. Prices closed as follows: here ended at 33.90e. and October at 34.20e. Smoked sheets
Spot
c 10.60a11.251November----11.300 -.1February-11.35411.48 spot September and October, 343% to 343%e. London on
11.58011.56 the 1st inst. spot and September, 16% to 167 d. Singapore,
September--10.70a11.00 December_ _11.35a11.31 March
4
11.60a11.70 September,
October
10.99a
January- -11.36a10.35 April
1634d. It is said that the Malay States rubber
PETROLEUM.
-Gasoline in bulk was steady at 83o. restriction committee has decided to recommend that GovAt New England points of late prices have been steadier. ernment amend its rubber restriction rules with a view to
Export demand was small. Kerosene was in better demand. prevent the carrying over of unused export coupons beyond
Lubricants were steady. The Humble Oil Co.reduced crude the quarter in which they are issued. To-day New York was
prices of Lytton Springs 15c. a barrel. The Standard Co. of lower on free selling with the decline 10 to 20 points. Final
Kentucky cut the tankwagon price of gasoline in Atlanta prices show a decline of 30 to 50 points.
LARD on the spot was steady early in the week with
prime Western 13.20 to 13.30c.• refined Continent, 133c.;
South America, 14c.; Brazil, 15%e. Spot was firm on the
'
1st inst. with prime Western 13.55 to 13.65c. Stocks at
Chicago were 93,820,826 lbs., against 13,052,985 lbs. on
Aug. 15, a decrease of 9,232,159 lbs. On Aug. 1 the stock
was 96,216,179ibs. against 72,713,000 last year. Deliveries
on September contracts totaled 8,500,000 lbs. of lard,
300,000 lbs. of ribs and 950,000 lbs. of bellies. The Western
hog markets were steady. To-day spot was firmer at 13.70e.
for prime Western. Futures at one time were 2 to 8 points
lower with corn down and hogs off 10 to 15c. Liverpool by
contrast was is. 3d. higher on the 29th inst. Futures on
Aug. 31 were 8 to 13 points lower with corn lower, cash
lard weak and realizing for home and foreign account.
Yet hogs were 10e. higher. Futures on the 1st inst. advanced
15 to 30 points with cash markets well sustained and reported
buying by packers and foreign interests of October and
January. To-day futures which were 15 to 30 points higher,
yesterday advanced 17 to 22 to-day. Hogs were 25 to 30e.
higher with the top $11.40. Decreasing stocks and a larger
cash demand were telling features. Commission houses
were buying futures. Shorts covered. Deliveries were
smaller on September contracts. It was noted that Chicago
lard stocks fell off 9,500,000 lbs. in two weeks, and were
21,000,000 smaller than a year ago. Final prices show a
rise for the week of 32 to 33 points.
SEPT. 31927.]
THE CHRONTCLE
1341
Inc., was 13%c. c. i. f. European ports. The domestic
price was steady at 13'4c. Copper stocks are expected to
show a sharp decline for August, though statistics will not
be available for a week or 10 days. Spot standard in London
on the 30 h advanced 2s. 6d.and futures were up 5s. Electrolytic unchanged for spot at £62 and £62 5s. for futures.
On the 31st London fell 5s. to £54 18s. 9d. for spot; futures
off 3s. 9d. to £55 8s. 9d.; sales 200 tons spot and. 1,000 tons
futures; Electrolytic unchanged. Latterly the market here
has been dull, weak and irregular; some it is said sold at
13.15 to 13.17%e. delivered to the Connecticut Valley as
against the nominal price of 134e. Export demand is said
to be good at 13%c. delivered Europe. In London on the
1st inst. standard declined 6s. 3d. to £54 12s. 6d.for spot and
£55 2s. 6d. for futures. Sales 400 tons spot and 800 futures;
Electrolytic £62 spot and £62 5s. futures.
TIN was dull and nominally 63%to 63%c. for prompt,
634 to 63%e. for November,62% to 63%c. for December.
In London on the 31st advanced 7s. 6d. to £289 10s.for spot;
futures up £1 to £286; sales, 100 tons spot and 250 futures.
Spot Straits tin advanced 7s. 6d. to £293. Eastern c.i.f.
London up 17s. 6d. to £289 12s. 6d.; sales, 200 tons. Later
the demand was better. The world's visible supply decreased
890 tons in August as against 1,500 tons expected a couple
of weeks ago. World's stocks are 14,487 tons, against
15,377 a month ago and 13,352 last year. The United
States visible supply is 8,975 tons, against 9,616 a month
/
/
ago. Straits tin of late for September, 631 2c. to 635gc.;
October,633 to 633/3c. In London on Sept. 1 spot standard
%
fell £1 5s. to £288 5s.; with futures off £2 to £284. Spot
Straits fell £1 15s. to £291 5s.
Kingdom
CHARTERS included grain from Vancouver, B. C., to United Kingdom
LEAD was reduced $2 per ton to 6.500. New York by the
33s.; Columbia River to United
or Continent. December-January,
Oct. 1-31, leading producer here. In the East St. Louis district 6.20
or Continent, October, 33s. 9d.; Portland to Mediterranean.25
to United Kingdom or Continent. Sept. -Oct. 25, to 6.250. was asked. Very little business was done. On the
85s. 6d.; Portland
33g. 9d.; Portland to United Kingdom-Continent, November, 34s. 6d •;
Columbia River
Portland to United Kingdom or Continent, Oct. 5-31. 348.:Columbia River 30th inst. spot in London fell 3s. 9d. to £22 108.- futures
to United Kingdom or Continent. November. 33s. 6d.;
to off 5s. to £22 17s. 6d.; sales, 250 tons spot and 1,250futures.
to United Kingdom or Continent, October. 33s. 6d.: sugar from Cuba
North Pacific, August. 83.25; time charter, four months Atlantic-Pacific On the 31st. spot in London declined is. 3d. to £22 8s. 9d.;
September trip across. 10,700 dead weight, futures unchanged; sales, 1,300 futures. Later, trade was
trade, prompt,89,000 per month;
re-delivery United Kingdon-Continent, $1.40; sugar from Honduras to
of lead has been
St. John or Halifax, 22c., or Montreal at 25c.. first half September; coal quiet and somewhat steadier. Production
half
from Hampton Roads to Montevideo, $3.50, first 8-20,September: grain. unduly large; there is an effort to reduce it in Australia.
33s.: Portland to
Portland to United Kingdom or Continent, Sept.
6.25e. Some sold lately,
United Kingdom or Continent. November. 33s. 9d.; Portland to United Here,6.50c.; East St. Louis,6.20 to
Kingdom or Continent. 33s. 6d.; 23,000 qrs. 10% Montreal to Antwerp or it is said, at 6.173/2e. In London on the 1st inst. prices
15c; Bordeaux-Dunkirk range, 16c., Sept. 12-30; 33.000 qrs
Rotterdam,
were unchanged.
same, 17c. and 18c., Nov. 1-15; 40.000 qrs. Montreal to Mediterranean
2Qc. basis Antwerp, or 16 hc.; Hamburg or Bremen. 173c., Oct. 10-25
Antwerp or Rotterdam. 18c.; Hamburg or Bremen, 19c.
ZINC like other metals was quiet. The price was steady,
Montreal to
Oct
full barley. 33.000 qrs., Montreal to Antwerp or Rotterdam, 17c., 5-20 however, at 64e. East St. Louis. About 10,000 tons of
32,000 qrs. Montreal to Antwerp or Rotterdam. 15%c., Sept.
5-20:
unsold ore are in bins. Shipments of zinc ore last week were
30,000 qrs. Montreal to Antwerp or Rotterdam, 18c.: Hamburg or Bremen
Ham
18c., Oct. 5-25; 25,000 qrs. Montreal to Antwerp or Rotterdam, 18c.; Ant- the largest of any week this year. London on the 30th ad19c.; full barley, Oct. 1-25: 28,000 qrs. Montreal to
burg or Bremen,
for spot;futures unchanged at
werp or Rotterdam, 16c., Sept. 5-20; coal, Hampton Roads to Montevideo. vanced is. 3d. to £27 18s. 9d.
$3.50 September; coal from Hampton Roads to Boston, prompt, 70c.; £27 13s. 9d.; sales, 220 tons spot and 650 futures. On the
basis 20c.. first half October;
grain, 30,000 qrs. Montreal to Mediterranean.
31st spot fell 5s. to £27 13s. 9d.; futures declined 2s. 9d. to
time charter, trip across,$2.50;round trip continuation,$1.65 recently.
Though quiet of late
East but active in the £27 us. 3d.; sales, 400 tons futures. steady; prices 6.25 to
COAL has been quiet here in the
dull. New prices have been in the main pretty spot delcined 8s. 9d.;
West. Hampton Roads has been distinctly
East St. Louis. In London
England is in no better case. Smokeless lump and egg coal 6.273/2c. 3s. 9d.
futures off
in Chicago and Cincinnati was $3.50 to $4 and sales were
STEEL has been quiet and in some cases depressed. Only
larger. Pittsburgh block coal advanced 25 cents to $3 a ton;
gas coal was $1.45; steam three-quarter inch, $2.25; mine a gradual improvement is expected this month. There is
.
run, $2; coking coal also $2; gas mine run, $2.50; three- a market only for small lots. Sheets have shown irregularity.
quarter inch, $2.75 to $3. Soft coal national output gained Galvanized have sold down in certain cases $2 a ton in an
been
600,000 tons in the week ended August 13. The consumption effort to get business. Blue annealed sheets have also tank
of coal during the month of July, as in June showed a re- shaded $2. Oil companies have bought a little more it in
of
duction as compared with the similar month in 1926. In steel. Chicago makers it seems sold 30,000 tons close
fact, the July 1927 coal consumption was very close to 10% August. Pittsburgh reports the ingot output at Trade to
in
lower than during July of the previous year. The total 70%. There is only a moderate business in cars.
tonnage reported as being consumed amounted to 32,658,000 wire products is disappointing. Pittsburgh dispatches say
tons, the average daily consumption amounting to 1,053,483 that sheets are steady and bars, plates and shapes $1.80.
tons. The amount of coal in storage continues to decline, Prices for drawn steel, cold rolled steel, bars and shafting
the reduction being from 4,000,000 to 5,000,000 tons per are cut on worthwhile orders. Pittsburgh says that cold
month since April 1. The National Association of Purchas- finished steel is $2.30 with that the general minimum.
ing Agents' coal survey shows a total of 58,448,000 tons on
PIG IRON has remained quiet or at best the sales are of
hand as of Aug. 1. This constitutes an average day's supply moderate size. Prices weakened a little, Pittsburgh plainly
of 55 days for all industries, being slightly higher in the num- says business is dull with the output hardly 50% of the
ber of days supply than the previous month, due to the num- normal. It admits, too, that prices are nominal. Inferber of days being estimated on the decreased consumption entially, on good sized tonnages they would be eased.
of July. Later prices were reported firm though the output Basic there is quoted at $17.25 to $17.50 valley and Bessemer
shows an increase. The National Coal Association's forecast $18. Foundry iron is quoted at about $17.50 barley.
of 9,750,000 tons for bituminous coal production in the Heavy melting steel scrap sold at $15.75 to $16. Pittsburgh
Aug. 27 week is an increase of 608,000 tons over the final delivery where dealers were covering contracts but apparently
returns to the Government for the Aug. 20 week, which not otherwise. A sale of 2,000 tons of Bessemer iron was
proved larger than the association's previous mid-week fore- made on the 1st inst. at $18, a recent decline of 50e. Coke is
cast. Bituminous Navy standard at mines, $2.65, supple- in rather better demand at $3.15 to $3.25 at oven Connell
mentary, $2 to $2.25. Anthracite egg company, $8.85 vile.
stove, $9.35.
WOOL was steady without activity. At Sydney Australia
-The crop news has not been good; on the on Aug. 29th 11,000 bales were offered, a good selection of
TOBACCO.
contrary, it has often been bad. There has been too much merinos, chiefly suitable for the Continent. Attendance
rain. The progress of the plant has therefore been slow. good, demand sharp from the Continent, Japan and Russia,
That fact is attracting attention. No doubt there has been especially the Continent. Compared with last June prices
some exaggeration; there always is. But it seems from averaged 5 to 73/2% higher. Total offeiings for this series
present appearances that the crop will be smaller than that will be 77,000 bales. Portland, Me. wired Aug. 29th:
of last year. Meanwhile business is not at all brisk. Small "During July 6, 104,000 lbs. were cleared for the East coast
sales are the rule. Prices are seemingly steady enough. by water, bringing the total movement for seven months to
They do not seem to be tested by bids for any large quantities. 16,253,000 lbs., an increase of 302,000 lbs. compared with
A better business before long in Porto Rican tobacco is the same time in 1926 and 5,870,000 in the like period of
predicted. Pennsylvania broadleaf fillerz 10c.; binder, 15 1925. There are upward of 2,000,000 lbs. of wool stored in
to 20c.;Porto Rico,75c. to $1.10; Connecticut top leaf, 21c.; the local warehouses awaiting sale and delivery."
No. 1 second, 1925 crop, 65c.; seed fillers, 20e.; medium
Boston wired a government report to this effect: 'The
wrappers, 65e.; dark wrappers, 1925 crop, 40c.
market is fairl active on fine wools of the terr tory and
COPPER was in better demand for export, but domestic Australian lines. Demand is spotty, but the buyers for
business was quiet. The official price of Copper Exporters, worsted mills are taking sonic fair sized quantities, parti-
-Some advance has taken place in Buenos Aires
HIDES.
to 204e., or $44, for frigorifico steers, and 21 3-16 to 213c.
for Argentine steers, with cows 204c. and sales of 5,500,
it seems. Uruguayan hides are said to have been sold ahead.
The last sale was at 220. with stocks small. Some 1,000
frigorifico extreme Artigas, 11-18 kilos, averaging 13-15 kilos,
sold, it was stated, at 23 1-16c. Wet salted hides have advanced and dry hides are stronger at 294e.for B. A. Ameri/
eanos, with bids of 285sc. declined. Packer hides are reported in better demand and firmer. Spready native steers,
23c.; native steers, 220.; butt brands, 20c.; Colorados, 1934c.;
4
dry Antioquia, 27e.; Orinoco, 24c.; Maracaibo, 231 0.;
Central American, 23%c.; La Guayra, 23c.; Savanilla,
23% to 24c.; Santa Marta, 25c.; New York calfskins, 5-7s,
1.85e.; 7-9s, 2.25e.; 9-12s, 3.250. Later prices were firmer.
?3e.;
Packer spready steers,native, 22c.; butts, 20c.; frigorifico cows, 21c.; steers, 214 to 214c.; Orinoco dry, however, 24e.; Savanilla, 23% to 240. It seems that 5,000
China 10 to 24 lbs. sold at 294e. September-October shipment.
-Late last week 5,000,000 bushels
OCEAN FREIGHTS.
of grain were engaged at some advance in rates. About 50
loads to Antwerp at 11 and 12c., September, and London
berth up to 2s. 3d. In the full carg9 market 16e. was paid
for September 15th, canceling, and for Sept. 5-25 loading,
Montreal to Antwerp or Rotterdam. One steamer got 200.
for Oct. 5- 25 Montreal to Mediterranean one port basis.
Another got 17 and 18e. for Montreal first half of November,
Antwerp, Rotterdam, Hamburg, Bremen. For Montreal
September, 16c. was paid. Later grain business was dull
but rates remained firm. Grain rates fell 1%e.
1342
THE CHRONICLE
culaily of Montana. A slight hardening of prices as a
result of the advance in Australia this week has apparently
stimulated some mills to plate orders now for near future
needs. The sale at Sydney opened a little stronger than had
been generally counted on owing to the unexpected strength
of the competition from Japan." The good results at the
opening of the Sydney sale have practically fallen flat taking
the week as a whole. In Liverpool the total offerings of
East Indian wool at the next sales will be 25,000 bales on
Sept. 12th to 16th and Sept. 20th. Carpet wool buyers will
watch the result sharply.
COTTON
Receipts at-
Sat.
Mon.
Tues.
Wed.
From
Auy.l 1927 to
Sept. 2 1927. Great
GerExportsfrom Britain. France. many.
-
Galveston_
Houston-- -Corp. Christi
New Orleans.
Mobile
Savannah_
Charleston_ _
Wilmington _
Norfolk
New York
Baltimore_
Philadelphia.
Total
Friday Night, Sept. 2 1927.
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
248,049 bales, against 143,950 bales last week and 108,930
bales the previous week, making the total receipts since the
1st of August 1927, 616,929 bales, against 462,823 bales for
the same period of 1926, showing an increase since Aug. 1
1927 of 154,106 bales.
Thurs.
Fri.
Total.
Galveston
Texas City
Houston
Corpus Christi
New Orleans._
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
6.468 4,554 13,321 2.060 5,924 4,999 37,326
---- ---- -560
-- --- ------560
,887
11.190
389
583
854 103,250
___ 11,390 1,227
____
568 23.185
---1,912 4,533 3,111 11,267
523 3,476 24,822
615
350 1,374 1,854 2,050 1,496 7,739
5,687 7.295 8.398 6,882 6.504 5.627 40.393
952 1,064
539 2,095 2,121
944 7,715
238
92
112
102
82
____
626
51
275
113
145
66
297
947
52
---g
:----fig
103
----------------1,331
-_ _ _ 1,
.
331
Totabithimmnmgc
211 5R4 28.640 56.299 44.488 32.142 49.916248.049
The following table shows the week's total receipts, the
total since Aug. 1 1926 and stocks to-night compared with
last year:
[Vol,. 125.
Exported to
Japan
Italy. Russia. China. Other.
8,256 11,817 8,653 3,586
2,782 17,146
2.892 25,135 24,705 10,627 29.200 10,852 9.502
10,508 7,876 13.262 2,378 3,100 11,227 6,653
14,943 2,754 18,918 7.023 38,626 10,720 3,925
200
250
10,861
_
32,943
6:6ii 1:iii
2,638
_ 10,507
402
2,000
2.542
3,950
"iii
2,632
-io 1.015
47
1,255
100
ioo
45
53,572 48,637 114,998 23,659 68,926 41.606 40,966
Total.
51,240
112,919
55,002
92,909
450
51,508
13,547
2,000
6,890
5,654
100
145
392.364
Total 1926_
Total 1925...
72.063 52,386 127,796 45,581 61,256 32.355 34,177 425,614
65,359 42,495 142,059 25.992 34.025 19,116 51,317 380,383
NOTE.
-Exports to Canada.
-It has never been our practice to include In the
above tables reports of cotton shipments to Canada,the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to get
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
that for the month of July the exports to the Dominion the present season have been
17,844 bales. In the corresponding month of the preceding season the exports were
36,104 bales. For the 12 months ended July 31 1927. there were 275.763 bales
exported, as against 275,707 bales for the corresponding 12 months of 1925-26.
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:
Sept. 2 atGalveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports *
On Shipboard, Not Cleared for
Great
GetOther CoastBritain. France. many. Foreign wise. Total.
Leaving
Stock.
1.500 7,000 3,500 14,600 167,674
5,790 3,269
988 15,547 194,705
7,000
---400 7,400
68,605
____
____
____
___ _
2
2
23,755
--------1,300
700
58 2.058
13.412
------------------------23,943
1,
1,
4,
1,
500 8,000 533,857
1,500
3,433
Total 1927
6.623
Total 1926_ 5,961
Total 1925_ - 13.913
*Estimated.
1,100
2,077
4,177 15,790 15,569
3,233 10.841 21.115
7,933 3,942 21.054
5.448 47.607 1,025,951
8,658 49.808 544,829
4.285 51,127 301.826
Speculation in cotton for future delivery has been active,
transactions on some days being estimated at 600,000 to
1927.
1,000,000 bales at irregular prices. A break of 100 to 113
1926.
Galveston
37,326
98.702 62.862 140,887 182.274 135.793 points from the early high occurred on Aug. 30, when a flood
Texas City
560
1.519
120
4,150
120
2,696
Houston
103,250 269,347 68,513 189.617 310,922 180,170 of liquidation in an overbought position struck the market.
Corpus Christi__ _ 23.185
55.002
That followed days of active, excited and rapidly rising
New Orleans
24,822
59,880 14.109
53,690 210,252 115,468
Gulfport
markets. The news was mostly bullish on the 30th ult.,
Mobile
7,739
14,061 1.132
3.568
15,470
3,355
Penscaola
but the market in the popular phrase had been bulled to a
391
Jacksonville
32
585
371
Savannah
40,393
88,674 29.962
49,521
76.005
45,908 standstill. The technical position had become weak. Shorts
Brunswick
had been driven out. Everybody was long. Liverpool
Charleston
7,715
17,378 9.195
14.027
23,757
16,531
Georgetown
balked first. Many preferred to liquidate. The next GovWilmington
626
1,447
111
3,435
668
4,615
Norfolk
947
3,312
548
5.324
23,943
31,304 ernment crop report was not far off, I. e. on Sept. 8. EveryN'port News. &c_
New York
52
671
399
399 209.488
50,165 body was expecting it to be bullish, but it might be a surBoston
103
3,277
802
2,437
5.532
3.065 prise. It had been a big surprise on Aug. 8
Baltimore
in putting the
1,331
3,659
135
2,139
609
673
Philadelphia
3
3
7,136
4,523 crop at 13,492,000 bales. It might surprise people this time,
Totals
248.049 616.929 187.891 462.823 1,073.558 594,637 it was reasoned, by not reducing it to 13,000,000
bales or
In order that comparison may be made with other years, less, as the bulls expected. One firm estimated the yield
we give below the totals at leading ports for six seasons:
at a little over 14,000,000 bales. Hints were thrown out
that the damage reports were exaggerated. In any case
Receipts at1927.
1926.
1925.
1924.
1923.
1922.
there might be unsettled markets ahead or until the GovGalveston_ _ _ _
37,326
62.862
51.853
88,474 100.669
58,227 ernment report
was out of the way. The liquidation once
Houston *_ __ _ 103,250
68.513
68.620
24,576
21.410
9.109
New Orleans_
24,822
11,109
50.695
22,832
17,408
14.735 started assumed proportions something
like an avalanche.
Mobile
7,739
1.132
9,655
3,807
112
3,422
Savannah_ __ _
40,393
29,962
54,097
21,670
3,659
14,626 Wall Street, the West, uptown interests, the South, New
Brunswick __
30
50
Charleston_ _ _
7,715
9.195
8,773
1,299
175
211 Orleans, Liverpool and local traders, everybody wanted to
Wilmington -626
111
2,766
7
121
1,934 sell at once. The
transactions on that day were estimated
Norfolk
548
947
996
1,401
946
3,051
N'port N.,&c_
34 at fully 1,000,000 bales. Not for many
years, possibly not
All others_ __
25,231
1,459
2,562
1,114
1.600
2,448
for nearly 25 years, or since Daniel J. Sully's time, had any
Total this wit_ 248,049 187.891 250.017 165.180 146,130 107.847
such gigantic trading been seen. The net fall was 75 to 85
Ellnen Ana. 1
818 029 482.8731 576.880 379.573 434.381 516.123 points.
Spot markets dropped 75 points here and at the
• Beginning with the season of 1926. Houston figures nclude movement of
Cotton previously reported by Houston as an interior town. The distinction South. The exports were small. The decline was naturally
between port and town has been abandoned.
welcomed not only by the mills at home and abroad, beThe exports for the week ending this evening reach a lated in their buying, but also by many sold-out operators
total of 156,595 bales, of which 19,436 were to Great Britain, who had been hoping for a sharp break. On the 31st ult.
21,410 to France,56,727 to Germany,12,492 to Italy, 17,200 came a further decline, though the net change
to Russia, 11,227 to Japan and China, and 18,083 to other Manchester was dull. But on the 31st ult., was small.
towards the
destinations. In the corresponding week last year total close, came signs of a real rally. There
exports were 183,480 bales. For the season to date aggregate decline early of 20 to 30 points, but it was was a further
exports have been 392,364 bales, against 425,614 bales in sharp upturn. At one time prices were succeeded by a
the same period of the previous season. Below are the points higher than at the previous close. roughly 30 to 35
The net loss in
exports for the week:
the end was only 5 to 10 points. Unwelcome rains continued to fall in various parts of the belt. The nights were
Exported tostill cold. North Georgia complained of shedding because
Week Ended
Sept. 21927. liGreat
Japan
of dry weather. Premature opening and shedding were
GerExports from
- Britain. France. many. Italy. Russia. China. Other. Total.
reported in Texas. Day after day it was dry in that State,
Galveston
9,522 29,120 with temperatures at about two-thirds of the reporting sta2,202 9,852 5,133 2,411
Houston
3,349 51,192 tions of 100 to 106 degrees.
11,162 16,342 8,239 14:169
In the Central and Eastern
Corpus Christi_
6,430
8,492 2,376 3,100 11:iii 4,560 36,185
belts, and also for that matter in parts of Texas and OklaNew Orleans_ _ _ _
350 2,212
396
1,466
Mobile
"200
200 homa the night temperatures were
in the 50s and 60s. OutSavannah
7.522
565 33,353 side of Texas the
25,521
season was on the whole considered rather
Charleston
1,674
2,074
1,000
- Norfolk
474
474 late than otherwise. Such
temperatures at nights and in
New York
1,534
2 1,765
229
the early mornings would certainly not hurry up the
Total
19,438 21,410 56,727 12,492 17,200 11,227 18,083 156,575 growth. The weevil Government
report on Aug. 30 had
Total 1928
35,090 31,649 49,808 22,844 19,250 5,539 19,300 183,480 really been bad. Ignoring it on that day did not alter that
Total 1925
41,156 27.130 66.424 17,955 8,800 4.963 17,532 183,960 fact. The injury done by the pest
is far greater than usual
Receipts to
Sept. 2.
1927.
1926.
This Since Aug This Since Aug
Week. 1 1927. Week. I1 1926.
Stock.
1343
THE CHRONICLE
SEPT. 31927.]
-The highest, lowest and closing prices at
FUTURES.
In 59 counties of Texas, it is said. In western Arkansas it New York for the past week have been as follows:
is more abundant than in any year since 1923. The report
concedes that in some other parts of the Belt, notably in
the lower and middle regions of the Piedmont section, the
infestation is light, and there is none in the extreme upper
part of South Carolina. But in North Carolina Increasing
damage, it declares, is being done by the pest. In southern
counties of that State from the coast to the middle of the
Piedmont section, the average infestation seems to be about
40%. In the upper coastal plain counties the average is
only 8%, though it is added a heavier infestation is expected. Nor is weevil the only pest. Ia many parts of
Texas, the report states, injury from boll worms is severe.
In Colin County 39% of the bolls were, it seems, injured by
them and in Brazos County 26%, as against 10% in the
previous week.
On Sept. 1 came a sudden upturn of 73 to 80 points, due
to a sharp reduction in the private crop estimates. Two
appeared putting it at 12,800,000 to 12,900,000 bales. The
effect was quick and pronounced, here and in Liverpool.
Liverpool suddenly faced about and sent higher prices than
were due. Indian cotton there advanced 60 American
points. Alexandria, Egypt, rose 52 to 82 points. Manchester reported a better demand. Worth Street was very
firm. Heavy rains were reported in Oklahoma and North
Carolina and some in Texas. The Western forecast was
for showers except for western Texas. The condition of
the plant in the Belt was given in two reports as 56.7 to
58.7%, against 59.6, according to the Government report on
Sept. 1 last year, 56.2 in 1925 and 59.3 in 1924. All this
intensified the fears of a bad Government report on the
8th inst. A wave of buying orders, trade and speculative,
home and foreign, swept prices upward and they closed at
not much under the high point of the day.
To-day prices declined about 40 points on better weather
and heavy liquidation on the eve of the Labor Day holiday
on Monday and of the Government report next Thursday.
The cables were better than due, but parts of Texas had
beneficial rains. Other sections of the belt had clear
weather, which was also beneficial. A Memphis crop estimate was 13,842,000 bales. That had some effect. One
from Chicago was about 1,000,000 bales less. The spinners'
takings made the worst showing in many months. Spot
prices were lower, although the basis was reported to be
firm. Liverpool sold 12,000 bales on the spot at a rise of
31 points. The forecast for Saturday was in some respects
favorable. There is an impression that it will take a very
bullish crop report indeed next Thursday to cause a further
advance on the one hand or to prevent a decline on the
other. Final prices for the week show a rise, however, of
Saturday.
Aug. 27.
Tuesday. Wednesday, Thursday,
Sept. 1.
Aug. 31.
Aug. 30.
Monday,
Aug. 29.
22.6( 22.60
Range__ 21.95-21.95
Closing. 22.25 -22.94 -22.22 -22.12 -22.80 -22.31
October
Range.. 21.95.22.40 22.15.23.40 22.22-23.34 22.03-22.57 22.46-22.97 22.41 -23.00
Closing_ 22.35.22.40 23.02-23.07 22.30-22.32 22.20-22.24 22.88-22.92 22.41 22.50
Nov.
22.38-22.38
- --22.30-22.32
Range..
Closing_ 22.47 -23.12 -22.44 -22.38 -23.02 -22.61
Dec.
Range.. 22.23-22.67 22.43-23.70 22.50-23.63 22.30-22.88 22.72-23.26 22.71 23.23
Closing_ 22.65.22.67 23.34-23.38 22.58-22.61 22.50-22.53 23.16-23.19 22.71 22.78
Jan.
Range.. 22.22-22.67 22.45-23.68 22.50-23.63 22.30-22.88 22.72-23.27 22.71 23.25
Closing_ 22.62-22.67 23.33-23.38 22.54-22.55 22.47-22.48 23.20-23.21 22.81 22.82
Feb.
22.70-23.27
Range..
Cloning. 22.69 -23.42 -22.63 -22.55 -23.28 -22.91
March
Range__ 22.37-22.78 22.57-23.84 22.69-23.75 22.45-22.99 22.90-23.43 22.91 -23.41
Closing_ 22.75-22.76 23.45-23.47 22.72-22.76 22.63-22.66 23.35-23.43 23.01 23.01
April
22.67-22.67
Range__
23.01
Closing 22.78 -23.49 -22.75 -22.68 -23.39flay
22.65-22.90 22.74-23.83 22.58-23.09 22.96-23.48 23.0; 23.48
Range.. 22.45-22.84
23.54-23.57 22.77-22.81 22.72-22.73 23.43-23.45 23.0;
Closing 22.81June
Range..
22.58 -23.25 -22.81
Closing 22.65 -23.37 -22.62July
Range.. 22.15-22.60 22.42-23.40 22.44-23.49 22.15-22.63 22.70-23.18 22.71 -23.15
22.71 -22.75
23.0722.41199
Closing. no ‘,_.>;, An 92 90- 47-
Range of future prices at New York for week ending
Sept. 2 1927 and since trading began on each option:
Range for Week.
()Prim for
74 to 95 points. Spot cotton closed at 22.70c. for middling,
a rise of 75 points for the week.
The following averages of the differences between grades,
as figured from the Sep i.. 1, quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Sept. 9.
Middling fair
8 28 oft
1.26 on *Middling "yellow" stained
Strict good middling
1.03 on *Good middling "blue" stained__2.03 oft
Good middling
.73 on Strict middling' blue" stained___2.73 oft
.49 on *Middling "blue" stained
*trict middling
3.59 oft
Basis Good middling spotted
23 on
Middling
1.03 off Strict middling spotted
Strict low middling
06 oft
2.13 off , Middling spotted
Low middling
1.03 oft
*Strict good ordinary
8.33 off I *Strict low middling spotted__2.05 off
*Good ordinary
11.41 off ; *Low middling spotted
3 33 off
Strict good mid."yellow" tinged_ .10 off Good mid, light yellow stained__1.23 oh
Good middling "yellow" tinged
.50 off *Strict mid, light yellow stained_1.78 oft
Strict middling "yellow" tinged_.1 00 off *Middling light yellow stained___2.70 oft
*Middling "yellow- tinged
2.05 off Good middling "gray"
.67 off
*Strict low mid."yellow" tinged_21 34 off *Strict middling "gray"
1.07 oft
*Low middling "yellow" tinged_ _4.59 off *Middling "gray"
1.60 off
Good middling "yellow" stained.1.95 off
*Strict mid. "yellow" stained__ _2.48 off •Not deliverable on future contracts.
Aug. 1927_
Sept. 1927__
Oct. 1927__
Nov. 1927_
Dec. 1927__
Jan. 1928__
Feb. 1928__
May. 1928._
April 1928_
May 1928__
June 1928
July 1928._
21.95
21.95
22.30
22.23
22.22
22.70
22.32
22.67
22.45
Aug. 27 22.60
Aug. 27 23.40
Aug. 29 22.38
Aug. 27 23.70
Aug. 27 23.68
Aug. 29 23 27
Aug. 27 23.84
Aug. 31 22.67
Aug. 27 23.90
Range Since Beginning of Option.
13.03 Jan. 4 1927 20.51 Aug. 23 1927
Sept. 2 12.10 Dec. 4 1926 22.60 Sept. 2 1927
Aug. 29 13.46 Dec. 4 1926 23.40 Aug. 29 1927
Aug. 31 12.75 Dec. 6 1926 22.38 Aug. 31 1927
Aug. 29 13.36 Jan. 3 1927 23.70 Aug. 29 1927
Aug. 29 14.11 Mar. 15 1927 23.68 Aug. 29 1927
Aug. 29 18.19 July 12 1927 23.27 Aug. 29 1927
Aug. 29 14.75 Apr. 4 1927 23.84 Aug. 29 1927
Aug. 31 18.35 July 12 1927 22.67 Aug. 31 1927
Aug. 29 17.32 Aug. 3 1927 73.90 Aug. 29 1927
22.15 Aug. 27 23.49 Aug. 30 17 94 Aug. 5 1927 23.49 Aug. 30 1927
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and conseqttently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
S pt. 2Stock at Liverpool
Stock at London
Stock at Manchester
109.000
70,000
1925.
487.000
1.000
40.000
1,197.000
890.000
528,000
346,000
176.000
9,000
91.000
23,000
55.000
102.000
2.000
41.000
8.000
53.000
71,000
2.000
38.009
6,000
5.000
1.000
645,000
208,000
176,000
1927.
bales_1.088,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1927
1926
1925
1924
1923
1922
1921
1920
22.70c.
18.75c.
22.60c.
25.650.
26.350.
22.250.
18.150.
31.75c.
1919
1918
1917
1916
1915
1914
1913
1912
31.40c,
36.50c.
23.30c.
16.30c.
9.75c.
1911
1910
1909
1908
1907
1906
13.00c, 1905
11.250. 1904
11.70c. 1903
15.00c. 1902
12.80c, 1901
9.30c, 1900
13.55c. 1899
9.80c. 1898
10.95c. 1897
11.10c. 1896
12.75c.
9.00c.
8.62c.
9.62c.
6.250.
5.81c.
7.81c.
8.31c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
C osed.
Futures
Market
Closed.
Saturday... Steady, 65 pts. adv. Strong
Monday ___ Steady. 65 pts. adv. Steady
_ Quiet, 75 pts. dec.- Steady
Tuesday
Wednesday. Quiet, 10 pts. dec.. Steady
-Thursday.. Steady, 70 pts. adv. Steady
Steady, 40 pts. dec. Barely Steady _
Friday
Total week_
Since Aug. 1
SALES
93
500
88
1,881
8,315
396.000
1,000
57.000
45,000
5,000
68,000
8,0011
3,000
1,000
188,000
584.000
55.000
214,000
106,000
37,000
493.000
238.638
224,720
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, Sze
Total American
415.000
186.000
55.000
34.000
149,000
287.000
594.637
488.127
128.000
273.000
352.953
357.322
120.000
21.000
117,000
214.000
238,632
224.720
3.131,172 1,988.764 1,331,275
935.352
301.000
1.000
6,000
48.000
110.000
122.000
40.000
469,000
248.000
1,111
6,111
71,000
55.000
106.000
37,000
493.000
325.000
405,000
18.000
51.000
78.000
136.000
259.000
482.000
15.000
59.000
58.000
134.000
155.000
368,000
1,349.000 1,194.000 1.097.000 1.017,000
3,131,172 1,988.764 1.331.275 935.358
4.480.172 3,182.764 2.428.275 1,952,352
Total visible supply
Middling uplands. Liverpool
12.34d. I0.07d. 12.514. 15.158.
18.70c. 22.650. 35.70e.
Middling uplands New York..._ 22.70c.
Egypt, good Sahel. Liverpool.- 21.90d. 19.306. 31.006. 26.058.
Peruvian, rough good. Liverpool- 13.258. 14.504. 22.004. 23.00d.
8.754. 11.15d. 12.354.
Broach, fine, Liverpool
11.15d.
9.304. 11.554. 13.504.
Tinnevelly. good, Liverpool
11.554.
a Houston stocks are now Included in'theport stocks; in previous years
they formed part of the interior stocks.
Continental imports for past week have been 77,000 bales.
The above figures for 1927 show an increase over last
week of 85,104 bales, a gain of 1,297,408 over 1926, an
Fob
ion increase of 2,951,897 bales over 1925, and an increase of
93 2,528,014 bales over 1924.
----__
88
AT THE INTERIOR TOWNS the movement
-that is,
100 1,981 the receipts for the week and since Aug. 1, the shipments for
400 8.715 the week and the stocks to-night, and the same items
for the
Spot, Contra Total.
1,000
200
1924.
368,000
1,000
27.000
4,480.172 3.182,764 2,428.275 1,952,358
Total visible supply
O w he above, totals of American and other descriptions are as follows:
Af tricia -n
bales- 763,000
L erp I stock
91.000
Manchester stock
594.000
Continental stock
273.000
American afloat for Europe
Sat. Mon. Tues. Wed, Thurs. Fri.
al.073.558
U. S. port stocks
22.60 23.25 22.50 22.40 23.10 22.70 U. S. interior stocks
a 336,614
U. S. exports to-day
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept. 2for each of the past 32 years have been as follows:
1926.
820.000
1.842.000 1.098.000 704.000
Total European stocks
58.000 110.000
India cotton afloat for Europe.... 78,000
American cotton afloat for Europe 273,000 287.000 273.000
134.000 122.000
Egypt,Brazil,&c.,afloatforEurope 136.000
40.000
259.000 155.000
Stock in Alexandria. Egypt
482.000 36+5.000 469.000
Stock in Bombay. India
594.637 352.953
a1,072.558
Stock in U. S. ports
Stock in U. S. interior towns_ _--a 336.614 488.127 357.322
,
U. S. exports to-day
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 27 to Sept. 2Middling upland
Fr
Sej 1. 2.
____ 1,000
-200
1344
THE CHRONICLE
[Vol.. 125.
corresponding periods of the previous year, is set out in detail
NEW ORLEANS CONTRACT MARKET.
-The closing
below:
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Movement to Sept. 2 1927.
Towns.
Movement to Sept. 3 1926.
Receipts.
I Ship- Stocks
Receipts.
Ship- Stocks
meats. Sept.
meats, Sept
Week. I Season. Week.
Week. Season. Week.
2.
3.
Ala.,Birming'm
37
Eufaula
2,000
Montgomery. 5,727
Selma
6,069
Ark.,131ythevIl
29
Forest city _ _
Helena
--if)
Hope
469
Jonesboro_ - Little Rock._
"i6a
Newport-9
Pine Bluff__ _I
154
Walnut Ridgel
19
Ga., Albany_
412
Athens
473
Atlanta
Augusta
12,712
Columbus_ _ _
510
Macon
3,691
Rome
10
La., Shrevepoll
60
Miss.,Clarksdal
344
Columbus_ _
. ....._
Greenwood
261
Meridian
3,927
Natchez
2,051
Vicksburg_ _
.
258
Yazoo City
82
Mo., St. Louis_ 2,489
N.C.,Greem3b'ro
337
Raleigh
3
Okla.. Altus x_ _
Chickasha xOkla. City x.
15 towns._
1,4
S.C.,GreenviII
2,971
Greenwoodx_
Tenn.,Memphis 7.512
Nashville x....
Texas, Abilene_
Austin
Brenham
Dallas
Ft. Worth x..
Paris
33
Robstown_
2,353
San Antonio_ 3,02
Texarkana
141
Tyler
4,439
Waco
668
72
967
440
92
85
468
4,483 1,397 7,000
602
491 1,664
703
11,037 1,745 18,511 1,489
2,268 1,251 8,182
1,029
8,348
888
752 12,828
645 3,783
894 6,826
221
225
59 1,381
412 1.353 16,483
60
315 6,071
51
541
762
120
73
1,577
1,794 1,370 27.902
506
386 9,132
863
72 1,12
41
3,190 1,190 27,142
272 9,223
372
24
611
500
72
480 1,934
1,676
318
324 1.987
489
1,302
2,079
140
400 3.075
150 1,601
1,474 1,806 7,687
3,295 1.117 9,921
331
24,129 5,722 34,390 7,100
15,537 5,138 29,326
487
1,959
576
441
875
527
980
2,721 1,671 3,981
8,213 2,952 2,980 1,725
200 3,398
445
115
200 7.285
2.670 2,649 13,576
202
363
264 14,420
1,160
254 11.685
1,638 1.106 46,071
939
380
836
874
72
704 10,268 2,359
372 1,733 38,317
4,558
326 6,216
599
881
63 2.599
2,400
779 5,497
75
181
363 2,594
304
379
24
27
se 338 10.368
235
_
320
82
124
388 7.779
23,330 5,128 11,774
12,616 2,13138
766 5,140
2,634 1,569 26,284
581
4.143
940 14,311
392
348
17
874
1
1,887
478 3.180
2
229
144 3,086
40
168
511 11,428
5,422 2,187 8,237
15,954 5.315 32,167 12.749 22,975 4,316 40.077
1,808
38,646 11,713 61,167 13,066
54,397 18,985 119,935
354
610
870
2
146
186
2,539
500 1,588
70
196
164
as
3,753 1,088 7,225
636
959
658 3,868
1,217
589 3,427
224
1,180
751 6,191
31
330
139 2,885
149
225
362
2
500
28,745 2,218 14,313
18,703 3,394 3,825 4,972
18,048 5,479 3,991
413 1,842
466
Saturday,
Aug. 27.
Monday,
Aug. 29.
Tuesday, Wednesday, Thursday,
Aug. 30.
Aug. 31.
Sept. 1.
Friday,
Sept. 2.
October __ 22.21-22.26 23.00-23.04 22.20-22.24 22.19-22.24 22.85-22.90 22.40-22.41
December_ 22.50-22.55 23.27-23.29 22.52-22.56 22.42-22.47 23.10-23.17 22.68-22.71
January __ 22.55-22.57 23.32-23.38 22.80-22.81 22.92-22.44 23.10-23.11 22.69-22.71
March__ 22.65 ---- 23.41-23.4422.63,-22.6522.53,22.55 23.27 -22.85May
22.80-22.6523.39 ---- 22.82-22.84 22.48-22.52 23.20-23.24 22.81 ---July
22.40 bid 23.14-23.19 22.32 bid 22.18 bid 22.90 bid 22.51 bid
Tone
Spot
Steady
Steady
Steady
Steady
Steady
Steady
OptIons
Firm
Steady Barely st'y Barely st'y Steady
Easy
AGRICULTURE REPORT ON COTTON INSECTS
IN THE FIELD PRIOR TO AUG. 15.
-The U. S. Bureau
of Entomology of the United States Department of Agriculture at Tallulah, La.,issued its semi-monthly report on cotton
insects in the field prior to Aug. 15. Below is the report:
Reports on the Boll Weevil.
College Station, Texas. Dr. F. L. Thomas. Aug. 20.
-The
section of the State has had far more boll weevil injury than usual, eastern
reports
being received from 59 counties during the period Aug. 1 to 15. The
reports from two of these counties, which are in the western part of the
State, have not been verified, viz., Dickens and Orion. There
to be an area of eight or ten counties in central Texas where boll appears
have not been abundant except in the wooded sections. The crop weevils
in this
area is a little better than average. Hot, dry weather has practically
stopped growth.
Fayetteville, Ark. Dwight Isely. Aug. 16.
-Boll weevils appear to
be more abundant in the western portion of the State this year
any year since 1923. There is more infestation on the hill farmsthan in
in this
portion of the State than I have ever seen. Our records for the eastern
portion of the State are not as complete as usual, but apparently the boll
weevil is not proportionately as serious as in the western portion.
Tallulah, La. Aug. 8 to 13.
-The average infestation on six cuts of
old cotton was 65.9%. The infestation ranged from 56.6 to 75.0%.
Baton Rouge, La. Dr. W.E. Hinds. Aug. 20.
-Boll weevil infestation
has been complete in many fields for at least ten days and is rapidly reaching
the condition of complete infestation in the majority of undusted fields.
However, the infestation has been so "spotted" in the earlier part of the
season that some fields are still making cotton.
A. & M. College, Miss. Mississippi State Plant Board. Aug. 20.
Boll weevils in Mississippi broke all previous records of the season during
the past week with an average of 40% of the squares punctured in the hill
counties of the State, according to reports of the State Plant Board inspectors, who examined 87 farms in 21 counties. This is a marked increase
over the preceding week, when the infestation averaged only 30%,and that
of 18% two 3yeeks ago. The weevils are four times as abundant as on this
date last year, when the average infestation was only 10%. The flooded
area of the Delta is still practically free of weevils, though some low
infestations have been fount' in a few places.
Auburn, Ala. J. M. Robinson. Aug. 16.
-Boll weevils have continued
3,308__L j
6,83
4,62_5
to multiply in enormous numbers in central and southern Alabama. In
Total. 57 town 87,841 214,615 68,251336,6141 53,661 185,453 57.460488.127 some of the Piedmont region cotton fields there will not be over 50 bolls of
cotton to the acre. This Is perhaps in a rather limited area. Of 6,489
squares counted on undusted plats 65% were punctured.
:Discontinued. •Includes the combined totals of 15 towns in Oklahoma.
Florence, S. C. E. W. Dunnam. Aug. 16.
-The
The above total shows that the interior stocks have 12 plantations in the vicinity of Florence on Aug. 10average infestation OD
was 77.36%, as comincreased during the week 103,000 bales and are to-night peted to 66.64% on Aug. 2.
Clemson College,
Eddy. Aug. 15.
-Weevil infestation is
151,513 bales less than at the same time last year. The light and found onlyS. C. C. 0.areas in the lower and middle Piedmont
In scattered
receipts at all the towns have been 14,180 bales more than sections. No weevils have been reported in the extreme upper section of
the State.
the same week last year.
Raleigh, N.C. R.W.Leiby. Aug. 15.
-Increasing damage throughout
In the southern cotton counties
coast
OVERLAND MOVEMENT FOR THE WEEK AND the cotton section.the average infestation of squaresfrom the to be to the
middle Piedmont
appears
about
40%. In the upper Coastal Plain counties the average infestation is
SINCE AUG. 1.
about 8%, with a heavier infestation expected.
927
1926-----Reports on the Leaf Worm.
sept. 2Since
Since
College Station, Tex. Dr. F. L. Thomas. Aug. 20.
Shipped-Leaf worms have
Week. Aug. 1.
Week. Aug. 1.
caused very little injury to date In the greater part of the State. Parasites
Via St. Louis
2,868
14,032
5.128
24,491 have contributed greatly in holding the numbers
Via Mounds, &c
in check. Have just re1,214
7,404
1,860
8,335 turned from a trip to Lamar. Collin and Hill counties,
Via Rock Island
where many sections
44
288
529 In each county were visited. Excepting
Via Louisville
468
1,925
480
2,508 place where there was even a threat of one field in Hill County I saw no
Via Virginia points
4,331
23,176
4,138
22,203 from Hill County over a month ago. injury. Worms were first reported
Only 17
Via other routes, &c
5,205
26,105
4,840
20.851 past two weeks period. These reports are from counties reported for the
widely scattered sections:
Hudspeth, Midland, Mitchell, Wilbarger, Hayes, Lavaca, Victoria,
Total gross overland
14,086
72.686
16,734
78.917 Stephens, Ellis and a few others in the northeast.
Deduct Shipments
Fayetteville, Ark. Dwight isely. Aug. 16.-Leaf worms have been
Overland to N. Y., Boston, &c__ _ 1.486
7,607
1,339
4.978 collected in Washington County and specimens have also
Between interior towns
been received
362
1,909
356
1,429 from Lawrence County in the northeast corner
Inland, &c.,from South
10.134
40,926
10.043
56.066 that the species is fairly well distributed over of the State. indicating
Arkansas at present.
Baton Rouge, La. Dr. IV. E. Hinds. Aug. 20.-Cotton leaf worms are
Total to be deducted
11,982
50,442
11,738
62.473 reported as abundant in many fields in the northwestern
part of the State
and extending at least as far east as Monroe.
Leaving total net overland •
2.104
22,244
4,996
16,444
A. & M. College, Miss. Mississippi State Plant Board. Aug.
*Including movement by rail to Canada.
15.
Cotton leaf worms are probably generally distributed over the
northern
half of the
The foregoing shows the week's net overland movement localities in State, as the pest has been reported from widely separated
Alcorn,
Desoto, Lee and
this year has been 2,104 bales, against 4,993 bales for Yazoo counties. TheWashington, Bolivar, Coahoma, cases
worms are webbing up in several
and another
the week last year, and that for the season to date the generation is expected between Aug.20 and Sept. 1. The next generation
aggregate net overland exhibits an increase over a year ago will probably be numerous enough to do serious damage.
Miscellaneous.
of 5,800 bales.
College Station, Tex. Dr. F. L. Thomas, Aug. 20.-Boll
Is severe in many places, increasing in one field of this county worm injury
1927
1926
(Brazos)from
10 to 26% on 1.700 bolls during the period Aug. 3 toll.
Since
In Sight and Spinners'
Since
In Collin County
39% of the bolls were injured and in Lamar County
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
the average was 3.3%
with a maximum of 8%.
Receipts at ports to Sept. 2
248.049
616.929 187.891
462.823
Cotton flea hopper reports continue to filter in, coming from
Net overland to Sept. 2
2,104
22,244
4.996
16.444
six counties.
Rouge,
Southern consumption to Sept. 2-115,000
556.000
70.000
340.000 Is Baton damagedLa. Dr. W. E. Hinds. Aug. 20.-Late planted cotton
being
severely by cutworirs and
also unusually injurious to full-grown bolls. grassworms. Doll worms are
Total marketed
365,153 1.195.173 262.887
819.267
Cotton
Interior stocks in excess
103
*36.338
*7.990
*79.796 ticularly plant lice have developed abundantly in some localities and parwhere poison for the boll weevil has been
Tallulah, La. Aug. 16.-Boll worms continue applied. injury
Came into eight during week---365.256
254,897
to
in the
area that was overflowed in Louisiana, Arkansas and cause
Total in sight Sept. 2
1,158,835
739,471
Mississippi.
The next generation of the southern grass
worm is expected to appear
within the
69,839
31,594
North. spinners' takings to Sept.2 13,577
164,641 Injurious nextfew days in northeastern Louisiana. Grass worms havel3een
in the overflowed area of the three
*Decrease.
The next generation of the leaf worm is States.
next few days in northeastern Louisiana. expected to appear within the
Movement into sight In previous years:
Auburn, Ala. J. M. Robinson. Aug. 16.-The cotton
boll worm has
WeekBales.
Since Aug. 1Bales.
been active in local areas over
1925
-Sept. 5
452,482 1925
1,252.577 been reported as doing rather the entire State. At several points they have
serious damage.
1924
-Sept. 6
280.352 1924
809.413
Cotton flea hopper adults are more numerous
now than at any time
1923
-Sept. 7
285,864 1923
1.134,528 during the year. However, the
cotton crop is so far advanced that damage
negligible.
QUOTATIONS FOR MIDDLING COTTON AT OTHER from these insects is is
fall army worm appearing from grass in oorn
The
fields Into the edge of
MARKETS.
some cotton fields and has devoured the cottion
foliage to the point, at
least in one instance, where the farmer has become
alarmed.
Florence. S. C. E. W. Dunnam. Aug. 16.-Cotton
Closing Quotations for Middling Cotton on
lice can
in almost all cotton fields but are not causing serious damage. be found
Week Ended
Raleigh, N. C. Dr. R. W. Leiby. Aug. 15.-Rod spider has caused
Sept. 2.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
more damage this year than in any of the past six
years.
cause some material decrease in the crop in this State this This insect will
Galveston
22.25
season.
21.65
22.85
23.00
22.45
22.15
New Orleans....- 21.30
22.62
22.75
22.15
22.00
22.00
WEATHER REPORTS BY TELEGRAPH.
-Reports to
Mobile
21.00
22.25
21.75
21.65
22.25
21.85
us by telegraph this evening denote that rain has fallen during
Savannah
21.25
22.67
21.90
21.80
22.51
22.10
Norfolk
21.31
22.63
21.81
the week in most sections of the cotton belt. Precipitation
22.13
21.88
22.50
Baltimore
21.25
22.25
23.00
22.50
23.00
22.25
has as a rule been light but in a few instances has been heavy.
Augusta
21.31
22.69
21.90
22.13
21.88
22.56
Memphis
20.25
The crop has not made altogether satisfactory progress, and
21.75
21.00
21.00
21.00
21.00
Houston
21.60
22.95
22.40
22.20
22.80
22.10
yet from some sections accounts are very good. Weevils
Little Rock_ _ _ _ 20.75
22.00
21.50
21.30
21.20
21.90
Dallas
continue to be active but have been cheoked somewhat by
22.15
21.65
21.45
21.40
22.05
Fort Worth_ __ 22.15
21.40
22.05
21.65
21.35
the dry weather.
sl
i8:tg
Texas.
-Picking and ginning have made good progress in
this State. In the northwest and parts of the west advance
of cotton has been good but elsewhere there are complaints
of shedding and premature opening.
-The weather has been favorable for harMobile, Ala.
vesting cotton, which is opening fast. Gins are running
full time. Some complaints of shedding are reported.
Thermometer
Rain. Rainfall.
hIgh 90
dry
Galveston, Texas
1.32 in. high 102
1 day
Abilene
high 100
dry
Brenham
high 96
dry
Brownsville
Corpus Christihigh 96
1 day 9.34 in. high 104
Dallas
2 days 0.34 in. high 106
Henrietta
high 100
dry
Kerrville
1 day 0.02 in. high 106
Lampasas
0.92 in. hig.li 98
Longview
1 day
dry
high 102
Luling
2 days 1.14 in. high 106
Nacogdoches
high 100
dry
Palestine
1 day 0.66 in. high 100
Paris
high 102
dry
San Antonio
dry
Taylor
2 days 2.24 in. high 100
Weatherford
1 day
1.20 in. high 102
Ardmore. Okla
1 day 0.27 in. high 102
Altus
2 days 0.66 in. high 88
Muskogee
3 days 0.20 in. high 89
Oklahoma City
1.35 in. high 92
1 day
Brinkley, Ark
4 days 1.95 in. high 94
Eldorado
2 days 0.54 in. high 89
Little Rock
3 days 0.84 in. high 96
Pine Bluff
2 days 0.84 in. high 98
Alexandria. La
0.89 in. high 90
1 day
Amite
3 days 2.82 in.
New Orleans
Shreveport
2 days 0.48 in. high 95
dry
high 96
Columbus
Greenwood
1 day 0.97 in. high 95
Vicksburg
4 days 4.87 in. high 88
Mobile, Ala
2 days 2.11 in. high 87
dry
high 91
Decatur
Montgomery
2 days 0.63 in. high 94
high 95
dry
Selma
3 days 0.36 in. high 92
Gainesville. Fla
dry
high 93
Madison
1 day 0.12 in. high 88
Savannah, Ga
1 day 0.10 In. high 88
Athens
dry
high 91
Augusta
1 day 0.03 in. high 96
Columbus
2 days 0.33 in. high 83
Charleston, S.C
1.17 in. high 91
1 day
Greenwood
1 day 0.12 in.
Columbia
1 day 0.36 in. high 88
Conway
4 days 1.12 in. high 86
Charlotte, N. C
1 day 0.17 in. high 84
Newborn
2 days 1.19 in. high 86
Weldon
Memphis
1 day 0.27 in. high 92
low 76
low 66
low 68
low 72
low 74
low 66
low 66
low 60
low 70
low 62
low 74
low 64
low 70
low 64
low 70
low 72
low 66
low 67
low 67
low 60
low 62
low 50
low 59
low 62
low 57
low 64
low 56
low 65
low 52
low 51
low 60
low 65
low 56
low 62
low 61
low 65
low 62
low 60
low 53
low 59
low 61
low 62
low 53
low 58
low 55
low 56
low 57
low 55
low 58
Above zero
Above zero
Above zero
Above zero
Above zero
Sept. 2
1927.
Feet.
of gauge_
6.7
of gauge_ 13.4
of gauge..
7.8
of gauge_
6.5
of gauge_ 26.4
Aug. 26
1927.
Feet.
6.8
17.1
8.6
8.1
28.6
Sept. 3
1926.
Feet.
3.9
19.5
15.4
14.0
24.7
RECEIPTS FROM THE PLANTATIONS.
Receipts at Posts
Week
Ends
June
3-10-17-24__
July
I__
8__
15-22-29.Aug.
1927.
1926. I 1925.
89.8071 31.997
47,642 21,739
80,676 39,633
52,469 14,161
1
36.843 53,120 18,514
38,8011 37.067 18,245
34,623 36,882 22.774
30.270 37.161 21,742
35,602, 85,222 45,020
1
1
45,276 53.306 41,207
12-- 84,022 73,869 43,254
19.. 108,930 87,880 93.836
26.. 143,950113,195148,566
1
1
Sept.
248,049187,891250,017
68.264
56.037
51.460
45,396
Stocks at Interior Towns.
ltreettAsirtmtnantatfons
1926. 1 1925.
1927.
1
613.9171.224.902
575,0951,186,780
534,914 1,074,9971
503.0001,031,182:
471,66
449,131
412,498
392,271
374.492
987.0931
952,467
917.992
884,912
819,353
376.345
359.809
349,011
336,511
542.2511
522.013
511,748
496,117,
1
336,614 488,127
312,396
285.662
249,315
234,869
1927. 1926.
25.730 13,273
17.215 9,520
11.279 68,893
13.482 8,654
1925.
3,673
3:286
..---
213.754 5,512 9,037
195,424 16.263
_
183,524
i
2:• 07 11,686
170,236 10,043 4,081 8,454
160,605 12,823 19,663 35,388
150,547 47,129
164.545 67,486
191.601 98.131
270,980131,450
22.217 31,149
53,631 57.252
77.616120.892
97,800227.669
357.322248.152 179,901 336.359
The above statement shows: (1) That the total receipil
from the plantations since Aug. 1 1927 are 580,591 bales:
in 1926 were 414,141 bales, and in 1925 were 773,311
bales. (2) That although the receipts at the outports the
past week were 248,049 bales, the actual movement from
plantations was 248,152 bales, stocks at interior towns
having increased 103 bales during the week. Last year
receipts from the plantations for the week were 179,901
bales and for 1925 they were 336,359 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season,
1927.
Week.
Season.
1926.
Week.
Season.
4,395,068
3.213.941
Visible supply Aug. 26
4,961,754
Visible supply Aug. I
3,646.413
American in sight to Sept. 2_ 365,256 1,158.835 254.897
739.471
16.000
75,000
21,000
Bombay receipts to Sept. 1-...
93,000
12.000
57,500
6,000
Other India shipnfts to Sept. 1
47.000
7,600
13,860
3,000
Alexandria receipts to Aug. 31.._
11,600
16,000
54,000
15,000
55.000
Other supply to Aug. 31-*b_ _
Total supply
Deduct
Visible supply Aug. 2
Total takings to Aug. 2-a
Of which American
Of which other
4.811,924 6,320,949 3.513,838 4.592.484
4,480,172 4.480.172 3.182.764 3.182.764
331,752 1,840.777
257.152 1,417,417
74.600
421.360
*Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 556,000 bales in 1927 and 340,000 bales in 1926-takings
-and the aggregate amounts taken by Northern and
not being available
foreign spinners, 1,284,777 bales in 1927 and 1.069.720 bales in 1926, of
which 861.417 bales and 655,120 bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1927.
1926.
1925.
Sept. 1.
mean 83
Since
Since
Since
Receipts at
mean 84
Week. Aug. 1. Week.lAug. 1. Week. Aug. 1.
mean 84
mean 84
93.000 13,0001 84.000
10.0001 75,000 21.000
mean 85 Bombay
mean 85
Since August 1.
mean 86
the Week.
For
mean 80
Exports.
Great
Conti- Japan db
mean 88
Great cona- Japan&
China. I Total.
mean 80
Britain. need. China. Total. Britain. I nerd.
mean 88
mean 85 Bombay
4,0001 24,000 78,000 106,000
,
9,000
mean 85
9,000
1927
1,000i 22.000 120,000 143,000
mean 82
8,000 12,000 20,000
1926
117,000
4.000, 50,000 63,
mean 86
25,000 18,000 43,000
1925
Other India1
57,500
7.500' 50,000
12,000
mean 84
2,000 10,000
1927
47.000
2,0001 45,000
6,000
mean 85
6,000
1926
66.000
18,0001 48.000
10.000
mean 85
3,000 7,000
1925
mean 74
mean 76 Total all
163,500
,
mean 71
____ 21,000 11,5001 74,000 78,
2,000 19,000
1927
3,000 67,000 120.000 190,000
mean 77
14,000, 12,000 26,000
1926
mean 76
3,000 32,0001 18.000 53,000 22,000 98.000 63.000 183,000
1925
mean 77
moan 81
According to the foregoing, Bombay appears to show a
mean 73
last year in the week's receipts of
mean 80 decrease compared with
mean 80 5,000 bales. Exports from all India ports record a Lecrease
mean 74 of 5,000 bales during the week, and since Aug. 1 show an
mean 73
mean 74 decrease of 26,500 bales.
mean 78
mean 74
ALEXANDRIA RECEIPTS AND SHIPMENTS.
mean 78
mean 78
1926.
1925.
Alexandria, Egypt,
1927.
mean 79
August 31.
mean 78
mean 74
mean 71 Receipts (cantars)15,000
60,000
38,000
This week
mean 75
54.527
86,045
69,300
Since Aug. 1
mean 79
mean 73
mean 72
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. I.
Exports (bales)mean 71
mean 69
To Liverpool
_- 5,500 6,500 16,223 2,750 3,746
mean 71
7,709 ---_
7,000 --- 3,065
To Manchester, &c
mean 71
To Continent and India- 7.000 26,800 6.250 17,368 1,750 8.985
mean 75
8.000 10,400 2.250 5,680 1,750 3,295
To America
The rivers have fallen during the week at all points. At
Vicksburg the gauge has dropped from 28.6 feet last Friday
to 26.4 feet the present Friday; at Shreveport from 8.1 feet
to 6.5 feet; at Nashville from 8.6 feet to 7.8 feet;at Memphis
from 17.1 feet to 13.4 feet, and at New Orleans from 6.8 feet
to 6.7 feet. At Memphis, Nashville and Shreveport the
river is lower than at this date a year ago but at New Orleans
and Vicksburg the water still remains at higher levels.
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:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
1345
THE CHRONICLE
SEVT..3'1927.]
331.074 1.409,720
242,074
995,120
89.000
414,600
Total exports
15,000 50,400 15.000 46.271 6.250 19,091
Note.
-A canter is 99 lbs. Egyptian bales weigh about 750 be.
This statement shows that the receipts for the week ending Aug. 31 were
38,000 canters and the foreign shipments 15,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloth and yarns is firm. Demand for India is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison.
1926.
1927.
32s Cop
Twist.
d.
Syi Lbs. 5401 Cotton
legs, Common
Upl'ds
to Finest.
U. s. d.
s. d.
32s Cop
Twist.
834 Lbs. Shill- Cotton
g
ings, Common AfUfa'
Upl'd4
to Angst.
s. d.
d.
s. d.
d.
June
14%617 130
10_ _ _ 14%417 13 0
104416% 13
1434 is 1634 13 0
14%616% 13 0
July
14348.1634 13 0
15 @1634 13 0
8.
15% @17 13 1
15)4417h 13 4
15H 417)4 13 4
August
15446171S 13 2
17 419 13 5
16%617}4 13 5
16% 418 14 0
18
6619
136
@133
413 3
613 3
613 3
413 3
13 2
9.23
13 1
9.03
9.13 15 4,16M 13 1
9.13 14%4 16%, 13 1
9.08 14%616M 13 1
@135
613 4
613 4
613 4
413 4
10.32
9.92
9.61
9.56
9.56
413 3
413 3
613 4
613 6
613 6
9.11
9.17
9.65
9.91
10.05
14348.1634 13 1
1434b. 1634 13 0
14348.1634 13 0
14%61634 13 0
15 616% 13 9
613 4
413 2
413 2
613 2
413 2
9.26
9.60
9.92
9.93
10.02
413 4
@13 7
(4137
614 2
9.47
10.40
10.60
11.15
15 (416%
15546164
15%416h
1414@,1854
13 0
13 0
130
13 2
@132
613 2
8.134
413 4
9.74
9.35
9.58
10.17
@140
12.34 1534(517
134 (5136
10.07
-Shipments in detail:
SHIPPING NEWS.
Boles.
229
-To Bremen-Aug. 26-President Roosevelt. 229-NEW YORK
-Cedric, 1.534
1,534
-Aug. 26
To Liverpool
2
To Antwerp-Aug. 26-Belgenland, 2
-Kentucky. 396
-Aug. 26
396
-To Havre
NEW ORLEANS
-Kentucky, 100
100
-Aug. 26
To Antwerp
150
To Barcelona-Aug,26-Rosandra, 150
--Giulia, 1.416
-Aug. 27
1.416
To Venice
50
--Giulia, 50
-Aug. 27
To Trieste
-Edam, 100
100
To Rotterdam-Aug. 27
-Texas, 499
499
HOUSTON-To Copenhagen-Aug. 27
2.625
To Genoa-Aug.27-Monrosa, 2.625
2,318
To Barcelona-Aug. 29-Aldecoa, 2,318
-Aug. 30To Bremen-Aug. 30-Heathfield, 10,640
16.342
Eldena, 5,702
-Tyr, 14,100
14,100
To Murmansk-Aug. 29
-Aug. 31-Jacques Cartier. 6,994_-_Aug. 31
To Havre
Brush,4,168
11,162
-Aug.31-Jacques Cartier, 82
To Antwerp
82
-Giulia, 3,339
-Aug. 30
To Venice
3.339
-Aug. 30
-Giulia, 275
To Trieste
275
-Aug. 31-Brush, 200
200
To Ghent
To Rotterdam-Aug. 31-Brush. 250
250
.Aug. 29GALVESTON-To Genoa
-Aug. 24-Jolee, SOIL.
Maddalena Oder°, 1,236- --Aug. 30-Monrosa. 375
2,411
-West Cressey, 1.924
To Liverpool
-Aug. 29
1.924
-Aug. 29
-West Cressey, 278.
To Manchester
278
-Aug.28-Skipton Castle,500.._Aug.30-Berkdale,
To Havre
-West Tacook, 904
.Aug. 30
8,348...
9,752
-Aug. 28-Skipton Castle, 3,435-Aug. 30
-West
To Ghent
Tacook, 1,013
4,448
-Texas, 201
To Copenhagen-Aug. 29
201
To Bremen-Aug. 29-Heathfield, 1,867__ _Aug. 30Eldena, 3,286
5,133
-Aug.30
-West Tacook, 108
To Antwerp
108
-Jacques Cartier. 100
To Dunkirk-Aug. 29
100
-Edam, 2,400_ __Aug. 30
To Rotterdam-Aug. 29
-West
Tacook, 159
2.559
To Barcelona-Aug. 30-Aldecoa. 2.206
2.206
-Aug. 26-Dakarian, 100
MOBILE To Liverpool
100
To Manchester-Aug.26-Dakarlan, 100
100
me
1346
THE CHRONICLE
SAVANNAH-To Bremen-Aug. 26
-Orate, 7,000---Aug. 31- Bales.
West Mehemet,3,461; Craig, 12,350
22.811
To Hamburg-Aug. 26
-Crete, 2,220„-Aug. 31-West Mahornet, 500
2.720
To Liverpool-Aug.31-GreicaIds% 4,647: Coldwater.2,575_- 7,222
To Manchester
-Aug. 31--Grelcaldy, 300
300
To Rotterdam-Aug.31-West Mehemet, 300
300
CHARLESTON-To Bremen-Aug. 26
--Coldwater, 1,000
1,000
To Liverpool-Aug.27
-Coldwater,213
213
To Manchester
-Aug.27
-Coldwater,861
861
NORFOLK-To Liverpool
-Aug. 29-Artigas,474
474
CORPUS CHRISTI
-To Liverpool-Aug.24
-WestCressey,5,846 5.846
To Manchester
-Aug. 24
-West Cressey, 584
584
To Genoa-Aug.24
-West Cressey,400_ __Sept. 1-Maddalena
2,376
To Barcelona -Aug. 24-Lafcomo, 4,560
4 560
To China-Aug. 29
-Cape of Good Hope, 11,227
11.227
To Bremen-Aug.31-Cody.8,492
8,492
To Murmansk-Sept. 1-Leersum, 3,100
3,100
Total
156.575
III
LIVERPOOL.
-By cable from Liverpool we lfwe the following statement of the week's sales, stocks, &c.,at that port:
Aug. 12. Aug. 19. Aug. 26. Sept. 2.
34,000
29,000
41,000
64,000
19,000
25,000
19.000
37,000
1.000
1,000
2.000
2,000
57.000
57,000
43.000
50,000
1,147,000 1,129,000 1,101.000 1.088,000
826.000 803,000 780.000 763,000
36,000
26,000
21,000
39,000
13,000
8,000
4.000
11.000
138,000 133.000 138.000 145,000
27,000
25.000
32,000
42.000
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
(VoL. 125.
some crop estimates was 840,000,000 bushels, against 832,000,000 last year; Canadian 431,000,000, against 410,000,000
last year.
To-day prices closed in this country and Canada 1 to 11
hc.
higher. Early in the day there was some decline. The
cables were weaker than due. Foreign demand looked
small. Later the sales were estimated at 600,000 to 700,000
bushels, largely Manitoba. There was scattered selling for
a time. Liquidation of September was noticeable. There
was not a little profit taking. Later, however, prices advanced 2 to 2%c. from the low. Reports of frost in Canada
and in the Argentine caused the rise. There were fears of
damage in both countries. The strength of Minneapolis also
told. That market ended 114 to 1%c. higher. There seemed
to be an excellent flour business. That helped the rally.
In the end the rise was arrested by profit taking against
privileges. Canada had temperatures as low as 20 degrees
above zero. The forecast was for cooler weather in this
country and unsettled conditions in Europe over Sunday.
Last year the Argentine crop was cut down by an early
frost in September. Cash markets were firm in this country. Interior receipts were large. It looks as though the
invisible supply will show a fair increase on Monday. Bradstreet's North American exports were estimated at 9,905,000
bushels, against 12,500,000 last year. World's shipments,
aside from North America, were small. The total looks as
12,500,000 for this week. Final prices show a decline for
the week of 3 to 4c.
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
September deliver/
cts_14034 13734 13634 13534 137
138%
December delivery
14434 140% 1403.4 140 14134 142%
Firm.
Good
Good
Good
P.M.
demand.
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
demand. demand.
Sat. Mon. Tues. Wed. Thurs. Fri.
Mid. upl'ds
11.606.
11.85d.
12.046.
11.72d.
October delivery
12.036
cts-14934 146 146
12.34
1443.( 1453. 14634
December delivery
14634 14234 14234 14134 14234 14334
Sales
8,000
10,000
8,000
15.000
8,000
12,000
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
P{ Steady Q't but ert'y Irregular Unsettled
utts es.
Steady
Firm
No. 2 red
cts-14934 14534 145
14334 14534 14634
Market
27 to 32pta. 14 to 18pta. 15 to 22pts. 70 to 8Opta.8 to 10 pta. 25 to 3Opts.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
opened
advance, advance, advance,
decline,
advance. advance.
Sat. Mon. Tues. Wed. Thurs. Fri.
134 13334 13234 13334 13434
48:kat, I
Firm
Firm
Steady
Steady
Steady Barely st*y September delivery in elevator_cts_138
137 1384 139%
4
i 34 to 42pta. 12 to 18 pta. 48 to 5Opts. 43 to 46pts.5 to 22 pta. 12 pta. adv. December delivery in elevator--141% 13834 138
14434 14134 14134 14034 14134 142%
P. M. ( advance, ad ante, advance,
decline,
advance. to7pts.dec. March delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Prices of futures at Liverpool for each day are given below:
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery in elevator___cts_14434 14134 14134 140
14134 142%
December delivery in elevator
14134 13734 138
13634 137 138%
Sat.
Mon. I Tues.
Wed.
Thurs.
Fri.
May delivery in elevator
14534 14234 14234 14134 142 143
Aug. 27
Spot.
Saturday.
Market, 1
12:15
A fair
business
doing,
Monday.
Tuesday. Wednesday. Thursday.
Friday.
A fair
business
doing,
to
Sept. 2
1234 1234 1234 4:06 12341 4:00 1234, 4:00 1234 4:00 1234 4:00
p.m.P. nip. m.P. m•P. m.p. m•P. m.P. m P• m•P. En P. m•P. m.
_
d.
d.
d. 1 d.
d. I d.
d. I d.
d. I d.
d. I d.
August
11.39 11.49 11.53 11.74 12.01 11.4511.57
September._ _
11.39 11.49 11.50 11.74 12.00 11.52 11.63 11.68 11.7 11.99 11.91
October
11.47 11.58 11.49 11.8112.09 11.56 11.89,11.73 11.82 12.01 11.91
November - 11.5011.82 11.84 11.88 12.14 11.82 11.75'11.7811.84 12.03 11.93
December
11.57 11.69 11.71 11.93 12.21 11.6611.111.84 11.90 12.09 11.90
January
11.6011.73 11.75 11.96 12.24 11.67 11.7 11.88 11.9312.11 12.01
February
11.80 1.1.73 11.75 11.96 12.24 11.70 11.84 11.89,11.91 . 11.93
March
11.62 11.75 11.78 11.98 12.28 11.6911.83 11.92 11.96 12.12 12.01
April
11.61111.74 11.77,11.97 12.27 11.71111.8511.91111.94 12.1011.99
May
11.6611.78 11.81112.00 12.30 11.63 11.7 11.93 11.96 12.11 12.01
June
11.57111.71 11.73 11.91112.20 11.6011.72 11.83 11.86 11.99 11.90
July
11.54 11.88 11.7611.88 12.18 11.53 11.65 11.80111.83 11.94 11.85
August
11.47111.61'11.63 11.81112.09 11.47111.59 11.73111.74 11.82 11.73
I
I
I
September._ _
--1-I
11 6711 6411 6711
BREADSTUFFS
Indian corn on heavy September liquidation fell 2% to
3%c. net on the 29th ult., and at one time on that day the
decline was 3% to 4c. The United States visible supply
decreased last week 545,000 bushels, against 892,000 in the
same week last year. The total Is 23.464.000 bushels,
against 20,665,000 a year ago. Liquidation was general.
The crop was said to be making fair piogiess, despite rather
cool weather. Support was lacking. Chicago wired: "Estimates on corn by the trade range from 2,450,000,000 to
2,500,000,000 bushels. Last month Government report
showed 2,385,000,000, while private reports suggested an
average the same as the Government. Last year's final returns were $2,645,000,000." Nat C. Murray said: "Corn
prospects increased during the month in South and West
and decreased in North and East. Material improvement
occurred in the tier of States comprising Nebraska, Kansas,
Oklahoma and Texas. The heaviest decline occurred in
Minnesota and Iowa, amounting to 68,000,000 bushels. Fr )sts
in western Saskatchewan in August reduced prospects in
limited areas which were offset by improvement elsewhere.
The indicated yield by provinces: Manitoba, 43,900,000;
Saskatchewan, 233,622,000; Alberta, 156,275,000. Yields
per acre are applied to latest official estimates of acreage,
which are nearly 1,000,000 acres higher than we used a
month ago."
On Aug. 31 the selling was rather heavy on better weather,
and prices dropped 1%c. It was 80 degrees, it was said, in
parts of the belt. A bullish Government crop report has
been discounted. Liquidation became general. Buying
against bids had helped to steady prices. On the 1st inst.
prices ended % to %c. higher. Private estimates of the size
of the crop averaged 2,448,000,000 bushels, or about what
was expected. Selling was well taken; shorts covered.
September at one time was lc. higher and not easy to buy,
owing to the fact that the deliveries were only 618,000 bushels, with merely 39,000 bushels on the second delivery.
September selling was noticed later. Cash demand did not
Increase much.
To-day prices closed 14c. lower. At one time there was
/
a steady tone. But profit taking caused a reaction in spite
of fears of colder weather and the rise in wheat. There
was no mention, however, of possible frost. Receipts were
fair. Cash demand was only moderate. Cash corn was
comparatively steady, it is true. Eastern interests wen,
credited with buying in Chicago. This was not the first
time this week that they have done that. September deliveries were stopped by a house which took the grain yesterday. It is credited to one of the prominent bulls. Deliveries have been unexpectedly small and very readily handled. The Japp.nese beetle, Washington says, now threatens
Illinois and other States of the corn belt. Final prices,
nevertheless, show a decline for the week, under general
liquidation, of 4% to 5%c.
Friday Night, Sept. 2 1927.
Flour was quiet and with wheat lower prices were inclined to sag here and at mill centres. Everywhere prices
were lower. Buyers have purchased perhaps a trifle more
freely. They held aloof at the recent rise in prices. And
naturally, in a declining market they are none too eager to
stock up freely. Nobody knows whether the decline in
wheat and flour has culminated. The Canadian crop is
now called 430,000,000 bushels. Export business has been
small. It is surmised that if the decline goes further some
foreign business may be done.
Wheat declined on the 29th ult. 3% to 4%c., with Liverpool 2% to 2%d. lower, better weather on the Continent and
In the United Kingdom, a forecast of fair weather there,
favorable weather in the American Northwest and in Canada, the Canadian crop called not improbably 400,000,000
to 425,000,000 bushels, and harvesting getting rapidly under
way, and finally, a sharp decrease in export business. The
movement of our American spring wheat, moreover, was
increasing. Minneapolis received 1,177 cars on the 29th
ult. and large receipts are expected, from now on if weather
Is favorable. The winter wheat movement was also larger,
but a considerable percentage is of medium and lower
grades, most of which went to elevator people for storage.
The United States visible supply decreased last week 2,717,000 bushels, against 1,731,000 in the same week last year.
The total is now 57,862,000 bushels, against 60,991,000 a
year ago. On Aug. 31 prices declined 1 to 1%c., with Liverpool lower, spring wheat receipts increasing, the weather
in Canada favorable, September liquidation in progress and
export sales only 200,000 bushels. On the 1st inst. prices
rose 11
4c. on light' trading. Firm Liverpool cables were
neutralized in a measure by the deliveries on September contracts of no less than 2,538,000 bushels on the first delivery, causing an early widening of the spread between September and December. But elevator interests and commission houses bought December and sold September freely
later, narrowing the spread to nearly 4e. Noon deliveries
DAILY CLOSING PRICES OF CORN IN NEW YORK.
were 2,215,000 bushels, which suggested to some that wheat
Sat. Mon. Tues. Wed. Thurs. Fri.
on delivery is not in very good demand. The average of No. 2 yellow
cts-1283( 124 12334 12234 12434 12434
SEPT. 31927.]
1347
THE CHRONICLE
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
1074 10634 1053. 10634 10634
September delivery in elevator_cts_111
delivery in elevator-- -115% 1123 11134 10934 11034 110
December
112%
11834 1154 11434 11234 113
March delivery in elevator
Wheat.
bush,
CanadianMontreal
2,952,000
Ft. William & Pt. Arthur_14,699,000
3,404,000
Other Canadian
Corn.
bush.
Oats.
bush,
651,000
916,000
,, 553,000
Rye.
bush.
166,000
346,000
168,000
Barley
bush
24,000
240.000
233,000
2,120,000
680.000
497.000
Total Aug. 27 1927._ _ _21,055,000
/
Oats declined on the 29th ult. 2 to 214c. net, following
2.365.000
626,000
788.000
Total Aug. 20 1927._ _ _23,313,000
5,615,000
850,000 2,188.000
Total Aug. 28 1926__12,557,000
other grain. If the receipts of new crop are not large,
Summary
the demand. The United States visible supply American neither is
57,862,000 23,464,000 17.315,000 1,963,000 2,538,000
2,120,000
680,000
497,000
21,055,000
increased last week 2,879,000 bushels, against 2,645,000 a Canadian
17,315,000 bushels, against 41,342,000
year ago. The total is
Total Aug. 27 1927-.78,917.000 23,464,000 19,435,000 2.643,000 3,035.000
were unsettled and % to %c. lower on
Total Aug. 20 1927._ _78,458,000 24,109,000 16,801,000 2.128.000 2,140,000
a year ago. Prices
Total Aug. 28 1926____73,548,000 20,665,000 46,957,000 10.520.000 5,592,000
the 31st by big liquidation and an absence of aggressive
The world's shipments of wheat and corn, as furnished by
offerings, however, were taken
spot demand. September
by cash interests, which changed from September to De- Broomhall to the New York Produce Exchange,for the week
cember. On the 1st inst. prices advanced % to %c. on bull- ending Friday, Aug. 26, and since July 1 1927 and 1926,
ish private crop reports as contrasted with the last crop of are shown in the following:
1,253,000,000 bushels.
Corn.
Wheat.
1
2
c.
To-day prices ended IA to / higher on general buying
1927.
1926. I
1926.
and not a little covering. That was because of bad crop
1927.
news. There are also fears of frost damage in Canada. The
Since
Week
Since
Since
Since
Week
advance was curbed by profit taking and hedge selling; also
July 1.
July 1. Aug. 26. July 1.
Aug. 26. July 1.
by the weakness in corn. Deliveries on contract were fair.
Bushels. Bushels
Bushels. I Bushels.
Bushels. Bushels.
509,000
845.11i
Receipts were large. Cash demand was only moderate. North Amer_ 9,930,000 56,233,000 73,905,000, 60,000
Black Sea___
128,000 1,208.000 3,868,000 306,000 4,931,000 4,778,000
Final prices show a decline for the week of 1% to 2c.
70.160.11.
30.372,000
Argentina_ 1,184,000 15,006,000 6,321,000 7,448,000
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK. Australla____ 1,496,000 12,056,000 4,784,000'
Sat. Mon. Tues. Wed. Thurs. Fri.
India
504,000 6,144,000 2,744,0001
1,453,
cts 4934 473. 4734 4734 473. 4734 0th. countr
562,
September delivery
520,000 2,808,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
35,659,00
Total
113,762,0001 93,455,000 91,622,006 8.376 000 77.389
Thurs. Fri.
Sat. Mon. Tues. Wed.
54
54
5434 5534
cts_ 56
54
No. 2 white
-Telegraphic reports
POLAND'S GRAIN OUTLOOK.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
from Warsaw state that prospects for this year's crops in
Sal. Mon. Tues. Wed. Thurs. Fri.
4434 Poland have greatly improved and will exceed the figure
September delivery in elevator _cts _ 461 44% 44% 43% 44
4834 48%
elevator---- 50
4834 4834 48
December delivery in
principal grains, according
53
5134 5134 5134 5134 52% for last year in each one of the four
March delivery in elevator
Aug.23 by the American Polish Chamber
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG. to a report issued on
Sat.- Mon. Tues. Wed. Thurs. Fri.
of Commerce and Industry in the United States, Inc., of
5834 59% 58% 5834 5934
October delivery in elevator---cts_
54
53
December delivery in elevator.... 591% 53% 5234 5334 5334 this city.
The Central Statistical Bureau estimates that the wheat crop has in56
, 56
5634 5534 5634 56A
May delivery in elevator
creased from 1,300,000 tons in 1926 to 1,400,000 tons this year; rye from
6,000,000 tons;
Rye was 3% to 3%c. lower at the end on the 29th ult. 5,000,000 tons in 1926 to from 3,000,000 barley from 1,500,000 tons to
to 3.200,000 tons. The agri1,700,000 tons, and oats
/
1
2
after falling earlier in the day 3% to 4 c., with wheat cultural output, therefore, will be considerably above that of last year
exceptional crop of 1925.
lower and hedging pressure in rye increasing. Demand of and nearly as good as the very the trade balance for July of the current
It is further reported that
importance was lacking. Receipts at the Northwest are year shows a marked improvement. The exports for that month amounted
larger. The United States stocks increased last week to 114,000,000 gold zlotys and imports to 136,000,000 gold zlotys, showing
a surplus of imports ever exports of 22,000,000 gold zlotys. This un3,404,000 bushels, against an increase last year of 502,000 favorable trade balance is 24,000,000 gold zlotys smaller than the adverse
/
bushels. On the 1st inst. prices advanced % to 114c. balance in June.
1c. A small export trade
2
after an early decline of Y4 to /
WEATHER BULLETIN FOR THE WEEK ENDED
was done.
-The general summary of the weather bulletin
AUG. 30.
/
To-day prices closed 14 to %C. lower after some irregu- issued by the Department of Agriculture, indicating the inlarity. Export demand was small. European weather was fluence of the weather for the week ended Aug.30,follows:
good. There was some hedge pressure at Chicago. All
High prossure again dominated the weather over the eastern half of the
States throughout nearly the entire
that sustained rye was the firmness of wheat. That caused Unitedprevailing in most districts. Early inweek, with subnormal temperthe period
cooler
scattered buying and covering. Final prices, how- atures overspread the interior valleys and the Lake considerablyat the
some
region, but
weather
time there was a rise in temperature in the far Northwest. During
same
ever. show a decline for the week of 4% to 5c.
the middle portion of the week it was somewhat warmer in the interior,
but persisted cool in the Middle and North Atlantic States, the general
coolness being due primarily to cool days rather than unusually cool
nights. The latter part of the period was warmer than normal in the
Northwest, and there was a general, but slow, rise in temperature in central and eastern districts.
Closing quotations were as follows:
At the beginning of the week a tropical disturbance of great intensity,
attended by hurricane winds, was central east of Georgia and South CaroGRAIN.
lina, and moved thence northward during the following day to a position
Wheat, New YorkOats, New York
off the New England coast, with high, shifting gales. Thereafter pressure
No. 2 red. f.o.b
No. 2 white
14634
5534 was relatively low for several days off the southeast and middle Atlantic
No.3 white
No. 2 hard winter, Lo.b----14934
54% coasts and high over the Lake region, resulting in persistently cool north
Rye. New York
winds, much cloudiness, and frequent rains over the North Atlantic States.
Corn, New YorkNo. 2 f.o.b.
No. 2 yellow
12434
110% The latter part of the week rainfall was heavy in parts of New York and
Barley, New York
No.3 yellow
New England, but over most southern districts the weather had cleared.
121
Malting as to quallt7
92(4197 Elsewhere precipitation was mostly light, except for some rather heavy
falls in parts of the Northwest about the midle of the week.
FLOUR.
Chart I shows that from eastern Nebraska, Kansas, Oklahoma, and
Spring patents
$6.85047.40 Rye flour, patents
$5.50®$6.00 Louisiana eastward the week was generally cool, and markedly so in much
Clears,first spring
6.5096 7.00 Seminole No.2, pound_ 434
of the Atlantic coast area, the Ohio, middle Mississippi, and lower Missouri
Soft winter straights- 5.90
6..i0 Oats goods
3.004® 3.05 Valleys, including eastern Kansas and Arkansas. In this area the weekly
Hard winter straights.. 6.75
7.15 Corn flour
2.95@ 3.00 mean temperatures ranged from 6 deg. to as much as 10 deg, below normal.
Hard winter patents- 7.25
7.65 Barley goods
In the Northwest, Southwest, the extreme Southeast, along the Pacific
6.60
Coarse
Hard winter clears
6.00
3.60
coast, and in parts of the northern Plateau area it was warmer than normal,
Fancy pearl Nos. 1.2,
Fancy Minn. patents- 8.6096 9.45
the greatest plus departures appearing in the northwern Great Plains
3 and 4_
City mills
8.7596 9.45
7.00
where, locally, they were as much as 6 deg. The subnormal temperatures
For other tables usually given here, see page 1286.
for the week were due largely to the persistently low maximum readings
lowest reported were onlytlrie i ig
gf
il
and not
The visible supply of grain, comprising the stocks in lower atto markedly low minima, as the
a limited number of stations than the previous August mintmu
granary at principal points of accumulation at lake and occurring in very recent years. The lowest reported from first-order stations ranged generally from the 40's in the more northern States to about
seaboard ports Saturday, Aug. 27, were as follows:
65 deg. or 70 deg. in Gulf districts. In the corn belt there were only
local reports of minimum temperatures under 50 deg., and these mostly
GRAIN STOCKS.
the northern border. The lowest reported for the week was 36
Corn.
Oats.
Wheat.
Rye.
Barley. alongat Greenville, Me. Maximum temperatures did not reach 90 deg.
bush.
bush.
bush.
United Statesbush.
bush. deg. of the Rocky Mountains, except in the Southern States ,and were
east
397.000' 40,000
488.000
New York
141.000
198,000 below 80 deg. in most of the more northern districts, but in parts of Texas
2,000
13,000
Boston
2,000
readings as high as 100 deg, were reported from some places, with a maxi1,453,000
53,000
Philadelphia
87.000
17,000
southwestern Arizona.
2,836,000
30,000
31,000
Baltimore
21,000
8,000 mum of 108 deg. in
Rainfall was moderately heavy to heavy, or excessive, in the Northeast
555,000
335,000
84,000
New Orleans
3,000
and Pennsylvania northward, and was fairly heavy in
New
1,320,000
Galveston
38.000
81,000 from south York
Atlantic districts, as shown on Chart II. Also local sections
3,552,000
78,000
373,000
Fort Worth
1,000
23,000 some south-central portion of the country had generous falls, as well as
the
1,465,000 2,383,000
893,000
Buffalo
2,000
119,000 inconsiderable western area, including northern Arizona. Utah, and much
a
774,000
381,000
" afloat
Elsewhere, except locally in the Central-Northern States,
43,000
3,604,000
325,000
Toledo
8.000
8,000 of Colorado.
generally light, especially in the western Lake region,
36,000
207,000
29,000
Detroit
25,000
55,000 the amounts were
the upper Mississippi Valley, and much of the Southwest, where most
7,498,000 9.577,000 6,486,000
485,000
Chicago
427,000 stations reported inappreciable amounts. The week was excessively
205.000
" afloat
North Atlantic States, but in most jother sec
615,000
863,000 1,453,000
Milwaukee
22,000
107,000 cloudy in the Middle andwas considerable to abundant sunshine.
there
2,052,000
1,110,000
Duluth
948,000 1,045,000 tions of the countrycool weather in Central and Northern States east
The persistently
of
2,425,000 1,510,000 3,762,000
Minneapolis
108,000
37,000 the Great Plains, and also in southern Plains districts, was decidedly un177,000
230,000
276,000
Sioux City
8,000
maturity of warm-weather crops, being es2,958,000 1,316,000
130,000
19,000
15,000 favorable for the growth and which needs Warm, dry weather to
St. Louis
to corn,
hasten
13,901,000 3,200,000
311,000
KIMBELB City
88,000
37,000 pecially detrimentalthe Mississippi River the weather was fairly
maturity. West of
favorable
6,000
3,952,000
Wichita
to favorable in most sections, except for coolness and dryness from Iowa
711,000
895,000
1,000
2,000
St. Joseph, Mo
northward and the lack of moisture in the west Gulf area. There was
3,000
52,000
399,000
Peoria
considerable frost damage to tender vegetation in some parts of the Cen1,483,000
283,000
396,000
Indianapolis
tral-Northern States, particularly on lowlands of Wisconsin and Minne3,595,000 2,105,000
274,000
33,000
Omaha
53,000 sota, with some light frost in parts of Iowa.
339.000
160,000
60,000
On Lakes
Texas and also in most sections
much
Rain is still
1,001,000
254,000 from Michiganbadly needed inlocally of
On Canal and River
farther north, and in parts of the
to Minnesota,
Gulf area. Elsewhere east of the Rocky Mountains the soil continued
Total Aug. 27 1927-.57,862,000 23,464,000 17,315,000 1,963,000 2,538,000 in mostly god condition, with fall plowing progressing rapidly In
many
Total Aug. 20 1927-55,145,000 24,009,000 14,436,000 1,502,000 1,352.000 places, and some seednig of winter grains begun in the
I Total Aug. 28 1926-60,991,000 20,665,000 41,342,000 9,676,000 3,404,000 drought was broken in New York, and rains were beneficial inWest. The
some
grain not included above: Oats, New York, 1,000 bushels; Duluth, Northern States, but were unfavorable in parts of the Northeast. oth
Note -Bonded
Wert
24,000; total, 25,000 bushels, against 281.000 bushels In 1926. Barley, New York, of the Rocky Mountains, conditions continued generally favorable,
85,000 bushels; Duluth, 14,000; total, 99,000 bushels, against 422,000 bushels in pecially in the Pacific Northwest, though moisture is needed in
es786,000 bushels; Boston, 62,000; Philadelphia, 386.000; sections.
1926. Wheat, New York,
-Threshing spring wheat made goodinterruptiondprog
Baltimore. 934,000; Buffalo, 1,207,000; Buffalo afloat, 445,000; Duluth, 98.000;
SMALL GRAINS.
L
d
bery
under
total, 4,300,000 bushels, against 4,290,000 bushels in 1926.
Canal. 382,000;
mostly favorable weather conditions, with only slight
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 9934 9534 9534 9414 9534 94
December delivery in elevator- -101% 9774 9714 973
9734 97
March delivery in elevator
10434 10134 101
101
10234 101
1348
THE CHRONICLE
rainfall. There was some delay to threshing in the central Rocky Mountain districts, but elsewhere in the West and Northwest good advance was
reported. Spring wheat has been mostly harvested, except in some of
the later districts, principally in Montana and North Dakota. Plowing
for fall seeding made mostly good advance, except where it is too dry in
the western Lake region and parts of the upper Mississippi Valley. About
one-half of wheat ground is ready In Kansas, and seeding has begun in
the extreme northwestern portion of the State. as well as to the northward. Cool weather retarded the maturity of grain sorghums in the
lower Great Plains, but they advanced rapidly in the Southwest. In
the northern Plains, flax ripened rapidly and some is being cut. Rice
Is excellent in California, and threshing made good progress In Texas.
CORN.—Because of the continued cool weather, corn made slow progress in much of the principal producing area, especially east of the Mississippi River. The crop is very late in many sections and needs warm,
dry weather to hasten maturity. Damage by frost was reported on some
lowlands of the Central-Northern States. West of the Mississippi River
the progress of the crop was better than to the eastward, being very good
to excellent in most of the Great Plains. In Iowa, advance was fair,
despite the coolness, but the condition of corn varies greatly, ranging
generally from very poor to very good, and is fully two weeks later than
normal, with indications that much of the latest will not mature ears.
In Missouri, progress was very good, but plants are still very green, and
in Kansas maturity was delayed by cool weather, though the general condition of the crop is very good to excellent in that State.
COTTON.—Except in Texas. the week was generally cool in the Cotton
Belt, but rainfall was mostly light, except in some Atlantic coast sections,
Arkansas, and eastern Oklahoma. The crop, in general, continued to
make poor progress, with further deterioration reported in many districts.
In the Piedmont of the Carolinas, development continued fah' to good,
though with some local shedding of squares, blooms, and bolls, but elsewhere. especially in South Carolina, condition is poor to very poor. In
Georgia, deterioration continued quite generally, In the South because of
weevil, and in the north because of dryness and shedding, though weevil
activity was checked somewhat by the drier weather. In Alabama, Mississippi, and Tennessee, progress varied„ but was mostly poor to only fair,
with complaints of shedding in some sections.
In Louisiana, weevil continue active and are preventing a top crop in
most portions. In Arlransas, advance was fair to good in the south, but
in the north the crop deteriorated or made only fair progress because of
cool, damp weather and weevil. In Oklahoma the cool, cloudy weather
Was unfavorable, weevil activity increased, and the progress of cotton
ranged from deterioration in some eastern and central portions to good in
the west, with picking general as yet only in some southeastern counties.
In Texas, advance was good in the northwest and portions of the west,
but elsewhere there was further deterioration because -of shedding, premature opening, root rot, and plants dying, with considerable damage by
boll worms and weevil. Picking and ginning made good headway.
[VOL. 125.
ation in values for the staple, and, as a result, buyers have
been reluctant to place orders beyond current needs. However, the latter now appear more willing to do business.
Owing to the adverse weather conditions, and activity of
the boll weevil, buyers are becoming convinced that this
year's yield of cotton is not going to be burdensome, and
that higher prices will, undoubtedly, rule. Thus, they are
willing to anticipate deferred requirements on a more
liberal scale. As regards woolens, the opening of men's
spring goods by the American Woolen Co. during the week
previous stimulated a better feeling, and there has been an
increased volume of business. The American Woolen Co.
has also announced that a portion of its women's spring
wear lines will be opened next Tuesday. In the silk division, prices for the raw material advanced sharply during
the latter part of the week, owing to reports that the Japanese Government, and the Raw Silk Association of Japan, a
subsidized organization, will spend 20,000,000 yen, or approximately $10,000,000, in an effort to stabilize the raw
silk industry and stimulate prices. According to the reports, the Japanese Government intends to support both
dealer and grower through large loans for the purpose of
financing the crops. Burlaps furnished one of the sensations of the week. The most violent advances since the war
occurred in Calcutta. Due to natives gaining control of
the primary markets, prices moved up as much as 18d.
Domestic buyers, however, refused to get excited, claiming
that while available supplies here are not very plentiful,
prices are altogether too high, and they are thus confining
purchases to urgent nearby requirements.
DOMESTIC COTTON GOODS.—Further advances in raw
cotton prices have been very disconcerting to mills in the
The Weather Bureau also furnishes the following resume markets for domestic cotton goods. It seems as though
they just get revised lists established when quotations for
of the conditions in the different States:
Virginia.—Richmond: Cloudy and cool. Favorable for potatoes, pas- the staple take another jump, leaving the finished product
tures and truck crops, but unfavorable for cotton, peanuts, and for curing so far below a fair parity that new and higher
lists must
tobacco. Tobacco damaged to some extent by cool, wet weather. Plowing
Progressed under favorable conditions. Corn and tobacco crops need be named. In some instances these latest prices apply only
warmer weather for maturing and curing.
to goods that are likely to be received within the near
North Carolina.—Raleigh: Very cool and cloudy, with too much rain
In east, though fair and somewhat warmer at close of week. Progress of future. To enumerate the individual advances which have
cotton poor to fair in east; fair to good in west; weevil apparently increasing taken place recently would make an exceedingly long
list,
and causing considerable damage locally in east and south; general condition of crop varies from poor to very good. Other crops fair to good as it would include practically every grade of cotton fabric
progress; some delay saving forage.
produced. Colored cotton goods afford an excellent illusSouth Carolina.—Columblar Cool, with much cloudiness, retarded late
crop development and drought in Piedmont intensified, but elsewhere tration of the futility of naming each advance. Following
corn, sweet potatoes and minor crops improved slowly. Condition of last week's sharp rise of from
3 to 2c. a yard, these goods
Cotton good to excellent as to plants, but some shedding of squares, bloom
were again marked up another 1 to 1%c. a yard to conform
and young bolls in Piedmont account of dryness; elsewhere crop very
h
poor
due to weevil damage; picking and ginning more active.
with the higher cost of the staple. Even with these numerGeorgia.—Atlanta: Cool dry weather favorable for farm work, with ous
increases, cloth prices are still under a parity with raw
soil rapidly getting into good condition. Deterioration of cotton
tontinues. due to weevil damage in south, though activity checked somewnat material. Buyers are paying the advances and are placing
by dry weather, and in north due to dryness, which is causing shedding of
small bolls and some premature opening; all open in south and opening a good business, including orders for future deliveries
rapidly elsewhere to northern border. Harvesting corn, peanuts, sweet where accepted by mills. Some are becoming quite apprepotatoes and curing hay made good progress.
hensive concerning future prices, as weather conditions are
Florida,—Jacksonville: Cotton picking made good progress, and early
crop about all picked some districts; deterioration general. Warm. dry generally unfavorable for the cotton crop. However, there
weather fore part of week unfavorable for truck on uplands, but cooler are many buyers who
are cautiously awaiting the Governlast days beneficial. Seeding oats and rye some districts and much corn
and hay harvested in good condition. Cane, peanuts and sweet potatoes ment report due next week. Should the latter result in still
fair. Good rain needed on uplands generally for recently planted truck, higher prices for the raw material,
it is probable that Sepcitrus and strawberries. Citrus splitting some. Pecan crop good.
Atabama.—Montgomery: Growing crops most sections need rain. Prog- tember will be a very busy month for the cotton trade.
ress and condition of corn and sweet potatoes mostly fair to good; pas- Print cloths, 28-inch, 64 x 64's
construction, are quoted at
tures, truck and minor crops poor to good. Progress of cotton varied
4c., and 27-inch, 64 x 60's, at 6%c. Gray goods in the
from deteriorated locally to good, mostly fair; much shedding of squares 67
and young boils reported from south; red rust bad in some northwestern 39-inch, 68 x 72's construction, are quoted
at 10c., and 39
counties; weevil continue active, with considerable to heavy damage
scattered localities; opening rapidly south and central, where picking inch, 80 x 80's, at 11%c.
good progress.
WOOLEN GOODS.
--Following last week's openings of
Mississippi.—Vicksburg: Light rainfall. Progress of cotton mostly
poor to fair, with weevil throughout; picking rapid in south and central, men's wear spring staple lines by the American
Woolen Co.,
with ginning begun; late crop squaring and blooming; mostly poor. Progindependents have also shown their merchandise at prices
ress of late corn mostly fair; early practically matured south and central.
Louisiana.—New Orleans: Generally dry and cool, except local rain generally approximating those of the big factor.
While all
near close of - week. Favorable for picking and ginning cotton, which
Progressed well, but weevil continue active, preventing top cotton most are not booking a good business, most of the larger houses
portions: condition of crop generally poor to fairly good. Condition of are receiving an expanding volume of orders. The outlook
corn fair to very good; not much gathered. Early rice generally threshed. is for a
better, steadier and possibly a higher market, as
Sugar cane doing well. Truck, pastures and potatoes need rain.
Texas.—Houston: Scattered rain in north and west, but mostly ineffec- the early arrival of cool weather has done much to assist
tive. Condition and progress of pastures, late corn and minor crops good sentiment and
stimulate interest. A large number of out-ofin northwest and portions of west, but mostly poor elsewhere. Rice
threshing made rapid progress; yields good. Progress and condition of town buyers have arrived in the market to view and place
cotton good in northwest and portions of west, but condition averages commitments. Some
have already provided for fully half
poor elsewhere, with further deterioration, because of shedding of bolls,
premature opening, root rot and plants dying; considerable damage by of their possible needs, while others are taking samples,
boll worms and weevil; opening rapidly and picking and ginning made indicating that they
will place substantial orders after
rapid progress: labor generally sufficient.
Oklahoma—Oklahoma
Cool, cloudy weather, with general rains, Labor Day. As a rule, reports are decidedly satisfactory
caused increased weevil activity and cotton deteriorated or made only poor and give promise of further
City*'
improvement. As regards the
progress in eastern and central portions, with some fields ruined; progress
good in west: condition very good in west and very poor to only fairly women's wear division, the American Woolen Co. announced
good in remainder of State; picking general only in southeast;some shedding that a portion of its
women's spring 1928 fabrics will be
of bolls in south central and southeast. Progress and condition of corn
very good to excellent. Pastures and minor crops good to excellent con- opened next Tuesday. The offerings will comprise dress,
dition.
coat and suit worsteds. Woolens will be shown later on.
Arkansas.—Little Rock: Progress of cotton fairly good in south and
only fair to deterioration elsewhere, due to cool, rainy weather and weevil
FOREIGN DRY GOODS.—Although actual sales are
and worms, which are causing considerable damage in many fields; shedding somewhat
smaller than the previous week, sentiment conconsiderably on lowlands and opening slowly: picking general in south and
beginning elsewhere. Early corn matured; progress of late very good. tinues cheerful throughout the linen market. A number of
Very favorable for most other crops.
retail buyers are expected to arrive at an early date, owing
Tennessee.—Nashville: Cool and dryness retarded progress of corn
but did not materially change condition. Tobacco running fair, with to the nearness of the fall distribution season, when it is
cutting in progress. Cotton seems to be at standstill; fruiting below aver- expected sales
.will increase. Furthermore, prices are conage and slight damage by weevil; old cotton in some western counties
sidered conducive to business, as a canvass shows that there
opening slowly.
Kentucky.—Louisville: Temperatures low, but sunshine ample; needing are still some
quotations unchanged from the beginning of
rain central counties and locally other districts. Progress of corn poor;
early being retarded by cool weather, and condition averages fair; late the year, while others have only been advanced from 10 to
crop backward and tasseling irregularly; needs warmth badly. Tobacco 20%. As to available
stocks, it is said that although those
Irregular; early spreading and ripening slowly; late poor to fairly good and
in retailers' hands are small and badly in need of replenishbeing topped low; growth slow; needs rain and higher temperatures.
ment, importers apparently have enough on hand to take
care of prospective needs. Assortments of merchandise also
THE DRY GOODS TRADE
appear comprehensive enough at present, but it is probFriday Night, Sept. 2 1927.
lematical whether they will continue so, in view of the
Developments in general pertaining to the textile markets higher primary costs. Burlaps developed decided firmness,
have been favorable during the week. Mills manufacturing owing to sharp advances in the Calcutta market. Light
domestic cotton goods have been having a difficult time in weights are quoted at 7.95c. to 8.15c., and heavies at 10.45c.
trying to keep cloth prices on a parity with the wide fluctu- to 10.50c.
SEPT.3 1927.]
T1TE CHRONICLE
Otate an Titg gepartnxent
1349
issuing- bonds in August was 549 and the number of separate
issues 650.
Name.
Rate. Maturity. Amount. Price. Basis.
Page.
942__Abilene, Tex
5
1927-1965 $49,000
5
1219--Addison S. 13.,Ind
1928-1942
38,000 105.98 -4.1.4
__ 1928-1942
942- _Altkin County, Minn
75,000 100.66
1219--Alabama City, Ala
36,000 100.02
942_ _Alameda County, Calif- _5
250.000 100.72
1353__Albany Port Dist., N. Y_434 1932-1971 1,000,000 106.43
4.07
6
1929-1938
_
1080--Albuquerque, N. M
3,000
100,000 104.44
1353_ _Alice. Texas (4 issues)_ --5%
810-Allegheny County. Md-434 1931-1935 250,000 100.26
4.20
431
1947
80,000 105.57
1080--Anderson, Ind
3.83
1080--Ann Arbor, Mich.(9158.). __ 1928-1937 203.000 100.96
942--Arcade Un. .... D. No. 1.
1929-1956 164,500 106.12
Wyo
5
4.45
942-Arlington, Ky
30.000
4
1621-1947 220,000 102
.64- 1353__Arlington, Mass
3:68
.
15.000
810--Arnett Ark
1928-1947 125,000 100.61
1353_ _Aroostook County, Me_ _4
3:98
.
r16,000
942-.Artesia, N. M
534
942__Artesia S. D., Calif
5
1928-1935
35.000 105.56
4.49
County. Ohio_5
1928-1935
67,600 102.38
4.49
810-Ashtabula
1928-1937
56,000 102.53 ---1080--Ashtabula, Ohio i6 iss.)-5
253,000
810-Austin. Tex
6
1937
d18.569 100
6.00
1353__Astoria, Ore
60,000 101.64
4.12
434 1932-1957
942- _Avalon,Pa
54,500 100.13 ----Banning S. D., Calif
1080
535
1291--Baraboo, Wis
4
1928-1932
45,000 100.04 3.99
943--Barbourville Road Dist.,
275.000 100
W. a
5
5.00
40.000
1080-Barrington,N.J
4.22
431 1928-1964 633,000 100.32
943--Bayonne, N.J
434 1928-1942
28,000 101.94 4.21
943--Beaver Dam, Wis
25.000 100
5.00
5
1928-1947
943--Belle Plaine, Minn
35,000,000 434% sanitary district bonds of the Chicago Sanitary District, 1080--Benton, Ky
12,000
awarded to a syndicate headed by A. 13. Leach & Co., at 1353__Benton County,Ind
16,160 101.52
436
250.000 101.06 ---1299--Benton County, Iowa---434
100.7335, a basis of about 4.154%.
10.000 100
J
2,250,000 bonds of Shelby County, Tenn. consisting of four issues bear- 1219- _BeverleY. N•J
32,000 100
--7
47
.
434 1928-1956
943--Beverley, A.
ing interest at the rate of 434% and awarded to the Union 1353_ _ Biddeford, Me
431 1928-1937 r45,000 100.73
4.08
Planters Bank of Memphis at 101.26.
20,000
810-Big Spring I. S. D.,Tex-5
1928-1946
13,300
6
1,640,000 434% certificates of indebtedness of the State of Maryland, 943-Blaamburg,S. C
25,000 100
awarded to the Safe Deposit & Trust Co.of Baltimore at 104.30, 1354_ _ Blount County, Tenn__ - _5
145,000 107.83 ---_
1219__Blytheville, Ark. (2 188.)_534
a basis of about 3.94%.
6
1928-1937
8.273 103.26
5.34
1219--Boone County,Ind
1933-1957 100,000 100.62 ---810--Boyd County, Ky
1,180,500 bonds of Polk County, Fla., consisting of seven issues bearing
20,000
431 1928-1937
awarded to the Brown-Crummer Co. 810--Bradford, Vt
interest at the rate of 6%.
75,000
S. D., Neb_
of Wichita and Prudden & Co. of Toledo, jointly, at various 1081-Bridgeport
16,000
6
1930-1937
1220- _Bristol, Tenn
prices.
1930-1937
8,000
1220- _Bristol, Tenn
5
awarded
810-Bronxville, N.Y
4.000 100.28
4.12
431 1928-1931
1,000,000 434% bonds of the Albany Port District, New York,
New York City at 106.43. a basis of about 1081--Brooklyn Heights, Ohio
to Eldredge & Co. of
30,315 102.37
(3 issues)
534 1927-1937
4.075%.
1081--Brush, Colo.(2 Issues)
41.000
.6
100,000 102.02
1,000,000 bonds of the City of Newark. N. J.. awarded to the Sinking 1354__Buncombe Co., No. Caro.5
810__Burlington, Ky
200,000
434
Fund Commission.
5
19,748
1,400,000 5% bonds of Glendale Union High School District, Calif., 1220_ _Cairo, Ill Y
1220_ _Cairo, N.
5
1928-1945
18,000 104.05
4.48
at
awarded to R. H. Moulton & Co. of San Francisco. 108.74, 1081-Calhoun County, Fla_
50,000
53.000 100
a basis of about 4.35%.
1081-Camas, Wash.(2 issues)..
1354- _Camden Co., No. Caro__531 1928-1947
20,000 100
-5
.25
Temporary loans negotiated during the month of August 1354_ _Cameron Co. Dist., Tex_
175,000
1220-Carroll Co., Ind. (2 iss.)_434 1928-1937
16.680 101.31 1.53
aggregated $57,565,000, including $40,650,000 borrowed by 1081--Carter County, Tenn
160,000 103.12
6
1929-1947
1081-Carter. Okla
31,000 100.16
5.98
the City of New York.
434 1928-1937
1354-Cass County, Ind
18,000
1937-1957
90.000 100
Canadian bond sales for the month totaled $743,373, none 810- _Catasauqua S. D.. Pa _,-4
TOO
811--Cedar Grove Twp., N. J_434 1929-1960 155.000 100.29
4.45
5
of which was placed in the United States.
1932-1956
811--Cedartown, Ga
25,000
6
1081--Center Line, Mich
A comparison is given in the table below of all the various 1081- _Chardon, Ohio (2 issues)-53.4 1928-1936 20,000 100.54 5.07
8,490 101.31
6
1928-1937 d50,000
_
1220-Charlestown, W.Va
forms of securities placed in August in the last five years:
1220__Chase Co. S. 13. No. 3.
1924.
1923.
1927.
1926.
1925.
Nob
435
d25,000
1220__Chautaturla S. D. No. 3,
Penn't loans (U.S.)-84,160,719 71,188,428 83,727,297 108,220.267 56,987.954
N. Y
5
1928-1957
60.000 106.51
4.35
*Temp.loans (U.S.) 57,585,000 38,580,000 48,741,645 89,614,326 49.421,530 1081-_Chase & Hayes Cos. S. D.
Canadian l'ns (perm't):
No.34, Neb
434
8,500
743,373 1,310,214 1.560,624 14,915,944 1,911.481 1081-_Chebanse, Ill
Placed in Canada.
5
1930-1937
45,000
None 1220-Chehalis, Wash
Placed in U.S.__ _
None
None 70,000.000 z10,000.000
5
d80,000 100.05 ---None 2,072,000 1354_ _Chelsea, Mass.(2 iss.)- -4
Bile U.S. Poss'ne.None
None
125,000
1928-1937 126,000 100.91
Gen.fd.bds.(N.Y.C.) 2,000,000
None
None
None 2,606,000
811--Cherry Valley S. D.No.1,
N. Y
434 1929-1947
68.000 101.48
4.32
144.489,092 111.038,642 202,154,566 202.750,537 112,998,915 1220--Cherry Valley S. D.,Ohlo.6
Total
1928-1932
2,200 101.58
5.62
6
1220-Cherryville, N.0
1928-1967 120,000 105.16
5.57
offered simultaneously
z This Is half of the $20,000,000 Province of Ontario bonds
811- _Chester,Pa
431 1928-1952 200,000 101.30
4.11
In the United States and Canada: in the absence of more definite information, we
943_ _Cheyenne Curb Dist. No.
have assumed that half the amount found a market In Canada.
1937
59.000
10, Wyo
534
•Including temporary securities issued by New York City, 540,650,000 in August
943--Chicago Sanitary District,
434 1928-1947 5,000,000 100.73
1927,$25,940,000 in August 1926,537,000,0001n August 1925,358.500,000 In August
4.15
Ill
1924. $36,561,500 In August 1923.
431 1932-1950 150,000 101.30
4.14
943--Clairton,Pa
811--Clarke Co. S. D. No. 37,
The number of places in the United States selling perma225,000 100.21 ---434
Wash
35.000 100
811-Clark's Fork Irr. D.,Wvo.
nent bonds and the number of separate issues made during 1354- _Clawson, Mich.(3 iss.)_ _6
51,200 100.17 5 66
1928-1931
.
431 1928-1947 d175,000 100.84 4.05
1354_ _Clay Co., Ind
August 1927 were 549 and 650, respectively. This contrasts
35.600
1354_ _ Clay Co., Ind.(3 iss.)__ _434
with 466 and 649 for July 1926 and with 536 and 723 for 1081--Clinton County, Ind_ -- _4% 1928-1937 10,000 101.76 4.13
10.000
1220-Clinton County. Ind-_---434
August 1925.
1928-1967 100,000
943-Cocodrie Dist. No. 1, La_6
90.000 100.05 - ___
1220....Colonial Heights, Va_
For comparative purposes we add the following table, 1354__Collingswood, N. J
70,000
434 1928-1959
28,300 101.40
showing the aggregates for August and the eight months for 1354__Colorado Springs, Colo_5
35,000 100
years. In these figures temporary loans, New 943-Columbia, La Ohio--5
230.000 103.10
a series of
943_ -Columbiana Co.,
26,500 100
4.50
434
York City's "general fund" bonds and also issues by Cana- 1354_ _Comstock, Nob S. D.,
1081__Conyngham Twp.
140,000 100
-_
Pa
dian municipalities are excluded.
26.500 100.18 431 1930-1947
4./2
1220--Cordell, Okla
20,000 103.24
Month of
For the
5
Month of
1220--Covina S. D.,Calif
For the
August.
Eight Months.
50,000 101.01 :4.1e
1947
August.
Eight Months. 1081-Correctionville S. D., Ia-431
$84,160,719 51,005,150,938 1909
115,000 101.53 ---_
1927
$22,141,716 $249,387.680 1354_ _Cozad S. D., Nob
434
71,168.428 874.525.7251908
190.000
18,518,046 208,709,303 1081--Cranford, N. J
1926
51,000 102.21
83,727,297 980,196.064 1907
1946
5
4.81
1925
20.075,541
944--Crisp County. Ga
151,775.887
108,220,267 1,014,088,919 1906
14.000 100.04
1924
16,391,587 144,171.927
944-Croton-on-Hudson. N. Y.435 1928-1934
4.49
56,987,954 709,565,710 1905
33,000 100.18
1221-Dansville, N.Y
1923
4.40 1928-1949
4.36
69,375,996 819,078,237 1904
16:124,577 187,21 0V6
'
1942-1952
55.000
1922
944- _Dare County, No. Caro-6
.2
94,638,755 665,366,366 1903
1921
7,737,240 102,983,914 1220„Davidson Co. S. D., No.
59,684,048 439,355,455 1902
30,000 100.69
8,009,256
Caro.(3 issues)
1920
108,499.201
534
59,188,857 448,830,120 1901
48.200 100.93
15,430,390
6
1919
84,915,945 1081--Dearborn, Mich
38,638,221 213,447,413 1900
7,112.834
811_ _Decatur County, Tenn--6
30,000
1918
93,160,542
32,496,308 346,903,907 1899
6,800 102.25
5,865,510
1917
87,824,844 1081_ _Decatur County, Ind---414
25,137,902 346,213,922 1898
12.500 101.62 158
25,029,784
1916
1945
76,976.894 1220_ _De Kalb County,Ind_.._434
22,970,844 379,789,324 1897
4.00
9,400 101.40
6,449,536
1915
97,114,772 1354_ _ De Kalb County,Ind_ __ _434 1928-1932
10,332,193 394,666,343 1896
4,045,500
6
1929-1938
4.63
22,000 107.15
1914
52,535,959 1220__Delaware, Ohio
19,802.191 262.178,745 1895
8.484,431
4
500.000 100.38
1913
80,830,704 1081_ _Delaware (State of
15,674,855 292.443,278 1894
7,525,260
50,000 105.51
82,205,489 1354__Del Monte S. D., Calif_5
1912
22,522,613 288,016,280 1893
2,734,714
340,000 101.84
1911
534
37,089,429 1354_ _ Denver. Colo
811_ _Dorchester County, Md-4X
14,878,122 213,557,021 1892
4,408,491
500,000
57,430,882
1910
811-Dothan, Ala
30.000
We present herewith our detailed list of the municipal bond 1354Douglas Co. S. D. No.
11, Ore
5
1933-1947
15.000 103
4.59
issues put out during the month of August, which the 944.-Dover, N.J
150.000 100
Ill
435 1929-1938
40,000 101.05 Yee
condition of our columns prevented our publishing 1081--Downers Grove,D., MIss.6
crowded
1081__ Dublin Cons. S.
12.000 103.83
1221.-Du Bois County, Ind_434 1928-1937
2.400 102.85
at the usual time.
1081- _ Dubuque County,lowa 4)1 1932-1941 200.000 100.28
4.22
review of the month's sales was given on page 1349 of 811-Dumont, N. J
5
1928-1938 374,000 100.82
The
4.83
811--Dumont, N. J
434 1928-1962 128,000 101.25
4.62
the "Chronicle" of Sept. 3. Since then several belated 944- _Dunedin, Fla.(3 issues)-6
1928-1939 286.000 100
6.00
225,000
August returns have been received, changing the total for 1081-Earlsboro,Okla Y
1221__Eastchester, N.
434 1928-1937
50.000 101.10 :fie
the month to 686,160,719. The number of municipalities 1221--East Grand Forks, Mi1111_ -- 1928-1947 109,000 loodo
MUNICIPAL BOND SALES IN AUGUST.
The aggregate of long-term State and municipal obligations disposed of during the month of August was $84,160,719. The number of separate issues placed during the
month was 650, made by 549 municipalities. The total
compares with $85,358,972 in July and $71,168,428 in
•
August a year ago.
The largest single flotation during the month was by the
city of Philadelphia, consisting of two issues of city bonds
aggregating $15,000,000, which were awarded to a syndicate
headed by the First National Bank, White, Weld & Co.
and Old Colony Corp. and including ten other financial
institutions located in New York and Philadelphia, on its
"all or none bid" of 100.109, a basis of about 4.11%, taking
$8,250,000 bonds as 44s maturing Aug. 1 1977, optional
1947, and $6,750,000 bonds as 4s, maturing Aug. 1 1942.
The following is a tabulation of other large issues disposed
of during the month:
1350
THE CHRONICLE
[VOL. 125.
Page.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1221-East Hampton,No.Caro.434 1928-1938 110,000 100
4.50
Grange County, Ind_434 1928-1937
14.000 101.33 4.22
1082--East Lansing, Mich
4% 1930-1952 95.000 100.12 4.23 1222__La Junta, Colo
1222_ _La
4
d40,000 100.07 _ _
1354_ _East Liverpool, Ohio_
1928-1937
5
14,416 101.98 4.54 1355_ -Lake Co.,Ind.(2 issues)-5
86,000 103.62 _ _ _ _
944-East St. Louis r.. D.,Ill--4%
220,000 100.71
813_ _Lake County, Ind
434 1928-1947 470.000 101.24 4.37
1221--East Spencer, No. Caro- _6
12,000 103
1930-1953
5.64
946_ _Lake County, Ind
5
1928-1937
40,000 103.93 4.10
944-Eatonton Sch. Dist., Oa_
15,000 101
---- 1083_ _Lake County Cassia S. D.,
944-Ecorse, Mich.(2 issues)_ _6
1928-1942 176.612
Fla
6
10,000 100
6.00
944--Eden Valley, Minn
20,000 100.87 Iii
1928-1942
5
946_ _Lancaster S. D., Calif 5
1929-1947
65,000 102.01
4.77
1082-..Eddystone S. D., Pa
140,000 105.08 --....
434
946_ _Laramie Par. Dist. No. 1,
1082--Edgecombe Co., No.
Wyo
s
1937
54,000
Caro. (2 issues)
11,000
Md
435 1929-1938
32.500
1221-Edinburgh, Tex
1958-1963 r50,000
5
---- 1383 ijagr 8 Rai
055-:Lar4d,.
65,000
1221.._El Centro, Calif
80 0 0
5 :00
6 0
1928-1947
6
--- 1222_ _La Salle, Ill
434
50,000
1221-Elkhart Co., Ind. lea.)-434 1928-1947
(2
107.02 3.88
813_ _Lauderdale County,Tenn.53/
15.000 100.33
1354El Paso, Texas1928-1947 100,000 101.30 4.59 1222_ _Laurel S.D.No.7,
10.000 100
- 7.86
5
1221--Erie County. Ohio
5,050 104.39 4.29 1222_ _Laurence County, Mont.5
b
ig 1928-1937
20,000 102.005 4.06
1221-_Erie County, Ohio
10,600 101.59 4.62 1222_ _Laurence County. Ind......434 1928-1937
5
1928-1937
Ind....434 1928-1937
3.96
9,360 102.51
1354_ _Erwin, Tenn.(2 iss.)__ _ _534 1928-1946
69,000 101.96 5.24
946_ _Leake County, Miss
6
1937
20.000
944--Escambia S. D. No. 16,
1222_ _Lee County,
434 1931-1940 125,000 102.72 --- Fla
7 225,000 108.70 5.20 946_ _Leon Ind. S.Iowa
19306
D., Iowa_
r15,000
811--Euclid, Ohio
25,000 101.89 4.59 1083-Lincoln County, Okla
1928-ava7
5
1,200,000
811-Fairfield, Ala
24,000 104.25 ---- 1084_ Lincoln Park, Mich
s
534
81,000 100.36 --811-Fairfield, Iowa
8,000
---- 1222_ Lockney, Tex
40,000
1085-Fairview Village, Ohlo_--5
10,220
1928-1929
---- 1356- Lockport, N.Y
s
6,749 101.89 4.56
944-Falls City, Neb
4%
54,000
1937
946__Lompac Un.H.S.
1928-1937
30.000 103.07 4.82
1221_ _Fentress County, Pa
250,000 102
5
- --1222_ Long Bosch, Callt D.,Ca1.53 1959-1964 700,000 100.01 4.25
4-5
811--Floral City S.D.,Fla----6
10,000 96
1084_ Longport, N. J
300.000
944--Foard City S. D., Tex..--5
12,000 100
17615 1222_ _Long Beach,N.Y.(2 iss.)531 1938-1947 900.000 100.08 5.48
1082--Ft. Worth,Tex
434 1938-1956 697,000 100
4.50 1222_ Longton, Kan
434 1928-1947
50,000 101.02 4.381082--Ft. Worth, Tex
1957-1967 407.000 100
4
4.00 1356- Loudon County, Tenn
50,000
1082--Ft. Worth. Tex
1932-1937 196,000 100
4.25
222_ Loveland, Tex
6
25,000
1082-Franklin, Ohio
19,500 100.22 4.47
1§ 1928-1939
946_ _Lowell. Mass.(2 issues)--4
1928-1957
85,000 101.81 3.81
1082 Franklin County, Ohio--4% 1929-1938
13.800 100.0(3 ---946__Lynbrook, N. Y
434 1928-1945
95,000 100.21 4.22
944--Frederick, Okla
6
30,000
1937
1356_ McMinnville, Ore
25,000 104.12 ---944-Fredonia, N. Y
45,000 100.22 Tao 1356_ Macon, Mo
43i 1928-1937
434 1932-1947 165,500
944--French Camp S. D.,Callf.5
35,000 101 43
1947
.
1084__Madison County, Ind......434
20.000 103.09 ---811-Fulton County, Ind
434 1928-1937
8,500 101.91
1084_ Madison County, Ind 4
9,000 102.21 -1355_ _Fulton Co.. bid.(2 iss.)_ _4% 1928-1937
52,500 101.56 ili 1084_ _Madison County, Ind....434 1928-1937
9
12,000 101.53 4.181082__Gage Co. S. D. No. 1,Neb4%
4,000
1084„Madison Co. B. D.No.77.
1355--Gallatin Co.S.D.No.44,
Ill
1034-1943
5
50.000 100
5.00
10,000
Mont
s
1084_ _Madison Rur.S.D., Ohio.5
19284934
16,000 100.13 4.98944Gal1oway Twp.S.D.,N.J_5
1928-1937
45,000 101.31 4.70 1222_ _Madison Rur.S.D.,Ohio.5
1928-1934
85,000 104.03 3.90
1082__Galveston, Tea
1928-1956 200.000 101.03 4.89 1222- _Madison Twp.S. D..Ia--5
5
1928-1942
16,000 105.10
1355_ _Garfield Heights, Ohio.... _5
1928-1936
34.155 101.94 4.56 1994__Magnolla, Ark
20,000 106.85 1082_ _Gary,Ind
29,000 102.63
1928-1933
5
4.13 MA _Magnolia, N.J
85.000
1221_ _Gastonia, N. C
1930-1967 100,000 101.09 4.66 1222_ _Malakoff I. S. D.. Tez-_,-5
6
1928-1968 140,000 100
5.00
1082_ _Geauga County, Ohio......5
19,000 101.77 4.61 1084_ _Manlius
1928-1936
30,000
1082....Geneva, N. Y
20,000 101.19 4.13 1084_ _Margate S.D.No.17,N.Y-4% 1928-1943
43i 1928-1947
City, N.J.(2iss.)5
116,000
1221_ _Gibson County, Ind
21,000 101.47 4.19 1084„Marianna, Fla
1928-1937
1931-1937 336,000 100.02 5.99
6
1221_ _Gibson County, Tenn--..434 1928-1957 400,000 100.03 4.48 1222-Maricopa Co.• D. No.
B.
944_ _Glasgow, Mo
4
1928-1947
75,000
41, Ariz
1947
4%
45,000 100.12
944_ _Glendale II. S. D., Calll'-5
1928-1963 1,400.000 108.74 1:38 1356--Marietta, Ohio
13,965
536 1929-1937
1082Glenville Water District
1084- _Marion County,Ind
434 1928-1936
45,000 102.30 4.00
No.2, N.Y
4.40 1932-1947
16,000 100.79
1084_ _Marion School City, Ind_4% 1928-1942 160,000
945__Goshen Co. S. D. No. 4,
946„Mannington, W Va
5
100,000 100
5.00
Wyo
534
12,000 109.55 - 946-..Marlboro Co. S D. No.
812.. Gouverneur. N. Y
434 1928-1947
32,000 101.71 4.33
10, S. C
s
1931-1947 130.000 102.16 4.78
1355Graham Co.. No. Caro 6
1941-1947
35,000
833_ _Marshall County, Tenn--434
40,000 100.37
945__Grand Junction District
1223__Marshall County, Ind
434 1928-1937
8,400 101.52 4.18
No. 18, Colo
434
1939
63,000 101.08
1223_ _Marshall County, Ind
434 1928-1937
6.800 102.63 3.95
1355-_Grant Co., Ind
434 1928-1937
28,000 102.77 3.97
946 __Martin County, Fla
6
225,000 95.25
1930
812_ _Grant Township, Ill
6
1928-1932
6,000
1223_ _Martin's Ferry, Ohio...... _5
1928-1932
40,600 101.02 lad
1221_ _Gray Co. Dist. No.4,Tex.53.4
250,000 100
5.50 1223_ _Maryland (State of)
434 1930-1942 1,640.000 104.30 3.94
1221_ _GrayCo. Road Dist., Tex.534
100,000 100
5.50
946_ _Mecosta
1928-1932
11,000 100.33 4.86
1227-Greece, N. Y
5
1928-1938
5,500 101.27 4.76 1356_ _MichiganTwp.S.D.,Mich.5
(State of
434 1929-1937 401,000 100.42 4.40
1082-_Greece Corn. S. D.No.15,
1223„Milford, Hartwick, MidN. Y
4.35 1927-1956 180,000 100
4.35
dlefield & Westford
945_ _Greeley, Colo
33( 1928-1932 r75,000 99.27
S. D. No. 1, N. Y
434 1928-1957
95,000 101.45 4.33
1221_ _Greeley, Colo. (2 issues)-5
119.000
1356_ _Miligrove Twp.S. D.,Ind434 1928-1940
10,000 101.92 4.17
1082-Greenburgh-Knollwood
20,000
Water District, N. Y.._4.20 1928-1947 370.000 100.33 ____ 1084_ _Milton, Fla
814_ _Moira S. D. No. 1, N. Y-4
1929-1958 110,000 100.47 4.44
1221_ _Greenville, Mass
5
r47.500 101.04 __,,..
946_ _monaca, pa
4
1931-1957
55,000 101.80 4.12
945_ _Greenville il. C.(2issues)5
1957
275,000 108.45 4.48
946_ _Monroe, N. Y
434 19284943
16,000 100.79 4.37
1355__Grinnell, Iowa (2 las.)_
60,000 100.22 ---- 1223_ _Monroe County. Tenn.. _6
170,000
945_ _Grundy Co.,Tenn.(2 iss.)
71,000
1223_ _Monrovia, Calif. (2 iss.)-5
1925-1967 195,000 106.73 4.40
1082_ _Hackensack, N.J
434
589.000 101 56
.
1221_ _Hamden, Conn
431 1929-1934 300.000 100.63 47ifn 946 _Monrovia City H. 8. D.
Calif
.5
625,000 106.03 --1082_ _Hamilton, Mont
6
52,500 100
6.00
946 ..Montgomery Co., Ala- _5
1937
60,000
945....Hamilton County,Ind
434 1928-1937
6.500 102.23 4.04 1223--Montgomery Co., Md.- _434
1928-1947
30,000 101.82 4.29
1355_ _Hamilton County,Ind
434 1928-1937
8,400 101.69 ---814_ _Montrose, La
25,000
1355..-Hamilton County,Ind__ -434 1928-1937
4.000 101.27 ---947_ _Moore, Okla
6
25,000 100.10 - 1355_ _Hancock County. Ohio_ _5
34,000 102.87
1223_ -Moose Lake Minn
5
1929-1937
15,000 10h66
1355--Hancock County, Ohio--5
1928-1936
28,000 102.77 4.36
814_ _Morehead City. N. O........534
165,000 100
1.815
..Hancock County, Ohio_ _5
1355..
1928-1931
3.825 100.66 4.70 1356__Moreno
5% 1928-1942
20,000 106.04 4.58
1355_ _Hancock Co., Ohio
5
1928-1936
46,000 102.91 4.44 1084_ _Morgan S. D.. Calif
County, Tenn _
1957
130.000
1221 __Hanover Twp., Pa
5
1929-1943
48,000 102.50 4.65 1223_ _Morrow Co., Ohio(2 iss.).5 __
12,733 103.71 -1082__Hardin County, Ohio_ _ 534 1928-1931
6.085 101.26 4.96
947_ _Mt. Olive, N. C
6
534 1930-1954
50,000 104.78 4.92
1082__Harrison County,Iowa_ _4 yi 1931-1940 d200,000 100.13 4.22
1223--Mt. Pleasant, Tex
60.000 100
1083„Havana Spec. S. D.No.3,
6.00
1356__Mt. Prospect S. D., 111-4
25,000
6
25,000 98.50 6.16 1085__Mt. Vernon City S.
1930-1948
Fla
1083„Hawkins County. Tenn_ -5
1929-1936
40,000 100.18 4.96
3).,Ohio 4%
31,000 101.62 ---1083_Hempstead Central U. S.
4.40 1928-1937
D., N. Y
37,000 100.12 ____ 1223--Mountain View S. D.,
Calif
6
1928-1937
5,000 103.42 5.27
945_ _Hempstead Free S.D.No.
947_ _Muscatine County,Iovra_434 1931-1940 100,000 100.88 4.11
431 1929-1957 475,000 100.21 4.20 1084_ Natchez, Miss
21,N. Y
250,000 101
1355-Hempstead Iin. S. D.
1223__Natick, Mass
4
1932-1941 270,000 101.63 3.72
No. 13, N.Y
431 1934-1953 120,000 100.14 4.23 1356-Navarro Con. Dist. No.
5
d30.000 103.34 4.24
1947
1222_ _Hillsboro, Ore
1, Tex
5
1928-1932 380,000 100.29 4.87
1929-1942
20,000 101.60 4.78 1084_ Newark, N. J
5
1083_ _Hoke County, N.0
1,000,000
5
19304947
5.458 100
813_ _Holt, Minn
5.00 1085.. New Castle,
434
1942
d12,000
100,000 100.53 4.96 1356.._Newfane FireColo
1952
1083__Hopewell, Va
5
Dist., N.Y. _ 1928-1936
24,000
74.700 102.10
1222__Howard Co.,Ind.(3iss.)-434 1928-1937
947_ _New Franklin B. D.No.28
-1942 100,000 101.21 4.55
10&3_ _Hubbard,Ohio1928
Mo
25,000
20,000 100
3.75 1356__Newport, N. Y
1222__Huntington,N.Y
j‘4 1930-1939
5
1928-1937
4,800 100.72 4.35
240,000
945_ _Huntington Park, Calif
.
11,000 102.50 4.01
140.000 100.28 ____ 1085__New Richland, Minn_ _ _4% 1932-1938
945_ _Huntsville, Ala
947_ _Newton, Iowa
4% 1932-1941 100,000
25,000
1937
1222_ _Imperial S. D.No.3,Neb.434
---- 1223--Niles, Ohio
534 1928-1937
3,500 102.34 -4.98
1083-Indianapolis Park Dist.,
1356_ _Noble Co., Ohio (8 iss.)-5
36,335 103.30 4.31
71.000 101.87 4.40 1085-_North Adams S.D.,Mich _434 1928-1937
434 1929-1952
Ind
1928-1957
45,000 100
4.50
1222-Indianapolis Park Dist.,
1357__North Arlington S. D.,
Ind
434 1929-1948 110,000 102.15 4.10
1928-1942
15,000 103.80 4.89
1222__Indianapolls Park Dist.,
814„North Brunswick Twp.
80,000 102
1929-1948
4.05
Ind
434
N. J
.
5
1925-1964
77,000 104.27 4.65
1983-Irondeauoit S. D. No. 3.
1223„North Hempstead S. D.
434 1930-1957 107,000 101.71
N. le
No. 8, N.Y
434 1930-1954
50,000 102.51
4.27
12,114 100.04
915-Iron River, Mich
947_ _North Olmstead Ohio_„5
1928-1937
9,755 101.72 4.65
945_ _Islip-East lallp Fire Dist.,
,...
814_ _North Tonawanda, N. Y-434 1928-1937
50,000 100.28 4.49
60,000 100
1927-1936
N. Y
434
CI0 814 Norwich, Conn
4
1930-1964 225,000 102.54 4.06
300,000 101.08
813....Jackson County, Miss 5
1223__Ogdensburg, N. Y
4
1928-1957 150,000 101.67 4.13
375,000 104.82
945_..Jackson County, Ill
4%
815--Ohio County,O.(2iss.)._4
1928-1937
15,000 100
4.25
1355__Jackson Co. S. D. No.
1085_ _Omaha, Ill
5
4,500 100
4.50
13,500
4%
10, Okla
947_ _Onawa, Iowa
434
300,000 100.75
1222__Jackson Co. S. D. No. 4.
1357..
..Onondaga County, N. Y..434 1928-1947 415,000 102.28 - :08
3
33,500
Ore
534 1934-1947
1085-Onslow County, N.C.---5
1933-1957 r200,000 103.26 4.75
1929-1948 610,000 103.63
1222_ _Jacksonville, Fla.(4 iss.)_5
1357__Orange, Mass
4
1928-1931
5,600 100.52 3.78
100.05
40,000
10/33-Jasper County, Iowa___ _4 Wfi 19374040
1223-_Orange Park, Fla
6
1936-1960
75,000 101.84 5.84
101.53 -471- 1357_ _Orange Two.,Ohio
1083__Jay County, Ind
434 1928-1937
534 1928-1935
13,600 103.36 4.72
3 1
1
3 0
0 7
1355.. Jay County, Ind
1928-1933
6
947- Ormond, Fla
64,000 101
1953-1955
1222__Jeff Davis County, Miss-5
047....Osceola County, Fla
150,000 100
945-Jefferson Co. S.D.No.5,
1223_0xford Corn. S. D. No.5,
14,000
Ark
N.Y
6
1927-1936
1,600
1222__Jefferson County, Iowa....434 1933-1941 d124.000 100.14 4.21
947--Owen Twp.I. S. D.No.7.
90,000
1928-1947
1355„Jetmore, Kan
4
Iowa
4,000 102.75 _
411,000
1083....Johnson County, Han....-4
947- _Palmer Cons. S.D , Miss.
10,000 100.69
1222__Johnson County, lowa 4
1934-1942 244.000 101.35
1223__Parke County, Ind
434 1928-1937
9,400 101.43 4.22
1930-1946 600,000 101.29 'Zoo 1085_ _Park View, Calif
945--Kershaw County. S. 0......4
5 1928-1937
3,200
155,500
945__Kiel, Wis
947....Parsons. Kan
80,000
.Coo 947-Parsons, Kan
1945-1949 150,000 100
813-Kingston, N.Y
4
4X
18,684
5.25
945-Klaznath Falls,Ore
163,183 100
1936
534
947_Pasadena City S.D.,CalifA X 1930-1954 125,000 104.85 iÔ
813--10ickitat Co. S.D.No.91,
1085_ _Patchogue, N.
431 1928-1942
4.25
15,000 100
5.00 1085_ Paulding, OhioY
11,500 100
1929-1947
Wash
5
5
1928-1937
11,983 102.12
1083_ _Knox County, Tenn
300,000 107.78 4.40 1085_ _Pelham Manor, N.Y --4 X. 1926-1947 110,000 100.34 4.58
1947
5
___ _
1083_ _Knox County, Tenn
240,000
1947
5
1357- _Pemberville, Ohio (4 las.) 6
1928-1937
19,184 101.95 5.59
1083_ _Knorville, Tenn
4
434 1929-1938 437,000 100.63 - 15§ 1085-Pennsauken Twp. fl. D.,
6.00
1222-Konowa, Okla
78,000 100
6
N. J
5
1928-1957
60,000 103.85 4.62
SEPT.3 1927.]
THE CHRONICLE
1351
Rate. Maturity. Amount.. Price. Bans. Page. _Washingtoanme.ate. Maturity. Amount. Price. Basis,
Name.
Page.
10.300 101.74
1928-1937
N Co.,. Ind_ _ _ _4
4.13
1358_
100,000
815__Pennington Co., Mimi_
1928-1947 200.000 101.53 4.08
1928-1947 150,000 106.42 4.40 1225__Washington S. D., Conn.4
5
815_ _Peoria, III
50,000 102.13
4.39 1225_ _Washington S. D., Ind_ _4
40,000 102
_Perquimans County,N.C.5 X 1929-1941
1085_
1977 d8,250.000 100.10 4.11 1358_ _Waterford Twp.S. D.No.
43
815__Philadelphia, Pa
28,500 100
4.56
8. Mich
434 1929-1957
6,750,000 100.10 4.11
1942
4
815.-Philadelphia. Pa
28,000 101.87
4.20
1929-1942
950_ _Watertown, N. Y
13.000 100.10 4.49
1942
Ridge, Mich.__ _4%
1085_ _Pleasant
35,000 101.19 4.34
1936
4
4g
1087_ _Wausa, Neb
18,000
947_ _Pleasant Twp., Ohio_ ... _5X
1928-1947 202.500 102.37
3.63
1358__Wellesley, Mass.(4 iss.)_4
.........____ 260,000 104.32
815-Polk County, Fla.(4 iss.).6
16.000 101.19
4.40 1930-1945
1087__Wellsboro S. D Pa
1,180,500
947-Polk County,Fla.(7 iss.)
2.400 106.59 3.15
4% 1928-1937
817__Wells County, Ind
650,000
434
1085_ _Pontiac, Mich
25,000 100.54 4.55
1225_ _West Bethlehem Twp.,Pa.4X 1928-1932
50,000 101.60
5
815__Port Arthur, Tex
.West Branch & Ogemaw
1358.
14,500 105.41
434 1928-1937
.Porter County, Ind
1085..
434 1930-1941 r20,000 100.28 4.72
S. D N. Y
3,000.000 101.08
1357_ _Port of New Orleans, La-4 X
56.500 100.50 3.82
1928-1937
950__Westfield, Mass. (3 iss.)..4
58,400 102.45 4.02
948--Posey County,Ind.(3 iss.)4 A 1928-1937
20.000
4%
1358- Westfield, N.Y
6.600 101.71
434
948__Posey County,Ind
1937-1947 500.000 101.07 3.88
1225_ _Westmoreland Co.,Pa_ _ _4
24,000
434
_Potter, Neb
1223_
950.-West Point Twp. S. D.
1357-Prairie Co. S. D. No. 40,
3,100
1932
434
6.00
No. 4, Iowa
25.000 100
1927-1947
6
Mont
951_ _White Bluffs S. D. No. 7,
55,000
1927-1965
948_ _Pulaski County, Ark_ _ _ _5
5.00
5,000 100
1929-1938
5
Wash
948__Quay Co. 8. II. No. 53,
5,000 100
6.00
1359_ White Earth, No.Dak_ _6
15,500
534 1933-1947
30,000 103.78 4.13
4% 1932-1947
1359__Whitehall Twp., Pa
54,000
534
948__Quitman, Ga
951_ _White Sulphur Springs
56,260
1966
6
1085-Ralls, Tex
150.000 100
District, W.Va
40,000
1966
534
1085_ _Rails, Tex
50,000
1957
1359_ Wilbarger Co., Texas_ _ _4%
10,303
19284.935
5
948_ _Ravenna, Ohio
4.67
1928-1947 195,000 102.57
5
11,795 101.67 4.68 1359_ Wildwood, N.J
1929-1935
5
1224_ _Ravenna, Ohio
1359-Willeston Park District,
Par. Con.Road
1085-Red River
20,000 105.32
5
No. Dak
1928-1947 259,500 100.77 4.89
5
Dist., La
60,000
40,000 103.69 4.55 1359_ _WilliamsburgCo.,So.Caro4
1928-1947
1224_ _Ridgeville Rur. S. D.,0-5
30.000
43'4 1932-1957
1087_ _Williston Twp..Pa
948_ _Riverhead Corn, S. D.
80,000
534 1927-1948
28,000 108.62 4.17 1359_ Willovrick, Ohio
1929-1956
5
No. 1, N.Y
4.89
42.000 100.71
1928-1947
1087_ _Winchester, Tenn.(2 iss.)5
Riverside County School
948.
6.50
6,500 100
634
951_ Wing, No. Dak
21,400
Districts, Calif.(2)_
1928-1942 160,000 100.33 4.97
5
1226_ Winnfield S. D., La
10.000
1224_ _Robbinsdale. Mimi ____ _ _ 1928-1937
5.50
100.000 100
817_ Wortham I. S. D.. Tex-.5
r1,500,000 101.72 4.03
4
1928-1947
1357_ _Rockingham, Vt
1928-1932 175.900 100.28
1929-1947 r172.000 100.96 4.13 1087_ _Wyandotte, Mich.(6 iss.)4
4
1357-Rockingham, Vt
37,500 102.04 4.65 1359--Wyandotte Co., Kan. (4
1929-1936
5
1224__Rocky River, Ohio
32,600 102.68 4.10
1928-1942
issues)
22,000 101.92
5
1224_ _Rocky River, Ohio
4.25
18,500 100
1929-1942
1088__Yaldma. Wash
50.000 100.21
815...Rolla, Mo
5.00
6,500 100
1937
5
1226__Yehn, Wash
r22.000
948_ _Roscoe, Tex
1359__York Co. S. D. No. 2,
6,500
1928-1933
5
1086_ _Roselle, Ill
10.000
So. Caro
1085_ -Rowan Co., N.C.(2 iss.).4 rt 1929-1942 525,000 101.43 4.55
24,000 102.84 4.48
1928-1939
5
817„Yorkville, N.Y
8.000 102.38 4.07
1928-1937
4
815_ _Rush County, Ind
203,000
1226_ _Ypsilanti, Mich.(2 Ns.).
r63,000 100.53
1224-_St. Joseph, Mich
1226__Zavalla Co. Dist. No. 2.
736.000 102.61
4
4M
815_ _St. Joseph, Mo
6.00
25,000 100
1928-1936
6
Tex
175,000 100.69
434
1086St. Mathews, S. C
1928-1957 500,000 100.14
1224_ _St. Paul, Mimi.(2 las.). _4
Total bond sales for August(549 municipali1929-1938 335,000
6
815_ _St. Petersburg,Fla
k$86.160.719
ties, covering 650 separate issues)
1357_ _St. Tammany Par. Dist.
400,000
d Subject to call in and during the earlier years and to mature in the later
No. 2, La
year. k Not including $84,160,719 temporary loans. r Refunding bonds.
1224_ _Sabine Par. Dist. No. 4,
85.000 100.05
6
La
y And other considerations.
50,000 100.61 4.10
434 1928-1937
1357__Saginaw, Mich
22,800 100.70
1928-1937
The following item included in our total for the month
816_ _Saginaw County, Mich_ _4
12,000 100.14
4.60 1928-1939
1086-Salamanca, N. Y
of July should be eliminated from the same. We give the
15,811 101.98
5
1357-.Salem, Ohio (3 iss.)
48.996 105.19 4:ifd page number of the issue of our paper in which reasons
1928-1937
6
1357--Salem, Ore
1929-1957 300,000 105.16 4.52 for this elimination may be found.
1357__Sampson Co., No.Caro_ _5
1357_ _Sampson Co., No. Caro_ _4 X 1930-1957 100.000 102.67 4.51
Amount.
Name.
85.800 102.52 4.57 Page.
1928-1936
948- _Sandusky Co.,Ohlo(4 iss.)5
$25,000
946_ Montrose School District, Ill
20,000
1929-1944
(2
1224_ _San Gabriel, Calif. iss.).5
1224„Saucterties S. D. No. 10,
learned of the following additional sales for
We have also
434 1932-1961 125,000 103.50 4.14
N. Y
previous months:
85,000 105.78
1932-1957
5
1086-Savanna, Mo
4
- .8 P',e.
56.147 100
434 1928-1932
948_ _Scarsdale. N.Y
Rate. Maturity. Amount. Price. Basis.
Name.
1928-1947 450,000 100.13 3.98 8I!_ _Aberdeen, Wash
1357__Schenectady Co., N. Y_ _4
$1,600.000 95.02
5
3,000 105.05 5.17
1928-1942
3,000
1929-1938
6
948_ -Schuyler S. D.No.7,N.Y.6
810_ _Albuquerque, N. M
18,000
6,500 103.14 4:111.
5% 1929-1936
948_ _Scott Co.For. S.D.,Miss_ _ _
..-:-..: 1080__Allen County, Ohio
145,000 100.97
_44.1.78
1,780 100
19284937
4
948_ _Scottsbluff, Neb
810_ _Arkansas City, Kan
151,000 101.80
6
1086__Sea Isle City, N. J
25,000
_Asotin S. D.No.30,Wash4
71,000 102.20 ---- 1219_ _Berkley, Mich
6
93,000 100.26
1928-1936
5
1086_ _Sea Isle City, N. J
943_
26,000 101.28 -6
40.000 100
1086__Sea Isle City, N. J
1937
434
1229__Berkeley, Mich
948__Sedgwick County S. D.
1928-1967 280.000 106.10 ---810__Beverley Hills S.D.,Calif_5
60,000
No. 46, Colo
943_ _Big Horn Co.S.D.No.27,
39,000
5
5.50
23,000 100
815-Selma, Ala
534
Mont.(June)
80,000
1941
1086_ _Seminole B. D., Okla_ _ --4.75
60,000 100.79 _ _ _
810_ _Blue Earth County,Minn.4 X 1932-1937
815_ _Seminole S. D. No. 17,
11,600 102.19 4.05
4% 1928-1937
810_ _Boone County,Ind
60,000 105
4.70
Okla
1081_ _Bridgeport Twp. S. D.,
1086_ _Shaker Heights,0.(3 iss.)4 X 1928-1932 340,000 100.72 -- -- 40,000 _
III
1928-1937 228.100 101.05 al
949_ _Shaker Heights, Ohio_
.60- 4.76
32,000 102
29 1 33
19 849 6
95
Ohio
810_
101.56 4.50 1081_ _Brilliant, Ohio_ _
54,310
1358- _Shaker Heights, Ohio_ _ --4 X 1929-1937
8,800
_Cambridge,
55X
50.000 101.25 4.15
816_ _Sharon,Pa
43 1932-1947
ShorePark
943_ _Chicago North
50.000 101.64 -___
949_ _Sharon, Pa
Dist.. Chicago(May) -4X 1932-1947 250,000
1937-1951 2,250,000 101.26 ___816_ _Shelby Co., Tenn.(4 iss.).4
6.00
30,000 100
1928-1967
6
811_ _Crosbytown, Tex
21,200
1928-1937
949_ _Shelby Co.,Ind.(3 iss.)-4
6,962
1928-1934
.
4
-.- 8 1220_ _Defiance County. Ohio 5
22,000 100
4
949_ _Shelton S. D.,Wash
4.50
50,000 100
434 1928-1946
811_ _Devils Lake. N. D
1932-1956 250.000 103.17 4.20 1081_ _Dimmitt County, Tex__ _5%
1224_ _Shenandoah S. D., Pa_ 4
5.50
214,000 100
4.00
1937-1957 r105,000 100
4
949_ _Sheridan, Wyo
810_ _East Feliciana Dist. No.1,
5.000 103.20 4.82
949_ _Sierra Un.H.S. D.,Calif_534 1928-1937
5.00
16,000 100
5
La
80,000 101.42 4.88
1929-1951
4.50
1358_ _Silver Lake S. D., Ohio_ _5
55,000 100
4%
812__Fayetteville, Tenn
75.000 103.09 4.65 1082__Fordson, Mich. (2 issues)
1928-1952
816_ _Soledad tin. H.S. D.,Ca1.5
50.000 101.43 4.33
434 1928-1944
---816...Southampton, N. Y
390,000 100
(April)
434 1928-1947 125,000 101.71 --- 944 _Freeport,Ill
1086„South Haven, Mich
20,000 100.07 -29.000 100.20 4.46
434 1929-1947
1086_ _South River, N.J
812__Fuquay Springs, N.0_14 1930-1946 150.000 100.10 5.74
1086_ _South St. Paul, Minn_ _ _ _4 X 1930-1947 195.000 100.68 4.17
40.000 103.10
Tex_ _ _5% 1928-1937
945_ _Gonzales County,
44,000 101.91 317 1083__Jefferson County S. D.
1928-1947
1358 - _South Hadley, Mass_ -- -4
816-Southwest Tampa Dist.,
No. 27. Mont.(June)_ _6
____
338,000 95
6
Fla
0
7:00
2 500 103.87 4.91
1928-1934
6
813_ _Jewett, Ohio
75,000 102.49 ____
1086- _South Williamsport, Pa_.434 1932-1952
:
434 1928-1946 235,000 100.34 :1 7
813_ _Kenosha, Wis
30.000
5.00
1086..Sparks, Nev
225.000 100
N. C.(2 iss.)..5
Lancaster,
12,000 102.85 4.51 1222_ _Levy I. S. D.No. 10,Fla_6
1928-1939
1225_ _Sparta, Witt
57,000 96
1083_
Ill
200,000
1225_ _Springfield,
813__Lonoke Co. 8. D. No. 1,
6
7.500
1225__Springfield, Ore
12,000 100.85 5.90
1928-1947
6
Ark. (Dec.)
434 1928-1957 295,000 102.50 3.96 1223_ _Miami Shores, Fla.(5 iss.r
1358__Stamford. Conn
1929-1946 175,000
6,640 103.71
4.26
5
1928-1937
816__Starke County, Ind
74,000
)6
Fla.(Apr.
1223_ _Miami Shores,
31.509 101.54
1358_ _Starke Co., Ind.(2 iss.)_ _6
14,000
8.960 102.43 _______. 1223__Miami Shores,Fla.(May)6
1358_ _ Starke Co.,Ind.(2 iss.)_ _4%
-Mississippi Co. S. D. No.
814
366,000 100.22
4.%
816- _Stockton, Calif
22,000 101
1935-1945
5
2, Ark
25,000 103.60
1934-1935
5
_Stockton. Calif
816_
1937-1956 650,000 95
946_ _Monroe County, Fla_ __ _6
1087__Stonecreek-Jefferson S.D.,
5ia
-1928-1955 250.000 95
42,000 101.28 4.60 1084_ _Monroe Co., Fla.(2 iss.).5%
434 1928-1948
Ohio
947-Mountain View S. D. No.
6.00
1358--Stroudsburg S. D.,
15.000 100
1932-1957
6
30, Ark
31,000
.Sweetwater,
816.
19324942- - - 1085__North Muskegon, Mich.
204,000 101.25
434
1225_ _Tama County,Iowa
12.000 100
:5±10_
1929-1956
5
(April)
30,000 100.07 -4:n
431 1929-1938
1225_ _Tampa, Fla
600,000 96
947_ _Okaloosa County, Fla_ _ _6
15,000 101.58
5
1358-Teague S. 13., Tex
947__Pierce Co. 8. D. No. 3,
1928-1967 d100,000 100.32
1225 Texarkana, Tex
4.40
65,000 100
4.40
Wash
70,000 102.38
434
949--Thomasville, Ga
1224__Platte Co. S. D. No. 2.
75,000
949_ _Three Rivers S. D. Mich.434 1928-1956
d45,000 103
1952
5
Wyo
20,000
949_ _Tioga Ind. S. D., Tex--5
661.000
1224_ _Sanford, Fla.(June)
10,000
1456
1087_ _Trenton, Tenn
58.919
1928-1932
816_ _Sheboygan, Wis. (2 iss.).6
r97,000
949_ _Trinidad, Colo.(2 issues).4
5.00
16,000 100
1929-1948
5
816__Soap lake, Wash
70.000 101.44 4:64
434 1934-1947
949_ _Turtle Creek,Pa
4,000 101.93 5.16 1086_ _Spokane Co. S. D.No.20,
1928-1931
_Twinsburg Twp.S. D., 06
1358_
30.000 100.58 4.42
4% 1929-1949
Wash
5.00
r40,000 100
5
949-Two Harbors, Minn
9,000
1929-1937
6
1225_ _South Rapids, Minn
949--Tyler Co. Road Dist..
182,000 106.10
816_ _Tuscaloosa County,Ala__5
75,000
5
1931-1947
W. Va
75,000 101.18 4.58
816_ _Union County. N. C.._ -4g 1929-1942
4.75
10,000 100
8
949_ _Union, Mo
816__Walla Walla Co. S. D.
18,500
534 20 years
1225__Union, Neb
10,000
1929-1946
5
No. 9, Wash
r90,000
i
434
1358-Valley County, Neb
r200,000
1957
950_ Western Port, Md.(Apr.)434
75,000 100
1.86
434
949_ _Vancouver, Wash
15,000 102
_Whitfield Co. S.
City, N.J.(2 iss.)4. 0 1929-1946 325,000 100.12 4.56 1087_ _Yuma Co.. Ariz.D.,Ga_ _6
1225.
1947
(June)._5
85.000100166
1088_
250,000 95
817_ _Vero Beach, Fla
3,900 104.48
949_ - Voltaire S. D., Calif
All of the above sales (except as indicated) are for July.
3.94
10,140 102.71
817--Wabash County, ad...-4% 19284937
These additional July issues will make the total sales (not
949_ _Wallowa Co. S. D. No.6.
27,000 103.12
5
Ore
including temporary loans) for that month $90,721,533.
1087_ _Waseca Co. I. S. 13. No.
11,000 102.50
4%
89, Minn
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
D.,Fla.
1225_ _Walton County S.
AUGUST.
33,000
6
(2 issues
Rate. Maturity. Amount. Price. Basis.
Name.
4.26 Page.
10,000 103.61
1928-1937
1358_ _Warren County, Ind_ _ _ _5
5
1957
_Blenheim,Ont
$85,000 100
37,000 103.95
9515.00
1358_ _Warren County, Ohio- _ 5
53.4 30 years
10,000 103.45 4.28 1088_ _Brandon, Man
40,000 105.15
1928-1937
1358_ _Warren County, Ohio__ _5
434
1947
108.13. Dartmouth. N. S
25,000
71.000 95.13 __::
1358_ _Warwick S. D., No. Dak
1352
THE CHRONICLE
Page.
Name.
Rate.
817--Edmonton Roman Catholic S. D., Alta
53
951-FrederIckton, N.B
5
1088--Gravelbourg, Sask
6
1226_-Hamilton, Out
43.
951--Joliette, Que
53-1
1088--King Township, Ont_ _ _ _5
951-Leamington. Ont
53
1088__Niagara Falls, Ont
5
1088_ _Niagara Falls, Ont
53
1088--North Bay, Ont
5
1226__Oak Bay, .C
5
1226--St. Laurent, Que
53
818--Saskatchewan S.Ds.,Sask.
951--Saskatchewan S.Ds.,Sask.
10.38--Saskatchewan S.Ds.,Sask.
1226_ -Saskatchewan S.Ds..Sask.
1226_ _Teck Township, Ont----5%
1226_ _Trail, B. C
5
818--Weston, Ont
5
Maturity. Amount.
50,000
1947
25,000
1937
5,000
229,196
1957
35,000
1957
31,000
14,171
1942
1937
17,267
8,625
1947
1947.
33,500
1947
7.000
1942
8,000
40,565
16.200
65,400
28,000
16,000
1947
27,000
5-10 years 87,449
Price. Basis.
102
4.81
99.53
99.91
102.21
100.55
100.55
5.55
5.14
[Vol,. 125.
ment May 1 1932,sufficient to retire entire issue by maturity.
Further information regarding this loan may be found in our
department of "Current Events and Discussions" on .preceding page.
Iowa (State of).
-State Senator Ralph U. Thompson Takes
Stand Against 3100,000,001) Road Bond Issue.'
-The following
is taken from the "Muscatine Journal" of Aug. 16:
Charging extravagance in expenditure of funds now available for road
building purposes in Iowa, State Senator Ralph U. Thompson
interview yesterday afternoon took a stand against the 8100.000.000In an issue,
which is being advocated by the Iowa Good Roads Association.bond
"I do not favor a bond issue at this time, nor until the State Highway
Commission at Ames demonstrates that road-building program
will be used
for other purposes than training students in
103.20
5.12 at Ames," he said. He further explained engineering at the State College
that under the policy now fol96.25
lowed, politics also enters and has a tendency to foster extravagance. The
98.91 5:N present system of controlling the State's highways through
an appointed
commission was characterized as inefficient.
Total amount of debentures sold during Aug- - -5743,373
Instead of a bond issue, Senator Thompson said he favored utilizing the
amounts now collected from year to year through the State automobile and
gasoline tax to expand the State highways. "If the amount of
lected each year through these taxes was judiciously expended, money colroad building
could proceed each year as fast as the State is ready for it," he
said.
He favored a
Argentine Nation (Government of).
-I40,000,000 6% officials, but withState-wide system of roads under the direction of State
the positions elective, which,he said, would make official
External Gold Bonds Sold.
-A syndicate composed of Chase directly responsible to the people.
Senator Thompson has received no official notification of the special
Securities Corporation, Blair & Co., Ernesto Tornquist &
vote
matter of the
Co., Halsey, Stuart & Co., Brown Bros. & Co., Equitable session of the Legislature toGood on the Association. bond issue, which
is being urged by the Iowa
Roads
In
Trust Co., Graham, Parsons & Co., Union Trust Co. (Pitts- attention which the association is receiving is propaganda,his opinion the
and no session
burgh), Blyth, Witter & Co., Union Trust Co. (Cleveland), will be called. "The matter is not an issue at this time." he said.
99
100.50
NEWS ITEMS.
E. H. Rollins & Sons, Illinois Merchants Trust Co., Continental & Commercial Co., J. G. White & Co., and emphill, Noyes & Co., offered and quickly sold on Aug. 31 the
books being oversubscribed, $40,000,000 6% external sinking fund gold bonds of the Argentine Nation, at 99 and
interest, to yield over 6%. To be dated Sept. 1 1927.
Coupon bonds registerable as to principal only, in $1,000 and
$500 denominations. Due Sept. 1 1960. Principal and
semi-annual interest March 1 and Sept. 1, payable in United
States gold coin of the present standard of weight and fineness, at the principal office either of the Chase National Bank
of the City of New York, or Blair & Co. New York, fiscal
agents for the loan, without deduction for any taxes or other
Government charges, present or future, of the Argentine
Government or any taxing authority thereof or therein.
Redeemable through the operation of a cumulative sinking
fund commencing March 1 1928, calculated to be sufficient
to retire these bonds not later than Sept. 1 1960. Sinking
fund payments may be increased by the Executive Power if
considered advisable. In connection with the provisions for
the retirement of these bonds the official offering circular
Says:
Sinking Fund.
-Beginning March 1 1928, and semi-annually
Sept. 1 and March 1 in each year. the Government covenants thereafter on
to
fiscal agents as a sinking fund an amount equal to % of 1% of the pay to the
maximum
amount of these bonds at any time therefore issued plus an amount
equal
accrued and unpaid interest on all bonds previously acquired through to
the
operation of the sinking fund. All sinking fund payments are to be applied
to the purchase of bonds below par through tenders or if not so obtainable,
to the redemption of such bonds by lot at 100 and interest on the next
succeeding interest payment date. Sinking fund payments may be increased
by the Executive Power if considered advisable.
Further information regarding this loan may be found in
our "Department of Current Events and Discussions" on a
preceding page.
Buffalo Erie County, N. Y.
-Commission System of
Government Discarded.-The following is extracted from the
'
"Buffalo Courier" of Aug. 30, in which the result of the
voting for a change in government is set forth:
Buffalo yesterday voted Its farewell to the commission charter and bade
warm welcome to a new charter, founded on the Federal system of
ment. The majority for the new charter was 11,117. The vote governwas as
follows: For new charter, 32,079: against new charter, 20,962: total vote
east. 53,041.
The number of citizens who went to the polls was but slightly in excess of
the numbs that voted at the hospital referendum in the spring. Rain
in at 5 o'clock in the afternoon and continued until after the polls closedset
at
8 o'clock. This was assigned as one reason for a smaller vote than was
expected. The certainty that prevailed during the past few days that the
new charter would be adopted was souther reason why many did not
the necessity for recording their convictions. A third reason was that feel
new charter commission formed no organization and made no effortthe
to
bring out voters.
The new form of government Is what is called a strong-mayor code, which
centres responsibility In the executive head of the city.
It separates legislative and administrative functions with the
legislative
duties being entrusted to a council, comprised of nine men elected by
districts and six-at-large, including a president of the council.
All administrative acts are entrusted to heads of departments appointed
on nomination of the mayor with the consent of the council.
The commission charter government, which was thrown into the discard
by the voters at the special election yesterday, incorporated all administrative and legislative acts in a body of five councilmen.
One of the outstanding features of the new charter is that it will
return to
Buffalo the partisan form of government, which was scrapped along with the
old aldermanic form of government In 1914 to give way to the non-partisan
commission charter government.
The political parties, anticipating that there might
of government, were all ready to get out nominatingbe a change in the form
petitions for
created by the new charter. The officials who will take office the offices
on Jan. 1
will be chosen at the polls at the election this November.
Massachusetts (Commonwealth of).
-Addition to Legal
Investments List.
-The following two issues of bonds have
been added this week to the list of investments legal for
savings banks in the Commonwealth of Massachusetts:
Railroad Equipments-Illinois Central RR. equipment trust series
0
Ois,serially to July 1 1942.
Public Funds.
-City of Miami. Fla.
Miami Dade County, Fla.
-City's Bonds Legal Investment in'
New York State.
-The State Banking Department
on Aug. 7 declared that beginning with the $9,145,000 issue
and hereafter all the direct obligations of the city of Miami
will be legal for savings banks and trust funds in New York
State. The New York "Times" of Aug. 13 had the following
to say with reference to the action of the Banking Department:
Because the method of arriving at the assessed valuation by the city of
Miami did not conform to the specifications of the New York banldng
laws, the New York State Banking Department declined (earlier in the
year) to admit the issue to its legal list. However, the city of Miami
passed an ordinance conforming to the New York laws,so that In estimating
the cash value the fair market value of real and personal property should
first be found and the cash value arrived at by taking 50% of the market
value.
On July 1 the city of Miami announced new figures on assessed valuation,
showing the amount to be in excess of 3637,000,000. Taxes for the current
year are levied on about $320.000.000 of the assessed valuation under the
ordinance specifying that 50% of the valuation shall be used. This placed
the city well within the 7% debt limitation required by New York law, so
that the declaration of the bonds as legal was only a question of time.
New York City, N. Y.
-Remainder of Last Bond Issue
Disposed of by Syndicate.
-The New York "Evening Post"
last Saturday reported that all of the $42,400,000 4%
corporate stock awarded by the city in May had been
distributed by the syndicate, and only about $5,000,000 of
the 4% serial bonds remained in the dealers' hands. About
$20,000,000 of the securities taken out of the syndicate by
member banks for their own investment, it was stated, was
not expected to be put on sale again until materially higher
levels are reached.
Ohio (State of).
-Debt Mounting in Ohio Cities.
-In the
Cleveland "Plain Dealer" of Aug. 29 it was pointed out that
Ohio cities were overstepping the bounds of prudence in the
amount of bond issues which they have floated in the past
decade. The following statements show the need of caution
in avoiding unnecessary flotation:
The gross indebtedness of Ohio cities Increased 53% in the nine year.
between 1916 and 1925. statistics compiled by D.0. Heater,statistician In
the office of Joseph T. Tracy, Slate Auditor, show.
In 1916 the gross indebtedness was 8114.055,777: in 1925, 8175,259,084.
These figures do not include public utility or special assessment indebtedness.
Between 1916 and 1925 Lima showed the greatest percentage of Increased
debt
7
-8864 0. Lima's debt in 1916 was $355,859: in 1925, 33,571.797.
Akron, due to Its rapid war time growth, incurred the second greatest
percentage of Increased debt
-839%.
Thirty-three of the eighty Ohio cities in 1916 had reduced their indebtedness by 1925. the statistics show.
Among the cities which had reduced their indebtedness and the figures
for the two years were:
1925.
1916.
1925.
1916.
Springfield
$1,228,817 $1,512,194 East Liverpool.-- 8335.558 8513,486
Hamilton
870,781 1,046,632 Chillicothe
357,972
237,032
Zanesville
351,312
162,697
11,119
399,640 Piqua
Steubenville
129,820
187,627
218,856 Lancaster
115,759
Newark
321,317
369,980 Ravenna
168,388
112,545
Sandusky
531,148
876,538Greenville
110,575
26,883
Increased indebtedness in some of the other cities is shown as follows:
1925.
1916.
1916.
1925.
Cleveland
555.438,871237,482SM Mansfield
$1,053,062 $299,222
Cincinnati
32,805,570 29.407,857 Portsmouth
803,408
$40,365
Toledo
17,565,198 7,599,233 Middletown
488,549
762,118
Columbus
9,809,297 7.817,073 Massillon
212,609
613,708
Dayton
6,088,356 5,082,059 Ironton
218,081
373.595
Youngstown
5.578,066 2,193,606 Findlay
38.868
347,672
Canton
4,042,011 2,080,183 New Philadelphia_ 324.183
192.926
Lakewood
2,283,889
190,241
966,804 Washington C. H- 276.487
Warren
1,967,081
382,413 Ashland
74,958
163,198
Norwood
1.555.015 1,335,304 Dennison
162.679
Lorain
1,530,238
56,561
836,619 Dover
142,763
East Cleveland___ 1,443,353
74,629
92,424
534,511 Mount Vernon_
Alliance
1.217.352
935,087 Conneaut
40.607
41,859
Hanover (Province of), State of Prussia, Germany.
81,000,000 6% Water Works Bonds Sold.
-Lee, Higginson &
Co. on Aug.31 offered and quickly sold $1,000,000 6% First
Series Harz Water Works Loan bonds at 95 and accrued interest, to yield about 6/%. Dated Aug. 1 1927. Coupon
bonds, $1,000 and $500 denominations. Due Aug. 1 1957.
Principal and interest payable in Boston, New York and
Chicago at the offices of Lee, Higginson & Co., fiscal agents
for the service of this loan, in United States gold coin of the
Port of New Orleans (P. 0. New Orleans), La.
-Bond
present standard of weight and fineness, without deduction Sale.
-The $3,000,000 issue
New Orleans bonds
for any taxes present or future imposed by the German was awarded on Aug. 31 to aof Port ofcomposed of Halsey,
syndicate
Reich or any taxing authority therein. Callable on any Stuart & Co., the William R. Compton Co., both of New
interest date as a whole, on and after Aug. 1 1932, at 102, York, and the Hibernia Securities Co., of New Orleans, as
decreasing on Aug. 1 1937 to 100, and in part only for the 4M% bonds, paying for them a $32,400 premium, equal to
sinking fund on and after Aug. 1 1932 at 100 plus accrued 101.08. R. Gordon Wasson in the "Herald-Tribune"
interest in each case. Cumulative sinking fund, first pay- commented as follows on the bids received:
SEPT. 3 1927.]
THE CHRONICLE
"Eldredge & Co. and the Old Colony Corp., with C. P. Ellis & Co., of
New Orleans, offered to take the bonds as 436s at 100.647 without conditions.
The First National Bank, of Shreveport, and the City Savings Bank &
Trust Co. are reported to have put in two bids for a group headed by
Lehman Brothers and including E. H. Rollins & Sons, .Redmond & Co.,
Stone & Webster and Biodget„ the Northern Trust of Chicago. Kean,
Taylor & Co., the Mississippi Valley Trust Co., the Manufacturers &
Traders and the People's Trust, of Buffalo. Their highest bid was par
for $1,065.000 5s maturing from 1937 through 1961, $1.180.000 411's
maturing from 1961 through 1972 and $755.000 4s maturing from 1973
through 1977. This gives a basis cost of 4.338%. Their second bid was
100.88 for all 436s, or a 4.45 basis. Both bids were without conditions.
There also was a bid of 105.50 for the issue as 4(s by a group of banks
in New Orleans headed by the Whitney-Central Trust & Savings Bank,
conditioned on getting the deposits without payment of interest, and one
of 103.60 with payment of interest on the deposits.
On the face of these bids the Lehman syndicate was high bidder, since
its bid figured a 4.338 interest cost to the Port Commission. The bonds,
however, were awarded to the syndicate headed by Halsey, Stuart & Co.,
whose bid, according to the re ore, was on a 4.44% basis. It is understood.
however, the decision of the Commission to award the bonds to the Halsey
Stuart group is bound up with the question of interest payment by the
regular city depositories.
Toronto, Canada.
-Assessment Nears Billion Dollar
Mark.
-The following statement of assessed values is from
the Toronto "Globe" of Aug. 28:
1353
year are to estimate their financial needs for the following year, and then
assign a definite portion, which is, roughly, 92% of the sum to Albany and
the balance to Rensselaer. The taxing authorities of those two municipalities must then levy and collect their respective allotments. Should one
of the two fall short, the other would not be liable for the deficit in that
year's assessments. But the following year the Commissioners in computing their needs would have to include the deficit, and of the total figure
thus reached Albany and Rensselaer would again be assigned their respective ratios of 92 and 8%. Thus the deficit of the preceding year would
Itself be apportioned between the two cities, and if Rensselaer disappeared
abruptly from the face of the earth its quota each year would be passed on
to the next, then to be assigned up to 92% on Albany, until only a fraction
of a cent might be left for Rensselaer. This curious mathematical possibility may be without parallel in municipal finance.
"In the informal opinion of counsel, the levies for the Albany Port District are on a parity with the taxes in the district and are unlimited in
amount. On both these points the creating statute is silent. Neither has
more than theoretical importance."
-BOND SALE.
-Four issues of
ALICE, Jim Wells County, Tex.
535% coupon bonds were purchased on Aug. 26 by Caldwell & Co. of
Austin, who paid a premium of $2,220, equal to 104.44. The four issues
aggregated $50,000 and were divided as follows: $25,000 street improvement bonds, $10,000 water works extension bonds, $10,000 city park bonds
and $5,000 city hall bonds. Denom. $1,000. Date Sept. 1 1927. Due
serially. Optional before maturity. Interest payable Feb. and Sept. 1.
-Sealed bids will
-BOND OFFERING.
ALVA, Woods County, Okla.
With an increase this year of over $10,000,000, Toronto's total assess- be received by the City Clerk until 8 p. m. Sept. 6 for an issue of $60,000
water works bonds which were voted on Aug. 9.
ment is approaching $1,000,000,000.
The total revised assessment for the year is $909,960,222 and for 1927
-BOND SALE.
-The $220,ARLINGTON, Middlesex County, Mass.
It will run to $920,612,757.
Notwithstanding the fact that the Ontario Legislature increased the 000 4% coupon school bonds offered on Aug. 29 (V. 125, p. 1219) were
Income exemption, there will be a substantial increase in the city's assess- awarded to Curtis & Sanger of Boston at 102.64, a basis of about 3.68%.
ment for 1928. An increase of more than 10.000 will be shown in the Date July 1 1927. Due $11,000 July 1 1928 to 1947, inclusive.
population.
Other bidders were:
Rate Bid.
BidderThe increased exemptions caused a loss of $6,165,070 in seven of the
Rate Bid.
Biddereight wards in which the assessment revision has been completed. The Arlington National Bank_ _ _ _102.569 Bank of Commerce & Trust
102.095
Co
figures are as follows;
Stone & Webster and
102.091
$1,177,884
102.48 F. S. Moseley & Co
Ward 1
Blodgett
$605,850 Ward 6
102.071
459,545 Shawmut Corp
Ward 2
102.467 E. H. Rollins & Son
856.001 Ward 7
102.039
251,496 Estrabrook & Co
102.41 R. L. Day & Co
Ward 4
2,126.994 Ward 8
102.01
102.23 Wise, Hobbs & Arnold
Harris, Forbes & Co
Ward 5
687,300
101.977
$6,165,070 Old Colony Corn
Total
102.12 National City Co
101.776
Ward 3, which has the largest income assessment of any ward, Is still Atlantic Merrill Oldham_ _ _ _102.111 Putnam & Storer
to be completed. The income assessment there is 843,898,924, and while
-BOND SALE.
AROOSTOOK COUNTY (P. 0 Houlton), Me.
there has been a tremendous increase in the building assessment it will be The
$125.000 4% coupon court house enlargement bonds offered on
more than offset in that for incomes. It is expected that the income loss Aug. 30-V. 125, p. 1080
-were awarded to the Eastern Trust & Banking
will more than equal that in all the other wards.
Co. at 100.61. a basis of about 3.95%. Date Sept. 1 1927. Due Sept. 1
In connection with the statement of Toronto's increasing as follows: 85,000. 1928 to 1942 incl., and $10,000. 1943 to 1947 incl.
Other bidders were:
Rate Bid.
Bidderassessment we append herewith an excerpt from the Toronto
Rate Bid.
Bidder99.945
100.511 National City Co
Trust Co
"Globe" of Aug. 31, which sets forth in detail the explana- Merrill Forbes & Co
99.876
Harris.
100.30 Shavrmut Corp
tion for the Canadian debt reduction:
99.766
Fidelity Trust Co
Atlantic-Merill Oldham
99.71
Corp
100.22 Eldredge & Co
In connection with the reduction of $105,000,000 In the net debt of
100.21 Timberlake, Estes & Co_ _ 99.57
Canada which has been effected by Hon. James A. Robb since he became Estabrook & Co
99.549
100.188 R. L. Day & Co
Minister of Finance. it is interesting to see how Mr. Robb has reduced the Old Colony Corp
amount of interest paid out on funded debt to the public. The record shows
-The 818.569 6%
-BOND SALE.
ASTORIA, Clatsop County, Ore.
that during the last four years the amount of interest paid to the public Improvement bonds offered on .Aug. 15, have been sold to various contrachas been steadily lowered. Here are the figures:
tors at par. Date Aug. 1 1927. Due in ten years, optional after one year.
Inierest.
Fiscal Year.
-BOND SALE.
ATCHISONCOUNTY(P.O. Atchison), Kan.
127,091,634
1923-1924
Fiscal Year.
Interest.
An issue of $10.000 43(% road bonds was recently awarded to Stern Bros.
Interest.
Fiscal Year.
$125,698,903 & Co. of Kansas City.
8127,364,427 1925-26
1922-23
124,661,389
127,091,634 1926-27
1923-24
-BOND OFFERING.
ATLANTIC CITY, Atlantic County, N. J.
126,145.551
1921-25
J. A. Paxson, Director of the Department of Revenue and Finance, will
The decrease for the fiscal year ending 1924 as compared with 1923 receive sealed bids until 11 a. m. (daylight saving time) Sept. 10 for the
was $272.792. For the year ended March 31 1925 the decrease from the following issues of temporary bonds not to exceed 5%, aggregating $1,preceding year was $946,083. In the fiscal year ending March 1926 the 720.000:
decrease from 1925 was $446,648, while for the fiscal year ended March $590,000 paving bonds.
1927 the decrease from 1926 was $1,037,513. For the current year it is
500,000 convention bonds.
estimated that the decrease will exceed that of last year.
200,000 school bonds.
As loans have matured since the termination of the war, it has been
100,000 water bonds.
the policy of the Minister to re-borrow at lower rates of interest. Thus in
100,000 fire house bonds.
1923 Mr. Robb met a maturing issue of 1918 Victory bonds bearing inter95,000 radio station bonds.
by floating a refunding loan at 5%, while in the following year
est at 53i%
50,000 park building bonds.
maturing 1919 Victory bonds bearing interest at 53i% and Treasury bills
45,000 boardwalk bonds.
held by Canadian banks bearing interest at 53i% were met by loans bear40,000 street opening bonds.
,
ing 4 and 435%. Similar economies were effected in connection with maDate Sept. 14 1927. The bonds are to be in denominations of not less
turing loans in 1925 and 1926, and in some cases Mr. Robb was able to than $5,000 at purchaser's option. Due June 15 1928. Principal and
retire loans by paying cash.
Interest payable at the Hanover National Bank, New York. Only bids
for the total amount of bonds offered will be considered. Rate of interest
to be stated in multiples of one-hundredths (1-100), one rate to apply
to the entire issue. A. certified check, payable to the city for $35,000.
required.
-BOND
BANNING SCHOOL DISTRICT, Riverside County, Calif.
ADAMS COUNTY P. 0. Decatur), Ind.
-BOND OFFERING.
- DESCRIPTION.
-The $54,500 5% coupon school bonds sold on Aug. 15
Louise Kleine, County Treasurer, will receive sealed bids until 10 a. m. (V. 125, p. 1080) to Russell, Sutherlin & Co. of Los Angeles for a price
Sept. 7 for the following issues of 43i% bonds:
equal to 100.13, are further described as follows: Denom.$500 and $1,000.
$29,240 James Hurst, Washington Township, bonds.
Date Aug. 15 1927. Due on Aug. 15 as follows: 83,500 1928,$2,000 1929
29,200 Paul Schulte, Washington Township, bonds.
to 1935. $3,000 1936 to 1946 and $4,000 in 1947. Not optional before
36,200 George Wemhoff, Washington and Root Townships, bonds.
maturity. Interest payable F. & A. 15.
4,800 John H. Baumgartner, French Township, bonds.
-BOND DESCRIPTION.
BARRINGTON, Camden County, N. J.
2,800 J. F. Sipe, Blue Creek Township, bonds.
The $40,000 street impt. bonds awarded to R. M. Grant & Co. of N. Y.City
Date Aug. 15 1927.
in V. 125, p. 1080, bear interest at the rate of 5% and are described as
ALBANY PORT DISTRICT (P. 0. Albany), Albany County, N. Y. follows: Date July 1 1927. Coupon bonds in $1,000 denom. Due
-BOND SALE.
-The $1,000,000 43i% coupon or registered Port District
J. & J.
bonds offered on Aug. 29(V. 125. p. 809) wore awarded to Eldredge & Co. July 1 1933. Interest payable
-An issue of $10,000
BASSETT, Rock County, Neb.-BOND SALE.
of New York City at 106.43, a basis of about 4.075%. Dated Aug. 11927.
Due $25.000 Aug. 1 1932 to 1971 inclusive. The following is a complete 5% water works bonds has recently been sold to J. L. Wachob & Co. of
Omaha. Date July 1 1927. Due in 1947 and optional in 1932. Price
list of bids and bidders:
Bidder
unknown.
Price Bid.
E. H. Rollins & Co., New York
$1,063,110
BEAVERDAM WATER & SEWER DISTRICT, Buncombe County,
Bankers Trust Co., New York
1,058,393 No. Caro.
Stradley, Secretary of the Board
-BOND OFFERING.
New York State Bank, Albany
1,041,560 of Trustees, will receive sealed-J. R.
bids until 12 m. Oct. 14 for an issue of
Gibbons & Co., New York
Geo. B.
1,036.674 $500,000 not to exceed 54% coupon water and sewer district bonds.
National Commercial Bank, Albany
1,028,258 Denom. $1,000. Date Sept. 1 1927. Due on Sept. I as follows: $10,000,
Rutter & Co., New York
1,054,060 1932 to 1936: 815.000, 1937 to 1946: $20,000. 1947 to 1951; 830.000. 1952
This is the first long-term bond sale held by the district and the municipal to
1950:830,990. 1957, allies lusive. Prin. and int. payable at the Hanover
dealers had no precedent to guide them in submitting their bids. They National
Throndike, Palmer & Dodge of
Bank in N. Y.
were consequently at a loss as to what rating to give the issue. R. Gordon Boston will furnish legal City. Storey,$10,000 certified check, payable
approval. A
Wasson in the "Herald Tribune" of Aug. 30 commented on the situation as to the
County Treasurer, is required.
follows:
"The difference of opinion ranged all the way from dealers who felt that
BELL COUNTY ROAD DISTRICT NO. 5 (P. 0. Belton), Texas.
the bonds should sell within speaking distance of City of Albany obligations BOND ELECTION. -On Sept. 10 there will be an election to decide the
to those who compare thorn to Now York Port Authority bonds. It cannot Issuance of $425,000 road improvement bonds.
be expected that, until the new securities are seasoned, the Street will agree
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND SALE.
-The
about their character; at the same time, good reasons seem to exist for
-year gravel road bonds offered on Aug.29(V. 125, p. 1080)
believing that the Port of Albany should rate much more nearly on a foot- $16,160 436% 10
were awarded to the City Securities Corp. of Indianapolis at a premium
ing with Albany bonds than with New York Port bonds. The latter have of $246,
equal to 101.52. Other bidders were:
no taxes behind them, depending entirely on special revenues to be earned
Premium.
Bidderat some future date. The Port of Albany bonds from the start enjoy
$62.00
revenuesfrom assessments on all the property in the district, which includes Meyer-Kiser Bank of Indianapolis
212.00
Albany and Rensselaer, those assessments to be levied on an ad valorem Inland Investment Co. of Indianapolis. Ind
both
Union Trust Co. of
239.00
basis by the same authorities who collect the ordinary taxes. For all prac- Fletcher American Indianapolis. Ind
Co. of Indianapolis, Ind
229.00
tical purposes, the bonds are backed by an ad valorem levy on property Fletcher Savings & Trust Co.of
233.60
Indianapolis. Ind
assessed at $212,000,000. There is also a suggestion in the statute creating
BENTON SCHOOL DISTRICT, Franklin County, III.
the district that the Legislature may contribute funds to the district, and
-BOND
-A special election will be held on Sept. 10 to vote on the
the clause in question may place a moral obligation on the State to back the ELECTION.
enterprises of the Albany Pert Commissioners.
proposition of issuing $100,000 school bonds.
"The Port of Albany District was brought into existence, not to promote
BIDDEFORD, York County, Me.
-BOND SALE.
-The Old Colony
harbor, but to supply the
more or less enthusiastic plans for an up-State
Corporation was awarded on Aug. 25 an
,
1
local support for an enterprise which Federal engineers have laid out and bonds, at 100.73-a basis of about 4.08%. issue of $45,000 43 % refunding
The bonds mature $5,000 yearly
for which, in exchange for a local contribution, the Federal
approved, and
Government is prepared to contribute financial backing. The law creating from 1928 to 1937, inclusive.
BIRMINGHAM, Jefferson County, Ala.
-BOND OFFERING.
the district loaves little room for doubting that Albany and Rensselaer are
-Sealed
pledged to the hilt behind the project. But like all laws creating districts of bids will be received by J. M. Jones Jr.. President of the City Commission,
unique character, it presents technical problems which cannot but interest until 12 m. Sept. 13 for a $420,000 issue of 4 to 414% public improvement
municipal credits. From a practical viewpoint these prob- bonds. Denom. 81,000. Date Oct. 1 1927 and due $42,000. Oct. 1 1928
the specialist in
to 1937, incl. Prin. and int.(A. & 0.) payable in gold coin at the Hanover
lems may seem academic.
National Bank in New York City. Thomson, Wood & Hoffman. New
Are Joint Obligations.
"The bonds issued by the district, for example, appear to be joint, but not York City attorneys, will furnish legal approval. A certified check for 1%
Commissioners each of the bid is required.
Albany and Rensselaer. inc'
several, obligations of
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
1354
THE CHRONICLE
[VOL. 125.
BLOUNT COUNTY (P.O. Maryville), Tenn.
-WARRANTS SALE.
- equal to 100.84, a basis of about 4.05%. Date
An issue of $25,000 serial school' warrants has been sold at par to a local follows: $3,000. July 1 1928; $3,000, Jan. and JulyJuly 1 1927. Due as
1 1929 to 1933, incl.;
bank.
$3,000, Jan., and $5,000, July 1 1934; $5,000, Jan. and July 1 1935 to
BOONE COUNTY (P. 0. Lebanon), Ind.
-BOND OFFERING.- 1946, incl., and $14,000, Jan. 1 1947; optional after July 1 1932.
Merle Harvey, County Auditor, will receive sealed bids until 10 a. m.
COLLINGSWOOD, Camden County, N. J.
-BOND SALE.
-M. M.
Sept. 17 for an issue of $7,086 6% drainage bonds. Date Aug. 22 1927. Freeman &
Denom.$708.60. Due $708.60 Nov. 1 1928 to 1937, inclusive. A certified 435 generalCo. of Philadelphia were recently awarded an issue of $70,000
improvement bonds. Date Aug. 1 1927. Denom. $1,000.
check for $200 is required.
Due Aug. 1 as follows: 82,000, 1928 to 1953, inclusive. and $3,000. 1954 to
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
-The 1959, inclusive. Principal and interest (F. & A.) payable in gold at the
First National Bank of Boston was awarded on Aug.31 a $500,000 temporary Memorial National Bank, Collingswood. Legality to be approved by
loan on a 3.325% discount basis, interest to follow. The loan matures on Caldwell & Raymond of New York City.
Oct. 7 1927.
COLORADO SPRINGS, El Paso Co., Colo -WARRANT SALE.
BOURBON COUNTY (P. 0. Fort Scott), Kan.
-BOND SALE.
-The A 828.300 issue of 5% sanitary sewer warrants has recently been sold to the
$30.000 431% county road impt. bonds offered for sale on Aug. 23-V. Exchange National Bank of Colorado Springs, for a price of 101.40 thus
outbidding Boettcher & Co. of Denver, and Gallagher & Sims of Colorado
125. p. 1080
-were awarded to the Citizens National Bank of Fort beat
for a premium of $151.10, whicn equals 100.50, a basis of about 414%. Springs.
Date June 1 1927. Denom. $1,000. Due $3,000, 1928 to 1c'37, incl.
COMSTOCK, Custer County, Neb.-BOND SALE.
-A 826.500 issue
Int. payable J. & D. The following is a complete list of the other bidders:
of water works system bonds has been purchased by the State of Nebraska
Bidders-Price Bid.
as 435% bonds for a price of par.
Shawnee Investment Co
2.93 per $1,000
Guaranty Title & Trust Co
CONWAY,Faulkner County, Ark.
3.05 per $1,000
-BOND OFFERING.
-On Sept.8
Commerce Trust Co
2.70 per $1,000 an issue of $150,000 sewer district No. 2 bonds will be sold to the highest
Branch-Middlekauff Co
1.67 per $1,000 bider.
BOWLING GREEN, Pike County, Mo.-BONDS DEFEATED.
COZAD SCHOOL DISTRICT, Dawson County, Neb.-BOND SALE.
-At
the election held on Aug. 30 the proposition of issuing a $17,500 water bond -Air issue of $115,000 4.35% school bonds was awarded to the Peters
failed.
Trust Co. of Omaha, who paid a premium for them of $1,762, equal to
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.
-BOND 101.53.
OFFERING.
-E. Carl Marcus, Town Clerk, will receive sealed bids until
CRYSTAL SPRINGS
Sept. 14 for an issue of $150.000 water main bonds. These are the bonds (P. 0. Hazelhurst), Miss. CONSOLIDATED SCHOOL DISTRICT
-Sealed bids will be received by the Clerk of
originally scheduled for sale on Aug. 31-V. 125, p. 1081.
the Chancery Court until Sept. 8 for an issue of $150.000 5% school bonds
BRILLION, Calumet County, Wis.-BOND OFFERING.
-Sealed in donoms. of $1.000 each.
bonds will be received until 7 p. m. Sept. 8 for an issue of $7,861.88 6%
DAYTON,Montgomery County, Ohio.
-BOND SALE.
-The 8500.000
street improvement bonds by A. E. Cottrell, Village Clerk.
435*% series C coupon sewage disposal plant bends of Sept. 1-V. 125,
1:)• 811-were awarded to R. L. Day & Co. of Boston at 101.19, a basis
BRISTOL COUNTY (P. 0. Taunton), Mass.
-TEMPORARY LOAN.
-The $100,000 temporary loan offered on Aug. 30-V. 125, p. 1220
-was of about 4.12%. Date Sept. 1 1927. Due $10,000 April 1 and Oct. 1
awarded to the Metacomet National Bank of Fall River on a 3.43% dis- 1929 to 1953. inclusive.
count basis. The loan matures on Nov. 1 1927.
DE KALB COUNTY (P. 0. Auburn), Ind.
-BOND SALE.
-The
BRUSH, Morgan County, Colo.
-BOND DESCRIPTION.
-were
-The two 89,400 435% improvement bonds offered on Aug. 26-V.125. p. 944
issues of5g% coupon curb, gutter and sewer improvement bonds aggregat- awarded to the Fletcher American Co. of Indianapolis, at a premium of
$132. equal to 101.40, a basis of about 4%. Due $345 May 1 1928 to 1932,
ing $41,000, which were sold on June 20 (V. 125, P. 1081) to the Farmers
State Bank of Brush for a premium of $10 on a $1,000 basis are described inclusive.
as follows: Denom. $500. Date July 1 1927 and due on July 1 1947.
DELAWARE TOWNSHIP SCHOOL DISTRICT (P. 0. Marlton
Optional after 1928. Interest payable J. & J.
R. F. D.), Burlington County, N. J.-BONDS NOT SOLD.
-The 816.000
BUNCOMBE COUNTY REEMS CREEK TOWNSHIP SPECIAL 5% coupon or registered school bonds offered on Aug. 16 (V. 125. p. 811)
SCHOOL DISTRICT, N. C.
-BOND SALE.
-An issue of $100.000 5% were not sold, owing to a technicality. The State will undoubtedly take
school bonds was awarded to Seasengood & Mayer of Cincinnati at a the bonds as 435s at par.
premium of $2,026, which is equal to 102.02.
DEL MONTE SCHOOL DISTRICT (P. 0. Salinas), Monterey'
-BOND SALE.
CALHOUN COUNTY (P. 0. St. Matthews), So. Caro.
-The 350,000 5% school bonds offered
-BOND County, Calif.
DESCRIPTION.
-were awarded to the William R.
-The $175,000 431% road bonds gold on Aug. 9-V. for sale on Aug. 29-V. 125. p. 1220
125, p. 1086
-to C. W. McNear & Co. of Chicago for a price of 100.68, Stoats Co. of San Francisco, who paid a premium of $2,756, equal to 105.51.
are described as follows: Denom. $1,000. Date Aug. 1 1927. Due as
DENVER, Denver County, Colo.
-BOND SALE.
-A $340,000 534%
follows: $14,000 from 1932 to 1936. incl., and $15,000, 1937 to 1943. coupon improvement bond
issue has recently been purchased by Sidle,
Not retirable before maturity. Interest payable F. & A.
Simons, Day & Co. and the United States National Co. both of Denver,
•
CAMDEN COUNTY (P. 0. Camden), N. C.
-BOND SALE.
-The jointly, for a premium of $6,427.50, which is equal to 101.89.
issue of $20,000 531% South Mills special School Taxing District bonds
DICKINSON AND WAVERLEY CENTRAL SCHOOL DISTRICT
offered on Aug. 8(V. 125, p. 417) was awarded to Geo. B. Bright of Eliza- NO.
1 (P. 0.St. Regis Falls), Franklin County, N. Y.
-BOND OFFERbeth City for a price of nar. Date July 1 1927. Denom. $1,000. Due
-Earl .T. La Point, District Clerk, will receive sealed bids until
81.000 July 1 1928 to 1917. Principal and semi-annual interest payable ING.
3 p. m. (daylight saving time) Sept. 6 for an issue of $150,000 coupon or
January and July.
registered school bonds not to exceed 6%. Date June 1 1927. Denom.
CAMERON COUNTY WATER IMPROVEMENT DISTRICT NO. 7 $1,000. Due June 1 as fellows: *2,000. 1928 to 1337. incl.; 83.000, 1938
(P. 0. Brownsville), Tex.
-BOND SALE.
-An issue of $175,000 water to 1947, incl.; $4.000, 1948 to 1957, incl., and $6.000, 1958 to 1967, incl.
control improvement bonds which were voted on July 26-V.
Rate
in a
125, P. 810
- (J. & of interest to begeld multiple of 1-10th of 1%. Principal and int.
has been awarded to A. C. Allyn & Co. of Chicago.
D.) payable in
at the Chase National Bank, Now York City.
A certified check, payable to the District Treasurer, for 2% of the bonds
CANAJOHARIE, Montgomery County, N. -BOND OFFERING.
- offered is renuired. Legality approved by Thomson, Wood & Hoffman of
Helen E. Murray, Village Clerk, will receive Y.
sealed bids until 5 P. m• New York City.
(daylight saving time) Sept. 12 for an issue of
ment bonds. Date Oct. 1 1927. Denom. 825.000431% street ImproveDONNA, Hidalgo County, Texas.
-BONDS REGISTERED.
-0. N.
Due $1,250
1928 to 1947, inclusive. A certified check,$1,250. to the order Oct. 1 Holton, State Comptroller, registered a $200,000 6% serial refunding
payable
of the
Village Treasurer for 2% of the bonds offered is required.
bond issue on Auc. 26. On the same day he registered a $67,837.41 6%
1:1# serial refunding bond issue.
CARROLL, Carroll County, Iowa.
-BONDS DEFEATED.
-At an
election held on Aug. 23 the voters defeated the proposition of issuing bonds
DOUGLAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 11
In the amount of $800,000 for paving the Lincoln Highway by a vote of (P. 0. Rosebur,.), Ore.
-BOND SALE.
-The issue of 815.000 5% coupon
7,399 to 4,701.
school bonds offered for sale on Aug. 15-V. 125, p. 944
-was awarded
to Atkinson,Jones & Co.for a price of 103,a basis of about 4.69%. Denom.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND SALE.
-A. P. $1,000. Date Aug. 1 1927. Due $1.000 1933 to 1947 incl. Prin. and
Flynn, of Logansport, was awarded on Aug. 15 an issue of
-¶18,000431%
road bonds. Date July 15 1927. Denom. $910. Due $910 May and int. (F. & A.) payable at the County Treasurer's office.
Nov. 15 1928 to 1937, inclusive. Interest payable M. & N. 15.
DUBLIN CONSOLIDATED SCHOOL DISTRICT, Coahoma
County, Miss.
-BOND DESCRIPTION.
-The $12,000 issue of 6% school
CEDAR COUNTY (P. 0. Tipton), Iowa.
-BOND SALE.
-The Geo. bonds sold on Aug. 8-V. 125. p. 1081-to the Commerce Securities Co.
M.Bechtel Co. of Davenport was the successful bidder on the two
coupon or registered road bonds paying $301 premium on the issues of of Memphis, for a premium of $460 are described as fellows: Coupon in
$100,000
435% private road bonds and paying par for the $75,000 4% county road form bearing date Aug. 1 1927 in denom. of $500 each. Duo $500, 1928 to
1932, incl.; $1,000. 1933-1940, and $1,500 in 1941. Non-retirable before
bonds. The White-Phillips Co. of Davenport was second with a
$300 maturity. Interest payable F. & A. 1.
premium.
Financial Statement.
CEDAR GROVE, Kanawha County, W. Va.-BOND ELECTION- Assessed valuation for taxation, 1926
$950,685
A'special election will be held on Sept 20 for the purpose of submitting to Total bonded debt, this issue only
12.000
popular vote the proposition of issuing $23,200 not exceeding 535% coupon
Population (est.), 3,000.
water works and improvements bonds. Denom. $800. Date Oct. 1.1927
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. Oakland),
and due March 1 1929 to 1957. Prin. and int., payable at town treasurer's
Calif.
-BOND SALE.
-The issue of $1,000,000 5%, water bonds offered
office.
on Aug. 26-V. 125, pp. 944 and 1081-was awarded to a group headed
CHELSEA, Suffolk County, Mass.
-BOND SALE.
-The following by Dean, Witter & Co. of San Francisco, for a premium of 8100.712, which
two issues of 4% coupon or registered bonds, aggregating $126,000 offered Is equal to 110.07, a basis of about 4.23%. Denom. $1,000. Date Jan, 1
on Aug. 30-V. 125 p. 1220
-were awarded to the Bank of ommerce & 1925. Due $25,000 Jan. 1 1935 to 1974, incl. Prin. and int. (J. & J.)
Trust Co., at 100.91, a basis of about 3.98%:
payable at the District Treasurer's office or in New York City at the
$76,000 street macadamizing bonds, maturing Sept. 1 as follows: $16,000. National City Bank.
1928, and $15,000, 1929 to 1932, incl.
The following is a complete list of the other bidders and their bids:
50,000 street paving bonds. Due $5,000 Sept. 1 1928 to 1937, incl.
Syndicates Headed byPrice Bid.
Date Sept. 1 1927.
R. H. Moulton & Co., San Francisco
$95,625
The National City Co
CHEROKEE COUNTY (P. 0. Rusk), Texas.
93,090
-BOND ELECTION.
- Bank of
Italy, San Francisco
We learn unofficially that there will be an election sometime In Oct. to
92,006
Central National Bank, Oakland, Calif
decide the issuance of $400,000 road bonds.
91,255
Bond, Goodwin & Tucker, San Francisco
90,790
CHEYNNE, Loramie County, Wyo.-BOND ELECTION.
-On Sept. A. B. Leach & Co., San Francisco
90,567
15, there will be an election to decide the Issuance of $240,000 high school Guaranty Co. of New York
83,399
building bonds.
EAST LIVERPOOL, Columbiana County, Ohlo.-BOND SALE.
CLAIBORNE PARISH (P. 0. Homer), La.
-NO BIDS.
-The issue of The $14.416 5% improvement bonds offered on Aug. 20 (V. 125. 13• 811)
850,000 6% school bonds offered on Aug. 25-V. 125, p. 943
-was not were awarded to Seasongood & Mayer of Cincinnati at a premium of $2110
sold as no bids were submitted thereupon.
equal to 101.98-a basis of about 4.54%. Date July 15 1927. Due Oct. 1
CLAWSON. Oakland County, Mich -BOND SALE.
-The following as follows: $1,816. 1928, and $1,400, 1929 to 1937, inclusive.
three issues of special assessment bonds offered on Aug. 23-V. 125, p.
ECTOR COUNTY (P. 0. Odessa), Texas.
-BOND ELECTION.
1081-were awarded to Bumpus & Co. of Detroit, at a premium of $109, There will be an
election on Sept. 17 to decide the Issuance of $100,000
equal to 100.17. as (3s; a basis of about 5. 0%:
0
road bonds.
$4,000 Roll No. 99 bonds. Due MON Sept. 1 1928-1931.
EL CENTRO, Imperial County, Calif.
39.500 Roll No. 100 bonds. Due Sept. 1 as follows: $10,000, 1928-1930
-The price
-PRICE PAID.
paid for the issue of $.50,000 6% city hall bonds sold on Aug. 17-V. 125,
and $9,500, 1931.
17,500 Roll No. 101 bonds. Due Sept. 1 as follows: $4,500, 1928-1930 and p. 1221-to the Elmer J. Kennedy Co. of Los Angeles was $750 premium,
equalling 101.50, or a basis of about 5.78%.
$4,000, 1931.
EL PASO, El Paso County, Texas.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND SALE.
-The $100.000
-BOND SALE.=The follow ng
three issues of435% bonds. aggregating $35,600, offered on Aug. 26(V. 125, 431% coupon road bonds registered on Aug. 11-V. 125, p. 1082
-have
p. 1081). were awarded to the Brazil Trust Co. of Brazil at a premium of been purchased by the State National Bank of El Paso for a price of 101.30.
a basis ofabout 4.59%. Denom.81.000. Date Allg. 11927. Due S4,000,
S1.224.40, equal to 103.43:
1928 to 1937,and $6,000, 1938 to 1947. Not optional. Int. payable FAA.
$18,000 Crichfield Township road bonds.
10,000 Royer Township road bonds.
ERWIN, Unicoi County, Tenn.
-BOND SALE.
-The two issues of
7,600 loungblood Township road bonds.
improvement bonds.
Due May and Nov. 15 1928 to 1937, inclusive. The following is a list (V. 125. p. 548) were aggregating $69.000, and offered for sale on Aug.5
awarded to the Franklin Guaranty Bank of Johnson
of other bidders:
City for a price of 101.96, which is a basis of about 5.24%. The issues are
Crichfield.
Ratter. Youngblood as follows:
Fletcher Savings & Trust Co
$106.60 846,000 534% Improvement district street bonds. Due from 1928 to 1936.
$261.60
$467.00
Fletcher American Co
97.00
201.00
361.00
23,000 531% town improvement street bonds. Due In 1946.
Citizens National Bank
133.00
175.00
315.00
Date Aug. 1 1927. Principal and semi-annual interest payable at the
Inland Investment Co
313,00
178.00
100.00 Chemical National Bank or the Hanover National Bank in New York City.
City Securities Co
102.00
306.00
ESSEX COUNTY (P. 0. Elizabethtown), N. Y.
-BOND OFFERING.
P CLAY COUNTY (P. 0. Brazil),
-The 8175.000 -Ernest W. Parker, County Treasurer, will receive sealed bids until 12 m,
Ind.
435% hospital bonds offered on Aug. 3I -BOND SALE.
to the Harris Trust & Savings Bank of -V. 125, p. 811-were awarded Sept. 22 for an issue of $360,000 coupon or registered highway and bridge
Chicago, at a premium of $1,478 bonds, not to exceed 6%. Date Sept. 1 1927. Denom. $1,000. Due
SEPT.3 1927.]
THE CHRONICLE
$15,000 Sept. 1 1933 to 1956, incl. Interest rate to be in a multiple of
of 1%. Prin. and int. (M. & S.) payable at the Lake Champlain National Bank. Westport. A certified check payable to the County Treasurer.
for 2% of the bonds offered is required.
FOREST HILLS (P. 0. Wilkinsburg) Allegheny County, Pa.
BOND OFFERING.
-E. S. Smull, Borough Secretary, will receive sealed
bids until 6 p. m.(eastern standard time) Sept. 14 for an issue of $58,000
% borough bonds. Date Sept. 1 1927. Denoms. $1,000. Due Sept. 1
1937. A certified check for $1,200 is required.
FULTON COUNTY (P. 0. Rochester), Ind.
-BOND SALE.
-The
following two issues of 434% bonds, aggregating $52,500 offered on Aug.29
-V. 125, p. 1221-were awarded to the Union Trust Co. of Indianapolis,
at a premium of $820, equal to 101.56, a basis of about 4.19%:
$28,500 road bonds. Denom. $1,425. Due $1,425 May and Nov. 15 1928
to 1937, incl.
24.000 road bonds. Denom. $1,200. Due $1,200 May and Nov. 15
1928 to 1937, incl.
Date Aug. 15 1927.
GALLATIN COUNTY SCHOOL DISTRICT NO.44(P.O. Belgrade),
Mont.
-BOND SALE.
-The Belgrade State Bank. purchased on Aug.27V. 125, p. 812-a $10,000 issue of 5% coupon serial school bonds. The
State Board of Land Commissioners also submitted a bid.
GARFIELD HEIGHTS (P. 0. Bedford) Cuyahoga County, Ohio.
"BOND SALE.-The $34,155 5% special assessment, Vernon Ave., coupon
improvement bonds offered on Aug. 23-V. 125, p. 549
-were awarded to
Seasongood & Mayer of Cincinnati, at 101.94, a basis of about 4.56%.
Date Aug. 1 1927. Due Nov. 1 as follows: $3,155, 1928; $4,000, 1929 to
1931, incl.: $3,000, 1932: $4.000, 1933 to 1936, Incl.
The following is a list of other bidders:
BidderPrice Bid.
W. K. Terry
$34,670.74
Ryan,Sutherland & Co
34,683.00
Stranahan, Harris & Oatis
34,680.14
Well, Roth and Irving Co
34.719.00
Otis & Co
34,606.00
The Herrick Co
34,519.00
W.L. Slayton & Co
34,267.00
GARY,Lake County, Ind.-BOND OFFERING.
-Lloyd B. Snowden,
City Comptroller, will receive sealed bids until 12 in. Sept. 12 for an issue
of $690,000 434% city hall building and equipment bonds. Date Nov. 1
1927. Denom.$1,000. Due 569.000 Nov. 1 1937 to 1946,incl. A certified
check for 234% of the bonds offered is required.
GLASSCOCK COUNTY SCHOOL DISTRICT NO. 4(P.O. Gibson),
Ga.-BOND OFFERING.
-Roy V. Harris, Attorney for School Board
will receive sealed bids until noon Sept. 9 for $10,000 6% school bonds.
Denom. $500. Due $500 Aug. 1 1928 to 1947. A certified check for 5%
of the bid is required.
GRAHAM COUNTY I .0. Robinsville), No. Caro.
T
-BOND SALE.
-An issue of $35,000 6 0 s
serial funding bonds has been purchased by
O. W. McNear & Co. Denom, $1,000. Date March 1 1927. Due and
Payable $5,000 March 1 1941 to 1947. Prin. and semi-annual int.(M.& 8.)
payable in New York City at the Hanover National Bank. Storey,
Thorndike, Palmer & Dodge, Boston attorneys, furnished legal approval.
GRANT COUNTY (P.O. Marion), Ind.
-BOND SALE.
-The $28,000
434% road bonds offered on Aug. 30-V. 125, p. 1221-were awarded to
Phillip Matter of Marion, at a premium of $777, equal to 102.77, a basis
of about 3.97%. Date Aug. 15 1927. Due $1,4111111 May and Nov. 15 1928
to 1937. incl.
G1RANVILLE COUNTY (P. 0. Oxford), No. Caro.
-BOND OFFERING.
-0. C. Powell, Clerk of the Board of Commissioners, will receive
sealed bids until 12 m. Sept. 19 for an issue of $233,000
% coupon or
registered funding bonds. Denom. $1,000. Due as follows: $15,000 from
1928 to 1937: $16.000, 1938 to 1941, and $19,000 in 1942. Caldwell and
Raymond,New York City,attorneys, willfurnish legal approval. A certified
check, payable to W.J. Webb,financial officer, for 2% of bonds is required.
GREENVILLE, Washington County, Miss.
-BOND DESCRIPTION.
-The $47,500 issue of 5% coupon levee front protection refunding bonds
sold on Aug. 23-V. 125, p. 1221-to the Canal Bank & Trust Co. of
New Orleans are described as follows: Denom. $500 and 51,000. Date
Aug. 1 1927 and due on Aug. 1 1947. Not optional before maturity.
Interest payable annually.
GREENWICH TOWNSHIP SCHOOL DISTRICT (P. 0. Stewart,vIlle), Warren County, N. J.
-BOND OFFERING.
-Raymond
ley, District Clerk, will receive sealed bids until 7:30 p. m.(eastern R. Oberstandard
time) Sept. 12 for an issue of 4 X% coupon or registered school bonds not to
exceed $42,000, no more bonds to be awarded than will produce a
of $1,000 over $42,000. Date July 15 1927. Denom. $1,000. premium
follows: $2,000. 1928 to 1945, inclusive, and $3,000, 1946 and 1947.Due as
Principal and interest (J.& .1. 15) payable at the Second National Bank,Phillipsburg. A certified check, payable to the order of the above-mentioned
official, for 2% of the amount of bonds bid for, is required.
GRINELL, Poweshiek County, lowa.-BOND SALE.
-The two
issues of bonds aggregating $60.000 and offered for sale on Aug. 29V. 125, p. 1221-were awarded to Ballard & Bassett, Inc., of Des Moines
for a premium of $140. equal to 100.233, this bid just outranking the
Carleton D. Beh Co. of Des Moines, who offered 100.22. The issues
are as follows:
$39,000 4%% sewer outlet and purifying plant.
21,000 434% sewer fund bonds.
HAMILTON, Hamilton County, Texas.
-BONDS REGISTERED.State Comptroller G. N. Holton registered on Aug. 20 a $60,000
Issue
of 5% serial street improvement bonds.
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BOND SALE
The following two issues of 4 X% bonds, aggregating $12,400.
offered on
Aug,23 (V. 125, p. 945) were awarded as follows:
$8,400 Oscar Moffitt et al Delaware Twp. road improvement bonds to
Breed, Elliott & Ilarrison, at a premium of $142. equal to
101.69.
4.000 R. H. Collins et al Clay Twp. road improvement bonds to Fletcher
Savings & Trust Co. at a premium of $51, equal to
101.27.
Due May and Nov. 15 1928 to 1937. inclusive.
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BOND SALE.
Of the three issues of 5% road bonds, aggregating $65.825 offered Aug. 23-V. 125, p. 1082-528,000 bonds were awarded to Seasongoodon
&
Mayer of Cincinnati, at a premium of $777, equal to 102.77, a basis of
about 4.36%. Date June 1 1927. Due as follows: $3,000, 1928 to
1935,
incl., and $4,000. 1936.
HANCOCK COUNTY (P.0.Findlay), Ohio.
-BOND OFFERING.0. R. Morehart County Auditor, will receive sealed bids until 12 m.
Aug. 24 for an issue of $31,300 5% road
(eastern standard
bonds.
Date Sept. 1 19 . Denom. $1,000, except one for $300. Due $3.300.
1929, and 54,000. 1930 to 1936, inclusive. Bids may be submitted for
bonds bearing a different interest rate than stated above, provided
that
quoted in a fraction of % of 1%. Principal and interest payable at it is
the
County Treasurer's office. A certified check for $500is reqtiked. Legality
approved by Squire, Sanders & Dempsey of Cleveland.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-The
546,0005% road bonds offered on Aug. 31-V. 125, p. 1082
-were awarded
to the Detroit Trust Co. of Detroit, at a premium of $1,343, equal to
102.91, a basis of about 4.44%. Date June 1 1927. Due Dec. 1 as follows:
38,000, 1928; and 55.000, 1929 to 1936, incl. The following is a complete
list of other bidders for the bonds:
Bidder
Premium,
Asset, Goetz & Moerlein, Cincinnati
51,18.5.00
A. T. Bell & Co., Toledo
1,232.80
Braun, Bosworth & Co., Toledo
1,288.00
The Herrick Co., Cleveland Ohio
1,330.00
First National Co. of Detroit, Detroit
1,113.00
Hill Joiner & Co., Inc.. Chicago
1,329.00
Otis & Co. Cleveland
1,021.20
The Provident Savings Bank & Trust Co., Cincinnati
1,097.10
Prudden & Co., Toledo
1,203.90
Ryan, Sutherland & Co., Toledo
1,237.00
Seasongood & Mayer, Cincinnati
1,243.00
Second Ward Securities Co., Milwaukee
1,154.00
Stranahan, Harris & Otitis, Toledo
1,208.42
W. K. Terry & Co., Toledo
1,253.23
Vandersall & Co., Toledo
951.00
1355
HANCOCK COUNTY (P. 0. Findlay) Ohio.
-BOND SALE.
-W. K.
Terry & Co. of Toledo, were awarded on Aug. 25 an issue of $34,000 5%
road bonds, at a premium of $978.90, equal to 102.87.
- +.41111111
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND
83,8255% road bonds offered.on Aug. 27(V. 125,.p 1221) were awarded to
A. G. Fuller, of Findlay at a premium of $25.25. equal to 100.66-a basis
of about 4.70%. Date June 1 1928. Due $825, 1928, and $1,000, 1929 to
1931, inclusive.
HARRIS COUNTY COMMON SCHOOL DISTRICT(P.O.Houston),
Tex.
-BOND ELECTION.
-We learn unofficially that an election will be
held soon for an issue of $150,000 Clinton County Common School Building
bonds.
HARRISBURG,Dauphin County,Pa.
-BOND SALE.
-The $510,006
4% coupon city bonds offesed on Sept. 1 (V. 125. p. 1082) were awarded
to Edward Lowber Stokes & Co. of Philadelphia at a premium of $1,479.
equal to 100.28. The following Is a complete list of other bidders for
the bonds.
BidderBidderPrice Bid.
Price hid.
Harrisburg Trust Co--5511,276.01 Commonwealth Trust
Mechanics Tr,Co., Hbg- 510,918.00
Co Harrisburg
$510.465.12
W. H. Newbold's Son &
R. M. Snyder & Co.,
Co.,Philadelphia
Philadelphia
510,586.50
510,360.00
HARRISON SCHOOL TOWNSHIP, Clay County, Ind.
-BOND
OFFERING.
-Clifford Sutton, School Trustee, wi,1 receive sealed bids
until 11 a. m. Sept. 6 for an issue of $3,500 5% school bonds. Date Sept. 1
1927. Denom. $350. Due $350 Jan. & July 1 1928 to 1932, incl.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 13 (P. 0.
Valley Stream), NassaW County, N. Y.
-BOND SALE.
-The $120.000
coupon or registered school bonds offered on Aug. 26-V. 125. p. 1083
were awarded to the Bank of Valley Stream as 434s at 100.14 basis of
about 4.23%. Dated Sept. 1 1927. Due Sept. 1 as follows: $3,000, 1929
to 1933 incl.; $4,000, 1934 to 1938 hid.; $5,000, 1939 to 1943 incl., and
$6,000, 1944 to 1953 incl.
Other bidders were:
BidderInt.Rate. Rate Bid.
Pulleyn & Co
100.13
4.25%
Geo. B. Gibbons & Co
100.074
4.25%
Stephens & Co
100.287
4.30%
Graham, Parsons & Co
4.30%
100.018
Sherwood & Merrifield
4.50%
100.64
Batchelder, Wack & Co
4.50
102.347
HILLSBOROUGH COUNTY SCHOOL DISTRICT NO. 37 (P. 0.
Tampa), Fla.
-W.D. Snipes, Secretary of the Board
-BOND OFFERING.
of Public Instruction, will receive sealed bids until Sept. 27 for an issue of
$70,000 school bonds.
HOLLAND, Ottawa County, Mich.
-BOND OFFERING.-Oacar
Peterson, City Clerk, will receive sealed bids until 7:30 P. in. (eastern
standard time) Sept. 7 for the following three issues of special assessment
bonds aggregating $90,945, not to exceed 5X %:
$53.550 State St. bonds. Date July 9 1927. Due 55,950, 1929 to 1937,
inclusive.
30,825 Michigan Ave. bonds. Date June 15 1927. Due $3,425, 1929 to
1937, inclusive.
6,570 West 19th St. bonds. Date June 15 1927. Due $730. 1929 to
1937. inclusive.
Purchaser to furnish printed bonds. A certified check for 2% of the
bonds offered is required.
IMPERIAL, Finney County, Kan.
-BOND SALE.
-Stern Bros. & Co.
of Kansas City, were recently awarded an issue of 510,000 5% internal
Improvement bonds.
IRA TOWNSHIP
Anchorville), St. Clair County, Mich.
BOND OFFERING.
-David W. Beauvais, Township Clerk, will receive
sealed bids until 2 p. M. (eastern standard time) Sept. 12 for an issue of
$100,000 special assessment water-works construction bonds not to exceed
6%. Date Sept. 1 1927. Denom. $1,000. Due as follows: 52,000, 1930
to 1942, inclusive: $4,000, 1943; and $5,000. 1944 to 1957, inclusive. A
certified check for $2,000 is required.
JACKSON CIVIL TOWNSHIP, Elkhart County, Ind.
-BOND
OFFERING.
-Frances 0. Mishler, Township Trustee, will receive sealed
bids until 7.30 p. m. Sept. 15 for an issue of $25,000 5% school bonds.
Date July 15 1927. Denom. $500. Due semi-annually Jan. and July 1.
JACKSON COUNTY UNION GRADED SCHOOL DISTRICT NO.10
(P. 0. Altus), Okla.
-BOND SALE.
-The issue of $13,500 434% school
building bonds offered on Aug. 23 (V. 125. p. 1083) was sold to H. L.
English, of Altus. Denom. $1,000.
JAY COUNTY (P.0. Portland), Ind.
-BOND SALE.
-The $3,147.35
6% Rolland C. Hartman et al road bonds offered on Aug. 23(V. 125. P.945)
were awarded to the Inland Investment Co. of Indianapolis, at a premium
of $13. Date Aug. 1 1927. Due $147.35 Nov. 8 1928, and 5500 Nov. 8
1929 to 1933, inclusive.• JEFFERSON COUNTY (P. 0. Waurika), Okla.
-BOND OFFERING.
-Will Amer, County Clerk, will receive sealed bids until 1 p. m. Sept.12
for $600,000 road bonds not exceeding 5%. Due within 25 years. A certified check for 2% of the total amount of bid is required.
JEFFERSON TOWNSHIP P. 0. Uniontown), Fayette County,
-D.R. Barnum, Secretary Board of Supervisors.
Pa.
-BOND OFFERING.
will receive sealed bids until 9 a. m. Sept. 16 at the office of J. K.Spurgeon,
52 East Main St., Uniontown. for the purchase of $5,000 5% township
bonds. Date Sept. 15 1927. Denom. $1,000.
JETMORE, Hodgeman County, Kan.
-BOND SALE.
-An issue of
590,000 434% improvement bonds was recently awarded to the Commerce
Trust Co. of Kansas City. Due 1928 to 1947.
JONESBORO STORM SEWER AND DRAINAGE DISTRICT NO.
-BOND SALE.
30 (P. 0. Jonesboro), Ark,
-The issue of 8225,000534%
-was awarded
sewer construction bonds offered on Aug. 13-V. 125, p.813
to I. B. Tigrett of Nashville,for a price of 101.50.
10ENNEBUNK, ICENNEBUNKPORT AND WELLS WATER DISTRICT, Maine.
-BOND OFFERING -Albert W. Meserve, Treasurer ,er
will receive sealed bids until 2 p. in. (standard time) Sept. 9, for $225,900
4% coupon water bonds. Date July 1 1927. Denom. $1,000.
ue
July 1 1947. Prin. and int. (J. & J.) payable at the Fidelity Trust Co.,
Portland. Legality to be approved by Cook, Hutchinson, Pierce & Connell
of Portland. These are the bonds offered unsuccessfully on Aug. 11.V. 125. p. 813.
KENT, Portage County, Ohio.
-BOND OFFERING.-Frank Bechtle,
City Auditor, will receive sealed bids until 12 m. Sept. 12 for an issue of
54.078.17 6% White Way bonds. Dated Sept. 1 [927. Denom. $400,
one for $478.17. Due March 1 as follows: 5400. 1928 to 1936 incl., and
5478.17, 1937. A certified check, payable to the City Treasurer for 2%
of the bonds offered, is required.
KENT, Portage County, Ohio.
-BOND OFFERING.
-Frank Bechtle,
City Auditor, will receive sealed bids until 12 m. Sept. 12 for an issue of
$13,021.06 6% improvement, owner's portion, bonds. Date Sept. 1 1927.
Due serially from 1929 to 1937, inclusive. A certified check, payable to
the order of the City Treasurer, for 2% of the bonds offered is required.
KIEL, Manitowoc County, Wis.-BOND DESCRIPTION.
-The
$95.000 5% school bonds purchased on Feb. 10 (V. 124, p. 945) by Blyth,
Witter & Co. of Chicago for par are described as follows: Denom. $500.
Date April 11927. Due $1,000 April 1 1928 and $6,000 April 1 1929 to
1942, inclusive. Interest payable April and Oct. 1.
LAGRO SCHOOL TOWNSHIP . 0. Urbana), Wabash County.
Ind.
-BOND SALE.
-The 532,500 4 % school bonds offered on Aug. 27
(V. 125, p. 946) were awarded to the Farmers & Merchants National
Bank
of Wabash. Date July 1 1927. Due as follows: $1,250 July 1 1929
to
1931, incl., and $500 Jan. and July 1 1932 to 1939, incl.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The
following two issues of 5% 10
-year bonds
Aug. 3 (V. 125. p 1083) were awarded to aggregating 586,000, offered on
0
.
Julian Yourche of Cown Point,
r
at a total premium of $3,060, equal to 103.62:
$46,000 road bonds.
15s.
1
40, O0 road bond
D0te
a
927. Coupon bonds in $1,000 denomination
DUe
serially in 10 years. Interest payable May and Nov. 15.
(p. 0.
1356
'1.14 CHRONICLE
--C. W.
-BOND OFFERING.
LAICEVIEW, Logan County, Ohio.
Glltner, Clerk, will receive sealed bids until 12 m. Sept. 10 for an issue of
$1,350 6% improvement bonds. Date April 1 1927. Due $135 April 1
1928 to 1937, inclusive. A certified check, payable to the order of the
Village Treasurer, for 5% of the bonds offered is required.
LEE COUNTY (P. 0. Fort Madison), lowa.-BIDDERS.-The
following is a complete list of the bidders and the bids submitted on the
;125,000 431% primary road bonds sold on Aug. 24 (V. 125, p. 1222) to
Geo. M. Bechtel & Co. of Davenport:
Premium.
Rate Bid.
Bidders$175
431%
Fort Madison Savings Bank
Wells
-Dickey & Co. and the Northern Trust Co. of
275
431%
Minneapolis
340
431%
*Bechtel & Co. of Davenport
v.__
335
431%
White-Phillips & Co. of Davenport
Successful bidder.
-An issue of
-BOND SALE.
LOCKNEY, Floyd County, Texas.
$15,200 refunding bonds has recently been disposed of to an unknown purchaser. (This report complements the sale of $40,000 sewer bonds given in
V. 125, p. 1222.)
-At a recent
-BONDS VOTED.
LOCKNEY, Floyd County, Tex.
election the voters authorized the issuance of $55,000 sewer bonds.
-James A.
-BOND SALE.
LOCKPORT, Niagara County, N. Y.
Trowbridge of New York was awarded on Aug. 26 an issue of $6,747.49 5%
Elmwood Ave. paving bonds at 101.89, a basis of about 4.56%. Due serially in 1928 to 1936 inclusive.
-The White-BOND SALE.
LOGAN, Harrison County, Iowa.
Phillips Co. of Davenport, was recently awarded an issue of $200,000
431% road bonds, at a premium of $261, which is equal to 100.13.
-BOND ELECTIPN.-On Sept. 13 there
LOTT, Falls County, Texas.
will be an election to decide the issuance of 534.000 sewer bonds, not exceeding 531%. Due in 40 years.
-BOND SALE.
-The
LOUDON COUNTY (P. 0. Loudon), Tenn.
$50,000 school bonds recently offered were awarded to Caldwell & Co.
of Nashville.
-BOND OFFERING.
-G. B.
LOUISVILLE, Stark County, Ohio.
Mooth, Clerk of Council, will receive sealed bids until 12 m. Sept. 10 for an
Issue of $7,000 5% water works system bonds. Date Nov. 11927. Denom.
$700. Due $70f 1928 to 1937, incl. A certified check payable to the order
of the Village Treasurer, for 5% of the bonds offered is required.
BOND SALE.
-The $8,000 5% village bonds offered on Aug. 22(V. 125,
p. 946) were awarded to A. E. Aub & Co. of Cincinnati at a premium of
$131, equal to 101.63, a basis of about 4.62%. Date Oct. 1 1927. Due
$800, 1928 to 1937 incl. Other bidders were:
Price Bid.
BiddersRyan, Sutherland Co
$8,088
Blanchet. Bowman Wood
8,000
The First Citizens C tp
8,084
-BOND OFFERING.
LUFKIN, Angelina County, Texas.
-Sealed
bids will be received until 10 a. m. Sept. 9 for the following five issues of
bonds, aggregating $300,000:
$20,000 incinerator bonds.
20.000 fire station building and site bonds.
50.000 sewer system improvement bonds.
85,000 water works system bonds.
125,000 street improvement bonds.
Date Oct. 11927. Denom. $1,000 and $500. Prin. and int. payable at
the office of the State Treasurer, Austin. or at a designated bank in New
York, Chicago or St. Louis. A deposit of $5,000 is required.
Financial Statement Aug. 17 1927.
Assessed value, real estate
$3,207,860
Assessed value, personal
1,617,340
Assessed value, total, 1926
4,825,200
Total debt
473,888
Sinking fund
85.744
Total tax rate (per 31.000) 1926
'$17.50
[Vol.. 125.
Aug. 30-V. 125, p. 1223
-were awarded to Watling, Lerchen & Hayes
of Detroit as 4545, at 100.42, a basis of about 4.40%. Due serially,
May 1 1929 to 1937 inclusive.
MILLGROVE TOWNSHIP SCHOOL DISTRICT (P. 0. Orland),
Steuben County, Ind.
-BOND SALE.
-The $10.000 434% coupon
school bonds offered on Aug. 20-V. 125, p. 814
-were awarded to the
City Securities Corp. of Indianapolis at a premium of $192, equal to 101.29
a basis of about 4.17%. Dated July 1 1927. Due $400, July 1 1928.
and $400, Jan. 1 and July 1 1929 to 1940 incl.
MINNEAPOLIS, Hennepin County, Minn.
-MA TURITY.-The
following is a complete schedule of the maturities on the three issues of
bonds to be offered for sale on Sept. 28 as reported in V. 125, p. 1223:
Permanent
Improvement
River
Permanent
Improvement
os
.
Revolving
Terminal
Bonds.
Fund Bonds.
$2,000.09
1928
$68,731.94
$4,000.00
1929
68.000.00
2,000.00
4,000.00
1930
2,000.00
68,000.00
4,000.00
1931
68,000.00
4,000.00
2,000.00
1932
2,000.00
68.000.00
4,000.00
1933
68,000.00
4,000.00
2,000.00
1934
2,000.00
68,000.00
4,000.00
1935
68,000.00
4,000.00
2,000.00
1936
68,000.00
4,000.00
2,000.00
1937
68,000.00
4,000.00
2,000.00
1938
68,000.00
4,000.00
2,000.00
1939
68,000.00
4,000.00
2,000.00
1940
68.000.00
4,000.00
2,000.00
1941
68,000.00
4,000.00
2,000.00
1942
68,000.00
4,000.00
2,000.00
1943
68,000.00
5,000.00
2,000.00
1944
5,000.00
68,000.00
2,000.00
5,000.00
1945
68,000.00
2,000.00
5,000.00
1946
68,000.00
2,000.00
5,000.00
1947
67,000.00
2,000.00
67,000.00
5,000.00
2.000.00
1948
67,000.00
5,000.00
2.000.00
1949
67,000.00
5,000.00
3,000.00
1950
67,000.00
5,000.00
3,000.00
1951
67,000.00
5,000.00
3,000.00
1952
$110,000.00
553.000.00
31,694,731.94
-LIST OF BIDDERS.
MONROVIA, Los Angeles County, Calif.
$195,000 sold on Aug. 22-V. 125,
The two issues of bonds aggregating
p. 1223
-to the Security Co.and R. ff. Moulton & Co.,both of Los Angeles.
also had the following bids submitted upon them:
Price Bid.
Bidders:
$11,037
Brown Crummer Investment Co
229
William It Steats Co.(series B)
12,800
Ames Emerich
13,026
Anglo-London Paris Co
11,008
U. S. National Bank
12,234
R.E.Campbell Co
13.078
Dean, Witter & Co
950
H. B. Dobbyns tseries B)
12,265
Harris Trust & Savings Bank
11,709
California Securities Co
-BOND
MORENO SCHOOL DISTRICT, Riverside County, Calif.
SALE.
-The $20,000
% school bonds offered on Aug. 22-V. 125,
-were awarded to the Bank of Italy, San Francisco, at a premium
p. 1084
of $1,208, which is equal to 106.04, a basis of about 4.58%. Due 1928
to 1942. Other bids:
$501.50
Freeman, Smith & Camp Co_$845.00IJ. R. Jordan & Co
413.00
Redfield. Vanevra & Co_ __ _ 610.00IAnglo London Paris Co
MOUNT PROSPECT SCHOOL DISTRICT, Cook County, Ill.
-An issue of $25,000 4% school bonds was recently awarded
BOND SALE.
to a retired farmer. (No other information available.)
-FINANCIAL STATENASHVILLE, Davidson County, Tenn.
McMinnville, Yamhill County, Ore.
-BOND SALE.
-Peirce. Fair &
-The following is a complete and accurate statement of the finances
Co. of Portland, are reported to have recently purchased a $25,000 issue MENT.
of Nashville, Tenn., supplied in regard to the offering of 3190.000 of bonds
of water and light bonds for a price of 104.12.
on Sept. 13-V. 125, p. 1223:
McNair) County (P. 0.Selmer), Tenn.
,
-BOND SALE.
-An issue of
Financial Statement (as of January 1 1927).
$59,000 refunding bonds has been purchased recently by Little, Wooten &
$25,000,000.00
Real and personal property owned by the city
Co. of Jackson.
True value ofreal and personal property inmunicipality(est. 200,000,000.00
)
MACON, Macon County, Mo.-BOND SAT.E.-The issue of $165,500 Assessed valuation of property for 1926
162,398,494.00
431% water works improvement bonds offered for sale on Aug. 25-V.125 Total bonded indebtedness (including these bonds)
16,025,000.00
p. 1084
-was awarded to the State Exchange Bank of Macon and the Miss- Water works bonds included above
$3,711,000.00
issippi Valley Trust Co. of St. Louis. Denoms. $1,000 and one for $500. Electric light debt included above
333,000.00
Date July 15 1927. Due on July 15 as follows: $6,000, 1932 to 1934; Street improvement and sidewalk bonds in$7,000. 1935 to 1937: 38.000, 1938 to 1940; $9,000, 1941 to 1943; 510,000,
cluded above, for which adequate special
1944 to 1946, and $45,500 in 1947.
assessments have been levied
955,000.00
School building and improvement notes,
MAGNOLIA, Camden County, N. J.
-BOND DESCRIPTION.
-The
800,000.00
Chapter 224, Private Acts of 1927
$85,000 temporary curb, gutter and sidewalk bonds awarded to C. C.
Collings & Co. of Philadelphia in V. 125, p. 1084, bear interest at the rate
55,799,000.00
of 5% and were sold at par. Date July 1 1927. Coupon bonds with privilege
10,226,000.00
of registration in $1,000 denom. Due July 1 as follows: 35,000, 1929; Net bonded debt
Floating debt consisting of bills, &c. (estimated)
200,000.00
$7,000. 1930; $10.000, 1931; 815.000, 1932; $20,000, 1933; and $23,000, Sinking fund
(ordinary) Jan. 1 1926 (cash)____ $474,756.35
1934. Interest payable J. & J.
Sinking fund investments
125,690.74
MANHATTAN, Riley County, Kan.
-BOND SALE.
--- 600,447.09
-An issue of
*7.000 431% school bonds was recently sold to the Stern Bros. & Co. of Special sinking funds created by special assessments or
tax levies
437,877.58
Kansas City.
700,000.00
MANLIUS SCHOOL DISTRICT NO.17(P.O. Kirkville) Ononadaga Uncollected taxes (estimated)
Population, Government Census 1920, 118.342; estimated Government
rn
County, N. Y.
-PRICE PAID
-BOND DESCRIPTION.
-The price paid
for the530.000434% school bonds awarded to the Manufacturers & Traders- Census 1925, 136,230. Tax rate 1731 mills.
NAVARRO CONSOLIDATED ROAD DISTRICT NO. 1 (P. 0.
Peoples Trust Co. of Buffalo
-V. 125, p. 1084
-was 100.18. The bonds
are described as follows. Date July 11927. Coupon bonds in 51,000 denom. Corsicana), Texas.
-BOND SALE.
-The issue of $380,000 5% road
Due serially July 1 1928 to 1947, incl. Interest payable J. & J.
gs bonds offered for sale on Aug. 29-V. 125, p. 814
,
-was awarded to Garrett
& Co. of Dallas for
equal to 100.291, a
premium of $1.106, which
MARIETTA, Washington County, Ohio.
-BOND SALE.
-The basis of about 4.87%.a Denom.$1,000. Date July is1927 and due $76,000
1
$13,965.24 534% Greene St. special assessment improvement bonds offered April 1 1928 to 1932. Prin. and int. (A. & 0.) payable at the Seaboard
on Aug. 26-V. 125. p. 8I4
-were awarded to the Warren State Bank, National Bank, N. Y. City. The
following other bids were submitted:
Warren. Date March 1 1927. Due March 1 1929 to 1937, incl.
BidderOther bidders were:
Premium $425
BidderPrice Bid. Brown-Crtunmer Co. of Wichita
Corsicana National Bank of Corsicana
Par
Well, Roth & Irving Co., Cincinnati
$14,002.84 Roger II. Evans Co. of Dallas
296
Discount
N. S. Hill & Co., Cincinnati
14,481.87 Hall & Hall of Temple
1,
Discount $7,627
Provident S. B. & Trust Co., Cincinnati
14,553.17 H. C. Burt Co. of Austin
Discount 5,825
us
Seasongood & Mayer, Cincinnati
14,603.24
A. E. Aub & Co., Cincinnati
NEWFANE FIRE DISTRICT (P. 0. Newfane) Niagara County,
14,533.00
Ryan, Sutherland & Co., Toledo
-BOND SALE.
14,577.24 N. Y.
-The $24,000 water improvement bonds offered on
State Teachers' Retirement System, Columbus
14,559.24 Aug. 25-V. 125, D. 947
-were awarded to the hiagara•County National
Bank of Lockport. Date Oct. 11927. Due Oct. 1 as follows: $2,000, 1928
MASSACHUSETTS (State of).
-TEMPORARY LOAN.
-The State to 1930, incl., and $3,000, 1931
to 1936, incl. (Rate not given).
awarded on Aug. 30 a $3.000,000 temporary loan to the Old Colony Corp.,
on a 3.3.57' discount basis, plus a premium of $75. Date Sept. 2 1927
NEWPORT, Herkimer County, N. Y.
17M
-7
- 4
-BOND SALI3. 17"Due Nov. 22
5% drainage and street improvement bonds offered on Aug. 25-V. 125
The following is a list of other bidders;
947
-were awarded to the National Bank of Lockport, at it premium of
'
35, equal to 100.72, a basis of about 4.835%. Date Sept. 1 1927. Due
Discount
BidderSept. 1 as follows: $300, 1928, and $500, 1929 to 1937, incl.
Premium.
Basis.
First National Bank, Boston
$9.00
3.375%
NEWPORT TOWNSHIP (P. 0. Wanamie) Luzerne County, P5.
Salomon Bros & Hutzler
21.00
3.37
BOND OFFERINO.-Abram Fairchild, Secretary Board of Commissioners,
8, N. Bond & Co
20.00
3.51%
will sell at public auction on Sept. 15 at 7 p. m. an issue of *32,000431%
Shawmut Corp
3.51%
coupon township bonds. Denom. $500. Due Sept. 15 as follows: $2,500,
MELBOURNE, Brevard County, Fla.
--.BOND OFFERING.-Sealeri 1929 to 1940, incl., and 52.000. 1941.
bids will be received until 2 p. m. Sept. 19 by W. K. Seitz, City Manager,
NISKAYUNA (P. 0. Schenectady), Schenectady County, N. Y.
for an issue of $69,600 6% street improvement bonds. Denom. $1.000
and one for 3600. Date Sept. 11927. Due on Sept. 1 as follows: $13.603, BOND OFFERING -Sealed bids will be received by the Town Clerk for
an issue of $42,006 sewer system bonds.
1928, and $14,000, 1929 to 1932 incl. Prin. and int. (M. & S.) payable
-The
at City Clerk's office or Florida fiscal agency in New York. A $1,000
NOBLE COUNTY (P. 0. Caldwell), Ohio.
-BOND SALE.
certified check is required with the bid.
following issued of 5% special assessment bonds, aggregating 536,335.
offered on Aug. I5
-V. 125, p. 683
-were awarded to the State Teachers
-BOND SALE.
-An issue of $2,500.000
MIAMI, Dade County, Fla.
aboir c31t System at a premium of $1,200, equal to 103.30, a basis of
Roturnen %
:
tax-anticipation botes has been awarded to a syndicate composed of F. S.
Moseley & Co. of New York.the First National Bank of Miami and the Bank $5,000 Batesville-Temperanceville road bonds. Denom. $800. Duo $800
of Bay Biscayne as 4345 for a price of 99. Maturity $500,000 each month
Oct. 1 1928 to 1937, incl.
from February through June 1928. Eldredge & Co. of New York submit0,000 1 92 .tlio
.0
8
381road bonds. Denom. $600. Due $600 Oct. 1
I
ted a bid for 4 V % bonds.
.1937 1nc.
No.,
-BOND SALE.
5,250 Caldwell-Zanesville Noble Township road bonds. Denom. $500
-The $401,000 Wayne and
MICHIGAN (State of).
one for $750. Due Oct. 1,$500 1928 to 1936,incl., and $750, 1937.
Monroe Counties Road Assessment District No. 463 bonds !offered on
SEPT. 3 1927.]
THE CHRONICLE
5,000 County Road No. 517 bonds. Denom. $500. Due $500 Oct. 1
1928 to 1937, incl.
4,800 Beaver I. C. H. No. 3922 road bonds. Denom. $480. Due $480
Oct. 1 1928 to 1937, incl.
3,000 Wayne I. C. H. No. 392 road bonds. Denom. $300. Due $300
Oct. 1 1928 to 1937, incl.
2,250 Caldwell
-Zanesville Brookfield Township road bonds. Denom.
.
$225. Due $225 Oct. 1 1928 to 1937. incl.
2.035 Caldwell-Woodsfield road bonds. Denom. 3200, one for $235.
Due Oct. 1 as follows: $200, 1928 to 1936, incl., and $235, 1937.
NEW YORK CITY, N. Y.
-TEMPORARY LOANS ISSUED DURING
AUGUST.
-The City of New York issued short-term securities in the aggregate of $40,650,000, consisting of special revenue bonds, corporate stock
notes, &c., also $2,000,000 3% general fund bonds maturing Nov. 1 1930
The short-term securities are described as follows:
Revenue Bills of 1927.
Amount.
Maturity.
lot.Rate.
Issued.
$8,500,000
Aug. 9 1928
Aug. 9
3.50%
3,000,000
Dec. 30 1927
3.55%
Aug. 31
2,080,000
Nov.30 1927
Aug. 30
3.55%
1,750,000
Aug. 23 1928
3.25%
Aug. 23
1,000,008
Aug. 26 1928
3.25%
Aug. 26
775,000
Aug. 16 1928
3.25%
Aug. 16
Special Revenue Bonds 1927.
$4,000,000
Feb. 29 1928
3.55%
Aug. 29
Tax Notes of 1927.
$3,000,000
Mar. 1 1928
3.55%
Aug. 30
Corporate Stock Notes of 1927.
Rapid Transit.
$3,000,000
Feb. 16 1928
3.55%
Aug. 16
2,600.000
Feb. 29 1928
3.55%
Aug. 29
2,000,000
Feb. 23 1928
Aug. 22
3.55%
2,000,000
Feb. 27 1928
3.55%
Aug. 26
900,000
Aug. 1 1828
Aug. 1
3.80%
700,000
Aug. 16 1928
Aug. 16
3.55%
400,000
Feb. 29 1928
Aug. 29
3.55%
228,000
Mar. 2 1928
Aug. 31
3.65%
25,000
Aug. 2 1928
3.80%
Aug. 2
2,000
Mar. 2 1928
Aug. 31
3.55%
Various Municipal Purposes.
52,000,000
Feb. 29 1928
Aug. 29
3.55%
Water Supply.
51,000,000
Feb. 29 1928
3.55%
Aug. 29
Construction Schools.
31,750,000
Mar. 2 1928
3.55%
Aug. 31
Dock Purposes.
220,000
Mar. 2 1928
3.55%
Aug. 31
General Fund Bonds.
*1,250,000
Nov. 1 1930
3.00%
Aug. 16
750,000
Nov. 1 1930
Aug. 9
3.00%
NORTH ARLINGTON SCHOOL DISTRICT, Bergen County,
N. J.
-BOND SALE.
-The $15,000 535% coupon or registered school
bonds offered on Aug. 30-V. 125. 9. 1085
-were awarded to R. M.
Grant & Co. of N. Y. City at a premium of $570.30, equal to 103.80.
a basis of about 4.89%. Date Sept. 15 1926. Due $1,000, Sept. 1 1928
to 1942 inclusive.
OAKLAND, Alameda County, Calif.-BOND OFFERING -Sealed
bids will be received by Frank C.Merritt, City Clerk, until 11
for an issue of $75.000 44% sewer bonds. Denom. $1,000. a. m.Sept.22
Date Feb. 1
1925. Principal and interest (F.
in gold coin. Goodfellow, Eells,& A.) payable at City Treasurer's office
Moore & Orrick of San Francisco will
furnish legal approval. A certified check for 2% of the bid, made payable
to the City Clerk, is required.
(This is a part of the total authorized issue of $1,147,000.)
OCONTO, Oconto County, Wis.-BOND OFFERING.
-P. T.
Meeuwsen, City Clerk, will receive sealed bids until 2 p.
m. Sept. 6 for
$25,000 5% serial street improvement bonds. Denom. $1,000 and $250.
Due *1,250, 1928 to 1947, incl.
OKLAHOMA COUNTY (P. 0. Oklahoma City), Okla.-BONDS
VOTED.
-At an election held on Aug.
of $1,650,000 not to exceed 4t% 20 23 the voters authorized the i&suanc3
-year serial road bonds by a vote of
5,630 to 1,152. The bonds will be put up for bidding early
in September.
ONONDAGA COUNTY (P. 0. Syracuse), N. Y..
-BOND SALE.
The $415,000 44% Sanitarium building
bonds offered
125, P. 1085
-were awarded to Remick, Hodges & Co. ofon Aug. 30-V.
New York City
at 102.28, a basis of about 3.95%. Date
Oct. 1 1927. Due Oct. 1 as
follows: $35,000, 1928, and $20,000 1929 to 1947, inclusive.
ORANGE, Franklin County, Mass.
-NOTE SALE.
-The Merchants
Nationel Bank was awarded on August 27
as 4s, at 100.52, a basis of about 3.78%. an issue of $5,600 sewer nftes
Due $1,400 from 1928 to 1931.
Inclusive.
ORANGE TOWNSHIP (P. 0. Nankin), Ashland County,
Ohio.
BOND SALE.
-The $13,600 534% road bonds
p. 1085) were awarded to Seasongood & Mayer offered on Aug. 27 (V. 125,
of
of $457, equal to 103.36, a basis of about 4.72%. Cincinnati. at a premium
Due April
$1,500 1928 to 1932, incl.; $2,000 1933 and 1934; *2,100 10 as follows:
1935. Other
bidders were:
BidderPrice Bid. I BidderPrice Bid.
W.L.Slayton & Co
214.010.00 W. K. Terry & Co
A.E. Aub & Co
14.001.00 I Weil, Roth & Irving Co__$13,935.32
13,926.40
Ryan, Sutherland Co
13,987.00 Durfee, Niles & Co
13,801.00
OXFORD, Summer County, Kan.
-BONDS VOTED.
-At an election
held on Aug. 22 the voters approved the issuance of $40,000
school bonds.
The vote stood as follows: For, 254; against. 108.
PEMBERVILLE, Wood County, Ohio.
-BOND SALE.
-The following
Issues of 8% improvement bonds, aggregating $19.183.79,
offered on
Aug. 15-V. 125, P. 683
-were awarded to the Pemberville Savings Bank
at a premium of $375, equal to 101.95, a basis of about 5.59%;
$6,600.00 sundry streets, village's portion bonds. Denom.
$660. Due
$660 Nov. 1 1928 to 1937, incl.
6.545.34 West Front St. special assessment bonds. Denom. $650, one
$695.34. Due Nov. 1 as follows: $695.34, 1928, and $650, for
1929
to 1937, incl.
3.843.45 Wat_nr St. special assessment bonds. Denom. $380. one for
$43:"i5. Duo Nov. 1 as follows: $432.45, 1928, and
$380, 1929
to 1937, incl.
2,195.00 East Front St. special assessment bonds. Denom. $220,
one
for $215. Due Nov. 1 as follows: $215, 1928. and
$220, 1929
to 1937. incl.
I
PORT OF KELSO (P. 0. Kelso), Wash.
-BOND OFFERING.
Sealed bids will be received by J. Perry Barcham, Secretary of the Board
of
Directors, at the office of Fisk & McCarthy of Longview, until 4
p. m.
for an issue of $416,000 not exceeding 5% general obligation bonds.
Sept. 12
A certified check for 5% of the amount of the bid is required.
POTTAWATTOMIE COUNTY (P. 0. Avoca), lowa.-BOND OFFER-Sealed bids will be received until Sept. 16 by the Iowa County
ING.
Auditor for an issue of $250,000 44% road bonds.
PRAIRIE COUNTY SCHOOL DISTRICT NO. 40 (P. 0. Mildred),
-BOND SALE.
Mont.
-The issue of *25,000 6% school bonds offered for
sale on July 12-V. 124, p. 3808
-was awarded to the State of Montana,
for a price of par. Date May 12 1927 and due in 1947, optional in 1932.
QUINCY, Norfolk County, Mass.-TEMPORARY LOAN.
-The
First National Bank of Boston was awarded the following issues of notes
aggregating $600.000 on a 3.44% discount basis, plus a premium of $5.00:
$400,000 temporary loan. Due March 15 1928.
200,000 temporary loan. Duo Feb. 28 1928.
READING SCHOOL DISTRICT, Hillsdale County Mich.-BOND
OFFERING.
-E. C. Corbett, President School Board, will receive sealed
bids until 7 p. m. Sept. 7 for an issue of $95,000 44% school bonds. Dated
Sept. 1 1927. Denom. $5,000. Due $5,000, Sept. 1 1928 to 1936 incl.
Prin.and int.(M.& S.) payable at the State Bank of Reading. A certified
check for 2% of the bonds offered is required.
1357
RISING SUN, Ohio County, Ind.
-BOND OFFERING.
-Stanley
Powell, City Clerk,will receive sealed bids until 12 m. (standard time)
Sept. 19 for an issue of $18,000 44% street improvement bonds. Dated
Sept. 1 1927. Denom. $450. A certified check for 3% of the bonds
offered is required.
RIVERHEAD,Suffolk County, N. Y.
-BOND OFFERING.
-B.Prank
Howell, Town Supervisor, will receive sealed bids until 1 p. m. (Eastern
standard time) Sept. 12 for an issue of $17,000447 coupon highway bonds.
Dated Oct. 1 1927. Denom. $1,000. Due $1,000 Oct. 1 1928 to 1944 incl.
Prin. and int. payable at the Town Supervisor's office. A certified check
payable to the above mentioned official for 2% of the bonds offered is required.
ROCHESTER, Monroe County, N. Y.
-NOTE SALE.
-The following
notes aggregating $1,085,000, dated Sept. 6 1927 and maturing Feb. 6.
1928, were awarded to R. W. Pressprich & Co. of New York City, on a
3.39% discount basis plus a premium of $27.00:
$550,000 Local improvement.
5,000 Municipal Hospital.
100,000 School construction.
350,000 Transit Subway.
75.000 Water Works improvement.
5,000 Winton Road Subway.
ROCKINGHAM, Vt.-BOND SALE.
-The National City Co. of New
York was awarded on August 26, the following two issues of 44% refunding bonds aggregating $172,000. as follows:
$172.000 school district bonds at 100.96, a basis of about 4.13%• Due
Jan. 1 as follows: $10,000. 1929; and 39,000, 1930 to 1947 incl.
150,000 town building bonds at 101.07, a basis of about 4-11%. Due
Jan 1, as follows: $8,000, 1928 to 1937 incl.; and $7,000, 1938 to
1947 inclusive.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFERThro.-01arenee Sedgwick, County Auditor, will receive sealed bids until
10 a. m. Sept. 8 for an issue of *6.7006% drainage bonds. Dated June 1
1927. Denom. $670. Due $670 June 1 1928 to 1937 inclusive.
- -BOND ELECTION.
PAUL, Ramsey County, Minn.
-A special
election will be held on Sept.6 to vote on the proposition of issuing 8875,000
park improvement bonds.
ST. TAMMANY PARISH DRAINAGE DISTRICT NO. 2 (P. 0.
Covington), La.
-BOND SALE.
-An issue of $400,000 drainage bonds
was recently awarded to Edwin French & Co. of Alexandria.
SAFETY HARBOR, Pinellas County, Fla.-BONDS NOT SOLD.
The $133.000 6% coupon water extension and fire truck bonds offered on
Aug. 22 (V. 125, p. 684) were not sold. Denom. $1,000. Date July 1
1927. Due in 20 years. Interest payable on July and Dec. 1
SAGINAW, Saginaw County, Mich.
-The $50,000
-BOND SALE.
44% water bonds offered on Aug. 29-V. 125, p. I224
-were awarded to
the Fidelity Trust Co. of Detroit at a premium of $305 equal to 100.61.
a basis of about 4.10%. Dated Sept. 1 1927. Due $5,000, July 1 1928
to 1937 inclusive.
SALEM, Columbiana County, Ohio.
-BOND SALE.-Seasongood &
Mayer of Cincinnati, were awarded on Aug. 30, the following three issues
of 5% special assessment bonds aggregating $15,810.79 at a premium of
$314, equal to 101.98:
$7.645.03 Depot S. improvement bonds.
4,410.76 street improvement bonds.
3,755.00 Mill Street improvement bonds.
_
SALEM, Marion County, Ore.
-BOND SALE.
-on Aug. 15 Geo. H.
Burr and Conrad & Broom of Portland were awarded an issue of $48,996
6% improvement bonds at 105.19, a basis of about 4.90%. Due from
1928 to 1937.
SALINA, Salina County, Kan.
-BOND SALE-An issue of $15,000
434% school bonds was recently awarded to Stern Bros. & Co. of Kansas
City.
SAMPSON COUNTY (P. 0. Clinton), No. Caro.
-BOND SALE.The two issues of bonds offered for sale on Aug. 29-V. 125, p. 1086
-were
awarded as follows:
2300,000 5% school building bonds to A. T. Bell & Co. and Ryan, Sutherland & Co., both of Toledo. Jointly, paying $15.481 premium,
equal to 105.16, a basis of about 4.52%. Dated June 1 1927
and due on June 1 as follows: $10,000. 1929 to 1947 and $11,000,
1948 to 1957.
100,000 not exceeding 6% road and bridge bonds to Stranahan, Harris &
Oatis, of Toledo, as 4 Ns ,paying $2,670 premium,equal to 102.67
or a basis of about 4.51%. Dated July 1, 1927 and due on July 1
as follows: $3,000, 1930 to 1941 and $4,000. 1942 to 1957.
Denom. $1,000. Prin. and semi-annual int. payable at the Chase
National Bank in New York City.
SAN DIEGO,San Diego County, Calif.-BOND SALE.-The $15,000
5% El Capitan dam bonds offered for sale on Aug. 22 (V. 125, p. 948)
were awarded to the Anglo-London-Paris Co. of San Francisco for a
premium of $176. equal to 101.17, a basis of about 4.44%. Denom.
$1,0130. Date Jan, 1 1925 and due Jan. 1 1930. Other bidders were:
BidderPremium.
Bank of Italy
Dean, Witter & Co., Los Angeles
$16 ..71
3
8
2
E. R. Gundelfinger & Co.. San Francisco
111.00
First National Bank of San Diego
105.00
Redfield, Van Evora & Co., Los Angeles
25.00
SAN FRANCISCO, San Francisco County, Calif.
-BOND ELECTION.
-An election will be held some time in November to decide the
issuance of $4,600,000 municipal, railway system extension bonds.ae- rss
SCAPPOOSE, Columbia County, Ore.
-BOND OFFERING.
-=
Cathcart, City Recorder, will receive sealed bids until 8 p. in. Sept. 6 for
an issue of $26,500 6% street improvement bonds. Denom.
Date
Sept. 1 1927 and due on Sept. 1 as follows: 32,500. 1928 to 1936: $4,000,
$500.
in 1937. Ridgway, Johnson and Kendall of Portland will furnish legal
approval.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Scarsdale), Westchester County, N. Y.
-BOND OFFERING.
-O. H.
Cheney, President Board of Education, will receive sealed bids until
12 in.Sept. 15, at his office, 100 East 42d St. N. Y. City, for *50.000
434% coupon or registered, series I, school bonds. Date Sept. 1 1927.
Denom. $1,000. Due Sept. 1 as follows: $1,000 1928 to 1937, incl., and
$2,000 1938 to 1957. incl. Principal and interest (M. & S.) payable in
gold at the Scarsdale National Bank, Scarsdale. A certified check,_payable
to the Board of Education,for 2% of the bonds offered is required. Legality
approved by Hawkins, Delafield & Longfellow of New York City.
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
-BOND
SALE.
-The $450,000 coupon or registered tuberculosis hospital bonds
offered at public auction on Aug. 29 (V. 125, p. 1225) were awarded to
George B. Gibbons & Co. of New York City. as 4s,at 100.13, a basis of
about 3.98%. Date June 1 1927. Due June 1 as follows: $20,000
1928 to 1937, incl., and $25,000 1938 to 1947, incl.
The llowing is a list of other bidders:
Bidder
Int. Rate. Rcfe 1 d
0 i.
0B0
2
Rutter & Co
Harris, Forbes & Co
4
100.131
Bankers Trust Co
4`ig
100.025
Sherwood & Merrifield, Inc
434%
101.60
Pulleyn & Co. and E. II. Rollins & Sons
44%
101.15
Manufacturers & Traders Peoples Trust Co
454.%
101.11
SEBASTIAN, St. Lucie County, Fla.-BOND SALE.
of 6% coupon bonds aggregating 5159.800, offered for -The two issues
sale on Feb.
(V. 124, p. 825). have finally been purchased by the J. B. McCrary 21
Co.
of Atlanta. The issues are as follows:
$130.000 city bonds. Due Oct. 1 as follows: $4,000 1927 and
214.000
1928 to 1936, inclusive.
29,800 city bonds. Due Oct. 1 as follows: $2,800 1927 and
$3,000
1928 to 1936. inclusive.
Date Oct. 11926. Denom. *1,000, one for $800. Principal
and interest
(A.st 0.)Payable in gold at the U. S. Mortgage & Trust Co.. N.Y.
City.
SENECA COUNTY (P. 0. Tiffin), Ohio.
-BOND OFFERING.
A.B.Powell,County Auditor, will receive sealed bids
until 10 a. m.Sept. 10
for an issue of 392,000 5% coupon road
improvement bonds. Date July 31
1927. Denom. $1.000. Due July 31 as follows:
$11,000, 1928 and 1929.
1358
THE CHRONICLE
[VOL. 125.
and $10,000, 1930 to 1936, incl. Prin. and int. (J. & J. 31) payable at the
County Treasurer's office. A certified check payable to the above
mentioned official for $1,800 is required.
Payable at the Chase National Bank, New York City. A certified check
payable to the order of the above-mentioned official for $1,000 is required.
Legality approved by Thomson, Wood & Hoffman of New York City.
SHAKER HEIGHTS (P. 0. Cleveland), Cuyahoga County, Ohio.
BOND SALE.
-The $54,310 43(% coupon special assessment improvement bonds offered on Aug. 25-V. 125, p. 816
-were awarded to the
Detroit Trust Co. of Detroit, at a premium of $856, equal to 101.56, a
basis of about 4.50%. Date Sept. 1 1927. Due Oct. 1 asfollows: $5,310,
1929; $6,000, 1930 to 1936, incl., and $7,000, 1937.
SHOREWOOD (P. 0. Milwaukee), Wisc.-BOND OFFERING.
Sealed bids will be received by Theo. B. Olsen, Village Clerk, until 7:30
p. m. Sept. 6 for an issue of $40,000 434% garbage disposal plant bonds.
Demom. $1,000. Date July 11927. Due $4,000 from July 1 1928 to 1937,
bad. Prin. and int. (J. & J.) payable at village treasurer's office.
SILVER LAKE SCHOOL DISTRICT (P. 0. Silver Lake), Summit
County, Ohio.
-BOND SALE.
-The $80.000 5% coupon school bonds
offered on August 30-V. 125, p. 1086
-were awarded to the Well. Roth
& Irving Co. of Cincinnati, at a premium of $1,122. equal to 101.42, a
basis of about 4.88%. Dated July 11927. Due as follows: $2,000, Apr. 1
1929 to 1951 incl.;$1,500. Oct. 1 1929 to 1950 incl.; and $1,000. Oct. 1 1951.
SNOHOMISH COUNTY SCHOOL DISTRICT NO.4(P.O. Everett),
Wash.
-BOND OFFERING.-Sealed bids will be received by the County
Treasurer until 2 To. m. Sept. 20 for an issue of $31,000 6% school bonds.
A certified check for 5% of the bid is required.
TRENTON, Butler County, Ohio.
-BOND OFFERING1-Sealed bids
will be received by the Village Clerk until 12 m. Sept. 23 for an issue of
540.0005)4% water works bonds. Dated Jan. 1 1927. The bonds are in
$1,000 denominations.
TWINSBURG TOWNSHIP RURAL SCHOOL DISTRICT, Summit
County, Ohio.
-BOND SALE.
-The $4,000 6% school bonds offered on
Aug. 15 (V. 125. p. 816) were awarded to Harry M.Fowler, of Twinsburg,
at a premium of $77.50, equal to 101.93-a basis of about 5.16%. Date
Sept. 1 1927. Due $500 April and Sept. 1 1928 to 1931, inclusive.
-The
UNION COUNTY (P. 0. Union), So. Caro.
-BOND SALE.
two issues of bonds aggregating $535,000 and offered for sale on Aug. 22
-V. 125. P. 9'9-whey° been purchased by the Peoples Security Co. of
3
Charleston as 44s for a premium of 55,267.57, which is equal to 100.984.
The Issues are as follows:
5293,000 reimbursement bonds. Due serially from 1938 to 1937.
145,000 reimbursement bonds. Due on Dec. 31 19 9 and 1930.
A group composed of Braun, Bosworth & Co. of Toledo; the Detroit
Trust Co. of Detroit, and Caldwell & Co. of Nashville was second with
a bid of $5,117.
VALLEY COUNTY (P. 0. Ord), Neb.-BOND SALE.
-The Omaha
Trust Co. of Omaha, has recently been awarded an issue of $90,000 431%
SOMMERVILLE, Middlesex County, Mass.
-BOND OFFERING.
- refunding bonds.
Joseph S. Pike, County Treasurer, will receive sealed bids until 11 a. m.
VALPARAISO SCHOOL DISTRICT, Porter County, Ind.
-BOND
(daylight saving time) Sept. 7 for the following two Issues of coupon or OFFERING.
-W. J. Morrts, President Board of Education, will receive
rwhtered bonds, aggregating 51.000,000:
sealed bids until 10 a. m. Sept. 17 for an issue of $23,000 434' bonds.
$700,000 334% High school additions and alterations bonds. Due $50,000 Dated Oct. 1 1927. Denom. 51.000 and $500. Due $10.000 Jan. and
July 1 1928 to 1941, incl.
300,000 4% High school additions and alterations bonds. Due $50,000 $13,000 July 1 1936. A certified check for 2% of the bonds offered is required.
July 1 1942 to 1947. incl.
Date July 1 1927. Denom. $1,000. Prin. and int. (J. & J.) payable at
WALTHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
the Old Colony Trust Co., Boston; the said Trust Co., will supervise the First National Bank of Boston was awarded on Aug. 31 a $300,000 tempreparation of the bonds and will certify as to their genuineness and the porary loan on a 3.43% discount basis plus a premium of $6. Date Aug.31
seal impressed thereon. Legality to be approved by Storey, Thorndike, 1927. Denom.$25,000. $10,000 and $5,000. Due Jan. 201928. Legality
approved by Storey, Thorndike, Palmer & Dodge, of Boston.
Palmer & Dodge of Boston.
-BOND SALE.
SOUTH HADLEY, Hampshire County, Mass.
-The
WARREN COUNTY (P. 0. Ind.
-BOND SALE.
-The following two
544.000 4% high school addition bonds offered on Aug. 29-V. 125. P. issues of 5% bonds, aggregating $47,000 were awarded on Aug. 26 as
1225
-were awarded to the Old Colony Corp., at 101.91. a basis of about follows:
3.77%. Date Sept. 11927. Due Sept. 1 as follows: $3,000. 1928 to 1930, $37,000 bridge bonds to the Warren County Bank, Williamsport, at a
bacl., and $2,000. 1932 to 1947. incl.
premium of 51.465, equal to 103.95.
Other bidders were:
10,000 improvement bonds to the Central Bank of West Lebanon, at a
Rate Bid.
premium of $345, equal to 103.45, a basis of about 4.28%. Due
BidderR. L. Day & Co
101.899
$500 May and Nov. 15 1928 to 1937, incl.
The Atlantic-Merrill Oldham Corporation_
101.82
WARREN COUNTY (P. 0. Williamsport), Ind.
-BOND SALE.
E. H. Rollins & Sons
101.81
The 510,000 5% impt. bonds offered on Aug. 26-V. 125. P. 949
-were
Stone & Webster & Blodget
101.74
awarded to the Warren County Bank, at a premium of 5361, equal to
Harris, Forbes & Co
101.723 103.61, a basis of about
4.267. Date Aug. 1 1927. Due $500 May
Curtis & Sanger
101.69
and Nov. 15 1928 to 1937 inclusive.
F. S. Moseley & Co
101.59
WARWICK SCHOOL DISTRICT, Benson County, No. flak.-'
SPARKS, Washoe County, Nev.-BOND DESCRIPTION.
-The
-An issue of $25,000 school bonds was recently awarded
$30,000 issue of534% coupon sewer bonds sold on Aug.8-V.125, p. 1086- BOND SALE.
to the Central Trust Co. of Salt Lake City are described as follows: Denom. to the State.
$1,000. Dated July 1 1927 and due $2,000 from 1929 to 1943 incl. Int.
WASHINGTON COUNTY (P. 0. Chipley), Fla.
-BOND SALE.
payable January and July 1.
..
Oht110
1.... e'vr'.115111110111 The 5200,000 5% court house bonds offered on Aug. 25-V. 125, p. 950-4
STAMFORD, Fairfield County, Conn.
-BOND SALE.
-The were awarded to a syndicate composed of the Chipley State Bank and the
$295,000 43i% coupon public improvement bonds offered on Aug. 30- First National Bank, both of Chipley, and the Atlanta National Bank
-were awarded to H. L. Allen & Co. of New York City, of Jacksonville at 95.11, a basis of about 5.38%. Denom. $1,000. Date
-v.135, p. 1225
at 102.50. a basis of about 3.96% • Date Aug. 15 1927. Due Aug. 15 as Any. 11927. Due Aug. 1 as follows: $10,000. 1932;$20,000, 1937;$30,000.
ollows: 512.000, 1928 to 1942, incl., $11,000, 1943 to 1946, incl., an 1942: 540,000, 1947; 550.000, 1952 and 1957.
56,000. 1948 to 1957, incl.
WASHINGTON COUNTY (P. 0. Chipley), Fla.
-BOND SALE.
The following is a list of bidders submitted for the bonds:
The issue of $200,000 5% coupon court house bonds offered for sale on
Rate Bid. Aug. 25-V. 125. p. 950
-was awarded to the Chipey1 State Bank. the
R.L. Day & Co
102.469
Atlantic National Bank and the wirst National Bank for a price of 95.11.
G. P. Gibbons
102.4647 Denom.51.000. Dated Aug.1 19'7 and due on Aug. 1 as follows: 510.000,
Stamford Savings
102.47
1932; ¶20,000, 1937,• $30,000. 1924; $40.000. 1917. and 550.000, 1952
R. M. Schmidt
101.80
and 1957. Prin. and int. (F. & A.) payable at the Chase National Bank,
Estabrook & Co
101.39
N. Y. City.
Guaranty Trust
101.9099
Harris, Forbes & Co
WASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND SALE.
101.909
The 510.300 434% impt. bonds offered on Aug. 16-V. 125, P. 950
TEMPORARY LOAN.
-The Stamford Trust Co., was awirded on
Aug. 29, a 5100,000 tempwary loan on a 3.45% discount basis Plus a were awarded to the Farmers State Bank of Salem at a premium of $180.
"
t
premium of $10. Date Aug. 30 1927. Denoms 525,000, $10,000 and equal to 101.74, a basis of about 4.13%. Date Aug. 1 1927. Dir
•
•
-47 4'
_ 01
$5,000. Due Oct. 5 1927. Legality approved by,Ropes. Gray, Boyden & May and Nov. 15 1928 to 1937 inclusive.
Perkins of Boston.
COUNTY (P. 0. Jonesboro), Tenn.
-BOND SALS:
STARKE COUNTY (P. 0. Knox), Ind.
-BOND SALE -The follow- -The $560,000 issue of 5)4% highway bonds offered for sale on Aug. 25-was awarded to the Unaka and City National Bank and
ing two issues of 6% drainage bonds offered on Aug. 25-V. 125. p. 1086
- V. 125, p. 817
were awarded to the Inland Investment Co. of Indianapolis, at a premium the Tennessee National Bank, both of Johnson City,jointly, for a premium
of $36,680. which is equal to 106.55. Date Aug. 1 1927 and due serially
of $486.50, equal to 101.54:
in 20 years. Denom. 51.000. The next highest bid was submitted by
$28,707 drainage bonds.
$2,802 drainage bonds.
Caldwell & Co. of Nashville, offering $36,650.
STARKE COUNTY(P.O. Knox),Ind.-BOND SALE.
-The following
WASHINGTON TOWNSHIP (P. 0. Uniontown), Fayette County,
two issues of 434% bonds, aggregating $8,960 offered on Aug. 25-V 125,
Pa.-BOND OFFERING.-E.D.Stephens, Secretary Board of Supervisors,
p. 1086-were awarded to the Fletcher Savings & Trust Co. of Indianapolis,
will receive sealed bids at the office of J. K. Spurgeon, 52 East Main St.,
at a premium of $218.60. equal to 102.43'
Uniontown, for an issue of $35,000 5% township bonds. Dated Sept. 15
$5,700 highway improvement bonds.
53,260 highway impt. bonds.
1927. Denom. $1,000. Due $5,000 Sept. 15 1947 to 1953 incl.
STROUDSBURG SCHOOL DISTRICT, Monroe County, Pa.
WATERFORD TOWNSHIP SCHOOL DISTRICT NO. 8 (P. 0.
BOND OFFERING.
-Sealed bids will be received by the Secretary Board
-BOND SALE.
-The $28,500 434%
of Directors, until 3 p. m. Sept. 12 for an issue of $196,000 4)4% school Pontiac), Oakland County, Mich.
-were awarded to the
bonds. Due Sept. 1 as follows: 516.000. 1932:520,000, 1937;$25,000. 1942: school bonds offered on Aug. 22-V. 125, p. 1087
Detroit Trust Co. of Detroit at par. Date Aug. 1 1927. Due Aug. 1
535,000, 1947:545.000. 1952;and $55,000, 1957.
as follows: $500, 1929, and 51,000, 1930 to 1957, incl.
SWEETWATER, Nolan County, Tex.
-BOND ELECTION.
-We are
-An
WEAKLEY COUNTY (P. 0. Dresden), Tenn.
-BOND SALE.
unofficially informed that there will be an election on Sept. 19to decidethe
iqme of 510,000 school bonds has recently been purchased by Caldwell &
Issuance of $750,000 6% water bonds.
Co. of Nashville for an unknown price.
TALBOT COUNTY (P. 0. Easton), Md.-BOND OFFERING.
-Sealed
WELDON, Halifax County, No. Caro.
-BOND OFFERING.
Sealed bids will be received by the Board of County Commissioners until
Clerk,
until 12 in. Sept. 6 for an issue of $225,000 4% school bonds. Dated bids will be received until 7:30 p. m. Sept. 20 by K. Ward. Town bonds.
for an issue of $15,000 not exceeding 6% coupon or registered water
Sept. 1 1927. Denom. $1,000. Due Sept. 1 as follows: 510,000, 1936 to
1938 incl.: 511,000, 1939 to 1941 incl.: 512.000, 1942 to 1944 incl.: $13,000, Dated Sept. 1 1927 and due $500 Sept. 1 1930 to 1959, incl. Denom.$500.
1945 to 1947 incl.; $14,000, 1948 to 1950 incl.: and $15,000, 1951 to 1953 Principal and int.(M.& S.) playable in gold in New York. Reed, Dougherty, Froyt & Washburn of New York City will furnish legal approval.
incl. A certified check for 55,000 is required.
A certified check, payable to the town, for 2% of the bid is required.
TEAGUE SCHOOL DISTRICT, Freestone County, Tex.
-BOND
-The following
WELLESLEY, Norfolk County, Mass.-130ND SALE.
BALE.
-An issue of 515.0005% school house bonds was awarded on Aug. 25
ivnies of 4% bonds, aggregating $202,500, offered on Aug. 30 V. 125. p.
to the Mercantile Trust & Savings Bank of Dallas for a premium of $238,
12 ab were6aw4rded to the Shawmut Corp. of Boston, at 102.37-a basis
)
which is equal to 101.586. Denom. $500. Date Sept. 1 1927. Due 0f25 out 3 3 :
serially in thirty years. Interest payable March and Sept. 1.
1928 to 1947 int%
TENNANT SCHOOL DISTRICT,Shelby County, Iowa.-BOND 560,000 sewer extension bonds. Due $3,000, Sept. 1 1928 to 1942 incl.
60.000 water extension bonds. Due 54.000 Sept. 1
OFFERING.
-Warren F. Miller, Secretary, Board of the School Directors,
40.000
will receive sealed bids until 2 p. m. Sept. 9 for an issue of $12,500 school 42,500 school addition bonds. Due $4,000 Sept. 1 1928 to 1947 incl.
branch library bonds. Due Sept. 1 as follows: 53,500, 1928:
bonds.
1930 to 1947 incl.
Other"birders' 1929;were: and IL"'
TARRYTOWN, Westchester County, N. Y.
-BOND OFFERING.
BidderRate Bid.
Bidder
J. Wycoff Cole, Village Clerk, will receive sealed bids until 8 p. m.(daylight
Rate Bid.
101.645 Stone & Webster and
saving time) Sept. 12 for an Issue of 512,000 434% or 4)4% coupon or regis- Redmond & Co
102.05
Blodgett, Inc
101.746
tered public improvement bonds. Dated Oct. 1 1927. Denom. 51.000. Putnam & Storer, Inc
102.076
Wellesley National Bank
Due $3,000 Oct. 1 1928 to 1931 incl. A certified check for 2% of the bonds Atlantic-Merrill Oldham
Co
Corp
102.13
101.92 Wise, Hobbs & Arnold
offered is required. Legality approved by Caldwell & Raymond of N. Y.
Curtis & Sanger
102.16
102.013 E. H. Rollins & Sons
whose opinion will be furnished the successful bidder.
City,
Bank of Commerce & Trust
Estabrook & Co
THREE RIVERS UNION SCHOOL DISTRICT (P. 0. Visalia).
Co
1 0 ..299
0221
2
102.015 R. L. Day & Co
-The 514.000 issue of 534% serial school bonds
Calif.
-BOND SALE.
102.30
Harris, Forbes & Co
-was awarded to the Bank of Italy
offered on Aug. 23-V. 125, p. 1087
WEST BRANCH AND OGEMAW TOWNSHIPS FRACTIONAL
of San Prancsico for a premium of $1,C99. which is equal to 107.55, a
basis of about 4.69%. Denom.$500. Due $500from Aug.2 1928 to 1955. SCHOOL DISTRICT NO. 1 (P. 0. West Branch), Ogemaw County.
Prin. and int. (F. & A.) payable in gold coin at the County Treasurer's N. Y.
-BOND SALE.
-The $20,000 431% refunding bonds offered on
office. The second highest bidder was the First National Bank of Aug. 23-V. 125, p. 1087
-were awardded to the Hanchett Bond Co. of
Chicago at a premium of $56, equal to 100.28, a basis of about 4.72%•
Porterville.
Date July 11927. Due 51,500, 1930 to 1937, incl., and 52,000, 1938 to
-BOND SALE.
TOM GREEN COUNTY (P. 0. San Angelo), Tex.
incl.
The 5294.000 5% court house bonds offered for sale on July 1 (V. 124. p. 1941,
-The
3810) were awarded to an unknown purchaser who paid a premium of
WESTFIELD, Chautauqua County, N. Y.-I30ND SALE.
512,178, equal to 104.14. Due seriallyin 40 years. Prin. and Int. payable National Bank of Westfield has purchased an issue of $20,000 434% water
bonds. The bonds are dated Aug. 1 1927.
A. & 0.
-Sealed bids will
WEST VIRGINIA (State of).
TONAWANDA, Erie County, N. Y.
-BOND OFFERINGIward
-BOND OFFERING.
F. Fries, City Treasurer, will receive sealed bids until 8 p. m. Sept.6 be received until 2 p. m. Sept. 13 for the sale of $2,000,000 State road
for an issue of 596,000 434% coupon street improvement bonds. Date bonds by Howard M. Gore, Governor. Interest rate not to exceed 431%
July 1 1927 Denom. $1,000. Due July 1 1938. Prin. and bit. (J. & J.) and no more than 2 rates will be considered in any one bidliCoupon
WASHINGTON
__-
1359
THE CHRONICLE
SEPT. 3 1927.]
convertible bonds in denoms. of $1,000 and $5,000. $1,000,000 dated Jan.
1 1927 and $1,000.000 dated July 1 1927. Due as follows: 2200,000 on
Jan.11936 and 1939.2300,000 on Jan. 1 1937 and 1938. and $200,000, July 1
1948 to 1952. Principal and semi-annual interest (J. & J.) payable in
t State Treasurer's office or at the National City Bank in New York.
approving opinion will be furnished by Caldwell & Raymond of
New York at purchaser's expense. A certified check, payable to the State,
for 2% of the face value of bid, is required.
-BOND SALE.
-A 220,000 6%
WHITE DEER, Carson County, Tex.
paving bond issue has recently been purchased at par by W.A.Stuckey,of
Wichita Falls. Due serially from 1928 to 1967.
-BOND
WHITEHALL TOWNSHIP (P. 0. West Catasauqua), Pa.
-The 830.000 45.5% coupon road and bridge bonds offered on
SALE.
Aug. 29 (V. 125, p. 1225) were awarded to E. H. Rollins & Sons of Palladelphia, at a premium of $1,134.30,equal to 103.78-a basis of about4.137.
Date Sept. 1 1927. Due Sept. 1 as follows: $5,000, 1932; 17,000, 1937:
28.000, 1942. and $10,000. 1947.
WICKENBURG HIGH SCHOOL DISTRICT (P. 0. Phoenix), Ariz.
-The $22,000 issue of 4M % school bonds offered on Aug. 22
BIDS.
(V. 125, p. 686) was. ot sold, no bids being submitted for the issue.
-An
-BOND SALE.
WILBARGER COUNTY (P. 0. Vernon), Tex.
Issue of $50,000 4M % coupon road bonds has been awarded to Roger H.
Evans & Co. of Dallas for a premium of $103.50, which is equal to 100.207.
Date Sept. 15 1927. Denom. $1,000. Due in 30 years. Not optional
before maturity.
-The issue
-BOND SALE.
WILDWOOD, Cape May County, N. J.
of 5% coupon or registered 'boardwalk bonds offered on Aug. 30-V. 125,
-was awarded to Lehman Bros. of New York City, taking $195,000
1225
00
200,000 bonds offered), paying 22,012.50, equal to 102.57, a basis of
about 4.87%. Date Sept. 1 1927. D ue Sept. 1 as follows: $10,000,
1928 to 1946, incl., and 25.000, 1947.
-BOND
WILLIAMSBURG COUNTY (P. 0. Kingstree), So. Caro.
-An issue of $60,000 funding bonds was awarded to the Peoples
SALE.
Securities Co. of Charleston. Price unknown.
WILLISTON PARK DISTRICT, Williams County, No. Dak.-An issue of $20,000 53 % park bonds has recently been
BOND SALE.
purchased by Paine, Webber & Co. of Minneapolis, who paid a premium
for them of $1,065, equal to 105.32, outbidding the Minnesota Loan &
Trust Co. of Minneapolis, who offered 104.30 for them.
-The $80,000
-BOND SALE.
WILLOWICK, Lake County, Ohio.
53% coupon storm sewer construction bonds offered on Aug. 20-V. 125,
p. 817
-were awarded to the Herrick Co. of Cleveland at a premium of
,064, equal to 103.83, a basis of about 5.04%. Date Aug. 15 1927.
Due $4,000, Oct. 1 1927 to 1948 inclusive.
-The
-NOTE SALE.
WORCESTER, Worcester County, Mass.
Worcester County National Bank of Worcester was awarded on Aug. 31
an issue of$400,000 revenue notes on a 3.38% discount basis plus a premium
or Sl.
-LOAN OFFERWORCESTER COUNTY (P. 0. Worcester), Mass.
-Sealed bids will be received by the County Treasurer until Sept.6
ING.
for the purchase of a $100,000 temporary loan on a discount basis. The
loan matures on Oct. 25 1927.
-BOND SALE.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
-The four issues of 4M % coupon improvement bonds offered for sale on
1088) were awarded to the Commerce National
Aug.29(V. 125, p. 1087 and
Bank of Kansas City for a premium of $875, which is equal to 102.68, a
basis of about 4.10%. The issues aggregated 232,600 and were divided
as follows:
$12,000 Nettleton Ave. improvement bonds. Denom. $800. Date July 1
1927 and due $800 July 1 1928 to 1942. incl.
8,200 special improvement bonds. Denom. $600 and $200. Due on
July 1 as follows: $200 1928 and 1929. $600 1930 to 1942, incl.
6,500 road improvement bonds. Denom. $400, one for $900. Due on
July I as follows: $400 1928 to 1941 and $900 in 1942.
-Myrtle improvement bonds. Denom. $400 and one for
5.900 Central
$300. Due on July 1 as follows: $300 1928 and $400 1929 to 1942.
Wat
f
YORK COUNTY SCHOOL DISTRICT NO. 2 (P. 0. York). So.
-An issue of $10,000 school bonds has recently been
-BOND SALE.
Caro.
purchased by a local investor.
CORTLAND, SOMERS, CARMEL AND PUTNAM
YORKTOWN,
VALLEY CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Shrub Oak),
-BOND OFFERING.-Florenee M. Shine,
Westchester County, N. Y.
District Clerk, will receive sealed bids until 2 0. m.(daylight saving time)
Sept. 15 for an issue of $146,000 coupon or registered school bonds not to
exceed 57.Date July 1 1927. Denom. $1.000. Due Jan. 1 as follows:
$2.000, 1930 to 1939, inclusive; $3,000, 1940 to 1949, inclusive: 24,000. 1950
to 1959. inclusive; $5,000. 1960 to 1963, inclusive; and 26,000, 1964 to 1969,
inclusive. Rate of interest to be stated in a multiple of M or 1-10th of 1%,
one rate to apply to the entire issue. Principal and interest (J. & J.) payable in gold at the Peekskill National Bank, Peekskill. A certified check,
payable to the order of Lester Perry, District Treasurer, for $3,000 is required. Letality approved by Clay, Dillon & Vandewater, of New York
City.
CANADA, its Provinces and Municipalities.
-FUTURE BOND ISSUES.
BRITISH COLUMBIA (Province of).
We present herewith a list of municipalities for which, according to tho
Times" of Aug. 26, the Municipal Department has issued au"Monetary
thorization certificates. The date shown is the date on which the certificate was issued.
-City of Prince George-$12,060, payable in 15 years with
June 27
0,
interest at67 payable half-yearly.
June 27
-City of North Vancouver-226,001. payable in 15 years with
-yearly.
Interest at 5%,payable half
-Corporation of Point Grey-$11,200, payable in 20 years with
June 28
-yearly.
interest at 5%,payable half
-28,000, payable in 20 years with
June 28-Corporation of Point Grey
-yearly.
interest at 5%,payable half
July 21-Township of Chillivrack-$4,000, payable in 10 years with
interest at 514%,payable yearly.
-250,979, payable in 10 years with inJuly 25
-City of Prince Rupert
terest at 5%. payable half
-yearly.
July 27-Disn'ict of North Vancouver-$810, payable in 20 years with
interest at 5%, payable half
-yearly.
-District of North Vancouver-286.000, payable ix 20 years with
July 27
-yearly.
interest at 5%. payable half
-City of New Westminster-260,000. payable in 10 years with
Aug. 3
-yearly.
interest at 5%,payable half
-230,000, payable in 20 years with
Aug. 3
-City of New Westminster
-yearly.
interest at 57, payable half
Aug. 4
-District of Maple Ridge-$46,000, payable in 30 years with
interest at 5%. payable half
-yearly.
Aug. 8
--City of Nelson-$70,000, payable in 20 years with interest at
5%, payable half
-yearly.
-The 850,000 5% coupon high
COCHRANE, Ont.-BOND SALE.
school building bonds offered on Aug. 24 (V. 126, p. 1088) were awarded
to Dyment, Anderson & Co. at 99.91. Dated Sept. 1 1927. Due in 20
years.
-J. P. Palmer, President
EAST ANGUS, Que. -BOND OFFERING.
Catholic School Commission, will receive sealed bids until 7 p. in. Sept. 6
for an issue of 230,000 514% school bonds. The bonds are due serially
in 1 to 20 years.
-J. Dupont,
ST. ETIENNE DES GRES, Que.-BOND OFFERING.
Secretary-Treasurer, will receive sealed bids until 5 p. m. Sept. 7 for a
issue of $50.000 5% school bonds. Denoms. $1,000 and $500. The bonds
are due serially in 1 to 30 years.
-The $60,000 514% coupon bonds
ST. JEROME,Que.-BOND SALE.
offered on Aug. 22(V. 125. p. 1088) were awarded to Bray, Caron & Dube
at 100.60. Dated June 1 1927. Denom. $1,000, $500 and $100. Due in
20 years.
-A. W. Jackson. Treasurer,
WELLAND, Ont.-BONDS OFFERED.
received sealed bids until Aug. 29 for the purchase of $36.000 5% 30
-installment school debentures dated Aug.1 1927. Successful bidder unknown
as yet.
NEW LOANS
NEW LOANS
$1,857,731.94
CITY OF MINNEAPOLIS,
Minnesota
$1,700,000.00
BONDS
NOTICE IS HEREBY GIVEN that on
WEDNESDAY,THE 28TH DAY OF SEPTEMBER, A. D. 127, AT 10 00 O'CLOCK A. M.,
the Board of Estimate and Taxation of the City
of Minneapolis, Minnesota, will sell $1 A94,731.94
Permanent Improvement Bonds, $110,000.00
River Terminal Bonds and $53,000.00 Permanent
Improvement Revolving Fund Bonds. Said
bonds will be dated November 1. 1927, will be
payable serially in approximately equal amounts
on the first day of November of the years 1928
to 1952, inclusive, and will be in denomination
of $1,000.00 as nearly as practicable.
Said bonds will bear interest, payable semiannually, at a rate not to exceed five per cent
(6%) per annum, and will be sold for cash to the
bidder offering a bid complying with the terms
of this sale and deemed most favorable, subject
to the provision that the Board of Estimate and
Taxation reserves the right to reject any or all
bids. Bids offering an amount less than par
cannot be accepted.
Each proposal is to be accompanied by a certified check payable to C. A. Bloomquist, City
Treasurer, for an amount equal to 2% of the
amount of the bonds bid for, to be forfeited to
the city in case the purchaser refused to pay for
the bonds when ready for delivery.
The above bonds are to be issued pursuant to
the provisions of Sections 9 and 10 of Chapter XV
of the charter of the City of Minneapolis.
The approving opinion of Messrs. Thomson,
Wood & Hoffman, attorneys and counsellors at
law of New York City, as to legality and validity
of issue will accompany the bonds.
Further information and forms on which to
submit bids will be furnished on request.
By order of the Board of Estimate and Taxation at a meeting thereof held August 17, 1927.
GEO. M. LINK, Secretary.
MEMPHIS, TENNESSEE
VARIOUS BOND ISSUES.
A sale will be held at the City Hall, Memphis,
Tennessee, where sealed bids will be received
until 2 30 0 CLOCK P. M. SEPT. 13, 1927,
for $1,700,000.00 of various issues of general
liability serial,coupon bonds of 1314 years average
maturity. The bonds will be issued as bearer
bonds but may be registered as to principal only.
The City furnishes bonds, makes equivalent to
New York delivery, principal and interest payable in New York, also furnishes unqualified
approving legal opinion of Thomson Wood and
*
offman, New York City.
Interest rates open between 4 and 5% by Ms.
Good faith check, $17.000.00. Right reserved to
reject any and all bids.
Further data may be obtained from.
C. C. PASHBY,
City Clerk.
t
BONDS
MUNICIPAL
and
CORPORATION
Incorporated
NEW YORK
CHICAGO
BOSTON SAN FRANCISCO
Correspondent of
DETROIT TRUST COMPANY
Southern Municipal Bonds
J. E. W.THOMAS &CO.
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Fidelity
DALLAS, TEXAS
MUNICIPAL BONDS
Telephone 2i-8332
PENOBSCOT BLDG., DETROIT
We Specialize in
City of Philadelphia
3s
/
31 28
4s
/
41 49
s
1
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42
58
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51 49
8
1
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52
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
VIE DETROIT COMPANY
DETROIT, MICH.
Domestic Bonds
Foreign Bonds
FINANCIAL
Investment Analyst
Statistician
Young,alert, experienced in work of
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than immediate income. Box R 30,
Care of Chronicle, 138 Front St., N. Y.
1360
THE CHRONICLE
[VOL. 125.
ffittanciat
ifinancial
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PHILADELPHIA
CHICAGO
CHICAGO
LEIGHT & COMPANY
E.W.ClarkKee,
Formerly
Leight, Holzer & Co.
BANKERS
First Mortgage Bonds
821 Chestnut St., Philadelphia
111 West Washington Street
Established 1837
Chicago
Members New York and Philadelphi#
Stock Exchanges
Greenebaum Sons
Investment ColValrY
Safe Investments Since 1855
S. E. Cor. LaSalle and Madison Sts.
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OLDEST BANKING HOUSE IN CHICAGO
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Offering Safe Securities of Electric Light
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PAUL & CO.
217-212 PENNSYLVANIA BLDG.
Established 1909— Incorporated
PHILADELPHIA
Joel Stockard & Co., Inc.
Member Philadelphia Stock Exchange
INVESTMENT BANKERS
PENNA. TAX FREE BONDS
Municipal, Government &
Corporation Bonds
Members Detroit Stock Exchange
Penobscot Bldg. • DETROIT • Cherry
WARREN A. TYSON & CO.
Investment Securities
CHICAGO
NEW YORK
A. 0. Slaughter & Co.
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Investment Bonds
Members of Detroit Stock Exchange
110 WEST MONROE STREET
1518 Walnut Streit 4
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PHILADELPHIA
Charles A. Parcells & Co.
CHICAGO, ILL.
INVESTMENT SECURITIES
Frederick Peirce
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PENOBSCOT BUILDING, DETROIT, MICH
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207 So. Fifteenth Street. Philadelphia
LIVINGSTONE & CO.
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Wheat—Corn—Provisions
N. Y.STOCK EXCHANGE
N. Y. COTTON EXCHANGE
N. Y. COFFEE ds SUGAR EXCH
N. Y.PRODUCE EXCHANGE
MEMBERS CHICAGO BOARD OF TRADE
CHICAGO STOCK EXCHANGE
NEW YORK COCOA EXCHANGE
RUBBER EXCHANGE OF N. Y
WINNIPEG GRAIN EXCHANGE
INVESTMENT SECURITIES
TRUSTS • ESTATES
:19 So. LA SALLE ST, CHICAGO
Members Detroit Stock Exchange
Dime Savings Bank Bldg.
7 WALL ST., NEW YORK
Chicago Offices 931 So. La Salle St.
Havana OffIcel Royal Bank of Canada Bldg.
GARAR.11 TRUST
COMPANY
ST. LOUIS
LACKNER, BUTZ & COMPANY
Inquiries solicited on Chicago
Real Estate Bonds
111 West Washington Street
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ferndon Smith
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SMITH, MOORE & CO.
INVESTMENT SECURITIES
509 OLIVE ST.,
ST. LOUIS, MISSOURI
NASHVILLE. TENN.
BUFFALO
Founded 1865
A. J. WRIGHT & CO.
Members New York Stock Exchange
Western New York and Canadian
Local Stocks and Bonds
Bought and Sold on a Brokerage Basis
BUFFALO, NEW YORK
only
ALABAMA
CRONWALL & COMPANY
N CO RPO RA TED
INVESTMENT BONDS
Specializing in Issues of
Lumber and Timber Companies
Illinois Merchants Bank Bldg.
CHICAGO
J. C. Bradford & Company
Participating Distributors
and
Underwriters of Southern
Municipal and Corporation Bonds
315 Union Street
NASHVILLE, TENN.
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
@FedFRASER