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The
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financtat
Ifrantde
SATURDAY, APRIL 13 1929.
VOL. 128.
financial Titronute
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The Financial Situation.
The railroad situation is again demanding attention. The Inter-State Commerce Commission is extending its activities and in a way to furnish
occasion for real concern. Early in the week there
came an encouraging bit of news in the announcement that the -Commission had at last authorized
ing Chesapeake & Ohio Ry. to acquire a controlling
interest in the Pere Marquette. The Commission
granted authority to the Chesapeake & Ohio to purchase a block of 174,900 shares of Pere Marquette
common stock from the New York, Chicago & St.
Louis, or Nickel Plate, at $133.33 per share, and
indicated that it would place no obstacle in the way
of the acquisition of additional shares to give the
Chesapeake & Ohio an absolute majority interest in
the Pere Marquette.
Most important of all the Commission gave permission to the Chesapeake & Ohio to finance the
acquisition of the Pere Marquette by issuing additional C. & 0. stock to the shareholders of the latter
at $100 a share. At a previous hearing the Commission would authorize the additional stock only on
condition that it be sold for not less than $150 a
share. It now permits the offering of the new stock
at $100, or par.
All this was hailed as a step in the right direction
and as indicating a change of policy on the part of
the Commission which would facilitate the mergers
and consolidations so urgently needed in the interest of the public and of the railroads alike. Taking
this view, response came on the Stock Exchange in a
moderate rise in the railroad stocks at a time when
the general stock market was displaying a hesitating
attitude or actually tending lower. On Wednesday,
however, there came an announcement of a wholly
different character, completely changing the aspect
of things again. The announcement now was that a
NO. 3329.
formal complaint,had been filed against the Southern Railway Company, charging it with violation of
the Clayton Anti-Trust Law in two particulars, one
the acquisition of the stock and bonds of the Mobile
and Ohio RR. and the other the acquisition of the
stock of the New Orleans & Northeastern RR. If
the two roads referred to were recent acquisitions,
there might be no cause for complaint, for apparently the Transportation Act of 1920 gives broad
powers to the Commission for passing on acts of that
kind, but the acquisitions for which the Southern
Railway is now to be called to account long antedate
the Transportation Act of 1920 and hence ought as a
matter of right and jusctice to be looked upon as res
adjudicata.
It would at least seem open to question whether
the Commission can claim jurisdiction in a case that
deals with matters that occurred long before the
passage of the Transportation Act. We believe it
has never before been contended that the new powers
granted the Commission were retroactive. But even
if they were it would still be, it seems to us, a question of policy whether it is wise to entertain complaints with reference to acts free from taint, dating
into the past and to which no objection was raised
at the time and which has been acquiesced in by
everybody for over a quarter of a century since then.
The acquisition of the Mobile & Ohio harks back
28 years, to 1901, and the acquisition of the New
Orleans & Northeastern dates back 13 years to 1916.
Such acts cannot be considered as on a par with
the steps taken by the Commission, also quite recenty, in informally notifying the Pennsylvania RR.
that disposal of its holdings in the Lehigh Valley
and Wabash Railways would be desirable. The latter are new acts and it is quite possible that they
involve violation of the provisions of the Clayton
Act and also that they come within the province of
the Commission and would in any event be subject
to its approval and could not be regarded as legal
without it. Furthermore, as under the Transportation Act the Commerce Commission is charged with
the duty of dividing up the railroad mileage of the
country into a well-conceived number of systems, it
might well be that steps like those taken by the
Pennsylvania might very seriously interfere with
the carrying out of the plans of the Commissions.
There is the further question whether there is any
real merit in the complaint filed against the Southern Railway. The City of Mobile seems to be the
complainant and it must, of course, be regarded as
acting in absolute good faith in the matter. But
that should not be allowed to obscure the fact that
stock market activities in Mobile & Ohio stock have
been in progress for a long time and that the success of these speculative moves is entirely predi-
2340
FINANCIAL CHRONICLE
cated on action like that just taken before the Commission. Over a year ago some sensational statements were given out by those engaged in promoting
the rise in the stock. We were told that "The unscrambling of an old railroad merger was forecast
in the recent spectacular rise of 45 points in one of
the most sedate and conservative of guaranteed
stocks—Mobile & Ohio 4% trust certificates guaranteed by the Southern Railway." Catch line headings were added to increase the sensational effect.
Some of these read like this: "Likely to Lose Mobile
& Ohio," "System's Valuable Subsidiary May Be
Separated from Main Line by Court Action,"
"Shares Advance 60 Points." This prompted a reply
from Fairfax Harrison, the President of the Southern Ry, which is well worth reprinting at the present juncture. We therefore reproduce here as follows.
"In view of the publicity of the last few days, consisting of various rumors of alleged impending developments, all of which seems to have been intended
to support a speculative movement in the market
price of Southern Railway Co.-Mobile and Ohio
Stock Trust Certificates Southern Railway Co. desires to state some of the facts of the situation for
the benefit of all concerned.
"The Mobile and Ohio stock was acquired by the
Southern in 1901 as the result of a public offering to
exchange its 4% stock trust certificates for the
stock. There was a ready response from the Mobile
and Ohio stockholders to this offer, which was so
obviously to their advantage, for after 50 years of
operation the Mobile and Ohio RR. Co. had then
distributed to its stockholders no more than a single
dividend of 1% in 1898. The offer of the Southern
was, therefore, virtually to give the Mobile & Ohio
stockholders something for nothing.
"The Southern did this not as an act of philanthropy, but as a long pull investment in the future
of the Mobile & Ohio RR. The Southern held this
investment for more than 20 years before it realized
a cent of profit. Meanwhile the earnings of the
Mobile & Ohio might have justified higher dividends
than were actually paid, but the Southern refrained
from draining the Company's treasury.
"On the contrary it has since 1901 reinvested in
betterments on the Mobile & Ohio more than $11,000,000 of income which might have been paid to
the Southern in dividends thereby making the Mobile & Ohio the efficient '
transportation machine it
now is capable of performing the public service
expected of it.
"The Mobile & Ohio is not an integral part of the
Southern Railway System and the Southern has no
plan involving the consolidation of the two companies. It does expect to continue to perform the
contract obligation imposed upon it by the stock
trust certificates, as it has done during all the lean
years through which it has carried the bag, and it
also expects to resist to the uttermost any selfish
attempt to repudiate the contract on which its rights
have vested."
What Mr. Harrison here says deserves very careful consideration and explains the Southern Railway's connection with the Mobile & Ohio. As far
as the New Orleans & Northeastern is concerned it
would seem to be an integral part of the Southern
Railway System, since the Southern is absolutely
dependent upon it as an outlet to New Orleans. Nor
would there appear to be any ground for the suggestion or allegation that Southern Railway control
involves suppression of competition.
In the last analysis, however, the point of chief
objection to the present action against the Southern
[Von. 128.
Railway lies in the fact that it undertakes to open
up things long since settled and believed to have
been settled in the common interest and for the
common good. The Southern Railway is one of the
best managed properties in the country and those in
charge of it have from the first shown the utmost
consideration for the common weal and have taken
unusual pains to impress upon the stockholders that
that is the best policy to pursue.
If the Commerce Commission can now step in and
strip it of some of its important possessions it can
do the same thing in the case of every other railroad
system in the country. In other words, it can rip
apart all the big railroad systems, deciding what
should form part of each and what should not. And
to what would this lead? Would it not involve general havoc and destruction, just the reverse of what
was contemplated in the putting of the Transportation Act upon the statute book. More than that; it
would be a violation of both the spirit and the letter
of the Transportation Act. The Commission should
attempt only constructive work in the carrying out
of the provisions of the Act and thereby fulfill its
main purpose.
Some things ought to be definitely closed and definitely precluded from being reopened. For instance, the Baltimore & Ohio in its merger scheme
of a few weeks ago asked that the Chicago, Indianapolis & Louisville Ry. or Monon Road, be turned
over to it. But this road is jointly leased to the Southern Railway and the Louisville & Nashville and
forms the outlet of both to Chicago. Naturally,
both object and have a right to object. The real
truth is they ought not to be called upon to defend
possessions of that kind. The Commission ought to
make it plain once and for all that it will not entertain propositions for disrupting existing systems.
The Federal Reserve statements this week are of a
more reassuring character than any that have appeared for a long time past. In the first place,
brokers' loans show a large further contraction.
The reduction this week amounts to 8135,000,000,
and it follows a decrease of $87,000,000 the previous
week and of $144,000,000 the week preceding,
making $366,000,000 for the three weeks combined.
This is a very substantial sum, even if the totals of
these brokers' loans still remain unduly large. The
shrinkage now is at all events a step in the right
direction. It were to be wished that the outside
loans—that is, those "for account of others"—contributed in some important degree to the contraction
recorded, but such is not the case. These loans for account of others by the reporting member banks of New
York City have decreased the past week only $7,000,000, which is in addition to $9,000,000 decrease the
previous week and 836,000,000 decrease for the week
preceding. In other words, out of the total decrease
of $366,000,000 in brokers' loans for the three weeks,
only $52,000,000 decrease has been in these outside loans.
The decrease in the loans for account of out-oftown banks has also been relatively slight the past
week, though it was more substantial in previous
weeks, the decrease this week having been only
$21,000,000. The New York Clearing House has
this week made a slight change in the service charge
for handling these loans for account of the out-oftown banks, though it would appear to be too small
APRIL 13 1929.]
FINANCIAL CHRONICLE
a change to count for much. Previously the service
-charge was 5% of the amount of the interest collected. Now it is made M of 1% of the principal of
the loan. The change corresponds to that made in
the loans for account of others on Sept. 1 last.
Newspaper discussions tell us that when the call
loan rate is below 10% the new method is more
costly to the lending bank, while above 10% it is
less costly. Being only M of 1% per annum, it will
readily be seen that it is too inconsequential to count
for much. It might even be called picayunish.
It has proved ineffective to accomplish anything in
the case of the outside lenders and will doubtless
prove equally ineffective as regards the out-of-town
banks. It had also been reported that a minimum
of $100,000 would be fixed as a unit for any single
loan to be handled for any out-of-town bank, but no
action along that line was taken.
The biggest reduction the past week has been in
the loans made by the reporting member banks for
their own account. Here the decrease for the week
has been $106,000,000. Joining this week's decrease
with the decreases for the two previous weeks it is
found that for three weeks combined the reduction
in the loans for own account has been $176,000,000,
that in the loans for account of the out-of-town banks
$137,000,000 and that in the loans for account of
others $52,000,000. The grand total of all the loans
in the three different categories still stands at $5,427,000,000 April 10 1929 against $3,994,000,000
on April 111928.
The contraction in brokers, loans has also been
attended this time by diminished borrowing on the
part of the member Banks.at the Reserve institutions. This appears from the fact that discount
holdings of the 12 Reserve institutions were reduced
during the week in amount of $66,320,000—that is,
from $1,029,852,000 to $963,532,000.
. The 12 Reserve Banks have also still further reduced their
holdings of acceptances purchased in the open
market, the amount of these having declined from
$174,703,000 April 3 to $157,317,000 April 10.
Holdings of U. S. Government Securities have also
been slightly further reduced. The result, altogether, is that the total of the bill and security
holdings for the present week (April 10) is only
$1,293,783,000 against $1,380,458,000 last week.
The amount of these bill and security holdings
which reflects the extent of Reserve credit in use,
at $1,293,783,000 is actually less than on April 11
last year when the amount was $1,359,280,000.
Nevertheless member bank borrowing is still very
greatly in excess of a year ago, the amount at $963,532,000 for April 10 1929 comparing with $618,679,000 on April 11 1928. The reduction in the grand
total of bill and security holdings has been brought
about through the selling of acceptances and of
U. S. Government Securities. Acceptances this
week as already stated, are down to $157,317,000; a
year ago on April 11 1925 the amount was $361,595,000; holdings of U. S. Government securities
now are only $166,089,000, while a year ago the
amount was $378,016,000.
Large Government deposits have been an important factor in holding down member bank borrowings in recent weeks. As against only $6,000,000
on Mar. 13, these Government deposits rose to
$305,000,000 on Mar. 20. On Mar. 27 the amount
was still the same. On April 3 the amount was only
slightly lower at $289,000,000 and it does not ap-
2341
pear that they have been drawn down very much
further the present week, though the figures will not
be available until Monday of next week.
The stock market this week has been rather dull
with the volume of business greatly reduced. Prices
have zigzagged a great deal, being weak and strong
by turns. The greatest activity has been in the
specialties, some of which have been briskly bid up
at a time when other specialties lacking pool support, were moving sharply downward. Taking the
market as a whole, it was under pressure the early
part of the week, during which some considerable
general declines in prices occurred, and developed
strength the latter part of the week, particularly on
Thursday and Friday. Through concerted effort
it appeared easier to advance prices than to pull them
down. A special weakening influence on Monday
was the United States Supreme Court decision
against the Interborough Co. on the question of the
five-cent fare. On rather light transactions the market in the morning had evinced a moderately declining tendency. The Supreme Court decision led to a
big break in Interborough stock, and also to considerable declines in other City traction properties, and
the collapse in this portion of the list carried the
whole market down.
Interborough stock which had closed at 501/
8 on
Saturday sold as low as 30 in the break on Monday.
Brooklyn-Manhattan, which had closed on Saturday
at 75, slid down to 66, and Third Avenue stock,
/
4 fell to 24. Call money on
which had closed at 331
the Stock Exchange did not vary from 7% all day.
On Tuesday, however, after renewals had been effected at 7%, the rate advanced to 10%; this had a
further weakening effect on that day. On Wednesday, with the rate for renewals up to 8% and with
10% charged again for new loans, stocks manifested
an improving tendency and somewhat of a rally
occurred. The improvement became more pronounced on Thursday with the call loan rate maintained unchanged at 9% throughout the day. Pretty
general advances were established all through the
list on Friday. The money situation now became a
strengthening influence, first, because the Federal
Reserve statement issued Thursday showed a further contraction in brokers' loans in the amount of
$135,000,000, and secondly, because call loans, after
renewing at 9%, dropped to 7%. The further advance in stock prices was not, however, fully retained, some reaction occurring at the close on talk
of possible adverse legislation at the meeting of
Congress in extra session the coming week. Sales
on the Stock Exchange at the half-day session last
Saturday were 1,615,090 shares; on Monday the
transactions aggregated 2,719,880 shares; on Tuesday 3,629,390 shares; on Wednesday 3,281,900
shares; on Thursday 3,101,830 shares, and on Friday
3,405,420 shares. In the Curb Market the sales were
612,800 shares on Saturday; 820,700 shares on Monday; 1,041,100 shares on Tuesday; 950,500 shares on
Wednesday; 986,600 shares on Thursday and 920,100
shares on Friday.
As compared with Friday of last week, closing
prices yesterday are irregularly changed with not a
few showing declines, but also a considerable number registering gains, the last being general specialties. American Express closed yesterday at 345
against 359/
1
4 on Friday of last week; Adams Ex-
2342
FINANCIAL CHRONICLE
press closed at 646 against 669 on Friday of last
week. In the chemical group, Allied Chemical &
Dye closed yesterday at 2763
4 against 270% on Friday of last week; Commercial Solvents closed at 293
against 2951/
2; Davison Chemical at 561/
8 against
8; Union Carbide at 218% against 217; and E. I.
551/
du Pont de Nemours at 181 against 178. Radio
Corporation closed yesterday at 96% against 100 on
Friday of last week, and Int. Tel. & Tel. closed at 245
against 2601/
8; General Electric closed at 234%
against 230; Amer. Tel. & Tel. at 2197
/
8 against 220;
National Cash Register at 125% against 130%;
Montgomery Ward & Co. at 117% against 115%;
Wright Aeronautic at 240 against 2501/
4 bid; Sears,
Roebuck & Co. at 146% against 144y8; International
Nickel at 47% against 485
/
8; A. M. Byers at 1561/
8
against 1577
/s; American & Foreign Power at 94%
against 901/
2; Brooklyn Union Gas at 173% against
174 bid; Consol. Gas of N. Y.at 1041/
8 against 103%;
Columbia Gas & Elec. at 140 against 138%; Public
Service Corporation of N. J. at 79% against 79%;
American Can at 1333
/
8 against 1261%; Timken
Roller Bearing at 811/
4 against 79; Warner Bros.
Pictures at 104% against 104; Mack Trucks at 104
against 99; Yellow Truck & Coach at 47 against
411/
2; National Dairy Products at 128 against 1233
/
8;
Western Union Tel. at 195% against 196; Westinghouse Electric & Mfg. at 148% against 148; JohnsMansville at 181 against 168; National Bellas Hess
at 53 against 56; Associated Dry Goods at 533
4
against 541%; Commonwealth Power at 129% against
1287
/
8; Lambert Co. at 141 against 143; Texas Gulf
Sulphur at 82 against 79%; Kolster Radio at 42
against 51%.
In the copper stocks the feature has been the drop
in the price of the metal from 24 cents to about 19
cents. This, of course, has been a weakening influence. Anaconda Copper closed yesterday at 142%
against 147% on Friday of last week; Kennecott
.Copper at 841% against 87; Greene-Cananea at 1631%
against 164%; Calumet & Hecla at 48 against 51%;
Andes Copper at 531/
8 against 53%; Chile Copper
bid 101 against 110; Inspiration Copper at 521/
8
against 521
/
4 Calumet & Arizona at 126 against 128;
Granby Consol. Copper at 92 against 961%; American Smelting & Ref. at 103 against 106%; U. S.
Smelting Rfg. & Min. at 611% against 64.
The oil shares have not been weak notwithstanding the lack of progress in carrying out the plan for
oil restriction. Atlantic Refining closed yesterday
at 57% against 57% on Friday of last week; Phillips
Petroleum at 41% against 411%;Texas Corp. at 653
%
against 64%; Richfield Oil at 43 against 43%;
Marland Oil at 41% against 40%; Standard Oil of
N. J. at 59 against 56%; Standard Oil of N. Y. at
431% against 42%; Pure Oil at 26% against 25/
1
2.
The steel stocks have again been very strong on
the extraordinarily favorable condition of the steel
trade. U. S. Steel closed yesterday at 189% against
186% on Friday of last weejc; Bethlehem Steel at
109% against 109%; Republic Iron & Steel at 941/
8
against 931%; Ludlum Steel at 777
/
8 against 767
/8.
The motor group has also given a good account of
itself on the unabated demand for cars. General
Motors closed yesterday at 85% against 85% on
Friday of last week; Nash Motors at 100 against
,; Chrysler at 92 against 951/
1001
8; Studebaker at
83 against 82; Packard Motor at 127% against 129;
Hudson Motor Car at 87 against 86%; and Hupp
[Vox.. 128.
Motor at 60 against 65%. In the rubber group
Goodyear Tire & Rubber closed yesterday at 136%
against 1363
4 on Friday of last week; B. F. Goodrich closed at 89 against 90, and U. S. Rubber at
54% against 54%, and the pref. at 813
4 against
81%.
The railroad group commanded growing favor the
early part of the week on the action of the InterState Commerce Commission in authorizing the
Chesapeake & Ohio to acquire the Pere Marquette.
New York Central closed yesterday at 18334 against
183% on Friday of last week; Del. & Hudson at
1863
/
4 against 187; Baltimore & Ohio at 124 against
123%; New Haven at 9114 against 89; Union Pacific at 216 against 215; Canadian Pacific at 2351/
4
against 234%; Atchison at 1997
/
8 against 199;
Southern Pacific at 127% against 128%; Missouri
Pacific at 803
4 against 77%; Kansas City Southern
at 82% against 87; St. Louis Southwestern at 101
against 99%; St. Louis-San Francisco at 1127
/8
against 112; Missouri-Kansas- Texas at 46% against
47%; Rock Island at 12314 against 124%; Great
Northern at 104% against 104%; Northern Padfie
at 101% against 102%, and Chicago, Mil., St. Paul &
Pac. pref. at 53% against 54%.
Spring condition of Winter wheat, announced by
the Departmentof Agriculture at Washington on
Tuesday, is excellent. No serious damage was occasioned in any large area, as a result of any untoward
features existing during the period covered by the
Winter season. Weather conditions in the main
were entirely satisfactory throughout practically
the entire time. The April 1 condition this year is
placed by the Department at 82.7% of normal. This
compares with a condition of 68.8% of normal on
April 1, 1928 for the Winter wheat chop harvested
last Summer,and 84.5 and 84.1% respectively, at the
corresponding date for the crops harvested in the
two preceding years. The Winter wheat crop harvested last Summer,for which the April 1 condition
was so exceptionally low, had suffered serious injury
in large areas of important sections of some of the
leading Winter wheat States, due to Winter killing.
Large areas planted to Winter wheat, especially in
the Ohio Valley, had to be abandoned as a result
of Winter conditions of 1927-28. In that section,
fully two-thirds of the planted acreage for Winter
wheat was lost at that time.
The loss in acreage this year in that region as the
outcome of the Winter season, will be very light
In some parts of Illinois there will be some abandonment of area this year, and the Department
estimates a possible reduction in acreage this year
in the Western Central States, and, also on the
Pacific Coast, possibly approaching 10%. In the
East, conditions at the end of the Winter season
this year were above normal, and distinctly above
normal in the upper Mississippi and Ohio Valley
States. In the Plains States condition is close to
the average, and in the South-West noticeably improved.
The report on abandonment of area due to Winter
killing for this year will not be issued until early
in,May, but the Agricultural Department announces
in its statement of this week, that the relation existing between the April 1 condition and the estimate
of Winter killing prepared in May, is usually so
close that the loss of acreage may be very nearly
APRIL 13 1929.]
FINANCIAL CHRONICLE
determined—this year it will undoubtedly be considerably below the ten-year average, which is about
12%. From the best available indications at this
time, it is believed by the Department that the loss
this year will be about 7%. The loss last year was
placed by the Department at 25.1% which was exceptionally high, and was equivalent to a reduction
of 11,986,000 acres. In 1917, when abandonment
of the Winter wheat area in the United States was
also very heavy, the loss was 33.4% of the area sown,
or 12,039,000 acres.
The ares sown to Winter wheat last Fall was
estimated by the Department at 43,228,000 acres,
and the condition on December 1 of last year, just
prior to the beginning of the Winter season, was
84.4% of normal. The reduction in condition during the Winter months has therefore been very
slight,'amounting to only 1.7 points. For the Winter
wheat crop harvested in 1927, the Winter killing
was 7.7% of the area sown in the Autumn of 1926,
or 3,550,000 acres. This was very much below the
average. The area sown in that year, too, was
43,465,000 acres, which compares very favorably
with that sown last Fall for the Winter wheat crop
to be harvested during the coming Summer. The
harvest in 1927 was for 37,872,000 acres and the
final estimate of yield for that year 552,384,000
bushels, or 14.6 bushels per acre. For the crop
harvested last year the area sown, 47,897,000 acres,
was one of the exceptionally heavy sowings, but the
loss following the severe Winter killing reduced
this materially. The area harvested last year was
36,179,000 acres. There was considerable improvement during the later progress of the growing crop
in 1928, and the yield was 578,964,000 bushels, 16
bushels per acre, being larger than the yield for
1927.
Weather conditions for rye were also generally
favorable. The past Winter the condition of rye in
the United States, on April 1, was 84.9% of normal,
compared to 79.3% a year ago and 84.4% on December 1928, just after the planting of the crop to be
harvested this year.
2343
ment issues revived Thursday on improvement in
sterling, and this gave a better tone to the whole
market, although transactions were limited. Both
oils and coppers reversed their trends on better reports from the respective industries. The cheerfulness in these two departments continued yesterday,
although trading turned very quiet. Interest in the
gitl-edged list again drooped.
The Paris Bourse was irregular at the opening
Monday, but the tone improved in the course of the
day on quiet but steady buying. The improvement
was attributed in good part to a more optimistic
view of the international monetary situation. The
sharp reaction in coppers Tuesday unsettled the entire list after a fairly firm start. The downward
trend was again reversed Wednesday, Bank of
.France shares leading the market in a general recovery. After a day's reflection on the copper fluctuations, Paris decided that the return of the metal to a
normal basis was a healthy sign, and improvement in
the shares followed. Trading became more animated
with professional traders taking an active part.
Thursday's session was again moderately active and
prices were well sustained despite some irregularities. Many industries showed progress. Further
improvement was manifested yesterday, advances
being general among the various groups. The
Berlin .Boerse was uneasy Monday because of uncertain reports from the Paris reparations conference,and prices dropped throughout the list. A
dubious internal political situation also undermined
confidence. The market was again weak at the
opening Tuesday, owing to an unsatisfactory Reichsbank report, but the trend grew firmer in the middle
of the day under the influence of bullish operations
in a number of specialties. Toward the close of the
session there was again a spell of weakness, brought
about by the reports on copper from London. Activities in specialties were resumed Wednesday, however, with potash and gramophone shares the favorites. Depression again followed Thursday owing
to fears of a rise in the Reichsbank discount rate.
Artificial silk shares and brewery stocks were particularly affected. Trading declined in yesterday's
European securities markets were subdued session and few price changes occurred.
throughout most of this week's sessions, only minor
and irregular price movements resulting from the
All efforts of the Experts' Committee on German
moderate trading. The declining tendency in Wall Reparations at meetings in Paris this week were
Street exercised a depressing effect on international directed toward reconciling the expectations of the
shares in all markets, and there was also much un- principal creditor nations with possible payments
certainty in the copper groups on all exchanges by Germany, and toward adjusting the various
owing to the violent decline in the price of the matal. claims that make up the Allied total. A great deal
A contrary influence was exercised by the widely of thought had apparently been devoted to the best
held opinion that the American credit situation means for broaching the subject of annuities and
was beginning to adjust itself, this factor causing there have been indications in recent w,eeks that the
improvement in State securities. The week began claims of the four principal Allied creditors—Engvery quietly on the London Stock Exchange, with land, France, Belgium and Italy—had been submitthe tobacco and gramophone shares attracting most ted as a lump sum for the consideration of Dr.
of the mild interest in trading. Improvement in Schacht and his colleagues from Berlin. This sum,
sterling brought a rise in the gilt-edged list, and according to press reports, made up an annuity of
quotations on home rails also were marked up. Most about 2,200,000,000 marks, to be paid in 58 instalof the London list declined in a somewhat heavier ments. A second set of figures had been supplied by
turnover Tuesday, the copper group leading the way Owen D. Young, the American Chairman of the
downward. The gilt-edged list continued firm, not- Committee, which would result, it was intimated, in
withstanding a reaction in sterling exchange. A an annuity of 1,800,000,000 marks. These figures
further decline in sterling Wednesday produced a contrast with the present Dawes Plan annuities of
reaction in gilt-edged securities. Coppers were again of 2,500,000,000 marks.
soft and the oil shares also slumped, while the rest
The negotiations relating to figures had previously
of the market was irregular. Demand for govern- been conducted entirely through the mediation of
2344
FINANCIAL CHRONICLE
Mr. Young, but at the end of last week Dr. Schacht
began to confer directly with a number of the Allied
delegates in an endeavor to ascertain the precise
figures claimed by each country. These private conversations were continued over the week-end, and
by Monday, according to a dispatch to the "New
York Herald Tribune," something very close to an
actual deadlock had developed. It was learned on
the highest authority, the report said, that the four
creditor delegations in the course of these conversations submitted separate claims which, when totaled,
brought the Allied annuity figure back to 2,500,000,000 marks or even slightly higher. As against this,
it was understood that the highest offer of the German delegation was for an average annuity of 1,600,000,000 marks. The Allies, moreover, were reputed
to have asked fifty-eight annuities, while the Germans were unwilling to agree to more than thirtyseven annual payments.
"It was learned tonight," a dispatch dated Sunday
to the "Herald Tribune" said,"that when each Allied
delegation chief conferred with Dr. Schacht, instead
of naming the minimum demand which he had outlined in the four-power memorandum, he expressed
a maximum demand considerably higher than this
previous figure. In fact, one delegation asked an
amount for its claim which was higher than any
figure which its chief expert had previously asked.
Apparently, the Allied spokesman took this course
for fear that the other Allies would raise their figures. Whatever their motive, the result has been
two-fold—to undermine the confidence of the Allied
delegations in one another and to stir up much resentment in the German delegation. Accordingly,
the German leaders are now said to be very pessimistic and doubtful whether any accord can be reached.
Some see in these events a shrewd maneuver on the
part of Dr. Schacht to promote a split among the
Allies, but admit that the Allied experts should have
been prepared for such a move, and might reasonably
have been expected to reach agreement beforehand
among themselves."
In this situation, Dr. Schacht,for the greater part
of this week, has remained away from the Hotel
George V, where the Meetings are being held, and
the Allied experts have been conferring among themselves almost day and night in an effort to adjust
their claims and present a unified figure to the Germans. The separate annuity demands, when totaled,
brought the figure up to 2,600,000,000 marks, a dispatch of WednesdIfy to the "Herald Tribune" said.
"It is known," this report continued, "that at least
500,000,000 marks annually must be shorn from this
to be even within talking distance of the Germans,
and even then the Germans would claim that this
should run for only thirty-seven years, instead of
fifty-eight. How to get the creditors' claims down
is an extremely delicate problem. France stands pat
for 50,000,000,000 francs for reconstruction costs,
which amount is one-half the original claim. Great
Britain insists that she must have enough reparations to continue the percentage allotted her dominions, and that this percentage cannot be slashed
without consent of the dominions. Belgium wants
reimbursement for 6,000,000 paper marks left in
her territory by the Germans at the end of the war.
Italy goes so far as to demand a bigger percentage
of reparations than the Spa agreement laid down.
The American delegates refuse to admit that the
[VoL. 128.
4%, can be reduced."
share of the United States, 21/
From the viewpoint of the American and Japanese
delegations it was declared that the creditor powers'
separate demands on Dr. Schacht were "pure folly."
The result was that the Allies were placed in the
light of seeking to raise the Dawes annuity, instead
of lowering it. In the subsequent discussions every
attempt was made to redraft the demands on the
basis of Mr. Young's memorandum and by Thursday
considerable progress in this direction was reported.
There was already every assurance by that time, an
Associated Press dispatch said, that the annuities
to be paid by Germany for the first few years would
be less than 2,000,000,000 gold marks. Of this sum,
about 1,000,000,000 gold marks'will be conditionally
subject to protection by the transfer clause and will
be applied to the account for devastated regions and
pensions. The remainder probably will be paid unconditionally and devoted to settlement of the war
debts.
Definite agreement among the Allied experts on
terms to be submitted to Dr. Schacht was reported
to have been reached last night after hours of discussion during the day. The exact phraseology of
the French and English texts of the proposal had
still to be determined, according to a late report to
the Associated Press, but it was expected that agreement would be reached on 'this point also and the
terms placed before the German experts today. The
semi-official "Le Temps" of Paris announced yesterday that the experts will ask first for 37 annuities beginning at 1,700,000,000 marks and progressing to 2,400,000,000 marks, to be followed by twentyone annuities of 1,700,000,000 marks. Although
minor modifications may be made, it was indicated
that this will be the basis upon which the experts
will draw up their communication for Dr. Schacht.
The Associated Press dispatch pointed out, however,
that no verification of these figures could be obtained from the experts themselves. Every country
whittled down its demands in reaching the final
total, "Le Temps" said, and the United States, with
4% of the Dawes annuities pledged in payment of
1
2/
Army of Occupation costs, has "given proof of large
disinterestedness." It was assumed that Dr.
Schacht, when the figures are presented to him, will
ask time to consider them, but it was believed that
the negotiations with the German experts would not
take very long and that the end of the meeting was
beginning to draw in view.
Formal announcement was made at the White
House Wednesday of the appointment of Charles
Gates Dawes of Illinois, as Ambassador to the Court
of St. James, to succeed Alanson B. Houghton, who
has occupied the London post for several years and
who retired on the change in the Administration.
General Dawes was formerly Vice-President, Director of the budget, and Chairman of the Experts'
Committee of 1924 which evolved the plan for the
payment of German reparations which bears his
name. The announcement was made after the usual
inquiry by the State Department as to whether
General Dawes would be acceptable to the British
Government as an ambassador. Press dispatches
from London indicated that the appointment was
viewed with a good deal of satisfaction there. General Dawes is widely known and well liked in Great
Britain, it was said, and he is assured of a hearty
r
APRIL 13 1929.] —
-FINANCIAL CHRONICLE
2345
Quarrels among German party leaders regarding
the formation of a coalition Cabinet which have been
in progress since May of last year, were patched up
this week and the Cabinet of twelve members completed through the addition of three new Center
Party ministers. The new members selected are
Theodore Guerard, Justice; Adam Stegewald, Transport; and Joseph Wirth, Occupied Territories. Chancellor Mueller's reorganized Cabinet is thus composed of four Socialist Ministers, backed by 153
votes in the Reichstag; three Center Party Ministers,
backed by 61 votes; two People's Party Ministers
with 45 votes; one Democrat with 25 votes and one
Bavarian People's party representative with 17
votes. In all the Chancellor has a total of 301 votes
out of 491 in the Reichstag. Formation of this enlarged coalition Cabinet followed a further "crisis"
in the Government which developed when the Socialist members of the Reichstag held a caucus, Tuesday,
and voted against a further appropriation for the
new 9,000-ton cruiser now on the ways. Chancellor
Mueller appealed to the various party leaders to
sink their differences and join in the work of passing the 1929 budget through the Reichstag, and
give Germany a stable Government on the eve of the
pending reparations settlement in Paris. "The
Chancellor believes that he has now achieved, after
nearly a year's effort, his first sound maiority Cabinet," a Berlin dispatch of Thursday to the "New
York Evening Post" said.
from El Paso, Texas, was evacuated Tuesday, and a
detachment of Federal cavalry entered a few hours
later. Led by General Escobar, the rebels proceeded
westward for Sonora, with loyal troops in pursuit
On the west coast, meanwhile, another Federal army
drove steadily northward through the State of Sinaloa, the rebels giving up the key city of Culiacan and
retreating into Sonora from this direction also. General Calks, the Minister of War, had directed the
operations in Chihuahua which resulted in the drastic defeat of the rebels last week, and he quickly
transferred his base this week to the west coast. Several plots to assassinate him were reported in Mexico
City, but they were, fortunately, unsuccessful. The
military problem confronting General Canes is still
a formidable one, as the rebels are said to have 8,000
to 10,000 men and they are now in very difficult
mountainous country. Sonora, however, is Genera/
Calles' home State, and he will at least be placed at
no disadvantage through lack of knowledge of the
terrain and its difficulties.
A flurry of excitement was caused at Naco, Arizona, last Saturday, by further efforts of the rebel,
forces to take the town of Naco, Sonora, just across.'
the border. The Mexican part of the twin towns is;
held by about 1,000 loyal, troops under General
Olachea, who gained possession of the point through:
a ruse early in the rebellion. Troops of the rebel
General Topete completely encircle the Federals'
right to the border points on either side. In their
efforts to capture the town, airplanes of the rebel
forces dropped several bombs on the American side
of the line last week, wounding an American and
calling forth severe protests from Brig. Gen.
Cocheau, commander of the United States troops in
the section. Last Saturday, an American trooper
was wounded in a brief encounter with Mexicans,
while an American civilian was hurt by a fragment
of another bomb which fell on the United States
side of the line. In addition, two Mexicans on the
United States side were wounded by stray rifle bullets. President Hoover thereupon directed the War
Department to take whatever measures might be
found necessary to protect American lives and property along the Mexican border and it was indicated
that American forces might cross the border and
establish a safety zone. Sweeping authority to enforce respect for American territory and American
lives was conferred upon Maj. Gen. William Lassiter, commander of the 8th Corps Area, and he was
given 10,000 men to make the authority effective.
In addition, 18 United States airplanes were detailed
to sweep the border and prevent any war planes from
Mexico crossing the line. Further warnings against
encroachments also were dispatched to the Mexican
commanders.
Wide stretches of territory were regained by loyal
forces in 'Mexico this week, the military insurgents
withdrawing steadily toward the northwestern State
of Sonora, which only remains in their hands out of
six or seven States in their control when the rebellion started at the beginning of March. The stands
made by the insurgents at Jiminez and La Reforrna
last week were costly. General Almazan, leader of
the Federals in Chihuahua, pursued the disorganized rebels relentlessly this week, and successively
occupied Chihuahua City and Ciudad Juarez. The
last named town, just across the international line
Rapid clarification of the troubled internal political situation in China is indicated by the collapse
of the rebellion instigated by the Wuhan faction
within the ranks of the Kuomintang, or Nanking
Nationalists. There were signs this week that the
rebellious Kwangsi military group was quickly disintegrating under the superior force and strategy of
the central regime at Nanking. "The events of the
past week, coupled with the probable eventual outcome, greatly strengthen the Nanking Government,"
says Thomas F. Millard, Shanghai correspondent
of the New York "Herald Tribune." "Most observ-
welcome to his new post. He is at present directing
the work of a committee of American experts which
is reorganizing the finances of the Dominican Republic. The opinion was expressed in Washington
Wednesday that this work will be so far advanced
in six weeks to two months that the newly appointed
Ambassador will then be able to proceed to his office
in London.
In Washington the appointment was considered
especially significant in view of the pronounced
stand for continued harmony between the Englishspeaking peoples assumed by General Dawes in
August, 1927, when he was speaking at the dedication of the Peace Bridge over Niagara. He declared
most emphatically at the time against competitive
naval building, and deplored the inability of the
naval experts of the two nations at the previous
Geneva conference to agree on limitation of cruisers.
It was pointed out in Washington that a meeting of
the five great naval powers takes place in the fall of
1931 to consider naval limitation and to revise or
renew the Washington agreement of 1922. The belief was expressed that General Dawes will be able to
do much toward the success of this meeting even
before it begins.
2346
FINANCIAL CHRONICLE
ers think that the rupture was worth while," he
adds,'"notwithstanding the deplorable features and
the cost, which is draining the already exhausted
country." The Nanking Government was further
strengthend by an announcemnt, made Monday, that
the Shantung Provincial Government would formally take over the control of Tsinan-fu, the capital
of the province, from the Japanese, on April 15.
These developments, it is believed, will make possible a concentration of the Nanking Government resources on the task of eliminating Marshal Chang
Tsung-cha.ng from Shantung Province. As an
earnest that the Sino - Japanese agreement is
likely to lead to friendlier relations between these
Asia tic neighbors, it is reported that orders have
been given for a cessation of the widespread Chinese
boycott of Japanese goods.
This return of China to a comparative degree of
calmness and political stability was followed
Wednesday by the startling announceinnt by President Chiang Kai-shek that he intends to resign as
soon as the general situation makes his retirement
possible. He seeks, he declares, a period of travel,
rest and study. In a proclamation to the people of
China, the President states that the latest coup "has
needlessly impaired the vitality of the nation." For
this deplorable result he assumed personal responsibility, saying: "I feel unequal to the task entrusted to me. I neglected to take effective precautionary measures against the recent incident and I
feel ashamed to return to my post." Observers in
China generally considered this action "the usual
political gesture," which will probably end by his
being urged to retain his office. If this interpretation is correct, then the action is only in accord with
old customs in China which require political leaders
to resign after any crisis in order to show their humility and willingness to quit office and retire to
private life. It was also announced this week in
Shanghai that Thomas F. Millard has been appointed political adviser to the Nationalist Government, under a five-year contract, to begin May 1.
Mr. Millard will join a list of about twenty able
Americans who are employed in advisory capacities
by the present Government.
A further note of substantial progress was struck
by the Chinese Government last Saturday, when it
was announced in New York that J. J. Mantell, former vice-president of the Erie Railroad, has been
engaged to rehabilitate the Chinese railway system.
Mr. Mantell conferred in Washington last week with
President Hoover, Secretary of State Stimson and
Dr. Wu,the Chinese Minister. On his return to New
York he indicated that he would start for China
within a month with a staff of six American engineers. In an account in the New York "Times" it
was asserted that the rehabilitation of the 12,000
miles of railway in China will involve loans here
beginning with $100,000,000 and possibly reaching
$500,000,000. The lead in such flotations will be
taken by Kuhn,Loeb & Co., it was said. Mr. Mantell
said in an interview that his first task will be to inspect the lines in China, which he estimated will
require at least seven months. Plans will be made
for extensions and Improvements, not for the immediate future, but for from fifteen to twenty years
in advance, he remarked. Although the present
equipment on the Chinese roads is chiefly the product of European workshops, the plans call for
[voL. 128.
standardization of equipment on American lines. It
appeared that Mr. Mantell had been chosen consulting manager of the Chinese railways at the suggestion of Leonor F. Loree, president of the Delaware
& Hudson Railroad, after the Chinese Government
had applied to the American Railway Association
for assistance in the matter.
Delegates of thirty-five nations met Tuesday in
Geneva at a diplomatic conference fostered by the
League of Nations with the aim of drafting a convention for the suppression of counterfeit currency.
The established fact that $1,000,000 in false money
is being seized every year was the chief circumstance
that brought the delegates together, according to a
Geneva dispatch to the New York "Times." This
is only an indication, it was pointed out, of how
much is actually being put into circulation each
year. The delegates represented thirty League
states, and five non-member countries of which the
United States was one. Dr. Vilem Pospisil, the
Czechoslovakian president of the conference, pointed
out in his opening address that technical progress
in modern times also serves criminals. Investigations by the League of Nations since the war, he
declared, have shown that "the more extensive use
of bank-notes, the facility with which the currency
of one country can be changed in other countries and
the difficulty for the public of testing the genuineness of foreign currency, are circumstances which
have encouraged criminals to extend their sphere of
action by creating organizations with ramifications
in a number of countries."
A draft convention, framed by a League mixed
commission in 1927, to which various governments
have added their observations, forms the basis of
the conference's work. All comments by the respective governments on this draft convention have been
favorable, the only modifications suggested referring
either to points of detail or else tending to widen
rather than limit the scope of the convention. A
number of countries suggested that the accord should
also cover counterfeiting of checks, securities and
other documents. Hugh R. Wilson, United States
Minister to Berne and chief American delegate,
pointed out in a speech before the gathering that
the Federal Constitution presented some difficulties
in the adoption of the draft convention, although
certain measures therein advocated were already
practiced in the United States. He declared it necessary to safeguard the guarantees provided against
abuses as regards extradition and thought it would
be impossible to fix exact limits to the exchange of
information between States, as aimed at in the convention. The present conference was described as
the direct outgrowth of the Hungarian franc-counterfeiting case in 1927, in which those responsible
pleaded political motives.
A special League of Nations Economic Committee,
consisting of eighteen experts from fifteen countries, gathered at Geneva late last week to consider
means for ameliorating unhappy conditions in the
sugar producing countries and to find a real solution of the overproduction problem in the world
sugar industry. In the frank discussions of the
commission, three main suggestions were outlined.
The first was that producing countries should negotiate an agreement for the curtailment or stabiliza-
APRIL 13 1929.]
FINANCIAL CHRONICLE
tion of production. The result aimed at, it was indicated, was not so much the restriction of any natural development of production, but rather the
checking of the means some states now employ to
stimulate production. The second suggestion was
that producing countries should form a central organization, analogous to a clearing house, for the
unification of sugar sales abroad, while the third
step proposed was the organization of a widespread
educational campaign to demonstrate the desirability of more extensive employment of sugar. At the
final meeting last Saturday, a decision was reached
to hold further conferences in the hope of reaching
an international accord on stabilization of production. No date was fixed for the next meeting, but
M. Beauduin, president of the Belgian Sugar Manufacturers, was appointed intermediary to receive
suggestions from his fellow experts, who are now
returning to their home countries to make reports
concerning the Geneva conference. Senor Luis
Marino Perez, the Cuban delegate, remarked to the
Associated Press correspondent before leaving
Geneva, that the experts of the principal exporting
countries are apparently able to "agree along a certain line which has been discussed fully in the course
of the conference."
The Imperial Bank of India on Thursday cut its rate
of discount from 8%,fixed on Feb. 14,to 7%. There
have been no changes this week in the discount rates
of any of the European central banks. Rates continue at 7% in Italy; at 63/2% in Germany and
Austria; 6% in Italy; 51A% in Great Britain, Holland, Norway and Spain; 5% in Denmark; 41A%
in Sweden; 4% in Belgium, and 33,% in France and
Switzerland. London open market discounts for
short bills are 5 3-16@534% against 531% on
Friday of last week and for long bills, 531(4)5 5-16%
against 5 5-16% on Friday of last week. Money
on call in London is 3%%. At Paris open market
discounts remain at 3 7-16% and in Switzerland at
33
/7o.
Iii its statement for the week ending April 6, the
Bank of France revealed an increase of 4,366,100
francs in gold holdings, increasing the total to 34,190,819,942 francs, as compared with 34,186,453,842
francs last week and 34,121,355,973 francs two wdeks
ago. On the other hand, note circulation declined
451,000,000 francs, reducing the tatal to 64,123,764,295 francs, as against 64,574,764,295 francs last
week and 62,626,764,295 francs the week before.
A decrease of 783,000,000 francs was shown in French
commercial bills discounted; bills brought abroad
dropped 32,000,000 francs. Credit current accounts
fell off 174,000,000 francs. There were increases in
credit balances abroad of 33,113,351 francs, in
advances against securities 142,000,000 francs, and
current accounts and deposits of 164,000,000 francs.
Below we furnish a comparison of the variou items
of the bank's return for three weeks past:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes.
Francs.
Francs.
Francs.
Francs.
Apr. 8 1929. Mar. 30 1929. Mar. 23 1929.
for Week.
Gold holdings----Inc. 4,366,100 34.190,819,942 34,186,453,842 34,121,355,973
Credit bats. abed_Inc. 33,113,351 10,610,478,615 10,577,365,264 10,709,977,244
French commercial
bills discounted-Deo. 783,000,000 2.288,347,353 3,071,347,353 4,892,347,353
Bills bought abed.Dee. 32,000,000 18,293.038,298 18.325.038,298 18,316.038,298
Adv.agst,securs__Ine. 142,000,000 2,464,466,731 2,322,466.731 2,330.466,731
Note circulation—Dec. 451.000,000 64,123,764.295 64,574,704,295 62.626,764,295
Ored. CWT. seela_Dee. 174,000,000 18,045,389,481 18,219,389,481 18,110,389,481
CWT.stools & dep-Ine. 164,000,000 6,427,245,511 6,263,245,511 6,415,245,511
2347
The statement of the Bank of England this week
shows the large increase of £1,015,445 in gold holdings, bringing the total up to £155,482,700, the high
for the year. At the same time circulation fell off
£1,189,000 thereby causing an increase of £2,204,000
in reserves. The ratio of reserve to liability moved
upward to 45.31% compared with 41.79% last week,
and 34.90% a year ago. The Bank rate remains at
53'%. Loans on government security and those on
other security decreased £6,680,000 and £815,000
respectively. The latter item consists of "discounts
and advances" which show a loss of £550,000 and
"securities" which decreased £265,000.
Public
deposits fell £590,000 and other deposits £4,058,000.
"Bankers accounts" and "other accounts" which
items compose other deposits, both dropped, the
former £3,368,000, the latter £690,000. Below we
show the statement in detail for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1927.
1925.
1926.
Apr. 10.
Circulation
b362,130,000
Public deposits
17,206,000
Other deposits
100,517,000
Bankers' accounts 63,900,000
Other accounts
36,617,000
Governm't securities 53,276,855
Other securities_ _ 28,762,000
Disct. & advances
12,670,000
Securities
16,092,000
Reserve notes & coin 53,351,000
Coin and bullion_ _a155,482,700
Proportion of reserve
to liabilities
45.31%
Bank rate
855%
Apr. 12.
Apr. 13.
Apr. 14.
Apr. 15.
135,581.000 137,859,865 140,716.565 121,362.625
17,799,000 23,901,250 19,064,156 14,780,413
102,221,000 97,075,650 103,618,766 110,333,035
33,110,000 28,981,935 40,210,328 39,292,221
62.690,000 74,588,605 86,577,355 76,415,649
41,892,000 35,063,429 25,524.371 27.108,303
157,703,179 153,173.394 146,490,936 128,720,928
34.91%
44%
28.98%
5%
22.28%
5%
214%
5%
a Includes, beginning with April 29 1925, £27.000,000 gold coin and bullion
Previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of,England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note Issue.
The German Bank statement of April 6 shows the
large decrease in gold and bullion of 103,177,000
marks, bringing the total down to 2,579,525,000
marks, as against 1,960,137,000 marks last year and
1,851,338,000 marks in 1927. Notes in circulation
dropped 374,314,000 marks, reducing the total to
4,446,672,000 marks, as compared with 4,411,025,000
marks last year and 3,459,738,000 marks the year
before. There were declines in reserve in foreign
currency of 2,261,000 marks, in bills of exchange and
checks of 60,587,000 marks,in advances of 38,504,000
marks, and in investments of 44,000 marks. On the
other hand, notes on other German banks rose 9,983,000 marks, silver and other coin 6,943,000 marks,
other assets 16,863,000 marks, other daily maturing
obligations 190,447,000 marks, and other liabilities
14,083,000 marks, while deposits abroad remained
unchanged. A comparison of the various items of
the Bank's return for the past three years is shown
below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Apr. 6 1929. Apr. 5 1928, Apr. 7 1927.
Assets—
Reichsmark:. Retchsmarks. Reichsmarks. Retchsmarks,
Gold and bullion
Dee103,177,000 2,579.525,000 1.960,137.000 1,851,338,000
Of which depos.abr'd
Unchanged
85.626,000 101,388,000
94,031,000
Ree've in for'n curr
Dec._
33,695,000 196,631.000 191,807,000
2,261,000
Bills of exch.& checks- -Dec.60,587,000 2,292,190,000 2,600,747,000 1,923,944,000
Silver and other coin_ _ _Inc. 6,943,000 113,935,000
51,108,000 103,756,000
Notes on 0th. Ger. bka.Inc. 9,983,000
18,491,000
14,299,000
13.198,000
Advances
Dec. 38,504,000
96,548,000
75,432,000
14,781,000
Investments
Dec.
44,000
93,092,000
94.004,000
92,905,000
Other assets
Inc. 16,863,000 567,657,000 613,151,000 520,268,000
Lta61/Utes—
Notes in circulation _Dec375,314,000 4,446,672,000 4,411,025,000 3,459,738.000
0th.daily matur.oblig.Inc.190,447,000 668,538,000 602,278,000 702,828,000
Other liabilities
Inc. 14,083,000 202,367,000 185,108,000 183,350,000
Money rates were again steady in the New York
market this week, with quotations showing no recessions from the high levels that have prevailed in
recent months. Withdrawals by the banks were
exceptionally heavy, causing marked firmness in
2348
several sessions. Call loan renewals at the opening
Monday were fixed at 7%, while time loans were
quoted at 9% for short maturities and 83/2 to 9%
for longer dates. Money was in good demand all
day, but little was offered, while withdrawals continued steadily, reaching an estimated total of $45,000,000. In this situation some requirements were
filled in the outside market where 8% was quoted
and done for daily loans, an advance of 1% over the
official market. The renewal rate Tuesday was
again fixed at 7%, but withdrawals of approximately
$50,000,000 again produced distinct firmness and
the rate was marked up until it reached 10% in the
last. hour. After renewing at 8% Wednesday, the
call loan rate was again advanced to 10%, the banks
withdrawing a further $25,000,000. Money came in
more freely toward the close, resulting in an overflow to the outside market where 9% was paid.
Thursday's market was quiet but firm at an undeviating rate of 9% for demand loans, with no concessions reported in the outside market. Withdrawals by the banks totaled about $10,000,000.
In yesterday's session renewals were again fixed at
9%, but funds flowed into the market in increased
volume, and the rate was marked down first to
8%, and finally to 7%.
A further change in the operation of the money
market was made Wednesday by the New York
Clearing House through adoption of an amendment to
the constituion. By this change, out-of-town banks
which make loans in the call money market through
New York City banks will be subjected immediately
to a charge of % of 1% of the loan for the service, in
place of the previous charge of 5% of the interest
return on such loans. This places the out-of-town
banks on the same basis as to costs with corporations
that make similar employment of their funds.
Brokers' loans against stock and bond collateral
registered their third successive weekly decline in the
statement issued Thursday night for the week ended
Wednesday by the Federal Reserve Bank of New
York. The reduction for the week amounted to
$135,000,000, making the total decrease for the three
weeks, $366,000,000. The total, however, is still far
above the highest point ever reached prior to this
year. Changes in gold stocks announced by the
Federal Reserve Bank for the week ended Wednesday
were notable chiefly for a decrease of $27,293,000 in
the amount of gold earmarked for foreign account.
Imports of gold for the period amounted to $4,175,000. There were no exports during the week.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was 7%, and all other loans were at the
same figure. On Tuesday after renewals had been
fixed at 7% there was an advance to 10%. On
Wednesday the renewal charge was fixed at 8% and
from this was again advanced to 10%. On Thursday all loans were at 9% including renewals. On
Friday with the renewal charge still 9%, there was
a drop to 7%. The time loan situation has changed
little. Quotations all week have been 9% for thirty,
sixty and ninety days and 83/2@9% for four, five
and six months. Only a little amount of business
has been done in commercial paper. Nominally
rates for names of choice character maturing in four
to six months are 5%@6%, while names less well
known are 6(4)631%, with New England mill paper
quoted at 6%.
[VoL. 128.
FINANCIAL CHRONICLE
Banks' and bankers' acceptances have continued!
in good demand throughout the week with the offering insufficient to meet the requirements. Theposted rates of the American Acceptance Council
remained unchanged at 53/2% bid and 5%% asked
4% bid and 53/2% asked
for bills running 30 days, 55
4% bid and 532%
for bills running 60 and 90 days, 53
4% bid and 5%% asked
asked for 120 days, and 57
for 150 and 180 days. The Acceptance Council no
longer gives the rate for call loans secured by acceptances, the rates varying widely. Open market
rates for acceptances have also remained as follows:
Prime eligible bills
SPOT DELIVERY.
- —120 Days—180 Days— —150 Darn
Bid. Asked.
Bid. Asked.
818. Asked.
566
514
BM
514
516
5/4
—90 Days— —ao Days— -80 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
5)4
5)4
514
564
554
564
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
514 big
Eligible members banks
554 bla
Eligible non-member banks
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
'..3eveland
Richmond
itianta
:3111eago
it. Louis
whine*Pons
Kansas City
Pantie
Ian Francine°
Rats in
Riled on
Apr 12
;,‘
M
34
Date
&gala:Red.
Pf6061110
Rats.
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 25 1928
June 7 1928
Mar. 2 1929
JULIO 2 1928
464
436
454
454
464
4)4
419
414
4
4
4.36
g
Sterling exchange, although dull and irregular,
dipslayed a slightly better tone during the week.
% to
The range for the week has been from 4.845
4.851% for bankers' sight, compared with 4.84%
to 4.85 last week. The range for cable transfers has
been from 4.853 4 to 4.85 9-16, compared with
4.85 3-16 to 4.85% the previous week. The essential
features of the exchange situation are little different from what they have been for the past several
weeks. The slightly firmer tone of the market
now is due largely to the fact that British and
European lenders have about all the funds that
they can spare invested in New York. In other
words, while the pull of the high money rates in
New York is the dominating factor, adverse to all
foreign exchange quotations, a certain ease in collateral loan rates here has developed during the
week and the pull is no longer so adverse to sterling.
In addition, the policy seems to continue for the
London agencies of American banks to discourage
the receipt and transfer of funds for the money
market. Again, bankers say that money rates on
this side have forced up rates in London and other
European centres to a point where there is less
temptation to send funds to the United States.
This, of course, would strengthen the undertone of
sterling exchange, which, with the aid of favoring
seasonal factors, would account for the present
improvement in the rates.
The opinion is rather widespread among bankers,
both in New York and London, that the credit
situation on this side is developing favorably and
the expectation seems to be that the outlook will
clear sufficiently to be of material assistance in
improving the sterling quotations. In the event
APRIL 13 1929.]
FINANCIAL CHRONICLE
2349
range
of an improvement in the credit outlook here the 4.853/ for cable transfers. On Friday the
and
sight
bankers'
for
JA
4.84
15-16@4.85
far
was
so
become
should
favoring
seasonal factors
quoClosing
dominant that all danger of a gold efflux from 4.85 7-16@4.853/ for cable transfers.
and
London to New York would be removed. The tations on Friday were 4..85N for demand
bills
sight
Commercial
season is fast approaching when tourist expenditures 4.853/ for cable transfers.
90-day
in Europe will be so large that the demand for finished at 4.84%; 60-day bills at 4.80 8;
at
days)
(60
payment
for
bills
at
documents
4.78;
dollars will be quite offset and probably overbalanced.
Cotton
4.84A.
at
bills
grain
8,
4.801
/
and
seven-day
favoring
In any event, there are a number of factors
the opinion expressed by some bankers that sterling and grain for payment closed at 4.84/.
will soon be quoted near the higher figures of last
The Continental exchanges have been irregular
summer and autumn. However, the quotations
the
this week show sterling only slightly above the during the week. The conditions underlying
past
the
from
London gold export point, and a few severe dips Continental exchanges are unchanged
noticeably
during the week revealed the fact that sterling still few weeks. German marks have been
at great
been
has
the
Reichsbank
although
requires strong support from the Bank of England weak,
for
shipments
gold
with
the
mark
support
to
and from co-operation induced through the Bank's pains
displayed
mark
the
On
Thursday
month.
a
nearly
influence: London dispatches indicate that bankthe week
ing opinion there is that there Will be no necessity greater strength than' at any time during
centres
money
European
nt
that
announceme
the
on
discount.
of
for increasing the Bank of England's rate
s
Reichsbank'
the
in
advance
early
an
for
looking
are
the
event
in
even
that
The present view in London is
The
at
of an advance in the rediscount rate of the Federal rate of rediscount, which is now
with approxipart
to
been
compelled
has
Reichsbank
no
necessity
be
will
there
York
Reserve Bank of New
and
exchange
for a new upward revision of the Bank of England mately 405,000,000 marks foreign
year
the
of
first
•
the
since
gold
rate. The Bank of England continues to increase 179,000,000 marks
although not
its gold stock and has brought about a noticeable in order to protect German exchange,
these
Despite
the
metal.
to
export
law
improvement in its reserve position this week. The required by
and
depressed
exchange
continues
mark
Bank of England statement for the week ended steps,
increase
an
that
so
are
feared,
losses
gold
further
April 11 shows an increase in gold holdings of £1,015,445, the total bullion now standing at £155,482,700. in the Bank rate will probably have, to be made.
On Monday the Bank of England received £506,000 One factor in the changed situation of the mark is
in sovereigns from abroad and sold £1,720 in gold that there are fewer short-term credits going over
bars. On Tuesday the Bank bought £714,011 in to Berlin and many others are not renewed at maemgold bars and earmarked £250,000 in sovereigns for turity, but the funds are withdrawn to find
week
This
York.
New
account of a foreign central bank. Of the £800,000 ployment in London and
gold available in the open market on Tuesday the Reichsbank gold holdings show a decrease of
£680,000 was secured by an unknown buyer be- 103,177,000 marks, total gold reserves standing at
lieved to have been the Bank of England and this 2,579,525,000 marks as of April 6. This compares
amount doubtless is included in the above £714,011. with 1,960,000,000 marks a year ago. ApproxiOn Thursday the Bank bought £29 in gold bars mately $27,000,000 of German gold has been transand exported £5,000 in sovereigns. On Friday ferred to Paris in two shipments in the last few
of
the Bank bought £7,337 in gold bars and £47,000 weeks. Against these shipments, the Bank
of
amount
equivalent
an
transferred
has
sovereigns.
in
France
in foreign gold coin and exported £7,000
the
to
account
York
New
in
held
gold
for
movement
earmarked
gold
the
At the Port of New York
the week April 4-April 11, inclusive, as reported of the Reichsbank. The Reichsbank disposes of this
by the Federal Reserve Bank of New York, con- gold credit to the Federal Reserve Bank, hence the
sisted of imports of £4,229,000, of which £4,175,000 official reports of gold released from earmark at New
came from Argentina and $54,000 chiefly from York. As noted above, the Federal Reserve Bank
Latin America. There were no exports. No less reported $27,293,000 gold released from earmark
than $27,293,000 gold was released from earmark. this week. Paris dispatches state that these operOn,Thursday the Guaranty Trust Co. of New York ations were dictated by a desire to prevent a drain
reported the receipt of $2,000,000 gold coin from of European gold to New York and. to save the
Argentina, making a total of $3,000,000 rceived by expenses of overseas transport. It is understood
this institution on the present movement. Canadian that the Bank of Belgium has transacted similar
exchange continues at a discount, Montreal funds deals with the Reichsbank on a smaller scale. It is
this week having ranged from a discount of ;)-16 to stated in well-informed quarters that the Bank of
France is ready to repeat the operation if the mark
13-16 of 1%.
Referring to day-to-day rates, sterling exchange requires further support in New York.
French francs have shown a lower tendency and
on Saturday last was steady in a quiet half-holiday
4@4.85; cable bankers believe that the Bank of France will be commarket. Bankers' sight was 4.847
transfers, 4.85/@4.853'. On Monday sterling de- pelled to part with considerably more of its foreign
veloped strength. The range was 4.84 15-16@ exchange holdings if it is to avoid gold exports. Of
4.854 for bankers' sight and 4.85 7-16 @4.85 9-16 course, the near approach of the tourist season will
for cable transfers. On Tuesday exchange was be of great assistance to French and other foreign
under pressure. Bankers' sight was 4.84 13-16@ exchanges, but while money rates in New York con4.85 1-16 and cable transfers 4.85 5-16@4.85 7-16. tinue as attractive as they have been for months past
On Wednesday the market was irregular. The the pressure against exchange must continue. The
range was 4.845A@4.85 for bankers' sight and Bank of France, like other central banks, will find
4.853,@4.85% for cable transfers. On Thursday great difficulty in supporting exchange and in mainsterling displayed a better tone. The range was taining its gold holdings. Note circulation of the
8 for bankers' sight and 4.853A@, Bank of France, while showing a reduction this week,
4.847
4@4.853/
2350
FINANCIAL CHRONICLE
[VoL. 128.
has nevertheless been increasing rather steadily. occasional upward swings, but with the passing of
It has been pointed out that constant increase in the every week the task of restoring the gold standard
note circulation is due to the large quantity of such is steadily assuming larger proportions. From the
notes which is believed to be actually hoarded by the action of the market it would seem that the compeasants. Evidence of such a practice seems to be mittee formed in Madrid a few months ago seems to
provided by the fact that the'Bank of France since be doing nothing to support peseta exchange.
stabilization last June has issued more bank notes However, it is a singular circumstance that although
in thousand-franc denominations than ever before. the rate seems to be gradually sagging, .very few
It is obvious that notes as large as that cannot serve speculative transactions are accounted for in any
for ordinary current transactions. The tendency to center. Evidently there is a very widespread fear
hoarding in rural districts is one cause of the post- among speculators that the Madrid committee
may
ponement of the projected issue of gold coin for gen- be aroused to activity at any time.
eral circulation. It is believed that minting will not
Bankers' sight on Amsterdam finished on Friday
begin for another two years. Italian lire have been at 40.11%, against 40.073 on Friday of last week;
ruling slightly firmer and have been in somewhat cable transfers at 40.13%, against 40.093,
and
better demand than for several weeks. In Tues- commercial sight bills at 40.08, against 40.033'.
day's trading, however, lire were inclined to be under Swiss francs closed at 19.24 for bankers sight bills
pressure, but it is reported that support was given and at 19.25 for cable transfers, in comparison
with
Italian exchange in late afternoon trading.
19.24 and 19.249 a week earlier. Copenhagen
The London check rate on Paris closed at 124.26 checks finished at 26.65 and cable transfers at
on Friday of this week, against 124.21 on Friday of 26.663', against 26.643/ and 26.66. Checks on
last week. In New York sight bills on the French Sweden closed at 26.683/i and cable transfers at
centre finished at 3.90M on Friday, against 3.90M 26.70, against 26.69 and 26.703/
2, while checks on
on Friday a week ago; cable transfers at 3.903
%, Norway finished at 26.66 and cable transfers at
against 3.90%, and commercial sight bills at 3.903/8, 26.673, against 26.66 and 26.673/2. Spanish pesetas
against 3.903. Antwerp belgas finished at 13.893 closed at 14.91 for checks and 14.92 for
cable transfor checks and 13.90 for cable transfers, as against fers, which compares with 15.00 and 15.01 week
a
13.883 and 13.89 on Friday of last week. Final earlier.
quotations for Berlin marks were 23.703/ for checks
and 23.713/ for cable transfers, in comparison with
The South American exchanges show little change
23.70 and 23.71 a week earlier. Italian lire closed from the past few weeks. Argentine paper pesos
at 5.23% for bankers' sight bills and 5.24 for cable have been steady and in somewhat better demand.
transfers, as against 5.23 and 5.233 on Friday of Buenos Aires continues to complain that high
money
last week. Austrian schillings closed at 143/i on rates in New York are a serious impediment to exFriday of this week, against 143, on Friday of last change recovery. A shipment of approximate
ly
week. Exchange on Czechoslovakia finished at $4,175,000 in ,gold reported this week was largely
2.96, against 2.963/
8; on Bucharest at .5932, against accounted for here last week. Approximately $8,.5932; on Poland at 11.23, against 11.23, and on 000,000 gold has been received in New York from
Finland at 2.52, against 2.52. Greek exchange Argentina since the first of the year. It is thought
closed at 1.29% for checks and 1.29M for cable trans- possible that the shipments may shortly reach $10,fers, against 1.293 and 1.293/
2.
000,000 or perhaps slightly more. These gold shipments, of course, keep the Buenos Aires rate from
In the exchanges on the countries neutral during the sagging further, although seasonal influences should
war interest attaches this week to the Swedish krona, be supporting the peso at this time. A number of
which has been inclined to weakness, due largely to loans-longer and shorter credits-are believed to
report of the failure of eight Swedish savings banks in have been held up in all the South American countries
the past few days. Four of the banks closed on owing to high money rates in New York. The BraSaturday and the others on Wednesday. However, zilian milrei shows marked improvement over
last
official advices from Stockholm indicate that the week, and dispatches from Rio indicate that
a more
entire capital involved amounted to only about optimistic feeling is gradually coming to prevail.
$11,000,000, representing less than 1% of the total Argentine paper pesos closed on Friday
at 42.08
deposits in Swedish savings banks, and the condition for checks, as compared with 42.05 on Friday of
last
is not regarded as serious. However, Swedish ex- week, and at 42.13 for cable transfers, against 42.10.
change reflected the reports of the bank failures. Brazilian milreis finished at 11.91 for checks and 11.94
Norwegian and Danish exchange also showed a for cable transfers, against 11.72 and 11.75. Chilean
sagging tendency owing to the unsatisfactory con- exchange closed at 12.10 for checks znd 12.15 for
dition of Swedish exchange. The foreign bankers ex- cables, against 121% and 12 3-16, and Peru at 4.00
pect that the Swedish bank rate of rediscount will be for checks and 4.01 for cable transfers, against 4.00
increased. It is now 432%. The rate is clearly out of and 4.01.
line with the other Scandinavian official rates. The
Denmark rate is 5% and that of Norway 53/2%.
The Far Eastern exchanges continue extremely
The spread between interest rates between Sweden dull owing very largely to the slow recovery of
and abroad is stimulating capital export and re- business conditions in China and Japan. Yen checks
enforcing seasonal demand for foreign bills, so that have been slightly weaker, a circumstance attributthe Swedish Riksbank has been compelled of late to able largely to the outflow of funds from Tokio to
dispose of holdings of foreign exchange in order to Londot and other centers because of the very
maintain its position. Holland guilders have shown unsatisfactory conditions for the employment
of
only slight improvement since the increase in the Japanese funds at home. Chinese currencies have
Bank of the Netherlands rate to 5% a few weeks been steady, showing a fractional improvement
ago. Spanish pesetaslcontinue to sag. There are owing to favorable silver prices and steadylabsorp-
APRIL 13 1929.]
FINANCIAL CHRONICLE
2351
Federal Reserve System's par collection scheme. These large credit balances,
tion of silver by China. The Imperial Bank of the
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
India's rate of rediscount was reduced this week to the daily balances. The large volume of checks on institutions located outside of
York are not accounted for in arriving at these balances, as such checks do
7% from 8%, which rate had been in effect since New
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.
Feb. 14. This indicates an improvement in monetary
conditions in India. However, money is still stringent
The following table indicates the amount of bulthere, due largely to the heavy lock-up of funds in
lion
in the principal European banks:
cotton in Bombay. Closing quotations for yen
April 11 1929.
checks Friday were 443"
April 12 1928.
2@44%, against 44 11-16Q Banks of-I
I
Gold.
Silver.
Total.
Gold.
Total.
Silver.
44U on Friday of last week. Hong Kong closed at
I £
£
48%@49 1-16, against 48 13-16@49; Shanghai at England__I155.482,700 £ 1155.482.700157.703.179
157,703,179
a__ 196,642.730
d
,196,642,730 147.177,628 13.717.872 160,895,500
619/8@61 13-16, against 61 9-16@614; Manila France
Germany b 124,274.700 c994.600 125,269,300 93.725.550
994,600 94,720,150
____ 102,385.000 28,636,000 .31.021.000104,318.000 28.182,000132,500,000
at 50, against 50; Singapore at 56%@5634, against Spain
Italy
54.711.000
54,711,000 49.792,000
49,792,000
Netherl'cls 35,208.000 1.791,000 36,999,000 36.265.000 2,175.000 38,440.000
5614@563t; Bombay at 36%@363', and. Calcutta Nat. Belg_ 25,936.000 1,268,000 27,204,000 21.461.000 1.244.000 22.705,000
Switzer'• d 19,249.000 2,732,000 20,981,000 17,283,000 2.403.000 19.686.000
at 36%, against 363/
Sweden___ 13,066.000
I 13,066.000 12.930,000
12,930.000
Denmark
9.593.000
470,000 10,063,000 10,109.000
641,000 10,750.000
Norway __ 8,157.000
8,157,000 8.180,000
I 8.180.000
Pursuant to the requirements of Section 522 of Total week 744.705.130 34.891,600779.596,730658,944.357 49,357,472708,301,829
Prey. week 736,922,763 34,919.600771.842,363646,410.588 49.407.192695,817.780
the Tariff Act of 1922, the Federal Reserve Bank is a These
are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
now certifying daily to the Secretary of the Treas- abroad,
the amount of which the present year is £2,481,300. c As of Oct. 7 1924.
ury the buying rate for cable transfers in the dif- d Silver is now reported at only a trifling sum.
ferent countries of the world. We give below a
Two Notable Supreme Court Decisions-The
record for the week just past:
Interborough and Sinclair Cases.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
The
decisions
rendered by the Supreme Court of
APRIL 6 1929 TO APRIL 12 1929, INCLUSIVE.
the United States on Monday in the case of the
Noon BuYine 8.5.10? Cable Transfers to New Yin%
Interborough Rapid Transit Co. of New York and
Value in Untied Hates Money.
Csuairy and Monetary
EMU.
April 6. April 8. April 9. April 10. Apr1111. April 12. the contempt case of Harry F. Sinclair belong in the
class of what, because of their scope and primary
EUROPE$
$
$
$
$
Austria. schilling ____ .140476 .140477 .140473 .140422 .140484 .140465
importance, are commonly designated as leading
.138848 .138878 .138855 .138839 .138839 .138840
Belgium, belga
Bulgaria. lev
.007202 .007202 .007207 .007207 .007202 .007197
Ciechoslovakia, kron .029604 .029600 .029599 .029596 .029594 .029593
cases. The subject-matter of the one case is, of course,
Denmark, krone
.266495 .266512 .266530 .266481 .266502 .266520
England, pound ete
entirely different from that of the other, and the
4.854062 4.854726 4.853632 4.852942 .853929 4.853910
ling
.025155 .025158 .025153 .025159 .025154 .025158
Finland, markka
Sinclair
case has, on the surface, a more general
franc
France,
.039074 .039080 .039073 .039064 .039063 .039063
Germany,reichsmark_ .237104 .237130 .237121 .237069 .237104 .237148
interest than attaches to the Interborough con.012921 .012921 .012921 .012921 .012921 .012919
Greece. drachma
Holland, guilder
.401009 .401217 .401207 .401227 .401248 .401325
troversy, but the decision in each case deals with
Hungary, pengo
.174216 .174243 .174221 .174220 .174215 .174218
Italy. lira
.052303 .052286 .052296 .052302 .052328 .052353
certain aspects of legislative and judicial authority,
Norway. krone
266650 .266653 .266648 .266613 .266635 .268663
Poland,zloty
.111883 J11880 .111902 .111880 111883
.111883
and
the respective fields of State and Federal power,
Portugal, escudo
.044575 .044650 .044640 .044640 .044640 .044640
Rumania,leu
.005957 .005957 .005958 .005956 .005959 .005951
cannot be too pointedly called to public
which
Spain, peeeta
149828 .148454 .148926 .149091 .148763 .149210
Sweden,krona
.266972 .267002 .266987 .266936 .266919 .266921
attention.
Switzerland. trans- .192447 .192481 .192503 .192458 .192453 .192466
Yugoslavia, dium
.017558 .017560 .017557 .017562 .017565 .017585
The Interborough case came before the Supreme
ASIAChinaCheloo tael
Court in the form of an appeal from an order of the
.636875 .637083 .637083 .636250 .636458 .636458
Hankow teal.
.629531 .630312 .629687 .629062 .630156 .630468
Shanghai tael
.613125 .613482 .613928 .613571 .614607 .614553
United States District Court for the Southern
Tientsin tael
.647708 .647916 .647500 A46250 .647291 .646458
Hong Kong dollar
.486854 .487017 .487446 .487375 .487803 .487392
District
of New York, made in May 1928, authorMexican dollar--- .443250 .443000 A43750 .443000 .444250 .442500
Tientsin or Pelyani
izing
interlocutory injunction to restrain the
an
dollar
.445833 .445833 .445833 .446250 .445416 .442916
Yuan dollar
.442500 .442500 .442500 .442916 .442083 .439583
Commission
Transit
and the City of New York
India, rupee
.363482 .363087 .363354 .363287 .363270 .363258
Japan, yen
.445794 .445412 .445241 .445344 .444681 .444731
"from requiring or attempting to enforce further
Singapore(S.S.)dollex. .659583 .559583 .559583 .559583 .559583 .659583
NORTH AMER.acceptance by the Interborough Rapid Transit Co.
Canada. dollar
.993947 .993856 .993184 .992277 .992488 .992077
Cuba, peso
1.000000 1.000062 1.000000 1.000000 .999906 .999843
of
a five-cent passenger fare over the lines operated
Mexico. peso
.483033 .482366 .482133 .481500 481700 .481800
Newfoundland, dollar .991562 .99125() .990662 .989687 .989862 .989300
by it, and from seeking to prevent a charge of seven
SOUTH AMER.Argentina, Peso(gold) .955378 .955283 .955497 .955586 .955769 .955398
Brasil, milrele
cents." The details of the long and bitter controversy
117340 .117160 .117390 .117981 .118460 .118690
Chile, peso
.120757 .120755 .120744 .120681 .120648 .120614
Uruguay, peso
.998137 1.000625 .997825 .999082 .998750 .998450
between the Interborough Co. and the Transit and
jolombia, peso
.963900 .963900 .963900 .963900 .963900 .963900
City authorities over the five-cent fare, and the
intricate and complicated provisions of the various
Owing to a marked disinclination on the part of contracts under which the Interborough
Co. operates,
two or three leading institutions among the New both of which
matters are examined at great length
York Clearing House banks to keep up compiling in the
decision, need not be rehearsed here. It is
the figures for us, we find ourselves obliged to dis- sufficient for
an understanding of the decision to
continue the publication of the table we have been recall
that the Interborough Co., in resisting the
giving for so many years showing the shipments and efforts of
the Transit Commission and the City to
receipts of currency to and from the interior.
maintain the five-cent fare and prevent the collection
As the Sub-Treasury was taken over by the Fed- of a seven-cent fare, argued that the five-cent
fare,
eral Reserve Bank on Dec.6 1920,it is also no longer "originally stipulated and long observed, had
become
possible to show the effect of Government opera- non-compensatory, although specified
in the agreetions in the Clearing House institutions. The Fed- ments with the
City under which the transit lines are
eral Reserve Bank of New York was creditor at the being operated,"
and that the fare "was not immuClearing House each day as follows:
table since, by implication, provisions of the Public
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
Service Law of 1907, directing that reasonable rates
AT CLEARING HOUSE.
should be granted to subways, elevated and -other
Saturday, Monday, Tuesda6, Wednesday Thurscry, Friday.
Aggregate
street railways, were incorporated into the conApril 6. April 8.
APril 9. April 10. April 11. April 12.
for 1Week.
tracts."
The action of the Transit Commission,it was
$
MACAO 106.000,00C 140.000,000 125,000.000 112,000,600 127,000,000 Cr. 764.000.000
further
contended,
in denying an application for
Note.-The foregoing heavy credits reflect the huge Maas of checks which come
the New York Reserve Bank from all parts of the country in the operation of compensatory rates,
insisting upon the five-cent
2352
FINANCIAL CHRONICLE
fare, and taking steps to enforce that rate,"amounted
to action by the State which would deprive the
Interborough Co. of property without due process
of law, contrary to the Fourteenth Amendment."
The decision of the Supreme Court on Monday,
declaring that the interlocutory order must be reversed, not only overruled the action of the District
Court, but also read to that Court and the appellant
Company a much-needed lesson on the respective
limitations of State and Federal jurisdiction. The
order of the District Court, the decision held, "was
improvident and beyond the proper discretion ofthe
Court. To support the action of the Court below it
would be necessary to show with fair certainty, first,
that, before the original bill was filed, the Commission had taken or was about to take some improper
action in respect of the Interborough Company's new
schedules or its application for leave to discontinue
the 5-cent rate and establish one of 7 cents; and,
secondly, that the 5-cent fare was so low as to be
confiscatory while the proposed charge of 7 cents was
reasonable. We think neither of these things qualify
,from the record. At most, prior to the original bill,
the Commission's members had accepted the view
that it lacked jurisdiction to permit a new rate because the existing one was irrevocably fixed by lawful
contracts, and had determined promptly to seek enforcement of the City's supposed rights by proceedings in the State courts. This was neither arbitrary
nor unreasonable. No ground existed for anticipating undue delay or hardship. The purpose of the
Commission was in entire accord with rulings announced as early as 1920, and seemingly no longer
controverted when,in 1925, the Interborough applied
for legislative relief. There had been abundant opportunity to test the point of law by appeal to the State
courts."
The Court found itself unable to agree, further,
with the contention that "under the law of New York,
as clearly interpreted by definite rulings of her courts,
the contracts for operating the transit lines impose no
inflexible rate of fare." Moreover, "the claim for an
8% return upon the value of subways, which are the
property of the City and distinctly declared by statute
to be public streets . . . is unprecedented and ought
not to be accepted without more cogent support than
the present record discloses." The only property
connected with the subways to which the Interborough holds title consists of certain operating equipment, real estate and office sundries, "but it seeks
remuneration based upon total values of all these
ways and their equipment, said to represent investments amounting to $360,000,000 and present value
exceeding $600,000,000." While it is true that the
elevated lines, which together with the subways are
operated by the Interborough Company, are losing
money, "upon the record before us we cannot accept
the theory that the subways and elevated roads constitute a unified system for rate-making purposes.
Considering the probable fair value of the subways
and the current receipts therefrom, no adequate basis
is shown for claiming that the 5-cent rate is now confiscatory in respect of them. The action below was
based upon supposed values and requirements of all
lines operated by the Interborough Company treated
as a unit, and the effort to support it here proceeds
upon a like assumption."
It would be a mistake to assume that the decision
of the Supreme Court has entirely cleared the air in
this long disputed matter. "For twenty years," as
[VOL. 128
the Wall Street "Journal" remarked on Wednesday,
"it has been the sinister fate of the Interborough to do
everything that could be done to make a bad traction
situation worse," and the reposting on Wednesday
of the seven-cent fare schedule notices, originally
put up on Feb. 1 1928, seems to indicate that the
fight is to go on. There are legal proceedings still
to be had in the lower Federal courts in compliance
with the order of the Supreme Court, and it is not
clear how the Interborough can meet the demand
of the Transit Commission for large expenditures,
estimated to amount to some $40,000,000, for
additional cars and longer platforms, if the elevated
service must be maintained at a loss. A seven-cent
fare on the elevated and a five-cent fare on the subways would hardly increase the popularity of the
elevated lines.
What the Supreme Court has done, on the other
hand, and done with emphasis, is to interpose a
barrier to the transfer of local or State causes from
State to Federal courts on a more or less shadowy
pretence that some Constitutional privilege has been
invaded or some Constitutional right denied. The
Interborough Co. is a State corporation, created by
the State, operating within State lines, and subject
to regulation by State agencies. The place for it to
seek relief, if relief is something to which it is legally
or equitably entitled, is in the State courts. It is
for the courts of the State of New York, and not for
the Federal courts, to construe the various contracts
to which the company is a party, and to say whether
or not those contracts fix unchangeably the rate of
fare on the company's lines at five cents, or require
the company to operate a part of its service at a
loss, or entitle the company to this or that percentage of return on property which it uses. Until
it can be shown that the courts, of the State, in
adjudicating questions which properly belong to
them, have jeopardized or infringed some right
insured to the corporation by the United States
Constitution, the decision of the Federal Supreme
court stands as a sharp reminder to Federal District
Courts that "improvident" action, or action "beyond
the proper discretion" of those bodies, will find no
support at Washington. This is good Constitutional
doctrine as well as good State rights doctrine, and the
Supreme Court is to be highly commended for again
calling attention to it.
The Sinclair decision, while in form a sweeping
affirmation of the powers of inquiry claimed by the
Senate committee which investigated the Teapot Dome
oil lease,is also in effect an emphatic condemnation,
by the highest tribunal in the land, of the course of
Mr. Sinclair in the so-called oil scandals. The specific
charge against Mr. Sinclair is that of contempt for
refusing to answer certain questions put to him by
the Senate committee. Two of the questions related
to contracts or agreements regarding Teapot Dome,
while two others had to do with his personal relations
with Albert B. Fall,formerly Secretary of theInterior.
Mr. Sinclair's defense was, in substance (we quote
from the New York "Times" of last Tuesday), "that
the questions were not relevant; that the Senate was
acting beyond its authority in seeking to delve into
private or personal affairs, and that he, having been
a defendant in an equity suit then pending, could
not be required to answer questions bearing on like
subject-matter. He also contended that the Senate
committee was not seeking information as a part of
its authority to legislate."
APRIL 13 1929.]
FINANCIAL CHRONICLE
2353
first-class roads are not
The Supreme Court, in its decision, rejected all of to normal needs, though the
of returns. Save for
quota
these contentions. Premising that "Congress, in ad- earning their lawful
profits and the defarm
dition to its general legislative power over the public new methods of estimating
, farmers are
complaints
political
domain, had all the powers of a proprietor and was jection caused by
been blessed
years
many
for
have
authorized to deal with it as a private individual may well-to-do, and
local transof
lines
Certain
crops.
abundant
deal with lands owned by him," and that "the com- with
so great
profits,
enormous
show
equipment
mittee's authority to investigate extended to matters portation
be nearpoint
must
saturation
the
that
suggest
to
as
affecting the interest of the United States as owner
are
expandcompanies
power
and
light
Heat,
ing.
as well as to those having relation to the legislative
Wages
growing
patronage.
constantly
a
meet
ing
to
the
that
function," Associate Justice Butler declared
labor
and
high
continue
industries
l
mechanica
in
oil
into
inquiry
questions asked were pertinent to the
invenThe
hours.
shorter
for
pressing
are
had
unions
Senate
the
which
leases on Government land
is
authorized, and that the Supreme Court of the Dis- tion and manufacture of labor-saving machinery
in
save
Salaries,
trict of Columbia was correct in holding that the ques- unparalleled in kind and extent.
tion of relevancy under Section 102 of the Revised managerial positions, are relatively below wage
responStatutes, which makes it a misdemeanor to refuse to scales. In a word, domestic trade is active,
perhaps
except
and
vigorous,
energetic
answer a relevant question asked by a Congressional sive to need,
committee, was a question of law and not one depend- in coal and textiles, with a decline in building.
ing upon "the probative value of the evidence." "The Nevertheless there is an undercurrent of doubt.
gist of the offense is refusal to answer pertinent ques- What is the cause?
It is not easy to say. We can point to the huge
tions. No moral turpitude is involved. Intentional
was
There
n in stocks with its train of evils, but we
guilt.
speculatio
constitute
violation is sufficient to
this. We offer as one cause the
beyond
The
for.
called
go
was
must
what
to
as
no misapprehension
nt living always causes disextravaga
sought
facts
The
that
feeling
deliberate.
was
refusal to answer
reason the inordinate
another
102
as
and
Section
offer
law,
We
of
aster.
matter
a
as
were pertinent
made it the appellant's duty to answer. He was expansion of credit in most lines of endeavor. A
bound rightly to construe the statute. . . . The third reason, growing out of the first, is the uneven
record does not sustain appellant's contention that distribution of the profits of business, tending to
the investigation was avowedly not in aid of legisla- disorder an even development of resources and to
tion. . . . Appellant makes no claim that the evi- establish two antagonistic classes in our citizenry,
dence was not sufficient to establish the innuendo and a fourth reason, growing out of the second, is
alleged in respect of the question; the record discloses that debt, other than seasonal, is a tax upon effort
and must sometime be paid in full. There are abun,that the proof on that point was ample."
Sinclair
Mr.
delays,
technical
dant examples. The parent who spends his income
Baring possible
and
imprisonof
fine
the
penalty
undergo
lavishly for his own comfort and entertainment is
must now
ment in jail imposed upon him by the lower court. reducing the amount of the estate he can bequeath
Humiliating as such punishment may be to a man of at his death. The people that live beyond a normal
his position and prominence, the honor and welfare income by reason of credit is not building its instituof the country demand that justice shall be done tions and industries out of substance but out of
without respect of persons. It has too long been promises to pay, and can only bequeath mortgaged
the impression that wealth and power, able to avail property to its heirs. This constitutes a fictitious
themselves to the uttermost limit of the technical element in prosperity. Things are not what they
defenses which the law allows, are likely to escape seen. The sober judgment of those who think is
punishment even though their offense has been now discovering this condition and it weighs on the
great. In overruling the objections which have been mind and hampers initiative.
interposed on behalf of Mr. Sinclair, and which have
These conditions existing, we may easily delude
dragging
him
against
charges
e
substantiv
the
kept
ourselves into believing that speculation in Wall
along in the courts for years, the Supreme Court has Street is the chief cause of our anxiety over the
done more than merely to fulfill the requirements of future. True, it adds nothing to the wealth of the
statutes and legal procedure, or rescue from im- nation. It is an obnoxious growth out of the very
proper exploitation certain important oil lands fertility which we acclaim so highly. To a large
belonging to the United States. It has stamped with extent it is because of our "prosperity." But we
its disapproval, the weightiest disapproval that can can easily make the mistake of believing that it holds
be pronounced under our system of government, the power of life or death over our normal activities.
the whole unfortunate policy with which Mr. It does not—it is an excrescence—but a poisonous
Sinclair's name has 'unhappily been associated. one. Otherwise, to change the metaphor, it might
There is no need to point the moral, for the rejection be no more potent than a summer storm. It might
of the Sinclair plea carries its own lesson.
pass and leave no trace save the wreckage of the
fortunes of those who engage in it. But if the fun-
The Relation of Speculation to Prosperity.
damentals of business, the base of the speculation, be
The they-sayers tell us that, fundamentally, busi- false, then speculation is but increasing an already
ness is sound, that "prosperity" is holding up well, dangerous situation. All this is true and yet—there
and that the "richest nation on earth" has really
nothing to fear. And the claim is true, if we are
allowed certain reservations. One hundred and
twenty millions of people are well supported; and,
comparatively, there is a small ratio of unemployment. Production maintains a high average, though
not evenly distributed. Railroad service is adequate
is one immediate effect that cannot be escaped.
Speculation augments and disorders credit, the
promoter and mainstay of all our activities. We
have spoken of the burden of debt save in seasonal
borrowings. Speculation in stocks multiplies credit
enormously without any corresponding productive
return. Borrowing money to create pools to drive
2354
FINANCIAL CHRONICLE
[Vol,. 128.
stocks up and down, borrowing money to margin too high. Consuming luxuries at a phenomen
al rate,
and remargin temporary purchases of stocks, affords luxuries paid for out of necessities, only
constitutes
no possibility of actual increase in production and a prosperity that is devouring itself.
adds not a dollar to the national income—save that
in inducing speculative investments at high prices
A Federal Farm Board.
from abroad the remainders from the final settleSecretary Hyde, in his statement to the Conments of this fictitious buying and selling does leave gressional
Committees engaged in paving the way
an increment behind, and, incidentally, profits so for a "farm
relief" bill to be presented to the called
made leave a residue in income taxes paid. This session of Congress
, naively remarks, and almost
false growth may or may not withdraw credit from parenthetically:
"We want to build up the farmers
legitimate business uses, but being used in specula- themselves, not
to build up bureaucracy," and yet in
tion it enhances price, and this price„ calling for the opening of
his statement he says: "In assisting
more volume of credit, gives an air of prosperity to reorganization
of the marketing system we have all
all buying and selling that is glamorous and mag- of us conceived
the creation of a great instrumentalnified, and misleading credit ever and always begets ity which
we have called the Federal Farm Board,
more credit.
with advisory committees, which should be given
The high prices for stocks, abnormally high be- authority and resource
s with which to deal with this
cause of the trading on Exchange, permit the flota- third category
of problems" (the two prior methods
tion of stock and bond issues by corporations that of relief given
are tariff revision and reduction of
otherwise could not borrow so easily, and swells the transportation),
"and it is not one problem. It is
whole volume of credit beyond the needs of normal several hundred
problems, many of these problems
productions. This leads to an excess in manufac- are unknown
to us today and will only be developed
tures, and this again to more borrowing. High with experienc
e.... The scores of different agriculprices enable the payment of high wages, and high tural commodit
ies, the different localities of origin,
wages increase the consuming power, but chiefly in the
different markets they penetrate, their method of
luxuries, and conduce to a false appearance of pros- means
of shipment, processing and distribution, all
perity. So that speculative credit carried to excess
point to the fact that we must find an agency to,
runs round in a vicious circle and paves the way to
which each and all of the problems can be properly
an ultimate collapse that must sometime undermine presented
, considered and upon which real and posithe whole structure of legitimate trade and indus- tive
assistance can be given in solution." And at
try. There is no escape. If through banking chan- another point
in his address he says: "When you
nels brokers' loans can be controlled with modera- consider
that these needs and these difficulties arise,
tion there may be no violent change, but always not in one
commodity, but in scores of different
volume and price come down quicker and easier than commodities,
and that the economic setting of each
they go up.
of these requirements and these problems is differPure speculation is a forcing process. It is de- ent, it is
easy to realize the necessity of creating a
pendent almost wholly on intermittent flashes of broad
authority rather than detailed plans." For,
credit. While no hard and fast line can be drawn
as he later remarks: "All of which argues to my
between investment and speculation the latter is mind,
that if we are to create an instrumentality to
buying for quick sale on margin and thus vastly which
distressed agriculture can take itg problems,
increases the turnover. No bank, no Exchange, can that instrume
ntality must be clothed with broad and
follow credit issues to their ultimate use. Inevitageneral authority."
bly a bull market is a speculative market. It men
Secretary Hyde enumerates some of these probmortgage their businesses to buy stocks on margins
lems as follows: "Our farm cooperatives are in need
they cannot be estopped by any form of law—and be
of capital with which to acquire further facilities
left free. So rapid are the transactions, the whole
and to expand their activities. The agricultural inconstitutes a gigantic form of sales wholly at varidustry is in need of finance in supplement to the
ance with normal business. And in a "long continestablished financial institutions by which they will
ued bull market" we witness the strange spectacle be
enabled to hold their commodities until they
of an inflation in price based on a legitimate, busithemselves can place them in the market and not be
ness which, in turn, is illegitimate because it is ficti- forced
to sell immediately upon completion of protious through the inflationary power of false sales. duction.
Capital is needed with which to purchase
We are compelled therefore to come back to our a portion of the occasional surplus,
or seasonal suroriginal thesis that in any survey of business con- plus, and assure its orderly
distribution over longer
ditions at the present time we must go beyond and periods." Other problems are
given: "Progress of
below the runaway speculative markets in stocks. many commodities to the
consumer is most disorIf it were not for the collateral effects we have indi- derly and wasteful";
"Unnecessary transportation,
cated the whole thing might blow up in a month and in cross-hauling"; "unfair
business ivactices of a
the country be no worse off. But credit so perme- minority of dealers";
"Inadequate grading and
ates all industrial activity that its too sudden standardizing of certain commodit
ies." "There is
shrinkage in one direction must work disaster in all an inadequate developm
ent of processing for disdirections. An abnormal emission of credit for posal of occasional
surpluses of many commodities
speculative purposes is a threat to normal industry. into by-products.
These are, in fact, great wastes
High prices, high wages, what seems to be "pros- in the whole chain
of distribution which are a tax
perity," are all involved. Inflation grows by what on both the producer
and the consumer.""Our wareit feeds on. And when a house of cards does tumble house acts need amendme
nt in order to facilitate
it goes down quickly. It may sound gloomy but we more perfect action in the establishment
of credit.
are by no means recovered from the effects of war. We have need for some agency to pass
upon the
Wages are uneven, prices are unsettled, both are inauguration of further irrigation and
reclamation
APRIL 13 1929.]
FINANCIAL CHRONICLE
2355
projects so as to prevent increased production until to be taught to help themselves), but for the present
such production is required for national purposes. that is a mere detail. Loaning money to cooperaWe have need for a larger study and for action in tives to carry surpluses might possibly prove poor
the determination of better use of marginal lands banking but the Government has plenty.
and their devotion to either forestry or pasturage."
Well, no one knows what Congress will do. But
And in view of all these things the Secretary de- the Administration is pledged to do something, and
clares: "And it therefore has appeared to me that Congress has been called in special session to do it.
as we cannot foresee in advance the circumstances Some sort of measure will emerge into a law. But
under which the powers of the board are to be called what? It is as good a guess as any that the Fedinto action, any attempt to write out too detailed eral Farm Board, with unlimited powers, will be
legislative directions would probably serve only to the final outcome—and then—the farmers will have
defeat the purpose of the board."
a guardian, a helper, a protector, a little Father,
If ever there was a proposal made to turn a great with thousands of agents gathering statistics and
industry over to the Government, "lock, stock and granting benefits and dispensing orders, until an
barrel," it is to be found here! No, not to the Gov- individual farmer will not know what he can do,
ernment but to a Federal Board with unlimited only what he must do, and this in response to a
powers and responsible, as far as we can see, to no Board that having little experience to act upon will
one, and as far as Congress is concerned it is an nevertheless become the great pioneer in "relief." It
easy way out of the dilemma of "farm relief." Cre- is a glorious scheme, if it works. Few sensible
ate the Board—and let the Board do it. There are farmers believe that it will. But political promises
cooperative marketing associations already in exist- have the uncanny power to force relief upon a reence, though as a rule they are not successful,so what luctant public. Good or bad there is a chain of
better than to call them before the Board, ask their forces, industrial, commercial and financial, selfadvice, and grant them money to do what they think evolved, that get the wheat, corn, fruits from the
is necessary. This is the "heart of the plan and the fields to the mouths that consume them, but this is
rest are details." It is a breezy, beneficent plan. mere delusion, waste, expense unnecessary, comAnd above all things else it will fulfill a political pared to what the all-powerful Board at Washingpromise, and it has the virtue of superseding every- ton can do.
thing that has gone before. There is not a word
A people in the toils of the politico-economists is
about an equalization fee nor a hint of price-fixing. acephalous and it may appear so to an AdminisBut the grading system is to be reorganized. Farm- tration that undertakes to solve these multiplied
ers, elevators and storage warehouses are to be farmers' problems before August rolls around.
financed. Cooperative associations are to be fur- Meantime, despite the growing use of farm machinnished funds to carry the surpluses to a more con- ery, the farmer is in the fields, and there is no Board
venient time for sale (perhaps a potent means of can be created that will have the temerity to banish
establishing price). Hundreds of commodities are him from his own domain. He is an individual, a
to be considered individually (ostensibly through property owner, a worker, a "hard-headed" thinker,
committees of the Board) and hundreds of problems a little stubborn sometimes, and disposed to scout
solved. Commission men are to be disciplined. The the loafers who lean over the fence and tell him how
cost of delivery to and from terminals is to be studied to do; and even a Federal Farm Board may have
and acted upon. Processing is to be overhauled as some difficulty in harnessing him to its plans. He
some of it is wasteful (we presume the millers are may not have had much experience in solving the
to be told what and how to do). Marginal lands are problems others make for him, but he has had all
to be estimated and held in check (the old exploded the experience there is in solving his own—and, in
cry of limiting acreage). And above all, there is to the long run, it might be just as well if Congress
be no increase of production save as a national neces- would let him alone.
sity. And irrigation and reclamation are to wait
on the will of the Board or its appropriate commitMercantile and Banking Failures in the
tee. What God and the farmers have not been able
First Quarter of 1929.
accomplish
the
to
Board will!
Is not this a fair interpretation of the work of a
The record of mercantile insolvencies in the
Federal Farm Board with unlimited powers? Mr. United States for the first quarter of this A.makes
Hoover in one of his campaign addresses pointed a very favorable exhibit. The improvement that
out that there is not one farm problem, but many. appeared in the report for March, was commented
This indicates that one solution, in one law, is not upon in these columns last week. For the three
possible. And since many laws are hard to harmon- months, the tabulation of which is now completed,
ize—let the Board do it. And the Board will if it there is quite as good a showing. As compiled from
ever gets the chance. Federal Boards are not loath the records of R. G. Dun & Co., 6,487 commercial
to exercise power once it is given to them. And in failures occurred during that period, in the United
the case of the Federal Farm Board it is expected States, with total liabilities of $124,268,608. These
that many new problems will arise that cannot now figures compare with 7,055 similar defaults in the
even be conjectured, hence the ability is to be dele- first quarter of 1928, with an indebtedness of $147,gated to an omniscient Board to deal with them as 519,198. Of the failures this year, 1,604 were of
they come. It has been before this intimated that manufacturing concerns with liabilities of $43,580,"money is no object"—a beneficent Government 941; 4,496 in trading lines, owing $67,104,838, and
bowing to a barometric Board will meet every need 387 defaults of agents and brokers involving a total
and provide the funds. It may be that when a bill of $13,582,829. For the same time last year 1,567
comes out of the Committee of Congress there will failures occurred in the manufacturing division
be mention of a "revolving fund" (the farmers are owing $48,033,916 of indebtedness; 5,093 trading
2356
•
FINANCIAL CHRONICLE
[VOL. 128.
defaults for $77,584,131 and 395 in the third clas- bracing the seven States West of the Mississippi
River, Missouri, Iowa, and Nebraska, report an insification for $21,801,151.
Insolvencies among manufacturing concerns were crease in the number of business defaults, but for
more numerous in the first quarter of this year than the first two States the liabiliites were much less
they were in the corresponding period of 1928, but this year. There is quite an increase in the defaulted
there was some reduction in manufacturing liabili- indebtedness reported for Minnesota, although for
ties. As to the other two classes, trading concerns that State, failures this year to date were considerand that embracing agents and brokers, there was a ably reduced in comparison with those reported last
very marked improvement this year, both as to the year.
In the far West and on the Pacific coast, the innumber of defaults and the estimated losses.
The main interest in the quarterly statement of crease this year was mainly in Colorado, and in
failures relates to their distribution by geographical Washington and Oregon. A small decrease is shown
sections. Of the eight grand divisions into which in the number of defaults for California this year,
the United States is separated the insolvency record although liabilities for that State are very much
for the first quarter of this year makes a more favor- heavier than they were in the first quarter of 1928.
able showing as to six of them, than it did for the They are also heavier for Washington and slightly
first quarter of 1928. The two in which the com- higher for Colorado. An improvement in the numparison is unfavorable, include the group of eight ber of trading defaults in the Pacific coast States is
mountain States classified as far Western, and that shown, although the liabilities for that division this
of the Pacific Coast. A decided betterment, both year exceed the amount reported last year. Manuas to the number of defaults and as to the liabilities, facturing failures in that section, however, show an
appears for the South Atlantic States; also for the increase and manufacturing liabilities also were
Eastern Central section, embracing Ohio and Illi- more than doubled, due mainly to failures reported
nois and the three other neighboring States, and in California.
for the Western Central division, which includes
Banking suspensions during the first quarter of
the eight States just West of the Mississippi river. this year were not as numerous as last year—in fact
There was some improvement in New England; the number is smaller than for a number of years
likewise, for the three Middle Atlantic States. In past. Liabilities, too, compare favorably with last
the group last mentioned the number of failures so year, and are much less than in either 1927 or 1924,
far this year is practically 16% less than for the R. G. Dun & Co. report 81 banking defaults in the
corresponding period of 1928. These three Middle first three months of this year, with a total of inAtlantic States returned nearly 25% of all business debtedness of $37,508,000. These figures compare
failures in the United States this year, whereas, in with 109 such failures a year ago for $36,802,000.
the first quarter of 1928 the ratio for these three One suspension in New York City involved practiStates was in excess of 28%. The improvement this cally one-fifth of the total of liabilities for the entire
year as to the number of defaults in this division country. In the main these insolvencies were for
was entirely in the section embracing trading con- small and unimportant banks. About 70% of the
cerns. All three States included in this group re- banking defaults and nearly one-half of the total
ported a reduction in the number of trading failures. banking liabilities were confined to six or eight
On the othe hand, manufacturing defaults and those States of the South Atlantic group and that of the
of agents and brokers in two of these three States, Central West; the States included being mainly
New Jersey and Pennsylvania, increased.
North Carolina, Georgia and Florida and Minnesota,
In the New England States, the decrease in insol- Iowa, Nebraska and Missouri.
vencies this year was for the class embracing agents
and brokers. Liabilities of manufacturing failures
Public Opinion—an Interpretation
in New England were very much less this year than
from the Past.
they were a year ago. In spite of the reduction in
Public opinion is at once a permanent and a fickle
the number of defaults in that section, Massachusetts force in public life. It may with us be indifferent,
and Connecticut both show more business failures but never beyond reach. A new government and
this year than a year ago. In the Southern States, new men at once challenge attention; they arouse
the betterment is wholly among trading concerns criticism and attract gossip. President Hoover, his
and for4gents and brokers. Manufacturing defaults wife, and now his Cabinet are still discussed. They
in the South were more numerous this year than revive the interest that was centered in the Coothey were last, but for a much smaller defaulted lidges and is only now passing. They are talked over
indebtedness. The improvement in the South is in every village and for a time will engage the
quite generally distributed and extends to nearly prolific gossip of Washington more or less comall of the States there. The only noteworthy excep- pletely.
tions were North Carolina, Georgia, Alabama, and
That immediate influence, however, does not conLouisiana, where the figures this year were some- cern us. It pales soon before the headlines of the
what larger than last year. Quite a decrease ap- newspapers. What does concern the nation is the
•peared this year for practically all of the other effect public opinion may have upon our officials
Southern States, especially for Florida and Texas. themselves. It must have some effect, especially in
In the Middle West, it is also for the group em- this day when the radio addresses every home, and
bracing trading defaults that the improvement is the family find themselves prompted to repeat and
shown in this year's record. Wisconsin alone, of discuss what they hear. Public opinion thus created
the five Eastern Central States, shows more bus- and made the common possession when hurled as it
iness failures this year than last year. With fewer is in approval or criticism at every public man,
failures in Ohio and Illinois, liabilities are also however high his position, cannot fail to have its
very much less this year. In the Central West, em- effect. As all resent criticism and are rarely helped
APRIL 13 1929.]
FINANCIAL CHRONICLE
2357
by it, all, on the other hand are stimulated and enFortunately there are many sources of better incouraged by approval, and are grateful to those who fluence open to bring us back to men who did this
confirm their opinion or support their action.
at least for their generation in the past, for this literWhatever line of suggestion, therefore, that ature is our readiest available aid. Hugh Walpole,
creates this form of public opinion that subtly and for instance, in his review of Trollope in "The Engsteadily sustains and guides its leading men, even lish Men of Letters Series," tells how prominent he
without their being conscious of it, must have its was in possessing and exerting just this pervasive
value. On all sides today we have pressed upon us influence. All, unconsciously he took men as they
the importance of "personality," in teaching, in are and was keenly interested in them. Everything
business, in the home, in all the relations of daily was significant to him. "Of all novelists the world
life. When the professional people and the statis- has known, Trollope," he says,"is more free than any
ticians have completed their investigations of the other from one of the curses of the novelist's psychvarious elements of the problems presented to them, ologic humbug." The interest he everywhere found
they are not unwilling to admit that there are ele- is what he sought to pass on to others, and to that
ments lying beyond not easy to estimate. In social end he pictured what he saw, as he saw it, assured of
affairs these elements are usually gathered up in the its appeal without projecting himself into the scene
personal one.
or philosophizing about it.
We want to aid agriculture, to reward industry,
He is the supreme English novelist, Walpole
to encourage trade, to protect and use our national thinks, because he is so preoccupied and so pleased
resources, because all are related to the general in dealing with average humanity. In most other
welfare. Is any one of these aims more important writers we get humanity plus the writer, and the
than securing the best service of the men who are writer's standpoint; it may be Fielding or Jane
leading the nation, broadening their vision, Austin, even Dickens or the great Russians. Balzae
strengthening their devotion, assuring their united is nearest to him. The surroundings he takes as they
unselfish and productive conduct? If public opin- are and never suggests his arranging of the scenery
ion is more effective than any other outside in- to suit his purpose, as do others from Walter Scott
fluence in producing this result, the question of crea- and Richardson and Flaubert to Henry James and
ting and sustaining it stands among the first. It Arnold Bennett.
must be general and unmistakable. It mind
His limitation is that at times he presents almost
be held by the individual citizen. It may even too much of average humanity. But this is due to
have effected in him a regeneration making of him the personal intensity he feels for it, as in Mrs.
a new man in bringing out qualities he did not Proudie. He does not notice psychologically very
know, and others did not know, that he possessed.
much more in his characters than the average man
It must therefore be public opinion at its best would notice. We discover about his characters as
deeply rooted in men's hearts, enthusiastic and sus- much as we discover about our fellow human being,
..
taining. It must also be informed, conscious of We are not startled or horrified as often by other
the part, and having vision of the future, in that novelists. We do not cry: "Are men like
this?"
sense having something of the prophetic. It must "Is life—am I like this?"
carry conviction as expressing the common humanTrollope reassured us, telling us that all is well;
ity at its best and speaking to that. Therefore it we know quite as much of the mystery of life as he
must be men speaking to men of things that men at does. Life is real, and with him, not the reality of
their best will feel and desire.
material surroundings, but of men and women, their
This can only be achieved when it is known that feelings and characters and lives. All their weakall men, the lowest and the highest, have in their nesses, their selfishness, their self-importance, their
hearts what will respond to it. Only those who are ambitions and failings, but also their humanity
and
persuaded of this can reach other hearts or influence their better possibilities. He accepts them
and their
others' action, for they see in others what they feel surroundings and seeks to create in
his readers this
in themselves and speak as man to man, uninfluenced human interest in all.
by differences of state or condition.
If there is in him a "monotony of human values,"
Some people have this gift by nature, we say. But as has been charged, it is because
of "his honest acit can be attained by all. When it exists in a home, ceptance of all the Victorian
moral trad;tions." He
an office, a shop, all feel its presence. It creates an may have tenderness at times
for sinners, but he
atmosphere. It enables men to overlook much that never has the slightest doubt
that they are sinners.
is disturbing and to see the other side that trans- "His heroines may wriggle
and twist, but matrimony
cends the evil and makes what is better real and inevitably awaits them
at the end of the chapter."
possible. It is, in short, a trait that is not super- Henry James says
of him. "His great, his inestificial,- it has power because it has become natural mable merit was his appreciatio
n of the usual,"
and enduring. Consequently it finds its opportunity and the late Sir Walter Raleigh said: "Trollope
always and everywhere. It speaks in the smile that starts off with ordinary people that
bore you in life
greets us in the street. It heartens all life; and we and in books; and he makes an epic of them
because
are glad to know many, both men and women in •he understands affection which the others
take for
every condition of our American life, who possess granted or are superior about."
it Unhappily it is sadly wanting in much of our
The fact is that this unity of all English people,
present literature, which feels called in books and that love for England, its
homes, its fields, and
plays to deal with the life of today. So long as such hills, its ways and its speech,
the result of their
books and plays are read and seen what chance is long history and their traditions
is what appeared
there for the public opinion that is to fashion the in the expression of their
unchanging affection for
nation's career? We must get other inspirations their beloved England which
the first colony to sail
and learn a wiser way.
• Anthony Trollope. Hugh Walpole.
Macmillan Co.
2358
[VoL. 128.
FINANCIAL CHRONICLE
for Massachusetts Bay waved with outstretched
hands and backturned faces as they set sail from
home. It is that sense of oneness, deep rooted and
unchanging which fashioned English literature,
gave the people the English bible, and for more than
two centuries secured Britain's dominant position
amid all the controversies, the crises, and upheavals
that have distracted Continental Europe.
This was Trollope's England. Because he depicts
it so vividly, in this new world where so many adverse forces are at work, we have new editions of
his novels, and many are drawn to read them. Men
have not changed. Here are the same human traits.
Men have the same hopes and fears, the same responsiveness to love and thought, to understanding and
sympathy. We should support them then in it,
recognize it as the common bond, the human trait
we find in our friends, the one we,would keep uppermost in our own heart and life. This beyond all else,
whether sought in politics or in business, will uphold and hearten the men we have chosen as our
leaders. The unity it rests upon speaks in a Public
Opinion that is effective and is permanent, because
in so far it is right. It is the voice of a community
which supplies its members the opportunity and the
liberty for living their own lives in the normal way
which, while it promotes their own happiness, contributes to that of the community as well.
ing gold might nullify the advantages that the Bank of
France now possesses because of its present enviable position as the richest bank of issue in the world as regards
possession of the yellow metal. This warning cry of possible inflation is deserving of serious consideration. Suppose, for instance, that an international bank were established to facilitate German reparations payments, and suppose Germany proved unable to meet payments promptly.
If the bank were to decide to "create exchange" in favor
of Germany by advancing the debtor a temporary credit,
could it not do so? And If this operation were to be repeated
a number of times, might not the result be an addition of
"International" credits to all other credits domestically
created?
Suppose, furthermore, that this bank were to "engage in
security transactions" in connection with the flotation of
"commercialized" reparations debts. Might it not also find
itself under pressure to advance loans to various creditor
countries against these obligations, assuming that private
investors did not show a sufficiently prompt desire to purchase reparations bonds?
In brief, a superbank that had the power to exert any
real influence upon exchange or to control gold movements
would have to be vested with a measure of discretion that
would offer a constant threat to the stability of the gold
standard itself and to the currency stability of countries
that might use superbank credits as the equivalent of actual
transfers that had not been made by a debtor country.
The Proposed International Bank and
Inflation.
An Improved Law of Estates.
Two Views of the New Decedent Estate Law in
New York State Changing the Distribution
and Descent of Property.
I.
[Editorial from "New York Journal of Commerce," April 9]
Original reports that the proposed international bank
for reparations was designed to act simply as a mechanism
for transferring German payments to Allied creditors gave
the proposal a more or less harmless appearance as a mechanistic device for simplifying the clumsy and expensive
methods of administering reparations under the Dawes
plan. As vague first reports have crystallized into more
positive detailed proposals, such as those outlined by the
Assistant Federal Reserve Agent upon his return from
Paris, the basis for the alarm professed by a good many
critics of the plan is seen to be justified.
Hostile reaction, moreover, is not confined to this country. In Europe, too, there is strong distrust of the proposed
international bank which is distinctly reassuring, since it
proves that other nations are not disposed to follow meekly
In the wake of superbank advocate. It is also a source of
satisfaction to realize that we are not the only • people
agitated over the possible transfer of our gold reserves to
an external and independent institution. In fact some
Europeans are apparently firmly convinced that the United
States is destined to be the sole beneficiary of the proposed
bank whose authorship, attributed to the American chairman
of the Paris conference, is viewed as a sinister device for
extending the influence of the Reserve system beyond its
proper confines.
If a superbank had no other reason for existing except to
reduce the cost of gold shipments and to perform the tasks
that now fall to existing reparations agencies, there would
be no special risk in permitting it to hold in its vaults part
of the gold reserves belonging to all the central banks of
the countries that had become parties to the agreement.
Theoretically at least, earmarked gold is safe no matter
where it happens to be deposited, although it must be admitted that its owners have not always found its recall as
easy as the conditions presuppose. Theoretically, too, there
are excellent arguments in favor of concentration of central
bank gold reserves as a means of reducing shipping charges,
Insurance costs, etc. The reason that such centralization
is looked at askance is that it is accompanied by suggestions
that make it evident that the clearing plan is only an incidental feature of a much larger proposal involving direct
banking operations on an unknown and possibly inflationistic scale.
A French opponent of the superbank idea sees in it an
Instrument of possible inflation that by virtually demonetiz-
[Editorial Article in New York "Times," April 3.1
Our system of property tenure and intestate succession,
our doctrines of descent and distribution, were inherited
from England, largely from feudal times, from common
or statutory English law. England threw away the obsolete
rubbish in 1925. The Jenks-Fearon bill, signed by Governor
Roosevelt on Monday and to become effective Sept. 1 1930,
simplifies the administration of estates, protects widows,
orphans and dependents, removes notorious defects in the
existing law. Our statute of descent, in the main, is older
than the Constitution of the United States. In this country
90% of the persons who die without making a will leave only.
personal property. That is the prevailing form of wealth,
as land used to be. Yet the confusion, often the injustice,
of one set of rules for succession to real ana another for
succession to personal property has been kept up.
In the case of an intestate decedent there is to be a single
rule of succession and a single class of distributees for both
sorts of property. The surviving wife's or husband's share
is enlarged. The inheritance is no more to be flung among
a brood of distant relations, but given to the nearer in blood
and more dependent. So far as possible, real and personal
property in the assets will be treated alike. The right of
dower, so venerable and so pompous in sound, is in fact an
irony and a fraud. It gives a widow not a third of her
husband's realty but for life one-third of its income. Rich
men often take title to real property under a corporate name;
and the shares of the corporation are personal property.
The futility of dower is shown by the fact that actions
for its admeasurement are extremely rare. So the widow's
dower and the husband's courtesy are to end. Instead of a
share in income, the survivor shares in all the property and
may choose that share, though the will provide otherwise.
Under the present decedent estate law, a testator may not
bequeath more than half his estate for charitable purposes
if a husband, wife, child or parent survive. The other half
can be left to a stranger. Such cases are not uncommon. As
has been said, a man is bound to support his wife while he
lives, but nothing in the law prevents her being left without
a cent after his death.
That posthumous cruelty is to be stopped. On useful but
less vital provisions of the statute we need not dwell. It
is enough to say that it is a necessary and too long delayed
reform that promises to be of permanent value to many
generations. Being merely important and beneficial, not
political or emotional, there has been small flourish of
trumpets about it. The Commission of Surrogates and three
lawyers,appointed by Governor Smith;of Senators appointed
APRIL 13 1929.] ,
FINANCIAL CHRONICLE
2359
by the President pro tern of the Senate, of Assemblymen
appointed by the Speaker, has dug away at the subject
since 1927. Every member deserves the thanks of the community; nor would we withhold from the Legislature the
credit for passing a bill which has "nothing in it" for anybody except the public.
To the proposer and Chairman of the Commission, Surrogate Foley, who had learned by official experience the
faults
in the law of wills and succession, the honor of the initiative
and, presumably, the chief part in the amelioration of
that
law are due; but he would prefer that the honor be equall
y
divided among the distributees.
choice of privileges as to the widow taking her share of the
estate and also provides for the order of inheritance.
If a man or woman becomes divorced for adultery or
desertion, he or she loses all rights to claim a share in the
property left.
But in this State there is no divorce granted other than
for adultery. Then,again, those who adhere to the Catholic
religion recognize no divorce, and yet they may be burdened
by a wife who has sinned against her husband, and yet his
property will go to her just the same, although against his
wishes. He cannot disinherit her. The law does not become effective until Sept. 1 1930.
In this space, it is impossible to go into the details of the
bill or to point out its weaknesses, its merits and its deA Decedents' Estate Law.
Editorial Article in Coney Island "Times
merits. But what it is more particularly desired to point
" and West End "Journal"
Aprll 6.
out is this: That here was a most vital and important radical
If the Public would like to get some idea of how
laws are reform being introduced. That the bill was
left quietly
made that they are called upon to obey, whether they
like in the hands of a committee where it was thought
them or not—laws made "of lawyers, by lawyers,
it would
and for slumber until next year; that all of a sudden
, on March 19,
lawyers," as Senator Dr. Love describes the Legislature
of the bill was reported out of committee and with
the session
which he is one of its useful members, it could get it
from abruptly adjourning on March 22, three
days afterward, it
the record that tells of how the Decedents' Estate Bill
was was, after a short and abrupt discussion, passed
put through almost unknown to the public. Yet here
by the
is a
law which is one of the most radical and revolutionary reform Assembly a few hours comparatively before adjournment,
s
that has been passed in more than half a century, at least without proper thought or consideration.
Why wasn't the public kept informed of what it was
as far as this law is concerned. And it is a law which lawyer
s doing? Because it was sprung and jammed
through at the
themselves know little, and most of the public know a great
deal less. Probably, most of them haven't any idea what last moment, And because it was such a technical bill that
it is all about. Hence a little light thrown on the subjec the reporters did not understand it, had no time to pore over
t it, and so wrote little about it. Even the
lawyers up at
may be quite timely.
This bill which Governor Roosevelt has signed in haste, Albany, and certainly many of them here, knew nothing
about the bill and had no understanding of what it meant.
revolutionizes the law governing inheritances, real and
perAnd so Governor Roosevelt, good-natured, kind-hearted
sonal property, and lays down very emphatically the
,
rules believing that he was doing a wonderful thing
affecting the disposal of that real and personal
for "women's
property, rights," signed the bill in the presence
of women's rights'
whether a man or a woman leaves a will or not.
Under it representatives with much ceremony and
a husband cannot disinherit his wife and a wife
cannot dis- handed the gold pen to Surrogate Foley, publicity, and
who had a hand
inherit her husband. The man or woman
cannot leave in drafting the bill.
more than half of his property to charity.
It is called by
And this is the way they foist new legislation upon the
"women's rights" organizations an "equal
rights" law. The people. Laws are passed about which
they know nothing
woman is entitled to half of the real and person
al property of until they are passed, in which they
her husband unless there are children, and
have no hand in the
the existing law making, and all they have to do is to
obey them. There is
as to dower rights is abolished. Provision
is made as to something wrong somewhere in such a system
.
Grass and Net Earnings of United States Railroads
for the Month of February
The earnings of United States railroads for the
making it possible further to reduce the ratio of
month of February make an extremely favor
able expenses to earnings. The result altoge
ther has
comparison with those for the corresponding month
been that our tabulations for the month show
an
last year, there being substantial gains in
gross and increase in the gross revenues from
operations of
net earnings alike, notwithstanding the
fact that $18,292,585, or 4.02%, as compared with
the same
the month the present year contained one
less day, month of 1928. As this was attended by
a
relati
vely
February last year having been a leap
year. A slight addition to expenses, there is a
gain
in
the
net
variety of circumstances accounts for the
improved earnings (before the deduction of
the taxes) of
results the present year. Unquestionably
the activ- $17,381,393, or nearly 16%—in exact
figures 15.95%.
ity of trade and business in the present year
con- The ratio of expenses to earnings has
fallen from
tributed to the improvement in a more impor
tant 76.12% in 1928 to 73.38% in 1929,
as will be seen
degree than anything else. Last year at this
time from the following comparison of the
grand totals:
the trade revival, which became such a manif
est fea- Month of February—
1929.
1928.
Inc.(+) or Dec.(—).
Mlles of road(182
ture in the later months, was not yet much
242,884
242,668
+216'0.08%
in evi- Gross earnings roads) $474,780
,516 5456,487,931 +518,292,585 4.02%
dence, though in the automobile trade and
g expenses
348,411,668 347,500,476
+911,19
in the Operatin
2 0.26%
Ratio of expenses to earns73.38%
76.12%
—2.74%
steel industry there were already some percep
tible Netearnings
8126,368,848 $108,987,455 +517,381,393 15.95%
signs of the activity which later became such a
disAs to the activity of trade, many indications
of
tinctive feature of the period.
this could be furnished. It found strongest
expresAnother circumstance which has played a very
sion in the automobile trade and in the iron
important part in the pronounced improvement now
and
steel industry. According to the U. S. Depar
tment
disclosed is that comparison is with rather poor exof Commerce, February production
(factory sales)
hibits in 1928, our compilations then having shown
of motor vehicles in the United States
the present
a loss in gross earnings despite the extra day
in the year reached 466,084 notwithsta
nding the loss of
month, and only a trifling increase in the net earnone day, as against 323,796 in Febru
ary 1928, and
ings. As a matter of fact, the February return
s, only 304,735 in February 1927.
The iron and steel
prior to 1928, were also poor or indifferent for
sev- trades benefitted from this
as they did from the
eral successive years. A third factor in
swelling activity elsewhere. The
make of iron in the United
earnings the present year, at least in the case
of the States in February the prese
nt year reached 3,206,et results, has been the growing efficiency
with 185 tons against 2,900,126
tons in February last
hich the roads have been managed and
operated, year, when the month conta
ined one more working
2360
FINANCIAL CHRONICLE
[vol.. 128.
ry such as a diminished movement of grain and some
day, and comparing with 2,940,679 tons in Februa
to other classes of freight, partly if not wholly induced
1927. The production of steel ingots, according
ated' by the adverse weather with extreme cold. Another
the American Iron and Steel Institute, aggreg
24 group of roads, which did not share in the general
4,324,759 tons the present year in a month with
ry prosperity, was the Southern roads. There the trade
working days, as against 4,045,304 tons in Februa
prostration, which followed the collapse of the real
1928 with 25 working days.
boom in Florida and elsewhere, does not
estate
even
The roads may be said to have obtained
appear to have as yet been fully relieved. At all
greater benefits, in the shape of added traffic and
inas- events, several of the roads in that part of the counrevenues,from the enlarged production of coal,
try are again obliged to report losses, either in gross
much as the coal tonnage constitutes such an imearnings or in net earnings, or in both combined.
portant item of freight with so many of the roads
ed That, however, it is proper to state, does not appear
and systems. The increased mining of coal follow
to have been the case with the distinctively Florida
in part from the expanding activity of trade in so
small roads, or those directly connected with the Florida
many different lines, but it was also due in no
systems. For instance we find the Florida East
measure to the fact that the coal mining companies
Coast, after its heavy decreases in February of last
after having allowed their stocks and supplies to
year and the year before, reporting this time an inrun down to pretty low levels in 1928, undercrease of $154,016 in gross and of $267,067 in net.
took now to replenish them, and with such vigor
The Atlantic Coast Line and the Seaboard Air
that it became a question whether the replenishment
Line reveal similarly encouraging records. Both
process was not being carried too far, since it appearsuffered heavy losses in the two years immediately
ed to be running pretty well ahead of the demand for
preceding, but the Atlantic Coast Line now for 1929
fuel. No less than 47,271,000 tons of bituminous coal
shows $553,217 gain in gross and $1,173,013 gain in
were mined in the United States during February
net, and the Seaboard Air Line records $212,327
1929, against 41,351,000 tons in February 1928, but
recovery in gross and $150,191 in net. On the other
comparing with 52,697,000 tons in February 1927 in
hand, the Louisville & Nashville, after only moderate
which latter year coal mining was prosecuted on an
losses the previous year, reports for 1929 $201,528
enormous scale in preparation for the strike which
additional decrease in gross, though attended by
it was known would be a certainty on April 1 of
$301,977 gain in net. Many of the less important
that year, in the union-controlled bituminous coal
Southern roads are likewise obliged to report losses,
mines throughout the country. The production of
for instance, the Central Railroad of Georgia and
as,
Pennsylvania anthracite was also on a greatly inMobile & Ohio. The Illinois Central, it is true,
the
creased scale the present year, reaching 6,670,000
a good showing, with $613,718 improvement
makes
tons, as against 5,582,000 tons in February 1928, and
and $447,956 in net, but only a small portion
gross
in
5,812,000 tons in February 1927. Of soft coal and
of the mileage of this system lies in the territory
hard coal combined the product was 53,941,000 tons
south of the Mississippi, while the Yazoo & Missisin February 1929, against 46,933,000 tons in Februsippi Valley reports $98,957 falling off in gross and
ary 1928, and 58,509,000 tons in February 1927. It
$72,519 in net. The Southern Railway records modwill be noted that while the output of coal was suberate losses this year, following relatively light
stantially higher than in the same month of last
losses, too, in the year preceding. Its loss in gross
year, it fell far short of the extraordinarily heavy
2%, and its loss in net
is $398,129, or only about 31/
output in the same month of the year preceding, the
is for the Southern
This
6%.
over
little
$196,751, or
reason for which has already been explained. It
lines going to
other
the
ing
Includ
.
proper
Railway
should perhaps be noted that the loading of railroad
the
,
showing is
y
System
Railwa
rn
Southe
the
form
revenue freight on the railroads of the country (cov98
decrease
$334,3
being
there
rable,
unfavo
less
even
ering railroad traffic of every description) makes
roads
The
in
net.
se
2
decrea
$99,73
only
and
gross
in
similar comparisons, that is, shows totals above
Chesathe
s,
like
region
coal
ntas
g
Pocaho
the
servin
those of last year, but not up to those of 1927,
peake & Ohio, the Norfolk & Western and the Virthough the difference in favor of the last mentioned
, all show larger or smaller increases in both
ginian
year was not so great. In other words, in the four
net.
and
gross
weeks of February 1929 the loadings reached 3,767,In
case of the roads traversing the Norththe
758 cars against 3,590,742 cars in 1928 but compar
on, in west, the Chicago, Milwaukee, St. Paul & Pacific has
ing with 3,801,918 cars in 1927. The variati
and been the heaviest sufferer from the adverse circumthe coal traffic, of course, played its part in this
rail- stances and conditions noted, it reporting $334,928
yet it is important to bear in mind that though
loss in gross and.$1,058,490 loss in net, reflecting no
road traffic was better than a year ago it neverthedoubt the severe operating conditions which acted
less was not quite equal to that of the year preceding.
at once to reduce the volume of traffic and to add to
Aside from the fact that the coal traffic did not
the cost of moving the traffic. The Northern Pacific,
recover the whole of last year's heavy loss, it de- on its part, fell
$354,652 behind in gross and $410,serves to be noted that there were likewise some unThe
net.
in
Great Northern did much better,
690
favorable circumstances present the current year
a small gain in gross ($18,537),
to
its
credit
having
which served to reduce tonnage and revenues. In
than $603,460 decrease in net.
less
no
ing
but
report
other words, the record of prosperity, of which so
the country, where condiof
der
the
In
remain
much is being made, was not unalloyed. Two main
quite generally favorwere
noted,
y
as
tions,
alread
groups of roads proved partial exceptions, one of
estern systems
Southw
the
of
l
h
severa
able
(thoug
these being the Northwestern group traversing the
) the best
traffic
also experienced some falling off in
spring wheat districts in that part of the country,
East-andgreat
the
accounts come as a rule from
where the roads had adverse weather conditions -to
West trunk lines. These stood to gain most from
contend with, the winter having been quite severe,
the activity of general trade and likewise from the
and where also there were some other drawbacks
Aram 13 1929.]
FINANCIAL CHRONICLE
heavy movement of coal. The Pennsylvania Railroad added $2,381,686 to its gross and $2,187,732 to
its net. The New York Central enlarged its gross
by $1,400,133 and its net by $575,045. This is the
result for the New York Central itself. Including
the various auxiliary and controlled roads, the
whole going to form the New York Central Lines,
the result is $2,654,912 gain in gross and $920,150
gain in net. The Baltimore & Ohio bettered its
gross by $932,767 and its. net by $958,402. The
Erie Railroad reports $692,771 gain in gross and
R785,065 gain in net.
The Lehigh Valley shows
345,545 increase in gross and $723,322 increase in
net. The distinctively anthracite carriers like the
Delaware, Lackawanna & Western, the Delaware &
Hudson, etc., all have large gains to their credit.
In the following we show all changes for the separate roads for amounts in excess of $100,000,
whether increases or decreases and in both gross
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF FEBRUARY 1929.
Increase.
Increase.
Pennsylvania
$2.381,686 Pittsburgh & Lake Erie__ $227.018
Norfolk & Western
1,529.328 ReadIng
221.873
New York Central
a1,400,133 Seaboard Air Line
212,327
Southern Pacific (2). - 1,336,450 Wheeling & Lake Erie
181.670
Baltimore & OhioDenver & Rio Or West170.240
Atch Top & Fe(3)88434 Florida East Coast
154.016
Union Pacific (4)
831,134 Rich Fred & Potomac
112.694
Chesapeake & Ohio
809,789 Denver & Salt Lake
111.837
Wabash378 N Y Ontario & Western_
103,461
Chic Rock IsI'd & Pac(2)
711113',582
692,771
Total(45 roads)
$20 376,275
Michigan
r
Central
648,591
Decrease.
Illinois Central
613/18 Southern Railway
b$398,129
Atlantic Coast Line
553,217 Northern Pacific
354,652
Del Lack & Western_ ___
529,305 Chic Mil St Paul & Pao.334,928
Detroit Toledo & Ironton
467,940 K 0 Mex & Or of Texas..
253.219
Pere Marquette
448,745 Texas & Pacific
231.345
Clev Mc Chic & St L._
402,749 St LouisSan Francisco(3)
227,869
Missouri Pacific
381.465 Louisville & Nashville......
201,528
Lehigh Valley
346,545 MaineCentral
164,726
Chicago Burl & Quincy309,073 Chic St P Minn & Om
139,750
Grand Trunk Western-303,021 Central of Georgia
136.836
Hocking Valley
292,802 Minn St P & S S Marie__
119.038
Los Angeles & Salt Lake..
286,906 IC 0 Mesdco & Orient__
114,514
Central Vermont
285,981 Mobile & Ohio
104,401
Central of New Jersey.-275,932 Norfolk Southern
102.553
Delaware & Hudson.._-232,006
New York Chic & St L__
227,191
Total (16 roads)
$2,883,488
a These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c.,the result is an increase of;2,654,912.
b This is the result for the Southern Railway proper. Including the
Alabama Great Southern. the Cincinnati New Orleans & Texas Pacific.
the Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama,the whole going to form the Southern Railway System,
the result Is a decrease of $334.398.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF FEBRUARY 1929.
Increase.
Increase.
Pennsylvania
$2,187,732 Pitts & West Virginia-- $210,892
202,958
Atlantic Coast Line
1,173,013 Clev Chic Chic & St L.187,612
Norfolk & Western
1,164,969 Washy Chatt & St LouisAtch Top & S Fe (3)-.
170,292
- 1,163,083 Colorado & Southern (2)
Chesapeake & Ohio
162,177
1.125,927 Missouri Pacific
Baltimore & Ohio
958,402 Seaboard Air Line
150,191
Southern Pacific (2)._ _ 149.176
891,097 Central of New Jersey
Erie (3)
785,065 Denver & Rio Or West
147,667
N Y N H & Hartford
724,086 Virglnian
147,078
Lehigh Valle
723.322 Denver & Salt Lake
146.309
Chicago Burl & Quincy
706,175 Chicago & Alton
127,821
Del Lack & Western.-690,655 Rich Fred & Potomac......
111.005
New York Central
0575,045 West Jersey Seashore....
109,110
Central Vermont
542,809 Wheeling & Lake Erie.105,203
Wabash
514,495
Union Pacific (4)
475,068
Total(52 roads)
$20,476,206
Illinois Central
447,956
Detroit Toledo & Ironton
403,469
Decrease.
329,189 Chic Milw St P
Reading
1,058.490
317,402 Great Northern
Los Angeles & Salt Lake..
603,460
314,214 Northern Pa. l,I.
Pere Marquette
410,690
Louisville ,lc Nashville.-301,977 Texas Pacific
200,736
'Grand Trunk Western.297,185 Southern Railway
b196,751
Hocking Valley
289.919 St Louis Southwestern (2)
146,377
•
Michigan Central
288,367 Pittsburgh & Lake Erie
138,567
267,067 Chic St P Minn & Om.Florida East Coast
135,768
256,838 Minn St P & S S Marie....
Long Island
109,296
Delaware St Hudson
218,007
216,192
Total (9 roads
N Y Chic & St Louis....
$3,000,135
a These figures merely coves. the operations of the ew York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central,the "Big Four," &c.,the result Is an increase of$920,150.
b This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $99,732.
Weather conditions the present year were not
much of a drawback in the northern part of the
eastern half of the country. In the western half,
however, the winter was quite severe, extreme cold
accompanied in many instances by repeated heavy
snowfalls, having seriously interfered with railroad
operations. The remark applies particularly to
Wisconsin, Iowa, Colorado, Utah, Wyoming, Montana, Idaho and in much the same the territory all
the way west to the State of Washington. Colorado
2361
seems to have suffered most from accumulated snow.
Thus Associated Press dispatches from Denver Feb.
7 said that railroad transportation in the mountainous regions of southwestern Colorado was at a
standstill, while section crews began a two-weeks'
task of clearing tracks of the heaviest snow slides
in many years. The towns of Silverton, a mining
community, and Craig on the Denver & Rio Grande
Western RR. were completely isolated, it was stated.
Nine snow slides had crashed down on the tracks
since Feb. 2 and one of these was said to be from
forty to seventy-five feet deep and 800 feet wide.
The Rio Grande Southern, operating on the Lizard's
Head Pass, it was also stated, was blocked by snowdrifts, though there were no snowslides. It was also
reported that highways in Wyoming, Utah and
Idaho were blocked by snowdrifts and that zero
temperatures were general. Montana appears to
have suffered in a similar way. On Feb. 9 Associated Press advices from Kansas City stated that
railroad transportation in Southwestern Colorado
had been further hindered by additional snow, as
zero temperature in that region and in Kansas,
Oklahoma and the Texas Pan Handle, covered by
an uneven white blanket ranging up to 12 inches,
continued. Two more snowslides had crashed on
the tracks of the Denver & Rio Grande Western between Durango and Silverton, Col., making a total
of eleven in thirteen miles. On Feb. 17 press dispatches from Durango stated that relief from a food
shortage, which had become serious, was in sight for
the isolated town of Silverton, Col., as large forces
of workers continued to cut through mountains of
snow, which had blockaded the once famous mining
camp since Feb. 3. Avalanches of snow, which had
buried the Denver & Rio Grande Western tracks into
the town to a depth ranging from six to eighty feet
were expected to be cleared away within three days
to enable a train to pull into the town with food and
commodities.
As stated at the outset of this article, comparison
this year (speaking of the roads collectively), is
with poor or indifferent results in the years immediately preceding. Our compilation. for February
1928 showed $12,850,859 loss in gross, notwithstanding, the month contained one more working day,
while a very small gain,in net ($541,678) was shown.
In 1927 and 1926 there was only moderate improvement, while in 1925 there were heavy losses in both
gross and net. In February 1927 our tabulation
showed $8,733,567 increase in gross and $7,748,287
increase in net, and in February 1926 it showed
$5,029,255 increase in gross (only 1.11%) and
$38,008 decrease in net. In February 1925 there
were, as stated, material decreases in both gross
and net-$24,441,938 in the former and $4,981,506
in the latter. On the other hand, however, it
should be pointed out that comparison then
was with strinkingly favorable results in 1921,,
partly due to the extra'day contained in the month
then, it having been a Leap Year like 1928. Weather
conditions were extremely propitious in February
1924, the same as in Pebruary 1928, with virtually
no obstructions to railroad operation in any part of
the country from snow or ice or extreme cold. Contrariwise, in 1923, the winter was of unusual severity in many parts of the northern half of the
United States and the situation then was worse in
February than it had been in January, in part be-
2362
cause of the cumulative effect of the unfavorable meteorological conditions. In January 1923 the roads
in New England and in northern New York suffered from repeated snowstorms and from the depth
of the accumulated snowfalls. In February 1923
these sections continued to be afflicted in the same
way and the trouble also extended to many other
sections of the country-in fact, as we pointed out
at the time, to practically all parts of the country
outside of the South. And the result was to embarrass transportation and to add greatly to the cost
of operation, expenses then having increased in all
directions. In February 1924, with no such interference by the weather, at least only occasional interferences in isolated cases, it was possible to bring
expenses down again to somewhere near the normal,
and this circumstance, along with the extra day
which the month contained, gave us an extremely
satisfactory statement of earnings, both gross and
net, in the month of that year, our statement for
February 1924 having shown $31,939,712 increase in
gross and $33,387,370 in net. These gains, however,
in February 1924 in turn'came after a poor or indifferent return in February 1923, due to the severe
winter weather conditions to which allusion has just
been made. It must not be supposed that there was
any loss in the gross earnings in February 1923.
On the contrary, the falling off was entirely in the
net earnings and, as just stated, was due to the severity of the weather. In the gross there was then
an increase in amount of $44,745,531, but it was attended by an augmentation in expenses of no less
than $50,988,243, leaving hence, a loss in the net of
$6,242,712.
There were, though,losses in the gross both in 1922
and in 1921, but large gains in the net by reason
of sharp cuts in the expenses in these earlier years,
cuts which were then an imperative requirement,
following the tremendous augumentation in expenses
during the period of Government operations of the
roads.
In February 1922 our compilations showed
$4,772,834 decrease in the gross, but $54,882,820 increase in the net, the result of a reduction in expenses of $59,655,654. And this followed $19,171,075 decrease in the gross and $11,536,799 increase
in the net in February 1921. The loss in the gross in
1921 would have been very much larger, as the country at the time was suffering intense prostration of
business, except that the roads were still enjoying
the benefits accruing from the great advance in rates
authorized by the Commerce Commission at the end
of the previous July-an advance which it was computed would add on the same volume of business
$125,000,000 a month ($1,500,000,000 per year) to
the revenues of the carriers. The reduction in expenses at that time was also smaller than it would
have been because of the wage award made by the
Railroad Labor Board the previous July, and which
on the Volume of trrafic then being done it was computed would add an average of $50,000,000 a month
to the payrolls of the roads. Nevertheless, the decrease in expenses then reached, as we have already
seen, $30,707,874.
In 1920 and previous years expenses had been running up at a frightful rate. In February 1920 our
compilations showed $16,428,891 loss in net on $72,431,089 gain in gross. In that year (1920) the February expenses were swollen in unusual degree by
[VOL. 128.
FINANCIAL CHRONICLE
the adverse conditions under which railroad operations had to be carried on at that time. The winter
weather encountered in February 1920 was indeed
of exceptional severity and it was all the more noteworthy because in sharp contrast with the extremely
mild weather of the year preceding and comparable
only with the weather of 1918, when the country was
still in the throes of war. Temperatures in 1920
were perhaps not quite so low as in February 1918,
but the fall of snow was immensely heavier and the
interference with railroad operations correspondingly greater. In February 1919, notwithstanding the
winter was extremely mild, as already stated,.and
comparison was with weather in 1918 of exceptional
severity, accompanied by snow blockades, railroad
embargoes and freight congestion of great intensity,
expenses increased so heavily that a gain of $61,656,597 in gross was converted into a loss of
$1,191,014 in net. In February of the years preceding, results were just as bad. In other words, February 1918 showed $25,148,451 gain in gross, but
$28,944,820 loss in net, while the year before (February 1917) our tables registered an increase of
$2,655,684 in gross but a contraction of $21,367,362
in the net. It was this long continued rise in expenses, with resulting losses in net, that furnished
the basis for the subsequent reductions in the expenses. In the following we give the February totals
back to 1906. We use for 1911, for 1910 and 1909
the Inter-State Commerce totals, but for the preceding years we give the results just as registered by
our own tables each year-a portion of the railroad
mileage of the country being always unrepresented
in these earlier years, owing to the refusal of some
of the roads in those days to give out monthly figures for publication:
Gross Earnings.
Na Earnings.
Year.
Year
Given.
Year
Increase or
Preceding. Decrease.
Year
Given.
Year
Increase or
Preceding. Decrease.
$
8
$
8
$
February
i
1906 ___ 120,728,671 95,625,938 +25,102,733 33,486.486 19.937,363 +13,549.271
1907 ___ 123,920.810115,123,660 +8,797.150 30,869,082 32,319,683 -1,650,601
1908 ___ 123,389,288 141,102,297-17,713,009 26,154,613 34,919,215 -8,764,602
1909 ___ 174,423,831 161,085,493 +13.338,338 49,194,760 37,311.587+11,883,713
56,976,253 49,241,904 +7.734.299
, ,
. .
1910 -- . •
1911 _ 199,035,257 202,492,120 -3.450.863 49,888,584 56,920,786 -7,032,202
1912 ___ „ 197,278,939 +20,752.155 57,411,107 49,135,958 +8.275.149
1913 ___ 232,726,241 218,336,929 +14.389,312 59,461,341 57,458.572 +2.002,769
1914 _ 209.233,005 233,056,143-23,823,138 39,657,965 59,553,012 19.895.047
1915 __ 210,860,681 212,163,967 -1.303,286 51,257,053 39,274.776 +11,982.277
1916 ___ 207.579.814209.573,903 +58,005,851 79,929,463 51.043.120+28,886,343
1917 ___ 271 928 066 269 272 382 +2.655.684 58,904.299 80,331,661 21,367,362
1918 ___ 285,776,203 260,627,752+25,148,451 27,305,808 58,250,628 28.944,820
1919 __ 351,048.747 289,392,150 +61,656,597 27,623,406 28,814,420 -1,194,014
1920 ___ 21,180,876 348,749,787 -1-72,431,089 10,688,571 27,117,462 10,428.891
1921 ___ 05,001,273 424,172,348-19,171,075 20,771,731 9,234,932 +11,538,799
1922 _ 00,430,580405.200,414 -4,772,834 76,706,840 21.824,020+34,882.820
1923 ___ 44,891,872400,146,341 +44,745,531 70,387,622 76,630.334 -6,242,712
1924 ___ 77,809,944445.870.232 +31.939.712104,117,278 70,729.908 +33.387,370
, ,
1925___
478,451,607}-24.441,938 99,460.389 104,441,89 -4,981,506
1926 ___ 459,227,310 454.198,055 +5.029.255 99,480,65099,518,658-38,008
1927 ___ 467 808 478 459 084 911 +8,723,567107,148,249 99,399,962 +7,748,287
1928 ___ 455,681,258 468,532,117i-12,850,859 108,120,729 107,579.051
+541,678
929 _ __ 474.780,516 456,487,9311+ 18,292,585 126,368,848 108,987,455 +17,381.393
Note.-Includes for February 101 roads In 1906; 94 In 1907; In 1908 the returns
were based on 151,580 miles of road; In 1909, 232.007; In 1910, 239.725; In 1911,
242.640: In 1912, 237,082: In 1913, 240,986; In 1914, 244,925; In 1915, 246,186; in
1916, 245,541; In 1917, 249,795; In 1918, 238.891:10 1919, 232,957; In 1920. 231,304:
In 1921, 235.653; In 1922, 235.625: In 1923, 235,399: In 1924, 235,506; In 1925.
236,642; In 1926, 236,839; in 1927, 237,970; in 1928. 239,584; In 1929, 242.884.
When the roads are arranged in groups, or geographical divisions, according to their location, the
generally favorable character of the comparisons
with 1928 are strikingly revealed. Gains appear in
gross and net alike with the exception of the Northwestern region in the Western district, where a
moderate decrease in gross is recorded and a very
heavy decrease in the net earnings. In the Southern region the increase in the gross is hardly more
than nominal, though this has not prevented a decided increase in net as a result of increased economy
of operations. In the Southwestern region the gains
in gross and net alike are not much more than nominal,some of the roads there having fared badly, the
same as the roads further to the north. Our sum-
APRIL 13 1929.]
FINANCIAL CHRONICLE
mary by groups is appended below. As previously
explained, we group the roads to conform with the
classification of the Inter-State Commerce Commission. The boundaries of the different groups and
regions are indicated in the footnote to the table.
Summary by Districts and Regions.
District and Region.
Gross Earnings
Month of February1929.
1928.
Inc.
or nee.(-)
Eastern District%
New England region (10 roads)____ 20,256,950 20,030,342
+226.608
1.13
Great Lakes region (34 roads)
89,466.441 83,121.961
+6,344,480 7.63
Central Eastern region (28 roads) 105,731,150 100,384,300
+5,346,850 5.33
Total(72 roads)
215,454,541 203,536,603 +11,917.938
5.85
Southern DistrictSouthern region (31 roads)
63,956,418 63,705.712
+250.706 0.39
Pocahontas region(4 roads)
22,301,737 19.822,362
+2,479,375 12.50
Total(35 roads)
86.258,155 83,528,074
+2,730,081
3.26
Western DistrictNorthwestern region 118 roads)
49.756,749 50,693,281
-936,532 1.85
Central Western region (24 roads)- 80.011,338
75,478,641
+4,532,697 6.00
Southwestern region (33 roads)._ 43,299,733 43,251,332
+48,401 0.09
Total(75 roads)
173,067,820 169,423,254
+3,644,566
2.15
(+)
Total all districts(182 roads)
474,780,516 456,487,931 +18,292,585 4.02
District and Region.
Net Earnings
Month of Feb.-MikaSe
- 1929.
1928. Inc.(-j-) or Dec.(-)
Eastern District1929. 1928.
$
New England region__ 7,280 7,279 5,956,427 4,652,299 +1,304,128 28.03
Great Lakes region___ 25,537 25,537 24,037.508 18,981,074 +5,056,434 26.63
Central Eastern region 27.276 27,200 25,683,878 20,394,881 +5,288,997 25.98
Total
60.093 60,022 55,677,813 44,028,254+11,649,559 26.45
Southern DistrictSouthern region
39,798 40,203 17,235,263 15,178,934 +2,056,329 13.54
Pocahontas region
5,632 5,619 8,420,417 5,871,438 +2,548,979 43.41
Total
45,430
Western DistrictNorthwestern region.. _ 48,987
Central Western region 52,012
Southwestern region
36,362
Total
45,822 25,655,680 21,050,372 +4,605,308 21.88
48,657 9,221,667 11,673,037 -2,451,370 21.15
51,896 24,845.344 21,361,761 +3,483,583 16.30
36,271 10,968,344 10,874,031
+94,313 0.86
137,361 136,824 45,035,355 43,908,829 +1,126,526 2.56
Total all districts 242.884 242,668 126,368,848 108,987,4554.17,381,393 15.95
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following truncates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region.-This region comprises the section on the Canadian
boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York..
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the wouthweetern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio Rivernorth to Parkersburg.
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-Thls region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central IVestern Region.-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and
thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso
and by the
Mexican boundary to the Pacific.
Southwestern Regton.-This region comprise the section lying between
the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and
thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads in February, taking them as a
whole, did not have as large a grain movement
as in the month a year ago and their livestock tonnage movement, too, was not up to that of 1928.
Wheat receipts ran heavier than in the preceding
year, and there was an increase also in the receipts
of barley, but the corn movement was heavily reduced and the receipts of the other cereals also were
on a diminished scale. The receipts of wheat at the
Western primary markets for the four weeks ending
Feb. 23 were 25,371,000 bushels, against 21,419,000
bushels in the corresponding four weeks of 1928;
the receipts of corn, 31,964,000 bushels, against
42,026,000 bushels, and of oats 9,633,000 bushels,
against 11,439,000 bushels. Adding barley and rye,
the receipts for the five items combined for the four
weeks aggregated only 72,605,000 bushels, as against
80,285,000 bushels in the corresponding period of
1928. The details of the Western grain movement in
our usual form appear in the table we now present:
2363
WESTERN FLOUR AND FRAIN RECEIPTS.
Four Weeks
Flour.
Wheat.
Corn.
Oats.
Barley.
Ended Feb.23. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1929
998,000 1,696.000 10,750,000 2,438,000
861,000
1928
967.000
841,000 14,315,000 4,596,000
788,000
Milwaukee1929
141,000
128,000 1.201,000
369,000
750,000
1928
134,000
96,000 2,435.000
290,000
887,000
St. Louis1929
444,000 2,906,000 3.583,000 1.769,000
162.000
1928
482,000 1,938,000 4,298,000 1,816,000
200,000
Toledo1929
867.000
164,000
459,000
5,000
1928
845.000
167,000
236.000
1,000
Detroit1929
115,000
93,000
110,000
7,000
1928
111,000
83,000
120,000
Peoria1929
264.000
135,000 2,786,000
539,000
321,000
1928
269,000
78,000 2,464.000
691,000
439,000
Duluth1929
1.698.000
153,000
260,000
822,000
1928
3,419,000
3,000
24,000
49,000
Minneapolis1929
6.718.000
749.000 1,527,000 1,7.54,000
1928
8,276,000 1,807,000 1,462,000 1.855,000
Kansas City1929
6,297,000 5,340,000
314,000
43,000
1928
3,187,000 9,488,000
410,000
Omaha dr Indianapolis1929
2,472,000 4,660,000 1,534.000
1928
1,097,000 6,536,000 1,456.000
Sioux City1929
144,000
385,000
164,000
8,000
1928
112,000 1,239,000
290.000
2,000
St. Joseph1929
724,000 1,475.000
50,000
1928
431,000 1.304,000
84,000
Wichita1929
1,471,000
625.000
100,000
1928
988,000
282.000
62,000
Total All
1929
1,847,000 25,371.000 31,964,000 9.633,000 4,733,000
1928
1,852,000 21,419,000 42,026.000 11.439,000 4,221,000
Jan. 1 to
Flour.
Wheat.
Corn.
Oats.
Barley.
Feb. 23.
(bats.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1929
1,959.000 2,519.000 22,094,000 4,811.000 1,452,000
1928
1,920,000 1,605,000 21.986,000 7,334,000 1,477,000
Milwaukee1929
276,000
168,000 2.879,000
702.000 1,316,000
1928
243,900
193,000 3,632,000
712,000 1,913,000
St. Louis1929
964.000 5,555,000 7,502,000 3,574,000
298,000
1928
942,000 3,831,000 7,707,000 3,297,000
335,000
Toledo1929
1.351,000
369,000
815,000
17,000
1928
1,321,000
311,000
497,000
8,000
Detroit1929
228,000
173,000
224,000
8,000
1928
315,000
136,000
226.000
8,000
Peoria1929
534,000
213,000 5,040,000 1.045,000
838,000
1928
550,000
157,000 4,577,000 1.314,000
723,000
Duluth1929
3,801,000
664,000
364,000 1,005,000
1928
6,448,000
17.000
104,000
190,000
Minneapolis1929
12.309,000 2.599,000 2,582,000 3.202,000
1928
16,897,000 2,700,000 3,266,000 3.907,000
Kansas City1929
10,033,000 10,175,000
684,000
43.000
1928
6,388,000 13,371,000
538.000
Omaha de Indianapolis1929
4.084,000 9,282.000 2.566,000
1928
2,249,000 11,854.000 2,552,000
30.000
Sioux City1929
255,000 1,745,000
462,000
14.000
1928
252,000 2.763.000
593.000
7,000
St. Joseph1929
1,485,000 2,917.000
186,000
1928
1,018,000 3,019,000
166.000
Wichita1929
2,275,000 1,301,000
132,000
1928
2.388,000
775.000
130.000
Total All
1929
3,733,000 44,276,000 66,740,000 18,147.000 8.193,000
3.655,000 43.062,000 72,848.000 20,729.000 8,598,000
1928
Rye.
(bush.)
130.000
137,000
43,000
50.000
1.000
5.000
6,000
10,000
26.000
15.090
207,000
627,000
491,000
328,000
7,000
904,000
1,180,000
Rye.
(bush.)
346,000
275,000
64,000
112,000
2,000
16,000
14,000
12,000
44.000
37.000
83.000
420.000
1,262,000
875,000
632,000
1.000
7.000
1,848.000
2.354,000
As to the Western livestock movement, the receipts at Chicago comprised only 18,310 carloads,
as against 22,700 carloads in February last year; at
Kansas City 7,017 carloads, against 8,691 carloads,
and at Omaha 5,793 cars, against 9,173 cars.
On the other hand, Southern roads in February
benefited by a heavier cotton movement, last season's crop of the staple having been much larger.
Gross shipments overland in February the present
year reached 122,064 bales, as against only 76,033
bales in February 1928, but comparing with 136,416
bales in 1927, 130,882 bales in 1926, and 180,077 bales
in 1925. The receipts of cotton at the Southern outports aggregated 386,096 bales in February 1929, as
against 359,111 bales in 1928, 858,036 bales in 1927,
564,125 bales in 1926, and 711,032 bales in 1925, as
will be seen from the following table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
SINCE JAN. 1 TO FEB. 28 1929. 1928, 1927.
February.
Since Jan, 1.
Ports.
Galveston
Texas City. arc
New Orleans
Mobile
Pensacola, drc
Savannah
Charleston
Wilmington
Norfolk
Yew
1929.
1928.
1927.
1928.
1927.
108,190
125,416
113,368
13.083
471
9.930
3,417
3,776
8,445
132,554
88,556
92.312
9,430
245
20,303
4.331
5,825
5,555
229.282 359,305
234,083 373,854
210.055 275,922
22.265
36,476
594
479
77.426
30,888
37,529
12.880
14,714
9,059
32,088
18.912
302,122
228,771
236.805
23,867
248
48.109
15,869
12,484
17.628
519,487
571.985
451.200
44,175
1,274
153,011
63,048
23.728
63.037
Zia nen
2150115
2155 fIRA 1 117 77A
8515.903 1.890.945
1929.
2364
FINANCIAL CHRONICLE
[VOL. 128.
Not Entitled to Sue.
District of Columbia Court Decides Against American
In holding that the appellants were not entitled to maintain the action,
Treasury
Compel
Silver Producers in Action to
the opinion of Justice Van Orsdel states that there was no showing that
Department to Purchase Silver Under Pittman Act. they would he financially benefited by the issuing of the writ.
"Neither does it appear," it continues "that the defendants were under
The American Silver Producers Association and certain any obligation to purchase silver from the relators or that they have any
entitled
not
are
silver
of
production
silver
which they could sell to the defendants."
in
corporations engaged
having the necessary legal interest upon which to claim the writ
to maintain an action for a writ of mandamus to compel the on"Not
their own behalf, it logically follows that they are not in a position
to
Mint
the
of
Director
the
and
Treasury
the
of
Secretary
to claim it on behalf of others who might have such an interest. Assuming,
make purchases of silver as provided by the Pittman Act, for the purpose of argument, though it does not clearly appear from the
that relators would be indirectly and remotely benefited by the
record,
enacted during the World War, it was held by the Court of purchase of silver
from others, this interest is too indirect and remote to
handed
opinion
an
in
Appeals of the District of Columbia,
entitle them to the writ"
In an item in our issue of June 30, 1928 (page 4027) in
down April 1. The "United States Daily" of April 2 in
which we referred to the dismissal by the District of Columreporting this said:
Without considering the merits of the case, the Court sustained the bia Circuit Court of the application of a writ of mandamus
dismissal of the petition for a writ of mandamus by the Supreme Court of
against Secretary Mellon and Director of Mint Grant, it was
the District of Columbia.
noted that the corporaions which brought the action were
Provisions of Law.
The Pittman Act provides, the opinion explains, that the Secretary of the American Silver Producers Association, the Della S.
the Treasury is authorized to break up and sell silver bullion, and for Consolidated Mines Co. and the Spar Consolidated Mines
every such sale of silver bullion immediately to direct the Director of the
also stated therein that to have
Mint to purchase in the United States an amount of silver equal to the Co., all of Colorado. It was
amount melted up and sold. The purpose of the Act, it states, is to con- compelled compliance with the Pittman Act would have
serve the stock of gold, provide silver for subsidiary coinage and for com- cost the Government $6,500,000, at the present market price
mercial use, and assist foreign governments associated with the United
of silver. The Pittman Act provided that the Secretary of
States in the World War.
The allocation of any silver for subsidiary coinage was to be regarded the Treasury be directed to break up and melt more than
subsidiary
for
made
as sale or resale, the Act provides. Allocations were
350,000,000 silver dollars and authorized the sale of bullion
coinage, the opinion states, but purchases were not made to take the place
dollars from this process at $1 an ounce. It also provides
allocated.
so
of the silver
The appellants contend that a mandatory duty was laid upon the Secretary for the purchase of an ounce of new domestic silver for
of the Treasury to immediately direct the Director of the Mint to purchase
each ounce old silver sold.
a corresponding amount of silver.
The New Capital Flotations during the Month of March and for the Three
Months Since the First of January
Whatever retarding influence the tension in the money
market may have in other directions, its presence is not
reflected in the totals of new stock and bond issues brought
out in this country on domestic and foreign account. Our
compilations relate to the month of March and again we
have an aggregate in excess of $1,000,000,000. As a matter
of fact, the totals have been running quite regularly in
excess of a billion dollars a month for some time past.
These high totals, too, have been attained in face not
alone of the prevailing high money rates, but in face also
of reduced offerings of certain lines of securities, like foreign
Government bonds and domestic municipals issues, which
by reason of the relatively low interest rates they bear,
do not find a ready or an extensive market in times of
monetary stringency like the present.
Our compilation, as always, includes the stock, bond and
note issues by corporations and by States and municipalites,
foreign and domestic, and also farm loan emissions. The
grand total of the offering of securities under these various
heads during March reached in exact figures $1,044,134,349.
In February the total was $1,018,230,602 and in January
$1,063,012,703. In December the offerings aggregated
$1,178,659,551, or far in excess of any previous monthly
total. In November 1928 the offerings were $961,566,999.
In' October, before full recovery had occurred from the
mid-summer slump which was such a conspicuous feature
of the 1928 financing, the new emissions were $797,508,691.
As against these amounts, the aggregate of the new issues
brought out during September last was only $543,095,069
and that for August no more than $267,001,422, this last
standing as the smallest amount of new financing done in
any month of any year since July 1923. This reflected the
very pronounced slowing down which occurred during the
summer of last year in the bringing out of new stock and
bond issues because of the money tension and the readjust-,
meta of security values that this made necessary. In
July, also, of last year, the money situation, along with
the congested condition of the bond market, operated to
hold down the appeals to the money and investment markets
and as a consequence the aggregate of the new capital
issues brought out in that month reached no more than
$446,542,439. On the other hand, in June last year the
grand total of the offering of new securities ran above a
billion dollars, the same as now for the different months
of 1929, the precise amount for June 1928 having been
$1,029,567,131. In May 1928 the total of new financing
also exceeded a billion dollars, the exact figure being
$1,033,438,110. In April last year the new offerings
aggregated $1,057,531,542, this having been the largest
amount ever recorded for• any month of any year up to
that time.
Several conspicuous features appear on an analysis and
study of the figures for the month under review. The
grand aggregate of all financing for March the present
year at $1,044,134,349, does not differ so very greatly
from the grand aggregate for the month of March last
year, which was $970,836,616. But whereas in March 1928
no less than $365,023,500 was for refunding purposes—
that is, to take up for redemption or retirement previously
existing issues—in March of the present year only $59,958,823 was for refunding. Accordingly,$984,175,516 reproseated new capital in March this year, against no more than
$605,813,116 in March 1928. The same feature is seen
to mark the new financing for the whole of the first three
months of 1929; in brief only $332,006,475 of the new issues
during the first quarter of 1929 were for refunding, compared with 16,948,348 in the first quarter of 1928. It
follows, therefore, that of the total new issues for the first
three months the present year fully $2,796,716,229 represented new capital, while in the first three months of last
year, out of a total of $2,614,697,216, only $1,797,748,868
was for new capital account. In other words, the actual
new capital called for in the first quarter of 1929 exceeded
that for the same three months of 1928 in amount of almost
an even $1,000,000,000.
Foreign Government issues totaled only $10,000,000 in
March 1929, against $85,750,000 in March 1928, and for
the three months to March 31 were no more than $35,750,000, against $282,909,000 in the first three months
of 1928. Domestic municipal issues were only $99,354,404
in March 1929, against $129,832,864 in March 1928, and
for the three months were $243,669,071, against $364,000,414
The overshadowing feature in March was again the
corporate issues, foreign and domestic, and to a larger
predominating extent than before.' The corporate total
for March 1929 is $934,529,945, against $753,343,752 for
March 1928, while for the first quarter of 1929 the total
stands at $2,842,058,633, against only $1,952,237,802 for
the first three months of 1928. Again, the distinctive
characteristic of the corporate issues is the growing extent to
which they consist of stock issues rather than of bond issues.
This is symptomatic of the times, the bonds having grown
in disfavor, while the equity represented by the share issues
is now everywhere being sought. In the case of the domestic
corporate financing only $284,381,300 consisted of longterm and short-term bond and note issues in March this
year, as against $459,353,800 in March last year, while
the total of the preferred and common stock issues in March
1929 reached $435,761,445, against $245,287,952 in March
1928. Similarly, for the first three months of the year, the
bond and note issues are down to $855,774,300 in 1929 from
$1,255,349,300 in 1928, while the total of the stock issues
APRIL 13 19291
INA NCIA L CHRONICLE.
2365
is up to $1,692,797,133 from only $517,039,502 in 1928. deb. 5s, 1954, sold at 98, to yield 5.15%; $30,800,000
Even in the case of the foreign corporate issues the same Philadelphia & Reading Coal & Iron Co. cony. deb. 6s,
feature is observable.
1949,offered at par to stockholders of Philadelphia & Reading
In analyzing the corporate offerings during March it is Coal & Iron Corp.; 250,000 shares Electric Shareholdings
found that industrial and miscellaneous corporations again Corp. $6 cum. cony. pref. stock, priced at $100 per share;
-account for the bulk of the corporate issues. The total 200,000 shares Oliver Farm Equipment Co., series A, prior
for them in March reached no less than $592,808,045, pref. stock, offered at $100 per share; $18,000,000 Marshall
which, however, falls some 37 millions short of the previous Field & Co. (Chicago) 1st mtge. 5s, 1932-49, placed with
month's total of $629,996,870. Public utility issues totaled Metropolitan Life Insurance Co.; 750,000 shares of class A
$320,221,900 for March, showing an *increase of almost common stock of Insuranshares Corp. of Delaware, offered
25 millions over the $295,560,680 reported for February, at 211% per share, involving $16,406,250, and $15,000,000
while the railroad total at $21,500,000 for March, was John Wanamaker, Philadelphia, 1st mtge. real estate 53'2s,
nearly double the February aggregate of $11,695,000
1949, offered at 101
to yield about 5.40%.
Total corporate offerings, foreign and domestic, during
Railroad financing during March was featured by the
March were, as already noted, $934,529,945, and of this offering of $20,000,000 Texas & Pacific Ry. Co. gen. &
amount stook issues, foreign and domestic, accounted, as ref. mtge. 5s, C, 1979, at 993/2, to yield 5.03%.
mentioned above, for no less than $5559,138,645, long-term
Foreign Government financing in this country during
bond issues aggregated $364,741,100, while short-term issues March was confined to $10,000,000 Republic of Chile ext.
totaled only $10,650,200. The refunding portion amounted loan 6s, 1962, offering of which was made at 9334, to yield
to only $58,327,000, or not quite 6%% of the total. In 6.4.
8%. No farm loan issues were brought out during
February the amount for refunding was $122,393,350, or March.
slightly over 13% of the total, while in January the reThere were no less than 20 separate offerings of securities
funding portion wsa $142,547,192, or nearly 15% of the in March which did not represent new financing by the
total. In March 1928 no less than $361,242,750, or nearly companies whose securities were offered. These issues
48% of the month's total of $753,343,752, was for refunding totaled $29,142,117, and as mentioned by us on other
purposes. That month stands as the largest on record in occasions, we do not include these issues in our totals of
respect to amount raised for refunding. There was one new financing. We show the issues, however, in tabular
large refunding issue in March of this year, namely, $50,- form following the details of actual new capital flotations
000,000 Cities Service Co. deb. 5s, 1969, the entire proceeds during the month-see page 2371.
of which are to be devoted to retirement or acquisition of
The following is a complete summary of the new financing
funded debt of company and funded debt or preferred stocks -corporate, State and city, foreign Government, as well as
of subsidiaries. This issue accounted for the major part farm loan issues-for the month of March and since the
of the month's refunding total. The remainder comprised first of January. It should be noted that in the case of the
$275,000 new long-term to refund existing long-term, corporate offerings we subdivide the figures so as to show
$550,000 new long-term to refund existing short-term, the long-term and the short-term issues separately, and
$971,500 new short-term to refund existing long-term, we also separate common stock from preferred stock, and
$2,300,000 new short-term to refund existing short-term, likewise show by themselves the Canadian corporate issues,
$3,703,000 new stock to replace exinsting long-term issues, as well as the other foreign corporate flotations.
and $527,500 new stock to replace existing stock.
SUMMARY OF CORPORATE, FARM LOAN. FOREIGN GOVERNMENT
AND MUNICIPAL FINANCING.
Foreign corporate financing originated in our markets
during March aggregated no less than $214,387,200, as
New Capital. Refolding.
r0421.
against $55,100,000 in February. The offerings during
MONTH OF MARCH.
$
$
$
March were as follows: Canadian: $15,000,000 the Bell CorporateDomesticTelephone Co. of Canada 1st mtge. 5s B, 1957, offered
Long-term bonds and notes
222,906,100
50,825,000 273,731,100
at par; $10,000,000 Power Corp. of Canada, Ltd., cony.
Shore-term
7.378,700
3,271.500
10,650.200
Preferred stocks
131,964,810
307,500 132,272,310
deb. 43's B,1959,also offered at par; $6,000,000 Shawinigan
Common stocks
299,566,135
3,923.000 303,489,135
Water & Power Co. 1st mtge. & coll. trust 43/2s B, 1968, Canadian
39,000,000
Long-term bonds and notes
39,000.000
Short-term
priced at 93, to yield 4.90%; $6,000,000 Great Britain
Preferred stocks
3,000.000
3,000,000
and Canada Investment Corp. cony. deb. 4345, 1959, issued
Common stocks
Other foreignat par; $3,000,000 Simpsons, Ltd., 6% cum. preference
Long-term bonds and notes
52,010,000
52,010,000
Short-term
shares, offered at par ($100), and $2,000,000 International
100,827,200
Preferred stocks
100,827.200
Common stocks
19,550,000
Power Co., Ltd., deb. 6s, 1957, offered at 97, to yield
19,550,000
6.20%. Other foreign offerings comprised: 1,008,272 shares
Total corporate
876,202,945
58,327.000 934.529,945
Foreign Government
10,000,000
10,000.000
of American & Foreign Pr. Co., Inc., 2d pref. stock, series A, Farm
Loan issues
$7 cum. dividend, offered with 403,309 option warrants in War Finance Corporation
Municipal
97,722,671
1,631.833
99,354,404
units of one share of pref. and 4-10ths of an option warrant
Canadian
250,000
250.000
United States Possessions
for $100, involving $100,827,200. Although the American
Grand total
984,175,516
59,958,833 1,044,134,349
& Foreign Pr. Co., Inc., is a domestic corporation, we are
treating this offering as foreign since the proceeds are to be THREE MONTHS END. MARCH 31.
used by the company in its program of expansion and Corporate
Domestic-bonds and notes
Long-term
625,146,600 184,988.500 810,135,100
development in foreign countries. Additional foreign issues
Short-term
37,641,700
7,997,500
45,639,200
Preferred stocks
were: $50,000,000 Kreuger & Toll Co. secured deb. 5s,
50,632,950 537,493,035
486,860,085
Common stocks
1.077,655.506
77,648,592 1.155,304,098
1959, offered at 98, to yield 534%; 62,500 American cerCanadianLong-term bonds and notes
66,100,000
66,100,000
tificates representing Kreuger & Toll Co. partic. debentures,
Short-term
Preferred stocks
10,400,000
10,400,000
priced at $32.16 per certificate, involving $2,010,000; 200,000
Common stocks
shares of Phelps Dodge Corp. capital stock purchased in
Other foreignLong-term bonds and notes
2,000,000
91,010.000
93.010.000
London from British interests by American bankers and
Short-term
600,000
600,000
Preferred stocks
100,827,200
100,827,200
offered to the public at $86 per share, involving $17,200,000,
Common stocks
22.5,50.000
22,550.000
and 100,000 American shares of United Electric Service
Total corporate
2 518,791,091 323,267,542 2,842,058,633
Co.of Italy, offered at $23% per share,involving $2,350,000. Foreign Government
35.750,000
35,750,000
Farm Loan issues
The largest of the domestic issues during March was War Finance Corporation
238,680.138
4,988,933 243,669,071
$50,000,000 Cities Service Co. deb. 5s, 1969, offered at Municipal
Canadian
2,000,000
3,750,000
5,750,000
United States Possessions
1,495,000
9732, to yield 5.15%. Other important financing by public
1,495,000
flpartr1 tntal
2 796 718 220 382008 4.7A 2 192 799 7114
utilities included: $40,000,000 Illinois Bell Telephone Co
capital stock,offered at par ($1OO);$30,000,000 International
In the elaborate and comprehensive tables on the sucHydro-Electric System cony. deb. 6s, 1944, priced at par; ceeding pages we compare the foregoing figures for 1929
250,000 shares of Electric Bond & Share Co. $6 cum, pref. with the corresponding figures for the four years preceding,
stock, offered at $106 per share, and 143,000 shares Con- thus affording a five-year comparison. We also furnish
necticut Electric Service Co. common stock, offered at a detailed analysis for the five years of the corporate
offerings
$75 per share, involving $10,725,000.
showing separately the amounts for all the different classes
Industrial and miscellaneous issues of exceptional size of corporations.
comprised: 2,000,000 shares The Aviation Corp. (Del.)
Following the full-page tables we give complete details
common stock, offered at $20 per share, accounting for of the new capital flotations during March including every
$40,000,000; $35,000,000 Eastern Utilities Investing Corp. issue of any kind brought out during that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF MARCH FOR FIVE YEARS.
1929.
1926.
MONTH OF MARCH.
New Capital. (Refunding.
Total.
New Capital. !Refunding.
CorporateDomestic$
$
$
$
$
Long-term bonds and notes.. 222,906,100
50,825,000 273.731.100
180,425,800 252,753.000
Short term
7.378.700
3,271,500
10.650,200
16,170,000
10,000,000
Preferred stocks
131.964.810
307.500 132,272,310
102,274,142
85,160,000
Common stocks
299,566,135
3.923,000 303.489,135
44.529,060
13,324.750
CanadianLong-term bonds and notes_
39,000.000
39.000.000
2,500.000
Short term
Preferred stocks
3,000,000
3,000.000
Common stocks
Other ForeignLong-term bonds and notes52.010.000
52,010.000
35,000,000
Short term
Preferred stocks
100,827,200
100,827.200
Common stocks
19,550.000
19,550.000
11.202,000
Total corporate
876,202,945
58,327.000 934,529.945
.
392,101,002 361.242,750
Foreign Government
10,000,000
10,000,000
85.750,000
Farm Loan issues
1,800,000
War Finance Corporation
Municipal
97,722.571
1,631.833
99,354.404
126,052.114
3.780,750
Canadian
250,000
250,000
United States P
ions..
110,000
Grand total
984.175.516
59.958.833 1.044.134.349
605.813.116 365.023.500
1927.
Total.
New Capital. *Refunding.
$
$
$
433.183.800 242.768,500
91,328,000
26,170,000
12,504,000
2,116,000
187.434,142
20,962,700
8,503,000
57,853,810
85,041,055
2,500,000
35,000.000
6,150,000
2,000.000
1926.
Total.
New Capital. Refunding.
S
$
$
334,096,500 218.191.000
34,868.000
14.620,000
24,150,000
1,000.000
29.465,700 103,909.600
1,300,000
85,041,055
69,881,057
6,150.000
2.000.000
15,000.000
8,000.000
15.000.000
8,000.000
1925.
Total.
New Capital. Refunding.
3
$
$
253,059,000 148,212.200
70,251.000
25,150,000
14,465.000
105,209,600
65,832.000
69,881,057
14,445.900
3,500,000
3400,000
4,000,000
4.000,000
17,400.000
7,800,000
7.800.00(
17,400.000
31,600.000
31.600,00(
2,200,000
480.399.657
21,500,000
29,500.000
282.355,100
25.000.000
11.500,000
70.251.000
3,000,000
3,000.000
352.606,101
28,000,00(
14,500,001
11,202,000
753.343.752
85,750.000
1,800,000
392.426.255
84,140.000
3,750.000
101,947,000
494,373,255
84.140,000
3,750,000
129.832.864
87,306,561
1.299,000
88,605,561
115.264.002
5,000,000
1,634,900
116.898.902
5,000,000
108,210,044
2,857,612
111,067,651
110,000
970.836.616
567.622.816
103.246.000
670.868.816
611.295.659
42.002.900
653.298.559
427.065.144
79.108.612
.
506.173.751
2,200,000
443.231.657
18.500,000
29,300.000
37,168.000
3,000,000
200,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF MARCH FOR FIVE YEARS.
1929.
1928.
1927.
1926.
MONTH OF MARCH.
New Capital.! Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
Long Term Bonds and Notes$
$
$
$
$
$
$
$
$
$
$
s
$
Railroads
20.000,000
20,000,000
39.240,000
97.627,000 136,867.000
55,551.000
34.165.000
89,716,000
31,930.000
-------31,930.000
34,443,000
Public utilities
60,800.000
50,400,000 111,200,000
45.273.800 100.670.000 145,943,800
73,670,500
48,910.000 122,580,500
85,820,000
14,244,000
100,064,000
59,393,000
Iron, steel, coal, copper, &c
31,950,000
31,950.000
28.240.000
22,000.000
50,240.000
1,617,000
1,733.000
3,350.000
16,186.000
939.000
17.125.000
7,550,000
Equipment manufacturers
1.916.000
1.916.000
3,200.000
3,200,000
430.000
430.000
1.400,000
Motors and accessories
1,750.000
1,750,000
5,000,000
5.000,000
Other industrial & manufacturing
56,960.000
56,960.000
11.335.000
6,365,000
17,700,000
15,425,000
3.750.000
19,175,000
12,750,000
11,050.000
23.800.000
27.232.000
Oil
7.000,000
500.000
7.000.000
500,000
24,500,000
2,000,000
26,500.000
16.215,000
7,035,000
23.250,000
2,900,000
Land, buildings, &c
68.006,100
425,000
68,431,100
37.616.000
25,346,000
62,962,000
47,490,000
47,490,000
48,770,000
1,600,000
50,370.000
49,344,200
Rubber
800,000
800,000
Shipping
1,710,000
1.710.000
2,400,000
2,400,000
Miscellaneous
69,200,000
69,200,000
51.255,000
750,000
52.005.000
40,755,000
770,000
41.525,000
19,590,000
19.590.000
5,350,000
Total
50,825,000 364,741,100
313,916,100
217,925,800 252.758.000 470,683,800 263.918,500
91,328,000 355,246,500 239,091,000
34,868,000
273,959.000
187,612,200
... ,
Short Term Bonds and Notes.
Railroads
1,500,000
1,500,000
2,500.000
Public utilities
1.275.000
3.575,000
2.300.000
6,370,000
6,370,000
6,000,000
6,000,000
1,450,000
1.450.000
1,230.000
Iron. steel, coal, copper, &c
6,000,000
6,000.000
Equipment manufacturers
Motors and accessories
500.000
500.000
1,500,000
1,500,000
Other industrial and manufacturing
500,000
500.000
450,000
4,050.000
4,500.000
5.000,000
1.000,000
6,000.000
1.425,000
011
10,000,000
10,000.000
3,500,000
3,500,000
4,000,000
Land. buildings. &c
2.775.200
2,350,000
2.775.200
2,350.000
4,454.000
1.666,000
6,120 000
4,585,000
Rubber
6,500,000
6,500,000
Shipping
Miscellaneous
1,328,500
971,500
2,300,000
6,950,000
6.950,000
8.000,000
8.000,000
200.000
200,000
725.000
Total
7,378,700
3,271,500
10,650,200
16,170,000
10.000,000
26,170,000
22,504,000
2,116,000
24.620,000
24,150,000
1,000,000
25,150,000
14,465,000
StocksRailroads
11,414.400
44,500,000
55,914,400
Public utilities
205.446,900
205,446,900
45.119.122
35,800,000
80,919.122
59,631,800
59,631,800
34,611,700
1,300.000
35,911,700
60,442,000
Iron, steel, coal, copper. &c
34.296,490
315,000
34,611,490
9.650,000
9,650,000
300.000
300,000
100,000
Equipment manufacturers
2,125.000
2,125,000
Motors and accessories
6.144.500
2,225.000
6.144,500
1.250,000
3.475.000
10.000.000
10.000.000
184,000
Ocher industrial and manufacturing
81.383.350
3,801,100
85.184,450
35,756.449
11.274,750
47,031.199
12,250,700
8,503,000
20.753.700
23.085,832
23.085.832
6.970.100
011
4,594.348
4.594.348
2,451,890
2.451,890
5,275,000
5,275.000
78.000.000
78,000.000
Land. buildings, &c
6,108.000
8,622,500
6,108.000
8,622.500
4,900,000
4,000.000
5,135,000
5,135,000
3.000,000
Rubber
9,364.366
684,000
684,000
9.364,366
375,000
375,000
Shipping
6,212.500
6,212.500
Miscellaneous
114,400 207,684,591
207,570,191
35.869.341
5,660,000
41,529,341
23,846.255
23,846,255
26,733,125
26,733,125
9,581,800
Total
554.908.145
4,230,500 559,138,645
98.484,750 256,489,952
158,005,202
106,278,755
8,503,000 114,781,755
179,990,657
1,300,000 181,290,657
80,277,900
TotalRailroads
21,500,000
21,500,000
50.654.400 142,127,000 192,781,400
55.551.000
34,165,000
89,716,000
31,930,000
31,930,000
36,943.000
Public utilities
267,521,900
52,700.000 320,221,900
96,762.922 136,470,000 233,232,922 139,302,300
48,910,000 188,212,300
121,881,700
15,544,000 137,425,700 121,065.000
Iron. steel, coal, copper, &c
66,246,490
315,000
66,561,490
37.890,000
22.000,000
1,617,000
59,890,000
1,733.000
3.350.000
22,486,000
23,425,000
939,000
7,650,000
Equipment manufacturers
1.916,000
1.916,000
3,200,000
3,200,000
2,555.000
2,555,000
1.400.000
Motors and accessories
6.644,500
1,250.000
3.975,000
5,225,000
6.644.500
184,000
16,500,000
16,500,000
Other industrial and manufacturing 138.343.350
3,801,100 142,144,450
47.591,449
17.639.750
65.231.199
31,725.700
12.703.000
44,428,700
12.050.000
40,835,832
52,885.832
35.627,100
00
11,594,348
2.951.890
10.000,000
12,951.890
11,594,348
29,775,000
31,775,000
2.000.000
97,715,000
7.035,000 104.750.000
6,900.000
Land. buildings, &c
76,889,300
425,000
56,844.000
73,934,500
1,666,000
25,346,000
55,505,000
58,510,000
48.588,500
1.600.000
77,314.300
56,929,200
53,905.000
Rubber
9,364.366
375,000
1,484,000
1,484,000
9,364,366
6.500,000
375,000
6,500,000
Shipping
1,710.000
6,212.500
6,212,500
2.400.000
1,710.000
2,400.000
Miscellaneous
278,098.691
1.085,900 279.184,591
94.074.341
6,410,000 100,484.341
72,601,255
770.000
46,523,125
73,371.255
46,523.125
15.656.800
Tnt.ril mrtsnrata Averir1t1ala
576202045
58.327 ono 03452Q045
202.101 00tu 361.242.750 753.343.752 392.701.255 101.947.000 494.648.255 443.231.657
37.168.000 480.399.657 282.355.100
Total.
3
218.463.20(
14.465,00(
65,832,00(
14,445,90(
1925.
Refunding.
$
1.890.000
50,492,000
1,396,000
5,705,000
Total.
$
36.333.000
109,885.000
8.946.000
1,400.000
4.043,000
32.937,000
2,900,000
53,387,200
6.725.000
70,251,000
12.075.000
257,863,200
2,500,000
1.230.000
1,425.000
4,000.000
' 4,585,000
725,000
14,465,000
60,442.000
100,000
184,000
6.970,100
3,000,000
9.581.800
80,277,900
1,890,000
50,492,000
1,396.000
4,043,000
38,833.000
171,557,000
9,046.000
1,400.000
184,000
41,332,100
6,900,000
60,972.200
6,725,000
70.251.000
22,381,800
352.806.100
5,705.000
Total.
New Capital.
1926.
Refunding.
Total.
New Capital.
1925.
Refunding.
Total.
399289,560 1,232,895,500
44,691.000
8,616.000
21,351,000 268,570,525
20,183,300 231,137,345
691.783,5
95,419,195
257,131,842
183,631,204
114,102,000
1,000,000
5,400,000
5,109,575
805,885,500
96,419.195
262,531,842
193,740,779
653.716,275
82,790.000
149.937.300
94,226,460
134,910,425
65,400.000
1,683,500
1,582,500
788,626.700
148,100,000
151,620,800
95,808,960
10.375.000
2.000.000
1.000,000
10,000,000
12,750,000
22,750.000
30,000,000
18.000,000
10,050.000
608,000
4,000,000
990.000
40.050,000
18,000.000
2,600,000
2,600,000
91,100,000
8,000,000
100,900,000
4,000,000
10,000,000
7.920,000
1,370,167,741
38,199,000
38,550,000
100,900,000 104.600,000
4,000,000
12.000,000
10,000,000
750.000
' 7,920,000
138,969,575 1.509,137,316 1.145,930,035
50,272,000
70,500,000
12,073,000
200,000
38,750,000
57.825,000
218.826,425 1.364,756,460
98.500,000
28,000.000
60,825,000
3,000,000
372,613.765 355,081,982
43,550,000 '16,000,000
1,385,000
5.748.000
509.786,360 2,552,248.435 1.823,746,723
359,623,729 317,975.922
4,808,000
56,000,000
5,748,000
3,000.000
195,784,3222.019,531,045 1,600,038 957
326.927,507
14,808,000
3,000,000
268.778.010 1,868.816,967
1,287,500
449,539,8 0 1,891,056,870
27.000.000 211.192,800
32,450.000
4.000.000
382.000
6,446,500
26,800,000
4.541,747
40,000,090
2,600,000
2,600.000
104.600,000
12,000,000
750,000
8,951,585
10,000,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THREE MONTHS ENDED MARCH 81 FOR FIVE YEARS.
1928.
1929.
New Capital.
3 MONTHS ENDED MARCH 31. New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
$
Long Term Bonds and Notes—
246,234.000
80,928,500 165,305.500
116226,740
93.308,000
73,531.000
19,777,000
Railroads
274.116,400 258,524,400 532.640.800
289.526.700
178.467.500 151.640,000 330.107.500
Public utilities
57,662.700
5.517,000
45.527.300 103.190.000
70,900.000
3.186.500
67.713.500
Iron, steel. coal. copper, &c
2.416,000
4,470.000
2.416,000
Equipment manufacturers
780.000
4,770,000
5.550,000
50,000,000
Motors and accessories
85,417.100
117.654,000
29.143,900 114,561,000
87,835,000
575.000
87,260.000
Other Industrial & manufacturing_ _
94,300,000
20,500,000
500,000
20,000,000
400,000
9.000,000
8,600,000
Oil
157,422,500
27.161,000 163.969,000
136,808.000
3,205.000 163,544,600
160.339,600
Land, buildings, &c
800.000
800,000
1.000,000
1.000,000
Rubber
1.710.000
7.000,000
1.000.000
6.000,000
Shipping
98.204.000
126.886.300
15.701.700 142.588.000
2.205,000 206.550.000
204.345,000
Miscellaneous
935,530,940
1.332,448,800
770,305,000
562,143,800
969,245,100
186.988,500
Total
782.256,600
Short Term Bonds and Notes—
30.500,000
13,500,000
17,000.000
1,500,000
1,500.000
Railroads
400.000
16,330,000
11.800,000
16,730.000
12,490,000
6,081.000
6,409,000
Public utilities
1,000,000
Iron,steel, coal, copper, &c
1.200,000
Equipment manufacturers
1,200.000
1.200.000
500,000
500,000
Motors and accessories
5.500,000
3,183,900
2,316,100
8.050,000
9,000,000
9.000,000
Other industrial and manufacturing
12.200.000
200,000
2.080,000
10,120,000
011
7.442.500
7.442,500
12,475,000
13,699.200
13,699.200
Land, buildings,&c
Rubber
Shipping
13.700,000
13,700,000
11.350,000
9.050.000
1.916.500
7,133,500
Miscellaneous
57.436.400
29,836,100
46,075,000
87,272.500
46.239,200
7.997,500
38,241,700
Total
Stooks—
15,689.400
69,485,800
53,796,400
Railroads
314,858,340
99,654.172
57.188.448 156,842.620
14,365.000 475,319.556
460.954.556
Public utilities
150.000
1.200.000
25,410,725
26,610,725
&c
copper.
78,180,980
16.142,500
62,038,480
Iron, steel, coal,
Equipment manufacturers
2,225.000
1,250,000
3,475,000
25,000,000
520,070
accessories
2.340.950
32,
30,179,120
and
Motors
70.957,149
11,274,750
82,231.899
38.015,725
75,281.920 339,216,378
Other industrial and manufacturing 263.934,458
3.126,890
3.126.890
6,562,500
15,085.272 153,761,452
138,676,180
011
28,866,000
29,301.000
-115;6456
10,165,000
87.327,830
408,500
86.919.330
Land, buildings, &c
12,405,375
1,042,400
2,375.000
11.362.975
35,204,366
35.204.366
Rubber
6.212,500
6,212,500
10.100,000
10.100,000
Shipping
9.447.900 142,824.693
63.609,505
4,657.400 614.943.701 133.376,793
810.286,301
Miscellaneous
460,736.070
396.881.604 135,634,898 532,516,502
1,698.292,791 128.281.542 1.826.574,333
Total
Total—
116,726,740
110,117,900
236,101,900
346,219,800
94.808,000
19,777.000
75,031,000
Railroads
616,185,040
390,100,572 316,112,848 706,213,420
645.831.056 172,086,000 817,917.056
Public utilities
6,667,000
83,073,421
46,727,300 129,800,725
19.329.000 149,080.980
129.751,980
Iron, steel. coal, copper,
5,670,000
2,416,00(
2,416,000
Equipment manufacturers
75,000,000
8,195.00(
2,030,000
10,225,000
33.020,070
2.340.950
30.679.120
Motors and accessories
103,719,725
42,734,750 202,292.899
159,558.141
75.866.920 436,051,378
Other industrial and manufacturing 360,194.458
101.062,500
5.706,89(
30,120,000
35.826,890
15,485.272 162,761,452
Oil
147,276,180
180,062,500
27,596,000 200,712,500
173.116.500
3,613.500 264.571,630
Land, buildings, &c
260,958,130
2,375,000
1,042.400
12,162,971
13,205,375
36,204,384
Rubber
36.204.366
1,710,000
6,212,500
6,212,500
17.100.P00
6,000.000
Shipping
11.100.000
26,119;666 299,112,693 173,163,505
273,963,093
8,778,900 830,543,701
Miscellaneous
821,764.801
Total corporate securities
2.518,791,091 323,267.543- 2,842,058,633 1,224,623,004 727.614,798 1.952.237.8021.442,342.0 10
1927.
Refunding.
114,207,260
228,386,300
4,983.000
34,918.000
2,000,000
6,825,000
Total.
230,934,000
517,913,000
10,500,000
4,470,000
50.000,000
152,572,000
96,300.000
164,247.500
1,710.000
8.070.000 106.274.000
399,389,560 1,334,920,500
New Capital.
81,588,000
297,076.000
51,611.000
430,000
55.000,000
61,059,000
42,715,000
141,744,500
1.100,000
2.400,000
67.960,000
802,683,500
1926.
Refunding.
15,023.000
56,534.000
10,589,000
32,266.000
7,935,000
3,705,000
800,000
126.852,000
5,000,000
16,700,000
6,000,000
Total.
New Capital.
96,611,000
353,610.000
62,200,000
430,000
55,000,000
93,325,000
50,650,000
145,449,500
1,100,000
2,400,000
68.760.000
929,535,500
116,900,000
363,272,500
22,100,000
1,400,000
1.150,000
74,351,300
26,900,000
122,479,700
30.000,000
684.775
29,078.000
788,316,275
5.000.000
16.700,000
6,000,000
24,500,000
35,600,000
18,915,000
1,150.000
2,500,000
26,000,000
3,500,000
3,375.000
31,500,000
9,175,000
6,000,000
8.635,000
2,500,000
14,300.000
1.000,000
1,200,000
4,450,000
1,666.000
12,500,000
200,000
14,141.000
2,500,000
25.000,000
3,500.000
3,375.000
31,500.000
8,616,000
11,350,000
54,691,000
5,844,195
99,419.195
340,858,340
150,000
25,000,000
50,602.025
6,562.500
10,265,000
2.375,000
121.015,362
36,675,000
5,628,500
26,351,900
88.838.892
98,587.140
7.323,500
1,064,537
66,457,505
502,270,370
82.580,215
468.065.046
608.000
11,117,575
83.188,215
479.182,621
86,588,000
114,207,260 230.934,000
256,886,300 873,071,340 434,791,362
94,286,000
11,650,000
4,983.000
6,058,500
5,670.000
83,851,900
75,000,000
51,954,300 215,674,025 174,897,892
2,000,000 103.062,500 144.802,140
8.591,000 188.653,500 152,443,000
33,664,537
2,375,000
2.400,000
1,710,000
16:411,15615 184.081,505 156,384,410
- 60 1,891.881,870 1,370,167,741
T4V.T39.8
15,023,000
58,539,000
10,589,000
101.611,000 141,400,000
493,330,362 535,220,225
46,655,000
104,875,000
2,550,000
6,058,500
2,859,000
83,851,900
213.868.467 129,974,785
38.235,000
155,537,140
158,148,000 143,489.700
30.750,000
33,664,537
7.934.775
2.400,000
66.861.550
157.792.410
.509,137,316 1,145.930.035
26,000,000
12,586.300
"lig.15(56
2,848,000
41,534,300
1,000,000
1,000,000
2,005.000
5,704,575
2,800,000
38.970.575
10,735.000
3.705,000
f,101:66,5
138,969,575
5,844,195
100,419,195
•
123,020,362
36.675.000
5,628,500
26,351,900
94,543.467
101,387,140
7,323.500
1,064.537
5,000,000
3.725,000
112,700,000
136,347.725
5,640,000
1,709,000
46.448,485
5,335,000
12,375,000
750,000
2.250,000
34,058,550
244,913,760
1923.
Refunding.
32,070,000
62.822,000
1,396,000
350,000
11,962,200
13,500,000
10,538.000
4,315,225
8.007.000
144,960,425
400.000
15,000,000
50,000.000
65.400,000
1.563,500
6,10:LoO
- 120,000
895,000
8,466,000
Total.
148,970,000
426.094.500
23.496.000
1,400,000
1,500,000
86,313,500
40,400,000
133.017,700
30.000.000
5.000.000
37.085.000
933,276,700
24,900,000
50,600,000
18,915,000
1,150,000
9,175,000
56,000,000
8,635,000
5,000,000
3,725.000
178,100.000
137,911,225
5,640,000
1,709,000
52,335,985
5,335.000
12,495,000
750.000
2,250,000
34.953.550
253,379,760
173,870,000
614,605,725
48,051.000
2,550,000
3,209,000
350,000
17,849,700 147.824,845
63,500.000 101.735.000
10,658.000 154.147.700
30,750.000
4.-31167.525 12.250,000
8.902,000 - 75.763,550
218.826,425 1.364,756,460
32,470,000
79.385.500
1,396,000
IYIONYKId
1927.
Refunding.
arloiNouno
1929.
1928.
3 MONTHS ENDED MARCH 31.
New Capital.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Corporate—
$
Domestic—
628,551.500 542.525,300 1,171.076.800 833,505,940
Long-term bonds and notes_ 625.146.600 184.988,500 810135.100
36,075,000
84,272.500
45,639.200
29.836,100
7,997,500
37.641.700
54,436,400
Short term
252,380,542 101,555,300 353.935.842 247,219,525
50.632.950 537,493.035
486,860,085
Preferred stocks..
77,648.592 1,155,304.098
34,079,598 163,103,660 210,954.045
129.024,062
1.077,655.506
Common stocks
Canadian—
10.375.000
25,622.000
25,622.000
66.100.000
66.100.000
Long-term bonds and notes_
2.000,000
Short term
1.000,000
10.400.000
10.400.000
Preferred stocks
Common stocks
Other Foreign—
91,100.000
93.010,000
19,618,500 135,750,000
116,131,500
2,000,000
91.010.000
Long-term bonds and notes.
8.000,000
3,000,000
600.000
600.000
3,000,000
Short term
100,827,200
100.827.200
Preferred stocks
1,287.500
15,477.000
15,477,000
22,5§p,000
22,550.000
Common stocks
2.518.791.091 323.267.542 2,842.05B.633 1,224,623.004 727,614,798 1,952,237,802 1.441,517.010
Total corporate
184,192,800
282,909.000
35.750.000
203.315.500
79,593,500
Government
35.750.000
Foreign
5,600,000
32,450,000
5.600,000
Farm Loan issues
War Finance Corporation
9,740,050 364,000,414 366,167,265
354.260.364
4,988,933 243.669,071
238.680.138
Municipal
8.840,000
16.750,000
5,750,000
8,840,000
3.750.000
2,000.000
Canadian
1,110,000
1.495,000
1,385,000
1.110,000
1.495.000
United States Possessions-- _
2.796.716.229 332.006,475 3.128,722,704 1.797,748.868 816,948,348 2.614.697,216 2.042,462,075
Grand total
L'eg61 Cr 'InnIV
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
FINANCIAL CHRONICLE
2368
[VOL. 128.
DETAILS OF NEW CAPITAL FLOTATIONS DURING MARCH 1929.
LONGTERM BONDS AND NOTES(ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Railroad20.000,000 Capital expenditures
Price.
9914
To Yield
About.
Company and Issue, and by Whom Offered.
' 5.03 The Texas & Pacific Ry. Co. Gen. & Ref. M.5s,"C" 1979. Offered by Kuhn. Loeb & Co.
Public Utilities15,000,000 Fund short term debt; wkg. capital 100
5.00 The Bell Telephone Co. of Canada 1st M. 58, "B" 1957. Offered by Lee. Higginson & Co.:
Bank of Montreal. and Harris, Forbes & Co.
5.15 Cities Service Co. Deb. 55, 1969. Offered by Harris, Forbes & Co.; Halsey, Stuart & Co.. Ine..•
National City Co.; Bonbright & Co., Inc., E. H. Rollins & Sons; A. B. Leach & Co., Inc.; Federal
Securities Corp.; Pearsons-Taft Co. and Henry L. Doherty & Cc.
6.00 International Hydro-Electric System Cony.68. 1944. Offered by Chase Securities Corp.;Bankers
Acquisition; other corp. purposes . 100
Co. of N. Y.: Harris, Forbes & Co.; Lee, Higginson & Co.; Blair & Co., Inc.: Halsey, Stuart
& Co., Inc.: E. H. Rollins & Sons and Redmond & Co.
Addns.& impts.: other corp. Durri- 97
6.20 International Power Co., Ltd. Deb. 60, 1957. Offered by Royal Securities Corp.
9914
6.03 Lexington (Ky.) Telephone Co. 1st M.68, 1944. Offered by Hoagland, Allure & Co.,'Inc., and
Acquisitions, extensions, &c
Wm.R. Compton Co.
6.12 Michigan Fuel & Light Co. 1st M.6s,"A" 1950. Offered by A. B. Leach & Co., Inc., and A. C.
Acquisitions, additions, &c
9814
Allyn & Co.. Inc.
99
5.07 New York Steam Corp. 1st M.58, 1951. Offered by National City Co.; Cassatt & Co.,and Thayer.
Additions, ettensions. &c
Baker & Co.
5.45 Oklahoma Power & Water Co. 1st M. 5s,"B" 1949. Offered by Harris, Forbes & Co. and H. M.
Additions & improvements
94%
Byllesby & Cc.
4.85 Public Service Co.of New Hampshire 1st & Ref. M.4115."B" 1957. Offered by Tucker, Anthony
General corporate purposes
9411
S. Co.; Old Colony Corp., and Hill, Joiner & Co., Inc.
4.90 Shawinigan Water & Power Co. 1st M. & Coll. Tr. 4115, "B" 1988. Offered by Brown Bros.
Addns. and impts.; acquisitions_ _ _ 93
• & Co., Lee, Higginson & Co.; Alex Brown & Sons: Jackson & Curtis and Minsch, Monell &
Co.. Inc.
10111
5.85 Southwest Utilities Corp. 1st Lien (is, "A" 1943. Offered by Yeager, Young & Pierson, Inc.:
Acquisitions
Pirne. Simons & Co., Inc., and Vought & Co., Inc.
Refunding
Price on application Washington Gas & Electric Co. 1st M.534s, 1953. Offered by A.C. Allyn & Co.. Inc.. and W.C.
Langley & Co.
50,000,000 Retire or acquire bonds & pref.stlui.
30.000,000
2,000,000
2.500,000
.500,000
2,000,000
400.000
1.000.000
6,000,000
1,400,000
400,000
9711
111.200,000
Iron, Steel, Coal, Copper, &c.
750,000 Acquisitions; retire debt, &c
100
400.000 Acquire constituent cos
30.800.000 New construction. ixnpts.. &c
99
100
6.80 National-Erie Co. 1st M. Cony. 811s, 1954. Offered by McLaughlin, MacAfee & Co.: Peoples
Savings & Trust Co. and First National Bank, Pittsburgh.
6.10 National Sashweight Corp. 1st M. 6s, 1944. Offered by Baker. Watts & Co. and Mercantile
Trust & Dep. Co., Baltimore.
8.00 Philadelphia & Reading Coal & Iron Co. Cony. Deb. 68, 1949. Offered to stockholders of Philadelphia & Reading Coal & Iron Corp.; underwritten by Drexel & Co.
31.950,000
Other Industrial & hug.1.400.000 Acquire plant and assets of old co_
6.65 Hightstown (N. J.) Rug Co. Deb. 8115, 1944. Offered by Zwetach. Heinzelmann & Co.. lie.
and American Bond & Mtge Co.
6.50 Kent Dairy Products Corp. 1st M. 6115, 1939. Offered by Moore, Hyams & Co. and Interstate
Trust & Banking Co., New Orleans.
5.12 Kreuger & Toll Co. Secured Deb. 55, 1959. Offered by Lee, Higginson & Co., Guaranty Co. of
Acquire securities
98
New York: National City Co.: Brown Bros & Co.; Dillon, Read & Co.; Clark, Dodge & Co..
and the Union Trust Co. of Pittsburgh.
Acquire securities
32.16
-- -- Kreuger & Toll Co. American Certificates Representing Participating Debentures. Offered by
company to holders of American certificates representing participating debentures.
6.00 Magazine Repeating Razor Co. Cony. es, 1939. Offered by company to stockholders.
Working capital
100
Retire mtges.. notes payable, &c Price on application Penn Dairies. Inc., 1st MI 6s, 1949. Offered by O'Brian. Potter & Stafford; Fitch, Creasman &
Co.; Jay N. Schroeder & Co. and Lewis & Co., Philadelphia.
6.25 Pettibone, Mulliken Co.6% Notes, 1938. By Stevenson & Co. and Thomson-Laadt Co.. Chicago.
Acquisitions; working capital, &c_ _ 98
300.000 General corporate purposes
50.000,000
2.010.000
1,000.000
750.000
1,500,000
Oil56.960.000
7.000.000 Acquisitions; improvements, &c_ _ _
Land, Buildings,
430,000 Acquisition of property
9811
100
9811
6.20 Warner-Quinlan Co. Cony. Deb. 68, 1939. Offered by Hayden, Stone & Co. and W.S. Aagaard
& Co.
6.00 Alden Park Land Corn. (Germantown, Phil.) 1st (closed) M. 65, 1944. Offered by Harper &
Turner, Philadelphia.
6.00 Atlantic Mortgage Co.(Durham, N. C.) 1st M. Coll. Ti'. 510,"B" 1931-39. Offered by Harper
& Turner, Philadelphia.
5.50 Baltimore Parcel Post Station, Leasehold Mtge. (c) 534s, 1949. Offered by Robert Garrett &
Finance construction of building_ _ 100
Sons, Baltimore.
6.50 Bellaire Building. Inc.(San Francisco) 1st M.8115, 1930-40. Offered by Franklin, Flick & Co..
Finance construction of apartment 100
San Francisco.
6.00 Black Hawk Hotels Corp. 1st M. Os, 1939. Offered by George M.Bechtel & Co.. Davenport, Iowa
100
Acquisition; working capital
and Hoagland, Allum & Co., Inc.
100
6.00 (Chas. R.) Boettger 1st M.6s, 1931-39. Offered by Union Trust Co., Detroit.
Real estate mortgage
100
5.50 (The) Bolivar(N.Y. City) 515% Gtd. Prudence Ctfs., 1931-36. Offered by the Prudence Co.. Ins.
Real estate mortgage
6.00 Charleston Hotel(Lake Charles, La.) 1st M.65, 1930-42. Offered by Clever, Vass & Co.; Moore,
100
Finance lease of property
Hyams & Co., and Canal Bank & Trust Co.. New Orleans.
100
6.00 Chatham Savings &Loan Co. let M.8s"K," 1939. Offered by Citizens &Southern Co.,Savannah,
Working capital
8.00 The Commodore Apartment Hotel (Wichita, Kans.) 1st M.(is, 1931-39. Offered by The GuarFinance construction of apt. hotel_ 100
antee Title & Trust Co., Wichita, Kans.
5.50 Daniels & Fisher Realty Co.(Colorado) 1st (c) M.5348, 1949. Offered by Jas. H. CaueeY & CO..
100
Acquisition of property
and Boettcher & Co.. Denver.
6.00 Edison Hotel Co.(Beaumont, Tex.) 1st M.(is, 1936-40. Offered by Mississippi Valley Trust Co.
100
Real estate mortgage
and Lafayette South Side Bank, St. Louis.
100
6.00 Evanston (III.) Building 1st M.6s, 1931-1939. Offered by Chicago Trust Co.
Real estate mortgage
6.50 (The) Fairfax of Buffalo 1st & Ref. M.611s, 1934-49. Offered by F. H.Smith Co.,Washington,D.C.
100
Real estate mortgage
Marshall Field & Co.(Chicago) 1st M.55, 1932-49. Placed with Metropolitan Life Insurance Co.
Finance construction of building_ _
through First Trust & Savings Bank, Chicago.
100
5.50 Fones Realty Co.(Little Rock, Ark.) 1st M. 531s. 1930-39. Offered by Federal Commerce Trust
Refunding
Co.. St. Louis.
6.10 Fort Worth (Tex.) Electric Bldg. Co. 1st M. Fee & Leasehold 68, 1944. Offered by S. W.Straus
Finance construction of building_ - 99
& Co., Inc.
6.00 Harvey Hotel Corp. (Faribault, Minn.) 1st (c) M. Os, 1930-38. Offered by Merchants National
Finance construction of building- - 100
Co., St. Paul.
8.00 Heyn's Bazaar Co. (Detroit) 1st M. Leasehold 6s, 1939. Offered by Fidelity Trust Co., Detroit.
100
Refunding,improvements
5.50 Houston (Tex.) Medical Arts Bldg. Co. 1st M. 511s "A," 1931-41. Offered by First National
100
Real estate mortgages
Co., St. Louis.
5.25-6.00 Interstate Investment Co., Inc. Coll. Trust 8s, 1930-39. Offered by Interstate Trust & Banking
Provide fueds for loan purposes_ _ _
Co., New Orleans.
5.25 Lawyers Mortgage Investment Corp. of Boston 1st M. 51; "A-2," due 1939. Offered by First
Provide funds for loan purposes__ _ 98
National Corp. of Boston; F. S. Moseley 8. Co.. and Old Colony Corp., Boston.
Price on applicat'n. (J. T.) McMillan Co. lot (c) M.5145, 1930-44. Offered by Merchants National Co.. St. Paul,
Real estate mortgage
5.66 Mortgage Co. of Pennsylvania 1st M.Coll. Tr. 511s, 1939. Offered by Harris. Forbes & Co.
Provide funds for loan purposes_ _ _ 98%
8.00 Mortgage Corp. of Virginia 1st M. Coll. Tr. Os, Ser. 7, 1929-38. Offered by Scott & Stringfellow,
100
purposes__
for
loan
Provide funds
Richmond, Va.
6.00 New Detroit Land Co. 1st M,8s, 1939. Offered by Metropolitan Trust Co. Highland Park, Mich,
100
General corporate purposes
American Funding Corp. 1st M. Coll. Tr. 65, 1949. Offered by Halsey, Stuart & Co., Inc.
North
6.25
9734
Provide funds for loan Purls:meg
100
6.00 Reading Lenox Realty Co. 1st (c) M. 8s, 1931-40. Offered by Weil, Roth & Irving, Cincinnati,
Real estate mortgage
Paul's
St.
Lutheran Church of Evanston, Ili. 1st M. 514s, 1930-44. Offered by LafayettePrice
on
applicat'n
Construction
South Side Bank, St. Louis.
5.50 Schulte-United Properties,Inc. Deb.5145. 1959. Offered by Otis & Co.and Herrin, Forbes & Co.
100
Acquisition of properties
5.00-5.06 State University of Iowa 5s, 1930-44. Offered by Metcalf, Cowgill & Co., Inc., Chicago.
New construction
Twenty Wacker Drive Bldg.(Chicago) 1st M.5% Bonds. Placed with Metropolitan Life Ins. Co.
Real estate mortgage
5.40 Wanamaker (John), Philadelphia, 1st M. "11-E" 5345, 1949. Offered by Brown Bros. & Co.;
1013(
Real estate mortgage
Edward B. Smith & Co.; Elkins, Morris & Co., and Thos. A. Biddle & Co.
6.00 (Roger) Williams Apartments (Chicago) 1st M.6s, 1931-40. Offered by Fidelity Bond & Mort100
Real estate mortgage
gage Co., Chicago.
6.28 Yaarab Temple Bldg. Co.(Atlanta. Ga.) 1st M.814s, 1948. Offered by Taylor, Ewart & Co.,Inc.
Finance construction of building- - 9911
100
500,000 Provide funds for loan purposes- 650,000
550,000
1.650,000
60.000
1,300,000
375,000
200,000
259.00G
700.000
700,000
375,000
1,550,000
18.000.000
150.0100
1,500,000
190,000
475,000
1,200,000
100,000
1,000,000
105.000
750,000
113,100
200,000
1.000,000
173,000
110,000
6,500,000
500,000
10,000.000
15.000,000
575,000
1,500,000
68.431,100
Miscellaneous35,000,000 Provide funds for invest, purposes-
98
0.000,000 Provide funds for invest. PurPusea- 100
450,000 Additional capital
99
4,000,000 Reduce current debt: work'g cap
2.100,000 Finance completion of bridges- - - -
98
2,500,000 Acquisition of properties. &c
9811
10.000,000 Provide funds for invest. purpcses_ 100
1,000.000
4,000.000
2,150,000
2,000,000
100
Retire current debt, &c
Provide funds for invest. purposes_ 102
Acquisitions
9711
Provide funds for invest. purposes_ 100
69.200,000
5.15 Eastern Utilities Investing Corp. Deb. 5s, 1954. Offered by Harris, Forbes & Co., and Halsey,
Stuart & Co.. Inc.
4.50 Great Britain & Canada Investment Corp. Cony. Deb. 4148, 1959. Offered by A. Iselin & Co.,
New York, and Nesbitt. Thomson & Co., Ltd.
6.15 Missouri Insurance Securities Corp. Coll. Tr. Cony, fis, 1937. Offered by Stern Bros. & Co.,
Kansas City, Mo.
6.10-6.15 National Bond & Investment Co. 8% Notes, 1932-39. Offered by First Trust & Savings Dank,
A. G. Becker & Co.. and Foreman Trust & Savings Bank, Chicago.
6.25 National Toll Bridge Co. Cony. Deb. 65, 1939. Offered by J. G. White & Co., Inc.; Battles &
W. Halisey.& Co.. Inc.
Co., and
6.20 Port OrforctCedar Products Co.(Marshfield, Ore.) 1st M.65. 1939. Offered by Baker, Fentress
& Co.; and Continental Illinois Co.
4.50 Power Corp: of Canada,Ltd., Cony. Deb,434s "B," 1959. Offered by A.Iselin & Co., New York,
and Nesbitt, Thomson de Co., Ltd.
5.50 Red River Lumber Co. lit M.5118„ 1932-39. Offered by The Minnesota Co., Minneapolis.
Southern
National Corp.Deb.(is, 1944. Offered by Fenner & Beane. New York.
5.80
5.75 United Business Publishers, Inc. Secured 511s, 1944. Offered by Lee, Higginson & Co.
5.50 Western Reserve Investing Corp. (Del.) Deb. 5115. 1944. Offered by Hayden. Miller & Co.:
Union Trust Co. and The Central Nat'l Co., Cleveland, and First Nat'l Bank, Cincinnati.
•
FINANCIAL CHRONICLE
APRIL 13 1929.]
2369
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS.)
Amount.
Purpose of Issue.
Price.
Railroads1.500,000 General corporate purposes
To Yield
About.
Company and Issue, and by Whom Offered.
98
5.75 Boston & Maine RR.5% Mtge. Bonds "HE," Mar. 1 1932. Offered by National CRY Co.
Public Utilities200,000 Acquisitions; extensions, Ac
9934
1,000,000 Acquisitions; extensions, drc
9835
2,375.000 Refunding; Improvements, &c
9831
6.50 Continental Telephone Co. Cony. Coll. Trust 613, Feb. 1 1930. Offered by Municipal Utility
Investment Co., Kansas City.
6.30 Lexington (Ky.) Telephone Co. 2-Yr. Cony. 5348, Mar. 1 1931. Offered by Hoagland, Allum &
Co.. Inc.; Patterson, Copeland ,k Kendall. Inc.; G. W. Thompson & Co., Inc., and Hayden.
Van Atter & Schimberg, Inc.
6.80 Southern States Utilities Co. 1-Yr. Secured 5s, Mar. 1 1930. Offered by R. E. Wilsey & Co..
Inc., and Beverley, Bogert & Co.
3,575,000
Motors and Accessories500,000 Acq.control Southern Asbestos Co. 105
Land, Buildings, &c..
1,713,000 Real estate mortgage
100
48,000 Provide funds for loan purposes.-15.000 Real estate mortgage
100
174,200 Provide funds for loan purposes_
100
825,000 Finance construction of building.- 101
4.85 Thermoid Co. 5-yr. 6% notes, Feb. 1 1934. Offered by Eastman, Dillon & Co., Schluter & Co..
Inc., and Oliver J. Anderson & Co.
5.50 Lawyers Mortgage Co.(N. Y.) 1st M.534s. 1933-34. Offered by Lawyers Mortgage Co., N. Y.
6-634 Industrial Bank of Richmond, Va., Coll. Tr. 6s, Series 11, due to March 15 1933. Offered by
Scott & Stringfellow. Richmond, Va.
6.00(Wm.) Jeffery (Detroit) 1st M.65, 1930-32. Offered by Metropolitan Trust Co., Highland Park,
Mich.
6.00 Notting First Mortgage Corp.(Richmond, Va.) 1st M. Coll. Tr. 6s, 1930-34. Offered by Frederick E. Nolting & Co., Inc., Richmond, Va.
5.56 Wilshire Commonwealth Corp. Cony. 68, Sept. 1 1931. Offered by Union Pacific Securities Co.
Los Angeles.
2,775,200
Miscellaneous1,400,000 Refunding; working capital, An
100
100
400,000 General corporate purposes
500,000 Working capital
6.00 Champion Acceptance Corp. Coll. Tr.65 "A," 1932-34. Offered by Mercantile Trust Co., St. L
Oliver J. Anderson & Co., Wm.R. Compton Co. and Schluter & Co., Inc.
6.00(John H.) Kirby Coll. Secured 6s. 1929-31. Offered by Whitney Central Banks, New Orleans.
6.00 Motor Bankers Corp. Coll. Trust Discount Notes, due serially to Feb. 21 1930. Offered by First
National Co. of Detroit.
2,300,000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
To Yield
(a) Amount Price
Involved. per Share. About.
Company and Issue, and by Whom Offered.
Public Utilities$
$
%
•1,008,272 Expansion & devel. foreign prop_ .. _ 100,827,200
1 American & Foreign Power Co.,Inc.,2d Pref."A,"$7 cum. div. Offered by comport/
1 sh pref. and
to shareholders; underwritten by Electric Bond & Share Co.
shares
4-10ths waantI American & Foreign Power Co., Inc., Option Warrants. Offered by company to
403,309 Expansion & devel. foreign Prop-warrants
for $100
shareholders; underwritten by Electric Bond dr Share CO.
(
*143,000shs Finance to. or affiliated cos
___ Connecticut Electric Service Co. Common. Offered by company to stockholders;
10,725,000 75
underwritten.
___ Consolidated Gas Electric Light & Power Co. of Bait. Common. Offered by com*95,570shs Additions and extensions
5,734,200 60
pany to stockholders.
•250,000slis Gen.corp.purptnexpand.business. 26,500,000 106
5.66 Electric Bond & Share Co. $6 Cum. Prof. Offered by Etonbright & Co., Inc.
•40,000slis Acquisitions; other corp. purposes_
3,960,000 99
6.06 Electric Investors Inc. $6 Pref. Offered by Bonbright & Co., Inc.
___ Illinois Bell Telephone Co. capital stock. Offered by company to stockholders.
40,000,000 General corporate purposes
40,000,000 100
1,010.500 Mkt.(approx.2334) Pacific Public Service Co. (Del.) Class A Common. Offered by A. E. Fitkin & Co.,
*43,000shs Acquisitions; other corp. purposes_
Inc., Hemphill, Noyes & Co.. Federal Securities Corp., Bond & Goodwin & Tucker,
Inc., Dean Witter & Co. and National Bankitaly Co.
*10,000811s Acquisitions
6.38 Peoples Light & Power Corp. $6 Cum. Prof. Offered by G. L. Ohrstrom d: Co., Inc.
940,000 94
6.400,000 Capital expenditures
___ Southern California Edison Co. Common. Offered by company to original preferred
6.400,000 25 (par)
and common stockholders.
___ Southern California Edison Co. Common. Offered by company to officials and em5,000,000 Capital expenditures
6.000,000 30
ployees.
*40,00081u Acquisitions
_._ Union Telephone Co. (Del.) Cum. Cony. Pref. Offered by Hoagland, Allum & Co.,
1,000,000 25
Inc.
100,000shs Acquired from abroad
_ United Electric Service Co. of Italy American shares. Offered by J. A. Sisto & CO..
2,350,000 2334
Wm.R. Compton Co. and Bancomit Corp.
205,446,900
Iron. Steel, Coal, Copper. &c.
*90,275shs Capital expenditures
___ American Steel Foundries Common stock. Offered by company to stockholders.
3,611,000 40
210,000 General corporate purposes
___ Apollo (Pa.) Steel Co. Capital stock. Offered by company to stockholders.
420,000 20
___ Central Ohio Steel Products Co. Common. Offered by company to stockholders
•12,000shs Retire preferred stock
315,000 2654
6.500,000 New construction, &C
5.88 Davison Coke & Iron Co. 6% Partic. Pref. Offered by K. W. Todd & Co., Inc..
6,500,000 102
Colonial Trust Co. and Moore, Leonard & Lynch, Pittsburgh.
___ Gulf States Steel Co. Common. Offered by company to stockholders; underwritten
*72.500shs New mill; improvements, &e
4,350,000 60
by Hallgarten & Co.
750,000 Acquisitions; liquidate debt, &c....
___ National-Erie Co. Cum. Partic. Class A common. Offered by McLaughlin, MaeAfee
750,000 25 (par)
& Co., Pittsburgh, and Chas. klessenkopf & Co., Erie, Pa.
___ National Sash Weight Corp. $334 Cum. Div. Cony. Pref. Offered by Westbelmer
412,000 5134
*8,000s1ui Acquire constituent companies....
& Co.. Baltimore.
___ Phelps. Dodge Corp. capital stock. Offered by Hornblower & Weeks, Redmond & Co.,
5.000,000 Acquired from British interests.. _ _ _ 17.200,000 86
Dominick & Dominick, J. K. Rice Jr. & Co., Camsatt & Co., Paine, Webber & Co.,
W. E. Hutton & Co. and E. A. Pierce & Co.
•12.394she Enlargements, additions, At
___ Youngstown Sheet & Tube Co. Common. Offered by company to employees.
1,053.490 85
34,611,490
Motors and Accessories*12,000shs Additions; working capital
•150,000shs Acquire plant, machinery, dm
•90,000ahs Increase manufacturing facilities
1,000,000 ACQ. control Southern Asbestos Co.
•85.000she Acq. control Southern Asbestos Co.
Other Industrial & mfg.*35.000 shs Retire debt; addne.; wits. cap., &c.
*200.000slis Finance mfg. of planes. Ac
*40,000 shs Acquire predecessor company
*20.000 abs Acquire predecessor company
*27.647 abs Finance consolidation of properties
*39,408 ells Working capital; other corp. purp.
•50,000 she Working capital
*24,400 shs Enlarge plant facilities
•151,250ehs Pay existing mtges.; constr., &c
•145,000shs Acquire constituent companies
•100,000shs Acquisitions; working capital
*40,000 she Acquisitions; working capital
•100,000alis Acquire Croft & Allen Corp., Pa
*36,000 shs Acquisition of property
•148,553shs ACQUISMOOS
075,000 she Refunding; other corp. purposes
•40,000 she
*12,925 shs
*78,560 she
*10,000 she
*87,500 she
*200,000she
•102,500sha
General corporate purposes
Reduce bank loans
Acquire constituent companies
Acquire plant, proPertY. acn
Acquire predecessor company.-Acquire predecessor cos.; wkg. cap.
Acquire predecessor companies....
*51,250 shs Acquire predecessor companies
*40,000 shs Development purposes
*50,000 shs Expansion of business
•100,000ahs Expansion of business
282.000
2334
900,000
1,327.500
1,000,000
6
14%
9934
2.635.000
31
___ Automotive Gear Works, Inc., Cony, Pref. Offered by Bartlett, Knight & Co.,
Chapman, Grannie & Co. and Averill, Tilden & Co.
___ City Auto Stamping Co. Common. Offered to stockholders of City Machine & Tool Co
___ Breeze Corporations,Inc., Cony.Pref. Offered by It. B. McMillen Co., Inc., N.Y.
7.03 Thermoid Co.7% Cum. Cony. Pref. Offered by Schluter & Co., Inc.. Eastman, Diller
& Co. and Oliver J. Anderson & Co.
__ Thermoid Co. Common stock. Offered by Eastman, Dillon & Co., Schluter & Co.
Inc., and Oliver J. Anderson & Co.
6.144,500
1,347,500
3834
3,400,000
17
Abbott Laboratories (III.) Common. Offered by A. G.Becker & Co., and the Natrona
Republic Co.. Chicago.
---- Acosta Aircraft Corp. Common. Offerechby L. Raymond & Co., Inc.. N. Y.
Allen mfg. Co. Inc. Class A Cony. Pref. Offered by Rogers Caldwell & Co., Inc.
1,680.000 1 sh. pref. and 34
J. A. Ritchie & Co., Inc. and Fourth & First Nat'l Co., Nashville.
sh. com. for $42 Allen mfg. co., Inc. Class B stock. Offered by Rogers CeJdwell & Co.. Inc., .1. A
Ritchie & Inc., and Fourth & First Nat'l Co., Nashville.
1,382,350 50
--- Anchor Cap Corp. Common. Offered by company to stockholders.
985,200 25
____ Autosales Corp. Common. Offered by company to stockholders.
750,000 15
-__ Brunner-Winkle Aircraft Corp. (Del.) Common. Offered by Marlon S. Emery 1
Co., Inc.
1,586,000 65
--_ Celotex Co. Common. Offered by company to stockholders.
1,890,625 1235
..... Central Airport, Inc. Capital stock. Offered by Janney dr Co., Edward B. Smith 4
Co., and James C. Willson & Co.
3,335,000 23
---. Continental-Diamond Fibre Co. Capital stock. Offered by IIayden, Stone & Co.
The Cooper-Bessemer Corp. $3 Prof. Offered by National City Co., and Angus
6,600.00010 shs. pref. and 4
Belmont & Co.
shs.com.for 6660 The Cooper-Bessemer Corp. Common. Offered by National City Co. and Augum
Belmont & Co.
350,000
334
--- Croft & Allen Corp. (Del.) Common. Offered by Zimmerman Co., N. Y., Thos. B
Greening & Co.. Seattle and Bankers Service Corp.. N. Y.
2,628,000 73
--- The Gamewell Co. Common. Offered by Kissel, Kinnicutt & Co., First Nat'l Corp. c
Boston, Jackson & Curtis and B. J. Baker & Co.. Inc.
11,141,475 75
---- General Mills, Inc. Common. Offered by company to stockholders; underwritten.
5,100,000 68
---- General Refractories Co. (Phil.) Capital stock. Offered by company to stockholderi
underwritten.
400,000 10
---- Hall Engineering & Aircraft Construction Co.,Inc. Common. Offered by company
646.250 50
---- Hamilton Woolen Co. Capital stock. Offered by company to Stockholders; underwritten
2,356,800 30
--- - nterstate Hosiery Mills. Inc. Capital stock. Offered by Erred & Co. and Strupp & Cc
320,000 32
---- Liberty Dairy Products Corp. Common. Placed privately with bankers.
875,000 10
---- Lincoln Aircraft Co., Inc., Common. Offered by A. A. Durant° & Co., Inc., N. 11
20,000,000 100
---- Oliver Farm Equipment Co. Prior Pref. Series A. Offered by Nat'l City Co.
Outboard Motors Corp. Class A Cony. Prof. Offered by Jackson & Curtis, N. Y
2,818,750 1 eh. pref. and 34
J. D. Airrie & Co. and 11. W. Noble & Co., Detroit.
sh.eom.for $2754 Outboard Motors Corp. Class B Common. Offered by Jackson & Curtis, N. Y
.1. D. Airrie & Co.. and H. W. Noble & Co., Detroit.
390,000
931
---- Quaker Products Co. Class A Common. Offered by William R. Jones, Inc., N. Y.
Rainbow Luminous Products, Inc. Class A stock. Offered by company to class A.
3,500,000 1 share A and 2
B stockholders.
shares B for $701 Rainbow Luminous Products, Inc. Class B stock. Offered by company to chus:AD
I
B stockholders.
Par or No.
of Shares.
(a) Amount Price
To Yield
Involved. per Shares. About.
Purpose of Issue.
Other Indus.&Mta.-(Concl.).
*300,000shs Acquire flying fields; constr., &c_ _
Company and Issue, and by Whom Offered.
Roosevelt Field, Inc. Capital stock. Offered by Edward B. Smith dc Co., Chas. D.
Barney & so., Hitt, Farwell dr Co.,Pynchon & Co.,Janney & Co., Mitchell Hutchins
& Co. and the Aviation Corp.
Southern Air Transport, Inc. Capital stock. Offered by James C. Willson & Co..
1.400,000 14
N. Y. and Watson. Williams & Co.. New Orleans.
2,022,500 Price on applicat. Southwest Dairy Products Co. 7% Cum. Pref. Offered by Geo. M. Forman & Co.
and Moore, Leonard & Lynch.
Stout-D. & C. Air Lines, Inc. Common. Offered by O'Brien, Potter dc Stafford, Air
1,250,000 1234
Investor's Inc., Marine Union Investors. Inc., Iroquois Share Corp., Glamy.
Monro & Moll, Herrick & Co., Liberty Share Corp. and Hayes & Collins.
Tito Roofing Co., Inc. Cum. Cony. Pref. Series A. Offered by McEldowney &Co,
561,000 33
Inc., Bridgeport and R. W. Halsey & Co., Inc., N. Y.
750.000 2 shs. pref. and 1 Vento Shoe Corp. 7% Cum. Pref. Offered by Dan Powell, Los Angeles.
sh. corn. for $30 Vento Shoe Corp. Common stock. Offered by Dan Powell, Los Angeles.
318,000 1 sh. pref. and 154 Wade & Butcher Corp. 8% Cum. Partio. Pref. Offered by company to stockholders.
shs.com.for $106 Wade & Butcher Corp. Common stock. Offered by company to stockholders.
5,400.000
*100,000shs Acquire constituent companies_
2,022,500 General corporate purposes
•100,000shs Acquire and operate air fleet
*17,000 shs Retire pref. stk.; expansion, &c
500,000
250,000
300,000
*4,500 shs
[VoL. 128.
FTNANCIAL CHRONICLE
2370
Capital expenditures, dm
Capital expenditures, Ac
Development of sales, Ac
Development of sales, Ac
18
85,184,450
011'25.000 shs Acquisitions
687.500
*122,089shs Acquisitions, improvements, &c
3,906,848
27Hb
32
Midland Royalty Corp. $2 Cony. Preferred. Offered by Weber, Lyon & Co.. Inc..
New York.
Warner-Quinlan Co. Common. Offered by company to stockholders.
4,594.348
Land. Buildings, &c.600,000 General corporate purposes
120,000 General corporate Purposes
*38,000 shs Acquisition of properties
*38,000 shs Acquisition of properties
120,000
250,000
*10,000 shs
150,000
New construction, Ac
Provide funds for loan purp., &c._
Provide funds for loan num., &c
Acquisition of property
1
1,000,000 Acquisitions, construction. &e
•10,000 shs Acquisitions, construction, &c
*19,000 shs Acquire & develop. properties, &c_
*43.000 shs Acquisitions; working capital, &c_
7.25 Blythe & Co., Inc.(New On.) 7I4% Partic. Pref. Offered by Perry Brown Securities
Co., Inc., New Orleans.
Blythe & Co., Inc. (New On.) Common stock. Offered by Perry Brown Securities
Co., Inc.. New Orleans.
Central Properties Co. $2-$4 Prior Pref. Offered by Reilly. Brock dr Co., Stroud &
Co. Inc. and Parrish & Co.
1.938,000 1 sh. pref. and 1
sh. corn, for $51 CentrafProperties Co. Common stock. Offered by Reilly. Brock dc Co., Stroud a: Co.,
Inc. and Parrish de Co.
6.00 Cole Real Estate Co., Inc.6% Pref. Offered by the Peoples State Bank, Indianapolis.
120,000 100
4f Flushing Finance Corp.7% Cum.Pref. Offered by F.B. Wilcox & Co., Inc., N.Y.
337,500 shs. pref.
shs.com.for $1351 Flushing Finance Corp. Common. Offered by F. B. Wilcox dc Co., Inc., N. Y.
6.00 Indianapolis Public Elevator Realty Co. 6% Pref. Offered by the Peoples State
150,000 100
Bank, Indianapolis.
If Los Angeles Pacific Properties Corp. 7% Cum, Pref. Offered by company.
1,100.000 sh. pref.
sh. com.for $1101 Los Angeles Pacific Properties Corp. Common stock. Offered by company.
_ Pacific States Realty Improvement Co., Ltd. (Del.) Series A Common. Offered by
237,500 1234
Joel Fiske dc Co.. Los Angeles.
United Realties, Inc. Prior Pref. $254 Cony. Series A. Offered by Hambleton & Co.
1,605,000 35
600,000
50
120,000
50(par)
6,108,000
Rubber*851,306shs Working capital
9,364,366
Miscellaneous1,000,000 Acquistions, other corp. purposes..
•50,000shs Provide funds for inv. Purposes.
•25,000shs Provide funds for inv. purPosos
11
Fisk Rubber Co. Common.
Dillon, Read & Co.
Offered by company to stockholders; underwritten by
6.83 Abercrombie & Fitch Co. 7% Cum. Pref. Offered by Hincks Bros. & Co., Hartford.
Airstocks, Inc. Capital Stock (V. T. C.). Offered by White, Weld & Co., New York.
Alexander Hamilton Investment Corp. Portia. Class A Stock. Offered by Sawyer
Bros., Inc. New York.
American Radio & Television Stores Corp. Capital Stock. Offered by Trumbull,
. *100,000shs Acquire constituent companies --- 3,050,000 3034
Wardell & Co.
American Yvette Co., Inc. (Del.) $2 Cum. Cony. Pref. Offered by Philip M.Shaw
*40,000shs Liquidate bank loans, wkg.cap _- - 1
& Co. N. Y. ano E. H. Ottman & Co., Inc., Chicago.
t 2.000,000 1 sh. pf. & 1 sh 1
corn, for $50. American Yvette Co.. Inc.(Del.) Common stock. Offered by Philip M.Shaw & Co..
*40.000shs Liquidate bank loans, wkg.cap -N. Y.and E. H. Ottman & Co., Inc., Chicago.
1
The Aviation Corp. (Del.) Common. Offered by Lehman Bros.: W. A. Harriman &
*2000000sh Provide funds for inv. purposes - 40,000,000 20
Co., Inc.; Haligarten & Co.: Chas. D. Barney & Co.; Edward B. Smith & Co..
Guardian Detroit Co.. Inc.; Pynchon & Co.; Hitt, Farwell dc Co.; E. F. Hutton &
Co.; Lane, Pipe & Jaffrey, Inc.; Air Investors, Inc.: Jessup & Lamont; Rogers Caldwell & Co.. Inc.; Pak Walbridge, and Halle & Stieglitz.
Aviation Securities Corp. of New England Capital Stock. Offered by Hayden.
•
shs Provide funds for inv. purpose
_ 3,525,000 23%
Stone & Co.: Jackson & Curtis and James C. Willson & Co.
Bankers' Indemnity Insurance Co. (Newark, N. J.) Capital Stock. Offered by
500,000 Additional capital
1,500,000 15
company to stockholders.
Bankers National Investing Corp.Common. Offered by Clarence, Hodson & Co.,Inc.
•100,000shs Provide funds for inv. PurPoses- 2,900,000 29
150,000 Working capital
150,000 Price on applIcat n Blayney.hfurphy Co. 7% Cum. Pref. Offered by Bosworth. Chanute, Loughridge
& Co.
Columbia Pictures Corp. Cony. Pref. Offered by Goddard & Co., Inc.; Jackson,
*25,000shs Retire existing debt. acq., &c.-- 1,062.500 42%
Storer & Schwab and Goddard: Kneesi Co., Inc.
Counselors Investment Trust Capital Stock. Offered by company.
*36,000shs Provide funds for Inv. purposes
3,600,000 100
800,000 General corporate Purposes
6.50 Daniels & Fisher Stores Co. 634% Cum, Pref. Offered by Bosworth, Chanute.
800,000 100
Loughrldge & Co. and Jas. H. Causey & Co., Denver.
De Meta,Inc.(Del.)$2.20 Pref. Div.Stock. Offered by Mitchell. Hutchins & Co., Chic.
'•30,000shs Refunding, acquisitions, Ac
1,080,000 36
Diversified Investments, Inc. Class A Stock. Offered by Telephone Bond & Share
.*I0,000shs General corporate purposes
665,000 6654
Co. and Prescott, Wright, Snider Co.
100,000 Construct plant, Ac
100,000 Price on aPPlicaefl The Fred Dold & Sons Packing Co. (Wichita), Kan.) 654% Cum. Pref. Offered
by the Wheeler, Kelly Hagny Tr. Co.
Edison Bros. Stores,Inc. 7% Cum. Cony.Pref. Offered by Geo. H. Burr dr Co.
150,000 Expansion of business
*750,000 100e
*250,000shs Provide funds for inv. purposes_ 25.000,000 100
6.00 Electric Shareholdings Corp. $6 Cum. Cony. Pref. Offered by J. Henry Schroder
Banking Corp.; Chase Securities Corp.; Blyth & Co.; E. H. Rollins & Sons; Blair &
Co., Inc. and Cassatt & Co.
Empire Equities Corp. Class A Common. Offered by E. R. Diggs & Co., Inc., N. Y.
*90,0005hs Provide funds for Inv. purposes- _ 1,080,000 12
•15,000shs Provide funds for inv. purposes
502,500 1 sh."A"& 1 sh.f Equitable Investing Corp. Class A Common. Offered by Smith Bros. & Co., Phila.
'15.0005h8 Provide funds for inv.
"B"for $33H. 1 Equitable Investing Corp. Class B Common. Offered by Smith Bros. & Co., Phila.
Fair Stores Co. (Del.) Capital Stock. Offered by Caldwell & Co. and J. C. Bradford
•50,090shs Acquire Fair Stores Corp.
purposes..of Ark.. 1.250,000 25
& Co., Nashville, and Rogers Caldwell & Co., Inc., New York.
*50,000shs Expansion, working capital. &c
1,500,000 Units 5 abs. ® 150 First Illinois Co.(Del.) Class A Stock. Offered by W.E. Willard & Co., nc.. N.Y.
Franklin Fire Insurance Co. Capital Stock. Offered by company to Aockholders.
8,000,000 no
1,000.000 Additional capital
Gibralter Finance Corp. of N. Y. 7% Class A Pref. Offered by Barry, Greenberg
625,000
500.000 Provide funds for inv. Purposes.
& Co., inc., New York.
2 shs. pf.A lab
Gibraltar Finance Corp. of N. Y. Class B Corn. Offered by Barry, Greenberg & Co.,
"B" for $25.
*25.000shs Provide funds for inv. purposes_
Inc.. New York.
*48,000shs Provide funds for inv. purposes_ _ _ 2,400.000 2 shs. pf. & 1 sh. Globe Financial Corp. Pref. Stock. Offered by company.
com. for $100 Globe Financial Corp. Common Stock. Offered by company.
*24,000shs Provide funds for inv. purposes__ _
Globe Underwriters Exchange, Inc. Capital Stock. Offereo by Paine. Webber &
*500,000shs Provide for inv. In Maim% cos.,&c.. 12,500,000 25
Co., New York.
Griggs
Investment Trust, Inc. 10% Partic. Trust Ctfs. Offered by Griggs Collateral
for
inv.
2,000,000
110
Provide
funds
purposes,9.00
2,000,000
Corp.
Haygart Corp. Capital Stock. Offered by company to stockholders; underwritten by
6,000,1:00 60
•100,000stis Additional capital
Haligarten & Co. and Hayden, Stone & Co.
HaYgart Corp. Capital Stock. Subscribed to by Haligarten & Co. and Hayden, Stone
2,400,000 60
*40,000shs Additional capital
dc Co.
HaYgart Corp. Capital Stock. Option to purchase at this price exercised by Haligarten
4,200,000 42
•100,000shs Additional capital
& Co. and Hayden, Stone & Co.
nsuranshares Corp. of Del. Class A Common. Offered oy insuransbares Corp., N.Y.
*750.000shs Provide for investment in Insur.do) 16,406,250 2114
Inter-Allied Aeronautics, Inc. Capital Stock. Offered by Bertram A. Unger & Co..
UM, 00 1754
*200,000shs Provide for aviation investments
Inc.. New York.
International Superpower Corp. Capital Stock. Offered by Calvin Bullock, Brokaw
•50,000shs Provide funds for inv. purposes... 2.750,000 55
& Co.; Alfred
Baker & Co.; Folds lauck & Co.* Wm.L. Ross & Co., Inc.: Wm• R•
Compton Co.; Whiting & Co. and Bartlett & Gordon, Inc.
(Chas.) Leich & Co. 7% Cum. Portia. Pref. "A". Offered by Fletcher American Co..
375,000
250.000 Retire pref. stk., wkg. cap., &a Indianapolis. and Lincoln Co., Evansville, Ind.
lab. pf. & 4 shs.1
corn, for $150. (Chas.) Leich & Co. Common Stock. Offered by Fletcher American Co., Indianapolis.
*10,000shs Retire pref. stk., wkg. cap, &n -and
Lincoln Co., Evansville, Ina.
1
(Fred T.) Ley & Co., Inc. Capital Stock. Offered by S. W. Straus & Co.. Inc. and
8.550,000 57
*150,000ahs Acquire predecessor to
Foster, McConnell & Co., New York.
Maine Casualty Co. Common Offered by Portland Union Securities Corp.: W. Eh
210.000 21
100,000 Working capital
liammons & Co. and M.S. Bird dc Co., Portland, Me.
6.35 Mange* Stores Corp.(Del.) 654% Cum.Pref. Offered by W.S. Aagaard & Co., Chic.
1,750,000 10234d
1,750,000 Acquire predecessor co
Mavis Bottling Co. of Amerces Capital Stock. Offered by company to stockholders;
614.943
7
•87,849shs Expansion of business, ace
underwritten by Hayden, Stone & Co. and McClure, Jones & Co.
Moores-Coney Corp. Class A Common. Offered by Westheimer & Co. and First
*30,000sh5 Acquire constituent cos
975.000
Investment dic Securities Corp.. Cincinnati.
1 sh. "A" & 34
sh. "B" for Moores-Coney Corp. Class B Common. Offered by Westheimer & Co. and First
*15,000shs Acquire constituent cos
Investment & Securities Corp., Cincinnati.
$3234.
Motion Picture Capital Corp. $254 Cum. Cony. 2nd Pref. Placed privately.
•50.0000hs Additional capital
2,000.000 40
National Family Stores, Inc. Common. Offered by company to stockholders.
*64.000shs Acquisitions
1,920.000 30
National Short Term Securities Corp. 7% Cum. Pref. Offered by F. B. Wilcox &
525,000 Acquire subs.. other corp. purp
787,500
Co., Inc., New York.
7shs. pf. dr 7shs.1
National Short Term Securities Corp. Chas A Common. Offered by F. B. Wilcox
*52,500shs Acquire subs., other corp. purp_
corn. $105.
& Co., Inc., New York.
New Jersey Cash Credit Corp. Cum, Unlimited Panic. Prof. Offered by company.
*22,9538118 Working capital
459,060 20
Niagara Share Corp. Common. Offered by company to stockholders; underwritten.
*204.6925118 General corporate purposes
5,424,338 2654
North
American Investment Corp. 534% Prof. Offered by company to 5IV % and 6%
6.10
575,000 Additional capitol
575.000 90
Preferred stockholders.
eanital
Working
Pathe
Exchange.
Inc.. Common. Placed privately with bankers.
0005hs
1.150.000 1i34
•100
1,000,000 10234
2,100,000 42
500,000 20
1
2371.
FINANCIAL CHRONICLE
APRIL f3 1929.1
To Yield
(a) Amount Price
Involved. per Share. About.
.Par or No.
of Shares.
Purpose of Issue.
4200,000she
1,000,000
3,000,000
4100,000she
4200,000shs
Miscellaneous--(Concluded)Provide funds for inv. purposes-Expansion of business
Expansion; other corp. purp
Provide funds for inv. purposesAcquisitions; working capital
290,000 General corporate purposes
•16,000slis Acquire stores
2,500,000 Acquire constituent companies-
_
•15,000shs Working capital
*20,000shs Working capital
5,000,000 Provide funds for inv. purposes- 450,000she Provide funds for Inv. Purposes500,000 Acquire constituent companies
I
Company and Issue, and by Whom Offered.
Public Investing Co., Capital Sock. Offered by Frederick Peirce de Co.
5,000,000 25
6.08 The Schiff Co.,7% Cumulative Preferred. Offered by Geo.H.Burr & Co.
1,000,000 115
Simpsons, Ltd.(Canada)6% Cum. pref. Offered by Wood, Gundy & Co.
6.00
3,000,000 100
Southern National Corp.. Capital Stock. Purchased by Fiscal Management Corp.
1,000,000 10
6,200,000 31(approx.) --- The Starrett Corp., Common Stock. Offered by G. L. Ohrstrom & Co., Inc.; Edward
B.Smith & Co.; Janney & Co. and Graham. Parsons & Co.
6.80 (Frederick) Stearns & Co.7% Cum.Pref. Offered by First Nat. Co. of Detroit. In0-;
290,000 103
and Detroit & Security Trust Co.
Steinberg's Drug Stores, Inc. (Tulsa, Okla.) $33i Cum. Cony. Prof. Offered by
840,000 52%
Geo. H. Burr & Co.
7.00 Sterchi Bros. Stores, Inc., 7% Cony. 1st Pref. Offered by J. H. Hillman & Co., Inc.:
2.500,000 100
Atlanta, Ga.
Union Investment Co.(Mich.) Cony.Pref. Offered by Backus, Fordon & Co.
667,500 445
Union Investment Co.(Mich.) Common. Offered by Backus, Fordon & Co.
500,000 25
United States Banking Corp., 7% Cum. Pier. Offered by W.E. Willard & Co., 11104
6.500.000 2 abs. pref. and
N.Y.and Benjamin Baker & Co.. Inc., Syracuse, N.Y.
sh. com. for
United States Banking Corp., Common Stock. Offered by W. E. Willard & Co., Inc..
$130
N. Y.and Benjamin Baker dr Co., Inc., Syracuse, N. Y.
6.86 Winn & Lovett Groc. Co.(Fla.) Cony.7% Cum.Pfd. Offered by Merrill, Lynch & Co.
500,000 102
207,684.591
FOREIGN GOVERNMENT LOANS.
Amount.
Price
Issue and Purpose.
10,000,000 Republic of Chile Ext. Loan 6s 1962 (constr.
of public works)
93S4
To Yield
About.
Offered by.
6.48 National City Co.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.
of Shares. Price.
To Yield (a) Amount
About. Involved.
*15,000 26%
237,600 Price on &milk.
53 Me
*25,000 she
34;4
'
4108,500 ohs
31
30,000 she
31
*10,000 she
21
445,000 she
25
4120,000 abs
443,000 she
*40,000 abs
*20,000 she
*20,000 she
*49,000 abs
*30.000 she
*30,000 She
4109,000 elm
t
•40,600 she
447,900
a. 153.000
r *1,530 she
*35,219 she
*10.500 shs
•10,000 she
1754
25
-..
15%
...-
11 sit. pref. and 1
f sh.com.for$49
1
1 sh.pref. and 1
sh.com.for $38
52
42
80
11 sh. pref. and 1
_
eh.com.for 105
43
_
66
_
31
Company and Issue and by Whom Offered.
$
397,500 Alligator Co.,Common. Offered by Caldwell & Co., Louisville, and Lorenzo E.Anderson & Co..St. Louis,
237,600 American Envelope Co.,7% Cumulative Preferred. Offered by Huffman Co., Dayton, Ohio.
1,337,500 Blum's, Inc.(Ill.) $354 Convertible Preferred. Offered by Blyth & Co.
3,743,250 Briggs & Stratton Corp., Capital Stock. Offered by J. & W.Seligman & Co.
ommon. Offered by Goddard & Co.: Jackson. Storer & Schwab and Goddard, Knees' Co., Inc.
930,000 Columbia Pictures Corp
310,000 Daniels & Fisher Stores ..6o., Corn. Offered by Bosworth, Chanute, Loughridge & Co.and James H.Causey & Co., Denver.
945,000 The Dexter Co.(Iowa)Com. Offered by C.L.Schmidt & Cc., Inc., Chicago and W.D.Hanna & Co., Burangton, Iowa.
3,000.000 Irving Air Chute Co., Inc., Cora. Offered by Hornblower & Weeks; Cassatt & Co.; James C. Willson & Co. an3 Paul B.
Davis & Co.
752,500 Kermath Manufacturing Co.. Common. Offered by Baker, Simonds & Co., Inc.
1,000,000 Lane Cotton Mills Co.(New Orleans) Common. Offered by Eustis & Jones, New Orleans.
Metal Textile Corp., Partic. Prof. Offered by Bertles, Rawls & Donaldson, Inc. and Parker, Robinson & Co., Inc.
980,000Corp..oc
1 Metal Textiles Corp. Com.Stk. Offered by Berties. Rawls dr Donaldson. Inc. and Parker. Robinson & Co ,Inc.
759,50 Milnor,Inc., Capital Stock. Offered by Reed, Adler & Co., Los Angeles.
Oshkosh (Wisc.) Overall Co., $2 Cum. Cony. Prof. Offered by Taylor, Ewart Co.. Inc. and The First Investment Co.:
Oshkosh, Wis.
1,140,000 Oshkosh (Wisc.) Overall Co., Com.Stock. Offered by Taylor, Ewart & Co., Inc. and The First Investment Co., Oshkoell.
Wisconsin.
5,668,000 The Philadelphia Inquirer Co.. $3 Cum. Div. Cony. Pref. Offered by Cassatt & Co.; Brown Bros. & Co. and Eastman.
Dillen & Co.
1.680,000 The Philadelphia Inquirer Co., Com.Stock. Offered by Cassatt & Co.; Brown Bros & Co.and Eastman, Dillon & Co.
3.583,200 The Real Estate-Land Title & Trust Co.(Phila.) Cap.Stock. Offered by Cassatt & Co. and Brown Bros. & Co.
I Richmond Guano Co.,Inc..7% Cum. 1st Prof. Offered by Walter W.Craigie & Co., Richmond, Va.
160,6501 Richmond Guano Co.,Inc.. Common Stock. Offered by Walter W.Craigie at Co., Richmond, Va.
1,514,417 Ruud Mfg. Co., Common. Offered by Otis & Co.
693,000 Scott Paper Co.,Common. Offered by J. A.Sisto & Co.. N.Y.and Boenning & Co.,Philadelphia.
310,000 Wheeler Metal Products Corp.. Common. Offered by Borton & Dorton, Cleveland.
29,142.117
* Shares of no par value.
a Preferred stocks of a stated Par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices.
b Limited amount of common stock offered at $22 per share.
c Limited amount of common stock offered, price on application.
d Limited amount of common stock offered at $32 per share.
e Limited amount of common stook offered at $26 Sillier share.
Inter-State Commerce Commission Permits Chesapeake & Ohio Railway to
Purchase Pere Marquette Stock-Reverse Former Ruling-Authority to Issue
$30,000,000 Stock to Finance Deal Permitted.
The Inter-State Commerce Commission in a decision
dated April 2 and made public April 6 modified its previous
order of May 8 1928 (see "Chronical May 26,1928 p. 3197)
and permits the Chesapeake & Ohio Ry. to acquire 174,900
shares of common stock of the Pere Marquette Ry.at $133.33
per share from the New York, Chicago & St. Louis RR.and
to purchase at the same price within one year from date such
additional shares of stock as may be necessary to constitute
a numerical majority of the outstanding stock of the Pere
Marquette Ry. The Commission also reversed its previous
order and authorizes the company to issue 300,000 shares
of common stock to be sold at par ($100.per share) and the
proceeds to be used in purchasing stock of the Pere Marquette
and for other corporate purposes.
Previously the Commission ruled that only 200,000 shares
could be so disposed of at $150 per share. This ruling raised
protests from many quarters on the ground that the Commission had no authority to make such restrictions as to
issue price to stockholders. The Commission in the present
decision goes at length into this phase of the question and
reiterates that it has jurisdiction in fixing the price at which
securities of public carriers may be issued.
In its report and order of May 8 1928 the Commission
'denied the company's application to acquire the desired
control of the Erie RR. but authorized the acquisition of
control of Pere Marquette Ry. by purchase of capital stock
of that company, including stock held by the Nickel Plate,
on which the Chesapeake & Ohio had an option at $100
per share plus carrying charges. The option to purchase
the Nickel Plate holdings of Pere Marquette stock at$110 per
share, however had, priorlto the decision of the Commission.
expired and the directors of the Nickel Plate declined to
renew or reinstate said option at such price and further
negotiations were entered for the purchase of said stock.
The facts as set forth in the present ruling show that the
original cost of the 174,900 shares of Pere Marquette stock
to the Nickel Plate was $11,572,623. If the Chesapeake
& Ohio had purchased this stock from the Nickel Plate,
at$110 a share, the transfer would have been made at a profit
of $7,886,000 to the Van Sweringen interests. At the price
authorized in the present modification order, namely,
$23,319,623, the profit to the Nickel Plate will be $11,747,000, or slightly more than 100%. In commenting on the
consent given the Chesapeake & Ohio to purchase the stock
at $133.33 the Commission said: "Barring a serious loss
of business to the Pere Marquette, a contingency which
neither the record nor the business condition of the country
suggests, there appears to be no reason to deny the applicant's petition as it relates to the payment of $133.33 per
share for the block of Pere Marquette common stock described. By the usual criteria of value, all of which are
set forth in the evidence, the proposed price is not an unreasonable one, and we are not disposed to question the
judgment of those who fixed it."
Commissioner Eastman dissented from the majority
ruling as did Commissioner McManamy and Taylor.
The report of the Commission on further hearing follows:
In our former order in these proceedings, 138 I. C. C. 517, issued May 8
1928, we authorized the applicant to acquire control of the Pere Marquette
Ry. by the purchase of its capital stock, under the terms and conditions
set forth in our report accompanying said order. We authorized the
applicant to issue 200.000 shares of its common capital stock having a par
value of $100 each, upon condition that it be offered to holders of existing
common capital stock pro rata at $150 per share, such portion of the issue
2372
FINANCIAL CFRONICLE
as might not be so disposed of to be sold for cash at not less than $150 a
share, and the funds thereby provided to be used in the purchase of common,
preferred, and prior preference stocks of the Pere Marquette Railway Company in the following manner: To discharge the Indebtedness upon, and to
acquire, 16,600 shares of Pere Marquette stocks of three classes held by
the Virginia Transportation Co.: to acquire 36,500 shares of Pere Marquette
common stock from the Vaness Co. at a cost of $2,522,881; and to acquire
such other Pere Marquette common stock as might be obtainable at a
price not to exceed $110 per share, or such prior preference or preferred
stock as might be obtainable at a price not to exceed $100 per share. As
we stated in our report, the expenditure of the proceeds of the stock issue
under these terms would not effect the acquisition of a majority stock
Interest in the Pere Marquette. A period of one year from the date of
our order was allowed for the carrying out of the program contemplated,
It being understood that the applicant would submit to us a supplemental
application for authority to issue such additional stock as might be
found necessary.
On July 28 1928, the applicant filed a petition in Finance Docket No.
6114 for a supplemental order modifying the terms of our former report
and order to permit the purchase of 174,900 shares of common capital
stock of the Pere Marquette Railway Company, now owned or controlled
by the New York, Chicago & St. Louis Railway (Nickel Plate), at a price
of $133.33 per share, plus an amount per share equal at the date of purchask
to accrued unpaid cash dividends at not exceeding the rate of 8% per annum. The applicant proposes to acquire the Pere Marquette shares held
by the Virginia Transportation Co. and the Vaness Company pursuant
to the terms prescribed in our former report, and such additional shares
as are necessary to constitute a numerical majority of the outstanding
stock of the Pere Marquette at such price or prices, and on such terms and
conditions as the board of directors may from time to time hereafter determine.
On the same date, the applicant filed, also, a petition in Finance Docket
No. 6113 for a supplemental order further modifying the terms of our
former report and order to permit the issuance of 300,000 shares of common
capital stock to its stockholders at 3100, par value.
Inasmuch as by our former order, 138 I. C. C.517, we approved, as being
in the public interest, the purchase by Chesapeake & Ohio of control of
Pere Marquette, the only questions here presented are as to the price at
which additional Pere Marquette stock may be purchased and the price
at which Chesapeake & Ohio may offer its own stock to its stockholders.
A hearing was held upon both petitions, briefs were filed, and oral argument was had. The interveners, other than the Chesapeake & Ohio
Stockholders Protective Committee, definitely favor the granting of the
petition filed in Finance Docket No.6114. The committee does not oppose
it. None of the interveners offer objection to the granting of the petition
filed in Finance Docket No. 6113.
The request for authority to purchase the Nickel Plate's holdings of
Pere Marquette stock at $133.33 per share, with an adjustment for dividends, was made as a result of negotiations between a special committee
representing the applicant and one representing the Nickel Plate. The
recommendation of the first-mentioned committee was approved by the
applicant's board of eirectors, and the purchase was authorized by that
board subject to our approval. The agreement between the two companies
Is to be void unless our authority is granted on or before June 12 1929.
A previous option, covering the same block of stock at a price of $110
per share, expired cn July 1 1927.
The applicant I epresents that the price proposed to be paid for the stock
in question, is supported by the earnings, book, investment, and valuation
of the Pere Marquette, From 1923 to 1928, net income increased approximately 56%. The balance of net income available for common stock was
$8.93 per share in 1923 and $15.40 per share (partly estimated) in 1928,
corresponding to an increase of 72%. The ratio of interest and preferred
dividends to available net income in 1927 was 38.44%, and was expected
to be approximately 35% in 1928. Dividend payments on the common
stock in 1928 will be only 52% of the earnings available for that purpose.
From the beginning of the period when 8% dividends have been paid, or
Dec. 31 1925, to Oct. 31 1928, the company's investment has increased
by $11.148,987. total assets by $12,234,651, and corporate surplus by
38.024,661. On the last given date the total corporate surplus was $26,860.911. It was testified that the property has an excellent financial
structure, is well operated, and well maintained. There has been an increase of over $11 per share in the common stock equity since Dec. 311926.
which would produce a book value of approximately $159 per share for
that stock as of Oct. 31 1928, and approximately $135 per share based
upon the final value found by us.
During the month of July, 1927, when the Nickel Plate refused to extend
the opinion given the applicant to purchase its Pere Marquette common
stock at a base price of $110 per share, the mean between the highest and
lowest market prices of this stock was $129.50. From that time to the
end of Oct., 1928. the range of price was between $12414 and $146. During
Nov., 1928, the range was between $133 and $154, and on the last date of
record. Dec. 1 1928, a sale was made at $151%. The price of $133.33.
now proposed to be paid by the applicant, corresponds to a 6% yield on
the investment if the Pere Marquette continues the payment of dividends
at the rate 0(8% on its common stock.
Barring a serious loss of business to the Pere Marquette, a contingency
which neither the record nor the business condition of the country suggests,
there appears to be no reason to deny the applicant's petition as it relates
to the payment of$133.33 per share for the block of Pere Marquette common
stock described. By the usual criteria of value, all of which are set forth in
the evidence, the proposed price is not an unreasonable one, and we are
not disposed to question the judgment of those who fixed it.
The original cost of the 174,900 shares of Pere Marquette common
stock to the Nickel Plate was $11,572,623. At the price of $110 per share
originally fixed the Nickel Plate's profit would have been approximately
37.886.000, and at the price now proposed it will be approximately $11,747.000.
The holdings of the Virginia Transportation Corp. have, since the time
time of our former report, been reduced by a net amount of 1,700 shares of
Pere Marquette stocks. If the present holdings and those of the Vaness
Co. are acquired at their original cost, and the 174,900 abates of Pere
Marquette common stock are acquired as now proposed from the Nickel
Plate, the applicant will have expended approximately $27,250,319 for
226,300 shares of the voting stocks of the Pero Marquette. As the total
outstanding stocks of that company aggregate 686,750 shares, the applicant will have obtained slightly less than 33%, and would need about
117,000 additional shares to constitute numerical control. No program
has been submitted to us for this further acquisition, and the applicant's
plan is apparently no more complete regarding majority control of the
Pere Marquette than it was when the case was first presented to us. While
the applicant seeks to acquire control of the Pere Marquette by purchasing,
In addition to the specific blocks of stock mentioned, such shares as are
neresavy to constitute a numerical majority of the outstanding stock of
the Pere Marquette, the price at which it proposes to acquire such additional
shares is not stated, the proposal being to purchase these additional shares
For.. 128.
at such price as the board of directors may from time to time hereafter
determine. Any estimate of the ultimate cost of acquiring such control
must necessarily involve assumptions as to the price or prices to be
paid
for stock purchased in the future. If the average price were as
high as.
$150 per share for the remaining 117,000 odd shares required, the ultimate
outlay by the applicant would approximate $44,813,000, and the aggregate
amount of new stock which the applicant would have issued at par for this
purpose would be 448,130 shares. This would represent an increase of'
about 38% in the amount of stock now outstanding. With the
advancing
market for Pere Marquette common stock, the final cost to the applicant
might well be greater than has just been stated.
Before making an order approving and authorizing the acquisition by
one carrier of control of another, we are required by the act to find that the
consideration, terms, and conditions of acquiring such control are just and
reasonable. It Is obvious that we are not in a position to make such finding
where the consideration, terms, and conditions are not disclosed.
We
may, however, make a finding as to the specific blocks of stock which
the
applicant proposes to purchase and as to such additional shares as may
be obtained for a definite consideration and upon stated terms and conditions. Under the provisions of our order of May 8 1928, supra, the
applicant may acquire control of the Pere Marquette by purchasing,
in addition to the stock held by the Virginia Transportation Corp. and the
Vaness Co. for the considerations there stated, such other Pere Marquette
common stock as may be obtainable at a price not to exceed $110 per share
and such prior preference and preferred stock as may be obtainable at a
price not to exceed $100 per share. We are of the opinion that the facts
of record justify such modification of our findings upon which that order
was entered, and consequently such modification of that order, as will
permit the applicant to purchase at the price proposed the 174,909 shares
of Pere Marquette common stock held by the Nickel Plate and to purchase
at the same price such additional shares of Pere Marquette common stock
as may be necessary to constitute a numerical majority of the outstanding
stock of the Pere Marquette. Further than this we are not called upon
to go. If the subsequent prosecution of the applicant's plan regarding
the Pere Marquette should develop financial or other difficulties of sufficient magnitude to cause a revision or abandonment of such plan the
responsibility must rest with those in control of the applicant's management.
The petition in Finance Docket No. 6113 for a modification of our
former order with respect to the amount and selling price of additional
common stock, proposed to be issued by the applicant, is based upon the
contentions that the price of $150 per share fixed by us constitutes an error
of law, that the requirement that stock be sold at a premium is a departure
from our practice in all other cases where additional issues of stock are involved, that it unjustly discriminates against tho applicant, infringes
on the right of private management, and is generally unwarranted. The
applicant now makes plain that it wishes, in addition to providing
funds for the purchase of Pere Marquette stock, to extend to its stockholders whatever benefits may accompany the sale of new stock at par. It
claims that the matter of price at which its new stock is to be sold has no
connection in principle with the purposes for which such new stock is
issued, and should be determined without regard to those purposes.
We need not discuss the question of law raised by the applicant. While
we have recognized the right of stockholders to a distribution of corporate
profits and to compensation for sacrifices made in the past, we have also
pointed out that the necessity for authority under section 20a of the Act for
the Issuance ofsecurities, including stock dividends. Our powers are plenary
and we conceive them to extend to jurisdiction over the terms and conditions
under which stock may be issued by any carrier subject to the Act. With
respect to the principle argued for by the applicant that, if its proposed
increase of stock is adequately supported by assets, the conditions of issue
and sale are matters entirely unaffected by the question of how the proceeds
shall be used, we are of opinion that we may exercise our judgment in such
a case as the circumstances seem to require. As we stated in our former
report, the evident object of the applicant's proposed stock issue was to
finance the acquisition of control of the Erie and Pere Marquette.
We are not greatly impressed with the advantages, described by the
applicant, of issuing new stock at par rather than at $150 per share. The
issue of 300,000 additional shares now proposed will, as has already been
shown, provide for less than 33% of control, and it will increase the applicant's outstanding stock by 25%. The resulting dilution of value per share
of the applicant's stock would be much further increased if the actual
acquisition of majority stock control of the Pere Marquette were to be
entirely financed by the issuance of additional stock at par. That the
dilution presently to occur Is considered a desirable thing by the applicant
is shown by the statement made by counsel in the applicant's brief that
"If the wider distribution of stock by reason of the issuance of 300,000 new
shares at par instead of 200,000 new shares at $150 would tend to increase
the demand for the shares because the assets would be distributed
over a larger number of shares, leaving each share somewhat more in
reach of the pocketbook of the average investor." While nothing appears
in the testimony as to the applicant's ability to maintain its present
dividend rate of 10% per annum, it may be assumed either that there
is confidence in such ability or belief In the soundness of increasing the
amount of stock outstanding, even though the common stock dividend
rate may have to be reduced in consequence. With this policy, as applied
to the railroads, we have not been entirely in accord. We realize, however.
the latitude in action which must be preserved to private management.
A determination of the exact situation in which restrictive regulation in the
public interest becomes our duty is in some cases complicated by a number
of special considerations.
Since the time of the former hearing the applicant's financial position,
as shown by the exhibits presented, has changed to a considerable extent.
Some of the major features of this change are indicated by the following
summary:
CHESAPEAKE & OHIO LINES.
Dec. 311926. Aug.31 1928.
Total capitalization _
$312,170,516 $305,343,916
Total investments
425,713,441 441,663,789
Current assets
37,949,395
29,171,874
Current liabilities
14,143,058
16,4/0,418
Excess of current assets over current liabilities
23,806,337
12,751,456
Total appropriated surplus
26,485,160 26.707,626
Profit and loss—credi.: balance
87.169,040
62,670,691
Total corporate surplus
$89,155,851 3113.876,666
The evidence introduced and the representations made by the applicant permit of no reasonable doubt as to the existence of a sound financial
basis for the issuance of $30,000,000 par value of additional stock, and as to
the fact that the proportional interests of the stockholders in the property.
its assets, and earnings, are unchanged whether 200,000 or 300,000 new
shares are distributed. In either case the assets would be increased by
the payment of $30,000,000 into the treasury. Under such circumstances
our chief concern is with the test of public interest, and with a determination
whether the proposed issue Is reasonably necessary and appropriate.
It has been shown theoretically that the value of the stock rights to be offered to shareholders is equal to the lose of value in their present holdings
APRIL 13 1929.]
in either case. This, of course, tends to remove an objection which may be
raised against the larger issue. It is pertinent to consider, however, the
probability, as pointed out by Frederick Strauss, the applicant's principal
witness at the further hearing, that when rights are offered on terms which
represent a considerable value in the market, the price of the stock will tend
to rise after the close of the period during which the stockholders have the
choice of selling or retaining the new stock. Should the market price in
this instance recover its former level, and should the price be $200 per share,
as used by counsel in his argument, the value of rights at the stock issue
price of $100 would be 924 per share, and at the issue price of $150 would be
$10 per share. At a market price of $190, the rights on the 9150 basis were
computed at approximately $5.71 and on the par basis at $18. It is clear
that the proposed issue at par may, within a reasonable probability, yield
to present stockholders who sell their rights a money benefit of more than
double the amount which would follow from an issue at $150 per share.
We can not escape the conclusion that the desire for the larger probable
"compensation" to the shareholders is a factor in the applicant's present
request. This should, however, not confuse the merits of the case from
the public standpoint.
In the light of the further showing made by the applicant and a reconsideration of all the circumstances affecting the case, we are of opinion that
our former order,so far as it relates to the issue of stock, should be modified
as requested in the applicant's petition.
In the application filed in Finance Docket No. 6113 to issue $59,502,400
par value ofcommon stock, the applicant presented, as,a basis for such stock,
certain expenditures not theretofore capitalized, and proposed to discharge
and replace certain first lien and improvement mortgage bonds held in its
treasury. The issue of 300,000 shares of common stock, of $100 par value
each, which we shall authorize in modification of our ourder of May 8,1928,
will rest upon the following asset basis, which partially employs the capitalIzable assets described in the original application:
Additions and betterments to road and equipment during
the period July 1 1924,to Sept.30 1926
$6,505,400
Expenditures made in the acquisition, construction, and extension of branch and spur lines during the period July 1
1924, to Sept. 30 1926
402,000
Retirement and cancellation of first lien and improvement 20year-mortgage bonds in the applicant's treasury
23,092,600
,
2373
FINANCIAL CHRONICLE
Total
$30,000,000
The applicant Is authorized to Issue not to exceed 300,000 shares of its
common capital stock for the purcpose of providing funds (1) to acquire
at a price of 9133.33 per share plus an amount per share equal at date
of purchase to accrued unpaid cash dividends at not exceeding the rate of
8% per annum,and under the terms and conditions set forth in the petitions,
174,900 shares of Pere Marquette common stock now owned or controlled by
the Nickel Plato (2) to acquire at the same price such additional shares of
common stock as may be necessary to constitute a numerical majority of the
outstanding stock of the Pere Marquette, and (3) for any other purposes
Included in the provisions of our order of May 8 1928, supra, authorizing
the issuance of 200,000 shares of common capital stock. The additional
common stock now authorized shall be offered to the holders of common
capital stock of the applicant pro rata at $100 per share, to the extent of
one share of additional stock for each four shares of their respective holdings
as registered upon the transfer books of the applicant on a date to be determined by its board of directors. Such portion of the issue as may not
be so disposed sof shall be sold for such cash considerations, not less than
$100 per share, as may be approved and authorized by the board.
Nothing contained in this report or in our order to be entered herein is to be
construed as modifying in any respect our order of July 8 1927, in Pere
Marquette RR. Co. et at, 130 L C. C. 497, as to the value of the property
of the Pere Marquette for rate-making purposes, or otherwise, or as a commitment on our part as to the value of its property for the purposes ofsection
15a of the Inter-State Commerce Act, or in any respect a precedent for
subsequent determination of the reasonableness of the terms, conditions,
and considerations in future proposals of the applicant to acquire specific
blocks of Pere Marquette stock.
Subject to the conditions stated on our report filed with and made a
part of our order of May 8 1928, supra, so far as such conditions are not
specifically modified herein, we find (1) that the acquisition by the Chesapeake & Ohio Railway Co.of control of the Pere Marquette Ry. by purchase
of capital stock upon the terms and conditions and for the consideration
stated herein, which we find to be just and reasonable, will be in the public
interest, and (2) that the issue of $30,000,000, par value, of common stock
by the Chesapeake & Ohio Railway Co. to be used in connection with the
acquisition of control of the Pere Marquette Ry. Co., or for other corporate
purposes as stated herein (a) is for lawful objects within the corporate
purposes of the applicant, and compatible with the public interest, which
are necessary and appropriate for and consistent with the proper performance
by it of service to the public as a common carrier, and which will not impair
its ability to perform that service,and (b)is reasonably necessary and appropriate for such purposes.
Commissioner Woodlock, concurring in part, said: "I
concur in the findings and order."
Commissioner Eastman, dissenting, said:
I dissented in part from the conclusions in the former report upon the
ground that it had not been affirmatively and adequately shown that
"unification" of the Pere Marquette and Chesapeake & Ohio Is In the public
interest. The record upon rehearing contains nothing which would warrant
a change in this opinion.
What is here approved, however,is open to question even if it be assumed
that the two roads should be unified. It is proposed that the Chesapeake
& Ohio shall purchase from the Nickel Plate for $23,319,623 stock of the
Pere Marquette which cost the Nickel Plate $11,572,623. The profit,
thus realized in cash by the latter, will be a little more than 100%. Both
the Chesapeake & Ohio and the Nickel Plate are now clearly and admittedly
under the control of the Van Sweringens. Their original plan, which was
considered in Nickel Plate Unification, 105 I. C. C. 425, was to have a
new Nickel Plate company acquire control of the present Nickel Plate.
the Erie, the Chesapeake & Ohio,and the Pere Marquette. We disapprove
that plan, and following that disapproval the Nickel Plate disappeared
from the scene and the front of the stage was given to the Chesapeake &
Ohio, which asked us to allow it to acquire control of the Erie and fhe Pere
Marquette. However, the disappearance of the Nickel Plate from the
scene is plainly only temporary, brought about by what were conceived to
be the stragetic or tactical necessities of the moment. There has been no
abandonment of the plan to unify all of the carriers named above, including
the Nickel Plate, into a single system. The general application recently
filed with us by the Chesapeake & Ohio is proof of this fact, if any proof
were needed.
Under these circumstances, it is plain that the transfer of a large block
of stock from the Nickel Plate to the Chesapeake & Ohio will not change
the real situation so far as control of the Pere Marquette is concerned.
The Van Sweringens can as easily vote the stoCk in one place as in the other.
All that will be accomplished by this shifting of the stock from one pocket
to another is that the Nickel Plate will be able to realize a cash profit
of more than 100% at the expense of the Cheaspeake & Ohio. Just what
public interest will be served by this transaction I am unable to see. If
the stock is worth what the Chesapeake & Ohio proposes to pay for it, it
will still be worth that amount if it continues to be held by the Nickel
Plate. From the standpoint of conservative railroad finance it seems to
me that the public interest will be served better if this stock remains in
the treasury of the Nickel Plate at a low book value than if it is transferred
to another corporate member of the same family at a value more than
doubled.
The only theory upon which this transaction might be justified from
the standpoint of the public interest Is that holding of Pere Marquette
stock by the Nickel Plate Is inconsistent with that interest and perhaps even
unlawful, in view of the fact that the two carriers are in direct competition
between Buffalo and Chicago and elsewhere. But this situation will not
be cured by transfer to the Chesapeake & Ohio so long as that carrier
and the Nickel Plate remain under common control. It follows that the
stock might better be left where it is, unless the Commission is prepared
to take such legal steps as are possible to pry apart the Nickel Plate and the
Chesapeake & Ohio. But there is no indication that this is contemplated.
Nearly a year ago in the original report in this proceeding, we refused to
approve acquisition of control of the Erie by the Chesapeake & Ohio.
Yet those two carriers were then under common control, and they still are.
At that time I made this statement in my partially dissenting opinion:
That the Nickel Plate, Chesapeake & Ohio, and Erie are all in active
competition is plain. The common control of thew three properties should
be considered in a Clayton Act proceeding.
There have since been no developments along this line. Under the
circumstances I am somewhat at a loss to knew what it is thought will be
accomplished in the public interest by this transfer, all within the family, at
a huge cash profit.
There is another phase of the situation which attracts attention. The
majority refuse to approve the acquisition by the Chesapeake & Ohio of
further Pere Marquette stock at a price per share in excess of that which
is to be paid to the Nickel Plate for its holdings. But if the Commission
pursues its present policy, what is there to prevent the Van Sweringens
from purchasing Pere Marquette stock at any price they see fit through the
medium of the Allegheny Co., or the Vaness Co.. or the Virginia Transportation Co., or some other of the vast throng of their various corporate
manifestations, with railroad credit as the basis of the pyramid. We pass
upon these various applications for authority to acquire control which are
brought to us by the Nickel Plate or the Chesapeake & Ohio, but apart
from causing some passing comfort or discomfort to the Van Sweringens
I cannot see that our decisions affect the ultimate situation very materially.
The process of acquiring control goes steadily on regardless and the
same may be said of the process of keeping control.
I am authorized to say that Commissioner McManamy concurs In this
dissent.
Commissioner Taylor, dissenting, said:
As to terms and conditions under which control is to be acquired, I COnCar
with expressions of Commissioner Eastman.
._
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 12 1929.
In the main trade still looks better than it was a year ago,
though the favorable contrast is not so marked. The output
in the first quarter of this year of steel, automobiles and tires
is still something unexcelled in previous records. That is
also the case as regards retail trade, whatever the frequent
drawbacks in the matter of storms, floods and temperatures.
The stock market has had a more reassuring tone, with less
violent fluctuations and a more conservative volume of trading. The tendency of money rates has been downward, as
brokers' loans have decreased, and the menace of Washington interference has subsided, partly to all appearance under
the influence of modified opinion. The automobile output
and exports have reached a new high record. In retail trade
the chain store sales in March increased 27.7 % over those of
the same month last year while the increase in mail order
business was almost identical with that of the chain stores,
that is, 27.8%. Department store sales increased in March
a little over 6% with one business day less this year than last
year. Carloadings in February increased about 5% over
those for the same month last year. Gross railroad receipts
gained 4% and net operating income 21.2%. For two
months of the present year the gross railroad receipts increased 5% and net operating income 28%. These interesting figures certainly seem suggestive. The March steel output of something over 5,000,000 tons made a new high
record. There was a gain of 16% in the daily steel output
over that of March last year. Steel prices have been steady
and there is an accumulation of unfilled orders clear enough
evidence of a large consumption. The Government reported
suggests a crop of 581,000,000 bushels of winter wheat
against 579,000,000 harvested last year, with a rye crop of
44,000,000 bushels against about 52,000,000 harvested in
1928. Wool has been quiet and seemingly none too steady.
In Cleveland employment in industry during March increase4
2374
FINANCIAL CHRONICLE
14% over March last year. Copper broke to 19 cents, but
the consumptive demand at around that figure was large.
Cotton goods have been quiet in this country and dull in
England. The sales of standard cloths in March were 20.2%
above a full production. Unfilled standard cloth orders
increased in March about 7%.
Wheat advanced 4c. under the spur of growing hopes
that some practical and not uneconomic measures will be
devised in the near future looking to farm relief. Moreover the export demand has been better. The world's crop
of wheat this year may not be so large as that of last year.
It is urged, too, that wheat prices are relatively and very
materially lower than those for other commodities. At the
same time the wheat market to all appearance has become
"long" on farm relief talk and should these hopes of legislative measures in that direction be disappointed, liquidation might be heavy with obvious results. Corn advanced
33/2 to 4c. following for the most part in the wake of wheat,
though also helped by a good cash demand, some delay in
farm work and the persistent smallness of the country offerings. The old crop too is of excellent quality and can
easily be held if the farmer sees fit to do so. Oats have advanced with supplies at terminal markets not excessive and
the rise of the May delivery to the highest price seen for four
months past being at least suggestive. Rye advanced rather
sluggishly though a decreased crop is apprehended. Coffee
advanced half a cent with smaller visible supplies and buyers
committing the old blunder of carrying dilatory tactics too
far and thus playing directly into the hands of the Defense
Committee. This was in the face of the noteworthy recent
declines in Brazilian exchange, lightened however at one
time by some recovery. Moreover there seems to be a
trade short interest in mild coffee and it is believed that
Brazilian coffee will suffer less in the near future from the
competition of mild coffee. Raw sugar has advanced to
1'Kg°. under active buying of the actual sugar by New York
and out of town refineries. Futures have risen some 10
points on Cuban and European buying. Moreover an
independent pool, is to control the selling of a million tons
of raw sugar outside of the United States. Some 80,000 tons
have already been sold it seems by this pool and other people.
The revival of foreign demand for sugar has had a plain
effect. It is also expected that Congress will increase the
sugar tariff. The sub-committee of the Ways and Means
Committee has recommended that the duty on Cuban sugar
be increased from 1.7648c. to 2.25c. and that on other sugar
from 2.20 to 3c. The Committee it is said may limit duty
free Philippine sugar imports to 60,000 tons. Rubber has
declined about 4
3 e. with continued large Malayan shipments
suggesting that the potential Malayan production may be
larger than has been suspected, something that militates
against confident buying. Besides the stock in London is
gradually increasing and the March consumption in the
United States of 44,730 tons was, not so large as had been
expected by three or four thousand tons. London prices
,te. lower in
have been steadily declining. Copper is 43
response to falling prices in London. Evidently the recent
meteoric rise had been overdone. The production of crude
copper in the United States and other supply to United
States smelters in March was 93,303 tons or about 9,000
more than in February and 23,000 more than in March last
year. For the first quarter the total is 264,300 tons or
64,000 more than in the like period last year. Lead is down
$12 a ton in a week. Tin prices have also fallen sharply as
well as zinc, following declining London markets. Tin fell
here 100 to 125 points to-day with visible supplies increasing.
Cotton has advanced a trifle on the old crop with the mills
constantly fixing prices and the statistical and technical
position strong and has declined but little on the new crop
despite the most favorable weekly report on weather and
crop conditions issued thus far this year. The consumption
is large, the total of the week's spinners' takings was liberal
and the world's visible supply of American cotton is beginning to decrease more rapidly. It is true that cotton goods
have been quiet here and dull in Lancashire, the English
trade being handicapped by the political unrest in India.
In the Carolinas there have been strikes among the mills,
though in the Gastonia district the situation is mending,
many operatives are returning to work,and the troops which
had been called on to preserve order are being gradually
withdrawn.
The stock market declined on the 8th inst. when a decision of the United States Supreme Court denied the application for a 7 cent fare on the Subway and Elevated lines
ofathe Interborough Rapid Transit Company. The de-
Feu 128.
cision was not only thattheInterborough brought its Federal
suit prematurely but that the 5 cent rate was not shown to
be confiscatory when subway and elevated lines were considered separately. The decision was the signal for a decline in less than 15 minutes in traction stocks of 123/2 to
25 points. Before the decision was announced Interborough
had risen to 55 but it closed at 3334. On the 11th. stocks
declined for a time and then rallied briskly and closed higher
in spite of 9% call money, inasmuch as brokers' loans decreased $135,000,000, making a decrease of $366,000,000
from the high level of March 20. That had its psychological
effect. Bonds advanced in response to the firmer tone in
stocks. Traction issues shared in the advance. Convertibles were most prominent in the rise. Foreign bonds were
steady and some Russian bonds, however it may be explained, advanced on sales of $270,000, nearly 4 points,
though $75,000,000 of Russian issues have been in default
for 10 years. The London stock market was firmer and Paris
more active, but Berlin was hesitant fearing a rise in the
discount rate. To-day stocks and bonds were higher with
money down to 7% on call and 834% on time with stock
transactions approximately 3,400,000 shares. The outstanding feature was the better credit situation.
Lowell, Mass., wired that positive evidence that Lowell
is having an encouraging comeback industrially is seen in the
payroll reports to five local industrial banks announced
through the Chamber of Commerce. There is a healthy
condition of various industries. Biddeford, Me., wired
that conditions in the textile industry are improving in
Maine with several of the plants in the State increasing their
production. In Biddeford the situation is much improved.
The indications are that many workers who have been idle
the past winter will find employment this summer in cotton
mills and machine shops. There are about 1,300 employed
in the Saco-Lowell shops this spring, a larger number than
for two years or more. At Saco the outlook is much brighter,
with large orders being reported. More looms have been
started at the York Manufacturing Co. and several hundred
names have been added to the payroll of the plant. At
Manchester, N. H., the tension in textile circles has been
much relieved by the settlement of the dispute between the
management and the delegates of the employees' plan of
representation of the Amoskeag Manufacturing Co.in regard
to overtime pay. The management receded from its order
that time and a half for extra work would be discontinued,
thereby ending the controversy. At Claremont, N. H., on
April 9 a voluntary wage increase averaging 10% for the
employees of the Monadnock Mills was announced.
Charlotte, N. C. wired on April 9 that a strike of about
two-thirds of the 500 employees at the Florence Mills,
Forest City, N. C., a continuation of trouble at the Loray
Mills, Chadwick-Hoskins Mills No.5, Pineville and Wennonah Mills, Lexington, N. C. were the main features. At
Forest City employees demand a 20% increase in wages, but
so far have made no other demand. Workers there are not
union members. But on the 10th inst. Charlotte wired that
a settlement of the strike at the Florence Mills, Forest City,
N.C.was announced following the meeting of the employees
and it was understood that demands of the workers, with
the exception of increased wages, were met by the management. The demands granted were said to have included the
removal of an efficiency expert and the arrangement of
work upon the same basis prevailing before the efficiency
system was installed. At Pineville, N. C. on the 11th inst.
the plant of the Chadwick-Hoskins Co. where a strike had
been in progress since Monday was closed down indefinitely.
The mill had been operating at about two-thirds capacity
until Wednesday night when a series of clashes between
strikers and workers created a situation that made the
shutdown advisable. Spartanburg, S. C. on the 8th inst.
reported that no agreements have been reached between mill
management and the 6,000 to 7,000 textile workers of South
Carolina who are out on strike in protest of the efficiency
system recently adopted by a number of mills of that State.
Negotiations are under way in Greenville and Union, head
centers of the strikes, where commissioners of the U. S.
Department of Labor and State officials are endeavoring
to arbitrate and adjust differences.
Spartanburg, S. C., wired April 9 that there is a vast
difference between the *strikes in the cotton mills of South
Carolina and those in North: Carolina. In the Palmetto
State the operatives are earnestly protesting against an
efficiency system and refusing to work until it is abolished,
but there is no rioting and no talk of unionization. But in
Gaston County, N. C., State troops had to be ordered out.
APRIL 13 1929.]
FINANCIAL CHRONICLE
2375
Labor agitators hare haranguing crowds on the streets. of Texas, 30; and Oklahoma, 35. Violent wind storms
Russian communistic ideas seem to have infested some of prevailed in Arkansas with heavy loss of life and much
the boys and girls. Greenville, S. C., reported that at the damage to property. To-day it was rainy here, and the
close of last week some 426,000 spindles were idle in that temperatures were 39 to 45 degrees.
State or approximately 7% of South Carolina's total spindleage. Strikes were under way at Brandon, Brandon duck
mill, and the Poinsett Mill in Greenville, and the Woodruff Department of Commerce Monthly Indexes of Production, Stocks and Unfilled Orders—February ProMill at Woodruff, all units of the Branden Corp., the Anderduction Above That of Same Month of Previous
son and the Monarch and Union-Buffalo Mills at Union.
Year.
Nearly 6,000 textile workers of the State's total of 70,000
The Department of Commerce issued as follows on April 3
became idle as a result of these strikes. All strikes under
way and those of Pelzer and Ware Shoals which had been its monthly indexes for February of production, stocks and
previously settled are in protest against the efficiency systems unfilled orders:
Productkm.
which have been installed by the mills. Briefly the efficiency
Industrial output during February, after allowance for seasonal condicall, it is claimed, for more work from the employees to a tions,
showed no change from the preceding month but was greater than in
rearrangement of the help, but the mill officials deny that February, 1928, according to the weighted index of the Federal Reserve
Board. The principal increases over February, 1928, in manufacturing
too much work is placed on the operatives.
occurred in iron and steel output, In the production of non-ferrous metals
Gastonia, N. C., April 11: Nine hundred and forty-one and
in the manufacture of automobiles. Declines from last year were regisemployees reported for work this morning at the Loray Mills tered in food products slid in the production of leather and shoes. Mineral
and we understand conditions are improving with every production, after adjustment for seasonal conditions, showed gains over
both the preceding month and February a year ago.
change of shifts. One company of militia withdrew yesterday
Commodity Stocks.
and another company to-day.
Stocks of commodities held at the end of February were greater than a
Danville, Va. wire stated that talks with operators in the year ago. Larger inventories of raw materials and manufactured goods
Riverside and Dan River cotton mills there show that no were reported than a year ago.
fear is entertained of the textile troubles in the Carolinas,
Unfilled Orders.
The general index of unfilled orders showed a gain over the preceding
spreading across the State lines even though the so-called
month but was lower than a year ago. Forward business for textiles
efficiency system is kept in practice.
showed a gain over the preceding month and a decline from last year.
As to the weather on Sunday, April 7 the temperature Unfilled orders for iron and steel showed no change from January but were
rose here to a high record for that date of 86 degrees, a rise lower than a year ago. Orders for transportation equipment, printipally
showed gains over both periods, while unfilled orders for lumber,
of nearly 40 degrees since 2 o'clock Sunday morning. Some railroad,
though showing an increase over the preceding month, were lower than a
350,000 went to Coney Island. Other cities along the At- year ago.
lantic seaboard and Middle Atlantic States also felt the
January, February, Febrvar4
index Numbers, 1923-1925=100.
heat. Washington had 94 degrees; Baltimore 92; Philadel1929.
1929.
1928.
phia 90; Harrisburg, Pa. 88; Albany and Boston 84 and
ProdUCtiOti—
Portland, Me. 80. Chicago had 68 to 76, Cincinnati 66 Raw
materials:
96
products
79
94
to 84, Cleveland 68 to 82; Detroit 62 to SO; Kansas City 68 Animal
112
Crops
82
Si
82
Forestry
e 76
87
to 74; Milwaukee 46 to 78; St. Paul 46 to 60; Montreal 36 Industrial
117
117
(compiled by Federal Reserve Board)._
109
to 62; Omaha 44 to 56; San Francisco 44 to 54; St. Louis Minerals
117
120
102
117
Total manufactures (adjusted)
116
110
70 to 80. On the 8th inst. the temperature here was again
117
Iron and steel
126
113
116
113
Textiles
108
high, reaching 85 degrees only 1 degree lower than the day
103
Food products
101
110
116
116
Paper and printing
before. It was 12 degrees higher than the previous high
92
93
Lumber
record for April 8th which was 7 years ago. The average
iLi
154
101
AutomObiles
96
103
Leather and shoes
96
temperature here was 76 degrees which was 14 degrees Cement, brick and glass
134
130
117
Non-ferrous metals
124
122
108
higher than even that on Sunday The lowest was 66 de- Petroleum
refining
139
159
147
grees. In Washington the maximum was 94 degrees. Phila- Rubber tires
135
131
Tobacco manufactures
129
129
delphia and Plainfield, N.
again had 90, Albany 88, Commodity Stocks—
138
137
130
Boston 85 and Atlantic City 80. The West presented a Total
148
Raw materials
145
137
125
126
goods
120
sharp contrast. A blizzard occurred in the Sierra Moun- Manufactured
Unfilled Orders—
76
79
82
tains, eighteen inches of snow falling at Norden, Cal. and Total
79
75
Textiles
81
four inches at Reno, Nevada and it was still snowing. Iron
88
and steel
86
90
equipment
84
75
64 Denver which had snow on Sunday had a temperature of Transportation
Lumber
63
69
76
only 46; Chicago maximum 48 degrees. New England
reports showed the second day of unusual weather. In the
sun at Farmington, Me. it was 110. Boston was 18 deMonthly Indexes of Federal Reserve Board.
grees above the normal. Sunday's fair skies and mild climate
The
monthly indexes of production,employment and trade
brought the second high record to the Holland Tunnel. On
that day 49,925 cars passed through; the only count ex- issued by the Federal Reserve Board about the first of each
month were made available as follows April 1:
ceeding that was on the opening day.
On the 9th, inst., temperatures here were 51 to 71 which (The terms"adjusted" and "unadjusted" refer to adjustments for seasonal variations
(Monthly average 1923-25100.)
were still relatively high. Washington fell from 94 degrees
1929 1929 1928
1929 1929 1928
on Sunday and Monday to 78 on the 10th, inst.; PhiladelFeb. Jan, Feb.
Feb. Jan. Feb.
phia from 90 to 74; Boston, 84 to 54; Albany, 88 to 68.
Produe•Budding contracts—
While the East had phenomenally high temperatures, snow •littluttrtai
Hon. adjusted—
119 128 153
Adjusted
117 116 109 Unadjusted
88 103 113
swept over parts of the West on the 10th. The Associated Total
116 116 110
Manufactures
'Wholesale distribuPress reported fruit growers in Central and Northern Cali- Minerals
120 117 102
lion, &Ousted—
1
96 101
ad99
Total
fornia discovered that the cold had done severe damage to *Manufactures.
juAted—
95
99
Groceries
98
Iron and steel
119 *117 113
126 117 113 Meats
their fruit and almond crops.. In the upper Sacramento Textiles
83
88
113 116 108 Dry goods
88
Food products
101 103 110 Men's clothing
88 *96
99
Valley the losses in apricot orchards were as high as 90%. Paper
and printing... 123 116 116 Women's clothInsx
....
Cherries were destroyed in many sections and grapes, apples, Lumber
tio '12121 HO
78 *89
93 Shoes
Automobiles
92
93
87
152 154 101 Hardware
peaches and plums suffered heavily. On the 10th, inst., a Leather
and shoes... 95
114 *133 110
96 103 Drugs
brick, glass. 123 *134 117 Puriuture
89 .93
96
cold rain and a strong northeast wind here swept away the Cement,
Non-ferrous metals__ 120 124 108
•Wholesale Distrtburefining... 161 159 139
Jim, unadjusted
last of the hot weather. The thermometer dropped to 43 Petroleum
Rubber tires
147 135 Total
, 90
93
93.
degrees, the highest being 56. In Boston there was a drop Tobaccomanutacturee 129 131 120 Groceries
83 *91
85
Meats
113 *117 108.
from
84
on
temperature
the
8th
to
40
degrees
on
the *Minerals. adjusted
in the
Dry goods
84
84
89
Bituminous coal
109 103
92 Men's clothing
114 *74 128
10th, with a passing snow storm and a cold northeast wind. Anthracite
110 110
88 Women's clothingx ... .
_
.
138 138 119 Shoes
At Albany, N. Y., shipping on the Hudson River was halted Petroleum
,
ii
iiii '$ii.
...lopper
136 129 104 Hardware
82
82
76
by a snow storm which swept over much of New York State. Zinc
106 100 107 Drugs
105 *131 101
Lead
99 *111 109 Furniture
98
89 *82
Snow fell throughout New England and the Connecticut Silver
88 *93
83
*Dept.store sates—
loadings
109 .104 105
Adjusted
Valley. On the 9th, inst., Chicago had 38 to 46 degrees; 'Freight-ear
adJusied—
86
85 *91
Unadjusted
107 104 102
Cincinnati, 42 to 56; Cleveland, 36 to 54; Detroit, 36 to 54; Total
*Dept. store stocks—
Grain
106
99 107 Adjusted
103 102 104
Kansas City, 44 to 50; Milwaukee, 36 to 44; Philadelphia, Livestock.,
82
82 101 Unadjusted
99
91
98
Coal
118 108
98
*Matt order ?muse
54 to 84;San Francisco, 44 to 58;Seattle,40 to 50; St. Louis, Forest
80
products
90
93
sales—
I. c. I.,
46 to 52; St. Paul, 30 to 50. Here on the'llth,inst., it was Merchandise
143 *137 115
Adjusted
and miscellaneous. 109 109 106 Unadlusteel
129 132 108
37 to 52 degrees; at Chicago,42 to 56; at Cleveland, 38 to 56,
Revised.
at Kansas City, 30 to 34; at Minneapolis, 30 to 34; in parts •
:Discontinued in January 1929: see Federal Reserve Bulletin for March.
[VOL. 128.
FINANCIAL CHRONICLE
2376
FACTORY EMPLOYMENT AND PAYROLLS.
Unadjusted (1919=100).
Payrolls.
Employment.
Total.
Iron and steel
Textiles-group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods.do
Leather, dm
Stone, Clay. glass
Tobacco, drc
Chemicals, Ao
1929
Feb.
1929
Jan.
1928
Feb.
1929
Feb.
1929
Jan.
1928
Feb.
95.0
92.6
91.8
94.0
88.9
85.2
70.7
164.5
109.2
85.9
81.3
98.6
76.7
81.6
91.0
90.3
90.0
93.2
85.9
85.1
69.6
150.4
108.3
85.8
79.4
99.3
70.2
79.0
89.4
82.7
93.8
95.1
92.3
85.0
70.4
124.8
108.1
84.8
84.6
101.9
77.1
77.2
110.5
104.4
103.3
104.1
102.3
95.0
80.9
212.3
152.2
101.8
82.7
118.4
76.1
115.2
103.0
97.9
97.2
99.5
94.2
92.3
73.5
165.0
150.1
101.3
78.9
116.6
70.6
109.5
103.5
91.2
103.5
102.4
104.8
96.1
78.2
160.0
147.5
100.8
88.9
123.8
78.1
109.3
Preliminary Report of Federal Reserve Board on Retail
Trade in March-Gain in Sales.
Total sales of department stores ie March were 6%
larger, and average daily sales 10% larger, than in the corresponding month a year ago, according to preliminary
reports made to the Federal Reserve system by 489 stores.
Increase in total sales was reported by 349 stores and decrease by 140 stores. The Board, under date of April 10,
also says:
legs; 26,483,200 or 20%, for commercial buildings: 52,760,000 or 9%,
for industrial projects and $2,750,900 or 9%,for public works and utilities.
New construction started in the New England States during the first
three months of this year amounted to 387,719,400, which was a loss of
13% from the amount started during the first quarter of last year.
New contemplated work as reported last month in this territory reached
a total of $43,264,900. This figure showed an increase of 12% over the
amount reported in the preceding month, but there was a 14% loss from the
amount reported during March of last year.
Middle Atlantic States.
Construction started last month in the Middle Atlantic States (Eastern
Pennsylvania, Southern New Jersey, Maryland, Delaware, District of
Columbia and Virginia) amounted to $59,069,200. The increase over
Feb. 1929 was 17% and the decrease from March of last year was 16%•
Analysis of the March contract total showed the following classes of importance: $31,394,000 or 53% of all construction, for residential building;
$9.250,800 or 16%,for commercial buildings; $7,015,600 or 12%,for public
works and utilities; and $4,293,900 or 7% for educational projects.
The March building and engineering record brought the total amount
started in this district since the first of this year up to 8158,842,300, being
a drop of 5% from the total for the corresponding period of 1928.
New contemplated projects reported during March in the Middle Atlantic
States amounted to 5119,517,700. This figure shows an increase of 30%
over the amount reported during February of this year and of 11% over
the amount reported in March of last year.
The Pittsburgh District.
The Pittsburgh District (Western Pennsylvania, West Virginia, Ohio and
Kentucky) had 552.965,900 in contracts for new construction work during
the past month. There was a gain of 6% over the Feb. 1929 total and a
loss of 31% from the March 1928 record. The following were the most
Important items in the March building record: 517.300,300 or 33% of all
construction, for residential buildings; $11,449,700 or 22%, for public
Increases in total sales were reported in all Federal Reserve districts
works and utilities; $7,668,800 or 15%,for industrial projects; and $6,262,except the Mineeapolis district; they were greatest in the Richmond.
700 or 12%, for commercial buildings.
Ohicago and New York districts.
New building and engineering work contracted for in the Pittsburgh
Percentage changes in total dollar sales between March 1928, and March
District since the first of this year has reached a total of $160,372,700,
1929, are given by districts in the following table:
being an increase of 10% over the amount contracted for during the corresponding period of last year.
Stores
of
Number
Percentage of Increase
Contemplated new projects as reported last month in this territory
Reporting.
or Decrease in Sales,
amounted to $69,479,300, being an increase of8% over the amount reported
Mar. 1929 Compared
Decrease.
Increase.
during the preceding month, but a loss of 39% from the amount reported
with Mar. 1928.
Paton'Resents Districiduring the month of March 1928.
27
54
+5.6
Roston
8
39
+8.7
New York
The Central West.
11
34
+5.8
Philadelphia
4
31
+3.8
Cleveland
During the month of March there was $159,609,300 worth of contracts
35
9
+9.1
Richmond
awarded for new building and engineering work in the Central West (Illi11
16
+1.9
Atlanta
nois, Indiana. Iowa, Wisconsin, Southern Michigan, Missouri, Kansas.
23
30
+9.0
Chicago
5
15
Oklahoma and Nebraska). The above figure shows an increase of 61%
+4.1
St. Louis
s
8
-7.6
Minneapolis
over the total for February of this year, but it was 9% lees than the total
4
20
+6.5
Kansas City
for March of last year. Included in last month's construction record were
5
13
+6.9
Dallas
the following noteworthy items: 557.445,200 or 36% of the total, for
25
54
+3.8
San Francalco
residential buildings; $29,138,300 or 18%, for public works and utilities;
140
349
+6.1
United States
$27,096,300 or 17%, for industrial projects; and $18,695,800 or 12%, for
commercial buildings.
Note.-The month had 26 buainess days this year, 27 last year.
New construction started in the Central West during the first quarter of
this year has reached a total of 5372,101,300, being a loss of 16% from the
amount started during the first quarter of 1928.
March Building Construction Lower Than in 1928Contemplated new projects as reported during the past month in this
area
amounted to $225,022,600. There was an increase of 16% over the
F. W. Dodge Corporation's Review of Building and
amount reported during the preceding month, but there was a loss of 5%
Engineering Activity in the 37 States East of the from
the amount reported during the corresponding month of a year ago.
Rocky Mountains.
New building and eagineering work contracted for during
March in the 37 States east of the Rocky Mountains
amounted to $484,847,500, according to F. W. Dodge Corp.
This was an increase of 34% over the total for February of
this year, but there was a drop of 18% from the March 192g
total. Of the eight districts reviewed below, Texas was the
only territory showing a drop from the preceding month's
totals, and it was the only area showing an increase over the
totals for March of last year. The "Review" goes on to say:
The Northwest,
The Northwest (Minnesota, the Dakotas and Northern Michigan) had
55.494,300 in contracts for new building and engineering work during the
past month. This figure was almost the same as the amount contracted
for during March of last year and it was 47% ahead of the amount contracted
for during February of this year. Included in the month's total were the
following items of note: 51,838,900 or 33% of all construction, for residential buildings; 51,128,400 or 21%, for public works and utilities; $755,600
or 14%, for commercial buildings; and $589,700 or 11%, for educational
projects.
During the past three months there was $15,461,700 worth of new building and engineering work started in the Northwest. as compared with
$10,806,700 worth started during the first three months of 1928,the increase
Analysis of the March building and engineering record showed the follow- being 43%.
ing important classes of work: $197,172,200, or 41% of all construction, for
New contemplated work reported during March in this area amounted to
residential buildings; $75,583,800 or 16%, for commercial buildings; $12,750,200. This figure shows increases of 34% over the amount reported
12%,
or
555.837,300
and
and
utilities;
works
public
for
15%.
or
571,508,200
during Feb. 1929 and of 9% over the amount reported during March 1928.
for industrial projects.
Last month's contract total brought the amount of new construction conSoutheastern States.
tracted for during the past three months up to 51,256.089.300. as compared
Construction started last month in the Southeastern States (the Carolinas.
first
the
during
contracted
for
construction
new
for
with $1.485,067,000
Georgia, Florida, Tennessee, Alabama,Mississippi, Arkansas and Louisiana)
quarter of 1928. the decrease being 15%.
reached a total of $43,262,300. This figure was 26% in excess of the Feb.
New contemplated projects reported during March in the 37 Eastern 1929 total, but it was 14% below the total for March of last year. The
States reached a total of $886.075,100. There was an increase of 15% over following were the important classes in the March building record: $11,the amount reported in Feb. 1929 and there was an increase of about 404,200 or 26% of all construction, for residential buildings; $10,940,000
$2,000,000 over the amount reported during March 1928.
or 25%, for industrial projects; 58,496,100 or 20%. for public works and
utilities; and 54,192,000 or 10%, for commercial buildings.
New York State and Northern New Jersey.
Last month's total brought the amount of new construction started in
March construction contracts awarded Ln New York State and Northern the Southeastern States since the first of this year up to 5115,011,400,
the
over
a
was
gain
49%
There
New Jersey amounted to $111,539,200.
which was a drop of 16% from the amount started during the corresponding
preceding month's total, but there was a loss of 27% from the total for period of last year.
March of last year. The following were the classes of interest in last month's
During the past month there was $101,133,100 worth of new work reported
contract total: 556.648,200 or 51% of all construction,for residential build- in contemplation in this district. This digure shows an increase of 47%
or
$10,505,000
10%, over the amount reported during February of this year and it was 23%
ings; $23,423.100 or 21%, for commercial buildings;
for educational projects; and $7,682,300 or 7%. for public works and ahead of the amount reported during March of last year.
utilities.
Texas.
During the first quarter of this year there was $288,209,300 worth of
The State of Texas had $20,937,000 in contracts for new building and
contracts let on new building and engineering work in this district, being a
corresponding
The above figure showed a drop
during
the
the
work
during
month.
past
engineering
loss of 32% from the amount contracted for
of3% from the Feb. 1929 total and a gain of6% over the March 1928 total.
quarter of last year.
New work reported in contemplation during the past month reached a Included in the March total were the following classes of note: $7,026,200
total of $270,006,100. This figure shows an increase of 14% over the or 34% of all construction, for residential buildings; $6,520,200 or 31%,for
total for the corresponding month of last year and there was an increase of commercial buildings; $3,846,900 or 18%, for public works and utilities:
and $825,600 or 4%. for social and recreational projects.
1% over the Feb. 1929 total.
During the first quarter of this year there was 558.371,200 worth of new
New England States.
construction contracted for in this State, as compared with 557,662,700
the increase being
The New England States had $31,970,300 in contracts for new building worth contracted for during the first quarter of last year,
and engineering work during the month of March. The above figure was 1%.
New contemplated projects as reported during the past month amounted
21% ahead of the total- for Feb. 1929, but it was 24% below the total for
20% over the total for the precedMarch 1928. Included in the March building record wore the following 10 544,901,100. There were increases of
the corresponding month of 1928.
Items of note: 514,115,400 Or 44% ofall construction, for residential build- ing month and of 14% over the total for
A.P11/1, 13 1929.]
Annalists Weekly Index of Wholesale Commodity
Prices.
It is announced that the Annalist Weekly Index of Wholesale Commodity Prices is unchanged from last week at
145.6. The further advices state:
Farm products lost the slight gains of last week, dropping from 144.2 to
143.6, largely because of the recession in live stock prices. The food products group, which showed an unusual decline last week in consonance
with falling prices in the farm products group, recovered the loss, rising
from 140 to 144. The recovery of sugar prices was responsible for this
shift in position. The textile products and fuel groujas have again shown
declines, and the metal group dropped from 135.9 to 131, reflecting the
week's decline in copper, iron and tin. Building materials and chemicals
remain unchanged.
ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
April 9 1929. April 2 1929. April 10 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building material
Chemicals
Miscellaneous
All commodities
2377
FINANCIAL CHRONICLE
143.6
144.0
151.9
160.9
131.0
154.5
134.9
121.3
145.6
144.2
140.0
152.3
162.0
135.9
154.5
134.9
122.3
145.6
151.2
150.7
152.6
156.8
120.7
150.9
134.5
117.0
147.3
Four weeks in January
Four weeks in February
Five weeks in March
Total
1929.
3,570,978
3,767,758
4,807,944
1928.
3,448,895
3,590,742
4,752,55g
1927.
3,756,660
3,801,918
4,982,547
12,148,680
11.792,198
12,541.125
Mid-West Shippers' Advisory Board Forecasts Greater
Business Activity in Second Quarter this Year than
in Corresponding Period a Year Ago.
The volume of business activity in Mid-West territory in
the second quarter of 1929 will be approximately 18%greater
than in the corresponding months last year, according to
advance forecasts of revenue freight car loadings made by
the various commodity committees comprising the Mid.
West Shippers' Advisory Board. The territory included in
these forecasts covers the states of Illinois, Iowa and Wisconsin, northern Michigan and western Indiana. The statement
issued by the Board April 6 says:
In this territory in the second quarter of 1928, 1.089,000 cars were loaded
with the 26 principal agricultural and industrial products listed in the forecast. In the months of April, May and June of this year it is anticipated
that the movement of these same commodities in this same territory will
require 1,280,000 freight cars, an increase of 191.000 cars, or of approximately 18% above the second quarter of 1928.
Comparing April, May and June. 1929, with the same months a year ago,
the following increases are anticipated in the movement of various commodiRecord.
Chain Store Sales Establish New
ties from Mid-West 'territory. There will be an increase of 67% in the
movement of coal and coke, this increase being partially explained by the
Chain store company sales for the month of March and fact
that in the second quarter of 1928 coal movement in this territory was
the first quarter of 1929 established a new high record for all exceedingly light on account of the heavy storage movement in the early
time, according to figures compiled by George H. Burr & months of the year. An increase of 30% is predicted in the movement of
and steel. Potato shipments will increase 15%, while increases of
Co. of this city. Sales for the quarter ended March 31 1929 Iron
10% are forecast for the movement of grain, petroleum and its products,
aggregated $167,419,289 for 19 leading companies, a gain cement, and agricultural implements.
Ore movement is expected to increase about 8% over the second quarter
of $22,190,639, or 15.3%, compared with the same period
1928, while a 7% increase is forecast in the movement of machinery.
last year. For March, total sales were $67,571,537, a gain of
Increases ranging from 2 to 3% are also predicted for poultry and dairy
of $12,380,771 or 22.4%. The heavy business reported products, brick and clay products, lime and plaster, paper, paper board and
during March was due to the Easter trade while the month prepared roofing, and chemicals and explosives.
A volume of business approximately equal to that done in the second
also contained five Saturdays. In 1928 March had only quarter
of 1928 is anticipated in the movement of salt and of fertilizers.
four Saturdays and Easter fell in April a year ago.
Decreases are predicted in eight lines, amounting to 56% in the case of'
fresh vegetables other than potatoes. 20% for hay.
SALES FOR MONTH AND THREE MONTHS ENDED MARCH 31 1929, fresh fruits, 36% for
straw and alfalfa, 11% for sugar, syrup and molasses, 10% for flour and
WITH COMPARATIVE GAINS OVER THE SAME PERIODS IN 1928.
meal, 7% for livestock, 6% for lumber and forest products, and 5% for
gravel, sand and stone.
Mon of March.
3 Mos. Ended Mar. 31.
• The total percentage of increase-approximately 18%-forecast by the
1929.
Increase, Inc.
Increase. Inc. Mid-West Advisory Board for the second quarter of 1929, as compared
1929.
with the same months of 1928, is the highest percentage of increase reported
8
by any of the thirteen shippers' advisory boards which cover the entire
F.W.Woolworth & Co_ _ 24,528,483 2,688,733 12.3 61,563,869 3,617.575 6.2
country.
S. S. Kresge Co
12,566,987 1,712,008 15.8 31,360,238 2,527,820 8.8
W.T. Grant Co
5,141,437 1,435,048 38.7 11,986,935 2,813,877 30.6
McCrory Stores
3,729,139
607,293 19.4 9,264,386
846,271 10.0
Business Outlook Considered Bright by J. R. Nutt of
Daniel Reeves, Inc
2.786,803
173,206 6.6 9,028,491
572.597 6.7
2,672,104
Melville Shoe
854.718 47.0 5,725,584 1,460,215 34.2
Union Trust Co. of Cleveland.
G.R. Kinney Co
2.101,287
568,302 37.1 4,245,496
842,155 24.8
J. J. Newberry Co
1,857,851
672,498 56.7 4,527,939 1,505,076 49.7
business
outlook, both for Cleveland and the nation,
The
F.& W.Grand Stores_ _ _ 1,712,394
584,721 51.8 3,983,436 1,153,915 40.7
McLellan Stores
1,668,684
572,532 52.2 4,042,077 1,331,889 49.1
is bright, J. R. Nutt, President of the Union Trust Co.,
1,428,846
599,440 72.2 3,357,921 1,261,052 60.1
Lerner Stores Corp
declares in his quarterly letter to stockholders of the instituWaldorf System Inc
1,385,778
125,248 9.9 3,912,358
265,176 7.2
1,243,653
332,024 36.4 3,424,101 1,038,888 43.6
Peoples Drug
411,254
52.2
864,275
1,198,987
2,923,074
41.9 tion: "It is gratifying to see so many evidences of a subG. C. Murphy Co
226,271 24.8 2,819,860
463,334 19.66 stantial and sound growth in industry and business throughMetrop. Chain Stores_ _ 1,138,358
1,074,792
884,271 69.2
409,946 61.6 2,377,326
Nelsner Bros., Inc
135,414 28.2 1,420,933
615,066
240,568 20.3
out Greater Cleveland," Mr. Nutt says. "Cleveland should
Isaac Silver & Bros
230,247 41.1
388,080
155,374 66.7
790,374
Edison Bros Stores, Inc_
continue to go forward. All signs that may be read now
116,741 54.0
664,891
171,439 34.7
Berland Shoe Stores,Inc.
332,827
would justify our optimism and sincere belief in that forecast.
Manufacturers and general business country-wide continue
in a satisfactory condition. In fact businessthroughoutthe
Loading of Railroad Revenue Freight Larger Than in entire nation is on a sound basis and if no over-speculation
1928 But Lower Than in 1927.
is indulged in, either in commodities or securities, there is
Loading of revenue freight for the week ended on March no reason why it should not continue."
30 totaled 967,029 cars, the Car Service Division of the
American Railway Association announced on April 9. This Further Gain in Employment in New York State
Factories.
was an increase of 18,286 cars over the corresponding week
last year, but a reduction of 19,433 cars under the corresThe March index of factory employment in New York
ponding week in 1927. Details are outlined as follows:
State advanced over 1% from the February index of 97.4
Miscellaneous freight loading for the week totaled 415,244 cars, an based on the average of three years, 1925-1927. This moveincrease of 36,659 cars above the corresponding week last year and 26,161
ment in the main represents a. seasonal change. Produccars over the same week in 1927.
Coal loading totaled 128,350 cars, a decrease of 22,720 cars below the tion generally quickens its pace after winter and reaches
same week in 1928 and 46,359 ears below the same period two years ago.
a spring peak in March. The three largest industries,
Grain and grain products loading amounted to 39,398 cars, a decrease of
3.907 cars below the same week in 1928 but 1,898 cars above the same week metals, clothing and textiles, contributed most strongly
In 1927. In the western districts alone, grain and grain products to the advance. More workers were taken on at this season
loading totaled 25,847 cars, a decrease of 4,060 cars below the same week
than in several years, according to Industrial Commissioner
in 1928.
Live stock loading amounted to 23,605 cars, a decrease of 3,811 cars Frances Perkins. This conclusion summarizes the monthly
under the same week in 1928 and 3,321 CVX8 under the same week in 1927. reports to the Department of Labor made by a fixed
list
In the western districts alone, live stock loading totaled 18,426 cars, a
of more than 1600 manufacturing concerns. These factories
decrease of 2,892 cars under the same week in 1928.
than
carload lot freight totaled 265.854 cars, cover a wide rabge of industries located in the
Loading of merchandise less
various parts
an increase of 4,202 cars above the same week in 1928 and 1,865 cars over of the
The
survey
issued
State..
April
9
by
the
State De1927.
in
week
the same
Forest products loading amounted to 71,275 cars, 3.215 cars above the partment of Labor also says:
Totals
67,571,537 12,380,771 22.4 167,419,289 22,190,639 15.3
same week in 1928 and 443 cars above the same week in 1927.
Ore loading amounted to 11,888 cars, 3.476 cars above the same week
in 1928 and 537 cars above the same week two years ago.
Coke loading totaled 11,415 cars, 1,172 cars above the same week last
year but 657 cars below the corresponding week two years ago.
All districts except the Southern and Northwestern reported increases
In the total loading of all commodities compared with the same week in
1928 but the Southwestern district was the only one to report an increase
compared with the same period in 1927.
Loading of revenue freight in 1929 compared with the two previous years
follows:
There were several important aspects. The March increase followed
after a 3% gain in February and was greater at this season than any in
the past three years. More were employed this year than a year ago, not
true in 1928 or 1927. This improvement over last year of almost five
points exceeds any gain one month has reported over a previous year in
a long period. March represents the fourth successive month able to surpass
the number of workers employed a year ago.
Gains Fairly Widespread; Melds First.
Most of the industries shared in the gains this month. Reporting-1MState factories took on three times as many workers as those in New
2378
FINANCIAL CHRONICLE
[VOL. 128.
and because of
York City. The metals continued their strong upward movement. Impor- hesitancy on the part of merchants In the smaller towns
in covering their territories
tant advances in several of the larger firms contributed mainly to the the difficulty traveling salesmen have had
conditions.
bad
of
road
improvement in the instrument and appliance factories, railroad shops on account
and auto and airplane concerns, although others participated in the
of
manufacturers
the
among
upward
was
advance. The general tendency
Decline in Wholesale and Retail Trade in Dallas
sheet metal and hardware, firearms, tools and cutlery, and machinery
Federal Reserve District-Smaller Number of
and electrical apparatus. The brass, copper and aluminum mills and
Failures One of Auspicious Trends Noted.
shipbuilding yards reported irregular gains and the iron and steel plants
reported a net increase.
to the Federal Reserve Bank of Dallas a sharp
According
were
Workers
movements.
The building industries recorded different
taken on by the architectural and structural iron concerns, by many of reduction in the business mortality rate was an important
the lumber mills, by the stone and mineral firms, and by the lime, cement development in the Eleventh (Dallas) Federal Reserve Disand plaster companies. The seasonal depression was still apparent in the
trict during February. In observing this in its April 1
brick yards. Paint manufacturers were less active. The heavy loss among
the heating apparatus concerns for the month reflected the reductions in Monthly Business Review the Bank says:
The number of failures and the amount of indebtedness involved not
two plants; many of the others increased their staff but the total number
only showed a material reduction from the previous month but were considof workers in the industry was less than a year ago.
erably less than In February, 1928. In fact, the number of insolvencles
Clothing and Textiles Advance Again.
was smaller than in any February since 1920 and it is necessary to go back
Further progress was reported by all of the industries in the clothing to 1918 to find a February in which the liabilities of defaulting firms were
and textile groups. The most important gains appeared in millinery, men's smaller. The generally low rate of failures since the middle of 1928 is
furnishings and women's apparel and underwear. Improvement also evidence of the increasing stability of business and industrial concerns in
extended to the fur shops, producers of miscellaneous leather and canvas the district and the growing financial resources of the district's population.
The past month witnessed a substantial decline in the volume of mergoods, rubber and gutta percha products and pearl, horn and bone articles.
New York City shoe manufacturers were more successful in maintainning chandise distribution in both wholesale and retail channels. The smaller
their forces than those up-State. Fairly heavy cuts were made by leather volume, while due in part to the shorter month, was partly attributable to
firms. The knit goods makers reported another marked advance but still the adverse weather which acted as a deterrent to consumer demand.
Sales of department stores in larger cities were 6% less than in January and
fell below a year ago.
linos of wholesale
Gains in the grocery firms, plus small increases in the beverage and fell 4% below February, 1928. The distribution in most
and the corresponding
tobacco concerns, counteracted losses in the other food industries. Irreg- trade likewise fell below both the previous month
banks
in larger centers
at
accounts
ular downward changes occurred among the printers and paper box month last year. Charges to depositors'
15% as compared to January,
manufacturers. Temporary closing of one firm accounted largely for during February, while reflecting a decline of
a year ago.
the loss atmong furniture producers, but piano manufacturers were were 10% greater than in the same month
The developments in the financial situation were due in part to seasonal
generally less busy.
factors. The daily average of combined net demand and time deposits of
member banks totaled $961,260,000 in February as against $970,897,000
January and compared with actual deposits of $904,251,000 on March 7
Conditions in Atlanta Federal Reserve District- In
1928. There was a further return flow of currency from circulation,
Weather.
Bad
by
Hampered
Trade
and
Work
Farm
Federal Reserve notes in actual circulation amounting to $38,190,305 on
to $40,924,615 six weeks earlier. Federal Reserve
Bad weather conditions during February and early March March 15 as compared
Bank loans to member banks after remaining near the $20,000,000 level
also
have
but
work
farm
have not only seriously delayed
during February and the early days of March declined to 813,396,000 on
affected trade adversely, says the Federal Reserve Bank March 15. This reduction seems to have been attributable in some measure
the influence of (1) certain seasonal factors which usually cause a temof Atlanta in its March 31 Monthly Review-summarizing to
porary decline in member banks' borrowing at this season of the year (2) to
Bank
the
conditions in its district. In its further survey
a growing tendency on the part of member banks to use Federal Reserve
credit only for the purpose of taking care of their normal needs arising in
says:
the ordinary Course of business, and (3) to an advance in this bank's discount
The volume of retail and wholesale trade in the sixth district in February
rate from 43 to 5% on March 1.
Febin
also
than
smaller
was
and
January,
with
comparison
in
declined
Agricultural conditions during February were affected adversely by the
ruary last year. Debits to individual accounts at 26 reporting cities of cold, wet weather in the Eastern half of the district and the deficiency of
the district declined in February compared with January, but averaged
moisture in the Western part. In the Eastern part farmers are from two to
somewhat greater than in February a year ago. Savings deposits reported
three weeks late with farm work but are taking full advantage of the fair
month
than
a
smaller
slightly
were
February
of
end
the
at
banks
by 82
weather in March to complete land preparation and to begin planting
earlier, and averaged nearly 5% less than at the same time a year ago.
operations. Recent rains have relieved the drouthy condition in portions
Building permits issued at 20 reporting cities also declined slightly comof the West but more rain is needed in many localities. Planting operations
pared with January, and averaged 13% less than for February 1928.
are becoming general in those sections of the district whore conditions are
Cotton consumption during February decreased in comparison with
Winter wheat and oats have made rapid growth since the advent
favorable.
January, but was larger than for February of any other recent year. The
of warmer weather. The condition of livestock and their ranges declined
production of cotton cloth and yarn was greater in February this year,
in February but livestock have come through the winter in good shape.
than last. Production of pig iron in Alabama was in greater volume, and
Construction activity as measured by the valuation of building permits
and
year,
last
February
for
than
output,
of
rate
average
daily
higher
at a
Issued at principal cities, reflected a gain of8% as compared to the previous
the production of, bituminous coal in Alabama continued greater than a
month but was 20% less than a year ago. The production,shipments, and
year ago.
new orders for lumber and the production and shipments of cement reflected
Loans by 30 weekly reporting member banks in the larger cities of the
a sharp decline.
District increased between February 13 and March 13, and their investWe also give the Bank's comments on wholesale and retail
ments declined, but the total of loans and investments was somewhat
corthe
larger on March 13 than 4 weeks ago, and was greater than on
trade:
the
by
banks
for
member
Discounts
responding report date last year.
Wholesale Trade.
Federal Reserve Bank of Atlanta declined during this 4 weeks' period but
A reduction in the volume of distribution of merchandise at wholesale
Cash
ago.
year
a
time
the
at
same
those
double
than
more
still
were
was noticeable during February, which was due in part to the shorter month
reserves on March 13 were greater than on any other report date in nearly and in part to adverse weather conditions and the backwardness of agricula year.
tural operations in certain sections of the district. The cold, wet weather
Detailing conditions in retail and wholesale trade the and muddy roads in some sections were deterrent factors in certain lines
while the inability of farmers to proceed with farm work retarded sales of
Bank says:
those items useful in this work. As merchants generally are keeping orders
Retail Trade.
demand, the let-up in consumptive buying
during closely aligned with consumer
The distribution of merchandise at retail in the Sixth District
was immediately reflected in wholesale distribution. Collections in most
in
was
volume
smaller
and
January,
in
February was slightly smaller than
were slow.
by 45 reporting lines during February
than in February of the past three years. February sales
The February sales of dry goods at wholesale reflected a further gain of
department stores were 1.9% smaller than their sales in January, while 2.1% over the previous month but were 10.2% less than in the corresponding
in department
during the past five years February has shown an increase
indicate that consumer demand was affected
business day in February month last year. Reports
store sales over January. There was one more
adversely by the unfavorable weather and, as merchants are continuing
stores
department
reporting
these
by
sales
Total
year.
last year than this
policy of gauging orders by consumer purchases, this
1928, and for the first the conservative
show a decrease of 5.5% compared with February
extent distribution at wholesale. Stocks of wholesale
averaged 1.5% smaller than in 1928. restricted to some
have
sales
year
the
of
months
two
1.6% less than a month earlier and 13.8% less than a year
the month increased 10.3% merchants were
Stocks of merchandise on hand at the end of
a substantial decline during the month.
reflected
The rate ago. Collections
compared with January, but were 3.6% smaller than a year ago.
The distribution of farm implements at wholesale reflected a seasonal
Aclast
year.
February
in
than
rapid
less
slightly
of stock turnover was
compared to the previous month but exceeded that of
6.3% smaller than for decline of 16.7% as
counts receivable at the end of the month were
month last year by 16.1%. Sales during the first two
ago. Collections during February the corresponding
January, but 3.2% greater than a year
year were 31.1% larger than in the same period of 1928.
due partly to larger collections months of the
declined 19.0% compared with January,
Reports indicate the demand has been good in all sections except portions
Februin
than
smaller
7.4%
wore
and
purchases,
has retarded buying.
In January against holiday
out- of West and Northwest Texas where dry weather
ary last year. The ratio of collections during February te accounts
firm.
firms, was 31.3%; Prices remained generally
decline of 7.5%
seasonal
standing and due at the beginning of the month, for 33
a
showed
wholesale
The demand for groceries at
35.4%. For
for January this ratio was 34.7, and for February last year,
as compared to the previous month and was 2.7% less than in the corre33.4%.
firms
was
33
for
accounts
regular
February,the ratio of collections to
year. Business appeared to be somewhat spotty with
9 firms was sponding month last
and
and the redo of collections against installment accounts for
buying generally good in those sections where conditions are favorable
favorable.
16.0%.
slow in other sections. Dealers state that the outlook Is generally
Wholesale Trade.
Prices showed no material changes.
during
in sales
The volume of wholesale trade in the Sixth District, as reflected
The distribution of drugs at wholesale reflected a sharp decline
firms
122
by
previous month
Bank
Reserve
figures reported confidentially to the Federal
February. Sales for the month were 24.5% less than in the
compared with
It should be
and 2.2% less than in the corresponding month last year.
In eight different lines of trade, declined 8.1% in February
sales
January, and was 5.7% less than in February last year. February
borne in mind, however,that sales in December and January were unusually
partly benearly always decline in comparison with those for January,
heavy. Collections showed a decline in February.
always
cause of the shorter month, and partly because January nearly
The sales of wholesale hardware firms showed but little change during
until
delayed
been
has
the past month, being 0.3% greater than in January but 0.2% less than in
brings a good deal of buying by retail firms which
merchandise
of the district which
after the inventory period at the end of the year. Stocks of
February, 1928. The wet weather in many portions
a month earlier, held up farming operations, has retarded the demand for some items of
on hand at the end of February were 1.6% greater than
decreased 2.4% hardware. Collections during February showed a substantial reduction as
but were 4% smaller than a year ago. Accounts receivable
for February
compared with January, and were one-half of 1% less than
compared to the previous month.
in January,
those
than
were
8.3%
smaller
collections
Retail Trade.
1928. February
year.
last
February
in
than
smaller
one
of
per
cent
ths
nine-ten
in larger cider
and were
The distribution of merchandise at department stores
large factor
Iteporte front many firms state that bad weather has been a
a seasonal decline in February. sales being 5.7% less than in
holding down sales during February and early March because of the reflected
In
APRIL 13 1929.]
FINANCIAL CHRONICLE
2379
January and 4.3% less than in the corresponding month last year. While
The North Carolina Pine Association of Norfolk. Va., reports prothe persistence of cold, rainy weather during February retarded business to duction from 76 mills as 12,317,000 feet, against a normal production
some extent, the appearance of warmer weather in March and the early for the week of 12,140,000. Seventy mills the preceding week reported
Easter has given an impetus to the demand for spring merchandise.
production as 11.374,000 feet. There were no noteworthy changes in
ID Reflecting receipts of spring merchandise, stocks on hand at the end of shipments and new
business last week.
February were 12.5% larger than a month earlier, yet they were 5.1% less
The Northern Pine Manufacturers Association of Minneapolis. Minn..
than a year ago. The rate of stock turnover during the first two months reports production from nine mills
as 5,886,000 feet, as compared with
of the year was .48 as compared to .46 in the same period last year.
a normal figure for the week of 8,133,000, and for the previous week
Collections reflected a slight decline in February. The ratio of February 3,833.000. There was a slight
decrease in shipments last week, and a
collections to accounts outstanding on February 1 was 36.3% as compared substantial increase in new business.
to 37.6% in January and 36.1% in February, 1928.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production) reports production from 28
mills
Lumber Demand Keeps Up—Unfilled Orders, Relative of as 2,333,000 feet, as compared with a normal production for the week
3,930,000. Twenty-seven mills the week before reported production
to Production, Attain Record Point for the Year.
as 3,703,000 feet. There were heavy decreases in shipments and new
business
last week.
Strong demand for softwood lumber continued through
Hardwood Reports.
the week ended April 6 and no further falling off in hardThe Northern Hemlock & Hardwood Manufacturers Association of
wood requirements was indicated. Telegraphic reports Oshkosh, Wis., reports production from 40 units as 9,281,000 feet, as
from 806 hardwood and softwood mills for the week to the compared with a normal figure for the week of 10,213,000. Forty-two
units the week earlier reported production as 10,066,000 feet. Shipments
National Lumber Manufacturers Association give new and
orders showed marked decreases last week.
business as 423,124,000 feet. This compares with orders for
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
the week previous to 812 mills of 455,901,000 feet. The production from 265 units as 35,519,000 feet. as against a normal production for the week of 47,653,000. The week before 263 units reported
unfilled orders of the softwood mills are the equivalent of production as 35,890,000
feet. There were nominal increases in shipments
28.5 days' normal production (the highest point for the and new business last week.
Detailed softwood and hardwood statistics for reporting mills of the
year), as against 28.1 days' the preceding week and a comparably
reporting regional associations will be found below:
month ago. New business for reporting hardwood units
is 109% of production for the week.
Combined hardwood and softwood shipments for the
week ended April 6 are reported as totaling 406,766,000 feet,
compared with shipments of 436,579,000 feet (812 mills
reporting) the previous week. Hardwood shipments reported from 23 fewer units are shown as 54,430,000 feet,
as against 55,427,000 feet the preceding week. Production
was reported from hardwood and softwood mills combined
as 387,415,000 feet, while the 812 mills the week earlier
reported 391,669,000 feet production. Figures reported
by 704 hardwood and softwood mills for the corresponding
week a year ago for production, shipments and orders, were
respectively 301,662,000 feet, 328,967,000 feet, and 339,457,000 feet, adds the Association, which further states:
LUMBER MOVEMENT FOR 14 WEEKS AND FOR WEEK ENDED
APRIL 6 1929.
Normal
Production
Produaton.
Shipments.
Orders
for Week.
Association—
Fed.
Feet.
Feet.
Feet.
Southern Pine (14 weeks)__ 921,183,000 954,650,000 1,010,372,000
Week (152 mills)
68,952,000
72,322,000 75.789,000
75,258,000
West Coast Lumbermen's—
(14 weeks)
2,260,354,000 2,246,862,000 2,432,878,000
Week (206 mills)
189,373,000 189.432,000 205,532,000 172,259,000
Western Pine Mfrs.(14 wks) 375,634,000 432.995,000 480.488.000
Week (36 mills)
37,572,000
40,030,000 35,858,0000
36,236,000
Calif. White dc Sugar Pine—
223,931,000 365,357,000 387,183,000
(14 weeks)
Week (22 mills)
19,377,000
21,991,000
23,794,000 17,891,000
Calif. Redwood (14 weeks). 95,228,000
93,766.000 105,447,000
Week (12 mills)
6.805,000
6,596,000
8,602,000
7.251.000
No. Caro. Pine (14 weeks). 139,043,000 131,322,000 122,803,000
Week (76 mills)
12,317,000
12,603,000 12,140,000
11,806,000
Nor.Pine Mfrs.(14 weeks)_
55,561,000 104,728,000 110,547,000
Week (9 mills)
5,886,000
8,192,000
9,365,000 8,133.000
No.Hemlock & Hardwood—
62,522,000
47,149,000
(Softwoods) (14 weeks)._
56,110,000
2,333,000
2,775,000
Week (28 mills)
1,520,000
3,930.000
Unfilled Orders.
Softwoods total(14 wks)_4,133,456,000 4,376,829,000 4.685,308.000
The unfilled orders of 353 Southern Pine and West Coast mills at the
342.615,000 352,336,000 373,823,000 333.257.000
Week (541 mills)
end of last week amounted to 1,126,228,950 feet, as against 1.111,253.450 No.Hemlock A,Hardwood—
feet for 351 mills the previous week. The 152 identical Southern Pine
(Hardwoods)(14 weeks)_ 184,759,000 131,267,000 133,945,000
9,281,000
5,293,000 10,243.000
5,775,000
Week (40 units)
mills in the group showed unfilled orders of 285,301,950 feet last week,
as against 288.238,450 feet for the week before. For the 201 West Coast Hardwood Mfrs.Institute— 55'0.695,000
608,374,000 625,692,000
(14 weeks)
mills the unfilled orders were 840,927,000 feet, as against 823,015.000
35.519.000
48,655,000
44,003,000 47,853.000
Week (265 units)
feet for 199 mills a week earlier. Altogether the 541 reporting softwood
Hardwood total(14 wks)_ 735,454,000 730,641,000 759,637,000
mills had shipments 103%, and orders 109%, of actual production. For
44,800.000
54,430,000
Week (305 units)
49,301.000 57,896.000
the Southern I me mills these percentages were respectively 109 and 105;
and for the West Coast mills 100 and 109. Of the reporting mills, the
541 with an established normal production for the week of 333,267,000
feet, gave actual production 103%, shipments 106%, and orders 111% West Coast Lumbermen's Association Weekly Report.
thereof.
According to the West Coast Lumbermen's Association,
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood, and two hardwood regional associations, reports from 205 mills show that for the week ended March
for the two weeks indicated:
shipments
production was exceeded by
Past Week.
Softwood.
Hardwood.
Mills (or units)'
541
305
Production
342,615,000 44.800,000
Shipments
352.336.000 54.430,000
Others (new business)
373,823,000 49,301,000
•A unit Ls 35,000 feet of daily production capacity.
Preceding Week 1929
(Revised).
Softwood.
Hardwood.
549
340,709,000
381.152,000
403,106,000
328
50,960,000
55,427.000
52,795,000
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 201 mills reporting for the week ended April 6 totaled
205,240,000 feet, of which 66,025.000 feet was for domestic cargo delivery,
and 37,690,000 feet export. Now business by rail amounted to 88,089,000
feet. Shipments totaled 188,953.000 feet, of which 68,474,000 feet moved
coastwise and intercoastal, and 29,325,000 feet export. Rail shipments
totaled 77,717,000 feet, and local deliveries 13,437,000 feet. Unshipped
orders totaled 810.927,000 feet, of which domestic cargo orders totaled
315,563,000 feet, foreign 253,420,000 feet and rail trade 271,945.000 feet.
Weekly capacity of these mills is 226,946,000 feet. For the 13 weeks
ended March 30. 140 identical mills reported orders 12.3% over production and shipments 2.5% over production. The same mills showed a
decrease in inventories of 3% on March 30, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 152
shipments
were 9.15% above production, and orders 4.89%
mills reporting,
above production and 3.90% below shipments. New business taken
during the week amounted to 72,321,000 feet (previous week 81,676,650);
shipments, 75,258,300 feet (previous week 78,173,825; and production
68,951,982 feet (previous week 66,243,783). The normal production
(three-year average) of these mills is 75.788,728 feet.
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 36 mills as 37,572.000 feet. as compared with a normal
production for the week of 35,585.000. Thirty-four mills the previous
week reported production as 34,211.000 feet. There were no noteworthy
changes in shipments and orders last week.
The California White & Sugar Pine Manufacturers Association of San
Francisco. reports production from 22 mills as 19.377,000 feet, as compared with a normal figure for the week of 17.894,000. Eighteen mills the
week earlier reported production as 20,632.000 feet. Shipments were
slightly lower last week, and now business slightly larger.
The California Redwood Association of San Francisco, reports production
from 12 mills as 6,805.000 feet, compared with a normal figure of 7.254.000.
Thirteen mills the week before reported production as 7,386.000 feet.
There was a noticeable reduction in shipments last week, while new business
showed a small increase.
both orders and
30,
by 15.4% and 6.5%, respectively. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION. ORDERS, AND SHIPMENTS,
205 Mills report for week ended March 30 1929.
(All mills reporting production, orders and shipments.)
Feet.
190,392.237 (100%)
Production
219,666,004(15.4% over productlen)
Orders
202,820,725 (6.5% over production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (258 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to data.)
Feel.
211,128,882
Actual production, week ended March 30
177,889,974
Average weekly production, 13 weeks ended March 30
197,180,472
Average weekly production during 1923
199,039.900
Average weekly production last three years
204,077.881
x Weekly operating capacity
for the 12
production
x Weekly operating capacity is based on average hourly
last months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON FOR 199 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Mar. 9.
Mar. 16.
Week Ended—
Mar. 30.
Mar. 23.
Production (feet)
187,810,914 182,814,150 182,791,154 177,579,831
Orders (feet)
218,033,499 202,313,770 175,212,920 189,789,489
75,491,329 78.542.108
83,755,626
Rail
88.882,031
Domestic cargo
74.068,500 67,136,897 51,047.278 65,466,580
32.714,592
40,074,965
33,669.304
Export
40,538,440
12,111.497
Local
12,544,528 11,346,282 15.959,721
Shipments (feet)
199.509,220 183,149.212 195,346,569 168,461,680
72,585,658
78,839,108
78,774.370
Rail
84.482,907
51,371,159
54,257,927
61,953,013
Domestic cargo
64,153,387
32,393,348
38,659,465
38,705,895
Export
38.328,398
12,111.497
11,346,282
15,959,721
Local
12,544,528
Unfilled orders (feet)
823,015,900 810,565,235 793.773.375 815,308,723
261,015,280 258,335,830 254,850,847 258,829,338
Ra11
317,659,800 309,264,428 297,137,703 308,724.019
Domestic cargo
244,340,820 242,964,977 241,784,825 248,255,384
Export
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Arerage 13
Average 13
Week Ended
Weeks Ended Weeks Ended
Mar.30'29.
Mar.30.29. Mar. 31 '23.
110.354,252
102,115.758
121,077,324
Production (feet)
115.588.011
112.797,894
143,337.260
Orders (feet)
105.291.069
125,426,841
Shipments (feet)
103.785.386
DOMESTIC CARGO DISTRIBUTION WEEK ENDED MAR.23'29(109 mills).
Orders on
Hand Befrtn'g Week
Orders
Mar.23'29 Received.
Washing & Oregon
(92 Mills.)California
Atlantic Coast
Miscellaneous
[VOL. 128.
FINANCIAL CHRONICLE
2380
Cancellegions.
Shiptnents.
Unfilled
Orders
Week Ended
Mar.23 '29.
Feet.
Feet.
90,350,710 23,432,190
140,491,270 31,989,458
5,589,628
646,456
Feet.
Feet.
Feet.
152,639 18,451,803 95,178,458
450,863 27,463,703 144,566,162
26,000 1,350,852 4,859,232
Total Wash. dc Oregon 236,431,608 56,068,104
629,502 47,266,358 244,603,852
Brit. Col.(17M018)California
Atlantic Coast
Miscellaneous
2,347,919
250,000
14,876,038 6,020,000
306,514
6,170,733
None 1,302,000 1,295,919
None 1,448.000 19,448,038
629,000 5,840,022
8,225
Total Brit. Columbia_ 23,394,690 6,5761514
8,225 3,379,000 26,583,979
Total domestic cargo- 259,826,298 62,644,618
637,727 50,645,358 271,187,831
Falling Off in Paper Production in February as Compared With January-Increase Over February
1928.
The total paper production in February, according to
identical mill reports to the American Paper and Pulp
Association was 542,076 tons as compared with 598,591 tons
in January and 523,018 tons in December 1928. The
February 1929 production total was 542,076 tons as against
529,789 tons in February 1928, an increase of 2.3%. The
association, under date of April 8, says:
both balloon and high pressure inner tubes at Feb. 28 1929
amounted to 12,749,141 as against 11,539,495 at Jan. 31
last and 10,987,647 at Feb. 29 1928.
The Association, in its bulletin, dated April 10, also gave
the following statistics:
1929.
Month of February-
1928.
Production. Shipments. Proiuction. Shipments.
TiresBalloon casings
High pressure cords
High pressure fabrics
3,796,660
1,373,691
13,342
2,976,693
974,185
10,868
3,021,548
1,697,498
53,230
2,500,013
1,244,812
28,719
Total pneumatics
Solid and cushion tires
5,183,693
30,211
3,961,751
31,904
4,772,276
36,328
3,773,544
38,715
Total
Inner TubesBalloon inner tubes
High pressure inner tubes
5,213,904
3,993,655
4,808,604
3,812,259
3,675,116
1,401,539
2,908,406
1,049,851
3,221,756
1,949,539
2,602,362
1,470,665
Total
First Two MonthsTiresBalloon casings
High pressure cords
High pressure fabrics
Milimeter casings_x
5,076,655
3,958,257
5,171,295
4,073,030
7,267,258
2,930,964
15,632
11,371
6,475,819
2,428,364
12,587
14,648
5,398,847
3,282,248
109,438
4,989,404
2,740,859
89,123
Total pneumatics
Solid and cushion tires
,
Total
Inner TubesBalloon inner tubes
High pressure inner tubes
Millimeter inner tubes-y
10,225,223
62,138
8,931,398
65,441
8,790,533
72,607
7,819,386
72,512
10,287,361
8,996,839
8,863.140
7,891,898
7.022,776
2,934,697
7,314
6,538,985
2,843,717
6,810
5,632,880
3,619,433
5,141,897
3,485,412
All grades excepting hanging, wrapping, newsprint and book, registered
TWIJO
0 OM 7R7 0.380.512 9.252.313 8.630.309
increases in monthly production over last year. Paperboard production
x Formerly included under high pressure cords. y Formerly included under high
showed an increase of 9% over February, 1928, while felts and building
pressure inner tubes.
Increased 6%, tissue 1%, writing 3% and bag 23%. The following grades
The Association also released the following figures, estiregistered production decreases in February, 1929, as against February,
1928; hanging 27%, wrapping 5%, newsprint 8% and book 0.6% •
mated to represent 75% of the industry:
increase
in
all
an
showed
Shipments, as compared with February, 1928,
RUBBER IN THE
grades, except hanging papers, with the most substantial increases recorded CONSUMPTION OF COTTON FABRIC AND CRUDE
PRODUCTION OF CASINGS, TUBES, OLID AND CUSHION TIRES.
In paperboard, bag, writing and tissue. Total stocks on hand at the end
Month of 2 Mos.End. -Calendar Yearsof February decreased about 3% as compared with the previous month
1928.
1927.
PeriodFeb. 1928. Feb. 28 '29.
but showed a 6% increase over stocks on hand at the end of February,
20,326,530 40,106,011 222,243.398 177.979.818
1928; newsprint, paperboard, hanging, and felts and building showed sub- Cotton fabrics (lbs.)
514,994,728
57,558,636 111,719,165 600,423,401
stantial increases over February, 1928 while bag, tissue and writing papers Crude rubber (lbs.)
showed a decrease in stocks as compared with a year ago.
Statistics representing 100% of the following industries
production
total
that
the
Identical pulp will report for February showed
were also issued:
of all grades of pulp was about 1.5% less than February. 1928. Mill conMonth of
2 Mos. Ended Calendar Year
sumption was 2% less and shipments to the outside market 5% greater
Period1928.
Feb. 1929. Feb. 28 1929.
than during the corresponding month last year. February, 1929 producGasoline consumed (gallons)
956,088,000 1,874,628,000 13,633,452,000
tion totaled 202,320 tons against 231,031 tons in January and 206,149
Passenger cars produced_x
4,023,350
802,350
438,876
tons in December, 1928.
576,416
61,296
117,237
Total stocks on hand at the identical mills reporting, registered a de- Trucks produced.'
x
These
figures
include
Canadian
production
and
cars
assembled
abroad
the
crease of almost 14% as compared with the last year. All the individual
grades, excepting soda pulp, showed decreases in inventory as compared Parts of which were manufactured in the United States.
with the same time last year.
Tire manufacturers in the United States produced a total
Report of Paper Operations in Identical Mills for the Month of February 1929.
Stk. on liana
Shipments. End of Month
Production
-Tons.
Tons.
Tons.
GradeNewsprint
Book
Paperboard
Wrapping
Bag
Writing
Tissue
Hanging
Felts and building
Other grades
103,644
90,388
202,957
49,637
15,670
30,231
11,752
4,319
5,994
27,484
108,375
93,508
201,550
49,212
15,371
31,099
12,306
4,129
6.945
27,961
35,642
48,590
54,332
53,071
7,998
39,879
8,664
2,793
2,219
17,719
270,907
542.076
550.456
Total all grades
Report of Wood Pulp Operations In Identical Mills for the Month of February 1929
GradeGroundwood
Sulphite news grade
Sulphite bleached
Sulphite easy bleaching
Sulphite Mitscherlich
Sulphate pulp
Soda pulp
Pulp-Other grades
Production
Tons.
Used
During
MonthTans.
82,562
34,935
24,230
3,318
6,263
28,488
22,475
49
79,754
32,611
21,867
2,951
5,424
23,965
15,896
202.320
182.468
Stocks on
Shipped
Hand End
During
Month- of MonthTons.
Tons.
1,977
2,854
2,484
305
1,066
5,157
7,640
48
86,575
8,159
2,481
729
1,096
4,166
4,613
9
21,531
107,828
of 6,911,590 pneumatic casings during the month of February
according to estimates issued by The Rubber Association of
America, Inc. The Association's estimates are based on
reports furnished by manufacturers who produce approximately 75% of the total for the United States. Total production of inner tubes is estimated at 6,769,140 and total
production of solid and cushion tires at 40,281 for the month.
Total shipments during February are estimated as follows:
Pneumatic casings, all classes, 5,282,334; inner tubes, 5,277,676, and solid and cushion tires, 42,538.
Inventories as of Feb. 28 1929, are estimated as 15,494,613
for all pneumatic casings; 16,998,854 for inner tubes and
196,220 for solid and cushion tires.
The tire industry is estimated to have consumed a total
of 76,744,848 pounds of crude rubber and 27,102,040 pounds
of cotton fabric during the month of February, in the manufacture of all types of pneumatic casings, inner tubes and
solid and cushion tires.
Sales and Shipments of Cotton Cloths During March
in Excess of Production.
Both sales and shipments of standard cotton cloths during
March were again in excess of production according to the
Tire Output Larger-Shipments Decrease-Inventory
report made public Apr. 9 by the Association of Cotton
Reaches New High Figure.
Textile Merchants of New York. The report covers a
According to statistics compiled by the Rubber Association period of four weeks. The Association's advices in the
of
represent
75%
to
estimated
figures
of America, Inc., from
matter state:
the industry, a total number of 5,183,693 pneumatic casings
Sales during March amounted to 358,333,000 yards. They were equiva-balloons, cords and fabrics-and 30,211 solid and cushion lent to 120.2% of production, which was 297,994,000 yards.
Shipments amounted to 325,633,000 yards, or 109.3% of production.
tires were produced in the month of February 1929, as comStocks on hand at the end of the month were 345,311,000 yards, a depared with 4,772,276 pneumatic casings and 36,328 solid and crease of 7.4% as compared with stocks at the beginning of the month.
Unfilled orders on Mar. 31 amounted to 504,876,000 yards, an increase
cushion tires in the corresponding month last year and 5,041,6.9% as compared with unfilled orders on Mar. 1.
530 pneumatic casings and 31,927 solid and cushion tires in ofThese
statistics on the manufacture and sale of standard cotton cloths
January 1929. Shipments in the month of February this are compiled from data supplied by 23 groups of manufacturers and selling
Textile Merchants of
year amounted to 3,961,751 pneumatic casings and 31,904 agents reporting through the Association of CottonThe
reports cover upYork and the Cotton Textile Institute, Inc.
solid and cushion tires as against 4,969,647 pneumatic casings New
wards of 300 classifications of standard cotton cloths and represent a large
States.
month
United
preceding
the
33,537
solid
and
and cushion tires in the
part of the production of these fabrics in
and 3,773,544 pneumatic casings and 38,715 solid and cushion
Transactions in Grain Futures During March on
tires in the month of February 1928.
Chicago Board of Trade and Other Markets.
Inventory at Feb. 28 1929 showed 11,620,960 pneumatic
Revised figures showing the volume of trading in grain
casings, a new high figure, as compared with 10,284,158 at
Jan. 31 last, and 8,790,709 at Feb. 29 1928. Inventory of futures on the Board of Trade of the City of Chicago, by
TntAl Al! IIVTVIPA
APRIL 13 1929.]
FINANCIAL CHRONICLE
2381
days, during the month of March, together with monthly Association of Cotton Textile Merchants of New York under
totals for all "contract markets," as reported by the Grain date of April 8:
Futures Administration of the United States Department of
The production of goods over 12 inches in width was approximately 8,Agriculture, were made public April 5 by the Grain Exchange 980,000,000 square yards in 1927 compared with 7,742.000.000 square
yards in 1925. 8,264.000,000 square yards in 1923, and 6,703.000,000
Supervisor at Chicago. For the month of March 1929, the square yards in 1921. The production in 1927. therefore, exceeds by almost
total transactions at all markets reached 1,594,464,000 bush- three quarters of a billion square yards the previous highest output in the
els, compared with 1,807,971,000 bushels in the same month history of the industry. The average mill price per yard in 1927 was 13.18
cents compared with 16.08 cents In 1925 or a decline of 18%. The average
in 1928. On the Chicago Board of Trade the transactions weight in yards per pound
in 1927 was 3.69 compared with 3.74 in 1925.
in March 1929 amounted to 1,362,512,000 bushels, against The average price per pound of goods was 48.64 cents in 1927, compared
with 60.12 cents in 1925. For the year the average daily price or middling
1,575,511,000 bushels in March 1928. Below we give the raw
cotton in New York was 17.5 cents in 1927 compared with 23.6 cents
details for March, the figures representing sales only, there in 1925.
Some conspicuous changes took place in the 1927 production with rebeing an equal volume of purchases:
VOLUME OF TRADING.
Expressed fra Thousands of Bushels, i.e., 000 Omitted.
Dale-March 1929.
Wheat,
Oats,
Rye, Barley. Flax.
Total.
329
337
--------49.819
--------20.885
34.790
50.935
39.735
33.007
22.535
31,716
18.722
18.189
14.415
11.817
8,363
12,914
4.853
5.804
4.918
2,239
2.345
1,873
517
708
689
691
168
479
--------88.882
--------75.634
--------59.757
--------47.654
--------33.411
--------46.982
33.427 15,221
44,954 9.704
54.485 10.988
34.041 9.758
26,730 5,446
20,396 6.948
1,584
802
952
574
1.619
1,081
461
499
764
394
408
161
50.693
55.959
67.189
--------44.767
--------34.203
--------28.586
33.172
22.639
31,539
18.865
61.9114
55,479
21,269
15.463
24.467
12.975
23,738
15,201
1,914
2,916
4,144
1,045
3.704
2,641
641
459
696
274
1,426
1,501
--------56.996
--------41.477
--------60.846
--------33.159
--------90.832
--------74.822
33.892
72.126
38,926
30,518
14.813
33.186
18.978
16,333
1,544
4,762
2,371
1,472
804
1.620
1.242
695
--------51.053
111.694
--------61.517
--------58.018
23,252 12.956
1,360
909
--------38.477
0
1,798
1,620
000
Total Chicago Bd. of Tr
Chicago Open Board..
Minneapolis C. of C. _
Kansas City 11d. of Tr_
Duluth Board of Trade_
St. Louis Merck. Exch.
Milwaukee C. of C_ _
Seattle Grain Exchange
Los Angeles Crain Each
San Francisco C. of C
Corn,
28.274 19.418
18.879 9,049
•
N.P.C.
tJC., t bC
1
2
3 Sunday
4
5
6
7
8
9
10 Sunday
11
12
13
14
15
16
17 Sunday
18
19
20
21
22
23
24 Sunday
25
26
27
28
29 Holiday
BO
31 Sunday
380.331 59,935 16,770 --------1.362,312
13,098
590
15 --------53.221
6,312 2.672 5.346 1.345
82,595
18,115
60.455
1,702
2 680
24,503
1,591
5,036
2,507
590
329 --------8.966
376
Tot,all markets Mar.'29 1,082,536 415,640 67,427 21.488 5.348 2,025 1,594,464
Tot.all markets Mar.'28 922,323 732,315 110.016 37,591 2,921 2,805 1,807.971
Tot. Chic. Bd. Mar.'28 773.908 675,642 96.340 29,612 --------1,575,511
• Durum wheat with the exception 01 1.335 wheat.
001
,
EN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR MARCH 1929.
("Short"side ofcontracts only, there being an equal volume open on the "long" side.)
(IN BUS1IELS).
March 1929.
1
2
3 Sunday
4
5
6
7
8
9
10 Sunday
11
12
13
14
15
16
17 Sunday
18
19
20
21
22
23
24 Sunday
25
26
27
28
29 Holiday
30
AverageMarch 1929
March 1928
February 1929._
January 1929
December 1928_ ...
November 1928.__
October 1928
September 1928 _
August 1928
July 1928
June 1928
May 1928
April 1028
• Low. a High.
Wheat.
Corn,
Oafs.
Rye.
Total.
.137,812,000 a81,390.000 *24,864.000 a8,770,000 252,836,000
138,847,000 80,903,000 25,715,000 8,716.000 254.181,000
139,727,000
139,903,000
140.311.000
141,136,000
141,664,000
143,722.000
81,267.000
80,703,000
80.198.000
80,094,000
79.597.000
80.173,000
26.381.000
26,369.000
26,747,000
26,781,000
26,782.000
26.834,000
8,727,000
8.692.000
8.534.000
8.160.000
8.467.000
8,489.000
256,102.000
255,667,000
255.790.000
256.471.000
256.510.000
259,218.000
144,022,000
145,535,000
144,418,000
144.901,000
145,925,000
147,368.000
81.027,000
80.990,000
79,946,000
80.271,000
80.299,000
79,946,000
26.953,000
26.980,000
26,954,000
26.883.000
27,090.000
27,168,000
8,556.000
8.528.000
8.562.000
8.606,000
8,682.000
8.659.000
260.558,001)
262,033,000
259,880.000
260.661.000
261,996,000
263.141.000
148.071,000
149,331,000
148,688,0011
150.107.000
5151.033,000
149,651,000
148,774,000
144,229.000
144,473.000
144,000,000
80.703,000 27.478.000
80,420,000 27.938.000
78.684,0(10 28,277,000
78.13(1,000 28.162.000
76,915,000 28,608,000
76.190,000 a28,633,000
76,063,000
73.137,000
73.528,000
72,463.000
28,599.000 .81.131,000
28,459,000 8,344,000
28,206,000 8,516,000
28,100.000 8,571,000
143,421,000 .70,523,000 28,033,000
144,719,000
88,281.000
127,350,000
118,503,000
128.515.000
129,718,000
120.644,000
114.061.000
111.279.000
90,257.000
92.547,000
104.123,000
105,609,000
78.542.000
98.849.000
79,574,000
68.481.000
78.736.000
90.553,000
81,548,000
77.168.000
79,207,000
78,156.000
83,174,000
82,361,000
91.532,000
8,439.000 265,591.000
8.483,000a266,172,000
8,411,000 264.060.000
8,426,000 264.825,000
8.472,000 285.028,000
8,220,000 262,694,000
27.320,000
33.671.000
26,288,000
25.896,000
28.548.000
29.997.000
29,314,000
29,562,000
26,765.000
23.824.000
23,901,000
30,890,000
34,559,000
261,567.000
254,169.000
254,723.000
253,134.000
8,293,000 .250.270,000
8,510.000
8,355,000
9.343,000
8,783.000
10.368.000
12,222,000
11,826.000
10,431,000
9.005,000
10,381.000
10.249.000
7,763,000
8,551.000
259,091.000
229,156.000
242.555,000
221.643.056
246.165.000
262.490.000
243,332,000
231,222,000
226.256,000
202,618.000
209.871,000
225.137,000
240.251.000
Production of Cotton Goods in 1927 at Record Figures.
Referring to the figures showing the production of cotton
goods during 1927 which were recently released by the
Bureau of the Census, Edward T. Pickard, Chief of the
Textile Division, Bureau of Foreign and Domestic Commerce, Department of Commerce, makes the following
interestingly deductions and observations, it is noted by the
spect to the quantities of some Classes of goods. For example, there were
considerable increases; in the production of osnaburgs, sheetings, drills,
denims, napped fabrics, towels and towelings, tobacco cloths and print
cloths, while declines were noted in sheets and pillow cases, pillow tubing,
lawns, nainsooks and cambrics, twills and satecns, ginghams and cotton
shirtings.
In July 1925 there were 37.929,000 spindles in place compared with
36,696,000 in July 1927, a decline of 1,233,000. Active spindles in 1925
averaged 35,032.000 compared with 34,410,000 in 1927, a decline of 622.000
active spindles. Spindle hours and percentage of activity since 1923 were
as follows:
% of
% of
Spindle firs.
YearActivity.
Activity.
YearSMndle Hrs.
99.T408 000.000
1923
98.9 1927
104.7
104,450,000.000
80.275.000.000
1924
78 5 1928
95.5
92,749,000.000
94.600.000.000
1925
92.9 1929 2 mos.
97,029.000.000
1926
95.4
average,.,.,. 8,723,287.000
111.15
Although the smaller amount of cotton consumed, lessened spindle
activity and poor cotton textile business during 1928 indicates that an overproduction occurred during the year 1927, the early months of 1929 point
to an even greater activity and production of goods than for the similar
months in 1927.
For the months of January and February in 1927 compared with the same
months for 1929 the following statistics emphasize this point:
1927
1929
January & February. January & February.
Cotton consumed (hales)
1,192,755
1,266.487
Percentage of activity
104.25
111.15
Average monthly spindle hours_ _ _
8,397.000.000
8.723.000,000
Cotton consumed during the census years since 1923 was as follows:
6.521.00011927 (bales)
1923 (bales)
749556(1
1925 (bales)
6.433.00011928
6.576.000
Although 1928 was not a census year the cotton consumption figures
indicate a considerable lessened activity from 1927. While, of course,
cotton consumed during the months of January and February 1929 cannot
be considered as a basis for the assumption that consumption will continue
at the same rate, it is nevertheless interesting to note that the consumption
during those two months of 1929 was at the rate of approximately 7,600,000
bales per year.
That production of goods in 1923 and 1927 was considerably in excess
of consumption is clearly indicated by the statistics for the years 1924 and
1928. For example, there were well over 19.000.000.000 fewer spindle
hours or 20% less activity in 1924 compared with 1923. In 1928 there
were 12,000.000.000 fewer spindle hours or a lessened activity of approximately 10% compared with 1927. For the first two months of 1929 the
industry was running at over 111% of single shift rapacity or as has been
pointed out previously at a higher rate than for the same months In 1927
and at a rate which compares with 104.7% average for the whole year of
1927.
If we assume that goods produced during January and February of 1929
were of the same average weight in yards per pound as those produced in
1927, the consumption of cotton during January and February indicates that
there were turned out over 1.536.000.000 square yards of goods or about
30,725.000 square yards for each working day in January and February 1929.
If from the total mill value of cotton goods, yarns for sale, thread, &c.,
produced In 1927, we deduct the total of payments for wages, raw materials, mill supplies, fuel and purchased power, there remains available
for salaries, rent. depreciation, insurance, selling expenses, taxes, interest
and all other such items of expense together with possible profits a sum
equivalent to 9.57 cents per pound of products In 1927 against 9.93 cents
per pound of products in 1925. This means that for each pound of products
in 1927 there was one-third of a cent or 3.6% less money than in 1925,
available to meet all such eipenscs and provide for possible profits.
Growing Interest in Styled Cotton Fabrics Reported
by E. C. Morse of Cotton Textile Institute.
Reports from retail merchants in all parts of the country
indicate a widespread and growing interest in styled cotton
fabrics, Ernest C. Morse of the Cotton Textile Institute
told members of the National Association of Textile Dyers
and Finishers in an address at their spring meeting at Providence on April 6. As an index of this interest Mr. Morse
referred to the largo number of requests which the Institute
is receiving for information concerning styled fabrics. More
than 5,000 copies of the Institute's new style bulletin,
"Flashes of Fashion," have already been requested by retail
merchants. Analysis of the first 183 requests from these
stores shows that over 2,700 copies have been requested for:
Sales departments, 1,001; buyers, 758; merchandise managers, 285; advertising departments, 212; training departments, 116; stylists, 98; miscellaneous, 254. Mr. Morse
said:
All these requests represent a real interest in cotton and it will be distinctly encouraging to see this interest translated into demand for spring
and summer fabrics.
There is no question that certain cotton fabrics are definitely established
with style leaders this season. This is particularly true of those that are
designed for morning, sports and afternoon wear, as well as for more formal
evening dresses. Included among the favored styled cottons are piques,
ginghams, organdies, broadcloths, lawns and dimities.
Further evidence of the growing demand for styled cottons may be found
in the fact that 25% more fabrics were finished during the first two months
his year than in the corresponding period of 1928.
2382
Petroleum and its Products--Secretary Wilbur Proposes Joint State Board to Conserve Oil.
An inter-State compact, to be authorized under the
constitution through Congressional action, is proposed by
the Federal Oil Conservation Board for the purpose of constructive conservation to "secure the nation from the very
real pend that will lie in the reckless exhaustion of our oil
resources." This plan, an outgrowth of the Government's
refusal to sanction the conservation plan as outlined by the
American Petroleum Institute, was made known Thursday
in a letter from Secretary of the Interior Wilbur to R. C.
Holmes, chairman of the general committee of the American
Petroleum Institute.
Secretary Wilbur's proposal, which would make the Federal
Government a party to the compact, will meet with the
general approval of the industry, as offering a basis for immediate action, it is believed. Dr. George Otis Smith,
director of the Geological Survey and technical advisor to
the Federal Board, has been delegated to confer with the
Governors of three or four of the dominating oil producing
States relative to the carrying-out of such a proposal. It is
believed that Secretary Wilbur's action in thus offering the
co-operation of the Federal Government was hastened by
Mr. Holmes' recent statement in which he urged oil producers to proceed with the original Institute plan and test its
validity in the courts.
Secretary Wilbur points out, in his letter, that the legal
obstructions to the Institute plan of curtailing oil production
to the 1928 level makes the problem one which can be
satisfactorily solved only through the action of the different
States affected. He believes that such a compact as suggested
by the Federal Board, if consummated on constructive lines,
"should extend the life of our oil resources and give greater
stability to the industry, should vastly increase the returns
to those States, and at the same time should protect the
consumer." Mr. Wilbur reviews the investigation conducted
by the Federal Board over a period of years, which showed
large wastes in the production and utilization of oil and an
"alarming prospect as to our future supplies."
Meanwhile, Sir Henri Deterding, managing director of the
Royal Dutch Shell Group, sailed for home Wednesday, the
purpose of his trip here as yet unfulfilled. However, Sir
Henri, who came here to confer with the American Petroleum
Institute regarding their conservation plan, pledged his
support and co-operation for world-wide conservation of oil
supplies as a unit, regardless of geographical division.
Before sailing he warned that conservation was imperative
for the well-being of the entire industry, and made this
significant statement: "Continue the present practises of
bringing oil out when it is not needed; the attendant waste
of such practice; forcing this excess oil into inferior uses for
which it should never be consumed, and in six years you will
have oil at $5 a barrel. Then will follow the usual frantic
search for new pools, the repeating of the procedure of
excess and waste in drilling and uneconomical production."
While this discussion is being cairied on, independent
efforts to hold production of crude oil in the flush areas down
to an approximate market requirement are reported to be
succeeding. Oklahoma and Kansas reports are favorable, and
California operators expect that legislation will be enacted
there whereby the State will have the authority to approve
conservation steps.
April 8: Other companies met the 20c. advance to $1
a barrel on East Luling crude, made by Sun Pipe Line Co.
Prices of Typical Crudes per Barrel at Wells.
(All gravities. where A. P. I. degrees are not shown,)
$4.10 Smackover. Ark., 24 and over--Bradford,Pa
1.75 Smackover, Ark., below 24
Corning. Oblo
1.35 El Dorado, Ark. 34
Cabell, W. Va
Illinois
1.45 Urania, La
1.53 Salt Creek. Wyo., 37
Western Kentucky
1.23 Sunburst, Mont
Mideontinene, Oklahoma. 37
Corsicana. Tex.. heavy
.80 Artesia, N. Max
Hutchinson,Tex., 35
.87 Santa Fe Springs. Cain, 23
Luling, Tex
1.00 Midway-Sunset, Calif., 22
Spindietop, Tex.,grade A
1.20 Huntington. Calif., 26
Spindletoo. Tex.. below 251.05 Ventura. Calif., 30
Winklee.Tex
.65 Petrone, Canada
$.90
.75
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
REFINED PRODUCTS-GASOLINE AND KEROSENE PRICES
ADVANCE AS WEATHER STIMULATES CONSUMPTION.
Strength in refinery gasoline mounted during the week
and price advances were reported over a wide area. Refiners are now booking business at 8Ytc. per gallon at terminals, and little shading is reported.• U. S. motor gasoline
in tank cars at refinery has been advanced to Mc. and an
advance in tank wagon prices in Pennsylvaniaand Delaware
of lc. a gallon was made by Sinclair Refining, Atlantic Refining and Gulf Refining companies.
[VOL. 128.
1;'I NANCIAL CHRONICLE
The advances of the week were centered for the most part
in domestic grades of gasoline. The high gravity movement
was slow outside of the coastal areas.
U. S. motor gasoline in Mid-Continent refining centres
is higher. The movement of high gravity gasoline, however,
is sluggish. Natural gasoline has been in strong demand in
interior markets. Furnace oils fell off slightly in demand and
a slight price shading is reported.
Kerosene business was improved slightly, and the Standard
Oil Co. of Ohio announced an advance of lc. a gallon on tank
wagon and service station.
Weather conditions throughout the East generally are
credited with the increase in consumption. The arrival of
spring-like weather along the Atlantic coast was especially
noted over the last week-end.
April 9-Standard Oil Co. of Ohio advanced kerosene tank wagon and
service station price 1 cent.
April 9-Warner-Quinlan Co. advance U. S. motor gasoline tank car
refinery to 934 cents.
April 10-Other companies meet Warner-Quinlan advance on U. S.
motor gasoline tank car refinery to 934 cents.
April 11-Sinclair Refining, Atlantic Refining and Gulf Refining companies announce advance of 1 cent a gallon in tank wagon price of gasoline
In Pennsylvania and Delaware.
April 11-Acewood Petroleum Co. announces advance of 34 cent a gallon
In tank car price of U. S. motor gasoline at N. Y. Harbor terminals,
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
06% North Louisiana........0734
New York (Bayonne).0834 Arkansas
0834 North Texas
.0634
.0634 California
West Texas
07
Chicago
.9734 Los Angeles, export_ .0734 Oklahoma
.09
New Orleans
.07)( Gulf Coast,export- .0834 Pennsylvania
Gasoline, Service Station, Tax Included.
Minneapolis
.132
18
Cincinnati
19
New York
New Orleans
16
.195
21
Denver
Atlanta
.21
188 Philadelphia
.22
Detroit
Baltimore
.215
18
San Francisco
Houston
Boston
.20
24
Spokane
.205
Jacksonville
Buffalo
15
169
.179 St. Louis
15
Kansas City
Chicago
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
.0534 New Orleans
07Y(
New York (Bayonne).0834 !Chicago
North Texas
.0534 Los Angeles, export_ _.0534 Tulsa
.0634
Fuel Oil, 13-22 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne)1.05 Los Angeles
.85
Gulf Coast
75
55
Diesel
2.00 New Orleans
.95 I Chieago
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne).0534'Chicago
.03 I Tulsa
03
I
I
I
II
I
Secretary Wilbur Thinks Oil Restriction Rests With
States-Federal Conservation Board to Have Dr.
George Otis Smith Take the Matter Up With
Governors of Leading Oil Producing States.
Secretary Ray Lyman Wilbur, of the Department of the
Interior, as a member of the Federal Oil Conservation Board,
and speaking for his associates, James W. Good, Secretary
of War; Charles F. Adams, Secretary of the Navy, and
Robert P. Lamont, Secretary of Commerce, has sent to
R. C. Holmes, Chairman of the General Committee of the
American Petroleum Institute the following letter:
The Board has now given consideration to questions effecting the waste
I May recall that at our
of oil due to the present large over-production
meeting with your directors resolutions were presented which had been
proposing
Petroleum
Institute
restriction of the
American
adopted by the
production of petroleum in the United States during the year 1929 to an
amount not in excess of the 1928 production and asking the approval of the
Board to such a course
As explained to the directors of the Institute, the Oil Conservation
Board possesses no authority to approve such an agreement as that proposed
and the Board is advised that any such action on the part of the Institute
would possibly constitute a violation of the Sherman Act. It would further
appear that the joint legal committee appointed in December, 1927, of
which three members were chosen by the American Bar Association, three
by the Government,and three by the Petroleum Institute,came to the same
conclusion, and recommended legislation.
Purely negative action does not cure the prime difficulty-- the rapid
waste of our oil resources. The purpose of the Board has been to find a
Constructive method for the prevention of the present reckless waste of oil
and it naturally sympathizes with every practicable step.
As you are aware, the investigations of the Board over the past few years
have demonstrated large wastes in the production and unitization of our oil,
and an alarming prospect as to our future supplies. Its conclusions, in
which it has been confirmed by scientific investigation and a considerable
part of the industry, were that in the long view the positive method of conservation is the initial control of development through the control of drilling
to the end that upon discovery of a new oil pool a plan for Its development
should be established which would prevent the waste of gas, the consequent
loss of gas pressures and its serious effect upon the total yield of the pool
and to prevent other great losses which arise from flush flows due to periodic
over-production, from feverish competition and offset drilling, with its
consequence in unnecessary diversion of oil from gasoline to fuel on such
occasions. Had such control been in action during the last three years,
not only would the present situation not have arisen, but the vast present
waste of oil by diversion from gasoline to fuel would not be taking place.
While such a course could not be wholly applied to old pools,It could be made
effective in new pools and new strata. It is upon this program that the
Board has sought co-operation of the industry. To solely close off production temporarily to relieve present congestion and stop the immediate
waste of gasoline to fuel would not effect the real problem-that is, the long
view wastes mentioned above.
It was determined by the legal advisory committee above mentioned that
there were no constitutional grounds upon which the Federal Government
could impose such a regulation of drilling, but that the sole legal authority
for such action lies within the State Governments themselves. Suggestions
were made which have been or are in course of discussion in the legislature
In various oil producing States.
The problem appears to the Board, therefore, duo to the legal inhibitions,
to be one in the real solution of which action must be secured from the
APRIL 13 1929.]
FINANCIAL CHRONICLE
2383
different States. The Board recognizes that individual State action without
Production amounted to 55,471 short tons, as against
co-ordination would not cover the question, but with view to bringing about
such a program and its co-ordination. the Board believes it would be worth 55,881 tons in the same month last year and 48,154 tons
while to renew discussion with the State authorities of the three or four in February 1929.
principal oil producing States, particularly to learn if it Is not possible for
Stocks at March 31 1929 totaled 37,962 short tons, the
them to enter upon an Inter-State Compact under the provisions of the
Constitution authorizing such compacts to which the Federal Government lowest since Oct. 31 1927, when total was 36,223 tons.
through Congressional action would be a party. The character of such a The current figure also compares with 40,420 tons at Feb.28
compact would need much consideration but it could well comprise creating
s joint board for the purposes of constructive conservation and thus secure 1929 and 41,529 tons at March 31 1928. The Institute
the nation from the very real peril that will lie in the reckless exhaustion also released the following statistics:
Metal sold, not yet delivered, at the end of March 1929, amounted to
of our oil resources. With this in view the Board is planning to have Dr.
George Otis Smith, on its behalf, visit and interview the Governors of 60,895 short tons; total retort capacity at March 31 was 119,896 tons;
three or four dominating oil producing States and learn their views upon the number of idle retorts available within 60 days, 49,221: the average
number of retorts operating during March, 71,068: the number of retorts
such a proposal.
it believes that the above suggestion, if it can be consummated on con- operating at the end of the month, 67,519. A comparative table shows:
structive lines, should extend the life of our oil resources and give greater
PRODUCTION. SHIPMENTS AND STOCKS AT END OF PERIOD.
stability to the Industry,should vastly increase the returns to those States.
(Figures in Short Tons.)
and at the same time should protect the consumer.
ProDomestic
Total
Stocks at
auction.
Month of—
Shipments. Exports. Shipments. End of Mo.
Crude Oil Output in United States Again Higher.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended April 6 1929 was 2,658,100 barrels, as compared with 2,627,250 barrels for the preceding week, an increase of 30,850 barrels. Compared with the output for
the week ended April 7 1928 of 2,395,250 barrels per day,
the current figure shows an increase of 262,850 barrels daily.
The daily average production east of California for the week
ended April 6 1929 was 1,880,900 barrels, as compared with
1,845,350 barrels for the previous week,an increase of 35,550
barrels. The following estimates of daily average gross
production, by districts, are for the weeks shown below:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Apr.6 '29. Mar.30 '29. Mar. 23'29. Apr. 7 '28.
Oklahoma
673.700
644,350
677,650
627.750
Kansas
97.850
94,150
94,950
114,500
Panhandle Texas
68,100
60,700
58,150
72,950
North Texas
83,450
83,800
83,650
66,150
West Central Texas
52,350
52,350
52,350
58.350
West Texas
374,550
378.850
384.550
369.450
East Central Texas
19,900
19,900
19,800
23,050
Southwest Texas
71,900
72.200
88,650
24.000
North Louisiana
35,550
35,700
35.850
45.050
Arkansas
73.100
74,250
74,700
84,700
Coastal Texas
130,150
126,600
128.150
107,050
Coastal Louisiana
20,700
21,550
20,600
16,350
Eastern
110,250
109,750
109,250
104,500
Wyoming
51,150
51,400
53,200
55,250
Montana
9,600
10,200
10,200
11,950
Colorado
7.100
6,750
7.050
7,450
New Mexico
3,500
2,850
2,950
2,350
California
777,200
781,900
773.900
608.400
Total
2,658,100 2,627,250 2,655,600 2,395,250
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended April 8 1929, was 1,548,450 barrels, as compared
with
1,516.250 barrels for the preceding week, an increase of 32,200 barrels.
The Mid-Continent production excluding Smackover, Arkansas. heavy oil,
was 1,499.200 barrels, as compared with 1,466,700 barrels, an increase of
32,500 barrels.
The production figures of certain pools in the various districts for the current week,compared with the previous week,in barrels of 42 gallons,follow:
—Week Ended—
—Week Ended—
Oklahoma—
Apr.6. Mar.30. North Louisiana—
APT.6. Mar. 30.
Allen Dome
25.850 26.150 Hayneeville
5.450 5,450
Bowlegs
35,250 32,900 Urania
5,800 5.900
Bristow-Slick
19,500 19,400
Arkansas—
Burbank
21,700 21,850 Champagnolie
9,250 10,050
Cromwell
7,600 7.650 Smackover (light)
6.300 6,300
Earleboro
61.150 56,050 Smackover (heavy)
49,250 49,550
Little River
75.650 72.200
Logan County
11,150 11,250
Coasta Texas—
Maud
27.600 27,600 Hull
10.000
Minion
28,550 24,050 Pierce Junction
15,400 12.200
St. Louis
108,450 98,750 SpindletoP
32.700 32,500
Searight
10,150 9.850 West Columbia
7,000 7,950
Seminole
35,000 31,550
Tonkawa
10,050 10,00
Coastal Louisiana—
Kansas—
East Ifackberry
3,100 3,200
Bedgwick County
15,500 11,100 Sulphur Dome
2,100 3,000
Panhandle Texas—
Sweet Lake
400
400
Carson County
6,200 6,600 Vinton
4.300 4,500
Gray County
30,750 26,400 Old Hackberry
3,900 2,850
Hutchinson County..— 26,650 25,200
{VI/ming—
North Texas—
Salt Creek
32,400 32,300
Archer County
16,700 16,800
Wilharger County
27,400 27,600
Montana—
West Central Texas—
Sunburst
5,300 5,300
Brown County
8.750 8,700
Shackelford County--- _ 13,500 13,300
California—
West Texas—
Dominguez
10.500 10,500
Crane & Upton Counties 49.400 49,200 Elwood-Goleta
27.000 28,500
Howard County
44,100 46,500 Huntington Beach
46,500 47.000
Pecos County
87.900 86.750 Inglewood
26.000 26,000
Reagan County
18,700 18,400 Kettleman Dills
4,000 3.500
Winkler County
161,550 165,100 Long Beach
185,000
185,500
Texas—
Central
East
Midway-Sunset
72,000
72,000
Ooralcana-Powell
8,200 8,250 Rosecrans
7,000 7,000
Southwest Texas—
Santa Fe Springs
152.500
157,000
11.500 11,750 Seal Beach
Laredo District
45.500 42,500
12,750 12.850 Torrance
Luling
14,500 15,000
39,950 40,050 Ventura Avenue
Salt Flat
55,000 55,000
1929.
March ------ ---February
January
55,471
48.154
49.709
56.267
51.057
47.677
1.862
1.895
2.055
58.129
52.952
49.732
Tot. 3 mos. 1929
153,334
155,001
5.812
160.813
_ __
50.591
49,625
50.260
48.698
50.259
50,126
49.361
44,103
52.157
47.050
50.890
49,510
50.825
49.780
53,422
49,818
53.493
46.517
55.881
51.856
50.042 '
46.754
52,414
45.771
2,067
1.088
1,980
1.759
2,901
3.638
1,802
3.138
3,746
3.786
4,134
5,231
51,692
49.786
52.106
45.862
49,951
53,148
51.582
52,956
50.263
55.642
50.888
51,002
45.441
46.562
46.068
47,915
44.416
42,210
44.488
45.225
44.759
41.529
41,290
42.163
1928.
December
November
OctoberSeptember
August
July
June
May
April
March
February
January
Total In 1928
1927.
December
November
October- _ ___
September
August
July
June
May
April
March
February
January
Total In 1927
37.962
40.420
45.418
619,595
579,608
35.270
614,878
—.-
52.347
49,217
50.185
47.735
49.012
47.627
49,718
51,298
51,626
56.546
51,341
56,898
46.483
44,374
46.602
44.038
49.739
43.359
43.122
45,560
44,821
48,107
43.555
45.884
4,433
1,746
1.637
4,007
4,009
4,803
4.784
4,898
1.876
5.098
4,760
2,989
50.916
46.120
48.239
48,045
53.748
56.162
47.907
50,458
46,697
53.205
48.315
48.873
40,751
39.320
36,223
34.277
34.587
39,329
43,858
42,046
41.208
36.27t
32.938
29.912
613.548
549,644
45.040
594.684
____
American Petroleum Institute Issues Statement on
Gasoline Taxes—Approves Levying of Tax Where
All Revenue Derived Therefrom is Used Solely For
Highway Construction and Maintenance Purposes—Gasoline Tax in 1928 Estimated at $300,000,000.
In a statement concerning gasoline taxes, the board of
directors of the American Petroleum Institute on March 27
announced that the tax levied upon gasoline by state legislatures is of substantial interest to the gasoline consuming
public, from whom the tax is collected, and to the refiner of
the commodity. The amount of these taxes is the subject
of increasing public and editorial comment and concern.
During the past ten years, the motorist and other users of
gasoline have paid an aggregate tax of over $1,000,000,000,
of which almost $900,000,000 has been collected during the
last four years. The official estimate of the United States
Bureau of Public Roads is that the gasoline tax in 1928 was
$300,000,000. The statement adds:
The board of directors of the American Petroleum Institute concurs in
the theory of the state gasoline tax, where the revenue derived therefrom Is
applied in its entirety to the construction and maintenance of public highways—provided the amount of the tax is held within reasonable bounds,
1.e., where the tax is in equitable relation to the price of the product taxed.
But the board believes, further, that a gasoline tax becomes unsound and
vicious when and where any of the funds are diverted and used for any other
purpose than road construction or maintenance.
The use in some states of a part of the gasoline tax revenue for other than
road purposes, and the tendency in some other states to do likewise, is
alarming. Because the tax is easily collected, and instantly available, is
no excuse for class legislation and discrimination against the motorist and
the gasoline user. The imposition of a general sales tax for the purpose of
raising the principal part of the revenue for the Federal government, In
lieu of the present system of income and excess profits taxes, has been
thoroughly considered by congressional committees. It has been vigorously
opposed by economists and Federal legislators, because it is a consumption
tax. The gasoline tax is a sales or consumption tax.
The history of the gasoline tax.shows that state legislatures are constantly
increasing the amount per gallon of the tax. To-day 13 states and the
District of Columbia impose a tax of 2 cents per gallon; 14 states Impose a
tax of 3 cents Per gallon; one state a tax of 3A cents per gallon; 12 states a
tax of 4 cents per gallon; 6 states a tax of 5 cents per gallon: one a tax of8
cents per gallon; while New York and Illinois, now the only gasoline taxfree states, will probably impose a tax during the current year.
The tax now paid by the motorist averages around 25% of the average
filling station price of gasoline. It would seem, therefore,
that the average
of the tax has already passed reasonable bounds. In many
cases the present
tax is already unfair to the users of gasoline and harmful to
the gasoline
business. If the tendency to increase the amount of the gasoline tax prevails, it will have the effect sooner or later of retarding gasoline sales and
diminishing the tax revenue.
Shipments of Slab Zinc Again Exceed Production—
Reach New High Level—Stocks Lowest Since
Oct. 31 1927.
According to statistics compiled by the American Zinc
Institute, Inc., shipments reached a new high level in the
month of March, amounting to .58,129 short tons. This
compares with previous record reached in July 1927 when
56,162 tons were shipped, and also with 52,952 tons in
February last and 55,642 tons in March 1928. Of the total
Therefore, with respect to gasoline taxes, the board of
shipments last March 56,267 tons went to domestic con- directors of the American Petroleum
Institute adopts the
sumers, while 1,862 tons were exported.
following resolution:
[Vol,. 128.
FINANCIAL CHRONICLE
2384
Resolved: That we do not oppose the levying of a gasoline tax where all
the revenue derived therefrom Is used solely for highway construction and
maintenance purposes; but we oppose the fixing of a rate per gallon tax
beyond reasonable bounds, or where the rate the consumer must pay is
out of equitable proportion to the price of the gasoline.
Stocks of Refined Copper Decline-Production and
Shipments at New High Level.
Stocks of refined copper at refineries in North and South
America totaled 52,968 short tons on Mar. 31 1929, against
55,213 tons at the end of February, 62,749 tons at the end
of January and 87,292 tons at the end of March, 1928,
according to the American Bureau of Metal Statistics.
Production of refined copper reached the record total of
163,561 tons in March against 141,385 tons in February
and 128,972 tons in March 1928. Shipments were also at
record figures of 165,806 tons in March against 148,921
tons in February and 128,612 tons in March 1928, states
the "Wall Street Journal," which is further quoted as follows:
OUTPUT IN SHORT TONS OF MINES IN THE UNITED STATES FOR
THE PAST SIX MONTHS.
Monthly
Average
1928.
Oct.
1928.
Nov.
1928.
Dee.
1928.
Jan,
1929.
Feb.
1929.
Mar,
1929.
Porphyry mines_ 32,432
7.457
Lake mines
32.053
Vein mines
Customs oral- _ 3.812
38.746
8.221
34.640
4,879
39,363
6,683
35,336
4,020
37.589' 37,949
6,364
7.166
37.318 36.966
4,244
4,306
36,173
7,333
37.363
3,866
38,945
8,009
41,849
14.500
75.754
88.480
85.382
85.577
84.735
93.303
Total crude prod
86.325
I Estimated.
Abnormal Copper Prices Not Likely to HoldBanner Year for Producers Despite Future
Market Uncertainties, Says A. B. Parsons.
Copper prices are not likely to hold at present levels for
any length of time, according to Arthur B. Parsons, VicePresident of the Mineral Research Corporation, in a survey
of the copper situation in the current issue of Engineering
and Mining Journal. Whatever develops in the way of
nine months, he declares, the
.3 short price changes during the next
Primary copper production by United States Mines total 93.3'
tons record will show 1929 to have been a banner year for the
tons in March a record figure. against 84.735 tons in February. 86.325
in January and 70,327 tons in March 1928. The previous record monthly copper-mining industry. Assuming that the average cost
production was in October 1928. at 86,480 short tons.
production is 9 cents a pound, the earnings of the copper
Blister copper stocks at smelters and refineries, including in process at of
refineries and in transit, came to 242.341 short tons April 1. compared industry at the moment (24-cent copper) would be at the
with 241,085 tons March 1 and 245,210 tons February 1. Including refined rate of $640,000,000, compared with $210,000,000 last August.
stocks, copper above ground to blister stage and beyond was 295.309 tons
"that the companies have not
April 1 compared with 206.298 tons March 1 and 307.959 tons February 1. "I am fully aware," he states,
Stocks of copper in British official warehouses April 1 came to 8.404 short sold, and are not likely for a long time, to sell a year's prowith
compared
tons with 621 tons refined and 7.783 tons in other forms,
at 24 cents a pound, but the comparison serves to
9,194 tons March 1 with 1.350 refined and 7.844 tons in other forms. Re- duction
fined stocks at Havre April 1 came to 3.218 tons compared with 3,166 tons delineate the present position-a position which most will
March 1 and 3.221 tons February 1.
agree is abnormal."
Mine production of copper for the United States was 93,303 tons in
In a report on the copper outlook, published in EngineerMarch, compared with 84.735 tons In February and 86,325 tons in January.
Blister production of copper for North America was 118.796 tons in March, ing and Mining Journal last August, Mr. Parsons said that
compared with 105.690 tons in February and 112.178 tons in January.
set for an era of better times in copper."
Blister production of South America in March was 40.158 tons compared "the stage seems
At that time, he now writes, he did not dream of a condiwith 31.886 tons in February and 35.162 tons in January.
Not only were total shipments of copper of 165.806 tons in March a tion like that existing today. In his opinion, the most
record, comparing with previous highs of 157,189 tons in January 1929.
producers had no serious notion
and 165.363 tons in October 1928, and refined production of 163,561 tons optimistic among copper
in March a record comparing with previous highs of 1.55.448 tons in Novem- that the metal would reach 24 cents, or for that matter
ber 1928. and 154,472 tons in January, 1929, but domestic shipments of
20 cents. The advance above 20 cents he regards as the
105.860 tons in March also were a record comparing with previous highs
of 100.371 tons in October. 1928. and 100.135 tons In January, 1929. result, more or less, of mere momentum. World consumpDomestic shipments in February came to 98.771 tons.
tion of copper for 1929 is estimated at 1,900,000 :Mort tons,
Total shipments of 471,916 tons are the largest for any three consecutive
in
tons
while possible production for the current year, according
444.305
with
competing
industry,
the
of
history
the
in
months
September, October and November of 1928, previous high. Domestic to Mr. Parsons, is 2,291,000 short tons. Much has been said
the
are
also
shipments of 304,766 tons in the first 'Wee months of 1929
of the tendency of higher prices for the metal to stimulate
highest for any three consecutive months, comparing with 288.900 tons
high.
previous
1928,
and
November,
October
September,
the opening of the small high-cost mines that cannot work
in
shipped
Foreign shipments in March came in 59,946 tons, compared with 50,150 profitably when lower prices prevail. "This of course is a
tons in February and 57.054 tons in January, making a total of 167.150
factor," he says, "but it is a small one compared with the
tons in the first three months of this year.
OUTPUT OF UNITED STATES MINES, BLISTER COPPER PRODUCTION increases in production that can be effected by the large
OF NORTH AND SOUTH AMERICA, AND STOCKS OF COPPER FOR established producers when and if they can see an outlet
NORTH AND SOUTH AMERICA, GREAT BRITAIN. ate. (In short tons).
for the increased output. Because of the comparative simMar.
Feb.
Jan.
Dec.
Nov.
Oct.
plicity of present-day concentrating plants, a large increase
1928. 1928. 1928. 1929. 1929. 1929.
In capacity can be attained by the addition of a comparaProduction86.480 85,382 85.577 88.325 84,735 93.303 tively small amount of equipment."
Mines, United States
110,618 113.984 115.891 112,178 102,354 118,796
z Blister, North America
Consumption of copper should show a normal yearly
33.643 37,835 33,763 35,162 31,386 40,158
z Blister, South America
Refined, North & South America_ 149,199 155,448 147.905 154,472 141,385 183.561 gain, so that by 1933 the world requirements will be in the
Stocks. End of Periodprovide for this
North and South America:
242.341 neighborhood of 2,400,000 short tons ."To
a Blister (Including In process)_ 241.732 244,854 249.995 245.210 241.085
45,648 52,153 65.466 82,749 55,213 52.968 increase there will be available new production from Africa
Refined
Total North & South Amer_ 287.380 297,007 315,461 307.959 296.298 295,309 and Canada, which," Mr. Parsons points out, "should easily
621 provide the necessary metal. What the situation may be
1,983 1,139 1.074 1,426 1.350
a Great Britain-Refined
7.646 8,628 6.543 6,934 7,844 7.783 ten years hence is not so easy to foresee; but it is decidedly
Other forms
9.629 7.767 7,617 8,360 9,194 8.404 difficult to demonstrate that there is any likelihood of a
Total Great Britain
2,896 2.877 2.334 3.221 3,166 3.218
Havre
9
y
9
9
5.189 6,119
famine for copper prior to 1935." Mr. Parsons adds:
Japan
Includes direct-cathode sapper. y Not available. z Official warehouses only.
a New method.
SHIPMENTS AND PRODUCTION OF REFINED COPPER BY NORTH AND
SOUTH AMERICAN PRODUCERS AND REFINERIES (in short tone).
Shipments
Production.
Primary
1929.
January
February
March
Total, 3 mos
1928.
January
February
March
April
May
June
July
August
September
October
November
December
Scrap
Total
Erport a
Domes
tie
Total
4.983 57.054
5.049 50.150
5.276 59.946
100.135
98.771
105.860
157.189
148,921
165.806
459,418
5,102 167.150
304,766
471,916
122.723
124,848
128.972
122.824
129,236
131,024
135.092
143.560
137.018
149.199
155.448
147,905
3.959
4.305
4.160
4.094
4.169
4.307
4,358
4.631
4.567
4.813
5.182
4,771
56.721
60.603
55,970
64,989
56.738
57,067
58.785
60,240
51,292
54,992
49.121
49,703
64.824
73.789
72,642
72.234
79.103
81.436
82.245
83.398
88,707
100,371
99.822
84.889
121.545
134,392
128,812
137,223
135,841
138.503
139.030
143.638
139.999
155.363
148.943
134,592
8.695
5.960
7.059
154.472
141.385
163,561
439,704 19.714
116.245 6.478
117.788 7.060
123,162 5,810
117,088 5.738
122.738 6.498
125.065 5.948
127.718 7.374
137.574 5,986
130,897 8,121
143.824 5,575
148.373 7.075
140.779 7.128
147.777
135.425
156.502
Dotty
ROM
Total 1928- 1,551,062 76.787 1,627,849 4.448 674,221 983,460 1,857.681
1,418,815 57.691 1.476.506 4.045 841.865 824,844 1,466.709
1927
1,383,604 56.850 1,440.454 3.946 525.861 902.174 1.428.035
1926
1.299.832 52.477 1.352.309 3.705 584.553 831.171 1.415.724
1925
1,267.810 32.522 1.300,332 3,553 586.395 753.389 1.319.783
1924
1 138,624 27,261 1,163,885 3,189 521.872 735,521 1.157,393
1923
includes shipments from Trail Refinery In British Columbia.
1926
$ Beginning
It is maintained frequently-and stoutly-that since the 18-cent level
was passed the producers have been helplemi and that consumers ran the
Price up by their insistence in buying. Some producers would have liked
to see the price kept down; others perhaps were glad to see It soar and
will be still more glad if it soars higher. But in any event the persistent
demand on the rising market helped the price up.
From a purely economic of view, the one uncertain factor in the situation is this: Has actual consumption-huge though it is been-eubstantially less than apparent consumption? If the phenomenal Increase in shipments reflects a corresponding Increase in ultimate consumption, and if
the rate of increase is sustained, the market may remain in the producers'
hands for many months, and they will be able to obtain fancy prices
(anyone will agree that a price above 20 cents Is fancy) for a considerable
period. But if any producer today looks for 20-cent copper a year hence,
he is not bold enough to say so.
If, on the other hand, actual consumption is much less than apparent,
there should be a very substantial increase in stocks in the hands of
producers, to be revealed in the statistics in the third quarter of 1929;
and that will alter the entire outlook.
It must be remembered that producers already are well sold for July,
so that there will be no strong compulsion to cut prices for several
months. When the decline does begin, it may be drastic or it may be
slow and orderly. This much may be said: That the character of the
"retreat" will depend entirely upon the action of the producers. Through
the data obtained from the Copper Institute they will be able to see any
marked divergence between the rate of production and the probable
demand. If, as a group, they exercise even a small part of the common
sense, patience, and restraint that they displayed during the year 1928,
it should be possible to stabilize the market in a comparatively narrow
price range that should be satisfactory to producer and consumer alike.
APRIL 13 1929.]
FINANCIAL CHRONICLE
2385
Caution in Efforts to Capitalize Improvement in re-sell here at 22q to 233 cents a pound several times before the general
break in prices took place.
Copper and Metal Market Urged by E. M. Young
The price reduction in Lead was purely a matter of bringing the domestic
quotation in line with the London parity. The Mexican situation is exof Associated Metals Corp. of New York.
pected to clear up considerably by the end of the month.
Although there seems to be reason for confidence that the
current improvement in the metals markets is the beginning
Drop in Price of Copper.
of a protracted period of prosperity, the public should
which recently went to 241A cents
copper,
of
price
The
capitalize that improvement, says E. Marshall Young, Vice.
our issue of March 30, page 2000) has
in
indicated
(as
exercise caution in response to efforts now being made to
dropped below 20 cents, the Brooklyn "Daily Eagle" of
President of the Associated Metals Corporation of New
last night, noting the present price as follows
York, a $30,000,000 company organized to apply the investCopper buying is small, with the prices unchanged at 19% cents a pound,
ment trust plan to mining securities and operations. Under delivered,in the domestic market and 19% cents c.i.f. abroad. The official
/s cents and wire and brass prices
price of Copper Exporters, Inc. Is now 195
date of April 6 Mr. Young said:
American Brass Co. have been dropped to 19% cents, delivered.
Almost daily resumption of operations are reported on properties long of the
producers are sold so far ahead that they are not offering any metal
idle because of inability to refinance after initial capital had been ex- Large
and are not expected to do so for another month or more.
hausted. With copper and other basic metals in stronger position, and
While it will take some time to straighten out the situation, it would
interest in mining generally increased, mine owners and organizers are
seem no further drastic decline in the price is probable, although the price
seeking to capitalize the opportunity. But it is not the first outlay that
might decline temporarily to 18 cents or slightly lower.
makes a mine.
Electrolytic copper for domestic shipment is 19% cents a pound, deThe history of mining is replete with failures due to inadequate financing livered to the end of July. European destinations are at levels correspondand uneconomic operation, which defects could not be cured because of the ing with 19% cents, c.i.f. Hamburg. IIavre and London.
limited sources from which earnings could be depended upon and other
handicaps encountered by the small individual unit. It is not unreasonable
Broader Copper Market with Industrial Expansion
to assume that the same conditions will prevail in the future.
In order that mining operations shall have reasonable assurance of sucSeen by Canadian Bank of Commerce.
cess, operations must be projected under competent and expert direction
The use of copper in building in the United States and
and sufficient capital must be available to place the properties on a
paying basis. In the past mining has been regarded, and quite properly, Canada has increased 70% since 1922, according to General
as highly speculative. The only way in which to take it out of that clasS. U. Logan of the Canadian Bank of Commerce,
sification is to distribute the risk broadly by means of diversification in Manager
that those industries which provide the largest
management,
predicts
which
unit
removal
who
means
one
under
sources of earnings
from dependence upon a single metal or locality. The major mining com- market of copper will materially increase, over a period
panies are applying those principles with success, profiting by the example
of years, their requirements for the metal. The world has
of such well-rounded enterprises as General Motors and U. S. Steel.
scarcely commenced to meet its needs for electricity, he
a situation which opens a vast field for the use of
American Consumers of Copper Urged by Irving J. says,
Mr. Logan's comment follow:
copper.
Louis to Hedge Future Requirements on London
increased
Second in importance only to iron, the use of copper has
Metal Exchange until Estalishment on New substantially with the development of industry throughout the world.
York Metal Exchange of Trading in Copper In 1923 European industry was operating at from 60% to 80% of its 1913
pre-war
capacity, while at present it appears to be operating above the
Futures.
to marked
level, owing to partial recovery of the older branches and
American consumers of copper were advised on April 5 expansion in the production of automobiles, artificial silk and electrical
by Irving J. Louis, President of I. J. Louis & Co., Ltd., to equipment. American industry has made great strides since the war, its
about 40% higher than in 1919. A recent
hedge their future requirements with the purchase of stand- annual production being now
analysis by this bank of Canadian manufacturing showed that its output
ard copper on the London Metal Exchange until such time is now 50% greater than at the peak of war-time activity. The electrical
as the National Metal Exchange here establishes trading industry, including telegraph, telephone and hydro-electric companies,
the copper made available, the automobile industry
In copper futures. In a review of the situation In the copper uses over 40% of building
industry 5%.
about 12% and the
Industry, Mr. Louis pointed out that the price of electrolytic
World production of electricity has more than doubled since 1913, but
copper is either too high or the price of standard too low. as closely as can he judged not more than 15% of the world's available
water power has been utilized, the greatest development so far having
He said:
North America, where rapid progress in electrification may
taken place in
power
be expected to continue. Italy and France have extensive water
resources, about two-thirds of the potential power still awaits development
50%
for the rapidly growing French industries, as compared with about
in Italy. Germany industry is electrified for motive power to the extent
but
of about 70%. Great Britain and Belgium, lacking water powers
possessing large coal reserves, are highly industrialized countries, and
supply
electricity
the former has planned a national reorganization of its
at a cost of over £20,000,000. Even the most advanced European countries, Great Britain, France and Germany, are poorly served by electricity
for domestic purposes, for not more than 25% of the houses are wired
for this service. The saturation point for the automobile industry was
thought by some authorities to have been reached in 1926, but production for 1929 has recently been forecasted as well above the output for
opening
the earlier year, and motor car manufacturers now realize that the
up of new territories and the rise in the general standard of living both
at home and abroad provides them with new opportunities.
There need be no alarm for at least many years regarding the quantity
of copper available, except for short periods like the present, when demand
exceeds the supply. The ore reserves in the United States have been
officially estimated at over 1,500,000,000 tons, which, with a great metallurgical plant, would permit of a large increase over the present production of, say, 1,000,000 tons per annum, but this will probably not be
greatly enlarged, owing to conservation policies and the growth of copper
mining elsewhere. Chile is reported to have about 1,000,000,000 tons of
ore in sight in three properties, and the output from all South American
mines should be at least 250,000 tons of copper by 1933. There appear
to be ore bodies in Africa of at least 200,000,000 tons, the most important
Sales of Copper at 1914 Cents, Delivered—General so far fully developed being those of the Katanga properties in the Belgian
Congo, on which mining has been conducted for some years, although
Decline in Prices of Major Non-Ferrous Metals.
some most valuable properties are being developed in Rhodesia. It is
A general feeling that the copper-price structure had be- thought that improved transportation and labor conditions have caused
to
come top-heavy, the continued absence of demand occasioned a reduction in the high cost of production in the Belgian CongoNoand
great
have ensured an output of 200,000 tons of copper by 1933.
conditions
in
unsettled
Wall
and
Street,
the necessity increase is to be expected in Mexico, Europe or Japan.
by the
of the custom smelters to sell a reasonable proportion of their
Expansion at the greatest rate during the next four or five years will
of the production by
daily intake of copper, were factors that brought about the probably be in Canada, for a conservative estimate
that
from existing mines and those being brought to the productive
drastic break in copper prices in the past week,"Engineering stage time
quantity
the
mined in 1928.
double
is 200,000 tons, more than
and Mining Journal" reports, adding:
Within the period just mentioned Canada will not only have greatly imThe decline in copper amounted to 4% cents a pound. Lead declined proved her position in copper mining, but, with the consummation of her
more than half a cent. Zinc prices subsided to the extent of 5,4• cent a plans to erect new smelters and refineries, be among the leading nations
pound, and tin was off more than 2 cents. London speculative prices in metallurgy, and so have rounded out one branch of her rapidly progressing
mining industry.
were weak on all of the major non-ferrous metals.
Copper sold yesterday at 193 cents, delivered Connecticut. and a good
level,
that
of
which
at
large
a
proportion
for
was
hands
changed
tonnage
Mining Activities in Canada.
August delivery. Sales have not been confined entirely to the custom
smelters. Only one sale of copper was made at the 24-cent price during
in metal mining in New Brunswick has quickly
Activity
out
of
completely
remaining
are
the
market
the week. A few producers
development in
and maintaining a nominal 24-cont quotation. The March copper sta- followed upon the recent intense mineral
tistics, to be released soon, arc expected to be decidedly favorable to pro- Quebec, Ontario and Manitoba, the central provinces of
ducers.
Canada, states a bulletin of the natural resources departBusiness in the export market for copper has been virtually non-existent
interests
ment of the Canadian National Railways. The discovery
European
important
to
endeavored
fact,
so far this month. In
Consumers would do well to consider the situation carefully and to
decide how best to cover their requirements for the future is complex and
requires serious thought. It would be well to decide whether the official
price of 24 cents per pound for electrolytic is justified by conditions and
will be maintained or whether as soon as production catches up with
consumption the price will decline, and when this will happen.
With this in mind we call your attention to the possibilities of hedging
your requirements on the London Metal Exchange until such time as you
buy for manufacturing purposes.
The cent equivalent of three months standard copper today is approximately 18%c. per pound; the official electrolytic price is 24c. per pound.
The price of electrolytic copper is either cents per pound too high in
comparison to standard or standard is too low in comparison to electrolytic.
While we have no knowledge of shat is going to happen to the price,
we believe it better to hedge requirements for future copper with purchases of three months standard copper than to purchase electrolytic, for
the standard price has already suffered a severe decline and purchases
of standard at the equivalent of 18%c. per pound are safer than buying
electrolytic at 24e. per pound.
The reason for this must be apparent for if the electrolytic price is to
be maintained at 24e. per pound, the price of standard copper is too
low and should advance nearer the value of electrolytic than it is at
present. Should the price of electrolytic decline, the price of standard
copper having already declined the equivalent of about three cents per
pound, it is not as apt to decline to as great an extent as electrolytic
does.
2386
FINANCIAL CHRONICLE
of huge deposits of copper, nickel, zinc and gold bearing ores
in the central regions, inevitably has encouraged interest in
like possibilities existing in the Eastern maritime province,
the bulletin proceeds. It adds:
Although much of the territory of the province has yet to be prospected.
frequent occurrences of gold, silver, copper, lead, zinc, antimony, iron and
tungsten have been referred to by the Geological Survey of the Dominion
Government. There is every indication that New Brunswick is about to
take its place among the metal producing provinces of Canada.
Indicative of the mineral development commencing is the work to be
undertaken by the Lake George Mines, Ltd., on the antimony deposits
in the vicinity of Lake George. It is expected that this plant, including
mill and concentrator, will be in operation by Aug. 1 1929.
During 1928 New Brunswick prospecting licenses trebled in comparison
with those of the previous year, and mining claims recorded increased to
240 from 26 two years previous.
Larger outputs of coal and gypsum were a feature of the year just passed,
while an important new industry has been established at Chipman equipped
to convert the shale brought out as waste from the coal minas into 10,000
hollow tiles or 40,000 bricks a day. The manufacturing of gypsum products
Is becoming an active industry. Much of the raw product is shipped to the
United States.
Unfilled Steel Orders Continue to Rise.
The monthly statement of the United States Steel Corp.
issued April 10 1929, shows that the unfilled tonnage on the
books of the subsidiary companies as of March 31 1929
amounted to 4,410,718 tons as against 4,144,341 on Feb.
28 1929 and 4,335,206 tons March 31 1928. Below we show
a comparative detailed statement of the figures for six years.
Figures for earlier dates may be found in our issue of April
17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U.S STEEL CORPORATION.
End of Month. 1929.1927.
1924.
1925.
1926
January
4,109,487 4.275.947 8.800.177 4.882.739 5.037,323 4,798,429
February
4.144.341 4,398.189 3.597.119 4,616.822 5.284.771 4.912.901
March
4,410,718 4,335.206 3.553,140 4.379.935 4,863,504 4.782.807
April
3.872.133 3.456.132 3.867.976 4.446,568 4,208.447
May
3.416.822 3.050.941 3.649.250 4,049,800 3.628,089
June
3.637.009 3,053,246 3,478,642 3.710.458 3.262.505
July
3.570.927 3.142.014 3.602.522 3,539.467 3,187,072
August
3.624.043 3.196.037 3.542.335 3,512,803 3.289.577
September3.698.368 3,148.113 3.593.509 3,717,297 3.473.780
October
3,751.030 3,341,040 3,683.661 4.109.183 3.525.270
November
3.673,000 3,454,444 3.807.447 4.581.780 4.031.969
December
3.976.712 3.972.874 3.960.969 5.033.364 4.816.676
Ingot Production for March Breaks Record.
The American Iron and Steel Institute in its monthly report released April 8 1929 shows that 5,049,176 tons steel
of ingots were produced in March and 13,849,701 tons in
the first quarter of this year. Both of these figures establish
record outputs for their respective periods. In March 1928
4,507,520 tons were turned out and for the first quarter of
last year 12,544,156 tons. The daily output approximated
194,199 tons for March 1929, with 26 working days as against
179,926 tons in February 1929, which contained 24 working
days and 166,945 tons for the 27 working days in March 1928.
Below we show a detailed statement of the figures by months
back to January 1928:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1928 TO
MARCH 1929-GROSS TONS.
Reported for 1928 and 1929 by companies which made 94.68% of the Open-hearth
and Bessemer Steel Ingot Production In 1927.
Months
1928.
Openhearth.
498,746
521,366
567,309
APPrOz. Per
Daily Cent.
Output, Operall Cos. ation.z
3,991,332
4,045,304
4,507,520
26
25
27
3 mos___ 10,289,386 1,587,421 11,876,807 12,544,156
78
160,823 85.31
564,039
581.949
527,351
533,550
569,436
545,015
598,227
590,796
496,726
.7t•e0t0t,
..At.•CON 1
C•1 Cl Cl Cl Cl Cl Cl Cl Cl
3,280,247
3.308.728
3,700,411
Monthly
Calcukded
Output
Monthly No.of
Bessemer. Companies Output, all Wkg.
Reporting. Companies. Days.
172.103
155,674
143,960
152,463
154,759
165.903
172,144
163,822
160,777
January_ __
February__
March___
April
May
June
July
August
September_
October _ _ _
November_
December -
3,509,637
3,397,631
3,016,487
3,075.247
3.386,750
3,381,917
3,802,396
3,441,985
3,308,872
3,778,993
3.830.094
4,267,720
4,073,676
3,979,580
3,543,838
3,608.797
3,956.186
3,926,932
4,400,623
4,032,781
3,805,598
4,302,573
4.203.190
3,742,964
3,811,573
4,178,481
4.147,583
4,647.891
4,259,380
4,019.432
Total_ 40,610,308 6,594,510 47,204,818 49,857,223 311
1929.
January_ *3,694,218
February
*3,599,224
March _ - 4,183.869
549,616 *4,243.834 *4,482,292
489,279 *4,088,503 *4,318,233
596,691 4,780,560 5,049,176
153,513 81.43
161.812 85.84
166,945 88.56
91.29
82.58
76.37
80.88
82.09
88.01
91.32
86.90
85.29
160,313 85.04
27 *166,011 *88.06
24 *179,926 *95.44
26 194,199 103.02
3 mos- 11,477.311 1.635.586 13,112,897 13,849,701 77 179.866 95.41
•Revised
z The figures of "per cent of operation" are based on the annual capacity as of
Dec. 31 1927, of 58,627,910 gross tons for Bessemer and Open-hearth steel ingots
Steel Output Breaks All Rec6rds-Some Variations in
Demand-Prices Strong.
Steel production for both March and the first quarter was
so large as to raise doubts among steel makers themselves
as to how long such a pace can continue, says the "Iron Age"
of April 11 in its review of the iron and steel markets. Ingot
output not only established new records, but did so by much
larger margins than had been expected-for March by 500,000 tons and for the quarter by 900,000 tons, adds the
"Age," which we further quote:
[VoL. 128.
Shipments have been in keeping with mill operations: yet backlogs show
little reduction and in some cases are still growing, as evidenced by further
lengthening of deliveries. The order book of a leading sheet producer on
April 1 was larger than at the beginning of the year, notwithstanding
shipments that far exceeded those of any previous quarter. The Steel Corporation's unfilled tonnage statement for March is expected to show a gain
of close to 250.000 tons.
Consumers have been unable to stock much steel, and there is no question
about the size of present commitments, particularly those in automobile
steels, which will carry some mills through the current quarter. However,
actual shipping orders must be placed before contract tonnage can be rolled,
and a turn of the market resulting in postponements of deliveries is possible,
If not probable.
A slight decrease in the pressure for shipments by automobile builders.
reported at some centers, is offset, at least in part, by the growing requirements of other consuming industries.
At Chicago, deliveries on plates now range from 10 to 12 weeks, and
April shipments to a single consumer will exceed 75,000 tons. Total steel
specifications in the Chicago district were the second largest of the year,
and, if the capacity of open-hearth furnaces will permit, a now record
monthly output in that area seems assured.
Mills in other producing centers are no longer falling behind in deliveries.
In some products new orders and specifications are not quite equal to shipments against older commitments. Such a recession is not surprising
in view of the heavy releases against contracts toward the close of the last
quarter.
Of greater concern to the iron and steel trade is the flow of the products
of steel to ultimate consumers. Retail sales of automobiles now passing
into dealers' hands are being watched for possible adverse effects rsulting
from weakness in the securities markets. The caution of the automobile
industry itself is manifest in its failure to show interest in its third quarter
pig Iron requirements.
Second quarter prices on finished steel have successfully met tests thus
far encountered, except in the case of sheets. Despite Ithe heavy order
books of sheet mills, occasional concessions of $2 a ton are still reported
on black and galvanized finishes, particularly the latter.
Fabricated structural steel awards of 74,000 tons follow last week's
record total of 84,000 tons. Forty barges for the Inland Waterways Corp.
account for 22,000 tons and a Toronto bank calls for 12,000 tons. Contemplated work includes 5,700 tons for catenary bridges required in the
Pennsylvania Railroad electrification program. Structural mills in the
East, where construction is most active, are very busy, and for one large
producer April output may exceed that of March.
Railroad equipment bookings have been augmented by orders for over
2,600 cars, making a total of nearly 46,000 purchased by domestic roads
since Jan. 1. The Baltimore & Ohio has entered the market for 3,000 cars.
Pipe lines promise to continue to take important steel tonnages. A line
from Monroe, La., to Birmingham and Atlanta, yet to be financed, will call
for 250,000 tons.
Tin plate output has increased to 95% of mill capacity.
The pig iron market is marked by more aggressive selling on the part of
Southern producers. Alabama iron is being offered at widely separated
points in the North, extending from the Missouri River to New England,
and in some cases is undercutting delivered prices on competitive iron by
50c. to $1.50 a ton. The base price of $15.50, Birmingham, has been
shaded 50c. a ton in extreme cases. Prices on Northern and Eastern irons
are holding their own, however, with basic iron in the Valleys advancing
50e. a ton on a sale of 1.000 tons. Canadian pig iron has also gone up 50C.
Steel ingot output exceeded 5,000,000 tons for the first time in March.
the total of5,049,176 tons comparing with 4,535,272 tons in March 1927,the
previous monthly record. The daily average last month, at 194,199 tons,
was also the highest ever recorded. Production for the quarter, totaling
13.849,701 tons, compares with 12,926,703 tons in the last three months of
1928. which was the highest previous quarterly figure.
A break in copper from 24c. to 22c. came on Tuesday, partly as a result
of extreme weakness in all non-ferrous metals in London, but also because
of the anxiety of some custom smelters here to sell metal rather than accumulate it at the high price level. The copper market Is unsettled and a
further decline is not unlikely. Large primary copper producers are still
holding to the 24c. level, being well sold for the next two or three months.
Tin dropped below 47c.for the first time since July 1928. Lead has declined
Xc. a lb.
The "Iron Age" composite price for pig iron has advanced from $18.29
to $18.54 a ton. The finished steel composite is unchanged at 2.412c. a
lb., as the following table shows:
rlalsIted Steel.
Pig Iron.
April 9 1929, 2.412e. a Lb.
April 9 1929, $18.54 a Gross Ton.
One week SRO
2.412c. One week ago
$18.46
One month ago
2.3910. One month ago
18.38
One year ago
2.362o. One year ago
17.67
10-year pre-war average
1.689e. 10-year pre-war average
15.72
Based on steel bars, beams, tank plates.
Based on average of basic iron at Valley
wire nails, black pipe and black sheets furnace and foundry irons at Chicago,
These products make 87% of the United Philadelphia, Buffalo. Valley and Bir•
States output of finished steel.
mingham.
High.
Low.
High.
Low.
1929.-2.4120, Apr, 2 2.391o. Jan, 8 1929_$18 54 Apr. 9 $18.29 Mar. 19
1928..2.391o. Deo, 11 2.814e. Jan. 1 1928___ 18.59 Nov. 27 17.04 July 24
1927 2.453c. Jan. 4 2.293c. Oct. 25 1927._ 19.71 Jan. 4 17.64 Nov. 1
1926..2.453o, Jan, 5 2.403c. May 18 1926..- 21.54 Jan. 5 19.46 July 13
1925..2.560o. Jan, 6 2.396e. Aug. 18 1925.... 22.50 Jan. 13 18.96 July 7
Steel production in March jumped ahead more than a
decade, according to the "Iron Trade Review" in its weekly
summary of iron and steel conditions. From 1918 to 1928
the increase in the highest daily ingot rate was froth 153,298
to 172,144 gross tons, or approximately 19,000 tons. But
March, with a daily rate of 194,199 tons, scored a net gain
of almost 22,000 tons over the peak of 1928 and attained a
height which the trend indicated would not be reached
before 1940, adds the "Review," which goes on to say:
March also was notable in that for the first time open hearth and bessemer ingot output exceeded 5.000,000 tons. At the rate which netted
March a total of 5,049,176 tons, 1929 would be a 60,395,000-ton year, or
more than 10,000,000 tons over the record of 1928. When steelmaking
capacity in March was speeded up to 103% it registered another record
for the month.
Despite this record production in March and in the first quarter, when the
Ingot total soared to 13,849,701 tons, order books of steel producers give
no indications that the country's requirements for steel have been exhausted.
In general, specifications,reCeived by mills in the past week have equalled
shipments. For bars, plates and strip, mill capacity is engaged, conservatively, well into May and for the higher finishes of sheets little second
quarter material is available.
As is to be expected after three consecutive peak production months,
some variations are appearing, and producers themselves foresee a gradual
APRIL 13 1929.]
easing off, perhaps after this month. The broad view is that the momentum
of the first quarter assures an unprecedented second quarter. The time
also approaches when steelmaliing equipment, pressed at an average of
95.4% during the first quarter, requires repairs. But at the moment, the
Incidence of these factors on mill order books is negligible.
•
A stronger price situation is one of the heritages of this active steel market,
Bars, plates and shapes appear established on the basis of 1.95c, Pittsburgh
and most consumers this quarter will pay $1 per ton more than in the first
quarter. There is talk of another rise of $1 for the third quarter. Advances on sheets and wire products are taking hold. Chicago district consumers of semifinished steel are paying more than the open market for the
limited supplies available. Exceptions to firm prices occur in concrete
bars at Chicago and beehive furnace coke.
Automotive requirements still dominate the steel markets. Some uneasiness is apparent concerning the over-production of some manufacturers, but on the whole specifications from this industry have not contracted. Structural steel demand continues slightly disappointing, but
awards this week approximate 60.000 tons and some large prdjects are
shaping up. Implement production is more variable. Fencing and other
wire products are moving more vigorously.
Railroad buying of the past week included 3,800 freight and passenger
and 120 miscellaneous cars, bringing the year's equipment buying to date
in excess of all last year. An inquiry of the Baltimore & Ohio railroad calls
for 3,000 cars. Secondary track material purchases at Chicago the past
week included 15,000 tons of rails and 4,000 tons of fastenings.
Plate specifications of carbuilders at Chicago have reached the highest
point of the year. Demand at Pittsburgh is better than a month ago,
and in that district 40 barges, taking 23,000 tons, chiefly plates, have been
ordered. Plate deliveries at Chicago continue twelve weeks deferred, but
on some sizes of bars deliveries have eased somewhat. Pressure for structural material also is a shade lighter.
Heavy shipments mark the pig iron situation as most melters have covered
for the second quarter. At Chicago some consumers are expanding their
requisitions and some buying extends into the third quarter. Lower lake
Sales
furnaces are pressed to meet the needs of automotive foundries.
in the East are moderate. Except in the Mahoning Valley, where the price
on malleable has wavered, the tone of pig iron prices is strong. Beehive
furnace coke is now itt a minimum of $2.75. Scrap prices are strongest at
Pittsburgh.
The largest pipe order of the year-145,000 tons for the Mississippi
River Fuel Corp.-has been distributed among three makers.
Due partially to increased rates at tin plate mills, operations of Steel
corporation subsidiaries have moved up one point, to 98%. With independent producers at 94%, the entire steel industry is averaging 96% this
week. These percentages are conservative and usually are lower than
official monthly statistics. Chicago district steelmakers hold at 98%,
Pittsburgh at 95 and Buffalo at 90. Mahoning valley mills are regaining
their stride after interruptions last week due to heat and storms.
Higher prices on sheets, except autobody, are reflected in the "Iron
Trade Review" composite of 14 leading iron and steel products, which advanced 24 cents this week to $36.81, the highest since May, 1927.'
Ingot production of the Steel Corp. is at 98% of capacity,
a new high for the current upward trend, according to the
"Wall Street Journal" of April 9. This compares with
between 97% and 98% a week ago, and slightly better than
97% two weeks ago, continues the "Journal," adding:
Independent steel companies are running at 94%, contrasted with 93%%
in the preceding week and 92%% two weeks ago.
For the entire industry the average is now placed at 96%,against 953%
in the preceding week and 9434% two weeks ago.
At this time last year, the U. S. Steel Corp. was running at 91%. with
independents at between 81% and 82%, and the average 86%.
Latest estimates are that unfilled orders of U. S. Steel Corp. as of March
31, last, will show an increase of about 250,000 tons, and may exceed this
figure slightly.
Production and shipments of U. S. Steel Corp. in March were the largest
In a long time and probably established new high records, particularly
deliveries. April business has been maintained at a high rate.
Production of Bituminous Coal and Anthracite LowerPrices Easier.
Bituminous coal markets of the country passed through
a quiet period in the past month, due to milder weather conditions. Interest centered in the new spring price schedules
on domestic sizes, the quotations in some instances showing
radical reductions, the "Coal Age" reports. As the new
prices were not to become effective until April this action
failed to stimulate demand. The early break of winter's grip
has intensified interest in the opening of navigation on the
lakes. Shipments to the lower ports, in fact, have already
started, according to the "Age", which adds:
Bituminous production in March, according to preliminary estimates,
was 39,210,000 net tons, compared with 47,271,000 tons in February, and
43,955,000 tons in March a year ago. The index of spot bituminous
,prices for March was 150, as against 152n in the preceding month. The
weighted average spot price for March was $1.82 per ton, f. o. b. mines,
compared with $1.863j in February.
In the anthracite trade the announcement ofspring prices was of unusual
interest as the cut this year was 60 cents on domestic sizes and 20 cents to
50 cents on steam coals, in addition to an allowance of 2% for payment
of bills within 30 days, or 1% for settlement within 10 to 30 days. The
movement of tonnage was fair, with the weather the governing factor.
March output of anthracite was 4,950,000 net tons, compared with 6,670.000 tons in February, and 5,497,000 tons in March, 1928.
Bituminous Coal and Anthracite Production Falls Off
-Beehive Coke Output Shows Increase Over Last
Year.
According to the United States Bureau of Mines, the output of bituminous coal and Pennsylvania anthracite shows a
decided decrease as compared with the preceding week and
with the corresponding period last year. The production of
bituminous coal for the week ended March 30 1929,amounted
to 7,979,000 net tons, as compared with 9,309,000 tons in
2387
FINANCIAL CHRONICLE
the same period a year ago and 8,409,000 tons in the week
ended March 23, last. The output of Pennsylvania anthracite for the week under review totaled 1,018,000 net tons, as
against 1,132,000 tons in the preceding week and 1,308,000
tons in the week ended March 31 1928. The total prodtiction of beehive coke for the week ended March 30 amounted
to 116,100 net tons as compared with 100,900 tons in the
corresponding period last year, and 125,200 tons in the week
ended 3.1arch 23 1929. The Bureau's statement is as follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended March 30 1929.
including lignite and coal coked at the mines, is estimated at 7,979,000
net tons. Compared with the revised estimate for the preceding week,this
shows a decrease of 430,000 tons, or 5.1%. Production during the week
in 1928 corresponding with that of March 30 amounted to 9,309,000 tons.
Estimated United States Production of Bituminous Coal(Na Tons). Ind. Coat Coked.
1927-1928
928-1929Coal Year
Coat Year
Week.
to Date.a
to Date.
Week.
9,943,000
546,018,000
484,981,000
9,586,000
March 16
1,548,000
1,648,000
1,598,000
1,657,000
Daily average
465,889,000
9,871,000
493,370,000
8,409,000
March 236
1,550.000
1.645,000
1,401,000
1,643,000
Daily average
475,198,000
9,309,000
501,349,000
7,979,000
March 30_c
1,500,000
1,552,000
1,637,000
1,330,000
Daily average
of days in
number
April
to
equalize
a Minus two days' production first week In
the two coal years. b Revised since last report. c Subject to revision.
The total amount of soft coal produced during the coal year 1928-29.
ended March 31. is now estimated at 501,349,000 net tons. Figures for
other recent coal years are given below:
537,356,000 net tonsZ
478,009,000 net tons1925-26
1927-28
470,416,000 net tons2
597,506,000 net 1ons1924-25
1926-27
As shown by the revised figures above, the total production of soft coal
for the country as a whole during the week ended March 23 is estimated
at 8,409,000 net tons. This is a decrease of 1,177,000 tons, or 12.3% from
the output in the preceding week. The following table apportions the
tonnage by States and gives comparable figures for other recent years:
Estimated Weekly Produdion of Coat by Stoles(Na Tans).
Mardi
Week Ended
Mar.16
Mar.24
Mar.26
1923
Mar.23
1927. Aserage.a
1929.
1928.
1929.
State475,000
423,000
359,000
316,000
324.000
Alabama
27,000
22,000
20,000
28,000
12,000
Arkansas
144,000
243,000
195,000
148,000
151,000
Colorado
878,000 1,021.000 1,770,000 2,213,000 1,684,000
Illinois
575,000
349,000
471,000
719,000
328,000
Indiana
212,000
147,000
83.000
92,000
62,000
Iowa
84,000
39,000
115,000
49,000
36,000
Kansas
560,000
915,000
807,000
828,000
638,000
Kentucky-Eastern
215,000
390.000
239,000
413,000
214,000
Western
52.000
61,000
55,000
52,000
52,000
Maryland
32,000
14,000
11,000
13,000
14,000
,..
Michigan
76,000
60,000
59,000
79,006
53,000
Missouri
68,000
56,000
53,000
35,000
44,000
Montana
53,000
52,000
54,000
60,000
46,000
New Mexico
28,000
34.000
36,000
35,000
30.000
North Dakota
819,000
740.000
333,000
397,000
199.000
Ohio
55,000
39.000
69.000
28,000
44,000
Oklahoma
2,448,000 2,626,000 2,357,000 3,277,000 3,249,000
Pennsylvania (Bit.)
136,000
118,000
112,000
115.000
100,000
Tennessee
19.000
18,000
24,000
18,000
18.000
Texas
68,000
63.000
86,000
71,000
78,000
Utah
230,000
216,000
265,000
213.000
253.000
Virginia
44,000
74,000
39,000
46,000
40,000
Washington
1,521,000 1,880,000 1,658,000 2,035,000 1,203,000
W. Va.-Southern_b
686,000
672,000
638,000
885,000
632,000
Northern_c
136.000
126,000
118.000
100,000
115,000
Wyoming
7,000
1,000
2,000
1,000
4,000
Other States
Total bituminous coal 8,409,000 9,586,000 9,871,000 13.320,000 10,764,000
Pennsylvania anthracite- 1,132,000 1,191,000 1.095,000 1,164,000 2,040,000
9,541,000 10,777,000 10,966,000 14,484,000 12.804.000
Total all coal
a Average weekly rate for entire month. h Includes operations on the N. & W.
&
M., and Charleston division of the B. & 0. c Rest of
Virginian;
K.
0.;
C. dc
State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended March 30 is estimated at 1,018,000 net tons. Compared
with the output in the preceding week, this shows a decrease of 114,000
tons, or 10.1%. Production during the week in 1928 corresponding with
that of March 30 amounted to 1,308,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1927-1928------928-1929-------Coal Year
Coal Year
to Date.a
Date.
Week.
Week.
to
EndedWeek
75,531,000
1,046.000
76,764,000
1 191,000
March 16
1,098,000
76,626,000
77,896,000
1,132,000
March 23
1,308,000
77,934,000
78,914,000
1,018,000
March 30
number
of
days
in
the two
equalize
production
In
April
to
a Minus two days'
coal years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended March 30 is estimated at 116,100 net tons. Compared
with the output in the preceding week, this shows a decrease of 9,100
tons, or 7.3%. The total production of beehive coke during the year
1929 to March 30 amounts to 1,453,000 tons. This is in comparison with
1.201,600 tons during the corresponding period in 1928.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1929
1928
Mar.23
Mar.31
Mar.30
to
to
1929.c
1928.
1929.b
Date.
Date.*
101,900
93.000
73,600 1,168,300
843,400
Pennsylvania and Ohio__
10,100
10,100
13,300
176.900
123,000
West Virginia
1,100
1,900
4,300
59,700
21,600
Georgia. Ky. & Tenn
5,500
5,500
61,600
5,300
63,300
Virginia
6,400
5,800
4,400
60,000
78.000
Colorado, Utah and Wash.
United States total
116,100
125,200
100,900 1,453,000 1,201,600
19.350
20,887
16,817
18,870
16.605
Daily average
a Minus one day's production in January to equalize number of days in the two
Years. b Subject to revision. c Revised.
2388
(Vol,. 128.
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Board, and which deals with the results for 12 Reserve banks combined, shows decreases for the week of
$66,300,000 in holdings of discounted bills, of $17,400,000
in bills bought in open market, and of $3,000,000 in Government securities. Member bank reserve deposits declined
$33,400,000, Government deposits $12,200,000 and Federal
Reserve note circulation $5,900,000, while cash reserves
increased $58,000,000. Total bills and securities were
$36,700,000 below the amount held on April 3. After
noting these facts, the Federal Reserve Board proceeds as
follows:
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Total reserves
Gold reserves
Total bills and securities
Increase 1+) or Decrease(—)
During
Year.
Week.
Aprfl 10 1929
2,950,546.000 +58,025.000 +37.885,000
2,774,782,000 +55.570,000 +25,985,000
1,293,783,000 —86,675,000
—65,497,000
Bills discounted, total
963,532,000 --456,320,000 A-344,853.000
Secured by U.S. Govt.obligations 540,454.000 —69,964.000 A-149,097.000
Other bills discounted
423,078,000 +3,644.000 +195,756,000
Bills bought in open market
157,317,000 —17,386,000 —204,278,000
U.S. Govt.securities. total
Bonds
Treasury notes
Certificates of indebtedness
166,089.000
51,612.000
91,951,000
22,526,000
Federal Reserve notes in circulation_ --1.657,719,000
Total deposits
Members' reserve deposits
Government deposits
—2,969,000 —211,927,000
—4,997,000
+3,000
+534,000 —59,812,000
—3,506.000 —147,118,000
—5,930,000
+68.950,000
2.339,838,000 —42,639,000 —138,603,000
2,301,940,000 --33,364,000 --130,371,000
4,721.000 —12,179,000 —14.474,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced 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 eame week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers'loans the present week decreased $135,000,000.
This follows a decrease of 7,000,000 last week and of
$144,000,000 the preceding week, but an increase of $166,000,000 three weeks ago. The amount of these loans on
April 10 1929, at $5,427,000,000, compares with $5,793,000,000 March 20 1929 (this latter having been the high
record in all time) and with $3,994,000,000 on April 11 1928.
118,000,000
873,000,000
Borrowings from Federal Reserve Bank.. 158,000,000
123,000,000 119,000,000
924,000,000 1,044,000,000
135,000.000
155,000,000
Loans on securities to brokers and dealers
For own account
•
915,000.000 1,021,000,000 1.144,000.000
For account of out-of-town banks
1,631,000,000 1.652.000,000 1,649,000,000
For account of others
2,882,000,000 2.889,000.000 1,201.000,000
Total
On demand
On time
Holdings of discounted bills increased $20,200,000 at the Federal Reserve Loans and investments—total
Bank of Cleveland, $11,200,000 at New York and $5,600,000 at Minneap- Loans—total
olis, and decreased $71.700,000 at Chicago, $13,300,000 at St. Louis,
On securities
$7.800,000 at San Francisco and $66,300,000 at all Reserve banks. The
All other
System's holdings of bills bought in open market declined $17,400,000 and
of certificates of indebtedness $3,500,000, while holdings of U. S. bonds Investments—total
and Treasury notes were practically unchanged.
U. S. Government securities
Federal Reserve note circulation was $5,900,000 less than a week ago,
Other securities
the principal changes being a decrease of $9,700,000 at New York, and
Increases of $5,800,000 at Cleveland and $2,400,000 at Chicago.
Reserve with Federal Reserve Bank
Cash In vault
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 2419 and 2420. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended April 10, is as follows:
April 10 1929. April 3 1929. Aprli 11 1928
6
5,202,000,000 5,326,000,000 5,609,000,000
1,162.000.000 1,187,000.000 1,109,000,000
109,000,000 122,000,000
70,000,000
5,427,000,000 5.562.000,000 3,994,000,000
5,018.000,000 5,137,000,000 3,068,000,000
409.000.000 426.000.000 926.000.000
Chicago.
2,050,000,000 2,068.000.000 2.013,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
1,599,000,000 1.631,000,000 1,510,000,000
907,000,000
692,000.000
914,000,000
717,000,000
451,000,000
437,000.000
504.000,000
182,000,000
269,000,000
201,000,000
237,000,000
221,000,000
282,000,000
169,000.000
15,000,000
166.000.000
16.000,000
177.000,000
17,000,000
837.000.000
673,000.000-
1,211,000.000 1.172,000.000 1,261.000.000640,000.000 638.000.000 693.000,000
28.000,000
31,000,000
18,000,000
...
195.000.000 162,000 000 154.000,000
334,000,000 322,000,000. 381,000,000
40,000,000
99.000,000
24,000,000.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were include with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. FurtherU.S. Government obligations are no longer shown separately
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business April 3:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on April 3shows an Increase for the
week
of $26,000,000 in loans and decreases of $10,000,000 in investments, of
$16,000,000 in Government deposits and of $13,000,000 In borrowings from
Federal Reserve banks. Net demand and time deposits showed relatively
little change for the week.
Loans on securities declined $73,000,000 at all reporting banks, decreases
of $46,000,000 being reported by member banks in the New York district.
of $11.000,000 in the San Francisco district and of $5,000,000 each in the
Cleveland, Atlanta and St. Louis districts, and an increase of V7.000.000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
In the Philadelphia district. "All other" loans increased 179,000,000 in the
RESERVE CITIES.
New York district, $8,000,000 each in the Boston and Richmond districts,
New York.
$6.000,000 each in the St. Louis and Atlanta districts, and $100,000,000
April 10 1929. April 3 1929. April 111928. at all reporting banks.
$
$
Holdings of U. S. Government securities declined $12,000.000 while
Loans and Inveetments—total
7,276,000,000 7,405,000,000 7,108,000.000 holdings of other securities declined $19,000,000 in the Chicago district and
increased
$14,000,000 in the New York district and $7.000,000 In the San
Loans—total
5,421,000,000 5,521,000,000 5,262,000,000
Francisco district, all reporting banks showing a net increase of $1,000,000.
On securities
2.607.000,000
2.819,000,000
2,708,000,000
Net demand deposits increased $54,000,000 at reporting banks in the
MI other
2,713,000,000 2,702,000,000 2,655,000,000 New York district and 17.000,000 in the Boston district, and declined
in the San Francisco district, $15,000,000 in the Chicago
$25,000,000
Investments—totaL
1,854,000.000 1,884,000,000 1,846,000,000
district, $11,000,000 in the Atlanta district, $9,000,000 in the Kansas City
U.S. Government securities
1,085,000.000 1,106,000.000 1,056,000,000 district, $7,000,000 in the Cleveland district and $6,000,000 in the MinneOther securities
769,000,000 778,000,000 789,000.000 apolis district, all reporting banks showing a net reduction of
V7,000,000.
Reserve with Federal Reserve Bank_.. 716,000.000 730,000.0000 801,000,000 Time deposits increased $16,000,000 in the New York district and $12,000,Cash in vault
52,000.000 000 in the San Francisco district and declined $16,000,000 in the Chicago
54,000,000
55,000,000
APRIL 13 1929.]
FINANCIAL CHRONICLE
district and $6,000,000 in the Cleveland district, all reporting banks
showing a net increase of $3.000,000.
The principal changes in borrowings from Federal Reserve banks for the
week comprise a decline of $66,000,000 at the Federal Reserve Bank of
New York, and increases of $13,000,000 at Chicago, $9,000,000 each at
Atlanta, Kansas City and San Francisco and $7,000,000 at St. Louis.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
April 3 1929, follows:
Increase (+) or Decrease (—)
Since
Apr. 3 1929.
Mar. 27 1929. Apr. 4 1928.
$
$
Loans and Investments--total____ 22,559,000,000 +16,000.000 +587.000.000
Loans—total
16,583,000,000 +26,000.000
+752,000,000
7.519,000,000 —73,000,000
9,065,000,000 +100,000,000
+586,000,000
+187,000,000
5,976,000,000 —10,000,000
—165,000,000
3,074.000,000 —12,000,000
2,901,000,000 +1,000,000
+102,000,000
—269,000,000
Reserve with Federal Res've banks 1,688,000,000, —18,000.000
Cash in vault
240,000,000 --3,000,000
7
Net demand deposits
13,157.000.000 *-7,000.000
Time deposits
6,830,000,000 +3,000,000
Government deposits
289,000,000 —16,000,000
—85,000,000
--4,000,000
—868,000.000
+99.000,000
+16,000,000
Due from banks
Due to banks
1,181,000,000 +31,000,000
2,838,000,000 +42,000,000
—67,000,000
—562,000.000
766.000,000 —13,000,000
+298.000,000
On securities
All other
Investments—total
U.S. Government securities....
Other securities
Borrowings from Fed. Res. banks_
• March 27 figures revised.
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 April 13 the following summary of market conditions abroad, based on advices by cable and radio:
2389
finance forest work and industrial needs. The bourse turnover remained
low with quotations depressed. The industries were very quiet with the
employment situation improving. Shipping was practically at a standstill
during the month, but regular communication by air between Helsingfors
and Tallinn was maintained. It is expected that Helsingfors port will
reopen for shipping about April 3. The various export Industries remained
quiet during the month. The general timber situation was depressed and
March sales were less active. Prices for pine dropped somewhat and
advance sales continued slow. Contracts concluded principally for red pine,
comprised about 60% of the estimated output for the year. Chemical pulp
demand was good but prices were generally unsatisfactory, although the
firmer tendency continued. The paper and plywood markets remained
quiet. Foreign trade in February was slow but export volume increased
and an export surplus resulted. Export of dairy products during the early
months of 1929 have been about 50% above those during the corresponding
months of 1929.
FRANCE.
The effects of the previous cold weather which caused a serious disorganization of transportation facilities were still felt by French business during
March. Moreover, after a long period of exceptional activity in almost all
lines of industry, a moderate reaction to normal conditions see=s probable.
Activity in the iron and steel industry continued at a high level, although
production during February declined. The high rate of activity in the
engineering trades was well maintained during March. The coal demand is
still good and shipments are resuming their normal course. In the textile
industries output, especially that of cotton textiles has been lower and
reports from minor industries have been legs favorable. The situation of the
leather industry is unsatisfactory, shoe factories are working part time and
the retail shoe trade has been generally dull. Real market requirements
have brought an increase in rubber prices but as yet tire prices are
unchanged. Lumber markets have been calm, but in view of the unusually
broad building program, an early improvement is expected. The furniture
industry is much better. The marked increase in the adverse visible trade
balance resulting from higher imports and reduced exports is causing concern and producers are claiming that excessive taxation is hindering foreign
sales by preventing a lowering of production costs so as to meet competition
from other countries. While the financial markets have been little affected
by developments abroad, the tendency of security prices is still weak and
short term rates are firm, although conditions governing the issuance of the
new 2,300,000,000 franc City of Paris loan on April 10 indicate an improvement in the long term security demand.
ARGENTINA.
The economic situation of Argentina continues to be sound. The quarantine has interferred with ocean transportation and caused a slight temporary
stoppage of imports and some disruption of trade, but exports especially to
the United States, continue te be exceptionally heavy. The liabilities in
March failures amounted to 10,000,000 paper pesos, a decrease of 1,000,000
paper pesos from the previous month.
INDIA.
Calcutta markets have continued quiet following the Easter holidays,
particularly with jute. An early reduction of the Imperial Bank rate to 7%
Is anticipated in business circles.
to the lowest point in the past two years, 1. e. $0.1179 per milreis. The
uncertainty of exchange and the stringency of credit are greatly depressing
business. A civilian volunteer association in Rio de Janeiro is working in
co-operation with the Government to combat the prevailing epidemic of
yellow fever.
CANADA. '
Severe storms throughout Canada during the past week have somewhat
curtailed salts of seasonal lines, although Easter business is reported to
have been at very satisfactory levels. In the grocery markets, flour and
sugar are weak while canned goods continue firm. Radio manufacturers are
somewhat less active and the woolen geode industry remains depressed,
but cotton mills are well occupied and the demand for silk goods continues
heavy. Construction is active and iron and steel manufacturers are busy.
Pig Iron prices have been advanced fifty cents per ton and steel prices are
firm. In Eastern Canada an excellent run of maple sap Is reported and
farmers expect a satisfactory output of maple syrup and sugar. Tobacco
acreage in Ontario is generally expected to be lower this season.
PANAMA.
The economic commission which is engaged in making a survey et
Panama's finances, resources, kc., exports to complete its investigation and
report by April 20. The construction of family quarters at Coco Sola.
Canal Zone, at a cost of $192,000, is to be carried out by the constructing
quartermaster of the Zone. The 400,000 cubic yards of fill required by the
Barraza reclamation project is being procured from the Balboa Channel by
the dredging division of the Canal which has commenced pumping operations. The sewer installation for the fill has been authorized by the Panama
Government and is to be installed by the municipal engineering division of
the Canal. As a result of the increased tax, moving picture theaters have
advanced their admission charge. Work on the Albrook aviation field,
which will be started in the near future, will require the pumping of 1.500,000
cubic yards of fill. A site for a commercial airport located either near
France Field or Fort Randolph in the Canal Zone is being considered.
'Fri-weekly air mail service between Cristobal and Miami. Florida, Was
inaugurated on April 2, and it is reported that aeroplane service between
Cristobal and Tela, Honduras, will soon be put into operation. The Pan
American Grace Airways inaugurated their west coast of South America
Service on April 4, and mail for Barranquilla Via the Scadta Company left
on the same day.
SPAIN.
The injurious effects on business of the substantial fluctuations in the
exchange value of the Spanish peseta, which during February and March
fell to a point 10% below the opening quotations the first of the year, have
been gratifyingly reinimired. The decline caused a temporary hesitancy in
business circles and curtailed greatly the profits on merchandise imported at
Previous higher exchange rates. Some retail prices were moderately
advanced in keeping with the exchange, notably the retail prices of some
makes of automobiles. A slack in buying was observed, but with the subsequent strengthening of the rate, activity in buying was renewed. The
great gain in automobile registrations which during January and February
were 16 and 14%, respectively, above the corresponding months of bat
year is one feature of a general gain in business activity. March figures are
expected to show a large expansion and the prospects for the second quarter
are expected to show a large expansion and the prospects for the second
quarter are considered very hopeful. Business In automotive lines has been
stimulated also by the early arrival of spring weather, and only the insult.
ficiency of stacks of new models prevented a much greater increase during
March. Dealers in construction machinery also report increased activit/
over that of a year ago and the prospects for the coming year's crops contribute a healthier undertone. The abundance of funds for investment is
reflected in the oversubscription by one third of the 300.000.000 Paw%
4X% railway loan on March 11 which was floated at 94. On March 14
the Bank of Spain reduced its rate from 534 to 5% on loans guaranteed by
Industrial securities. Bank clearings at Madrid have been on a uniformly
lower level during the first quarter ef last year. The outstanding event in
the Government's financial program during March was the granting of the
concession for the formation of the Banco Exterior de Espana This insti-
JAPAN.
Business in Japan is generally quiet, due to exchange and the Chinon
very
market
is
active, following the decision of the
situation. The rice
AUSTRALIA.
Japanese Government to purchase 1,000.000 koku of Japan's 1928 crop.
General rains throughout the eastern part of Australia have greatly (1 koku equals 5.119 bushels.) More activity is noticeable in the autoimproved the agricultural and pastoral outlooks during the past week. mobile trade. Cotton spinning mills are now perpared for application of
Labor difficulties in the coal and timber industries continue and there is an the new factory law. Conditions are generally satisfa.ctory, but some mills
increasing tendency for the strikes to extend to other lines. Wool sales have report unsatisfactory operations under the new plan of two shifts of eight
shown good clearances at steady prices. The Commonwealth £7,000,000 and one-half hours each.
loan will close on April 18.
NETHERLAND EAST INDIES.
BRITISH MALAYA.
Markets continue listless, due to the succession of holidays in connection
Bazaar business of the past week was steady and collections from the
with native New Year and Easter celebrations. Demand for automobile
up-country districts were good. As a result of the continued boycotting by accessories, however, is good and, as the result of keen competition, imChinese firms of Japanese goods there has been a noticeable increase in the porters are seeking direct connections with manufacturers. February
number of dealers receiving direct shipments of British textiles.
exports of rubber totaled 24.467 long tons, of which 6,572 were shipped
from Java, 7,511 from the East Coast of Sumatra, and 10,384 from other
BRAZIL.
Dullnessin general business conditions continues. Exchange weakened sections of the Netherland East Indies.
CHINA.
Except for Eastern Shantung, North China remains quiet, with several
factors presenting assurance of a more stabilized situation in the near
future. Renewed prospects are evident for the resumption of railway
rehabilitation in North China and for a centralized control of railway lines,
but progress is expected to be slow. The vice-minister of railways has
returned from Nanking and has re-established the head office of the PekingHankow line in Peking, which hitherto was in Hankow. Limited through
freight service is reported resumed on the Tientsin-Pukow line. The
Chinese Chamber of Commerce of Peking has appointed representatives to
co-operate with local authorities in the inspection of cash reserves in local
Chinese banks, in order to avoid losses by the public through unused notes
such as resulted last week from runs on two banks. Renewed labor agitation is noted in bath Tientsin and Peking, resulting thus far in a strike in
a Tientsin carpet factory. Trading in the lower Yangtze countinues fairly
normal, with some restriction on movements of imports and exports in
upper Yangtze areas on account of military activities in the Hankow
region. It is anticipated that movements of wood oil, egg products, and
hides and skins may be slightly restricted during the next three or four
weeks. Shanghai's export trade is fairly well maintained, as indicated by
export duty collections of the Chinese Maritime Customs totaling 548.000
Halkwan tads during March. Such collections in March 1928, totaled
563,000 Haikwan taels. Shipping was resumed on March 29 at the port of
Antung. A tri-weekly air mail service was inaugurated on April 1 between
Dairen, Seoul (Chosen), and Urusan, the latter a small airport forty miles
north of Eusan Chosen. Fengpiao, the local paper currency, continues to
decline, with the latest quotation 44 to 1 Yuan dollar, which is normally
valued at $0.50.
FINLAND.
Only minor changes were noticeable in economic conditions in Finland
during March. After easing somewhat in February, the money market was
again tight during March as a result of increased demand for credits to
2390
FINANCIAL CHRONICLE
tution is to have a capital of not less than 150,000,000 pesetas and is to
operate in Spain and foreign countries, creating branches there for the
furtherance of trade, to deal in exchange. Government loans and concessions and also to furnish a central financial information service. The
Treasury reports on the Government ordinary budget are favorable.
[VoL. 128.
not have been able to dispose of our surplus production, nor would the rest
of the world have been able to pay for such a surplus."
Viscount Harcourt to Join Staff of J. P. Morgan & Co.
The following London cablegram, April 7, is from the New
The Department's summary also includes the following
York "Times:"
with regard to the Island possessions of the United States:
PHILIPPINE ISLANDS.
General business activities slackened during the Easter holiday season
and the past week was featureless. The local market was quiet but firm
with provincial dealers holdings in anticipation of lower arrivals. The
New York market was disinterested but business with London was firmer,
registering a general increase in prices. Local prices are nominal and
remain unchanged at 30 pesos per picul of 139 pounds for grade F; I, 27.50:
JUS, 20.50; JUN, 16.75, and L, 14.75. (one peso equals $0.50.) Stocks
of abaca at Philippine ports on April 1 totaled 213,000 bales, compared
with 147,800 bales a year previous. Receipts last week amounted to
33,000 bales and shipments totaled 47,000, of which the United States
took 16,000 bales. Copra arrivals continue light. Oil mills closed down
during the holidays and are now operating sporadically. Present f.o.b.
prices are Manila, 12.25 pesos per picul; Cebu and Hondagua, 11.75,
and Legaspi and Iloilo, 11.375. Receipts of copra at Manila during
March totaled 250,000 sacks.
A group of Philippine lumber manufacturers and exporters, to be known
as the Philippine Hardwood Association, is being incorporated to promote
lumber trade and improve grading and marketing rules. According to an
announcement of the Bureau of Public Works, its estimate for 1930 totals
13,000.000 pesos ($6.500,000) of which 12,000,000 Pesos ($6.000,000) is
intended for maintenance and construction.
Viscount Harcourt, 21-year-old godchild of Ring Edward VII, is the
latest titled recruit for American banking. Viscount Harcourt, who has
just left Oxford, will, according to "the Daily News," sail soon for New
York to Join the staff of J. P. Morgan & Co. Viscountess Harcourt, his
mother, was Miss Mary Ethel Burns, daughter of Wahex Hayes Burns of
New York.
The "Daily News" understands that Lord Willoughby de Eresby, son
and heir of Earl Ancaster, may also Join Morgan's bank next year when he
leaves Cambridge. Countess Ancaster was formerly Miss Eloise Breeze,
eldest daughter of the late W. L. Breeze of New York.
Another peer already a member of the bank's staff is Lord Charles Cavendish, younger son of the Duke of Devonshire.
According to the "Herald-Tribune" of April 9 Lord Harcourt is the grandson of the late Mrs. Walter H.Burns, who
was the sister of the last J. P. Morgan.
Eight Swedish Savings Banks Stop Payment.
Eight Swedish Savings banks have stopped payment during the week, the Bank of Commerce in New York announced on April 9, receipt of the following cablegram
from the Sveriges Riksbank, Stockholm, regarding the banking situation in Sweden:
PORTO RICO.
Some San Juan retailers of general merchandise report current business
as very good, but most indicators of current business activity show trade
Five Swedish savings banks have stopped payment to-day (April 9).
In general to be increasingly dull. The abnormal demand for construction
materials caused by the hurricane of last September has gradually sub- They are the Allmaenna Sparbankerna (general savings banks) located
In
Stockholm, Gothenburg, Oerebro and Landskrona, and Bergslagernas
sided in the past two months and business now is at about the level of a
year ago. Recent crop reports have been more favorable. The sucrose Sparbank at Falun. At the end of 1928 there were deposited in these banks
content of the cane in the south and west coast districts is improving, forty millions of kronor representing about 1 3 % of the total deposits in all
the pineapple crop has been benefitted by recent rains, and grapefruit private Swedish savings banks. Some other savings banks may be affected but the difficulties are very restricted and do not shake confidence
trees are showing a heavy bloom which promises a large crop next fall.
In the Swedish savings bank system in its entirety. The difficulties depend
upon credit accorded to speculators in building lots. A supplementing
cable adds the names of the general savings banks at Vaesteraas,
_
American Foreign Investments Reach Record of 1534 and Sundsvall and states that no signs of anxiety are noted in SwedenLuleaa
about
Billions Max Winkler's Figures Show.
the situation.
Last year set a record for American foreign investments,
according to Dr. Max Winkler, Director and member of the
Investment Committee of the Atlantic and Pacific International Corporation. He points out that we are lending
abroad at the rate of $2,000,000,000 yearly, and our foreign
investments are increasing at the annual rate of from
$1,000,000,000 to $1,500,000,000. Total investments
reached a new high peak of $15,601,000,000 in 1928,compared with $14,500,000,000 in 1927 and $2,625,000,000 in
1913.
According to the comparative table given by Dr. Winkler
American investments in South America rose from $100,000,000 in 1913 to $2,513,000,000 in 1928. The complete
table follows:
The New York "Times" of April 10, announced the
issuance by Olof H. Lamin, Consul General of Sweden, of
the following statement relative to the failure of Swedish
banks:
"Regarding the reported failure of Swedish savings banks, I am informed officially that the eight private savings banks involved were founded
in war-time, were considered war-time institutions and failed because
of unfortunate real estate investments. The entire capital involved is
40,000,000 Swedish crowns, about $11,000,000, which represents only
a little more than 1% of the total deposits in all Swedish savings banks.
The general savings banks situation is not affected, and neither general
commercial banks nor business credit is involved. Liquidation of the
failed savings banks is proceeding in an orderly manner."
German Expert Ridicules 'Central Gold-Reserve Bank.'
The New York "Times" of April 8, reported the following
from Berlin, April 5.
Region—
1928.
1927.
1913.
Europe
$4,798.000.000 $4,327,000,000 $350,000,000
Alfred Lansburg, editor of Die Bank, while admitting that the proposed
Canada
4,120.000,000 3,922,000.000
750,000.000
South America
2,513,000,000 2,246,500,000
100,000,000 bank for international reparations payments may be useful in financing
Central America,(includGerman deliveries in kind, ridicules the notion that it could beneficially
ing Cuba, Mexico and
Influence international exchange markets or the movement of gold. LensWest Indies)
2,954.000,000 2,914,600,000 1,200,000.000
Australasia
841,000.000
726,500,000
175.000.000 burg declares that "intellectual acrobats." would be required to believe
Miscellaneous
375,000,000
363.400,000
50.000,000 in anything like a world clearing bank or a supre-bank built up through
the national banks of issue. In particular he insists that a bank holding
Totals
$15,601,000,000 $14,500,000,000 $2,625,000,000 the world's central gold reserve would be Utopia.
A bank of that kind, Lansburg proceeds, is impossible because fluctuaAlmost 36% of the total invested in Europe, according to
tions of exchange and movements of gold result from business conditions
Dr. Winkler, represents financing on behalf of German and credit measures in individual countries, whereas the proposed internastates, cities and corporations. Uncertain conditions in tional bank could not influence either exchange or fold unless it was empowered to intervene in the individual cpuntry. America's loss of $600,Central American republics aggravated by the situation in 000,000
gold in 1927-28 could have been prevented by an international
Nicaragua and Mexico accounted for the relatively small bank only if it had had the power to require the Federal Reserve System
amount of Central American financing arranged in this to restrict credits, raise the discount rate and reduce circulation. But
what would Congress say, Lansburg asks, to such an attempt at internacountry, he continues:
tional interference?
"A very interesting feature of America's foreign investments during 1928," says Dr. Winkler, "is the fact that, Reichsbank Fights Rise of Exchange—Has Now Parted
without exception, corporate financing exceeds in each case
with Nearly all its Foreign Bill Holdings.
the amount placed or underwritten in behalf of foreign
From Berlin April 5, the New York "Times" of April 8,
governments, states and municipalities. Almost two-thirds reported the following:
of the total represents corporation issues, and it would seem
The strain on the foreign exchange market during the past week continued
that future foreign financing will display the same charac- with such severity that it is now believed the Reichsbank's intervention
policy in support of the mark can hardly be continued without further
teristics." Dr. Winkler sees no danger in further increase considerable
sales of gold.
This would mean that ultimately a rise in
in our investments abroad. Rather, he points out:
the bank's rate is probable. If the Reserve Bank rate were hereafter to
"We must not lose sight of the fact that prior to the World War, Great
Britain's foreign investments aggregated $20.000,000,000,France's $10,000,000.000 and Germany's $5,000,000,000. We should further recall that
England's pre-war investments abroad increased by about $900.000,000 a
year. those of France by about $400,000,000 and those of Germany by
about $300.000,000. Taking into account the changes in the purchasing
power of the dollar which have taken place in the last decade and a half,
our foreign lending is not so alarmingly large as some people are inclined
to believe.
"Our annual lendings abroad, aggregating less than $17 per capita, compare with an estimated per capita wealth of the United States of $3,200:
with an estimated annual income of $750 per capita; with annual per capita
savings of $167: with our yearly commerce of $100 per capita, and with
annual Federal revenue of about $33 per capita.
"It is more than a mere coincidence that American investments abroad.
both political and commercial, made during the period 1914-1928, almost
exactly correspond to the aggregate excess of our exports over imports for
the same period. In other words, had we not invested abroad, we might
go up, and London were compelled to follow, and advance at Berlin would
be inevitable.
Foreign exchange was heavily in demand during the whole week, and
the dollar rate rose further. This continued even after the Reichsbank
had sacrificed nearly all of its legal-cover exchange holdings, which, according to the end of March statement, have now shrunk to the unprecedentedly low total of 35 million marks. The Reichsbank has further
cost exchange from its free holdings of bills: the total net loss of exchange
in gold since the Reichsbank's intervention began early in February has
been 420 million marks, of which 46 million was gold.
Last Tuesday, April 2,the Reichsbank sold an additional 50 million marks
of gold, and it is understood that a further sum was sold for New York on
Thursday. This heavy demand for exchange has been created largely
by foreign liabilities arising in April, which are estimated at 200 million
marks purely for the service of foreign loans. But the exchange market
was also affected by increasing withdrawals of American funds, and many
organizations indebted to foreign markets bought forward dollar exchange
through fear of a further rise.
APRIL
13 1929.]
FINANCIAL CHRONICLE
On Wednesday the dollar reached exactly the gold export point, which
fecalculated at 4.217 marks, and private arbitrage sales of German gold
for export were prevented only by the nervousness of dealers, owing to
the violent New York fluctuation in money. Home loans in March were
24,500,000 marks, as against 38,000,000 in February. Foreign loans
were 9,000,000, against 161,000,000.
Sales of Exchange by Paris Expected-Bank of France
Must Resume That Policy to Avoid Gold Export
-Total French Credits at New York and London
Estimated Around $1,500,000,000.
Discussing credit conditions in France, Paris advices April
5, to the New York "Times" said:
The past week's Paris market was characterized by increasingly urgent
demands for discount. This condition was ascribed
first to export of
capital, but also to the increased requirements for credit which usually
appear on this market early in April. Exchange rates fluctuated somewhat, but on the whole were little changed. Francs remained firm,
banks
having temporatily called home at the end of March a part of their foreign
credit.
That situation is considered, however, to be only temporary. In a few
days these funds will again be placed abroad!and the Bank of France
will
probably be compelled once more to sell foreign9exchange, which it has
not now done for a fortnight. Such action will probably be necessary
in
order to prevent dollar exchange from risinglto the gold export point.
At the moment the Bank of France still holds abroad in available credits
nearly 29,000,000,000 francs, or $1,130,000,000. They are distributed
about evenly between London and New York, and are mostly'invested in
bills maturing at different dates, not exceeding ninety days. The amount
of foreign credits held by French private banks can only be estimated,
but according to certain trustworthy calculations it has reached ten billion
francs. Those funds also have been dividedibetween London and New
York. In the latter months of 1928, French banks deposited fairly important sums in Germany; but these have now been withdrawn, first because of the fall in interest rates at Berlin, but second because of uncertainty concerning the reparation settlement.
In the better demand for money after the Easter vacation, outside
discount rates went to 3% +3;6%, or very near the official bank
rate,
which is 3%.
. 2391
Many Insurance Companies Increase Dividends in First
Quarter of 1929 According to Gilbert Eliott & CoNew York City Banking Institutions Also Make
Larger Dividend Distributions.
Fifteen insurance companies and five New York City
banking institutions increased their dividend distributions
to stockholders during the first quarter of 1929,according to a
compilation made by Gilbert Eliott & Co.,specialists in bank
and insurance company securities. In some instances the
regular dividend rates were maintained but the amount was
increased through payment of extra dividends. The following table lists the principal banks and insurance companies
which have increased their dividend payments in recent
months:
Banks.
Former Rate. Present R418.
Chelsea Exchange
$2.50
$2.00b
Continental
10.00
9.00
Hanover
16.00
15.00a
Manufacturers
5.00
6.00
Municipal
16.00
12.00a
Insurance Companies.
Agricultural
4.25a
4.00
American Reserve
4.00
3.00
Baltimore American
1.20ab
1.80a
Bankers & Shippers
20.00
18.00
Boston
13.33b
16.00
Fidelity & Casualty
5.50a
5.00
Globe di Rutgers
22.00b
24.00
Homestead
1.00
.60
Importers & Exporters
4.00
3.00
National Liberty
.87ab
1.50
New Jersey
2.00
1.80
Peoples National
1.00ab
1.50a
Preferred Accident
1200.
15.00a
Providence-Washington
20.00a
16.00
St. Paul Fire & Marine
4.00
5.00
.....a Including extras. b Equivalent dividend.
The bankers point out that in 1921, during the post-war
gpression period, practically no banks or insurance companies were forced to suspend dividends or even decrease the
rate of payment.
European Borrowing Markets Hurt by American De- Insurance Stocks Show High Appreciation, According
mands-Federal Reserve Board Viewed as Having
to Clinton Gilbert.
Lost Command of Money Market.
According to a study just made by Clinton Gilbert of the
In advices from Vienna April 4, the New York "Times" record of insurance company stocks, an investment in a
representative group of ten companies made in 1924 has paid
said:
an average cash income of 3.76% a year and appreciated in
The Neue Preis Presse points out this week that
Western European
countries have now reduced the amount of money offered
by them at value at the rate of 53.20% a year, yielding a total yearly
Vienna, while they are placing funds in the American
market. It con- return of 56.96% for the past five years.
This performance
tinues: "Evidently the Federal Reserve Board
has under present circumstances completely lost command of the money market.
exceptional or unusual, it is said, and there are reasonEven 1 or 2% is not
advance in the bank rate would have no effect, because
in that case a large able expectations of its being repeated. The outlook is one
portion of outstanding American credits would be recalled
from Europe. of continued expansion due
to (1) external pressure of
"The danger which would thereby,be involved to
the European money
markets is considered here to be the probable reason for
the delay in ad- normal national growth and (2) active effort on the part
vancing the American bank rate. Only;arconsiderable
fall in Stock Ex- of insurance companies themselves to broaden their field
change prices or the creation of the proposed!International bank
of reparations can produce any distinct change in the American money situation." of activity. Mr. Gilbert's statement says:
One Day Crisis in Sofia-Cabinet Minister Resigns
Over League of Nations Loan, Then Returns. •
The following Sofia advkes April 7 are taken from the
New York "Times":
The resentment aroused by some of the conditions
attached to the League
of Nations loan to Bulgaria, which caused cabinet
conflicts on several
occasions last Autumn, led to another one-day cabinet
crisis yesterday.
B. Madjaroff, the Minister of Communications, resigned,
but after obtaining consideration of his standpoint, withdrew his
resignation last evening.
In the course of a debate on a bill to regulate the
position of the State
Railways, Premier Andre Liaptcheff and Finance
Minister Moloff declined
to yield ground in the matter of the guarantees given by
M. Moloff at
the Geneva loan negotiations without consultation of
the Minister of
Communications. Objection is now raised by M.
Madjaroff to several
clauses, including one providing that the manager of
the State Railways
shall not be removable from his post for five years.
As the result of a conference last night of M. Liaptcheff
with B. Charoff,
the League commissioner, it was agreed to withdraw the
clause, whereupon
M. Madjarotf withdrew his resignation.
The position of the Minister of Finances has been
shaken by this result
of the accusation that he failed to protect Bulgaria's
interest at Geneva.
King Boris, who 18 away on a trip, was informed
of the episode by
telegraph, but no changes in the cabinet are likely
before his return.
The growth of the insurance business is not predicated on boom periods.
Normal business activity is sufficient to assure prosperity for insurance
companies, for the country is not insured up to the hilt and there is plenty
of room for expansion Increased industrial and commercial activity the
growth of population and national wealth and the opening up of new
fields by commercial adoption of inventions and improved technical processes, all combine to maintain the field of possible development larger
than that covered by insurance companies at any time.
Insurance companies th mselves are shaping the conditions under which
they work and making- their business more profitable. Life insurance
companies are continuously spreading information on longevity as affected
by regular habits of living, improved sanitary conditions and periodic
physical examinations. They have popularized insurance trusts for old
age, education of children and a thousand and one other desirable purposes.
Fire insurance companies are doing splendid work in the dissemination of
fire prevention propaganda and in insisting on adequate fire-fighting
apparatus wherever needed; while casualty and indemnity companies are
always promoting safety movements. All these are powerful influences
operating directly for the welfare of the public at largo and indirectly
Increasing profits for the companies by reducing mortality rates and cutting
down fire and casualty losses.
Realizing their position of trust,insurance companies are taking the public
more and more into their confidence regarding their affairs. A number
of companies are issuing simplified statements that the layman can read
and understand. Statements already published mark 1928 as having been
a highly prosperous year.
Hubert M. Schott Suspended from New York Stock
Exchange for One Year.
On Thursday of this week (April 11) Hubert M. Schott,
Japanese Bank Plan-Mitsubishi Bank to Offer Shares
of the firm of Schott & Galliver, 60 Broadway, this city was
to General Public for First Time.
suspended from the New York Stock Exchange for a period
The "Wall Street Journal" of April 6 announced the fol- of one year. Mr. Schott was
admitted to membership on
lowing from Tokyo:
May 18 1905. The announcement of Mr. Schott's suspenMitsubishi Bank, which has heretofore been a closed corporation, plans sion was made from the
rostrum of the Exchange by Presito increase its capital and allow participation in its shares by the public.
dent E. H. H.Simmons as follows:
Present capital is 30,000,000 yen and reserves and surplus 87,000,000
yen.
Profits for 1928 amounted to 28% of capital.
The bank plans to issue 500,000 new shares, one-quarter paid up,
of
which one-half will be issued to present shareholders, 15,000 to employees,
and 235,000 to the public. l'rice of.the new shares will be 50 yen, representing a premium of 100%.
Recent dividends have been at the rate of 10% per annum. Since March,
1927, or just before the Japanese panic, deposits have increased to
570,000,000 yen from 320,000,000 yen, and the institution is now the
fifth largest Japanese bank.
A charge and specification having been preferred under the fourth paragraph of Section 1, Article xx, of the Constitution of the Exchange against
Hubert M. Schott, a member f the Exchange and a member of the firm
of Schott & Galiver, said Charge and Specification were considered by the
Governing Committee at a meeting held on April 10 1929, said Hubert M
Schott being present.
Said paragraph is as follows:
"No employee shall be paid other than a fixed salary not varying with
the business unless the prior written approval therefor shall have been
given by the Committee on Quotations and Commissions."
2392
FINANCIAL CHRONICLE
[VoL. 128.
Representative Dyer Protests Against Listing on New
York Curb Exchange of Stock of Canadian Distillers—Claims It to be a Violation of Spirit of
Prohibition Law.
It was stated in the New York "Times" of April 11 that
Representative Leonidas C. Dyer of Missouri, a leading
anti-prohibitionist in Congress, has protested in a letter
to the New York Curb Exchange against the trading in
of one year.
of whisky manufacturers, at the same time desecurities
New
the
12)
In its report of the matter yesterday (April
that the Curb make good to him money lost in a
manding
York "Times" said:
Hiram Walker, Inc.,
the firm market operation in the shares of
The Stock Clearing Corporation announced the retirement of
added:
advices
exThe
open
assume
distillers.
would
Co.,
&
Canadian
Haupt
Ira
said
and
as clearing members
Mr. Hubert M.
The substance of the Charge and Specification against
knowledge and
Schott was that the firm of Schott & Galiver, with the the year 1928
during
acquiescence of said Hubert M. Schott, employed
sums constituting
eleven persons who were paid In addition to their salary
by the firm on
a proportion of the amount of the commissions received
of their employment,
business procured by such persons during the time
the Committee
of
which payments were made without the written approval
on Quotations and commissions.
Committee
Said Hubert M. Schott having been found by the Governing
for a period
to be guilty of said Charges and Specification was suspended
It was learned that the Governors of the Curb have given serious thought
to the communications, but have refused to recognize that the writer had
any grievance. Hiram Walker stock has been dealt in on the Curb for
more than a year, having sold several weeks ago as high as 93% and as low
as 66. It closed yesterday at 69%. The stock has been a specuE. H. H. Simmons Again Nominated as President of recentlyfavorite,
frequently fluctuating violently. A large amount of the
lative
New York Stock Exchange.
stock is held in this country. Detroit interests were reported some time
to have control of the company and there has been much talk of a
The nominating committee of the New York Stock ago
merger with other Canadian and English distilling interests.
following
the
in
presented
8,
April
Exchange in its report on
Representative Dyer contends in his letters, accerding to reports
Arnercian Exchanges have so right to permit
names for officers and members of the governing committee Wall Street yesterday, that Mr.
Lockwood said yesterday that, although
dealings in whisky stocks.
knew, he had no
to be voted on in the annual election, May 13:
the question had never been raised before, so far as he
Nash.
B.
Warren
Treasurer,
was privileged to permit &militia in such seFor President, E. H. H. Simmons; for
Exchange
the
that
doubt
of four years:
For 10 members of the Governing Committee for the term
Maloney. curities.
Harold 0.Barker, Herbert I. Foster, Walter L.Johnson, Peter.!.
George M.
In a later account,from Washington April 11, the"Times"
J. Clark Moore, Jr., William B. Potts, Joseph H. Seaman,
one
Sidenberg, Edward T. H. Talmage, Jr., George B. Wagstaff. For
said:
George
Exchange the
member of the Governing Committee for the term of three years:
The question of the legality of listing on the New York Curb
the term of
P. Smith. For one member of the Governing Committee for
was the basis of Representative
liquor
ng
manufacturi
company
a
of
stock
ComMissourian said
two years: Rollout Lehman. For two members of the Governing
L. 0. Dyer's letter to the governors of the Exchange, the
mittee for the term ofone year: Herbert G.Wellington, Arthur F.Broderick
in response to inquires concerning the communisation
to-day
Burr.
Winthrop
years:
five
of
term
the
for
and sold
For Trustee of the Gratuity Fund
Representative Dyer, who purchased Hiram Walker stock, Canadian
a
President Simmons is now serving his fifth term as head it at a loss when, he says, he found the security to be that of letter.
He
the
stimulated
distillery, repeated that his losses had not
of the Exchange.
l investidid not, however, indicate that he proposed any Congressiona
gation to determine the power of the Exchange to list the stock.
but to
"My letter," he asserted,"was not in protest against my losses,
legality. I bought the Hiram Walker stock as a
of
question
the
raise
James R. Mabon Resigns as Governor of New York legitimate investment just as I have purchased other stocks In the past.
that
A freind of mine in a broker's office telephoned and recommended
Stock Exchange.
I buy 'Hiram Walker.' I had confidence in his financial judgment and
a
at
that
security,
distillery
a
The New York Stock Exchange announces
told him to buy some for me. I had no idea that it was
and was surprised when I learned that It was a Canadian company making
meeting of the governing committee on April 5, the resig- liquor."
committee
the
of
nation of James B. Mabon as a member
His Account With Broker.
was accepted with profound regret. The "Herald-Tribune"
Mr. Dyer, it is understood, carried an account with a broker. It is also
understood his investments are upon a paid and not in a marginal basis.
of April 7 referring to Mr.F. Mabon's resignation said:
Mr. Dyer. who is the ranking member of the House Judiciary Commit1914.
to
1912
Nov.
from
Mr. Mabon, who was President of the Exchange
which passes upon prohibition legislation, and has been an avowed
tee,
of
head
as
business
active
from
retiring
not
is
and Governor since 1900.
continued:
James B. Mabon & Co. but is relinquishing his membership on the Govern- dry,
the law,
"The Curb Exchange, I think, contributes to a violation of
from
ing Committee to lessen his duties during a convalescent period dating
newspaper which advertises the security for sale. The dry
the
also
and
an illness last year.
laws specifically prohibit advertising liquor."
had purMr. Mabon has been a member of the Exchange since Dec. 10 1891. and
Mr. Dyer did not reveal how many shares of Hiram Walker he
prior to that date was connected with Brown Bros. lie has served on various
sold it for. One
chased, what he had paid for the stock or what he had
shares.
important committees including those of Law, Constitution, Gratuity,
hundred
two
friend offered a guess that he had owned about
Stock List, Business Conduct and Securities.
enough to worry
"My loss was small." Mr. Dyer said. "It was not
brokerage house was
over. My letter to the Curb Exchange and also to a
violation than to
Intended more to call attention to what I deemed a legal
the prohibition law is violated by the listing of
of
spirit
The
loss.
my
Nearly Quarter Billion Dollars Worth of Stock Sold on this security."
change contracts of Schott & Galiver.
San Francisco Stock Exchange in First Quarter
We also take from the "Times" the following Windsor
of 1929.
(Ont.) advices April 11:
Dyer of
Commenting to-day on the action of Representative L. C
Nearly one-quarter of a billion dollars worth of stocks were
to reimLouis in asking the governors of the New York Curb Market
St.
Exchange
Stock
Francisco
San
the
of
floor
the
on
sold
and
burse him for losses on Hiram Walker stock, W. J. Hume, President
for
records
of
on
there
Compilati
said
during the first quarter of 1929.
General Manager of Hiram Walker-Gooderham & Wort:, Ltd.,
Brewery
and
Zistillery
January, February and March of this year show following was no legal obstacle in the way of placing Canadian
stocks on United States stock exchanges.
volume of trading on the San Francisco Exchange:
Mr. Hume said the legal aspect of the matter had been thoroughly
Market value ofsales for the quarter
Shares sold
$236.213,262 looked into before the stock was placed on the market at New York and
5,122,109 Detroit.
The average market value of the shares sold on the Stock Formulate Definite Plan to Introduce Term Settlements—
Exchange was $50 per share in round numbers, says the
Bankers Hold Informal Discussions to Evolve New
statement issued by the Exchange, which also contains the
System—Would Have Daily Reports of Transactions.
following information:
According to the New York "Journal of Commerce" of
following
For the same period on the San Francisco Curb Exchange the
10, specific proposals for the introduction of a term
April
turnover of business was recorded:
system on the New York Stock Exchange have
settlement
$62,377,868
Market value ofsales for the quarter
6,336,780 been worked out at informal meetings of bankers during
Shares sold
brought,
The average market value of Curb sales was $10.00 in round numbers. the past few months, and are expected to be
For the two Exchanges therefore, the totals of San Francisco's stock forward as soon as interest in this proposal shows a
Investments during the three months were:
further increase. The account went on to say:
$298,591,130
Market value ofsales for the quarter
Sponsors of the plan feel, however, that it will probably be a boas
11,458,889
These figures are regarded here as significant evidence of the constant
flow of investors' funds into the central securities market of the Pacific
Coast despite the difficulties that have attended stock trading during the
first months ofthe year. Although the market has been constantly depressed
by unsettled credit conditions in New York and a recurrent attitude of
Indecision in the rank and file of investors, the volume of daily sales has
maintained a consistently high average. The range of prices during periods
of recession has been less than expected, an indication of the strong investment position of the San Francisco market.
Marginal traders in weak positions are comparatively few in this market
and the credit situation is sound and to these conditions is described the
steadiness in the price range during declines.
On March 28 when call money went to 20% in New York and the New
with a
York Exchange broke all records for share turnover, 127,810 shares
market value of $7,487.525 were sold on the floor of the San Francisco
Stock Exchange. Share total was considerably under the high day for the
year. Market value of the day's sales was the record for 1929.
Shares sold
time before this change can be affected.
The proposals made by the group of bankers conform to the London
bees
system of term settlements only in part. In the plan which has
it is
developed, the term settlement becomes less important than
in London. It is proposed to have daily reports to the Stock Clearing
Corporation by brokers, just as is the case now, while the settlement
of balancedue in cash or securities being postponed for a two-week
ped
Credit Situation.
Although a system for term settlements have been worked out with
considerable, though not in complete detail, no attempt will be
made to introduce it until the credit situation has become more certain,
it was declared. One banker declared that it would be difficult to apply
unless, beforehand, there is considerable liquidation of brokers'
loans.
On the London Stock Exchange, during the first two days of each
four-day settlement period, brokerage firms report to the settlement
FINANCIAL CHRONICLE
Aram 13 1929.]
department of the exchange their transactions during the previous
fortnight. These are then cancelled against each other; the remaining
inequalities on the fourth day to the ultimate purchasers.
When and if he term settlement system is introduced here the
brokerage houses will report their transactions each day to the Stock
Clearing Corporation. The Clearing Corporation will at once eliminate
transactions of its books. Brokers who have purchased or sold securities
which have been traded until the settlement period. It is contended
that the proportion of speculation in the New York Stock Exchange
is much greater than in that of London; that the prices of securities
fluctuate more widely and that, therefore, complete use of the term
settlement plan would be unwise.
In 1919 the American Acceptance Council appointed a Committee
on Term Settlements, headed by Paul M. Warburg, and including
among its members Gates McGarrah, now the Federal Reserve Agent
at the Federal Reserve Bank of New York, Walter E. Frew, John H.
Fulton, Donald G. Geddes, W. H. Porter, William H. Remick, John
E. Rovensky, Edward Shearson, Samuel F. Streit and E. V. R. Thayer.
This committee passed a resolution at the time which declared, "The
members of the committee have unanimously expressed the opinion
that the adoption of a term settlement by the Exchange would offer
advantages in that it would eliminate duplication of the handling of
securities and in payments."
The resolution went on to say that the plan could not be applied
until "the new system of daily stock exchange settlements through the
Stock Clearing Corporation has been perfected and in practical operation
for a reasonable time." The committee was never formally disbanded
and it is understood that its members still favor the plan and that
recently they have held informal discussions of the possibility of
introducing it.
Among those who favor the plan, three methods for the introduction
of it are suggested. The first is to allow the term settlement to
succeed the present system for the entire list of securities, with the
present plan completely and at once abandoned. The second proposal
is to introduce term settlements only with respect to a limited list
of securities. Finally, it is proposed to introduce term settlements,
without, however, giving up the present scheme, and permitting
brokers to use either. The third plan, some declare, would mean that
the term settlement system simply would not be used and that to
introduce it in this way would be actually to avoid introducing it.
The third method, it is believed would find ready support in brokerage
circles.
An account on subject, appearing in the same paper on
April 9, said in part:
The recent enormous expansion in speculative loans and the general
credit stringency and high rates which have resulted have won many
friends for the term settlement system. This system, in brief, provides
that regular purchase's and sales of securities need not be settled
for except on two days each month, generally the first and the fifteenth.
At the present time, purchases and sales are settled for on the next
following business day, except that both Friday and Saturday transactions are settled on Monday.
Gains Varied Support.
2393
not have to turn over for securities until the settlement date and which
he can use to reduce his necessary borrowings at the bank.
Billion Reduction Seen.
Those who doubt that a fortnightly settlement system would reduce
the amount of brokers' loans necessary to finance speculation are
generally referred to London and Paris experience, wheer the call
money market for securities is very much less important and is very
much smaller in size than is the case here.
Of course, under any fortnightly settlement system, large numbers
of sales will continue to be made for cash. These, however, would
be, in the main, straight investment transaction.
While it is felt that any specific estimates of the extent to which
the volume of loans would be cut down are vague guesses at this
stage, several students of the subject feel that the volume of loans,
now thought to be nearly $7,000,000,000 on an inclusive basis, none
of the current reports including all such loans, might be reduced by
$1,000,000,000. Several estimates range considerably higher than this
figure.
Maritime Exchange Seeks Views on Question of Trading
in Securities of Maritime and Affiliated Enterprises.
A sub-Committee of the Maritime Exchange, named some
time ago to investigate and report on the feasibility of trading in securities of maritime and affiliate enterprises on
the floor of the Exchange, has addressed to members the
following letter seeking their views on the subject:
Dear Sirs:
The undersigned have been named as a sub-committee of the Committee
on Expansion of Association's Activities, which committee was authorized
at a special meeting of the Members of the Maritime Association of the
Port of New York, held on April 14th, 1927, for the purpose of considering and reporting on ways and means for increasing the usefulness of
the organization to the Shipping and Commercial interests of the Port
of New York, and following a formal report submitted to the members
at the annual meeting held on April 17, 1928, has been continuing to
function under the direction of the Board of Directors.
This sub-committee has been named for the purpose of investigating and
reporting as to the feasibility of trading in securities on the floor of the
Maritime Exchange, and as an aid in formulating recommendations to be
made in this matter, it will therefore be most helpful if you will have the
kindness to favor us with your views on the following questions:
First—Whether or not it would be advantageous, either to our organization, or to the community at large, for the Maritime Exchange to
arrange so that trading in securities of maritime and affiliated enterprises
could be conducted on its floor, under proper rules and regulations.
Second—it such trading on the floor of the Exchange is arranged for,
whether you (or your Company) would be likely to take a personal interest
in such trading, now or in the future.
Third—If the meaning or intent of this questionnaire is in any way not
clear, members of the sub-committee will be glad to clear up obscure
points.
It would seem to the undersigned that there are many Issues of securities,
directly or indirectly connected with ocean commerce and allied fields,
which could very properly be traded in on the floor of the Maritime
Exchange, and that by providing the necessary facilities, we would be
In a position to more fully meet the needs and requirements of the maritime and commercial interests of the Port of New York and elsewhere,
than would other mediums which might be utilized for this purpose.
A copy of this questionnaire is being sent to the various firms, business
houses and companies represented in the membership of the Maritime
Association, and your answer will be treated confidentially by the Co:nmittee.
Your earnest cooperation and candid opinion in connection with the
general subject is earnestly solicited at the earliest possible date.
Yours very truly,
JOHN J. BRADY,
CHAS. W. CRANE,
T. H. FRANKLIN,
J. B. MORRELL.
Sub-Committe on Securities Trading of the
Committee on Expansion of Association's Activies.
The chief support which the term settlement proposal has won
recently has come from bankers, bill brokers and some stock brokers.
In banking quarters, where the term settlement plan has hitherto been
opposed, it is felt that under present conditions an increasing amount
of brokers' loans are being made "for the account of others," and that
the latter could be squeezed out in large part by the adoption of a
term settlement system. Hitherto, bankers here who have studied the
matter felt that term settlements would impair the call money market,
which they found quite convenient as a means of employing liquid
funds. But now well over half of all brokers' loans are being made
by others than banks, so that the latter do not object to a contraction
of the call market.
Bill brokers, including several bankers deeply interested in the
acceptance market, have been consistent proponents of the term settlement system, since it would make the call money market, in their
opinion, less erratic and therefore less detrimental to the bill market.
Furthermore, anything which would cut down the volume of call money
might tend to induce commercial banks to hold acceptances in their
portfolio, something they have not yet done to any important extent
because of the strong lure of the highly liquid call market.
Hitherto, brokers have been strongly opposed to term settlements, Views of Alden Anderson of Brookmire Economic
Service on Code of Ethics of National Association
because the adoption of it would tend to reduce their income from the
differential interest charges. Until recently, an important element in
of Securities Commissioners Governing Investbrokers'
income
was
the
interest
made
the
charge
to the customer,
ment Trusts.
which included a differential of from one-half to one per cent over
and above the rate on the average. However, the enormous expansion
The code of ethics recently adopted by the National Assoof trading in recent years has increased the brokers' commission inciation of Securities Commissioners for their guidance in
come to such a point where excess interest earnings play a much
smaller role. Under present high rates, many brokers ase said to have dealing with investment trusts, if adopted as law by the
reduced their interest differential to insignificant proportions, and any- various states, would be inocuous unless enforcement were
thing which would tend to cut down earnings from this source would placed in
the hands of alert and capable men trained in
not be regarded as important.
Extent of Loan Cut.
Those in touch with the situation have made considerable study
of the extent to which brokers' loans could be reduced through the
adoption of a term settlement system here. The majority opinion
seems to be that a substantial reduction could be brought about in
this way. In the first place those traders who move in and out of
the market rapidly could trade without necessitating brokers' loans at
all, for under such a system stocks purchased in the regular way
would not be paid for until the fortnightly settlement date, which
might be as much as two weeks away.
In the second place, many speculators and investors who want to
hold their stocks for a longer period of time would not have to borrow
for such pupose until after the settlement date. This means that
purchases of securities would not involve brokers' loans for some little
time after the purchase is made. In the meanwhile, however, the broker
will demand the deposit of margin, as now, in order to protect himself
against adverse fluctuation sin the prices of securities bought for delivery on time settlement date. These margin payments really constitute guarantee deposits, and the broker could use them to reduce
the total amount of his loans. Thus, under the term settlement system,
the broker comes to hold large amounts of margin which he does
financial and investment fields. This is an opinion expressed by Alden Anderson, Vice-President of the Brookmire Economic Service, Inc. in an article published in the
April number of the Magazine of Business. He regards as
largely theoretical some of the code's provisions designed
to protect the investing public against irresponsible or incompetent trust managers, although a number of its provisions are highly desirable.
"How would it (the code) do away," Mr. Anderson asks,
"with the buying and selling of securities for speculative
profits, and the existence of certain provisions which permit
the sale of securities to the trust by its own officials at
undue profit to themselves? How could it end 'inside' control, or non-responsible control of investment trusts by
trustees or directors whose major business interests lie in
some other financial organization? Mr. Anderson goes on
to say:
2394
FINANCIAL CHRONICLE
[VOL. 128.
One of the vital points upon which the code is naturally silent—and of the Clearing House both last August and the present
upon which the Investment Bankers Association's recent report and rec- week, the "Journal of
Commerce" stated:
ommendations for investment trusts was also silent—is the relation of
Would Not Check "Others" Loans.
the investment trust to its management, its directors; that is, how the
trust originated. Investment trusts, of course, are of diverse origins,
At the time [last Fall] it was anticipated that this change in rules
but very often now they are being organized by security houses. The pos- would not check the growth of "others" loans. In fact, since August
sible dangers of "dumping" securities are obvious. In other words, 29, the first date prior to the application of the rule, until the present,
where lie the other business interests and connections of the management "others" loans have advanced approximately 50%, whereas the total
personnel, and are the best interests of the trust likely to be subordinated volume of brokers' loans increased only 30%. The volume of corporate
to them?
loans on April 3 was $2,889,000,000, having advanced since the Clearing
Good management—rule 2 of the code—is after all obviously neces- House rule to restrict their growth was applied by $982,000,000.
sary for any kind of sound practice—investment or otherwise. Given the
• • • *
right kind of management, little restriction should be necessary. But
Financiers declared the new commission, and the old are at a parity
how can a regulatory body determine for an investor what constitutes
when the rate goes above this figure, it is the old commission which
expert management? A personnel of good business repute and integrity is the
higher. Unless the rate falls to a point in the neighborhood
does not necessarily guarantee a high measure of success. In the final
of, or less than 5%, no increase in the commission charge would be
analysis the investor must assume the burden of determining through
high enough seriously to affect the profit of the out-of-town bank,
Investigation whether the management has not only the good repute and
gained through the interest change on its loan. Given this situation,
Integrity, but also the ability to be trusted with the intelligent investment
bankers were of the opinion yesterday, that the effect of the new
of his capital.
rule will not be a drastic one.
The management being of high calibre, it does not seem necessary to
require personal investrnent in the trust, as rule 3 advocates. Other Proposal Placing Securities Loans at Minimum of $100,000 not Acted
interests of the management may by far outweigh its interests in the
Upon.
trust through such an investment. It is far more important for the
In Wall Street circles there had been the expectation that the Clearing
investor do determine what portion of the profits are to be his and what
House Association would also place a minimum of $100,000 for security
proportion will go to the management.
The investor should by all means know whether the management has loans by interior banks. Such a ruling, it was declared, would probably
reserved for itself privileges which will enable it to gain an unduly large result in rapid liquidation, since the volume of loans by out-of-town
proportion of profits, as, for instance, through an option on large amounts banks is largely composed of small individual offerings. Many bankers,
prior to the Clearing House meeting, declared that such a minimum
of common stock at low prices. This is a highly desirable rule.
Fundamentally it comes down to a question of clear and truthful would cause too rapid a withdrawal of loans and that, therefore, they
representation by the investment trust in selling its securities. After were opposed to it.
Maximum Interest Rates.
all, this is about all the protection which regulation based on this code
can give. If the trust announcements and covenants set forth its obligaNo change was made in the maximum interest rates which members
tions and duties clearly to the investor and the investor understands of the Clearing House may offer on deposits. An upward revision of
them, then the blood is on the investor's own head. But judging from
1% is favored by many of the bankers. There was no statement as
the average man's continued buying of wild cat oil and mining stocks,
to when the next meeting is to take place. It is believed that efforts
and judging from the average man's set determination never to read a
to advance deposit rates again will be made. It is known that at the
lease or an insurance policy, it is doubtful whether a large proportion of
last meeting it was proposed to advance the deposit rate on savings
investors will ever understand a covenant into which they are entering
accounts and that the resolution was defeated.
with an investment trust.
Announcement of the adoption of the amendment fixing
charge of one-half of I% for loans for account of out-ofBillion ofZInvestment Trust Securities Held by Ameri- town banks, was made as follows by the Clearing House:
NEW YORK CLEARING HOUSE
can Investors—Survey by L. R. Robinson of
New York, April 10, 1929.
Secondllnternational Securities Corporation.
Sir:
We beg to hand you the following amendment to Article XI of
The volume of investment trust bonds and debentures in
the hands of American investors at the present time exceeds the Constitution.
By order,
$200,000,000 and is gradually heading up toward the quarter
JACKSON E. REYNOLDS,
billion dollar mark, according to Leland Rex Robinson,
Chairman, Clearing House Committee.
President of Second International Securities Corporation, CLARENCE E. BACON,
Manager.
who addressed the Bank Credit Association of New York
AMENDMENT ADOPTED APRIL 10, 1929
at their monthly dinner held on April 4, at the Fraternity
Amend Article XI by striking out all of Section 5 (a) and
Club's building. "To this should be added," Mr. Robinson
amending Section 5 (b) to read as follows:
stated, "preferred stock capital outstanding in an amount
"Section 5. Every member of this Association (and every
non-member clearing through a member) acting for another,
approximating $450,000,000, while paid-in common stock
whether in its own name or otherwise, in making or attending
capital is comfortably above one-third of a billion." A
to the service of any loan secured in whole or in part by
majority of American investment trust companies having
stocks and/or bonds and/or acceptances, shall charge and
collect for so doing not less than at the rate of one-half of
aggregate paid-in capital of $7,500,000 or more," he added,
one per cent per annum upon the amount of such loan during
"have already utilized their long-term borrowing power.
the period it shall remain in effect; furthermore, no loan, or
More than two-thirds of all investment trust companies in
participation in a loan, shall be made for the account of others
than Banks, Bankers and Trust Companies, or the Service
the United States have preferred stocks, debentures or
thereof attended to, under the provisions of this Section 5,
bonds, or both, in the hands of the public, in addition to
unless the amount thereof be $100,000 or multiples thereof."
their common stocks."
(This amendment to become effective forthwith.)
The effect of this, according to the speaker, was to increase the earning power and stability of the issuing in- Dun's Report of Banking
Suspensions-81 Failures in
vestment trusts, provided conservative ratios obtained in
First Quarter of Year.
the use of senior capital. "The availability of investment
In its report of bank failures in the first quarter of the
trust debentures and preferred stocks for purchase affords present year, Dun's
"Review," says:
unusual safety coupled with adequate current yield, and
In common with the record of commercial defaults, statistics of banking
opens up to American investors the same opportunities suspensions for the first quarter of this year make a favorable exhibit.
Data compiled by R. G. Dun SE Co., show 81 failures among banks in the
which insurance companies and other institutional and in- United
States durinethe three months recently ended, with
of
dividual purchasers of senior securities have so long en- $37,508,830. The report discloses decided improvement overliabilities
the returns
for
thetwo
Immediately
Britain."
preceding
years, and also is appreciably better
joyed in Great
New York Clearing House Adopts Amendment Increasing
Charge For Loans Account of Out-of-Town Banks.
Under an amendment to its Constitution adopted by the
New York Clearing House Association on April 10, out-oftown banks making loans in the local call money market
through New York City banks will pay a commission of
one-half of 1% of the amount of the loan instead of
as heretofore, 5% of the interest received. The amendment, which applies to all members of the Clearing House,
and to banks which clear through members, was made,
it is noted in the New York "Journal of Commerce" presumably, with the purpose of curtailing the volume of
call loans and is similar to a charge made last August,
applying to offerings by corporate lenders, and effective
since September 1. As was stated in these columns at
the time (Aug. 4 1928, page 1327), $100,000 was fixed as
the minimum in the case of corporate loans placed by a
Clearin House member. In its reference to the action
than the statements for some other recent years. Comparing with the 109
banking suspensions for the first quarter of 1928, involving 836,802,098, the
present tabulation reveals a decrease of 25.7% in the number, while a
numerical reduction of 53.4% appears in comparison with the 174 failures
for:$66,619,286 in the corresponding period of 1927. The high point of
late years was established in 1924, with 265 banking suspensions,
having
liabilities of $100,275,000.
A geographical analysis of the current compilation shows that no banking
failures were reported for New England for the first quarter of this year
and last year, while there were two defaults this year in the Middle Atlantic
section. Elsewhere, numerical declines predominated this year, being
recorded in.ithe South Central States, the Central East, the Central West
and in the Western group. Except in the Central West, where a decrease
of 36 occurred, and in the South Atlantic States where there were 12 more
failures, the changes were small. The banking suspensions in the South
Atlantic section were mainly in North Carolina, Georgia and Florida, while
those in the Central West were chiefly in Minnesota, Iowa, Missouri and
Nebraska.
Is' Reductions in the liabilities outnumbered the increases, the latter appearing only in the Middle Atlantic group and on the Pacific Coast. Even with
the larger totals of banking failures in the South Atlantic States, the
indebtedness there was smaller than that of a year ago by nearly $4,900,000;
there was a reduction of fully $6,000,000 in the Central West, about $1,800,000 in the South Central group, and some $1,000,000 in the Central
East.
A comparison of banking suspensions is made by sections for the first
quarter of the last three years:
APRIL 13 1929.]
FINANCIAL CHRONICLE
Number.
Section—
New England
Middle atlantic
South Atlantic
South Central
Central East
Central West
Western
Pacific
1929.
1928.
1927.
2
27
8
6
30
3
1
15
14
7
66
4
2
1
22
41
18
71
9
12
Liabilities
1929.
2395
"Under the circumstances, for Western bankers to throw their millions
Into New York's call money market, that the stock gamblers may bet
the entire country's available resources on their gigantic poker game as
they have been going the last weeks, seems almost criminal.
58,347,000
5,911,830
1,469.000
1,350.000
10,812.400
1,168.600
8,450,000
Many "Playing" the Market.
"I recall no time in my generation, not even in the days of the bucket
shops, when so many people were'playing' the market. Millions of shares
change hands daily in Wall Street, more and more to the detriment of
economic conditions and to the peril of the country.
is
"The bull pen of the Stock Exchange has attracted so many who formerly
United States
109
81
537,508,830 risked their money in the bear pit of the Chicago Board of Trade that that
174
1928
536,802,098
109
--1927
174
66,619,286 grain market has recently voted in favor of adding speculation in stocks to
--1926
94
25,893.778 its trading in crop futures.
--1925
144
43,925.458
--"Any one can see what a drain this speculative craze must be on the
1924
265
100.275.000 credit of the country.
"A banker's obligation is to provide funds at as low a rate to business
possible. But when he can make vastly more profits safely away from
Pennsylvania House Passes Bill Removing 6% Limit on as
home, the money goes there. Just now the farmer needs all the credit
advantages he can get, and yet the country's available credit is being used
Call Loans
further the big gamble in Wall Street. In the meantime the credit situaThe removal of the 6% maximum limit on call loans in to
tion in the West has reached the point, in my opinion, where bankers will
Pennsylvania is probable as the result of the passage at be consulting their own interests by keeping their money at home. OtherHarrisburg on April 10 of the bill written for that purpose wise there can be only one end to the orgy of speculation which seems to
have lost the power to cure itself except in a sudden crash that may involve
by Senator Buckman by the House of Representatives. This the
whole country."
is learned from a Philadelphia dispatch to the "HeraldTribune" April 10, which also had the following to say:
Governor Bailey of Kansas City Federal Reserve Bank
During the present period of high call money rates it has been difficult
Says Discount Rate Will Not Be Raised Unless
at times for stock brokers here to obtain loans on issues listed on the PhilaAbsolutely Necessary—No Upset of Credit Condelphia Stock Exchange. A situation which the bill is expected to remedy
by bringing back to this city capital which has been attracted to New York
Looked for.
ditions
by the higher rates prevailing there.
In a Washington dispatch April 11 the New York "Times"
The bill now is being considered by Governor Fisher. As that official
was Commissioner of Banking for eight years before assuming his present had the following to say:
although the
office he Is thought to be favorably disposed toward the bill,
Bailey Fears No Upset.
Pennsylvania Bankers' Association is not on record concerning such legisWord was received to-day that Gov. W. J. Bailey of the Kansas City
lation, a number of influential bankers are known to favor it.
Stock
Philadelphia
the
of
President
Jr.,
Middleton,
Melbourne F.
Reserve Bank was of the opinion that there would be no countrywide upset
Exchange, said tonight that he expected the enactment of the bill would of credit conditions from stock market influences.
remedy the situation which existed in Philadelphia and he emphasized the
"We are taking care that as little as possible of our credit is used in
benefits which this city will derive from it. He was pleased at the progress Stock Exchange activities by limiting the time of our loans to banks in this
signifies.
action
which the House
territory," he Is quoted as saying. "The rediscount rate here has enabled
The bill provides that parties to contracts in which advances of money us to handle commodities in our territory from M to 1% lower money C0812
payable on demand are made upon warehouse bills of lading, certificates of than Chicago. They have called us 'little casino,' because we have held
stock, certificates of deposit, bills of exchange, bonds or other negotiable our rate down, but I do not anticipate that the term will disturb coninstruments, pledged as collateral, may agree upon any compensation. ditions much. Certainly the rate will not be raised unless it is absolutely
The bill names $5,000 as the minimum of such loans.
necessary."
The Tenth Reserve District, of which Kansas City is headquarters, is
one of three districts operating on a 4A % rediscount rate. The others
Senator Capper Sees Speculative Craze a Drain on are Minneapolis and San Francisco.
Credit of Country—Says Situation Should Have
Immediate Attention of Congress—Farmer Needs
Available Credit.
A charge that huge sums of money are being diverted
from channels of trade and commerce, and that if the present
trend continues, about $15,000,000,000 in credit funds
soon will be tied up in "Wall Street's speculation-drunk
stock market," was made on April 11 by Senator Arthur
Capper of Kansas, Republican member of the farm bloc,
according to a dispatch from Washington to the New York
"Times." In indicating further what Senator Capper had
to say, the "Times" continued:
Senator Capper said he had received complaints from farm organizations
that Western banks are sending money to the New York market, and
this presented a situation, he asserted, that shoud have the immediate
attention of Congress. Something would have to be done, he indicated
to arrest the volume of credit now being made available for speculation,
as a means of checking the "Wall Street gambling mania before it results
In harm to prosperity generally."
Governor Young of Federal Reserve Board Leaves for
Havana and San Francisco to Inspect Reserve
Banks—Visits New York—Board Seta No Figure on
Brokers' Loans.
Roy A. Young, Governor of the Federal Reserve Board,
left Washington April 9for an inspection of the San Francisco
Federal Reserve Bank and branches on the Western Coast.
According to the "Journal of Commerce," on the return trip
Governor Young will inspect the Kansas City bank and
branches. Governor Young came direct to New York from
Washington and from the "Evening World" of last night
(April 12) we quote the following concerning a statement
attributed to him here:
There is no figure set upon how much the Federal Reserve wants stock
market credits reduced, Roy A. Young, Governor of the Federal Reserve
Board, said yesterday as he sailed for Hanava and San Francisco to inspect
the banks in those cities. Although he has been two years on the Board;
this is the first time Mr. Young has had an opportunity to make such a
Interest Too High, Ile Says.
He declared that in many sections interest rates were higher than busi- visit.
Discussing the efforts of the Federal Reserve Board to reduce the amount
ness could stand, and that the present "orgy of speculation" might lead
of brokers' loans from Reserve Banks, Mr. Young said:
to a crash.
"The Federal Reserve has no specific ideas as to how much they would
"In the recent hearings before the Senate Agricultural Committee,"
reduced. This
said Senator Capper, "several representatives of farm organizations at- want the brokerage loans or rediscounts of member banks
factors, principally
tacked bankers who refuse to follow the counsels of the Federal Reserve reduction in the final analysis would depend on several
of
requirements
seasonal
requirements
currency
and
Board and check the Wall Street gambling mania before it results in gold movements,
harm to prosperity generally. I have received complaints from a number general business.
"It is not the desire of the Federal Reserve to do anything drastic, such
of farm organizations that Western banks are sending money to the call
as the raising of the rediscount rates, until all other reasonable means have
loan market which is needed at home for farm and other business uses.
Reserve is bear"It is a situation that should have the immediate attention of the failed. I think that the so-called campaign of the Federal
ing fruit In the quieting of unbridled speculation.
special session of Congress."
"It is the desire of the Federal Reserve to have plenty of funds available
"Money needed for the development of western business and the West's
should continue upagricultural operations is going to New York where call money rates have for business purposes. Credit demands for business
will be well satisfied
ranged from 8 to 20% this last month. Money needed at home is being ward from now until the 24th of December next. I
business continues along the
drawn from Western banks to continue this orgy of speculation at the and I think the board members will be also if
year. So far, I have
expense of Western agriculture and Western business interests. The rise same lines as it is at present for the balance of the
in the country's credit level threatens legitimate business. Interest rates been able to observe no signs of inflation."
in many sections of the country are higher than business can stand. It is
Governor Young will be absent from Washington about a
estimated that about 815,000,000,000 incredit funds is now tied up, or
month.
soon will be, in Wall Street's speculation-drunk stock market, which
.continues to absorb hundreds of millions daily.
"A Growing Menace to Business."
"It may be said that Western banks have the money, but interest rates
are necessarily affected when Wall Street draws off enormous supplies
of bank funds, and the home borrower pays more for his loans. It has
not yet reached a point where money for legitimate business use, including
farm use, cannot be had, but the gambling fever is tending toward that
point. In every way it is a growing menace to business.
"Interior banks never had more money out on call in Wall Street than
during the present speculative movement. They defend this use of their
funds on the ground that there is no safer investment for temporary funds
than call loans, but their reason for feeding the stock market at this time
Is that they can make vastly more profits than by keeping their money at
home. It is well-known that unrestricted speculation always outruns
the strongest credit facilities. This is true of the mania now dominating
Wall Street which the Federal Reserve Board has been trying to check
before it harms the entire country.
Higher Discount Rate Said To Be Favored by Majority
of Federal Reserve Board—Reports Denied of
"Hands Off" Policy—Chicago Reserve Bank Said
To Desire Increased Rate.
The question of the policy of the Federal Reserve Board
toward credit problems continues to figure in newspaper
accounts, one of these, from Washington April 9 to the
"Herald-Tribune," indicating in the following that the
Board had adopted a "hands-off" policy:
Although represented since last Friday as holding a sword of Damocles
over the stock market, and incidentally by some critics as over the neck
of business, big and little, all over the country as well, the Federal Reserve
Board actually is contemplating no drastic action whatever.
2396
FINANCIAL CHRONICLE
[VOL. 128.
In the "Times" advices April 10 the above brought the
following rejoinder:
Board the authority to approve rediscount rates. Mr. Brookhart dedared recent developments indicated that under the present law the Federal Reserve Board was powerless to control the volume of credit diverted
Board Watches Market Trend.
for speculative uses. . . .
Denial was made to-day by officials here that the Federal Reserve Board
Some members of Congress interested in the present credit situation
bad decided upon a "hands off" policy in the Board's relation to the current insist that if the Federal Reserve Board has decided against an increase
credit situation. It was explained that the Board was alert in its watch- in the discount rate, in fear of its possible effect on foreign exchange, it
fulness of the present trend in the stock market and that It would continue should change its policy at once. They insist the board should consider
Its efforts, as announced on Feb. 6, to prevent an absorption of funds in first the welfare of business in the United States rather than be influenced
speculative security loans which would menace the country's commercial in its conclusions by possible consequences abroad.
interests.
Administration officials declare that this is a short-sighted view of the
matter. They point out that this country's foreign trade this year will
The same account likewise said:
reach the $10,000,000,000 mark, and that any action here that tended to
Differences ofopinion with respect to the advisability of raising rediscount draw heavy shipments of gold from abroad might lead to a disturbance
rates developed at the recent joint meeting of the Federal Reserve Board distinctly harmful to conditions on this side of the ocean. They argue
and the Governors of the twelve Federal Reserve banks, it was learned to- that in formulating a banking policy due consideration must be given to
day in a responsible quarter.
the factor of foreign trade.
Board members who took the affirmative side of this proposition deWould Outlaw Speculation.
clared that in their opinion a general increase in the rediscount rate throughSenator Brookhart said to-day that in his bills relating to the Federal
out the country would tend to check speculative activities and in no way
Reserve Act would seek to "outlaw speculation." The bill, he said,•
react unfavorably on domestic business or the trade situation abroad.
A majority of the Board are understood to favor increasing the redis- would apply to State as well as national banks, and one of the penalties
count rate to 6, 7 or 8%. which they contend would not react adversely for violation of the prohibition against advancement of credit for "speculaen commerce and industry. Their plan is to make the advances 1 or 2% tion" would be denial of the use of the mails and telegraph. The Brookhart
at a time in the belief that this would be more effective in curbing speculative bill would take all power to deal with discount rates from the Federal Reserve
credits than a more gradual upward movement. The leader of the minority Board, and changes in the rates could be made only with the consent of
has not been disclosed, but among those in the majority who stand for a more Congress. The Brookhart bill would forbid corporations from making
conservative course are said to be Secretary Mellon and Governor Young. loans from surplus for use in the stock market.
The bill also would prohibit Reserve Banks from imposing a greater
According to the Washington correspondent of the New charge
than 3% on funds placed on redeposit. The member bank, in
York "Journal of Commerce" April 10, one of the reasons turn, would not be allowed to charge more than 5% for loans. The latter
for holding rates at the present 434-5% level was to protect regulation, Mr. Brookhart said, would lower the rate on money needed
for general business
the exchange of foreign banks of issue, some of which already
Mr. Brookhart will introduce another bill to amend the laws governing
have been forced to increase their rates in response to the Intermediate Farm Credit. It will authorize the issuance of Intermediate
high bidding for money in New York. In was furthermore Credit Bank notes and permit State and national banks to become members
of the Intermediate Credit Bank system. By this method, Mr. Brookhart
stated in these advices:
said, the power of the Federal Reserve System would be diminished:
There are members of the Board, however, who feel that foreign exchange
Senator Glass of Virginia. former Secretary of the Treasury, is drafting a
is fairly well protected in Europe. Several Congressmen and Senators bill dealing with the Federal Reserve Act. His proposals, it is understood,
the
belief that the American Government should look first will amplify the powers of the Federal Reserve Board in handling credit
have expressed
to its own welfare rather than basing its action on the possible reaction conditions affecting the stock market, although Mr. Glass insist/3 that the
abroad. Officials, however, showed that It would be a selfish policy and a Board now has all the authority it needs: Mr. Glass announced several
short sighted one, inasmuch as any unsettlement of world economic equi- months ago that he would present a bill making it clear that the Federal
librium would have a serious reaction in United States, in view of the Reserve Board has power only to approve changes in rediscount rates
country's probable $10,000,000,000 foreign trade this year and the neces- and no power to initiate an increase or a decrease.
sity of having a large foreign outlet for the agricultural surplus.
The question of the power to change rates became acute about a year
Just how much unanimity of opinion exists among the Federal Reserve and a halfago when the Board ordered the Chicago Reserve Bank to advance
Bank Governors as to rediscount rates has not been disclosed. There has its rate to a level with the figure in other districts. In this instance.
been a feeling in some quarters, however, that the Chicago bank wanted according to Mr. Glass, the Board exceeded its authority. At the time the
to boost its rate to 5 %,a move which probably would cause the Eastern Board requested Secretary Mellon to ask the Attorney General for a law
banks to meet that level and the San Francisco, Kansas City and Minne- opinion on the extent of the powers of the Board in acting on rediscount
rates. So far as is known, Mr. Mellon failed to comply with the request.
apolis banks, on a 4%% level to move up to 5%.
In certain districts the Reserve Banks are already limiting credit to the
An earlier dispatch April 5 to the "Times" stated:
member banks, although this applies to all credit and not necessarily
Senator Fess Concerned.
speculative credit. Some officials pointed out that there would be some
difficulty in differentiating among the various kinds of credit. Restraints
Senator Foss of Ohio, who expressed concern over the credit conditions
have been placed in the Atlanta District, it was reported.
upon his return from his home State yesterday, intimated to-day that he
Although Governor Young has left Washington for a month's trip in would seek a conference with President Hoover to obtain his opinion as to
California and other West Coast points this is no indication that the Board the advisability of a Congressional inquiry. The purpose, he said, would
will not keep a close watch on the speculative situation. Young, it was be to determine whether "this speculative era" was forcing up rates for
understood, would be informed of any changes in the situation during his legitimate business.
absence. While it is believed that Young considered the situation in a
Fears for Business Structure.
condition that he might leave the capital for an extended trip, and that the
Senator Foss said he had talked with bankers and Industrial leaders of
Board is not expected to take any unusual action before he returns, yet in
Ohio.
cases of emergency the Federal Reserve authorities would not be precluded
"I am convined," he said, "that we ought in some way to warn the
from taking the necessary steps.
bankers not to get foolish simply because they see big profits in sight
In a Washington dispatch April 7, commenting on the Bankers certainly ought not take advantage of this artificial speculative
semi-annual meeting of the Governors of the Federal Reserve situation. I am worried over the substantial business man who is carrying
large amounts of credit to be liquidated by payment or renewal. I am
Banks, the "Journal of Commerce" (of New York) said:
told that some bankers plan to boost the interest rates on loans to substanDuring the week the Reserve Bank Governors met in semi-annual session, tial business men when the business men come back for renewal of their
having been here four days. The meetings usually terminate in three days. credit.
The longer gathering probably was due to the discussion of the credit situ"That would be a mistake. Whether banks generally are contemplating
ation and rediscount rates, although the Governors adjourned, following such action I do not know. I should like to find out. As banks are in the
joint meetings with the Board, without issuing any statement.
business for making profit, it would be rational for them to make as much
The week also was marked by frequent meetings of the Board and a re- money as they can when they can, but any one can see the disastrous effect
iteration of its policy, holding that unless the member banks co-operate to such a policy would have on legitimate business the country over.
restrict the volume of credit going into the speculative market, other approI am not worried over the speculators. Plenty of them will get their
priate action would be taken to get the desired results.
fingers burned and there the matter will end."
Board members regarded rather lightly and published statements during the week that a crisis had been reached in the Reserve system. They
pointed out that the Board merely is exerting its obligated powers of enReserve Bank Credit Policy is "Hands Off"—No Drastic
deavoring to readjust the credit situation to a normal basis and that beAction Planned on Speculative Loans, as Members
fore further increases in rediscount rates all other methods would be used.
The important New York and Chicago Banks held director meetings durAre Convinced Inflation Has Subsided—Latest Warning the week without change in rediscount rates. None was expected,
ing Reported as Having Been Written by Employee
however, with the Governors in conference in Washington. Information
of Board in the Regular Course.
interchanged at the meeting will be taken back for the guidance of directorates so this week's meeting of banks will be watched with even greater
From
its Washington Correspondent Carter Field, the
interest.
There was a continuation of suggestions from Congress as to what the "Herald-Tribune" announced the following under a WashBoard should do and proposals of legislation that would do everything from ington date April 9:
outlaw speculative stock transactions to increasing the powers of the ReAlthough represented since last Friday as holding a sword of
serve Board.
Damocles over the stock market, and incidentally by some critics as
In the opinion of well informed officials there isn't much probability of
over the neck of business, big and little, all over the country as well
radical legislation that would alter the powers or duties of the Reserve
the Federal Reserve Board actually is contemplating no drastic action
Board.
whatever. This was learned on the highest authority by the New
York Herald-Tribune today.
Members of the Reserve Board, as a matter of fact, have been
Bills Amending Federal Reserve Act to Be Brought
surprised at the speculation on the part of financial chroniclers and
Before Special Session of Congress by Senator experts as to what
might be done, and the demands in some quarters
that, for the sake of settling conditions, the Board come right out
Brookhart and Others.
and say what it was going to do.
The proposed
of Con-
introduction at the special session
gress of bills amending the Federal Reserve Act, was noted
in following from Washington April 10 to the New York
"Times":
It was made known here to-day that a series of bills would be introduced in Congress in special session proposing important amendments to
the Federal Reserve Act. Senator Brookhart of Iowa announced he
would offer a bill to prevent national and State banks from lending money
for speculation and placing in Congress instead of the Federal Reserve
Speculative Ruck Halted.
Actually a considerable majority of the Board is well satisfied with
the present situation. They have succeeded, they think, in stopping
a mad rush of speculation in the market which, if it had not been
checked, would have led, in their opinion, to a crash which would have
involved the entire business structure of the country.
They are highly optimistic about business conditions generally, an&
regard the nervousness in some quarters over certain business pros.
pects as wholly unjustified.
APRIL 13 1929.]
Latest Warning ExPlained.
While there is no immediate prospect of any action whatever by
the Reserve Board, there are two weapons which were in the minds
of the writer of the statement published last Friday morning, and
about the warning in which there has been so much discussion in
financial circles ever since.
"In case the desired readjustment is not brought about by voluntary
co-operation, however," this warning read, "the Federal Reserve system
may adopt other methods of influencing the situation."
Actually, it develops, this statement was written by an employee
of the Board and, while proofs of it were submitted to all members
and none took exception, it did not result from a formal discussion.
Issued, however, at the close of such an important meeting, with the
Governors of all the Reserve Districts present, the warning was
naturally read as though it had been a deliberate ultimatum to Wall
Street
The warning does represent the views of a majority, if not all, the
members of the Board, but the possibilities behind it are not as
menacing as some imaginative minds in New York and elsewhere
have painted it.
The question of what the Reserve Board might do if this "warning"
were not heeded was put up to several members of the Board by the
Herald-Tribune today. The facts just disclosed as to how the words
came to be issued resulted from these inquiries. It was disclosed
further that only two proposals were in the minds of the Board
members as to what might be done if the expansion of speculative
loans and the diversion of credit to the stock markets could not be
checked.
Of these two only one proposal is being discussed seriously by the
Board, and this is a proposal which some critics of the Board actually
have been advocating as an alternative to what the Board has been
doing. This is the advancement of the rediscount rate.
amount of borrowing for speculative purposes, thus gradually releasing
the money now borrowed for stock purchases.
Credit Investor Favored.
"Incidentally I would like to emphasize that there is no objection
whatever to the investor who buys stocks largely with borrowed money,
but who holds these stocks and every quarter reduces his debt to the
bank. It is the purchaser who never pays off his loans until he sells
his stocks, and who uses the bank merely instead of buying on margin
to which we object, just as we object to the over-expanded margin
account speculation."
Members of the Reserve Board learned from bankers, incidentally,
that there are a good many "big baskets" waiting for bargains—or
that there are interests with large amounts of cash ready to absorb
stocks if prices should fall much lower.
Congressional Investigation into Policy of Federal
Reserve Board to Curb Speculation.
The intention of Representative Frank R. Reid of Illinois
to seek a Congressional investigation into the policy of the
Federal Reserve Board to curb speculation in the Stock
Market was made known iu press dispatches from Chicago,
April 7. Representative Reid was quoted in the New York
"Times" as saying:
City Bank Statement Cited.
How little disconcerting this would be to the large financial interests can best be illustrated, it was pointed out here, by an extract
from the monthly letter of the National City Bank—the very bank
which rushed $25,000,000 into the market to prevent call money going
above 20% and turning the fall of March 26 and 27 into a debacle,
and the statement of its President, Charles E. Mitchell, was construed by Senator Glass and other as a slap at the Reserve Board.
The extract reads:
"While it is true that few, if any, banks today are borrowing from
the Federal Reserve to support speculation, an advance of the (rediscount)
rate would make itself felt immediately on the volume of security loans
made directly by banks to customers. So long as such borrowers can
point out that the banks are not inconvenienced by making security
loans to individuals, when they can obtain accommodations at the Reserve
banks at 1% under the legal loan rate, there will be difficulty in restraining the growth of this practice. If the rediscount rate should be
moved up to 6%, that argument would lose its ofrce and the banks
would he in a position to force their customers to reduce their loans.
This would have the effect of increasing the proportion of savings
represented in the holdings of securities, which is the thing to be desired."
Support by Banks Seen.
So that actually, it was pointed out by some astute financial observers here today, the National City Bank, held up by some legislators as a swords' points with the Reserve Board, is not only in
sympathy with the Board's objects, but is in sympathy with the
"threat" that has been worrying the market, though possibly without
knowing how close the agreement is.
The other possibility to iwhich the Board might resort if the situation with respect to speculative loans should not meet its approval is
with respect to its right to regulate loans by the Reserve Banks.
So far this has merely been hinted at in Board discussions. There
has been no serious proposal to apply it in the present situation.
Members of tIe Board, as a matter of fact, are not sure how it would
work out if it should be applied, either as to the effect on business
generally or in correcting the credit situation.
This would involve, should it ever be invoked, which at present
seems doubtful, the determination by the reserve banks of the Northeastern section of the country of the amounts of "lines of credit"
to he extended to member banks. This system has been in vogue in
some of the western and southern reserve banks for some time.
The Reserve Bank decides that the bank at Oshkosh should have a
credit, say, of $70,000. If the bank should ask for $80,000 it would
be refused.
' This system has been necessary, members of the Board explained,
in districts where money could be loaned at 8 and 10%, and where
the member banks, if they could get all the rediscounting they asked
for, would be so eager to make more loans, and therefore larger
profits, that they might stimulate credit artificially and harmfully.
"The present action of the Federal Reserve Board may be as unwise as
was the drastic deflation policies charged to it in 1920 and which, caused the
serious depression of 1921," Mr. Reid said. "It is possible the threats of
the Board may to some extent curb speculation, but there is a very real
danger that they may produce the disastrous result of a lack of confidence
in the soundness and stability of the industrial and commercial structure
of the nation to such an extent that no one can foretell what may happen.
Says Board Exceeds Authority.
"The Federal Reserve System was created to provide this nation with an
elastic currency and credit. It was not intended to act as the regulator
of industry, commerce, finance or speculation. The Board should limit
itself to its legitimate and proper functions as outlined by Congress, namely,
the safeguarding of its own reserves and those of the member banks in this
countty. Congress has never conferred on the Federal Reserve Board the
right to regulate and control the use which American citizens make of their
money and credit and the Board is assuming these functions without authority of law.
"The attitude of the Federal Reserve System ought to be changed. If
this Governmental institution can by its policy force the rate of call money
to rise as high as 20%, it can force it to rise to 100% or even higher. On
March 19, when the rate rose to 20%, the price of heat, corn and other
grains on the Chicago Board of Trade broke badly. Millions of dollars of
value in crops were wiped out in a few minutes.
An investigation of the present policy of the Federal Reserve Board
should show whether the Board is committed to a program of deflation In
security prices."
According to the "Wall Street Journal" the resolution will
read substantially as follows:
"Vicious Circle" Recognized.
The flat question of whether the banging of this "warning" over
the stock market might not bring about hard times artificially was
put up to members of the Board. It was represented that if several
million small speculators were squeezed out by the deflation process
on which the Board is embarked there would not be danger that these
several million persons, being normally heavy buyers of all sorts of
products, from houses to automobiles and from new suits to pleasure
trips, might not be driven to a forced economy which would soon
start a vicious circle which would slow down production.
The answer of the Board members is that business conditions on
the whole are bright, execpt in the building trades, and that even
the building trades have only slowed down in residences, not in large
structures.
"The man hit hard in the stock market may have to refrain from
buying a new automobile," said a member of the Board, "but, on the
other hand, a man obsessed with the hope for profit during a crazy
bull market will refrain from putting money into anything he can
help so that he will have all the money possible to buy additional
stocks. I really think one class about offsets the other.
"Actually," this member continued, "we do not look for any further
crash in the market. We think business is good and if the earnings
of the corporations continue good the stocks of those corporations
would naturally continue at about the same level they are now. The
steam has been let out of the market, as it was by the smash in
1926, and I look for the same sort of a follow-up-.--a rather quiet
period.
"If we can only have a quiet period, without any skyrocketing, and
without any crashes, the credit situation will work itself out beautifully without the Board taking any further hand in it. The enormous
saving capacity of the country will soon mount un until it relieves the
2397
FINANCIAL CHRONICLE
Whereas, the Federal Reserve Board, governing body of the Federal
Reserve system, has formulated and is pursuing a policy which has the
avowed purpose of forcing owners of stocks listed on various stock exchanges
to sell their holdings; and whereas, this policy assumes the right to restrict
and regulate the public's use of its own money in investing in stocks listed
on various exchanges; and whereas, this policy is wholly unnecessary under
the sound financial and banking conditions existing in this country, but has
forced unsurious rates of interest in the call money market in New York
City and elsewhere, has artificially depressed prices in the stock market to
the injury of thousands of owners of securities, and threatens to destroy
the business and general prosperity of this country by producing a wholly
artificial tightness in the credit situation and by disturbing public confidence; and whereas, a similar policy by the Federal Reserve Board in
1919-1920 depressed the value of farm lands and agricultural products in
the Middle West and brought on an economic hardship from which agriculture has not yet wholly recovered; now, therefore, be it resolved, that the
Speaker of the House of Representatives be, and is hereby, directed to
appoint from the membership of the House a select committee of nine
members for the Seventy-first Congress, and which said committee is hereby
directed to inquire into the enforcement, administration, interpretation, and
practice of the Federal Reserve Act by the Federal Reserve Board. and to
investigate the policy or policies of the said Board.
Resolved further, that the said select committee shall report to the House
the results of its inquiries, with ouch recommendations as it may deem
advisable, and shall include in its findings in answer to the following
questions:
Influence of Economic Conditions Abroad.
I. Was the Federal Reserve Board in formulating its policy unduly
influenced by economic conditions abroad to the neglect of considering
economic conditions in the United States?
"loans to
2. Are different kinds of loans included in the total volume of
brokers" which is made public in New York every Thursday afternoon?
Are loans for domestic corporation financing to pay off debts to banks
included? Are loans for foreign financing and for unsold issues included?
70?
3. Is the reserve ratio of the 12 Federal Reserve banks now about
of temHas it always been above 70 since Jan. 1 1922, with the exception
porary dips below that level at the end of 1925. 1927 and 1928?
4. Has there been a pronounced change in the method of corporate
financing from the borrowing from banks on commercial paper to the sale
of new issues of common stock in the stock market?
5. Was the average amount of gold in circulation in 1922-23 approxicirculation at the end of
mately $676,000,000? Was the amount of gold in
Feb. 1929, $1,313,000,000? Does this excess of gold in circulation of
approximately $637,000,000 represent "hidden" or unused reserves?
Would Replace Gold Certificates.
6. Did the most recent statement of the Federal Reserve Bank up to
April 1 1929, show total reserves of $2,878,000,000? If gold certificates to
the amount of $600,000,000 were replaced by Federal Reserve notes would
not the reserve against these notes still be a dollar of gold for each dollar
of notes, but would not the gold so held become part of the reserves against
total note circulation? Would not this simple replacement have the effect
of raising the total reserve to $3,478,000,000?
7. Did not the latest statement of the Federal Reserve Bank up to April 1
equal
1929,show the total of deposits and of Federal notes in circulation to
$4.012,000,0001 If to this sum were added $600,000,000 of Federal Reserve
notes replaced for gold certificates would not that make the combined
be a
deposits and note liability $4,612,000,000, against which there would
reserve of $3,478,000,000 making a ratio of 75.4%7
2398
FINANCIAL CHRONICLE
[VOL. 128.
8. Would not affirmative answers to all the foregoing questions prove
sition of the members of the State Tax Commission
to the proposal. The
conclusively that there is no stringency of credit really existing, but that an
Commission insisted that the bill was not scientific,
that it would place
artificial and wholly unjustified stringency,causing usurious rates of interest,
State exemptions on a basis different from Federal
exemptions, and that
has been brought about arbitrarily by the Federal Reserve Board in trying
it would be better to provide a lower rate on earned
incomes or give larger
to force the policy it has formulated?
exemptions to earned incomes.
Roosevelt Plan Rejected.
When Governor Roosevelt sent a special message
Representative McFadden May Move for Study of
to the Legislature
recommending a tax of 2 cents a gallon on
gasoline he also suggested a
Financial Situation by House Banking and Cur- reduction of 20% in the income
tax.
rency Committee.
The Republican legislative leaders, however,
refused to follow the Govsuggestion relative to the 20% reduction, insisting
Stating that it is understood that Representative Mc- ernor's
they preferred
to abolish the direct State tax on real estate. The
direct tax was abolished
Fadden may ask the House to authorize the Banking and but just before the Legislature adjourned the Hofstadter-M
offat income
Currency Committee to study the financial situation during tax bill was introduced and rushed through both houses.
In urging a 20% reduction in the income tax,
the Governor took the
the special session of Congress, a Washington dispatch, position that such action would
provide"the
benefit for the greatest
April 5 to the New York "Times" quoted Representative number." He said he believed a reduction greatest
in the income tax would be of
more benefit to a larger number of citizens
McFadden as saying:
than the abolition of the direct
The present credit situation was brought about by the change in pol- State tax.
icy promulgated during the summer of 1927 following the visit of certain
The following statement regarding the increased
exempCentral Reserve bankers from abroad. The Federal Reserve management tions
was issued April 6 by the State Department of Taxain order to carry out their plans to aid Europe reduced the rediscount rate
and made easy money, thus releasing a vast amount of credit. This with tion and Finance of the Income Tax Bureau:
the aid of open market operations made possible the exportation of approxAn amendment to the Personal Income Tax Law
became effective upon
imately $500,000,000 of gold out of this country. It also created a vast the signing yesterday by the Governor of a bill enacted
by the recent Legisvolume of cheap credit in this country which was picked up by business lature, increasing the personal exemption to $2,500
for single persons and
institutions and used by them in refinancing their needs by capital structure $4,000 for married persons and heads of families.
The dependency credit
and working capital.
of $400 for each dependent under 18 years of age or
others physically or
As a result industry to-day is largely independent of banks and has a mentally defective remains the same as heretofore.
surplus of money which is being loaned in the attractive call loan market
The former requirement for the filing ofreturns in the event
that the gross
in New York City at high rates. This situation naturally will continue income exceeded $5,000, regardless of the amount of
net income, was modiso long as this money can be made to earn more profit than when invested fied by placing the limitation at $6,500. In all cases
wheer the net income
in production.
was less than $2,500 or $4,000, as the case may be, no return
need be filed
This Is the money included in the brokers' loans over which the Fed- unless the gross income exceeds the limitation of
$6,500.
eral Reserve authorities apparently have no control and which they apUnder the provisions of the Act the increased exemptions and limitations
parently regard as one of the menacing factors in the present financial take effect immediately and apply to returns for
any taxable year beginning
situation.
on or after Jan. 1 1928.
In the event of a change of exemption status during the year, the adjusted
personal exemption should be computed in accordance with the increased
Governor Roosevelt of New York Signs Bill Increasing exemptions
applicable to each period.
Personal Exemptions in Case of State Income Tax
Employers are required to file information returns showing the amount
of
compensatio
n paid to resident employees, if the amount thereof exceeded
• Law.
$2,500 to single persons or $4,000 to married persons. If the total comOn April 5 Governor Roosevelt signed the bill passed at pensation or other fixed and determinabli
3 annual or periodical income was
the recent session of the New York State Legislature increas- less than the above amounts, no information returns are required. It is
also necessary for withholding agents to deduct, withheld
and pay to this
ing the personal exemptions in the case of the State income office the amount of tax due
on compensation paid to non-residents for
tax. For single persons the exemption from the tax, here- services rendered within New York State, if the
amount of such compentofore $1,500, is increased to $2,500, while for married per- sation exceeded the new exemptions.
Where withholding agents have heretofore withheld amounts
on payments
sons and heads of families the exemption is now $4,000 as of personal service compensatio
n to non-resident employees and where the
compared with $3,500 previously. Returns under the State amount of tax so withheld was determined by reflecting
only the exemptions
heretofore permitted, the withholding agents are authorized
income tax law are required to be filed by April 15. The excess
to refund the
amount withheld and to make proper adjustment with the
said emincreased exemptions are applicable
ployees.
to the returns covering
The statutory changes result in the modification of the
incomes in 1928. In signing the measure Governor Rooseinstructions attached to the various returns tis indicated below. In each
instance the
velt said that he did so despite the fact that he agreed with amounts
stated in the printed instructions should be read as providing
for
the members of the Tax Commission that "the bill is un- $2,500 in all cases where $1,500 is stated, $4,000 instead of the
former
scientific." Some 100,000 taxpayers are affected by the $3,500. and $6,500 instead of $5,000.
Resident Forms 200 and 201—Instructions A and D.
increased exemption, these, it is stated, being benefited
Non-resident Form 203—Instructions B and F.
thereby to the extent of about $6,000,000. The Governor
Fiduciary Return Form 205—Instructions D,E and F.
Return of Tax Withheld at Source. Form 103—Instruction 2.
indicated that he had decided to give his approval to the bill
Certificate of Non-residence and Claim for Personal Exemption.
"because the latest information shows that the surplus in
Annual Summary and Letter of Transmittal—Instruction 1.
As to returns already filed which reflect the exemptions permitted by
the State Treasury on June 30 will be larger than had been
anticipated last January." "There will be sufficient funds the statute prior to amendment, the refund of any excess payments will
be made in due course on the audit of the returns and it will not be necessary
this year," he adds,"to admit of this income tax reduction." for the taxpayer to file formal
claims for refunds.
The following is the Governor's memorandum with the
signing of the bill:
Former Vice-President Charles G. Dawes Chosen as
I am signing the so-called Personal Income Tax Reduction Bill in spite
Ambassador to Great Britain Succeeding A. B.
fact
that
agree
I
of the
with the members of the Tax Commission that the
Houghton.
bill is unscientific.
First, it narrows the tax base and extends the exemption principle,
Announce
ment was made at the White House on April
and the members of the Tax Commission hold that it is fundamental in
taxation that the tax base should be broad and that any ideal tax law 10, that Charles G. Dawes, formerly Vice-President of the
should not contain exemptions.
United States, had been chosen Ambassador to Great
Secondly, the bill places the amount of exemptions by the State of Britain
succeeding Alanson B. Houghton, who is to leave
New York on a different basis from the exemptions in the Federal inC01330
tax law; whereas to-day the State and Federal lasso are uniform in this London for the United States on April 27. Associated Press
respect.
advices from Washington April 10 said:
Third, I agree with the members of
the Tax Commission that the better
method of helping those citizens with small incomes is to give either a lower
rate on earned incomes or an exemption of a greater amount on earned
Incomes.
Finally, the bill creates a permanent instead of a temporary reduction
for this year only.
The whole measure was rushed through the Legislature at the last minute
without adequate thought as to its bearing on the finances of the State.
In spite of all of these objections, which are without question sound in
principle, I have after careful thought decided to give my approval to the
bill because the latest information shows that the surplus in the State
Treasury on June 30 will be larger than had been anticipated last January.
Thero will be sufficient funds this year to admit of this income tax reduction.
Furthermore, I have constantly gone on record in favor of keeping
taxes down, and I am signing the bill, first, with the hope that the next
Legislature will make more scientific changes in the income tax law, and
second,that it will not be necessary to restore the old tax next year for purely
financial reasons,
The nomination of the former Vice-President will be sent to
the Senate by
President Hoover early in the special session that begins next
Monday,and
its confirmation is expected without even the formality
of reference to the
Foreign Relations Committee.
After confirmation Gen. Dawes will be given a leave
of absence by the
President so that he may complete the work of reorganizing
the finances of
Santo Domingo, upon which he is now engaged
with a special mission from
the United States, Gen. Dawes probably will
not sail for London before
June 1, as he will have to spend some time hero
acquainting hinself with
British-American relations and pending questions.
Mr. Dawe's Mission to San Domingo was referred to in
our issue of April 6, page 2207.
Views of Secretary of Agriculture Hyde Before Congressional Committees on Farm Relief—Favors Farm
Board Clothed With Authority to Handle Stabilization
The bill was sponsored by Senator Samuel H. Hofstadter
Questions—Legislation Being Drafted.
and Assemblyman Abbot L. Moffat, New York City RepubIn presenting before the Senate Committee on Agricullicans. The New York "Times" in an Albany dispatch ture on
April 3, and also before the House Agricultural
April 5 relative to the signing of the bill said:
Committee the same day, his views on the subject of farm
When the measure was passed by the Legislature the Republican leaders estimated it would cost the State about $1,500,000 and counties a relief, Secretary of Agriculture Arthur M. Hyde, in adsimilar amount. Subsequently, however, Governor Roosevelt was ad- vocating the creation
of a Federal Farm Loan Board to
vised that the total loss to the State and the counties, through approval
assist in the reorganization of marketing systems said
of the measure, would be nearer $6,000,000.
After the Governor had become convinced that the State's financial that "it would seem to me desirable that the Board,
condition would permit approval of the bill he was faced with the oppo- armed with.resources
and authority, could best work out
APRIL 13 1929.]
FINANCIAL CHRONICLE
2399
industry is in need of finance in supplement to the established financial
institutions by which they will be enabled to hold their commodities
until they themselves can place them in the market and not be forced
to sell immediately upon completion of production. Capital is needed
with which to purchase a portion of the occasional surplus or seasonal
surplus and assure its orderly distribution over longer periods. The
progress of many commodities from the producer to the consumer is
most disorderly and wasteful; and especially in perishables, the terminal markets are flooded in one week and starved in the next. The
result is undue fluctuation in the price and waste of the commodity
itself. An enormous amount of unnecessary transportation takes places
in the cross hauling of commodities in search of immediate market.
There is great hardship upon the consumer, for with some perishables,
the price is almost doubled after the arrival of these commodities in
terminal markets because of inadequate and wasteful terminal distribuFarm relief activity was marked today at both ends of the Capitol. tion. There are a minority of dealers and shippers of farm comWhile the sub-committee of the House Committee on Agriculture made modities, particularly in the perishables, whose business practices are
progress toward the drafting of a bill the Senate Committee, headed unfair—a great hardship upon the producer. There is entirely an
by Senator Charles L. McNary, met in executive session and engaged inadequate grading and standardizing of certain commodities, with the
in the preliminaries of preparing the measure which Senator McNary result of uncertainty in prices and opportunity for advantage to be
expects to offer in the Senate early next week.
taken over the producer and for speculation against the consumer.
Senator McNary said the bill would be ready to introduce early There is an inadequate development of processing for disposal of
members
of
the
next week. He discussed the general situation with
occasional surpluses of many commodities into by-products. There
the Committee today and at a meeting to-morrow the actual shaping are, in fact, great wastes in the whole chain of distribution which
of the bill will proceed. The McNary bill of last session will appar- are a tax on both the producer and the consumer. Our warehouse
ently be followed quite closely but with some changes in details.
acts need amendment in order to facilitate more perfect action in the
While there are sharp differences of opinion in both the Senate establishment of credit. We have need for some agency to pass upon
bill
a
the
predictions
are
that
Committee and the House Committee
the inauguration of further irrigation and reclamation projects so as
will be ready for presentation early next week in the House as well to prevent increased production until such production is required for
as in the Senate.
national purposes. We have need for a larger study and for action
The House Sub-Committee has a rough and partial draft of a bill in the determination of better use of marginal lands and their devowhich, it is expected, will be the basis of the measure reported. It tion to either forestry or pasturage. We have need for a better underprovides for a Farm Board of wide powers with seven members. The standing of the national requirements of each commodity from season
marketing system is to be based on the co-operative organizations and to season, and more active instruction of the farmers as to the volume
the Farm Board is to be independent and not under the Department of production required. We have need for a more exhaustive and
of Agriculture, despite the fact that Secretary Hyde recommended accurate study of the different problems and wastes in distribution
that the Board be under the department.
and the determination of their solution. We have need of a larger
One of the subjects of controversy in the House Committee as well co-operation between the producers and distributors for the eliminaas in the Senate Committee is the "yard-stick" that shall be used in tion of waste and more orderly marketing of products. When you
determining the level at which farm prices shall be kept or at least consider that these needs and these difficulties arise, not in one comthe level sought to be maintained.
modity, but in scores of different commodities, and that the economic
The tariff has been urged by some and others have urged the cost setting of each of these requirements and these problems is different,
of production. It was predicted today by Representative L. J. Dickin- it is easy to realize the necessity of creating a broad authority rather
son, of Iowa, that no "yard-stick" would be put into the bill, but that than detailed plans.
the Board would be expected to try to handle each year's crop to the
When we come to the question of agencies that the Farm Board
best advantage, much in the fashion followed by the Canada wheat pool. should rely upon in the solution of these questions, we have at hand
great experience of our co-operative marketThe following is Secretary Hyde's statement before the the large growth and thehave
already been organized by the farmers,
ing associations. They
Senate and house Committees April 3:
they are farmer-controlled and farmer-owned. And in speaking of
The necessity for farm relief is no longer debatable. The discussions them I am not confining myself to the co-operative organizations as
of that point upon every platform in the country during the last eight defined by the Capper-Volstead Act but I include the farmer owned
years have unified public opinion to a complete conviction of its elevators, the clearing houses, the farmer pools, they are all in essence
necessity. The fact is frankly recognized that agriculture is not in farmer co-operatives. Such organizations have pioneered the way
the position of equality of other pursuits. This fact presents its own under great difficulties, have educated a large group of farmers in the
challenge to all of us that we do all we can, sanely and constructively, problems of marketing, developed sense and stability in organization
to reestablish for agriculture an equality of opportunity and open and management. We should take no action which would tend to
the way to the same standards of living that we are enjoying by supplant them or undermine their growth. It is largely upon these
industry.
organizations that we should build the foundations of the collective
I wish to state that in discussing the subject I am speaking for action of the farmer. And such action will be the more consonant
myself alone. I have not within less than a month, had the oppor- with American life. We want to build up the farmers themselves
tunity to consider the problem in detail and I shall not attempt to to control their products, not to build up bureaucracy.
present any detailed piece of legislation. You gentlemen are very
It would seem to me desirable that the board, armed with resources
much more fitted for that task than I. I have long been interested and authority, could best work out these problems by receiving proin the ends to be accomplished by relief rather than by the legislative posals from the various farmers marketing associations. These promethod. While I make no pretense of being an expert, I do claim posals in many instances, particularly in handling stabilization questhe same earnestness of purpose which dominates your body in its tions or handling of facilities can well take the form of corporations
quest for solution of this vexing problem.
created by these associations and owned and managed by them, and
It was entirely natural, and to be expected that there should be aided with capital from the Board, under such restrictions as the
differences over that specific measure around which the great political Board should be authorized to apply. Of these restrictions it would
and forensic battle has for eight years been raging. Stimulated by that seem to me desirable to insist that no operations should be supported
battle certain principles were developed. They were largely settled which would stimulate increased production because by adding to a
by the recent election. The broad principles were set out in the party surplus we would defeat all relief.
platforms submitted to the people. We have their verdict, a verdict
Let me repeat that there is little in the way of accumulated experiwhich operates as a mandate to all of us, and which serves to chart ence to guide the Board. It must make its own history, and guide
our course for the present. The ideas laid down by the platform each succeeding step it takes by the experience gained from the last.
were positive and constructive. Broadly they proposed to attack the The mere enumeration of a few questions it must face is sufficient
problem in three directions.
to show that there are many others that cannot be foreseen. All of
First, the revision of the tariff for better and greater protection which argues, to my mind, that if we are to create an instrumentality
of American agriculture. That subject is being dealt with elsewhere. to which distressed agriculture can take its problems, that instruSecond, reduction of transportation costs by development of inland mentality must be clothed with broad and general authority.
waterways and highways. The advancement of this likewise lies in
another quarter.
Third, the assistance of the Federal Government in reorganization Secretary of Interior Wilbur Moves to Curtail Drilling
of marketing systems through which the farmer may obtain a more
Oil Fields in California and New Mexico.
economical and more stable outlet to the consumer. There are some
A Washington dispatch April 9 to the New York "Times"
other fields of assistance to agriculture which I shall mention, which
also bear upon the problem.
indicated that Dr. Ray Lyman Wilbur, Secretary of the
In assisting reorganization of the marketing system we have all of
us conceived the creation of a great instrumentality which we have Interior and Chairman of the Federal Oil Conservation
called the Federal Farm Board, with advisory committees, which Board, had written to the four oil companies operating
should be given authority and resources with which to deal with this in the Kettleman Hills
field in California requesting that
third category of problems. And it is not one problem. It is several
hundred problems. Many of these problems are unknown to us to-day they voluntarily combine drilling in furtherance of conand will only be developed with experience. The scores of different servation. These companies are the General Petroleum
agricultural commodities, the different localities of their origin, the Company of
California, the Melham Exploration Company,
different markets which they penetrate, their method and means of
shipment, processing and distribution, all point to the fact that we the Standard Oil Company and the Marlaud Oil Company
must find an agency to which each and all of the problems can be of California. The "Times" dispatch likewise said:
properly presented, considered, and upon which real and positive
Affects Only a Single Pool.
assistance can be given in solution.
Secretary Wilbur stated in his letter that it was within the power
We have to bear in mind that in their solution we are to a large
extent blazing new trails, making our own experience as we go. of the Secretary of the Interior in the case of a single pool, as in
And it therefore has appeared to me that as we cannot forsee in the case of the Kettleman Hills field, to 'arrange for voluntary adadvance the circumstances under which the powers of the Board are justments. He expressed the opinion that the prospects for agreeto be called into action, any attempt to write out too detailed legis- ment on his proposal were bright.
The Kettleman Hills field, according to the records of the Departlative directions would probably serve only to defeat the purpose of
the Board. That is the heart of the plan and the rest are details. ment of the Interior, has only one producing oil well now, but another
We can perhaps get at the question of the sort of authority re- one is being drilled about six miles distant. The producing well is
quired if we consider the character of some of the problems and the 7,000 feet deep, with an output of about 2,000 barrels a day, 200
means at hand for the administration of the remedies.
barrels going to the government as royalty. The well yields about
I may enumerate some of these problems, that is some of the direc- 80,000,000 feet of gas a day.
tions in which constructive assistance should be given.
Secretary Wilbur said that indications were that the area between
Our farm co-operatives are in need of capital with which to acquire the present producing well and the one being drilled is oil-producing
further facilities and to expand their activities. The agricultural territory.
these problems by receiving proposals from the various
farmers' marketing associations. These proposals in
many instances, particularly in handling stabilization
questions or handling of facilities, can well take the form
of corporations *created by these associations and owned
and managed by them, and aided with capital from the
board should be authorized to apply." Incident to the
question of legislation in behalf of the farmers which is
to be introduced at the special session of Congress convening next week, the "Herald-Tribune" reported the following from Washington April 10:
.2400
FINANCIAL CHRONICLE
"It would be a calamity," he added, "to develop a field of the kind
indicated in view of the glutted condition of the oil market."
Action toward curbing oil production in New Mexico,
where the Texas company was drilling was also indicated
in the "Times" dispatch of April 9, as follows:
An official statement given out today said that the Secretary of the
Interior had approved the recommendations of special committees
with regard to the petition of the Texas Company for continuing its
program of exploration on public lands contained in seventy-eight oil
and gas prospecting permits in Southeastern New Mexico. This drilling program, known as "group development," was undertaken three
years ago under agreement with the department and the original plans
were completed prior to Jan. 1, 1929.
The statement explained that "the results obtained up to that time
were sufficient to inform the department of the conditions in the area
embraced in the permits, and no warrant was found for continuing
the program as to the large area sought by the Texas Company's
present application to continue exploration under the group development program."
Secretary Wilbur's conclusion was that the Texas Company and
the qualified permittees for whom drilling was done are entitled to
five leases from permits on which discoveries of oil and gas have
been made. Ninety days are allowed for perfecting their application.
Secretary Wilbur found that fifteen permits were i ngood standing,
and these are continued. The remaining fifty-eight permits on which
no discoveries have been made, or actual development work performed,
and against which the statutory time for beginning work has run, are
ordered canceled.
Under the present policy, leases would be grantedd4 only for one.
quarter of the area included in each permit, which is the amount
mandatorily required by the leasing act upon discovery. Lease of
the remainder is discretionary and will not issue upon the application
of the permittee unless and until such action is required in the public
interest. When it is determined to lease the remaining areas, the
permittee in each case. will be entitled to a preference right to a lease
under Section 14 of the leasing act, at such royalties and under such
conditions as may be prescribed by the secretary under the law and
regulations.
[Vol,. 128.
wholehearted co-operation for the benefit of the consumer as well as the
industry'
Predicts $5 Oil Without Conservation.
"I was entertained at dinner by some banker friends. I told them
clearly that, though many people thought to the contrary, I was not
here to raise prices. I am here to prevent the price increase which is
bound to come if co-operation and conservation is not adopted and
adopted on a world basis. Continue the present practices of bringing
oil out when it is not needed; the attendant waste of such practice;
forcing this excess oil into inferior uses for which it should never be
consumed and in six years you will have oil at $5 a barrel. Then will
follow the usual frantic search for new pools, the repeating of the
procedure of excess and waste in drilling, uneconomical production and
waste.
"I told them that with effective co-operation in conservation I could
guarantee the continuation of present production for twenty years to
come. I also know that consumption will increase, and I would not
want to guarantee that it would not overtake production in a shorter
time.
"It is obvious to me that the industry should adopt and practice
conservation. Not only for any necessities at present, but for the
longer viewpoint of the supply to meet demand in future years. I do
not ask anyone to write agreements. But sincerely I do ask that the
industry, on its own word, try out real conservation for the next nine
months.
Motor Industry Should Help Conservation.
"There should be no hardship in that. The public everywhere will be
assured plenty of oil with production for each country fixed at the
1928 production. And a plentiful reserve will be assured to draw upon
when consumption increases, and not wasted before that time comes.
Our company is willing to do it and will not ask sacrifices from anyone
which we are not willing to make ourselves.
"The result will be good for the industry. But, of greater importance,
it will be good for the general public inconserving its supply of this
much needed fuel. There is an obvious need for conservation for the
ultimate good of all countries of the world and the benefits will be felt
in years to come.
"One thing which has surprised me is the apparent indifference of
the motor car industry to the efforts toward conservation of the world's
oil supply. The motor people are most vitally interested in there being
Setninele (Oklahoma) Proration—Operators Vote to
a steady supply of motor fuel and should, I believe, give help to our
Continue Agreement Until June 1.
efforts for their own good."
From Tulsa, Okla. the "Wall Street Journal" on April 8
The New York "Journal of Commerce" stating in its
reported the following:
Issue of April 10 that Sir Henri on April 9 denied that a
Seminole oil operators at meeting April 5 voted to extend proration world
oil monopoly along the lines recently charged by
30 days to June 1. No change was made in allowable production nor
in percentages of different fields. One company contended that the Senator Borah and reported from time to time earlier
same percentages should apply to all fields where proration is being existed or was in prospect added:
practiced, but this was voted down.
Such a combine linked the names of Sir Henri's group, the Standard
It is reported Prairie Oil & Gas Co., Sinclair Oil & Gas Co. and Oil Co. of New Jersey and the Anglo-Persian Oil Co., the object
of
Magnolia Petroleum Co. were not represented at the meeting. These which would be the international regulation of production and prices.
are three of the largest Seminole producers. Most of those present He also did not acknowledge that a European export association
was
felt somewhat dismayed at the setback received in Washington when taking form.
production curtailment plans were presented to the Federal Oil Con"There is nothing signed that looks like an agreement by word or
pen," he declared. "There has been no discussion over agreements on
servation Board.
foreign markets. No allocations. All can ship as they please. I do not
It is noted that proration fixes Oklahoma production understand Senator
Borah's statement. I would like to know what he
at 65b,000 barrels daily, most of the shutting in being means."
voluntary in Seminole area.
Export Association.
Asked about the formation of an export association by the European
Sir Henri Deterding of Royal-Dutch-Shell Companies Sails oil interests, Sir Henri relegated that to the category of the alleged
international oil agreement. There have been reliable reports that such
For Europe—Says With Conservation Supply of Oil Can an association was in process of formation, but if so Sir Henri
failed to
confirm the report. He was direct that no discussions had taken place
Be Assured For Years—Denies World Oil Combine.
regarding foreign markets. He further denied that plans were in the
Sir Henri Deterding, Managing Director of the Royal- making
for the partition of foreign markets among international groups
Dutch-Shell Companies, sailed for Europe on the Cunard with a view to higher prices.
Asked if overseas oil fields were being exploited as rapidly as here,
Line steamer Mauretania on April 10; as noted in these
columns March 30 (pages 1898-2000). Hir Henri arrived Sir Henri thought not. Relative to the situation in Mesopotamia, he
said that production there was running about the same as last
in this country on March 26, to participate in the con- Large sums would have to be expended to develop these sources. year.
Sir Henri Deterding leaves this country with positively expressed
ference on oil conservation held the following day by
views regarding the need of world oil conservation, but non-commital
Interests in the American Petroleum Institute. According as
to whether the Royal Dutch Shell group, of which he is managing
to the New York "Times" of April 10, Sir Henri believes director, will lend its active support to the restriction program of
the
American
Petroleum Institute.
a world-wide understanding to curtail oil production can
An
effort
was
made,
however,
to
learn
just where Sir Henri stands
yet be reached in spite of the failure of the American in
the matter of co-operation with the domestic oil restriction movePetroleum Institute to obtain approval of its conservation ment as put forward by the American Petroleum
Institute. Following
program in Washington. The fact that Attorney-General the meeting of the directors of that organization held March 27, at
which Sir Henri was present by special invitation, it was announced
Mitchell held that no Federal authority exists to sanction that
the conservation program for the United States and Northern South
the Institute's plans to restrict the output of crude oil America comprehended the keeping down of crude
oil production this
production in 1929 to the level of output in 1928, was year to the amount brought out of ground in 1928. The Royal Dutch
Shell representative, who earlier in the day had not seemed in sympathy
issue
our
indicated in
of April 6, page 2211-F. Sir Henri with
the program, later came out with the statement that his group
was reported in the "Wall Street Journal" of April 8 as wont' support the plan 100%.
stating that with co-operative conservation he can see
Stable Prices.
the supply of oil assured for years to come. "Without it,
Sir Henri said that in the end a conservation program would be
and with the wasteful production and use of petroleum brought about.
"Let us find a form of prices so that the future is assured of a
continuing," he said, "a shortage is sure to develop. One
thing I am sure of is that the world will need constantly supply," said Sir Henri. "Is it not better that gosoline should sell at
say 50 cents a gallon, and remain steady over a term of years, than it
increasing supplies of oil and the world should see to it should sell at 17 cents a gallon now and
then, through overproduction
that the supplies are conserved. The account also quoted and consequent shortage be shoved up to 50 cents a gallon in a few
years.
It
is
merely
a
plea
for common sense in oil production."
him as continuing:
Replying to an
"I came to America," he said, "in the interests of the whole oil there will be any inquiry, Sir Henri said: "I do not know whether
curtailment in Venezuela as a result of the plan."
industry. Not for America alone, but the world. I am not talking
Without throwing any light on what his attitude may eventually be
or seeking any special benefits or exceptions for Europe, the Far East, relative to the
American conservation plan if the regional method of
Persia or any other country, but for the oil industry as a whole.
control proves effective
"When I went to my first meeting with oil men here I said: 'If those at the interview and without legal interference from any quarter,
opinion that Sir Henri
you want success, believe on my word of honor that I am here as an and the interests he were inclined to form thetheir
time in the matter
oil man intere rted in the welfare of the whole industry and not for any of co-operation. In represents, propose to bide
short, if the American oil program proves successful,
one company or country. But there is one truth which I ask you to and it is demonstrated
that violations of American law are not involved,
remember, znd it is as big as a cow—that if the producer has died today the belief is
that Sir Henri will offer co-operation, which presumably
the distributor died yesterday. The distributor has no business if the would include Northern
South America where his group of companies
producer is not living to get him raw material. What is needed is the have large interests, particularly
Venezuela.
APRIL 13 1929.]
FINANCIAL CHRONICLE
Relative to a statement issued last week by Saul G. Bron, chairman
of the Amtorg Trading Corporation, the Soviet petroleum representative
here, charging Sir Henri with misleading statements regarding the
British-Soviet oil settlement, the Royal Dutch Shell representative
reiterated his former claim that the Soviets in executing the agreements recognized the principle of compensation for property confiscated.
Commenting on Bron's statement, he said: "There is no greater lie
than 50% of the truth, or half a truth. The discount was allowed and
Moscow knew what was to be done with the money. The claim for
compensation stands. Moscow has acknowledged the principle of compensation. Why all this beating about the bush?"
In conclusion, Sir Henri said he believed that his visit to the Unted
States has been productive of good in that "we know more of the world
picture and are better acquainted than before."
George R. Christian Former Partner in Defunct Brokerage
Firm of Day 8; Heaton, New York, May Be Indicted
For Grand Larceny in Connection With the Firm's
Failure—Fugitive Broker Arrested in Texas and
Brought to Trenton, N. J. to Answer Federal Charge
of Misuse of the Mails—Now at Liberty in $5,000 Bail.
George R. Christian, long missing partner in the defunct New York Stock Exchange house of Day & Heaton,
New York, which failed in September, 1924 with liabilities of $2,400,000 shortly after his disappearance, was
released from the Mercer County Jail at Trenton, N. J.
on Thursday of this week (Apr. 11), pending his arraignment in the Federal Court at Newark next Monday on
an indictment charging misuse of the mails, according to
advices from Trenton Thursday to the New York "Times."
The former broker, who had been sought for nearly five
years, was arrested in San Antonio, Texas, about fourteen
days ago, on the charge mentioned, brought against him
by his brother, Louis Christian of Maplewood, N. J., and
arrived in New Jersey April 0. It is understood that before his arraignment on April 15, District-Attorney Banton
of New York will move for his indictment in New York
in connection with the failure of the Day & Heaton firm.
In a statement made following his arrest in San Antonio,
Mr. Christian was reported In the "Times" of March 31
as saying with reference to the failure of the brokerage
house:
that its firmly established policy is to continue its single,
independent corporate organization which it has maintained
since it was chartered 76 years ago.
- of the Cashiers Association of
This week's regular meeting
Wall Street, Inc., featured a debate, "Resolved that all
deliveries should carry the same requirements as listed securities," followed by a general discussion of "Street deliveries!'
It was held at the Cafe Savarin on Thursday, April 11.
Members of New York C-hapter American Institute of
Banking on April 9th, 10th, and 11th, had the opportunity
of visiting the New York Federal Reserve Bank. Under the
guidance of the officials the vistors are first shown a picture,
then conducted through the institution where each function
was described in detail.
Charles R. Strusz with the Hanover National Bank of
New York won the first prize in the Fifth Annual Public
Speaking Contest of the New York Chapter Inc. of the
American Institute of Banking, on Tuesday evening, April 9.
The subject "The Beet Investment" is that to be used at the
national contest to be held during the annual convention in
Tulsa, Oklahoma, next June when the successful candidates
from various parts of the country will compete for the Giannini prizes. The winners of the national contest will be
awarded four prizes: $500, $300, $200 and $100. Mr.
Strusz received $10 as first prize and Walter F. Williams with
the National City Bank was second, receiving the sum of
$5. The winner will have an opportunity to appear at a
later date in the district contest to determine who is to
represent New York and the New England States at the
convention. The judges were Dr. Charles A. Tonsor, Dr.
Dudley H. Miles, and William H. Bennett, members of
New York Chapter faculty. Louis H. Ohlrogge, President
of the Alumni Association which donated the prizes at this
week's contest, presided.
"I had more money tied up in the firm than I ever got out of it,"
he declared. "The firm went bankrupt Sept. 18, 1924. At that
time I was drawing a salary of $14,000 a year and I ought to have
had some money and I did. I had worked my way up from office
boy and had invested a large sum in the firm's business. When the
firm became insolvent and I saw that the break was coming I left
there, and money that I took with me was my own.
"There have been several attempts to get me in trouble since I left
New York," Christian said, "but they have never been able to get
any one to sign a complaint. Now they bring this charge through my
brother, from whom I have been estranged for several years. It
• seems to me to be a scheme to get me back to New Jersey. Well,
• they could have saved themselves the trouble, as I was planning to
go back within a few days when I was arrested.
"I will not say when I last left New York," he declared. "I have
been in and out of there several times since 1924, and persons who
are now howling about what they term the theft of $2,000,000 knew
I was there and made no attempt to have me arrested. I assure you
there are several persons in New York to whom the news of my
arrest will be bad news.
"I have never lived in Philadelphia. That has been my headquarters
for three or four years, but I have had no home since I left New York.
I have been all over the United States and have not remained in any
one city long.
"I have $150,000 due me in Philadelphia now which I have been
unable to collect. Being in a measure a fugitive from justice, although
I have committed no crime, that fact has been taken advantage of
by several of my creditors. I have found it very difficult at times
to get money that properly belonged to me."
The prisoner said he had been in no business since he left the
brokerage firm.
"I had enough money to live on and there had been so much printed
in the newspapers in regard to the failure of the firm that I was
naturally handicapped in a business way. The failure and the charges
and counter-charges that followed provided a forty-day first-page play
in some of the New York papers in which I always got the worst of it.
Most of this stuff was grabbed out of thin air without a foundation of
fact."
The Chelsea Exchange Ban- k of New York reports total
resources of $27,908,681 at the close of business March 22
1929, the highest in the history of the bank, according to
Edward S. Rothchild, President. This total compares with
resources of $27,195,971 reported on December 31 1928, and
with $25,918,698 reported on Sept. 28 1929. Total deposits
as of the last call aggregated $23,069,009 against $23,106,420
at the close of 1928. Undivided profits as of March 22
totaled $684,655 against $630,100 on December 31. Total
capital surplus and undivided profits aggregated $3,684,655.
The Chelsea Exchange Bank of New York, which operates
six banking offices in varlous parts of the city, within the
next few months will build a new bank at the southwest
corner of 135th St. and Seventh Ave. It will be one of the
most modern banking offices in that section of the town,
according to Charles G. Rapp, Vice-President of the institution, and its establishment is a designed as tribute to the
thriftiness of the Negro Race in Harlem. The present
Harlem office of the Chelsea Bank has over 20,000 accounts
on its books. The new building will be ready for occupancy
about July 1. Mr. Rapp, who opened the present Harlem
Branch 17 years ago, will be in charge of the new quarters.
William T. Dunlap is Assistant Manager.
It appears no complaint was made to the District:
Attorney office against Mr. Christian. According to the
"Times" of March 30, when the former broker dropped
out of sight in 1924 his partners in the Day & Heaton
firm notified the Stock Exchange that he had disappeared
and that approximately $2,000,000 of securities, the firms
property. or owned by customers, had disappeared also.
The police conducted a wide hunt for the missing partner,
but no Grand Jury action was ever taken by DistrictAttorney Banton, although an assistant conducted an investigation. Eventually the police hunt slackened and the
whereabouts of Christian became a mystery.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
In answer to numerous inquiries which have come to the
institution, the United States Trust Co. of New York, 45
Wall St., announced on April 9 that it does not intend to
merge or combine with any bank or other trust company and
2401
John Genova, formerly associated with the International
Union Bank of this city, was elected Cashier of the Unity
State Bank of Brooklyn on March 29 to succeed George B.
Lawson, resigned. Mr. Genova assumed his new office on
April 1.
Henry J. Cochran, for the past 12 years a Vice-President
of the Bankers Trust Co. of New York, was elected President of the institution at a meeting of the directors on
April 9. He succeeds A. A. Tilney, who assumes the newly
created position of Vice-Chairman of the board of directors,
of which Seward Prosser is Chairman. It was announced
that both Mr. Prosser and Mr. Tilney will continue to take
a part in the bank's affairs no less active than heretofore.
Mr. Cochran, who on April 8 celebrated his 50th birthday
anniversary, becomes the fifth President of the Bankers
Trust Co. His predecessors in that office were Edmund C.
Converse and Benjamin Strong, late Governor of the Federal
Reserve Bank of New York, in addition to Mr. Prosser
and Mr. Tilney.
The election of Mr. Cochran is considered a logical move
in view of the increased administrative burdens imposed
upon the officers of the trust company by its growth in
recent years. The new President has been in charge of the
2402
FINANCIAL CHRONICLE
[VOL. 128.
banking department in the main office of the bank at 16 oldest bank
in Tulsa. Mr. Brewer is a director of the ComWall St. and formerly was in charge of its office at Fifth Ave. merce
Trust Co., Kansas City Life Insurance Co., Kansas
and 42nd St. Mr. Cochran began his business career with City,
Mexico & Orient Railway, and Phillips Petroleum Co.
the American Locomotive Co. in 1901 year following his He is a director
also of the Tulsa Chamber of Commerce and
graduation from Princeton University. After becoming a former national
President of Phi Delta Theta Fraternity.
chief statistician of the company, he left in 1907 to enter Mr.Brewer
will be situated at the main office of the Chatham
the accounting business. Three years later the accounting Phenix, at
149 Broadway.
firm of Patterson & Cochran was formed. His active connection with this firm lasted until 1912, when he was invited to become Vice-President of the Astor Trust Co. of
Albert H. Wiggin, Chairman of the Board of the Chase
which E. C. Converse was then President. When the National Bank of New York in an announce
ment issued
Astor Trust Co. was merged with the Bankers Trust Co. April 8 said:
in 1917, Mr. Cochran became Vice-President of the Bankers
At special meetings held to-day by the Boards of
Directors of the Chase
Trust Co. in charge of its Fifth Ave. office. In 1922 he National Bank of the City of New York, of the Chase Securities Corp. and
of the American Express Co., recommendations were
adopted which, if
entered the Wall St. office of the Bankers Trust as head of approved by the shareholders, will result
In consolidating the interests of
the banking department. He has been a director of the the three organizations, each of which ranks among the foremost
institucompany since Nov. 17 1925. Mr. Cochran is a director tions of the world in its own particular field.
Mr.
Wiggin's announcement also stated:
of the American Smelting and Refining Co., the Astor Safe
Affiliation of Chase National Bank, Chase Securities Corp.
and the
Deposit Co., the Home Life Insurance Co. and a trustee of American
Express Co. will be mutually
and will serve to broaden
Franklin Savings Bank. Mr. Cochran is a cousin of Thomas the activities of all three organizationbeneficial
. The institutions participating
Cochran of J. P. Morgan & Co. Since 1922 Mr. Cochran will continue to function as in the past. There will be no change in name.
personnel or policies of the American Express Co. It will continue
to
has been a life trustee of Princeton University. He is a service travelers'
checks, letters of credit, and other facilities, and to
life member of the American Academy of Science. The function throughout the world. as at present.
Details of the plan were furnished as follows by Mr.
Bankers Trust Co. of New York, an inspiration of the late
Henry P. Davison, was founded 26 years ago, with a capital Wiggin.
The plan in brief provides for (1) an increase in the capital funds of the
of $1,000,000, surplus of $500,000 and deposits of $5,748,000.
Chase
Bank and the Chase Securities Corp.; (2) a reduction of
Its latest published statement shows total resources of the parNational
value of the stock of the Chase National Bank from $100 per share
$658,614,903, a capital structure of $102,498,380 and de- to $20 per share, and a corresponding increase in the no-par value shares
posits of $473,501,535. Stockholders last week voted to of the Chase Securities Corp., and (3) an exchange of the shares of the
American Express Co. for new shares of the two Chase institutions. With
increase the number of shares from 250,000 to 2,500,000, the approval
of the Board of Directors of the American Express Co•.
changing their par value from $100 to $10. Last year the committee representing shareholders of that company has been formed toa
bank commemorated its 25th anniversary by increasing accept deposits of American Express Co. stock under the plan. This
committee consists of: Chairman Seward Prosser, Chairman of Board,
its annual dividend from $20 to $30 a share, declaring an Bankers Trust Co.; James S. Alexander,
Chairman of Board, National
anniversary b6nus to all employes and later increasing its Bank of Commerce; Albert H. Harris, Chairman of Finance Committee
and Vice-President of New York Central Railroad; Charles Hayden,
capital stock from $20,000,000 to $25,000,000. In ad- Hayden, Stone
& Co.; Harold I. Pratt, of Charles Pratt & Co., New York:
dition to its main office in its building at Wall and Nassau Arthur Reynolds, Chairman of Board,
Continental Illinois Bank & Trust
Co.,
Chicago,
Ill.;
Charles S.Sargent, Kidder, Peabody & Co.; Frederick P.
Sts., the Bankers Trust Co. maintains four other offices,
Small, President of American Express Co.; Philip Stockton, President
of
each independent in its operations of its own transactions Old Colony Trust Co., Boston,
Mass., and General Cornelius Vanderbilt.
with customers—the Fifth Ave. office at 42nd St., an office
The Boards of Directors of The Chase National Bank and Chase
Securiat 57th St. and Madison Ave. and two foreign offices in ties Corp. have recommended that shareholders take action at special
meetings to be called for May 16 1929, on a proposal'to increase the
capital
Paris and London.
stock of the Chase National Bank and Chase Securities
Corp. from 610,000
shares to 800,000 shares, and to divide the shares on the basis of five for
one,
thus making a total of four million shares of each institution outstanding
At a special meeting on April 8 of the directors of the on the completion of the plan.
Of the additional new shares, 762,500 shares are to be offered at $110
Guaranty Trust Co. of New York the merger agreement
share to stockholders of Chase National Bank and Chase Securities
between the Guaranty Trust Co. of New York and the Bank per
Corp. of record as of May 24 1929 on the basis of five new shares for each
of Commerce in New York was formally approved. At the four old shares, and the balance of the shares is to be used in connection
same time resolutions were adopted calling a special meeting with the plan of affiliation with American Express Co.
The
of $57,000,000 to be received by the Bank from the issuance
of the stockholders, to be held on May 2d to vote upon the of the amount
additional shares will be allocated on the basis
$19,000,000 to
agreement. Various items regarding the proposed merger capital and $38,000,000 to surplus and reserves, and theofbalance of funds
paid
in
shareholders
by
will
allocated
be
to Chase Securities Corp.
have appeared in these columns—the first March 2, page
Upon
basis of exchange of allot the outstanding shares of the American
1319, and the one prior to the present in our issue of April 6, Express the
Co. stock and the Inclusion of American Express Co. at its book
page 2215. William C. Potter, President of the Guaranty values, less specific reserves, the Chase Securities Corp. will have a book
value upon consummation of the plan of approximately $85,500,000. The
Trust, in a letter to stockholders, April 8, says:
Stockholders owning over 80% of the stock of your company have already combined institutions will have capital, surplus and reserve of over
sent in their consents and proxies to cause their stock to be voted in favor $283,000,000.
The plan offers to each shareholder of American Express Co., who deposits
of the approval of such Agreement of Merger at the stockholders meeting
his stock on or before April 30 next, the opportunity of receiving on
July 1
to be held on May 2 1929.
1929,
five shares of new Chase National Bank and Chase Securities Corp.
It is expected that the necessary proceedings will be taken so that the
stock
for
each
three
shares
American
of
Express
Co. Shareholders of
merger will become effective and the merged institution, under the name
American Express Co. may deposit their shares with the Bankers Trust Co:,
of Guaranty Trust Co. of New York, begin business as planned on May 6
New York, the Continental Illinois Bank and Trust Co., Chicago, or the
1929.
Old Colony Trust Co., Boston, which institutions are named as deposiChatham Phenix National Bank & Trust Co. of New York taries under the plan.
announces the election as Assistant Cashier, of Young Tyree
F. P. Small, President of the American Express Co. says
who recently resigned from the position of Vice-President of of the plan:
the Independence Trust Co.of Charlotte, N.C. Mr. Tyree
"I believe that this plan is fair and equitable and that it is in the
interest
a native of Richmond, Va., was an officer of the State-Plant- of American Express shareholders to deposit their shares with the Committee. Under the plan they will exchange their shares for
shares of one
ers Bank & Trust Co. of Richmond for fourteen year prior of the largest banking organization
s in the world.
to 1927. In June 1927 he accepted a position as Vice-Presi"Through becoming shareholders of the Chase National Bank
and Chase
dent of the Independence Trust Co. of Charlotte, N. C. Securities Corp., American Express Co. stockholders will continue to have
an interest in the business of the American Express Co. and
at the sera
Now a resident of Verona, N. J., he will be stationed at the time will derive the benefit of
participating in the broader activities availMain Office of the Chatham Phenix, at 149 Broadway.
able to a large bank and an established securities corporation.
On April 11 Chatham Phenix National Bank & Trust Co. "The name and business of the American Express Co. will be continued.
No change will be made in the policies or management of the company.
announced, following a meeting of its directors, that it had American
Express Co.'s travelers' cheeks, and other facilities will be
added to the bank's organization as Vice-President, Robert serviced throughout the world as at present."
Paine Brewer, now Chairman of the First National Bank &
A statement issued in connection with the announcement
Trust Co. of Tulsa, Oklahoma. The banking career of Mr. says:
Brewer, a native of Muskogee, Okla. began two years after
Affiliation of Chase National Bank, Chase Securities Corp. and American
his graduation from Southwestern University in 1896, when Express Co. will create one of the largest organizations of its kind in the
world. Few, if any other institutions either of this country or Europe,
he organized the First National Bank of Checotah, Okla., will have larger representati
on throughout the world. The plan, calling
which he served as President. In 1902 he became President or an affiliation of interests of the three institutions, ranking among the
foremost
of
America,
represents
an enterprise that is unique in financial
of the First National Bank of Quinton, Okla., and in 1908 he history. The new
will embrace all of the offices and connecassumed the Presidency of the First National Bank of tions of the Chase organization
National Bank, Chase Securities Corp. and American
MdMister, Okla. The Commerce Trust Co. of Kansas City Express Co., and while each unit will be operated independently of the
others, all three will co-ordinate their activities.
elected Mr. Brewer its senior Vice-President in 1921. In
The American Express Co. will contribute to the affiliated institutions
1924 he became President of the First National Bank & one of the largest international organizations ever built up. Formed
as a
voluntary
partnership or association of individuals more than threeTrust Co. of Tulsa and subsequently Chairman of its board.
quarters of a century ago, this company has steadily grown until to
-day
This institution, with deposits exceeding $30,000,000, is the its financial paper and money order business world-wide
is
and its travelers.
APRIL 13 1929.]
FINANCIAL CHRONICLE
checks and letters of credit have an International acceptance. The company
has 35 branches in the United States and 60 foreign branches. It transacts
business in 20 countries through its own offices and through its financial and
foreign travel services, the company operates in practically every country
of the world.
No changes will be made in the name, policies or management of the
American Express Co., which will continue to function as at present.
Chase National Bank, with total resources of more than $1,300,000,000
and deposits of over $1,000,000.000, is one of the three largest banks of
America. Its influence and its activities are world-wide. Chase Securities
Corp., the investment banking affiliate of Chase National Bank, is also
world-wide in scope and has figured prominently in the underwriting and
public offering of many foreign and domestic loans.
2403
An application has been made to the New York State
Banking Department to organize the J. Henry Schroder
Trust Co. of this city, with a capital of $700,000 and surplus
of $350,000. The following are the officers chosen for the
new institution.
Baron Bruno Schroder, Chairman of the Board; Prentiss
N. Gray, President; Stephen Paul, Gerald F. Beal and John
L. Simpson, Vice-Presidents; T. A. Shields, Sec. & Trust
Officer; Harold A. Sutphen, Treasurer, and William A.
Tucker, Asst. Secretary and Treasurer.
Negotiations have been completed whereby an immense
63-story skyscraper, the tallest in New York City and the
highest bank and office building in the world, will be erected
in the heart of the financial district. Official announcement
to this effect was made this week by the owners, an investment syndicate headed by George L. Ohrstrom of G. L.
Nathan S. Jonas, President of Manufacturers Trust Co. Ohrstrom & Co., Inc., investment bankers, and including
announces the promotions of George F. Edelman, Robert T. the Starrett Corp.
Ritchie and Charles F. McNamee to the office of Assistant
The new structure, to be known as the Bank of Manhattan
Secretary. Andrew Rose, formerly of the Fidelity Trust Bldg., will occupy the greater portion of the block bounded
Co., has joined Manufacturers Trust Co., in the capacity of by Wall, Nassau, Pine and William Sts. It will have a
Assistant Secretary, and Philip P. McGovern, formerly frontage on Wall St. of about 150 feet, extending from
Manager of the Foreign Department of the Seaboard National the United States Assay Office to the Bank of America buildBank, has also joined the staff in the capacity of Assistant ing, and approximately 194 feet on Pine St.; it will cover an
Manager of the Foreign Department.
area of some 33,000 square feet. Upon its completion, there
will be only three other buildings in this block, namely,
John M. Jordan, for many years connected with the
the Sub-Treasury, the Assay Office and the Bank of America
and
Bank
National
Credit Department of the Harriman
the latter being at the corner of Wall and William
Trust Co. of New York was appointed an Assistant Cashier building, extending north to Pine St. The Bank of the
Sts.
and
4.
of the bank on April
Co. will occupy 100,000 square feet of space in
At a regular meeting of the Directors of the Harriman Manhattan
Pending completion of its quarters therein,
building.
new
the
National Bank and Trust Co. on April 5, J. Barstow Smull,
into temporary quarters at 27 and 29
move
will
bank
the
Chairman,
&
Co.;
Vice-President of J. H. Winchester
of the building will include the
tenants
Other
St.
Pine
Executive Committee, New York Chamber of Commerce
Bank, International Manhattan
Acceptance
and Ex-President of the New York Produce Exchange, was International
Flore & Co., A.Iselin & Co.,G.L.Ohrstrom
Field,
Inc.,
Co.,
elected a Director.
Caldwalader, Wickersham & Taft, J. A. Sisto
The Harriman National Bank & Trust Co. at the regular & Co., Inc.,
& Co. Applications already received from
Aldred
and
Co.
&
member
a
meeting of the Clearing House on April 11, became
other interests are said to be sufficient,
and
banking
leading
of that organization. It was announced at the same time
all of the rentable space in
practically
take
that Don M. Kelley of Kelley, Converse & Co., investment if accepted, to
building.
new
the
bankers, has been elected a member of the advisory board
With its 63 stories, surmounted by a number of r.41itional
of the bank.
stories and observation tower, this skyscraper will use 840
the
The first financial statement of The Commercial National feet above the street level, or about 36 feet higher than
and
St.
42d
at
construction
of
process
in
now
Bank and Trust Co. of New York, made public in response Chrysler Bldg.
Woolworth
to the call of the Comptroller of the Currency, shows, as of Lexington Ave., and 44 feet higher than the
ly
approximate
will
contain
It
Broadway.
Lower
on
March 27, deposits of $59,534,951, which is believed to be a Bldg.
elevators, inrecord for a national bank operating for a period of less than 835,000 feet of rentable floor space. Forty
access to all floors.
three months. The institution opened for business on cluding private elevators, will give ready
white marble or limeJan. 9, with a paid-in capital and surplus of $14,000,000, The outside walls will be of granite,
brick and stone. At the
the largest initial capitalization of any National bank. The stone to the seventh floor, then
will be a silvered cutthere
tower
the
of
pinnacle
which
extreme
statement also shows total resources of $76,753,190, of
sun in prismatic
cash on hand, in Federal Reserve Bank and due from banks glass finial which will reflect the rays of the
when floodbuilding
the
of
portion
upper
entire
The
and
discounts
are
colors.
and bankers, totals $29,234,826. Loans
and ships
shown as $40,285,820, while the surplus and undivided lighted at night will serve as a beacon for airplanes,
directions.
all
in
miles
many
for
visible
be
will
of
and
earnings
net
sea,
at
indicates
$7,332,000
of
profits account
$332,000 for the period of less than three months exclusive
The organization of the new Sterling National Bank &
of the earnings of its affiliated securities company, the
Trust Company of New York has been completed according
Commercial National Corp.
to an announcement by Joseph Brown,President, on Apr. 10.
is expected that the bank will open its quarters in the
It
The stockholders of Irving Trust Co., of New York, at a Chanin Building for business about May 1, the exact date
special meeting on April 10, approved the plan to increase to be announced later. Samuel H. Golding was elected
the company's capital from $40,000,000 to $50,000,000 and Chairman of the Board of Directors at a recent meeting.
change the par value of the company's stock from $100 to The other members of the Board of Directors include Oscar
$10 a share. The change in par value will become effective Abel of Consolidated Retail Stores, Inc.; Abraham Bricken
at the close of business on April 17. Stockholders of record of Bricken Construction & Improvement Corp.; Abe Del
holding certificates for $100 par value stock will then. be Monte of Abe Del Monte & Co., Inc.; Joseph Brown, Presideemed the holders of $10 par value stock at the rate of ten dent; Michael Hollander of A. Hollander & Son, Inc.; Henry
$10 par value shares for each share of $100 par value stock Homes of Homes & Davis; Julius Klorfein of Carcia Grande
held, without any exchange of certificate. The annouce- Cigars Co.; Arthur M. Lamport of A. M. Lamport & Co.;
ment issued by the company also says:
Walter E. Leonard of Leonard-Fitzpatrick Mueller Stores
To effect the increase in capital, 1,000,000 shares of $10 par value stock
of
at
record
the
close
of
stockholders
business
April
17.
Co.; Irving I. Lewine of Irving I. Lewine, Inc.; Frank
to
will be offered
held
shares
will
to
the
entitled
holder
value
subscribe
par
$10
four
Every
Murray of The Hilton Co., Inc.; Sydney T. Perrin of W. L.
at $35 a share.
for one new share of $10 par value stock
& Sons; David V.Picker of Loew's Inc.; Samuel RaisPerrin
the
of
sale
from
the
realized
increased
$35,000,000
Upon receipt of the
follows:
will
as
be
structure
capital
Heating Co.; Lee Shubert of Shubert Theatricompany's
Raisler
of
ler
capital stock, the
capital
_________________________________________________$50.000.000 cal Corp.; Hon.Peter M.Speer of Standard Oil Co. of N.Y.;
y)
80,000,000
Surplus and undivided profits(approximatel
Harry Thoens of Thoens & Flaunlacher, Inc.; Isaac Liber$130,000,000
man, President of Arnold, Constable & Co.
Total (approximately)
The total number of shares outstanding will then be 5,000,000 of $10 par
Because of the institution's convenient location to the
each. Subscription warrants evidencing rights to subscribe to the increased
Central Terminal, it has been decided to open for
will
Grand
18.
Rights
expire at
capital stock will be mailed on or about April
deposits at 8.30 a. m. for the benefit of commuters from
3 o'clock p. m.on Slay 17.
The plans to increase the capital and to change the par Westchester and Queens Borough.
An item regarding the institution appeared in our issue
value of the stock were referred to in our issue of March 23,
of March 23, page 1844.
page 1845.
In its statement issued in response to the call of the Comptroller of the Currency March 27 the Chase National reported
capital of $61,000,000; surplus of $61,000,000; undivided
profits of $18,937,918; deposits of $1,048,009,157 and
aggregate resources of $1,316,188,226.
2404
FINANCIAL CHRONICLE
Charles A. Laurino, heretofore a director of the Aeolian
Weber Piano and Pianola Co. and for the last six years sales
manager of The Aeolian Co., has been elected Vice-President
of The Seward National Bank & Trust Co. of New ;York,
and placed in charge of the new business department. Mr.
Laurino's entrance into the field of banking follows a career
of 24 years within the Aeolian organization. As an officer
of The Seward National Bank & Trust Co., Mr. Laurino
will be identified with an institution chartered in 1927 and
which now has capital of $2,000,000 and deposits of approximately $5,000,000.
[VOL. 128.
and the men in Colonial costume handed cigars to
the
gentlemen. A reception committee of 25 employee assisted
the officers and directors in receiving the guests. A caterer
served guests with refreshments. Some of the bank's earliest
documents were on exhibition in show cases. These yellowed
papers and ledgers, some dating back to 1804, were executed
in beautiful flowery longhand. There was also a collection
of old coins, large iron and brass keys for the first vaults,
pictures of the eight past-presidents of the bank, reproductions and drawings of early Newark, &c. A feature of the
occasion was the loosening of a block in the building
by
Charles L. Farrell, ninth President of the institution, thus
formally starting the demolition of the old building to make
way for the new structure which will soon rise.
As the
guests left the bank they received a brochure containing
the
history of the bank.
An application has been made to the New York State
Banking Department to organize the Tompkins Square
Bank of this city. The officers slated for the new institution
are: President, Salon B. Lilienstein; Vice-President, Norman
F. Schloss, and Murray Knecht. The institution will be
located at 106-108 Avenue B, New York City. It is to have
Plans to increase the capital of the Tioga National Bank
a capital of $100,000 and surplus of $50,000, its stock, par of Philadelph
ia from $200,000 to $300,000 and to reduce the
$100, being placed at $150 per share.
par value of the stock from $100 to $10 a share, were
approved by the stockholders of the institution at a special
The Corn Exchange Bank of this city on April 8 purchased
meeting on April 10, according to the Philadelphia "Ledger"
the property at 57 and 59 West 86th St. as a site for its 68th
of April 10, which furthermore said:
branch office.
The directors of Richmond Hill National Bank of New
York will submit to stockholders at a meeting called for
April 29, a proposal to split the stock of the institution five
for one, making the par value $20 per share. The stock was
quoted this week in the Over-the-Counter market 1,000 bid,
offered at 1,050.
.—
According to the Boston "Transcript" of April 3, the
board of directors of the Second National Bank of Boston
has been increased from 22 to 23 members. George H.
Burnett, Treasurer of the Joseph Burnett Co., is the newly
elected director.
•
The capital increase will provide for a stock-purchase privilege, by
which
shareholders may purchase two new shares at $35 per share for each share
now held.
At a meeting of the Security Title & Trust Co. of Philadelphia on April 4, Albert L. Ivers was appointed Secretary
and Treasurer of the institution and also made a Director,
and Allen W. Kerst was chosen Assistant Secretary and
Assistant Treasurer, according to the Philadelphia "Ledger"
of April 5.
The appointment of William H. Spangler as a VicePresident was announced on April 3 by the United Security
Life Insurance & Truk Co. of Philadelphia, according to the
Philadelphia "Ledger" of April 4. Mr. Spangler was
The directors of the First National Bank of Boston on formerly Treasurer of the Wyoming
Valley Trust Co. of
April 10 voted to recommend to the stockholders a reduction Wilkes-Barre, Pa., and at
one time was chief examiner of
in the par value of the shares from $100 to $20 and that five the Pennsylvania Banking Departmen
t.
new shares of the par value of $20 each be issued for each
present share of the par value of $100. This, if adopted, will
George Covington, Jr., George W. Harkins and Lester B.
increase the number of shares outstanding from 250,000 to Johnson have been elected directors of the Fox
Chase Bank
1,250,000. The Board also recommended the adoption of a & Trust Co. of Philadelphia, according to the
Philadelphia
plan for the reorganization of the relations of the bank with "Ledger" of April 4.
the First National Corp. whereby the stock of the corporation
According to the Philadelphia "Ledger" of April 9, the
shall be segregated and held for the benefit of the stockholders of the bank as they may from time to time be con- Philadelphia Clearing House Association at its regular
stituted and ratably in proportion to their respective holdings. weekly meeting April8 adopted the usual resolution providing
The executive committee was authorized to prepare the for advancing the daily opening and closing hours of the
details of the plan to be submitted to a special meeting of banks one hour during the summer daylight-saving period,
the stockholders. The First National Corp. was organized starting April 29.
in 1918 and has since been wholly owned by the bank. The
Two long established Philadelphia banking institutions
changing trend in the character of its business and the
are about to consolidate—the Pennsylvania Company for
opportunity for profitably increasing its scope convinced the
directors that it would be advantageous to segregate the Insurances on Lives & Granting Annuities and the Bank of
ownership from the bank provided the community of interest North America & Trust Co. As stated in the Philadelphia
"Ledger" of April 12, negotiations looking towards the
is maintained and the equitable participation of shareholders
union of these banks have been under way for several weeks
of the bank in earnings and assets of the corporation provided
and
official announcement of the merger "will be made
for. Under the directors' recommendation, these conditions,
this afternoon," (April 12). The combination will result,
it is stated, will be assured. The directors also feel that the
it is said, in the creation of the largest State chartered
reduction in par value of the bank shares will be of advantage
banking institution in the city of Philadelphia, with total
to the bank in that it will produce a wider distribution in
ownership and consequently a wider interest in the in- resources of approximately $182,000,000 and deposits of
approximately $124,000,000. The two companies, acstitution.
cording to their statements of March 25, now have total
P. Maxwell Sayford, Vice-President and a Director of the combined capital of $9,500,000 and surplus of and unCounty Trust Co. of this city died on March 28 at his home divided profits accounts of nearly $30,000,000.
in Montclair, N. J. Mr. Sayford was Vice-President of the
The title of the Citizens National Bank, Waynesboro, Pa.,
County Trust Co. since its organization three years ago.
has been changed to the Citizens National Bank & Trust Co.
He started his banking career as Cashier of the Gansevoort
Bank and before joining the County Trust Co. was in charge
After serving seven years as President of the Merchants'
of branch operations of the Mechanics & Metals National Bank & Trust Co.
of Washington, D. C. (an institution
Bank.
which he had organized in 1922), Peter A. Drury, Sr., retired
A reception of the National Newark & Essex Banking from office on April 4 and was succeeded by Rolfe E.Bolling,
Co. of Newark, N. J., was held in its banking quarters formerly First Vice-President of the institution,according to
Wednesday, April 3, from three to six o'clock, the occasion the Washington "Post" of April 5. Mr. Drury immediately
marking the celebration of the bank's 125th Anniversary became Chairman of the Board of Directors. Other changes
and the beginning of preparations for the erection of its new announced in connection with Mr. Drury's retirement were
32-story building. During the afternoon more than three the advancement of Frank P. Harman, Jr., heretofore
thousand people visited the instituion to view the interesting Second Vice-President and Secretary, to First Vice-President,
exhibits. Nine of the employees, six girls and three men, and the appointment of Joseph A. Rafferty, a director of
were dressed in the style of 1804, the date of the opening of the bank, as Trust Officer. Continuing the Washington
the bank under the name "The Newark Banking and Insur- paper said in part:
Although Mr. Drury has been in poor health several months, it was only
ance Co." The girls presented each lady guest with a flower, recently
that he made known his intention of retiring as the active
head of
APRIL 13 1929.]
FINANCIAL CHRONICLE
his bank.WHe plans a long period of relaxation, and in the near future will
leave Washington on an extended trip through Europe.
Mr. Drury, who has been a resident of the District since 1885, was born in
Roscommon,Ireland. For years after coming here he was interested in the
Abner-Drury Brewing Co., and in 1904 he organized the old Merchants &
Mechanics Bank of Washington, serving as its President until 1906. He
then brought into being the old National City Bank, whose President he
was until 1916, when he organized and was made president of the Merchants
Bank. This had taken over the affairs of the Washington & Southern
Bank. The latter became the Merchants Bank & Trust Co. in 1922.
IIII Mr. Bolling, who succeeds to the Presidency, has been connected with
the bank five years, coming here from New York, where he was associated
with the Chatham Phoenix National Bank. He has been in the banking
business virtually all of his life. Beginning his career in Abingdon, Va.,
he subsequently was associated with banks in Baltimore and Panama before
enterinathe New York banking field.
R.C. Huelsman,formerly manager of the planning department of the State Bank of Chicago, has been elected Comptroller of the new Midland Bank of Cleveland, Ohio. Announcement of the new official was made by John Sherwin
Jr., President of the bank. Mr. Huelsman has had a long
experience in banking, having been associated with the
Chicago branch of the Bank of Nova Scotia and with the
Federal Reserve Bank of that city before joining the State
Bank of Chicago. He has assumed his new duties at the
Midland Bank.
-consolidation of the Norwood
Incident to the proposed
National Bank of Norwood, Ohio (a Cincinnati suburb),
and the Hyde Park Savings Bank Co. of Cincinnati, to form
the Norwood-Hyde Park Bank & Trust Co. (noted in the
"Chronicle" of Mar. 23, page 1842) meeting of the shareholders of the Hyde Park Savings Bank Co. will be held on
April 20 to take action on the proposed merger. The shareholders will also vote on a proposed increase of the bank's
capital from $100,000 to $300,000, divided into 3,000 shares
of the par value of $100 each.
2405
Fifty-onelworkmenrof outstanding craftsmanship received
recognition from the Union Trust Co. of Detroit on April 8
at a ceremony held in the new building of the institution.
This marked the second group of awards given to craftsmen
of each of the major trades employed in the erection of the
new building, which was formally opened April 2. The
names of the workmen so honored will be placed on a tablet
in the lobby of the building; in addition, each workman
chosen received $100 in cash and a certificate of award.
Feeling that the foreman of the group from which a craftsman was chosen should also receive recognition, a $100
award was made to each of these foremen. At the ceremony on April 8, which completed the awards that went to
40 different classifications of trades, Frank W. Blair, President of the Union Trust Company, introduced Frederick J.
Haynes, chairman of the committee of five prominent
Detroit men, decided upon those to be accorded recognition.
Mr. Haynes made the presentation of the awards.
From the'iMilwaukee "Sentinel" of April 5 it is learned
that a new bank, to be known as the Blue Mound State
Bank, will be opened in Milwaukee about June 15 at 61st
St. and Blue Mound Road, according to an announcement
by H. A. Digman, the organizer, who was formerly VicePresident and Cashier of the Northwestern National Bank
of that city. The new institution, which has been granted
a charter by the State Commissioner of Banking, will be
capitalized at $50,000.
Appointment of four more men as officers of the newly
organized First Bank Stock Investment Co. of Minneapolis
and St. Paul (referred to in our issue of Mar. 30, page 2031)
have been announced by P. J. Leeman, President of the
company and Vice-President of the First National Bank
Appointements of D. D. S- cott and George S. Jones as in Minneapolis. The men named are: Secretary, M. 0.
Assistant Treasurers of the Union Trust Co., Cleveland, were Grangaard, Vice-President of the First National Bank,
made at a meeting of the Executive Board of the institution Minneapolis; Treasurer, A. H. Kennedy, Vice-President
on April 1. Mr. Scott entered the employ of the old of the First National Bank, St. Paul; Assistant Secretary,
Citizens Savings & Trust Co. in 1918. Shortly after, he M. M. Hayden, Assistant Cashier of the First National
entered the service during the World War. Upon his return Bank, St. Paul; and Assistant Treasurer, A. E. Wilson,
to Cleveland he took a position with the Union Trust Co., Assistant Comptroller of the 'First National Bank, Minof which the old Citizens Bank had become a part. When neapolis. The First Bank Stock Investment Co.is a holding
the Terminal Square Office was opened a little over a year company owned by the First National Banks of Minneago Mr. Scott was transferred to that office and was later apolis and St. Paul, organized to control and operate banks
made Assistant Manager. Mr. Jones began his banking throughout the Ninth Federal Reserve District. Other
career as messenger for the old Bank of Commerce, which is offficers are George H. Prince, Chairman of the Board;P.J.
now a part of the Union Trust Co.; at the time of his promo- Leeman, President; L. E. Wakefield and R. C. Lilly, Vicetion he was Assistant Manager of the Euclid-101st Office. Presidents.
Both men will continue to serve at their present locations.
A dispatch by the Associated Press from Salt Lake City,
A new organization, under the title of the Old National Utah, on April 5, appearing in the Los Angeles "Times" of
Bank of Bluffton, Bluffton, Ind., opened fgr business on the following day, stated that the National Copper Bank of
March 30 in the old Studebaker Bank Building, recently Salt Lake City has become a member of the First Security
purchased from the receiver of the defunct Studabaker Bank, Corporation, an inter-mountain organization controlling
according to a press dispatch from Bluffton on March 30 to 25 member banks with combined resources of $45,000,000,
the Indianapolis "News." The new bank is capitalized at according to an announcement by W. W. Armstrong,
$100,000 with surplus of $50,000 and is backed by interests Chairman of the Board of Directors of the National Copper
connected with the Old National Bank of Fort Wayne, Ind. Bank. The dispatch furthermore stated that Mr. ArmThe officers are: Henry C. Paul, President; Frank H. Cut- strong continues as Chairman of the Board and L. S. Gates,
shall, Vice-President; F. W. Hitzeman, Cashier, and James General Manager of the Utah Copper Co., becomes President
W. Stodgill, Assistant Cashier. The dispatch furthermore of the institution.
stated that the officers have announced that an organization
would be affiliated with the bank for the purpose of distributGeorge E. Hoffman, President of the Merchants-Laclede
ing securities in the community. This organization will be National Bank of St. Louis,and one of the prominent bankers
Louis,
capitalized at $25,000.
of that city, died on April 4 in St. Luke's Hospital, St.
deceased
The
.
appendicitis
operation for
Stockholders of the First National Bank of Chicago (the following an
who was 65 years of age, took a leading part in the
new organization formed by the consolidation of the First banker,
culminating in the agreement to consoliNational Bank, including its affiliated institution, the First recent negotiations
Valley Trust Co., the Merchants-Laclede
Mississippi
the
date
Trust & Savings Bank,and the Union Trust Co.) at a special
the State National Bank, and was
and
Bank
meeting on April 8 ratified the proposal of the directors to National
of the Board of the new organization,
Chairman
been
have
to
increase the capital of the institution from $24,000,000 to
Merchants State Trust Co. Mr.
Valley
Mississippi
$25,000,000, according to the Chicago "Journal of Com- the
career in 1880 when he went to'
banking
his
began
Hoffman
10,000
of
shares
The
stock9.
additional
merce" of April
and entered the old Laclede
Ia.,
Waverly,
from
Louis
St.
the par value of $100 a share—is to be offered to the stockuncle, Samuel E. Hoffman,
His
clerk.
Bank as a
holders in the ratio of one share for each twenty-four shares National
at the time. Fifteen years
institution
the
of
President
was
held, at the price of $600 a share. Of the $6,000,000 thus
with the Merconsolidated
was
institution
the
obtained, 81,000,000 goes to increase the capital of the First later (1895)
the Merchants-Laclede
forming
Bank,
National
chants
the
capital
and
to
increase
$5,000,000
National Bank and
Bank, and Mr. Hoffman was made an Assistant
surplus of the First-Chicago Corp., making the capital of the National
the enlarged bank. He rose steadily and in 1920
of
Cashier
May
25.
expire
The
rights
Subscription
latter $5,000,000.
of the institution, the office he held at
President
became
to
the
paper
notice to the stockholders states, according
he was almost solely interested in
Although
his death.
mentioned:
divi- banking affairs, for the past two years Mr. Hoffman was
(including
per
annum
18%
of
rate
dividend
a
that
it is anticipated
took
dends derived from the First Trust and Savings Bank and other affiliated Treasurer of the Community Fund and for many years
National Bank of
Institutions) will be paid on the capital stock of the First
work.
an active part in its
Chicago as increased.
2406
FINANCIAL CHRONICLE
The Mississippi Valley Trust Co., St. Louis, announces the
formation of the Mississippi Valley Co. to take over the
business and activities of the bond department, mortgage
loan department, and special tax department of the Trust
Co. The officers are as follows: John R. Longmire, President; Benj. F. Frick, Jr., and Samuel B. Blair, Vice-Presidents; Edgar L. Roy, Treasurer; James F. Quigg, Secretary;
Orville Grove, John M. Bowlin and George F. Clayes,
Assistant Vice-Presidents and William J. Lavery, Assistant
Secretary.
[VoL. 128.
the Farmers Loan & Trust Co., both of New
York. Howard W. Selby is
President.
Tending, too, to indicate the trend toward
restoration of prosperity in
South Florida is the report just made public here
revealing an increase for
the year ending March 14. of $4,000.000 in
the deposits of the Central
Farmers Trust Co. and the affiliated First National
Bank In Palm Beach.
across the lake. On March 14, this year, these
two banks had deposits of
$13,879,503. On deposit in U. S. Postal Savings
in West Palm Beach, Ii
an additional $1,500,000.
Heading the new West Palm Beach Atlantic
National Bank is Edward W.,
Lane of Jacksonville, who as Chairman of the
Board will direct the pades
of the new institution. Mr. Lane is one of
the South's foremost bankers,
and is Chairman of the Board of the Atlantic
National Bank of Jacksonville.
Henry V. Martin, formerly Assistant Vice
-President of the Jacksonville
Atlantic National, is President of the new
institution. E. C. Romp h
member of the board, is President of the First
National Bank in Miami.
Mills B. Lane, Director, Is Chairman of the
Board of the Citizens and
Southern Bank of Savannah, Ga., one of
the South's largest financial
institutions.
Through these four officials, the Atlantic National
finds Itself affiliated
with three of the South's foremost banking houses:
the Atlantic National of
Jacksonville, with assets of more than $45,000,
000; the First National of
Miami, with assets of more than $25,000,000,
and the Citizens and Southern
of Savannah, with assets of more than $100.000,000.
Alf R. Nielson, local developer and capitalist, is
Vice-President of the
bank. Also on the Board are : H. E. Bemis. VicePresident and General
Manager of the Florida East Coast Hotel Co.; L. D.
Simon, prominent local
attorney and 0. C. Chillingworth, former Circuit Court
Judge here.
The Union Planters Bank & Trust Co. and Manhattan
Savings Bank & Trust Co., Memphis, Tenn., at a board
meeting on March 30 voted a 12% annual dividend on stocks
of both banks, payable 1% monthly, beginning April 1 to
stockholders of record March 30. They also voted to pay
a stock dividend of 4 to 6% per annum on Dec. 20 1929, if
earnings justify. William White, Executive Vice-President
of the banks, said that present earnings and future prospects
of both institutions warranted the new dividend policy.
The two banks were recently consolidated.
Several items relative to the new West Palm Beach
About July 1 the Georgia Railroad Bank of Augusta, Ga.,
will open a trust department. The new department will not Atlantic National Bank have appeared in these columns—
at this time engage in the handling of stocks and bonds, but one in our issue of March 23, page 1847; a further reference
will give its attention to acting as administrator and executor will be found in the "Chronicle" of April 6, page 2218. We
of estates and other features of trust business. Extension are advised that there is some talk of another banking deal
of activities by the Georgia Railroad Bank was arranged at a being consumated in West Palm Beach, with New Orleans
meeting held Feb. 12 1929, when a decision to establish a capital figuring rather largely therein.
trust department was reached by the Board, the action is in
We are advised that Oscar E. Dooly, Jr., has been elected
keeping with the policy of the Georgia Railroad Bank to
a Vice-President of the Bank of Bay Biscayne, Miami, Fla.,
render up-to-date service to its customers.
to succeed Austin L. Babcock. Mr. Babcock resigned to
Henry S. Hotchkiss, formerly a Vice-President of the become Vice-President of the Bank Shares Corporation of
State-Planters Bank & Trust Co. of Richmond, Va., has New York. Mr. Dooly has been with the bank five years.
become a Vice-President of the Central National Bank of
The Board of Directors of the Hibernia Bank & Trust Co.
that city, according to a dispatch from that city on April 2,
of
New Orleans has declared a quarterly dividend at the
appearing in the "Wall Street News" of the next day. Mr.
Hotchkiss has been prominent in Virginia finance for many rate of 5%,or $1.25 per share on its $25.00 par value shares.
This dividend combines the dividend of the bank on its own
years, it was stated.
stock and the dividend on the common stock of Hibern
ia
A small North Carolina bank, the Citizens' Bank of Wake Securities Co., Inc., held in trust for the stockholders of
Forest, failed to open its doors on Mar.27 and formal notice the bank. The Directors have also declared the usual
of possession on the part of the Corporation Commission quarterly dividend on the salaries of the employees, the
was posted with the Clerk of Wake County Superior Court, amount for each employee being determined by the length
according to the Raleigh "News and Observer" of Mar. 28. of service and size of salary. Every employee participates
The bank's capital was $25,000, and according to the latest in this distribution.
figures available in the State Banking Department, total
Publication of the official st tement of condition of the
resources were approximately $220,000. J. M: Brewer
, a Security-First National Bank of Los Angeles as
it started
former member of the Legislature, was President and T.
E.
Bobbitt Cashier. The paper mentioned furthermore said: business on April 1 reveals total deposits of $553,985,630
and
total resources of $624,567,254. The bank was formed
According to President Brewer deposits were approxim
ately $140,000
when the bank closed. Of this, $25,000 was funds
of Wake County, but by a consolidation of the Los Angeles-First National Trust
Treasurer Milton Mangum stated that the deposit
was amply secured by & Savings Bank and the Security Trust & Savings Bank.
real estate and mortgages and bonds worth "betwee
n $40,000 and $50,000." Principal items
among the resources include loans and disAlthough no statement of the condition of the
bank will be available
before auditors from the State Banking Department
complete their audit, counts to the total of $353,999,577; U. S. Government
it was understood that resources had shown a substanti
al shrinkage since securities, $79,377,921, other bonds and
securities, $58,last Fall, and the immediate cause of the closing was
due to a run of with- 596,454
; cash and due from banks, $96,360,586, while the
drawals late yesterday.
The bulk of the bank's funds are said to be tied up
in real estate loans. bank premises,including branches,are valued at$14,651,467.
on which it was unable to realize in a time of credit stringen
cy.
The bank began operations with a capital of $30,00
0,000
On April 11, the Hamilton National Bank of Chattanooga, surplus of $15,000,000, individed profits of $5,000,000,
reserve
s of $2,939,1 0, a special contingent fund of $3,200,Tenn., opened a new home for its Main Street Branch,
000, and acceptance and letters of credit liability of $11,983
Main and Market Sts., Chattanooga.
,460.
At the first meeting of the board of directors of the SeEffective April 1, the National City Bank of Tampa,
Tampa,Fla., was consolidated with the First National Bank curity-First National Bank the followi g were elected as the
of that city, creating, it is stated, the largest National Bank executive committee:
J. 1', Sartori, Chairman; Henry M. Robinson
, Vice-Chairman; Wm. H.
in South Florida, with resources of more than $20,000,000. Allen,
Jr., Arch W. Anderson,
N. Avery, H. C. Barro11, Geo. I. CochThe enlarged First National Bank has a capital of $1,000,000, ran, John T. Cooper, Edward M
Elliott, Geo. E. Varrand, Ralph B. HardW. D. Longyear, John B. Miller, James
with surplus and undivided profits of $1,187,243 and deposits acre,
It. Page, A. B. Ruddock,
Herbert
Smock, W. H. Thomson, Charles H. Toll, Geo.
M. Wallace,
of $18,127,923. Charles A. Faircloth and C. B. Galloway, James E.H.
Shelton, Secretary and E. W.Pugh, Assistant
Secretary.
heretofore President and Cashier, respectively, of the
National City Bank, have become Vice-President and Assist- THE WEEK ON THE NEW YORK
STOCK EXCHANGE.
Vice-President of the new institution. The consolidation
Thestock market was unsettled during the early part of the
was brought about in order to provide greater banking week but improv
ed on Wednesday and thereafter gradually
resources for Tampa and its territory.
climbed upward to higher levels. The outstanding feature
The recent auspicious opening of the West Palm Beach was the adverse decision of the Supreme Court in the InterAtlantic National Bank of West Palm Beach, Fla., prompts borough ease for a higher fare, made public on Monday,
the following from one of the departments of the city's which, for a time, had a depressing effect on the traction
Administration:
stocks, and the list in general. Toward the end of the week,
This city, for nearly three years hard pressed by financial
storms follow- however, steel stocks, railroad issues and public utilities
dising in the wake of the Florida land boom, to-day saw itself
on the road to played marked
prosperity with the opening here of a second
improvement, and the renewed strength in
strong banking establishment.
The new institution, the West Palm Beach Atlantic National
Bank, these issues stimulated interest in the copper stocks and some
capitalized at $100,000 and with surplus
and undivided profits of $25,000, ,of the so-called specialties. The weekly report of
the Federal
opened for business on March 25. More than $250.000
was deposited the Reserve Bank,
opening day.
made public after the close of business on
The city's other strong banking house is the Central Farmers Trust
Co., Thursday, showed a further reduction of $135,000,000 in
organized here in 1925, and sponsored by the Central Union Trust
Co. and brokers' loans, making a total decrease of $366,00
0,000 from
APRIL 13 1929.]
FINANCIAL CHRONICLE
2407
points, but Radio
moneyladvanced Radio came back with a gain of 33%
l gain. Railroad shares
the top record reached on March720.NCall
fractiona
a
only
made
ion
Corporat
on
8%
at
opened
Erie and New York
from 7% on Monday to 10% on Tuesday,
a drop were represented on the up side by
Wednesday and again advanced to 10% followed by
States Industrial
United
group
es
Central and in the specialti
to 9% on Thursday and to 7% on Friday.
shares were firm particularly
Motor
feature.
the
was
Alcohol
during the
At the trend of prices was somewhat uncertain
when General Motors moved up a point
the ma- in the late trading
though
Saturday
on
session
brief
the
of
part
greater
r Rubber & Tire was also strong and
Goodyea
to
853%.
higher at
jority of the more active speculative issues were
3 points.
than
more
advanced
pressure
the close. Copper stocks were under more or less
IONS AT THE NEW YORK STOCK EXCHANGE
TRANSACT
On
hour.
DAILY. WEEKLY AND YEARLY.
but improved somewhat during the last quarter
outstanding
the recovery Allied Chemical & Dye was an
United
State,
Ward.
Railroad,
Stocks,
States
feature and so was American Can and Montgomery
Municipal &
&c.,
Number of
Week Ended April 12.
ran
Bonds.
Bonds.
which
Foreign
Steel
Bonds.
Superior
Shares,
in
The principal movements were
gained
3292,500
$1,127,000
33,772,000
1,615,090
up sharply to a new high above 72 while Bethlehem
Saturday
394,000
2,020,000
6,665,000
2,719,880
were Monday
shares
Railroad
1103/2.
572,000
at
closed
and
2,122,000
a point or more
6,295,000
3,629,390
Tuesday
689,500
2
2,114,500
about
7,179,500
advanced
3,281,900
Wednesday
167.000
moderately strong. Pere Marquette
2,435,500
6,268,000
3,101,830
sharply Thursday
192,000
1,479,000
6,173,000
3,405,420
Friday
points, followed by New York Central which turned
was
32.307.000
17_753.si0 528252_500 311.268A830
upward. On the other hand Union Carbide & Carbon
Total
and
down over 4 points, Wright Aeronautical 6 points
Jan. 1 to April 12.
Week Ended April 12.
Sales at
National Cash Register about 2 points.
New York Stock
1928.
1929.
1928.
1929.
folExchange.
The market was unsettled and confused on Monday
213,647,044
330,568,210
the
in
21,499,370
Court
17,753,510
shams_
of
Supreme
-No,
Stocks
the
of
lowing the adverse decision
Bonds.
$54,477,750
active Government
$39,401,100
bonds__ - $2,307,000 $4,121,500
Interborough 7e. fare case. Practically all- of the
264,808,125
183,884,050
State and foreign bonds 11,298,000 18,175,000
Interby
led
d
648,785,750
downwar
499,136,500
sharply
51,082,200
slipped
36,352,500
traction stocks
Railroad .4 misc. bonds
30
3968,071,625
$722,421,650
borough which slumped from a high of 55 to a low of
$49,957,500 $73,378,700
Total bonds
Avenue
Third
day.
the
on
points
20
down
was
it
where
PHILADELPHIA AND
dropped 9 points. A few of the industrial shares were mod- DAILY TRANSACTIONS AT THE BOSTON.ES.
highest
BALTIMORE EXCHANG
erately strong, American Can moving up to the
Johnslevel for the present issues as it crossed 130 and
Baltimore.
Philadelphia.
Boston.
in
were
shares
Oil
176.
Week Ended
Manville advancing 5 points to
Bond Sates. Shares. BondSaki.
Shares.
Sates.
Bond
Shares.
121929.
Pan
April
rly
active demand and moved slowly ahead, particula
$10,100
62,529
$41,000
$22,000 a33,181
*30,326
Saturday
27.200
4,678
American "B" which sold up to 55 at its high for the day.
14,500
4,000 044.030
.39,363
Monday
21,400
on
55,133
21,500
session
the
050,598
of
22.000
*54,254
Tuesday
Prices drifted downward during most
18,500
4,815
20,000
a52,919
34,000
*56,788
Wednesday
of
few
a
helped
28,000
rally
4,683
hour
13,800
half
057,141
last
19,000
the
44,475
though
and
Tuesday
Thursday
24,000
2.859
16,000 033,185
33,746
the more active stocks, most of the final quotations were on Friday
24,697 $129.200
258,952 $117,000 271.054 $110,800
Total
the side of the decline. Copper stocks were under pressure
23.854 3117.600
Kenneby
3285.900
282.756
followed
140,
5113.000
below
270.644
dipping
revised
a
week
Prey.
at the start, Anacond
% and Calumet & Arizona which • In addition, sales of rights were: Saturday 50: Monday, 1,535: Tuesday.
cott which slid down to 823
Wednesday, 5,754.
400: Tuesday;
dropped 23% points to 123 and Anaconda which closed at 4,836;
a In addition, sales of rights were: Saturday, 1,000; Monday,
of
all
lost
4,300; Thursday, 1,300: Friday, 100.
but
morning
Wednesday,
300;
the
were:
warrants
of
Sales
28-20.
Saturday,
1413%. Bethlehem was higher in
were:
scrip
b In addition, sales of
its gain and so did Republic Iron & Steel. Oil stocks gave Tuesday, 10.
way, but more moderately than most shares, and almost
COURSE OF BANK CLEARINGS.
without exception the railroad securities were lower. Motor
stocks were uniformly heavy.
clearings will again show a small increase the present
Bank
Prices improved on Wednesday,the main body and several week. Preliminary figures compiled by us, based upon
individual groups showing considerable strength. Copper telegraphic advices from the chief cities of the country,
stocks were active from the opening, Anaconda advancing indicate that for the week ended to-day (Saturday, April 13)
nearly 3 points, Greene-Gananea moving ahead 6 points and bank exchanges for all the cities of the United States from
Kennescott 2 points. Oil shares also improved and moved which it is possible to obtain weekly returns will be 1.2%
briskly forward under the leadership of Indiana Refining larger than for the corresponding week last year. The
which moved into new high ground for the year and Pan total stands at $12,120,033,438, against $11,976,680,356
American "B" which had gained nearly 6 points as it closed for the same week in 1928. At this centre there is a gain for
at 563%. Public Utilities were unusually active and moved the five days ended Friday of 8.8%. Our comparative
ahead under the guidance of American & Foreign Power, summary for the week follows:
which shot up 6 points to 89. Montgomery Ward was the
Per
Clearings-Returns by Telegraph.
feature of the specialty group and forged ahead 6 points to
Cent.
1928.
1929.
Week Ended April 13.
119. Motor shares were heavy and made little or no prog+8.8
56,422,000.000 $5,902.000.000
New York
-6.4
ress. Hupp was particularly weak and lost about 5 points Chicago
616,560.940
583.540,428
-9.6
513,000.000
464,000,000
Philadelphia
on the day.
425,000.000 -14.1
365.000.000
13eston
-0.7
113,037,112
112,251,301
The market turned upward on Thursday and the rails, Kansas City
-6.5
119,200.000
111,500,000
Louis
-13.7
184,722,000
steels and utilities all displayed decided improvement. St.
159,336.000
San Francisco
-4.2
179,820,000
172,315.000
nearly
of
gain
a
showed
190
Los
at
Angeles
United States Steel, common
-3.8
155,599.697
149.794.982
Pittsburgh
+4.3
158,204,380
182,908,896
2 points and Republic Iron & Steel moved ahead 2 points. Detroit
+8.1
113.193,786
122.368.844
Cleveland
EN'
-8.6
and
a
ennecott
93,243,751
Anacond
led
by
ahead,
forged
85,184,042
Copper shares
Baltimore
62,146,999 -21.$
48.586.974
New
Orleans
was
This
both of which scored a gain of 2 or more points.
+3.8
$8,958.784,467 $8.633,728,645
Thirteen cities, five days
also true ef Greene-Canatea which closed at 166. Public Other
+6.1
1,075,478.235
1.141,243,415
cities, five days
in
the
and
forenoon
day
the
Utilities were the feature of
+4.1
$10.100,027,882 39.709.206.880
days
five
cities,
all
Total
2,267.473.476 -10.9
2.020,005,556
gains or 2 to 3 points were registered by some of the more All cities, one day
+1.2
active issues. Americ n dr Foreign Power was particularly
$12.120,033,438 $11.976,680,356
Total all cities for week
noteiA orth and surged upward more than 8 points. In the
the
by
covered
week
the
Complete and exact details for
specialties group United St.tes Industrial Alcohol was the
canWe
week.
next
of
issue
our
in
appear
will
g
again
Can
foregoin
4
American
strong spot as it shot ahead points.
inasmuch as the week ends to-day
lifted its top and National Dairy Products and Loose-Wiles not furnish them to-day,
figures will not be available
Saturday
y)
the
and
shares
assumed
(Saturda
hour
final
the
railroad
In
followed along.
in the above the last day
gly,
Accordin
&
Ohio until noon to-day.
the leadership, Southern Raway and Chesapeake
be estimated.
to
had
eases
all
City
in
has
by
Souththe
Kansas
week
of
points
followed
5
about
forging ahead
t, however, which we
statemen
detailed
Erie
the
and
3
In
elaborate
Pacific
with
ern, Missouri Pacific, Canadian
able to give final and complete
are
we
below,
present
further
points each.
-the week ended March 30. For
United States Steel, common assumed the leadership of' resultsfor the week previous
of 15.2%, the 1929 aggregate
increase
the market during the early trading on Friday and moved that week there is an
being $14,484,743,303,
country
whole
for
day
the
for
the
clearings
high
though
it
of
its
at
briskly upward to 1913%
of 1928. Outside
weel
same
the
in
on
the
point
518,959
L
Y
day.
of
loss
a
against $13,031,
finally dropped to 1893% with
is only 2.0%, the bank
increase
the
of
however,
city,
day
the
features
of
this
strong
the
of
one
was
Can
American
g a gain of 16.3%. We
and sold at a new top above 130. Copper stocks were higher exchanges at this centre recordin
Federal Reserve disin the first hour but failed to hold their gains. Kolster group the cities now according to the
2408
FINANCIAL CHRONICLE
triets 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 16.3% in the Philadelphia Re-,
serve District of 11.8% and in the Cleveland Reserve District of 18.9%. The Boston Reserve District has a loss of
4.7%, while the Richmond Reserve District shows a gain of
13.6% and the Atlanta Reserve District of 10.1%. In the
Chicago Reserve District the totals show a diminution of
12.1%, but in the St. Louis Reserve District the totals are
larger by 0.1% and in the Minneapolis Reserve District by
10.6%. The Kansas City Reserve District has a gain of
5.0%, the Dallas Reserve District of 11.1% and the San
Francisco Reserve District of 0.9%.
In the following we furnish a summary by Federal Reserve
districts:
41
:1164MARY
Week End. April 6 1929
OF BANK CLEARINGS.
1929.
1928.
Federal Reserve Diets.
$
1st Boston.... _12 cities
651,469,337
2nd New York.11 "
9.833,558.377
3rd Philadel'ia_10 "
768,559,894
4th Cleveland_ _ 8 ."
497,450,837
5th Richmond _ 6 "
227,074,225
flth Atlanta__ _.13 "
213,695,348
7th Chicago _ _ _20 "
1,000.797,298
8811 St. Louis... 8 "
224,352,889
9th Minneapolis 7 "
133,988,421
10th KansaaCity 12 "
245,029,653
11611 Dallas
5 "
78,940,415
12th San Fran_ _17 '
609,826,709
Inc.or
Dec.
$
683,607,960
8,455,574,109
687,139,978
418,536,040
199,841,911
194,095,018
1,139,102,644
224,033,063
120,950,378
233,367,294
71,038,542
604,234,022
1928.
1927.
$
%
-4.7
551,961,917
+16.3 6,251,864,238
570,881,095
+11.8
+18.9
407,703.960
188,624,072
+13.6
200,273.436
+10.1
919,316,568
-12.1
216,046,515
+0.1
109,041,309
+10.6
+5.0
228.404,943
67,552.968
+11.1
+0.9
589,676,968
$
543,843,917
5,645.163,568
632,417,416
394,087,742
215,797,412
255,869,076
906,932,559
220,242,058
132,939,883
213.349.703
68.385.372
609,044,513
Total
129 cities 14,484,743,303 13,031,518,959 +15.2 10,301,347,989
Outside N. Y. City
4,820,838.610 4,725,296,637 +2.0 4,180,147,668
9,738,573,219
4,218,815,993
Canada
31 cities
433 WA
m
,
,nc aln cm
'-17.1
389.966.484
347.455.030
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended April 6.
Clearings at
1929.
1928.
First Federal Reserve Dist rict-Boston
Maine-Bangor__
904,829
949,742
Portland
4,344,491
4,254,068
Mass.-Boston_ _ 574.000,000 812,000,000
Fall River....
1,320,085
2,124,278
Lowell
1,397,804
1,322,214
New Bedford..
1,315,815
1,125,256
Springfield. _ _ _
7,107.461
7,670,386
Worcester
4.199,991
4,748,261
Conn.-Hartford
28,396,138
22,315,297
New Haven__ _
10,618,227
9,388,390
R.I.-Providence
17,018,800
16,840,400
H.-Manches.
N.
845,696
889,678
Total(12 cities)
651,469.337
883,807,960
Second Feder al Reserve D istrict-New
N. Y.-Albany
7,688,733
8,001,764
Binghamton_
1,892,045
1,712,252
Buffalo
67.428,821
64,228,399
Elmira
1,264,346
1,259,017
Jamestown....
1,625,247
1.428,949
New York __ _ 9,663,904,693 8,306.222,322
Rocbester
19,992,134
21,126,092
Syracuse
9,537.977
8,605,331
Conn.-Stamford
4,557,327
3,872,001
N. J.-Montclair
1,270,405
980,903
Northern N. J_
54,396,649
48,137,079
Inc. or
Dec.
1927.
--4.7
+2.1
-6.2
-37.9
+5.7
+16.9
-7.3
-11.6
+27.2
+13.2
+1.1
-2.8
889,249
4,039,938
492,000,000
2,087,521
1,326.883
1,171,632
6,555,140
3,947,232
17,677,619
7,406,020
13,990,000
867,683
797,387
3,303.738
487,000,000
2,115,125
1,146,640
1,363,635
5,967.317
3,482,691
18,717,406
7,437,464
11.781,900
730,614
-4.7
551,961,917
543,843,917
1926.
York.
-3.9
6,672,954
7,299,752
+10.5
1,306.000
1,269,551
+24.3
53,158,916
52,426,604
+0.4
1,143,071
957,028
+13.7
1,755,139
1,956,947
+16.3 6,121,200,321 5,519,737,226
-5.4
15,212,988
12.702,824
+10.8
7,702,005
5,888,103
+17.7
3,795,153
3,370,856
+29.5
887,089
831,461
+13.0
39,030,602
38,723,216
Total(11 cities) 9.833,658,377 8,455,574.109 +16.3 8,251,864,238 5,645,163,568
Third Federal Reserve Dist rict-Philad
Pa.-Altoona....
1,626,746
1,323,084
Bethlehem _ _ _
5.349,985
4,783,517
Chester
1,377,537
1.286,371
Lancaster
4,918,612
5,257,985
Philadelphia
727.000,000 651,000,000
Reading
5,715.175
4,408,683
Scranton
7.840,445
6,473,516
Wilkes-Barre_ _
4,631,179
4,498,633
3,091,558
York
2,708,952
7,008,657
N. J.-Trenton..
5,399,237
Total(10 cities)
768,559,894
elphia
+22.9
+11.8
+7.1
-6.5
+11.7
+29.6
+21.1
+2.9
+14.2
+29.8
1,811,266
1,778.776
5,143,117
4,389,607
1,302,713
1,514,455
3,564,212
3.775,335
535,000,000 596,000,000
4,475,352
5,229,145
6.543,031
6,786,688
4,599,401
4,459,693
2,632,763
2,420,259
5.809,240,
6,063,458
687,139,978 +11.8
570,881,0951 632,417,416
Fourth Feder al Reserve D istrict-Clev eland7,081.000
Ohio-Akron
7,521,000 -5.8
5,880.000
Canton
4,932,675
4,631,885 +6.5
4,377,298
Cincinnati_
81,809,827
_
77,365,679 +5.7
73,541,164
164,211,733 138,597,416 +18.4 122,802,237
Cleveland
19.395,100
Columbus
23,142,400 -16.2
17.824.400
Mansfield
2,089,567
1,923,602 +8.6
2,025,176
7,043,205
Youngstown..
6,047,575 +16.5
6,748,418
Pa.-Pittsburgh. 210,887,730 159,306,503 +32.4 174.505,268
Total(8 cities)-
497,450,837
418,536,040 +18.9
Fifth Federal Reserve Dist act-Malin ondW.Va.-Hunt'g'n
1,290,137 + 14.2
1,473,577
Va.-Norfolk. _
5,964,677 -12.0
5,251,336
Richmond _ _
46,247,000 +7.9
42,588,000
S.C.-Charleston
.3,500,000
3.295,378 +6.2
Md.-Baltimore _ 139,616,934 111,171,681 +25.6
D.C.-Washing'n
34,674,378
31.873,038 +8.8
Total(6 cities) _
227,074,225
199,841,911 +13.6
Sixth Federal Reserve Dist rict-Atlant 2Tenn.-Chatt'ga.
7,985,532
7,436,519 +7.4
Knoxville
3,871,260
.3,000.000 +29.0
Nashville
27.429,900
21,008,787 +16.3
__
57,439,818
53,319,241
+7.7
Augusta
2,405,525
2,232,910 +7.7
Macon
1.946.388
-21.1
2,465,827
Fla.-Jack'nville.
19.518,223
16,171,408 +20.6
Miami
5,213,000
3,537,000 +47.4
Ala.-Birming'm.
26.502.706
26,122,543 +1.5
Mobile
2,118,376
1,971,320 +7.4
Miss.--Jackson_ _
2,394,000
1,997,000 +19.9
Vicksburg
560,807
435,104 +28.9
La.-NewOrleans
58,311,813
54,397,359 +3.5
Total(13 cities)
213,695,348
http://fraser.stlouisfed.org/
air
Federal
Reserve Bank of St. Louis
194,095,018 + 10.1
[VOL. 128.
Week Ended Apra 8.
Clearings at
1929.
Inc. or
Dec.
1928.
Seventh Feder al Reserve D(strict- Chi
Mich.-Adrian..
349,362
268,553
Ann Arbor_ _ _ _
1,321,591
1,270,167
Detroit
203,379.290 191,000.000
Grand Rapids.
10,435,858
8,983.802
Lansing
3,524,554
2,877,000
Ind.-Ft. Wayne
4,386,989
3,309,708
Indianapolis..
24,357,000
24,135,000
South Bend...
3,570.783
3,074,300
Terre Haute..
5.283.503
5,645,427
Wis.- Milwaukee
36,305,901
43,908,828
lowa-Ced. Rap.
3,410,720
3.477,772
Des Moines__ _
9,879,000
13,586,156
Sioux City _ - 8,541,069
7,069,012
Waterloo
2,111,514
1,779,607
Ill.-Bloomington
2,847,821
2,869,306
Chicago
665,310,560 810,507,247
Decatur
1,279,713
1,453,475
Peoria
8,411,909
5,984,871
Rockford
5,008,870
4,635,097
Springfield....
3,079,806
3,290,801
-.
Total(8 cities)-
224,352,889
224,033,063
1926.
cago+30.0
259,179
273,280
+4.0
1,117,237
1,105,681
+6.5 147,748,695 149,645,805
+16.2
8,239,123
8,111,097
+22.5
2,729,000
2,480,000
+31.9
2,843,049
2,737,898
+0.9
23,512,000
21,461.000
+16.1
3,418,400
3,277,400
-6.4
7.824,419
5,443,545
-17.3
40,737,619
39,394,529
-1.9
3.169,579
2,628.778
-27.9
11,038,755
11,024,195
+20.8
6,771,232
7,513,746
+18.7
1,388,475
1,187,780
+0.8
2,358,572
2,185,560
-17.9 641,967,526 636,359,405
-11.9
1,434.357
1,257,912
+7.1
5,267,554
4.383,495
+8.1
4,221,131
3,342,458
-6.4
3,270,666
3.139,197
Total(20 cities) 1,000,797,298 1.138,102.644 -12.1
Eighth Feder al Reserve D Istrict-St.
Ind.-Evansville.
5,297,169
4,935,327
Mo.-St. Louis_
140,500,000 143,300,000
Ky.-Louisville _
37,373.438
40,001,175
Owensboro
_
408,723
405,600
Tenn.-Memphis
23,134,896
18,946,869
Ark.-Little Rock
13,893,942
15,299,790
Ill. -Jacksonville
473,333
395,386
Quincy
2,151,641
1.868,873
1927.
919,316,568
906,932,559
Louis+7.3
6,376,824
--2.0 137,400,000
-6.6
35,942,119
401,007
+22.1
19,874,093
+10.1
13.700,945
+19.7
454,176
-13.1
1,897,351
5,573,429
141,000,000
33,197,427
394,187
23,999,642
13,678,284
363,662
2,035,427
+0.1
216,046,515
220,242,058
Ninth Federal Reserve Die trict.-Minn capons
Minn.-Duluth
7,191.248
8,058,787 -11.8
M inneapolis _ _ _
76.932,648 +19.2
91,669,892
St. Paul
27,167,900
28,264,728 -3.9
N. D.-Fargo...
2,034,039 +3.2
2,287,108
S.D.-Aberdeen.
1,401,062
1,343,176 +3.9
Mont -Billings.
856,211
833,000 +2.8
Helena
3,415,000
3,479,000 +37.8
6,626,016
66,763,529
28,787,304
2,022,270
1,167.751
739,439
2,935,000
7,481.521
83,796,448
34,704,136
2,030,000
1,644,148
625,235
2,658.395
120,950,378 +10.6
109,041,309
132,939,883
Tenth Federal Reserve Dia trict.---Kans as City
Neb.-Fremont _
463,627
438,013 +5.8
Hastings
769,631
695,361 + 10.7
Lincoln
5,228,388
5,432,268 -3.8
Omaha
46.913,366
43,558,583 +7.7
Kan.-Topeka _
4,774,598
4,856.333 -1.7
Wichita
8.517,633
9,849,467 -13.5
Mo.-Kans.City
139,867,611 127.950,750
+9.3
St. Joseph
7,415,501
6,885,494 +7.7
Okla.-Okla.City
27,502,549
30,851,542 -10.9
Colo.-Col. Spgs.
1,687,000
1,315,880 +28.2
Denver
a
a
a
Pueblo
1.889,649
1,533,603 +23.3
475,380
491,101
5,568,462
39,763,698
3,578,269
8,343,080
132.967,262
6,136,557
28,642,543
1,117,140
a
1,321,451
445,100
718,489
5,142,756
40,368,133
3,808,733
7,402,814
119,252,665
6,653,551
27,486,153
1,171,342
a
1,41)0.067
Total(7 cities) _
Total(12 cities)
133.988,421
245,029,553
233,387,294
+5.0
228,404,043
213,849,703
Eleventh Fede cal Reserve District.-D
Texas-Austin...
2,540,777
2,015,974
Dallas
52.336,755
46,657,128
Forth Worth..
13,746,781
12,371,031
Galveston - -4,485,000
4,800,000
La.-Shreveport5,831.102
5.192,409
alias.
+26.0
+12.2
+11.1
-6.6
+12.3
1,740,348
43,434,194
11,703,551
5,422,500
5,252,375
1,664,538
40,681,676
11,666,380
8.702.000
5,670,780
71,036,542 +11.1
87,552,968
88,385,372
Total(5 cities) _
78,940,415
Twelfth Feder al Reserve D istrict-San
Wash.-Seattle_ _
47.247,806
50,493,285
Spokane
11,574.000
11,912,000
Yakima
1,583,677
1,518,328
Ore -Portland..
36,891,538
38,593,430
Utah.-S.L. City
19.452.347
19.753.330
Cal.-Fresno._
3,259,667
3,501.097
8,777,449
Long Beach_ _ _
8,165,132
Los Angeles-- - 213,538.000 200,859,000
Oakland
20,251,738
20.708,770
Pasadena
7,462,828
8,143,827
Sacramento
6,373,635
5,675,558
San Diego....
6,156,801
5,703.035
216,722,842 219,390,000
Franciso.S
San Jose
3,591,044
3,393,991
Santa Barbara.
1,542,024
2,283,853
Santa Monica.
2,041,181
2,334,312
Stockton
2.618.300
2,546,900
Fraudi SCO--6.4
40,428,117
41,851,923
-2.8
11,317,000
10,972,000
+4.3
1,408,122
1,809,460
-4.4
44,415,896
35,972,165
-1.5
16.690,141
16,613.384
-6.9
3.408.184
3,559.182
+7.6
7.280,396
7,460,369
+6.3 239,995,000 159.198,000
-2.2
19,708,653
21,835,719
+31.5
7,710,362
6,238.711
+12.3
8,522,142
8,880,731
5,755,776
+8.0
6.021,929
-1.2 174,192,000 178,838,000
+5.8
2,585,476
2,968,455
+48.1
1,507.789
1,537,436
-12.6
2,289,814
2,214,049
+2.8
2,462,200
3,073.000
Total(17 cities) 609,826,709 604,234,022 +0.9 589,676,968 509,044,513
Grand total (129
cities)
14484743,303 13031518,959 +15.2 10301 347,989 9,738.573.219
Outside New York 4,820,838,610 4.725,298.637
Clearings at-
+2.04,580,147.688 4.218.815,993
1Veek Ended April 4.
Int. or
1929.
1928.
Dec.
1927.
1928.
Canada$
$
$
%
$
Montreal
148,182,792 183.845,030 -19.4 132,025,263 108,359,859
Toronto
132,864,557 152,977,662 -13.1 119,993,920 135,960,881
NVinnipeg
48.556,307
55,201,913 -19.3
46,068,065
33,508,366
Vancouver
21,742,791
22,103,797 -1.6
17,423,564
14,529,158
Ottawa
7,744,861
8,931,384 -13.3
0,295,394
7,624,170
Quebec
6,284,413
7,861,384 -20.1
6.008,114
8,469.776
Halifax
4,443,741
4,627.555 -4.0
407,703,960 394.087,742
2,523,003
3,894,245
Hamilton
6,161,486
11,315,636 -45.5
5,865,844
3,956,168
Calgary
13,798,784
12,880.692 +7.1
8,207,708
8.633,697
St.
John
2,990,048
2,984,800 +0.2
1,445,980
2,533,618
2,423,067
1,532,99
Victoria
2,379,892
5,605,262
1.834,210
2,593.438 +8.3
2,255,852
8,172.883
3,677,437
2,537.166
4,141,235 -11.2
47,288,000
3,830,518
51,035,000 London
8,617,412
4,130,612
2,672,386
6,889,981
8.790,932 -2.0
3,600,000 Edmonton
5,435,341
3,254,412
4,607,581
100,797,629 123,150,166 Regina
5,489,619 -1.0
619.024
620,977
558,815
30,814,815
688,048 -10.0
28.306,387 Brandon
Lethbridge
658,521
450.344
607,123
772,333 -14.7
2,447,855
1,726,574
1,991,397
2,690.239 -9.0
188,624,072 215,797,412 Saskatoon
Moose Jaw
1,238,955
1,042.229
1,301,958
1,115,544 +11.0
Brantford
1,295.817
1,216,123
980,295
1,443,076 -10.2
Fort
963,035
843,486
646,309
7,311.694
1,002,680 -16.9
7,220.807 New William _ - - Westminster
783,249
825,615
647.777
924,344 -10.7
3,194.230
3,473,809 Medicine
Hat _
327,778
424,647
289.922
470,183 -9.7
23,341,469
24,316.844
875,438
960,191
649,904
49.170,241
1,011,936 -5.1
64.927,094 Peterborough
8herbrooke
1.174,101
1,241,483
+2.1
850,678
1,216,275
1,866,679
2,020,627
Kitchener
1,161,524
1,181,094
1.239,287 +5.3
1.305,552
2,408,486
2,150,595
Windsor
5,253,412
5,650,826
2,968,081
5,083,566 +11.2
22,936,337
34,448,651
F'rince Albert.-- 438,629
500,459
522,494 -4.2
381,683
6,837.307
22,440,799
Moncton
840,405
941,220
781,446
923,433 +1.9
21,559,692
26.076,002
Kingston
969,338
786.103
948,375 -17.1
709,295
2,206,789
2,140,646
Dhathan
857,541
726,154
741,692 -2.1
1,695,462
1,770,000
3arnla
661,068
790,222 -16.4
660,343
424,047
433,015
54,321,023
84,450,187
rektoltqlnl.f.,,A
A,' no Ilo ene ROC, CAA --19 1 RAO MR 4R4 347455 (540
200,273,436 255,869.078
a No longer reports clearings. •Estimated.
5,995,000
4,284,656
74,276.298
110,219,683
20,165,500
2,005,448
5,262,536
171,878,621
APRIL
THE CURB MARKET.
Business in the Curb Market this week was of small proportions and prices in the fore part of the week showed
moderate recessions, subsequently easier money and a reduction in brokers' loans had a favorable influence and
prices moved to higher levels with many issues showing
sharp advances. Spectacular fluctuation in Ford Motor
of Canada monopolized attention for a while, the old stock
advancing from 1166 to 1225, then dropping to 1050, with
the close to-day back to 1101. The "B" stock from 76 ran
up to 172, dropped back to 96 and sold finally at 119. American Rolling Mill, com, sold up from 943 to 117 and closed
to-day at 112%. Bendix Corporation rose from 1203'
to 146 and finished to-day at 143%. Deere & Co. advanced from 565 to 580, receded to 546 and recovered
finally to 555. Utilities moved about listlessly, changes
for the most part being without special significance. hat.
Telep. & Teleg. new stock fell from 883 to 81 and closed
to-day at 82%. United Gas Improvement sank from 164%
to 1603' and recovered to 168%, the close to-day being at
168%. Oils were without feature, changes being small.
Humble Oil & Refg. declined from 1123 to 1073' recovered
to 113 and finished to-day at 112. Imperial Oil of Canada
after early loss from 111 to 104 sold up to 114, with the
final transaction to-day at 113%. Newmont Mining was
a feature in the mining division, dropping from 199 to 190%
it recovered to 205% and closed to-day at 203.
A complete record of Curb Market transactions for the
week will be found on page 2440.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Muted
Apra 12.
Stocks
(No. Shares)
Rights
Domestic
Foreign
Government
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
812,800
820,700
1,041,100
950,500
988,600
920,100
10,600
26,400
63,600
35,000
24,800
36,600
8833,000
1,166,000
1,147,000
1,575,000
1,450,000
1,570,000
$212,000
132,000
378,000
361,000
422,000
962,000
Total
5,333,800
197,000
$7,741,000
$2,467,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Mar. 20 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £151,704,273
on the 13th inst. (as compared with £151,473,325 on the previous Wednesday), and represents a decrease of £2,202,042 since April 29 1925, when an
effective gold standard was resumed.
In the open market this week about £1,022,000 bar gold from South
Africa was available. The Bank of England secured the bulk of this
amount-about £894,000-as shown in the figures below, and the balance
was absorbed by the requirements of India and the home and Continental
trade.
The following movements of gold to and from the Bank of England
have been announced, showing a net influx during the week under review
of £736.976.
Mar. 14. Mar. 15. Mar. 16. Mar. 18. Mar. 19. Mar.
Nil £894,200
Nil
Nil
Nil
Received
£2,767
Nil
Nil
£3,000
£3,711
Withdrawn
£23,148 £130,132
IF
The receipt yesterday was in bar gold from South Africa. The withdrawals consisted of E11,991 in bar gold and £148.000 in sovereigns. According to the "Times," the withdrawal of E125,000 in sovereigns on the
15th inst. was the half-yearly sum due to be released in gold to the Italian
Government under the Italian war debt funding agreement.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 11th inst. to mid-day on the 18th inst.:
Imports.
Netherlands
British South Africa
Other countries
2409
FINANCIAL CHRONICLE
13 1929.]
Exports.
£1,983,800 Germany
384,556 France
14,503 Switzerland
Egypt
Straits Settlements
Other countries
£43,920
16,783
20,750
35,850
59,640
17,512
£2,382,859
£194,455
United Kingdom imports and exports of gold for the month of February
last are detailed below:
Imports.
Exports.
£77,860
Germany
9.698
NetherlandS
L43,974
58,041
174.312
Switzerland
25.950
Austria
10,482
Poland
112,755
Egypt
62.110
West Africa
45
3,421.5692
U. S. A
2,336,617
Union of South Africa
79,789
Rhodesia
330.961
British India
151,964
Straits Settlements
9.000
Gibraltar
14,567
10,670
Other countries
£2,537,057
£4,393,849
The following was the composition of the Indian Gold Standard Reserve
on Feb.28 last:
Nil
In India
£1,493
In England-Cash at the Bank of England
2,152,334
Gold
6,091.615
British Treasury bills-Value as on Feb. 28 1929
Other British and Dominion Government securities-Value
31.754.558
as on Feb. 28 1929
£40,000,000
SILVER.
Silver prices have moved only within narrow limits. Support has been
given by China, but this quarter has again worked both ways, for selling
on China account was responsible for a fall of Yid. in the cash and 3-16d.
in the two months' quotations on the 16th inst., although the lapse was in
part attributable to a lack of demand. The Indian Bazaars have shown
some disposition to acquire silver for prompt shipment, but their interest
has been rather restricted to the lower prices, and some orders have in
consequence proved inoperative at a subsequent advance in rates.
America has been rather inactive and has only been inclined to work
moderately in both directions.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 11th inst. to mid-day on the 18th inst.:
Imports.
Netherlands
Irish Free State
Other countries
Exports.
£10,300 Egypt
16.400 China
4,965 British India
Other countries
£31,665
£19,888
58,780
31.351
10,683
£120,702
INDIAN CURRENCY'RETURNS.
Mar. 7. Feb. 28
Mar. 15.
(/n Lacs of Rupees)
19247
19155
19123
Notes in circulation
9996
9902
9871
Silver coin and bullion in India
Silver coin and bullion out of India
aiii
3222
.
3222
Gold coin and bullion in India
Gold coin and bullion out ofIndia
iiii
4527
4327
Securities (Indian Government)
1053
1054
1053
Securities (British Government)
650
650
650
Bills of exchange
Coinage during th eweek ended the 15th inst. amounted to five lace.
The stock in Shanghai on the 16th inst. consisted of about 76,300,000
ounces in sycee, 112.000,000 dollars and 10,000 silver bars, as compared
with about 71,100,000 ounces in sycee, 112,000.000 dollars and 10,800 silver
bars on the 9th inst.
Quotations during the week:
-Bar Silver per Oz. Std.Bar Gold
Cash.
2 Mos.
per Oz. Fine.
26d.
26 1-16d.
84s. 1134d.
March 14
26d.
84s. 1134d.
26 1-16d.
March 15
2534d.
253id.
84s. 11 Yid.
March 16
26d.
26d.
84s. 1134d.
March 18
2530.
84s, 103id.
25 15-158.
March 19
25 15-16d.
26d.
84s, 10Yid.
March 20
25.948d.
25.989d.
84s. 11.12d
Average
The silver quotations to-day for cash and two-months' delivery are each
1-16d. below those fixed a week ago.
We have also received this week the circular written under
date of March 27 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £152,442,839
on the 20th instant (as compared with £151,704,273 on the previous Wednesday) and represents a decrease of £1,463,476 since the 29th April 1925when an effective gold standard was resumed.
Only about £17,000 of bar gold was available in the open market this
week and the additional requirements of India and the trade were met
by withdrawals from the Bank of England.
The following movements of gold to and from the Bank of England have
been announced, showing a net influx of £883.050 during the week under
review:
Mar.21. Mar. 22. Mar. 23. Mar.25. Mar. 26. Mar.27.
Nil
Nil
Nil E975,849
£6,462
f1,555
Received
£4,000 e37,717 £47,099
Nil
Nil
£12,000
Withdrawn
soverin
£46,000
of
and
gold
consisted
bar
in
£54,816
The withdrawals
eigns. The receipt on the 25th instant was in the form of foreign gold coin,
generally believed to be of Dutch origin and to form part of the £1,983,000
recently imported from Holland. The latter, nevertheless, appeared in
the official Customs figures given last week under the heading of "coin
of legal tender in the United Kingdom."
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 18th instant to mid-day on the 25th instant.
Exports.
Imports.
£49,460
£1,024,391 Germany
British South Africa
18,248
29,961 France
British West Africa
784,670
7,119 Italy
Other countries
29.100
Switzerland
23,900
Austria
137,724
British India
10,377
Other countries
£1,053,659
Total
£1,061,471
Total
The £784,670 exported to Italy was in the form of bar gold, and, as no
announcement of the withdrawal of (such an amount has been made by
the Bank of England, it is presumed that the movement merely represents
a transference by the owners of gold "deposited abroad."
Following are the balance of trade figures (In lacs of rupees) for India
for the month of February last:
1982
Imports of merchandise on private account
2849
Exports, including re-exports, of merchandise on private account
214
Net Imports of gold
123
Net imports of silver
549
Total visible balance of trade-in favor of India
520
Net balance on remittance of funds-against India
SILVER.
Silver has been a steady market and during the week prices have reached
a slightly higher level.
There has been rather more enquiry from India, but Bazaar operators
have not been keen to pursue any upward trend. China has been the
chief support of the market, and buying from this quarter carried quotations to 263,6d.for cash and 26 yid. for two months' delivery on the 22d inst.
The market has been rather poorly supplied as America has bought as
well as sold. but China operators made some resales at the higher rates.
The difference between the two quotations widened on the 22d instant
when cash silver was quoted at Yid. discount as compared with two months'
delivery. The difference of 1-16d. was, however, re-established on the
following day.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 18th instant to mid-day on the 25th instant:
Imports.
Exports.
£40,603
£11,643 British India
Germany
6.838
17,200 Other countries
Canada
14,735
Other countries
Total
£43.578
Total
£47,441
[vox. 128.
FINANCIAL CHRONICLE
2410
INDIAN CURRENCY RETURNS.
Mar. 7.
Mar.15.
Mar.22.
(/n Lacs of Rupees.)
19155
19123
18946
Notes in circulation
9902
9871
9943
Silver coin and bullion in India
Silver coin and bullion out of India
3'H§
5§
3222
Gold coin and bullion in India
Gold coin and bullion out of India
43.
27
;i'2
4327
Securities (Indian Government)
1654
1053
1054
Securities (British Government)
650
650
400
Exchange
Bills of
The silver coinage during the week ended the 22d instant amounted to
seven lacs.
The stock in Shanghai on the 23d instant consisted of about 76,300,000
ounces In sycee, 115,000,000 dollars and 9.300 silver bars, as compared
with about 76,300,000 ounces in sycee, 112,000,000 dollars and 10,000
silver bars on the 16th instant. Quotations during the week:
Bar Gold
-Bar Silver per Oz. Std.per Oz. Fine.
2 Mos.
Cash.
84s lid.
26 A3 d.
261-16d.
March 21
84s. 11 %,d.
263(cl.
2636d.
March 22
845 .11 Ad.
26 3-16d.
26 Ad.
March 23
11 Ad.
84s.
261-16d.
26d.
March 25
84s. 1136d.
2636d.
26 1-16d.
March 26
845. 1136d.
2636d.
26 1-16d.
March 27
845. 11.37d
26.1454.
26.072d.
Average
The silver quotations to-day for cash and two months' delivery are each
Ad. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.;
Thurs.,
Wed.,
Mon.,
Tues.,
Sat..
April 9, April 10. April 11. April 12.
April 6.
April 8.
2534
25
15-16
25
13-16
2534
2534
Silver, p. os_d_ 2536
Gold,p.fine oz. 848.113-id. 843.1136cl. 84s.1036d. 848.11d. 84s.1134d. 84s.11 34d.
5536
553(
55%
Consols,2% %_ ____
5536
5534
10236
10236
10236
10236
102%
British, 5%___ ____
98
98
____
98
98
98
British, 434 %_
French Rentes
73.30
73.25
73
73
73
(in Paris)_ fr_ ____
French War L'n
99.45
99.45
99.30
99.30
99.30
(In Parls)_fr_ ____
The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(eta.):
Foreign
5534
553
56
56
5636
56
The following are last week's quotations, omitted for
lack of space:
Mar. 30.
Note.-The amount to the credit of disbursing officers and agencies to-day was
$399,198,289.80. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank note! are Paid
Into the Treasury as miscellaneous receipts, and these obligations are made, under
the Acts mentioned, a part of the public debt. The amount of such obligations
to-day was $40,631,327.50.
$730,485 in Federal Reserve notes and $12,765,569 in national bank notes are Is
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of January,
February, March and April 1929:
Holdings In U.S. Treasury Jan. 1 1929. Feb. 1 1929 Mar. 1 1929. April 1 1929.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes..
Net national bank notes__
Net Federal Reserve notes
Net Fed I Rea, bank notes
Net subsidiary sliver
Minor coin,&a
$
344,463.785
11,265,870
' 3,953,054
16,067,169
1,453.085
57,219
2,298,489
2,766.713
$
321,057,675
14,794,817
3.802,327
20,960,504
1,535,525
98,754
2,448,050
4,969,486
$
321,779,639
21.871.510
3.248,636
19.329,090
899.635
123,081
2.264.383
3,824,073
Total cash in Treasury_
Less gold reserve fund
382,325,384
156,039,088
369,667,138
156,039.088
373.340,047 *365,677,749
156,039.088 156,039,088
Cash balance in Trees y 226,286.296
Dep.In spec 1 depositories,
acct. Treasury bonds,
Treasury notes and certificates of indebtedness 254,272,000
Dep.In Fed I Ree. bank
39,404,386
Dep.In national banks:
7,164,343
To credit Treas. U. S
To credit dish. officers_
23,232.511
Cash in Philippine Islands
614,186
Deposits in foreign depts.
399.836
Dep. In Fed I Land banks
213,628,050
217,300,959
209,638.661
113,932,000
25,072,488
49,964,000
26,755,668
408,341,000
36,155,193
7,260,261
19,577,899
805,122
311,769
8,144,046
17,838,946
1,096,209
314,224
7,575,397
19,987,809
212,422
544,334
551,373,558
281,829,590
380,582,589
249,142,089
321,414,052
247,567,909
682,454,816
254.647,581
non Adl OAR
lql Adc AAA
72 AAA 141
4975107222
Net cash in Treasury
and in banks
Deduct current liabilities_
AvalIsallale. mu:1h halono.
$
332,396,036
9,892,749
2,249,045
12,895,812
1,158,905
161,123
2,658,283
4,265,796
* Includes April 1 $0,250,758 silver bullion and $1,702.990 minor, &c., coin not
Included In statement "Stock of Money."
Frt.,
Thurs.,
Wed.,
Tues.,
April 5.
April 4.
April 3.
April 2.
25%
25%
25 15-16 25%
84.1136
84.11
84.11%
84.10%
55%
55%
55%
553-'
102%
102%
102%
10236
97%
97%
97%
97%
72.80
72.70
72.95
Holiday 72.25
Man.,
April 1.
Public Debt of United States-Completed Returns
Showing Net Debt as of Jan. 31 1929.
The statement of the public debt and Treasury cash holdings of tho United States, as officially issued Jan. 31 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
99.10
99.10
99.45
99.30
gross and net debt on that date, we append a summary
The price of silver in New York on the same days has been: thereof, making comparisons with the same date in 1928:
Silver. p. oz.d.
Gold.p.fine oz.
Consols, 236$..
British. 5s..
British. 4348...
French Rentes Holiday
(In Paris).fr.
French War L'n
(in Paris).fr.
Silver in N.Y., per oz.(cts.):
5636
Foreign
56
5636
56
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
March 30 1929 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of March 30 1929.
AssetsGold coin
Gold bullion-
CURRENT ASSETS AND LIABILITIES.
GOLD.
LiabilitiesS
707,123,948.73 Gold ctfs. outstanding„1,363,791,409.00
2,510,764,575.63 Gold fund, F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1,521,701,079 40
1917)
156,039,088.03
Gold reserve
176,356.947.93
Gold in general fund
3,217,888,524.36
Total
3,217,888,524.36
Total
Note.-Reserve against $346,681,016 o U. S. notes and $1,291,000 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS.
$
Liabilities$
Assets482,508,113.00
Sliver etfs. outstanding_ 477,576,422.00
Silver dollars
Treasury notes of 1890
1.289.700.00
outstanding
3.641.991 00
Silver dollars in gen.fdTotal
AssetsGold (see above)
Silver dollars (see above)
United States notes
Federal Reserve notes
Fed. Rea, bank notes
National bank notes
Subsid. silver coin
Minor coin
Silver bullion
Unclassified-Collections. lze
Deposits in F. It. banks
Deposits In special depositaries account of
sales of ctfs, of indebt.
Deposits in foreign dep.;
To credit Treas. U.S..
To credit other Government officers
Deposits In nat I banks:
To credit Treas. U.S.
To credit other Government officers....
Deron Philippine Treas.
To credit Treas. U.S.
Total
482,508.113.00
Total
482,508.113.00
GENERAL FUND.
DiabilWes176,356,947.93 Treasurer's checks out5.688.322.87
standing
3,641,991.00
2,249,045.00 Depos. of Govt. officers:
9,110,929.02
Post Office Dept
1,158,905.00
Bd. of trustees, Postal
161,123.00
Savings System12,895,811.50
5% reserve, lawful
2,658.283.15
7,496,893.23
money
1,702,990.30
288,715.47
Other deposits
6,250,757.92
Postmasters, clerks of
courts, disbursing of2,562,806.08
44.330,679.02
ficers, Ac
36,155.192.93
Deposits for:
Redemption of F. R.
notes(5% fund.gold) 157,499.645.62
408,341,000.00
Redemption of nail
bank notes(5% fund,
120,242.20
28.050,640.08
lawful money)
Retirement of add'i
424,091.97
circulating notes. Act
2,050.00
7,575,396.65
May 30 1908
Uncollected items, ex4,179,704.69
19,987.809.28
changes. &c
212,422.29
Net balance
682,454,816.20
Total
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Jan. 31 1929. Jan. 31 1928.
56
254,647,580.90
427,807,235.30
682,454,816.20
Balance end of month by daily statement, d/c
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates-Settlement warrant checks
Total
Balance, deficit(-)or surplus(+)
131,445,500
-I-1,934,306
129,003,697
107,442,651
25,862,210
78,463,354
5,992.585
1,535,801
30,436,378
70,010.069
6,492,110
2,194,036
111,853,950
109,584.593
+18.049.747
-2,141,942
INTEREST-BEARING DEBT OUTSTANDING.
InterestJan. 31 1929.
Title of Loan-Paable.
y
$
2s Consols of 1930
Q.-J. 599,724,050
2s of 1916-1936
Q.-F.
48,954,180
2s of 1918-1938
25,947,400
Q.-F.
3a of 1961
49,800.000
Q.-M.
3s conversion bonds of 1946-1947
28,894,500
Q.-J.
Certificates of indebtedness
J -J 1,950,111,200
3%s First Liberty Loan. 1932-1947
.1.-2. 1,397,685,200
48 First Liberty Loan, converted, 1932-47
. .
436s First Liberty Loan, converted, 1932-47...J -D. 532,816,600
436s First Liberty Loan,2d converted, 1932-47_J.-D.
3,492,150
4Sis Third Liberty Lon
a of 1928
M.-S.
436s Fourth Liberty Loan or 1933-1938
A.-0. 6,284,034,100
41.1s Treasury bonds of 1947-1952
758,984,300
4s Treasury bonds of 1944-1954
1,036,834,500
3%s Treasury bonds of 1946-1956
489,087,100
334e Treasury bonds of 1943-1947
493,037,750
3%s Treasury bonds of 1940-1943
359.042,950
As War Savings and Thrift Stamps
98
14
7:0
16
82
0
5
10
4:8
J.-J.
2145 Postal Savings bonds
5%s to 5545 Treasury notes
J.-D. 2,944,797.200
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
109.376,957
-I-1,541,803
Jan. 31 1928.
s
599.724.050
48,954.180
25,947,400
49,800,000
28,894,500
1,248,044.700
1,397,686,700
5,155,650
532,822,200
3,492,150
1,555,932,050
6,294,050,800
762,320,300
1,042,401.500
491,212.100
494,704,750
186.771,291
41,7a180
2,91
17,080,199,872 17,728.853.401
238,993,877
234.890,849
82,207.050
64,216,330
a17,379,307,051 18.050.054.328
-5.141,948
+18.049,747
Net debt
917,361,257,304 18,052.196,270
a The total gross debt Jan. 31 1929 on the basis of daily Treasury statements
was $17,379,332,182, and the net amount of public debt redemption and receipts
in transit, Ac., was $25,131.
1) No reduction is made on account of obligations of foreign governments or other
investments.
Preliminary Debt Statement of the United States
March 31 1929.
The preliminary statement of the public debt of the
United States March 311929,as made upon the basis of the
daily Treasury statement, is as follows:
IN=W
BondsConsols of 1930
Panama's of 1916-36
Panama's of 1918-38
Panama's of 1961
Conversion bonds
Postal savings bonds
-Month of March- -Nine Months
1928.
1929.
1928.
1929.
$
$599,724,050.00
48,954,18005
25,947,400.00
49,800,000.00
28,894,500.00
16,887,180.00
$770,207,310.00
First Liberty Loan of 1032-47
Fourth Liberty Loan of 1933-33
Treasury
Treasury
Treasury
Treasury
Treasury
2411
FINANCIAL CHRONICLE
Arm, 13 1929.]
$1,939,149,400.00
6,284.034.100.00
8,223.183,500.00
$758,984,300.00
1,036,834.500.00
489,087.100.00
493,037,750.00
359.042.950.00
bonds of 1947-52
bonds of 1944-54
bonds of 1946-56
bonds of 191347
bonds of 1940-43
3,136.986,600.00
Public debt retirem'ts chargeable against ord. receipts:
Sinking fund
Purchases and retirements
from foreign repayments
Received from foreign governments under debt settlements
Received for estate taxes_
Purchases and retirements
from franchise tax receipts
(Fed. Res.and Fed. Intermediate Credit banks)_
Forfeitures, gifts, 41,c
$12,130,377.410.00
Total bonds
Treasury NotesSeries A-1930-32, maturing Mar. 15 1932.... $1,206,618,300.00
609,558.850 00
Series; 13-1930-32, maturing Sept. 15 1932....
516,857,650.00
Series 0-1930-32, maturing Dec. 15 1932....
19,800,000 00
Adjusted service-Series A-1930
53.500,000.00
Series A-1931
70.000,000.00
Series 13-1931
123,400,000.00
Series A-1032
123 400 000.00
Series A-1933
127,700,000 00
Seres A 1934
31,200,000.00
Civil service-Series 1931
14,400,000.00
Series 1932
44,600,000 00
Series 1933
529,000.00
Foreign Service-Series 1933
2,941.563,800.00
Treasury Certificates5549,310,700 03
Series TJ-1929, maturing June 16 1929
308.806,000.00
Series TS-1929, maturing Sept. 15 1929
206,418,000.00
Series TS2 1929, maturing Sept. 15, 1929.- _
300,245,500 0“
Series TD-19'29, maturing Dee. 15 1929
475.959,500.00
Series TD2-1929, maturing Dec. 15 1929.....
1,840,739.700.00
TreasurySavings Certificates-*
33,984,498.35
Series 1924, issue of Dec. 1 1923
Total interest-bearing debt
Matured Debt on which Interest Has CeasedOld debt matured-issued prior to Apr. 1 1917
Second Liberty Loan bonds of 102742
Third Liberty Loan bonds of 1928
3j% Victory Notes of 1922-23
4% Victory Notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury savings certificates
Debt Bring No Intern:United States notes
Lees gold reserve
$16.946,665.408 35
$1,954.560.26
11.800.750.00
28,582.750.00
21,600.00
1.808,700.00
746,900 00
3,497,100.00
4,632,150.00
Total
92,575,000
1,500
13,100
2,933,400
42,304
618,367
3,066,203
13,100
469,994,854
452.437,870
Customs Receipts
at New York.
Exports.
Imports.
1927.
1
1928.
1
1927.
1928.
$
1
$
1
$
149.390.965 58.169.597 147.613,519 38,384,513
July
142,661,747
139,961.583
154.359.944166,332.013
August_ - September 150.470,783 172,707.698 103,008.757 126,772.088
October_ _ 175.624.878 175,855.280 170.703,771 137.849,733
November 156.599.6261179,611.688 169,650.612 156.060.057
December_ 168.359.836,157,075,741,157,285,530 157.874.443
1929,
1928.
1928. 1
1929. 1
171,501,300168,712,487 176,480,924 148.120,044
January
February _ 188.138,049173,826,482,187,045,251,135,898,816
1928.
1927.
26,130.127
30.315,887
31.168,728
34,691,171
27,651,679
25.823.112
1929.
27,286,733
28,274,931
$
26.620.038
30.852.625
32.593,222
31,626,401
29.487,856
24,257.557
1928.
25,495.311
22,128,590
Total_ _ 1314445381112522909661251754 947,1043621441 231,342,366 223,061,600
Movement of gold and silver for the eight months:
1928.
2,044,812.82
3.490,520.46
236,808,588.75
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for March 1929
and 1928 and the nine months of the fiscal years 1927-28
and 1928-29:
-Nine Months
1928.
1929.
$
$
451,179,033 437,645,495
ReceiptsOrdinaryCustoms
Internal revenue:
601,363,805 515,669,122 1,686,564,600 1,624,174.197
Income tax
Miscellaneous internal rev_ 50.704,097 50,016,744 450,592,754 454,647.676
Miscellaneous receipts:
Proceeds Govt.-owned securatesForeign obligations27,000,547
28,562,640
Principal
90,996,449
90,252,451
Interest
14,515.095 161,510,888
4,591.714
8,436,838
Railroad securities
3,463,054
5,689,517
5,664,432
441,815
All others
Trust fund receipts (re-ap40,608,071
4,525,612
49,283,143
propriated for investm't) 4,155,703
6,712,288
116,929
1,572.650
7,534,109
Proceeds sale of sur. prop
2,174,728
21,225.123
2,606.692
21.617,424
Panama Canal tolls, &e
10,768,982 14,357.026 131,062.065 148.415,549
Other miscellaneous
736,815,948 641,626,187 2,927,138,552 3,028,523,994
Total ordinary
60,060,095
333,411,414
ExpendituresOrdinary (checks and warrants paid, Ac.)177,272,916 152,284,278 1,546,715,484 1,431,537,805
General expenditures
58,662,151 74,160.425 433,351,829 484.766,788
Interest on public debt a..
Refund of receipts:
1,982,271
16,239,603
1.963.980
15,961,303
Customs
'N11,415,911 10.489,055 158,429,454 101,377.028
Internal revenue
10,000.000
50,000,000
18,045,645
Postal deficiency
1.217,926
745,636
7,214,780
8,230.733
Panama Canal
Operations in special acc'ts:
06,576
067,338
0670,428
Railroads
0180,062
044,030
03,669,248
War Finance Corp
3,935,734
1,343,833
15,915,477
25,346,809
Shipping Board
6216,281
52,626,002
01,160.728
336.123
Allen property funds
106,717 112,157,487 111,955,720
407,645
Adjusted service etf. fund_ _ _
903
20,050,036
168,850
72.110
Civil service retirement fund.
Investment of trust funds:
4.294,770
40,020,725
48,452,174
Government life Insurance_ 4,130,865
District of Columbia Teach180,267
400,538
24,838
539.082
ers' Retirement
06,700
309,649
58,318
101,178
Foreign Service Retirement
50,575
386,808
291,887
General Railroad Conting't
273.874,502 248,245,011 2,397,083.603 2,242,674,709
Total ordinary
Silrer-New York.
Gold Morement at New York.
Imports.
Month.
$17,236,518,507.36
Total gross debt
..Net redemption value of certificates outstanding.
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements]
Gross Debt, Less
Net Balance in
Net Balance in
General Fund.
General Fund.
Gross Debt.
$
Aug. 31 1919, when war debt
26,596,701.648.01 1,118.109.534.76 25,478,592,113.25
was at its peak
444.816.760.55 17,492.000,237.66
Mar.31 1928 (a year ago)..17,936,816.998.21
269.543,968.46 17,010,205,167.40
Dec. 311928 (last quarter) 17,309.749,135.86
73,846,143.12 17,271,652,717.92
Feb. 28 1929 (last nionth).17,345,498.861.04
427,807,235.30 16,808,711,272.06
17,236.518,507.36
Mar. 31 1929
97,075,350
Merchandise Morement at New York.
Month.
$190.641,927.97
40.631,327.50
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
462,041,446 393.368,076
receipts
Excess of total exp. chargeable
against ordinary receipts
over ordinary receipts
1,435,500
Foreign Trade of New York-Monthly Statement.
53,044,510.26
-Month of March1928.
1929.
$
S
55,109,848 48,276,776
354,741,300
18,000
Total expends.chargeable
against ord. recelpts__273,874,502 248,258,111 2,867,078,457 2.695,112,580
Receipts and expenditures for June reaching the Treasury In July are included.
a The figures for the month Include $74.806.06 and for the fiscal year 1929 to date
$613,711.87 accrued discount on war-savings certificates of matured series, and for
the corresponding periods last year the figures include $102,098.47 and $1,091,122.88,
b Excess of credits (deduct).
respectively.
$346,681,016.00
156,039,088.03
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency_
Thrift and Treasury savings stamps, unclassified sales. dm
369,925,800
1
$
605.2671
July
863,5441
August.
September 2,895,1491
October.... 12.723.6771
November 28.078.532
419,784,
December.
1929. 1
8.772,302,
January
February. 22,368,7011
1927.
Exports.
1928.
1927.
1
1
$
5.215.929 72.403.845, 1,090,730
781,074;
883.618
6,107.889
1.714,313 3,417.9721 24.166,981
526,726, 9,147,118
495,910
429,0481 34.200.361
727.412
830,345' 71,982.903
487.049
1928,
1929,
1928.
721,0081 50,866.191
795,991
5,763.918 1.038,8681 24.536,938
Imports.
Exports.
1928.
1928.
2,395,829
2.260.561
1.933,546
3,095.261
2,422,550
1,556.612
1929.
4,344,061
1,051,750
3,401,081
5,153,091
2.551.976
3,704.703
3.960.040
5.000,365
1929.
5,260,989
3,759.967
Total_- 76.726,956 21,308,411 80,148,886216,874,84& 19.060,170 33,452,212
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in national bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Cireula
(ion for Nationai
Bank Notes.
Mar. 31 1929
Feb. 28 1929
Dec. 31 1928
Nov.30 1928
Oct. 31 1928
Sept.29 1928
Aug. 311028
July 31 1928
June 30 1928
May 31 1928
Apr, 30 1928
Mar. 31 1928
Feb. 29 1928
Jan. 31 1928
Dec. 311027
Nov. 30 1927
Oct. 31 1927
Sept. 30 1927
Aug. 31 1927
July 31 1927
June 30 1027
May 31 1927
Apr. 30 1927
Mar.31 1927
Fah 25 1627
$
666,630,890
666,432,090
667.013.340
667,508,440
667.168,440
667,318,040
666,732,700
666,643,200
665.658,650
667.491,900
666.196,460
666,866,710
667,011,210
666,230,710
867.127,710
868,830,210
666,873,290
666.985,790
667,143.790
667,156.290
668.991.130
687,095,680
665.724.930
665,641.990
666.118.6411
National Bank Circulation,
Afloat onBonds.
Legal
Tenders.
s
$
661,924,472
659.651,580
662.904,627
663.931.957
662,705,675
660,463,912
660,518,182
658,463,423
658,732.988
661,522.450
661.127,660
662,412.992
661.481,322
659.332.017
682.380,082
663.340.875
663,187.030
662.742.593
663,747,178
661,550.768
661,288,545
663.156,720
662.238,833
861,573,603
etein RAS 2.6(1
36,750,627
35.231,759
35.877,502
36,248,802
37.446,779
37.608.747
38.299,802
38.926.224
40,887,664
39.757,992
38,814,509
35,802,227
38,250,372
38.407,517
38.623.507
39,060.424
39,825,664
40.537.019
41.052.614
42,987.269
42,857,722
42,777.217
39.074.404
38.251,384
16.825.184
Total.
s
698,675,093
694.883,339
698,782,129
700,180,759
700,152.454
098,152.659
698,817,984
697.389,647
699,620.852
701,280,442
699,942.169
699,215.219
699,731,699
697.739.534
701,003.589
702,401.099
702.992.694
703,279,612
704.799,792
704,518,037
704.146,267
705.933.937
701.313.237
699.924.967
697.191.424
$3,882,751 Federal Reserve bank notes outstanding April 1 1929, secured by
lawful money, against $4,335,208 on April 1 1928.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on March 31
1929:
U.S. Bonds Held Mar. 31 1929 to SecureBonds on Deposit
April 1 1929.
211:0
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bala
Notes.
Notes.
Total
Held.
S
2s, U. S. Consols of 1930
2s. U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
592,203,350
48.688,520
25,739,020
592,203.350
48,638.520
25,739.020
666,630,890
666.630,890
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits March 1 1929
and April 1 1929 and their increase or decrease during the
month of March:
2412
FINANCIAL CHRONICLE
National Bank Notes-Total AfloatAmount afloat March 1 1929
Net increase during March
5694,883,339
3,791,760
Amount of bank notes afloat April 1
Legal Tender NotesAmount on deposit to redeem national bank notes March 1
Net amount of bank notes Issued in March
8698,675,099
35,231,759
1.518,868
Amount on deposit to redeem national bank notes April 1 1929
836,750,627
Zommercial n nUUscclianecatsgnus
Breadstuffs figures brought from page 2504.-All
the statements below regarding the movement of grainreceipts, 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:
United StatesDetroit
Chicago
" afloat
Milwaukee
"
afloat
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
FoL. 128.
Wheat.
Corn.
Oats.
Rye.
Barley.
bush,
bush,
bush,
bush.
bush.
218,000
10,000
23,000
19,000
24,000
13,593,000 13,326,000 1,554,000 2,529,000
790.000
1,747,000
274,000
488,000 2,212.000
448,000
545,000
409,000
217,000
462,000
27,169,000 1,113,000
893,000 2,135,000 1,979,000
418,000
278,000
30,306,000 1,330,000 1,851,000 1,388,000
3,606,000
398,000
708,000
245,000
8,000
3,258,000 1,433,000
259,000
8,000
98,000
18,718,000 3,133,000
7,000
31,000
8,000
4,040,000
286,000
20,000
4,000
1,679,000
191,000
3,000
15,000
85,000
274,000
65,000
529,000 1,371,000
955,000
7668,000 2,439,000 1,343,000
34,000
86,000
Total April 6 1929_ _122,219,000
Total Mar. 30 1929_ _ _122,572.000 33.583,000 11,200,000 6,936,000 8,124,000
Total April 7 1928.-- 66,357,000 34,150,003 12,609,000 6,905,000 8,430,000
41,320,000 14,899,000 5,298,000 2,691,000
Note.-Bonded grain not included
Philadelphia, 4,000; Baltimore, 5,000: above: Oats, New York, 183,000 bushels:
184,000: Duluth, 14,000; total. 390,000 bushels, against 64.000 bushels inBuffalo,
1928. Barley, New York, 237,000 bushels:
Receipts atFlour.
Wheat.
Corn.
Boston, 9,000; Philadelphia, 143,000;
Oats.
Barley.
Rye.
Baltimore. 260,000; Buffalo, 859.000; Duluth,
114,000; total, 1,622,000 bushels, against
958,000 bushels in 1928. Wheat. New
bbls.196lbs. bush.60 Os.bush. 56135.bush. 32163.bush.48lbs bush.5811a. York, 3,751.000
bushels: Boston, 1,614,000; Philadelphia
Chicago
205,000
387,000 1,741,000
125,000
104,000 4,031,000; Buffalo, 8,104,000; Buffalo afloat, 437,000; . 3,656,000; Baltimore.
Minneapolis.
Duluth, 279,000; total.
21,872,000 bushels, against 11,795,000
208,000
196,000
72,000
bushels in 1928.
Duluth
1,054,000
12,000
25,000
71.000
65,000
CanadianMilwaukee___
40,000
12,000
349,000
62,000
174,000
5,000
Montreal
Toledo
9,470,000
362,000
634.000
20,000
380,000
363,000
411,000
2,000
1,000 Ft. William & Pt. Arthur 64,519,000
Detroit
23.000
5,910,000 2,169,000 7,117,000
12,000
17,000
4,000
"
afloat
Indianapolis.
7,792,000
26,000
41,000
325,000
116,000
296,000
Other
Canadian
St. Louis_ _ _
8,829,000
128,000
604,000 1,002,000
2,524,000
285,000 1,375,000
509,000
42,000
Peoria
59,000
28,000
302,000
114,000
54,000
Total
April
6
1929
_
_
Kansas City _
90,610,000
723,000 1,040,000
9,109,000 2,834,000 9,199,000
82,000
Total Mar. 30 1929_ _ 88,828,000
Omaha
147,000
9,116.000 2,777,000 9304,000
351,000
178,000
Total April 7 i928..___77,231,000
St. Joseph43,000
2,466,000 3.282,000 3,991,000
228,000
32,000
SummaryWichita
112,000
81,000
4,000
American
Sioux City 20,000
122,219,000 33,583,000 11,200,000 6,936,000 8.124,000
73,000
72,000
3,000
Canadian
90,610,000
9,109,000 2,834,000 9,199,000
Total wk. '29
432,000 4,860,000 5,654,000 2410,000
667,000
251,000
Same wk. '28
Total
April
6
400,000 4,420,000 4,337,000 2,372,000
1929_ _ _ _212,829,000 33,583,000 20,309,000 9,770,000 17,323,000
762,000
322,000
Total Mar. 30 1929_ __ 211,400.000 34,150,000
Same wk. '27
491,000 3,486,000 2,936,000 2,008.000
471,000
207,000
Total April 7 1928.....143.588,000 41,320,000 21.725,000 9,682,000 17,534,000
17,365.000 8,580,000 6,682,000
Since Aug.1The world's shipments of wheat and corn, as furnished by
1928
17,787,000407,822,000 221,016,000 109.446,00081,672,00021,601,000
1927
17.668.000379,485.000 243,163,000 128,505,00027,313,000 33,505,000 Broomhall to
the New York Produce Exchange, for the week
1926
17,492.000278,781,000 173,950,000 111,214,000 15,746.000 24,740,000
ending Friday,
April 5, and since July 1 1928 and 1927,
Total receipts of flour and grain at the seaboard ports for are shown in the following:
the week ending Saturday April 6, follow:
Wheat,
Wheat.
Barrels.
304.000
30,000
40,000
15,000
1,000
1,000
36,000
27.000
34.000
Corn.
Bushels.
566,000
524,000
102,000
449,000
Bushels.
32,000
56,000
5,000
12,000
3,000
47,000
117,000
27,000
51,000
2,000
2,000
Oats.
Barley.
Bushels.
Bushels. Bushels.
118,000
201,000
5,000
24,000
35,000
77,000
9.000
7,000
295,000
18,000
118,060
23,000
1,000
62,000
Total wk. '29 488,000 1,835,0001
160.000
Since Jan.1'29 7,674,000 42,044,000 13,288,000
317,000
594,000
82,000
4,477,000 7,937,000 1,873,000
1928___
Week
574,000 2,273,000
373,000
246,000
115,000
100,000
Sinew 11111.1'29 6.765.000 34_546.000 6.030.000 5.446.000
7.102.000 3.359.000
• Receipts do not include grain passing through Now Orleans
foreign
for
ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 6 1929, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
St. John, N. B
Houston
Wheat.
Corn.
Bushels. Bushels.
790,000
68,000
103,000
41,000
114,000
524,000
43,000
629,000
103,000
56.000
Total week 1929_ 1.640,000
Same week 1928- 3,085,843
831,000
801,000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
110,680
10.000
260,706
21,000
1,000
67.000
100.000
1,000
1,000
29,000
6,000
30,000
10,000
209,680
177,598
24,000
24,000
77,000
35.000
58,000
83,926
77,000
189.144
462,706
97,507
The destination of these exports for the week and since
April 6 1929 is as below:
Flour.
Exports for Week
and Since
July 1 go--
Week
Apr.6
1929.
Since
July 1
1928.
Wheat.
llreek
Apr. 6
1929.
Since
July1
1928.
Corn.
Week
Apr. (3
1929.
Since
July 1
1928.
Bushels.
Barrels. Barrels.
Bushels. Bushels. Bushels,
United Kingdom_ 34,209 2,712,359
592.000 61,472,726 196,000 9,1368,110
Continent
137,151 4,148,119 1,035,000 167,429,959 596,000 17,081,962
So.& Cent. Amer- 2,000
274,000
13,000
325,000
3,000
185,000
West Indies_ ___ _ 12,000
373,000
73,000
36.000
773.000
Brit.No.Am.Cols.
1,000
20,000
Other countries__ 24,320 1,216,305
3,220.733
2,250
Total 1929
209,680 8,724,783 1,640,000 232,541,418 831,000 27,710,322
Total 1928
177,598 8,997,477 3.085,843 199,758.640 801.000 8,357,845
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 6, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
afloat
-
GRAIN STOCKS.
Wheat.
Corn.
Oats.
bush,
bush.
bush.
197,000
101,000
17,000
8,000
332,000
90,000
83,000
1,053,000
183.000
78,000
6,000
507,000
168,000
78,000
895,000
156,000
2,481,000
394,000
218,000
5,083,000 2,234,000 1,822,000
360,000
2,610,000
40,000
204,000
200,000
Exports.
Rye.
Rye.
bush.
58,000
4.000
6,060
3,000
Barley.
bush.
216,000
42,000
4,000
118.000
4.000
19,000
28,000
328,000
12,000
16,000
16,000
139,000
1928-29.
Week
Apr. 5.
Since
July 1,
Corn.
1927-28.
Since
July 1.
1928-29.
Week
Apr. 5.
1927-28.
Since
July 1.
Since
July 1.
Bushels, I Bushels.
Bushels.
Bushels.
North Amer_ 5.290.00044i,714,000 383,617,000 Bushels. I Bushels.
452,000 31,995,000 12,435,000
Black Sea_ _ _
16,000 2,144,000 9,480,000
I 1,827,000 17,332,000
Argentina._ _ 5,913,000 148,985,000 125,301,000
Australia_ _ 3,152,000 86,808,000 52,191,000 2,288,000183,543,000 212,356,000
India
I 1,112,000 8,272,000
0th. countr's
504,000 36.796,000, 25,712,000
467,000, 24,844,000 21,774,000
Total
15.875,000 717,559,000604,573,000 3,207,000242,209,000
263,897,000
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Apr. 6 to Apr.
12, both
inclusive, compiled from official sales lists:
Stocks-
rrsaay
Sates
Last Week's Range for
Sale
of Prices
Week.
Par Price Low. High. Shares.
Aluminum Goods mfg____ ______
31
32
Amer Vitrified Prod pfd 100
84
84
Am Wind GI Mach corn 100 25
25
25
Preferred
100
46
46
Amer Wind Glass Co Pf 100
87
87
Arkansas Gas Corp corn_ _•
534
434 514
Preferred
10
834
8
834
Armstrong Cork Co
• 66
65
66
Blaw-Knox Co
25 42
41
42%
Calorizing. pref
25
10
10
Carnegie Metals
10
17
1734
Cent Ohio Steel Prod corn• 2414 2434 25
Clark (D L) Co corn
• 1734
1734 17%
Consolidated Gas pref._ _50
26
26
Consolidated Ice prof...50 20
20
20
Crandall McKenzie & H___
26
26
Devonian 011
10
614 634
Dixie Gas 8: Util com--• 1234
1034 1234
Preferred
100 70
70
73
Exchange Nat'l Bank_50 89
89
89
First National Bank._ -100 410
405 410
Follansbee Bros, pref ..l00 96
95
96
Harb-Walker Ref,com _* 60
5934 60
Preferred
100
112 112
Independent Brew, pre AO
234 234
Koppers Gas& Coke, pref _ 101% 10134 102
Libby Dairy Prod,corn __• 37
37
3834
Preferred
100
10734 10734
Lone Star Gas
25 6834 6714 70
McKinney Mfg,com
*
12
12
Nat Fireproofing corn__ -50 15
15
1534
Preferred
50
3314 33%
Penn Federal Corp corn .•
434 4%
Penn Nati Bank
100
230 230
Peoples Say Az Trust ...100 750
750 750
Pitts Brewing corn
50
4
4
Pitts Investors security..* 30
30
3034
Pittsburgh Oil & Gas__ .5
3
3
Pittsburgh Plate Glass _100
6734 69
Pittsburgh Trust Co.__100
285 285
Plymouth Oil Co
5
2634 2644
ReYmers, Inc
2234 2214
Salt Creek Consol Oil__ _10
434
4% 4%
San Toy Mining
60
60
6c
Stand Sanitary Mfg pf_100
128 128
Standard Steel Spring _--- 73
73
76
Standard Steel Propeller._ _
26
27
Suburban Electric Dev.__* 2334 23
2334
Tidal Osage 011
10
14
15
Union Steel Casting coin -• 21
20
21
United Engine & Fdy corn • 463.4 41
4934
United States Glass _ __ _25
12
12
Vanadium Alloy Steel ---7134 7134
Western Say & Dep ......50 135
135 135
Westinghouse Air Brake -•
47
4834
Witherow Steel pf
100
75
75
Unlisted[lath Linn corn
Preferred
VittInnal Fria twat A
18
19
4134 1134
05U: 951.4
a
a
W
.0.•
• ...
-1... ..
,,, . I-.*-,,
..,', W.4
W.
-. NW0.QWWa
..•4.
-.......-.*.
.§WW..44/aWW.P. I-.*-.WW
.
WI
.W.WYaW0aW..W0.00.CW4a,=
WO.00a00.000 0000,00
......1QW.
0W000000,00000W000000
0000000tOW00a0000
New York..Portland. Me_
Philadelphia__
Baltimore_ __ _
Newp't News
Norfolk
New Orleans *
Galveston__
Montreal_ _ - Boston
Flour.
355
Receipts at-
Range Since Jan. 1.
Low.
High.
29
Mar 39
Feb
833.4 Mar 853.4 Mar
24
Feb 32
Jan
46
Jan 50
Jan
87
Mar 88
Jan
334 Jan
534 Mar
7% Jan
834 Jan
6134 Jan 66
Apr
3834 Feb 4534 Feb
8
Jan 10
Apr
17
Mar 20
Jan
25
Jan 28
Feb
1634 Mar 1834 Apr
Mar
2534 Mar 26
1934 Mar 26
Feb
25
Mar 29
Jan
Mar
6
8
Jan
734 Jan 1334 Feb
70
Jan 76
Feb
89
Apr 92
Feb
405
Apr 435
Jan
95
Apr 9934 Jan
52
Jan 6034 Mar
110
Feb 112
Apr
1% Feb
3
Feb
101
Mar 10334 Feb
Mar
2534 Jan 43
1043.4 Jan 135
Mar
67
Jan 75
Feb
12
Apr 1734 Mar
Mar
1034 Jan 17
2834 Jan 35% Mar
434 Feb
53.4 Jan
230
Apr 230
Apr
750
Apr 780
Jan
Jan
Apr
2
4
2534 Jan 34
Feb
Apr
3
43.1 Feb
64
Jan 75
Jan
275
Jan 28714 Jan
24
Feb 3034 Jan
22
Mar 2714 Feb
4
Mar
5% Jan
Sc
Jan 25e
Jan
128
Mar 128
Mar
73
Jan 8734 Feb
26
Apr 2734 Apr
2234 Mar 29
Jan
14
Apr 15
Jan
20
Feb 25
Jan
38
Jan 4934 Apr
1034 Jan 15
Feb
70
Mar 72
Mar
135
Apr 135
Apr
43% Apr 5414 Mar
7114 Apr 78
Feb
18
Apr
40
Mar
9554 s....
20
Mar
Mar
4134
Os
sr-
APRIL 13 1929.]
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
Sale
ol Prices.
Week.
Stocks (Coneluded) Par. Price. Low. High. Shares.
011 Well Investors
Penna. Industries prof
Pgh Screw & Bolt Corp _ _ _
Ruud Manufacturing Co _
Western Public Serv v t c_
Witherow Steel w
------
Wr
RightsArmstrong Cork Co
Witherow Steel
30
110
244
41
25
58
30
110
25
41
25%
59%
1% 1%
11
14
Range Sines Jan. 1.
Low.
200 30
194 110
3,735 234
110 41
5,042 2435
1,525 3135
9,875
96
High.
Apr 37
Feb 111
Mar 29
Mar 44
Mar 284
Jan 79
135 Feb
Jan
6
Feb
Feb
Mar
Mar
Mar
Mar
1% Apr
14
Apr
* No par value.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
2413
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per share.
5 Boston Natl. Bank....... ----210
10 Boston Natl. Bank
210
10 Bank of Corn. dr Trust Co
175
10 Dwight Mfg. Co
1234
300 Berkshire Fine Apinning Associates, Inc..common--3S
161 Nashua Mtg. Co., COM- _4134-4434
20 Tremont de Suffolk Mills
334
40 Androscoggin & Kennebec Ry.
Co.,2nd preferred
50c
50 Great Northern Paper Co., par
$25
634
10 Associated Theatres Corp.. com _$4 lot
27 Old Colony Trust Associates
55
18 Beacon Participations, Inc.,
Class A preferred
19
2 Units First People's Trust
4034
2 Unite First People's Trust-- - 4015
Shares. Stocks.
$ per share.
12 Special units First People'sTrust 3
Haverhill Electric Co. (undep )
814
Par $25
24
20 Georgia Casualty Co., par $5
20-11 Warrants Springfield Gas
Light Co., V. I. c......111 per 1-11th
50 Robert Garr Co., class A, ex div 34
5 U.S.Envelope Co., preferred----113
12 Quincy Mkt. Cold Storage &
Whse. Co., preferred
6134
5 Units First People's Trust-- 40%
25 Saco-Lowell Shops, let pref.39 X-39%
5 Werra Company, Inc., preferred- 25e.
100 Welte Co.. Inc., pref.; 48 R.
Marston Co., pref.; 25 Imperial
Roalties Co., corn.; 14 Billings
& Spencer Co., com.,par $25: 49
Austen Coal dr Coke Co....$42.50
By R. L. Day & Co., Boston:
Shares. Stocks.
$ Per Sh. Shares. Stocks.
$ Per Sh
4624 25 Saco Lowell Shops,common_ - -_ 9
2 Merchants Nat. Bank
8 Boston Nat. Bank
210
50 Paddock Building Trust
80
Capital. 1 Webster & Atlas Nat. Bank __20335 100 Mass. Utilities Aesociates,cota. 12
6-The Plaza National Bank of St. Louis, Mo
504-505 5 Mass. Utilities Associates. pref..
5300,000 35 First Nat. Bank
Trust
35
U.
Co
S.
415
Correspondent, J. W. Reinholdt Jr., 727 Boatmen's
43
par $50
100 Whitman Mills
Bank Bldg., St. Louis, Mo.
4011
1834 4 Units First Peoples Trust
557 Lawton Mills
8135 8 Boston Insurance Co
931
CHARTERS ISSUED.
81 Nat. Fabric & Finishing Co.com. 10
10 J. R. Whipple Corp., Preferred
42
101
31 Old Colony Trust Associates.._ _ 55
1-The Edgecomb National Bank of Tarboro. N.C
$50,000 10 Farr Alpaca Co
2 Dartmouth Mfg.Co.,coin
76
25 Great Northern Paper Co..
President, W. G. Clark; Cashier, W. H. Dahmer.
4 Pepperell Mfg.Co
• 99
624
$25
1-The City National Bank & Trust Co.of Niles. Mich_ _ _
150.000 5 Dartmouth Mfg.Co., preferred-- 8034 33par
Amer. Constitution Fire AnnuConversion of the Niles City Bank of Niles, Mich.
l° Harmony Mills, common
34
5835
ance Co.,com.,par 820
President, Frank M. Brandon; Cashier, Thomas C.
35 Naumkeag Steam Cotton Co.._1304 33 Amer. Home Fire Assurance
Hance.
50 Naumkeag Steam Cotton Co_ _ _130
5835
Co..com.,par $20
1-First National Bank of Soldiers Grove. Wis
25.000 38 West Point Mfg,Co
12911 100 Units Thompson's Spa., Inc..
Conversion of the Citizens' State Bank, Soldiers Grove,
40 Saco Lowell Shops, common._ _ _ 9
100
ex div
Wis. President,0. H. Larson; Cashier, C. J. Niedfeldt.
40 Textile Building Trust. corn _-- 90c. 10 New England Power Assn.,pref. 98
1 Fiske & Co.,Inc.,common
44 40 Saco Lowell Shops, 1st prof
3935
CHANGE OF TITLE.
10 Jessup dr Moore Paper Co., 1st
6 Units First Peoples Trust
4011
1-The Citizens' National Bank of Waynesboro. Pa., to
20
preferred
4 Units First Peoples Trust
4034
"Citizens' National Bank & Trust Co. of Waynesboro."
20 Units Mutual Finance Corp _ _ _ _ 55
5 Special units First Peoples Trust_ 3
5 Main. Utilities Associates, pref.
VOLUNTARI? LIQUIDATION.
3 Mutual Finance Corp., pref., par
$50
4335
Par
$50; 10 Mutual Finance Corp..
1-The Security National Bank of Alexandria, S. Dak
$30,000 6 Units First Peoples Trust
4035
common, par $50
$27 on pref.
Effective March 19 1929. Lig. Agent, W. S. Hill,
5 Howes Bros., 1st pref. B
75
BondsAlexandria, S. Dak. Absorbed by First National
100 H.F.Staples, Inc
21
$1,000 Hotel Gov. Clinton. 1st 634
Bank in Alexandria, S. Dak., No. 12,611.
30 Cities Service Ref. Co., pref _- 634
Apr. 15 1943, series B_ __ _95 & Lat.
2-The First National Bank of Fullerton, N. D
25.000 13 Saco Lowell Shops,2nd pref..- 20
$5,000 Shawmut Bank Invest.Trust
Effective March 14 1929. Lig. Agent, F. D. McCart25 Saco Lowell Shops, 1st pref
39
Is.
March 1952
883(4
net, Oakes, N. Dak. Absorbed by Farmers State Bank
75 Heywood Wakefield Co., 1st pf.- 6511 $5,000 Haverhill Bldg.Trust bat Is,
of Fullerton, N. D.
50 Heywood Wakefield Co., corn-- 19
September 1936
80
2-The Bushwick National Bank of New York, N. Y
200,000
By A. J. Wright & Co., Buffalo:
Effective April 1 1929. Lig. Agent. Globe Exchange
Bank, Brooklyn. New York, N. Y. Absorbed by
Shares. Stocks.
$ Per sh. Shares. Stocks.
$ per sh.
Globe Exchange Bank, Brooklyn. New York, N. Y.
1,000 Goldhin Mines, Par $1
20. 100 Thermiodyne Radio Corp..
5-The First National Bank of Kosse, Texas
temp. certifs., no par
$3.25 lot
50.000 5 Keitor Qualitol. Inc., par $20_$2.50 lot
Effective March 27 1929. Liq. Agent, C. 0. Robert,
Sc.
1.000 Chaput Hughes, par $1
son, Kosse, Texas. Succeeded by the Kosse National
Bank of Kosse, Texas, No. 13279.
6-National Bank of Commerce in New York, N. Y_ --25,000,000
DIVIDENDS.
Effective 3 p. m. April 5 1929. Liq. Agent, Guaranty
Trust Co. of New York, N. Y. Absorbed by Guaranty
Dividends are grouped in two separate tables. In the
Trust Co. of New York. N. Y. The liquidating bank
first we bring together all the dividends announced the
has one branch.
APPLICATION TO ORGANIZE RECEIVED
WITH TITLE REQUESTED.
April
April
April
April
April
April
April
April
April
April
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
Auction Sales.-Among other securities, the following, which have not yet been paid.
not actually dealt in at the Stock Exchange, were sold at auction
The dividends announced this week are:
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
Per
When
Books Closed
Nance of Company.
Cent. Payable.
Days Inaltutre.
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ Per share.
100 U. S. Steamship Co., par $10;
1,000 Eureka Croesus Mining Co..
par $1; 25 Dunn Pen Co., 3%
cum. pref., par $10; 13 Dunn Pen
Co., Inc., corn., par, no par; 300
Gclden Gate Exploration Co.,
Par $5: 100 Glenrock 011 Co., par
$10; 300 Vernon Mining Co., par
$1; 510 New Tuxpam Star Oil
Corp., par $1; 1,000 New Sutherland Divide Mining Co (assessment 2, 3 and 4 paid), par 100.;
1,000 Nevada Divide Mining
Co.of Tonopah, par 10c
tfr lot
Shares. Stocks.
$ Per share.
3,000 Vinton-Schwerin Fuel Corp.,
common
$210 lot
11 Hon Investment Co.(Fia.corp.)$33 lot
65 Penn Seaboard Steel Corp., no
par: 200 Montezuma Mines of
Costa Rica, par $1; 14 Oriental
Bank, fully liquidated
$1 lot
Bonds$4.000 Columbia Sugar Co. 1st 7355
July 1 1932
30%
$1,000 Columbia Textile Co. 1st
20-yr. s. I. cony. 75 Dec. 1 1942
att. of dep
$12 lot
Railroads (Steam).
Atch. Top.& Santa Fe corn.(quar.)____ •235 June 1 *Holders of rec. May 30
Cincinnati Northern (extra)
*10
Apr. 20 *Holders of rec. Apr. 15
Nash. Chat.& St. Louis (in stock)
*560 Subj. to stockholders' meet.July 9
Public Utilities.
Allied Pow. dr Light, $5 1st pref.(quar.) $1.25 May 15 Holders of rec. May 1
75c. May 15 Holders cf rec. May 1
$3 preference (guar.)
Am.Commonwealths Pow., let pt.A(qu) $1.75 May 1 Holders of rec. Apr. 15
$6.50 first preferred (guar.)
$1.63 May 1 Holders of rec. Apr. 15
Second preferred series A (quar.)
51.75 May 1 Holders of rec. Apr. 15
Amer. Natural Gas pref. (quar.)
*31.75 May 1 *Holders of rec. Apr. 20
Associated Gas& Elec.$6 pref.(quar.)_ _ $1.50 June 1 Holders of rec. Apr. 30
1.6234 June 1 Holders of rec. Apr. 30
$6.50 Preferred (quar.)
$5 preferred (guar.)
$1.25 June 15 Holders of rec. May 15
Brazilian
Tr., Lt. & Pow., corn.(quar.). •500. June 1 *Holders of rec. Apr. 30
By Barnes & Lofland, Philadelphia:
Broad River Power pref. (quar.)
134 May 1 Holders of rec. Apr. 15
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per Sh. Brooklyn Borough Gas common (quar.)- *$1.50 Apr. 10 *Holders of rec. Mar. 28
10 Keystone State Real Estate.
Cape Breton Elec. Co., Ltd
*$3
20 Southwark Title & Tr. Co
May 1 *Holders of rec. Apr. 18
375
00 par
Columbia Gas & Elec. new corn.(quar.)_
1
15 Camden (N. J.) Safe Dep. dr
50c. May 15 Holders of rec. Apr. 20
50 Parkstone Realty Co., no par.. _ _ 1
Preferred series A (quar.)
Trust Co.. par $25
135 May 15 Holders of rec. Apr. 20
225
Acct. payable by Parkstone Realty
Community Pow.& Lt.561st Pf.(cu)-. $1.50 May 1 Holders of rec. Apr. 20
5 Wilmington (Del.) Trust Co.,
Co. to owner of the foregoing in
Eastern States Power. prof. A (Qua?.)... $1.75 May 1 Holders of ree. Apr. 15
par $50
252
the sum of $79,124.58
$IM lot 5 Haddonfield(N.J.) Safe & Tr.Co 131
Preferred series B (quar.)
$1.50 May 1 Holders of recs. Apr. 15
Undivided one-half int. In the cerElectric Investors, Inc., $6 pref.(qu.)- $1.50 May 1 Holders of rec. Apr. 15
5 Haddonfield (N. J.) Sate Del:malt
tain real estate in the 26th Ward
Electric
Power & Light& Tr. Co
130
of the City of Philadelphia subAllotment ctfs. full paid
2 Collingswood (N. J.) 'Pr. Co.,
1235c May 1 Holders of rec. Apr. 134
ject to a blanket mortgage of $100,000
Grand Rapids RR.pref.(guar.)
N.J
134 May 1 Holders of rec. Apr. 15
215
5 Central Nat. Bank
946
Haverhill Electric Co.(qum)
25 Continental Pass. RY. CO.
.
87c. Apr. 15 *Holders of rec. Apr. 3
Bank
9 First Nat.
600
Havana Elec. & Utilities 1st pf.(qu.)_ _ *$1.50 May 15 *Holders of rec. Apr. 20
(certif. dep.)
604
1 Overbrook Nat. Bank
183
Cumulative preference (quar.)
10 Frankford & Southwark Pass.
*$1.25 May 15 *Holders of rec. Apr. 20
2 Phila. Nat. Bank
1 058
Illinois Power & Light $6 pref. (quar.)_ _ $1.50 May 1 Holders of rec. Apr. 15
Ry.(ctf. of deP.)
10 mnivise Nat. Bank, MillvIlle,
Italian Superpower Corp. pref.(quar.)
10 Germantown Pass. Ry. (att.2213.
$1.50 May 1 Holders of rec. Apr. 15
N.J., par
305
Knoxville Pow.& Light $7 pref.(guar.). $1.75 May 1 Holders of rec. Apr. 20
of dep.)
6911
23 Ninth Bank & Trust Co
635
10 Phila. Tram. Co.(Mt. of dep.)
$6 preferred (quar.)
$1.50 May 1 Holders of rec. Apr. 20
513
5 Fox Chase Ilk. & Tr. Co., par
Long Island Ltg. common (quar.)
9 2nd & 3rd Sts. Pass. Ry. (ctf. of
•100. May 1 *Holders of rec. Apr. 16
300 ex stk. div
$50
Mexican Light dr Power preference
clap.)
334 May 1 Holders of rec. Apr. 20
150
7 mitten men k Mgm't Ilk. & Tr.
5 13th & 15th St. Pass. Ry. Co.
4% second pref.($5 par value)
10c. May 1 Holders of rec. Apr. 20
110
Co.(stpd.)
Municipal Service, pref.(quar.)
(ctf. of den.)
134 May 1 Holders of rec. Apr. 15
150
Tr.
Bk.
&
Mgm't
3 Union Pass. Ry. Co.(ctf. of
12 Mitten Men &
National Elec, Pow. Co., corn. A (qu.)-45c. May 1 Holders of rec. Apr. 20
dep.)100
14
100
New England Pub. Serv., $7 Pt.(qu.) *$1.75 Apr. 15 *Holders of rec. Mar. 30
52 Trenton, Bristol & Phlla. St.
Co.(stint.)
Ry
10 Olney Bank & Tr. Co., Par 850-491
$5 lot Ncrth Amer. Gas & El., class A (guar.). •40e. May 1 *Holders of rec. Apr. 20
190
25 Bankers Securities Corp.,corn _1434
Northern N.Y. Utilities, Diet.(quar.).. 134 May 1 Holders of rec. Apr. 15
10 Jenkintown Ilk. &'Pr. Co
6 70-100 U. S. Acceptance Corp.
Pacific Lighting, coin. (quar.)
10 Kenkintown Irk. dc Tr. Co:,
*75c. May 15 *Holders of rec. Apr. 30
189
(voting tr. etre.)
par $10
$5 preferred (quar.)
41.25 May 15 *Holders of rec. Apr. 30
1 625 58 Phila, Life Insur. Co., par $10_ 7
Pacific Pub. Serv., corn. A (quar.)
1 ()lard Trust Co
.32340 May 1 Holders of rec. Apr. 10
2615
585
10
$50
par
Power
Co.,
&
Tr.
Industrial
Pennsylvania Warehousing &
5
Light Securities Trust
500. May 1 Holders of rec. Apr. 15
Safe Dep.Co
4 Holmesburg Tr. Co., par $50...- -260
Public Util. Secur.. partic. pref.(quar.). 1.624 May 1 Holders of rec. Apr. 19
112
13211 4 Phila. Bourse Co
20 Bankers Tr. Co., par $50
Participating preferred (extra)
1235c Mar. I Holders of rec. Apr. 19
31
17
25 Bankers Tr. Co. units ($42.50
Southern California Gas, corn. (special). 41
Phila.City Pass. Ry.(ctt. of dep.) 92
Apr. 22 *Holders of rec. Apr. 12
3 Empire Title & Trust Co
36
Paid)
Southern Colorado Pow.,com. A (qu.)
500. May 25 Holders of rec. Apr. 30
51
10 Mitten Bank Securities Corn,
Standard Pow. dr Light, pref.(quar.)
5 Sixty-ninth St. Term. de Tr. Co..
$1.75 May 1 Holders of re.c Apr. 16
Preferred
175
Par $50
2434
2 Mitten Bank Securities Corp.,Pt 244
5 Tacony Tr. Co
650
Fire Insurance.
American Equitable Assurance,com.(qu) 735 May 1 Holders of rec. Apr. 20
50 Manayunk Quaker City Nat Bk.552
50 Broad St. Tr. Co., par $50
80
10 Columbia Ave.Tr. Co., par $10- 5615 15 Manayunk Quaker City Nat Bk.551
American Reserve Infillrlince (quar.)
111
Apr. 15 *Holders of rec. Apr. 4
10 Wyoming Bank & Trust
8 Columbia Ave.Tr. Co.. par 5100_536
Knickerbocker Ins. Co., coin.(quar.)_ _ 735 May 1 Holders of rec. Apr. 20
215
3 Chestnut Hill Title dc Tr. Co.,
Lincoln Fire Insurance (quar.)
15 Manufacturers Title & Trust
1.124 Apr. 15 *Holders of rec. Apr. 4
72
New York Insurance, corn. (quar.)
BondsPar $50
125
6
May 1 Holders of rec. Apr. 20
25 Fmnklin Tr.Co., par $10
Niagara Fire Insurance (quar.)
516,000 Latrobe & Connellsville
82
431
Apr. 15 *Holders of rec. Apr. 5
10 Integrity Trust Co., par 310___170
Coal & Coke Co, 1st 6s, 1931 _ _ _ sou
Miscellaneous.
30 Integrity Trust Co., par $10-..-168% $2,600 Trenton, Bristol dr Phila. St.
III
Adams Mfg.(quar.)
45 Real Estate-Land Title at Tr.
Ry. let 30-yr. 5s, due 1935
*60c. may I *Holders of rec.E
lpr. 15
$54
Alpha Claude Neon Corp., prof. (quar.). 134 Apr. 10 Holders of rec. ar.I31
Co.,par $10.
77 $3,000 Wilkesbarre - Hazelton, 5s,
Amer.
Alliance
53 Security Title & Tr. Co. par $50 70
Investing,
let
pref
1931
75c. May 1 Holders of rec. pr.11.5
13
Amer. European Securities, pref.(guar.) 61.50 May 15 Holders of ree. Apr.530
10 Roxborough Tr. Co., par 00---300
2414
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
American Founders Corp.12% May 1 Holders of rec. Apr. 15
Common (quar.)
May 1 Holders of rec. Apr. 15
Corn.(1-140th share corn. stock)
June 10 *Holders of rec. May 31
stock)
corn.
share
(1-10th
Corn.
May 1 Holders of rec. Apr. 15
8754c
First pref. series A (Soar.)
8754e May 1 Holders of rec Apr. 15
First pref. series 13 (quar.)
1 Holders of rec. Apr. 15
May
750.
(quar.)
D
series
First pref.
3754e May 1 Holders of rec. Apr. 15
Second preferred (quar.)
•le. Apr. 15 *Holders of rec. Mar. 20
Amer. Metal Products, corn.(quar.) _ _ _ _
'$1.25 Apr. 30 *Holders of rec. Apr. 17
American Meter (quar.)
.1% Apr. 15 *Holders of rec. Mar 29
American Wringer, pref. (quar.)
20
Amrad Corp., corn. (guar.) (No. 1)-- - •25c. July 1 *Holders of rec. June 20
_
_
_
$1.75 May 1 Holders of rec. Apr.
Apollo Magneto Corp., pref. (quar.)_
Archer-Daniels-Midland Co.
*50c. May 1 *Holders of rec. Apr. 20
Common(No. I)
•1% May 1 'Holders of rec. Apr. 20
Preferred (Quer.)
May 1 "Holders of rec. Apr. 19
•60c.
(quar.)
corn.
Inc.,
Works,
Metal
Art
Apr. 15 *Holders of rec. Apr. 10
553
Atlantic Safe Deposit Co. (quar.)
75c. May 1 Holders of rec. Apr. 15
Atlantic & Pacific Int. Corp., pf.(au.)
*I% July 1 *Holders of rec. June 20
Babcock do Wilcox Co.(quar.)
Berkshire Fine Spinning Associates75c. June 1 Holders of rec. May 15
Common (quar.)
1)1 June 1 Holders of rec. May 15
Convertible preferred (quar.)
75e. May 1 Holders of rec. Apr. 20
Bessemer Limestone dc Cern_ cl. A (qu.) _
*50c. May I *Holders of rec. Apr. 15
Birtman Elect. Co., corn.(quar.)
*51.75 May 1 *Holders of rec. Apr. 15
$7 preferred (quar.)
*3ci Apr. 30
British Celanese, Ltd., 1st prof
Apr. 30
Participating preferred
British Type Investors, Inc.
1 Holders of rec. May I
June
55c.
(bi-monthly)
Class A
of rec. Apr. 12
Broadway Dept. Stores, 1st pf. (qu.)--- *1% May 1 *Holders of rec. Mar. 28
.25e. Apr. 5 *Holders
Bunker Hill & Sullivan Min. & Conctr
of rec. Mar. 28
*Holders
5
Apr.
*50e.
Extra
June 15 *Holders of rec. May 31
*El
California Packing (quar.)
1.62( May 1 Holders of rec. Apr. 15
Campe Corp.,cony. pref.(quar.)
750. May 1 Holders of rec. Apr. 15
Canadian Dredge Jv Dock corn.(quar.)
May 1 Holders of rec. Apr. 15
Preferred (quar.)
May 2 *Holders of rec. Apr. 15
*754e.
(quar.)
Associates
Capital Realty
1 Holders of rec. Apr. 19
May
Carrier Engineering cony. pref.(quar.) 0 50e.
*6254c May I *Holders of rec. Apr. 15
Cherry Burrell Corp., con'. (quar.)
1 *Holders of rec. Apr. 15
May
*51.75
Preferred (quar.)
*2
Apr. 15 *Holders of rec. Apr. 2
Collins Company (quar.)
Holders of rec. Apr. 8
25
Apr.
(qu.)_
15c.
corn.
Corp.,
Credit
Conn. Cash
(1) Apr. 25 Holders of rec. Apr. 8
Corn.(1-100 share pref. stock)
150. Apr. 25 Holders of rec. Apr. it
Preferred (quar.)
15e. Apr. 25 Holders of rec. Apr. 8
Preferred (extra)
Apr. 25 Holders of rec. Apr. 8
Preferred (1-100 share pref.stock) _ - _ C1)
May 15 "Holders of rec. Apr. 15
(qu.).
pf.
Corp.
Share
&
Bond
Consol.
(qu.)__$
1.6254 May 1 Holders of rec. Apr. 18a
Consol. Cigar Corp., prior pref.
Apr. 19
to
Cox Baking Inc., pref.(acct. accum.div.) 118 Apr, 25 Apr. 16 of rec. June 20
*25c. July 1 *Holders
Crosley Radio, ccm.(quar.)
18
Apr.
rec.
of
*Holders
*250. May 1
Davega, Inc. (quar.)
*25c May 1 *Hclders of rec. Apr. 18
Extra
5
Apr.
rec.
of
*Holders
15
Apr.
*6254c
preferred
Davis Dnig Stores, cony.
*62540 Apr. 15 *Holders of rec. Apr. 5
Allotment certificates
1
Apr.
rec.
of
Holders
I
_
May
_
(quar.)
$1.75
pref.
Corp.
Bankers
Eastern
$1.75 Aug. 1 Holders of rec. July 1
Preferred (quar.)
$1.75 Nov. 1 'folders of roc. Sept. 30
Preferred (quar.)
$1.75 Febl'30 Holders of rec. Dec. 31
Preferred (quar.)
•6254c May 1 *Holders of rec. Apr. 16
Elgin Watch (quar.)
500. May 1 Holders of rec. Apr. 15
(qu.)
Ltd.,
Products,
Heating
&
Enamel
May 1 *Holders of rec. Apr. 20
*51
Eureka Vacuum Cleaner (quar.)
rec. Apr. 15
Federated Business Publications pf.(qu.) *50c. Apr. 30 "Holders of rec. May 15
May 31 *Holders of
corn.
*3754e
Corp.,
Federated Capital
May 15
rec.
of
*Holders
•6254c May 31
Corn. (payable in corn. stock)
"3754c May 31 Holders of rec. May 15
Preferred (quar.)
20
Apr.
rec.
of
Holders
1
_
_
pref
May
8754c
Corp.
Fulton Industrial Securities
*51
June 1 *Holders of rec. May 10
General Cable Corp., cl. A (quar.)
rec. Apr. 22
of
*Holders
I
Slay
*51.75
(quar.)
Preferred
40c. Apr, 25 Holders of rec. Apr. 11
General Laundry Machinery corn.(qu.)_
*75c. Apr. 30 *Holders of rec. Apr. 15
Gilchrist Company (quar.)
51.25
June 1 *Holders of rec. May 1
*
(quar.)
Gillette Safety Razor
rec. June I
Goldberg (S. M.) Stores Inc. pref.(qu.) *51.75 June 15 *Holders of
May 1 *Holders of rec. Apr. 20
(quar.)_
•$1
common
Rubber
&
Tire
General
May 20
rec.
of
1
*Holders
June
*50c.
Green Watch common (quar.)
*50c. Sept. 1 *Holders of rec. Aug. 21
Common (quar.)
Nov. 20
rec.
of
*Holders
1
•50c.
Dec.
Common (quar.)
*50c. M'rl'30 *Hold,of rec. Feb. 18'30
Common (quar.)
•151 May 1 *Holders of rec. Apr. 20
Preferred (quar.)
*1% Aug. 1 *Holders of rec. July 21
Preferred (quar.)
*I% Nov. 1 *Holders of rec. Oct. 21
Preferred (quar.)
,i Febl'30 *Hold, of rec. Jan. 21 '30
*1!
(quar.)
Preferred
May 1 Holders of rec. Apr. 15
Hamilton Bridge 1st pref. (quar.)
•750. May 15 *Holders of rec. May 1
Hartford Times, Inc., partic. pf. (qu.)
Apr.
25 *Holders of rec. Apr. 20
*50e.
(monthly)
Homestake Mining
rec. Apr. 11
Internat. Paints, Ltd.. part. pref. (qu.). 14 Apr. 15 Holders of
1 Holders of rec. May 10
600.
June
(qu.)A
class
Razor
Safety
Internat.
rec. May 10a
of
Holders
1
June
50c.
Class B (quar.)
25e. June 1 Holders of rec. May 10a
Class B (extra)
rec. Apr. 20
of
*Holders
25
(I)
Apr.
refs
dep.
Am.
Co.
Isotta Fraschini
*25e. May 1 *Holders of rec. Apr. 20
H.CCS.9 (S. H.)& Co. corn.(quar.)
*15c. May 1 *Holders of rec. Apr. 20
Special preferred (quar.)
750. May 1 Holders of rec. Apr. 15a
Landay Bros., Inc., cl. A (quar.)
•8754c July 1 *Holders of rec. June 15
Leath & Co., pref.(quar.)
Oct. 1 "Holders of rec. Sept. 15
•8754c
(guar.)
Preferred
•150. May 1 *Holders of rec. Apr. 20
Loew's Boston Theatres (quar.)
Apr. 25 *Holders of rec. Apr. 15
*e300
stk.)
(in
Works
Alkali
Mathieson
*50c. May 10 *Holders of rec. Apr. 20
McKesson & Robbins, Inc., corn. (qu.) *75(0J000
15 *Holders of rec. Juno 3
Preferred (quar.)
•50c May I *Holder, of rec. Apr. 20
Modine Mfg. (quar.)
1 *Holders of rec. Apr. 20
May
•250
Extra
1% May 1 Holders of rec. Apr. 18
Metropolitan Chain stores (qu.)
*Holders of rec. Apr. 20
1
May
$1.50
prof.
(qu.).
Metropolitan Industries,
*51.50 May 1 *Holders of rec. Apr. 10
Moore Drop Forge, cl. A (quar.)
of rec. Apr. 24
1
*Holders
May
*50e.
(quar.)-COM.
Corp.,
Motor Products
*51.25 May 1 *Holders of rec. Apr. 21
Preferred (quar.)
May 1 Holders of rec. Apr. 15a
$1.75
(quar.)
pref.
Mtg.,
Mullins
.500. July 1 "Holders of rec. June 15
Muncie Gear, class A (quar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Class A (quar.)
•50c. Janl'30 *Holders of rec. Dec. 15
Class A (quar.)
51.50 May 1 Holders of rec. Apr. 20
Nash Motors, corn. (quar.)
75c. May 1 Holders of rec. Apr. 20
Nat. Recording Pump. conv. (quar.)-May 1 Holders of rec. Apr. 155
625(c.
(quar.)__
Nebel (Oscar) Co., Inc., corn.
50c. May 1 Holders of rec. Apr. 15a
Participating pref. miler.)
May I Holders of rec. Apr. 15
$1.75
Neisuer Bros., Inc.. pref. (Quar.)
July 15 *Holders of rec. June 15
*e50
o New Amsterdam Casualty (in stk.)
•$1.75 June 1 *Holders of rec. Slay 15
Newberry (J..1.) Co., pref. (quar.)
150. Apr. 25 Holders of rec. Apr. 8
New Jersey Cash Credit Assn.. com.(q11-)
Apr. 25 Holders of rec. Apr. 8
(f)
Corn. (1-100 shares pref. stock)
Apr. 25 Holders of rec. Apr. 8
15e.
Preferred (guar.)
15e. Apr. 25 Holders of rec. Apr. 8
Preferred (extra)
of rec. Apr. 8
Preferred (1-100 shares pref. stock)--- (j) Apr. 25 Holders of
rec. Apr. 17
Apr. 27 Holders
254
N. Y.& Honduras Rosario Min.(qu.)
2% Apr. 27 Holders of rec. Apr. 17
Extra
of rec. Apr. 20
Holders
1
May
*10c.
(monthly)_
011
Consol.
Amer.
North
*3c. Apr. 30 Holders of rec. Apr. 20
Occidental Petroleum
1% Apr. 8
Pacific Lime Co.. Ltd
Apr. 15 Holders of rec. Apr. 5
6254c.
Packer Corporation (quar.)
Apr. 30 *Holders of rec. Apr. 20
(0
Patin° Mines & Enterprises (final)
15c. Apr. 25 Holders of rec. Apr. 8
Pennsylvania Cash Credit, corn. (qu.)-15c. Apr. 25 Holders of rec. Apr. 8
Preferred (guar.)
150. Apr. 25 Holders of rec. Apr. 8
Preferred (extra)
May 1 Holders of rec. Apr. 25
(monthly)
I
Petroleum Royalties
34 May 1 Holders of rec. Apr. 25
Extra
14 May 1 Holders of rec. Apr. 19
Petroleum & Trad. Corp., el. A (No. 1)_
250. May 1 Holders of rec. Apr. 19
PhillIPPe (Louis), Inc., cl. B (qu.)(No.1)
*50e. Slay 1 *Holders of rec. Apr. 20
Process Corp., corn. (quar.)
_
May 1 Apr. 19 to APr. 30
corn:
(guar.)._
,
2
Manufacturing,
Pyrene
50c. May 1 Holders of rec. Apr. 20
Reed (C. A.) Co., class A (quar.)
of rec. Apr. 25
Richards (Elmer) Co., cony. pref. (qu.)_ *50c. May 1 *Holders
Apr. 15 Holders of rec. Apr. 10
1
Royalty Corp. of Amer.. Panic. pref
54 Apr. 15 Holders of roe. Apr. 10
Participating pref. (extra)
[VOL. 128.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable,
Books Cased
Days Inclusive.
Miscellaneous (Concluded).
May I *Holders of me. Apr, 15
Russell Motor, corn. (quar.)
•1% May 1 *Holders of rec. Apr. 15
Preferred (quar.)
1 *Holders of rec. Apr. 19
.50e.
May
_
_
Ryerson (J. T.) do Sons, corn. (quar.)_
50c. May 15 'folders of rec. Apr. 20
Richfield Oil of California (quar.)
_ 51.50 May 1 Holders of rec. Apr. 15
Savannah Sugar Ref.. corn. (quar.)
131 May 1 Holders of rec. Apr. 15
Preferred (quer.),
55e. May 1 Holders of rec. Apr. 15
Selby Shoe, common (quar.)
May 15 *Holders of rec. May 1
•2
(quar.).
pref.
011
Corp.,
Sinclair Consol.
*50e. June 15 *Holders of rec. May 15
Skelly 011 (quar.)
'13254e May 1 *Holders of rec. Apr. 25
Skinner Organ (quar.)
$ 1.37% May 15 Holders of rec. Apr. 25
Standard Investing, pref.(quar.)
1% May 1 Holders of rec. Apr. 15
Stanfords Limited, 1st do 2d pf. (qu.)_ _ _
*151 May 1 "Holders of rec. Apr. 22
(quar.)
pref.
Engine,
&
Mfg.
Stover
June 1 *Holders of rec. May 10
Sun 011 Co.. pref. (quar.)
•75c. Slay 1 *Holders of rec. Apr. 19
Supermaid Corp., corn. (guar.)
*I()
Swedish Match, final
*5
Interim dividend
May 1 *Holders of rec. Apr. 18
*51
Tidal Osage Oil (special)
*40c June 1 *Holders of rec. May 17
United Biscuit of Am., corn. (quar.)___ _ *3
Apr. 15
United Cigarette Machine
•50c June 1 *Holders of rec. May 15
United Milk Crate, el. A (Soar.)
*50c. May 10 *Holders of rec. Apr. 15
Union Oil. corn.(quar.)
United Cigar Stores of Amer., pf. (qu.)_ _ $1.50 May 1 Holders of rec. Apr. 17
75c. May 1 Holders of rec. Apr. 15
(qu.)
pf.
U.S.& British Int. Co.,$3
Warner (Chas.) Co., 1st & 2d pf. (au.)- - *I% Apr. 25 *Holders of rec. Mar. 30
*50e. Apr. 30 *Holders of rec. Mar. 30
Web 'folding Corp. (guar.)
25e. Apr. 25 Holders of rec. Apr. 5
West Coast Bancorporation
•3754c May 1 *Holders of rec. Apr. 20
Western Grocer, corn. (quar.)
July 1 *Holders of rec. June 20
3550
Preferred
May I *Holders of rec. Apr. 20
Will-Low Cafeterias, cony. pf. (quar.) *51
•30c. May 1 *Holders of rec. Apr. 20
Willys-Overland Co., corn. (quar.)
Woolworth (F. W.) Co., corn. (guar.)._ *51.50 June 1 *Holders of rec. Apr. 25
*50c. May 1 "Holders of rec. Apr. 19
Zenith Radio Corp. (quar.)
'154
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Baltimore do Ohio, corn.((Mar.)
Preferred (quar.)
Chesapeake & Ohio, preferred
Cleve. CM. Chic. & St. L.. corn.(quar.)Preferred (Quar.)
Delaware Lackawanna & West.(guar.).
Georgia RR.& Banking (quer.)
Kansas City Southern, corn.(Qu.)(No.1)
• Preferred (quar.)
Mahoning Coal RR., corn.(quar.)
Midland Valley RR., common
New York Central RR.(quar.)
Norfolk & Western, ad). pref.(qu.)
Northern Pacific (quar.)
Pero Marquette. prior pre(.(quar.)
Five per cent preferred (quar.)
Pittsburgh & West Va.. corn. (quar.)
Reading Company, corn. (guar.)
St. Louis-San FraneLsco. pref. (quar.)_ _
Preferred (quar.)
Preferred (guar.)
Southern Railway, corn. (guar.)
Preferred (quar.)
Wabash Ry., pref. A (quar)
When
Per
Cent. Payable.
Books (Nosed
Days Inclusive.
1% June I Holders of rec. Apr. 135
June 1 Holders of rec. Apr. 13a
1
3% July 1 Holders of roe. June 8a
Apr, 20 Holders of rec. Mar. 28a
2
151 Apr. 20 Holders of rec. Star. 28a
$1.50 Apr. 20 Holders of rec. Apr. 65
*2'4 Apr. 15 *Holders of rec. Apr. 1
1% May 1 Holders of rec. Mar. 350
1
Apr. 15 Holders of rec. Mar. 305
$12.50 May I Holders of rec. Apr. 100
$1.25 Apr. 15 Holders of rec. Mar. 300
May 1 Holders o 'reo. Mar. 285
2
1
May 18 Holders of rec. Apr. 305
13‘ May I Mar. 13 to April 9
151 Slay 1 Holders of rec. Apr. 54
151 May 1 Holders of rec. Apr, 50
154 Apr. 30 Holders of rec. Apr. 150
$1
May 9 Holders of rec. Apr. 115
154 May 1 Apr. 14 to Slay 14
134 Aug. 1 Holder, of rec. July la
134 Nov. I Holders of rec. Oct. la
May 1 Holders of rec. Apr. la
Apr. 15 Holders of rec. Star. 190
May 25 Apr. 21 to May 20
134
1%
Public Utilities.
51.25 May 1 Holders of rec. Apr. 15
Alabama Power, $5 pref. (guar.)
(o) May I Holders of rec. Apr. 10
Amer. Cities Power & Lt., el A (quar.)
(o) May 1 'folders of rec. Apr. 10
Class B (quar.)
Apr. 15 Holders of rec. Star. 15
Amer. Dist. Teleg., corn. (Guar.)
.1u Apr. 15 Holders of rec. Mar. 15
Preferred (quar.)
May 1 Holders of rec. Apr. 15a
51.75
p1.
2d
Power
(guar.).
Foreign
Amer.&
51.50 Slay I Holders of rec. Apr. 9
Amer. Gas do Elec.. pref.(quer.)
254 May 1 Holders of rec. Apr. 18a
Amer. Light & Traction, corn. (quar.)
154 May 1 Holders of reo. Apr. 18a
Preferred (quar.)
2% Apr. 15 Holders of me. Mar.14a
Amer. Telep. & Teleg. (quar.)
25c. May 15 Holders of rec. Slay la
Elec.
COM.
dr.
(qu.)
Wks.
Water
Amer.
(r) May 1 Holders of rec. Mar. 30
Associated Gas do Elec.. cl. A (quar.)
2 Apr, 15 Holders of rec. Mar. 200
Bell Telephone of Canada (quar.)
14 Apr. 15 Holders of rec. Mar. 20a
Bell Telco of Pa..654% pfd. (quar.)_
•40c. Apr, 15 *Holders of rec. Apr. 1
Bridgeport Hydraulic Co
60c. Apr. 15 Holders of rec. Mar. 15
British Columbia Power el. A (qwar.)
Apr. 15 Holders of rec. Apr. la
Brooklyn-Manhattan Transit com.(qu.) El
$1.50 Apr. 15 Holders of reo. Apr. la
Preferred series A Mar.)
1 *Holders of rec. Apr. 15
Slay
*51.25
pf.(qu.)
1st
Pow.,
East.
Buff. Niagara do
California-Oregon Pow.7% pfd. (qu.)-- 14 Apr. 15 'folders of rec. Mar. 31
154 Apr. 15 Holders of reo. Star. 31
Six per cent pref.(quar.)
*51.75 Apr. 15 *Holders of reo. Mar. 31
Central III, Pub. Serv., pref. (quar.)
•51 50 Apr. 15 *Holders of rec. Mar. 30
IS preferred (attar.)
75e. Apr. 15 Holders of rec. Mar. 30
coin.
Utilities
(guar.)Central & S. W.
", Central States ElectricCommon (payable in common stock). •f 100 Apr. 20 *Holders of rec. Apr. 15
Chesapeake & Potomac TeleD., pf. (qu.) 1 "1 Apr. 15 'folders of reo. Mar. 30
.65e. May 1 *Holders of rec. Apr. 16
Chicago Rapid Transit, pr. pf. A (qu.)
•650 June 1 *Holders of reo. May 21
Prior pref., series A (quar.)
•600. May I *Holders of rec. Apr. 16
Prior pref., series 15 (quar.)
•60c. June 1 *Holders of rec. May 21
Prior pref., series B (quar.)
Cln.Newport & Coy. Lt.& Tr., corn.(cp.) •1yi Apr. 15 *Holders of rec. Mar.130
4.1% Apr. 15 *Holders of rec. Mar. 30
Preferred (quar.)
Cities Serv. Pow.& Light $7 pf.(mthly.) •5811c Apr. 15 *Holders of rec. Apr. 1
*50c Apr. 15 *Holders of rec. Apr. I
$6 Preferred (monthly)
.4140 Apr. 15 *Holders of rec. Apr. 1
$5 preferred (monthly)
Cleveland Electric Ilium.. pref. (quar.) *154 Juno I *Holders of rec. May 15
*50e. May 16 *Holders of rec. Apr. 20
Colum bla Gas & Meg., corn.(quar,).._
May 15 *Holders of rec. Apr. 20
Preferred (quar.)
May 1 "Holders of rec. Apr. 15
Commonwealth-Edison Co. (quar.)---- •2
750. May 1 Holders of rec. Apr. 125
Commonwealth Power Corp.corn.(qu.).
El
May 1 Holders of rec. Apr. 125
Common (extra)
May 1 Holders of rec. Apr. 12
Preferred (quar.)
Consolidated Gas of N.Y.. pref.(quar.).. $1.25 Slay 1 Holders of rec. Star. 290
$1.25 July 1 Holders of rec. Juno 15
Consumers Power, 55 pref.(quar.)
154 July 1 Holders of roe. Juno 15
6% Preferred (quar.)
51.65 July 1 Holders of rec. Juno 15
6.6% preferred (quar.)
151 July 1 Holders of rec. Juno 15
7% Preferred (quar.)
6% preferred (monthly)
50c. May 1 Holders of reo. Apr. 15
6% preferred (monthly)
500, June 1 Holders of roc. May 15
6% preferred (monthly)
500, July 1 Holders of rm. June 15
(monthly)
preferred
6.6%
550. Slay 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
65c, June 1 Holders of reo. May 15
(monthly)
July 1 Holders of rec. June 15
Preferred
55e.
6.6%
Apr. 15 Holders of rec. Mar. 200
2
Detroit Edison Co.(quar.)
Apr. 15 Holders of reo. Mar. 15a
Duquesne Light. bet pref. (guar.)
154 May 1 Molders of rec. Apr. 15
Eastern Mass. St. Rys., pref. B (quar.)_
134 Slay 16 Holders of rec. Apr. 30
First preferred (guar.)
May 1 Holders of rec. Apr. 10
3
Edison Elec, Ill., Boston (quar.)
154 Slay 1 Holders of roe. Apr. 15
Electric Bond & Share pref.(mar.)
Elec. Bond & Share Secur.(Suer.)
250. Apr. 15 Holders of rec. Mar. 11
250. May 1 Holders of rec. Apr. 13a
Electric Power & Lt.. corn. (quar,)
6510. May 1 Holders of rec. Apr. 135
Allotment ctf.. 50% paid
El Paso Electric Co.. Prof. (Soar.)
131 Apr. 15 Holders of rec. Apr. la
•500. May 1 *Holders of rec. Apr. 15
Empire Gas & Fuel 6% pref.(mthly.)
6 % preferred (monthly)
• 54 1-6c May I *Holders of rec. Apr. 15
• 58 I-3c Slay 1 *Holders of rec. Apr. 15
7% preferred (monthly)
•66 2-3c May 1 *Holders of roe. Apr. 15
8% Preferred (monthly)
750. Apr. 15 Holder, of rec. Mar. 30
English Elec. Co. of Can. class A (Soar.)
7.50. May 1 Holders of reo. Apr. I8a
Fall River Gas Works (Soar.)
May 15 Holders of rec. Apr. 30
Foreign Power Securities Corp. pf.(qu.)- 154
•6840 May 1 *Holders of rec. Apr. 20
Hartford Electric Light (guar.)
•134
114
134
APRIL 13 1929.]
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days inc.tutise.
Public Utilities (Concluded).
"139 May 1 *Holders of roe. Apr. 15
Illinois Northern Uttl. pref.(guar.)
Internat. Telep. & Teleg. (guar.)
134 Apr. 15 Holders of roe. Mar. 220
International Utilities, class A (guar.)
.
- 87%o Apr. 15 Holders of roe. Mar.300
$1.75 May 1 Holders of roe. Apr. 1841
37 Preferred (guar.)
Kentucky Securities. prof. (guar.)
139 Apr. 15 Mar. 21 to Apr. 10
Long Island Lighting, corn.(quer.)
100. May 1 Holders of rec. Apr. 16
Massachusetts Gas Cos. corn.(quar.)_
139 May 1 Holders of rec. Apr. 15
Middle West Utilities pref. (guar.)
2
Apr. 15 Holders of rec. Mar.30
$6 Preferred (guar.)
$1.50 Apr. 15 Holders of rec. Mar. 30
Milwaukee Elec. Ky.& Light.Pf.(guar.) 139 Apr. 30 Holders of rec. Apr. 20a
Mississippi Valley Utilities InvestmentPrior lien pref.(guar.)
$1.50 May 1 Holders of rec. Apr. 15
Mo. Gas & Elec. Service, pr. lien (qu.) 51.75 Apr. 15 Holders of rec. Mar.30
Missouri River-Sioux City Bridge
Preferred (guar.)
$1.75 Apr. 15 Holders of rec. Mar.31
Montreal L. Ht.& Pow. Cons.(quar.)
600. Apr. 30 Holders of roc. Mar.31
Montreal Telegraph (guar.)
2
Apr. 15 Holders of rec. Mar.30
Montreal Tramways(quer.)
239 Apr. 15 Holders of rec. Apr. 8
Mountain States Power, pref.
111 Apr. 20 Holders of roe. Mar. 31
National Power & Light, $8 pref.(quer.) $1.50 May 1 Holders of rec. Apr. 13
Nevada-Calif. Elec. Corp.,Pref.(guar.). 134 May 1 Holders of roe. Mar.30
New England Power Assn.. corn.(qu.)._
50e. Apr. 15 Holders of rec. Mar.29
N.Y.Telephone. Pref.(guar.)
134 Apr. 15 Holders,of roe. Mar.20
North. Indiana Pub. Serv.7% pf.(qu.. 134 Apr. 15 Holders of rec. Mar.30
Six per cent. preferred (guar.)
139 Apr. 15 Holders of rec. Mar.30
539% preferred (guar.)
134 Apr. 15 Holders of roe. Mar.30
Northern States Pr.(Del.), corn. A (Ou.) 2
May 1 Holders of rec. Mar.81
Seven per cent pref.(guar.)
134 Apr. 20 Holders of rec. Mar.31
Six per cent pref.(guar.)
134 Apr. 20 Holders of roe. Mar.31
Northwestern Bell TeleP., prof.(qu.)
139 Apr. 15 Holders of rec. Mar. 200
Ohio Edison Co.6% Pref. (guar.)
139 June 1 Holders of rec. May 15
1.65 June 1 Holders of rec. May 15
6.6% Preferred (guar.)
134 June 1 Holders of rec. May 15
7% Preferred (guar.)
June 1 Holders of rec. May 15
134
Preferred
5%
(guar.)
500. May 1 Holders of rec. Apr. 15
6% preferred (monthly)
50c. June 1 Holders of roe. May 15
6% Preferred (monthly)
55e. May 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
556. June 1 Holders of rec. May 15
0.6% Preferred (monthly)
500. Apr. 15 Holders of rec. Mar.300
Pacific Gas & Elec.. corn.(quan)
*51.50 Apr. 1 *Holders of roe. Mar.30
6% preferred (guar.)
"139 Apr. 1 *Holders of rec. Mar.'30
Pacific Lighting. 6% pref. (guar.)
Paelflo Teurp. & Term.. Pref.(guar.)_. 134 ,Apr. 15 Holders of ree. Mar. 30a
250. May 1 Holders of rec. Apr. 15
Penn-Ohlo Edison,corn.(guar.)
Common (1-50 share common stock).. (i) May 1 Holders of rec. Apr. 15
$1.513 Apr. 15 Holders of roe. Mar.30
$6 preferred (quer.)
134 June 1 Holders of rec. May 15
7% prior pref. (guar.)
Penn.-Ohio Pow.& Lt.. 56 pref.(cu.)._ $1.50 May 1 Holders of rec. Apr. 20
7% preferred (guar.)
134 May 1 Holders of rec. Apr. 20
600. May 1 Holders of roe. Apr. 20
7.2% preferred (monthly)
34e. May 1 Holders of roe. Apr. 20
6.6% preferred (monthly)
2
Apr. 17 Holders of rec. Apr. 30
Peoples Gas Light & Coke (guar.)
Philadelphia Company, corn. (quar.)___ 51 Apr. 30 Holders of recs. Apr. la
Common (extra)
750. Apr. 30 Holders of rec. Apr. la
$1.50 May 1 Holders of rec. Apr. la
6% Preferred
Phila. Rapid Transit. corn. (qua?.)
51 Apr. 30 Holders of roe. Apr. 15a
Preferred (guar.)
13,4 May 1 Holders of rec. Apr. la
Philadelphia & Western, prof. (quar.)--- 62390 Apr, 15 Holders of rec. Mar. 300
Power Corp. of Canada. pref. (guar.).- *1% Apr. 15 *Holders of rec. Mar.30
Public Serv. Corp. of N. J., p1. (mthly.)
39 Apr. 30 Holders of rec. Apr. 5
Public Service of Northern IllinoisCommon $100 par (quer.)
*2
May 1 *Holders of roe. Apr. 15
Common no par (guar.)
'$2
May 1 *Holders of rec. Apr. 15
6% preferred (quer.)
•134 May 1 *Holders of rec. Apr. 15
7% Preferred (guar.)
•134 May 1 *Holders of rec. Apr. 15
Puget Sound Pow.& Lt., pr. pl.(guar.). $1.25 Apr. 15 Holders of rec. Mar.206
Preferred (guar.)
51.50Apr. 15 Holders of rec. Mar. 206
Quebec Power (guar.)
50c. Apr. 15 Holders of roc. Mar.29
Abode Isld. Pub.Serv., cl. A (guar.).--- $1 May 1 Holders of rec. Apr. 18
Preferred (quer.)
50c. May 1 Apr. 19 to Apr. 30
San Diego Consol. Gas & Eleo. Pr.(qu.)
134 Apr. 15 Holders of rec. Mar.31
Seattle Lighting, 7% prof.(guar.)
"134 Apr. 15 *Holders of rec. Apr. 1
Sierra Pacific Elec. Co.. corn.(quar.)--500. May 1 Holders of rec. Apr. 156
Preferred (guar.)
134 May 1 Holders of rec. Apr. 15a
Southeastern Power & Light, core.(qu.) (k) Apr. 20 Holders of roe. Mar.30
Southern Calif. Edison. corn.(Quar.)---2 May 15 Holders of roe. Apr. 20a
Original pref. (quer.)
50o. Apr. 15 Holders of ree. Mar.20
Series C 539% Pref. (guar.)
34%c Apr. 15 Holders of ree. Mar.20
Southern Canada Power. corn, (ouar.)-25c. May 15 Holders of roe. Apr. 30
Southern N.E.Telephone (guar.)
Apr. 15 *Holders of roe. Mar.80
*2
South Pittsburgh Water. prof. (guar.)-- 134 Apr, 15 Holders of roe. Apr. 1
Southwest Gas Utilities, pref.(guar.)--5 1.62% May 1 Holders of roe. Apr. 20
Standard Gas & Elec., corn. (quar.)---- 8734e. Apr. 25 Holders of rec. Mar.31
Prior preference (guar.)
134 Apr. 25 Holders of roe. Mar.81
Unit.Lt. dr Pow.,old cl. A & B com.(qu.) 600. May 1 Holders of rec. Apr. 156
New class A & B corn.(guar.)
120. May 1 Holders of roe. Apr. 15a
Utility Shares Corp., corn
30c. May 1 Holders of rec. Apr. 15
Western Power Corp.,7% prof.(quar.)- 134 Apr. 16 Holders ef rec. Apr. la •
Western Pow. Lt. & Tel., parole. A (qu.) *50o. May 1 "Holders of rec. Apr. 15
Western Union Telegraph (guar.)
2
Apr. 16 Holders of rec. Mar. 220
West Penn Elec. Co., 7% prof.(guar.).- 134 May 16 Holders of rec. Apr. 20a
6% preferred (guar.)
139 May 15 Holders of rec. Apr. 20a
West Penn Power,7% pref.(guar.)
111 May 1 Holders of roe. Apr. fia
Six per cent preferred (guar.)
114 May 1 Holders of roe. Apr. 5a
York Railways, corn. (guar.)
$1.50 Apr. 15 Holders of rec. Apr. 6a
Preferred (guar.)
62390. Apr. 30 Holders of reo. Apr. 200
Banks.
Corn Exchange (guar.)
5 May I Holden; of roe. Air. 30
Trust Companies.
Central Union (stock dividend)
e20
May 2 *Holders of rec. May 2
Fire Insurance.
American Alliance Ins.(No. 1)(guar.)._ "400. Apr. 1 *Holders of roe. May.80
Niagara Fire
51
Apr. 16 Holders of rec. Apr. 5
Kossia (stk. div.sub]. to meet. Apr.22).•e 20 May 4
Miscellaneous.
Abbott Laboratories, corn.(No. 1)
50o. July 1 Holders of roe. June 20
Abitibi Pow. & Paper,6% pref.(quax.). 139 Apr. 20 Holders of roe. Apr. 10a
Abraham & Straus, prof. (guar.)
13,4 May 1 Holders of roe. Apr. 15a
Acme Wire, pref. (guar.)
*2
May 1 *Holders of rec. Apr. 16
Adams-Millis Corp., COM.(quer.)
50e. May 1 Holders of rec. Apr. 180
First and second pref.(guar.)
134 May 1 Holders of roe. Apr. 18
Air Reduction (guar.)
50o. Apr, 15 Holders of rec. Mar.80a
Allegheny Corporation. pref.(quar.)___. 51.3734 May 1 Holders of rec. Apr. 15a
Allegheny Steel common
*15e. Apr. 18 *Holders of rec. Mar. 31
Common (extra)
*256. Apr. 18 *Holders of rec. Mar.31
*114 June 1 *Holders of roe. May 15
Preferred (guar.)
Preferred(guar.)
"I% Sept. 1 *Holders of roe. Aug. 15
el% Dee, 1 *Holders of tee. Nov.15
Preferred(quar.)
62140. Apr, 20 Holders of rect. Apr. 8a
Alliance Realty (quar.)
Allied Chem.& Dye Corp., corn.(qu.)-- $1.50 May 1 Holders of rec. Apr. 9a
$1.75 May 15 Holders of rec. Apr. 240
Allis-Chalmers Mfg.(guar.)
Alpha Portland Cement,common (guar.) .750. Apr. 15 "Volders of reo. Mar. 16
50o. Apr. 30 Holders of rec. Apr. 15a
Amerada Corp. (qum%)
*1% Apr. 18 *Holders of tee. Mar.20
American Aggregates, pref. (guar.)
American Art Works, corn. & prof.(qu ) 114 Apr. 15 Holders of roe. Mar.81
75e. May 15 Holders of roe. Apr. 80a
American Can, corn.(guar.)
Amer. Chatillon Corp.. pref. (guar.).- *51.75 May 1 *Holders of tee. Apr. 110
May 1 Holders of roe. Apr. 16
American Cigar, corn. (guar.)
May 1 Apr. 12 to May 1
Amer. Coal of Allegheny Co.(quar.)--- $1
Amer.Coming Alcohol, pref. MILO--- *13( May I *Holders of reo. Apr. 10
339 Apr. 15 Holders of rec. Apr. 6
American Fork & Hoe. let pref
2
American Glue, prof. (guar.)
May 1 Holders of roe. Alm. 20
50o. Apr. 25 Holders of roe. Apr. 5
Amer. Ice, corn. (guar.)
134 Apr. 25 Holders of rec. Apr. 5
Preferred (guar.)
Amer. Internat. Corp.*a
Common (stock dividend)
Oct. 1
Amer. Laundry Mach., COM.(auar.)-- *51
June 1 "Holders of rec. May 206
Quarterly
June 1 *Holders of reo. May 20
*51
Amer. Machine & Fdy.. corn. (guar.).- $1
May 1 Holders of rec. Apr. 19a
Preferred (guar.)
I% May 1 Holders of rec. Apr. 19a
2415
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Amer. Home Products Corp.(monthly). 250. May 1 Holders of roe. Apr. 154
American Manufacturing. corn.(guar.)75o. July 1 Holders of rec. Jana 15
Common (guar.)
75e. Oct. 1 Holders of roe. Sept.15
750. Doe. 31 Holders of rec. Dec. 15
Common (quer.)
1% Mar.31 Holders of roe. Mar. 15
Preferred (guar.)
Preferred (guar.)
134 July 1 Holders of rec. June 15
1% Oct. 1 Holders of rec. Sept.15
Preferred (quer.)
1% Dee. 31 Holders of roe. Dee. 15
Preferred (guar.)
American Rolling Mill,common ((uar.). *500. Apr. 15 *Holders of roe. Apr. 1
July 30 *Holders of roe. July 1
Common (payablein common stock)._ of5
2
May 1 Holders of rec. Apr. 154
Amer.Shipbuilding. corn.(guar.)
Preferred (guar.)
13,4 May 1 Holders of rec. Apr. 154
$1
May 1 Holders of rec. Apr. 126
Amer. Smelt. & Refg.„ corn. (quar.)
134 June 1 Holders of rec. May 36
Preferred (guar.)
Amer. Solv. & Chem., partio. pf.(extra) "51.50 May 1 *Holders of rec. Apr. 10
75e. Apr. 15 Holders of rec. Apr. 16
Amer. Steel Foundries. corn. (guar.).Amer. Sumatra Tobacco common (Qua 750. Apr. 15 Holders of rec. Apr. la
Amer. Thermos Bottle COM. A (quar.)_- *250. May 1 *Holders of rec. Apr. 20
Apr, 15 Holders of rec. Apr. 56
2
Amer.Type Founders corn.(guar.)
Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 56
50o. Apr. 15 Holders of rec. Apr. 5
Amer. Vitrified Products, corn.(guar.)._
134 May 1 Holders of rec. Apr. 20
Preferred (guar.)
Anaconda Copper Mining (quer.)
$1.75 May 20 Holders of roe. Mar. 290
Anaconda Wire & Cable (qu.)(No. 1)__ *750. May 6 *Holders of rec. Apr. 16
750. May 6 Holders of rec. Mar.294
Andes Copper Mining (quer.)
Armstrong Cork (guar.)
"37390 July 1 'Holders of rec. June 15
*1234c July 1 'Holders of rec. June 15
Extra
Arrow Hart & Hegeman EI.Co.co.(qu.). *50c. Apr. 15 *Holders of rec. Apr. 10
Associated Apparel Industries*33110. May 1 *Holders of roe. Apr. 19
Common (monthly)
*331,3. June 1 *Holders of roe. May 21
Common (monthly)
s331.
0 July 1 *Holders of rec. June 20
common (monthly)
62c. May 1 Holders of rec. Apr. 1341
Associated Dry Goods corn.(guar.)
1% June 1 Holders of rec. May 116
First preferred (guar.)
Second preferred (guar.)
134 June 1 Holders of rec. May lla
Atlantic Gulf & West Indies B.S. Lines,
El
June 29 Holders of roe. Juse 104
Preferred (qua?.)
$1
Sept.30 Holders of roe. Sept.104
Preferred (guar.)
$1
Doe. 31 Holders of rec. Dec. lla
Preferred (guar.)
13,4 May 1 Holders of rec. Apr. 156
Atlantic Refining, pref. (qua?.)
'51
Apr. 15 *Holders of rec. Apr. I
Atlas Plywood (quer.)
139 May 1 Holders of rec. Apr. 194
Atlas Powder, pref.(quer.)
750. Apr. 15 Holders of rec. Mar.300
Autosales Corp. prof. (Ciller.)
*25c. May 1 "Holders of rec. Apr. 20
Balaban & Eats, corn.(monthly)
*250. June 1 "Holders of rec. May 20
Common (monthly)
*250. July 1 *Holders of rec. June 20
Common (monthly)
*37360 Apr. 15 *Holders of rec. Mar. 29
Baldwin Company, corn.(guar.)
"139 Apr. 15 "Holders of rec. Mat. 29
Preferred (guar.)
Bamberger (L.)& Co.,639% Id.(qu.)__ lbi June 1 Holders of rec. May 136
134 Sept. 2 Holders of roe. Aug. 126
(quer.)
634% preferred
134 Dee. 2 Holders of reo. Nov. lla
634% Preferred (guar.)
Bancroft(Joseph)& Sons Co.. pref.(qu.) 154 Apr. 30 Holders of rec. Apr. 15
Apr. 15 "Holders of rec. Apr. 1
Bankers Capital Corp., pref.(quar.)- -- *52
July 15 *Holders of rec. July 1
*52
Preferred (quer.)
*$2
Oct. 15 *Holders of roe. Sept.30
Preferred (guar.)
"52
Jan15'30 *Holders of rec. Dee. 31
Preferred (guar.)
750. Apr. 15 Holders of rec. Mar.300
Bankers Securities Corp.,corn.(quar.)
940.
Apr. 15 Holders of rec. Mar. 306
(...ommon (extra)
75c. Apr. 15 Holders of rec. Mar.30a
Participating preferred (guar.)
250. Apr. 15 Holders of rec. Mar. 300
Participating preferred (extra)
Bankers Secur. Trust of Amer.,com.(qu) 40c. Apr. 16 Holders of rec. Mar. 31
134 Apr. 16 Holders of rec. Mar.31
7% preferred (guar.)
50c. May 6 Holders of roe. Apr. cl8a
Barnsdall Corp., cl. A & B (guar.)
50o. Apr. 15 Holders of rec. Mar. 310
Bayuk Cigars, corn. (guar.)
134 Apr. 1 Holders of rec. Mar. 31a
First preferred (quer.)
*3714c Apr. 1 *Holders of rec. Mar.31
Bean (John) mcr. co.. corn
134 May
Holders of rec. Apr. 15
Belding-Corticeill, corn. (guar.)
Steel,
corn
$1 May 1 Holders of rec. Apr. 194
Bethlehem
*Holders of rec. Apr. 18
Bigelow-Hartford Carpet. pref.(quer.). •1% May
Aug.
*Holders of rec. July 18
Preferred (guar.)
"134 Nov. *Holders of rec. Oct. 18
Preferred (guar.)
*Holders of rec. Apr. 25
•134 May
Bird & Sons, Inc., pref.(guar.)
Bloomingdale Bros., Prof. (guar.)
134 May
Holders of tee. Apr. zoa
Apr. 3 Holders of rec. Apr. 156
$1
Bon Aml Co., corn. A (guar.)
$1.50 June
Holders of rec. May 15
Borden Co.(quer.)
Apr. 1 Mar.23 to Apr. 13
$1
Borne Scrymser Co
50c. Apr. 1 Mar.23 to Apr. 13
Extra
75c. May 1 Holders of roe. Apr. 154
Brockway Motor Truck, corn. (guar.).50c. Apr. 15 Holders of rec. Mar.30
Brompton Pulp & Paper (guar.)
134 May 1 Holders of rec. Apr. 204
Brown Shoe, pref. (guar.)
75e. May 15 Holders of rec. Apr. 254
Brunswick-Balke-Collender„ corn.(qua_
June 15 Holders of rec. Apr. 22
51
Buckeye Pipe Line (guar.)
81
June 15 Holders of rec. Apr. 22
Extra
Bunts Bros., pref.(quer.)
"134 May 1 *Holders of rec. Apr. 24
75e. June 10 Holders of rec. May 276
Burroughs Adding Mach. (guar.)
500. May 1 Holders of rec. Mar.296
Bush Terminal Co.,corn.(guar.)
Common (payable in common stock)._ 1134 May 1 Holders of rec. Mar. 296
Debenture stock (guar.)
134 Apr. 15 Holders of rec. Mar. 296
1% May 1 Holders of roe. Apr. lba
Byers(A. M.) Co., pref.(guar.)
Apr, 15 Holders of rec. Apr. la
Canada Dry Ginger Ale. Inc.(quar.)
51
Canada Foundries & Forg.. class A (qu.) 37340 Apr. 15 Holdres of rec. Mar.30
Canadian Brewing (guar.)
50e. Apr. 16 Holders of rec. Mar.30
6234c May 1 Holders of rec. Apr. 19
Canadian Bronx, com.(guar.)
$1.75 May 1 Holders of rec. Apr. 19
Preferred (guar.)
Canadian Car & Fdy., corn.(guar.)._ 1% May 30 Holders of rec. May 15
Canadian Fairbanks-Morse, corn
*500. Apr. 15
Canadian Fairbanks-Morse Co. pf. (qu.) 13.4 Apr. 15 Holders of rec. Mar.80
Canadian Industrial AlcoholVoting and non voting stock (guar.). 380. Apr. 15 Holders of rec. Mar.30
Canadian Industries, pref. (qua?.)
114 Apr. 15 Holders of rec. Mar.30
Canadian Industries, Ltd.(extra)
.250. Apr. 30 *Holders of rec. Mar.30
Canadian Iron Foundries, prof
Apr. 15 Holders of rec. Mar.31
5
Canfield 011, corn.& pref.(guar.)
$1.75 June 30 Holders of roe. May 20
Common & preferred(guar.)
$1.75 Sept.80 Holders ox roe, Aug. 20
Common & preferred (quay.)
$1.75 Dee. 31 Holders of roe. Nov.20
Capital Securities Co.,Inc. corn.(qu.)-750. Apr. 15 Holders of rec. Mar.25
Castle (A. M.)& Co. (guar.)
The. May 1 Holders of roe. Apr. 19
Extra
25e. May 1 Holders of roe. Apr. 19
Celluloid Corp.. lst Partic. prof.
$1.75 June 1 Holders of rec. May 10
Central Coal & Coke, pref. (quer.) ..--- 134 Apr, 15 Holders of rec. Mar. 31
Century Ribbon Mills. p1.(guar.)
$1.75 June 1 Holders of rec. May 180
Cerro de Pasco Copper Corp.(quar.)---- $1.50 May 1 Holders of rec. Apr. lla
Apr. 29 Holders of rec. Apr. 150
Certo Corporation
SI
Chapman Ice Cream (guar.)
"3134c Apr. 15 *Holders of rec. Mar.25
Charis Corp., corn.(guar.)
*50c. May 1 *Holders of rec. Apr. 18
Common (extra)
*250. May 1 *Holders of rec. Apr. 18
Chelsea Exchange Corp., cl. A & B (qu.) 250. May 1 Holders of rec. May 1
Chic. Wilmingt.& Franklin Coal, pf.(qu. 134 May
Holders of rec. Apr. 154
Holders of roe. Apr. 194
Chicago Yellow Cab (monthly')
25e. May
Monthly
250. June 1 Holders of recs. May 204
Chickasha Cotton 011(guar.)
July
Holders of rec. June 106
The.
Chile Copper Co.(guar.)
8734e Apr. 22 Holders of ree. Mar. saa
Chrysler Corporation (guar.)
750. June 2 Holders of roe. May sla
Cities Service,common (monthly)
34 May 1 Holders of rec. Apr. 15
Corn.(payable in common stock)
/11 May 1 Holders of rec. Apr. 15
Preferred and preference BB (mthly.).
50o. May 1 Holders of rec. Apr. 15
Preference B(monthly)
5e. May 1 Holders of red. Apr. 15
City Machine & Tool,corn.
*40e. Apr. 15 *Holders of rec. Mar.20
(qua?.)2
City Stores Co.. class A (qua?.)
873,4e. May 1 Holders of tee. Apr. 150
Claude Neon Elec. Prod., corn. (qu.)
*20c. May 1 *Holders of roe. Apr. 20
Cleveland-Cliffs Iron (guar.)
51 Apr. 25 Holders of roe. Apr. 15
Cleveland Stone. common (guar.)
*50o. June 1 *Holders of rec. may 15
?.)
Common(qua
*50e. Sept. 1 *Holders of rec. Aug. 15
Common (special)
10
Apr, 16 Holders of rec. Mar.28
Cluett, Peabody & Co.. Inc., corn. (qu.) $1.25 May 1 Holders of rec. Apr. 200
Cockshutt Plow Co., Ltd. Mar.)
3734c. Mey 1 Holders of rec. Air. 15
Colgate Palmolive Peet Co, pref.(guar.) 139 July 1 Holders of rec. June 8
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 7
Preferred 'guar.)
134 Jan110 Holders of rec. Dee. 7
Columbian Carbon (guar.)
May 1 Holders of rec. Apr. 176
$1
Extra
250. May 1 Holders of rec. Apr. 176
2416
Name of Company.
When
Per
Cent. Payable.
Rooks Closed
Days Inclusive.
Miscellaneous (Continued).
6234c. July 1 Holders of roe. June 15
Cohn-Hall-Marx, corn. ((ttar.)
Community State Corp.. A & B (guar.). 134 May 15 Holders of rec. May 10
14 Sept. 2 Holders of rec. Aug. 28
Class A az B ((uar.)
134 Dee. 31 Holders of roe. Dec. 20
Class A az B (guar.)
Consolidated Food Prods., Ltd. A (qu.).. 3734c. Apr. 15 Holders of rec. Mar. 30
•250 Apr. 15 *Holders of rec. Apr. 1
Comm'. Paper Box B (qu.)(No. 1)
•2 Apr. 25 *Holders of rec. Apr. 15
Consolidated Royalty 011 (guar.)
20c. Apr. 30 Holders of rec. dApr.15a
Continental Motors Corp.(guar.)
Nov. 1 *Holders of rec. Oct. 10
'80e.
cons
Co..
B.)
(W.
Coon
•700. May 1 *Holders of roe. Apr. 10
Common
•70e. Aug. 1 'Holders of rec. July 10
Common
*154 Nov. 1 'Holders of rec. Oct. 10
Preferred
'134 May 1 'Holders of rec. Apr. 10
Preferred
•154 Aug. 1 *Holders of rec. July 10
Preferred
50e. Apr. 15 Holders of rec. Mar. 15
Copper Range Co. (quar.)
50c. Apr. 20 Holders of rec. Apr. la
Corn Products Refit.. corn.(guar.)
Apr. 15 Holders of rec. Apr. la
14
Preferred (guar.)
n134 May 28 Holders of rec May 13
Cety. Inc.. stock dividend
n114 Aug. 27 Holders of roe. Aug. 12
Stock dividend
n1 M Nov. 27 Holders of rec. Nov. 12
Stock dividend
25e. Apr. 15 Holders of rec. Apr. 3
Credit Alliance Corp., corn.& cl. A (rm.)
25c. Apr. 15 Holders of rec. Apr. 3
Common and class A (guar.)
250. Apr. 15 Holders of rec. Mar. 3(4
Crown Zellerbach Co.corn.(guar.)
14 Apr. 30 Holders of rec. Apr. 150
Crucible Steel,corn.(guar.)
"2234c Apr. 15 Apr. 8 to Apr. 14
Crum & Forster. corn.(guar.)
Apr. 15 Holders of rec. Apr. 50
$1
Cudahy Packing, corn. (guar.)
3 May 1 Holders of rec. Apr. 20
6% preferred
1 Holders of rec. Apr. 20
May
31.4
7% Preferred
•f.si
une 15 Holders of rec. June 1
Cuneo Press, Prof.(quar.)
*Holders of rec. Sept. 1
15
Sept.
'154
Preferred (guar.)
500. May 2 Holders of rec. Apr. 200
Curtis Publishing, corn. (monthly)
'25e. Apr. 15'Holders of roe. Apr. 1
Darby Petroleum (guar.)
Davenport Hosiery Mills. COM •(guar.).- "50c. Apr. 15 *Holders of rec. Apr. 1
June 1 'Holders of rec. May 22
Decker (Alfred) & Cohn,Inc., pref.(111.) •14
•15.4 Sept. 1 "Holders of rec Aug. 22
Preferred (guar.)
May 1 Holders of rec. Apr. 20
Dennison Manufacturing, deb.stk.(nu.) $2
14 May 1 Holders of rec. Apr. 20
Preferred (guar.)
15 'Holders of rec. Mar. 30
Apr.
•200.
(guar.)
Detroit Motorbus
50e. Apr. 15 Holders of rec. Apr. 1
Devonshire Investing. corn.(qu.)(No.1)_
*35e. June 1 *Holders of roe. May 20
Dexter Company (guar.)(No. 1)
June 15 Holders of rec. May 310
2
Diamond Match (guar.)
25e. Apr. 15 Holders of roe. Apr. I
Dictograph Products Co.. Inc. (guar.).(Berl
in)
Disconto-Gesellechaft
Direction der
May 25 Holders of coupon No.3
Amer.shs.(subject to meeting Mar.25) 10
25e. Apr. 20 Holders of rec. Mar. 30a
Dome Mines, Ltd. (quar.)
15 Holders of roe. Mar. 30
Apr.
Dominion Engineering Works(quar.)._ $1
14 Apr. 15 Holders of rec. Mar. 30
Dominion Textile, pref.(guar.)
15 Holder, of rec. Apr. 10
Apr.
$1
((uar.)
Dunhill International
Apr. 15 Holders of rec. Apr. Is
el
Stock dividend
July 15 Holders of rec. July is
el
Stock dividend
el
Oct. 15 Holders of rec. Oct. lz
Stock dividend
DuPont (E. I.) de Nem.& Co.134 Apr. 25 . Holders of rec. Apr. 105
Debenture stock (guar.)
Eagle-Fisher Lead Co..corn.(quar.) -- '20c. Apr. 15 *Holders of roe. Mar. 31
Eastern Utll. Inv. Corp. partic. pf.(qu.) $1.75 May 1 Holders of rec. Mar. 30
$1.50 June 1 Holders of rec. Apr. 39
2.6 preferred (guar.)
$1.75 June 1 Holders of rec. Apr. 30
87 preferred (qilan)
75e. May 1 Holders of rec. Apr. 150
Eaton Axle & Spring, corn. (guar.)
Economy Grocery Stores corn. (qua?.).. '25e. Apr. 15 'Holders of rec. Apr. 1
'134 Apr. 15 *Holders of rec. Apr. 6
Electric Hose & Rubber (guar.)
"14 Apr. 15 *Holders of rec. Apr. a
Extra
'250. Apr. 25 "Holders of rec. Apr. 10
Electric Household Utilities(guar.)
'0134 Apr. 25 "Holders of rec. Apr. 10
Stock dividend
May 1 Holders of rec. Apr. 17
Electric Shovel Coal Corp. partic.pf.(gu) $1
'400. Apr. 25 "Holders of rec. Apr. 10
Erase° Derrick az Equip.(guar.)
May 1 Holders of rec. Apr. IS
$1
Eureka Pipe Line (guar.)
Oct. 1 Holders of rec. 6091. 20
Evans Auto Loading. Mock dividend-- ...92
374c Apr. 30 Holders of rec. Apr. 15a
Exchange Buffet Corp. (guar.)
600. May 1 Holders of rec. Apr. 200
Fair (The). corn. (guar.)
•60e. Aug. 1 "Holders of rec. July 20
Common (guar.)
14 May 1 Holders of rec. Apr. 200
Preferred ((uar.)
•1,‘ Aug 1 *Holders of rec. July 20
Preferred (guar.)
Fajardo Sugar. com.-dividend omitted.
14 May 1 Holders of rec. Apr. 150
pref.
(quar.)Associates,
Park
Fashion
Apr. 15 *Holders of rec. Apr. 5
'2
Federal Terra Cotta. corn. (guar.)
Apr. 15 *Holders of rec. Apr. 10
Fenton United Clean.& Dye., com.(gu.) •1
15 *Holders of rec. Apr. 10
Apr.
Common (extra)
'134 Apr. 15 *Holders of rec. Apr. 10
Preferred (guar.)
15c. Apr. 15 Holders of rec. Apr. 5a
Finance Co.of America. corn. A dz B (go)
434c. Apr. 15 Holders of rec. Apr. 5a
Seven per cent pref. (guar.)
Finance Co.of Amer..com. A & B (au). 1734c July 15 Holders of rec. July 5
434e July 15 Holders of rec. July 5
7% pref. (guar.)
Apr. 20 Holders of rec. Apr. 10
Firestone Tire & Rubber, corn.(quar.)_. $2
134 Apr. 15 Holders of rec. Apr. 1
6% preferred (guar.)
First Federal Foreign Bkg. Corp.(qu.). $1.75 May 15 Holders of rec. May 1
Fitzsimmons & Connell Dredge & Dock,
(I) June 1
Corn.(1-40th share corn.stk.)
(1) Sept. 1
Corn.(1-40th share corn.stk.)
(f) Dec. 1
Corn.(1-40th share corn.stk.)
Apr. 15 Mar. 27 to Apr. 15
3
551 Fifth Ave., Inc., prof
3710. Apr. 15 Holders of rec. Apr. 10
Flintkote Co. °cm
134
1 Holders of rec. June 150
July
(quar.)
pref.
Florsheim Shoe,
434c. Apr. 15 Holders of rec. Mar. 29
Fokker Aircraft, 1st pref. (quar.)
Apr. 15 Holders of rec. Mar. 300
Fox Film Corp.. class A & B (guar).- -- $1
Franklin (H. H.) Mfg.. corn.(guar.)--- •50e. Apr. 20 *Holders of rec. Apr. 10
"14 May 1 'Holders of rec. Apr. 20
Preferred (guar.)
May 1 Holders of rec. Apr. 15a
$1
Freeport-Texas Co. (guar.)
'6834e Apr. 15 *Holders of rec. Mar. 30
Gair (Robert) & Co., cl. A (guar.)
July 1 Holders of rec. June 124
- $1
General American Tank Car (guar.)
July 1 Holders of rec. June 130
1
Stock dividend
May 1 Holders of rec. Apr. 16u
$1
General Cigar, corn. (qua?.)
June 1 Holders of roe. May 21u
154
Preferred (guar.)
Apr. 26 Holders of rec. Mar. lla
$1
General Electric(guar.)
15e. Apr. 26 Holders of rec. Mar. ha
Special stock (guar.)
75e, May 1 Holders of rec. Apr. 15a
General Mills, Inc.. corn. (guar.)
13.4 May 1 Holders of rec. Apr. 80
General Motors,6% pref.(guar.)
134 May 1 Holders of roe. Apr. 8s
8% deb. stk. (quar.)
14 May 1 Holders of ree. Apr. 8a
7% pref.(guar.)
50c. Apr. 15 Holders of rec. Apr. 5a
Gen'l Outdoor Advertising corn.(qua?.)_
Apr 10
Con. Pub. Serv. Corp. 5534 Pf.(qu.--'$ 1.3734 May 1 *Holders of rec. Apr.
10
*$1.50 May 1 'Holders of roe.
$8 Preferred (guar.)
Mar. 20
rec.
of
'Holders
15
Apr.
021.50
prof.
(a11.)*
$6
Utilities
General Realty &
750. Apr, 25 Holders of rec. Apr. 80
General Refractories;(guar.)
50e. Apr. 25 Holders of rec. Apr. 86
Extra
25e. Apr. 25 Holders of roe. Apr. Eia
Adjustment dividend
*50c. May 1 "Holders of rec. Apr. 15
General Stock Yards Corp., COM.(MO
May 1 *Holders of rec. Apr. 15
.21
Common (extra)
•$1.50 May 1 'Holders of rec. Apr. 16
$6 preferred (guar.)
'40c. Apr. 15 *Holders of roe. Apr. 5
Georgian. Inc., pref. A (guar.)
14 May 1 Holders of rec. Apr. 150
Gimbel Bros.. pref.(quar.)
Oct. 1
Gladding.McBean& Co..com(in corn stk) '2
54 May 1 Holders of rec. Apr. 17a
Gold Dust Corp. common
Apr. 15 Holders of rec. Dee. Si
$I
Goldwyn Investment Corp..extra
June 1 Holders of rec. May 100
Goodrich (B. F.) Co., corn. (quar.)... $1
1 Holders of me. June 10
July
14
Preferred (quar.)
500. June 1 Holders of ree. May 1
Gorham Mfg., corn. (guar.)
500. Sept. 1 Holders of rec. Aug. I
Common (guar.)
50e. Dec. 1 Holders of rec. Nov. I
Common (guar.)
June 1 Sub).SO Stkholdera. meet.
Common (payable in common stock)_ 15
June 1 Holders of rec. May 15
(guar.)
14
Preferred
First
Gotham Silk Hosiery, 7% pref. (guar.). 14 May 1 Holders of rec. Apr. 120
Granby Consol. M. Sm. & Pow. (qu.).... $1.75 May 1 Holders of roe. Apr. 12a
Grand (F. & W.) 5-10-25 Cents Stores25e. Apr. 20 Holders of rec. Apr. 120
Common (guar.)
14 May I Holders of rec. Apr. 12a
Preferred (guar.)
*25c. Apr. 15 *Holders of rec. Apr. 4
Grand Rapids Metalcraft(guar.)
.75e. May 15 'Holders of rec. May 1
Oreenway Corp.. 5% pref. (guar.)
'75o. Aug. 15 'Holders of roe. Aug. 1
5% preferred (guar.)
'75c. Nov. 15'Holders of rec. Nov. 1
5% preferred (num.)
250. Apr. 15 Holders of roe. Apr. 10
Ground Gripper Shoe,common (quar.)
750. Apr. 15 Holders of rec. Apr. 10
Preferred (guar.)
[Vox,. 128.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books closed
Days Inclusive.
Miscellaneous (Continued).
Great Northern Iron Ore Properties...... 21.25 Apr. 30 Holders of rec. Apr. 50
14 July 1 Holders of rec. June 150
GulfStates Steel, pref.(guar.)
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 185
14 Jan 2'30 Holders of rec. Dec. 1114
Preferred (guar.)
Hall (W.F.) Printing common (quar.)_ *25e. Apr. 30 *Holders of roe. Apr. 20
Hamilton Bank Note Engraving of Ptg.
'73.4c May 15 "Holders of rec. May 1
Common (guar.)
Hammermill Paper, common (guar.).- "25c. May 15 *Holders of rec. Apr. 30
HarbLson-Walker Refract.. Prof.(guar.). 134 Apr. 20 Holders of ree. Apr. 10.
May 31 *Holders of rec. May 15
Hart. Schaffner & Marx.Inc.. corn.(rm.) *2
July 1 'Holders of roe. June 25
Hayes Body Corp.(guar.)(pay. In stk.) •e2
"e2
Oct. 1 *Holders of rec. Sept. 25
Quarterly (payable In stock)
*e2
Jan 2'30 "Holders of rec. Dee. 24
Quarterly (payable in stock)
50c. May 1 Holders of rec. Apr. 10
Hayden Chemical, corn.(No. 1)
35c. Apr, 26 Holders of rec. Apr. 19
Hibbard, Spencer, 13arlett&Co.(mthly.)
35c. May 31 Holders of rec. May 24
Monthly
35e. June 28 Holders of rec. June 21
Monthly
114 Apr. 15 Holders of res. Mar. 30
11111crest Collieries. corn. (guar.)
134 Apr. 15 Holders of rec. Mar. 30
Preferred (guar.)
Sc. Apr, 22 Holders of rec. Apr. 5
Hollinger Cons. Gold Mines(monthly)..
'Sc. Apr. 15 Holders of roe. Mar. 31
Holly Development (guar.)
14 May 1 Holders of rec. Apr. 16
Holly Sugar Corp.. prof. (guar.)
Horn & Hardart of N.Y.corn.(guar.)._ 623.4e May 1 Holders of rec. Apr. 110
750. Apr, 15 Holders of rec. Mar. 30
Household Finance Corp.((uar.)
Household Finance Corp.. panic pref... •75e. Apr. 15 'Holders of roe. Apr. 1
$1
Apr. 15 Holders of rec. Mar. 30a
Howe Sound Co.((uar.)
•50e. May 1 *Holders of rec. Apr. 15
Hunt Bros. Co.(guar.)
50c. May 1 Holders of roe. Apr, lba
Hupp Motor Car (guar.)
Hupp Motor Car (Stock dividend) (qu.) e234 May 1 Holders of rec. Apr. 150
Stock dividend (guar.)
e234 May 1 Holders of rec. Apr. 150
e234 Aug. 1 Holders of roe. July 15a
Stock dividend (guar.)
623.4 Nov. 1 Holders of rec. Oct. 15a
Stock dividend (quar.)
July 2
02
Huron & Erie Mortgage (guar.)
Oct. 1
*2
Quarterly
50e. Apr. 15 Holders of rec. Apr. 5
Hussman-Ligonier Co. (guar.)
'60e. Apr. 15 'Holders of rec. Apr. 3
Illinois Brick (guar.)
*60c. July 15 *Holders of tee July 3
QuarterlyQuarterly
"80. Oct 15 *Holders of rec. Oct. 3
Industries
Chemical
Imperial
•5
June 7 *Holders of roe. Apr. 18
Amer. dep. rcts. ord. reg. stock
se50 May 1 "Holders of rec. Apr. 15
Incorporated Investors (stock div.)
Apr. 30 Holders of rec. Apr. 156
50c.
Independent 011 & Gas, corn. (Qua?.)...
May 15 Holders of roe. Apr. 26
$1
Indiana Pipe Line (guar.)
May 15 Holders of rec. Apr. 26
$1
Extra
Industrial Finance Corp., 7% pref.(qu.) 131 May I Holders of rec. Apr. 19
134 May 1 Holders of rec. Apr. 19
Six per cent pref.(guar.)
May 1 Holders of rec. Apr. 19
El
International Cigar Machinery (quar.)__
•250. July 1
Int. Cont. Invest. Corp. oom.(guar.)May 1 Holders of tee. Mar. 80,
Internat. Educational Publishing. pref._ $1
Internat. Harvester, new no Dar (guar.)- 62 Me Apr. 15 Holders of rec. Mar. 254
80e. Apr. 15 Holders of reo. Mar. 254
Internat. Match, corn.(guar.)
80e. Apr. 15 Holders of rec. Mar. 25.
Participating preferred (quar.)
Int. Nickel of Canada. pref. (au.)(No.1) $1.75 May I Holders of rec. Apr. 2a
134 Apr. 15 Holders of rec. Mar. 251
Internat. Paper, 7% pref.(guar.)
114 Apr. 15 Holders of roe. Mar. 254
Six per cent pref.(quar.)
Internat. Paper az Power.7% pref.(qu.) 15.4 Apr. 15 Holders of roe. Mar. Me
Six per cent pref.(guar.)
134 A-pr. 15 Holders of rec. Mar. 26e
25e. June 1 Holders of rec. May 20
International Perfume, corn.(No. 1).
64.93 May 15 Holders of rec. May 4
Preferred (No. 1)
International Printing Ink, corn. (guar.) 82 Mc May I Holders of rec. Apr. 15a
Preferred (guar.)
134 May I Holders of rec. Apr. I50
50c. May 1 Holders of rec. Apr. 15
International Shoe, pref. (monthly)____
.50o June 1 •Holders of rec. May 16
Preferred (monthly)
*50o July I "Holders of roe. June 15
Preferred (monthly)
•50e Aug. 1 'haulers of rec. July 15
Preferred (monthly)
*We Sept. 1 'Holders of rec. Aug. 15
Preferred (monthly)
•50e Oct. 1 "Holders of reo. Sept. 15
Preferred (monthly)
•50e Nov. 1 "Holders of roe. Oct. 15
Preferred (monthly)
•500. Dec. 1 'Holders of roe. Nov. 15
Preferred (monthly)
•500. Jan 1'30 "Holders of roe. Dee. 15
Preferred (monthly)
Apr. 15 *Holders of rms. Apr. 5
Interstate Iron & Steel, corn.(quar.)____ "21
60e. Apr. 15 Holders of res. Dee. 81
(neatens Capital Corp.. common
'30e. Apr. 15 •Holdn's of roe. Mar. 15
Jackson Motor Shaft
Apr. 16 Holders of rec. Mar. 30
$1
Jewel Tea, corn. (guar.)
Johns-Manville Corp., corn. (rmar.)_- 75e. Apr. 15 Holders of roe. Mar. 254
Joint Security CorpMay I Holders of rec. Apr. 20
11
Corn.(payable in coin.stock)
Aug. I Holders of roe. July 20
11
• Coin.(payablein corn.stock)
Holders of roe. Oct. 20
Nov.
11
Corn.(paya Wein coin,stock)
'Holders of me. Mar. 20
1.12M Apr.
Kalamazoo Stove, corn. (guar.)
*Holders
of rec. Mar. 20
Apr.
.1M
Stock dividend
Kalamazoo Vegetable Parchment(qIL).- •15c. June 30'Holders of roe. June 20
*Holders
30
of ree. Sept. 20
Sept.
•15c.
Quarterly
•15e. Dee. 31 'holders of roe. Dec. 21
Quarterly
37e Apr. 29 Holders of rec. Apr. 10a
Kaufman Dept. Stores corn.(guar.).°623.4c Apr. 15 *Holders of rec. Mar. 30
Kawnee Company (guar.)
July 15 *Holders of rec. June 30
•62
Quarterly
Oct. 15 *Holders of rec. Sept. 30
'6234c
Quarterly
.621.4 c Jan15'30 *Holders of rec. Dee. 31
Quarterly
•Holders of rec. June 20
•12Sie July
Kaynee Co.. common (extra)
Holders of rec. Apr. 150
Kayser (Julius) az Co., corn. (quar.)____ $1.25 May
•1 si• May
"Holders of rec. Apr. 19
Kelsey-Hayes Wheel, pref. (quar.)
of roe. May 100
Holders
June
$1.50
(guar.)
Kendall Co.. pref.
Holders of roe. May 100
25e. June
Preferred (participating dividend)Kentucky Rock Asphalt.Apr. 15 Holders of rec. Apr. 1
/5
Corn.(payable in corn. stock)
Keystone Steel & Wire common (Raj_ _ *75e. Apr. 15 "Holders of rec. Apr. 5
Apr. 15 *Holders of roe. Apr. 5
*14
Preferred (guar.)
•80c. Apr. 15 'Holders of rec. Apr. 5
Knott Corporation (guar.)
81.75 July I Holders of roe. June 15a
Knox Hat, prior pref.(guar.)
$1.75 Oct. 1 Holders of roe. Sept. 160
Prior preference (guar.)
75e June 1 Holders of rec. May 150
Participating pref. ((uar.)
75e Sept. 3 Holders of rec. Aug. 15a
(guar.)
pref.
Participating
75e Dee, 2 Holders of rec. Nov. 15a
Participating pref. ((uar.)
Kroger Grocery & Baking. 2d pref. (q11.) '134 May 1 Holders of rec. Apr. 15
Apr. 15 *Holders of rec. Mar. 20
*e3
Laboratory Products, stock dividend...
*50e. Apr. 30 'Holders of roe. Apr. 15
Lakey Foundry & Mach.(quar.)
'e234 Apr. 30 *Holders of ree. Apr. 15
Stock dividend
•e214 July 30 *Holders of rec. July 15
Stock dividend
'e254 Oct. 30 *Holders of rec. Oct. 15
Stock dividend
•75e' June 30 *Holder of rec. June 19
(guar.)
Landers, Frary & Clark
*75c. Sept. 30 *Holders of roe. Sept.20
Quarterly
•75e. Dec. 31 "Holders of roe. Dee. 21
Quarterly
14 May 1 Holders of rec. Apr. 15
Lane Bryant. Inc.. pref.(guar.)
Langendorf United Bakeries, Cl. A (qu.) •50e. Apr. 15 "Holders of roc. Mar. 81
July 15 *Holders of lee. June 30
*50o.
Class A and 11 (guar.)
•50e. Oct. 15'Holders of roe. Sept.30
Class A and B (guar.)
"500. Ja 1530 *Holders of roe. Dee. 30
Class A and B ((uar.)
Lanston Monoty Pe Machine (quar.)- -- 114 May 31 Holders of rec. May 21a
Lawton Mills-Dividend passed.
Apr. 15 Holders of rec. Apr. 5
Lefcourt Realty Corp.. pref.(guar.).- The.
me. Apr. 13a
Lehigh Portland Cement cam.(quar.)__ 623.4c May 1 Holders of roe
June 20
Me July I Holders of
Interstate holding Co
ree.
May 15a
of
Holders
1
June
60c.
Link
ln
e Belt
Lin"
o.
•50c Apr. 27 *Holders of roe. Mar. 29
Lion 011 Refining, corn.(qua?.)
rec.
of
Apr. 20a
holders
1
May
$1
(guar.)
Corp.
Carbonic
Liquid
650 May I Holders of rec. Apr. 18a
Loose-Wiles Biscuit common (quar.)__
May 1 *Holders of roe. Apr. 17
*2
Lord & Taylor, 2d pref. (quay.)
Louisiana Oil Refining Corp.. Pref. (111.) 14 May 15 llolders of rec. May la
•114 June 29 "Holders of rec. June 19
Lunkenheimer Co.. pref. (guar.)
•1A Sept.30 *Holders of roe. Sept.20
Preferred (guar.)
•134 Doe. 31 *Holders of roe. Dee. 21
Preferred (guar.)
65c. Apr. 15 Holders of rec. Mar. 300
MacAndrews & Forbes. cam.(rmar.)--134 Apr. 15 Holders of rec. mar. 300
Preferred (guar.)
May, 1 Holders of rec. Apr. 204
PI
McCall Corp.(guar.)
McCrory Stores Corp., pref. (quar.)---- '154 May I *Holders of roe. Apr. 20
*500. Apr. 15 *Holders of ree. Mar. 30
MacMillan Petroleum (guar.)
50c. May 15 Holders of roe. Apr. 284
Macy(R. H.)& Co.. earn.(guar.)
Madison Square Garden Co.(guar.)._ _ 3734e Apr. 15 Holders of rec. Apr. 5a
41.25 Apr. 18 Holders of roe. Mar. 30a
Magma Copper Co.(quar.)
'37 He Apr. 15 "Holders of roe. Mar. 31
Magnin (I.) az Co., corn.(guar.)
APRIL 13 1929.]
Name of Company
FINANCIAL CHRONICLE
Pet
When
Cent. Payable.
Books Closed
Days /neksties.
Name of Company.
2417
When
Per
Cent. Payable.
Books Closed
Daps Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Mandel Bros.(quar.)
6244e Apr. 20 Holders of rec. Apr. 15a Powdrell & Alexander, pref. (quar.).... $1.75
Holders of rec. Mar. 18
Maple Leaf Milling, pref.(quar.)
1% Apr. 18 Holders of rec. Apr. 3
Procter & Gamble Co.8% pf.(quar.)_- 2
Apr. 15 Holders of rec. Mar. 250
Mascot 011 (monthly)
1)1
Apr. 20 *Holders of ree. Apr. 15
Pro-phy-lac-tio Brush, cont.(quar.)---500. Apr. 15 Holders of rec. Mar.311
Massey-Harris Co.. Ltd..corn.(qu.)
750. Apr. 15 Holders of roe. Mar.30
Prudence Co., Inc., prof
344 May 1 Holders of rec. Apr. 10
Maytag Co., 1st pref.(quar.)
*81.50 May 1 *Holders of rec. Apr. 15
Quaker Oats, corn.(quar.)
411
Apr.
. 15 *Holders of me. Apr. 1
Preferred (quar.)
"g4
*7543. May 1 *Holders of rec. Apr. 15
Common (special)
*Holders of rec. Apr. 1
Mead Pulp & Paper, corn.(quar.)
111 Apr, 15 *Holders of roe. Apr. 1
Corn.(1n corn.stk.,one new for es.25) (f) Apr. 20 'Holders of rec. Apr. 1
Melville Shoe, common (quar.)
35e. May 1 Holders of rec. Apr. 19a
Preferred (quar.)
*144 May I *Holders of ree. May 31
First preferred (quar.)
144 May 1 Holders of rec. Apr. 19
Q. R.8. Co., corn.(qual.)
50e. Apr. 15 Holders of rec. Apr. I
Second preferred (quar.)
11.40 May 1 Holders of rec. Apr. 19
Preferred (qual.)
1% Apr. 15 Holders of reo. Apr. 1
Merchants Petroleum (quar.)
*2 Apr. 19 *Holders of ree. Mar.51
Railway & Light Securities, corn.(qu.)_.
Holders of rec. Apr. 15
Extra
*2 Apr. 19 *Holders of roe. Mar.31
Preferred (quar.)
35°
1.50
c. May 1 Holders of rec. Air. 15
Mexican Petroleum, corn. (quar.)
*33
Apr. 30 Holders of rec. Apr. la Republic SUMAS% corn.(qual.)
1.250. Apr. 15 *Holders of rec. Mar.30
Common (special)
Common (extra)
*240 Apr. 30 Holders of rec. Apr. la
1 *Holders of rec. Mar.30
o.. Apr.
may 15
32
•745
Preferred (quar.)
•32
Apr. 30 Holders of rec. Apr. la Rice-Stix Dry Goods,2d pref..(quar.)...
Holders of ree. Apr. 16
Miami Copper Co. (quar.)
$1
May 15 Holders of ree. May la Richfield Oil, pref. (qual.)
May I Holders of rec. Apr. 5
Michigan Steel (quar.)
Richmond Radiator, pref.(qual.)
•62110 Apr 20 *Holders of rec. Apr. 1
pe. 2
81
15 *Holders of rec. Mar.30
7140 J
Awy
•2
Mid Continent Laundries A (quar.)--- .60c. Apr. 15 *Holders of rec. Mar.30
Rio Grande Oil
Holders of rec. July 58
Mid Continent Petroleum,corn.(quar.)_
500. May 15 Holders of rec. Apr. 150 Rio Grande 011
Hold. of rec. Jan. 5'30
(r)
$1
Minneapolis-Honeywell Reg., corn
rStock dividend
*31.25 Aug. 15 *Holders of rec. Aug. 3
el% Apr. 25 *Holders of rec. Apr. 3
Preferred (quar.)
rStock dividend
•11( May 15 *Holders of rec. May 1
8144 Oct. 25 *Holders of rec. Oct.
1,1,‘ Aug. 15 *Holders of rec. Aug. 1
Preferred (guar.)
Royalty Corp. of Amer., par. pf.(extra) • % May 15 Holders of rec. May 10e
•141 Nov. 16 *Holders of rec. Nov. 1
Preferred (quar.)
Rumidor Corp.. corn (quar.)
•6214s Apr. 15 *Holders of too. Mar.It
Moloney Electric. corn.(quar.)
et. Joseph Lead Co.(quar.)
$1
Apr. 15 Holders of rec. Apr. I
60c. June 20 June 8 to June 20
Motor Products Corp.. corn.(quar.)---50c. May 1 Holders of rec. Apr. 240
Extra
to June 20
250. June 20 June 8
Preferred (Qual.)
*31.25 May 1 *Holders of rec. Apr. 24
Quarterly
50c. Sept 20 Sept. 10 to Sept.20
Morris (Philip) & Co., Ltd.(quar.)
250. Apr. 15 Holders of rec. Apr. 20
Extra
25e. Sept 20 Sept. 10 to Sept.20
Mountain & Gulf 011(qual.)
*2c. Apr. 15 *Holders of rec. Mar.30
St. Lawrence Paper Mills, pref.(qu)... 194 Apr. 15 Holders of rut. Mar.28
Muncie Gear Co., class A (guar.)
*50c. July 1 *Holders of rec. June 15
St. IAMB Screw &Bolt. corn.(quar.).... •25c Jon. 1 'Holders of ree. May 25
Class A (guar.)
*50c. Oct. 1 *Holders of rec. Sept.15
Salt Creek Producers Assin. (quar.)--- 75c, May 1 Holders of ree. Apr. 150
Class A (quar.)
*500. Jan1'30 *Holders of rec. Dec. 15
Savage Arms, 2d pref. (quar.)
*Holders of ree. MAY 1
1.60
Murphy (G. C.) Co., pref.(quar.)
*2
July 2 *Holders of rec. June 21
Scott PaperPreferred (guar.)
*2
Oct. 2 *Holders of rec. Sept.21
Corn.(in stk.sub).to stkhrs.' aPProy.) *12$
a
ne
June
y 30
15
National Acme, cont.(quar.)
*25c. May 1 *Holders of rec. Apr. 15
Corn.(In stk. subj. to atkhrs.'approv.) /2
Dee. 31
National American Co. (quar.)
500. May 1 Holders of rec. API% 150 Scott Paper Co. 7% ser. A pref. (qu.)... 11‘ May I Holders of rec. Apr. Ifla
Nat Belles-Bess, new corn.(qtr.)(No. I) 250. Apr. 15 Holders of rec. Mar. 200
% series B pref.(quar.)
144 May I Holders of rec. Apr. 164
New common (quar.)
250. July 15 Holders of rec. July la Scullin Steel pref. (guar.)
The. Apr. 15 Holders of rec. Mar. 30
New common (qual.)
250. Oct. 15 Holders of rec. Oct. 10 Seagrave Corp. (guar.)
y30c. Apr. 20 Holders of rec. Mar. 306
New common (qual.)
250. Jan. 15 Holders of rec. Jan.2'306 Sears. Roebuck & CoStock dividend (quar.)
Cl
Apr. 15 Holders of rec. Mar. 200
Quarterly (payable in stock)
el
Holders of ree. Apr. 13a
May
el
Stock dividend (quar.)
July 15 Holders of rec. July la Sears-Roebuck &Co.(quar.)
6214c May 1 Holders of rec. Apr. 13a
Stock dividend (qual.)
Cl
Oct. 15 Holders of rec. Oct. la
Quarterly (payable In stock)
Cl Aug. 1 Holders of rec. July 156
Cl
Stock dividend (guar.)
Ja.1530 Holders of rec. Jan.2'306
Quarterly (payable in stock)
el Nov. 1 Holders of rec. Oct. 150
National Biscuit,corn.(guar.)
$1.50 Apr. 15 Holders of rec. Mar 29a Securities Management Corp.,cl. A (qu.) 144 Apr. 15 Holders of rec. Apr. 1
National Carbon. pref.(quar.)
2
May 1 Holders of rec. Apr. 20
Class B and C (quar.)
25c. Apr. 15 Holders of rec. Apr. 1
Nat. Cash Register, class A (quar.)_.._. 750. Apr. 15 Holders of rec. Mar. 290 Seeman Brothers, Inc., corn.(quar.)_....
May
Holders of rec. Apr. 15
National Casket, common
*$2
May 15 *Holders of rec. May 1
Segal Lock & Hardware, prof.(guar.)--- 1
5°
1! Apr. 16
1 Holders of rec. Max.51
Common (payable in common stock)_ *15
May 15 *Holders of roe. May 1
1% May 1 Holders of roe. Apr. IS
Selby Shoe, pref.(quar.)
National Dairy Products (stock div.)--- el00 May 20 Holders of roe. Apr. 25a Seton Leather. corn.(quar.)
•50c. May 1 Holders of rec. Apr. 16
Common (payable in common stk.). fl
July 1 Holders of ree. June 30
Shaffer 011 & Refs. pref.(guar.)
1% Apr. 25 Holders of rec. Mar.31
Common (payable in common atoeki
Oct
fl
1 Holders of ree Sept. 3a
Sheafter(W A.) Pen Co.(guar.)
$1
Sept. 19 Holders of rec. Aug. 22
National Dept. Stores, 1st pref. (quar.). 1% May 1 Holders of rec. Apr. 15a Sheffield SteelSecond preferred (quar.)
•144 June 1 *Holders of ree. May 15
Common (payable in common stock)._ *11
July 1 *Holders of nto. June 20
National Fireproofing, pref. (quar.).... 6210. Apr. 15 Holders of roe. Apr. 1
Common (payable In common stock).- •11250. 11ay
Oct.
*Holders of rec. Sept. 20
Preferred (extra)
*72340 Apr. 15 *Holders of reo. Apr. I
Shepard Stores. Inn., class A (quar.)...
Holders of rec. Apr. 20
Preferred (quar.)
8254e. July 15 Holders of rec. July 1
*6214e Apr. 15 *Holders of ree. Mar. 31
Stgnods Steel Strapping. Old. (qual.)
Preferred (Ouse.)
62140 Oct 15 Holders of ree. Oct. 1
Silver (Isaac) & Bros., pref. (quar.)--- 1% May 1 Holders of rec. Apr. 20
National Food Products, corn. A (quar.) 62440 May 15 Holders of rec. May 36 Sinclair Corm'.011, corn
50c. Apr. 15 Holders of rec. Mar. 150
Class B (payable in class B stock)___
2
Apr. 15 Holders of rec. Apr. 5
25e. Apr. 15 Holders of rec. Mar. 150
Common (extra)
Class B (payable In class B stk.)
2
Oct. 15 Holders of rec. Oct. 5
Smallwood Stone class A (quar.)
6214e. June 15 Holders of rec. June 5
National Fuel Gas (quar.)
•250. Apr. 15 *Holders of rec. Mar.30
Southland Rcyalty
*150. Apr. 15 *Holders of ree. Apr. 1
National Grocers(qual.)
1
Apr. 25 Holders of rec. Apr. 15
400. Apr. 15 Holders of rec. Mar. 300
Spalding(A.G.)& Bros.,new com.(qu)National Lead, class B pref. (quar.)....
$1.50 May 1 Holders of rec. Apr. 196 Spelgel-May-Stern. Inc., corn. (guar.)._ *75e. May 1 Holders of rec. Apr. 15
Nat. Rubber Machinery (No. 1)
•500. Apr. 15 *Holders of rec. Mar.20
1.6254 May 1 Holders of rec. Apr. 15
Preferred (guar.)
National Supply, common (quar.)
$1.25 May 15 Holders of rec. May 40 Spencer Kellogg & Sons. Inc.((Mar.)--- 400. June 80 Holders of rec. June 151
National Tea,5 % prof.($10 par)(qu.) 131(0 May 1 Holders of rec. Apr. 12
Quarterly
400. Sept.80 Holders of rec. Sept.140
New Bradford 011 (quar.)
•12140 Apr. 16 *Holders of rec. Mar.30
Spicer Mfg. pref. A (quar.)(No. I)
750. Apr. 15 Holders of rec. Apr. Ss
N.J. Bond Jr Shareholding, Pref.(903-- 114 Apr. 15 Holders of roe. Apr.
Standard Royalties Wetumka. pt.(qu.). 1
Apr. 15 Holders of rec. Mar. 30
I
New Jersey Zinc (quar.)
*2
May 10 *Holders of rec. Apr. 20
Steel Co.of Canada, corn.& pf.(qu.)... 43540. May 1 Holders of rec. Apr. 6
Newmont Mining (quar.)
$1
Apr. 15 Holders of rec. Mar.30
Steinberg's Drug Stores peel.(guar.)
.
- 871.4c June 1 Holders of rec. May 20
New River Co., pref. (acct. accum.d1v.) *31.50 May 1 *Holders orrec. Apr. 15
*2% July I
Starlit.Radio(qual.)
Newton Steel, pref.(quar.)
'11.4 Apr. 30 *Holders of rec. Apr. 5
Quarterly
*234 Oct. I
New York Air Brake (quar.)
75e. May 1 Holders of ree. Apr. 4a Stewart-Warner Corp.
New York & Foreign Investing, pfd.(qu.) 31.625 Apr. 15 Holders of rec. Apr. 12
New $10 par stock (quar.)(No. 1)
8744c. May 15 Holders of rec. May 4
New York Hamburg Corp
031.25 Apr. 29 *Holders of rec. Apr. 15
New $10 par stock (in stock)
e2
Aug. 15 Holders of rec. Aug. 5
N. Y.& Hanseatic Corp
3
Apr. 15 Holders of rec. Mar.28
New $10 par stock (in stock)
e2
Nov. 15 Holders of rec. Nov. 5
New York Investors, Inc., corn
600. Apr. 15 Holders of rec. Apr. 1
e2
New $10 par stock (In stock)
Feb.5'30 Holders of re°. Feb.5'31
Second preferred
3
Apr. 15 Holders of rec. Apr. 1
*37440 June 1 *Holders of reo. May 15
Stix Baer & Fuller, corn.(quar.)
N.Y. Merchandise Corp., corn.(quar.)_ *50e. May 1 *Holders of rec. Apr. 20
*37340 Sept. 1 *Holders of ree. Aug. 15
Common (qual.)
Preferred (quar.)
•31.75 May I *Holders of reo. Apr. 20
Common (qual.)
•37140 Dee. 1 *Holders of fee. Nov.15
Nichols Copper Co.. class B
5750. May 1 *Holders of rec. Feb. 1
Stroock (S.) Co.(guar.)
•75e. July 1 *Holders of rec. June 15
ClaesB
1150. Nov. 1 *Holders of ree. Feb. I
4150. Oct. 1 *Holders of rec. Sept.16
Quarterly
Niles-Bement-Pond, Prof. (guar.)
•114 June 29 *Holders of ree. June 19
Quarterly
•750. Deo. 21 *Holders of rec. Dee. 10
Niplasing Mines(qual.)
714o. Apr. 20 Holders of rec. Mar.30
Studebaker Corp.
Noma Electric Co.(quar.)
•400. May 1 *Holders of rec. Apr. 15
Common (payable in common stock)_ _ fl
June 1 Holders of rec. May 1011
North Amer. Investment.6% PL (qual.) 1% Apr. 20 Holders of rec. Mar. 31
Sept. 1 Holders of rec. Aug. 108
Common (payable In com. stock) - -- 11
544% Preferred (guar.)
1% Apr. 20 Holders of reo. Mar. 31
Dee. 1 Holders of reo. Nov. fie
Common (payable in corn. stook)__.._ 11
Northern Manufacturing. Pref.(guar.).190. June 1
Sullivan Machinery (quar.)
Apr. 15 Mar.31 to Apr.
31
Preferred (qual.)
190. Sept. 1
Superheater Co.(quar.)
$1.50 Apr. 15 Holders of rec. Apr. 5
Preferred (qual.)
19o. Dee. 1
Sweets Co. of America (Guar.)
25e. May I Holders of fee. Ann 150
Northwest Engineering, corn.(quar.)._ •1500. May 1 *Holders of ree. Apr. 15
Teck-Hughes Gold Mines, Ltd
be. May 1 Apr. 17 to Apr. 30
Oceanic 011 (extra)
•60. Apr. 15 *Holders of ree. Apr. 5
Teiautograph Corp., corn. (quar.)
0500. May 1 *Holdee f ree. Apr. 15
Ohio Brass, class B (guar.)
31.26 Apr. 15 Holders of rec..Mar. 28
Thermoid Co., 7% pref. (quar.)(No. 1) 154 May 1 Holders of ree. Apr. 11
Preferred (quar.)
144 Apr. 15 Holders of reo. Mar. 28
Thompson (John R.) Co.,(monthly)--- 300. May 1 Holders of rec. Ape. 211
011 Shares, Inc.. pref. (qual.)
750. Apr. 15 Holders of ree. Apr. Sa
Monthly
300. June 1 Holders of me. May 238
Oil Well Supply. prof. (quar.)
11( May 1 Holders of roe. Apr. 12a Tide Water 011 5% pref. (qual.)
1% May 15 Holders of reo. Apr. 12
Oliver United Filters, class A (guar.)... •1500 May 1 *Holders of rec. Apr. 19
Tobacco Prod. Corp.corn.($20 Par)(q11.) 36s. Apr. 15 Holders of res. Mar. 250
Otis Elevator common (guar-)
81.50 Apr, 15 Holders of ree. Mar. 30a
Common ($100 par) (quar.)
I% Apr.
Holders of ree. Mar.250
Preferred (quar.)
1% Apr. 15 Holders of rec. Mar. 390 Tobacco Products Corp.. cl.A($20 par).
35e. May 15 Holders of rec. Apr. 25a
Preferred (quar.)
1% July 15 Holders of ree. June 250
Class A ($100 Par) (guar.)
154 May 15 Holders of rec. Apr. 55
(guar.)
Preferred
134
Oct.
15
Holders
of
rec. Sept. 30a Tonopah Mining of Nevada
Preferred (quar.)
73413 Apr. 20 Mar.31 to Apr. 1
114 J'n1510 Holders of rec. Dee. 310 Tooke Bros., Ltd., pref. (quar.)
154 Apr. 15 Holders of rec. Mar.30
Outlet Company, corn. (qual.)
$1
May 1 Holders of rec. Apr. 20a Transamerica Corp.(qual.)(No. 1)._.. •31 AM. 25 *Holders
of rec. Apr. 5
First preferred (quar.)
$1.75 May 1 Holders of rec. Apr. 20a
Stock
dividend
*el
Apr. 25 *Holders of rec. Apr. 5
Second preferred (quar.)
$1.50 May 1 Holders of rec. Apr. 20
Truax-Traer Coal, corn.(quar.)
400. May 1 Holders of rec. Apr. 180
Pacific Associates(quar.)(No. I)
•500. May 15 *Holders of rec. Apr. 30
Truscon Steel common (qual.)
30e. Apr. 15 Holders of rec. Mar. 260
Pacific Coast Biscuit. corn.(qu.)
•250. May 1 *Holders of roc. Apr. 15
Tucketta Tobacco,corn.(qual.)
$1 Apr. 15 Holders of rec. Mar.30
Preferred Omar.)
•137340 May 1 *Holden of ree. Apr. 15
Preferred (quar.)
$1.75 Apr. 15 Holders of rec. Mar.30
Pacific Equities (Qual.)
*50e. Apr. 15 *Holders of ree. Mar. 31
Tung Sol Lamp Works, corn. (quar.)... *20c. May 1 *Holders of rec. Apr. 20
Extra
1.100. Apr. 15 *Holders of ree. Mar. 31
Class A (qual.)
*45e. May 1 *Holders of rec. Apr. 20
Packard Elea Co.. core.(Qua!,)
50o Apr. 15 Holders of rec. Mar. 28
United Biscuit. pref.(guar.)
114 May I Holders of ree. Apr. 170
Common (extra)
1234e Apr. 15 Holders of rec. Mar.28
United Electric Coal Co.,corn.(quar.)
750. June 1 Holders of ree. May 150
Packard Motor Car (monthly)
250. Apr. 30 Holders of rec. Apr. 12a United Linen Supply, class B (guar.)•.... *31.50
Apr. 20 *Holders of ree. Apr. 15
Monthly
25c. May 31 Holders of rec. May 114 United Paperboard. pref.(quar.)
Apr. 15 Holders of res Apr. 1411
$1.50
Extra
50e. May 81 Holders of ree. May lie United Piece Dye Wks.,prof.
(quar.)... •15,i July 1 *Holders of rec. June 20
Park & Tilford (stock div.)(guar.)
750. Apr. 14 Holders of rec. M.28
•1%
Preferred (qual.)
Oct. 1 *Holders of rec. Sept. 20
dividend
(quar.)
sI
Stook
Apr. 14 Holders of reo. Mar. 29
Preferred (quar.)
'154 Jan2'30 *Holders of rec. Dec. 20
Parke, Austin & LlpscombeUnited Profit Sharing, prof
50e. Apr. 30 Holders of rec. Mar. 30
Convertible participating Preferred.
*50e. Apr. 15 *Holders of rec. Apr. 1
United Verde Extension Mining (qu.)-- $1
May 1 Holders of rec. Apr. 4
$1
Penmans, Limited, corn. (qual.)
May 15 Holders of rec. May 6
United Wholesale Grocery. prof. A (qu) 1834 Apr. 15 Holders of rec. Mar. 25a
144 May 1 Holders of rec. Apr. 22
Preferred (quar.)
U. S. Cast Iron Pipe & Fdy.. corn.(4u.) 500. Apr. 20 Mar. 31 to Apr. 25
31.25 Apr. 15 Holders of rec. Mar. 300
Pennsylvania Salt Mtg.(quar.)
Common (qual.)
50c. July 20 Holders of rec. June 290
750. Apr. 15 Holders of ree. Apr. So
Petroleum Industries, Inc.. prof.(Qm)-Common (qual.)
500. Oct. 21 Holders of ree. Sept.30a
•37440 Apr. 30 Holders of rec. Apr. 18
Perfection Stove (monthly)
Common (quar.)
Jan20'30 Holders of ree. Deo. 3Ia
50c.
*37540 May 31 Holders of ree. May 17
Monthly
First & second pref.(qual.)
300. Apr. 20 Mar. 31 to Apr. 23
•37140 June30 Holders of rec. June 18
Monthly
First & second Prof.(qual.)
300. July 20 Holders of rec. June 390
July
•3714c
31
Holders of ree. July 18
Monthly
First & second pref.(guar.)
30e. Oct. 21 Holders of rec. Sept. 300
•37140 Aug. 31 Holders of rec. Aug. 16
Monthly
First & second pref. (qual.)
30e. Jan20'30 Holders of rec. Deo. 314
•37140 Sept.30 Holders of rec. Sept. 18
Monthly
U. S. Finishing, corn.(quar.)
114
Apr. 15 Holders of rec. Apr. $
03744c
Oct. 31 Holders of rec. Oct. 17
Monthly
U.S. Industrial Alcohol, corn.(quar.)
$1.50 May 1 Holders of rec. Apr. 15a
*3710 Nov.30 Holders of rec. Nov. 18
Monthly
U. S. Leather*37140 Dec. 81 Holders of rec. Dec. 18
'Monthly
Class A panic. & cony. stock (au.)-- $1
July 1 Holders of no. June 108
Philip Morris & Co.. Ltd.(qual.)
25o. Apr. 15 Holders of rec. Ain 2
Class A partic. & cony. stock (on.) _
11
Oct. 1 Holders of reo. Sept. be
1% May 1 Holders of ree. Apr. 20a U.S. Radiator, corn.
Phillips Jones Corp., pref. (quar.)
(quar.)
50e. Apr, 15 Holders of ree. Apr.. I
Pittsburgh Screw & Bolt (qu.)(No. 1)-. 35e Apr. 18 Holders of rec. Apr. 4
Preferred
114 Apr, 15 Holders of rec. Apr. I
Pittsburgh Steel Co., pref. (qual.)
I% June 1 Holders of rec. May Ile U.S.Smelt.(guar.)
Heft.& Mining. corn.(qu.).. 8714c. Apr. 15 Holders of rec. API% 44
Plymouth Cordage (quar.)
•1214 Apr. 20 *Holders of rec. Apr. 1
Preferred (quar.)
Apr, 15 Holders of rec. Apr. 44
8734e.
Postum Co. (quar.)
75e May 1 Holders of rec. Apr. 150 Universal Leaf Tobacco, corn. (quar.1-750. May I Holders of rec. Apr. 16
Pressed Metals of Amer., pref.(quar.)
•114 July 1 *Holders of reo. June 12
Universal Pipe & Radiator, pref. (quar.) 134 May 1 Holders of rec. Apr. 150
Preferred (guar.)
'154 Oct. I *Holders of reo. Sept. 12
Upson Company,cl. A & B (qual.)
•400. Apr. 15 *Holders of rec. Apr. 1
Preferred (quar.)
•114 Jan1'30 *Holders of reo. Dec. 12
Clam A & B (extra)
•10e. Apr. 15 *Holders of rec. Air- 1
Name of Company.
[VOL. 128.
FINANCIAL CHRONICLE
2418
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending April 5:
Miscellaneous (Concluded).
of rec. Apr. 15
Vadsco Sales Corp., pref.(qu.)(No.1)-- $1.75 May 1 Holders of rec. June 1
•1% June 10 *Holders
Vapor Car Heating, pref.(quar.)
•1% Sept. 10 *Holders of rec. Sept. 2
Preferred (quar.)
•11,‘ Dec. 10 *Holders of rec. Dec. 2
Preferred (quar.)
May I Holders of rec. Apr. 150 INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
$1
Vick Chemical Co.(quar.)
May 1 Holders of rec. Apr. la
Victor Talking Mach.. corn.(quar.)_ _ _ _ $1
FOR THE WEEK ENDED FRIDAY, APRIL 5 1929.
15 Holders of rec. Apr. 1
Apr.
Si
Old preferred (quar.)
$1.75 May 1 Holders of rec. Apr. la
Prior preference (quar.)
NATIONAL AND STATE BANKS-Average Figures.
$1.50 May 1 Holders of rec. Apr. la
Convertible pref. (quar.)
•350. June 10 *Holders of rec. May 31
Volcanic 011 & Gas (quar.)
31
May
•5e. June 10 *Holders of rec.
Extra
Oth.Cash, Res. Dep., Dep.Other
•35c. Sept. 10 *Holders of rec. Aug. 31
Quarterly
Gross.
Gold. Including N. Y. and Banksand
Loans.
*50. Sept. 10 *Holders of rec. Aug. 31
Extra
Bk. Notes Elsewhere. TrustCos. Deposits,
•35c. Dec. 10 *Holders of rec. Nov. 30
Quarterly
30
Nov.
rec.
of
*Holders
10
Dee.
•5o.
Extra
$
$
i
$
$
Apr. 20 Holders of rec. Apr. 110
$
ManhattanVulcan Detinning pref. & pref. A (au.)
193,410,700 75,000 3,483,800 22,387,900 2,036,600 185,027,100
Apr. 20 Holders of rec. Apr. 110 Bank of U.S
113
Prof.(acct. accumulated dive.)
2,177,400
137.400
I *Holders of rec. June 22
July
•155
Bryant Park Bank 2,119.900 93,700 139,900
Waltham Watch, pref. ((ivar.)
21
1,793.000 1,590,000
23,017,000
•135 Oct. 1 *Holders of rec. Sept.
Chelsea Each. Bk_ 23,911,000
Preferred (guar.)
98,800 1,558,200 2,085,000 16,592,100
*6214c May 1 *Holders of rec. Apr. 15
Grace National__ 18,050,800 3,500
Warchell Co., pref. (qu.)(No. 1)
Apr. 30
Harriman Nat'l__ 34,619,000 20,000 736,000 4,354.000 1,261,000 39,576,000
Warren (A. D.) Co., corn.(qu.((No. 5). $1.50 May 15 Holders of rec.
240,200
3,464,800
05,000
3,926,700 31,800
.50c. Apr. 15 *Holders of rec. Mar. 30
Port Morris
Warren (Chas.) Co.. corn. (quar.)
132,526,000 28,000 2,240,000 7.717,000 10555000 127,940,000
•400. May 1 *Holders of rec. Apr. 15
Public National
Welbolt Store. Inc. (quar.)
•25c. Apr. 25 *Holders of rec. Apr. 5
BrooklynWest Coast Bancorp., cl. A & B
*14e. May 1 *Holders of rec. Apr. 15
Wassail National_ 22,326,000 105,000 294,000 1,662,000 663,000 20,526,000
Western Air Express (No. 1)
rec. Mar. 31
567.000 103,000 8,000.000
Peoples National_ 8,300,000 5,000 135,000
Western Grocers. Ltd.. pref. (quar.)...... lSi Apr. 15 Holders of rec. Apr. 1
31 500 9 109 ana
313.200
59.700
543%c Apr. 15 *Holders of
Traders National_ 2.630.800
Western Sulphur Industries (quar.)
9
Apr.
to
1
Apr.
30
Apr.
500.
Westinghouse Air Brake (quar.)
110
Mar.
rec.
of
Apr. 30 Holders
$1
Westinghouse El. & Mfg.corn.(quar.)
TRUST COMPANIES-Average Flgu-es.
Apr. 15 Holders of roc. Mar. 110
$1
Preferred (guar.)
•13,5 May 15 *Holders of rec. May 6
West Va. Pulp & Paper, pref.(quar.)
•135 Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
•135 Nov. 15 *Holders of rec. Nov. 5
Reece Dep., Depos.Other
Preferred (quar.)
50e. Apr. 20 Holders of rec. Mar. 29
Gross
N. F. and Banks and
Cash.
White Eagle 011 & Refg. (quar.)
Loans.
May I *Holders of rec. Apr. 19
*81
Elsewhere. Tru$t Cos. Deposits.
White Sewing Machine. pref. (quar.)
*23i May I *Holders pf rec. Apr. 15
Winsted Hosiery (quar.)
15
Apr.
S
*34 May 1 *Holders of rec.
$
$
$
Extra
$
Manhattan•23,6 Aug. I *Holders of rec. July 15
23,200 55,705.100
762,300 11,701,000
Quarterly
55,133,100
American
•
Aug. 1 *Holders of rec. July 15
16,836.273
139.145
939,441
Extra
17,216,143
Tr
&
Europe
of
Bk.
•50c. Apr. 15 *Holders of rec. Mar. 30
21.947.759
606,086 1,638,066 •
Worthington Ball Co.. pfd. A.(qu.).
22,175.648
Apr. 150 Bronx County
Wright Aeronautical Corp. (stock div.)_ el00 Apr. 30 Holders of rec.
248,095,000 *36,176,000 4,932.000 3.453.000264.589,000
Central Union
250. May 1 Holders of rec. Apr. 20a Empire
3,515,500 75,654,600
3.574,900
*5,221,400
Wrigley (Wm.) Jr. Co.(monthly)
78.621,000
25c. June 1 Holders of rec. May 200
240,489 18,024,274
Monthly
228,820 1,347,294
18,017,633
25c. July 1 Holders of rec. June 200 Federation
14,815,000
323,100
Monthly
14,955.000 *2,065,400
25e. Aug. 1 Holders of rec. July 20a Fulton
357,409,000
2,186,000
52,483,000
Monthly
3,852,000
407,616,000
Manufacturers
90,300 63,075.100
64,991,600 1,934,500 4,831,100
Municipal
63,178,499
•From unofficial sources. t The New York Stock Exchange has ruled that stock United States
73,538,276 4,183,333 11,006,701
will not be quoted ex-dividend on this date and not until further notice I The
Brooklynex117,471,300
119,854,400 3,485,000 21,499,400
New York Curb Market Association has ruled that stock will not be quoted
Brooklyn
20,767.293
28,715.760 1,808,266 2,664,080
dividend on this date and not until further notice.
Kings County
Bayonne, N. J.a Transfer books not closed for this dividend. d Correction. e Payable in stock.
202.012 0.355.289
800242
940 7411
nn;
Mc
0
accumulated
of
account
TAArhanfra
On
b
scrip.
in
Payable
stock.
common
is
in
Payable
dividends. J Payable in preferred stock.
share of
* Includes amount with Federal Reserve Bank as follows: Central Union, $35.S General Realty & Utilities dividend payable either in cash or 75-1.000
245,000. Empire. $3,624,700; Fulton, $1,051,100.
common stock.
each
for
share
a
of
1-100th
Is
k Southeastern Power & Light com, stock dividend
share held.
1 Isotta Fraschini dividend is 20 lire per share.
n Coty. Inc.. declared a stock dividend of 6%,payable In quarterly installments.
Boston Clearing House Weekly Returns.-In the
o New Amsterdam Casualty stock elly. subject to stockholders meeting Apr. 18.
has following we furnish a summary of all the items in the
r Rio Grande Oil stock to be placed on a $2 per annum basis. The company
declared $1 payable July 25 and Intends to declare another $1 Payable on or before Boston Clearing Houso weekly statement for a series of weeks:
the first
Jan. 25 1930. The stock dividends are 134 shares on each 100 shares,
to declare a second
134% having been declared payable April 25 with the intention
BOSTON CLEARING HOUSE MEMBERS.
134% payable on or before Oct. 25.
s Unless instructions are received to the contrary, Pacific Public & Lighting cliv.
will be applied to the purchase of additional corn. A stock or scrip for fractional
March 27
April 5
Changes from
April 12
shares at 113 per share.
1929.
1929.
Previous Week
1929.
I Patin° Mines & Enterprises dividend is 4 shillings per share.
A
class
on
13
class
of
v American Cities Power & Light dividends are 1-32d share
$
$
$
$
stock and 1% in class B stock on the class 11 stock, the class A stock having the Capital
86,550,000
86,550,000
86,550,000 Unchanged
Option of taking cash at rate of 750. per share.
+2,640,000 113,384.000 111,949.000
116,024.000
profits
and
Surplus
w Less deduction for expenses of depositary.
Loans, diners & invastla_ 1,134,042,000 -7,075,000 1,141,117,000 1,125,270,000
of 234%
656,867,000 -16,372,000 673,239.000 658,269,000
x Associated Gas & Elec. dividend payable in class A stock at rate
Individual deposits
of one share for each share held.
135,991,000 -1,196,000 137,187,000 128,422.000
Due to banks
273,420,000 -3,911,000 277.331,000 276,140,000
y Seagrave Corp. dividend payable either 30e. cash or 234% In stock at option Time deposits
16,431,000
15,239,000
13,801,000 -1,438,000
United States deposits
of stockholders.
31,240,000
45,634,000
30,820,000 -14,814,000
Exchanges for Clg. House
78,660,000
84,527,000
79.021,000 -5,506,000
Due from other banks....
79,526.000
82,307,000
80,867,000 -1,440,000
Res've In legal depositar's
8,475,000
8,215,000
Weekly Return of New York City Clearing House.- Cash
-70,000
8,145,000
in bank
062.000
1 MU 000
-868 non
1 217 (inn
I., V Ti T1ir
Beginning with Mar. 31 1928, the Now York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new return shows nothing but the deposits,
Philadelphia Banks.-The Philadelphia Clearing House
along with the capital and surplus. We give it below in full: return for the week ending April 6, with comparative figures
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE for the two weeks preceding, is given below. Reserve
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 6 1929.
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
Time
*Surplus ...4 Net Demand
Deposits
Deposits
Undivided
•Cayttal.
Clearing House
to be kept with the Federal Reserve Bank. "Cash in vaults"
Average.
Average.
Profits.
Members.
is not a part of legal reserve. For trust companies not
$
$
$
$
required
63,028,000
10,033,000 members of the Federal Reserve System the reserve
Bank of New York & Tr. Co- 6,000.000 13,539,100
42,338,000
"Reserve with
includes
Bank of the Manhattan Co__ 22,250.000 42.559,300 180.669.000
and
deposits
demand
on
10%
is
144,279,000
48,315,000
37,384.600
Bank of America Nat'l Asso__ 25,000,000
t100000,000 1112693,300 a909,470,000 164.595,000 legal depositaries" and "Cash in vaults."
National City Bank
9,535,000
6.000,000 20,294,200 130.911,000
Chemical National Bank
37.154,000
Beginning with the return for the week ending May 14 1928,
25,000,000 48,295.300 290,377,000
Bank of Commerce
156.511,000
40,860,000
15,460,600
13,500.000
Tr.Co
&
Bk.
Nat.
Chat.Phex.
the
Philadelphia Clearing House Association discontinued show3.002,000
123,484.000
921,983,000
g10,000,000
Hanover National Bank
32,626,000 ing the reserves and whether reserves held are above or below
12,100.000 21,352,500 170,845,000
Corn Exchange Bank
11,367.000
10,000.000 25,594,600 138,934,000
National Park Bank
11,079,000 requirements. This will account for the queries at the end
10,000,000 92.684,400 243,393,000
First National Bank
46,277,000
368,952,000
55,037,800
40,000,000
Trust
Co
Irving
685,000 of the table.
8,115,000
1,550,500
1,000,000
Continental Bank
Chase National Bank
Fifth Avenue Bank
Seaboard National Bank
Bankers Trust Co
U. S. Mtge. ex Trust Co
Title Guarantee & Trust Co
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co.._
Equitable Trust Co
Com'l Nat. Bank & Trust Co_
Clearing Non Member.
Mechanics Tr. Co., Bayonne_
Totals
65,830,000
1,026,000
5,869,000
58.219,000
5,204,000
2,425,000
69,195,000
6.152.000
2,687,000
23.801.000
31,242,000
33,590,000
2,238,000
h61,000,000 h80,067,300
500,000 3,869,100
11,000,000 15,912,900
25.000,000 77,498,400
5,000.000 6,533,400
10,000,000 23,854,300
40,000,000 65,078,300
4,000.000 3,812,600
3,000,000 4,160,400
10,000.000 27,381,200
10,000,000 23,212.700
30,000,000 28,625,000
7,000.000 7,000,000
5586,890,000
27,176,000
122,052,000
c334,207,000
57,620,000
36.342,000
4483,688,000
42,665,000
17,850,000
144,143,000
e130,828,000
/338,089,000
31,958.000
816,400
3,387.000
5,596,000
497.850.000 876.251.200 5.294,863,000
774,040,000
500,000
• As per official reports: National, Dec. 31 1928; State, March 22 1929; trust
companies. March 22 1929.
a Includes deposits in foreign branches, 8298,667,000; b Includes deposits In
foreign branches, 814,266,000; c Includes deposits in foreign branches, $59,710,000;
In ford Includes deposits in foreign branches, 5102.250,000: e Includes deposits
1gn branches. $18,126,000; f Includes deposits in foreign branches, $115,022,000.
1929.
16
of
Feb.
1929.
As
of
h
Jan.
As
1
26
1929.
As of Jan. 9
IVeek Ended April 6 1929.
Two Ciphers (00)
omitted.
Members of
Trust
F.R.System Companies.
$
59,983,0
Capital
Surplus and profits
187,980,0
Loans, disets..ft invest. 1,081.898,0
46,324,0
Exch. for Clear. House
Due from banks
103,185,0
Bank deposits
128,397,0
632,394,0
Individual deposits__
Time deposits
211,157,0
Total deposits
(171,948,0
Res. with legal derma_
Res. with F. R. Bank_
67,007,0
Cash in vault'
10,073,0
Total res. & cash held_
77.930,0
Reserve required
Excess reserve and cash
In vault
Mar. 30
1929.
Mar. 23
1929.
Total.
68,933,0
68,933,0
67,483,0
7,500.0
16,097,0 206,077,0 206.521,0 201,166,0
71,424,0 1,153,322,0 1,181,053,0 1.171,645,0
48,489,0
40,466,0
46.776.0
452,0
92,608,0
13.0 103,198.0 108,055,0
943,0 129,340,0 126,930,0 126,252.0
35,379,0 667,773.0 689,559,0 684,039,0
18,761,0 229.918.0 234,959,0 237,270,0
55,083,0 1,027,031,0 ,051,448,0 1.027,561,0
7,182.0
7,265,0
8,001,0
8,001,0
68,830.0
66,840,0
67,907,0
13,199,0
12,790,0
11,750,0
1,677,0
89.211,0
86,895,0
87,658,0
9.678,0
• Cash In vault net counted as reserve for Federal Reserve members,
APRIL 13 1929.]
FINANCIAL CHRONICLE
2419
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 11 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2388, being the first item in our department of "Current Events and Discussions.
"
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
CLOSE OF BUSINESS APR. 10 1929.
April l0 1929. April 3 1929. Mar.27 1929. Afar.20 1929. Mar.13 1929. Mar. 6 1929. Feb. 27 1929 Feb.
20 1929. April 11 1928
RESOURCES.
$
$
$
Gold with Federal Reserve agents
1,273,428,000 1,235,237,000 1,271,104,000 1.300,876,000 1,213,407,000 1,183,910.000 1,187,630.000 1,207,199,000 1,287,089.000
Gold redemption fund with U.8. Trees.
67,075,000
64.432,000
66.785,000
64,353,000
70.707.000
62,119.000
57,383.000
67,836.000
60,476.000
Gold held exclusively twat. F. R. notes 1,340,503,000 1,299,669,000 1,337,889,000 1,371,583.000 1,277,760.000 1.246,029,000
1,235,466.000 1,267,875,000 1,344,472,000
Gold settlement fund with F.It. Board
706.899.000 742,785,000 709,176,000 675,096.000 767.446,000
Gold and gold certificates held by banks_ 727.380,000 676,758.000 662,195,000 664,434,000 654.919,000 788.107,000 796,139,000 764,092.000 750.575.000
648,701,000 655,241,J00 849.343.000 653.750,000
Total gold reserves
2.774,782,000 2,719,212,000 2,709,260,000 2,712,013,0002,700,125.000 2.682,837,000 2.686,846,000 2,681.110.000 2,748,797,000
Reserves other than gold
175,764.000 173,309,000 169.755,000 165,778,000 160,264,000 152,755,000 157,318,000 158.751.000 163,864,000
Total reserves
2,950,546,000 2,892,521,000 2,879,015,000 2,877.791,000 2,860.389,000 2,835,592,000 2,844,164,000 2.839.861,000 2,912.661.000
Non-reserve cash
80,463,000
75.924,000
78,367,000
77.510,000
75,231,000
78,312,000
67,115,000
78.118.000
77,396.000
Bills discounted:
Secured by U.S. Govt. obligations._ 540,454,000 610,418,000 621,080,000 588,439,000 583.135,000 606.053.000
608,752.000 518,271.000 391,3.37,000
Other bills discounted
423,078,000 419,434,000 402.150,000 354,298,000 372,488,000 383,119,000 343,730,000 346.709,000 227.322,000
Total bills discounted
963,532.000 1,029,852,000 1,024,130,000 942,737,000 955,623,000 989,172,000 952,482,000
864.980,000 618,679.000
Milt bought in open market
157,317,000 174,703,000 208,427,000 236,838,000 283,101,000 304,644,000 334.075,000 355,636,000 361,595,000
U.S. Government securities:
Bonds
51,612.000
51,609,000
51,611,000
51,618,000
51,611,000
51,594.000
56,609,000
51.593,000
51,592,000
Treasury notes
91,951,000
91,417,000
91,190,000
90,502,000
90,904,000
90,671,000
00,738.000
95,144,000 151,763,000
Certificates of indebtedness
22,526.000
26,032.000
27,509,000
23,177,000
42,836,000
20,699,000
24,069.000
25.853,000 169,644,000
Total U. S. Government securities
166,089,000 169,058.000 170.310.000 185,351,000 165.297,1300 162,964,000 166,400,000
172.589,000 378,016,000
Other securities (see note)
6,845,000
6,845,000
6,845,000
10,230,000
6,845,000
10,250.000
10,075,000
990,000
10.075.000
Foreign loans on gold
7,562,000
Total bills and securities (see note)_-__ 1,293,783,000 1.380,458,000 1,409,712,000 1,371,771,000 1,421,833,000 1,467,030,000
1.463,032,000 1.403,280.000 1,359,280,000
Gold held abroad
Due from foreign banks (see note)
722,000
722,000
723,000
725,000
724,000
723,000
570,000
729,000
729,000
Uncollected items
661,234,000 730,174,000 673.689,000 747,690,000 754,786,000 678.483,000
713,637.000 719,244,000 660,197,000
Bank premises
58,729.000
58,693.000
58,693,000
58,691,000
58,660,000
58,691,000
59,375,000
58,600.000
58,656,000
All other resources
8,376,000
8.483,000
7,970,000
8.255,000
8,062,000
8,010,000
10,396.000
8.246.000
7,934,000
Total resources
5,054,053,000 5,146,975,000 5,107,312,000 5,143.043.000 5.182,990,000 5.123.783,000
5,106.586.0005.107.100,000 5,069,594,000
LIABILITIES.
F. It. notes in actual circulation
1,657.719,000 1,003,649,000 1,652,879,000 1,641,577.000 1,650,009,000 1,666,567.000 1.653.971.000
1,651.595,000 1,588,769.000
Deposits:
Member banks-reserve account
2,301,910 000 2,335,304,000 2,332.181,000 2.339.544.000 2.362,567,000 2,350,497,000
2,367.250,000
2,318,644,0043
2,432,311.000
Government
4 721 000
16,900,000
23,405,000
21,577,000
7,773,000
4,570,000
21.156.000
19,195,000
15,167,000
Foreign banks (see note)
9,327,000
10,558,000
6,058,000
9.766,000
5.834.000
6.047,000
5,606,000
7.291.000
6.475.000
Other deposits
23.850,000
19.715,000
21.742,000
20.140,000
20.704.000
20,611.000
18,060,000
19,644,000
20,715.000
Total deposits
2,339.838,000 2,382.477,000 2.383,386,000 2.370.310,000 2,396,785.000 2,402.544.0002.412,972.000
2.361.021,000
Deferred availability items
624,251,000 669,514.000 640,280,000 701,967,000 708,172,000 628,729,000 675.013,000 671.503,000 2.478,441,000
616,919,000
Capital paid in
154.886,000 154,307,000 154,310.000 1.53,730.000 152,521,000 152,118.000 151.266.000
Surplus
254,397.000 254.398,000 254,398.000 254,398,000 254,398,000 254,398,000 254,398.000 150.196,000 137,145.000
233,319.000
254.398.000
All other liabilities
22,962,000
22,630,000
22,059,000
19.427,000
21,105,000
21,061.000
18,966.000
15,001,000
18,387,000
Total liabilities
5;054.053.000 5,146,973,000 5.107,312,000 5.143,043.000 5,182.990.000 5,123,783,000 5.166.586.000
5.107.100,000 5,069.594,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
69.4%
67.2%
67.1%
65.9%
66.7%
67.8%
66.6%
67.8%
65.8%
Ratio of total reserves to deposits and
F. R. note liabilities combined
73.8%
71.5%
71.3%
69.7%
71.7%
70.7%
69.9%
71.6%
70.8%
Contingent liability on bills purchased
for foreign correspondents
347 652,000 333,287.000 332,165.000 329.194.000 306,944,000 303,397,000 306,461,000
306,830.000 242,373,000
Distribution by Maturities1-15 days bills bought In open market
67,504,000
79,288,000
93,984.000 124.186,000 148.860.000 145,352,000 134.661.000
1-15 days bills discounted
797,619,000 855.144,000 865,446,000 776.069,000 787,080,000 818,385,000 789,566,000 122,069,000 163,852,000
708.979.000 515,987,000
1-15 days U. S. certif. of indebtedness_
1,650,000
2,420.000
2,940,000
794,000
1.705.000
19,275.000
1.737.000
3,425,000
884.000
1-15 days municipal warrants
16-30 days bills bought in open market
38.010.000
4 &.937,000
52,370.000
64,002,000
81.997,000 104,774.000 104,340.000
54,169,000
61,176,000
16-30 days bills discounted
44,841,000
45,810,000
40.319,000
45,414.000
42,865,000
43,094,000
41,273,000
23,930,000
35,853,000
16-30 days U.8. certif. of indebtedness_
188.000
8.216.000
16-80 days municipal warrants
91-80 days bills bought in open market.
29,495,000
27,855,000
33,147.000
51,249,000
36,423,000
61.864,000
77.558,000 106.076,000
58,903,e00
81-60 days bills discounted
65,934,000
70.143,000
65,365,000
69,563,000
73.860.000
70.834.000
89.807.000
40,831.000
67,067.000
11-60 days U. S. certif. of indebtedness.
81-60 days municipal warrants
81-90 days bills bought In open market.
20,370,000
23.489,000
26.164.000
14,613,000
19,123,000
11,504.000
13.419,000
73,968.000
19,326,000
81-90 days bills discounted
43,969,000
48,324,000
42,679,000
44,156,000
39,763,0130
47.483,000
42.589,000
27,689.000
43,758.000
61-90 days U. S. certif, of indebtedness.
120,000
80,000
128.000
39,000
1,773,000
01-90 days municipal warrants
Over 90 days bills bought In open market
1.938,000
2,134.000
2,762,000
4,377,000
2,937,000
3,927.000
3,663.000
3,696,000
3,825,000
Over 90 days bills discounted
11,169,000
10,431.000
10,321.000
10,180,000
9.410.000
9,376,000
9,247.000
10,242,000
9,323.000
Over 90 days certif. of indebtedness......
20.756,000
23,532,000
24,441.000
23,522.000
22.383.000
18.994,000
22.144,000
16.753,000
Over 90 days municipal warrants
F. R. notes received from Comptroller... 2,852,048,000 2,859.913.000
2,867.384.000 2.873.578,000 2,882,693,000 2,890,834,000
F. R. notes held by F. R. Agent
778,767.000 796.307,000 816.637,000 824,062,000 833,452.000 823.632,000 2.895,166.000 2,905.238,000 2,823,286,000
838,812.000 854.472.000 853,334,000
Issued to Federal Reserve Banks
2,073,281,000 2,063.606,000 2,050,747.000 2.049.516,000 2,049,241,000 2.067,202,000
2,056,354.000 2.050.786,000 1,969,952.000
How SecuredBy gold and gold certificates
366,595,000 367.595.000 367,195,000 363,195,000 363.195.000 362,645,000
362.645.000 362,645,000 413,841,000
Gold redemption fund
86,965,000
95.491.000
07,659.000
97,222,000
99.244.000
87,479.000
95,943,000
Gold fund-Federal Reserve 13oard
94,768,000 101,300,000
819,868,000 772,151,0011 806,250,000 840,459,000 750,968.000 733.786,000
By eligible paper
1,074,128,000 1,150,767,000 1,178,876,000 1,130.676,000 1,183,273,000 1.256.975,000 710,217.000 743.254.000 777,305,000
1,240.409,000 1,175.606.000 928,547.000
Total
2,347,556,000 2,336,004,000 2,449.980,0002,431.552,000 2,396,680,000 2,440,885,000
2.408,039,000 2.382.805,000 2,215,636,000
NOTE.-Beginning with the statement of Oct. 7 1025, two new I ems
were added in order to show separate y the
amount of balances held abroad and amounts due
So foreign correspondents. In addition, the caption, "All other earn ng
l'Other securities," and the caption. "Total earning assets" to -Total billsassets." previously made up of Federa Intermediate Credit Bank debentures, was changed to
Me discounts, acceptances and securities acquired under the provision of and securities." The latter item was adopted as a more accurate description of the total of
Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included
therein
•
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APR. 10 1929
Two ciphers (00) omitted.
Toted.
Boston. New York. Phila, Cleveland, Richmond Atlanta. Chic.aoo.
Federal Reserve Bank ofSt. Louis Mtnneap. Kan.City. Dallas. San Fran.
RESOURCES.
8
$
$
$
$
$
$
$
s
$
s
Gold with Federal Reserve Agents 1,273,428,0 80,696,0 281,458,0 87,932,0
$
138,802,0 44,444.0
227.318,0 18,204,0 57,634,0 51,661,0 24,747,0 161,536,0
Gold red'n fund with U. S. Treas.
67.075,0 8,113,0
13,168,0 6.557,0 5,609,0 2,975,0 98,996,0
3,948,0 8,478,0 5,969,0 4.060,0 3,173,0 1,663,0 3,360,0
Gold held excl. agst. F. R.no
1,340,503,0 88,809,0 291,626,0 94,489.0
Gold settle't fund with F.It.lioard 706,899,0 68,380,0 193,312,0 26,328,0 144.411,0 47,419,0 102,944.0 235,796,0 24,173,0 61,694,0 54.836,0 26,410,0 164.896,0
.52,217,0 15,310,0 16,465,0 172.130,0 38,903,0 16.306,0 39,763,0 30,956,0 36,829,0
Gold and gold ctis held by bank
457,542,0
727,380,0 23,907,0
40,590.0 47,994,0 15,586,0 8.527,0 72.925,0
10,382,0 5,729,0 5,252,0 10,617,0 28,329.0
Total gold reserves
2.774,782,0 181,096,0 945,480,0 161,407,0 244,622,0 78,315,0 127,936,0
83,729,0 99,851,0 67.983,0 230,054,0
480.851.0
73.458.0
Reserve other than gold
175,764,0 16,137,0
52,351,0 7,067,0 12,575.0 8,228,0 8.643,0 24,980,0
14,403,0 2,889,0 5.657.0 6,885,0 15,949,0
Total reserves
2,050,546,0 197,233,0 997,831,0 168,474.0 257.197,0 86,543,0
505.831,0 87.861.0 86,618,0 105,508,0 74.868,0 246,003,0
Non-reserve cash
31.763,0 2,456,0 5,520.0 4.988,0 136,579,0
80,463,0 7.231,0
5.093,0 8,252.0 4,736,0 1,272,0 2,063,0 3,106,0 3,974.0
Bills discounted:
Sec. by U. S. Govt. obligation
540,454.0 37,901,0 142,569,0 63.155,0 69,107,0 17,378.0
Other bills discounted
423,078,0 31.473,0 104,166,0 41.249,0 41,038,0 30,109,0 14,166,0 75,801.0 23,322.0 15,720,0 14,281,0 7,424,0 59,630,0
43,370.0 57,263,0 24.533.0 3,023,0 21,768.0 6.651,0 18.435,0
Total bills discounted
963,532.0 69,374,0 246,735,0 104,404,0 110,145.0 47,487.0 57,536,0
Bills bought In open market
133,064,0 47,855,0 18,743,0 36,049,0
157,317,0 20,661.0
20,408,0
13.558,0
18.859,0 9,478.0 10.600,0 8,817,0 5,854.0 5,940,0 8,636,0 14,075.0 78.065,0
U. B. Government securities:
13,684,0 20,822.0
Bonds
51.612,0
689,0
1,384,0
585.0
548,0
1,152,0
26.0 19.937,0 7,125,0 4,534,0 7,755,0 7.813,0
Treasury notes
64,0
91,951,0 3,481,0
13,367,0
10,639,0 28,964,0
903.0 3,678,0 7,089,0
Certificates of Indebtedness
4,815,0
902,0 4,581.0 13,532,0
22,526,0 2,219.0
4,652,0 7.846,0
961,0
301,0
296,0 3,097,0
436,0 1,136,0
076.0
604,0
Total U. B. Gov't securities
lea 000n ARROA
10 402010 070nIn A7111 o'crtn
Annnn,n Ingn ,Irn il,o,n onn,nlo no° ,, IA ,..79 A
8
[Vol,. 128.
FINANCIAL CHRONICLE
2420
!RESOURCES (ConcluttedlTwo Ciphers (03) omitted.
Othersecurities
Foreign loans on gold
Total bills and securithas
Due from foreign banks
Uncollected items
Bank premises
&Bother
$
2,095,0
$
$
6.845,0
Dallas. San as.
Mkt. Cleenand. Kfallinerod Atlanta. Chicago. St. Louis. Minneap. Kan.CIty.
8
$
$
$
$
$
$
$
3
3
1,250.0
2,000,0 1,500,0
g
New York.
Boston.
Tetra.
,0 40,757,0 114,709,0
288,641,0 137,032,0 159,477,0 59,321,0 72,136,0 172,004,0 60,834,0 36,470,0155,978
52,0
24.0
18,0• 24,0
29.0
99.0
28,0
33.0
74,0
69,0
219,0
13,143,0 39,895,0 27,804,0 38,829,0
170,670,0 54,641,0 62,859,0 52,945,0 24,617,0 80,191.0 31,275,0
1,922,0 3,704,0
4.40.0
2,110,0
3,929,0
8,529,0
2,744,0
3,575,0
6,535,0
1,752,0
16,087,0
484,0
528,0
353,0
777,0
388,0
902,0
546,0 1,975,0
118,0 1,236,0
1,177,0
1,293.783,0 96,424,0
5.3,0
722.0
661,234,0 64,365,0
58,729,0 3,702.0
62,0
8,576,0
775.808,0 189,052,0 140,408,0 207,961,0 149,009,0 407,755,0
5,054,053,0 369,070,0 1,506,388,0 364,572,0 492,907,0 207,951,0 243,172,0
Total reeources
LIABILITIES.
298,917,0 57,366.I., 64,638,0 ..66,740,0 37,906,0 155,838.0
134,610.0
70,270,0
209,695,1,
140,131,0
290,467,0
F. R. notes In actual circulation_ 1,657,719,0 131,14..0
NI
Deposits:
66,670.0 339,890,0 78,978,0 52,297.0 90,115,0 69,206,0 170,995,0
67,575,0
170,414,0
132,360.0
913,503,0
141,937,0
285,0
324,0
364,0
Member bank-reserve awl- 2,301.940,0
255,0
185,0
1,020,0
107.0
57,0
244,0
2,0
1,707,0
171,0
4.721.0
418.0
191,0
191,0
Government
145,0
232,0
795,0
226,0
267,0
592,0
557,0
5,284.0
429,0
9,327,0
522.0
34,0 10,816,0
Foreign bank
242,0
2.266,0
896,0
155,0
84.0
816,0
178,0
7,757,0
84,0
23,850,u
Other deposits
67,158,0 342,601,0 81,661,0 53,048,0 91,152,0 69,686,0 182,514,0
2.339,838,0 142,621,0 928,261,0 133,097,0 180,066.0 67,983,0
Tetaldepoeits
74,187,1; 32,481,0 11,545,0 35,914,0 27,661,0 39,424,0
624.251,0 64,154,0 154,442,0 50,804,0 59,882,0 49,868,0 23,889,0
4,292,0 4,440,0 10,875,0
Deferred availability Items
55.676,0 15,133.0 14,688.0 6,189.0 5.330,0 19,352,0 5.508,0 3.097,0
154.886,0 10,306.0
Capital paid in
10,554,0 36,442,0 10,820,0 7,082,0 9,086,0 8,690,0 17,978,0
12,398,0
26,345,0
24,101,0
71,282,0
19,619,0
254,397,0
626,0 1,126,0
9nrplus
777,0
998,0
1,216,0
4.309,0
1,631,0
1.243,0
2,231,0
1,306,0
6,270,0
22,962,0 1,229,0
Ill other liabilities
775,808,0 189,652,0 140,408,0 207,961,0 149,009,0 407,755,0
243,172,0
207,951,0
492,907,0
364,572,0
1,506,388,0
5,054,053,0 369,070.0
Total ilabilittee
72.7
Memoranda.
66.8
73.6
69.6
63.2
78.8
67.7
62.6
66.0
61.7
81.9
72.0
73.8
Reserve ratio(percent)
11,449,0
8,674,0
24,981.0
11,449,0
Dontingent liability on bills pur13,878,0
47,533,0
105,824,0 33.308,0 35,390,0 15,960,0 13,531,0
chased for foreign correspondla 347,652,0 25,675,0
V. R. notes on hand (notes reo'd
9.905.0 66 An2.!
from F. R. Agent less notes in dl“A,
190 111 11 38 mit.0 31.830.0 18.741.0 31.225.0 34.561.0 11.063.0 R.298.0 10.648.0
)n 94 0770
FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS APRIL 10 1929.
FEDERAL RESERVE NOTE ACCOUNTS OF
Federal Reserve Agent at-
Kan.City, Dallas. San Fragh
Phila. 'Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap.
$
3
0
$ ea
$
3
$
$
$
$
S
88,000,0 103,398,0 62,393,0 308.740.0
762,693.0 212,832,0 269,275,0 109,082,0 220.095.0 414,798,0 80.199,0 15,064,0 26,010,0 14.582,0 86,400,0
343,115.0 34,100,01 27,750,0 20,071,0 54.260,0 81,320,0 11.770.0
New York.
Boston.
Total.
I
$
$
Two Ciphers (00) omittedF.R.noteereo'd from Comptroller 2,852,048,0 220.543.0
Y.R.noteo beld by F.R.agent-- 778,767.0 64,325,0
77.388,0 47,811,0 222.340,0
419,578,0 178,732.0 241,525,0 89,011,0 165,835,0 333,478,0 68,429,0 72,936,0
P.R.notes issued to F. R. Bank_ 2,073.281,0 156,218,0
Collateral held as security for
F.P.notes Issued to F. R. Bk.
Gold and gold certificates__ 366,595,0 35,300,0
86,965,0 12,396,0
Gold redemption fund
819,868,0 33.000,0
Gold fund-F.It. Board
1,074.128.0 89,957,0
Eligible Paper
Total collateml
14.758,0 35,000,0
8,050,0 14,167,0
171,880.0 5.400,0 50,000,0 6,690,0 25,350,0
3,301,0 3,989,0 13,185.0
14,578,0 9,875,0 13,802,0 3.754,0 6,146,0 1,318,0 2,154,0 2,467,0 48,360,0 6,000,0 113,351.0
41,000,C
8,000,0
226,000,0
67,500,0
95,000,0 72,657,0 75.000,0 34.000,0
44,358,0 27.567,0 98,407.0
244,346.0 101,346,0 126.830.0 54,706,0 67,479,0 141,605,0 53,021,0 24,506,0
96,019,0 52,314,0 259,943,0
82.140,0
71)225,0
525,804,0 189,278,0265,632,0 99,150.0 166,475.0 368.923.0
2,347,556,0 170,653,0
for the Member Banks of the Federal Reserve System.
Weekly Return
the principal items of the resources
Following is the weekly, statement issued by the Federal Reserve Board, giving
returns are obtained. These figures are always a
and liabilities of the member banks in 101 cities from which weekly
different items in the statement were given in
week behind those for the Reserve banks themselves. Definitions of the
page 3475. The comment of the Reserve Board
1917,
29
Dec.
of
"Chronicle"
the
in
published
1917,
12
Dec.
of
statement
the
and Discussions," on page 2388 immediately
Events
"Current
of
department
our
in
appears
week
latest
the
for
upon the figures
banks for a week later.
member
reporting
and
Chicago
York
New
of
figures
the
give
also
we
which
preceding
drafts ,old with
loan figures exclude "Acceptances of other banks and bills of exchange or
Beginning with the statement of Jan. 9 1929, the mortgage
of other banks and bills sold with
acceptances
Previously
loans held by the bank.
endorsement,- and include all real estate mortgages andbanks included mortgages in investments. Loans secured by U. S. Government obligations are
any more subendorsement were included with loans, and some of the
securities being given. Furthermore, borrowings at the Federal Reserve are not
no longer shown separately, only the total of loans on and those secured by commercial paper, only a lump total being given. The number of reporting
divided to show the amount secure.d by U. S. obligations included has been substituted. The figures have also been revised to exclude a bank in the San
cities
of
given in
banks is new omitted; in its place the number
2. which recently merged with a non-member bank. The figures are now
Francisco district, with loans and Investments of 8135.000.000 On Jan.
round millions instead of In thousands.
CLOSE OF
REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT
PRINCIPAL RESOURCES AND LIABILITIES OP WEEKLY
BUSINESS ON APRIL 3 1929. (In million* of dollars.)
Federal Reserve Criteria,
Total.
Boston. New York
Phila.
Cleveland Richmond AfIaraa. Chicago. M. Louis.lhfinneap. Ken. Cap
495
I
1,947
2,614
531
254
448
358
1,297
1,228
1.386
239
292
80
174
142
305
113
245
413
884
530
513
712
818
202
328
152
360
$
1,520
5
8,656
5
1,259
Loans-total
16,583
1,132
6,445
932
3
$
I
$
7,519
9,065
474
658
3,241
3,203
522
411
388
2,212
326
687
158
136
729
193
126
234
137
650
5,976
3,074
2,901
192
196
1.208
1,004
104
223
330
357
73
85
66
69
357
372
79
114
70
56
112
122
96
41
387
263
1,688
240
96
17
796
69
77
14
128
29
42.
12
39
10
244
39
45
6
24
6
56
11
35
8
106
19
13,157
6,830
289
889
474
13
5.907
1,736
126
712
279
14
1,019
971
2'3
362
245
8
322
230
14
1,781
1,225
35
383
233
3
220
132
2
495
179
4
302
145
20
764
981
28
1,181
2,838
52
117
171
984
67
154
98
206
51
102
81
116
238
463
57
124
46
86
114
201
61
88
145
196
7AA
tIc
Ian
AA
10
00
AA
AL
IA
OG
On securities
All other
Investmente-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Due from banks
Due to banks
ca.........e.•fm w 11 floral,
*Subject to correction.
682
1,530
$
22,559
Net demand deposits
Time deposits
Government deposits
380
648
Loans and investments-total
$
3
Dallas. San Fran
724
688
$
3,343
5
2,217
1,1
74
Condition of the Federal Reserve Bank of New York.
10 1929,
The followinglshows the condition of the Federal Reserve Bank of New York at the close of business April
ng
year:
the
date
last
correspondi
and
week
previous
the
with
In comparison
Apr. 10 1929. April 3 1929. Apr. 111928.
$
Resources281,458.000 281,582,000 228,568,000
Gold with Federal Reserve-Agent
14,152,000
9,323,000
13,168.000
Treasur7U.S.
with
fund
Gold redernp.
1111 /ICI
290.905,000 242,720,000
Gold held exclusively agst. F. R. notes 294,626,000 254,357.000 297,475,000
Gold settlement fund with F. R. Beard. 193,312,000
424,591,000
OoId and gold certificates held by bank_ 457,542,000 423.304,000
Total gold reserves
Reeerves other than gold
Total reserves
Non-reserve cash
Bills discounted-Secured by U. 8. Govt. obligations-Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S. Governmentsecurities_
Osher securities (tee note)
Foreign Loans on Gold
945,480,000
52.351,000
968,566,000
49,536.000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank promisee
All other resources
Total resources
Apr. 10 1929. Apr-03 1929. Apr. 111928.
$
$
$
210,000
170,670,000
16.087,000
1,177,000
217,000
219,000
215,995,000 .172,179,000
16,548,000
16,087,000
1,952,000
876,000
1,506,388,000 1,568.639.000 1.608,540,000
964.786,000
34,412.000
997,831,000 1.018.102,000 999,198.000
22,207,000
29,327.000
31,763,000
142,569,000
104.166,000
160,135.000
75.393,000
143,804,000
63,239,000
246,735,000
20,408,000
235.528,000
26.877.000
207,043,000
119,154,000
1.384,000
13,367,000
4,652,000
1,384.000
12.727,000
9.422.000
1,384,000
24,143,000
44,515,000
19,403,000
2,095,000
23.533.000
2,095,000
..042.000
7,
336,101,000
995,222,000
5,245,000
3,843,000
9,203000
Feu'l Reserve notes In actual circulation
Deposits-Member bank, reserve aces_
Government
Foreign bank (See Note)
Other deposits
290,467,000
913,503.000
1,707,000
5,284,000
7,757.000
300,197.000
939.102,000
8.696,000
2.055.000
7.541).000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
928.251.000
154,442.000
55,676,000
71,282.000
6.270,000
957,393.000 1,013,513,000
178,445,000 149,518,000
42,545.000
55.261,000
63,007,000
71.282,000
3,856,000
6.061.000
Total liabilities
1,506.388,000 1,568,639,000 1.608,540.000
Ratio of total reserves to deposit and
74.0%
81.0%
81.9%
Fed'I Reeve note liabilities combined.
Contingent liability on bills purchased
68,884,000
103,102,000
105,824,000
for foreign correspondence
288,641,000 288,033.000 396,239,000
Total bills and securities (See Note)
amounts due to
the amount of balances held abroad and was
NOTE.-Beginning with the statement of Oct. 7 1925. two new items were added In order to show separately
changed to
Bank debentures,
Credit
previously made up of Federal intermediate
foreign correePondente. In addition, the caption "All other earning assets."aeourItlet."
more accurate description of the total of the
•
as
adopted
was
term
latter
The
and
bills
"Total
to
assets"
thereto,
Included
"Other securities." and the caption "Total earning
items
only
the
are
stated.
was
It
which.
Reserve Act,
u amount acceptances and securities sequIresi under the provisions of Sections 13 arid 14 of he Fedeatl
•
APRIL 13 1929.]
Van kers°
FINANCIAL CHRONICLE
2421
New York City Realty and Surety Companies.
azetteo
Wall Street, Friday Night, April 12 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2406.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
(AU prices dollars per share.)
Affiance RIO
AmSurety new
Bond & M G.
Home Title Ins
Lawyers Mtge
Lawyers Title
&Quaranteel
Bid
85
152
510
280
325
380
Ask
100 Lawyers West158
&T
530 Mtge Bond__
305 N Y Title &
335
Mortgage-.
13 El Casualty.
390
New w 1...
Bid
800
180
765
450
115
Bid
Realty Alleeell
(Mrlyn)corn 41
let pref.__ 98
97
2d prof
775 Westchester
470
700
Title & Tr
120
Ask
Ask
320
42
771
New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks-N.Y. Bid
Ask Banks-N.Y. Bid Ask Tr-Cos.-N.Y.' Bid
Ask
America
237 240 Seaboard
STOCKS.
_ 1130 1160 Fulton
I 800
Sales
Range for Week.
Range Since Jan. 1.
Amer Union'. 280 280 Seward
1Week Ended Apr. 12.
166 172 Guaranty- __ _1 968 975
for
Bryant Park. 275 38.5 Trade*
810 325 Int'iGermanic 220 230
Week: Lowest.
Highest.
Lowest. I Highest.
Central
204 212 Yorkville __
230 240 Interstate-1 337 343
Century
235
250
Yorktown'...
Par. Shares $ per share.
260 275 Irving Trust., 777 784
per share.4 per share.
per share.
Chase
1115 165
RailroadsLawyers Trust
_
Ala,t Vicksburg
Manufacturers Hi 297
Brooklyn.
100
Jan Chath Phenix
2011434 Apr 10 11434 Apr 10 11434 Apr 118
Nat Bkez Tr 738 748 Globe Exch• _ 430 460 Murray Hill_ 315 325
Brech Creek RR
50
90, 37 Apr 11 37 Apr 11 37
Apr 4144 Jan
ChelseaEx
nen
111
115 Municipal. __ 660 680 Mutual(WestBuff Roth & Pitts pf _100
100100 Apr 9 100 Apr 9 98
Feb
Jan 103
35
40 Nassau ______
Caro Clinch & Ohio_ _100
375 400
cheater)
800
60 8634 Apr 12 89% Apr 8 8634 Ape 9234 Feb Chls'aExC'p
_
35
40 People's
Central RR of N J._100
1200
288 292
N Y Trust_
-700 305 Apr 9 305% Apr 9 305
Feb - Class
Apr 360
1660 680 Prospect
Missouri Pac rights
155 1-70 Times Square_ 175 185
67,5001
44 Apr 9 1 44 Apr 8
% Apr 146 Apr Chemical
960 970
Nat Rya of Mex Is pf 100
Title Gu & Tr 1000 1020
1001 534 Apr 11 544 Apr 11 434 Mar 844 Jan Commerce
Continental'. 700
740 Trust Co,.
New Or! Tex & Mex_100
U S Mtge &Tr 930 960
120 130 Apr 10 13154 Apr 11 130
Apr,14054 Feb Corn Exch__. 985
New York.
000
NY Lack & Western.100
United Statee 4300 4600
601107 Apr 10 107 Apr 10 106
Feb110834 Mar Fifth Avenue. 2500
Pitts Ft W & Chic pf _100
Baaca Coml
'el •
Weetchest'r Tr 1000
50,148 Apr 9 148 Apr 9 148
Apr115344 Feb
6700 000
10'13334 Apr 11 13344 Apr 11 133
Italians Tr_ 420 430
Renssel & Saratoga _ _100
Mar 140
Jan First
Bank of N Y
750
Southern Pacific rights_ _ 20,400
Brooklyn.
lei Apr 9
44 Apr 11
46 Apr Grace
41 Apr
1250 280
& Trust Co_ 985 1000 Brooklyn _ ___ 1150 1170
Wheel di L Erie pfd_100
200 75 Apr 6 75 Apr 6 70
Jan Hanover_
Mar 89
Harriman_ _ - 1190 225 Bankers Trust 168 172 Kings Co_ _ _ _ 3200 3400
..1
Liberty
260 270 Bronx Co Tr _ 480
Industrial & Miscell.
Midwood__
310 , 325
900 908 Central Union 430 418
Air-Way Eiec Appliance700 3834 Apr 12 3934 Apr 11 3834 Apr 3934 Apr Manhattan*
Allegheny Corp
580 650
• 254,269 3134 Apr 9 36 Apr 6 27% Mar, 3734 Mar National Cit) 378 382 County
1060 080 Empire
615 625
Preferred
100 5.000 10044 Apr 9 102 Apr 6 100
Mar 10544 Feb Park
155
16.5 Equitable Tr_ 720 728
Alliance Realty
•
.50 8946 Apr 8 8934 Apr 8 86
Mar 105
Jan Penn Exch.
Port
Farm
900
Morris_
L
et
Tr.
Am & Foreign Pow rights 183,306
1850
1870
46 Apr 9 154 Apr 6
Mar
3' Apr1 3
295 3E15 Fidelity Trust 220 230 I
Preferred 6%
•
20 95 Apr 12 95 Apr 12 95
Feb 100 d,Feb Public
Am-Hawaiian S8 Co_1056,500 2746 Apr 6 4034 Apr 9 2434 Mar; 4044wApr
*State banks. 8 New stock. z Ex-dividend. e Ex-stock div. g Ex-rights.
Am Radiator ctfs
251 400181 Apr 11 182 Apr
17534 Apr 182
Apr
Am Rad &SW Sanitary•17,400 44 Apr 10 4734 Apr 11 44
Apr, 4734 Apr
Am Steel Foundries as__ 46,100 236 Apr 12 234 Apr 6 2
Mae 334 Mar
United States Liberty Loan Bonds and Treasury
Anaconda Copper new 50 145,6(0 11746 Apr 8 124 Apr 6 117% Apr 140
Mar
Rights
233,000 2534 Apr 9 2846 Apr 6 25% Apr 3534 Mar Certificates on the New York Stock Exchange.
Associated Apparel
1,000 5344 Apr 11 5454 Apr 11 53% Apr 5444 Apr
Atlantic Refining rights 159,50C 554 Apr 9 6 Apr 8 534 Apr 7
Apr Below we furnish a daily record of the transactions in LibBohn Ai & Br
2,000 114 Apr 11 11646 Apr 11 114
Apr 16% Apr erty Loan bonds and Treasury
certificates on the New York
Borg-Warner
9,500125 Apr 1212834 Apr 12 125
Apr 28% Apr
Cavanagh-Dobbs Inc. _III 1,100 3234 Apr 9 3234 Apr 8 32% Apr 4234 Feb Stock Exchange. The transactions
in registered bonds are
Preferred
100
200 10034 Apr 6 102 Apr
ISO
Apr 10534 Mar
Celotex
• 3,700 6434 Apr 6 6734 Apr 9 62! Apr 7934 Feb given in a footnote at the end of the tabulation.
Preferred
100
100 8934 Apr 10 8944 Apr 19 89
Jan 9354 Feb
City Ice & Fuel
* 9
54 Apr 9 5434 Apr 81 54
Apr 6234 Jan
Daily Record of U. S. Bond Prices. Apr. 6. Apr. 8. Apr. 9. Apr. 101Apr.
City Investing
100
170 160 Apr 6 165 Apr 8'156
. 11 Apr.12
Feb 165
Apr
Coca Cola cl A
* 1,500 4834 Apr 8 49 Apr 11' 48% Feb 60
Feb First
High 9730n 98
Liberty Loan
Columbia & Gas El new *13,200 5434 Apr 6 5834 Apr 8 53% Mar 66
99.ss
971.ss 97..n 98.as
Jan
346% bonds of 1923-47.- Low- 974424 97448
Consol Cigar pfd _ _ _ _100
98
97..as 97"ss 9711sa
60 99 Apr 11 100 Apr 9 92% Feb 100
Mar
Crosley Radio Corp__ _* 44,300 8634 Apr 11 101
Close 9744,1 98
(First 334)
98
97". 97ttii 98
Apr 12 86
Mar 125
Feb
99
Total sales in $1,000 units_ _
72
Curtis Pubish Co pi._ -*, 500115 Apr 1011734 Apr 12:113% Mar 118
156
2
165
145
Mar
Converted 4% bonds of Hig-h
Common
'
41 200 118 Apr 12 118 Apr 12 117
Ma 129
Mar
1932-47 (First 4s)
DeDeers Cons Mines_ _ _..I
20 2434 Apr 11 2444 Apr 11 22
Feb 25
Mar
Total sales in $1,000 units.__
--__
Dul Super Traction_ _ 100
___
____
___ _
_ __
____
100 8 Apr 9 8 Apr 9 8
Jan 12% Feb
Converted 434% bonlEligh 994ii
Duplan Silk
99"as 99.0a: 99.es
99 1ss 99I2ii
• 3,700 2334 Apr 6 2644 Apr
20% Mar 28% Jan
of 1932-47 (First 4%a) Low- 99.s:
Preferred
99
,
n
992s:
99.3:
100
700 9834 Apr 12 100 Apr 8 98
99.sa
Mar 102
Jan
99432
Empor Capwell Corp..*
994as
99433
99.as
9k,Close
99"as
20 30 Apr 9 30 Apr 9 27
994ss
Feb 38
Feb
Total sales in $1,000 units..
12
Eng Pub klerv pf (534)-'1 900 96 Apr 11 9634 Apr 9 96
15
18
5
12
16
Apr 99% Feb
converted
High
Second
444%
Evans Auto Loading_10 6,200 63 Apr 6 64 Apr 8i 55
Mar 73% Mar
bonds of 1932-47(First LowFairbanks Co
--- ---------__-*, 200 9 Apr 12 10 Apr 12 4% Jan 10
---Apr
Second 431s)
Preferred
_25
30 20 Apr 10 22 Apr 12 14
Feb 35
Jan
Total sales 08 81,000 units__
_
___
_
Fashion Pk Associates.*, 2,100 6544 Apr 10 70 Apr 12 65% Ap 72% Mar
_
{High- 9-93Ta: .
991.
-sa 99i.12 .
Preferred
99-63, 9-9;31
9il-ass
100, 100 101
Apr 8 101
Apr 8,100% Apr 10134 Mar Fourth Liberty Loan
414% bonds of 1933-38._ Low- 997
.sa
99*,
First Nat Pict 1st pf_100
991.32
99.n
990n
99.n
70 109 Apr 8 110 Apr 12110444 Jan 11034 Mar
(Fourth 4548)
Close 99' t
99.n
99.s:
Fisk Rubber rots 50% pd
99.22
99 1ts
99.as
600 113.4 Apr 11 1154 Apr 12 11% Apr 11% Apr
Total sales in 51,000 units _._
Ill
237
172
Gen Ga.s & Elec pfA(7)_•, 330 10944 Apr 6 112 Apr 6 107
2
54
1)6
Mar 11655 Jan
{High
Treasury
____
107"s:
1071632
Gen Motors deb (6).100
107"gs
107"ss
10721n
Jan 11054 Mar
30010954 Apr 11 10954 Apr 11 109
Low_
414g. 1947-52
___- 1074a 107
107
Glidden Co rights
1074n 107512
41,500 154 Apr 6 234 Apr 12 1% Apr 254 Apr
Close
---- 107lon 1074n 107,n 107Ists 107ust
Goodrich Co rights
57,700 144 Apr 9 234 Apr 6 134 Apr 2% Apr
Total sales in 51,000 units.-s
48
4
29
21
---Grand Stores pref_100
100113 Apr 11 113 Apr 11 110
Ma 116
Jan
IHIgh 102"at 103"az 103"n 103
Hayes Body Corp
103"st 103"n
4.1 3,900 5034 Apr 9 5374 Apr 12 50% Apr 55% Apr
46,
1944-1954
Low_
102"at
102",,
103% 102"at 1035n 10344,1
Heime(OW)pre-.100: 4012454 Apr 121 25
Mar 12 123% Jan 125
Apr
Close 1022tn 103fn 103fft 102"as 10355n 103"n
Int Paper & Pow rts_ _ _.444700
44 Apr 8
44 Apr 8
44 Apr
31 Apr
Total sales in $1.000 units...
60
117
56
Jordan Motor Na
7
14
84
44 Apr 8
1 6,600
34 Apr
44 Apr 10
54 Apr
(High
____ 100
10044n 1004488 1004418
'Kendall Co pref
*; 180 90 Apr 9 90 Apr 9 90
---Apr 96
Feb
344s. 1946-1958
Low_
---- 100
Kreuger & Toll rights_ _ _ 124200
100"as 100
1005ss
--46 Apr 1
% Apr 11
1% Mar
44 M
Close
-___ 1001111 100"32 100% 100"111
Lehigh Valley Coal_.•21,100 26 Apr 6 2834 Apr 9 19
---Feb 28% Apr
Total sales In 51,000 units__
2
____
Link Belt Co
6
2
350
- * 900 5354 Apr 11 5444 Apr 12 53% Apr 61
Feb
(High
-Loew's pref ex-war
__
97"as 97.as
97-44;
1 500 92 Apr 8 92 Apr 8 90
97',,
97.ss
Mar 95
Mar
344s,
1943-1947
Low_
Ludlum Steel pref
___
9655sa
975,s
• 500 100 Apr 10 10054 Apr 10 98% Mar 102% Jan
975,1
96"at 974at
McGraw-Hill Public_ _ .., 800 4154 Apr 11 42 Apr 8 41% Apr 48
Close
__ -- 97%
975as
97512
975n
97
Feb
Total sales in 11.000 units...
Motor Products rights __I 5,400 4054 Apr 11 4934 Apr 6 40% Ap 50% Apr
7
____
1
8
10
10
Newport Co class A__50 4,000 4354 Apr 6 4434 Apr 12 43
High
____
____
97.s
971.12 97.11
:
____
Mar 4414 Apr
3348.
1940-1943
Phillips Jones Corp.._ _•
LCW
-..97.as
9644
____
97
90 43 Apr 10 45 Apr 6 51
Mar 48
Jan
Pirelli of Italy
C1080
---..-- 97,ii
I 1,100 5244 Apr 11 5344 Apr 6 5034 Mar 65% Jan
---- 9714ii 97'
Total pal.. fin 2I Mil antis
SA
ix
Pitts Steel pref
1
100
20 96 Apr 9 9634 Apr 12 92% Feb 97
Mar
Pub Ser of NJ pf(5)_1 100 9544 Apr 9 9534 Apr 9 9546 Jan 96
Jan
Note.-There were no sales of registered bonds this week.
Radio Corp el B
•30,2
76 Apr 6 78% Apr 12 74
Marl 7844 Mar
Republic Brass
1 4.5001 4844 Apr 11 52 Apr 12 48% Apz 52
Apr
Class A
1 1.6001102 Apr 11 105 Apr 12 102
Apr105
Foreign Exchange.Apr
So Porto Rico Sus pL 100,
20 125 Apr 10 126 Apr 10 125
Mar 135
Feb
To-day's (Friday's) actual rates for sterling exchange were 4.84 1546@
Spalding Bros1,200
_*,
5444 Apr 9 58 Apr 6 54% Apr 58
Apr
Southern Calif Edis Ms_ 18,500 274 Apr 10 3 Apr 6 2% Apr 3% Apr 4.8554 for checks and 4.8534®4.85 9-16 for cables. Commercial on
Sparks Withington_-*, 2,700 171
Apr 9 17834 Apr 12 170% Apr 183
Mar banks, sight, 4.84 11-16©4.847-4; sixty days, 4.80@l4.803.4: ninety days,
Spicer pref
*1 6001 4834 Apr 12 5044 Apr 9 48% Apr 5534 Mar
4.7754@4.78, and documents for payment, 4.7934(g)4.805‘. Cotton
Stand Sanitary ctfs_.• i,000l 4744 Apr 8 50 Apr 12 47
Apr 50
Apr
Stewart Warner new._10 20,300 65 Apr 10 67% Apr 8 65
Apr 6834 Apr for payment, 4.8434. and grain for payment, 4.8434.
4, 300 3734 Apr 12 37% Apr 12 3741 Mar 43
Spencer Kellogg & Sons'
To-day's (Friday's) actual rates for Paris oankers' francs were 3.90 5-16
Feb
United Air .3, Trans__ 37.300 7834 Apr 11 90 Apr 12 78% Apr 90
Apr ig3.9054 for short. Amsterdam bankers' guilders were 40.0934@40.12
I 4,1001 6834 Apr 11 78 Apr 12 68% Apr 78
Preferred
Apr for short.
100 16.3001 454 Apr 8 10 Apr 8 2
US Express
Jan 10
Apr
790631 Apr 6 854 Apr 12 634 Apr 934 Feb
Exchange at Paris on London, 124.26 francs: week's range, 124.26
United Dyewood._._100
40 5354 Apr 9 57 Apr 12 53% Apr 60
100
Preferred
Jan francs high, and 124.22 francs low.
100 104 44 Apr
._100
Walgreen Co pref.
104% Apr 8 100% 14Iar 106
Mar
The
range for foreign exchange for the week follows:
% Apr 9
Warner Quinlan rts____ 15,600
44 Apr 6
% Apr 1
Mar
Sterling, ActualChecks.
Cables.
Wesson Oil di Snowdr•
100
110
Apr
11
110
Apr 1110034 Jan 112
Preferred (old)
4.85 9-16
4.8554
Feb High for the week
Wilcox-Rich Corp el A.' 1.000 60 Apr 6 40% Apr 10 37
Mar 4834 Feb Low for the week
4.84
4.8534
* 6,300 38 Apr 6 40 Apr 10 34
Class B
Mar 4744 Mar
Paris Bankers' FrancsWoolworth new w I.__ 10,500 8534 Apr 12 86% Apr 12 85% Apr 8834 Apr
High for the week
3.90 9-16
3.9074
Bank,Trust &[neut. I
Low for the week
3.9034
3.9054
ance Co. StocksAmsterdam Bankers' Guilders70666 Apr 11730 Apr 12 493
Equit Tr Coot N 1(.100
Jan 765
Mar High for the week
40.12
40.1434
• No par value.
Low for the week
40.06
40.10
Germany Bankers' MarksHigh for the week
23.72
23.7154
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Low
for the week
23.6854
23.7051
Int.
Int.
Maturity.
Maturity.
Rate.
Bid. Asked.
Bid.
Rate.
Asked.
The Curb Market.-The review of the Curb .Market is
June 161929... 454% 991in 998c
Bept.15 1930-82 3'4%
Nutt 9603:
Sept.15 1929
15
1930-32
Mar.
991411
9644,8
44(% 99nn
334%
96.31 given this week on page 2409.
Nun
Dee.15 1929... 431% 991.81 99" Des.15 1930-32 334%
A complete record of Curb Market transactions for the
Sept. 15 IP29
434% 992,21 99121*
Dec.15 1929
434% 992932 9931ts week will
be found on page 2440.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales daring the week of stocks not recorded here. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 6.
Monday,
April 8.
Tuesday,
April 9.
Wednesday,
April 10.
Thursday,
April 11.
Friday,
April 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
&Men
HiOen
5 Per shore 5 per share 2 per share $ per Mars
195% Mar 26 2098 Feb 4 18238 Mar 204 Nov
10212 Jan 2 10378 Jan 7 10212 Jan 1081j Ape
169 Jan 2 1915 Feb 4 15718 Oct 19112May
11818Mar 28 133 Mar 5 10334 June 1258 Dee
77 Nov 85 Apr
78 Jan 23 8012Mar 20
81 June 8414 Jan
65 Feb 18 72 Jan 2
105 Apr 4 11012 Jan 22 104 Dec 11634 May
58 Feb 91 Dee
85 Apr 4 10934 Jan 5
7734 May
538 Jar
6478 April 81% Feb 25
84 Mar 26 925 Feb 1
82
Jan 958 May
1412 Jan 4778 Sept
25% Apr 4 4418 Jan 18
32% July 8412 Nov
5434 Jan 26 85 Mar 2
38 Sept 63 Nov
5312 Jan 4 8812 Mar 4
22512Mar 28 26978 Feb 2 19512 June 253 Nor
98 Sept 10718 Mau
97 Mar 28 10112 Mar 14
210 Mar 26 22914 Apr 8 17512June 21834 Des
21312 Jan 18 216 Feb 27 -- ---- ---1834 May
558 Jan
1118 Jan 2 1934 Feb 4
77 Feb 2631 May
16 Mar 26 2534 Feb 4
87 Feb 4814 May
34 Apr 11 43 Feb 4
58 Aug 785 MS)
56 Apr 11 6678 Feb 4
9% Feb 25 pet
1412 Mar 26 237 Feb 1
201 Feb 503k Dee
4618 Jan 7 8358 Jan 31
2214 Mar 4012 API
31 Mar 26 39% Feb 2
37 Mar 5953 Not
5034 Mar 26 834 Feb 2
78 June 9414 May
8134 Mar 28 9414 Feb 5
135 Jan 5 145 Feb 5 135 Dec 150 May
12212 Apr 2 13978 Jan 19 108 Feb 13933 Not
10514 Mar 27 10814 Jan 25 105 Dec 11112 Ma/
100 Jan 8 10278 Feb 5
992 Dec 105 May
10978 Apr 6 122 Mar 5 105 Aug 128 May
87 July 85 AP1
75 Mar 20 80 Jan 25
6514 Apr 12 7212Mar 5
8912 Nov 85 May
6412 Dec 87511Ju121
83 Mar 21 7033 Jan 2
79 Dec 94 Juno
70 Apr 10 81 Jan 2
182 Mar 28 20714 Feb 1 16314 Feb 228 API
124 April 13314 Feb 1 12514 Dec 150 Api
5012 Feb 6534 API
5514 Jan 2 778 Feb 21
47 Feb 4
834 Jar
3 Apr 9
3 Aug
912 Mal
5 Mar 28
712 Feb 4
438 June
64 Mar 26 78 Mar 5
4834 June 7212 Dee
57 Mar 28 8434 Feb 4
50 June 8378 Jai
Jai
56 Mar 27 6014 Jan 5
4914 June 82
9313 Feb 11454 No3
102 Mar 20 11578 Mar 4
9118 Feb 11134 No'
10012Mar 28 112 Mar 4
19% June 3338 Oet
2733 Jan 7 39% Feb 1
43 Aug 817s Mal
2,500 Gulf Mobile & N'orthern_100 4312 Mar 26 69 Feb 4
45
4712 *4612 48
46
45
45
4512 4812 4612 4712 48
Aug 109 Mal
103
Jan
3
99
100
9712
Apr
8
*65
Dv
*65
*95
9712
9713
95
97'
2
200 Preferred
971
9753
*9713 100
7 Aug 1734 Jun
912 Apr 10
7 Feb 18
500 Havana Electric Ry_ __No par
*914 10
914 *9
911
938 91
*914 10
914 914 *9
51
Dee 7818 669
Feb
16
70
Apr
4
55
100
75
120
Preferred
*70
80
*7012
70
70
70
*69
70
*7012
73
8978
100 375 Mar 28 450 Jan 22 340 July 473 No
50 Hocking Valley
412 41714 *405 430 *405 423 *406 41712 *405 415
412 412
50% Dec 7312 AP
100 4034 Apr 9 5838 Jan 5
4112 4134 4314 7,900 Hudson & Manhattan
4118 4238 41
4034 43
42
428 4113 451
Oct93% AD
81
100 74 Apr 10 84 Jan 18
400 Preferred
75
76
*74
76
74
74
*72
*74
*72
75
76
*74
100 134 Mar 28 152 Feb 1 13134 Jan 14834 Mal
2,200 Illinois Central
13512 13512 13834 13714 137 138
13712 138 *136 137
137 137
100 135 Mar 27 14514 Feb 4 13012 Jan 147 Ma:
Preferred
*135 145 *135 145 *135 145 *135 145 *135 145 *135 145
1 Feb 21
75 July 8238 Jun
90 RR Sec Stock certificates..__ 77 Apr 1 80,
78
77% 777
517
*77
78
778 778 7778 77* 77
77
29 Jan 82 Ma:
34 158,800 Interboro Rapid Tran v t c_100 2858 Apr 10 5838 Feb 26
34
285 3078 2912 3314 31
4912 50
30
55
29
1
3613 Mar 5218 NO1
Jan
26
Apr
59
100
43
America_
Cent
*438 48
48
Int
Rye
of
*4358 48
*4358 48
*4358 48
*4333 48
*438
*4333 48
No par 50 Jan 10 5912 Jan 25
*4358 48
Certificates
*4338 48
*4353 48
*4358 48
'4338 48
6938 Jan 82 Ma:
100 7212 Apr 11 8014 Jan 2
250 Preferred
7212 7212 *7212 75
*7312 75
7312 7312 7318 7434 *721 75
57 Ma
2 Mar
4% Jan 18
3% Jan 30
100
100 Iowa Central
*312 334
312 312 *312 334 *312 334 *312 334 *312 334
43 June 95 No'
100 78 Mar 26 98% Jan 12
8212 8234 8212 8512 8258 8312 4,300 Kansas City Southern
8612 8718 8518 8612 8312 85
flP
7012
Jan
15
6812
Aug
77
100
65
7
8
Apr
10
67
400
*65
Preferred
87
66
6612
85
7
8
657
8
.65
67
6814 67
*67
8418 Feb 118 AP
50 8834 Mar 28 10214 Feb 2
9012 9114 9034 9034 '
9112 9114 91.12 1,200 Lehigh Valley
91
*87
91
89
588
100 13834 Mar 26 15312 Feb 5 1393 Nov 15912 Ma
500 Louisville & Nashville
140 141 *140 141 *140 141
141 141
145 145 *142 145
75 Jan 913 Ma
72
72
74
74 . _ 73
500 Manhattan Elevated guar_100 72 Apr 12 87 Jan 3
78
77
8138 81% 86
*78
40
Jan 84 Ma
100 3112 Apr 8 5713 Jan 11
3438 3638 5312 3514 3314 34% 71.500 Modified guaranty
3334 37
5112 3112 541
*51
48
712 Ma
22
318 Dec
33
Jan
Mar
4
100
27
8
3
100
Market
Street
3
3
4
*3
33
4
3
Ry
*3
*3
3
3
4
334 *3
*3
3812 Dec 5434 Ma
100 3018 Apr 10 3912 Jan 4
900 Prior preferred
3114 31% 3018 3118 3014 31
*3034 31
*3112 341 *311 33
33
812 Ma
27* 212 1,200 Minneapolis & St Louis
Jan 19
178 May
100
214 Mar 26
238
2% 28 *238 234 *238
238 233
214 212
40 June 5238 Jiu
*35
42
*35
42
Minn St Paul & S S Marie_100 3912 Feb 20 4714 Feb 4
42
*35
42
*35
42
531
42 '
*37
70% Dec 8734 Ma:
100 71 Jan 14 87 Jan 23
*71
73
*55
60
*7012 73
Preferred
60
*55
*7012 73
75
*72
80 Dec 7112 JAI
50 Leased lines
*57
5934 *57
100 5712 Apr 10 68 Jan 25
5934
5934 5712 58
5934 *58
*58
63
*58
3015 June 58 De
4618 4712 24,000 Mo-Kan-Texas 11.11____No par 4212 Mar 28 55 Feb 4
4778 4612 4812 4518 4712 4512 4834 4534 477
48
100 102 Apr 9 10514 Mar 13 10112 Jun 109 Fel
10212 10278 10218 10278 102 10218 10214 10214 10212 10212 10218 10212 2,100 Preferred
Feb
87%Mar
5
4178
Mt Bell
3
28,200
6212
Jan
4
8153
Missouri
100
82
Pacific
77
7814
7814
8033
7814
77
8112
78
81
77
8,300 Preferred
Preferr
100 120 Jan 2 13738Mar 5 105 Feb1287s De
1327 134% 13212 13333 131 13133 13112 13112 13153 13258 13118 132
82% Aug 89 Jun
30 Morris & Essex
834
82
82
*78
834 *78
50 7814 Apr 2 8638 Jan 17
82
*80
82
580
82 '
*80
880 Nash Chatt & St Louls._..100 186 Jan 29 202 Apr 10 17112 Aug20414 Ma
196 201 *190 200
19812 202
190 200
*188 190 *18812 190
2 Feb512 AP
100 Nat Rya of Mexico 2d pret_100
2 Mar 27
238 *214 238
35* Jan 25
214 214 *214 212 *214
*214 212 '524 238
14
34,000
New York Central
183
18418
100 17812Mar 28 20414 Feb 1 158 Feb198.2 No
1843
8
18112
181
17312
1858
17918
18312
183
183 185
3,500 NY Chic & Si Louis Co_100 12818 Mar 26 145 Feb 2 12114 Oct146 Ma
134 134
134 13614 *134 136
134 136
138 138
135 135
Ja
800 Preferred
100 1053 Feb 25 10914 Jan 4 10412 Aug 110
10753 10753 10834 10834 10713 10753
107 107
*107 109 *107 108
Jan 505 Al)
180 NY & Harlem
50 285 Mar 26 379 Jan 8 188
320 325
29018 290% 291 330
291 291
'305 310 *290 305
543s June 8254 De
84,900 N Y N H & Hartford
100 80% Jan 4 9834 Feb 2
90% 9238 8712 9012 8812 8912 8914 923* 911* 92
8914 92
1,400 Preferred
511514 118
11514 11534 11512 11534
11438 Jan 3 11958 Feb 2 112 Sept 117 Ma
11578 11578 11514 11514 11534 1153 '
24 Feb 39 Ma
2833 2718 5,000 NY Ontario & Western_100 25 Mar 27 32 Feb 4
2818 2812 2618 2812 2638 28
2614 27% 2714 28
13 Ma
8
3,500 NY Railways Pret-_No par
5 Apr 11
5% Jan
978 Feb 21
518 *5
6
5
*5
6
8
8% 9
*714 9
Dec 43 Jul
2312
NY
State
Rye
prof
100
2814
Mar
30
*2814
28
26
41
Jan
28
*2814
*2814
28
30
*2814
*2614 30
*2614 30
No
58
June
32
42
100 Norfolk Southern
*41
100 39 Apr 2 4812 Feb 4
40
42
40
*40
42
*40
*41
43
*4112 43
100 191 Jan 9 206 Feb 1 175 June 19812 No
193 19534 19558 19534 19414 19612 2,800 Norfolk & Western
193 193
195 19614 19114 195
Jun
90
Oct
s
847
8512
60
Preferred
100
83
Feb
Jan
17
*85
15
88
85
85% 8514 8514 85
85% 86
*85
8518 *85
9238 Feb 118 Na
7,600 Northern Pacific
100 995sMar26 11434 Mar 5
10212 104% 10178 10512 1015* 1027 10118 10212 102 10334 10114 1027s
9058 Feb 115 No
100 99 Apr 10 112 Feb 2
5,900 Certificates
100 100
4
101
1003
1018
99
103 103
103
104
3
4
*993*
10212
1912 May 3478 Ma
28
Feb
600
20
Pacific
Coast
100
43
30%
Feb
1
3018
35
*28
30
30
40
*25
40
*25
40
*25
40 Aug 70 Ja
10 First preferred
45
100 32 Mar 27 50 Mar 2
44% '538
*38
40
40
*42
47
44
*44
448 *39
2012 Aug 89 Ms
28
Feb
40
Jan
10
40
Second
preferred
*30
30
3514
30
2112
3514
*30
100
*30
3514 *30
30
3514 30
817s June Ms Di
8214 Jan 18
50 7212 Mar 2
7518 755 18,000 Pennsylvania
757
74% 7538 75
7412- 7558 7412 7518 7438 747
25 Mar 37 Ma
347 Feb 1
33
100 30 Jan 1
*28
Peoria & Eastern
33
*28
33
*29
33
*29
*28
33
*28
33
12472
Feb 154 No
1
Feb
1743
4
1,600
Marquette
100
148
Jan
160
Pere
*155
151 186
180 183
151 153 *152 180 *154 160
Oct 1015 MI
96
22
100 Mar
1,180 Prior preferred
100 98 Jan
9834 9958
984 99
9812 9812 985* 99
9873 99
99
99
92 Nov 100% Mi
8
Jan
97
120
Mar
1
93
Preferred
100
92
93
94
.93
94
92
*92
92
9312 *92
9312 *92
5838 An
60
Nov
12
Apr
51
10
51
Phil, Rapid Transit
51
50 50 Jan
51
*50
51
51
*50
51
*50
51 '550
*50
50 Mar 511101
Preferred
50 50 Jan 2 50 Jan 2
-- .----*50
_ _ *50 .__.'50
--- *50
-- *50
---12114 Feb 183 01
10
Jan
1484
Mar
26
1
3
2
1,600
130
132
100
Pittsburgh
&
West
Va
-34
130 111
*131 1-3-5 *130 .
135
130 110 '5129 130
9414 Feb 11938 Ms
50 10218 Mar 26 11712 Feb 4
107 1081 10434 108
10534 1064 10534 10612 7,000 Reading
10512 107
10514 107
411 Nov 48 Al
100 First preferred
50 417 Apr 3 4314 Feb 28
42
42
*4112 42
*4153 42
*41% 4312 *4112 431 *4112 4312
Feb
5
44 Jae 597s Mg
4954
3
26
Mar
443
4
400
45
3
8
44
Second preferred
50
*48
47
47
*48
*4434 461
*48
47
48
46
6
50 Feb 77 1)i
Apr
200 Rutland RR pref
100 6318 Mar 21 6834
8818 881 *65% 13818 *6518 68% *6518 881 *6518 8814
8834 683
122 Mi
100 Ill Mar 28 12212 Feb 4 109 Fe
11314 1131 112 11238 11133112
11138 1131 11273 11278 3,100 St Louis-San Francisco
*112 113
94 Dee 101 Ms
2
Feb
91312
100 9214 Mar 28
93
2,800 let prof paid
x93
9338 9334 935 9358 9314 9338 9358 9355 933* 94
6712 Feb12415 NC
28 11534 Feb 4
Mar
6,800
St
Louis
10212
9618
Southweetern
100
101
101
104
10212
97
1027
1007
8
101
10012
985 100
89 July 95 J8
9012
500 Preferred
100 87% Apr 10 9212 Mar 4
90
*8834 90% 8854 8834 8734 8734 8812 881
91
089
Railroads
Par
$ per share 3 per share $ per share $ per share $ per share $ per share Shares
19834 20014 1998 20014 10,000 Atch Topeka & Santa Fe_100
198 199
19714 19912 198 19718 19712 198
1,000 Preferred
100
103 10312 *103 104
103 103 *103 104
*103 10312 103 103
500 Atlantic Coast Line RR-100
170 179 •179 17912
178 179 *176% 177
'179 180 *179 180
100
123 12834 12214 12414 12234 12434 123 125 312314 12414 34,200 Baltimore & Ohio
12234 125
500 Preferred
100
79
78
*78
79
7814 *78
78
7812 78
78
*7812 79
900 Bangor & Aroostook
50
6812
6834 *68
*65
67
67
68
68
66
68
66
86
100
20 Preferred
105 105 *10314 106
106 106 *10512 107 *10512 107
*10314 108
100
90
Boston & Maine
*86
*85
90
*86
90
90
*86
90
90 '
585
*84
8512 6634 111,700 Bklyn-Manh Tran vi c_No par
64% 667
68
8512 667
88
7812 65
7458 751
700 Preferred v t c
No par
88
88
*8712 90
*8712 884 *8712 884
90
8812 8812 88
2812 28
28
2818 27
29
30
288 2834 2834 3,400 Brunswick Term & Ry Sec_100
297 297
Buffalo & Suaquehanna__ _100
70
*60
70
72
*80
70
*55
67
*60
70
*55
*60
100
50 Preferred
*5512 56
*5514 58
55
5514 55
5512 *5512 56
*551 62
100
11,300 Canadian Pacific
234% 237
23412 23534 234 238
233% 23634 2344 23712 232 235
*9812 100
Caro Clinch & Ohio ctfs st'd100
*0713. 9913 *9712 9912 *9712 9912 *97% 9912 *9812 101
100
220 222
22012 22412 22212 22414 12,700 Chesapeake & Ohio
22212 22914 222 225
219 227
100
Preferred
47
100
iiii 1413 i414 157-8 Hit -Ilia 9,800 Chicago & Alton
78 ii IA; 75iii2 Ii
is 11
1838 12,000 Preferred
100
1812 19
19
1912 1812 1834 1758 1758 1758 1858 18
100
200 Chic & East Illihols RR
34
34
*35
38
*30
38
*30
38
*30
37
*30
38
100
5912
500 Preferred
*55
5812 *58
*58
60
60
*55
60
56
*58
59
100
1934 18,000 Chicago Great Western
1818 1812 188 194 19
1818 19
1778 188 1812 203
100
5712 5314 5434 54
5434 5314 558 5418 5512 10,900 Preferred
5418 558 54
3218 3334 321 3914 8,100 Chicago Milw St Paul & Pee3312 343
335 3434 32% 3333 323* 33
28,600 Preferred new
5333 55
54
5534 5414 568 5234 5414 53% 5412 5233 551
4,300 Chicago di: North Western_100
84
85
8514 83
83
8318 8314 8312 8514 84
83
86
Preferred
100
*134 139 *130 139 *130 138 *130 137 .131 138 *131 138
125 12678 123 12434 124 124
12334 12612 12314 12412 5,300 Chicago Rock 1s1 & Pacific_100
12412 128
1,100 7% preferred
100
108 10834 108 106 '
510534 107
105% 106 *10534 107
108 108
800 6% preferred
100
101 101
101 101
10012 101 *10014 101
10112 10112 101 101
100
400 Colorado & Southern
10978 1097 1121 1121 11138 11112 *102 11212 *10978 11212 *1097 112
*771 79
100
10 First preferred
*7712 79
*7712 79
79
79
*772 79
*7514 79
100
30 Second preferred
7212 8514 88
7212 *66
69
*66
7212 *68
*88
*66
69
63
1,700 Consol RR of Cuba pret_100
6312 64
63
*6312 64
*6312 65
638 63
*6312 65
100
10 Cuba RR pre:
70
*64
70 *_-__ 70
70
15_ _._ 70 *---- 70 *____ 70
2,200 Delaware & Hudson
109
185 187
185 18812 18634 187
185 187
19034 19034 *188 191
3,200 Delaware Lack dg Western_100
12412 125
127 12713 12412 12714 12414 125
124 125
1284 127
1,100 Deny & Rio Cr West pref-100
88
86
*8512 69
67
64
64
70
7018 55
6914 70
100
31
4
*3% 4 • 500 Duluth So Shore dt At1
4
3
3
3
3% *3
314 *3
100
200 Preferred
*5
6
*434 514
5
5
518 51a *5
6
•5
6
100
88% 7214 704 7214 82,700 Erie
6818 70% 6834 697
6884 7212 6912 73
100
5,500 First preferred
59
8134 59
6212 60
6014 8014 6014 59
8138 8212 62
100
5712 5712 1,100 Second preferred
59
5814 5814 *5712 5813 5812 581
5814 584 *57
104 104% 6,600 Great Northern preferred_100
10214 103
103 104
10412 1053 105 10812 103 104
100
10312 105
104 104
103 103
10212 10314 10212 10212 2,100 Pref certificates
103 103
50,000 Iron Ore Properties_No par
307e 2834 2984 287* 2914 28% 3058 3114 32
3018 3012 30
17ts the shares of Chesapeake Corp stook,
• Bid and asked SWIMS no gales On this day. s Es-dividend. a Es-dividend and ex-rights. r Et-rights. to Hz-div. of
New York Stock Record-Continued-Page 2
2423
For sales during the week of stocks not recorded here. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sasurday,
April 8.
Monday,
April 8.
Tuesday,
April 9.
Wednesday,
April 10.
Thursday,
April 11.
Friday,
April 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share I per share $ per share I per share $ per share I per share Shares
Railroads (Con.)
Par
18
19
19
19
*17
19
*17
1812 1714 18
1812 1812 1,500 Seaboard Air Line
100
22
22
22
22
*20
22
*20
2112 2112 211
/
4 2178 218 1,000 Preferred
100
127 12834 128 12834 126 1277 12618 12712 12614 1283
4
5,700
12712
1274
Southern
Pacific
Co
100
*14312 146
145 147
14234 143
142 142
142 14658 14578 145% 3,600 Southern Railway
100
*9713 9712 9718 9718 9718 9718 974 9712 *98
9812 *98
9812
300 Preferred
100
*10212 108
108 108
106 107
10912 115
119 13312 124 12834 1,700
certifs
dr
100
Mobile
Ohio
*160 163
162 16212 *160 163 *160 163
160 16212 *161 162
600 Texas & Pacific
100
3314 3314 24
38
20
257
2012 22
21,
8 23
22
22% 37,500 Third Avenue
100
*46
4612 46
48
*45
48
*45
48 .45
50
4712
700 Twin City Rapid Transit 100
•45
•____ 99 *--__ 9934 * _ _ 99 *____ 99 *__ __ 99 *__ __
Preferred
99
100
215 21878 217 21934 215 216
216 216
217 21812 216 21712 5,800 Linton Pacific
100
8112 8158 8124 824 8158 81/
1
4 8218 8218 8214 8214 8134 8134 1.400 Preferred
100
*95 ____ *95
*95
*95 _ -- _ *95
____ *95
Vicksburg Shrev .52 Pac
100
---- ---- ---- ____ ____
Preferred
100
6234 65
65/
1
4 6634 65
65
*63
65
6412 6512 65
6512 3,300 Wabash
100
9314 9314 *93
94
93
93
*93
94
9412 *93
*93
9412
100
200 Preferred A
*81
90
*81
90
*81
90
*81
90
*81
90
*81
Preferred B
90
100
42
4414 9312 4612 4058 427
4112 44
42
4412 427 4414 35,800 Western Maryland
100
*434 45
*45
47
*42
52
*41
45
4412
*43
4412 *42
Second preferred
100
33
3512 3512 3634 3314 3358 35
354 3614 3614 .36
3614 2,500 Western Pacific
100
59
59
5712 598 *57
60
*58
59
*58
60
58
58
1,400 Preferred
100
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
I per share
1612 Jan 2
20 Jan 2
124 Mar 25
141 Apr 1
9718 Apr 1
104 Apr 4
15612Mar 27
20 Apr 9
44 Jan 29
9712 Jan 29
209 Mar 26
8112 Apr 6
98 Mar 4
103 Mar 7
61 Mar 20
9112Mar 26
8112 Apr 3
3212 Mar 26
3858 Mar 26
33 Apr I
57 Jan 28
Highest
Ex-dividend
I Ex-tights
Lowest
Highest
h per share $ per share $ per that.
21/
1
4 Mar 5
1158 Mar 3013 Jan
2412Mar 5
17 Aug 38
Jan
1383, Feb 2 1175 Feb 13114 May
15838 Feb 1 13912 Feb 165 May
99 Jan 3
9658 Sept 102/
1
4 Jan
1407 Jan 14 100 Jan 15912 Jan
178 Feb 1
9912 Jan 19458 001
39 Feb 25
2818 Jan 4818 May
58/
1
4 Jan 25
3214 Sept 56 May
100 Jan 5
9458 Oct 107 Feb
231 Feb 2 18612 Feb 2247 Nov
8438Mar 16
824 Oct 8714 Jan
10014 Jan 5
99 Aug 111
Jan
103 Mar 7
9914 Nov 10812 Mat
818* Jan 5
51 Feb 9614 May
104% Jan 7
8812 Feb 102 May
91 Jan 8
87 Feb 99'i May
311
54 Feb 4
/
4 Feb 54/
1
4 May
5312 Feb 4
334 Feb 5478 May
4178 Mar 5
2814 Feb 3812 Del
644 Feb 4
6212 Aug 6218 Jam
Industrial & Miscellaneous
3912 40
40
40
3912 3934 393 3912 *3958 3912 394 40
1,700 Abitibi Pow & Pap
No par 3914 Mar 27 547 Jan 22
797 8018 •75
80
7912 7912 x79
79
7914 79
*77
79
1,400 Preferred
100 79 Apr 10 8358 Jan 7
*131_ 513014 13912 *131 139 *13014 139 *13014 13712 *13014
12
Abraham & Straus____No par 128 Feb 16 15912 Jan 3
•11014 111 *11014 111 .11014 111 *11014 111 .11014 111 *11014 137
111
109
,
Preferred
100
4 Jan 16 112 Jan 2
*640 660 *640 655 625 640
620 620 *625 640
646 646
600 Adams Express
100 389 Jan 16 675 Apr 3
*92
95
•92
957 *92
7
957 *92
957 *92
957g *92
Preferred
100 92 Apr 3 96 Jab 3
95
*29
30
*28,2 30
*2812 30
*284 2912 .29
2912 •29
30
Adams Millis
No par 2834 Mar 27 3578 Jan 15
8912 9312 8914 9270 84
90
85/
91
1
4 8912 89
90
911
/
4 79,000 Advance Rumely
100 48 Jan 29 9712 Mar 22
90
911 2 8912 93
85
88
89
90
9058 89
89% 9012 7,400 Preferred
100 5812 Jan 23 94 Mar 21
34 328
314 33
27
314
3
3
318
3
27
3
18,000 Ahumada Lead
27 Apr 9
I
4% Feb 20
99/
1
4 10112 9814 9934 9712 99
9518 9914 9773 10038 9978 10173 11,000 Air Reduction, 1nc____No par 9518 Apr 10 11458 Jan 26
77
778 8
7/
1
4 77
758
712 72
71/4
77
734 814 14,200 Ajax Rubber,Inc
No par
712 Ayr 10 1114 Jan 2
612 7
612 613
6% 634
612 658
632 612
658 634 5,100 Alaska Juneau Gold Min__10
534.M ar 26 10/
1
4 Jan 8
17
17
17
17
1634 17
17
17
174 1714
1712 18
1,800 Albany Pert Wrap Pap_No par
16 Mar 15 25 Jan 3
268 272
270 272 326612 270
26734 267/
1
4 268 271
27212 277
5,200 Allied Chemical dr Dye_No par 241 Jan 7 305,
4 Mar 1
12014 12034 12014 12014 12014 121 .12073 121
121 121 *121 123
12014
800 Preferred
Apr 8 12314 Mar 27
100
175 175
175 175
1664 1664 .170 172
16614 170
170 17114
1,000 Allis-Chalmers Mfg
100 166 Mar 26 194 Jan 11
*5
7
*5
8
*5
*5
8
8
*5
8
*5
8
8 Feb 14 1118 Jan 14
Amalgamated Leather_No par
*59
62
*59
62
59
*59
59
62
*59
62
*59
62
100 Preferred
59 Apr 9 73 Jan 17
3212 3314 33
33/
1
4 3214 33
3214 3234 320 33
33
3358 7,700 Amerada corn
No par 30 Feb 18 42% Jan 3
1612 1634 165 1653 1518 161
/
4 1514 1512 1578 IG
16
104 6,100 Amer Agricultural Chem__100 1412 Mar 26 2358 Jan 15
*58
59
58
5858 5334 5714 5414 5612 57
57
*57
60
3,200 Preferred
100 5314 Mar 26 7334 Jan 11
*11512 119
11512 116 *115 119
115 115 *11312 115
115 115
400 Amer Bank Note
10 110 Mar 26 13414 Feb 6
*6013 61
6012 61
.6012 6478 *6013 63
62
62
6012 6012
170 Preferred
50 60 Jan 3 62 Feb 13
•1512 16
1558 1558 •1512 16
1512 1534 16
16
1618
16
1,600 American Beet Sugar_No par
1514 Mar 25 204 Jan 16
*50
52
*50
52
*45
51
*45
51
50
50
5012 5012
200 Preferred
100 50 Apr 11 6014 Feb 5
544 5530 5218 54/
1
4 5158 533
52/
1
4 54
527 5314 5312 5378 8,200 Amer Bosch Magneto__No par 4012 Feb 14 6078 Mar 19
*5234 5314 5234 53
52
5212 5112 5214 5112 5212 53
54
3.600 Am Brake Shoe d, F____No par 45 Jan 16 02 Feb 4
012234 123
122/
1
4 122/
1
4 12234 12234 *12234 12614 *12234 12612'12234 12612
80 Preferred
100 122 Mar 27 12612Mar 21
3018 3214 2858 315
26
30
28
2938 2813 2934 2833 31
77,300 Amer Brown Boveri ELNo par 154 Jan 7 3334 Apr 5
8814 9014 90
92
8514 90
90
9218 917 92
9234 943
1.230
100 49/
P-eferred
1
4 Jan 7 94,
8 Apr 12
1245 1273, 128 13030 12514 12918 12658 1294 1287
1323, 13112 13414 571,800 American Can
1
4 Feb 18 13414 Apr 12
25 107/
*141 142
14114 14114 1411
/
4 14114 1411
/
4 14114 .14114 142
14114 14114
700
Feb
14
Preferred
14112
14058
100
Jan 14
*99/
1
4 100
99
99
99
99
99
1004 10112 4,700 American Car & Fdy__No par 93 Feb 18 10612 Jan 3
99 100
*116 120 *110 119 *116 119 *116 1004
119 *11614 119 *116 119
100 11612 Feb 7 122 Jan 29
Preferred
78
78
*80
8218 80
80
*76
80 .76
7912 •76
7912
200 American Chain pref
100 7258 Jan 23 8512Mar 13
*51
53
5014 514 4934 5114 5212 54/
1
4 53
5312 52
5212 5,200 American Chicle
No par 4634 Mar 26 5812 Feb 1
par 10912 Jan 2 11414 Jan 30
preferred
No
Prior
.--- ----_- ____ ___ ____ ____ ___ _
Amer Druggists Syndicate_10
9 Jan 25 11 Jan 2
35
377;*37
3912 *37
40
*37
39
39
39
4 0 Amer Encaustic Tiling_No par 35 Mar 26 4734 Feb 25
3912 3912
361 395
389 409
343 390
350 355
344 345
344 345
280
American
7.000
100
Feb 2 909 Apr 8
Express
8812 904 8612 8372 8212 87
8414 90
89
9754 9312 9712 56.400 Amer & Forn Power___No par 754 Jan 4 13878 Feb iii
106 106 *105 10612 10412 10453 106 10614 106 10612 106 10614 2.100
No par 10412 Apr 9 10812 Feb 14
Preferred
90/
1
4 90/
1
4 89
91
88
8834 88
8912 8814 9312 9114 92
17,800 2d preferred
No par 88 Apr 9 103 Feb 21
*6/
1
4 734 *614 734
614 614
612 612
7
714 •714 8
400 American Ilicic & Leatimr_100
614 Apr 0 10 Jan 2
324 3212 *32/
1
4 33
3212 3234 33
33
*33
34
3312 354
900 Preferred
100 3014 Feb 6 38 Jan 2
78
7912 758 78
75
76
75
75
*70
72
76
77
Amer Home Products_ _No par 75 Jan 2 8558 Jan 24
4.800
*39
39% 3914 3958 39
3914 *3613 3912 3834 39
39
394 1,500 American Ice
No par 38 Mar 26 4334 Feb 5
*91
95
*91
95
*9012 94
*9012 94'
93
*9012 94
93
100 Preferred
100 9012 Feb 11 96 Mar 6
628 6214 6312 6053 6314 6034 62/
62
1
4 62
6314 6358 64% 18.800 Amer Internet Corp___No par 57/
1
4 Mar 26 7614 Jan 18
614 614
614 64
1
4
614 6/
638 678
612 612 4,700 Amer I.a France & Foamite..10
1
4
630 6/
87 Jan 10
6 Mar 26
*6018 66
*6018 66
*6013 66
*6013 65
.601g 65
*6018 65
Preferred
100 64 Mar 1 75 Feb 21
11612 11712 116 117
11414 11613 116 11812 11612 119
119 12112 25,000 American Locomotive_No par 10258 Feb 18 123 Mar 18
*115 116
116 11614 *115 117 *115 117 *11512 117
116 116
300 Preferred
100 113 Jan 3 118 Jan 22
164 164
16318 16334 163 163
158 162 *160 161
165 165
1,600 Amer Machine & Fdy__No par 158 Apr 10 199 Mar 6
*110 112 *110 112 *110 112 *110 112 *110 112 *110 112
110 Mar 11 11612 Jan 12
Frei (7) ex-warrants
6213
6114
13112 6314 60
6034 5912 6014 5973 6314 6212 6314 15,400 Amer Metal Co Ltd___No par 5512 Mar 26 811
/
4 Feb 6
*12058 12712 122 122 *11858 120 *11858 121 *120 121 *120 121
100 Preferred (6%)
100 117 Jan 3 135 Feb 6
75
79
75
80
78
78
72
75
*72
78
75
75
480 Amer Nat Gas pref____No par 67 Apr 4 984 Jan 7
*9
10
9
9
*8
10
*9
10
*8
*8
10
10
100 American Plano
No par
9 Apr 8 177
,Jan 31
*40
41
*4112 43
*40
41
40
40
40
40
40
40
420 Preferred
100 38 Jan 2 55 Jan 31
9414 9514 95
9614 9312 95
94
9312 957
9812 96% 97/
1
4 14,100 Am Power & Light____No par 8118 Jan 8 120 Jan 30
*100 102
10018 1004 10018 1004 1004 100% 10018
10014 10058 1,600 Preferred
No par 988 Mar 26 105 Feb 28
57414 76
*7414 75 *7414 75 *7414 75 *7412 10012
75
75
75
200 Preferred A
No par 73 Jan 7 80 Feb 13
*80
8012 80
8014 8018 8018 80/
1
4 808 8052 81
8014 81
1.800 Pret A etamped
No par 79 Mar 26 8458 Feb 15
178 178
180 1817 1774 180/
1
4 1774 178
180 18912 187/
1
4 18914 5,200 American Radiator
25 165 Mar 26 210 Jan 15
*130 185 *135 180 *130 180 *130 185 *135 180
185 185
50 Preferred
100 140 Jan 7 195 Jan 29
16014 161
160 161
155 160
155 155
154/
1
4 155
155 158
2.100 Amer Railway Exprees
10
12978 Jan 16 17384 Mar 1
5553 5612 56
5733 5273 5518 5334 5634 5633 57
57
5912 7,900 American Republics___No par 44 Feb 18 6434 Jan 2
681
/
4 684 6558 68% 67
674 *65
67
6612 6612 *66
6612
900 American Safety Rasor_No par 62 Mar 26 7434 Jan 31
535
3512 35
35
36
35
3412 3534 3412 35
344 3412 1,900 Amer Seating v t c
No par 3234 Feb 16 4178 Mar 15
44 414
4/
1
4 412
4
4/
1
4 *4
44 *4
44
4
4
35 Jan 2
2,700 Amer Ship & Comm
No par
7 Feb 5
*87
88
88
88
88
*87
87
87
*8712 88
83
88
50
Shipbuilding_
American
__100 86 Feb 27 94 Jan 24
10458 10634 10338 10614 10112 10414 10134 1037 103 1041
/
4 10258 10414 75,000 Am Smelting 45 Reflnlng__100 9312 Jan 16 12434Mar 1
135% 13558 13558 13534 13534 136
136 136
7
13534 13534 135/
1
4 135
1,300 Preferred
100 13514 Mar 26 138 Jan 4
*194 199 *195 200 *195 200
199 199 •198 200 *198 200
100 American Snuff
100 19312Mar 26 206 Feb 1
*110 112 •110 112
110 110 *110 112
110 110 *110 112
60 Preferred
100 108 Feb 13 112 Jan 24
68
698 6612 6814 6312 6658 6312 657
65
66
66
0812 24,200 Amer Steel Foundries_No par 62 Mar 26 79% Feb 4
•1104 112
11012 Ill
11012 11012 11070 111 .11012 111
111 11118
230 Preferred
100 11012 Jan 4 114 Mar 13
7112 7112 72
7212 7434 76
75
80
7618 811
/
4 8012 8212 18,000 Amer Sugar Refining
100 7112 Apr 5 9434 Jan 25
10512
10512
*10514 107 *106/
106 106
1
4 107
106 106
1065
8
107
700 Preferred
100 10512 Apr 8 111 Feb 1
46
96
46
46
4534 4534 *4512 48
54512 47
*4512
47
400 Am Sum Tub
No par 4534 Apr 9 60 Jan 2
2318 237g 234 24
2314 2314 *2314 2312 24
24
2414 2414
700 Amer Telegraph & Cabia__100 17 Jan 2 3278 Mar 25
216 2183 21714 22034 21812 22078 17,800
21914 22014 21714 2194 21412 217
Amer Telep & Teleg
100 19314 Jan 8 224 Mar 28
.466 167
166 166
16312 16412 16314 16314 163 163
164 16438 1,300 American Tobacco com____50 160 Mar 26 15812 Jan 28
165 166 *16312 165
166 167
166 166
164/
1
4 164/
1
4 164 16530 1,600 Common class B
50 16014 Mar 26 188 Jar '28
119,
4 120 •119/
120 120
1
4 120
120 120
120 120 511912 120
700 Preferred
100 118123.1ar 11 12114 Jan 15
140 140
.140 142 *140 142 *140 142
142 142
140 141
400 American Type Founders _100 13612 Jan 5 155 Jan 31
10812 110
110 11112 *10814 111
110 110
*10814 112
10812 10812
170 Preferred
100 10712 Jan 8 112 Apr 5
8112 8112 814 8334 8212 8312
8212 8233 8318 8014 81
*82
5.200 Am Wet Wks & El
No par 6714 Jan 8 94 Mar 2
*9912 100
100 100
o9912 100
*9912 100
1004 10012 .100 10218
300 let preferred
97 Jan 3 104 Jan 28
2018 2014 2014 204 1978 20
2014 21
1912 20
.191
/
4 2014 2,300
100 1918 Mar 26 277 Jan 3
467 47
4612 4612 4573 4612 4518 4578 2,400 American Woolen
48
47
*47
47
Preferred
Apr 12 5833 Jan 2
4518
100
1114
1144
1114
1112 11
1112 1112 1112 1112
11
11
11
1.500 Am Writing Paper etfs_No par
1014 Mar 28 1514 Jan 21
*4012 42 .4012 42
*4012 42
*4012 42
*4012 42
4012 4012
200 Preferred certificate
100 4014 Apr 1 46 Mar 2
3513 3612 3613 3753 3673 3773 13,900 Amer
37
37% 3834 3718 3858 34
Zinc, Lead & Smelt___25 30% Mar 26 4914 Mar 18
9812 9833 9833 9833 9838 9778 977a
*9914 100
9873 9914 *97
800 Preferred
25 977 Apr 12 1114 Mar 19
14514 14738 13978 14633 13912 14212 14158 14422 14312 14578 142'4 14533 678.700 Anaconda
Copper Mlning_50 1154 Jan 15 17472 Mar 21
3
4
5914
575*
59
5614 5612 5614 57
5712
58
587
58
8
5712
6,700
Anchor
Cap
514 Mar 26 62111 Feb 21
par
No
*118 11913 4,118 11912 11614 119
11714 11912 1183* 1183* •1184 119
1,600
No par 11114Mar 25 124 Mar 1
5312 5153 5334 524, 5439 5318 5473 124,000 Preferred
5218 5312 51
5212 51
Jan 31 6838 Mar 1
Mining_No
Andes
98
par
Copper
384 40
3812 3812 3712 39
37,2 38
3712 38
3812 4014 5,700 Archer. Dan'Is. Miel'Id_No par 3614 Mar 26 4912 Mar 4
*11412 115 *11411 115 *11412 115 *11412 115 *11412 115
11412 115
Preferred
100
Jan
114
4 115 Jan 11
88,
4 89
8912
8834 89
8912
90
90
*89
90
9018 9018
800 Armour di Co (Del) pref
100 8513 Star 26 95 Jan 30
134 134 13
1318 1258 1314 1212 1278 1212 127
1212 14
23.000 Armour of Illinois class A___25 1218 Mar 25 1812 Jan 2
63
7
7
7
7
718
61
/
4 7
7
61
/
4 7
634 7
29,400 Class B
612 Mar 26 1014 Jan 2
25
78
78
777 78
*7712 78
*774 78
78
78
7734 78
1.200 Preferred
100 7513 Mar 26 86 Jan 24
•2612 27
2618 261
1
4 25
2514 25/
/
4 2534 26
2512 2534 2534 2,300 Arnold Constable Corp_No par 25 Mar 25
4072 Jan 2
*2412' 28
*2412 28
28
*25
*25
28
28
•25
2412 2412
100 Artloom Corp
No par 2412 Apr 12 30 Feb 5
*98
99
99,2 100
.96 100
.96 100
896 100
•96 100
200 Preferred
100 97 Apr 5 100 Jan 4
• Bid and sated prises: no sales on thhi day.
PER SHARE
Range far Previous
Year 1928
361
/
4 Nov 85
Api
76 Nov 10258 July
90 June 142 Del
Oct 11412 June
109
Jan 425 Dec
195
93 Jan 9912 Mal
3012 Dec 3312 Dee
11
Jan 65 Sepl
3414 Jan 6984 Sepl
2/
1
4 Jan
5/
1
4 Mai
59 June 9958 Dix
712 Jul e
1458 Jaz
1
10 No,
Jan
/
4 Jar
22/
1
4 Dec 311
146 Feb 252/
1
4 No,
12012 June 12758 Ma3
11518 Feb 200 Del
1
4 Ap
918 Oct 16/
89 Mar 90
AD
2718 Feb437 No.
Feb26
No.
1558
5558 Feb7972 N0,
7484 Jan 159 Ma;
60
Oct657 Jai
1434 Jul
2412 AR
36 Feb6158 Fier,
153 Feb443 No,
397 July 491g Jai
120 Dec128 Jun
1058 Apr 2614 Ma:
40/
1
4 Apr 657 Ma:
7012 Jan 11712 No'
1361
/
4 Jan 147
Ap
8814 July 11112 Ja,
11058 Aug 13713 Ma
71 Dec 105 Jun
44 Dec 50/
1
4 De
Jan 114 Ma
107
1012 Dec 1512 AD
169
Jan 310 De
2252 Feb 85 De
104/
1
4 June 110 Ma
81
Feb 100 Set
8/
1
4 Oct1538 Fe
31 Nov 673 Fe
59 Feb 86 NO
28
Jan 46/
1
4 Au
90
Jan 9912 Ma
514 Jan
56
Jan
87 June
10314 Oct
12912 June
110 Dec
39 Mar
109 Aug
9634 Dec
12/
1
4 July
38 Dec
6214 Jan
10012 Dec
7018 Nov
814 Dec
13013 Jan
141
Oct
11012 Jan
511
/
4 Feb
56
Jan
275 Nov
312 Aug
80 Sept
Feb
169
131 Mar
141
Jan
Oct
100
5018 June
109 June
55 Feb
100 Feb
46
Feb
1714 Dec
172 July
152 June
152 June
11534 Sept
1097s Aug
107 Nov
52 June
98
Oct
14 July
39 Aug
104 June
34 Jun.
63 Jar
40
Jan
Jan
54
48 Dec
1064 Dec
3613 Nov
5514 Feb
Oct
112
8638 Jan
1114 Jan
658 Jan
674 Jan
8514 July
2814 Dec
99 Deo
11% Oc
8512 Oc
115
Ja
134 Ma
183/
1
4 Ds
116
Ja
63/
1
4 No
11711121a
9934 No
25 Fe
90
Ja
95 Ma
1
4 Ma
107/
7712 blc
86/
1
4 No
19112 DI
152
Al
143 Di
Al
85
7474 Set
45 Ma
64 Ms
Js
119
293 Do
142
Al
210 Do
120 Jul
70% Js
120 Fe
9311 Nc
11012 Ms
7358 Sei
32
Js
211 Me
18458 DI
18471 NC
125
Al
1424 Nr
115 MI
7613 N,
106
Al
3258 N,
6558 Ni
1913 F1
5334 0
57 0
1177 0
120/
1
4 Di
5458 Di
111 DI
56 No
11278 NC
1154 Ml
974 Jul
2312 Bel
1312 Ma
914 Jut
511
/
4 Al
4458 Ms
114 Ms
2424
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here. see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 6.
Monday,
April 8.
Tuesday,
Aprit 9.
Wednesday,
April 10.
Thursday,
April 11.
Friday,
April 12.
Sales
far
the
Week.
LOW48l
Per share $ per share $ per share $ Per share $ per share $ Per share Shares Indus. & iliiscel. (Con.) Par
2812 *28
100 Art Metal Construction__ 10
2812 284 281z *28
2812
2812 *28
2834 *28
*28
No par
54
5478 52
5234 5338 25314 5378 12,500 Assoc Dry Goode
5312 5134 53
5358 55
100 First preferred
100
10012 10012
*9712 102 31100 102 *100 102 •100 102 *100 102
180 Associated Oil
25
45
*454 4714 4518 454 4312 4312 44
*43
4714 4314 4314
48
471
/
4 4878 49
5078 4838 4958 464 48
5012 4912 5038 6,900 All 0 & WI El 8 Line_No par
1,000 Preferred
100
5678 5678 5684 5684 5512 5612 5534 5534 *5512 57
*5512 57
96,200 Atlantic Refining
25
57
58
5534 57
57
584 5558 57
5638 5714 5658 58
*115 11512 115 115
80 Preferred
100
11513 11512 11512 11512 11512 11512
115 115
No par
94
600 Atlas Powder
94
94
9218 9218 *91.
94
93
93
9212 9138 9112
Preferred
100
*101 10413 *10014 10414 *101 104 *101 104 *101 104
101 104
*12
200 Atlas Tack
No par
1312 *12
1358 *12
1312 1312 134 *1258 1312
1312 "12
6
658 658 1,900 Austin, Nichols & Co_No par
6
534 6
578 638
614 634
54 54
34 '32
700 Preferred non-voting___ _100
*3218 3212 3212 34
*32
34
34
*32
34
"32
100 Austrian Credit Anstalt
65
*6212 65
*6212 65
*6212 65
6212 6212 *62
*6212 65
No par
31
3258 33
3258 3134 3214 12,100 Autosales Corp
3114 31
33
3538 304 33
5001 Preferred
60
41
41
41
41
42
*40
41
41
41
41
41
*40
300 Autostr Sat Razor"A" No par
45
45
*4418 45
*4414 46
*4418 46
45
*4418 46
45
258 25978 254 258
250 25512 25512 25612 258 25912 3,400iBaldw1n Locomotive Wks 100
246 254
290 Preferred
100
12038 123
11812 11812 11812 11812 11812 12034 12034 12354 121 122
100 Bamberger(L)& Co pret _100
10812 10812 10814 10814 10814 1084
•10812 109
10812 109 *10812 109
600 Barker Brothers
No par
*2934 30
*2934 30 "2954 30
*2954 30
2912 2934 *29
2934
400 Preferred
100
9534
92
*92
9218 92
"92
95 '92
95
*92
9534 *92
600 Barnett Leather
No par
20
17
1718 1718 "17
20
18
18
18
1818 *18
17
25
4358 4438 24312 4414 4254 4312 4234 44
43
4418 4334 4478 71,360 Barnsdall Corp class A
300 Class B
26
46
*43
*43
46
x43
43
*43
45
*4412 4512 *44
45
700 Bayuk Cigars, Inc
No par
9478 9434 95
954 9512 *90
95
*90
95 '90
*95
99
50 First preferred
100
104 104
105 105
•104 1041 105 105
105 105 *104 105
3,400 Beacon 011
23
No par
23
23
2318 2258 23
23
2314 23
23
232 23
20
9112 9,500 Beech Nut Packing
91
8812 9178 9012 92
89
8912 9012 89
89
85
9,300 Belding Ileufway Co__No par
1312 14
14
1312 1322 1314 1414 134 1438 14
•1334 14
400 Belgian Nat Rys part pref _ _ __
8158 8158 814 8155 *8112 8212 *8112 8212 8178 8178 *8112 82
8,100 Best & Co
No par
8338 8134 83
79
80
79,2 814 7714 7958 8012 8158 81
10918 11114 10914 11214 10758 11113 10814 11114 11012 11134 10914 112 362,700 Bethlehem Steel Corp_ _ __100
1,300 Beth Steel Corp pf (7%)A00
118 11914 118 118
11814 11812 11812 119
118 118 *11912 120
No par
5614 57
5912 6014 5914 6012 59
59
5714 5812 5714 5712 3.000 Bloomingdale Bros
Preferred
100
'10934 - - - - *10934 - - - - *10934 ____ *10934
*10912 270 Blumenthal & Co pref
100
102 102
103 103 *102 103 '102 103 *102 103 *102 103
400 Bon And class A
No par
8012
*80
80
80
"79
80
80
80
*79
80
80
80
*612 7
No par
812 812 *614 612 '614 612
900 Booth Fisheries
612 612
818 638
100 1st preferred
50
100
48 I *45
*45
47
*48
45
51
"46
48
45 '45
50
18018 18112 18114 18312 18012 183
181 18214 181 18478 18334 18612 14,100 Borden Co
200 Botany Cons Mille class A_60
12 1 1014 1014
•1034 1212 *10
1212 *1033 1212 *10
1214 •10
4214 4438 4314 4412 4134 434 42
434 424 4438 4312 4414 63,900 Briggs ManufacturIng_No par
200 British Empire Steel
414
100
412 *4
412 *4
*414 412 *4
44 438
412
414
300 2d preferred
100
7
7
8
*7
8
*7
934 *6
712
612 7
*7
5534 2,100 Brockway Mot Tr.__ _No par
55
5418 55
5314 5378 5312 5312 5314 534 5312 54
Preferred 7%
100
*106 135 *106 135 *106 135 '106 135 *106 135 *106 135
Brooklyn Edison Inc
100
*300 312 *300 312 *295 312 *295 312 •295 325 *305 325
No par
17312 17614 1,200 Bklyn Union Gas
170 174
170 170 *169 170
*173 175 *170 175
No par
394 394 3912 3912 1.600 Brown Shoe Inc
39
3938 3878 39
39
39
*3818 39
Preferred
100
*11784 120 *11734 120 '11758 120 *11734 120 •11834 11914 *11834 11912
48
4518 4634 4512 4612 4538 4634 4612 474 9,600 Bruns-Balke-Collander_No par
4612 4814 45
10
3312 3312 334 3358 3212 33
3238 3258 3238 3312 3318 3334 5,800 Bucyrus-Erie Co
10
4258 4338 4,100 Preferred
4312 4312 43
4238 4278 4212 43
4378 4214 43
80 Preferred (7)
100
*11418 _
•11234 125 *11234 ____ 1144 11438 11418 11418 *11418
300 Burns Bros new clAcomNo par
110 110 *10912 11212 *10938 11212 "109 11212
•110 11212 *110 111
New class B corn__ _No par
3112 3112 *3112 32
3138 3012 3034 1,700
31
3112 3014 3014 31
150 Preferred
100
10034 102 *10034 10334 10034 10034 1004 10058 100 101
•10034 103
7,200
Burroughs
Add Mach_No par
294
29712
294
290
28212
289
28512
289
290
283 286
287
No par
644 3,700 Bust, Terminal
64
6438 65
6478 65
6558 6414 65
8578 654 65
210 Debenture
100
10712 10778 1074 108
•10612 108
10612 10812 10712 10712 1064 10712
10 Bush Term Bidgs pref _ _ _100
115 115 *113 115
*113 115 *113 115 *113 115 *112 115
1,400 Butte & Superior Mining_ _10
918
*9
9
9
9
9
9
9
9
9
9
918
10,500 Butte Copper dr Zinc
5
64 7
7
7
634 64
612 634
714
7
618 7
100
2,300 Butterick Co
32
3314
32
3258 324 32
31, 314 32
32
324 33
153 156
151 15412 149 155
15212 15812 15314 15634 155 15834 13,900 Byers & Co (A 141)____No par
100
170 Preferred
11112 11112
105 10512 107 108 *109 11112 *110 11112 "110 111
108 108
110 11412 11514 11934 119 12012 7,100 By-Products Coke____No par
*110 111 *10914 110
7512 3,600 California Packing_ _ _No par
7578 74
*7414 7433 7414 7512 7378 744 7358 7358 74
25
'California Petroleum
30
*24
30
30 '24
*24
30
*24
30 '24
30
*24
10
212 234 11,500 Callahan Zinc-Lead
278 3
212 212
3
3
3
212 234
3
1254 12712 13,800 Calumet & Arizona Mlnlng.i0
12358 12734 12238 124
127 129
12314 12412 124 127
25
4878 61,100 Calumet & Recta
4878 48
5058 5238 4812 5114 47
4834 46
48
47
8218 83
82
81
8212 8014 8178 8012 8212 8238 8278 8,400 Canada Dry Ginger Ale No par
83
No par
40
*3914 40
3914 3914 3912 3934 2,400 Cannon Mills
3978 39
539
3912 39
900 Case Thresh Machlue____100
425 440
430 430 *420 440 *420 440 *415 440 *420 440
100
I Preferred
*115 135 *115 135 *115 135 "115 135 *115 135 *115 135
3812 39
1,300 Central Aguirre Ass°. _No par
*36
39
*3512 3812 *3512 39
36
3612 3712 38
45
4634 464 4712 457 475* 4618 4712 4638 4778 4838 4934 102,400 Central Alloy Steel____No par
100
130
Preferred
*109 11012 109 109 *109 11012 11012 11012 11012 11012 110 11112
1712 1734 1,600 Century Ribbon Mills_No par
18
14
14
144 1434 16
14
14
1514
1414
100
100 Preferred
*7014 72
*7014 72
7014 7014 7014 7014 *7012 72
*7014 72
104 10412 102 10434 9918 102
9912 10112 x100 10112 9918 10078 30,100 Cerro de Pasco Copper_No par
6,400 Certain-Teed Products _No par
17
1714 1613 1678
164 1718 1814 21
18
18
1718 1718
100
600 7% preferred
*4478 4912 "4478 4912 *4478 4912 *4478 4912 *4478 4912 4712 50
59
200 Certo Corp
No par
*57
57
57
59
*5534 57
58
58
*56
59
*56
Chandler Cleveland MotNopar
Certificates
No par
8212 ie7; 86 16" 1.
52 85 8312 8412 -8322
*30
30
30
30
30
2912 2912 *3012 31
4958 5012 4958
4958 4958 4958 494 4934 50
33
33
33
33
3358 3314 3314 33
33
4212 4212 4112 41711 4112 4112 *4112
42
42
4712
*4818 4713 474 4713 46% 4718 4612 48
10318 10512 10418
10758 10884 103 10514 100 103
*2934 110
4 109 •100
*99,
*99,
4 105
*9934 110
9478 8972
9218 9412 92
9278 95
93
95
5014 5014
5014 *50
5014 *50
5014 *50
*50
21
2034 21
21
2112 21
2138 2112 21
6212 6212 6212 62
6258 627a 3182
63
63
*112 115 •112 115 *112 115 *112 113 *112
12714 13018 12958 1294 128 1294 128
*13034 131
5658 5734 5714
5712 58
5734 5858 5712 58
97
98
98
98
98
98
98
98
98
6412 6534 6512 6678 6414 6512 6312 6514 64
129
127 12814 12858 130
•13112 134 "129 131
139 13912 13928
13738 14212 141 14212 141 141
104 1054 104 10478 10514
10412 10412 10412 105
6833 6658
66
684 65
70
6814 6934 68
4914 514
*25
251
*2512 26
*9812 99
161 1611
*10214 1041
*9312 951
*48
49
288 292
127 12734
76
*73
2334 24
79
7978
34
78
8234 83
92
92
2638
*26
10214 10278
9914
99
5178
50
*25
2512
2554 26
98
98
161 16114
*8812 10414
9412 9412
*47
4912
288 298
129 12934
7512
*73
2358 24
76
76
34
34
*8312 843*
9354 9354
26
264
10118 103
99
9912
504
48
2512
*25
25
,
4 2584
97
9718
162 16378
"88 10414
5934 95
46
46
282 28712
125 12638
73
73
2318 2378
764 7614
*34 1
8358 8358
9214 9334
2558 26
10018 102
9914 9914
484 5012
2512
*25
'2534 26
98
96
16112 162
*88 10414
95
95
4512 4558
283 291
126 129
7212 7212
2312 254
7618 78
*34
1
8312 8478
9334 9334
2558 26
10014 10184
9914 9914
Highest
PER SHARE
Range for Preview
Year 1928
Lowest
Highest
$ per share $ per shore Per aeare
3078 Feb 4
25/
1
4 Jan 3434 Apr
7034 Jan 10
4014 June 7513 Dee
107 Jan 15
99/
1
4 Aug 11378 Apr
4714 Apr 5
3712 Feb 533s Sept
514 Apr 5
3718 Feb 5973 May
58 Apr 2
38 Feb 6514 Oct
68 Jan 2
60 Nov 6611 Dec
11758 Jan 11 11413 Sept 11814 Jan
115 Jan 2
63
Jar 114 Dec
10613 Jan 14 102 July 11012 May
1513 Jan 3
17% June
814 Jan
10 Jan 11
9/
458 Jan
1
4 May
4213 Jan 14
25 July 39
Jan
65 Jan 8
58
Oct 75 May
3538 Apr 8
612 Jan 34% Nov
25 Aug 41 Nov
4378 Jan 23
50 Jan :1 1
43
Oct 5212 May
271 Mar 22 235 June 285 Mar
125 Apr 3 115
Oct 12434 Apr
11011 Feb 1 10714 Nov 111% Jan
2878 Aug 3514 Dee
3334 Jan 23
97 Jan 28
9178 Dec 10113 June
2312 Aug 52/
2914 Jan 15
1
4 Feb
20 June 53 Nov
4678 Jan 3
20 Jure 5118 Nov
49 Feb 2
98 June 14013 Mar
11334 Jan 25
10634 Jan 29 10312 Dec 11033 Mar
1214 Mar 241
/
4 Dee
284 Jan 8
/
4 Dec
70% July 1011
101 Jan 12
12 Dec 22
Jan
1434 Jan 2
8258 Sept 9211 May
844 Jan 3
Oct
5334 Jan 102
9312 Jan 3
5178 June 8838 Dee
113 Apr 6
123 Jan 11 11818 June 125 Apr
3358 July 50 Sept
6178 Apr 5
111 Jan 16 10912 Jan 11134 July
87 June 122 Dee
118 Jan 2
891s Jan 12
6514 Jan 8513 Dec
1211 Nov
514 Jan
11% Jan 2
4114 Mar 7213 Nov
63% Jan 18
Jan
20334 Feb 6 152 June 187
834 Aug 23 Jan
1513 Fel) 11
2118 Feb 634 Oct
3314 Mar 28 6318 Jan 3
14 Jan
9/
1
4 May
6% Jan 28
334 Mar 26
12 Feb
214 Jan
1
4 Jan 28
534 Jan 14 13/
4513 June 7511 Nov
51 Mar 27 7378 Jan 2
121 Feb 16 145 Jan 2 110 June 150 Nov
300 Jan 2 340 Jan 5 20634 Jan 325 Nov
170 Apr 9 20012 Jan 28 139 June 203% Nov
44 Dec 5512 Apr
384 Apr 4 47 Jan 2
Jan
117 Feb 7 11913 Feb 18 115 Nov 120
2712 Feb 6234 Sept
42 Mar 26 5514 Jan 18
244 Feb 4834 May
3238 Mar 26 4234 Jan 5
3338 Feb 5458 May
4158 Mar 26 50 Feb 5
Apr
112 Jan 3 11611 Feb 18 11014 Mar 117
Oat
110 Feb 25 127 Jan 11
9312 Feb 127
1578 Mar 43% June
3014 Apr 10 39 Jan 14
9734 Feb 11034 JIM
100 Apr 12 10514 Jan 7
Jan 249 Dee
234 Jan 16 29712 Apr 12 139
50 June 88 Dee
64 Apr 12 8918 Feb 2
10514 Jan 5 11012 Mar 2 10478 Aug 115 May
110 Mar 22 11812 Feb 19 111 Aug 11912 June
16% May
834 Aug
812 Mar 26 1238 Jan 4
1214 Nov
41
/
4 Jan
912 Jan 3
618 Apr 9
1
4 May
: Dec 67/
371
29 Mar 27 41 Jan 2
901
: Jan 206% Dec
134 Mar 28 19278 Jan 2
105 Apr 3 12958 Jan 26 10858 Apr 118 Dee
65 Ma 122 Dee
10414 Mar 28 12934 Jan 26
82% Sent
6812 Jun
7218 Mar 26 8158 Feb 27
38 Sept
2514 Ma
2634 Mar 2 30 Apr 3
538 Apr
134 Ma
4 Jan 22
212 Apr 10
89 Feb 133 Nov
12114 Jan 7 14258Mar 1
2018 Jan 47% Nov
4218 Mar 26 6178 Mar 1
54% Jan 8613 May
78 Jan 4 8934 Mar 19
50 Sept
43 De
38 Mar 25 4813 Jan 3
Jan 515 Nov
412 Mar 26 509 Jan 2 247
122 Apr 4 12818 Fob 15 12012 De 13512 Mar
39/
1
4 Dec
3814 De
3112 Mar 26 484 Jan 30
48% Dec
2818 Ma
4012 Mar 26 5212 Feb 1
Jan 11134 May
10534 Apr 2 11211 Jan 28 107
Oct
24
11 Au
13 Mar 26 2013 Jan 2
92 May
77 Au
7014 Apr 10 82 Jan 17
58/
1
4 Jan 119 Nov
9918 Apr 9 120 Mar 1
6458 Apr
2318 De
1612 Apr 10 284 Jan 2
75 Nov 100 May
4712 Apr 12 8112 Jau 11
7012 Oct 8313 Dec
5634 Mar 28 9214 Jan 31
54 Feb 24 Nov
20 Jan 24 23 Jan 11
2212 Jan 11 2234 Jan 18
14 Mar 37% Dee
No poi 36 Mar 7 41 Jan 29
Preferred
No par 37 Jan 9 40 Jan 14
Pref certificates
62% July 8118 Jan
No par 7812 Mar 26 90 Apr 8
8538 8578 21,200 Chesapeake Corp
87
400 Chicago Pneumat Tool No par 2814 Mar 26 3578 Jan 25 111 Aug 17313 Dec
3012 3078 304
No par 4818 Mar 27 5814 Jan 11
4958 5012 504 1,8001 Preferred
29% Aug 43 Jan
380 Chicago Yellow Cab_ No par 3058 Mar 28 36 Jan 7
334 3234 33
45 Dec 5613 Oot
4112 4112 1,000 Chickasha Cotton Oil
10 4012 Apr 2 50 Jan 2
42
Apr 64 Dee
37
/
4 Jan 2
No par 4478 Mar 28 601
5412 7,200 Childs Co
53
53
37% Mar 747s Nov
11,400 Chile Copper
10512'101 104
25 7114 Jan 8 12712 Mar 21
Jan
76 Dec 131
Christie-Brown tern ctftiNo par 102 Jan 3 115 Feb 4
109 .100 109
1
4 Oct
No par 8934 Mar 26 135 Jan 2
5434 Jan 140/
,
8 9338 286,800,Chrysler Corp
9312 90
5114 Jan 5424 June
980 City Stores class A_
No par 494 Feb 25 52 Jan 2
5012 *5014 51
No par 2012 Mar 26 27 Feb 4
,
4 2112 4,8001 New
2118 20
"Air
900 Cluett Peabody dc Co No par 62 Apr 11 72% Jan 3
60% Dec
62
6214 6212
Preferred
100 110 Mar 27 119 Jan 3 11113 Dec 124% Mar
113 "112 113
No par 12314 Mar 26 140 Feb 5
12978 130 13134 4,600 Coca Cola Co
5,300ICollins & Allman
4418 Dee 111* "iii
No par 50 Jan 4 7214 Mar 14
5812 59
58
Jan
800 Preferred non-voting___100 93 Jan 3 10312 Feb 6
98
90 Nov 109
*97
97
10,200
Colorado
Fuel
Js
Iron
100
59
Mar
26
66
5213 June 841e Jan
6414
7812Mar 8
65
2,800 Columbian Carbon v t eNo par 12114 Mar 26 1547s Feb 4
79 June 13414 Deo
13478 13312 134
89/
1
4 Mar 140% Dee
7,000 Colum Gas dr Elee___No par 13334 Mar 26 160 Jan 31
139 4 140
140
1,700
Preferred
100 10378 Mar 21 10778 Jan 11 106 June 11018 Jan
10514 *10434 10514
:NOV
Dee 843
61
6418 Mar 26 8834 Jan 9
694 6834 704 199,000 Columbia Graphophone
51
49
2512
"25
*2534 26
9734 98
16012 16034
"88 10414
95
95
4518 4518
28214 290
12812 132
701
69
2518 253
784 783
*84
1
83,
4 85
9214 921
2558 261
10058 1037
9918 991
$ Per share
2734 Mar 26
50 Mar 26
100 Apr 4
43 Feb 11
3218 Feb 16
4534 Feb 11
5312 Jan 29
115 Jan 21
914 Apr 12
100 Mar 13
1018 Feb 25
534 Apr 8
32 Mar 14
59 Apr 1
2218 Feb 15
3614 Mar 4
434 Jan 10
225 Mar 2
11534 Jan 4
10814 Jan 2
2812 Jan 14
8934 Jan 19
17 Mar 14
3818 Feb 18
38 Feb 16
9434 Apr 12
104 Feb 8
20 Feb 7
8134 Mar 26
1118 Feb 13
81 Jan 29
7534 Mar 26
8218 Jan 31
11634 Mar 27
4214 Jan 21
10812 Apr 1
97 Feb 15
7812 Mar 25
6 Mar 26
45 Apr 10
17411 Jan 8
1014 Apr 12
I
4934 5012 28,800 Comroerclal Credit____No par
*25
2512
Preferred
25
•2S34 26
70 Preferred B
25
620 1st preferred (638 %)98
97
._100
15934 16312 4,100 Comm Invest Trust...._No par
*88 10414
7% preferred
100
9518 9518
700 Preferred (63)
100
4612 4612 1,900
Warrants
100
7,300 Commercial Solvents...No par
293 293
12912 13012 10,800 Commonwealth Power_No par
69
2,500 Conde Nast Publics...No par
69
2514 2578 51,900 Congoleum-Nairn Ino_No par
2,600 Congress Cigar
78
78
NO par
34
34
400 Conley Tin Foil stpd_No par
2.700 Consolidated Cisar
No par
*8311 85
320 Prior pref
9214 9334
100
3,200 Consol Film Ind pref_No par
2512 26
104 105 106.400 Consolidated Gas(NY) No par
9914 994 6,500 Preferred
No par
81d lind1188111 prices, no sale on Stile day. T Eh-dividend of 100% in oom,strict
PER S'3ARE
Range Since Jan. 1.
On basis of 100-share lots
STOCK
NEW YORK STOCK
EXCHANGE
5 Ex dividend
43 Mar 26
2413 Jan 2
25 Jan 21
9518 Apr 1
13112 Jan 2
10114 Mar 27
93 Mar 15
2714 Jan 7
22514 Feb 18
10714 Jan 7
69 Apr 11
2212 Mar 26
78 Mar 20
31 Apr 6
81 Mar 26
9012 Mar 27
25 Mar 28
9512 Mar 26
9812 Jan 2
r its-rients. • ribillIngs
62% Jan 21
26 Jan 9
:Jan 30
271
1055* Jan 24
195 Feb 4
109 Feb 5
99 Jan 28
6274 Feb 4
30058 Apr 5
1434 Mar 16
93 Jan 10
35% Jan 28
9238 Feb 6
14 Feb 7
9614 Jan 2
96 Jan 7
28% Jan 15
11812 Jan 26
100% Mar 26
21 Feb
23 Feb
23 Feb
85 June
55% Mar
Jan
99
92% June
618 Aug
137% June
6214 Jan
Jan
48
22 June
67 Feb
14 Jan
791: Jan
9438 Oct
23 July
y74
Aug
9714 Aug
0 Es-dlv. and el-rIgers
71 Nov
27 Ma•
211 Dee
107 Nov •
1407s Nov
109 May
981
:Aug
107a Dec
25014 Nov
11012 Dec
84
Oet
3113 Apr
8714 Dec
334 May
100 Dec
102% ADC
2912 Sept
17014 May
105 May
New York Stock Record-Continued--Page 4
For sales during the week of stocks not recorded here, see fourth page
preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 6.
Monday,
April 8.
Tuesday,
Aprd 9.
Wednesday, i Thursday,
Aprll 10.
April 11.
Friday,
April 12.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ per share $ per share
35
352 338
334
312 334
312 358
312 358
312 353
*1814 188 1814 1834 1758 1814 *1712 1814 1712 173
4 17
1714
938 913
914 914
9
9
9
9
9
9
872 9
6513 67
644 6534 65
6612 65
67
67
68
67
68
103 1034 10
97 1013
1034
953 103
1014 1034 1014 1034
92
924 91% 92
92
9234 9234 9234 93
93
9272 927g
7314 753
7313 7612 71% 7412 7212 737
7234 7558 743 755
125 125 •125 126 *125 12514'
5125 12514 125 125
125
125
807 8073 8012 8034 80
8034 80
80
8034 81
8114 8434
204 2073 20% 21
20
2012 1978 2012 1934 204 20
2012
8514 8534 85% 87
8512 8914 8714 904 90
91
89
91
•14113 142 *14113 14134 14112 412
14112 14112 *14112 142
14112 14112
597 6034 5912 6012 571 597
5612 5888 57
584 5834 61
*34
37
*34
3712 *34
37
374 40 •40
45
•40
45
9758 98
9752 9758 *9752 9918 *9753 9914 *9753 10014 *9752 10014
20
20
*20
21
*20
2013 20% 2012 *20
201
a *1934 20
8712 8812 8734 89
8734 88
8734 89
88
89
89
8912
•114 11412 11412 11412 11414 11413 *113
115 *114 116 *114 116
1934 20
184 1913 18
1814 1873 187
1812 1913 1812 184
334 32
334 37
373 373
37a 38
334 37
*334 37
1113 1113 1178 12
*11
117s
1013 1134 104 104 1018 11
1133 1112 1112 1112 1113 1113 114 118
113
4
12
12
1214
65
65
*64
65
*64
65
64
647
65
65
65
65%
*434 514 443
514 *473 514 *5
514
514
6
*5
512
5413 55
544 5434 54
5434 5414 5434 5458 5473 5412 5634
146 148
14653 149
14534 14758 14913 15234
14414 1464 14258 147
*20714 ---- *20714
-- *20714
*20714
- - *20714
-- *20714
*12034 125 *12034 1-i5
122 122
- *122 1-2-5 •122 114 *122 125
•59
61
6018 6018 59
*5914 6078 *60
59
6072 •60
60%
7513 76
72
747
7114 7212 73
*75
73
*77
80
7712
54
55
54
5514 50
5518 5158 54
5314 5378 5412 57
*3688 39 •37
3853 *37
3853 •374 39 •3713 39
*3713
39
*121 12113 12112 12113 121 12113 12113 12258 •121 123
12234 12234
*253582551325312 25358 25318 25312 25212 253
2504 25113 250 25014
*5412 55
*54
55
527 5412 53
53
5414 5414 5414 5414
•11458 115 *11458 115
11458 11458 *11458
-'11458--*140 144
14012 141
140 141
14112 11312 142 fie54 *145 14712
988 912
914
9
9
9
*87
912
9
9
8% 913
*113 11334 112 114
111 11112 11014 11113 11012 11112 11034 11334
644 65
64
04
65
67
65
65
64
65
644 6414
100 100
100 100 *100 100% *100 10018 100 100 •100 1004
*7
i's
678 673
614 634 *6
614 .6
614 *6
614
*37
*37
44
44
*37
44
•37
44
*37
44
*37
44
17514 17514 17434 176
17012 172
17013 171
17012 171
171 17114
*12634 12758 *12634 1273 *12634 12734 12634 12634 12634 126% •1265
1272
64
648 6353 64i 63
6334 6234 6313 6333 6412 6374 64
17712 178
175 17713 17252 175
17312 178
177 177
177 182
•118% 119 *1181g 119 *11818 119 z11712 11882 11712 11712
11714 11712
--- --- ---- --- ---- --- ---- --- -- --
STOCKS
NEW YORK STOCK
EXCHANGE
2425
PER SHARE
•PER SHARE
Range Since Jan. 1.
Range fo Preview
On Oasts of 100-share lots
Year 1928
Lowest
Highest
Lowest
Highest
Shares Indus. & MIscel. (Con.) Par II per sears 8 per share $
per share 8 per share
4,200 Consolidated Textile_No par
312 Mar 26
688 Jan 15
24 Aug
612 Dee
1,600 Container Corp A vot_No par
17 Apr 12 2312 Jan 9
Nov 38
20
Apr
2.700 Class B voting
No par
833Mar 26 1112 Jan 2
9%
Oct 1914 Apr
9,700 Continental Baking el ANo par 4712 Jan 8 69 Apr 5
2612 Apr 5313 Jan
21,300 Class B
No par
812 Jan 8 1334 Jan 17
32 Apr
93 Des
1,800 Preferred
100 8812 Jan 2 97 Jan 16
73 Apr 9612 Jan
98,200 Continental Can Inc_No par 60 Jan 19 8013 Mar 22
53 Lee 12872 Sept
220 Preferred
100 12434 Jan 7 120 Feb 14 123 Jan 128 Mar
5,600 Continental Ins
10 79 Mar 26 9412 Jan 14
75 Feb 947 May
32.700 Continental Motors___No par 174 Mar 26 2888 Jan 21
10 Mar 2012 Nov
65,100 Corn Products Refining
25 6858 Feb 8 9173 Jan 3
643
2 Jan 94 Nov
300 Preferred
100 14114 Feb 28 14434 Jan 19 13811 Jan 141334 Apr
37.100 Coty Inc
No par 51 Mar 26 8214 Jan 28
5 Dec 897 Nov
62
300 Crex Carpet
100 2258 Jan 10 40 Mar 5
1212 Sept 27 Nov
120 Crown Will Pap 151 [If _No par 9752 Apr 5 10114 Jan 18
9612 Jan 10514 Oat
600 Crown Zellerbach
No par 20 Apr 6 2534 Jan 9
2314 Dec 2634 Nov
2.600 Crucible Steel of America_100 85 Mar 26 94 Jan 11
6914 July 93 Feb
400, Preferred
100 109 Jan 8 11634 Feb 28 111 Dec 121 May
2,6001Cuba Co
No par 17 Mar 27 2412 Jan 3
20
Oct 2872 May
1.000 Cuba Cane Sugar
312 Mar 7
No par
43 July
513 Jan 3
712 MAY
5,500 Preferred
100 104 Apr 10 187s Jan 3 , 1358 Oct 3232 Jan
4,200 Cuban-American Sugar
_10 118 Feb 20 17 Jan 3
1532 Dec 2414 May
600 Preferred
100 61 Mar 5 95 Jan 3
9358 Dec 108 Feb
1,300 Cuban Dom'can Sug-No par
4% Apr 3
634 Jan 2
5 Nov
12
Jan
4.200 Cudahy Packing
50 5253 Mar 26 6772 Jan 15
54 Jan 7814 Aug
17,300 Curtis* Aer & Mot Co_No par 1354 Mar 26 1734 Feb 5
531s Feb 19258 May
Cushman's Sons
No par 221 Jan 25 22514 Jan 15 14458 Jan 230
Oct
10 Preferred (7)
100 1204 Jan 22 130 Mar 22 114 Jan 141 Sept
300 Cutler-Hammer Mfg
10 5812 Mar 26 6534 Jan 11
June
52
65%
Nov
3,200 Cuyamel Fruit
No par 63 Jan 3 85 Feb 5
49 July 63 Oct
33,400 Davison Chemical„ No par 49 Mar 20 698 Jan 31
341s Feb 68% Nov
Debenham Securities
5.1 3673 Apr 5 4073 Jan 24
36
Oct 4914 Apr
260 Deere & Co pref
100 116 Feb 26 128 Jan 4 11513 Feb
126/
1
4 May
1,200 Detroit Edison
100 224 Jan 2 260 Mar 21 16613 Jan 2244 Dee
800 Devoe & Raynolds A.-No par 5272 Apr 9 6473 Feb 5
40 Jan 61
Ale
30 1st preferred
100 112 Jan 7 11512 Jan 15 108 Jan 120 Mar
500 Diamond Match
100 130 Apr 2 1644 Jan 11 13458 Jan 172 Nov
5,900 Dome Mines, Ltd
No par
834 Mar 26 1033 Jan 9
8 June 134 Jan
9,700 Drug Inc
No par 110 Mar 26 126% Feb
80 Mar 12012 Nov
2,400 Dunhill InternationaL_No par 64 Apr 8 92 Jan 4
2
11 Jan 9988 Nov
55
1,100 Duquesne Light let pref-100 4912 Jan 24 10073 Mar 5
99% Oct 11611 Mar
600 Durham Hosiery Mills B__ 50
54 Jan 14 111:Mar 4
3 Aug
812 May
Preferred
100 36 Jan 2 44 Mar281 3458 Oct4612 Jan
3,500 Eastman Kodak Co____No par 17013 Apr 11 19412 Feb 21 163
Feb 1944 July
60 Preferred
100 126 Jan 2 128 Mar p1 12312 Aug 134 Apr
5,500 Eaton Axle & Spring__No par 6014 Mar 26 7634 Feb 1
20
Jan 684 Nov
17,500 El du Pont de iNem
20 15534 Jan 22 111812 Feb 1
2,800 6% non-vot deb
100 11534 Jan 21 119 Apr 5 114 July 1214May
Elsenlohr dc Bros
25 957 Jan 2 1124 Jan 18
1214 Jan 99 Dec
Preferred
100 9312 Jan 9 100 Jan 18
3314 3314 334 3314 33
87 Nov 1004 Feb
34
3234 3234 3212 -3112 324 13
-1517
.1 EitIngon Salted
No par 2912Mar26 3938 Jan 10
*102 10252 *102 10258 102 102 •10212 10258 10112 10112'
3314
Aug 43 Nov
5101 10253 2,900 Preferred 614%
100 98 Mar 26 113 Jan 19 10158 Aug 12174 Nov
13814 142
1404 14453 1384 14034 13812 14185 140 1437 14414 14712 20,100
Electric Autolite
•11313 115 *11312 115
No par l2658Mar 26 170 Jan 28
60 June 13813 Dee
11312 11312 *11312 115
115 115 *11313 115
40 Preferred
100 109 Jan 2 115 Apr 2 10812 Sept 11212 Dee
1552 157
1513 1573 15
1534 1514 1558 1514 1552 11,800
1513 15
Boat
No par 124 Jan 9 1832 Mar 19
6134 634 62
88 Aug 1733 JUDO
63
5912 6112 6033 6288 6134 6334 x6272 6488 68,100 Electric
Electric Pow & 1A
No par 4318 Jan 8 7013Mar 21
.10618 10612 10612 10614 106 10612 10612 10612 10612 10612
288 Jan 4958 Dec
10612 10658 1,2001 Preferred
No par 105 Apr 1 1094 Feb 13 105 Dec 11013 Mar
*13234 146 *13234 146 •13234 146 *132 146 *13214 140
*1323
4
146
Certificates
12212
I
8018 8012 8012 82
50% paid
Jan 4 136 Feb 13 12014 Nov 12973 Apr
797 8013 81
81
8014 8034 8133 8172 3,500 Elec Storage Battery-No par 77 Mar 26 928 Feb 4
•413 558 *458 558 •433 453 •435 5
69 Feb 914 Dee
•433 453 •433 4%
lEik Horn Coal Corp_ _No par
412 Mar 25
611 Jan 9
.51212 1313 •1212 1458 *1213 1313 *1212 13
6
une
9 Jan
13
13
.
51238
1413
300 Emerson-Brant class A_No par 1052 Jan 22 2212 Feb 7
7212 728
514 Feb
73
73
7112 7234 7112 712 *72
1558 Dec
Endicott-Johnson Corp____50 7133 Apr 4 8332 Jan 4
•123% 1244 •1234 12418 *12314 12418 12314 12314 12312 7212 724 7282 1,4
7458 Dec 85 Apr
12312
12312
12312
500
Preferred
121
100
Feb 7 12414 Feb 28 1214 Jan 12753 Dec
49
9
4912 4918 48% 4912 4814 4834 49
4912 4914 4912 6,400 Enerineers Public Serv__No par 47 Mar 25 6014 Jan
*91
31
92
33 Feb 51 Nov
9012 9012 *90
9014 *90
9218 •91
9212 .91
921g
109 Preferred
No par 90 Jan 12 10412 Jan 31
9012 Dec 1024 Oct
*3412 3434 3453 3452 348 347
347 3473 344 3434 34% 3488
2,100
Office
Equitable
Jan
par
3114
Bldg-No
4
3714
Mar 2
295 Oct 3334 July
51
5134 52
52
5058 502
50
50
5058 5078 5052 5058 1,200 Eureka Vacuum Clean_No par 4412 Feb 1 54 Feb 28
43 Dec 79 Jail
*2434 25
2453 2434 •24
25
•24
25
*24
25
•24
25
300 Exchange Buffet Corp-No par 2214 Jan 15 25 Apr 2
1934 July 2453 Oct
•44
544
45
45
4512 4534 444 444 •44
8 4434
447
4
43
Fairbanks
500
Morse
No par 4312 Mar 26 51114 Jan 21
324 Jan 54 Apr
*108 110 *108 110 *108 110 *108 110 '5108 110
*108 110
Preferred
100 1074 Feb 16 11073 Jan 9 104
812 82
Jai/ 11434 May
*8113 83
*814 82
8111 8112 8012 8012 .8012 82
1,400
Federal
Light
Trac
&
15
Jan
68'x
3
864
Jan 29
42 Jan 71 Doe
*10013 1007 10012 10082 10012 10012 *9914 10078 59914
9978 10078 10078
120 Preferred
No par 99lgMar21 104 Feb 6
Jan
98
•265 290
109 Apr
250 265
225 225
245 245 .230 250 *225
500 Federal Mining & elmelVg_100 225 Apr 9 310 Feb 4 120 Apr 230 Dee
*9812 993 *984 993 *9813 993 *9813 903 •981z 9912 *9812 245
ggi
Preferred
100 98'Mar27 10034 Jan 7
9114
16
Jan
16%
Sept
10213
16
1673 16
16
164 161
16
164 164 1658 3,800 Federal Motor Truck_No par 1412 Mar 26 2232 Feb 6
9584 95
1853 Aug 2572 May
95
95
95
95
*94
95
95
95
9414 977
4,100 Fidel Phen Fire Ins N Y___-10 90'4Mar26 106 Jan 2
•I134 131
7514 June 1073, Dee
1158 1158 112 113 *11
1134 *11
1234 •11
12
100
Fifth Ave Bus
No par 1053 Mar 25 1334 Mar 2
114 Jan
154 may
•8514 88
878 88
85
85
8412 87
*87
703 Filene's Sons
8812 *87
8812
No par 84 Mar 26 9812 Feb 25
•103 104
101 101
100 100
100 100
102 102
102 102
300 Preferred
100 100
9 107 Jan 23
657 6658 6412 65
6358 6458 028s 6333 6234 6234 6412 6458 3,900 First National Stores_No par 6218 Apr
Apr 10 7472 Mar 16
1158 117
28
2 Dec
1112 121
Apr 76,
1078 113
1078 111
11
1114 1118 1178 84,000 Flak Rubber
No par
1078 Apr 9 2014 Jan 23
8% Aug
6012 61
174 Jan
6012 601
604 60's 60
60
*60
61
604 63
1,200 1st preferred stamped-100 60 Mar 28 7212 Jan 14
55
3
6314 6314 •61
4
Oct
Ian
9112
68
*61
65
*61
65
•61
65
*61
65
100 1st preferred cony
100 6314 Apr 6 8213 Jan 25
7112 7112 7012 71
54
Oct 978 Jan
70
7133 70
707
7033 711s 7112 721 24,000 Fleischmann Co
No par 6838 Mar 26 843 Jan 2
65 June 8933 Oct
*50
5112 *50
5112 50
50
*49
50
*4912 50
4912
50
900 Florsheim Shoe Cl A
No par 48 Feb 25 54 Jan 8
10012 10012 *100 102 •98 101 *100 103
494 Nov 561 Nov
100 100 *100 102's
200 Preferred 6%
100 9714 Mar 18 10212 Jan 18
*62
67
647 071
984 Oct 100 Dee
6212 641± 63
64 •62
64
64
6713 3,200 Follansbee Bros
No par 5912 Mar 26 7334Mar 19
*5214 55
*5212 55
667
2 Dec 6912 Dee
5212 S2ls 5173 5583 5412 55
*5213 54
1,700 Foundation Co
No Par 45 Jan 22 624 Mar 13
363
, Oct 5712 Dec
86
8634 8513 853
8213 851
83% 8433 82
8514 8513 877s 36,100 Fox Film class A
No
Apr
82
par
11
•1064 110
101
Jan
19
10612 10682 10612 10612 *10612 110 *10612 110 *10612 110
72 June 11985 Sellt
2,200 Franklin-Simon pref
100 10611 Feb 28 110 Jan
4553 46
4413 40
444 45's 45
4724 4613 4753 47
477 16,400 Freeport Texas Co____No par 38 Mar 28 5472 Jan 4 10612 Dec 113 Feb
•101 10712 *101 1071 *101 107 •101 107 .101 107 .101
25
43
Oct 1094 Jan
107
Fuller
Co
prof__
par
prior
_No
99
Mar
28
10613 Feb 28 102 Mar 109% Apr
2472 23
24
24
*23
24
237g 237s 2334 2378 2318 2313 1,500
Gabriel Snubber A____No par 20 Mar 25 3378 Feb 5
14
141,3 1414 1458 137 141
15
284 Jan
Mar
1353 1484 1312 134 14
14
5,600 Gardner Motor
No par 1012 Mar 25 25 Jan 31
8714 8714 8614 861
8412 8888 *8634 87
714 June 17% Dee
87
8772 88
8953 11,320 Gen Amer Tank Car
No par 8112Mar 26 102 Jan 9
67
67
6612 0714 66
607 Feb 101 Dec
663
6534 671i 6712 6712 6734 701
4,500 General Asphalt
100 61 Mar 26 8114 Jan 12
•105 109 *105 112 *105 112 *105 110 *108 112
08 June 9472 Apr
112 112
200 Preferred
100 10412 Mar 26 12014 Jan 12 11012 June 14112 Apr
*134 135
134 134 •133 135 *133 135
133 133
1334 135
90 General Baking pref__No par 130 Mar 26 140 Feb 5 132
.48
49
464 4614 45
46
Oct 150 JUDO
45
46
4613 4653 472 48
2.400 General Cable
No par 3713 Jan 9 61 Feb 28
993, 9934 98
9812 97
21
98
Feb 4132 Nov
9612 98
99 100
100 100
4,000 Claw A
No par 81 Jar 8 12012 Feb 28
•105 106
105 106 *105 106
56 Feb 8858 Nov
105 105
105 105 •104 106
600 Preferred
100 105 Mar 12 10712 Jan 21 102
*68
6812 6734 688 6612 6734 67
Oct 107
Oct
6754 67
67
6752 6814 5,200 General Cigar Inc
No par 83 Jan 8 74 Feb 25
751 Feb
•118 120 '5118 120
11714 120 *117% 120 •11714 120 *1174 120
594 Nov
40 Preferred
100 1124 Jan 5 122 Jan 24 1144 Sept 130 Mar
228% 231
228 23253 2251/ 2297 228 23234 23034 236
23313 236
59,100 General Electric
No par 219 Mar 26 26233 Feb 1 124 Feb 22112 Dec
*114 1114 1113 Ills
1118 1114 1118 1114 1118 1114
1114 1114 5,800 Special
10 11 Jan 3 11% Feb 4
8812 *85
*85
8512 *85
11 Sept 12 June
8812 *81
8814 *81
8814 *81
8814
General Gas& Elea A__No par 70 Jan 7 90 Apr 3
•101-__ *101 124 *102 124 *10814 115 *10913 115
3514 Jan 74 Nov
*10912 115
Class B
No par 76 Jan 3 105 Apr 3
1-311 130 131
124 129
1311g 2
37
Jan 80 Nov
129 129
129 130
129%
12914
420
Prof A (8)
No par 121 Feb 20 135 Feb 14 121
11014 11014 1084 110
*110 111
Oct 144 Apr
109 10912 109 110
10934 11012 1,240 Prof B (7)
No par 104 Apr 2 115 Feb 15 105 Oct 11472 May
•___ Ill •-___ 110 '
590 110
*85 110
*92 110
*92
110
Gen
Ice
Cream
Corp_-No
par 7973 Mar 9 110 Apr 3
764 77
76% 77
744 July 10812 Oct
7614 7672 76
7672 75% 7612 75
76
15.900 General Mills
No par 74 Mar 26 894 Jan 18
79 Dec 844 Nov
*96
97
.59513 96
97
*951297
97
*98
98
97
97
8418 8524 94
700 Preferred
8614 8234 8434 83
100 9513 Apr 5 100 Jan 4
9812 Dec 10058 Dec
8514 834 8472 8414 8614 601.800 General
Motors
Corp
10 7714 Mar 26 915
12458 12474 12434 12434 124% 12473 3,400
731 Dec 9014 Nov
12534 12534 z1244 1248 12434 125
.Mar 21
7% preferred
100 12412 Apr 8 12613 Jan 2 12313 Jan 12713 Apt
5153 52
5112 52
5178 *511k 52
51
*5114 52
•5114 52
2,100
Gen
Outdoor
Adv
A__
_No
3634
334
par
4958
3411
34
Feb
2
Jan
52
6
49
Aug 5873 Jan
35
37
35
3734 3612 3732
3513 3653 7,400 Trust certificates---No par 32 Feb 14 41 Mar 12
2912 Aug 5233 Jan
961 98
973 98
9713 954 9811 96
95
9812 97
98%
Gen EY Signal
No par 9311Mar2@ 11112 Mar 1
8414 Juns 12333 J .88
70
7012 68
egts 7034 6988 694 10,900
72
734 r71
7212 *65
3,100
General
Refractories--No
par 68 Apr 10 8612 Feb 20
11014 11113 11018 111
4512 June 82 Jr.:
11112 11178 11012 11112 110 111
1104 11133 9,300 Gillette
Safety Razor-No par 110 Apr 9 12654 Jan 25
41
9718 June 1233 Gel
41
4153 418 4011 415s 4073 4152 4058 4112 40
40% 7.600 Gimbel Bros
_No par 377 Mar 26 484 Jan 28
*8313 837 •8312 83% 8372 837 •83
344 Mar 5972 June
837
83
83
•83
837
200
Preferred.
100 8153 Mar 2 90 JILD 3
41
4112 4114 42
4134 4212 422 4312 4234 431k 4388 4612 50,400
87 Mar 101 June
Glidden CO
No par 3872 Jan 2 4612 Apr 12
104 104
2033 Jan 37 Dec
104 104 '10358 104 *10312 104 *10334 104
104 1043
130 Prior Preferred
473 482
100 10312 Jan 3 10514Mar 8
477 4938 464 48
95 Jar 105 Sepi
4612 48
4614 4714 4618 4778 12,300 Gobel
(Adolf)
No par 44 Jan 26 06 Feb 5
614 631
614 83% 6118 62% 6014 623
6058 631
4212 Dec 6212 Nol
6373 66% 129.300 Gold Dust
Corp v t es---No par 5418 Mar 26 82 Jan 19
8958 8034 8812 90
874 90
8712 89
71
88
Jan 14314 Dee
888 8858 902 19,300 Goodrich Co
(B F)____No par 8358 Mar 2 10514 Jan 2
113 113
113 113
113118 1134 113 113 *11312 113% •113 1132
13812 June 10914 Dec
700 Preferred
100 113 Jan 9 1154 Feb 25 10912 Feb11532 MAY
13413 130
13338 135
1294 134
13013 134
13233 1341 13278 13788 71,400
Goodyear T & Hub___.No par 112 Feb 21 15412Mar 19
10312 10353 *103 10353 *103 1031* 103 10321 10313 1031 10313 1034
4512 June 140 Dec
1.700 let preferred
No par 10134Mar 2 10474 Feb 28
9212 Mar 105 Deg
• Bid and asked: Mims no sales on this day. •En-dielderld.
pBx-ekites.
New York Stock Record-Continued-Page 5
2426
For sales during the week of stocks not recorded here, see fifth page preceding.
Sales
for
the
Week.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 6.
Tuesday,
Monday,
April 8. I April 9.
Wednesday,
April 10.
Thursday,
April 11.
Friday,
April 12.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lets
Lowest
g per share
5158 Mar 26
5315 Mar 26
97 Mar 28
-9-9-12 *7_7_ 111-2
-9-812 95 98 ;55- 1-06;5C 98
97 Jan 11
*99 105
*99 105
*99 105
*97
98
*97 105
7 Feb 18
734 734 *715 812
8
8
*712 812
8
814
*8
812
394 Mar 26
427
8
41
41
4112
4018
41
4014
4258
4018
417
s
4212 43
36 Mar 26
3712 3712
38
*3718 40
39
39
37,8 371, *37
*3718 39
81 Mar 26
9678 9014 9334 9112 9234 9218 9458 29114 93
95
9538 94
7734 Jae 30
*86
87
87
8678 85
86
86
87
8712 85
87
87
2018 Mar 26
2258 2212 2212 2258 2318
2212 2212 2214 2234 22
23
23
41 Mar 26
4412 4418 4418 44
4418
4538 44
454 4518 4518 4518 45
11412 Apr 12
118 11834 117 11714 11514 11734 11434 11434 11412 11412
.118 119
324 Mar 26
3812 3938
3634 3678 39
36
36
3538 3534 35
355s 36
11338
Apr 9
114
1143
4
11312
11312
11312
11312
8
11412
1133
415 11514 115 115
15258 Mar 26
16318 16618 15812 16458 157 15934 15834 16412 16312 16714 16314 16778
414
334 Mar 27
*4
4
412
4
*4
4
4
334 4
*334 4
50 Apr 12
51
50
65
65
*51
65
*51
*51
65
*51
*5015 60
6134 Apr 2
6538
6312 6318 6478 65
63
6438 6318 6378 63
6334 64
103
Apr 5
104
*101
104
104
104
*10112
104
*101
104 104
104 104
25 Jan 7
27
275s 27
2758 2758 2758 *27
2718 *27
2758 *27
*27
27 Feb 18
31
*28
•28
31
31
*28
31
*28
28
28
28
28
26 Jan 31
2712
2738 *27
*27
2734 *27
2734 "27
27
28
27
27
42 Apr 9
42
4318 4234 4334 4318 4512 4338 4534
4334 4414 4314 44
98 Mar 20
9978 101
10018 101
10018 10018 10018 101
101 101
100 101
10034 Feb 15
*103 -- -•103
*9418 9412 10412 10412 103 103 *103
91 Jan 14
95
94
*9418 9412 '941 9412 9412 9412 9412 9412 9418 95
54 Jan 3
5814 5814 *5812 6034 "5812 60
s____ 60
____ 60 *____ 59
112 Jan 14
*112
*112
*11212
*11212 , *11212 ____ *112
2418 Apr 5
*2418 2412 *2418 -2-41-3 2418 2512 *2414 2538 *2418 2533 2514 25,4
2358 Mar 26
2914
2458 2512 26
24
24
*2414 25
2458 2512 2438 25
60 Feb 19
65
62
62
6138 61
6338 6314 64,4 64
60
*5812 60
104 Mar 15
10514 10514 107 107
*10434 115 *10434 115 *10434 115 *105 115
64 Feb 16
7712
72
7112 71
7112 727s 73
*7158 7334 7234 7234 71
80 Feb 16
84
8712
8258 8312 *8212 84
8312 8312 8314 8314 8314 84
104 Jan 4
*105
____ *105 10518 105 105 *105 10518
105 105 *105 _
17 Mar 26
18
*17
1812 1714 1778 175s 1734 *17
*17
19
*16
20
4114 Jan 3
4314 42
43
4312 4312 4318 4312 43
421z 4212 4212 425s
1578 Mar 26
18
1814
1612
18
*1712 18
*1612 18
*1712 18
*1612 18
7214 Feb 21
*7212 7312 *7212 7312
73
73
*7278 7312 7314 7314 7278 73
6512 Mar 26
6934 6934
69
69
69
6912 69
6814 69
70
69
*68
8018 Mar 7
9912 10312
9812 9912 10212 10012 103
98 10034 9838 102 I 95
6614 Jan 8
72
6712 69
67
6938 6934 7078 7012 7078
7218 7258 70
8514 8612 8534 8634 8518 8578 8558 8738 8512 8634 8638 8778 38,700 Hudson Motor Car---NO Per 7118 Feb lo
5538 Apr 10
5538 6012 5538 5878 5814 6034 117,300 Hupp Motor Car Corp___..1
6338 6534 6212 6434 6038 02
30 Jan 31
3314 34
3334 34
3318 3334 3318 3438 3358 3412 3434 3514 20,800 Independent Oil dr Gas_No pa
No par 2018 Jan 31
2215 2215 2112 2212 2058 2112 2012 2012 2012 2012 2,400 Indian Motocycle
*2212 23
Preferred
100 89 Mar 6
89
___ - 89
89
89
89 *_ _ 89
10 29 Jan 8
5114 301,000 Indian Refining
4978 49
4412 47
4614 4738 4514 5058 4834 5258 48
10 28 Jan 7
Certificates
4312 4134 46
4612 4534 4778 95,300
4278 42
45
41
4834 44
Preferred
100 160 Jan 2
No pa 110 Mar 26
*115- 119 112 fci j 113 - 112 119 iii- 1163-4 11512 1-20- 6,600 Industrial Rayon
No pa 120 Jan 3
12978 12978
400 In rersoll Rand
12912 130 *128 130 "128 130
*12912 131 *12912 131
7815 Jan 2
No pa
91
9214 6,800 ,221 %rid Steel
92
9112 92
903s 9112 90
91
91
9112 91
4318 Jan 7
11,19
ration
Cons
Copper___20
54,900
8
51
53
4934
507
4914
5112
5212
4658 4958 4718 4934
5138
912 Apr 10
No par
3,700 I(..ercont'l Rubber
10
10
1038 1038 1038 1012 1038 1012
912 1038 *915 10
1212 Apr 12
No pa
1314 1234 1278 1234 1278 1233 1278 1212 1212 2,600 I dernat Agricul
1318 1318 13
7834 Apr 11
Prior preferred
10
200
8034 *__ __ 79 •____ 79
7834 7834 •_- 77
81 *__
*80
15834 1594 16014 16278 16034 16238 5,200 lit Business Machines_No pa 14938 Jan 24
158 15812 160 16012 15758 160
854 Apr 9
8614 8614 8712 5,000 I dernational Cement__No pa
86
854 8614 8514 8514 8518 8518 8514 86
61 Mar 26
7038 7278 7014 7258 6858 7134 6838 7112 6978 7114 7134 7414 122,400 I der Comb Ens Corp__No pa
Preferred
10 10812 Jan 2
300
*11034 11114 *11034 11312 11014 11034 110 110 "109 11312 *109 11112
9234 Jan 15
10318 10438 1044 10878 21,700 In ternational Harvester No pa
10318 10378 10313 10378 10178 10314 10158 103
Preferred
10 14014 Mar 26
500
•141 14278 *141 14234 142 142
142 142 *141 144 *141 144
12,900 Iii creational Match pref__35 6514 Mar 26
81
85
7912 7612 7818 77
784 8015 79
7714 7814 81
5 Mar 26
100
8,600 In. Mercantile Marine
534 6
6
612
614 634
538 64
534 6
534 534
100 3612 Feb 1
Preferred
53,900
45
47
45
4814 4412 4638 43
4578 4434 4538 4418 45
01 Mar 26
4878 4734 4958 368,00(3 lot Nickel of Canada_No par 42
4718 4812 4712 4812 4458 4718 45
467e 47
700 International Paper___No par 5712 Jan 11
8212 8212
76
*75
85
82
82
83
83
76
7612 "71
100 87 Apr 10
500 Preferred (7%)
90
91
*90
91
87
9014 9014 "89
8734 8812 8812 "86
3114 3112 28,100 Inter Pap St Pow el A_No par 2712 Jan 8
35
3278 34
3058 3234 3058 31
3418 3418 934
1538 Jan 18
No par
Class 13
1914 1914 3.400
2058 2114 y2138 2138 2015 20'2 1834 1938 1838 19
No par 1058 Jan 10
1614 916
1458 1518 29,400 Class C
1458 15
16
161
1518 1534 1434 1518
Apr 12
100
8514
Preferred
1,500
8512
88
8838 88
87
88
*8312 8712 8514
8838 8838 88
541
54
5434 1,400 lot Printing Ink Corp-NO Par 52 Mar 26
5412 5314 54
54
5412 *54
5434 5434 54
100 100 Jan 2
210 Preferred
100 100
100 100
100 100 *100 102
100 100 "100 102
100 5512 Jan 4
87
520 International Salt
85
80
80
*7512 85
*7514 841 *7514 8412 *7512 80
100 131 Jan 22
200 International Silver
•13914 141 *13914 14014 13914 1391 *136 139 *136 13812 136 136
11214 Jan 4
10()
Preferred
*11518
20
11812
118
11812
*11518
*11518
1181
117
,8
*11518
118 *11518 11818
100 19714 Jan 7
255 26012 25412 25834 247 25314 24018 24034 239 24738 24412 24834 38,100 Internet Telep & Teleg
7814 8012 35,100 Interstate Dent Stores_NO Par 74 Mar 26
8414 7918 81
80
76
80
77
7734 7812 80
100 130 Jan 15
Preferred
*10834 14814 *10834 14814 *10834 1481 *110 14814 "110 15014 *110 14814
No par 29 Jan 2
400 Intertype Corp
30 "30
32
"2912 3012 2912 2912
3034 3034 30
*30
31
1 53 Jan 2
5734
Coal
Island
Creek
500
5712
5714
5712
57
57
57
*57
573
4
*57
*57
59
No par 136 Mar 26
400 Jewel Tea, Inc
139 140
14412 14412 *135 140 *138 140 •138 140
'138 140
100 12415 Jan 3
Preferred
No par 1554 Mar 26
17914 18338 18012 1833s 78,200 Johns-Manville
17114 17734 17218 17718 174 179
16614 172
100 119 Jan 21
100 Preferred
122 122 •121 12212 *121 12212 *121 122 "121 12212 *121 12212
400 Jones dc Laugh Steel Pref-100 11815 Jan 4
12134 12134
12012 121
12012 121
12014 121
12134 12134 121 121
Per share
58
58
per share I $ per share $ Per share
56
5712 56
5715 5712 55
Per share
60
56
$ per share
60
60
Shares Indus. & Miscel. (Con.) Par
4,300 Gotham Silk Hosiery_No par
New
No par
-----100
100 Preferred new
100
Preferred ex-warranta
No par
700 Gould Coupler A
30,700 Graham-Paige Motors_No par
No par
600 Certificates
27,200 Granby Cons M Sm & Pr_100
100
2,100 Grand Stores
No par
1,100 Grand Union Co
No par
1,500 Preferred
No par
1,500 Grant (W T)
29,600 Great Western Sugar- No par
100
290 Preferred
51,500 Greene Cunene& Copper 100
1,800 Guantanamo Sugar-No par
100
50 Preferred
100
9,100 Gulf States Steel
100
70 Preferred
25
40 Hackensack Water
25
Preferred
30
25
Preferred A
110
No par
54,300 Hahn Dent Stores
100
Preferred
3,600
100
20 Hamilton Watch Prof
100
516 Hanna 1st Prof class A
30 Harbison-Walk Refrao_No par
100
- ... Preferred
800 Hartman Corp class A-No Par
No par
Class 13
4,200
20
4,500 Hawaiian Pineapple
25
300 Heime (G W)
14,300 Hershey Chocolate___No par
No par
5,200 Preferred
100
200 Prior preferred
No par
400 Hoe (R) & Co
No Par
2,700 Holland Furnace
1,200 Hollander & Son (A)-- _No par
100
500 Homestake Mining
No par
1,000 Househ Prod Inc
37,900 Houston Oil of Tex tern ctfs 100
No par
17,800 Howe Sound
29
Jones Bros Tea Inc_ ___No par
29
*21
29 *____ 29 *____ 29 •____ 29 •
*21
No par
1114
1034 11
1058 1034 1034 1078 5,600 Jordan Motor Car
1014 103s 1014 1178 11
110 Kan City P&L let pf B_No par
*10818 10812 10814 109 *10838 110 *10838 10912 *10818 10912 *10818 10912
600 Kaufmann Dept Stores_S12.50
2712 2753 *2738 2858 2758 2758 *2712 2818 "2712 2812 2712 2712
82
8678 8434 8718 8578 8712 8614 8738 8634 8734 37,900 Kayser (J) Co v t c__ No par
7912 81
800 Keith-Albee-Orpheum-No Dar
25 . 26
25
2518 2518 25
*2634 2712 *2518 27
27
27
700 Preferred 7%
100
95
*91
95
95
9412 941z *95 100
*9014 98
98
98
24,700 Kelly-Springfield Tire__No par
1578 1578 17
1578 15
1534 15
1512 1534 1553 1558 15
800 8% preferred
100
79
79
75
7514 79
*72
7514 7514 *- -.... 75
*7514 80
100 8% preferred
85
100
85
*89
90
90 *___ _ 90 *____ 90 *____ 88
par
8,600
Wheel___No
511
Kelsey
Hayes
5018
51
493
8
503
4
5018
50
,
2
5078 5278 4914
5278 53
10 Preferred
100
*108 10912 *109 10912 *109 10912 10912 10912 *10912 ____ •10912 -No par
1412 1418 1412 1418 1512 18,800 Kelvinator Corp
1412 14
1412 1438 1414 1478 14
No par
8418 87 337,100 Kennecott Copper
8578 8718 8314 8638 8158 8312 8313 8534 8412 87
No par
68
6878 68
6834 6734 6878 13,800 Kinney CO
6634 69
70
6712 7014 68
230
100
Preferred
•101
103
1023
4
1023
4
"101
103
103
103
10478 10512 103 10534
4278 3558 38,4 3812 4238 177,700 Kolster Radio Corp__ __No par
4818 5114 4012 4878 31
5118 52
No par
3412 2,200 Kraft Cheese
3312 3378 3358 3338 34
3418 3338 34
*3414 3412 34
100
Preferred
97
*95
*95
97
*95
97
97
*95
97
*95
97
*95
10
4958 5012 5018 5078 7,100 Kresge(88) Co
*4834 50
4934 5034 4858 4912 ' 4914 50
11418
80
Preferred
100
11418
*114
115
*114
115
115
*114
114 114 *114 115
400 Kresge Dept Stores----No par
17
17
17
17
17
17
18
•17
18
*17
1715 *17
Preferred
100
7312
731 *73
7322 *73
7312 *73
*73
7314 *73
7312 *73
200 Kress Co
No par
*9312 100
"9312 100
*9312 100
98
99 102
*94
*97 100
3638 3638 3834 3758 383s 92,300 Kreuger & Toll
36
374 3734 3634 3712 3614 37
9058 9212 24,000 Kroger Grocery & Bkg_No par
8858 90
8738 89
8978 9014 8912 9114 8738 891
100 Laclede Gas
100
24412 24412
*235 245 *230 245 *235 250 *235 245 *235 250
100
60 Preferred
100 10018 *100 115 *11038 115 •10038 115 *10038 115 "10038 115
par
Transport__No
2,700
Lego
Oil
&
31
2912
2912
301
30
3014 3014 28
29
28
2912 29's
No par
14034 14258 140 141
13634 14118 140 1413 14018 14212 37,300 Lambert Co
13618 140
18
1034 5,100 Lee Rubber & Tire_ No par
19
*18
19
•19
20
18
*1915 1978
18
18
700 Lehigh Portland Cement__ 50
53
253
*53
55
*5312 55
*5312 55
5318 5234 53
53
120 Preferred 7%
100
110 110
110 110
*10912 11012 11038 11038 10912 11038 110 110
-4,700
552
Lehn & Fink
No par
5612
5518
56
5412 5612 5614 5658 53
53
7
8
5518 53
Life Savers
No par
8718 87'2 _ 1,500 Liggett & Myers Tobacco--25
25
8712 3,600 Series B
8914 8912 87
*8734 8834 86
88
88
89
8712 88
100
100 Preferred
*136 13612 136 136 •136 1364 *136 1364 *136 1361z *136 13612
6,000 Lima Locom Works__No par
54
5012 5258 5178 5238 4934 5134 50
5133 5114 52,2 52
No par
793s 3,800 Liquid Carbonic
78
7834 78
*77
7538 7838 76
76
76
7678 77
62
633s 26,000 Loew's Incorporated-No par
62
6118 6112 585, 6118 59
62
62
6078 59
No par
700
Preferred
1013
4
"10118
10012
1003
8
10012
*10018
1011s
*100
10113 10018 10018 100
No Par
9,4 958 16,700 Loft Incorporated
873 914
918 9,2
9
912
9
914
9
9,4
3,900 Long Bell Lumber A
No par
28
2812 *2712 2912 *2734 2912 27
•2815 29
2734 *2712 28
*Bid and gaged Dries*. no Sales ea Vastly. g Exillvkland. p Ex•rig••••
0 Old elee33
Highest
PER SHARE
Range for Previoni
Year 1928
Lowest
Highest
$ per share
ye? share per abate
5812 Apr 5
744 Jan 23
70 Dee 98 Apr
10114 Jan 5 100 Dec 180 Apr
100 Jan 12
95 Dec 112 May
10 Jan 9
678 Dee 12% Feb
54 Jan 2
1634 Feb 614 Sept
494 Jan 11
2612 June 56 Sept
10278 Mar 20
394 Feb 93 Des
9615 Mar 18
654 June 94% Oet
3278 Jan 2
2634 July 41% Oat
5438 Jan 4
4615 Aug 62% Oct
14458 Feb 5 11134 Dec 1254 Sept
44 Jan 25
31
Jan 3812 Dee
11915 Feb 1 11215 Feb 120 Jan
19738 Mar 20
8938 June 1774 Dee
515 Jan 3
434 Dec
9% Jan
90 Jan 2
90 July 107
Jan
79 Mar 5
51
Jan 73% Sept
109 Feb 14 1034 Nov 110 Apr
2() Feb 28
23 Jan 30 Jan
31 Mar 8
23 Jan 30 Dee
29 Jan 14
2512 Jan 29 June
55 Jan 10
115 Jan 31
99 Aug 104 Apr
10558 Jan 8
9934 Jan 23
59 May 97 Nov
54 Dec 5712 Oct
6034 Mar 22
11812 Jan 29 110 June 120 Jan
2312 Aug 27% Feb
27 Jan 2
1638 Aug 37% Deo
3938 Jan 2
65 Apr 12
61 Dec 68 Nov
118 Jan 29 105 Dec 120
Oot
3034 Jan
7712 Apr 12
7212 Dec
7014 Feb 89 Nov
8712 Mar 15
108 Mar 1 10014 Aug 105 Apr
1514 Sept 3078 Jan
2178 Mar 5
401s Dec 49% Oct
51 Mar 9
18 Dec 364 Apr
22 Jan 2
67
Jan 80 Nov
76 Jan 3
6418 Feb 84 Oct
7915 Jan 7
79 Dee 167 Apr
109 Apr 2
4038 Feb 73% Nov
8215Mar 21
75 Jan 997g Mar
9312Mar 15
29
Jan 84 Nov
82 Jan 28
2184 Feb 3838 Nov
3558 Apr 2
20
Oct 70 Apr
3212 Jan 2
93 Nov 115 Apr
9534 Feb 5
9 Feb 39% July
5258 Apr 10
812 Jan 374 July
4834 Apr 10
185 Jan 11 140 De 185 Nov
135 Jan 18 118 Dec 146 001
90 Feb 127 Nov
137 Jan 26
80 Dee
46 Ma
9678 Mar 20
18 Feb 48% Nov
601/ Mar 1
818 July 21% Jan
1414 Jan 11
13 Feb 20% May
1778 Jan 28
85 Deo
4858 Ma
8812 Jan 26
Jan 16838 Nov
16812 Mar 19 114
Jan 94% Dec
56
10234 Feb 4
454 Fe
80 Dee
10312 Feb 15
121 Feb 16 103 Ma 110 Sept
80 De
97% Dee
115 Jan 29
147 May
145 Jan 18 1384 M
85 Dec 121%May
10215 Jan 4
334 Mar
73* May
714 Feb 15
3418 June 44% Jan
4814 Apr 81
7338 Feb 26912 Dec
7234 Jan 23
Oct 86% May
83 Apr 9
50
Jan
89 Dee 108
9412 Jan 8
22 Dec 344 Nov
3538 Mar 19
147g Dec 19 Nov
2412Mar 8
1054 Nov 13% Dee
1714 Apr 4
88 Dec 91 Dec
93 Jan 23
47% Oct 60 Dec
63 Jan 23
106 Mar 4 100 Dec 100 Dee
494 Mar 68% Jan
9034 Feb 4
Jan
150 Mar 8 126 June 198
Jan
119 Jan 17 11214 Dec 131
279 Mar 28 13915 Feb 201 Dee
614 Nov 90 Dee
9312 Jan 2
150 Jan 2 12412 Nov 150 Dec
2314 Sept 3812 Jan
3434 Feb 21
47
Oct 61 Ms7
89 Mar 5
774 Mar 179 Nov
18214 Feb 5
12518 Feb 13 11958 Nov 1254 Nov
9614 June 202 Dec
24234 Feb 2
122 Mar 14 11815 Oct 122 Apr
12214 Mar 11 119 Dec 12414 May
2538 Mar 4112 00
35 Jan 21 35 Jan 21
818 Aug 194 Oct
6 Mar 26 1615 Jan 2
106 Feb 16 11234 Jan 22 108 Aug 114 Apr
Oot
2912 Dee 34
2715 Apr 6 3718 Feb 6
6258 Jan 92 Nov
76 Mar 26 88 Jan 3
154 May 5112 Nov
25 Apr 11 48 Jan 4
7512 May 160 Nov
9415 Apr 11 138 Jan 5
194 Dec 254 Nov
11 Mar 26 2378 Jan 2
5514 Feb 95 Nov
754 Apr 8 9474 Jan 9
58 Feb 101 Nov
85 Apr 12 100 Jan 14
Oct
22i2 Jan 56
4718 Mar 26 6134 Fob 28
108 Mar 26 110 Jan 8 106 Mar 111 Nov
12 Mar 26 194 Feb 6
74 July 22% Apr
7858 Feb 26 1044 Mar 18
374 Aug 5634 Oct
5012 Feb 1 7014 Apr 6
874 Mar 100 Apr
9312 Jan 2 10934 Mar 6
514 Aug 9541 Nov
31 Apr 10 784 Jan 3
32 Dee 42 Nov
3234Mar 26 39 Jan 21
9014 Deo 10114 Dee
96 Mar 1 994 Jan 2
4614 Mar 26 5715 Mar 4 065 Feb 91% Nov
109 Jan 5 115 Feb 14 11014 June 118 Apr
1315 Jan 2714 Feb
15 Mar 27 23 Jan 2
76 Aug
514 Feb
7112 Feb 19 7314 Mar 18
87 Feb 124% Nov
9612Mar 22 114 Jan 5
3238 Dec 40% Oct
3518 Mar 26 4038 Mar 6
734 Mar 1324 Nov
85 Mar 26 12212 Jan 3
Jan 260 Feb
235 Jan 16 245 Mar 14 200
Nov 1244 Jan
99
4
Jan
100 Mar 8 102
2738 Feb 394 Apr
2614 Feb 19 33 Jan 2
794 Jan 136% Nov
12718 Jan 22 15714 Mar 19
1714 Jan 2614 Oct
18 Apr 9 25 Jan 14
42% June 584 Nov
yet,14
eb 6
FebF
5234 Apr
10614
Dee 11058 May
3 10
10634 Jan 101651s
Jan 844 Oot
38
5215 Mar 26 8812 Feb 4
2815 Aug 4014 Nov
2914 Jan 7 3933 Jan 5
12212 Jan
June
834
28
Jan
8112Mar 26 10511
8014 June 12312 Jan
8118 Mar 26 10311 J81129
147
134
Aug
1
Apr
Mar
13712
27
Mar
13514
38 July 65% May
4418 Mar 26 55 Mar 22
6312 Feb 12418 Nov
7138 Mar 26 1134 Jan 3
494 June 77 May
5858 Apr
844 Feb 27
9978 Mar 11058 Apr
98 Mar 19 11034 Jan 31
54 Feb 19% Aug
Apr
1
1115
1
Jan
715
26 Jan 3614 Fob
27 Apr 11 324 Jan 5
New York Stock Record-Continued-Page 6
For sales during the week of stocks not recorded here.
see sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday,
Tuesday, Wednesday, Thursday,
Friday,
April 8.
April 9.
April 10.
April 11.
April 12.
Saiurday,
April 6.
Sales
for
the
1Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-8hare lois
2427
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
Lowest
Higbee*
$ per share $ Per share $ per share $ Per share 8 per share
$ per share Shares Indus. & MisceI. (Con.) Par $ per share
6112 6112 6134 6312 5934 62
$ per share $ per share $ per skate
6012 6314 6314 6538 67
633
4
18,100 Loose-Wiles Biscuit
25 5918 Mar 26 7438 Jan 5
•11814 119 •11814 119
444 June 8834 Sept
11814 11814 11814 11814 *118 11814 *118
11814
40 1st preferred
100 11612 Jan 12 12112 Apr 2 11712 Aug 125 May
2212 22% 22% 2414 23% 2438 23% 23%
2314 2334 2314 2334 12,400 Lorillard
*86
25 20 Mar 25 2838 Jan 11
88
88
88
June 467* Ap2
235
*86
83
•86
83
•86
88
*86
88
100 Preferred
14% 15
100 86 Star 27 93 Jan 16
8812 Dec 114 Mar
14% 15
1414 14% 1412 1478 1412 15
14% 15% 12,000 Louisiana Oil
*9312 9512 91
No par 1234 Mar 26 18 Jan 9
9312 *90
938 Feb
193 Apr
91
90
90
89
91
89
89
180
Preferred
3912 3912 39
39% 3818 39
78 July 96 Apr
38
3812 38% 4012 39% 4014 6,700 Louisville G & El A_ _ __No 100 89 Feb 8 10014 Feb 21
par 36% Jan 23 47 Jan 31
7412 7412 7412 7534 72
28 Feb 41 May
75% 72
73
72
7734
7614
78%
9,900
Ludlum
Steel
No par 6612 Mar 26 8234Mar 4
39
39% 37% 37% 3712 3712 38
38
38
38
*3638 38
800 MacAndrews & Forbes_No par 37% Apr 8 48 Jan 4
•l0718
•10714
57S Apr*10714
44 Aug
_ _ •10734 ----•10734
- - •10734 Preferred
*140 160 •140 160 *140 160 •140
100 104 Jan 8 107 Mar 28 106
Oct 110 Nov
160 •140 160 .140 160
Mackay
Companies
*84
100 122 Jan 19 140 Mar 28 10812 Star 134 Mar
8512 *84
87
*8312 87
*8312 87
*8312
87
•8312 87
Preferred
100 83% Jan 26 8418 Jan 14
0736 9812 9812 102% 10214 10578 10318 105%
6814 Jan 86
Oct
103% 106
104 10512 60,300 Mack Trucks,Inc
No par 91 Star 26 11454 Feb 5
150 151
15112 15812 15612 15812 158 162
83 Apr 110 Nov
160 160
16014 161
5,500 Macy Co
No par 148 Mar 26 186% Jan 2 y134 Aug 382 Aug
2018 2018 19% 2038 1934 20
1912 1612 19
2018 1912 1912 3,600 Madison Sri Garden_ No par
70% 72
1814 Jan 5 24 Feb 28
69% 7118 6814 69% 6818 6934 68%
1814 Dec 34 May
70% 70
7114 23,700 Magma Copper
No par 66 Jan 16 8212Mar
24% 24% 2412 26
433 Feb 75 Nov
2414 24% 2434 2534 *24
25
2412 25% 3,000 Mallison (H R)& Co_ _No par 2414 Apr 9 3938 Jan 21
*99 104% *99 10418 *99 104
15
Jan
16
3812 Nov
*99 101
.99 104
*99
104
Preferred
•1812 20
100
95%
Mar
25 10512 Jan 18
*1812 20
8718 Jan 110
Oct
20
20
•1812 1934 1812 1812 *1812 20
40 Manati Sugar
100 1812 Apr 11 26 Jan 14
Nov
21
41
Jan
.42
44
43
44
4018 41
4118 4113 41
41
*404 41
700 Preferred
100
32
4018
Apr
9
32
3118 32
5012
Jan
Nov
10
40
88
Jan
32
33
*32
33
32
33
.3118 32
1,300 Mandel Bros
No par 28 Feb 16 3838 Mar 9
.2918 294 29
32 June 4013 Jan
29
2838 2878 2812 2812 2812 2888 2812 2812 1,900 Manh
Elec Supply--No par 2812 Apr 10 3734 Jan 14
*29
2912 29
2812 Sept 6638 June
29
28
28
28
2818 2812 2812 29
29
1,100 Manhattan Shirt
•14
25 28 Apr 9 35% Jan 4
1512 *14
315 Feb 43 May
15
14
14
14
14 .1338 15
*133
3
15
1,1001
Maracaibo
Oil
Eng_
__No
par
_
12
Feb
41
18 1714 Jan 3
4134 4134 4234 3934 4214 4014 4134 4118
1212 Feb 2512 Apr
42
4118 4238 66,800 Marland 011
No par 3578 Feb 20 47% Jan 3
*71
74
*70
33 Feb 493 Nov
73
70
70
70
70
7218 7218 72
72
500 Marlin-Rockwell
No par 6918 Mar 26 7978 Jan 21
7612 7778 76
454 Mar 83 Nov
77
75
7512 7312 7533 75
7
76
743
4
77
8
9,400
Marmon
Motor
Car_ _ _No par 66% Feb 18 84 Jan 2
137 137
77 Dec 86 Dec
1334 1334
1334 1334 *1214 14
*1238 131
1314 1312
500;Martin-Parry Corp_ _ _ _No Par 1314 Apr 12 18 Jan 2
18814 18814 188 188
1218 Mar 2538 June
184 184
184 184
185 187 *135 188
680'Mat Meson Alkali WorksNo par 172 Mar 27 21634 Jan 25 1173
*12314 124 *12314 124
,June 190 Dec
12314 124
12314 12314 *12314 124 *1234 124
1101
Preferred
100 120 Jan 28 125 Jan 2 115 Jan 130 Apr
87
885
87
88% 88
8812 848 8614 8433 8714 85
7,800 May Dept Stores
25 83 Mar 26 10811 Jan 10
2314 2312 23
75 July 11312 Nov
24% 2312 234 2314 2314 2318 2412 238 8714
24
7.700
Maytag
par
Co
203
No
4 Mar 20 25 Apr 4
*4114 42
42
1712 Aug 3012 Nov
4112 41
4214 *41
4134 4134 4218 42
424 2,400 Preferred
No par 41 Apr
*85
45% Jan 3
8612 *85
401 Aug 52 May
8612 *85
8612 85
85
84
8412 *84
8434
400 Prior preferred
No par 84 Apr 11 9018 Jan 10
75
7538 7512 767
8912 Dec 101 May
767 7734 77
77
*74
76
767
773
4
3,400
McCall
Corp
No par 7114 Feb 1
•102 105 *102 105
80 Jan 22
56 Feb 80 Dee
10014 102
100 100% •100 10412 .100 10412
280 McCrory Stores class A No Par 100 Apr 10 11334 Feb 5
103 103 *10112 104
77 Feb 10978 Nov
100 10114 *100 101
100 100
101 101
1,500 Class B
No par 100 Mar 26 11512 Feb 6
•11014 118 •11014 118 •110 11212 *108 115 *10814 110
Mar 1198i Nov
8e13
111 115
200 Preferred
100 11378 Jan 3 120 Feb 7 109 Feb 11812 Nov
•19
20
*19
20
•19
193 *19
1938 19
19
.19
1912
100 McIntyre Porcupine Slines....6 19 Apr 11 2312 Jan 5
68
68
194 Sept 2812 Mar
6734 6814 66% 6718 67
68
6714 68
6738 6712 3,600 McKeesport Tin Plate_No par 6212 Mar 2
82 Jan 31
*52
53
5214 5414 53
6212 June 785s Nov
5312 53
537 •5134 53% 53
53
2,400 McKesson & Robbins __No par 49 Jan
69 Star 4
5712 5712 57
4518 Nov501 Der)
5S38 5712 5712 *5712 58
5712 5712 57
57
1,400 Preferred
50 55 Mar 26 62 Feb 4
54 Novl 63% Nov
*59
6012 *59
61
*59
61
61
60
*5912 61
*5912 61
800
Melville
Shoe
par
No
5612 Mar 26 72 Jan 3
23
23% 23
24
6078 Nov 71) Sept
2212 23
2218 2234 22
2312 23
23
5,100 Mengel Co (The)
20 Mar 26 34% Jan 4
No par
*25% 26
2578 26
2514 July 41 Sept
2614 2614 26
26
26
2614 .2534 26
1,000 Metro-Goldwyn Pictures pf _27
24 Jan 10 27 Feb 25
47% 5078 4912 6114 46
2412 Dec 27% May
4914 4514 48
4612 4814 4818 5014 94,100 Mexican Seaboard
4112 Mar 26 69% Jan 3
Oil_ _No par
49
50
4612 49
4% Jan 73 Dec
43
45% 43% 4512 4434 46
4538 47
57,200 Miami Copper
3018 Jan 8 5412 Mar 20
5
34
3412 3414 3438 3334 3414 34
1734 Jan 33 Deo
3434 3412 3512 343 35
23,700 Mid-Cont Petrol
3012 Feb 16 3978 Jan 3
No par
2518 Feb 4412 Nov
_
Preferred
100 12014 Jan 18 121 Jan 4 10314 Feb 12012 Del
4
4%
41843 --iF8 414
4
414
4
43 Wiii5 Middle States Oil
414
4
334 Mar 6
10
*3
Corp
54 Jan 3
334
238 Jan
7% May
3
3
3
3
*234 278
27
27
1,100 Certificates
10
*260 270
3% Jan 3
238 Feb 25
578 Slay
272 27214 *250 270 *255 270 *250 265
1% Jan
269
26914
400 Midland Steel Prod pref _ _ _100 225 Feb 15 275 Apr 3 193
26
26
*2512 26
June 295 Nov
*254 25% 25% 25% 2512 257
257
3
26
1,700
Miller
Rubber
______
__No
par
2212
Jan
5 28% Mar 20
71% 72
70
7112 6834 7112 6914 70
1812 Aug 27
Jan
6934 7034 7038 71
8,200
Mohawk Carpet Mills_No par
6512 Mar 26 8014 Star 1
11378 11534 11314 11614 11114 11412 11314 11934
3918 Aug 7578 Dec
11738 12014 11712 119% 301,900 Mont Ward &CoIllCorpNo par 11118 Mar 26 156%
Jan 2 11514 Dec 15612 Dec
*534 5%
538 5%
512 5%
5% 5%
512 612
53
4
62
4.
16,400
Moon
5
3 Na
Mar
l 26
8
4% 4,
8 Jan 8
414 412
1112 May
3% 412
538 Feb
4
412
418
412
438 412 27,000 MotherMotor
Lode Coalition_N
Feb
sNo parpar
612Mar 4
354 3514 35
3512 34
2% Aug
418 Slay
3514 35
35
3512 39
38
40
8,000 Motion Picture
1212 Jan 8 4338Stru• 6
No par
1914 20
•l012 20
19
5 Mar 14% Dee
1912 19
1914 19
7 1978 1,400 Moto Meter A
20
19
1818 Mar 26 2534 Jan 3
No par
127 129
125 125
13
243
4 Sept
Mar
125 12514 112 11812 111 119
119 122
2,900 Motor Products Corp No par 111 Apr 11 206 Mar 1
42
42% *42
94 July 21834 Oct
4234 4212 43
4212 43
42
4214 4218 438* 4,300 Motor Wheel
39 Star 26 4712 Feb 4
No par
*6012 63
*60
6114 60
25%
Jan
514
Oat
60
62
62
62
6318
*62
63
1,000'MullIne Mfg Co
5318 Mar 26 8178 Jan 4
No par
.9214 94
94
94
6914 June 9514 Oct
*9214 94
*9214 94
*9214 94
*9214 94
101 Prefe
Preferred
92 Feb 21 10214 Jan 11
No par
5018 501 *5012 51
98 Dec 104% Nov
6012 51% 50% 50% 5018 5012 *50
51
900,Munsin
gwear Inc
5018 Apt 6 5938 Feb 13
No par
67
6738 66
46% Star 6212 May
71
69
7212 70
7212 60
7133 69% 707 76,400.Murray Body
62 Mar 26 7834 Mar 5
No par
2112 Feb 1244 Oct
9838 10018 9912 10038 9813 9934 9818 100
9818 9912 993 10012 41.200i Nash Motors Co
par
No
Mar
94
26
1187
s
Jan
3034 313
25
3038 31
804 Feb 112 Nov
2918 3012 3018 3138 2038 3114 30
323
4
22,900
7s
stamped__
National
Acme
10 2818 Jan 7 3912 Feb 28
557 5612 *5314 55
74 Jan
3212 Dec
5334 53
5318 5312 53
533
52% 53
4.300 Nat Hellas Iless
No par 5018 Mar 26 71 Mar 1
•107 120 *108 120 *108 120
108 108 *106 108 •106 108
100 Preferred
100 105 Apr 2 118 Jan 3
9014 Jan 11812 Dec
17512 176
175 175
175 17512 176 18078 178 184
1847
8
185
35 168 Mar 26 205 Jan 4 1591,July 1954 Nov
*142 145
14314 1434 143 143 *143 14318 .143 14318 •143 1434 11,800 National BLscult
200 Preferred
100 14134 Feb 20 144 Jan 26 13712 Feb 150 Alm
123 13012 127 132
122 12914 1233z 12614 125 1263 12412
179,700 Nat Cash Register A w(No par 96 Jan
14834 Mar 20
123 124
123 12412 122 12478 12234 12412 124 1297 128 128
4714 Jan 10434 Dec
12934 37,200 Nat Dairy Products-No par 11618 Mar 2 1375 Jan 29
3318 34
6412 Jan 13312 Dec
*33
3338 333 335
33
33
*33
331 *33
3312
900 Nat Department Stores No par 2818 Jan
*9378 9578 *94
9578 *95
9578 594
3734 Mar 5
21% Jan 3214 Oct
957 *9438 957
95
95
100
1st preferred
100 9214 Feb
Apr
95
12
417 4378 4212 4312 4218 4638 4514 47
91
Jan 102 May
4718 503
4534 517 43,200 Nat Distill Prod etfs___No par 33 Mar 26
5512 Mar 14
2914 June 5812 Jan
*77
80
7714 79
77
7733 78
79
784 797
7912 80
4,400 Preferred temp ctfs__A 0 par 6712 Feb
8012 Mar 13
52
5114
5214 *5112 52
June
7138 Jan
51
5114 *51
5112 5112 52
54
54
1,000 Nat Enam & Stamping___ 10Q 4978 Mar 26 6214 Jan 9
*14714 153 *14714 153 *14714 150
2314 Star 573 Nov
14712 14712 *150 152
15012 151
200 National Lead
100 132 Jan ' 173 Mar 20 115 July 136
140 140
140 140
140 140 •140 141
Jan
140 140
140 140
140
'
Preferred A
100 140 Jan
14112 Feb 1 139
•118 120 *118 120
Jan 14714 MSS
118 118 *118 11914 *118 11914 .118 11914
200 Preferred B
100 118 Jan
122 Mar 27 11212 Mar 122 July
49
4033 49
498 467 49
4712 493
4878 51
50
5118
67.300
National
Pr
par
&
No
Lt
4214 Mar 26 6138 Mar 4
•11
1114
11
217 Jan 46% Dec
11
1078 11
1034 1034 1012 105* 1014 1012 1.200 National Radiator
No par
1018 Feb 1
17 Jan 10
*2612 29
*2612 29
14 July 4033 Jan
*2612 29
*26
29
.26
28
3112 3113
100 Preferred
No par 30 Mar 15 41 Jan 29
.115 120 .116 118
26 Dec 9812 Jan
116 11712 11734 125
120 120
121 121
2,900
National
SupPlY
50 11134 Mar 26 144 Jan 2
.11518 116
116 116 *11518 - - -- 116 116 *11514 _- •11514
June 146 Dee
8414
50 Preferred
-- -100 11414 Feb 8 116 Jan 15 114 Sept 119
125 135 *130 133 *125 135 4'125 135
Jan
130 130
13112 13112 2,000 National Surety
50 12334 Apr 4 155 Feb 1 13834 Dec 150 Nov
*7512 76
7414 76
71
7334 73
7512 73
7338 7218 7412 7,500 National Tea Co
No par 70 Mar 26 9138 Mar 1 .9160
Jan 390 Des
5012 51% 4312 5034 46
4814 4618 4914 4912 5078 50% .1138216,800
Nevada ConsolCopper_No par 3934 Jan 161 6278 Mar 21
*4614 47
48
48
4518 47
1734 Jan 42% Dec
4518 4512 4512 4512 47
47
1,800 NY Air Brake
No par 41125tar 25 4934Mar 4
*44
45
4412 45
45
45
46
39% Oct 5012 Nov
46
4512 48
463 4714 3,400 New York Dock
414 Mar 27 681 Feb 2
100
88
.87
87% 89
*8912 90
47
8912 90
Aug 6414 Jan
.00
92
•90
92
709 Preferred
100 35% Jan 7 90 Apr 10
99
99% 90
09
9812 99% 9812 0812 9812 9912 99
Jan
85 Sept 95
99
650 N Y Steam pref (6)----No Dar 9812 Mar 19 103 Jan
•11114 113 •11114 11278 *111
113 113
101
9812
Oct 10512 May
1115s 11138 11112 11112
120 let
No par 11114 Star 15 114% Feb 19 102
99% 1004 99% 10012 9712 997
9838 100
Jan 115 Apr
0938 10138 100% 10418 32,200 Northpreferred (7)
American
*5112 5212 *5112 5214 52
_
par
_No
Co_
905
Jan
7 10912 Feb 15
5214 521g 5218 5214 5214 521 5212
5838 Jan 97 Nov
900
50 5134 Mar 5 544 Jan 9
*10012 102
10118 102
101 101
55% May
101 101
51 Sep
101 10112 101 10112 1,400 NoPreferred
Amer Edison prof
5412 5518 5434 5478 5414 5434 5312 54
99% Oct 105% Feb
538 533
5314 5312 3,000 North German Lloyd No par 9978 Mar 27 10334 Jan 15
*46
5214 Apr 2 6414 Jan 12
46
45
48% 46
45
45
Nov
45
June
6912
4
533
*45
.45
5138
51
80 Northwestern Telegraph---50 45 Apr 9 50
*5
5
518
514 5%
5
5
Mar 16
518 .5
48
Oct 55 May
514
514
512 1,700 Norwalk Tire & Rubber_ _ __10
*3334 40
5 Jan 7
*3334 37
*3334 40
*3334 40
614 Feb 4
Mar
712 Sept
212
*333
4
40
*333
4
40
.094 7
Preferred
100 37 Mar 7 45 Jan 31
*614 7
*614 7
33% Jan 48 Sept
*64 7
*64 7
.614
7
Nunnally Co (The).___No par
*24
614 Mar 15
2414 *23
2414 23
634 Dec 13 Slay
2414 23
8 Feb 8
23
23
2318 2234 2318
1,400 Oil Weil Supply
9812 9812 9812 9812 9812 9812 9834 9834 99
25 2212 Apr 2 32 Jan 3
41
Jun
Jan
2014
99
•9812
99
160 Preferred
812 1014
812 834
100
812 9
8% 838
0612
Apr
3
Jan
Jun 11012 Jan
16
97
10611
812 81
8% 8% 4,600 Omnibus Corp
*88
No par
83
712 Feb 21
89
*82
83
90
*85
107 Feb 28
712 Dec 154 May
00 .83
89
*82
89
100
Preferred A
100 80 Mar 26 00 Feb 28
81% 8134 81
8114 803 81
8014 8014 8014 3014 804 8338
8312 Dec 9938 June
2,900 OPPenheirn Collins &CoNo pa
*33% 34
*33
724 Feb 8 83% Apr 12
50 •_ _ _ _ 50 • _ _ _ 50 •__ 50
67% Aug 8812 Jan
Orpheum Circuit, Inc
71
69
71
70
71
69
.67
18 May 70
68
Oct
.67
68
60
70
240 Preferred
330 33112 *32512 330
100 60 Apr 12 9534 Jan 2
330 330 *325 335
75 May 104 Nov
326 326 •326 330
1.300 Otis Elevator
122 12212 *12212 123
50 276 Jan 7 345 Mar 20 14718 Feb 28512 Del
*12212 12412 *12212 123
123 123 •12212 123
90 Preferred
100 122 Jan 8 125 Jan 24 11914 Jan 12634 July
4312 44% 4314 4478 423 4378 427 4334 44
44% 4334 447 19,900 Otis Steel
No pa
3714 Jan 2 4838 Mar 15
1012 Jo
*102 103 *102 103 *102 103 *102 103
4012 Nov
102 102 •102 103
200
Prior
preferred
*85
88
100 101 Jan 21 108 Feb 20
88
*85
*85
88
88
*85
8212 Jan 103 Nov
•85
88
.85
88
Outlet Co
Ns pa
89
88 Mar 6 9634 Jan 4
90
89
90
0018 91
85'4 8914 86
Jun
81
99%
Sept
86
8614 87
4,700 Owens Bottle
5473 5538 548 5518 55
25 81 Jan 7 9834 Feb 13
55
5518 5512 55
74% Jan 95% Apr
55% 5578 5733 12,000 Pacific Gas
& Elea
53 Jan 2 684 Jan 31
2
•7312 75
75
*7312 7434 7312 74% •74
75
*74
*74
43% Fe
Nov
5618
7413
700
Pacific Ltg Corp
No pa
70 Jan 7 85 Star 13
31
34
30
3014 *3018 31
3014 30
32
69 De
85% June
34
32
3318
1,280 Pacific Mills
100 29 Feb 18 34 Apr 11
118
118
lls
Its
14
118
11
114
25
Oct 3512 Nov
1%
118
lls
118 5.500 Pacific Oil
1 Mar 6
No pa
176 177 •178 184 .178 184
*175 185 *175 185 *17512 184
113 Jan 10
1 Sep
214 Apr
20 Pacific Telep dr Tales
100 159 Jan 3 200 Star 14 145 June 169 Dec
•12714
512712
*12712
*12714 ____ •12714
-- •12712 -- ------ 1 referred
10 116% Jan 3 129 Feb 27 114
12614 12914 12738 12914 12538 12814 12412 92814 12512 128
Oct 12512 May
x127 12912 103,400 Packard Motor Car
10 11612 Mar 26 153 Jan 2
561
4912 52
521
62
55
5234 5333 52
557 5638 31,600 Pan-A
6614 Feb 163 Dec
57
mer
4034 53
53
523 543
515 535
5734 56
3814 Feb 5512 Nov
5778 553 5734 295,900 Class B Petr & Trans_ _ ISO 4014 Feb 18 57 Apr 11
50 4012 Feb 10 5778 Apr 11
•14
15
*14
15
15
*14
•14
•14
37% Feb 58% Nov
15
15
*14
15
Pan-Am West Petrol B_No pa
1418 Mar 28 1713 Jan 3
1212 121 •12
•1212 1234 124 1318
13
1212 1223 1212 13
1512 July 2838 Apr
1,400 Panhandle Prod & ref--No Pa
912 Feb 16 1514 Jan 3
*62
62
62
65
75
*62
*62
67
1112 Feb 21% May
*62
75
.62
75
100
100 4712 Feb 25 76 Jan 16
6312 641
6114 6338 6214 64% 6438 6514 66,700 Preferred
70 Feb 10814 May
6318 6378 6114 63
Paramount Fain Lasky_Ng Pa
5512 Jan 2 7078 Star 18
64
63
64
62
6012 6112 61
64
474 Oct 5638 Dee
64
651
63
6212 5,600 Park & TIMM
Apr
6012
11
No pa
87% Jan 14
1012 10% 1012 1078 10
1013 10
101
34 Star OS Nov
10
1018
10
1014 23,800 Park
10 Mar 26 1378 Feb 28
1
978 10
1418 Jan
9% 91,8
978 108
9 Aug
93 10% 36,400 PatheUtah C M
912 10
04 63
Exchange
712 Star 26 1478 Jan 9
No Pa
2012 201 *2012 2112 20
2 Feb
1914 201 •20
15 Nov
21
21
21
2334 7,100 Class A
Nø par 1312 Mar 26 30 Jan 9
41% 421
41
42
812 Feb 34 Aug
40
3912 4033 3938 403
4012 40
4078 19,000 Patin° Mine,& Enterpr___ _20 34% Jan
7 4714 Mar 4
23% Jan 43 APc
Bid and asked urines; no sales on tlils day. c Zs-dividend. a Ex-rights. b
Ex-dividend and ex-rtghte. o Old stook.
-we\
2428
New York Stock Record-Continued-Page 7
For sales do-fling the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Tuesday, Wednesday, Thursday, 1 Friday,
Monday,
Saturday,
April 12.
April 11.
April 10.
April 9.
April 8.
April 6.
Sales
for
the
Week.
STOCKSPER SHARE
Range Since Jan. 1.
On basis of 100-share lobs
NEW YORK STOCK
EXCHANGE
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Highest
Lowest
share $ per share
Shares Indus. & MaceII. (Con.) Par $ per share 4 per share $ per
$ per share $ per share $ per share $ per share $ per share I $ per share
144 Sept 2.578 Mar
50 1532'Mar 26 2212 Jan 11
1634 1738 1658 16581 1614 1614 1512 1614 3,800 Peerless Motor Car
1758 1758
Jan 4113 Oct
1718 175e
8
223
8
Apr
564
2
Jan
38
par
No
&
Ford
Penick
544 5312 5438 5134 544 17,000
5678 5034 5438 53
5432 54
Oct 115 Mar
53
100 100 Apr 2 110 Jan 9 103
Preferred
•106 108 *106 108 *108 108 *101 108 *166 108 *108 108
8 Aug 144 Jan
Mar 28 12 Jan 20
812
50
Coke
&
Coal
Penn
400
9
*8
84
814 814 *8
814 814
31 May
814 814
814 814
July
5
4
143
Jan
27
28
Mar
17
par
t____No
Penn-DizieCemen
19
1812 1812 1812 1912 1852 194 1914 1914 2,700
19
*184 19
75 Sept 9658 Apr
100 84 Mar 20 94 Jan 22
Preferred
100
87
87 .83
*83
88
*83
84
8618 84
*84
85
*84
Mar 14 15104 Jan 217 Nov
11
Jan
28712
208
_100
(Chic)__
C
&
L
G
2.100
People's
26834 26834 26814 26812 267 26712 *264 266 *263 265 .263 266
4112 Dec 4614 Dec
No par 3318 Apr 10 454 Jan 3
600 Pet Milk
334 3318 334 334 *3334 34
3358 3358 *3334 34
17434 May
37
*35
100 Philadelphia Co (Fittsb)-....50 159 Jan 2 180 Jan 5 145 Mar 49
16012 1604
Aug
*158 168 *158 168 *15714 165 *158 165 *158 165
49 Mar 16
15
4512 Mar
Jan
4812
50
preferred
5%
494
4912 *49
4912 *49
4912 *49
4912 *49
57 Mar
4912 *49
*49
Mar
Oct
4
18
54
513
.1
Apr
51
50
6% preferred
2714 June 3954 Jan
*5238 5212 *5238 5212 5212 5212 5238 5212 *5212 5234 .5212 5234 1,600 Phila.& Read C & I_ __ _No par 2052 Apr 1
34 Jan 8
32,000
8
227
4
224 213
22
2414 2212 2378 2212 23
15 Mar 2512 May
224 2212 22
Philip Morris dz Co., Ltd.._ _10 1512 Mar 26 234 Feb 26
1738 1638 1714 1658 1634 1612 1658 1612 1612 1612 1678 2,700 Phillips
85 Apr 99 May
17
100 8814 Jan 17 9012 Jan 11
Jones Prel
*8414 90
*8414 90
*8414 90
*8414 90
*8414 90
3514 Feb 534 Nov
3
Jan
'84' 90
47
8
Mar
3712
par
Petroleum____No
Phillips
4178 4034 4178 21,800
4012 42
41
4012 41
42
Oct 38 May
21
4034 4178 41
5 25 Apr 11 3738 Jan 22
200 Pboenle Hasten,
*2434 30
25
25
*2514 29
•2514 29
29
94 Dec 1034 Feb
*25
29
*25
100 98 Mar 13 100 Jan 6
70 Preferred
99
*98
99
*98
99
*98
98
98
98
Oct 3078 Dec
98
1811
9
99
Jan
*98
8
377
25
Mar
2712
A__No-par
Class
3112 3134 3134 3212 11,900 Plerce-Arrow
32
3214 30
*31
564 Oct 7478 Dee
3012 3112 3112 32
100 7212 Jan 2 8612 Jan 9
8112 1,500 Preferred
80
80
80
78
78
82
•78
82
81
81
80
514 Apr
Mar
12
18
Mar
8
3
3
214 Feb 8
25
5,300 Pierce Oil Corporation
234 3
278
24
278 3
Oct
278 278
1614 Feb 50
278 3
3
3
100 30 Jan 8 5112Mar 18
700 Preferred
46
46
47
4738 4712 47
*4712 49
Apr
652
311
48
Feb
15
Jan
578
48
11
48
Feb
48
8
43
No par
478 4,300 Pierce Petrol'm
434
44 44
478 478
5
5
3234 Feb 5878 Dee
478 5
5
5
484 Mar 26 6378 Jan 15
par
No
Milbt
Flour
Pillsbury
5,800
5112
5014 51
50
Jan 14478 Del
5113 5172 5018 5138 4938 5014 494 50
100 143 Jan 2 15614 Jan 14 108
Preferred
3618 June 7878 Dec
100 61 Mar 27 8334 Jan 9
1,300 Pittsburgh Coal of Pa
63
*62
63
63
63
81 May 10078 Dec
6514 6638 6318 6318 63
100 Jan 5
20
Feb
6478 66
8718
100
Preferred
100
8918
*88
90
*88
90
*88
89
26 Feb 38 Dec
8958 89
*89
90
*89
100 24 Apr 6 3438 Jan 9
200 Pitts Terminal Coal
26
*23
26
*23
26
*23
25
6318 Oct 82 Mar
*23
24
24
24
24
100 60 Apr 2 7814 Jan 9
90 Preferred
55 *---- 60
*50
60 *_ _ - _ 80
5334 July 8534 Dee
60
62
Mar 15
9534
11
Jan
8012 6012 *60
77
A_100
Cl
Tob
Rican-Am
1,000 Porto
84
84
83
234 Aug 517s Dee
8334 83
8312 8312 83
*8312 84
85
84
No par 36 Jan 4 5034 Jan 2
4112 4134 4314 434 434 4214 4312 3,700 Class B & Cable pref ___100 102 Mar 26 105 Jan 31 10058 Aug 106 Sept
41
45
4414 4638 44
700 Postal Tel
10234 10234
614 July 13613 May
6234 Mar 26 7838 Jan 5
10212 10212 102-4 1024 10212 10212 10234 10234 *10214 10234 6578 674 58,300 Iso8tum Co, Inc
par
No
654
5912 Dec 6458 Dec
6578 6312 6434 6312 6414 64
6534 65
65
25 58 Jan 30 6558 Jan 2
Prairie 011 & Gas
6118 6134 6014 6134 6012 6138 6078 6118 6012 6114 8,500 Prairie Pipe & Line
6058 61
25 5352 Jan 14 60 Feb 25
3,500
18 June 3312 Oct
22
Mar
8
3
25
5612 5672 5612 564 5614 5634 5612 5614 5638 5612 15,600
18
Feb
8
564 57
195
par
No
Pressed Steel Car
2218 2238
70 Aug 9312 Oct
2212 2152 2212 2112 2113 2112 2218 2158 22
22
100 7412 Feb 16 81 Mar 27
500 Preferred
7812 7812
80
*77
77
77
18 Feb 2972 Nov
78
78
3
80
*78
Jan
2
80
257
16
Feb
*78
1814
Corp__50
21
1.700 Producers & Refiners
2012 21
Feb 4958 June
41
204 204 *20
20
2038 20
2012 2012 20
50 3814 Feb 20 4634 Mar 21
40 Preferred
*4112 43
*4112 43
*4112 43
43
43
52 Nov 91 Feb
43
43
44
7 8234 Jan 14
*43
Jan
6018
par
Brush__No
Pro-phy-lac-tic
60
63
*61
63
*61
63
Jan 834 Dec
63
*61
*60
4112
61
31
61
Jan
61
4
943
26
Mar
61
75
par
33,4C0 Pub Ser Corp of N J__No
115 May
7812 774 7834 7834 81
7938 774 7878 7512 774 77
78
100 104 Jan 5 10811 Feb 5 1034 Jan
800 8% preferred
1044 105
Oct 12915 May
104 10478 10412 10412 *103 105
3 117
Jan
8
1247
11
*104 105 *104 105
Apr
11814
100
500 7% Preferred
11814 1184 11834 11834
*119 11938 *11712 11958 *119 11958 *11812 119
Jan 150 Mar
100 1454 Jan 18 15012Mar I5 134
8% preferred
4
10938 Jan 28 10612 Dec 11018 Apo
•1434 14634 *14314 146341*14312 14634 514312 14634 *14312 14634 514312 1463
300 Pub Serv Mee & Gas pret_100 10552 Apr 3 9178 Jan 3
109 109 *10718 10878
107 108
7778 Oct 94 May
26
•106 107 *10614 107 *106.2 107
Mar
8
795
par
No
Inc
8238 13,300 Pullman.
174 Dec 3478 Jan
814 8112 81,2 824 8014 8178 8012 8134 8112 824 82
50 154 Feb 18 204 Jan 14
3,200 Punta Alegre Sugar
1714 18
1734 1718 1714
19 Feb 314 Nov
1618 164 *1634 1678 17
*1814 17
25 2314 Feb 16 2812 Jan 3
2512 2512 2534 2534 2578 2534 2612 9,800 Pure 011 (The)
108 Mar 119 June
25
Fen
116
14
2558 2614 2512 2614 25
Jan
112
100
20 8% preferred
113
113
11314
*113
11314
4
1123
*1123
4
June 13938 Oct
1124
11314
4
75
*1123
4
1134
Feb
8
1397
•1124
115 Mar 26
12014 1214 120 12118 8,100 Purity Bakeries
105 Only 18514 Oct
121 12234 12112 12273 12012 12134 12018 122
Preferred
Mar
4
16
3
109
18
Feb
par 6814
9612 9358 9738 964 984 913.000 Radio Corp of Amer___No 50 54 Apr 2 57 Jan 3
9512 10038 9214 9714 92
544 Jan 60 May
9712 100
200 Preferred
56
*55
55
55
*55
56
56
55 .55
344 Dec 514 Nov
55
*544 55
19 Mar 26 4678 Jan 4
2578 2912 64,500 Radio Keith-Ort) cl A-No par
25
2478 Jan 6038 Des
28
244 2712 2434 25.4 24
4
Mar
2713 2778 27
8
843
7
10 57 Jan
8,300 Real Silk Hosiery
7112 7114 77
71
7432 6912 7212 6978 70
8012 July 974 Des
10211 Feb 8
5
724 7312 73
Jan
97
100
Preferred
10
99
*974
15 Des
971, 9712 •97,2 9918 *9712 9978 *9712 9978 *974 99
512 Feb
1
Feb
164
26
Mar
9
par
No
1,700 Reis (Robt) & Co
1212 1212 1214 1234 1212 13
1312 1234 13
13114 Feb 8913 Dee
1258 1334 13
100 70 Mar 28 10812 Feb 8
First preferred
75
*72
75
*73
76
*70
78
*75
234 Jan 3811 May
80
*78
Feb 4
85
3534
*80
26
Mar
28
par
No
Remington-Rand
55,800
3178 3118 3134
284 294 2912 3132 31
874 Dec 98 June
2912 31
2912 30
100 904 Jan 4 96 Feb 4
400 First preferred
94
94
*9212 95
95
*92
93
93
93
8818 Oct 100 Jan
944 93
*92
100 93 Mar 20 9978 Feb 19
Second preferred
*9353 100
*9353 100
*9358 100
*935s 100
2213 Jan 354 Oct
3
Jan
*9358 994 *9353 100
8
317
26
856ar
5
25
10
Car
Motor
2953 34,000 Reo
2812
2853
28
2818
2718
3
277
274
3
277
4918 June 9412 Nov
2714
4
4
277
Mar
8
1007
2712
794 Feb 8
9512 9418 9573 51,700 Republic Iron & Steel-._ _100
Feb 27 102 June 112 Feb
11512
7
9118 0312 924 9412 904 9312 9212 9414 93
Jan
1084
100
Preferred
300
109 109 *109 1094 *109 10914
109 109
814 Feb 144 June
110 110
•109 110
74 Mar 26 1214 Jan 16
No par
84 812 2,500 Reynolds Spring
814 834
812 858
838 834
84 84
Jan 11
852 9
5434 14.000 Reynolds (112) Top claw B_10 53 Mar 26 66
5434 5414 5434 54
5412 54
3412 544 5312 5412 53
Mar 195 Ma7
18512
10 76 Feb 20 80 Mar 15
Class A
76
*70
76
76 .70
*70
76
50 Oct 61 Dee
•70
76
.-70
76
.70
53 Feb 26 134 Jan 2
700 Rhine Weetphalla Elec Pow__
58
5834 58
Feb 58 NOV
2312
3
Jan
5812 5812 5812 5813 5834 5913 *58
8
495
16
*5958 60
4212 434 9,700 Richfield 011 of California_25 3934 Feb
42
4272 414 424 4212 43
43
421, 4314 43
No par 3334 Feb 21 4212 Mar 28
3912 394 4078 31,700 Rlo Grande 011
3912 39
278 Nov
June
145
18
Mar
310
3934 4038 3852 4012 3858 394 39
18
Feb
226
25
200 Rosela Insurance Co
275 275 *275 280
265 265 *258 276
40 Dec 4934 Dec
•265 285 0275 285
par 30 Mar 26 4314 Jan 2
3532 3412 3514 3412 3518 73,600 Royal Baking Powder__No 100 9912Mar 25 10312 Jan 21 10413 Dec 1044 Dee
34
353
3834 354 3832 33
37
Preferred
•____ 100
Oat
4452 Jan 84
4978 Feb 19 554 Jan 5
*__ _ _ 10018 *_ 10018 *__ 101 *____ 101 •_ 5214 100
5214 524 5274 1,400 Royal Dutch Co(N Y shares)
5212
37 Mar 7112 Dec
524 5212 *52
53
524 524 53
10 62 Jan 7 94 Jan 21
7012 6934 7012 17,400 St.Joseph Lead
4 171 Dec 20134 Dec
Jan
1954
26
Mar
par
157
8812 8912 6714 6914 6512 6712 8532 6712 67 1604
No
15912 18172 7,700 Safeway Stores
4
95 Dec 97 Dec
159 16052 161 16434 1584 1614 159 16114 1583
100 93 Apr 4 97 Jan 16
9518
220 Preferred (6)
Dec
9553 9553 9553 95
9314 9534 955* 9552 *95
96
100 102 Feb 16 108 Jan 18 10612 Dec 10618
*93
180 Preferred (7)
104 104
104
4
104
1033
*10314
4
1033
4
1033
3614 Dec 51 Dec
24
104
Jan
8
1035
514
3
26
Mar
384
11.33
g
par
1033
Arms Corp_ - _ _No
Savage
2,800
Apt
4112
874
3912
394
404
3918
40
40
Dec
40
3534
41
8
Apr 9 4112 Jan
394 394
39
2614 2734 23,800 Schulte Retail Storee..No par 2513 Feb 4 11812 Jan 2 115 Dec 129 Apt
2852 2513 2752 2512 264 2513 26
100 105
2812 2834 28
190 Preferred
171k
106 106
June
110
105
*105
105
Feb
10
12
10712
Apr
*105
2214
10812
4
3
105
2
108
Jan
1578
108
No par
1914 1812 1934 1934 2038 2012 2214 26,800 Seagrave Corp & Co__No par 13934Mar 26 181 Jai) 2
8218 Jan 19712 Non
1818 184 19
171E 18
14338 14738 14512 14778 x146 14712 40,200 sears. Roebuck
712 Oct
14214 145
2 Jan
512 Jan 2 101± Mar 20
143 1444 14314 146
No par
Copper
33,000
Seneca
712
714
2
73
7
2
73
852
804 Feb 14014 Oct
52
7
4
Feb
712
74 814
812 832
No par 1234 Jan 8 142
125 12714 127 12712 127 12012 129 1294 4,100 Shattuck(FO) az Trading_£2 43 Jan 25 5534 Jan 10
3938 Jan 5712 Oct
127-2 129
•129 130
200 Shell Transport
*4538 4778 *4612 4812
2314 Feb 3938 Nov
*454 4812 *4558 4612 4612 464 *4612 474
No par 2534 Feb 18 3134 Apr 2
2912 294 2912 2914 3018 33,500 Shell Union 011
2834 2912 29
5414 June 8514 Nov
2912 2912 30
29
Theatre Corp_No par 5412 Mar 26 7412 Jan 24
34 June 10138 Non
55
31
5712 5514 574 554 5632 554 554 554 5612 5,400 Shubert Co
Jan
116
57
28
Mar
75
58
par
58
No
8614 17,0001/Simmons
8312 85
81
774 8118 7838 80
8112 834 8134 82
184 Feb 2714 Nor
10 184 Mar 26 234 Jan 3
Petrolem
Simms
8,700
8
217
2114
2138
2058
2014
201g
4
3
20
4
193
21
1738 Feb 4634 Nov
Jan 2
2012 21
20
39 143,000 Sinclair Cons 011 Corp_No par 3512 Mar 213 45 Jan 29 10212 Jan 110
Oct
3812 3712 3832 374 384 38
3814 3912 37
100 109 Mar 26 111
384 39
300 Preferred
*10812 1094
10912
*10812
4
1003
*10812
10912
Feb 4253 Non
109
4
25
1093
12
Apr
8
405
*109 1094 *10912
25 3274 Mar 7
394 384 3874 3878 3912 3912 4058 37,000 Skelly 011 Co
102 June 134 Feb
19
Jan
125
10
Apr
10812
3752 3812 3812 3933 38
100
Iron
&
Steel
600
Sloss-Sheffield
Mai
10812 10812 110 11112 *112 115
•114 117 *11314 114 *112 115 *11.4314
100 105 Jan 2 112 Jan 18 1044 Oct 123
Preferred
11012 *10614 11012 *10614 1103
11 Dec 20 API
•10614 11012 *10614 11012 *10614 11012
No par 104 Mar 28 1614 Feb 5
1034 1058 1034 1112 124 2,800 Snider Packing
Nov 80 Jae
31
6
Feb
504
3
51114 1134 1114 1114 1034 1114 1038 41
Jan
33
par
No
4634 3,500 Preferred
45
4018 44
3211 Feb 493s May
4118 4012 4112 40
41
42
*40
No par 34 Mar 26 444 Jan 2
394 4,200 So Porto Rico Bug
3812 39
434 Jan 51313 Non
3712 3758 3712 374 3714 3778 37
38
25 5358 Jan 4 6812 Jan 31
38
5518 544 5514 5534 5678 6,000 Southern Calif Edison
4
3
54
554
55
2412 Jan 1305s May
564
2
Jan
42
554
16
Feb
56
56
3712 1,900 Southern Dairies CIA.-NO par 3512
3712 •36
3312 3512 *3512 3712 *36
9 Jan 30 Apt
3334 3612 3534 38
No par 1134 Mar 4 154 Jan 12
1214 1214 1212 1234 1212 1212 1,400 Class B
Jan 120 Apt
109
1314 124 13
6
Feb
13
117
8
Apr
11312
13
100
13
1st
pref
Bros
10
Spalding
*11312 116 *11312 115
114
*11312
114
*11312
July 574 DeC
26
11312
3
Jan
5214
26
11312
*11412 117
4278 4434 10.400 Spans Chalfant&Co InoNo par 3934 Mar
42
Oct 100 AIM
97
4113 4234 4114 4212 4114 4234 42
Jan 17
97
19
427 43
Mar
89
100
160
Preferred
95
95
95
594
95
95
95
95
1014 Nov 20 Feb
95
958 Apr 12 1454 Feb 4
95
No par
95
*94
20 Spear & Co
958 958
10
.953
10
953
5
923s Feb
Nov
10
4
7133
*95g
100 76 Mar 4 804 Jan 2
1033 *953 10
•10
Preferred
*754 77
87514 77
*7514 77
*7514 77
2312 Jan 514 Dec
*7514 77
No par 45 Jan 7 6634Mar 1
*7514 77
4,800 Spicer Mfg Co
544 55
55
52
54
91 Non
8
3
53
5412
Sept
5412
6511
5778
6
55
Feb
8
564
1177
15
56
7714 Jan
106 10612 10614 10738 4,400 Spiegel-May-Stern Co-No par
10514 106
Oct 4014 Non
24
Jan 11
10712 10812 105 107
108 108
274 284 12,600 Stand Comm Tobacco_No par 2514 Apr 11 4358 Jan
8452 Dee
284 294 254 28
Jan
314
8
577
2912
31
9978
3312
26
Mar
4
par
3
80
Co_No
32
El
&
Gas
8
7
33
3312
8518 8712 8614 8778 10,900 Standard
86
85
86
8454 Dec 7112Mag
50 63 Apr 4 67 Feb 4
8712 864 8812 85
85
6312 1,200 Preferred
63
8413 *6313 64
100 Jan 14213 Dec
18
Jan
26
104
16314
Mar
100
641. 644 6412 *6312 6412 8334 108 *100 110
*84
Milling
Standard
1,200
110 114
•100 110 - .105 110 *100 110 *100
97 Nov 115 Dill
100 11178 Apr 3 133 Jan 12
Preferred
1174 •____ 118 •____ 118
53 Feb 80 Non
*-___ 11978 'N.__ 11912 e____ 119 *____ 784 7712 7812 784 8038 187,700 Standard 011 of Cal_ ___No par 64 Feb 18 8114 Mar 20
374 Feb 5934 Not
7514 7774 7634
80
7738 7914 77
Feb 16 6112 Apr 2
5718 5658 5758 5734 5914 255,800 Standard 01101 New Jerse7-25 48
561g
2814 Feb 4512 Del
2
5718
Jan
4
5512
3
4
583
45
7
Mar
5814
38
5814
5612
141,300 Standard 011of New York ....25
4
433
4
423
43
4212
74 Feb
434
424
24 Jan
8
433
9158 Jan 21
4234 4412 42
412 Jan 2
421g 44
513 2,600 Stand Plate Glass Co__No par
5
512
Jan 40 Feb
5'± 512
514 51
10
18
312 3.4
Jan
532 512
312 31
31
3
Jan
17
100
280 Preferred
534 De(
1812 1812 19
1812
June
19
34
8
5
18
29
19
Jan
19
19
•1852 19
•185*
8,300 Stand Ban Mfg Co----No par 41 Jan 26 54
491
Oct 12834 May
21 118
4812 *4812 4912 4714 5012 4912
484 504 48
*4814 49
Preferred
100 1184 Jul 15 138 Mar 3
____ •13812 ---- -----35 Dec 6954 Bepl
•13812 ____ *13812 ____ *13812 ____ •13812 ____ *13812
Stanley Cool Amer__ __No par 26 Apr 11 4314 Jan
.500
2
12814 Del
274
27
Feb
2852
28
7714
2812
22
2652
Jan
2812 2912
2912 30
29
29
11,500 Stewart-Warn Bp Corp-No Par 12012 Mar 26 145
Jan 99 De(
44
13012 13414 13212 13433 13212 135
Jan 9
132 135
1334 1363 134 137
8612 21,400 Stromberg CarburetOr_No par 35234 Jan 11 924 Jan 26
83
8712 Oist
Jan
81
4
753
57
76
74
76
74
98
75
73
74
72
29,700 Studeb'r Corp (The___No par 77 Jan 5
814 83
12113 Feb 127 Juno
8252 8038 8178 8058 8234 81315 8238
81
814 82
100 1244 Jan 2 125 Jan 18
814 Mai
_-_- *12434 ---- ...... Preferred
3 Feb
14
Mar
44
27
•12434 __-_ *12434 ____ •12434 ____ *12434 125 *12434 338
Feb
3
No par
318 34 4,700 Submarine Boat
3112 Jan 77 Non
318
338 312
318 338
34 34
318 318
No par 57 Mar 26 6818 Jan 10
2,600 Sun 011
6178 63
Jan 110 Am
62
62
Jan 3 1034 Jan 8 100
59
100
100
604 6014 5914 6018 59
.6014 62
20
Preferred
1414 Noi
212 Feb
104 104 •100 103
*104 10414 104 104 *100 10414 *100 104
7 Feb 18 12 Jan 3
No par
874 914 44,700 Superior Oil
Jan 564 Noi
18
9
834 9
834 94
812 914
84 94
84 9
100 38 Jan 2 7334 Apr 11
74,000 Superior Steel
1158 Feb 234 Rep
Apr
7172 7112 734 674 72
2214
7334 89
11
Mar
1512
6452 7234 8934 734 87
50
7 Mai
224 214 2214 32,800 Sweets Co of America
4 Aug
8 Apr 3
1913 1914 194 20
18
18
17
18
412 Mar 12
18
No par
1,300 Symington
7
7
10 Aug 1033 Apl
7
Apr 3
7
7
7
712 712 *612 7
714 734
No par 1214 Mar 11 17
Jan 2253 Mal
1534 1512 1578 1,200 Claes A
1514
1513
251
4
3
15
1514
1512
4
1513
157
2M5128
4
157
184
8
Feb
1914
1014
No par
2,800 Telautograph Corp
23
23
23
2312 23
234 23
23
237s 24
2334 24
•Zniliikta
• Bid and asked prime. no males on Ms day. s Itedlyitlend.
New York Stock Record-Concluded-Page 3
2429
For sales during the week of stocks not recorded here. see eighth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
April 6.
Monday,
April 8.
Tuesday,
April 9.
Wednesday,
April 10.
Thursday,
April 11.
Friday,
April 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARI?
Range Sines Jan. 1.
On Oasts of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lances;
Hiehest
5 Per share $ per share 5 per share $ per shaie $ per share 5 per share Shares Indus. & Miscel. (Con.) Par 3 per share S PET share $ per share $ per share
1738
17h 1712 17
16
164 1614 17
17
16 Apr 9 2614 Feb 6
1012 Jan
1978 Dec
1712 1714 1712 7.200 Tenn Copp dr Chem__No par
6314 6478 6258 6378 6314 64
6314 65
63" 6414 6414 6578 48.500 Texas Corporation
25 5714 Feb 21 88 Jan 2
50 Feb 745 Nov
7978 7658 7858 7753 7878 79
7814 7912 78
1
4 Nov
8134 8134 8338 204.400 Texas Gulf Sulphur_ __-No Par 7214 Feb 18 8338 Apr 12
8218 June 82/
2114
2014 2014 20
1914 1914 1912 20
1913 1934 198 207s 20.500 Texas Pacific Coal & 011
10 1614 Jan 25 2378 Mar 21
1218 Mar 2658 Nov
17
1714
171
/
4 1814 17
1712 1718 1712 17
1
1314 Mar 26 2412 Jan 17
1713 1718 177 14,300 Texas Pac Land Trust
20 June 3034 Apr
22
2218 2212 23
22s 23
22
22
MfgNo par
22
1612 Mar 14 27 Jan 3
2218 2178 2178 2,300 Thatcherred
22
Jan 3912 May
•42
4312 .41
43
*41
4312 11141
44 .41
44
44
.41
N
35 Mar 9 4838 Jan 5
Oct 6358 June
45
38
3314 3814 39
37
37 .3712 39
38
38
No par 3414 Mar 26 517 Jan 15
3812 1,400 The Fair
38
1
4 Dec
Jan 52/
34
•110 111 .110 111 *110 111 "110 111
110 110 .110 111
30 Preferred 7%
100 10412 Feb 26 110 Jan 2 10412 Jan 1141
/
4 001
45
4512 457 46
96
46
1,600 Thompson (J It) Co
4518 4518 *451
46
46
/
4 Mar 28 62 Jan 12
25 441
/
4 46
,June
6614 June 713
1934 20
20
2012 1912 20
187 193
19
1912 1934 2012 22.700 Tidewater Assoc 011__No par
1712 Feb 8 22 Jan 3
1434 Feb 25 Sept
*86
8714 .87
8712 *SO
8612 8614 8812 8614 8614 86
86
400 Preferred
100 86 Mar 15 90 Jan 2
8178 Mar 911 Dec
3212 3212 3214 3312 3134 32
1,300,Tide Water 011
.3112 32
33
3214 3214 33
100 2718 Feb 1 3758 Jan 3
1938 Mar 4113 Dee
9412 9412 95
95
9412 95
/
4
6001 Preferred
*94
95
100 0018 Feb 25 9712 Jan 17
8634 July 10018 Dec
948 9478 *9213 941
781
/
4 7958 7814 7914 7653 78
7818 79
784 81h 8114 8214 13.000 Timken Roller Bearing_No Par 7313 Feb 16 150 Jan 3 11258 Mar 154 Nov
1734 172
1712 1734 1718 1713 17
1778 1718 1713 1718 1713 13,100 Tobacco Products Corp
.20 1634 Mar 25 221
/
4 Mar 18
*2012 207
2018 207g 2018 21
2078 21
20h 2058 2058 6,100 Class A
20 20 Mar 26 2221),Iar 18
20
_•165 18
•1638 18
*1653 18
.165 IS
Dividend certificates A _--*1658 18 •1633 18
16 Feb 18 18 Feb 13
19 Aug 2534 Jan
•1658 20 .1653 20
*1658 20 .1658 20 .1658 18
.16h 18
Dividend certificates.13
1733 Jan 22 20 Mar 28
19 Aug 24 June
•1818 20
•1658 20
•1853 20
•1658 20
1001 Dividend certificates C
16 Jan 18 1912 Jan 15
1634 1634 •1813 20
19 Dec 23 Aug
10
103
/
4 1012 10
101
101g
10
1034 1018 1012 1014 1034 31,900 Transell 011 tern ctf__No par
1413 Nov
9 Feb 26 13 Jan 2
634 June
•49
5114 .49
51
51
•49
61
1,800 Transue & Williams St'l No par 41 Feb 28 5233 Mar 14
5218 51
51
51 12 •49
4414 Dec 591
/
4 Feb
43/
1
4 4418 4318 4514 4338 443$ 4312 4418 44
4412 44
4534 10,400,Trico Products Corp__ _No par 3834 Feb 18 51 Mar 18
3258 June 4478 Sept
23
2338 23
23
21
22
22
21
2212 2212 1,100 Truax Truer Coal
21
•21
No par 21 Apr 9 317s Jan 23
.48
481 *48
49
48
47
47
47
461
48
/
4 47
7001Truscon Steel
47
10 442 Mar 28 6158 Jan 3
8378 Dec
5514 Nov
11314 1141 1131g 1151 109 113
11112 11812 115 flb
11734 12014 48.200,Under Elliott Fisher Co No Par 91 Jan 7 121 Mar 19
63 June 9378 Dec
•125
_
*125
_
125 125 •125
•125
•125
201 Preferred
100 125 Jan 5 125 Jan 5 119 Mar 126
Apr
34 -34
32 -34-- •32
34
32
32
.32 14.- 1.200 Union Bag & Paper Corp 100 31 Mar 26 43 Jan 14
33
32
30 Dec 4924 Feb
21234 2161 21414 2163 21278 2157g 213 216
21412 21812 21714 21912 22.900 Union Carbide & Carb_No par 19612 Jan 7 228 Mar 21 13618 Feb 209 Nov
4914 51
3012 5012. 4912 50
25 46 Feb 20 5213 Mar 21
4938 50
5134 13.800 Union Oil California
505, 525, 51
4234 Feb 58 Nov
136 136
136 137 •13412 135
13412 1341 •13312 13412 13312 134
1,000 Union Tank Car
100 12178 Jan 15 15014 Feb 20 110
Oct 12818 May
•42h 423
425, 425, 4212 4258 4232 4238 42
42
42
42
900i United Biscuit
No per 42 Apr 11 5312 Jan 14
Oct
34/
1
4 Apr 57
31122
_
122 122 •122
122 122 •115 122 •I15 122
400, Preferred
100 120 Jan 19 128 Jan 24 11214 Mar 135
Oct
2213 -2i5g 2212 2234 2214 221_ 2214 221
2218 2212 2214 22,2 6,000'United Cigar Stores
10 2134 Mar 26 2713 Jan 11
2278 Aug 3458 Feb
"100 101
100 100 *100 101 •100 10014 •100 101
100 100
400 Preferred
100 100 Mar 26 104 Jan 2 10378 Dec 11418 Apr
4714 4714 4714 4712 4638 4738 46
481
4214 4638 428 46
10.900 United Electric Coal___No par 4214 April 811
581
/
4 Oct 8912 Dee
/
4 Feb 6
133 13414 134 13414 131 132
13034 133 .131 13434 135 13534 4.000 United Fruit
No par 13034 Apr 10 15812 Jan 31 13112 June 148 Nov
181s 181$ 1812 2014 2114 2314 20
2312 20
•1834 19
2234 44,000 United Paperboard
100 16 Jan 7 2833 Jan 22
1613 Dec 2771 Apr
78
1574
*7412 75
78
•74
.74
78
74
7418 7418 74
300 Universal Leaf Tobacco No Par 7134 Mar 26 811/ Jan 23
6038 June 87h Nov
.86
.14512 8612 8418 8512 8418 8418 8418 841s
88
8518 86
130 Universal Pinures 1st pfd 100 8418 Apr 10 93 Jan 2
911
/
4 Nov 100 Feb
1513 16
1553 1534 1513 15h
1534 151
1512 15,
/
4 1518 5,500,Unlversal Pipe & Rad__No par 15 Apr 11 2214 Jan 2
2 15
1538 June 3578 Oct
*86
•86
100
.86 100
100
•86 100
•88 100
•86 100
100 9814 Feb 6 10013 Jan 9
I Preferred.
8778 Sept 10534 Dee
43
44
42
43
4234 4414 41
443
4112 43
43
445, 17,200'U S Cast Iron Pipe dr Fdy__20 36 Mar 28 557 Mar 18
38 Dec 53 Nov
1812 1734 1814 1734 178
•18
1712 1734 1734 1734 1734 173
1712 Apr 10 19 Jan 11
4,200 1st preferred
No par
18 Nov
191r Nov
1834 1834
1834 1834 1834 1834 185 1834 *1858 19 .1812 19
183 Apr 2 1958 Feb 8
1,500 Second pr :forced_ _ _ _No par
1914 Dee
1813 Nov
•1314 1414 137g 1412 *1314 14
1312 1312 1312 1312 14
1258 Mar 26 1734 Jan 3
14
900 0 S Distrlb Corp
No par
1312 June 2014 Jan
•73
77
"69
74
77
741
/
4 74
74 .7312 75 .7312 75
/
4 Mar 12 8012 Jan 3
300 Preferred
100 711
76
Oct 9011 Jan
37
34
36
37
35
36
37
3912 4278 3,600 U S Hoff Mach Corp_ __No par 34 Apr 8 497 Jan 2
37
38
38
41
Dec 6833 Jan
139 1407g 140 141
14018 143
14212 14413 14438 14734 147 14838 36.700 U S Industrial Alcohol-100 128 Jan 16 15478 Jan 25 10218 June 138
Oct
•12534 127 •1253 127 *126 127 .126 127 .126 127 .126 127
100 12414 Jan 8 127 Apr 3 11853 Sept 12578 Nov
Prel,
rred_
2214 2212 2212 25
2414 28
241
/
4 25
2412 26
25
25h
7.000 U S 1 cattier
No par 20 Mar 26 3513 Jan 14
22
Jan 51 May
/
4 4412 4412 4613 45
4734 47
441
48
463 50
4912 497
No par 4014 Mar 26 6178 Jan 14
5,500 ClassA
Apr
Jan
72
52
981
.08
/
4 .98
98 2 *98
9812 98
OS
•9712 981 .9712 9812
200 Prior oreferred
100 98 Mar 27 107 Feb I 10034 Dec 10912 May
8832 9112 8/04 91
9138 8912 9318 9118 9412 32.500 U S Realty & Irnpt____No par 81 Jan 8 11913 Feb 8
88
8934 89
6114 Feb 9353 May
5332 543g 533$ 5453 6112 531g 62
54
6218 537
100 42 Jan 8 65 Mar 18
27 June 63/
5352 5572 53,200 United States Rubber
1
4 Jan
82
77/
1
4 80
82h 8234 81
81
81
80
100 77 Feb 16 92/
1
4 Jan 16
4.800
81
80, 82
55 July 10933 Jan
lat preferred
6153 6334 5918 6118 50
6314 64
6012 5934 601
3913 Feb 7112 Nov
6034 611
/
4 12.600 US Smelting, Ref & 11,11n-50 5713 Mar 26 72 eMar20
57
•53
53
57
53
•53
53
53 .5212 53
2
58 Jan 3
Jan 58 Dec
50 5211 Apr
200 Preferred
*5213 53
61
18434 18714 18518 18818 18234 187
18453 18838 18718 1901 18918 101h650.900 United States Steel Corp
15718 Jan 8 1037 Mar
13238 June 17212 Nov
143 1431
/
4 1431g 14318 143 14314 143 14314 143 14314 14318 14338 4,000 Preferred
100 141 Feb 5 1441
/
4 Mar 1 13853 Jan 14714 Apr
89
90
90
.88
*89
90
*90
99
.90
99
9412 9612
No par 8833 Apr 5 10934 Jan 30
300 US Tobacco
86 June 120 001
140 140 .13953 ____ 13958 13958 •140
____ *13953 ___ •140
100 136 Mar 6 141 Mar 15 12713 Jan 139 Jane
__ __
90 Preferred
•___ 320 15280 320 .270 305 *270 305
10 264 Jan 2 353 Mar 19 139
299 209
Jan 273 Dee
305 305
20 Utah Copper
4014 3012 40,2 397 41
3853 4014 39
4018 43
4218 43
30,700 Utilities Pow dr Lt A__No par 35 Mar 28 4938 Jan 30
2813 Feb 4611
/
4 May
9
918
9
9/
1
4
85
9
813 Mar 27 1313 Jan 21
83
Ns par
0/
1
4
853 83
6.700 Vadsco Sales
834 0
1571
77 .71
•71
78
78
72
Feb
25
72
82
100
Jan
70
16
75
75
•72
77
7001 Preferred
9538 9712 9518 98/
1
4 9212 0634 9234 9634 94
1
4 Mar 26 1161
No par 83/
/
4 Feb 8
9634 9518 9712 28,100 Vanadium Corp
Jan 11112 Nov
80
"31
32
*31
32
75 Jan 40, Oct
1531
32
31
31
No par 27 Mar 12 35 Jan 17
.3113 32
32
200 Van Raalte
32
8012 81
8113 8114 8114 .81
80
80 .81
100 60 Jan 2 8114 Apr 10
8112 81
4378 Jan 78 Nov
81
140 1st preferred
88
88
8813 89
8734 8818 88
8818 8814 8878 8813 89
No par 82 Jan 4 947,Mar 19
Jan 85 Dee
3,600 Vick Chemical
68
170 198 .170 198 •170
___ •170 ___ •170
___ •170
Victor Talk Machine_ _No par 143 Feb 18 200 Mar 18
6258 Jan 15834 Nov
____
•112h 113
113 113
113 1131 11218 1131 11234 11314 •11234 11314 --100 110 Mar
11414 Mar 13 10112 Jan 11213 Dee
4
7% prior preferred
1614 1853 1653 163
1638 1638
1518 Mar 26 2434 Jan 26
1538 161
No par
153 1613 1618 1658 5,400 Virg-Caro Chem
12 June 2014 Nov
511
50
5034 50
5013 51
100 50 Apr 6 6512 Jan 26
.50
51
51
3,500 6% preferred
4458 Jan 641
503 5034 51
/
4 Nov
"89
8912 8911 891
/
4 89
100 89 Apr
89
•87
89 .89
90
90
90
9712 Feb 4
400 7% preferred
8812 Jan 9912 Nov
108 109 15108 109 31108 109 "108 109 15108 109 •108 109
Virg Elec dr Pow Df (7)____100 107 Feb 21 109 Feb 18 10613 Dec 1141
/
4 Apr
••45
4712 .45
4712 *45
471 *45
.45
4712 .45
47
47
Virg Iron Coal & Coke pf__100 45 Feb 27 48 Jan 29
47
Oct 825s Jan
No par
13 Jan 1
15 Jan 4
Vivadou (V)
1134 June 2533 Jan
.
100
Preferred
Jan
78 June 100
63
63
63
7413 69/
100 -E6-- Jan 16 89
1,180 Vulcan DetinnIng
701
/
4 73
70
2213 June 74 Nov
1
4 7112 6913 6973 70
io
103 108
108 108 .103 107 .103 105 3100 100
100 91 Jan 4 108 Apr 8
80 Preferred
9612 9612
74 June 99 Sept
066
70
63
70
*67
75 .57
67
100 40 Jan 2 SO Feb 19
65
65
67
67
180 Class A
1912 June 483 Nov
23
2313 23
23
23
23
2218 2278 2278 24
2314 24
No par 221s Mar 28 27/
8,700 Waldorf System
1
4 Jan 3
1912 Jan 2614 Dee
36
3838 3614 3853 3618 37/
1
4 3534 37
No par 2338 Jan 8 43h Mar 15
361
/
4 3738 371
/
4 3873 7,300 Walworth Co
1413 Aug 2678 Sept
•47
47
4738 4718 4678 47
4938 47
46
46
•4612 48
00 Ward Baking Class A No par 4312 Mar 13 84h Jan 17
70 Dec 123 Feb
1018 1018 1014 1012 10
1014
978 10
1014 4,200 Class B
978 10
10
814'Mar 26 2114 Jan 16
No par
15/
1
4 Dec 2958 Jan
'73/
1
4 7412 7358 74
*7313 7438 157312 7412 157312 7412 .7312 7412
No par 71 Mar 25 8713 Jan 15
200 Preferred (100)
77 Dee 9712 Jan
10178 10478 102 105
9713 10213 971
/
4 101
98 10534 10438 107
84,700 Warner Bros Pletures_No par 97 Mar 26 134 Jan 21
8073 Aug 13914 Sent
4(318 4612 4512 47
46% 461
44
4712 4812 7.300 Preferred
47
465, 45
No par 44 Apr 10 5914 Jan 22
1
4 Dec
151h Dec 57/
3414 3312 34
3314 337
341s 3412 33
3212 333
3334 3418 8,800 Warner Quinlan
No par 3213 Apr 11 427s Jan 2
26
Feb 447g Oct
141 141
143 143
140 140
140 140
140 141 •14012 144
1,200 Warren Bros
No par 140 Apr 9 170 Jan 2 140 June 19213 Apr
51 •____ 51 •__ __ 51 •____ 498 •____ 493 •.._ _ _ 493
First preferred
ao 4834 Feb 15 53 Mar 27 491
/
4 Nov 61
Ain
1912 1912 1834 191
/
4 18
*;1.9i2 20
18
18
1818 1758 18
3.000 Warren Fdry & Plpe___No par 1518 Mar 28 34/
1
4 Jan 3
13 June Ws Oct
962
937
9638 •92
95
•92
943
*92
92
93
9434 94
25 9113 Feb 21 11338 Feb 5
5.800 Webster Elsenlohr
---•90 100 .00 100
*90 100
*90 100
•90 100
•90 100
100 99 Mar 11 100 Mar 11 ____
Preferred
3912 30
391
/
4 3078 39
3938 391
/
4 3918 39
39
3914 3914 2,200 Wesson Oil& Snowdrift No par 37 afar 26 48 Mar 7
87 Nov ilo- -fie;
6412 6478 6413 6412 64
641
/
4 64
6418 64
6418 64
6418 6,300 Preferred
No par 64 Apr 9 7212Mar 9 10338 Dec 108h Nov
192 192
19413 19634 193 196
190 19413 193 19512 19412 19612 15,200 Western Union Telegram __100 1791 Jan 2 22034 Mar 0 139/
Oct
1
4 July 201
4814 4814 47
48
471
/
4 477
4753 48
471s 483
483s 50
16,300 Wstnghse Air Brake
No par 4518 Jan 24 5412Mar 2
1
4 Jan
4218 June 67/
14358 147
14314 14678 144 15038 148 1503s 48,000 Westinghouse Elec & W8_50 13712 Jan 15 16813 Feb 4
146h 1487 14558 148
144 Nov
Jan
8818
141 141 •140 150
144 144
140 140 .142 145
143 143
50 let preferred
50 132 Jan 2 159 Feb 4
955 Jan 139 Nov
•3634 37
1537h 38
35/
1
4 3753 3513 3612 36
39
3658 3938 10,300 Weston Elea Instrufn't_Na par 22 Jan 28 42/
1212 Jan 2812 Juno
1
4 Mar 28
34 .3312 3418 .34
3313 3312 •33h 3412 34
3412 •34
3412
400 Class A
No par 3313 Jan 7 3514 Jan 16
303 Jan 4013 May
10(1 106
106 106
106 106
106 106
10412 10413 •1041
/
4 106
180 Wert Penn Elec cl A__ _No par 1023Mar23 110 Feb 1 103 June 112
Apr
1061
/
4 1067
106 10612 106 107
, 1077 1077 1071
/
4 10712 107 108
650 Preferred
100 103 Mar 28 11114 Jan 17 10712 Oct 11514 Apr
9712 9814 9814 9714 9712 9812 9714 9714 97
9634 97
97
270 Preferred (6)
100 96lIsIar18 102 Jan 17
9813 July 10412 Apr
11434 1143 11434 1145 •11414 1143 1143 11434
11414 116 •114h 116
110 West Penn Power pref_100 113 Jan 8 117 Mar IS 11313 Ott 118 June
10613 1061 •10812 10712
•10638 10658 •10613 108 15._ 100 •10613 108
140 6% Preferred
100 10613 Apr 11 11013 Jan 18 103 June 113
Jan
*5214 64
•5214 54
5212 5212 53
*5214 54
53
53
53
300 Wert Dairy Prod el A_No pa
8212 Dec 78
52 Apr 2 595 Feb 5
Apr
•2814 2834 2814 2833 2.000 Class B
2934 2934 2814 2912 2858 2834 2812 29
2033 Jan 49
No pa
26 Jan 10 347 Feb 5
Apr
37
3534 38
3714 3534 36
36
36
381
36
/
4 37
364 5,900 WhiteEagle01.& Refg_ No pa
201
/
4 Feb 38 Nov
3014 Jan 30 38 Feb 25
1
4 4714 4812 48
49
4912
912 481
4834 4878 4878 4713 49/
/
4 4918 13,900 White Motor
48
30/
1
4 Feb 4334 June
No pa
4038 Jan 3 5312Mar 2
1
4 50
5113 49/
4818 4812 49
50
50
5114 517
5114 6,800 White Rock Min Sp ctf
3418 Jan 4978 Nov
50 43 Jan 2 5214 Apr 5
20
24
21
25
2214 2178 2278 2214 23
2414 24
24
9,600 White Sewing Machlne-No Pa
3314 June 5234 Dee
20 Apr 9 48 Jan 2
4978 .4813 50
/
4 4913 4912 49
1
4 501
50/
4934 492
52
*49
500 Preferred
5134 Aug 68 Dec
4712 Mar 22 5778 Jan 16
No pa
4
23
2218
23
223
23
221
2214
2212 2313 2,000 Wilcox Oil & Gas
2312 23
•23
1912 Jan 7 2934 Feb 6
171
/
4 Dec 22/
No pa
1
4 Nov
2614 2678 2534 2614 253 263g 2513 26
2534 2638 33,000 Willys-Overland (The)
2633 263
175 Jan 33 Dec
2458 Mar 26 35 Jan 3
98
0812 98
98
98
9812 *98
9838
*98
0918 *98
•98
600 Preferred
921 Jan 10418 Dee
100 9614 Apr 1 103 Jan 3
•9
9
938
938
933
912
934 1,600 Wilson & Co Inc
*938 978
938
'912 97
9 Mar 26 1312 Jan 23
11
No par
Feb
Oct 16
18/
1
4 1834
1818 1912 3,200 Class A
1834 19
1838 1834 1812 185
17 Mar 26 27 Jan 21
No par
22
Jan 35 May
64
6412 64
*6
14
811 8
14
831
66
85
66
*63
6412 •63
*64
600 Preferred
773 Feb
100 59 Mar 26 79 Jan 23
63/
1
4
Oct
2093
,2133 211 212h 97,200 Woolworth (F W)Co
20218 2033 20514 211h 20814 21434 2105 218
1
4 Jan 3 17513 Feb 22534 Nov
25 19218 Mar 26 222/
461
4513 46
46
48
4534 4713 4518 4634 4512 4614 46
3,200 Worthington P di M
100 43 Mar 25 6412 Feb 5
28
Jan 65 Nov
8012 82
•75
82
84
•72
7734 773
82
82
82
•72
500 Preferred A
100 778 Apr 12 9213 Jan 23
4614 Jan 03 Nov
*66/
1
4 7212 •6614 7014 •6614 7014
66
•6614 70
66
66
66
500 Preferred B
100 66 Apr 6 82 Jan 11
41
Jan 80 Nov
24112
22712
23713
245
246 250
240
234
246
24212
246 247
19,300 Wright Aeronautical__ _No par 220 Mar 28 299 Feb 5
69 Feb 289 Nov
7014 71
71
71
71
71
71
711
71
71
70h 703
1.000 Wrigley (Wm Jr)
No par 70 Mar 26 8073 Jan 30
68 July 84 Aug
67
67
67
67
671
6712 67
67
*6614 6612 6614 67
25 8134 Feb 11 88h Mar 8
1,600 Yale & Towne
8112 Nov 8411 Ayr
4118 4512 458 4813 4618 49 433,400 Yellow Truck & Coach el B_10 35 Mar 26 49 Apr 12
3913 4118 3958 4114 3912 417
1
4 Nov
2738 Feb 67/
90 .83
89
•83
.83
90
89
00 .88
.88
90 •83
100 SO Mar 8 92 Apr I
Preferred
83 Nov 95 Apr
557
5918
627
69
5612
56
5614
565
8
9,700 Young Spring & WIre_No par 5214 Mar 26 65 Mar 18
5788 5758 5718 574
4634 Dec 5634 Nov
12712 12834 12514 128
125 127
125 125
12612 1271
12312 126
5.900 Youngstown Sheet & T _No par 105 Feb 19 13012 Apr 5
8313 Jun 1153, Del
•Bid and asked tutees; no sales on Ws duo s Fs-MVP:lend. a Ex-rights. • No par value,
811-vighta.
2430
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan I 1909 the Exchange method of quoting bonds was changed and prices are now "arta intereit"—except for income an 6 defaulted bonds.
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 12.
a.
Price
Friday
April 12.
Week's
Range or
Last Sale.
0,53
High No.
Aak Low
844
U. S. Government.
First Liberty Loa.
ID 9a& Sale 9734, 9814, 639
3!;% of 1932-1947
ID
9913nJan'29
Cony 4% of 1932-47
ID 99I5 Sale 99
991142 78
Cony 454% of 1932-47
•D
9913,,Mar'29
2d cony 454% of 1932-47
Fourth Liberty LoanAO 9931,2 Sale 994, 991341 634
454% of 1933-1938
1947-1952 AO 107134,Sale 107
10754, 110
freasury 454o
1944-1954 J O 103164,Sale 10233 103134, 338
Treasury 45
1946-1956 MS 100134,101 100 10014, 358
Treasury 398s
1943-1917 ID 974, Sale 9614, 9714, 36
Treasury 342s
70
Treasury 3446 June lb 1940-1943• D 0744 Sale 9614, 9753,
State and City Securities.
N Y C 354% Corp st_ _Nov 1954 MN
334% Corporate st_ _May 1954 MN
1936 MN
413 registered
1956 MN
4s registered
1957 MN
4% corporate stock
434% corporate stock_ _1957 MN
434% corporate stock _1957 M N
1958 MN
4% corporate stock
1959 MN
4% corporate stock
1960
MS
stock
corporate
414e
1964 MS
41,1 e corporate stock
1966 AO
4328 corporate atock
1972 AO
454s corporate stock
1971 J O
4590 corporate stock
1963•S
4 340 corporate stock
1965 ID
43.0 corporate stock
434e corporate stock_JulY 1987 J J
8812 Jan'29
8812 Jan'29
9934 Mar'28
9912 June'28
95 Feb'29
10458 Nov'28
10234 Mar'29
9712 Jan'29
Jan'29
98
10018 Mar'29
f)6F4 -- 99 Mar'29
9914 -- 10138 Nov'28
9814 Mar'29
9914
107 10812 June'28
10258 Mar'29
11012 107 June'28
10184
10418 Feb'29
'New York State Canal 48_1960
1942 JJ
la Barge Canal
go Highway
Mar 1962 MS
9912 Aug'28
9934 Dec'28
10312 June'28
Foreign Govt. &Municipals.
1947 FA
Agrio Mtge Bank s f Os
Sinking fund 6s A_ _Apr 15 1948 AO
1963 MN
Akerahus (Dept) exti 58_
Antioquia(Dept)001 78 A_ 1945 J J
1945 J I
External a f 78 ser 13
External of 78 series C_1945 12
1945 J J
External ei f 7s ser D
1957 AO
External of 7s lot tier
1957 AO
Extl see 0 f 75 7s 2d ser
1957 AO
Ent see 5 f 78 3d ser
•
Argentine Govt Pub Wks68.1960 AO
Argentine Nation (Govt of)—
Sink fund Os of June 1925-1959 ID
1959 AO
Extl 5 f 613 of Oct 1925
1957
S
Sink fund 68 series A
External 613 series B_ _Dec 1958 J O
Exti a f 6s of May 1926 .._1960 MN
Externals f 6,1 (State Ity)_1960 MS
Extl Os Sanitary Works_ 1961 FA
Ext Os pub wke(May '27)_1961 MN
1962 FA
Public Works exti 5 Ms
Argentine Treasury bs £__ _..1945 MS
Australia 30-yr 53_ _July 15 1955 J J
External 5e of 1927_SePt 1957 M S
1956 MN
Exti g 4 Ms of 1928
1943 ID
Austrian (Govt) 5 f 75
85
85
8614
J2
,
92
93
93
89
8934
00
9973
9838
9914
10058
9918
100
9934
994
9914
9538
8914
9514
9434
8614
10214
85
8512
8814
92
9112
9112
91
89
89
8734
0812
85
8512
8678
0212
9278
92
9218
89
8934
90
9978
48
21
15
6
28
6
2
6
87
Sale 987e
Sale 9878
Sale 9914
Sale 09
Sale 99
Sale 99
Sale 9834
Sale 9918
Sale 9518
90
91
Sale 94
Sale 94
Sale 86
Sale 102
0912
9958
10034
9912
100
9934
9912
9912
9578
90
9514
95
8612
103
110
111
38
76
73
159
66
61
116
7
87
09
97
27
Sale
87
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
9412 13
Bavaria (Free State) 6 Ms_ _1945 FA 9414 Sale 0312
11434 60
Belgium 25-yr ext of 7 M5 6_1945 3D 11434 Sale 114
1941 FA 10834 Sale 10812 10912 15
20-yrsf8s
1949 MS 104 Sale 10338 10434 122
25-year external 6 Ms
150
1955 22 100 Sale 9912 100
External a f Os
1955 ID 10714 Sale 107
External 30-year of 7s
10712 90
1958 MN 105 Sale 10438 105
88
Stabilization loan 78
1945 MN 111 Sale 111
11112 14
Bergen (Norway) 8 f 88
1949 AO 100 10034 100
3
100
I5-year sinking fund 6a
Berlin (Germany) Sf 6 345.._1950 AO 97 Sale 9634
9712 28
External sink fund 68_ _ _ _1958 J D 8934 Sale 8712
8934 30
12
1037s
Bogota (City) ext'l of 8s1945 AO 10312 Sale 102
84
Bolivia (Republic of) extl 85_1947 MN 102 Sale 10014 102
1958 J , 88 Sale 89
15
90
External sec 75
1969 MS 8312 Sale 87
8812 61
Externals(79
64
Bordeaux (City of) 15-yr 68_1934 MN 100 Sale 9912 100
10634 37
Brazil(U S of) external 8s.. 1941 ID 10612 Sale 106
9414 53
External s I 6 Ms of 1928 1957 AO 94 Sale 93
1957 AO 9412 Sale 9318
9412 147
Exti of 6545 of 1927
1952 ID 9818 Sale 9534
981 104
75 (Central Railway)
714e (coffee occur) (fiat) _1952 A 0 9714 99 1064 10618 25
1935 M S 100 Sale 100
11
10014
Bremen (State of) eat' 78
1957 MS 8914 90
_
90 Apr'29
Brisbane (CRY) ef 591
1958 FA 8914 Sale 89
9014 30
Sinking fund gold 5s
36
80
Budapest (City) exile f (is _1962 3D 80 Sale 7912
19
101 Sale 9958 101
Buenos Aires(City)6 345... 1955 .1
1960 AO 9412 9712 97 Apr'29
Eat! f Os aer C-2
1961) AO 9412 9834 9834
4
9834
Exti 0 f 68 ser C-3
9214 117
Buenos Aires (Pros') extl 68_1961 MS 92 Sale 9138
1967• J
1
84
84
Bulgaria (Kingdom)5f 78
55
88
8734 Sale 8714
StabTnen of 7 Ms_Nov. i5'68
0612 21
Caldas Dept of(Colombia)7545'46 J2 9612 Sale 9,514
Canada (Dominion of) 5e___1931 AO 100 Sale 9934 10012 58
1929 F A 9978 Sale 9958 100
101
10-year 552
1952 MN 103 Sale 102
55
103
Is
1936 FA 9712 Sale 9738
9734 49
4140
1954• J 104 107 106 Apr'29
Carlsbad (City) of 59
993s 19
Cauca Val (Dept) Colom 734s 53 A0 98 Sale 98
Central Agile Bank (Germany)
9834 21
Farm Loan 5 f 75 Sept 15 1950 M S 93 Sale 98
85
11
Farm Loan of 8s_July 15 19602 J 8414 8512 84
8434 123
Farm Loan 5 f 68_0ct 15 1960 A 0 8453 Sale 8334
80
90
Farm Loan 6s ser A_Apr 15'38 A 0 8978 Sale 8834
Chile (Republic of)1942 M N 101 Sale 0018 10158 40
20-year external is f 7a
125
93
External sinking fund 65.._1960 A 0 0212 Sale 92
9314 55
1981 F A 9314 Sale 92
External of Os
9:314 56
196i2 J 9314 Sale 92
Ry ref exti f 6s
9314 210
1961 M S 9212 Sale 9212
Extl sinking fund 6s
9812 49
Chile Mtge Ilk 6 Me June 30 1957 J 13 9714 Sale 97
41
99
8f654sof1926....June3Ol9OlJ D 9812 Sale 9734
9112 18
Guar f 68
A pr 30 19331.4. 0 . 9112 Sale 91
3912 24
Chinese(Hukuang Ity) 543...._1951 1 11 3914 Sale 39
1
0978
9978
Christiania (Oslo) 30-yr a f (38 '54 M S
95
05 Sale 95
Cologne(City)Germany 6 Ms1950 M
88
1961 J J 88 Sale 87
Colombia (Republic) Os
External of 65 of 1928
1961 A 0 8714 Sale 8714
88
8134
Colombia altg Bank of 6;0_1947 A 0 8178 844 8114
91
Sinking fund 78 of 1928......1946 M N 90 Sale 00
95
Sinking fund 72 of 1927_1947 F A 93 Sale 91
0414
19522 D 94 Sale 94
Copenhagen (City)58
8712
1953 MN 8714 Sale 87
25-Yr e 434o
9438
1957 F A 94
Cordoba (City) ext.' 0 1 7s
9438 9312
External e f 75 Nov 15 1937 54 N 9438 Sale 0412
9512
99
Cordoba (Prey) Argentina 751942 jJ 99 Sale 98
9514
Costa Rica (Repub)ext1 75_1951 MN 0414 Sale 9414
S 9934 10012 10012 10012
Cuba (Remit.) fa of 1904_1944
External fa of 1914 aer A.._1949 F A 101
____ 101 Mar'29
External loan 434e ser C 1(5491F A 94
9712
9712
95
Jan 15 195312 J 103 Sale 100
SInkinz(iin6 h
1001 1
Melte Deals of 115 to the I mann'
U Osas male.
8
58
83
15
11
7
28
:32
33
24
19
5
2
1
55
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 12.
Price
Friday
April 12.
W.ek's
Range or
Last Sale,
Range
Since
Jan. 1.
High
Ask Low
Bid
Ifigh No. Low
High
Cundlnamarca (Dept) Columbia_
8914
82
83.78 32
1959 al N 8378 Sale 8214
Extl s f 6 Ms
9714, 99314,
43 109 111
999'4,9915n Czechoslovakia (Rep of) 85 1951 A 0 110 Sale 10912 110
1952 A 0 10934 Sale 10954 110
19 108 111
Sinking fund 8s ser B
98" 10034,
10912 19 10874 111
9914,99114, Danish cons Municip as A 1946 F A 10914 Sale 10914
1946 F A 10914 Sale 10914
10 10712 1104
10914
Sertea B f 8s
1942 J J 10334 Sale 10314
10334 43 102 10478
9814,10014, Denmark 20-year exti 6s
1955 F A 10014 Sale 100
9574 101114
10012 60
Exti g 5148
105 111134,
8612 90
8774 109
Apr. 15 1962 A 0 87511 Sale 8714
Extl g 4 Ms
1014,10614,
99
96
31
97
98134,103114, Deutsche 1314 Am part ctf 6s_1932 111 S 9678 Sale 9612
3
96
9512 99
953,, 98114, DomlnIcan Rep Cust Ad 5545'42 M 8 9512 Sale 9512
9454
1940 A 0 9314 9612 9312
9312 9812
8
lot ser 53.4s of 1926
951,2 98134,
1940 A 0 9312 Sale 9312
9012 9734
3
947s
233 series sink fund 5 Ms
10014
16 100 10132
Dresden (City) external 7/3_1945 M N 100 Sale 90
0134
10214 15 10134 10384
Dutch East Indies exti 60_1947 J J 10178 103
10212 10312 0134
1962 M
15 10134 104
10214
40-year external Os
8812 8812
5 10034 10372
101 Sale 01
101
30-year external 53.4o_.._1953 M
8812 8812
01
2 161 10312
101
1953 MN 101 102
30-year external 534s
108
1948 J J 108 Sale 08
1 108 111
El Salvador (Repub) 8s
8612 11
1967 J J 8512 Sale 85
85
8012
Estonia (Rep of) 75
99
95
94
11
92
Finland (Republic) extl 85 1945 M S 94 Sale 94
9734
33
100
99 Sale 99
9712 101
External sink fund Th.__ _1950 M
6234
.
10284 1
9734 21
1956 M S 9714 9812 97
94
994
External s f 6 Ms
9712 9712
89
12
1958 F A 8012 Sale 87
85
92
Esti sink fund 554e
9718 98
9948
95
9958 10018 Finnish Mun Loan 63.45 A..1954 A 0 9512 9612 95 Apr'29
3
953g
9558 9814
1954 A 0 ____ 9512 9534
External 634s aeries B
99
99
140 1094 118
French Republic ext 73.45_1941 J D 111 Sale 1034 113
1949 J D 10718 Sale 0634 10734 212 10512 10834
External 7s of 1924
98'g 98'4
101 10514 108
1949 A 0 10558 Sale 0534 106
German Republic ext'l 75
00
1
109
9914 10212
1954 M N 9912 100
Gras (MunIchiality) 88
10134 104
OR Brit & lrel(UK of) 5;0_1937 F A 10314 Sale 0318 10312 94 103 10452
3
99
99 11812
9978 99
1929 F A 99
1031z 1041-8 10-year cony 530
4 c8231 8778
85
N 8234 8278 85
4% fund loan L op 1960_ I990
5 c96 100
9612
5% War Loan opt 1929_1947 J D 9712 985s 9612
1 104 10712
106
Greater Prague (City) 7;0.1952 M N 10514 106 106
9778 17
97
9514 99
Greek Government f sec 76_1964 MN 9718 98
63
8334
82
8214
Sale
83
A
87%
1968 F
Sinking fund sec 6s
98 101
9958 10
1952 A 0 9834 Sale 9834
Haiti (Republic) s f 63
21
9634
93
98
95
97
95
0
A
1946
13s
(State)
Hamburg
2 101 1044
10212
102 Sale 102
84
9612 Heidelberg (Germany)ext 7 Ms 50 J
9312 100
9412 48
94 Sale 9312
Hungarian alunic Loan 134o 1945
8412 90
4
8658 94
89
8934 88
External s f 7s_ _ _ _Sept 1 19482 J 87
8512 8912
6
98
9512
9814
9114 91334 Hungarian Land M Lust 71449 61 M N 9312 Sale 9512
6
9912 10112
9478 Hungary (Kingd of) of 7;0_1944 F A 10034 Sale 9934 10034
91
9534 39
9514 97%
9112 9578 Iris), Free State extlso f 58 1960 MN 9558 Sale 9538
9412 974
9638 113
91
9512 Italy (Kingdom of) ext'175_ _1951 J D 9618 Sale 95
94
6
9812
95
9412 Sale 94
Italian Cred Con.sortium 76 A1937 M
88
95
9112 98
9434 19
1947M S 9412 Sale 9312
Eat' sec a 76 ger B
94
89
9018 954
9234 45
Italian Public Utility ext 78_1952 J J 92 Sale 9034
8734 93
9214 80
94
90
9814 10078 Japanese Govt £ loan 45.__ _1931 .1 J 9112 Sale 9114
9934 10214
1954F A 10012 Sale 10012 10114 147
30-year f 6 Ma
3
98 10011
99
98 10118 Leipzig (Germany) a f 75_1947 F A 96 Sale 99
7
9338
9314
921s 9914
8818 10034 Lower Austria (Prey) 7 Ms_ _1950 J D
10014 44
9814 101
Lyons (City of) I5-year (is_ _1934 M N 9978 Sale 9934
9812 101
51
9812 101
9812 100% Marsellee (City of) I5-yr 65_1934 1,1 N 100 Sale 9912 100
5
8934
83
8312
8312 83
9812 100% Medellin (Colombia) 8340_1954 J D 83
2112 25
22 Mar'29 _
18
28
9814 10034 Mexican IrrIgat Asetng 4;0_1943 _
4934 Jan'28 _ _
98 10078 Mexico(US) ext.] 58 of 1899 £'45 Q—J
1
35
28
28
28
Assenting 5s of 1899
1945 _
98 10034
5
2834
2834 84
2834
28
30
Assenting 58 large
9458 9714
1914 20
1812 2234
19 Sale 1712
Assenting 4s of 1904
894 9214
1774 2314
19
Assenting 4s of 1910 large_ _
1910 1912 Apr'29
9258 97
16
17 Apr'29
2214
Aessenting 48 of 1910 small_ _ _ _
9234 9812
3712
5
30
30
29
Trees(le of'13 assent(large)'33
8412 8814
5
27
27
27
35524
Small
10114 10312
164
89
Milan (City. Italy) ext'l 6145 '52 A 0 89 Sale 88
8718 0012
9312 9812 Minas Geraes (State) Brazil—
27
93
9212 9512
93 Sale 9212
1958 M
Exti 0 f 63.4s
11212 11554
26 101 1033s
103
1952 J D 10118 Sale 10118
Montevideo (City of) 7s
108 110
10218 107
6 103 108
10312 104
9734 1007g Netherlands 88 (flat prices)..1972 MS
9958 1003s
9958 Apr'29
1954 A0
30-year external 68
10634 109
24
9012 95
FA
4
913
Sale
92
9212
581957
ext
10614
(State)
Wales
So
New
1041s
9012 944
9212 18
Apr 1958 AO 92 Sale 9158
External s f Is
10934 11212
10212 38 100 10314
Norway 20-year exti 6s____1943 FA 10212 Sale 101
0812 101
1944 FA 10112 Sale 10058 10134 32 100 10314
20-year external 65
99
95
1952 AO 10114 10178 10034 1017s 19 100 10378
AO-year external Os
8712 92
9974 73
9878 1014
D 9978 Sale 9914
1965
10112 104
0-year e f 5325
9312 974
9412 52
___Mar 15 1963 MS 9412 Sale 94
External of Is..
100 a 104
89
20
95
00
Municipal Bank extl of 56.1967 JO 8958 Sale 89%
8712 95
8778 9012
_
8778 Mar'29
Nuremberg (City) exti 8,3_1952 FA ____ 86
92
87
9934 10258
11
101
Oslo (City) 30-year s f 68_1955 MN 100 Sale 100
9814 101
17
98 10114
99
1946 FA 9512 9878 98
Sinking fund 5548
10534 109
7 100 10212
101
1953 ID 10012 10112 100
91
9612 Panama (Rev) ext.) 534s
10114 1014
_
10112 Jan'29
1961 ID
EAU see of 6 345
92
985x
9414 20
9212 944
Exti of 58 ser A _May 15 1963 MN 9312 Sale 93
9558 102
91
19
92
95
105 10758 Pernambuco (State of) ext 78 '47 MS 91 Sale 91
9912 10212 Peru (Republic of)
107 10718
___ 10714 Jan'29
Extl s f sec 73.4o (of 1926)-1958 St S
93
90
13 100 103
101
102
ale
1959 51 5 iolit 3
Ent s f sec 78
8) 9174
125
85
88
1960 J D 8712 Sale 8614
9014
8312
Nat Loan exti 0 f (is
79
85
107
90%
88
1961 A0 88 Sale 8512
Sfg6s
9914 102,4
8318
79
9
80
1940 AO 80
8114 79
Poland (Rep of) gold 6s
97 100
83
8839
8434 98
1947 A0 8412 Sale 8358
9612 1001g
Stabilization loan s f 78
9518 99
9612 31
1950 J J 9612 Sale 9.539
9138 9334
Ext1 sink fund g 88
2 10434 1064
84
Porto Alegre (City of) 86_1961 J O 10434 10478 10434 10434
90
9712 1024
3
08
Exti guar sink fd 7 Ms_ __ _1966 J J 9712 Sale 9712
864 9714
2 10814 118
10898
Queensland (State) extl of 78 1941 AO 109 110 10814
2 102 10478
9414 101
10458
25-year external 6a
1947 F A 10418 10478 104
9912 10158 Rio Grande do Sul exti s f 88_1948 A0 10514 Sale 10514
10512 19 105 106
93
86
9918 10038
871 4 65
Eat, s f (Ss temp
1968 ID 87 Sale 86
95
994
1966 St N 9612 Sale 9612
Exti 0f7s of 1926
10134 10534
9812 15
10512 26 105 1084
1946 A0 10518 Sale 105
9954 Rio de Janeiro 25-yr s f 8s
97
0.442 67
95s8
92
Exti 5 f 640
1953 FA 9412 Sale 9312
10134 10712
9114
88
Rome (City) exti 640
1952 A0 9038 Sale 8958
0058 134
9714 102
4 10212 10412
1964 MN 101 10312 10212 103
Rotterdam (City) extl (4
87 914
1953 J J 88
9512 99
Saarbruecken (City) 65
87 Apr'29
91
9 11134 115
83
8832 Sao Paulo(City)s f Ss_ _Mar 1952 MN 11134 113 11134 112
9258 984
1957 MN 9734 Sale 9258
Ertl s f 634s of 1927
88
83
9754 10
10 10412 108
8 San Paulo (State) extl s f 88_1936 II 10514 Sale 10412 10514
8618 90,
57 103 1074
1851) J J 105 Sale 103
External sec o f 85
106
98 102
3
External a f 78 Water L'n_1956 MS 9918 100
100 103
101
98
874 934
9112 94
Exti 5 f Os a int rata
1968 J J 9012 Sale 88
9012 20
98
95
9112 9414 Santa Fe (Prov Arg Rep) 75 1942 51 S 9614 Sale 9578
19
9012
964 1004
2
Saxon State Mtg Bat 7s_...1945 J O Only Sale 9612
9158 94
9612
95
92
3
f g 8 Ms
Dec 1946 JO 92
9112 94
92
9334 92
9512 9954 Seine. Dept of(France)exti 78 '42 .1
02 88 10218 1084
2112 10
,
0
1e14 18
a0
,
412 S
09
18
96
89
41
97 1007s Serbs, Croats & Slovenes 8.'62 M
8112
77
122
1962
N 79
Extl sec 78 aer B
94
89
80
714
1e34 76
a0
7858 S8
8471
77
23
81
4438 Slleelan Landowners Assn 88_1947 F A
35
9755 9938
9912 10112 Sols8ons (City of) extl 6a_1938 MN 9812 Sale 984
9819 16
19
9034 9338
934
Styria (Prey) ext.' 75
1946 FA 9234 Sale 9234
92
971e Sweden 20-year (38
1939 ID 10212 Sale 10212 10312 27 10134 10414
10394 50 10034 105
8412 91
314
N 10
External loan 5340
1954
2 109
12
3,
312 109
08
10912 33 10812 11034
Swiss Confed'n 20-yr of 88 1940 J J
8414 91
10214 51 1005s 10372
8058 8812 Switzerland Govt ext 534s,
.1940 A0 10214 Sale 10178
7612
7
78%
75
7618
88
934 Tokyo City 5s loan of 1012 1952 St $ 7618 Sale
86
44
9012
Sale
884 9514
Ertl f 6Ms guar
1981 AO
6
89
92
7'11
89
9
88
91e 8
94
97
Tolima (Dept of) extl 7a._ 1947 MN 87
93
7
9614
8833 8918 Trondhjem (City) 1st 534o..1957 MN 03
10
9614 9812
91
9312 98
Upper Austria (Prov) 70._ - _1945 11)
3
8574
4
3
33
7
4
873
8
7
8
0
1
4
3
7
93
87
8
e
e
l
a
a
S
9672
94
4
873
Externals f 6348__June 15 1957 J D
9834 48 108 10914
T 1081s
9512 10034 Uruguay (Republic) exti 8a_1946 FA ,
S9
31 I
8:
106
9712 100
105
9212 9534
External 5 f 88
1980 MN 984 Sale
10
13144
88:0
9
94
90
100 1024 Venetian Prov altg Bank 744.1952 A0 9134 Sale 9034
8518 9012
40
101 1024 Vienna (City of) extl Of(18_1952 MN 86 Sale 8558
5
80
83
8514
Sale
83
A
F
Warsaw
7s
9718
9413
1958
(City) external
0614
02
0312 41
Yokohama ((Jitv) esti 8s
1961 ▪ 11 9312 Sale 9258
100 104
Low
2431
New York Bond Record-Contuideu-Page 2
BONDS
h
N. Y. STOCK EXCHANGE. ..... i,
Week Ended April 12.
Z:8:
-
Price
Friday
April 12.
ll'eek's
Range or
Last Sate.
I?i
,
,..Z. ".,
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 12.
1:4
_
46.,
-
Price
Friday
April 12.
Week's
Range or
Last Sale.
2
rri,
4
Range
Since
Jan. 1.
High No Low
High
Rid
Ask Low
High Chic Milw A St P (Cowl/Mal)Bid
Ask Low
High No. Low
Railroad
9312
7
9218 9534
Gen 434s series C___May 19893 J 0318 9414 9212
Registered
10312 Mar'29 ____ 10234 10312
May'28
Ala Gt Sou let cons A 55____1943 J D 101
1943 J D 93 -94
Gen;i__3
4 s series E.. _May 1989 J J 924 Sale 9212
93 ____34
5i8
i 96
let cone 4s ser 11
93 Mar'29 ____
1946 A 0 83
8612
85
19253 D ____ ____ 8178 Feb'28 ___ _
Debentures 4s
Alb & Sus(' lot guar 354,
90
8612 Mar'29 ____
90
A Ileg & West 1st g gu 45____1098 A 0
9212 Chic Milw St P & Pac 5s_ _ _1975 F A 915 Sale 9012
92
337 -9-0i4 -94-9212 Mar'29 ____
1942 121 S 8958
Alleg Val gen guar g 45
9258 95
Cony adi 55
Jan 1 2000 A 0 7278 Sale 7212
7212 80
2 95 Mar'29 ____
7912 586
8912
76
78
Chic & N'west gen g 334s_....1987 M N 7114 7678 7734 Mar'29 ____
72
Ann Arbor 1st g 48_ __ _July 1995 Q J 70
7458 72 Mar'29 ____
Atch Top & S Fe-Gen g 45_1995 A 0 9278 Sale 9112
9014 9334
Q F --------7712 Oct'28 ____
Registered
9278 48
Registered
A 0
General 4s
1987 M N 85
8914 9078
8912 Feb'29 ___
8734 85
.
.
8- -8-1-5;
8512
4 -5
Adjustment gold 45__July 1995 Nov -g5is 16- 85
Q F ____ ____ 94
1
8458 8758
RegistereA
Apr'28 ____
85
Registered
Nov
Stud 45 non-t, r en ia tax '87 M N 8518
8718 Mar'29 ____ -871-8 -1;;61-4
8812 Jan'28 ____
July 1995 M N 85 Sale 8458
Stamped
-3% -g78
Gen 4;45 stpd Fed Inc tax..1987 MN --------10612 Oct'28 ____ ____ -85
31 -8
Registered
fld N
Gen 5s stpd Fed Inc tax_ _1987 M N 10412 105 10458
89
10458
5 10458 10914
Oct'28 _--Cony gold 4s of 1909
1955 J D 8318 ___ 89 Mar'29 _
M N
-ig Ts -€CC1.Registered
113 May'28 ____
Cony 4s of 1905
87
91
Sinking fund 65
19553 D 8318 -87
1879-1929 A 0 -65F8 -997-8 9918
9918
3 -55- 1-6014
8738 Mar'29 ____
Cony g 4s Issue of 1910_ __1960 3 13 8318 87
A 0 --------10014 Oct'28 ___8514 90
Registered
90 Mar'29 ____
--- Cony deb 4;is
1948
Sinking fund 58
1879-1929 A 0 99 Sale 99
D 11314 Sale 11112 11414 547 10812 119
2
99
6 -9878 1061Rocky Mtn Div let 4s__ _1965 1 J _
91% 92
Registered
A 0 _
__
99 Mar'29 ____
99
99
93
91% Feb.29 ____
Trans-Con Short L 1st 45.19583
1933 MN 100- 1-001-2 100
Sinking fund deb Se
2
8712 93
1
100
9978 10134
9512 981,
Cal-Ariz 1st & ref 43.0 A _1062 M S 97
MN --------10014 Jan'29 ____ 10034 10034
Registered
9934 973 Mar'29 ____
1930 J D 10112 10134 10112
10-year secured g 7e
At'Knoxv & Nor 1st g 5s___1946 3 D 9914 10314 10314 Jan'29 ____ 10314 10314
10134 15 10018 103
All & Churl A L 1st 430 A__1944 3 J 9312
9412 96
15-year secured g 6;is__ 1936 M S 10712 10734 10712 Apr'29 ____ 10712 11114
1
9412
_ 9412
1st 30-year 5s series 11.19443 J
May 2037 .1 D 10234 10312 10218
1st ref g 5s
10178
3 101 104
5 10112 1053
10178
10234
Atlantic City let cons 4s_ ._195l J
May 2037 J D 9312 Sale 9312
lst dr ref 4 lis
34
9312 9754
95
-___ 8912 8718 Oct'28 ____
AU Coast Line let cons 4sJuly '52 M . 9o78 Sale 9078
15 -iiii4 -9-i- Chic R 1 & P Railway gen 4s 1988 .1 J 86 Sale 8512
851s 89
91
86
23
J J
Registered
9014 9014
Registered
8814 Dec'28 __ _ _
M 8 --------9914 Jan'29 ___
General unified 4SO
1964 .1 D 9514 Sale 9514
1934 A 0 -54T4 g;.I-e- 9234
94
9778
Refunding gold 42
2
9614
9414 179 -52j2 -9-6L & N coil gold 4e__ __Oct 1952 MN 8812 89
A 0 ____ ____ 9234 Jan'29 ____
867s
884 55
8678 91
Registered
9234 9234
All & Day let g 4B
1952 M 5 90 Sale 8938
1948 J J7078 7212 70 Mar'29 _ _
75
70
Secured 4;i2 series A
9038 120
86
951k
2d 4s
1948 J 1
6412 6712 Ch St L & N 0 Mem Div 48_1951 J D 8712 88
1
8458 88
8712
8712
6412 Mar'29 ____
Ati & Yad 1st guar 4s
81
1949 A 083
81
June 15 1951 J D 10312 ____ 10312 Feb'29 ____ 10312 105
Gold 53
12 81 Mar'29
Austin & N W let gu g 5s___1941 J J ____ 10258 10314 Mar'29 ____ 100 10314
J D -------- 107 Apr'28 ___ _ ____ -Registered
Gold 3;is
June 15 1951 .J1 D
8412 Jan'27 ____
Balt & Ohio let g 4s___ _July 1948 A 0 9134 gale 9114
93
90
Itegtst ered
9134 48
78
7
1 -7§- -811-2
Registered
July 1948 Q J
__ 8912 Feb'29 ____
8912 9114 Ch St L & P 1st cons g 5s____1932 A o i55- 161-- 9912 Mar'29 __
9912 101
A 0 ____ ____ 10158 June'28 ____
20-year cony 43is
9634 99
9712 100
Registered
1933 M 8 9738 Sale 97
Registered
M S
June'28 ------------Chic SIP M &0cons 6s____1930 J D 98
9878 9958 Apr'29 ____ -58 1-0-1-9934 102l
Refund & gen 58 series A__1995 J D --------08ale 101
10134 80
Cons 68 reduced to 33is___1930 1 D 9614 9712 9612 Jan'29 ____
9614 97
Registered
J D
1930 M S 9712 98
Debenture 55
9712 Apr'29 ____
9712 101
July 1948 A 0 10214 Sale 19
4 - 49, 102 10412
let gold 55
092'4 13112238
M S ---- 9912 9814 Mar'29 ____
Stamped
981g 9913
10834 110 10734 110
Ref & gen (is series C
10953 D 10812 Sale 10818
ChlT
gll
,
68
.& So East 1st 55.1060 J D 94
96
9234
94
13
91 10011
9014 94
92
88
P L E & W Va Sys ref 4s 1941 MN 9358 Sale 9034
1 1960 M 5 8612 Sale I 86
993 10312 Chic Un Sta'n let gu 434e A_1963 J -I 9714 Sale 97i1:
1950 3 J 10112 Sale 10028 10178 48
Southw Div 1st 55
1
:7314
2 8
8214 24' 8018 8514
Tol dr CM Div let ref 48 A_1959 J J 81 Sale 81
let Se series B
19633 .1 102
____.102
10258 23 102 10412
101
42, 100 102
Ref & gen 58 series D____2000 M S 10012 Sale 10014
19443 D 10112 Sale 10112 102
Guaranteed g 5s
5 100 10211
3' 100 105
Bangor A Aroostook let 5s..1943.3 J
102 10012 10012
10033 J 114 11578 11418 Apr'29 ____ 112 1161s
let guar 6 Sis series C
1951 3 J 8978 8114 8018
8018 13
8018 8614 Chic & West Ind gen 611 Dec 1932 0 M --------10114 Feb'29
Con ref 48
10114 10114
_
1989
J
gu
3s
_
D
Stur
1st
5612
_
5514
Battle Crk &
6812 Feb.28 ____
19523
Consol 50-year 4s
Sale 8518
86
10
8412 8914
9458
Beech Creek 1st gu g 4s____26136 3 J 95 -_9512 9412 Mar'29 ____ -5:1i2 ---1st ref 530 series A
1962 M S 10112 Sale 10112 102
13 101 105
.1 1
Registered
____ 95 Aug'28____ ---- ---- Choc Okla & Gulf cons 55_1952 M N
101
Feb'29 ____ 10058 10112
1936
2d guar g 55
J .1 9312 __ 97 June'28
95
CM H & D 20 gold 4305
1937.3 J 92
9412 Mar'29 ____
9412 943
Beech Crk Ext let g 330s__1951 A 0 7714 ____ 80 Mar'29 ____
SO
80
12 9538 9412 Feb'29 __._
C Registered92
1 St L & C lot g 4s_Aug 2 1936 Q
9412 9614
Belvidere 1)el cous gu 3;0_1943 .1 3
Aug 2 1936 Q
--------97
Oct'28
1944 .1 D 8418 ____ 9138 Mar'29 ____
Big Sandy let 4s guar
89
91,
8 Cln Lob & Nor 1st eon g 45 1942 MN 88 Sale 88
88
1
1927 J J
Boll,la Ity lst 55
Boston & Maine 1st 5s ALL _1967 M 5 94 Sale -6'2i, -- - 'g - -1.H -9112 -90-- Clearfield M Mat, 1st gu 5s __1943 .1 J 9812
100 July'28 __
Boston N Y Air Line let 43 1955 F A _ _ _ 7878 76 Mar'29 ____
8838 8812
8812
3 -iii- -9-1-76
8112 Cleve Cin Ch A St L gen 4s__1993 1 D 87
2329a4 A West lot gu g 4s 1938 J J 52
3
9814 92
92
92
9512
20-year deb 430s
1931 1 J 9814 Sale 9814
99 _ 3
9734 9912
5s..1937
Koch & Pitts gen g
M 5 90 100 10012 Dec'28 ------------General
1993 3 13 10312 _ ___ 112
General 513
Os series B
Jan'29
I lz 112
1957 M N 8914 Sale 8914
Como'4345
9934 -5i
- Ref &
9118 43 -i514 -5-2-78inapt
6s series A _ _ _1929 J J 9934 Sale 9912
Burl C R & Nor lot A coll 59 1934 A 0 100 10212 100 Mar'29 ____ 100 102
1941 J J 10314 _ _ 10278 Apr'29
Ref & inapt Baser C
98178
2 1:
0
95
3
1
i
. 10
92
1963 3 .1 10018 1-01-12 9958
Ref & impt 5.5 ser D
1001
4
Canada Sou cons gu 511A_1962 A 0 10312 10414 10312 10312
1 1033* 10634
1939 J J 9214 9412 9312 Feb'29 __ _
Cairo Div let gold 48
9312 9312
Canadian Nat 4 lie_Sept 15 1954 M 5 9378 Sale 9312
93
9634
8712 80
9378 33
Cin W & 51 Div 1st g 4s_199I J J 82
Apr'29 ____
92
80
5-year gold 43.0_ _Feb 15 1930 F A 9912 Sale 99
9958 23
9734 9934
St L Div 1st coil tr g g 42 1990 MN - - 9112 8732 Mar'29
30-year gold 430
1957 3 1 95 Sale 94
9534 51
9312 96
Spr & Col Div Ist g 4s_ 1940 M 5 5112 9412 9218 Mar'29 -_-_-_-_
8
9558
2% 92
1
854
Canadian North deb Of 7s..1940 J D 109 10912 10812 10912
3 10818 113
19403 J --------90
W W Val Div let g 4s
Oct'28
1946 J .1 11358 115 114
25-year of deb 634s
11412
9 114 11612
Ref & impt 430s ser E___ _1977 J .1 93 Sale 93
9412 --22 -65" -418-10-Yr gold 4 As---Feb 15 1935 F A
9534 Sale 98 Mar'29 ____
1934 J J 10058 104 103 Apr'29 ____ 103 10418
9514 99
C C C & I gen cone g 6s
Canadian Pac Uy 4% deb stock.- J J 8434 Sale 8418
I933 A 0 100 101
99 Mar'29
Clev Lor & W con 1st g 5s
85
73
8318 86
99 10118
1946 M 5 98 Sale 9712
Col tr 4Sis
99
983s 37
96
Cleve & Mahon Val g 5s____1938 J J 9618 ___ 100
Oct'28 ::::
Carts dr Shaw 1st gold 4s
1932 IN S ---- ---- 9818 Noy'28 ____
CI A Mar 1st gu g 4 SO_ _1935 M N 9512 -9658 9614 Mar'29 ____ -55- 16-1;
Caro Cent let cons g 45
1949 J J 7414 80
7914 Apr'29
-7514 -861-8 Cleve A P gen gu 43is ser B_1942 A 0 97
9834 10034 Mar'28
Caro Clinch &0 1st 30-yr 5e_1938 J D 10014 10138 100
Apr'29 -_-_-_: 100 10112
1942.3 J 97 100
Series A 4.30
97
Apr'29
-ii" -9-8-3i
let A con g 6s ser A _Dec 15'523 D 10712 108 10734 10734
1948 M N ---i-2 -9_8_1_2 8
1 107 109
91
334 0
J1
Series C 3;is _
2 219
8
3
1 -91_36i,
4. -891,1%4
Cart & Ad let gu g 48
1981 J 0
1950 F A
8734 Feb'29
8734 8734
Series D 330s
_ 8512 85 Mar'29 ____
Cent Branch II P let g 48_1948 J D
8412 55
Cleve shor Line let gu 4;0_1961 A
Central of Ga 1st gs_Nov 1945 F A la___ 105 Dec'28 ____ - -- _
_ Cleve Union Term let.5;is_1972 A 0 10612 Sale 10612
107
10 10512 109
19454M N 997g 1-04 10014
Coneol gold Is
--A 0 --------107
5 100 103
10014
Registered
Oct'28
Registered
Jan'29 ____ 100 100
_ 100
1st, f Se ser B
1973 A 0 103 10312 10112 10312
IM N
9 iiiif4 1-0.
-4
10-year secured 6s_ _June l929i3 D 9938 Sale 9958
9958
7
9914 10014
1977 A 0 9514 98
lst s f guar 4 As ser C
98 Mar'29 ____
98 101
Ref & gen 530s series 13.__19591A 0 10478 Sale 102
10478 14 102 10512
1959A 0 OS 101 10012 Feb'29 _
Ref & gen 5s series C
11012 10112 Coal River Ry let gu 4s
19453 D 83
90
905 Mar'29 ____
85
9058
Chatt Div pur money g 4s.1951 J D 83
1929 F A _9__1
6 Sale_2 ___ _ 9
87 Mar'29 87
96
97
18
85
87
Colorado& South let g 4s
2 JJan'29__
9
95
9122 _ 9791
1
Mac& Nor Div lst g 55__ _ 1946 J J __ _ 197
'2 ____ 101 101
Refunding A eaten 430s. 1935 M N
07
25
alid Ga & Atl div pur m 521 1947 J J 9.
8 10212 10318 Apr'28 ............Col & H V let ext e Os
1948 A 0
8812
8812
7
8812 91
Mobile Div 1st g 5s
1946 .1 J 100
9958 100
____ 9112 Mar'29 ____
_ 100 Apr'29 _
Col & Tot 1st ext 4s
1955 F A 91
9112 9112
Cent New Eng let gu 4s---1961 J 3 7918 80
80
Apr'29 ____
80
34
Conn & Possum lily 1st 4s__1943 A 0
90 Mar'29 ____
99
90
Central Ohio reorg 1st 4;is_ _1030 M 5 _ __ 9712 97 Apr'29 1 __
97
9914 Consol Ry deb 4s
__ 9412 Mar'29 __
1930 F A 9412
9412 9412
Cent ItIt A like of Ga coil 5e 1937 IN N 55
95
9914
98
95 Mar'29 ____
1954 3 J
Non-cony 42
73 Mar'29 __
71
75
Central of NJ gen gold 5e__1987 J J 10814 10912 10818
10814
6 10758 11118
Non-cony deb 4e____J&J 19553 J
70 Mar'29 ____
Registered
1987 Q 3
107
107
1 107 109%
Non-cony deb 4s_ _ _ _A&O 1955 A 0 --------76 Nov'28 ____
69
72
General 45
87 -8934 89 Feb'29 __89
89
Non-conv debenture 4s. 1956 J J -__ 8358 73
Jan'29
1 _..i5 -8ii- 1
-9 4Cent Pac 1st ref gu g 421
9014 34
1949 F A 0018 9034 90
90
9112 Cuba Nor Ry let 5;is
19423 D 81 Sale 81
Registered
F A _ _
__
88 Sept.28 ___ _
_,,_ _9_i _ Cuba RR let 50-year Is g___1952 J J 90 Sale 90
9012
9
89
98
Mtge guar gold 3lis.Aug1929 J D 55 -5538 99 Apr'29 ____
lst ref 730 series A
19353 D 10158 Sale 101
10134
8 10058 108
Through Short L let gu 48_1954 A 0 9014 91
9014 Apr'29 ____
0014 9184
1st lien & ref 68 ser 13
1936 J D 92
96
96
96
4! 9,.02 98
9 F A 10114 Sale 10014
Guaranteed g 5s
10114 113
9918 103
I
Day & Mich 1st cons 430s..1931 J J 98
____ 9714 Mar'29
9714 9714
Charleston & Savieh lst 76_1936 J J 11112 11314 11114 Mar'29 ____ 11114 113'8 Del& Hudson 1st & ref 48_,.1943'111 N
1939 M N 10318 ____ 10318
Ches.& Ohio let con g 58
10318
2 10158 10412
30-year cony 5.5
4 _9_5_1_4 100
1935 A 0 100'14
Ap9
r'129 ____
g; 111::
11
1939M N --------1021, Dec'28 _
Registered
1937 M N 103 Sale 10212
103
13 100 105
1992 M S 9538 Sale 9412
General gold 4.10
9578 70
9112 10014
10-year secured 7s
1930.3 D 10114 102 101
101
10014 10314
M S ____ ____ 9214 Mar'29
Registered
__
9214 9518 D ItR A Bldge 1st gu g 45_1936 F A --------0614 Aug'28 ___1_
1930 F A 9834 Sale 9834
20-year cony 43is
99
115
9812 9978 Den & R G lot cons g 48...J936
8912 60 -8
8912 Sale 8812
-8
-- -9-2-4
Ref & Inuit 432s
1993IA 0 ___8
93 Sale 91
94
394
901 95
Consol gold 430s
9
9112 8912
8912
8912 9412
2
F A
Registered
:__
9218 Mar'29
9218 9218 Den & Ito West gen 5s.Aug 1
1 26
5.
3 3 :2% Salo 91
93
46
91
98
5s_May
1
'40
J
J
Craig Valley lot
100-_ _ 100
100
1
9934 10012
Ref & impt 55 ser B Apr 1978 SIN 8812 Sale 8714
8812 37
87
9334
Potts Creek Branch 1,1 48.1946 J .1 8812 89
8812 Mar'29 __
8812 8812 Dee M & Ft D 1st gu 45
40
25
39
25 Apr'29 ____
R& A Div 1st con g 4s___1989 .3 J 8612 Sale 8612
8612
1
86
8634
Temporary elfs of deposit 1935 j 3 2339'4 27
2712 Apr'29 ___271z 36
1989 3 J 81 Sale 81
2d consol gold 45
8112
3
81
56
Des Plaines Vol 1st gen 4;0_1947 ii-§ 9258 99
Feb'29
925
____
925,
925,
Warm Springs V ist g 88,_1941 M S 10054 --__ 100 Mar'29
100 100
Del & Mac 1st lien g 4s
1995 J D 75
_
7534 76 Feb'29 ___
76
764
Champ Corp cony 58 May 15 1947 M N 9914 sale 9534
9912 226
98 10012
Gold 421
7912 75 Feb'29
19903 D 70
75
75
Chic & Alton Mt ref g 3s___1949 A 0 6512 6814 70 Mar'29 ____
68
70s Detroit River Tunnel 4;0_1961 M N 9634 9818 9612
97
9612 10014
Int
1928
Oct
6512
stpd
Bale
6512
67
dep
Ctf
4
6512 69
Dul Missabe & Nor gen 59_1941 .1 J 10278 ____ 10234 10234
2
1023
4
10314
Railway Met lien 3 As ____1950 5--i 6712 Sale 6614
68
30
6614 71
Dul & Iron Range 1st 5s____1937 A 0 10012 10114 10012 1015,
4 10014 10114
67 Sale 67
Certificates of deposit
68
21
67
71
10012 May'28 ___
8312 26
Chic Burl & Q-111Dly 3;0_19491-i 8338 Sale 83
83
86
DITS
9
'olsute
Srliore & Ati g 5s__1937 1 43
74
3
6
80
J .1
8512 Dec'28 ___,_
Registered
_9
_052
_ _9_4_ East Ry Minn Nor 1)1y let 4s '48 A 0 88
94
9312 Feb'29
9312 94
1049 3 J -51.14 -63-1-2 92
02
Illinois Division 40
89,1 93i3
ct6,2
T N;s
at&
go
?
da6D
s ly g 5s___1930 J .1 9812 10178 9912 Mar'29 iiii -99
"'i- -8-11;
9912
1958 M S 9038 Sale 90
9058 36
General 45
9 104% 10534
1043
8
Sale
10414
10438
1956
M
N
M S
Registered
29111,
Joo&
liet381,rvElasett62
102
1et g 5s_ _1911 M N 102 10514 102
1 100 105
A
-5ii4
ga
-1
0
1977
F
n3
1
4
2
SePV18
4 --2-t1 -ii- -9-9-1-2
let & ref 4 lie ser 11
1965 A 0 9818 ____ 100 May'29 ___ 100 10514
1971 F A 104 Sale 10214
104
36 10118 105
lesA
ltdr f 5s
Chicago & Es/41111st(43____1934 A 0 ____ 106 106 Feb'29
105 106
Erie 1st consol gold 713 ext 1930 M 5 10134 Sale 10134 102
10 100 104
82
Sale 8112
82
19
8034 8518
C & E III Ry (new co) con 58_1951 M N
1st cons g 42 prior
1996 J J 8234 83
8258
8234 19
8012 8572
1982 M N 10312 104 10312 10312
6
993 106
Chic & Erie lst gold 56
Registered
5
67
Sale
6612
6738
72
6612
697
2
M
443-1959
Chicago Great West let
let corm]gen lien g 45_ __ _ 1996
3
j
-7758 g;,l-e- N18 ja'
1
1
9
99
9
6
6
..1
J
3
J
I
g
8
/6
-•ii8
-8-64
____ 109 Mar'29 __ __ 10314 11334
chic lad A Louise-Ref02._1947 J J 10612
Registered
,,,_ ____ 7358 Mar'29
7234 73%
1947 J J 98 10412 108 Apr'29 ____ 100 108
Refunding gold 5s
Penn coil trust gold 45____1951 F A 101 Sale 101
19118
3 10058 10114
02
Jan'29 ____
1947 J J 8'
92
Refunding 45 Series C
92
50-Year cony 4s series A___1953 A 0
8114 13
7814 8412
963
1966 MN 9634 9812 96
1st & gen 5s ser A
Seri
1953 A 0 :018 6 4
118 gS
7912 8412
103
let & gen 6s ser IL __May 1966 J J 103 10414 103
:
1
12 12'142
Gen
4s aeries D
1953 A 0 82
8412
Dec'28
___2
_
Chic Ind & Sou 50-year 4s___195C J J __-_ 9214 9438 Feb'29 ____ 875, 9438
Ref A impt 5s
19671M N
Chic L S A East 1st 4;is_ __1969 J I) --------04 Mar'29 ____
94
94
Erie dr Jersey lst s f 65
1955 J J 1,1is'1„2
84
23
Ch NI A St P gen g 48 A _May 1989 .1 J 84 Sale 8312
81
8634
Genessec River Ist s f 58 19574 J 108 Sale 10718
108
12 10612 11132
80
Apr'29 __
Registered
80
80
Q 3
Erie A Pitts gu g 330 ser B_19403 J
8 7112 7112 2 7112 75
Gang 334s ser B____May 1989 3 3 -iir2 V51
Series C 310
19403 3 gg7's if- 12i 8 !Tri
eb
nl 2:: 88
88
Est RR extle f 70
19541N N 102 10214 102
10234 72 1011*
s 1-19-5Is
-------------100
.1 .0i- ii2 00 885,
sp,
Dee
)
37 ,157 1N':
-.
-_
2.11: )212 1(1'4 II; -i'lg32 i-eil
2432
New York Bond Record-Continued-Page 3
Week's
Ranges,
Last Salo
-11 tot,
1144
l.k 1.,,o
.1 98
?la Cent & Pen 1st ext g ba_ _1930
99 99 Oct'28
1st consol gold Ss
1943 J J 9312 95 95 Mar'29
Florida Emit Coast 1st 430_1959 .1 D 91
9158 9178 Mar'29
S 764 Sale 7512
MN
1st & ref 58 aeries A 4x,19
95
74
2 51
77
Fonda Johns & Glov 1st
35
3212 Sale 32
1941 .1 .1
Fort 8th D Co lat g 4 45
94 Mar'29
Ft W & Den C lat g 510_1961 J D
10714 Mar'29
From Elk & Mo Val 1st 6s_1933 A 0 102 105 102
102
1.1 &SAM&P 1st 5s
1931 M N 95
9912
9912 9912
2d extens ba guar
1931 J
100
98 100 99
Gale flout, & [lend let 58. 1933 A 0 98
9912 100
98
Ga & Ala Ry 1st cons 5s Oct 1945
J 86
86
88
86
Cla Caro & Nor 1st gu g 6s_1929.1 .1 98
94,2
99 944
Georgia Midland ist 3s
1946 A 0
7312 Mar'29
Or R dr I ext let gu g 445 1941 J
97 Mar'29
Grand Trunk of Can deb 66_1940 A 0 10934 Sale 10858 110
1936 NI S 10312 Sale 10314
15-year s I Is
104
Grays Point Term let 55_ _1947 J D 9618 ____ 98 Oct'28
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 12.
-
.!•.; 7!*
PliC•
Friday
April 12.
Range
23 •
Since
apv,
Jan. 1,
No. Low
High
_20
22
2
6
8
2
2
4
_ _
_
22
22
1936 J
Great Nor gen 78 aeries A
J
Registered
1st & ref I 4,serief A----1061
General 5 34 a series B____1952
J
General 58 series C
1973 3 J
General 430 series D
19
91
77
63
J J
General 430 series E
Green Bay & West deb etre A____ Feb
Feb
Debentures ctfs B
Greeobrier Ry let gu 4s____1940 MN
Gulf Mob & Nor 1st 530.....1950 A 0
lat M ba series C
1950 A 0
Gulf & I 1st ref & ter g be_b1952 J J
Hocking Val let cons g 430_1999 .1 .1
1999 J .1
Registered
Housatonic Ry cons g 5a
1937 M N
& T C 1st g be int guar
1937
Waco & N W div let 8s. _1930 M N
Houston Belt & Term 1st 5a_1937 3 .1
Houston E & W Tex 1st g 58_1933 MN
let guar 58 red
1933 M N
Bud & Manhat 1st be ser A _1957 F A
Adjustment Income E.s Feb 1957 A 0
110
110
10978 Sale 109
2
109
106
9,2
9212 . 0212
1
9212 04
27
10612 Sale 10434
10134 1037g 101 Mar'29
17
95
9414 Sale 9212
1
944 9614 9418
9418
81
____ 85 Oct'28
4
23 Sale 23
23
9114 94
9114 Mar'29
10378 10114 Mar'29
9878 102 Dec'28
10034 10578 1044 Mar'29
98
95 Mar'29
95
10212 May'28
9718 ____ 98 Mar'29
102_ 10214 Mar'29
102 10014 Mar'29
9912 Mar'29
9912 102
0812 __ 90 Mar'29
9812 102 9812 Feb'29
33
99134 Sale 9112
744 162
73 Sale 7258
hlUnoleCentral let gold 4s_ _1951 .1 .1
J
Registered
lat gold 330
J
Registered
Extended 1st gold 310_1951 A 0
1st gold 3s sterling
1951 M S
Collateral trust gold 48_1952 A 0
Si N
Registered
1st, efunding 48
1955 MN
Purchased lines 330
1952 J J
Registered
Collateral trust gold 48_ __1953 M N
54 N
Registered
Refunding 5s
1955 M N
16-year secured 630 g
J
1938
60-year 430
Aug 1 1966 F A
Cairo 13ridge gold 4s
1950.1 D
Litchfield Ole 1st gold 36_1951
J
Loulay Div & Term g 310 1953.1 J
Omaha Div Let gold 3a_ 1951 F A
St Louis Div & Term g 3a_1951 J J
Gold 330
1951 J .1
J J
Registered
Springfield Div 1st j 310_1951 .1 .1
Western Lines 1st g 45____1951 F A
F A
Registered
III Cent and Chic St L & N 0
D
Joint let ref Is series A_ __1963
1st & ref 430 series C____1983 J D
9212 92 Mar'29
95 May'28
8018
1
8018
84 Nov'28
8318
8318
5
82
85
7414 Mar'29 _
7112
8912
8
8912 Sale 88
Oct'28
87
90
6
-66- Sale 90
8334 Jan'29
87 Nov'28
81358 11
8612 Sale 854
9014 May'28
2
10358
10312 104 103
107 10712 107 Mar'29
9734 77
9758 Sale 9714
90 Mar'29
851.1 92
7112 7412 7134 Mar'29
4
81
8012 8312 81
74 Mar'29
7312 77
7638 Oct'28
7218
81 Mar'29
7755
7834 Oct'28
88 Dec 28
78
2
8814
883490 884
92 Apr 28
91
80
101
93
85
10178 10114
9534 9512
10112
9512
Ind Bloom & West 1st ext 48 1940 A 0 85
91 Nov 28
Ind 111k Iowa 1st g 4.s
1950 J .1 _
-9-3-1-2 9214 Feb 29
Ind & Louisville let fru 48_1956 1 .1
8412 8814 Feb'29
Union
Ry
gen
as
aer
A
mg
;
j
J
Ind
102 Apr'29
16Z
.
Gen & ref 58 series B
103 Mar'29
Int & Grt Nor let as ser A_ _1952 J 1
Sale 10334 1043s
Adjustment 88 ser A July 1952 -- 90 Sale 8958
9014
Stamped
7712 Feb'28
1956 J J 9214 23-7let 55 series B
94
8 9218
1956J .1 9214 9314 92
1st g 5s aeries C
92
Int Rya Cent Amer let 5.5_1972 M N 8018 82
7912
7912
1941 M N 9258 9312 93 Mar'29
1st coil tr 6% notes
1947 F A 94
lat lien & ref 610
9512
9512 9418
Iowa Central 1st gold bs_
1938 1 D 4158 46
43 Mar'29
Certificates of deposit ______
42
50
40 Mar'29
1951
Refunding gold 4s
12
13
1412 12
D
48_1959
James Frank & Clear let
85 Mar'29
88
90
1938 J 1 100
Kan A & G R 1st gu g 5a
10014 10014
1990 A 0 84 -gg- 84
Kan & M let gu g 45
8414
Ry wet g 4a 1936 A
K C Ft 8 &
FEC&MR&B let gu 58_1929 A
Kan City Sou let gold 3a_1950 A
Apr 1950 J
Ref 4c Inapt 58
Kansas City Term 1st 4s___1960 .1
Kentucky Central gold 4a__1987 J
Kentucky & Ind Term 430_1961 3
1981 .1
Stamped
1981 J
Plain
_1937 3
Lake Elle& West 1st g
al gold 58
1
947
Lake Sh & Mich Bog 3AB 199
1997
Registered
1931 M
26-year gold 0
RegRegisteredM
Lsh Val Harbor Term gu 5e.1954 F
Leh Val NY let gu g 410 1940 J
2003 M
Lehigh Val(Pa) cons g 4s
M
Registered
2903
General cons 430
Registered
0
0
0
.1
.1
J
J
.1
J
J
D
i
Lehi Valley RR gen 6a aeries 2003 M N
Leh V Term Ity lat gu g 511-1941 A 0
A 0
Registered
Leb& NY let guar gold 48._1945 M S
Lax & East 1st 50-yr Os gu_1965 A 0
Little Miami gen 4a series A_1982 MN
Long Dock con.sol g 6e
Long bad let con gold be July1
1935
31 R
A 0
.1
1st consol gold 4s____July 1931 Q J
General gold 48
1938 .3 D
Gold 4s
1932 J D
Unified gold 4s
1949 M
Debenture gold Is
1934 .1 D
30-year p m deb ba
1937 M N
Guar Sh B lst con gu be Oct'32 M 9
Nor Sh B let con gu 5a Oct'32 Q .1
Leu'.4 Jeff Bdge Co ad g 48_1945 M
Louisville & Nashville 5a
1937 MN
Unified gold 48
1940 J J
Registered
J J
Collateral trust gold 68-1931 MN
90
98
73
08
8814
89
Jan'29
Apr'29
93
Apr'29
Feb'29
7812
Apr'29
98
Apr'28
102
96
85
Jan'29
9538
Nov'28
10234 1034 10234
101 Sale 101
10378
89
90
87
105 10638 10612
85 107 - 8812
10412
9/1;2 Bale 9812
9818
-- 100
90 -9-412 00
9912
88
80
9934 9634
9634
89
90
_
9912 100
88
9412 86
10112 102 10014
934 9378 93
0812
9813 10012 100
103
101
Feb'28
Oct'28
10612
Dec'28
Jan'29
9934
Feb'29
90
Dec'28
Apr'29
AUg'29
97
89
Mar'29
Apr'29
Apr'29
934
Dec'28
Feb'29
93
7812
73
974
N
N
A 101
96
N 8458
N ____
95
_
N il
11 Duo Feb. 1,
89
98
72
9534
87
89
95
87
93
9978
1-63-12 100
7912 7812
76
7812
Sale 9712
994
163.12 102
99 08
Sale 8438
8734 86
97
95
10012 99
Sale
-Sale
Sale
Sale
92
9178
90
8
.7
9012 9612
90
9734
73
9534
87
89
18
2
11
32
5
4
1
17
1
3
5
21
3
18
36
31
4
3
2
40
2
1
25
_
25
10
4
3
1
5
5
20
BONDS
N. Y. STOCK EXCHANGE,
Week Ended April 12,
111
Pric
@FedFRASER