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The.
Plinntra31
VOL. 128.
financial
tonirk
SATURDAY, APRIL 20 1929.
finaucial Chronicle
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The Financial Situation.
The terms of the new stock offering by the United
States Steel Corporation, as announced the present
week, seem to have been somewhat of a disappointment to the stock market, judging from the course
of the shares on the Stock Exchange since the making of the announcement. Rights of greater value,
in connection with the offering, appear to have been
looked for by the speculative fraternity. Genuine
investors in the stock, however, evidently are entirely satisfied and certainly have no reason for complaint. The truth of the matter is, that in this new
stock offering, which involves financing of the first
magnitude, the management of this great industrial
undertaking is displaying the same conservative and
cautious methods for which it has so long been far
famed.
The Corporation is to issue $101,660,500 parvalue of new common stock, and present holders of
common stock are given the right to purchase the
new stock at $140 per share in the proportion of
one share of new stock for every seven shares of old
stock. As the existing stock has been selling at
about 185 (the closing price of the stock on Tuesday
of this week before the announcement was 1843
/
4 and
the closing price yesterday afternoon 1851/
4), these
subscription rights possess considerable value (trading in the rights at the close yesterday was at 57
/s),
but more than this had been looked for, as already
stated. It should not escape notice that through
the sale of the new stock at 140, a total premium of
over $40,000,000 will be realized, and what an
achievement this represents!
When the company was organized, just 28 years
ago, much was said about the amount of "water"
in the capitalization of the company. But whatever
"water" there was in the original capitalization has
long since been squeezed out and the balance sheet
NO. 3330.
at the end of the calender year 1928, as noted in our
review of the annual repoort of the company for
that year, in our issue of Mar. 23 1929, showed an
undivided surplus of no less than $385,277,349. That
was the surplus, too, after deducting, in full, the
$203,321,000 for the 40% stock dividend paid by the
Corporation on June 1 1927. This surplus remained,
moreover, after the appropriation out of earnings
during the period of the Corporation's existence,
from Apr. 1 1901 to Dec. 31 1928, of no less than
$270,000,000, this sum having been invested in property account through additions and new construction. What a wonderful record this discloses! And
now comes a new step in the process of financial development, through the offering of new stock at a
premium of 40%—stock,too, which commands 185 in
the market.
The present piece of financing is the largest ever
undertaken by the Corporation. It involves not
only the complete elimination of the Company's own
bonded indebtedness, but also a saving in fixed
charges amounting to several times the annual call
for dividends, at the existing rate of 7% a year, on
the new issue of stock. As is known, it is contemplated to retire the whole of the $134,830,000 fiftyyear 5% bonds of 1951 and the whole of the $136,555,000 ten to sixty-year 5% bonds of 1963, making
$271,385,000 together. As both issues can be called
only at a premium, actually about $305,000,000 of
cash will be required to effect the extinguishment
of the two issues. The $101,660,500 of new stock to
be issued, will yield at 140, $142,324,700, leaving
therefore, roughly, $160,000,000, to be provided out
of the cash resources of the company, apparently in
no small degree out of sinking fund assets.
Hardly less noteworthy is the improvement that
will result in the company's income position. The
retirement of the two large bond issues referred to,
will effect a saving in interest and sinking fund
charges of $29,247,350 per year. Making allowance,
however, for the extra Government taxes that will
have to be paid and the loss of interest on the cash
resources that will be applied in the process of
eliminating the bond issues referred to, the net saving is figured at $20,920,859. This, it will be seen,
is almost three times the 7% dividends on the $101,660,500 par value of new stock to be issued. At the
same time, James A. Farrell, the President of the
Steel Corporation, at the annual meeting the shareholders on Monday, expressed the opinion that gross
sales of the Corporation and its subsidiaries for
the calendar year 1929, would aggregate $1,500,000,000, as compared with $1,374,400,000, the total
for the calendar year 1928. Verily, the whole thing
reads like a tale from the Arabian Nights.
2516
FINANCIAL CHRONICLE
[VoL. 128.
As it happns, too, activity and rising prices con- week ending March 27 $144,000,000, making $368,tinue to mark the course of the steel trade. There 000,000 for the four weeks combined, of which, as •
are just a few signs of a possible slackening up a just stated, only $2,000,000 has occurred in the latlittle later on, from the extreme activity that is now est week.
The changes in the different categories of these
prevailing, but these signs are not yet very pronounced, and the indications now are that the reces- loans, again attract attention. Last week, it may
sion which ordinarily comes with the advance of be recalled, there was a reduction in each of the
the season, will be of much smaller consequence three divisions, but with the decrease relatively
than usual. Thus the "Iron Age" tells us, in its light in the loans-made for the account of the outmarket review this week, that while incoming busi- of-town banks and those made "for account of
ness in finished steel is no longer equal to shipments, others." This week, the decrease is entirely in the
except in the Chicago district, a let-up in bookings loans made by the reporting member banks in New
was not unexpected, in view of the unusually heavy York City for their own accoount. After a drop last
commitments of producers, and then takes pains to week under this heading from $1,021,000,000 to
add that this may indicate nothing more than an $915,000,000, there has been a further reduction in
interlude between buying movements. Apart from this item the present week to $877,000,000. On the
this, its accounts regarding the condition of the other hand, the loans for account of the out-of-town
steel trade are favorable in the extreme and in the banks have risen from $1,631,000,000 to $1,662,000,highest degree encouraging, as appears from the fol- 000 and those "for account of others" from $2,882,000,000 to $2,886,000,000. All this is merely repeatlowing excerpt:
"The present concern of the steel industry is not to ing past experience; and the remedy for a situation,
add to its obligations, but rather to produce and which appears to be irremediable, is yet to be found.
ship the tonnage being specified. While the flow of The grand total of these Brokers' Loans under the
finished steel to consumers is now apparently ade- three divisions combined at $5,425,000,000 on April
quate to satisfy their needs, as evidenced by an 17 1929 compares with $4,129,000,000 a year ago on
abatement in the pressure for shipments, both inte18 1928. It is worth noting that in the portion
grated and non-integrated producers are handi- April
loans consisting of loans subject to call had
of
these
capped by a scarcity of semi-finished material.
risen
from
dis$3,174,000,000 to $5,023,000,000, but that
Chicago
its
at
steel
"To relieve a shortage of
trict plants the Steel Corporation has put in a sec- the portion represented by time loans has fallen
ond blast furnace at Duluth and plans to raise mill from $955,000,000 to $402,000,000.
output there to capacity. Crude steel is alrehdy
Borrowing of the Member Banks at the Reserve
moving from the head of the Lakes to Gary.
which last week showed a sharp reducinstitutions,
"The tendency toward higher prices for semi-fin- tion, this week has again increased, the total rising
ished material has crystallized in a definite an17,
nouncement by the leading steel interest of an ad- from $963,532,000 April 10, to $994,296,000 April
a
again;
dollars
vance, effective at once. Billets are raised $2 and thus bringing it close to a billion
only
$36.
was
of
the
amount
18
quotation
on
1928
Apr.
ago
year
sheet bars $1 a ton to a common
"Mills that sell crude steel are having difficulty $619,617,000. Doubtless,the drawing down of Governapportioning the supply among their cusstomers. ment deposits had much to do with this week's furReserve stocks have already been virtually ex- ther increase in borrowing. It will be recalled that
hausted. and the replacing of this surplus will be we have been directing attention to the magnitude
an important factor in sustaining the high rate of
in recent weeks and
ingot output when shipments of finished material of these Government deposits
being drawn down
were
they
that
fact
the
to
also
begin to taper.
"A seasonal recession in steel business usually be- only very slowly. This week, however, quite heavy
gins about this time of the year, but no decline in reductions have been made. Some of the daily
the movement of finished products is yet evident. papers in commenting on the withdrawals made the
Such a change, which is expected to show itself first• mistake of saying that these withdrawals would
in automobile steels, may not occur for another 30 involve no change in the situation since as fast as
days.
"While a dip in steel plant operations is looked the money was checked out by the U. S. Treasury
for as summer approaches, it is believed that it will it would find its way back to the Member Banks.
This is correct as far as it goes, and the operation
be even more gradual than in 1928.
with
unchanged,
Steel
remains
output
ingot
does
leave the Member Banks with substantially the
"Steel
Corporation subsidiaries operating at 96 per cent. same deposit as before, but the statement overlooks
of capacity and independent plants at perhaps an the very important fact that as against Government
even higher rate. Chicago district mills have been deposits, the Member Banks are not required to hold
running above practical capacity and the strain on any cash
reserves, while as against ordinary deposequipment is beginning to show, foreshadowing a
its
such
are obligatory. It would appear,
reserves
repairs."
necessary
curtailment of output for
therefore, that to establish the additional reserves
It would appear from this week's returns of the required, the member banks increased their borrowFederal Reserve Banks that the contraction in ings at the Federal Reserve institutions. As pointed
Brokers' Loans, which was of notable proportions out by us on previous occasions, Government deposin the preceding three weeks, had now pretty nearly its at the reporting member banks in 101 leading
reached its full limit, thereby repeating the experi- cities throughout the country rose from $6,000,000
ence on previous similar occasions, when after a March 13 to $305,000,000 on March 20, and on
sharp reduction for three or four successive weeks, March 27 still stood at the same figure. On April 3
the falling off ceased, and was soon replaced by ex- the amount was only slightly lower, at $289,000,000,
panding totals again. At all events the further de- and even on April 10 still stood at $258,000,000.
What the amount of these Government deposits
crease this week is no more than $2,000,000. In the
$135,000,000:,
on
April 17 of the present week was, will not be
was
week ending April 10 the decrease
in
the
and
until Monday evening of next week. But that
known
ending
$87,000,000,
April
3
in the week
APRIL 20 109.1
FINANCIAL CHRONICLE
2517
The increase in the value of merchandise exports
a heavy decrease will be recorded appears from the
for
March and the preceding five months is notedeposits
Government
these
York
New
at
that
fact
at the reporting member banks have been drawn worthy. For the entire six months' period the
down from $109,000,000 to $69,000,000 and at Chi- increase in the value of the outward movement
cago from $28,000,000 to $18,000,000. Furthermore, of cotton, which is the leadingg item of exports, has
the member banks throughout the country were noti- contributed a considerable sum to this gain. That
fied early in the week that there would be further is not the case, however, as to shipments of cotton
in February and March. Reference has already been
withdrawals on April 19, which was yesterday.
made in these columns to this movement in FebruGovernment
It is worth pointing out that while
In March cotton exports the present year
heavily
ary.
been
have
deposits with the member banks
bales, or 8.9 per cent. less than in
were
Re559,700
the
with
deposits
reduced the past week, U. S.
serve Banks have been greatly increased, rising from March 1928. In value cotton exports in March this
*4,721,000 to $45,455,000. Of the increase of $40,- year were $59,758,000, or $2,871,000 smaller than
734,000 the member banks, as we have already seen, in March of last year, a decline of 4.6 per cent.
The heavier merchandise exports in March came
borrowed back $30,764,000.
To offset the increase in member bank borrowing, undoubtedly from manufactured products, espethe twelve Reserve institutions have continued their cially in industrial and agricultural machinery
policy of further cutting down their holdings of lines, in motor cars and other iron and steel prodbankers' acceptances, as also their holdings of U. S. ucts, as for several months past.. For the nine
Government securities. The acceptance holdings months of the current fiscal year to date, it was the
are now, April 17) down to $141,027,000 against very heavy exports of cotton during that period
$157,317,000 on ,April 10, and the holdings of Gov- which contributed to the increase in our merchanernment securities are $161,429,000 against $166,- dise exports, the cotton shipments amounting to
089,000. On the other hand, the Federal Reserve 7,184,000 bales, and exceeding those of the preceding
Banks again show foreign loans on gold in amount year by 15 per cent. while the value of cotton exof $6,115,000, presumably loans made to Germany. ports for these nine months this year was higher
Altogether, total bill and security holdings, not- than for the corresponding time of the preceding.
withstanding the reduction in acceptances and in year, by 16.5 per cent.
Government securities, for April 17, aggregate
The foreign movement in gold has shown very
$1,310,162,000 against $1,293,783,000 a week ago.
little variation in March, both exports and imports
approximating the figures for February. Gold exThe foreign trade of the United States continues ports were valued $1,635,000 and imports $26,470,on a very large scale. March exports were in ex- 000. March of last year was one of the three or four
cess of those for the corresponding date in any pre- months in which gold exports were unusually heavy.
ceding year back to 1920, while imports also show Gold exports for the nine months of the current
a further gain. The value of merchandise exports fiscal year have amounted to $109,679,000 and imlast month was $486,000,000, and of imports $383,- ports to $187,871,000, the excess of imports being
000,000, the excess of exports being $103,000,000. $68,192,000. In the corresponding date of the preFor February, which was a short month, exports ceding fiscal year, gold exports were $347,012,000
amounted to $442,456,000, and imports to $369,464, and imports $101,851,000, an excess of exports of
000, an excess of exports of $72,992,000, while for $245,161,000. Silver exports last month were
March of last year exports were valued at $420,- $7,814,000 and imports $6,435,000.
617,000 and imports at $380,437,000, the excess of
The stock market this week has been devoid of
exports being $40,180,000.
The increase in the value of exports last month special features. The course of prices has been a
over March of preceding years back to 1920 is very repetition of that of the previous week, the market
much more marked for nearly every year than in having been weak and lower, on a moderate volume
the comparison with March a year ago. Imports of trading, on Saturday, Monday and Tuesday, but
for last month also exceeded in value those of all with an improved tone and a recovery in prices on
other months for nearly three years past, or back Wednesday, Thursday and Friday. On this lastto April 1926. For the nine months of the current mentioned day the breaking up of the German Repfiscal year the total value of merchandise exports aration Conference was ignored. The improvement
from the United States has been $4,166,875,000 and has followed in part as a result of some easing of
of imports $3,126,816,000. For the corresponding the tension in the money market. On Monday, the
period of the preceding fiscal year exports were val- call loan rate ruled all day at 8%, and on Tuesday
ued at $3,701,925,000 and imports at $3,130,956,000. there was an advance from 8% to 9%. On WednesThe increase in exports for these nine months is day, however, and also on Thursday, the range for
$464,950,000, or 12.6 per cent. On the other hand, call money on the Stock Exchange was from 8%
2%, while on Friday all loans were at
1
merchandise imports for the nine months of the cur- down to 7/
rent fiscal year show a slight reduction ($4,140,- the latter figure. Certain of the high-priced spe000) as compared with the corresponding period of cialties, among which may be mentioned more particularly, General Electric, International Tel. & Tel.,
the preceding year.
At the same rate of increase for the final quarter Commercial Solvents and a few others, were strong
of the current fiscal year to the end of June, the and higher, even while the general list was detotal of the merchandise exports for the twelve pressed, and the oil stocks were also strong all
months will approximate $5,560,000,000, a figure through the week, with buying very confident on
exceeded only in the years 1917 to 1920 when the the idea that some way will be found for restricting
heavy movement and high prices, swelled values in- production notwithstanding the obstacles that appear to lie in the way; as a matter.of fact, the Ameriordinately.
2518
FINANCIAL CHRONICLE
can Petroleum Institute in its statement for the
latest week showed quite a marked reduction in the
daily output as compared with the preceding
week.
The copper stocks were somewhat in disfavor owing to the lower price of the metal, and the terms
of the offering of new stock to the common stockholders of the United States Steel Corporation did
not quite fulfill expectations, as a larger offering of
new stock, with a corresponding increase in value
of the "rights" growing out of the same, had been
looked for. The tobacco stocks were weak on
threats of further price-cutting. Trading has been
only moderately active, the sales on the New York
Stock Exchange, last Saturday, having been 1,363,090 shares; on Monday, 2,643,260 shares; on Tuesday, 2,369,480 shares; on Wednesday, 3,502,520
shares; on Thursday, 3,768,650 shares, and on Friday, 3,082,250 shares. On the Curb Exchange, the
sales were 607,900 shares on Saturday; 826,200
shares on Monday; 838,900 shares on Tuesday;
1,153,400 shares on Wednesday;4,083,300 shares on
Thursday, and 956,600 shares on Friday.
Prices are irregularly changed for the week, several high-priced specialties showing considerable advances for the week, while many others have suffered
larger or smaller losses. The following shows some
of the stocks that established new high prices for
the year this week:
STOCKS MAKING NEW HIGH FOR YEAR.
Adams Express
Maracaibo Oil
Advance Rumely
Marmon Motor Car
American Can
McCall Corporation
American Railway Express
Oppenheim, Collins & Co.
American Telephone dr Telegraph
Pacific Mills
Atlantic Gulf & W.I. SS. Lines
Pan-Amer. Petroleum & Transp.
Belding-Hemingway
Penick & Ford
Bethlehem Steel
Simms Petroleum
Commercial Solvents
Skelly Oil
Continental Baking, class A
Texas Gulf Sulphur
Corn Products Refining
Transue & Williams Steel
Foundation
Union Carbide & Carbon
Glidden
Union Oil of California
Gotham Silk Hosiery
U. S. Distributions Corp.
Hawaiian Pineapple
U. B. Industrial Alcohol
Hershey Chocolate
White Rock Mineral Springs
Independent Oil & Gas
Woolworth Co.
Ingersoll-Rand
Yale & Towne
Intertype Corporation
Yellow Truck & Coach, class B
Kayser Co.
Young Spring & Wire
Kinney Co.
Youngstown Sheet & Tube
Lago Oil & Transport
Adams Express closed yesterday at 708 against
646 on Friday of last week; American Express bid
340 against 345 on Friday of last week. In the
chemical group, Allied Chemical & Dye closed yesterday at 276 against 276% on Friday of last week;
Commercial Solvents closed at 3093
/
4 against 293;
Davison Chemical at 57 against 561/
8; Union Carbide
/
8 against 2187
& Carbon at 2237
/
8; and E. I. du Pont
de Nemours at 179 against 181. Radio Corporation
closed yesterday at 100% against 96% on Friday of
last week, and Int. Tel & Tel. closed at 258% against
245; General Electric closed at 240 against 234%;
Amer. Tel. & Tel. at 225% against 219%8; National
Cash Register at 1261/s against 125%; Montgomery
Ward & Co. at 121 against 117%; Wright Aeronautic at 247 against 240; Sears, Roebuck & Co. at 154
against 146%; International Nickel at 47% against
47%; A. M. Byers at 159% against 1561/
8; American
& Foreign Power at 92 against 94%;Brooklyn Union
Gas at 176 against 173%; Consol. Gas of N. Y. at
106% against 1041/
8; Columbia Gas & Elec. new at
58 against 56; Public Service Corp. of N. J. at 81%
against 79%; American can at 1361/
8 against 133%;
Timken Roller Bearing at 82% against 811%; Warner Bros. Pictures at 111 against 104%; Mack
[VOL. 128.
/
8 against 104; Yellow Truck & Coach
Trucks at 1027
at 48 against 47; National Dairy Products at 130
against 128; Western Union Tel. at 193 against
195%; Westinghouse Electric & Mfg. at 148 against
1487
/
8; Johns-Manville at 181 against 181; National
Bellas Hess at 54% against 53; Associated Dry
4 against 53%; Commonwealth Power
Goods at 541/
at 133 against 129%; Lambert Co. at 140 against
141; Texas Gulf Sulphur at 83% against 82; Bolster
Radio at 39% against 42.
In the copper stocks the lower level of the price
of the metal has been an adverse feature. Anaconda
8 against 142% on
Copper closed yesterday at 1381/
Friday of last week; Kennecott Copper at 84
against 841%; Greene-Cananea at 157% against
1631/
4; Calumet & Hecla at 46% against 48; Andes
Copper at 52 against 53%; Chile Copper at 101%
against bid 101; Inspiration Copper at 49% against
521/
8; Calumet & Arizona at 123 against 126; Granby
Consol. Copper at 84 against 92; American Smelting
& Ref. at 102 against 103; U. S. Smelting & Ref. &
Min. at 59% against 61%.
The oil shares have shown sustained strength for
the reason already mentioned and several of them
established new high records for the year. Atlantic
Refining closed yesterday at 60% against 575
/
8 on
Friday of last week; Pan American B at 645
/
8
against 57; Skelly at 44% against 40%; Phillips
Petroleum at 42% against 41%; Texas Corp. at 66
% against 43; Maragainst 65%; Richfield Oil at 443
land Oil at 41% against 41%; Standard Oil of N. J.
at 59% against 59; Standard Oil of N. Y. at 437
/8
against 43%;Pure Oil at 27 against 26%.
In the steel group both Republic Iron & Steel and
Youngstown Sheet & Tube sold higher, on their favorable income statements for the March quarter, but
the biggest advance of all has been registered by
Bethlehem Steel. U. S. Steel has been a laggard,
the offering of new stock not having met the views
of speculators. U. S. Steel closed yesterday at 185%
against 189% on Friday of last week; Bethlehem
Steel at 115% against 109%; Republic Iron & Steel
at 98% against 941/
8; Ludlum Steel at 80% against
777
/
8; Youngstown Sheet & Tube at 129% against
127%. In the motor group Packard has been a
strong feature. General Motors closed yesterday at
84Y8 against 85% of Friday of last week; Nash Motors at 100 against 100; Chrysler at 937
/8 against
92; Studebaker at 827
/8 against 83; Packard Motor
at 1287
/8 against 127%; Hudson Motor Car at 88%
against 87, Hupp Motor at 557
/8 against 60. In the
rubber group Goodyear Tire & Rubber closed yesterday at 130% against 136% on Friday of last week;
B. F. Goodrich closed at 853
/
4 against 89, and U. S.
/
s, and the pref. at 81%
Rubber at 537
/
8 against 545
against 81%.
In the railroad group New Haven stock has been
the strong feature. Baltimore & Ohio has shown
little response to its offering of new stock at par.
New York Central closed yesterday at 182% against
183% of Friday of last week; Del. & Hudson at
1871/
8 against 186%; Baltimore & Ohio at 121%
against 124; New Haven at 96% against 911%;Union
Pacific at 214 against 216; Canadian Pacific at 235
against 235%; Atchison at 198 against 1997
/
8;
Southern Pacific at 127 against 127%; Missouri
Pacific at 80% against 80%; Kansas City Southern
at bid 831/
2 against 82%; St. Louis Southwestern at
bid 101% against 101; St. Louis-San Francisco at
APRIL 20 1929.]
FINANCIAL CHRONICLE
/8; Missouri-Kansas-Texas at 47
1131/2 against 1127
8; Rock Island at 124 against 123%;
against 461/
Great Northern at 1041/
2 against 1047
/8; Northern
Pacific at 101% against 101%, and Chicago, Mil.,
St. Paul & Pac. pref. at 53/
1
2against 53%.
Securities markets in the important European centers have been over-shadowefl by political developments in the past week, with the result that business
was small in most of the sessions and price movements narrow. The London Stock Exchange marked
time in the early trading, awaiting Winston
Churchill's budget speech. Trading was of very
modest proportions Monday, with the exception of
the gilt-edged list which advanced steadily on heavy
buying. Industrial shares registered only fractional
changes. After the budget speech was made Tuesday by the Chancellor of the Exchecquer shares
of tea stores jumped forward as a result of the remission of the tea duty, but otherwise the market was
quiet, the new budget causing hardly a ripple. Giltedged securities reacted to some extent. With the
political campaign well under way for the general
elections at the end of next month, there was little
additional incentive Wednesday toward trading in
London, and the amount of business remained small.
There were indications, in fact, that holders were
reducing their commitments until after the election.
In Thursday's market some interest was stimulated
by a new share offering of Imperial Chemical Industries. Shipping shares were ,strong and oils and
coppers improved, but the investment section was
very quiet. Trading was almost suspended in
yesterday's session, the market awaiting more specific
word on the Reparations Conference in Paris. It
was not generally believed that the Experts' meeting
deadlock was final, and quotations were fairly steady.
Lord Revelstoke's death also cast a shadow over the
proceedings, as he was considered one of the most
eminent financial men of the nation, being not only
a member of Baring Bros. & Co., but also a director
of the Bank of England.
The Paris Bourse was weak at the opening Monday
and trading was extremely light. The failure of the
reparations experts to reach an agreement, after more
than two months of negotiations,was beginningto make
an unfavorable impression. Banks, electrical shares,
chemicals and industrials receded, with rentes almost
the only issues that remained firm. A further period
of heaviness followed Tuesday at Paris, with Citroen
motor shares running counter to the trend. In
Wednesday's market considerable improvement was
noted, although activity remained restricted. Copper
shares led the rise, owing to improvement in the commodity at London, but the better tone was also communicated to many other issues. The advance was
maintained Thursday, with the public showing more
interest than for some time. Rentes and bank stocks
made the most notable advances. The Bourse was
weak at the opening yesterday on the disclosure of a
deadlock in the Experts' Committee meetings, and
the heaviness continued throughout the session,
although no sensational declines were reported.
The Berlin Boerse also was depressed at the opening
Monday, with the apparent lack of real progress at the
Reparations Conference causing unsettlement. Some
recovery took place in the course of the session. The
improvement became more pronounced Tuesday, with
the electrical shares leading a rise that gradually took
2519
in most of the list. Large German banks were reported
to be buying shares in Wednesday's market, and these
rumors strengthened the optimism of speculators,
causing another general advance on the Boerse. The
scope of trading narrowed Thursday, with most transactions confined to foreign orders and a handful of
The level of quotations improved
speculators.
slightly, but the highest figures were not maintained.
When confronted with the startling developments at
Paris, yesterday, prices dropped perpendicularly, the
loss averaging 10 points at the opening. A kind of
nervous stability was re-established when it appeared
that a further plenary session will be held next week,
but no great improvement followed in values.
Complete collapse of the Experts' conference on
German reparations threatens as a result of the apparent inability of the Allied and German experts
to reach agreement on the amount to be paid by
Germany in the proposed final settlement. The discussions reached their most critical stage late this
week with all accounts indicating that only a miracle
could save the conference from total failure. The
apparent end of the meeting was attained with
dramatic suddenness after Dr. Schacht, as the leader
of the German experts, made a counter-offer to the
Allied proposals of April 13 which all the Allied experts regarded with the most intense disappointment.
This proposal was for annuities calculated at an average of 1,650,000,000 marks to be paid annually for
37 years and having a present value of about 27,000,000,000 marks. The total sums asked by France,
England, Belgium and Italy in their joint memorandum of April 13 were reported as annuities beginning
with 1,850,000,000 marks and rising to 2,400,000,000
marks, with an average of about 2,200,000,000 marks
over a period of 58 years, and a present value of
40,000,000,000 marks. The memorandum of the
Allies was placed before the German experts last
Saturday at a plenary session of the committee.
No reply was made by the Germans at the time and
further consideration of the matter was deferred until
Monday. After studying the proposal for some time,
Dr. Schacht was reported to have indicated in private
conversations that the suggested settlement was
altogether unacceptable. His counter-offer was
made Wednesday, and events moved swiftly thereafter.
A negative reply to the proposal of the principaAllied creditors was made by Dr. Schacht at a meeting of the Experts' Committee last Monday. All
though he did not flatly refuse the offer, he did
insist politely, a report to the "Herald-Tribune"
said, that many of the figures in the memorandum
were much too high, and that a closer shaving of the
creditor claims was just as desirable as a clearer
elucidation as to exactly what these figures covered.
"Dr. Schacht appears to be in no hurry," the dispatch added. "Gaining time means money to the
Germans and their attitude is that they have much
more of the former commodity than of the latter.
Thus hopes for an agreement remain as dismally
on the horizon as they did a month ago." On the
following day, Tuesday, two plenary meetings of the
committee were held, in the course of which Dr.
Schacht informed the delegates definitely that the
Allied proposals were not acceptable. He cited
figures to strengthen his argument, reports said, and
was promptly asked if he would present a written
memorandum stating more precisely the viewpoint
2520
FINANCIAL CHRONICLE
[VOL. 128.
of the German delegation. This he consented to do, there was nothing further to be done. The subpromising ."some written observations containing committee then decided to inform the Experts'
Committee as a whole that nothing further could be
figures," for the consideration of the meeting.
The counter proposal of the German experts was done. It was considered significant that while the
read by Dr. Schacht at a plenary session Wednesday committee was in session Thursday, S. Parker Gilafternoon. The offer was to pay an annuity of bert, the American Agent General for Reparations
1,650,000,000 marks over a period of thirty-seven Payments, arrived at the Hotel George V, where the
years, this offer having a present estimated value of meetings were being held, and was understood to
27,000,000,000 marks, as against the 40,000,000,000 have conferred with the committee members. Dismarks at which the Allied proposal was computed. cussion in Paris turned Thursday to the probable
For the remaininty twenty-one years necessary to course of events in case of a breakdown of the
complete the fifty-eight years of annuities demanded meeting. It was believed that the French Governby the creditors, Dr. Schacht offered no definite ment would promptly move for the setting up of an
payment whatever, a Paris• report to the "Herald- index committee under the Dawes Plan to arrange
Tribune" said. He contented himself merely with for progressive increase in the Dawes annuities from
stating that "arrangements" might be made by which the end of the fifth year, which will be reached Sept.
the Allies would get all or nearly all of what they 1 1929.
A second session of the Revelstoke sub-committee
needed to cover their war debts, presumably from the
hoped-for profits from the proposed international was held late Thursday at which it appeared that
bank; it was indicated.. "According to figures com- Dr. Schacht not only refused to consider increasing
piled by the creditor powers," the report added, "the his total offer, but also asserted that Germany could
German offer is just enough to pay the inter-Allied not make the minimum payments without certain
and American debts, service costs of the.Dawes Plan concessions which the Allied experts protested would
and the accrued charges of the American Rhineland amount to revision of the Versailles Treaty. The
army of occupation. In other words, Dr. Schacht's German spokesman's demands, a report to the
offer fails entirely to meet the bill for reparations New York "Herald-Tribune" said, included a reproper, amounting to 13,000,000,000 marks, for the vision of the means of communication between
Germany proper and her outlying Province of
devastated territories."
This offer by the German experts caused profound East Prussia, implying a modification of the Dantzig
disappointment in Paris, even though it was not corridor arrangement, access to raw materials, imconsidered the best that the Reich delegates could do. plying a return of former German colonies or a
The proposal was regarded as a tentative one, and colonial mandate, revision of the frontier of Upper
the task of reconciling the two sets of figures was Silesia and immediate return of the Sarre Valley to
handed to the Revelstoke sub-committee, which con- Germany. Dr. Schacht was firm in asserting that
,ists almost entirely of world-famous bankers. In. Germany could not pay more than the annuity
some quarters, however, the situation was regarded offered, and when it was pointed out that failure of
as so unpromising in view of the German offer that the negotiations would mean continuance of the
immediate abandonment of the committee meetings Dawes Plan, with its annuities of 2,500,000,000
was believed to be in prospect. The disappointment marks, he noted merely that he had remarked
felt in Paris was reflected in a dispatch of Wednesday previously that Germany could not make these
to the New York "Times." ',When Germany con- payments.
sented to this committee being called into being, and
At 8 o'clock Thursday evening the spok'sman for
when Dr. Schacht came here," this report said, "it the American experts made an announcement that
was made abundantly clear to all the world that just was tantamount to an official declaration of the
enough to enable the Allies to meet their debts would failure of the conference, the dispatch continued.
not be sufficient. Premier Poincare said so, Winston "You may say in your dispatch," the American
Churchill, Chancellor of the Exchequer, said so, and expert was reported to have said, "that the conthe Belgian Government said so. But Germany ference has utterly broken down in so far
accepted the invitation and Dr. Schacht came. For as the chief problem of fixing the amount and number
eleven weeks these distinguished financiers have been of annuities at'ermany shall pay is concerned.
discussing how the debt could most easily be paid. All the Allied delegations feel that the responsibility
The creditors among them have agreed to accept very for this collapse rests upon the Germans."
considerable reductions so as to bring their claims
In the first reaction in Paris bitter comments were
within what they consider to be Germany's capacity made on every hand. There were suggestions that
to pay when aided by the international bank which the immediate consequences of the impending collapse
the experts propose to establish. Yet to-day Dr. of the meeting would be severe and far-reaching.
Schacht laid before them a proposal which takes no It was declared that the Allied Powers would go back
account at all that something more than enough for to the letter of the Versailles Treaty, while Germany
their debts is what the Allies, and especially France, on her part would engage in a policy of dangerous
feels they are entitled to."
passive resistance, fostering resentment on both sides.
An absolute deadlock in the negotiations was Charges were openly made that Dr. Schacht had
reached Thursday, when Dr. Schacht, as the German "dynamited the conference to further his own political
member of the Revelstoke sub-committee, informed ambitions." The American experts in particular
that body that he could not increase his offer unless were nettled at being called to Paris for a conference
permitted to take up the political considerations of in which they were finally asked to take a stand
the problem. He formally refused to go beyond his on whether the Polish corridor should be revised or
offer of 37 annuities of 1,650,000,000 marks. He was even returned to Germany. A plenary session of the
informed by an Allied spokesman, an Associated Experts' Committee was called for Friday morning
Press dispatch said, that it was simply a question of at which it was expected the final announcement of
debate, and that if he could not increase his offer dissolution would be made, and a committee ap-
APRIL 20 1929.]
FINANCIAL CHRONICLE
pointed to draw up a report to be submitted to the
respective Governments.
This meeting was postponed, however, owing to
the death of one of the most prominent members of
the Committee, Lord Revelstoke, who was found
dead in his bed Friday morning after an attack of
heart disease. The next plenary session of the committee is now scheduled to take place Monday. In
the meantime, the very severe reaction occasioned
in all Allied capitals by the German course of procedure at the conference appears to have produced
somewhat of a change of heart in Berlin. Reports
from the German capital yesterday indicated that the
leaders of the Reich Government, who had previously
insisted on the complete independence of the experts,
considered that a new situation had arisen which
justifies governmental interference. A Cabinet session was held yesterday and it was said thereafter that
a re-examination of the entire problem indicated the
likelihood that the German delegates would seek to
bridge the differences between the Allied suggestions
and the German offer. If all other efforts fail, it was
declared that an attempt would be made to negotiate
a provisional settlement to replace the Dawes plan.
It was also disclosed, a United Press dispatch said,
that Germany will announce her intention of continuing loyally to fulfill her obligations under the
Dawes Plan if all other efforts fail. A further indication of probable efforts to stave, off an unfortunate
ending to the conference was reported from Paris,
yesterday, where the most prominent of the delegates, including Dr. Schacht, met secretly in a room
at the Hotel George V.
One of the most interesting features of the past
week's negotiations was the effort to secure entire
remission by the United States Government of the
sums still due from Germany for Army of Occupation
costs. Steady pressure for such cancellation was
exerted in Paris, according to press accounts, and as a
result, the matter was officially placed before the
Administration in Washington by the two unofficial
American experts. It was pointed out in Washington
that there was still due the United States on this
account $206,584,000, out of total arrears of $291,550,000 at the time the Dawes Plan was signed,
making a payment of about 30% to date. France
and England, on the other hand, have been paid
about 90% of their respective claims outstanding
when the Dawes Plan was started in 1924, so that
the positions are by no means comparable. It was
intimated in Washington dispatches that the United
States would cancel a like proportion of this debt
with France and England. A note from Washington
to the Experts' gathering in Paris was received there
Wednesday and it was understood to have declined
the suggestion that the United States abandon her
claim to recover the costs of the Army of Occupation.
The Preparatory Disarmament Commission of the
League of Nations gathered in Geneva for its sixth
session Monday, in an atmosphere that was not
particularly optimistic. Non-member States, as well
as League States, were represented, the United States
again sending a delegation headed by Ambassador
Hugh S. Gibson, while the Russian Soviets were
represented by Maxim Litvinoff, Vice-Commissar for
Foreign Affairs at Moscow. As on former 9casions,
the meeting was preceded by a perfect storm of press
suggestions that important proposals would be made
by different Governments. Many of these were un-
2521
doubtedly "trial balloons," while others were apparently the result of journalistic enterprise. The
rumor mongers were particularly active in disseminating suggestions that the British and American delegates were instructed to approach each other with
proposals for.a naval limitation conference, but these
suggestions gained no encouragement whatever in
the two capitals.
When the proceedings began Monday, President
J. J. Loudon minced no words in his opening address
to say that the moment was not propitious and that
the public need not expect much progress at the
session. Jonkheer Loudon introduced a letter from
Clifford B. Harmon, American President of the
International Aviators League, in which the horrors
of air warfare were stressed and a plea made for renunciation of this method of warfare. To this
procedure Lord Cushendun of England took decided
objection on the score that the introduction of letters
from "people who have a hunger for publicity" was
"highly improper." As the meeting proceeded
Count von Bernstorff, of Germany, served notice
that his Government does not share Jonkheer London's pessimism and intends to insist that it is high
time the commission got down to business. Other
delegations, notably the Turkish representatives,
gave voice to similar sentiments.
The session which followed on Tuesday brought
little additional progress, although Mr. Gibson
issued a brief statement at the beginning of the meeting to the effect that the American delegation was
most desirous of advancing the work as rapidly as
possible. The agenda proposed by President Loudon
was adopted, but great confusion developed regarding what the agenda really contained. Tewfik
Rushdi Bey, Foreign Minister of Turkey, presented
a plan which advocated in very general terms the
adoption of the principle of equality as the basis
of the armaments of all powers. M. Litvinoff urged
immediate consideration of his sweeping project for
disarmament with which he rendered the commission
almost speechless when the Russians \first began to
attend the Preparatory Commission meetings some
time ago. In the course of addresses on disarmament, the Russian, Turkish and Chinese delegates
all gave high praise to the Kellogg treaty renouncing
war as an instrument of national policy.
Maxim Litvinoff made a determined effort Wednesday to have the Commission adopt as a basis of
discussion the Russian plan for grouping States in
categories and reducing armaments by applying a
mathematical co-efficient to each category. Both
the morning and afternoon sessions were confined to
this project, with nearly all the delegations showing
a marked reluctance to expressing any views on the
proposal. The only delegates who spoke, other than
the Russians, were the Japanese, French, Chilean,
German and Turkish members, the first three opposing and the last two giving moderate support
to the project. When the afternoon session began,
President Loudon asked if any other delegate desired
to speak,but said a dispatch tothe New York"Times,"
"the ensuing silence was so disconcerting that the
President suspended the session for a few minutes."
When the meeting was resumed Thursday, the Soviet
proposal was sent to the steering committee on a
motion by the delegate from Czechoslovakia, in
order to determine whether it falls within the framework of the commission's work as outlined by the
Council and Assembly of the League. One delegate
2522
FTNANC1TAL CHRONICLE
[VOL. 128.
said, according to an Associated Press report, that and air forces by $37,000,000 from the estimates of
the scheme had been given "an honorable funeral, the preceding Labor Government. "The large cuts
with some floral tributes."
in armaments," he continued, "are dependent on
international agreement which, I fear, will not be as
A keenly interested House of Commons heard Win- easy to reach as we would hope, and even so we are
ston Churchill, Chancellor of the British Exchequer, limited by the absolute requirements of the safety of
make his long-awaited budget speech Monday after- this island and of the unity of the British Empire.
noon, the debate that followed turning into one of the We cannot make any large reductions in the navy
most acrimonious exchanges of recent years on the without falling below the one-power standard, which
question of the British debt settlements with the Con- in my opinion would be a fatal decision, or without
tinental countries and with the United States. With jeopardizing our food and trade routes. We cannot
the British general election tentatively scheduled for arrest the development of our air force without placMay 30, it was expected that the new budget would ing ourselves at the mercy of that very neighbor
contain a bid for votes in support of the Conservative toward whom we are repeatedly reproached for subGovernment, and this expectation was fulfilled in the servience and whom Mr. Lloyd George is never too
immediate and total abolition of the tax on all tea, busy to offend."
both foreign and Empire grown. This step, accordMr. Churchill again defended the Conservative
ing to Mr. Churchill's estimates, will cost the Govern- Government's resumption of the gold standard, acment about $30,500,000 in revenue, but should bring cording to a London dispatch to the New York
an immediate saving of 8 cents a pound to the con- "Times." He admitted the difficulties involved, but
sumer. The duties had been in effect since the time said that one-tenth of the population of England
of Queen Elizabeth, and their abolition caused a mild depended on the world-wide operation of credit comsensation. Since virtually every man, woman and merce, for which absolute stability was essential.
child in the United Kingdom drinks tea, the step is "The income we derive each year from commissions
well calculated to appeal to the entire electorate. A and services rendered to foreign countries exceeds
further feature of the budget which is largely political $325,000,000,"he said. "In addition,we have a steady
is the immediate anticipation of rating relief on agri- revenue from foreign investments of $1,500,000,000
cultural land. First scheduled for application next a year, 90% of which is expressed in sterling and rises
October, this measure will give British farmers tax and falls in value with the rate of sterling exchange.
relief to the extent of $12,000,000 a year. Both the No British Government has yet dared to undermine
abolition of the tea duty and the anticipation of the the hard rock of British financial integrity, and with
rating relief on farm land were made possible by the the vast structure of the United States towering up
unexpectedly large surplus of close to $90,000,000 on the Western flank, such a step would now, if ever,
indicated for the year ended March 311929.
be disastrous. Better hard times than lush and
In the summary of his totals, Mr. Churchill esti- lavish indulgence with irrevocable degradation and
mated the revenues for the 1929-30 fiscal year at decline."
$4,133,000,000, with expenditures at $4,112,000,000, Sharply contrasting the London and New York
leaving a prospective surplus of $21,000,000. He ex- capital markets, Mr. Churchill added: "We may
pressed the hope that the surplus would be increased console ourselves among the present discontents and
by further economies in departmental expenditures. complaints by observing that London, in spite of the
Although the Chancellor had little to say about un- great sacrifices of England in the War, has regained
employment, he declared that some improvement effectually its solid international pre-eminence in the
had taken place in that respect, and he went on to world. We are still the greatest international market.
paint a cheerful picture of increasing comfort for the We are able to maintain money rates which are lower
people as a whole. The cost of living had decreased than those nominally prevailing in New York and
18 points since 1924, he remarked, while money wages lower still than those actually effectively ruling in
had remained at the same level. During the four New York. The bill exchange on London, which
years of the Conservative Government, small savings after the War was so seriously menaced that it
accounts had increased by $850,000,000. There had threatened to disappear, has in the last few years
been a notable decrease in the amount of drinking, regained its time-honored position as the favorite
and a great increase among the working people in international instrument and token of commerce."
their purchase of luxuries, Mr. Churchill asserted.
Turning his attention to commerce, Mr. Churchill
The loss of revenue entailed by the decrease in drink- declared that the balance of trade had sensibly iming was made up by an increase in the inheritance proved in recent years. The power of England to
tax return, which amounted last year to $400,000,000. invest capital abroad had risen from $430,000,000
In further reference to British consumption of alco- in 1924 to $745,000,000 in 1928, thus fostering the
holic drinks, Mr. Churchill said: "I think we may export trade, he remarked. "There is no doubt,"
dwell with some complacency on the results which, the Chancellor continued, "that we are steadily imregulated by freedom and corrected by the high taxa- proving our own condition and, compared with most
tion of liquor, we have shown, as compared with those European countries, are maintaining our old pre-war
which have followed, or perhaps I should have said level. Of course, our progress during these years has
flowed, elsewhere from prohibition tempered by boot- been relatively outstripped by the United States,
legging." The only new tax imposed in the budget which gained great advantages from the War and
is on distilleries, breweries and tobacco manu- has displayed a far higher stability of purpose ever
facturers.
since." Mr. Churchill devoted much of his speech
References of international significance were made to an exposition of the Conservative Government's
by the Chancellor in his discussion of the items for the record in cutting down and consolidating the national
defensive arms of the government. He emphasized debt. He cited the record of unemployment during
the fact that the present Conservative Government the past few years as an argument against the ashad decreased the expenditures on the army, navy sumption of fresh debts to finance Povernment
APRIL 20 1929.]
FINANCIAL CHRONICLE
schemes to provide work, as proposed by the Liberal
leader, Mr. Lloyd George. The Liberal scheme,
which is chiefly for highway work, calls for $1,000,000,000 of borrowed money. The present budget, as
outlined by Mr. Churchill, proposes Government
allowances to assist in the financing of highway
building of $115,000,000, an increase of $40,000,000
over the present allowances.
2523
The Government took so serious a view of Mr.
Snowden's attack on the Balfour note and the debt
settlement, as well as his outburst against France,
that it deferred the ministerial reply to his speech
until Wednesday. In the debate that followed in
the mid-week session, all three parties in Britain
upheld the principle of the Balfour note and approved
with varying degrees of warmth the debt settlements
with the Continental nations and with the United
Criticism of the budget speech by the Labor and States. Sir Laming Worthington-Evans, Minister
Liberal leaders in the House of Commons was prompt of War, made the Government's reply to Mr. Snowand vigorous. Philip Snowden, who was Chancellor den, declaring that "all things considered, his
of the Exchequer in the Labor Government, said Mr. Majesty's Government was satisfied that the existing
Churchill's budget might be known to history as the agreements were a fair equivalent to the American
"great bribery budget" to win the election. "It is settlements." He cited figures to show ,that Mr.
not a budget speech, but an electioneering manifesto, Snowden's statements were incorrect. While Amerand is in the nature of a swan song," he added. ica's settlements gave her from France a 49% reDavid Lloyd George,former Liberal Prime Minister, payment, England was getting a 47% repayment,
characterized it as "just the kind of budget I expected, he said, and added that on the Italian debt similar
though perhaps not quite so bad." Mr. Snowden percentages held. From France and Italy, Britain
on the following day continued his attack in a startling had received to date £30,000,000, he declared,
manner by virtually threatening to repudiate the while the United States had received £21,000,000.
war-debt settlements with Britain's Continental This year England would get £40,000,000 from those
debtors arrived at under the principle of the Balfour two nations, while the United States would get
note, in the event that the Labor Party is successful £7,000,000.
•
in the forthcoming election. He suggested that
The Minister of War then read a statement on
France was paying to America a higher proportion behalf of the Cabinet, saying: "The principle that
of her debts than she proposed to pay the British. Great Britain should take no more from Europe by
"No more scandalous transaction has ever been car- way of debts and reparations than she required to
ried through by a British Minister than the settle- pay her own obligations to the United States, is a
ment with our foreign debtors," he continued. principle which for seven years has been the founda"France has repudiated four-fifths of her national tion of the treatment of the European debt problems
debt. Many of the people who bled for France were by every Government that has held office here.
practically ruined when France 'bilked' her national It has come to be generally recognized throughout
obligations. The case of Italy is still worse. If Europe as a just and unchallengeable principle. It
Italy and France can afford to pay the United States, has been embodied in formal articles of agreement
they can afford to pay us."
by both France and Italy. The principle of the BalA passage between Mr.Snowden and Mr. Churchill four note is the foundation of our policy toward the
followed in which Mr. Snowden remarked: "Perhaps experts' inquiry now proceeding in Paris. It is a
the worst feature of all the agreements which Mr. wanton and reckless act, uncalled for by anything
Churchill made was that if ever we get more from that has occurred, for the right honorable gentleman
the Continental annuities and German reparations and his party now to repudiate the principle on
than our payments to the United States, we have to which every forward step toward European reconreduce the amount of the annuities received from our struction and peace has been taken. If such a
Continental debtors. I have never subscribed to declaration is persisted in and Europe is led to believe
the Balfour note, which I think is an infamous note." that British policy in the future may aim at obtaining
Mr. Churchill, surprised at these comments asked larger payments from Europe on account of debts and
what the attitude of the Labor Party was. "The reparations than are required from her by the United
Labor Party certainly did not subscribe to the Balfour States the utmost injury will be done, not only to
note," Mr. Snowden replied, "and it should hold it- British interests, but to wider interests of world
self open, if circumstances arise, to repudiate the peace."
conditions of that note." Mr. Churchill thereupon
In the further debate that followed, Mr. Snowden
rose and remarked on the seriousness of the expres- refused to retract his previous statements or to
sion. The principles of the Balfour note have been apologize. He declared that the Labor Party
embodied in British agreements with France and Italy favored the cancellation of all debts, but that if
he pointed out. "I think it is a very dangerous they were going to be collected, it insisted that
thing for Mr. Snowden, who expects to hold high Britain should get as good a deal as America. He
office in the future, to utter words like that in regard maid that the Experts Committee had in reality
to engagements which have been definitely entered reopened the whole question of war debts and exinto between this country and foreign countries," pressed the opinion that there would some day be
Mr. Churchill said,"It might endanger the payments new settlements. He meant, he added, that England
which are even now being made and on which we should then seek to better her position, rather than
were counting this year." "Does Mr. Churchill then that she should repudiate bargains already made.
maintain," asked Mr. Snowden, "that an agreement Winston Churchill as Chancellor, and Sir Austen
which is made by a Government supported by a Chamberlain as Foreign Minister then reaffirmed
party which happens to have a temporary majority the Balfour principle on behalf of
the Conservative
in the House of Commons commits every other party Government. That principle, Sir Austen said,
"is
in the State to the confirmation and acceptance of a pledge which has been the basis of every step in
that agreement in future? If that is to be so, it is a the financial reconstruction of Europe since the
doctrine to which I cannot subscribe."
pledge was published. I say deliberately that no
2524
FINANCIAL CHRONICLE
worse day's work has been done in Parliament nor
any greater harm to the work we have already
accomplished or to the progress we hope to accomplish in the next few months than the rash words
of the honorable gentleman." Walter Runciman,
speaking for the Liberals, said that his party would
never go back on Britain's promise. The debate
was closed by Ramsay MacDonald, leader of the
Labor Party and former Prime Minister, who said
that too much emphasis had been placed on Mr.
Snowden's adjectives and that you could never have
a crisis over adjectives. The Labor Party, he said,
did not accept the statement that it did not propose
to carry out Britain's pledges if it got back to office,
adding that when in office the Labor Party had carried out the Balfour principle. The settlement with
America, he concluded, "was a bad settlement in
two ways, it was bad financially and bad politically.
But it is our position that until that agreement is
changed by mutual consent every farthing must be
paid, whatever burden that may lay upon this
country.
The sharp differences between the French and
American film industries, occasioned by the efforts
of French leaders to apply further restrictions to the
importation and showing of American pictures, flared
into the open again last week, with the result that
American producers threaten to discontinue their
business in France entirely. Restrictions take different forms in the different European countries, with
the chief aim, however, of stimulating domestic production at the expense of American showings. The
controversy between the French and American interests came to a head last year, when the Minister
of Public Instruction in France began to apply restrictions that exceeded in stringency the seven-forone quota rule by which American producers were
required to buy one French film for every seven American importations. Application of the ruling was
delayed when representations were made by officials
of the American Embassy in Paris. A definite
break, with the likelihood of complete withdrawal of
American film interests from France, was reported
in a Paris dispatch of April 10 to the New York
"Times." Recommendations had been made by
French interests for a change in the regulations to a
three-for-one quota, it was indicated, and additional
taxes'also were to be imposed on American films.
The American producers announced forthwith that
they would close their doors in France if this ruling
was accepted.
A memorandum on the controversy was addressed
by the United States State Department to the French
Foreign Office on April 12, reports from Paris indicating that the note ,reiterated the standpoint of the
United States Government in opposition to unnatural trade barriers, such as the film contingent or
quota. No question was raised, Paris dispatches
said, regarding the right of France to regulate the
conditions under which American films can be shown
in France, nor does the note challenge the right of the
French to impose such duties and tariffs as they see
fit. The contingent rule, however, was regarded as
creating a situation which is very unfair to the
foreign interests involved. It was indicated at the
same time that the State Department had decided to
make representations similar to those made in Paris,
to other European capitals, including Berlin, Rome,
Madrid, Vienna, Budapest and Prague. This step
[VOL. 128.
wasfollowed by an official announcement by M.Francois Poncet, the French Under-Secretary for Fine
Arts, to the effect that nothing final would be done
until both sides had been beard and, if possible,
brought to an agreement. The American Embassy
in Paris also issued a statement saying the "Department of State has under consideration the adoption
of a policy which would meet the situation as a whole
throughout Europe."
The State Department in Washington confirmed on
the same day that American representatives in the
European capitals named had been instructed to take
the question up orally with the various Foreign
Offices and to make the American position • clear
through representations supported by written memoranda. This procedure, it was admitted, was equivalent to the dispatch of simultaneous notes. The
matter was carried a step further in Paris last Saturday, according to a dispatch to the New York
"Times," when Henry C. MacLean, commercial
attache of the American Embassy, had a long talk
with M. Poncet. The French official informed Mr.
MacLean, it was ind cated, that he would immediately call a conference of a limited number of representatives from both the French and American film
industries, at which an effort would be made to reach
a final solution. This meeting is scheduled to take
place to-day. A further complication was introduced
Wednesday, however, when the Chambre Syndicale,
which represents all branches of the French industry,
held a meeting and unan mously endorsed the proposed new three-for-one quota, urging its immediate
adoption by the Government. The gathering, nevertheless, authorized its President to act for it at the
conference arranged by M. Poncet.
Official announcement of the resignation of Casimir
Bartel as Premier of Poland was made in Warsaw
last Saturday, ten days after M. Bartel had tendered
his resignation to President Moscicki at a Cabinet
meeting. It was also announced that Major Casimir
Switalski, former Minister of Education and aidede-camp to Marshal Pilsudski, had been asked to
form a new government. The change in government
is considered due in great part to the continued attacks on the Diet and Cabinet by Marshal Pulsudski,
the Minister of War and virtual dictator of Poland.
The new Premier has been a follower of Marshal
Pilsudski throughout his political career, and his
selection for the post is viewed as a further strengthening of Pilsudski's hold on the Government. Premier
Switalski completed the formation of a new Cabinet
last Sunday, only four changes being announced.
Three of the new Ministers, however, are members of
the so-called "Colonel" group of Marshal Pilsudski's
intimates. Colonel Ignacy Matuszewski, the Polish
envoy to Budapest and one of the ablest of, the
"Colonel" group, was made Minister of Finance.
Colonel Alexander Prystol, the War Minister's most
intimate friend and for many years his confidential
aide-de-camp, was appointed Minister of Labor.
Colonel Ignacy Boerner, also one of Marshal Pilsudski's friends and an old associate, was made Minister
of Posts and Telegraphs. Under-Secretary of State
Czerlinski was appointed Minister of Education. One
of the most notable features of the Cabinet is the
retention of his portfolio by Foreign Minister Zaleski,
thus assuring a continuity of the present Polish
foreign policy. Marshal Pilsudski retains the War
Office portfolio, as expected. It is proposed to form
APRIL 20 1929.]
• FINANCIAL CHRONICLE
2,525
a special financial advisory committee of well-known vances" and "securities" which dropped £1,643,000
Polish financiers, who will aid M. Matuszewski to and £471,000 respectively. Public deposits rose
handle the finances of the country.
£671,000 while other deposits fell £3,722,000.
Other deposits includes bankers' accounts which
Steady pressure was exerted on the military in- showed a decrease of £3,121,000 and other accounts
surgents in Mexico this week by the now over- which dropped £601,000. The proportion of rewhelmingly superior Federal forces, and there were serve to liability is now 49.99%, last week it was
indications that the rebel movement may collapse 45.31%, a year ago it was 37.05%. Below we
entirely. at any moment. In the month and a half furnish a detailed statement of the items for five
during which the rebellion has been in progress, the years:
rebel forces have been defeated in every important
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1928.
1927.
1025.
encounter with the result that their activities are
Ayr. 17.
Apr. 19.
Apr. 20.
Apr. 21.
Apr. 22.
now confined to the dry mountainous northwestern
Circulation
b358.940.000 134.660.000 137,515,400 140.161.235 120.279.245
State of Sonora. On this State two large Federal Public
deposits
17,877.000 17.503.000 15,244,272 12.369.092 17.057,986
Other deposits
96.795.000 100.435.000 110,337,976 103.195,983 105.770.356
armies have been converging, one from the East and Bankers
accounts-. 60.779.000
one from the South. Last Saturday two of the rebel Other accounts
36,016.000
Governm't securities 48.346.855 31,720,000 37.955,666 39,270,328 38.811.666
chiefs crossed the American border at Nogales, Other securities.. _ 26,648.000 60.190.000 68.779.112 88,030,730 75,529,573
& advances
11.028.000
Arizona. The two leaders, Generals Manzo and
Securities
15,621.000
Bermal, made an offer to President Emilio Portes Reserve notes & coin 57.330.000 43.709.000 36.559.908 25,998.268 28,203.918
Coln and ballIon..8156,271,783 158.619,370 153,848,373 146,409,505 128.733.163
Gil through the Mexican Consul General at Nogales, Proportion of reserve
49.99%
37.05%
for the surrender of a total of 5,000 or 6,000 officers to liabilities
29.11%
22.49%
23%
Bank rate
44%
534%
5%
5%
5%
and men. They were declared to be acting for
a Includes, beginning with April 29 1925. £27.000.000 gold coin and bullion
General Rabatte, and the only condition attached previously held as security for currency notes
issued and which was transferred to the
to the offer was the sparing of the lives of the general Bank of England on the British Government's derisloo to return to gold standard.
b Beginning with the statement tor April 29 1925. Includes £27.000.000 of
Bank
and the officers and men under him. President Gil of England notes issued in return for the same amount of gold c•iln and bullion
replied that the offer of surrender must be uncon- held up to that time In redemption account of currency note issue.
ditional. In the concerted movement of the Federal
armies on Sonora, that which is advancing northThe Bank of France in its statement as of Apr. 13,
ward along the west coast has reached the State, reports an increase in gold holdings of 132,264,175
while the • army that is proceeding westward from francs, raising the total to 34,323,084,117 francs,
Coahuila is nearing the difficult Pulpito Pass. As which is the highest figure ever recorded by the
an indication of the vast improvement that has Bank. Notes in circulation decreased 8071000,000
taken place in Mexico in recent years it was an- francs, which reduces the total to 63,316,941,160
nounced in the capital last Sunday that the Govern- francs, as compared With 64,123,941,160 francs
ment, despite the heavy expenses occasioned by the last week and 64,574,941,160 francs two weeks ago.
rebellion, has not suspended any salary or cash The statment also reveals decreases for the followpayments, or even reached the limit of borrowing ing items: credit balances abroad 291,611,162 francs;
from the Banco de Mexico. President Gil announced French commercial bills discounted 439,000,000
a drive against alcoholic drinks Tuesday, this taking francs; in advances against securities 88,000,000
the form of a proposed educational campaign against francs; in creditor current accounts 48,000,000
"the principal enemy of our race and of Mexico's francs,'and in current accounts and deposits 679,000,000 francs. Bills bought abroad showed an
future, the vice of alcoholism."
increase of 94,000,000 francs. A comparison of the
The Bank of Poland on Friday advanced its dis- various items of the Bank's return for the past three
count rate from 8%,the figure in effect since May 13 weeks is shown below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
1927 to 9%. Otherwise there have been no changes this
Changu
Status as of
week in the discount rates of any of the European
AttrU 13 1929. April 6 1929. Mar. 30 1929.
for Week.
central banks. Rates continue at 7% in Italy; at
Francs.
Francs.
Francs.
Francs.
Gold
--Inc. 132.264.175 34,323,084,117 34,190.819.942 34,186.453.842
63/2% in Germany and Austria; 6% in Italy; 53/2% Creditholdingsbale. abed _Dec. 291,611,162 10,318,867,453 10,610,478,615 10,577,365,254
commercial
in Great Britain, Holland, Norway and Spain; 5% French
bills discounted-Dec.439,000.000 5.615.904,092 6,054,904,092 6.837.904,092
in Denmark;4% in Sweden; 4% in Belgium, and Bills bought abed_Ine. 94,000,000 18,394,958.505 18,300.958.505 18,332.958.505
Adv. agt. secure __Dec. 88,000,000 2.376,794,733 2,464,704,733 2,321.794,733
332% in France and Switzerland. London open Note
circulation—Dec.807,000,000 63,316,941,160 54,123,941,180 64,574,941,160
Cred,
market discounts for short bills are 5 1-16% against Curr. curr. accts_ _Dec. 48,000.000 17,997,335,454 18,045.335,454 18,219,335,454
accts.& deP-Dtm.679.000,000 5,748,253,230 6.427,253,238 8.263,253.230
5 3-16@53% on Friday of last week and for long
bills, 53/s@5 3-16 against 53.®5 5-16% on Friday
The Bank of Germany in its statement for the
of last week. Money on call in London is 34
3 %. second week of April, reported a decrease in gold
At Paris open market discounts remain at 3 7-16% holdings of 149,659,000 marks, reducing
the total
and in Switzerland at 398%.
of that item to 2,429,866,000 marks, as compared
with 2,019,231,000 marks last year and 1,850,764,000
The Bank of England statement this week again marks in 1927. Due to a
decline of 301,461,000
shows a gain in its gold holdings, this time of £789,- marks, notes in circulation
now amount to 4,145,083 bringing the total up to £156,271,783 and estab- 211,000 marks, as compared
with last year's figure
lishing a new high for the year. A year ago gold of 3,996,516,000 marks, and
3,400,833,000 marks
holdings aggregated £158,619,370. This week's in- the year before. Decreases in
reserve in foreign
crease in gold, together with a decrease of £3,190,000 currency of 10,021,000 marks,
in bills of exchange
in circulation, brought about a rise of £3,979,000 in and checks of 94,386,000
marks, in investments of
reserves. The rate of discount remains unchanged 111,000 marks, and in other
assets of 79,209,000
at 53/2%. Loans on 'government securities fell marks; while deposits abroad
remained unchanged.
£4,930,000 and those on other securities £2,114,000. Increases in silver and other
coin were 19,827,000
The latter item is composed of "discounts and ad- marks, in notes on other Gamran
banks 4,088,000
2526
FINANCIAL CHRONICLE
[VOL. 128.
longer period. Business in commercial paper continues at a standstill. Nominally rates for names
of choice character maturing in four to six months
are 5%@6%, while names less well known are
6@63'4.%, with New England mill paper quoted at
6%.
REICHSBANK'S COMPARATIVE STATEMENT.
Chancesfor
Banks' and bankers' acceptances have continued
AprE 131929. April 141928. April 14 1927.
Week.
There
Reichsmarks. Reichsmark,. Retchsmarks. Retchstnarks. in moderate demand with offerings light.
Assets—
Dec. 149,659,000 2,429,866,000 2,019,231,000 1,850,764.000 have been rumors that rates were being shaded but
Gold and bullion
85.626,000 101,388,000
94.031,000
Of which depos.abr'd_ Unchanged
23,674,000 196,068,000 162,069,000 the posted rates of the American Acceptance Council
nerve in for'n curr_ _Dec. 10,021,000
1,785,008.000
2,248,662,000
2,197,804,000
94,386,000
Bills ofexch. de checks.Dec.
3% asked
67,044,000 103,242,000 remain unchanged at 532% bid and 5/
Silver and other coin._Inc. 19,827.000 133,762,000
18,890,000 for bills running 30 days, 5V% bid and 51
23,200.000
22,579,000
Notes on oth.Ger.bks.Inc. 4,088.000
% asked
A
53,253,000
39.584,000
Inc. 24,530,000 121,078,000
Advances
running
90
bills
and
for
60
5%%.bid
92,890,000
days,
and
94,004,000
92.981,000
111,000
Dec.
Investments
53/2%
Dec. 79,209,000 488,448,000 527.862,000 529,670,000
Other assets
asked for 120 days, and VA% bid and 5/% asked
Liabilities—
Notes in circulatlon_Dec. 301,461,000 4,145,211,000 3,996,516,000 3,400,833.000 for 150 and 180 days. The Acceptance Council no
1,756,000 670,294,000 613,923,000 639,640,000
0th. daily mat. oblig-Inc.
Inc. 14,764,000 217,131,000 198.118,000 189,222,000 longer gives the rate for call loans secured by acOther liabilities
ceptances, the rates varying widely. Open market
The New York money market gave indications this rates for acceptances have also remained unchanged
week of having passed the period of peak demand in as follows:
SPOT DELIVERY.
the spring, time loans showing a slight easing,
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
although demand loan rates continued at levels
ag
1134 644
514
534
534
ranging from 73/2% to 9%. With the greatest com- Prime eligible bills
—90 Dagt— —60 Days— —30 Days—
Bid. Asked.
mercial demand accomodated, money brokers exBid. Asked.
Bid. Asked.
554
534
534
554
634
634
pressed the opinion yesterday that only resumption of Prime eligible WileFOR DELIVERY
WITHIN THIRTY DAYS.
demand for speculative purposes or artificial re- Eligible members banks
ISH bid
1514 bid
straints are likely to cause greater stringency until Eligible non-member banks
the fall demand incident to the movement of crops
There have been no changes this week in Federal
sets in. The call money rate was 8% throughout
on Monday, with some street loans available at 732%. Reserve Bank rates. The following is the schedule
Withdrawals by the banks were small. After renew- of rates now in effect for the various classes of paper
ing at 8% again Tuesday, call loans were advanced at the different Reserve banks:
OF FEDERAL RESERVE BANKS ON ALL CLASS
to 9%, although demand was only fair. With- DISCOUNT RATES
AND MATURITIES OF ELIGIBLE PAPER.
In
drawals totaled about $20,000,000 for the day.
Rats In
Wednesday's market call loans sagged from 8% to
Date
Previous
Federal &MTN Bank.
Effect on
Rate.
Established.
April 19
to
%
1
3
/
down
73/2%, and time loans also came
Boston
July 19 1928
5
415
been
had
that
9%
to
83/2%
of
quotations
the
from
July 131 1928
New York
55
4
July 26 1928
Philadelphia
434
current. Thursday's market was a repetition of that Cleveland
Aug. 1 1928
5
634
July 181928
5
Richmond
434
434
July 14 1928
on Wednesday, with time loans showing further frac- Atlanta
5
July 1 198
6
Chicago
4
July 19 1928
5
434
tional declines. In yesterday's final money market St. Louis
4
Apr. 25 1928
434
Minneapolis
4
June 7 1928
434
City
session of the week, call loans ruled at 732% through- Kansas
Mar. 2 1929
414
5
Dallas
444 June 2 1928 a
out, with no funds offered in the outside market at San Francisco
concessions. Brokers' loans against stock and bond
Sterling exchange continues dull and irregular, but
collateral as reported for the week ended Wednesday
York
New
this week on average is slightly lower. The range
night by the Federal Reserve Bank of
reduction
$2,000,000.
was,
of
nominal
It
for the week has been from 4.84%@4.853/ for bankshowed a
Gold
successive
decline.
fourth
moveers' sight, compared with 4.84/@4.85A last week.
the
however,
1 1,@
very
was
York
small
New
of
port
the
through
The range for cable transfers has been from 4.85/
ment
for the week, consisting of imports of $118,000. 4.85 17-32, compared with 4.853 to 4.85 9-16 the
There were no exports. The statement by the previous week. Earlier in the week there was slight
Bank revealed a further decrease of $13,461,000 in improvement due partly to an easing of money rates
in New York and a lessening in the volume of temthe stock of earmarked gold held.
porary European funds transferred here for employDealing in detail with the call loan rates on the ment in the collateral loan market. The general exStock Exchange from day to day, all loans on Mon- pectation among bankers seems to be that there
day were put through at 8%, including renewals. will be a further straightening out of the credit
On Tuesday after renewals had been fixed at 8% situation here with probably fractional lowering of
there was an advance to 9%. On Wednesday the collateral loan rates. In such event, of course, the
renewal charge was 8%, but from this there was a seasonal factors which should ordinarily favor sterling
drop to 73/2%. On Thursday the renewal charge at this time would have some chance of revising sterwas again 8%,followed by a drop to 73'%. Friday ling quotations upward. The falling off in the
all loans were at 732%. For time money rates have volume of Stock Exchange trading during the past
steadily declined. On Monday the quotations were few weeks, with consequent reduction in money mar9% for 30, 60 and 90 days, and 83/2@9% for four, ket requirements, has also favored the sterling rate.
After all, however, the sterling rate is maintained
five and six months. On Tuesday the rates were
83(0)9% for the shorter maturities and 8% for at only slightly above the shipping point for gold from
the longer dates. On Wednesday the range for the London to New York. While there is less money
shorter dates was 83/2@9%, while the rate for the coming over from Europe to this side to participate
longer periods remained at 83'%. On Thursday in the short-term collateral market, nevertheless a
and Friday lending was at 83/2% for the shorter considerable volume of European funds appear to be
for the seeking permanent investment in the American securi3
dates and nominally quoted at 84@83'%
marks, in advances 24,530,000 marks, in other
daily maturing obligations 1,756,000 marks, and in
other liabilities 14,764,000 marks. Below we give
a comparison of the various items of the Bank's
return for three years past:
APRIL 20 1929.]
FINANCIAL CHRONICLE
ties markets. This flow from London largely affects
commercial demand for sterling and makes the matter
of maintaining the rate above gold point somewhat
of a problem for the British banking authorities,
although the Bank of England shows increasing
strength from week to week. There seems to be a
feeling in London that sterling's position is definitely
stronger and that there will be no necessity for any
further increase in the Bank of England's rate of
rediscount. Until the last few weeks London bore
the entire brunt of the adverse credit situation on
exchange, but during the past two weeks the strain
caused by New York has been more widely spread,
and now most of the principal European exchange
rates are in favor of London. The near approach of
the tourist requirements is expected, to give still
further firmness to sterling, as well as to other European units. In Friday's market sterling dropped
sharply and at the close of the day was off 4
1 from
the high of Thursday. This is attributed to the
failure of the reparations conference to arrive at a
conclusion satisfactory to both Allied and German
representatives.
Some London bankers express the opinion that the
normal seasonal demand for money on this side,
together with the steady flow of European funds for
permanent investment here, will result in relatively
high money rates for some time to come, and that
under the circumstances the pressure on sterling,
which is still uncomfortably close to gold export point,
must continue. Londoners say that there will be
general satisfaction if the position in London can be so
improved within the next few months as to minimize
the danger of higher rates during the autumn season.
This week the Bank of England shows an increase in
gold holdings of £789,083, the total standing at
£156,271,783. On Saturday the Bank of England sold
0,421 in gold bars and exported £5,000 in sovereigns,
and released £250,000 in sovereigns from earmark.
On Tuesday the Bank bought £533,800 in gold bars
and exported £4,000 in sovereigns. On Wednesday
the Bank bought £668 in gold bars and exported
0,000 in sovereigns, and on Thursday exported
£5,000 in sovereigns. On Friday it bought $23,218
in gold bars.
At the Port of New York the gold movement for
the week April 11-April 17, inclusive, as reported
by the Federal Reserve Bank of New York, consisted
of imports of $118,000, chiefly from Latin America.
For the second successive week there were no exports
of gold. There was a decrease of $13,461,000 in gold
earmarked for foreign central bank account, making
a total of $54,287,000 of such releases in the last
three weeks. This latest transaction in earmark release represents further triangular deals by which
Germany sends gold to Paris, while the Bank of
France turns over parts of its earmarked gold here to
German account. The gold is sold to the Federal
Reserve Bank ,and the proceeds are used to build up
German balances here. The transactions are equivalent to the shipment of gold from Germany to New
York. Canadian exchange continues at a discount
ranging during the week from 25-32 to 4
7 of 1%.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in the usual half-holiday
market. Bankers' sight was 4.85@4.8514; cable
transfers 4.85 15-32@4.85 17-32. On Monday the
market was irregular. Bankers' sight was 4.84 15-16
@4.8514; cable transfers 4.85 7-16@4.85 17-32. On
Tuesday sterling was under pressure. The range was
2527
4.84 15-16@4.85 1-16. for bankers' sight and 4.85%
@4.85 7-16 for cable transfers. On Wednesday the
market was irregular. Bankers' sight was 4.84 15-16
@4.85 1-16; cable transfers 4.85 13-32@4.85 15-32.
On Thursday sterling was inclined to ease. The
range was 4.84%@4.85 1-16 for bankers' sight and
4.85%@4.85 ,7-16 for cable transfers, On Friday
sterling was lower, the range being 4.843
%(4)4.85 for
bankers' sight and 4.853@4.85 5-16 for cable transfers. Closing quotations on Friday were 4.84 15-16
for demand and 4.85 5-16 for cable transfers. Commercial sight bills finished at 4.843
%; sixty-day bills
at 4.80 5-16; ninety-day bills at 4.783;documents for
payment (60 days) at 4.80 5-16; seven-day grain bills
at 4.83 31-32. Cotton and grain for payment closed
at 4.84%.
The Continental exchanges have been extremely
dull. German marks were under pressure the greater
part of the week despite the heavy transfers of gold
to this side through earmarking operations noted
above,for account of the Reichsbank. This week the
Reichsbank reports a reduction in gold reserves of
149,659,000 marks. There seems to be a general
expectation in Berlin banking quarters that the
Reichsbank will be obliged to increase its rediscount
rate in order to offset the effects of the gold drain.
During the past week nearly all the German Inancial
centres were heavy buyers of dollar exchange and
there was nowhere any corresponding demand for
marks. The cash transfers on reparations account
are also heavy. They were 80,000,000 marks during
March, as against a monthly average of 60,000,000
marks in the preceding half-year. Despite the pressure, however, Berlin bankers for the most part consider the present status of the Reichsbank as entirely
satisfactory, and some admit that it could lose with
no great inconvenience 200,000,000 or 300,000,000
marks more from its reserves. The Bank's reserve
ratio is about 59%, and 10% above a year ago. Berlin bankers as a rule claim that the future of the German money market depends almost entirely on the
course of the New York market and that since it continues difficult to arrange long-term loans here or
even short-term credits, while Berlin idle funds are
strongly attracted to this side pressure is likely to be
felt in mark exchange. Owing to London and Paris
press dispatches on Friday indicating the probable
flat failure of the reparations conference, mark exchange suffered sharp pressure. There was considerable selling, but it became apparent in the later
trading that the Reichsbank was lending support.
In Berlin there was a strong demand for dollars and
the mark suffered the severest slump since it was
stabilized in November 1923.
French francs have been under pressure throughout
the week and for very much the same causes as affect
sterling and mark exchange. There has been talk
recently that the Bank of France would increase its
official rate of rediscount, but recent Paris dispatches
state that all fears of a higher rate have disappeared
and that such a step would not be taken unless the
Bank of England were to increase its rate, and there
is little evidence that such a change is likely to take
place. It is pointed out that the decrease in Bank
of France reserves of foreign exchange during recent
months was not caused by real and definitive export
of capital. The explanation given is that the decrease
in exchange bills came principally through the central
bank selling to French private banks and that they
2528
FINANCIAL CTIRONTCLE
[VoL. 128.
took advantage temporarily of the situation by in- 19.253. for cable transfers, in comparison with
vesting funds abroad at much higher rates than pre- 19.24 and 19.25 a week earlier. Copenhagen checks
vailed. in Paris. Hence, although exchange bills finished at 26.641
/
2 and cable transfers at 26.66,
passed from the hands of the Bank of France to those against 26.65 and 26.663/2. Checks on Sweden closed
of private institutions, the credits still remained at 26.69 and cable transfers at 26.703', against
available for possible requirements for the French 26.683/
2 and 26.70, while checks oh Norway finished
market. Italian lire have shown a tendency to sag at 26.653/
2 and cable transfers at 26.67, against
throughout the week and official support of the 26.66 and 26.673/
2. Spanish pesetas closed at 14.74
Italian Exchange Institute was frequently required to for checks and 14.75 for cable transfers, which comoffset the pressure. On Friday the Bank of Poland pares with 14.91 and 14.92 a week earlier.
advanced its rate of rediscount to 9% from 8%.
The latter rate had been in effect since May 13 1927.
The South American exchanges are little changed
At the end of 1928 gold holdings of the Bank of Poland from the past several weeks. Argentine paper pesos
amounted to 621,100,000 zlotys, an increase of on the whole averaged a trifle lower, despite the
103,800,000 zlotys during the year. Of the increase, shipments of gold recently. The gold has been flow2,000,000 zlotys represented purchases in Poland, ing to New York from Buenos Aires in response to
while the remainder, or 101,800,000, was secured the low rates: The steamship Southern Cross, due
abroad. Gold in vaults totaled 425,700,000 zlotys, in New York on April 23,is understood to be carrying
which has since been increased to 426,600,000, and $2,500,000 in gold from Buenos Aires. Upon its next
gold held abroad amounted to 195,400,000, which trip the steamship Van Dyke will carry $1,000,000
remains unchanged according to last statement of in gold from the Seaboard National Bank. During
the Bank to hand. Of gold held abroad, 83,800,000 the past month a total of $12,175,000 has been
zlotys is held under earmark at the Federal Reserve shipped from Buenos Aires to New York. This inBank of New York, 76,500,000 at Bank of England cludes that now on the water. Argentine paper pesos
closed on Friday at 42.08 for checks, as compares
and 35,100,000 at Bank of France.
The London check rate on Paris closed at 124.24 with 42.08 on Friday of last week, and at 42.13 for
on Friday of this week, against 124.26 on Friday of cable transfers, against 42.13. Brazilian milreis
last week. In New York sight bills on the French finished at 11.92 for checks and 11.95 for cable transcentre finished at 3.903/2 on Friday, against 3.903/2 fers, against 11.91 and 11.94. Chilean exchange
on Friday a week ago; cable transfers at 3.903
4, closed at 12.10 for checks and 12.15 for cables, against
against 3.903
4,and commercial sight bills at 3.901
/
s, 12.10 and 12.15, and Peru at 4.00 for checks and 4.01
against 3.9038. Antwerp belgas finished at 13.883. for cable transfers, against 4.00 and 4.01.
for checks and 13.89 for cable transfers, as against
The Far Eastern exchanges are little changed from
13.893 and 13.90 on Friday of last week. Final
quotations for Berlin marks were 23.69 for checks last week. The silver currencies have fluctuated
and 23.70 for cable transfers, in comparison with from day to day with the changing quotations for
2 a week earlier. Italian lire silver. Japanese yen have been quoted on average
23.703/2 and 23.713/
% for bankers' sight bills and 5.23% lower throughout the week. In the early part of the
closed at 5.235
for cable transfers, as against 5.233
4 and 5.24 on week dispatches from Tokio stated that Japanese newsFriday of last week. Austrian schillings closed at 143/ papers are again forecasting removal of the embargo
on Friday of this week, against 143/i on Friday of on gold exports. Following a recent address by Filast week. Exchange on Czechoslovakia finished at nance Minister Mitsuchi, dispatches declared his as2.96, against 2.96; on Bucharest at 0.593/2, against FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1933
APRIL 13 1929 TO APRIL 19 1929. INCLUSIVE.
0.5932; on Poland at 11.23, against 11.23, and on
Finland at 2.52, against 2.52. Greek exchange
Noon Baying Rate for Cable Transfers to Netr Vert.
Monetary
Value its Usfied Stew Money.
c.osed at 1.293 for checks and 1.293/2 for cable trans- Country and
U's".
April
13.April
15.April 16.49111 17.Aril 18.'Aprti 19.
fers, against 1.293( and 1.293/2.
In the exchanges on the countries neutral during
the war the feature of interest this week is the greater
strength displayed by Holland guilders. Guilders
were strong in nearly every session of the market.
The firmness in the guilder is due to several causes,
but aside from the recent increase in the rediscount
rate of the Bank of the Netherlands, the most important factor seems to be the heavy demand for
transfers to Holland in payment for tobacco bills, as
this is the height of the season for the payment of this
and other commodities from the Dutch tropical settlements. The Scandinavian exchanges have been on the
whole relatively steady, although extremely dull.
There has been heavy selling of pesetas, but more especially in European centres. So far as the market could
discover, there has been no support coming to the peseta from the Madrid Foreign Exchange Committee.
Bankers' sight on Amsterdam finished on Friday at
40.153/2. against 40.11k on Friday of last week;
cable transfers at 40.173/
2, against 40.13, and commercial sight bills at 40.12, against 40.08. Swiss
francs closed at 19.24 for bankers' sight bills and at
EUROPE-Austria. schIllIng
.140471
Belgium. belga
.1388543
I 007202
Bulgaria, ler
Czechoslovakia. kron .029595
I .266540
Denmark, krone
England, pound sterling
4.854505
Finland. markka
.025155
Franee.franc
039006
Dermany.relebsznark- .237075
Dreeoe. drachma
.012921
Holland, guilder
.401525
aungarY. pengo
.174206
Italy, lira
.052407
Norway. krone
.265657
Poland. zloty
111975
Portugal. escudo
.044540
Rumania.leu
.005958
kmm.ftems
.149058
9weden,krona
.266961
Switzerland. trans..-- .192479
Yugoslavia. dinar-----017505
ASIADhinaCheloo tael
.835415
Hankow tael
.627500
Shanghai tsel
.613303
Tientsin tael
647083
Hong Kong doLlar_. .487375
Mexican dollar
.443500
Tientsin or Pelyang
dollar
445418
Yuan dollar
442083
10dia. rupee
383289
'span, yen
.446077
Slngapore(8.8.)dollar_ .559583
NORTH AMER.Janada, dollar
.991748
'Juba, peso
.999781
Mexico, peso
.482600
Newfoundland. dollar .989862
SOUTH A MER.krilentins, peso(gold) .955895
Brasil, mtlrels
.118725
Obile, poso
.120619
efruittlaY. Peso
.999218
343lombla. peso
963903
$
.140469
.138859
.007222
.029596
.266570
$
.140476
.138851
.007218
.029594
.266561
$
.140483
.138851
.007220
.029595
.266564
s
.140475
.138844
.007225
.029598
.266528
$
.140409
.138845
.007238
.029599
.266527
4.854440
.025168
.039065
.237082
.012931
.401528
.174226
.052395
.266871
.111966
.044540
.005957
.148308
.267046
.192482
.017589
4.853815
.025158
.039058
.237092
.012928
.401476
.174217
.052359
.268884
.111880
.044540
.005958
.148573
.267117
.192467
.017570
4.853854
.025167
.039055
.237086
.012925
.401572
.174226
.-52353
.268665
.111892
.044540
.005956
.147993
.287188
.192482
.017570
4.853573
.025165
.039055
.237080
.012027
.401697
.174262
.052307
.260663
.111925
.044640
.005958
.147602
.267114
.192480
.017567
4.852773
.025167
.039058
.237000
.012928
.401744
.174226
.052363
.266647
.111925
.044780
.005951
.147045
.267090
.192470
.017567
.634791
.827656
.612946
.646041
.487196
.441750
.635208
.628906
.613125
.645208
.487376
.441750
.635418
.628125
.813321
.846886
.487714
.442500
.834791
.628906
.613660
.645625
.487285
.441750
.634583
.628750
.612857
.645416
.487285
.442000
.445000
.441666
.363303
.445336
.559583
.445000
.441666
.363203
.444265
.559583
.442916
.439583
.863133
.442668
.559583
.443750
.440416
.363138
.443340
.559683
.443333
.440000
.362857
.444050
.559583
.991903
.999607
.482600
.989297
.991731
.999482
.482225
.988987
.991649
.999462
.481975
.989112
.991902
.999422
.482350
.989275
.991690
.999493
.482150
.989081
.955614
.118708
.120619
.998063
.963900
.955866
.118590
.120633
.996464
.963900
.955517
.118590
.120624
.995714
063900
.955473
.118673
.120588
.991756
.963900
.955836
.118791
120595
.989926
.063900
4111W
Al'RIL
20 1929.]
FINANCIAL CHRONICLE
sertion that the nation is suffering from a depressed
and variable exchange is an indication that he intends
to remove the ban on gold exports in the near future.
Possibly with the opening of the export season this
summer. It is pointed out in some quarters that the
logical time to remove the embargo would be in May,
before the new silk reaches the market, as delayed
action would involve immediate losses from failures.
The foreign exchange market gave no heed to the
Japanese newspaper dispatches. This is interpreted
to mean that the press reports are regarded as attempts to bolster up yen exchange. Closing quotations for yen checks Friday were 443/
2@44%,-against
44@44/
5 on Friday of last week. Hong Kong
closed at 489@49 1-16, against 48%@49 1-16;
Shanghai at 61%@61%, against 615
/s@61 13-16;
Manila at 50, against 50; Singapore at 563/s@5631.,
against 56%@,5634; Bombay at 369/
8, against 36%,
and Calcutta at 36%, against 36%.
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday. Monday. Tuesday. Wednesday Thursd'y. Friday.
April 13. April 15. April 16. April 17. April 18. April 19
144.000.000
Aoreoate
for Week.
$
$
124.000,000 148,000,000 152.000,00C 129.000,000 126.000.000 Cr. 823.000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
April 18 1929.
Aprfi 19 1928.
Banks of
Gold.
England... 156,271.783
France a _ _ 192,033,733
Germany b 121.443.620
Spain ___- 102.387.000
Italy
54,711.000
Netherrds 35,206,000
Nat. Belg_ 25,936,000
Switzerl'd. 19,288,000
Sweden-- 13,060,000
Denmark. 9.593,000
Norway — 8.157,000
Silver.
I
Total.
Gold.
I
Silver.
Total.
g
I
g
156,271,783158,619,370
158,619.370
(d)
192,033,733 147,141,638' 13,717,872160,859,610
c949,600 122,438.220 99,634,900
994,600100,629,500
28,576.000 130.963,000 104,318,000, 27.935,000132,253,000
54,711.000
,
1,730,000 36,936.000 36,265,00g 2,175.000 38,440,000
1,268,000 27,204,000 21,461,0001 1.244.000 22.705,000
1,675.000 20,963,000 17,277,000 2,402,000 19,679.000
13,060,000 12,930,0001
12,930.000
470.000 10,063,000 10.109.000'
641,000 10.750.000
8.157.000 8.180,000'
10.180.000
Total week 738.087,136 34.713,600 772.800,736665,727,7081 49,109,472714,837,380
Prey. week 744,705.130 34.891,600 779,696.730658.944,357 49.357,472 708,301,829
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 (tants ve of gold held
abroad, the amount of which the present year s £2,481,300, c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
Farm Relief and Tariff Revision.
Mr. Hoover's message to Congress on Tuesday
dealt, as was expected, almost entirely with farm
relief and tariff revision. On both of these subjects
Mr. Hoover reiterated, with more or less of amplification, the views which he had already expressed
during the campaign. Since the difficulties of the
agricultural industry, he again declared, "arise out
of a multitude of causes," there is "no single plan
or principle that can be generally applied. Some of
2529
the forces working to the detriment of agriculture
can be greatly mitigated by improving our waterway
transportation; some of them by readjustment of
the tariff; some by better understanding and adjustment of production needs, and some by improvement
in the methods of marketing." From an "effective
tariff" that shall "compensate the farmers' higher
costs and higher standards of living," Mr. Hoover
evidently expects a good deal of benefit, while what
he says in explanation of his farm relief program
runs practically on all fours with the provisions of
the Federal Farm Board bill that had already been
introduced in the House of Representatives. He is
clear that the difficulties of agriculture "cannot be
cured in a day," that "they cannot all be cured by
legislation," and that "they cannot be cured by the
Federal Government alone," but he insists that "certain vital principles must be adhered to in order
that we may not undermine the freedom of the farmers and of our people as a whole by bureaucratic
and governmental domination and interference,"
and that "we must not undermine initiative."
The Federal Farm Board bill which was offered
in the House on Monday, and which is understood
to embody Mr. Hoover's views, differs considerably
from the McNary-Haugen bill of the preceding Congress which Mr. Coolidge vetoed. Certain rather
flamboyant declarations of the preamble, setting
forth that it is the policy of Congress "to promote
the effective merchandizing of agricultural commodities in interstate and foreign commerce, so that
the industry of agriculture will be placed on a basis
of economic equality with other industries," to "protect, control and stabilize the current of interstate
and foreign commerce in the marketing of agricultural commodities and their food products by minimizing speculation, preventing inefficient and
wasteful methods of distribution, and limiting undue and excessive price fluctuations," and directing
that the Board "shall execute the powers" vested
in it by the bill "only in such manner as will, in the
judgment of the Board, aid to the fullest practicable
extent in carrying out the policy above declared,"
might seem,if taken literally, to endow the proposed
Board with authority of an unprecedented and questionable character. Something, however, must always be conceded to the demands of political rhetoric, and the preamble probably means nothing more
than that the Board, in construing the act, is to give
itself the benefit of the doubt.
The bill provides for the creation of a Federal
Board of five members, together with the Secretary
of Agriculture ex officio, with which are to be associated advisory commodity committees of seven members each, chosen by "the cooperative associations
handling any agricultural commodity." A wide
range of powers and duties relating to the organization and improvement of cooperative marketing is
intrusted to the Board, together with the investigation of such matters as "land utilization for agricultural purposes, reduction of the acreage of unprofitable marginal lands in cultivation, the economic need for reclamation and irrigation projects,
methods of expanding markets at home and abroad
for agricultural commodities and food products
thereof, methods of developing by-products of and
new uses for agricultural commodities, and transportation conditions and their effect upon the marketing of agricultural commodities." The President
2530
FINANCIAL CHRONICLE
is authorized to transfer to or from the jurisdiction'
of the Board "the whole or any part of any office,
bureau, service, division, commission or board in the
executive branch of the Government, engaged in
scientific or extension work, or the furnishing of
services, with respect to the marketing of agricultural commodities."
From a revolving fund of $500,000,000 which the
bill calls for, the Board is authorized to make loans,
upon the application of any cooperative association,
to assist in "the effective merchandizing" of agricultural commodities and food products, constructing
or acquiring storage or other physical marketing
facilities, formation of clearing-house associations,
and increasing the membership of cooperative associations by educating producers in the advantages
of cooperative marketing. The clearing-house associations referred to, intended to aid in the economical marketing of farm products, are to be composed of producers, handlers or processors of particular commodities. Upon the application of any
cooperative association and the advisory committee
for the commodity in question, the Board is further
impowered to make contracts of insurance against
loss through decline of prices, provided such coverage is not obtainable through private agencies at
reasonable rates, and that the commodity has been
regularly traded in upon an exchange for a period
long enough to establish "a recognized basic price"
and afford a basis for the calculation of the risk and
the premium rate. No loan is to made if, in the
judgment of the Board, it will increase the production of a commodity of which there is normally a
surplus.
The Board may also, upon the application of the
Advisory Committee for any agricultural commodity,
recognize as a stabilization corporation under certain conditions, any corporation organized under
State or Territorial laws which is wholly controlled
by cooperative associations handling the commodity
in question. The stabilization corporation may act
as a marketing agency for its stockholders or members, while the Federal Farm Board may make advances from the revolving fund as working capital
to enable the corporation to 'purchase, store merchandise, or otherwise dispose of the commodity."
While the corporation "shall exert every reasonable
effort to avoid losses and to secure profits . . . it
shall not withhold any commodity from the domestic
market if the prices thereof become unduly enhanced,
resulting in distress to domestic consumers."
The distinguishing features of the House bill are,
of course, the absence of the equalization fee which
formed so important an element in the McNaryHaugen bill, the abandonment of price-fixing at
Government expense, and the establishment of relations exclusively between the Federal Board and
cooperative agricultural associations, without any
direct dealings between the Board and individual
farmers. Without passing judgment at this time
upon either the general or the detailed provisions
of the bill, it may be said that the House bill appears
to be in accord with Mr. Hoover's declaration, in his
message on Tuesday, that there should be "no fee or
tax imposed upon the farmer," that "no governmental agency should engage in the buying and selling
and price-fixing of products," that "Government
funds should not be loaned or facilities duplicated
where other services of credit and facilities are avail-
[VOL. 128.
able at reasonable rates," and that "no activities
should be set in motion that will result in increasing
the surplus production, as such will defeat any plans
of relief."
On the other hand, the omission from the House
bill of the equalization fee and price-fixing does not
mean that those issues, or issues similar to those,
have been banished from the Congressional debate.
A Senate Farm Relief bill, introduced on Thursday
by Senator McNary, Chairman of the Committee on
Agriculture, while similar in the main to the House
or Administration bill, requires the Secretary of
the Treasury, at the direction of the Federal Farm
Board, to issue to "any farmer, cooperative association, stabilization corporation or other person" exporting agricultural commodities or food products
debenture certificates to the amount of one-half the
duty levied upon similar imported articles or goods.
An exporter of wheat, for example, would receive a
debenture certificate at the rate of 21 cents a
bushel, or one-half the present customs duty of
2 cents. An exception is made of cotton which
pays no duty, the rate on cotton being fixed at 2
cents a pound. The certificates would be receivable, at any time within one year from the date of
issuance, in payment of duties on any articles imported by the holder, the title to the debenture being
made transferable by delivery. The Senate bill, in
other words, proposes to grant a bounty from the
Federal Treasury upon the export of agricultural
and food products, and to make the payment of the
bounty mandatory upon the Treasury at the direction of the Federal Farm Board. The difference in
principle in the methods of agricultural aid contemplated by the two bills is obviously very wide,
and Mr. Hoover may find his diplomacy taxed to
secure the withdrawal of a bounty scheme to which
an aggressive group in the Senate is committed.
Mr. Hoover's recommendations regarding tariff
revision extend to both the rates of duty and the
administrative machinery of the tariff law. He
commends the Tariff Act of 1922 as having, on the
whole, worked well, but he raises the question
whether economic changes since 1922 may not require a revision of the rates. "It would seem to
me," he says, "that the test of necessity for revision
is in the main whether there has been a substantial
slackening of activity in industry during the past
few years, and a consequent decrease of employment
due to insurmountable competition in the products
of that industry . . . No discrimination against
any foreign industry js involved in equalizing the difference in cost of production at home and abroad,
and thus taking from foreign producers the advantages they derive from paying lower wages to labor."
"In determining changes in our tariff," however,
he adds, "we must not fail to take into account the
broad interests of the country as a whole, and such
interests include our trade relations with other
countries. It is obviously unwise protection which
sacrifices a greater amount of employment in exports to gain a less amount of employment from
imports."
The administrative changes recommended concern
chiefly the procedure of the Tariff Commission,
which he finds cumbersome and fruitful of delay,
and the basis of valuations for the assessment of
duties. If "a formula can be found that will insure
rapid and accurate determination of needed changes
APRIL 20 1929.]
FINANCIAL CHRONICLE
in rates . . . many secondary changes in the tariff
can. well be left to action by the Commission which
at the same time will give complete security to industry for the future." In regard to valuations,
Mr. Hoover notes particularly "cases of undervaluations that are difficult to discover without access
to the books of foreign manufacturers," a matter
which has become "a great source of friction
abroad," and an increasing volume of shipments on
consignment, "particularly by foreign shippers to
concerns that they control in the United States."
The Treasury should, he thinks, be furnished "a
sounder basis for valuation in these and other cases."
It is possible that Mr. Hoover's hope that the first
session of the new Congress will confine itself mainly
to the questions of the tariff and farm relief may
be realized. The wide scope of the farm relief proposals, however, with the sharp difference of opinion
between the Senate and the House, and the varied
demands lodged with the House Committee of Ways
and Means during the tariff hearings, suggest that
neither of these matters may be disposed of quickly.
Mr. Hoover himself has asked for a suspension of the
national origins clause of the Immigration Act of
1924, a highly contentious subject, and some serious
attempt will probably be made to investigate the
Federal Reserve Board. The session promises to be
interesting, and it may be prolonged.
Chain Banking.
When,a few years ago, a chain of banks in Georgia
and Florida was compelled to close their doors, it
was discovered that the small member banks in the
chain had placed their reserves in a head institution
which had in turn loaned and deposited the funds
in lump sums and could not get them back in time
to meet the withdrawals demanded by the several
small banks, more properly called "country banks."
Now this is the very antithesis of the relation of the
country bank to the city bank under the old system
of "correspondents." Sixty or eighty banks, independent of each other, in the same territory, will
not ordinarily select the same bank as a depositary
in the city. They are under no compulsion to do so.
As a matter of fact, three banks in a country town
will endeavor to have different correspondents in
the nearby city. There is perhaps.no compelling
reason for this, but it is a custom that has grown
up in a natural way in the same manner that the
individual depositor who expects accommodation
confines his business to one town bank.
There is no doubt that this custom adds in a general way to the stability of the city depositary and
to the country bank, a depression in one locality
does not seriously affect the depositary—and the
country bank in its rediscouvts can always find the
accommodation it needs, in time of need. Thus a
wide territory of country bank deposits strengthens
the city bank, and on the principle that all deposits
will not be called for at the same time, renders it
immune to sudden calls. On the contrary, a chain
of any kind is no stronger than its weakest link. If,
because of territorial depression, one country bank
in a chain is compelled to ask for assistance, the
others in the chain will feel urged to do so, and
may, in fact, be compelled to do so. And if the central link in the chain is weakened the whole is weakened. It may be argued that country banks would
have the same inducement to make sudden with-
2531
drawals from a city correspondent in time of trouble.
The difference is that they would not be bound to a
single bank.
Chain banks and chain stores are not on the same
level. The chain store has but one relation to its
customer. It sells to him for cash goods usually
bought for cash in many fields of production, and
there the transaction ends. The chain bank gathers
the deposits of its patrons, possibly paying interest
on them,and this is but the beginning of the relationship. The chain bank out of its deposits stands
ready, according to banking principles, to make
loans to its customers. It keeps a certain ratio of
deposits on hand to meet withdrawals. It keeps its
loans liquid in order to do this. If it sends money
away,"cash in bank," it does so for the sole purpose
of earning interest on daily balances and to have
these balances ready on a day's notice. But if it,
being in a chain, fe6ls under obligation to place its
reserves in a head bank because of the chain relationship, it is not a free agent, it is bound by selfish
interests, it distributes its surplus deposits in order
to make money for the chain, and it violates an
established principle looking to liquid assets.
It does not yet appear what specific benefit of
importance arises from the formation of a chain of
country banks linked to a dominating city institution. The greater facility for the clearing of country bank checks is a favorable detail, but that is
taken care of in some instances by the establishment
of country bank clearing-house associations, leaving
the banks free and independent. Chain stores justify their existence by the saving that occurs through
buying in large quantities and more timely and
equable distribution of goods. There seems to be a
slight analogy between this and the pooling of bank
resources and the distribution of credit. But credit
while a commodity is not so in the same sense that
flour, fruits and potatoes are. The country bank,
fundamentally, still acts, though in the chain, as
an integer. It can ask for credit at headquarters
only in proportion to its contribution in deposits.
The chain is not long enough to overcome seasonal
demands for credit through rediscounts. If it loans
to its customers a disproportionate amount of the
pooled credit it is a leech upon the pool. If the
pooled credit is distributed at headquarters equally
and ratably it has gained no more than it would
through independent correspondent banking. And
if the head bank gains it is at the expense of the
freedom of the member.
How are these chains formed? The impulse seems
to come from the city bank. It buys a majority
interest in the stock of the country bank and thereby
makes an appendage of it. And the same is true
practically by the purchase of a minority stock. If
it promises, as we have suggested, a larger credit
to the country bank it is held by the rules of banking
established through experience. And the country
bank can have no more credit thereby to sell than
it is entitled to, no more than a correspondent city
bank would presumably grant it. There is an increase in volume of business for the head of the
chain, but the country bank is held to its own
patronage. The link in the chain cannot borrow
from the other links, for they have no excess over
their own demands to loan in this fashion, and the
strength of their reserve surpluses centers in the
city bank, whence it goes out, probably first to the
2532
FINANCIAL CHRONICLE
links, but only on approved banking rules. There
is a larger chain-bank in capital and deposits, but
there is not a unified action through voting power
at the head, rather a weakening of the link in the
chain through a surrender of inherent power to pick
and choose a place for its reserve deposits.
It is readily seen that chain banking is not the
same as branch banking. In the latter the stocks
of the bought banks are actually merged into the
stock of the parent bank. In the former case they
are held intact though owned by the parent institution, and may be bought or sold presumably in the
open market. Why then a chain system rather than
a branch bank system? Absorption of independent
small banks into one large bank situated in a center
of population we cannot believe a benefit to the local
communities, for reasons we have previously set out
at length. Why then a 'chain of small banks linked
to a large city bank that can dominate the voting of
stock but is empowered to give nothing in return
save at its own discretion? If in unity there is
strength there must be actual consolidation and not
a heterogeneous loosely-strung mass of banks tied
together by a doubtful benefit and held together by
the will of the strongest link in the chain. At the
most a chain is only an extension rather than a consolidation. Promises of benefit to the links cannot
obviate the observance of credit and banking rules.
We are compelled to think that the origin of most
of the changes now going on in our banking system
arises in a passion for expansion. The actual consolidation of our great central city banks is demanded by the,growth of our corporate endeavors.
Our corporations are increasing in size and numbers
and our foreign trade growing by leaps and bounds.
Banks must become big enough to supply their needs.
But no shadow of this applies to chain systems of
small banks, though it is argued in favor of branch
banks that local enterprises can more readily be
supplied with adequate credits by branches of large
city integers—an argument without much weight
since the big city bank without branches can supply
the same needs. If the bank in the chain is to lose
its freedom and independence must we not surrender
a natural growth of a hundred years, and disrupt
our system, and for what? These experimental
changes have certainly not had time to prove their
desirability. We are rushing forward in mere size,
but does that necessarily insure safety? Whatever
benefits there may be in chains, have they proved
themselves worth of emulation?
Strikes in Southern Textile Mills—Unwise
Interference by American Federation of
Labor.
incident of the kiduntoward
the
Aggravated by
napping of two union labor organizers at Elizabethton, Tenn., strikes in Southern Textile mills have
attracted national attention. It may be urged that
these two organizers were merely "driven out of
town" and aided in making their exit. If they were
proceeding peacefully to organize the workers in
these new mills they were within their legal rights.
If they were inciting workers to strike they were
engaged in what we have always believed to be a
"conspiracy" or in suborning one—a strike being a
conspiracy—whatever the law may finally determine
to be the gravamen in all such cases. President
Green visits this region and in his address after
[VoL. 128.
denouncing the kidnappers, says:"The full strength
of the 5,000,000 organized workers is back of you.
The full strength of the American Federation of
Labor will be mustered in every proper effort to
organize the wage workers of the South so that
their wages, hours and working conditions will be
brought up to those of the North, ... Your real
estate men have promised industrialists free land;
they have promised free power; they have promised
no taxes. They have made the mistake of telling
employers that there was cheap labor, simple-minded
mountain labor. It was a phantom promise. Your
action and your presence here are an answer to that
promise."
Those who have read the Tennessee mountain
stories of Charles Egbert Craddock (Mary N. Murfree) of many years ago when the "moonshiner"
flourished and the "revenuer" was held in deadly
aversion, will retain a vivid picture of the background
of man and nature in which this new labor trouble
is set. More recent studies show an advance in education, but little change in the original estimates
of right and wrong that still largely prevail. The
region is yet filled with primitive types to whom to
think and to believe is to act. Into these mountains
now comes capital with promises of employment unheard of before and even unimagined. Left to its
own development it will repeat its history, and
wages, hours and better living conditions will follow
in due time. But these mountaineers are, must be,
unskilled workers. They must forsake their cabinin-the-clearing homes and come to the mill-towns
where they will form new contacts and gain• new
ideas. They cannot be made over in a year, and
placed on a level with the workers of the North.
Nor can they be taught the fundamentals of the true
relations between labor and capital by unions employing the old bludgeon of "the strike." They must
forsake the fierce family feuds that, though now
diminishing, once separated them into warring clans,
pursuing their vendettas from generation to generation, and coming in close contact with remunerative labor and the benefits of big industries they
will become tractable and amenable to the restraints
of law and order.
The transmigration of the textile industry from
North to South is in response to a natural economic
appeal. The factory enters the field. The raw material no longer undertakes a long unnecessary journey. The South has abundant waterpower and coal.
But this change of site has brought on depression,
increased by the introduction and use of other fabrics and a change in fashions. Before these new
cotton mills have been able to prove themselves they
are beset by labor troubles. Unionization seeing a
fertile field for recruits enters, and, as it appears at
least, bring with thenr their ready weapon—"the
strike." They begin a crusade. A body of common
labor (not yet instructed in mill work) is taught
that it is underpaid, although it earns more than it
can earn in any other way in this region. Dissatisfaction, unrest and strife follow. Is this wise on
the part of union labor? On the contrary, it is
playing with fire. It does not understand this life
in the Tennessee mountains. These men of the hills
are indigenous and independent. Schools have begun to teach them a rudimentary knowledge of the
sciences and the literature and history of the country. They are emerging from their introspective
APRIL 20 1929.]
FINANCIAL CHRONICLE
2533
isolation. They are becoming citizens of the United beginning and has succeeded only in changing the
States. But they retain certain prejudices and pride instrumentality he has devised for his contest, or
that are little changed. They may seem ripe mate- the superficial and never settled features of his
rial for labor agitation but they have little of the creations and attainments. He has still the same
antagonism of long oppression such as exists in the task, only that nature has, as it were, shown her
foreign elements at the North. They may yield to hand. His job is far bigger than had appeared and
new impressions in part, but they are almost sure the progress he rejoices in is difficult to accept when
the far greater forces and vaster field of their opeto end in local division and local controversy.
It were better, therefore, to let them alone for ration are everywhere evident. The universe has exa while, to let them come down to the mill towns panded beyond belief. The atom has become an
and gradually absorb a knowledge of capital as a infinitesimal complex, and at the other end of the
friend and helper—not be taught, by inference if scale the fixed stars appear to be so many solar sysnot in a stronger way, that capital is an enemy. As tems.
Professor Giddings points out that while in our
for the industry, it needs peace, quietude, and help.
It has enough to contend with aside from labor knowledge and the range of our functioning we have
troubles. Let organized labor take the broad view. passed far beyond the ancients, there was amongIt is more important that the industry recover than them a long line of individuals who had conceptions
that it relapse. It is more important that it succeed of the great physical truths which we men of to-day
and thus become able to pay steady wages than that rejoice over as our late discovery. The difference
the American Federation of Labor, for the time be- between us and those earlier men lies mainly in the
ing, gain new recruits. We are under the impres- fact that we are equipped to grasp m'ore clearly than
sion that it has not now 5,000,000 members, but if they did the truths they dimly perceived. Democit has the weight of this membership in good time rates, for example, maintained that the material
will draw others to it. A crusade out of time and world is built up of atoms; Lucretius anticipated the
evolutionary theory; Aristotle taught comparative
out of place can do no permanent good.
As for the new South, its change from a purely anatomy; and Galen established it on a scientific
agricultural section to an industrial one is nothing foundation. Darkness ensued for over a thousand
short of marvellous. Its political induration is al- years but records survived and old conceptions were
ready broken. It has assumed the problems of a renewed. The line of enlightenment began again to
rapid progress in business endeavor. It is growing be expanded from Roger Bacon and Copernicus to
friendly, and should, to the invasion of large in- Milliken and Einstein, and their fellows.
tegers of capital. It cannot, from an economic
Professor Giddings' contention is that our college
standpoint, tolerate movements, generated in theo- men of the "Old Breed," as he terms them, are now
retid organisms, that become sheer interferences with their special excellence giving place to a new
with its puissant progress. Its resources are abun- and younger breed with fresher knowledge and
dant, its energy is waking from its feudal apathy, it broader sympathies; and that for them there must
is situated in a semi-tropical zone inviting alike to be opportunity and support. Whatever have been
pleasant and profitable life and labor, and its great the mistakes of the past, as disclosed in the obvious
future is assured. It is entitled to freedom in its social, political and industrial evils of to-day, we
ambition and accomplishment. Let the A. F. of L. may look to see them modified or removed as our
wait a more opportune time, if such a time can educational systems are improved in method and
aim. The realistic sciences of life, biology, psycholreally ever come.
ogy and sociology should enlarge the understanding
Our High Speed Civilization.
of human life which a liberal education creates.
The opening of a new national Administration Knowledge in every direction has broadened; and a
and the simultaneous entrance upon the closing term wider conception of life opens the way for a parof the year' work of our entire system of education ticipation in it that shall be less restricted and less
give timeliness to the appearance of two new and poor than when prejudice and tradition made this
challenging books from Columbia University: "The impossible.
Mighty Medicine" by Professor Giddings, and "Our
Education should be an awakening and recondiChanging Civilization" by Professor Randall.*
tioning of dull outworn sensations. It is a lifting
They deal with the "New Age of Science" and the of a man's mind out of the limitations of both his
"Machine," both striving to look beyond the surface heredity and his habits so far as to give him a new
and to examine its gods and its conceptions of life. understanding and a new impulse. This at least is
Professor Giddings grapples at once with the gods, its ultimate and proper object. It fails in part in
which he shows are not only not new but have re- that the task in many cases is too great. A man may
mained substantially the same in function and cult be taught what to do, but be unprepared or inthrough the ages, and though to-day having new capable either to understand or to obey. The teachnames and different ceremonies are as devotedly wor- ing must be adapted to the individual; consequently
shipped as of old. Professor Randall, while ignoring this is the task of the few. It indicates the field of
the gods, devotes himself to man's work, dwells on its the true teacher, as of the statesman. His place is
advance through all its varying forms, and finds in distinct and permanent. The crowd may protest
the constant discovery of new forces modifying or and the popular cry, as to-day, may be for the voice
superseding the old ones, conclusive evidence of of the people; but the untaught and incompetent
the impossibility of forecasting the form or the char- cannot control. The "Dictatorship of the Proleacter of the civilization of the future of man's con- tariat" is a pretense. It has never existed and there
dition and estate. War with nature begali at the is no likelihood that it ever will. The new education
is raising the level of man,increasing his self-respect
*The Mighty Medicine," by Franklin H. Giddings.—Macmillan Co.
"Our Changing Civilization," by John H. Randall, Jr.—Frederick A. as it discloses the nature of the
life that is his own
Stokes Co.
2534
FINANCIAL CHRONICLE
[vol.. 128.
while it is also an integral part of the life of the cessive crises of the later centuries will continue its
community. The exceptional man finds, meanwhile, creative work. If we have for the time dimmed our
his own true goal as he learns what his life really is ideals we have not lost them. We may appear to
and what is its relation to others. He does not walk worship prosperity, success and riches, we may be
in the dark and is unafraid. He is not overcome by neglectful of worship and careless in life; but we
misfortune or failure, for he knows that when all have not lost our ideals of purity and truth, we
is said, in this marvelous universe he is himself. He still mean to do our duty, and it is still duty both
may share in a common inheritance, to which also to pod and to our fellow men. We are demeaned in
he contributes, but nevertheless he stands alone. our own eyes when we fail.
His thoughts and feelings, his desires and joys all
We can say, as others would have us, that we
are his, and he is not a thing either small or great. believe that what is deepest and best in the teaching
He must give account of himself.
and civilization of the past is not exhausted. They
Professor Randall holds that the old ways have speak for us when they say that the eternal verities
been severely tested and that harder days are still that sound in the great voices of the past are to be
to come. Where we see permanence and think we heeded. The irresponsible individualism and selfhave heard the last word, there will be new discov- sufficiency of the present day is passing. The groweries. Where we look for change there will be little. ing sense of mutual dependence gives promise of
If much that our fathers thought the highest wisdom a social intelligence that has not existed in the past,
goes by the board, much more remains to share with and is essential if we are to have the assured guidscientific knowledge the task of reconstruction. The ance of both the State and the industrial and busimaterials to be worked into a new form of civiliza- ness life of the people which we are trying none too
tion are more complex and richer than those of the hopefully to introduce.
past. New knowledge should establish a new faith
Whether this can be succesfully accomplished in a
in the vital forces of the new civilization, faith in democracy remains to be learned. The first requisite
the power given us to achieve a new life despite is more adequate means to create the sense of individcontending conditions. Doubters there have always ual responsibility that will come only through
been, and such there will always be; but they will special teaching both mental and moral. The charnot be the builders of the new.
acter and the extent of the need must be pressed on
Professor Randall points out that when the all; and for that the mistakes and failures of the
radicals of the early and the scientists of the later past are by no means the least helpful stimulants.
19th century were hostile to Christian theology they They should encourage rather than overburden or
did not attack Christian morals. When traditional distract the men in leading position to-day.
doctrine was attacked no one ventured to assail the
moral teaching of the Scriptures. Moral ideals are
Averting an Anthracite Strike.
deeply rooted; hardly a voice was raised to question
the Christian version. But the forces of the factory
A rule of reason appears to be taking root in the
and of city life have slowly accomplished what no anthracite region of Pennsylvania which has for a
skeptic demanded. Silently conduct has greatly great many years suffered from periodic strikes or
changed. The traditional home is dissolving not "suspensions" as a cessation of operations is somebecause of evolutionary science, but because of the times mildly called. This sane development is being
apartment house and the wage-earning woman.
furthered—and indeed had its origin—with the merWhen at last the change was noticed, especially chants of the hard coal section who have always
as affecting Christian institutions and practices, suffered severely whenever a protracted strike has
thoughtful men began to take cognizance of it and occurred. Retail merchants, especially those who
start movements to promote a better observance, handle the necessities of life, have felt compelled
but no marked change of practice appeared. As a to furnish supplies during the periods of unemployconsequence the question is now as to the value of ment to idle customers, with a view of holding trade
the old ways. Much is certainly at stake. Times and of being reimbursed for the extension of credit
have changed, and with this change the 19th century when debtors would resume work.
conflict of science and religion has given place to
Trade always languishes during a strike and paythe far more extensive struggle of our whole machine- ments for purchases are few and small. Moreover
made civilization with the basic moral institutions removals,leaving bills unpaid, coupled with inability
and ideals of the past. The wide spread prosperity, or an indisposition to pay for goods bought on credit,
the abundance of money and the great change in bring serious losses. Out of this situation has grown
its purchasing power with the new independence a strong movement to have all controversies between
and freedom of young life in unrestricted association mine workers and anthracite operators settled in
are severally no less than collectively reconstructive, advance of the expiration of the present working
if not revolutionary. Our fathers found themselves agreement which will terminate on August 31, so
challenged as to their belief in God and immortality; that a new contract may be executed promptly withwe have to question how long liberty and democracy out bringing idleness to workers, losses to merand the state, the home, and marriage, and the Ten chants, costly wastefulness to mine owners through
Commandments, not to say the Sabbath and the maintenance of idle collieries, together with dimChurch, can endure.
inished earnings which imperil dividends.
If, as these writers believe, the problem of moral
Detriment of a strike extends also to local bankers
reconstruction is to play the dominant role in the who have to carry the merchants and to wholesalers
shaping of the next few generations, there is every and jobbers who must extend credit for supplies to
ground for believing that the Christian religion that the storekeepers. Bankers of the anthracite region
has not only survived but, as we now see, has largely are giving full support to the movement started by
shaped the progress of civilization through the suc- the merchants.
APRIL 20 1929.]
FINANCIAL CHRONICLE
This safe and sane policy of bringing about an
early agreement has also enlisted the co-operation
of the stockholders of anthracite companies, many
of whom are residents of Philadelphia. The movement, too, has attracted the support of financiers
and bankers who are directly interested in the welfare of the large anthracite companies. The public,
as consumers of hard coal, is not a disinterested
party because, during strikes, it has been impossible
to obtain supplies of anthracite and consumers have
been forced to pay exorbitant prices for unsatisfactory substitutes, but co-operation of consumers
in an effort to avert trouble will be difficult to obtain, for the reason among others that they are too
widely scattered.
This effort to avert a strike of anthracite miners
is therefore so apparently in the interest of the mine
workers whe desire continuous employment, of the
merchants who must be paid for goods sold, of the
banks and distributors who grant credit to the mer-
2535
chants and to the advantage of the mine owners who
want a steady income upon their investments, that
one must Eeek elsewhere to find a vestige of a reason
why the proposed arrangement should not at once
find universal approval. In this search one gets
back into the dark ages where force is used to outweigh reason and truth and where the bludgeon employed is a strike. The theory of a coal strike appears to be that no matter what the hardships in the
way of idleness to workers, of loss of trade and profits by merchants, of additional expense and untold
annoyance to consumers, it may be used to bring the
mine operators to terms acceptable to labor leaders.
If all of the forces enumerated above as having a
common interest in averting a strike can be marshalled in opposition to the labor leaders as the
sole power desiring a strike, is it not possible that
the public and all others concerned in continuous
mine operations may this year be spared the calamity of a "suspension of mining."
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. three months of the year close to 130,000 tons or about
25,000 more than during the same time last year. The
Friday Night, April 19 1929.
With the weather bad in some parts of the country and total for last year was some 440,000 tons and it looks as
temperatures low with rains or snows, trade has naturally though this would be exceeded this year. Visible stocks
been unfavorably affected over large areas of the United are considered by no means burdensome viewed from the
States. In northern sections roads have been in bad condi- the angle of the big consumption. But rallies are only
tion. It has been quite rainy in parts of the South. All momentary. From present appearanees with the general
this has tended to check retail business, especially in the drift still downward. Raw silk has been active under the
rural districts. Naturally farm work has been retarded. encouragement of strong Japanese markets.
But taking the country over, in spite of all drawbacks, conRaw sugar after selling at 2 cents a cost and freight has
dition of trade is pronounced fair to good. The automobile la terly declined to 1 29-32c. with 1 7/sc. bid. It is reported
production in March turns out to have fallen off somewhat. that at least 85% of the contracts that were made in reBuilding operations have latterly been somewhat less active. fined sugar early in March have been liquidated and that
Building materials have been in less demand. The brick the rest will be taken up before the end of April. But the
trade is smaller. Also that in plumber goods. In general stock of raw sugar in New York licensed warehouses is no
the trade during the first quarter of the year proves to have less than 1,572,000 bags. Fifty mills have closed in Cuba.
been larger than in the same period last year, though here It is not believed that any decision as to the sugar tariff
and there the gain was not quite so pronounced as had been will be reached before mid-summer. Secretary of State
expected. In pig iron there has been a decline in prices at Stimson is opposed to any limitation on duty free sugars
the South while those at the North have been well main- imported from the Philippine Islands. Wool has been
tained. There is no sign of any activity, however, and quiet and about steady. Coffee has declined especially on
there is at least a suggestion that Southern iron may invade Santos and there was a rumor at one time that Brazil was
markets where it is not usually seen. The steel trade has trying to negotiate a new loan. This was accepted, rightly
lessened only slightly. There has been some advance in or wrongly, as a hint that the Defense Committee in Brazil
billets and bars, it is said, but the tendency is believed to be was not finding the way particularly easy in supporting
toward some decrease in trade and output. Copper has prices. Moreover daily receipts at Rio were increased from
dropped to 18 cents and lower prices have prevailed for 8,900 bags to 13,200 as the daily average. That was suplead, zinc and tin. Cement production and shiiiments in posed to mean that Brazil was becoming more anixous to
the first quarter were somewhat smaller than in the same sell. Yet no very pronounced decline has taken place.
period last year. Coke prices have declined somewhat. Santos futures dropping 15 to 20 points while Rio has deSoft coal production at the West and South has fallen off.
clined only 5 to 10.
Lower prices have prevailed for cotton goods. At one
Wheat declined Sc because of the disappointment in the
to Wtc., though West at finding President Hoover opposed to the levying
time prices for print cloths were down
within a day or two they have been rather steadier. Sheet- of a tax or fee on the farmer or the buying or selling of proings have not sold so well as some other goods. Only a ducts by the government and the prospect of a long debate
moderate business has been done in fine and fancy cotton on the whole subject. Besides the crop news has been
cloths. Silk fabrics have been in fair demand. Raw silk favorable. The export demand as a rule was not large and
has sold more freely to manufacturers of broad silks. Woolens Argentina's stocks are increasing. American and Canadian
are said to be selling somewhat more freely than a year ago. stocks are heavy. Fall sown crops in general are reported
Cotton has declined 3c. to 3e. owing to better weather in good condition. There will be a larger acreage of corn
and heavy liquidation of July which has been 67 points in the Southwest, especially in Kansas and Oklahoma, and
under May. It is suggested that the May notices of de- the area will be larger also in Texas where planting is about
livery next Thursday will be large and that ultimately the finished. The seeding of spring wheat has made progress
cotton stopped on the notices will be retendered on July in the Northwest, but as a rule the weather has been unwhen the time comes. Liverpool has been dull and Man- favorable for this work. The winter wheat crop has on the
chester's trade very poor, partly owing to the disturbed whole made good progress during the week. There has
political situation in India and China. In Worth Street it been abundant moisture. Corn declined but not so much as
is said that the sales of print cloths this week have reached wheat for the shipping demand has been good, the weather
300,000 pieces. Cotton mills in Saxony beginning next often bad for moving the crop, the receipts have therefore
Monday will curtail output 25% lest supplies accumulate. been small and the statistics are considered rather bullish
Rubber stocks are turning out to be larger than expected than otherwise. Oats and rye have followed other grain
and prices have dropped during the week some 23i cents. downward, especially rye which though not very plentiful
The gross shipments in March were nearly 50,000 tons. has been dull. The next rye crop is expected to be well
The consumption is at a new high record being for the first under the normal. Provisions have declined with grain.
2536
FINANCIAL CHRONICLE
Fox.128.
Stocks of lard are large, export trade small and the domestic industries in the United States. In hardware early extrade only fair.
pectations of a high level spring trade are being confirmed,
The Stock Market has been less active, though money has according to reports from important market centers, thelatterly been 734% on call, and the tone in stocks has been "Hardware Age" says: The unusually warm wave in some
more confident, though to-day fluctuations were irregular sections has reserved to start spring volume going. In
with trading a little over 3,000,000 shares, a drop from yes- many instances jobbers are receiving gemerous re-orders and
terday of approximately 700,000 shares. Brokers' loans the indications are that this season's
business will show a
decreased only $2,000,000, which was a disappointment. considerable increase. While snow has
appeared in some
But to-day money was still easy at 734% with only a light Eastern sections, it is regarded more of a
benefit than a
demand. An incident of no slight interest was a pronounced
hindrance and has served to stimulate buying of hardware.
break in German marks,the severest in fact since November,
Prices are firm and collections are better than they were•
1923, due to the reparations crisis. Marks dropped to 23.70
a week ago.
in the afternoon. Government and other bonds have been
As to the weather on the 14th, inst., here, it was 38 to 43
rather firmer. Trading over the counter has been active.
degrees, in striking contrast with 86 recently. A snowfall
There was a rumor that the Bethlehem Steel Corp. before
of 2 to 8 inches occurred on the 13th, inst., in Maine, New
long will move for a complete or partial retirement of its
Hampshire and Vermont. Vermont had the heaviest snowfunded debt of $84,295,000, through the issuance of new
fall of the winter, i.e., 14 inches. At Bartlett, N. H., 18
common stock, a report that finds credence in banking circles
inches fell. Parts of Maine had 8 inches. Along the north
here.
shore of Massachusetts small boats suffered from the tide.
At Newmarket, N. H. on April 15 only 30 workers reAt Revere the Roughans Point district was submerged by
sponded to the action of the management of the Newthe high tide, driven in by the northeaster. Firemen took
market, N. H. Manufacturing Co. in opening its mills.
several families from their homes. At Winthrop, Mass.,
Union, S. C. on April 15 wired that approximately 700 employes of, the Buffalo Mills, near there, out on strike for the heavy surf was thrown more than 50 feet across the
boulevard. On the 16th, inst., there was a gale of 75 miles
about 10 days in protest against the multiple loom or "stretch
an hour along the whole Northeastern Coast of the United
out" system, returned to work this afternoon following a
States, and here it rained all day. The gale uprooted or
general agreement with the mill management. While deinjured trees a century old in Central Park, New York, and
tails of the agreement were not made public, it was said the
pact provides for a reduction in the number of looms to be Prospect Park, Brooklyn, and damage was done to shipping
operated by each employe. At Woodruff, S. C. on April 18 in the bay. The temperatures here were 37 to 43 degrees.
the Woodruff Cotton Mills strike, involving approximately On the 16th, inst., Boston had 38 to 40 degrees, Chicago 40
1,000 employees and probably an additional 1,000 de- to 48, Cleveland 38 to 42, Denver 42 to 66, Detroit 36 to 50;
Kansas City 48 to 68, Milwaukee 36 to 52, St. Paul 42 to 60,
pendents instead of being terminated seemed more hopeless
New
York 37 to 44, Philadelphia 38 to 44, Omaha 46 to 68,
than ever. Greenville, S. C. wired that A. W. Smith,
Portland, Me., 34 to 40; San Francisco 52 to 66, Seattle 44
President of the Brandon Corporation within a few days
to 56, St. Louis 40 to 60. To-day the temperatures here
would take steps for an immediate settlement of the strikes
were 40 to 54 degrees, and the forecast was for fair weather
at Brandon, Brandon Duck Mill, Poinsett, and Woodruff
with frost to-night but fair and warmer to-morrow. YesterMills. Charlotte, N. C. reported that textile mills in the
day Chicago was 40 to 44, Cincinnati 34 to 56, Cleveland
Carolinas opened on Monday with the strike ranks depleted,
34 to 46, St. Paul 34 to 52.
at least temporarily by approximately 600 workers and
with official forecasts of early peace by labor leaders and W. W. Putnam of Union Trust
Co., Detroit, Says Rate •
plant operators. Charles G. Wood, Department of Labor
of Manufacturing Activity Justifies Optimistic
conciliator is said to have announced that satisfactory proForecast at Beginning of Year.
gress toward early settlement of the strike was being made
forward movement which has characterized busi"The
at all mills, except those where strikers are under the leadership of the National Textile Workers' Union and that those ness as a whole since the beginning of the year still conmills situation was said to be at a standstill. Strikes at tinues," says Wayne W. Putnam, Assistant Vice-President
Gastonia, Pineville and Lexington are said to be led by that of the Union Trust Company, Detroit, who adds that "in
general, it may be said that the rate of manufacturing activunion.
At Gastonia, N. C., on April 15, a strike of 20 workers, ity and the volume of trade have justified even the most
10% of the force at the Pinkney Mills was the latest develop- optimistic forecasts made at the opening of the first quar—
ment. The mill was kept in partial operation. A detach- ter." Under date of April 15 Mr. Putnam also says:
The probability is that the country N now witnessing the peak of activity
ment of troops on guard duty at Manville-Jence was moved
for the first half of 1929 and that some relaxation may be expected during
to the Pinkney plant, where the situation was described by the latter part of the present quarter—the change being from exceptional
military authorities as "uncertain and apparently serious." prosperity to normal prosperity.
By far the most important development in the world of business during
Gastonia on April 18 wired that the strike headquarters of
the past month was the readjustment of stock market values. This has
the National Textile Workers Union from which union been followed by a reduction in broker's loans. Although expressing
organizdrs have been directing the strike at the Loray mill satisfaction over the first results of its policy to restrict the use of credit
was demolished on that day by masked men. A relief in the security market, the Federal Reserve Board has made it plain that it
further reduction of speculative loans in order that the overbuilt
store, established by the union next to the headquarters expects
speculative structure may be corrected and business supplied with bank
building, also was destroyed. County and National Guard credit at reasonable rates. It is readily apparent that much good would'
officers who are guarding the mill property said they had no result from slow and orderly readjustment of the stock market.
Building construction since the turn of the year has been the principal
clues to the perpetrators. Elizabethton, Tenn., wired that sufferer
from the high interest rates that have prevailed since last Fall.
employees of the Glanzstoff Corp. (rayon) went on strike Construction contracts awarded in 37 states in the month of March,
April 15 for the second time within a month when about according to the t'. W. Dodge Corporation, amounted to $484,847,500,
which was 34% above the total for preceding month, but 18% below
2,000 operatives in the textile plant walked out. Employees the
total for March a year ago. Adverse conditions in the building
of the American Bemberg Corp., under the same manage- industry have a far-reaching effect since it is closely related to many
ment, also went on strike, but the effect of the call in that labor groups and manufacturing lines.
If the American Petroleum Institute is successful in carrying out its
plant will not be known until workers report on the morning recently
announced program for a reduction of 8% in the production of
shift.
oil below the output at this time last year, it will result in the removal
of
that
industry
from the unfavorable factors in the economic situation.
The Yorkshire Worsted Mills, it is stated, have enough
As to employment and business conditions in Michigan
orders on their books to keep its plant operating day and
night for some time to come. The cotton mills of Saxony Mr. Putnam says:
Production of manufactures in Michigan during the past month was at
beginning on April 22 will cut output 25% to avoid heavy
a rapid pace. Most factories have sufficient orders booked to keep them
accumulation of stocks.
well occupied for the next two or three months. Reports of overtime are
In March employment increased 0.8% over February. more numerous than at any time during the past year. Chemical, vacuum
cleaner,
pharmaceutical, electrical appliance, cereal, farm machinery
Employment in manufacturing industries increased 1.2%
electrical refrigeration establishments are exceptionally busy. Imin March 1929, as compared with February, and payroll Ind
provement is noted in the wood-working industry, 68 of the 60 reporting
totals increased 2.1%, according to returns made by 12,138 factories operating on close to full-time schedules. Paper plants are also
establishments in 54 of the foremost manufacturing indus- enjoying a good velume of production. Commercial fishing is beginning to •
up. Ice Conditions at the Sault are favorable to the resumption of
tries of the United States. These establishments in March open
navigation within the next few days.
had 3,459,042 employees whose combined earnings in one
The fastest pace in the Michigan industrial situation is being struck
week were $97,220,138. These employees represent 53% by the automotive industry. March output is estimated at 695,000 pascars and trucks, the best monthly showing that the industry has.
of all employees in the 54 industries surveyed and more than senger
ever made. February production, which broke all former monthly records,,
40% of the total number of employees in all manufacturing was exceeded by the number of vehicles manufactured last month by
APRIL 20 1929.]
FINANCIAL CHRONICLE
approximately 100,000 units, an extraordinary showing. Cars and trucks
produced in March, 1928, amounted to 430,783 units. Ford output last
month is estimated at 181,894 cars and trucks as against 151,000 in the
month of February. So far, April activity for the industry has been at
the same high rate which prevailed in March.
The industrial employment situation in Michigan is highly satisfactory.
There is a shortage of skilled workers in numerous cities. Many unskilled
workmen will be absorbed by the large amount of road and farm work
which is beginning to open up. Available figures on the Detroit employment situation indicates a daily payroll of approximately 450,000 industrial
workers, a new high record and an increase of about 75,000 compared
with this time last year.
Consumption of electricity by Michigan manufacturers in March amounted
to 224,383,330 kilowatt hours as compared with 177,287,828 kilowatt
hours in March last year. Twenty-three Michigan cities isued permits in
March for buildings having a total value of $17,127,814 as against a
total value of $8,633,240 in the preceding month. The total for the same
cities in March, 1928, was $26,359,640.
Debits to individual accounts in Bay City, Detroit, Flint, Kalamazoo.
Muskegon and St. Joseph in March aggregated $1,967,942,000 as compared
with $1,708,475,000 in February, and $1,653,925,000 in March a year ago.
Michigan's agricultural situation is promising. Winter wheat came
through in good condition and fruit trees are in excellent shape.
Wholesale trade is substantially in advance of last year. Collections,
both wholesale and retail, in Detroit are a little slower than they were in
February but show improvement out in the state. Retail distribution throughout Michigan during the past four weeks was much better than in the
preceding month.
2537
prices rose 1.3 points during the week, making a total rise of 5.1 points
in two weeks; higher prices for flour, pork loins, veal, butter and eggs account for the change. There was a sharp drop in the metal groups from
131 to 128.9, a total loss of 2.1 points, due to continued declines in copper
prices, accompanied by minor declines in lead, tin, Zinc and pig iron.
The change in the miscellaneous group can be traced to decline in rubber
prices. While no change occurred in the farm products group index, there
were declines in all grain prices and cotton, balanced by increases on animal
products. The fuel groups remain unchanged, the drop in bituminous
prices being balanced by the increase in gasoline prices. The decline in
textile products was slight; that in building materials may be tracd to the
lower price of cement. Chemicals remain unchanged.
ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
Annalist's Index Shows Business Activity in First Quarter Highest Since 1926-March Index Shows Decline
The Annalist Index of Business Activity for the first quarter, on the basis of preliminary March figures, reaches the
highest level since the closing quarter of 1926. In making
this known April 16, the "Annalist" says:
The preliminary index figure for the first quarter is 103.8, as against
101.1 for the preceding quarter, and as compared with 94.7 for the last
quarter of 1927, when business activity reached the bottom of the recession which was characteristic of that year.
For the month of March, however, TI:e Annalist Index of Business
Activity Is 102.5 (preliminary), as compared with a 104.9 (revised) for
February, when the index reached a new high point in the current business
cycle. This decline is remarkable in that it has occurred in the face of an
unusually high rate of oparations in the steel industry which has carried
the "Annallst" adjusted index of steel ingot production from 106.8 for
February to 111.2 for March, the latter figure being the highest since
last October.
The March decline is attributable almost entirely to one factor, overproduction in the coal industry in the first two months of the year, which
resulted in a drastic curtailment of output in March. This decline in coal
production affected not only the adjusted index of coal production, which
Yell from 105.3 for February to 82.2 for March, but was also mainly responsible for a sharp decrease in the adjusted index of freight car loadings.
which declined from 101.3 to 98.0.
Another factor in the decline shown by the combined index was the fact
that motor car production, although it established a new high record by a
wide margin in March, increased by slightly less than the usual seasonal
amotont as compared with February, when output was extraordinarily
heavy for that particular month. At 141.0, however, the adjusted index
of automobile production still reflects a remarkably high rate of activity
in the motor car industry.
The adjusted index ef zinc production shows further recovery from its
recent decline; and the adjusted index of cotton consumption for March is
-slightly higher than for February and reflects a continued satisfactory demand for cotton goods.
Table I summarizes for the last three months the movements of the
combined index and of the ten component series, each of which has been
adjusted for seasonal variation, long-time trend and variations in cyclical
amplitudes before being combined into The Annalist Index of Business
Activity. Table I also gives the combined index by months since the
beginning of 1925.
TABLE I.
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY.
A. By Groups.
Apr. 16 1929. Apr. 9 1929. Apr. 17 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building material
Chemicals
Miscellaneous
All eirimmnilltles
143.6
144.9
151.9
161.5
128.9
154.1
135.1
120.3
145.5
143.5
144.0
152.1
161.5
131.0
154.5
135.0
121.3
145.7
153.8
150.5
152.9
156.8
120.7
151.7
134.6
116.5
148.2
Employment in Manufacturing Industries Higher
Than at Any Time Since 1926 According to National Industrial Conference Board, Inc.-Increase
in Purchasing Power of Wages.
Employment in the manufacturing industries of the United
States at the beginning of the current year on the average
was higher than it had been at any time since the second
quarter of 1926, the "banner" year of manufacturing production in the post-war period up to 1928, with indication
that the rising tendency is continuing, according to the
National Industrial Conference Board, 247 Park Avenue,
New York. Indicating this on April 15 thel3oard said:
Further evidence of prevailing healthy economic conditions is the fact
that wage earnings in the manufacturing industries for the past five years
have shown remarkable stability with a slightly increasing trend, while
living costs during the same time showed a slight decline, further contributing to the improvement in the economic status of the American industrial
worker. As a result, the purchasing power of average weekly earnings per
worker, that is the average "real weekly" earnings of workers in industry
at the beginning of the current year were nearly 6%, and the average
"real hourly" earnings per worker 5% greater than at the beginning of
1927.
Average weekly money earnings per worker in manufacturing in January
of this year were $27.78, or more than at any time during the preceding
two years of the quarterly average at any time since the inflation year 1920.
Average hourly money earnings, which have fluctuated not more than 2%
during the past two years and more closely reflect wage rates, were 1%
higher than in January 1927 and higher than the quarterly average in any
year since 1920.
The purchasing power of the industrial wage earner's dollar, based on
living costs, at the beginning of the year was 62.2 cents, or higher than the
average for any year since 1922, as compared with purchasing power of the
dollar just before the war in 1914, living costs being nearly 61% higher
than in 1914. Average weekly money earnings at the beginning of the
year, however, were 122% higher, and hourly earnings. 133% higher than
in 1914, with the net result that average"real weekly" earnings were 38%.
and "real hourly" earnings 45% greater than in 1914.
In citing the average weekly earnings per worker in manufacturing to be
$27.78, as It was during January of this year.the Conference Board cautions
against comparing such average with the average minimum cost of maintaining a fair American standard of living for the family of an industrial worker.
While changes in the average cost of living for the country as a whole
can be measured on the basis of retail prices, data for the actual average
cost of living for one person or a family of given size for the country as a
whole are not available, having been ascertained only for individual localities
and for Isolated periods of time. Living costs for an industrial family
of wage earner,wife,and two children were found to varyfrom approximately
$28 to $32 a week in 12 industrial communities including very small and the
March 1929. February 1929. January 1929. largest of industrial centers in the United States. It is pointed out by the
Board, however, for the sake of better understanding such data, that averPig Iron production
108.4
108.7
109.6
Steel Ingot production
111.2
106.8
age weekly wage earnings are based on the weekly earnings of male and
103.5
Freight car loadings
98.0
101.3
98.2
female workers, of skilled and unskilled workers, adults and apprentices.
Electric power production
102.3
103.1
Necessarily, many workers receive considerably more than the average
Bituminous coal production
•82.i
--.
105.3
95.7
while others receive less, according to the character of the work and their
Automobile production
•141.0
146.2
145.1
Cotton consumption
107.9
107.7
respective skill and experience. The wages of women workers are germ
111.2
Wool consumption
101.7
107.3
erally lower than those of men, and approximately one-sixth of those on
Boot and shoe production
102.3
103.7
whose earnings the average figures cited are based are women. The
Zinc production
93.8
89.9
85.1
Combined index
married men as a class are older and,as a rule, more skilled and experienced,
•102.5
104.9
104.1
while half of the unmarried male workers are boys of lees than 20 years of
B. The Combined Index BOW January 1925.
age, whose earnings may rightly be presumed to be less than average.
These considerations, the Board points out, are often ignored in discussions
1929.
1928.
1927.
1926.
1925.
on the subject, but"go far to establish a strong presumption that industrial
104.1
97.0
100.2
January
.102.3
102.4
workers with family responsibilities have earnings sufficient to meet their
104.9
98.9
103.6
February
103.2
102.9
obligations."
•102.5
98.6
107.0
104.7
March
102.6
99.0
103.6
103.7
April
103.4
100.4
104.0
101.6
May
101.4
Industrial Wage Earner's Income at Highest Point
....
97.8
102.8
103.2
98.5
June
.
99.7
100.7
Since 1920.
102.8
July
101.1
-___
101.3
101.9
105.0
100.7
August
101.3
--101.1
Industrial wage earners' incomes last fall reached their
107.1
100.8
September
102.6
97.5
105.0
102.1
October
---highest level since 1920, a year of inflation, and employment
101.5
94.4
103.7
104.0
November
-----__
99.1
92.3
103.2
105.8
December
in manufacturing was at the highest point since April 1927,
•Subject to revision.
monthly
National
, Annalist's Weekly Index of Wholesale Commodity
Prices.
The Annalist Weekly Index of Wholesale Commodity
Prices is 0.2 points lower, standing at 145.5 The "Annalist"
-says:
This continues the decline that started last September and has sent the
Index prices to the lowest point since February, 1928. The change, though
alight, was accompanied by important changes within. Food products
reports made to the
according to the
Industrial Conference Board, by approximately 1,500 manufacturing establishments employing on the average some
800,000 workers. Under date of Nov.26 the Board stated
that the outstanding phenomenon in the labor situation,
however, according to its analysis, is the marked stability
of wage rates and earnings which since 1923 have fluctuated
less than 5% and during the year 1928 showed a slightly
Inclining trend. It went on to say:
FINANCIAL CHRONICLE
2538
[VoL. 128.
A majority of the Provinces had smaller liabilities during the first quarter
Employment in September was more than 6% higher than at the low
point in November 1927 and 4% higher than in September a year ago. of the year, declines occurring-in Ontario, Quebec, British Columbia, Nova
But not only was the number employed greater, but the total number of Scotia, Manitoba, Prince Edward Island and Alberta. Hence, there were
hours worked by them in September was 10.8% greater than that in the only three Provinces in which the indebtedness was larger this yearrow month of November 1927, and 6.2% greater than September a year ago. namely, Newfoundland, New Brunswick and Saskatchewan. The reduction
These figures, however, the Conference Board points out, are averages in the liabilities for Ontario exceedeQ$1,900,000, while the amount for
based upon the reports from individual plants in 25 different industries Quebec was smaller by nearly $1,400,000 and in Manitoba there was a
and hence reflect greater improvement in some than in others. Weekly decrease of fully $850,000.
and hourly earnings per worker during September increased In 18 different
FIRST QUARTER FAILURES.
Number
Liabilities.
industries: In the manufacture of agricultural implements, automobiles.
Provinces1929. 1928. 1927.
1929.
boots and shoes, chemicals, cotton (in the North), hosiery and knit goods, Ontario
179
165
169
$6,050,250
iron and steel, In leather tanning, meat packing, paint and varnish, paper Quebec
348
279
285
5,972,159
products, rubber, silk, foundry and machine shops, machines and machine British Columbia
27
35
45
235,865
23
14
17
179.236
tools; heavy equipment hardware and small parts. In seven out of these, Nova Scotia
Newfoundland
10
3
4
88.209
that is in the automobile industry, in boot and shoe plants, the lion and Manitoba
42
52
47
580.924
steel ndustry, meat packing, paint and varnish, rubber and heavy equip- New Brunswick
18
11
19
215,670
2
1
ment manufacturing, average weekly earnings per worker increased by Prince Edward Island
Alberta
19
22
17
167.100
one dollar or more over the previous month. In book printing weekly Saskatchewan
34
34
43
285,702
decreased
news
and
they
slightly.
_
earnings increased, in
magazine printing
700
Total
617
Average weekly earnings per worker in all the 25 industries increased by
647 $13.765,115
617
1928
__
17,793,250
41 cents over the previous month.
The Conference Board's wage data's claim to exceptional accuracy of
that
the
fact
the trend of wage earnings and employment rests on the
monthly reports are collected always from a representative number of Survey of Indiana Limestone Co. Shows $1,370,000,090
identical plants throughout the United States in a sufficiently large variety
Spent in First Quarter of 1929 For Building Conof major industrial activities as to give a true picture of the industrial
struction.
situation as a whole. The following table of index numbers shows the
trend of average hourly and weekly earnings per worker and of employAmerica spent $1,370,000,000 on new construction in the
ment for the period September 1927 to September 1928:
Month.
1927-September
October
November
December
1928-January
February
March
April
May_ Allis
June
July
August
SAntenlhar
Average Hourly Average Weekly
Employment.
Earnings.
Earnings.
July '14=100. July '14=100. June '20=100.
233
233
232
232
232
231
233
233
231
233
232
233
9:14
218
215
213
215
217
218
220
217
217
218
216
218
221
79.8
79.7
78.2
78.4
79.1
80.8
81.2
80.7
81.2
81.1
81.8
82.1
83.0
first quarter of 1929, says a nation-wide survey issued
at Chicago, April 11, by the Indiana Limestone Co. This
is based on reports from several hundred cities and towns
throughout the country. "Despite the fact that this figure
shows a slight decline in construction activity so far this
year," says Vice-President T. J. Vernia,, "the outlook for the
near future indicates a marked improvement." He added:
This bright prospect is brought about chiefly by the fact that approximately one-half billion dollars more in profits were distributed by productive
industries to stockholders in 1928 than during the preceding year. And,
with this proof of a prosperous and healthy condition in industry, it is
quite evident that a normal expansion will be needed. Compared with'the
same period last year, there has been already a 65% increase in industrial
construction projects. Since industrial building creates need of other types
of construction, increased activity in all lines is a logical development.
Residential building, which accounted for approximately 45% of the
Loading of Railroad Revenue Freight for Latest Week
colossal building totals of 1928, has shown a recession so far this year.
Ahead of Both 1928 and 1927.
This may be due in measure to the prevailing tight money market which
Loading of revenue freight for the week ended on April 6 has made mortgage funds for home building more difficult to obtain at
totaled 956,364 cars, the Car Service Division of the Ameri- former rates.
With the return of favorable weather conditions, the whole trend of the
can Railway Association announced on April 16. Compared Chicago construction market is on the upgrade. Crowded out of second
with the corresponding week last year, this was an increase place first by Philadelphia and then by Los Angeles, the hub of the Middle
West is winning back its lost rank. Preparations for the World's Fair will
of 37,012 cars, and it was also an increase of 2,457 cars above necessitate
a high level of building activity for the next three or four years.
the corresponding week in 1927. Particulars are given as
New records are being reached in New England and Texas. The Middle
Atlantic states and the Pittsburg district are also chalking up largo volumes
follows:
Miscellaneous freight loading for the week totaled 403,763 cars, an in- of construction.
In New York and New Jersey, slight recessions have marked the last few
crease of 29,205 cars above the corresponding week last year and 23,314
weeks. However, New York still holds first place in construction volume and
cars over the same week in 1927.
of
Coal loading totaled 134,178 cars, an increase of 15 cars above the same with the completion of contemplated plans, there is every indication
renewed activity.
week in 1928 but 18,289 cars below the same period two years ago.
witnessed
an
weather,
the
Northwest
has
severe
winter
With the break of
Grain and grain products loading amounted to 35,707 cars, a decrease of
the lead.
3,664 cars below the same week in 1928 but 273 cars above the same week appreciable come-back. Commercial and industrial projects were in
In
the South and West, construction activity has kept an even pace with
grain
products
loading
the
Western
districts
alone
grain
and
in 1927. In
the samejperiod last year. Los Angeles, San Francisco, Houston and a few
totaled 24,113 cars, a decrease of 2,885 cars below the same week in 1928.
Live stock loading amounted to 23,618 cars, an increase of 278 cars other cities are maintaining exceptionally high records this year.
In point of money involved, residential projects continue to show heaviest
above the same week in 1928 but 2,819 cars under the same week in 1927.
In the Western districts alone live stock loading totaled 18,462 cars, an volume, while commercial, public works, industrial, educational, social and
recreational, hospital and institutional buildings follow in the order named.
Increase of 544 cars above the same week in 1928.
Loading of merchandise less than carload lot freight totaled 266,887 cars,
an increase of 3,570 cars above the same week in 1928 and 371 cars over the
Industrial Activity Based on Consumption of Elecsame week in 1927.
Forest products loading amounted to 69,217 cars, 3,570 cars above the
tricity, Above 1928 Rate-March Operations Show
same week in 1928 and 103 cars above the same week in 1927.
Gain of 14.8% Over Last Year-Decline from
Ore loading amounted to 11,124 cars, 1,980 cars above the same week in
February Level.
1928 but 503 cars below the same week two years ago.
Coke loading totaled 11,870 cars, 2,058 cars above the same week last
Manufacturing operations of industry as a whole In March
year and seven cars above the corresponding week two years ago.
All districts reported increases in the total loading of all commodities were 14.8% greater than in the same month last year, conCompared with the same week in 1928 but the Eastern, Central Western sumption of electrical energy indicates. The increase was
and Southwestern districts, were the only ones to report increases compared
due largely to the high rate of activity in all branches of the
with tho same week in 1927.
Loading of revenue freight in 1929 compared with the two previous years metal industry, the automotive industry, and in rubber
follows:
products plants, "Electrical World" reports. Compared
1929.
1928.
1927.
3,448,895
3,570.978
3,756,660 with the February rate, however, activity for general indusFour weeks in January
3.590,742
3,767,758
3,801,918
Four weeks in February
try declined 3.3%, the drop for the month being slightly in
4,752,559
4,807,944
4,982,547
Five weeks in March
919,352
956.364
953,907 excess of the seasonal average. In its survey the "Electrical
Week ended April 6
Total
13,103,044
12,711,548
13,495.032
World" adds:
Despite the decline from the February level, the first quarter of the
year witnessed an unusually high rate of industrial activity, general industry for the period showing a gain at 12.2% compared witis the corresDun's Report of Canadian Failures.
ponding period last year. The figure for the quarter was somewhat higher
Dun's Weekly Review of Business, dated April 20,contains than earlier estimates indicated.
The greatest gain over March a year ago was recorded in the Western
the following regarding Canadian failures:
states where the increase amounted to 22.6%. The North Central section
for
the
first
quarter
Canada
The insolvency record for the Dominion of
was next with a gain of 16%, followed by Middle Atlantic states with
of this year shows contrasting results, with an increase in number of failures 14.3%, New England with 11.9%, and the Southern states with a gain of
and a decrease in liabilities. As reported to R. G. Dun & Co., commercial 8.7%.
defaults number 700 during the three months recently ended, with an
Activity in the rubber products industry rose to new heights during
indebtedness of $13,765,115, these totals comparing with 617 insolvencies, March,
but every other manufacturing group recorded a seasonal drop in
latest
the
returns
Hence,
involving $17,793,250, in the first quarter of 1928.
the rate of operations as compared with February. With the exception of
reveal a rise of 13%% in the number of failures, but a reduction of 225i% the
lumber products and the leather products groups, all industries
in the liabilities.
rate for March, 1928.
Analyzed according to Provinces. Dun's statistics for the first quarter showed a gain compared with the working plants registered the largest inFerrous and non-ferrous metal
of this year disclose more insolvencies than a year ago in Ontario, Quebec,
crease over March of last year of any manufacturing group, recording a gain
Nova Scotia, Newfoundland and New Brunswick. The number for Sasincluding the production of replacement
katchewan was the same for both years, while no failures were reported for of 29%. The automotive industry,
parts and accessories, recorded a rate of activity for March that was 13.4%
Prince Edward Island for the three months recently ended, whereas there
month last year. The textile industry recorded a
were two defaults in this Province in the first quarter of 1928. Other above that of the same
gain of 10.2% over March of last year.
decreases were British Columbia, Manitoba and Alberta.
APRIL 20 1929.]
FINANCIAL CHRONICLE
Manufacturing activity in the United States in March,. compared with
the figures for the preceding month and those of March, 1928, all adjusted
to 28 working days and based on consumption of electrical energy as reported to "Electrical World" (monthly average 1923-25 equals 100)
followa:
Feb.
Mar.
Mar.
1929.
1928.
1929.
All industrial groups
140.4
118.2
135.7
Metal industries group
121.0
154.9
157.3
Rolling mills and steel plants
160.3
163.3
124.5
Metal working plants
151.4
153.7
117.4
Leather and its products
102.1
107.0
93.4
Textiles
133.0
114.9
126.6
Forest products
104.2
107.6
106.0
Automobiles and Darts
136.2
161.5
164.5
Stone, clay and glass
148.7
121.1
138.0
Paper and pulp
125.2
120.2
129.2
Rubber and its products
155.8
164.7
126.2
Chemicals and allied products
138.7
126.8
133.0
Food and kindred products
108.4
122.2
127.5
Shipbuilding
99.7
95.5
75.4
Electricity Cost Drops 12.5% in Last 16 Years-Commodity Prices Show Increase of 70% in Same
Period According to W. B. Foshay Company.
Cost of electrical energy in the United States has decreased
12.5% since 1913, according .to the weekly report on the
public utility industry by the W. B. Foshay Company,
released for publication March 16. The report follows:
"While the cost of most commodities has increased nearly 70% since
1913. the cost of electrical energy to consumers has decreased about 12.5%
since that time. Other utility costs show about the same ratio of decrease.
This year the public is paying an average of approximately 23i cents
per kilowatt hour for electrical energy,
"While costs have been reduced, the total horsepower development
has been tremendous. A still further development has been recorded in
ownership. To-day there are nearly as many owners of light and power
plants as there were customers in 1907.
In that year there were less than 2,000.000 consumers for all uses for
electrical energy. In 1929 there are more than 1,500,000 owners of utility
investments and over 22,000,000 customers, using electric utility service.
"At the same time total generating capacity has been increased to an
approximate 34,500,000 horsepower, increasing from 14,313,000 kilowatts
in 1922 to over 26,000,000 kilowatts at the present time.
"The value of plants and equipment has increased from $7,905,622,000
in 1927 to an average $9,250,000,000 in 1929."
Financial Growth of the Electric Light and Power
Industry-Institute of Economics Division of
Brookings Institution Makes Known Results of
Investigation.
The Institute of Economics, a division of the Brookings
Institution of Washington, has released the result of an
investigation of the electric light and power industry, made
under the direction of Dr. Charles 0. Hardy. The inquiry
was based, in part, on a questionnaire sent out by the Institute in November 1927, to 52 of the largest companies, complete replies to which were received from over half of the
entire industry in the United States; and it was based, in
part, on all other available sources of information, including
reports of the United States Census and of the National
Electric Light Association. Among the findings of the
Institute are the following:
1. During the period covered by the investigation (1920 to 1927 inclusive) the proportion of electric capacity and electric output of the country
by the reporting companies increased from so% to about 50%.
2. During the period covered by this report the output of the reporting
companies increased more rapidly than did their generating capacity.
Leaving out the depression period of 1920-21, the increase was from 35.2%
in 1922 to 87.9% in 1926.
3. The book value of the electric properties of the reporting companies
Increased slightly more than did their generating capacity and slightly
less than did the actual output of electric energy.
4. The facilities of the reporting companies were utilized a little more
fully than were those of other companies.
5. From 1920 to 1927 the ratio of preferred stock to total capitalization doubled; the ratio of common stock and of short-term notes to total
capitalization decreased; the proportion of bonds showed little change.
6. The ratio of operating expenses to gross revenue declined from
56.5 in 1920 to 43.6 in 1926.
7. Both the gross revenue and the operating expense per KWH increased from 1920 to 1921 and since then have steadily decreased.
8. From 1923 on, the ratio of gross revenues to generating capacity
declined. The average selling price reported for 1922 was 2.29 cents per
KWH as compared with 2.44 cents for the whole Industry as reported to
the United States Census. The average selling price of the reporting
companies had declined to 2.09 cents in 1926.
9. The average annual output per customer of the reporting companies declined from 4,063 KWH in 1920 to 3,707 KWH in 1926. The
average gross revenue per customer per year declined from $88.43 in 1920
to $77.55 in 1926, a decline of more than 12%.
10. The percentage of gross revenue paid out by the reporting company
in taxes amounted to 77.9% in 1922, and it had increased to 8.3% in 1929.
The increase was greater in Federal than in state taxes.
Building Permits for March Show Increases.
Official reports of building permits issued in 582 cities
and towns made to S. W. Straus & Co. for March 1929
were $407,365,423, compared with $254,456,185 in February, a gain of 60%. The normal gain from February to
March is 57%, thus tending to indicate an upward trend
which should soon manifest itself, the report says, in actual
buildingjactivities. Eliminating New York City's figures,
2539
the March gain over February was 59%, which compares
with a normal seasonal variation of 56.4%. The report
continues as follows:
In the 25 cities of the country showing the greatest amount of building
the total of permits issued in March was $287,627,874, compared with
the February total of $174,128,635, a gain of64%•
Comparison of the figures for March with those of the same month last
year gives a similar indication of an upward trend in building. In the 25
leading cities the gain over March 1928 was 18%. and over March 1927
21%. In 350 cities the gain was 10%. Due to local conditions in some
sections of the country, however, the entire list of 582 centres revealed a
gain over March 1928 of only 2%, although it is to be borne in mind that
last March the same cities reported a loss of 4% from the same month in
1927 and of 8% from March 1926. Also, it may be pointed out that
monthly building permit records, as compared with the same months of the
previous year, have shown a constant downward trend since July 1928.
These monthly losses were as follows: February, 1929. 20%;January, 11%;
December 1928. 11%; November, 14%; October. 1%; September, 10%.
and August, 11%.
Conditions in Leading Cities.
An outstanding feature for the month was the large volume of building
plans filed in the Borough of Manhattan, New York, amounting to $121,201,015. The total for New York City was $171.393,952. Doubtless
some part of this volume might have been due to the pending Multiple
Dwellings Blli, although it is to be noted that in February the volume of
plans filed in the Metropolis was upward of 3106,000,000, while in March
last year the amount was in excess of $107.000,000, which at that time
represented more than 25% of the volume shown by the rest of the cities
which reported to S. W. Straus & CO.
It is a matter worthy of note, also, that of the 25 cities which are leading
the country in building activities at this time, 14 showed gains over March
1928. Increases of impressive proportions were shown in Boston, Washington, Los Angeles, Akron, Providence, Denver, Oklahoma City, New
Orleans and Indianapolis. The heaviest losses were in Chicago, where a
falling off of $15,000.000 was recorded, and in Detroit, where the declinr
was $7,000,000. Other cities where activities seemed to be losing momentum were Newark, Cleveland, San Francisco, Pittsburg and Houston.
Twenty States Show Gains.
Twenty States and the District of Columbia reported gains in permits
issued compared with March last year, while in 27 States losses were recorded. In this connection it is of interest to note that Florida, where
building operations have for some time been at a low ebb, reported an increase over March last year. Other noteworthy gains were shown in New
York, California, Massachusetts, Indiana, Colorado and Oklahoma. State
losses of considerable magnitude were revealed in Michigan, Illinois, New
Jersey, Ohio, Pennsylvania and Texas.
Labor in Greater Demand.
Although the volume of building permits issued and plans filed for
March indicates the possible advent of greater activities than were enjoyed
in the late spring last year, the full force of these gains has not yet been
manifested in a larger volume of actual work. The labor demand, however,
has shown a marked increase during the last 60 days, due in large part, of
course, to seasonal conditions. Wages in the building trades are the highest in recent years, with little likelihood of any reduction on account of
existing agreements between contractors and labor groups. Organized
labor is in a very strongly entrenched position. The wage index in the
building industry has advanced from 229 to 233 in the last 12 months.
Building Materials.
An active demand for building materials during the past month sustained
the prices of these materials. A number oflumber items reported increases.
It is understood, however, that although the price of structural steel was
quoted at 1.95c. per lb. Pittsburgh mill, allowance was made on large orders.
TWELVE LEADING STATES.
No. of Volume of
No. of Volume of
Places. Permits.
Places. Permits.
44 1185,083,563 Massachusetts
New York
29
14,578,422
29,636,736 New Jersey
85
California
35
11,594,747
49
29,470,605 Texas
Illinois
22
9,423,432
18,186,333 Indiana
33
Pennsylvania
21
6,359.081
20
18,254,599 Washington
Michigan
13
6,311,115
16,014,930 Wisconsin
28
Ohio
17
5,698.750
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR MARCH 1929. WITH COMPARISONS.
March 1929. March 1928. March 1927. Feb. 1929.
6171,493,952 8107,571,125 $97,058,650 $106,298,335
New York (P. F.)
20,523,500 35,434,200 47,759,500
8,756.300
Chicago
11,917,635 18.677,984 12,361,332
5,533,315
Detroit
10,695,375
9,701,942 11,111,774
Los Angeles
9.480,180
10,181.135 10,657,745 12,788.130
5,024,620 •
Philadelphia
2,711,132
8,601,569
5,346,643
Boston (P. F.)
5,018,343
4,076,480
5,204,035
Washington, D.C
3.425,875
2,399,225
2,549,880
4,764,625
4,273,490
3,492,610
Seattle
1,628.1851,443,125
Long Beach
1,151.805
3,947,660
2,231,815
3,752,469
Milwaukee
4,585,955
3,268,052
2,302.957
St. Louis
3,119,515
2,686,064
3,895,080
920,970
Akron
1,540,328
3,080,552
1,895,704
1,933.415
4.754,647
Newark
2,825,570
6.387,091
2.871,400
3,142,800
Cleveland
2,815,200
4,144,300
2,314,112
San Francisco
4,685,162
2,701,111
4,240,494
2,008,717
3,114,834
Pittsburgh
5,162,635
2,677,777
2,353,800
2,329,310
Baltimore
2,324,500
2,453,120
454,950
1.743.300
Providence
1,495,650
2,395,700
2,121,622
3,961.796
Houston
6,593,317
2,267,725
2,798,185
2,053,935
Cincinnati
2,986,310
2,229,175
1,320,800
637,700
Denver
1,739,300
2,179,850
1,289,258
1,347.080
Oklahoma City
1,318,496
2,104,280
New Orleans
1,511,421
2,341,498
609,349
1,989,919
2.923,664
887,898
Indianapolis
1,375,769
1,930,185
Oakland, Calif
1,547,613
731,189
1,925,578
1.896,240
8287,627,874 $244,576,784 8237,735,086 1174,128.635
Nate•-(P. F.) Indicates plans filed.
Motor Vehicle Registration During 1928 Increased
Nearly 6% Over 1927.
The total registration of motor vehicles in the United
States during 1928 was 24,493,124, a gain of 1,359,883, or
5.9% over the number registered in 1927, accordingto reports received by the Bureau of Public Roads, U. S. Department of Agriculture,from State registration authorities. The
figures include passenger automobiles, taxis, buses, motor
trucks and road tractors. In addition, 148,169 trailers and
117,946 motorcycles were registered. According to the statistics of the Bureau, made available Apr. 13, New York
heads the list for 1928 with 2,083,942 vehicles registered. .Cal-
2540
[VOL. 128.
FINANCIAL CHRONICLE
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1929.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1928.
1,000
1,000
Dollars. Dollars.
488,015 410,778
442,456 371,448
486,000 420,817
363,928
422,557
388,661
378,984
379,006
421,007
550,014
544,910
475,883
1927.
1926.
1,000
1,000
Dollars. Dollars.
419,402 398,836
372,438 352,905
408,973 374,406
415,374 387,974
393,140 356,699
356,966 338,033
341,809 368,317
374,751 384,449
425,267 448,071
488,675 455,301
460,940 480,300
407,641 465,369
1925.
1924.
1,000
Dollars.
446,443
370,676
453,653
398,255
370,945
323,348
339,680
379,823
420,368
490,567
447,804
468,308
1,000
Dollars.
395,172
365,782
339,755
346,936
335,089
306,989
276,649
330,660
427,460
527,172
493,573
445,748
3 mos. end. Mar__ 1,416,471 1,202,843 1,200,813 1,124,147 1,270,772 1.100,709
9 mos. end. Mar__ 4,166,875 3,701,925 3,802,620 3,670,675 3,772,033 3,322,643
12 mos.end. Mar5,128,392 4,865,375 4,808,660 4,909,848 4,590.984
337,916
351,035
380,437
345,314
353,981
317.249
317,848
346,715
319,618
355,358
326.565
339,408
356,841
310,877
378,331
375,733
340,501
354,892
319,298
368,875
342,154
355,738
344,269
331,234
-.0C-NW.-.N
NO=C40,
368,840
369,464
383,000
..M0000NCIVNG00.
e.
[
.
i.Stia;
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
061Zat:C;e6060S,,
-...,.....,mmmv.
1,..fmnmmmmmmm
ifornia is second with 1,799,890; Ohio is third with 1,649,699;
Pennsylvania is fourth with 1,642,207; Illinois is fifth with
1,504,359; Michigan sixth with 1,249,221; Texas seventh
with 1,214,297; Indiana eighth with 823,806; New Jersey
ninth with 758,430; and Wisconsin tenth with 742,135.
In percentage gain, Arizona ranks first with 16%. The
District of Columbia is second with 13%. Mississippi and
South Dakota each report a gain of 12%; New Mexico,
Alabama and Connecticut report 10%; Tennessee and Texas
report 9%; and South Carolina, Vermont, Wyoming, North
Dakota, Michigan and Delaware report 8%.
Comparison of the registration total with the 1928 estimated population of 120,013,000 indicates that there is
now one motor vehicle for every 5 persons in the United
States; or one for every family. From the owners of the 24,493,124 motor vehicles, the States and the District of Columbia collected in license fees, registration fees, permit charges,
fines, &c., the sum of $322,630,025. This is $21,568,893
more than was collected in 1927 and an increase of more
than 7%. After deducting $21,524,733 for collection and
miscellaneous purposes, the balance of $301,105,292 was
applied to State highway funds (208,880,272), local road
funds (60,399,109), and to State and county bond funds
($31,825,911).
The registration totals and fees collected for all States
are as follows:
346,165 295,508
333,387 332,323
385,379 320,482
346,091 324,291
327,510 302,988
325,216 274,001
325,648 278,594
340,086 254,542
349,954 287,144
374,074 310,752
376,431 296,148
396,640 333,192
3 mos. end. Mar__ 1,121,304 1,069,388 1,046,049 1,246,957 1,064,931 948,311
9 mos. end. Mar__ 3,126,816,3,130,958 3,174,898 3,409,790 2,825,303 2,652,757
19ning 'ma IVIftr
Id 001 4,14. 4 104 742 4.420.R8R 4.226.501)3 rtno 1:162
GOLD AND SILVER.
March.
3 Months Ending March.
Motor Vehicles Registration
Inc.(+)
Registered.
Fees.
State1929.
1928.
Dec.(-).
1928.
249,111
1929.
27,376
Nevada
New Hampshire__ .. 102,644 2,070,957
1,000
1,000
1,000
1,000
1.000
758,430 13,589,029
New Jersey
Dollars.
Dollars,
Dollars.
Gold.
Dollars. Dollars.
65,737
627,751
New Mexico
4,439
97,536
175,428 -170,989
1,635
2,083,942 34,306,706 Exports
New York
2,683
101,960
26,470
55,888
464,376 8,088,140 Imports
+46,272
North Carolina
173,525 1,775,145
North Dakota
Excess of exports
94,853
1,640,699 11,840,258
119,740
Ohio
Excess of imports
97,521
24,835
529,843 6,258,610
Oklahoma
-248.118 6,969,221
Oregon
Silver1 642,207 27,113,777
Pennsylvania
7,814
7,405
22,673
+1,097
125,698 2,273,819 Exports
21,576
Rhode Island
5,134
19.153
6,435
216,805 2,440,539 Imports
16,097
+3,056
South Carolina
191,374. 2,901,905
South Dakota
Excess of exports
2,271
1,379
3,520
5,479
322,137 4,060,478
Tennessee
Excess of Imports
---1,214,297 17,701,251
Texas
731,340
98,541
Utah
86,231 2,090,960
Vermont
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
360,545 5.572,046
Virginia
402,875 7,028,291
Washington
4,142,595
251,556
West Virginia
Gold.
Slicer.
742.135 10,774,707
Wisconsin
Wyoming
1929.
1926.
1929.
1928.
1927.
1928.
1927. 1926.
473,981
District of Columbia 120.556
1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000
ExportsDols. Dols, Dols, Dols. Dols. Dols. Dols, Dols.
1,378 52,086 14,890 3.087 8,264 6,692 7,388 9,768
January
1,425 25,806 2,414 3,851 8,595 7,479 6,233 7,752
Country's Foreign Trade in March-Imports and February
1,635 97,536 5,625 4,225 7,814 7,405 6.077 8,333
March
Exports.
6,587 6,824 7,612
April
96,469 2,592 17,884
6,712 6,026 7.931
83,689 2,510 9,343
May
The Bureau of Statistics of the Department of Commerce June
7,456 5,444 7,978
99,932 1,840 3,346
6,160 6,650 7,921
74,190 1,803 5,089
July
at Washington on April 15 issued its statement on the August
9,246 5,590 8,041
1,698 1.524 29,743
6,229 6,627 7,243
3.810 24,444 23,081
Spetember
foreign trade of the United States for March and the three October
7,252 • 5,945 7,279
992 10,698 1,156
•
22,916 55,266 7.727
7,764 5.634 6,794
months ending with March. The value of merchandise November
8,489 7,186 5,610
1,636 77,849 7,196
December
StateAlabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kailses
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Motor Vehicles Registration
Fees.
Registered.
269,519 53,474,065
94,372
565,806
214,931 3.786,004
1,799,890 9,292,301
284,867 1,790,183
309,792 7,373,589
51,210
928,916
352,961 4,935,995
318,858 4,041,767
108,154 1,626,949
1,504,359 15,521,530
823,806 5,751,781
733,466 10,692,767
533,799 5,394,448
304,231 4,725,258
264,293 4,383,634
172,638 2,763,598
285,311 3,034,621
726,295 13,919,618
1,249,221 20,1)56,848
673,573 10,101,785
248,242 2,814,150
712,965 8.765,609
128,035 1,298,828
391,355 3,950,788
exported in March 1929 was $486,000,000, as compared
with $420,617,000 in March 1928. The imports of merchandise are provisionally computed at $383,000,000 in
March 1929, as against $380,437,000 in March the previous
year, leaving a favorable balance in the merchandise movement for the month of March 1929 of $103,000,000. Last
year in March there was a favorable trade balance on the
merchandise movement of $40,180,000. Imports for the
three months of 1929 have been $1,121,304,000, as against
$1,069,388,000 for the corresponding three months of 1928.
The merchandise exports for the three months of 1929 have
been $1,416,471,000, against $1,202,843,000, giving a favorable trade balance of $295,167,000 in 1929, against a favorable trade balance of $133,455,000 in 1928. Gold imports
totaled $26,470,000 in March, against $2,683,000 in the
corresponding month in the previous year, and for the
three months were $101,960,000, as against $55,688,000.
Gold exports in March were only $1,635,000, against $97,536,000 in March 1928. For the three months of 1929
the exports of the metal foot up $4,439,000, against $175,428,000 in the three months of 1928. Silver imports for
the three months of 1929 have been $19,153,000, as against
$16,097,000 in 1928, and silver exports $22,673,000, as
against $21,576,000. Following is the complete official
report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1929, corrected to Aprli 12 1929.)
MERCHANDISE.
March.
Exports
Imports
Excess of exports
Excess of imports
3 Months Ending March.
1929.
1928.
1929.
1928.
Inc.(i-)
Dec.(-).
1.000
Dollars.
486,000
383,000
1.000
Dollars,
420,617
380,437
1,000
Dollars.
1.416,471
1,121,304
1.000
Dollars.
1,202,843
1,069,388
1,000
Dollars.
+213,628
+51,916
103,000
40,180
295,187
133,455
3 mos.end. Mar 4,439 175,428 22.929 11,163 22,673 21,576 19,698 25,848
9 mos.end. Mar 109,679 347.012 96,901 82,866 67,724 59,208 62,586 74,461
87,471 75,625 92,258
12 mos.end. Dec
560,760 201,456 115,708
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
48,577 38,320 59,355 19,351
26,913 14,686 22,309 25,416
26,470 2,683 16,382 43,413
5,319 14,503 13,116
1,968 34,212 2,935
20,001 14,611 18,890
10,331 10,738 19,820
2,445 7,877 11,979
4,273 12,979 15,987
14,331 2,056 8,857
29,591 2,082 16,738
24,940 10.431 17,004
8.260
4,458
6,435
6,305
4,658
5,134
4,888
4,247
6,221
6,544
6,496
5.739
7,319
5,448
5,120
5,151
3,849
4,308
3,815
5,083
4,790
4,288
4,856
4,992
5,069
5,102
3,770
5,783
8,863
5,539
6,322
4,872
5,628
5,949
5,988
7,203
5,098
3,941
4,430
3 mos.end. Mar 101,960 55,688 98,046 88,180 19.153 16,097 13,308 2,0166
9 mos.end. Mar 187,871 101.851 188,431 175,787 55,818 44,174 45,917 52.578
12 mos.end.Dee_
____ 189.987 207.535 213.504
80.117 55.074 69.596
Increase in Pennsylvania Factory Employment and
Wages During March-Mixed Conditions in Delaware.
Factory operations in Pennsylvania during March showed
an increase over the previous months and over March 1928,
according to reports received by the Federal Reserve Bank
of Philadelphia from 786 industrial plants throughout the
State. Payrolls increased more than 1% from February to
March and exceeded those of a year ago by nearly 10%.
Employment also increased slightly in the month and surpassed that of a year ago by 4%. The Bank's survey of
employment and wages, issued April 16 further says:
Considered gains in the volume of wage disbursements in March were
reported in the transportation equipment, textile and chemical groups, and
to a lesser extent by paper and printing firms; in other groups declines
were shown, particularly in the case of lumber products. The very favorable showing in comparison with March of last year was duo chiefly to
heavier payrolls in the metal product, transportation equipment and chemicals groups. Employee hours worked in March, as reported by 480 establishments, also showed an increase over February.
A higher rate of activity in practically all reporting city areas occurred
during March-Scranton and Sunbury having the largest increases. While
there was a slight decrease in employment in Wilmington, it was accom-
APRIL
FINANCIAL. CHRONICLE
20 1929.]
2541
panted by a considerable increase in wage payments, both over a month EMPLOYEE-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA
ago and a year ago. Many other cities also showed marked gains over
March 1928. Philadelphia, while experiencing a small decrease from Feb- [Compiled by the Federal Reserve Bank of Philadelphia and the Department of
ruary, had a very substantial increase over last year.
Labor and Industry, Commonwealth of Pennsylvania.)
Delaware industries declined in employment, with the exception of
printing and publishing and miscellaneous industries, although metals,
EmployeNo. of Hours
other than foundries and machinery, food and miscellaneous industries
Average
Average
Plants Change
increased In wage payments.
Report- Mar.' 29 Hourly Wages. •Weeklit Wgel•
Group and Industry.
from
fag.
The Bank's compilations follow:
Feb.
Mar.
Feb.
Feb. '29. Mar.
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
All manure. Industries (46)___ 480
+0.7 5.568 5.569 527.43 527.18
[Compiled by the Federal Reserve Bank of Phiadelphla and the Department of
Metal products
.608
.609
29.78
-0.8
29.70
167
.583
.584
30.75
Blast furnaces
30.77
Labor and Industry. Commonwealth of Pennsylvania.)
-0.2
7
Steel works & rolling mills
.633
30.99
.635
31.01
-1.3
26
Index Numbers, 1923-1925 Average=-100.
27.19
Iron and steel forgings
.584
27.83
.565
-1.3
7
28.65
Structural iron work
.567
.569
+4.7
28.85
7
.613
.616
31.23
Steam & hot water heat.app
31.95
-5.4
Employment
14
Payrolls
29.71
Foundries
.614
28.96
.605
+4.4
32
March 1029.
March 1929.
Machinery and parts
.611
31.60
31.89
.613
No. of
+2.1
32
24.21
.515
.514
-7.8
Electrical apparatus
24.78
13
Plants
Per Cent
Per Cent
Group and Industry.
30.79
30.15
Engines and pumps
.608
.604
-1.3
10
ReportChange Since
Change Since
25.11
25.04
Hardware and tools
.525
.523
-1.3
12
fag. Mar.
Mar.
27.17
products
27.45
bronze
.539
and
.539
+5.3
Brass
7
Index. Feb.
Mar. Index. Feb.
Mar.
31.25
31.66
.620
.632
+3.9
Transportation eoulpment
31
1929. 1928.
1929. 1928.
Autmoblles
+5.1 .655 .644 34.62 34.63
6
All manufg. Industries (51). 786
32.64
.591
33.07
Automobile bodies and part
.595
+5.0
8
91.9 +0.3 +4.0 100.2 +1.3 +9.5
Metal products
28.85
29.98
+0.7
Locomotives and cars
.603
.607
9
88.6 -2.0 +6.4 98.8
231
+10.8
Blast furnaces
29.56
31.11
-2.4
Railroad repair shops
.719
.823
4
9
43.8 -0.2 -17.7 48.7
-9.6
Steel works & rolling mills 43
28.91
28.98
.662
.665
+11.1
Shipbuilding
4
80.3 -0.4 +1.1 91.7
+6.8
Iron and steel forgines_
22.66
22.97
.446
.441
+3.4
78
94.8 -1.4 +11.0 106.3 -3.7 +18.1 Textile products
10
Structural Iron work
21.94
24.63
.463
.481
+1.9
Cotton goods
11
110.5 +5.0 +19.3 114.8 +4.3 +22.6
10
Steam and hot water heat22.16
21.40
.437
.415
-1.7
Woolens and worsteds
10
19.71
20.37
.425
.424
Silk
22
+6.1
goods
ing apparatus
0.7 +3.2 107.5 -3.1
17
93.6
+7.8
Stoves and furnaces
27.18
.537
26.64
-4.2
.540
4
9
78.4 +3.4 +0.6 71.1 -0.3 -0.4 Textile and Finishing
Foundries
25.83
25.28
+4.2
.520
4
.517
Carpets and rugs
91.7 +2.1 +11.0 100.9 +4.6 +19.8
38
27.34
+2.5
Machinery and parts
Hosiery
7
.488
28.00
.486
111.1
+1.3 +12.3 124.6
40
+2.1 +17.3
Electrical apparatus
Knit goods. other
.398
21.33
.390
20.41
+13.5
8
128.2
17
22.6 +21.3 136.8 -24.8 +14.8
Engines and pumps
Women's clothing
15.24
.359
14.33
-6.7
.358
8
104.9 +0.2 +16.2 117.2 -1.8 +23.0
10
15.91
15.30
+10.0
Hardware and tools
Shirts and furnishings
.333
4
.307
95.4 +1.2 +13.8 102.7
18
+0.6 +16.4
Brass and bronze products 10
.490
20.79
.478
20.67
+1.1
47
99.0 +2.9 +23.9 102.8 +3.9 +25.7 Foods and tobacco
Transportation equipment_ _
Bread and bakery products_
19
.515
28.75
+1.1
.509
28.76
*84.8 +7.3 +7.9 *92.3 +7.7 +18.2
40
Automobiles
5
.458
20.88
-1.9
.449
20.98
+6.9 +37.0 139.9 +6.9 +58.1
116.6
Confectionery
Automobile bodies & parts 11
+5.5 .570 .580 32.68 32.71
Ice cream
s
130.7 +7.1 +59.8 131.8
+5.6 +72.1
Locomotives and cars
-5.1
Meat packing
.550
9
29.00
61.1
.551
27.92
13
+9.3 -6.6 63.3 +13.4
+4.8
Railroad repair shops
.319
13.86
+10.0
.341
13.81
91.7 +1.6 +12.0 107.7
Cigars and tobacco
6
6
+6.8 +31.0
Shipbuilding
-1.8
.543
39
26.38
.545
26.96
4
36.1 +11.1 +14.6 36.1 +11.4 +21.1 Stone, clay and glass products
Textile products
.522
102.1
.522
23.50
-1.6
156
+2.3 -3.7 113.7
Brick, tile and pottery
23.88
19
1.3
+3.6
Cotton goods
14
29.49
81.8 +1.2 -11.4 86.8 +13.8 +3.3
.527
30.43
-8.7
.521
8
Cement
Woolens and worsteds
90.1
15
.585
26.68
+6.0
+1.5 +3.1 90.7 -1.9 +11.6
Glass
.591
12
25.46
Silk goods
-12.1
104.8 +3.0 -12.8 116.5 +6.5
.529
21.45
38
.537
32
22.38
15.8 Lumber products
Textile dyeing & finishing
.549
+0.1
9 123.9 +1.9 -6.3 133.5
.556
21.13
Lumber and planing mills_
13
22.18
0.0 +2.3
Carpets and rugs
9
89.4 +1.0 +7.2 89.8 -1.1 +11.4
.546
23.22
-23.4
.550
15
23.97
Furniture
Hats
4
98.5 -0.6
.393
17.99
+11.2
.394
18.31
4
+0.1 102.0 +0.8
Wooden boxes
3.9
Hosiery
123.4 +1.9 +3.4 153.4 +4.4 +5.3 Chemical products
25
.546
+5.8
.572
31.70
29.18
20
Knit goods, other
15
+2.1
.506
28.09
86.2 +10.7
.498
28.03
11
Chemicals and drugs
+3.4 99.4 +5.7 +12.3
Men's clothing
9
100.5 +2.0 +8.9 112.0 +3.9 +17.8
28.61
.553
27.75
.547
+7.9
Paints and varnishes
6
Women's clothing
9
30.02
133.7 -5.8
.546
35.55
+6.1
.590
3
Petroleum refining
+4.5 134.1
14.0 -4.4
Shirts and furnishings
9
23.30
96.4 +3.9 -4.3 94.4
22.70
-4.0
.480
.480
27
0.0 -3.3 Leather and rubber products_
Foods and tobacco
97
25.50
94.
24.87
-3.7
.522
8
.539
-0.1
Leather tanning
+1.8 95.5 -0.8 +1.2
Bread & bakery products. 28
19.13
105.3 +0.6
18.49
.379
.367
-5.6
11
Shoes
0.0 100.6
+0.5 +0.2
Confectionery
20.91
21.06
13
.510
93.6 -5.7 +3.9 110.3 -6.2 +5.8
.517
-2.3
.
4
Leather products, other
Ice cream
29.94
28.98
11
.578
81.0 +4.5 -3.5 89.4 +4.2 -4.1
.572
-1.7
4
Rubber tires and goads
Meat packing
14
30.69
.604
31.25
+1.5
.613
39
101.
-0.5 +9.0 96.9
4.1
+7.7 Paper and printing
Cigars and tobacco
9
.536
30.28
+2.4
31
.548
29.65
92.
+1.9 -1.6 86.6
Paper and wood pulp
+2.1
5.8
Stone. clay & OWLS products 66
16.40
-0.9
.331
3
14.86
81.
.331
Paper boxes and bags
-0.4 80.0 +0.1
+0.5
Brick, tile & pottery
.729
34.60
90.
.723
34.71
+0.5
30
. 27
+0.1
Printing and pliblishing
+6.6 85.3 -1.5 +1.3
Cement
14
71.9 -4.8 -9.1 75.2 -1.8 -6.5
employment
reporting
firms
and
wages.
786
the
for
*The
are
figures
Glass
22
89.
+0.3 +6.7 89.2
+3.4 +12.6
Lumber products
42
72.
-1.1 72.1
9.6
2.2
Lumber & planing mills.. 17
69.3 +2.2 +9.1
71.2 -2.7 +3.5
Furniture
19
69.9 -15.2 -4.6 67.7 -17.8 -5.8 Review of Building Situation in Illinois During March
Wooden boxes
95.3 -2.8 -19.5 106.4 -4.4 -9.9
6
Chemical products
-Value of Permits for Construction Doubled as
48
98.0 +0.4 +2.2 116.1
+9.2 +11.0
Chemicals and drugs
94.5 +3.1
28
+0.1 99.2 +2.7 +1.7
Compared with February.
Coke
3
118.7 +O.' -1.7 121.7 -0.9 -2.7
Expioalves
136.1 -4.2 +14.0 116.0 -12.2 +20.1
3
According
to Sidney W. Wilcox, Chief of the Bureau of
Paints and varnishes
9
125.4 +3.6 -2.4 138.8 +6.7 +5.3
Petroleum refining
5
87.4 -0.5
+4.7 114.1 +18.1 +22.3
Leather and rubber products 49
96.2
0.0 -4.3 98.3 -2.5 -5.8 Labor Statistics of the Illinois Department of Labor "the
Leather tanning
99.7
17
+0.6 -5.9 100.8 -1.9 -7.1
Shoes
91.3 -0.8 -2.7 92.7 -4.0 -3.3 value of building permits granted in Illinois during March
22
Leather products, other_
6
121.6
+0.1
+9.3 111.4
+0.9
+3.1
Rubber tires and goods_
4
76.7
+0.5 -8.3 90.9 -2.7 -8.9 was double the February figure." Further reviewing the
Paper and printing _ _ _
57
90.8 -0.5 -4.5 108.0 +1.3 -1.0
Paper and wood pulp
13
79.9
-10.8 94.3 +1.4 -7.0 building situation in Illinois during March Mr. Wilcox says:
Paper boxes and bage
6
89.5 -6.0 -0.1 112.7 +3.8 +6.4
Printing and publishing
This was true both for residential and non-residential construction. It
38
104.9 +0.8 +1.9 122.2 +0.8
+4.6
was true both for Chicago and for the State as a whole, but not for
*Preliminary figures.
Illinois without Chicago. Activity in the Illinois building industry always
EMPLOYMENT AND WAGES IN DELAWARE.
increases from February be March, but the per cent increase this year is
[Compiled by Federal Reserve Bank of Philadelphia.]
the largest since the beginning of the gathering of monthly statistics by
Industry.
Number
of
Plants
Reporting.
All Industrie
Foundries and machinery products
Other metal )1111 nufactures
Food Industries
Chemicals, drugs and paints
Leather tanned and products
Printing and publishing
Miscellaneous industries
28
4
5
3
3
3
4
Increase or Decrease.
Mar. 1929 Over Feb. 1929,
Employment.
Total
Wages.
Arerage
Wages.
-0.8
-3.1
-0.3
-4.3
-71.8
-4.2
+0.5
+2.8
+0.8
-1.3
+6.0
+1.4
-2.1
-9.6
-1.5
+0.6
+1.6
+1.9
+6.3
+6.1
-0.3
-5.6
-2.0
-2.1
EMPLOYMENT AND WAGES IN CITY ARRAS.
[Compiled by Department of Statistics and Research of the Federal Reserve
Bank
of Philadelphia.]
Index Numbers-1923-1925 Average=100.
Employment
Payrolls
Percentage Change Percentage
No. of Mar. 1929 Since Mar. 1929Change
Sineef
Plants
Report- Feb.
Mar.
Feb.
liar.
frig.
1929.
1928.
1929.
1928.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
75
14
12
34
20
13
28
11
233
90
62
30
25
21
22
29
43
+0.1
+3.0
-F 2.3
+1.5
-1.6
-6.4
+1.3
+0.5
-1.3
+0.1
-0.7
+5.9
+5.4
+0.4
+5.8
-0.8
+3.2
+6.0
+7.8
+14.7
+0.9
-13.6
-6.8
-1.0
+8.1
+1.5
+10.2
-3.0
-20.3
-0.5
+15.8
+4.1
+1.4
+0.4
-2.7
+0.3
+0.4
-4.5
-3.8
-1.5
+0.5
-0.5
+0.4
-0.3
+5.5
+12.7
-1.1
+0.4
+11.0
+2.1
+0.7
+6.4
+5.6
+26.5
-2.8
-15.1
-7.6
+4.3
+12.8
+5.8
+23.6
-6.0
-14.7
-4.1
+35.1
+17.7
+3.0
the Illinois Bureau of Labor Statistics seven years ago.
While the
month's percentage increase is large, the actual value of the buildings as
given by the permits is not as large as in any year since 1925. In fact,
permits for construction this year may be said to be one month behind
the schedule of 1928. Thus the permits issued in 28 leading Illinois cities
during March of this year amounted to $28,300,000 which is not far from
the figure of $23,700,000 for February of last year. In Chicago, the March
1929 figure was $21,400,000, whereas the February 1928 figure was $23,400,000. The Chicago residential figure for March 1929 is 113,100,000 as
compared with $14,000,000 for February 1928. These figures put the
building season of 1929 a month and more behind 1928.
If the March building perrnits are compared with a month ago the
percentages are 229.0 for Chicago and 206.3 for the whole state. If comparison is made with March a year ago the percentages are only 58.9 for
Chicago and 64.6% for the State. The figures would not be much changed
if cumulative totals for the whole first quarter of 1929 were used.
The notable decrease in building in the early months of this year may
in part be the result of the unusually cold winter, hut weight must be
given to the difficulty of financing large undertakings due to the weakness
of the bond market and unfamiliarity of the investing public with the
use of stocks for building enterprises. Housing shortage has also been
relieved to a large extent during the last few years.
In Chicago there is a definite swing from residential to non-residential
construction; but this is not characteristic of the state as a whole.
Chicago's March non-residential construction, amounting to $7,400,000, was
three times the February figure. For Illinois outside of Chicago the March
non-residential figure of $2,400,000 was only one-seventh more than the
February figure. No small part of the explanation, however, is the effect
of the weather on the February figures. Residential construction is delayed
more than non-residential construction for the opening of spring weather.
Permits issued in March, which indicate coentruction to be undertaken
2542
FINANCIAL CHRONICLE
In the coming spring months, show that 35% of the Chicago total will be
for non-residnetial purposes as compared with 34% for the state outside
of Chicago.
The following tables are supplied by Mr. Wilcox.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PERMITS ISSUED IN 44 ILLINOIS CITIES IN MARCH 1929, BY
CITIES, ACCORDING TO KIND OF BUILDING.
Total.
March 1929.
ado-
No. Estimated
Cost.b
&lob
February 1929.
March 1328
No. Estimated
Cost.
Bldg*.
Estimated
Cost.
Total (all cities)
3,527 $30.174,755 1,000 314,785,870
Total (excluding cities reporting
for first time in 1928)
917 13,715,984 $43,821,110
3,272 28,310.300
Metropolitan AreaChicago
Berwyn
Blue Island
Cicero
Evanston
Forest Parke
Glen Ellyn
Glencoe
Harvey*
Highland Park
Kenilworth*
La Grange.
Lake Forest*
Lombard*
Maywood(b)
Oak Park
Park Ridge*
River Forest*
West Chicago*
Wheaton*
Wilmette
Winnetka
Outside Metropolitan AreaAllan'
Aurora
Batavia.
Bloomington
Canton
Centralia*(a)
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City*
Joliet
Moline
Murphysboro
Ottawa*
Peoria
Quinsy
Rockford
Rock Island
Springfield
Waukegan
1,675 21.371,045 514
15
592,000
103
8
62,270
25
18
229.665
45
27
770.250
56
6
271,545
19
9
29,370
10
7
161,050
18
5
57,268
28
11
202,650
20
4
103.120
6
7
101,350
16
9
600,284
24
2
55.681
16
12
133,000
48
24
285,865
67
8
111,700
25
11
7
86,425
250
1
2
13,700
3
12
126,475
21
9
275,900
17
51
69
2
14
1
4
25
129
117
87
12
13
67
87
131,484
270,579
4,700
51.000
500
93.500
121,540
1,373,375
277,708
228,600
49.500
36,000
162.300
170.340
18
89
27
134
141
116
70
36,500
213.105
30,825
807,200
143,229
183,269
188.740
9,321,065 38,412,760
717.300
49,500
116,165
15.350
268,742
109,650
768,900
641,750
•
262,289
118,200
52,100
•
68,000
*
225,356
222,160
58,600
•
87,500
•
28,750
•
139,653
•
830
41,900
356,285
875,339
2,092,130
47,950
•
•
90,279
•
•
19.000
295,015
165,730
299,250
306,500
17
15
82,629
31,800
8
71,000
6
16
49
20
1
1
16
20
18,465
63,975
130,594
32,960
3,000
150
74.300
27,420
*
128.013
•
160,000
4,350
•
60,188
505.675
322,538
112.603
731,500
*
269,123
• 82.179
8
28
4
38
8
16
17
17,500
28,700
6,125
269.510
9,160
32,700
62,000
•
201,795
107.900
288,400
100.575
252,537
243,618
•Reported for first time in 1928.
a Includes only buildings within fire limits and business district.
b Complete total figure exceed detail figures by 48 buildings and 8133,000, since
classified figures are not available for Maywood.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PER,MITS ISSUED IN 44 ILLINOIS CITIES IN MARCH 1929. BY
CITIES, ACCORDING TO KIND OF BUILDING.
Residential Buildings.
March 1929.
Cities.
Total (all cities)
Total (excluding cities which began reporting In 1928)
Metropolitan AreaChicago
Berwyn.
Blue Island
Cicero
Evanston
Forest Park*
Glen Ellyn
Glencoe.
Harvey•
Highland Park
Kenilworth*
La Grange.
Lake Forests
Lombard*
maywood_o_....Oak Park
Park Ridge*
River Forests
West Chicago*
Wheaton*
Wilmette
Winnetka
Outside Metropolitan AreaAlton'
Aarora
Batavia*
Bloomington
Canton
Centralia. (b)
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City*
Joliet
Moline
morphysbero
Ottawa.
Peoria
QuIncY
Rockford
Rock Island
Springfield
xo...•,,,,,su
No.
Bldgs.
Non-Res. Buildings.
March 1929.
Families
Pros. for
Estimated Housek's No.
DscelPgs. Bldgs.
Cost.
Estimated
Cost.
i
1,081 18,327.717
3,627
IS
1,055 10,040,515
987 16.830,850
3.467
1,000
9.806,776
529
579 13.114,000 2,864
48
101
$49,800
45
10
5
34,500
5
18
32
190.400
14
22
95
637.000
9
a
69
268,000
4
3
a
27,100
3
4
7
118,500
7
13
7
28,000
5
4
17
160,500
11
-3
94,000
3
4
8
95,000
8
7
5
556.837
7
3
9
49,970
9
a
a
31
22
•*
227.500
12
5
12
105.000
12
4
68.000
4
1
--1
10,0001
1
10
8
117,500
8
4
7
247.500
7
7,441,775
25,400
21,295
18,665
80.750
700
1,795
2,550
20.411
850
2,000
31,175
753
a
16,735
2,100
[vol: 128.
Industrial Employment in Ohio and Ohio Cities-Gain
in March as Compared With Previous Month and
March a Year Ago.
In summarizing industrial employment conditions in
Ohio and Ohio cities during March, the Bureau of Business
Research of the Ohio State University says:
As reported to the Bureau of Business Research by over 8.50 manufacturing and construction firms industrial employment in Ohio in March
was slightly greater than in February and was 9% higher than in March,
1928. It will be remembered that in the early part of 1928 employment
was just beginning to recover from the recession of the latter part of 1927.
The trend has been upward for more than a year and industrial employment in Ohio is now as high as It has been in the history of the State. The
high point prior to the current upward movement occurred in September of
1926. The Ohio industrial employment index did not reach this high mark
of 1926 until March of 1929. Manufacturing employment in Ohio exceeded the high level of September, 1926, for the first time in February of
1929 and in March rose slightly more, being now three points higher than
at any time in the history of the State. Construction employment in
Ohio in March was 14% greater than in February and 13% greater than
in March of 1928. Compared with the average month of 1923 as 100,
Industrial employment now stands at 112, manufacturing employment at
113, and construction employment at 101.
In order to understand the background of the continued increase of
manufacturing employment in Ohio. it is necessary to turn to the particular industries of chief importance in Ohio. In the iron and steel industry in the State, there was an increase of3% in employmnet in March as
compared with February and an increase of 8% over March of 1928. In
the steel works and rolling mill employment index there was no change
In March as compared with February. The outstanding change in employment in the iron and steel group Is found in the foundries and dropforging industry in which employment in March was 9% higher than in
February.
In the lumber industry there was a decline of 3% in March employment
as compared with that of February, and a 7% decline as compared with
that of March, 1928. This is due to the slowing down in the construction
industry.
The machinery group of industries in the State showed a decline of 2%
in employment in March as compared with February, but the level of employment in the industry is still 7% higher than it was in March, 1928.
The machine tool industry, which is one of the divisions of the machinery
group, showed an increase of 2% in employment in March as compared
with February, and an increase of 44% as compared with March, 1928,
whereas the electrical machinery division of the group showed a decline
of 9% in March both with respect to February and with respect to March.
1928. The decline in employment in the manufacture of electrical machinery is mainly responsible for the 2% decline in March employment
in the machinery group.
The increase of 3% in employment in the stone, clay and glass products
group In March as compared with February is probably duo to the seasonal
increase in construction.
In the textile group, which includes the manufacture of men's clothing,
there was an increase of 2% in employment in March as compared with
February and an increase of 13% as compared with March, 1928.
In the automobile and auto parts industry, employment in March was
5% higher than in February and 48% higher than in March, 1928. Employment in the tire and tube industry in March was 2% higher than in
February and 6% higher than in March, 1928. The rubber products
group showed an increase of 2% in March employment as compared with
that of February and an increase of 7% as compared with that of March.
1928.
Among the various industrial centers of Ohio, Toledo showed the largest
increase of employment in March over February. Industrial employment in Toledo in March was 7% higher than in February and 37% higher
than in March. 1928; in Youngstown, industrial employment MS 6%
higher in March than in February and 10% higher than in March, 1928;
in Columbus,6% higher than in February and 17% higher than in March,
1928; in Cleveland, 3% higher than in February and 23% higher than in
March. 1928; in Dayton, 4% higher than in February and 24% higher
than in March, 1928; in Stark County, 2% higher than in February and
13% higher than in March, 1928; in Akron, 2% higher than in February
and 7% higher than in March, 1928; and in Cincinnati, 6% lower than in
February and 6% lower than in March, 1928
The employment situation in Ohio in March gives evidence of a continuation of the advance in industrial activity which has characterized
1928 and the first quarter of 1929.
Agricultural and Business Conditions in Minneapolis
Federal Reserve District-Increase in Income
From Sale of Hogs Despite Smaller Run of Hogs.
The following preliminary summary of agricultural and
business conditions in the Minneapolis Federal Reserve
District was issued April 16 by the Federal Reserve Bank of
Minneapolis:
The volume of check payments in the district was larger during March
than in the corresponding montn a year ago by about the same margin which
has prevailed in other recent months. The daily average of debits to in
72,150
accounts at 17 cities was 10% larger than in March a year ago.
16
a
40,060
14
15
120,460 The greatest increases In individual debits were shown at South St. Paul,
17
96,500
17
200
1
1
4,500
1
The country check
2
1.000 Minneapolis and the cities in the mixed farming region.
9
42.000
9
clearings index was also 10% larger in March than in the same month
----2
87,500 last year. The increase In this index was greatest in the eastern half of the
2
6,000
2
8,190 district. The valuation of building permits granted during March was
5
12
3.5.000
12
82 1,094.125
45
240.400
45
25% smaller than the valuation recorded in March last year. Freight car25
44,695
51
209.600
50
92,370 loadings in the first four weeks in March were 6% smaller than in the
34
22
127,000
17
10,500 corresponding weeks last year. Department store sales and flour and linseed
4
a
37,000
5
3
11,000 product shipments were
10
25,000
10
in small volume than a year ago.
5,000
2
16
112,000
16
Farm income from cash crops and hogs combined was estimated to be
14
88.185
13
54,050
13
__
16% smaller in March than in the same month last year. The recent in2,250 crease in the price of hogs brought the medium price at South St. Paul up to
2
7
28,000
7
55.885
38
24
124.000
compared with $7.90 per hundred22
10.750 $11.26 per hundredweight in March, as
16
a
18,200
5
567.105 weight a Year ago. As a result, the income from the sale of hogs during
38
47
194,000
40
18
12,735 March was estimated to be nearly $3,000,000 larger than the income from
15
50.700
16
30,085 this source in March 1928, in spite of a smaller run of hogs. The estimated
35
13
60.600
13
40,000
10
19
110.000
15
income from dairy products during February was 17% larger than the
income from this source in February last year. The prices of wheat, corn,
•Began reporting in 1928.
buildings and 1133.000,Mass oats, barley, rye, potatoes and ewes were lower than a year ago. The prices
a Complete total figures exceed detail figures by 48
of flax, hens, eggs, butter, beef cattle, calves, hogs and lambs were higher
classified figures are not available for Maywood.
than a year ago.
bushiess district,.
and
limits
within_flre
only_bulldings
Includes
b
250
700
8,425
10,000
FINANCIAL CHRONICLE
APRIL 20 1929.1
One million more acres will be in crop this season than last in the Northwest, if farmers in the four States-Minnesota, Montana, North Dakota
and South Dakota-carry out the March 1 planting intentions reported to
the United States Department of Agriculture. This is an increase of 2%.
For the whole United States, the increase is only 3 f million acres, an increase of about 1%. To obtain total acreage figures, average winter abandonment has been deducted from actual fall plantings of winter wheat, and
only the rye acreages sown for grain have been included.
The largest changes intended are in barley and flax, increases of 14.5%
and 11.0% respectively. The 10-year average yield of barley was 23.4
bushels per acre. If a yield of 23 bushels per acre is realized on the intended
barley acreage, the 1929 production in our four States will be more than a
million bushels greater than the huge crop harvested in 1928. It is interesting to note that the intended barley acreage in the rest of the United
States is 2% less than the acreage harvested last year.
The third largest increase intended was in spring bread wheat of 9%, or
1 million acres. The intended decrease in durum wheat, however, was even
greater-1 1-3 million acres-making the intended total spring wheat
acreage in these four States slightly less than was harvested last year.
Even if the entire intended reduction in durum wheat acreage is realized, the
acreage devoted to this crop will still be nearly 10% larger than the average
for the period 1919-1928. The intended acteage of all spring wheat was
about 1 million acres greater than the average for the same ten-year period.
In addition to the large intended increase in barley acreage, both of the
Other feed grains-corn and oats and tame hay-showed increases in our
four States, with the result that the total area intended for feed crops is
nearly 2 million acres greater than last year.
Intended cash crop acreages (wheat, rye, flax and potatoes) total nearly
a million acres less than a year ago. Total cash crop and total feed crop
acreage figures are given in the accompanying table:
(1)
1929
Intended
Acreage.
1929
Intentions.
1928
Harvested.
1919-1928
Average.
57.6
75.5
55.3
75.9
54.7
75.0
The United States Department of Agriculture's report on the condition of winter wheat, issued April 9, states that the April 1 condition of all
winter wheat was 82.7% compared with 68.8% last year and the ten-year
average of 80.9%. Referring to the probable abandonment, the report
states: "While too early to fix a definite figure because of the further
loss that frequently occurs in April, the best indications point to about
7% loss from winter killing."
The abandonment figure used in the preparation of our winter wheat
acreages estimates was the ten-year average, 12%.
The condition of rye on April 1 was reported to be 84.9%. compared with
79.3 last year and the ton-year average of 85.2.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED IN
THE NINTH FEDERAL RESERVE DISTRICT.
Bread wheat
Durum wheat
Rye_
Flax
Potatoes
Boss
Dairy products
March 1929.
March 1928.
% March 1929
of March 1928.
$7.215,000
5,468,000
556,000
707,000
2,678,000
12,983,000
913,345,000
4,571,000
1,596,000
428,000
5,114,000
10.128,000
54
120
35
165
52
128
February 1929. February 1928.
917,308,000
920.258,000
% Feb. 1929
of Feb. 1928.
to encourage their importation into American markets to the detriment of American grown and manufactured cotton textile products,
therefore,
BE IT RESOLVED by The American Cotton Manufacturers Association, in Special Session assembled, that it does hereby fully endorse
the efforts that are being made to secure a tariff schedule on jute
cloths and bags embodying proper differentials above the tariff rates
on the jute yarns of which such cloths and bags are manufactured,
and
BE IT FURTHER RESOLVED that this Association hereby instructs its Tariff Committee appointed by the National Council of
American Cotton Manufacturers to this effect and importunes the
members of the Committee on Ways and Means of the House of Representatives and of the Finance Committee of the Senate to give
serious consideration to this belief prayed for, and,
BE IT FURTHER RESOLVED that a copy of these Resolutions
be sent to President Hoover and to all members of the Senate and
the House of Representatives.
InnicArioNs: The value of building permits in eighteen of the
larger Pacific Coast cities, which fairly indicate the general situation,
showed a rise of 10% over the preceding quarter, but were 7% under
the amount in the correpponding quarter of 1928. The latter comparison
gives the more accurate view of the matter because the third and fourth
quarters of 1928 were depressed to an exceptional extent, and the
increase since then has therefore an appearance of definite improvement
which is apt to be misleading. The outstanding fact is that general
building activity is still Proceeding on a gradual declining trend in
this territory. The reduction over a year has been particularly great
in residential construction, which shows almost a 20% decrease in Ma
larger cities.
We believe that this tendency is not primarily due to factors which
have lately been introduced into the credit situation. They are rather
a continuation of the inevitable prolonged aftermath of local overbuilding. It is likely, however, that the higher drift of interest rates,
and especially the marked decline in bond prices, may begin from now
on to have their usual somewhat tardy effect in further intensifying
a decline already in progress, or at any rate in delaying a recovery
which might otherwise have been expected to develop. Some large
projects, plans for which have been worked on for many months, will
of course go through regardless of financial developments; but the
speculative type of residential projects and some office structures, hotels
and similar construction will tend to be postponed.
In the case of engineering and heavy work, comparative quarterly
records of contracts are available for the entire area west of the
Rockies. The contracts awarded in the first quarter were lower than
any period of last year in street construction, water works, and sewers,
but were considerably higher in bridge building. This was the result
of a single railway bridge contract let in March. It is likely that the
second quarter will show very much smaller totals for the engineering
contracts in the aggregate, with a corresponding reduction in the demand
for steel, cement, and labor.
BUSINESS POLICY: The prevailing and prospective building situation
on the Pacific Coast calls for an unusual degree of care in the selection
of areas in which to concentrate efforts in the sale of materials, equipment, and services relating to new construction. Inventories of all
building supplies should be maintained on conservative levels. Financial
propositions relating to the building material or construction lines should
be scrutinized with special attention to the possibilities for adequate
marketing of products. Credits extended to the building trades and to
the personnel associated with them should not be over expanded at
this time.
117
Resolutions of American Cotton Manufacturers' Association
Urging Revision of Tariff on Jute Cloths and Bags.
Resolutions urging that the tariff on jute cloth and bags
be revised to provide adequate protection for domestic markets for heavy cotton goods have been adopted by the
American Cotton Manufacturers' Association, it is announced by W. W. McLaurine, Secretary of the Association. A
special committee is instructed to support the proposed revision when Congress convenes in special session to take up
farm relief and the tariff. Proponents of the new duties
advocated have already submitted their case to the Ways
and Means Committee. Incident to Mr. McLaurine's announcement, it is pointed out that the Association's endorsement aligns the principal cotton manufacturers in the South
with those groups that are seeking to correct a flaw in the
tariff which operates against the interests of American cotton manufacturers and cotton farmers. Members of this
Association represent mills in fifteen states operating 16,000,000 spindles and furnishing employment to more than
240,000 men and women. Coarse cotton fabrics produced
in these mills and used extensively for bags and containers
are affected adversely by the importation of jute burlap in
increasing quantities from India each year. The resolutions
as adopted at a special meeting of the Association follow:
WHEREAS, the present tariff on jute cloths and bags is so low as
Survey of Building Construction on Pacific Coast by Silber..
hag Business Service-Decline in First Quarter of 1929
as Compared With Same Period Last Year.
Per Cent
(3)
Per Cent
(2)
(1)
1929-1928 (1)
1928
out that building activity on the Pacific Coast
Pointing
of
Acreage
of
Harvested
(3)
Average.
(2)
Acreage.
is proceeding on "a gradual declining trend," the Quarterly
Building Number issued April 13 by the Silberling Business
Service of Berkeley, Cal., says:
Feed Crops(Corn, Oats, Barley, Tame Hay)Minnesota, Montana, North
I. Dakota and South Dakota. 32.423.000 30,521,000 106.2 27,879,000 116.3
United States
214,265,000 212,808,000 100.7 210,890,000 101.6
Cash Crops (all Wheal, Rye,
Flax, Potatoes)'
Minnesota, Montana. North
Dakota and south Dakota_ 23.904,000 24,704,000 96.8 23,104,000 103.5
United States
69.533.000 67.714.000 102.7 70.466.000 98.7
The growing importance of the live stock industry in our four States
Is clearly shown by the constant increase in area planted to feed crops.
While figures for the United States show practically no change in the porportion that feed crop acreages aro of the total area planted in the last
ten years, the following table shows the steady increase in the four StatesMinnesota, Montana, North Dakota and South Dakota.
PERICENT TOTAL FEED CROP ACREAGES OF TOTAL ACREAGE OF
ALL CROPS.
Four States
United States
2543
Beet Sugar Production Over One Million Short Tons.
Beet sugar produced from the 1928 crop of beets was
approximately 1,061,000 short tons, compared with 1,093,000 short tons in 1927, and 997,000 short tons in 1926,
according to estimates of the Bureau of Agricultural Economics, United States Department of Agriculture. Production last year was approximately 86,000 short tons
above the average production the five preceeding years.
The sugar produced from the 1928 beet crop was made from
6,880,000 tons of beets grown on 646,000 acres. Production
in 1927 was from 7,443,000 tons of beets grown on 732,000
acres, and the preceding year 6,782,000 tons of beets from
687,000 acres were sliced.
Softwood Lumber Demand Keeps Up.
Unfilled softwood lumber orders were reported by 522
mills for the week ending April 13 as totaling 1,500,389,000
feet. While increased shipments are indicated, the unfilled
orders of these mills represent the equivalent of 28.1 days
average production (one day more than a month ago), or
about 9% of their total average annual production. Tels.
2544
FINANCIAL CHRONICLE
graphic reports from 793 hardwood and softwood lumber
mills to the National Lumber Manufacturers Association
show new business for the week as 390,439,000 feet, compared with a demand for 433,534,000 feet reported by 825
mills for the week ended April 6. Figures furnished by 318
hardwood units for the week ended April 13 give new business
as 46,608,000 feet, as compared with 52,804,000 feet reported
the proceeding week by 332 units. With fewer mills reporting
softwood demand amounted to 343,831,000 feet for the week
ended April 13, as against 380,730,000 feet the week earlier.
Combined softwood and hardwood production reported
for the week totaled 392,954,000 feet, as compared with 398,679,000 feet the week before. Continued improvement in
shipments is indicated by figures from the 793 mills showing
404,709,000 feet shipped as against shipments totaling
418,168,000 feet the preceding week reported by the 32 more
mills. The association adds:
Unfilled Orders.
The unfilled orders of 345 Southern Pine and West Coast mills at the
end of last week amounted to 1,094,626.000 feet, as against 1,126,229.000
feet for 353 mills the previous week. The 141 Southern Pine mills in the
group showed unfilled orders of 265,166.000 feet last week, as against
285,302,000 feet for 152 mills the week before. For the 204 West Coast
mills the unfilled orders were 829.460,000 feet, as against 840.927.000 feet
for 201 mills a week earlier. Altogether the 522 reporting softwood mills
had shipments 103%, and orders 100%, of actual production. For the
Southern Pine mills these percentages were respectively 111 and 103; and
for the West Coast mills 102 and 100. Of the reporting mills, the 522 with
an established normal production for the week of 328,446,000 feet, gave
actual production 104%, shipments 108% and orders 105% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of 8 softwood, and 2 hardwood regional associations for the
two weeks indicated:
Past Week.
Softwood.
Hardwood.
Mills (or units).
318
522 '
Production
342,412,000 50,542.000
Shipments
353,412,000 51.297,000
Orders (new business) _
343,831,000 46,608.000
• A unit is 35,000 feet of daily production capacity.
Preceding Week 1929
(Revised).
Softwood.
Hardwood.
560
348,439,000
360.283,000
380,730,000
332
50,240,000
57.885,000
52.804,000
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 204 mills reporting for the week ended April 13, totaled
196,005,000 feet, of which 57,991,000 feet was for domestic cargo delivery,
and 39,796,000 feet export. New business by rail amounted to 81.362,000
feet. Shipments totaled 200,645,000 feet, of which 61,801,000 feet moved
coastwise and intercoastal, and 37,918,000 feet export. Rail shipments
totaled 84,070,000 feet. and local deliveries 16,857,000 feet. Unshipped
orders totaled 829,460,000 feet, of which domestic cargo orders totaled
310,503,000 feet, foreign 254,415.000 feet and rail trade 264,542,000 feet.
Weekly capacity of these mills is 229,844,000 feet. For the 14 weeks ended
April 6, 140 identical mills reported orders 12.3% over production. shipments 2.8% over production. The same mills show a decrease in inventories
of 3.6% April 6, as compared with Jan. 1.
[Vor.. 128.
LUMBER MOVEMENT FOR 15 WEEKS AND FOR Wsta.K ENDED
APRIL 13 1929.
Average
Weekly
Production.
Shipments,
Orders,
Production.
Association-Feet.
Feet.
Feet.
Peet.
Southern Pine (15 weeks).- 985.739,000 1,026,154,000 1,076,737,000
Week (141 mills)
64,556.000
71,504,000
66,365,000 71.468.000
West Coast Lumbermen's—
(15 weeks)
2 456,558,000 2.447.353,000 2.629,028,000
Week (206 mills)
196,204,000 200,996,000 196.150,000
Western Mlle Mfrs.(15 wlus) 411,709,000 468.123,000 513,628,000 172.259,000
Week (32 mills)
36,075,000
35.128,000
33,160,000 33,814.000
Calif. White & Sugar Pine15 weeks)
242,928,000 389,445.000 391,711,000
Week (18 mills)
14,871,000
18,111,000
18,377,000
Calif. Redwood (15 weeks). 103,903,000 101.220,000 112,954,000 18,365,000
Week (13 mills)
8,675,000
7.454,000
7,507,000
No. Caro. Pine (15 weeks)_ 149,758,000 141.000,000 131,186,000 7,957.000
Week (73 mills)
10.714,000
8.667,000
8,485,000 11,748,000
Nor.Plne Mfrs.(15 weeks). 63,086,000 113,219,000 121,923,000
Week (9 mills)
7,525.000
8.414,000
11,381,000 8,133,000
No.Hemlock & Hardwood—
(Softwoods)(15 weeks).,. 63,012,000
52,180.000
59,272,000
Week (30 mills)
3,792,000
3,138,000
2,406,000 4,702.000
Softwoods total(15 wks)_4.481,693,000 4,739,199,000 5,036,444,000
Week (522 milts)
342,412,000 353,412,000 343,831,000
No°Hemlock & Hardwood—
(Hardwoods)(15 weeks). 200,445,000 142,373,000 143,414,000
Week (47 units)
10,246,000
7,646,000
5,966,000 11,377.000
Hardwood Mfrs. Institute15 weeks
590,991.000 652,025.000 666,334,000
Week (271 units)
40,296,000
43,651,000
40.042.000 48.715,000
Hardwood total(15 wks)_ 791,436,000 794,398,000 809.743.000
Week (318 unita)
50,542,000
51,297,000
46.608.000 60,092,000
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 206 mills show that for the week ended April 6
production ins exceeded by both orders and shipments by
8.55% and 0.03%, respectively. The association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
206 mills report for week ended April 6 1929.
(All mills reporting production, orders, and shipments.)
Feet.
Production
189,372,759 (100%)
Orders
205,581,359 (8.55% over production)
Shipments
189,431,627 (0.03% over production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (259 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date.)
Peet.
Actual production, week ended April 6
211,521,076
Average weekly production. 14 weeks ended April 6
180,170,689
Average weekly production during 1928
197,180,472
Average weekly production last three years
264,361,.
x Weekly operating capacity
513
x Weekly operating capacity is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON FOR 201 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders. and shipments are complete for the
last four weeks.)
Week Ended—
March 30.
April 6.
March 23.
March 16.
Production (feet)
187.133,709 188,309,065 183,254.289 183.266,712
205,240.187 216.440,499 202,552.770 175,237,920
Orders (feet)
Rail
88.088.889 89.045,031 83.823,626 75,516,329
Domestio cargo
66,025,056 74,301,500 67.136.897 51,047.278
37,689,534 40,549,440 40,245,965 32,714,592
Export
13,436.708 12,544,528 11,346,282 15,959.721
Local
188,952,964 199,749,220 183,257,412 195,395,569
Shipments (feet)
77,716.777 84,620,907 78.910.308 78,823.370
Rail
68.474,454 64,153,387 54,257,927 61,953,013
Domestic cargo
29,325,085 38.430,398 38,742,895 38.659.465
Export
13,436,708 12,544,528 11.346,282 15,959,721
Local
840.926,980 824,943,900 812,364,035 795,476,375
Unfilled orders (feet)
271.944.720 261,876,280 259,209,630 255,762,847
Rail
315,562,684 316,506,800 309,878,428 397,751,703
Domestic cargo
253,419,576 244.560,820 243,275,977 241,961,825
Export
112 IDENTICAL MILLS.
(All mills whose reports of production, orders, and shipments are complete for 1928
and 1929 to (late.)
Avey'age 14
Average 14
Week Ended
Weeks Ended
Weeks Ended
April 6 1929. April 6 1929. April 7 1928.
Production (feet)
119,032,786
103,331,331
110.635.045
Orders (feet)
132,507,760
114,232,727
117,343,394
Shipments (feet)
127,205,413
105.458,243
107,974,535
DOMESTIC CARGO DISTRIBUTION WEEK ENDED MAR.30'29(114 mills).
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 141
mills reporting, shipments were 11% above production, and orders 3%
above production and 7.1% below shipments. New business taken during
the week amounted to 66,365,000 feet, (previous week 72,321,000): shIPments 71,504,000 feet, (previous week 75,258,300): and production 64,556,000 feet, (previous week 68,951,982).
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 32 mills as 36,075,000 feet, as compared with a normal
production for the week of 33,814,000. Thirty-six mills the week earlier
reported production as 37.572.000 feet. Shipments were about the same
last week, with a notable reduction in new business.
The California White & Sugar Pine Manufacturers Association of San
Francisco, reports production from 18 mills as 14,871,000 feet, as compared with a normal figure for the week of 18,365,000. Twenty-two mills
the week before reported production as 19,377,000 feet. Shipments and
new business were somewhat below those reported for the preceding week.
The California Redwood Association of San Francisco. reports production
Orders on
Unfilled
from 13 mills as 8,675,000 feet, compared with a normal figure of 7,957,000.
Hand BeOrders
Twelve mills the previous week reported production as 6,805,000 feet.
gin'g Week Orders
CancelShip- Week Ended
Mar. 3029. Received. lotions.
Melia. Mar. 3029.
Shipments were slightly larger last week, and new business slightly less.
The North Carolina Pine Association of Norfolk. Va., reports production
Washington et Oregon
from 73 mills as 10,714,000 feet, against a normal production for the week
(96 Mills.)—
Feet,
Feet.
Feet.
Feet.
Feet.
100,715,827 35.688.359
of 11,748,000. Seventy-six, mills the weex earlier reported production as California
298,257 25,186,958 110,918,971
Atlantic
144,901,162
Coast
26,221,538
14,900 26,252,186 144.855,614
12,317,000 feet. Shipments and new business showed marked decreases
Miscellaneous
4,859,232
909.014
53,774 5,714,472
last week.
Total Wash.& Oregon 250,476,221 62,818,911
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
313,157 51,492,918 261,489.057
reports production from 9 mills as 7,525,000 feet, as compared with a normal
Brit. Col.(18 Mills)—
figure for the week of 8,133,000. and for the week before 5,886,000. Ship- California
1,295,919
706,000 1.545.919
956,000
ments were about the same last week, with a notable increase in new Atlantic Coast
22,296,543 5,047.000
11,000 6,983,505 20,349.038
Miscellaneous
business.
5,779.022 1,346,000
19,614 2,107,073 4.998.335
The Northern Hemlock and Hardwood Manufacturers Association of
Total Brit. Columbia.. 29.371.484 7,349,000
30,614 9.796,578 26.893,292
Oshkosh, Wis., (In Its softwood production) reports production from 30
mills as 3,792,000 feet, as compared with a normal production for the week
Total domestic cargo_ 279,847,705 70,167,911
343,771 61.289.496288,382,349
of 4,702,000. Twenty-eight mills the preceding week reported production
as 2,333.000 feet. There were noticeable increases in shipments and new
new business last week.
Farm Labor Supply in Excess of Demand—Wages
Hardwood Reports.
Higher.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, WIS., reports production from 47 units as 10,246.000 feet, as
Agriculture enters the spring season with a farm labor
compared with a normal figure for the week of 11,377,000. Forty units supply slightly in excess
of the demand in all parts of the
the previous week reported production as 9,281,000 feet. There was a
country, reports the Bureau of Agricultural Economics,
marked increase in shipments last week, and a small increase in orders.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports United States Department of Agriculture. Farm wages
production from 271 units as 40.296,000 feet as against a normal produc- also
are reported at a fraction higher than on April 1 for three
tion for the week of 48,715,000. The previous week 265 units reported
production as 35.519,000 feet. Shipments and new business were somewhat years past. In reporting this April 11 the Department says:
below those reported for the week before.
The Bureau's index shows the supply of farm labor on April 1 at approxDetailed softwood and hardwood statistics for reporting mills of the com- imately 4% larger than the demand. The excess is somewhat smaller
parably reporting regional associations will be found below:
than on April 1 a year ago, the difference being attributed to the higher
APRIL 20 1929.]
volume of industrial employment this spring, compared with last. The
farm labor supply on April 1 last year was 7%% more than the demand.
The index of the general level of farm wages on April 1 is placed at 167%
of the pre-war level on that date, compared with 166 on April 1 for the past
three years. The April 1 scale of farm wages per month, with board, for
the United States as a whole Is reported at $34.68; wages per month,
without board, $49; wages per day, with board, $1.79; and wages per day,
without board, $2.34.
Wages per month, with board, range from $24.20 in the South Atlantic
States to $53.94 in the Far Western States; wages per month, without
board from $35.10 in the South Atlantic to $76.99 in the Far Western:
wages per day, with board,from $1.26 in the South Central to $2.42 in the
Far Western; and wages per day, without board. from $1.65 in the South
Central to $3.21 in the Far Western.
These wage rates are considerably below those in industrial activities,
but it is pointed out that farm hands receive many perquisites not enjoyed
by industrial workers. The supply of farm labor is largest in areas where
farm wages are highest, and smallest where wages are loviest. The supply
of labor as measured in per cent, of normal is slightly smaller than on
April 1 last year, and the demand as measured in per cent, of normal
I. slightly larger. The two combined put the supply at 3.7% greater
than the demand as compared with 7.5% greater than the demand on
April 1 1928.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Crushed
Received at Mills°
On Hand at Mills
March 31.
Aug. 1 to Mar. 31. Aug. 110 Mar. 31.
State.
1929.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carollna
Oklahoma
South Carolina
Tennessee
Texas
MI other
Census Report on Cotton Consumed in March.
Under date of April 13 1929 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of March 1929 and 1928. Cotton consumed amounted
to 632,808 bales of lint and 76,746 bales of linters, compared
with 581,325 bales of lint and 63,067 bales of linters in March
1928 and 598,098 bales of lint and 68,060 bales of linters in
February 1929. It will be seen that there is an increase over
March 1928 in the total lint and linters combined of 65,162
bales, or 10.2%. The following is the statement complete:
s, MARCH REPORT OF COTTON CONSUMED, ON HAND,IMPORTED AND
EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton in running bales, counting round as half bales, except foreign. which is in
600-pound bales.)
Cotton Consumed
During-
United States
Eloht
Months
Ended
March. Mar. 31.
(Bales.) (Bales.)
March 31.
Feb. 28Cotton
In Con- In Public Spindles
Storage
sliming
Active
and at
EstabDuring
lishmls Cornpres's March
(Bales.) (Bales.) (Number).
f 1929 832,808 4,682,269 1,730,944 3,177,147 31.103,998
1 1928 581,325 4,781,694 1,592,917 3,511,590 31,432,840
Cotton-growing States
1929 480,517 3,577,605 1,257,828 2,914,759 18,097.420
1928 431,812 3,549,973 1,079,629 3,238,120 17,832,864
1929 130,753 939,137 405,677
96,292 11,701,884
1928 126,835 1,029,666 437,410 113,241 12,234,014
1929 21,538 165,527
67,439 168,096 1.304,694
1928 22.878 202,055
75,878 160.229 1,365,962
New England States
All other States
Included AboveEgyptian cotton
1929 20,490
1928 17,112
1929 7,090
1928 6,950
Amer.-Egyptian cotton- 1929 1,421
1928 1,365
Not Included AboveLinters
(1920 76,746
1928 63,067
Other foreign cotton
1
151,950
158,794
48,175
53,517
10,330
10,321
48,694
48,248
32,309
32,403
6,214
5,235
26,301
24,858
15,502
11,906
6,251
4,702
554,302
526.604
228,544
227,943
81,308
65,782
Imports of
.Foreign Cotton 4500-lb. Bales).
8 Mos. End. Mar. 31.
March.
Country of Production.
1929.
1928.
21,263
1.025
2,996
9.020
2,566
254
24,858
1,375
5.039
8,339
1,483
339
167,499
11,496
32,489
49,844
19,691
2,291
163,586
16,160
53,085
17,912
14,964
1,468
37,124
41,433
283,310
287.175
1929.
Egypt
Peru
China
Mexico
British India
All other
Total
1928.
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
Ma ch.
8 Mos. End. Mar. 31.
1929.
1928.
137,153
54,104
65,041
92,545
65.393
87,060
54.690
169,881 1,638,321 1,057,144
57,354
701,500
738,673
41,257
532.923
486,574
128,550 1,600,001 1,641,533
111,509
770,633
766,586
45,018 1.118,583
721,549
42,659
382,100
306.545
1929.
555,986
596,208 6.744,061 5,718,604
1928.
Note.-Linters exported, not included above, were 13,667 bales during March in
1929 and 18,220 bales in 1928: 133.139 bales for the 8 mos. ending March 31 in 1929
and 138.379 bales in 1928. The distribution fcr March 1929 follows: United Kingdom, 888: Netherlands, 822; France, 1,359; Germany, 7,822: Belgium, 625; Italy,
750: Canada, 1.264; Mexico. 2; Chile, 10; Australia, 25; New Zealand, 100.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters, grown
In 1927. as compiled from various sources, is 23,370,000 bales, counting
American
In running bales and foreign in bales of 478 pounds lint, while the consumption
of
cotton (exclusive of linters in the United States) for the year ending July 31 1928
was approximately 25,285,000 bales. The total number of spinning cotton spindles.
both active and idle, is about 165.000.000.
Cottonseed Oil Production During March.
On April 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand, and exports during the month of March 1929 and 1928:
1928.
1929.
1928.
263,510 295,289 243,746 276,404
41,144
61.494
61,643
41,237
392,132 307,329 360,749 290,929
47.239
88,566
47,573
72,051
395,134 433,800 373.664 421.189
205,096 154,632 186,824 160,493
608,420 534.194 516,186 493,643
299,980 298,984 281,878 292,564
385,479 361,020 364,250 351.225
204,512 203,890 200,473 196,968
309.481 264,372 266,408 248,117
1,679.781 1,503,457 1,600,101 1,459,511
67,541
71,975
70,604
72,450
1929.
1928.
19,877
251
31.616
16,753
21,944
18,389
96,233
17,304
18,956
4,204
45.922
92,474
3,063
19,668
80
18,081
3,103
14,993
4,767
53,222
7,174
31.351
8,237
17,371
77,877
United States
4.964.318 4.518.134 4.595.365 4.351.494 386.986 255.924
•Includes seed destroyed at mIlLs, but not 21,972 tons and 89,784 tons on hand
Aug. 1 nor 93,280 tons and 56,092 tons reshipped for 1929 and 1928, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Year
2545
FINANCIAL CHRONICLE
Season
On Hand
Aug. 1.
Produced Shipped Out
Aug.1-Mar.31 Aug.1-Mar.31
On Hand
Mar. 31.
1928-29 020,350,6821,443,079,772 1,381,872.671 *106.954,831
Crude oil
124,029,065
16,296,641 1,370,359,2291,276,870,31
1927-28
(Pounds)
6584,978,238
1928-29 a335,993,22351227,334,42
Refined oil
543,876,492
(Pounds)
1927-28 378,612,7001,116,363,184
1,862,52
239,050
1928-29
Cake and meal
, .
110,600
1,900,57
63,632
1927-28
1,947,547
(tons)
121,317
1,148,28
1,240,314
29,291
1928-29
Hulls
104,708
1,293,35
1927-28
1,230,015
168.045
(tons)
206,164
812,84
975,012
1928-29
Linters
43.994
132.924
725,598
(running bales) 1927-28
812,345
46,177
2,931
60.239
1928-29
Hull fiber
60,39
2,775
19,595
70,255
1927-28
(500-1b. bales)
67.92
21,930
13,444
Grabbots.motes,&c. 1928-29
29,083
40,624
1,903
7,390
26.965
1,842
(500-1b. bales) 1927-28
32.513
•Includes 3,093,476 and 12,272,308 pounds held by refining and manufacturing
establishments and 3,290.652 and 19,508.870 pounds in transit to refiners and
consumers Aug. 1 1928 and March 31 1929. respectively.
a Includes 7,594,021 and 5,853,287 pounds held by refiners, brokers, agents:
and warehousemen at places other than refineries and manufacturing establishments
and 10,166,451 and 16,083,358 pounds in transit to manufacturers of lard substitute, oleomargarine. soap. &c.,Aug. 1 1928 and March 31 1929, respectively.
b Produced from 1,331,629,955 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR SEVEN MONTHS ENDED
FEB. 28.
Item1929.
1928.
35,228,416
011, crude, pounds
16,458,206
5,777.000
Refined, pounds
5,545,537
Cake and meal, tons
283.299
238,319
120,159
Linters, running bales
120,141
Petroleum and Its Products-Reports of Billion-Dollar
Oil Combine and Conservation Divide Interest.
The5 interest of leading factors of the oil industry was
divided this week between the apparent results of voluntary
conservation of crude oil production and the reports from
Chicngo of a billion-dollar oil combine, affecting Robert W.
Stewart, Arthur W. Cutten and the Sinclair organization.
In the first matter the report of the American Petroleum
Institute for last week, ending April 13 and issued this week,
showed that reduction of production in almost all of the
producing districts was accomplished. There was a decrease
of 43,050 barrels daily during the period covered. At the
same time there was a marked reduction in the shipments
to Atlantic and Gulf Coast ports from the West coast. The
report showed that receipts of California crude and refined
oils at Atlantic and Gulf Coast ports for the week averaged
35,286 barrels daily, as compared with a daily average of
75,000 barrels during the previous week.
In the second development of the week reports from Chicago indicate that Robert W. Stewart and Arthur W.
Cutten are the leading figures in a combine which, if consummated along the lines outlined, might change the oil industry
situation throughout the entire country. It would doubtless mean the absorption of numerous smaller organizations
and the creation of a new oil combine with a leadership as
powerful as that of the Rockefeller interests.
As a matter of fact, a statement issued to the press by Mr.
Cutten, his first word on the proposition, indicates that this
development is to ensue. He declares: "The Sinclair Consolidated Oil Corp. is destined to become one of the greatest
oil companies in this country." Joined with reports of this
new proposition are statements to the effect that Harry F.
Sinclair was planning his retirementfrom active participation
in the management of the corporation bearing his name.
It became known Thursday that the Marland Oil Co. has
purchased control of the Texon Oil & Gas Co.for $10,000,000.
Texon, with an annual production capacity of about 2,000,000 barrels, owns jointly with the Marland Oil Co. of Texas
oil and gas leases on 85,100 acres in Texas. It was reported
here this week that directors of the Standard Oil Co. of
Indiana are planning to acquire the minority stock interest
in the Pan-American Petroleum and Transport Co.
The oil industry was keenly interested to learn this week
that Thomas B. Slick has decided not to retire permanently
from the industry. Mr. Slick, who a few weeks ago sold
his Mid-Continent oil holdings to the Prairie Oil and Gas
Co.for about $30,000,000, has abandoned his plan of taking
rvot. 128.
FINANCIAL CHRONICLE
2546
an extended vacation and has organized the Tom Slick Oil
Co. Mr. Slick is known in the trade as the "world's greatest individual operator."
Crude oil prices have been well maintained this week and
continued conservation applied individually throughout the
producing areas will doubtless be felt in a short time when
existing stocks have been somewhat depleted.
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 13 1929, was 1,506,750 barrel, as compared with, 1.548,450
barrels for the preceding week, a decrease of 41,700 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was
1,457,600 barrels, as compared with 1,499,200 barrels, a decrease of
41,600 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.
Prices of Typical Crudes per Barrel at Wells.
follow:
(All gravities. where A. P. I. degrees are not shown.)
-Week Ended--Week Ended$4.10 Smackover, Ark., 24 and over-_ 3.90
Bradford, Pa
North LouisianaApr.13 Apr.6.
OklahomaApr. 13 Apr.6.
.75
1.75 Smackover, Ark., below 24
Corning. Ohio
5,450
25,850 Haynesville
5.400
26,200
Dome
Allen
1.14
1.35 El Dorado Ark 34
CabeII, W. Va
5.850 5,800
33,000 35,250 Urania
Bowlegs
.90
1.45 Urania, La
Illinois
Arkansas19,550 19.500
Bristow-Slick
1.23 Burbank
1.53 Salt Creek, Wyo., 37
Western Kentucky
9,150 9,250
21,300 21,700 Champagnolle
1.85
1.23 Sunburst, Mont
Mideontinent, Oklahoma, 37
7,600 Smackover (light)
6,200 6,300
7,600
1.08 Cromwell
.80 Artesia. N. Mex
Corsicana, Tex., heavy
49,150 49,250
59,250 61,150 Smackover (heavy)
Earlsboro
1.35 Little River
.87 Santa Fe Springs. Calif.. 33
Hutchinson. Tex. '35
70,450 75,650
.80
1.00 Midway-Sunset, Calif., 22
Luling, Tex
Coasta Texas11.000 11.150
1,09 Logan County
1.20 Huntington, Calif.. 26
Spindletop, Tex., grade A
9,450
9,750
27.000 Hull
26,500
Maud
1.18
1.05 Ventura, Calif., 30
Spindletop. Tex.. below 25
15,700 15,400
25,200 28,550 Pierce Junction
Mission
1.90
.65 Petrolla, Canada
Winkler. Tex
32,000 32,700
99,850 108,450 Spindletop
St. Louts
7,000
6,250
9.350 10,150 West Columbia
%aright
31,550 35,000
REFINED PRODUCTS-FURTHER ADVANCES MADE IN U. S. Seminole
Louisiana
Coastal
10,050
10,100
ACTIVE.
Tonkawa
MORE
KEROSENE
GASOLINEMOTOR
3,100
East Hackberry
2,600
KansasDome
2.100
2,600
With continued absorption on a large scale following Bedgwick County - 23,750 15,500 Sulphur
400
Sweet Lake
400
Panhandle Texas
4.200
4,300
closely upon the further advances made in U. S. Motor Carson County
6,300 6,200 Vinton
4,100
Old Hackberry
3,900
30,750
28.150
County
Gray
see
will
week
Gasoline this week, it is believed that next
WyomingHutchinson County__ __ 24,950 26,650
30,100 32,400
Salt Creek
North Texasthis grade generally held at 934c. with shadings difficult Archer
16,600 16,700
County
Montana26,750 27,400
to secure. Although the severe weather changes of the early Wilbarger County
5,300 5,300
Sunburst
West Central Texaspart of week would ordinarily have been expected to slow Brown
8,700 8,750
County
CaliforniaCounty__ _ _ 13,250 13,500
up the normal spring increase this was apparently not the Shackelford
10,500 10,500
Dominguez
West Texas28,000 27,000
Crane & Upton Counties 49,000 49,400 Elwood-Goleta
case, and consumption is continuing at a high level.
46,500 46,500
42,700 44,100 Huntington Beach
Howard County
25,500 26.000
88,200 87,900 Inglewood
The favorable outlook as to the success of concerted crude Pecos County
4,000
4.000
18,500 18,700 Kettleman 11111,
County
oil curtailment has done much to strenghthen the refined Reagan
185,000 185.000
143,200 161,550 Long Beach
Winkler County
72,000
500
72
Midway-Sunset
TexasCentral
East
markets, combined with improvements of the Mid-con- Oorelcana-Powell
7,000
7,000
8,150 8,200 Rosecrans
147,000 152,500
Santa Fe Springs
Southwest Texastinent gasoline market and the upward tendency in the Gulf.
45.500
48,500
Seal
11,500
Beach
11,750
Laredo District
14,500 14,509
12,450 12,750 Torrance
Foreign demand is also showing marked improvement.
Luling
55,000 55,000
41,800 39,950 Ventura Avenue
markets are in a firmer condition than last Salt Flat
Kerosene
week. Consumption has shown no falling-off, although
there has been little improvement. Prices are held fairly
firm and in only rare instances have there been confirmed
reports of price shading. Expectations of market factors for
the immediate future include an upward turn in export
requirements. Bunker and Diesel oil hold well maintained.
Changes for the week were:
April 17-Pan-American Petroleum Co. announces advance of Ric. a
gallon on U.S. motor gasoline tankcar at refineries, making price 9)ic.
April 18-Shoe) Eastern Petroleum Co. announced advance of he. a
gallon on U. S. motor gasoline tankair at refineries.
Gasoline, U. S. Motor, Tankcar Lots, F.0.11. Refinery.
.0631 North Louisiana__ __.07
New York (Bayonne).09 jArkansas
.0631
0%31 North Texas
gees. export_ 0
California
West Texas
.07
Oklahoma
Chicago
.09
.0731 Gulf Coast, export_ 083i Pennsylvania
New Orleans
Gasoline, Service Station, Tax Included.
.182
Minneapolis
.18
.19
Cincinnati
New York
.195
.16
New Orleans
Denver
.21
Atlanta
.21
.188 Philadelphia
.22
Detroit
Baltimore
.215
San Francisco
.18
Houston
.20
Boston
.205
.24
Spokane
Jacksonville
.15
Buffalo
169
.179 St. Louis
.15
Kansas City
Chicago
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
Chicago
053•1 New Orleans
.0734
New York (Bayonne).08
.06A
.0514 Los Angeles, export_ -.0535 Tulsa
North Texas
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
.75
Gulf Coast
.85
New York (Bayonne)1.05 Los Angeles
.85
.95
Chicago
2.00 New Orleans
Diesel
Terminal.
or
Refinery
Gas Oil, 32-36 Degree, F.O.B.
.03
03 !Tulsa
New York (Bayonne).05,111Chicago
Crude Oil Output in United States Continues Increase
Over Last Year.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States, for the week ended April 13 1929 was 2,615,050
barrels, as compared with 2,658,100 barrels for the preceding
week, a decrease of 43,050 barrels. Compared with the
output for the week ended April 14 1928, of 2,382,600
barrels per day, the current figure shows an increase of
232,450 barrels daily. The daily average production east
of California for the week ended April 13 1929 was 1,838,850
barrels, as compared with 1,880,900 barrels, for the preceding week, a decrease of 42,050 barrels. The following
estimates of daily average gross production, by districts,
are for the weeks shown below:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Apr. 13'29. Apr. 6 '29. Mar.30'29. Apr. 14'28
624,800
073,700644,350
648,300
Oklahoma
04,150
112.350
97.850
105.350
Kansas
71,700
60,700
66.100
61,700
Panhandle Texas
83,800
65,400
83,450
82.900
North Texas
54,250
52.350
52.350
West Central Texas52,500
361,650
378,850
374,550
West Texas
354.400
23,900
19,900
19.900
East Central Texas
19.800
23.550
72.200
71,900
Southwest Tema
73,400
48,850
35,700
35,550
North Louisiana
35,600
85,300
74,250
73,100
Arkansas
72,800
104.150
126,600
130.150
134,100
Coastal Texas
14.950
21.550
20,700
Coastal Louisiana
20.400
106,000
109,750
110,250
110.500
Eastern
55,050
51,400
51.150
48.400
Wyoming
11,950
10.200
9,600
9,65(1
Montana
6,750
6.850
7,100
6,500
Colorado
2.100
2.850
3,500
2,550
New Mexico
609.800
781,900
776,200
777,200
California
Total
2.615,050
2.658,100
20527,250
2.382.600
Shipments of Portland Cement Exceed ProductionStocks Slightly Lower.
The Portland cement industry in March 1929, produced
9,969,000 barrels, shipped 10,113,000 barrels from the mills,
and had in stock at the end of the month 29,727,000 barrels,
according to the U. S. Bureau of Mines, Department of
Commerce. The production of Portland cement in March
1929, showed a decrease of 2.5%, and shipments a decrease
of 0.2%, as compared with March 1928. Portland cement
stocks at the mills were 8.3% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
March 1929, and of 155 plants at tho close of March 1928.
In addition to the capacity of the new plants which began
operating during 12 months ended March 31 1929, the
estimates include increased capacity duo to extensions and
improvements at old plants during the period.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN MARCH 1928 AND 1929 (IN BBLS.).
Shipments.
Production.
District.
1928.
1929.
1929.
1928.
Stocks at End of Month
1928.
1929.
Eastern Pa.. N.
J. and Md.. 2,512,000 2,513,000 2,396,000 2,506,000 6,682,000 6,941,000
504,000 1,866,000 2,073,000
499,000
593,000
N.Y. de Me___
587,000
Ohio, West.Pa.
869,000 3,411,000 3.650,000
834,000
851,000' 908,000
&W.Va.__
543,000 2,260.000 2,691,000
505,000
476,000
560,000
Michigan
Wis.. III., Ind.
948,000 3,661.000 4.049,000
933,000 1,086,000 1,004,000
and Ky
.
Va..Tenn.,Ala..
900.000 1,935,000 2,248,000
Ga.,Fla.&La. 1,268,000 1,028,000 1,298,000
East. Mo., Ia.,
700,000 3,912,000 4,297,000
730,000
644.000
687.000
Minn.& S.D.
West.Mo.,Neb.,
905.000 1,463,000 1.497,000
829,000
620,000
645,000
Kan.Sz Okla.
446,000
450.000
594,000
562.000
552.000
527,000
Texas
Colo., Mont. &
454,000
482,000
144,000
174,000
160.000
57,000
Utah
894,000
860,000
1,171,000 1.170.000 1,082,000 1.148.000
California
587,000
463.000
292,000
222,000
297.000
347,000
Oregon& Wash.
Total
10,223,000 9,969,000 10,135,000 10,113,000 27,445,000 29,727,000
PORTLAND
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED
CEMENT,BY MONTHS. IN 1928 AND 1929( N BARRELS).
Production.
Month.
1928.
_
Jan
Feb_ _ _
March__
April_ _
May _
June.
July_
August _
Sept_
Oct_ _ _
Nov_ _
Dec.
9.768,000
8.797,000
10,223,000
13,468,000
17.308.000
17,497,000
17,474,000
18.759,000
17,884,000
17,533,000
15,068,000
12,189,000
Total_ 175,968,000
Shipments.
Stocks at End of Month.
1929.
1028.
1929.
1928.
26.797,000
9,881.000 6.541.000 5,707,000 25,116.000 e29.871,000
8,522,000 6,5(13,000 5,448.000 27,349,000
27,445.000 29,727,000
9,969.1100 10.135,000 10.113,000 27.627.000
13,307,000
25.081.000
18.986.000
25.029,000
18,421.000
22,580,000
19.901.000
19,374.000
21,970.000
16,799,000
20,460,000
14,579,000
19,836,000
17,769.000
11.951,000
22,650,000
7.384,000
1929.
175,455,000
a Revised.
Note.-The statist ea above presented are compiled from reports for March:
from all manufacturing plants except two for which estimates have been Included
In lieu of actual returns.
APRIL 20 1929.]
FINANCIAL CHRONICLE
RELATION OF PRODUCTION TO CAPACITY.
Mar.'29: Mar.'28. Feb. '29. I Jan.'29.
The month
The 12 months ended-
47.4%
70.9%
51.7%
74.6%
44.8%
71.0%
46.5%
71.0%
Dec.'28.
60.4%
74.0%
Stabilization of Copper Price Above Past Ten Years Average
Predicted by Walter G. Clark of Associated Metals
Corporation.
Stabilization of the price of copper metal at well above
the average of the past ten years and not far below the
present price level is predicted by Walter Gordon Clark,
Chairman of the Board of Consulting Engineers of Associated Metals Corporation, a $30,000,000 company organized
for the purpose of extending to the metal mining industry
the fundamental ideas of the investment trust plan. On the
advice of Mr. Clark, the North American Mining & Smelting
Corporation, a unit of Associated Metals, has taken under
option several large copper properties subject to final approval by the company's engineers, which if acquired, would
place the North American Company among the largest copper producers of the country. According to an official of the
Corporation, field engineers have placed a tentative gross
valuation °Li one of these properties of approximately $40,000,000, this estimate being based on value shown in smelter
returns blocked and indicated ores and figured on a price of
16Ih cents a pound for the red metal.
Steel Output Continues at High Rate-Pig Iron Price
Lower-Steel Price Unchanged.
Incoming business in finished steel is no longer equal to
shipments except in the Chicago district, reports the "Iron
Age" of April 18. A let-up in bookings was not unexpected
in view of the unusually heavy commitments of producers
and may indicate nothing more than an interlude between
buying movements, continues the "Age," further stating:
The present concern of the steel industry is not to add to its obligations,
but rather to produce and ship the tonnage being specified. While the flow
of finished steel to consumers is now apparently adequate to satisfy their
needs, as evidenced by an abatement in the pressure for shipments, both
Integrated and non-integrated producers are handicapped by a scarcity of
semi-finished material.
To relieve a shortage of steel at its Chicago district plants the Steel
Corp.
has put in a second blast furnace at Duluth and plans to raise mill output
there to capacity. Crude steel is already moving from the head of the
Lakes to Gary.
The tendency toward higher prices for semi-finished material has crystallized in a definite announcement by the leading steel interest of an advance, effective at once. Billets are raised $2 and sheet bars $1 a ton to a
common quotation of $36.
Mills that sell crude steel are having difficulty apportioning the supply
among their customers. Reserve stocks have already been virtually exhausted, and the replacing of this surplus will be an important factor in
sustaining the high rate of ingot output when shipments of finished material
begin to taper.
A seasonal recession in steel business usually begins about this time of the
year, but no decline in the movement of finished products is yet evident.
Such a change, which is expected to show itselffirst in automobile steels, may
not occur for another 30 days.
While a dip in steel plant operations is looked for as summer approaches,
It is believed that it will be even more gradual than in 1028. This view
is apparently supported by the statement of President Farrell to stockholders of the Steel Corporation, forecasting sales of $1,500,000,000 for the year,
compared with $1,374,400,000 in the previous 12 months.
If a reduction in the requirements of the motor car industry is due,
demands from other consuming lines show few signs of diminishing. A
large part of the steel for railroad equipment and fabricated steel orders
recently placed is still to be rolled. Structural steel awards for the past
7 days, although not matching the high totals of the 2 previous weeks,
were above average, aggregating 58,000 tons. Makers of steel pipe for gas
and oil lines have heavy backlogs, and a decline in production by makers
of tillage machinery is more than offset by increased operations by manufacturers of other types of farm machinery. Road machinery
builders
are operating at capacity, and the expanded needs of can makers
have
forced the leading producer of tin plate to raise operations to 93%, compared with 90% of capacity a week ago.
A new source of tonnage will be the Government's cruiser program. On
June 5 the Navy Department will receive bids on 2light cruisers from private
shipyards and estimates on 3 from Navy yards, calling for a total of
30.000
tons of plates and shapes.
Notable among the few iron and steel consuming industries that are
retrenching are the makers of radiators and sanitary ware, who are commencing to feel the slump in dwelling house construction. Of interest also
from a barometric standpoint is a slowing up in machine tool orders, after
10 consecutive monthly gains, extending through February.
Steel ingot output remains unchanged, with Steel Corp. subsidiaries
operating at 96% of capacity and independent plants at perhaps an even
higher rate. Chicago district mills have been running above practical capacity and the strain on equipment is beginning to show, foreshadowing a
curtailment of output for necessary repairs.
Mills are more concerned with operations than with prices, but second
quarter quotations seem to be fully representative of the market except on
black and galvanized sheets.
The situation im primary materials is mixed. Pig iron demand has paused
between quarterly buying movements. Valley and eastern Pennsylvania
furnaces have announced advances of 50c. a ton, but Southern pig iron
has broken another 50c. a ton to $15. Birmingham,and sharper competition
has developed in the Chicago district, where Buffalo iron, to be shipped by
boat, is being offered at concessions.
Scrap is easier in most markets. While heavy melting steel is unchanged
at Pittsburgh, virtually all other grades have declined in that center.
2547
Furnace coke at Connellsville has receded another Sc. a ton to $2.75,
entirely wiping out the advance that began in February and reached its
peak early in March.
A Milwaukee fabricator of steel pipe and automobile frames has inaugurated Lake shipments of steel from Chicago, having received the initial cargo
of 3,000 tons last week. This company's April production schedule calls
for 75.000 tons of plates and 25,000 tons of strip steel.
Copper has again declined, now being quoted at 18c., delivered Connecticut Valley.
A decline in the "Iron Age" composite price for pig iron, from $18.54 to
$18.46 a ton, wipes out the advance of a week ago. Finished steel remains
at 2.412c. a lb., as the following table shows:
Finished Steel.
Pig Iron.
April 18 1929. $18.48 a Gross Ton.
April 16 1929, 2.412c. a Lb.
2.412e, One week ago
One week ago
918,54
2.3910. One month ago
18.29
One month ago
2.382c. One year ago
17.07
One year ago
1.6890. 10-year pre-war average
15.72
10-year pre-war average
Based on average of basic iron at Valley
Based on steel bars, beams,tank plates,
wire nails, black pipe and black sheets. furnace and foundry irons at Chicago,
These products make 87% of the United Philadelphia, Buffalo, Valley and Birmingham.
States output of finished steel.
Low.
High.
Low.
High.
19292.412c, Apr. 2 2.391c. Jan. 8 1929-$18.54 Apr. a $18.29 Mar. 19
1928_.2.391e. Dec. 11 2.314c. Jan. 3 1928___ 18.59 Nov.27 17.04 July 24
1927__2.453c. Jan. 4 2.293e. Oct. 25 1927_ 19.71 Jan. 4 17.54 Nov. 1
1926_2.453c. Jan, 5 2.403e. May 18 1928_.... 21.54 Jan, 5 19.46 July 13
1925_2.560e. Jan, 6 2.396c. Aug. 18 1925.... 22.50 Jan, 13 18.98 July 7
Finished steel markets display remarkable vitality considering their record performance thus far in 1929, the
"Iron Trade Review" says in its weekly summary of the
iron and steel markets. The situation is more mixed, a
condition likely to become accentuated as the quarter wears
on, but on the whole production is off only fractionally
from the recent peak, deliveries on some products are further
deferred, and specifications assure May operations, continues
the "Review" which is further quoted as follows:
Most consumers being well protected for the second quarter and loath,
as usual, to commit themselves for the third, incoming business in some lines
has contracted. In isolated cases dragging delivery of some products has
compelled users to hold back on others more available.
Neutralizing this, mills only now are receiving specifications against some
of the recent heavy railroad equipment orders, resulting in the paradox
of deliveries lengthening as new business shrinks. Steelmaking equipment
may shortly begin to feel the strain of operations in excess of 100% for
6 to 8 weeks, and this may militate against an easier situation despite some
ebbing in demand.
Though Steel Corporation subsidiaries are off 2 points from their 98%
schedule of last week, their position appears relatively stronger than that of
independent producers. The increase of 266.377 tons in their unfilled
tonnage as of March 31 in the face of record production evidences this.
Independent producers this week average 96%. Chicago operations hold
at about 98%. Pittsburgh at 95 and Buffalo at 90, while the Mahoning
Valley gained slightly this week to 92%.
Pig iron presents a less virile situation as regards new buying, but shipments have lost none of their vigor. Some quiet placing of third quarter
requirements of large melters is noted, but average consumers probably
will not buy for that delivery until May. Automotive foundries in particular are pressing for iron. Several producers are up 50 cents on all
grades in the Pittsburgh-Youngstown district, but the new levels have not
been put to the test. Basic and foundry iron have been advanced 50 cents
In eastern Pennsylvania.
Of the raw .materials other than pig iron, scrap is variable but with a
steady movement and prices generally strong. Relatively, the Pittsburgh market is the strongest Though more merchant ovens have been
blown out, beehive furnace coke market is not strong.
Especially at Pittsburgh have plates wrested market leadership from bars.
Line pipe and tank work there and at Chicago account for large tonnages,
and in the East a number of pipe lines that will probably go steel are being
figured. A Milwaukee maker of welded pipe is taking 75,000 tons of plates
this month. A Great Lakes steamer inouiry calls for 2,500 tons.
Structural activity, while responding somewhat to the season, continues
to feel the restrictions on credit. Reinforcing bar projects are similarly
affected. Carbuilders at Chicago are beginning to specify small shapes for
recent car orders and on some sections delivery before June is impossible.
Activity in soft steel bars is a shade off the peak of late March, but scarcely
suMciently to enable mills to deliver more promptly. Backlogs of Chicago
bar mills are longer.
Lack ofsheet bars continues to dampen sheet production in thePittsburgh,
Youngstown and Chicago districts. Deliveries have not advanced perceptibly, and on full-finished sheets some makers offer no better than five
weeks and on the common finishes three to four weeks. Contrasting with
the strong situation in heavy steel prices, occasional weakness has developed in the common sheet grades.
Fresh buying of both hot and cold rolled strip is lighter. Specifications
continue heavy, out most jakers have improved delivery slightly. Manufacturers' wire Is moving at substantially the peak rate. Cast pipe lettings
are not up to seasonal expectations.
For the 1,600 cars ordered in the past week,including 1,000for the Canadian National and 500 for the Northern Pacific, carbullders have over
30,000 tons of steel to place. New inquiry includes 500 for the Union
Pacific.
First cargoes of 1929 Lake Superior iron ore are being brought down this
week, there being especial demand for some special grades stocks Of which
the usual consumption of the first quarter cut down. Further buying
substantiates the advance of 25 cents a ton in Lake ore.
Outlook for the British iron and steel industry is distinctly favorable,
states the"Iron Trade Review" weekly cable from London, with Middlesborough producers planning to light three blast furnace stacks. March
production of both pig iron and steel Ingots in Britain was higher than in
February and January. The continental markets are reported strong,
with exports good.
An advance in basic iron In eastern Pennsylvania has put up the "Iron
Trade Review" composite of 14 leading iron and steel products one cent,
to $36.82. One month ago this index stood at $36.42, end this year it has
risen 40 points.
In the face of a drop of 2% in the ingot production of the
U. S. Steel Corp. during the past week there has been an
increase of 2% in the activities of the independents, states
the"
.Wall Street Journal" of April 16. This latter change
is quite a surprise,in view of the fact that most trade authorities had expected all operations to be down. The, gain by
FINANCIAL CHRONICLE
2548
[VOL. 128.
the independents is due primarily to tne greater activities is estimated at 1,327,000 net tons as compared with 1,503,000
of several of the larger units, adds the "Journal," which tons in the corresponding period last year and 1,112,000 tons
in the week ended March 30 1929. The total output of
is further quoted as follows:
For the U. S. Steel Corp. the 'operations are now at 96% of capacity, beehive coke during the week ended April 6 last is estimated
compared with 58% in the preceding week and between 97% and 98% two at 97,500 net tons as against 115,700
tons in the preceding
weeks ago.
he
Independent steel companies also are running at c.6%, contrasted with week and 92,200 tons in the week ended April 7 1928.
about 94% in the previous week and approximately 93M % two weeks ago. Bureau's statement is as follows:
For the entire industry, the average is unchanged from a week ago at
96%. Two weeks ago the rate was 95%%•
At this time last year the Steel Corp. was running at 89%, with independents at 80%, and the average was 84%.
BITUMINOUS COAL.
•
The total production of soft coal during the week ended April 6 1929.
including lignite and coal coked at the mines, is estimated at 7,627,000
net tons. Compared with the output in the preceding week, this shows a
The "American Metal Market" this week says:
decrease of 317.000 tons, or 4%. April 1-Eight-Hour Day-is observed
No doubt the beginning of the end of the special seasonal bulge in steel as a holiday in some fields. Production
during the other five days increased,
production has now been reached. The seasonal peak in steel production however, and the average daily rate for
the entire week was higher than
is generally attained in the latter half of March. This year there were three In the preceding week.
features. The peak rate was reached a trifle earlier than usual, it was
Estimated
United
States
Production
of
Bituminous Coal (Net Tons) (Incl. Coat Coked).
about 12% above the highest rate prior to this year, and recession is un19291928
usually slow in coming. Recent predictions that the full rate would conCal. Year
Cal. Year
to
date
no
modification,
but
tinue until late in May are likely to require
Week.
to Date.
Week.
to Date.*
material decrease Is visible.
March 23
130,129.000
8 409,000
9,871,000
118,405,000
Daily average
1,401,000
1.848.000
1,645.000
1,687,000
March 30_1z
7,944,000
138,073,000
9,309,000
127,714,000
Coal Mine Wages Cut-Reduction Made by Two Bitum- Daily
1 324,000
1,807,000
average
1,552,000
1,876,000
inous Companies in Pennsylvania.
April 8-c
7427,000
145,700,000
7,158,000
134,872,000
1,362,000
1.777,000
1,256,000
1,647,000
Associated Press adviees April 18, in the "Evening Post" Daily average_d
first
week
in
January
to
equalize
a Minus one day's production
number of days
said:
in the two years. b Revised since last report. c Subject to revision. d April 1
A wage reduction from 1.7% to more than 7%, was announced to-day by counted as 6 tenths of a working day.
J. D. A. Morrow, President of the Pittsburgh Coal Company. The cut afThe total production of soft coal during the present calendar year to
fects all mine workers.
April 6 (approximately 82 working days) amounts to 145,700,000 net tons.
The minimum day's wage for workers inside the mines was reduced from Figures for corresponding periods in other recent calendar years are given
$4.72 a day to $4.46, while the minimum wage for the more skilled inside below:
workers was cut from $5.44 to $5.04 a day. Morrow said that the reduction 1928
152,159,000 net tons
134,872,000 net tons 11928
would affect other workers in proportion. The Pittsburgh Coal Company 1927
136,624,000 net tons
175,072,000 net tons 11925
is one of the largest producers of bituminous coal in the country. A wage
As shown by the revised figures above, the total production of soft coal
also
was
anCompany
cut of approximately 73.6% by the Carnegie Coal
for the country as a whole during the week ended March 30 amounted
nounced to-day.
to 7,944,000 net tons. This is a decrease of 465,000 tons, or 5.5% from
the output in the preceding week. The following table apportions the
tonnage by States and gives comparable figures for other recent years.
Anthracite Shipments in March Lower.
Estimated Weekly Production of Coal by States (Net Tons).
Shipments of anthractie for the month of March 1929, as
Week Ended
March
Mar.23
Mar. 31
PhilaMar.30
April 2
Information,
1923
of
Anthracite
Bureau
to
the
reported
1929.
1928.
State1929.
1927.
Average.a
delphia, amounted to 3,628,691 gross tons. This is a de- Alabama
318,000
341,000
295,000
442,000
423,000
crease as compared with shipments during thesame month last Arkansas
12,000
25,000
10,000
19,000
22,000
151,000
136,000
140,000
compared
with
Colorado
208,000
when
195,000
short,
year, of 546,791 tons, and falls
878,000
1,758,000
866,000
Illinois
1,298,000
1,684,000
the preceding month of February, this year, 1,539,506 tons. Indiana
328,000
447,000
296.000
392,000
575,000
Shipments for the coal year ending March 31, 1929, Iowa
62,000
98,000
64,000
84,000
122,000
36,000
67,000
Kansas
40,000
61,000
184,000
amounted to 61,314,046 tons as compared with 61,275,008
720,000
Kentucky-Eastern
638,000
557,000
917,000
560,000
tons during the preceding coal year, showing an increase of
214,000
369,000
Western
200,000
338.000
215,000
39,038 tons.
Maryland
52,000
48,000
34.000
27,000
52,000
Michigan
13,000
14,000
10,000
8,000
32,000
Shipments by originating carriers are as follows:
62,000
Missouri
53,000
52,000
49,000
60,000
Mar. 1929. Mar. 1928. Feb. 1929. Montana
Month of35,000
52,000
36,000
47,000
88,000
946,327 New Mexico
777,654
676,295
Reading Company
46,000
54,000
42,000
54,000
53,000
798,683 North Dakota
611,373
583,014
Lehigh Valley
26,000
30,000
30,000
20.000
34,000
478,611 Ohio
507,542
308,049
333,000
196,000
Central RR. of New Jersey
243,000
395,000
740,000
30,000
23,000
28,000
52,000
55,000
907,532 Oklahoma
705,243
626,825
Delaware, Lackawanna ds Western
2.256.000 3.065.000 3,249,000
732,780 Pennsylvania (bitumin.)_ 2,420,000 2,488,000
497,457
489,840
Delaware & Hudson
100,000
103,000
135,000
118,000
72,000
Tennessee
373,427
447,258 Texas
345,147
Pennsylvania
19,000
16,000
15,000
24,000
16,000
448,581
543,287 Utah
73,000
79,000
68,000
375,185
85,000
71,000
Erie
213,000
234,000
230,000
213,000
216,000
Virginia
122,059
129,082
82,802
N. Y., Ontario di Western
74,000
39,000
39,000
33,000
41,000
Washington
141,554
132,146
184,637 W.
Lehigh & New England
1,400,000 1,521,000 1,440,000 2,052,000 1,203,000
Va.-Southern_b
580,000
632,000
623,000
861.000
686,000
Northern_c
3,628,691 4,175,482 5,168.197 Wyoming
Total
100,000
100,000
107,000
105,000
188,000
1,000
1,000
3,000
6,000
7,000
Other States
Monthly Production of Coal in March.
The total production of soft coal during the month of
March amounted to 39,347,000 net tons,as against 47,271,000
tons in February, according to the United States Bureau
of Mines. The average daily rate of output in March was
1,513,000 tons, a decrease of 457,000 tons, or 23.2%, from
the average rate for the month of February. The production of Pennsylvania anthracite decreased from 6,670,000
net tons in February to 5,044,000 tons in March. The
average daily rate of output in March was 194,000 tons, a
decrease of 90,000 tons, or 31.7%, from the average rate
for the month of February. The Bureau also shows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN FEBRUARY (Net Tons).
Bituminous.
Month.
Anthracite.
No. of Ans. per
No. of Arge. per
Total
Working Working
Working Working
Total
Day.
Production Days.
Day.
Production Days.
January, 1929-- - 51,456,000
February
47,271,000
March_a
39,347,000
March 1928
43.955,000
a Revised.
26.4
24.0
26.0
27.0
1,949,000
1,970,000
1,513,000
1,628,000
7,337,000
6,670,000
5,044.000
5,497,000
20.0
23.5
26.0
27.0
282.000
284,000
194,000
204,000
Bituminous Coal and Beehive Coirc Output DeclinesAnthracite Production Higher.
According to the U. S. Bureau of Mines, the output of
bituminous coal declined from 7,944,000 net tons for the
week ended March 30,to 7,627,000 tons for the week ended
April 6. This compares with 7,158,000 tons produced in
the week ended April 7 1928. The total production of
Pennsylvania anthracite during the week ended April 6 1929,
Total bituminous coal- 7,944,000 8,409,000 9,309,000 11,011,000 10,764,000
Penneylvania anthracite_ 1,112,000 1,132,000 1,308,000 1,119,000 2,040,000
Total all coal
9,056,000 9,541,000 10,617,000 12,130,000 12,804,000
a Average weekly rate for entire month. b Includes operations on the N. & W.
C. & 0.: Virginian: K. & M., and Charleston division of the B. & 0. c Rest of
State, including Panhandle.
•
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
April 6 Is estimated at 1,327,000 net tons. Compared with the revised
estimate for the preceding week, this shows an increase of 215,000 tons,
or 19.3%. The cumulative production of anthracite during the calendar
Year 1929 to April 6 amounts to 20.378.000 tons as against 18,015,000
tons during the corresponding period in 1928.
Estimated Production of Pennlyivania Anthracite (Net Tons).
1929
928
Cal.Year
Cal. Year
Week Endedto Dales
Week.
to Dale.
Week.
March 23
15,204,000
1,132,000
17,939,000
1,095,000
16,512,000
March 30.b
1 112,000
1,308,000
19,051,000
April &c
1 327,000
18.015.000
1,503,000
20,378,000
a Less one day's production first week in January to equalize number of dills
In the two years. b Revised. c Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended April 6
is estimated at 97,500 net tons, a decrease of 18.200 tons, or 15.7% from
the revised estimate for the preceding week. The following table shows
In detail the sources of the tonnage:
Estimated Production of Beehive Coke (Net Tons).
1929
1928
Week Ended
to
to
April 7
Mar.30
April 6
Date.
Date.a
1928.
1929.b
1929.
1,238,300
70,000
913,400
Pennsylvania and Ohio....
93,000
72,100
135,900
8,100
185,000
West Virginia
10,100
12,900
5,500
23,800
65,200
Georgia, Ky.and Tenn.._ 1.100
2.200
4,600
68,000
66,200
Virginia
5,200
5,100
4,000
84,100
6.300
63,900
Colorado. Utah and Waah.
5,200
92,200 1,550.100 1,293,700
115.700
United States total....
97,500
15.367
18,676
19.283
15,587
Daily average
16.250
a Minus one day's production in January to equalize number of days in the two
years. b Revised.
2549
FINANCIAL CHRONICLE
APRIL 20 1929.]
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 17, made public by the Federal
Reserve Board, and which deals with the results for 12
Reserve banks combined, shows an increase for the week of
$30,800,000 in holdings of discounted bills and decreases of
$16,300,000 in bills bought in open market and $4,700,000
in Government securities. Government deposits increased
$40,700,000 and cash reserves $5,400,000, while Federal Reserve note circulation declined $4,500,000 and member bank
reserve deposits remained practically unchanged. Total bills
and securities were $17,400,000 above the amount held on
April 10. After noting these facts, the Federal Reserve
Board proceeds as follows:
Apr. 171929. Apr. 10 1929. Apr. 18 1928
3
3
S
Reserve with Federal Reserve Bank..._ 709,000,000 716,000,000 758,000,000
49,000,000
54,000,000
50,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
5,205.000,000 5,202,000,000 5,628.000,000
1,147,000,000 1,162,000,000 1,117.000.000
50.000,000
69,000,000 109,000,000
98,000,000
903,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_ 179,000,000
118.000,000 181,000.000
873.000,000 1.025,000,000
158.000.000
91,000.000
Loans on securities to brokers and dealers
877,000,000 915,000.000 1,164,000,000
For own account
1,662,000,000 1.631,000,000 1,703,000,000
For account of out-of-town banks
2,882,000,000 1,263,000,000
2,886,000,000
others
of
For account
Total
On demand
On time
5 425,000,000 5,427.000,000 4,129,000,000
5023.000,000 5,018,000,000 3,174,000,000
402,000,000 409,000.000 955.000.000
Chicago.
Holdings of discounted bills at the Federal Reserve Bank of Cleveland
2 036,000,000 2,050,000,000 2,017,000,000
decreased $20,300,000 and at Chicago $14,600,000. All other Federal Loans and investments—total
Reserve banks reported larger holdings of discounted bills, the principal Loans—total
1,600,000,000 1,599,000,000 1,503,000,000
Increases being: New York, $13,300,000: Atlanta, $8,500,000: Richmond,
908,000,000 907,000,000 833,000,000
On securities
$7,700,000. and Boston and Dallas $7,000,000 each. The System's hold692,000.000 692,000.000 670,000,000
All other
ings of bills bought in open market declined $16,300,000 and of Treasury
bonds
and Treasury notes
certificates $4,600,000, while holdings of U. S.
436,000,000 451,000,000 514,000,000
Investments—total
were practically unchanged.
184,000,000 182,000,000 228,000,000
U.S. Government securities
Federal Reserve note circulation was $4,500,000 less than a week ago,
251,000,000 269,000,000 286,000.000
Other securities
the principal changes being a decrease of $4,500,000 at Cleveland and increases of $2,300,000 at Boston and $2,000,000 at Chicago.
Reserve with Federal Reserve Bank_.— 170,000,000 169,000,000 178,000,000
17,000,000
15,000,000
15,000,000
The statement in full, in comparison with the preceding Cash in vault
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 2588 and 2589. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended April 17, is as follows:
Total reserves
Gold reserves
Increase (+1 or Decrease (—)
During
Year.
Week.
Apr.17 1929.
$
$
2 955,973,000
+71,448,000
+5,427.000
2 779,483,000
+60.045,000
+4,701,000
Total bills and securities
1,310,162,000
+16,379,000
—1,887.000
Bills discounted, total
994,296,000
Secured by U. S. Govt. obliga'ns 533,992,000
460,304,000
Other bills discounted
+30,764,000
—6,462,000
+37,226,000
+374,679.000
+142,412,000
+232,267.000
141,027,000
—16,290.000
—209.729,000
U. S. Government securities, total 161,429,000
51,629,000
Bonds
91,841,000
Treasury notes
17,959,000
Certificates of indebtedness
—4,660,000
+17,000
—110,000
—4,567.000
—179,257,000
—4.930,000
—31,283,000
—143,044,000
Bills bought in open market
Federal Reserve notes In circulation...1,653,228,000
—4,491,000
+71,214,000
2 379,774,000
2.302,392,000
45,455,000
+39,936,000
+452,000
+40.734,000
—43,492,000
—89,955,000
+39,152,000
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also 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 same 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 only $2,000,000. This follows a decrease of $135,000,000 last week, of
7,000,000 the preceding week and of $144,000,000 three
weeks ago, but an increase of $166,000,000 four weeks ago.
The amount of these loans on April 171929 at $5,425,000,000,
compares with $5,793,000,000 March 20 1929 (this latter
having been the high record in all time), and with $4,129,000,000 on April 18 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
.4pr. 17 1929. Apr. 10 1929. Apr. 18 1928.
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
7 252,000,000 7,276,000,000 7,120.000,000
5,398,000,000 5,421.000,000 5,270.000,000
2,682,000,000 2,708,000,000 2,643,000,000
0 716,000,000 2,713,000,000 2,626,000,000
1,854,000,000 1,854,000,000 1.850,000,000
1,089,000,000 1,085,000,000 1,059,000,000
766,000,000 769.000.000 791,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1,213,000,000 1,211,000,000 1,257,000,090
646,000,000 640,000,000 692,000,000
13.000,000
28,000,000
18,000,000
176,000,000
316,000,000
195,000,000
334,000,000
162,000,000
381,000.000
25,000,000
40,000,000
30.000.000
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 included 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. 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 willibe found the comments of the Fedora'
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 Apr. 10:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on April 10 shows declines for the week
net demand
of $167,000,000 in loans and investments. $105,000.000 in
deposits, $41,000,000 in time deposits, $31.000.000 in Government deposits
and $60,000.000 in borrowings from Federal Reserve banks.
Loans on securities declined $115.000,000 at reporting banks in the New
York district. $8,000.000 in the Dallas district and $134,000.000 at all
reporting banks. "All other" loans declined $25,000,000 in the Chicago
district and increased $13,000,000 in the New York district, $11.000,000 in
the Philadelphia district. $7,000,000 in the Dallas district and $5,000,000
at all reporting banks.
Holdings of United States Government securities declined $20.000.000 in
the New York district, $19,000,000 in the Chicago district and $52,000,000
at all reporting banks, while holdings of other securitte declined $11,000,000
In the New York district and increased $52,000.000 in the Chicago district
and $14.000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were $105,000.000
below the April 3 total, declined $127,000,000 at reporting banks in the
New York district, $24,000,000 in the Cleveland district and $8.000.000 in
the Boston district, and increased $42.000,000 in the Chicago district and
$10,000,000 in the Atlanta district. Time deposits decreased $18,000,000
In the New York district, $8,000,000 in the Boston district, $6,000.000 in
the San Francisco district and $41,000,000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks for the
week comprised reductions of $69,000.000 at the Federal Reserve Bank of
Chicago, $13.000,000 at St. Louis and $6,000,000 at San Francisco, and
Increases of $20,000.000 at Cleveland and 513.000,000 in New York.
2550
FINANCIAL CHRONICLE
[VOL. 128.
A summary of the principal assets and liabilities of weekly reporting
CIIBA.
member banks, together with changes during the week and the year ending
Shipments of sugar to the United States in March were larger than in
April 10 1929, follows:
March last year, but shipments of molasses, cigars and leaf tobacco deIncrease (+) or Decrease (—) creased.
Mee
Apr.10 1929.
Apr. 111928.
Apr. 3 1929.
GERMANY.
$
$
$
It has now become apparent that there exists a basis for a substantial
Loans and investments—total---22,393,000.000 •-167.000,000 +463,000,000
Improvement in German business conditions; the realization of this imLoans—total
16,454,000,000 —129,000,000 +646.000.000 provement, however, must necessarily be prolonged over a period of several
months. It Is believed though, the low point of this year's depression has
On securities
7,382,000,000 *-134,000,000 +507.000.000 now been passed
and the general position is somewhat similar to that of
All other
9,073,000,000
'+5,000,000 +140,000,000
April, 1926. A compromise on the terms of the 1929-1930 budget has just
Investments—total
5,939,000,000 •-38,000,000 —183,000.000 been accepted by the Government parties. It entails the abandonment of
Finance Minister Helferding's proposals for increased taxation on beer,
U.S. Government securities-- 3,024.000,000 '-52,000,000
+44,000,000
Other securities
+14,000,000 —227,000,000 brandy, capital and inheritances, thus effecting a cut of 180,000,000 marks
2,915,000,000
In government expenditure, to be distributed over all departments. This
Reserve with Federal Res've banks 1,672,000,000
—16,000,000 —129,000,000 program was made necessary on account of the opposition of Bavaria to a
Cash in vault
—9,000,000 higher beer tax, and the hostility of the
238,000,000
—2,000,000
People's and Center Parties to
Net demand deposits
13,052,000,000 —105,000,000 —819,000.000 increases in the capital tax. The money market felt a strain as a result of
Time deposits
+41,000.000 heavy government demands at the end of the budget year 1928-1929.
—41,000,000
6,789,000,000
Government deposits
+23,000,000 New foreign loans were conspicuously absent with the exception
258,000,000
—31,000,000
of a
Due from banks
—32,000.000 2.900.000 mark issue floated on the Dutch market during the month. No
1,151,000.000 *-28,000,000
American
loans
have
been
made since February, this situation being caused
Due to banks
2,726,000,000 *-116.000,000 —489,000,000
by high New York rates and the general desire of the banks to await a final
Borrowings from Fed. Res. banks_ 706.000,000
—60,000,000 +236,000,000 decision by the reparation's experts now in session. The turnover
of foreign
trade dropped slightly in the short month of February, with imports valued
•April 3 figures revised.
at 1.180,800,000 marks and exports at 973,800,000 marks. The reduction
In imports was due to a drop in raw materials and foodstuffs; exports,
however, practically maintained the previous level per working day.
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 20 the following summary of market conditions abroad, based on advices by cable and radio:
INDIA.
Keen disappointment has been displayed in Indian business circles due
to the failure of the Imperial Bank to reduce its rate as had been anticipated. All major commodity markets are extremely dull.
JAPAN.
Favorable negotiations with China and adjournment of the Diet, afford a
better trade outlook. Trade with China in the first quarter shows an export
ARGENTINA.
excess of 193,000,000 yen. Total foreign trade in the first quarter shows
Business throughout the week was good although somewhat quieter. an import excess of 26,000,000 yen. (1 yen equals approximately 30.45)•
Agricultural conditions improved, owing to general rains. During the first The stock market is weak.
quarter of 1929 exports of linseed and cereals were slightly smaller than
MEXICO.
those of the corresponding period of the previous year; of canned meats,
While Sonora is the only state left in the hands of the revolutionary
slightly larger, with the bulk of them going to the United States; of calf forces,
conditions are still unsettled in the State of Durango, Zacatecas,
skins, much heavier; of dry and salted ox hides, much lighter; of quebracho
Aguascalientes, Jalisco and Collma. It is reported that in the other sections
extract and butter, lighter; of frozen beef, considerably lower; of mutton. of
the country conditions have improved, although collections have slowed
smaller; of frozen lamb, nearly three times greater; of wool, considerably down
on account of the revolution. The interest in aviation continues and
heavier than for some years past; of cotton, better than since 1925; and of an
American company Is completing arrangements to inaugurate air mail
chilled beef, greater than the average of the last five years.
and passenger service between Los Angeles, Mexico City and Guatemala
via the west coast of Mexico.
AUSTRALIA.
Good rainfall has been reported from eastern sections of the CommonNETHERLANDS.
wealth, though floods in some sections are reported to have caused considerWith the reopening of transportation facilities there was a substantial
able damage, particularly in Tasmania. Coal and timber disputes remain
Improvement
in
general
business conditions in the Netherlands during
unchanged, and further extensions of the latter difficulty to Sydney building
trades is noted. Wool sales have enjoyed good competition at unchanged March. However,the temperature and low rainfall still delayed agricultural
preparations. Retail trade was adversely affected by the reduced purchasprices, with buying on Yorkshire and Japanese account most active.
ing power of the population consequent on the heavy unemployment resultBELGIUM.
ing from the severe winter weather during the first two months of the year.
An outstanding feature in the Belgian industrial situation during the past Business failures for the first quarter were much lower than during the
month was the improvement in coal sales, the demand exceeding production corresponding period of last year. Money rates were higher and the turnand prices rising continually. The metallurgical market was calm and over on the stock exchange was very low. A notable feature was the heavy
prices were stable. The production of cement Is back to normal with a decline in capital issues during March. Arrangements are proceeding for
renewed strong domestic and export demand. Capacity output is main- the definite fusion of the important Rotterdamsche and Nationale Bank
tained in the window glass industry, though competition is keen. The associations. The wholesale commodity markets were generally inactive
Plato glass industry continues prosperous. According to present indications with buyers holding off waiting for prices reductions. Shoe factories are
total sales of automobiles during 1929 will, it is believed locally at least not well occupied as retail sales are below normal. The lumber trades have
equal business during 1928 and the proportion of American sales is expected revived and stocks are declining, but competition is keen. Shipyards are
to increase. Leather sales are satisfactory. The depression evidenced well supplied with repair work and with domestic orders for new vessels.
In the textile industry is increasing, especially with regard to cotton and Good activity is registered in the electrical industry and the manufacture
linen manufacturers. The market for oil seeds and vegetable oils has im- of radio equipment is heavy. The paper industry is operating at capacity
proved. Growing activity is noted in the demand for fertilizers. Because output and prospects are favorable. The textile industry also is well supplied
of the slow thawing agricultural losses are not as heavy as was anticipated, with others, but keen domestic competition is depressing prices. In the
though several crops suffered greatly.
automotive trades and in the agricultural implement and hardware trades
the situation is calm, but the machinery and metal trades report generally
BRAZIL.
satisfactory sales.
The credit situation in Brazil is reported to be increasingly serious.
PANAMA.
The market has been hard hit by a money shortage aggravated by the accuImports into the Republic of Panama during March amounted to $1,mulation of some 20% of the total circulating medium in the hands of the
Banco do Brazil. General business is suffering from the recent sharp 504,000. of which 72% came from the United States. The excise tax
curtailment of credit, the situation being reflected in the increasing number collected during March amounted to $154,000. The income from all
of failures and in the importance of these. The nominal discount rate is sources amounted to $1,049,000. The Panama Corporation has secured
12%, but actually it is next to impossible to raise money even on the best additional mining concessions which embrace Canazas in the Province of
collateral. Foreign trade for January shows a favorable balance of £294,- Veraguaa, Tole and Remedios in Chiriqui, and Dastimentos in Rocas del
Toro. The contract is effective from April 10 and is similar to the original
000, compared with £742,000 last year.
made in 1925. The corporation may serve light and power to tho comCANADA.
munity in which work is being carried on and engage in other services. The
Dominion trade registered no significant new trends during the week corporation is also given permission to transfer the
concession to any other
ended April 13. Severe storms in Southern Ontario caused considerable subsidiary organized for carrying on the work. It is expected
that an extra
property damage, hampered transportation and somewhat curtailed retail session of the National Assembly will be held, at which time it may, after
business, but ther commercial outlook remains bright, in spite of the some- the cabinet has considered the report of the economic commission, carry out
what backward season. Toronto harbor is open and lake navigation is the recommendation of that body regarding the legislation to be enacted
expected to open earlier than last year. Orders for farm machinery in the to make the report effective.
Prairie Provinces are keeping distributors exceptionally busy, and the
Regular air mall and passenger service between Colombia and Panama
crop outlook, based on winter moisture and anticipated plantings, is good. was scheduled to be inaugurated ,by the Scadta Company on April 17.
In Ontario, the general trend in manufacturing appears to aim at maintain- Discussion is being carried on relative to the establishment of an aviation
ing the present satisfactory level of output rather than increasing schedules. school in Panama. The damage sustained by the railroad line between
Some manufacturers of finished iron and steel products are reducing their Port Limon and Costa Rica has been repaired and train service has been
output slightly. Paint and furniture manufacturers are busy. Grocery resumed.
sales are reported good, an exceptional demand for canned tomatoes being
PERU.
based on a"Canned Tomato Week" to be held the latter part of the month.
Business and economic conditions in Peru continue dull, a condition which
CHINA.
usually exists during this season of the year when attention is almost entirely
Entry into Hankow of Nationalist forces and the resumption of the sail- centered on agricultural
pursuits. Merchants are discussing the sluggishness
ings of cargo and passenger vessel into river ports have resulted in trading of trade without complaint,
recognizing it to be a normal movement. As a
operations in the Yangtze Valley assuming a more normal aspect.
result of the encouraging reports of an excellent cotton crop, sales and
Import business in Canton continued depressed during March. Trading expected to be heavy beginning
with the July harvest when returns received
was hampered by uncertainty in the general situation and the circulation of from cotton exports and agricultural wages
begin to clreutate•
heavy discount of notes of the Central Bank of Canton. Except for a further
depreciation in the value of fengpiao (local paper currency), business
UNITED KINGDOM.
conditions were generally unchanged in Manchuria.
Affected by pre-Easter holidays and severe weather and with the month
March declared exports from Mukden to the United States totaled in containing one more Sunday this year, British oversee trade in March was
vaiue $403,000, against $220,000 in that month last year. March receipts bolo that of March 1928 by approximately £12,000,000 in imports,
of the Chinese Maritime Customs at Dairen totaled 1,129,000 Haikwan £6,000,000 in exports of United Kingdom goods, and £1,500,000 in retaels, an increase of 237,000 tads over the corresponding month last year. exports. Board of trade preliminary returns, place the valuation totals of
(1 llalkwan tool equals approximately $0.69) Declared exports from Imports, exports, and re-exports at £98,593,000, £58,623,000, and £9.Tiefntsin to the United States during March were valued at $3,973,000, 986.000. respectively. Labor returns for March 18 show that a total of
compared with $5,018,000 in the similar month of last year.
1.182,500 persons were registered as unemployed in Great Britian. This
1
APRIL
FINANCIAL CHRONICLE
20 1929.]
2551
capital by banks have
for the dently, the numerous recent issues of new share
figure represents reductions of 86,000 from the total reported
satisfied a large proportion of investors on the lookout for permanent
previous week and of 275,000 from that for Feb. 18. Bankers' advances by
investments. This leaves the market itself under the influence of
London clearning banks in March reached a new high level of £995,879,000
speculative commitments undertaken during the period of rising prices
1928.
March
for
aggregate
the
over
5.4%,
-an increase of /55.000,000, or
and
and without the offset of new investment purchases.
activity
recent
its
from
reaction
some
experiencing
is
trade
The coal
production is declining from the high level reached prior to the Easter
holidays. Prices are also weaker. However, industrial and export demand
Is still good and especially so in South Wales.
Bank of France Gains $204,700,000 in 10 Months.
The Department's summary also contains the following
Under date of April 12 a wireless message from Paris to
with regard to the island possessions of the United States:
the New York "Times," said:
of
PHILIPPINE ISLANDS.
The gold reserve of the Bank of France, at this week's figure
With no inquiry from the !Inked States and a quiet London market, the 34,190,000,000 francs, or $1,330,000,000, has now risen 5,250,000,000
week
last
Manila
$204,700,009.
local abaca market is stagnant. Arrivals of abaca at
francs since the currency was stabilized last June, or
amounted to 3,100 bales and are estimated for this week at 3,400 hales and Of this great increase about 2,225,000,000 francs, or $86,700,000, repof
rate
high
A
and
arrivals.
lower
of
anticipation
in
holding
dealers are still
resented old hoarded gold coin bought from the French public
production, however, appears to be maintained in the principal abaca 3,000,000,000 francs, or $117,000,000, was obtained from gold bought
picul
per
districts. Present prices are nominal with no sellers at 28 pesos
abroad.
of
of 139 pounds for grade F; I, 25; JUS, 19.50; JHK, 16.50, and L, 14.50.
During the week covered by Thursday's statement, the Bank
(1 peso equals 80.50). Copra supplies are now about 15 per cent of oil France bought 4,000,000 francs more of gold coin from the public,
mill requirements. Arrivals during the first ten days of April amounted to and the ratio of the bank's reserve to liabilities rose to 41.61 per cent.
3,400 sacks and mills operated intermittently. Current f. o. b. prices are Collection of bills by the bank at the March month-end resulted in a
12.25 pesos per picul, Manila; 11.75 pesos Cebu: 11.375, Legaspi, and decrease of 908,000,000 in the amount shown to be held by the bank
11.625 Ilondagua.
last Thursday. On the other hand, loans against securities increased
110,000,000, covering temporary requirements, probably in connection
the
from
Exported
of
Gold and Silver Imported into and
with current issues on the Bourse. The simultaneous decrease
450,000,000 in circulation was the usual mid-month readjustment.
States by Countries in March.
United
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public Brazil's Gold Reserve Placed at $145,000,000-Total Unemits monthly report showing the imports and exports of gold
ployed Wealth Estimated at $375,000,000.
and silver into and from the United States during the month
Press advices from Rio de Janeiro, April 10,
Associated
of March 1929. The gold exports were only $1,635,200. state:
came
The imports were $26,469,987, of which $16,486,837
The gold reserve of Brazil was put at about $145,500,000 in a
from Germany, $4,500,000 came from Argentina and government statement issued today.
with
Of this about $48,500,000 is on deposit in the Bank of Brazil
$4,054,056 came from Canada. Of the exports of the metal,
balance in the stabilization fund.
$300,000 went to Venezuela, $289,357 to British Malaya theThe
statement also mentioned that 10,000,000 sacks of coffee were
and $286,701 to Hong Kong.
in warehouses and, at a valuation of around $24 a sack, they brought
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GOLD.
Total,
Countries.
Exports.
Total (Inci. Coin).
Exports. Imports. Exports. Imports.
Dollars. Ounces. Ounces.
11,476
220,742 16,486,837 220.350
4,422
2,831
31,740
8,703
210,963 33,397
16,333 4,054,036
63
3,390
25,748
600
6,236
31,238
137,798
8,263
150,000
3,072,156
19,000 499,143
39,295
7,510
Dollars.
France
Germany
Netherlands
Norway
Spain
United Kingdom_
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Trinidad & Tobago
Other British W.I.
Cuba
Haiti, Republic of..
Argentina
Chile
Colombia
Ecuador
Peru
Venezuela
British India
British Malaya_._
China
Java and Madura_
Hong Kong
Japan
Hwantung
Philippine Islands.
New Zealand
Belgian Congo_ -
Imports.
SILVER.
Refined Bullion.
Dollars. Dollars,
2,376
124,023
1,643
the total unemployed wealth of the country to around $375,000,000.
See Action Soon by Central Banks to Halt Gold InflowAgreement Abroad to Shift Balances From Here Reported From Paris-German Gold Exports Endanger
Reperations.
In its issue of April 15, the New York "Journal of Commerce" had the following to say:
conThe leading central banks face the problem of halting the
tinued inflow of gold into the United States as their most urgent
problem at the present time, it is stated here in well informed
banking circles. While this gold inflow into this country, which
of $61,022,000 in our gold stock during
6,571 has resulted in a net increase
author50.00 77,167 the past six weeks, is not desired by the Federal Reserve
of
ities, they seem powerless to stop it in view of the high level
266,618 4,379.780
the market here.
in
prevailing
rates
interest
2,515
of gold
100
A number of defense measures to halt the further loss
3,445 to the European central banks are now being discussed both here
3,880
10,900
accordand abroad. One proposal which has been advanced abroad,
1,908
3,215
4,500,000
526,958 ing to Paris advices, is the concerted withdrawal by foreign central
62,516
8,634
15,117
28,856
of their balances here, kept in the form of deposits, bankers'
3,658 banks
Such a con121,051
914,324 acceptances and short term Government securities.
4,741
148,053
probably involve a total
would
which
funds,
of
withdrawal
102,372
certed
67,579
300,000
of the
253,227
449,374
12,500
of nearly $500,000,000 in all, would tend to offset the effect
289,357
of private funds into the market, attracted by the
flow
continued
708,400
952
6
11.887.718
41
31,423
36,644 high interest rates, and would thus make gold shipments un63,539
96,069
220,000
286,701
necessary. It could not be accomplished, however, with general
61,634
agreement among European central banks.
57,483
100,847
2,995
191,570
Disturb Market Here.
32,000
18,000
16,496
an
127,398
8,965
Such a withdrawal of foreign balances would constitute
market. It
important factor of disturbance to the local money
1 flIc 200 20 450 057 12 500 415 2 127 002 7 51141 1055 ARA elAq
Tntskl
acceptances,
would, for example, result in a very heavy liquidation of
bills at
since foreign central banks now hold $347,652,000 in these
holdings kept with
the Federal Reserve Banks alone, besides other
W. C. Durant Sails For Europe.
problem
private banks. This would again raise the acceptance
William C. Durant with Mrs. Durant sailed on April 18, as an urgent issue, since foreign buying alone has permitted the
large extent. Furon the steamer Aquitania for an eight-week tour of the Reserve banks to reduce their holdings to atransferred
to London
thermore, these balances would probably be
Continent.
between
in large part, and this would raise an issue of jealousy
banks.
central
European
leading
the
a
of
in
Advance
No "Intervention" by Bank of France-Ide
country
Further large shipments of gold from Germany to this
payments
the Bank Rate Said to be Abandoned.
would act as a serious obstacle to continued' reparations
$65,012,000 in gold to this
In its issue of April 15th the New York 'Times" printed by Germany. The Reichsbank has lost
provides, in
country during the past six weeks. The Dawes plan
Paris
from
12:
April
following
the
cannot be
its transfer clause, that German reparations payments
which
berate
at
of
had
the
France,
Bank
discount
higher
this would
Fears of a
transferred to the creditor nations in their currencies if
have
week
was
It
seem
to
a
new
disappeared.
ago,
acute
move..Inewhat
export
come
impair the stability of the mark. Should this gold
generally felt this week that there could be no possibility of such a step ment continue for some time, it would bring this to pass.
unless the Bank of England were itself to make a further advance
Aid German Contention.
and that, even so, it was in nowise certain that the French bank would
as a
The gold export movement from Germany therefore acts
follow suit.
strong support to the German contention in the
There appears to be no necessity at present for a higher rate as a fortuitious but
the
in
in the bank's present reparations negotiations that a sharp reduction
necessary measure to uphold franc values. The decrease
annuity must accompany the removal of
reparations
the
of
recent
it
now
months,
is
during
amount
believed,
exchange
foreign
reserve of
transfer clause. While the current shipments of gold from
was not caused by real and definite export of capital. The explanation the
are directly traceable to the high level of interest rates
of that decrease is that exchange bills sold by the bank were bought Germany
here, rather than the burden of reparations payments,
principally by the French private banks, and that they took advan- prevalent
cannot rely upon foreign capital imtage of the situation by investing the funds abroad at much higher they do prove that Germany
correcting an unfavorable balance of
rates than prevailed in Paris. In this way, although the exchange bills ports as a certain means of
had passed from the hands of the Bank of France to those of private payments.
Great Britain would also be adversely affected to a serious extent
institutions, the credit still remained available for possible requirecountry, although at the moment
ments of the French markets. Thus the Paris market's resources in by a further drain of gold to this
so
the Bank of England has managed to increase her gold reserve
foreign exchange have not greatly diminished.
margin above the £150,500,000 mark, which
The Bourse was irregular this week, but fairly steady. The feature that she has a moderate
minimum she seeks to maintain.
of the market, however, was a noticeable slackening in business. Evi• is the unofficial
63,840
16,243
237,222 259.438
35
2552
FINANCIAL CHRONICLE
Complete Plans to Release Gold Held Earmarked Here—
Total Stock of $100,000,000 Expected to Be Used Up Soon.
Arrangements have been completed for continued releases
of earmarked gold here for the indirect account of Germany,
and it is regarded as altogether likely that substantial
amounts will be deducted from the available earmarked
gold stocks weekly until the total of approximately
$100,000,000 of such gold will be entirely returned to the
American market, it is said here in well informed banking
quarters. In a statement to this effect in its issue of April
16 the New York "Journal of Commerce" added:
The stock of earmarked gold, amounting to approximately
$100,003,000 belong almost entirely to the Bank of France. The
Reichsbank will ship equivalent amounts of gold to Paris as rapidly
as this earmarked gold is released here through sale to the
Federal Reserve Bank of New York.
Private Bankers Out.
Inquiry among private bankers reveals that they do not intend
to arrange shipments of go!cl on their own account from Germany
to this country, since the Federal Reserve Bank of New York
has made this triangular arrangement, which is now said to be
semi-officially admitted. The central banks by this arrangement
can sharply reduce the cost of transferring gold to this market,
and the private bankers feel that it would not pay to compete at
current levels of exchange.
It is doubted among bankers interested in international finance
here that the earmarked stocks of gold will last long unless the
European central banks take steps to withdraw their balances here
or enforce some sort of embargo on gold exports, perhaps of the
kind Canada now has in virtual effect. Otherwise, actual gold
shipments will have to be made to this market. This is desired
on neither side of the ocean. At the current rate of release of
gold from earmarked, it is thought that such shipments may have
to be resorted to within one month. Also, European countries will
be faced by the problem of selling their balance here in order
to maintain their currencies and prevent them from falling below
the gold point, if no concerted action is taken by them along the
lines mentioned.
Effects of Releases.
Gold is also expected to flow into this country from South
America. The Seaboard National Bank announced yesterday that
it had purchased and is importing front Argentina $1,000,003 in gold.
The metal left Buenos Aires yesterday on the steamship Van Dyke.
There is some difference of opinion among bankers as to the
effect of the release of gold from earmark. When the proceeds
of the sale of this gold to the Federal Reserve Bank of New York
is used to buy acceptances in the open market, which is being done
to a considerable extent, according to acceptance dealers, the result
is a credit on the books of the Reserve bank in the name of the
bank which sells the acceptance. This, it is pointed out, is
roughly equivalent to an import of gold. When the proceeds of
the sale of the earmarked gold is used to buy bills on Germany
offered here, for the purpose of maintaining the currency, it is
similarly necessary to transfer to the seller of the exchange a
credit on the books of the Reserve bank. It is argued, therefore,
that these releases from earmark have the same effect on the
market as an import of gold, although there is some argument to
the contrary.
Folk 128.
refrigerating and cold storage plant, financed by foreign
capital, is being erected at the new Polish port of Gdynia.
Charles S. Dewey, American financial adviser to the Polish
Government, is giving a great deal of attention to the
improvement of the agricultural situation in that country.
Australian Loan of 17,000,000 Floated—Closing of Subscriptions Fixed For April 18.
In the circular of J. B. Were & Son, of Australia, Feb.
22, just in hand, it is stated that the new Commonwealth
Loan of £7,000,000, was being offered at par, that the
rate of interest was 5'A %, and the currency ten years with
the maturity date July 15, 1939. The opening date for receiving applications was Feb. 22, and according to advices
to the Department of Commerce at Washington April 18
was fixed as the closing date. In its issue of April 1
the "Wall Street Journal" had the following advices from
Sydney regarding the loan:
The Australian Loan Council has followed its London flotation by
a loan raised for state requirements in Australia. The amount is
$35,000,000, interest 5g%, at 98%, to mature in 10 years. This was
the first Australian loan floated in Australia for new money for
a considerable period. Australian borrowing in the last financial
year was confined to London and New York, except the commonwealth conversion loan to $180,000,000.
The new loan has two interesting features. For the first time in
several years, the Australian banks are not underwriting the loan.
There were negotiations with the banks for an underwriting
commission of let% instead of the usual IA% which they had
previously received. A loan was proposed at 5% issued at 97%,
which would have been welcomed in the market as a step toward
restoration of a 5% basis for commonwealth securities. Banks
put forward as an alternative a 5% loan at 98, the difference in the
issue price of 74% being paid to them as underwriting commission.
Finlaly the treasury decided to issue the • loan without any underwriting. General opinion is that this course was justified as the
condition fo the market indicated the loan would be fully subscribed
within a short period.
To Aid States.
The loan will be appropriated partly to the redemption of a
proportion of state securities maturing this year. This is the
first loan raised by the commonwealth for the states in which this
provision has been included. The states have usually arranged their
Australian conversions privately without difficulty, and they have
been assisted to this by the fact that a large proporion of the
holdings were in the hands of state savings banks, insurance
companies and other financial institutions. The amounts maturing
in the current financial year were, however, exceptionally large and
one or more of the states evidently found it convenient to utilize
the present loan for a portion of these commitments.
During the period the loan is open for subscription, the sale
of commonwealth securities by the state treasures "over the counter,"
which had been proceeding actively for some months, has been
suspended. The terms were the same except that there was an
optional currency in the case of the securities sold by the states
of seven or 14 years, whereas the new loan is fixed at ten years.
A further spread of commonwealth interest payments has been
effected by fixing January 15 and July 15 as the dates for the
payment of half-yearly interest on the new' loan. Formerly the
bulk of commonwealth interest liabilities fell during June and December, but as the result of representation from financial authorities,
the payments have been distributed throughout the year. Interest
payments are new made as follows: May and November, $1,000,000;
March and September, $6,605,000; February and August, $9,985,000,
and June and December, $19,700,000. The new loan will add two
months to the list, and, if it is fully subscribed, half-yearly payments
of interest of $9,187,500 will be due in January and July.
Australia and New York.
There has been criticism in recent months in financial circles in
Australia to the effect that the terms of the last commonwealth
loan in New York in May, 1928, ($50,000,000 VA% issued at 92%)
yielding a return to the investor of 5%, damaged Australia's credit
in New York. The implication was that the terms were unduly
favorable to the government and not sufficiently attractive to the
investor. It is true that the cost to the government of the May,
1928, loan was 0.11% less than the New York loan issued in August,
1927, and 0.03% less than the average of the three loans raised
in London in the financial year 1927-28; and the return to the
investor was approximately 0.125% lower in both cases. But the
differences were slight.
Bohemian Discount Bank and Society of Credit of Prague,
Increases Capital—Annual Report for 192&
At the general meeting of the Bohemian Discount Bank
& Society of Credit, Prague, the capital was increased from
Kc. 200,000,000 to Kc. 250,000,000. The additional stock
was offered to the shareholders on the basis of one new
share for every four shares now held, at Kc. 375 per share,
plus interest at 5% from January 1, 1929. At the same
meeting, a dividend of Kc. 22 per share, equivalent to
11% 'on the capital outstanding as of December 31, 1928,
was declared. The bank's balance sheet for December 31,
1928, shows total resources of Kc. 3,964,376,743 as compared to Kc. 3,608,525,000 on December 31, 1927. Deposits
increased during the year from Kc. 3,034,565,000 at the
close of 1927 to Kc. 3,345,708,000 at the end of 1928. Net
profits for the year amounted to Kc. 35,665,837 compared
to Kc. 34,921,902 for 1927. After the payment of
Kc.
22,000,000 in dividends and the allocation of Kc. 13,174,583
to special reserves and expenses, the sum of Kc.
— --3,490,968
was carried forward for the year.
Republic of Salvador Customs Collections and Debt.
Cable dispatches received on April 11 by the American
Service.
Polish Chamber of Commerce in New York from Warsaw
As reported by the Fiscal Representative, Customs
Indicate that negotiations with an English banking group Collections for March
are as follows:
for the construction of central markets in the Polish
1928.
1929.
March
collections
$779,085
$809.187
capital are nearing conclusion. Construction of these Service on "A" and "B" bonds
82,957
84,204
markets will cost in the neighborhood of $5,000,000. This
Available for series C bonds$696,129
$724,983
70,000
loan, it is pointed out, is indicative of the great efforts Interest & sinking fund requirements on "C" bond'
70,000
January-March collections
2.384,971
2,138,747
being made by the Polish Government to help the agricul- January-March service
284,871
on"A"and "IV bonds- - - 252,612
tural industry in Poland. The recent conclusion of neAvailable for series C bonds
$2,136,100 $1,886,135
& sinking fund requirements on series C
gotiations with French bankers for a $20,000,000 bond issue Interest
bonds
210,000
210,000
for long term agricultural credits and of a $5,500,000 long
In making public the above, F. J. Lisman & Co. state:
term loan to the State Land Bank announced from Warsaw
Collections for the first three months of 1929, after deducting service
was noted in our issue of April 6, page 2201. As an aid requirements for the 'period on the "A" and "B" bonds, were equivalent
to over 10.17 times intercst and sinking fund requirements on the series 0
to Poland's expert trade in agricultural products, a modern bonds.
APRIL 20 1929.]
FINANCIAL CHRONICLE
The Bankers' representative collects 100% of the import and export
-duties, all of which is available for bond service, if needed, and 70% of
which is specifically pledged for that purpose.
Definitive Bonds of Mortgage Bank of Chile Now
Available.
Kuhn, Loeb & Co. announced April 15 that interim certificates for Mortgage Bank of Chile guaranteed sinking fund
6% gold bonds of 1928, due April 30 1961, may now be exchanged for definitive bonds at the trust department of the
Guaranty Trust Co., 140 Broadway, New York.
Tenders Asked for Purchase of Argentine Government
Bonds Through Sinking Funds.
J. P. Morgan & Co. and The National City Bank, as fiscal
agents, have issued a notice to holders of Government of the
Argentine Nation external sinking fund 6% gold bonds, issue
of October 1, 1925, due October 1, 1959, to the effect that
$177,230 in cash is available for the purchase for the sinking
fund of such bonds of this issue as shall be tendered and
accepted for purchase at prices below par. Tenders of
such bonds with coupons due on and after October 1, 1929,
should be made at a flat price, below par, at the office of
J. P. Morgan & Co. or at the head office of The National
City Bank, 55 Wall Street, prior to 3 p. m. May 1, 1929. If
the tenders so accepted are not sufficient to exhaust the
available moneys, additional purchases upon tender, below
par, may be made up to July 1, 1929.
J. P. Morgan & Co. and The National City Bank, as fiscal
agents, have also issued a notice to holders of Argentine
Government Loan 1926 external sinking fund 6% gold bonds
public works issue of October 1, 1926, due October 1, 1960,
to the effect that $95,261 in cash is available for the purchase for the sinking fund of such bonds of this issue as
shall be tendered and accepted for purchase at prices below
par. Tenders of such bonds with coupons due on and after
October 1, 1929, should be made at a flat price, below par,
at the office of J. P. Morgan & Co. or at the head office of
The National City Bank, 55 Wall Street, prior to 3 p. m.
May 1, 1929. If the tenders so accepted are not sufficient
to exhaust the available moneys, additionarpurchases upon
tender, below par, may be made up to July 1, 1929.
Republic of Panama Bonds Drawn for Redemption.
The National City Bank of New York, a fiscal agent,
is announcing to holders of Republic of Panama 35-year 5%
external secured sinking fund gold bonds series A, due May
15 1963, that $66,000 principal amount of these bonds will
be redeemed on May 15, next at par and accrued interest.
Holders of drawn bonds are requested to present them with
all unmatured interest coupon attached at the principal
office of The National City Bank of New York, 55 Wall St.,
where they will be redeemed and paid through operation of the
sinking fund. Interest on drawn bonds will cease at May 1.
Portion of 7% Bonds of Mortgage Bank of Bogota Retired.
J. & W. Seligman & Co., fiscal agents, announce that
$38,000 principal amount Mortgage Bank of Bogota 20-year
7% sinking fund gold bonds due October 1, 1947, have been
retired throngh the operation of the sinking fund for the
period ending April 1, 1929, in accordance with Section 2 of
Article Fifth of the Trust and Fiscal Agency Agreement,
dated October 1, 1927, under,which these bonds were issued.
This leaves a balance outstanding of $2,884,000 principal
amount.
Bonds of Department of Cundinamarca Drawn For
Redemption (Republic of Colombia).
J. & W. Seligman & Co., fiscal agents, have issued a
notice to holders of Department of Cundinamarca external
secured 63/
i% sinking fund gold bonds, 1928, due November
1 1959, to the effect that $62,000 principal amount of the
bonds have been drawn by lot for redemption on May 1
1929, at par and accrued unpaid interest. Holders of temporary bonds so dravn by lot must exchange them for
definitive bonds at the Central Union Trust Company of
New York, 80 Broadway, as trustee, whereupon payment
on the definitive bonds will be made on and after May 1
1929, at the office of J. & W. Seligman & Co., 54 Wall
Street, New York.
2553
Redemption of Republic of Chile 7% External Sinking Fund
Gold Bonds.
The National City Bank of New York, as fiscal agent, has
issued a notice to holders of Republic of Chile 20-year 7%
external loan sinking fund gold bonds, due November 1,
1942, to the effect that it will redeem at par and accrued
interest on May 1, next, $237,000 aggregate principal amount
of the bonds. Payments on the bonds selected will be made
upon presentation and surrender, with all coupons maturing
on and after the redemption date attached, at the principal
office of The National City Bank of New York, 55 Wall
Street, on May 1, after which date interest on the drawn
bonds will cease.
Bonds of Republic of Uruguay Retired Through
Sinking Fund.
Hallgarten & Co., and Halsey, Stuart & Co., Inc., announbe
that $176,000 principal amount of Republic of Uruguay 6%
external sinking fund gold bonds, due 1960, have been tendered to the sinking fund for retirement, leaving outstanding $28,999,500 par value of bonds.
Bonds of Kingdom of Belgium Drawn.
J. P. Morgan & Co. and the Guaranty Trust Company of
New York, as sinking fund administrators, have issued a
notice to holders of Kingdom of Belgium external loan 30.
year sinking fund 7% gold bonds, due June 1 1955, issued
under contract dated June 10 1925, to the effect that $240,000 principal amount of the bonds have been drawn by lot
for redemption on June 1 at 107% out of moneys in the sinking fund. Payment will be made June 1 upon presentation
and surrender of the drawn bonds with subsequent coupons
at the office of J. P. Morgan & Co., 23 Wall Street, or the
principal office of the Guaranty Trust Company of New
York, 140 Broadway, after which date interest on the drawn
bonds will cease.
Annual Report of Provincial Bank of Westfalia Shows
Increased Volume of Business.
It is announced that the annual report of the Provincial
Bank of Westfalia for the year 1928 shows a substantial increase in volume of business. Advances and mortgage loans
outstanding on Dec. 31 1928, totaled, it is stated, $69,598,626 as against $38,333,312 for 1927; cash and bills were
,976,657 as against $5,426,202. Deposits increased from
$27,692,433 to $37,427,199 and obligations outstanding (including its so-called Municipal bonds and Mortgage bonds)
from $18,111,145 to $43,144,739. The capital of the bank,
$1,856,400, is owned by the Province of Westfalia for which
the bank acts as fiscal agent. The bank is not operated
primarily for profit, but out of earnings for the year 1928
paid to the Province $95,200, compared with $47,000 in
1927, and added $59,500 to its reserves, which totaled
$1,059,100 as of Dec. 31 1928. (Conversions into United
States currency at the rate of 23.80 cents per Reichsmark.)
The bank has outstanding in this market a $3,000,000 6%
gold note due March 1 1933, unconditionally guaranteed
by the Province of Westfalia, represented by participation
certificates of International Acceptance Trust Co.
Portion of 7% Bonds of State Mortgage Bank of Jugoslavia Retired.
J. &.W. Seligman & Co., fiscal agents, announce the retirement of $98,500 principal amount State Mortgage of
Jugoslavia secured sinldng fund 7% gold bonds due April 1
1957, through purchases for account of the sinking fund,
leaving a balance outstanding of $11,656,000.
New System of Stock Delivery to Expedite Transfers
by Corporations or Transfer Agents.
Plans put into effect this week to expedite delivery of
stock certificates transferred to the name of the purchaser,
were announced as follows on April 15 by the New York
Stock Transfer Association:
To the Members of the New York Stock Transfer AssociationThe undersgined committee appointed by the Association to inquire into
the existing conditions that prevail in transfer offices are pleased to report
that while the attitude of the authorities of the New York Stock Exchange
is practically that they have no Jurisdiction in the matter of the handling
of transfers by corporations or their transfer agents, the following method
of procedure as to the handling of transfers has been unofficially approved
by E. H. H. Simmons, President of the New York Stock Exchange;
Edward A. Pierce. President of the Association of Stock Exchange Firma.
and Charles J Hayes, President of the Cashiers' Section:
2554
FINANCIAL CHRONICLE
[VOL. 128.
EFFECTIVE APRIL 17 1929.
Transfers received up to 12:00 o'clock noon, new stock will be ready
for delivery at 1:00 p. m. the following full business day.
Transfers received between 12:00 o'clock noon and 2:15 p. in., new
stock will be ready for delivery at 1:00 p. in. on the following second full
business day.
On record days stock will be taken in until 3:00 v.in. except on Saturday
Cards bearing this announcement are handed to you herewith for posting
In your office, should you desire to adopt the method of procedure above
outlined, and additional copies of the same may be obtained upon application to the Chairman of this committee.
It may be of interest to the members to know that the larger banks and
trust companies acting as transfer agents, and many of the corporations
transferring their own stock, have signified their intention of adopting
the method above set forth.
DAVID P. CONDON, Chairman.
HARRY B. WATT,
GEORGE A. KINNEY,
CHARLES M. SCHMIDT,
FREDERICK G. HERBST.
maintenance, but rather a natural result of the abnormally
large charges in previous years. Last year the operating
ratio was 72.40% compared with 74.54% in 1927, 67.15%'
in 1924 and 77.75% in 1923." As evidence of a continued
heavy railroad traffic Moody's cites the activity of certain
key industries and the increase of 7M% in carloading
requirements estimated by the Shippers' Regional Advisory
Board; reference is also made to the optimistic forecast of
Julius H.Parmaler, Director, Bureau of Railway Economics,
whose recent conclusions regarding 1929 traffic and earnings
were "(1) an increase of from 1% to 2% in freight traffic;
(2) a decline of 5% in passenger traffic; (3) an increase of
$75,000,000 to $100,000,000 in rail revenues;(4) an increase
of $50,000,000 to $75,000,000 in net operating income;(5) a
In its issue of April 19 the "Times" contained the fol- rate of return on investment ranging between 4.8% and 5.0%
lowing regarding the new system which it appears was made compared with 4.71% in 1928."
With respect to the O'Fallon case Moody's expects no
operative April 18.
The central delivery system of the New York Stock Exchange, by which decision relating to the constitutional matters involved—
it is hoped to reduce congestion in the financial district and expedite the methods used by the Interstate Commerce Commission
security deliveries, was put into operation yesterday.
in valuing railroad properties. The Service says that "the imThe first trial of the system was with cleared stocks coming under the
letter A classification, of which there are 52. A total of 887 deliveries portance of the Supreme Court's decision and the effect,
was made. Of these, 212 were made between 9;30 and 11 a. m., 183 adverse or beneficial, appear to be exaggerated. A de-.
between 11 nad 12, 260 between 12 and 1, 186 between 1 and 2, and 23
cision favorable to the railroads would naturally be an aid in
between 2 and 2:15. In all, 294,600 shares of stock were delivered.
Under the new system all securities are delivered through the Exchange's establishing higher share prices, but as the court will probseparate bureau for that purpose, firms being relieved of the vast amount ably not decide regarding the valuation methods used, the
of work involved in deliveries between individual houses. It is bellieved
that congestion in the financial district will be reduced greatly by the new whole matter at this point seems to be one of academic
system. Thousands of trips daily by messengers will be eliminated.
interest rather than of actual market significance."
C. P. Miller Appointed Secretary and Manager of Los
Angeles Stock Exchange.
Carl P. Miller, First Assistant Secretary of the
Los Angeles Stock Exchange, was on April 5 appointed
Secretary and Manager of the Exchange by the Board of
Governors to succeed Norman B. Courteney, it was announced by John Earle Jardine, President of the Exchange.
The appointment, which will become effective at an early
date, fills the vacancy created by the resignation of Mr.
Courteney the previous week, when it was announced that
he would shortly become Executive Manager of the E. A.
Pierce c% Co.in Southern California.
Upon affiliating with the Los Angeles Stock Exchange in
Oct. 1928, Mr. Miller became Assistant to the Secretary and
Manager, being placed in charge of the listing department.
In a little more than five months, that divisions has added a
total of 41 new stocks to the local board, as compared with
10 in 1927 and 37 in 1928. Mr. Miller also was made Secretary of several committees of the Stock Exchange,acting in an
advisory capacity of those bodies. In February of the
current year, the Board of Governors created a new office,
that of First Assistant Secretary, and Mr. Miller was given
that title. The new Secretary and Manager appointee
located in Los Angeles in April 1925 after having been
business manager of a chain of newspapers in Kansas. He
was named Assistant Financial Editor of the Los Angeles
"Times," which position he held until Dec. 1927. At that
time he resigned to become Los Angeles manager of the
New York News Bureau Association, financial ticker agency
operated by the publishers of the Wall Street "News." In
his position as First Assistant Secretary of the Stock Exchange, he was recently named Secretary of the Los Angeles
Stock Exchange Institute, an institutional division sponsored
by the Exchange which will open in September.
Moody's Expects Larger Railroad Earnings But Trend
Trend of Share Prices to Depend on General
Market.
"Statistically, railroad share prices are better fortified
by earnings, assets and prospects than at any time during
the past decade," says Moody's Investors Service. In
discussing "The Railroad Outlook" on April 18, it goes on to
say:
That this has not been reflected recently by an upward price trend may
be attributed to the rather general liquidation of practically all classes of
stock, railroad share prices hardly ever moving against the general trend.
Until the stock market resumes its advance, it will, presumably, be difficult to realize profits on railroad stocks recently acquired, but with a resumption of an upward trend for the market as a whole, which may be
expected to accompany a return of more normal credit conditions, certain
rail shares should give a satisfactory account of themselves.
Moody's points out that the 1928 net railway operating
Income was larger than in any other year, 1926 excepted,
despite a further decline in passenger revenue, and draws
special attention to the cause—greater operating efficiency.
"The most significant reduction was in transportation expenses, but maintenance of way and structures and equipment awes were also lower, not an indication of under-
Outstanding Bankers' Acceptances on March 30
Totaled $1,204,979,653—Volume Declined Only
$23,048,143 in Month—Gain Noted in Bill Market
Distribution. •
The strong position held by bankers acceptances, during
the extremely difficult period since the first of the year,
is again emphasized in the survey of the American Acceptance Council on the volume of acceptance bush:fess as of
March 30 says Robert H. Bean, Executive Secretary,
American Acceptance Council, who in his monthly survey
issued April 15 also has the following to say:
The reports from all accepting banks and bankers, included in the report
made public to-day, show a remarkably high total of $1,204,979,653,
which is only $23,048,143. below the amount for the previous month end.
A year ago the volume of outstanding acceptances was $119,510,911.
smaller than the total currently reported.
The comparatively small change in acceptance volume at this season is
without particular significance, other than indicating the extent of the
seasonal maturity of credits and the corresponding retirement of bills that
have served their purpose.
A further indication of this cleaning up process may be looked for during
the next month or two until the new credits are placed, but measured by
the present exhibition of steadiness and strength, it is apparent that the
volume will continue to be in excess of $1,000,000,000.
The Council's latest survey reveals a substantial decrease in Export
credits amounting to $35.000,000 and a reduction of $13,000,000 in Domestic Warehouse credits while Imports have increased $20,000,000,
Dollar Exchange credits $3,000,000, and foreign storage or shipment credits
$3,000,000, thus putting the volume of this latter class of acceptance business back to the total of January 31st, and recovering the ground recently
lost.
Acceptances based on goods stored in or shipped between foreign countries
have increased more than $200,000,000 in two years and now total $266,685,847.
While the continued strength of the bankers acceptance business as refleeted by a total of nearly a billion and a quarter dollars, is gratifying, it Is
the surprising ability of the acceptance market to move such a huge volume
of bills without difficulty that is attracting attention.
With practically no Federal Reserve Bank buying, the acceptance dealers, now catering almost entirely to an outside market, are carrying a
portfolio of minimum proportions and as on several recent occasions actually
receive more orders than can be filled out of current supplies.
The Federal Reserve Banks have reduced their holdings $337,000.000since
Dec. 21 and now hold only $157,000,000 in bills bought in the open market.
Pursuing their present policy, maturities that are not replaced will entirely
clear the Federal of bills before June 1, thus finally placing the entire burden
on the bill market, which, under current conditions seems to be well able
to carry the load.
The market for bills has been very satisfactorily broadened of late,
under the influence of attractive discount rates, intensified selling efforts of
the dealers and an appreciation, by the banks, of their obligation to the
acceptance market
Accepting banks and bankers now hold about $100,000,000 in bills against
less than $20,000,000 on Dec. 1.
Relatively small interior banks are
now for the first time coming to be regular and in many instances large
buyers of bills.
The Texas legislature has recently passed a law making bankers acceptances eligible as collateral for deposits of public funds. This has greatly
stimulated the interest in bills and also set an example which other States,
notably New York, may safely follow without lessening the protection to
State funds on deposit.
Acceptance rates, on the increase for many weeks, took a slight drop on
March 27 when the former attractive level appeared to be drawing such
heavy orders to the market as to promise a real scarcity of bills.
Even the present scale of rates ranging from 5%% to 5%% on 30 day
bills to 57%%-5%% on six months maturities, while profitable from the
standpoint of the investor may need another readjustment downward to
insure a supply of bills from banks, that are not inclined to release their
acceptances at the going high rates.
On a strictly investment basis, bankers acceptances are unquestionably
replacing commercial paper and winning the support of an entirely new group
of investors, who, once acquainted with the advantages of acceptances will
AI'RIL 20 1929.]
FINANCIAL CHRONICLE
continuo to give the market the broad field it needs to move the increasing
volume.
The statistics supplied by Mr. Bean follow:
TOTAL OF BANKERS ACCEPTANCES OUTSTANDING FOR ENTIRE
COUNTRY BY FEDERAL RESERVE DISTRICTS.
March 31
Feb. 28
March 30
Federal Reserve
1928.
1929.
Districts.
1929.
$136,345,590
$131,402,745
8127,177,265
1
813,320,573
922,063,283
2
905,706,645
15,172,671
17,831,777
3
17,290,405
16,712.748
14,779,539
4
14,831,909
8,148,982
10,953,816
5
11,021,832
15,738,976
16,632,473
6
16,442,608
38,164,069
51,797,200
63,912,044
7
1,851,141
1,791,717
8
1,589,817
2,903,804
4,505,478
9
2,855,875
260,920
192,505
10
378,745
8,665,325
7.348,413
11
6,672,456
28,243,367
48,669,426
12
47,100,052
$1,085,468,742
$1,228,027,796
Decrease $23,048,143 Increase $119,510,911
CREDIT.
CLASSIFIED ACCORDING TO NATURE OF
Feb. 28 1929. March 31 1928.
March 30 1929.
$340,914,983
$328,449,345
$360,162,237
Imports
421,958,339
388,638,525
386,822,456
Exports
17,561,977
21,075,305
Domestic shipments
16,949,928
136,802,005
165,905,837
123,911,576
Domestic warehouse credits
46,984,462
29,169,854
Dollar exchange
50,447,609
Based on goods stored in or
shipped between foreign coun263,806,030
152,229,826
266,685,847
tries
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
March 11—April 13
Dealers' Selling Rate.
Dealers' Selling Rate.
Dealers' Buying Rate.
Days.
5.308
5.433
30
5.398
5.523
60
5.398
5.523
so
5.450
5.683
120
5.575
5.808
150
5.575
5.808
180
Grand total
$1,204,979,653
Col. Leonard P. Ayres of Cleveland Trust Co. Discussing
Speculation and Inflation, Argues for Increased Discount
Rate—Sees "Invisible Banking System Taking Deposits
and Making Loans on Grand Scale."
Arguments for an advance in the rediscount rates of the
Federal Reserve Banks are offered by Col. Leonard P. Ayres,
Vice-President of the Cleveland Trust Company, of Cleveland, Ohio, in the company's Business Bulletin dated April
15. Characterizing our Federal Reserve system as "a central
banking system" Col. Ayres points out that "a fundamental
principal of central banking is that member banks should
not be enabled to borrow from the central bank, and to relend these funds at high rates to commercial customers, for
if some member banks persistently do this, competition will
force others to use the same advantages. "Our Reserve system," says Col. Ayres, "is trying the experiment of enabling
member banks to reloan borrowed reserve funds at a profit
during a period of prolonged and increasing inflation. Many
other central banking systems have tried this experiment,
and it is doubtful if a record can be found of its ever having
been done without resulting in ultimate disaster." A part of
Col. Ayres' discussion is reproduced herewith:
Speculation and Inflation.
There are over 5,500 stock tickers in use in this country, but they
are by no means evenly distributed among the 12 Federal Reserve
District into which the country is divided. More than 10 out of each
11 of them are in New England, New York, Pennsylvania, Ohio,
Michigan, Illinois, and the Pacific coast states. Relatively few are
in the south, the central west, or the northwest. In the diagram on
this page [this we omit—Ed.] the upper line shows monthly for the
past seven years the rate of turnover of checking accounts in the six
districts having in 1927 approximately 5,000 stock tickers, while the
lower line shows the deposit turnover in the other six districts having
less than 500 tickers. The Coolidge bull market got under way in the
fall of 1924, and since that time the velocity of circulation of money
and credit has more than doubled in the six districts most addicted
to stock speculation, while it has hardly increased at all in the other
six districts.
The evidence reviewed indicates two things. The first is that this
is a period of increasingly intense credit inflation that has taken the
form of a progressive more rapid turnover of bank credit rather than
that of an important growth in the volume of bank loans and deposits.
The second conclusion is that the development of this inflation is
closely related to stock speculation. The term inflation as used here
may be considered as meaning the expansion of credit use at a rate
of growth in the production and consumption of useful goods.
We had a period of inflation in the volume of credit after the war,
and it was accompanied by speculation and rising prices for farm
lands and commodities. Germany, Austria, and most of the other
European countries, had inflations in the volume of credit after the
war, accompanied by speculative advances in the prices of land and
goods. Our present inflation is less extreme than the one we had after
the war. It has taken the form of an increasingly rapid turnover of
credit, rather than that of an important increase in the volume of
bank loans, and it has been accompanied by speculative price increases
in Florida lands and in stocks, rather than in the prices of farm lands
and commodities.
The Invisible Banking System.
The important price increases of the past two years have taken place
in the quotations for common stocks, and not in those of land or commodities. Probably the explanation of the restriction of price advances
to this one field of trading is to be found in the development of loans
made to stock brokers on a vast scale by corporations, investment
trusts, and individuals. These are not bank loans, but are in nature
more like private loans made by one person to another. What has
happened is that there has developed in the past two years a vast,
new, invisible, unofficial banking system that takes deposits and makes
2555
loans, but uses the bank checks of the regular and official banking
system.
When an individual buys the stock of an investment trust which
places the proceeds on the call loan market he has really made a deposit with the invisible banking system, which has in turn used the
deposit to make a loan. When he buys the stock of an industrial firm
which floated the issue to increase its corporate surplus, and loaned
the proceeds on the call market, the same thing happens. The new
invisible banking system is taking deposits and making loans • on a
grand scale. It has been growing with great rapidity. It is free from
periodic visits of the bank examiner, and it is beyond the control of
the Federal Reserve System. Its transactions account for most of the
increase in the turnover of regular bank deposits, and its activities are
responsible for the major part of the present credit inflation. The fact I
that its loans are available only for the purchase of securities, explains I
the virtual restriction of important price advances to the field of stock;
speitlatiot—
Stock- Pricc.v and Inflation.
When the use of credit expands more rapidly than the supply of
things traded in, the result is an increase in the prices of things
bought and sold. In the present period of inflation the use of credit
has expanded rapidly by means of a speeding up of its rate of turnover. Among things bought and sold the most spectacular have been
stocks, and the credit that has had its turnover speeded up has been
credit loaned to stock brokers. This largely explains the rise in stock
prices.
In the diagram the solid line represents the market valuation of
the outstanding common stocks of the 30 companies whose shares have
been traded in largest volume during the past five years. The valuations are expressed as multiples of the earnings of the companies.
This is termed the price-earnings ratio, and the average for 1924 is
taken as being equal to 100, while the figures for the other years are
shown as percentages of that base. The line shows that at the close
of 1928 the public was paying twice as much for a share of stook
representing earnings of a given amount as it was willing to pay in
1924, or 1925, or 1926. This is a change that has taken place in the
mind of the public rather than in the profits of the companies.
The dashed line is the rate of turnover of checking accounts in the
six speculative Federal Reserve Districts, and is also expressed as
percentages of its average for 1924. The two lines afford evidence
of the close relationship between the inflation in the use of credit
made available for stock speculation, and the advance in stock prices.
Federal Reserve Policy.
Our Federal Reserve System is a central banking system. Central
banks are banks for bankers. One chief function of the central hank
is to furnish a reserve to which any solvent member bank can go to
borrow temporary additional credit with which to meet the seasonal
needs or other brief and exceptional requirements of legitimate business. A fundamental principle of central banking is that member
banks should not be enabled to borrow at low rates from the central
bank, and to relend these funds at high rates to commercial customers,
for if some member banks persistently do this, competition will force
others to use the same advantages. When this becomes general the
central bank has departed from its true function of affording a credit
reserve to be used only for temporary and exceptional needs, and has
become an instrumentality of credit inflation.
At the present time of borrowing member banks in this country
are relending the borrowed funds at higher rates. The loans of member banks on securities have increased in the past year seven times
as much as have their loans of all other sorts combined. Our reserve
system is trying the experiment of enabling member banks to reloan
borrowed reserve funds at a profit during a period of prolonged and
increasing inflation. Many other central banking systems have tried
this experiment, and it is doubtful if a record can be found of its ever
having been done without resulting in ultimate disaster. These are in
brief the arguments for an advance in the rediscount rate.
Charles E. Mitchell of National City Bank Sees Credit
Situation Threatening to Undermine Prosperity
—Urges Removal of Tax on Capital Gains on Sales
of Securities.
"A Study of the Credit Imposse and Corrective Measures"
is made by Charles E. Mitchell, Chairman of the National
City Bank, in a special edition of the bank's bulletin, issued
under date of Apr. 18. This special edition, says Mr.
Mitchell, was prompted by the existing credit condition,
which he says, "is already having its effect upon business
and threatens to undermine the natural and justifiable
prosperity of the country to an increasing degree inless a
corrective is promptly found." Mr. Mitchell states that in
consequence of the tightening of money, and "apprehension
of its eventual effect on trade and industry both in this
country and abroad, controversy over the present policies
of the Reserve Banks has been growing in intensity." Several
remedies for the correction of the situation are offered by
Mr.Mitchell, as "an important help toward restoring normal
credit conditions" he suggests immediate action by Congress to remove the income tax on capital gains on the sale
of securities," and at the same time he proposes that the
tax credit resulting from capital losses be eliminated. In
part Mr. Mitchell said:
That the condition of credit with which we have to deal to-day is one
of inflation can scarcely be denied. As finance is but the hand-maiden
of industry, it follows that the test of normalcy in the rate of credit expansion is the relationship which it bears to the rate of growth of industry and
trade. If the rate of credit increase falls below the rate of business growth,
we have a condition wherein business is starved, progress is retarded, and
production and distribution fall into a decline. Conversely, if the rate
of credit increase rises above the rate of business growth, we have a condition of inflation which manifests itself in rising prices in some departments
of the business structure, over-confidence, excessive speculation, and an
eventual crash.
2556
FINANCIAL CHRONICLE
[VOL. 128.
the published figures of 73.8%, while if the calculation be made on the basis
of the New York Reserve bank alone, as certain to bear the brunt of the
demand for credit in event of large withdrawals from the call loan market,
It will be found that the reserve ratio of that institution falls from the
present figure of 81.9% to 57.6%.
Moreover there is stlll another reason why the Federal Reserve ratio
cannot be regarded as a wholly satisfactory measure of the country's true
gold position. It should be remembered that while this ratio represents the
proportionnf legal reserve, including gold, which the Federal Reserve banks
have against their outstanding liabilities in the form of deposits or notes in
circulation, the deposits of the Reserve banks constitute in turn the sole
legal reserve for the deposits of the thousands of member banks throughout
the country. Thus, in the last analysis, not alone the deposits of the
Federal Reserve banks, but those of all the member banks, and of the
thousands of non-member banks as well, aggregating in all some $56,766,000,000. have as their foundation the country's gold stock, and it is the
ratio of this gold stock to the total of these liabilities which measures the
country's true reserve position.
If we compare our gold supply with the total banking and currency
liabilities of the country we come to a figure of 6.3%—quite a different •
picture from that presented by the Federal Reserve ratio taken alone. Comparing our figures with the latest available corresponding figures for Great
Britain, we find that whereas our Federal Reserve percentage is above
70%, against a published reserve ratio of 45% for the Bank of England,
when we consider total banking and currency liabilities we find our ratio
of 6.3% standing only slightly above the correspondingly computed English
ratio of 5.3%, and actually below similar ratios for France, Germany, and
Italy.
We give these figures not to imply that the present situation is alarming
if the volume of credit is kept effectively in hand, but simply to emphasize
the fact that our credit system cannot be indefinitely expanded on the
theory that our gold supply, the largest in the world, is inexhaustible, and
one upon which any kind of credit structure can be built.
As a result, the efforts of the Federal Reserve authorities have not been
successful in checking the expansion in secured loans, and the stringent conditions that eventually developed have raised call loan rates to levels that
have attracted the liquid funds not only of this country, but of the entire
world. It has caused the destruction of the bond market and consequently
retarded the investment of new capital into industrial development, except
Growth of Ineligible Loans.
where such development was possible through stock issues. It has checked
This expansion of credit, which has been almost entirely in secured loans, the sale of foreign securities in this market and depressed the International
has been used in financing stock exchange and underwriting transactions. exchanges.
In consequence Of this tightening of money and apprehension of its evenUndoubtedly a substantial portion has gone indirectly Into industry and
trade, but such loans are not of the self-liquidating type that the Federal tual effect on trade and industry both in this country and abroad, controReserve System was designed to handle. They are not eligible for redis- vorsy over the present policies of the Reserve banks has been growing in
intensity until scarcely a day passes that the columns of the daily press do
count.
The Federal Reserve System is so designed as to take care of legitimate not carry statements from adherents of one or another side of the controdemands of trade and commerce, any increase in the demands therefrom versy, either in criticism of policies now in force or in suggestion of other
showing themselves in loans made by the banks, which loans become dis- ways in which the present maladjustments could be corrected.
countable at the Federal Reserve Bank forthwith for the issuance of adProposed Remedies for Credit Difficulties.
ditional credit. The loans that are made on stocks and bonds are not
In general it will be seen that the remedies proposed will fall Into three
loans of that character, and the danger has been that the banking fraternity
major classes, to wit:
would sacrifice their liquidity by taking their eligible paper to the Federal
1. The pursuance of a policy by the Reserve banks of bringing immediate
Reserve Bank for rediscount at a time when they were lending in the stock ease in the
money situation by pouring additional reserve funds into the
market.
market through purchase of Government bonds and trade bills, with a conThat the apprehensions felt by many that the tendencies in operation current reduction in rediscount rates. This may be termed the "easy
solution."
would, if continued, impair the liquidity of the banks were not groundless, money
2, A continuance of
present Reserve Board policy of restricting the
may be seen from the reports of the Comptroller of the Currency comparing use of Federal Reservethe
credit to the sole use of trade and industry with
the changes in eligible and ineligible assets of all national banks in the warnings and threats to member banks that rediscounting privileges will be
refused where lending on collateral can be shown to be the cause for redisUnited States from Jim° 30 1923 to June 30 1928.
count, this policy being followed in the expectation that the introduction
During the five-year period the reports show that there was an increase of
fear into the situation will bring about liquidation in the so-called specuin loans and discounts of $3,327,000,000 while holdings of eligible com- lative markets with a concurrent gradual reduction of the volume of credit
mercial paper actually decreased by $297,000,000, resulting in a fall in the required by these markets. This may be termed the "middle ground."
3. The establishment of a policy of aggressive control of the general
percentage of eligible paper to total loans and discounts from 30.1% in
credit structure in which "loans for the account of others" would be consid1923 to 21.5% in 1928.
ered an integral part through an aggressive and decisive use of the controlIn the same period, while total investments increased by 32,078,000,000, ing instrument given to the Federal Reserve authorities by the law, namely,
holdings of U. S. securities which may be used as collateral for borrowings the discount rate the rate being advanced sharply and, if necessary, reuntil this total volume of credit could be brought under control,
at the Reserve Banks increased by only $198,000,000, with a resultant peatedly, rate
could be lowered commensurate with the reduced volume of
when the
fall in the ratio of U.S.securities to total investments from 53.1% to 40.5%. credit. This may be termed the "aggressive discount rate control policy."
Totaling up loans, discounts and investments, we find a combined inInadequacy of Proposed Measures.
crease of $5,405,000,000 in the five-year period, in the face of which there
Reviewing, then, the three alternatives which have thus far been sugwas a decrease of $100,000,000 in eligible commercial paper and U. S.
gested, we have first the easy money course which must be characterized
securrtles.
Thus it appears almost startling to discover that the entire increase in as the height of folly; second, the middle course, which has some things to
credit extended by all national bangs since 1923 has been in ineligible assets, recommend it, but which also carries with it so much uncertainty that there
is not only no assurance, but positive doubt that the situation can be saved
and that holdings of eligible paper actually have shown a slight decrease.
It may be argued that this increase in collateral loans was the result of in time, and lastly there is the resort to higher discount rates, which though
the issuance of new securities, especially stocks, as a result of a buoyant sound, is yet faulty in its effectiveness owing to the cumbersome machinery
stock market available for such flotations and that such collateral loans of the system which renders prompt and courageous decisions difficult of
replaced the credit formerly taken in eligible form by member banks to adoption.
Breaking the Impasse.
provide for the requirements of industry. We freely grant the weight of
Thus other possible remedies should be sought and considered. Sugthe argument, nevertheless it should be recognized that only so long as the
increase in loans on collateral equal the decline of eligible paper, allowing gested correctives seem unpromising and at best can succeed only at the
always for the normal growth of business, could it be regarded as being expense of a business recession; we wish to plead the cause of a remedy
solely a natural and justifiable switching in the character of borrowing. which has thus far not been emphasized, but which appeals to us as so
A further Increase in collateral borrowing aside from the factor of normal simple and natural that its adoption, we are confident, would be an imgrowth than represented in the decrease of industrial borrowing of the portant help toward restoring normal credit conditions.
This remedy is immediate action by Congress to remove the income tax
eligible typo would seem to spell inflation. Nevertheless viewed from the
standpoint of the Federal Reserve guarding bank credit, the justification on capital gains on the sale of securities, and at the same time of course
eliminate
the tax credit resulting from capital losses. In this tax lies, we
banks
in
member
of their fears with respect to the growing lack of liquidity
believe, one of the prime causes of the present difficulties. It has created
must in all fairness be recognized.
artificiality in the security markets, in the credit structure and in interest
Our Gold Supplies not Inexhaustible.
rates. It has introduced scarcity values in stocks that have spelled high
We often see, as support for the arguments of the expansionists, some prices and it has created an enormous increase in the loan account. Under
reference to the Federal Reserve ratio of reserve to liabilities. Many of our thaw tax laws, and particularly with the surtax operating as it does in the
readers know that the figure that is given as our reserve ratio at the present higher brackets, investors and speculators who have large profits in setime is above 70% for the System as a whole, but it is doubtful if there is curities have been and are unwilling to liquidate and Mlle profits, but go
general understanding of exactly what this ratio means.
on holding these securities, leaning on the banks in order to do so.
In the first place allowance must be made for the fact that this ratio
Not alone the taxpayer of very large means but practically all of the
does not take account of the individual loans now outstanding in Wall million of security holders who are taxed in the brackets up to 8% would be
which
do
not
Street for the account of corporations and other private lenders
benefitted by this proposal.
figure in the banking statement directly, but which are potential banking
liabilities. Should these loans aggregating nearly $4,000,000,000 be withdrawn from such employment and be replaced by bank advances, the latter Meetings of Federal Reserve Board—Federal Advisory
would call for a corresponding expansion of deposits against which the
Council Also Meets with Board.
banks would be forced to carry additional reserve at the Reserve banks
amounting to 13% or $520,000,000 in case of the expansion being entirely in
New York City and to an average of nearer 10% or about $400,000,000 if
spread over the country. Since the banks are already fully loaned up and
have no margin of free reserve of their own available to support this additional credit, they would have no other recourse than to'borrow from the
Reserve banks, thus forcing a corresponding increase of Reserve bank
deposit liabilities and reducing the reserve ratio. Taking the System as a
whole and allowing as we properly should for these outstanding loans "for
account of others" we find that the reserve ratio is nearer to 67% than to
Bearing these principles in mind, what then do we find to be the true
nature of the present situation?
Economists and statisticians who have made a study of the problem
have repeatedly demonstrated that the total volume of business in this
country, taking business in all its multitudinous forms and not a few widely
fluctuating lines such as the steel industry as a basis of measurement, increases year after year at a singularly uniform rate, not varying greatly
from 4%. For the year 1928 just passed, as closely as can be measured,
It appears that the total production and exchange of goods in the United
States increased over 1927 at a rate somewhat below this, or about 3%.
As against this growth of business we have to measure the growth of
credit.
In making this comparison it must be recognized that the actual expansion of credit is more than appears from the figures of the banks alone.
Taking the reports of all banks in the United States, it Is found that between Dec. 31 1927 and Dec. 31 1928 there was an increase in combined
loans and investments from $55,450,000,000 to $58,266,000,000, or 5.1%•
This increase, taken alone, does not appear to be greatly in excess of the
normal growth of business requirements, but it does not tell the whole
story of credit expansion in 1928.
During the past year there has grown up outside of the banking system
a new form of credit represented by direct loans by corporations and othei.
holders of surplus funds to brokers on stock exchange collateral. These
loans made by New York City banks "for account of others," as they are
designated in the Federal Reserve reports to distinguish them from loans
placed for their own account or other banks, represent a form of credit
against which no reserve is carried, yet which, if withdrawn by the lenders,
would have to be taken over by the banks to avert a disastrous collapse
of the securities market such as appeared imminent for a time last month
when but a fractional portion of these funds were called to meet Apr. 1
interest and dividend payments.
Taking account then of the extraordinary growth in these brokers'
loans "for account of others" as reported by both the New York banks and
the Stock Exchange from 81,627,000,000 at the end of 1927 to 53,361,000,000 at the end of 1928 we find the total increase of credit, as represented by the bank figures and the loans "for others" combined, to have
been from $57,077,000,000 to 861,627,000,000, or 8%, a difference as compared with the estimated increase of business which can only spell inflation.
A joint meeting of the Federal Advisory Council and
members of the Federal Reserve Board was held yesterday
(April 19). The previous day (April 18) the Board was in
session twice with Secretary Mellon, but no announcement
as to the deliberations on either day was made. An Associated Press dispatch from Washington last night in the
"Evening Post" said:
APRIL 20 1929.]
FINANCIAL CHRONICLE
2557
After a meeting of the Federal Advisory Council to-day members said
they had adopted a resolution, but declined to indicate what it concerned.
The Council, heretofore, usually has adopted resolutions approving the
action of the Federal Reserve Board.
of bank liquidity has always been most strictly maintained, if not so strictly
observed in recent years, the Bank of England may lend on stock and bond
collateral.
The fact that the total of brokers'loans, announced at 4 o'clock this afternoon while the board was in session, remained virtually stationary,showing
a decrease of only $2,000,000, is said to have been a keen disappointment.
Some had hoped for another decrease of perhaps $100.000,000. although
there bad been less expectation of any such decline following the continuation of the upward trend of security prices on the stock market yesterday.
Governor Young of the reserve board is on his way to California by
way of the Panama Canal, and Vice-President Platt made the announcement that no statement would be forthcoming. Efforts to obtain comment
from Secretary Mellon, the Chairman ex-officio, Mr. Platt, or other
members of the board, concerning the resolution offered in the House
yesterday by Representative Reid, seeking replies to a series of questions,
and proposing an inquiry, were unavailing. The intimation put out was
that the Reid resolution had not even been discussed at the board meeting.
Following the publication of the brokers' loan figures which showed
that loans for the account of out of town banks had increased by $31,000,000
despite the small decrease in the total, there was a renewal of rumors that
the Chicago Reserve Bank might increase its rediscount rate to-morrow but
no verification was obtainable.
There have been persistent rumors that the directors of the Chicago
bank voted in favor of a rediscount rate some weeks ago, but that approval of such a course had been withheld by the Reserve Board, at least
pending further developomnts.
It is known that certain members of the board had hoped that there
would be a continuing decline in the brokers' loan account, but others were
not so hopeful, even after the decrease of 6366,000,000 which marked the
three weeks' period ended last Thursday. The virtual halt in the decrease,
which was revealed to-day, was most disappointing to those members who
were offering the opinion that the continuing liquidation had finally begun.
Lack of a definite trend, as shown by the brokers' loan statement of to-day,
served to keep up keen interest in all angles of the situation here.
who know me only slightly, to the many of those who know me not at all,
my kindest greetings.
Through the courtesy of the Columbia Broadcasting System, I am this
evening permitted to address Thirty-Five Million people—a compliment
which I greatly appreciate and now acknowledge.
In this peaceful country today, a great battle is being wait;c1—a battle
between the business interests and the Federal Reserve Board. On the
one side we have the men who are in evidence in every constructive line
of endeavor—men who build and operate our factories; men who build
and operate our railroads; men who give employment to labor; thoughtful,
alert and progressive men who are doing things which make this country
(your country and my country) the greatest country on earth.
On the other side, we have an autocratic group of eight men, known as
the Federal Reserve Board, to which group of men has been granted,
amazing as it may seem, more power than is possessed by the President
of the United States. In the case of the President, Congress controls;
in the case of Congress, the Supreme Court and the Constitution of the
United States control. In the case of the Federal Reserve Board, there
Is absolutely no control. Its power is beyond that of any constituted
authority of the United States.
Business Men Aroused,
The business men of this country contend that this power has been and
is being abused and I predict that they will organize and agitate for a
modification of this law. It will be a nation-wide movement, sponsored
by able, earnest and determined men who expect to accomplish what they
have set out to do. The following demonstrates that the business men are
a unit in this undertaking. A few days ago I submitted through the
Chambers of Commerce to 500 industrial leaders of prominence in 20
industrial centers the following question:
"Are you in favor of the policy of the Federal Reserve Board in restricting
credit and compelling banks to discriminate against stock exchange collateral?"
To this question I have received 463 replies-151 opposed and only 12
favored the policy of the Federal Reserve Board.
9735% could almost be considered unanimous.
Since the law was passed in 1913, there have been two emergencies in
which the Federal Reserve Board has had the opportunity to demonstrate
how wisely and ably it could function.
Board Failed in 1921.
The first real test came in 1921, when business was at a standstill and
everything was (so to speak) out of gear. How the critical situation was
handled is fairly well described in an article written by me which appeared
in the "Magazine of Wall Street" in October. 1921, from which I quote:
"Our mechants and manufacturers who are today struggling with the
problems incident to this trying period of readjustment need encouragenaent and fair treatment, and the bankers who hold the key to the situation
should and must take the initiative.
"We cannot hope for better times until money for legitimate business,
not speculative purposes, can be obtained at reasonable rates, and credi.,
where properly safeguarded, is available in generous measure.
"The Federal Reserve Bank at this critical time should encourage, rather
than discourage, the extension of credit and should reduce its discount
rate to three per cent. Quick, decisive, courageous action on the part
of the Federal Reserve Bank would, in any opinion, very materially improve the situation, would hearten our business men and set in motion the
wheels of commerce and industry.
"For the purpose of relieving the pressure in times of stress, and preventing money panics the government created the Federal Reserve Bank.
It is a well-known fah that high grade, progressive, solvent concerns in
need of money to carry them through the readjustment period have been
paying most outrageous commissions and bonuses for accommodation
(in some cases the terms have been almost confiscatory) while the Federal
Reserve Bank, with full knowledge, stands idly by and permits this outrageous profiteering to continue.
"The Federal Reserve Bank has the power to stop profiteering in mousy,
and its failure to do so Is very largely responsible for the general business
paralysis, the surrender of many of our splendid industrial institutions
to the greedy money vultures resulting In the present conditions of discontent, unrest, and its resultant vast army of unemployed."
Please bear in mind that the article which I have just quoted was written
by me eight years ago.
The second real test of the wisdom and ability of the Federal Reserve
Board is in evidence today. At a time when this country was enjoying
the greatest prosperity ever known, the Federal Reserve Board by tactless
handling and spectacular methods succeeded in creating a panic costing
the people of this country Hundreds of Millions of Dollars.
Board to
The "Evening World" of last night, April 19, announced W. C. Durant Calls Upon Federal Reserve
Men
Business—Business
Hands
Off
Its
Keep
Washington:
the following Associated Press advices from
Alleged to Be Opposed to Board's Policy of ReA Federal Advisory Council went into session with the Federal Reserve
stricting Credit.
Board this afternoon. The reason for the joint session was not announced
and no attache of the Reserve Board would say who had called the meeting.
A demand that the Federal Reserve Board "keep its hands
At the last session of the Council held here about two months ago, it
unanimously approved the action of the Reserve Board in its effort to off business" was made by William C. Durant, motor manurestrain the use of Federal Reserve credit for speculation.
facturer, in a radio address delivered over the Columbia
Since that session, brokers' loans have dropped until they reached a total
of $5,425,000,000 for the week ending April 17. This was a decrease of broadcasting system on Sunday night April 14. In his
$343,000,000 from the record.
address Mr. Durant, made known the nature of the reThe Board in a second warning,issued subsequent to the Council meeting,
sponses received to his questionnaire sent on April 1 to
said that while the decrease in speculative loans was gratifying, other
leading business executives of the country to ascertain their
means to force co-operation might be necessary if it did not continue.
United Press accounts of the meeting were published as views on the market price of stocks and the attitude of the
Federal Reserve Board toward the restriction of credit;
follows in the "Sun":
A special meeting between the Federal Reserve Advisory Council and reference to the questionnaire was made in these columns
members of the Federal Reserve Board ended at 3 o'clock this afternoon.
April 6, page 2209. Mr. Durant stated that of the 463
Vice-Governor Platt of the Board, who served as acting chairman during
received "451 opposed, and only 12 favored the policy
replies
the absence of Governor Young, now in California, said there would be no
of the Federal Reserve Board." According to Mr. Durant,
statement on the subjects discussed.
Members of the advisory council continued in session independently after the business men of this country contend that the power
the Board had departed.
conferred on the Federal Reserve Board has been and is
The meeting was a special joint session of the Board and the Council and
being abused, and he said,"I predict that they will organize
officials of the Board refused to disclose what had been discussed.
The Advisory Council is composed of representatives of the twelve Fed- and agitate for a modification of this law." In addition
eral Reserve Banks throughout the country and has authority to recomBoard to keep ist hands off busimend credit policies to the reserve board. It recently held Its regular to calling upon the Reserve
ness, Mr. Durant would also have the Board reduce the
quarterly business meeting here and the session to-day was unexpected.
The Reserve Board's session with Secretary Mellon on discount rate to 3%, "put back the $700,000,000 which it
April 18 was presumably to give further consideration to has taken out of the money market," and "stop for a moment
developments in the credit situation, and to the proposals the offering of any more of the securities which it is unin Congress for various forms of investigations, said special willing to have the banks which it controls accept as coladvices from Washington on the 18th to the New York lateral." Mr. Durant's address follows:
To my many friends who know me intimately, to those of my hearers
"Times," which, continuing, stated:
George W. Edwards, Economist of Stone & Webster
and Blodget, Inc., Says Federal Reserve Member
Banks Are Extending More Investment Than
Commercial Credit.
Noting a rise to a total of $7,915,000,000 in loans secured
by stocks and bonds, or $795,000,000 more than a year ago,
George W. Edwards, Ph.D., economist of Stone & Webster
and Blodget, Inc., says in his money market survey for April
that the Federal Reserve member banks are actually extending more investment than commercial credit. Dr. Edwards
states:
This increase in the volume of non-commercial credit is oftern viewed
with concern. It is held that our banking system is losing its necessary
liquidity, or its ability to realize cash promptly and without loss in case of
need. This condition, it is held, can only be attained by holding commercial paper which alone possesses liquidity in the sense that at maturity
the underlying business transaction supplies the funds necessary to meet
the obligation. The volume of such commercial paper which meets the
test of liquidity, in this sense of the term, has declined in recent years,
and so banks have turned more and more to security investments or security
loans.
It is true these do not possess liquidity in the meaning as explained above,
but with the rapid development of an efficient organization for stock and
bond dealing in recent years, such securities have acquired a greater degree
of saleability and the loans based on such collateral have attained relatively
higher marketability and safety, provided always that the banks accepting
such collateral have exercised the same judgment in analyzing investment
credit as in the case of commercial credit.
Even during the crisis of 1920 the Now York banks encountered less
difficulty in realizing on their stock market loans than on almost any other
type of loan. The realizability of security loans has long been recognized
in foreign financial centers where the central hanks freely extend loans on
investment collateral. Even in the London money market where the theory
2558
FINANCIAL CHRONICLE
[Vol,. 128.
to ex-Senator Robert L. Owens, the father of the Federal Reserve Act;
Board Usurps Power.
of the House Committee
The Federal Reerve System was organized to give us an adequate supply to Congressman Louis T. McFadden, Chairman
on
Banking and Currency; to ex-Governor E. C. Stokes of New Jersey:
of credit sufficiently elastic to meet the growing needs of American business.
Loring Black
If the System is unate to supply these needs, the business men of the to Congressman Frank R. Reid of Illinois; to Congressman
of New York; to Professor Irving Fisher of Yale, to WaddM Catchings of
country have a right to demand a revision of the law.
the noted
to
William
Sachs
Trufant
Co.;
Foster,
&
Doctor
Goldman,
The Federal Reserve Board was created for the sole purpose of preventing
to Calvin Coolidge, who a year ago, with the reserves
panics and stabilizing interest rates. Is it any wonder that the business economist; and
present, protested against the very thing which
men of the country are aroused when the sacred trust centered in the very much lower than at
the Federal Reserve Board is now doing.
Federal Reserve Board is thoughtlessly or ignorantly abused?
accused
being the bull leader of the market. If this
I
of
been
have
The legality of the present policy of the Federal Reserve Board in disforced to
criminating against loans on stock exchange collateral is being very se- means that I am a bull on the United States of America, I am
plead guilty. I thank you. Good night.
riously questioned.
W. Randolph Burgess, Assistant Federal Reserve Agent, New York
Federal Reserve Bank, who is the author of"The Reserve Banks and the Governor Harding of Federal Reserve Bank of Boston
Money Market," a text book which is accepted as the highest authority
on Existing Money and Credit Situation—Address
on this subject, says:
Before Chicago and Cook County Bankers'
"It is impossible for a Reserve Bank to dictate how its credit shall be
Put to employment. It cannot, for example, restrict loans on the stock
•
Association.
exchange and at the same time encourage loans to the farmer. The specific
use of credit is the business of the individual member and non-member
and Cook County Bankers' AssoChicago
the
Addressing
bank and the Reserve System is no substitute for sound banking practice.
The judgment of the officers of our many thousands of banks is still the ciation at Chicago on April 18, W. P. G. Harding, Governor
proper safeguard against the improper use of credit."
Reserve Bank of Boston, and Formerly GovThe late Governor Strong of the Federal Reserve Bank of New York of the Federal
told the House Committee on Banking and Currency in the spring of 1926: ernor of the Federal Reserve Board, surveyed "The Existing
"The Federal Reserve System does exercise some control at times over
Credit Situation." Whatever else may be said
Total Volume of credit that is employed in the country. As to its par- Money and
ticular application, if member banks or non-member banks find it more of the situation, he observed, "we will all agree, I think,
we
direction,
another
profitable to lend money in one direction than in
have no power, of course, to control that."
that ... it is unique in the history of the country. Never
Let the Board Keep Hands Off.
In 1921 I offered to the Federal Reserve Board suggestions that I thought
would help the situation. Today I again offer suggestions along similar
• lines as follows:
Reduce the discount rate to 3%.
Put Back the 5700.000.000 which it has taken out of the money market.
Stop for a moment the offering of any more of the securities which it is
unwilling to have the banks which it controls accept as collateral.
But, far more important than the previous suggestions, let the Federal
Reserve Board keep its hands off business!
It would seem as though the Federal Reserve Board in its desire to relieve
the credit condition of foreign countries has overlooked the fact that our
prosperity—the envy of every nation on earth—is dependent upon abundant capital at reasonable rates, and that in 1928 Ten Billion Dollars worth
of new securities were issued and purchased outright or on the installment
plan by the men and women of this country who believe in America. American securities, American business leadership and American business standards.
It may surprise you to know that 5 years ago it is estimated that there
were less than 3,000,000 people in the United States owning stocks in
industrial enterprises. As the result of the accumulated wealth and the
great prosperity during the Coolidge administration, over 15,000.000
of our citizens are today shareholders in our industrial enterprises; and still
the Federal Reserve Board would announce to the world that these securities, some of which are as sound as the securities of the Government
itself, cannot be accepted by our banks as collateral.
Highest Interest Rates in History.
I contend that the Federal Reserve Board is alone responsible for the
highest rates ever prevailing in prosperous times for an equal period. The
cotton planter, the farmer, the merchant, the manufacturer, and business
men in all lines requiring capital for their undertakings, are paying an
outrageous and tuaneccessary penalty as the result of the determination
of the Federal Reserve Board to regulate brokers' loans.
On March 27th we had a strange demonstration. Money was costing
the usurious rate of 20% int. It looked as if loans might be unavailable
at any rate. Terrified investors were dumping their securities into the
market at any price. Values were tumbling by the Tens of Millions of
Dollars every hour. A stock exchange panic was in the making.
It was authorized, approved and caused by the Federal Reserve Board,
which had sent out the order "liquidate and pay off your loans."
The Federal Reserve Board by a word could have stopped the panic.
'They did not say a word. They sat and watched destruction rage. The
panic was only stopped by the action of Mr. Mitchell of the National
City Bank, who defied the Board's orders and promised $25,000,000 of
loans at the usurious rate of 16 to 20%.
For this patriotic offer he was threatened with excommunication. Senator Glass of Virginia, a member of the Senate Committee on Banking,
demanded that Mr. Mitchell be removed as a director of the Federal
Reserve Bank of New York.
What an incident in American financial historyl
Obstacles to Country's Development.
A few days ago I noticed that the American Telephone & Telegraph Co.
proposes to increase its capital to the extent of $500,000,000. This increase
of 5,000,000 shares ($100 par) will at some future time when the condition
are right be offered to its stockholders. This issue and others of likes
merit will unquestionably be largely oversubscribed.
public
The purpose of this issue is to furnish the business men and
life.
generally with the convenience demanded in our modern business
How can the Federal Reserve Board justify placing obstacles in the way
of the distribution of choice securities of this character and threaten to
restrict the credit which is necessary to operations of this magnitude?
constructive
I have said I regard the Federal Reserve Act as the most
piece of legislation of recent years, but I never imagined when this statedestroy
ment was made that the Federal Reserve Board would attempt to
the credit which is required to handle the enormous business at present
in evidence or contemplated.
Several months ago I made the following statement:
"The New York Stock Exchange Is today the greatest security market
In the world. The enormous business of the Exchange is conducted with
• very little friction and the character of the service is constantly being
improved. While the business today is large, with the many issues which
are being 'split up (with more to follow) the Exchange will before many
months be called upon in busy times to handle from Eight to Ten Million
the
Shares per day. And for the benefit of Our timid friends who follow
loans
loan situation very closely, it might be well to add that brokers'by
the
priced
and
selected
world,
(secured by the finest collateral in the
banks) will of necessity be correspondingly increased."
I stand by that statement,
A Bull on America,
My criticism of the Federal Reserve Board does not apply to Andrew
W. Mellon, member ex-officio, for whom I have the greatest respect,
nor to any member of the Board who has argued against and opposed the
.present policy, which if continued will destroy, in the judgment of the
• business man, the prosperity of this country,
The business men of this country are indebted to Arthur Brisbane,
who from the very beginning has been a champion of right and fairness;
before has there been so general an appetite for common
stocks nor so widespread a spirit of speculation among all
classes of people from capitalists down to janitors and chambermaids. If this spirit should long continue without
proper restraint, there may be disaster, but there are signs
that the speculative fever is beginning to abate; and it
should be remembered that while the Federal Reserve
Board has expressed its reluctance to agree to an advance
In Federal Reserve Bank discount rates—the great bugaboo
of the speculator—the Board has never said that there
would be no advance if other expedients fail to be effective."
Governor Harding's speech in full follows:
While I am aware that in an after-dinner speech statistics should be
avoided as far as possible, it seems necessary in order to establish a basis
for the discussion of the topic assigned to me, to call attention to some
figures which will throw light upon the situation. In presenting these
figures, however, I shall not emulate the distinguished Director of the Budget, Gen. Lord, who is always precise and gives exact figures down to the
last cent, but shall content myself with round amounts.
In the first place, let me refer to the radical change which has taken
place in the position of our country on the international balance sheet since
the outbreak of the World War in the year 1914. At that time, we were
a net debtor to other countries in an amount approximating 5 billion dollen. At the present time, we appear as a creditor nation to the extent of
perhaps 25 billion dollars, about 10 billion of which is represented by
Allied debts to the Treasury and 15 billion by private loans and investments abroad. Our national annual income, according to Dr. Friday and
other economists, is about 90 billion dollars. On October 3, 1928, the deposits of all banking institutions in the country, exclusive of balances due
to other banks, were about 53 billion 700 million dollars, while the average
gross deposits of all member banks in the Federal Reserve System in December 1928 were somewhat over 37 billion dollars. It is estimated that at
the present time the total loans and investments (excluding real estate
owned but including loans on real estate of about 10 billion dollars) of all
banks are about 58 billion dollars of which amount the member banks have
about 35 billion 700 million which includes something over one billion dollars of real estate loans by National banks. The total earning assets of the
twelve reserve banks on Apr. 10 1929 were nearly 1 billion 300 million dollen, which is about 2%% of those of all banks and 4% of those of member
banks. On Feb. 28, 1929 the total money stock of the United States was
8 billion 221 million dollars or $68.90 per capital, of which amount there
was in circulation 4 billion 098 million dollars. and on Mar. 31 1929 the
amount in circulation was 4 billion 747 million dollars or $39.75 per capita.
On Nov. 1 1920, a date which is incuded in what many critics of the Federal Reserve System are fond of referring to as the deflation period, the
total money stock stood at 8 billion 477 million dollars of $78.86 per
capita, while the money in actual circulation was 5 billion 698 million, or
$53.01 per capita.
Let us now consider an item which for many months past has been the
subject of much discussion, that is, brokers' loans. The figures which are
given out every week by the Federal Reserve Bank of New York are somewhat misleading as they refer only to loans on the New York Stock Etchange as furnished by a limited nummber of banks known as the reporting
banks. These figures do not include loans made to brokers in other more
or less important centers throughout the United States, nor do they as far
as New York City itself is concerned, include all loans made to houses
which are members of the exchange. The New York Stock Exchange reports, which are made once a month, show that the actual loans average
about one billion dollars more than those reported by the Federal Reserve
Bank. For example, at a time recently when the bank's statement made
up from figures furnished by reporting member banks, showed brokers'
loans to be around 6 billion 600 million dollars. the Stock Exchange figures
showed 6 billion 800 million. Stock Exchange transactions ordinarily are
financed by 70% call loans and 30% time loans. At the present time,
however, the proportion is about 91% on call and 9% on time. This ratio
when considered with the wide fluctuations in rates running from 0 to 20%,
seems to indicate that the loans are due largely to stock transactions rather
than to investmentts in bonds. This indication is confirmed by the comparatively small dealings in bonds reported daily as compared with the very
large transactions in stocks. The exhibits as to brokers' loans do not, by
any means, indicate the total volume of credit which is used in financing
transactions on the Stock Exchange. Perhaps a majority of investors, and.
no doubt, many speculators, prefer to finance their transacetions by means
of collateral loans secured from banks with which they have dealings.
While it is not possible to give the exact figures, it appears from carefully
made estimates that member banks at the present time are carrying loans on
stocks, bonds and Government obligations, exclusive of call loans to New
York brokers, of about 7% billion dollars. These collateral notes are not
eligible for rediscount by the Federal Reserve Banks and partly for this
APRIL
20 1920.]
FINANCIAL CHRONICLE
2559
reason usually command a higher rate of interest than commercial papeer found, however, that the regional system was inevitable, he offered many
which is eligible. It has been estimated that the amount of eligible paper valuable and helpful suggestions, although he never wavered in his belief
carried by member banks on a recent date was something over 4% billion that the System should be composed of a small smaller number of banks
dollars or about 13% of their total loans and investments. However, as the than the twelve which were actually established. I admit that the adminmember banks are carrying about 3% billion dollars of United States Gov- istrative machinery of the Federal Reserve System is somewhat compliernment obligations which they can use as collateral for their 15-day notes, catd and that its successful operation calls for tact, firmness, and close cothe total potential borrowing power of the member banks from the Federal operation on the part of those responsible for its policies and for the conReserve Banks is well over 8 billion dollars. which sum is far in excess of duct of its operations, but I do not believe that it is lacking, potentially at
the maximum amount of accommodation which could be granted by Federal least, in leadership clothed with ample authority.
By reason of my own experience as Governor of the Federal Reserve
Reserve Banks without suspension of their own reserve requirements.
Brokers' loans in New York as reported by the Federal Reserve Bank of Board and as Governor of one of the Federal Reserve Banks. I think that
that city, amounted on Oct. 2 1927 to 3 billion 306 million dollars; on I may claim to have some insight into the principal workings of the Federal
Apr. 4 1928 to 3 billion 979 million; on Oct. 3 1928 to 4 billion 570 mil- Reserve System which, as you know, is composed of the Federal Reserve
lion; and on Mar. 20 1929 to 5 billion 793 million, which figures are the Board at Washington and the twelve Federal Reserve Banks. In MY opinhighest ever reported; and on Apr. 10 1929 to 5 billion 427 million, a de- ion, the Federal Reserve System actually is more nearly a central bank
crease of about 366 million dollars from the high point on March 20. The than some of the framers of the Federal Reserve Act, and perhaps Mr.
Stock Exchange figures for these dates averaged about one billion dollars Warburg himself, realize. While the Federal Reserve Board is not an
operating body, it has plenary powers as far as system policies are conmore,
4%. few years ago transactions on the New York Stock Exchange involving cerned, and by reason of its authority to make regulations governing almost
a million shares of stock a day, were regarded as exceptionally large. every transaction in which a Federal Reserve Bank can engage, it has
Recently over eight million shares changed hands in a single day and four practical control over the operations of the Federal Reserve Banks. In the
to five million-share days have come to be regarded as quite in the usual matter of discount rates, no question has ever been raised as to the necessity
course, while those days in which the transactions average less than three of the Board's concurrence before a rate established by the directors of a
million sharers, are looked upon as being dull. This development is due to Federal Reserve Bank can become effective; nor has the Board itself, since
several causes such as the general prosperity and constantly increasing the Chicago episode of eighteen months ago, ever disavowed the right
wealth of the country, the expansion of business, formation of new enter- which it asserted at that time to change the rate of a Federal Reserve Bank
prises, and a disposition on the part of the public to discount the future, under its power of review and determination without the co-operation of
and to outright speculation. Many conservative investors who hitherto the directors of the bank concerned. The Federal Reserve Act provides
have shown a preference for high grade bonds and preferred stocks, have that the directors of a Federal Reserve Bank shall, subject to the provisions
turned their attention more and more to common stocks Ad in their pur- of law and the orders of the Federal Reserve Board, extend to each member
chases of such stocks have shonwn a disposition to disregard immediate in- bank such discounts, advancements and accommodations as may be safely
come returns, and to pin their faith upon the intrinsic values expected to and reasonably made with due regard to the claims and demands of other
materialize in the more or less distant future. At the same time, there is member banks. The Federal Reserve Board has the exclusive right to
no denying the fact that a strong speculative spirit has become manifest determine and define the character of paper eligible for discount within
and the spectacular advances in the market during the past eighteen months the meaning of the Act. It has power to call upon a Federal Reserve
have attracted many marginal purchasers of stocks who have no intention Bank at any time for additional security to protect Federal Reserve notes
of paying in full and holding them for investment, but hope to sell quickly issued to It, and has the right also to grant in whole or in part, or to
at a substantial profit. These developments have called for the use of reject entirely the application of any Federal Reserve Bank for Federal
funds in Stock Market transactions in much greater volume than heretofore. Reserve Notes. With the consent, or upon the order and direction of the
and this demand for funds has brought about a sharp advance in the rates Federal Reserve Board and under regulations to be prescribed by said
of interest offered. Another new factor is the investment trust. Scores of Board, Federal Reserve Banks may open and maintain accounts in foreign
them have been created during the last two or three years and their pur- countries. The Federal Reserve Board may permit, or upon the affirmachasing power has been a strong stabilizing influence at times when the tive vote of at least five members, may require Federal Reserve Banks to
market has shown a tendency to decline.
rediscount paper for other Federal Reserve Banks at rates of interest to
The high interest rates paid for call money have had a pronounced effect be fixed by the Board. Any compensation which may be provided by the
upon the money market as a whole. Rates on the best grades of commer- Board of Directors of Federal Reserve Banks for directors, officers or emcial paper have during the past eighteen months advanced more than 20% ployees, shall be subject to the approval of the Federal Reserve Board,
from 434 to 5% to 6%. The rates on time collateral loans have risen in which body is also empowered to exercise general supervision over the
some financial centers up to 8 to 9%. Ordinarily the increased cost of Federal Reserve Banks. Finally, in addition to the Board's power to suscredit would have had a depressing effect upon business generally, but, due pend or remove any officer or director of any Federal Reserve Bank, the
to other favorable circumstances, business as a whole has thus far not been only qualification being that the cause of such removal shall be forthwith
much affected by higher creat costs, except perhaps the building trades communicated by the Federal Reserve Board to the removed officer or
which, taking the country as a whole, have been slowing down.
director and to the Federal Reserv Bank concerned, the Board has authorThe rediscount rates of the Federal Resere Banks are no longer dom- ity also to suspend for the violation of any of the provisions of the Federal
inant. Quoting from an eminent authority, they are "grotesquely impotent Reserve Act (and by implication, perhaps for the disregard of any regulaand out of line." Rates on the best grades of commercial paper are now tion made by the Board) the operations of any Federal Reserve Bank, to
5% to 6%, and prime bankers' acceptances are selling at 5% to 5%%. If take possession thereof, administer the same during the period of suspenthese rates should be long maintained, the creation of new bills will be sion and when deemed advisable, to liquidate or reorganize such bank.
sharply curtailed and the acceptance business, to the development of which These are certainly very broad powers. Some of them have never been
in this country so much care and attention has been devoted for many years exeercised and probably never will be. It is inconceivable that Congress
past, will find its way back to its original habitat across the ocean.
would be willing to give the Board any additional powers over the FedMr. Paul M. Warburg of New York, who was one of the original members eral Reserve Banks, and, in fact, it is difficult to see what additional
of the Federal Reserve Board and was its Vice-Governor for two years, made powers could be given without wiping out entirely the basis for a regional
some pertinent commonts on existing conditions in his notable address to system.
the stockholders of his bank at their annual meeting on March 7. I think
It is evident from statements which have been issued recently by the
- it would be well to summarize some of the facts to which he calls attention Federal Reserve Board and particularly from an averment made by Govin this address, such as the loss of control by the Federal Reserve System ernor Young in his Cincinnati address a short time ago, that the Board
over the American money market, and his statement that no central bank- is reluctant to agree to any further increase in Federal Reserve discount
ing system may safely permit its facilities to expand unless it is certain of rates. The paragraph in Section 14 of the Federal Reserve Act which gives
its determination and ability to bring about contraction when circumstances the Federal Reserve Banks power "to establish from time to time, subject
require.
In Mr. Warburg's opinion, the Federal Reserve System by to review and determination of the Federal Reserve Board, rates of discount
pursuing a well conceived and far-sighted policy rose to a position to be charged by the Federal Reserve Banks for each class of paper, which
of world leadership, but within a short span of a year it lost that leadership shall be fixed with a view of accommodating commerce and business,"
owing to its failure promptly and effectively to reverse the engines at the contains a definite mandate—the rate shall be fixed with a view of accritical moment. The control then passed into the hands of Stock Exchange commodating commerce and business. The reluctance of the Federal
operators who have now for many months past governed the flow of money, Reserve Board to agree to an advance in rate must be due to a belief that
not only in the United States, but in the principal markets of the world. a higher rate would be harmful to commerce and business, and at the same
Mr. Warburg points out that history, which has a painful way of repeating time would have little if any effect upon speculative activities. The
itself, has taught mankind that speculative over-expansion invariably ends Board has, I think, made it plain in its statements that It is not concerned
in over-contraction and distress, and that while Stock Exchange excesses with stock market activities as such, nor has it any disposition to assume
may be corrected by prompt and determined action, without affecting seri- authority to interfere with the loan practices of member banks so long
ously the wider circle of general business, orgies of unrestrained specula- as they do not involve the Federal Reserve Banks, The Board feels, howtion will lead to an ultimate collapse which will effect not only the specu- ever, that it has a grave responsibility in cases where there Is evidence
lators themselves but will also bring about a general depression involving that member banks are maintaining speculative security loans with the
the entire country. For the past six months or more we have had in effect aid of Federal reserve credit. The Board has stated that in its opinion
a current bank rate of 7 or 8%. Mr. Warburg states that it is that rate the Federal Reserve Act does not contemplate the use of the resources of
which has directed a new flow of gold to our shores and which has exer- the Federal Reserve Banks for the creation or extension of speculative
cised a decisive influence in the fashioning of our domestic rate structure. credit and that when member banks are maintaining spculatife security
He states that "Procrastination in bringing such rediscount rates into a loans with the aid of Federal reserve credit, the Federal Reserve Bank
proper relation to actualities, hesitation in taking effectual means to re- becomes either a contributing or sustaining factor in the current volume
assert the Federal Reserve System's leadership, place a grave responsibility of speculative security credit, which is not in harmony with the intent
on those in charges of its administration. _ _ _ That the country's banking of the Federal Reserve Act nor conducive to the wholesome operation of
system is tossing about today without its helm being under the control of the banking and credit system of the country. In fact, as Senator Glass
its pilots gives cause for deep concern. Yet the fault does not seem to lie pointed out a short time ago, the Federal Reserve Act in the paragraph
so much with the men in charge of it as with the structural defect of its of Section 13 which defines the kinds of paper which Federal Reserve
administrative organization. The banking fraternity would be well advised Banks may discount, expressly prohibits any definition of eligible paper
to anticipate radical Congressional proposals by taking the lead in seeking by the Federal Reserve Board which would include notes, drafts or bills
the lines along which reform may be brought about."
covering merely investments or used or drawn for the purpose of carrying
While there is much in Mr. Warburg's statement which is worthy of or trading in stocks, bonds and other investment securities, except bonds
cannot
follow
him
unreservedly in his views as to or notes of the Government of the United States. Thus even the legitimate
serious consideration, I
the structural defects of the administrative organization of the Federal Re- and necessary trading in stocks and bonds for purposes doubtless sound
serve System. In comparing the administration of the Federal Reserve and productive was barred as a basis for rediscount.
System to the flight of an airship, he stresses the unrestricted authority of
The issue, therefore, at the present time is not so much as to the merits
the captain of the airship who has power to give orders for landing as.
- or demerits of speculation, but rather as to the drawing, through indirect
ing to his own judgment of what the circumstances demand, and states that methods, of Federal reserve credit into channels which are forbidden in
had the captain's rnanouvers been dependent upon the directions of 120 express terms by the Federal Reserve Act, the plain intent of which was
men, acting through twelve separate boards of directors, and operating sub- to serve the industrial, commercial and agricultural interests of the counject to the review and determination of a central board of eight men, the try. The consolidated statement of the twelve Federal Reserve Banks
ship would have been wrecked.
as of April 10, 1929, shows that loans and advances to member banks are
Mr. Warburg was originally an advocate of a central bank in this coun- 345 million dollars greater than on April 11, 1928. While this may be
try and he was not at first a believer in the regional system. After he due to the reduction in the Federal Reserve Banks' holdings of bills and
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FINANCIAL CHRONICLE
[VoL. 128.
Government obligations, yet there are indications that a large amount of their loans whenever individual necessity or convenience may impel them
Federal reserve credit is still being used indirectly in carrying investments to do so.
or in promoting speculation. This is a situation with which the Federal
In ordinary circumstances the responsability for meeting the requirements
Reserve Board has not only a legal right but an imperative duty to con- of the stock exchange falls principally upon the banks in New York City
cern itself. Opinions differ as to the best means of correcting this situa- with which the brokers have active accounts, but it is clearly beyond the
tion. There are some who believe that the corrective lies in an advance power of those banks to finance the large amounts now required. There
in the Federal reserve discount rates and, if necessary, in successive ad- are certain dates throughout the year when readjustments are necessary
vances. There are others who believe that such advance would seriously in order to provide for payments of interest and dividends, and the four
affect those who are engaged in the production and distribution of goods outstanding dates are the first days of January, April, July and October.
and commodities, and that higher rates would have no effect upon specula- The readjustment is particularly heavy in January and July. During the
tion until they had first brought about a sharp recession in business. latter part of last December "loans for others" were called to so great
From the statements which have been made by the Federal Reserve Board, an extent that in order to prevent a serious reaction, the New York Cityit is evident that that body is in the latter category. As Governor Young banks felt called upon to increase their loans to brokers by several hundred
has stated publicly that rates would be advanced only as a last resort, it million dollars which necessitated their borrowing about one half of the
Is evident that the Board desires the Federal Reserve Banks to use all the amount required from the Federal Reserve Bank. In the closing days
arts of persuasion and, if necessary, perhaps to exert pressure upon the of March, preparations were being made for April disbursements. Tomember banks to induce them to pay off their obligations to the Federal gether with this, it seems that conditions in Chicago were such as to call
Reserve Banks by calling such part of their demand and collateral loans for the transfer of about forty million dollars from New York to Chicago
as may be necessary to liquidate such indebtedness before making any and the result was a severe stringency in the New York money market,
which sent call rates up to 20% and brought about a sharp decline In
further advances of that kind.
About a month ago, the Federal Reserve Bank of Boston sent a letter stock quotations. It is possible that the action of some of the New York
to all its member banks asking for their voluntary co-operation in carrying City banks in coming to the relief of the market by offering funds at
out the views of the Federal Reserve Board. The letter was well received, from 16 to 20% averted a serious crisis. When these offerings were
the attitude of the banks has been very friendly, and the immediate results made, the call rate declined to 15%, the market recovered, and at the
were satisfactory but the improved reserve position of the Boston bank, close the quotations on many stocks were higher than at the beginning
and no doubt of several of the other Reserve Banks, has been due mainly of the day. What the situation will be at the end of June when preparato the payment of bankers' acceptances held and to the limited buying tions must be made for July 1st disbursements is a question which should
of new acceptances to take. place of those maturing. Many banks have be given consideration well in advance.
I referred at the beginning of my remarks to the fact that this country
pointed out that it is very difficult to decline to make loans secured by
good collateral to regular customers even where it seemed probable that is now a creditor nation in a very large amount. Our credit balance,
however,
is made up generally of fixed investments and long term loans
the proceeds would be used for speculative or investment purposes because,
in many cases, loss of deposits and good will would follow a refusal. No abroad. There are some who estimate that foreigners have in this country
doubt there would be cases, if a Federal Reserve Bank should undertake -at least 2 billion dollars all of which can be withdrawn practically on
to bring pressure upon a member bank for the payment of its obligations, demand. The high rates obtainable in stock market transactions have
where the member bank would prefer to call some commercial loans rather drawn large amounts of money from abroad and there are some who believe
than collateral loans. Some member banks have stated frankly that they that foreigners are participating in call loans to the extent of perhaps 1 bilhave more collateral loans than they would like but that the same sense lion dollars.
At this point, I wish to call attention to some of the items which appear
of compulsion which induced them to make the loans makes them reluctant
to call them, and that they would find it easier to control the situation in in the consolidated statement of the twelve Federal Resen-e Banks as
their respective localities if the Federal Reserve Bank's discount rate of April 10, 1929. The paid-in capital stock of the twelve Banks has
more closely followed the market rate. The situation, however, as far increased since April 11, 1928 by more than 17 million dollars which
as the Federal Reserve Banks are concerned, is not an urgent one. Their reflects the large increase which has been made during the year in the
position is incomparably better than was the case in the fall of the year capital and surplus of member banks. Member banks' reserve deposits
1919 and throughout the year 1920, and in some respects is better than show a loss in the twelve month period of more than 130 million dollars
a year ago. The total holdings of gold by the Federal Reserve Banks which indicates a decrease in member banks' deposits of more than 600
on April 10 1929 amounted to $2,774,000,000 as against $2,748,000,000 million dollars, and while the gold holdings have increased by 26 million
on April 11, 1928, and the average reserve percentage of the twelve banks dollars, and total earning assets have been reduced by 65 million 900
combined was 73.8% on April 10 1929 as against 71.6% on April 11 1928. thousand dollars, the member banks' indebtedness as I have already
pointed out, has increased by 345 million dollars. The improvement in
It seems to be the consensus of opinion in the financial reviews I have
the reserve position of the twelve Federal Reserve Banks has been due
noticed in the press, that the Federal Reserve Board is trying to make
entirely to a reduction in the amount of bankers' acceptances and United
credit expensive for speculators and as cheap as possible for what is called
States Government securities held by them. In the case of bankers' aclegitimate business. This reminds me of a small bay whom I once knew
ceptances, this reduction has been 204 million dollars and in Government
who, after cutting his finger with a knife which his mother had given
obligations 212 million dollars, a total reduction of 416 million dollars
him, wrote a letter to Santa Claus asking for a knife which could cut
in these two items.
sticks and not cut fingers. Perhaps the Federal Reserve Board will in
Whatever else may be said of the existing money and credits situation
due course be able to bring about conditions which will reduce the cost
we will all agree, I think, that it is a most interesting one and that it is
of credit to business. Let us hope so, and in the meantime, I would sugunique in the history' of the country. Never before has there been so
gest that much of the current criticism of the Board, as well as criticism
general an appetite for common stocks nor so widespread a spirit of
in the past, is ill-advised and not well founded. The Board is not
speculation among all classes of people from capitalists down to janitors
actuated by any sinister motives, it is watching the situation closely and
and chamber-maids. If this spirit should long continue without proper
has far greater knowledge of all the conditions and cross currents which
restraint, there may be disaster, but there are signs that the speculative
have a bearing upon the present situation than most of its critics have.
fever is beginning to abate; and it should be remembered that while the
Few of these critics make any constructive suggestions and many of them,
Board has expressed its reluctance to agree to an advance
judging from their utterances, are densely ignorant of the provisions of Federal Reserve
in Federal Reserve Bank discount rates—the great bugaboo of the speculthe Federal Reserve Act.
ator—the Board has never said that there would be no advance if other
Some of the Federal Reserve Banks no doubt find themselves embarrassed expedients fail to be effective. Eventually subjects other than stock
at times in maintaining discount rates which are so much below the level fluctuations and brokers' loans will engage public attention. Congress
of acceptance rates and commercial paper rates, but, after all, the ultimate has assembled in extra session; the progress which has been made in
responsability lies upon the Federal Reserve Board and it is the duty of industry will continue; agriculture will come into its own; and
there
the Reserve Banks to carry out as best they can the policies of the Board are many new developments looming up in the mists of the future such
which in the circumstances involves the close co-operation of the member as irrigation and water power projects; the Great Lakes and
St. Lawrence
banks. If by continuation of its present policies, the Board should finally River waterway to the sea; a nine foot waterway from
Chicago to the
succeed in accomplishing the objects it has in view; to wit; the restoration Gulf; Mississippi River flood control ; and a Nicaraguan
Canal. All
of a lower level of interest rates, an orderly readjustment of credit and of these will arouse great public interest, will call for large
capital
the conservation of the bank reserves of the country, the result will be expenditures, and will employ labor in enormous volume,
and they have
taken as a matter of course and the Board will be accorded little if any not been overlooked in the establishment of the present
level of stock
of the credit to which it would justly be entitled. If, on the other hand, quotations.
general interest rates should continue to advance, prices of bonds still
Abraham Lincoln said: "You can fool all the people some of the time
further to decline, and stock market excesses should finally culminate in and some of the people all the time, but you cannot
fool all the People
a smash which would injure business generally, all the responsability which all the time." Paraphrasing this, may I suggest that
in the forum of
the Board feels that it has in the existing circumstances will be voted public interest the stock market may occupy the center
of the stage some
to it unanimously by the general public, and the Board will be the storm of the time and have a less conspicious place on the
stage all the time,
center of censure and abuse. The banks of the country are vitally con- but it cannot occupy the center of the stage all the time.
Sooner or later,
cerned in the outcome. Generally speaking they have lost deposits because and in my opinion sooner rather than later, the American
people will
of withdrawal of funds by investors who have been buying stocks on a low lose much of their present interest in speculative transactions,
and will
income basis in anticipation of future advances in price, as well as by find other outlets for their thoughts, their energies and their
capital.
withdrawals by other depositors of a speculative turn of mind who have
been using funds as margins on stocks which they never intend to own
outright. The banks have felt obliged also to make large loans on collateral which loans perhaps are amply secured but which, nevertheless, Resolution of Representative Reid Calling for Inquiry Into Policies of Federal Reserve Board
are not liquid loans for the reason that the banks feel obliged, for fear
of loss of business and good will, to carry them at the borrower's con—Views of Representative Block and Others.
venience. While most of the member banks are not permitted by law
An inquiry into "the effect, enforcement, administration,
to invest in stocks, they have in the aggregate, large investments in
bonds. Existing high rates for money have reduced materially the market interpretation and practice of the Federal Reserve Act by
value of bonds, and if any substantial number of banks should undertake
the Federal Reserve Board," and an investigation into the
at the present time to dispose of bonds which they have been carrying as
investments, they would suffer a tremendous lose. This observation applies policy or policies of the Board are called for in a resolution
also to the great insurance companies. In their own interest, holders of introduced in the House on Apr. 17 by Representative
bonds should co-operate in an effort to bring about a lower level of interest Frank
R. Reid (Republican) of Illinois. The resolution
rates.
directs that the inquiry be undertaken by a select comWhile the country generally is prosperous, it should be borne in mind
that bank loans on stocks and securities during the past eighteen months mittee of the House. According to a dispatch from Washhave increased at a rate entirely out of proportion to the growth of in- ington, Apr. 18 to the "Times" Mr. Reid is opposed to an
dustry. Another factor in the situation which should not be forgotten is
investigation of the Federal Reserve Board and its policies
that about two billion 780 million dollars, or more than one half of the
total loans as reported by the New York Reserve Bank, are represented by the House Banking and Currency Committee. The
by funds belonging to individuals, firms and domestic corporations whose dispatch added:
primary business is not that of money lending, who feel no responsability
He believes that a special committee should be created for the purpose
whatever as to market stability, and who have no hesitation in calling as provided by his resolution,
and that the inquiry should be authorized
APRIL 20 1929.]
FINANCIAL CHRONICLE
without delay. His resolution has been referred to the Rules Committee,
of which Representative Such of New York is Chairman. It said that
Mr.Reid will ask for an early hearing on his measure. The Rules Committee
Is one of three House committees now functioning.
Whatever action may be taken by the House, it seems certain that the
Senate Banking and Currency Committee will undertake an inquiry.
In giving a statement made by Representative Reid
bearing on his resolution, the Washington correspondent
of the "Evening World" under date of Apr. 16 (the day
before the introduction of the resolution) said:
He (Representative Reid) proposes to call as witnesses officials of the
Reserve Board and leading American financiers, including Charles E.
Mitchell, W.C. Durant and Paul M. Warburg.
The Reid resolution will provide for investigation of four principal phases
of Federal Reserve activities:
1. Undue influence of foreign banking and financial conditions in the
formulation of Federal Reserve policies during recent years.
2. Causes of the export of more than $500,000,000 in gold from the
United States in the last two years.
3. Relations of the Federal Reserve System to the International Reparations Bank, proposed by Owen D. Young as a medium for handling the
payment of German reparations,stabilizing foreign exchange and controlling
the flow of gold throuout the world.
4. Commercial and economic effects of the Reserve Board's attempts to
curb the use of credit for speculative purposes which, it is alleged, have produced excessive rates of interest for call loans and thus tended to withdraw
credit from the interior of the country and to restrict its availability for
ordinary business purposes.
"Investigation will disclose," Mr. Reid said."that during recent years the
policy of the Federal Reserve System has been controlled to an everincreasing extent by consideration for European conditions.
Alleges Foreign Control.
It will show that the Reserve Board maintained artificially low rates of
interest during 1927 and a part of 1928 as a result of a secret agreement
entered into with representatives of the central banks ofEngland,France and
Germany. It will show that the Reserve Board attempted to coerce the
Federal Reserve Bank of Chicago into maintaining a rate of discount which
was not justified by economic financial conditions existing in that district.
It will reveal that enormous credits of hundreds of millions of dollars have
been at the disposal of the Bank of England and other European banks upon
terms which have never been fully disclosed to the American people.
If my information is correct, arrangements have already been made for
the Reserve Bank of New York to act as the American agent for the proposed
International Reparations Bank, which is now being created in Europe.
One of the representatives of the New York bank has recently returned
from conferences in Europe with Owen D. Young, who is regarded as the
father of the reparations hank and. I am informed, has made public statements to that effect. If this plan is permitted to go through, it would
appear to be inevitable that our American Reserve System would become a
part of the Continental financial system and the rates paid on all agricultural
and commercial loans in the United States would be determined, not by the
soundness of our economic conditions, but by tho unsoundness of the
financial structure of Europe.
The committee should, in my opinion, ascertain what conferences have
been held by the Federal Reserve Board or the representatives of any of
the Federal Reserve banks with European financiers for the purpose of
assisting the carrying out of fiscal policies of European Governments or
placing the credit of the financial system of the United States at the disposal
of European Governments or financiers.
Sees Deals with Europe.
We know that representatives of the European banks have been in the
United States almost constantly during the last few years. We know that
they have conferred with various officials of the Federal Reserve System.
We know that representatives of the Federal Reserve System have been in
Europe from time to time and have repeatedly conferred with European
financiers. But we now nothing authoritatively regarding the purposes of
these conferences or their results.
"The committee should, in my opinion, summon the principal officials
of the Federal Reserve System as well as the leading financiers of the United
States and secure a definite, concrete understanding of the policies and activities of the system during recent years.
"It should call Andrew W. Mellon, Chairman and ex-officio member of
the Reserve Board, and Roy A. Young, its governor. It should summon
Gates W.McGarragh and George L. Harrison, the Chairman and governor
of the New York Reserve Bank. It should call also Charles E. Mitchell,
President of the National City Bank; W. C. Durant, Paul M. Warburg
and other leading critics of Federal Reserve policies.
"If my resolution is adopted, I shall insist that the investigation shall not
be perfunctory, but shall be a thorough probe of the activities and policies of
the Federal Reserve System during the ten years which have followed the
World War. The American people are entitled to know not only what has
been done by the Reserve System in relation to domestic and foreign finance, but also to have a clear explanation of the reasons for such action."
In its advices from Washington Apr. 17 the New York
"Times" stated:
The presenting of the Reid resolution followed a speech by Representative Black, Democrat, of New York, who attacked the Federal Reserve
Board, asserting it had no direct power to curtail the colume of credit or
apportion it sectionally or industrially.
Broad Question Opened Up.
A warning was uttered by Mr. Wingo that the House should proceed
slowly with respect to credit conditions and no step be taken without careful investigation.
Meanwhile it was made known that Senator Glass, Democrat,of Virginia,
a former Secretary of the Treasury, is proceeding with the drafting of the
bills in amendment of the Federal Reserve act which he decided to introduce some weeks ago when announcement was made by the Reserve Board
of the policy that it had adopted in an effort to curb speculation in the
stock market.
Further, it was indicated pretty broadly by some House leaders that
the administration was hopeful that neither the Senate nor the House
would act now to initiate an inquity into the Federal Reserve Board, in
the belief that the "orderly adjustment" of credit sought by the Board
could be accomplished in due time and brought about without untoward
effects.
Black's Criticism of Board.
The speech of Representative Black, criticizing the credit policy of the
FederaisIleserve Board with reference to stock market operations, had
2561
been prepared in advance. With the presenting of the Reid resolution it
became a part of the general debate on the subject, which was only cut
off at 1:20 P. M. by the motion for adjournment by Majority Leader
Tilson.
Mr. Black said that the present extraordinary volume of call loans was
not so much the result of speculation as due to the increase in brokers'
borrowings in the call market to hold new stock issues which eventually
were sold to the public in the regular manner.
"The Federal Reserve Board," he said,"has injected a new and unwelcome factor in the investment outlook. This factor is its own possible
arbitrary actions, either by public clamor, fear, propaganda, unwarranted
Increase in rediscount rates or punitive deflation of currency."
"Clothed with jurisdiction over credit" he continued, "the Federal
Reserve Board has extended its operations to the field of capital, which
under the Constitution is at the disposal of its proprietors, and the Government has no legal power to apportion it sectionally or industrially.
"The call loan market to large extent represents a surplus capital transforming itself into an active, energized working capital, reproducing additional capital and wealth for the country.
"The Stock Exchange has served the country efficiently. It is the
nerve center of the country's finances. There is a psychological element
contributing to investment activities. The Government is within its
province to furnish facts to investors, but the Government has to answer
if, by injudicious circulation of opinion, it affects the business security of
the country.
"Those who advocate the Government's stepping into the Stock Exchange
propose that the Government shall enter into all business. This is not the
theory of our democracy. It is far from being a dogma of the present
dominant political party."
Representative Reid agreed with Mr. Black that the present situation
did not justify Governmental interference.
"The present policy of the Reserve Board." he asserted."is wholly unnecessary in view of the sound financing situation in the United States."The American people are entitled to know not only what has been done
by the Reserve System in relation to domestic and foreign finance, but also
to have a clear explanation of the reasons for such action. The people of
the Middle West are thoroughly aroused, because there was a healthy
prosperity in the commercial world, which seems to have been jolted by the
action of the Federal Reserve Board.
"Many of the people believe that the board's action was more in the interests of a few capitalists than for the general good of the common people."
,
Luce Raises Whole Question.
Mr. Luce stated that it would be well for Congress to consider that
the discussion raised would probably determine whether the Federal Reserve Board continued in existence.
"One purpose in creating the Federal Reserve System," he said, "was
to lessen fluctuations in business, the inflation and deflation which time
.and again had wrought great havoc.
"If you read carefully the discussion that is in progress in the press, the
statements of eminent financiers, you will find they are of two classes.
One group says it is not the function of the board to give thought to fluctuations of business. The other says this is the basic reason for the creation
of the Federal Reserve Board.
"It would not be right that the words that have been spoken should
go to the country without accompanying them with a statement calling
attention to the fact that the attack is against the very purpose of the
board; that if this attack succeeds, its legitimate results ought to be the
abolition of the Board; that the very existence of the Board is at stake,
and, therefore, that the reasons for its existence should be recalled and
that the present situation should be studied with the determination to
find, if we can, whether it was wise to create the Board and whether its
continuance should be insured."
Mr. Strong said he thought the powers of the Federal Reserve System
were properly directed to the stabilization of the purchasing power of
money. In relation to commodities, he asserted, the power of the Reserve
System to adjust the currency circulation and the discount rate to the
trend of prices was used "for four or five years and we have a fairly stable
price level to-day.
Shall that be continued or shall we go off and try to stabilize the price
level of other countries? Shall we try to stabilize the stock market?
Or shall we direct the Federal Reserve Board, through the use of its powers,
to stabilize the purchasing power of the American dollar? That is the
point I have in mind.
In urging a "safe and sane" study of the operations of the Reserve Board
to determine what changes, if any, shSuld be made in the law or in the
direction of the policy of the board, Representative Wingo said:
"You may criticize the international bankers of New York who are
undertaking to finance international trade, but I am not going to do it
until I find that they are doing wrong. This is another case where you'll
be damned if you do and be damned if you don't."
Mr. Wingo said that the credit mechanism of the country was a delicate
structure and no attempt should be made by Congress to effect changes
In it without careful deliberation.
He proposed that the House create a committee not to exceed five members to study every aspect of the Federal Reserve System and its policies.
This inquiry, he asserted, should be conducted in a constructive spirit and
devoid of political considerations.
From the Washington account to the New York "Journal
of Commerce" Apr. 18, we take the following regarding
the Reid resolution:
The Rules Committee, one of the four in the House now functioning,
may bring out a report in favor of the investigation, if so disposed, indicating its preference for an inquiry by a special committee or by the House
Banking and Currency Committee. The Banking and Currency Committee is not yet organized, although its organization could be arranged at
any time by House leaders.
Backing up his proposal. Reid disclosed that he had received hundreds
of letters from farmers in the Mid-West urging the investigation. He
thought this would give weight to his request that the Rules Committee
make a prompt report on the resolution.
Eventually, either at the especial session or in December, House leaders
considered it probable that the Senate Banking and Currency Committee
would undertake an inquiry somewhat along the lines proposed in the Reid
resolution. Senator Capper (Rep.) of Kansas,some days before the session
opened, called attention to complaintsfrom the agricultural West against the
"wild orgy" of speculation in Wall St.
This speculation, according to Capper, had absorbed $15,000,000,000 in
credit. That, he considered, developed a situation that should have the
attention of Congress. Capper contended that money had become so
"tight" in the West that action should be taken to liquidate brokers' loans
that agriculture and industries of the Mid-West could be provided with the
necessary credit.
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FINANCIAL CHRONICLE
Generally speaking. House members were of open minds on the question
the Reid resolution, although there was a tendency among leaders to feel
that the resolution will not be adopted.
McFadden Favors Inquiry.
Strong support was given the resolution from members from the farm
States because of complaints of money stringencies arising from the tremendous absorption of credit in Wall Street. Other members of the House
felt that there should be a comprehensive study of the entire operation
of the Reserve System, going into not only credit but all phases of banking.
Representative McFadden (Rep.) of Pennsylvania. Chairman of the
Banking and Currency Committee, favors authorization to his committee
for an inquiry into the system. He proposed this at the last session of
Congress, but leaders refused to concur in the plan because of a decision to
restrict work of the special session to tariff,farm relief and a few other item],
deemed of urgent importance.
A possibility was seen that at the close of the present session McFadden's
committee might be authorized to make the inquiry, beginning its studies
in the interval before the opening of the winter Congress.
One House leader said to-day that Administration officials appeared to
be satisfied that there would be an orderly adjustment of the credit situation within the next few months.
The "Herald-Tribune's" account from Washington on
Apr. 18 said:
In the Senate there is more and more apparent a determination to investigate the Reserve Board, but so far all the fireworks in the upper House
have centred entirely on one angle of the situation—the allegation that the
demand for credit in Wall Street is sucking money from the hinterland and
Is forcing"legitimate" business to pay higher rates of interest than it ought
to be paying.
Only in the House has there been any hint of the effect of European
needs of the Reserve Board in bringing the present situation about.
English Tenseness Recalled.
For example, Montagu Norman, Governor of the Bank of England, was
quoted Iv House members to-day as having said on Feb. 6, when the
British discount rate was increased from 454 to 535%, that this 53,5%
rate could be maintained for three months only if brokers'loans in the United
States should be deflated and lower interest rates effected here. If the credit
expansion in New York should continue, Mr. Norman was quoted as having said, it would be necessary for the British discount rate to be raised to
635%•
The following is the text of Mr. Reid's resolution:
Whereas, There is a widespread interest in the activities of the Federal
Reserve Board as indicated by press reports, editorials, newspaper articles,
speeches and by letters received from people in all walks of life, including
bankers, lawyers, accountants, and business men, both city and rural; and
Whereas, The Federal Reserve Board seems to have failed to recognize
the fact that during the past years there has been a great change in the
ownership of stocks, due to the increasing tendency of the small investor
'to invest his funds in the stocks of sound industrial concerns, and'has
adopted and is pursuing a policy which is harmful to the small investor
who now wants to be a partner in the business enterprises he invests his
money in rather than being merely a money lender; and
Whereas, It is charged that whenever the Federal Reserve Board finds
itself agitated over financial difficulties it talks about inflated values in
securities of industrial enterprises, and yet fails to consider that while
many industrial issues are selling at about fifteen times their 1928 earnings
per share, Many public utility securities are selling at from nineteen to
twenty times their 1928 earnings per share, the railroad securities are selling at about thirteen times their 1928 earnings per share, the leading New
York bank stocks are selling at about thirty-five times their 1928 earnings
per share, and some of them are selling at as high as eighty times their
1928 earnings per share, and fails to apply the same test to bank stocks
as would apply to industrial securities; and,
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 usurious
rates of interest in the call money market In New York City and elsewhere,
has artifically depressed prices on 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 pursued 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; and
Whereas, The following persons are said to have special information
peculiar to the subject of this resolution, they, with others, should be
summoned to appear before a special committee of the House of Representatives and testify under oath;
Charles E. Mitchell, President of the National City Bank, New York,
Roy A. Young, Governor of the Federal Reserve Board.,
Gates W. McGarrah, Chairman of the Federal Reserve Bank of N. Y.
Owen D. Young, Director of the Federal Reserve Bank of New York,
and Chairman of the General Electric Co.
W. C. Durant, New York City.
Arthur Cutten, Chicago.
E. H. H.Simmons, President of the New York Stock Exchange.
R. Arthur Wood, President of the Chicago Stock Exchange.
Paul M. Warburg, formerly a member of the Federal Reserve Board.
Former Senator Robert L. Owen, of Oklahoma.
James B. McDougal, Governor of the Federal Reserve Bank of Chicago.
H. Parker Willis, former Secretary of the Federal Reserve Board.
George L. Harrison, Governor of the Federal Reserve Bank of N. Y.(Thy.
J. P. Morgan. New York City.
Andrew W. Mellon, Chairman of the Federal Reserve Board.
George M. Reynolds. Director of the Federal Reserve Bank of Chicago.
Melvin A. Traylor, President of the First National Bank of Chicago.
Benjamin C. Marsh, farm leader, Washington.
Governors of the following Federal Reserve Banks: W. P. G. Harding,
of Boston; Eugene R. Black, of Atlanta; William Mc0. Martin, of St.
Louis; W. B. Geery, of Minneapolis; W. J. Bailey, of Kansas City; Lynn
P. Talley, of Dallas, and J. E. Calkins, of San Francisco.
Now therefore be it resolved, That the Speaker of the House of Representatives be, and he 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
[VOL. 128.
effect, 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, and the acts of its officers, agents and
representatives.
Resolved, further, That the said Select Committee shall report to the
House the results of its inquiries, with such recommendations as it may
deem advisable, including any changes in the Federal Reserve Act. The
scope of the inquiry shall include, among other things evidence covering
the following questions:
1. What is the specific ultimatum of the Federal Reserve Board in the
present campaign to, as it says, curb speculation? What does the board
expect to be the ultimate result of this campaign? Has the term "speculation" a definite meaning, as contrasted with the term "investment," so
that a stock lien may be clearly recognized as one or the other?
2. Has the Federal Reserve Board taken any steps to restore ,onfidence in securities values, undermined by its public statements of Feb. 7
1929, and other dates? Has the Federal Reserve Board taken any steps
to stabilize the securities markets or the industries which they represent
or to promote the general commercial prosperity of the United States?
3. Are loans to brokers reported to the Federal Reserve Board daily?
Why are these loans reported to the public only once a week instead of
daily? Could not some one benefit by the publication of this Information?
Could some one benefit by knowing daily confidential figures?
4. Have the forms in which financial and banking statistics are reported
by the Federal Reserve Board been altered during the past year so as to
exclude certain information?. Why has this change been made.
5. Has the Federal Reserve Board authority in law to single out one
branch of business industry and attempt to discourage operation in it?
If so, under what section of the law does it justify its discrimination between
loans on securities and loans for other purposes?
6. Does the Federal Reserve Board consider the security markets,
such as the New York and Chicago Stock Exchanges, to be legitimate
business institutions and necessary to the commercial development of the
nation? Is it not a fact that these security markets were created for the
purpose of providing a place for the exchange and distribution of the securities of industries, and is it not also a fact that, should these institutions
be thwarted, the industries which depend upon them for marketing their
securities would in the end suffer? What business development has been
injured through the alleged absorption of credit by the security market?
7. 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?
8. What conferences, if any, have been held either in the United States
or abroad between officers or agents of the Federal Reserve Board or any
of the Federal Reserve banks and representatives of central banks of Europe
looking to the utilization of American credit for the support of the fiscal
policies of European countries, European Governments, their central
banks of issue, or any other banking interest in those countries?
9. What agreements have been entered into by the Federal Reserve
Board or the officers and agents of any of the Federal Reserve banks with
the representatives of the Bank of England or any European central banks
for the creation of extraordinary credits for the purpose of supporting the
fiscal systems of England and other countries? What are the amounts
of such credits? Under what provisions of law were such credits established? What reasons exist for the secrecy which attended their creation?
,
10. Does not the action of the Federal Reserve Board in making it
possible for $15,000,000,000 of American capital to be sent abroad, largely
to equip European factories with modern machinery to produce goods with
cheap labor to be exported to the United States to compete with American
products produced by American labor, nullify the effect of a protective
tariff?
11. Is not the proposed Reparations Bank a creation of and sponsored
by the League of Nations? Have not arrangements already been made to
have the Federal Reserve System of the United States become an agent of
this international super-bank, which will thereby of necessity force the
United States to become affiliated with the World Court and the League of
Nations in order to protect American money poured into Continental
Europe through the action of the Federal Reserve Board?
12. Is,not the proposed Reparations Bank to be an international superbank, not only to supervise reparations payments, but to control foreign
exchange and regulate the flow of gold throughout the world, and will this
not react against the commercial prosperity of the United States?
13. Are different kinds of loans included in the total volume of "loans
to 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 long-term investments included? Are loans for
long-term speculation included? Are loans for foreign financing and for
unsold bond issues included?
14. Is the reserve ratio of the 12 Federal Reserve banks now above 70?
Has it always been above 70 since Jan. 1 1922, with the exception of temporary dips below that level at the end of 1925, 1927 and 1928?
15. 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 isuses of common stock in the stock market?
16. Was the average amount of gold in circulation in 1922-1923 approximately $676,000,000? Was the amount of gold in circulation at the
end of February, 1929, $1,313,000,000? Does this excess of gold in circulation of approximately $637,000.000 represent "hidden" or unused reserves?
17. Did the most recent statement of the Federal Reserve Bank up to
April 1 1929 show total reserves of 62,878,000,000? 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?
18. Did not the latest statements of the Federal Reserve Bank up
to April 11929,show the total of deposits and of Federal notes in circulation
to equal $4,012,000,000? If to this sum were added $600,000,000 of Federal
Reserve notes replaced for gold certificates, would not that maim the
combined deposits and note liability $4,612,000,000, against which there
would be a reserve of $3,478,000,000, making a ratio of 75.4%?
Resolved further. That said select committee is hereby authorized and
empowered to appoint such sub-committees as it may deem advisable:
and the said committee or any sub-committee thereof is hereby authorized
to sit during the sessions of the House or during any recess of the Home.
and to hold its sessions in such places as the committee may determine; te
require by subpoena or otherwise the attendance of witnesses, the production of books, papers and documents, to administer oaths and affirmations and to take testimony.
Resolved further. That the Speaker is hereby authorized to issue subpoenas
to witnesses upon the request of the committee or any sub-committee thereof
at any time, including any recess, and to serve all subpoenas and other
processes put into his hands by said committee or any sub-committee
thereof.
Aguth 20 1929.]
FINANCIAL CHRONICLE
Resolved further. That the said select committee shall have the right
at any time to report to the House in one or more reports.
Appointment of Government Agency to Supplement
Federal Reserve Board Proposed by Representative McLeod.
A resolution directing the President to appoint a commission to advise Congress of the feasibility of creating a Government agency to supplement the work of the Federal Reserve
Board was introduced in the House on April 16 by Representative McLe d (Rep.) of Michigan. according to a Washington dispatch to the New York "Journal of Commerce,"
from which we also take the following:
"The Federal Reserve system alone does not have sufficient control of
economic factors to insure steady progressive production and employment." Mr. McLeod said in explaining his resolution. "The Federal Reserve is doing effective work in a large and important field, and in my
opinion should not be changed or interfered with in any important particular
However, we may profitably supplement its work by another Government
agency charged with regulating the flow of income to consumers."
The new agency contemplated, if reported praciticable by a commksion
appointed by the President, would not have any regulatory jurisdiction over
private business, he said. It would merely furnish information upon
which the Government could regulate intelligently its own operations, such
as appropriations for public works refunding operations by the Treasury,
dec., so as to furnish additional consumer income when most needed by
private business. It would also supply a balance now lacking in out industrial system, he added.
Senator Brookhart Would Have Congress Fix Rediscount Rates of Federal Reserve Banks.
A bill whereby rediscount rates would be placed at 3%
and redeposit rates at 2% is being prepared by Senator
Brookhast (Rep.) of Iowa, for consideration at the extra
session of Congress, he stated on April 12. Advices to this
effect in the New York "Journal of Commerce" of April 13,
give the following further account from Washington:
"The
raising and lowering of rediscount rates should be
denied
board. " Senator 13rookhart said, in making his announcemen to any
t of the
proposed fixed rate. The placing of the amount of rediscount
that should
be allowed, he said, should be done only through Congress
because of the
effect that it has on industry and commerce. If the
rediscount rate remained at 3% there would be "no danger of speculation,"
he added.
These views were not favored by Senator King (Dem.) of
Utah,in which
he said that he was in favor of flexible discount rates.
"Rediscount
rates
should be raised and lowered gradually because of the
effect that they have
on the industry," he pointed out.
He was of the opinion that Mr. Coolidge and the
Federal Reserve Board
are to blame for the present situation, stating that
"I think the Federal
Reserve Board is to blame Itself, as well as Mr. Coolidge,"
for the present
situation. Last year, when the loans reached
$5.000,000,000 in one week,
he said, the former President's attitude toward the
situation led many
people to go into speculation.
Another angle which the Senator stressed was that of the
State banks
which did not belong to the Reserve system. The States, he said,
should
enforce their laws on State banks which have enormous sums
and make
loans for speculative purposes. The formation of numerous
investment
trust companies also has contributed to the situation, he added.
Annual Report of Federal Reserve Board—Growth in
Speculative Loans—Responsibility of Board to
Curb Undue Credit Expansion—Increasing Use
of Bankers-Acceptances—Progress of Gold Standard—Legislation Recommended.
The rise in brokers' loans to record figures and the
growth
in member bank credit are in the main themes of
discussion
in the annual report of the Federal Reserve Board,
public Mar. 2. The Board points out that "in recent made
years
the most rapid expansion in bank credit has been in
direction of increasing use of bank funds in investment the
s and
loans on securities." It further says:
Between the middle of 1925 and the middle of
1928 member bank holdings of investments increased from $8,863,000,00
0 to $10,758,000,000 and
their loans on securities from $6,718.000.000 to
$9,068,000,000. At the
present time of the total volume of nearly
$35,700,000,000 of loans and
Investments of member banks more than 57% are either
in investments in or
loans on securities. Securities thus underlie considerably
more than half
of the outstanding volume of member bank credit.
2563
The Board adds that "there is no way of earmarking for
special purposes the credit extended by the Federal Reserve
Banks, and even if that were possible it would still be true,
under existing law, that the entire credit structure ulti
mately rests upon Federal Reserve credit as a base; the
Reserve System has a correspondingly broad responsibility.'
The increasing use of bankers' acceptances is likewise
referred to in the report, the Board stating that "at the end
of 1928 American bankers' acceptances were outstanding
to the amount of $1,284,000,000, the largest volume on
record, approximately equal to the combined total of open
market time loans on securities in New York and of openmarket commercial paper outstanding, and in excess of the
total outstanding volume of United States Government
obligations with maturities under six months." In noting
that total earnings of the Reserve Banks were $64,053,000 in
1928, a larger total than in any earlier year since 1921, and
in excess of those for 1927 by more than $21,000,000; the
Board says "this increase in earnings over those of the year
before was due largely to an increase of $343,000,000 in the
Bank's average daily holdings of bills and securities and to the
fact that the average rate of earnings increased from 3.60%
in 1927 to 4.24% in 1928." Legislation as follows is recommended by the Board in its present annual report.
Legislation Recommended.
In its annual report for the year 1927 the Board pointed out the des
shability of the enactment of certain amendments to the Federal Reserve'
act concerning matters of detail which have arisen in the administration'
of the Federal Reserve system, and the Board wishes again at this timer
to recommend the passage by Congress of these proposed amendments to'
the law. Briefly stated, these amendments are as follows:
(1) An amendment to section 9 of the Federal Reserve Act to permit.State member banks of the Federal Reserve system to haVe foreign branches.
(2) an amendment to section 4 of the Federal Reserve Act to permit an'
officer, director or employee of a mutual savings bank to serve as a class B'
director or class C director of a Federal Reserve Bank
•".4
(3) an amendment permitting the cancellation of Federal Reserve Bank.
stock held by member banks which have gone out of business without s
receiver or liquidating agent having been appointed therefor
(4) an amendment making it discretionary with the Federal Reserve
Board to assess the costa of examining member banks against the banks
examined
(5) an amendment exempting Federal Reserve Banks from attachment
or garnishment proceedings before final judgment in any case or proceeding
(6) an amendment to the Judicial Code restoring to the United States
district courts jurisdiction of suits by and against Federal Reserve Banks
and
(7) an amendment to section 13 of the Federal Reserve Act increasing
from 15 days to 90 days the maximum maturity of advances made by
Federal Reserve Banks to member banks on their promissqry notes secured
by paper eligible for rediscount by Federal Reserve Banks.
The Board also wishes to recommend an amendment to section 9 of the
Federal Reserve Act, which would authorize the Federal Reserve Board
in its discretion to waive the six months' notice now required by law nefore a
State member bank may withdraw from the Federal Reserve system an&
to permit any such bank to withdraw from membership in the system prior
to the expiration of such six months' notice. It frequently happens that a•
State member bank desiring to terminate its membership in the Federal'
Reserve system asks the Federal Reserve Board to waive the six menthe'
notice of withdrawal now required and states to the Board forceful reasonswhy immediate withdrawal Is, from the standpoint of the bank, important.
Although in many such cases the Board sees no valid practical reason for
not granting the request of the State bank, it is unable to do so under the •
terms of the now existing statute.* Sometimes also a State member bank,
transfers its assets or its banking business to another institution, but retains its corporate identity and engages either In no business at all or in a.
business other than banking. In such cases where a State member bank
has In fact gone out of business or is engaged in some business
other than
banking, It seems manifestly desirable that its membership
in the Federal
Reserve system should be terminated as soon as possible.
For these
reasons the Board believes it should be given authority in its discretion
to
waive the six months' notice now required of a State member bank
wishing
to withdraw from the Federal Reserve system.
In addition to the amendments to the Federal Reserve Act
proposed
above, the Board wishes to recommend the enactment of S. 4039,
a bin
pending in the present Congress, the purpose of which is to exempt
Joint
Stock Land Banks organized under the provisions of the Federal farm
loan
act from the provisions of section 8 of the Clayton Anti-trust
Act. The
Attorney General has ruled that Joint Stock Land Banks are technically
banks within the prohibitions of the Clayton Act. The principal
function
of Joint Stock Land Banks is to make long-term loans on real
estate they
are not authorized to accept deposits except from the Secretary
of the
Treasury and are prohibited from transacting any banking or other
business
not expressly authorized by the Federal farm loan act. They
are D04
commercial banks In any sense and do not compete with commercial
banks
or trust companies. While they are technically banks within
the meaning
of the Clayton Act, therefore, they clearly are not the
kind of banks to
which the Clayton Act was Intended to apply, since
inerlocking directorates
between them and ordinary commercial banks could not
possibly lead to
any restriction of banking credit cr lessening of competition.
In this respect they are analogous to mutual savings banks, which
are now exempted
altogether from the provisions of the Clayton Act, and the
Board believes.
that the same exemption should apply to Joint Stock
Land Banks. There
have come to the Board's attention certain
cases in which outstanding
bankers have been requested to serve as directors
of Joist Stock Land
Banks, but have been unable to do so because of
the fact that they are
already serving as many banks as they are permitted
to serve under section 8of the Clayton Act. To exempt Joint Stock
Land Banks from the prohibitions of the Clayton Act would make it easier to
strengthen the managemen!: of such banks by obtaining the services on their
boards of directors
of such outstanding bankers who are now
ineligible The bill S. 4030
passed the Senate in the first session of the
Seventieth Congress and the
Board hopes for the reasons given that it will be
enacted into law.
The Board observes that "too rapid expansion of bank
credit in any field may result in serious financial disorganiza
tion and it inevitably leads to increased demand for
Reserve
bank funds. The Board goes on to say "because the
system
has a broad responsibility for the general soundness of
credit
conditions, and because a growth of bank credit for any
purpose ultimately leads to a demand for Reserve
Bank
credit, it is its duty to use its influence against undue
credit
expansion in any direction." The Board also makes
the
statement, in its comment on the expansion of bank
credit,
that "when the question is considered in the light
of the
Reserve Banks' position as holders of the reserves
against
all member bank credit it becomes apparent that the
Reserve System's responsibility is not limited to the Federal
We also give herewith the Board's comments on bank:
of funds obtained directly from the Federal Reserve control
Banks. credit, credit policy,(tc.
2564
_FINANCIAL (11RONICLE
[voL. 128 '
:cg
"ruit,
++++-r +
outstanding. In the autumn of the year a larger volume of currency is
Mosher Bank Credit.
needed for harvesting, industrial pay rolls, and retail trade, and member
Active industry and trade in 1928 was accompanied by a growth in the banks are also under pressure to provide increased reserves against the
for
and
demand for bank credit, both for financing security transactions
seasonal increase in their deposit liabilities. These have usually been met
commercial purposes, and there was also a large growth in the use of ac- In part by increased borrowing and in part by increased sales of acceptances
ceptances for financing the storage and marketing of crops and other to the Reserve Banks. In 1928, however, the increase in acceptance
products. The banks' investments showed little change for the year, holdings of the Reserve Banks during September, October and November
while their loans on securities increased rapidly. Changes for the year in was sufficient to provide all of the autumn increase in the demand for funds,
the principal items of condition of member banks in leading cities are set and in addition to permit member banks to reduce their borrowings, with
forth in the following table:
the result that money rates declined for a time during a period of heavy
seasonal demand for credit. The relatively favorable rates on acceptances
MEMBER BANKS IN LEADING CITIES.
as compared with other types of loans had resulted in an unusual growth
(Monthly Averages of Weekly Figures—Revised Series.)
of this form of bank credit. and the high money rates prevailing in the open
market rendered them unattractive to investors. As a consequence, a
Increase (+) Or
large part of the outstanding acceptances was offered for sale to the Reserve
Decrease (—).
December
December
Banks, which held for their own account and for account of their foreign
1928.
1927.
Amount. Per Cent. correspondents about two-thirds of the total volume of outstanding acceptances. During December offerings of acceptances to the Reserve
+861
Loans and investments- --811,328.000 822,189,000
banks did not increase further, and the holiday increase in the demand for
+857
15,396,000 16,253,000
Loans
was met out of increased borrowing by member banks
currency
+532
7,198,000
6,676,000
On securities
The rapid increase in the bill portfolio of the Reserve Banks during the
+335
9,055,000
All other
8,720,000
+4
autumn, which enabled member banks to reduce their indebtedness at a
5,936,000
5,932,000
Investments
—473
13,872,000 13,399,000
Net demand deposits
time of seasonal increase in the demand for Reserve Bank funds, was ac+423
6.842.000
6.419.000
'Time deposits
companied by a relatively large growth in offerings of bills of maturities
of over 30 days. System holdings of such acceptances increased from about
Growth of security loans in 1928 accompanied an extraordinary growth
867,000,000 on Sept. 5 to 8260,000,000 on Nov. 7. The bill portfolio of
in activity in the sectuities market and a rapid advance in security values. the system, therefore, was not only growing more rapidly than usual but
This increase in stock exchange activity was reflected in a rise to the highest was also becoming increasingly composed of longer term bills. A conlpvel on record of the total volume of loans to brokers and dealers in setinued growth in the proportion of long-term bills in the acceptance portetrities. The volume of brokers' loans has been increasing with some folio of the Reserve Banks would have been undesirable because such bills
fluctuations since the beginning of 1924, and in December 1928, it reached would not fall due during the return flow of currency in January and thus
a total of $6,440,000.000, as reported by the stock exchange, which inwould not absorb the funds that member banks receive during that period.
cludes in its reports brokers' borrowings from all sources. Brokers' loans For this reason the Federal
Reserve Banks, in their purchases of acceptances
made through reporting member banks in New York City inseased by In
the last two months of the year, showed preference to short bills, and in
$1,600,000,000 in 1928 and averaged about $5,200,000,000 during the last January advanced their buying rates on bills, particularly of the longer
month of the year. The chart shows the course of brokers' loans reported
maturities.
by member banks in New York City for the years 1923 to 1928. For
Position of Reserve Banks in the Banking Structure.
the three years, 1926-1928, the total is sub-divided into loans made by the
banks for their own account, for account of out-of-town domestic banks,
In a period like the present, when the gold reserves of the country have
and for account of others, including individuals, firms, corporations and been dimished by more than 10% through gold exports, while member
foreign banks.
bank credit has continued to expand, it is appropriate to define the characOf the growth of $1.600,00,000 in brokers' loans placed by member ter and extent of the Federal Reserve system's responsibility for changes
banks in New York City during 1928 about 8400,000,000 was for account In credit conditions. The Federal Reserve system is under obligation to
of out-of-town banks, which includes a certain amount of loans by these make such use of its own lending power as will be, in the broadest sense,
banks for account of their customers, and $1,330,000,000 was for account in the interests of the business of the country. Since the Reserve Banks
of non-banking borrowers, while loans by the New York banks for their hold all the reserves of member banks, and though credit policy can influown account showed a decrease for the year. The large growth in the ence the rate of growth of these reserves, the Federal Reserve system has a
volume of loans by non-banking lenders reflected in part the strong cash responsibility, within the limit of its powers, for the character of growth in
position of corporations, which had funds available in excess of their cur- the total volume of member bank credit. Increased loans and investrent requirements. These loans by non-bank lenders do not create de- ments of member banks, regardless of the purpose for whidh the loan or
posits and it is for this reason that the growth of brokers' loans during investment is made, result in the creation of additional deposits. A growth
the year has not been accompanied by a growth of bank deposits. A con- in depsoits, resulting from an increase in any class of loan or investmentin
sequence of this development has been the absence of growth of member turn increases the reserve requirements of member banks and consequently
uank reserve requirements and of the demand for Reserve Bank credit their demand for Reserve Dank credit. Every class of loan or investment
therefore, rests in the final analysis upon Reserve Bank credit, which is
from that source.
the base of the entire credit structure, and excessive or too rapid growth in
Federal Reserve Policy.
any field of credit, whether it be commerce, industry, agriculture, or the
In the autumn of 1927 the Federal Reserve system, in view of business trading in securities, is a matter of concern to the Federal Reserve system
recession in this country and a money stringency abroad, adopted a policy Too rapid expansion of bank credit in any field may result in serious finandirected toward easier money. This policy was a factor during the latter cial disorganization and it inevitably leads to increased demand for Reserve
part of 1927 in bringing about a reversal of the gold movement, which had Bank funds. Because the system has a broad responsibility for the general
been toward the United States for several years, and a substantial outflow soundness of credit conditions, and because a growth of bank credit for
of gold to other markets. The effect of this outflow on the domestic money any purpose ultimately leads to a demand for Reserve Bank credit, it is
market was at first fully offset by the Reserve Banks by open-market pur- Its duty to use its influence against undue credit expansion in any direction.
chases of securities. Toward the end of the year, however, in view of the
In recent years the most rapid expansion of bank credit has been in the
rapid increase in the demand for credit from the security markets, these direction of increasing use of bank funds in investments and in loans on
purchases were reduced in volume and finally discontinued. Credit con- securities. Between the middle of 1925 and the middle of 1928 member
ditions nevertheless remained easy, partly because the autumn and holiday bank holdings of investments increased from $8,863,000,000 to $10,758.increase in currency demand was considerably smaller than usual.
000,000 and their loans on securities from $6,718,000,000 to 89,068,000,000.
Until the end Of 1927 borrowing at banks on securities continued to At the present time, of the total vplume of nearly $35,700,000,000 of loans
increase rapidly, and early in 1928, when it began to be apparent that in- and investments of member banh, more than 57% are either in investdustry in this country was again active and that the emergency abroad menta or in loans on securities. Securities thus underlie considerably more
had passed, the Federal Reserve system determined to exert its influence than half of the outstanding volume of member bank credit. The propormore actively toward firmer money .eonditions. The Reserve Banks tion of bank credit that is based on securities has been rapidly increasing.
accordingly sold United States securities in the first six months of 1928 in
When the question is considered in the light of the Reserve Banks'
approximately the same amount as they had purchased to offset the effects position as holders of the reserves against all member bank credit it becomes
sales,
year.
These
preceding
the
of
months
late
of gold ve,hdrawals in the
apparent that the Federal Reserve system's responsibility is not limited to
coming at the time of the post-holiday inflow of currency, absorbed a part the control of funds obtained directly from the Federal Reserve Banks.
of this Inflow', which was unusually large, with the consequence that mem- There is no way of earmarking for special purposes the credit extended by
ber banks were not in a position to reduce their borrowings by its full the Federal Reserve Banks, and even if that were possible, it would still be
amount. In January and February, furthermore, discount rates at all true, under existing law, that the entire credit structure ultimately rests
4%, and advances were also
the Reserve Banks were raised from 3H to
upon Federal Reserve credit as a base; the reserve system has a corremade in the Reserve Banks' buying rates on bankers' acceptances.
spondingly broad responsibility.
Demand upon member banks for loans on securities fell off considerably
It is a generally recognized principle that Reserve Bank credit should
in March, reduring January and February, but the growth was resumed
not be used for profit, and that continuous indebtedness at the Reserve
continued
and
market,
securities
the
in
activity
fleeting a resumption of
abuse of Reserve Banks.
credit used in the securities Banks, except under unusual circumstances, Is an
such abuse
into May. The growth in the amount of
rise of money facilities. In cases where individual banks have been guilty of
market during this period occurred notwithstanding a rapid
with officers of
exports and to the Federal Reserve authorities have taken up the matter
position
rates' n the open market, due in part to continued gold
reserve
Banks. Between the offending banks and have made clear to them that their
further sales of United States securities by the Reserve
should be adjusted by liquidating a part of their loan or investment account
were
Banks
Reserve
Federal
the
all
at
rates
discount
Apr. 20 and June 7
of the Federal
rates in eight of the Reserve rather than through borrowing. Abuses of the privileges member banks.
advanced from 4 to 4 4%, and in July the
bankers' bills were Reserve system, however, have not been general among the
and it IS
Banks were further raised to 5%. Buying rates for
established,
4ji to 5%,ac- The tradition against continuous borrowing is well
also gradually advanced, and ranged at the end of July from
the policy of the Federal Reserve Banks to maintain it.
bethe
at
%
351
to
3
from
range
a
with
carding to maturities, compared
Banking Policy and Credit Policy.
ginning of the year.
Reserve Banks
policy
In consequence of gold exports and security sales by the
by
Influence
a Rserve Bank on the loan and investment
exerted
their
increased
rapidly
banks
during the first half of the year, the member
of an individual member bank is ordinarily exercised only over banks that
disin
advances
the
notwithstanding
borrowings at the Reserve Banks,
nature of banking
was in larger are borrowers from the Reserve Banks. It is in the
count rates, and by midyear member bank indebtedness
examination function
indebted- supervision, and is akin in many respects to the bank
volume than at any time in the preceding six years. This heavy
policy may be called
investments and of of the reserve system. This phase of Reserve Bank
ness caused member banks to reduce their holdings of
policy, which deals with more
credit
as
banking
policy,
from
distinguished
loans
commercial
their
while
loans on securities, and after the end of May,
credit needs of the
declined general developments of banking in relation to the
continued gradually to increase, their total loans and investments,
concountry. Banking policy ordinarily has but limited effect on credit
months.
three
about
of
period
a
for
interruption
without
almost
ditions as a whole, because no class of borrowers is confined for accommodaFederal Reserve policy, as expressed in sales of securities and successive tion to any
of
general
the
because
single bank or group of banks, and
the larger
advances in discount rates, was thus an important factor during
for example, on its
credit. From mobility of bank credit. When one member bank,
part of 1928 in restraining the growth of member bank
own
initiative or at the instance of the Reserve Bank, repays indebtedness
the loans and
August
of
end
the
toward
until
May
of
middle
the
about
to the Reserve Bank by withdrawing funds lent on the stock exchange, the
investments of reporting member banks in leading cities decline consideraccommodations at another
demand for com- effect may be to cause the borrower to seek
ably, but after the last of August the seasonal increase in
that is not indebted to the Reserve Bank.
non-member,
or
bank,
member
exstock
in
growth
further
mercial credit and for currency, together with
without borrowing
which at the For the purpose of meeting the demand thus transferred
change activity, resulted in renewed growth in bank credit,
at the Reserve Bank, the bank to which the borrower applies may borrow
and of the year was higher than at any previous time.
from the Reserve Bank.
was accompanied from a marnber bank, which in turn may borrow
The growth in bank credit during this part of the year
transactions there would be no reduction in
of
series
this
of
As
result
the
credit
Bank
Reserve
of
by renewed growth, largely seasonal, in the volume
APRIL
20 1929.]
security loans or in borrowings at the Reserve Bank. The importance of
banking policy lies in promoting the soundness of member banks, and
co-operation of these banks with the Federal Reserve system in carrying
out banking policy is essential to the maintenance of sound banking conditions. For influencing general credit conditions, however, the Federal
Reserve system relies on credit policy rather than on banking policy.
Credit policy is essentially impersonal and finds expression chiefly
through the influence that the Federal Reserve system may exert on the
volume and cost of bank credit through its policy of sales or purchases in
the open market and through discount rates on member-bank borrowings
and buying rates on acceptances. In determining upon credit policy the
Federal Reserve system is always under the necessity of balancing the advantages and disadvantages that are likely to follow a given course of
action. Low money rates may have a favorable effect on domestic business, but at the same time may stimulate speculation in securities, commodities, or real estate. High money rates, on the other hand, may exert
a moderating influence on speculation, but at the same time may result in a
higher cost of credit to all lines of business, and thus be detrimental to
commerce and industry; ultimately they may draw gold from abroad, which
would tend to ease the domestic situation. It is impossible to foresee all
the effects of a credit policy and difficult to appraise them even after
they have developed. It is certain, however, that the Federal Reserve
system must steer its course with reference to broader developments and
longer time objectives than day-to-day or month-to-month changes in any
particular line of credit. Principal among such objectives are the continuous provision of credit at reasonable cost in amounts adequate for the requirements of trade and industry and the safeguarding of our gold reserves
which are held in trust to meet future needs,against unduly rapid absorption
through expansion of credit.
Acceptances.
The use of bankers' acceptances has increased steadily in recent years,
and at the end of 1928 American bankers' acceptances were outstanding
to the amount of $1,284,000,000, the largest volume on record, approximately equal to the combined total of open-market time loans on securities
In New York and of open-market commercial paper outstanding, and in
excess of the total oustanding volume of United States Government obligaThis is in contrast to the situations with maturities under six months.
tion as recently as 1922, when the acceptance market was probably the
smallest of the open markets. Since that time, the use of American
bankers' acceptances has increased steadily, with only seasonal fluctuations. This increase has been particularly rapid since the summer of
1927, when rates on acceptances were below those ruling abroad. The
summer recession was smaller than customary in 1928, and the rapid
increase continued despite the fact that rates in the acceptance market
advanced. The volume of acceptances outstanding by classes in 1924,
1927 and 1928 is shown in the following table:
DOLLAR BANKERS' ACCEPTANCES OUTSTANDING.
(End of December Figures.)
•
1924.
1927.
Imports
8292,000,000
Exports
306,000,000
Domestic
38,000,000
Warehouse credits
162,000,000
Dollar exchange
23,000,000
Based on goods stored in or
in transit between foreign
countries
Pntal
5591
rtnn
Change,
1924-1928.
1928.
8313,000,000 8316,000.000
391,000,000
497,000.000
21,000.000
16,000,000
197,000,000
173,000,000
28.000,000
39,000,000
AAA II
+24
+191
—22
+11
+16
131,000,000
243.000.000
+243
fist nnn !MA 51
9124. 11,111
nnn
.1.5R1
Compared with December 1924, the volume of acceptances outstanding
at the end of 1928 was larger by $463,000,000. The larger part of dollar
acceptances, as is shown by the table, is used to finance imports and exports
of commodities. A large increase in the past three years has occurred in
the volume of acceptances based on goods stored in or in transit between
foreign countries. The growth of this class of acceptances may be due in
part to a liberalization by the Federal Reserve Board of its rulings relating
to acceptances in November 1927. At that time the board ruled that
"acceptances may be properly considered as growing out of transactions
involving the importation or exportation of goods when drawn for the
purpose of financing the sale and distribution * * * of imported or exported
goods * * * whether or not the bills are accepted after the physical
Importation or exportation has been completed."
During 1927 the growth in acceptances outstanding was accompanied by
corresponding growth in the demand for acceptances by investors and was
not reflected in a growth in the portfolio of the reserve banks. This is
indicated on the chart, which shows the distribution of the total volume of
acceptances outstanding during recent years between those held by the
Reserve Banks for their own account and those held by others. According
to this chart, total holdings of the Reserve Banks fluctuated seasonally
but showed little year to year growth between 1925 and the middle of 1928,
while holdings by others increased rapidly during this period. A large
part of this growth occurred in the portfolio of acceptances which the Reserve Banks purchased for the account of their foreign correspondents,
which increased from $43,000,000 at the end of 1924 to $325,000.000 at
the end of 1928. In the autumn of 1928, however, the demand for acceptances, particularly from abroad, declined, partly because of the relatively low yield on this type of investment and partly because the total
volume of foreign funds available for investment in acceptances was reduced by a cessation in offerings of long-term foreign loans in this market.
As this came at a time when the volume of acceptances outstanding was
rapidly increasing, the bill portfolio of the Reserve Banks increased by
about $300,000,000 between August and November.
During the year 1928 the re-establishment of the gold standard throughout the world was completed with the exception of a few countries. Italy
returned to a gold basis on Dec. 22 1927, just prior to the beginning of the
Year; soon afterwards Estonia, Norway, and Greece returned to a gold
basis, and on June 25 monetary reform was effected by France. On
November 22 the parity of the Bulgarian lev was fixed by law, at a level
approximating that which had prevailed since the end of 1923 (80.0072,
equals 92 levas per gram of fine gold). Currencies of nearly all the principal
countries now bear a definite relationship to gold, and their gold parities
are in the majority of cases established by law, though in a few countries
they are maintained as a matter of administrative practice. The return
to gold has reduced the danger of wide fluctuations in foreign exchanges
and has removed the obstacles to international trade arising from uncertainty of currency values.
The progress of the gold standard during the past year has been accompanied by the withdrawal of a considerable amount of gold from the United
States. The following table shows gold holdings of the central banks and
bovernments of principal countries at the close of the years 1924 to 1928,
nd changes for the 4-year period:
2565
FINANCIAL CHRONICLE
GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS.
(End of December Figures. In Millions of Dollars.)
United States-x
France
England
Germany
Argentina-y
Japan
Spain
Italy
Netherlands
Other countries
1927.
Change,
1928. 1924-1928.
1924.
1925.
1926.
4,090
710
757
181
460
586
489
218
203
1,238
3,985
711
703
288
467
576
490
219
178
1,290
4.083 '3,9'77 3.746
954 1,254
711
750
735
742
444
650
436
607
548
467
542
540
562
494
502
493
239
266
221
175
161
166
1,304 1,424 1,496
—344,
+544
—7.
+469
+141.
—46
+5
+48
—28
+258
Total
8,932 8,907 ( 9,178 9,533 9,978 I 1,046
x Treasury and Federal Reserve Banks. y Argentine Government (conversion
fund) and the Bank of the Nation. z Partly estimated.
Growth during recent years in the total of central gold holdings has
represented for the most part the excess of gold production over consumption by the arts and absorption by India, but has reflected also the acquisition of gold by central banks from private hoards and the release for monetary use of gold previously held as security for loans. In 1925 India took
a large amount of gold, and monetary gold holdings were somewhat diminished in that year. In the succeeding 'three years, however, takings by
India were much smaller, and to the product of the mines was added the
gold released from pledge and returned from private or unreported holdings.
As a result, holdings of central banks and governments increased $271,000.000 in 1926, $355,000,000 in 1927, and $445,000,000 in 1928. The addition
to central gold holdings during 1928 was more than the total amount of new
gold mined during the year.
The total increase in central gold reserves for the period was in excess
of $1,000,000,000 and increases were shown by all the countries listed in
the table, with the exception of the United States, Japan, and Netherlands.
all of which had relatively large gold reserves at the beginning of the period;
a small decrease was shown also for England. If the gold withdrawn
from these four countries be added to the gold derived from other sources,
It appears that the central institutions outside of these four countries have
increased their gold reserves by nearly $1,500,000,000 during the last
four years. Of this amount, $544,000,000 went to France, $469,000,000
to Germany. $147,000,000 to Argentina, and $95,000,000 to Brazil. Increases in the gold stock of other countries were relatively small, but a
large number of countries not listed in the table showed an increase in gold
reserves amounting in the aggregate to over $150,000.000. The United
States is the only country which lost a considerable amount of gold over
the period, and the proportion of central gold reserves that are held in the
United States declined from 45.8% in 1924 to 37.5% in 1928. The loss
of gold reserves by the United States, however, still leaves the Federal
Reserve banks in a strong reserve position, while the increase in the gold
holdings of foreign countries has increased the security of the gold standard
In the world.
The reserve position of nearly all the important central banks of Europe
improved during the past year, and this improvement has been brought
about in part through the transfer of gold from the United States. The
credit policies of the Federal reserve system, which during the period from
1924 to 1927, when the gold standard was being re-established, were a
factor favoring the redistribution of gold, have, therefore, contributed to
the maintenance of the gold standard and indirectly to the improvement
of world trade. The return to free gold movements has also reduced the
fluctuations of the exchanges to a range within the gold points, and has
brought about a closer adjustment of money rates at the principal money
markets and a closer interrelationship in the movements of commodity
prices in different countries. Reestablishment of these relationships has
had the important consequence, from the point of view of the Federal
reserve system, of restoring at least in part the influences that under the
gold standard have tended to correct excessive credit expansion in any
country that takes an important part in international finance and trade.
Operations of the Federal Reserve System.
In the preceding pages there has been presented a brief discussion of
business and banking developments in 1928 and of the policies pursued
by the Federal reserve system during the year. In the following sections
of this report there is given a more detailed account of the operations of the
Federal reserve banks and branches and of administrative matters with
which the Federal Reserve Board has dealt during 1928.
Reserve bank credit outstanding increased rapidly throughout 1928,
and for the year as a whole was larger than in any other year since 1921.
This increase was due chiefly to loss of gold during the first half of the
year, and thereafter to the seasonal increase in the demand of the public for
currency, as shown on the chart, which illustrates for the last five years
the course of reserve bank credit in relation to the major factors by which
changes are accounted for—monetary gold stock, money in circulation,
and member bank reserve balances.
The principal factor of increase in demand for reserve bank credit during
the year was the decrease in gold stock, which was a continuation of the
movement that started in May of 1927 and which in the course of a year
reduced the gold stock of the country from the highest level on record to
the lowest level since August, 1923. During the latter part of 1928 net
changes in gold stock were relatively small. The decrease in member
bank reserve balances during the first half of 1928 reflected chiefly a decrease
in net demand deposits in the principal banking centers, which resulted
partly from the withdrawal of deposits in the form of gold and partly from
their conversion into call loans. These lower requirements for reserve
offset in part the effect of gold withdrawals until the autumn months.
when an increase in member bank deposits increased the demand of member banks for reserve balances to about the same level as at the end of the
preceding year. The effect of gold exports on the demand for reserve bank
credit was also offset in part by the fact that the demand for money in
circulation averaged less during 1928 than in any other year since 1922.
Demand for currency showed less than the usual seasonal increase in the
last half of 1927, and more than the usual decrease after the peak of the
demand was reached. By the middle of April the total volume of money in
circulation was $160,000,000 smaller than in the same week in the preceding year. Between the end of July and Christmas the seasonal increase in
currency demand was larger than in 1927, with the result that by December the volume of money in circulation had increased to a level only $40.000,000 below that of a year earlier.
The reasons for the sharp decline in the general level of currency requirements between the middle of 1927 and the early part of 1928 are not entirely
clear. At the outset it reflected in some measure the decline in industrial
production, and in factory pay rolls and employment, which until the late
summer of 1928 continued in smaller volume than in the same period of the
previous year. That the total volume of money in circulation remained
below the level of the year before, even after the upturn in business activity
In the summer, is to be attributed in part to the fact that member banks
carried smaller aggregate amounts of, vault cash -4n 1928 than in 1927,
2566
FINANCIAL CHRONICLE
owing to a desire to use all available surplus cash in reducing the heavy
borrowings at the Reserve banks. Another factor tending to diminish the
demand for currency was lower retail prices for certain commodities.
In addition to the major factors which account for changes In Reserve
bank credit and which are shown on the chart, there are various other
factors of importance. The following table shows the change for the year
In Reserve bank credit outstanding and in each of the principal factors in
accounting for this change:
FACTORS INCREASING AND DECREASING DEMAND FOR RESERVE
BANK CREDIT BETWEEN DECEMBER 1927 AND DECEMBER 1928.
(Monthly Average of Daily Figures.)
Factors Increasing demand for Reserve bank credit outstanding:
Decrease in monetary geld stock
$274,000,000
Increase in unexpended capital funds
z47,000,000
Decrease In Treasury credit
y5,000,000
Increase in non-member clearing balances_z
2,000,000
Total
$328,000,000
Factors decreasing demand for Reserve bank credit outstanding:
Decrease in money in circulation
Decrease in member bank reserve balances
Total
$40,000,000
32,000,000
$72,000,000
Net increase In Reserve bank credit outstanding
$258,000,000
a Represents increase of $15,000,000 in capital of the Federal Reserve banks,
$4,000,000 in their surplus aecount, and $22.000,000 in "all other liabilities," Pint
decrease of 56,000,000 in the combined total of "bank premises" and "all other
resources." y This figure includes the effect of changes In Treasury balances at
the Reserve banks, which were Itemized separately in corresponding computations
for 1927 as given on page 18 of the Board's Annual Report for 1927. z Including
balances due to foreign banks.
The volume of Reserve bank credit outstanding showed an increase
of $256,000.000 for the year as a whole. This increase is accounted for,
disregarding minor items, by a loss of 8274,000,000 in the stock of monetary gold and an increase of *47,000,000 in unexpended capital funds of
the Reserve banks, offset in part by a decrease of $40,000,000 in money in
circulation and $32,000,000 in member bank reserve balances. The increase
of $47,000.000 in "unexpended capital funds" during 1928 represents the
difference between the amounts paid into the reserve banks for capital,
earnings, etc., and the amount returned to the makret for expenses, buildings, dividends, franchise taxes, etc.
Earnings, Expenses, and Volume of Work of the Federal Reserve Banks.
To al earnings of the rserve banks were $64,053,000 in 1928, a larger
fetal than in any earlier year since 1921 and in excess of those for 1927
or more than $21,000,000. This increase in earnings over those of the
year before was due largely to an Increase of $343,000,000 in the banks'
average daily holdings of bills and securities and to the fact that the average
rate of earnings increased from 3.60% in 1927 to 4.24% in 1928. The
inert:se in the average rate of return on total bills and securities was due
both to a higher rate of return on each class of earning assets and to the
fact that holdings of United States Government securities, having yields
lower than the discount rate, were substantially less and therefore constituted a much lower proportion of earning assets than in 1927. Holdings
of discounted bills averaged $839,942.000 daily during 1928, as compared
with $442,287,000 in 1927, and owing to a series of increases in discount
rates the average return on discounted bills was 4.56%, as compared with
3.83% in 1927. The increase in the amount of member bank borrowings
from Federal Reserve banks, together with the higher rate of return,
resulted in an increase in earnings on discounted bills from 817,011,000
in 1917 to $38,334,000 in 1928. Average daily holdings of bills bought
In open market were larger than in any preceding year since 1920 and
exceeded those of 1927 by $64,500,000, while average daily holdings of
United States Government securities were $297,499,000, as compared with
$417,480,000 in 1927.
AVERAGE HOLDINGS OF BILLS AND SECURITIES AND EARNINGS
THEREON.
Rills and Securities Held tsj All Federal Reserve Banks.
Total,
Bills Bought
Bills DisIn Open
coueted.
Market,
U. S. Cart. .411 Other
Bills and
SemiSecurities.
ties.
Daily aver. holiegs:
11323
1 150,570,000 738,114,000 226,548,000 185,823,000
85,000
1924
950,317,000, 374.834,000 172,428,000 401,365,000 1,690,000
1925
1,139.507,000 481,515,000 287.329,000 358,962,000 11,701,000
1926
1,200,309,000 570,613,000 281,386,000 349,790,000 7,520,000
1927
1 124,538,000 442,287.000 *263,258,000 417,480,000 *1,613,000
1928
1.467.371,000 839.942.000 327,806,000 297,499,000 2,124,000
Av, rate of earn'gs:
1923
4.33
4.14
4.46
4.04
4.50
1924
3.83
3.31
4.25
3.67
3.61
1925
3.51
3.67
3.56
3.17
3.59
1926
3.76
3.95
3.55
3.80
4.21
1927
3.60
3.83
3.41
3.49
3.88
4.24
1928
4.56
3.64
4.34
3.97
Earnings:
49,775,000 32,956,000
1923
9,371,000 7,444,000
4,000
36.426,000 15,943,000
1924
5,710,000 14,712,000
61,000
39,986,000 17,680,000
1925
9,104,000 12,783,000
419,000
45,460.000 22,552,000 10,003.000 12,589.000
1926
318,000
40,482,000 17,011,000
9,207,000 14,206.000
1927
68,000
62.275,000 38.334.000 13,021.000 10,828,000
1928
92,000
• Revised.
Total operating expenses of the Federal Reserve banks, exclusive of the
Cost of Federal Reserve currency, aggregated $26,099,000 in 1928, as compared with $25,674,000 in the year 1927. The cost of printing Federal
Reserve notes, including shipping charges to the Federal Reserve banks
and the cost of redeeming mutilated Federal Reserve notes, was $805,000
In 1928, compared with $1,845,000 in 1927. The number of Federal
Reserve notes printed in 1928 was 54.900,000, compared with 174,700.000
In 1927. The reduction in the number of Federal Reserve notes printed
In 1928 was in anticipation of the adoption of the smaller size currency
expected to be put into circulation on or about July 1, 1929.
While the average number of officers and'employees decreased from
10,132 in 1927 to 10,095 in 1928, there was a substantial growth in the
volume of work handled by the principal departments of the banks.
The number of items handled in the cash department increased by over
6% in 1928 as compared with 1927 and the number of checks handled by
more than 3%, and the amounts both of checks and of currency and coin
tusndled In 1928 reached new record totals of $301,704,000,000 and $14,204,000,000, respectively.
Discounts by the Federal Reserve banks for
member banks totaled $62,413,000,000 for the year, purchases of bills in
the open market $4.245.000.000, Government coupons paid $543,000,000,
non cash items collected for member banks $7,414.000,000, transfers of
funds for member banks $148,750,000,000, and redemptions and exchanges
of United States securities for the Treasury $9,002,000.000.
Principally in consequence of the increase in gross earnings, current
net earnings for 1928, width amounted to $37.148,000, exceeded those of
[VOL. 128.
1927 by $21.000,000. With the approval of the Federal Reserve Board
the banks charged their current net earnings with $1,959,000 for depreciation on bank premises. with $639,000 for furniture and equipment
purchased during the year, with $581,000 for reserves for probable losses
on paper of failed banks, and with $628.000 for reserves for self-insurance.
After making these charges and other deductions, including a net loss of
$1,595,000 on the sale of United States securities, there was a balance of
of $32,122,021 available for dividends, surplus, and franchise tax. The
6% dividend to member banks on their paid-in capital stock of the Federal
Reserve banks amounted to $8,458,463. and of the remainder $21,078,899
was transferred to surplus accounts in accordance with section 7 of the
Federal Reserve Act and $2,584,659 was paid to the United States Government as a franchise tax. Section 7 of the Federal Reserve Act provides
that all net earnings of the Federal Reserve banks shall be transferred to
their surplus accounts until such accounts amount to 100% of their subscribed capital, and that thereafter 10% of net earnings shall be paid into
surplus accounts and 90% to the Government as a franchise tax. At the end
of 1928 the Federal Reserve Banks of Richmond, Atlanta, St. Louis,
Minneapolis, Kansas City, and Dallas, all had surplus accounts in excess
of their subscribed capital, and, therefore, each paid a franchise tax to the
United States Government. All net earnings of the six other Reserve
banks remaining after the payment of dividends, $16,111,000, were transferred to their surplus accounts. Notwithstanding the consequent increase
in the surplus accounts of these banks, the excess of their subscribed capital
over surplus at the end of 1928 was substantially greater than at the end
1927, owing to increases in the amount of their capital stock as a result of
increases during the year in the amount of capital and surplus of member
banks in their districts. The total subscribed capital of the Federal
Reserve banks on Jan. 1 1929, amounted to $293,870,000 and their surplus accounts to $254,398,000.
Gross and net earnings during the year and the distribution of net earnings
of each Federal Reserve bank are shown in the following table:
FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE
BANKS DURING 1928.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
KAMM City
Dallas
Ban Francisco
Total
,
Net Earn'gs
AvaiThle for
Transferred Franchise
Gross
Dividends, DiridenAt to Surplus Tax Paid
Earnings. Surplus, Al
Account,
Paid.
U. S.
Franchise
Tax.
$4.465,342 $2,316,522 $590,830 $1,725,692
18,483,042 11,018,433 2,743,725 8,274,708
5,394,546 3,282,641
843,755 2,438,886
6,250,553 3,180.715 858.843 2,323,872
2,857.648 1,118,960
370,683
74,828 $673,449
3.578,156 1,693,985
312,259
558,425 823,301
8,936,418 4,763,429 1,099,761 3,663.868
2,901,925
40,293
785,159
423,011
321,855
1,710,304
614,704
181,203
390,151
43.350
2,597,968
365,855
659,760
40,651
253,254
2,119,666
713,455
163,301
258,544
291,610
4,757,292 1.974,258
625,751 1,348,507
554 082 ROM
229 199 091 29 Ake AR9 291 n/220029 221229
Congress Convenes in Special Session.
The special session of the Seventy-first Congress, called
by President Hoover to consider primarily farm relief
measures and tariff revision, was brought under way on
April 15. The farm relief proposals are referred to elsewhere
in this issue, and we also give in this issue, under a separate
heading, President Hoover's message to Congress on April 16.
Referring to the opening of the extra session a dispatch
April 15 to the New York "Times" said:
There was nothing spectacular in the opening scenes in the Senate and
the House. Each met at noon and heard the reading of the President's
proclamation for an extra session to consider farm relief and tariff revision
measures. In his inaugural address he had qualified his recommendation
for tariff revision by the word "limited." Speaker Longworth to-day emphasized that expression of the President.
The Senate had organized during its brief special session on March 5.
The Home organized to-day by the election of a Speaker and the re-election
of the officers of the last Congress, all of them Republicans. The Senate
was in session half an hour. The session of the House lasted exactly two
hours, devoted to the transaction of opening-day routine business.
Representative Nicholas Longworth was re-elected Speaker
of the House. Regarding the measures introduced in the
House on April 15, Associated Press advicesfrom Washington
said:
Despite the determination of Republican house leaders to confine the
activities of committees to farm relief and tariff revision legislation, a flood
of bills poured in on the Speaker's table to-day. Not a single measure was
presented in the Senate but many are expected there in the days ahead.
It was estimated that the total number of bills introduced to-day was
between 500 and 600.
Although many of the measures were of national importance, affecting
the immigration, tariff, industrial, market governing, narcotic and other
laws, most of them were revised bills which failed of passage in previous
Congresses.
A bill to provide $5,000,000,000 for the construction of a nation-wide
system of hard-surfaced post roads was introduced by Representative
Holaday, Republican, 'Illinois. The measure would provide for the issuance of bonds to finance the project.
A bill sponsored by Chairman Porter of the House Foreign Affairs
Committee would provide increased penalty for violation of the Harrison
narcotic act, and another measure by him would authorize the President
to place an embargo on the exportation of arms and munitioas to belligerent nations.
A resolution by Representative Fish, Republican. New York, would
prohibit the exportation of arms and munitions to belligerent nations.
Representative Burtness, Republican, North Dakota, offered a measure
to provide for the stabilization of the purchasing power of money.
A proposal by Representative Edith Nourse Rogers, Republican, Massachusetts, would make av..ilable additional funds for the extension of Veterans' Bureau hospital facilities.
Representative LaGuardia, Republican, New York, reintroduced a resolution calling for a Congressional investigation into the administration of
the bankruptcy laws.
Aliens would be excluded In count of persons for the reapportionment
of members of the House under a bill by Representative Stalker, Republican, New York.
APRIL 20 1929.1
FINANCIAL CHRONICLE
2567
may at all times command men of the broadest attainments."
The President's message follows in full:
TO THE CONGRESS OF THE UNITED STATES:
I have called this special session of Congress to redeem two pledges
given in the last election—farm relief and limited changes in the
tariff.
The difficulties of the agricultural industry arise out of a multitude
of causes. A heavy indebtedness was inherited by the industry from
the deflation processes of 1920. Disorderly and wasteful methods of
marketing have developed. The growing specialization in the industry
has for years been increasing the proportion of products that now
leave the farm and, in consequence, prices have been unduly depressed
by congested marketing at the harvest or by the occasional climatic
surpluses. Railway rates have necessarily increased. There has been
a growth of competition in the world markets from countries that enjoy
cheaper labor or more nearly virgin soils. There was a great expansion of production from our marginal lands during the war, and upon
these profitable enterprises under normal conditions cannot be maintained. Meanwhile their continued output tends to aggravate the situation. Local taxes have doubled and in some cases trebled. Work
animals have been steadily replaced by mechanical appliances, thereby
decreasing the consumption of farm products. There are many other
contributing causes.
Message of President Hoover to Extra Session of ConThe general result has been that our agricultural industry has not
gress—Farm Relief and Tariff Revision Principal Sub- kept pace in prosperity or standards of living with other lines of
industry.
jects To Be Considered.
Need of Farm Relief.
Following the convening of Congress in extra session on
There being no disagreement as to the need of farm relief, the
April 15, (in response to the call of President Hoover on problem before us becomes one of method by which relief may be most
brought about. Because of the multitude of causes and
March 7), the President's message indicating the purpose of successfully
because agriculture is not one industry but a score of industries, we
the special session, was read in the Senate and the House are confronted not with a single problem alone, but a great number
on April 16, by the Clerks of the respective branches of of problems. Therefore there is no single plan or principle that can be
Some of the forces working to the detriment of
Congress. "It is my understanding," said President Hoover, generally applied. greatly mitigated by improving our waterway transagriculture can be
in his message, "that it is the purpose of the leaders of Con- portation; some of them by readjustment of the tariff; some by better
gress to confine the deliberations of the session mainly to the understanding and adjustment of production needs, and some by immethods of marketing.
questions of farm relief and tariff. In this policy" he said, provement in the
An effective tariff upon agricultural products, that will compensate
"I concur. There are, however," he added,'"certain matters the farmer's higher costs and higher standards of living, has a dual
of emergency legislation that were partially completed in the purpose. Such a tariff not only protects the farmer in our domestic
stimulates him to diversify his crops and to grow
last session, such as the decennial census, the reapportion- market, but, it also
products that he could not otherwise produce, and thus lessens his dement of Congressional representation and the suspension of pendence upon exports to foreign markets. Tht great expansion of
the national origins clause of the Immigration Act of 1924, production abroad under the condition I have mentioned renders forour export markets increasingly serious. It seems
together with some minor administrative authorizations. I eign competition in
but natural, therefore, that the American farmer, having been greatly
understand," the President observed, "that these measures handicapped in his foreign market by such competition from the
can be reundertaken without unduly extending the session. younger expanding countries, should ask that foreign access to our
should be regulated by taking into account the difHe recommended their consummation as being in the public domestic market costs of production.
ferences in our
Interest."
The government has a special mandate from the recent election not
agricultural
On the subject of farm relief the President indicated that only to further develop our waterways and revise the
but also to extend systematic relief in other directions.
tariff,
he has "long held that the multiplicity of causes of agriculI have long held that the multiplicity of causes of agricultural detural depression could only be met by the creation of a great pression could only be met by the creation of a great instrumentality
authority and resources to assist our farmers to
instrumentality clothed with sufficient authority and re- clothed with sufficient
meet these problems, each upon its own merits. The creation of such
sources to assist our farmers to meet these problems, each an agency would at once transfer the agricultural question from the
upon its own merits. The creation of such an agency," he field of politics into the realm of economics and would result in conaction. The Administration is pledged to create an instrustated, "would at once transfer the agricultural question structive
mentality that will investigate the causes, find sound remedies and
from the field of politics into the realm of economics and have the authority and resources to apply those remedies.
would result in constructive action." In part, he added:
Federal Ferns Board and Creation of Farrner-Owned Agencies.
"The Administration is pledged to create an instrumentality that will
The pledged purpose of such a Federal Farm Board is the reorinvestigate the causes, find sound remedies, and have the authority and ganization of the marketing system on sounder and more stable and
resources to apply those remedies.
more economic lines. To do this the board will require funds to assist
"The pledged purpose of such a Federal farm board is the reor- in creating and sustaining farmer-owned and farmer-controlled agencies
ganization of the marketing system on sounder and more stable and for a variety of purposes, such as the acquisition of adequate waremore economic lines. To do this the board will require funds to assist housing and other facilities for marketing; adequate working capital
in creating and sustaining farmer-owned land farmer-controlled agencies to be advanced against commodities lodged for storage; necessary and
for a variety of purposes, such as the acquisition of adequate ware- prudent advances to corporations created and owned by farmers' marhousing and other facilities for marketing; adequate working capital to keting organizations for the purchase and orderly marketing of surbe advanced against commodities lodged for storage; necessary and pluses occasioned by climatic variations or by harvest congestion; to
prudent advances to corporations created and owned by farmers' mar- authorize the creation and support of clearing houses, especially for
keting organizations for the'purchase and orderly marketing of sur- perishable products, through which, under producers' approval, copluses occasioned by climatic variations or by harvest congestion; to operation can be established with distributers and processors to more
authorize the creation and support of clearing houses, especially for orderly marketing of commodities and for the elimination of many
perishable products, through which, under producers' approval, co- wastes in distribution; and to provide for licensng of handlers of
operation can be established with distributors and processors to more some perishable products so as to eliminate unfair practices.
orderly marketing of commodities and for the eliminaton of many
Every penny of waste between farmer and consumer that we can
wastes in distribution, and to provide for licensing of handlers of some eliminate, whether it arises from methods of distribution or from hazperishable products so as to eliminate unfair practices. There should ard or speculation, will be a gain to both farmer and consumer.
be no fee or tax imposed upon the farmer. No governmental agency
In addition to 'these special provisions in the direction of improved
should engage in the buying and selling and price fixing of products, returns, the board should be organized to investigate every field of
for such courses can lead only to bureaucracy and domination. Gov- economic betterment for the farmer so as to furnish guidance as to
ernment funds should not be loaned or facilities duplicated where other need in production, to devise methods for elimination of unprofitable
services of credit and facilities are available at reasonable rates. No marginal lands and their adaption to other uses, to develop industrial
activities should be set in motion that will result in increasing the by-products, and to survey a score of other fields of helpfulness.
Certain safeguards must naturally surround these activities and the
surplus production, as such will defeat any plans of relief.
instrumentalities that are created. Certain vital principles must be
In the President's view the test of necessity for tariff adhered to in order that we may not undermine the freedom of our
revision "Is in the main whether there has been a substantial farmers and of our people as a whole but bureaucratic and governWe must not undermine initiative.
slackening of activity in an Industry during the last few mental domination and interference.
Tax on Farmer.
or
Fee
to
Opposed
of
consequent
decrease
employment
due to inyears, and a
There should be no fee or tax imposed upon the farmer. No govsurmountable competition in the products of that industry."
ernmental agency should engage in the buying and selling and priceHe said that "In determining changes in our tariff we must fixing of products, for such courses can lead only to bureaucracy and
not _fail to take into account the broad interests of the coun- domination.
Government funds should not be loaned or facilities duplicated
try as a whole, and such interests include our trade relations where other services of credit and facilities are available at reasonobviously
unwise protection able rates. No activities should be set in motion that will result in inwith other countries. It is
relief.
which sacrifices a greater amount of employment in exports creasing the surplus production, as such will defeat any plans ofthe upThe most progressive movement in all agriculture has been
from
employment
imports." The building of the farmer's own marketing organizations, which now
to gain a less amount. of
need for important revision in some of the administrative embrace nearly 2,000,000 farmers in membership and annually distri$2,500,000,000 worth of farm products. These organizaphases of the tariff was noted by the President, who like- bute nearly
tions have acquired experience in virtually every branch of their inWise said that "the Tariff Commission should be reorganized dustry and furnish a substantial basis upon which to build further
and placed upon a basis of higher salaries in order that we organization. Not all these marketing organizations are farmer-owned
Participation of the United States in the Inter-Parliamentary Union at
Geneva would be provided in a bill by Representative Fitzgerald. Republican, Ohio.
Senator Nye, Republican, North Dakota. who championed the unsuccessful fight last session for a postponement of the operation of the national
origins clause of the immigration act, announced tonight that at an early
date he would move for repeal of that provision which goes into effect July 1.
On April 16 further advices from Washington (Associated
Press) stated:
With 300 bllls mad resolutions introduced in the House to-day,the total
for the first two days of the special Congressional session was brought to
more than 1,000. The Senate has yet to receive its first legislative proposal.
Representative McLeod, Republican, of Michigan, proposed a commission of seven, to be appointed by the President, to study the causes and
remedy of periodic business depression and unemployment. The commission would report to Congress in December, with recommendations for
legislation.
A bill by Representative Schafer, Republican, of Wisconsin, would
amend the national prohibition act to permit the manufacturejtranaportation and sale of beverages of 2.75% alcoholic content by weightliiiihetillg
2568
FINANCIAL CHRONICLE
Fox,. 128.
or farmer-controlled. In order to strengthen and not to undermine that and tariff revision having been the particular objects
them, all proposals for governmental assistance should originate with
such organizations and be the result of their application. Moreover, for which the call for the extra session was issued by Presiby such basis of organization the government will be removed from dent Hoover on March 7. The final draft of the House farm
engaging in the business of agriculture.
bill was completed by its Committee on Agriculture on SunThe difficulties of agriculture cannot be cured in a day; they cannot
all be cured by legislation; they cannot be cured by the Federal Gov- day, April 14; at a special session of the Committee, held
ernment alone. But farmers and their organizations can be assisted that day at the call of its Chairman, Representative Haugen
to overcome these inequalities. Every effort of this character is an (Republican) of Iowa, the Committee
approved the bill by
experiment, and we shall find from our experience the way to •further
advance. We must make a start. With the creation of a great instru- a vote of 19 to 2. The Associated Press dispatches from
mentality of this character, of a strength and importance equal to that Washington on April 14, giving an account of the House
of those which we have created for transportation and banking, we
Committee's action, said in part:
give immediate assurance of the determined purpose of the governThe completion of the bill, and its approval by the committee vote
ment to meet the difficulties of which we are now aware, and to create
an agency through which constructive action for the future will be 19 to 2, made it certain that the House would have a definite legislative
proposal before it at the bang of the opening gavel.
assured.
But the Senate committee still has to approve a measure. It will
In this treatment of this problem we recognize the responsibility
of the people as a whole, and we shall lay the foundations for a new meet to-morrow to vote first upon the export debenture plan, already
day in agriculture, from which we shall preserve to the nation the rejected by the House Committee, and then upon the McNary bill,
great values of its individuality and strengthen our whole national fundamental principles of which are similar to the House measure.
The new House farm bill would set up a Federal board with a
fabric.
$500,000,000 revolving fund to promote the effective marketing of
Need for Tariff Revision.
In considering the tariff for other industries than agriculture, we agricultural products.
The measure, described by members of the Committee as being in
find that there have been economic shifts necessitating a readjustment
Hoover, was changed only in
of some of the tariff schedules. Seven years of experience under the accord with the views of President
minor
aspects from the form in which the sub-committee drew the
tariff bill enacted in 1922 have demonstrated the wisdom of Congress
were those of Representatives
original.
votes
dissenting
two
The
in the enactment of that measure. On the whole it has worked well.
Missouri, both Democrats, and both
In the main our wages have been maintained at high levels: our ex- Jones of Texas and Nelson of
balloted yesterday to write the debenture plan into the
ports and imports have steadily increased; with some exceptions our of whom
manufacturing industries have been prosperous. Nevertheless, eco- legislation.
Approval of the measure was given by the full committee after
nomic changes have taken place during that time which have placed
three hours' deliberation in today's session. The Comcertain domestic products at a disadvantage and new industries have more than
mittee cleared the way for the action late yesterday by rejecting
come into being, all of which creates the necessity for some limited
changes in the schedules and in the administrative clauses of the both the export debenture plan and the equalization fee.
The Farm Board, which was described by members of the comlaws as written in 1922.
mittee as "the most powerful marketing board ever set up in the
It would seem to me that the test of necessity for revision is, in the
history
of the world," would have five members with a Chairman and
main, whether there has been a substantial slackening of activity in an
industry during the past few years, and a consequent decrease of em- the Secretary of Agriculture as an ex-officio member, would be chosen
ployment due to insurmountable competition in the products of that by the President with the advice and consent of the Senate, except
for the Chairman, whose salary would be fixed by the Chief Executive.
industry. It is not as if we were setting up a new basis of productive
Members would receive $12,000 yearly. Two of the members
duties. We did that seven years ago. What we need to remedy now
would serve two years; two, four years and the fifth for six years.
is whatever substantial loss of employment may have resulted from
The board, after classifying the various commodities, would invite
shifts since that time.
the co-operative associations to establish an Advisory Commodity
No discrimination 'against any foreign industry is involved in
Committee of seven members, of whom at least two would be exequalizing the difference in costs of production at home and abroad
and thus taking from foreign producers the advantages they derive perienced handlers or processors of the commodity. The members
from paying lower wages to labor. Indeed, such equalization is not of this committee, which would represent the commodity before the
only a measure of social justice at home, but by the lift it gives to board in matters pertaining to it, would be chosen by the co-operative
our standards of living we increase the demand for those goods from associations.
Among the various other functions of the Farm Board would be to
abroad that we do not ourselves produce. In a large sense, we have
promote education in co-operative marketing; to keep advised on crop
learned that the cheapening of the toiler decreases rather than proprices, experiences, prospects, supply and demand; investigate overmotes permanent prosperity because it reduces the consuming power
production, land utilization, reduction of acreage, need for irrigation
of the people.
and reclamation, the methods of expanding markets, developing byIn determining changes in our tariff we must not fail to take into
products and the effect of transportation upon marketing.
acount the broad interests of the country as a whole, and such interestsinclude our trade relations with other countries. It is obviously
On April 18, when the Haugen bill was taken up by the
unwise protection which sacrifices a greater amount of employment in
House, and the Senate bill was introduced by Senator Mcexports to gain a less amount of employment from imports.
Nary, of Oregon, Chairman of the Senate Agricultural ComRevision of Administrative Phases of Tariff
mittee, the "Herald-Tribune" advices from Washington said:
I am impressed with the fact that we also need important revision
With the House taking up the Haugen farm relief bill under a
in some of the administrative phases of the tariff. The Tariff Commission should be reorganized and placed upon a basis of higher special rule and the introduction of the MoNary bill in the Senate,
salaries in order that we may at all times command men of the broad- the movement for enactment of a law to remedy agricultural ills got
est attainments. Seven years of experience have proved the principle under vigorous headway at both ends of the Capitol.
The House is expected to pass the bills with little or no change
of flexible tariff to be practical, and in the long view a most important principle to maintain. However, the basis upon which the from the form in which it was reported, about the middle of next
week.
The McNaryb ill will be repotted from the Agriculture
Tariff Commission makes its recommendations to the President for
administrative changes in the rates of duty should be made more auto- Committee Monday, made the unfinished business and then promptly
matic and snore comprehensive, to the end that the time required for taken up by the Senate for consideration.
determinations by the Tariff Commission shall be greatly shortened.
Debenture Plan Chief Difference.
The formula upon which the commission must now act often requires
The clause in the Senate bill for employment of the export dethat years be consumed in reaching conclusions where it should re- benture plan
at the option of the farm board is the primary difference
quire only months. Its very purpose is defeated by delays. I believe between the
House measure and the Senate measure. Possibilities
a formula can be found that will insure rapid and accurate determina- of a
vehement clash between the two houses which will involve the
ation of need changes in rates. With such strengthening of the Tariff Administration
are foreseen in the debenture plan. A deadlock may
Commission and of its basis for action, many secondary changes in develop which will
materially delay enactment of the legislation.
tariff can well be left to action by the commission, which at the same
The farm relief program in the Senate was set in motion when
time will give complete security to industry for the future.
Senator Charles L. McNary, Chairman of the Committee on AgriFurthermore, considerable weaknesses on the administrative side culture, introduced the farm relief
bill, which has already been shaped
of the tariff have developed, especially in the valuation for assess- in the Committee and which
includes the export debenture provision.
ments of duty. There are cases of under-valuations, that are difficult
Few Changes in Details.
to discover without access to the books of foreign manufacturers,
Senator McNary had the honor of introducing the first bill of the
which they are reluctant to offer. This has become also a great source
of friction abroad. There is increasing shipment of goods on consign- session in the Senate and succeeded in getting the agriculture bill in
ment, particularly by foreign shippers to concerns that they control ahead of all other measures offered.
Details of this bill are substantially such as have previously been
in the United States., and this practice makes valuations difficult to
determine. I believe it is desirable to furnish to the Treasury a made public. The most important difference between it and the House
bill
is the export debenture provision. It also differs from the House
sounder basis for valuation in these and other cases.
measure in that the proposed farm board is to consist of one member
Purposes of Special Session.
from each Land Bank district in addition to the Secretary of AgriIt is my understanding that it is the purpose of the leaders of Con- culture, who is a member
ex-officio. In general, it proposes a farm
gress to confine the deliberations of the session mainly to the questions board with broad powers
and a fund of a half billion, as does the
of farm relief and tariff. In this policy I concur. There are, however, House bill, and proposes
that the marketing of commodities shall be
certain matters of emergency legislation that were partially completed intrusted to stabilization
corporations based on co-operative associain the last session, such as the decennial census, the reapportionment tions which shall be
financed by government loans at low interest.
of Congressional representation and the suspension of the national
Purpose Is the Same.
origins clause of the immigration act of 1924, together with some
The provisions for this machinery, while not in all respects the
minor administrative authorizations. I understand that these measures can be reundertaken without unduly extending the session. I same as those in the House bill, have the same general purpose. It
is anticipated there will be only one point of vital difference between
recommend their consummation as being in the public interest.
The President's proclamation, calling the extra session of the House and Senate on farm relief and this will be on the
d
theebenbtiu
llr
.e proposition, provided the Senate concludes to vote it into
Congress, was given in our issue of March 9, page 1494.
Differing Measures for Farm Relief Brought Before Senate and House—Latter Reported as Favored by President—Debenture Plan in Senate Bill—Text of House Bill.
With the opening of the special session of Congress on
April 15, farm relief measures were accorded first place,—
Text of Debenture Clause.
The bill makes the following provision for export debentures:
EXPORT DEBENTURES.
Section 10. (a) Whenever the board finds it advisable, in order to
carry out the policy declared in Section 1 with respect to any agricultural commodity, to issue export debentures with respect to such
commodity, the board shall give notice of such finding to the Secretary
APRIL 20 1929.]
FINANCIAL CHRONICLE
of the Treasury. Upon the receipt of such notice it shall be the
duty of the Secretary of the Treasury, commencing and terminating
at such time as the board shall prescribe, to issue export debentures
with respect to the commodity and any manufactured food product
thereof. Such export debentures shall be issued to any farmer, cooperative association, stabilization corporation, or other person with
respect to such quantity of the commodity or manufactured food
product thereof as such person may from time to time export from
the United States to any foreign country. The export debenture
shall be in an amount to be computed under the direction of the
Secretary of the Treasury, in accordance with such regulations as
he may prescribe, at the debenture rate for the commodity or product
that is in effect at the time of exportation. Any such computation
shall be final.
"(b) In order to procure the issuance of an export debenture, the
farmer, co-operative association, stabilization corporation, or other
person shall, in accordance with such regulations as the Secretary of
the Treasury may prescribe, make application for such debenture and
submit satisfactory proofs either (1) that the quantity of the commodity to be exported was produced in the United States and has
no previously been exported therefrom, or (2) that the commodity
used in making the quantity of the manufactured food product to be
exported was produced in the United States and the agricultural
commodity and the manufactured food product have not previously been
exported therefrom.
"(c) An export debenture, when presented by the bearer thereof
within one year from the late of issuance, shall be receivable at its
face value by any collector of the customs, or deputy collector of
customs, or other person authorized by law or by regulation of the
Secretary of the Treasury to perform the duties of collector of customs
in payment of duties collectible against articles imported by the bearer.
Title to any export debenture shall be transferable by delivery.
"(d) Debenture rates in effect at any time with respect to any
agricultural commodity shall be one-half the rate of duty in effect
at such time with respect to imports of such commodity, except that
so long as no tariff duty is imposed on cotton the debenture rate
thereon shall be two cents per pound. The debenture rate in effect
at any time with respect to any manufactured food product of any
agricultural commodity shall be an amount sufficient, as nearly as
may be to equal the debenture that would be issuable upon the
exportation of the quantity of the agricultural commodity consumed in
the manufacture of the exported manufactured food product, as prescribed and promulgated from time to time by the board.
"(e) Regulations that metal tags or other appropriate markings be
placed on all bales of cotton produced in foreign countries and allowed
transit through the United States for exportation, may be prescribed
by the Secretary of the Treasury. Every person who violates any
such regulation of the board shall be liable to a civil penalty of $100
for each such offense. Such penalty may be recovered in a civil suit
brought by the board in the name of the United States.
"(f) The Secretary of the Treasury shall prepare and issue all
export debentures. Export debentures issued under authority of this
act shall be obligations of the United States within the definition in
Section 147 of the act entitled 'An Act to Codify, Revise and Amend
the Penal Laws of the United States,' approved March 4, 1909, as
amended 3 U. S. C. title 18-261.
"(g) Any person who shall make any false statement for the purpose
of fraudulently procuring, or shall attempt in any manner fraudulently
to procure, the issuance or acceptance of any export debenture, whether
for the benefit of such person or of any other person, shall be fined
not more than $2,000 or imprisoned not more than one year, or both.
"(i) As used in this section the term 'cotton' means staple cotton
and cotton of any tenderable grade under the United States cotton
futures act.
Mr. Hoover Believed Opposed.
President Hoover has not yet directly advised the Senate Committee on Agriculture as to his position on the debenture plan. The
understanding, however, is that he is opposed to it. At the White
House today it was stated on authority that the President would in
all probability not commit himself on the debenture plan at this time.
L. J. Taber, master of the Grange, which organization is for the
debenture plan, saw the President today and argued for it. Secretary
Hyde is preparing an expositio n of the debenture in other countries
which he will soon send to the Senate.
In addition to the McNary farm relief bill, the Borah marketing
bill was offered.
Senator Nye, of North Dakota, offered a resolution intended to
force the Senate to consider farm relief ahead of everything else. It
went over under the rules.
After debate over the adoption of the rule had taken an hour and
a half of the House's time, it was adopted without a record vote.
This means that general debate will last through Saturday, and that
the five-minute rule will be effective after that. With this limitation
on debate, the House leadership predicted that the bill would be
passed early next week. The more optimistic believe it may not
through by Tuesday as there seems to be a unit of sentiment among
members on both sides.
The following is the text of the House bill as given in an
Associated Press dispatch to the "Times" from Washington
April 14:
The text of the new House farm relief bill follows:
2569
in preventing and controlling surpluses in any agricultural commodity, through orderly production and distribution, so as to maintain
advantageous domestic markets and prevent such surplusses from unduly
depressing prices for the commodity. The Federal Farm Board shall
execute the powers vested in it by this act only in such manner as
will, in the judgment of the board, aid to the fullest practicable extent
in carrying out the policy above declared.
The Farm Relief Board.
Section 2. (a) A Federal farm board is hereby created which shall
consist of a chairman and five other members to be appointed by
the President, by and with the advice and consent of the Senate;
and of the Secretary of Agriculture, ex-officio. The chairman shall
serve at the pleasure of the President. The terms of office of the
appointed members, except the chairman, first taking office after the
date of this act, shall expire, as designated by the President at the
time of nomination, two at the end of the fourth year and one at the
end of the sixth year, after such date.
IA successor to an appointed member, except the chairman, shall
serve for a term expiring six years from the date of the expiration of
the term for which his predecessor was appointed, except that any
person appointed to fill a vacancy in the board occurring prior to the
expiration of the term for which his predecessor was appointed shall
be appointed for the remainder of such term.
The President may designate any appointed member of the board
to act as chairman in case of the absence or disability of the chairThe board may function notwithstanding vacancies, and a
man.
majority of the appointed members in office shall constitute a quorum.
Each appointed member shall be a citizen of the United States
and shall not actively engage in any other business vocation or
employment than that of serving as a member of the board. Each
appointed member shall receive a salary of $12,000 a year, except the
Each
chairman, whose salary shall be fixed by the President.
appointed member shall receive necessary traveling and subsistence
expenses, or per diem allowance in lieu thereof, within the limitations
prescribed by law, while away from his official station upon official
business.
Powers and Duties of Board.
(B) The principal office of the bcard shall be located in the Department of Agriculture in the District of Columbia and the board shall
maintain such other offices in the United States as it deems necessary.
The board (1) shall have an official seal, which shall be judicially
noticed; (2) shall make an annual report to Congress upon the
administration of this act and any ctther matter relating to the better
effectuation of the policy declared in Section 1, including recommendations for legislation; (3) may make such regulations as are necessary
to execute the functions vested in the board by this act; (4) may
appoint and fix the salaries of a secretary and experts, and, in accordance with the classification act of 1923, as amended, and subject to
the provisions of the civil service laws, such other officers and employes as are necessary to execute such functions; and (5) may
make such expenditures (including expenditures for rent and personal
services at the seat of government and elsewhere, for law books,
periodicals and books of reference, and for printing and binding) as
are necessary to execute such functions. Expenditures by the board
shall be allowed and paid upon the presentation of itemized vouchers
therefor approved by the chairman of the board.
Designation of Commodities.
Sec. 3 (A). The board is authorized to designate, from time to
time, as an agricultural commodity for the purposes of this act (1)
any regional or market classification or type of any agricultural commodity which is so different in use or marketing methods from other
such classifications or types of the commodity as to require, in the
judgment of the board, treatment as a separate commodity under this
act; or (2) any two or more agricultural commodities which are so
closely related in use or marketing methods as to require, in the
judgment of the board, joint treatment as a single commodity under
this act.
(B) The board shall invite the co-operative associations handling
any agricultural commodity to establish an advisory commodity committee, to consist of seven members, of whom at least two shall be
experienced handlers or processors of the commodity, to represent such
commodity before the board in matters relating thereto.
Members of each such committee shall be selected by the co-operative
associations from time to time in such manner as the board shall
prescribe. No salary shall be paid to committee members, but the
board shall pay each year a per diem compensation not exceeding $20
for attending committee meetings authorized by the board and for
time devoted to other business of the committee authorized by the
board, and necessary travel and subsistence expenses, or per diem
allowance in lieu thereof, within the limitations prescribed by law
for civilian employes in the executive branch of the government.
Cooperative Marketing.
Section 4. The board is authorized and directed (I) to promote
education in the principles and practices of co-operative marketing
of agricultural commodities and food products thereof; (2) to encourage the organization, improvement in methods and development
of effective co-operative associations; (3) to keep advised from any
available sources and make reports as to crop prices, experiences,
prospects, supply and demand, at home and broad; (4) to investigate
conditions of overproduction, and (5) to make investigations and
reports upon the following:
Land utilization for agricultural purposes, reduction of the acreage
of unprofitable marginal lands in cultivation, the economic need for
reclamation and irrigation projects, methods of expanding markets at
home and abroad for agricultural commodities and food products
thereof, methods of developing by-products of and new uses for agricultural commodities, and transportation conditions and their effect upon
the marketing of agricultural commodities.
A BILL
To establish a Federal Farm Board to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, and to place agriculture on a basis of economic equality with
other industries.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, that it is hereby
declared to be the policy of Congress. (1) to promote the effective
$500,000,000 Revolving Fund.
merchandising of agricultural commodities in interstate and foreign
Section 5. (a) There is hereby authorized to be appropriated the
commerce, so that the industry of agriculture will be placed on a
basis of economic equality with other industries; and (2) to that sum of $500,000,000, which shall be made available by the Congress
end to protect, control and stabilize the current of interstate and as soon as practicable after the approval of this act and shall conforeign commerce in the marketing of agricultural commodities and stitute a revolving fund to be administered by the board. The board
their food products by minimizing speculation, preventing inefficient is authorized to make loans and advances from the revolving fund
and wasteful methods of distribution, and limiting undue and excessive as hereinafter provided. All such loans and advances shall bear inprice fluctuations; by encouraging the organization of procedures into terest at a rate to be fixed by the board. Repayments or principal
co-operative associations and promoting the establishment and financ- upon any loan or advance shall be converted into the revolving fund.
ing of a farm marketing system of producer-owned and producer. Payments of interest upon any loan or advance shall be converted into
controlled co-operative associations and other agencies; and by aiding the Treasury of the United States as miscellaneous receipts.
2570
FINANCIAL CHRONICLE
[VOL. 128.
corporation for working capital to enable it to purchase, store merchandise, or otherwise dispose of the comodity. Such advances may
be for such period or periods and upon such terms and conditions and
at such rates of interest as the board may prescribe.
(c) Any stabilization corporation receiving such advances shall
exert every reasonable effort to avoid losses and to secure profits,
but it shall not withhold any commodity from the domestic market if
the prices thereof have become unduly enhanced resulting in distressto domestic consumers.
(d) The hoard shall require any stabilization corporation to establish and maintain adequate reserves before it sall pay dividends out
of its profits. If, by reason of unforeseen conditions, a loss is sustained by any such corporation, which exceeds its capital and reserves
previously accumulated, such loss shall be repaid out of the profits,
subsequently earned, but shall not be assessed against the stockholders
of the corporation.
Limitations on Loans.
$1,500,000 for Board's Expenses.
Loans for the construction or acquisition by purchase or lease of
Section 7. The board shall, in co-operation with any governmental
storage or other physical marketing facilities shall be subject to the
establishment in the executive branch of the government, including any
following additional limitations:
field service thereof at home or abroad, avail itself of the informa(1) No such loan for the construction or purchase of such facili- tion, data services and facilities thereof in order to
avoid preventableties shall be made in an amount in excess of 80 per centum of the
expense or duplication of effort. The President may, by executive
value of the facilities to be constructed or purchased.
governmental establishment to furnish the
(2) No loan for the purchase or lease of such facilities shall be order, direct any such and
data as such governmental establishment
board such information
made unless the board finds that the purchase price or rent to be paid
may have pertaining to the functions of the board and as the board
is reasonable.
may request. Notwithstanding the foregoing provisions, the board shalb
(3) No loan for the construction or purchase or lease of such
not be furnished by any governmental establishment with any inforfacilities shall be made unless the co-operative association demonstrates
mation or data supplied by any person in confidence to the governto the satisfaction of the board that there are not available for its mental establishment in pursuance of any provision of law
or of any
use at reasonable rates existing suitable storage or other physical agreement with the governmental establishment. The board may comarketing facilities.
operate with any State or Territory, or department, agency, or political
(4) Loans for the construction or purchase of such facilities, towith any person.
gether with the interest thereon, shall be repaid upon an amortization subdivision thereof, or
Section 8. (A) For expenditures in executing the function vested.
plan over a period not in excess of twenty years. All loans under
in
the board by this act (including salaries and expenses of memthis subdivision shall be upon terms hereinbefore specified and upon
such security and other terms not inconsistent therewith as the board bers, officers and employes of the board and per diem compensationand expenses of the commoidity committees), incurred prior to July
deems necessary.
1, 1930, there is hereby authorized to be appropriated the sum of
Producer Clearing Houses,
$1,500,000. No part of the moneys appropriated in pursuance of this
(C) Upon application of any co-operative association handling an authorization shall be available for expenditures, including loans and
agricultural commodity or of producers of an agricultural commodity, advances, for the payment of which the revolving fund or insurancethe board is authorized, if it deems such association or producers moneys are authorized to be used.
representative of the commodity, to assist in forming producer-conCo-operative Association Defined.
trolled clearing house associations adapted to effecting the economic
(B) As used in this act, the term "co-operative association" means
distribution of the agricultural commodity among the various markets any association qualified under the act entitled "an act to authorize
and to minimizing waste and loss in the marketing of the commodity, the association of producers of agricultural products," approved Feb.
if such assistance, in the opinion of the board, will be in furtherance 18, 1922. Whenever in the judgment of the board, the producers of
of the policy declared in Section 1.
any agricultural commodity are not organized into co-operative assoSuch clearing house associations are authorized to operate under ciations so extensively as to
render such co-operative associations reprules adopted by the member co-operative associations and approved resentative of the
commodity, then the privileges, assistance and auby the board. Independent dealers in, and handlers, distributors, and thority available under thist act to co-operative associations, shall also
processors of, the commodity, as well as co-operative associations han- be available to other associations
and corporations producer-owned and,
dling the commodity, shall be eligible for membership in the clearing producer-controlled and organized
for and actually engaged in thehouse association which shall be approved by a committee of pro- marketing of the agricultural
commodity.
ducers which, in the opinion of the board, is representative of the
No such association or corporation shall be held to be producercommodity, and provided further that such clearing house association owned and producer-controlled
unless owned and controlled by coshall operate under such rules and regulations as may be prescribed
operative associations as above defined and optional work by individuals,
by the board. The board may provide for the registration of any such engaged as original
producers of the agricultural commodity.
clearing house association.
(C) It shall be unlawful for any member, officer or employe of the
board to speculate, directly or indirectly, in any agricultural comInsurance Against Losses.
(D) The board is authorized, upon application of any co-operative modity or product thereof or in contracts relating thereto, or in thestock
or membership interests of any association or corporation enassociation, and of the advisory commodity committee for the commodity, to enter into agreements, subject to the conditions hereinafter gaged in handling, processing or disposing of any such commodity
specified, for the insurance of the co-operative associations against or product. Any person violating this subdivision shall, upon conloss through price deeline in the agricultural commodity handled by viction thereof, be fined not more than $10,000 or imprisoned not
more than ten years, or both.
the association and produced by the members thereof.
Such agreements shall be entered into only if, in the opinion of
Divulging Information Penalized.
the board, (1) coverage is not available from private agencies at
(D) (1) It ahsll be unlawful for any co-operative association,
reasonable rates; (2) the insurance will be in furtherance of the policy stabilization corporation, clearing house
association or commodity comdeclared in Section 1, and (3) the agricultural commodity is regu- mittee, or
(2) for any director, officer, employe or member or person.
larly traded in upon an exchange in sufficient volume to establish a acting on behalf of any such
association, corporation or committee,
recognized basic price for the market grades of the commodity and to which or
to whom information has been imparted in confidence by
such exchange has accurate price records for the commodity covering the board,
to disclose such information in violation of any regulation
a period of years of sufficient length to serve as a basis to calculate of the board.
Any such association, corporation or committee, or
the risk and fix the premium for the insurance.
director, officer, employe or member thereof, violating this subdivision
The agreements shall require payment of premiums so fixed and shall be
fined not more than $10,000, or imprisoned not more than ten
shall include such other terms as the board deems necessary. Moneys years, or both.
in the revolving fund may be advanced to meet obligations under any
Sec. 9. The President is authorized, by executive order, to transsuch insurance agreement but shall, as soon as practicable, be repaid fer to or retransfer from
the jurisdiction ad control of the board the
from the proceeds of insurance premiums.
whole or any part of any office, bureau, service, division, commission,
(e) No loan or advance or insurance agreement under this act or. board in the executive branch of the
government, engaged in
shall be made by the board if, in its opinion, such loan or advance scientific or extension work, or the furnishing
of services, with reor agreement is likely to increase substantially the production of any spect to the marketing of agricultural
commodities. The order directagricultural commodity of which there is commonly produced a sur- ing any such transfer or retransfer shall
designate the records, propplus in excess of the annual domestic requirements.
erty (including office equipment), personal and unexpended balances
Stabilisation Corporations.
of appropriation to be transferred.
Section 10. Vouchers approved by the chairman of the board for
Sec. 6. (a) The board may, upon application of the Advisory
Commodity Committee for any commodity, recognize as a stabiliza- expenditures from the revolving fund pursuant to any loan or advnace
or insurance agreement shall be final and conclusive upon all
tion corporation for the commodity any corporation if—
(1) The board finds that the marketing situation with respect to officers of the government; except that all financial transactions of
the agricultural commodity requires or may require the establishment the board shall, subject to the above limitations, be examined by the
of a stabilization corporation in order effectively to carry out the policy general accounting office at such times and in such manner as the
Comptroller General of the United States may be regulation prescribe
declared in Section 1; and
(2) The board finds that the corporation is duly organized under Such examinations with respect to expenditures from the revolving
fund
or pursuant to any loan or advance or insurance agreement,
the laws of a State or territory; and
(3) The board finds that all the outstanding voting stock or mem- shall be for the sole purpose of making a report to the Congress and'
to
the
board of expenditures and of loan and advance and insurance
bership interests in the corporation are and may be owned only by
agreements in violation of law, together with such recommendations
co-operative associations handling the commodity; and
(4) The corporation agrees with the board to adopt such by-laws thereon as the Comptroller General deems advisable.
Sec. 11. This act may be cited as the "Federal Farm Board act."
as the board may from time to time require, which by-laws, among
other matters, shall permit co-operative associations not stockholders
or members of the corporation to become stockholders or members Charles James
Rhoads, Banking House of Brown Brotherstherein upon equitable terms.
& Co., Appointed Commissioner of Indian Affairs—.
Payment of Losses.
Department's Policies Respecting Indian Problems.
(b) The stabilization corporation for any agricultural commodity
Secretary Wilbur, of the Department of the Interior,.
may act as a marketing agency for its stockolders or members, and
upon request of the advisory commodity committee for the com- announced on April 17 the appointment by the President of'
modity the board is authorized to make advances to the stabilization Charles James Rhoads, of Philadelphia, to be Commissioner
(B) Upon application by any co-operative association, the board is
authorized to make loans to it from the revolving fund to assist in
(1) the effective merchandising of agricultural commodities and food
products thereof; (2) the construction or acquisition by purchase or
lease of storage or other physical marketing facilities for such commodities and products; (3) the formation of clearing house associations as hereinafter described; and (4) extending the membership of
the co-operative association applying for the loan by educating the
producers of the commodity handled by the association in the advantages of co-operative marketing of that commodity.
No loan shall be made under this subdivision unless, the loan is
in furtherance of the policy declared in Section 1, and the co-operative association applying for the loan has an organization and management, and business policies, of such character as to insure the
reasonable safety of the loan and the furtherance of such policy.
APRIL 20 1929.]
FINANCIAL CHRONICLE
2571
of Indian Affairs. Mr. Rhoads is a member of Brown crate, against recent tax refunds of many millions, came as a surprise to
Republican leaders who had upheld the Treasury in its position that
Brothers, Bankers, of Philadelphia, and is giving up his those
detailed information in these cases should not be made public.
large business interests for this public service. There is
The critics of Secretary Mellon, who have attacked the Treasury's ata tradition of Indian service in his family, his father having titude on tax refunds, also expressed surprise. They were amazed that the
Executive order had been promulgated so promptly in the new adminisbeen associated with organizations favorable to the Indians tration. One of them. Senator .Coureass.
Republican, of Michigan, said
many
years.
of
the
that the move was in the right direction, but that its effectiveness would
President
been
Mr. Rhoads has
for
depend
was
carried
upon
out
the
by
way
the Commissioner of Internal
it
Indian Rights Association for the past year. In an
Revenue.
nouncing the new Commissioner Secretary Wilbur outlined
Along with the Executive order, the following letter In
his policy of Indian administration. This policy has been the matter addressed to the President by Secretary Mellon
considered by the Board of Indian Commissioners, created was made public on March 14:
by Congress to advise it on Indian problems, and has been
My dear Mr. President:
given general approval by that Board. It is as follows:
I am transmitting herewith for your consideration an Executive order
"The fundamental aim of the Bureau of Indian Offairs shall be
to make of the Indian a self-sustaining, self-respecting American
citizen just as rapidly as this can be brought about. The Indian
shall no longer be viewed as a ward of the Nation but shall be
considered a potential citizen. As rapidly as possible he is to
have the full responsibility for himself. Leadership should be
given the Indians rather than custodianship. The Indian stock
is of excellent quality. It can readily merge with that of the
Nation.
"In order to bring this about it will be necessary to revive our
educational program into one of a practical and vocational character
and to mature plans for the absorption of the Indian into the
industrial and agricultural life of the Nation.
"Decentralization of the activities of the bureau shall be brought
about as rapidly as possible.
"Viewed over a term of years, the Indian agent, as such, with
his abnormal powers, shall be dispensed with.
"Insofar as it is feasible, the problems of health and of education
for the Indians shall become a responsibility of the various states.
Certain assistance for these purposes should be provided the States
wherever it is equitable and desirable to do so.
"New Indian schools should only be provided if it is not possible
to merge the training of the Indian into the schools system
of the States. Insofar as it is possible, scholarships in the institutions of higher learning of the country shall be provided for those
Indian boys and girls who are capable of going beyond the ordinary
high school training.
"The educational program for the Indians should be placed under
the supervision of the Bureau of Education.
"The health program should be placed under the Public Health
Service.
"Insofar as it is possible, except on a few large reservations that
are appropriate for a satisfactory life for the Indians, there should
be continued allotment of land with full ownership rights granted
to the Indians.
"It shall be the aim to provide employment for Indians for all
occupations possible in connection with Indian communities.
"The general policy should be to increase the facilities for the
care and development of the Indian for a short period of time,
with the general plan in mind of eliminating the Indian Bureau
within a period of say 25 years.
"No new appointments should be made in the Indian Bureau except
in following out the above program.
"Insofar as it is possible, general legislation and general appropriations from Congress shall be sought, rather than specific
legislation for specific Indian groups or to solve individual Indian
questions.
survey shall be made of all existing laws with which the
Indian question is involved, so that proper laws can be drawn
rescinding former actions which are no longer necessary, and an
adequate legislative program developed for the future."
and an amendment to the existing regulations, the effect of which is to make
the decisions; of the Commissioner of Internal Revenue allowing a refund,
credit or aptement of income, excess profits, war profits, estate and gift
taxes, open to inspection by the public if in excess of $20,000.
The decision will give the amount of the over-assessment, a briefsummary
of the facts and a citation of the applicable statutory or judicial authorities.
It has been the consistent policy of the Treasury that tax returns and the
information thereon should under no circumstances be open to public,
inspection and that taxpayers should be permitted to contribute to the
revenues of the Government without subjecting their business affairs and
transactions to the scrutiny of their competitors or the curious. This policy
is not affected by the proposed Executive order and regulations.
The Congress adopted as an amendment to the first deficiency appropriation Act a provision which as a matter of legal interprettion, would require
no material change in the procedure or practices of the Bureau of Interne)
Revenue. However, upon the assumption that this provision reflects an
unexpressed Congressional policy and in order that the public generally
may know that there is nothing mysterious about tax refunds and that there
is nothing which the Treasury desires to hide (except to the extent necessary
to maintain and effectuate the policy outlined in the second paragraph
above), I am recommending your approval of the proposals submitted herewith.
Faithfully yours,
A. W. MELLON,Secretary of the Treasury.
The President,
The White House.
The Executive order issued by President Hoover follows:
EXECUTIVE ORDER.
Publication of Internal Revenue Tax Refund Decisions:
Pursuant to the provisions of Section 55 of the Revenue Act of 1928
and Sec. 257 of the Revenue Act of 1926, it is hereby ordered that decisions
of the Commissioner of Internal Revenue allowing a refund, credit,or abatement of income, war profits, excess profits, estate, or gift taxes, In excess of
$20,000, shall be open to inspection in accordance, and upon compliance,
with the regulations prescribed by the Secretary of the Treasury and approved by me, bearing even date herewith.
HERBERT HOOVER.
The White House, Mar. 14 1929
Following the issuance of the above, Secretary Mellon
promulgated the new regulations as follows:
Amending T. D. 3856—Publication of Internal Revenue Tax Refund
Decisions.
Treasury Department,
Washington, D. C.
To Collectors of Internal Revenues and Others Concerned:
T. D. 3856, as amended (being regulations prescribed by the Secretary
and approved by the President and applicable to the inspection of returns
under the Revenue Act of 1928 and prior revenue Acts), is amended by
adding at the end thereof the following new paragraph:
20—The Commissioner of Internal Revenue shall cause to be prepared
a wr tten dec sion in every case in which an overassessment (whether resulting in a refund, credit or abatement) of an income, war-profits, excess
profits, estate or gift tax is allowed in excess of $20,000. and such decision
President Hoover Issues Order Directing Publicity of shall be considered a public record and shall be open to inspection, during
regular
hours of business, in the office of the Commissioner of Internal
Tax Refunds in Excess of $20,000.
Revenue or such offices as he may designate. Suck decision shall give the
An executive order directing that the decisions of the amount of the overasstssment and shall be accompanied by a briefsummary
Internal Revenue Commission calling for the refund of of the relevant facts and a citation of the authorities applicable thereto.
in a case in which a decision of a court or of the Board of Tax Appeals haa
Federal taxes of over $20,000 shall be open to public in- or
become final, by a citation of the Court or Board decision.
spection was issued on March 14 by President Hoover. It
Under no circumstances shall the provisions of this paragraph be construed
Is pointed out in the Washington accounts to the "Herald- as making any return, or any part thereof, open to inspection, or as authorizing the source of any income, gains or profits, or the specific transTribune" March 14 that the question of publicity of tax actions resulting in losses or expenditures, to be made public nor shall any
refunds was acute in both houses in the recent session of of the information contained in any return or relating thereto be made
public except in accordance with, and to the extent necessary in carrying
Congress.
out these regulations.
The account goes on to say:
A. W. MELLON,
Secretary of the Treasury.
In the Senate, when the first deficiency appropriation bill was passed,
Approved Mar. 14 1929.
Senator Kenneth McKellar, of Tennessee, obtained adoption of an amendHERBERT HOOVER,
ment whieh required complete publicity in the Treasury proceedings
The White House
relating to the larger refunds. This was altered in conference until it
required merely that the decision in the case of a refund of more than
Regarding the Executive order and its effect, Secretary
$20,000 be made public. This was unsatisfactory to Senator McKellar Mellon gave out the following statement on March 4:
and to many other Senators who supported the original amendment, but
The President has to-day signed an Executive order, and has approved
in the last days of the session it was allowed to go through.
The new order by President Hoover goes much further than the provision regulations prescribed by me, relating to the publication of refund dein the first deficiency bill, and closely approximates the requirements of the cisions by the Commissioner of Internal Revenue. Briefly, the effect of
the order and the regulations is that the Commissioner of Internal Revenue
original McKellar amendment.
will prepare a decision in every case in which an over-assessment (whether
The "Times," in referring to.the President's order, said: resulting in a refund, credit or abatement) of income, war profits, excess
To-day's order resulted from a letter sent to President Hoover by Sec- profits, estate or gift taxes in excess of 820.000 is allowed.
This decision will be accompanied by a brief summary of the relevant
retary Mellon, In which the head of the Treasury said that the spirit of
the action of Congress in regard to tax refunds, as defined in the deficiency facts and a citation of the applicable statutory and judicial authorities and
bill, made advisable the recommendation of an Executive oeder which will be open to inspection in the office of the Commissioner.
It has been the consistent policy of the Treasury, a policy determined
would require the Commissioner of Internal Revenue to make public
upon only after careful consideration and as to which ample opportunities
decisions in cases in tax refund awards in excess of $20.000.
Secretary Mellon's recommendation was the result of a conference be- have been offered repeatedly for reconsideration, that tax returns, and
tween him and President Hoover yesterday when they discussed the the information thereon, should under no circumstances be open to public
advisability of allowing such publicity regarding tax refunds as would Inspection. This policy is based upon the principle that taxpayers should
be permitted to contribute their share of the revenue necessities of the
not give information of business operations to a rival concern.
government without subjecting their business affairs and transactions to
Surprise Is Voiced.
the scrutiny of their competitors, the idly curious, solicitors of contribuThis unexpected suggestion, recognizing the fight made by Represen
tions and unscrupulous tax practitioners seeking out possible future clients.
tative Garner of Texas and Senator McKellar of Tennessee, both Demo- This policy Is not affected by the executive order.
rA
2572
FINANCIAL CHRONICLE
[VOL. 128.
The regulations specifically provide that neither the return nor any part as a result thereof, are certainly an advance, and not heretofore Indorsed by
thereof shall be open to inspection and in addition the publication of the the Secretary of the Treasury."
source of any income, gains, or profits, or transactions resulting in losses
or expenditures, is specifically prohibited.
The Congress adopted as an amendment to the first deficiency ap- Year's Advance Adds Eight States to Inheritance Tax Recipropriation act a provision which as a matter of legal interpretation, would
procity Movement-31 States Eliminate Multiple Taxaprobably require no material change in the procedure or practice of the
tion
of Intangibles—Latest Additions Idaho, North CaroBureau of Internal Revenue. Furthermore, whatever effect might have
lina, West Virginia and Washington.
been intended was, of course, limited to the specific appropriations made
by that act, and would not be applicable to any of the other appropriations
The following is from the April issue of "The Public
available for making refunds.
The Treasury has entered serious objections to all so-called "publicity" Dollar," published by the Finance Department of the
• proposals. The soundness of this position is reiterated. However, in an Chamber of Commerce of the United States:
effort to dispel any misunderstanding that might have arisen in the minds
Backed this year by organizations of business men throughout the
of the public because of the recent discussions of the matter, the Treasury
country, the movement for interstate reciprocity in inheritance taxation,
has undertaken to go much further than the amendment requires.
It is believed that the publication of the decisions in the manner out- intended to eliminate multiple taxation of the intangible personal property
lined above will in a very short period of time show conclusively that in the estates of non-resident decedents, has added eight states to the
the Treasury has nothing to hide in the matter of tax refunds that there 23 in the reciprocity group on January 1, 1929.
The reform, long advocated by tax administrators and stUdents of tax
is nothing mysterious about tax refunds that practically all refunds, credits
and abatements, which are allowed, are attributable directly to such causes equity, has been extended to West Virginia, Idaho, Washington and
as decisions of the Courts or of the Board of Tax Appeals, overturning the North Carolina, according to advices to the Finance Department of the
National Chamber up to April 1. Four other states were designated
Treasury position or holding a provision of the statute unconstitutional
to retroactive legislation, to uncertainties, ambiguities or omissions in the in the March number of The Public Dollar as having enacted reciprocity.
statute, to mathematical error, to factors which could not have been deter- They were Arkansas, Indiana, South Carolina and Wyoming.
mined at the time the tax was paid, or to the public spirited attitude of
All the states east of the Mississippi River, with the exception of
taxpayers in deciding doubtful questions against themselves at the time the Wisconsin, Michigan and Kentucky, now are on a uniform basis respecting
tax is paid, relying upon a proper administrative policy in reaching a final the taxation of intangible personal property in the estates of nondetermination of the amount properly due and that the refunding of over- residents for inheritance purposes. Reciprocity bills now are receiving
payments of taxes is merely a necessary part of the administration of our consideration in Michigan and Wisconsin; there is no legislative session
tax laws—in fact, an essential corollary of any tax system founded upon the this year in Kentucky.
"payment first" principle so frequently discussed.
Considered Elsewhere.
It must not be forgotten that our Federal tax collection system is founded
Several other state legislatures still have such proposals before them,
upon the doctrine that taxpayers may be compelled to pay the amount
Government officials determine to be due, with no opportunity until after including those in Iowa, Kansas, Minnesota, Nebraska and Missouri.
payment for a review of that determination. It is vital, and the interests The bill has been passed by the lower house in Iowa and similar
of taxpayers and the public generally properly demand as a necessary pro- measures have been reported favorably in some of the other legislatures.
The remaining states not in the reciprocity group are Arizona,
- tection, that when that review is afforded, whether it be administrative or
judicial, the decision be carried out without undue delay.
Louisiana, Montana, New Mexico, North Dakota, Oklahoma, South
Dakota, Texas and Utah. A bill passed in Texas this year was vetoed
As to the comments of Senator Couzens we take the fol- by Governor Moody. It is understood, however, that changes have
lowing from the Washington dispatch March 14 to the been made in the measure meeting the Governor's point of view and
that it will be reconsidered by the assembly when it meets in a special
"Herald-Tribune":
session planned for about April 15.
- Senator James Couzens, Republican, of Michigan, who is well informed on
Business Efforts.
the workings of the Internal Revenue Bureau and long an advocate of tax
refund publicity, issued a statement this afternoon chiding Secretary Mellon
Business agencies generally have cooperated in forwarding the move• for an alleged change of front in the publicity matter. Senator Couzens ment this year. In addition to the local chambers of commerce and
sees the President's Executive order as"a vast improvement over existing state chambers and trade associations in the states where legislatures
conditions."
were in session, the effort has had the endorsement of the Chamber of
"The real test of its efficiency, however," said the Senator,"will be the Commerce of the United States, the Investment Bankers' Association
honest intent and disposition on the part of those charged with the respon- of America, the American Bankers' Association and the National Tax
sibility of carrying out the order. The Secretary of the Treasury, when Association.
A meeting of the Committee on Inheritance Taxation of the National
the Senate amendment to the first deficiency appropriation bill was passed
by the Senate, protested vigorously to the Chairman of the Appropriations Tax Association was held in New York last week to review the year's
progress
toward extension of inheritance tax reciprocity to a nationCommittee, Senator Warren, against the Senate amendment. He said
that it was his opinion that the old system completely and adequately pro- wide basis.
tected the Government interests, but it is obvious, however, that the
carrying-out of the present executive order in good faith will necessitate a
• reverse of Mr. Mellon's attitude.
Earnings of Seventeen New York City Banks Exceed
Quotes Mellon's Letter.
"The Secretary said in the above-referred-to letter:
"'It is misleading to speak of the present procedure as a secret one.
Conferences between the only persons who have any real interest in the
matter should not be called secret simply because the idly-curious are no
privileged to be present, or because it does not authorize the presence of
tax experts seeking information of interest to possible prospective clients
or to competitors of the taxpayer.'
$106,000,000 for Twelve Months, According to
Gilbert Eliott & Co.—First National Bank Leads
List.
The higher rates prevailing for call and time loans during
the past year, coupled with the increased demand for funds,
have resulted in a substantial increase in the earnings of
New York City banks and trust companies, according to
a compilation made from the latest official published state-,
ments by Gilbert Eliott & Co., specialists in bank and trust
company securities. According to this compilation, 17
of the leading banks and trust companies report aggregate
earnings of $106,448,900 for the 123. months period ended
March 22 1929, an increase of 11% compared with earnings
of $95,891,800 reported for the calendar year 1928. First
National Bank of New York leads the list with earnings
of $21,344,000, against $19,885,000. Guaranty Trust ranks
second with earnings of $13,829,000, against $11,940,300,
and Bankers Trust third with earnings of $11,032,400
against $10,149,200. The following tabulation shows the
total indicated earnings of many of the leading banks and
trust companies for the period March 2 1928 to the call
date in March 1929, as compared with earnings for the
calendar year 1928:
"Every taxpayer has an interest in the interpretation of the tax laws and
every taxpayer has more taxes to pay when improper credits, abatements
or refunds are made, and so it is of Interest under what theory and under
what law these refunds, abatements and credits are made.
"In a letter from the Secretary of the Treasury to the President be says
as a matter of legal interpretation the amendment to the first deficiency
appropriation bill would require no material change in the procedure or
practices of the Bureau of Internal Revenue. Yet the Secretary seemed
to get the Congressional policy, even though not expressed, because he
recommended to the President his approval of the proposed order which
he submitted.
"The salient differences between existing law and practice is important
In several respects.
"1. There was no practice or procedure which made public records of
abatements or credits which is now provided for in the present order.
' "2. In the case of refunds there was no provision or practice whereby
these refunds were made public except the requirement that the name of
the recipient and the amount refunded should be sent to congress.
"Now, however, the executive order approved by the President specially
says not only that each decision in the matter of abatement, credits and
refunds shall be considered a public record, and shall be open to inspection,
but that each decision shall give the amount of the over-assessment and
that shall be accompanied by a brief summary of the relevant facts, together with the citation of the authority for making the credit, abatement
Earnings
or refund.
1928
for 12 ti Mos. Ended
Earnings.
"Therefore, any income gain or profit, or losses or expenditures that are
Company—
March 22 1929.
Bankers
Trust
$10,149,200
$11,032,400
necessary to carry out the regulations, become public record open to inof New York
2,085.500
2,144,300
spection. No tax returns or any part thereof showing source of income, Bank
Central Union
9,516,400
9,840,000
gains or profits, or transactions resulting in losses or expenditures, becomes Commerce9.846,800
8.856,800
public record, except in accordance and to the extent necessary to carry Empire
1,475,600
1,301,200
Equitable
0,850,900
5,977,200
out these regulations."
Fifth Avenue
794,400
371,800
First National
*21,344,000
•19,885,000
Order Viewed as an Advance.
13,829,000
Guaranty
11,940,300
2,991,300
2,610,000
"This is an advance in what we, who have interested ourselves in the ad- Hanover
9,611,600
8,376,000
ministration of the Internal Revenue Bureau, have been contending for. Irving
Kings County
826,600
747,200
Under this procedure there can be no decisions by the general counsel or any New York Trust
5,608,000
4.784,500
3,718,400
of his assistants in cases involving more than $20,000, carrying the notation Park
3,275,200
2,116,700
1,965,900
This Is not to be a precedent in any other case.' Every decision, therefore, Public
3,302,900
Seaboard
2,772,800
in cases involving more than $20.000 is a public record and may be available United States Mortgage gr Trust
1,318,000
1.236.800
to all taxpayers having like cases.
•Includes dividends of securities company.
• '"r he Secretary said in his letter to Senator Warren in substance, that
making the final decision a public document—while presenting somewhat
• a different problem—was open to most of the objections to making public ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
record of the income tax returns.
Two New York Cotton Exchange memberships were re"The adoption of the amendment by Congress, even though the Secretary
said it reflected an inexpressed'policy,and the order issued by the President ported sold this week—that of Joseph J. Kerigan to Richard
Arm 20 1929.]
FINANCIAL CHRONICLE
2573
T. Harris for another, and that of J. S. Billingslea to J. H. share of new stock for each $10 par share of stock owned.
McFadden Jr. for another, the consideration in each case
Regarding the new corporation Mr. Hornby says:
That a securities company be organized under the Stock Corporation
being $39,000. The last preceding sale was for $38,000.
Law of the State of New York, under the corporate name of The Con-
F. W. Bristow was this
-week appointed an Assistant tinental Corporation of New York, having a capital of $1,000,000, consisting of 200,000 shares of the par value of $5 each, the title to which
Treasurer of the Bankers Trust Co. of New York.
stock shall be vested in three individual trustees, one of whom shall
William C. Potter, Presiden- t of the Guaranty Trust Co. of
New York, has announced the following appointments in
the official staff of the company; Stuart H. Patterson, VicePresident and Comptroller; Robert L. Garner, Vice-President
and Treasurer; G. Jarvis Geer, Vice-President, and Howard
C. Davis, Thomas A. Moore,Frank E.Dean,and Eugene T.
Wagner, Assistant Vice-Presidents. Mr. Patterson was
formerly Comptroller of the company; Mr. Garner, Treasurer; Mr.Geer, Assistant Vice-President;Mr.Dean,Assistant
Treasurer, and Mr. Wagner, Assistant Secretary. President
Potter also announced on April 18 the appointment of
J. Wesley Conn as Vice-President of the company. Announcement of the election of Matthew S. Sloan as a director
of the company was likewise made on lApril 18. Mr. Sloan
is President of the New York Edison Co.and all of its affili
ated electrical companies.
be the President of the bank and the other two directors or officers of
the bank, who will hold the title to this stock for the benefit of the
stockholders of the bank. Each certificate of bank stock will bear a
notation thereon that the holder thereof is entitled to a pro rata beneficial.
interest in the assets of the securities company.
In his further advices to the stockholders, the President
states:
Upon the approval by stockholders of your Board's recommendations,
the bank's capital structure will be as follows:
$2,000,000
Capital
3,500,000
Surplus and undivided profits
Total
Capital of Securities Company
$5,500,000
1,000,000
$6,500,000
Total capital funds
On or about May 17, 1929, subscription warrants will be mailed to each
stockholder of record at the close of business on May 14, 1929, evidencing
their subsccription rights which will expire on June 14, 1929. The transfer
books of the bank will be closed from 8 o'clock P. M. on May 14, 1929,
until 10 o'clock A. M. on May 17, 1929.
S. P. Woodard, investmen-t banker of 37 Wall Street,
At a meeting this week
of the directors of the County
Trust Co. of New York John J. Broderick, who has long been has been elected a director of Hibernia Trust Co. of New
connected with the institution as Treasurer, was elected York, according to an announcement by Philip DeRonde,
President. Eugene Kinkead, President of the South Orange
Vice-President.
Trust Co., is Chairman of the Executive Committee of the
The Bank of America consolidation with Blair National Hibernia Trust Co. At a recent meeting the directors elected
Bank has had the formal approval of the directors of the the following Vice-Presidents: Joseph P. Barry, formerly
two institutions, following a meeting of directors of Blair of the Hibernian Bank, Ltd., of Ireland; Robert I. Curran,
National Bank an April 15. Stockholders of the Bank of former Vice-President of the Irving Columbia Trust Co.;
America and of the Blair National Bank will hold meetings T. F. Bennett, of U. S. Mortgage & Trust Co._ Mr. DeRonde
sirmultaneously May 16 for the purpose of ratifying the stated that the Hibernia Trust will probably open for busiaction of the directors. The Blair National Bank was ness about May 15, in quarters in the Wadsworth Building,
recently formed to take over the banking assets of Blair corner of William and Cedar Streets. A reference to the
& Co. The securities business of Blair & Co., Inc., will be new institution appeared in our issue of March 30, page
consolidated with the Bancamerica Corporation, as was 2027.
Indicated in these columns March 23, page 1843.
James J. Riordan, President of the County Trust Co. of
The directors of the Traders National Bank of Brooklyn
York, announce that the directors have named S. It.
New
have also approved the agreement to consolidate with The
Bank of America. Their stockholders will also meet on Plante as new Vice-President to succeed the late P. M.
May 16 to ratify the agreement. The combined capital Sayford, formerly Vice-President and in charge of credits.
funds of the Bank of America and Bancamerica Corpora- Mr. Sayford's death was referred to in our issue ofApril 13,
tion after consolidation will be over $127,000,000, as com- page 2404. Mr. Plante has been identified with banking in
pared to $77,000,000 on December 31 1928. The capitaliza- the lower Chelsea district of this city for 30 years having
tion will consist of 1,373,637 shares of $25 par value, having started with the Gansevoort Bank and after its absorption,
a book value of $92 per share, or an increase of about 20% has been continuously connected with the 14th Street branch
over the book value of $77 per share on December 31 1928. of the Chatham Phenix National Bank & Trust Co. where
Headquarters of the merged institutions will be at 44 Wall he has been manager.
Street, which has been the location of the Bank of America
At a regular meeting of th- e Board of Directors of the
since 1812.
Central National Bank of the City of New York, A. M. Turell
The directors of the Nationa- l City Company of New York Vice-President was elected to the office of Executive Viceon April 16 elected Harry F. Mayer, former Comptroller, a President and Matthew E. Anglina, Assistant Cashier, was
Vice-President. H. S. Law, former Auditor, was appointed appointed Assistant Vice-President. Mr. Turell has been
Comptroller to succeed Mr. Mayer. Prior to joining The a Director of The Central National Bank since its organizaNational City Company in 1919, Mr. Mayer was Auditor tion and about fourteen months ago retired from the silk
and Assistant to the President of the Kansas City Railway fabrics business after having spent a quarter of a century
Co. In 1912, as Treasurer of the Kansas City, Clay County in the mercantile line, whereupon he joined The Central
& St. Joseph Railway, he represented New York financial National Bank actively as Vice-President, the Directors
interests during the construction of the road. Mr. Law later promoting him to the office of Executive Vice-Presbecame connected with The National City Co. In June, ident. Mr. Anglim became associated with The Central
1919; previous to that he had represented the Wright- National Bank in January 1927, following sixteen years In
Martin Aircraft Corporation at New Brunswick in the the banking business with the National Park Bank of New
liquidation of claims in connection with Government con- York and the Guardian Trust Company, Newark. He is in
charge of the credit department and is a member of the
tracts.
The executive committee of The National City Bank of National Association of Credit Men, Robert Morris AsNew York announced this week the appointment of Edward sociates and the American Institute of Banking.
F. Regan as Assistant Vice-President. Mr.'Regan formerly
According to the Boston "Herald" of Apr. 11, directors
was an Assistant Cashier of the bank.
of the National Bank of Rockland, Boston, will, at a special
It is planned to increase t- he capital of the Continental meeting of the bank's stockholders to be held shortly, recBank of New York, at 25 Broad Street, this city, from ommend the reducing of the par value of its stock from
$1,000,000 to $2,000,000, to change the par value of the $100 a share to $20 and the issuing of five shares of new
stock from $100 to $10 per share, and to organize a Securities stock for each share of old. The "Herald" went on to say:
The bank Increased its capitalization last summer from $1,000,000 to
Company under the name of the Continental Corporation
$1,500,060. On Dec. 31,
it had a surplus of $3,000,000 and =divided
of New York, with $1,000,000 capital. These plans, recom- profits of $825,000. Thelast,
bank had total deposits on Dec. 81, last, of
mended by the directors, will be acted upon at a special $22,287,000. The stock on that date had a book value of $358 a share.
meeting of the stockholders of the bank on May 10. Dividends are being paid at the annual rate of $20 a share.
The market for the National Rockland Bank stock has been rather quiet
Frederick H. Hornby, President of the bank, in a notice to recently and was quoted 415 bid Tuesday. Yesterday, however, following
the stockholders April 15 states that the 100,000 shares of the announcement, the bid was pushed up to 430 with none offered.
new stock (par value $10) will be offered to the stockA a meeting of the directors of the Waltham Trust Co.,
holders at the rate of $40 per share and in the ratio of one Waltham, Mass., on Apr. 12
it was decided to recommend
2574
FINANCIAL CHRONICLE
*to the stockholders that the par value of the bank's stock
be reduced from $100 a share to $10 a share and that 40,000
shares be issued in place of the 4,000 shares now outstanding
giving ten shares for each of the present shares, according
to the Boston "Transcript" of Apr. 12. The Waltham
Trust Co. Is capitalized at $400,000 with surplus of like
.amount and undivided profits of $193,000. Deposits total
approximately $8,000,000 and resources are $9,900,000. The
-stock has been selling recently, it is stated, at from $450
to $500 a share. The "Transcript" furthermore said:
This is the first trust company in Massachusetts to take advantage of
the law just passed by the Legislature and signed by Governor Allen and
for this reason the plan cannot be put into effect until the law become)
'operative in July. It also will be the first bank or trust company in this
:State to reduce its par value to $10.
[VoL. 128.
Marcus, President, C. Stanley Mitchell, Chairman of the
Board, and Saul Singer, Executive Vice-President.
The Irving Trust Co. of New York has announced the
appointment of William S. Pitcairn, President of the William
S. Pitcairn Corporation of 104 Fifth Ave., as a member of
the Advisory Board of its 21st St. office. Mr. Pitcairn has
been active in the Crockery Board of Trade and is a member
of the National Council of Importers and Traders.
Plans for the conversion of the Corn Exchange Bank of
this city into a trust company under the name of the Corn
Exchange Bank Trust Co. were announced this week.
The directors of the institution have also decided to change
the par value of the stock of the institution from $100 to $20
per share. A special meeting of the stockholders will be
held May 14 to ratify these proposed changes. The Corn
Exchange Bank has a capital of $12,100,000, consisting of
121,000 shares of $100 each; with the change in the par
value the capital will consist of 605,000 shares of $20 each.
Charles E. McCullough, General Passenger Agent of
the Pennsylvania RR. addressed New York Chaper, Inc.,
American Institute of Banking on "Air-Rail Transportation," on Friday evening, Apr. 19, in the assembly room.
Magistrate Jean H. Norris addressed the Women's
Committee of New York Chapter, Inc., of the American
An application to organize the Washington Square NaInstitute of Banking at the final forum dinner held Apr. 17
in the recently opened club house of the American Women's tional Bank of New York was approved by the Comptroller
of the Currency on Mar. 26. According to the "Evening
Association at 353 West 57th St.
Post" of Apr. 19, John S. Scully, who is to become the
John E.Rovensky, Vice-Chairman of The Bank of America bank's President, has taken temporary quarters at 1 Fifth
N.A., sailed last night (April 19) for Europe on the steam- Ave., this city, where subscriptions for stock are being
ship Majestic. Although his trip is largely for pleasure, Mr. received and where the organization plans are going forRovensky, while abroad, will do some work in connection ward. Subscriptions are coming in on the basis of $160 a
with the Stable Money Association of which he is a past share. The same paper says:
The following constitute the organization committee and will become
president and now a director.
The Bank of United States, this city, in its second important merger since January 1st, at a special meeting
of its Board of Directors, on April 16 formally approved the merger into that institution of The Municipal
Bank and Trust Company. Directors of the Municipal
Bank and Trust Company at a meeting held at the same
time also approved the merger. The Municipal Finance
Company, the securities company affiliation of the Municipal Bank and Trust Company, is also included in the
merger and will be added to Bankus Corporation. The
combination of the two banks, thus officially ratified, gives
The Bank of United States total resources it is stated in excess of $300,000,000 exclusive of the assets of Bankus
Corporation,its securities company affiliate. The combined
capital, surplus, and undivided profits of the enlarged bank
will exceed $40,000,000. The Municipal Bank has 20
branches offices, 4 in Manhattan and 16 in Brooklyn. The
addition of these branches to those of The Bank of United
States gives the latter institution 57 branch offices in operation and 6 under construction and in contemplation. These
branches are located in Manhattan, The Bronx, Brooklyn,
and Queens, and extend from Fordham Road, The Bronx,
to Far Rockaway.
The main office of the Municipal Bank and Trust Company is located at 70 Wall Street and its other offices in
Manhattan are located at Eighth Ave. and 44th Street,
Seventh Ave. and 28th Street, and Lexington Ave. and
116th Street. Its remaining sixteen offices are well located
throughout Brooklyn. As a result of the merger, Simon H.
Kugel, Chairman of the Board of the Municipal Bank and
Trust Company, becomes Vice-Chairman of the Board of
Directors of The Bank of United States. Samuel Barnett,
President of the Municipal Bank and Trust Company, who
had been in ill health for some time, and who planned to
retire, died in Baltimore on April 17. The other officers and
personnel of the Municipal Bank will continue with The
Bank of United States. Bernard K. Marcus, President, C.
Stanley Mitchell, Chairman of the Board, and Saul Singer,
Executive Vice-President, remain in their present positions.
'The capital of the Municipal Bank is $5,000,000 and its
surplus and undivided profits $7,261,264.30. The capital of
The Bank of United States is $20,875,000., its surplus
$10,000,000 and its undivided profits $3,109,656.78. Its total
present resources are $232,127,249,58, while those of the
Municipal Bank as shown by its statement of December 31st
last are $80,825,416.71. This merger, rumors of which have
been in circulation for several days, follows the merger
into The Bank of United States on April 1st of the
Colonial Bank with 16 branches and the Bank of the
Rockaways. Last year The Bank of United States acquired
by merger the Central Mercantile Bank and Trust Company,
and the Cosmopolitan Bank. Its growth has been accomplished under the energetic direction of Bernard K.
directors of the institution: Frederick P. Altschul, William S. Butler.
Charles E. Duross, James F. Egan, Thomas Farrell, Paul W. Garrett,
Charles F. Goetz, William Merrick, George B. Mulgrew, William J. Olvany,
John S. Scully. Edward E. Spafford and Hamilton Vreeland, Jr.
The bank is to have a capital of $500,000 and surplus of
$300,000.
At a meeting of the Board of Trustees of the New York
Trust Co. on Apr. 17, the following appointments wore
made: Charles J. Mason, Assistant Treasurer; V. A. Wilson, Assistant Secretary; and Harry B. Johnson, Assistant
Trust Officer.
The Comptroller of the Currency approved on April 13
an application to organize a new Brooklyn bank under the
name of the Fort Greene National Bank in New York.
The charter, the Brooklyn "Daily Eagle" reports, was
granted to Bennett De Beixedon, attorney, commission merchant and proprietor of the Arshamomaque Inn, Southold,
L. I. The "Eagle" also states:
Mr. De Behtedon, who will be President of the new bank, said it was
expected to be open about June 1. Initial capital will be $500,000, with
surplus of $125,000, the stock being sold at $125 a share. It is the first
national bank to be authorized in Brooklyn since permission was granted to
form the Brooklyn National Bank five months ago.
Other officers of the bank chosen so far include William Reed. VicePresident of the Federation Bank and Trust Co., Manhattan, who will
be Vice-President, and George W. Rogers, Assistant Secretary of the
Manufacturers Trust Co. at its Montauk branch, who will be Cashier.
Mr. De Beixedon is a grandson of George 0. Bennett, founder of the
Brooklyn "Times."
A merger of the Nassau National Bank of Brooklyn with
The Bank of America N. A., was agreed upon by the directors of the respective institutions on Apr. 16. In noting
this action the "Sun" of Apr. 16 said:
This is the second Brooklyn institution to come into the Bank of America
fold this year. The Traders National having been acquired just prior to
absorption of Blair & Co.
Terms of the merger include the exchange of Bank of America N. A.
stock for that of the Brooklyn institution on the basis of 3% shares of
Bank of America for each share of Nassau. The Nassau National Bank
has capital funds of more than $4,000,000, of whiich $1,700,000 is capital.
Resources total $28,000,000.
The Nassau National Bank was established in 1859 and throughout its
long career has been actively identified with the development of that borough. Men such as Matthew Sloan, head of the Edison companies, and
William S. Menden of the B. M. T., are prominent on the board of directors, as is Frank Bailey. It is expected that the leading members of the
Nassau board will serve in similar capacities on the Bank of America.
The Nassau, because of its strategic position in Brooklyn business, has
been eagerly sought by many other banks. G. Foster Smith, President,
several times commented that he always had several offers for the bank on
hand, but the policy of Mr. Smith has been to await an offer which would
be really worth submitting to shareholders.
139 this latest deal the Bank of America will Increase its capital by 57,375
shares more of $25 par value and its capital funds will exceed $130,000,000.
The Nassau merger is another step in the Bank of America's expansion
program, which has just begun under guidance of A. P. Glannini and his
associates, one of the leading lights being Elisha Walker, who was President
of Blair & Co.
Directors of Blair National Bank, successor to Blair & Co., Inc., yesterday approved absorption by Bank of America for a consideration of 373,637
shares of $25 par stock of the latter. The deal already has received the
approval of the Bank of America board,and stockholders of both institutions wIlirvote simultaneously to ratify the plan May 16. On the same
APRIL 20 1929.]
FINANCIAL CHRONICLE
2575
cash is to be distributed pro rata to the holders of the
date stockholders of the Traders National Bank of Brooklyn will vote on stock and $600,000 in
of capital stock oil the Claremont Bank. The trust
the previously announced plan for absorption of their bank into the Bank outstanding $200,000
under its present name at its present main and
of America. After the consolidation capital funds of the Bank of America company is to continue
as additional branch offices the present main
operate
to
and
offices
and of the Bancamerica Corporation will be over $127,000,000. They branch
branch of the Claremont Bank. The new institution
were $77,000,000 Dec. 31. Book value per share will be $92 a share, office and Greenville
would have capital of $5,300,000 and surplus and undivided profits of more
compared with $77 on Dec. 31 last.
than $8,000,000.
The American National Bank of Jamestown, N. Y.
(capital, $200,000) and the Liberty National Bank of the
same city (capital $200,000) were consolidated on April 13
under the title of the American National Bank of Jamestown, with capital of $300,000.
It is understood that General William C. Heppenheimer,
President of the trust company, is to become Chairman of
the new board of directors, and that his son, William C.
Heppenheimer Jr., is to be President of the merged banks.
Joseph C. Parr, President of the Claremont Bank, is to be
Vice-President, according to the "Times."
Incident to the taking over of the Union Bank & Trust
Co. of Philadelphia by the Corn Exchange National Bank &
Trust Co. of that city (referred to in our issue of March 30,
page 2029), control of the assets and deposit liabilities of the
former bank was formally placed in the hands of the Corn
Corn Exchange National Bank & Trust Co. on April 12,
when the stockholders of the Union Bank & Trust Co. at a
special meeting ratified the liquidating agreement previously
entered into on behalf of the institution by its directors.
According to the Philadelphia "Ledger" of the next day
(April 13), Charles J. Webb, the recently appointed President of the institution presided at the meeting (Mr. Webb
succeeded Ernest T. Trigg as President, the latter having
served only a few days following the resignation of Joseph
S. McCulloch as President). The paper mentioned reported
Charles S. Caldwell, President of the Corn Exchange Bank,
as saying that as a result of the formal ratification of the
plan, the Corn Exchange Bank has assumed all expenses in
connection with the operation of the various offices of the
Union Bank, including the salaries of all officers and ememployees, and, in return, the Corn Exchange will receive
interest on the Union Bank's investments until they are
disposed of. Continuing,the Philadelphia paper said in part:
Supplementing our item of last week (page 2404) with
reference to the proposed union of the Pennsylvania Company for Insurances on Lives & Granting Annuities of Philadelphia and the Bank of North America of that city, the
directors of the banks on Monday of this week, Apr. 15,
approved the consolidation of the institutions under the
title of the former. According to the Philadelphia "Ledger"
of Apr. 16 the respective stockholders of the institutions
will hold special meetings about May 15 to vote upon the
merger plan, and it is expected the consolidation will become effective as of June 1. Stockholders of the Bank of
North America will receive in exchange for their holdings,
share for share, stock of the Pennsylvania Company. The
stock of the Bank of North America has a par value of $25
a share, while Pennsylvania Company stock is $10 a share.
In order to effect the exchange of shares, the capital of the
Pennsylvania Company will be increased by 200,000 shares
($2,000,000) to 650,000 shares ($6,500,000). The combined
posits of the two banks aggregating $135,073,000. The combined individual trust funds are $566,470,351, and the combined corporate trusts total $1,814,426,000. The combined
The name of "Union Bank and Trust Company" will be removed im- total resources of the consolidated institution will aggregate
mediately from all of its banking houses and the name of"Corn Exchange $185,000,000, making it, it is said, the largest State-chartered
National Bank and Trust Company" substituted therefor. As of to-day,
banking institution in Philadelphia. C. S. W. Packard will
the banking business formerly conducted by the Union Bank in its nineteen-story office building at 1518 Walnut St. will be conducted at the Cen- continue as President of the enlarged institution and C. S.
tral City office of the Corn Exchange Bank, 1510 Chestnut St. For the pre- Newhall will remain as Executive Vice-President, while
sent tho title and trust business of the Union Bank will be continued at the
John H. Mason, President of the Bank of North America,
Walnut St. quarters.
Mr. Caldwell stated that all of the other offices of the Union Bank and will become a Vice-President and also a director of the
Trust Company will be continued as branches of the Corn Exchange Na- Pennsylvania Company. Nine of the present thirty-four
tional Bank for some time and may be made permanent. The offices are
at 3d and Arch Sts., 28 South 60th at. 2809 Germantown Ave. and Ridge directors of the Bank of North America will become memAve. and Spring Garden St.
bers of the Board of Directors of the enlarged Pennsylvania
The Corn Exchange plans to sell the Union Bank's building on Walnut
the latter board will consist of twenty-seven
St. It is held in the name of the Sydenham Realty Company, all of the Co., so that
members. The principal office of the new organization
stock of which is owned by the Union Bank.
The Union Bank had upward of $3,500,000 of slow or doubtful loans will be in the Packard Building, at the Southeast corner of
when it was taken over by the Corn Exchange, according to R. W. Doty,
Deputy Secretary of Banking of Pennsylvania, who spoke at the meeting. 15th and Chestnut Streets. It is understood that the main
office of the Bank of North America, which now occupies
Walter J. Fallows, Chairman of the Pennsylvania Secur- the ground floor of the Commercial Trust Building, City
ities, Commission, and widely known in Philadelphia finan- Hall Square, will be closed. A brief history of the two
cial circles, has been appointed President of the Penn Colony banks as contained in the paper mentioned follows:
Trust Co., of that city, according to the Philadelphia
"Ledger" of April 13. Mr. Fallows succeeds as President,
Edward B. Creighton, who has been made Chairman of the
Board of Directors. The Penn Colony Trust Co. was
organized in 1926. The paper mentioned goes on to say:
The Bank of North America, which preceded the Bank of North America
and Trust Company, the latter representing a consolidation of the Bank
of North America and the Commercial Trust Company, has been in business within the shadows of Independence Hall since the days of its founder,
Robert Morris, who financed the War of the Revolution. The bank was
chartered by Congress in 1781. It was opened January 16, 1782. In aM
Prior to his appointment as Chief Deputy Secretary of Banking in charge the 148 years of its existence the bank has not had a year in which it did
of the enforcement of the Securities Act, in Aug., 1923, he, Mr. Fallows, not pay a dividend, though in the notably trying period of 1842 the divihad for 11 years been associated with the Philadelphia Trust Co. More dend was cut to 1% a share.
Consistent has been the growth of the Pennsylvania Company, which
recently Mr. Fallows was designated chairman of the new Securities Commission, which has under its direction the enforcement of the Pennsylvania was chartered in 1812 with an a -thorized capital of $500,000. Today It's
"blue sky" law.
capital is $4,500,000, and will be further increased by $2,000,000 prior
to June 1. It has a surplus of $19,500,000 and $2,822,777 of undivided
A number of years ago it bought the Real Estate Title Insurance
Francis J. Lambert was appointed President of the William profits.
and Trust Company, the oldest title insurance company in America. Later
Penn Title & Trust Co. of Philadelphia on April 12, succeed- it obtained stock in the Real Estate-Land Title and Trust Company, which
ing Aaron Berman, who was named Chairman of the Board represents a merger of the Real Estate Title Insurance md Trust Company,
Land Title and Trust Company and the West End Trust Company. In
of Directors, as reported in the Philadelphia "Ledger" of th
all, the Pennsylvania Company owned approximately 20,000 shares of
April 13. Mr. Lambert was formerly a Vice-President of Real Estate-Land Title and Trust COmpany stock. About one-half of these
the company and one of its organizers in 1927. He is a holdings were disposed of a short time ago.
C. S. W. Packard, President of the Company, this year is rounding out
realtor in West Philadelphia, and has served as a director
thirty years as the directing head of the Pennsylvania Company. He was
the
Real
of
Estate
Philadelphia
secretary
Board.
Other
and
elected President in 1899, at a time when it's total resources were $20,changes in the bank's personnel made at the same meeting 824,000. Today they are $119,735,000.
of the directors, were the advancement of J. 0. Bessor, heretofore Secretary and Treasurer, to a Vice-President to succeed Mr. Lambert while retaining the office of Treasurer;
and the promotion of A. R. McCullough,formerly Assistant
Secretary and Assistant Treasurer, to Secretary, while continuing as Assistant Treasurer.
A merger of the Claremont Bank of Jersey City, N. J.,
with the Trust Company of New Jersey, of the same city,
was approved by the directors of both institutions on April 12.
The stockholders will act on the plans on April 29. The
"Times" of April 13 said:
To carry out the merger,the capital stock of the Trust Co. of New Jersey
is to be increased from $5,000,000 to $5,300,000, and the $300,008 of new
Proposed consolidation of two more Philadelphia banks
was reported in the Philadelphia "Ledger" of yesterday,
April 19. The institutions are the Security Title & Trust
Co. and the 63d St. Title & Trust Co. The directors of the
respective institutions will meet next week to consider the
proposition, those of the Security Title & Trust Co. on
April 23 and those of the 63d St. Title & Trust Co. on the
following day. The combined authorized capital of the banks
is $1,125,000; total deposits approximately $1,550,000, and
total resources slightly in excess of 3,000,000. Howard
Hager will be President of the new organization which will
csaintain offices at 260 South 15th St., 3163 Franklin Ave.
2576
FINANCIAL CHRONICLE
"
[VOL. 128.
E. M. Coen, former Assistant Secretary of the Union
and 63d St. and Lansdowne Ave. Other officers to be
appointed aro: J. Harold Scholz, Vice-President; Albert Trust Co., Cleveland, on Apr. 8 took up his new duties as
L. Ivers, Vice-President and Treasurer and Charles S. Executive Vice-President of a newly organized financing
company known as the Cleveland Acceptance Bank, with
Dugan, Secretary. The "Ledger" went on to say:
As at present contemplated the merger will be effected on the basis offices in Carnegie Hall. Mr. Coen had been with the bank
of an exchange of stock of the Sixty-third Street Company for stock of
the Security Company, share for share. The Sixty-third Street Com- since 1919, having joined the old Union Commerce—one of
pany's capital $125,000. and that of the Security Company $1,000,000. the six banks that went to make up the Union Trust Co.
The latter company has untamed $536,450 in stock. The par value of its when it was formed in 1921. He has been in the business
shares will be reduced from $50 to $10.
extension end of the work all these years. He is graduate of
An application to organize the Lehigh National Bank of Yale.
Philadelphia, Philadelphia, Pa., with capital of $200,000
was approved by the Comptroller of the Currency on April 10.
The election of Samuel E. Bool, partner in the firm of
of Bankers Trust Co. of Philadel- Pickands, Mather & Co. and Wilbut H. Brooks, Chairman
The Board of Directors
phia on April 15 transferred $500,000 from undivided profits of the Board of the Brooks & Stafford Co., as directors of
to surplus, making that item $1,000,000; declared a quar- the Central National Bank of Cleveland, Ohio, was reported
/
2% payable May 1 on the $3,912,500 cap- In the Cleveland "Plain-Dealer" of Apr. 13.
terly dividend of 11
ital stock to be then outstanding, and also declared a salary
From the Toledo (Ohio) "Blade" of Apr. 9, it is learned
dividend of 11
/
2% payable May 1 to all employes other than
that the following important changes have taken place in
ever
than
larger
Deposits
company,
now
officers.
of the
the personnel of the ,Security Savings Bank & Truk Co.
before, have passed $23,000,000.
of Toledo as a result of the retirement of C. C. Whitmore as
Pursuant to a recent resolution of the directors, share- President of the institution: Stacey L. McNary for the past
holders of the Germantown Trust Co. of Philadelphia at seven years active Vice-President of the institution, has suca special meeting on June 13 will vote on a proposed increase ceeded Mr. Whitmore as President; Frank C. Hoehler, for
in the bank's capital from $1,120,000 to $1,400,000 and a years one of the strong interests in the bank, has become
proposed reduction of the par value of the company's shares Chairman of the Board of Directors; William H. Gunckel,
from $100 to $10 a share. According to the Philadelphia formerly a Vice-President, has succeeded Mr. 'McNary as
"Ledger" of Apr. 13, shareholders will be given the right First Vice-President, while Mark A. Sullivan has been
to subscribe for the new stock (28,000 shares par value promoted to Assistant Secretary. Other Vice-Presidents are
$10 a share) at the price of $50 a share, in. the ratio of ten James W. Harbaugh and E. Louis Schomburg. New memnew shares for each four shares of $100 par value stock bers of the directorate are William C. Carr, associated with
now held. From part of the proceeds of the sale ($1,400,000) Otis & Co., Cleveland, New York and Toledo; George D.
of the additional stock the company plans to increase its Moore, President of the Chevrolet Motor Ohio Co., and
*surplus to $3,500,000. It is now $2,380,000. The bank's Manager of the Toledo plant of the company, and Kenton
total resources are $28,714,703. Clarence C. Brinton, Pres- D. Keilholtz, head of Southworth & Co.
Mr. Whitmore's retirement is the realization of a decision
ident of the institution, in a letter to the stockholders is
made ten years ago when he assumed the Presidency of the
reported as saying:
A reduction in the par value should create a broader market, resulting institution not to serve more than ten years. He remains
in a wider distribution of the stock, and also bring the stock within the as a
director and will spend much of his time in travel and
reach of many depositors and other clients who do not feel that they are
able to buy at present prices. It would be greatly to the advantage of in looking after his personal interests. During his regime
the company if every depositor were a stockholder.
two banks were consolidated with the Security Savings
Bank & Trust Co., the Opieka State Bank in 1923 and the
Stockholders of the Bryn Mawr Trust Co., Bryn Mawr,
Merchants' Savings Bank & Trust Co. at the close of 1925.
Pa., recently approved an increase in the company's capital
Combined capital, surplus and undivided profits, which in
from $250,000 to $500,000 and the reduction in the par value
of the shares from $50 a share to $10, according to the 1919 amounted to $525,000 now aggregate $2,215,000, while
Philadelphia "Ledger" of April 13. In addition to allowing deposits have increased from $4,757,000 to $16,426,000. Ten
stockholders to subscribe for the new $10 par value shares at years ago the institution had only two offices, the main
$40 a share, one-tenth of the new issue will be allotted to office at 317 Superior Street and the Cherry Street branch.
employees of the company under a certain plan and regula- At the present time there are eight offices, the main office
tion at the price of $40 a share, while four-tenths of the issue being the bank's new building at Madison Avenue and
will be available for new subscribers at the price of $65 a Huron Street, opened in September 1927.
share. The paper mentioned furthermore stated that the
Under the terms of the deal by which the changes mendirectors of the institution were reelected and officers retioned
were made possible, Mr. McNary and Mr. Gunckel
appointed, and that a semi-annual dividend of 6%, together
with an extra dividend of 2%,was declared by the directors, organized a syndicate that purchased a large block of the
payable May 1.
Security Savings Bank & Trust Co.'s stock held by Mr.
Whitmore and Mr. Hoehler and became in addition to active
According to the Baltimore
-'Sun" of Apr. 12, directors of
leaders in the bank, large holders of its securities. The
the National Marine Bank of Baltimore on Apr. 11 recom- new
President, who is one of the prominent young bankers
mended a proposed increase in the bank's capital from
In Toledo, began his banking career in 1901 as a messenger
$400,000 to $600,000. Stockholders. will be offered rights to In
the First National Bank of Toledo and advanced gradusubscribe to the new stock, consisting of 6,666-2/3 shares of
ally until he became an Assistant Cashier of the institution.
the par value of $30 a share, in the proportion of one new
After holding that position for several years he resigned to
share for each two now held, at the price of $60 a share.
become Cashier and subsequently, in 1922, Vice-President
The proceeds thus obtained will not only increase the
of the Security Bank & Trust Co. Mr. Gunckel, the new
bank's capital to the desired amount, but will add $200 to First
Vice-President, entered the Security Savings Bank
the surplus account. The bank's present capital of $400,000
& Trust Co. as a Vice-President when the Merchant's Savconsists of 13,333-1/3 shares. A special meeting of the
ings Bank & Trust Co. was merged with the institution.
shareholders will be held on May 16 to vote on the proposed He began
his banking career 25 years ago in the old Dollar
Increase. The "Sun" furthermore stated that the bank's
Savings Bank of Toledo and worked his way up to his
recently
increased
from
dividend rate was
8% to 10%,
present place of leadership in Toledo banking circles.
and it is proposed to continue the higher rate on the new
stock. National Marine Bank stock was quoted on the BaltiAssociated Press advices from Youngstown, Ohio, printed
more Stock Exchange on Apr. 11 at 80/
1
2 bid.
in the Cleveland "Plain Dealer" of April 14, reported that
The Mercantile Trust & Deposit Co. of Baltimore, Md. on April 13 E. H. Blair, State Banking Superintendent,
ordered the Union Savings Bank of Youngstown, Ohio,
recently changed its name to the Mercantile Trust Co.
closed for liquidation and placed Major C. W. Miller,
According to the Pittsburgh
- "Post-Gazette" of Apr. 12, liquidation agent, and Charles G. Saffin, attorney-examiner,
announcement was made the previous day of the election of the Banking Department, in charge of the instutiontion.
of A. Rex Flinn as a Director of the Colonial Trust Co. of In a statement issued with the closing order, Superintendent
Pittsburgh. Mr. Flinn is President of the Duquesne Lumber Blair stated that he closed the bank because of "frozen
Co., Secretary and Treasurer of Booth & Flinn, Ltd., and assets," assets of "questionable value" and "unsatisfactory
a Director of the Witherow Steel Co., and the Forbes conditions in the bank." P. F. Carosella, the dispatch
went on to say, is President and principal stockholder of the
National Bank of Pittsburgh.
closed bank, which was capitalized at $50,000. Subsequently
APRIL 20 1929.]
FINANCIAL CHRONICLE
Wall Street
(April 16) advices from Youngstown to the
will pay
"Journal" stated that it is expected the institution
ors, of
deposit
2,300
had
bank
The
full.
theldepositors in
comwhom 2,000 had savings accounts, and the balance
s.
account
mercial
• Closing of the People's National Bank at Adena, Ohio,
on April 13, and the taking over of the institution by J.
Bleakley of Wheeling, W. Va., the national bank examiner,
• for that district, was reported in a press dispatch from
Steubenville, Ohio., on that date, appearing in the Cleveland
"Plain Dealer" of the next day. The closing of the institution
it appears is the indirect result of the mining slump in that
region. The dispatch goes on to say in part:
Ickis said
• The bank at one time had $1,200.000 resources, President J. C.
consistently,
However, in the last three years the deposits have decreased
e reofficials said, due to lack of work in the mines and shaken confidenc
three years
sulting from the near crash of the Commercial & Savings Bank
2577
while T. W.Palmer Livingstone, President of Dime Savings
furtherBank, will be Chief Executive. The "Free Press"
is exit
cement
announ
the
to
ng
accordi
that
states
more
d
dividen
a
on
placed
be
will
bank
pected the stock of the new
basis of 12%, or at the rate of $3 a share per annum.
an
Frank E.Parker has been elected a director of the Michig
"Free
Detroit
the
to
ng
accordi
,
Industrial Bank of Detroit
General
Press" of April 14. Mr.Parker is Vice-President and
of the
member
a
,
Bureau
Credit
ts'
Merchan
Manager of the
AssociaBoard of Directors of the National Retail Credit
associated
tion, and has for a number of years been actively
lines,
credit
in
ts
merchan
retail
and
with Detroit bankers
nt of the MichPreside
is
ton
Temple
A.
Allen
stated.
was
it
igan Industrial Bank.
d Park State
The respective directors of the Highlan
ted institu(affilia
Co.
Trust
Park
d
Highlan
the
Bank and
d and
approve
ago.
usly
unanimo
9,
Hank was tions) of Detroit, on April
The figure is now $700,000. The Commercial & Savings
affiliation of
d
the action of
propose
a
by
lders
loss
from
stockho
their
protected
s
to
depositor
the
and
failure
from
saved
recommended
institution, which
Group of Banks
the People's National Bank in taking over the smaller
the institutions with the Guardian Detroit
had $500,000 resources.
Press" of April
"Free
Detroit
the
of
the
to
failure
ng
the
accordi
and
loss
of
city,
fear
of that
Deposits were withdrawn due to the
accounts.
ation of a
savings
their
organiz
reduce
the
to
lates
residents
contemp
forcing
mines to run steadily,
plan of union
, which caused 11. The
"Guardian DeThe' bank tried to collect notes. The mining situation
the
as
known
be
to
y,
compan
likeexpenses,
holding
new
living
many depositors to withdraw their funds for use as
by exchange
troit Group Incorporated," which will acquire
wise made it impossible for borrowers to pay their loans.
ed, and the directors
of the Guardian Destock
The cash reserve, therefore, could not be maintain
capital
the
of
all
shares
its
for
rumors
The
weeks.
found it difficult to keep the bank in operation in recent
Guardian
as other villages, and a troit Bank, Guardian Trust Co. of Detroit, and the
spread to FIarrisville and Georgetown, as well
.
yesterday
a
institutio
Guardian units, it is said,
present
of
Holders
Co.
steady stream of depositors visited the
Detroit
banks in other cities were
The amounts on deposit in correspondent
two shares of stock of
company drew out a large will receive for each unit
depleted rapidly and the climax came when a
heroic efforts to collect the par value of $50 each of the new holding company.
amount. The directors and officers had made
withdrawn, decided that furtwo
on the notes and, when the big deposit was
Highland Park State Bank stockholders will receive
ther efforts to operate the bank would be futile.
saved from loss. shares of the holding company stock for each share of their
be
would
s
depositor
expected
was
it
said
Official reports
exchange for Highland Park Trust
im- present stock, while the
That a consolidation was effected on April 10 of two
share for share basis. It was fura
on
be
will
stock
Co.
l
portant Fort Wayne, Ind., banks, namely, the First Nationa
the consolidated banks will have reCo., thermore stated that
Bank of Fort Wayne and the Tri-State Loan & Trust
0,000; that total deposits of the
$100,00
sources in excess of
was reported in advices from that city on April 11 to the combined institutions will be more than $83,000,000, accordIndianapolis "News," which stated that one of the reasons ing to the latest published figures, and capital, surplus and
prompting the union is that the Tri-State Loan & Trust Co. undivided profits will be in excess of $23,000,000 "after the
has far outgrown its present quarters and consolidation exercise of subscription rights to be offered to the stockwas decided on in order to form one of the largest and holders of the new holding company to the amount of 10%
strongest institutions in Indiana. Total resources of the of their holdings."
First National Bank were given in the dispatch as $20,009,802,
According to the "Michigan Investor" of April 15 stock352 and of the Tri-State Loan & Trust Co. as $25,543,
giving the consolidated institution total resources aggregat- holders of the Union National Bank of Muskegon Mich.,
by
ing $45,553,154. The figures, it was said, were based on will meet May 6 to vote on a financial reorganization
$400,000 to
the banks' statements at the close of business March 27, last. which the capital stock would be increased from
Following a recent meeting of the directors of the GuarGuardian Detroit Co., Detroit, the investment unit of the
President of
dian Detroit group of banks, John C. Grier, Jr.,
n A. Hill and
the company, announced the election of Sherwi
reported
Charles Wright, Jr., as members of the board, as
ing,
continu
which
11,
March
of
Press"
"Free
in the Detroit
said:
He
& Hamblen.
Mr. Hill is a member of the law firm of Warren Hill
the Guardian Trust
also is a director of the Guardian Detroit Bank and
of representative
Company, and is associated as director with a number
industrial enterprises.
, Smith and Harris.
Mr. Wright is a member of the law firm of Beaumont
and of a num.
Mr. Wright also is a director of the Guardian Detroit Bank
bee of local corporations.
$500,000 and the surplus from $200,000 to $325,000. Under
the reorganization,recently approved by the bank's directors,
to
the par value of the stock would be changed from $100
be
subscri
to
ed
be
will
permitt
lders
$10 a share. Stockho
of
for the new stock represented by the increase up to 25%
in
ed
organiz
was
Bank
Union
The
s.
holding
their present
1889. The bank first rented quarters on Western Ave. near
Jefferson St. and later acquired the present bank site. The
eight-story office building which is now the home of the
institution was completed in 1919.
Effective April 16 the Peoples Stock Yards State Bank at
47th St. and Ashland Ave., Chicago, became a national institution under the title of the Peoples National Bank & Trust
ts'
Merchan
the
of
dation
the
consoli
toward
Co. of Chicago. The institution is a member of the Federal
looking
A plan
Clear-
National Bank of Detroit, Mich. and the Dime Savings
Bank of that city to form a new organization to be known
as the Bank of Michigan, was unanimously approved by
the directors of both institutions on Apr. 16 and will be
submitted to the directors on May 21, according to the
Detroit "Free Press" of Apr. 17. The new institution will
be capitalized at $5,000,000 and will have a surplus account
and undivided prufits of approximately $4,000,000. Based
of the banks, total reon the last published statements
sources of the consolidated organization will be approxi
basis on which the constock
The
0,000.
$100,00
mately
is understood, in the case of
solidation will be effected, it
l Bank will be four shares of stock
Nationa
ts'
Merchan
the
each present share of Merchants' Naof the new bank for
the case of the Dime Savings Bank
in
tional stock, while
receive a cash dividend of $25 a
first
will
lders
stockho
the
of 100%, following which four
d
dividen
share and a stock
bank will be exchanged for one
new
the
in
stock
of
shares
Dime Savings Bank stock. The
share of the thus increasing
of $25 a share in the event
value
par
new stock will have a
the Michigan Legislature
by
passed
just
bill
the banking
John Ballantyne,
Green.
W.
Fred
is signed by Gov.
l Bank, will be ChairPresident of the Merchants' Nationa
rs of the new organization,
man of the Board of Directo
Reserve System and a regular member of the Chicago
ing House Association. Its officers are as follows: H. C.
Webster,
Laycock, President; Frank J. Kohn, Clarence R.
de
Leon Drwenski, Joseph C. Vlasak, E. Nylin, and John
F.
James
and
an
Nennem
T.
W.
ents;
Vice-Presid
Gerald,
Cashier,
Conlan, Assistant Vice-Presidents; F. B. Robinson,
and
Jos. Hemzacek, Samuel E. Scott, Wm. J. Szepietowski
n,
Elmer Kolb, Assistant Cashiers, and Lindsay Wharto
Trust Officers.
According to the Chicago "Journal of Commerce" of
April 16, announcement was made the previous day that
the Foreman interests have become affiliated with two of
the largest outlying banks in Chicago, the Washington Park
National and the South Side Trust & Savings Bank. Alfred
F. Foreman has been elected to the Board of the Washington
Park National Bank, and Edwin G. Foreman, Jr., and
Percival D. Trudeau will represent the new interests on the
directorate of the South Side Trust & Savings Bank. No
change in the management of either institutions is contemplated, it is said. The Washington Park National has
resources of more than $13,000,000, capital of $800,000,
surplus of $200,000 and undivided profits of $145,000, while
the capitalization of the South Side Trust & Savings Bank is
2578
FINANCIAL CHRONICLE
FoL. 128.
$1,000,000, its surplus $206,000 and its resources aggregate
more than $10,000,000.
in Mount Holly, Cherryville, Kings Mountain
and Lincolnton was effected.
Prior to that time the bank was known as the Third
of the old Bank of Gastonia, organized here in 1918 National, it grew out
by M. A. Turner, J.
At the regular meeting of the Board of Directors of the White Ware and associates. It had quarters in
the old Gastonia Post
Madison & Kedzie State Bank, Chicago, Ill., held April 9, Building. Wade S. Buice joined the bank in 1919, just after the warOffice
was
as cashier and continued with the organization
until two months ago,
Dennis E. Madden was elected Vice-President of that insti- over,
when he resigned to accept the position of secretary
and treasurer of the
tution. Mr. Madden has had a number of years of experi- Globe and Catawba cotton mills.
The Third National Bank moved to a new
ence in the banking field, being formerly an officer of the
location in 1926 when the
Third Trust Company erected a seven-story building
.
Garfield State Bank, Chicag
o.
Cyrus Bache, identified with Richmond, Va.,
banking
On April 12 announcement was made by E. W. Decker, activit
ies for many years and for the last seven
years ManaPresident of the Northwest Bancorporation Minneapolis,
ger of the discount and collateral departn
ient of the First
Minn.,(a holding company formed recently) that the Fergus
& Merchants' National Bank of that city, has
Falls National Bank of Fergus Falls, Minn. had on that day
resigned his
position, effective April 15, to become
associated with G.
associated itself with the organization, according to the St.
M. P. Murphy & Co., brokers, of Richmo
nd, according to
Paul "Pioneer Press" of April 12. This brings the total of
banks in the group to 15, it was stated. The acquired bank advices from Richmond on April 11 printed in the "Wall
was organized in 1882. It has combined capital and surplus Street News" of April 12. Mr. Bache began his banking
of more than $200,000 and net resources in excess of $2,000,- career with the Capitol Savings Bank. Later he joined the
000. J. S. Ulland is President of the institution; V. C. old Bank of Richmond and then the first National in 1910,
Jensen, E. H. Rich and J. F. Shay, Vice-Presidents; Henry continuing with that institution after the merger which
created the First & Merchants' National. He
G. Dahl, Cashier, and E. C. Beimer, Assistant Cashier.
will be succeeded as Manager of the discount and
collateral departAcquisition of the Merchants' National Bank of Fargo, ment of the First & Merchant's National by
J. Gilbert Hunt,
N. D., by the First Bank Stock Investment Co. of St. Paul for some time Manager of the transit
department, the disand Minneapolis (an organization formed recently by the patch stated.
First National Bank of St. Paul and the First National Bank
Advices from Knoxville, Tenn., on April 11, to
of Minneapolis) was announced at Fargo on April 9 and
the New
confirmed by officers of the company in St. Paul, according York "Times" stated that plans to consolidate the Fidelity
to the St. Paul "Pioneer-Press" of April 10. The acquired Trust Co. and the Bankers' Trust Co. of that city to form a
bank has combined capital, surplus and undivided profits of new institution under the title of the Fidelity-Bankers'
about $250,000 and deposits of more'than $2,600,000. H. Trust Co., were approved by the respective directors of the
W. Gearey, President of the bank, was reported as saying banks on that date (April 11), and the approval of
the
that the officers and management of the institution will stockholders is expected. The resources of the new
trust
compa
ny will be approximately $22,000,000.
remain the same as at present, but the capital will be inIt will be capicreased and the name will be changed to the Merchants' talized at $1,000,000 with surplus of like amoun
t and unNational Bank & Trust Co. The "Pioneer-Press" added:
divided profits of $250,000. The dispatc
h furthermore stated
Solar as has been announced, the Fargo bank is the first purchase
d by
the stock investment conmany, but it is understood that announc
ement
of the acquisition of several other institutions will be made soon.
that Merrill D. Arnold, Jr., President of
the Fidelity Trust
Co., and James A. Wallace, President
of the Bankers Trust
A more recent issue of the paper mentioned (Apr. 13) Co., will be, respectively, President and Vice-President of
stated that the First & Security National Bank of Valley the consolidated bank.
City, N. D., has been purchased by the First Bank Stock
Investment Co., making its second large North Dakota
bank. The latter acquisition and the Merchants' National
Bank of Fargo have combined deposits of more than $3,600,
000, it was said. A press dispatch from Valley City
on
April 12, printed in the St. Paul "Pioneer-Press" of the
same
date, with reference to the purchase of the Valley City institu
tion said in part:
The First & Securities National Bank is capitalized at
$100,000 with a
$31,612 surplus and deposits of $1,072,000. James Grady,
Fargo, was
President with C.F.Mudgett and H.P.Ellis, Valley City,
Vice-Presidents.
Erie FouIts, Valley City was Cashier.
New officers and directors will be elected within 30 days.
The bank
will be known as the First National Bank of Valley City.
Effective Feb. 1 1929, the Mercantile National Bank
in
Dallas, Tex., capitalized at $1,000,000, was placed in voluntary liquidation. The institution was absorved by
the
Mercantile Bank & Trust Co. of Texas, Dallas. The
proposed consolidation of these banks was noted in the"Chronicle"
of Jan. 19, page 358.
Advices from Gastonia, N. C., April 5, printed in the
Raleigh "News & Observer" of April 6, reported the closing
on that day of the Commercial Bank & Trust Co. of Gastonia with branches at Cherryville, Kings Mountain, Mount
Holly and Lincolnton. The failed bank was capitalized at
$500,000 and had deposits of approximately $2,500,000. A
statement posted on the bank's door said:
The bank has been closed and placed in the hands of the State Corporation Commission by order of the board of directors.
"Frozen assets" were reported as the reason for the closing of the institution. Negotiations for a reorganization
of
the institution, it was stated, were under way. "If those
negotiations materialize, it Is stated by persons and authorities well informed in local banking circles that every depositor will be paid in full in the due process of liquidation.
This, necessarily, will not be Immediately." The First
Na-
tional Bank and the Citizens' National Bank, both of Gastonia, are in no way involved in the suspension of the Commercial Bank & Trust Co. Officers of the failed institu
tion
were W. T. Love, President; G. N. Henson, Vice-Presid
ent
and Cashier, and V. E. Long, Vice-President. Continuing
the dispatch went on to Say:
Mr. Henson stated this afternoon he tendered his resignati
on as cashier
Wednesday, April 3, and that it was accepted
.
The Commercial Bank and Trust Company
grew out of the Third National
Bank a year or two ago when a consolidation of four
or five smaller banks
On April 6, following a meeting of the
directors of the
Citizens National Trust & Savings Bank
of Los Angeles, it
was announced by J. Dabney Day,
President, that the dividend rate would be increased from 18%
to 20% at the next
distribution on June 30. This is the
second dividend increase within a year, the rate having been
raised from 16%
to 18% last September. As the stock is now
selling at $500,
this puts it on a 4% basis. On April 1 a capital
increase of
$5,000,000 was effected, all subscriptions
having been fully
paid in at the rate of $500 per share of $100
par value.
This makes the bank's total of capital surplu
s and undivided
profits over $15,000,000, which does not includ
e approximately $1,500,000 net assets in the bank's
investment subsidiary, the Citizens National Co. Over
$1,000,000 of the
new issue was subscribed to by members
of the bank's staff
and junior officers, the senior officer
s and larger stockholders having waived part of their
subscriptions right to
enable this to be done. The bank
believes that the best
form of profit-sharing is to facilit
ate the ownership of stock
by officers and employees.
A press dispatch from San
Francisco on April 16, appearing in the "Wall Street News"
of that date, reported that
the Bank of Cottonwood,
Cottonwood, Cal., failed to open
on April 15 and was in charge
of a Deputy Superintendent
of Banks.
Louis A. Tasche
reau, LL.D., LL.L., M.L.A., Premie
r of the
Province of Quebec, Canada,
was made a director of the
Royal Trust Co. of Montreal
on April 9, according to the
Montreal "Gazette" of April 10,
which went on to say:
Mr. Taschereau is a
member of the legal firm of Taschereau, Roy, Cannon, Parent & Taschereau, of
Quebec. Ile was called to the Quebec Bar in
1889, and was Syndic in
1908 and 1909. lie was also Batonnier of the
Bar for the District of
Quebec and Province of Quebec in 1911 and 1912.
He began his professional
career as a partner with Sir Charles Fitzpatrick,
Chief Justice of the Supreme
Court of Canada, and later Lieut.-Governor of
the Province of Quebec.
He was first elected to
the Quebec Legislature as member for Montmorency in 1900, and served
as Minister of Public Works and Labor from
1907 to 1919. He became
Prime Minister in 1920.
He is an officer of the
Legion of Honor and Commander of the Order of
Leopold, and an LL.L. and an
LL.D. of Laval University.
That arrangements have been made throug
h stook purchase for the consolidation of the First
National Bank of
Escondido, Cal. and its affiliated institution,
the First
Savings Bank, with the Security Trust
& Savings Bank
APRIL
20 1929.]
FINANCIAL CHRONICLE
2579
n "B" which closed at 615i
following dispatch the guidance of Pan America
Phillips Petroleum scored
of San Diego Cal., was reported in the
points.
two
with a gain of nearly
"Times":
were heavy. Copper
from San Diego on April 5 to the Los Angeles
issues
Motor
gain.
ial
substant
a
of
President
H. Martin,
Negotiations have been completed between C.
Cananea for inGreeneline,
the
n,
along
institutio
all
-owned
suffered
stocks
Bank of San Diego, a local
the Security Trust & Savings
Esconof
da two points
Bank
Anacon
National
points.
First
of the
stance dipping about four
and George V. Kirkwood, President
National Bank and the First Savings
d in Cerro
recorde
were
points
three
to
dido, for the purchase of the First
one
of
declines
and
on
According to informati
On the
Bank of Escondido by the Security interests.
issues.
favorite
other
and
Nevada
Sts.
at Grand and Lyon
de Pasco, Andes,
the purchase includes the banking property
to the effect that
were fairly buoyant, United Aircraft
ies
specialt
Statements issued by both Martin and Kirkwood are
hand
other
to render the same service to the
g out prominently with a brisk adthe Escondido institutions will continue
the auxiliary factor that and Transport standin
rich agricultural community as in the past with
the New
regreater
city with its
vance to 95, its highest peak since its listing on
the consolidation with the Security Bank of this
service than
its previous
above
points
four
and
e
Exchang
sources will enable the Escondido bank to offer a more complete
Stock
York
higher prices
heretofore has been possible.
close. Fleishman was in strong demand at
ion. Steel stocks conCombust
ional
Internat
l
Nationa
was
so
and
Sound
Puget
in
the
That a substantial interest
there was a slight flurry in Bethlehem
Bank of Tacoma, Wash. has been acquired by the United tinued weak, though day.
the
Corporation, through the United Pacific Corporation, was toward the end of
without
On Tuesday the market drifted up and down
reported in advices from Seattle on April 9 to the New York
pressure
under
y
generall
were
stocks
Copper
"Evening Post." The dispatch furthermore stated that definite trend.
drop in the price of metal from its recent
Ben B. Ehrlichman has been named a director of the bank, as a result of the
18 cents. Steel`stocks were more or less
to
24
of
top price
representing the United group of corporations.
support.
irregular, but Bethlehem Steel received strong
substantial
Norman C.Stenning, Presid- ent of the Anglo-South Ameri- Industrials and specialties were fairly strong and issues as
ive
can Trust Co., 49 Broadway, this city, is inrreceipt of cable gains were recorded by such popular speculatWard, Allied
advices from London to the effect that the Anglo-South United States Industrial Alcohol, Montgomery
ional Harvester
American Bank, Ltd., of which the Anglo-South American Chemicals & Dye, American Can, Internat comparatively
were
an
d
shares
declared
Railroa
has
and Postum Cereal.
Trust Co. is the New York representative,
being the advance
interim dividend at the rate of five shillings per share, less quiet, about the only movement of note
2 points to 923..
about
per
d
10%
to
Hartfor
&
ent
equival
Haven
is
This
of New York, New
tax, payable on April 29.
Oil shares came back to some extent, the strongest demand
annum.
high
centering in Simms Petroleum, which broke into new
Wash.,
,
of
Spokane
Bank
l
Nationa
Fidelity
the
of
Merger
ground for 1929.
with the Old National Bank & Union Trust Co. of that city,
The market was somewhat in heavy in the early trading
was
bank,
the
and their organization of a National savings
on Wednesday but improved as the day advanced and at
announced on Mar. 15 by officers of the institutions men- end of the session was moving briskly ahead. With the extioned, according to advices by the Associated Press from ception of United States Steel, common, the industrial
Spokane on that date, appearing in the Los Angeles "Times" shares were generally in the foreground, interest centering
of Mar. 16. The dispatch furthermore stated that the around such stocks as International Tel. & Tel. which shot
combined resources of the two banks aggregate more than ahead 12 points to 2523. General Electric also staged a
by
$30,000,000.
vigorous advance and gained about 6 points followed
United
higher.
points
3
sold
which
Electric
house
B. E., President of the Bank of Westing
Sir Charles Gordon, G.
ran up 4 points. American can
Montreal, was appointed President of the Royal Trust Co. States Industrial Alcohol
present shares. Radio Corporathe
for
high
new
a
to
crossed
of Montreal on Mar. 12 to succeed the late Sir Vincent
and Wright Aeronautical adpoints
%
23
Meredith. At the same time Huntley R. Drummond, Vice- tion moved ahead Marmon Motors was the star of the motor
points.
17
vanced
of
the
President of the company, was made a member
ahead to its highest price since listing. One
executive committee of the Board of Directors. In reporting group as it shot
features of the day was the strength of the
the appointments, the Montreal "Gazette" of Mar. 13 said: of the striking
Adams Express soaring to above 700 for the
stocks,
Express
Sir Charles Gordon has been associated with the Royal Trust Co. since
followed by American Express which
of
of
the
Bank
history
He
is
President
first time in its
1912, when he was appointed a director.
Montreal. Chairman of the Board of Directors of the Dominion Textile Co. was about 9 points higher. Sears-Roebuck and Montand of Penmans Limited; President of Hillcrest Collieries Limited, of
A. M. Beyers was up about 6 points. Oil
Dominion Glass Co. Limited, and of the Montreal Cottons Limited, and a gomery Ward,
the upHospital.
Governor of McGill University and of the Royal Victoria
shares again advanced Atlantic Refining leading
In 1905 he formed the merger of textile mills known as the Dominion swing with a gain of more than 3 points to 61 followed by
Textile Co., of which he became President in 1909.
"B" with an advance of nearly 2 points.
During the war he was Vice-Chairman of the Imperial Munitions Board Pan American
y the market again moved vigorously upward.
of Canada from 1915 to 1917. He was director general of War Supplies
Thursda
On
Motors
for Great Britain in Washington in 1917 and 1918. In August 1917 he
United Aircraft for instance again lifted its top, Nash
was created a Knight Commander of the Order of the British Empire and
broke into new high ground on the recovery and so did MarIn 1918 Knight Grand Cross of that order.
such
mon Motors. Other new highs for the day included
Gulf
Texas
,
Express
Adams
s,
NGE.
THE WEEK ON THE NEW YORK STOCK EXCHA
stocks as Commercial Solvent
Steel, Ameriem
Bethleh
Can,
n
America
Oil,
Skelly
during
,
at
mixed
Sulphur
somewh
was
The New York stock market
States Industrial
the early part of the week, with alternate periods of ir- can Express and Woolworth (new), United
tion moved
Corpora
Radio
regularity and unsettlement though there were occasional Alcohol was also at a new top.
top price.
its
at
sold
Carbon
&
Carbide
Union
and
100
to
manifestations of strength in some special issues. On Wednes up
the gains
while
and
Friday
on
day,however, the trend of prices gradually turned upward Prices again climbed upward
of the more
few
a
in
except
thy
notewor
ly
especial
not
ly
were
to
moved
market
the
vigorous
forward
and thereafter
the entire list dishigherlevels. Oil stocks have been in active demand at higher active speculative stocks, practically
features of the day
ding
prices. The weekly report of the Federal Reserve Bank, played improvement. The outstan
Tel. & Tel. which
Amer.
of
rush
upward
s
made public after the close of business on Thursday, showed were the vigorou
brisk demand for
the
and
a reduction of only $2,000,000 in brokers' loans in this dis- reached a new high above 226
three points to
forward
surged
which
Steel
d
em
from
8%
9%
advance
Bethleh
money
on
to
Monday
trict. Call
in the trading
nt
promine
also
was
Tel.
&
on Tuesday, but dropped to 7%% on Wednesday and 1153. Int. Tel.
Oil shares were
262.
to
points
10
forward
bounded
and
d
ed
at
remaine
on
unchang
that
figure
Friday.
and
Thursday,
ahead under the leadership
The activity of the oil shares was the predominating moderately strong and moved
a new high for the year
feature of the market during the short session on Saturday of Pan American "B" which reached into new high ground
d
advance
tion
Corpora
at
only
64.
Radio
the
in
an
bright
spot
unusually
and furnished about
a number of the utilities
dull session. Pan American "B" assumed the leadership for the current movement and
final tone was strong.
The
levels.
higher
to
at
ahead
pushed
blocks
large
higher
ranging
in
levels
up
and was picked
STOCK EXCHANGE
YORE
TRANSACTIONS AT THE NEW
from fractions to two or more points. For a brief period in
DAILY, WEEKLY AND YEARLY.
moved
Motors
,
but
forward
the
General
the early trading
Unita
Slats.
advances were not maintained. Chrysler sagged and most
Stouts,
Railroad.
Moss
Municipal &
cte.,
Number of
Week Endod April 19.
of the other motor shares dropped back as the day advanced.
Band*.
ForeWe Bonds.
Bonds.
Mares.
d
so-calle
the
ies
of
moved
specialt
Some of the more active
9135,000
91,772,000
$2,858.000
1,363,090
482.000
2.068,000
against the trend. International Combustion was higher Saturday
4,818,000
2,643,260
Monday
198,500
2,051,000
5,553,000
2,369,480
423.500
and considerable buying at higher prices was in evidence in Tuesday
2,049,000
6,436,500
3,502,520
Wednesday
460.000
2,195,500
7,374,500
3,768.650
on
and
Postum Thursday
such stocks as National Supply, Air Reducti
686.000
1.643.000
5,057,000
3.082,250
Friday
Cereal Co. Oil shares continued to hold the leadership of
$2,385,000
0
511.778.50
0
532.107.00
16.729.250
Total
the market on Monday and moved briskly upward under
2580
FINANCIAL CHRONICLE
Sales at
New York Stock
Exchange.
Week Ended April 19.
1929.
Stocks-No, of shares_
Bonds.
1111
Government bonds._ _
State and foreign bonds
Railroad ez misc. bonds
1928.
Jan. Ito AprO 19, •
1929.
1928.
16,729,250
21,660,460
347,297,480
235.307,504
$2,385,000
11,778,500
32,107,000
85,513,000
20,785,500
64,363,500
$41,788.100
195,662,550
531.243,500
859,990,750
285,593,625
713,149.250
Total bonds
$46,270,500 $90,662,000
$786,692,150 $1,058,733,625
DAILY TRANSACTIONS AT THE BOSTON. PHILAD
ELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
April 19 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prom_ weak rnvired
Boston.
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales
*24,628
$4,000
26.717
•46.701
24,000 033,553
*48372
14,000 a41,333
*43,963
37,000 a72,878
*54,119
34.000 a86.277
HOLIDAY
a68,695
$18,200
15,300
23,500
9,000
9,000
Baltimore.
Shares. Bond Sales
3,861
4,027
3,881
3.009
3,207
b3,831
$17,000
17,200
29,000
40,100
33,600
56,800
217,581
$113,000
329.453
$75,000
22,716
3193,700
279.118
2122.000
302 403
1145_200
24.707
$129.200
• In addition sales of rights were: Saturday, 103: Monday,
55; Tuesday, 165;
Wednesday, 1,191; Thursday, 207.
a In addition sales of rights were: Monday, 800; Tuesday, 900;
Wednesday,
19.100; Thursday, 8,800; Friday, 100.
b In addition sales of scrip were: Friday, 12-20.
12g
SILVER.
Owing to the Easter holidays business
in the silver market has been restricted, during the week under
review, to three working days. China
has continued to sell and, with America
disposed to offer more freely, the I
burden of support has lain with the Indian
bazaars, the latter having secured a fair amount of silver for near shipment
. Supplies have been forthcoming with a little more freedom than
of late and prices have. in consequence, eased as compared with those
ruling last week. The quotations
for cash and two months' delivery were
to-day quoted level at 2534d. per
ounce standard. The following were
the United Kingdom imports and
exports of silver registered from midday on the 25th ult. to mid-day on
the 2d inst.:
Imports.
Exports.
Mexico
£117,907 British India
£78,127
Canada
22,431 Straits Settlements
Other countries
42,982
2,685 Other countries
1,540
£143,023
£122,649
No fresh Indian currency returns
have come to hand. The stock
in
Shanghai on the 28th ult. consisted of
about 76,800,000 ounces in sycee.
$116.000.000 and 9,320 silver bars, as compare
d with about 76,300,000
ounces in sycee, 8115,000,000 and 9,300 silver
bars on the 23d ult. Statistics for the month of March last are
appended:
-Bar Silver per or. std.- Bar
Gold
Cash Del.
2 Mos. Del.
per or. Fine.
Highest price
263d.
26%d.
84s. 11 d.
Lowest price
25%d.
2514d.
84s. 10 d.
Average price
28.000d.
26.044d.
84s. 11. Od.
Quotations during the week:
-Bar Silver per or. std.- Bar
Gold
Cash.
2 Mos.
per or. Fine.
Mar. 28
25 15-16d. 26d.
84s. 11 Qd.
April 2
25 15-16d. 26d.
84s. 11 d.
April 3
2534d.
25
iiel.
2534d.
10 d.
Average for the above 3 days--25.916
d.
25.958d.
84s. 11. 8d.
The silver quotations to-day for cash and two
months' delivery are
respectively 3-16d. and 3id. below those fixed a week
ago.
THE CURB MARKET.
Following a period of erratic movements in the fore part
of the week, in which losses and gains were about evenly
divided, the Curb Market became more active and prices
moved to higher levels. Arcturus Radio Tube was a feature
selling up from 4634 to 5434, then down to 44 with the close
5
to-day at 47%.
Aluminum Co. rose from 16734 to 19134
ENGLISH FINANCIAL MARKETS-PER CABLE.
and reacted finally to 1873g. Aviation Corp. of Am. sold
The daily closing quotations for securities, &c., at London,
up from 6134 to 67%
8 and at 663% finally. Bendix Corp. as reported by cable,
have been as follows the past week:
coin. eased off at first from 14134 to 135,recovered to
Sot.,
Mon.,
Tues.,
Wed.,
Thurs.,
14534,
Fri.,
April 13. April 15. April 16. April 17. April 18.
and finished to-day at 142. Deere & Co. advanced from
April 19.
glIver,per oz. d. 25 13-18 25M
25
13-16
2534
25
13-16
to
57934,
25
13-16
reacted to 568 with a final recovery to 574%.
5603/2
8
Gold, per tine
Oliver Farm Equipment, corn. gained eight points to 52, ounce
s. 84.1134
84.1134
84.1034
84.10H
84.10M
84.1034
the close to-day being at 51. Ford Motor of Canada,class B Consols.2Si 5514
5534
553$
553$
55
British 5%-- 102M
1023$
1023$
102H
was off from 1243
10234
% to 10534, with the final figure to-day British 434% 98
98
98
9834
98%
106. Goldman-Sachs Trading was heavily dealt in down French Rentes
(in Paris), fr. ____
73.40
73.50
from 112 to 1083% up to 11034 and at 1103% finally. Int. French
73.75
73.90
73.85
War L'n
Projector on a few sales advanced from 45 to 70. Changes (in Paris), h..
99.45
99.55
99.65
99.70
99.65
in utilities for the most part were without significance. Int.
The price of silver in New York on the same days has been:
in N.Y., per oz. (cts.):
Telep. & Teleg. after early weakness from 823
4 to 81 X sold Silver
Foreign
553$
5514
557$
55%
up to 88%, the close to-day being at 86%. Among oils
5514
5534
Humble Oil & Ref. was conspicuous for an advance of some
COURSE OF BANK CLEARINGS.
eight points to 119%, though it reacted finally to 11634.
Ohio Oil advanced from 68 to 73%
Bank clearings will show a small decrease the present
3 and finished to-day at
73. Standard Oil (Ohio) gained 11 points to
week. Preliminary figures compiled by us, based upon
12734 and
reacted finally to 123.
telegraphic advices from the chief cities of the country,
A complete record of Curb Market transactions for
the indicate that for the week ended to-day (Saturday, April 20)
week will be found on page 2609.
bank exchanges for all the cities of the United States from
DAILY TRANSACTIONS AT THE NEW YORK CURB
which it is possible to obtain weekly returns will be 4.3%
MARKET.
smaller than for the corresponding week last year. The
Bonds (Par Value).
total stands at $12,405,256,580, against $12,962,609,456
Week Ended
Stocks
Foreign
for the same week in 1928. At this centre there s a loss for
April 19.
(No. Shares)
Rights
Domestic
GovernmetU
the five days ended Friday of 5.0%. Our comparative
Saturday
607,900
19.100
$575,000
$311,000
Monday
summary for the week follows:
826,200
36.600
1,294,000
489,000
Tuesday
838,900
Wednesday
Thursday
Friday
Total
1,153,400
1,083,300
958,600
26,100
163,800
103,800
9.500
1,175,000
1,139,000
1,540,000
1,630,000
355,000
652,000
298,000
161,000
5,466,300
358,900
$7,353,000
32,266,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under
date of
April 3 1929:
Clearings-Returns by Telegraph.
Week Ended April 20.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1929.
$6,612,000,000
532.428,413
542,000,000
337,000,000
123.966,404
126,200,000
173,957,000
188,794,000
165,869,305
200,190,311
135,460,743
85,552,769
50,770,827
1928.
Par
Cent.
$6,959,000,000
-5.0
856,137,568 -18.9
527,000,000
+2.8
417,000,000 -19.2
120.510,166
+2.9
133,000,000
-5.1
197.674,000 -12.0
181,486,000
+4.0
157,244,887
+5.5
173.791,801 +15.2
112,871,889 +20.0
94.733,773
-9.7
60,998,064 -16.8
GOLD.
The Bank of England gold reserve against notes
amounted to £153,331,566 on the 27th ult. (as compared with £152,442
,839 on the previous
Wednesday), and represents a decrease of £574.749
Thirteen cities. 5 days
$9,274,189,772 89,791,448,148
since April 29 1925- Other
-5.3
cities, 5 days
when an effective gold standard was resumed. About
1,083,524,045
1,072,378,325
-0.8
£800,000 bar gold
from South Africa was offered in the open market
Total all cities. 5 days
to-day. The Bank of
810,337,713,817 $10,863,828,473
-4.8
England secured £702,100-as shown in the
2,067,542,783
figures below-the balance All cities, 1 day
2,098,782,983
-1.5
being taken for India and the trade. The following
movements of gold to
m.-...1 .11 .ities fnr weak
$12.405.256.580 812.962.609.450
and from the Bank of England have been
-4.3
announced, showing a net influx
of £702,684 during the week under review:
Complete and exact details for the week covered by the
Mar. 28. Mar. 30.
Apr. 2.
Apr. 3. foregoing will appear in our issue of next week.
Received
We can£584
Nil £750,000 £702,100
Withdrawn
Nil £750,000
Nil
Nil not furnish them to-day, inasmuch as the week ends to-day
The movements on the 30th ult, and the
2d inst were in sovereigns "set (Saturday) and the Saturday figures
will not be available
aside" and "released" respectively-appa
rently an end of the quarter operation. The receipt to-day was in bar
gold from South Africa. The follow- until noon to-day. Accordingly, in the above the last day
ing were the United Kingdom
imports and exports of gold registered from of the week has in all cases had to be estimated.
mid-day on the 25th ult. to
mid-day on the 2d inst.:
In the elaborate detailed statement, however, which we
Imports.
Exports.
Netherlands
further below, we are able to give final and complete
present
£1,000,0
00
Switzerl
and
£13,702
British South Africa
20,135 Germany
22,700 results for the week previous-the week ended April
Other countries
13. For
2,070 British India
32.429
Other countries
15,805 that week there is an increase of 1.4%, the 1929 aggregate
E1,022,205
•
£54,636 of clearings for the whole country being
The import of £1,000,000 from
$12,160,530,331,
Netherlands is again shown under
the heading "coin of legal tender in the
the United Kingdom." The Southern against $11,976,680,356 in the same week of 1928. Outside
Rhodesian gold output for the month
of
February
amounte
last
d to 44,551
ounces, as compared with 46,231 ounces
this city, however, there is a decrease of 5.9%, the bank
for January 1929 and 46,286 ounces of
for February 1928.
exchanges at this centre recording a gain of 6.2%. We
group the cities now according to the Federal Reserve districts in which they are located, and from this it appears that
in the New York Reserve District (including this city)
there is a gain of 6.2%, but in the Boston Reserve District
there is a loss of 17.2%, and in the Philadelphia Reserve
District of 7.3%. The Cleveland Reserve District shows
an increase of 1.3%, but the Richmond Reserve District has
a decrease of 5.7%, the Atlanta Reserve District of 6.7%,
the Chicago Reserve District of 4.2%, the St. Louis Reserve
District of 5.4%, the Minneapolis Reserve . District of
7.3%, the Kansas City Reserve District of 0.2%, and the
San Francisco Reserve District of 7.1%. The Dallas
Reserve District enjoys a gain of 7.9%.
In the following we furnish a summary by Federal Reserve
districts:
anmMARY OF BANK CLEARINGS.
Week End. Apr. 13 1929.
1929.
1929.
Inc.or
Dec.
1927.
Week. Ended April 13.
Clearings at-
273,021
1,098,000
179,254,184
9,604.321
3.200,000
3.122,603
22,488,000
3.673,200
5,469.359
44,340,218
2,526,673
11,504,111
7,276,962
1,634,704
1,962.113
686,832,454
1,472,010
5,492,256
4,694.572
3.445,958
-4.2 1,003,745,373
999,335,319
1926.
Week Ended April 13.
1928.
Inc.or
Dee.
1927.
5
First Federal Reserve Dist net-Boston
686,431 +12.0
829,504
769,021
Maine-Bangor_
3,461,393 +7.5
3,238,317
3,723,909
Portland
439.000,000 543,000.000 -19.2 503.000,000
Mass -Boston
2,252,197
1,331,194
2,648,160 -49.7
Fall River____
1.303,957 -0.2
1,253,809
1,301,404
Lowell
1,331,865 +3.7
1,544,115
1,367,370
New Bedford__
5,750,282
5,859,122 -4.0
Springfield
5,623,684
3,737,281 -5.5
3,910,263
3.529,228
Worcester
13,893,315
20,237,520 +9.1
22,079,153
Conn.-Hartford.
8.861,625 -3.9
8.249,088
8.5163)05
New Haven_ _
15,182,800
17,024,900 -3.9
16.383,500
R.I.-Providence
830,440 +3.0
693,410
855,407
N. H.-Manches.
504,359,875
608,982,694 -17.2
559,797,100
1926.
744,730
3,479.814
525,000.000
2,211,130
1,250,410
1,631,221
6,379,274
4,257,808
19,251.908
7,856,692
13,956,200
768,615
586,787,802
Second Feder al Reserve D strict-New
5.908.596
5,926,915
N. Y.-Albany..
1,424,310
1,363,417
Binghamton...
54.738,617
58,278,356
Buffalo
1,073,686
1,183,671
Elmira
1,487,967
1,468,406
Jamestown
7,823,366,145 7,367.639.026
New York
15,332,155
14,336,947
Rochester
6,273,580
6,639.003
Syracuse
3,810,969
4,116,234
Conn.-Stamford
1,192,153
916,615
N. J.-Montclalr
39.994,544
43,988,844
Northern N. J_
York.
7,189,202
7,556,917
+0.3
1,221,000
-4.3
1,187,000
57,995,408
55,357,735
+6.5
1,120,363
1,189,292
+10.3
1,765.895
1,939.145
-1.3
+6.2 5,318,901,997 5,840,243,150
13,261.185
+6.5
14,704,760
6,146,313
7,316.054
+5.8
3,699,092
4.068,897
+8.0
848.553
746,400
-23.1
39,884,903
36,363,635
+12.6
Total(11 cities) 7,981,584,553 7.498,875,603
+6.2 5,449,331,832 5,973,374.064
Third Federal Reserve Dist rict-Philad elphia
1,365,534
1,627.974 -3.2
1,575.610
Pa.-Altoona___
4,614,791
4,819,535
5.238.154 -11.8
Bethlehem _ _
1,367,432
1,096,657
1,289.966 -15.0
Chester
2,061,326
2,743,424 -17.4
2,265,419
Lancaster
Philadelphia... 581,000,000 620,000,000 -6.3 461,000,000
4,040.007
5,210,716 -18.4
4,252,757
Reading
5,234,229
7,553,728 -20.3
6,021.304
Scranton
5.889.972 -37.1
3,937,965
3,706.914
Wilkes-Barre.1,801,995
2,366,827 +8.8
2,575,123
York
5,388,498
7,323,108 -41.4
4,294,537
N..1 -Trenton._
1.638.019
4,888.507
1,660,030
2,420,225
648,000.000
4,853,356
6,479,835
3,809,256
2,229,285
6,349,684
-7.3 490.811,777
682.428,197
Total(10 cities)
611.407.856
659,243,869
Fourth Feder al Reserve D Istrict-Clev eland5,246,000
7,342,000 +28.5
Ohio-Akron
6,446,097 -12.2
5,661,476
Canton
76,325,114
76.938,778 -0.8
Cincinnati_
152,629,953 137,651,350 +10.9
Cleveland
20.620,300 -0.9
20,426,500
Columbus
1.879,571
1,681,536 +11.8
Mansfield
6,480,854 -16.6
Youngstown-. • 5,407,196
-2.5
183,147,891
187,883,335
-Pittsburgh
Pa.
Total(8 cities). 450,723,701 445,044,250 +1.3
6,806,000
4,938,051
76,516,837
140,270,640
23,388,400
1,898,258
6,829,553
174,842,508
8,225,000
4,466.399
77.408.773
131.892.824
20,389,200
2,286,386
5,692,890
181,491,988
435,490,247
431,853.460
Fifth Federal Reserve Dist rict-Richm ond1,273,950 -9.8
1,150.953
W.Va.-Hunt'g'n
5,272,460 -10.8
4,702,854
Va.-Norfolk-93,223,000 -2.1
42,324.000
Richmond-- 2,458.000 -13.3
2,130,839
S.C.-Charleston
101,186,779 111,306,809 -9.1
Md.-Baltimore
29,684.199 +3.7
30,780,733
D.C.-Washing'n
Total(6 cities). 182,276.158 193.218,418 -5.7
1,492,843
5,474,686
52,284,000
.2,000,000
98,682,593
29,563,982
1,576,419
8,212,158
52,015.000
2,353,566
126.988,989
27,574,477
189,498.104
218,718,609
Sixth Federal Reserve Dist rIct-Atlant a-9,958.346 --22.7
7.697.096
Tenn.-Chatt'ga.
*3,500,000 --7.4
___
3,241,142
27,044,330 --7.9
24,915,247
Nashville
52,846,322 +10.0
58,105,694
Georgia-Atlanta
2,083,37
1,908,334
Augusta
2,410,686 4-ii:a
1,852,063
Macon
--8.2
19.958.01
Fla.-Jack'nville.
18.330.589
-2.2
4,269.00
Miami
4,171,000
+5.1
21,020.08
Ala.-13liming'm.
22,109,379
-2.9
1,468.00
1,426,90
Mobile
2.008,000 +1.1
2,089.753
Miss.-Jackson.
524,49 -26.7
Vicksburg
384,26
80,533,30 -21.6
La.-NewOrleans
47,453,936
8,571,853
*3,300,000
20,403,048
55,835,672
1,957,839
2,202,224
21,256,540
5,948.000
24,532,233
2,211.070
1,980,000
371,378
47,939,287
8,358.715
3,501,630
24.833,417
74,532.303
2,074,209
2,221,206
34.885,832
16,254,216
26,935,598
1,978,267
1,675:000
427,159
59,949,681
207.623,9651 -6.7
196,509,144
257.606,733
Total(13 cities)
193,685,391
1926.
1927.
Seventh Feder al Reserve D istrict-Chi cage266,398
272.708 +9.7
299,201
Mich.-Adrian_ _
1,101,031
815,099 +14.5
933,340
Ann Arbor
198,656,572 189.050,474 +5.1 175,555.945
Detroit
8,174.207
7.573,460 +7.0
8,107,311
Grand Rapids.
2,476.000
3,374,551 +26.6
4,270,531
Lansing
2,867,495
3,431,236 +11.9
3,839,234
Ind.-Ft. Wayne.
23,168.000
24,054,000 -4.0
23,088,000
Indianapolis-- _
3.668,700
+2.2
3,318,500
3,391,362
South Bend....
5,115,692
5,708,304 -11.0
5,079,852
Terre Haute...
45,476,935
44,385,235 -16.3
37,158,969
Wis.-Milwaukee
, 2,808,387
2,913.824
2,905,890 +0.3
la.-Ced. Rapids
9,531,071
10,021,890 -6.1
9,413,041
Des Moines...
6,120.589
+8.1
6,914,522
7,471,750
Sioux City - -.1,299,205
1,732,914
1.577,384 +47.2
Waterloo
1,803,604
1,950,183 +5.9
2,065,533
011.-Bloomington
694,693,505 742,861,285 -6.5 699,580,852
Chicago
1,444,061
1,327,062 -10.4
1,188,396
Decatur
5,245,892
5,441,725
5,305,227
Peoria
4,749,038
4,276,608 +9.7
4,690,665
Rockford
3,292,271
3,186.483 +4.3
3,324,649
Springfield_
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1929.
Inc. or
Dec.
$
129 cities 12,160,530,331 11,976,680,356 +1.4 9,528,371,703 10,404,199,003
Total
4,337,164,186 4,609,041,330 -5.9 4,209,469,706 4,563,955,853
Outalde N. Y. City
355.361.140
m6.1011535
324 295.560 -1-19.11
4r.4 Ix° 120
21 nItima
flamula
Clearings at-
1928.
1929,
$
$
Federal Reserve Dists.
$
$
%
586,787,802
559,797,100
608,982,694 -17.2
504,359,875
let Boston- - __12 cities
7,961,584,553 7,448,875,603 +6.2 5,449,331,832 5,973,374,064
2nd New York_11 "
682,428,197
490,811,777
659,243,869 -7.3
611,407,856
3rd Philaderia_10 "
435,490,247
431,853,460
445,044,250 +1.3
450,723,701
4th Cleveland-- 8 "
218,718,607
189,498,104
193,218,418 -5.7
182,276,158
5th Richmond - 6 "
257,606,733
196,509,144
207,623,965 -6.7
193,685,391
5th Atlanta._ __13 "
999,335,319
1,017,622,076 1,062,046,599 -4.2 1,003,745,373
7th Chicago ---20 "
237,574,929
229,450,326
226,175,922 -5.4
213,445,973
8th St. Louis.-- 8 "
132,723,479
104,164,642
132.972,285 -7.3
123,209,170
8th Minneapolis 7 "
227,362,919
236,034,897
236,857.814 -0.2
236,328,141
10th KansasCity 12 "
72,364,988
73,567,993
+7.9
71,133,638
76,734,944
11th Dallas
5 "
584,068,503
559,970,268
634,505,299 -7.1
589,162,493
12611 San Fran--17 '
Total(12 cities)
2581
FINANCIAL CHRONICLE
APRIL 20 1929.]
Total(20 cities) 1,017,622,076 1,062,046,599
Eighth Federa Reserve Die trict-St. Lo 11185.629,456 -3.9
5,411,346
Ind.-Evansville.
Mo.-St, Louis.. 131,600,000 139,500,000
41,458,684 --12.9
36,112,526
Ky.-Louisville.417,426 --18.0
350.740
Ownesboro_ 22,295,543 --3.1
21.613,891
Tenn.-Memphis
14,925,952 +8.6
16,212,006
Ark.-Little Rock
312,923 +23.3
385,915
I11.-Jacksonville
1,635,938 +7.6
1,759.549
Quincy
6,204,022
149,000,000
38,194,726
390,973
20,300,492
13,311,640
342,414
1,706,059
5,537,040
156,200,000
36,111.166
413,801
22,892,953
14,168,078
404,213
1.847,678
-5.4
229,450,326
237.574,929
spoils
7,139,208 +3.4
85,591,051
32,327.655 ---22.2
2,471,097 --2.4
1,456,883 --17.2
765,391 --0.8
3,221,000 A-I2.8
6,393,444
63,448,336
27,906,401
2,070,439
1,062,697
605,325
2,678,000
7,305,864
84,084.252
33,793,901
2,314,483
1.430,206
666,886
3,127.887
-7.3
104,164,642
132,723,479
Tenth Federal Reserve Dis trict-Kr ns as City
-20.5
437,204
Neb.-Fremont..
512,598 +11.4
571,113
Hastings
4,575,532
4,354,957
Lincoln
41,307.368 -9.2
45,097,134
Omaha
5,082.924 -32.0
3,456,219
Kan.-Topeka
8,861,426 -7.6
8,190,760
Wichita
+0.5
133,621,892
Mo.-Kan. City. 134.30.5,697
6,281.208 +12.4
7,059,000
St. Joseph
33,125,627 -11.2
29,422,955
Okla.-Okla.C1ty
1,474,332 +18.7
1,748.309
Colo.-Col.Spgs
a
a
a
Denver
1.464,819 +15.0
1,684,793
Pueblo
374,870
449,940
4,731,026
40,947,786
3,331,358
7.880,695
139.817.050
5.890,059
29,962,489
1,168,131
a
1.441,493
391,560
678,791
4,663,534
43.811,161
3.275.158
7.405,044
131.833,103
6,325.939
26,682.813
1,162,339
236,034,897
227,362,819
1,585,104
48,310,481
10,981,805
7.730,000
4,900.623
1,746,626
44,984,576
11,466,124
8,522,443
5,645,220
73,567,993
72,364,989
Twelfth Feder al Reserve D strict-San Franci SOD-55,551.321
57,030,562 +2.6
58,509,267
Wash -Seattle
15,210,000
14,833,000 -13.7
12,806,000
Spokane
1,602,692
1,422,158 +8.9
1,548,252
Yakima
40.059,906
35,955.322 +2.7
36,933,034
Ore.-Portland- 15,479.273
17,400,323
+5.5
18,360,324
Utah.-S.L. City
3,246,876
3,371,703 +1.3
3,416,544
Cal.-Fresno....
7,835,770
8,006,643 +14.8
9,189,537
Long Beach...
209.215,000 220,003,000 -4.9 181,002,000
Los Angeles
20,042,349
23,406,100 -14.6
19,986,733
Oakland
7.320,620
7,746.996 -1.6
7.623,297
Pasadena
6.785,948
6,343,348 +7.5
6,817.942
Sacramento ...6,494,099
6,204,380 +12.0
6,950,327
San Diego_ _ _ _
San Francisco- 188,046,000 223.058,000 -15.6 190,383,000
3,229,726 -9.2
2,307,531
2,932,649
San Jose
1,645,603
1,847,678 +20.3
2,223.435
Santa Barbara_
-4.0
2,584,780
2,352,76
2,259,352
Santa Monica_
2,635,500
2,295.600 +2.1
2,344,800
Stockton
58.606.304
15,127,000
1,533,751
41,590,939
16.223,514
3.574.183
7,500,754
186,926,000
22,727,577
7.671,555
7,805.853
7,133,766
197,952,000
2,487.271
1.680,420
2.471,316
3,056.300
Total(8 citles)_
213,445.973
228,175,922
Ninth Federal Reserve Die
7.380.372
Minn.-Duluth _
82,660,322
Minneapolis_ -25,157.585
St. Paul
2,410,644
N. D.-Fargo._S. D.-Aberdeen.
1,207,908
759,339
Mont.-Billings _
3,633,000
Helena
Total(7 cities).
Total(12 cities)
123,209,170
236,328,141
132,972,285
236.857,814
Eleventh Fede ral Reserve District-Da Ilas-1,564,934 Ar 22.9
1,923,817
Tex.-Austin
46,756,893 +12.2
52,453.458
Dallas
11,837,891 +11.5
13.200,179
Fort Worth
4,073,000 --7.7
3,758,000
Galveston
6,900,920 --21.9
5,389,490
La.-,Shreveport.
Total(5 cities).
Total(17 cities)
76,724,944
589.162,493
71.133,638
+7.9
-7.1
634.505,299
559,970,268
1.133,477
584,068,503
01.00.(129 cit.) 12160 530 331 11976 680 356
+1.4 9.528,371.703 10404 199 003
Outside N.Y..... 4,337,164.186 4,609,041,330
-5.9 4,209,469,7064.563.955.853
Week Ended April 11.
Clearings al1929.
1928.
Inc. or
Dec.
1927.
1926.
$
$
$
$
Canada%
149,628,544 103,654,224 +44.4 111,602,848 117.157,577
Montreal
142,241.353 102,863.584 +38.3 129,058.947 107,034.479
Toronto
45,014,549
36,287,485
48,794,036
40,588.789 +20.2
Winnipeg
17,968,805
16,679,855
15,397,905 +71.7
26,433,489
Vancouver
6.311.989
5,907,422
8,343,705
5,963,819 +39.9
Ottawa
5,989,960
6,695.141
5,021,940 +46.7
7.385,747
Quebec
3,108,020
3,082,548
4,033,716
3,125,863 +29.0
Halifax
4.799.977
5,316,345
4,959,406 +29.6
6,427,507
Hamilton
9,660,191
6,822,436
14,876,967
9,114,772 +63.2
Calgary
3,173,409
2,395,139
2,227,397 +55.1
3,454,813
St. John
2,164,522
2,078,673
-3.2
2,785,728
2,876,59
Victoria
2,634,313
2,666,730
2,497,230 +43.8
3,591,409
London
5,305,667
4,460.770
5,183,81 +28.1
6,642,814
Edmonton
4,062.270
4,128,745
4,067,52 +40.1
5,700.496
Regina
572,380
473,461
571,14 +16.6
665.810
Brandon
535.423
621,626
846.746
676,13
Lethbridge
2.077,692
1,755,609
2,626,398
2,021,673 +29.9
Saskatoon
1,111,012
1,1114,964
1,418,713
1,367.527 +3.7
Moose Jaw
1.078,744
1,138,958
1,537,532
1,087.978 +41.3
Brantford
729,114
760,391
926,712
571,141 +62.3
Fort William _
781,511
1,038,381
718.619 +82,3
777,041
New Wtminster
258,312
471,884
384,933
+22.6
265,457
Medicine Hat..
733.352
1.091.619
928,528 +17.6
1.087,149
Peterborough._ _ _
767,401
1,152,554
825.360 +31.8
923,764
Sherbrooke
958.376
1,2:14,974 +6.2
1,238,478
1,311,02
Kitchener
4,258,939
4,024,184 +75.5
4,384,088
7.064.479
Windsor
48.5,683
481.948
380,108 +23.5
383.760
Prince Albert844,013
811,251 +17.1
829,928
950,225
Moncton
673.460
904,652
666.428 +35.7
756.678
Kingston
491,270 +94.6
542,613
961,837
Chatham
876,490
819.300
678,468 +20.8
Sarnia
Total(31 cities)
454,350.120
324,995,550 +39.8
a No longer report clearings. •Estimated.
355,101.538
350.281,140
2582
FINANCIAL CHRONICLE
Zommercial aniiM isceIlaiteonsItt-ws
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, April 13 to April 19, both
inclusive, compiled from official sales lists:
..,.....
Lass Week's Range for
Sale
of Prices.
Week.
Par Price, Low. High. Shares.
Range Since. Jan. 1.
Low.
High.
0.
...,.
.I
r....8
,2.12EvIZIc7,t.`218352:1Zath.z.tV.VScot‘'rt3c.tsql,..
...-00
-.&3V.c.cot"84
-48i7,182
-'33000,8Wif‘t
2S '
F.F..P.“&.'igg.?315.2,4,4.5M&i.g-7,gf,':,4gri•Intyc'Aitocr7,0fa,,VA-F,“&t,72,EIV:',EVP-°,•
.7- . V. tailt '.'•8a
P.v.
i
Allegheny Steel
*
Aluminum Goods Mfg
3134
Amer Vitrified Prod Df-1•11
Am Wind GI Mach com 100
Preferred
100
Arkansas Gas Corp com_ •
534
Preferred
io 8
Armstrong Cork Co
• 68
Bank of Pittsburgh
50
Blaw-Knox Co
25
Calorizing, pref
25
Carnegie Metals Co
10 1634
Cent Ohio Steel Prod corn * 2434
Clark (D L) Co corn
* 17
Consolideted Ice pref. _50
lllllllllllllllllllllllllllll
Devonian Oil
Dixie Gas & Util corn_ _ * 15
Preferred
lac,
First National Bank_ _100
Follansbee Bros pref__ -100 98
Harb-Walker Ref com.--* 60
Indep Brewing corn
50
Koppers Gas & Coke pf_ - 10134
Libby Dairy Prod com_' 3831
1st preferred
ac)
Lone Star Gas
25 6934
Nat Fireproofing pref. _50
Penn Federal Corp corn.*
Preferred
ioo
Peoples Say & Trust___100 785
Petroleum Exploration_ _25 32
Pittsburgh Brewing pf__50
Pittsburgh Coal pret_ _ _100
Pitts Investors Security_ _* 2831
Pittsburgh Plate Glass_100 65
Pitts Steel Foundry com_ *
Salt Creek Con.sol 011_10
33-4
San Toy Mining
1
Stand Plate Glass pr pf_100
Stand Sanitary Mfg com 25
Stand Steel Springs
Stand Steel propeller
253.4
Surbuban Electric Dev_ *
Tidal Osage 011
10
Union National Bank_ _100
Union Steel Casting corn'
United Engine & Fdy corn* 46
United States Glass_ _25
Vanadium Alloy Steel.
Waverly Oil Works Cl A__* 30
Westinghouse Alr Brake_ __
493-4
Witherow Steel corn
* 5631
76
76
20 60
Feb
31
1,010 29
32
Mar
85
85
10 833-1 Mar
25
25
Feb
50 24
46
46
Jan
30 46
534 531 20,077
331 Jail
8
6,444
83-4
731 Jan
6531 68
2,020 6131 Jan
185 185
201 180
Feb
4134 4234
215 3854 Feb
10
12
415
Jan
8
163-4 17
550 1654 Apr
24
162 24
Apr
2431
17
1734
900 1631 Mar
1931 20
277 1934 Mar
25)4 2534
130 25
Mar
6
100
Mar
63-4 63.4
1234 16
5,525
734 Jan
70
70
100 70
Jan
400 400
43 400
Apr
98
98
145 95
Apr
60
60
690 52
Jan
13.4
120
1
Feb
13.4
10134 102
351 101
Mar
3634 40
1,440 2531 Jan
108 120
35 10434 Jac
68
3,345 67
Jan
703.4
450 2831 Jan
333.4 34
434
434
10
434 Feb
92
92
30 92
Apr
750 785
73 750
Apr
32
32
54 32
Apr
7
7
100
6
Jan
8834 8834
15 8834 Apr
28
30
615 2535 Jan
6434 67
639 64
Jan
20 33
3334 3314
Jan
334
120
33.4
334 Apr
50
Sc 1,000
Sc Jan
32
32
24 25
Jan
4934 4934
375 48
Jan
73
73
60 73
Apr
525 2531 Apr
253.4 2634
23
125 2234 Mar
2331
16
1634
200 14
Apr
512 512
25 512
Apr
900 20
2234 31
Feb
4534 46
2.020 ' 38
Jan
12
11
395 1034 Jan
71
71
210 70
Mar
30
30
10 30
Apr
483.4 4934
145 4331 Apr
563.4 58
375 3134 Jan
UnlistedDavidson Coke pref
Each Linn corn
Preferred
National Erie pref A
Pitts Screw & Boit Corp_ _. ______
Western Pub eery v t e
______
Witherow Steel w I
102
18
4134
25
24%
2434
58
15
RighrsArmstrong Cork Co
Witherow Steel
10214
183-4
4134
25
243.4
2534
58
13-4
13-4
12
12
85 102
200 18
35 40
155 25
2,045 233.4
1,180 2431
100 3731
4,302
30
Apr
Apr
Mar
Apr
Mar
Apr
Jan
13.4 Feb
6
Jan
fgnnE,'Elgv.
Stocks-
• No par value.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
[VOL. 128.
By R. L. Day & Co., Boston:
Sharer. Stocks.
$ per Sh. Shares. Stocks.
$ per Sh.
25 Nat. Shawmut Bank
356
26 R.S. Brine Tramp. Co., pret___ 30
4 First National Bank
598
25 R. S. Brine Transportation CO.,
3 Old Colony Trust Co
552
pref., v.t.e
30
5 Beverly Nat. Bank, Beverly
256
13 General Optical Co., pref
831
1 Union dc New Haven Trust Co_417
100 Gt. Northern Paper Co., par $25 6314
5 Ludlow Mfg. Associates
180
50 Atlantic Public Utilities, Inc., A
60 Naumkeag Steam Cotton Co_ _128 sc,
(Del.)
2234
20 Nat. Fabric. dr Finish, Co.,com_ 1231 25 Rogers Paper Mfg. Co.. cl. A
55
60 Arlington Mills
3334 8 Batchelder & Snyder Co., com_- 2431
100 Nashua Mfg. Co. common.__ 42
20 New Bedford Gas &Edison Light
40 Arlington Mills
Co., v.t.c., par $25
3331
1033.1
10 Ware River RR
126
25 Amalgamated Motors Corp..
4 Suncock Valley RR
43-4
common
$1 lot
2 Saco Lowell Shops, let pref
45
20 Universal Chain Theatres, Pref.;
100 Saco Lowell Shops, corn
10
20 common as bonus
15
2 Plymouth Cordage Co
73
38 units First Peoples Trust
40-4035
10 New Eng.Pr. Co., pret__108 A ex-div. 48 Old Colony Trust Associates_ _ _ _ 55
10 Merrimac Chemical Co., par,$50 6934 23 W.L. Douglas Shoe Co., pref.__ 8831
30 Greenfield Tap & Die Corp.,8%
Bonds.
Per Cent.
preferred
104 exi dv. $2.000 Michigan RR.Co. let mtge.
10 Amer. Glue Co., pref
11031
ser. A.dated May '19, ett.dep_$180 lot
1 Commonwealth G.& El. Co..6%
$1,000 Joplin Water Works 5s,
Fret
1003.4
March 1957
8834
3 Mass. Ltg. Co.,6% pref.(undep.) 106
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ per Sh.
10 Industrial Bank & Trust Co_ __ _ 70
15 North Boston Lighting Proper5 Boston National Bank
193
ties, com., new undeposited
6714
50 National Shawmut Bank
35834 10 Johnson Educator Biscuit Co.,
18 First Nat. Bank of Boston(old)_S96
class A
30
3 Atlantic National Bank
25 Grinnell Mfg. Corp
351
49
10 United States Trust Co
465
10 units First People's Trust
40
10 Old Colony Trust Co
55131 5 Laconia Car Co., 1st pref.;
5 National Rockland Bank
5 2d prat
4983.4
2531 on let pref.
18 National Shawmut Bank
3603.4 200 Atlantic Gypsum Products, com. 2
100 Nashua Mfg. Co.,corn
4231 80 L. A. W. Acceptance Corp. of
10 units Thompson's Spa, Inc.10031&div.
Mass., pref.; 40 class A com.$1,000 lot
25 Towle Mfg. Co
12 units First People's Trust
79
40
42 Old Colony Trust Associates__- 55
50 Johnson Educator Buiscult Co.,
3 Boston Insurance Co
951
cla.ss 13
83.4
25 Carr Fastner Co., corn.(ex-div.),
100 West Boston Gas Co., V. t. c.,
par 25 50 ex-div.
par 325
3431-3534
3 special units First People's Trust_ 3
45 West Boston Gas Co., v. t. C..
6 units First People's Trust
40
par $25
36
100 Old Colony Investment Trust_ 2434 75 Shawmut Bank Invest. Trust.49-503-4
15 New Bedford Gas & Edison Light
$13,000 Lustron Syndicate ParticiCo., v. t. 0., par $25
103
pation certificates
$10 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh:
$10.000 mtge. dated Oct. 13 1926,
20 Jenkintown Ilk. .11, Tr. Co., par
due Oct. 13 1927. on property
195
$10
situate at Cynwyd, Lower Merlon
4 Girard Trust Co
1650
Twp., Montgomery County, Pa.,
30 Northern Central Trust Co..
$4,000 lot
par $50
17031
$13,600 second mtge. dated Nov.
100'Noce Trust Co., par $30
150
20 1925, due Nov. 20 1926, on
6 Fidellty-Phila. Trust Co
1000
Nos. 7365, 7357, 7355, 7353,
30 Lancaster Ave. Title & Tr. Co.,
7351, 7349, 7345, 7343, 7341.
par $50
100
7339, 7337, 7333. 7331 Theodore
15 Plaza Trust Co., Phila., par $10_ 25
St., Phila.,subject to a first mtge.
10 Security Title & Tr. Co., par $50 70
of $41,600
WOO lot 36 Bankers Trust Co., par $50
132
$300 third mtge. on No. 4211 Viola
50 Real Estate-Land Title & Trust
St., Phila., dated Sept. 24 1927,
Co., par $10
75
due Sept. 24 1928, Int. 6%. sub30 Pa. Co. for Ins. on Lives. &c.,
Ject to first mtge. of $3,500 and
Dar $10
15134
second mtge. of $2.000
$10 lot 3 Germantown Trust Co
1130
5 Republic Trust Co
168
50 Neptune Trust Co., Atlantic
120 Republic Trust Co
City, N. J
170
250
Brotherhood of Locomotive Engi1 Union Safe Dep.& Tr. Co.. Pottsfloors Secur. Corp. of Pa.. as folvine, par $25
98
lows: 20 cl. A at 23.4; 10 el. A at
24 Catawissa RR. 1st prof
44
231; 80 cl. A at $1 lot; 10 Cl, B,
1,205 Phila. Life Inn. Co., par $10.- 2634
no par, $1 lot; 5 el. 13, no par, $7
10 Bankers Securities Corp., cornlot; 40 cl. 11, no par, $1 lot.
mon v, t. c
145
29 Manayunk-Quaker City Nat'l
40 Bankers Secur. Corp. corn. v.t.e..134
Bank
55534 8 Phila. Bourse. corn., par 550
3031
6 First Nat. Bank, Philadelphia...600
15 Girard Ave. Farmers' Market
7 Philadelphia Nat. Bank
1060
Co., par $50
40
300 Pelham Nat. Bank & Tr. Co__ 8834 1 E. Henderson & Son,Inc
28
20 Bank of No. Amer. & Tr. Co.,
10 Darby Bk. ,k Tr. Co
150
par $25, when issued
14834 10 Tacony Trust Co
800
8 Mitten Men & Mgt. 13k. dr Tr.
Rights$ per right.
Co.. unstamped
100
10 Tioga Nat.Bank at $35, par 525_ 3 _4
50 U.S. Bank dr Tr. Co.. par $10
10
42 Corn Exch. Nat, Dank & Tr. Co.
II
40 U. S. Bank & Tr. Co.. par SIO
10
at $100
841
100 U. B. Bank & Tr. Co., par $10_ _ 10
BondsPercent.
3 Olney Bank dc Tr. Co., par $50_ __495
$1,000 West Virginia 20-yr. 314s, -1111
50 Bank of Phila.& Tr. Co., par $10 55
Jan. 1 1939
883.4
35 Union Bank & Tr. Co
48
$1,800 Virginia rests. Is. July 1 all
4 First Camden Nat. Bk.& Tr. Co_130
1991
57
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
April 9-First National Bank in Yreka, Calif
$50,000
Correspondent, Horace V. Ley, Yreka, Calif.
April 9-The Citizens National Bank of Westfield, N. J
Correspondent, Raymond W. Satin, 400 W. Broad St., 100,000
Westfield, N. J.
April 13-The Warren National Bank, Warren, Mich
50,000
DIVIDENDS.
Correspondent. Mrs. Agnes Claeys, Warren, Mich.
April -The Union National Bank of Buffalo, N. Y
Dividends are grouped in two separate tables. In the
Correspondent, John M. Keyes, 537 Ellicott Square, 200,000
first we bring together all the dividends announced the
Buffalo. N. Y.
April -The Delancey National Bank of New York, N. Y
200,000 current week. Then we follow with a second table, in
Correspondent, Alexander Dolowitz, 84 William St.,
which we show the dividends previously announced, but
New York. N. Y.
April -The First National Bank of Mobeetie. Tex
25,000 which have not yet been paid.
Correspondent. D. E. Holt, Wheeler, Tex.
The dividends announced this week are:
April -The Farmington National Bank. Farmington, Wash
25,000
Correspondent, Claude E. Hayfield, Farmington, Wash.
CHARTERS ISSUED.
Per
Rooks Closed
When
Name of Company.
April 11-The Polk County National Bank in Bartow, Fla
Cent. Payable.
Dors Inclusive.
$200,000
President, M. H. Lewis; Cashier, W. W. Jamison.
Railroads
April 12-The Harbor National Bank of Port Washington, N. Y
(Steam).
50,000 Atlantic
Coast Line RR.,corn
President, Henry A. Alker; Cashier, Malcolm H. NInesling.
*314 July 10 *Holders of rec. June 12
Common (extra)
April -Peoples National Bank & Trust Co. of Chicago, Ill_ _-$1,000,000
'13.4 July 10 *Holders of roe. June 12
Bangor & Aroostook, corn.(quar.)
Conversion of Peoples Stock Yards State Bank, Chi•87e. July 1 *Holders of rec. May 31
Preferred (quar.)
cago, Ill.
July 1 *Holders of rec. May 31
Cincinnati Sandusky & Cleveland, pfd _ •1Ii
President, H. C. Laycock; Cashier, F. B. Robinson.
$1.50 May 1 Apr. 16 to May 1
Elmira dr Williamsport, corn
•$1.15 May 1 *Holders of rec. Apr. 20
Ga.Southern & Fla., let & 2d pref
234 May 23 Holders of rec. May 9
Rye, of Cent. Amer., Pt. Wu.). 1% May 15 Holders of rec. Apr. 30
Auction Sales.-Among other securities, the following, Internat.
Midi RR.(France)
•1234
not actually dealt in at the Stock Exchange, were sold at auction Nashua & Lowell
*3
Apr. 15 *Holders of roe. May 1
in New York, Boston, Philadelphia and Buffalo on Wednes- New Orleans, Texas & Mexico (quer.). _ '131 June 1 *Holders of roe. May
15
day of this week:
Public UtilitiesBangor
Hydro-Electric Co.By Adrian H. Muller & Son, New York:
New 325 par common
50e. May 1 Holders of roe. Apr. 10
Shares. Stocks.
it per share. Shares. Stocks.
$ per share. Central Power & Light,7% pref.(qu.)- 131 May 1 *Holders of roe. Apr. 15
25 Albany & Susquehanna RR_ _217
Six per cent preferred (quar.)
kenzie Oil Co.. no par: 500 Cube
May 1 *Holders of rec. Apr. 15
134
2,500 Utah Southern 011
Cent. & S. W. Util., 7% pr. lien pf.(qu.) •134 May 15 *Holders of roe.
$1.65
Mines Co., par $1; 400 Allied 011
Apr. 30
1,535 Buckeye Copper Co., par
6% prior Ilen pref.(quar.)
Corp., par Si;50 Arlington Beach
May
16 •Holtiers of rec. Apr. 30
•135
$10
Dallas Power & Light, pref.(quar.)
$146 lot
Amusement Co., Inc., Dar $10;
13.4 May 1 Holders of ree. Apr. 20
200 Securities Co. of N. Y
Edison
Gen.
Italian
501Central Teresa Sugar Co., par
100
Elec. Co.
250 Columbia Co., Interim MI.. par
American deposit receipts
$10: 333 1-3 Fulton Group of 011
*$2.60 Apr. 16 *Holders of rec. Apr. 12
$1:2 Metropolitan Credit Corp.,
Forth Worth Pow.& Light, pref.(qu.)- Companies, par $1, and Certifi134 May 1 Holders of rec.
pref.; 2 Metropolitan Credit
General Gas& Elec.. com. B (guar.).- - - '3731c May 1 *Holders of rec. Apr. 15
cate of Co-Operative DevelopApr. 25
Corp., Corn., no par; 100 Mao.
ment Assn. (Muskogee, Okla.).$15 lot Idaho Power.7% pref.(quar.)
1% May 1 Holders of rec. Apri 15
$6 Preferred (quar.)
$1.50 May 1 Holders of rec. Apr. 15
By A. J. Wright & Co., Buffalo:
Illuminating & Power Secur., corn.(qu.) $1.50 May 10 Holders of rm.
Apr. 30
Shares. Stocks.
Preferred (guar.)
t per Sh. Shares. Maas.
13.4 May 15 Holders of rec. Apr. 30
$ Per Shy Kentucky Utilities,
100 Amens Realization Co
junior pref. (guar.). *8734c May 20 *Holders of roe. May 1
$1 lot 100 Niplssing Mines, par $5
2.75
Keystone Telephone, pref.(quar.)
1,000 Baldwin Gold Mines, par $1. 3c 5 Labor Temple Awn. of Buffalo
June I Ilolders of roe. May 20
*81
Lawrence Gas& Electric (quar.)
40 Big Ledge Copper Co., par $5.._$3 lot
•620. May 1 Holders of rec. Apr. 17
and Vicinity, Inc., par $5
25c. lot
13
13
13
13
13
APRIL 20 1929.]
Name of Company.
2583
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
May 4
International Harvester, pref.(guar.).- *1% June 1 *Holden; fo rec.
rec. May la
Internat.Paper & Power,corn. cl. A (qu.) 60e. May 15 Holders of
la
May
rec.
of
Holders
15
May
60c.
Internat. Paper Co., corn.(guar.)
*$1.75 June 1 *Holders of ree. May 15
Interstate Dept. Stores, pref. (guar.)
1
May
rec.
of
15
Holders
May
25e.
(quar.)
corn.
_I
Intertype Corporation,
Jackson & Curtis Investors Assn.se100 May 1 *Holders of rec. Apr. 22
Ctfs. of beneficial int. (in stock)
1 *Holders of rec. June 17
Kinney (G. R.) Co.,Inc., new com.(qu.) *25c. July
June I *Holders of rec. May 20
*2
Preferred (guar.)
1 Holders of rec. Apr. 22
May
20e.
cow.
(guar.)
Inc.,
Co.,
Klein (Henry) &
30e. May 1 Holders of rec. Apr. 22
Participating pref. (quar.)
I Holders of rec. Apr. 22
Participating pref. (participating div.) 20e. May
44)4e May 1 *Holders of ree. Apr. 15
Kokenge (Julian) Co.(guar.)
*80e. June I *Holders of rec. May 18
Lake of the Woods Milting, corn.(guar.) 41%
June I *Holders of rec. May 18
Preferred (guar.)
1 *Holders of rec. Apr. 20
Lazarus (F.& R.)& Co..634% Pf.(q.) '134 May
*40c. May 15 *Holders of rec. May 6
Lefcourt Realty Corp., corn.(No.
1 Holders of rec. Apr. 20
May
51.624
(No.
1).
(qu.)
prof.
Lerner Stores Corp..
"35e. May I *Holders of rec. Apr. 25
Lincoln Printing, common (guar.)
1 *Holders of rec. Apr. 25
May
'87340
Preferred (guar.)
*75e. Apr. 30 *Holders of rec. Apr. 18
Manhattan Rubber Mfg.(guar.)
*25c. June 1 "Holders of rec. May 1
McIntyre Porcupine Mines (guar.)
of rec. May 15
Merritt-Chapm.& Scott Corp.,com.99u) 40e. June 1 Holders
14 June 1 Holders of rec. May 15
Preferred series A (guar.)
•14 May 1 *Holders of rec. Apr. 20
Mirror (The) pref. (guar.)
$1.50 June 1 Holders of rec. Apr. 30
Mohawk Mining (guar.)
"624c May 15 *Holders of rec. May 4
Montgomery Ward & Co.,corn.(qu.)
July 1 *Holders of rec. June 20
"1
Class A (guar.)
Holders of rec. May la
Moody's Investors Service, part. pf.(qu.) 75c. May 15
750. June 1 Holders of rec. May 16
National Bearing Metals, corn.(guar.).Holders of rec. Apr. 16
1
May
14
Preferred (guar.).
of ree. May 21a
National Belles Hess Co.. pref. (guar.)._ $1.75 June 1 Holders
rs of rec. May 31
15'Holde
June
*$1.75
A
cl.
(guar.)
pref.
Lead.
National
of rec. Apr. 19
*Holden
1
May
Mc
*87
National Sashweight, pref. (quar.)
*$1.50 May 15 *Holders of rec. Apr. 25
Nat. Securities Invest., prof.(guar.)
rec. Apr. 20
of
*Holders
1
May
Banks.
*25e.
(quar.)...
stk.
part.
National Terminals,
*24 May 1 *Holders of rec. Apr. 25
75c. May I Holders of rec. Apr. 15
Amalgamated (guar.)
National Tile (guar.)
of rec. Apr. 19
Nauheim Pharmacies, Inc., pref. (qu.)_ 6214c May 1 'Holders
Trust Companies.
May 1 *Holders of rec. Apr. 26
*1
New Process Co.. pref. (guar.)
May I *Holders of rec. Apr. 20
*4
rec. Apr. 15
Farmers'Loan & Trust (guar.)
New England Equity Co.. corn.(quar.). *624c May 1 *Holders of
May 1 *Holders of rec. Apr. 25
•20
May I Holders of rec. Apr. 15
*MU
Kings County (Bklyn.) (guar.)
pref
New River Co.,
rec. May 5
of
15'Holders
May
•500.
Nestle-LeMur Co., class A (guar.)
Miscellaneous.
150. June 1 Holders of rec. May 10
North Central Texas 011, corn.(guar.)
June 1 *Holders of rec. May 15
Apr. 20
*$1
rec.
of
*Holders
1
May
Abbotta Dairies. corn. (guar.)
*50c.
Ohio Shares, Inc., pref. (guar.)
'114 June 1 *Holders of rec. May 15
First and second preferred (guar.)._
•$1.25 May 15 *Holders of rec. Apr. 26
Oppenheirn, Collins & Co.(guar.)
June 30
'600 May 1 *Holders of rec. Apr. 15
rec.
of
*Holders
Adams (J. D.) Mfg., emu
15
July
"500.
Pacific Equities, Inc
May 1 *Holders of rec. Apr. 25
Allied Internat. Investing. pectic. pref.. 113
•10c. July 15 "Holders of rec. June 30
Extra
"50c June 30 *Holders of rec. June 15
Aluminum Mfrs., corn. (guar.)
*624e May 15 *Holders of rec. May 1
Parker Pen, common (guar.)
sso. May 1 'Holders of rec. Apr. 17
*50c. Sept. 30 *Holders of rec. Sept. 15
Common (guar.)
new(No.1)
Pitney-Bowes Postage Meter,
*50e. Dee. 31 'Holders of ree. Dec. 15
Common (guar.)
May 15 *Holders of rec. Apr. 25
*2
Procter & Gamble, corn. (guar.)
'114 June 30 *Holders of rec. June 15
Preferred (guar.)
May I Holders of rec. Apr. 19
1.624
(qua
pref.
panic.
Pub. Util. Securities,
"14 Sept. 30'Holders of rec. Sept. 15
Preferred (guar.)
May 1 Holders of ree. Apr. 19
124e.
Participating pref. (participating city.)
•14 Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
May 15 *Holders of rec. Apr. 27
*$1
(guar.)
Inc.
Pullman,
16
$1.75 May 1 Holders of rec. Apr.
Amer. Dept. Stores, 1st pref. (guar.)
May 1 *Holders of rec. Apr. 18
*14
pf.
(qu.)
Quincy Market & Cold Stor.,
Amer.Elec. Securities, panic. pref.(qu.) 3734c. May 1 Holders of rec. Apr. 15
50c. May 1 Holders of rec. Apr. 18
Raymond Concrete Pile, corn.(guar.).Amer. Metal Products, com. (guar.).- *10er Apr. 15 *Holders of rec. Mar.20
May 1 Holders of rec. Apr. 18
250.
Common (extra)
41.50 June 29 *Holders of rec. June 11
American Radiator, cons.(guar.)
25e. May 1 Holders of rec. Apr. 18
Common (special)
*14 May 15 *Holders of rec. May 9
Preferred (guar.)
75c. May 1 Holders of ree. Apr. 18
Preferred
(guar.)
20
•25e. May 1 "Holders of rec. Apr.
Amer.Thermos Bottle, class A
I *Holders of roe. May 11
Republic Iron & Steel, corn. (guar.).- 91 June
$1.75 June 1 *Holders of rec. May 15
Artloom Corp., pref. (guar.)
*14 July 1 *Holders of rec. June 12
Preferred (guar.)
•833 Apr. 15 'Holders of rec. Apr. 10
Atlantis Safe Deposit (guar.)
1 Holders of rec. Apr. 15
May
374c.
(guar.)
corn.
Goods,
Dry
Stix
Rice
*354 May 1 *Holders of rec. Apr. 20
Atlantic Steel, preferred
1 *Holders of rec. Apr. 15
Riverside Portland Cement, el. A (guar.) *314c May
Austrian Credit-Anstalt41.50 May 1 *Holders of rec. Apr. 15
(guar.)
Preferred
29
Apr.
*$4.49 May 3'Holders of rec.
American shares
*45c. June 1 "Holders of rec. May 15
Rood Refining, prior pref.(guar.)
Automotive Fan Bearing, cons.(qua:.).. •20e. May 1 *Holders of rec. Apr. 20
*750. June 1 *Holders of rec. May 15
Cumulative pref.(guar.)
May 1
*4
Preferred
May 1 *Holders of rec. Apr. 15
'6234c
(guar.)
corn.
Bros.,
Roos
Baumann(Ludwig)& Co., let pref. Cull.) 1 X May 15 Holders of rec. May I
tS 1.624 May 1 *Holders of rec. Apr. 15
Preferred (guar.)
*50e. May 1 "Holders of rec. Apr. 20
Benson & Hedges, pref.(guar.)
•65e. May I *Holders of rec. Apr. 20
Rudd Mfg.(guar.)
'624c May 1 "Holders of rec. Apr. 15
Boback (H. C.) Co., corn.(qua?.)
1 Holders of rec. Apr. 20
St. Lawrence Flour Mills, pref.(quar.)_ _ 14 May
*14 May 1 *Holders of rec. Apr. 15
First preferred (guar.)
14 May 1 Holders of rec. Apr. 25
_
_
44% May 1 *Holders of rec. Apr. 15
St. Louis Screw & Bolt, pref. (guar.) _
Bohack Realty Corp., pref.(guar.)
1 *Holders of rec. Apr. 20
May
*50c.
_
_
(guar.).
corn.
A
class
Co.,
st
7
Scher-Hir
Bond & Mtge.Guar., new ($20 par)(qu.) $1.25 May 15 Holders of rec. May
"13740 May 1 *Holders of rec. Apr. 27
Seacrest Laundry. pref. (guar.)
Bright Star Electric Co.,class A (quar.). *50e. May 1 *Holders of rec. Apr. 15
.4 May I *Holders of rec. Apr. 15
Service Station Equip., Ltd.(Toronto)- 14 May 1 Holders of rec. Apr. 15
British Col Pulp & Paper, pref.(guar.)._ 9
.01,4 May I *Holders of rec. Apr. 10
Preference (guar.)
Bullocks, Inc., pref. (guar.)
Apr. 20 *Holders of rec. Apr. 1
1
Sheaffer(W.A.)Pen Co., prof.(qua:.)... "$2
May
rec.
of
*Holders
May
15
*2
Burns Bros., class A (guar.)
1 Holders of ree. May 21
15
Smith (Howard) Paper Mills. pref. (qu.) 14 June
Campbell, Wyant dr Cannon Fdy.(qu.)- *50c. June 1 'Holders of rec. May 30
May 1 *Holders of rec. Apr. 24
31.125
(qu.).*
C
Inc., cons. B &
Tubes,
&
Apr.
rec.
Steel
of
*Holders
May
15
*14
(guar.)
Ltd.
Converters,
Canadian
561(c. May 1 Holders of rec. Apr. 20
Stouffer Corp., class A
114 May I Holders of rec. Apr. 15
Canadian Vickers, Ltd., pref. (guar.)._ _
40e. May 1 Holders of rec. Apr. 20
Class B
524c. May 1 Holders of rec. Apr. 22
Capital Securities, Inc., pref. (guar.)May 1 *Holders of rec. Apr. 20
*2
Sullivan Packing, pref.(guar.)
50c. June 1 Holders of rec. May 15
Carman & Co., class A (guar.)
Apr. 30 *Holders of rec. Apr. 25
'30e.
corn.
(guar.)
Paper,
15
Apr.
rec.
Sutherland
of
50e. Apr. 25 Holders
Class IS (guar.)
30 Holders of rec. June 5
June
e234
stock)
(in
Oil
Texas & Pacific Coal &
sg.4 Apr. 30 *Holders of rec. Apr. 15
Cartier, Inc., Prof. (guar.)
1 *Holders of rec. Apr. 25
Transue & Williams Steel Forg.(guar.)._ *250. May
150. May 15 Holders of rec. May 6
Centrifugal Pipe (guar.)
etf.
dtv.
Corp..
15
Tobacco Products
May I *Holders of rec. Apr.
•2
Charlton Mills (guar.)
Holders of rec. Apr. 18
30
Apr.
31.28
Series B for corn. stock Un.Cig. Stores
34 May 1 Holders of rec. Apr. 16
Cities Service, common (monthly)
May 1 Holders of rec. Apr. 19
$2
Troxel Mfg., corn. (guar.)
134 May 1 Holders of rec. Apr. 15
Common (payable in common stock)__
1
Holders of rec. Apr. 19
May
14
Preferred (guar.)
50c. May 1 Holders of rec. Apr. 15
Preferred & preference "BB"(mthly.)
May 15 May 1 to May 15
3
Tudor City Second Unit, Inc., pref._
Sc. May 1 Holders of roc. Apr. 15
Preference B (monthly)
of rec. Apr. 16
'Holders
1
May
411.25
15
(
Apr.
United Equities guar.)
*35.06 eMay 1 *Holders of rec.
Cities Service, bankers' shares
*Holders of ree. Apr. 2
United Retail Chem.Corp., pref.(qu.). *87140 Apr. 15
*14 May 1 *Holders of rec. Apr. 25
Clinchfield Coal, pref. (guar.)
75e. May 1 Holders of rec. Apr. 20
corn.
(guar.)
16
Asbestos,
May
B.
U.
'15
Columbia Graphophone, Ltd.. corn
14 May 1 Holders of rec. Apr. 20
50c. June 1 Holders of rec. May 18
Preferred (guar.)
Columbus Auto Parts, pref. (guar.)
*Holders of rec. Apr. 11
U.S.& Foreign Securities, let pf.(qu.) •$1.50 May 1
Commerz-und-Privat Bank(Germany)June 1 *Holders of rec. May 15
*250.
of
2
coupon
No.
Holders
11
Utah Apex Mining
American shares
*Holders of rec. Apr. 20
1
May
•30c.
Utah Radio Products, corn
Consolidated Chemical Industries"300. May I *Holders of rec. Apr. 15
*414e May 1 *Holders of rec. Apr. 15
Utility Shares Corp., corn
Partic. pref., class A (No. 1)
of rec. Apr. 30
"Holders
20
May
e
*374
(No.
1)..
(qu.)
pf.
621(c. May 15 Holders of ree. May la Utility & Ind. Corp.,
Continental Can, corn.(guar.)
750. May 15 Holders of rec. May 1
e4 Dec. 31
Vanadium Corp. of Am.(quar.)
Crosby Radio (stock dividend)
'Sc. May 15 "Holders of rec. Apr. 30
•1
(guar.)
of
8
22
rec.
June
*Holders
June
Petroleum
Venezuelan
Davis Mills(guar.)
*Holders of rec. May 15
Wayagamack Pulp & Paper (guar.).- *75e. June 1
Decker (Alfred) & Cohn, corn. (quar.).... *50e. June 15 *Holders to rec. June 5
14 May 1 Holders of rec. Apr. 15
•75c. Apr. 15 *Holders of rec. Apr. 10
Western Steel Products, pref.(guar.)_
Delaware Rayon, class A (No. 1)
Holders of coupon No.3
(u)
Vienna
of
15
rec. Apr. 30
*Holders
*75e. May
Wiener Bank-Vereln.
Dominion Bridge (guar.)
10o. May 15 Holders of rec. May 1
Will & Baumer Candle, corn.(guar.)---Dresdner Bank (Germany), Amer. she.. $8.50 Apr. 24 Holders of rec. Apr. 17
Holders of rec. June 15
1
July
2
of
Holders
Apr.
1
30
rec.
June
50e.
corn
Preferred (guar.)
Eastern Theatres, Ltd.,(Toronto).
•35e. May 1 "Holders of rec. Apr. 15
50c. May 15 Holders of rec. Apr. 25a Williams(R. C.) Co.,Inc.(guar.)
Eastern Utilities Associates, corn. (qu.).
114 May 15 Holders of ree. May 4
*50c. June 24 *Holders of rec. June 1
Wolverine Portland Cement (quar.)
Emporium Capwell, cam.(guar.)
*25c. May 15'Holders of rec. May 6
50c. May 15 Holders of rec. May 1
Zonite Products (guar.)
Equitable Casualty & Surety
624c. May I Holders of rec. Apr. 15
Federal Knitting Mills (guar.)
weeks
124c. May I Holders of rec. Apr. 15
Extra
Below we give the dividends announced in previous
Federated Capital Corp., corn.(quar.)_. 374c. May 31 Holders of rec. May 15
include dividends annot
does
This
list
paid.
15
31
rec.
of
May
May
Holders
yet
and
not
stock)._.
124
corn.
in
(payable
Common
37140. May 31 Holders of rec. May 15
Preferred (guar.)
nounced this week, these being given in the preceding table.
50e. Apr, 30 Holders of Tee. Apr. 15
Federated Publications, pref. (guar.) _ _
1
of
May
May
lb
ree.
•25e.
*Holders
(guar.)
corn.
Foster & Kleiser Co.,
Books Closed
When
Per
May 1 Holders of rec. Apr. 20
Fulton Industrial Securities, com.(No. 1) 8740.
Days Inclusive.
Cent. Payable
$3.50 May 1 Holders of ree. Apr. 20
Name of Company.
Preferred
May
15
rec.
of
Holders
Apr.
30a
35e.
General Alliance Corp.(guar.)
*500. June 1 *Holders of reo. May 14
Railroads (Steam).
General Bronze, corn.(guar.)
May I Holders of rec. Apr. 15
24 June 1 Holders of rec. May 3a
Atch. Top.& Santa Fe corn.(qua:.)
General Steel Wares. Ltd., pref.(guar.). 13(
14 June 1 Holders of rec. Apr. 130
750. May 10 Holders of rec. Apr. 25
Baltimore & Ohio, corn.(guar.)
Godman (H. C.) Co.. corn. (quar.)
1 Holders of rec. May 20
June I Holders of rec. Apr. 13a
June
1
3
(guar.)
Preferred
First preferred
July 1 Holders of rec. June 80
of
June
June
1
10
rec.
Holders
34
$1.75
Chesapeake & Ohio. preferred
Second preferred
Apr. 20 *Holders of rec. Apr. 15
•10
July I *Holders of rec. June 20
Cincinnati Northern (extra)
Globe Grain & Milling, corn.(quar.)... *2
sjzi July I *Holders of rec. June 20
Apr. 20 Holders of rec. Mar.3841
_
2
(guar.)
corn.
L.,
St.
&
Chic.
Ctn.
Cleve.
First preferred (guar.)
of
I
20
rec.
June
*Holders
July
134 Apr. 20 Holders of rec. Mar.ssa
*2
Preferred (guar.)
Second preferred (guar.)
of
May
1
15
reit.
Apr. 20 Holders of rec. Apr. 641
*Holders
June
$1.50
*40c.
(qua:.)..
West.
&
Lackawanna
Delaware
Golden State Milk (guar.)
Mar.300
*el
Sept. 1 *Holders of rec. Aug. 15
Kansas City Southern,com.(au.)(N0.1) 134 May 1 Holders of rec.
Stock dividend
$12.50 May 1 Holders of rec. Apr. 100
Dec. 1 *Holders of rec. Nov. 15
*el
Mahoning Coal RR.,corn.(guar.)
Stock dividend
to stockholders' meet.July 9
roe.
Subj.
of
May
1
15
*e60
*50c.
*Holders
June
stock)
(in
Louis
St.
&
Chat.
Nash.
Hale Bros. (guar.)
May 1 Holders o rec. Mar.28a
2
50e. June 1 Holders of rec. May 21 New York Central RR.(guar.)
Harbison-Walker Refract., core. (guar.)
1 May 18 Holders of rec. Apr. 300
14 July 20 Holders of rec. July 10
Norfolk & Western, ad'. Prof. Ulu.)
Preferred (quar.)
15
May 1 Mar. 13 to April 9
May
rec.
of
31
134
*Holders
May
*50c.
Northern Pacific (guar.)
Hawaiian Pineapple (guar.)
14 May 1 Holders of ree. Apr. So
*25c. June 15 *Holders of rec. May 15
Pere Marquette. prior prof.(quar.)
Heels Mining (guar.)
114
May 1 Holders of ree. Apr. 50
rec.
of
Apr.
25a
Holders
May
15
1
(guar.)
preferred
cent
per
Five
Hershey Chocolate, cony. pref.(Van)
14 Apr. 30 Holders of rec. Ape. 150
14 May 15 Holders of ree. Apr. 25a Pittsburgh & West Va.. corn.(Qum.)
Prior preferred (guar.)
31
May 9 Holders of roe. Apr. Ila
SI
Reading Company, corn.(guar.)
Home Service Co., 1,t& 2nd pref.(gu.)-- •50e. Apr. 20 *Holders of rec. Mar.
114 May I Apr. 14 to May 14
May 24
St. Louis-San Francisco, pref. (qua?.)
Horn (A. C.) Co., 1st pref. (guar.) - - *1X June 1 *Holders of rec. Apr.
Aug. 1 Holders of rec. July lo
25
14
Preferred (guar.)
Imperial Royalties Co.. pref. (mthly.)-- 14 Apr. 30 Holders of rec. Apr. 25
134 Nov. 1 Holders of roe. Oct. la
18e. Apr. 30 Holders of rec.
Preferred (guar.)
Preferred A (guar.)
1 Holders of rec. Apr. la
May
2
15
May
rec.
of
(guar.)
*Holders
corn.
31
*50e.
May
Southern Railway,
Internat. Combustion Eng.,corn.(guar.)
114 May 25 Apr. 21 to May 20
014 July 1 *Holders of rec June 17
Wabash Ky.. pref. A (guar)
Preferred (guar.)
Public Utilities (Concluded.)
$1.75 May 15 Holders of rec. APT. 30
Middle West Utilities, corn.(guar.)
Apr. 16
& Teleg. Corp. 1st Pf.(qu.)- $1.75 May 1 Holders of rec. Apr.
TeleP.
Nat.
16
88c. May 1 Holders of ree.
Class A (guar.)
27
National Water Wks. Corp., corn. A.(qu) 25e. May 15 Holders of rec. Apr.
27
Apr.
rec.
of
Holders
May
15
871(c
A
series
(guar.)
Preferred
$1.75 May 15 Holders of rec. Apr. 30
North West Utilities, pref.(guar.)
30
Pacific Gas & Electric,6% pref.(Q11.)- *3714e May 15 *Holders of rec. Apr.
May 15 *Holders of rec. Apr. 30
•34.37e
54% Preferred (quar.)
Apr. 18
Pacific Power & Light, pref. (quar.)...._. 1X May 1 Holders of rec. July
20
$1.50 Aug. 1 Holders of rec.
Pa -Ohio Pow.& Lt.. $6 Pref.(guar) _
114 Aug. 1 Holders of rec. July 20
7% Preferred (guar.)
60c. June 1 Holders of rec. May 20
7.2% preferred (monthly)
60e. July 1 Holders of rec. June 20
7.2% Preferred (monthly)
600. Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
55c. June I Holders of rec. May 20
(monthly)
Preferred
6.6%
55c. July 1 Holders of rec. June 20
6.6% preferred (monthly)
550. Aug. 1 Holders of rec. July 20
6.6% preferred (monthly)
May 1 Holders of rec. Apr. 18
11(
Coke,
pref.
&
Gas
Portland
(guar.)
15
Rockland Light & Power, corn.(guar.)._ "$1.13 May 1 *Holders of rec. Apr. 23
May 1 Holders of rec. Apr.
$3
Swiss Amer. Elea. Co.(Zurich). pref
15
June
rec.
of
Holders
1
July
14
Tennessee Pow & Lt.,5% 1st pf.(qu.)
134 July 1 Holders of rec. June 15
6% let pref. (guar.)
1)4 July 1 Holders of rec. June 15
7% Jet preferred (quar.)
1.80 July I Holders of rec. June 15
7.2% let preferred (guar.)
50c May 1 Holders of rec. Apr. 15
6% let preferred (monthly)
50c. June 1 Holders of ree. May 15
6% let preferred (monthly)
60e. July I Holders of rec. June 15
6% let preferred (monthly)
60c. May 1 Holders of rec. Apr. 15
7.2% 1st preferred (monthly)"
60e. June 1 Holders of rec. May 15
7.2% let preferred (monthly)
60e. July 1 Holders of rec. June 15
7.2% let preferred (monthly)
May 1 Holders of rec. Apr. 17
111
Texas Power & Light,7% pref.(quar.).
$1.50 May 1 Holders of rec. Apr. 17
$6 preferred (guar.)
*1)i May 1 *Holders of rec. Apr. 20
Wabash Valley Elec., pref. (guar.)
2584
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
[VOL. 128.
Books Closed
Per. When
Books Closed
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Uti!idea.
Public
Utilities
(Concluded).
Alabama Power, $5 Pref. (guar.)
$1.25 May 1 Holders of rec. Apr.
West Penn Power.7% pref.(guar.)
14( May 1 Holders of rec. Apr. 5a
Allied Pow.& Light, 35 1st pref. (guar.) $1.25 May 15 Holders of rec. May 15
1
Six per cent preferred (guar.)
1% May 1 Holders of tee. Apr. 5a
$3 preference (guar.)
750. May 15 Holders of rec. May 1
York
Railways. pref. (guar.)
6214c. Apr. 30 Holders of reo. Apr. 20a
Amer. Cities Power dr Lt.. CIA (quar.)..
(e) May 1 Holders of rec. Apr. 10
Class B (guar.)
(o) May 1 Holders of rec. Apr. 10
Banks.
Am.Commonwealths Pow., let p1. A(qu) $1.75 May 1 Holders of rec. Apr.
15
Corn Exchange (guar.)
5 May 1 Holders of rec. Apr. 30
$6.50 first preferred (guar.)
$163 May 1 Holders of reo. Apr. 15
Trust Companies.
Second preferred series A (guar.)
$1.75 May 1 Holders of reo. Apr. 15
Central Union (stock dividend)
e20
Amer.& Foreign Power 2d pf.(quar.)
May 2 *Holders of tee. May I
$1.75 May 1 Holders of rec. Apr. 15a
Amer. Gas dr Elec., pref. (guar.)
$1.50 May 1 Holders of reo. Apr. 9
Fire Insurance.
Amer. Light dr Traction, corn. (quar.)
24 May I Holders of rec. Apr. 18a American Equitable Assurance,com.(qu)
74 May 1 Holders of rte. Apr. 20
Preferred (quar.)
14 May 1 Holders of rec. Apr. 1134 Knickerbocker Ins. Co., cons.(quar.).
-- 714 May 1 Holders of rec. Apr. 20
Amer. Natural Gas pref. (quar.)
$1.75 May 1 Holders of rec. Apr. 20a New York Insurance, corn.
(guar.)
6
May 1 Holders of rec. Apr. 20
Amer. Water Wks. dr Elec. corn. (qu.)..._
25c. May 15 Holders of rec. May la Rosales (stk. div.sub). to meet.
Apr.22)- •e 20 May 4
Associated Gas & Elec.. el. A (guar.).--Is) May 1 Holders of rec. Mar. 30
36 preferred (guar.)
$1.50 June 1 Holders of rec. Apr. 30
Miscellaneo
us.
$6.50 preferred (quar.)
1.62)4 June 1 Holders of rec. Apr. 30
Abbott Laboratories, corn.(No. 1)
50c. July 1 Holders of rec. June 20
$5 preferred (guar.)
$1.25 June 15 Holders of rec. May 15
Abitibi Pow. dr Paper,6% pref. (quar.)114 Apr. 20 Holders of reo. Apr. 100
Brazilian Tr.. Lt. Ar Pow., corn.(quar.)
500. June 1 Holders of rec. Apr. 80
Abraham dr Straus. pref.(guar.)
14( May 1 Holders of rec. Apr. 150
Broad River Power pref. (guar.)
May
Holders
1
of rec. Apr. 15
134
Acme Wire, Prof. (guar.)
*2
May 1 *Holders of rec. Apr. 16
Buff. Niagara de East.Pow., 18t pf.(q1L) "31.25
May 1 *Holders of reo. Apr. 15
Adams Mfg.(guar.)
.60e. May I *Holders of rec. Apr. 15
Cape Breton Elec. Co.. Ltd., pref
$3
May 1 Holders of rec. Apr. 18a Adams-Millis Corp., corn.(guar.)
50c. May 1 Holders of rec. Apr. 180
V Central States ElectricFirst and second pref.(guar.)
134 May 1 Holders of rec. Apr. 18
Common (payable In common stock)__ • 1100 Apr. 20 *Holders of roe.
Apr. 16
Allegheny Corporation. pref.(gust.).
31.37)4 May 1 Holders of reo. Apr. 150
Chicago Rapid Transit. pr. pf. A (qu.).- '650. May 1 *Holders of roe. Apr.
16
Allegheny Steel, pref. (qua?.)
•134
June 1 *Holders of rec. May 15
Prior pref., series A (guar.)
"65e. June I *Holders of rec. May 21
Preferred(guar.)
•144 Sept. 1 'Holders of reo. Aug. 15
Prior pref., series B (guar.)
*60e. May I "Holders of roe. Apr. 15
Preferred (quar.)
•134 Dee. 1 *Holders of rec. Nov. 15
Prior pref.. series B (quar.)
*60e. June I *Holders of roe. May 21
Alliance Realty (quar.)
624c. Apr. 20 Raiders of roe. Apr. 60
Cleveland Electric Ilium.. pref. (quar.)_ "114 June 1 *Holders of tee.
May 15
Allied Chem.& Dye Corp., corn.(qu.)-- $1.50 May 1 Holders of rec.
Columbia Gas ,k Elec. new corn.(quar.)
Apr. 110
50c. May 15 Holders of rec. Apr. 200 Allis-Chalmers Mfg.,corn.(quar.)
$1.75 May 15 Holders of rec. Apr. 290
Preferred series A (guar.)
14 May 15 Holders of rec. Apr. 20a Amerada Corp. (guar.)
50c. Apr. 30 Holders of rec. Apr. 15a
Commonwealth-Edison Co. (guar.).
May
- *2
'Holders of rec. Apr. 15
Amer.
Alliance
Investing, 1st pref
75e. May 1 Holders of rec. Apr. 15
Commonwealth Power Corp. corn.(qu.)_
75o. May
Holders of rec. Apr. 120 American Can, corn.(guar.)
750. May 15 Holders of rec. Apr. 300
Common (extra)
51
May
Holders of rec. Apr. 12a
Amer. ChatIllon Corp., pref.(guar.)-- $1.75 May 1 Holders of rec. Apr d20
Preferred (qua?.)..
114 May
Holders of roe. Apr. 12
American Cigar, corn. (guar.)
2
May 1 Holders of rec. Apr. 15
Community Pow.dr it.$6 1st pf.(qu.)-- $1.50 May
Holders of rec. Apr. 20
Amer. Coal of Allegheny Co (gust.)
31
May 1 Apr. 12 to May I
Consolidated Gas of N. V.. Prof ((uar.). $1.25 May
Holders of rec. Mar. 290 Amer.Coming Alcohol. pref.(quar.)Consumers Power. $5 pref.(quar.)
- •1M May 1 *Holders of rec. Apr. 10
$1.25 July
Holders of rec. June 16
Amer. European Securities, pref. (guar.) $1.50 May 15 Holders of rec. Apr. 30
6% preferred (guar.)
14 1July
Holders of rec. June 15
American Founders Corp.
6.6% preferred (quar.)
$1.65 July
Holders of rec. June 15
Common (quar.)
12
May 1 Holders of rec. Apr. 15
7% preferred (quar.)
1)4 ,July
Holders of ree. June 15
Corn.(1-140th share corn, stock)
(f) May I Holders of reo. Apr. 15
6% preferred (monthly)
500. May
Holders of rec. Apr. 15
Corn. (1-10th share corn, stock)
(1) June 10 Holders of rec. May 31
6% preferred (monthly)
500. June
Holders of rec. May 15
First pref. series A (guar.)
8734c May 1 Holders of rec. Apr. 15
6% preferred (monthly)
500. July
Holders of reo. June 15
First pref. series B (qual.)
8714c May 1 Holders of rec. Apr. 15
6.6% Preferred (monthly)
550. May
Holders of reo. Apr. 15
First pref. series D (guar.)
750. May 1 Holders of reo. Apr. 15
6.6% Preferred (monthly)
Holders
55e. June
of rec. May 15
Second preferred (guar.)
6.6% preferred (monthly)
3714c May 1 Holders of rec. Apr. 15
550. July
Holders of rec. June 15
American Glue. pref. (guar.)
Eastern Mass. St. Rys.. pref. B (guar.)2
May 1 Holders of rec. Apr. 20
14 May
Holders of rec. Apr. 15
Amer. Home Products Corp.(monthly)_
First preferred (guar.)
25o. May I Holders of reo. Apr. 15a
1)4 May 15 Holders of reo. Apr. 30
Amer. Ice, corn. (guar.)
Eastern States Power. pref. A (quar.)
500. Apr. 25 Holders of rec. Apr. 5
91.75 May
Holders of rec. Apr. 15
Preferred
(guar.)
Preferred series B (guar.)
14 Apr. 25 Holders of reo. Apr. 5
$1.50 May
Holders of reo. Apr. 15
Amer. Internat. Corp.Edison Elec. III ,Boston (quar.)
3
May
Holders of rec. Apr. 10
Common (stock dividend)
Electric Bond d Share pref. marl_
re2
Oct. I
1% May
Holders of rec. Apr. 15
Amer. Laundry Mach., corn. (guar.)
Electric Inveetors, Inc., $6 pref. (qu.)__ $1.50 May
*51
June 1 *Holders of reo. May 200
Holders of rec. Apr. 15
Quarterly
Electric Power & Lt.. con..(guar.)
*51
June 1 *Holders of reo. May 20
Holders of rec. Apr. 130 Amer. Machine dr Fdy..
250. May
coin. (gust.).. $1
Allotment ctf.. 50% paid
May I Holders of tee. Apr. 19a
614e. May
Holders of reo. Apr. 130
Preferred (guar.)
Allotment Mrs. full paid
11( May . Holders of tee. Apr. 190
124c May
Holders of rec. Apr. 134 American Manufacturing. corn.
Empire Gas & Fuel6% pref.(mthly.)_ 0500. May
750. July 1 Holders of roe. June 15
(guar.).
*Holders of reo. Apr. 15
Common (guar.)
6ti% preferred (monthly)
750. Oct. 1 Holders of reo. Sept. 15
•54 143e May
*Holders of reo. Apr. 15
Common (guar.)
7% preferred (monthly)
750. Deo, 81 Holders of reo. Dee. 15
•58 1-3c May
*Holders of reo. Apr. 15
Preferred (guar.)
g% preferred (monthly)
11( Mar. 31 Holders of reo. Mar. 15
•662-30 May
*Holders of roc. Apr. 15
Preferred (guar.)
Fall River (las Works(quar.)
11(
July 1 Holders of rec. June 15
750. May
Holders of tea. Apr. 188
Preferred (guar.)
Foreign Power Securities Corp. pf.(qu.). 114
11( Oct. 1 Holders of rec. Sept. 15
May 15 Holders of reo. Apr. 30
Preferred (guar.)
Grand Rapids RR. pref.(guar.)
134 Dec. 31 Holders of rec. Dee. la
134 May 1 Holders of rec. Apr. 15
American Meter (guar.)
Hartford Electric Light (guar.)
'51.25 Apr. 30 *Holders of rec Apr. 17
'6841c May 1 *Holders of reo.
American Rolling MillHavana Elec. dr UtIlitles 1st pt. (qu.)___ •31.50 May 15 *Holders of rec. Apr. 20
Apr. 20
Common (payable in common stock).. *15
Cumulative preference (guar.)
July 30'Holders of rec. July 1
•31.25 May 15 *Holders of rec. Apr. 20
Amer.Shipbuilding,corn.(guar.)
2
Illinois Northern Ctn. pref. (guar.)._
Holders of rec. Apr. 151
May
•I
May i *Holders of reo. Apr. 15
Preferred (guar.)
144 May
Illinois Power & Light V) pref. (quar.)__ $1.50 May 1 Holders of
Holders of rec. Apr. 15a
rec.
Apr. 15
Amer. Smelt. & Refg., corn. (quar.)..,.. 51
Internal. Utilities. $7 pref. (guar.)
May
Holders of rec. Apr. 12a
$1.76 May 1 Holders of roe. Apr. 180
Preferred
(guar.)
14(
Italian Superpower Corp. pref.(guar.)-- $1.50 May 1 Holders
June
Holders of reo. May 30
rec.
of
Apr.
15
Amer.
Solv.
& Chem., partio. pt. (extra) *$1.50 May
Knoxville Pow.& Light $7 pref.(quar.)_ $1.75 May 1 Holders of reo.
*Holders of reo. Apr. 10
Apr. 20
Amer. Steel Foundries, corn. (quar.).__
750. Apr. 1
$6 preferred (guar.)
Holders of rec. Apr. la
$1.50 May 1 Holders of rec. Apr. 20
Amer. Thermos Bottle corn. A (quar.). 025o. May
*Holders of rec. Apr. 20
LOW( Island Lighting. Isom.(guar.)
10c. May 1 Holders of reo. Apr. 18
Amer. Vitrified Products, pref. (guar.). 14( May
Massachusetts Gas Coe.rem.(guar.).
Holders
of reo. Apr. 20
1% May 1 Holders of rec. Apr. 15
Amrad Corp., corn. (guar.) (No. 1)... *25o. July
Mexican Light dr Power preference
*Holders of reo. June 20
314 May 1 Holders of roe. Apr. 20
AnacondaCopper Mining (guar.)
51.75 May 2 Holden of rec. Mar. 290
4% second pref.($5 par value)
be. May I Holders of rec. Apr. 20
Anaconda Wire & Cable (qu.)(No. 1)__ "75c. May
Milwaukee Elec. Ity. St Light. p1.(quar.) 14 Apr. 30 Holders
*Holders of rec. Apr. 16
of rec. Apr. 20a
Andes Copper Mining (quar.)
7543. May
Mississippi Valley Utilities. InvestmentHolders of rec. Mar. 290
Apollo Magneto Corp.. pref.(quar.)
$1.75 May
Holders of rec. Apr. 20
Prior lien pref.(guar.)
$1.50 May I Holders of rec. Apr. 15
Archer-Daniels-Midland Co.Montreal L. Ht.& Pow. Cons.(quar.)
60e. Apr, 30 Holders of ree. Mar. 31
Common
(No.
1)
*50e. May
*Holders of rec. Apr. 20
Mountain States Power, pref. (quar.)___
14( Apr. 20 Holders of rec. Mar. 31
Preferred (War.)
•1"( May
*Holders of rec. Apr. 20
Municipal Service. pref.(quar.)
14 May I Holders of rec. Apr. 15
Armstrong Cork (guar.)
•374,3 July
National Elec. Pow. Co., corn. A (qu.)_ _
*Holders of rec. June 15
450. May 1 Holders of rec. Apr. 20
Extra
"12140 July
National Power & Light. 16 pref.(guar.) $1.50 May 1 Holders of rec.
*Holders of rec. June 15
Apr. 13
Art Metal Works. Inc., corn. (quar.)..
"60o. May
Nevada Calif Elec. Corp.. pref.(quar.). 144 May 1 Holders of rec.
"Holders of rec. Apr. 19
Associated Apparel IndustriesNorth Amer. Gas & EL. class A (guar.). "40c. May 1 *Holders of rec. Mar. 30
Apr.
20
Common (monthly)
33ree, May
Northern N.Y. Utilities. Piet. (quar.)-Holders of reo. Apr. 19a
1M May I Holders of rec. Apr. 15
Common (monthly)
3311e.,June
Northern States Pr.(Del.), corn. A (qu.) 2
Holders of roe. May 21a
May 1 Holden; of rec. Mar. 31
Common (monthly)
3.3reo.luly
Seven per cent pref. (guar.)
Holders of rec. June Ha
IM Apr. 20 Holden; of rec. Mar. 31
Associated Dry Goods corn.(guar.)
Six per cent pref.(guar.)
620. May
Holders of rec. Apr. I3a
134 Apr. 20 Holders of rec. Mar. 31
First
preferred
(quar.)
Ohio Edison Co.6% pref. (qitar.)
14 'June
Holders of rem. May ha
14 June
Holders of rec. May 15
Second preferred (guar.)
14( 'June
6.6% preferred (quer.)
Holders of rec. May 1la
1.65 June
Holders of rec. May 15
Atlantic Gulf & West Indies 8.8. Lines.
7% preferred (guar.)
144 June
Holders of rec. May 15
Preferred
(guar.)
$1
June 2 Holders of ree. June 100
5% Preferred (guar.)
1.11 June
Holders of rec. May 15
Preferred (guar.)
6% Preferred (monthly)
$1
Sept.SO Holders of rec. Sept. 100
500. May
Holders of rec. Apr. 15
Preferred (guar.)
81
6% preferred (monthly)
Deo. 3 Holders of roe. Dee. 110
50c. June
Holders of rec. May 15
Atlantic & Pacific Int. Corp.,PL (gu.)
750. May
6.6% preferred (monthly)
-Holders of rec. Apr. 15
BSc. May
Holders of reo. Apr. 16
Atlantic Refining, pref.(guar.)
14( May
Holders of rec. Apr. 150
6.6% preferred (monthly)
550. June
Holders of reo. May 15
Atlas
Powder.
pref.(quar.)
14 May
Pacific Lighting, corn. (guar.)
Holders of reo. Apr. 19a
"750. May 15 *Holders of reo. Apr. 30
Babcock dr Wilcox Co.(guar.)
•13( July
*Holders of rec. June 20
$5 preferred (guar.)
"31.25 May 15 *Holders of rec. Apr. 30
Balaban & Katz, coos.(monthly)
•25c. MAY
Pacific Pub. Serv., corn. A (guar.)
"Holders of rec. Apr. 20
83234c May
Holders of rec. Apr. 10
Common (monthly)
•25c. June
*Holders of roe. May 20
Penn-Ohio Edison. corn.(guar.)
25e May
Holders of rec. Apr. 15
Common (monthly)
•250. July
'Holders of reo. June 20
Common (1-50 share common stock)__ (f) May
Holders of reo. Apr. 15
Bamberger (L.)& Co..6)4% pt.(qu.)._
14 June
7% prlor pref. (quar.)
Holders of roe. May 130
144 June
Holders of rec. May 15
6)4% preferred (guar.)
1
Sept. 2 Holders of reo. Aug. 120
Penn.-Ohio Pow. dr Lt., $6 prof. (a11.)-- 51.50 May
Holders of rec. Apr. 20
% preferred (guar.)
1
Dee, 2 Holders of rec. Nov. lb
144 May
7% Preferred (quar.)
Holders of rec. Apr. 20
Bancroft(Joseph) dc Sons Co.. Prof.(qu.) 134
Apr. 30 Holders of rec. Apr. 15
7.2% preferred (monthly)
60e. May
Holders of rec. Apr. 20
Bankers Capital Corp.. Pref.(guar.).-- •52
July 15 *Holders of roe. July 1
6.6% preferred (monthly)
55e. May
Holders of rec. Apr. 20
Preferred (guar.)
912
Oct. 15 *Holders of rec. Sept.30
Philadelphia Company, corn. ((Mara- 51
Apr. 30 Holders of rec. Apr. la
Preferred (guar.)
*32
Jan15'30 *Holders of roc. Dec. 31
Common (extra)
75e. Apr. 80 Holders of rec. Apr. In Barnsdall Corp., el. A & B (guar.)
500. May 6 Holders of tee. Apr. an
6% preferred
51.50 May 1 Holders of rec. Apr. la Belding-Corticeill. corn. (guar.)
14 May 1 Holders of roc. Apr. 15
Phila. Rapid Transit, corn.(guar.)
Apr. 30 Holders of rec. Apr. 15a Berkshire Fine Spinning Associates
$I
Preferred (guar.)
134 May 1 Holders of rec. Apr. la
Common (gnar.)
750. June 1 Holders of rec. May 15
Power & Light Securities Trust
50c May 1 Holders of rec Apr. 15
Convertible preferred (guar.)
June 1 Holders of roe. May 15
Public Serv. Corp. of N..1., pf.(mthly.)
Apr. 30 Holders of rec. Apr. 5
Bessemer Limestone & Cam.,cl. A (qu.). 14(
75c. May 1 Holders of rec. Apr. 20
Pirellis Service of Northern IllinoisBethlehem Steel,cote
Si
May
Holders of reo. Apr. 19a
Common $100 par (guar.)
*2
May
'Holders of rec. Apr. 15
Bigelow-Hartford Carpet, prof.(quar.). •14 May 15 *Holders
1
of rec. Apr. 18
Common no par (guar.)
*Holders of rec. Apr. 15
May
*32
Preferred (guar.)
•14 Aug. 1 'Holders of reo. July 18
6% Preferred (guar.)
•114 May
*Holders of rec. Apr. 15
Preferred (guar.)
'1%
Nov.
*Holders
1
tee. Oot. 18
of
7% Preferred (quar.)
•141 May
*Holders of rec. Apr 15
Bird & Sons,(no., Prof.(guar.)
•1M May 1 *Holders of rec. Apr. 25
Public Util. Recur., porde. pref.(guar.). 1.62)4
Holders of rec. Apr. 19
Hillman Elect. Co.. corn.(guar.)
May
•500. May 1 *Holders of rec. Apr. 15
Participating preferred (extra)
1214c Mar.
Holders of rec. Apr. 19
$7 preferred (guar.)
*$1.75 May 1 *Holders of rec. Apr. 15
Rhode laid. Pub.Serv.. cl. A (guar.)
Holders of rec. Apr. 18
May
Bloomingdale Bros., pref. (qual.)
---- $1
141 May 1 Holders of rec. Apr. 20a
Preferred (guar.)
50c May
Apr. 19 to Apr. 30
Boa Ami Co., corn. A (guar.)
51
Apr. 30 Holders of rec. Apr. 15n
Sierra Pacific Elec. Co.. corn.(qua?.)...
Holders of rec. Apr. 15a Borden Co.(guar.)
50c May
51.50 June
Holders of reo. May 15
Preferred (guar.)
Holders of rec. Apr. 15a British Celanese. Ltd.. 1st pref
1),5 May
*334 Apr. 30
Southeastern Power & Light. corn.(qu.) (k) Apr. 20 Holders of roe. Mar. 30
Participating preferred
•334 Apr. 30
Southern Calif. Edison, corn.(quar.)_
2 May 15 Holders of rec. Apr. 200 British Typo Investors, Inc.---Southern California Gas, corn. (special).
Apr.d29 Holders of rec. Apr. 12
Class A (bi-monthly)
55e. June 1 Holders of rec. May
Southern Colorado Pow., corn. A (qu.)__ $150c. May
25 Holders of rec. Apr. 30
Broadway Dept. Stores, 1st pf. (gu.)
•14( May 1 *Holders of rec. Apr. 1
Southwest Gas Utilities. pref.(guar.)12
1.62)4 May 1 Holden of rec. Apr mi
-5
Brockway
Motor Truck, corn. (guar.)._
75c. May 1 Holders of reo. Apr.
Standard Gas & Elec., corn.(quar.)_._ 87140. 5p . 5 Holde
15a
Holders
of
rec.
Mar. 31
Apr. 2
Brown Shoe. pref. (quer.)
1M May 1 Holders of rec.
Prior preference (quar.)
Apr. 20a
Holders of rec. Mar. 31
134
Brunswick-Ba
lke-Collende
r.
corn.
750.
(on.).
May
15
Standard Pow. eir Light. pref.(quar.)
Holders of rem. Apr. 250
$1.75 May 1 Holders of re.e Apr. 16
Buckeye Pipe Line (guar.)
$1
June 15 Holders of rec. Apr. 22
Unit. Lt.& Pow.,old cl. A & B com.(qu.)
600. May 1 Holders of rec. Apr. 154
Extra
$1
June 15 Holders of rec. Apr. 22
New class A & B corn.(guar.)
I2o. May I Holders of rec. Apr. 150 Bunte Bros.. pref.(guar.)
•14( May 1 *Holders of rec. Apr. 24
Utility Shares Corp., corn
30e. May 1 Holders of rec. Apr. 15
Burroughs Adding Mach. (guar.)
75e. June 10 Holders of rec. May He
Western Pow. it. & Tel., partio. A fats.) *50o. May 1 Holders of rec. Apr.
15
Bush Terminal Co.. corn.(qua?.)
500. May 1 Holders
West Penn Elec. Co.,7% pref.(guar.)._ 14 May 15
Holders of reo. Apr. 20a
Common (Payable in common stock)._ 1114 May 1 Holders of reo. Mar. 290
6% preferred (guar.)
Of roe. Mar.290
134 May 15 Holders of rec. Apr. 20a Byers(A. M.) Co.. prof. (quer.)
14 May 1 Holders of roe. Apr. 164
Name of Company.
APRIL 20 1929.]
Name of Company.
2585
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Boole Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Boots Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
75c. May 1 Holders of rec. Apr. 154
General Mills, Inc., corn. (guar.)
June 15 *Holders of rec. May 31
*51
California Packing (guar.)
144 May 1 Holders of rec. Apr. 86
15
Apr.
Motors,6% pref.(guar.)
rec.
of
General
Holders
1
May
1.6234
campe Corp.,cony. pref.(guar.)
May 1 Holders of rec. Apr. 8.
(guar.)
134
8% deb. stk.
6234c May I Holders of rec. Apr. 19
Canadian Bronx. corn. (guar.)
144 May 1 Holders of rec. AM. 8a
7% pref.(guar.)
$1.75 May 1 Holders of rec. Apr. 19
Preferred (guar.)
May 1 "Holders of rec. Apr 10
1.3744
(Qu.--"S
Serv.
$5
15
Corp.
Pub.
May
Gen.
rec.
of
Canadian Car & Fdy.. corn. (guar.).- 144 May 30 Holders
*S1.50 May 1 'Holders of rec. Apr. 10
$6 preferred (guar.)
75e May 1 Holders of rec. Apr. 15
Canadian Dredge & Dock corn.(gust.)
75e. Apr. 25 Holders of rec. Apr. 80
(guar.)
Refractories
15
Apr.
General
rec.
of
Holders
1
May
134
Preferred (guar.)
50e. Apr. 25 Holders of rec. Apr. 80
Extra
"250. Apr. 30 *Holders of rec. Mar. 30
Canadian Industries, Ltd. (extra)
25e. Apr. 25 Holders of rec. Apr. 86
Adjustment dividend
51.75 June 30 Holders of roe. May 20
Canfield 011, corn.& pref.(guar.)
May I "Holders of rec. AM. 15
.500.
corn.
Corp.,
(go.)
Yards
Stock
20
Aug.
General
roe.
of
Holders
51.75 Sept. 30
Common & preferred(guar.)
May 1 *Holders of rec. Apr. 15
*$1
Common (extra)
51.75 Dec. 31 Holders of roe. Nov. 20
Common & preferred (gnu.)
.$1.50 May 1 'Holders of roe. Apr. lb
15
Apr.
(guar.)
rec.
preferred
56
of
"Holders
2
May
*744e
Omar.)
Capital Realty Associate
1 Holders of rec. Apr.419
May
$1
common
Rubber
(guar.).
&
Tire
19
Apr.
General
rec.
50c May 1 Holders of
Carrier Engineerinv.cony. pref.(guar.).'75c. Apr. 30 *Holders of rec. Apr. 15
Gilchrist Company (guar.)
75e May 1 Holders of rec. Apr. 19
Castle (A. M.)& Co. (guar.)
$1.25 June I Holders of rec. May 16
Razor
Safety
19
(guar.)
Apr.
Gillette
rec.
of
Holders
I
May
250
Extra
144 May 1 Holders of rec. Apr. 1541
Gimbel Bros.. pref.(guar.)
51.75 June 1 Holders of rec. May 10
Celluloid Corp.. let partic. pref
Oct. 1
laddIng,McBean& Co..com(In corn stk) '2
$L75 June 1 Holders of rec. May 18a
Century Ribbon Mills. pf.(guar.)
June 15 *Holders of rec. June 1
*$1.75
Inc.
Stores
pref.
(.311.)M.)
110
(S.
Apr.
Goldberg
rec.
of
51.50 May 1 Holders
Cerro de Pasco Copper Corp.(guar.)
1,4 May
Holders of rec. Apr. 170
Apr. 29 Holders of rec. Apr. 15a Gold Dust Corp.common
El
Certo Corporation
Holders of rec. May 10a
June
Goodrich (B. F.) Co., corn. (gust.).... $1
•50c May 1 "Holders of rec. Apr. 18
Charts Corp., corn.(rpm.)
Holders of rec. June 10
July
144
Apr.
(guar.)
18
Preferred
*25c May 1 *Holders of rec.
Common (extra)
Holders of roe. May 1
50o. June
Gorham Mfg., corn.(guar.)
25c May 15 Holders of rec. May I
Chelsea Exchange Corp., cl. A & B (gu.)
Holders of rec. Aug. 1
Sept.
50c.
(guar.)
15
Apr.
Common
rec.
of
"Holders
'623.4c May 1
Cherry Burrell Corp.. corn.(guar.)
Holders of rec. Nov. I
50c. Dec.
Common (guar.)
"$1.75 May 1 *Holders of rec. Apr. 15
Preferred (guar.)
Holders of roe. May. I
June
fb
common
stock).
in
(payable
150
Apr.
Common
rec.
of
Holders
1
May
pf.(qu
Chic. Wiirningt.& Franklin Coal,
134
of roe. May 15
Holders
June
134
(guar.)
preferred
190
First
250. May 1 Holders of rec. Apr.
Chicago Yellow Cab (monthly)
Holders of rec. Apr. 126
134 May
25e. June I Holders of rec. May 200 Gotham Silk Hosiery, 7% pref. (guar.).
Monthly
of rec. Apr. 126
May
Holders
$1.75
&
Sm.
Pow.
(011.)M.
100
Consol.
June
Granby
rec.
of
Holders
75o. July 1
Chickasha Cotton 011 (guar.)
87340 Apr. 22 Holders of roe. Mar. 29s Grand (F.& W.) 5-10-25 Cents Stores
Chile Copper Co.(guar.)
25c. Apr. 20 Holders of tee. Apr. lba
(guar.)
31a
Common
May
rec.
of
Holders
29
June
750
Chrysler Corporation (guar.)
134 May I Holders of rec. Apr. 126
Preferred (guar.)
Holders of rec. Apr. 15
34 May
Cities Service. common (monthly)
$1.25 Apr. 30 Holders of reg. Apr. 50
Great Northern Iron Ore Properties
Holders of 'roe. Apr. 15
/ Se May
Com.(payable in common stock)
•75c. May 15 *Holders of rec. May 1
(guar.)
pref.
5%
ureenway
Corp..
15
Apr.
roe.
of
Holders
May
50c
Preferred and preference BB (mthly.)
•75e. Aug. 15 "Holders of roe. Aug.
Holders of red. Apr. 15
5% preferred (guar.)
Sc.May
Preference B (monthly)
•75e. Nov. 15 'Holders of rec. Nov. '
5% preferred (guar.)
Holders of ree. Apr. 150
87343 May
City Stores Co., class A (guar.)
*50c. June 1 'Holders of rec. May 20
(guar.)
common
20
Watch
Apr.
Gruen
tee.
of
'Holders
Claude Neon Elec. Prod., corn. (gu.) -- '200 May
*50c. Sept. 1 'Holders of rec. Aug. 21
Common (guar.)
Apr. 25 Holders of rec. Apr. 15
51
Cleveland-Cliffs Iron (guar.)
*50c. Dec. 1 *Holders of rec. Nov.20
16
May
Common
tee
I
(guar.)
id
*Holders
June
'50c
Cleveland Stone, common (guar.).- - *50c. M'rl'30'Hold,of rec. Feb. 18'30
ill
Common (guar.)
.50e sent 1 "HrodPrs nt roe Aug
Common ((mar )• - el% May 1 *Holders of roe. Apr. 20
Preferred (guar.)
Cluett, Peabody & Co., Inc., corn. (oil.) 51.25 May 1 Holders of rec. Apr. 20a
•jei Aug. 1 *Holders of rec. July 21
15
Apr.
rec.
of
Holders
(guar.)
1
May
Preferred
3734c
Cockshutt Plow Co.. Ltd. (guar.)
Nov. 1 *Holders of rec. Oct. 21
Preferred (guar.)
6234c.July 1 Holders of tee. June 15
Cohn-Hall-Marx, corn. (guar.)
•13.4 Febl'30'Hold, of rec. Jan. 21 '30
Preferred (guar.)
Colgate Palmolive Peet Co. Pref.(guar) 11,4 July I Holden of rec. June 8
1 Holders of rec. June 150
July
(guar.)
pref.
Steel,
7
Gulf States
1M Oct. I Holden; of rec. Sept.
Preferred (guar.)
144 Oct. I Holders of rec. Soot.160
Preferred (guar.)
lie Jan110 Holders of rec. Dee. 7
Preferred 'guar.)
Jan 2'30 Holders of rec. Dee. 160
11,4
17a
Apr.
rec.
of
...Holders
(guar.)
I
May
Preferred
$t
Columbian Carbon (guar.)
250 May 1 Holders of rec. Apr. I7a Hall (W.F.) Printing common (gust.).. •25c. Apr. 30 "Holden of rec. Apr. 20
Extra
Hamilton Bank Note Engraving of Ptg.
134 May 16 Holders of tee. May 10
Community State Corp., A & B Bluar./'73.4c May 15 *Holders of roe. May 1
Common (guar.)
134 Sept. 2 Holders of rec. Aug. 28
Class A & B (guar.)
1% May 1 Holders of rec. Apr. 15
Hamilton Bridge 1st pref. (guar.)
134 Dec. 81 Holders of roe. Der. 20
Class A & B (guar.)
"25e. May 15'Holders of rec. Apr. 30
(guar.)
common
Paper,
Hammermill
rec.
25
of
8
Apr.
Apr.
Holders
150
(go.)
corn.
Conn. Cash Credit Corp.,
1% Apr. 20 Holders of roe. Apr. 10a
(guar.).
met.
Harbison-Walker Refract..
(1) Apr. 25 Holders of rec. Apr. 8
Corn.(1-100 share pref. stock)
*75c. May 15 *Holders of rec. May 1
Hartford Times, Inc., partic. pt.
150 Apr. 25 Holders of rec. Apr. 8
Preferred (guar.)
May 31 'Holders of rec. May 15
*2
(go.)
Inc..
Marx,
COM.
&
Hart,
Schaffner
Apr.
rec.
25
of
8
Apr.
Holders
15e
Preferred (extra)
ee2
July I *Holder, of rec. June 25
Hayes Body Corp.(guar.) (pay. In eta.) •,„2
Preferred (1-100share pref.stock) - U) Apr. 25 Holders of rec. Apr. 8
Oct. I *Holders of rec. Sept.25
stock)
In
(payable
of
15
Quarterly
Apr.
*Holders
rec.
15
May
&
Corp.
Bond
Share
Pt.(qu.)
Consol.
'134
ee2
Jan 230'Holders of rec. Dee. 24
Quarterly (payable In stock)
Consol. Cigar Corp., prior pref. (gu.)...5 1.6234 May 1 Holders of rec. Apr. 18a
500. May I Holders of rec. Apr. 10
Heyden Chemical coin.(No. 1)
*2 Apr. 25 'Holders of rec. Apr. 15
Consolidated Royalty 011 (guar.)
Apr. 26 Holders of rec. Apr. 19
350.
lete&Co.(mthly.)
Bur
Spencer.
Hubbard.
rec.
30
of
ciApr.154
Holden(
20e Apr.
Continental Motors Corp.(guar.)
35c. May 3 Holders of rec. May 24
Monthly
060e Nov. 1 *Holders of rec. Oct. 10
Coon (W. B.) Co., cons
35e. June 28 Holders of rec. June 21
Monthly
'70e May 1 *Holders of rec. Apr. 10
Common
Apr. 2 Holders of rec. Apr. 5
Hollinger Cons. Gold Mines(monthly)..
*70e Aug. I *Holders of rec. July 10
Common
Holders of rec. Apr. 15
134 May
Holly Sugar Corn., pref. (guar.)
"144 Nov. 1 *Holders of rec. Oct. 10
Preferred
Apr. 25 Holders of rec. Apr. 200
50e.
(monthly)
Mining
Homestake
"144
tee.
1
May
Apr. 10
*Holders of
Preferred
May
Holders of rec. Apr. Go
62
(qual.)..
Horn Az ilardart of N.Y.corn.
•144 Aug. 1 *Holders of rec. July 10
Preferred
•50c. May I *Holders of rec. Apr. 15
50c Apr. 20 Holders of rec. Apr. la Runt Bros. Co. (guar.)
Corn Products ltefg.. corn. (guar.)
of rec. Apr. Ma
May
Holders
I
50a.
(guar.)
Hupp Motor Car
AIN May 28 Holders of tee. May 13
Coty. Inc., stock dividend
Holders of rec. Apr. lea
02)4 May
Stock dividend (guar •1
0134 Aug. 27 Holders of rec. Aug. 12
Stock dividend
1 Holders of rec. Apr. 15a
May
e234
dividend
(guar.)
Stock
12
Nov.
al% Nov. 27 Holders of rec.
Stock dividend
e234 Aug. 1 Holders of rec. July 15.z
Stock dividend (guar.)
Cox Baking Inc., pref.(acct. accum div.) f18 Apr. 25 Apr. 16 to Apr. 19
e214 Nov. 1 Holders of tee. Oct 154
Stock dividend (guar.)
25e July 1 Holders of rec. June 20a
Crosley Radio, con.(guar.)
*2
July 2
(guar.)
Erie
&
Mortgage
Crucible Steel,corn.((mar.)
134 Apr. 30 Holders of ree. Apr. 15a Huron
Oct.
'2
Quarterly
May 1 Holders of rec. Apr. 20
3
Cudahy Packing, 6% preferred
July 1 'Holders of roe. July
"60c.
(qual.)
Brick
Illinois
roe.
20
Apr.
of
314 May 1 Holders
7% Preferred
Oct. 1 "Holders of roe. Oct. 3
*60.
Quarterly
•144 June 15 'Holders of rec. June 1
Cuneo Press. pref.((mar.)
Industries
Chemical
1
Sept.
Imperial
roe.
*Holders
•144
15
of
Sept.
Preferred ((mar.)
e5
'Holders of rec. Apr. 18
June
stock
reg.
ord.
rote.
Amer. dep.
50c May 2 Holders of rec. Apr. 20a
Curtis Publishing, corn.(monthly)
*Holders of roe. Apr. 15
*e50 May
Incorporated Investors (stock diva
"250 May I *Holders of roe. Apr. 18
Davega, Inc. (guar.)
Holders of rec. Apr. 156
50c.
30
Apr.
corn.
-Gas,
&
(guar.)
011
Independent
tee.
18
Apr.
of
*adders
I
*Tho May
Extra
Holders of roe. Apr. 26
$1
15
May
Indiana Pipe Line (guar.)
Decker (Alfred)& Cohn,Inc., pref.(gu.) •144 June I *Holders of rec. May 22
$1
May 15 Holders of roe. Apr. 28
22
Aug.
tee
Extra
of
'Holders
I
Sept.
15(
•
Preferred (guar.)
Holders of rec. Apr. 19
May
Industrial Finance Corp., 7% pref.(gu.)
May I Holders of rec. Apr. 20
52
Dennison Manufacturing, deb. etk.
Holders of rec. Apr. 19
134 May
Six per cent pref.(guar.)
134 May I Holders of rec. Apr. 20
Preferred (guar-)
May
Holders of roe. Apr. 19
El
(guar.)._
Machinery
Cigar
International
May
roe.
of
20
*Holders
1
June
•35c1
Dexter Company (guar.)(No. 1)
July
'250.
_
(guar.)
corn
June 15 Holders of rec. May 3I0 Int. Cont. Invest. Coro.
2
Diamond Match (gar.)
Holders of tee. Mar.so:
May
internat. Educational Publishing. Prof.. $1
Direction der Disconto-Desellechaft(Berl in)
Holders of rec. Apr. 20
Int. Nickel of Canada, pref.(qu.)(No.1) 51.75 May
May 25 Holders of coupon No.3
Amer.shs.(subject to meeting Mar.25) 10
of rec. May 20
Holders
June
25e.
25e. Apr. 20 Holders of rec. Mar. 30a International Perfume, corn.(No. 1)...
Dome Mines, Ltd.(guar.)
64.93 May 15 Holders of rec. May 4
Preferred (No. 1)
July 15 Holders of rec. July 16
el
Dunhill Internat. (stock dividend)
of rec. Apr. 15a
Holders
May
6234e
corn.
Ink.
(guar.)
Printing
Oct. lo Holders 01 rec. Oct. 1. International
si
Stock dividend
Holders of rec. Apr. 156
134 May
Preferred (guar.)
DuPont(E. I.) de Nem. & Co.
of rec. May 10
Holders
600.
June
(go.)....
A
class
Razor
Safety
of
10o
Apr.
Holders
Internat.
rec.
134 Apr. 25
Debenture stock (goar.)
Holders of rec. May 106
50c June
ClassB Mar./
Eastern Bankers Corp. pref.(guar.).-- 51.75 May 1 Holders of rec. Apr. 1
Ilolders of rec. May 100
250. June
Class 13 (extra)
51.75 Aug. 1 Holders of rec. July 1
Preferred (guar.)
Holders of rec. Apr. 15
International Shoe. pref. (monthly).... 50c. May
51.75 Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
'Holders of rec. May 15
*500 June
$1.75 Febl'30 Holders of rec. Dee. 31
Preferred (monthly)
Preferred (guar.)
of tee. June 15
"Holders
July
*50o
(monthly)
1
May
pf.
Holders
of
(go.)
Preferred
$1.75
by.
rec.
partio.
30
Corp.
Mar.
Eastern Ut11.
*Hoiden of reo. July lb
'50e Aug
Preferred (monthly)
$1.50 June 1 Holders of rec. Apr. 30
$6 preferred (guar.)
*Holders of roe. Aug. 15
*500 Aept.
51.75 June I Holders of rec. Apr. 30
Preferred (monthly)
$7 preferred (guar.)
*Holders of me. Sept. 15
0500 Oct.
750. May 1 Holders of rec. Apr. 15a
Preferred (monthly)
Eaton Axle & Spring. MM.(gust.)
*50e Nov. "Holders of tee. Oct. 15
"25c. Apr. 25 *Holders of rec. Apr. 10
Preferred (monthly)
Electric Household Utilities(guar.)
*Holders of roe. Nov. 15
Dec.
"50c
Apr.
(monthly)
25
of
'Holders
rec.
'elk
10
Preferred
Apr.
dividend
Stock
*1500 Jan I'M "Holders of rec. Dec. 15
-May 1 Holders of rec. Apr. 17
Preferred (monthly)Electric Shovel Coal Corp. partic.pf.(gu) $1
(I) Apr, 25'Holders of rec. Apr. 20
rcts
.
'6234c May 1 *Holders of rec. Apr. 16
Isotta Fraschlrn Co. Am. dep.
Elgin National Watch (guar.)
.400. Apr. 25 'Holders of rec. Apr. 10
Joint Security CorpEmsco Derrick de Equip.((mar.)
Holders of rec. Apr. 20
May
/I
50c. May
Coin.(payable in aom.stock)
Holders of roe. Apr. 15
Enamel & Heating Products, Ltd., OW
Aug I Holders of reg. July 20
Ti
51
May
Corn.(payable In cow.stock)
Holders of ree. Apr. 15a
Eureka Pipe Line (guar.)
Holders of rec. Oct. 20
I
Nov
fl
$1
May
Corn.(payable In corn stock)
Holders of rec. Apr. 20
Eureka Vacuum Cleaner (guar.)
•15c June 30 *Holders of roe. June 20
"e9
Oct.
Kalamazoo Vegetable Parchment
Holders of roe. Sept. 20
Evans Auto Loading,stock dividend.
of rec. Sept.20
'Holders
3i
Sept.
Ific
•
Apr,
3754c
30
(quar.)
Corp.
Holders
rec.
of
15a
Apr.
Quarterly
Exchange Buffet
•15c Dec. 31 'Holders of rec Dee. 21
Quarterly
Holders of rec. Apr. 200
600 May
Fair (The), corn.(guar.)
370 Apr 29 Holders of rec. Apr. 10a
*60c Aug.
Kaufman Dept. Stores corn.(guar.).*Holders of rec. July 20
Common (guar.)
.62A July 15 *Holders of rec. June 30
134 May
Holders of rec. Apr. 20a Kawnee Company (guar.)
Preferred (guar.)
*62;i Oct. 15 'Holders of rec.•Sept. 3.0
•1 fe Aug.
Quarterly
*Holders of rec. July 20
Preferred (guar.)
'623.4e JanI5'30 *Holders of rec. Dec. 31
r.)._
lie
(gua▪
roe.
May
Apr
pref.
of
Quarterly
'Holders
Associates,
18a
Fashion Park
*Holders of roe. June 20
•1214e hlily
Kaynee Co.. common (extra)
Federated Business Publications pf.(gu.) *50c Apr. 30 *Holders of rec. Ape. 15
Holders of rec. Apr. 15a
$1.25 May
Kayser (Julius) Az Co.. corn. (guar.)
Federated Capital Corp., corn.(qua_ "3744c May 3 *Holders of rec. May 15
Holders of rec. Apr. 19
May
134
'6234c May 3 *Holders of rec. May 15
Kelsey-Hayes Wheel. Prof. (guar.)
Corn. (payable in corn. stock)
Holders of rec. May 10a
$1.50 June
'3734c May 3 Holders of rec. May 15
Kendall Co.. pref.(guar.)
Preferred (quar-)
Holders of rec. May 100
250.
June
July
B
15
Holders
of
1734c
(Participating
rec.
A
5
corn.
(qL)
July
&
dividend)
Preferred
Finance Co. of Amer..
Holdem of roe. June 154
51.75 July
4334c July 15 Holders of rec. July 5
Knox Hat, prior pref.(guar.)
7% pref. (guar.)
Holders of roe. Sept.166
Oct.
$1.75
52
Apr.
20
(guar.)
Holders
corn.
of
(guar./rec.
10
Prior
Apr.
preference
Rubber.
&
Firestone Tire
Holders of rec. May lbel
75e June
$1.75 May 15 Holders of roe. May 1
Participating Prof.(guar.)
First Federal Foreign Bkg. Corp.(gu.)
75e Sept. 3 Holders of roe. Aug. 154
Participating pref.(goer.)
Ilitsaimmons & Council Dredge dr Dock,
Holders of roe. Nov. 15a
2
Dec.
75o
(qual.)
(f)
1
June
pref.
Participating
corn.
stk.)
Corn.(I-40th share
25e May 1 Holders of roe. Apr. 20a
(f) Sept. 1
Kress(S. H.)& Co. corn.(guar.)
Corn.(1-40th share coin.stk.)
•15c. May 1 'Holders of rec. Apr. 20
(.6 Dee.)
Special preferred (guar.)
Corn.(140th share corn.stk.)
34 July 1 Holders of rec. June 15a Kroger Grocery & Baking, 2d pref.(qu.) '1M May 1 "Holders of rec. Apr. 15
Florsheim Shoe. pref. (guar.)
•50e. Apr. 30 *Holders of rec. Apr. 15
•60e Apr. 20 *Holders of rec. Apr. 10
Lakey Foundry & Mach.(guar.)
Franklin (H. It.) Mfg., corn.(qua?.)
ee2st Apr. 30'Holders of rec. Apr. 16
May
*Holders of rec. Apr. 20
134
'
Stock dividend
Preferred (guar-)
*e244
July 30 *Holders of rec. July 15
Holders of rec. Apr. 15a
May
51
Stock dividend
Freeport-Texas Co. Mar.)
'.234 Oct. 30 "Holders of rec. Oct. 15
Holders of rec. Apr. 20
Stock dividend
Fulton Industrial Securities Corp. Prof- 871.4c May
May I Holders of rec. Apr. 154
75e.
(guar.)
A
el.
Inc.,
rec.
of
Bros.,
July
Holders
June
Landay
$1
13a
General American Tank Car (Quar.)- *75e' June 30 *Holders of rec. June 19
1
July
Holders of rec. June 13a Landers, Frary & Clark (mar.)
Stock dividend
075e. Sept. 30 *Holders of rec. Sept.20
Holders
tee.
of
June
Quarterly
SI
May
10
General Cable Corp., cl. A Mari
*75c. Dec. 31 'Holders of rec. Dee. 21
Holders of roe. Apr. 220
Quarterly
$1.75 May
Preferred (guar.)
134 May 1 Holders of roe. Am. 15
gi
may
Holders of rec. Apr. 16, Lane Bryant. Inc., pref.(guar.)
General Cigar, corn. (qual.)
Bakeries
United
May
rec.
of
June
Holders
Langendorf
lie
21a
Preferred (guar.)
July 15 *Holders of recs. June 30
*50c.
Apr, 26 Holders of rec. Mar. Ila
Class A and B (guar.)
$I
General Electric(qual.)
*50c. Oct. 15 'Holders of rec. Sept.30
Class A and B (guar.)
150 Apr. 26 Holders of tee. Mar. lb
Special stock (goat.)
15'30 *Holders of roe. Dec. 30
*We.Ja
(guar.)
B
and
of
A
11
Class
40e Apr. 25 Holders
rec. Apr.
General Laundry Machinery corn.(au.).
2586
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
[vol.. 128.
Per
When
Books Closed
Name of Company
Cent. Payable.
Days Inclusive.
Miscellaneous t Continued)
MIscelI aneous (Continued,.
Lanston Monotype Machine (guar.).
- 134 May 31 Holders of rec. May 21a Phillippe (Louis). Inc., Cl. B (qu.)(No.1)
250. May 1 Holders of rec. Apr. 19
Leath & Co., pref.(guar.)
*8734c July 1 *Holders of rec. June 15
Phillips Jones Corp.. pref. (quay.)
14 May 1 Holders of rec. Apr. 20a
Preferred (guar.)
"8734c Oct. 1 *Holders of rec. Sept. 15
Steel Co., pref. (guar.)
14 June I Holders of roe. May Ila
Lehigh Portland Cement corn. (guar.)-- 62140 May 1 Holders of rec. Apr. 13a Pittsburgh
Plymouth Cordage (guar.)
'1234 Apr. 20 'Holders of rec. Apr. 1
Lincoln Interstate Holding Co
15e July I Holders of roc June 20
Postum Co. (guar.)
75c. May 1 Holders of rec. Apr. 150
Link Belt Co.(guar.)
60e. June 1 Holders of rec. May 15a Pressed Metals of Amer.. pref. (quar.)__ •15.4
July 1 *Holders of rec. June 12
Lion 011 Refining, corn. (guar.)
*50c. Apr. 27 'Holders of rem Mar. 29
4,134 Oct. 1 *Holders
Preferred (quar.)
of rec. Sept. 12
Liquid Carbonic Corp. (guar.)
Si
May 1 Holders of rec. Apr. 200
Preferred (guar.)
"14 Jan1'30 'Holders of rec. Doe. 12
Loew's Boston Theatres (guar.)
•150. May 1 *Holders of rec. Apr. 20
Process Corp., corn. (guar.)
*50c. Slay I •liolders of rec. Apr. 20
Loose-Wiles Biscuit common (quar.)___
65c. May 1 Holders of rec. Apr. 180 Prudence Co., Inc., pref
34 May 1 Holders of rec. Apr. 10
Lord & Taylor. 2d pref.(guar.)
*2
May 1 "Holders of rec. Apr. 17
Pyrene Manufacturing, corn. (quar.)___ 2
May 1 Apr. 19 to
Apr. 30
Louisiana Oil Refining Corp.. pref.(qu.) 1% May 15 Holders of rec. May In Quaker OatsLunkenheimer Co., pref.(guar.)
•134 June 29 'Holders of rec. June 19
Corn.(In corn. stk., one new for ea. 25) (f) Apr. 20 *Holders of rem
etti Sept.30 *Holders of rem Sept.20
Apr.
1
Preferred (guar.)
Preferred (quar.)
May 1 *Holders of tee. May 31
•th Dec. 31 *Holders of rec. Dee. 21
Preferred (guar-)
Railway & Light Securities, corn.(qu.)._
50c. May I Holders of roe. Apr. 15
McCall Corp.(guar.)
51
May. 1 Holders of rec. Apr. 200
Preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 15
McCrory Stores Corp.. Pref.(quar.)- - 14 May 1 Holders of rec. Apr. 20a Reed (C. A.) Co. clam A
(quay.)
50c. May I Holders of rcc. Apr. 20
McKesson dr Robbins. Inc., corn. (qu.)
50c. May 10 Holders of rec. Apr. 200 itice-Stix Dry Goods, 24 pref..(guar.)-- 37140. May
Preferred (guar.)
87/4 c June 15 Holders of rec. June din 11:chards (Elmer) Co., cony. Prof (gu.). *50c May 1 Holders of rec. Apr. 15
I *Holders of rec. Apr. 25
Macy (R.H.)& Co., corn.(guar.)
50c. May 15 Holders of rec. Apr. 260 Richfield 011 of California (guar.)
50c. May 15 Holders of rec. Apr. 20
Mandel Bros.(guar.)
624c Apr. 20 Holders of rec. Apr. 150
Preferred (guar.)
May 1 Holders of rec. Apr. 6
1)4
Mascot Oil (monthly)
•1
Apr. 20 *Holders of rec. Apr. 15
Rio Grande 011
$1
July 25 Holders of rem July 15a
Mathleson Alkali Works (in stk.)
e300 Apr. 25 Holders of rec. Apr,1150 Rio Grande Oil
$1
Hold. of rec. Jan. 5 '30
Maytag Co., 1st pref.(guar.)
31.50 May 1 Holders of rec. Apr. 150
rStock dividend
81)4
Apr. 25 *Holders of rec. Apr. 6
Preferred (guar.)
750. May 1 Holders of rec. Apr. 150
rStock dividend
el M Oct. 25 *Holders of rec. Oct.
Melville Shoe, common (guar.)
3.50. May 1 Holders of rec. Apr. 190 Royalty Corp. of Amer., par. pf. (extra)
34 May 15 Holders of me. May 100
First preferred (guar.)
134 May 1 Holders of rec. Apr. 19
Russell Motor, corn. (guar.)
'134 May I *Holders of roe. Apr. 15
Second preferred (guar.)
1140 May 1 Holders of rec. Apr. 19
•13‘ Slay 1 *Holders of rec. Apr.
Preferred (guar.)
15
Metropolitan Chain Stores (qu.)
14 May 1 Holders of rec. Apr. 18
Ryerson (J. T.) & Sons, corn.(quar.)--- *50c. Stay 1 "Holders of rec. Apr. 19
Metropolitan Industries, pref. (gu.)___. *31.50 May 1 'Holders of rec. Apr. 20
St. Joseph Lead Co.(guar.)
50e. June 20 June 8 to June 20
Mexican Petroleum, corn. (guar.)
*33
Apr. 30 Holders of rec. Apr. la
Extra
25e. June 20 June 8
to June 20
Common (special)
"MO Apr. 30 Holders of rec. Apr. la
Quarterly
500 Sept. 20 Sept. 10 to Sept.20
Preferred (guar.)
*32
Apr. 30 Holders of rec. Apr. la
Extra
25e Sept.20 Sept. 10 to
Miami Copper Co. (guar.)
$1
May 15 Holden/ of rec. May In St. Louis Screw &Bolt,corn.(guar.)---- •25r Ione I Yielders Of tee. Sept. 20
May 25
Michigan Steel (guar.)
*62 Mc Apr 20 'Holders of rec. Apr. 1
Salt Creek Producers Ass'n. (quar.)___ _
75c. Slay 1 Holders of rec. Apr. 150
Mid Continent Petroleum,corn.(guar.)
50c. May 15 Holders of rec. Apr. 150. Savage Arms, 2d pref. (guar.)
*81.50 May IS'Holders of rec. May 1
Minneapolis-Honeywell Reg., corn
"31.25 Aug. 15 *Holders of rec. Aug. 3
Savannah Sugar Ref., corn. (guar.).--- 31.50 May 1 Holders of rec. Apr. 15
Preferred (guar.)
•1
May 15 *Holders of rec. May 1
Preferred (guar.)
134 May 1 Holders of roe. Apr. 15
Preferred (guar.)
"14 Aug. 15 *Holders of rec. Aug. 1
Scott PaperPreferred (guar.)
'I( Nov. 15 *Holders of rec. Nov. 1
Corn.(in etk,sub). to stkhrs.'ardmov.) f2
June 30
ModMe Mtg. (guar.)
*50c. May 1 'Holders of rec. Apr. 20
Corn,(in stk. sub). to stkhrs.'approv.) 12
Dec. 31
Extra
•25c May 1 *Holders of rec. Apr. 20
7% series A, preferred (guar.)
14
May 1 Holders of rec. Apr. 1611
Moore Drop Forge, el. A (guar.)
•31.50 May 1 'Holders of rec. Apr. 10
8% Relies B pref. (guar.)
I
May 1 Holders of rec. Apr. 160
Motor Products Corp., corn.(guar.)--50c. May 1 Holders of rec. Apr. 240 Seagrove Corp. (guar.)
y30c Apr. 20 Holders of rec. Mar. 300
Preferred (guar.)
$1.25 May 1 Holders of rec. Apr. 24
Sears-Roebuck & Co.(guar.)
6234e May 1 Holders of rec. Apr. 13a
Mullins Mfg. pref. (guar.)
$1.75 May 1 Holders of rec. Apr. 150
Quarterly (payable In stork)
el
Slay I Helder,
. 1 roe. Apr 13o
'
Muncie Gear
Co., pref., class A (guar.) *50c. July I *Holders of rec. June 15
Quarterly (payable In stock)
Aug.
el
Holders of rec. July 160
Preferred, clam A (guar.)
*50c Oct. 1 "Holders of rec. Sept. 15
Quarterly (payable In stock)
el
Nov.
Holders of rec. Oct. lba
Preferred, class A (guar.)
•50e. Jan 1'30 *Holders of rec. Dec. lb
Seeman Brothers, Inc.. corn.(quar.)___
50c May
Holders of rec. Apr. 15
Murphy (G. C.) Co., pref. (guar.)
*2
July 2 "Holden/ of rec. June 21
Selby Shoe, common (quar.)
55c. Slay
Holders of rec. Apr. 15
Preferred (guar.)
*2
Oct. 2 *Holders of rec. Sept. 21
Preferred (guar.)
*Holders of roe. Apr. 15
134 May
Nash Motors, corn.(guar.)
$1.50 May 1 Holders of rec. Apr. 20a Seton Leather, corn. (guar.)
*50c. May
Holders of rec. Apr. 16
National Acme, corn.(quay.)
25c May 1 Holders of rec. Apr. 15
Shatter 011 & Refg. Prof.(guar.)
14 Apr. 2 Holders of rec. Mar. 31
National American Co. (guar.)
50c. May 1 Holders of rec. Apr. 150 Sheaffer(W A.) Pen Co. (guar.)
Sept. 1 Holders) of rec. Aug. 27
31
Nat. BeIlas-Hess. new corn.(guar.)
25c July 15 Holders of rec. July la Sheffield Steel•
New common (guar.)
25c. Oct. 15 Holders of rec. Oct. la
(payable in common stock)... *11
July
*Holders of roe. June 20
New common (guar.)
25c Jan. 16 Holders of rec. Jan.2'30a
Coinrn on (payable in common stork)... VI
Oct.
Holden of reo. Sept. 20
Stock dividend (guar.)
el
July 15 Holders of rec. July la Shepard Stores. Inc., class A (guar.)._
75o. May
Holders of rem Apr. 20
Stock dividend (guar.)
el
Oct. 15 Holders of rec. Oct. la Silver (Isaac) & Bros.. Pref. (guar.)- --134 May
Holders of reo. Apr. 20
Stock dividend (guar.)
el
Ja.15'30 Holders of rec. Jan. 2'300 Sinclair Consol. Oil Corp.. Pref.(guar.) •2
Slay I *Holders of reo. May 1
.
National Carbon, pref.(guar.)
2
May 1 Holders of rec. Apr. 20
Skelly Oil (guar.)
.50e. June 1 "Holders of rec. May 16
National Casket, common
*32
May 15 'Holders of rec. May 1
Skinner Organ (guar.)
*62 Sic May
*Holders of rec. Apr. 25
Common (payable in common Stock). V5
May 15 'Holders of rec. May 1
Smallwood Stone class A (guar.)
82 Mc. June 1
Holdere of rec. June 5
National Dairy Products (stock div.)___ el00 May 20 Holders of rce. Apr. 25a Speigel-May-Stern,
Inc., corn. (quar.)
75c. Slay
Holders of rec. Apr. I5a
Common (psyable in common etk )_
fl
July 1 Holders of rec. June 3a
*5 1.62)4 May
Preferred (guar.)
*Holders
of rec. Apr. 15
Common (payable in eommen stork) 11
Oct
1 Holders of rec. Sept flo
Spencer Kellogg dr Sons, Inc. (quar.)--400. June 3 Holders of tee. June 1511
National Dept. Stores, 1st pref. (quar.)
1% May 1 Holders of rec. Apr. 150
Quarterly
40e. Sept.3 Holders of roe. Sept. 140
Second preferred (guar.)
June I *Holders of rec. May 15
Standard Investing. pref.(guar.)
1.37M May I Holders of roe. Apr. 25
Nat Fireproofing. pref.(guar.)
624c. July 15 Holders ol rec. July 1
Stanfords Limited, 151 & 2d pt. (qu.)--134 May
Holders of rec. Apr. 15
Preferred (guar.)
62%, Oct I: Holders ct tee. Oct
I
Steel Co. of Canada, corn. & pf.(Q10- - 434c. May
Holders of rec. Apr. 6
National Food Products, corn. A (guar.) 6234c May 15 Holders of rec. May 3a Steinberg's Drug Stores
(guar.).
pref.
June
87)40
Holders of rem May 20
Class 13 (payable In class B stk.)
2
Oct. 15 Holders of rec. Oct. 5
•234 July
Radio
Steinite
(guar.)
National Grocers(guar.)
1
Apr. 25 Holders of rec. Apr. 15
Quarterly_
'2)4 Oct.
National Lead. class B pref. (quar.)__
$1.50 May 1 Holders of rec. Apr. 190 Stewart-Warner Corp.
Nat. Recording Pump. cony. (quar.)_
75c. May 1 Holders of rec. Apr. 20
Now $10 par stock (guar.)(No. 1)
87 M e. May 1
Holders of rec. May 4
National Supply, common (guar.)
$1.25 May 15 Holders of rec. May 4
New $10 par stock (in stock)
e2
Aug. 1 Holders of rec. Aug. 5
National Tea,5)1% pref.($10 par)(qu.) 134c May 1 !folders of rec. Apr. 120
New $10 par stock (in stock)
e2
Nov. 1
Holders of roe. Nov. 5
Nebel (Oscar) Co.. Inc., corn.(quar.)__ - 624c. May 1 Holders of rec. Apr. 15a
New $10 par stock (In stock)
e2
Feb.5'3 Holders of rec. Feb.I'30
Participating pref. ,guar.)
50c. May 1 Holders of rec. Apr. 150 Stlx Baer & Fuller, corn.(guar.)
.3734e June
*Holders of tee. Stay 15
Nelsner
Inc.. met (guar.)
$1.75 May I Holders of rec. Apr. 1
Common (guar.)
•37Mo Sept. •Holders of rem Aug. 15
Bros..
Casualty (in stk.) __ V50 July 15 Holders of rec. June 1
o New Amsterdam
Common
(guar.)
Dec.
'37)40
"Holders
of rem Nov. 15
(guar.)
Newberry (.I. J.) Co.. pref.
*$1.75 June 1 Holders of rec. May 1
Stover Mfg. & Engine, pref. (quar.)____ •14 May
*Holders of reo. Apr. 22
New Jersey Cash Credit Assn.. com.(qu.)
15c Apr. 25 Holders of rec. Apr.
Stroock (S.) Co. (guar.)
•75e. July
Yielders
of
rec. June 15
Corn. (1-100 shares pref. stock)
Apr, 25 Holders of rec. Apr.
(1)
Quarterly
•75e. Oct.
"Holders of roe. Sept. 16
Preferred (qua?.)
15c. Apr. 25 Holders of rec. Apr.
Quarterly
'750. Dee. 2 *Holders of rec. Dec. 10
Preferred (extra)
15e. Apr. 25 Holders of rec. Apr.
Studebaker Corp..Preferred (1-100 shares pref. stock)
(J) Apr. 25 Holders of rec. Apr.
Common (payable in common Stock)
11
June
Holders of reo. May 100
New Jersey Zinc (guar.)
.2
May 10 Holders of rec. Apr. 2
Common (payable in corn. stock)_... 11
Sept.
Holders of rem Aug. 10a
New River Co.. pref. (acct. accum.div.) *31.50 May 1 'Holders of rec. Apr. I
Common
(payable
fl
In
corn.
stock)....
Dee.
Holders of rec. Nov. 90
Newton Steel. pref.(guar.)
5114 Apr. 30 "Holders of rec. Apr.
Sun 011 Co., pref. (guar.)
'1)4 June
*Holders of rec. May 10
New York Air Brake (Quer.)
750. May 1 Holders of rec. AM. a Superrnaid Corp. corn. (guar.)
'75o. May
*Holders of rec. Apr. 19
New York Hamburg Corp
•31.25 Apr. 29 'Holders of rem Apr. I
Swedish Match, final
•I0
N. Y.& Honduras Rosario Min.(qu.)__
2)4 Apr, 27 Holders of rec. Apr. 1
.5
Interim dividend
Extra
214 Apr. 27 Holders of rec. Apr. I
Sweets Co. of America (guar.)
25e, May
Holders of rem Apr. 15
N.Y. Merchandise Corp., corm (guar.). *50c May 1 "11.. biers of rec. Apr. 2
Took-Hughes Gold Mines, Ltd
15c. Slay
Apr. 17 to Apr. 300
Preferred (guar.)
*31.75 May 1 'Holders of rec. Apr. 2
Telautograph Corp., corn.(guar.)
d25c.
May
Holders
of rec. Apr. 15a
Nichols Copper Co., class B
•75c. Stay 1 *Holders of rec. Feb. 1
Therrnoid Co., 7% pref. (guar.)(No. 1) 14 May
Holden; of rec. Apr. 11
Class B
•75c. Nov. 1 'Holders of rec. Feb. 1
Thompson (John R.) Co.,(monthly)_ _ _
30e. Slay
Holders of rec. Apr. 230
Nilee-Bement-Pond, pref. (guar.)
'114 June 29 'Holders of rem June 19
Monthly
30e. June
Holders of reo. Slay 230
NIT/lasing Mines (guar.)
74c. Apr. 20 Holders of rec. Mar. 30
Tidal Osage Oil (special)
*31
May
*Holders of roe. Apr. 18
Noma Electric Co.(guar.)
•40c. May I *Holders of rec. Apr. 15
Tide Water 011 5% pref. (guar.)
134 May 15 Holders of rec. Apr. 12
North Amer. Consol. 011 (monthly).... •10c. May 1 'Holders of rec. Apr. 20
Tobacco Prod. Corp. corn.(320 par)(qu ) 35c. Apr. 15 Holders of rem Mar. 250
North Amer. Investment,6% pf.(guar.) 1,14 Apr. 20 Holders of rec. Mar. 31
Common (3100 par) (guar.)
14 Apr. 15 Holders of rem Mar. 260
614% preferred (guar.)
1% Apr. 20 Holders of rec. Mar. 31
Tonopah Mining of Nevada
74e Apr. 20 Mar. 31 to
Apr. 7
Northern Manufacturing. pref.(guar.)
He June I
Transamerica Corp.(guar.)(No. 1)_
_ •5I Apr. 25 'Holders of rec. Apr. 6
19c Sept. I
Preferred (gum.)
Stock dividend
MI
Apr.
25'holders
reo.
Apr.
of
6
Preferred (guar.)
10c Doe. 1
Truax-Traer Coal, corn.(guar.)
400. May 1 Holders of rec. Apr. 18a
Northwest Engineering. corn. (guar.)-- *50c May 1 "Holders of roc Apr. 15
Tung Sol Lamp Works, corn. (guar.)._ *20e. May 1 *Holders of
rec. Apr. 20
Occidental Petroleum
"3c Apr. 30 'Holders of rec. Apr. 20
Class A (guar.)
*45c. May 1 'Holders of rec. Apr. 20
Oil Well Supply. pref. (guar.) _
May 1 Holders of rec. Apr. I20 Union Oil, corn.(guar.)
1
500. May 10 Holders of rec. Apr.d190
Oliver United Filters, class A (guar )-•501..May 1 *Holders of lee. Apr. le
United Biscuit of Am., corn. (guar.)
40c. June 1 Holders of rec. May 1711
Oils Elevator. pref.(gum .)
1)4 July 15 Hold rs of rec. June 290
Preferred (guar.)
14
May 1 Holders of rec. Ayr. 170
Preferred (guar.)
1M Oct. 16 Holders of tee. Sept. 300 United Cigar Stores of Amer., pf.
14 J'n15'30 Holders of rec. Dee. 3Ia United Electric Coal Co., corn.(guar.)._ $1.50 May 1 Holders of roc. Apr. 170
Preferred (quar.)
750.
June
1 Holders of rec. May 150
Outlet Company, com. (guar.)
May 1 Holders of rec. Apr. 200 United Linen Supply. class B (guar.)
$1
*31.50 Apr. 20 •Tiolders if reo. Apr. 15
First preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 200 United Milk Crate, el. A (guar.)
050c. June 1 'Holders of roe. May 16
Second preferred (guar.)
May
1
31.50
Holders of rec. Apr. 20
United Piece Dye Pike., pref.(qua?.)... •14 July I 'holders of rem June 20
Pacific Associates(guar.)(io.1)
"50c. May 15 Holders of reo. Apr. 30
Preferred (guar.)
•1
Oct. 1 •Holders of roe. Sept.20
Pacific Coast Biscuit, corn.(qu.)
•25c May 1 Holders of rec. Apr. 15
Preferred (guar.)
•1
Jan2'30 *Holders of rec. Dec. 20
(quar.)
Preferred
•87.140 May 1 Holders of rec. Apr. 15
United Profit Sharing. pref
500. Apr. 30 Holders of reo. mar. 30
Packard Motor Car (monthly)
25o Apr. 30 Holders of rec. Apr. 120 United Verde Extension Mining
(gu.)-- $1
May 1 Holders of rm. Apr. 4
Monthly
25c May 31 Holders of rec. May 110 U.S. & British Int. Co.,$3 pf. (gu.)__
of rec. Apr. 15
75c.
Extra
50o. May 31 Holders of rec. May 110 U.S. Cast Iron Pipe & Fdy.. corn. (qu.) 50c. May 1 Holders
Apr. 25
Apr. 20 Mar. 31 to
Patin° Mines & Enterprises (final)
(I)
Apr. 30 Holders of rec. Apr. 20a
Common (guar.)
Holders of rem June lea
50o.
July
20
Penmans, Limited, corn. (guar.)
May 15 Holders of rec. May 6
$1
Common (guar.)
500. Oct. 21 Holders of ree. Sept. 30a
Preferred (gum.)
1)4 May 1 Holders of rec. Apr. 22
Common (guar.)
50c. Jari20.30 Holders of reo. Dee. 31a
Pennsylvania Cash Credit. corn. (qtr.).
15c. Apr. 25 Holders of rec. Apr. 8
First & second pref. (guar.)
Apr. 25
300. Apr. 20 Mar. 31 to
Preferred (guar.)
15c. Apr. 25 Holders of rec. Apr. 8
First & second pref. (guar.)
300. July 20 Holders of roe. June 300
Preferred (extra)
I5c. Apr. 25 Holders of rec. Apr. 8
First & second pref. (guar.)
30e. Oct. 21 Holders of re0. Sept. 300
Perfection Stove (monthly)
First & second pref. (guar.)
'37140 Apr. 30 'Holders of rem Apr. 18
300. Jan20'30 Holders of rec. Dec. 31a
Monthly
U.S. Industrial Alcohol, corn.(qua?.)... $1.50 May 1 Holders of rec. Apr. 150
*37He May 31 "Holders of rec. Stay 17
Monthly
'37He June 30 Holders of rec. June 18
U. S. LeatherMonthly
Clam A panic. & cony. stock (an.).. $1
'37)40 July 31 fielders of rec. July 18
July I Holders of rem June t(la
Monthly
'37)40 Aug.31 Holders of rec. Aug. 16
Class A pante. & cony. stock (qu.)._ SI
1 Holders of rec. Sept. 10o
Oct
Monthly
.37He Sept.30 Holders of rec. Sept. 18
Universal Leaf Tobacco, corn. (quar.)-_
May 1 Holders of rec. Apr. 16
75e.
Monthly
'3734c Oct. 31 'Holders of rec. Oct. 17
Universal Pipe & Radiator, pref. (guar.) 134 May 1 Holders of rec. Apr. 150
Monthly
•37Mo Nov.30 "Holders of rec. Nov. IS
Vadsco Sales Corp.. pref.(oil.)(No. 1).. $1.75 May 1 Holders of roe. Apr. lb
Monthly
•374c Doe. 31 *Holders of rec. Dee. 18
Vapor Car Heating. Prof.(guar.)
•14 June 10 Holders of reo. J11118 I
Petroleum Royalties (monthly)
1
May 1 Holders of rec. Apr. 25
Preferred (guar.)
Sept. 10 "Holders of reo. Sept. 2
•1
Extra
May 1 Holders of rec. Apr. 25
Preferred
(guar.)
Doe. 10 *Holders oh rec. Dee. 2
•14
Petroleum & Trail. Corp.. el. A (No. 1)_
134 May 1 Holders of roe. Apr. 19
Vick Chemical Co. loiter)
$1
may 1 Holders of rec. Apr. 150
Name of Company.
Name cf Company
2587
FINANCIAL CHRONICLE
APRIL 20 1929.]
Per
Cent
When
Payable
Books Csosed
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 folla '
la lowing are the figures for the week ending April 12:
Miscellaneous (Concluded).
May 1 Holders of rec. A pr.
Victor Talking Mach., corn.(guar.)-_ El
$1.75 May I Holders of rec. Apr.
Prior preference (quar.)
$1.50 May I Holders of rec. Apr. la
Convertible pref. ((pist.)
•35c. June 10 'Holders of ree. May 31
Volcanic Oil & Gas (Qum%)
•5o. June 10 *Holders of rec. May 31
Extra
•350. Sept. 10 'Holders of rec. Aug. 31
Quarterly
'Sc.
Sept. 10 "Holders of rec. Aug. 31
Extra
•35o. Dec. 10 "Holders of rec. Nov. 30
Quarterly
•50. Dec. 10 'Holders of reo. Nov. 30
Extra
Apr. 20 Holders of rec. Apr. lla
Vulcan Dethining prof. & pref. A fun.)
lla
/13 Apr. 20 Holders of rec. Apr. 22
.(acct. accumulated divs.)
Pref.
•115 July 1 *Holders of reo. June
Waltham Watch, pref.(quar.)
21
Sept.
rec.
of
'Holders
1
'1)4 Oct.
Preferred (quar )
•6215c May I *Holders of rec. Apr. 15
Warchell Co., pref. (on.)(No. 1)
*1% Apr. 25 "Holders of rec. Mar. 30
Warner (Chas.) Co., 1st & 2d pt.(qu.)
30
Warren (A. D.) Co.,corn.(rm.((No. 1)- $1.50 May 15 Holders of rec. Apr.
•50e Apr. 30 'Holders of rec. Mar. 30
Web Holding Corp. (guar.)
15
Apr.
rec.
of
'Holders
1
May
•40c.
Welbolt Store. Inc. (quer )
25e. Apr. 25 Holders of rec. Apr. 5
West Coast Bancorporation
5
May
rec.
of
'Holders
15
'115
May
(quar.)
pref.
Paper.
&
Pulp
West Va.
•1
Aug. 15 'Holders of rec. Aug. 5
Preferred (quar.)
"114 Nov. 15 *Holders of rec. Nov. 5
Preferred (quer.)
"I4c. May I "Holders of rec. Apr. 15
Western Air Express (No. 1)
*3755c May 1 *Holders of rec. Apr. 20
Western Grocer, corn, (oust.)
3tic July 1 'Holders of rec. June 20
Preferred
500. Apr. 30 Apr. 1 to Apr. 9
Westinghouse Air Brake(guar.)
Apr. 30 Holders of rec. Mar. lla
Westinghouse El. & Mfg. corn (Soar.).. $1
50c. Apr. 20 Holders of rec. Mar. 29
(Scar.)
&
Refg.
White Eagle Oil
May 1 Holders of rec. Apr. 19a
White Sewing Machine. pref. (Scar.)- Si
May 1 Holders of rec. Apr. 200
Will-Low Cafeterias, cony. pt. (guar.).- 31
May I Holders of rec. Apr. 200
30e.
Willys-Overland Co., coin. (quer.)
.2 ke May I 'holders pf rec. Apr. 15
Vifinsted Hosiery (guar.)
1.4
•
May 1 'holders of rec. Apr. 15
Extra
Aug. 1 'Holders of rec. July 15
Quarterly
*.54 Aug. 1 'Holders of re'. July 15
Extra
1 Holders of rec. Apr. 250
June
$1.50
Woolworth (F. W.) Co., corn. (quar.)__
rec. Apr. 15n
Wright Aeronautical Corp. (stock dly.)_ 8100 Apr. 30 Holders ef
Holders of rec. Apr. 200
May
25c.
Wrigley (Win.) Jr. Co.(monthly)
rec. May 200
of
Holders
1
June
25c.
Monthly
25c July 1 Holders of rec. June 20a
Monthly
Holders of rec. July 200
1
Aug.
25c.
Monthly.
•50c. May 1 'Holders of rec. Apr. 19
Zenith Radio Corp. (quer.)
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, APRIL 12 1929
NATIONAL AND STATE BANKS-Average Figures.
Oth.Cash, Res. Dep.. Dep.Other
Gross.
Gold. Including N. Y. and Banksand
Bk. Notes Elsewhere. TrustCos. Deposits.
Loans.
$
Manhattan193,209,700
Bank of U.S
Bryant Park Bank 2,037,800
Chelsea Each. Bk. 24,129,000
Grace National___ 18.114,800
3,915.700
Port Morris
Public National.... 131,261,000
BrooklynNassau National_ 22,491.000
8,300.000
Peonies National_
2.604.400
Traders National_
S
$
$
$
$
66,000 3,294.700 25,299.300 1,431,100 184,382,800
2,133,300
180.400
92,000 145,100
22,963,000
____ 1,846,000 1,261,000
3,500 115,500 1,471,300 1,482,700 15,477.100
3,567,400
217.900
37.700 105,000
27,000 2,197,000 7,843,000 11604000 129,463,000
90.000
5,000
____
336,000 1,730.000
578,000
118.000
312,200
52.100
664,000 20,936.000
91.000 8.000,000
33,200 2.171.800
TRUST COMPANIES-Average Flgu es.
Loans.
ManhattanAmerican
13k. of Europe & Tr_
Bronx County
Central Union
Empire
Federation
Fulton
Maturfaeturers
Municipal
United States
BrooklynBrooklyn
Kings County
Bayonne,
Morhan Insi
Cash.
Reeve Dep., Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.
3
$
$
776,200 11,252,400
55,214.400
143,341
904,721
17,423.750
631,304 1,639,220
22.277,077
4,921.000
"34,318,000
243,271,000
81.251,400 '5,387,200 2.615,500
1,324,196
204,831
17,904,919
355.200
14,709,800 '2,198.300
394.021,000 3,457,000 53,000,000
63,212,500 1.982.500 4.140.300
75,020,076 3,900,000 7,346,995
Gross
Deposita.
3
$
21,200 55.332.500
16.817,642
21,834,123
3,011,000 252,659,000
3,431,800 77,520,200
240.932 17,880,237
14,684,700
1.856,000 357,410,000
82.800 61.862,600
60,828,418
stock
• From unofficial sources. t The New York Stock Exchange has ruled that
will not be quoted ex-dividend on this date and not until further notice t The
NSW York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
114,867.006
118,986,300 2,962,000 18,628,800
a Transfer books not Mooed for this dividend. d Correction. e Payable in stock.
25,779.893
27,988,445 1.878,356 2,379,301
f Payable in common etock. g Payable In scrip. h On account of accumulated
dividends. .1 Payable is preferred stock.
9.282.932
277.187
759.106
266.895
0 012.339
b General Realty & Utilities dividend payable either in cash or 75-1,000 share of
$33,common stock.
Union,
Central
follows:
as
Bank
* Includes amount with Federal Reserve
t N. Y. Stook rules kfathieson Alkali shall be ex- thestock dividends on Apr. 26. 309,000: Empire, $3,764,000; Fulton, $2,076,900.
each
a
for
of
share
1-100th
is
dividend
corn,
stock
Light
k Southeastern Power &
share held.
Isotta Fra.schini dividend is 20 lire per share.
is Coty. Inc., declared•stock dividend of6%. payable in quarterly installments.
Boston Clearing House Weekly Returns.-In the
o New Amsterdam Casualty stock div. subject to stockholders meeting Apr. IS.
p Authorized at etockholanne meeting March 29.
following we furnish a summary of all the items in the
r Ale Grande 011 stook to be placed on a $2 per annum basis. The company has
statement for a series of weeks:
declared $1 payable July 25 and Intends to declare another $1 payable on or before Boston Clearing House weekly
Jan. 25 1930. The stock dividends are I Li shrtree on each 100 shares, the first
1 % having been declared payable April 25 with the intention to declare a second
BOSTON CLEARING HOUSE MEMBERS.
135% payable on or before Oct. 25
a Unless Inetructions are received to the contrary, Pacific Public Service dividend
April 5
April 12
will be applied to the purchase of additional corn. A stock or scrip for fractional
Changes from
April 19
1929.
1929.
shares at $13 per share.
Previous Week
1029.
1 Patine Mines & Enterprises dividend Is 4 shillings per share.
$
$
schillings.
20
01
ctt.
share
per
1.50
Is
schillings
u Wiener Bank-Verein dividend
86.550,0001 86,550,000
86,550,000 Unchanged
Capital
o American Cities Power A Light dividends are 1-32d share of class B on class A
116,024,000; 113.384,000
116,024,000 Unchanged
profits
and
Surplus
the
having
stock
41.117,000
stock and 1% In class 11 stock on the class 11 stock, the class A
Loans, 41sets A I needle. 1,128,882,000 -5,160,000 1,134.042.000,1,1
option of taking cash at rate of 75c. per share.
675,962,000 +19,095,000 656.867.000' 673.239,000
individual deposits
132,682,000 -3,309,000 135.991,0001 137.187,000
to Less deduction for expenses of depositary.
Due to banks
268,572,000 -4,848,000 273.420.0001 277.331.000
Time deposits
x Associated (las A Elec. dividend payable In class A stock at rate of 2(4%
15.239,000
13.801.0001
11,470,000 -2,331,000
United States deposits....
of one share for each share held.
30.820,0001 45,634,000
+2.179.000
32,999,000
Cig.
House
option
Exchanges for
y Seagrove Corp. dividend payable either 30c. cash or 255% In stock at
84.527.000
79.021,000
+7,772,000
86,793,000
Due from other banks_
of stockholders.
80,867.0001 82,307.000
+922,000
81.789,000
Heave in legal depositor's
8.215.000
8.145,000
+5.000
8,150.000
Cash In bank
1,932,000
1,337,000
-157,000
1,180.000
R. Bk.
F.
In
excess
Reeve
City Clearing House.-
N. J.-
Weekly Return of New York
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
Philadelphia Banks.-The Philadelphia Clearing House
report. The now return shows nothing but the deposits, return for the week ending April 13,with comparative figures
along with the capital and surplus. We give it below in full: for tho two weeks preceding, is given below. Reserve
of the Federal Reserve System
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 13 1929.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
Time
'Surplus it Net Demand
,Capital.
'
is not a part of legal reserve. For trust companies not
Deposits
Deposits
Undivided
Clearing house
Average.
Profits.
Average.
Members.
members of the Federal Reserve System the reserve required
with
$
$
$
$
is 10% on demand deposits and includes "Reserve
60,751,000
6,000,000 13.539,100
10,090,000
Bank of New York & Tr. Co
42,053.000 legal depositaries" and "Cash in vaults."
Bank of the Manhattan Co_ - 22,250,000 42.559.300 175.903.000
47,645.000
Bank of America Nat'l Asso__ 25.000,000 38,364,400 137,874.000
Beginning with the return for the week ending May 14 1928,
100.000,000 111,246,500 a884,515,000 164,544,000
National City Bank
6,000,000 20,731,200 133,962.000
8,550,000
Chemical National Bank
Philadelphia Clearing House Association discontinued showthe
35.3.57,000
25,000,000 49,317,800 296,963,000
Bank of Commerce
40,642,000 ing the reserves and whether reserves held are above or below
Chat. Phex. Nat. ilk. & Tr.Co 13,500.000 15,698,000 153,373.000
3,010,000
10,000,000 22,812,400 121.431,000
Hanover National Bank
at the end
12,100.000 21,352.500 172,910,000
32,648.0(0 requirements. This will account for the queries
Corn Exchange Brink
10,000,00)
26,601.000
128,242,000
11,285.000
Bank
l'ark
National
table.
of
the
95,735,400
244,367,000
10,000.000
10,502,000
First National Bank
40,000,000 55,037,800 353,657,000
Irving Trust Co
7,498,000
1,000,000 1,550,500
Continental Bank
61,000,000 79,908,400 8574,681,000
Chase National Bank
3.869,100
500.000
26,618,000
Bank
Avenue
Fifth
11,000,000 16,614,400 119.263,000
Seaboard National Bank
25.000.000 77,498.400 c331,096,000
Bankers Trust Co
55,016,000
5,000,000 6,533,400
Co
U. S. Mtge. & Trust
35.731.000
Title Guarantee & Trust Co.. 10,000,000 23,854,300
65,078,300
d473,365,000
40,000,000
Co
Trust
Guaranty
3,812.600
41,832,000
4,000.000
Fidelity Trust Co
17,850,000
3,000,000 4,160,400
I.awyers Trust Co
032,041,100
136,144,000
012,500,000
New York Trust Co
10.000,000 23.212,700 0128,830,000
Farmers Loan A Trust Co
30,000.000 28,625,000 1329,017.000
Equitable Trust Co
31,152,000
Coni'l Nat. Bank A Trust Co. 7,000,000 7,332,000
31,246,000
1,500,000 2,840,300
Harriman Nat'l Bank A Tr Co
46,456,000
685,000
64.378.000
919,000
5,853.000
49,086,000
5,295,000
2,470,000
68.396,000
5,180.000
2.663.000
21,494,000
30,607.000
37,743.000
1.957,000
4.860.000
iVeek Ended April 13 1929.
Two Ciphers (00)
ontUted.
Trust
Members of
P.11. System Companies.
April 6
11429
Mar. 30
1929.
Total.
$
68.933.0
67.483,0
67,483,0
7,500,0
59,983,0
Capital
16,097,0 206,141,0 206,077,0 206,521,0
Surplus and profits.__ 190,041,0
72,206,0 1,158,513,0 1,153,322.0 1,181,953,0
Loans, dints. & invest. 1,086.307,0
48,489,0
46,776.0
41,475,0
305,0
41,170,0
Exch. for Clear. House
96,371,0 103,198,0 108,055,0
13,0
96,358,0
Due from banks
888,0 125.951,0 129,340,0 126,930.0
125,063.0
Bank deposit
32,998,0 668.47'0,0 667.773,0 689.559,0
Individual deposits..... 635,472,0
18,779.0 230,810,0 229,918.0 234,959,0
212,031,0
Time deposits
52.665,0 1,025,231,0 1,027,031,0 1,051.448,0
972,566,0
Total deposits
7,182,0
8,001.
5,002,0
5,002.0
Clearing Non Member.
Res, with legal dePos68.830,0
3.347,000
5,597,000 Res. with F. R. Bank_
817,200
67,907,
69,262,0
500,000
69.262,0
Mechanics Tr. Co., Bayonne.
13,199.0
11,750,
12,191,0
1,708,0
10,483,0
Cash in vault.
89.211.0
87,658.
86,455,0
6,710,0
79.745.0
Totals.rvi can min 890.743 500 5.209.634.0001 76(1.965 non Total res. & cash heldReserve required
comtrust
22
1929:
Excess reserve and cash
• As per official reports: National. Mar. 27 1929: State, Mar.
In vault
panies. Mar. 22 1929. g As of Mar. 30 1929.
Includes deposits in foreign branches: (a) 5294,792.000; (8) 515,015,000: (c) $62,
• Cash In vault not counted as reserve for Federal Reserve member..
5114,258,000.
(f)
318,759,000;
866,000: (d) 3104,584,000: (e)
2588
FINANCIAL CHRONICLE
[VOL. 128.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
April 18 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first
we present the results for the system
aa a whole in comparison with the figures for the seven preceding weeks and with table
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 2549. 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 17 1929.
Apr. 17 1929. Apr1110 1929. April 3 1929 Mar.27 1929. Mar.201929. Mar.131929.
Mar. 6 1929. Feb. 27 1929 Apr. 18 1928.
RESOURCES.
NOM with Federal Reserve agents
1,288,060,000 1.273.428.000 1,235,237.000 1.271,104.000 1,300.876.000 1.213,407.000
1.183,910.000 1,167.630.000 1,279,070,000
Gold redemption fund with U. B. Treas.
70,573,000
67,075.000
64,432,000
66,785,000
70,707.000
64.353,000
62.119.000
67.836,000
50,671,000
Gold held exclusively agst. F.R. notes 1,358,633,000 1.340,503,000 1,299,669.000 1.337,889,000
1,371.583.000
1.277,760,000
Gold settlement fund with F.R. Board
674,560.000 706,899.000 742.785.000 709,176,000 675.996,000 767,446,000 1.246,029.000 1,235.466.000 1,329,741,000
788,107.000
Gold and gold certificates held by banks. 746,290.000 727.380.000 676,758,000 662,195,000
664,434,000 654,919.000 648,701,000 796.139.000 773,029,000
655,241..00 615,668,000
Total gold reserves
2,779,483,000 2,774.782J 00 2.719.212,000 2,709.260,000 2,712.013,000 2,700,125,000
&nerves other than gold
176,490,060 175,764.000 173,309,000 169.755,000 165,778,000 160.264.000 2,682,837,000 2.686.848.000 2,719,438,000
152.755,000 157,318,000 160,087,000
Total reserves
2,955.973,000 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 2,884,525,000
son-reserve cash
77,102,000
80,463,000
75.924.000
77,510,000
78,367.000
78.312,000
75,231,000
Bills discounted:
78,118,000
67,323,000
Secured by U. 8. Govt. obligations
533.992,0001 540,454.000 610,418.000 621.980,000 588,439.000 583,135.000
Other bills discounted
460,304,000; 423,078,000 419.434,000 402,150.000 354.298,000 372,488.000 606.053.000 608,752.000 391,580,000
383.119,000 343.730.000 228,037,000
Total bills discounted
994.296.0001 963,532.000 1.029,852.000 1,024.130,000 942.737,000 955,623,000
Bills bought In open market
952.482,000 619,617,000
141,027,000, 157,317,000 174,703,000 208,427,000 236.838,000 283,101,000 989,172,000
304.644.000 334.075,000 350,756,000
U.B. Government securities:
Bonds
51,620,0001 51,612,000
51.609,000
51,611.000
51,611,000
51.618,000
51,594.000
51.593,000
Treasury notes
56,559,000
91.841,000
91,951,000
91.417.000
91,100.000
90,904,000
90,502.000
90,671,000
90.738.000 123,124,000
Certificates of Indebtedness.
17,959,000; 22,526.000
26,032,000
27.509,000
42.836.000
23.177.000
20,699,000
24.069,000 161,003,000
Total U. S. Government securities_ 161,429,000 166.089,000 169.058,000
170,310.000 185,351,000 165,297,000 162,964.000 166.400,000 340,686,000
Other securities (see note)
7,295,0001
6,845.000
6.845,000
6,846.000
6.845.000
10,250,000
10.250,000
10,075.000
Foreign loans on gold
990,000
6,115,000
7.562,000
Total bilis and securities (see note)_- 1,310,162,000 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 1,312,049,000
Oold held abroad
Due from foreign banks (see note)
722.000
723,0001
722,000
723,000
723,000
724,000
725,000
729,000
Uncollected items
- 570-,n00
803,693,000; 661,234,000 730.174.000 673,689,000 747.690,000 754,786.000 678.483,000
713,637.000' 755,687,000
Bank premises
58,733,000; 58.729,000
58,693.000
58,693.000
58.691,000
58.691,000
58,660,000
58,660.000
All other resources
59,378,000
7,700,000
8.578.000
8,483.000
7,970.000
8,010.000
8,255,000
8,062,000
8.246,000
9,452,000
Total resources
5,214,086,000 5.054.053,000 5.146,975.000 5,107,312,000 5.143.043.000 5,182,990,000
5,123.783,000
5,166.586.000 5,088,984,000
LIABILITIES.
F. R. notes In actual circulation
1,653,228,000 1,657.719.000 1.663,649,000 1.652.879.000 1,641,577.000 1,650,009,000
1,666.567,000 1,653,971.000 1,582,014,000
Deposits:
Member banks-reserve account
2,302,392,000 2.301.940.000 2.335,304,000 2,332,181.000 2,339,544.000 2,362,567.000
.350,497.000 2,367.250,000 2,392,347,000
Government
45,455,000
4.721 000
16,900,000
23.405.000
4.570.000
7,773.000
21,577,000
21,156.000
Foreign banks (see note)
6,303,000
9.327,000
10,163,000
10,558.000
6,058,000
6.047,000
5,834,000
9,766,000
5,606,000
Other deposits.
5,661,000
23,850.000
21,764,000
19,715.000
21,742,000
20,149.000
20,611,000
20,704,000
18.960.000
18,955,000
Total deposits
2.379.774,0002.339.838,000 2,382,477,000 2.383,386,000 2,370.310.000 2,396,785,000 2.402,544,000
Deferred availability Items
748,187,000 624,251,000 669.514,000 640;280.000 701,967,000 708,172,000 628,729,000 2,412,972.000 2,423,266,000
675,013.000 697,397,000
Capital paid In
155.133,000 154,885,000 154.307.000 154,310.000 t53,730,0001 152,621,000
152,118.000 151.266,000 137,606,000
Surplus
254,398,000 254,398.000 254,398.000 254,398.000 254,398.000 254.398.000 254,398.000
254.398,000 233,319,000
4111 other liabilities
23,386.000, 22,961,000
22,630.000
22,059.000
21.061.000i 21.105,000
19.427,000
18,966.000
15,382,000
Total liabilities
5,214,086,000'5,054.053.000 5.146.975.0005.107,312,000 5,143,043,000 5,182,990.000
5,123,783.000 5,166.586.000 5,088,984.000
Ratio of gold reserves to deposits and,
F. R. note liabilities combined
894%
68.9%
67.2%
67.1%
67.8%
66.7%
65.9%
Ratio of total reserves to deposits and,
66.6%
69.9%
F. R. note liabilities combined
73.8%
73.3%
71.5%
I
71.3%
71.7%
70.7%
69.7%
Contingent liability on bills purchased
69.9%
72.0%
for foreign correspondents
1 347,390,000 347 652,000 338,287,000 332.165,000 329,194,000 306.944,000 303,397,000
306,461,000 262,645,000
Distribution Si, Maturl2ies1-15 days bills bought in open market _
3
62,231,000
67,504,000
79.288.000
93,984,000 124.186,000 148.860,000 145.352,000 134.661.0001
1-15 days bills discounted
128,163,000
830,046,000 797,619,000 855,144.00)) 865,446,000 776.069.000 787.080.000
818,385.000 789.566.000 504,323,000
1-15 days U. S. certif. of indebtedness_
1,650,000
5,010,000
2,420.000
2,940,000
19,275.000
1.705,000
794,000
1-15 days municipal warrants
1.737.000
5,790,000,
16-30 days bills bought In open market.
28,503,000
38,010,000
41,937,000
52,370,000
54,169.000
64.002.000
81.997.000 104,774.000
16-30 days bills discounted
60,536,000
44,841.000
40,490.000
45.810,000
40,319.000
42.865,000
45,414.000
43.094,000
16-30 days U. S. certif. of Indebtedness_
41.273.000
27,325,000
16-30 days municipal warrant!'
188.000
31-60 days bills bought in open market _
29.495,000
34,736,000
27,855.000
33,147,000
36,423.000
51,249,000
61.864,000
51-60(lays bills discounted
77,558,000
68,287.000
68,164,000
65.934,000
70.143.000
65,365.000
73,860,000
69.563,000
70,834,000
111-60 clays U. S. certif. of Indebtedness_
69,807.000
47,999,000
930.000
131-60 days municipal warrants
23,028,000
61-00 days bills bought in open market _
13,048,000
20,370,000
23.489.000
26,164,000
19,123.000
14,613.000
11,504.000
61-90 days bills discounted
13.419.000
86,713,008
41,955,000
43.969,000
48.324.000
42.679,000
39.763,000
44,156.000
47,483,000
61-90 days U. S. certif. of Indebtedness_
42.589,000
28,708,000
6,000
120,000
80.000
128,000
39.000
61-90 days municipal warrants
Over 90 days bills bought in open market
2.509,000
1,938,000
2.134,000
2,762,000
2,937,000
4,377,000
Over 90 days bills discounted__
3.927,000
3,663.000
7,057,000
...
13,641,000
11,169,000
10,431.000
10,321,000
10.180,000
9.410.000
Over 90 days certif. of Indebtedness....
9.376.000
9,247.000
11.262,000
12,013,000
20,756,000
23.532,000
24,441,000
23,522.000
22,383,000
Over 90 days municipal warrants
18.994,000
22,144.000 132,185,000
300,000
1
V. R. notes received from Comptrounr_ 2,83.5,968.000 2,852.048,000 2,859,913.000
2,867.384,000 2,873.578.000 2.882.693.000 2,890,834,000
P. R. notes held by F. It Agent
767,927,000 778.767,000 796.307.000
2,895,166.000 2,802,933.000
816,637,000 824,062,000 833.452,000 823.632,000 838.812,000 845,875,000
Issued to Federal Reserve Banks
2,068,041.000 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 1,957,058,000
How SecuredBy gold and gold certificate('
366,995,000 366.595.0001 367,595,000 367,195,000
363,195,000 363,195.000 362,645.000 362.645.000 413,841,000
Gold redemption fund
89,649,000
86,965.000
95.491.000
97,659,000
97.222,000
99,244,000
Onld fund-Federal Reserve Board _ _ 831,416,000 819,868,000 772.151.000
87,479,000
99,360,000
94,768,000
806,250,000 840,459,000 750,968.000 733.786,000
By eligible paper
1,085,927,000 1,074,128,000 1,150,767.000 1.178,876,000
710,217,000 765,1(69,000
1,130,676,000 1,183,273,000 1,256.975,000 1,240,409,000 ')17,412,000
Total
2,373,987,000 2,347.556,000 2,386.004.000_2.44
9,980,0002.431.552,000 2.396,680.000 2.440,885,000 2.408.039.000 2,196,482,000
NOTE.-Beginning with the statement of Oct. 7 1025, two new items were added In
order to show separate y the amount of balances
correspondents
. In addition, the caption, "All other earning meets."
10 foreign
held abroad and amounts due
previously
"Other securities," and the caption. "Total earning assets" to -Total bills and securities," made up of Federa Intermediate Credit Bank debentures, was changed to
The latter item was adopted as a more
the discounts, acceptances and securities acquired under the provision of Sections 13
accurate description of the total of
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 OP THE 12
FEDERAL RESERVE BANKS A T CLOSE OP BUSINESS APR 17 1921
Two Ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond
Federal Reserve Bank of
Atlanta. Chicago. St. Louis MInnsap. Kon.City. Dallas. 1.1artFron
RESOURCES.
$
$
$
$
$
8
$
$
$
0010 with Federal Reserve Agentl 1,288,060,0 78,636,0 281,344,0 86,650,0 137,324,0
$
I
$
1
$
38,334,0 91,044,0 267,246,0 17,729,0 53,634,0
DOM redo fund with U.S. Treat'
50,964,0 24,216,0 160,939.0
70,573,0 9,714,0
12,608,0 7,635.0 6,312,0 3,274,0
4.181,0 7,601,0 6,123,0 3,782,0 3,564,0 1,984,0; 3,795,0
Gold held excl. eget. F.R.note 1,358,633,0 88,350,0 293,952,0 94,285,0 143,636,0
41,608.0 95,225,0
Gold eettle't fund with F.R.Boar
674,560,0 71,157.0 167,376,0 27,352,0 66.561,0 12,193,0 16,704,0 274,847.0 23,852,0 57,416,0 54,528,0 26,200,0 104.734,0
Gold and gold ctts held by bank
746.290.0 23,864,0 469,035,0 43,708,0 48.743,0 15.921,0 8,358,0 154,598,0 37,058,0 15,552,0 34,988,0 27,803.0 43.218,0
76.803,0 10,316,0 5,657,0 5,239,0 10,683,0 27.961.0
Total gold reserves
2,779,483,0 183,371,0 930,363.0 165,345,0 258,940,0 69,722,0 120,287,0
Reserve other than gold
176,490,0 15.074,0
52,977,0 7,193,0 14,165,0 8,243,0 8,758,0 506,250,0 71,226,0 78,625,0 94,755,0 64,686,0 235,913,0
25,226,0 13,252,0 2,669,0 5.769,0 7,030,0 16,134.0
Total reserves
2,955,973,0 198,445,0 983,340.0 172,538,0 273,105.0 77,965,0 129,045,0
Non-reserve cash
84,478.0 81,294.0 100,524,0 71,716,0 252,047,0
77,102,0 6,329,0
30,711,0 2,386.0 5,733,0 4,930.0 4,768,0 531,476.0 8,134,0 4,089,0
Bills discounted:
1,436,0 1,625,0 2,809,0, 4.154,0
Sec. by U. 8. Govt. obligations 533,992,0 36,259,0 150,882,0 61,869,0 52,990,0
I
20,557,0
16,453,0
Other bills discounted
460,304,0 40,249,0 109,121,0 46.929.0 36,833,0 34,659,0 49,695,0 69,846,0 27,082,0 16,463.0 16,953,0 11,500,0 53,138,0
48,668,0 26,773,0 6.114,0 23,778.0 9,524,0 28.061.0
Total billsdiscounted
994,296,0 76,508,0 260,003,0 108,798,0 89.823,0 55.216,0 66,048.0
BUB bought in open market
141,027.0 21,972,0
20,093,0 11,800,0 16,936,0 8,610,0 8,886,0 118,614,0 63,855,0 22,577,0 40,731,0 21,024,0 81,199,0
6,728,0 4,480,0 5,421,0 7.698,0 11,757.0 16,646,0
U. B. Government securities:
Bonds
51,629,0
1,384.0
689,0
585,0
548,0 1,152,0
27,0 19.937,0 7,125,0 4,534,0 7,755,0 7,829,0 1
Treasury notes
64,0
91,841,0 3,475,0
13,137,0 10,639,0 28,958,0
961,0 3,678,0 7,177,0
4,812,0
Certificates of indebtedness
902,0 4,577.0 13,525,0
17,959,0 1,350,0
5,010,0 7,027,0
5,0
46,0 3,385,0
1,136.0
1
Total U. S. Gov't securities
101 A90 n
A Md. n
10 AZI n ,
.R .....
Sc)n
- -an All n 9 119 A 51.1 A OA Ann n ••• In. n non II 0 705 n 10 Itlit n 10
eon n
1----
2589
FINANCIAL CHRONICLE
APRIL 20 1929.]
RESOURCES (Concluded)Two Ciphers (00) omitted.
$
7,295,0
6,115,0
Other securities
Foreign loans on gold
New York.
Boston.
Total.
$
485,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Citg. Dallas. San Fran.
Phila.
$
300,0
629,0
$
1,495,0
2,148,0
$
3
$
3
$
669,0
281,0
238,0
838.0
245,0
$
2,000,0
164,0
a
1,250,0
216.0
$
1,500,0
202,0
$
750,0
303,270.0 139,778,0 136,939,0 66,220,0 78,923,0 156,579,0 65,705,0 39,508,0 59,924,0 46,653,0 112,184,0
52,0
24,0
29,0
18,0
24,0
99,0
28,0
69,0
74,0
33,0
220,0
227,407,0 66,762,0 75,793,0 57.131,0 28.136,0 101,066,0 35,490,0 15,555,0 43,724,0 28.686,0 46,347,0
16,087.0 1,757,0 6,535.0 3,575,0 2,744,0 8,529,0 3,928,0 2,110,0 4,140.0 1,922,0 3,704,0
484.0
315,0
367,0
286,0
837,0
506,0
517,0 1,955,0
189,0
1,256,0
920,0
Total bills and securities__ ...... 1,310,162,0 104,479,0
723,0
53,0
Due from foreign banks
803,693,0 77,596,0
Uncollected Items
58,733,0 3,702.0
Bank Premises
7,700,0
Allother
68.0
5,214,086,0 390,672,0 1,561,955,0 383,479,0 499,435,0 210,371,0 245,597,0 806,389,0 194,005.0 140,758,0 210,276.0 152,177.0 418,972,0
Total resources
LIABILITIES.
F. R. notes in actual elroularlon. 1,653,228,0 133,401,0 289.592,0 140,411,0 205,155,0 69,004,0 133,709,0 300,921,0 57,651,0 63,954,0 66.436,0 37,637.0 155.357,0
Deposits:
Member bank-reserve acc't_. 2,302,392,0 146,573,0 905,479,0 136,626,0 177,078,0 66,098,0 65,896,0 343.422,0 77.171,0 51,293,0 90,774,0 67,637,0 174,345.0
732,0 2,942,0 5,935,0
859,0
Government
45,455,0 2,687,0
14,772,0 3,707,0 1,092,0 2,386,0 2,307,0 6,136,0 1,900.0
418.0
191,0
191.0
145,0
232.0
795,0
226,0
592,0
267,0
.557,0
Foreign bank
10,163,0
429,0
6,120,0
46,0 9,499,0
167.0
236,0
2,117,0
803,0
142.0
91,0
965,0
90,0
Other deposits
21,764,0
243.0
7,365,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2 379,774,0 149,932,0
748,167,0 76,132,0
155,133,0 10,306,0
254,398,0 19,619,0
23,386,0 1,282,0
933,736,0 140,980,0 179,727,0 68,842,0 68,571,0 351,156,0 81,420,0 52,533,0 91,864,0 70,816.0 190,197.0
205,161,0 61,466,0 71,220,0 52.663,0 25,767,0 94,142,0 37.368,0 13,090,0 37,814,0 29,963,0 43,381,0
55,830,0 15,133,0 14,688,0 6,173,0 5,334,0 19,448,0 5,520,0 3,096,0 4,291,0 4,431,0 10,883,0
71,282,0 24,101,0 26,345.0 12,399,0 10,554,0 36,442,0 10,820,0 7.082,0 9,086,0 8,690,0 17,978,0
640,0 1,176,0
785,0
1,388,0 2,300,0 1,290.0 1,662,0 4,280.0 1,226,0 1.003,0
6,354,0
Total liabilities
5,214,086,0 390,672,0 1,561,955,0 383.479,0 499,435,0 210,371,0 245,597,0 806.389,0 194,005,0 140,758,0 210,276.0 152.177,0 418,972,0
Memoranda.
72.9
83.5
66.1
69.8
60.7
81.5
63.8
56.6
61.3
71.0
Reserve ratio(per cent)
80.4
70.0
73.3
Contingent liability on bills purchased for foreign correspond'ts 347,390.0 25,675,0 105,561,0 33,308,0 35,389,0 15,960,0 13,531,0 47.533,0 13,878.0 8,674,0 11.450,0 11.450,0 24,981.0
F. R. notes on hand (notes reo'd
from F. It. Agent less notes in
...t. a,.s n 91 00,0 191 097 n 22 ino n 27 901 n io 902 n 21 074 0 34.839.0 10.623.0 8.982.0 11.655.0 9993.0 67.185.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS APRIL 17 1929.
Federal Reserve Agent at-
New York.
Boston.
Total.
I
Phila.
San Fran.
. St. Louts. Mittman. Kan.City.
Cleveland Richmond Atlanta. Chicago.
Two Ciphers (00) omitted,.R.notesreed from Comptroller 2,835,968,0 221,483,0
F. A. notes held by F. R. Agent.. 767,927,0 66,875,0
$
$
$
745,334,0 211.150,0 269,596,0 108,373,0 220,143,0 414,380,0 80,524,0 90,080,0 103,101,0 62,862,0 308,942,0
331.115,0 32.700,0 27,150.0 20,071,0 55,360,0 78,620,01 12,250,0 17,144,0 25,010,0 15,232,0 86,400.0
154,608,0
414,219,0 178,450,0 242.446,0 88,302,0,164.783,0 335,760,0 68.274.0 72,936.0 78,091,0 47.630,0 222.542.0
35,300,0
10,336,0
33,000,0
98,403,0
8.050,0 14,167,0
14,758.0 35,00,00
171,880,0 5,800,0 50.000,0 6,690,0 25,350,0
14.464,0 13,193,0 12,324,0 7,644.0 5,194,0 1,246,0 1,679,0 2,467,0 4.604,0 3,458,0 13,040.0
95,000,0 67,657,0 75,000,0 24,000,0 60,500,0 266,000,0 8,000,0 37,000,0 46,360.0 6.000.0 112,899.0
259,768,0 102,388,0 105.574,0 58,092.0 74,289.0 124,975,0 57,702,0 27,808.0 47,885,0 32.574,0 96.469.0
2,373,987,0177,039,0
541,112,0 189,038,0 242,898.0 96,426,0 165,333,0 392,221,0 75,431,0 81,442,0 98,849,0 56.790,0 257,408.0
F. R.notes issued to F. it. Bank. 2,068.041,0
Collateral held as security for
F. P notes issued to F. R. Bk.
Gold and gold oertificates____ 366,995,0
89.649,0
Gold redemption fund
831,416.0
Gold fund-F. R.. Board
1,085,927,0
Eligible paper
Total collateral
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 2549 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
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 bank. Previously acceptances of other banks and bills sold with
endorsement were included 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. Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks Is now omitted; in its place the number of cities included has been substituted. 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. The figures are now given In
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OP WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON APRIL 10 1929. (In millions of dollars.)
Federal Reser,' District.
Total.
Boston, New York
Phila.
Cleveland Richmond Atlanta. Chicago. St, Louis. Manual). Kan. CUP
5
Dallas
San Pall
$
$
$
$
$
i
LORDS and investments--total
S
22,393
1,510
8.523
1,268
2,212
686
650
3,330
713
385
680
491
1,944
Loans-total
16,454
1.127
6,342
942
1,529
528
515
2,587
528
258
445
357
1,296
7,382
9,073
472
655
3,126
3,216
517
425
710
819
200
327
151
364
1,227
1.361
237
291
82
176
144
301
105
252
412
884
5,939
383
2,181
326
682
158
135
743
185
127
236
134
648
3,024
2,915
189
194
1,1881
993
105
221
328
354
73
85
65
70
339
404
74
110
70
57
113
123
95
40
385
263
1,672
238
97
17
780
68
76
14
123
28
40
12
38
10
247
38
46
6
25
6
57
11
36
8
106
19
13,052
6,789
258
881
466
11
5.780
1,718
113
711
277
13
995
970
20
361
244
7
332
230
13
1,824
1,226
31
385
233
3
219
132
2
494
179
3
301
140
18
761
975
25
1,151
2,726
46
107
161
931
153
92
195
48
98
79
112
55
121
46
80
107
189
58
86
143
198
708
43
100
AA
09
00
20
29
10
22
10
fjs
On securities
All other
Investments-total
U.S. Government securities. ____
Other securities
Reserve with F. R. Bask
Cash in vault
Nil demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
norrowInes from F. It. Bank
-
ss
$
$
$
$
,
280.
459
ine
$
*Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following'shows the condition of the Federal Reserve Bank of New York at the close of business April 17 1929,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U...8. Treasury_
Apr. 17 1929. Apr. 10 1929. Apr. 18 1928.
$
281,344,000 281,458.000 278,477,000
12,608,000
13,168.000
12,994,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. B ard_
Gold and gold certificates held by bank_
293,952,000
167,376,000
469,035,000
294,626.000
193,312,000
457.542,000
291,471,000
315,437,000
388,444,000
Total gold reserves
Reserves other than gold
930,363,000
52,977,000
945,480,000
52,351,000
995,352,000
33,875,000
983,340,000
Total reserves
30.711,000
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations- 150,882,000
109 121,000
Other bills discounted
997,831.000 1,029.227,000
31,763,000
20,874,000
107,736,000
45,293,000
260,003,000
20,093,000
246,735,000
20.408,000
153,029 000
82,328,000
1,384,000
13,137,000
5,010,000
1,384,000
13,367,000
4,652,000
1,384,000
18,837,000
47,305,000
Total U.S. Government securities-.
Other securities (see note)
Foreign Loans on Gold
19,531,000
1,495,000
2,148,000
19,403,000
2.095,000
67,526,800
Total bills and securities (See Note)-
303,270,000
288,641.000
302,883,000
_ _
Apr. 17 1929. Apr. 10 1929. Apr. 18 1928.
$
$
$
220,000
227,407,000
16,087,000
920,000
219,000
170,670,000
16,087,000
1,177.000
217,000
211.457,008
16,548.000
1,831,000
1,561,955.000 1,506,388,000 1,583,037,800
Total resources
142,569,000
104,166,000
Total bills discounted
Bills bought In open market
U.S. Government securities-.
Bonds
Treasury notes
Certificates of indebtedness
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
LiabilitiesPearl Reserve notes In actual circulation
Deposits-Member bank, reserve aces...
Government
Foreign bank (See Note)
Other deposits
289,592,000
905,479,000
14,772,000
6,120,000
7,365,000
290,467,000
913,503,000
1,707,000
5,284,000
7,757,000
338,067.000
946,080,100
1,311,000
998,000
9,369,000
availabilityepos ts
Deferred
edd
Capital paid In
Surplus
All other liabilities
933,736,000
205,161.000
55,830,000
71,282,000
6,354,000
928,251,000
154,442,000
55,676,000
71,282,000
6,270,000
957,758,000
177,770,000
42,545,000
63,007,000
3,890,000
Beim,
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills Purchased
for foreign correspondence
1,561,955,000 1,506,388,000 1,533,037.000
80.4%
81.9%
79.4%
105,561.000
105,824,000
73,832,000
NOTE.-Beginning with the statement of Oct. 7 1925. two new items were added In order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets." previously made up of Federal Intermediate Credit Bank debentures, was changed to
"Other securities." and the caption "Total earning assets" to "Total hills and securities.' The latter term was adopted as a more accurate description of the total of the
alsoountitecentances and securities acquired under the provisions of Sections Li and 14 of he Fede.al Reserve Act. watch,it was stated, are the only itemsincluded therein.
2590
FINANCIAL CHRONICLE
Vaulters
[Vol,. 128.
New York City Realty and Surety Companies.
azette,
(All prices dollars per snare.)
Wall Street, Friday Night, April 19 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2579.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Bid
85
152
535
280
348
Alliance Rity
AmSurety new
Bond & M G.
HomeTItle Ins
Lawyers Mtge
Lawyers Title
&Guarantee 435
Ask
100 Lawyers West158
chest M & T
650 Mtge Bond__
305 N Y Title &
358
Mortgage._
New
445 U S Casualty_
New w
Bid
Ask
345
195
395
205
740
74
450
115
750
76
470
120
891
N. Y. InvTra
1st pref..... 98
2d pref
97
Westchester
Title & Tr _ 800
Ask
875
New York City Banks and Trust Companies.
prices dollars per share.)
Banks-N.Y. Bid
Ask Banks-N.Y. Bid Ask Tr.Coe.-N.
Ask
Bid
America
237 240 Penn Exch.-- 155 165 Equitable Tr. 710 720
Amer
Union*.
280
300
'Port Morris_ 900
Farm 1. 42 Tr. 1840 1870
Lowest.
Lowest. I Highest.
Highest.
Bryant Park* 275 385 Public
295 305 Fidelity Trust 240 250
I
200 210 Seaboard _ -- 1180 1200 Fulton
750 850
Par. Shares' $ per share. $ Per share. $ per share.11$ per share. Central
Century
235 255 Seward
186
172 Guaranty-Railroads060 970
1
Chase
140
1150 Trade.
310 325 Int'iGermanIc 228 235
Albany & Susqueh_100
Jan
6021034 Apr 1521034 Apr 15 21034 Feb216
Rights
120 130 Yorkville ____ 230 240 Interstate_ _ _ 378 385
Allegheny & Western 100
Apr 115
30 114 Apr 17,114 Apr 17 114
Feb
Phenix
Yorktown."... 285 295 Irvine Trust. t71
72
Buff It & P pref
100
Jan 103
20 100 Apr 13 100 Apr 13 98
Feb Chath
Nat Bk& Tr 780 795
812
g
Rights
Canada Southern
100
20 59 Apr 18 59 Apr 18 55% AM, 6134 Feb CheiseztExnea
115
Brooklyn.
Lawyers Trust
Central RR of N J100
100 315 Apr 18 315 Apr 18 305
Aorwo Feb Chls'aExCp A 111
40
35
Globe
Exch.
425
, _ 400
Manufacturers 213 - 297
III Cent leased Ilne_100
20 80 Apr 16 80 Apr 16 73% Apr 80
Feb
Class B____ 35
40 Municipal* -- 720 735 Murray
_ 315 325
Missouri Pacific rts
% Apr 13
89,334
% Apr 13
41 Apr 134 Apr
Nassau
825
760 780 Mutual(WestNatRys of Mex 1st pf 100
400, 5 Apr 17 546 Apr 16 4% Mar 6% Jan Chemical.
955 965 People's
1200
cheater) ___ 384 415
New Onl Tex & Mex_100
Apr 14034 Feb Commerce
1013434 Apr 19134% Apr 19 130
Continental' _ 700
740 Prospect
155 170 N Y Trust__ 284 288
N Y Lack& Western.100
120103% Apr 18 105 Apr 15 103% Apr108% Mar
Rights
15
18
Timea Square_ 175 185
Northern Central_ _50
10 85% Apr 17 85)4 Apr 171 85
Jan 8631 Feb Corn Exch._ _ 1000
Trust Co..
1015
Title Ou & Tr 1000 1020
Southern Pacific rts60,1
1-64Apr 18
44 Apr 13 1-64 AP
Apr
%
Fifth Avenue. 27(10
_ New York.
U S Mtge &Tr 1000 1030
Wheeling & L Erle_100, 1
Apr 9846 Jan First
70 Apr 17 70 Apr 17 70
Bence
6750 69-50Corifle
320 340
Rights
1001
100 70 Apr 15 70 Apr 15 70
Preferred
Jan
Mar 89
Grace
750
Italians Tr_ 420 430 United States 4300 4600
Hanover
1300 1330 Bank of N Y
WeetchesCr Tr1000
Indus. & Miecell.
& Truffle°. 985 000
Air-Way Else Appliance. 5,300 3741 Apr 15 40% Apr 18 37% AD 40% Apr Harriman...... 1225 1275
295 310 Bankers Trust 170 174
Liberty
Brooklyn.
Allegheny Corp
•I08200 32% Apr 16 35 Apr 19 27% M
37% Mar
Brooklyn
1150 1170
Preferred
100 2,300 9944 Apr 15 100% Apr 18 99% Apr 10534 Feb Manhattan* _ 895 905 Bronx Co Tr _ 500
National City 375 380 Central Union 438 445 Kings Co.... _ 3200 3400
Amer Hawaiian SS Co 1048.800 3634 Apr 13 42 Apr 19 24% Mar 42
Apr Park
1060 1080 County
550 610 Mldwood-- - - 320 , 340
Am Steel Foundries rte..; 3,800 246 Apr 13 2% Apr 13 2
Ma
3% Mar
Rights
Empire
625 635
Am Sumatra Tob rts_ _ -J 9,700
% Apr 16
44 Apr 18 34
Ap
% Apr
Anacaonda Copp new.5090.000 114% Apr 16 117% Apr 13 114% Apr 140
Mar
*State banks. t New stook. x Ex-dividend. g Ex-etook dlr. w Ex-rIghta.
Rights
140600 24 Apr 16 26% Apr 13 24
Apr 35% Mar
Assoc Apparel Indus___• 1.400 54 Apr 18 5546 Apr 17 53% Ap 5546 Apr
Assoc Dry (Yds 2d pf 100
Jan
10010334 Apr 19 10346 Apr 18 0336 Ap 110
United States Liberty Loan Bonds and Treasury
Atlantic Refining rights_ 08900 546 Apr 13 7 Apr 17 534 Ap
7
Apr
Bohn Aluminum & Br_.• 7,300 114 Apr 15121
Apr 18 14
Ap 121
Apr Certificates on the New York Stock
Exchange.Borg-Warner
10 5.200 121% Apr 17 126% Apr 13 2134 Ap 12834 Apr
Cavanagh-Dobbs Inc..*
700 3234 Apr 17 3234 Apr 16 32% Ap 42% Feb Below we furnish a daily record of the transactions in LibPreferred
100
Apr 18 00% Ap 10534 Mar
100 101
Apr IS 101
Celotex
• 1.500 6334 Apr 19 85% Apr 21 62% Ap 79% Feb erty Loan bonds and Treasury certificates on the Now York
Preferred
100
200 89 Apr 19 90 Apr 15 89
Jan 93% Feb
City Ice & Fuel
* 1,200 54 Apr 13 54% Apr 17 54
AP 62% Jan Stock Exchange. The transactions in registered bonds are
Coca Cola class A
• 1.000 4834 Apr 13 48% Apr 17 48% Feb50
Feb given in a footnote at the end of the tabulation.
Columbia Gas & El new*24,9001 5534 Apr 13 5851 Apr 19 5346 Ma 66
Jun
Consolidated Cigar pf100
lOj 96 Apr 16 96 Apr 18 92% Feb100
Mar
I
Crosley Radio Corp._ •50,100 97 Apr 15 111% Apr 19 86
Ma 125
Feb Daily Record of U. S. Bond Prices. Ayr. 13 Apr. 15 Apr. 16 Apr. 17
Apr. 18 Apr.19
Cushman's Sons prof...*
90 110 Apr 16 11046 Apr 15 10834 Feb 115% Feb
First Liberty LoanHigh 948n
98
98
99.22
991112 98"22
DeBeers Cons Mines__
10 25 Apr 17 25 Apr 17 22
Mar
Feb25
334% bonds of 1923-47__{Low- 98,n
98
97.42 971122 98622
98,
,,
Duplan Silk
* 1.900 2334 Apr 19 2434.Apr 17 20% Ma 28% Jun
(First 334)
Close 088,,
98
98
97,122 98512
98,n
Elk Horn Coal pref _50
30 9 Apr 18 9 Apr 18 831 Ma 13
Jan
Total sales in 81,000 units _ _ _
5
10
56
46
10
81
Emporium Capwell_._•
10 33 Apr 19 33 Apr 19 27
Feb
Feb38
Converted 4% bonds of High
Eng Pub Serv pref(534)•
500 96 Apr 17 9634 Apr 18 96
99% Feb
A
1932-47 (First 4s)
LowEvans Auto Loading
5 3,100 62 Apr 17 6334 Apr 19 55
Mar 73% Mar
Close
Fairbanks Co
•
100 10 Apr 13 10 Apr 13 43( Jan 10
Apr
TOini sales in 81,000 units__
Preferred
25
20 18 Apr 13 20 Apr 13 14
Jun
Feb 35
Converted 451 % bonds High
991,22 0011,, crow:, 97.1-8;2-2 9-9-1W1
Fashion Park Assoc..... 1.300 6934 Apr 16 70 Apr 17 8534 Apr 7234 Mar
of 1932-47 (First 451,33Low- 99821
99721
99.11 991822 091822 998822
First Nat Plc let pfd_100 4,870 110 Apr 13 115 Apr 1310434 Jan 115
Apr
Close 99822
991822 991,22 998522 991822 998,11
Fisk Rubber rcts 50% pd 2,200 11
Apr 15 1146 Apr 19' 11
Apr
AM
Total sales in $1.000 units _ _ _
6
22
8
7
1
Gen Gas & El pf A(7)...•
220 109 Apr 17 112 Apr
Mar 116%
Jan
134'07
Second converted 434%f High
Clam A rights
3.500 1
Apr 17 1% Apr 19 1
Apr 134 Apr
bonds 011932-47 (First LowGen Motors pref (6).100
100 109 Apr 18 109 Apr 18 109
Apr 109% Feb
Second 434*)
close
Gen Ry Signal pref__100
200 103% Apr 16 105 Apr 131 99
Jan 105
Apr
Total sales in $1,000 Unit,...
Glidden Co right,'
25.500 1% Apr 13 234 Apr 181 134 A
2% Apr Fourth Liberty Loan
righ 99-42-1
0154; 6;i;
Gold & Stork Teleg_100
10118% Apr 16118% Apr 16 118% Ap 122
Jan
434% bonds of 1933-38_ Low- 99022 99'132 eon., 9911n 99"n 99..22
Gold Dust pre?
• 600 110 Apr 17 11334 Apr 13:11034 Apr 120
Mar
(Fourth 434.)
Close 991122 99"st 99.122 991512 992.32 992.22
Goodrich Co rights
3,400 1 Apr 10 I% Apr 17! 1
Apr 2% Apr
Total sales in 11,000 units___
94
125
115
55
76
79
Grand Stores pref
100
200 107 Apr 16 108 Apr 18 107
Ay 116
Jan Treasury
{High 1078821 1038821 109
1091.22 109,
22 109"n
Hayes Body
• 2,800 5034 Apr 17 53% Apr 13 5044 Ap 5534 Apr
Low_ 1078822 10912 10912, 1010.22 109.22 108..22
434s. 1947-52
lot Paper & Pow rights__ 147,
in Apr 18
in
Apr
Ap
13
44
31 Apr
Close 1078822 1088822 109
1091,22 109522 108"12
Jordan Co rights
10.600
)4 Apr 17
41 Apr 13
% AP
44 Apr
Total sales in $1,000 units___
20
11
2
57
53
31
Kendall Co preferred_•
20 8934 Apr 18 92 Apr 15 89% Ap 96
Feb
{High 104
1048822 104.
,
22 1051822 105"12 104"s8
Lehigh Valley Coal____* 8,500 24% Apr 19 2634 Apr 13 19
Feb2854 Apr
48, 1944-1954
Low_ 1031822 104.822 104"12 1048822 104822 104,118
Preferred
50 600 3544 Apr 19 3934 Apr 151 3434 Mar 40
Feb
Close 104
1048822 104.121 105822 1042822 104"22
Link Belt Co
• 600 53 Apr 19 5544 Apr 15, 53
Ap 61
Feb
Total sales in $1,000 units_ _
2
80
6
220
22
429
Loewe pref ex-war
100 92 Apr 16 92 Apr 16! 90
Mar 95
Mar
i High 1003122 101"n
102423 102.22 102
Ludlum Steel pref
• 500 100 Apr 13100% Apr lib98% Mar 102% Jan
34(s. 1946-1956
,22 101.22
Low_ 100.
102
101"22 102
Close 100.022 1012,21
102,22 101.423 102
McGraw Hill Pub
• 700 41% Apr 18 4231 Apr 161 4134 Apr 48
Feb
Total sales in 51.000 units.-2
85
25
12
50
Mllw El By & Lt pref 100
Jan 10934 Apr
1010934 Apr 1510934 Apr 15101
IIIgh 971.12 98.32
081,22 981.22
Motor Products rights__ 2,200 4646 Apr 13 5044 Apr 131 4034 Ap 5034 Apr
34422, 1943-1947
Low_ 971,22 97252
981522 99.22
Newport Co class A.._50 10.700 45 Apr 13 4844 Apr 15: 43
Ma 4834 Apr
Close 971032 98,22
981,121, 98.22
Phillips Jones Corp..._.• 14,160 4334 Apr 13 61 Apr 19, 41
Mar 61
Apr
Total sales in 31,000 tenths.....
10
40
10 '
tO
Pirelli of Italy
4,500 52% Apr 15 56 Apr 181 5034 Mu 65% Jan
(High 97,822 972822
119.22
981022
Pitts Steel pref
100
530 96 Apr 13 913 Apr 15; 0231 Feb 98
Apr
844s.
1940-1943
Low_
97,822
9788
98
,
94.12
99
22
Radio Corp pref B
•35.500 78 Apr 13 8031 Apr 181 74
Ma 8011 Apr
Close 971.22 971122 98,
98,22
98
32
Rem Typew 2d pfd__100
50 101 Apr 15 101
Apr 15,100
Mar 104
Feb
Total sales in $1 000 units...
56
2
120
1
Republic Brass
• 6,300 49 Apr 17 5344 Apr 19, 4841 Ap 53% Apr
Class A
• 1.000:10234 Apr 16107% Apr 19,102
Ap 107% Apr
Note.-The above table includes only sales of coupon
South Calif Edison rights 7.000] 2% Apr 151 336 Apr 19 2% Ap
334 Apr
• 708 52 Apr 19; 5431 Apr 18 52
Spaldlng Bros
Ap 58
Apr bonds. Transactions in registered bonds were:
Sparks Withington_ -• 5,800 178% Apr 1318334 Apr 15 170g Apr 183% Apr
1 1st 4%s
99822 to 99422 I 1 Treasury 454s
1081$w to 1081811
Spencer Kellogg & Sons• 400, 36 Apr 18! 3631 Apr 151 38
Apr 43
Feb 20 4th 441s
99.822 to 998822i
• 2.200' 49 Apr 161 51
Spicer pref
Apr 16 48% Ap 55% Mar
Stand Sanitary ctfs
800 49)6 Apr 13, 50% Apr 13, 47
Ap 50)6 Apr
Stewart Warner new..... 53.8001 66 Apr 13 71 Apr 18' 65
Ap 71
Apr
Foreign Exchange.Superior Steel rights....22,9001 1% Apr 17 3% Apr 15 1% Apr 3% Apr
70 126 Apr 18,128 Apr 17;125
M 135
So Porto Rico Sug pf_100
Feb
To-day's (Friday's) actual rates for sterling exchange were 4.8451120
4.85 for checks and 4.8534@4,85 5-16 for cables. Commercial on banks,
I
I
U S Express
100 4,000 654 Apr 19. 934 Apr 13; 2
J
10
Apr sight, 4.84 9-16(454.8454; sixty days, 4.80140,
4.80 5-1(1: ninety days,
Un Aircraft&Trnas Corp.398100, 91 Apr 13 111
Apr 181 7834 Ap 111
Apr 4.78044.7834, and documents
for payments. 4.794 0,4.80 5-16. Cotton
24.1001 75 Apr 16 8114 Apr 18 6834 APri 8146 Apr for payment, 4.83 31-32.
Preferred
and grain for payment, 4.83 31-32.
United Dyewood____100
3301 754 Apr 19 834 Apr 13 6% AK; 934 Feb
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9054
U Steel rights
12000; 5% Apr 19 63-4 Apr 19 5% Apr 6% Apr (1133.9031 for short.
Amsterdam bankers' guilders were 40.14©40.16%
Walgreen Co pref_ ___100
100104 Apr 18104 Apr 1610034 Mar 106
Mar for short.
Warner Quinlan rights-29.500
44 Apr 181
46 Apr 18
44 Apr 1
Mar
Exchange at Paris on London, 124.24 francs; week's range, 124.28
Wesson 011 & Snowdrfrancs high, and 124.24 francs low.
Preferred (old)
Feb
• 200110 Apr 15;110 Apr 15 10634 Jan 112
The range for foreign exchange for the week follows:
Wilcox-Rich cl A
Mar 4831 Feb
•10,9001 4034 Apr 13; 4444 Apr 15 37
Sterling, ActualCheeks.
Cables.
Cl
Mar 4734 Mar
•13,300 3834 Apr 13' 43 Apr 15 34
4.85 17-32
4.85%
Woolworth Corp new_25 121500 8634 Apr Id 9134 Apr 19 8534 Apr 9134 Apr High for the week
Low for the week
4.84%
4.8531
Paris Bankers' FrancsBank. Trust & InsurHigh for the week
3.90%
2.9034
ance Co. Stocks.
3.9031
Eqult Tr Co of N Y..100
3.90 5-16
Jan 765
Mar Low for the week
30720 Apr 16 730 Apr 15 493
Amserldam Bankers' Guilders
•No par value.
High for the week
40.1631
40.1831
Low for the week
40.11
40.15
Germany Bankers MarksHigh
for
23.71
the
week
23.71%
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Low for
23.69
the week
23.70
Int.
Jot.
Maturity.
Rate. Bid. Asked.
Asked.
Bid.
Maturity.
Rats.
STOCKS.
I Sales
Week Ended Apr. 19. 1 for
1Veek.I
June 15 1929.__ 4S.4%
8ept.15 1929.- 451%
Dee.15 1929-- AM%
991,22
991822
991,21
Range for Week.
998122
991,2s
99i.n
Sept.15 1930-32
Mar.15 1930-32
Dec.15 1930-32
Sept. 15 1929
Dec. 15 1029
11 Range Since Jan. 1.
334%
834%
344 %
434%
451%
888°88
97
0818 n
99"22
955822
97'n
078n
97'n
99nsi
998 22
The Curb Market.-The review of the Curb Market is
given this week on page 2580.
A complete record of Curb Market transactions for the
week will be found on page 2609.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
here. see preceding PageFor sales during the week of stocks not recorded
HIGH AND LOW SALE PRICES-PER SIIARE, NOT PER CENT.
Friday,
Tuesday, Wednesday, 1Thursday,
Monday,
Saturday.
April 19.
April 18.
April 17.
April 16.
April 15.
April 13.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highest
Lowest
PER SHARE
Ranee for Presiotu
Year 1928
Lowest
Highest
Par 6 per share $ per share $ per share I per share
Railroads
per share $ per share $ per share $ per share Shares
$ per share $ per share
19518 Mar 26 2093 Feb 4 182% Mar 204 Nov
198 19858 7.000 Atch Topeka & Santa Fe__100
198 19978 19838 199781 19858 199
199 199 .198 199
100 10212 Jan 2 10378 Jan 7 10212 Jan 10812 Apr
1,300 Preferred
103
103
104
10212
103
103
103
103
103
103
104
Jan 2 19134 Feb 4 15718 Oct 19112 May
•103
GOO Atlantic Coast Line RR._.100 169
17912 179%
17978 17978 •179 180
179 179 *179 180
•179 180
100 11818Mar 26 133 Mar 5 10334 June 12558 Dec
& Ohio
Apr
77 Nov 85
12214 12312 12212 1234 122 1238 12112 1223 33.000 Baltimore
13 801t Mar 20
Apr
12212 1228 12238 124
77
100
1,000 Preferred
78% 79
79
79
79
78
61 June 8414 Jan
77
77
78
*77
77
77
50 65 Feb 16 72 Jan 2
500 Bangor & Aroostook
66
66
68
6712 674 68
Jan 2.., 104 Dec 11584 May
11012
.6612 68 .6612 68
4
Apr
105
*8612 69
100
160 Preferred
107 107
106 106
106 106
58 Feb 91 Dec
10512 10512 10512 10512 10512 106
100 85 Apr 4 1093 Jan t
700 Boston & Maine
88
874 .85
87
77% May
87
87
5338 Jai
87
87
90
Apr 19 81% Feb 25
•85
90
86
.
663 18.700 Bklyn Manh Tran v t c_No par 64 Mar 26 9258 Feb 1
64
Jan 95% May
, 6478 651
82
6534 64,8 6514 6418 647
65
08
84
par
65
No
Preferred v t c
700
87
*8518
8712
.8412
4772 Sept
88
Jan
1412
.35
8712
8712
18
4418
Jan
Apr 4
*8712 8834 8778 88
2,500 Brunswick Term & Ry Soc_100 2518
2914 3012 2812 29
3214 July 8412 Nov
3g
2812 2812 284 30
2
*2712 28
28
28
Buffalo & Susquehanna_ __100 54 Jan 26 85 Mar
70
70 .62
Nov
.62
63
70
Sept
.62
38
70
*62
4
70
Mar
6812
4
Jan
.60
70
5312
100
*60
Preferred
.5512 58 .5512 58
*554 56
*5512 M
*5518 56
100 22512Mar 26 26978 Feb 2 19512 June 253 Nov
*5514 56
234 23712 23418 23512 13,810 Canadian Pacific
Sept 1071g Mar
98
10112
14
NW*
28
Mar
97
st'd100
23318 23512 2314 23612 232 23534 233 2343 .9812
ctfs
Ohio
90 Caro Clinch &
99
98
9812
*9812 101
9912 9912 *984 101
100 210 Mar 26 22914 Apr 8 17512 June 218114 Dec
.9812 101.
7.500 Chesapeake & Ohio
22512 22612 225 22614
100 21312 Jan 18 216 Feb .47
2214 22234 22014 22214 222 22234 223 22634
Preferred
1824 May
558 Jar
100 114 Jan 2 198 Feb 4
1514 1.100 Chicago & Alton
778 Feb 2638 May
143 143 *1412 1478 148 15 .151 1512 *15
15
100 16 Mar 26 254 Feb 4
15
Preferred
10,000
4
183
Feb 4814 May
37
4
43
1814 .1734 1812 183s 1934 19 4 1918 18% 40
Feb
11
Apr
34
RR___100
1734 1734 18
Illinois
Chic & East
40 .30
40 .30
*30
37
58 Aug 7652 May
37 .30
*33
100 56 Apr 11 667s Feb 4
3412 38
.
Preferred
60
60 .52
60 .52
*52
60
.
918 Feb 25 Dec
1 50
60
50
59 .
100 1412Mar 26 23% Feb 1
1 56
.
1858 1938 1858 1958 7.200 Chicago Great Weetern
2012 Feb 5032 Dee
31
Jan
7
63%
Jan
194 1958 1378 1918 1834 1834 1811 191
461s
100
523
Preferred
7,000
8
517
8
533
4
513
8
5
53
53
54
53
54
53% 54% 54
2214 Mar 4012 Apt
31 Mar 26 39% Feb 2
3.900 Chicago Milw St Paul & Pao_
37 Mar 5952 Nov
33 I 3212 3212 328 3234 32% 3314 3214 33
502 Mar 26 83114 Feb 2
3212 3212 33
5314 54% 528 54,2 13.500 Preferred new
5258 5312 5234 54
78 June 9414 May
5
Feb
9414
5334 54
26
54
Mar
818
54
Western_100
4,000ChIcago & North
8412
833
844
84
4
4
843
8312
8318
Dec 150 May
8318
135
8414
8312
145
Feb
5
5
Jan
8412 844
100 135
I Preferred
1130 138 *125 135 •130 134 .130 134
13978 Jan 19 106 Feb 13952 Nov
2
Apr
12212
•130 138 •131 133 .
PacIfic_100
&
181
Rock
1,500
Chicago
124 124
12334 124
Dec 11112 May
,
12334 12334 12:334 12334 .12314 126
105
25
Jan
10814
Mar
27
124 124
10514
100
preferred
10614 1064
99 2 Dec 105 May
106 106 •106 107 .106 10634 .106 10634 *10612 107
100 100 Jan 8 10278 Feb 5
100, 64e preferred
10014 10014
Aug 126 May
105
5
122
Mar
8
Apr
•10014 101 *10014 101 *10014 101 .10014 101 .10014 101 *11112
109%
100
Southern
!Colorado &
114
67 July 85 Apr
*10978 11212 *10978 114 *10978 114 .11112 114 .11112 114
100 75 Mar 20 80 Jan 25
110, First preferred
78
78
79
78 "78
78
*7712 78
6912 Nov 85 May
*7712 79 .7712 79
100 6514 Apr 12 7212 Mar 5
20 Second preferred
6818 6818 •____ 70 •-___ 70 •____ 70
Dec 8753 JUDO
6912
2
Jan
8
705
10
Apr
*6518 69 .6518 69
6212
100
Consol RR of Cuba pref
1.700
65
65
66
655g
65
644
04
Dee 94 June
6212
64
79
.63
Jan
2
63
63
100 70 Apr 10 81
310 Cuba RR pre
7512
7512 .70
Apr
1 69 7075'1 .70
.
16314 Feb '226
1
Feb
26
70
2074
Mar
.68
182
100
Hudson
187 1874 2.000 Delaware &
Apr
Dec 150
18514 18634 186 18634 18514 18634 187 187
12514
1
13314
Feb
16
Apr
12312
•185 187
124 12412 124 12112 3.000 Delaware Lack & Western_100 .5513 Jan 2 77% Feb 21
5012 Feb 6534 Apr
12412 12434 12312 12414 124 124
*1244 125
100
pref
West
Or
Rio
&
1
Deny
800
65
63 4 67,2
6712 65
6% Jan
*66
65
65
Aug
3
63
.65
4
4%
Feb
9
69
Apr
*65
3
100
Atl
Duluth So Shore &
.312 4
912 May
*314 334' "312 4
*312 37
4% June
.312 37
318 4
5 Mar 26
.
7,1 Feb 4
100
Preferred
*512 6
7212 Dee
*512 6 1 *512 6
512 512 .534 6
4334 June
6
*5
100 64 Mar 26 78 Mar 5
38.103 Erie
711g 724 7034 72
6912 7114 7012 72
50 June 637s Jan
Feb
20
4
64%
Mar
70% 7158 7018 713
57
100
2,300 First preferred
5912 5912 60
59
Jan
62
60
594 597
4914 Jun
*5912 61 I 60
8014 Jan 5
*5912 61
100 56 Mar 2
400 Second preferred
*5612 58
*5612 58 1 .5612 58
58
9312 Feb 114s4 Nov
5834 58
58
*5612 58
100 102 Mar 2 11578Mar 4
111t4 Nov
10314 1044 10314 1047 104 10412 3,700 Great Northern preferred 100 10012 Mar 26 112 Mar 4
Fe
1034 10314 10314 104
9118
•10312 101
900 Pref certificates
6172 May
43 Au
26 59 Feb 4
*10212 10312 .10212 1034 •10212 10312 10214 10212 1024 10212 *10212 103
Gulf Mobile & Northern___100 4312 Mar
468
47 1 •45
*46
4612 .4412 4712 .444 4714 .4512 47 1 •45
Aug1 109 May
99
3
103
Jan
8
Apr
9712
100
200 Preferred
9712 9712 9712
9712 •96
1784 June
7 Aug
138 Apr 19
9712 *95
97,2 •95
7 Feb 18
9712 .95
•95
1138 1,100 Havana Electric Ry__ NO pa
11
11
11
11
•10
10
10
51 Dec 7818 Sept
914 014 .934 10
100 55 Feb 16 73 Apr 15
200 Preferred
85
•75
89
80
•75
July 473 Nov
73 .74
73
340
22
Jan
73
73
450
26,
Mar
375
*7012 73
100
Hocking Valley
1 391 413 •391 413 •395 413 *395 413
5018 Dec 7312 Apr
.
100 4034 Apr 9, 533s Jan 5
1 393 419 .390 418 .
2,4C0.Hudson & Manhattan
43
43
4318 4312 434 42
Oct 9312 Apr
43
81
444 43
444 4412 .42
100 74 Apr 10 84 Jan 18
Preferred
•7412 76
76
76
.741
.70
76
.70
4 Jan 14834 May
1313
1
7'
Feb
152
Mar
.72
26
134
75
100
•72
Central
Illinois
000
136
136
May
1363*
13612
13612
138
1363*
138 13812 .13712 1383 *13612
100 135 Mar 27 14514 Feb 4 13012 Jan 147
Preferred
145
75 July 823* June
1 135 145 •135 145 •135 145 .135 145 .135
1 8018 Feb 21
•135 145 .
78
00 RR Sec Stock certificates... 77 Apr 10
•7714
7
May
7714
62
778
7
77
Jan
7
778
78
29
.77
25
9
77
Feb
58%
77
78
v t c_100 2358 Apr
*77
3114 3238 315g 33% 24,110 Interboro Rapid 'I'ran
317
31
3612 Mar 524 Nov
3134' 3114 32
1 59 Jan 26
3112 3112 31
4712
800 Int Rys of Cent America 100 43 Apr
547
4712
.47
48
47
_
47
47
25
Jan
47
5912
47
17
Apr
par
4512
48
*4358
No
•4358 46
100 Certificates
4512 4512 •4358 46
69% Jan -82- Ali;
*43% 48
.1 4358 48
100 7218 Apr 16 8014 Jan 2
*4358 48
60 Preferred
75
57 Mar
75 •73
2 Mar
414 Jan 18
7212 7212 7218 721s 724 7218 •73
318 Jan 30
100
*7212 75
Iowa Central
384 *312 3% •311 334 •312 3%
*3i3
4
33
33
•312
43 June 95 Nov
12
Jan
98%
.312
Southern....100 73 Mar 26
City
Kansas
83%
.8312
4,200
8418
Apr
83
84
3234 823
8812 Aug 77
8312 82
82
8212 83
100 6512 Apr 17 7012 Jan 15
600 Preferred
6614 6614
Apr
6512 6614 65% 66
8418 Feb 118
.6512 67
50 8634 Mar 2 1024 Feb 2
*653* ____ *6512 66
Valley
Lehigh
300
90
90
90
May
.89
901
15912
904
Nov
4
4
903
9034
91
26 15312 Feb 5 1393
9112 .90
*83
140 140
1,000 Louisville & Nashville_ __J00 13834 Mar
141 141 *14018 142
Jan 96 May
75
3
Jan
87
14034 14034 •1404 146
19
Apr
65
•140 141
100
guar_
Elevated
90 Manhattan
65
65
Jan 64 May
68 .6018 65 .6018 65
68
40
68
72 '60
69
100 3112 Apr 8, 574 Jan 11
Modified guaranty
11,000
3312 361
331
712 May
33
33'8 3334 3312 331
312 Dec
3312 34
4% Jan 22
2% Mar 4
337k 34
100
334
Market Street RY
334 •3
334 *3
33
3812 Dec 54% May
33
*3
4
Jan
3912
10
3% *3
Apr
*3
3018
100
preferred
Prior
30
.28
30
.28
3014
.28
812 May
31
Slay
.29
3012
17
19
*29
•2814 31
214 Mar 26
3% Jan
100
600 Minneapolis & St Louls
238 238
*238 212 .238 212
258 258 .28 21
212 212
40 June 52:2 Jan
Feb 20 4714 Feb 4
394
Marle_100
88
&
Paul
St
Minn
•36
42
42
•36
42
*35
42
•35
42
7014 Dec 875,51,7
.35
42
*35
100 71 Jan 14 87 Jan 23
Preferred
73
73 .71
•71
*7012 72
*704 73
60 Dec 7112 Jan
*7012 73
.7011 73
100 5712 Apr 10 66 Jan 25
59
40 Leased lines
60
5034 .
59 .59
59
591
3012 June 58 Dec
Feb 4
55
26
5914 5914 •5712 59,4 .59
Mar
4212
par
__No
11.11.__
5
Mo-Kan-Texas
18.500
Feb
4512 4614 4618 4712 45% 47% 467 47
4558 47
4512 47
100 102 Apr 9 10534 Mar 13 10112 June 109
Preferred
2,410
1037
10312
103
10312
10214
10214
10212
10218
103
•10218
4178 Feb 7614 Sept
10212 10278
100 6212 Jan 4 87% Mar 5
14.200 Missouri Pacific
7934 81
81
8012 78% 80% 80
105 Feb 12678 Dee
5
Star
8
2
8038 80% 7958 804 79
1373
Jan
120
100
3.900 Preferred
13234 133
132 133
13134 132
1313 132
824 Aug 89 June
•13112 132 •13I% 132
50 7814 Apr 2 8658 Jan 17
20 Morris Sr Essex
82
78% 78% .7812 81
78
8338 .
4 May
.78
82
*78
82
.78
100 186 Jan 29 202 Apr 10 17112 Aug 2043
270 Nash Chatt Sr St Louis
195 19712 19312 19514
195 195
512 Apr
19312 198
2 Feb
25
Jan
35s
200 200 .198 201
27
Mar
2
of Mexico 26 pref.100
Rys
Nat
218
24
2.000
214
4
,
2
Nov
1
214
214
*214
198.2
21.
1
Feb
2
214
158
214 214
100 17812Mar 26 20414 Feb 1
18212 18414 14,900 New York Central
146 May
18338 18418 1824 18312 18158 1827 18214 18412 1834 18458 •1344
100 12818 Mar 26 145 Feb 2 12114 Oct 110
700 N Y Chic & St Louis Co
13612
Jan
135 136% 13678 136%
Aug
10412
4
1094
Jan
13312 13312 13312 13312 .134 136
2
100 10534 Feb
600 Preferred
Apr
10712 10712 10714 107,4 1073* 10738
Jan 505
10712 10712 .107 10812 .107 109
50 285 Mar 20 379 Jan 8 168
30 N Y & Harlam
305 315 .302 315 .302 315
June 8284 Dee
300 315 .302 315
2
543
2
Feb
*300 319 .
98%
Jan
8
807
100
9614 9534 984 148,700 NY Nit & Hartford
0212 9412 94
9058 923
014 9134 90% 92
11958 Feb 2 112 Sept117 May
1145 Jan
2.700 Preferred
116 11614 11614 11612 11638 11612 11634 1171
24 Feb 39 May
Feb 4
•11558 11534 1153 116
2912 2814 283* 10,200 N Y Ontario & Western100 25 Mar 27 32
28
27
2714 27
13 May
273 .27
514 Jan
26% 26% 27
9% Feb 21
5 Apr 11
.01, 0
400 N Y Railways pref____No par
•51s 6
554 6
6
.5
234 Dee 43 July
6
Jan 30
6
41
15
Apr
26
100
pref
Rya
State
Y
N
60
•25
30
30
2518 30 "25
*2414 30 .
26
68 Nov
June
32
4
Feb
2618 2614 26
4812
2
Apr
39
100
42
*39
200 Norfolk Southern
42
40
4014 •39
42
42 .
39
JoSe 19812 Nov
42 .40
*40
100 191 Jan 9 208 Feb 1 175
2,900 Norfolk & Western
19312 19414 195 1951 19534 1961 19612 197
84% Oct 90 JUDO
195 195 •195 197
100 83 Feb 15 86 Jan 17
180 Preferred
86
86 .84
84 .84
84
85
84
86
Feb 118 Nov
922
1 85
.
5
86
Mar
1104
26
•85
100 995* Mar
5,300 Northern Pacific
1021 10138 1021
102 10234 102 10214 •10112 10134 1014 102% 1014
9058 Feb 115 Nov
99 Apr 10 112 Feb 2
100
Certificates
1003
4
1013
10012
3,800
100
100
100
100
9912
1913
Stay 3472 May
995 100
100 j 100
100 20 Feb 15 43 Feb 28
32
Pacific Coast
.28
32
32
32
.28
*28
•28
Jan
31
30
40 Aug 70
31 .
*30
100 32 Mar 27 50 Mar 2
preferred
42
First
.35
42
44%
.35
*35
•40
4
447
39 May
448
Aug
36
.
2012
1
28
.36 1 447
100 2112 Jan 10 40 Feb
30
30 .29
10 Second preferred
30 .29
30
.29
•29
30
29
61% June 7678 Dee
18
Jan
30 .
8214
26
Mar
30
7212
50
761
7512 7638 757 7612 7534 7678 30,500 Pennsylvania
76's 76
25 Star 37 Ma,
76
75% 75,
100 30 Jan 18 347 Feb 1
33
Peoria & Eastern
*28
33
*28
33
•28
33
154 Nov
33 .28
*28
•28 i 33
100 148 Jan 3 17424 Feb 1 12478 Feb 10114 Mar
200 Pere alarouette
155 155 .155 159
Oct
153 153 .15'212 160 •153 160
96
22
Mar
100
5
•15212 160
Jan
100 96
3 073
preferred
Prior
450
4
9312
983
97
08%
4
3
0
100% Mar
99
Nov
99
92
9334 99
.98% 09
100 02 Mar 15 97 Jan 8
93
93 .90
500 Preferred
9312 •90
5852 Aug
93'2 9212 921 •90
50 Nov
•92 4 9312 4192
50 4912 Apr 18 61 Apr 12
4912 4912
10 Phila. Rapid Transit
5112 Oct
*50 _ _
Mar
50
2
Jan
50 4912 Apr 19 50
4912 4912
__110 Preferred
50 .4912 51 .5050
50
Oct
50
____
50
Jan 10 12112 Feb 163
.
148%
26
Mar
•50 ;
130
100
Va
West
&
132
Pittsburgh
1327
132
1,200
8
13014
13012 130%
130
1193
s May
Feb
944
4
Feb
11712
26
•129 130 •12712 130 .12712
Mar
50 10218
Reading
10518
106
105
1068
6.500
105
106%
1063*
Apr
48
105
Nov
4112
105,4 10612
10514 106
50 417 Apr 3 4314 Feb 28
.4112 4134
100 First preferred
1 4112 42 .4112 42
.
Jan 5972 May
44
*4112 4312 4212 4212 *4112 42
50 4412 Apr 17 4954 Feb 5
444 44% 4412 4412 .4412 45
800 Second preferred
60 Feb 77 Dee
1 45
.
4618 4434 44% .4412 45 .654 68,8 `654 684 *6518 6818
100 6318 Mar 21 6834 Apr 6
prof
RR
Rutland
684
13518 684 *65,8
26 12212 Feb 4 109 Feb 122 Mar
Mar
III
6818 .
100
Francisco
Louis-San
11314
4
11318
1123
1131
2,80061
1124
1123,
11218 11214
94 De 101 May
11218 11218 113 113
100 924 Star 26 9612 Feb 2
933 94
94
94
2.400 1st pref paid
927 9414 9334 94
6712 Feb 12412 Nov
93
93
.91% 93
100 961e Star 26 11534 Feb 4
2,00081 Louis Southwestern
10114 10338 .10112 1017
95 Jar
89 Jul
4
Mar
•101 102 , 10114 10114 *101 10212 102 10312 •91
9212
10
Apr
4
873
100
Preferred
921
921
91
200
*89,8 9218
00
00
91
90
.
93.,, *90
waai 4•11
1001
I
CheaaNalka Corp. stook.
Eg231v1dend, a Hz-dividend and es-rights. g Hz-rights. It Ira-dIv. of Vas tho shares 01
•BM and asked prises no sales on this day. s
•1\
2592
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see
second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT
PER SHARE
PER CENT.
Sales
sToetcs
PER SHARE
Ranoe Sines Jan. I.
for
NEW YORK ,
t rnex
Ranee for Prertoas
Saturday,
Monday,
Tuesday, Wednesday, 1 Thursday,
On harts of 100-share lots
Friday.
the
EXCHA
NGE
Year 1928
April 13. I April 15. I April 16. 1 April 17.
April 18.
April 19.
Week.
Lowest
Highest
Lowest
Highest
S per share 3 per share I 3 per share $ per share l $ per share
S
share
per
Shares
Railroad
s (Crm )
*1714 19
per share $ per share $ per share
Par
*17
19
1812 1812 *1712 18121 *1712 19
18
$ per altars
18
600 Seaboard Air Line
100
*2012 22
1613 Jan 2 2132 Mar 5
2112 2112 20
21 1 *1912 2012 *19 " 20
1158 Mar 3012 Jan
*19
20
2,300
Preferred
100 20 Jan 2 2412 Mar 5
126 127
12514 1273 12614 12614 1 12612 12778 127 128
17 Aug 38
127 12712 4,700 Southern Pacific Co
Jan
100 124 Mar 25 138% Feb 2
14414 14534 14478 1447 144 1447 144 145
11752 Feb 13114 Mar
14311 145
14414 2,000 Southern Railway
974 9834 *9712 9812 98
100 141 Apr 1 15838 Feb 1 13912
9818 4974 9714 49718 9714 14318
Feb
9719
165
1,000
9714
Preferred
May
100 9718 Apr 1
123 12412 123 124
99
122 122
12212 124
9633 Sept 10214 Jan
121 123
122 124
1,140
Mobile dr Ohba certifs._ _100 104 Apr 4 1407, Jan 3
•155 160 *155 160 *155 160
Jan 14 100
15912 15912 *155
Jan 15911 Jan
*155 160
100 Texas A Pacific
100 15612Mar 27 178 Feb I
22
22
*2034 2134 213 2138 1934 2012 19 160
9912
197
Jan 19453 Oct
8
183
22
4
3,400
Third
Avenue
100 1834 Apr 19 39
*45
4612 *45
48 ! "45
48 I 47
4712 *45
2818 Jan
47
*45
48
464 May
200 Twin City Rapid Transit_ _100 44 Jan 29 5814 Feb 25
98
98
Jan 25
98,*___ 99 •_ _ _ _ 98
324 Sept 56 May
98
98
30 Preferred
215 215 *214 215 I 213 21414, 21414 21412
100 9713 Jan 29 100 Jan 5
945 Oct 107
215 21514 214 214
2,200 Union Pacific
Feb
100
209
•8152 8214 8134 8134 82
Mar
26
231
Feb
82
2
8218 8218 814 8214 82
Feb '22478 Nov
82
1,600 Preferred
100 8112 Apr 6 8438Mar 18 18612
*95 ____
*95
8218 Oct 8714 Jou
*95
*95
*95 -_
Vicksburg Shrev A Pao_
I00 98 Mar 4 1004 Jan 5
99
Aug
111
Preferred
Jan
100 103 Mar 7 103 Mar 7
*63
116
*63
66
6414 6414 64
9914 Nov 10812 Mar
314
641-4 6414 *631
. 65
800 Wabash
100 61 Mar 26 8138 Jan 5
93
93
*9212 94
*9212 94 I 9278 93
51
Feb 964 May
93'o 9318 292
1,900
Preferred A
9214
100 9112 Mar 26 10478 Jan 7
*80
90
8014 8014 *80
85
*80
8812
90
Feb 102 Mar
*80
90 '80
90
100 Preferred B
100 8014 Apr 15 91 Jan 8
4218 4318 4213 4414 4212 43%,
87 Feb 9102 May
4234 4338 4234 4418 4238 4378 17,900 Western Maryland
100 3212 Mar 26 54 Feb 4
4412 •4212 4412 *41
*43
4412 *4112 4612 4413 4412 *42
3114 Feb 6484 May
46
100 Second preferred
100 385 Mar 26 5312 Feb 4
2312
Feb 547 Mar
*35
36
*34
36
*3312 3534 34
34
3412 35181 *34
35
500 Western Pacific
100 33 Apr 1 4178 Mar 5
*57
58
*57
53
*57
2814 Feb
58
5714 573* 577 5812 "57
3812 Dee
Preferred
5812 7,400
100 57 Jan 28 13412 Feb 4
5213 Aug 6218 Jan
Indostriai 84 elfacelianeous
41
41
4034 413
41
4134 4178 44
44
44
41
45% 5.100 Abitibi Pow A Pao
No par 3914 Mar 27 547 Jan 22
*78
79
*77
79
364 Nov 85
*77
79
79
8C12 "79
80
794 80
Apr
800 Preferred
100 79 Apr 10 8558 Jan
*13014 137 *13014 137
131 135
76 Nov 10258 July
133 133 *13114 134
132 132
400 Abraham & Straus__ ..No par 128 Feb 16 15912 Jan 7
*11038 111 *10934 111 *110 111 *110 111
3
90 June 142 Dee
•110 111 0110 111
Preferred
100 10934 Jan 16 112 Jan 2 109
650 660 675 690
680 690 690 70014 700 731
un,
Oct
1144
J
708 70912 4,800 Adorns Express
100 389 Jan 16 731 Apr 18 195
*92
9578 *92
9578 *92
96
*92
Jan 425 Deo
9578 "92
95% "92
9578
Preferred
100 92 Apr 3 96 Jan 3
29
29
29
29
93
29
29
•29
Jan
2912 *29
9912
Mar
2912
*29
2912
400
Adams Millis
No par 2834 Mar 27 3578 Jan 15
89,8 9034 8878 9078 8812 9012 90
3013 Dec 334 Dec
92
92
9538 95
98% 91,000 Advance Rumely
100 48 Jan 29 9838 Apr 10
8834 8912 8812 90
11
88
Jan 65 Sept
8913 9012 9012 90
9312 92
9412 9,900 Preferred
100 5812 Jan 23 9413 Apr 19
3
3
3
3
272 3
3414
Jan 6934 Sept
272 3
27
3
3
278 3
10,800 Ahumada Lead
27 Apr
1
99% 102% 10018 10238 10012 10214 10134 105
478 Feb 20
2% Jan
5% Mar
106 108% 10512 107% 25,400 Air Reduction. ine____No par 9518 Apr 9
814 832
10 11458 Jan 26
818 833
814 83*
39 June 9958 Dee
8
813
8
818
8
8
2,700 Max Rubber. Inc
712 Apr 10 1114 Jan 2
No par
6% 6%
63* 612
712 Jul e
639 69
14% Jan
6,4 6%
614 614
618 632 5,260.Alaska Juneau Gold Min_ 10
53
1814 19
4
Mar
26
187 194 *1834 20
104
Jan
8
1
Jan
10 Nov
1834 1914 1934 1934 1934 20
1.500'Albany Pert Wrap Pap_No par
275 27734 272 275
16 Mar 15 25
2234 Dec 3114 Jan
27312 279
280 284
282 28312 276 276
7,600 Allied Chemical & Dye_No par 241 Jan 7 30534 Jan 3
121 121 *121 123
Mar I 148
123 123
Feb 25234 Nov
122 122
12034 12112 12212 12212
900 Preferred
•17014 17214 175 178
100
12014
Apr
8 12314 Mar 27 12012 June 127%
17712 17712 178 180
181 184
18214 18334 3,500 Allis-Chalmers Mfg
100 166 Mar 26 194 Jan 11 11518 Feb 200 May
*5
8
*7
8
•7
*64 7
8
673 7
Dee
*6% 7
200 Amalgamated Leather.No Par
67 Apr 17 114 Jan 14
59
59
•58
60
•58
60
918 Oct 1614 Apr
•58
60
•58
60 •58
60
100 Preferred
59 Apr 9 73 Jan 17
69
Star
90
Apr
3234 3412 23318 343
3218 333* 33
3334 3334 34
3313 337 14,700 Amerada Corp
1614 17
par 30 Feb 18 425 Jan 3
1612 174
16
1613 1612 18
2718 Feb 4373 Nor
1712 18,8 1712 1712 7,000 Amer Agr1cultural Cheino
N
*57
1412
5912 56
Mar
26
57
2338
Jan
5514 5514 56
15
1552 Feb 28 No.
5934 58
5934 *5812 59
2,300 Preferred
11514 11514 .115 120
100 5314 Mar 26 7334 Jan 11
115 115
11413 11412 *115 120 *116 118
5538 Feb 7978 Nov
600 Amer Bank Note
6012 6012 6012 6012 06012 62
10 110 Mar 26 13114 Feb 8
74% Jan 159 May
*6118 62
*6118 62
•6118 62
30 Preferred
r11534 17
60
50
Jan
1534 1534 16
3 82 Feb 13
16
60
*1512 16
Oct 65% Jan
157 16
16
16
700 American Beet Sugar__No par
*45
50
1514 Mar 25 2012 Jan 16
*45
50
*45
50
104 J11131 2413 Aug
50
50 .464 50
•4618 50
100 Preferred
100
53
5334 52
53
5131 5214 52
38
Feb 6158 Sept
537
5334 558 5318 5414 11,400 Amer Bosch Magneto_No par 50 Apr 11 6014 Feb 5
5214 53
4012
52
5278 5218 53
14 6078 Mar 19
1532 Feb 44% Nov
5212 53
5334 561 1
5512 56
11,500 Am Brake Shoe& F____ No par 45 Feb
•12234 12612 123 123 .12234 12612 123 123
Jan 16 02 Feb 4
3978 July 491, J„.
*12234 12612 •12234 1261
Preferred
2918 3014 2918 3012 29
100 122 Mar 27 12612 Mar 21 120 Dec 128
293
294 3078 2934 3012 29
June
3014
2.
33,700
Amer
Brown
Roved
EI.No par 1518 Jan 7 3334 Apr
9334 94
9238 94
9214 9334 9214 93
10% Apr 2614 May
93
93
91
93
570 P-eferred
13138 1333 13038 13239 1304 13614 13518 1373
100 493 Jan 7 9439 Apr 12
4014 Apr 65% May
4 137 140,8 13618 138% 8,1560 American Can
25
1073
*14114 142
4
Feb
14114 14114 *14118 14112 14118 14113 *14113 14112 1414 1414
18 14018 Apr 18
7012 Jan
800
Preferred
100 10018 99
100 14053 Feb 14 141% Jan 14 13634 Jan 117I2 Noy
99
9812 10013 9912 991t 9912 10078 99 100
147
Apr
3,100 American Car dr Fdy __No par 93 Feb 18
11614 11614 *11612 119
11614 117
1064 Jan 3
1164 116,2'116 119 *116 119
8814 July 11112 Jar
400
Preferred
7912 SO
100
11614 Apr 13' 12.1 Jan 29 11058 Aug 13712
7934 7934 78
80 I *7612 793 *7934 80
76
Mar
76
1,000
American
Chain pref
5238 5314 5318 5112 534 5414 5312 5414
100 7258 Jan 23 8512 Mar 13
71
Dec
5414 564 5512 564 13,200 American Chicle
105 June
par 4834 Mar 26 5812 Feb 1
44
5034 Dec
Prior preferred
N
No pa
a; 10912 Jan 2 11414 Jan 30 107 Dec
Jan 114 May
Amer Druggists Syndicate_.10
;a/ 39 ;a/
9
Jan
25
II
Jan
i,:
4
,
72
1012
;3/ 387 '3/ -317187
.
Dec
8 _
1512 API
8
Amer
Encausti
Tiling_N
c
par
o
340 340
35
336 337
Mar
26 4734 Feb 25
335 336
335 343
337 352 *340 345
1,800 AmerIcan Express
100 280 Feb 2 409 Apr 8 181)
90,2 93% 9039 94
893 9134 8913 9258 9218 9434 9134 9412 50,400 Amer Forn
Jan itio" Dec
de
Power.... No par 7514 Jan 4 1387 Feb 19
2238 Feb 85 Dee
•10412 107
10512 10512 *10512 10612 10612 10613 107 107
10712 10712
500
Preferred
No par 10412 Apr 9 10818 Feb 14 10434 June
9138 9132 289
8934 887 893
89
110 May
894 89
9014 8914 89781 8,100 2d preferred
.Vo par 88 Apr 9 103 Feb 21
*714 84 *712 8
*712 8
81
Feb 100 Sept
4712 734'
712 712 "712 8
100 American hide dr Leatber_100
33
614 Apr 9 10 Jan 2
33
3278 33
33
3318 33
814 Oct 1558 Feb
3314 *33
34
3234 33
1,300 Preferred
100
3014
7612 77
Feb
27612 7634 7612 79
6
31 Nov 0732 Feb
794 80% 797 797
7978 797
5,300 Amer Horne Products_ _No par 75 Jan 2 38 Jan 2
394 3939 3912 40
3934 3934 3934 4034 41
8538 Jan 24
59
Feb 86 No.
41
7,800 American Ice
418 41
904 904 *90
No 1poo
ar 38 Mar 26 4334 Feb 5
95
*91
94 1 *92
28
Jan 4631 Aug
04 '93
95
9412
9412
500
Preferred
63
9012 Feb 11 96 Mar 6
6418 6212 6234 61
6232' 61
90
Jan 9912 May
6234 63
18,000
62
633
6314
Amer
4
Internal Corp.. No par 5734 Mar 26 7614 Jan IS
612 612
638 612
612 634' 6,2 67g
638 67
634 67
2,700 Amer La France de Foamite_10
6018 6018 6018 6018 *6018 65 I 6038 603
81
6
Mar
26
Jan 10
54 Jar. 3138 Oct
*6018 65
*6018 65
50 Preferred
11914 120
6013 Apr 13 75 Feb 21
118 12034 118 120
58
119 120
Jan 8512 Oct
119 12038 119 11912 9,800 American Locomotive_ No 100
par 10252 Feb 18 123 Mar 18
116 116 *116 118 *116 118 *116 118
87 June 115
116 117,2 •116 118
Jett
500
Preferred
*165 167
100
113
Jan 3 118 Jan 22 10314 Oct 134 Mai
164 165 *163 16413 16314 165
16314
164
164
164
900
Amer
Machine dr Fdy__No par 158 Apr 10 199 Mar 6 12912 June
110 110 *110 112 *110 112 *110 112
18334 Dee
112 112 '110 112
120
Fret
(7)
ex-wa
rrants
110
6273 6278 61
Mar
I
I
11613
Jan
6134 597 61
12 110 Dec 118
60
6134 6012 617
Jan
59
5912 6,800 Amer Metal Co Ltd__,Yo par 5512 Mar 26
120 120
118 11838 •118 120
8134 Feb 8
39 Mar 6334 Nov
119 119 "118 120 '118 120
400 Preferred (6%)
*72
78
75
100 117 Jan 3 135 Feb 6 1.09 Aug 11712 May
75
*7514 78
*7514 78
754 7514 75
75
30
Amer
Nat
Gas
__No
met
par
8
8
Apr
4 9814 Jan 7
612 8
67
84 912 *84 9
9634 Dec 99% Nov
*84 9
*818 9
600 American Piano
"40
No par
41
40
612 Apr 15
40
"39
177* Jan 31
40
1214 Juiy 25
*39
40 •39
Feb
40
3812 39
220
Preferred
9734 9734 9612 9914 9512 97
_100 38 Jan 2 55 Jan 31
96
38 Dec 90
9712 9634 98,2 9618 9914 10,100 Am Power
Jan
ALight_
__Nr-o par 8118 Jan 8 120 Jan 30
10018 10012 10014 10078 10013 101
6214
10014 101
Jan
10034 10034 10014 100% 1,500
95
May
Preferred
'7412 75 , 7412 7412 *7413 75
No par 9878 Mar 26 105 Feb 28 10012 Dec 10714
*7412 75
*7413 75
M1.1
•7412 75
100
Preferred
A
807 81
par
No
73 Jan 7 80 Feb 13
8014 80,4 8012 8012 8012 8034 8034 8034 8013 80
7018 Nov 7712 Nos
34 1,600 Pref A stamped
No par 79 Mar 26 84% Feb 15
8112 Dec 8614 Nov
189 189 I 1884 189 1 18833 1883 18538 18713.'184
186
18512 18512 1,000 American Radiator
4614 4739 4812 4714 4538 46
25
165
Mar
26
210
45
Jan
15
4638 4514 4618 46
13018
Jan 19113 Dec
4638 16,500 Am Rad & Stand San'ry No par 44
157 157 I 157 16012 159 161
160 16912 16834 180
173 178
14,300 Amer Railway Express____100 1297 Apr 10 4734 Apr 11
587 597
57
6012 58% 6018 57
Jan
16
180
Apr
IS
5932 5772 5933 57
iioil
JaIl
7k
143 -1)-4;
57
8,800 American Republics___No par 44 Feb
*66
6612 *63
66
18 64% Jan 2
67
67
67
6758 66
5114 Feb 86
67
66
Apr
66
1,000 American Safety Rasor_No par
347 347
35
62 Mar 26 74% Jan 31
35 I 3434 3434 3414 35
3414 347
36
Jan
35
7472 Sept
353
4
3,3001
Amer
Seating v to
No par
*4
414
4
418
44 44
4ls 414
44 414
2758 Nov
45 May
54
414
1,700 Amer Ship dr Comm_ ..NO par 323 Feb 16 4178 Mar 15
*87
88 I *85
88
*85
Jan
2
88
358
86
7 Feb 5
88 •86
312 Aug
87 '86
612 May
87
20!Arnericau Shipbuilding __100
102 10338 10018 1024 10013 102
Feb 27 94 Jan 24
10153 103
80 Sent 119
10212 104
102 103
Jan
28,7001 Am Smelting & Refit:11[13_100 86
1355
!
, 13534 *13538 136 *13538 136
9312 Jan 16 12434 Mar 1 109
136 13618 136 136 *13534 136
belt 293
Be',
9001 Preferred
19714 19714 *196 198 •196 198 *196 198 0197 200 '197 200
100 13514 Mar 26 138 Jan 4 131 Mar 142
Apr
100'Amer
ican
Snuff
•110
100 19312 Mar 26 206 Feb 1 141
____*110
110 110 *110
____ 110 110 '110 111
Dar
Jau 210
301 Preferred
663 6739 6614 67
108 Feb 13 112 Jan 24 100
6478 6614 6534 68
6814 693
Oct 120 June
6814 6912 26,400,Amer Steel Foundries_No 100
par 62 Mar 26 7978 Feb 4
111 111 *111 11114 1114 11118 *111 1114 *Ill 111184 "111
5018
June
703
Jan
3
40
111,
'
8
80
100 11012 Jan 4 114 Mar 13 109 June 120
80
78
1 Preferred
80
7812 79
79
79
79
80
784 791
Feb
2,300,Am
er Sugar Refining
•1064 168 *1064 10734 *10634 10714 10634 107
100 7112 Apr 5 94% Jan 25
10612 10612 107 107
55
Feb
9312
Nov
600i
Preferred
046
100 10512 Apr 8 Ill Feb 1 100 Feb 11012
4812 4612 4612 46
46
46
4612 .46
47 '4612 48
MB,
500 Am Sum Tob
2413 2412 25
4534 Apr 9 61) Jan 2
257 • 2634 27
26
2614 2512 2614
46
Feb
25
7352 Sept
2,400;Amer Telegraph de Cable..100
217% 21978 21652 219 I 21634 21912 21838 2217 22034 22212 25
_l0
a0
r
17 Jan 2 3272 Mar 25
1714 Dec 32
2218
Jan
2263
8
54,7001A
mer
Telep & Telex
164 164 216313 16412 16412 166
100
1934
Jan
8
226%
16612 16712 *16312 167
Apr
19
172
165 165
July 211 May
1,100IAmerIcan Tobacco com____50 160 Mar
*16412 165
16314 164 I 165 167 I 16613 169
26 18612 Jan 28 162 June 18-112 Dee
168 168
16612
167
5,000,
.
Common
class
lt
•11034 120 *11934 120 1•11934 120
50 16014 Mar 26 188 Jar 24 152 June 184% Nov
11934 11934 1194 11934 *11934 120
4001 Preferred
*140 143
10( 11812
141 141 I 140 141 *138 140
140 141
126
142 142
APT
600'Amertcan Type Founders_100 13612 Mar 11 12114 Jan 15 11534 Sep
Jan 5 155 Jan 31 109% Aug 14212 N •
*10852 109 1010814 1087 10812 108531 10812 10812' 10814 1084
108 108
180
Preferred
82
100 10712 Jan
82
81
81 1 8014 81 I 8012 32 I 8212 81
112
Apr
Mat
119
107
5
Nov
83
84
6,600
81
Am
Wat Wire dr El
*100 _-•104) 10218, 100 100 •100 1024 •10014 10218
No par 6714 Jan 81 94 Mar 2
7612 Nov
52 June
102 102
200 1st preferred
1978 20
97 Jan 3 104 Jan 28
20
20
1934 20
Apr
Oct 106
1953 1938 *1912 20
98
1918 20
2,300 American Woolen
4518 4518 *45
100 1912Mar 26 277 Jan 3
46
Nov
32%
4514 457
14
July
4578 457
8
455
4
453
4518 4534 1,800 Preferred
1012 1012 *1058 12
100 4518 Apr 12 5838 Jan 2
*1034 12
39 Aug 0584 Nov
1058 11
11
1112 12
11
1,500
Am
Writing
Paper
ctfs.No
*4018 42
par
*407 4113 *4014 42
1014 Mar 28
10,3 June
1913 Feb
15,4 Jan 21
404 4012 *393 4014 40
4014 1,000
Preferred certificate.,.._100
3612 3612 35
3612 3518 3613, 38
34 June
5334 Oct
3614 364 367
3512 3614 5,400 Amer Zinc, Lead dr drnelt___25 40 Apr 19 46 Mar 2
*92
98
96
96
303* Mar '26 4914 Mar 18
57
*96
6% Jar
Oct
9913' 99
993
8
1,100
9
Preferred
8
98
*97
99
141 14234 13713 14039 13553 13818' 13812 1413* 13958 14214 13778 1403
inn 11778 Oct
40
8 349,300 Anaconda Copper MinIng_ 25 98 Apr 15 1114 Mar Ill
*5613 58
50 11514 Jan 15 17478 Star 21
5614! .56
564 5639 56
Jan 12012 DUO
57
54
5613 5612 5658 5658 1.400 Anchor Cap
No
11814 11814 *11712 119
par 5118 Mar 26 824 Fee 21
48 Dee 54% Dee
11713 11713 *11518 117 *11514 119
11538 115%
300 Preferred
No par 11114
5134 53% 5118 5234 5038 527
Dec Ill
Dee
5213 5414 534 5433 52
5334 58.700 Andes Copper Mining_ No par 48 Mar 25 121 Mar 1 10614
3978 40
364 Nov
39
3978 33
Jan..31 6832 Mar 1
56 Nov
3813 3739 39
237
38
384
1,700
373
4
Archer,
Datil&
*11412 115 *11412 115 *11413 11434 1143
MIcrld_No par 3614 Mar.26 4912 Mar 4
Feb
1127
5514
8
Nor
4
1143
*11412
4
115
*11412
115
20
Preferred
91
*90
904 9018 90
100 114 Jan 4 115 Jan 11. 112
Oct 11512 Mar
90
8912 90 .89
90
8812 8978
800 Armour dr Co (Del) Ore!....100
13% 14,4 134 1414 1353 137
8512 Mar 26
86% Jan 971:June
Jan 30
133 1334 1314 14
1812 13,
8 12,200 Armour of Illinois class A___25 1218 Mar 25 95 Jan 2
7
74 712
714
Jan
1112
2312 Sept
1818
74 7,2
7% 7%
713 7%
74 71 1 15,900
Class B
78
78% 7838 *78
78
25
612 Mar 26 104 Jan 2
6% Jan
1312 May
7814 777 777
78
78
7712 7712
800 Preferred
2534 2,534 2512 26
100 7512 Mar 26 86 Jan 24
6718
2514 2514 25
Jan
9112
June
253
2,53
253
3
4
26
1.800 Arnold Constable Corp_ No par 2,5 Mar
26
26
2614 2512 2512 *25
354 July 5154 All'
25 40% Jan 2
2613 *25
2618 2614 2612 *2412 2634
500
Antonin
Corn
No
par
3
96
100
*96
2412 Apr 12 30 Feb 5
100 1
2814 Dec 41% Mar
*96 100
*96 100
*96 100
Preferred
100 97 Apr 5 190 Jan 4
99 Deo 114 mar
•1114 sa asnon Primo; no Woo on
We day.
•Ez-(11vIdos6.
Eg-r111111.3.
New York Stock Record-Continued-Page 3
2593
For sales during the week of stocks not recorded here. see third page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 13.
111onday,
April 15.
Tuesday,
April 16.
Wednesday, iThursday.
April 17.
April 18.
Friday.
Aprit 19.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SNARE
Range Since Jan. 1.
11
On basis of 100-share lots
Lowest
I
Highest
$ per share $ per share $ per share $ per share 1$ per share i$ per share Shares Indus. & Miscel. (Con.) Par
per share I $ per share
2818 2814 *2814 28% 2823 2812 *2814 2834 2854 28781 28
2814 1,800 Art Metal Construction__ 10 2734 Mar 28 3078 Feb 4
5334 54
52% 5334 5238 535
5358 5513 55
9,600 Assoc Dry Goods
5534 5414 547
No 1p0a0r 50 Mar 26 7034 Jan 10
.10012 102 *10012 103 *101 10234 *10012 102 1*10012 102
10012 10012
100 First preferred
100 Apr 4 107 Jan 15
46
4714 *43
4714 45
45
*45
4714 45
46
46
180 Associated Oil
46
25 43 Feb 11 4714 Apr 5
*49
50
4912 4974 4718 4818 4712 50
5014 537
54
5534 14,900 Atl 0 & W I S 13 Line_No par 3218 Feb 16 5534 Apr 19
*5513 57
*5512 57
*5512 57
56
56
5634 5712 *57
1,000 Preferred
58
100 4534 Feb 11 58 Apr 2
57
58% 5733 5812 5758 5818 5733 61
6014 6114 5934 6078 235.400 Atlantic Refining
25 5312 Jan 29 68 Jan 2
*11512 116 •114 115
114 114
115 115
115 115 1.'11512 116
310, Preferred
100 114 Apr 16 1172 Jan 11
91
91
9012 9013 9012 9014 92
90
92
92141 9312 9634 2,600 Atlas Powder
No par 90 Apr 15 115 Jan 2
•101 10412 10118 10312 104 104
103 103 *101 103 , 102 102
701 Preferred
- 100 100 Mar 13 10612 Jan 14
*1238 1312 *1258 1312 *1238 1313 *1253 1313 *1258 1312
.Atlas Tack
No par 104 Feb 25
1512 Jan 3
*1258 1312
6% 7
6% 714
634 67
634 74
612 612 *6
7
8,000t Austin. Nichols & Co_No par
534 Apr S
10 Jan 11
35
37
37
4012 39
39
*38
40
*38
2,100i Preferred non-votIng____100 32 Mar 14 4218 Jan 14
39 1 .32
34
*62
65
*62
65
*62
65
*83
65
*63
65 1 *63
59 Apr 1 65 Jan 8
Austrian Credit Anstalt
6412
31
3134 3114 32
31
31
3014 33
3134 3233 3118 32
No par 2218 Feb 15 3538 Apr 8
10,800 Autosales Corp
41% 41% 4113 42
*41
42
4012 41
*4013 41
3614 Mar 4 437s Jan 23
41
*4013
Preferred
800
*45
454 *44
4518 45
45
4434 45
4412 45
*4412 46
600 Autostr Sat Razor"A" No par 4314 Jan 10 50 Jan'
11
*251 256
248 25512 246 24913 251 25212 247 247 *247 256
Baldwin Locomotive Wks_100 225 Mar 2 271 Mar 22
1,300
•120 122 *12014 122
120 122 i 12012 12113 12134 12134 *12112 122
100 11534 Jan 4 125 Apr 3
70 Preferred
*10814 10812 *10814 10812 *10814 1084 10814 10814 *10814 10812' 10814
2201Bamberger (L) & Co pref _1001 10814 Jan 2 11013 Feb 1
1094
*29
2934 *29
2934 *29
295 *29
r 2812 Jan 14 3334 Jan 23
2933 •29
2933 *29
No 1pcitto
Barker Brothers
2933
*92
953 *92
9534 *92
953
92
92 .92
953 *92
100 Preferred
89% Jan 19 97 Jan 28
953
*17
18
1713 1712 *1712 20
*1712 20
*1734 20
17 Mar 14 2914 Jan 15
*1734 20
100; Barnett Leather
4414 4514 4414 453
437 4434 43% 4514 4412 4538 44
4514 83,700'Bariasdall Corp class A No p2
3818 Feb IS 46% Jan 3
a
5
r
*44
46
*43
48
434 431s *44
46
*44
*44
46
46
200 Class B
25 38 Feb 16 49 Feb 2
*90
95
945
*90
95
*90
*91
95
.9178 9433
91
91
200 Bayuk Cigars, Inc
No pad 91 Apr 18 11334 Jan 25
•104 105 *104 105 *104 105 *104 105
104 104
105 105
30 First preferred
100 104 Feb 8 1064 Jan 29
'2234 2314 2318 231; 2233 23
2218 23
23
2314 2318 2333 7,200 Beacon 011
No Par 20 Feb 7 2812 Jan 8
90
908 90
9234 9014 9012 9112 92
93
9538 93
9434 10,800 Beech Nut Packing
20 8134 Mar 26 101 Jan 12
1334 1378 1378 14
167 15,300 Belding Ilem'way Co__No par
1334 147
1414 1512 157s 1734 16
1118 Feb 13 1734 Apr 18
82
*81
*8112 8134 8114 8138 81
81
81
81
*8034 8112
600 Belgian Nat Rys part pref.....,. 81 Jan 29 844 Jan 3
8233 8233 8112 8218 8038 8112 8114 8278 823 8418 83
84
4,500 Best & Co
CorP__o
N par 7534 Mar 26 9312 Jan 3
10912 11058 10914 1113 10912 11118 11014 11178 11212 11578 11233 11614 343,800 Bethlehem Steel
8218 Jan 31 11614 Apr 19
*118 119
11834 11814 11814 11812 11758 11858 11834 11912 11833 11878 2,000 Beth Steel Corn Pf (7%)_100 11634 Mar 27 123 Jan 11
57
57
56
53
56% *53
55
55
.53
5512 5312 54
1,400,Bloomingdale Bros____No par 4214 Jan 21 6178 Apr 5
*1081. ____ *10812 11012 *10812 11012 *10812 .--- •10812
*10812
1 Preferred
100 10812 Apr 1 111 Jan 16
103 103
104 104
104 104 *104 10534.10514 110
10512 106
380 Blumenthal & Co pref
100 97 Feb 15 118 Jan 2
.80
8012 x80
8012 82
83
85
84% 844 844 8412 8412 1,700 Bon Anti class A
Noppmaar, 7812 Mar 25 8912 Jan 12
*ay
612
628 724 *613 7
*638 7
*638 613
612 74
900 Booth Fisheries
6 Mar 26 1134 Jan 2
*45
49
*45
50
545
50
*45
51
*4558 50
4858 5112
80(1
1st preferred
45 Apr 10 6334 Jan 18
184 184
18112 1825 18112 183
18212 18514 18514 187
185 18633 8,200 Borden Co
50 17413 Jan 8 20334 Feb 5
•1013 12
*1014 1218 1014 1014 *1012 12
*10
12
*10
12
100 Botany Cons Nfills clam A_50 1014 Apr 12 1512 Feb 11
4314 44
42% 4313 4212 4313 43
447
4334 44
4312 448 40,500'Briggs Manufacturing_No par1 3314 Mar 26 6318 Jan 3
*4
412 *4
4
412
4
*334 4
358 4
333 4
1,000 British Empire Steel
878 Jan 28,
333 Apr 18
100
*712 8
*618 7
*614 714 *618 713 *64 714 *64 714
534 Jan 14 1313 Jan 28
1 2d preferred
1001
56
56
555
56
5714 55
55
58
5638 584 5612 5734 28,600 Brockway Mot Tr____No par 51 Mar 27 7378 Jan 2
•110 135 *110 125 *107 125 .107 125 *107 135 *110 125
100 121 Feb 16 145 Jan 2
*305 325 *305 325 *300 325 *300 325 *305 325 *305 325
Brooklyn Edison Inc
100 300 Jan 2 340 Jan 5
173 174 •170 173 •170 173
173 17414 175 17634 176 176
1.700 Bklyn Union Gas
No Par 170 Apr 9 20012 Jan 28
3912 3918 394 40
39
40
40
4018 41
42
4312 44
1,700 Brown Shoe Inc
No 1300
3ar 384 Apr 4 47 Jan 2
•1184 11934 •11834 11914 *11834 11914 *11834 11912 •11834 1194 *11834
1 Preferred
117 Feb 7 11913 Feb 18
11912
4612 4634 46
4714 4558 46
46
4612 464 4734 45% 4812 2,800 Bruns-Balke-Collander_No Par 42 Mar 26 5514 Jan 18
3312 34% 3413 3674 354 354 .35
3614 35
3538 3418 3414 7,400 Bucyrus-Erie Co
3238 Mar 28 4234 Jan 5
10
4318 44% 4318 4513 435 4412 4312 4334 *4333 4414 433 4412 6,400
Preferred
10 4158 Mar 2(3 50 Feb 5
•11414 ---- •1141s
•11418
*10414
__ *11418 ____ •11418
1 Preferred (7)
112
Jan 3 11612 Feb 18
100
•109 115 •109 116
109 10 *109 112 *109 111 .109 111
100 Burns Bros new clAcomNo par 109 Apr 16 127 Jan 11
•30
32
*3012 31
30
3018 30
30
3013 3012 .2978 31
1,200
New class B corn _,_No par 30 Apr 16 39 Jan 14
103 103 *10034 1031 *100 10334 100 100 *10034 1034 1004 10018
30 Preferred
100 100 Apr 12 10514 Jan 7
29612 29412 295 295
2893 290
2904 29014 *288 290
290 291
1,200 Burroughs Add Mach_No par 234 Jan 16 29712 Apr 12
6312 64
62% 6314 63
63
6034 63
61
63
*621* 64
par 603 Apr 17 8918 Feb 2
Bush Terminal
4,600
No
•10612 10712 10612 10613 10712 10812 *10713 109
106 106
10413 10518
100 10412 Apr 19 111012Mar 2
200 Debenture
*112 115 •112 115 •112 115 *112 114 *112 115 *112 115
Bush Term Bldg. pref__ _100 110 Mar 22 11813 Feb 19
8% 0
8% 8% *812 9
838 813
812 833
812 812 4,100 Butte & Superior Mining_10
84 Apr 17 123* Jan 4
634 7
614 7
73
63s 61
63* 714
712 8
618 Apr 9
8 1 9,200 Butte Copper & Zinc
94 Jan 3
5
33
33
32
3318 323 327
3214 33
327 327
32
3218 1,900 Butterick Co
100 29 Mar 27 41 Jan 2
15413 166 *154 155
1
154 15534 154 160
15812 16212 159 16238 16,700 Byers & Co (A M)._--No Par 134 Mar 26 19278 Jan 2
11113 112 •11014 115 *11014 115 *11014 113 •11014 115 *11014 115
2201 Preferred
100 105 Apr 3 12958 Jan 26
118 118% 11434 11434 *115 116
11512 117
11434 11534 115 116
1,500.By-Products Coke__No par 10414 Mar 26 1293 Jan 25
*7412 75
74
7433 744 7414 7412 7518 7414 754 7414 747
3,000,California Packing_ _No par 7218 Mar 26 8133 Feb 27
*27
30
•27
34
*27
30
30
30
*27
10 California Petroleum
30 •27
30
25 2634 Mar 2 30 Apr 3
212 234 *212 21
212 212
212 238
213 2%
212 Apr 10
10
4 Jan 22
233 233 3,500 Callahan Zinc-Lead
12534 12534 12212 125
12133 124
12133 12514 125 12618 123 126
7.200 Calumet & Arizona Mining,10 12114 Jan 7 14258Mar 1
4713 48% 4618 41
4413 4618 45
4714 4633 4718 4538 4714 44,700 Calumet & Hecht
25 4218 Mar 26 617 Mar 1
8278 83
8134 8273 S2
83
8234 85
87
84% 8638 86
25,900 Canada Dry Ginger Ale No par 78 Jan 4 8934 Mar 19
394 3912 3912 3912 39
3918 3812 3812 3812 3812 38
3818 2,200 Cannon Mills
_100
par 38 Mar 25 4813 Jan 3
*420 435
405 405
390 410
405 408
415 429 *400 430
2.100 Case Thresh Machine_i_V_o
390 Apr 16 5(09 Jan 2
*115 135 •115 135 *115 130 *122 127
12834 130 *122 132
100 Preferred
100 122 Apr 4 133 Apr 18
*39
3912 3912 3912 *36
3818 39
*38
39
3838 1,200 Central Aguirre Asso. _No Par 31lMar26 484 Jan 30
383 383
48
49
4733 4834 474 4833 4713 4838 4734 4812 4714 4734 36,300 Central Alloy Steel___No par 4013 Mar 26 5212 Feb 1
11112 11112 111 III *110 11113 *110 11112 *110 11122 110 110
130
Preferred
100 1058 Apr 2 11212 Jan 28
174 18
1712 1734 1612 1734 17
18
1714 177 •I7
18
1.600 Century Ribbon Nfills_No par
13 Mar 26 2012 Jan 2
72
*70
*70
7312 70
70
•70
70 •70
7312 70
7312
40 Preferred
100 71) Apr 16 82 Jan 17
98% 994 9818 9912 9612 98
9614 98% 994 997
9812 9913 18,000 Cerro de Pasco Copper_No par 9614 Apr 17 120 Mar 1
2158 2414 25
2574 227 248
2113 2112 2012 2114 2033 24
14,900 Certain-Teed Products_No par
1612 Apr 10 2833 Jan 2
70 .55
*55
74
55
55
*55
70
•55
*55
70
70
200 7% preferred
100 4713 Apr 12 8112 Yap 11
5912 5912 .5912 61
6014 604 *5934 61
60
61
62
63
1,600 Certo Corp
564 Mar 28 9214 Jan 31
ar 20 Jan 24 23 Jan 11
Chandler Cleveland Mot.N
'
,
N
V
v0
000pa
Certificates
2213 Jan 11 22% Jan 18
36 Mar 7 41 Jan 29
Preferred
No pa
37 Jan 9 40 Jan 14
84
85
84't -8.5.13 85 16-1-2 -853*
-1;1-3;873* ---- ---- -1-7-.1)5; Chesapeake Corp
7812 Mar 26 90 Apr 8
:
IV
Y g
31
*30
30
31
*30
31
3078 3078 3038 31
313* 3112 1,900 Chicago Pneuatat Tool No pa
2814 Mar 26 357k Jan 25
*5012 51
4913 51
507 51
504 508 5118 523* 51
5214 4,700
4818 Mar 27 5814 Jan 11
Preferred
33
3314 33
3212 33
3312 *33
3312 33
33
324 33
680 Chicago Yellow Cab
3058 Mar 28 36 Jan 7
No pa
*4112 42
42
42
42
42
4218 4112 42
4112 4112 42
900 Chickasha Cotton Oil
10 4012 Apr 2 50 Jan 2
54% 54
5418 5312 54
5434 54
565
563* 57
5614 5733 25,000 Childs Co
4478 Mar 26 4012 Jan 2
No Pa
103 103
1003 10134 9814 103
10112 10233 10112 103
10112 10112 8,800 Chile Copper
711 Jan 8 I2712Mar 21
2
109 100
*100 110
*9934
*9934 110
*9934 105
•9933 110
40 Christie-Brown tem etisNo pa 100 Apr 15 115 Feb 4
8734 92
917 9414 9214 924 92
0034 9212 8814 917
953* 384,300 Chrysler Corp
8934 Mar 26 135 Jan 2
No pa
5114 5114 x4953 49% 4958 4933 4933 4933 *4958 5134 *4912 5142
21% 5,300 CiN
ty Stores class A
4912 Feb 25 52 Jan 2
No pa
2034 2114 2034 21
21
21
21
2114 2118 2112 2078
Now
2012Mar 26 27 Feb 4
No Pa
6212 *62
6213 62
*62
6212 62
8212 6214 621* x61
6112 1,200,Cluett Peabody & CoNo pa
61 Apr 19 728 Jan 3
111 112
110 110
*112 115
110 110 *10714 11513 •10714 11512
80 Preferred
100 110 Mar 27 119 Jan 3
•13014 13013 *130 13012 130 13012 130 130
130 13078 1307 13178 5,200 Coca Cola Co
No pa 1231.4 Mar 26 140 Fob 5
5714 5758 5714 5712 5634 5713 56
5734 59
59
5734 62
14,200 Collins & Alkman
No pa
50 Jan 4 7214 Mar 14
9712 98
99
98
99
98
98
99
99
09
•97
98
9001 Preferred non-voting.._100 93 Jan 3 10312 Feb 6
6312 6421 6313 6413 8412 11412 6512 57
6312 65
6634 6734 8.800 Colorado Fuel & Iron
59
Mar 28 7812 Mar 8
100
*129
131
131
1313
4
31314
13312
*129
13134 132 135
133 1384 8,000 Columbian Carbon v t eNo pa 12114 Mar 26 1547 Feb 4
13913 1391 •13712 140 *13712 140
140 140
14212 143
900,Colum Gas & Elety___No pa 13334 Mar 26 180 Jan 31
104 104 *1044 10413 104 12105 •15234 icii10518 10518 *104 105
5001 Preferred
100 1034 /tier 21 10778 Jan II
6834 67
683* 8814 7118 7012 7278 7012 7214 166.400 Columbia
68, 47
68
Graphophone
6418 Mar 26 8834 Jan 91
4812 49
483 501s 4913 502s 49
494 504 483* 49
4912 21.000'Commercial Credit_ __Na par 43 Mar 26 62% Jan 2
*25
2512 2434 2434
*25
2513 *2434 2513 *245 25
.3
1101 Preferred
25 244 Jan 2 28 Jan 9
*2534 26
2512 2534 2558 2558
*2534 2578' 2534 253* 4.2533 26
140 Preferred B
25 25 Jan 21 2712 Jan 30
9614 983* •9613 9812 .9613 9813
07
97
*97
9773
110, 1st preferred (834 %)._ _100 9518 Apr 1 10534
163 163
163 16334 161 16212 161 162
16214 16214 162 1624 3,200 Comm Invest Trust___No par 13112 Jan 2 195 Jan 24
Feb 4
.84 10414 *88 10414 .10212 104% *10212 10414 *10212 10414 *10212 104147% preferro
eclo
100 10114 Mar 27 109 Feb 5
.9312 94
96
314 9
40
4% •9314 04
*934 97 .9312 9712 :4
*9312 04
Preferred
93
Mar
100
15
99
Jan 28
46
46
*46
46
41)
*48
4912 46
.46
4912
400
Warrants
100 2714 Jan 7 6278 Feb 4
290 291
288 299
2993 30914 309 311
286 287
28512 286
12,400 Commercial Solvents__No par 22514 Feb 18 311 Apr 19
12814 12934 1284 130
126 130
131 13378 131 13413 12.400 Commonwealth Power_No par 10714 Jan 7 1434 Mar
128 128
16
69
70
70
6978 70 •6918 7112
69
69
*69
7134 69
800 Conde Nast Publics..No par 69 Apr 11 93 Jan 19
2518 2533 245 2513 2458 25
2434 263* 2512 2914 25
2534 33,000 Congoleum-Nalrn Ine_No Dar 2212 Mar 2.6 35% Jan 28
78
78
*7612 79
7638 763
*77
79
7612 77
7712 79
700 Congress Cigar
No par 78 Mar 26 92% Feb 6
•78
.78
1
*78
*78
I
1
*4
1
*78
1
Conley 'Fin Foil stDd_No par
14 Feb 7
34 Apr 6
*85
87
85
85
88
8558 86
8518 *854 3614 *8512 87
700 Consolidated Cigar___No Par 81 Mar 26 9614 Jan 2
92
92
9312 9312 9214 9313 9218 03
*92
924 92
92
210 Prior pref
100 9012 Mar 27 96 Jan 7
2538 20
20
264 267
27
2614 2678 2612 27
263s 2612 11,800 Consul Film Ind Pref--Ara
par 25 Mar 28 287s J14116
10314 10134 163 104
10114 10338 10214 105 10538 10673 1054 10738 112,600 Consolidated Gas(NY) No Par
9512Mar 26 11812 Jan 26
9914 993* 904 9914 9918 9914 99
993
* 994 994 9914 9914 4.600 Preferred
No par 9813 Jan 2 10038 Mar 25
• 1.316anauted prices; no sale on tals day. t Ex-dIvidend 01 100% In oom.stook
z Ex-divkIancl. 1p Ex-rights.
PER SHARI
Rollo for Preview
Year 1928
Lowelq
Hiyhese
$ per share $ per share
254 Jan 3434 Apr
4014 June 7513 Dec
9912 Aug 11378 Apr
3712 Feb 53% Sept
3718 Feb 5978 May
38
Feb 6514 Oct
50 Nov 6612 Dec
11412 Sept 11814 Jan
63
Jar 114 Dec
102 July 11012 May
814 Jan
1738 June
438 Jan
914 May
25 July 39
Jan
Oct 75 May
55
3434 No.
612 Jan
25 Aug 41 Nov
43
Oct 5212 May
235 June 285 Mar
115
Oct 12434 APT
10714 Nov 1117; Jan
26% Aug 3514 Dec
91% Dec 10112 June
2312 Aug 5212 Feb
20 June 53 Noy
20 Jure 51 18 Nov
98 June 14012 Mar
10312 Dec 110% Mar
1214 Mar 2412 Dec
7038 July 10114 Dee
12 Dec 22
Jan
8258 Sept 9212 May
Oct
5334 Jan 102
5178 June 8833 Dec
Apr
11818 June 125
3358 July 50 Sent
10913 Jan 11134 July
87 June 122 Dec
6514 Jan 8512 Dec
1212 Nov
54 Jan
4114 Mar 7218 Nov
152 June 187
Ian
8% Aug 23 Jan
2118 Feb 83% Oci
118 Jan
912 May
12 Feb
214 Jan
4512 June 7512 Nov
110 June 150 Nov
20834 Jan 325 Nov
139 June 20334 Nov
44 Dec 5512 Apr
115 Nov 120
Jan
2712 Feb 8234 Sept
2412 Feb 48% May
33% Feb 5434 May
Apt
11014 Mar 117
Oct
9313 Feb 127
15% Mar 43% June
9734 Feb 110% June
139
Jan 249 Dee
50 June 88 Dee
104% Aug 115 May
111 Aug 11512 June
1834 May
834 Aug
44 Jan
1214 Nov
374 Dec 6711 May
9012 Jan' 206% Dee
10833 Apr 118 Dec
65 Mar 122 Dec
6812 June 8233 Sept
2514 Mar 36 Sept
1114 Mar
538 Apr
89 Feb 133 Nov
2018 Jan 4738 Nov
; Jan 8612 Mae
547
43 Dec 50 Sept
247
Jan 515 Nov
12012 Dec 13512 Mar
3814 Dec 3912 Dec
2818 Mar 4838 Dec
107
Jan 11134 May
11 Aug
24
Oct
77 Aug 92 May
5812 Jan 119 Nov
2318 Dec 6458 Apt
75 Nov 100 May
7012 Oct 8313 Dee
512 Feb
24 Nov
14
Mar
377; Dee
8284 July 8118 Jan
111
Aug 17312 1.)er
2978
45
37
3738
78
5434
5114
Aug 43 Jan
Dec 5612 Oct
Apr 64 Dee
Mar 7478 Nov
Jan
Dec 131
Jan 14012 Oct
Jan 5414 June
60's Dee 109s Apr
11112 Dec 124% Mar
441 Dec
90 Nov
5212 June
79 June
8912 Mar
106 June
61 Dec
Feb
21
23 Feb
23 Feb
85 June
5534 Mar
Jan
99
9238 June
618 Aug
13778 June
6214 Jan
48
Jan
22 June
67 Feb
14 Jan
7912 Jan
94% Oct
23 July
474
Aug
9714 Aug
Shillings, 0 Ex-div. and ex-rights.
1111, Jan
Jan
109
8412 Jan
13434 Dec
14078 Dec
1104 Jan
84% Nov
71 Nov
27 Ma
214
Dee
107 Nov
14074 Nov
109 May
9812 Ang
30% Dee
25014 Nos
1104 Dec
Oct
84
3112 Apr
8714 Dec
334 May
100 Dec
10234 Apr
2912 Sent
17014 Mar
105 Ma,
New York Stock Record-Continued-Page 4
2594
For sales during the week of stocks not recorded here. see fourth page preceding
111011 AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Aprfi 13.
Monday,
April 15.
Tuesday,
April 16.
Wednesday,
April 17.
Thursday,
April 18.
Friday,
April 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ per share $ per share $ Per Share $ Per share $ per share Shares Indus. & Miscel. (Con.) Par
312 334
358 334
334 4
358 358 4,900 Consolidated Textile_No par
34 334
312 358
1612 1512 1578 5,000 Container Corp A vot__No par
1738 18
17
174 1634 1718 1634 1758 16
No par
6,100 Class B voting
758 8
8
812
812 878
838 878
813 852
878 878
7012 72
71
7513 7318 7513 7234 7438 47.200 Continental Baking cl ANo par
674 6812 6812 72
No par
1134 1114 1214 1138 124 1112 1134 118,000 Class B
1014 1053 1058 1134 11
100
5,300 Preferred
95
95
9612 95
9438 9434 96
927 9278 93
9512 96
7553 *7714 97,300 Continental Can Inc...No par
7418 75
7234 7438 7253 7434 7578 77
7614 78
100
130 Preferred
125 12514 *125 12514
*125 12518 *125 12514 *125 12514 125 125
10
*82
8234 83
8413 8312 8312 8312 83'z 3.000 Continental Ins
*8212 8312 *8212 83
par
Continental
Motors___No
25,500
194
2018
2014
2018 2012 21913 1978 1912 1978 194 2014 20
39,100 Corn Products RefInIng_25
8912 8912 92
88
88
89
8834 898 88
8914 8778 89
100
410 Preferred
14112 14113 *14112 142
14113 14113 14134 14134 14134 14134 14134 14134
No par
61
6114 6238 6012 624 21.300 Coty Inc
5858 5934 5858 5913 59
5914 60
100
41
28,300 Crex Carpet
447
33
57
4612 5034 53% 5758 40
39
3978 39
Crown Will Pap let rd_No par
*974 100
*9753 100
*9758 100
*9753 10034 *9758 10034 *9758 100
No par
400 Crown Zellerbach
2013 1934 201
2012 2118 2034 2034
*1934 20
*1934 2012 *20
0212 9012 0112 15,000 Crucible Steel of America_100
89
8912 x88
8912 868 8712 8712 8912 90
100
Preferred
115
*114 115 *114 115 .10914 115 *110 115 *110 115 *110
No par
21,300 Cuba Co
22
19
20
2218 20
1812 18
1812 1812 1812 1812 •18
No par
600 Cuba Cane Sugar
334 34
373 4
*334 378 *334 378 *334 37s
378 38
100
1034 1114 1118 114 1118 1118 1114 1114 3,500 Preferred
1134 1134 1112 12
700 Cuban-American Sugar__ -_10
*1112 12
1134 1134 1134 1134
12
12
1113 1112 *1134 12
100
Preferred
690
64
635
8
64
6312
655
8
6312
65
6512
65
6512
6514
654
1,800 Cuban Dom'can Sug__No par
6
*5
6
*5
512 *5
512 57
*5
512
54 512
50
5513 5478 5514 1,000 Cudahy Packing
5633 5413 5413 *5412 5514 55
*5438 5512 MS
14912 15034 1474 14914 14514 14612 14714 15112 148% 15178 1484 15012 13,700 Curtiss Aer & Mot Co_No par
No oar
1011 Cushman's Sons
*20714 ____ *2074 ___ - *20714 ____ 20714 20714 *210 274 *210 274
100
20 Preferred (7)
122 122 *121 125 *12114 125 *1214 125 *12114 125
*122 123
10
600 Cutler-Hammer Mfg
614
61
6014 6014 6014 60% 61
6076 *5912 6012 *59
*59
No par
2,400 Cuyamel Fruit
79
7814 *7734 7912 79
7934 78
784 7818 787 7978 *76
par
Cbemical
No
12,000
Davison
7
565
8
57a
554
661s
55
5434 5638 554 5653 5434 5538 5514
53
500 Debenham Securities
•3758 39
*3838 39
3714 3714 377 3818 3818 3818
*3712 39
100
120 Deere & Co pref
12112 12112 12212 12213 12212 12212.122 123
*121 12234 *121 123
100
Edison
600
Detroit
25114
25114
253
*251
25014 253
*25014 253
25014 25014 *250 252
5213 5212 1,600 Devoe & Raynolds A__No par
53
52
53
53
53
55
53
6312 53
*54
100
20 let preferred
____ *115 ____
____ *115
11453 11478 *11458 __ 11458 11458 *115
100
580 Diamond Match
142 142
142 144
142 143
143 143 *143 145
144 144
No par
6,800 Dome Mines, Ltd
914 012
934 10
913 10
918 94 *918 914
94 914
par
No
Drug
Inc
9.500
1173
4
1173
4
1163
4
115
113
113
112
115
1143
4
11512
112 113
2.000 Dunhill International...No par
*6713 6712 674 6718 6514 66
64
6414 65
66
66
67
500 Duquesne Light let pref___100
*100 10018 *100 10013 100 10013 *100 10012.100 100,2 *100 10012
712 838 3,200 Durham Hosiery Mills B-- 50
712
7
614
6
6
614 712
*6
612 *6
100
3001 Preferred
42
41
43
42
45
44
*37
44
*37
44
40
*37
2,700 Eastman Kodak Co____No par
176 17734 *175 177
173 173
175 177
170 17114 170 171
100
Preferred
2601
1273
4
4
*127
*127
1273
127 127
12634 12634 *12634 127 *12634 127
6338 6312 x6218 6214 6258 6212 6218 6612 657 6814 6614 66781 18,800 Eaton Axle & Spring__No par
20
17878 17974 14,600 El du Pout de ,Nem
1797 180
177 180
177 178
17614 177
180 180
100
11714 1174 11714 11738 11714 11714 11714 11714 11733 11738 11714 11732 1.000 6% non-vol deb
25
100
Preferred
No par
300 Eitingon &Mid
*32
33
33
*3212 33
3214 3212 33
34 .3212 33
*33
100
100 Preferred 6,43%
101 101 *101 104 *101 104 *101 10212 *101 10212
*10112 103
No par
17,400 Electric Autolite
14612 149
14718 14938 145 14713 14318 14613 146 14912 14814 149
100
Preferred
*11314 115 *11314 115 *11314 115 *11314 115 *11314 115 *11314 115
No par
3,500 Electric Boat
154 14% 15
15
15
15
15
1538
1538 1538 1458 154
No par
6214 644 39,800 Electric Pow & Lt
6218 6314 6153 6278 6112 6238 6214 634 624 64
No par
900 Preferred
10614 10614 *10638 10612 106 10618 1064 10614 10618 10614 10612 10634
Certificates 50% paid
•13214 146 *13214 146 *13214 146 *13214 146 *13214 146 1513214 146
8338 821 4 82% 5,900 Elea Storage Battery___No par
8112 8111 *8114 82
8 1 1 8112 8134 8314 83
400 Elk Horn Coal Corp___No par
412 412
434 44I
*438 452 *44 453
434 434 5412 434
700 Emerson-Brant class A_No par
1218 *1212 13
•1212 1438 •1212 1438 1212 12.2 124 1414 *12
400 Eudlcott-Johnson Corp____50
7212 7218 7218
721 *72
7312 7218 724 *7112 7213 *72
•72
100
Preferred
500
12314
12314
12314
12314
12313 12312 *12314 121
*12312 125 *12312 125
49
49
4818 49
4814 48% 4858 4914 4912 50 1 4918 4934 6,300 Engineers Public Serv_No par
No par
200 Preferred
90 1 *9058 93
9218 90
9218 9012 9012 *90
9212 *90
1390
3518 3512 354 354lI 355 3534 8.400 Equitable Office lildg_No par
347 347
344 3434 3434 35
5012 5012 5018 5012 5014 5014 5058 51% x504 514 3,500 Eureka Vacuum Clean_No par
•5012 51
100 Exchange Buffet Corp_No par
2414 2414 *2418 2412
25
*24
25
*2412 25
024
*2413 25
No par
500 Fairbanks Morse
4412 4334 4418
*44
4434 54334 4413 434 4334 4413 4413 *44
100
I Preferred
*108 110 *108 110 *108 110 *108 110 *108 110 1'108 110
15
8312 5,000 Federal Light & Trac
82
86
*8012 8112 *8012 8112 81
8212 82
*8012 82
par
No
Preferred
99
160
9934 99
*9934 10014 99
1007 10672 •100 10078 100 100
I Federal Mining & Smelt's _ 100
•225 250 *225 275 *225 275 *225 300 *225 300 *225 300
100
400' Preferred
*9813 9912 9912 99,2 9834 9834 9834 0834 *9812 9912 *9812 99,2
par
1612 1613 167 17
17
17
174 174 1718 1714 1712 1734 2,000 Federal Motor Truck_ _No
2,300,Fidel Phan Fire Ins N Y_-__10
06
9514 96
9538 9612 954 96 1 96
9713 977
96
96
par
No
Bus
IF'ifth
Ave
*10
,
8
1234
*1033 1234 *1038 1234
*11
1234 *1058 1234 *1058 12
No par
300 Filene's Sons
8718 86
86
87
*84
87
•84
87 .84
8712 87
*84
100
100 Preferred
10212 10212 *10112 10212
10113 10112 102 103
10112 102
*10112 102
647
63
64
63
657
6534 6712 6634 6838 19,300 First National Storea_No par
6314 6312 62
No par
1114 1134 1112 1134 1113 1141 1114 1134 27.100 Fisk Rubber
1112 1134 1113 12
4001 list preferred stamped-100
60
*59 , 60
59
59 *__- 5912
61
61
61
60
*60
100
65
300. tat preferred cony
560
60
60
6118 6114 *60
65
65
•6012 65
*61
No par
73
32,000 Flelschmann Co
7212 7314 72
727
7112 7312 71.78 7213 72
7114 72
No par
49
300 Florshelm Shoe cl A
49
*49
60
*49
50 1 49
49
*4912 5012 49l3 50
100
200 Preferred 6%
100 100 *100 10218 •100 10218 100 100 *100 10218 *100 10218
No par
1,800 Follansbee Bros
6638 6534 66
64314 *0214 6612 6514 6538 644 6534 64
*64
No par
5912 5814 6312 6.900 Foundation Co
54 I *51
5412 55
544 5414 *5212 55 I *52
No par
8678 8813 884 9034 8914 9178 36,3004'0x Film class A
8634 8534 867
8658 8712 86
100
30 Frankiln-Simon pref
1064 10658
10612 10612 *10612 109
10634 10634 *10612 110 *10612 109
4514 4634 11,300 Freeport Texas Co____No par
477
46
46
47
4734 x44% 4512 4412 4514 45
500 Fuller Co prior pref____No par
10112 10138 10118 10118 *10012 102
•10118 10712 *10113 105 *10112 103
23
1,400 Gabriel Snubber A____No par
22
23
23
23
23
23
23
23
23
23
23
No par
1314 13
13
13
1358 4,900 Gardner Motor
•1312 14
1338 1312 13
1312 13
No par
8812 89% 90
914 10.900 Gen Amer Tank Car
88
8712 887
8812 8938 88
8834 87
100
7558 7812 7534 7814 7534 764 57.200 General Asphalt
78
734 7738 76
7014 73
100
3.700 Preferred
117 11834 11773 11912.115 119 *112 119
11334 118
113 114
General
Dref-_No
par
Baking
135
50
*13318
13318
1333
4
*13313
1333
4
13318 1334 135 135 •13318 135
No par
48
4812 2,000 General Cable
49
4838 4838 4812 4812 49
4812 49
48
48
par
Class
A
No
100
3,700,
987
8
99
100
100
100
4
10012
99
993
99
*98 100
100
3001 Preferred
105 1054 .3104 106 *104 106
104 104 *105 106 *105 106
No par
6,500 General Cigar Inc
69
69
69
69
6912 6818 69
6812 6834 6834 7034 r69
100
Preferred
10'
120
*11714
11714
11714
*11714
120
120
•11714 120 *11714 120 *11714
62,800 General Electric
No par
2324 23438 232 23534 23113 23478 23538 24112 24012 24212 239 242
10
8,900
Special
1114
1118
1113
114
1114
1113
1114
1112
1114
1114
1114 1114
300 General Gas& Elea A__No par
*7618 88
76
76
85
8814 *78
8112 *76
*81
8814 v77
No par
1001 Clasa B
*96 114
*96 115
*9614 115
*96 115
97
y97
*102 115
Never
200 Pref A (8)
129 129
128 128 *12812 129
12812 129
130 130
12878 129
No par
140, Prof B (7)
108 119 *108 111 *109 111 *109 111
111 111 *108 111
Corp__No par
Ice
Cream
110
'Gen
*92
109
*92
110
*92
110
*92
110
*29
*92 110
No par
7413 7558 7412 7538 744 7534 7434 7538 6,700 General Mills
754 7638 27518 76
6001 Preferred
100
97
97
97
97
97
97
97
97
*9534 97
*9634 07
10
8412 86 372.500.0eneral Motors Corp
8633 8353 854 8314 8438 8418 8514 8412 8614 1244
35
2,7001
preferred
100
1243
4
7%
1243
4
1243
8
1247
12458 12438 12458
12434 1244 12434 125
5113 62
7001Gen Outdoor Adv A___No par
*5178 52
*5134 52
52
52
*5112 52
514 52
37
38
3658 3814 374 3734 3712 3778 3634 3714 3612 3714 3.6001 Trust certificates..---No par
No par
10258 1058 10318 104's 23,800 Gen Ry Signal
97
9858 9914 103
97
97
98
987
8,400 General Refractorlea-NO Par
7014 71
7033 7034 704 72% 71 18 717
•6914 7012 69
71
11112
4,500
-NO
11112
Gillette
Safety
Razor
Par
2
1127
11114
111
11014
11012 11114 11018 111
110 110
3,400 Gimbel Bros
*3934 41
No par
*4012 41
40
40
3978 40
40
40
394 40
100'
Preferred
100
*8014
83's
83%
*8118
84
83
83
*81
*8014
85
*81
85
44,100 Glidden Co
474 48
No par
45
4534 45
4512 4434 4512 4538 4634 4718 49
240; Prior prefarred
100
10412 10412 104 104 *10414 105
10412 10412 10412 10434 10514 10514
467a
par
16.100
Gabel
No
46
(Adolf)
4614
4673 467
46
4733 46
4612 4412 464 45
No par
6638 85,400 Gold Dust Corp vi o
6538 6634 6418 664 637 6538 x6414 6512 654 6678 65
No par
894 x8512 8714 16,300 Goodrich Co (B P)
89
8812 87
88
8833 90
884 8912 88
300 Preferred
100
1134 11334
*113 11334 *113 11334 *113 11334 113 113 *11312 113
55.100 Goodyear T & Hub---NO par
134 13612 13214 13412 130 13212 1324 13438 13278 13012 130 134
par
104
No
104
1,200
let
preferred
104
4
1033
*10312 10334 10312 10312 *1034 104 *10312 104
ligal
11
0114 and asked; prams 30 sales on this day. s Ex-olividend. g ira-rhchts.
PER SHARE
Range Sines Jan. 1.
On baste of 100-share lots
Highest
PER SHARE
Range for Presloos
Year 1928
Lowest
Higheal
$ per share $ per share $ per share $ per Shan
313 Mar 26
633 Jan 15
214 Aug
612 Del
1512 Apr 19 2312 Jan 9
20 Nov
36 Ain
934 Oct 1914 Api
758 Apr 19 1112 Jan 2
474 Jan 8 7512 Apr 17
264 Apr 5312 Jar
818 Jan 8 1334 Jan 17
334 Apr
938 De(
884 Jan 2 07 Jan 16
73 Apr 9612 Jar
60 Jan 19 8018 Mar 22
53 Dee 1287
.Sept
12434 Jan 7 126 Feb 14 123 Jan 128 Mat
79 Mar 26 9412 Jan 14
75 Feb 947 Ma3
1718 Mar 26 2838 Jan 21
10 Mar 2012 Not
6858 Feb 8 92 Apr 19
6438 Jan 94 Not
14114 Feb 28 14434 Jan 19 13812 Jan 14634 Api
51 Mar 26 8214 Jan 28
6258 Dec 89% Not
2258 Jan 10 5758 Apr 17
1212 Sept 27 Not
9758 Apr 5 10114 Jan 18
964 Jan 10514 Oct
20 Apr 6 2534 Jan 9
2314 Dec 2634 Not
85 Mar 26 94 Jan 11
6914 July 93 Fet
109 Jan 8 11634 Feb 28 111 Dec 121 Ma/
17 Mar 27 244 Jan 3
20
Oct 287
.Mal
312 Mar 7
513 Jan 3
432 July
712 Mal
1018 Apr 10 1878 Jan 3
1334 Oct 3238 Jar
1138 Feb 20 17 Jan 3
1638 Dec 2414 Ma/
9334 Dec 108 Fel
61 Mar 5 95 Jan 3
438 Apr 3
64 Jan 2
5 Nov
12
Jar
5258 Mar 26 6778 Jan 15
64
Jan 7814 Atli
6312 Feb 19234 Mat
13518 Mar 26 17313 Feb 5
20714 Apr 17 22514 Jan 15 14434 Jan 230
Oct
Jan 141 Sep,
12013 Jan 22 130 Mar 22 114
62 June 6513 Not
5818 Mar 26 8534 Jan 11
63 Jan 3 85 Feb 5
49 July 63 Oct
344 Feb 6834 Nol
49 Mar 26 13918 Jan 31
36
Oct 4914 Api
3673 Apr 5 46% Jan 24
116 Feb 26 128 Jan 4 11512 Feb 12634 Mai
224 Jan 2 260 Mar 21 16613 Jan 22414 Del
Jan 61
40
Api
52 Apr 17 617 Feb 5
Jan 120 Mai
112 Jan 7 11512 Jan 15 108
130 Apr 2 16412 Jan 11 134% Jan 172 No,
8 June 1312 Jai
834 Mar 26 104 Jan 9
80 Mar 12013 Nol
110 Mar 26 12618 Feb 4
6612 Jan 9958 Nol
64 Apr 8 92 Jan 2
494 Jan 24 100% Mar 5
9933 Oct 11612 Mu
812 Mai
1112 Mar 4
3 Aug
614 Jan 14
344 Oct 4613 Jai
36 Jan 2 45 Apr 17
170 Apr 13 19412 Feb 2 163 Feb 19414 Jul;
126 Jan 2 128 Mar 9 12312 Aug 134 AD
26
Jan 6818 No,
6014 Mar 26 7634 Feb 1
15534 Jan 22 19812 Feb 1
11534 Jan 21 119 Apr 5 114 July 12112 Ma:
124 Jan 99 De.
957g Jan 2 11212 Jan 18
9312 Jan 9 100 Jan 18
87 Nov 10012 Fel
2912 Mar 26 3938 Jan 10
33,4 Aug 43 No'
98 Mar 26 113 Jan 1.9 10138 Aug 12178 No,
60 June 13612 De
12634 Mar 26 170 Jan 28
109 Jan 2 115 Apr 2 1084 Sept11212 De
1732 Jun
834 Aug
1212 Jan 9 1833 Mar 19
4938 De
2834 Jan
434 Jan 8 7018 Mar 21
105 Apr I 10914 Feb 13 105 Dee 11018 Ma
12212 Jan 4 136 Feb Li 12014 Nov 12978 AP
69 Felt 914 De
77 Mar 26 92% Feb 4
one
Jai
612 Jan 9
6
9
413 Mar 25
1553 De
514 Feb
1058 Jan 22 221z Feb 7
7434 Dec 85 Ap
714 Apr 4 833s Jan 4
121 Feb 7 12414 Pet, 28 12114 Jan 1274 De
33 Feb 51 No'
47 Mar 25 6014 Jan 31
9012 Dec 10212 Oc
90 Jan 121 10412 Jan 31
2053 Oct3334 Jul,
3114 Jan 4 3714 Mar 2
43 Dec 79 Jai
4412 Feb 1 54 Feb 28
1934 July 2458 Oc
2214 Jan 15 25 Apr 2
324 Jan 54 Ap
4312 Mar 26 5104 Jan 21
Jan 11434 Ma:
1074 Feb 16 11073 Jan 9 104
42 Jan 71 Da
68 8 Jan 3 8612 Jan 29
98
Jan 109 Ap
99 Apr 18 104 Feb 6
225 Apr 9 310 Feb 4 120 Apr230 De
9114 Jan 10212 Seri
9814 Mar 27 10034 Jan 7
1653 Aug 2578 Ma:
1412 Mar 26 2232 Feb 6
7614 June 10712 De
9014 Mar 26 106 Jan 2
114 Jan
1614 Ma:
1038 Mar 25 1334 Mar 2
84 Mar 26 984 Feb 25
100 Apr 9 107 Jan 23
28 Apr 7638 De
62 Apr 18 7478 Mar 16
87 Aug
107 Apr 0 2018 Jan 23
1734 Jal
5534 Oct 914 Jai
59 Apr 18 724 Jan 14
54
Oct 9734 Jai
60 Apr 18 8212 Jan 25
65 June 8938 01
6838 Mar 26 8438 Jan 2
4914 Nov 561 No,
48 Feb 25 54 Jan 8
9818 Oct 100 De
9714 Mar 18 1024 Jan 18
5912 Mar 26 7334 Mar 19, 56% Dec 6913 De
45 Jan 22 6312 Apr I9i 364 Oct 5711 De
72 June 11958 Sep
82 Apr 11 101 Jan 19
10612 Feb 28 110 Jan 4 10613 1)ee 113 Feb
Oct10914 Jai
43
38 Mar 26 5478 Jai/ 25
. Ap
99 Mar 26 10612 Feb 28 102 Mar 1097
15 Mar 2813 Jai
20 Mar 25 337 Feb 5
1738 De
714 Jun
1012 Mar 25 25 Jan 31
6038 Feb 101 De
8112Mar 26 102 Jan 9
68 June 9478 Ap
61 Mar 26 8114 Jan 12
10412 Mar 26 12014 Jan 12 11018 June 1414 Ap
Oct150 Jun
130 Mar 26 140 Feb 5 132
21 Feb 4138 No
3711 Jan 9 61 Feb 28
56 Feb 884 No
81 Jar 8 12012 Feb 28
Oe
Oct 107
104 Apr 13 1074 Jan 21 102
5918 Nov 7538 Fe
63 Jan 8 74 Feb 25
11214 Jan 5 122 Jan 24 11414 Sept 130 Ms
219 Mar 26 26233 Feb 1 124 Feb 2214 De
11 Sept 12 JIM
11 Jan 3 1134 Feb 4
3514 Jan 74 No
70 Jan 7 90 Apr 3
Jan 80 No
37
76 Jan 3 105 Apr 3
Oct 144 Al
121 Feb 20 135 Feb 14 121
Oct 11473 Ma
104 Apr 2 115 Feb 15 105
7418 July 10512 01
7978Mar 9 110 Apr 3
79 Dec 844 No
74 Mar 26 891, Jan 18
9812 Dee 1004 De
9512 Apr 5 100 Jan 4
7334 1)50 9014 No
7718 Mar 26 9134 Mar 21
12411 Apr 8 1264 Jan 2 1234 Jan 12712 Al
Aug 587k Ja
49
2
Jan
52
Feb
6
4938
2912 Aug 5238 Ja
32 Feb 14 41 Mar 12
8414 June 1234 J.
9312 Mar 26 11112 Mar 1
4512 June 82
Jr.
88 Apr 10 8612 Feb 20
974 June 12333 0(
110 Apr 9 1264 Jan 25
7 Jen
Mar
344
59
28
Jan
4818
26
3778 Mar
87 Mar 101 Jut
8153 Mar 2 90 Jan 3
2038 Jan 37 De
36% Jan 2 41) Apr 18
95 Jar 105 Bel
8
1051488ar
10312 Jan 3
4212 Dec 6212 No
44 Jan 26 60 Feb 5
71
Jan 14314 De
6418 Mar 26 82 Jan 19
6818 June 10914 DI
8358Mar 26 10534 Jan 2
113 Jan 9 11518 Feb 25 10912 Feb 11538 Ma
454 June 140 De
112 Feb 21 15413M5,r 18
9212 Mar 105 DI
10134 Mar 27 10478 Fab 28
2595
New York Stock Record—Continued—Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday.
April 13.
Monday,
April 15.
Tuesday,
April 16.
Wednesday,
April 17.
Thursday,
April 18.
Friday,
April 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
•
PER SHARE
Range Since Jan. 1.
On Oasis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
Shares Indus. & MIscel. (Con.) Par $ per share $ per share $ pet share $ Per share
1,500 Gotham Silk Hoslery_No par 5138 Mar 26 557 Apr 17
70 Dec 93 Apr
No par 5312 Mar 26 7412 Jan 23
New
;643
;513
T.540
Apr
100 1)7 Mar 28 10114 Jan 5 100 Dec 130
166
Preferred new
4 99 ;oiis 9753
4 948
4 977 *9424 977
95 Dec 112 May
*99 105
•97 105
*95 105
40 Preferred ex-warrants_ 100 97 Jan 11 100 Jan 12
100 100 '
395
9912 9912 100
123
Feb
18
10
Jan
67
Dec
8
Feb
par
7
9
No
Coupler
A
*712 8
713 712
714 714
712 712 *8
812
8
8
500 Gould
1634 Feb 6114 Sept
42
42
4I3* 4178 4018 4114 4012 41
36
3712 41
3713 43,300 Graham-Palge Motors_No par 36 Apr 19 54 Jan 2
2612 June 56 Sept
No par 35 Apr 19 4912 Jan 11
3712 3712 38
38
2.000 Certificates
37
37
*37
38
3518 37
35
36
3918 Feb 93 Dec
9118 92
8812 9114 8112 87
28.800,Granby Cons M Sm & Pr_100 81 Mar 26 102h Mar 20
84
87
8512 868 834 85
6514 June 9478 Oct
100 7734 Jan 30 9612 Mar 18
8678 8672 8612 8612 85
2,400.Grand Stores
/
1
4 853* 8518 8518 *8612 86h 8634 88
2634 July 417 Oct
No par 2018 Mar 26 327 Jan 2
2234 2234 *2212 23
23
23
3.400 Grand Union Co
2314 2412 2414 2718 2634 27
4612 Aug 6238 Oct
4418 4418 134312 4412 4412 45
No par 41 Mar 26 543 Jan 4
4518 4512 4612 4714 47
473,3 2.1001 Preferred
No par 11412 Apr 12 14438 Feb 5 11134 Dec 12512 Sept
1148 11434 13115 117
115 115
11514 11634 116 116
11618 11834 2.700 Grant (W T)
1914 June 333s Oat
275
7
Feb
1
Prop_No
par
Jan
398
31
3l3
Ore
3012 31
3018 304 3012 304 3032 30h 3038 3034 16,700 Gt Nor Iron
31
Jan 3812 Dec
No par 3234 Mar 26 44 Jan 25
3812 39 1 384 3914 38
3712 37% 7,000 Great Western Sugar
384 371 3838 3734 38
100 11338 Apr 9 11912 Feb 1 11212 Feb 120 Jan
*11312 11434 11434 115
115 115 *11312 11614 *11312 11614 •11312 11614
1001 Preferred
8938 June 17714 Dec
162 16334 15714 15912 15571
/
4 159
160 16238 161 16214 15712 16014 17,800 Greene Cananea Copper_ _100 15238 Mar 26 1975, Mar 20
434 Dec
932 Jan
*33* 4
512 Jan 3
•4
334 Mar 27
4141
4
4
•3h 4
600 Guantanamo Sugar__ __No par
133h
4
*312 334
90 July 107
Jan
100 50 Apr 12 90 Jan 2
1351
65 1 *50
65
201 Preferred
*50
64
*50
64
50
55
•50
64
Jan 7374 Sept
51
100 614 Apr 2 79 Mar 5
6478 6474 644 6412 6418 6412 64
64
64
2,400 Gulf States Steel
6412 6414 65
100 103 Apr 5 109 Feb 14 10338 Nov 110 Apr
*10112 104
104 104 *10112 104
30 Preferred
104 104 *104 109 *104 109
23 Jan 30
Jai
25 25 Jan 7 29 Feb 28
*27
Hackensack Water
27h *27
2738 *27
273* .27
27%
273* *27
273* *27
23 Jan 30 Dee
25 27 Feb 18 31 Mar 8
*28
31
28
28
10 Preferred
•28
31
*27
28
1327
28
31, *28
2512 Jan 29 June
25 26 Jan 31 29 Jan 14
4,27
2734 1327
*27
273 •27
27
2734 28
28
80 Preferred A
2734 27
No par 42 Apr 9 55 Jan 10
43h 44
4238 4314 4212 4312 4234 4314 43
438 4238 4314 16.400 Hahn Dept Stores
100 98 Mar 26 115 Jan 31
10038 10058 10012 101
9934 10012 10012 10013 2,700 Preferred
10014 10012 100 100
99 Aug 104 Apr
*10342
100 1005 Feb 15 105h Jan 8
*103
•I03
103 103 *103
____ *10312
40 Hamilton Watch pref
59 May 97 Noy
100 91 Jan 14 9934 Jan 23
94
94
94
*94
94
9478 95
9414 9414 *94
95
94
240 Hanna 1st pref class A
54 Dec 5712 Oct
Harbison-Walk Refrac_No par 54 Jan 3 6034 Mar 22
6034 •____ 60 •
_ 60
*5812 6034 *5812 6034 *5912 6034 •59
112
Jan
29
110
June 120 Jan
14
1184
Jan
100
_
'112
•112
•112
*112
Preferred
•112
2312 Aug 2748 reb
2538 25:
25
2514 *2412 2514 "2412 1514
/
1
4 •2412 2512 *24
25
500 Hartman Corp class A_No par 2418 Apr 5 27 Jan 2
163* Aug 37' Dec
No par 2338 Mar 26 393 Jan 2
2678 2678 27
2612 27
2818 2614 27
2634 2634 2612 268 2,500 Class B
61 Dec 68 Nov
20 60 Feb 19 5612 Apr 16
654 658 6512 6618 65
6612 *6412 6534 136412 6534 •6412 6534 2,300 Hawaiian Pineapple
Oct
25 104 Mar 15 118 Jan 29 105 Dec 120
41106 110 10105 116 *105 115 *105 115 *10514 114h *106 112
Heinle(0 W)
303* Jan 7212 Dec
82
773 784 76
773
76
73
7934 8234 8278 85
80
19,600 Hershey Chocolate-___No par 64 Feb 16 85 Apr 18
80 Feb 16 9112 Apr 18
7014 Feb 89 NOT
No pa
90
9112 8878 90
86h 8712 8712 91
16,000 Preferred
874 8834 8638 87
100 104 Jan 4 10618 Apr 17 10014 Aug 105 Apr
1054 10518 1054 10514 13105 10614 10618 10618 *105 1054 •105 10534
300 Prior preferred
1514 Sept 397s Jan
17 Mar 26 2178 Mar 5
No pa
17
17
1712 174 *1612 1712
18
•17
18
*1612 18
401) Hoe (R.) & CO
13
40 Apr 16 51 Mar 9
4018 Dec 4934 Oct
No pa
42
4038 4112 4112 4178 418 414 2,700 Holland Furnace
4212 4212 4212 4212 40
15h Mar 26 22 Jan 2
18 Dec 3678 Apr
1317
18.
4,1612 1814 18
1818 *1612 1712 1634 17
174 1712
600 Hollander as Son(A) _No pa
Jan 80 Nov
67
100 7214 Feb 21 76 Jan 3
73
7378 7338 1373
737
73
733 1373
7338 z7338 7338
73
600 Homestake Mining
Oct
6512 Mar 26 794 Jan 7
6418 Feb 84
No pa
•68
70
63
68
*68
6934 63
6934 68
6812 69
69
1,500 Househ Prod Inc
Mar
7
Dec
167 Apr
8018
109
Apr
79
ctis
10
2
100
103
993
4
10014
1014 103
10114
102h 10012 103
10112 10472 71,100 Houston 01102Tex tern
1
6614
Mar
21
Jan
8
824
40
Feb
733
4
Nov
70
6912 72
68
No par
70
6914 6914 7072 7012 7112 70
718 19.200 Howe Sound
75 Jan 9978 Mar
8032 8734 8614 8712 864 8878 8813 8938 8814 8934 8818 89s 52.400 Hudson Motor Car__..No par 7118 Feb 15 9312 Mar 15
29 Jan 84 Nov
59
6012 756
58
564 5738 5612 578 5618 57
5512 5612 36,700 Hupp Motor Car Corp____10 55314 Apr 10 82 Jan 28
2134 Feb 38/
1
4 Nov
35
3534 35
3578 235
3514 3438 3534 3518 3612 3634 3838 131,800 Independent 011.4 Gae_No par 30 Jan 31 38h Apr 19
20 Oct70 Apr
2012 2012 •2012 2112 2012 2012 *2012 2138 21
No par 2018 Jan 31 3212 Jan 2
21
•21
21121
400 Indian Nlotocycle
93 Nov 115 Apr
•____ 89
89
100 89 Mar 6 9534 Feb 5
89
89
89
Preferred
51
9 Feb 395 July
4912 5078 49
4912 5094 4912 503* 4918 5014 4612 4938, 99.600 Indian Refining
10 29 Jan 8 5238 Apr 10
4834 Apr 10
4638 48
4714 4834 4612 48h 474 4814 4612 473
812 Jan 3714 July
10 28 Jan
4414 4612 63,700 Certificates
Jan
140
Dec 185 Nov
165 Jan 11
100 160
Preferred
Oct
119 119
117 118
116 1167
No par 110 Mar 26 135 Jan 18 118 Dec 146
4 116 116 *ill 116'- .iii- fie" 1,100 Indusirial Rayon
90 Feb 127 Nov
143 Apr 18
•12878 130 130 130 131 13114 13111 13878 137 143 137 137 1.800 Ingersoll Rand
No par 120 Jan
46 Mar 80 Dec
9678 Mar 20
9232 9112 9278 9212 93
9118 91 12 91
No par 7812 Jan
9234 9234 923 9234 8,900 Inland Steel
18 Feb 4878 Nov
48
6612 Mar 1
508 5138 4912 51
4914 49
5038 5014 51
4812 498 21,201 InmplraVon Cons Copper.. 20 4318 Jan
•98,
81s July 2134 Jan
9 Apr 15 1414 Jan 11
10
9
10
*9
*912 10
*912 10
400 lntercont I Rubber__ No Pa
914 93*
1212 Apr 12 17h Jan 28
13 Feb2078 May
13
13
1312 1313
1314
13
No pa
13
143* 14
1412 14
14
6,400 Internat Agricul
Apr
13
Mar 85 Dee
8812
Jan
26
483*
75
75
*75
78
1375
75
78
100
*75
78
preferred
•75
78
•75
78
100 Prior
Jan 16638 Noy
16134 16214 16118 163,
163 165
8 162 162
16534 1674 1658 16738 6,700 hit Business Machines_No par 14938 Jan 24 16812 Mar 19 114
Jan 9478 Dee
56
8518 Apr 9 10234 Feb 4
88
8814 87
b7
*8612 87
8912 2.900 International Cement__No pa
8632 87
863* 8834 89
61 Mar 26 10312 Feb 15
454 Feb 80 Dec
73
758 7318 7634 7212 747
7314 7412 73
751
72
731 135,300 Inter Comb Eng Corp_No pa
*109 111 12 *109 11112 109 169 *109 111 *109 111 •109 111
10 1084 Jan 2 121 Feb 16 103 Mar 110 Sept
Preferred
100
925 Jan 15 115 Jan 29
RO Dec 977z Dec
10412 1055, 18534 106
104 10778 10612 1093* 10814 110
10712 10814 27.400 International Harvester No pa
147 May
14114 1414 *14112 144
10 14014 Mar 26 145 Jan 18 13614 M
14118 14118 14118 14118 141 18 14114 14114 14122 1.000
Preferred
6514 Mar 26 10212 Jan 4
85 Dec 12178 May
8412 8518 8334 85
8314 85
8332 844 84
85
83
8334 8.100 International Match pref__3
738 May
534 614
334 Mar
Mar 29
71 4 Feb 151
10
64 638
6
7
614 678
614 638 25,200 Int Mercantile Marine
ah 614
3612 Feb 1 5012 Apr 17, 3418 June 44h Jan
10
45
408 4538 4612 4512 46
46
5012 48
4934 48
4938 90.300 Preferred
4012 Mar 26 7234 Jan 231
7318 Feb 26912 Dec
4712 4838 47
4812 46h 4712 4712 4812 4734 495
47
4814 139,400 hit Nickel of Canada_No pa
Oct 8632 May
5712 Jan 11 83 Apr 9
50
•75
80
82
1372
82 .65
1372
"65
International Paper— NO pa
77 •65
73
73
89 Dec 108 Jan
100 87 Apr 10 9412 Jan 8
88
89
•82
8812 87
884 *85
88
874 874 13884 90
500 Preferred (7%)
22 Dec 344 Nov
3014 3012 2912 30, 3018 3012 3018 3028 8.600 Inter Pap & Pow cl A_No par 2712 Jan 8 3538 Mar 19
3114 3138 30h 31
19 Nov
147 Dec
No par
15:/
1
4 Jan 16 2412 Mar 8
1818 1813 18
18
1918 1914
18
1814 7.2001 Claw B
1844 18
183* *18
134 Dec
1034 Nov
1038 Jan 10 1714' Apr 4
No par
14h 15
1438 1438
144 1434 1334 1414 134 14
1334 1334 29.3001 Class C
Dec
91
Dec
80
Apr
15
93
Jan
23
88
100
8718 8714 13,7001 Preferred
84h 8514 80
8434 80
80
8014 8012 84
87
473* Oct 60 Deo
5338 5338 25334 54
*5312 5413 5312 534 5314 53h 527s 53
2,300 lot Printing Ink Corp--NO Par 52 Mar 26 63 Jan 231
z11812 9312 101 101
100 9812 Apr 15 106 Mar 4' 100 Dec 100 Dee
1)9
41100 101
100 100
9978 100
9912
6901 Preferred
4912 Mar 6834 Jan
100 5512 Jan 4 9034 Feb 4
87
85
482
83
83
8434 8434
8738 1382
85
*80
84
310 International Salt
Jan
100 131 Jan 22 150 Mar 6 126 June 196
13132 139 •132 13614 *132 137 *132 138 *132 139 13132 13614
1International Silver
Jail
Dec 131
11214
Jan
4
119
Jan
17
11214
100
•11518 11812 *11518 11712 *11518 11712 *11518 11712 *11518 11712 91518 11712
Preferred
279 Mar 28 1394 Feb 201 Deo
25312 262
100 19714 Jan
24218 24412 242 244341 240 24234 240 25212 25114 256
27.400 Internat Telep & Teleg
614 Nov 90 Dec
7814 76
76
75
76
75
7778 75
7T7a 75
773* 7 'o
1
18,700 interstate Dept Stores_No par 74 Mar 26 934 Jan 2
100 130 Jan 15 150 Jan 2 12412 Nov 150 Dec
13110 15014 *110 15014 .3110 15014 .311014 15014 0110 1151.4 *110 1504
Preferred
235 Sept 3812 JtIli
3478 Apr 17
*2912 3012 30
3012 3012 3012 30
3478 333* 3414 32
No par 29 Jan
334 5,000 Intertype Corp
Oct 61 May
69 Mar 5
47
5712 5712 •55
57
55
57
55
5512 5534 5534 *55h 56
1 53 Jan
Coal
1,200 Island Creek
•138 140
136 136
13578 136
16214 Feb 5
7734 Mar 179 Nov
138 138
138 14012 •139 13912 1,600 Jewel Tea. Inc
No par 13578 Apr 1
12518 Fel) 131 11938 Nov 12512 Nov
100 12412 Jan
Preferred
1
179 18021 178 1164 175 17822 17834 110-3-4 180 18324 179 fiff, ______
No par 15514 Mar 26 24234 Feb 2' 9614 June 202 Dee
22.400 Johns-Manville
•121 122 *121 122
121 121 1 122 122 *121 122 13121 122
100 119 Jan 21 122 Mar 14 11812 Oct 122 Alm
60! Preferred
41121 12112 1214 12134 1214 12112 *121 12111 12112 122 1 12112 12112
210,Jones & Laugh Steel pref-100 11812 Jan 4 12214 Mar 11 119 Dec 12414 May
29 •_—_ 29 '28
•____ 29
283* •____ 29
2553 Mar 414 Oct
35 Jan 21 35 Jan 21
29
'Jones Bros Tea Inc__ __No pa
1943 Oct
1012 1034' 1038 1012 1014 1012 10
1034 1044
818 Aug
6 Mar26 164 Jan 2
1012
932 1012 2,900 Jordan Motor Car
No pa
•10812 10912 •10812 10912 *10812 10912 •10812 10912 10812 10812 *10812 10912
10 Kan City P&L 1st pt B_No pa 106 Feb 16 11234 Jan 22 108 Aug 114 Apr
Oct
34
2778 271 *28
Dec
*2714 281
29
294
*28
2838 *28
29
2634 28
1.800 Kaufmann Dept Stores_ 912.50 2634 Apr 19 3714 Feb 6
8478 854 854 87
6238, Jan 92 Nov
8612 871 28534 80
8634 8738 8738 893* 22.300 Kayser (J) Coy t e
No pa
76 Mar 26 893 Apr 19
5112
Nov
May
*2714 2912 1327
1512
29
*2712 2934 *29
28
28
Jan
4
11
46
2934 297
, 31
25
Apr
1.200 Keith-Albee-Orpheum-NO Pa
7512 May 160 Nov
9978 *95
997 *96
138518 907 *95
9978 *96
9978 9912 103
100 9412 Apr 11 138 Jan 5
400 Preferred 7%
164 17
1612 17
1614 1678 163* 17
1914 Dec 254 Nov
1612 17
1638 1878 21,300 Kelly-Springfield Tire_No par
11 Mar 26 2378 Jan 2
5514
Feb 95 Nov
*7714 8012 *774 8812 •7718 88
7
80
80
100 754 Apr 8 94 Jan 9
*774 877 *774 877
1001 8% preferred
485
90
58 Feb 101 Nov
4185
90
•85
*85
90
90 •85
*85
90
90
100 85 Apr 12 100 Jan 14
6% preferred
Jan 56
Oct
51
5114 4934 5034 5034 5034 49
224
5112 52
*5114 513
26
613
4
Feb
50
par
Mar
26
Wheel__No
4718
3.800 Kelsey Hayes
10912 10912 *10912 __ •10912 ___ 10912 10938
•10912 -- •10912
100 108 Mar 26 110 Jan 8 106 Mar 111 Nov
70 Preferred
1478 1538 144 154 1412 15
734 July 227s Apr
151
15
143* 15
1434 15
No par
12 Mar 26 1914 Feb 6
34.500 Kelvinator Corp
834 84h 8138 8438 8434 8534 84:/
8438 851
1
4 8638 84
8534 199.200 Kennecott Copper
No par 783* Feb 26 10474 Mar 18
687
68
6812 6818 60s 6912 705
683* 63
67
37s Aug 5834 Oct
6712 6878 6.300 Kinney Co
's Apr 18
No par 5012 Feb 1 701
5718 Mar 100 Apr
10114 1023* 10214 10214 10214 10212 10212 10234 *10212 103
*10lh 1021
100 9312 Jan 2 1094 Mar 8
2.3501 Preferred
4012 413
39h 4178 38
3934 3934 413* 3712 3812 3912 40-38 52,900 Roister Radio Corp__No par 31 Apr 10 78s Jan 3
5114 Aug 9572 Nov
3438 35
3412 343
32 Dec 42 Nov
3412 348 3412 344 3338 343
3412 35
5,300 Kraft Cheese
No par 3234 Mar 26 39 Jan 21
*96
97
96
98
4195
Dec 10114 Dec
97
9914
97
Jan
2
*95
97
4195
*95
97
1001 Preferred
100 96 Mar 1 9934
49h 5018 4912 5018 492 50
501
4938 5012 4912 5234 21,900 Kresge(88) Co
50
10 4614 Mar 26 5712 Mar 4 065 Feb 9114 Nov
Apr
115 115 •114 11479 .114 11478
4'114 115 •114 115 *114 115
50 Preferred
100 109 Jan 5 115 Feb 14 11014 Jun 118
17
*154 17
17
*1512 17
134 Jan 2714 Feb
171
*a
•1512 17
*1612 17
100 Kresge Dept Stores._._No par 15 Mar 27 23 Jan 2
7312 73
734 *73
73
5144 Feb 75 Aug
72
73
*7212 73
734 4173
•73
901 Preferred
100 7112 Feb 19 7314 Mar 18
98
98
124h Nov
*93 100 .93
98
*93 100
87 Fe
z98 100
98
500 Kress Co
9612 Mar 22 114 Jan 5
1393
No pa
375 3838 3712 3814 3714 384 3714 38
3248 Dec 403.4 Oet
3712 3818 3712 38h 71,200 Kreuter & Toll
3518 Mar 26 4632 Mar 6
902
8938 9Ih 9138 9214 908 941 28,600,Kroger Grocery dcBkg_No par 85 Mar 26 1224 Jan 3
7314 Ma 13214 Nov
90h 9112 8912 91h 90
100 235 Jan 16 245 Mar 14 200 Jan 250 Feb
13235 250 *235 250 13235 250 •235 250 *235 240 .235 240
Laclede Gas
1244 Jan
99 No
100 100 Mar 8 102 Jan 4
*10038 115 •10038 115 •100h 115 •10038 115 *100h 115 •100h 115
Preferred
3112 32
391s Apr
3114 32
3112 317 15.300 Lego 011 & Trani:wort _No par 2614 Feb 19 3312 Apr 15
27/
1
41 Fe
31
3238 312 3312 3112 33
7912 Jan 136h Nov
140 14134 13712 13912 13814 140-3, 14018 14178 14134 14212 140 14238 26.900, Lambert Co
No par 1274 Jan 22 15714 Mar 19
1914 19
19
1878 19
1714 Jan 2514 Oct
1812 1912 1872 1938 •19
18 Apr 9 25 Jan 14
19
19
2.3001Lee Rubber & Tire___ _No par
52
50
50
*49
5134 53
55
*53
54
4234 June 5812 Nov
54
*50
•52
1.800 Lehigh Portland Cement__ 50 50 Apr 17 65 Feb 8
11018 11018 110 1101
11014 11014 110 110 *110 11014 110 110
100 10634 Jan 3 11012 Feb 14 10614 Dec 11032 May
2001 Preferred 7%
5512 58
55
56
5713 58
Jan 6478 Oot
56
564 563
38
No par 5212 Mar 26 6812 Feb 4
56
3,000sLehn & Fink
56
56
No par 2914 Jan 7 398 Jan 5 ;812 Aug 4014 Nov
Life Savers
89
893*
16- 89 89 1.600,Liggett
8314 June 1224 Jan
;ii" 16'- 872, 17.1-2 -8-1
& Myers Tobacco_ _ _25 8112 Mar 26 10512 Jan 28
25 8118 Mar 26 10312 Jan 29
8014 June 12312 Jan
87 8714 87 8812 874 88 88 89 89 891 89 897 8,8001 Series B
136 136 *13512 136
13136 13612 •136 13612 •136 13614 136 136
100 13514 Mar 27 1374 Mar 1 134 Aug 147 Apr
400 Preferred
5234 515 5338 53
531
52h 531
63/
1
4 5338 5314 538 51
38 July 6578 May
5.800,Lima Locom Works—No par 4418 Mar 26 55 Mar 22
787 784 7712 784 78
797s 7978 823
No par 7138 Mar 26 1137 Jan 3
6312 Feb 12412 Nev
77
804 817 15,41)0;Liquid Carbonic
77
4ros June 77 May
62
6318 6112 64
6314 641 21,000 Loew's Incorporated—No par 58s Apr 9 844 Feb 27
6212 6338 6112 63
6018 62
0978 Mar 11038 Apr
410014 1029 1004 10018 *994 100
*9918 10014 9918 1001 10012 1001
No par 98 Mar 19 11034 Jan 31
4001 Preferred
97
912 994
5.14 Feb
193s Aug
1018
107
103
4
101
No
par
19
Apr
I
94
078 1038 36,800 Loft Incorporated
1112
74 Jan
94 934
Jan
26
Ufa Fab
•2712 28
*2734 28
28
28
No par 27 Apr 11 3212 Jan 5
2712 2712 274 2712 *2712 23
300 Long Bell Lumber A
$ per share $ per share $ Per share $ per share $ per share $ per share
*5814 59
*58
59
5712 5734 58
58
5878 5818 5534 58
•Bld sag aimed prime: no sales on ahls day. s Ea-dividend. r Lx-rlabas. •Old stook.
2596
New York Stock Record-Continued--Page b
For sales during the week of stocks not recorded here, see sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 13.
Monday,
April 15.
Tuesday, ,Wednesday,
April 16. I April 17.
Thursday,
April 18.
Friday,
April 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Stnce Jan. 1.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
Lowest
Highest
---$ per share $ per share $ per share ; $ per share $ Per share $ per share Shares Indus. & Mlscel. (Con.)
Par
$
per
share
$
per shore $ per share $ per share
68
688 67
6858 67
6838 68
695
68
67
69
6858 23,100 Loose-Wilea Biscuit
25 5918 afar 26 74% Jan 5
4414 June 8884 Sept
.118 11814 11834 11834 *118 119 *118 119 .118 119 *118 119
10 lat preferred
100 11612 Jan 12 12112 Apr 2 11712 Aug 125 May
2378 2378 2334 237
23
2312 2253 23
2212 23
2212 2258 7,200 Lorillard
25 20 Mar 25 28,
8 Jan 11
235 June 4678 Apr
88
*86
88
89
.86
88
.86
88
80
86 .86
200 Preferred
83
86
100
Mar
27 93 Jan 18
8612 Dec 114 Mar
15
15
1512 1458 1514
1558
1434 1514 15
15% 147 1518 11,000,Loulala na 011
No par
1234 Mar 26 18 Jan 9
938 Feb
1904 Apr
*8914 94
*8914 94
89
89
90
90 .90% 94
9012 9012
50 Preferred
100 89 Feb 8 10014 Feb 21
78 July 06
3978 397
Apr
39
3978 3812 3912 3912 40
3918 40
39
3912 2,700 Louisville G & El A____No par 3658 Jan 23 47 Jan 31
28
Feb
41
7738 7734 7612 7738 76
May
7723 7758 771 78
78
7772 8058 12,900 Ludlum Steel
No par 6612 Mar 26 8234Mar 4
38
38 .
_
3658 397 *3712 3812 .
3653 3818 .38% 3812 38
38
200 MacAndrews de Forbes_No par 37% Apr 8 48 Jan 4
44 Aug 578 Apr
•10734
•10758 _ _
.10734 ____ •10734 ____ 10734 1074
10 Preferred
100 104 Jan 8 1074 Apr 19 106
Oct 110 Nut
•130 170 *130 170 *130 170 .130 170 .130 170 *130 170
Mackay Companies
122
Jan
100
19
140
Mar
28
10812
Mar 134 Mar
*3312 8634 *8312 8634 *8312 864 *8312 8634 88312 8634 .8312
Preferred
8634
100 8318 Jan 26 8418 Jan 14
681 Jan 86
10312 10412 102 105
Oct
102 10358 103 10412 10212 10434 10278 104% 23,300 Mack Trucks, Inc
No par 91 Mar 26 11434 Feb 5
83 Apr 110 Noy
•159 160
15817 15934 15634 15712 15812 15812 160 162
3.400 Macy Co
162 165
No
148
par
Mar
26
188%
Jan
2
y134 Aug 382 Aug
1912 1912 *1914 2014
19
1914
19
1918 19
1914 1914 1914
1,400 Madleon Sa Garden_._No par
1814 Jan 5 24 Feb 28
1814 Dec 34 may
70
6814 70
70
67% 6818 6858 6912 6812 697
10,800 Magma Copper
71
70
No par 68 Jan 16 8212 Mar 21
433 Fel
75 Nov
2534 2678 26
2712 2714 2914 29
3012 2914 3012 29% 3218 34,800 alallison (17 I'D & CoNo par 2414 Apr 9 39% Jan 15
16
Jan
3812 Nov
.99 104
*99 104
.99 104
.99 104 .09 104 .99 104
Preferred
100 95% Mar 25 10512 Jan 181 87% Jan 110
•1712 1812 *1712 1812 *1712 1812 1712 1712 .1653 1712 .1658 1712
Oct
30 Manatl Sugar
100 1712 Apr 17 28 Jan 141
21 Nov
41
Jan
.41
4218 *39
4118 .36
40
•37
40 .38
41
3814 3314
10(b Preferred
Apr
384
501
100
l&
Jan
10
40 Nov 88
Jan
*31
32
23012 3012, *31
33 .3012 33
*3078 34
3314
33
300 Mandel Bros
28 Feb 16I 3853 Mar 9
No pa
32 Jun
4012 Jan
28% 2812 2812 28121 2834 31
2912 2912 30
3018 4,000 Manh Elea Supply- NO Pa
3018 .29
2838 Apr 13 3734 Jan 14
2812 Sep
6638 June
2914 2914 •29
2912 *29
2914 29
29 .2834 2912 29
2912
400 Manhattan Shirt
5
28
2
Apr
35
9
Jan 4
31% Feb 43 May
*14
15
1678 16
15
1614
18
1758 6,800 Maracaibo Oil Expl...__No pa
1653 1634 1812 17
12 Feb 18 1812 Apr 18
1212 Feb 2512 Apr
4112 4212 42
4314 4214 43
42
4314 42
63,500 Marland 011
4314 4118 42
357 Feb 20 4718 Jan 3
•.No pa
33 Feb 49,
4 Nov
.71
73
*70
*70
72
74
70% 7018 *7112 73
200 Marlin-Rockwell
7153 7153
6918 Mar 26 7978 Jan 21
No pa
4514 Ma
83 Nov
77
7718 767 81
80
8112 817 86
86
9114 63,900 Marmon Motor Car_ _No pa
9134 89
664 Feb 18 9134 Apr 18
77 Dec 86 Dee
13
*13
13
1314
1358 1412 13
1318 13
13
1324 13
1,600 Martin-Parry Corp__No pa
13
Apr
13
18
2
Jan
1218 Ma
2558 June
*185 188
186 186
188 188 *180 188
188 19034 *185 190
900'Mathieson Alkali WorksNo pa 172 Mar 27 21634 Jan 25 117,
4 Jun
190 Doe
*123 124 •123% 124 *12314 124 *12314 124 .12314 124 .12314 124
I Preferred
100 120 Jan 28 125 Jan 2 115
Jan 130 Apr
*84
8414 84% 84
85
8412 8434 8558 84
84
3,1001 May Dept Storer;
,
4 848 84
25 83 Mar 26 10812 Jan 10
75 July 11312 Nov
2314 2314 2314 2314 23
2353 2314 2318 23
23
2314 23
1,700,Maytag Co
No pa
2034 Mar 26 25 Apr 4
1712 Aug 3012 Noy
4214 4214 *4112 4184 4114 4112 *4112 4184 4112 4112 4112 4112 1,400 Preferred
No pa
41 Apr 1 45% Jan 3
4018 Aug 52 May
83% 83% 28212 8212 *8212 8312 *8212 8312 .8212 8312 83
83
4001 Prior preferred
No par 8212 Apr 15 9018 Jan 10
Dec 101 May
8912
77
7938 78
77
,
4 78
7858 7812 79
79
7918 8014 779
4,000,McCall Corp
No par 7114 Feb 16 8014 Apr 18
56 Feb 80 Der
.100 105 .100 102 *100 105
100 100 .99 100
102 102
300,McCrory Stores clam A No pa 100 Apr 10 11384 Feb 5
77 Feb 10978 Nov
.100 102
100 100 *100 104
100 100
100 100
100 104
3,4001 Class 13
No par 100 Mar 26 11512 Feb 6
4 Nov
8012 Mar 119,
.10814 115 *111 11312 111 111 *110 115 .11014 115 *11014 115
100' Preferred
100 111 Apr 16 120 Feb 7 109 Feb 118% Nov
19
19
_ _ 19 *____ 19
*18
1912
1912 .18
100 McIntyre Porcupine Mine8_5 19 Apr 11 2312 Jan 5
1914 Sent 2812 MM
6712 6612 6718 6614 664 66
67
6634 6612 67
3,500 McKeesport Tin Plate_No par 6212 Mar 26 82 Jan 31
6618 67
6212 June 7882 Nov
54
54
54
5532 55
5578 5358 54
54
6.600 McKesson & Robbins_.NO par 49 Jan 7 59 Mar 4
5458 5512 753
4518 Nov
50% Dee
58
58
5734 583
5712 5812 5812 59
588 5878 5712 5818 4,400, Preferred
50 55 Mar 26 62 Feb 4
54 Nov 63% Nov
5912 5912 *5912 60
*59
60
60
60
62
62
62
61
1,300'Melville Shoe
No
par
Mar
5612
26
Jan
72
3
60%
Nov
Sept
70
23
,
4 27
24
25% 25
25% 2434 2518 2514 2512 243 253 12,000 Mengel Co (The)
20 Mar 26 34% Jan 4
25% July 41 Sept
2558 2558 *2558 26
25% 26 '
52534 2614 *2524 .2612 02534 2612 1,200 Metro-Goldwyn Picturesp
Nof.2
24 Jan 10 27 Feb 25
p
a
;
2412
Dec
2718
May
4818 50
51
48
49
5018 4912 51% 4912 5114 4834 5012 77,600 Mexican Seaboard 011 No par
4112 Mar 26 69% Jan 3
4% Jan 73 Dee
4512 4618 4412 4512 42
44
4312 4538 45
4558 4458 4514 26,900 Miami Copper
3018 Jan 8 5412 Mar 20
5
17
,
4 Jan 33 Dee
34
,
4 35,
2 x34% 3512 3453 35
3458 3512 35% 3512 35
36% 75,900 Mki-Cont Petrol
3012 Feb 16 39,
8 Jan 3
2518 Feb 4412 Nov
I Preferred
'•_
120% Jan 18 121 Jan 4 10314 Feb 12012 Dee
423
424 138
414 -158 -124
458 -41-4 -11 --414 -41-2
8,500 Middle States Oil Corp No 1p0
3
,
lagr
4 Mar 6
513 Jan 3
2% Jan
7% MAY
2% 2%
2% 312
3
278 27
318
3
3
27
3
8,700 Certificates
258 Feb 25
10
312 Jan 3
112 Jan
57 May
.250 270 *260 268 *250 265 .250 265 .250 257 .250 265
Midland Steel Prod prof_ __100 225 Feb 15 275 Apr 3 193 June 295 8 Nov
26% 261
26
2612 26
2612 25
26
2458 2412 3,300,Miller Rubber
2412 25
No par
2212 Jan 5 2878 Mar 20
1812 Aug
Jan
27
70% 71
71
7114 7014 7112 72
7212 7114 72,
4 7112 72
2.60CaMohawk Carpet Mills_No par
6512:gar 26 8014 afar 1
39% Aug
75% Dell
116 117% 11534 11853 11612 12058 120 12312 12038 12314 119,
4 12158 203,300,NIont Ward &Co III Corp No par 11118 Mar 26 15678 Jan 2
11514
Dec
641
Doe
15612
6
623 .534 6
6
6
512 6
6
614
4,100 Moon Motors
No par
5 Mar 26
8 Jan 8
5% Feb
1112 May
414
412
414 412
4
4
414
4
372 414
4
414 27,200 Mother Lode Coalitton_No par
3 Feb 8
a% Mar 4
238 Aug
418 May
38
3914 374 38
37
3812 3812 3914 38
4,500,11.1otion Picture
40
3914 39
No par
12% Jan 8 4358 Mar 6
Mar
14%
6
Doe
18
1834 19%
1912 18
1812
18
•1818 1912 *1812 19
3,6001 Moto Meter A
1812
No par
18 Apr 15 25
,
4 Jan 3
13 Mar 24% Sept
12114 13012 12912 132
12912 130
12814 12984 128 131 .126 130
5,700 Motor Products Corp. No par 111 Apr 11 206 Mar 1
94 July 21834 Oct
*4212 43
4234 43
4234 4284 4258 43,
8 43
5,400,Motor
4338 43
4378
Wheel
No par
39 Mar 26 4712 Feb 4
2512 Jan 51% Oct
6278 62% .6018 628 61
61
61
•60
1,30CbMullins Mfg Co
6112 6278 6278 64
No par
58% Mar 26 8178 Jan 4
59% June 95% Oct
903 94
*9012 94
*9214 94
.9012 94 .
93% 94 .931 95
20 Preferred
No par
92 Feb 21 10214 Jan 11
08
Dec 104% Nov
5412 5412 537 538 *51
53 .51
100 alunsingwear Inc
531
. *51
551
5312 '
5312
No par
50% Apr 6 59% Feb 13
46,
4 Mar 6212 MAY
6912 7014 6924 7218 7034 717
71
7214 7114 7212 32,400M urray Body
718 73
No par
62 Mar 26 7834Mar 5
2112 Feb 1241, 001
99% 9978 9812 99342 9818 99
9812 99531 99% 10212 x9958 10158 39.0001Nash Motors Co
No pa
94 Mar 26 11878 Jan 25
8014 Feb 112 Nov
73218 33
3258 338 2327 34
3212 3323 3318 3312 3214 328 18,100 National Acme stamped____1
2818 Jan 7 3912 Feb 28
7% Jan 3212 D013
52
.52
53
5278 5134 52
52
54
5358 548 54,
8 548 7,900 Nat Hellas Hess
No
pa
5018
Mar 26 71 Mar 1
*106 108 *107 108 '106 108 *106 108 *108 108 .106 108
Preferred
100 105 Apr 2, 118 Jan 3
9014 Jan 11812 Dee
182 18478 180 18234 18014 18284 181 18384 181 18484 9,900: National Biscuit
• 183 183
3 168 Mar 2131 205 Jan 4 15912 July 19514 Nov
*143 14318 *143 14318 .143 14312 *143 14318 *143 14318 143 143
200, Preferred
100 14134 Feb 201 144 Jan 26 137% Feb 150 Apr
12134 12454 12012 12312 12218 125
124 125
12512 12712 12514 127
82,0001 Nat Cash Register A WI No pa
96 Jan 8 14834 Mar 20
4714 Jan 104% Dee
12718 128% 12612 128
12658 12784 126,
4 12878 12912 13078 129 1308 26,400. Nat Dairy Products___No pa 11618 Mar 26 1375 Jam 29
6412 Jan 13312 Des
3334 3334 3334 3334 3312 3312 .3312 3334 3314 3314 3314 3314 1,300 Nat Department
2818 Jao 4 373453ar 5
Stores No Pa
21% Jan
3214 Oct
*9358 99
.9358 97
*95% 10058 *9353 99
*9358
_
lot preferred
97
100 9214 Feb 4 95 Apr 12
Jan 102 May
91
4412 467
437 467
4452 4714 4658 47
47 1934 48
24,000 Nat Distill Prod ctfs_. NO pa
50
33 Mar 26 5512 Mar 14
2914 June 5812 •tal)
7912 *7712 7934 7812 7812 .79
79
7958 79
79
*77
600 Preferred temp ctfs__No pa
7953
6712 Feb 7 861s Mar 13
5114 June 71% Jan
53
54
5318 5212 5212 5218 5218 •53
*53
54 .53
5358
700 Nat Enam & Stamping
100 4978 Mar 26 6214 Jan 9
2314 Mar 57% Nov
15184 15134 150 15158 153 153
*151 153
15012 151
1,900 National Lead
14614 15014
100 132 Jan 2 173 Mar 20 115 July 136
Jan
140 140 *140 141 .140 141 .140 141
140 140
14034 14034
40 Preferred A
100 140 Jan 2 1411
:Feb 1 139
Jan 14714 May
118 118
118 118 .118 11914 118 118 .118 11914 118 118
100 Preferred B
100 118 Jan 2 122 Mar 27 11212 Mar 122 July
49
4958 50% 4918 497
4912 49
5058 4912 513
50
518 50,200 National Pr & Lt
par 4214 Mar 26 613g Mar 4
21% Jan
46% Dee
10% 1014 10
1014 1018 1014 1012 1034 1012 1034 1034 1034 1,700 National Radiator
'°
NO
V par 10 Apr 15 17 Jan 10
14 July 40% Jan
31
*30
no 31 .30 31 030 31
.2614 30
30
30
200 Preferred
so 30 Mar 15 41 Jan 20
No par
36 Dec 98% Jan
124 126
12312 125
125 126
12512 126
125 126
126 126
5,500 National Supply
11134 Mar 26 144 Jan 2
8414 June 148 Dee
.11514 ____ *11514
11514
*117
____ .117
____ 11553 117
20 Preferred
100 11414 Feb 8 117 Apr 19 114 Sept 119
Jam
.128 132 *12612 135 *127 130
128 128
130 1338 .131 134
800 National Surety
,
4 Apr 4 155 Feb 1 138,
50 123
4 Dec 150 Nov
727
72
7212 727
7114 7558 75
7114 72
7
7558 7412 74
7.400 National Tea Co
No par 70 Mar 28 913 Mar 1 0160
Jan 390 Deg
4734 50% 4658 4784 478 49
491 495
4853 4958 4712 4814 84,3001Nevada ConsolCoDDer_No pa
3934 Jan 16 62% Mar 21
1784 Jan 42% Dee
46
47
4712 *46
47
4612 46
46
47
47
2,3001N Y Air Brake
4553 467
No pa
4112 Mar 25 49
,
4 Mox 4
3978 Oct 5012 Nov
47
47
.4612 47
*4612 47
47
4678 4714 47
47
48
1,800-New York Dock
4114
100
Mar 27 5834 Feb 2
47 Aug 0414 Jan
8912
9012 *90
92
.90
8912 8912 8912
•89
92 .8912 92
200 Preferred
8512
100
Jan
7
90 Apr 10
Jall
85 Sept 95
.9918 997 .99% 997
9912 9912 9912 99% 9928 9958 *9912 9912 1,700 NY Steam pref(0)No pa
9812 Mar 19 103 Jan 10
9812 Oct 10512 May
11112 11112 .11114 114
11114 11114 *11114 111% 11112 112 .11112 11112
80 " lot preferred (7)
No pa 111% Mar 15 1148 Feb 19 102
Jan 115
Apr
10212 10358 10234 10323 10053 10234 101 102
10178 10334 10334 10412 23,000,North American Co_ No pa
9058 Jan 7 10912 Feb 15
58% Jan 97 Nov
53
5318 53
5234 53
,
8 53
*53
5358 5358 5358 5318 5318 1,1001 Preferred
50 51,
4 Mar 5 5414 Jan 9
51 Sept 55% May
•10114 10112 10158 10158 10112 10112 *101 102
10012 10112 10153 10138 1.000 No Amer Edison pref._No pa
998 afar 27 1035 Jan 15
9934 Oct 10578 Feb
*5312 5414 5312 5312 5314 5314 5314 5314 5414 55
54
54
1,700i North German I.loyd
5214 Apr 2 64% Jan 12
63%
June 6912 Nov
4518 4518 *45% 46
.45
•45
46
46
45% 46 .4518 46
50.North western Telegraph
50 45 Apr 9 50 Mar 16
40
Oct 55 May
478 5
5
5
5
5
518 518
*434 5
600 Norwalk Tire & Rub ber____10
*484 5
4% Apr 17
6'4 Feb 4
212 Mar
712 Sept
03334 40
.3334 40
*3314 40 .3334 40
*3334 40
*3334 34
Preferred
100 37 Mar 7 45 Jan 31
48 Sept
33%
Jan
6% 614 *614 612 •614 612 *614 612
.614 7
.634 7
100 Nunnally Co (The)__No par
614 Mar 15
8 Feb 8
684 Dec 13 Slay
23
23
23
2318 2318 23
237 *2318 2312 23,
s 233
23
2 400,011 Well Supply
25 2212 Apr 2 32 Jan 3
Jan
2014 June 41
100 100
.9712 10012 98
95% 9558 .98 100
09712 99
98
'2001 Preferred
100 95% Apr 13 10512 Jan 18
97 June 11012 Jan
858 S72
84 834
8% 812
878 878
812 812
812 84 3,90010mnibus Corp
No par
712 Feb 21
1078 Feb 28
7% Dec
154 MAY
.83
.83
.83
89
89
89
*35
89
*84
89
082
89
Preferred A
100 80 afar 26 90 Feb 28
8312 Dec 908 Juno
8384 84% 8312 845
04
82
8112 8112 8012 8012 80
80
7,800 Oppenhelui Collins & CoNo par 7214 Feb 8 8178 Apr
13
670
, Aug 88% Jan
•___ 50
lOrpheum Circuit, Inc
1
Oct
18 May 70
71
*67
71
71
.70
707
71
8
.70
71
70%
707
7076
30 Preferred
100
60
Apr
12
953
4
Jan
2
May 104 Nov
75
.326 330
32612 330 .327 330
32514 329
320 32014 2,500 Otis Elevator
32012 323
so 276 Jan 7 345 afar 20 14718 Feb 28511 Dee
•123 12412 *123 124
12314 12314 *12314 12414 .12312 12412 *12312 12412
3(11 Preferred
100 122 Jan 8 125 Jan 24' 11914 Jan 12614 July
*4334 44
4358 44
4314 4378 4318 4352 43% 4558 441 4434 11,70010tis Steel
No par 3714 Jan 2 4832 Mar 15
1012 Jan 40% Noy
*101 103 .101 102 .101 102
101 101 •102 103 '5102 103
200 P
Prior prefeed
preferred
100 101 Jan 21 108 Feb 20
8212 Jan 103 Nov
*85
88
*85
88 .85
88
88
*85
88 .85
.85
88
Outlet Co
No par 88 Mar 6 9634 Jan 4
June 994 Sept
81
.8924 8634 8612 8612 86
2,300,0wens Bottle
8612 8618 8612 8612 8634 867* 87
25 81 Jan 7 9834 Feb 13
7412 Jan 95% Apr
*5512 56
5473 5613 .55
5518 55% 5514 5514 5518 557
55
5,500 Pacific Gas & Elea
25 53 Jan 2 8814 Jan 31
4312 Feb 56% Nov
*74
75
*74
75
7414 7414 7714 7412 75
*7514 75%
75
400 Pacific Ltg Corp
No par 70 Jun 7 85 Mar 13
69 Dec 85% Juno
3334 34
*3278 337
3512 36
37 .36
37
368 3634 3634
370 Pacific Mills
Oct 3512 Nov
100 29 Feb 18 37 Apr 17
25
114
114
118
118
114
114 11,7001Pacific 011
1%
1%
1%
118
1%
114
1 Mar 6
No par
2% Apr
1 Sept
III Jan 10
188 189 *176 185 •178 185 .176 185
*17512 184
185 185
60 Pacific Telep & Teleg
100
169 Dec
June
159
143
Mar
Jan
200
14
3
*1271 ----'l272 ---- *12712
*12712 _
80 Preferred
12714 12714
128 128
Oct 12512 May
100 116% Jan 3 129 Feb 27 114
127% 12834 126 12734 12558 12712 126,
4 130
128 13114 12814 13112 75,000 Packard Motor Car
10 11612 Mar 26 153 Jan 2
5614 Feb 103 Dee
5612 5812 58
6078 5812 5973 5812 6012 60
6158 6012 6212 36,700 Pan-Amer Petr & Trano____50 40% Feb 10 6212 Apr 19
3814 Feb 55% Nov
5634 60
5914 6212 60
6112 5918 6214 6114 6314 6178 6523 632,100 Clam B
37% Feb 58,
50 40% Feb 10 6518 Apr 19
8 Nov
1484 15 .14
*14
15
*14
700 Pan-Am %V eat Petrol B _No par 14% Mar 28 1712 Jan 3
1514
15
15
15
15
15
1512 July 2838 Apr
1358 1318 137
13
1312 1312 1318 1312 13
1318 3,900 Panhandle Prod & ref __No par
13
137
151, .19,11 3
1112 Feb 210, May
912 Feb 16
64
64
64
.60
.60
64
65
200 Preferred
65
65
*60
65 .60
Feb 10614 May
70
100 47,2 Feb 25 76 Jan 10
64% 6318 648 6318 6412 6412 66
64
6512 6612 6512 6712 104,200 Paramount Farn Lasky _NO Par 5512 Jan 2 70% Mar 18
47% Oct 56% Dee
63
6714 66
67
6'
6114 62
65
6,000 Park & Tilford
67
65
6512 66
34 Mar 98 Nor
No pal 6012 Apr 11 87% Jan 14
1014 1014 1012 1014 1012 10% 1038 1018 1014 1018 10% 19,100 Park Utah C M
10
9 Aug
10 Mar 26 43% Feb 28
1412 Jan
1012 1114 108 1112 1084 1114 10% 11
1034 1158 1018 1118 42,700 Path, Exchange
2 Feb
No par
712Mar 26 14% Jan 0
15 Nor
2312 2112 2112 2112 2112 2112 2384 2253 2238 5,100 Class A
2312 22
23
812 Feb 34 Aug
No par 1318 Mar 20 30 Jan 9
7
39
3952
4012
3953 4014 40
40
40% 4018 41,
3912 18,400 Patios Mines & Enterpr_20 3418 Jan 7 4734 Mar 4
8 739
23% Jan la
Apr
• 1315 and asked Prim,: 1,0 Salta on this aay. S Ex-dividend. a Ex-rights. b Ex-dividend and ex-rights.
http://fraser.stlouisfed.org/
Am"
Federal
Reserve Bank of St. Louis
o Old stook.
New York Stock Record-Continued-Page 7
259?
For sales during the week of stocks not recorded here. see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 13.
Monday,
April 15.
Tuesday,
April 16.
Wednesday,
April 17.
Thursday,
April 18.
Friday,
April 19.
$ per share $ per share $ per share $ per share $ per share $ per share l
16
1614
157 16
16
1614
1612 1612 1614 1612
164 16
553
5234 54
53
5412 57
55
5634 5512 5712 564 57
•105 108 *105 103 *105 108 41105 108
105 105 *105 108
812 812 *812 88 *312 83
812 812
814 814 .814 812
1912 1912 19
19
*1912 197
1912 19% 1978 1978 193 2178
*83
88
*83
88
*33
88
*83
88
87
*83
87
*83
*261 265 *259 265 *250 265 *254 267
260 260 260 26234
334 3334 *3312 3512 34
34
*34
•34
35
35
3512 *34
•155 160 *158 163 *158 168
15712 15712•160 165 *158 164
49I2 *47
*49
4912 *49
4912 *49
4912 *49
4912
4912 *49
*5212 523
5212 5212 5212 5212 415212 5234 5212 5212 5212 5212
214 2218 2134 2212 2134 22
211. 22
2114 2134 2018 2112
1612 168 1638 1612 1612 1611 1434 16,4
1518 1534 1534 1534
*8414 90
*8414 90
*5414 90
*8414 90
90
9012 9012 9012
4118 4218 4134 4338 4218 4234 424 4314 4212 43
4214 43
*25
30
*25
30
*25
2912 *26
29
29
25
25 .25
*98
99
*98
99
*98
9612
99
9612 .94
98
99
•94
18
4
3112 3112 2914 3114 31
*3
32
3134 304 32
3178 32
•80
82
*SO
83
•78
80
*78
8014 804 8212 82
8312
278 3
3
3
234 2%
3
234 3
2% 278
3
48
43
4712 4812 *46
*4618 4712 *46
48
46
4612 46
*4% 5
5
5
4% 5
4% 5
5
478 5
5
*51
52
51
51
51
5012 51
51% 5112 5134 5114 5173
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & MisceII. (Con.) Par
3.000 Peerlesa Motor Car
50
No par
23,300 Penick & Ford
50 Preferred
100
50
300 Penn Coal & Coke
3,300 Penn-Dixie Cement____No par
Preferred
100
100
1,300 People%0 L & C (Chle)
No par
300 Pet Milk
100 Philadelphia Co (Pittsb)-50
5% preferred
50
600 6% preferred
50
11,800.Phila & Read C & I____No par
10
6,8001 Phille Morris & Co., Ltd
100
90 Phillips Jones pref
11.000 Phillips Petroleum____No par
100 Phoenix Hosiery
5
30 Preferred
100
3,700 Pierce-Arrow Class A._No-par
100
3,200 Preferred
25
5,2001Plerce 011 Corporation
100
700 Preferred
2,400 Pierce Ferrara_ _ .....No par
2,300 Pillsbury Flour Mills-No par
100
Preferred
*61
63
*61
63
63
i61" 63 - 6212 6212 6212 62,2
100
200 Pittsburgh Coal of Pa
*88
8938 8818 884 *88
1 53
8918 •88
89
88
88
8918 •
100
300 Preferred
.23
20
*23
24
*20
25
*23
*20
25
25
*20
25
100
Pitts Terminal Coal
*5212 60
*5212 59,2 *5212 5912 *5212 5912 *5213 5912 55212 5912
100
Preferred
*8212 84
83
8414 8312 8412 8412 8434 8434 8678 8614 8714 3,700 Porto Rican-Am Tob cl A100
4314 43
*4212 43,2 4114 4314 42
4414 4438 47
4418 4512 9,6001 Class 13
No par
*10212 103
10278 10278 *1024 10234 10214 10212 10218 1027 10238 10253 1,200 Postal Tel & Cable pref ___100
6712 6912 76612 6312 6718 6938 6812 6912 68% 71
6914 72 198,600'Postum Co, Inc
No par
60% 61,8 6058 62% 6034 6112 6118 6178 6112 6214 61
25
6134 8,000 Prairie (311 & Gas
5612 56,2 5618 561
5614 56% 5612 57
5614 57
57
57
25
5,500 Prairie Pipe & Line
22
2212 2218 2238 2138 2214 22
2214 22
2238 217 2214 7,7001Pressed Steel Car
No par
79
7812 7812 79
80
*78
80
*79
7934 80
80
80
100
6001 Preferred
22
22
2438 23
22
2338 2238 2378 23
2378 23
2334 8,900,Producers & Refiners Corp__00
*4112 43
43
*4112 45
4334 4334 *4112 44
45
.4112 44
280! Preferred
so
4161
60
63
61
*61
5912 5912'1 59
63
60
63
63
170 Pro-phy-lac-tic Brush__No par
7818 79% 78
79,8 78
78% 7814 7978 80
824 81
825* 28,400 Pub Ser Corn of N J__No par
105 105
•104 105
105 105
105 105
10414 1047 10434 10434
100
SOO, 6% preferred
•11834 11878 •11834 11878 118% 11834 *11834 11878 11878 12012 120 120
100
1,5001 7% preferred
•14312 14514 *14312 14514 *14312 14514 145 145 •145 14634 .146 14653
200 8% Preferred
100
10834 10834 *10718 10878 *10718 10878 *10718 1084 10718 10718 103 108
300 Pub Serv Elec & Gas pref _100
8134 8238 8112 8238 81% 8218 8218 838 8212 8338 13,200 Pullman, Inc
8158 82
05
No par
*1734 18
1758 1758 *1658 1712 *1658 18
17
17
*17
18
300 Punta Alegre Sugar
26
'2612 26
2714 2638 2634 2612 2714 2678 2712 2678 2714 39,500 Pure 011(The)
113 11414 114 11412 11312 11311 113 113
113 113
11212 114 j
330 8% preferred
100
12018 120% 120 12078 120 12058 120 12034 12018 12212 121% 125121 11,000 Purity Bakeries
Preferred
941* 9738 -5ii8 .
644 9614 93I 9512 -65T4 -9178
161-3-81 ii5i-8 1-6f3816-9-7-,115G Radio Corp of Amer_ __No par
.55
56
*55
56
*55
56
55
5534 •55
5512 5.3
55
60
Preferred
27% 2812 2734 28% 2714 28
2738 2873 2814 2912 2812 313 89,700 Radio Kelth-Orp el ANo par
7512 7734 73% 77
7318 7418 7412 7614 76
7734 7512 77
10
18,300 Real Silk Hosiery
*9712 9S
*9712 OS
*9712 98
*9712 98
*9712 98
98
98
10 Preferred
100
1212 13
13
13
*12
1238 12
13
*12
13
*12
No par
13
600 Reis (Robt) At Co
*73
75
7312 7312 *72
75
*72
75
•72
75
*72
75
100
100
First preferred
3138 3134 3114 3134 31
3138 3114 32% 32
3234 3112 3214 38,800 RemIngton-Rand
as
r
No Ips
04
*934 94
9418 *94
9418 9418 0418 94
94
94
94
ed
First preferred
600
*93% 100
9334 9334 *94
09% *94 100 •94 100
9418 9418
200 Second preferred
2818 2912 2812 2918 2818 2812 28
2812 2814 284 2858 29
10
20,800 Reo Motor Car
94% 92% 9538 9514 08% 974 0878 9712 100% 98
94
9938 101,000 Republic Iron dr Steel_ _100
•109 11014 •109 11014 11014 11014 11014 11014 11014 11014 *108 111
100
I
Preferred
600
*812
834 834
8
,
8 9
8,2 8,
4
9
912
934 10
No Par
5,900 Reynolds Spring
5414 5434 5418 5538 544 5512 55% 57
56
57
5538 56 I 18,500 Reynolds (RJ) Too class 13.10
*70
76
•70
75
*70
76
.70
74
*70
74
*70
10
74
Class A
*5712 5814 .5612 578 58
58
58
5812 583 5812 *5612 58
600 Rhine Westphalia Elec Pow.. _
435 448 4418 4514 x438 447 26,400 Richfield Oil of Callfornia_25
438 4478 4334 4434 4314 443
3912 40
3912 4014 35
3978 3918 4018 3812 3973 3838 39
No par
37,300 Rio Grande Oil
*265 275 *265 275 *262 270
270 275
28312 234
278% 285
25
1,300 Rossla Insurance Co
34
3434 3518 37,4 3614 3738 36
3734 35
3678 3518 3678 184,200 Royal Baking PowderNo
•____ 0078 •____ 9078
*____ 99% 59934 998 9978 9978
100
100
Preferred
5218 524 *5212 527
5234 134
524 53
5212 534 5212 5234 3,500 Royal Dutcb Co(NY shares)
6912 7012 6814 6912 6718 67% 6712 6873 6712 69
67
10
6853 12,600 St. Joseph Lead
159 160
15978 16212 10814 15912 15934 164
16312 16714 15,700 Safeway Stores
163 166
No par
5
5
96
95
95
*95
95
95
*95
9512 *95
9534
9534 *95
140 Preferred (6)
100
*10414 1115
104 10414 104 1044 10414 10412 10438 105
10414 10414
100
530
Preferred (7)
42
43
43
4312 44
4412 4312 45
43
44
43
•43
3,300 Savage Arms Corp_ __No par
26% 28
2912 2338 2514 2358 248 234 24
2634 3014 27
66,500 Schulte Retail Stores_No par
•I07 110
108 108
107 107
97 10612 100 101
99 10014
1,290 Preferred
100
2012 1912 20
2012 2112 20
1978 201 2 1978 20
1918 21
No par
7,100 Seagrave Corp
146 14678 14412 147
145 14738 14712 15134 15114 1544 15212 15512 51,900 Sears. Roebuck & Co_No par
718 74
7
68 714
78
7
718
7
64 7,8
7
10,900 Seneca Copper
No par
129% 1343.1 13278 13434 131 131
133 136
134 13612 134 135% 16,300 Shattuck (F G)
No par
*4612 4934 *4612 4758 *4612 4814 4612 4612 •455k 483 •4512 4814
100 Shell Transport & Trading_ i2
2912 3012 2978 3114 3038 3114 3014 3114 3012 3118 304 3058 113,000 Shell Union Oil
No par
1
55 4 5514 5514 5578 5734 58
5712 5912 5712 60
5934 6258 8,000 Shubert Theatre Corp_No par
86
84
8511 8314 84
85
834 8412 85
8512 8312 8412 8.400 Simmons Co
No par
2178 24
2114 22
2312 25,4 2438 2638 254 268 2414 2512 146,500 Simms Petrolem
10
3812 3914 383 3934 3812 39,4 3834 4038 40
4012 3958 4014 382,900 Sinclair Cons 011 Corp_No par
•109 10912 *109 10912 10914 10914 10912 10912 10912 10912 .10912 10958
100
300
Preferred
40
4112 44
404 4014 42
4312 4412 441 464412 4512 193,800 Skelly 01100
25
108 108 10107 112 •107 115
•108 112
111 11412 114 11611 2,700 Sloss-Sheffield Steel & Iron 100
•10614 11012 *10614 11012 •105 11012 •105 11012.1108 11012 *108 11012
100
Preferred
1238 1278 *1214 1238 •12
13
•111.3 13
12
1334 13
13
3,200 Snider Packing
No par
*4512 46
46
4612 45
46
4538 4512 44
45
44
44
1.600
No par
Preferred
3834 3918 3818 3878 38
3818 3858 3878 3812 3812 3812 388 2,700 So Porto Rico Sug
No par
5614 5612 5534 568 56
5614 56
5638 x5578 5638 7,800 Southern Calif Edison
568 56
25
3558 36
3512 36
*3512 37
*354 36
36
37
3612 3612 1,300 Southern Dairies cl A__.Yo par
1218 1234 1214 1214 12
1238 *1134 1234 13
, 2,300 Clam B
1338
1338 138
par
No
•11312 117 *11312 114 •113l2 116 *11358 116 *11338 116 *11358 116
100
Spalding Bros 1st pref
43
4414 43
42
43
42
42
431 *4212 43
437g 43
1,600 Spanst Chalfaut&Co IncNo par
9512 *94
96
*94
*94
95
95
95
95
95
95
95
170
l'referred
100
*958 10
5938 10
.9138 10
*038 10
.958 10
914 9%
80 Spear dr Co
No par
77
*75
77
7514 7514 *75
•75
76
75
75
7512 7512
30 Preferred
100
54
5312 5438 533 5414 5438 5634 55
5412 54
54
55
4,800 Spicer Mfg Co
No par
10514 10512 10512 1051 106 10714 10614 107
10712 10712 x106 108
4,100 Spiegel-May-Stern Co_No par
2812 27% 2778 2714 28
27
27
285, 28
2812 2814 29
5,400 Stand Comm Tobacco_No par
8512 8614 8618 87
8612 857 8678 8514 86
•86
8518 87
12,200 Standard Gas & El Co_No par
64
6334 64
6438 6438 6418 6418 64
6312 64
64
64
1.000
Preferred
50
11434 116
114 11512 114% 115
113 115
•113 114
115 116
1,900 Standard Milling
100
115 .110 115 •110 115 5110 115
•110 118 *__ 118
Preferred
100
7858 8014 7834 8014 7838 7912 140,903 Standard 011 of Cal____No par
7834 8038 7834 80
7838 80
60
5918 601
5934 6053 594 6018 255,500 Standard 011 of New Jersey.25
585 5934 5334 6014 59
4314 4418 4334 4438 4358 4414 4312 4438 4358 443
4312 437 169,300 Standard Oil of New York -.25
55, 5514 53
514
558 558 *514 534 1,200 Stand Plate Glees Co__No pa
512 553
512 512
181
:*13
18
81.1 1:8_t1.. •18
1012 1912 18
19
•1818 1914
1812 1812
250 Preferred
100
497
5 4814 491
497
8
49
503
4912 5018 49
498 4933 4912 4.000 Stand San Mfg Co_No par
•13812
*13812 ____ •1381
•1381
: _ __ *13812
__
Preferred
100
2818 30
28 IS"
30
29
*28
30
30
35 2-30
371.2 6,300 Stanley Coot Atner____No par
13312 1341
•13338 135
600 Stewart-Warn Sp Corp_No pa
-8I
85 8212 ---8334 I61-2 -87
85
83
- - IS - 13,400 Strornberg Carburetor_No par
89
86
8118 8214 814 8234 8178 8278 8214 8333 18,600 StudebIt Corp (The___No par
8134 S212 3114 82
12434 1243 *12434 ___. 1243 1243 12434 12434 .12434 125
12434 125
160 Preferred
100
31
3
318
318 34
318 34 3,400 Submarine Boat
314 34
3114
318 318
No par
6212 6212 6212 6312 3,400 Sun 011
6312 624 63
6358 6438 63
6412 647
No par
102 102 .10112 102
10038 10334 101 101
104 104
•100 104
210 Preferred
100
934 1014
94 97
048 97 142,100 Superior Oil
918 95
912
9
93
9
No par
674 6918 26012 65'z 5738 6238 50
5712 5314 5512 5312 558 36,300 Superior Steel
100
19, 2012 1912 2112 1938 2078 36,500 Sweets Coot America
21% 2238 x2178 2214 18% 217
50
714
.612 7
712
714 71
7
738 753 •7
753
712 1.700 Symington
No pa
•1512 16
157 157*1 5,900 Class A
153
1412 157
1538 1558 1534 16
15
No par
23
224 2234 2234 2312i
*2314 24
2234 2234 23
72273 227
No par
900 Telautograph Corp
•Bid and naked Prices: no sales on thus day. s Ex-dlyldsnd. a Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
$ per share
1538 Mar 26
38 Jan 2
100 Apr 2
84 Mar 28
17 Mar 26
84 Mar 20
208 Jan 11
3318 Apr 10
15712 Apr 17
4812 Jan 15
.51 Apr 1
2018 Apr 19
1434 Apr 17
8814 Jan 17
3712 Mar 8
25 Apr 11
98 Mar 13
2712 Mar 25
7212 Jan 21
214 Feb 8
30 Jan 8
4% Feb 11
4814 Mar 26
143 Jan 2
61 Mar 27
8718 Feb 20
24 Apr 6
60 Apr 2
77 Jan 11
36 Jan 4
102 Mar 26
6234 Mar 26
58 Jan 30
5358 Jan 14
19% Feb 18
7412 Feb 16
184 Feb 16
3514 Feb 20
59 Apr IS
75 Mar 26
104 Jan 5
11814 April
145 Apr 17
10558 Apr 3
7958 Mar 26
1518 Feb 18
2314 Feb 16
112 Jan 14
115 Mar 26
S per share
2212 Jan 11
5712 Apr 18
110 Jan 9
12 Jan 20
27 Jan 6
94 Jan 22
28712 Mar 14
4512 Jan 3
180 Jan 5
49 Mar 16
54 Mar 18
34 Jan 8
2314 Feb 26
9012 Jan 11
47 Jan 3
37% Jan 22
100 Jan 6
37% Jan 9
8612 Jan 9
3% Mar 18
5112 Mar 18
578 Jan 15
63% Jan 15
15614 Jan 14
8334 Jan 9
100 Jan 5
3438 Jan 9
784 Jan 9
9534 Mar 15
50% Jan 2
105 Jan 31
78% Jan 5
65% Jan 2
60 Feb 25
2538 Mar 22
81 Mar 27
2.5% Jan 3
48% Mar 21
8234 Jan 14
9434 Jan 31
10818 Feb 51
1247* Jan 31
15011 Mar 15
10938 Jan 28
9178 Jan 3
2114 Jan 14
2812 Jan 3
116 Feu 25
13978 Feb 4
6814 Feb 18
54 Apr 2
19 Mar 26
57 Jan 7
97 Jan 5
9 Mar 26
70 Mar 28
28 Mar 26
9014 Jan 4
93 Mar 20
2558 Mar 26
794 Feb 8
10378 Jan 7
718 Mar 26
53 Mar 26
10934 Mar 16
57 Jan 3
46% Jan 4
8438 Mar 4
10212 Feb 8
1614 Feb 1
108% Feb 6
35% Feb 4
96 Feb 4
99% Feb 19
31% Jan 3
10078 Mar 4
11512 Feb 27
124 Jan 16
86 Jan 11
80 Mar 15
64 Jan 2
4958 Jan 3
4212 Mar 28
310 Mar 16
434 Jan 2
10312 Jan 21
55% Jan 5
94 Jan 21
19514 Jan 4
97 Jan 16
108 Jan 18
517s Jan 24
4112 Jan 8
11812 Jan 2
2214 Apr 12
181 Jan 2
1012 Mar 20
142 Feb 4
5534 Jan 10
3134 Apr 2
7412 Jan 24
116 Jan 31
26% Apr 17
45 Jan 2
Jan 29
111
46 Apr 18
125 Jan 19
112 Jan 18
1514 Feb 5
51112 Feb 6
4434 Jan 2
6812 Jan 31
42 Jan 2
1538 Jan 12
117 Feb 6
5214 Jan 3
97 Jan 17
14% Feb 4
8012 Jan 2
6634 Mar 1
117% Feb 6
43% Jan 11
99% Jan 31
67 Feb 4
16314 Jan 18
133 Jan 12
814 Mar 20
6112 Apr 2
45% Jan 2
9% Jan 21
31 Jan 18
54 Jan 29
138 Mar 2i
4314 Jan 3
145 Jan 22
9212 Jan 9
98 Jan 26
125 Jan 18
412 Mar 14
6812 Jan 10
10512 Jan 8
12 Jan 3
7334 Apr 9
2214 Apr 11
8 Apr 3
17 Apr 3
2512 Mar 23
76 Feb 20
53 Feb 26
3934 Feb 16
3334 Feb 21
226 Feb 18
30 Mar
0912
498 Feb 19
62 Jan 7
157 Mar 26
93 Apr 4
102 Feb 16
3814 Mar 26
2338 Acr 17
97 Apr 17
1578 Jan 2
13934'Mar 26
.512 Jan •
12312 Jan 8
43 Jan 25
253 Feb 18
5412 Mar 26
75 Mar 26
1818 Mar 2
3512 Mar 2
109 Mar 26
3278 Mar
108 Apr 15
105 Jan
1014 Mar 26
33 Jan
34 Mar 26
5333 Jan
3512 Feb 1
1134 Mar
11312 Apr
3034 Mar 26
89 Mar 19
914 Apr 19
75 Apr 18
45 Jan 7
7714 Jan 15
2514 Apr 11
8034 Mar 26
63 Apr 4
104 Mar 26
FA
11178 Apr 3
64 Feb 18
48 Feb 16
38 Mar 7
412 Jan 2
17 Jan 3
41 Jan 26
11812 Jan 15
26 Apr 11
12012 Mar 20
x5234 Jan 11
77 Jan 5
1'241 Jan 2
3 Feb 27
57 Mar 26
100 Jan 3
7 Feb 16
38 Jan 2
1512 Mar 11
412 Mar 12
124 Mar 11
1914 Feb 8
PER BR ARE
Range for Preston.
Year 1928
Lowest
Highest
Per share
144 Sept
2238 Jan
103
Oct
8 Aug
1434 July
75 Sept
15134 Jan
4112 Dec
145 Mar
4512 Mar
5134 Oct
2738 June
It Mar
85 Apr
3514 Feb
21
Oct
94 Dec
1812 Oct'
5612 Oct'
12 mar
1614 Feb
312 Feb
325 Feb
Jan
108
3618 Jude
81 May
26 Feb
6318 Oct
5334 July
2314 Aug
10058 Aug
6138 July
5912 Dec
per share
2578 Mar
4112 Oct
115 Mar
1412 Jan
31 May
9653 Apr
217 Noy
4614 Deo
17434 May
49 Aug
57 Mar
3934 Jan
2512 May
99 May
5378 Noy
38 May
10314 Feb
3078 Dec
7478 Dee
54 Apr
50
Oct
638 Apr
5878 Dec
14478 Deo
78% Dec
10078 Dec
38 Dec
82 Mar
8534 Dee
51% Dee
106 Sept
13612 May
64% Dee
18 June
70 Aug
16 Feb
41
Feb
52 Nov
4112 Jan
10338 Jan
117
Oct
134
Jan
10612 Dec
77% Oct
1758 Dec
19 Feb
108 Mar
75 June
105 July
3312 Oct
9312 Oct
29% Nov
49% June
Feb
91
8312 Dec
11.5 May
1204 May
150 May
11012 Apr
94 May
3478 Jan
3114 Noy
119 June
139% Oct
18614 Oct
5412 Jan
344 Dec
247 Jan
8012 July
512 Feb
6114 Feb,
2312 Jan
874 Deel
8818 Oct
2212 Jan
4918 June,
102 Junej
814 Feb
60 May
5112 Nov
6058 Dec
9712 Dec
15 Dec
8912 Dee
36's May
98 June
Jan
100
3514 Oct
9412 Noy
112 Feb
1472 June
15511 Mar 195
Oct 61
00
2312 Feb 56
May
Dee
Nov
145 June
40 Dec
10412 Dec
44% Jan
37 Mar
171 Dec
95 Dec
10612 Dec
3614 Dec
3534 Dec
115 Dec
10 Feb
8218 Jan
2
Jan
8012 Feb
3938 Jan
234 Feb
54114 June
5534 June
1818 Feb
17% Feb
10212 Jan
25 Feb
102 Jun
10412 Oct
11
Dec
31 Nov
3212 Feb
4312 Jan
2412 Jan
Jan
9
Jan
109
28 July
Oct
97
1014 No
7614 No
23% Jan
6512 Sept
Oct
24
57% Jan
6458 Dec
Jan
100
278 Nov
49% Dec
10412 Dee
Oct
64
7112 Dee
201% Dec
97 Dec
10612 Dec
51 Dec
6712 AM
Apr
129
17% June
19712 Nov
712 Oct
14014 Oct
5712 Oct
3938 Nov
8514 Nov
10138 Nov
2714 Nov
4634 Nov
Oct
110
4258 Nov
134
Feb
123 klar
20
Apr
Jan
60
49% May
5612 Nov
6058 May
30
Apr
120
Apr
57% Dee
100 Aug
20 Feb
9238 Feb
51% Dec
91 Nov
4014 Nov
84% Dec
711 May
14212 Dec
97 No
53 Fe
37% Fe
28% Fe
214 Jan
10
Jan
34 June
118
Oct
35 Dec
774 Feb
44
Jan
57
Jan
12112 Feb
3 Feb
3112 Jan
Jan
100
212 Feb
Jan
18
1138 Feb
4 Aug
10 Aug
154 Jan
115 Dec
SO Nov
59% Nov
4512 Dee
7% Feb
40
Feb
53% Dec
12634 May
69% Sept
12818 Deo
Dec
99
8712 Oct
127 June
614 Mar
77 Nov
Apr
110
1414 Nov
58% Nov
2312 Sept
7 May
19% ..pr
22% MAY
2598
New York Stock Record-Concluded-Page 8
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 13.
Monday,
April 15.
Tuesday,
April 16.
Wednesday,
April 17.
Thursday.
April 18.
Friday,
April 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ Per Share $ per share
per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par
17
1634 1714 17
1714
1712 1718 1714 1712 174 9,800 Tenn Copp At Chem_No Par
65
6614 654 674 654 6634 6534 6634 6618 67
66
25
6612 59,400 Texas Corporation
8152 8252 81
8211 8012 8138 8078 8338 8312 85,4 834 8458-212,300 Texas Gulf Sulphur__ _No par
2038 2112 2058 2138 21
2114 21
2178 2114 2134 2034 2114 21,100 Texas Pacific Coal & 011
10
174 1734 174 1812 1718 18
1758 1818 1712 1818 1712 13
18,200 Texas Pac Land Trust
1
224 224 2212 2234 2212 2212 2212 2212 2212 2212 22
No par
4,300 Thatcher Mfg
22
•41
*41
*41
43
43
43
•41
43
43
4238 4238 *41
100 Preferred
No par
38
3838 38
3838 38
3812 384 3812 3778 3814 z38
3812 11,500 The Fair
No Par
•110 111 •110 111 *110 111 *110 111
100
60 Preferred 7%
110 110 *110 111
*4614 4814 *46
4814 *46
Thompson (J R) Co
25
4814 *46
*46
4814 *36
4814
48
20
2034 2014 2112 2614 21
2012 21
2012 214 2012 2034 42,100 Tidewater Assoc 011__No par
*86
8612 8614 864 8612 8612 *8612 88
100
984
4
88 .
900 Preferred
8
98
214 8
88
*3213 33
3313 3312 3318 3338 3338 34
100
3513 3,800 Tide Water Oil
35
3414 35
*9214 9412 *9312 9412 9438 9438 *9214 94
200 Preferred
100
*9214 94
84334 8112 804 8138 8012 8078 8078 83,4 8214 83
8134 8232 12.800 Timken Roller Bearing-NO Par
1718 1738 1718 1712 1678 1714 16
17
1612 21,400 Tobacco Products Corp____20
16
1658 16
*2014 2058 2012 2012 2018 2013 1934 2018 19
20
1913 6,200 Class A
1912 19
*1658 18
*1612 18
Dividend certificates A ____
16
•164 18
*15
18
•15
*15
18
*164 20
*154 20
•164 20
•1538 20 •1538 20
Dividend certificates B
*1532 20
*1658 20
*1658 20
Dividend certificates 0
*1658 20
•1652 20
*1653 20 •1658 20
1038 1078 1058 1178 1034 1118 1078 1138 114 1112 11
1114 148,400 Transc't'l 011 tern ctf__No par
*49
51
5034 5273 52
524 4,000 Transue & Williams Stl No par
5234 5134 5258 5214 5338 *51
4314 4438 4314 4414 4312 44
44
45
4714 16,200 Trim)Products Corp_No par
4412 4558 45
*2212 23
2234 2234 23
2314 23
No par
23 32252 224 2253 224 1,300,Truax Truer Coal
46
47
47
*48
48
47
48
600 Truscon Steel
4618 4618 *46
*46
48
10
1174 118
11512 11712 11312 11512 11578 11612 11512 11712 116 11712 13,800 Under Elliott Fisher Co No par
•125
•125
*12.5
•125
Preferred
100
•125 126 *125 126
*32
34
32
3314 *32
33
70C,Union Bag dr Paper Corp 100
*32
33
33
3212 3212 33
217 21738 216 21812 215 2164 21734 22212 224 22812 221 22572 37,300 Union Carbide Jr Carb_No par
51
521
5114 524 52
5312 5212 5414 53
25
5412 2524 5278 83,600 Union 011 California
1324 1344 •133 135 *134 135 *134 13412 134 134
1,000 Union Tank Car
135 141
100
42
43
43
4414 4434 45
4614 48
5,000 UnitedB
47
45
No per
45
46
10lscut
*115 122 *115 122 *115 125 *11314 125 *11314 125 *11314 125
Preferred
2214 2212 2214 2312 2214 2212 20
12,800 United Cigar Storer)
10
2218 2012 2114 204 21
•100 101 *100 101 *100 101
*9812 100
*981, 101
Preferred
100
*9812 101
454 4714 4614 47
8,400 United Electric Coal..--No Par
4513 4612 46
4634 4512 46
4613 46
135 135
313212 13412 13212 13434 13212 13412 *13212 13412 2.200 United Fruit
13212 13434'
No par
204 2012 204 2034 2012 21
21
5,800 United Paperboard
2012 204 2012 2112 21
100
*74
7512 *74
7510 *71
74
76
100,Universal Leaf Tobacco No par
*71
7512 57314 7512 74
*8412 8512 8412 8112 *8458 86
*8434 86
8612 8612 *8613 87
40 Universal Pictures 1st pfd_100
1514 1514 15
1578 154 1558
1518 154 1512 1532 1512 1532 5,100 Universal Pipe& Rad-No Par
*86 100
*841.1 98
•8414 96
*8414 95
*8414 95
*8414 95
100
42
4338 424 4241 42
42 1413414234 4212 444 4314 434 11,800 U 9 Chat Iron Pipe & Fdy__20
*1734 1812 *1734 1412, *1734 1812 18
2,700 1st Preferred
1812 1734 18
1838 18
No par
•1814 19
*1858 19 I *1858 19
*1858 1878 184 1834 1834 1834
600 Second or lerred. _ No par
1334 14
14
14
1378 1434
1458 1512 1512 1638 1638 1812 36,800 13 S Distrib Corp.
No par
*75
77
*7512 77
7512 7534 7512 7534 77
8212 1.100, Preferred
77
80
100
4014 404 4018 4058 40
40
40
40
1,100 US Rolf Mach Corp___No par
3913 3872 3872
39
1463s 14712 z146 14712 14618 15112 152 15773 15714 161
15512 16014 72,000 U S industrial Aloohol
100
*126 127 *12512 12612 *126 127
126 126 *12512 129 •12512 129
10
ref,rred _
100
2434 2534 2514 25141 254 2514 2552 26
2513 2572 2552 2552 4,400 U S 1 eathor
No par
4912 50
50
50141 49
49
49
4834 4913 4,200 Clara A
504 4912 50
No par
*9713 9812 *9712 9812 *9712 99
99
9813 99
*98
99
99
600 Prior oreferred
100
9112 9212 9114 9212 9114 9314 9234 9512 9412 9834 9518 97
52,200 U 9 Realty & Impt____No par
534 5438 524 54
5258 534 54
534 5432 29.400 United States Rubber
54% 5318 55
100
807s 8138 8034 80% 81
80/
1
4 81
8114 81
8112 814 8114 2.000 It preferred
100
6012 6078 5918 601s 59
5912 5914 60,4 60
6034 5912 6014 6,000 U 9 Smelting, Ref & Min_ __50
5212 521+ *5212 53
53
53
53
52
5212 5212
53 .52
600 Preferred
50
18812 19014 187 18912 18434 18734 18234 1854 18472 18612 18452 18614 500,200 United States Steel Corn
143 143
143 14314 14314 14313 143 1434 143 14332 14314 1434 4.600 Preferred
100
99
*94
*93
98
99
*94
*93
*92
98
95
•92
97
IT S Tobacco
ar
No ipw
•140
•140 143 •140
•140
20 Preferred
•140
____ 140 140
310 310 *275 300 .280 300 *290 300 *290 300
3190 305
10 Utah Copper
10
4134 41
4212 41
42
4132 414 42
30,301 Utilities Pow & Lt A __No par
42
43
4214 44
84 878
*834 9
84 834
4,100 Vzdsco Sales
84 834
No par
834 9
834 9
•7214 75 *70 75 *6914 75 *6914 74 *6914 7114 6914 8914
100 Preferred
100
9412 954 94
95
9214 9478 9414 9514 9434 9833 96
9712 22,500 Vanadium Corp
No par
32
32
*31
*31
•31
32
.31
32
500 Van Itaalte
31
31
3114 32
No par
81
81
81
81
8112 8112 *8012 81
350 1s8 preferred
8012 81
*8012 81
100
x89
89
9014 9112 9012 9132 91
8912 8814 91
89
No par
9132 7,000 Vick Chemical
*170
•170
*170 W0 •170
_ •170
Victor Talk Machine _No par
170
11314 11314 1134 113,2 113 113
113 11318 113 1-1-312 113 11314 .
-27750 7% Prlor preferred
100
1612 1634 164 1638 1612 1712 1658 17
1612 1634
6,700 Virg-Caro Chem
1614 17
No Par
52
5114 5114 5212 5318 5253 53
52
52
51
5314 5314 2,000 6% preferred
100
91
*89
91
90
*89
*89
*90
90
400 7% preferred
89
90
90
89
100
109 109 *10712 10914 *109 10912 *109 10912 *109 10912 *109 10912
10 Virg Elea & Pow Of (7)
100
4712 *45
4712 *45
*45
4712 *45
4712 •45
Virg Iren Coal At Coke pf __ 100
4712
4712 *45
...... Vivadou (V)
No par
Preferred
100
72 6912 Vcr
74 ---iiii Vulcan DetinnIng
74
100
*100 104 97 100 *9712 104 *98 104 *99 104 •99 104
60 Preferred
100
69
68
•66
68
67
•68
66 66
66
66
330 Class A
66
67
100
24
2434 2412 2472 2414 2452 2453 2614 2534 2614 2534 2614 30,000 Waldorf System
No par
374 374 3612 374 3612 3714 364 3712 37
3814 3814 4034 20,500 Walworth Co
Na par
45
45
45
45
4614 47
43
46
47
4812 48
470 Ward Baking Class A No par
4812
1018 104 1072 1072 1018 114 1134 12
1012 1014
1112 1178 6,800 Class B
No par
*7413 76
75
75
*7412 76
75
75
75
300 Preferred (100)
*7412 7612 75
No pa
10213 10612 10238 10478 102 10334 10234 106
10652 11014 10812 11158 97,500 Warner Bros Pictures-NO Da
S451 47
*4512 4812 4712
49
*4534 48
504 3,2001 Preferred
4914
No par
34
3452 34
3452 34
3414 344 344 10,200 Warner Quinlan
3312 3414 3414 35
No pa
139 13913 *138 140
140 14012 141 14714 2,800,Warren Dros
*139 141 *13914 141
No par
49
49
1 Flret preferred
49
*____ 49
50
19
19
•1812 19
1912 1,300 Warren Fdry & Pipe___No par
19
1912 •19
184 184 1814 19
91
87
75
81
81
7538 18,100 Webster Eisenlohr
75
89
76
90
75
91
25
I Preferred
____
*90 100
•90 100
*90 100
•90 100
*90 100
100
394 3712 39
3934 39
3812 4,100,Weason 011 & Snowdrift NO Dar
3813 3872 •38
3934 3912 39
2,9001 Preferred
6412 6312 64
6312 6312 e4
6334 6413 6312 64
6334 64
No par
185 192
189 192
19212 19314 19234 19514 20,900 Western Union Telegram__100
19514 19614 190 19(1
4834 4972 14,400!Wstnghse Air Brake_ _No par
4914 4813 484 4818 4918 4812 50
4814 4834 48
14614 14778 14712 15014 14918 15214 148 15034 51.100; Westinghouse Elec & -Mfg__50
147 149
14618 149
240' 1st preferred
145 145
14134 14134 14334 145
*139 150 •139 145 •140 145
50
3938 39% 4034 39
404 12,4001Weston Elea Instruml_No Par
3812 3712 384 38
37
3814 37
2,4001 Class A
36
36
35
35
3518 3512 36
•3312 344 *33
3412 34
No par
170 West Penn Elec el A- __No par
10312 10412
105 105 *104 105
1.102/
1
4 105 *10234 1C4
104 104
2801 Preferred
10814 10934
108 10812 10834 100
108 108
•10712 108
100
108 108
390! Preferred (8)
9634 9634 9714 9714 9814 99
9613 984 9712 9712 96
100
96
210 Weat Penn Power pref
11414 11414 11414 11414 11434 117
11612 11612 11514 11514 11534 11534
100
40 6% Preferred
510613 108
100
10613 10612 10612 10758 *106 108 *10612 108 *106 108
300 West Dairy Prod el A. No par
51
52
*53
51
54
52
52
52
54
*52
•52
54
4,900
2714 28
Class II
No par
2814 2814 2812. 2834 284 2878 2814 2812 28
283
3114 364 3512 3678 36
3618 3618 3638 3614 36% 5,900 WhiteEattle01 & Refg_No par
3634 36
4778 4811 4713 48
474 4772 4,400 White Motor
No par
4718 4758 4712 4738 4712 483
81
13,700 White Rock Min Bp ctf
51
54
50
504 504 514 51
5034 50
504 50,4 50
*24
2434 2414 2912 2714 28
2614 274 2412 2614 254 2513 7,700 White Sewing Machine-No Par
Preferred
400
4934 4934 4914 4934 549
52
No par
52
*50
50
50
50
2,700 Wilcox 011 dr Chia
23
No par
23
2.2
23
5
25
3
034 23
24
2338 234 2312 2412 2314 231 *
2112 2612 2512 2578 2513 2524 2552 2612 264 267
6
2612 38,500 WIllys-Overland (The)
*98
9832 98
300 Preferred
100
*98
9812
98
98
*98
9832 98
9833 •98
Wilson & Co too
No Par
*934 94 *934 94 *934 94 *934 978 *912 93
*912 934
*19
No par
20
20
600 Class A
20
•1912 21
21
2012 2012
20
*20
20
6612 *66
6512
200 Preferred
6612 664 4.66
100
*65
*6412 66
65
6614 65
2124 21312 21138 21278 21112 21278 2134 21334 21418 21972 2204 226
67,700 Woolworth (F W) Co
25
*47
48 .45
47
•45
100
4878 4912 1,600 Worthington P & M
46
48
4812 493
48
*7712 8414 •78
Preferred A
8414 •78
100
84
*80
84
8414 •78
8414 *80
*6614 7014 *66
2,500
704 *6614 704 67
Preferred B
100
71
72
67
70
23112 23712 231 236
238 239
247 250
71,4 17,500 Wright AeronautIcal___No Par
238 253
249 254
72
72
7214 7213 724 7134 7134 72
2,300
72
Wrigley
No Par
(Wm Jr)
7214
75
7212
6714 674 6634 6719 6712 6712 6712 68
2,700 Yale & Towne
25
6812 691
467 4752 4638 4734 4514 4614 4512 474 46
69
7 .42 4
78
1311 325,600 Yellow Truck & Coach ol B10
4914 4
90
300 Preferred
89
*85
8934 *85
90
91
100
91
90
90
*85
6238 8112 62
6112 624 61
14 25.200 Young Spring & Wire_ _No par
6
6112 6252 6152 6438 *825
6212 65
126 127
126 126
12678 131
12934 1314 129 13133 12932 12952 18.600 Youngstown Sheet & T_No par
-6512
-ai- wi; ;aiz
;a6i,
481 a48,4
•Bid and used priseig no gales on silk des. x Ex-dividend. a It 3-rignt1
• No par value.
PER SHARE
Range Since Jan. 1.
On Nub of 100-share kis
y go-tights.
Highest
PER SHARE
Rangefar Prestos.
Year 1928
Lowest
Hleassi
DOT share
16 Apr 9
574 Feb 21
724 Feb 18
1614 Jan 25
1314 Mar 26
1813 Mar 14
35 Mar 9
3414 Mar 26
10412 Feb 26
4414 Mar 28
1712 Feb 8
86 Mar 15
2718 Feb 1
90)8 Feb 25
734 Feb 16
16 Apr 17
19 Apr 18
16 Feb 18
174 Jan 22
16 Jan 18
9 Feb 26
41 Feb 28
3834 Feb 18
21 Apr 9
4434 Mar 26
91 Jan 7
125 Jan 5
31 Mar 26
19612 Jan 7
46 Feb 20
12173 Jan 15
42 Apr 11
120 Jan 19
20 Apr 17
100 Mar 26
4214 Apr 11
13034 Apr 10
16 Jan 7
7134 Mar 26
8418 Apr 10
15 Apr 11
9814 Feb 6
9 Per share $ per share 3 per Oars
2034 Feb 6
1012 Jan
19% Dee
68 Jan 2
50 Feb 7434 Nor
8514 Apr 18
6213 June 8211 Nov
2374 Mar 21
124 Mar 2638 Nov
2412 Jan 17
20 June 3034 Apr
27 Jan 3
22
Jan 3913 MAY
484 Jan 5
45
Oct 5352 June
5173 Jan 15
34
Jan 5212 Dee
110 Jan 2 10412 Jan 11414 Oct
62 Jan 12
564 June 714 June
22 Jan 3
1434 Feb 28 Sept
90 Jan 2
8178 Mar 9134 Dec
374 Jan 3
1933 Mar 4113 Dec
9712 Jan 17
8834 July 10018 Deo
150 Jan 3 11253 Mar 154 Nov
224 Mar 18
2253 Mar 18 _
18 Feb 13
19 Aug 2534 J5fl
20 Mar 28
19 Aug 24 June
1912 Jan 15
19 Dec 23 Aug
13 Jan 2
1412 Nov
634 June
5338 Apr 18
444 Dec 594 Feb
51 Mar 18
3258 June 447g Sept
3173 Jan 23
6153 Jan 3
5514 Nov 634 Deo
121 Mar 19
63 June 934 flee
125 Jan 5 119 Mar 126
Apr
30 Dec 4934 Feb
43 Jan 14
22812 Apr 18 1381s Feb 209 Nov
18
4234 Feb 58 Nov
5412 Apr
15014 Feb 20 110
Oct 12812 May
3413 Apr 57
5312 Jan 14
Oct
126 Jan 24 11214 Mar 135
Oct
2278 Aug 344 Feb
2713 Jan 11
104 Jan 2 103% Dee 11413 Apr
584 Oct 8911 Dee
8114 Feb 6
15812 Jan 31 13112 June 148 Nov
1612 Dec 374 Apr
2638 Jan 22
(1038 June 8719 Nov
814 Jan 23
Feb
91% Nov 100
93 Jan 2
2214 Jan 2
154 June 354 Oct
874 Sept 10534 Des
10012 Jan 9
36 Mar 26 554 Mar 18
38 Dec 53 NOV
19% Nov
18 Nov
1712 Apr 10 19 Jan 11
1914 Dec
184 Apr 18 1952 Feb 8
1812 Nov
124 Mar 26
1312 June 2014 Jan
1812 Apr 19
7114 Mar 12 8212 Apr 19
78
Oct 9038 Jan
Dee 6838 Jan
34 Apr 8 494 Jan 2
41
Oct
128 Jan 16 161 Apr 18 10213 June 138
12414 Jan 8 127 Apr 3 1184 Sept 125% Nov
20 Mar 26 3513 Jan 14
22
Jan 61 May
Apr
72
4014 Mar 26 6179 Jan 14
Jan
52
98 Mar 27 107 Feb 1 1004 Dec 1094 May
81 Jan 8 11013 Feb 8
6114 Feb 9324 May
42 Jan 8 65 Mar 18
1
4 Jan
27 June 63/
77 Feb 16 9212 Jan 16
55 July 10912 Jan
5712 Mar 26 72 8 Mar 20
394 Feb 7112 Nov
Jan 68 Dee
52 Apr 17 58 Jan 3
51
1574 Jan 8 19373 Mar 1 1324 June 17212 Nov
141 Feb 5 14414 Mar 1 13832 Jan 14714 Apr
Oct
8832 Apr 5 10984 Jan 30
86 June 120
136 Mar 6 141 Mar 15 12712 Jan 139 June
264 Jan 2 353 Mar 19 139
Jan 273 Dec
35 Mar 26 4933 Jan 30
2813 Feb 4534 May
812 Mar 27 134 Jan 21
6914 Apr 19 92 Jan 16 ..........
8314 Mar 26 116% Feb 8
so Jan 111's No,
27 Mar 12 35 Jan 17
712 Jan 4073 Oct
60 Jan 2 8112 Apr 16
4378 Jan 78 Nov
82 Jan 4 941
Jan 86 Dee
,Mar 19
58
143 Feb 18 200 Mar 18
5233 Jan 15834 Nov
110 Mar 1 11414 Mar 13 10112 Jan 11212 Dec
154 Mar 26 2434 Jan 26
12 June 2034 Noy
44% Jan 6414 Nov
50 Apr 8 6512 Jan 26
8813 Jan 9911 Nov
89 Apr 3 9712 Feb 4
107 Feb 21 109 Feb 18 10612 Dee 11413 Apt
47
Oct 623s Jan
45 Feb 27 48 Jan 29
1134 June 2532 Jan
13 Jan 18
15 Jan 4
Jan
78 June 100
2213 June 74 Nov
50 Jan 16 89 Feb 20
74 June 99 Sept
91 Jan 4 108 Ain 8
40 Jan 2 80 Feb 19
1912 June 4834 Nov
224 Mar 26 2711 Jan 3
1912 Jan 2814 Dec
264 Sept
1412 Aug
2313 Jan 8 4334 Mar 15
70 Dec 123 Feb
43 Apr 13 8434 Jan 17
154 Dec l 2938 Jan
814 Mar 26 214 Jan 16
77
Dre 9713 Jan
71 Mar 25 871s Jan 15
8078 Aug 1394 dent
97 Mar 28 134 Jan 21
gm Dec
5714 De
44 Apr 1(0 5914 Jan 22
4478 Oo
Feb
4272 Jan 2
324 Apr 1
26
139 Apr 16 170 Jan 2 140 June 19213 Ap
4814 Feb 15 63 Mar 27
61
Ap
4914 Nov
154 afar 26 344 Jan 3
13 June
3672 Oo
75 Apr 17 1134 Feb 8
99 Mar 11 100 Mar 11
37 Mar 26 48 Mar 7
87 Nov 110 flee
6312 Apt 16 724 Mar 9 1054 Dee 10P4 Nov
1794 Jan 2 22034 Mar 9 13912 July 201
Oct
454 Jan 24 5412Mar 2
4212 June 57% Jan
13712 Jan 15 16613 Feb 4
Ms Jan 144 Nov
132 Jan 2 159 Feb 4
954 Jan 139 Nov
22 Jan 28 4212 Mar 28
1212 Jan 28% June
40% MAY
3312 Jan 7 36 Apr 18
304 Jan
10234 afar 23 110 Feb 1 103 June 112
Apr
103 Mar 28 11114 Jan 17 1074 Oct 11518 Apr
96 Apr 16 102 Jan 17
9813 July 104% Apr
113 Jan 8 117 Mar 18 11313 Oct 118 June
10612 Apr 11 11013 Jan lei 103 June 113
Jan
51 Apr 19 5934 Feb 5
Apr
524 Dec 78
26 Jan 10 344 Feb 5
Apr
2018 Jan 49
3014 Jan 30 38 Feb 25
2018 Feb 38 Nov
4052 Jan 3
43 Jan '2
20 Apr 9
4712 Mar 22
1912 Jan 7
244 Mar 26
0614 Apr 1
9 Mar 26
17 Mar 26
59 Mar 26
19214 afar 26
43 afar 25
774 Apr 12
66 Apr 6
220 Mar 26
70 Mar 26
6134 Feb 11
35 Mar 26
80 Mar• 8
5214 Mar 26
105 Feb 19
5313 Mar 2
51 Apr 19
48 Jan 2
574 Jan 16
2934 Feb 6
35 Jan 3
103 Jan 3
131s Jan 23
27 Jan 21
79 Jan 23
226 Apr 19
6412 Feb 5
9212 Jan 23
82 Jan 11
291) Feb 5
8078 Jan 30
7112 Apr 19
4914 Apr 18
02 Apr I
8518 Apr 19
13172 Apr 17
3014 Feb
344 Jan
334 June
5134 Aug
1714 Dec
1714 Jan
9234 Jan
Oct
11
22
Jan
63% Oct
17513 Feb
28
Jan
464 Jan
41
Jan
69
Feb
68 July
61% Nov
2752 Feb
83 Nov
4514 Dec
834 Jane
434 June
49% Nov
52% Dec
Dec
68
22% Nov
33 Dec
10418 Dec
16
Feb
35 May
77% Feb
22514 Nov
65 Nov
93 Nov
80 Nov
289 Nov
84 Aug
84% Apr
57% Nov
96
Apr
56% Nov
11612 Dee
2599
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan, 1 1909 Os Exchange method of quoting bonds was changed and prises are now "and interest"-except for income and defautted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 19.
Price
Friday
April 19.
Week's
Range or
Last Bale.
44
State and City Securities.
1960
New York State Canal 4a
1942
411 Barge Canal
Mar 1962 M S
4e Highway
---- 8812 Jan'29
- 8812 Jan'29
9934 Mar'28
994 June'28
99 95 Feb'29
10458 Nov'28
10234 Mar'29
9912 Sale 9712 Jan'29
99 98 Jan'29
_
10214 10018 Mar'29
9914
99 Mar'29
9914
10138 Nov'28
9814 Mar'29
10018
107 10812 June'28
10258 Mar'29
110sa 107 June'28
1041s Feb'29
10134
----
9912 Bale
9912
994
9934 Deo'28
10312June'28
Foreign Govt. &Municipals.
85
85
8638
9212
9212
93
92
90
89%
89
9912
8512
86
87
93
93
93
9212
90
8934
90
100
100 Sale 9918
9918 Sale 9912
100 Sale 100
100 Sale 9938
9934 Sale gg%
9952 Sale 9912
9958 Sale 99%
9934 Sale 99%
9514 Sale 95%
90 Sale 89%
9512 Sale 94,
4
9514 Sale 94%
86 Sale 8534
103 Sale 102%
100
100
100%
100
100
100
993
100
951
90
951
951
861
1031
1947 FA
Agrio Mtge Bank 0 f 623
Sinking fund as A _ _Apr 15 1948 AO
Akershus (Dept) extl 59.- 1963 MN
Antiogula(Dept)col 75 A _ _ _1945 iJ
1945
External s f 7s ser B
1045
Externals I 75 series C
1945
External s I 75 ger D
1957 AO
External 5 I 7s 1s1 ser_
1957 AO
Exti see s f 78 78 2d ger
1957 AO
Exti sec. I 70 3d ser
Argentine Govt Pub Who 60_1060 AO
Argentine Nation (Govt of)Sink fund Ss of June 1925-1959 in
1959 AO
Exti e I 65 of Oct 1925
1957 M S
Sink fund 65 series A
External as series IL _Dee 1958 3D
Exti e f as of May 1926 1960 MN
External, I (is (State ill)_19S0 MS
Exti 65 Sanitary Works_ 1961 FA
Ext6s pub w ka(May '27).1961 MN
Public Works extl 5348.-1962 FA
_..1945 MS
Argentine Treasury 58
Australia 30-yr re_ _July 15 1955 JJ
External 50 of 1927_ _Sept 1957 MS
1956 MN
Exti g 430 01 1928
1943 JD
Austrian (Govt) a I 7s
85 Sale
85
8512
86% Sale
9212 Sale
92
93
9314
92
92 Sale
90
93
8934 Sale
90 Sale
100 Sale
Bavaria (Free State) 634e_1946 FA
Belgium 25-yr ext s I 7345 6_1945 JD
1941 FA
20-yr s f 8a
25-year external 634s._...1049 MS
1955 JJ
External s I as
1955 in
External 30-year s I 7a
1956 MN
Stabilization loan 70
Bergen (Norway) 8 1 85 ---1945 MN
1949 *0
I5-year sinking fund 6s
Berlin (Germany)a f 6 SO__ _1950 AO
External sink fund as_ _ _.1958 3D
Bogota(City) ext'l of 130-- _1945 AO
N
B0118111 (Republic of) extl 88..1947
1958 33
External see 7s
1969 01 S
Externals 175
Bordeaux (City of) 15-yr 613_1934 MN
Brazil(U of) external 8s _1941 in
External of 6340 of 1926-1957 AO
1957 *0
Exti of 644s 01 1927
75(Central Railway) ____1952 in
734s(coffee occur) (flat) _1952 *0
Bremen (State of) extl 75-1935 MS
1957 MS
Brisbane (City) 0 1 50
1958 FA
Sinking fund gold 58
Budapest (City) exti of 135 _1962 in
J
Buenos Aires(City)8}4e
1955
1960 AO
Extl e 1 as ser C-2
1960 A0
Exti s f (is ear C-3
Buenoo Aires (Prov) extl 68_1961 MS
J
Bulgaria (Kingdom)of 75_ _ _1967
_
Stab'I'nl'n of 74s_Nov. 1568
944 9512 94
95
11434 Sale 11414 1143
10834 Sale 10834 109
1043
10434 Sale 104
99% Sale 99% 100
107% Sale 10718 10758
10514 Sale 104% 1051
1111
11034 111 111
100
99 100 100
97
9512 Sale 9512
91
90 Sale 8938
1031
103 Sale 103
103
10212 Sale 102
9012 Sale 8812
90%
89
8834 Sale 8814
99% Sale 9978 10014
10812 Sale 10612 10812
9414 Sale 9334
954
9514
94% Sale 94
9778 Sale 9634
9834
10618 Apr'29
106
10014
10018 Sale 100
9114 Sale 90 Apr'29
9114
8912 Sale 89
8014
7958 Sale 7958
10134
10134 Sale 101
9712 Sale 97 Apr'29
9712
9412 98 9712
9178 Sale 91%
9214
83
83
87% Sale 8714
8734
J
Caldas Dept of(Colombla)74424'413
1931 A0
Canada (Dominion of) 5e
1929 F. A
10-year 5340
1952 MN
56
1936 FA
440
1954 J J
Carlsbad (City) a 1 84
Cauca Val (Dept) Colom 7340'53 AO
Central Agile Bank (Germany)
Farm Loan 0 I 713 Sept 15 1950 MS
Farm Loan a f as_July 15 1960 .1 .1
Farm Loan 5 f 65.0ct 15 1960 AO
Farm loan 65 ser A_Apr 15'38 *0
Chile (Republic of)20-year external s f 75.,_1942 MN
External eluting fund 55_ _1960 AG
1961 FA
External s f 65
1961'3
Ry ref exti s I as
1961 M S
Os
Extlsinking fund
1962 M S
Exti sinking fund 6s
J D
1957
30
Junto
634.
13k
Chile Mtge
S 634s of I928__June 30 1961 J D
Apr 30 1961 A 0
Guars f as
Chinese(ilukuang fly)50-1951 J D
Christiania (Oslo) 30-yr a 1 65'54 M S
Cologne(City)Germany 6481950 M
1981 J J
Colombia(Republic) tis
External of 56 of 1928_ _ _ _1961 A 0
Colombia Mt;Bank of 6345.1947 A 0
Sinking fund To of 1926_ 1946 M N
Sinking fund 7s of 1927_1947 F A
Copenhagen (City)5.
1952 J D
25-yr g 4341
1953 M N
Cordoba (City) ext1 of 711_ -1957 F A
External s 1 70 Nov 15 1937 MN
Cordoba (Prov) Argentina 781942 J J
Costa Rica (Repub)extl 75_1951 MN
Cuba (Repub) 5. of 1904_1944
S
External 50 of 1914 ser A _ _1949 F A
External loan 44a ger C_ _1949 F A
Sinking fund 514s_ _Jan 15 1953 J J
96
10014
9934
10334
9778
On the basis 05 56 to the I starling
98
Sale 9514
Sale 100
Sale '99%
Sale 10258
Sale 97%
10718 107
Sale 98
9614
101
100
104
9772
107
9914
9814
85
8458
89
Sale
Sale
Sale
Sale
98
8412
84
89
9814
8513
8478
9012
10134 Sale 101
93 Sale 9234
9314 Sale 9234
93 Sale 9234
93 Sale 93
9312 Sale 9314
98 Sale 9.534
99 Sale 97%
9112 Sale 91
3912 3814
38
9972 Sale 99
95 Sale 94%
88 Sale 87
874 Sale 87
8312 83
82
91 Sale 90%
93 Sale 92
95 Sale 94
8714
8718 88
9512 94
95
9518 9718 97
9912 100 99
94 Sale 94
99% 100 9958
100
101
94
921s 97
100% Sale 00
10134
9312
93%
9312
94
94
98
99
914
3812
99%
95
88
88
8312
91
93
95
8712
9518
9712
100
9414
101
100
94
100,
s
19194
•Cue Self.
BONDS
N. Y, STOCK EXCHANGE.
Week Ended April 19.
Price
Friday
April 19.
Week's
Range or
Last Sale.
Range
ccal
Jon'',
High
High No, Low
Ask Low
Bid
Fligls
Cundtnamarca (Dept) Columbia_
82
8914
8512 27
1959 MN 8412 Sale 84
Eat's f 634s
97%i 99342
911441995lai Czechoslovakia(Rep of)8s 1951 A0 11014 Sale 10912 11014 38 109 111
1952 *0 109% Sale 10912 10934 25 108 111
Sinking fund 80 ser B
98532 1001ss
9 10874 111
9914,99un Danish Cons Municip 88 A 1946 TA 10978 Sale 10918 109%
1946 FA 10912 11012 10914 11012 30 1071a 11912
Series B 5 f 85
59 103 104%
981%2100"n Denmark 20-year extl 6i_, _1942 J J 103% 104 103% 104
987a 10134
10012 48
1955 FA 100% Sale 100
Ext.' g 5445
105 111un
fols 90
87% 113
Apr. 15 1962 A0 8734 Sale 8738
Extl g 448
101%110615n
38
90
99
9612
97
967
8
MS
9612
68_1932
elf
Am
part
Deutsche
13k
98",1103"ss
10
9512 99
96
9542 981711 Dominican Rep Cust Ad 545'42 MS 9312 96 9512
9312 9812
1940 AO 9412 9612 9311 Apr'29
lot ser 5448 of 1926
9541 980.5
9012 97%
14
95
2d series sink fund 5345_ 1940 A0 95 Sale 9312
6 100 1015.
10012
Dresden (City) external 78_1945 MN 100 Sale 100
3 10134 103%
Dutch East Indies extl 60.-1947 J J 102 10212 10238 103
1962 MS 102 10318 102% 10214 12 101% 104
40-year external So
884 8812
4 1003g1033*
101
101 1017s 101
30-year external 514s
1953 M
8812 8812
_ 101 10312
101 Apr'29
1953 MN 101
30-year external 540
1948 J J 10912 Sale 10912 109% 15 108 111
El Salvador (Repub) 8s
5
8412 864
8512
1967 J J 8614 8612 8412
95 99 Estonia (Rep of) 78
4
92 9741
95
9512 95
Finland (Republic) extl 6a1945 MS 94
9712 101
35
10204 1-9134 External sink fund 7o 1950 MS 100 Sale 9934 100 50
9912
94
97
98
Sale
Q8
M
1956
External
s
45
974 9712
19
85 92
88
1958 FA 38 Sale 8712
Exti sink fund 5345
9718 98
3
9612
95 9912
964
99% 100% Finnish Mun Loan 8148 A-1954 AO
1
955s 9814
95%
External 634.series B.,.,l954 *0 9412 9614 95%
99
99
11212 204 1003s 115
French Republic ext 74413-1941 i D 112 Sale 111
1949 J D 10738 Sale 10718 10734 300 1054 10834
9814 98'
External Ts of 1924
183 10518 108
German Republic ext'l 71-1949 A 0 105% sale 105% 106
99 10212
8
100
99 100 99
)
iaii4 104
10312 67 103 104%
10318 Sale 103
F
193
57
4M
lit
l on
885448_1
araB
Gt Belt &
unIircil
ep
(
aU
3
99 11812
99,
4
1929 F A 99
9934 9914
10-year cony 5340
ioai2 16.1;
1
3 032% 8778
8434
M N c85 8634 84%
c4% fund loan £ op 1980
1 /98 100
8712
05% War Loan £ opt 1929,.1947J D t97 9878 9711
9912 99%
4
3 104 10712
Greater Prague (City) 7345_1952 M N 10512 106 1054 106
9514 99
9814 26
Greek Government s Isee 713_1964 MN 98 Sale 9758
17
82 8734
83
1968 F A 83 Sale 8212
Slaking fund sec 65
98 101
9912 98
9934 13
1952 A 0 99
HaIm
561865
tib
(
ult
rge(
pusbta
lIc
t.
)
)
93 96%
95 Sale 9434
A
960
46 j
96% 15
ex,7%18
1 101 10412
10112 Sale 10112 10112
7
84
9012 Heidelberg (Germany)
9414 21
984 100
93% Sale 3371
7
Hungarian Munic Loan 745 1945 J
8412 90
27
86% 94
89
8818 Sale 8818
854 8912
External e I 78____Sept 1 1948 J
30
15
9312 9814
94
9514 9312
914 9634 Hungarian Land M Inst 7140 '61 M N 93
28
9913 1011s
10114 20
91
9478 1Flungary (Kingd of)s f 748_1944 F A 100 10072 100
6
95% 30 '9514 9714
10
914 9.678 Irish Free State extlo s I 58_ _1960 MN 95% Sale 95%
9412 97%
97 241
9512 Italy (Kingdom of) ext'l To _ _1951 J D 9612 Sale 9638
91
30
94
9
95
964
95 Italian Cred Consortium 75 A1937 IN 8 9514 Sale 95
4 88
25
914 95
94
1947111 S 94% Sale 9312
89
94
Exti see a f 75 ser B
45
93
904 954
21
87% 93 Italian Public Utility eat 76_1952 J J 93 Sale 9212
33
92
90
94
984 10078 Japanese Govt £ loan 4s___ _1931 J .1 92 Sale 9134
54
9934 10214
1954 F A 10034 Sale 10034 10114 163
30-year a 1 6355
99
98 1004
98 10118 Leipzig (Germany) Ill f 75-1947 F A 99 Sale 9812
120
924 1194
981s 100114 Lower Austria (Prov) 740-1950 J D 9612 9878 9314 Apr'29
78
984 101
Lyons (City of) 15-year 65_ _1934 MN 9978 Sale 99% 10014 52
25
9812 101
34
9812 101
9812 10034 Margellee (City of) 15-Yr 65-1934 M N 9978 Sale 99% 100
45
83 89%
8412 Sale 834. 8412 15
984 100% Medellin (Colombia) 634s._1954 J
46
22
3112 35
Mar'29
22
18
4345_1943
9814 10034 Mexican Irrlgat Aastng
102
49% Jan'28
'45
98 100% Mexico(U S) extl 53 01 1899 E19
122
3
28 11"
28
26 "IC 28
Assenting 5s 01 1899
98 10034
62
2834 84
28% Apr'29
Assenting 58 large
94% 9714
33
37
1612 22%
18
17
18 174
ABsenting 45 of 1904
8918 9214
3
8
18
18
1771 2314
_
large_
_
_
48
of
1910
Assenting
9258 97
98
1612
16
1
1612
224
Assenting 4s 01 1910 small........ 1734 18
9234 9612
130
29 874
_ 30 Apr'29
Treaa135 of'13 assent(large)'333 3
8412 8814
168
3
27
355a
27
29 40 27
Small
39 10114 10312
8934 87
8715 904
Milan (City. Italy) ext'l 6445 '52 A 0 8912 Sale 8834
93% 9612 Minas Genes(State) Brazil5
94% 27
9334 Sale 93
1958M
9212 9512
Bet' of 840
64 11212 115%
10112 13 101 103%
Montevideo (City of) 7s_ _ _1952 J D 10112 Sale 101
30 108 110
19 10218 107
16 103 108
103 97% 10078 Netherlands 65(flat prices),1972 MS 104 Sale 10334 104
9958 100%
99% Apr'29
1954 AG
30-year external 65
108 10634 109
40
92
9012 95
76 10418 10612 New So Wales (State) ext 551957 FA 9134 92 9134
9012 944
9214 39
Apr 1958 *0 91% Sale 91%
External 5 1 58
16 10938 11212
9812 101
Norway 20-year extl 65-___1943 PA 10214 Sale 10112 102% 33 100 10814
2
1944 PA 10112 Sale 10112 10214 53 100 1034
20-year external 65
95
99
17
33 100 1037s
1952 A0 102 Sale 10112 102
30-year external 6s
8712 92
51
1965 in 99% Sale 94434 100 101 , 9878 10141
40-year s f 5348
14 10112 104
9312 97%
9614 90
External a f 55_ _ __Mar 15 1963 MS 9614 Sale 95
68 100, 104
4
89 95
8958
Municipal Bank ext.'5f 50_196710 8918 8934 8912
8712 95
103
11
85
9012
86
92
87
Nuremberg (City) ext1 65_1952 FA 8634 8678 85
45
10012 37
9934 1025s
984 101
Oslo (City) 30-year. t 60_1955 MN 100 Sale 100
46
8
1946 FA 9.5 Sale 95
95 10114
9512
Sinking Mud 54411
30 105% 109
3 100 1024
1953 3D 10112 Sale 10034 1011
91
964 Panama (Rep) ext1 534/
183
1961 3D
10114 1014
10112 Jan'29
92 96%
Exti see el 643
95
924 9414
9414 52
955o 102
Ertl elSe see A__May 15 1963 MN 944 Sale 93
59
95
6
91
9112
921
18 105 107% Pernambuco (State 01) ext 7s '47 MS 92% 95
9912 10212 Peru (Republic of)
18
107 1074
90 93
_ 1074 Jan'29
Extls f sec 7340(01 1920_1956 M S
_
1011
5 100 103
1959 MS ioi dale 101
89 9178
Extl a eee 75
65
8312
19541 JO 8712 Sale 87
79
85 9014
8814 85
Nat Loan en's1 as
21
85 9012
1981 A0 8712 Sale 87
881 102
8 f g as
7 994 1024
86
7712 8312
79
97 100 Poland (Rep of) gold 6e.,_. 1940 *0 78 Sale 7712
83 8834
9812 10018
Stabilization loan 1 7s_ I947 A0 8412 Sale 8412
8514 84
5
9558 99
59
1950'3 96% Sale 96
97
Extl sink fund g 85
91% 9334
145
12 IOU% 10511
83 90 Porto Alegre (City of) 811-1961 JO 10434 Sale 10434 106
5
5 9712 102%
1966 J J 9818 100 99
Exti guar sink Id 734s,,, _1968
100
Ws 974
29
Queensland (State) ext15176 1941 AO 10814 110 10778 108% 33 10774 113
1947 FA 104 105 10312 104% 10 109 104%
94,4 101
25-year external Os
29
9912 101% Rio Grande do Sul esti•f 88.1946 AO 10514 Sale 1054 10512 28 105 106
24
92
86
44
9918 10038
Mal
1968 JD 88 Sale 8612
88
as temp
58
95 994
4
1956 MN 9612 98
9612
97
Mai of 75 of 1926
46 10134 10534
1946•0 105 Sale 105
97
9955 Rio de Janeiro 25-yr ef8a
10514 .58 105 10012
37
92 93%
1953 FA 95 Sale 9414
Exti 5 1 6340
3 10434 10712
9514 65
88 91%
1952 A0 9034 Sale 9014
974 102y Rome (City) e111 6445
15
9034 98
Rotterdam (City) cell 61L 1964 M
10314 Sale 10212 10312 29 10215 10411
87 9112
9512 99 Saarbruecken (City) 31
8
92 87 Apr'29
1953 J J 88
2 11134 116
83 88% Sao Paulo(City)518s_ _Mar 1952 MN 11212 Sale 11212 11212
8
92% 9812
48
Exti s I 634a 01 1927
1957 MN 9714 Sale 97
83 88
98
96
9 10412 108
8815 9034 San Paulo (State) esti a f 88_1936'3 10512 106 0514 106
61
External sec s 1 8s
1950'3 106 Sale 0518 10614 22 103 1071s
97 102
External 0 f 7a Water L'n_1956 MS 10012 Sale 97
31 100 103
1004 17
38
914 94
8712 9314
Hit'a f 65 $ Int rota
91
1968 3' 8912 Bale 8912
245
9112 944 Santa Fe (Pro' Arg Rep) 75 1942 M
95 98
121
9734 30
9714 Sale 9612
91% 94 Saxon State Mt.lost 76._ _ _1945 Jo 9734 Sale 9634
964 1004
51
9734 24
914 94
92
95
Dee 1946 JO 9212 9312 92 Apr'29
123
Sfg(3345
91% 94 Seine, Dept of(France)sill 7.'42'3 103 Sale 03
10412 47 10218 1084
130
96
9512 9934 Serbs, Croata & Slovenes 130 '62 MN 90 Sale 8934
89
36
103
90
97 10078
77 814
Exti see loser B
1962 MN 8034 Sale 7912
77
814 50
89 94
Minden Landowners Assn 65_1947 FL 81 Sale 80
77
84%
58
9
81
35 4430 Solssons (City of) ext1 65_1936 MN 9814 Sale 9818
97% 9932
2
9812 10
99 10118 Styria (Prov) ext.) 7s
9034 94
1946• A 93 Sale 92%
14
27
94
92 97% Sweden 20-year as
13
1939 D 10314 Sale 0214 10312 26 10134 10414
8412 91
External loan 545
1954 MN 104 Sale 03
37
10412 29 10034 105
844 91
Swiss Confed'n 20-yr if 85_1940 J J 10912 Sale 09
98
10912 44 10818 11034
80% 88% Switzerland Govt tut 534o_ _1946 *0 103 Sale 0134 103
74 100% 1037s
934 Tokyo City 58 loan of 1912..1952 MS 7614 Sale 7614
88
4
75
78%
6
764
1961 AO 88 Sale 874
8812 9514
Extl s 543 guar
4
86
8814 44
9012
94
1947 MN 88 Sale 88
9712 Tolima (Dept of) ext17.31
02
88
2
91
8638 894 Trondniem (City) 101 5)45-1957 MN 9312 9334 934
9
93 9614
4
9334
9312 98
Upper Austria (Pro's.) 71L-1945 3D -97 9434
4
9434 9812
36
96
94
Externals IS 4s- _June 151981 Jo iiis 9134 8812
9712
8578 8812
17
6
8812
9518 100% Uruguay (Republic) sell 80_1946 TA 10712 10814 0814 10812 13 108 10914
16
1960 MN 9812 Sale 9814
9212 WI
971s 100
External 5 1 Se
41
99 115
90 94
9950 10312 Venetian Pro, Mtg Bank 70_1952 AG 9018 9034 9034
9
24
91
85la 9012
50
1 100 102% V._141144(City of) Intl s I 60_ 1952 MN 864 Sale 86
87
80 8514
974 "Imam (City) external 70-1958 F • 81 Sale 81
94
3
82% 25
92 9614
9458 Sale 9314
34 100 104
Yokohama (City) exti S. _.1961 J
945s 102
Bid
Ask Low
U. S. Geeeee mint.
High No.
First Liberty Loan
J D 98In Sale 97241 98"n 215
834% of 1932-1947
in
Cony 4% of 1932-47
993%2Jan'29
Sale 99031 9952ii 94
in
% of 1932-47
Cony
in
9934nMar29
2d cony 434% of 1932-47
Fourth Liberty LoanAO 9922,2 Sale nonn Kph! 514
434% of 1933-1938
1947-1952 AO 10826,1 Sale 1072%210920n 174
freaeury 444s
1944-1954 Jo 10428n Sale 1031,42105"n 773
Treasury 48
1946-1958
Sale 10000,2 1023,1 184
S 102
Treasury 3340
1943-1947 in 972en 988n 975on 98142 70
Treasury 334.
Treasury 334s June 15 1940-1943 SD 98 981on 971In 98101, 180
NY C 34% Corp st Nov 1954 MN
344% Corporate st May 1954 M N
4s registered
1936 M N
40 registered
1958 M N
1957 M N
4% corporate stock
434% corporate stock _ _ _1957 M N
64% corporate stock_ _ _ _1957 MN
4% corporate stock
1958 M N
4% corporate stock
1959 M N
4418 corporate stock
1960 M S
445 corporate stock
1964 M S
43113 corporate stock
1968 A 0
1972 A 0
445 corporate stock
1971 J D
440 corporate gtock
1963 M F3
430 corporate stock
1965 J D
4345 corporate stock
6440 corporate otock-JulY 1967 J J
Range
Since
Jan.1.
Low
2600
BONDS
N. Y STOCK EXCHANGE.
Week Ended April 19.
New York Bond Record-Continued-Page 2
Price
Friday
April 19.
it
Bid
Railroad
Ala Gt Sou 1st cons A 5e---1943 J D
let eons 48 ser B
1943J D
Alb & Susq 1st guar 33Ø_1946 A 0
klieg & West let g gu 49-.1998 A 0
klieg Val gen guar g 45
1942M
Ann Arbor 1st g 45- --July 1995 Q J
AD% TOP & S Fe--Gren g 45-1995 A o
Registered
A 0
Adjustment gold M_July 1995 Nov
Registered
Nov
Stamped
July 1995 M N
Registered
141 N
Cony gold 48 of 1909
1955 J D
Cony 45 of 1905
1955 .1 D
Cony g 45 issue of 1910_1960 J D
Cony deb 414s
1948
D
Rocky Mtn Div 1st 45
1965 J ./
Trans-Con Short L 1t 4a.1958 J J
Cal-Ariz let & ref 4%5 A_1962 M S
AU Knoxv & Nor 1st g 58.. 19462 D
Atl & Charl A L 1st 4 S45 A._1944 j j
1944 j j
1st 30-year 5s series B
Atlantic City 1st cons 4.6-1951 j
All Coast Line 1st cons 4s July'52 M
Registered
M8
General unified 045
1964.3 D
L & N con gold 45___ _Oct 195
948J
2MN
j
Atl&Daylstg4s
2448
1948J J
All & Yad ist guar 45
1949 A 0
Austin & N W lst gu g 58-1941 I J
Salt & Ohio 1st g 45_-__July 1948 A 0
Registered
July 1948 Q J
20-year cony 4345
1933M S
Registered
M S
Refund & gen 5s aeries A _ _1995 J D
Registered
D
1st gold 53
July 1948 A 0
1995j D
Ref & gen 6s series C
PLE&W Va Sys ref 49_1941 m N
Bouthw Div let 55
1950 ..1
Tol& Cin Div 1st ref 4a A.1959 j j
Ref & gen 58 series D___ _2000 m
Bangor & Aroostook 1st 5a1943.3
1961J j
Con ref 4a
Battle Crk & Stur 1st gu35.._1989 .1 D
Beech Creek 1st gu g 45-1936 J j
Registered
J j
2d guar g
1936j .1
Beech Crk Ext Istg 310
1951 A 0
Belvidere Del cons gu 350_1943 J J
Big Sandy 1st 4s guar
1944j D
BolIvia Ry 1st 55
1927.3 J
Boston & Maine 1st 513A C_1967 M S
Boston N Y Air Line 1st 48 1955 F A
Bruns & West 1st gu g 45-.1938 .1 J
Buff Roth & Pitts gen g 55_ -1937 21 S
Consul 4).0
1957 M N
Burl C R & Nor let & coil fai 1934 A 0
Week's
Range or
Last Sale.
Ask Lots
Range
Since
Jan. 1.
9158
9212
8912 Feb'29
98's gife- 9714 9815
98 rune'28
10112 gale- 101
10138
103 Sale
108% Sale
9112 92
102 Sale
8238 Sale
10214 Sale
103
8014 8134
_ _5612-9512
95
---- -9312 -7712
--
56
135
101
9934 Dec'28
10212 10314 53
10814
10938 33
9078
92
7
99
10038 102
83
8212
28
10214 57
101
10012 Apr'29
1
8134
8134
6812 Feb.28 ---9412 Mar'29 --_95 Aug'28 _-_97 June.28
80 Mar'29 _-__
841s -- 1-114- MM''io
96s 173
9634 File" 9412
7712 7878 76 Mar'29
96
93
92 Apr'29
9834 100 10012 Dec'28
90
94
8938 Sale 8858
1002 10212 100 Mar'29
Canada Sou cons gu 5s A_ _ _1962 A 0
Canadian Nat 414s_5ept -15 1954 M S
5-year gold 414.2__Feb 15 1930 F A
30-year gold 4 hs
1957 J J
Canadian North deb s f 7s_ _1940 j D
25-year at deb 614s
1946 .1 .1
10-yr gold 414s_ __Feb 15 1935 F A
Canadian Pao Ry 4% deb stock__ j
Col tr 414s
1946M S
Carb & Shaw 1st gold 4s___ _1932 m
Caro Cent ist cons g 4s
1949j j
Caro Clinch &0 1st 30-yr 58_1938 J D
lit & con g fis ser A_Dee 15 52j'
D
Cart & Ad 1st gu g 45
1981 J D
Cent Branch U P 1st g 49...1948 J D
Central of Ga 1st gs_Nov 1945 F A
Como! gold 544
1945 61 N
Registered
MN
10-year secured 6a__June 1929.3 D
Ref & gen 5lie series B-1959 A 0
Ref & gen bs series C
1959 A 0
Chatt Div pur money g 4s-1951 .1 D
Mac & Nor Div 1st g 55_ _ _1946 J
MM Ga & Atl div pur m 55 1947 J
Mobile Div 1st g 5s
1944.3 J
Cent New Eng ist gu 45_ _ _1961 .1 .1
Central Ohio reorg 1st 414s_ _1930 NI $
Cent RR & akkg of Ga coil 55 1937 M N
Central of N J gen gold Se-1987 j j
Reglstered
1987 Q
General 45
1987 j
1949F A
Cent Pac 1st ref gu g 45
Registered
F A
Mtge guar gold 314s_Aug1929 j 11
Through Short L 1st gu 45-1954 A 0
1960 F A
Guaranteed g 5e
106 10414 10414 10
Sale 9418
9414 24
Sale 9914
9912 126
Sale 9414
58
95
Sale 1094 10912
8
Sale 11434 115
2
Sale 9534
0734 18
Sale 8434
108
86
9838 9718
987s 78
9818 Nov'28 _ _ _
7411 80 7914 Apr'29 _ -10014 10132 100 Apr'29 _10838 Sale 108
10838
3
8734 Feb'29
85 Mar'29
ioi
105 Dec'28 _ _ -lOOli 101 100
10012 23
100 Jan'29 _ --99E89934 9934
5
9934
10478 105 102 Apr'29
98 101 10012 Feb'29
__
86
83
_
87 Mar'29
_ __ 107 101
Jan'29 _
95 10212 10318 Apr'28
_
10018 Sale l0018 10018
1
80 Sale 7938
80
20
9712
_ 9712
1
9712
98
95
95
95
1
10918 10912 10818 Apr'29 -107
107
1
881s
-. 89 Feb'29 _ _ _
93
9212 Sale 9038
•
88 Sept.28
__
9938
99
9938
5
-ii1-14 91
91
91
15
10134 Sale 10034 102
195
Charleston & Sayn'h 1st 75-1936 .1 J
Ches& Ohio let con g 55-1939 M N
1939 M N
Registered
1992 M 8
General gold 414e
Registered
M 8
1930 F A
20-year cony 4548
1993 A 0
Ref & impt 43411
F A
Registered
Craig Valley 1st 53--1518F 1 40 J J
Potts Creek Branch 1st 41_1946 J
R & A Div 1st con g 4s____1989 J J
1989.3 J
2d consol gold 48
Warm Springs V let g M_ _1941 M S
Chesap Corp cony 59 May IS 1947 M N
Chick Alton RR ref g 35.-1949 A 0
CU dep stpd Oct 1928 lot
Railway first lien 314s_ _1950 .1
Certificates of deposit......
Chic Burl & Q-111 DIY 3148949.3 J
Registered
J J
Illinois Division 48
1949 J J
General 418
1958M S
Registered
M S
1st& ref 4%sserB
1977 F A
1st .4 ref 55 series A
1971 F A
Chicago & East 111 1st
_ _1934 A 0
0.4 E III By (nets co) con 5,3_1951 M N
Chick Erie 1st gold 551982 M N
Chicago Great West 1st 45_ _1959 M S
Chic Id.). Louhiv-Ref68._1947 J J
Refunding gold 58
1947 J
Refunding 45 Series C___ _1947 J
& gen 5eser A
1966 M N
Let & gen Is ser B__ _May 19663
Chic Ind .1, Sou 50-year 4a _ _.1956
.1
Chic L S East 1st414s.A969J D
Ch M & St P gen g 4s A _ May 1989 J J
Registered
Q J
Geng314iserB....Mayl989J J
111 112 11114 Mar'29 _
10314 10414 103
1031s
2
10214 Dec'28
98 Sale 9512
98
47
9214 Mar'29 _ _
99 Sale 9812
99
79
9334 Sale 9258
94
289
9218 Mar'29
i045100 Apr'29 _ _
8812 -89 8812 Mar'29 _ _ _
83
_
86% 8612 Apr'29
__
Apr'29
83
80
81
10034
100 Mar'29 _ _ _
9912 Sale 9834
9912 209
_
67
66
70 Mar'29
__
69 67 Apr'29
68
68 Sale 68
68
70
__
Apr'29
89
65
87
8434 65
84 Sale 8312
8512 Dec'28 _ _ -92
2
92
01's 94
0212 sale 9038 9212 37
_
9134 Sept'28
gefe" 9718 9714 15
5
10414 106 10338 104%
10012 106 106 Feb'29 _ - _
22
83
8218 Sale 82
8
104 108% 100% 104
6734 148
6714 Sale 6834
7
109 10912 10712 10712
Apr'29
100 10412 108
Jan'29
82 _ _ _ 92
7
98
98 Sale 97
10634 Sale 103% 10634 55
9214 9438 Feb'29
94 Mar'29
8414 35
84 Sale 8314
80 Apr'29
7112 Apr'29
-77ti-
Price
Friday
April 19,
Week's
Range or
Last Sale.
87 _4'
4
g
Rands
Since
Jas. 1.
Lew
High
High Chic Milw & St P (Coneltuted)Rid
Low
High No
Gen 434s series C___May 1989 J r 94
9518 93
94
36
Registered
00 May'28
Gen 4He series E
May 1989 J J 95 Sale 9312
95
57
Debentures 411
19253 D
8178 Feb.28
_
Chic Milw St P & Pac 58...„1975 F A 9234 Sale 9112
9234 932
Cony ad1 58
Jan 1 2000 A 0 7234 Sale 7134
73
825
Chic & N'west gen g 3He_ _ _1987 MN 7112 7334 76
78
1
Registered
Q F ----- 7712 Oct'28 _
General 412
1987 NI N 8534 -871
4 85 Apr'29 _
Register&
Q F
84
84
1
Stpd 48 non-p 1.en ia tax '87 MN
8718 Mar'29
Gen 4348 stpd Fed Inc tax.1987 MN
10812 Oct'28 _ _ _
Gen Is stud Fed Inc tax_ _1987 MN 106 Sale 105
106
6
Registered
MN
113 May'28
Sinking fund 6e
1879-1929 A 0 99 -993-4 994 Apr'29
Registered
A 0 ---- -- 10014
__
Sinking fund 5e
1879-1929 A 0 9914 Sale 9914
9914
10
Registered
A 0
99 Mar'29
Sinking fund deb Ss
1933 M N 100
100
10012
6
Registered
M N
10034 Jan'29 _
10-year secured g 7s
19302 D
1-6137, 10112 102
4
15-year secured g 61M___ _1936 M 8 108 109 10734 '108
10
Ist ref g 55
May 2037
D 10312 Sale 10278 104
36
ist & ref 4He
May 20373 D 9412 Sale 9412
9412 34
Chic R 1.4 P Railway gen 4s 1988
J 8634 Sale 861g
88
14
Registered
.1 J
8814 Dec'28
__
Refunding gold 4s
1934 A 0 -9414 Sale 9338
9412 235
Registered
A0
9234 Jan'29
__
Secured 4;42.series A
1952M S 9178 Sale 9138
92
163
Cb St L & N 0 Mem Div 48_1951 J D 87
88
88
88
1
Gold 58
June 15 1951 J D 1034
10312 Feb'29 _
J D
Registered
107 Apr'28
Gold 310
June 15 1951 J D '72
8412 Jan'27
90
93
1torlstered
J D
- --- 78 Apr'29 _
8912 9114 Ch St L& P 1st come 544-__ _1932 A 0 99
100
100
96% 99
Registered
A 0
10158 June'28
Chic St P M &0cons 68.___1930 J D 987s 9912 9958 Apr'29
99l 1021*
Cons6sreducedto334s...,1930J D 953
__
- 9612 Jan'29
Debenture 59
1930 111 S 97 4-98
9614
98
14
102 10412
Stamped
M S 9712 9918 9814 Mar'29
10734 110
ChicTH&SoEastlst5s,1960J D 96 Sale 9434
96
11
9014 94
Inc gu 5s
Dec 1 1960 M S 8712 Sale 8612
8712 81
9938 10312 Chic Un Sta'n ist gu 4 Ms A.1963 J J 98 Sale 9714
98
3
804 8514
lit be series B
1963.3 J 101 sale 101
101
1
100 10214
Guaranteed g be
1944J D 101 102 101
10112 20
100 105
ist guar 6%sseries C
J 116 Sale 11578 11638
1963
8018 8614 Chic d2 West Ind gen 65 Dec 1932
_
10114 Feb'29
---. -Consol 50-year 4a
1952.3 J -in Ts Sale 8514
8618 57
9412 94%
1st ref 5345 series A
1962 M S 103 Sale 102
103
13
Choc Okla at Gulf COM 56_1952 M N 100%
Feb'29
101
Cln H& D 2d gold 4%s
1937
J 92 --7_
948 9412 Mar'29
80
80 CI St L& C 1st g 4s_Aug 2 1936(4
9412 Feb'29
Registered
Aug 2 1936 Q F
Oct'28
97
913e Cln Leb & Nor 1st con gu 4141942 M N -6.
89
84 Sale 95% 95%
9112 99
Clearfield M Mah 1st gu 5e_ _1943 J J 9812
100 July.28 _
8112 Cleve CM Ch & St. L gen 4a_ _1993 J D 87 -18-3
76
; 8812 Apr'29
92 9512
20-year deb 4 He
1931 J J 9812 99
99
9812
20
General 58 aeries B
1993 J D 10312 -- 112
Jan'29
_
88's 921s
Ref .4 impt 68 series A _ _ _1929 J J 9934 sale
9938 100
31
100 102
Ref & Impt 6s ser C
1941 .1 J 10314 - -- 1027$ Apr'29 _ _
Ref &'met 5s ser D
1963J
9812 Sale 0812 10034 6
1033s 10634
Cairo Div let gold 45 _ _1939J J 9214 9412 9312 Feb'29
_
93
9634
W & M Div let g 4a1991 J J 8214 8712 80 Apr'29
St L DPI lat coil tr g g 4e_ _1990 MN 8112 9112 8618
9734 9934
8618
9312 96
Spr & Col Div let g 4e_ _ _1940 M S 9112 9412 9218 Mar'29 10
10818 113
W W Val Div let g 411
19403 J
Oct'28
90
_
114 116%
Ref & Impt 430 ser E__ -1977 J J 943 Id1; 93 Apr'29 _ _ _
9514 99
CCC&Igenconag6s
19341 J leo% 104 103 Apr'29
__
83% 86
Clev Lor & W con let g 58._ _1933 A 0 98 101
99 Mar 29 _ _ _
96
99
Cleve & Mahon Val g 58._ _1938 J J 9612
- 100 Oct 28
CI & Mar let gu g 414e__ _1935 M N 951898 9814
96141
1
7914 -161; Cleve & P gen gu 4 As ser 13_1942 A 0 97
983 10034 Mar'23,__„
100 10112
Series A 4148
1942 J J 97 100 97 Apr'29
__
107 109
Series C 3115_
1948 M N 88
89
Oct'28 -91
8734 8734
Series D 3As
1950 F A 88_ 8934 Jan'29' _ _
8412- 85
Cleve /nor Line 1st gu 4345_1961 A 0 98 -61;12 98
98121
6
Cleve Union Term ist 5145._1972 A 0 10812 110 107
10712
4
ioo" 103
A0
Registered
Oct'28
107
_100 100
ist f 5s ser 13
1973 A 0 10311 Sale 10314 103341 10
9914 10018
lots f guar 41455er C
1977 A 0 9812 Sale 98
0812 23
102 10512
11,012 10112 Coal River By 1st gu 4s
D 8318 00 9058 Mar'29
1945
87
Colorado & South ist g 4s.- _1929 F A 9638 9634 9978 Jan'29
87
101 101
Refunding & exten 4345. _1935 M N 9634 Sale 9638
9634
4
Col & H V 1st ext g 41
1948 A 0
8812 Apr'29
99% 10013 Col & Tol 1st ext 4s
1955 F A 91
9112 Mar'29
79% 84
Conn & Paasum lily 1st 45..1943 A 0 _
II; 90 Mar'29 _ _ _
97
9914 Consol Ry deb 45
1930 F A
_ 9412 Mar'29 _ _
95
9914
Non-cony 45
19542 .1
73 Mar'29
107% 111%
Non-cony deb
J J
____
72
70 Mar'29
107 10938
Non-cony deb 4s__ _A&O 1955 A 0
76 Nov'28 _ _ _
89
89
Non-cony debenture 48.. _ 1956J_
J
8358 73 Jan'29
_
93
90
Cuba Nor Ry let 5148
1942 J D
Sale 8112 824 42
Cuba RR 1st 50-year 56 it-- -1952 2
90 Sale 8912
9012
22
99
9938
1st ref 7145 series A
102 Sale 102
102
let lien & ref 1% eer B _ _1
90% 0134
193
36
6j
JD
D 92
96
96 Apr'29
9918 103
Day & Mich 1st cons 434s._19312 J 9714 Sale 9812
9812
1
11114 1131x Del & Hudson let & ref 4a_,_1943 M N 9112 Sale 9114
91% 45
10158 10412
30-year cony 55
1935 A 0 101 •
100 Apr'29
15-year 5348
1937M N 102% Sale' 10212 103
31
9412 10014
10-year secured 75
1930.3 D 101 Sale 101
102
8
9214 951s D RR & Mae 1st gu g 48„_1936 F A
964 Aug'28
9812 9978 Den & R G lst cons g 4s_
1936 J J 8912 Sale 89
90
94
9018 95
Conaolgold 4 As
19362 J 91
93
8912 Apr'29
9218 9218 Den.). R0 West gen 5e_Aug 195561 N 92 Sale 91
92
83
91184 1004
Ref & Inlet 58 ser B Apr 1978 NI N 90 Sale 8814
9014 93
8812 8812 Dee M & Ft D 1st gu 4s
19352 J 3014 30
Apr'29
25
8634
86
Temporary ctfs of deposit.....
23
27
2712 Apr'29 Des Plaines Val 1st gen 4)0_1947 M -1-3 0258 99
81
+16
9238 Feb'29
100 100
Del.). Mac let lien g 48
1995.3 13 75
76
75
6
75
98 10012
Gold 4s
19952
-75
7912 75 Feb'29
68
70.8 Detroit River Tunnel 430_1981 M N 97
Apr'29
9818 97
6512 69
Dul Allasabe & Nor gen 58,,1941 1 J 10314
_
4 Apr'29
6614 71
Dul & iron Range 1st ea.__ _1937 A 0 9918 11612 1023
NH
4
10012
71
67
Registered
A 0
10012 MaY'28
83
86
Dul Sou Shore & Atl g be__ _.1937 .3 J 76
1
76'
76
80
East By Minn Nor Div 1st 4e '48 A
9312 Feb'29
94
88
90% 94
East T Va & Ga Div g M.__1930 J J 97
0718
4
971x
99
8912 9318
Cons 1st gold fo
1956 M N 10434 1051 10414 Apr'29
Elgin Joliet & East lat g
MN 102 105 102 Apr'29
"iii" 601; El Paso & 8 W lat 59 58_1941
1965 A( 9918 ---- 100 Mar'29
1011.8 105
105 106
Erie lst consol gold 76 ext 1930 131 S 10138 1013 10112 10112
2
8034 85%
let cons g 48 prior
1996 J J 8414 Sale 8234
84% 32
993s 106
Registered
19962 .1
Jan'28
86
6612 6978
1st corml gen lien g 41.....1996 J J 78'2 Sale 78
79
22
10314 11334
Registered
19962 J
73% Mar'29
100 108
Penn coil trust gold 41.„ _1951 F A
Apr'29 _ _ _
101
1011
92
92
50-year cony 4s series A _ _1953 A 0 8172 Sale 8118
82
26
95 10314
Series El
1953 A 0 8112 831 8034
81% 10
103 10812
Gen cony 4s series D
1953 A( _
_
8578 8412 Dec'28
87% 9438
Ref & impt be
1967 M N 95
9614 259
.12 Sale 94
94
94
Erie & Jersey lets f 68...._1955 J
109 115 10812 109
3
81
8634
Geneseee River 1st 5 f 5e1957 J
109
109 112 109
3
80
80
Erle & Pitts gu g 310 ser 13 1940
- 102 Feb'29
7112 75
Series C 314s
1940.3 1 8818
881s-91- 8818 Jan'29 _ _
Est RR OW s f 7s
1954 M N 103 Sale 10258 103
48
10234 10312
_ 10312 Mar'29
4 93 Mar'29
93
94
85
90 8612 Mar'29
8612
9212
90
9212 Mar'29
92 Sale 91
91
95
8
92
7112 757g 71
71
78
11
72
93 Bale 9212
161
94
9014 94
8914 92
7
92
92
87 Sale 8538
21
87
84% 87%
881s Jan'28
8712 28 "iii2 Wife
8712 Sale 8512
8034 8034
8034 Bale 8034
1
8034
8714 90
85
1
8714
8714
91
39
90 87
87
89
88
1
8514 90
8318 86
8538
853s
218 10812 119
11214 Sale 11112 113
____ 93 91% Feb'29
91% 92
89
9012 8818 Apr'29
8712 93
9512 9814
1
98
9918 9934 98
103 10314 103
3 103 1034
103
9412 tut
9214
9412 Apr'29
7 101 104
10178 102
10114-8912 8718 Oct'28
89
9121
92- Sale 89
92
4101g 90,4
9014 Jan'29
-oes 975 9512
9834 62 94 9778
8676 91
13
89
90 89
89
75
5
70
70
7212 70
70
6412 6712
____ 62 6412 Mar'29
81
Ill
83 81 , Mar'29
100 10314
10134 10314 Mar'29
101
93
83
9212 Sale
BONDS
N. Y STOCK EXCHANGE
Week Ended April 19.
10138
9412
9912
9434
10912
11434
984
8558
_9734
14921s H
9
"
5
434
"al% 06
-6614 Ve
7134
76
-85
84
8718
80
8011
WO,
84
9114
10414 1098,
99
1(M14
-
-987.8 1-01114
99
99
9978 101;
10034 10014
10018 103
10712 1111,
10111 10558
9312 97%
851/1 89
is
9238
86
8458
10313
9211,
9512
88
105
"ii" 1012
010, 101
9914 101
9614 97
964 101
9818 991,
91 1001,
9212
85
97 10014
101 10412
100 10211
112 11632
10114 1011J
8411 8914
101 105
10038 101%
9412 943,
9412 9614
81
-9538
88
9734
111
9912
102%
98
9312
80
85%
921g
el
9918
112
10172
195
1033x
93"
92
921a
-ii" 1,4
103
99
104%
101'-
96
IR..
97
"ilia: 89$.
96
994
mai: 109
10114 1-651g
98 101
85
9038
991s 997s
9512 9714
881: 91
9112 9112
PO
PO
9418 94%
71
75
69
72
73
81
89
100%
711
9314
99
109
974
89
97
100
10014
9812
9412
10412
105
10314
-air
8912
91
87
25
2712
92%
75
75
9822
10234
9918
9232
9414
98
9334
401
30
92%
7614
75
10014
10314
10114
74
9312
97%
10418
100
100
Slls
94
991s
10544
105
10514
9 l g'
100 104
8012 851
/
4
757k 8013
7234 733s
1001
/
4 10114
781
/
4 841
/
4
79/
1
4 841:
911s 961.
10612 11019
10612 111%
111114 MA
2601
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOOK EXCHANGE
'
Week Ended April 19.
it
Price
Friday
April 19,
Week's
Range or
Last Sale
g
34 1,4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 19.
Price
Friday
April 19.
Bid
Ask Low
Bid
Hiola No.
High
Ask Low
High No Low
98
Louisville & Nashv (Concluded)98
1
Fla Cent& Pen let ext g 58_1930 J J _
98
98
98
let consol gold 55
10178 15
10-year sec 75_..May 15 1930 MN 101 '10114 101
9358 9914
5
1943 J J 5.
41.4 96
93%
9358
Florida East Coast let 4348_1959 J D 9154 Sale 914
1st refund 532e series A _ _2003 * 0 10434 10518 10458 10514 13
914 94
9134 37
let & ref 58 aeries A
1
2003 * 0 102 105 10212 10212
lst&ref5sserlesB
80
75
20
1974 MS 77 Sale 764
78
9812
Fonda Johns & Glov let 412e 1952 MN 3314 Sale 325s
6
2003 AO 9712 9814 9812
let & ref 414e series C
2512 50
7
3314
Fort St D Co 1st g 4Hs
5
_ 9934 10012
1930 33 99
94
1941 J J
NO & M let gold Se
94
94 Mar'29
_
Ft W & Den C let g 5)0_1961 J O ioi 107 10714,Mar'29
100
1930 3,1
2d gold tle
10714 10714
Frem Elk & Mo Val 1st 68_1933 AO 102 105 102 Apr'29
9114 Mar'29
Paducah & Mem Div 03_1946 FA
102 1034
Apr'29
GH&S A M&P 1st 5s
St Louis Div 2d gold 35.. _1980 MS 60 658 65
977s 100
1931 MN 9854 9934 9912 Apr'29
•
S
2d extens 58 guar
97 100 100 Sept'28
Mob & Monte let If 4)28 1945
97 100
1931 J J 99 100
9
9812
9812
Galv Hous & Bend let 55_ 1933 *0 96
86
86
8618 88
South Ry joint Monon 48_1952 J
98 100
5
98
984 98
Ga & Ala Ry 151 cons 58 Oct 1945 J J 86
91
19
AU Knoxv & Cin Div 48_ _1955 MN 91 Sale 897g
85
86
1
86
88
86
Gs Caro & Nor lst go g 58 1929 J
Loulev Cm & Lax Div g 430'31 MN 9038 9078 98 Apr'29
941s 9834
9778 99 98
2
98
Georgia Midland 1st 3s
100
_ 100 Feb'29
1934 J
Mahon Coal RR let res
734 75
7312 Mar'29
1946 * 0 74
75
Or R & I ext 1st gu g 4Hs_ _1941 J J
7
74
74
74
Manila RR(South Lines)48_1939 MN 73
9558 97
97 Mar'29
N
Grand Trunk of Can deb 60_1940 AG iio- Sale 10912 110
1st ext 45
1959
__- 734 77 Feb'29
17 losi, 113
15-year e 1 6s
MS
9958 99 Apr'29
Manitoba
S W Colonlza'n 5e 1934 3D -99
103
106
10318
10312 Sale
23
104
1936
Grays Point Term 1st 5s
98
9618
Oct'28
1947 J
88 July'28
Man GB&NW let 312s_ _1941 ▪ J 8538 90
Great Nor gen 7s series A___1936 J J 110 Sale 1094 110
100 Apr'29
100
168 109 11253 Mich Cent Del& Bay City 5E1.'31 M
QM
J J
Registered
10034 Apr'28
109 109
Registered
109 Apr'29
let & ref I 34 eserles A _ ___196I J J 94 Sale 9258
1940• J 92 -645-4 984 Nov'28
Mich Air Line 4s
9212 98
12
94
3,1
General 5;4 e series
9218 July'28
Registered
_1952 J J 10878 Sale 107
10878 145 1044 10934
General 58 serlea C
1952 MN -81 84
8212
8212
8
1st gold 3345
1973 J J 10318 Sale 10134 10318 36 10018 104
*
0
General 412s series D
J
Mar'29
debenture
4s
1929
20
-year
9412
922 9714
1976
95181 38
*0
General 4328 series E
9
99
9
Oct'28
8
Registered
93
78 Sale 9418 Apr'29
97%
1977 J J -58.
Green Bay & West deb Ms A---- Feb 81
1940 AO 85 -9-174 94 Mar'29
Mld of N let eat 5e
85
Oct'28
Feb 224 -26
22
2953 Mllw L & West imp g 55_ _1929 FA
22
Debentures Ws B
_ 944 Jan'29
22
6
Greenbrier Ry 1st gu 4s___ _1940 MN 9114
96 Feb'29
96
9114 9114 Mil& Nor lst ext4H8(1880) 1934 3D 94
9114 Mar'29
Gulf Mob & Nor let 5328- —1950 A0
10018 106
95
14
Cons ext 432e (1884)_..1934 3D
10114 Mar'29
9512 95
M
let M 58 series C
Mll SPar& N W let gu 4e_ _1947
9034
7
9034 Sale 9034
957 102 Dec'28
1950 A0
Gulf & S 1 let ref & ter g 58_51952 JJ looi4
10418 Mar'29
MIlw & State Line let 3348-1941 J J
loiTs 1-0-8
90 Apr'28
Hocking Val 1st cons g 4328_1999 Ji 95 -611 97
Minn & St Louts let cons 58.1934 MN 50
95
2
51
2
50 50
99
97
10212 Mar'28
Registered
2193
8:8 Apr'
Temp Ws of deposit_ I934 MN 4812 5014 48
-22r412329
1999 J J
98 Mar'29
Bousatonlc Ry cones 5e_1937 MN 9718
1st & refunding gold 48-1949 MS 2312 24
-9734 9818
53
El & T C 1st g 53 Int guar_1937 JJ 102
_ 10214 Mar'29
Ref & ext 50-yr 58 ser A_.1962 Q F 1912 Sale
10214 10214
47
MN _1-62- 10014 Mar'29
Jan'29
18
Certificates of deposit
10014 102
1914 16
M StPdiSSM con g 4s int go'38 1--i 8212 88
Houston Belt & Term lst 58_1937 J J 91; Sale 9912
9834 100
2
87
8712 12
9912
Houston E & W Tex Ist g 58_1933 MN
lst cone 6s
1938 33 944 9714 99 Apr'29
9812 99
_ _ 99 Mar'29
9812102- 9812 Feb'20
lst guar 5e red
let cons 5e gu as to Int_ _1938 33 9814 98% 9814
974 1024
1933 M N 9812
9914
5
dud & Manhat lst5s ear A_1957 F A 9312 Sale 9112
10-year coil trust 6
__ _1931 MS 99 Sale 99
90
98
9334 38
9914
9
let & ref 6s series A
1946
Adjustment Income 55 Feb 1957 A 0 7518 Sale 7212
02
1
Apr'29
101 19
7512 188
7212 8434
1949 M• S _ _ 197
25-year 5120
Illinois Central let gold 4s___1951 J J 91
9212 92 Mar'29
let Chicago Terms f 4s_..1941 MN fie
91
! 934 Jan'29
9514
'
3
95 May'28
Registered
Mississippi Central let 55....1949 33 9712 -9813 9712
5
9712
let gold 314s
84
85 8013 Apr'29
Mo Kan & Tex 1st gold 4e._1990 3D 8414 86
8414
"Ws
8412 15
iisi
84 Nov'28
Registered
10112 Sale 10012 10112 59
Mo-K-T RR pr lien 5s ser A.1962 J
Extended 1st gold 3He_ __1951 * 0 82
8318 Apr'29
85
83
40-year 48 series 13
1962• J 8314 85
83a 831s
831s 45
let gold 38 sterling
7118
_- 7414 Mar'29
1951 M
92
93
Prior lien 432s ear D.„
1978 3
7414 7414
9212
9212
2
Collateral trust gold 4s.„1952 AO Ws -8914 88 Apr'29
Cum adjust 55 ear A.Jan 1967 A0 10312 Bale 10212 104
70
86% 9334
MN
Registered
87
_
Mo Pac 1st & ref Eg ser A _ 1965 FA 99 Sale 9814
Oct'28
100
30
—
MN
late efunding 45
91 Sale 9034
1955
General 4s
1975 M
91
2
7412 151
7414 Sale 73
90
Purchased lines 3328
89
8334 Jan'29
1952 J J
let & ref 5s series F
1977•B 9834 Sale 9712
83% 8334
9918 158
J J
Registered
87 Nov'28
Mo Pac 3d 78 ext at 4% July 1938 MN 9058 Sale 9038
90%
1
Collateral trust gold 4e..__1953 MN 8734 Sale 8612
let&refgsssero
1978 MN 99 Sale 9714
84
91
9918 233
8734 26
MN
Registered
9014 May'28
Mob & Sir prior lien 5 5s-1945 3, 99 101 100 Apr'29
MN
10412 Sale 104
Refunding 55
• J 95 100
1955
Small
104
7 102 10554
99 Feb'29
15-year secured 810 g_ _ _1936 J J 10911 Sale 10714
let M gold 43
1945 J 3 _
8912 8834 Apr'29
10912 121 107 111%
I0-year 4(e
Aug 1 1966 FA 9812 Sale 9734
Small
1945 J J i812
8
95
312 Mar'29
_
97 10012
9812 68
Cairo Bridge gold 41
1950 JO 8514 92 90 Mar'29
94
Mobile & Ohio gen gold 45_ _1938 MS 93
86
90
931x
Litchfield Div let gold 38_1951 J J 744
_ 72
Montgomery Div let g 56_1947 FA 9918
99
- 99
3
72
10
71% 7514
Louis)
,Div & Term g 3328 1953 J J 81
MS
6612 81
1977
- - 9258
Ref & impt 432e
Apr'29
9312
8
81
84%
Omaha Div 1st gold 341_1951 FA 7335 77
74 Mar'29
9
9312-87- 10,
Mob & Mar let gu gold 4s 1991 MS 833g
8412 Mar;2
Ap 29
74
74
St Louis Div & Term g 38_1951 J J 7218
7638 Oct'28
1937 J
10614 10812
-- Monte let gu 68
Gold 3a
1951 J J 7758
1937 J J 10034 --- 10034 Feb'29
81 Mar'29
let guar gold 5e
8612
81
J J
Registered
7834 Oct'28
Morrie & Essex let gu 3Ile_ _2000 J O 75 -78
7615 Apr'29
Springfield Div 1st j 3128_1951• 3
_ _ 88 Dec'28
Western Lines let g 4s____1951 FA 788834 9012
9014 Nash Chatt & St L 4e ser A_1978 FA 90 Sale 8958
8858 Apr'29
90
29
-flog
FA
Registered
92 Apr'28
1937 FA
N Fla & S 1st gu g 55
102 Mar'29
III Cent and Chic St Liz N 0—
Nat Ry of Mex pr lien 4)25_1957 3
18 July'28
_
J J
10212 10412 10178 10318 41 100 10514
Joint let ref tie series A_ __1963 J
July 1914 coupon on
1734 -- 1834 July'28
let & ref 43s series C____1963 J D 9534 Sale 9412
912
912
Assent cash war rct No 4 on
912 Sale
94% 9V2
9534 21
1
1977 AO
Guar 70-year e f 4s
8712 Aug'28
Ind Bloom & West let ext 4s 1940 * 0
91 Nov'28
Assent cash war ret No Son
14
14
14
-1214
1
Ind III & Iowa let g 4s
9214 Feb'29
92
1950 J
3812 July'27
92'g Nat RR Mex pr lien 432sOct'26
.812 Sale 844
Ind & Louisville 1st gu 45_1966 33 -8
9
Ament cash war ret No 4 on
8412 8814
8512
1714 163-4 1912 Mar'29
AD
Ind Union Ry gen de ear A.._1965 33
_ _ 102
1951
5 102 103
102
let consol 45
22 Apr'28
Oen & ref 5s series B
102_- 103- 103 Mar'29
Argent cash war rct No 4 on
103 103
1965 J
-1-614 8 Apr'29
Int di On Nor 1st 6e ear A
7 10014 10618 Naugatuck RR let g 48 _ _1954 MN
1952 J J 105 Sale 10412 105
Oct'28
86
90 Sale 8912
Adjustment 68 eer A July 1952
50
90
New England RR Dona 55_1945 J J
89
Apr'29
99
98
Stamped
7712 Feb'28
1946 33 - 5 8618 8612 Mar'29
Consol guar 4s
FA
9238
937
J
let 58 series 13
9378
8
J
11
Sale
1980
9112 Ms NJ June RR guar let 45..
1958
— -- 88 Mar'29
1st g Si series C
5
1956 J J 9358 9714 9314
91
9312
9512 NO&N E 1st ref& Imp 4105.'52 J J 9234
93 Mar'29
int Rye Cent Amer let 5s.. 1972 MN 81 Sale 81
22
81
New Orleans Term let 4s_ _1953
78
82
9.8
111 8858
98
8953 -6
8978 21
let coil tr
MN
90
9312 9312
2
9312
notes_
194I
93
9634 N 0Texas & Mex n-c Inc 582193 AD
98
98
1
let lien & ref 6125
9612. 13
1947 FA 9612 Sale 9412
1954 * 0 94 Sale 94
93
let 58 series B
.94
98%
1
Iowa Central 1st gold U._ _1038• D 4118 46
4034
FA
5
4158
1956
1st 55 series C
40
51
98 Sale 98
98
6
40 Mar'29
42
Certificates of deposit
50
1956 FA
1st 4325 series D
40
93
9212 Apr'29
5112
1318 11
Refunding Hold 45
1951 MS 13
1414 134
1st 5125 series A
1954 * 0 10078 Sale 10012 101
12
20
18
James Frank & Clear let 44_1959
88
88
90
2
88
86
894 N & C Bdge gen guar 432e__194 J 3 9534 Sale 9512
9534 22
Kan A & R let gu g
___ 10014 Apr'29
• J
994 10014 NYB&MB 1st con g 5s._1935 AD 954 9678 97
Apr'29
Kan &M let gu g 4e
84
85 84
1990 * 0 98MN
3
84
N
Y
Cent RR cony deb fis_ _193
84
8412
10534 22
105 Sale 105
N
Registered
Jan'29
_ 106
K 0 Ft S & M Ry set g 42_1936 * 0 924 Sale 9034
9212 33
89
Comic)! 413 series A
1998 FA 064 89
93
8712 Apr'29
K C & M it & B let gu 58._1929 * 0 98 _
98 Apr'29
98
Ref& impt 4125 series A 2013 AO 99 Sale 9714
9913
9915 31
Kan City Sou le4geld 3s
1950 * 0 7312 Sale
48
70
Ref de Imp% 56 series C_-2013 A0 106 Sale 105
78
106
48
Ref & impt 56
9818 24
Apr 1950 JJ 981s Sale 97
AO
954 99%
Registered
Mar'28
Kansas City Terns let 44_1960
884 8812 8712
884 32
88% Ms
Kentucky Central geld 45._1987 J J 89
92 89 Apr'29
8814 90% N Y Cent& End RIv M3Hs 1997 33 80 Sale 7812
80
23
Kentucky & Ind Terse 4)51,1961• 3 9178 95
Jan'29
95
Registered
95
1997 J J 78 Sale 78
78
1
87
Stamped
90
90
1961 J
90
13
87
90
Debenture gold 48
1934 MN 9512 Bale 9518
8
34
957
'
3 91
Plain
964 93 Apr'29
1961
MN
Registered
90% 95
Jan'29
95
Lake Erie & West 1st g 54-1937 ▪ J 10018
_ 10018
1001s
1
9934 101
30-year debenture 4e
1942 3,1 95 -95-78 9418 Apr'29
2d gold 5e
98 1912 100 Feb'29
1941 J
99 IOU
Lake Shore coil gold 3)0_1998 FA 76 Sale 76
18
76
Lake Sh & Mich Big 3221-1997 3D 7812 7912 7812 Apr'29
78
8118
Registered
1998 P A
2
7358
7358
•
D
78
Sale 78
Registered
1997
78
18
75% 78
Mich Cent coil gold 312s._1908 FA 7512 /814 7434 Apr'29
25-year gold 41
1931 MN 9735 Sale 9712
9912 18
Registered
1998 FA 7734 77
96% 994
78 Mar'29
MN
Registered
9934 Apr'28
N Y Chic & St L let g 4e
1937 * 0 9312 944 9112
9312
Leh Val Harbor Term gu 51_1954 FA 102 165-- 102
102
1 102 16,14
Registered
1937 AO
9612 Feb'28
9712 96
Leh Val N Y let rug 412s-1940 J J 96
Apr'29
951:
25-year debenture 4s
1931 M
9934
9.712 Sale 971
9712 14
MN
86
88
Sale 8412
Lehigh Val(Pa) eon.g 4s_2003
19
544 ow. 2d tle series A B C
1931 MN 101 10138 101
10138 21
MN
86
Registered
Jan'29
86
Refunding 53.4s series A_ _1974 * 0 10678 Sale 10538 10678 99
86
95 Apr'29
2003 MN 953 97
General cons 4)0
9212 100
Refunding 534e series B..1975 3
19
10578 113612 10512 106
MN
99 Nov'28
Registered
Ref 432s series C
1978 M S 9458 Sale 9414
16
95
NY Connect let HU 41
-is A _1953.F A 924 9458 9412
16
947
8
MN
1033
4
033
Sale
2003
8 10378 24 101% 10714
Lehi Valley 1111 gen Si series
let guar 5e series B
1953IF A 10012 102 10012 10012 73
Apr'29
Leh V Term Ry let gu g 58_1941 AO 99 100% 101
101 10312 N Y & Erie hit ext gold 4s_1947 M N
___ 90 Apr'29
AO
034 Feb'28
Registered
3d ext gold 432e
1933 M 8 —_
90100
9912 Mar'28
87
90
89
Oct'28
Leb & NY let guar gold 45....1945 MS
4th ext gold 58
1930 * 0
Feb'29
..
99
10638
2 10514 1-617Len & East let 50-yr 5s gu 1965 * 0 106% Sale 0638
MN
N Y & Greenw L gu g 5e._ _1946
.
100-957
_8 9438 Feb'29
_
MN
8812
_1962
Dec'28
Little Miami gen 4a series A
gold 8)4.._2000 MN 200 ____ 83
N
Y
&
Harlem
Jan'29
8510i
0412 Jan'29
1935 AD 101
Long Dock coneol g 6a
MN 71
ioiit 16412
Registered
8518 Apr'28
9812 Apr'29
Long laid 1st con gold 58JulY1931 Q J 9812 101
984 1014 NY Lack & W let & ref gu 58'73 M N 10112
Feb'29
10018
9718
_
00 Feb'29
1st consol gold ea.__ _Jule 1931 Q
1973 M N 96
97 100
let & ref gu 4 He con
96 Apr'29
1938• D 90 -9i12 994 Dec'28
General gold 4e
90
93
1930 M S
NY LE& W let 75 ext
_
104 Feb'28
994 Dec'28
1932 3D
Gold 413
1932 F A
N Y & Jersey 1st 5s
96
78
100
Mar'29
8812 89
89
1949 MS Unified gold 4e
88
904 NY&NE Bost Term 411_ _1939 A 0 - _ 90 Nov'28
9634 Aug'28
1934 .1 I) iiiT4 99
Debenture gold 55
98 100
n-c deb 4s._1947 M
N Y N
&
8014 86- 80
80
2
99
Bale
9612
99
30-year p m deb (91
20
1937 MN
96
99
7258 7734 7734 Feb'29
Non-cony debenture 3328_1947 M
8835 16
Guar Elh 11 1st con gut Se Oct'32 MS 883s Sale 883s
8914 9153
74
Non-cony debenture 3)45_1954 A 0 72
7014
7134 12
9812 9912 00 Mar'29
Nor Sb 181st con gu fai.Oct'32 Q
9934 WO
Non-cony debenture 48_1955 3 3 8014 83
80
80
1
90
Lou & Jeff Mee Co gd g 4/1.1945 MS 8612 90 90
1
1956 M N 8038 83
Non-cony debenture 4s
8412 90
80
83
11
02
102
N 1004 102
2 10014 1024
Louisville di Nashville 56....1937
19563 J 72
Cony debenture 3228
724 7158
72
2
,1
94
Sale
9358
94
21
Unified gold 4s
1940
19483
92% 9534
123 Sale 120
Cony debenture fle
123
37
9812 Dec'28
.1
Registered
3 J
Registered
11612 118
4
0818
00 Feb'29
Collateral trust gold 58_1931 MN
1940 A 0 105 Sale 104
0911 10038
Collateral trust6.
105
4
1957 M N 754 7814 73
73
13
Debenture 45
9014 104
let & ref 4 He ser of 19271967J D 90 Sale 8814
N 88
tierlem RA Pt Ches 1st 4s 1954
90
8812 Apr'29
-
Due Feb I.
Range
Sines
Jan.1.
Week's
Range or
Last Said.
Low
Higl
10012 105
10014 1074
,1021s 10572
97% 99
gee, 100%
100 1004
914 9114
844 6712
85
89%
98
100
74
74%
98%
-
89'i
92
994
100
75
77
1005
991k 100
i45,1
9934
99% ▪
-652
9915
98
94
90
99▪ 4
96
95
92
60
47
IA;
19%
534
35
15% 20
16
16
67
8914
9334 99
96% 9911
9714 101
9512 109
91% 95
9312 934
9712 99%
8138 85%
9812 103
8112 88%
89
944
102 10512
954 10132
70
77
9314 9918
904 91%
944 991s
99 100
99 100
86
98
8512 89
914 9818
99
99
90
974
8418 88
106 108
100% 101
761s 804
8912 90%
10034 102
1214 1553
-ii
331,
71* _al.
99%
98
gals 88%
88
88
974
98
87% 91
98 100
93 1004
98 101
9212 98
1004 10518
94% 9534
97
97
10214 108
106 106
884 89%
97 1004
1041s 1074
77%
7718
93%
95
90
7414
73%
7434
784
9112
9614
1004
1044
105
93
9312
9914
90
824
7812
97%
95
9611,
1116
.
73%
79
78
96
98
1024
10714
107
9512
9714
10212
96
99
99
94% 98
83
83
1001, 100's
96 1001s
100
idol;
80
75%
7014
74
76
69,4
118
115
102
70%
8518
8812
80
7734
711
844
844
75
126
119
10518
7818
92%
901,
2602
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 19.
Price
Friday
April 19.
Ask Low
Bid
NY O& W ref lsta 4s_June 1992 M S 69 Sale 674
Reg $5.000 only__June 1992 M S
70
General 48
1955 J D 6224 6314 62
NY Providence& Boston 48 1942 A 0 8912 91
874
Registered
A 0
8934
N Y & Putnam 1st con gu 42 1933 A 0 8512 87
8512
NY Susq .4 West 1st ref 58_1937 J J 814 Sale 8012
2d gold 4348
1937 F A
8434
General gold Ss
1940 F A 71
7212 7114
Terminal 1st gold 5.5
1943 M N
10112 9912
NY W-ches & 13 1st ser I 434s '46 .7 J 8258 Sale 80
Nord Ry ext'l s f 6348
1950 A 0 10238 Sale 10112
Norfolk South 15t & ref A 58_1961 F A 85 Sale 85
Norfolk & South 1st gold 5s _1941 MN ---- 9912 99
High No. Low
High
87
7484
9
69
Apr'28
7114
2
62
62
Oct'28
Jan'28
8414 8912
Mar'29 _
804 8612
6
814
Nov'28
-7015 82
Apr'29
9918 10112
Feb'29
7958 85
8258 63
10238 72 10012 105
83
9034
8518 17
9712 102
Mar'29
Norfolk & West gen gold 65_1931 M N
Improvement & ext 6s_ _ _1934 F A
New River 1st gold 6s_ _1932 A 0
N & W Ry 1st cons g 4s 1996 A 0
Registered
1996 A 0
DWI let lien dr gen g 4.5._1944
J
10-yr cony Os
1929 M S
Pocah C & C joint 4s _ _ _1941 J 0
North Cent gen & ref 55 A _ _1974 M
Gen & ref 4348 ser A stied..1975 M
North Ohio 1st guar g 5e_ ._1945 A 0
North Pacific prior lien 4s_ _1997 Q J
Registered
1997 Q J
Gen lien ry & Id g 3s_Jan 2047 Q F
Jan 2047 Q F
Registered
Ref & impt 4343 series A __2047 J J
Ref dr !mut Os series I3__2047 J .1
Ref & impt 5s series C____2047 J
Ref dr impt 58 series D_ _2047
J
Nor Pac Term Co 1st g 6s_ _1933 J J
Nor IV of Calif guar g 58_1938 A 0
102 Mar'29
105 Mar'29
10312 10118 Apr'29
Sale 894
92
-- 8912 Feb'29
02
92
92
13212 Feb'29
9158 9314 92
92
10778 Jan'29
96
98 09 Apr'29
--__ 9512 96 Feb'29
8878 Sale 8758
884
8558 89 8534
86
6412 65,2 6334
6514
62 Mar'29
9614 V6-1
97
8 9658
11114 Sale 11012 11178
10212 10312 10238 10234
105 Sale 10214
103
10934 ---- 10934 Feb'29
107 June'28
North Wisconsin 1st 6s __1930 J J
Og & L Cham 1st gu g 4.5_ _1948 J J
Ohio Connecting.Ity 1st 49_ _1943 M S
Ohio River nit let g 5s_ __ .1936.7
General gold 5s
1937 A 0
Oregon RR & Nay con g 48.1946 J D
Ore Short Line 1st cons g Os_1946 J J
Guar stud cons bs
1046.7 .1
Guar refunding 48
1929 J D
Oregon-Wash let & ref 45.. _1961 J J
Pacific Coast Co 1st g 55_ _ _1946 J D
Pao RR of Mo 1st ext g 4s 1938 F A
20 extended gold 58
19384
Paducah & Ills 1st s f 4345_1955 J
Paris-Lyons-Med RR ext.' 68 1958 F A
Sinking fund external 78...1958 M S
Paris-Orleans RR s f 7s._1954 M S
Ext sinking fund 534s_ _191381M S
Paullsta Ity 1st & ref s 7s 19421M S
100 Sept'28
9634
76 -7-9
7878 Mar'29
-- 9558 Nov'28
9918 __ 9918
9918
994 Mar'29
9958
904
9014
9014
10212 ---- 10212 10234
10212 10212
10212
9878
9858 Sale 9812
8712 Sale 8618
8712
75
75
75
77
9034
91
93
9034
9734 Mar'29
974
9258 -9978 10058 Oct'28
9978
9934 Sale 9914
10314 Sale 10234
10414
10:338 Jan'28
954
0434 Sale 9434
10112 103 10112 102
Pennsylvania RR eons g 48_1943/M N
Consol gold 4a
1948I M N
45 sterl stpd dollar_May 1 1948I M N
Consol sink fund 434s
1960
General 434s series A _ _ _ _1985 1 D
General be series B
1968 J D
10-year secured 7s
1930 A 0
15-year secured 0345
1936 F A
Registered
F A
40-year secured gold 5.5.__1964 MN
Pa Co gu 3348 coil tr A reg__1937 M S
Guar 3348 coli trust ser 13_1941 F A
Guar 3348 trust ctfs C____1942 J
Guar 314s trust etfs D__1944 J D
Guar 15-25-year gold 4s_ _1931 A 0
Guar 4s ser E trust etfa___1952 M N
Secured gold 4343
1963 MN
Pa Ohio & Det 1st & ref 4 We A'77 A 0
Peoria & Eastern 1st cons 4s_1940 A 0
Income 45
April 1990 Apr.
Peoria & Pekin Un 1st 5345_1974 F A
Pere Mareuette 1st ser A 55.1956 J 1
1st 48 series B
1956 J J
9234
9312
9134
101
99
10634
10158
10812
102
101
10118
9112
---9112
9434
94
96
Sale
Sale
Sale
Sale
Sale
162E8 Sale
9818
9512
84
39
102
10358
8914
Sale
96
86
4138
____
Sale
9318
9158
93
101
9812
10614
10118
10734
112
102
88
86
89
85
9714
8814
9818
9212
8334
37
102
102
89,4
e Due June.
4
59
6
8
13
23
2
25
9112
10312
4
5
56
41
7
3
97
41
32
4
5
5I
8
10
2
20
---____
8138
91
_
-91-3-4
9778 Sale
---.79
10114
9918
-8612 Sale
8038 8114
9414 Sale
75
8234
89
87
7112 Mar 29
84 Feb'29
91
9212
0434 June'28
9514
974
7818 May'28
101
Feb'29
100 Nov'28
6 elay'28
712 Apr'28
8114
8114
8534
87
9414
9434
82 Nov'28
87
87
83
88
_ 10478
1-11i 10534
9612 9612
10058 9878
10134
Sale 9914
Sale 94
0712
k Due August
10112 10314
105 105
9978 104
89
9214
894 8912
9014 94
13212 13212
9112 95
10778 10778
9574 99
96
9614
90
87
8534 89
63
8712
62
8312
96
9878
11038 11312
101 105
101 10438
10934 10934
787s 83
105
Oct'28
10358 July'28
9978 Apr'29
10014 Aug'28
9918 Sept'28
9112
9112
10318 Mar 29
10114
9978
St J08 St Grand lel 1st 4s_1947• J 85
St Lawr dr Adir let g &J....1996• J
2d gold Os
1996 AO 166
St L dr Cairo guar g 4s
1931 ▪ 7 96
St L Ir Mt & S gen con g 59_1931 AO 100
Stamped guar as
1931 AO
Unified & ref gold 4s
1929 ii 9914
Riv & G Div 1st g 4s_ _ _1933 MN 9434
9t L AI Bridge Ter gu g 58._1930 A0
ue may.
21
Mar'29
9158
Mar'29
101
1912 92
1064 19
10134 101
50
109
Apr'28
1033e 93
Oct'28
86
Feb'29
Feb'29
9714 20
Mar'29
9834 166
96
137
8412 11
Mar'29
6
102
10358 15'
1,
8914
Phi% Bait & Wash 1st g 48_1943 53 N 9258 9312 93
93
General Os series B
1974 F A 107
107 Apr'29
Phillippine fly 18t 30-yr a f 48 '37.7 J 30 Sale 36
36
Pine Greek registered let 66..1932 J D 101 103 Mar'29
1940 A 0 6.P C C St L gu 4 As A
7i, 9812 9712 Mar'29
1942 A 0 9718
Series B 430 guar
9712
9712
1942 M N 9612
Series C 434s guar
9934 Mar'29
Series D 48 guar
1945 NI N 9618 _
9618 Mar'29
Series E 334s guar gold
1949 F A 9214 _
9714 Sept'29
1953J D 0612 _
Series F 4s guar gold
9458 Jan'29
1957 M N 1615
Series 0 48 guar
9618
964
Series II con guar 4s
9612
9612 Apr'29
1963 F A 9658 -9-9 9934 Feb'29
Series I cons guar 434s
Series J cons guar 4348 _ _1964 M N
9938 9912 Apr'29
General 51 58 series A._1970.7 D 10612 Sale 10612 10612
J D
Registered
10338 Jan'29
Gen nage guar Os tier B__1975 A 0 107 Sale 10634
107
A 0
Registered
11312 Jan'28
Pitts McK & Y 1st gu 6s____1932 J J
1934 J J
2d guar Os
1940 J 0
Pitte Sh dr LE Ist g 5s
1943 J J
let consol gold 58
1943 MN
Pitts Va & Char 1st 45
Pitts Y & Ash 1st 48 ser A _ _1948 J O
1962 FA
1st gen bs 8erles B
1974 .1
1st gen Os series C
1957 MN
Providence Secur deb 4s
Providence Term 1st 4s_ _ _ .1956 M
Reading Co Jersey Cen coil 4'b1 AO
AO
Registered
Gen & ref 434s series A__1997 J J
Rich dr Meek let g 48
1948 MN
Mehra Term Ry 1st gu 5s 1952 J J
Rio Grande June 1st gu 513-1939 J o
Rio Grande Sou let gold 48_1940.7'
Guar 45 (Jan 1922 coupon)'40• J
Rio Grande West let gold 48_1939 ii
1st con dr coil trust 4s A._1949 AO
RI Ark dr Louis let 4 As
1034 M
Rut-Canada 1st gu g 4s__ _1949 ▪ J
Rutland 1st con g 4349
1941 7
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
8
84
8
15
16
1
13
83
Feb'29
Nov'28
Mar'29 _
9912 41
Dec'28
9938 29
9434 117
Mar'29
BONDS
N. Y STOCK EXCHANGE
Week Ended April 19.
1211
-San Fran pr lien 45 A__1950 M S
St 5,
Con 131 434s series A
1078191
Prior lien 55 series B
St Louis & San Fr fly gen 68_11931
50.1
J
General gold 55
St L Peer & N W 1st gu 58_1
194
938
1j
J
1931 53 S
St Louis Sou 1st gu g 4s
St L S W let g 48 bond Ws_ _1989 53 N
2d g 4s Inc bond etre Nov 1089.7 J
Consol gold 4s
1st terminal dr unifying 58_1193
52
2 1J
.1 D
St Paul dr K C Sh L lst 4349.1941 F A
St Paul & Duluth 1st 5s
1931 F A
1st consol gold 4s
48
7.1J
-1 D
St Paul E Gr Trunk let 4348_1196
St Paul /311un dr Man con 48_1933 J J
1933 J J
1st cense' g Os
Registered
.7 J
68 reduced to gold 434s___1933 J
J J
Registered
Mont ext 1st gold 4s
D
J
19
'40
Pacific ext guar 4s (sterling)
St Paul Uu Dep let dr ref 58_1972 J J
S A & Ar Pass Ist gu g 4s._.1043 J J
Santa Fe Pres dr Filen 1st 58_1942 M S
1934 A 0
6s
Salcst
1934 A 0
Fg
lao14'
d 5s
Wes1 1st g
Scioto V & N E 1st gu g 40
1989 131 N
Seaboard Air Line 1st g 48_1950 A 0
1950 A 0
Gold 4s stamped
A
M
A 0s
Adjustment 55
Oct 1949 F
Refunding 4s
let &cons 68 series A____1199459
5
M S
Registered
AU& Birm 30-yr ling 4s_d1933 M
Seaboard All Fla 1st gu Os A_1935 F A
j
A
Series B
,
135
931
Seaboard & Roan 1st 5s extd
So Car & Ge 1st ext 5148
1929 M N
N Ala cons gu g 5s
1936 F A
Gen cons guar 50-yr 5s..1983 A 0
Price
Fridav
April 19,
Week's
Range or
Last Sale
Bid
Ask Low
High No.
8634 Sale 8538
8712 126
8712 Sale 8514
8734 316
10034 Sale 9934
100
101
10034 10178 101
10178
10
98
9834 9812 Apr'29
102 10412 10212 10212
1
964 9758 974 Mar'29 - 8414 87
8414 13
84
80
81
80
27
7912
0534 Sale 954
12
96
97
99
1
98
98
93
9312 9112
9412 10
98 100
98 Apr'29
8818 90 8014 Mar'29 -9718 Jan'28
_
95 -W3i 9812 Mar'29 - 10134 104 103
10418
3
103
Jan'29 9712
9712 Sale 9612
2
95 Dec'28
92
94
94 Mar'29 ---8712 91 103 /3Iar'28 -10212 Sale 102
10212 10
90 Sale 8934
90
20
9834 -.- 102 Apr'29 - 10212
106 Mar'29 -9814
9834
3
9814
90
6
8812 --- 8812
7318
11
7278
73
70
70
69
4
46 Sale 45
49
186
48
58
5714 Sale 5634
103
78
7512 Sale 7512
75 Mar'29
8514 8512 85 Apr'29
6658 Sale 6658
6738 41
7
6534
66
6658 67
---- 9712 98 Dec'28 -9958 100 9958 Apr'29 -- -100 10112 101 Dec'28 _ -105
10512 10512
3
091s 9912
9038 100
8934 9212 So Pac eon 4s(Cent Pac col) k'49
8914 122
8812 8912 88
10212 10638
J D
Registered
1
804
864
10212 106
June 1929 J D 9912 Sale 994
20-year cony 45
5912 41
98
9914
181 4)45(Oregon Linea) A.1977 M
17
96
9514
95
8112 8918
20-year cony 58
1934 J O 10114
5
10034 1004
75
80
Gold 4348
1968 MS 9414 Sale 9414
9518 86
9034 941s
San Fran Term 1st 4s
1950 A0 874 884 8712 Apr'29
9614 99
A0
Registered
90 Nov'28
So Pac of Cal 1st con gu g 58_1937 MN 100 102 100
Apr'29
974 101
So 1582 Coast 1st gu g 413___1937 J J 9412 06
9514 Apr'29
10112 10478 So Pao RR 1st ref 4s
1055 ii Elle Sale 9034
57
92
Registered
J J
9034
-65- -0-66-2 Southern Ry 1st cone g Os...1994 J J 10733 Sale 107 Mar'29
43
108
10112 104
Registered
J J
105 Apr'29
Devel & gen Is series A...1956 AO 88 Sale 8678
88 -555
934 95
Reglstered
AO
8714 Sept'28
9158 94
Develop & gen 68
1956 AO 114- Sale 11314
11418 26
9214 9334
Develop & gen 6345
1950 AO 12138 Sale 11834
1214 22
994 10112
Meru Div 1st g 5.5
1996 ▪ J 10438 10512 104
6
104
9714 10012
St Louis Div 1st g 48
1951 J2 86,4 -- 8512 Apr'29
10534 10812
East Tenn reorg lien g 5s 1938 MS 98
1
98
98
10038 10378
Mob & Ohio coil tr 4s___ _1938 53 S 92 :gale 92
92
13
10712 111
Spokane Internet 1st g 5.5._1955 J J
73 Apr'29
ioi- 105 Staten Island Ity 1st 434s___1943 .1 D
86 Nov'28
Sunbury & Lewiston 1st 4s._1936 .7 .1
95 Apr'28
8418 8712 Superior Short Line 1st 58_e1930 51 13 -65- 1-99 99 Mar'29
89
89
Term Assn of St L ling 4348_1939 A 0 98
98 Mar'29
85
85
1944 F A 10258 Sale 10258 10234
1st cons gold 55
7
9611 9918
1953 .1 J 8758 Sale 87
Gen refund s f g 48
874 28
8814 92
j 10134 Sale 10012 10174
Texarkana & Ft S 1st 534fi A 1
,
1 94
53
0 .1
1, A
9
96311 9918 Tex & N 0 com gold 58
98
__.... 98 Mar'29
9212 9714 Texas & Pac 1st geld 58
2000 J D 107 Sale 106
18
107
11,10
8312 87
70
7M
A aor
2d inc5s(Mar'28cp on)Dec 2
95 100 Dee'27
37
40
9912 Sale 99
Gen &ref Os series 11
9912 134
10112 10212
1931J J 9918 9914 99
2
La Div 13 L let g 5s
9918
10014 10478 Tex Pac-Mo Pac Ter 5345-1961 M
104 Sale 10314
14
104
86
917* Tol & Ohio Cent 1st gu 58-1935 J
1
9912 100
9912 9912
1935 A 0 -__ 103 103
Western Div let g Os
Apr'29
924 95
193S2 D 95
General gold 5s
9712 9912 Apr'29
107 108
Toledo Peoria dr West 1st 48_1917 J .1 12
15 Nov.27
35
39
1950 A 0 87
Tol St L & W 50-yr g 4s
4
87
90
87
103 103
1931
.1 9614 98
Tol W V dr 0 gu 434s A
98 Apr'29
9558 9934
1st guar 4349 series B___ _1933 J .1 9618 98
954 Apr'29
0614 10012
1942 M S
1st guar 4s series C
9412 Nov'28
9934 9934 Toronto Elam& Buff 1st g 481946 J D 8424 89 8414 Mar'29
9412 9612
1928 J D 564 79
Ulster & Del 1st cons g 58
4
5012
5912
942 9458
Certificates of deposit ______
- 60
75 63 Apr'28
9595
9614
1st refunding g 48
1952 A0
_5012 54
53 Apr'29
95
9612 Union Pac 1st lIlt & Id gr't 461947 J 1 9312 Sale 92
9312 44
9834 100
Registered
J J 90
9518 9114 Apr'29
9912 9934
let Ben & ref 48
June 2008 51
88
8812 8712
874 13
10534 1084
Gold 4348
1967.7 1 984 Sale 9712
9814 60
let lien & ref 6s
June 2008 NI
10812 10912 10812 Apr'29
106 10812
40-year gold 4s
11/68 J D 89 Sale 8714
8778 20
U NJ RR & Can gen 4e...1944 M
92
92
9
Utah & Nor let ext 4s
1933 J .1 9412 ___ 96 Nov'28
Vendetta cons g 4s series A 1955 F A
2
9212
9212
B
Cons s
1957 MN
9212
6
9212
964 10012 Vera Cruzf&48Pseries
assent 4348..1934
1412 Mar'29
Virginia Mid 58 series F___ _1931 ni
10018 Mar'29
1936 M N 166T8 16112 10018 Apr'29
General 58
9114 -1111-2 Yak Soutliven 1st gu 5s___.2003
J 9914 104
9914 Apr'29
1034 10318
let eons 50-year 58
1058 A 0 90 Sale 894
7
9112
Virginian Ry let 58 series A.1982 M N 103 Sale 10218
10312 79
7111 14-- Wabash RR 1st gold 58
1939 M N 10114 102 1014
102
84 84
211 gold Oa
1939 F A 98 101
36
9912 100
9312
90
Ref & gen 11 f 530ser A
1075 M S 102 Sale 102
18
102
Debenture B 65 registered.1939 J
8818 May'27
112 19.18 1st lieu 50-yr g term 48 1954 J J 75 153-8 884 Nov'28
Det & Chic ext 1st g 5e
1941 J .1 10012 10112 10012 10012
1
-55T2 16iDes Molnes Div let g 48..1939 J .7 85
Jan'29
91
88
Omaha Div lst g 330_1941 A 0 7538 8112 7934 Apr'29
Tol & Chic Div g 48
1941 M
-- 9212 9012 Mar'29
44
Wabash Ry ref dr gen be B 1976 A 0 100 Sale 904
100
-8E1
Ref & gen 434s series C
46
1978 F A 88 Sale 87
98
87
78
9312 964 Warren 1st ref iru g 334s____2000 FA
83 Nov'28
80
Wash Cent 1st gold 4e
1948 QM 83
85 8414 Mar.%)
9011 Wash Term 1st gu 334s
87
83 Apr'29
1945 FA
1st 40-year guar 48
1945 FA 884-- 8818 Apr'29
83
8814 W Min W & NW let gu bs 1930 FA 97 -99
97 Feb'29
1044 10478 West Maryland 1st g 4a
7934 123
1952 AO 794 Sale 7834
let & ref 534e eerles A
93
9518
96
1977 3' 95
-554
1005
8
West N Y & Pa 1st g 58
3
10012
1937
.• 1 10012
98 101
86
Gen gold 4s
3
86
1943 A0 8514
99
Western Pac 1st ser A 5s
27
1946 MS 98 Sale 98
-653.8 9912 Registered
9718 Aug'28
MS
9234 9434 West Shore let 413 guar____2361
87
16
87 Sale 8318
8314
9712 100
Registered
4
2361 J J 8314 Sale 83
Wheeling & Lake Erie100 Sept'28
Ext'n & Impt gold 5s
1030 FA
90 Feb'29
Refunding 4345 series A 1960 MB 95i4
Feb'29
Refunding 55 serles 13
_ 1-62 102
1986 51
8518
RIt 1st consol 48
8
1949 53 S 8518 Sale 854
Range
Since
Jan, 1.
High
Low
8312 8818
8334 89
9834 101
101 102
9538 10014
102 1034
9512 974
8312 89
79
8114
95
9611
97 10158
8934 We
98
98
8014 804
-651.2
10134 10418
103 103
9612 99,4
-94- -9-5-10078
8714
102
100
0814
8812
7278
0712
3558
5714
7314
75
85
64
(3434
10514
91
102
106
10012
904
74
7514
5014
6018
80
75
89
71704
991
9958
1044
119f3-4
8814
8514
9914
95
100
9239
8712
914
864
0914
9914
10118
9718
91
1659514
103
954
924
9054
110
108
8818
8914
9034
10618
105
834
10912 11458
117
101
85
9014
91,2
12218
1064
89
100
934
7212 8111
99
98
10178
85
10012
98
10558
f17
9812
10212
9612
9918
95
-9-9-98
103
89
10418
98
1094
1-02-1-4
100
10614
10118
103
10018
91
87
98
95
0512 9558
-941-4
8858
5012
65
33
91 14
90
86
9334
106
85
92
85
85
8218
954
92
9078
9912
10818
8914
96
-65i2 9434
1)213 943.
141, 171,
tools tool
100 moss
9914 loo
997. 9514
10158
10018
97
190
10434
10314
10114
1044
166- 1-0194 8
7934
9012
944
84,4
8534
9012
10014
904
841g
83
881s
97
78
9278
9912
86
8458
86
91
97
82
9978
10118
9112
9512 9:9)
i3
814 8814
4
90 -1T93102 102
8458 8934
2603
New York Bond Record—Continued--Page 5
rt •
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 19.
t->
•••••4...
Price
Friday
April 19.
Week's
Range or
Last Sale
,53
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 19,
Price
Friday
April 19.
Week's
Range Sr
Lam Sale,
Range
Since
Jan,1.
High No. Low
Mob
Ask Low
Bid
High
High No. Low
Ask Low
Bid
6012 7912
6134 62
Cuba Cane Sugar cony 78_ _1930 J J 6112 64 604
Wilk at East 1st fru g Ss
5
6512 74
68
1942 J D 6712 70 67
8018 80
6312 330
Cony deben stamped 8% _1930 J J 6312 Sale 61
99 10058
Will dr SF let gold 58
1938 J D 10018 _ _ 99 Apr'29 ____
994 10334
10114 Sale 10072 10112 32
Cuban Am Sugar let coil 88_1931 M
_
Winston-Salem S B 1st 4s
1960 J
92 June'28
___ 95
26
8812 9772
91
; Cuban Dom Sug 1st 714s- —1944 MN 90 Sale 90
Wis Cent 50-yr 1st gen 413_1949 J JJ 7814 Sale 7814
7912 26 -7712 -841
2 10118 103
8778 9112 Cumb T & T 1st & gen Ss__ _1937 J J 10138 102 10118 10114
Sup & Dui div & term let 45'36 M N 8414 87
88 Mar'29
AO
102
99
99
Apr'29
_
_
_1940
98
9912
lets
f6s
A
Cuyamel
Fruit
Wor &Con East lst 419s_
1943 J J
9238 Dec'28
_
76 Dee'27
Denver Cons Tramw let bs_ _1933 AO
INDUSTRIALS
10014 10014 5 --97- Tor
Den Gas& E L 1st& ref 5fg 5s'51 MN
Abraham & Straus deb 5198_1943
97 101
100
4
1951 MN 9814 -9912 98
Stamped as to Pa tax
With warrants
A 0 108 Sale 109
10934 10 107 120
73
65
65 Apr'29
_
70
8314 8834 Dery Corp (D G) 1st s I 78-1942 M S 65
Adams Express coil tr g 40_1948 M S 85 Sale 85
8
8512
62
70
65
Sale
65
6512
7
stamped
Second
98
Adriatic Elec Co extl 7s_ _ _ _1952 A 0 9578 Sale 9514
94
23
9612
Ajax Rubber 1st 15-yr s f 88_1936 J D 10014 10412 1114 Apr'29
102 10714 Detroit Edison 1st coil tr 58_1933 1--5 10158 Sale 1004 10134 19 100 102
94,
0 MS 10214 Sale 1024 10212 10 10114 10434
1st & ref bs series A_July 194
4
Alaska Gold M deb 68 A__ __1925 M S
4
4
12
4 Feb'29
A0 10218 Sale 101
10212 39 10034 10414
Gen & ref bs series A
8
8
Cony deb 6s series B
1926 M S
8 Jan'29
44 10534 10838
1st & ref (is series B__July 1940 M S 10612 Sale 10612 107
9834
Albany Pefor Wrap Pap 68_1948 A 0
94
5
94
9378 94
1955 J D 10112 Sale 10112 10158 -___ 10014 10438
Gen & ref 58 ser B
Allegheny Corp coil tr 58
9812 11012
_1944 F A 102 Sale 101
10234 594
FA
9 103 10518
103
103
10312
1962
10314
Series C
97 101
Allis-Chalmers Mfg deb bs_ _1937 M N 10034 Sale 9938 1003
37
9612 98
4
9712
Det United 1st cons g 9195._1932 J J 9658 9712 97
9312 98
9
Alpine-Montan Steel 1st 7s 1955 M S 92
94
95
95
MN 102 Sale 10058 102 .503
97 10412
1940
Bros
deb
Cis
Dodge
Am Agile Chem 1st ref sf7348'41 F A 10412 Sale 104
10612
104
19
1041
8634 88
1
8712
Amer Beet Sug cony deb 68_1935 F A 87 Sale 8612
8938 Dold (Jacob)Pack 1st(is_ _1942 SI N 874 8734 8712
80
4
88
97 Dec'28 -99
Dominion Iron & Steel 58—.1939 MS 90
American Chain deb 516s__ _1933 A 0 9714 98 97
9512 99
13
973
1942 .1
10014 10012 10014 10014 21 --98Z "for
Donner Steel 1st ref 78
Am Cot Oil debenture 5s
99
98
1931 MN 9812 9914 9818 Apr'29 ____
N
Am Cynamld deb be
1942 A 0 9512 Sale 9538
21
9334 9612 Duke-Price Pow 1st 6s ser A '66 A0 10358 Sale 10314 10334 84 103 10512
96
48
98 10078
100
_1967
198
A
_
Light
1st
4
9934 Sale 99
Duquesne
90
9212
Amer Ice s f deb 5s
5
1953 J D 90
9112 90
9034
97
17
80
81
East Cuba Sug 15-yr s f g 71.9s'37 MS 8112 Sale 80
Amer Internet Corp cony 539s'49 J
188 101 111
10334 Sale 10314 104
95
10
9634
96
Am Mach & Fdy s f Os
2 10334 10912 Ed El Ill Bkn let eon g 48._1939 J J 96 Sale 96
1939 A 0 10412 10534 10412 10412
ii
109
1107
s
Apr'29
109
1995
10814
1097
8
cons
g
bs
Elec
III
1st
Ed
American Natural Gas Corp--9112 96
11
93
Deb 619s (with purch warr)'42 A 0 7912 Sale 7858
512 9638 Klee Pow Corp(Germany)610.50 MS 93 Sale 9238
17
SO
9314
9314
90
9512
5
9312 95
Elk Horn Coal 1st & ref 6198.1931
Am Sm & R 1st 30-yr 5s ser A '47 A
128 100 102
102 Sale 10014 102
7712 811s
77
80 7712 Apr'29
Deb 7% notes(with warets)'31
Amer Sugar Ref 15-yr Bs__ _l937 J J 10414 Sale 10312 10414 35 10178 10478
9918 10018
9914 ____ 9914 Mar'29 _Am Tele()& Teleg coil tr 48_ _1929 J J 9938 Sale 9938
99
9958 Equit Gas Light let con 58_1932
9958 56
9214
9634
5
95
917
4
58_1942
9414
9712
945
8
Sale
let
Federal
Light
&
Tr
Apr'29
S
____
9412
1936
M
9478
Convertible 48
9214 97
9578 14
942
19
9334 Sale 9358
let lien s t bs stamped
1
9718 101
1933 M 8 9978 Sale 9978
20-year cony 4Xs
9978
102
1 10112 104
10234 103 102
1st lien 68 stamped
30-year coil tr 5s
1946 J D 10414 Sale 1034 10414 69 101 10478
Ms 102
2
9812
1954
97 100
9812
101 101
30-year deb 6s ser B
J D
_ 101 Feb'29
Registered
8 10072 105
10214
194
36
9 J D 102 103 102
1960 .1 J 10338 Sale 10212 1034 132 10114 10538 Federated Metals a 1 75
35-yr s deb 58
J J 130 139 137
137
5 137 171
1943 MN 10614 Sale 10558 10612 277 10412 10734 Flat deb 7s (with warr)
20-year f 514s
9524 38
9412 103
9412 9534 9458
Without stock purch warrants_
1940 A 0 10378 Sale 10378 10412 10 10378 10514
Am Type Found deb 6s
1441
1124 Sale 11134 1127g 17 Ill 1144
9718 9938 Fisk Rubber 1st 5 1 88
Am Wat Wks & El col trbs _ _1934 A 0 9814 Sale 98
9834 97
▪
J
10138
10612
105
80
7198'42
10138
10318
20-yr
1035
8
Frameric
Deb
101
1053
Ind
&
MN
4
10212 Sale 102
1975
Deb g 6s ser A
10234 14
N 10012 101 10112 10112
100 109
854 Francisco sugar 1st s t 719s_ _1942
Am Writ Pap 1st g 6s
1947
J 8234 Sale 82
81
9
8234
38 10034 10234
1953 F A 10412 Sale 10418 10412 192 10334 10534 French Nat Mail SS Linea 75 1919 J o 10134 Sale 10112 102
Anaconda Cop Min 1st 13s
95
6
93
94
1943 FA 93 Sale 93
102 102
Gannett Co deb 6s
_ 102 Apr'29
Registered
1
106 106
Gas& Et of Berg Co cons g 581949 3D 9978 1051 106 Mar'29
1938 F A 21612 Sale 210
15-year cone deb 78
22112 307 186 268
1939 A0 10412 Sale 10412 10534 43 103 10912
196 200
Gen Asphalt cone 8s
Registered
_ 200 Jan'29
98 100
1947 J J 9812 Sale 9812
9858 30
Gen Cable 1st 51 519s A_
Andes Cop Min cony deb 7sJ943U J
235 Dec'28
1942 FA 9434 ___
9412 96
9134
9434
6
Anglo-Chilean 5 f deb 7s__ _.1944 M N 9634 Sale 9612
98
22 -lift 1-60- Gen Electric deb g 319s
19 100 10414
15
Antilla(Comp Azuc) 71.98_ _ _1939 J J 70 Sale 70
65.8 7978 Gen Elec(Germany) 78 Jan '45 ▪ J 102 Sale 10118 102
7018
6
J
O
1 11112 123
Ark & Mem Bridge & Ter 58_1964 M S
11712 12514 11712 11712
St deb 619s with Warr_ _ _1940
10112 10312
101 10312 Mar'29
10
9218 9914
97
99
Armour & Co 1st 419s
1939 J I) 9114 Sale 9058
97
99
Without warets attach.c1 '40 J
9278
90
9114 78
89
9412
18
1948 MN 9034 9238 9012
91
Armour & Coot Del 514s_ _1943 J J 9112 Sale 9058
9018 9212
20-year s t deb (is
9112 113
187 10014 10334
1937 FA 102 Sale 10158 102
Associated 0116% gold notes 1935 M S 10112 Sale 10112 102
8 10112 10318 Gen Slot Accept deb 65
FA
9934
102
15
100
Atlanta Gas L 1st be
1947J D 10134 ____ 10312 Dec'28
100
100Iz
100
Genl
1st
_
Petrol
5 f 53
9 2
1952• A
Atlantic Fruit 78 ctfs dep
1062
9712 Apr'29
1934 J 13 1258 ____ 15 Nov'28
Gen Refr 1st s f 6s ser A
103% 10712
45,A 0 97
95 10078
13
J D 1258 ____ 15 July'28
940
At8taraped Ws of deposit
98
Good Hope Steel & sec 7s_ _ 19
AU Gulf& W I SS L col tr 53_1959 J J 7378 Sale 71
Goodrich(B F)Co 1st 619s 1947../ J 10714 Sale 10612 10718 58 10632 10814
67
77
74
18
91
9414
9414 343
Atlantic Refg deb bs
1937 J
10078 Sale 10078 10112 11 100 10212 Goodyear 'fire & Rub 1st 58_1957 M N 9412 Sale 9312
9812 leg
13
Baldw Loco Works 1st 58_ _1940 M N
99
Gotham Silk Hosiery deb 68_1936 J O 9812 Sale 9812
___ 1064 10612
2 106 107
6872 73
15
71
1940 FA 70
Baragua (Comp Az) 71914_ _1937 J J 1061271
71
Gould Coupler 1st sf68
9212 99
874 94
93
93
2
96
9912
9878 20
Barnsdall Corp 6s with warr_ 1940 J
Gt Cons El Power(JaPan)78-1944 FA 9812 Sale 9812
12918 142
136
Jan'29
12
90% 9512
Deb 68 (without warrant)_ 1940 J D
94
1950 J
94 Sale 9214
lst & gen s f 6199
9855 100
Feb'29
MN 10632 10714 10612 10612
1 10434 107
Batavian Pete gen deb 410_1942 J J 9112 Sale 9114
90
9312 Great Fails Power 1st 51 58._1940
9158 52
99
96
Belding-Hemingway 68
1931 J J 8834 95
9814 19
Gulf States Steel deb 534s_.,,1942 J D 9734 Sale 9678
8912 92
8978
9019 28
84
Bell Telep of Pa 5s series B 1048 J J 10334 Sale 10312 10414 41 103 1054 Hackensack Water let 4s. _ _1952 J J 84
8743
84 Apr'29
87
1930 MS 9614 98 9618 Nov'28
1st & ref ba series C
1960 A 0 10538 Sale 10514 10534 37 104 10814 Hartford St Ry 1st 4s
87
SO
Berlin City Elec Co deb 6198 1951 J D 9134 Sale 91
2012 95
83 80 Apr'29
Havana Mee consol g 5s_ _ _1952 FA 80
9238 163
M
S
79
59
23
Berlin Elec El & Undg 6396_195C A 0 91 Sale 90
6914 70
70
69
Deb 5395 series of 1926_ _1951
89
94
9112 22
89
83
Beth Steel 1st dc ref 5s guar A '42 M N 10314 Sale 10038 10314 42
864 19
Hoe(10 & Co 1st 619s ser A_1934 AO 8334 Sale 83
9934 104
1 10232 10332
30-yr p m & Imp e bs_ _ _1936 J J 100 Sale 994 100
103
Holland-Amer Line Os Wail _1947 MN 10258 10334 103
9918 102
61
J D
7412 85
7612 28
Cons 30-year 68 series A 1948 F A 10438 Sale 104
10458 111 10212 10534 Hudson Coal 1st s 58 ser A _ 1962 MN 7514 Sale 7514
1 10012 105
1940
102 10212 102
102
Hudson Co Gas 1st g bs
Cons 30-year 519s ser B__ _1953 F A 10312 Sale 10214 104
66 10034 104
Humble Oil& Refining 5198_1932 J
Bing & Bing deb 6195
101 Sale 10078 10112 68 10014 1024
9412
1951 M S 9412 9712 9412
94 100
1
9912 10112
1937 AO 10014 Sale 100
Deb gold bs
6712 19
Botany C0118 M11186 Yie
10012 123
1934 A 0 6612 Sale 6612
6612 7414
2314
2 Sale 10218 10234 10 10112 10478
Illinois Bell Telephone be_ _ _1956 J D 100
Bowman-BM Hotels 75
1934 M S 9812 Sale 9812
98 100
9
9934
9372 9914
1940
irway & 7th Av 1st cons 5(1_1943 J D 71
9714 26
9714 Sale 9612
72
7718 Illinois Steel deb 419s
73
72
72
1946 A 0 _..
103 10312
Brooklyn City RR 1st bs___ _1941 J J 85
9;2 19
03
1 103 Mar'29
86
9212 Ilseder Steel Corps 1 75
8634 8634
8634
1948 F A 8512 Sale 8
831s 9214
8612 22
94
158
Mtge 8s
Bklyn Edison Inc gen be A __ _1949 J
9 10212 10512
10338 104 10314 104
92
90
4
91
Indiana Limestone 1st s I 63_1941 M N
Registered
10538 Dec'28
9712 10034
1936
Nat Gas & 01153
General 6s series B
_ 10012 Apr'29
1930 J
ioi gale 100 102 25 100" 103 Ind
1952 M
103
50 10114 105
Bklyn-Man It T sec Os
10212 1041-2 102
1968 J
9312 9834 Indiana Steel 1st 59
234
96
95 Sale 9412
----Bklyn Qu Co & Sub con gtd to'4 1.1 N 63
102 Sept'28
63
7812 Ingersoll-Rand 1st 58 Dec 31 1935 3,1
75 Apr'29
70
9634 93
37
Inland Steel 1st 4198
1978 AO 92 Sale 9114
1st bs stamped
92
194 J
80
83
83 Jan'29
7518 78
101
2 101 10212
Inspiration Con Copper 6198 1931 M 8 101 102 101
Brooklyn It'Fr 1st conv g 48_2002 J
8814 Nov'27
7912
3-yr 7% secured notes..__ _192 J
70
Iuterboro Rap Tran 1st 5s .1966 J J 7012 Sale 70
7112 148
108
- 13614 Nov'28
J J 6912 Sale 6912
Bklyn tin El let g 4-58
69
7112
1950 F A 8712 91
7112 129
Stamped
8612
9 - b- -921-2
8712
76
7612
Stamped guar 4-58
1950 F A 88 Sale 86
Mar'29
Registered
22
86
93
88
1 _ 76
23
84
Bkiyn tin Gas 1st cons g 5s_, 1945 M N 10412 Sale 104
64
1932 ;134
10-year 65
67
OS
64
105
12 10212 10614
1st Ilen & ref 68 series A __ _1947 MN 11434 11778 118 Apr'29
91
SA
30
10-year cony 7% notes_ _1932 M S 93 Sale 9212
93
11612 118
N
M
Cony deb 519s
Int Agile Corp 1st 20-yr 59_ _1932
1936 J
9034 95
70
72
34 Apr'29
3544 400
77
21 9
330 360 33412 Mar'29
63
14
2 9
9
70
Buff & Susq Iron 1sts 158__ _ 1932 J D
77% 8112
__
Apr'29
Stamped extended to 1942.,.M N
9412 964
-_- 944 Mar'29
Bush Terminal 1st 4s
1952 A 0 9212-87
1948 M N 10534 sate 104
lot Cement cony deb 5810612 127 102 11812
88 Apr'29
8714 88
Consol 58
1955 .1
9354 911
1947 M
864 85
9612 9934 Internal Match deb 5s
981-4 Sale 9778
9634 Sale 9512
8
9878
Bush Term 131cles be gu tax-ex '60 A 0 100 Sale 100
9912 102
17
.101
100
16 100 10458 Inter Mercan Marine s f 68_ _1941 A u 101 Sale 101
By-Prod Coke 1st 5195 A_ _1945 MN 100 10034 100
9238 00511
International Paper be ser A.1947 J
9918 19
9212
100
9318 94
1 100 102
Cal.G E Corp unit & re158_1937 MN 10034 Sale 100
93
97
9578 46
Ref s f 65 ser A
1955 M
9914 103
101
9512 Sale 9318
7
Cal Petroleum cony &bat 58 1939 F A 9838 Sale 98
9312
45
92
14 9512
IntTelep&Telegdehg44s
1952
J
9534
102
9314 Sale 9318
9812 23
Cony deb f 519e
1938 MN 10138 Sale 10014
Cony deb 4198
1939 J
9934 10314
10112 36
12334 Sale 11812 12614 2608 10912 131
Camaguey Sug let sf g 7s
1942 A 0 9212 Sale 9152
93
4 1011g 10684
90
10
9712 Kansas City Pow & Lt 58__ _1952 M
10212 Sale 10238 103
Canada 818 L 1st & gen 68_ _ _1941 A 0 9912 Sale 9812
98 10012
1st gold 4195 series 13
1957J J 9814 10112 98 Mar'29
9912
984 10112
3
Cent Dist Tel 1st 30-yr 55_ _ _1943 J D 102 10312 102
10512 11 103 106
102
1054 Sale 105
3 102 10414 Kansas Gas & Electric 6L....1952 m
Cent Foundry 1st sf6s May 1931 F A
141
128
(Julius)
&
Co
deb
5198
'47
M
___ 9778 9812 Feb'29
Kayser
964 984
Central Steel lat g a fas
1941 MN 12212 12314 12212 Apr'29
9212 97
122 12412 Keith (13 F) Corp 1st Os._ _ _ 1946 M
Certain-teed Prod 1.14s A
1948 M S 7378 Sale 70
15 110 11014
i1O8
Kelly-Springt Tire8% note8_1931 M N 110 1102 1iO jan
68
83
7378 70
Cespedes Sugar Co 1st 81 7190'39 M S 96
92
10•51
20
Kendall Co 5198 with warr_ _1948 M
94
95 100
984 98 Apr'29
94 Sale 92
Chic City & Conn Rye 55 Jan 1927 A 0
91
91
4
91
65
7214 Keystone Telep Co 1st 5s_ _1935 J J 904 9134 91
_
7214 Apr'29
Ch L Sr Coke lstgu g 58_1937 J J 7434A
0
I937
1024
10412
58_
Apr'29
P
g
Kings
County
El
&
9912 10212
- 102
10412
1004
102
103
101 103
2
Chicago Rys 1st ba
1927 F A 82 Sale 8114
8212 44
Purchase money Os
3 12814 166
1997 A 0 1281
774 83
___ 12838 12834
Chile Copper Co deb 58
1947,1 J 9534 Sale 9512
80
85
81
1
934 9612 Kings County Elev Ist g 4s 1949 F A 81 2-85
96
81
140
ClnG&ElstM4eA
1968 A 0 8712 8812 8712
79
82
79
6
Stamped
guar 49
88
1949 F
88
79
28
80
894
79
Clearfield Bit Coal tat 4s___ _1940 .1 J
10412 10114
Kings County Lighting 55_1954 J J 10412_ 10412 Mar'29
_ 77
90 Dec'28
1938 F A 106 Sale 104
Colon 011 cony deb 68
4 11514 11314
11514
First & ref 614a
1954 J
106
43 104- 1-18
11412 1-20 11514
1943J J 98 Sale 97
Colo F &I Co gen f 58
4 10518 10712
97
98
9912 Kinney(GE)& Co 734% notes'36 J 1:1 1054 ____ 10638 107
3
. Col Indus 1st & coil bs gU_ _ _1934 F A 9678 Sale 9434
25 10138 194
9678 19
9312 9878 Kresge Found'is coil tr 65..,.. 1936 J D 102 Sale 10112 102
1952 M N 100 Sale 9912 100
Columbia(3 & E deb 58
9312 99
Kreuger & Toll 5s'with war_1959 171
9814 230
9714 100
9814 Sale 98
130
1932
J
J
gold
5s
Columbus Gas 1st
99 10212
96
98
97
9712 Mar'29
9934 Lackwanna Steel 1st 58 A...1950 M
10014 10112 100 Apr'29
Columbus Ry P & L 1st 4199 1957 J J 93 Sale 9112
9812 10172
10
904 9312 Lacel Gas of St L ref&ext 59_1934 A 0 100 101 10014 101
93
17
Commercial Cable 1st g 4s 2397 Q J 8714 ____ 8712 Feb'29
Col & ref 5195 series C_ _ _1953 F A 1034 Sale 103
10334 28 10172 10512
874 874
MN 97 Sale 97
Commercial Credits
9612 9912 Lehigh C & Nays f 419s A1954 33 9558 9838 95 Apr'29
9312 9934
9758
9
.1 9234 Sale 92,
1935
Col tr f 5;4% notes
9802 101
Lehigh
Valley Coal 1st g 5s_ _1933 J J 9858 9912 9858 Apr'29
92
9634
93
3
_1948
M
S
__
6s_
J 3
Comm'l Invest Tr deb
Registered
Oct'28
924 9812
9312 55
100
9234
_Sale
93
_
1949 F A 8714 bale 9512
Cony deb 5195--,-.
9712 379
1st 40-yr gu lot red 10 4%.1931 33 -90 -9-1I-12 97
94 10514
Oct'28
J 10478 105 10478 Apr'29
Computing-Tab-Rae s1 6s...1941
lst&retsf 5s
1934 FA 101 Sale 101
10438 106
10 101 101
101
Conn Ity & L lat & ref g 4198 1951 J J 9512 98
9334
80
1st & ref s f 55
9612 Mar'29
1944 FA ____ 93
9614 99
3
85
80
1951 J J 96
Stamped guar 434o
9714 96 Apr'29
91
9312
let & ref 51 55
1954 FA
Apr'29
9512 99
90 91
FA
Consol Agricul Loan 6345 —1988
8612 Sale 85
1st & ref s I 58
1964
8338 8712
8634 58
94 Nov'28
Consolidated Hydro-Elec Works
1974 FA
1st & ref sf 58
88
904
8538 88
of Upper Wuertemberg 78_1956
9212 9512 8914 Apr'29
1993 M S
89,
4 9734 Lax Ave & P F 1st gu g 5s
Cons Coal WSW let & ref 55-1950 J 13 6934 71
,
189 1 -118- 12-1-12
8
22
r
:
6812
7818 22
li
fi6
Na
flia
13
1
7
8
;
'
4
8
l
654 7334 Liggett& Myers Tobacco 78_1944 AO
Consol Gas(N Y)deb 5148._1945 F A 106 Sale 10434 106
1951 FA 10112 Sale 10112 10158 10
99 103
58
67 104 10634
101 Sale 101
Consumers Gas of Chic gu 58 1936
Loew's Inc deb Os with warr 1941 AO 11214 Sale 11112 11214 33 11012 12318
102
6 1004 102
Consumers Power 1st 55,._,j952 M N 103 Sale 103
97 10012
Without stock par warrants _ AO 9834 Sale 9734
25
10314
99
5 101 104
1946 J D 96 Sale 94
Container Corp 1st 65
97 102
91 10012 Lombard Elee 1st 78 with war '52 J D 9734 Sale 9712
96
20
10
98
J D 9458 Sale 9458
15-yr deb 59 with warr__ _ -1943J D 87 Sale 87
90
9512
Without warrants
6
87
85
9112
9514
6
Cent Pao & Bag Mills810..1944 F A
1944 A0 10712 Sale 10612 10712
97 Mar'29
5 10612 11312
97
Lorillard (F) Co 78
97
A0
Copenhagen Teton ext6s___ _1950 A 0 io0----- _ _
Registered
99 10012
100 Apr'29
117 Apr'28
1951 F A
Corn Prod Refg 1st 25-yr 8 t bs'34 M N 102 113 103 Apr'29
9178
80
434 13
87
9914 103
be
86
214
Crown Cork & Seal s f 68
1947 J D 98 Sale 97
8978
85
9
Deb 5345
1937 J J 87 Sale
95 100
24
98
Crown-Willamette Pap6S
1951 J J 102 Sale 10012 102
32 10014 104
24
99 10314 Louisville Gas & El(KY)6e_ 1952 M N 102 Sale 10112 102
90
9312
3
9212
Louisville Ry 1st cons 55._ _ _1930 J J i 9238 Sale 9212
2604
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 19.
- New York Bond Record
Price
Friday
April 19.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apel 19.
.,a,
Price
Friday
April 19.
Week's
Range or
Last Sale,
Ranee
Binge
Jan. 1.
Bid
High
Ask Low
High No. Low
Bid
Ask Low
High No. Low
High
Lower Austrian Hydro El PowPure 011 a 1 534% notes
1937 F A 98 Sale 975s
9814 .50
9614 10014
1atstO5a
1944 F A 83/
1
4 84 837a
81
87741 Purity Bakeries s f deb be
6
837s
1948 J J 9214 9212 9212
9258 12
893
4
95
McCrory Stores Corp deb 5348'41 J D 9938 Sale 99
98
9938 Remington Arms 644
9938 12
974 9814 9714
7
99
9714 101
Manatl Sugar lot of 734s_ _ _ 1942 A 0 9518 9512 95
96
5
9334 10012 Rem Rand deb 5345 with war19
'47 M N 93/
1
4 Sale 9314
1
4 66
93
93/
951s
Manhat Fly(NY)cons g 4s_1996 A 0 6112 Sale 6112
6112
52
68
Repub
6312
I & S 10-30-yr 58 s 1_1940 A 0 10112 Sale 10112
102
10 10012 10314
264s
2013.1 D
5978 5834
58/
1
4 6058
1
Ref & gen 53443 aeries A _ _1953 J J 10334 Sale 102
5834
10334 27 101 10334
Manila Eleo Ry & Lt s f 58_ 1953M_
S 10238 10412 10238 10212
9718 10412 Reinelbe Union is with war_1946 .1 .1 103 1035s 103/
4
1
4 10334 23 10114 10412
Marion Steam Shove of fis_ _1947 A 0 93
98 94 Apr'29
99/
1
4
94
Without elk purch war_1948 ./ J 94/
1
4 Sale 9412
95
94
6
98
Mfrs Tr Co Ms of partIc In
Rhine-Main-Danube 7s A _ _.1960 M S 10012 102
99/
1
4 100
9
9712 10234
A I Namm dr Son 1st 6s. _1943 J D 10218 Sale 102
10218 18 102 105
Rhine-Westphalia Elec Pow 70'50 M
10112 Sale 10012 10112 25 100 102
Market St fly 75 ser A April 1940 2 J 90 Sale 8934
80
13
9758
90
Direct mtge 65
1.352 MN 89 Sale 89
90
43
1
4
87/
1
4 93/
Meridional El let 78
1957 A 0 9512 Sale 95
93
9712
96
Cons m fis of 1928
8
9212 Sale 92
03
90
12
98314
Metr Ed 1st & ref Sc ser C._ _ 1853
J 10212 10234 10238 10212 11
Rims Steel ist s f 70
19
95
9934 103
55
3 F A 0334 Sale 9358
94
23
91
90
Metr West Side El(Chic)48_1938 F A 72/
72
1
4 74
73
8014 Rochester Gae & El 7a ser B _1946 M
7338 18
10734 110
07
108
6 107 110
Mlag Mill Mach 78 with war_ 1056.1 D 91
9212
9212 98/
98
9212
2
1
4
Gen mtge 5Hs series C
1948 M S 105/
1
4 106
07 Mar'29
106 107
Without warrants
.1 11)
8512 8512
8512 9412
86
5
Gen mtge 43411 series D...1077 M S 99 102 9918 Mar'29
9918 1004
Mid-Cont Petrol lot 6348_ .10401W S
104 10514 Rod)& Pitts C&Ipm 5s_1946 M N 90 _ _ 90 Dec'28
105 Feb'29
14id vale Steel &0cony s f 58. 19361W S 993 Sale 9812
9012 140
97 10018 St Jos Ry Lt & Pr let 5e_ .....1937 MN 94 Sale 94
94
94 -9-814
3
Milw El Ry & Lt ref & ext 4318'31 .1 J 9838 Sale 98/
9712 9915 St Joseph Stk Yds 1st 44s_ _ 1930.1 J
18
1
4
99
99 Feb'29
99
99
General & ref 58 series A._1951 .1 0 101/
100 103
1
4 103 101
Apr'29
St L Rock Mt P 59 stinpri_ 1955 J
70
71
70
7018
2
6678 77
1st & ref 58 series 13
1961 .11 I) 101 Sale 1(08
973
4 10112 St Paul City Cable cons 58_1937
10112 42
J
92
92
93
7
8
92
1
94
Montana Power 1st Sc A..„.1943 J
991
/
4 104
101/
1
4 10178 10012 10158 40
San Antonio Pub Sere ist 60
@FedFRASER