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financial
Me,
brontde
VOL. 128.
SATURDAY,APRIL 27 1929.
financial Chronicle
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The Financial Situation.
The Treasury Department at Washington is seek, mg authority from Congress to issue short-term
Treasury bills bearing no interest, to be sold on a
discount basis, after the manner of short-term
financing so long in vogue with the British Treasury.
Bills have been introduced in both houses of Congress in accordance with the suggestion—in the
Senate by Senator Smoot, Chairman of the Finance
Committee,. and in the House of Representatives
by Congressman Hawley, Chairman of the Ways
and Means Committee. Statements in support of
the new legislation have been put forth by both
Mr. Mellon, the Secretary of the Treasury, and by
Ogden L. Mills, the Under-Secretary of the Treasury (the latter's comments being made in an address
before the Washington chapter of the American Institute of Banking), and likewise by Representative
Hawley, all of which are given at length in our news
columns on subsequent pages.
On the whole, a pretty good case is made out for
the new form of security. Some incidental changes,
however, in existing law proposed as part of the
new legislation (as revealed by the wording of the
bill introduced in identical form in the two Houses)
is open to serious objection and should meet with
strong objection. At present, the Treasury Department does its short-term financing by means of
Treasury Certificates of Indebtedness. Mr. Mellon
and Mr. Mills indicate with considerable detail the
handicap which this imposes upon the Treasury
Department. One of the drawbacks mentioned
(perhaps the least of them) is that U. S. Government
obligations cannot be disposed of for less than their
par value. Great pride has always been taken in
the fact that this was so, though the'country's experience during the World War, in the repeated
floating of huge Liberty Loan issues, made it painfullylplain that the putting out of bonds at their
NO. 3331.
full par value did not prevent their subsequent
depreciation away below the issuing price. Still
there is a big difference between selling bonds for
less than par and seeing them issued at par and
then decline below par.
From what has been said it is clear that issuance
of Treasury bills on a discount basis, would hence
mean departure from long-continued practice. Bearing no interest, the proposed Treasury bills would
necessarily all the time sell below par. The matter
is of minor consequence, though how it would be
received by the public, and how it would work in
this country, remains to be seen. No substantial
reason appears, however, for opposing the proposed
new Treasury obligations on the mere ground of
novelty. And as the scheme has distinct advantages,
it might be well to give it a trial and see how it
works. It might quickly displace the present method
of short-term financing (through the issue of cerificates of indebtedness) though both Mr. Mellon
a d Mr. Mills emphatically disclaim any intention
of •oing away entirely with the issue of these Treasury
certificates of indebtedness, which practice they take
pains to .state has on the whole worked remarkably
well. They aver that the intention is merely to
supplement the existing method of Government
financing, not to supplant it. Thus, Mr. Mills
wound up his address in the following words: "In
conclusion let me emphasize that there is no intention
to undertake anything revolutionary or to overturn
a system which has proved so eminently satisfactory
in the past, but to supplement it and improve it
by rendering it more flexible, more closely adjusted
to our current financial needs, and more economical
in its general operation."
Secretary Mellon's remarks on that point are to
the same effect. After stating that the new Treasury
bills would be sold from time.to time in the market,
whenever funds were needed for cash on a discount
basis at the lowest rates bid by prospective purchasers
he goes on to say: "It is not the purpose of the
Treasury Department, however, to discontinue the
present depositary method, or system of short-term
financing, but rather to supplement it with the new
system, using both as may prove to be most advantageous to the interest of the Government."
In proposing the issue of Treasury bills, the Treasury Department is undertaking to conform its methods to British practice and it must be admitted that
British financing furnishes a good model to copy,
though it cannot be said in advance of trial that it
would give equally unqualified satisfaction in this
country. Moreover evils and abuses often grow up
in connection with the introduction of new banking
and financial methods here which never have found
or could find a hold on the other side. Yet the experience of Great Britain beckons this country on.
2696
•
FINANCIAL CHRONICLE
Mr. Mills in his address pointed out that in London
the weekly issues of Treasury bills average about
£50,000,000 and as the bills are all issued for a three
months' period, the aggregate amount outstanding
is very large, averaging about £600,000,000, he says.
Here, also, Mr. Mills expressly declares that: "It is
not our purpose to proceed on anything like the
British scale, but we believe the monthly offering of
a comparatively small amount of 90
-day Treasury
bills would offer a number of very definite advantages."
The objection therefore, is not to the scheme itself,
but to certain features or new provisions which jt, is
proposed to attach to it, and we wish to direct
particular attention to these. They have not as yet
attracted any notice and appear likely to be overlooked. It is purposed to make the proposed Treasury
bills exempt from income taxes of every sort, Federal
and local, even from the surtaxes, which latter exemption was granted only to the first Liberty loan issue
and not repeated in any of the subsequent Liberty
Loan issues or the Victory Loan bonds. What is
more, it is covertly sought to render the certificates
of indebtedness also exempt from the surtaxes as well
as the ordinary normal taxes. The bill amends Section 5 of the Second Liberty Bond Act as amended,
making subdivision (b) read as follows: "All certificates of indebtedness and Treasury bills issued hereunder (after the date upon which this subdivision becomes law) shall be exempt, both as to principal and
interest, and any gain from the sale or other disposition thereof shall be exempt from all taxation
(except estate or inheritance taxes) now or hereafter
imposed by the United States or by any local taxing
authority." Under the law as it now stands, it is
expressly stated that certificates of indebtedness are
not exempt either (a) from estate or inheritance taxes
or (b) from "graduated additional income taxes,
commonly known as surtaxes, and excess profits and
war profits taxes." It is now proposed to make them
expressly free from the surtaxes.
This attempt to create another class of United
States securities wholly tax exempt should be vigorously opposed. There is no warrant or justification
for it and, indeed, it is vicious in principle. If
Treasury bills are to be authorized, they should be
put out on their merits, without adventitious aid of
this kind, and the certificates of indebtedness, hereafter issued, should be granted no greater exemption
than they now enjoy. To render United States
obligations exempt from the normal income taxes
is one thing (and in all conscience should be enough)
but to grant exemption also from the surtaxes,
which run to a maximum of 20%, is quite another
thing. The mistake made in the Revenue Act of
1928, of granting tax exemption to bankers' acceptances when held by foreign central banks, should
not be repeated. Such exemption was granted on
the distinct request of Secretary Mellon, whose
argument was that acceptances command very low
rates of interest in the market and that, therefore,
special inducement should be offered foreign central
institutions to buy such acceptances by making
them exempt from taxes when purchased and held
by them.
To-day these bankers' acceptances are selling on a
discount basis of 532% and higher (90-day acceptances after this week's reduction being quoted at
532% bid and 5%% asked and the longer maturities
being quoted at 53'7 bid and 532% asked). Turn0
[VoL. 128.
ing to this week's Federal Reserve statement we find
that they show "a contingent liability on bills purchased for foreign correspondents," presumably
foreign central banks, in a grand aggregate of no less
than $345,317,000 Just think of granting complete
tax exemption on this scale to a favored class on the
income from gilt-edged paper yielding 53/2% and
higher. In the case of the new Treasury bills and
future certificates of indebtedness the exemption
would extend to much larger totals as the bill repeats
the limits contained in the existing law and says that
Treasury bills and certificates of indebtedness may
be issued to a maximum of $10,000,000,000. In
recent years there have always been several billion
dollars of short-term obligations outstanding. Congress should put a veto on wholesale tax exemption
of this sort.
One other fact should not escape notice. Aside
from the relief which the proposed Treasury bills
are intended to afford the Treasury, an incidental
purpose avowed is to create a new obligation
very desirable for short-term investment. Thus
Mr. Mills in depicting the merits of the new financing
says it would furnish "to the public a new instrument
for the employment of temporary surplus funds,
which because of the frequent and convenient maturities, should prove most popular." In like manner we find Chairman Hawley saying it "will also
afford the investing public a desirable investment
for short-term purposes." But why, in view of all
this, grant the new Treasury obligations—and future
certificates of indebtedness as well—with tax exemption which is not now enjoyed by any Government
obligation save only the first Liberty Loan 33/s.
2
The bill might likewise before receiving Congressional approval be made to cover one other point.
Secretary Mellon,in his statement, mentioned as one
defect in existing law (which permits only the issue
of certificates of indebtedness) that the Treasury
Department is obliged to borrow in advance of actual
requirements, that the "interest cost on such borrowings has exceeded the interest received on idle Government deposits." "Thus, for instance," he said,
"the Government borrows on the 15th of March funds
necessary to meet certain definite obligations on the
15th of April and there is necessarily a thirty-day
interest loss on the funds borrowed." But is not
the low interest rate on Government deposits with
the banks of which both the Secretary and Mr. Mills
complain, a state things of which should be corrected
either by Treasury action or Congressional legislation?
The United States Treasury is at the present time
receiving only 2% interest on Government deposits
of all kinds, except that in the case of postal savings
deposits the rate is 23,%. Against these Government deposits the banks are not required to hold
cash reserves of any kind. Why should not the
Government get current market rates on such deposits at all times? It has been possible of late for
the banks to loan out their money on the Stock Exchange at all the way from 7@.8% up to 16%, and
on one occasion up even to 20%. If Treasury bills
are to be authorized and to be offered for competitive
bidding, why should not Government deposits in
like manner be offered for competitive bidding?
If that is not feasible, why should not the new
legislation provide that Government deposits which,
as already stated, require no cash reserve, receive
current rates of interest? The item is by no means
a. small one. On March 20 the reporting member
APRIL 27 1929.]
FINANCIAL CHRONICLE
banks in 101 leading cities throughout the country
showed aggregate Government deposits of $305,000,000 and on March 27 the amount still stood at
the same figure, while on April 3 the total was only
slightly lower at $289,000,000, and even on April 10
still stood at $258,000,000. These are the aggregates merely for the banks which render weekly reports to the Federal Reserve Board. For the whole
body of banks in the country the amounts of course
would be vastly larger.
Perhaps Government deposits would not be allowed
to run as large as this with the Treasury authorized
to issue short-term bills, thereby possessing a ready
means of quick borrowing. Mr. Mills' comment is
to that effect. Even so, however, it is difficult to see
how the Government could avoid large accumulations
at tax payment dates, and for such accumulations
when lodged with the banks, the Treasury ought to
receive adequate consideration, which at present is
not the case.
The Pennsylvania RR., the present week increased
the dividend rate on its capital stock from 7% per
annum to 8%. That is a gratifying place of news, all
the more so because it reflects increasing efficiency
of operations, net income having improved as a result
of the lowering of operating costs, and not as a result
of increased revenues. In the calendar year 1928,
for instance, net revenues from railway operations
rose in amount of $16,213,321, while gross revenues
fell off $14,283,707, and in 1927, net revenue fell off
only $5,274,511,though gross revenue showed a reduction of $44,966,427. While the dividend rate has now
been raised to 8%, the company earned on its stock
in 1928 14.70%.
Another development of the week with reference
to the Pennsylvania RR. is of a different character
and the import of which is not entirely clear. We
allude to the organization of a large-scale securities
or investment company. The new company has been
organized in Delaware under the name of the Pennroad Corporation. Its purpose is to invest funds in
securities of any corporation or other agency, but,
without power to operate railroads. The new com.pany will have an authorized capital of 10,000,000
shares of common stock of no par value, of which
5,800,000 shares are to be offered to the stockholders
of the Pennsylvania RR. at $15 a share. The company will thus have $87,000,000 in its treasury if all
stock offered is bought and this amount trould be
available for the purchase of the greater part of the
$106,000,000 paid for the acquisition of shares in the
Lehigh Valley and Wabash RRs. The general supposition is that through the organization of this security
or investment corporation, the Pennsylvania RR.
will place itself beyond the reach of the Inter-State
Commerce Commission and also escape the provisions
of the Clayton Act and the Anti-Trust Law in the
matter of the acquisition of the two roads mentioned.
It is denied, however, that this is the intention and
if acquisition of the Lehigh Valley and the Wabash
is in confict with the laws referred to, the courts
might hold that these prohibitory statutes applied
nevertheless—that while the form of ownership had
changed, the substance of control remained the same
as before. As a pure investment company, there
would be no justification for the Pennsylvania RR.
entering into that line of business. Altogether, the
future must be left to determine the merit of the
undertaking.
2697
The returns of the Federal Reserve banks this week
are in line with expectations. Brokers' loans have
again increased. This is after four successive weeks
of decreases, the last of which was very small, by
reason of which fact the fear arose, which has now
been realized, that the contraction had reached its
limit and that renewed expansion might again be
looked for. The increase this week is $67,000,000.
The revival of activity on the Stock Exchange, of
course, accounts for it. It follows $368,000,000
contraction in thd previous four weeks. These changes
leave the present total of these loans on securities
to brokers and dealers by the reporting member
banks in New York City at $5,492,000,000, at which
figure comparison is with $4,144,000,000 a year ago
on April 25 1928. In the renewed increase of the
past week, the loans made by the reporting member
banks for their own account, have shared, rising
from $877,000,000 to $924,000,000; the loans for
account of the out-of-town banks are slightly lower
at $1,652,000,000 April 24, against $1,662,000,000
April 17, while the loans "for account of others" have
taken a turn upward again after last week's slight
reduction, showing an increase for the week of
$30,000,000 and raising the total of the loans in this
category to $2,916,000,000. A year ago, on April 25
1928, the total under this heading was only $1,331,000,000.
As to the Reserve banks themselves, the changes
in their different items are not.very striking. Member
bank borrowing, while still exceptionally heavy, is
somewhat smaller, being $974,513,000 this week,
against $994,296,000 last week; a year ago the
amount of these discount holdings was only $709,073,000. There have been only minor changes in the
holdings of acceptances, these being reported, $141,175,000 this week, against $141,027,000 last week.
Holdings of Government securities have been further
reduced and stand at $149,782,000 this week, against
$161,429,000 last week. Altogether, total bill and
security holdings are $29,561,000 lower than last
week, the total at $1,280,601,000 the present week
comparing with $1,310,162,000 last week. As compared with a year ago, when the aggregate was
$1,380,659,000, there is a reduction of roughly
$100,000,000. The reduction is entirely the result
of diminution in the holdings of acceptances and of
U. S. Government securities. Acceptances have
been reduced from $365,841,000 April 25 1928
to $141,175,000 April 24 1929, and holdings of
United States securities, from $304,755,000 to $149,782,000.
The stock market this week has shown a rising
tendency but encountered a setback on Thursday
when call rates on the Stock Exchange advanced
from 8% to 12%, and suffered a further setback on
Friday when call money touched 16%. This produced weakness all around in which d' part of the
gains established in the early part of the week were
lost. The activity and advances have been confined
mainly to the specialties, more particularly the
high priced specialties. These had pool support and
have been vigorously bid up. In stocks of this class
not a few new high records for 1929 have been recorded. In the following we show some of the stocks
which this week established new high prices for the
year. From this an idea can be gained of the stocks
that have been leaders in that respect during the
week.
2698
FINANCIAL CHRONICLE
STOCKS MAKING NEW HIGH FOR YEAR.
Railroads—
Independent Oil & Gas.
Havana Electric Ry.
Ingersoll-Rand.
N. Y. New Haven & Hartford.
Int. Business Machines.
Pennsylvania.
Kayser Co.
Industrial and Miscellaneous
-- Kraft Cheese.
Allis-Chalmers.
Marmon Motor Car.
American Can.
Murray Body.
American Tel. & Tel.
North American Co.
Atlantic Gulf & W. I. SS. Line. Pan-Amer. Pet. & Transportation.
Atlas Tack.
Republic Iron & Steel.
Bethlehem Steel.
Shattuck (F. G.)
Childs Co.
Simms Petroleum.
Commercial Solvents.
Skelly Oil.
Commonwealth Power.
Stewart-Warner (new stock).
Consol. Film Industry pref.
Texas Corp.
Continental Baking, class A.
Trico Products.
Corn Products Refining.
Union Carbide & Carbon.
Dome Mines.
U. S. Industrial Alcohol.
Equitable Office Building.
Walworth Co.
Federal Light & Traction.
Woolworth Co.
Foundation Co.
Yellow Truck & Coach, class B.
Glidden Co.
Young Spring & Wire.
Hershey Chocolate.
[VoL. 128.
at 48 against 48; National Dairy Products at 13134
/
against 130; Western Union Tel. at 188 against 193;
Johns-Manville at 181 against 181; National Bellas
Hess at 57 against 54 ; Associated Dry Goods
/
1
2
/
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,4
at 52 against 541 ; Commonwealth Power at 138
/
1
2
against 133; Lambert Co. at 144% against 140;
Texas Gulf Sulphur at 82 against 83 ; Kolster
/
1
4
/
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2
Radio at 423 against 39%.
4
The copper stocks all developed strength. Anaconda Copper closed yesterday at 142 against 1381 8
/
on Friday of last week; Kennecott Copper at 8778
/
against 84; Greene-Cananea at 1602against 157 ;
/
1
/
1
2
Calumet & Hecla at'45 against 46%; Andes Copper
at 51% against 52; Chile Copper at 10334 against
/
/
101½; Inspiration Copper at 49 against 4914 & CaluTrading was on a larger scale the early part of met & Arizona at 134 against 123; Granby Consol.
the week when the market showed strength and ris- Copper at 83 against 84; American Smelting & Ref.
ing prices, but fell off on Thursday when under the at 1051-A against 102; U. S. Smelting & Ref. & Min.
influence of higher money rates the market turned at 60 against 59 .
/
1
2
downward. Sales on the New York Stock Exchange
In the oil group Simms Petroleum has been a feaon Saturday were 1,292,310 shares; on Monday ture, 100,000 shares changing hands in a single
3,568,990 shares; on Tuesday 4,131,930 shares; on block at 30, at the opening on Tuesday, M. J. MeeWednesday 4,068,200; on Thursday 3,338,010 shares han being the broker, but the name of the purchaser
and on Friday 4,011,890 shares. On the New York not being disclosed. The stock closed yesterday at
Curb Market the transactions last Saturday totaled 30 against 243 on Friday of last week. Skelly Oil
%
only 592,100 shares; on Monday they were 1,145,700 was also active and closed yesterday at 44 against
/
1
2
shares; on Tuesday 1,100,600 shares; on Wednes- 44%. Atlantic Refining closed at 6178 against
/
day 1,025,600 shares; on Thursday 1,034,700 and on 60%; Pan American B. at 60 against 64%; Phil/
1
2
Friday 1,119,800 shares.
lips Petroleum at 4178 against 42 ; Texas Corp.
/
/
1
2
As compared with Friday last the changes, while at 65 against 66; Richfield Oil at 4412 against 44%;
/
quite irregular, are mostly in the direction of higher Marland Oil at 39% against 41½; Standard Oil of
levels and particularly so in the case of the special- N. J. at 5778 against 593 ; Standard Oil of N. Y.
/
%
ties already referred to. The merchandise stocks at 423 against 4378; Pure Oil at 26 against 27.
/
4
/
/
1
2
were features of strength early in the week but later
In the steel group some weakness developed notdeclined with the general list. Sears Roebuck closed withstanding the trade is operating to maximum
yesterday at 153 against 154 on Friday of last capacity. U. S. Steel closed yesterday at 185%
/
1
2
week, and Montgomery Ward & Co. at 12614 against against 1851 4 on Friday of last week; Bethlehem
/
,
121; Kroger Grocery & Baking closed at 9214 against Steel at 111% against 115%; Republic Iron & Steel
/
9312 and Safeway Stores at 163% against 16612; at 97% against 98½; Ludlum Steel at 80 against
/,
/
Woolworth & Co. closed at 225 against 22214 last 80%; Youngstown Sheet & Tube at 125 against
/
week; American Tel. & Tel. closed at 231% against 129%. In the motor group General Motors closed
22538; and Int. Tel. & Tel. at 260 against 258½; yesterday at 8518 against 8478 of Friday of last
/
/
/
Westinghouse Elec. & Mfg. at 15218 against 148; week; Nash Motors at 99% against 100; Chrysler
/
while United Aircraft & Transport closed at 121 at 94% against 9378; Packard Motors at 131%
/
against 102%; American Can closed at 14114 against against 128%; Hudson Motor Car at 86% against
/
13618; United States Industrial Alcohol at 1641 2 88½; Hupp Motor at 515 against 557
/
/
/s
/. In the
8
against 156%; Commercial Solvents at 3373 against rubber group the tire shares were under
4
pressure
309%; Corn Products at 99% against 92; Shattuck early in the week because of the low price of tires,
Co. at 147 against 134, and Columbia Graphophone but later recovered. Goodyear Tire & Rubber closed
at 82% against 70%.
yesterday at 1312 against 130% on Friday of last
/
1
Adams Express closed yesterday at 739 against week; B. F. Goodrich closed at 85 against 85%, and
708 on Friday of last week; American Express 341 U. S. Rubber at 56 against 5378 and the pref. at
/
1
2
/,
against bid 340 on Friday of last week; Allied 81 against 8134
/
.
Chemical & Dye at 283 against 276; Davison Chem/
1
4
In the railroad group the feature was the increase
ical at 56% against 57; Union Carbide & Carbon at in the dividend on Pennsylvania RR. stock from 7%
238% against 2237s, and E. I. du Pont de Nemours per annum to 8%. The shares closed yesterday at
/
at 177 against 179; Radio Corporation at 1014 817 against 7678 on Friday of last week.- New
/
1
/
/
against 100%; General Electric at 2391 4 against York Central closed yesterday at 184
/
/ against
1
2
240; National Cash Register at 124 against 12618; 182% of Friday of last week; Del. & Hudson at 188
/
Wright Aeronautic at 254 against 247; Interna- against 18718; Baltimore & Ohio at 12118 against
/
/
tional Nickel at 4814 against 47½; A. M. Byers at 121%; New Haven at 101% against 96%; Union
/
16278 against 1591 American & Foreign Power at Pacific at 217 against 214; Canadian Pacific 240
/
/g;
/
1
2
96 against 92; Brooklyn Union Gas at 179 against against 235; Atchison at 199 against 198; South/
1
2
/
1
2
176; Consol. Gas of N. Y. at 108 against 106%; ern Pacifc at 126% against 127; Missouri Pacific
/
1
2
Columbia Gas & Elec. (new) at 6138 against 58; at 83 against 80 ; Kansas City Southern at 85
/
/
1
2
/
1
2
Public Service Corp. of N. J. at 8278 against 81%; against bid 83½; St. Louis Southwestern at bid 100
/
Timken Roller Bearing at 82 ; against 82%; War- against bid 101½; St. Louis-San Francisco at 113
/
1
4
ner Bros. Pictures at 117% against 111; Mack against 113½; Missouri-Kansas-Texas at 50
/
1
2
Trucks at 104 against 10278; Yellow Truck & Coach against 47; Rock Island at 124 against 124; Great
/
APRIL 27 1929.]
FINANCIAL CHRONICLE
2699
/
1
2
/
1
2
Northern at 104 against 104 ; Northern Pacific currency. Some of the more volatile issues spurted
101% against 101%, and Chic., Mil., St. Paul & forward. The upward trend was sharply reversed
at
yesterday, prices on the Boerse losing all of Thurs/
1
2
Pac. pref. at 52% against 53 .
day's gains and more besides. A flood of pessiEuropean stock markets were dull and dispirited mistic rumors accompanied the rush to sell, and the
this week,little interest being taken in developments market was left in a nervous and depressed condimarketwise because of the impending dissolution tion at the close.
of the Reparations Conference and the waning of
The Budapest Stock Exchange experienced one
the hopes built around it. Monetary uncertainties
were accentuated during the week, discount of its worst depressions Wednesday, some issues
also
rates rising at several centers. The London Stock dropping more than thirty points. The market was
Exchange opened the week quietly and business con- made nervous by increases in the Hungarian and
tinued on a small scale, although prices were well Austrian discount rates, though the drastic fall of
maintained. Gilt-edged securities and industrials Wednesday was attributed to the financial collapse
were fairly strong for a time, but tapered off later, of Simon Krause of the brokerage firm of Krause &
while home rails were weak throughout. Business Bethlehem. His liabilities were estimated at
Tuesday was so slow, reports said, that some of $700,000, all of which will be liquidated by various
the largest firms dealt only at long intervals. Brit- banks, an Associated Press report from Budapest
ish funds remained steady and home rails im- said.
proved somewhat The volume of trading was again
very small Wednesday, but the tone showed some
All that appears to be lacking to make the meetimprovement. Copper shares were sharply better ing of the Experts' Committee on German repajust before the closing under the lead of Rio Tinto, rations a total failure is a formal statement to that
which announced a new issue of 50,000 ordinary effect, and this seems likely to be issued as soon as
shares. The dullness and inactivity were again pro- a suitable report can be drawn up for submission to
nounced Thursday with price movements irregular. the respective governments. The conversations were
Gilt-edged securities were firm. The London mar- begun in Paris February 11, with smooth and steady
ket remained quiet yesterday, with prices of most progress reported for more than two months as a
stocks showing little change. Home rails were result of the conciliatory spirit shown by all the
lower but the gilt-edged list was steady. Some irreg- fourteen experts. Ambitious plans were made for
ularity was noted among industrial issues.
the formation of an international bank or clearing
house for the payments, with indications that this
The Paris Bourse was firm at the opening Mon- project was intended eventually to assume tremenday, but interest in the trading dropped off steadily dous proportions as a central bank for much of the
and few transactions were recorded in the afternoon. world's gold. The chief problem—that of inserting
Prices were well maintained, despite the inactivity. the actual figures of annuities in the plan—was
Tuesday's session on the Bourse was even slower left to the last, and on this rock the conference was
than that of the preceding day with transactions wrecked with results that are sure to prove unscarce in all groups. Discouragement over the fail- fortunate. The conference was ready to break up
ure of the Experts' Committee to reach agreement on April 19, when it appeared that the ideas of the
on reparations annuities was an obvious influence, Allied and German delegations were too far apart
and prices sagged. A stronger tone was noted for any reasonable reconciliation. A respite was
Wednesday, due to the recovery of coppers in Lon- occasioned by the death of Lord Revelstoke, the
don, but trading remained on a very restricted scale. chief British delegate, early on April 19, meetings
The news of the increase in the German discount being postponed until the following Monday. The
rate Thursday affected all groups on the Paris subsequent deliberations have brought no substanBourse, a general decline taking place. Much of the tial change.
selling was attributed to German account. The
Although the experts have said very little this
market closed with a slightly better tone, however, week, it may fairly be assumed from their silence
with Berlin reports telling of a better trend there. that they concur in the numerous reports, that the
The tone of the Paris market was heavy yesterday, conference is virtually at an end. Dr. Hjalmar
little interest being taken in the proceedings by the Schacht, president of the Reichsbank and head of
general public.
the German delegation, hurried to Berlin last SatThe Boerse in Berlin also opened with a tendency urday to confer with officials of the German Govtoward higher levels Monday, but the general trend ernment. In connection with his departure it was
soon slackened again owing to apprehensions re- reported, but never confirmed, that Owen D. Young
garding the Paris conference. Movements were in his capaciy as Chairman of the meeting had sugmixed Tuesday, with postponement of the conference gested the possibility of a provisional settlement to
break-up causing recovery and more active trading cover the next ten or fifteen years. These reports
after a weak opening. Depression again followed, were predicated on the comparatively small differWednesday, prices dropping heavily as rumors of ence between the first annuities requested by the
an increase in the discount rate were spread about Allies in their memorandum of April 13 and the offer
Trading was at low levels, however, with the prog- made by the Germans. The Allies demanded anress of the negotiations at Paris absorbing all atten- nuities beginning at 1,850,000,000 marks and rising
tion. The actual increase in the Reichsbank dis- to 2,400,000,000 marks, with an average of 2,200,count rate to 7 % Thursday had a reassuring effect 000,000 marks over a period of 58 years and a present
/
1
2
on the market, possibly because it was accompanied value of 40,000,000,000 marks. Against this, the
by a statement by Vice-President Dreyse of the Germans offered annuities calculated at an average
Reichsbank, emphasizing the soundness of German of 1,650,000,000 marks to be paid for 37 years, and
2700
FINANCIAL CHRONICLE
having a present value of 27,000,000,000 marks.
Details of the negotiations have not yet been revealed, but it appears that Dr. Schacht demanded
a continuation of transfer protection on a great
part of the proferred annuities, and also hedged his
offer about with conditions which the Allies considered "political" rather than "economic."
After a Cabinet meeting in Berlin last Sunday,
which Dr. Schacht attended, an official communication was issued to the effect that the German delegates would be left in full possession of their
freedom of action. On leaving Berlin for his return
to Paris Sunday night, Dr. Schacht intimated, however, that he would not increase his offer at further
meetings of the Experts' Committee. "Germany's
ability to pay can be increased only if. her ability to
produce is increased," he reiterated. In this statement the German expert was apparently referring to
the disputed aspects of his offer, which the Germans
insh t were economic, although the Allies interpreted them with equal definiteness as political.
The Paris correspondent of the "New York Herald
Tribune," Leland Stowe, secured the exact phraseology of the paragraphs in question last Sunday.
"As a result of the war," the German memorandum
said, "the interior basis of raw materials has been
reduced and Germany has seen herself deprived of
the possibility of development of overseas reservoirs
of raw materials. These losses have their repercussion in the heavy charges imposed on German commerce, so that, if she must assume the payments
quoted in the plan without increasing more heavily
her debts to foreign countries, she must be in position
to create for herself once more a basis entirely her
own for raw materials overseas, which basis Germany will be able to develop with her own production and her own money and under her own responsibility. Concerning the apportionment of food
products . . . it must not be lost sight of that
on her Eastern border Germany has lost territory
which produced an agricultural surplus and that,
in addition, one whole Province has been separated
from the rest of the Reich. The prosperity of this
province declines in such manner that the Reich
is obliged to give it regular subsidies. Consequently
it is necessary to take measures susceptible of readjustment for these unfavorable conditions which
reduce Germany's capacity to pay."
Dr. Schacht reached Paris too late Monday for
the'plenary session first scheduled for that day and
the general meeting was postponed until the following morning. The German expert conferred briefly
with Mr. Young, however, and also privately with
Emile Moreau, Governor of the Bank of France and
leading French expert. These talks gave rise to a
brief flicker of hope. Monday, however, saw a development of equal importance in a reiteration by Premier Poincare, of France, of his frequently repeated
position that the French Government required payments from Germany equal in amounts and duration with French payments on debts and in addition
a definite payment for reconstruction of devastated
territories. This statement by M. Poincare was
made in the course of a speech at Bar-le-Duc. He
revealed that this position had been officially communicated to Germany and her creditors before the
meeting of experts and he stated that the experts on
the present committee had themselves admitted the
justice of the attitude. The grounds for hope that
[VoL. 128.
an equitable solution would rapidly be reached have
been rendered illusory by the representatives of
Germany, he said. "We would be glad, in the interest of Europe and the world, if these thankless questions of debt and reparations payments were at least
to be settled by general consent," the Premier continued. "We have made large concessions in order
to bring this about, but if our efforts remain fruitless we will hold, by force of circumstances, to
execution of the Dawes plan, which, moreover,
thanks to the application of the index of prosperity,
will give us an increase over the present annuities."
The plenary session of Tuesday morning apparently brought the delegations no nearer together,
and hope for even a temporary settlement was virtually abandoned. The meeting was a brief one, and
at its close an official statement was issued which
said: "The committee received and ordered to
be filed the report of the subcommittee of last week
stating that agreement as to figures had not been
reached. The committee in plenary session thereupon unanimously decided upon the appointment
of a subcommittee to be charged with the work of
outlining the chief points to be embodied in a report.
The chiefs of each group were designated to act as
such committee." Dr. Schacht made no new offer
on behalf of the Germans, it was reported, nor did
he remove any of the objectionable provisions mentioned in the German memorandum. As a result,
the sentiment of the experts was reported in a dispatch to the "New York Herald Tribune" to be "a
desire to wind up the conference as speedily as possible." The next plenary session, which it is presumed will be the last, is to be called at Mr. Young's
discretion. The only loophole left was a statement
that while the delegation chiefs are outlining the
points agreed upon, "efforts by all the groups alike
will be continued in order to arrive at agreement
upon the points on which accord has not yet been
reached."
With the unfavorable outcome of the Reparations
Conference generally conceded, great concern began
to be expressed Thursday regarding the possibility
of suspension of Dawes Plan transfers of cash payments by Germany. The Reich has been steadily
losing gold in recent months,it was pointed out, and
the drain was described Thursday as having reached
alarming proportions. The discount rate of the
Reichsbank was increased from 61 2 to VA% Thurs/
day. This action was well advertised in advance,
giving rise to a report that the Transfer Committee
had requested the increase. S. Parker Gilbert, the
Agent General for Reparations Payments, officially
denied having made such a request. Berlin reports
indicated that a greater amount of untransferred
payments has now accumulated in the German capital than ever before. The Transfer Committee met
in Paris, however, for its regular monthly meeting,
Mr. Gilbert remarking thereafter that "the usual
monthly transfer on the reparations account" had
been authorized. In French circles it was recalled
that Dr. Schacht had predicted a break-down of the
Dawes Plan, and in consequence he was charged
with deliberately trying to effect suspension of the
Dawes annuities. The Reichsbank issued a special
statement late Thursday, however, in which it was
remarked that "depletion of the reserves of gold and
foreign exchanges alone is responsible for the
Reichsba iik's directorate's decision at this time of
APRIL 27 1929.]
FINANCIAL CHRONICLE
trade depression." The statement adds that it is
shown once more that "under unnatural compulsion
the Reichsbank's discount policy is operating by the
necessity of the utilization of foreign capital and
the increased call for foreign exchanges to pay
reparations."
A statement of the utmost importance on the
question of naval armaments limitation and reduction was made at Geneva Monday, by Hugh S. Gibson, United States Ambassador to Belgium and
Chairman of the American delegation to the Preparatory Disarmament Conference of the League of Nations. The Conference convened for its sixth session on April 15. Little of significance occurred in
the first week of the meeting, so that many of the
delegates were frankly disheartened. The entire atmosphere of the Conference was changed by Mr. Gibson, who outlined a new approach to the naval problem in behalf of the United States Government. Not
only a new technical manner but also a new political
spirit were proposed by the American representative in treating this complicated problem. He made
it plain, moreover, that naval armament limitation
at present or higher levels was not the furthest that
this Government would go, but that real reduction
from existing levels was aimed at. More important
still, Mr. Gibson said, was the spirit of going about
the task. He urged a common sense attitude on
the part of the nations and made much of the contention that the Kellogg Treaty had radically altered
conditions since the last naval conference. His
speech was applauded in all countries and gained
particular recognition in Great Britain, where Sir
Austen Chamberlain, the Secretary for Foreign Affairs, expressed the appreciation of his Government
and the assurance that the suggestions would be received in the same spirit and the earnest wish for
complete understanding.
Mr. Gibson began by a rapid division of the armament problem into two parts, land and naval armaments. The question of land armaments was put
aside as interesting primarily to other countries.
In regard to the naval problem, he continued, "the
American Government has found no reason for modififying its view that the simplest, fairest and most
practical method is that of limitation of tonnage by
categories—a method which was given practical and
satisfactory application in the Washington Treaty."
Mr. Gibson then referred to a plan proposed by the
French delegation in the third session of the Preparatory Commission, which he described as an attempt to combine the original total tonnage proposals with the method of tonnage by categories.
Under this method a total tonnage was assigned to
each nation, he said, and this total tonnage divided
among, categories of ships by specified tonnages.
Modifications might be arranged, he suggested, providing for a certain amount of exchange of tonnage
between categories.
"In the hope of facilitating general agreement as
to naval armaments, my Government is disposed to
accept the French proposal as a basis of discussion,"
he continued. "It is, of course, the understanding
of my Government that this involves an agreement
upon the method alone and not upon any quantitative tonnages or the actual percentages to be transferred from one category to another. All quantitative proposals of •any kind should properly be re-
2701
served for discussion by a final conference. My
Government is disposed to give full and friendly
consideration to any supplementary methods of limitation which may be calculated to make our proposals, the French thesis or any other acceptable to
other powers, and, if such a course appears desirable, my Government will be prepared to give consideration to a method of estimating equivalent
naval values which takes account of other factors
than displacement tonnage alone. In order to arrive at a basis of comparison in the case of categories in which there are marked variations as to
unit characteristics, it might be desirable in arriving at a formula for estimating equivalent tonnage
to consider certain factors which produce these variations, such as age, unit, displacement and calibre
of guns. My Government has given careful consideration to various methods of comparison and the
American delegation will be in a position to discuss
the subject whenever it comes before the commission."
Emphasis was laid by Mr. Gibson upon the need
for clear realization of recent important changes in
world conditions. Foremost among these changes
he placed the Kellogg Treaty renouncing war as an
instrument of national policy, which this Government believes "will advance the cause of disarmament by removing doubts and fears which in the
past have constituted our principal obstacle." The
technical approach to the problem is not sufficient,
he pointed out. "The lessons of the old strategies
must be unlearned," the Ambassador added. "If
we are honest, if our solemn promise in the past
means anything, there is no justification for the continuation of a war-taxed peace. Great armaments
are but the relic of another age, butthey will remain a
necessary relic until the present deadlock is broken,
and that can be accomplished only by the decision
of the powers possessing the greatest armaments to
initiate measures of reduction."
Referring to the naval conference at Geneva in
1927 between the United States, Great Britain and
Japan, Mr. Gibson said that the United States is
now, as then, ready to agree to any reduction, however drastic, of naval tonnage which leaves no type
of war vessel unrestricted and which maintains the
relative status of existing treaties with respect to
the powers represented at that conference. "My
Government believes," he continued, "that there can
be no complete and effective limitation of naval
armaments unless all classes of war vessels, including cruisers, destroyers and submarines, are limited.
The willingness of my Government, I may even say
its eagerness, to go to low levels is based upon the
fundamental belief that naval needs are relative.
.
•
. In the case of the United States we have
already expressed our willingness to agree on a
basis that would mean a substantial reduction of
our present destroyer and submamrine types. In
the case of cruisers, it is only possession by others
of greatly superior strength in this class which
has led to the adoption of the present building
program.
"My Government cannot find any justification for
the building and maintenance of large naval establishments save on the ground that no power can
reduce except as a result of general reduction. Let
us ask ourselves honestly what these establishments
are for. As regards the relations of the maritime
2'702
FINANCIAL CHRONICLE
powers among themseleves, there is no such need.
Even if the danger of war is admitted, it could be
guarded against just as well by the maintenance of
relative strength at lower levels as at higher levels.
The principal naval powers have nothing to fear
from the naval strength of the countries non-signatory to the Washington Treaty. There is no conceivable combination of naval strength among the
non-signatory powers which need give concern. As
an example, the cruiser strength of all the nonsignatory countries in the world does not attain to
one-half of the cruiser tonnage of the greatest single
fleet. The people of every country are crying out
against the burdens of taxation and demanding the
suppression of unnecessary expenditure. My Government is convinced that expenditure for disproportionate naval establishments is indefensible in
that it can be avoided by a sensible agreement among
the naval powers. And we must recognize that the
people who pay taxes are bound to feel well-founded
resentment against any policy which commits them
to needless taxation through failure to reach rational agreements."
This declaration by the Chairman of the American delegation created a profound impression upon
the Preparatory Commission. Lord Cushendun,
leader of the British delegation, was the first to
reply, remarking upon the inability of the members
to deal offhand with the statement. "But that declaration strikes me as so important that I would
like to make one or two observations upon it without delay," he said. "No one can fail to have been
struck with the friendly, conciliatory and helpful
spirit of Mr. Gibson's declaration. I should like, so
far as I am concerned and speaking on behalf of
the British Government, to say that in that spirit
we also desire to approach this very complicated
and difficult question and that, so far as there are
points in dispute, either with the United States or
any other State represented here, we shall endeavor
to meet them in exactly the same spirit. I can go
little further than that. I cannot commit myself
at the present moment in regard to any specific
proposition contained in that declaration to which
we have just listened. We should have to see it in
print before we could do that. But as far as any
general principle is concerned I think there is nothing Mr. Gibson said with which I cannot express
my agreement. Certainly I am in agreement with
the generality of the remarks he has made and many
of the principles he has laid down."
One point singled out by Lord Cushendun as especially important was the emphasis laid on the Eellog treaty by Mr. Gibson. The British delegate expressed the opinion that the treaty is "most profoundly important with regard to the whole outlook
of the world." He added the opinion that the Kellogg pact has done more to promote the security
of the world on which disarmament must proceed
than any other event. Another specific point made
by Lord Cushendun was the concurrence of the British Government in the desire of the United States
Government that not only limitation but actual reduction be applied to all classes of vessels. Although remarking expressly that he could not commit his Government in advance on the question of
"equivalent naval values," Lord Cushendun warmly
welcomed Mr. Gibson's mention of this factor and
added that the British Government has already
[VoL. 128.
taken steps to investigate the possibility of arriving
at equivalent values.
Several other delegates also expressed their warm
approval of the stand taken by the United States
Government, while making the reservation that they
could not yet commit their governments by any formal statement. Mr. Sato of Japan, M. Massigli of
France and General de Marinis of Italy all made
comments to this effect. M. Litvinoff of Russia,
whose drastic disarmament proposals were again
discountenanced by the Preparatory Commission
last week, made personal and Soviet capital out of
the transformation wrought in the gathering by
Mr. Gibson's statement. He expressed delight that
the commission had at last begun "the general discussion of disarmament which the Soviet desired
and which was stigmatized by the representative of
Great Britain as work not serious and unworthy
of this commission." Asserting that all the rules
laid down in his own case had been broken in favor
of Mr. Gibson, M. Litvinoff stated, nevertheless, that
he was gratified to find the American representative "making many statements that his arguments
had expounded a few days ago." He was especially
glad, he said, that the American agreed with him in
condemning limitation and insisting on substantial
reduction.
Washington dispatches of Monday made it plain
that the offer of the United States to agree to a
reduction of naval armaments, however drastic, as
made through Mr. Gibson at Geneva is considered
in high Administration quarters a "challenge to
the sincerity of the world powers in signing the
Kellogg-Briand treaty renouncing war as an instrument of national policy." Secretary of State Stimson remarked, a report to the New York "Herald
Tribune said, that the adoption of the pact was
an event indicating transformation of the mental
attitude of the great nations, and that it seemed
the part of wisdom to take full advantage of that
situation while the act symbolizing the transfer remained fresh in the minds of the public. In some
quarters the statement was viewed as addressed
directly to the British Government rather than to
the other governments represented in the Commission.
The London reaction was an entirely favorable
one, once the feeling of caution regarding the concrete meaning of Mr. Gibson's suggestions was overcome. All the important London journals joined
in praise of the step taken at Geneva and the spirit
that prompted it. The favorable opinion had crystallized to such an extent by Tuesday that all three
political parties in Britain were declared in a London dispatch to the New York "Times" to have
taken the position that the proposals "merit the
enthusiastic consideration of the British Government." In Tokio, high naval quarters considered
the Geneva pronouncement a welcome indication of
the disarmament position of the Hoover Administration and a significant promise of new prospects
of a limitation agreement. The French press expressed great pleasure that the French naval thesis
of 1927 has been adopted as a basis by the United
States. Parisian journals viewed it as "completely
altering the situation," and as a "great step forward
in the achievement of naval disarmament." German
official circles gave the proposal unstinted praise
as "the most outstanding event since the disarm a-
APRIL 27 1929.]
FINANCIAL CHRONICLE
ment debate was set in motion." Only in Rome was
there a discordant note, the ultra-Fascist newspapers looking upon Mr. Gibson's words as a convenient camouflage behind which American imperialism
lurks.
Sir Austen Chamberlain, Foreign Secretary of
Great Britain, made a formal statement in the
House of Commons Wednesday to the effect that
the British Government shared fully the hopes and
wishes of the United States on disarmament as set
forth in Ambassador Gibson's speech. "His Majesty's Government, equally with the Government of
the United States, desires not merely a limitation
but a reduction of naval armaments," Sir Austen
said in reply to a question by Commander Kenworthy, Laborite. He expressed warm appreciation
of the cordial conciliatory spirit shown by the American delegates and gave assurance that Britain will
consider the suggestions in the same spirit. "As
between ourselves and the United States," he continued, "such difference as has hitherto existed has
not been concerned with these great principles, not
with the relative strength of our respective navies,
but with determination of the categories into which
ships of war should be divided. On this point his
Maiesty's Government have noted with interest the
new criteria suggested by Mr. Gibson. They attach
great importance to the ,possibilities opened by the
greater elasticity given by his suggestion to the adjustment of the agreed naval strength to the different circumstances of the two powers." Prime Minister Stanley Baldwin made a similar declaration
at a dinner in London Thursday. Outlining again
the American stand not merely for limitation but
for reduction of naval armaments, Mr. Baldwin
said: "On behalf of His Majesty's Government I
make the same declaration. This is and has been
throughout our purpose and desire, and we will cooperate cordially with the United States to secure
its general acceptance."
In addition to the sweeping proposals on naval
disarmament made by the American delegation,
several noteworthy approaches to the problems of
land and air forces were made. by the British,
French and German delegations to the Preparatory
Disarmament Conference at Geneva in the course
of the week. Lord Cushendun of Great Britain
stated on April 19 that difficulties still persist as
regards naval disarmament, but he saw no reason
why the present session of the commission should
not get on as far as it can with the other branches
of disarmament—with limitation as applied to land
and air forces. His own government, he said, was
keenly desirous of reaching some sort of agreement
at this session. "Unless we effect a good deal during the present session," he added, "we shall most
likely fail altogether, and we shall certainly make
ourselves the laughing stock of the world, though
no doubt that would be most gratifying to the Soviet delegation. Speaking for myself and for the
government I represent,I am prepared to make great
sacrifices to reach the agreement we desire."
Recalling the strong opinions on land armament
which the British Government had previously expressed, Lord Cushendun said that he still considered them sound, but that "we recognize that this
branch of the service is not that in which we have
the most interest." He urged the land power to
2703
take the lead in settling questions relating to this
branch, and concluded with the statement that "we
do not intend to add difficulties to agreement by
insisting in every case upon our own viewpoint.
The all-important consideration to us is the attainment of such an agreement as will make progress
possible, and we feel confident that we shall be able
to accept any proposals which meet with the general
assent of the other powers represented here."
A proposal by the German delegation for the prohibition of aircraft bombing in war-time was unfavorably voted upon by the Commission, April 24,
only five national delegations out of the twenty-five
in attendance supporting the project. The question
came up in connection with a draft treaty which
the Commission is formulating. The delegations,
however, accepted a subsequent resolution offered
by Nicholas Politis of Greece, affirming that they
had no intention of authorizing the dropping of
bombs on civilian. populations. Count von Bernstorff, leader of the German delegation, argued that
in a few hours bombing airplanes flying over Paris,
Berlin and London could take a toll of half a million lives, with non-combatants the chief sufferers.
In the discussion that followed, Russia, China,
Sweden and the Netherlands supported the German contentions. The delegations that voted against
the proposal did so on the ground that the time had
not yet been reached for consideration by the Commission of the question, or else on the plea that no
consideration need be given to laying down rules of
warfare since all war had been banned by the Kellogg treaty.
With a change in prospect in the status of the
naval disarmament problem, it was indicated at
Geneva, Thursday, a report to the New York
"Times,"said that Aristide Briand,Foreign Minister
of France, had adopted the viewpoint that a general
disarmament conference should be called in 1930.
M. Briand, the dispatch said, has instructed Count
Massigli to do his utmost to reach agreement both
on the aviation chapter of the draft disarmament
convention which the preparatory commission is
now discussing, and also on the land armament
chapter, which comes up next. "This is the first
serious indication," the report continued, "that any
great power is considering any year whatever for the
conference instead of continuing to acton the assumption that the present preparatory period may last for
years. The reason for the change is that the French,
who have always held that solutions of land and
naval questions are inseparable, believe, since Mr.
Gibson's statements, that the naval issue is now at
last on the road to settlement and consequently they
are willing to push on the land issue in which they
are most concerned!'
An amicable settlement of the controversy between the directors and the American shareholders
of the British General Electric Company, Ltd., over
the proposed issue of 1,500,000 additional a shares
to British subjects only, was announced in London
late last week. Sir Hugo Hirst, Chairman of the
company, issued a circular to stockholders in which
he stated that the proposed "British only" stock
issue had been abandoned by the company. The plan
put forward by the directors some time ago called
for the distribution of the new shares by the British
Foreign and Colonial Corporation, Ltd., at a price
2704
FINANCIAL CHRONICLE
[VOL. 128.
not to exceed 22 shillings, to British subjects only, articles of the association were so amended as to
notwithstanding the admitted fact that Americans limit the voting of the stock to British subject
held 60% of the shares. When the announcement only. Its purchase, under those conditions, was exof the issue was made, the shares were selling at pression of our confidence that the British stockabout 60 shillings each, but no "rights" were given holders could be trusted to manage the property.
"Our negotiations with Sir Hugo and his associholders of the old shares as had been the previous
practice. Sir Hugo Hirst defended his action by ates have been uniformly pleasant since our arrival
declaring that a large body of British shareholders in London, and it is most gratifying to find we are
was necessary for the continued prosperity of the now seeing eye to eye with the leader of the company
Company. An American shareholders protective in which we are so heavily interested and for whose
committee was promptly formed, and Thomas L. ability and integrity we have the greatest respect."
Chadbourne and Herbert B. Swope, members of the
The twenty-eighth Italian Legislature, first of the
committee, proceeded to London to discuss the mat"Corporative Parliaments" elected in accordance
ter with the directors.
In the circular issued April 19, Sir Hugo Hirst re- with Fascist principles, was inaugurated by King
marks that "certain proposals, for which I have Victor Emmanuel in a picturesque ceremony, Monmade myself responsible, in connection with the fi- day. The ceremonies included the administering
nance of the General Electric Co., Ltd., have become of the oath of office to 400 new deputies. This was
subject to an acute controversy on a stage which is done by Premier Mussolini. King Victor Emmanuel
wider than that of the company itself. These pro- began his speech by remarking that the inauguraposals were made with the sole object of increasing tion of the new legislature occurs immediately after
the prosperity of the company of which I have two events which "singularly revealed and touched
been, for many years, Chairman and Managing Di- the soul of the Italian people, namely, the election
rector, and they were prompted by my view that of March 24, which showed on what vast disciplined
the preponderating interest in our great industry forces the Fascist Government can count, and conshould always be in British hands. I have always ciliation with the Holy See, which by solving and
held the view that our scheme did not prejudice the eliminating the Roman question after 63 years has
property rights of, or act unfairly toward, any of healed the uneasiness of conscience felt by the
our shareholders. Nothing was further from my Italian people and completely achieved the unity of
mind or the minds of my colleagues and we have no our country, not only territorially but also spiritusuch intention. However, under all the circum- ally." The King then proceeded to outline the duties
stances of the case, with the assistance of the Brit- of the new Legislature and urged the enactment of
ish Foreign and Colonial Corporation, Ltd., it has measures arising from the settlement of the Roman
been decided not to proceed with these proposals. question.
Remarks by the King relating to Italy's military
We are certain that the general problem, which such
proposals have raised, must receive consideration establishment were of special importance, a Rome
from eminent financial and economic authorities. dispatch to the New York "Times" said. DisarmaThis step, therefore, has been taken with a view to ment conferences have followed each other in recent
enabling that study to take place in a clear and calm years, and noble enterprises in this direction have
atmosphere. I am sure that, ultimately, a way will been attempted, he declared. "Men skilled in this
be found to reconcile the needs of the national indus- matter have met to discuss, but disarmament has
try with requirements of any international obliga- remained to this day merely a generous aspiration
contradicted by continuous armaments on land, on
tions."
The members of the American stockholders pro- the sea and in the air," the King continued. "My
tective committee in London expressed gratification Government already has made clear through the
at this outcome of the discussions. "We have never words of the Minister of Foreign Affairs what the
questioned the sincerity of Sir Hugo's convictions Italian viewpoint is in the matter of disarmament,
that it is for the best interests of the company to but since the attemepts so far made have had no
have its shares largely held in the community success it follows that the duty of the Government
sereved by its products," they stated. "We are not is to provide in time for the defense of the country.
at all unsympathetic toward his desire always to This Legislature will collaborate in the future, as
have a large number of British stockholders in the previous. Legislatures have done in the past, to secompany. But we have urged that this must not be cure the application of all measures suggested by
done in such a manner as to deprive the existing my Government to render our armed forces ever
stockholders of their rights to maintain their rela- more efficient."
tive interest in the company. We have never raised
the question of the price at which the proposed-issue
Three of the European central banks have this
was to have been made. We have not been contend- week advanced their discount rates. The Bank
ing for a few shillings or for a few dollars or for a of Germany on Thursday raised its rate from 63/ to
few pounds in this situation. We have been insist- 71 %;the rate had been lowered to 63/2% on Jan. 12.
4
ing upon a property right recognized by every sub- The day before (April 24) the Austrian National
stantial corporation in England and America, the Bank had also advanced from 63/2% to 73/2%, while
right of all shareholders to maintain their propor- the Hungarian National Bank moved up from 7%
tionate interests in this company. Although a con- to 8%. Rates continue at 7% in Italy; at 532%
siderable percentage of the ordinary shares are in Great Britain, Holland, Norway and Spain; 5%
American owned, neither we nor the other Ameri- in Denmark; 43/2% on Swdeen; 4% in Belgium, and
can stockholders we represent have any desire to 33/2% in France and Switzerland. London open marcontrol the British General Electric Company, Ltd. ket discounts for short bills are 5@.5 1-16% against
Indeed, much of our stock was purchased since the 5 1-16% on Friday of last week and for long bills,
APRIL 27 1929.]
FINANCIAL CHRONICLE
2705
%
51 @5 3-16@ the same as the previous Friday. bullion of 250,968,000 marks reducing the total of
4%. At Paris open
Money on call in London is 41
market discounts remain at 3 7-16% and in Switzerland at 3/%.
In the statement of the Bank of England this week
another increase in gold holdings is reported, this
time of £269,558. This increase together with the
decrease of £1,663,000 in circulation brought about
a rise of £1,933,000 in reserves. Gold holdings now
aggregate £156,541,341 as against £156,271,783 last
week and £160,463,753 a year ago. Proportion of
reserve to liabilities stands this week at 52.72%
compared with 49.99% a week ago, and 40.32% this
week last year. Loans on government securities and
on other securities fell £4,090,000 and £88,000
respectively. "Discounts and advances" and "securities," the items which compose "other securities"
both dropped, the former £79,000 and the latter
£9,000. Public deposits rose £442,000, whereas
other deposits showed a decrease of £2,708,000.
Other deposits consist of "bankers accounts" which
moved downward £2,347,000, and "other accounts"
which showed a loss of £361,000. The rate of discount remains at 532%. Below we give the details of
the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1926.
1929.
1927.
1928.
Apr. 29.
A pr 25.
A pr.213.A pr.27.1tPr.28.
£
Circulation
b357,277,000 134,743,000 137,515,400 141.097,425 148.386,705
Public deposits
10,169,641 18,925.367 17,048,096
18,319,000 17,956,000
Other deposits
94,087,000 94,838.000 98,646,864 95,656,654 105.481.216
Bankers' accounts_ 58,432,000
Other accounts
35,655,000
Governtret securities 44,256,855 29,065,000 47,940,477 39,495,328 36.851,892
Other securities__ 26,560,000 55,931,000 42,154,994 67,822,284 76,245.186
Dint. & advances._ 10,949.000
Securities
15,612,000
Reserve notes At coin 59.263,000 45,473,000 36,397,709 25,024,851 27,105,359
Coin and builion_a156,541,341 160,463,753 154,163,109 146,372,276 155.742,064
Proportion of reserve
21.83%
33.45%
to liabilities
2214%
40.32%
52.72%
5%
5%
Bank rate
43.4%
434%
515%
that item to 2,178,898,000 marks as compared with
2,030,915,000 marks last year and 1,850,337,000
marks two years ago. Due to a further decrease in
notes in circulation of 226,280,000 marks, the item
now amounts to 3,918,931,000 marks compared with
3,760,082,000 marks last year and 3,146,678,000
marks two years ago. Bills of exchange and checks
rose 118,280,000 marks and other assets gained
52,834,000 marks, while advances decreased 80,091,000 marks and investments dropped 17,000 marks.
Reserve in foreign currency gained 16,262,000 marks,
silver and other coin rose 19,971,000 marks. Deposits
abroad remained unchanged. There were also
increases in notes on other German banks of 6,735,000 marks, in other daily maturing obligations of
99,001,000 marks and in other liabilities of 10,285,000 marks. A comparison of the various items
of the bank's return for the past three years is shown
below:
REICHSBANICS COMPARATIVE STATEMENT.
Changes for
Week. , Apr. 23 1929. Apr. 23 1928. Apr. 23 1927.
Retchsmarks. Retchsmarks. Retchsmarks
Retchsmarks.
Assets—
Gold and bullion ---Dec. 250,968,000 2,178,898,000 2,030,915,000 1,850,337,000
85,626,000 101.249,000
140.944,000
Of which depos.abrel. Unchanged
39,936,000 171,330,000 169.054,000
Res've in for'n curr __Inc. 16,262,000
Inc. 118.280,000 2.316,081.000 2,035,597,000 1,674,045,000
Bills of each. & check
83.061.000 113,765,000
Sliver and other coln Inc. 19,971,000 153,683,000
21,740,000
29.314,000
27,843,000
Notes on oth.Ger.bk-s_Inc. 6,735,000
16.035,000
40.987,000
35,973.000
Dec. 80.091.000
Advances
92,890,000
93,993,000
92,964,000
17,000
Dec.
Investments
Inc. 52,834,000 641,282,000 542,074,000 548,665.000
Other assets
Litz Whigs—
.Dee. 226,280,000 3,918,931,000 3,760,082,000 3,146,678,000
Notes in circulation..
0th daily matur.oblig.Inc. 99,001,000 769,295,000 671.063,000 791,392,000
Inc. 10,285,000 262.626,000 190,648,000 182,280,000
Other liabilities
Money rates moved swiftly upward in the New
York market late this week under the combined influences of a renewed demand for fresh funds for
speculative purposes and the customary month-end
requirements. Some funds may also have been witha Includes, beginning with April 29 1925, £27.000,000 gold coin and bullion drawn for European account because of the increases
previously held as security for currency notes issued and which was transferred to the
in discount rates in three Continental markets, but
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925. Includes £27,000,000 of Bank such withdrawals are not likely to have been large
of England notes issued in return for the same amount of gold coin and bullion
owing to the higher rates 'prevailing here in the
held up to that time in redemption account of currency note issue.
actual market. In the early days of the week, a
The Bank of France statement for the week moderate degree of ease was evident, both time money
ending last Saturday again shows a gain in gold rates and bankers acceptances moving off slightly.
holdings, this time of 774,632,042 francs, raising Call loans were 732% all of Monday. Tuesday's
the total to 35,097,716,159 francs and establishing market was a narrow one, with demand loans moving
a new high for the year. Notes in circulation de- upward from 7M% to 8% on withdrawals by the
clined 670,000,000 francs, reducing the total of the banks of approximately $15,000,000. The rate for
item to 62,646,941,160 francs as against 63,316,- call money Wednesday was 8% throughout, with
941,160 francs last week and 64,123,941,160 francs very little business reported. Distinct firmness foltwo weeks ago. Creditor current accounts rose lowed in the market Thursday, the call loan rate
469,000,000 francs and current accounts and de- advancing steadily from 8% to 12%. Withdrawals
posits increased 539,000,000 francs. There were for the day totaled only $20,000,000, but the money
decreases in French commercial bills discounted of was taken from a market that was only lightly
228,000,000 francs in credit balances abroad of supplied.
930,433,838 francs, in advances against securities
Another whirl upward brought call money to 16%
of 39,000,000 francs and in bills bought abroad of yesterday. This carried the rate into the controver10,000,000 francs. Below we furnish a comparison sial range that caused so much discussion late in
of the various items of the Bank's return for the March when 20% was reached. When the rate
past three weeks:
touched 20% on March 26, Charles E. Mitchell,
BANE OF FRANCE'S COMPARATIVE STATEMENT.
Chairman of the National City Bank, offered to lend
Status as of
Changes.
Apr. 20 1929. Apr. 13 1929. Apr.6 1929, a total of $25,000,000 in lots of $5,000,000 at each
Week.
for
Francs.
Franco.
Francs.
Francs.
rise of 1% in the rate above 15%. In apparent
Gold holdings __ —Inc. 774,632,042 35,097,716,159 34,323,084,117 34,190,819,942
Credit bale. abr'd _Dec. 930,433,838 9,388,433,615 10,318,867,453 10,610,478,615 reference to this offer of a month ago, Mr. Mitchell
French commercial
bills discounted _Dec. 228,000,000 5,387,904,092 5,615,904,092 6,054,904,092 said yesterday that the National City Bank was
Bills bought abr'd Dec. 10,000,000 18,384,958,505 18,394,958,505 18,300.958.505
"offering money in the market at progressively higher
Adv. agt. secure _Dec.. 39,000,000 2,337,794.733 2,376,794.733 2,464,794.733
Note circulation __Dec. 670,000,000 62,646,941.160 63,316,941,160 64,123,941,160 rates."
The market closed, however, at the 16%
Cred. CUR, Recta Jut). 469,000,000 18,466,335,454 17,997,335.454 18,045,335.454
Curr. accts.& dep_Inc. 539,000,000 6,287,253,230 5,748,253.230 6,427,253,230 , figure. The feature witnessed a month ago of higher
Irates in the unofficial or outside market was again in
. The Bank of Germany in its statement for the third evidence yesterday, as much as 2% above the official
week of April, reports a further decrease in gold and Stock Exchange rate being paid at one time. With-
2706
FINANCIAL CHRONICLE
[Vor.. 128.
drawals for the day were again about $20,000,Sterling exchange has been steady and dull, and
on the whole shows no material change for the week.
000.
Brokers' loans against stock and bond collateral The range for the week has been from 4.843 to
4
as reported by the Federal Reserve Bank of New 4.85 for bankers' sight, compared with 4.84%@
York for the week ended Wednesday night, showed 4.853' last week. The range for cable transfers
an increase of $67,000,000, the " gain taking place has been from 4.85Y to 4.85%, compared with
1
after four successive declines. The expansion marks 4.853. to 4.85'17-32 the previous week. The undera resumption, however, of speculative absorption lying factors affecting exchange are hardly different
of credit, and it is more than ordinarily significant from what they were in the past few weeks. Money
at this time. Gold movements through the port of rates here continue sufficiently high to attract
New York for the same weekly period consisted of strongly London and other European funds. There
imports of $8,850,000, and exports of $50,000. • can be no doubt that this attraction of the New York
Dealing in detail with the call loan rates on the money market has not been as much in evidence this
Stock Exchange from day to day, all loans on Mon- week as during the past few months. Nevertheless
day were put through at 732%, including renewals. it is sufficiently great to prove an obstacle to the
On Tuesday after renewals had again been fixed at foreign currencies. There has been less European
73/2% there was an advance to 8%. On Wednesday money coming over recently, due largely to the fact
all loans were at 8%. On Thursday the renewal that Stock Exchange requirements in New York
charge was again 8%, but from this there was an have been greatly reduced, and to the further ciradvance to 12%. On Friday the renewal charge cumstance that, however attractive the pull of rates
was fixed at 9% and from this there was a spurt to here, there is a limit to the amount of European
16%. Time money after last week's sharp decline funds that can be employed in a given direction.
has developed firmness again. On Monday 8h% Sterling shows a decided tendency to sag, although
was bid for all dates from 30 days to six months. seasonal factors at this time in favor of London
On Tuesday and Wednesday 84% was bid for 30, should be strongly in evidence, but perhaps not,so
60 and 90 days and 8% for four to six months. On much so as later in the season. It is evident that the
Thursday and Friday the quotation was 83@83/2% British banking authorities are frequently called
for all dates from 30 days to six months. It was upon to support exchange, for, as it is, the rate for
stated that higher figures would have been paid, but sterling is held only just above shipping point for
that there were no offerings because of the high rates gold from London to New York. The position of
on call. Business in commercial paper continues sterling is such that there seems to be no longer any
at a standstill. Nominally rates for names of choice prospect of a reduction in the Bank of England rate
character maturing in four to six months are 6% of discount, but, on the contrary, there are not
while names less well known are 61 1%, with New wanting indications that the rate may be advanced
/
still further, although the ability shown by the Bank
England mill paper quoted at 6%.
Banks' and bankers' acceptances were marked to strengthen its gold position through open market
down
of 1% on Monday in both the bid and the purchases may obviate the necessity for increasing
asked columns for all maturities except those for the rate. The Bank has been steadily building up
30 days. The posted rates of the American Ac- reserves according to the pre-war custom of strengthceptance Council are now 5% bid and 5 8 asked ening its position against the autumn drain.
%
for bills running 30 days, and also for 60 and 90 days,
This week the Bank of England shows an increase
5%% bid and 5%% asked for 120 days, and 5%% in gold reserves of £269,558. On Saturday the Bank
bid and 53/2% asked for 150 and 180 days. The of England sold £6,859 in gold bars and exAcceptance Council no longer gives the rate for call ported £4,000 in sovereigns. On Monday the Bank
loans secured by acceptances, the rates varying received £200,000 in sovereigns from abroad and
widely. Open market rates for acceptances have also exported £5,000. On Tuesday the Bank bought
been marked down and are now as follows:
£699 in gold bars. On Wednesday the Bank bought
SPOT DELIVERY.
£5,112 in gold bars and sold £5,049. A London
—180 Days— —150 Days— —120 Days—
dispatch on Wednesday stated that a shipment of
Bid. Asked.
Bid. Asked.
Bid. Asked
53's
5%
53
534
Prime eligible bills
5%
5%
£1,000,000 in sovereigns was expected in London
—90 Days— —60 Days— —30 Days— from Australia
at the end of the week. On ThursBid. Asked.
Bid. Asked.
Bid. Asked
day the Bank of England bought £260,000 in gold
534
534
534
534
5%
534
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
bars. On Friday the Bank bought £14,000 in gold
534 bid
Eligible members banks
sg bin bars, sold £5,116 and exported £5,000 in sovereigns.
Eligible non-member banks
At the Port of New York the gold movement for the
There have been no changes this week in Federal week April 18-April 24, inclusive, as reported by the
Reserve Bank rates. The following is the schedule Federal Reserve Bank of New York, consisted of
of rates now in effect for the various classes of paper imports of $8,850,000, of which $6,437,000 came
from Germany,$2,250,000 from Argentina and $163,at the different Reserve banks:
000 from Latin America. Gold exports comprised
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
$50,000 to Java. There was a net increase of $5,000
in earmarked gold for foreign account. Montreal
Rate in
Date
Effectors
Federal Reserve Bank.
Previous
funds continue at a discount, having been quoted
Established.
Rate.
April 26
July 19 1928
Boston
this week generally at 53-64 and 25-32 of 1%.
434
July 13 1928
New York
434
Philadelphia
July 26 1928
A%
Referring to day-to-day rates sterling on Saturday
Cleveland
Aug. 1 1928
434
Richmond
July 18 1928
434
last was steady in a dull market. Bankers' sight was
Atlanta
July 14 1928
434
434
Chicago
July 11 1928
4.84 25-32@4.85; cable transfers, 4.853-1@4.85 9-32.
Sc. Louie
July 19 1928
434
4
Apr. 25 1928
MinneaPolla
34
On Monday sterling showed firmness. The range
June 7 1928
Kansas City
34
Mar. 2 1929
434
Dallas
was 4.84%@4.85 for bankers' sight; 4.853.(
6
Francisco
June 2 1928
Ban
34
4.85 11-32 for cable transfers. On Tuesday sterling
APRIL 27 1929.]
FINANCIAL CHRONICLE
continued to display a better tone. The range was
4.84%@4.85 for bankers'sight and 4.85 5-16@4.85%
for cable transfers On Wednesday the market was
steady. Bankers' sight was 4.84%@4.85; cable transfers, 4.85 5-16@4.853 s On Thursday sterling was
.
/
inclined to be irregular. The range was 4.847
4@
4.85 for bankers' sight and 4.85 5-16@4.85% for
cable transfers. On Friday the range was 4.84%@
4.84 15-16 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
4.84 13-16; 60
-day bills at 4.803; 90
-day bills at
4.78 3-16; documents for payment (60 days) at
4.803; seven-day grain bills at 4.84%. Cotton and
grain for payment closed at 4.84 13-16.
The Continental exchanges have been extremely
dull and all reflect the credit uncertainties and give
indication of a general firming up in money rates.
On Thursday the German Reichsbank raised its
rate of discount to 732% from 63/2%. The German
rate had been at 63/2% since Jan. 12. The increase
in the Reichsbank rate has been expected for several
weeks. Foreign exchange circles do not expect
any decided firming up of the mark as a result of
the increase in the Berlin rate. The effect of the
new rate is expected to be largely counteracted by
the prospect of a return to the Dawes plan should
the Paris conference fail. The consequent heavy
transfer operations under the Dawes plan would
tend to depress the mark. Berlin reports a decided increase in withdrawals of foreign gold credits in the
past few days. While a successful conclusion of the
reparations discussions might have been expected
to result in an inflow of funds, it is believed that
the new rate was put into effect largely with a view
to stopping the withdrawals of foreign gold funds,
with the consequent denial of necessary credit to
do business, rather than with a hope of greatly improving exchange rates for the mark. The increase
in the rate was also necessary to bring Berlin into
HUB with the generally higher levels and tendencies
of most European centers and to counteract the
high interest rates prevailing in New York. The
opinion is frequently expressed that it may be necessary for the Reichsbank to increase the rate again
before long. Of course, should there be any recession in New York money rates the Reichsbank
might find it easier to reverse its course. It is
estimated that the Reichsbank has lost approximately $137,000,000 in gold since the rate. was
lowered in January to 63/2%. This week the Reichsbank shows a loss in gold of 250,968,000 marks, the
total standing at 2,178,900,000 marks as of April 21.
The Reichsbank is in a strong position, however, to
support exchange. Its gold holdings a year ago
were 2,030,915,000 marks. On Friday marks were
under sharp pressure, selling as low as 23.60 for cable
transfers. This was the lowest quotation for the
German unit since stabilization in 1924. The mark
is now well under the point necessary to bring gold
to New York. The supply of marks on offer is
relatively short; a factor favoring recovery to somewhat higher levels. Any official action would be
met by quick buying from shorts. Marks were
strongly sold in Germany against currencies of the
neighboring countries.
French francs have shown a firmer tendency, due
largely to active support given to the exchange by
2707
the Bank of France. The Bank of France continues to earmark gold in other countries.. This
week its sight balances abroad show a decrease of
930,000,000 francs, the total standing at 9,388,060,000 francs, while its gold holdings show an increase
of 774,000,000 francs. Italian lire have been firmer
and in yesterday's market were quoted at 5.244
1
for cable transfers, which was the best rate for the
lira in nearly two weeks. The Bank of Hungary
increased its rediscount rate on Wednesday to 8%
from 7%.. The latter rate had been in effect since
Oct. 2 1928.
The London check rate on Paris closed at 124.175
on Friday of this week, against 124.24 on Friday
of last week. In New York sight bills on the French
centre finished at 3.90 9-16 on FridaSr, against
3.901 on Friday a week ago; cable transfers at
4
3.90 13-16 against 3.90%, and commercial sight
bills at 3.903, against 3.903'g. Antwerp belgas
finished at 13.89 for checks and 13.89% for cable
transfers, as against 13.883 and 13.89 on Friday
of last week. Final quotations for Berlin marks
were 23.64 for checks and 23.65 for cable transfers,
in comparison with 23.69 and 23.70 a week earlier.
Italian lire closed at 5.243 for bankers' sight bills
and 5.243/i for cable transfers, as against 5.23% and
5.23%,on Friday of last week. Austrian schillings
closed at 14.10 on Friday of this week, against 143,
on Friday of last week. Exchange on Czechoslovakia
finished at 2.96, against 2.96; on Bucharest at 0.59,
against 0. 593/s; on Poland at 11.23, against 11.23,
and on Finland at 2.52, against 2.52. Greek exchange
closed at 1.293 for checks and 1.29 for cable
transfers, against 1.29% and 1.
293/2.
The exchanges on the countries neutral during the
War have been noticeably quiet. The Scandinavian
exchanges have been very steady. In the Scandinavian exchanges the greater activity has been confined to Swedish exchange, but even here there has
been very little change on balance. Holland guilders
have pretty well maintained the strength displayed a
week ago which resulted somewhat from the increase
in the Bank of the Netherlands rate of rediscount,
but was due also to the fact that tobacco and other
bills arising from products in the Dutch tropical
settlements are being paid at this season. On
Friday most of the neutrals were stronger as a result
of heavy buying and transfers from Berlin of both
German and foreign funds, which were taking flight
from German cover due to uncertainties over the
reparations conference. Spanish pesetas slumped
sharply during the week and at one time, in Tuesday's market, sold as low as 14.28, the lowest quotation since April 14 1928, when the currency was at
14.21. Bankers are disinclined to , attach much
significance to the weakness in Spanish exchange
during recent months. No new developments have
appeared in the generally unsettled political situation. The weakness at this time it is believed, is due
in part at least to the slack demand induced by a
natural disinclination to convert more than a minimum of funds in such an uncertain medium. London
dispatches on Friday stated that advices from
Madrid declare that committee appointed to study
question of a return to the gold standard by Spain is
expected to report within next two weeks. Meanwhile London foreign exchange brokers state that
market for pesetas is sensitive and unstable, lacking
government support. There is a large bull account
[Voir,. 128.
FINANCIAL CHRONICLE
2708
open in the currency, but the long interests are nervous and inclined to sell when small rate rises present
chance of profits.
Bankers' sight on Amsterdam finished on Friday
at 40.17, against 40.153/ on Friday of last week;
cable transfers at 40.19, against 40.173/2, and coramercial sight bills at 40.14, against 40.12. Swiss
francs closed at 19.253 for bankers' sight bills and
at 19.263/ for cable transfers, in comparison with
19.24 and 19.253. a week earlier. Copenhagen checks
finished at 26.663/2 and cable transfers at 26.68,
against 26.643/ and 26.66: Checks on Sweden closed
at 26.703/ and cable transfers at 26.72, against 26.69
2
arid 26.703/2, while checks on Norway finished at
26.663/ and cable transfers at 26.68, against 26.653/
and 26.67. Spanish pesetas closed at 14.44 for checks
and 14.45 for cable transfers, which compares with
14.74 and 14.75 a week earlier.
sion in the price of silver. Closing quotations for
,
yen checks Friday were 44 1316@451v, against
44M@44% on Friday of last week. Hong Kong
closed at 48 11-16@48 15-16, against 48%©49 1-16;
Shanghai at 60%@61, against 61%@615 8; Manila
/
at 50, against 50; Singapore at 56A@,563I, against
56 @56Yi; Bombay at 36%, against 36 8, and
/
Calcutta at 36%, against 363 s.
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 FedThe South American exchanges are little changed
from the past few weeks. They are extremely dull, eral Reserve Bank of New York was creditor at the
and foreign exchange traders say that the business is Clearing House each day as follows:
OF NEW YORK FEDERAL RESERVE BANK
largely of routine character. The tone of Argentine DAILY CREDIT BALANCES CLEARING HOUSE.
AT
the wholeimproved and the recent gold
exchange is on
Friday
AoPrettate
daturdav
Monday. Tuesday Wednesday Thursd'y
shipments from Buenos Aires to New York have ripHi 20. April 22. April 23 April 24. April 25. Arpil 26. for Week.
helped exchange. The agricultural industry of Ar•s
gentina is in fairly good shape. General business is 116.000.000 112.000.001 125.000.000 137.1101.00 117.000.00 117.000,00e (lr 724.000.00
mass of checks which come
active and most trades are prosperous. Argentine toNote.-The foregoing heavy credits reflect theofhuge country in the operation of
the
the New York Reserve Bank from all parts
the Federal Reserve System's par collection scheme. These large credit balances.
paper pesos closed on Friday at 42.08 for checks as 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
volume of checks on institutions located outside of
compares with 42.08 on Friday of last week and at the daily balances. The largefor
New York are not accounted
in arriving at these balances, as such checks do
not pass
but are
with
42.13 for cable transfers, against 42.13. Brazilian Bank for through the Clearing Housethe local depositedHouse the Federal Reserve
Clearing
banks.
collection for the account of
milreis finished at 11.92 for checks and 11.95 for cable
transfers, against 11.92 and 11.95. Chilean exchange
The following table indicates the amount of bulclosed at 12.10 for checks and 12.15 for cables, against lion in the principal European banks:
12.10 and 12.15, and Peru at 4.00 for checks and 4.01
April 28 1928.
April 25 1929.
for cable transfers, against 4.00 and 4.01.
Banks of
I
In the Far Eastern exchanges the point of interest
this week is the slight improvement in Japanese yen,
reflecting in part a more promising business outlook.
The Chinese centers are quoted lower owing to recesFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1974
APRIL 20 1929 TO APRIL 26 1929, INCLUSIVE.
CMOS?, and Monetary
Unit.
Noon Buying Rate for Cal* Transfers to New York;
Value Os Untied MWso Money,
April 20.April 22.April 23.'April 24.•Apr01 25.April 26.
EUROP
Austria. echillilig--__ .140397
.138825
Belgium. beige
.007215
Bulgaria, lev
Czechoslovakia. krone .029597
266504
Denmark, krone
England, pound ster1.852356
ling
.025163
Finland, markka
.039056
France. trans
relchemark. .236996
Germany,
.012929
Greece. drachma
.401595
Holland, guilder
.174250
Hungary, Pengo
.052358
Italy, lira
.266620
Norway. krone
.112002
Poland,zloty
.044640
Portugal, escudo
.005950
Rumania,leu
146760
Spain. peseta
.267114
Sweden,krona
.192455
Switzerland. franc.017560
Yugoelavia, dinar
ASIAChina.632291
Cheloo tael
Hankow tael
.625468
Shanghai tael
.611339
Tientsin tael
643541
Hong Kong dollar
.486714
Mexican dollar_
.441500
Tientsin or Pelyang
dollar
.441666
Yuan dollar
.438333
India. rupee
.362771
.446561
Japan, yen
Singapore(S.S.)dollar_ .559583
NORTH AMER..991789
Canada, dollar
.999463
Cuba, peso
.482225
Mexico. peso
Newfoundland. dollar .989050
SOUTH AMER.Argentina. peso(gold) .955584
118762
Brazil. mitre's
120821
Chile. peso
.988426
Uruguay, peso
963900
iolombla. peso
8
8
.140457 .140436 .140446
.138825 .138839 .138840
.007225 .007202 .007202
.029600 .929600 .029599
.266515 .266543 .266552
4.852643
.025163
.039065
.237030
.012925
.401668
.174226
.052358
.266623
.111982
.044640
.005951
.146078
.267131
.192455
.017563
4.853020
.025172
.039079
.237073
.012926
.401717
.174240
.052363
.266625
.111890
.044540
.005955
.143313
.267121
.192465
.017566
.633750
.625937
.610000
.644583
.486607
.440125
.635208
.627656
.611428
.645208
.486962
.442000
4.853177
.025164
.039079
.237071
.012925
.401730
.174223
.052369
.266630
.111890
.044500
.005956
.143445
.267111
.192472
.017569
8
.140456 .140418
.148847 .138854
.007225 .007215
.029803 .029599
.266565 .266601
4.853231
.025161
.039079
.237165
.012928
.401728
.174278
.052395
.266652
.111930
.044600
.005947
.144347
.267128
.192483
.017559
4.852656
.025156
.039079
.238057
.012925
.401790
.174268
.052427
.266650
.111922
.044540
.005947
.143789
.267139
.192520
.017558
.633750 .631875 .630000
.627500 .625468 .824062
.611160 .609642 .607464
.645625 .645208 ..640000
.487125 .486250 .485571
.440500 .440000 .439500
.439375 .440416 .438750 .440000
.436041 .437083 .435416 .436666
262850 .362850
.362714 .362950
.449275 .446838 .447228 .449078
.559583 .559583 .559583 .559583
.437083
.433750
.362545
.449390
.559583
.992036
.999810
.482225
.989300
.992135
.999610
.482225
.989453
.991805
.999607
.482225
.989235
.991965
.999485
.481975
.989562
.992087
.999607
.482175
.990500
.955438
.118727
.120624
.988926
.963900
.955568
.118786
.120627
.983476
.963900
.955730 .955473 .955811
.116709 .118750 .118736
.120561 .120562 .120567
.978629 .970970 .964699
.963900 .963900 .963900
Gold.
England_ _ 1156,41,34j
France a__ 205.674.2601
Germany b 108.895,170
Spain ____ 102,390,000
54,916,000
Italy
Netherrds 35,206,000
Nat. Belg_ 25,967.000
Switzeri'd_ 19,288.000
Sweden.._ 13,054,000
Denmark. 9,593,000
8.157,000
Norway
Silver.
Total.
Gold.
156,41,341 160,466.753
205,674,260 147,141,638
(d)
c994,600 109,889,770100,719,100
28,587,000 130,977,000 104,319,000
54,916,000 49,792,000
1.743,000 36,949.000 36.264,000
1,268,000 27,235,000 21,670,000
1,675.000 20,963,000 17,416,000
I 13,054,000 12,909,000
470,000 10,063,000 10,109,000
8,157,000 8,180,000
I
Total week 739,681,771 34,737,600774.419.371688.986,491
Prey. week 738,087,136 34,713,600772,800.736 665,727.908
Silver.
I
Total.
4
I 160,466.753
13,717.872 160,859,510
994,600 101,713,700
27.902,000 132,221,000
49,792,000
2,149,000 38.413,000
1,244,000 22,914,000
2,373,000 19,789,000
12,909,000
641,000 10,750,100
8,180,100
••••
49,021,472718,007,'0*
49,109,472 714,837,1110
a These are the gold holdings of the Bank of Prance as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,481,300. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
The Disarmament Outlook at Geneva.
Until last Monday, when the views of the American Government were outlined by Hugh S. Gibson,
there was little reason to expect that the meeting
of the Preparatory Disarmament Commission at
Geneva would be any more successful in reaching
conclusions than previous sessions had been. The
Commission, which had 'assembled on April 15, had
spent a week in aimless and apparently useless
debate. A proposal by the Chinese Nationalist Government that conscription and compulsory military
training should be abolished had been quietly
ignored, some radical Russian proposals looking to
an immediate reduction of 'armaments had been
frowned upon and turned over to a committee, and
a somewhat elaborate German program involving,
among other things, the virtual abandonment of
chemical warfare had made no progress because of
differences of opinion about procedure in discussing
it. The situation at the end of the week seemed to
bear out the intimation which appeared in newspaper dispatches from Washington, ten days or
APRIL 27 1929.1
FINANCIAL CHRONICLE
2709
more before the Commission Inlet, to the effect that "there is no conceivable combina
tion of naval power
Washington did not regard the approaching session which
could threaten the safety of any of the prinas of much importance from the American point cipal naval Powers
," "what justification can there
of view. Baron Cushendun, head of the British be for the Powers which
lead in the respective classes
delegation, had also been reported as saying, on the
of naval vessels to sanction further building proeve of his departure for Geneva, that the outlook grams
in those classes? In the case of the United
was not "rosy" for an agreement upon anything.
Stats, we have already expressed our willingness to
Mr. Gibson's speech, carefully prepared by him- agree
on a basis that would mean a substantial reself and others before he left Washington, and later
duction of our present destroyer and submarine
given out by the Department of State, presented,
types. In the case of cruisers it is only the possession
of course, the Administration view of how the Comby others of greatly superior strength in this class
misssion might best proceed. The question of land
which has led to the adoption of the present building
armaments was put aside at the outset by Mr. Gibson
program."
with the somewhat cryptic statement that when that
Precisely how the proposed evaluation of relative
question should be reached, the American deleganaval strength is to be worked out was not made
tion would be able "to defer to the countries primaclear by Mr. Gibson in his speech. In a statement
rily interested in land armaments with such measmade to the press on Monday,following the delivery
ure of concession as, I trust, will materially facilof the speech, Mr. Gibson is reported to have likened
itate agreement among them." He later clarified
the process to that of determining index numbers.
this by announcing, on Friday, that the United For exampl
e (we quote from a report of Mr. Gibson's
States would not insist upon limiting the number remark
s in the "New York Times"), "if a 10,000-ton
of trained reserves in considering the reduction of
cruiser received an arbitrary value of 100, then a
land forces. The American defense problem, how6,000-tonner would get a relative value based on all
ever, Mr. Gibson said, was primarily a naval probstrategic considerations such as gun power, &c.,
lem. The Amerian Government was still of the
entering into the question. Its value might be less
opimion that "the simplest, fairest and most practhan 60—the figure which would be reached if tontical method is that of limitation by tonnage by
nage alone were considered as hitherto. A similar
categories..' Nevertheless, in view of the inacceptsystem of determining the equivalent values for
ability of this proposal to some countries, the United
guns, submarines, other vessels, &c., would be used.
States was prepared to accept, as a basis for discusThen . . .when the total value for each category
sion, the French proposal, brought forward at the
of the various navies had thus been determined, it
third session of the Commission, embodying "a
would be the work later of the conference not only
method which was an attempt to combine its origto limit but substantially to reduce them on the
inal tonnage proposals with the method of tonnage
Washington Conference basis, fixing the maxiby categories. Under this method, a total tonnage 5-5-3
mum global figure for each navy, and for each catewas assigned to each nation and this total divided
gory within that navy, according to the above ratio."
among categories of ships by specified tonnages."
It will be clear, at once, to anyone who reads Mr.
It was to be understood "that this involves an agreeGibson's hypothetical explanation, that the Amerment upon the method alone, and not upon any
ican proposal is highly complicated, and that the
quantitative tonnages or the actual percentages to
expert calculations required, not to speak of the
be transferred from one category to another. All
reconciliation of conflicting opinions that are cerquantitative proposals of any kind should properly
tain to arise, will take some time. The cordial rebe reserved for discussion by a final conference."
ception which was given by Baron Cushendun. on
The American Government was further disposed,
Mr. Gibson continued, to "give consideration to a Monday to Mr. Gibson's statement must be taken,
accordingly, not as a formal acceptance of the Amermethod of estimating equivalent naval values which
ican proposals, for Baron Cusdendun made it clear
takes account of other factors than displacement
that he had no authority to go as far as that, but
tonnage alone. In order to arrive at a basis of comonly as an expression of satisfaction at the willingparison in the case of categories.in which there are
ness of the American Government to modify its
marked variations as to unit characteristics, it
original proposals and to concede something to the
might be desirable . . . to consider certain factors which produce these variations, such as age, objections of other Powers. As a matter of fact,
if the Commission accomplishes anything at all at
unit displacement, and calibre of guns." The Amerits present session, it will probably have Mr. Gibson
ican Government was also prepared to agree to "any
to thank for the opportunity. Newspaper reports
reduction, however drastic, of naval tonnage which
from Geneva indicate that the opposition in. the•
leaves no type of war vessel unrestricted." "My
Commission to the disarmament plans of Germany ,
Government believes," said Mr. Gibson, "that there
and Russia has been based, not so much On oppocan be no complete and effective limitation of armasition to the suggestions as such, as upon reluctance
ment unless all classes of war vessels, including
to act upon suggestions brought forward by
those'
cruisers, destroyers and submarines, are limited.
two Powers, each of which, it is frankly admitte
It could not agree to any method which would
d,
result still has something of an
"enemy" shadow hanging
in leaving any class of combatant vessels
unrestricted . . . The willingness of my Government over it. Under such circuMstances a proposal from
the 'United States, even if its adoption would
—I may even say its eagerness—to go to low
bring
levels about a good deal of what
Germany and Russia have
is based upon the fundamental belief that
naval asked for, may well have been
seized upon with satisneeds are relative, namely,that what we may
require faction by delegates wearied
with a week of fruitless
for our defense depends chiefly upon the size
of the debate.'
navies maintained by others, aside from the
signaIt seems unlikely that the Preparatory Commiitories of the Washington Treaty." Since,
however, Rion, even if it accepts the
American proposals in
2710
FINANCIAL CHRONICLE
principle, will be able to do more than to formulate
them with more precision and refer them to technical experts to be worked out in detail. A United
Press dispatch from Washington on Thursday
stated, upon what was declared to be high authority,
that Mr. Gibson and his associates "have no detailed
proposals for making the general terms of the Hoover formula applicable in technical terms," and
that the full conference on disarmament, which will
be called by the United States if it is called at all,
may not be convened until 1930 or possibly 1931.
The latter date would coincide with the meeting
of the conference which is to reconsider the Washington Treaty. Mr. Hoover, it is further stated,
having in mind the criticism that the former Disarmament Conference in 1927, broke down from lack
of suitable preparation, is determined not to summon another until all necessary preparations have
been completed.
These are other reasons than technical ones for
expecting delay. The British general election has
been set for May 30, and neither the Baldwin Government nor the political parties desire to have the
disarmament issue added to the other problems with
which they are wrestling. The breakdown of the
reparations discussion at Paris, whether Dr. Schacht
and his associates were mainly responsible for it
or not, would leave the question of reparations in
the air, keep the war debt settlements in active controversy, and raise the question as to whether or
not the Dawes plan will continue to operate after
next September. The advance in the discount rate
by the Reichsbank on Thursday, following a marked
drop in the gold reserve of the bank, lends color to
Dr. Schacht's contention that Germany cannot continue to make the payments which the Dawes plan
calls for.
The Mussolini Government has all along insisted that Italy must have an adequate army and
navy, and has manifested no particular interest in
any proposals for the reduction of either land or
naval armaments; while France, with a large program of fortifications on its northeastern border
actively under way, launched on Wednesday a
10,000-ton cruiser which made the eighth new war
vessel launched within a month. The Kellogg pact,
too, still awaits the ratifications necessary to make
H
it operative.
considered, therefore, it would scan
All things
that the reduction or limitation of armaments is
still a matter of the rather distant future. Mr.
Gibson was right in declaring, at the end of his
speech on Monday, that the American Government "has never believed that an effective approach to the problem of disarmament could be
made by methods of reduction of armaments alone,"
but that"it feels that genuine disarmament will follow only from a change of attitude toward the use
of force in the settlement of international disputes."
The change of attitude is undoubtedly taking place,
but it is not a change that will be accomplished in
a few weeks or months. The hopeful features of the
situation are the cordial interest with which the
American proposals have been received, the conciliatory disposition shown on Friday in the discussion
of methods of restricting land forces, and the apparent desire to hold the meeting of the full conference
in 1930 if the necessary preliminaries can be worked
out by that time.
[VoL. 128.
"Business Is Business."
Now that law-making at Washington is in the
ascendancy, and the old mill is grinding away as
usual, it may not be amiss to state in a kindly,
friendly and genial way that business is just that—
and nothing more! Business is business,—and is
not a method of reform, nor a diplomatic mission,
nor a means of making good the promises of a political party made in the heat of a campaign. It is a
peacemaker and a pacemaker at the same time. It
is a legitimate and lineal descendant of barter,
which was a way of exchanging goods for goods,
products for products, before the invention of money,
and after the discovery that the way to get the things
you want is to give for them the things you have but
do not want. Complexity of modern times does not
change its essential nature. It is not related to
government, or subsidies, or franchises, or leases, or
taxes, and is always able to stand on its own feet—
if let alone. It is not intended to continue, extend,
stabilize, guaranty, or subsidize "prosperity," which
is an incidental result, very acceptable when it follows, though it sometimes fails to follow. Its chief
purpose always has been and aways will be a means
whereby to feed the hungry, clothe the naked and
shelter the homeless. Big or little it has the same
aim, is employed by the same kind of persons and
is the common possession of every tribe, people and
country throughout the earth. It does not spring
full-armed from the brain of Congress, but develops
slowly out of the application of work to production.
And, incidentally at this point, it suffers taxation but does not ask for it. Since it is the result
of human energy applied to natural, Godgiven resources, its prime mission is to create a surplus for
rainy days and not to sell the last morsel of bread
in the free markets cif the world. Inevitably it diversifies profits and is not born to equalize them.
It is not dependent on national boundaries and
often overflows them — when let alone — which
spreads trade over lands and seas, carrying goodwill and creating happiness—since enemies do not
draw near to each other in love and kindness but
have a tendency to fight in wars and despoil each
other by force for gain. And since free governments
are sustained by free men there is no mandate from
free business to governments to put obstacles in the
way. And to lay taxes, levy tribute upon free
business for the purpose of equalizing the profits of
agriculture and manufacture is a modern triumph
in political acrobatics in no way germane to the
subject. We have ceased to levy taxes for the pleasure of seeing foreigners pay them; we no longer
use them for the wadding to fill neglected dinner
pails; we have passed the stage of economics when
we hope to measure by them the difference in the
cost of production at home and abroad; and it is
only recently, in the magic strides of our progress,
that we are sure we can bring an equalized prosperity to all men by taking a tithe out of every meal
sack and extracting a farthing's worth of energy
out of every article made of steel and iron. Business—when let alone—and it satisfies the wants and
needs of men by its own powers, travels amain on its
own steam, waits for no incentive save the natural
appeal of exchange, sets up no hurdles in its own
race, requires no credentials or passports to cross
the boundaries of nations—when let alone! And
APRIL 27 1929.]
FINANCIAL CHRONICLE
2711
when obstructed it ultimately breaks all walls— motes the advance of more hundreds of millions in
price, who or what gave it the power to "protect,
but at the cost of much waste and labor.
The flag follows trade—but sundry parliaments stabilize, equalize," since there is none in governinsist on heading the procession, to the downbeat ment and none in tax? Yet this power is invoked
of .much oratory and the flying banners of much in special aid of the farmer—suffering from the delaw. Men of wheat and men of rubber meet some- flation of World War and the special protection
where on the plains of trade and effect an exchange. favors shown to others, — "protection," that is,
Men of cotton and men of corn meet in the same which shuts out the goods that must be bought if
way and have no more trouble in satisfying their the goods "protected" are to be sold abroad. Neither
needs than the pioneer had in going to mill with a agriculture nor manufacture are really asking for
jug of whiskey in one end of the sack and a bushel this new tariff law—that is to be enacted to keep a
of wheat in the other. The essentials of big and political promise. As well build a fox-fire in a
little business are the same, and if thousands of swamp and expect to light the hills of home!
men produce thousands of things and population
Business is business—when let alone—and it
spreads from river to river and ocean to ocean caus- makes its own laws. It is self-organized, self-ading thousands of complexities and complications vanced and self-sustained.. It is, as said, pacemaker
the original principles remain the same though the and peacemaker. Out of its evolutionary competimethods change. If in time money and credit come tion is born its co-operation by means of consoliinto existence as aids to exchange they are natural dation. Out of its initiative, enterprise, acumen
helpers and though they accept the sanctions of and energy spring the physical wonders of our civgovernment they do not wait upon it nor derive their ilization, architecture that arouses pride, invenexistence from it. Trade is for mutual benefit. It tions that amaze, commerce that flows like a river
is not for the purpose of furthering science and of strength, and finance that beacons like a floodart, save as it furnishes the sinews for their devel- light. And out of all these, energized by the intelopment and maintenance, which it does with a free lect and sensitized by the feeling heart of man, it
and opulent hand in accordance with man's growing builds increasingly those institutions that smooth
aestheticisim.
away the ravages of time upon the unfortunate, that
Business is business — when let alone — because soften the pillows for age and infirmity, that seek
food, clothing and shelter are the primal requisites to banish disease, and that brighten the knowledge
of life. It has no mission, this business, save to and make specific the wisdom of ages of endeavor.
sustain men, that they may help each other, that To introduce into this mighty advance, the cause of
in helping each other they may learn from each all true prosperity, this hybrid law of tariff-protecother's experiences, and thus learning may set up tion is as futile as to untie a bundle of straws in a
rules of conduct for the common good, and having cyclone. But it must be done to satisfy a political
reached a tentative code of welfare, may state it promise. It would have been done in another politin law and guaranty it by the power of an estab- ical turnover with equal inefficiency. "Business is
lished government created out of common consent. business." We intended, when we began, to indulge
So that business needs no guide, adventures every- in a little banter and fun. But the farce is so
where in its own behalf, civilizes by virtue of spread- colossal that it becomes serious, and in false proming intelligence embodied in the countless objects ises takes on the tone of tragedy.
and articles it buys and sells, and helps to unite the
peoples of the earth together in bonds of liberty and
Industry and Statistics.
fraternity, because it is in a last and comprehensive
Statistics are the record of effects. Is it always
definition, man. in. action. It is not a sage brooding profitable to turn these effects into a secondary
over man's ultimate destiny. It is not a saint seek- cause? A Washington dispatch, dealing with the
ing his eternal salvation. It is not a missionary seek- Federal Reserve Board action, or inaction, the dising to establish a creed or save a soul. It is not a law count rate and speculation, incidentally has this
created by artificial political bodies outside itself to say: "According to statistics compiled by the
—it is its own law; and because exchange is for Washington office of the Associated Contractors of
mutual benefit, the giving of worth for worth, dol- America, 'the back-lash from the diversion of filar for dollar, of a full day's work for a fair day's nances of speculative purposes showed its first defpay, are each and all its essential life or it would initely injurious effects on the construction industry
perish by its own weight. •
during March.' . . ." "The figures representing
No, Congress is not a board of directors oversee- current construction operations of all types, based
ing, guiding, directing the complex business affairs on shipment of construction materials, show a deof a people. It can no more effect a continuance of crease of 5% in volume of construction performed
so-called "prosperity" than it can make a cheap during March as compared with February," it was
substitute for gasoline or compute the profits of a added. "This is a reversal of the usual seasonal
national bank, or derive gold from seawater. It as- trend...." "Contract awards in twenty-seven States
sumes too much. And the people—the peopleled away during February declined 15% from those of Janufrom reason by political sophistry who clamor at its ary and were 26% less than in February last year.
door for stabilization, equalization, protection, are Thus far the two recorded months this
year condeceiving themselves. For though they may get laws, tract awards show a decline of 15% over the same
these are as impotent as the wishes of classes and period last year. . . ." "That the basic
cause of
sections that have no more force than the winds this decline has been the rapidly fluctuating
money
that come and go. And this hoary-headed senility market with its periodical high money
rates is indiknown as the tariff, that sets up custom houses at cated by reports of increased contemplated
work
our ports, that promises all things to all men, that compiled by F. W. Dodge Corporation. This work
collects a few hundred millions in revenue and pro- has evidently had no opportunity to mature in suf-
2712
FINANCIAL CHRONICLE
(VOL. 128.
ficient quantity to maintain activity at past levels." ply when it is too easy—it causes an inflated form
Now we do not quarrel with these percentages of "prosperity." The broad issue, then, at the presor the inferences drawn therefrom. Great building ent time,is not the quantity of credit available but
projects do not proceed into contracts save upon its right employment. And it is hazardous to emassured credit conditions. But are we warranted ploy credit in over-production as it is to employ it
in ascribing to this influence "tight money" more in speculation. True, the part consumed by specuthan a very small fractional part in. the decrease lation is not available for industry; but the part
shown in the building industry? Our purpose here consumed in inflated industry, in industry minisis to look upon these statistical compilations in their tering to extravagance, is not available for normal
relation to the even progress of industry in general. needs and normal industry.
Hence, if we have been cultivating and even codIt is immaterial whether the industry be that of
What power have statistics dling a line of industries unknown 25 years ago we
building or some other.
over the initiative and completion of industrial are diminishing the supply of credit for ordinary
undertakings. We merely use the building indus- trade and at the same time making it more costly.
try and its decline as an illustration. In the first Comparative statistics for yearly and five-year
place, it does not clearly appear, so far, in our bull pereiods do not reveeal causes that lie in this tremarket imbroglio, if we except a few crucial days, mendous fact. It is manifestly impossible that exthat there has not been free credit enough to finance travagant living can continue on an even ratio, for
all legitimate industry. It is true that industrials the necessities, in a way, pay for the luxuries. If
and utilities have in many instances resorted to the the farms and factories that minister to primal
issuance of stocks rather than bonds, but both are needs slow down because of influences that lie in
forms of credit as thus used. It is true that diver- the nature of things, the building and the transport
sion of credit into speculation increases the busi- and textile industries will turn from the excessive
ness rate and cramps free access to the fountain and abnormal to the actual needs. What matters
head, but if we say that business has been retarded it how many skyscrapers were erected last year if
by this cause, then our claims for "continued pros- the actual need for them is satisfied. Statistics of
perity" are somewhat misleading. And the truth building confirm the fact that the scarcity is asis that they are misleading for "prosperity" is not, suaged, they indicate no more than this as to the
and has not been, what to now is claimed for it. future, and the continuing demand, if there is to
But the fundamental causes lie deeper than the lack be any, rests on the ability of the profits in more
of, or the cost of, credit sufficient to finance in- fundamental industries to sustain it.
All industry is interdependent and intersupportdustry.
The fundamental cause of the decline is in the ing. Each buys and sells from and to all the others.
falling off in demand for the industrial output itself If we had not had seven fat years we would have
—save in a few lines, luxuries and those tending little of our present "prosperity," spotted as it is.
to become so. Now at this point it is pertinent to Prices are indices only. They vary in response to
ask what comparative statistics as to production varying influences. The dollar, under the gold
by year and month are worth in the face of the standard, serves all alike. Scarcity and plethora
great underlying force of demand? If we revert fix price. The dollar, gold dollar, measures price
to our illustration, "building," is it not apparent and names it. The true purchasing power is the
that the war dearth must be nearing an end, or at relation of one product or article to another. The
an end, or even showing a surplusage? Who or dollar is a medium and common denomination of
what can or does attempt to measure by statistics exchangeable value. Intrinsic value lies in use, exthis waning urge. When the falling-off comes it may change value lies in use and quantity. Credit is
be told in figures—but these are not sound bases debt. Credit is promise to pay in the future. It
for future action and activity, while the unknown issues out of product and its place in trade. It is
and unmeasurable force of demand in an incontro- based on collateral and character. It is the servant
vertible base. And this base must be sensed and of commerce, not its master. It is the agent of incannot be reduced to statistics, though statistics vestment and speculation as well. If all things in
when they are combined may confirm and may indi- industry were in equilibrium there would be norcate trends. In a word, statistics are not sufficient. mal credit for building and all else.
Credit issued and projected into future endeavor
The need, the demand must be shown—and these
by reasoning upon conditions is yet a mortgage on the present and the past, and
can only be shown
that lie outside in the wants and needs of the people, though it is based on commodity and character it
and the ability of the people from outside sources freely issues, restricted only by values, intrinsic and
exchangeable, and is always sufficient unto trade
to supply these demands.
Even the credit, the lack of which is said to cause needs according to the normality of conditions. It
the diminution in industry, is not an original cause, needs, therefore, no supervision, no guardians, no
but a means to an end. Credit plays an enormous keeper. It can supply industry, when industry is
part in all business, but it is not the chief cause or normal, continuously, and does do so. But commodthe chief means of production. The cause is the ities may fail and character may die. Then there
need to support life and the means is the labor of ensues a stringency. When one generation passes
head and hand. The farmer plants his crop, though another must pay. When industry lags speculation
he has to subsist on salt pork and bacon. The mer- may dry up, or it may assume the fictitious
chant carries on, though he has a short stock and a strength of a fever. But there is always enough, if
small trade. The manufacturer turns out his sup- the freedom of trade and industry is normal, equaply, though he is uncertain of his market. The ble, and exchangeable, and it follows that if Govbeneficence of credit is that it aids and augments. ernment undertakes to control the natural issue of
But it has the fatal quality of causing an oversup- credit it will succeed only in becoming an obstruc-
APRIL 27 1929.]
FINANCIAL CHRONICLE
2713
tionist. The "life blood of trade" is the product of Court, will promote peace. Elements that are not
the whole of industry!
homogeneous cannot always be separated, and
require considerate patience. Party politics, as
The Retirement of Lord Balfour.
long treated in England, where the "King's oppoIt is doubtful whether any pleasanter or more sition" is recognized as truly as is the "King's Govprofitable way of getting a view of a great states- ernment," work effectually to this result. Free
man passing as an octogenarian out of public service debate should not lose popular support, and with
can be obtained than is supplied of Lord Balfour in free elections offers the solution of many difficulties.
the group of his more recent speeches and addresses Socialism is radically destructive. No political
collected by his niece at the request of the pub- mistake is so great as the attempt to level downward.
lishers, Doubleday, Doran & Co. In 1874 a young Individual ability and devotion must be developed,
American visiting Parliament saw a new member and every available resource should, like a workevidently younger than himself gain his request man's tools, be kept within reach for the man who
when in asking an opposing and quickly obstreperous can use them. We must avail ourselves of all the
House to adjourn that the members might attend a machinery of existence the past of human society
garden party given by the Queen at Buckingham has produced; and then make it the task of each
Palace, he with a twinkle in his eye referred to it as community, large or small, to be responsible, with
"presumably respectable." A dozen years later Lord mutual co-operation and goodwill, primarily for
Curzon incidentally said: "A. J. Balfour is as usual its own prosperity, the citizens of the town and city,
cynical and charming. He is one of the most at- no less than those of the Nation and State.
tractive men in society which is at present worDiscussing the modern state he takes up the human
shipping intellect." Here we have three outstanding side of industry and the mutual need of industry and
features of Mr. Balfour's character: a bright and science for each others His latest addresses are on
ready wit, high intellectuality, and a rare gift for this theme. It is not sufficient to secure outside
settling controversies.
intelligence in the creation of the machinery of
In 1911, after 37 years of Parliamentary service, he industry. The human element is even more imporsought release from the party leadership he had held tant. Hours of work are hours of life, and surely
for 20 of those years. The political situation was re- are not less important than hours of idleness, even
constructive, but in no way critical, and he wanted from the standpoint of happiness or satisfaction.
to anticipate the years when men lose their freshness Here is need for study of the individual; and this is
and mental elasticity. It was granted; but in 1914 where the community can work together with the
the war at once recalled him to renewed and most employer, and where the employer needs support.
laborious public service, in the Admiralty and then Industrial disputes increase difficulties. Differences
as head of the Foreign Office. Four years later came of opinion are inevitable. Distribution of products
the long hard work following the Armistice. Since is a vital element in continued operation. Outside
Nov. 1922 he has been a member of the House of competition is to be met; and leaders of the unions
Lords, and now he retires at 80 years of age. The may easily lose sight of the important facts and
addresses pertain to the distinct periods of Early greatly complicate the situation. The clamor for
Memories; Political Questions; The Modern State; artificial protection by tariff and the like, which, at
Imperial, and International Affairs.
best, can be but partial and limited, diverts attention
The first tells of the years at Eton, that school of from the actual industrial conditions which must be
the English thoroughbreds; of the anniversaries ob- met if any business, however independent, can hope
served on the battlefield by Etonians, two of to continue. Every effort ought therefore. to be
whom were Americans, all filled with the same devoted to keep the wheels revolving.
spirit. Incidentally, it refers to his participation
Science is to-clay playing a large part in the rapid
in the two events in Paris when in 1871 the King advance of industry. It would be strange if the
of Prussia was declared Emperor of Germany, and sweep of science into knowledge of hitherto unknown
in 1918 when that Empire was ended in the Treaty forces operating in the world about us were not
of Versailles.
seized upon and applied in industry. Any industry
In the second section he testifies to the part Scotch- in which this is disregarded is marked for failure.
men have played in English history since the day
But the value of industry to science is not as widely
when two centuries ago the two nations were united. recognized. This was the subject of the address to
Before that they had fought bitterly; but it had not the Society of Chemical Industry in July, 1926. As
prevented their overcoming the difficulty of ac- the head of the Department of the Government conquiring a new language and proving the possibility cerned with,industrial research, Lord Balfour, could
of cherishing their own nationalism while joining show how close is the dependence of the men of
in the patriotism which unites Canadians, Australians advanced science upon the industries. Laboratory
and New Zealanders with them in all abounding experiments are not conclusive. Only when these
loyality to the Empire; which is their contribution are applied to full-sized production and work done in
to the development of Europe, and gives promise the larger form is their value determined. Thereupon
of a new brotherhood among nations. This, Lord factory reorganization must be made, and this folBalfour believes, indicates the method and the lowed by the opening of new markets; all of which,
spirit by which, in time, Ireland's problems will often at great cost, is to be done before full fruition
be solved and despite existing difficulties, she will is reached for the scientific research. This is the
be heartily joined in the common unity.
new fact gaining importance daily both for science
He believes that the various peoples of the world and for industry.
are in closer contact with each other than ever in the
Social reform, the modern university, and the Civil
past. Economic changes, in trade, industry, and Service have in turn occupied his attention, and on
ready intercourse have led to this. Agencies of all he speaks with the maturity of judgment which
goodwill, conferences, the League, and the World goes far to explain the high position he holds to-day.
2714
FINANCIAL CHRONICLE
It is not strange therefore that when it comes to
Imperial Affairs we find him applying the same
wisdom in this direction. The Empire, for example,
he shows, speaking in Birmingham, owes to that
great industrial city the experience which gave to its
one-time mayor and distinguished citizen, Joseph
Chamberlain, the qualities which made him more
directly effective in the organization of the British
Empire than any other statesman.
The work had been in process for thirty years. It
was a wholly new experiment and was the third
great effort of English speaking people. The first
was a slow growth in the British islands. The
second was that of the thirteen states of America
in the 18th century. This one, the third, is different
from them both. It is the welding together of selfcontained great communities far apart, accomplished
without surrender of freedom and with a unity which
is the very life blood and strength of the Empire.
This cannot be stated without recognition of the
importance of the service of the citizen whose life
and work are identified with that of the city which
was his home.
In the direct contribution of science to international relations, Lord Balfour enlarges upon the work
of scientific research in dealing with tropical disease.
This is described as undertaken in Melanesia
and, expecially in Africa where the greatest of all
prehistoric discoveries—the discovery of the domestic animal, or the creation of the domestic animal—
over a vast area is rendered impossible by the tsetse
fly, and where to-day for the same reason you cannot
use domestic animals for the purpose of transport.
The scientific efforts to accomplish the solution of
this problem and others like it in our own land and
others are sufficiently well known.
These references to the volume before us are sufficient to indicate on his retirement the great service
that has been rendered by an English statesman,
and which are a promise of the further service it is
possible he yet may render.
Mr. Balfour's personal charm and his persistent
pursuit of peace and goodwill no less than his fine
culture and large experience are well known here
and abroad. His life history when it is complete,
and comes to be written will have a place of its own
among the many valuable ones Britain is producing.
Is Not Group Speculating a Conspiracy Making
for Sham Prosperity?
ARTICLE VI.—(Communicated).
THE JOY RIDING CONTINUES BUT ANXIETY GROWS TOO.
"The stook market appears to be taking business for a
ride." This was the striking comment by a recognized bank
authority upon the conditions existing in the United States
early in March, being precisely the point of view taken by
the author in the first of this series* of articles published last
December. In some of its original setting this comment is
reviewed more fully below.
Today the stock market, after the severe bump of March
25-26, caused by the attempted curtailing of brokers' loans,
relaxes and allows business—notably luxury business with its
record-breaking output of autos—to head the joy-riding pro..
cession. Turnabout is fair play and events are revolving
rapidly here in these days of free and freer spending—for
those who have the means (or credit) to pay the piper and
buy the gasoline.
[VOL. 128.
Exchange with its intermittent churning of from four to six
millions of shares a day by a horde of speculators, big and
small, of both sexes, the "little fellows" numbering,first and
last, possibly several millions (one writer claims 15,000,000),
constantly rallying for new bull movements, yet at short
intervals heavily scourged and decimated; while the great
operators go on serenely (except when denied bank credit),
using millions and tens of millions of borrowed and other
funds to manipulate prices for their own exceeding profit.
It is, moreover, a market of such resiliency that with each
upset, the prices for favored shares after short delay seem
always the more determined to retrieve and improve on their
previous record—a market willing to pay 10% or more for
fabulous sums of call money and confessing to approximately
63 billions of such borrowings on March 31. Hence it is
4
that Senator Capper on April 11, notwithstanding some curtailment of loans, was led to venture the rather daring assertion that Wall Street had or shortly would have 15 billions
of dollars tied up in its "speculation-drunk stock market,"
to the detriment of general business—a business as we have
seen already swollen and swelling beyond all precedent, after
the manner of inflation.
That this sort of speculating and price boosting actually
does coin enormous profits for the lucky ones, enabling them
to endulge in boom-making purchases, is disclosed by the
income tax returns for the year 1928, a Washington Dispatch
to the New York "Times" on April 1 tells us. The largest
individual plums continue, of course, to go to the great
operators and to investors who sell out after several years
ownership; but so long as prices are advancing an unquestionably huge aggregate of prizes also falls to the "small fry"
and so with other winnings go largely into luxury purchases.
The losses by the latter contingent in the slump of March
25 and 26 (some 8% million shares being sold on the latter
day or 1 3 million more than the previous record) must have
been severe, but it is noteworthy that no large operator and
no Stock Exchange house failed to meet commitments; the
"little" public, however, was "sold out" in innumerable
instances.
As time goes on there is no reason to retract any of the
strictures made on the action of the big speculators who take
advantage of the present abnormal status of the nation to
feather their own nests and, in effect, to fleece the public.
To the writer it is inconceivable that any court having jurisdiction would, if invoked, permit the use of enormous sums
of banking and other capital whether by groups or individuals, for so mischievious a purpose.
HOW THE BIG OPERATORS MULCT THE PUBLIC.
The too-little considered findings of the Government experts with respect to the manipulation of wheat futures at
Chicago from January 1925 to December 1926 proves absolutely that regardless of all other considerations and the
normal dealings of the public, a handful of arch conspirators
by massing purchases or sales of millions of bushels (or shares)
can and actually do overrule the natural market fluctuations
and send prices at pleasure up or down several points at a
session to their own enrichment, and—"let the devil take
the hindermost." For full particulars see Technical Bulletin of Department of Agriculture, No. 79, September 1928,
and No. 1479, March 1927.
AMERICAN PUBLIC SUPPLIES THE SINEWS FOR SUCCESSFUL
SPECULATION.
But who are responsible for the placing at the disposal of
speculators so many billions of dollars, for the "dizzy" prices
attained by the luxury and allied stocks and for the still more
dizzy pace at which the several businesses back of these
stocks are travelling?
What means this extraordinary phenomenon—this tremendous urge to speculate, this bull market with its recordSTRANGE SPECTACLE IN STOCK MARKET.
breaking prices, persistently advancing through so many
An astounding exhibition is that presented at frequent
years despite temporary setbacks—this huge wave of specuintervals for many months past on the New York Stock
lation with the luxury and allied stocks always uppermost,
* For this series, see "Chronicle." V. 127, p. 3303, 3461; V. 128, p. 161,
a wave that all the powers of the Federal Reserve Board,
1455, 1624.
APRIL
27 1929.]
FINANCIAL CHRONICLE
and the Congress may prove unable to stay permanently so
long as the present financial policy as to public outlays, wage
increases and the luxury enterprises are pursued.
Is it not daily becoming more evident that these conditions
and occurrences are the products of that inflationary machinery set up and operated by the Federal Government for the
financing of the greatest of war undertakings and since the
termination of the war constantly operated by the people
themselves—a large body of them—for their own advantage,
regardless of the well-being of the great majority?
Does not this great aggregation of machinery grind out
purchasing power of a spurious character in constantly increasing volume for the more fortunate classes, now of wages,
now of bank and other credits, now of speculative and other
profts?
Is it not plain that this sort of thing is permitted, regardless of consequences, because as a people we are misled by
blindly over optimistic leaders and are, ourselves, wilfully
blind to the facts, too busily engaged in worshipping at the
feet of "the great goddess Prosperity" to realize that we are
in fact held fast in the iron grip of a monstrous inflation, as
inexorable under present treatment as the paper money inflation which brought low the finances of Germany—at any
rate so it appears to the writer.
WHEN THE FEDERAL RESERVE ATTEMPTS TO HOLD BACK.
The plight of a man clinging to the tail of a bear as they
chase one another round a tree is the predicament of a nation
fully subject to a credit-business inflation. There is no
letting go nor any possibility of indefinitely running faster.
One kind of artificial buying power begets another—wages,
credit, business, dividends, profits in greater and greater
volume as the round continues.
To change the metaphor this widespread speculation is a
vent on the side of a volcano we call "Business'—credit
Inflation." To stop the vent means a minor if not a major
explosion; hence the attempt to press down brokers' loans,
sent up call money on March 26 to 20%, with a collapse
of stock prices that threatened a serious panic until the
great banks with ample advances at high rates relieved the
pressure. The loans held by New 'York brokers, which were
reported by the Federal Reserve Bank Board, at a peak
of 53 billion ($5,793,000,000) on March 20 (and on March
4
30 by the brokers themselves as 63 billion ($6,804,457,408)
4
was thus reduced to 5,425 million dollars on April 24, a
pretty small decrease, this $368,000,000 considering the
cost to small speculators and compared also with the advance
from $3,810,023,000 as of January 4 1928.
The writer's impression is that while it should be possible
to stop or limit mass speculating, the speculation as a whole,
is an inseparable part of the general inflation of credit
and business and cannot be got rid of except momentarily
or with disastrous results, save as lbusiness inflation is suppressed, a painful though in the end necessary measure.
CONFIRMATION FROM LEADING FINANCIERS.
Recent utterances by American financiers of national
repute, each from a different viewpoint, indicates their
agreement with the writer's contention in this matter of
inflation, or rather on some phases of the same, although
not as yet perhaps recognizing the action of the vicious
circle of inflation in its present exceptionally gradual but
none the less effective form. We may be excused for noting
the following:
TRAFFIC POLICEMAN BLOWS. HIS WHISTLE.
"The Stock Market appears to be taking business for a
ride. The Federal Reserve System as traffic policeman has
blown its whistle to halt the speeders. So far the warning
has gone unheeded, and the stock market and business
are spinning along on their speculative way while the Reserve
authorities have the appearance of being baffled and perhaps
thwarted."
So in brief on March 15 (prior to the recent moderate
contraction in credit and its attendant alarming, but tem-
2715
porary, slump in prices on the Stock Exchange) wrote an
eminent banker, Col. Leonard P. Ayres, Vice-President
of the Cleveland Trust Co. Further developing the thought
presented in our first article the Colonel points out how a
vigorous bull market of large volume and long duration
sustains "prosperity" by (a) maintaining confidence and
optimism; by (b) supplying speculative profits in large
amounts, easily gained and freely spent; and by (e) creating
an abnormal appetite for stock investments, which are issued
for new capital and new enterprises and other financing,
including the retiring of bond issues.
Somewhat paradoxically Col. Ayres expresses the fear that
the heavy loans to brokers (long accumulating in amount)
will impede general business, although the iron and steel
industry was then (and still is), as Colonel Ayres says,
"in the throes and thrills of an ebullient enthusiasm" with
steel production practically at capacity and the automobile
industry its "most important customer." Burdensome as is
a tight money market to industry there may be compensations.
Colonel Ayres also thinks it probable that according as
the stock market succeeds "in securing increased loans from
corporations and individuals during the next two months will
determine whether both business and the stock market
are to be subjected to proximate bumps or are to go on
until they are the victims of an ultimate crash." As a
further deterrent to this combination joy riding, he urges
higher rates for rediscounting; but can the undesirable association be so readily terminated?
Extended abstracts from this suggestive statement were
in the "Chronicle," of March 23, page 1830.*
THIS JOY RIDE IS A RECIPROCAL AFFAIR OF GROWING
IMPORTANCE.
But if this be a joy ride, it is plainly no one-sided"treat,"
but rather a prolonged exchange of courtesies. All of the
several parties—speculation and luxury business, capital and
labor, bankers and borrowers—take their turn as it were in
attempting to outdo the others in quickening pace and
expenditure. •
In other words speculation is always a by-product or resultant, never a primary cause—except as sometimes prosecuted by group speculators for their nefarious ends, such as
undermining the value of foreign exchange or other markets.
We must look therefore, must we not, to the urgent buying
by the masses, by all the favored classes, the luxury buying
under inflationary conditions with which America has turned
from war to peaceful pursuits as the major factor promoting
speculation; and yet itself driven faster and harder as
speculation mounts?
Thus while the tax authorities are finding profits so dilated
by speculation, they also note extraordinary bonuses to
employees.
The dividend declarations for March 1929, as compiled
by the "Times," aggregated 364 million dollars, being an
increase of nearly 50% over March 1928.
While many persons go poorly paid, union wages continue
to rise and it is admitted by a spokesman for 8,000 hotel
bell boys in Chicago just as they were forming a union,
that with pay of only one dollar a day they often earn by
tips in the big hotels from $75 to $100 a week and sometimes much more (New York "Times", Jan. 28).
THE POWER OF THE PEOPLE TO CREATE INFLATED PURCHASING POWER.
"The public mind does not appear to realize that the creation of an inflated purchasing power is not a monopoly enjoyed by governments"—(such a monopoly, for instance, as
Germany exploited with her money printing presses from
1919 to 1925.—A.G.D.).
These words of Paul M. Warburg, Chairman of the Board
of the International Acceptance Bank, appear in his annual
*In his later statement of April 15 (cited in "Chronicle" of April 20.
page 2555) Colonel Ayres concludes that there is an "intense credit inflation," showing itself more especially in the velocity of turnover of checking
accounts—an inflation "closely allied to stock speculation" and using credit
"at a rate distinctly more rapid than the rate of growth in the production
and consumption of useful goods"—the Italics being ours, not his.—A.G.D.
2716
FINANCIAL CHRONICLE
report of March 7, in which he condemns the "orgies of unrestrained speculation." He is referring, as the context shows,
to the excessive use on the Stock Exchange of banking and
corporate funds "of which $6,000,000,000 of brokers loans
form only a part." In consequence of these loans, he says,
there is taking place,"quite unrelated to respective increases
In plant, property or earning power,"this"stupendous bulge"
in market value of American stocks indicated by a rise of
153'2 billions for 90 stock issues in the past two years, and
this without the inclusion of bank stocks or real estate values
both of which have increased enormously in market price.
"Conditions such as these," Mr. Warburg adds, "recall to
our minds the painful events of the years of 1919-21. Yet
the parallelism between that period and the present does not
seem to be properly appreciated by the general public on
account of the fact that billions of dollars poured into the
Stock Exchange, by domestic corporations and from across
the seas are not revealed by the barometer indicating the
Federal Reserve System's condition, and because the index
does not register the same striking rise in commodity prices
shown in the inflation period of 1919 to 1920."
"It should be remembered, however," Mr. Warburg says,
"that in those years (1919-20) there prevailed a shortage of
commodities and a passionate demand for them, while at
present the world is craving the ownership of shares [of stock]
and for the satisfaction of new wants."
Whether Mr. Warburg had the fact in mind or not, is it
not true that the same reservoir of artificially created income
which Mr. Warburg sees the American people are employing
for gambling purposes on Wall Street, has long been used by
them in meeting the country's increasing bill for luxuries.
In other words, is not this artificially created income responsible for a sham prosperity which goes far to explain
our people's increase in aggregate annual income from 30 billion dollars on the average during the years 1910-1914 to
more than 100 billion dollars at the present time and still
on the jump?"
TWO INFLATIONARY ERAS COMPARED.
The popular notion "that we live in a new. era" in which
the laws of economics are suspended, in which all financial
records are broken and in which an indefinite continuance of
the breaking of financial records may be confidently looked
forward to," is pretty well riddled (if not "shot to pieces")
by the"Two New Eras Compared,1896-1903 and 1921-1928"
setup and demonstrated by that expert in such matters, Dr.
Benjamin M.Anderson Jr., Economist of the Chase National
Bank of New York City, a document* cited quite fully in
the "Chronicle" of Feb. 16 1929, pages 988, 989.
Both eras, it is shown, succeeded an abnormally rapid extension of credit, floating and fixed, made possible by extraordinary gold supplies, world-wide in 1896-1903, strictly
American in their excess in the present instance. Both eras
also achieved an industrial development so exceptional as to
arouse extravagant expectations of "boundless prosperity"
and cause an enormous development of bank deposits, bank
and other loans, stock flotations (sought of late in preference
to bonds) and a spectacular flight of stock prices. The
famous Northern Pacific Corner it will be remembered took
place during the earlier era, on May 9 1901.
Disallusionment came at last in the earlier period and in
its own way and time, as the different circumstances of the
case may dictate, it is fair to assume, Dr. Anderson intimates, will probably come sooner or later for the era still
current, if matters are allowed to proceed as they have of
late through credit expansion.
STRIKING FEATURES OF PRESENT ERA
[VOL. 128.
expectations, over expansion, with the future wrapped in
uncertainty. Since his aim is merely to disprove the claim
made for our "new era" 1921-1928, that it is a new and
abiding kind of prosperity, he hardly gives, it seems to the
writer, sufficient emphasis to the fact that this period is
manifestly a development of the war and post-war inflation,
that it rests on these as its underlying foundation and cannot
be measured accurately either in its details or general importance, except as part of those earlier inflationary periods.
For instance, the extent to which bank loans and bank
holdings of stocks and bonds have influenced the operation
of business during this current period is clouded by the
fact that the great sums borrowed by our nation for war
purposes are still being liquidated and the proceeds thrown
into business, speculation, &c.
Who can doubt the great stimulation of business enterprise by the circumstance that 6M billions of our national
debt incurred on war account, has been paid off since 1918,
and that our former Allies and other nations to whom we
loaned money because of the war, have returned to us by
way of interest and principal one and a half billion dollars,
or almost exactly the net amount of our gold imports ($1,570,585,000) from 1921 to 1926, both inclusive, so that the one
may be said to have caused the other?
The apparent decrease, also of 3% noted by Dr. Anderson since June 1921 in commercial loans (which some would
take as proving the absence of business inflation) is hardly
what it appears to be. On the one hand the great prosperity
which has come to many large corporations by reason of the
huge popular buying movement, and the power which this
prosperity has given these corporations to float large stock
issues, has relieved them, and placed upon the people themselves and the municipalities which they constitute, the
burden of doing the bulk of the borrowing which this inflationary movement requires.
On the other hand the report of the Federal Reserve Board
for the year 1922 ("Chronicle," Jan. 20 1923, p. 228) states
that although business revived more promptly following the
credit collapse of 1920, the liquidation of the frozen loans
resulting from this period of 1919-20 was not completed until
the end of 1922. If we compare the commercial bank loans
of the latter date, approximately $7,969,000,000 with those
of June 30 1928, we find an increase in the interval of $776,000,000 or 9.7% instead of a decrease of 3%.
This is relatively a small matter, but it goes to show
how intimately the recent era is connected with the previous
eras mentioned. The great fact remains, as Dr. Anderson
says, that our "new era" so called, is much more a matter of
expanding finance than of expanding commerce," most notably so, if we add, of the kind which makes for profit and
earnings as distinguished from luxurious living.
INFLATION
To the writer there is nothing more incomprehensible than
the manner in which most economists cling to the notion
that there can be no real runaway (or walkaway) inflation
without the soaring of commodity prices—as if prices were
not always, except when artificially controlled, tho products
of supply and demand. Because of this assumption, the
economists would have us believe that whatever else may be
wrong in the United States to-day it is not a combined
business credit inflation of the progressive type.
This diagnosis flies directly in the face of the facts that
we have recited disclosing the presence of substantially all
the other leading characteristics of inflation and the further
fact that, inflation or no inflation, the country's price level
during the past seven years could not by any possibility
SOMEWHAT DISGUISED.
Dr. Anderson as a banker views the situation from the escape the influence of these extraordinary conditions of
credit side—too much gold, excessive creait—too great over-production, competition and depression in some lines
*Published Feb. 1 1929 in the "Chase Economic Bulletin." Other and the great economies and inventions in all lines which
works by the same author of importance on this subjec and similarly
published are: "Some Side Lights on the Money Situation," Feb. 13 1929; owing to the war and its consequences prevail in the United
"Brokers Loans and Bank Credit, Oct. 31 1928; "The ; utumn Money
Market," Sept. 27 1928; "Bank Expansion vs. Savings, June 25 1928: States to-day and have prevailed since our recovery from
"An Analysis of the Money Market," June 4 1928; "Some Major Forces
the foreign-buying boom of 1919-20 and its collapse.
in the International Money Market," Oct. 29 1927
SOARING PRICES NOT ALWAYS ESSENTIAL TO
APRIL 27 1929.]
FINANCIAL CHRONICLE
As stated by a distinguished foreign economist, discussing
foreign finances after the World War, what we know as inflation (the pernicious self-perpetuating expansion of wages,
credit, &c.) is bound to occur whenever an eager buyer like
a nation going to war (or a vast body of people intent on
intemperate spending over long periods) enters industrial
markets armed with new credits or new money—in other
words, greatly increased artificial purchasing power. The
large influx of business and the heavy competition for labor
and supplies and the resulting abnormal profits and higher
wages so generated, invariably set in motion the dreaded
vicious circle, which if shortage of supplies and products
arises, will embrace also advancing prices.
But advancing prices are merely incidental. If supplies
are kept adequate, if competition is active, and if the purchasing power of the nation or of a substantial part of its
population, can be kept on the increase in a manner to promote a rising wave of buying without oft repeated advances
in prices; and if as a class, the producers and distributors can
under these conditions earn anything like reasonable profits,
why then certainly the cyclonic rise of credits, wages, profits,
and luxury or other exceptional buying may go on rolling
higher and higher, with the raising of price schedules long
deferred. This is evidently what has been going on in the
United States since 1921; and in addition, purchasing power
so far as the rank and file of union labor is concerned, has
been effectually increased during this period by the raising
coincidentally of union wages and a material subsidence of
cost of living.
It surely is not necessary to state more fully than we have
already done what causes have from 1921 to date been powerful enough to keep prices from joining the union wages in
their upward flight during this inflationary period. Briefly
they are:
(1) Public sentiment and boycotting against profiteering.
(2) The natural tendency of prices, where conditions permit, to return from inflated to pre-war level.
(3) Keen competition, foreign and domestic, in the essential lines, especially as to food stuffs, clothing and fuel,—
coal and oil, and their substitutes gas and electricity. This
competition keeps down prices for these essentials and so
mitigates operating and living costs, public and private, in
every department.
H
(4) The excessively low transportation rates forced on the
grain carrying roads of the Northwest, and the relatively
ow rates for other railroad freight and express transportation
under (a) State and Commission regulation, and (b) the
virtually subsidized competition of highway and postoffice.
(5) The intense desire of the public for luxury products
which absorbs spending power and so depresses essential
lines, such as clothing and textiles.
(6) Keen competition in the several luxury lines.
(7) The numberless inventions and economies, the new
labor saving machinery and the substitute products, for
which this decade is famous.
(8) The mass production and its reduction of unit overhead, due to abnormal expansion of home markets.
(9) The greater efficiency and the small turnover of labor
heavily committed as it is on building, purchase, insurance
and current living accounts.
(10) The excessively low prices for important imports such
as sugar, coffee, rubber, tropical fruits, &c., produced by the
use or help of low-priced foreign labor.
Subject to such a varied battalion of depressing elements,
it is hardly surprising that we have a business credit inflation with the average level of prices up to the present time
relatively heavy. It is fortunate that this has been the case,
for rising prices greatly complicate and aggravate inflation
and render it difficult of readjustment.
On the other hand excessive prices are capable of being
rapidly dissipated, if other conditions be set right. But not
similarly incidental or easily rectified are the other really
essential elements of inflation with which the nation is undoubtedly afflicted to a serious extent at the present time,
namely: Inflated union wages, a heavy burden on the community at large; swollen bank deposits on a much diminished
proportion of gold; uncommonly heavy fixed charges, municipal and individual; bloated capitalization; plant accounts,
swollen far beyond normal needs; dwellings and factories too
costly or unsuited in a great number of cases for the more
modest demands of normal times.
Marked as has been the relative stability of prices in the
United States for seven years past,signsare not wanting that
this phase may be drawing to a close. Apparent evidence
of such an event is seen in the narrowing margin of profits
for many companies—a painfully narrow margin when business falls off even slightly; and also' in the many hundred
formal demands for higher tariff schedules that have been
made in the interest of "prosperity."
ARNOLD G. DANA.
New Haven, Conn.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 26 1929.
Business has been unfavorably affected by the weather,
which in some parts of the country has been too cool and in
others too rainy. It has been remarkably cool for this time
of the year at the South and there have been tornadoes
there which have done considerable damage. There are
some fears of flooded rivers later on in the West, if not in
the South. Trade in the rural sections has been in some degree lessened. Jobbing trade has been quiet as the spring
progresses. The weather has been unfavorable for building,
whether of houses or of roads. But it is still none the less
true that, taking trade as a whole, it is fair to good. It is
certainly unmistakably better than it was at this time last
year. The output of steel is still very large. The Western
credit situation is better. Naturally enough, with trade
retarded here and there by bad weather, the collections are
not everywhere prompt. In fact, on the whole they are
backward. This of course is a distinct drawback, but it is
one that is likely to mend as the weather improves and the
turnover of goods increases. Coal has not been in very good
demand, with competition sharp for the industrial trade.
Returns for March and the first quarter indicate clearly
enough that there was great activity in factory and cognate
industries. Production of coke in March and the first quarter was on the largest scale in three years. For the first
quarter the gain was a little over 1232%, and for March
143/%. Damage to fruit in Florida by the fly pest is feared.
2
Time money has been easier but European bank rates have
had an upward tendency. To-day call money here was
16%. In cotton textiles, strikes at the South have naturally
2717
11
caused more or less decrease in the production, but in some
parts of the Carolinas the situation has latterly been rather
better. Here coarse cotton .goods have declined in response to lower prices for raw cotton. Wool has been dull.
Wheat declined 3 to 5 cents because of favorable crop
reports the failure of farm relief to take definite shape and
finally the liquidation of May and July. Exporting countries
hold very large stocks. There has been a tendency, however,
to increase the short account at Chicago. Corn declined
23/c. under the influence of the lower prices for wheat, but
2
has shown less weakness than wheat as cash prices have
been rather firm with receipts only moderate and the visible
supply sharply reduced. The seeding, too, has been rather
slow. Oats have responded, but slightly to the decline in
other grain, for cash oats have been at a premium over
May and the weather has been bad for seeding. Moreover
the acreage may be smaller this year. Rye declined about
2c. net, not always following wheat very readily, for rye is
considered cheap and there has been a little export demand.
If the stories are true that Russia and Germany will have to
buy grain, rye may yet have its day. Provisions declined
moderately in company with grain and because of May
liquidation, but at the lower prices packers have been good
buyers of lard, which at times has been half a cent lower
than a year ago, while hogs have been 1 Mc. higher than
then. Rubber has been very irregular, but the factory demand, so-called pool buying, and some covering left the
prices about %c. higher. London was higher to-day. Nevertheless the rubber shipments from the Far East are large,
suggesting that potential sources of supply may be greater
than have been suspected. Sugar has latterly been active
2718
FINANCIAL CHRONICLE
at an advance to 1 15-16c. for Cuban raws and futures are
higher than a week ago. European consumption is stated as
43/2% larger than a year ago. Final absorption of so-called
distressed lots of duty-free sugar has injected greater strength
into the sugar market.
Cotton declined M to Mc. under very heavy liquidation
due to a growing conviction that the crop prospects were
improving, that the acreage will be larger than has been
heretofore expected, and finally the decline at times in stocks
and wheat. Some think the acreage will be some 50,000,000
acres. In parts of the belt private reports say the acreage
will be increased 10%. One report put the average increase
at 5%. In Northern and Northwestern Texas the season is
reported to be 10 days to three weeks earlier than last year.
A break of 50 to 60 points had a distinctly disturbing effect
and stop orders have been plentiful. The crop outlook at
the moment is called unusually good. Meantime the technical position is better with everybody bearish.
Coffee has advanced about Mc. on Rio and about half
that on Santos, with less uneasiness about Brazilian finances.
It is now believed that the Defense Committee will be supplied with ample funds. The Bank of Brazil is said to have
arranged for a credit of £5,000,000, supposedly, however,
at a high rate. Cocoa is Mc.lower for May delivery. Tin
has dropped nearly Mc. Copper has been quiet. Iron has
been quiet and steel in fair demand with semi-finished rather
scarce.
The Stook Market early in the week advanced with money
relatively easy, but at one time to-day some shares reacted
1 to 5 points with an increase in brokers'loans of $67,000,000
and a rise in the call money rate to 16%, as banks called
some $20,000,000. Thereupon the City National Bank offered $5,000,000, thus preventing a further rise in the rate.
This was reminiscent of late March and the opening of April
when rates were 15 to 20%, the latter on March 26. The
offering of the City National money caused some recovery
in stocks. German exchange had a severe decline. The
Reichsbank rate of discount is 1% higher at 7%%.
At Newmarket, N.H.,the Newmarket Mill has completely
suspended operations indefinitely, and the company seems
likely to remove to another town. Recently 200 looms were
moved to Lowell and more machinery was moved on the
21st to its Massachusetts plant. Charlotte, N. C., wired
late last week that those in closest touch with the strikes at
Carolina mills believe that the trouble has dwindled so
rapidly that they will end in another week; that communistic
activities which began at Gastonia and spread to a limited
extent to Pineville and Lexington,are on the wane. The Loray
Mill, where the strike started, was practically in full operation again. Latest reports indicate that the Chadwick-Hoskins Mills, Pineville,which were closed indefinitely on account
of the strike would reopen within a few days upon petition
of the employees, including those who on strike. In South
Carolina where several strikes occurred on account of the
so-called efficiency systems, the atmosphere was considerably
cleared when one mill resumed operations and developments
at other plants affected by strikes indicated that a settlement
would be reached within a short time. Yesterday, Charlotte,
N. C. reported the resumption of operations of the Wennonah Mills at Lexington, N. C. and another walkout at the
Laroy Mills of Gastonia. The Wennonah Co.,is said to have
made a slightly upward revision in the wage scale, but refused recognition of the National Union.
At Manchester, it is stated, the emergency committee of
the Federation of Master Spinners has decided to recommend lockout of all federation mills from noon, May 18,
unless cardroom operatives, now on strike at the Alma Mill,
Oldham, return to work. Nearly two hundred thousand
workers will be affected. An extraordinary general meeting
of the association has been called for May 3d when members
will be asked to approve the recommendation. It appears
that the strike arose over an alteration of the rates of pay
which meant a reduction in wages. The existing agreement
between the federation and Cardroom Operatives Amalgamation provides "that notice to cease work shall not be posted
at any mill until the matter in dispute has been considered
by the joint committees of the two organizations, both local
and central." In the present instance, the Oldham Cardroom Association, posted notices and came out on strike
without any joint meeting having been sought. Although
their own amalgamation asked them on two occasions to
order strikers to return to work they have refused to comply.
The federation maintains the important principle of collective bargaining is involved in the controversy.
[voL. 128.
Over the 20th and 21st inst. tornadoes in the Southwest
killed 22 persons and floods did much damage. The Mississippi River levee broke at Canton, Ohio, and swept over
faced a flood stage of the Mississippi
200 homes. Quincy,
on the 2d. Heavy rains in the upper Mississippi water
shed swelled its tributaries in Iowa, Wisconsin and Illinois.
The effect of persistent rains in the East was overflowed
streams in Southern New York and Northern Pennsylvania.
The Mohawk river was in flood at Schenectady. New
York and New Jersey had a severe thunderstorm. Tornadoes killed 16 persons in Arkansas and Mississippi. Kansas City reported tornadoes on the 21st inst. for the third
successive day.
Here on the 24th inst. the temperatures were 46 to 63
degrees, at Boston 42 to 68, at Chicago 50 to 56, Cincinnati
50 to 74, Cleveland 46 to 64, Detroit 48 to 62, Kansas City
56 to 66, Milwaukee 42 to 48, St. Paul 50 to 52, Montreal
38 to 62, Omaha 50 to 66, Philadelphia 48 to 68, Portland,
Me. 34 to 66, San Francisco 48 to 62, Seattle 42 to 64, St.
Louis 54 to 72. In Texas on the 24th inst. 10 were killed
by a tornado. Nebrasks towns were damaged by heavy
storms. Owing to the recent heavy rains in Central and
Northeastern Missouri, revised flood warnings have been
issued for the Mississippi and lower Missouri River. Tornadoes are reported to have done considerable property
damage in Georgia, South Carolina and Kansas. On Thursday night there was a violent thunderstorm here. To-day
the New York temperatures 57 to 65 degrees and the forecast is for fair and cooler to-night and to-morrow. In
Chicago yesterday it was 44 to 64.
Secretary of Commerce Lamont Finds Business Situation Favorable—Sees Evidences of Revival of
Building Activity.
In viewing the business situation as gratifying, Secretary
of Commerce Lamont on April 22 pointed to evidences
of a revival In building activities and the record automobile
production figures for March and the first quarter of the
year. A dispatch form Washington to the New York
"Times", in reporting this, added:
The daily average of building contracts in the Eastern States, according
to statistics prepared for Mr. Lamount, was $35,495,000 for the week ended
April 13, as compared with $26,494,000 for the week of April 6; $21,550,000 for the week of March 30, and $24,919,000 during the week ended
April 14 a year ago.
This steady increase was particularly gratifying, Mr. Lamont said,
because of the fact that there had been a decline in building activity as
a whdle during January, February and March, the first quarter of this
year, as compared with the same period a year ago. These losses were
attributed in some quarters to a slowing up of speculative building as a
result of high interest rates due to speculative activities on the Stock
Exchanges.
Mr. Lamont's statement was supplemented by the findings of other Oommerce Department experts, who called attention to the fact that the total
of $213,000,000 in building contracts for the week ended April 13 was
the largest week's total since the last week of April a year ago.
"In fact, with the exception of the figure for the week ended April 28,
1928, and that for the week ended October 31 1927," the findings said,
"the report for this week shows larger building awards in a single week
than in any other period since these data became available at the beginning of 1924. The week's contracts were well distributed geographically,
with 60% of the total placed in New York State, northern New Jersey and
the midwest.
"The large awards of the past week are very significant in that the
building industry has for a long time been considered by many business
observers as the balance wheel of American industry.
"Since large contracts consume months in fulfillment, the figures on
new building awards indicate potential demand for building materials,
labor, furnishings and, through the channels of trade, increased consumerbuying."
The automobile production figures to which Mr. Lamont referred showed
an output of 584,733 vehicles in March and 1,460,801 for the first quarter,
as compared with 413,314 during March, 1928, and 968,838 in the first
quarter of that year.
Price Instability Diminished in Past Seven Years,
According to Dr. F. C. Mills, in Study Made for
President's Committee on Recent Economic
Changes.
Evidence that one of the great disturbing factors of business—price instabiliy—has diminished during the last seven
and a half years as a Vital economic phenomenon is disclosed
by Dr. Frederick C. Mills, in a chapter on "Price Movements
and Related Industrial Changes" of a survey made for the
President's Committee on Recent Economic Changes by the
National Bureau of Economic Research. Dr. Mills, who
is Associate Professor of Business Statistics at Columbia
University, finds that this period has been notable for the
fact that business men are looking for profits in other directions than those sought in an era of price fluctuation. In
his Chapter, Dr. Mills indicates that the speculative element,
APRIL 27 1929.]
FINANCIAL CHRONICLE
to a large degree, is going out of business; and that present
and future profits are largely to be determined by a closer
diagnosis of management problems to eliminate wastes and
improve efficiency. In his report Dr. Mills says:
During the quarter century preceding the war, commodity prices and
the relations among such prices were relatively unstable. The prices of
Individual commodities were subject to relatively abrupt changes from
month to month and from year to year, and the forces tending to alter
existing price relations were strong. Both these conditions served to
Introduce a considerable degree of uncertainty into business operations, and
to enhance the speculative features of such operations.
Perhaps more important, however, Is the fact that these various measures
of economic stability showed a definite tendency to decline during this
pre-war period. The variability of individual commodity prices was
diminishing and there was less disturbance in price relations.
The level of wholesale prices in the United States has shown no definite
tendency either to rise or fall since 1922. The net movement has been
slightly downward. There is no evidence, either in domestic or world
conditions, that the pre-war rise will be resumed.
War-time developments gave a sharp check to the pm-war tendency
toward economic stability as reflected in the declining variability of
Individual prices and the greater stability of price relations. The extreme
war-time disturbances persisted for several years after the war, but since
1922 there have been fewer of those abrupt changes in prices and price
relations which characterized the nineties of the last century, and which
gave to the war immediate post-war years their distinctive business flavor.
These tendencies toward price stability which have reasserted themselves
after the disturbances of the war years will, if they persist, materially
affect the economic complexion of the years before us. A tendency toward
greater stability of prices and of price relations involves a change
in the
direction in which business men look for profits. Something of
the
speculative element goes out of business when such a tendency prevails.
The high profits and the great losses which go with extremes in the prices
of individual commodities and with changes in the relations among
prices,
alike tend to disappear. Business and prices both become more
stable.
There is evidence that our economic system is moving in this direction.
2719
Raw materials, semi
-manufactured articles, and finished products all
averaged somewhat higher than in February, as did non-agricultural commodities considered as a whole.
Comparing prices in March with those of a year ago, as measured by
changes in the index numbers, it is seen that metals and metal products and
building materials were considerably higher, while farm products were
somewhat higher. A negligible price increase was shown for foods, while
no change in the price level was reported for chemicals and drugs. Small
decreases between the two periods took place among textile products, fuel
and lighting materials, and houesfurnishing goods, and a considerable
decrease among hides and leather products and articles classed as miscellaneous.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES. (1926=100.0.)
Groups and Subgroups.
March
1928.
February
1929.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Hides and leather products
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods-.
Other textile products
Fuel and lighting
Anthracite coal
Bituminous coal
Coke..
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and dings
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Fertilisers
Housefurnlsbing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles....
Finished products
Non-aarleultural commodities
•Data not yet available.
96.0
103.5
113.6
98.3
105.0
98.0
104.2
94.7
97.7
124.0
157.3
129.3
109.5
108.4
96.5
100.9
84.7
100.8
88.6
80.8
94.8
93.8
84.4
95.8
86.6
98.4
95.2
90.4
98.8
104.3
97.9
91.0
88.9
92.3
96.5
97.0
85.5
92.7
95.6
101.0
71.1
96.5
96.8
98.3
97.9
98.6
86.8
154.4
90.5
55.0
89.8
98.8
97.9
97.8
94.8
94.0
96.7
105.4
102.0
101.8
109.2
98.1
109.9
102.3
90.9
109.0
106.4
117.1
106.0
107.6
96.1
100.8
83.1
100.9
85.6
81.3
91.6
93.7
85.1
92.2
68.9
104.4
96.9
105.0
98.8
111.6
98.4
97.5
95.9
92.5
94.6
97.0
86.3
108.8
96.1
102.4
71.1
94.7
97.1
98.8
95.0
97.6
80.4
129.3
87.8
49.6
58.1
100.3
98.1
97.2
95.9
94.3
March
1929.
97.5
107.1
98.2
111.0
107.5
98.1
109.2
108.5
87.4
198.3
107.9
112.8
106.6
107.3
98.1
101.3
81.9
1907.
88.2
80.6
91.4
92.0
8.5.2
Purchasing
Power of the
Daft,.
March 1929.
102.6
93.4
101.8
90.1
93.0
101.9
91.6
92.2
114.4
92.3
92.7
88.7
93.8
93.2
104.1
98.7
122.1
99.3
116.0
124.1
109.4
108.7
117.4
68.5
17- :5
4
8
The survey of which Dr. Mills' chapter is a part is the
106.4
94.0
97.1
103.0
result of extensive researches in progress since January
117.2
85.3
98.8
101.2
1928, when the Committee on Recent Economic Changes was
111.8
89.6
98.4
appointed. The survey was made for the Committee, which
101.6
97.8
102.2
completed its analysis of the survey data on March 2 1929.
96.8
103.3
92.2
108.5
The Committee's report-appraisal of factors of stability
94.6
105.7
97.0
103.1
and instability in our economic life-will be published some86.7
115.3
110.5
90.5
time in May. The Committee on Recent Economic thanges
95.6
104.6
is a continuation of the President's Unemployment Con101.8
98.4
71.1
140.0
ference of 1922-23 which through a Committee on Business
94.7
104.6
96.7
103.4
Cycles and Unemployment then made a report on booms
98.5
103.6
95.0
105.3
and depressions based on a survey of the National Bureau
97.4
102.7
of Economic Research. As now constituted the
80.0
125.0
Committee
122.2
81.8
consists of President Hoover, Chairman, Walter F. Brown,
87.8
113.9
50.8
197.6
Renick W. Dunlap, William Green, Julius Klein,
55.9
178.9
John
100.2
99.8
Lawrence, Max Mason, Adolph C. Miller, Lewis E. Pierson,
98.9
101.1
99.1
John J. Raskob, A. W. Shaw, Louis J. Taber, Daniel Willard,
100.9
98.5
103.6
George McFadden, Clarence M. Woolley, Owen D. Young
94.9
105.4
and Edward Eyre Hunt, secretary. The work of the experts
of the National Bureau of Economic Research was made
possible through grants from the Carnegie Corporation of Retail Food Prices in March Slightly Under Those o f
Month Ago-Increase as Compared with March 1928.
New York and the Laura Spelman Rockefeller Memorial.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for March 15 1929 a decrease of a little less than 1% since
Wholesale Prices in March Higher than in Februar
y.
Feb. 15 1929, an increase of a little more than 1% sines
The general level of wholesale prices in March was
slightly March 15 1928, and an increase
of approximately 58%
above that of February, according to information
collected since March 15 1913. The index
number (1913=100.0)
in representative markets by the Bureau of Labor
Sta- was 151.4 in March 1928, 154.4 in February
tistics of the United States Department of
1929, and
Labor. The 153.0 in March 1929. The Bureau's
survey, issued April 19
Bureau's weighted index number stands at 97.5 for
March, continues:
compared with 96.7 for February, an increase of
approxiDuring the month from February 15 1929, to March 15 1929,
8articles
mately % of 1%. Compared with March
1928 with an on which monthly prices were secured decreased as follows: Strictly fresh
index number of 96.0, an increase of over 134%
eggs. 14%;
is shown. red salmon,oranges. 11%; bananas, 4%; cabbage,3%: sugar. 2%; canned
1%; and butter and oleomargin
Based on these figures, the purchasing power of
five-tenths of 1%.
the dollar Seventeen articles increased: Pork chops, e, less thanonions
7%; hens,
and canned
in March was 102.6, compared with 100.0 in the
year 1926. tomatoes,2%;sliced ham,leg of Iamb,navy beans, baked beans and prunes.
The Bureau's advices April 18 also state:
1%; and sirloin steak, round steak, rib roast, chuck roast, sliced
bacon,
Farm products as a group were over I 3 % higher
than In the preceding
month, due to pronounced increases for beef cattle,
hogs, sheep and lambs.
Poultry, and cotton. Grains, eggs, potatoes, and wool, on
the other hand,
were cheaper than in February.
Among foods there were increases for fresh and cured
meats, and decreases for butter and flour. The group as a whole showed
no change in
the general price level.
Hides and skins advanced slightly, while leather declined
sharply, resulting in a net decline for the group of hides and leather
products. Boots and
shoes showed no change in average prices.
In the group of textile products advances in cotton goods
were offset by
declines in silk and rayon. Prices of woolen and worsted
goods were fairly
stable, while prices of other textile products advanced. No
change in the
group as a whole was reported.
Prices of anthracite and bituminous coal and petroleum
products weaken,'in the month, causing a net decline for the
group of fuel and lighting
materials.
Among metals and metal products, iron and steel
products advanced
slightly, while more pronounced increases were recorded
for ingot and
sheet copper, c
opper wire, lead, quicksilver, and zinc.
The increaseifor
the group as a whole was nearly 2%.
Advancing prices of lumber and shingles caused a
small net increase in
the group of building materials.
Small decreases were shown for the groups of chemicals
and drugs, housefurnishing goods, and miscellaneous commodities.
vegetable lard substitute, tea and coffee, less than five-tenths
of 1%.
The following 17 articles showed no change in the month:
Plate
fresh milk, evaporated milk, cheese, lard, bread, flour, cornmeal, beef,
rolled
oats, corn flakes, wheat cereal, macaroni, rice, potatoes,
canned corn.
canned peas and raisins.
Changes in Retail Prices of Food by Cities.
During the month from Feb. 15 1929, to March 15 1929.
there Was a
decrease in the average cost of food in 44 of the 51 cities as
follows: Birmingham, Cleveland, Columbus, Denver, Little Rock,
Memphis, Portland,
Oreg., and Seattle, 2%; Atlanta. Balitmore, Boston,
Bridgeport, Buffalo,
Butte, Charleston. Chicago, Cincinnati, Detroit,
Houston, Indignapolis,
Kansas City, Los Angeles, Louisville, Milwaukee.
Newark, New Orleans.
New York, Peoria, Philadelphia, Pittsburgh,
Portland, Me.,
Rochester,
St. Paul, Salt Lake City, Scranton, Springfield, Ill.,
and Washington,
and Manchester, Minneapolis. New Haven,Norfolk,
1%;
Omaha,Richmond and
St. Louis, less than five-tenths of 1%. The following
four cities Increased:
Dallas and Providence, 1%; and Jacksonville
and
tenths of 1%; and in Fall River, San Francisco Mobile, less than fl
and Savannah
no change in the month.
there was
For the year period March 15 1928 to March
15 1929, 39
increases: Omaha. 5%*. Dallas and
cities showed
Louisville, 4%; Atlanta,
Cincinnati, Columbus, Houston, Indianapoli
Butte,
s, Little Rock,
New Orleans.
Pittsburgh, and Salt Lake CitY, 3%; Charleston
, S. C.,
y, Los Angeles, Memphis, Milwaukee,
Chicago, Ha
Cit u
St
.
and Seattle, 2% Birmingham,Minneapolis, Peoria, Richmond.
;
Buffalo, Denver, Detroit,
Haven, Norfolk, Portland, Ore..
New
St. Paul, San
Francisco. Savannah.
FINANCIAL CHRONICLE
2720
Springfield, Ill., and Washington, 1%, and Baltimore, Fall River, and
New York, less than five-tenths of 1%. Eleven cities showed decreases:
Philadelphia and Rochester, 2%; Boston, Bridgeport, Cleveland, Mobile,
Newark, and Portland, Me., 1%; and Manchester, Providence, and
Scranton,less than five-tenths of 1%. In Jacksonville there was no change
in the year.
As compared with the average cost in the year 1913, food on March 15
1929 was 64% higher in Chicago; 61% in Richmond; 59% in Detroit,
Scranton, and Washington; 58% in Atlanta, Buffalo, Cincinnati, and
Pittsburgh; 57% in Birmingham, Dallas, and St. Louis; 56% In Milwaukee
and Minneapolis; 55% in Baltimore, Charleston, S. C., Louisville, New
Haven, New York and Providence; 54% in Boston, New Orleans and
Philadelphia; 52% in Indianapolis and Kansas City; 51% in Fall River
and Manchester; 50% in San Francisco; 49% in Cleveland. Little Rock,
and Omaha; 47% in Memphis; 46% in Newark; 44% in Seattle; 42% in
Los Angeles; 41% in Jacksonville; 39% in Portland, Ore.; 37% in Denver;
and 31% in Salt Lake City. Prices were not obtained in Bridgeport,
Butte, Columbus. Houston, Mobile, Norfolk, Peoria, Portland, Me.,
Rochester, Si. Paul, Savannah, and Springfield, Ill., in 1913, hence no
-year period can be given for these cities.
comparison for the 16
The index numbers follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (1913=100.0).
SirBut
Year and loin Rou'd Rib Clek Plate Pork Bah'se
Month, steak steak roast roast beef chops con Ham Hens Milk tel
75.7 81.4 87.2 85.3 -71.5 88.0 78.1 --------74.3 74.4
1907
73.3 71.2 78.1 --------78.1 76.9 77.6 83.0 89.6 85.5 --__
1908
78.6 73.5 81.3 --------82.7 82.9 82.0 88.5 91.3 90.1
1909
93.8
80.3 77.9 84.6 --------91.6 94.5 91.4 93.6 94.6 87.9 ---1910
80.6 78.7 84.8 --------85.1 91.3 89.3 91.0 95.5 97.7 ---1911
2 90.5 90.6 93.5 97.4
91.0 89.3 93.6 --------91.
1912
100.0 100.0 100.0 100.0 100.0 100.0 1.00.0 100.0 100.0 100.0 100.0 100.0
1913
102.0 105.8 103.0 104.4 104.1 104.6 101.8 101.7 102.2 1005 94.4 103.6
1914
93.4 105.0
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 99.2 103.0 116.7
1915
107.5 109.7 107.4 106.9 106.0 108.3 106.4 109.2 110.7 102.2
1916
129.8 151.7 151.9 142.2 134.5 125.4 127.2 150.4
124.0 129.8 125.5 1,30.6
1917
162.4
153.2 165.5 155.1 160.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 192.8
1918
164.2 174.4 184.1 168.8 166.9 201.4 205.2 198.5 193.0 174.2 177.0 188.2
1919
2003 209.9 187.6 183.0
172.1 177.1 167.7 163.8 151.2 201.4 193.7
1920
152.8 154.3 147.0 132.5 118.2 166.2 158.2 181.4 186.4 164.0 135.0 153.9
1921
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
1922
144.7
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3 155.1 135.0 187.0
1923
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1 143.1 159.7
1924
166.1
173.0 195.5 171.8 157.3
159.8 153.6 149.5 135.0 114.1 174.3
1925
138.6
162.6 159.6 153.0 140.6 120.7 153.1 186.3 213.4 182.2 157.3 145.2 165.6
1928
170.1
148.1 127.3 175.2 174.8204.5 173.2 158.4 147.5 174.2
167.7 166.4 158.1
1927
188.2 188.3 176.8 174.4 157.0 165.7 163.0 198.7 175.8 159.6 150.9 177.4
1928
174.8 173.1 165.2 158.8 142.1 149.0 165.2 192.2 172.8 160.7 147.0 177.4
Jan
190.3
Feb-- 176.4 174.4 167.2 160.6 144.6 140.5 161.9 187.7 174.6 160.7 149.6 174.2
174.6 159.6
March 178.8 175.3 187.2 161.3 146.3 138.2 159.3
172.9
168.7 163.1 147.9 149.0 158.9 188.1 177.0 158.4 143.9 172.4
April- 178.3 177.6
159.6 190.3 177.0 158.4 142.6
181.5 181.2 172.2 166.3 150.4 168.6
May
172.4
186.6 186.5 175.3 172.5 152.9 165.7 160.0 192.2 174.2 167.3 140.7 173.3
June
195.7 196.9 181.8 180.6 157.9 177.6 162.6 198.5 172.3 158.4 141.8 173.8
Ju1y
144.7
200.8 202.2 184.8 185.0 162.0 190.0 165.9294.5 172.8 158.4 150.4 175.1
Aug
Sept-.203.9 205.4 188.9 190.0 170.2 211.0 168.1 208.2 177.9 159.6 150.1 175.6
198.0 200.0 185.9 188.8 171.9 179.0 167.8 206.7 177.9 159.6 152.2 174.2
Oct
193.3 194.6 183.3 185.6 171.9 170.0 164.8 203.0 178.4 160.7 154.8 174.2
Nov
Dee.... 189.8 191.5 180.3 181.9 168.6 149.0 160.4 198.5 177.9 160.7
1929
173.8
190.8 191.0 180.8 181.3 170.2 153.8 159.3200.0 184.0 160.7 150.7 172.9
Jan
188.2 189.2 178.8 179.4 167.8 157.1 168.2 199.6 186.4 160.7 152.7 172.9
Feb
152,2
188.6 189.2 179.3 180.0 167.8 167.6 158.9 201.9 190.1 160.7
111arch
[VOL. 128.
The quarterly period was also a record breaker for ordinary life insurance
-a 9%
A total volume of $2,360,337,000 was reported for the quarter
gain over the same quarter in 1928, which was shared by 58% of the
reporting companies. The situation for life insurance sales seems excellent
and together with the fact that the proportion of life insurance in force
compared to the real needs of the population is very low, the situation is
doubly favorable. Because of the inherent strength of life insurance, it Is
reasonable to assume that further records will be broken this year even
though some recession in outside conditions should materialize.
-month period ended March 31 1929 was a successful period
The 12
for sales of ordinary life insurance throughout the country. The United
States as a whole increased sales 6% in these months over the Preceding
year. These figures represent the experience of 78 companies having in
force 88% of the total legal reserve ordinary life in.surance outstanding
in the United States,
NEW ENGLAND.
The New England States, as a whole, show a gain of 5% over March
1928. Rhode Island leads with a 10% monthly increase. A section
gain of 6% is recorded for the quarter, Rhode Island leasing with a 12%
gain. For the 12
-month period just ended, the New England States
increased 6% over sales in the preceding months.
MIDDLE ATLANTIC.
The very high monthly increase of 13% was made in the Middle Atlantic
section, thus leading all the sections in the country. The three States
in this section paid for about 35% of the total insurance sold in the United
States in March. All States in this section also show substantial gains
-month period just ended.
for the quarter and for the 12
EAST NORTH CENTRAL.
The East North Central States record an increase of 8% for the month.
All States share this gain for March. For the first quarter of 1929 this
section shows the largest increase, a gain of 13% over the same Period in
1928. For the 12
-month period this section shows an average gain of 9%,
which gain is also made in the Middle Atlantic States.
WEST NORTH CENTRAL.
The West North Central States show a slight decrease of 3% over
March 1928. Minnesota is the only State to show a monthly increase.
-month period just
For the first three months of the year and for the 12
ended, this section shows gains of 2% and 3%, respectively.
SOUTH ALTANTIC.
This section shows a decrease of 2% over sales in March 1928. A 1%
Increase is reported for the first three months of 1929 as compared to the
same period in 1928. Maryland and District of Columbia show sub-month period just
stantial quarterly gains, however. Sales in the 12
ended show a slight loss over those of the preceding 12 months.
1
—LaLak,;—;-4.4.4-.Lai..12Weo:qiy.14, .4.63'&;-.6O;-•;a:636:463
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1A4.0.,PW.144..W.A.A.AbP140.1 WWWN,WWN...Q0888
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.
.444 L14:4L4L1 4 4,44 4i
EAST SOUTH CENTRAL.
The EasteSouth Central States as a whole show a monthly increase of 2%•
Tennessee leads the section with an 11% gain. Tennessee also leads
-month gains. The average vloume of
this section in its quarterly and 12
business sold in this section for the year is approximately the amount sold
last year.
WEST SOUTH CENTRAL.
This section shows a 9% loss in March over March 1928. Louisiana
is the only State in the section to record a gain. For the first quarter of
1929 the West South Central States record a 3% deerease over the same
Period in 1928. For the 12 months just ended this section has a 2% gain
over the preceding 12 months.
PRINCIPAL
MOUNTAIN.
INDEX NUMBERS OF RETAIL PRICES OF THE
-the second largest
ARTICLES OF FOOD IN THE UNITED STATES.
A monthly increase of 12% was made in this section
gain made in March in all the sections of the country. New Mexico leads
Weighted
all States in the United States and records a monthly increase of 41%.
Food
Tea Cotyear and Lard Eggs Bread Flour Corn Rica Polo- SagFor the first quarter of 1929 the Mountain States increased 8% over the
Index
fee
toes or
meal
Month,
-month period the section increased 6%
same quarter of 1928. For the 12
82.0
----the average for the country as a whole.
-_ 105.3
over the preceding period in 1928
80.7 84.1 ---- 95.0
1907
84.3
------- 111.2
80.5 86.1 --__ 101.5
1908
88.7
---PACIFIC.
____ 112.3
90.1 92.6 --__ 109.4
1909
93.0
--__
____ 101.0
103.8 97.7 ---- 108.2
1910
The Pacific States record a 3% gain for March over March 1928. For
92.0
---____ 130.5
88.4 93.5 ---- 101.6
1911
97.6
the first quarter the Pacific section shows a 9% gain over the same period
---- 132.193.5 98.9 -___ 105.2
1912
10e.0
100:0
-month period Just ended.
100.0 100.0
In 1928. All States share this gain. For the 12
100.0 100.0 100.0 100.0
1913
102.4
99.7
101.2 108.3
112.5 103.9
98.6 102.3
all States also share in the 5% section Increase over the preceding 12 monihs.
1914
101.3
100.6
104.3 88.9
93.4 98.7 125.0 125.8
1915
113.7
100.3
104.6 158.8
111.0 108.8 130.4 134.6
1916
146.4
101.4
119.0 252.7
174.9 139.4 164.3 211.2
1917
168.3
102.4
Canada Life Insurance Gain is 8% for March-New
148.3 188.2
210.8 164.9 175.0 203.0
1918
185.9
145.3
173.6 223.5
182.0 178.6 218.2
233.5
1919
Life Insurance Increased 11% in Quarter.
203.4
157.7
200.0 370.6
188.7 197.4 205.4 245.5
1920
153.3
121.8
109.2 182.4
113.9 147.5 176.8 175.8
1921
Canadain sales of ordinary life insurance increased 8%
141.6
121.1
109.2 164.7
107.6 128.7 155.4 154.5
1922
146.2
126.5
109.2 170.6
112.0 134.8 155.4 142.4
in March over the volume sold in March 1928. This
1923
145.9
145.3
116.1 158.8
120.3 138.6 157.1 148.5
1924
157.4
172.8
127.6 211.8
gain was shared by 60% of the reporting companies. These
147.5 151.0 187.9 184.8
1925
160.8
171.1
133.3282.2
138.6 140.6 167.9 181.8
1928
155.4
162.1
figures are furnished by the Life Insurance Sales Research
123.0 223.5
166.1 166.7
122.2 131.0
1927
154.3
165.1
114.9 158.8
117.7 134.5 162.5 163.6
1928
Bureau and are based on the experience of companies having
155.1
162.8
117.2 176.5
Jan.... 119.8 162.0 164.3 160.6
151.6
163.1
117.2 176.5
in force 84% of the total legal reserve ordinary life insurance
Feb.- 115.8 124.9 164.3 160.6
151.4
163.8
116.1 200.0
March 112.7 107.2 162.5 160.6
152.1
164.1
114.9 205.9
outstanding in Canada. The Bureau adds:
112.7 106.8 162.5 163.6
April
153.8
164.4
114.9 194.1
114.6 108.7 162.5 169.7
The greatest gain for the month was made by Ontario. This Province
May
152.6
165.1
113.8 170.6
115.2 112.5 164.3 172.7
June
152.8
165.1
pays for about 40% of the total new business sold in the Dominion and
114.9 135.3
July.- 116.5 120.6 164.3 169.7
154.2
165.8
showed a gain of 14% for the month. The second largest gain was 9%
113.8 129.4
118.4 130.4 164.3 163.6
Aug
157.8
168.1
114.9 129.4
which was made by Alberta.
122.2 146.1 162.5 160.6
Sept
158.8
166.4
an in113.8 129.4
123.4 157.4 162.5 157.6
For the first quarter of 1929 the Dominion as a whole recorded
Oct
157.3
166.8
112.6 129.4
171.9 162.5 154.5
120.9
Nov
155.8
168.8
crease of 11%. Ontario and Quebec both show substantial gains of 13%•
113.8 129.4
Provinces in the
Dec.... 118.4 189.3 180.7 154.5
An increase of 14% was made in Alberta. leading all the
1929are also re188.1 154.6
112.8 135.3
quarterly gain. The colony of Newfoundland, which figures
117.1 148.7 160.7 154.5
154.4
168.1
New Bruns112.6 135.3
116.5 142.3 160.7 154.5
Feb_ _
ported, showed a 36% increase for the three-month period.
153.0
166.4
112.6 135.3
only Provinces which failed to
116.5 122.0 160.7 154.5
March
wick and Prince Edward Island are the
equal their volume in the first quarter of 1928.
-month period ended March 31 1929 every Province showed a
For the 12
this period over the pregain. The Dominion as a whole gained 14% in
in United States Gain in Quarter-- ceding 12 months.
Life Insurance Sales
High Point.
to show Increased sales over a year ago. For the
The cities continue
March Sales Reach New
quarter all cities show a gain of 12% or more with the exception of Winnipeg,
According to the Life Insurance Sales Research Bureau which sold approximately the same volume in the same period last year.
life
of Hartford, Conn., the March sales of new ordinary
increase over March 1928 sales
insurance represent a 6%
the highest
and a 2% gain over December 1928-formerly
on record. This gain was shared by 55% of the
month
reporting companies. Of the nine sections in the United
States, all but three share in the gain, the losses being
Atlantic and
Blight in the North West Central, South
known, the
West South Central States. In making this
Bureau says:
California Fruit Crops Cut by Freeze.
The California peach crop this year is expected to be
approximately 48% of the 1928 production, and the production of all other tree fruits in that State reduced as a
result of recent freezes, the Crop Reporting Board, United
States Department of Agriculture, has announced following
numerous requests for an indication of probable production
Amu. 27 1929.]
FINANCIAL CHRONICLE
2721
at this time. This statement, issued April 18, follows a
preliminary statement made April 12. The department's
statement of April 18 says:
Coke loading totaled 11,564 cars, 1,656 cars above the same week last
year, but 51-cars below the corresponding week two years ago.
All districts reported increases in the total loading of all commodities
compared with the same week in 1928 while all except the Pocahontas and
Ordinarily the board does not report on the probable production of tree the Southern districts reported increases compared with the same week
fruits at this early date, and the present estimates, it is pointed out, are In 1927.
purely tentative. The probable production of apricots is estimated at the
Loading of revenue freight in 1929 compared with the two previous years
equivalent of 82% of the 1928 production; almonds 45%; cherries 50%; follows:
Pears 70%; Prunes 77%; clingstone peaches 38%; and freestone peaches
1927.
1929.
1928.
Four weeks in January
3,448,895
3.756,680
3,570,978
68%.
Four weeks in February
3,590,742
3,801,918
3,767,758
A survey of the damage to California grapes indicates that Thompson's
Five weeks in March
4,982,547
4,807,944
4,752,559
seedless grapes have been damaged to the extent of 30 to 40%; TokaYs In Week ended April 6
956,364
919,352
953,907
the principal areas 40%; Emperors 20%; black juice varieties 10 to 30%; Week ended April 13
971,730
912,659
949,581
Malagas slight. A combined figure for all grapes is not yet available.
Total
14,074,774 13,824,207 14,444,593
Vegetable crops in scattered localities throughout the interior valleys have
been damaged, but the extent has not been determined.
Comparable data for other years at this time of the season are not availConstruction Contracts in March Again Smaller.
able, so that the board has no means of judging the accuracy of the present
report on probable production.
Total construction contracts awarded during March in
the 37 Eastern States amounted to $484,847,500, according
to statistics compiled by the F. W.Dodge Corp. In March
1928 these construction contracts aggregated $592,567,000.
For the three months of 1929 the contracts awarded foot
up $1,256,089,300, as compared with $1,485,067,000 in the
corresponding three months of 1928.
We give below tables showing the details of projects contemplated in March and for the three months of this year,
as compared with the corresponding periods a year ago,
following which we give other tables showing the contracts
awarded for the same periods. These figures, it is stated,
cover 91% of the total United States construction.
Y • Twoolm5o
• mimm50
/x o00SEYV
8
R.; an -6mg- .
mi Frgilsla zg ei egggg;
r,.... • 0 Fi ag.a.t
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. '
.
'INIRI 5 2
'MR; atik EE '011
Annalist's Weekly Index of Wholesale Commodity
e
Prices.
.
F
6
The "Annalist" weekly index for wholesale commodity
g
a
T
prices is 145.2. This is a further drop of 0.1 point from last
week and marks a new low for the past twelve months. In
announcing this the "Annalist" says:
The decline in the farm products group is 1.6 points, or sufficiently large
a
0
Classification.
's %
w , a
a
f
l
j
p
0
rW
W
.00
Om000ls:s:.
8325,921.500
242,914.000
129,407,100
69,297,500
74.099.800
62,970.700
101,949,800
Q.
.0
.•-•.
0.4. .0
885,165,300
79,213,200
42,426,100
10,552,300
13.202.800
20,605,700
40.651.100
Ca
0
, 0
7 .
-. Wr
8291,816.300
387,230,500
i599.19 1019 c.m..wcWm ,
...44.
.1: cc= EMS= i q
.8
4
$679,046,800
205,562.300
2884,609,100
%
C
44 US g8S8=
1,006,580,200
1,119,903,300
•p
--
.
a
t3
'
•C
a
..
0
"
Contemplated Projects.
O.&
8105,485.200
98,392.500
34,060,200
23,589.400
56,449,300
22.893,700
20.218,400
UWO
V
Z
B
P
E.
g
0
0. ...,... tElatafft ic.7;z4 t':.i =8.4sti w 4
.tt tt .0909. ... .. ....... 'fAt
C:
76,667,200
1.043,000
77.710,200
34.927,900
41,739,300
13,517.800
9,498,500
6.348,400
1,078,200
2,078.700
772,200
1,634,100
$244,266,900
175.038.300
77,847,800
22,588,100
24,317,400
17318,800
34,301,600
3413.339,300
71,508,200
8484.847,500
$216,167.100
197,172,200
$75,583,800
55,837.300
37.525,200
9.903,100
17,913,500
6,851,800
12.552,400
001.:4
C40
New Floor
Space, In
Square FM
40,908,200
24,941,400
12,581.700
2,529,400
3,088.800
2.039.800
3,980,900
E °,2
g 19003
t 4. .,...
p p.. Cl
v
c,
na
m
... ..i .......
.
R
f
..
.. ...
Yts .. ......... 1
.... tt 48- t°44 IA
r
87,832.500
457,900
88.090,400
30.807,400
58,825,100
11,715,900
7,100.400
5,318,300
1.240,000
1,495,200
1,535.400
2.404,200
New Floor
Space, in
Square Feet
$199,622,100
121.655.600
75,900,900
29.317,000
20.215,200
26,078,200
62,555.000
8482,228,800
110,338.200
8592,587,000
8207,037,200
275,191,600
73,075,300
48,804,000
33,881.000
9.823.900
10.306,100
13,195.300
17,951,600
., -...
§ §1
33,322,500
18,358.300
11.971.800
3.818.500
2,694.100
3.099.200
6,378,500
mm o
535,344,000
707,365,900
as
S.
v
v
4. mi.,
g' I
, nt
79,842.900
140,127,400
219,770.300
884.400
220.654.700
f
atriPiinq Se9. Q
44
.0.
&treat
P
1
63
UIPTinq 920‘
LI 2
.
Yr. lilt
,.
Contracts Awarded.
595,738,900
464.727.200
31.258.089.300
•
31.060.466.100
195,623,200
1
8361,088,700
364.107,100
,. ....
.0... ...i .. !.
§ n n
Miscellaneous freight loading for the week totaled 410,869 cars. an
Increase of 40,747 cars above the corresponding week last year and 30.440
cars over the same week in 1927.
Coal loading totaled 139,476 cars, a decrease of 1,205 cars under the same
week in 1928 and 13,175 cars below the same period two years ago.
Grain and grain products loading amounted to 34,498 cars, a decrease of
2,416 cars below the same week in 1928 but 101 cars above the same week
In 1927. In the western districts alone, grain and grain products loading
totaled 23,005 cars, a decrease of 2,004 below the same week in 1928.
Live stock loading amounted to 24.210 cars, a decrease of 357 cars below
the same week in 1928 and 1,434 cars under the same week in 1927. In the
western districts alone, live stock loading totaled 18.693 cars, a decrease
of 156 cars under the same week in 1928.
Loading of merchandise less than carload lot freight totaled 266.755 cars,
an increase of 7,378 cars above the same week in 1928 and 2,610 cars over
the same week in 1927.
Forest products loading amounted to 69,237 cars, 6,812 cars above the
same week in 1928 and 1,344 cars above the same week in 1927.
Ore loading amounted to 15,121 cars, 6,456 cars above the same week
In 1928 and 2,334 cars over the same week two years ago.
1725.195,800
160,879,300
8886,075,100
Wa
va
vp
i.,
8342,483,900
361.105.000
106.713,800
56.194,800
87.675.200
42.099,300
61,139,900
a
.
ala
a.a.
0.
1,057,411,900
874,191,600
w
a
'a
..
a
a
a
m
157.7
152.1
153.2
156.8
120.6
151.7
134.6
115.6
1500
Loading of Railroad Revenue Freight Above Both 1928
and 1927.
Loading of revenue freight for the week ended on April 13
totaled 971,730 cars, the Car Service Division of the American Railway Association announced on April 23. Compared
with the corresponding week last year, loading of revenue
freight for the week was an increase of 59,071 cars, and an
increase of 22,169 cars above the corresponding week in
1927. Further details are given as follows:
.
w.
059-1 wa
b..."0 ".410
.....z.
.
.. .. ..... ... .. ..... aAg
-4.- -- .......
.
.. 0. ..
g
Apr. 24 1928
143.1
144.9
151.9
161.5
128.1
154.1
135.1
120.3
145.3
a
a w.
.
..*
q a. ww
v4-4olo
6",- t0 ....3 mm- .0..
,
82.126.463.500
609,823,900
Apr. 16 1929
141.4
146.7
151.9
161.5
128.3
154.1
135.2
121.7
145.2
a
gr4. g
82.736.287.400
Apr. 24 1929
Farm products
Food products
Textile products
Fuel
Metals
Building materials
Chemicals
Miscellaneous
All commodities
Month of March.
Teltralenmatriletinn
to absorb price advances in other groups. The farm products group has
In the main been responsible for the continued drop of wholesale commodity
prices, its index having dropped 16.2 points since April 24 1928, whereas
the index for all commodities dropped only 4.8 points. This indicates not
merely a relative drop of farm group prices but also that other wholesale
commodities have risen. Fuels, metals, building materials and miscellaneous groups show these higher price levels. Prices of farm products this
week compared with those of last year illustrate the declines. Wheat this
week was $1.40 against $2.16 last year; corn $1.05, against $1.28; oats 59c.,
against 75c.; rye $1.01, against $1.47, and barley 74c., against $1.12. On
the other hand, pork and beef are virtually at the same price level as last
year. Changes within the week were typical of the tendency during the
year. In the farm products group all grain and cotton prices declined
further, while animal products were in a strong price position. The food
products group reflected this week the advance of animal products in the
farm group. Beef, pork, veal, butter and egg prices advanced.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100).
.350.3 rz xtgagq,
Total buildings
Public works, &a
Canadian Trade Conditions as Viewed by Bank of
Montreal.
Retail trade in Canada has suffered a slight check in
April on account of excessive rainfall in Central Ontario,
inclement weather in many parts of Eastern Canada and
impassable roads, but no apparent damper has been put
on general trade by the sharp decline in the stock market,
according to the monthly summary of the Bank of Montreal.
In most lines of trade conditions are reported as satisfactory.
Production of automobiles continues on a scale above that
of any preceding year, and in addition to large domestic
buying the foreign field is steadily enlarging. No slowing
down has occurred in building construction and engineering
works, figures for March being 18.3% greater than for
March 1928 and amounting to 827,125,000.
a
g
v
2
5
°
...
V
No General Business Recession in View of Union
Trust Co., Cleveland.
Current reports indicate good business throughout the
country, and while some seasonal decline from recent peaks
is probable for certain industries, no general recession is
to be anticipated, according to the Union Trust Co., Cleve-
land. "In spite of the many discussions of the credit
situation pro and con, the fact remains that business continues to be able to obtain ample credit for its legitimate
needs, at reasonable rates," the banks says in its April
business magazine, "Trade Winds." "According to the
present outlook, business need have little fear of a credit
stringency." The institution adds:
It is true that many banks have endeavored to curtail the granting of
-but this has been done in an effort to
credit for speculative purposes
conserve that credit for strictly commercial needs. While those who
seek to make collateral loans for stock market speculation may find money
"tight" and rates high, those who seek to borrow for the purposes of operating
their businesses in the usual course, are being accommodated insofar as
commensurate with good banking practice.
Employment remains at a high level throughout the country. In Cleveland, for instance, the employment index stood at 123.4 in March as compared with 107.8 in March of last year.
It is doubtful, however, as to whether the present rate of industrial
activity can be maintained throughout the summer, and while the general
volume of business should continue large, a seasonal recession may be
anticipated in certain industries, such as automobiles and steel, which
'
have spurted ahead during the spring.
Industrial Situation in Illinois During March-Increase in Employment In Manufacturing Industries
-Decline in Wholesale and Retail Lines-Analysis
By Cities.
Over 10,000 names were added to the payroll of Illinois
manufacturers and contractors during March of this year,
but in wholesale and retail trade and in coal mining there
was a decline. The month's net gain in employment was
1.1%. Current Illinois employment figures are also higher
than those of a year ago by 5.8%, says Sidney W. Wilcox,
Chief of the Bureau of Labor Statistics of the Illinois Department of Labor, in furnishing, under date of April 20,
in reviewing the industrial situation in Illinois during March.
In indicating the situation by industries, Mr. Wilcox says:
In the manufacturing industries the month's percentage increases were
1.7 for male employees, 1.2 for female employes. The largest per cent of
gain in employment, 4.8%, was reported by those firms whose payrolls
do not indicate the sex of their employees. Often even the number of
employees is determined by dividing total man hours by the appropriate
working time for one worker. In this case a busy month, with less lost
time, cannot be distinguished from a larger working force. After making
all allowances the net increase in manufacturing from February to March.
for both men and women, was 1.9%. For these workers there was a gain
in payroll earnings of 0.9%.
If non-manufacturing industries are included in the reckoning the month's
change in earnings is a loss of 1.9% although the change in employment was
upward by 1.1%. For several years March has shown an increase in
employment accompanied by a decrease in earnings. The industries in
which this tendency appeared this year are agricultural implements, furniture, boots and shoes, grocery products, bread and other bakery products
and street railways. In February an opposite tendency was noted. Decreased employment with increased average earnings was reported that
month in textiles, building construction, road construction, saw and
planing mills, metal jobbing houses, hotels and in public utility companies
furnishing water, light and power.
The following industries stand out with distinct gains for March in
employment or earnings or both: miscellaneous stone and mineral, iron and
steel, sheet metal work and hardware, tools and cutlery, cars and locomotives, autos and accessories, machinery, electrical apparatus, instruments
and appliances, saw and planing mills, miscellaneous wood products, furs
and fur goods, miscellaneous chemicals, knit goods, cotton and woolen
goods, thread and twine, women's clothing, women's underwear, dairy
products, manufactured ice, ice cream, milk distributing, laundries, building
construction and road construction. The most notable reductions were
leather, mineral and vegetable oil, printing and paper goods, job printing,
edition book binding, lithographing and engravings, overalls and work
clothing, fruit and vegetable canning, slaughtering and meat packing,
beverages, department stores, wholesale dry goods stores, wholesale
groceries, mail order houses. metal jobbing, hotels and restaurants, water
light and power companies, coal mining, and miscellaneous contracting
(other than building and road construction).
In the iron and steel industry, the increase in employment for the month
was 3.1%. On account of the great size of this industry in Illinois this percentage, though moderate, represents some 2,300 new wage earners. In
sheet metal work and hardware the percentage increase was larger, 3.6%,
but the number of new employes was only one-fourth as great.
A sharp rate of gain in employment took place both in work on cars and
locomotives and in the production of automobiles and accessories, the increases being 10.8% and 10.2% respectively.
The most striking percentage increase was in furs and fur goods with
48.6% more workers than a month ago, but this represents only a few
hundred workers.
A marked decline, which affected more workers was in edition book
binding where the loss was 33.6%. Job printing suffered a loss of 2.2%
and the whole printing and paper goods group of industries contracted
working forces by 4.4%.
The clothing and millinery group lost some of its February gains with a
net loss of perhaps 100 workers, but the labor turnover in the separate
Industries comprising this group was much higher. • Gains In men's shirts
and furnishings, men's hats and caps, women's clothing, and women's
underwear to the number of approximately 200 were more than offset by a
loss of some 300 in men's clothing, overalls and work clothing and women's
hats.
Slaughtering and meat packing normally has a seasonal decline at this
time of the year. The falling off in employment was 1.6% and in earnings
4.4%. There were seasonal increases in the lines of dairy products, manufactured ice and ice cream, averaging 5%.
All reporting branches of wholesale and retail trade except milk distributing reduced their forces, with the largest displacement In mail order
houses.
Pub,LIC utilities reported more employees, but a diminution in average
payroll earnings
[vol.,. 128.
FINANCIAL CHRONICLE
Coal mining declined 2.1% in the number of men and 27.8% in their
income.
Building construction and road construction reported sharp seasonal
Increases. The gains in employment were 2.4% and 62.3% respectively,
while the payroll earnings advanced 3.6% and 56.4%.
The statistics follow:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
MARCH 1929.
Earnings(Payroll).
Etnylatnneng.
Industry.
Per Cent Index of Employment
Change (Average 1922=100).
from a
Month
Afar.
Feb.
Ago.
Mar.
1929. 1929. 1928.
+1.1
All industries
+1.9
All manufacturing industries
. +2.0
Stone-Clay-Glass Products_ _
+5.9
Miscellaneous stone prod'to_
-0.9
Lime-cement-plaster
+1.0
Brick-tile-pottery
+2.2
Glass
Metals-Machinery-Convey•ces +3.7
+3.1
Iron and steel
Sheet metal work-hardware. +3.0
+5.7
Tools and cutlery
+0.2
Cooking-heating apparatus_
+3.6
Brass-copper-zinc-oth. met_
+10.8
Cars and locomotives
+10.2
Autos-accessories
+3.3
Machinery
+6.2
Electrical apparatus
Agricultural implements.
- +0.2
Instruments and appliances +7.4
+0.6
Watches and Jewelry
All others
+3.0
Wood products
+5.6
Saw-planing mills
+2.7
Furniture-cabinet work_ _ _
Pianos
-musical instrUmentS +0.4
Miscell, wood products...,.. +10.7
+1.4
Furs and Leather Goods
Leather
-5.4
Furs and fur goods
+48.6
Boots and shoes
+2.3
Miscellaneous leather goods +3.7
+2.0
Chemicals-Oils-Paints
Drugs-chemicals
+0.2
Paints
-dyes-colors
+0.6
Mineral-vegetable oil
-1.3
Miscellaneous chemicals_ _ _
+6.2
1Printing-Paper Goods
-4.4
Paper boxes-bags-tubes_ _ _.
+0.1
Miscellaneous paper goods. +0.6
Job printing
-2.2
Newspapers-periodicals_ _ _ _ -0.5
Edition bookbinding
Lithographing & engraving. -2.6
textiles
+1.8
Cotton and woolen goods__ - +10.1
Knit goods-hosiery
+0.5
Thread-twine
+5.2
All other
-0.5
Clothing and Millinery
--0.3
Men's clothing
-0.5
Men's shirts-furniahings
+5.2
-work clothing
Overalls
--20.2
Men's hats and caps
+3.8
Women's clothing
+3.5
Women's underwear
+8.5
Women's hats
-3.4
trood-Beverages-Tobacms...- -0.8
Flour-feed-other cereals_.._
+0.5
Fruit-vegetable canning__ -. -17.8
Miscellaneous groceries.+1.2
Slaughtering-meat packing _ -1.6
Dairy products
+12.0
Bread-other bakery prod•ta. +1.2
-2.2
Confectionery
Beverages
-0.8
Cigars
-other tobacco prod-. +1.4
+7.5
Manufactured ice
Ice cream
Vliscollaneous manufacturing_ -5.2
7trade-Wholesale-Retail
-2.1
-0.8
Department stores
Wholesale dry goods
--0.8
Wholesale groceries
-2.7
Mail order houses
-4.5
Milk distributing
Metal jobbers
3ervices
Hotels and re.staurants
Laundries
+4.1
?ublic Utilities
+0.4
Water-light-power
-2.0
Telephone
+0.9
Street railways
+0.8
Railway car repair shops.-_ -0.1
:loal Mining
-2.1
luilding and Contracting....
+3.2
Building and construction
+2.4
Road construction
+62.3
Miscellaneous contracting
..-2.3
104.2
100.3
109.9
93.7
109.9
81.8
146.7
122.2
136.5
105.1
99.7
111.4
170.9
103.1
98.4
107.7
88.5
110.9
81.0
143.5
117.8
132.4
101.4
54.3
111.2
165.1
98.4
92.4
116.1
92.2
94.2
100.4
149.0
101.5
122.0
96.4
74.2
100.4
141.2
Total
"Ace,'
Earnings age"
Per Cent Weekly
of Chge. Earnings
from a
for
Month
Mar.
Ago.
1929.
-1.9
+0.9
+1.6
+4.8
+2.0
+2.1
-0.1
+3.1
+1.2
+6.3
+6.5
+1.4
+1.1
42.5
38.4
30.8
+13.1
152.2
162.4
135.4
162.3
61.8
116.0
138.1
157.2
127.5
162.0
57.5
115.3
128.7
127.1
96.6
137.4
53.4
106.9
+11.6
+3.4
+3.6
-0.3
+7.8
-2.7
76.5
86.9
97.9
56.4
53.2
110.8
86.9
59.9
119.2
53.1
127.0
95.2
142.4
121.9
157.4
111.4
138.1
122.4
107.2
138.8
74.3
82.3
95.3
56.2
48.1
109.3
91.9
40.3
116.5
51.2
124.5
95.0
141.6
123.5
148.2
116.5
138.0
121.7
109.6
139.5
81.0
92.4
101.9
57.1
58.1
111.6
109.7
48.4
112.5
69.2
116.7
97.9
134.9
117.4
128.9
111.9
142.3
123.6
103.3
139.7
+1.4
+12.7
-1.5
-2.2
+6.6
-7.1
-6.1
+38.6
-8.5
+4.6
-0.6
-0.5
-0.7
-4.1
+3.0
-1.8
+3.4
+1.4
-1.6
+1.7
-------------2.4
97.1
95.4 108.6 +10.0
147.9 134.3 152.3 +13.5
84.4
84.0
93.4 +17.5
76.5
72.7
77.4
+5.1
89.1
89.5 100.0
+2.7
62.5
62.7
66.4
--1.9
51.4
51.7
54.7
-3.8
99.7
94.8
90.7
+1.0
56.7
71.1
74.7 --15.8
59.2
57.0
66.0
+1.7
112.5 108.7 126.0
+8.1
113.1
104.2 107.0
+5.6
60.6
62.7 103.5 +16.5
88.0
88.8
91.1
-3.6
91.9
91.4 103.4
-2.0
4.5
5.5
13.4 -12.6
100.3
99.1
98.0
-5.2
86.9
-4.4
88.9
90.3
105.2
93.8 101.1
+11.4
83.9
82.9
90.9
-4.8
70.6
72.2
74.5
+1.7
58.8
59.3
65.4
-5.4
81.3
80.2
75.2
-1.6
52.7
49.0
60.8
+5.2
-------------2.4
67.5
68.9
69.5
-0.7
126.1
127.1 117.2
-0.3
58.6
59.1
78.0
--0.1
86.8
89.2
92.4
-2.5
88.1
92.2
95.1
-3.5
127.5
139.9
145.0
138.5
108.7
52.7
60.9
94.7
68.8
128.1
135.7
122.5
139.3
148.0
137.3
107.8
52.8
62.2
91.8
67.2
78.9
138.9
122.4
134.1
133.7
130.6
108.4
53.0
74.8
89.7
63.6
233.3
170.7
+4.5
-5.2
-3.8
-5.8
-7.6
+0.7
-27.8
+3.0
+3.6
+56.4
-11.4
,,
o,,,,,,,,, 000,00.,,
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pwy.opcomcowoMMWO...Wp.w .
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00op-404ovWWW=c,JctolCO=.COONN...4..OMWCOuloWW
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2722
Mr. Wilcox also supplies the following analysis of the
industrial situation by cities:
From February to March there was a gain in factory employment of 1.9%
which means that about 10,000 men and women were added to the Payrolls of manufacturing concerns. The corresponding figures for a month
ago were +2.2 or 11,000 names added. It was not to be expected that the
-March comparison would show as marked an increase as the
February
January-February comparison since the January figures are depressed by
Inventory taking and year-end readjustments.
-Farm labor came into some demand during March, according
Aurora.
to the Aurora free employment office. The outlook for factory labor and
the building trades is also favorable. The month's increase in names on
the payroll was 8.4%, with a resulting payroll gain of 11.6%. This was
the second best showing in the State, Bloomington leading in percentage
gains.
IlloomingtOrt.-Bloomington led the cities of Illinois in the proportion
of gain in employment and payroll earnings during the month of March.
If one may trust a sample of only 13 reporting firms, the increase in the
number of employees was 17.4% and in payrolls 18.7%. Full time work
is the rule in the Chicago and Alton railroad shops and in foundries and
certain important manufacturing and machinery concerns. There is a
surplus of farm and common labor, but improved conditions are expected
with the advancing season and the opening of the water project. No
shortage of jobs is indicated by the free employment office ratio of registered applicants to orders for workers which was only 107.9, the most
favorable ratio in the State.
APRIL 271929.]
FINANCIAL CHRONICLE
2723
Chicago.--Ohicago as a labor market made a somewhat more favorBricklayers Win $3,876,000 a Year Pay Rise and Fiveable showing during March of this year than Chicago as a producing centre.
Day Week.
In spite of a high registration of 10.557 at the free employment
offices there were enough orders for workers to bring the ratio of
The following is from the "Times" of April 25:
workers to jobs down 12 points from a month ago. But the credit for reThe five-day week and a substantial wage increase were the chief demands
lieving the unemployment pressure cannot go to local factories in any
large measure. They added only 0.9% to their forces and reported a de- won by 12,000 bricklayers in their negotiations with the Mason Builders'
Association which terminated yesterday, it was announced by John Gill,
cline of 0.1% in the amount paid out as wages.
The rises and falls of employment in various industries were much the Chairman of the Executive Committee of the Bricklayers' Union.
The terms of the new agreement will be formally signed in a few da3
,
same for Chicago plants as for those in the rest of the State. The healthy
condition of the metals industries affected the city favorably; a general after ratification by the local unions and the entire employers' organization.
The new agreement gives the bricklayers a wage increase of $1 a day
though moderate decline in wholesale and retail trade threw many out of
work. The recession in the coal industry, however, which was clearly from May 1 to the end of the year and an increase of $1.40 a day for the
reflected in employment reports from other parts of the State, did not show remainder of the agreement, which is for a three-year period. Beginning
Its affects in the Chicago reports. Building construction in Chicago de- May 1, wnen the present agreement expires, the wages will be $15 a day,
clined from its own February condition if measured by employment figures, Instead of $14 on the present contract. After that it will be $15.40 a day,
and lagged behind the March record for the rest of Illinois if measured or a 10% increase.
Using 228 days of work a year as a basis for computation, it was estiby permits for new work.
mated that the wage bk1 for the union bricklayers will be increased approxi(Jicero.—Employment conditions continue to be very uneven in dif- mately $3,876,000 a year.
ferent industries and among different firms. A net loss of employed
The mechanics demanded a five-day week to replace the 53i day, a
workers occurred in March,in amount 2.6%, but payroll earnings advanced 10% wage increase effective on May 1 and a five-year agreement. 'Iii.
9.3%. Building prospects are very favorable judging by the value of pro- employers offered a three-year agreement, the shorter work week for the
posed construction as stated in permits issued. There was a March in- three summer months and the 53 -day week for the rest of this year, with
crease of more than 100% over February, but the first quarter of 1929 is the five-day week to foLow for the rest of the period.
nearly 30% behind the first three months of 1928. Much activity has
Negotiations on behalf of about 500 stone setters, whose agreement
been taking place in the free employment office, but there are 182 work expires shortly, are being continued and it is believed likely that they
seekers for every 100 places open. Charity activities continued on a rather will receive terms similar to those of the bricklayers.
large scale.
The new contract was arranged after six months of conferences between
Danville.—Danyille was the third city in the State in the rate of increase committees representing the employers and employees. The bricklayers'
In employment from February to March. The gain was 8%. Payroll union has had agreements with the mason builders for 45 years.
earnings increased 8.3%. The workers, as a group, were paid $13 for
each $12 received the month before. The industries reporting the most
Union Wage Increases in Springfield, Mass.
marked gains were: Brick, tile pottery, overalls, manufactured ice and
Ice cream. The free employment office reports three applicants for every
Associated Press advices, as follows, from Springfield,
two jobs. Danville is one of the minority of the cities in Illinois to report a larger volume of building Permits issued in 1929 than in the corre- Mass., April 25, are taken from the "Evening Post":
Two more unions, the carpenters and hoisting engineers, have joined
sponding period of 1928.
Decatur.—The value of building permits issued in March in Decatur the number of building trades groups that recently won wage increases.
These two unions, like numerous others, will receive 12ti cents an hour
exceeded the February permits by 2,000%. The largest permit fee in the
city's history was paid in connection with the new building of the A. E. additional, bringing their hourly wage to $1.25. Only the date on which
Staley Manufacturing Co. Employment and workers' earnings advanced the schedule shall become effective remains to be determined.
by 1.9% and 1.3% during the month from February to March. The gains
and losses in employment are found in a wide variety of industries, various
Business Trends in Northwest.
metal manufacturing plants reporting opposite tendencies, but with an
upward swing in certain lines of women's wear, meat packing, dairy proFavorable and unfavorable factors in the Northwest are
ducts, ice cream, &c.
summarized as follows in a "Digest of Business Trends"
East St. Louis.—East St. Louis gained both in the number of wage
15 by four St. Paul, Minn., banking instituearners and in payroll earnings during March. The increases were 2.9 issued April
and 0.5% respectively. Building activities have held up to the mark tions, viz., the First National Bank, the Merchants Trust
this year better than for most cities, the figures being 5500,552 of new Co., the First St. Paul Co. and the First Veterans' State
permits for the first quarter of 1929 as against $601.789 last year. The
free employment office is handling work on a larger scale than in 1928. Bank:
Favorable Factors in the Northwest.
The Number of applicants for each 100 jobs is 118, which is not excessive
as judged by unemployment ratios generally.
Heavy snows during the winter and spring have provided ample subsoil
Joliet.—Joliet experienced a March increase in employment of 3.4%, but and top moisture to assure grain crops of Minnesota, North Dakota. and
a decrease in payroll earnings of 4.3%. The gains were registered in Montana a heatlhy start, just as seeding is getting under way in the
stone, castings, horse shoes, certain food lines and some forms of building southern parts of the district. . . . An advance of 25 cents,a ton,
equipment. There were losses, however, in fire brick, hardware and some the first since 1923, for Mesabi Range Bessemer iron ore, coincident with
lines of machinery. Building permits, while behind last year's schedule great demand from the steel industry and low stocks of ore at Lake Erie
to date, nevertheless scored a notable gain of 118% for March over the pre- docks and mills, assures greater activity in the iron mining districts of the
ceding month. There were 1,1)00 applicants for every 560 jobs at the free Lake Superior region. . . . A 3.7% increase in car loadings in the
employment office, or an unemployment ratio of 177. This is not as un- Northwest is forecasted for the second quarter by the Northwest Shippers'
favorable as the ratio of 211 for February but it is high when compared Advisory Board. . . . Preliminary estimates indicate a considerable
decrease in the number of acres to be planted in potatoes, durum wheat.
with the figures of the other offices in the State.
Moline-Rock Island.—In the combined district of Moline-Rock Island and flax. . . . This is expected to react favorably on prices to be
Paid farmers for these products. . . . The daily average of building
there was an increase of 0.7% in employment and 0.5% in payroll earnings
for March 1929, as compared with February. There was a moderate contracts awarded in March was 27% higher than in the same month of
but all around industrial activity, with a limited number of calls for skilled 1928. . . . Contracts awarded in the Northwest in the first quarter
. Business
and unskilled labor, married and unmarried farm hands, and a number of 1929 were 70% more than in the first quarter of 1928. .
of orders at the free employment office for female labor. Moline and failures in 1928 in the Northwest were the fewest of any year since 1922.
Rock Island are among the minority of cities in Illinois in which thee value . . . Prices of durum wheat, rye, flax, butter, milk, poultry, hogs.
of building permits for the current year is greater than for the corresponding eggs, and lambs are higher than a year ago.
period of 1928. The aggregate for the first quarter has been half a million,
Unfavorable Factors in the Northwest.
as against $308,000 from January to March last year. There are three
Car loadings registered a decline of 9% for the first two months of 1929
large projects in progress.
Peoria.—Pooria had a gain in factory employment during March of compared with the same period in 1928; but railroad executives say this
4.0% to which corresponded a 3.5% gain in payroll earnings. There were was largely due to roads being blockaded by snow, and to the fact that
on the other hand 208 applicants for work at the free employment office, farmers acre holding grain. . . . Building permits in the Northwest
for every 100 openings listed. This is the highest unemployment ratio decreased 36%,although building contracts awarded increased substantially
among the 13 public employment offices, but the number placed was 721 . . . The value of cash crops and hogs sold in the Northwest in February
which is the third largest figure outside of Chicago. It is one of the para- was 19% smaller than in February 1928. . . . The number of hogs
doxes of employment statistics that sometimes the greater the number on farms in Minnesota, the Dakotas, and Montana is 10% less than a
placed the greater the number of new applicants. Building permits issued year ago; but prices are higher.
the first quarter of this year amounted to $373,000. This was only twothirds as great as during the corresponding period last year, but the March
Automotive Parts—Accessory Industry Ends Quarter
permits.were over seven times the February figure.
Quincy.—An increase in employment and earnings beginning in February
at Highest Peak on Record.
continued in March, but at a reduced rate. The gain in numbers working
Manufacturers and wholesalers of automotive parts,
in factories was 1.8%. They received an additional 2.3% in wages. The
building figures a year ago were much larger than now, but the month of accessories and garage equipment had a March business of
March saw five times the volume of building permits which were issued in unparalleled proportions and closed the first quarter of
February. The March permits amounted to $30,825. All the activities 1929
at levels far in excess of any similar period in the history
of the free employment office saw large percentage gains. Placements ran
of the industry, according to the Motor and Equipment
to 414 for the month. There were 100 applicants for every 64 jobs.
Rockford.—Rockford was under the necessity of importing skilled workers Association.
In the metal trades, especially tools and die makers, pattern makers and
Led by the suppliers of units and parts to the car and truck
molders. Building permits for the first quarter of 1929 mount up to the
Imposing total of 51,223,000. In an off year for building construction, manufacturers for original equipment, with a tremendous
it is noteworthy to find a city beating its last year's record two to one. gain over February, manufacturers selling parts, accessories
The free employment office handled the largest number of placements outand garage equipment to the wholesale trade also had a
side of Chicago. There were 95 jobs for every 100 applicants.
Springfield.—The volume of factory employment advanced 4.6% from volume of business in the first quarter well in excess of
The change in payroll earnings was +2.2%. BuildFebruary to March.
previous months this year and, except for accessory sales,
big activity, amounting to $247,644 in permits for the first quarter of
1929, has been only 54% as great as that of the corresponding period of better than the same period last year.
last year. Announcement has been made of an extension of a tractor and
With March generally regarded as the peak month, a
combine plant which will cost 5750.000. The running of the mines causes
gradual recession is looked for as a normal course of events
spending power which was denied the city some time ago.
Sterling-Rock Falls.—During March Sterling-Rock Falls reversed the during the second quarter, but the orderly slowing up will
January-February change in employment. A February pick-up of 2.4% start from such a high level that business is virtually certain
was nearly offset by a March decline of 2.0%. The reorganization of an
Important canning concern and the leasing of a plant gave encouragement to exceed last year up to the mid-year period at least. Early
to farmers to make truck gardening a companion to dairying and poultry reports for April, in fact, showed heavy operations being
raising. Ultimately continuous operation of the cannery is expected.
maintained by a large number of manufacturers.
Wholesalers of automotive products enjoyed a splendid
gain in business in March over February and also over last
year. As compared with the Jan. 1928, base index of 100,
wholesaler members of the M. E. A. in the United States
and Canada reported sales for March and the preceding two
months this year as follows: January, 114; February, 105;
March, 121.
Wholesale sales ran ahead in all 12 Federal Reserve
Districts in the United States and also in Canada. The
report adds:
Aggregate shipments in March of parts, accessories and garage equipment manufacturers to both vehicle makers and the wholesale trade reached
an index figure of 241% of the Jan. 1925 base, which is 100, as compared
with 212 in February. 188 in January and 207 in March last year.
Manufacturers selling parts and accessories to the car and truck manufacturers had shipments aggregating 275% of the Jan. 1925, base, a new high
record as compared with 243 in February, 212 in January and 231 in March
• last year.
Service parts shipments to the trade were 148%, as compared with 136
in February, 141 in January and 136 in March, 1928.
Accessory shipments were 85% last month as compared with 69 in
February, 77 in January and 113 in March,last year.
Shipments of service equipment, that is, repair shop machinery and
tools to the wholesale trade, reached 224% of the Jan. 1925, base as compared with 192 in February, 173 in January and 174 in March, last year.
Last month's index for shop equipment shipments was the highest on
record, the closest approach being April 1927 when the index reached 223.
The Large Automobile Production-March a Record.
March production (factory sales) of motor vehicles in the
United States, as reported to the Department of Commerce,
was 584,733 of which 513,266 were passenger cars, 69,559
trucks, and 1,908 taxicabs, as compared with 475,373 passenger cars, trucks and taxicabs in February and 413,314
in March 1928. For the first three months of 1929 the
product was 1,460,801 vehicles against 968,838 in 1928.
The table below is based on figures received from 151
manufacturers in the United States for recent months,
47 making passenger cars and 118 making trucks (14 making
both passenger cars and trucks). Figures for passenger cars
included taxicabs (until the end of 1928) and those for trucks
include ambulances, funeral cars, fire apparatus, street
sweepers and busses. Canadian figures have been supplied
by the Dominion Bureau of Statistics, since January 1923.
AUTOMOBILE PRODUCTION.
(Number of Machines.)
Total.
231,728
323,796
413,314
Tot. (3 mos) 968,838
410,104
April
425,783
May
396,796
June
392.086
July
461,298
August
415,314
September _ _
397.284
October
November__ _ *257,140
December _ _ *234,116
Passenger
Trucks.
Cars.
205,646
291,151
371,821
26,082
32,645
41,493
868,618 100,220
364,877 45,227
375,863 49,920
356,622 40,174
338,792 53,294
400.593 60,705
358,891 56,423
340,146 57,138
217,454 *39,688
205,993 *28,123
Taxicabs.a
is
Total (year). *4,358,759 3,827,849 *530,910
1929.
January
February
March
Unfilled Orders.
The unfilled orders of 345 Southern Pine and West Coast mills at the
end of last week amounted to 1,079,515,000 feet, as against 1,094,626.000
feet for 345 mills the previous week. The 140 Southern Pine mills in the
group showed unfilled orders of 231,965.000 feet last week, as against
265,166,000 feet for 141 mills the week before. For the 205 West Coast
mills the unfilled orders were 847.550,000 feet, as against 829.460,0 0 feet
for 204 mills a week earlier. Altogether the 5_0 reporting softwood mills
had shipments 103%, and orders 108% of actual production. For the
Southern Pine mills these percentages were res, ectively 107 and 108;
and for the West Coast mills 101 and 113. Of the re-orting mills, the 520
with an established normal production for the week of 332,370,000 feet,
gave actual productio 105%. shipments 108% and orders 114% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood, and two hardwood regional associations
for the two weeks indicated:
Past Week.
Preceding Week 1929
(Revised).
Softwood.
Hardwood.
Softwood.
Hardwood.
520
348,922,000
358,862,000
377,349,000
318
53,088,000
52,312,000
58,328,000
544
352,776,000
365,967,000
346,801,000
335
54,142,000
53,510,000
48,863,000
• A unit Is 35,000 feet of daily production capacity.
PassenTotal. err Cars. Trucks.
8,463
12,504
17,469
6,705
10,315
15,227
1,758
2,189
2,242
38,436
24,211
33,942
28,399
25,226
31,245
21,193
18,536
11,769
9,425
32,247
20,517
29,764
25,341
20,122
24,274
16,572
13,016
8,154
6,734
6,189
3,894
4,178
3,058
5,104
6,971
4,621
5,520
3,615
2,891
242,382 196.741
is
Heavy Lumber Demand Reported.
A heavy lumber demand, with increased new business.
for both hardwood and softwood manufacturers, is indicated
in telegraphic reports from 795 mills, for the week ended
April 20,to the National Lumber Manufacturers Association.
An increased demand of over 40,000,000-10,000,000 hardwood and 30,000,000 softwood-greater than that shown
the previous week is indicated, despite the fact that reports
received to date are from 24 fewer mills. Total new business
thus far reported for the week ended April 20, amounted
to 435,677,000, while 819 mills the preceding week gave
orders as amounting to 395,664,000 feet.
Unfilled orders at reporting softwood mills were equivalent
to 27.7 days average production, a drop of only one-half
day from 28.2 days, the high for the year to date, reported
for the week ended April 13. New business for reporting
hardwood units, for the year to date, amounted to 103% of
production. Increased shipments have been indicated in
recent weeks, the reporting mills showing shipments of
411,174,000 feet for the week ended April 20, as compared
with 419,477,000 feet the week earlier, both of which are high
figures. Production was given as 402,010,000 feet, compared with 406,918,000 feet reported the preceding week.
The Association statement further says:
Mills (or units')
Production
Shipments
Orders (new business)
Canada.
United States.
1928.
January
February_ __ _
March
[VOL. 128.
FINANCIAL CHRONICLE
2724
45,641
21,501 17,164
31,287 *25,584
40,621 32,833
4,337
*5.703
7,788
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
b siness for the 205 mills reporting for the week ended April 20 totaled
20,123,000 feet, of which 92.439,000 feet was for domestic cargo delivery,
and 27,759,000 feet export. New business by rail amounted to 88,458.000
feet. Shipments totaled 197.140.000 feet, of which 75,881,000 feet moved
coastwise and intercoastal, and 26,184,000 feet export. Rail shipments
totaled 83.608.000 feet, and local deliveries 11,467,000 feet. Unshipped
orders totaled 847,550,000 feet, of which domestic cargo orders totaled
326.034,000 feet, foreign 255,006,000 feet and rail trade 266,510.000 feet.
Weekly capacity of these mills is 230,006.000 feet. For the 15 weeks ended
April 13, 139 identical mills reported orders 10.3% over production and
shipments 2.1% over production. The same mills showed a decrw se in
inventories of 2.8% April 13, as compared with Jan. 1.
Southern Pine Reports.
*400,695
*475,373
584,733
*347,047 *51,584
*414,740 *58,525
513,266 69,559
2,064
2,108
1,908
The Southern Pine Association reports from New Orleans that for 140
mills reporting, shipments were 7% above production, and orders 8% above
production and 1% above shipments. New business taken during the week
6,080 93,409 75,581 17,828 amounted to 68,887,000 feet, (previous week 66,365,000); shipments
Tot. (3 m os. 1,460,801 1,275,053 179,688
)
68.105.000 feet, (previous week 71.504.000); and production 63,712,000
• Revised.
a Includes only factory-built taxicabs, and not private passenger cars converted feet. (previous week 64.556.000/ •
The Western Pine Manufacturers Association of Portland. Ore., reports
Into vehicles for hire. b Included with passenger cars.
production from 35 mills as 36.992,000 feet, as compared with a normal
production for the week of 35,162,000. Thirty-two mills the week earlier
reported production as 36,075,000 feet. Shipments were somewhat larger
Proposed Merger of Interests of Rubber Institute, Inc., last week, while new business showed some reduction.
The California White & Sugar Pine Manufacturers Association of San
and Rubber Association of America, Inc., Into
Francisco, reports production from 22 mills as 22,662,000 feet, as comNew Co-operative Association.
pared with a normal figure for the week of 23,422,000. Eighteen mills
The following statement was issued jointly by General the week before reported production as 14,871.000 feet. There were conlast week.
L:ncoln C. Andrews, Director General of The Rubber In- siderable increases in shipments and new business Francisco, reports proThe California Redwood Association of San
stitute, Inc., and A. L Viles, General Manager of The Rub- duction from 11 mills as 5,861,000 feet, compared with a normal figure of
6.389,000. Thirteen mills the previous week reported production as
ber Association of America, Inc., on April 23:
8,675,000 feet. There was a nominal decrease in shipments last week,
Speceial meetings of the respective members of The Rubber Association
with a slight increase In new business.
of America, Inc., and of The Rubber Institute, Inc., have been called for
The North Carolina Dine Association of Norfolk, Va., reports production
May 10 in New York City, etch to take simultaneously proper action lookfrom 70 mills as 12,363.000 feet, against a normal production for the week
ing to merging the interests of the two institutions in a new co-operative
of 12,690,000. Seventy-three mills the preceding week reported producassociation of the rubber manufacturers throughout the whole industry. tion as
10,714,000 feet. Shipments showed apt roximately 45% increase,
Such action was recommended last January by Mr. Andrews, Director
and new business 50% increase.
General of the Institute, in the belief that the purposes of the Institute
The Northern Pine Manufacturers Association of Minneapolis. Minn.,
and the work of the Association would both be thus served more efficiently reports production from 9 mills as 8.850,000 feet, as compared with a
operation of the two insti- normal figure for the
and economically than by continuing further the
week of 8.133,000, and for the week earlier 7,525,000.
tutions separately, even in close co-operation. It appears that the Institute Shipments showed a notable increase last week,'while new business showed
has gone as far as it can alone, and should either enlarge its organization, a marked reduction.
necessarily in duplication of that of the Association, or else the organizations
The Northern Hemlock and Hardwood Manufacturers Association of
should be merged. In case this constructive step is taken as anticipated Oshkosh, Wis., (in its softwood production) reports production from 26
and the Associa- mllis as 3.804,000 feet. as compared with a normal production for the week
as a result of these two meetings on May 10, the Institute
tion as such pass out of being; and General Andrews withdraws from fur- of 4,758.000. Thirty mills the week before reported production as 3,792,000
ther official connection with the rubber industry, having accomplished his feet. Shipments were slightly larger last week, and new business showed
personal part in the undertakings of the Institute.
a substantial increase.
FINANCIAL CHRONICLE
Arum 27 1929.1
liardiccod Reports_
Activity in
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports rroduction from 43 units as 8,905,000 feet, as compared with a normal figure for the week of 10,861.000. Forty-seven units
the preresitog week reported production as 10,246,000 feet. Shipments
showed a small decrease last week, with new business about the same as
that reported for the previous week.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
production from 275 units as 44.183.000 feet as against a normal production
for the week of 49.538,000. For the preceding week 271 units reported
production as 40,296,000 feet. There was a notable increase in shipments
while orders were well in advance of those reported for the week before.
Detailed softwood and hardwood statistics for reporting mills of the
Comparably reporting regional association will be found below:
LUMBER MOVEMENT FOR 16 WEEKS, AND FOR WEEK ENDING
A.PRIL .20 1929.
Normal
Production
Production.
Shipments.
Orders.
for Week.
AssociationFeet.
Feet.
Feet.
Feet.
Southern Pine (16 weeks) _1,04a,451,000 1,094,259,009 1,145,624,000
Weeks (140 mills) _--- 83.712.000
88,105,000
68,887,000 69,271,000
West Coast Lumbermen's(16 weeks)
-2,651,506,000 .2,645,519,000 2,841,952,000
Week i20.7 mills)
194,948,000 197,661,000 220,440,000 172,545,000
Western Pine Mfrs.(16 wits) 450,780,000 .507,730,000 547,013,000
Week (35 mills)
36,992,000
37,363,0
30,889,000 35,162,000
Calif. White 6:Sugar Pine
(16 weeks)_
.273,177,000 422,839,000 422,725,000
Week (22 mills)
22,682,000
.24,010,000
24,219,000 23,422,000
Calif. Redwood (16 weeks)_ 111,643,000 108.660,000 121,944,000
Week (11 mills)
5,861,000
6,456,000
7,777,000 6.380,000
No. Caro. Pine (16 weeks)_ 162,121.000 152,814,000 143.967,000
Week (70 mills)
12,363,000
11,814,000
12,781,000 12,690,000
Nor.Pine Mfrs.(18 weeks)- .71,666,000 122,914,000 130,156,000
Week (9 mills)
8.580,000
9,695,000
8,228,000 8,133,000
No.lierniock & Hal dwood(Softwoods)(16 weeks) • 72,514,000
56.865,000
64.593.000
Week (28 mills)_____
3,604,000
3.758.000
4.128,000
4,758,000
Softwoodstotal(16 wks)_4,842,868,000 5,111,600,000 5,417,974,000
Week (529 mIlLs)
848,922,000 358,862,000 377,349,000 332,370,000
No.Hemlock& Hardwood
(Hardwoods)(16 Weeks)_ 212,950,000 151,51.7,000 151,601,000
Week (43 units)
6,905,000
6,931,000
5,932,000 10,861,000
Hardwood Mfrs. Institute
(16 weeks)---------------635,174,000 697,406,000 718,730,000
Week (275 units)
44,183,000
45,381,000
52.396,000 49.538,000
Hardwood 511.51(16 wks)
Week (318 unIts)._
845,121,000
53,088,000
848,923,000
62,312,000
870,331,000
58,328.000 60,399,000
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 206 millsAllow .that for the week ended April 13
.orders were 0.03% below output, while shipments exceeded
production by 2.44%. The association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
296 irdlis report for week ended April 13 1929.
,(All mills reporting production, orders and shipments.)
Production_
196,206,913 feet (100%)
Orders
196,150,232 feet (0.03% under production)
Shipments
200,995,599 feet (2.44% over production)
0014,PARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (258 IDENTICAL MILLS).
(All nulls retooling production for 1928 and 1929 to date.)
Feet.
Actual produetion, week ended April 1.3 1919_______ ____________ 218,908,678
Average weekly productiou, 15 weeks ended April 13 1929
182,710,933
Average weekly production during 1928
197.072,499
AYerage weekly produt•tlon, fast three years
199.192,068
w Weekly operating e.apacIty
284.206.601
x Weekly operating capacity Is based on average hourly production for the 12
Soot months preceding mill check and the normal number of operating hours per week.
2725
March
1929.
The Department of Commerce announced on April 20
that according to preliminary figures compiled by the
Bureau of the Census, 35,305,908 cotton spinning spindles
were in place in the United States on Mar. 31 1929,of which
31,103,998 were operated at some time during the month,
compared with 31,007,936 for February, 30,757,552 for
January, 30,622,172 for December, 30,596,840 for November,30,315,086 for October,and 31,432,840 for March, 1928.
The aggregate number of active spindle hours reported for
the month was 8,909,996,339. During March the normal
time of operatiOn was 26 days, compared with 23 2-3 for
February, 263. for January, 25 for December, 253.1 for
November, and 263j for October. Based on activity of
8.88 hours per day the average number of spindles operated
during March was 38,591,460 or at 109.3% capacity on a
single shift basis. This percentage compares with 110.7
for February, 111.6 for January, 99.1 for December, 108.1
for November, 103.9 for October, and 96.8 for March, 1928.
The average number of active spindle hours per spindle in
place for the month was 252. The total number of cotton
spinning spindles in place, the number active, the number
of active spindle hours and the average spindle hours per
spindle in place, by states, are shown in the following statement.
the Cotton Spinning Industry for
S;I Mop Spin les.
State.
Cotton growing states
New England states
All other states
Alaba‘ua
Connecticut
Georgia
Maine
Massacnusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Irstn1a
All other states
United States
In Place
Active
March
Du lag
31 1929.Mach.
A live Spin -lc Hours
for Mar h.
Total.
Average per.
Spindle
In Place.
18,738,930 18,097,420 6,002.710.804
15,072,382 11,701,884 2,647,818.551
1,-i96,596 1,304,894 259,486,984
1,748,076 1.685,288 517,828.373
1,123,100 1,058,650 235,045,181
3,091.486 2,974,472 951,401,203
1,060,180
842,918 193,941,560
9,053,428 6,714,314 1,494,746,611
177,158
53,664,930
147,33i
1,413,654 1,038,364 243,535,025
378,936
368,420
59,515,897
739,520
621,532 129.732,220
6,211,360 5,955,104 1,962,321,633
2,305,116 1,932,990 454,665,538
5,552,214 5,501,382 2,003,790,119
602,386
581,152 199,371,314
281,908
248,14s
70.409,452
709,056
679,254 145,728,170
858,330
756,680 194,096,113
320
176
173
296
209
308
183
165
304
172
157
175
316
197
361
331
250
206
226
35,305,908 31,103.998 8.909.996,339
252
Movement to Control Cotton Exchanges Begun in
Senate.
The movement to control the conduct of future cotton
exc,langes by placing them under the same regulatory powcis of the Department of Agriculture as are now the grain
futures exchanges has been revived by the introduction of
a bill by Senator Tom Connally (Dem.) of Texas, which is
a duplicate of that offered by him in the House the last
session of Congress. The Washington correspondent of
the New York "Journal of Commerce" in reporting this in
advices to that paper April 23, says:
WEEKLY COMPARISON FOR 204 IDENTICAL MILLS
-1929.
(.821 mills whew reports of production, orders end shipments are complete for the
last four weeks.)
Week EndedApril 13.
April 6.
March 30.
March 23.
Production (feet)
195.889.499 188,891,254 190,260,237 185.250,933
Orders (feet)
196-005.398 205,355,387 219,534,001 202,788,320
Ralf
81.361.658 88,201,089 89,199.031
84,039,176
A similar bill has been offered in the House by Representative Vinson
Domestic cargo
57.990,869 68.025,058
77,241,005
67,136,897 of Georgia, whose measure passed
Export
the House last session Fut failed in the
39.795,887
37.689.531
40,549.440
40.245,965
Local
16,856,984
13,436,703
Senate.
12,514,528
11,346.282
Shipmeats (feet)
200.645.027 189.076.514 202.688,725 183.312,962
An essential feature of the legislation is that it provides for Southern
Rail
84,089.868
77.840.267
84,620.907
78.965,558 deliveries on future contracts and names
Domestic cargo
61.800.813 67.474.451
all of the Southern spot markets
67,092.892
54,257.927
Export
37,917,562
29.325.085
38.430,398
38,742,895 as delivery points.
Local
16,856,984
13,436,708
12.544,523
11,346,282
The measure provides that such cotton exchanges shall operate under
Unfilled orders (feet)
829,459,792 841,232.630 825.257,94)1) 812,899,035
Rail
264,542,107 272,250,370 232.190.280 259,369,630 the supervision of the Department of Agriculture and before any exchange
Demesne eario
310.502,597 315.562.684 318,506,800 310,013,428
may be granted permission to do business it must assure the Secretary
Export
254,115.088 253,419.575 214,560,820 213,515,977 of Agriculture that rules
and regulations will be adopted preventing
"manipulation, straddling or the cornering of the market," which is to
112 IDENTICAL MILLS.
the detriment of the producer and the consumer. The Secretary would
(All mills whose reports of production. criers and shipments are complete for
1928
be empowered to suspend any member of the exchange when the
and 1929 to date.)
market
is being manipulated, together with authority of the Government to
Avera7e 15
Average 15
Week Rnded
Weeks Ratio!
Weeks
scrutinize exchange transactions.
April 13 1929. A mil 13 1929. .4pr. 14
1928
"Under certain transactions large amounts of low grade cotton have
Production (feet)
124,841,349
101,647,291
112,221,750
117,159,975
Orders (feet)
111,169.980
119,026,565 been accumulated in New York for tendering purposes," said Senator
Shipir.ents (feet)
131,668,149
107,205,572
105,334,877 Connally, "and through fictitious transactions, - washing the
market' and
tendering and retendering the same cotton repeatedly without the
DOMESTIC CARGO DISTRIBUTION WEEK ENDED APR. 6 '29 (112 mills)
intention
• of bona fide sale, certain cotton interests have succeeded at times
in driving
Orders on I
the market to a point where it caused the producers an arbitrary
Unfilled
loss.
Hand Re'
The result of this, campaigns are deliberately engnieered to 'shake
()piety
out'
gin's ll'e,l
orders
Cancel
Week lend', the spot cotton
Shipheld by producers. There is no purpose to destroy the
April 8 '29. Received.
lotions.
retentk
Awe 6 '29.
exchanges covered by the bill, but would require them to restrict their
Washington dr ()mem
Operations to legitimate purposes."
Feel
Feel.
Fret.
(1)5 Alills.)
Peet
Peet.
While there has been a general assault upon future cotton exchanges in
110,918,971 18,177,327
California
50,134 23.930,715 103.115,449
Congress for a number of years, the legislation was given considerable
145,602,721 33,625,102
Atlantic Coast
456,528 35,084.603 143,686,695
13,960
Miscellaneous
5,785.365
444.358 5,354,987 impetus a year ago by the Senate committee's investigation of the price
•
prediction report of September 15 1927, issued by the United States
TAal Wash. 6., Oregon 262,307,037 51,816,389
505,662 59,459,633 254,157,131
Department of Agriculture. In this hearing the cotton firm of
-Anderson,
Brit. Col.(17 .11 111EClayton Sr CO., of Howdon, featured prominently as having operated
at
25,000
California
1,515,9191
5:33,000
1,017.919 the time of the department's report to the firm's advantage.
Atlantic Coast
20,077,038, 7.364,740
3,932,000 23,509,778
The legislation was bitterly opposed by the New York Cotton Exchange,
Miscellaneous
5,270,3.15! 2,906,368
2,778 1,044,303 7,129,622
and sought then with some enlargements since to correct some of the
Total Brit. 0.1umbin_ 26,893,292 10.296,108
555,778 4,975,303' 11,657,319 features of operation that brought complaint,
but has not gone far enough,
Total domestic cargo. 289,200,349 62,112,497 1,062.440 61,435,956 285.814,450 to satisfy the backers of the legislation. Last year legislation was also.
offered by Senator E. D. Smith of South Carolina, which also carried
out.
2726
FINANCIAL CHRONICLE
the Southern delivery Idea, but this and the Vinson bills were not pressed
in the Senate, because it was stated the New York Exchange, the prin.
cipal offender, was carrying out remedies.
Senator Caraway, of Arkansas, author of a bill to prevent the sale of
cotton and grain futures, opposed the other legislation, pointing out that
all the New York Exchange has done is to make it "easier for those who
gamble to protect themselves." lie contended that the Southern delivery
feature "is not in the interest of the cotton grower, but makes it easier
fer some one to tender cotton and break the price."
[VOL. 128.
Increased Commission Rates on Future Contracts
Traded in on New York Cotton Exchange.
An increase in the commission rates on all futures traded
in on the New York Cotton Exchange was approved by
members of the Exchange on April 11 by a vote of 151 to 67.
The new rates which were made effective April 12, provide
for a $15 commission on each 100 bales bought or sold for
non-members. This represents an increase of $2.50 compared with the old rate. The rate on purchases and sales
by one member for another was increased from $1.25 to
$1.50 for each 100 bales, and the rate on clearance by one
member for another was increased from 75 cents to 90 cents
for each 100 bales.
Gov. Roosevelt Signs Bill Permitting New York Cotton
Exchange to Trade in Cotton Mill Securities.
A bill, passed by the New York Legislature, amending the
charter of the New York Cotton Exchange so as to permit
it to trade in cotton mill securities, was signed by Gov.
Roosevelt on April 10. An Albany dispatch on that date, to
Members of New York Cotton Exchange Vote to Amend
the New York "Times" said:
The Act gives the New York Cotton Exchange the power for one thing to
By-Laws Making Mandatory Clearing of Contracts
eliminate "cotton" from its corporate title and function as "an exchange,"
Through Cotton Exchange Clearing House.
with its field of operation extended so as to include foreign as well as domestic
securities and trading in cotton. cotton products and by-products and for
Members of the New York Cotton Exchange on April 17
the purchase and sale of stocks and bonds or other securities issued by voted to amend Section 33 of the By-Laws regarding the
corporations engaged in growing, manufacturing, buying,selling or handling
for members
cotton, wool, silk, rayon, artificial silk, jute, linen or textiles made in whole validity of contracts, by making it mandatory
or in part of any of these commodities; or manufacturing, buying, selling or to offer their contracts for clearance through the New York
handling by-products of them, or maintaining warehouses or other plants
Cotton Exchange Clearing Association. The by-laws preto facilitate any of these activities.
viously read "may offer," and as amended read "shall offer."
Text of the Exchange Act.
The text of the Act, which Is regarded as one of the most important
measures affecting trading in securities enacted in recent years, is as
follows:
AN ACT
to amend Chapter 365 of the laws of 1871, entitled "an act to incorporate
the New York Cotton Exchange." to enlarge its purposes by enabling such
exchange to provide for trading in cotton, cotton products, by-products and
for the purchase or sale of stocks, bonds and other securities.
The People of the State of New York,represented in Senate and Assembly,
do enact as follows:
Section 1.—Section 3 of Chapter 365 of the laws of 1871, entitled, "An
Act to incorporate the New York Cotton Exchange," as amended by
Chapter 59 of the laws of 1883. is hereby amended so as to read as follows:
3. The purposes of said corporation shall be to provide, regulate and
maintain a suitable building, room or rooms, for an exchange, in the city of
NeW York, for trading in cotton, cotton products and by-products, and for
the purchase or sale of stocks, bonds or other securities issued by corporations, foreign or'domestic, engaged in any of the following activities:
Growing, manufacturing, buying, selling or handling cotton, wool,
silk, rayon, artificial silk, jute or linen, or textiles made in whole or in part
of any of these commodities, or manufacturing, buying, selling or handling
the by-products of any said commodities, or conducting warehouses or
compresses or other plants or facilities suitable for use in connection with
or for the promotion of any of said activities; to adjust controversies between its members, to establish just and equitable principles in the trade In
cotton, cotton products and by-products and in the purchase and sale of
such stocks, bonds and other securities specified in this section; to maintain
uniformity in its rules, regulations and usages, to adopt standards of classification of cotton, cotton products and by-products, to acquire, preserve
and disseminate useful information connected with the cotton interests
throughout all markets and with the business standing and financial responsibility of the corporations whose stocks, bonds and other securities
may be purchased and sold, to decrease the local risks attendant upon the
business of buying or selling cotton, cotton products and by-products or
such stocks, bonds and securities; and generally to promote the cotton
trade of the city of Now York,increase its amount and augment the facilities
with which it may be conducted, and to facilitate the purchase and sale of
.such stocks, bonds and securities; and to make provision for the widows and
Amines of deceased members.
The corporation shall have power to make all proper and needful by-laws
not contrary to the Constitution and laws of the State of New York or of the
United States.
Section 2.—This Act shall take effect immediately.
Reference to the plans of the Exchange was made in our
issue of Jan. 26, page 501.
New Loan Limits of New York Cotton
Exchange.
Not effective until May 15, the by-law recently passed
by the board of managers of the New York Cotton Exchange,
imposing a limit on brokers' loans on cotton futures of $5
a bale, and of $10,000 in all to any individual customer,
trader or mere speculator in raw cotton futures, has notwithstanding become the object of a petition of protest lodged
in the office of the Secretary of the Exchange, according
to the New York "Journal of Commerce" on April 23, from
which we also take the following:
on March 20. It
• The new rule was virtually unopposed when passed
Cotton Exchange,
conforms with the trading policy of the New Orleans
Move Against
aroused a considerwhich has a similar credit limit, and that it should have
caused some surprise.
able degree of opposition in advance of its tryout has
that conExtracts from the protest, already published, are to the effect
that on subtraction of the trading volume has resulted from the rule and
some of them were less
sequent reconsideration by members of the board
Gardiner H.
favorably disposed toward it than before. Neither President
to speak
Miller nor Vice-President John H. McFadden Jr., was prepared
authoritative statelast Saturday for publication on the subject, but an
ment will later on be made by these officials.
last month.
When the limit on "cotton loans" was approved by the board
was a general ban on
It was recalled that prior to February, 1926, there
removal of that complete
loans to the public. It was then said that since the
has experienced
bar, in so far as public participation went, the exchange
one of the dullest periods in all its history.
Thomas Hale Elected a Member of New York Cotton
Exchange.
After having been with the New York Cotton Exchange
for more than a quarter century,as Assistant Superintendent,
Superintendent and Secretary, Thomas Hale was on April 8
initiated and became a full-fledged broker. Mr. Hale was
elected a member of the exchange on April 4, but it was not
until April 8 that he ventured on the trading floor. Then
Arthur J. Pertsch and William H. Spilger lifted him bodily
and deposited him into the center of the xing where the
brokers congratulated .him on his election. Every new
broker attempts to make a speech, but heretofore no one had
ever succeeded because of the bedlam. Mr. Hale, however,
established a precedent, in making a speech. President
Gardiner H. Miller and former Presidents Samuel T. Hubbard Jr., George M.Shutt and Edward K. Cone were among
those who witnessed Mr. Hale's initiation. Mr. Hale became associated with the exchange in 1902 as Assistant
Superintendent, succeeding the late William V. King as
Secretary in 1915. In 1920 the title of the office was changed
to Secretary and Mr. Hale has been Secretary since 1921.
Board of Governors of National Raw Silk Exchange
Adopt Amendments to By-laws to Provide for
-Bale Contract.
10
The Board of Governors of the National Raw Silk Exchange at a special meeting on April 20 adopted a series of
proposed amendments to the by-laws and trading and
commission rules to provide for the adoption of a 10-bale
-bale trading unit now in use.
contract in place of the 5
The proposed changes will be submitted to the membership
for their approval at a special meeting on April 30. In the
event that the members approve the change to the 10-bale
trading unit, it is expected that trading in the now form of
contract will get under way late in May. Trading in the
present form of contract, specifying five bales as a unit,
would not be discontinued until the close of the current year,
however, the exchange trading in "new" and "old" contracts
until that time.
Trading in raw silk futures on the National Raw Silk
Exchange last week was the heaviest in the history of the
Exchange, Paolino Gerli, President, announced on April 20.
A total of 1,124 contracts, or 5,620 bales, was traded in
during the week. The previous high record for a full week's
trading was 950 contracts, or 4,750 bales, in the week ended
Jan. 19. Advances of 5 to 8 cents per pound on the nearby
positions were attained during the week.
Petroleum and its Products—Individual Conservation
Continues as Industry Awaits Otis Survey.
Individual conservation of crude oil, practiced at the
source, continued in greater degree during this week, according to reports from the large oil centers of the country.
While the industry as a unit is still awaiting a solution of the
obstacle placed in the way of the general conservation plan
by the United States Government, the object of this plan is
the ex- being achieved, although on a smaller scale, by individual
The action of the Board of Managers in limiting
operators who are holding their production to the 1928
tension of credit was noted in our issue of March 23, page
figures, as outlined by the American Petroleum Institute
1827.
APRIL 27 1929.]
FINANCIAL CHRONICLE
in its plan, which was stopped by the contention of the
Attorney General of the United States that it would constitute a Federal violation.
Interest of the industry centers this week upon the reported merger of the Standard Oil Co. of New York and the
Vacuum Oil Co., which is said to be awaiting only the assent
of the Department of Justice as to approval of the project.
These two organizations, it will be remembered, were both
members of the old-line Standard Oil group which was
dissolved by court decree.
This merger, if consummated, will bring together total
assets of close to $1,000,000,000 and is considered one of the
most important projects in the history of the oil industry.
Officials of the companies concerned are reticent in giving
official confirmation of the merger, but it is considered
practically settled by those well posted on the situation.
Despite the conservation being voluntarily practiced in
certain sections, crude oil production last week averaged
2,671,850 barrels daily, an increase of 56,800 barrels over the
previous week's averages.
Offidial recognition of the status of the A. P. I. conservation plan was contained in the action taken Wednesday
by Directors of the Institute, who voted to hold in abeyance
their plans for oil conservation pending the completion of the
survey being made by Dr. George Otis Smith for the Federal
Oil Conservation Board. Dr. Smith's investigation is being
made on behalf of the Federal Government, which is seeking
to establish whether or not the desired conservation could be
achieved through an inter-state compact in which the Federal
Government would be a party.
While this action of the A. P. I. does not mean that they
have decided to abandon their original plan, it does signify
that no conservation on a national or international scale can
be expected until Dr. Otis completes his work and the results
become known.
2727
Fuel 011, 18-22 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne)1.05 I Los Angeles
.85 I Gulf Coast
2.00 I New Orleans
Diesel
95 I Chicago
Gas 011, 32-36 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne).05% l Chicago
03 ITulsa
75
85
03
Gross Crude Oil Stock Changes for March 1929.
Pipe line and tank farm gross domestic crude oil stocks
east of Rocky Mountains increased 3,118,000 barrels in the
month of March,according to returns compiled by the American Petroleum Institute from reports made to it by representative companies. The net change shown by the reporting companies accounts for the increases and decreases in
general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
Changes in Stocks at Refineries East of California for
March 1929.
The following is the American Petroleum Institute's summary for the month of March of the increases and decreases
in stocks at refineries covering approximately 86% of the
operating capacity east of California:
Increase.
(Bb1s. of
42 Gals.)
1,355,000 Gas and fuel oils
1.301,000 Lubricating oil
1 175,000 Miscellaneous
108,000
Net increase
Domestic crude oil
Foreign crude oil
Gasoline
Kerosene
Increase.
(Obis. of
42 Gals.)
282,000
205,000
592,000
5 016,009
---- - ---- -----
Crude Oil Output in United States Increases.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended April 20 1929, was 2,671,850 barrels, as
compared with 2,615,050 barrels for the preceding week, an
increase of 56,800 barrels. Compared with the output for
the week ended April 211928, 2,393,750 barrels per day, the
current figure shows an increase of 278,100 barrels daily.
The daily average production east of California for the week
ended April 20 1929, was 1,87.5,250 barrels, as compared
8.90 with 1,838,850 barrels for the preceding week, an increase
.78
1.14 of 36,400 barrels. The following estimates of daily average
oo
1.23 gross production, by districts, are for the weeks shown below:
1.65
DAILY AvEnAcin PRODUCTION (FIGURES IN BARRELS).
1.08
Prices of Typical Crudes per Barrel at Wells
(All gravitlee, where A P. 1 degrees are not Shown.)
Bradford. Pa
14.10 Smackover, Ark., 21 and over...Corning. Ohio
1.75 Smackover. Ark below 24
Cabell, W. Va
1.35 El Dorado. Ark. 34
IllInois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo 37
MkIcontInent. Oklahoma 37
1.23 Sunburst, Mont
Corsicana. Tex., heavy
80 Artesia, N. Mex
Hutchinson, Tex., 35
87 Santa Fe Springs, Calif., 33
1.35
Luling, Tex
1 00 Midway Sunset, Calif., 22
.80
Spindletop, Tex.. grade A
1.20 Huntington Calif.. 26
1.09
Spindletop, Tex_ below 25
1.05 Ventura, Calif.,30
1.18
Winkler.Tex
Petmlia, Canada
1.90
REFINED PRODUCTS
-IL S. MOTOR GASOLINE HELD ON
FIRM BASIS
-KEROSENE SALES INCREASE.
Further advances in the price of United States Motor
Gasoline are looked for this week-end, when up-state buyers
are in the market replenishing stocks depleted during the unexpectedly heavy consuming period of the past two weeks.
This situation is obtaining not only in the Metropolitan area,
but reports from other areas indicate that the same upturn
in consumption has been noted.
Effective Thursday, April 25, Cities Service advanced the
price of gasoline delivered in Boston and adjacent points to
10%c. a gallon, an increase of 3/80. Other companies are
quoting this price, while in some quarters Ile, has been
named, although there is reported to be a tendency to shade
this high level slightly. Kerosene business is being maintained on a firm basis, and a slight increase in sales is reported. Aside from the improved domestic tone, the export
business is improving noticeably. Mid-Continent reports
indicate sustained strength in kerosene, and the Atlantic
Seaboard reports a steady movement with prices firm. The
kerosene movement in Pennsylvania is strong, but a slight
drop in demand is noted in Chicago.
Demand for bunker fuel oil has been well sustained, with
sizeable contracts keeping refiners busy without seeking new
business, although spot demand has improved. Fresh buying in Diesel oil quarters enlivened this branch of the industry during the week. An upward turn in furnace oil consumption is reported. Lubricating oils are holding firm,
but with less activity than the previous two weeks.
Gasoline, U. S. Motor. Tankcar Lots, F.O.B. Refinery.
New York (Bayonne).09 'Arkansas
.06H North Louisiana
California
mng
West Texas
081i North Texas
A
ies. export--.0734 Oklahoma
Chicago
New Orleans
,07 H I Gulf Coast.export._.,084 Pennsylvania
110 I
)73
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline, Service Station, Tax Included.
.18
Cincinnati
19
Minneapolis
.16
Denver
New Orleans
21
188 Philadelphia
Detroit
.22
18
San Francisco
Houston
20
.24
Jacksonville
.15
Spokane
179 St. Louis
Kansas City
15
074
0654
07
09
.182
.195
.21
215
.205
169
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne).08 H !Chicago
0534 New Orleans
.0754
North Texas
05% I Los Angeles, export--.05H I Tulsa
.06%
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central TaXaS
West Texas
East Central Texas
Southwnst Texas
North Louisiana
A rkansas
Coastal Texas
Coastal IMUL•lana
FAstern
Wyoming
Montana
Colorado
New Mexico
California
•
Apr.20'29. Apr. 13'29. Apr. 6 '29. Apr.21 '28.
648,300
673,600
673,700
620.550
109,100
105,350
111,350
97.850
61,700
64,050
66,100
69,250
83,450
82,900
83,350
69,450
52.500
52,500
52,350
54.850
354,400
357,500
374,550
371,800
19,050
19,900
19,800
23,700
72,850
71.900
73,400
23,600
35,600
35,600
47,750
35,550
73,100
73,500
85,200
72,800
134,100
131,150
100,600
130,150
20,700
20,400
19,300
16,450
110,250
110,500
110,750
107,500
51,150
58.750
48,400
53,650
9,600
9,650
9,550
11,900
7,100
6,350
6,500
6,400
2,550
3,500
3,350
2,200
612,500
777,200
776,200
796,600
2,671,850 2,615,050
2,658,100 2,393,750
Total
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 ending April 20 1929. was 1,541,100 barrels, as compared with
1,506,750 barrels for the preceding week, an increase of 34,350 barrels.
The Mid-Continent production, excluding Smackover (Arkan.as) heavy
oil, was 1,492,050 barrels, as compared with 1,457,600 barrels, an increase
of 35,050 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in Varrels of 52 gals. follow;
-1Week EndedApr. 20 Apr. 13
North LouisianaOklahoma26,300 26,200 Ilaynesville
Allen Dome
Bowlegs
34,950 33,000 Urania
19,650 19,550
Bristow-Slick
Arkansas21,200 21,300 Cbampagnolle
Burbank
7,900 7,600 Smackover (light)
Cromwell
60,900 59,250 Smackover (heavy)
Earlsboro
73:000 70,450
11 800
Little River
Coasts
11,000
County
N
iAirnanid
TexasHul
28,650 26,500
Mission
29,450 25,200 Pierce Junction
St. Louts
107,300 99,850 Sphidletop
Searight
9,500 9,350 West Columbia
Seminole
34, 2 31,550
1
Coastal Louisiana
Tonkawa
10,350 10,100
KansasEast Hackberry
Sedgwick County
24,600 23,750 Sulphur Dome
Panhandle Texas
Sweet Lake
Carson County
6,300 Vinton
Gray County
28 7°° 28,150 Old Hackberry
6 500
:
Hutchinson County-- 26,300 24,950
WyomingNorth Texas
Salt Creek
Archer County
16.650 16,600
Wilharger County
Montana26,650 26,750
West Central Texas
Sunburst
Brown County
8,550
8,700
Shackelford County- -- 13,300 13,250
CaliforniaWest Texas
Dominguez
Crane &
Counties 48 80 49,000 Elwood-Goleta
550
:65
Howard County
42,700 Huntington Beach
92,200 88.200 Inglewood
Pecos County
19,150 18,500 Kettleman Hills
Reagan County
139,000 143,200 Long Beach
Winkler County
East Central Texas
Midway-Sunset
8,100 8,150 Rosecrans
Corsicana-Powell
Southwest TurasBanta Fe Springs
11,550 11,750 Seal Beach
Laredo District
12,300 12,450 Torrance
Luling
41,400 41,800 Ventura Avenue
Salt Flat
-Week Ended
Apr. 20 Apr, 13
5,350 5,400
5,900 6,850
10,400 9,150
6,200 6,200
48,450 49,150
9,300 9.450
15,850 15,700
31,650 32,000
6,000 6,250
2,800
2,400
400
4,000
3.600
2,600
2,600
400
4,200
4,100
35,350 30,100
5,300
5,300
10,500
31,500
46,500
25,500
3,500
189,500
72,500
7.000
160.000
48,500
14,500
56,500
10,500
28,000
46,500
25,500
4,000
185,000
72,500
7,000
147,000
48,500
14,500
55.000
2728
FINANCIAL CHRONICLE
[VOL. 128.
The Gulf Oil Co., controlled by the Mellon interests of Pittsburgh, was
American Petroleum Institute to Co-Operate With not represented at the meeting. It has been reported that the Gulf officials
Federal Oil. Conservation Board in Its Plan For feel that solution of the problem of overproduction is to be found not through
co-operation.
Working Out With State Authorities Oil Con- legislation but throughoil companies who attended yesterday's meeting
Officials of other
servation Measures.
opposed for a time the suggestion that the Institute's program be scrapped
instead. Some of
In an announcement issued under date of April 24 the and that an Inter-State compact be soughtentire conservation the speakers, •
effort for the
it was understood, favored abandoning the
American Petroleum Institute indicated that it was the time being. The decision that finally was reached is believed to have been
Institute co- reached after officials of several of the leading companies had advised
unanimous opinion of its directors that the
action or utterance that could be construed as indicating loss
operate with the Federal Oil Conservation Board in further against any the conservation movement. All of the officials present, some
of interest in
the Conservation of petroleum. As was noted of whom are not directors of the institute, were called on to express their
efforts toward
in our issue of April 13 (page 2382), the Federal Board views.
The plans of the oil industry to restrict the output of oil
made known to the Institute early this month, that it
considered the real solution of oil restriction rested in action production in 1929 to the level of output in 1928 were
by the different States. The following is the statement referred to in these columnsjMarch 30, page 1998, and in our
issue of April 6, page 2211 we gave the views of the Attorney
issued by the Institute on April 24:
The Board of Directors ofthe American Petroleum Institute at its meeting General, who held that no Federal authority exists to
to-day gave careful consideration to the proposals of the Federal Oil Con- sanction the oil restriction proposal.
Holmes, Chairservation Board as contained in its letter of April 8 to R. C.
man of the General Committee on World Production and Consumption.
In this letter the Board stated as follows:
The problem appears to the Board, . . . due to the legal inhibitions.
to be one in the real solution of which action must be secured from the
different States. The Board recognizes that individual State action without
co-ordination would not cover the question, but with view to bringing about
such a program and its co-ordination. the Board believes it would be worth
while to renew discussion with the State authorities of the three or four
principal oil producing States, particularly to learn if it is not possible
for them to enter upon an Inter-State Compact under the provisions of the
Constitution authorizing such compacts to which the Federal Government
through congressional action would be a party. The character of such a
compact would need much consideration but it could well comprilse creating
a joint board for the purposes of constructive conservation and thus secure
the nation from the very real peril that will lie in the reckless exhaustion
of our oil resources. With this in view, the Board is planning to have Dr.
George Otis Smith. on its behalf, visit and interview the Governors of three
or four dominating oil producing States and learn their views upon such a
proposal.
It believes that the above suggestion, if it can be consummated on constructive lines, should extend the life of our oil resources and give greater
stability to the industry, should vastly increase the returns to those States,
and at the same time should protect the consumer.
It was the unanimous opinion of the Institute directors that the Institute
co-operate with the Federal Oil Conservation Board in the study of its program and in any further efforts toward the conservation of petroleum, and
that it should lend its aid in the continued study of any undertaking which
promises to bring about this result.
Regarding the opinion of the Board, as announced above,
the "Times" of April 25 said:
Forty oil executives, representing nearly all the large producint Interests of the Western Hemisphere, attended the meeting at 250 Park Avenue,
at which the decision to look further for a solution of the industry's problem
was reached. The final agreement to co-operate in the newest effort of the
Oil Conset vation Board was unanimous, but it was arrived at only after an
animated debate in which the suggestion was frequently made that nothing
more need be attempted in view of the reception met by the institute's
original restriction plan in Washington.
IVill Await Dr. Smith's Report.
E. E. Reeser, President of the institute, and other oil operators who
participated in the drafting of the conservation program, said after the
meeting that the industry was as determined as ever to prevent further
waste of oil resources. The industry will not wait, Mr. Reeser said, for
the Federal 011 Conservation Board to disclose the results of the conferences which Dr. George Otis Smith, its representative, is holding with the
Governors of the principal oil producing States concerning the proposed
Inter-State compact.
In the meantime. Mr. Reeser said, the Petroleum Institute's own plan
to limit production In 1929 to the 1928 basis, with the apy royal of the 011
Conservation Board,is in suspense. The plan was to have become operative
on April 1. It was held up after a delegation from the Petroleum Institute
had gone to Washington for a conference with the Oil Conservation Board
and had been informed that United States Attorney General Mitchell had
held that the Board was without authority to approve or disapprove the
plan or relieve the industry from the possible danger of prosecution under
the laws relating to restraint of trade.
After receiving the Attorney General's opinion the Board decided it
could not co-operate with the leaders of the industry in the conservation
plan then under discussion. Later the Board submitted Its suggestion
that the problem of curbing oil production should be worked out in cooperation with the authorities of the various States and had Dr. Smith
begin a series of conferences with the Governors.
Oil Production Cut is Ordered in California—State
Umpire's Orders Reduce Daily Output From
794,000 to 648,844 Barrels.
At Los Angeles on April 19, F. C. Van Deinse, State Oil
Umpire, issued general orders effective at 7 a. m. April 22,
calling for curtailment of oil production covering all fields in
California with the exception of the San Joaquin Valley
districts. Special advices from Los Angeles to the "Herald
Tribune" in announcing this added:
Based on the daily average production for February, 1919. Mr. Van
Deinse has ordered a cut of 129,530 in the average daily output of crude oil.
Upon the issuance of an order covering the San Joaquin Valley fields an additional cut of 15,626 barrels will be ordered to bring the total cut to 145,156
barrels a day. This will bring the daily output down to 648,844 barrels,
compared with the daily average of California fields in February of this
year, aggregating 794.000 barrels.
Figures on principal fields follow:
Alloted pro- Produclion
duction under
new order. April 13.
185,000
133.962
Long Beach
147,000
125,000
Santa Fe Springs
46,500
42,250
Huntington Beach
14,500
13,700
Tottance
10.500
9,770
Dominguez
25,000
23,480
Inglewood
55,000
51.084
Ventura
48,500
33,004
Seal Beach
28,000
20,000
Elwood Goleta
Total output for all fields for the week ended April 13 was 776,200 barrels, compared with an ordered output of 648,844 barrels, effective April 22.
In response to the call of Secretary of the Interior Wilbur, operators in the
new Kettleman Hills oil field went into session this morning with W. F.
Humphreys, President of Tidewater Associated Oil, as temporary chairman.
Representatives or the Pacific Western Oil Co. and Kettleman Corporation stated they had just returned from conferences at Washington with
Secretary Wilbur and proposed to limit output at Kettleman Hills North
Dome to 40,000 barrels daily until June 30 1930. The proposal was debated, but the action was delayed temporarily to allow the operators time
to form a permanent organization. Mr. Van Deinse was named chairman
of the group. The belief was held by the majority of the operators that a
conservation plan, acceptable to the Federal government, could be made
effective.
The Wall Street "News" reports the following advices
from Los Angeles April 24:
Reports to State Umpire F. C. Van Deinse indicate that every major
operating oil company in California has osberved the curtailment schedule
promulgated in the umpire's recent order, which went into effect last
Monday. According to the report some of the companies were not prepared to put the order into effect last Monday but are observing it to-day.
Curtailment program for state calls for daily reduction of 145,000 bbls. out
of a total of 780,000 bbls. or about 18%. Orders for 15.600 bbls. of this
reduction have not yet been Issued but will be this week.
Still for Conservation.
"We are just as strong for conservation as ever," Mr. Reeser said after
adjournment of the meeting, which lasted all day. "The decision we have
reached is the best that we could reach under the circumstances."
He said another meeting would be held by the directors of the Institute American Automobile Association While Favoring
Plans for Conserving Petroleum, Opposed to
on May 28, by which time it is hoped that some definite suggestion will
have been received from the Federal 011 Conservation Board.
Creation of Artificial Shortage and Raising of
Asked concerning the differences of opinion that developed at yesterday's
Prices.
meeting,(April 24) Mr. Reeser said some conflict of views was to be expected
In a discussion of such a matter as oil conservation in which so many perWhile favoring a constructive program to conserve the
sons were taking part. He emphasized, however, that the decision to
of the
co-operate as far as possible with the Federal Government on conservation nation's petroleum resources, automobile owners
was unanimous.
country, who spend more than $2,000,000,000 annually for
"We have no criticism of the Attorney General and we are not dis- gasoline and oil, will
oppose any move on the part of inputing with him over the legality of the program we submitted," Mr.
Reeser said, adding that the Attorney General had never said the plan dustry to create an artificial shortage and raise prices,
was illigal.
according to a statement made public at Washington by the
Mr. Reeser said the attorneys for some of the oil companies do not beon April 20. We quote
lieve the plan worked out by the institute would violate the laws against American Automobile Association
restraint of trade. At the same time, he added, the leaders of the industry from a Washington dispatch to the New York "Times"
are not proposing to cross swoards with the Government on this point.
which says:
Mr. Reeser pointed out that the proration plans in Important oil-pro"The car owners feel," said President Henry of the association, "that
areas are being continued and with the co-operation of most of the
ducing
important producing interests. There has been no let-up, he said, in the they have an unquestioned right to demand that an adequate supply of
curtailment efforts that were begun before the Institute adopted its pro- fuel be maintained, based on consumption, and that the move toward
boost in price for gasoline
gram covering the entire Western Hemisphere. The entire industry, he conservation not be made a cloak to cover a
said, recognized the necessity of preventing excessive production. There and oils."
Mr. Henry said that the American Association was wholeheartedly In
will be no change in the industry's attitude as to that, he predicted.
far as the oil resources of the
Mr. Reeser announced that the general committee of the institute and accord with the policy of President Hoover as
the regional groups set up by that body in working out the conservation public domain are concerned.
"When it is considered," he said, "that America has only about 18%
program would not be discharged, but would wait for further developof the world's oil reosurces, and in 1928 produced 88.2% of the world's
.
ments. .
APRIL 27 1929.]
Ti`INANCTAL CHRONICLE
2729
protuction, it is time to adopt some means of assuring a supply for the ingots and (or) ingot bars. In addition the rules include as discount grades
• rough or blister copper in six grades, 94% to 98% inclusive.
lfuture.
Prime electrolytic copper shall be deemed the contract grade, the seller
Ready to Fight Price Boost.
having the option of delivering prime lake copper at the contract price.
"If all elements of the oil industry are sincere in the move to loin Presi- The seller shall also have the option of delivering any one of the other
dent Hoover in honest conservation of these resources, there is little danger grades above named at the following discounts from the contract price:
of unfavorable reaction on the part of the consumers. If, on the other Best selected copper, assaying 99.80%, at
31 cents per pound; casting
hand, there develops any indication that the oil interests intend to use copper, assaying 99.50%, at % cent per pound; casting copper, assaying
•conservation as a cloak for the creation of an articial shortage,the organized 99%, at
3 cent; rough or blister copper. 98%, at 134 cents; 97% at 1%
car owners through their national and local associations will be found ready Cents; 96% at 2 cents; 95% at 23 cents, and 94% at 3 cents.
to do battle."
Prime electrolytic copper, lake, best selected and casting copper shall
Mr. Henry cited figures for 1928 to show that there was no unusual ex- be deliverable from licensed warehouse, but
any of the officially listed
cess in the gasoline supply, although there was an over-production of crude brands may
be delivered from the producing refinery or smelting plant,
oil.
provided, however, that such refinery or smelting plant is located in New
"As a matter of fact," he asserted, "It appeared that refiners did not
York, New Jersey, Maryland, Missouri or Pennsylvania. All other tenderaaccumulate sufficient supplies of gasoline during the Spring and were pushed ble grades of copper shall be delivered only from licensed warehouse. When
to fill orders in midsummer.
delivery is made from refinery or smelting plant, allowance shall be made
"Gasoline production totaled 377,183,000 barrels, or 15,841,686.000 in the price by the seller to the buyer for the freight differential from point
gallons, in 1928, which represents an increase over 1927 of 14%.
of delivery to the port of New York.
"The indicated domestic demand for gasoline in 1928 amounted to 328,Minimum commissions are established at $10 per contract for members
832,000 barrels, or 13,810,944,000 gallons, an increase over 1927 of 11%.
of the exchange residing in the United States and Canada, double this
rate applying on deals for non-members. For members and non-members
Sees No Over-supply.
living outside the United States and Canada an additional $1 per contract
"Moreover,figures for 1928 show that the supply in storage varied from is provided for. For each contract bought or sold by one member for
one sufficient to meet 47 days' demand in January to 22 days in August, another, giving up his principal on the day of the transaction, the floor
the peak of the motoring season, when there is the greatest demand for brokerage shall be $1.50.
motor fuels and lubricants.
Trading in copper futures on the National Metal Exchange
"However," it is natural to suppose that if the oil industry succeeds in
curtailing the production of crude oil, it will na:turally diminish the amount will materially broaden the activities of that organization,
of gasoline."
which previously has traded only in tins futures, says an
The association reported that a survey showed that on Feb. 19 1929,
77 different prices for gasoline prevalled in the United States. The lowest announcement' by the Exchange on April 16, which added:
Current consumption of copper in the United States is now conside•ably
price on the date of the check-up was 12 cents for straight run and 15 cents
for high test gasoline at Muskogee, Okla., and the highest was 24.5 cents more than double that of pre-war levels. The need for some stabilizing
influence, such as is provided by the facilities for futures trading on the
for straight run and 27.5 cents for high test at Wallace, Idaho.
"As in previous check-ups," the statement read, "proximity to sources National Metal Exchange, has long been felt in the industry, particularly
of supply appeared to be a negligible factor in determining current prices, within the past year, when the gain in production has fallen considerably
•since prices were in many instances as high close to the oil fields as they behind the increase in consumption. Domestic copper consumption is
were at points to which a long haul was necessary. Prices at tidewater now running well in excess of the production of United States mines, with
imports from Canada, Chile, Peru, and Mexico making up the deficit,
Were on the whole as high as those charged at inland points."
and providing an exportable surplus.
Findings of Gasoline Survey.
It was announced on April 10 that the Board of Governors
A summary of the survey, by sections of the country, was as follows:
voted an amendment to the by-laws
New England States.—Maine, New Hampshire, Vermont, Massachusetts, of the exchange had
Rhode Island and Connecticut: This section is far from the oil fields increasing the transfer charge on seats from $300 to $500
and one of the greatest consuming areas. The price of gasoline varied and increasing the number of months for trading in tin
3 cents for straight-run gasoline, ranging from 16 cents a gallon to 18
cents, and 4 cents for high test gasoline, ranging from 19 cents a gallon from six to 12 months. The plans of the exchange to
to 22 cents.
inaugurate trading in copper futures were referred to in
diddle Atlantic States.—New York, New Jersey and Pennsylvania: Gaso- these columns March 16, page 1669.
line prices varied 6 cents for straight-run gasoline, ranging from 15 cents
a gallon to 20 cents, and 7 cents for the high test gasoline, ranging from
19 cents to 25 cents a gallon.
Copper Prices Steady After Recent Decline.
East North Central States.—Ohio, Indiana, Illinois, Michigan and Wisconsin: Gasoline prices varied 12.5 cents on both varieties of gas, the
Business in non-ferrous metals was quiet in the past
range in the straight-run being from 13 cents a gallon to 24.5 cents,
week. Copper and lead were fairly steady, while zinc
and high test from 16 cents to 27.5 cents a gallon.
West North Central States.—Minnesota, Iowa, Missouri, South Dakota was easier and tin dropped to a new low for the movement,
and Nebraska: Gasoline prices varied 5.4 cents for straight-run, rang- "Engineering and Mining Journal" reports, adding:
ing from 14.6 cents a gallon to 19 cents, and 4.7 cents for high test,
Though sales of copper during the week have not been large, the tonnage
ranging from 17.6 cents to 21.3 cents a gallon. (No reports received has been fairly well distributed over each day of the week and among the
from North Dakota and Kansas.)
three custom smelters. The market may be described as steady if not
South Atlantic States.—Delaware, Maryland, District of Columbia, Vir- firm. Custom smelters are fairly comfortably fixed as to their immediate
ginia, North Carolina, South Carolina, Georgia and Florida: Gasoline position and with primary producers maintaining a policy of "hands off"
prices varied 7 cents on both varieties of gasoline,the range in the straight- in the domestic market, the future trend of prices must depend largely
run being from 14 cents a gallon to 20 cents, and for high test from 17 on the extent of the foreign demand. Producers as a group may be concents to 23 cents.
sidered well sold into July in the domestic market, but they are not similarly
sold in the export market. The domestic price held at 18 cents, delivered
"Spread" Large in Southwest.
Connecticut, with Copper Exporters, Inc., quoting 18.30, c.i.f., usual
East South Central States.—Kentucky, Tennessee. Alabama and Mississi
Gasoline prices varied 5 cents on both varieties of gasoline, the range European destinations. No tendency to defer shipments of copper from
in the straight-run being from 15 cents a gallon to 19 cents, and for the refineries is reported and it appears probable that April statistics will
reveal a continuation of the high rate of deliveries with little chance for
high test from 18 to 22 cents.
West South Central States.—Arkansas, Louisiana, Oklahoma and Texas: any accumulation of stocks at refineries.
A larger tonnage of load was sold than last week, but the market cannot
Gasoline prices varied 9 cents on both varieties of gasoline, the range in
the straight-run being from 12 cents a gallon to 20 cents, and for the Yet be characterized as active. The price in the East was unchanged at
7 cents, New York basis. In the Middle West, where most of the business
high test from 15 cents a gallon to 23 cents.
Mountain States.—Montana, Idaho, Wyoming, New Mexico, Arizona, has been done, slight concessions were made by some sellers, the market
Utah and Nevada: Gasoline prices varied 9.5 cents for straight-run ranging from 6.80@6.85 cents a pound, St. Louis.
gasoline, ranging from 16 cents to 24.5 cents a gallon, and 7.5 cents
for high test gasoline, ranging from 21 cents to 27.5 cents.
.Pacific Slates.—Washington, Oregon and California: Gasoline prices Wages Rise in Lead and Silver Mines—Wages in Utah
varied 9 cents for straight-run gasoline, ranging from 14 cents to 22 cents
Coal Mines Cut.
a gallon, and 5 cents for high test, ranging from 19.5 cents to 23.5 cents.
The following is from the New York "Times" of April 25:
Rules Governing Trading in Copper Futures on
National Metal Exchange.
Rules to govern trading in copper futures on the National
Metal Exchange were announced on April 19 by Erwin
Vogelsang,President. The rules,in the form of amendments
to the by-laws of the exchange, were approved by the
Board of Governors on April 16 and will be submitted to
the members for a vote on April 29. Trading in copper
futures will begin on the exchange about the middle of
May. President Vogelsang's announcement says:
Wages of miners in the lead and silver mines of Utah have been advanced
about 5%, or 25 cents a day by the larger producers in the district. The
increase is retroactive to March 15. Recent improvement in the price of
lead made the advance possible.
In the last month wage advances totaling 50 cents a day were made in
the lead and silver properties of the Coeur d'Alene district of Idaho in
accordance with an agreement made in 1916 and based on the selling price
of lead. The present daily wage scale in that district is: Miners, $5.50;
shovelers, $5; timber helpers, $5.25; machinists, $6.25; machinists' helpers,
$5.50; motormen, $5.25.
Wages in the coal mines of Carbon County, Utah, were cut 25 to 38%,
effective on April 1, and are now the same as paid in the coal mines of
Montana, Wyoming and Colorado, where a like reduction was made last
December.
The rules provide for the appointment of a Committee on Copper of Anaconda Copper Co. Reduces Miner's Wages in
five members, at least three of whom shall be members of the Board of
Butte, Mont.
Governors. This committee will supervise copper trading and recommend
The "Wall Street Journal" of April 26, said:
any changes in the by-lAws and rules governing copper trading as it may
Anaconda Copper Mining Co. is posting notices at its Butte mines
consider necessary.
The copper contract will be for 50,000 pounds, which at present prices announcing reduction of 25 cents a day in miners' wages effective May 1
(around 18 cents a pound) would make the value of a contract about $9,000. 1929. This will make miners' pay $5.75 a day.
Fluctuations will be in hundredths of a cent and the limit of fluctuations
The "Wall Street News" announced the following from
for any one day will be two cents above or below the previous day's close.
Trading will be confined to the current month and the eleven succeeding Butte, April 25:
months.
Wages of employes on the daily payroll of mines in the Butte district will
Contract grades of copper will be prime electrolytic copper and prime be reduced 25c. per shift on May 1, operators announce. This cut wipes
lake copper, assaying 99.90% in ingots and (or) bar and (or) wire bars of out an increase which became effective April 1, when copper was quoted at
standard weights and sizes. Discount grades will be best selected copper, 24c, compared with price of 18c. at present time. Underground workers
assaying 99.80%, casting copper, 99.50%, and casting copper 99%, in with the new scale in effect will receive $5.75 per day.
2730
FINANCIAL CHRONICLE
Steel Output Maintained at a Peak Rate-Pig Iron
Price Again Advanced-Steel Price Unchanged.
With the steel industry bending all its efforts to produce,
operations continue at a peak rate, being restricted only
by the strain on equipment and the shortage of semi-finished
material, says the "Iron Age" of April 25, whien we further
quote:
While specifications now tend to fall short of shipments, they have shown
no marked decline and in some instances have made fresh gains. Deliveries,
which are a good measure of the flow of shipping orders,show little improvement.
With no curtailment in automobile production and with other Important
steel-consuming lines taking steel at a better rate than usual, any slackening
in the present pace of the steel mills is likely to be gradual. Heavy operating
schedules until well into June are virtually assured.
Although the backlogs of mills in most steel centers are no longer expanding, exception must still be made for the Chicago district, where a
continued excess of specifications over shipments has caused further delays
in deliveries. Chicago ingot output has declined to 98% of capacity because
of the wear and tear of operations which, for some units, have been 5 to
10% above practical rating.
The advance to $36 a ton on billets, slabs and sheet bars announced
by the leading interest last week has become general. Few producers,
however, have semi-finished material to sell. Pittsburgh mills have rejected offers of $37 for sheet bars for immediate shipment. At least two
producers that are ordinarily able to supply their own steel requirements
have been forced to place orders for ingots
-the first important purchases
of that class of material in several years.
I.t face of the dearth of raw steel, 25,000 tons of sheet bars has been sold
for shipment to Japan. This apparent incongruity is probably explained
by the fact that a leading American producer maintains a regular allotment
of steel for export, from which the Japanese tonnage will doubtless be
supplied.
A gain of 85,000 tons in unfilled orders in March,reported by independent
s'eet mills, was in keeping with the expectations of the trade. The increase
in February was 50.000 tons. While mill backlogs are no longer increasing,
specifications at second quarter prices are beginning to be received as shipments against previous contracts are being completed. Some mills are
committed through the second quarter on automobile body sheets and have
taken orders for forward shipment subject to third quarter prices. An
inquiry for a round tonnage of hot strip for 'delivery in the next quarter
has been put out by a maker of parts for low-priced automobiles.
In line with the firmness in full finished sheets, extras on metal furniture
grades have been advanced. Prices on other finishes are slowly becoming
better established, but concessions on black and galvanized have not
disappeared.
In plates and shapes, also, deviations from 1.95c., Pitsburgh, are still
reported, but the extra for copper-bearing material has been increased from
$2 to $3 a ton. Similarly the extra for copper-bearing spikes and tie plates
has been raised $1 a ton.
Three pipe makers have shared in the steel for a second pas line to St.
Louis, totaling 75,000 tons. Of that amount, 55, 00 tons was placed with
the Milwaukee pipe maker. This company, which has been the sole fabricator of pipe by electric welding, now has a competitor in the Republic
Iron & Steel Co., which is offering sizes up to 7
-in, and is about to install
equipment to extend the range to 22
-in.
Fabricated structural steel orders in March, computed at 358,050 tons,
established a new monthly record. Awards for the week, at 34,000 tons,
were considerably below recent totals, but a large amount of structural
work is awaiting decision.
The Canadian National has placed orders for 2,000 automobile cars with
American shops. The Great Northern has bought 6,000 tons of rails and the
Nickel Plate has exercised an option on several thousand tons.
The New York Shipbuilding Co. Is low bidder on three vessels for the
Export Steamship Corp., requiring 27,000 tons of steel.
The opening of the season of navigation was signalized by shipments of
ore from the Upper Lakes,steel bars from Cleveland to Detroit and pig iron
from Buffalo and Chicago. A cargo of low phosphorus pig iron was loaded
In England April 5 for ultimate delivery at Milwaukee.
The pig iron market is devoid of significant new developments. Northern
and Eastern furnaces continue to take a stronger price position, while
Southern furnaces remain on the aggressive. A New Jersey pipe plant has
received a substantial part of 20,000 tons of iron bought from Tennessee and
Alabama furnaces.
Heavy melting scrap at Pittsburgh has declined 25e. a ton to $18.50.
Old material Is easier in virtually all markets.
Government co-operation with steel manufacturers in research to broaden
markets is among the pre-election promises to the Conservative Party in
Great Britain. An inquiry into the possibility of ,rotection from iron and
steel has also been promised.
The International Tube Cartel, which now includes American manufacturers, will regulate trade in gas, water and oil pipe. An agreement on
locomotive and boiler tubes has not yet been reached.
The "Iron Age" composite price for pig iron has advanced from $18.46
to $18.54 a ton. Finished steel remains at 2.412c. a lb., as the following
table shows:
Finished Steel,
Pig Iron.
April 23 1929, 2.412c. a Lb.
April 23 1929. $18.54 a Gross Ton.
One week ago
2.4l2c. One week ago
518.46
One month ago
2.3910. One month ago
18.38
One year ago
2.352c. One year ago
17.67
10-year pre-war average
1.689c. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates.
Based on average of basic iron at Valley
wire nails, black pipe and black sheets, furnace and foundry irons at Chicago.
These products make 87% of the United Philadelphia, Buffalo, Valley and MrStates output of finished steel.
minghato.
High.
High.
Low.
Low.
1929_2.412c. Apr. 2 2.3910. Jan. 8 1929_518.54 Apr. 9 $18.29 Mar. 19
1928_2.391c. Dec. 11 2.3140. Jan. 3 1928-- 18.59 Nov. 27 17.04 July 24
1927_2.453c. Jan. 4 2.293c. Oct. 25 1927- 19.71 Jan. 4 17.54 Nov. 1
1926_2.453c. Jan. 5 2.403e. May 18 1926___ 21.54 Jan. 5 19.46 July 13
1925...2.560c. Jan. 6 2.396c. Aug. 18 1925___ 22.50 Jan. 13 18.96 July 7
By easy stages steel demand is receding from its recent
record level, states the "Iron Trade Review" in its weekly
summary of iron and steel conditions. Specifications of
important producers are averaging 75 to 80% of shipments,
a relationship which is unusually good for the season and,
considering backlogs, substantiates expectations of a record
second quarter output, adds the "Review," which goes on
to say:
By districts Chicago is an exception to this trend, as bookings of most
products show little change, and by producers subsidiaries of the United
[VOL. 128.
States Steel Corp. are in a slightly better position than independents Mali
as to operating rates and new business.
Seasonal shifts in requirements are taking up some slack. Whatever
shrinkage developes in automotive sheet consumption in the next 60 days,
for example, will be substantially offset by expanding needs of container
manufacturers. Secondary buying of track material is noted, and specifications for tin plate are heavier.
Steelmaking is only fractionally off from the recent peak, though the
necessity for repairs caused by capacity operations for a number of weeks
becomes more urgent. Some changeover in equipment at Chicago has cut
that district's rate from 98 to 95%. Pittsburgh holds at 95% and Buffalo
at 90. In the Mahoning Valley 48 independent open hearths out of 51, a
gain of two, are active. Steel corporation subsidiaries are close to capacity.
and independent producers at 96%.
The price situation generally continues strong, though it would be unusual
if declining demand did not exert some pressure. Semi-finished steel is up
$1 to $2 per ton at Pittsburgh, with little material available. Sheetmakers
claim strength for prices on the common grades. Water shipme, offinished
.ts
steel into Detroit, now beginning, take a lower freight than the all-rail movement. Some scrap dealers are beginning to discount a summer dip in consumption and short selling has appeared. A few sales of pig iron in the
valley district have carried a 50
-cent rise.
Plate requirements continue exceptional at Pittsburgh and Chicago.
Specifications prompted by recent freight car and river barge orders, with a
fair sprinkling of tank work, equal the volume of a month ago. Capacity
demand for all classes of plates has booked Chicago plate mill capacity into
July.
Bar demands at Chicago closely approach plates, but in other districts a
slight shrinkage is evident. Deliveries at Chicago are as distant as 14 weeks.
Backlogs of Pittsburgh makers are lighter as automotive needs are less Insistent. Structural steel awards continue to lag despite heavy public work
in the East, and at Chicago light shape requirements for cars have filled
structural mills. Concrete bar prices waver.
.
The strength of sheet demand is depicted by the record production and
shipments by independent mills in March, leaving unfilled orders April 1
approximately 250% of capacity. Farm implement manufacturers and
carbuilders have expanded their orders, offsetting some losses at Pittsburgh
from automotive buyers. A shortage of semi-finished steel holds Chicago
mills down to 85%. In the Mahoning Valley 117 out of 125 independent
sheet mills, or one more than last week,are operating.
Distribution of 3,000 freight cars by the Baltimore & Ohio and 2,500 by
the Chicago & North Western, expected shortly, will place over 125,000
tons of steel on mill books. The Canadian National has placed an additional
1,000 freight cars. Including 5 for export, 30 locomotives were placed this
week. Secondary rail buying at Chicago includes 10,000 tons of rail and
3,000 tons of fastenings.
Though strip steel specifications are slightly below the March level at
Pittsburgh, deliveries have not eased appreciably. Backlogs at Chicago
on cold rolled strip extend six to seven weeks. Shipments of cold finished
bars are heavier than 60 days ago. Agricultural demand for wire products
Is somewhat heavier but manufacturers wire is slower.
As navigation opens pig Iron is moving from Lake Erie ports to Chicago,
about 30.000 tons having been sold for delivery in that district, and from
Buffalo east by barge. High water is expediting barge shipments from the
Birmingham district. All valley makers are quoting $18.50, base, on
foundry iron. In most district shipments eclipse bookings. An indication of
demand for pig iron is the fact consumption of Lake Superior iron ore is
running 700,000 tons a month ahead of 1928.
Cast iron pipe business lags in the New York and Chicago districts,
accounting in part for the weakness in Southern pig iron. French makers
have been awarded 5,000 tons out of a distribution of 14,000 tons at Detroit.
Advances in semi-finished steel have put the "Iron Trade Review" composite of 14 leading products up 22 cents this week, to $37.04, the highest
Point this index I as touched since Feb. 1927.
Ingot production of the U. S. Steel Corp. during the past
week rose about 4%, with the leading interest now operating
at its full rated capacity, reports the "Wall Street Journal"
on April 24. This compares with about96% in the preceding
week and 99% two weeks ago. The "Journal" continues:
Independent steel companies have made no change and are still at around
96%. This is due to the let-up in some of the smaller units which are dependent upon outside sources for some of their material. The leading
independents have not curtailed to any extent, with the Bethlehem Steel
Corp.,the second largest steel company, still credited with 100% operations
Two weeks ago the independents were running at 94%.
For the entire industry the average is now slightly below 98%, the high
record for the current yell*. Last week the industry was running at 96%•
and two weeks ago the rate was 95;i %.
In the corresponding week of last year the ingot production also was
moving ahead, and the Steep Corp. was running at better than 89%, with
the independents at about 81%.and the average about 85%•
The "American Metal Market" this week says:
The Steel Corp. this week reached a 100% steel ingot operation, the final
climb being evidently due to increased production at Duluth to ship semifinished steel to the Chicago district to help relieve the shortage there.
Bethlehem is also reported at 100% an I the general average of the steel
industry may be estimated at fully 98%. This would seem to make a balance
of probability that this month's steel production rate will slightly exceed
that of March, leaving April as the peak month as was the case last Year,
while ordinarily March has been the high month. Estimates continue to be
made that seasonal recessions will be milder or later than usual. Allowing
for a slight recession the half year will run about 15% over the first half of
last year and 11% over the second half.
World Production of Coal in 1928 Estimated at
1,444,000,000 Tons.
The world production of coal of all grades in 1928, according to preliminary figures compiled by the Bureau of Mines,
was 1,444,000,000 tong. Of this, approximately 217,000,000
tons, or 15% of the total output, was lignite, and 1,227,000,000 tons was bituminous coal and anthracite. Lignite production was the largest on record and showed an increase
of 9% over 1927. The production of anthracite and bituminous coal, however, declined 3.5% in comparison with 1927.
Adequate production and stocks characterized the world
coal situation throughout 1928.
APRIL 27 1929.]
FINANCIAL CHRONICLE
• The following table of production by countries is based
upon such official sources as are at present available, supplemented by trade information. The figures are subject to
revision:
COAL PRODUCED IN THE PRINCIPAL COUNTRIES OF THE WORLD IN
THE CALENDAR YEARS 1926, 1927 AND 1928, IN METRIC TONS.a
(Prepared by L. M. Jones, Bureau of Mines.)
Country.
1926.
North America:
Canada-Coal
Lignite
United States
-Anthracite
Bituminous and lignite
Other countries
South America
Europe:
Belgium
Czechoslovakia-Coal
Lignite
France-Coal
Lignite
Germany-Coal
Lignite
Saar_c
Hungary-Coal
Lignite
Netherlands
-Coal
Lignite
Poland-Coal
Lignite
Russia-Coal_e
LignIte_e
Spain-Coal
Lignite
United Kingdom-Great Britain
Northern Ireland
Other countries
Asia:
China
India. British
Japan (Incl. Taiwan and Karatuto)Coal
Lignite
Other countries
Africa'
Rhodesia, Southern
Union of South Africa
Other countries
Oceania:
Australia-New South Wales
Other States
New Zealand-Coal
Lignite
11,887,032
3,261,599
76,599,988
520,147,061
1,310,638
2.095,000
1927.
12,341,000
3.468,000
72,661,094
469,704,558
1,034,205
2,126,500
1928.
12,425,808
3,468,996
69,612,000
447,017,000
b
b
2731
vania anthracite for the week ended April 13 amounted to
1,141,000 net tons, a decrease of 188,000 tons as compared
with the preceding week and 455,000 tons less than the
figure for the week ended April 14 1928. The total production of beehive coke for the week ended April 13 1929 is estimated at 105,100 net tons as against 97,500 in the preceding week. The Bureau's statement is as follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended April 13 1929
including lignite and coal coked at the mines, is estimated at 8.249.000
net tons. This is an increase of 608,000 tons, or o%, over the revised
estimate for the preceding week, when output was curtailed by the holiday on April 1.
Estimated United States Production of Bituminous Coal (Net Tons),(Incl. Coal Coked).
27,542,780
1929-15,171,403
----1928
20,709,558
Cal. Year
Cal. Year
51,370,000
Week.
to Date.
Week.
to Date.a
1,059,000
March 30
7,944,000 138,073,000
9,309,000
127.714,000
150,875,814
Daily average
166,224,159
1,324,000
1,807,000
1,552,000
1,676,000
d13,131,000 April(Lb
7,641,000
145,714,000
7,158,000 134,872,000
845,000
Daily average
1.364.000
1.777,000
1,258,000
1,647,000
6,488,100
8,249.000 153,963,000
10,920,000 April 13_c
7,415,000
142,287,000
Daily average
1,375,000
1,750,000
1,236,000
1,619,000
40,599,000
a Minus one days' production first week in January to equalize number of days
f34,102,000 In the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
d6,195,000
d352.000 April 13 (approximately 88 working days) amounts to 153,963,000 net tons.
241,590,100 Figures for corresponding periods in other recent years are given below.
b
1928
142,287,000 net tons11926
161,386,000 net tons
b
1927
183,042,000 net tonal 1925
144,423,000 net tons
b
b
b
As shown by the revised figures above, the total production of soft coal
21,336,204
22,436,757 d21,871,000
for the country as a whole during the week ended April 6 1929, amounted
33,496,879
33,400.000 d33,700,000 to 7,641,000 net tons as against 7,944,000 tons in the preceding week.
161,134
b
b
Production during the week ended April 6 was partly curtailed by the
b
b
b
holiday observance of Eight Hour Day-April 1
-in some fields. The
874,140
908,744
d1,207,000 following table apportions the tonnage by states and gives comparable
12,949,950
12,580,314
12,570,700 figures for other recent years:
473,793
482,115
b
Estimated Weekly Production of Coal by States (Net Tons).
11,060,483
11,304,688
9,550,000
3,400,894
3,914,157
Week Ended
b
April
1,215,590
1,299,044
b
Mar. 30
April 6
April 7
April 9
1923
1,060,361
1,104,142
b
Slate1929.
1929.
1928.
Average.a
1927.
Total
325,000
1,365,000,000 1,470,000,000 1.444.000.000 Alabama
295,000
341,000
388,000
412,000
a One metric ton equivalent to 2,204 6 pounds. b,Estimate included
Arkansas
11,000
10.000
16,000
21,000
18,000
in
c Mines under French control. d Estimated on the basis of 11 months' total. Colorado
140,000
128,000
142,000
135,000 184,000
figures.
e Data for year ended Sept. 30. e Includes production of Russia in Asia,
798.000
866.000
which in Illinois
216,000
59,000 1,471,000
1927 amounted to 4,502,963 tons of coal and lignite combined.
Indiana
249,000
296,000
154,000
40,000
514,000
Iowa
57,000
54,000
30,000
13,000
100,000
22,000
40,000
Kansas
63,000
17.000
79,000
Monthly Production of Coal by States in March.
Kentucky-Eastern
657,000
557,000
720,000
952,000
820,000
The total production of bituminous coal for the country
200,000
185,000
328,000
Western
403.000
188,000
34,000
as a whole in March is estimated at 39,347,000 net tons, in Maryland
45,000
24,000
56,000
52,000
Michigan
11,000
10,000
12,000
14,000
22,000
comparison with 47,271,000 tons in February, according to Missouri
46,000
52,000
38,000
18.000
59,000
the U. S. Bureau of Mines. The average daily rate of out- Montana
38,000
36,000
34,000
58,000
42,000
42,000
New Mexico
45,000
63,000
55,000
59,000
put decreased 457,000 tons, or 23.2%, in March.
North Dakota
27,000
30,000
18,000
18.000
16,000
The production of Pennsylvania anthracite decreased from Ohio
243,000
132,000
319,000
174,000
766.000
6,670,000 net tons in February to 5,044,000 tons in March. Oklahoma
24,000
23,000
25.000
64,000
49,000
Pennsylvania (bituminous) 2,153,000 2,420,000 2,181,000 2,461,000 3.531.000
The average daily rate decreased 90,000 tons, or 31.7%.
100,000
27,000
108.000
133,000
Tennessee
121,000
ESTIMATED PRODUCTION OF COAL BY STATES IN MARCH (Net Tons)
12,000
17,000
.s Texas
16,000
23,000
20,000
77,000
85,000
70,000
Utah
81,000
70,C00
State.
Mar. 1929 Feb. 1929. Mar. 1928 Mar. 1927 Mar. 1923 Virginia •
213,000
196,000
277,000
249,000
210,000
Washington
33,000
39,000
34.000
53,000
35.000
Alabama
1,400.000
1,512,000 2,137.000
W.Virginia--Southern_b _ 1,436,000 1.490,000 1,424.000 1,870,000 1,293,000
Arkansas
86.000
111,000
125.000
Colorado
893,000
Northern_c
566,000
580,000
748,000 1,016,000
619,000
796,000
741,000
Illinois
4.400,000
7,481,000 10,036,000
Wyoming
82,000
92,000
100,000
84,000
116,000
Indiana
1,480,000
2.105,000 3,070,000
Other states
1,000
1,000
3,000
5,000
Iowa
6,000
309,000
427,000
656,000
Kansas
196,000
273,000
501,000
Total bituminous coal 7,641,000 7,944,000 7,158,000 8,223,000 10,836,000
Kentucky-Eastern
3,300.000
3,673,000 4,104,000
Western
1,020,000
Pennsylvania anthracite_ - 1,329,000 1,112,000 1,503,000 1,640,000 1.974.000
1,714,000 1,782,000
Maryland
490,000
234.000
262,000
Michigan
55,000
8,970,000 9,056,000 8,661,000 9,863,000 12,810,000
Total all coal
65,000
54,000
Missouri
270,000
275,000
337.000
a Average weekly rate for entire month. b Includes operations on N. & W..
Montana
240,000
270,000
233,000
C. & 0., Virginian, K. & M., and Charleston Division of the B. & 0. c Rest of
New Mexico
205,000
263,000
269,000
North Dakota
state, including Panhandle.
115.000
130.000
127,000
Ohio
1,600,000
874.000 3,384,000
PENNSYLVANIA ANTHRACITE.
Oklahoma
200.000
184,000
306,000
Pennsylvania (bituminous) 10,822.000
10,528.000 15,058,000
The total production of Pennsylvania anthracite during the week ended
Tennessee
435,000
498.000
637.000
April 13 is estimated at 1.141.000 net tons. Compared with the output
Texas
75,000
72,000
124.000
In the preceding week,this shows a decrease of 188.000 net tons, or 14.1%•
Utah
380,000
335,000
374,000
Virginia
1,045,000
983,000 1,145,000
Production during the week in 1928 corresponding with that of April 13
Washington
190,000
181,000
214,000
amounted to 1.596,000 tons.
West Virginia
9,840.000
10,470,000 13,270,000
Wyoming
495,000
535,000
667,000
Estimated Production of Pennsylvania Anthracite (Net Tons).
6,000
Other States_b
16.000
23,000
1929-1928
Cal. Year
Cal. Year
Total bituminous coal_ 39.347,000 47,271,000 43,955,000 59,911,000 48,446,000
Week EndedWeek.
Week.
Pennsylvania anthracite_ 5,044.000 6,670,000 5,497,000 6.056,000 9,175,000
to Date.a
to Date.
March 30
1,112,000
16,512,000
1,308.000
19,051,000
,44,391,000 53.941,000 49,452,000 65,967,000 57,621.000 April :Lb
Total all coal
1,329,000
1,503.000
20,380,000
18.015,000
a Figures for 1927 and 1923 are final. b This group is not strictly comparable April 13.c
1,141,000
1,596,000
21,521,000
19,611,000
In the several years.
a Less one day's production first week in January to equalize number of days in
Above are given the first estimates of production of bituminous coal, by the two years. b Revised. c Subject to revision.
States, for tho month of March. The distribution of the tonnage is based
COKE PRODUCTION.
In part (except for certain States which themselves furnish authentic data)
The total production of beehive coke during the week ended April 13 is
on figures for loadings by railroad divisions, courteously furnished to the
U. S. Bureau of Mines by the American Railway Association and by offi- estimated at 105.100 net tons as against 97,500 tons in the preceding week.
Coke Statistics for March.
-The total production of by-product coke in
cials of certain roads, and in part on reports made by the U. S. Engineer
March was 4.613,075 net tons and of beehive coke, 533.500 tons. The
office.
consumption of coking coal in March is estimated at 7,486.000 net tons.
of which 6,656.900 tons was charged in by-product ovens and 830.000
Bituminous Coal and Beehive Coke Output Higher
- tons in beehive ovens.
§n§§§§§§§§§§§§§§§§§§§§§§§
0
,
etwOw robtwW l,.2wm.t.oto- waco..
a
wwWWWKapK.v.
1•KWM.-.400.4.40
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5
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8§8§8§§§§§§§§§§§§§§§§§§§§§
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.e6
OaDWONK3WW
140.201KZej.K2
.
w.00.000 Q0144.0000 .0=.0w
25,259,800
27,573,550
14,176,998
14,016,300
18,515,666
19,620,637
51,421,772
51,779,000
1,056.200
1,068.000
145,295,724 153,599,355
139,150,557 150,503,914
13,680,874
13,595,824
828,906
784,154
5,822,299
6,243,385
8,842,687
9,488,412
211,194
201.382
35,747,348
38,084,086
76,026
78,464
20,614,717 1 27,448,262
1.605,327 J
6,536,087
6,562,936
399,830
429,602
128,305,291 255,264,615
b
510
b
b
Anthracite Production Declines.
According to the U. S. Bureau of Mines, the output of
bituminous coal for the week ended April 13 totaled 1,375,000 short tons, an increase of 834,000 tons over the corresponding period last year and 608,000 tons over the production for the week ended April 6. The output of Pennsyl-
Bituminous coal production for last week showed a gain of
about 300,000 tons over the total for the week ended April 13.
The estimated production of bituminous coal in the United
States for the week ended April 20, calculated from preliminary car loading reports by the National Coal Association, was about 8,550,000 net tons.
[VOL. 128.
FINANCIAL CHRONICLE
2732
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 24, made public by the Federal Reserve Board, and which deals with the results for 12 Reserve
banks combined,shows decreases for the week of $19,800,000
in holdings of discounted bills and $11,600,000 in Government securities, and a nominal increase in holdings of bills
bought in open market. Member bank reserve deposits
decreased $12,200,000, Government deposits $14,600,000,
and Federal Reserve note circulation $700,000, while cash
reserves increased $17,400,000. Total bills and securities
were $29,600,000.below the amount held on April 17. After
noting these facts, the Federal Reserve Board proceeds as
follows:
Holdings of discounted bills decreased $14,700,000 at the Federal Reserve
Bank of Cleveland, $6,800,000 at St. Louis, $6,300,000 at Chicago and
$3,700,000 at Richmond,and increased $4,900,000 at Philadelphia,$2,900,000 at New York and $2,400,000 at Kansas City. The System's holdings
of Treasury notes declined $11,500,000, while holdings of U. S. bonds and
Treasury certificates and of bills bought in open market were practically
unchanged.
Federal Reserve note circulation declined $700,000 during the week,
increases of $4,200,000 at Cleveland and $1,900,000 at Chicago, being more
than offset by a decrease of$2,500,000 at San Francisco and smaller decrease
at eight other Federal Reserve banks.
" The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 2764 and 2-65. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended April 24, is as follows:
Total reserves
Gold reserves
Increase (-I-) or Decrease (—)
During
Year.
Week.
Apr. 24 1929.
$
+87,592,000
2,973,416,000 +17,443,000
+75,308,000
2,798,581,000 +19,098,000
Total bills and securities
1 280,601,000 —29,561,000
—100,058,000
974,513,000 —19,783,000
Bills discounted, total
+7,259,000
Secured by U. S. Govt. obliga'ns 541,251,000
433,262,000 —27,042,000
discounted
Other bills
+265,440.000
+78,480,000
+186,960,000
+148,000
—224,666,000
U. S. Government securities, total 149,782,000 —11,647,000
—27,000
51,602,000
Bonds
80,326,000 —11,515,000
Treasury notes
—105,000
17,854,000
Certificates of indebtedness
—154,973,000
—3,635,000
—27,234,000
—124,104,000
Bills bought In open market
141,175,000
--667,000
+79,949,000
2 350.084.000 --29,690,000
2,290,218,000 --12,174,000
30,854,000 --14,601,000
—124,535.000
—127,159,000
—2,733.000
Federal Reserve notes in circulation.._1,652,561,000
Total deposits
Members' reserve deposits
Government deposits
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 m(mber 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 increased $67,000,000.
This follows a decrease of $2,000,000 last week, of $135,000,000 the preceding week, of $87,000,000 three weeks
ago and of $144,000,000 four weeks ago, but an increase of
$166,000,000 five weeks ago. The amount of these loans on
April 24 1929 at $5,492,000,000 compares with $5,793,000,000 March 20 1929 (this latter having been the high record
in all time) and with $4,144,386,000 on April 25 1928.
Returns
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Apr. 24 1929. Apr. 17 1929. Apr. 25 1928.
Loans and investments—total
7 253,000,000 7,252,000,000 7,145,000,000
Loans—total
5410,000,000 5.398,000,000 5,305,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
2 707,000,000 2,682,000,000 2,716,000.000
2,702,000,000 2,716,0CC,000 2,589,000,000
1,844,000,000 1,854,000,000 1,840,000,000
1,079,000,000 1,089,000,000 1,048.000,000
761,000,000 766,000,000 792,000,000
Apr. 24 1929. Apr. 17 1929. Apr. 25 1928.
3
709,000.000 781,000,000•
50,000,000
51,000,000
Reserve with Federal Reserve Bank__-- 704,000,000
54,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
5 160,000,000 5,205,000,000 5,559,000.000
1,153,000,000 1,147,000,000 1,138,000,000
69,000,000
35,000,000
62,000,000
Due from banks
Due to banks
93,000,000
795,000,000
Borrowings from Federal Reserve Bank_ 177,000,000
Loans on securities to brokers and dealers 924,000,000
1,652,000,000
For own account
2,916,000,000
Fe account of out-of-town banks
For account of others
5,492,000,000
Total
5,077,000,000
415,000,000
On demand
On time
.
Chicago.
2 027,000,000
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government secuilties
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
98,000,000
903,000,000
117,000,000
992,000,000'
179,000,000
172,000,000
877,000,000 1,200,000,000
1,662,000,000 1,614,000,000
2,886,000.000 1,331,000,000
5,425,000,000 4,144,000,000
5,023,000,000 3,170,000,000
402,000,000 974,000,000
2,036,000,000 2,007,000,000.
1,593,000,000 1,600,000,000 1,492,000,000.
890,000,000
704,000,000
908,000,000
692,000,000
822,000,000
669,000,000
434,000,000
436,000,000
515,000,000
187,000,000
247,000,000
184,000,000
251,000,000
228,000,000
288,000,000
171,000,000
15,000,000
170,000,000
15,000,000
192,000,000
17,000.000
1.210,000,000 1,213,000,000 1,252,000,000
647,000,000 646,000,000 690,000,000
9,000,000
18,000,000
16,000,000
157,000,000
310,000,000
176,000,000
316,000,000
158,000,000
367,000,000
20,000,000
25.000,000
46.000.000
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 will be found the comments of the Federal
Reserve Board respecting the returns of the entire body cf
reporting member banks of the Federal Reserve System for
the week ended with the close of business Apr. 17:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on April 17 shows declines for the
week of 853,000,000 In loans and investments, $10,000,000 in time deposits.
and $93,000.000 in Government deposits, and increases of $66,000,000 in
net demand deposits and $23,000,000 in borrowings from Federal Reserve
banks.
Loans on securities declined $20,000,000 at reporting banks in the New
York district, $11,000,000 in the Cleveland district, and $25,000,000 at all
reporting banks. "All other" loans remained unchanged, reporting banks
showing decreases of $13.000,000 in the Philadelphia district and $6,000,000
in the Boston district, increases of $8.000,000 in the Now York district,and
$7.000,000 in the Dallas district, and smaller changes in other districts.
Holdings of U. S. Government securities increased 63,000,000 In the
New York and Chicago districts, and decreased 63,000,000 in the Cleveland, St. Louis and San Francisco districts, and $4,000,000 at all reporting
banks, while holdings of other securities declined 319,000,000 in the Chicago
district, $4,000,000 in the Cleveland district and 621,000,000 at all rertet ba nkn.
poNingdema sd
deposits, which at all reporting banks were $66,000.000•
above the April 10 total, Increased $21,000,000 in the New York and
Cleveland districts. and $20,000,000 in ths Boston and Chicago districts,
and declined 68,000,000 in the Richmond district. Time deposits increased
$8,000,000 each in the Philadelphia and Chicago districts and decreased
$17,000,000 In the New York district, $8,000,000 in the Cleveland district
and 610,000,000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks for the
week comprise increases of $16,000.000 at the Federal Reserve Bank of
New York, $7,000,000 each at Boston and Atlanta, and $6,000,000 at
APRIL 27 1929.]
FINANCIAL CHRONICLE
Richmond, and decreases of $20,000,000 at Cleveland.and $15,000,000 at
Chicago.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
April 17 1929, follows:
Increase (1-) or Decrease (—)
Since
Apr. 17 1929. Apr. 10 1929, Apr, 18 1928.
$
Loans and investments—total_ __ _22,340,000,000
—53,000,000 +382,000,000
Loans—total
16,431,000,000
*-24,000,000
+623,000,000
7,355,000,000
9,076,000,000
4
.-25,000,000
•
+435,000,000
+188,000,000
5,909,000,000 '
0-29,000,000
—240,000,000
3,020,000,000
2,890,000,000
—4,000,000
*-24,000,000
+19,000,000
—258,000,000
Reserve with Federal Res've banks 1,671,000,000
Cash in vault
227,000,000
Net demand deposits
13,118,000,000
Time deposits
6,779,000,000
Government deposits
165,000,000
Due from banks
1,138,000,000
Due to banks
2,725,000,000
Borrowings from Fed. Res. banks_ 729,000,000
—1,000,000
—11,000,000
—89,000,000
—12,000,000
+66,000,000
—10,000,000
—93,000,000
—737,000,000
+13,000,000
—4,000,000
—13,000,000
—1,000,000
—42,000,000
—445,000,000
+23,000,000
+260,000,000
On securities
All other
Investments—total
U.S. Government securities
Other securities
*April 10 figures revised.
Summary of Conditions in World's Market, According
to Cablegrams and Other Reports to tbe Department of Commerce.
The Department of Commerce at Washington releases for
publication April 27 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
The general situation has been good although somewhat quieter owing
to the close of the fall buying season. Rains throughout the country
have
made farm conditions nearly normal, but more rains are needed.
The
quarantine of incoming vessels is still in force. A decree has
been issued
requiring the broadcasting stations to move outside the city limits
within
nine months. The special provisions of the decree regarding wave
length
and other changes will probably cause such stations to require
new equipment in the near future.
AUSTRALIA.
Seasonal conditions in Australia have been excellent during
the past
month, but trade continues quiet. Fairly general rains
throughout the
Commonwealth have benefitted both pastoral and agricultural
production
and have given Australia what Is considered locally to be the best
outlook
in many years. Wheat planting has progressed satisfactorily,
and an
Increase in the 1929-30 wool clip is believed practically
assured. South
Australia, however, continues greatly in need of rain.
Trade and
industry in all sections of the country remain somewhat
depressed, due to
lack of business confidence and to labor difficulties with timber
workers. These strikes are beginning to affect other industries and coal
and to increase unemployment. Railways and factories are feeling
somewhat
the pinch of a restricted coal supply, and the timber strike is reducing
all
building operations. There is no present indication of a termination of
these strikes.
BRAZIL.
The credit situation continues to be serious with no immediate prospect of
improvement and the Bank of Brazil is so far holding its present credit restriction policy. There are an increasing number of failures, including the
important Sapopemba Textile Mill, which failed April 18 for approximately
$2,000,000. Its assets are not definitely known, but the mill claims $3,000.000. Creditors include the Bank of Brazil for $220.000. The credit curtailment and restriction of Brazilian banks is precipitating a difficult commercial
situation from which there has been much protest. The Government of
the State of Minas Geraes has enacted legislation for the establishment of a
coffee defense institute by which it aims to negotiate agreements with other
producing States, to regulate entries at ports, to contract regulatory
warehouse space, and to organize a publicity Bureau for the benefit of Minas
coffee.
BRITISH MALAYA.
Much trade was quiet, reflecting conditions prevailing in the
tin and
rubber markets. Uncertainty characterizes rubber circles because of
continued heavy exports. Despite general conditions, however, motor car
dealers report impro cement in sales. The Flat and several British
cars are reportod offering competition to American makes. The second outdoor
motor
regatta to be held at Singapore is planned for July. Funds have
been
approved for the establishment of a civil airport at Singapore.
March
textile trade was very quiet, with dealers buying only for immediate
use.
Prices showed a downward tendency. Sales of American duck continued
steady. Iron and steel trade was lower, business reacting to rubber
and
tin prices. Sales of American leather in this market may benefit by increased local competition from new importers.
CANADA.
Although the Groat Lakes and St. Lawrence River are not yet entirely
package traffic is getting under way gradually with
free of ice, grain and
favorable reactions on the commercial turnover in Montreal. The first
trans-Atlantic liner of the season will probably reach the port on April 26,
and the general opening of navigation is expected to give additional impetus
to trade activity, which is already at fair to good levels throughout the
Dominion. The trend in carloadings continues upward,in both eastern and
western Canada. Retailers report that boot and shoe sales are somewhat
more active and grocery demand improved. Price declines observed during
the week include vacuum cleaners, some makes of washing machines, and
rubber heels. The pig iron market continues outstandingly active, after
another advance of fifty cents per ton, and although the output of the
Canadian mills in March (86,170 long tons), dropped about 8% from the
high February level, production for the first quarter of the year is 29%
higher than in the first quarter of 1928. March output of steel ingots
and direct castings was 16% over the February figures, and the outturn of
137,580 long tons constitutes the best monthly record since 1918. Copper
and copper products continue to maintain their firm tone but lead is weaker.
Newsprint mills in March increased their operating schedules about —%
of rated capacity over February, with production of 218,000 tons, and
shipments of 220,000 tons. Production for the quarter ending in March,
620,000 tons, was 8% over output in the corresponding period of 1928.
2733
DENMARK.
One of the most striking examples of the economic effects of the past
winter is shown by Danish foreign trade figures, especially the import totals.
During the first two months of 1929 the imports reached an aggregate value
of 222,000,000 crowns as compared with 281,000,000 crowns during the
same period of the preceding year. Exports for the two months dropped
from 230,000,000 crowns in 1928 to 217,000,000 crowns in 1929. The preliminary estimates of the foreign trade for March indicate that imports
continued abnormally low, while exports rose to what might be considered
a normal volume. The volume of commodity movements for the first
quarter of 1929 has, unquestionably been much below the normal level,
perhaps as much as 15-20%.
HAWAII.
Weather conditions in Hawaii are normal, favoring current harvests and
assuring large crop yields for next season. It is now thought locally the
current sugar crop will reach 950,000 short tons, of which 50% had been
harvested by mid-April. Early estimates on the pineapple crop are about
4 to 5% higher than last year's, but it is too early as yet to make accurate
prediction.
INDIA.
General conditions in India during April have been less satisfactory generally than they were in March. The benefit to trade from adjustment of
the Imperial Bank rate was not fully realized, and latest trade returns indicate curtailment of most imports and exports. The general business
situation continues to be hampered by labor difficulties and a widespread
undercurrent of labor unrest generally. Customs revenue for March was
slightly above that for March last year.
IRISH FREE STATE.
The Minister of Finance has been authorized to borrow the sum ot L8,100,302.
JAPAN.
Continued progress in negotiations with China, an improvement in the
foreign trade balance, quieter political conditions, and greater stability
in Japan's industry and commerce, all combine in creating a more optimistic
trade outlook in Japan. The actual volume of business thus far shows some
increase over last year, with a probability of greater improvement in May.
General financial conditions have not changed. Depression continues in
the stock market, with a sharp slump in prices as a result of heavy sales.
Foreign exchange continues weak despite further rumors of removal of
the gold embargo. The Taiwan Electric Power Co.is considering a Government guarantee for foreign loans totaling 49,000,000 yen, about $21,800,000.
NETHERLAND EAST INDIES.
General business continues satisfactory although retail trade is undergoing seasonal dullness. Import trade in February showed a 10% increase
in value over the average monthly import trade last year. Automobile
sales
continue active, though some difficulty is experienced in disposing of lowpriced old models. New models are well received. The textile market continues overstocked and business is slack. Following the Easter holidays,
the sugar market became quiet but stronger. Sellers are holding and new
Crop transactions are featureless. First local estimates place the year's
output at 3,030,000 metric tons. The kapok market is very firm. Unsold
stocks are reported to be only 2,000 tons. Government forecasts estimate
estate production of rubber in 1929 at 149,326 metric tons.
. SWEDEN.
Notwithstanding the low bank rate in Sweden as compared with that obtained in the leading international money markets, the Riksbank has found
it necessary to sell only very small blocks of foreign exchange during the first
quarter of 1929. The money market has continued easy and the crown has
been steady. The Riksbank's foreign exchange holdings decreased only
27,000,000 crowns to the end of March as compared with 72,000,000 crowns
during the corresponding period of 1928. This is due to a large extent to the
improvement in the balance of payments this year. It is assumed that the
Present bank rate will be maintained for some time.
TURKEY,
Following the close of the holiday season, a slight increase is noted in
general commercial activity. The effects of the severe weather of the past
winter, however, continue to overshadow all other developments, with the
urgent requirements for flour affecting other items of import. Little change
is indicated in the stringent credit situation. Turkish exchange fails to
record any improvement, recent quotations being around $0.49. The
new customs tariff is expected to be acted upon by parliament soon in order
that it may become effective immediately upon the expiration of the tariff
Provisions of the Treaty of Lausanne on August 6.
The Department's summary also includes the following
with regard to the Island possessions of the United States.
PHILIPPINE ISLANDS.
March business was characterized by a feeling of uncertainty but underlying trends were optimistic and general indications point to a satisfactory
outlook. The textile market continues overstocked as -provincial demand is
light. Automotive trade last month was considerably slower, the greatest
decline being in sales of higher priced cars. Dealers are offering less generous terms, anticipating curtailed buying power as a result of lower prices
for Philippine products. Demand for small cars, however, continues active.
Import trade in foodstuffs continues favorable. March trade in fresh
apples was the best on record. Sugar output from Negros centrals is estimated locally at 400,000 metric tons and from Luzon mills at 220,000 tons.
Demand for abaca slackened in March but production continued heavy.
Copra output, on the other hand, was unusually low and increased production is not expected until July.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys helds in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 311927, several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks
is now included; (3) minor coin (nickels and cents) has
FINANCIAL CHRONICLE
2734
been added. On this basis the figures this Itime, which are
for March 31 1929, show that the money in circulation at
that date (including, of course, what is held in bank vaults
of members banks of the Federal Reserve System), was
$4,747,683,122, as against $4,698,362,323 Feb. 28 1929 and
$4,748,934,015 March 31 1928, and comparing with $5,698,214,612 on Oct. 31 1920. Just before the outbreak of
the World War, that is, on June 30 1914, the total was only
$3,458,059,755. The following is the statement:
§
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MONEY OUTSIDE OF THE TREASURY.
be expected if we are willing to recognize the unavoidable
connection between the reparation problem and the debts
due us." "Only in that way," he said, "will it be possible
to commercialize all this indebtedness and once and for all
remove the vexatious problems from the stormy sea of
00..5NN
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00M0VW
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Some Observations on War Debts by Walter Lichtenstein of First National Bank, Chicago.
In presenting "Some Observations on War Debts" at the
first session of the annual meeting of American Academy
of Political and Social Science held at Philadelphia on
April 26, Walter Lichtenstein, Ph.D., of the First National
Bank of Chicago, made the statement that "reasonable
demands upon Germany on the part of the Allies can only
. ....
.4
MONEY HELD IN THE TREASURY.
CIRCULATION STATEMENT OF UNITED STATES MONEY—MARCH 31 1
.
§§§M
..
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a includes United States paper currency In circulation in foreign countries and
of Atlanta.
Reserve
the amount held by the Cuban agency of the Federalthan thatBankby tne Treasury,
held
0 Does not include gold bullion or foreign coin other
banks, and Federal Reserve agents. Gold held by Federal Reserve
Federal Reserve
banks under earmark for foreign account is excluded, and gold held abroad for
Federal Reserve banks is included.
These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard silver dollars. respectively.
(/ The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total Includes $13,496.054 of notes in process of redemption, $156,769,161
Of gold deposited for redemption of Federal Reserve notes, $13,283,838 deposited
for redemption of National bank notes, $2.050 deposited for retirement of additional
circulation (Act of May 30 1908), and $7,499,393 deposited as a reserve against
Postal savings deposits.
Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Nets.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $156.039,088 held in the Treasury. This reserve fund
,
ma) also be used for the redemption of Treasury notes of 1890, which are also
secured dollar for dollar by standard silver dollars held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
the
of the issuing Federal Reserve bank. Federal Reserve notes are secured bysuch
deposit with Federal Reserve agents of a like amount of gold or of gold and
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including
the gold redemption fund which must be deposited with the United States Treasurer.
against Federal Reserve notes In actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
of the
with the
bonds except where lawful money has been depositedmaintainedTreasurer money
in lawful
United States for their retirement. A 5% fund is also
with the Treasurer of the United States for the redemption of national bank notes
secured by Government bonds.
Dr. Rowe requested nee to say a few words on the war debt situation
from the point of view of the United States. As I have been asked to
speak about fifteen minutes it is obvious that there can be no thought of
anything approaching an exhaustive discussion of the topic. Little more
can be done than to review some of the main points and probably no more
is needed. After all he would be a remarkable man, indeed, who could find
anything new to say in the face of the careful consideration which this
whole question has received in the last ten years on the part of politicians,
economists and journalists.
The greatest difficulty is due to the fact that the problem is-probably
unavoidably-in part political. For reasons of party politics and nationalistic aims our leaders have consistently refused to recognize certain clear
economic truths and actually existing conditions. Chief among these I
regard the denial of any relationship between the debts owing us and the
reparations due from Germany. We pride ourselves on our common sense,
but nevertheless insist on saying to our former Allies that there is no connection between their expenditures and their receipts; that they ought not
in discussing their capacity to pay consider Germany's capacity to pay
them. It is as if a banker in considering how much credit to extend to a
corporation were not to take into consideration the real worth of the company's bills receivable. Mr. J. M. Keynes, in a talk broadcast on May 3,
1928, thus summarized the connection:
If Germany were to pay the whole amount of the reparations duo from
her under the Dawes Scheme, and if the Allies were to use these proceeds
to pay what they in their turn owe to the United States under the latest
settlements, it would mean that about two-thirds of the proceeds of German
reparations would have to be handed on to the United States.
Now, a good many people think that Germany will not, in fact, be able
to pay the full amount, and that it will have to be reduced by not loss than
one-third. She is only paying at present by means of borrowing abroad.
and this, it is obvious, cannot go on for ever. If it proves necessary to
make such a reduction the United States will, unless she makes further
concessions to the Allies, be receiving rather more than the equivalent of
the whole amount of German reparations. I put the calculation in this
form because it makes very clear why, in the minds of the Allies, the question of granting further relief to Germany is intimately bound up with the
question of their own obligations to the United States. The official American attitude that there is no connection between the two is a very hollow
pretense. The resettlement of German reparations is one to which the
United States must be. in one way or another, a party.
The other curious fact is that we refuse officially to recognize any connection between our debt collecting policy on the one hand, and our tariff
policy on the other. To be sure, we are not alone in this respect. One
may be permitted, however, to comment on the fact that a book such as the
one of Mr. Auld has been well received in some quarters, even in those
which have supported the Dawes Report, though the thesis maintained by
Mr. Auld is entirely contradictory to the one presented in the Dawes Report.
It might be a thankful undertaking to analyze in detail the economic fallacy of disassociating tariff policy from the question of debt settlements.
About all I can do is to repeat here some views expressed in this connection by Professor Cassel and other authorities regarding the whole transfer
problem:
Undoubtedly, the domestic purchasing power of fiat money can be regulated by the discount policy of a central bank. But in such an event the
international value of such a currency will be determined by its domestic
purchasing power and a low domestic purchasing power cannot be coupled
with a high international exchange value. In the case of a gold standard
currency it is not possible to regulate the domestic purchasing power of
the currency. If the domestic price level sinks below the international level
a demand for the currency will be created, as its possession will be the
means of acquiring commodities cheaply. The increased demand for the
currency would cause its international exchange value to rise to a point
where gold would flow into the country. The central bank would be compelled to purchase the gold until finally there would be an increase of circulating medium and a consequent rise in the price level. In thee use of the
reparation payments, at least, it leas seemed to have been presumed that
Germany would be able to maintain a low price level and then increase its
export trade. It may be taken for granted that in the long run Germany's
domestic price level cannot be kept below the international price level provided the value of the mark is to be stable. But if it is not possible to
keep the price level low, how can German exports be markedly increased in
view of the agitation in all nations against imports?
There is no difference between the problem of reparation payments and
that of the payment of the debts due us. As long as we are willing and
able to lend funds directly to our debfora to ay us or by lending to Germany sufficient amounts to furnish our 'debtors with the necessary funds,
the difficulties can be surmounted. What will happen when the interest
payments will absorb all new loans is another question and does not press
for an answer in the immediate future. But the contrast between the fiscal
policy of demanding a full settlement of all debts on the one hand, and the
desire to exclude all foreign goods on the other is something which does not
do much credit to the economic sense of our day and generation. How to
overcome this is indeed a problem: lower wages and lower overhead might
surmount existing tariff barriers, but evidently would lead merely to a
further raising of the walls.
To date these difficulties have been avoided because we have lent Germany the funds to pay its creditors to pay us. It is this which has made
possible the operation of the Dawes Plan so far and it is the fact that Mr.
Gilbert has failed to emphasize this factor sufficiently which has subjected
Ida recent report to much proper criticism. Parenthetically, it may also
be noted that Mr. Gilbert's report is very deficient in that it gives no adequate account of the difficulties encountered by the Transfer Committee in
Ai'kit 21 1929.1
FINANCIAL CHRONICLE
attaining its objects. While, for example, the question of deliveries in kind
Is discussed at length, the fact is glossed over that the cash accumulated In
Germany increased from 185,487,192.84 goldmark to 189,488,944.86 goldmark in one year (see Report of Agent General for Reparation Payments of
Dec. 22 1928, pp. 176-181), and would have been still greater had it not
been that 83 million goldrnark were paid for deliveries in kind made in
previous years.
Our attitude has done much to delay a final liquidation of the war problems. In the final analysis it is this situation which has compelled the
Federal Reserve System to pay 60 much attention to foreign conditions to
the exclusion of consideration of domestic problems. The compulsory excess
export of capital from Europe already depleted by the war has prevented a
complete recovery in Great Britain and other countries. This is not the
place to discuss why we cannot afford a new financial debacle in Europe.
I may take it for, granted that you will agree with me this is to be averted
for our own sake quite as much as for the sake of the welfare of other
peoples. Reasonable demands upon Germany on the part of the Allies can
only be expected if we are willing to recognize the unavoidable connection
between the reparation problem and the debts due us. Only In that way will
it be possible to commercialize all this indebtedness and once and for all
remove these vexatious problems from the stormy sea of politics to the relatively calm waters of ordinary private fiscal transactions.
Reichstag Approves Loan—Finance Minister Warns
Against Creating a Panic by Agitation.
A Berlin message April 25 to the "Times" stated:
The Reichstag endorsed to-day the loan of 200,000.000 marks (about
$48,000,000) the Government concluded with the banks yesterday.
Answering Count Westarp's criticism the Finance Ministers, Dr. Hilfording, agreed with the Nationalist leader that the debt which he inherited from the Nationalist Government should be reduced as soon as
Possible and that Parliament should awaken to the seriousness of the
Reich's financial situation.
On the other hand, he warned against creating a panic by agitating
the country, which would be damaging to the Reich's credit and by which
ultimately industry would suffer the most.
There was no danger to German exchange, which could not be shaken
and all talk of new inflation was nonsense, the Minister said.
German Gold Shipment Will Pay $6,115,000 Loan.
In its issue of April 21 the New York "Times" said:
2735
tion. The Committee was appointed by the Marquis de
Foronda, President of the Exhibition, after consulting with
Ambassador Padilla. The members include: Alfred Sloan,
President General Motors Corporation; B. F. Yoakum,
President Empire Bond and Mortgage Co.; General Harbord, President Radio Corporation of America; L. A.
Osborne, President Westinghouse Electric International Co.;
Otto H. Kahn, New York banker; John F. Tinsley, VicePresident and General Manager of Crompton & Knowles
Loom Works; Conde Nast, President Conde Nast Publications; P. F. Saylor, President Canadian Dry Ginger Ale;
Noble Foster Hoggson, President Hoggson Brothers, Inc.,
and Alban McCauley, PresMent Packard Motors. An announcement in the matter states:
Delegates will be received in Spain by Baron de Viver, Mayor of Barcelona, the Marquis de Foronda and Santiago Tries, one of Spain's
leading textile manufacturers and Treasurer of the Exhibition. The first
delegate to sail, Noble Foster Hoggson, left recently on the '.Vulcania" to
take the initial steps in getting the work of the Committee under way.
American industries represented by contracts which will exhibit at
Barcelona include radio and radio supplies, the automotive and electrical
industries, farm and industrial machinery, office appliances and typewriters, building materials, textiles, jewelry, paper, pottery, leather furniture, the decorative arts, and chemical industries. The American Chamber
'
of Commerce in Barcelona has reserved special offices on the Exhibition
grounds.
From an industrial point of view, Spain is increasingly interesting as
an export market, particularly in view of her tremendous development in
transportation, aeronautics and hydro-electric power facilities. With an
estimated national wealth of thirty-two billions, she is the second
wealthiest country in the world on a per capita gold basis, the Exhibition
itself representing the most important economic project of recent times.
Spain's imports have increased in the at years 500% and her industrial
enterprises are calculated at eight billions. Exports of industrial machinery
from the United States to Spain in the last five years have doubled, following a governemental appropriation in 1926 of six hundred minion
dollars for a ten year program of public works development.
Senor Ventura, who has been in this country during the past year in
the interests of American exhibitors at Barcelona, sails this month for
Spain, where he will assist in official capacity in the reception of American
visitors and exhibitors.
The gold covered by the foreign loan of $6,115,000 announced last
week by the Federal Reserve Bank of New York is now on the high seas
Germany to the United States, It was learned yesterday.
The loan was made by the Reserve Bank in anticipation of the actual
receipt of the gold. The proceeds were used to strengthen German balances
Report That Brazilians Will Shift Deposits From
here for the protection of the mark.
This is the second time this year that the Federal Reserve
Foreign Banks to Local Institutions.
Bank has
announced "foreign loans on gold," in a transaction with the German
A special cablegram, April 18 to the New York "Times"
Reichsbank. A loan of $7,500,000 was made in March against gold
which
was then on its way here from Germany. The latest shipment will
make a from Sao Paulo, said:
total of more than $22,000,000 of gold which has been sent here,
The "Mario Popular" in a dispatch from Rio de Janiero reports that
and in
addition Germany has obtained more than $53,000,000 of gold which large commercial houses will remove their deposits from the foreign banks
had been held under earmark for the Bank of France at the Federal Reserve to the national banks as a defensive measure for the exchange.
Bank, using the proceeds for the protection of the mark.
The German mark was quoted yesterday at 23.69;i cents, against a
parity of 23.80 cents, indicating that additional German gold will be drawn
Credit Situation in Brazil Said to Be Serious.
here, either through actual shipments or through earmarking transactions.
on the way from
The New York "Times" reported the following from
Washington, April 20:
German Gold to France—Paris Doubts Effectiveness
The credit situation in Brazil is reported to be increasingly serious, in a
survey made public by the Department of Commerce. The market has
of Reichsbank Rediscount Rate Rise.
been hard hit by a money shortage aggravated by the accumulation of 20%
The April 26 issue of the "Wall Street Journal" contained of the total circulating medium In the hands of the Banco do Brazil, the
the department said.
the following from its Paris office:
Return of the Bank of France as of April 19 shows an increase of 775,000,000 francs in gold reserves, reflecting the triangular operations between New York Federal Reserve Bank, Bank of France and Reichsbank.
Sight liabilities cover is at a new high level at 43.27%. Some fr.
300.000,000
of exchange has been sold by the Bank to protect the franc-dollar rate.
Banks receive reports from Berlin that dollar bills and sterling notes are
in unusually popular demand, and that a premium of 0.4% to
0.5% is
being paid on them. Nervousness concerning the course of mark
exchange on the part of the Germans themselves is believed to be
the chief
cause of weakness of marks. There is no evidence of any wholesale
withdrawal of direct French credits, but these arc gradually decreasing as bills
mature, ln conformity with tightening money conditions at Paris. However, a large part of the French credits are granted indirectly, through
London, and are therefore under the control of English banks.
It is doubted here whether an increase in the Reichsbank rate win
be
effective unless the reparations conference takes a favorable turn.
Dividend for 1928 Declared on Capital Stock of Cornmerz und Privat Bank, Berlin-Hamburg.
New York & Hanseatic Corporation announce that a
dividend of 11% for 1928 will be paid on the capital stock
of the Commerz und Privat Bank, A. G., Hamburg and
Berlin, upon surrender of coupon No.2 of shares of R. M.100
and R. M. 1,000 par value. Dividends, less 10% German
capital income tax, may be collected at the office of the New
York & Hanseatic Corporation, 37 Wall Street.
General business is suffering from the resent sharp curtailment of credit,
the situation being reflected In the increasing number of important failures.
The nominal discount rate is 12%, but it is next to impossible to raise
money even on the best collateral. Foreign trade for January shows a
favorable balance of £294,000, compared with £742,000 last year.
Coinage of New Vatican Money.
Rome Associated Press advices on April 25 stated:
The Pope has given orders for coinage of 'new Vatican money.
The
Tribuna" says to-day that the first coins will be 20
-lira gold a .7.
silver pieces.
The money will be principally used for the purchase of Vatican stamps at
the post office to be established within the Vatican city, for payment of
admission charges to art galleries and similar institutions, small fees, &c.
The coins will also be used in Papal territory outside of the Vatican. Vatican employees, however, still will be paid in Italian currency.
Stocks Decline on Budapest Stock Exchange.
Associated Press advices from Budapest April 24 stated:
The Budapest Stock Exchange experienced yesterday one of its worst
depressions, some of the stocks dropping more than 30 points. It was believed the fall was a consequence of the financial collapse of Simon Krause
of the brokerage firm of Krause & Bethlehem. Krause's liabilities were
estimated at $700,000, all of which will be liquidated by various banks.
Dutch Sugar Subsidy—Second Chamber Votes to Aid
•
Beet Industry for One Year.
International Exposition of Barcelona—Appointment
of American Industrial Committee to Act in AdFrom the Hague April 19 the New York "Times" anvisory Capacity.
nounced the following Associated Press advices:
The Second Chamber yesterday, by a vote of 48 to 43, agreed to subWith the recent appointment of an American Industrial
sidize the beet sugar industry in Holland for a period of one year beginning
Committee to act in advisory capacity for the Barcelona Septtember 1929. The proposed bonus will vary according to the price of
International Exhibition which will open May 15th, business sugar, being the difference between the market price and the fixed value of
and financial leaders of Spain and America will have oppor- 17 florins (about $6.20) Per 100 kilograms, but not to exceed 1.5 florins
(60 cents) per 100 kilograms.
tunity to study first hand problems of trade, transportation
It was estimated that the grant may cost the government 4,000,000
and tariffs in the interests of mutual good-will and co-opera- florins ($1,600,000). Beet sugar production in Holland in 1926 was
259,115 tons.
2736
[VoL. 128.
FINANCIAL CHRONICLE
S. Dewey, Financial Adviser to Polish Government, Elected Vice-President Polish American
Chamber of Commerce in Warsaw.
Charles
Charles S. Dewey, former Under-Secretary of the Treasury and now financial adviser to the Polish Government,
has been elected Vice-President of the Polish American
Chamber of Commerce in Warsaw, according to a cable
received April 19 by the American Polish Chamber of Commerce in New York. Ronald H. Allen, Mr. Dewey's assistant
and former American Commercial Attache in Warsaw, was
named Assistant Vice-President. Leopold Kotnowski, who
:is well-known in the United States and who has been President of the Warsaw Chamber for some years, was re-elected.
The report for the previous year, it is stated, showed a
large increase in the trade relations between the United
States and Poland and the consequent widening of the
Chamber's activities in furnishing information and opening
up new trade channels.
Luncheon to Pablo Ramirez, Minister of Finance of
Chile, at Bankers' Club, New York—Greetings
Exchanged Between Senor Ramirez and President
Ibanez.
The growing interest in trade and relations between Chile
and the United States was discussed at a luncheon given
to Pablo Ramirez, Minister of Finance of Chile, by officers
of the International Telephone & Telegraph Corp., at
the offices at 67 Broad St., on April 19. • After the luncheon
the party visited the cable room of All America Cables
and Senor Ramirez carried on a cable conversation with
President Ibanez of Chile, who was visiting the All America
cable office at Santiago, Chile, for the purpose. The
Minister sent the following message to the President:
I take this opportunity to greet Your Excellency and to congratulate
you upon the high esteem in which the Government of Chile is held here.
Chilean credit has not suffered in spite of the depression which has
affected the other stocks in the New York market.
The nitrate market in the United States offers considerable possibilities.
Now it is used chiefly in the cotton district, but we are at present studying
the means of extending its use to the wheat and corn belts, with the expectation of quadrupling the sales in a few years.
There is interest in investments in Chile. To encourage this it will be
necessary to modernize legislation so that it may be possible to issue bonds
of private Chilean companies in the United States market.
The necessity of bringing together Chile and the United States, through
communication facilities, is evident. There is a great deal of interest
In extending the air mail as far as Valparaiso, which will reduce the time
of transportation of the mail from 20 to seven days.
It was my privilege to present your greetings to President Hoover, who
remembered you most cordially.
President Ibanez replied as follows:
the setting up of working rules for its Stock List Committee, which would
at the same time admit worth-while securities, exclude those of poor distribution or of doubtful character. Investigators for the Stock Exchange
have been at work for many months examining the records and dealings of
a wide variety of trusts and the results of their investigation are now before
the Law Committee, whose task it will be to frame the regulations which will
govern the new type of securities.
It is understood that one of the biggest problems which the Exchange
faced was whether or not an investment trust would be obliged, in connection with its application for listing, to disclose the character and extent of
its holdings, and that on this particular phase of the problem there has been
wide differences of opinion. Many of the trusts consider their security
holdings and the prices at which they were acquired as features which should
not be disclosed and which, under present rules, would represent information
that would be available to the public as soon as the listing application was
approved.
In the past the Exchange has declined to list investment trust shares of
any kind, although recognizing that a great many of them are seasoned
securities entitled to investment rating and finding increasing favor with
investors. Action has been delayed by the Exchange. it is understood,
because of the difficulty of laying down rules under which the Stock List
Committee may distinguish between the desirable and undesirable trusts.
Many Requests for Action.
It was estimated yesterday that in the neighborhood of 100 investment
trusts would welcome an opportunity to list their shares on the Stock Exchange. A great many requests to list such stocks have been received and
the Exchange has been urged by strong financial interests to revise its
policy so as to make the better class of investment trusts shares available
for trading on that institution. Some of the largest Stock Exchange
firms, it is understood, have urged the Governing Committee to take immediate action.
In the last two or three years partners in many Stock Exchange houses
have organized their own investment trusts or have taken large participation in others, but always subject to the approval of the Exchange authorities. As a result, the Exchange has been put in the position of sanctioning
the formation of trusts or the participation of its members in their activity
and at the same time barring the securities of such organizations from its
list. The Exchange, it was pointed out yesterday, has not undertaken
directly to control the actions of member firms in this direction, but there
are requirements to be met which in effect give the governing authorities
veto power over any investment trust plans of which they do not approve.
Most of the investment trusts hold and deal in shares listed on the Stock
Exchange, which fact has been used as a strong argument in favor of the
listing of trust stocks. Advocates of investment trust listing have also
contended that some corporations originally organized for other purposes
have developed into investment trusts, with their shares still listed on the
Stock Exchange.
It is understood the Law Committee will shortly present a plan under
which at least some of the many invsetment trusts now in operation may
qualify for listing. Final decision will rest with the Governing Committee. Members of the Exchange who have been especially interested
In the matter said yesterday that they had every reason to believe that a
policy applicable to trust shares would be adopted soon. They said
that the Exchange authorities had held an open-minded attitude on the
question.
Representatives of the Exchange have discussed the matter with representatives of the State Attorney-General's office.
Large Corporations—Twenty-three Listed on New York
Stock Exchange with Common Stock in Excess of
5,000,000 Shares.
The following is taken from the "Wall Street Journal"
of April 22:
I am very glad of this opportunity to talk to you. We are indebted
to the International Telephone & Telegraph Corp. and to the All America
There are 23 corporations listed on the Stock Exchange each with a
Cables for their courtesy and I hope that, as you tell me, in a little while common stock capitalization in excess of 5,000,000 shares. For many
we may have additional communication facilities, to the great advantage years United States Steel led the list, but now, even with its new stock,
of our relations with the United States and the development of our commerce. It will be fourteenth.
I am pleased with your reference to the possibilities of nitrate, of our
United States Steel was a very prosperous company, with earnings running
bonds and our credit. You know and your country realizes that all this between $100,000,000 and $150,000,000 annually, when General Motors
is the result of your success as head of the Ministry of Finance. Once was struggling for existence. Some traders were then buying Steel and
again I thank you for your efficient cooperation.
selling General Motors because they believed motor companies would never
Your suggestions regarding the modernization of our legislation so as become a big commercial proposition.
to make it possible to issue bonds by private companies are very interesting.
General Motors now has 43,500,000 shares of common stock outstanding,
We will look after this and we hope that you will send us the latest informa- and heads the list. These shares have a market value of nearly 963,700.tion regarding this matter. Your Department and its officials are working 000,000. Steel common has a market valuation of about one-third that
with their usual enthusiasm. With cordial regards to you and Ambassador amount.
Davila, and warmest regards to our friends.
The 23 stocks listed have a market value of $22,589,818,000, with a
total of 252,882.331 shares outstanding, not including the 1,018,805
additional shares to be issued by United States Steel. That amount of
Draft Plan to List Investment Trusts—New York Stock new stock will give Steel 8,132,240 shares.
The following table gives the number of shares outstanding of each of
Exchange Governors Said to Have Agreed on Class
the 23 companies together with market valuation:
of Shares to Be Admitted—Law Body Framing
Rules.
From the New York "Times" of April 23 we take the
following:
Shares Listed.
General Motors
Standard Oil of New Jersey
Standard Oil of New York
American Telephone & Telegraph
Shell Union Oil
Standard 011 of California
International Nickel, Ltd
Pennsylvania RR
Consolidated Gas
Du Pont
Texas Corp
Kennecott
Reynolds Tobacco B
General Electric •
United States Steel
Radio
Kresge
Sinclair Oil
National Power & Light
United Cigar Stores
North America
Public Service of New Jersey
Anaconda
43,500,000
24,775,587
17,090.508
13,130,393
13,062,386
13,016,435
11,788,644
11.240,979
10,395,840
9,838,675
9,346,434
9,113,954
9.000.000
7,211,484
*7,116;235
5,777,000
5,517,608
5,494,457
5,428,416
5,376,803
5,265,063
5,255.190
5,140,240
Market Value.
83,697,500,000
1,486,535,000
751,982,000
2,901,816,000
404,933,000
1,028,298,000
565,854,000
854,314,000
1,091,563,000
1,741,445,000
616,864,000
774,686,000
513,000,000
1,730,756.000
1,309,387,000
554,592,000
270,362,000
219,778,000
271,420,000
112,912,000
531,771,000
420.416,000
719,633,000
Pressed from many sides by its member firms which have interested
themselves in investment trusts to give formal listing privileges to these
securities, the New York Stock Exchange authorities are reported to
have agreed in principle on the class of such securities which will be admitted to trading. The problem is one of the most important which governors of the Exchange have faced since the war because it involves securities with a market value of upward of 32,000,000,000. It is an entirely
new method of financing in this country. The question has now been
passed by the governing committee, after an investigation extending
over nearly a year, to the law committee in order that exact regulations
may be framed for the admission of investment trust shares.
The definite policy of the Exchange in regard to investment trusts has
not been announced, but it is reported in the financial district that a majority of the governors favor the admission to trading on the Exchange of
securitY,
the best class of these issues,taking into consideration the age of the
its distribution, the trust's holdings and proven earning power, as well as
balance-sheet position.
252.882.331
$22,569,816,000
Totals
Involves a Precedent.
•New stock to be Issued, 1,018,805 shares.
or
The importance of listing privileges for this new class of securities,
better distribuThe market value of the 23 stocks listed calla attention to the brokers'
at least new to American investors, lies in the fact that
in the over- loans situation. Brokers' loans of $5,425.000,000 are equal to just 24%
tion can be obtained through trading on the Exchange than
valuation of the outstanding common
the-counter market, where most of these issues are now dealt in. To the of the 322.589,818,000 market
Exchange it involves the establishment of a precedent of great significance, stocks of the 23 companies.
APRIL 27 1929.]
FINANCIAL CHRONICLE
Bond Syndicate Participants—Fifty Houses Appeared
in Issues Aggregating $25,000,000 in First Quarter.
The following is from the "Wall Street Journal" of April 22:
Names of 50 houses appeared in new bond offerings aggregating $25,000,000 or more for the individual firms in the first quarter of this year.
That was less than half the number which appeared in new offerings in
the first three months of 1928 when the absorptive capacity for bonds was
at high water mark and houses were appealing for participations in every
direction.
The "Wall Street Journal" already has published the names of houses
heading offerings aggregating $5,000,000 upward in the Initial quarter of
the year. But as frequently pointed out, a considerable number of houses
occupying outstanding positions in the distribution of bonds do not appear
prominently in some quarters as syndicate heads in offerings in this market.
To show the importance of these organizations in the bond distributing
business the following tabulation has been prepared.
National City Heads List.
National City Co. appeared in the largest volume of new offerings in the
quarter. $242,854,000, followed in order by Halsey, Stuart & Co. with
$229,176,000. Harris, Forbes & Co. with 5226.717,500, and E. H. Rollins
& Sons with 5202,797,000. Only these four houses appeared in business
exceeding the $200,000,000 mark. In the first quarter of 1928,the Guaranty
Co. appeared in new bond syndicates aggregating more than $326,000,000
while Halsey, Stuart & Co. similarly appeared in 5298,600,000 and the
Rollins firm in 5248.193,000 new issues.
In addition to the four houses mentioned as leading the largest participations in the first quarter, six others appeared in groups aggregating more
than $100,000,000. These were: Guaranty Co.,$161,034,000; Lee, Higginson & Co., $142.6E0,000: Chase Securities Corp.. $137,375,000; Dillon,
Read & Co., 5131,417,000; Brown Brothers & Co., 5126,550.000; Federal
Securities Corp., $116,000,000.
Halsey Stuart Lead in Number.
These figures are not to be regarded as indicating the volume of new
bonds which any organization distributed in that period; there is no public
record of the obligation assumed by each house in the group as advertised.
Halsey, Stuart & Co. appeared in the largest number of issues in the
quarter, 21. Harris, Forbes & Co. appeared in 16 separate offerings, National City Co. and E. H. Rollins & Sons in 15 each, and Brown Brothers
& Co. and Chase Securities Corp. in 11 each.
Totals of new bond offerings advertised in this market in the first quarter
in which the names of 50 houses appeared follow:
National City Co
$242,854,000 H. L. Doherty & Co--- 50.000.000
Halsey, Stuart
229.176,000 Pearsons-Taft
50.000,000
Harris. Forbes
226,717.500 Equitable Trust
40,500,000
Rollins & Sons
202,797,000 Ed. B. Smith &
40,000,000
Guaranty Co
161,034,000 Pynchon & Co
38,000.000
Lee, Higginson
142,650,000 Otis & Co
36,100,000
Chase Securities Corp_ 137,375,000 W. S. Hammons Co
36,000,000
Dillon, Read
131,417,000 Kidder, Peabody
36,000,000
Brown Bros
126,550,000 A. G. Becker & Co
35,600,000
Federal Securities Corp. 116,000,000 Commercial Nat. Corp. 35,000.000
First National Bank
96,284,000 Shields & Co
35,000,000
J. P. Morgan & Co
91,784,000 III. Merchants Trust
33.515,000
Kuhn, Loeb & Co
86.784,000 Old Colony Corp
33,445,000
Lehman Bros
86,727,000 Ames, Emerich & Co-.. 31,642.000
tin. Trust, Pittsburgh_ 70,000,000 Redmond & Co
30,000.000
A. B. Leach & Co
65,310,000 Wood, Gundy & Co
28,916,000
Blair & Co
65,250,000 H.L. Allen dc Co
27,419,000
13yllesby & Co
64,000,000 Dewey, Bacon & Co
26,846,000
Casatt & Co
62,000,000 Tucker, Anthony & Co. 26,000,000
Bankers Co
61,780,000 W. A. Harrison & Co
25,650,000
West & Co
61,000,000 Spencer Trask &
25.042,500
Hemphill, Noyes
59,300,000 Field, Glore & Co
25.000,000
Bonbright & o
59,200,000 Lazard Freres
25,000,000
lost. Ace. Bank
54,000,000 Nickerson & Co
25,000,000
Clark, Dodge & Co50,000,000 Scott & Strongfellow--- 25.000,000
Market Value of Listed Shares on New York Stock
Exchange April 1 $69,770,122,189—Decrease of
$2,101,767,547 in Month.
The statement issued by the New York Stock Exchange on
April 20 regarding the market value of shares listed on the
Exchange follows:
On April 1 1929 there were listed 1,205 different stock issues aggregating
862,725,570 shares, as compared with 1,203 stock issues aggregating 842,521,997 shares on March 1 preceding.
Also, on April 1 1929 the total market value of all listed shares was $69,770,122,189, a decrease of $2,101,767,547 over the figure of $71,871.889,736
on March 1.
Over the same period, borrowings in New York on security collateral increased $125,911,491 from $6,678,545,917 on March 1 to $6,804,457,408
on April 1.
The ratio of Exchange member borrowings to listed share values thus
increased 0.46%—from 9.29% on March 1 to 9.75% on April 1.
The average market value of all listed shares declined $4.43 per share,from
$85.30 per share on March 1 to $80.87 per share on April 1.
2737
industrial mechanisms of the country than any that has ever existed heretofore."
How does "Wall Street" react upon general business? the speaker next
inquired. First of all, he answered, its influence is exerted through the
change in the supply and cost of capital which is brought about as a
result of ups and downs in the "market." Perhaps, said the speaker, this
is the most important and serious, of all the various aspects of the relationship between business and finance at the present time. Business needs to
have a regular, steady supply of capital available and to get it at uniform
cost if possible. Wall Street fluctuations tend sometimes to accelerate
the flow of capital and at other times to retard it, while at all times they
tend to affect the cost of capital, which is an important element in the
expeise of production. In the second place, said the speaker, changes in
the Wall Street situation have an important reflex effect upon the strength
of demand and the perchasing throughout the entire country. This is
partly psychological and partly real. Strength in the Wall Street with
regularity of returns to investors tends to confirm large users of capital
in buying strongly, while at the same time they tend to confirm individual
consumers in supplying their needs regularly and in developing new ones.
In the third place good financial conditions tend to bring about a cheaper
and more regular distribution of commodities and to speed up methods of
distribution.
Dr. Willis then criticized the present management of the Federal Reserve
system, stressing the uncertainty of policy, its lack of consistency, its
tendency to be influenced by politics, and its failure to maintain an upstanding independent attitude with respect to the financial world in
general. "Fortunately," he concluded, "business in the United States
has been amply financed, indeed financed for a considerable time in advance
of the present, due to the foresight of business men in general. It is this
eery largely, which has enabled business to go on steadily increasing and
expanding of late months in spite of the handicaps imposed by bad credit
policy."
Charles E. Mitchell of National City Bank Again Aids
Market As Money Goes to 16%.
In its issue of last night (April 26) the following comments
were made by the "Evening Post":
The struggle between the Federal Reserve Board and the stock market
was renewed again today when the call money rate was boosted to 16%•
As in the previous money squeeze, Charles E. Mitchell, Chairman of
the National City Bank, sent large sums of money over to the Exchange
to be put out at progressive higher rates. This prompt action probably
Prevented the money situation from becoming as acute as it was on March
26, when the rate went to 20%•
Mr. Mitchell declined to comment in regard to the condition of the call
money market.
He did say, however, that "owing to withdrawals from the loan market
of funds necessary for May 1 disbursement, a periodic scarcity of money
naturally reflected in the call loan interest rate is to be expected."
Call money opened at 9% today, with offerings of funds very light.
This did not stop the buying movement, which was quite strong and
boosted stocks from 1 to 8 points.
The market stubbornly fought the handicap of high money rates as call
money was lifted from 9 to 10%, then 12 and later 15 and 16%.
At the 15% rate, bull traders lost heart and stocks retreated all along
the line, declining to about last night's closing levels or slightly above.
In some instances stocks fell from 1 to 2 points below last night.
The announcement on the news tickers that the National City Bank
was sending over funds relieved the tension somewhat and stocks once
again went into a fairly sharp rally, regaining much of the early afternoon
losses. It was said that $25,000,000 came into the market to be loaned
at 16%•
Rate at 9% in Philadelphia.
In Philadelphia, local banks quoted call money at 9% under the new
Bankers' Committee, permitting call rates above 6%. which
ruling of the
went into effect today.
In Boston the call rate was advanced from 8 to 9%.
A feature in Wall Street today was the sharp break in mark exchange
In the foreiten exchange market.
German exchange declined about 113 points from 23.71% to 23.60.
This is the lowest price since the °stabilization went into effect in 1924.
Marks have been pegged around the stabilized price of 23.80.
Pegging operations in the mark were begun prior to stabilization in
October 1924. The break today was accounted for by the withdrawal of
foreign credits, following the collapse of reparations negotiations at Paris.
Mr. Mitchell's action of a month ago in aiding the money
market was referred to in our issue of March 30, page 2012.
Resolution of Governing Committee of New York Stock
Exchange in Recognition of Services of James B.
Mabon.
On April 10 the following resolution in tribute to Mr.
Sees Stock Market Linked to Business—Dr. H. Parker Mabon's services was adopted at a meeting of the Governing
Committee of Stock Exchange:
Willis Says Changes in One Bound to Affect Other.
All associations of men in the business world are largely dependent for
Changes in the security markets will necessary have an their success upon certain gifted individuals, who, in each generation.
important effect on the business situation and the two can- take a leading part in their affairs. This is true of the Stock Exchange
and Is illustrated by the career of James B. Mabon. Coming into
not be separated in their future movements, Dr. H. Parker Street nearly half a century ago, and Joining the Exchange in 1891, heWall
was
,
Willis, editor of the "Journal of Commerce," said on April soon recognized by his associates as po sirsing those high qualities of heart
of mind which placed him among their leaders. From that time on he
23, before the Electric Credit Association at the Hotel Penn- helped to guide the Exchange through the many
vicissitudes of the past
sylvania, New York. From his paper, we take the following thirty years.
A great debt of gratitude is owed him by his fellow members, and in
account of Dr. Willis' remarks:
heartfelt acknowledgment
Dr. Willis pointed out that there is a prevailing impression that what is
called "Wall Street" is wholly separated from general business, and that
ups end downs may occur in the financial field without exerting any
general business effect. This point of view, he said, was always erroneous,
but there is less basis for it today than ever before, since business is now
so largely financing itself through the investment market instead of through
the commercial banking machinery.
The speaker sketched the reasons for the general shift from commercial
to
investment banking as a means of getting the funds for carrying on business
and showed some reasons for thinking the development beneficial, as well
as some opposite considerations. "Think of it as we may," he said, "the
fact is that this change has occurred and that as a result of it a much
more intimate relationship has been established between the financial and
of this obligation,
BE IT RESOLVED, That the Governing Committee of the New York
Stock Exchange, deeply conscious of the loss that James B. Mabon's retirement Is bringing upon the Exchange, do hereby record their appreciation
of the invaluable services that he has rendered, not only on the most important committees for 29 years but as President for two summsive terms
in critical and troubled times; and that above all they hereby testify to
the affectionate regard and admiration which his many fine traits of character have engendered among his fellow members of the Exchange:
BE IT FURTHER RESOLVED, That these resolutions be spread
upon the minutes of this meeting and a copy thereof suitably engrossed be
transmitted to Mr. Mabon.
Mr.Mabon's resignation was noted in our issue of April 13,
Page 2392.
2738
FINANCIAL CHRONICLE
Trading on Commercial Exchange of Philadelphia to
Begin by June 1—Membership Fixed at 350.
Both listed and unlisted securities will be dealt in on the
new Commercial Exchange of Philadelphia, which is
scheduled to be in operation by June 1, and to which reference was made in these columns March 23, page 1827. An
announcement made by the Exchange says:
The members of the Commercial Exchange of Philadelphia propose
trading in all legitimate securities of every character, both unlisted and
listed (when the Exchange on which the security is listed has no objection),
on or before June 1st.
The membership of the Commercial Exchange is fixed at 350,and trading
in securities will be limited to those who qualify under the rules for such
purpose.
The qualified members must be licensed as dealers under the Securities
Act of Pennsylvania and must be approved as to eligibility and financial
standing by a Securities Committee appointed by the Exchange in order to
become entitled to deal in securities on the floor of the Exchange.
Membership may be had by corporations as well as firms or individuals,
and a qualified member will not necessarily be required to execute orders on
the Exchange in person, but such member may deputize a representative.
licensed under the Securities Act either as a dealer or salesman. In such
case, however, the member will be responsible for all of the acts of his
deputy.
It is intended, in addition to the qualified members of the Exchange,
to have Associates of the Exchange. These will not have the privileges of
the floor and will not be members of the corporation but must do their
trading through a qualified member. The Associates doing business in
Pennsylvania must be licensed as dealers or as salesmen, under the Securities Act of Pennsylvania. The moderate charge fixed for Associates ought
to give active, bright young men an excellent opportunity.
The qualified members will be allowed to split their commissions with an
associate, but the Exchange will be in no way responsible for the actions of
associates beyond requiring them to have and maintain their license, where
necessary, from the Securities Commission.
The Exchange will not require a listing of the securities to be dealt in,
but those of every legitimate kind may be traded in, subject to the supervision that the Securities Commission of Pennsylvania has over all of its
licensed dealers.
There will also be a corps of experienced traders in both listed and unlisted industrials, public utilities, railroad, bank, trust company and insurance shares,investment trust shares, Canadian securities, foreign stocks and
bonds, real estate bonds, oil, and mining securities, who will assist the
members in finding markets for their securities either to buy, sell or quote,
or they will execute orders for members to other members on the Exchange,
but they can in no way take a position or trade for their own account. This
should materially assist both the members and the associates in finding
markets, more particularly in over-the-counter securities. A small portion
of the commission a member receives from his client will be charged—the
same as charged by specialists on other Exchanges. An accurate record will
be kept of all securities offered or bid for, which will be sent to the qualified
members and associates every night, together with the record of sales for
the day on the Exchange. This record can be preserved in the offices of
the members and associates for reference purposes.
The Exchange has adopted the usual rules and regulations covering
transactions in securities.
Many of the largest banks, trust companies and bankers in Philadelphia
are members of the Commercial Exchange to-day.
Outstanding advantages of the Commercial Exchange are
set out as follows:
The opportunity to deal in all legitimate unlisted securities and receive
propel* quotations and printed executions of orders.
The opportunity for incorporated firms, bankers, banks and trust
companies which they are unable to do on any other Exchange. The largest
bondhouses in the country are incorporated.
Qualified members do not have to be on the floor to execute orders but
can have their own representatives execute orders for them for whom they
are responsible.
Experienced traders in both listed and unlisted industrials, public
utilities, railroad, bank, trust company, and insurance shares, investment
trust shares. Canadian securities, foreign stocks and bonds, real estate
bonds, municipal securities, oil and mining securities, who will assist the
members in finding markets for their securities and who will execute orders
for members upon request. They will also give quotations not only to
members and associates but to any interested parties.
Records of all bids and offers obtainable by the traders will be sent to
the members and associates daily thus giving them records not obtainable
elsewhere.
Associates on the Exchange with whom qualified members may split
commissions thus increasing the interest and business on the Exchange.
The payment of a moderate charge by an associate gives excellent opportunity to active, bridgt young men for earning commissions and experience
The officers of the Commercial Exchange are Hubert J.
Horan, Pres.; George M. Richardson, Vice-Pros.; Samuel
L. McKnight, Treas., and Ambrose B. Clemmer, Sec.
by Pennsylvania Legislature Removing
6% Limit on Call Loans.
It was noted in Associated Press dispatches from Philadelphia last night that for the first time in local banking a
charge of 9% was made yesterday (April 26) for brokers'
loans in Philadelphia. The dispatch said:
Bill
Passed
This was the first response to the new Pennsylvania law removing the
6% legal limit. The bill was recently signed by Gov. Fisher. The rate
fixed to-day was made by a committee of bankers representing leading national banks and trust companies.
An item regarding the bill appeared in our issue of April
13 (page 2395). The Philadelphia "Ledger" of April 22,
referring to its approval by the Governor, stated:
The bill signed by Gov. Fisher removing the 6% restriction on call loans
In Pennsylvania is effective at once. Melville C. Baker, President of the
Penn National Bank, who was actively interested in the passage of the bill,
last night described it was a most constructive piece of legislation from
which industry and business in the State should benefit.
[VOL. 128.
Representative McFadden Says Policy of Federal Reserve Board in Attempting to Deflate Broker's
Loans Has Tended to Freeze Bank's Assets.
Speaking before the annual dinner of the Association
of Stock Exchange Firms at the Hotel Astor, New York,
on April 19, Representative Louis T. McFadden declared
that the present policy of the Federal Reserve Board "in
their attempt to deflate brokers'loans, one of the most liquid
assets, has tended to freeze and make non-liquid the total
volume of these investment assets which the banks hold."
Representative McFadden, continuing said, "I desire to
point out the weakest part in our whole financial structure
at the present time: I believe it to be the large volume of
saving deposits in the banks of the country, which are
invested in this class of now frozen securities, made so
largely by the constantly changing Federal Reserve System."
The full text of the section of Representative McFadden's
statement dealing with present financial tendencies, made
in an address to members of the Association of New York
Stock Exchange Firms, as published in the "United States
Daily," follows:
According to the last report of the Comptroller of the Currency, the
total amount of investment securities held by the banks of this country as
of June 30 1928, is $18,771,814,000. Because of the fact that a large
proportion of this amount is reported in the form of bonds, in which the
banks have invested, and which, since the change in the Federal Reserve
policy in 1927. have declined in value on an average of 5% the present
changed policy of the Federal Reserve Board in their attempt to deflate
brokers'loans, one of the most liquid assets, has tended to freeze and make
nonliquid the total volume of these investment assets which the banks hold.
Savings Invested in Securities.
I desire to point out the weakest part in our whole financial structure at
the present time: I believe it to be the large volume of saving deposits in
the banks of the country, which are invested in this class of now frozen
securities, made so largely, by the constantly changing of the Federal
Reserve system.
The Secretary of the Treasury, for the past several years, has, in his
annual reports, directed the attention of the country to the growing
tendency toward an increase in investment securities in the Federal Reserve system and an increasing decline in volume of the discountable
eligible paper.
The management of the exchanges of this country, noting the great
demands and increase of operations because of this great expansion of
industry, have been calling attention to the limitations of our financial
system in relation to the Federal Reserve system, as regards this constantly growing and increasing class of investment securities.
In England this situation has been set through the use of Lombard loans.
by making them eligible in the main credit reservoir. Lombard loans in
London are similar to brokers' loans in New York. It is a well-known fact
that brokers' loans are secured by safe margins of the stocks and securities
of the industries, principally, of this country.
Financing Methods Changed.
The reason that bonds and investment securities were not made eligible
to the credit reservoir of the system at the time of the formation of the
Federal reserve system, was due to the fact that they were considered at
that time as nonliquid, and that such expansion as was deemed to be necessary could be brought about through the discount of eligible paper which
could be created as representing the industrial requirements for expansion.
In 1913 no such expansion of industry in this country was in contemplation,
nor was it supposed that industry would seek a new method of securing its
necessary cash and credit requirements other than the handling of eligible
paper.
Now we are confronted with a situation which compels a careful analysis,
and the business of this country can not wait for a prolonged discussion and
analyzation of its needs. It seems to me that ready marketability, as produced by an active supply and demand for the class of securities that are
now being issued and dealt in in the great market places—the stock exchanges of this class of securities.
One great fear in the minds of the people, as regards making investment
securities eligible to the credit reservoir, has been the possibility of misuse
which would create inflation through the making liquid of fixed assets.
It has been recognized, however, that a limitation as to total volume of
this class of securities, which might be made eligible, would guard against
such a contingency, so that to-day many minds are of the opinion that a
certain degree of eligibility should be provided in our financial system for
the handling of this class of securities.
Operation of Plan Explained.
In this connection, it is interesting to contemplate the fact that if such
plan were in operation at the present time, the total am unt of brokers'
loans, now running between $6,000,000,000 and $7,000,030,000. might be
held directly by the banks of this country in their investment portfolios,
a d the banks themselves could well feel that such obligations were well
secured and among the best assets of their institutions, and the exchanges
would be operating with ample credit without having to resort to the extent
they now do to the call-loan market.
If the brokers' notes, secured by margins of 40% in securities of the
first grade, were made eligible for rediscount by member banks, this wovld
not bo legalizing investment securities as eligible to the credit reservoir,
and would provide sufficient elasticity to make up for the declining volume
of eligible paper and would thus permit such expansion in our financial
system as to allow industry to meet the opportunities presented. We need
to apply a little common sense to this situation.
I believe that the New York Stock Exchange,as a private association, can
better control its own members and its business than it can be controlled by
any Federal or State law or by incorporation under State or national law.
But, notwithstanding this, improvements in methods of operation are
Possible; more strict and frequent examination of the assets and liabilities
of the members of the exchange should be had, either through independent
audit or by the establishment of a system of examination similar to that
which is now administered by the Comptroller of the Currency over the
operations of national banks; better safeguards of information available to
the especialty operators on the exchange should be set up so that important
information is not made accessible for their use or for dissemination to
other interested buyers or sellers on the exchange, thus giving an advantage
not open to the average dealer on the exchange.
APRIL 27 1929.]
FINANCIAL CHRONICLE
Secrecy of Action Favored.
Likewise an important matter in connection with the operation of the
Federal Reserve System Is the preservation of secrecy in putting into operation any change or movement in Federal Reserve operations that might
give one in possession of that information a position of advantage to enable
them to profit by the use of such information.
The Federal Reserve system as now constituted is composed of about 150
officers and directors scattered throughout the 12 Federal Reserve Districts.
These men all have advance knowledge of any change of policy or information which might affect values of stocks, bonds or commodities. Leakage
of information, either on the stock exchange or in the Federal Reserve
system, to give an advantage to any individual or group of indiviudals not
entitled thereto, is an element of weakness which should be cured, else it
may surround either one of these institutions with a lack of confidence on
the part of the public that will tend to destroy either one or both of the
organizations.
In further support of the credit situation we should not overlook the
Important part which the Treasury operations play in sustaining the credit
situation. Purchase or sale of Government securities (particularly certificates of indebtedness, of which there are approximately $2.000,000.000
available) under the direction of the Secretary of the Treasury in cooperation with the Federal Reserve management may be used in open
market operations as a stabilizing influence.
2139
these securities proceeds more rapidly than income tax checks can be collected. Consequently, at every tax period there is a temporary excess of
Treasury disbursements, which necessitates temporary certificates of indebtedness issued to cover overdrafts at the Federal Reserve banks, on
which the Treasury Department pays interest in addition to the interest
paid on the newly issued securities.
3. Under the present system, where certificates are issued bearing a
fixed coupon rate, the Treasury Department is confronted with the difficult
task of accurately adjusting the interest rate to current market conditions
and while the department has been successful in doing this with great
accuracy, nevertheless it would be more desirable to have the market
Itself fix the rate by competitive bidding.
The Treasury Department, therefore, suggests that the necessary legislative authority be obtained to permit the Treasury to sell short-term bills,
with a maturity not greater than a year, on a discount basis, thus furnishing
the Government with a new and more flexible type of security.
Such Treasury bills would be sold from time to time in the market whenever funds were needed for cash on a discount basis at the lowest rates bid
by prospective purchasers. It is not the purpose of the Treasury Department, however, to discontinue the present depositary method, or system
of short-term financing, but rather to supplement it with the new system,
using both as may prove to be most advantageous to the interests of the
Government.'
In New Form of Obligation.
Several important advantages may be expected to follow the adoption of this new form of Treasury obligation:
1. Competitive bidding for these bills should enable the Treasury to
get the lowest discount rates consistent with current market conditions.
2. The sale of these securities could be timed to coincide almost exactly
with the need for funds, thus saving the interest on money borrowed ahead
of requirements.
3. Maturities could be timed to correspond closely to the actual collection of income taxes and not all made to fall on the nominal date of
tax payments, as at present.
4. They would enable the Treasury to take advantage of periods of
seasonal ease for the sale of Treasury bills rather than, as sometimes occurs,
compel the Treasury to otter a large issue of securities during a period of
temporary stringency and high money rates.
5. The banks and the investing public would be furnished with a new
instrument for the investing of temporary surplus funds, with frequent and
convenient maturities.
Treasury Department Plans Issuance of Non-Interest
Bearing Tax Exempt Short Term Securities.
Plans of the Treasury Department to seek the enactment
of legislation to permit the sale of short term Treasury bills,
to be offered for sale on a competitive basis, were made
known on April 22, when bills to this end were introduced
in both branches of Congress. In the Senate the measure
was presented by Senator Smoot, Chairman of the Senate
Finance Committee, and in the House Representative
Hawley, Chairman of the Ways and Means Committee, was
sponsor for the bill. The latter, in a statement regarding the
proposed new method of Treasury financing, which it is
The following is the text of the bill introduced this week by
stated is intended to supplement, and not displace the
Senator Smoot, being identical with that introduced in the
present method, had the following to say on April 22:
I have introduced to-day a bill to authorize the Treasury to issue a new House by Representative Hawley:
form of security, namely. Treasury bills. These bills will be a short-term
security, with maturities not more than a year and probably of 30. 60. and
90 days, will be issued on a discount basis, rather than with interest coupons,
and will be offered on a competitive basis. They are intended to supplement and make more flexible the Government's short-term financing
operations.
I believe that the short-term financing under the proposed legislation
will be more economical. Competitive bidding will result in the lowest possible interest rates, and the Government will be able to take advantage of
seasonal periods of low money rates. The sale of Treasury bills can be made
to coincide more exactly with the Government's need for funds, and will
also afford the investing public a desirable investment for short-term
purposes.
It is hoped that the legislation will be enacted at the present special
session.
In addition to the issuance of Treasury bills on a discount
basis, and playable at maturity without interest, the proposed
legislation will continue the provision in the Liberty Loan
Act (the bill simply amends Section 5 of the Second Liberty
Bond Act) for the issuance of United States certificates of
Indebtedness, at not less than par and at such rate of interest
as the Secretary of the Treasury may prescribe. Both the
certificates of indebtedness and Treasury bills, issued under
the new legislation, will be exempt from all taxation, except
estate or inheritance taxes. With regard to the new method
of Government financing, Secretary Mellon on April 22,
said:
The present method of financing the requirements of the United States
Government was developed as a war measure, and not only served admirably in financing war-time expenditures, but has continued to function
satisfactorily up to the present time. The Treasury Department believes,
however, that in so far as short-term financing is concerned certain modifications are desirable in the interest of greater economy and of closer adjustment of current borrowings to the immediate needs of the government.
Generally speaking, short-term financing of the Government is carried
on by means of Treasury certificates with maturities of from 3 to 12 months,
issued quarterly on tax-payment dates and maturing on tax payment dates.
-fold purpose:
These certificates serve a 3
They maintain a part of the outstanding debt in the form of short-term
securities, which, on the whole, has been advantageous from the standpoint
of interest charges.
They provide the necessary funds to meet the current obligations of
. the government.
Since their maturities coincide with the period during which very heavy
tax payments are received, they furnish an affective instrument for preventing heavy withdrawals of funds from the market with a consequent
serious disturbance every quarter date.
New Method to Correct Defects in Present System and Supplement Latter.
It is not the purpose of the Treasury Department to dispense with this
system, to which our people have become accustomed and which has
functioned smoothly and efficiently, but rather to correct certain defects
which have developed and to supplement it in such a way as will decrease
the coat of financing and adjust it more closely to the needs of the Government.
The defects may be briefly described as follows: .
1. Since the Government borrows only four times a year, the funds are
borrowed in advance of the actual requirements. and the interest cost on
such borrowings has exceeded the interest received on idle government
deposits. Thus, for instance, the government borrows on March 15 the
funds necessary to meet certain definite obligations on April 15 and there is
necessarily a 30
-day interest loss on the funds borrowed. If, however, the
Treasury sold bills on April 14, rattler than certificates on a deposit credit
on March 15, the saving would be immediate and substantial.
basis
2. While the maturing of securities to-day synchronizes in a general
way with the collection of income taxes, in practice the redemption of
S. 310
A BILL to amend section 5 of the Second Liberty Bond Act, as amended.
Be it enacted by the Senate and House of Representatives of the United states
of America in Congress assembled, That section 5 of the Second Liberty Bond
Act, as amended (United States Code, title 31, section 754), is hereby
amended to read as follows:
"Sec. 5 (a) That in addition to the bonds and notes authorized by seotions 1 and 18 of this Act, as amended, the Secretary of the Treasury is
authorized to borrow from time to time, on the credit of the United States,
for the purposes of this Act, to provide for the purchase or redemption
before maturity of any certificates of indebtedness or Treasury bills issued
hereunder, and to meet public expenditures authorized by law, such sum
or sums as, in his judgment, may be necessary, and to issue therefor (1) certificates of indebtedness of the United States at not less than par and at
such rate or rates of interest, payable at such time or times, as he may
prescribe; or (2) Treasury bills on a discount basis and payable at maturity
without interest. Treasury bills to be issued hereunder shall be offered for
sale on a competitive basis, under such regulations and upon such terms
and conditions as the Secretary of the Treasury may prescribe, and the
decisions of the Secretary in respect of any issue shall be final. Certificates
of indebtedness and Treasury bills issued hereunder shall be in such form
or forms and subject to such terms and conditions, shall be payable at such
time not exceeding one year from the date of issue, and may be redeemable
before maturity upon such terms and conditions, as the Secretary of the
Treasury may prescribe. Treasury bills issued hereunder shall not be acceptable before maturity in payment of interest or of principal on account
of obligations of foreign governments held by the United States of America.
The sum of the par value of such certificates and Treasury bills outstanding
hereunder and under section 6 of the First Liberty Bond Act shall not at
any one time exceed in the aggregate 910,000,000.000.
"(b) All certificates of indebtedness and Treasury bills issued hereunder
(after the date upon which this subdivision becomes law) shall be exempt,
both as to principal and interest, and any gain from the sale or other disposition thereof shall be exempt,from all taxation (except estate or inheritance taxes) now or hereafter imposed by the United States or by any local
taxing authority: and no loss from the sale or other disposition thereof shall
be allowed as a deduction or otherwise recognized for the purposes of any
tax now or hereafter imposed by the United States or any of its possessions.
"(c) Wherever the words 'bonds and notes of the United States; or
'bonds and notes of the Government of the United States,' or 'bonds or
notes of the United States' are used in the Federal Reserve Act,as amended,
they shall be held to include certificates of indebtedness and Treasury bills
issued hereunder."
Under-Secretary of Treasury Mills on Advantages in
Treasury's Proposed Short Term Securities.
The Treasury Department's plans for the issuance of
non-interest bearing, short term, tax exempt securities,
(details of which are given elsewhere in our issue to-day)
were discussed by Under Secretary of the Treasury, Ogden
L. Mills, in addressing the Washington Chapter of the
American Institute of Banking on April 24. Three main
advantages, said Mr. Mills, will result from the Treasury's
new system of financing, viz:
First, it makes Government deposits depend, not upon the Secretary of
the Treasury, but on the amount of securities any bank sees fit to subscribe
for.
Second, it furnishes the Government with a first class primary market for
its securities and with the machinery through which a secondary distribution
can be effected.
Third,it permits large fiscal operations to be conducted without involving
a large transfer or withdrawal of funds on a single date.
In the course of his speech Mr. Mills said:
In London the weekly issues average about £50.000.000. and as the bills
are all issued for a three months' period, the aggregate amount outstanding
2740
FINANCIAL CHRONICLE
Is very large,averaging about £600,000,000. It isn't our purpose to proceed
on anything like the British scale, but we believe that a monthly offering
of a comparatively small amount of 90
-day Treasury bills would offer a
number of very definite advantages.
Mr. Mills' speech, in full, as given in the "United States
Daily" follows:
The Treasury Department is the central agency through which the
Federal Government conducts its financial affairs. Generally speaking it
receives and has the custody of all funds paid to the Government and disburses all moneys in payment of obligations of the Government. One of
the primary duties, therefore, of the Treasury Department is to see that the
Government always has on hand sufficient funds to meet its obligations,
including public debt maturities, and to do so in such a way as to effect
a minimum disturbance to money and business conditions.
Reeeipts and Expenses Vary During Year.
If taxes and receipts flowed uniformly throughout the year, and expenditures ran an even course month by month, there would be no real financing
problem, but this is true neither of receipts nor of expenditures. Tax receipts rise to a sharp peak four times a year, while heavy debt maturities
and interest payments are not spread out, but come due on single days,
and at irregular intervals.
Speaking in general terms,then,in so far as current financing is concerned,
our problem and our aim are to synchronize peak tax payments with the
maturing of heavy obligations, and, in the intervals, to have in bank no
more funds than are needed to meet current expenditures.
Our present method of financing was developed during the war. It was
well adapted to meet emergency war conditions, and, generally speaking,
has continued to function effectively and smoothly during the post-war
period, which has witnessed Government financing of a magnitude second
only to that of the war period.
Certain defects have, however, developed, and the Treasury Department
feels that they can be remedied and, in addition, that the Treasury will be
in a position to conduct financing with greater economy and flexibility if it
is authorized to issue a new form of Government security—that is, a Treasury bill, sold on a discount basis.
In order fully to understand the existing situation, it Is well to review
briefly how the present system came into existence, and just how the
current financing mechanism operates to-day.
When the United States entered the war in 1917.the prospective expenditures were so large that it became evident immediately that the previously
existing method of financing Government expenditures was wholly inadequate. This method was for the Treasury to invite cash subscriptions for
limited amounts of Government obligations, and, in order to avoid disturbances to the money market, to place such part of the proceeds as was
not immediately needed on deposit in a comparatively small number of
banks designated as Government depositaries.
rvOL. 128.
June, September and December, unless some offset is devised and maintained, cash balances with the Federal Reserve banks would rise to a
Peak on the quarterly dates, and would drop to a minimum just before the
next quarterly date. So, once every three months, great sums of money
running as high as 3400,000,000 would be taken from the commercial banks
by the taxpayer, and paid into the Federal Reserve banks, to the Treasury's
accounts, thereby taking that amount of money out of the money market,
with all of the consequences to interest rates that must follow. It would be
possible, of course, to meet this situation by redistributing these deposits
among the commercial banks upon some arbitrary basis, but this would
inevitably subject the Treasury to all manner of pressure in favoi of particular banks or particular districts. If, however, on each quarter-day,
the certificates mature in an amount approximately equal to tax payments,it
is obvious that the two transactions wash. The tax checks drawn upon the
commercial banks are deposited with the Federal Reserve banks to the
Treasury's account, but, at the same time, there is paid to the commercial
banks a like amount in payment of interest and maturing securities.
This, however, is only part of the picture. We have not taken into consideration the Government's financial needs between quarter-days, and if
the entire receipts from income taxes are absorbed by maturing certificates,
the Government might well find itself short of funds. Quarter-day financing
therefore, involves a careful estimate of the amount needed for expenditures
of all kinds during the ensuing three months' period. This must be added
to the amount necessary to meet maturing certificates, and this sum, less
receipts, represents the amount of new certificates that will have to be issued
on the quarter-day.
Stated a little differently, tax and other receipts, as a rule, are not sufficient to meet maturing certificates as well as to finance the Governmental
needs over the next three months' period. It is nem-,
therefore, to
Issue new certificates which in turn will mature on a future date, when the
process will be repeated.
But it may be pointed out that if tax payments and maturing certificates
balance so as to involve no withdrawal of funds from the money market,
then the sale of additional certificates must result in the withdrawal of
funds. This would be so, of course, if the new certificates were sold for cash.
They are not, however. As I have already pointed out, the banks pay for
them by means of a deposit credit. The bank pays 2% interest on the deposit, and from time to time, as the Government needs cash, a call is made
upon the various banks with which the Treasury has deposits.
Three Advantages Result from System.
There result from this system three main advantages: First, it makes
Government deposits depend, not upon the Secretary of the Treasury, but
upon the amount of securities any bank sees fit to subscribe for. Second,
It furnishes the Government with a first class primary market for its securities, and with the machinery through which a secondary distribution can
be effected. Third, it permits large fiscal operations to be conducted without involving a large transfer or withdrawal of funds on a single date.
These advantages, however, are not unqualified. It is true that it is of
great benefit to the Treasury to have at all times a first-class primary
market furnished by the banks. At the same time, a system of payment
by deposit credit involves, in effect, an additional charge to the Government. While the Treasury Department has succeeded in borrowing closer
and closer to requirements, nevertheless, there is an unavoidable interest
cost of funds borrowed in advance of requirements.
It is the existing practice to borrow on quarterly tax dates amounts
sufficient to provide for the ordinary expenditures over receipts of the
Government during tne following quarter which, of course, results in the
carrying of large deposits over considerable periods of time. This necessarily !means that, until the Government has actual use for the funds borrowed,
it loses the difference between the coupon rate of the securities issued and
the 2% which it receives from the banks on the deposits.
In the second place, while the maturing certificates, as I have stated.
synchronizes, in general, with the collection of income taxes, as a matter
of fact, the certificates are for the most part presented for redemption
on the due date, whereas the collection of income tax checks is spread
over a period of some days. As a result, during every income tax payment
Period Treasury disbursements exceed receipts, and the Treasury is obliged
to borrow temporarily from the Federal Reserve Banks, and, of course,
lias to pay interest on this temporary borrowing, in addition to the interest
on the newly issued securities.
Moreover, with certificates bearing a fixed coupon rate, issued at par, the
Treasury Department is called upon four times a year to use its best judgment la adjusting Interest rates as accurately as possible to rapidly changing
market conditions, I believe that, on the whole, we have been successful,
but it seems probable that the interest cost could be more nicely adjusted
if the market itself were to fix the rate. And,finally, the issuance of securities on certain fixed dates lacks that flexibility which is desirable to enable
the Treasury to take advantage of favorable money conditions.
Financing Entrusted to Reserve System.
In 1917. the Federal Reserve System, with its 12 regional banks and adbranch banks, and the contacts which had been established with
ditional
large numbers of commercial banks in their respective districts, offered a
more effective organization through which to enlist the co-operation of the
entire banking strength of the Nation. The task of carrying out the program of war finance, therefore, was placed on the Federal Reserve System.
In order to obtain the immense sums needed,it became necessary to devise
a plan that would encourage a widespread participation in all new ISSII0S.
The Treasury and the Federal Reserve System, therefore, inaugurated a
program whereby a large number of banks throughout the country could
qualify as Government depositaries, and such banks in subscribing to new
Issues could make payment for the securities allotted to them, not in cash.
but in book eredits--deposits established to the credit of the Government.
Although they were faced with the prospect of the withdrawal of these deposits within a short period, nevertheless the banks as a whole would,as the
result of Government expenditures, tend to gain in private deposits practically equal amounts.
For such banks as lost more through Government withdrawals than they
gained through Government disbursements, it was now possible to replace
their losses by borrowings at moderate rates from the Federal Reserve Banks.
In this way, subscriptions could be made by banks in excess of their actual
surplus cash.
This system of widespread bank subscriptions to large amounts of shortterm Government securities paved the way for even more widespread
popular subscription to the subsequent issues of Liberty Loan bonds, which
were floated to refund short-term indebtedness and to provide additional
funds for war purposes. Just as the banks were encouraged to subscribe
for amounts of short-term securities in excess of their surplus cash, so individuals were urged to subscribe to more of the Liberty Loan bonds than
they could pay for in cash, and to borrow the remainder from their own
banks. The banks,in turn, could,in case of need,fall back upon the support
Removal of Defects in System Sought.
of the Federal Reserve System. In this way the number of subscribers to
The problem, as we see it, is to maintain the well established advantages
Liberty Loan bonds was increased from 4,500,000 for the first Issue, to of the present system and,
at the same time, to cure these defects. We
9,500,000 for the second, and over 18,000,000 for the third.
believe that the authority to issue Treasury bills will enable us to do so.
The bill introduced by Senator Smoot and Representative Hawley would
Credited With Success of Wartime Financing.
Altogether, the success of war-time Government financing may be at- authorize the Secretary of the Treasury to issue from time to time Treasury
tributed largely to the system which was worked out to facilitate the bills on a discount basis, with a maturity not exceeding 12 months, to be
sold for cash, under competitive conditions, at the lowest rates b.d by
Preliminary short-term financing.
Although this system of Government financing was adopted as a war prospective purchasers. It should be pointed out that, while this would
measure, it has continued to function successfully since. In 1919 the final be a new type of United States Government security, there is nothing
flotations to cover the cost of our participation in the war were completed, novel in the form, in that it would correspond closely to one of the oldest
and the total debt of the Government reached its maximum of over $28,- and best types of commercial paper, the bankers' bill.
The Treasury bill has been used for many years by the British Treasury
000,000,000. Of that amount,$21,000,000,000 were in Liberty and Victory
Loan and pre-war bonds, $4,000,000,000 in Treasury certificates of in- as a most convenient and economical medium to obtain funds to meet
current needs. They have so developed the system of financing by means
debtedness, and less than 31,000,000,000 in Treasury savings securities.
During the subsequent years debt retirement was effected at an average of Treasury bills that, with weekly offerings, daily issues and daily maturTreasury
rate of about $1,000,000,000 a year, but money-market conditions made ities, they have obtained a degree of flexibility that enables the
It advantageous to maintain a considerable part of the outstanding debt to adjust its cash positions practically from day to day.
In London the weekly issues average about £50,000,000. and as the bills
In the form of short-term securities. In fact, as the Victory Loan and the
outstanding
Second and Third Liberty Loan bonds matured or became callable, a con- are all issued for a three months' period, the aggregate amount
siderable part of each issue was refunded with short-term securities. These Is very large, averaging about £800,000.000. It isn't our purpose to procoed on anything like the British scale, but we believe that a monthly
have taken the form of notes, with maturity not exceeding five years, and of
-day Treasury bills would ofTreasury certificates, with maturities offrom three to twelve months. Gen- offering of a comparatively small amount of 90
erally speaking. the Treasury certificates are issued quarterly on tax- fer a number of very definite advantages.
In the first place, competitive bidding for these bills should enable the
payment dates. They furnish a convenient instrument for obtaining the
necessary funds to meet the current obligations of the Government and, Treasury to get the lowest discount rates consistent with current market
conditions, rather than to be obliged to make its best estimate of what
since their maturities coincide with the period during which very heavy tax
payments are received, they are the means of preventing heavy withdrawal a rate should be.
Secondly, certainly as to part of the expenditures that have to be met
of funds from the market, with consequent serious disturbance every quarduring each quarterly period—and, notably, interest payments in April
ter-day.
and October—the sale of the Treasury bills could be so adjusted as to avoid
Financial Needs Between Quarter Days Considered.
the borrowing of funds in advance of requirements, with a consequent heavy
The Federal Reserve banks are the fiscal agents of the Treasury. and Its Interest cost. Moreover, there are periods when it is extremely difficult
payments are generally made through them. Treasury balances in the to estimate with accuracy Government receipts.
Federal Reserve banks represent money withdrawn from the market.
Under the new system, should Government receipts exceed estimates,
In view of the very heavy income tax payments made on the 15th of March. the cash position could be promptly adjusted by permitting Treasury bill
APRIL 271929.]
FINANCIAL CHRONICLE
2741
to run off without new issues;and,conversely,if receipts fell below estimates.
the cash requirements could be met promptly, without the necessity of F. J. Thiel Resigns as Assistant Treasurer of the
excessive borrowing in advance to provide a margin of safety.
United States.
In the third place, these bills could be made to mature on the actual,
Frank J. Thiel, Assistant Treasurer, of the United States,.
rather than the nominal, dates of tax collection.
To illustrate: It should be possible to have adequate bill maturities on the has resigned from the Treasury, effective April 30, to
17th, 18th and 19th of March, for instance, at a time when income tax become a member of the banking and brokerage firm of
payments are actually credited to the Treasury at the Federal Reserve
Banks, as contrasted with our certificates, all of which mature on the 15th M. J. Meehan & Co., members of the New York Stock
of March, and most of which are presented for payment that day. The Exchange. The Associated Press dispatches from Washingeffect of this would be to save the money market from the disturbance which ton April 23, referring to the large amount of money which
would take place every quarter-day were it not for the special intervention
passed through Mr. Thiel's hands as Assistant Treasurer.
of the Federal Reserve Banks.
In the fourth place, the discount rate having been fixed by the market said:
itself, the securities having been bought for cash by those who mean either
At the beginning of the war he handled perhaps the largest gold shipment
to hold them as an investment or for secondary distribution, they would not in history when he transferred $50,000,000 in new gold coins from the
be subjected to the same pressure as our present certificates, which, being mint at Philadelphia to the Sub-treasury in New York.
paid for by deposit credit,itself an inducement to subscribe, are frequently
-•-•-. --__
•
Immediately resold at less than par, with damage to the Government credit.
Fifth, ordinarily it would not be necessary to sell any considerable amount President Hoover, Urging Respect for Law Before
of bills at times of temporary stringency and high money rates, such, for
Associated Press Says Life and Property Are More
instance, as prevailed in March of this year; and the Treasury would,on the
Unsafe in United States than in any Other Civilized
other hand, be in position to take full advantage of periods of ease.
And, finally, the Government would, I think, get the full benefit to be
Country.
derived from furnishing to the public a new instrument for the employment
At the annual luncheon of the Associated Press, held at
of temporary surplus funds, which, because of its frequent and convenient
maturities, should prove most popular.
the Waldorf-Astoria, this city, on April 22, President Hoover
In conclusion, let me emphasize that there is no intention to undertake
discussing the subject of Law Enforcement, which he reanything revolutionary or to overturn a system which has proved so eminently satisfactory in the past, but to supplement it and improve it by ferred to as "the dominant issue before the American
rendering it more flexible, more closely adjusted to our current financial people," declared that what we are facing to-day is "the
needs, and more economical in its general operation.
The success of our new program will depend. in large measure, on the possibility that respect for law as law is fading from the
attitude of the bankers of the country. They have always loyally co-oper- sensibilities of our people." The President declared that
ated with the Treasury in the past, and I trust you will feel that the con"a surprising number of our people, otherwise of responsisiderations I have just outlined carry sufficient weight to justify your
bility in the community, have drifted into the extraordinary
whole-hearted co-operation and support in the future.
notion that laws are made for those who choose td obey
them. And in addition, our law enforcement machinery
is suffering from many infirmities arising out of its tech- •
nicalities, its circumlocutions, its involved *procedures, and
too often, I regret, from inefficient and delinquent officials."
In his speech the President averred that "life and property
are relatively more unsafe than in any other civilized country in the world." "No one," he said, will assert "that such
crime would be committed if we had even a normal respect
for law and if the laws of our country were properly enforced." In stating that only a small percentage of the
The Reserve Advisory Council, which met in a mysterious session
here
Friday [April 19] also heard a discussion of the new financing plan. Gov- crimes can be attributed to the prohibition law, the Presernment bonds are handled through the Reserve banks which act as fiscal ident said that of the total number of convictions for felony
agents for the Trensury Department.
last year only 8% came from that (the 18th Amendment)
Council Action Still a Mystery.
The Reserve Advisory Council meeting remained just as much a mystery source. He pointed out that "the duty to enforce the law
as ever today and it was stated at the Reserve Board that no statement rests upon every public official, and the duty to obey it rests
would be forthcoming. It was generally understood that the council reupon every citizen." The President again drew attention
ceived a detailed report on developments in the credit market since the
last meeting in February, and since the Reserve Board started its cam- to his proposal "to establish a national commission to study
paign to check speculative use of bank credit, Feb. 7.
and report upon the whole of our problems involved in
Members of the Council sought complete information as to the results
of the board's campaign and as to what future steep were contemplated. criminal law and its enforcement" to which he alluded in
The Council will have another meeting in May.
his inaugural address, given in our issue of Match 9, page
It was understood that the new financing policy to be proposed by 1490. In his address this week
he said "possibly the time
Mellon will permit the Treasury Department to work more closely with
is at hand for the press to systematically demand and supthe Federal Reserve Board in dealing with the credit situation.
Official silence has not been broken relative to the mystery meeting of port the reorganization of our law-enforcement machinery
Friday, but it was generally accepted that the Reserve Council came to
Washington to recommend that the Reserve Board permit the establish- —Federal, State and local—so that crime may be reduced,
ment of higher rediscount rates.
and on the other hand to demand that our citizens shall
The resolution, which the Council adopted, presumably reflecting its
awake to the fundamental consciousness of democracy which
sentiment as to the discount rate question, has not yet been presented to
the Reserve Board. After running up against a stone wall with but one Is that the laws are theirs and that every responsible memmember of the Reserve Board favorable to rate increases, some
member ber of a democracy has the primary duty to obey the law."
of the Advisory Council evidently pocketed the resolution.
The President's address before the Associated Press
The Board itself was considerably mystified because it did not receive
the resolution, which one member of the Council declared had been adopted. follows:
New Treasury Financing Said to Have Approval of
Federal Reserve Board—"Mystery" Meeting of Federal Advisory Council a Week Ago.
The Treasury Department's proposed new financing, which
was announced this week, and to which we refer elsewhere
in this issue, was taken up with the Federal Reserve Board
laid week and was understood to have the approval of its
members, according to a Washington dispatch April 21 to
the New York "Journal of Commerce," which said:
The board held a special meeting after adjournment of the council for the
particular purpose of receiving any communication that might be offered.
There was none.
There now seems little probability that the Reserve Board will abandon
its policy, enunciated by Governor Roy A. Young in Cincinnati some time
ago, of refusing to sanction increases in the rediscount rates except as a
last resort. If there should be a heavy expansion in bank credit toward
the speculative market it might become necessary for the board to authorize
rate increases.
The board's majority feels that higher rates would react unfat orably
gainst business, industry and agriculture. Furthermore, it would have
the tendency to pull gold from abroad, and this Government does not
wish to upset the international economic equilibrium again by establishing a new magnet for European gold.
Officials pointed out that while in Congress it frequently has been contended that the Board was sacrificing domestic interests for the benefit of
England and other European countries, these countries are America's best
customers for agricultural and industrial products. It is the interests of
the 'United States to keep European business in a healthy state, these
officials said.
Friday's meeting demonstrated fairly clearly that there is a wide divergence of opinion within the Reserve system as to what steps should be taken
to reduce the amount of bank credit going into the speculative market.
It demonstrated likewise that the Reserve Board apparently is in a powerful position that does not intend to be driven from its policy by the Reserve banks.
Since the Advisory Council members represent the various districts it
was assumed that a majority of the banks favor increasing rates. There
seems no doubt, however, that some of the banks are with the Federal
Reserve Board.
Friday's meeting was attended by representatives of ten Federal Reserve
districts. San Francisco and Dallas were not represented.
An item regarding the Advisory Council's meeting with
the Board appeared in our issue of April 20, page 2556.
Mr. Noyes, Members and Friends of the Associated Press:
I have accepted this occasion for a frank statement of what I consider
the dominant issue before the American people. Its solution is more
vital to the preservation of our institutions than any other question
,
before us. That is the enforcement and the obedience to the laws of the
United States, both Federal and State,
I ask only that you weigh this for yourselves, and if my position is. •
right, that you support it—not to support me but to support something.
infinitely more precious—the one force that holds our civilisation.
together, and that is the law. And I wish to discuss it as law, not as tothe merits or demerits of a particular law, but all law, Federal and
State, for ours is a government of laws made by our people themselves.
A surprising number of our people, otherwise of responsibility in the
community, have drifted into the extraordinary notion that laws are
made for those who choose to obey them. And in addition, our lawenforcement machinery is suffering from many infirmities arising out
of its technicalities, its circumlocutions, its involved procedures, and too
often, I regret, from inefficient and delinquent officials.
Lawleaneas in U. S. Compared With That in Other Countries.
We are reaping the harvest of these defects now. More than 9,000
human beings are lawlessly killed in the United States each year. Little
more than half as many arrests follow. Less than one-sixth of these
slayers are convicted, and but a scandalously small percentage are adequately punished. Twenty times as many people in proportion to population
are lawlessly killed in the United States as in Great Britain. In many of
our great cities murder can apparently be committed with impunity. At
least fifty times as many robberies in proportion to population are committed in the United States as in the United Kingdom, and three times as
many burglaries.
Even in such premeditated crimes as embezzlement and forgery our
record stands no comparison with other stable nations. No part of the
.country, rural or urban, is immune. Life and property are relatively
MICITO unsafe than in any other civilized country in the world. In spits
2742
FINANCIAL CHRONICLE
of all this we have reason to pride ourselves on our institutions and the
high moral instincts of the great majority of our people. No one will
assert, however, that such crime would be committed if we had even a
normal respect for law and if the laws of our country were properly
enforced.
Eighteenth Amendment Responsible for only 8% of Crime.
In order to dispel certain illusions in the public mind on this subject,
let me say at once that while violations of law have been increased by
Inclusion of crimes under the Eighteenth Amendment and by the vast
sums that are poured bath the hands of the criminal classes by the patronage
of illicit liquor by otherwise responsible citizens, yet this is only one
segment of our problem. I have purposely cited the extent of murder,
burglary, robbery, forgery and embezzlement, because only a small percentage of these can be attributed to the Eighteenth Amendment. In
fact, of the total number of convictions for felony last year, less than
8% came from that source. That is, therefore, but a sector of the invasion
of lawlessness.
Respect for Law Fading.
What we are facing today is something far larger and far more fundamental—the possibility that respect for law as law is fading from the
sensibilities of our people. Whatever the value of any law may be, the
enforcement of that law written in plain terms upon our statute books is
not, in my mind, a debatable question. Law should be observed and must
be enforced until it is repealed by the proper processes of our democracy.
The duty to enforce the law rests upon every public official and the duty
to obey it rests upon every citizen.
No individual has the right to determine what law shall be obeyed
and what law shall not be enforced. If a law is wrong, its rigid enforcement is the surest guarantee of its repeal. If it is right, its enforcement
Is the quickest method of compelling respect for it. I have seen statements published within a few days encouraging citizens to defy a law
because that particular journal did not approve of the law itself. I leave
comment of such an attitude to any citizen with a sense of public responsibility.
In my position, with my obligations, there can be no argument on
these points. There is no citizen who would approve of the President of
the United States assuming any other attitude. It may be said by some
that the larger responsibility for the enforcement of laws against crime
rests with State and local authorities and it. does not concern the Federal
Government. But it does concern the President of the United 'States,
both as a citizen and as the one upon whom rests the primary responsability of leadership for the establishment of standards of law enforcement
in our country. Respect for law and obedience to law does not distinguish
between Federal and State laws—it is a common conscience.
After all, the processes of criminal-law enforcement are simply methods
of instilling respect and fear into the minds of those who have not the
Intelligence and moral instinct to obey the law as a matter of conscience.
The real problem is to awaken this consciousness, this moral sense, and
If necessary to segregate such degenerate minds where they can do no
future harm.
Problems in Government.
We have two immediate problems in Government before us; First, to
Investigate our existing agencies of enforcement, and, second, to reorganize
our system of enforcement in such manner as to eliminate its weakneeses. It is the purpose of the Federal Administration systematically to
strengthen its law-enforcement agencies week by week, month by month,
year by year, not by dramatic displays and violent attacks in order to
make headlines, not by violating the law itself through misuse of the
law in its enforcement, but by steady pressure, steady weeding out of all
Incapable and negligent officials no matter what their status; by encouragement, promotion and recognition for those who do their duty, and
by the most rigid scrutiny of the records and attitudes of all persons suggested for appointment to official posts in our entire law-enforcement
machinery. That is administration for which my colleagues and I are as
fully responsible as the human material which can be assembled for the
task will succeed. Beyond this, I wish to determine and, so far as possible,
remove the sources of inherent defects in our present system that defeat
the most devoted of our officials.
Every student of our law enforcement mechanism knows full well that
it is in need of vigorous reorganization; that its procedure unduly favors
the criminal; that our judiciary needs to be strengthened; that the method
of assembling our juries needs revision; that justice must be more swift
and sure. In our desire to be merciful the pendulum has swung in favor'
of the prisoner and far away from the protection of society. The sympathetic mind of the American people in its over-concern about those who are
in difficulties has swung too far from the family of the murdered to the
family of the murderer.
Proposed National Commission to Study Law Enforcement.
With a view to enlisting public understanding, public support, accurate
-determination of the facts, and constructive conclusions, I have proposed
to establish a national commission to study and report upon the whole of
our problems involved in criminal law and its enforcement. That proposal
has met with fmtifying support, and I am sure it will have the co-operation
of the bar associations and crime commissions in our various States in the
widespread effort now being made by them. I do not propose to be hasty
In the selection of this commission. I want time and advice, in order that
I may select high-minded men, impartial in their judgement, skilled in the
science of law and our judicial system, clear in their conception of our
institutions. Such a commission can perform the greatest of service to our
generation.
Part Played by Press in Enforcement.
There is another and a far wider field than the nature of laws and the
methods of their enforcement. This is the basic question of the understanding the ideals, the relationship of the individual citizen to the law
Itself. It is in this field that the p ess plays a Ominent part. It is almost
final in its potency to arouse the interest and consciousness of the American people. It can destroy their finer sensibilities or it can invigorate
them. I am well aware that the great majority of our important journals
day by day give support to these high ideals.
I wonder, sometimes, however, if perhaps a little more support to our
laws could not be given in one direction. If instead of the glamour of
romance and heroism which our American imaginative minds too frequently
throw around those who break the law, we would invest with a little
romance and heroism those thousands of our officers who are endeavoring
to enforce the law it would itself decrease crime. Praise and respect for
these who properly enforce the laws would help. Perhaps a little better
proportioned balance of news concerning those criminals who are convicted
and punished would serve to instill the fear of the law.
I need not repeat that aboslute freedom of the press to discuss public
inestiorui is a foundation stone of American liberty. I put the question,
[VOL. 128.
however, to every individual conscience, whether flippance is a useful or
even legitimate device in such discussions.
I do not believe it is. Its effect is as misleading and as distorting of
public conscience as deliberate misrepresentation. Not clarification, but
confusion of issues in the public mind arise from it
Our people for many years have been intensely absorbed in business, in
the astonishing upbuilding of a great country, and we have attempted to
specialize in our occupations, to strive to achieve in our own specialties and
to respect competency of others in theirs. Unconsciously, we have carried
this psychology into a state of mind toward government. We need to regard
the making of laws and their administration as a function of a group of
specialists in government whom we hired for this purpose and whom we call
public servants. After hiring them it is our purpose casually to review
their actions, to accept those which we approve and to reject the rest.
This attitude of mind is destructive of self-government, for self-government is predicated upon the fact that every responsible citizen will take
his part in the creation of law, and that he will also take his part in the
obedience to law and the selection of officials and methods for its
enforcement.
Duties of Citizens.
Finally, I wish to reiterate that the problem of law enforcement is not
alone a function or business of government If law can be upheld only
by enforcement officers, then our scheme of government is at an end. Every
citizen has a personal duty in it—the duty to order his own actions, to so
weigh the effect of his example that his conduct shall be a positive force
in his community with respect to the law as law.
I have no criticism to make of the American press. I greatly admire
its independence and its courage. I sometimes feel that it could give more
emphasis to one phase or another of our national problems, but I realize
the difficulties under which it operates. I am wondering whether the time
has not come, however, to realize that we are confronted with a national
necessity of the first degree, that we are not suffering from an ephemereal
crime wave but from a subsidence of our foundations.
Possibly the time is at hand for the press to systematically demand and
support the reorganization of our law-enforcement machinery—Federal,
State and local—so that crime may be reduced, and on the other hand to
demand that our citizens shall awake to the fundamental consciousness of
democracy, which is that the laws are theirs and that every responsible
member of a democracy has the primary duty to obey the law.
It is unnecessary for me to argue the fact that the very essence of freedom is obedience to law; that liberty itself has but one foundation, and
that is in the law.
And in conclusion let me recall an oft-repeated word from Abraham
Lincoln, whose invisible presence lives hourly at the very desk and in the
very halls which it is my honor to occupy. He said:
"Let every man remember that to violate the law is to trample on the
blood of his father and to tear the character of his own and his children's
liberty. Let reverence for the laws be breathed by every American mother
to the lisping babe that prattles on her lap. Let it be taught in the
schools, in seminaries, in colleges. Let it be preached from the pulpit,
proclaimed in the legislative halls and enforced in the courts of justice,
and, in short, let it become the political religion of the nation, and let
the old and the young, the rich and the poor, the grave and the gay of all
sexes and tongues and colors and conditions sacrifice unceasingly upon
Its altar."
Former Senator Bruce Takes Issue with President
Hoover on Part Played by Prohibition in Lawlessness.
Sharp issue was taken on April 22 by former United
States Senator William Cabell Bruce -with President Hoover
for the latter's use of statistics, in his address at The Associated Press luncheon in New York, purporting to indicate
that prohibition plays a minor part in national lawlessness.
A New York "Times" despatch from Baltimore on April
22 reports Senator Bruce as saying:
"Perhaps I do not understand just what Mr. Hoover means by saying
that of the total number of convictions for felony last year less than 8%
came from the source of the dry law.
"He loses sight of the fact, apparently, that except in a State or so
violations of prohibition legislation were not felonies until the irrational
and monstrous Jones law was passed by Congress a few weeks ago.,
"Mr. Hoover should have inquired as to what percentage of crime of
every State is made up of convictions for violations of dry laws.
"If I am not mistaken, in some jurisdictions such convictions constitute
some 80% of all convictions for crime in the Federal courts.
"It is true that there was too much crime in the United States before
the adoption of the Eighteenth Amendment, but beyond all question it is
the general spirit of lawlessness bred by such an imbecilic and tyrranous
statute as the Yolstead act which is responsible for the rampant criminality which prevails throughout the country at present.
"Mr. Collins, the former chief of police of Chicago, expressed the
opinion that to prohibition mainly is attributable the frightful prevalence
of crime in that city. The gangman, the thug and the ordinary murderer is
frequently but a post-graduate bootlegger.
"In stressing general law enforcement, Mr. Hoover simply tries again to
sidle away from the stern reality of prohibition.
"Until it came into being, what lawyer or layman ever heard any complaints about the inability of the Federal courts effectively to enforce any
law?"
President Hoover Points Out to Senator McNary Ten
Weaknesses of Export Debenture Plan In Farm
Relief Bill—Proposal A Subsidy Which Would
Cost Treasury $200,000,000 Year.
Ten weaknesses in the export debenture plan embodied
in the Senate farm relief bill introduced by Senator MeNary
of Oregon on April 18, are cited by President Hoover in a
letter addressed to Senator MeNary on April 20. Features
of the plan were indicated in these columns April 20, page
2568. President Hoover declares that "the issue of debentures
to export merchants and their redemption in payment of
Import duties amounts to a direct subsidy from the United
APRIL 27 1929.]
FINANCIAL CHRONICLE
.States Treasury." He adds that "if the plan proposed be
generally applied, it would cost in excess of $200,000,000 a
year, as it would decrease the Treasury receipts by such
an amount." The President also points out that "the plan
would require a substantial increase in taxes." It is the
opinion of the President "that the theoretical benefits would
not be reflected to the American farmer; that it would create
profiteering; that it contains elements which would bring
American agriculture to disaster." With his letter to
Senator McNary, President Hoover also transmitted an
'analysis of the plan by Secretaries Mellon, Hyde and Lamont
of the Treasury, Agricultural and Commerce Departments
respectively. These we give elsewhere in this issue of our
paper. The following letter addressed by President Hoover
to Senator McNary:
THE WHITE HOUSE.
Washington, April 20 1929.
The Honorable Charles L. McNeil',
United States Senate.
•
My Dear Mr. Senator: On April 12th I received a call from yourselfand
Senators Capper, Heflin, Norbeck and Ransdell, acting as a subcommittee
of the Senate Committee on Agriculture, requesting my opinion on the
"export debenture plan" for agricultural relief, since it is a complete departure from the principles already debated during the campaign.
I informed the committee that I would request an analysis of the plan
by the Departments of Agriculture, Treasury and Commerce, and would
transmit them to the committee, together with my conclusions after investigation, The Departments have given it earnest consideration and I
have just received and studied these reports which I transmit to you herewith.
The principale of this plan, as set out in the draft bW of your committee,
which is before me, is to issue a Government debenture to products in
amount of one-half of the tariff on such products—such debentures to be
redeemed by presentation for payment of import duties. The assumption
Is that by creating a scarcity through stimulating exports the domestic
price will rise above world prices to the amount of the debenture—that is,
If the debenture on wheat exports is 21 cents a bushesl, the price of wheat
will be 21 cents higher in the domestic market than in the world market.
I am aware of the arguments put forward in favor of the plan by some
of our agricultural organizations, and the arguments of other farm organizations in opposition to it. The proposers advance it in the utmost good
faith and earnest desire to assist in solution of a great problem, and I regret
deeply that I cannot agree that this provision would bring the results
expected. On the contrary, I am convinced that it would bring disaster
to the American farmer.
The weaknesses of the plan as set forth in the Senate bill may
be summarized as follows:
Weaknesses of Plan.
1. The issue of debentures to export merchants and their redemption
In payment of import duties amounts to a direct subsidy from the United
States Treasury. If the plan proposed be generally applied, it would cost
In excess of $200,000.000 a year, as it would decrease the treasury recipts
by such an amount.
2. The first result of the plan, if put into operation, would be a gigantic
gift from the Government and the public to the dealers and manufacturers
and speculators in these cormnodities. For instance, in the principal
export commodities the value of the present volume of stocks in possession
of these trades would, if the plan worked, rise by from $200,000,000 to
$400,000.000 according to different caluclations, without a cent return to
the farmer or consumer. Every speculator for a rise in our public markets
would receive enormous profits. Conversely, if after this elevation of prices
the plan were at any time for any reason withdrawn, the trades would suffer
a like loss and a long line of bankruptcies must ensue. But in the meantime
the trades, out of fear of withdrawal or of reduction in the subsidy, would
not engage in normal purchase and distribution. Either exorbitant margins
would be required or, alternatively, the farmer would be compelled to
himself hold the nation's stocks until there was a demand for actual consumption.
3. If the increased price did reflect to the farmer, the plan would stimulate overproduction and thereby increase world supply, which would in turn
depreciate world prices and consequently decrease the price which the farmer
would receive, and thereby defeat the plan. Stimulation of production
has been the outstanding experience abroad where export subsidy has been
applied. Overproduction will defeat the plan, and then, upon its withdrawal, agriculture would be plunged into a catastrophe of deflation from
overexpanded production. The farmers' difficulties to-day are in some
part due to this process after the war.
4. The stimulation of production of certain commodities would disturb
the whole basis of diversification in American agriculture, particularly in
the cotton and wheat sections, where great progress is now being made
toward a more stable basis of agriculture.
5. Although it is proposed that the plan should only be installed at
the discretion of the Farm Board, yet the tendency of all boarde is to use
the whole of their authority, and more certainly in this case in view of the
pressure from those who would not understand its possibility of harm,
and emphatically from the interested dealers in the commodity.
8. It is not proposed to pay the debentures of subsidies to the farmers,
but to the export merchants, and it seems certain that a large part of it
would not be reflected back to the farmer. It offers opportunity for manipulation in the export market, none of which would be of advantage to the
farmer. The conditions of competitive marketing at home and abroad
and the increased risks would absorb a considerable part of its effect into
the distribution and manufacturing trades. Moreover, the theoretical
benefits would be further diminished by the fact that debentures would sell
constantly at a discount, for the reason that persons paying duties upon
imports would not take the trouble to accumulate the debentures and lose
Interest on them unless obtainable at a discount.
7. The provision of such an export subsidy would necessitate a revision
of the import tariffs. For instance, an export subsidy of 2 cents a pound
on raw cotton would mean the foreign manufacturers would be receiving
cotton at 2 cents a pound less than the American manufacturers, and the
foreigner could ship his manufactured goods back into the American market
with this advantage. As the subsidy, in many cases, is larger than the
freight to foreign ports and back, it raises large opportunities of fraud in
return shipment activities.
8. Export bounties are recognized by many nations as one form of dumping. I am advised that a similar action by another nation would be conStilled as a V1014001) of our own laws. Such laws are In force in the °rind-
2743
pal countries of our export markets and, to protect their own agriculture
would probably lead to action which would nullify the subsidy given by us.
9. A further'serious question arises again Of the plan did have the effect
Intended) where the foreign producer of animals would be enabled to purchase feed for less than the American farmer producing the same animals.
For instance, the swine growers in Ontario would be able to purchase American corn for less than the American farmer across the border, and it would
tend to transfer the production of pork products for export to Europe
from the United States to Canada. It would have the same and probably
even more disastrous effect in dairy products.
10. The plan would require a substantial Increase in taxes, as no such
expenditure or depletion of revenues as this plan implies could be paid from
marginal income of the Government, more particularly in view of the very
large increased expenditures imposed by the naval program, flood control
and other branches of farm relief.
Altogether, from the above reasons, it is my opinion that the theoretical
benefits would not be reflected to the American farmer: that it would
create profiteering; that, it contains elements which would bring American
agriculture to disaster.
The introduction of such a plan would also inevitably confuse and minimize the much more far-reaching plan of farm relief, upon the fundamental
principles of which there has been general agreement.
Yours faithfully.
HERBERT HOOVER.
Secretary of Treasury Mellon in Advices to Senator
McNary Likens Export Debenture Plan in Senate
Farm Bill to Cash Bounty on Exports—Program
Would Depress World Prices and Increase American
Prices.
Tht views of Secretary of the Treasury Mellon on the
export debenture proposal contained in the farm relief bill
introduced by Senator McNary were set out in a communication addressed tO the Senator on April 19, at the instance
of President Hoover. "The issuance of a Treasury debenture," says Secretary Mellon, "is indistinguishable in principle and in its effect on the Treasury from a cash bounty
on exports." "If issued in large amounts," he says, "It is
likely that the debentures will sell at a very considerable
discount, which would not only deprive the farmer of a
portion of the benefit arising from the debenture rate but
represent a bonus to importers and would seriously dislocate
the tariff schedules." "The second major question," Secretary Mellon says, "Is whether it is economically desirable
to pay a cash bounty on the exports of a commodity which
is already produced in excess of domestic requirements. I
think not Exports would be stimulated and under the
pressure of a consequent decreased domestic supply domestic
prices would rise. This would stimulate increased production. In the meanwhile, increased exports dumped on the
world markets would depress world prices. * * There
Is no doubt, I think, but that the effect of this program
would be to depress world prices and to increase domestic
prices. * * * As production increased in this country under
the stimilus of higher domestic prices there would be a
constant tendency for the bounty benefit to melt away."
In another item will be found the criticisms of President
Hoover, and we are also giving elsewhere in this issue the
views of Secretary of Agriculture Hyde and Secretary of
Commerce Lamont on the debenture plan, an item regarding which appeared in our issue of April 20, page 2568.
Secretary Mellon's views were set out as follows:
The Secretary of the Treasury.
Washington, April 19, 1929.
My dear Senator McNary:
The President has requested me to express to you the opinion of the
Treasury Department of the principle underlying the so-called export
debenture plan of farm relief.
As outlined in a number of bills which have been introduced in Congress, the general plan provides for the issuance of export debentures
by the Secretary of the Treasury to -exporters of such agricultural commodities, or products thereof, as are specified in the bills or which may
be designated by a proposed farm board. The debenture rates are prescribed by the bills, or the board, with power in the board to change the
rates from time to time. The rates fixed by the recent bills are half
the existing tariff rates on the same commodities, except that for tobacco
and cotton the rates have been fixed at 2 cents a pound. The debentures
will be receivable at par within one year of date of issue in payment of
customs duties. In some of the bills the total amount of debentures that
may be issued in any one year is limited in some manner relative to the
customs receipts. In others there is no such limitation.
Generally speaking, the bills also provide for a reduction of the debenture
rate, and even for total suspension in the event of a very great increase
in domestic production of the commodity in question.
The issuance of a Treasury debenture is indistinguishable in principle
and in its effect on the Treasury from a cash bounty on exports. Nor ii
it apparent that payment in debentures rather than in cash offers any
advantages. Quite the contrary, if the bounty is paid in cash, the farmer
in whose interests the plan is devised will more nearly get the full
benefit, whereas it is inevitable that he will receive considerably less
than the face value of the debenture. The debentures must inevitably
sell at a discount if for no other reason than that they involve certain
inconvenience and will entail a considerable cost in handling and marketing,
and, since they do not bear interest must inevitably be charged with the
cost of carrying them until presentation at a custom house. Ultimately
most of them will find their way to New York, where approximately
half of our customs receipts are paid, and presumably they will be
2744
FINANCIAL CHRONICLE
dealt in there at quotations which may vary widely, depending on the
amount of debentures issued and the demand therefor, seasonal and otherwise. Machinery will have to be set up for transferring debentures from
'Galveston, let us say, to New York and for their sale there, which will
necessarily involve banking and brokerage charges.
If issued in large amounts, as they may well be, it is likely that the
debentures will sell at a very considerable discount, which would not only
deprive the farmer of a portion of the benefit arising from the debenture
rate, but represent a bonus to importers, and would seriously dislocate
the tariff schedules fixed by the Congress. It is not apparent, even
admitting the desirability of paying an export bounty, why machinery
should be set up the effect of which might be to permit the Importation
of, let us say, butter from Denmark or wool from Australia at rates lower
than those established by law.
Such a method for reducing rates would unqueetionably injure some
American farmers in order to benefit other farmers, whereas if a cash
bounty were paid, the latter would get the full benefit and there would
.be no dislocation of the tariff schedules, such as might prove injurious to
our present manufacturing prosperity, which is an important factor in supporting the farmer's domestic market.
The second major question is whether it is economically desirable to
pay a cash bounty on the exports of a commodity which is already
produced in excess of domestic requirements. I think not. Exports would
be stimulated, and under the pressure of a consequent decreased domestic
supply, domestic prices would rise. This would stimulate increased production. In the meanwhile, increased exports dumped on the world market
would depress world prices, thus depriving the producer of the full benefit
of the contemplated bounty. There is no doubt, I think, but that the effect
of this program would be to depress world prices and to increase domestic
xprices, and to give to the American producer a price higher than he would
otherwise obtain, the increase, however, not being by the full amount of
the cash bounty. But as production increased in this country under the
stimulus ot higher domestic prices there would be a constant tendency for
the bounty benefit to melt away.
It is true that, recognizing this tendency, the various plans proposed
-provide, in the event of sharply increased production, for a gradual diminution of the bounty and even its entire suspension. As framed, however,
this action would appear to be too long delayed to be truly effective. And
there is a very real danger that a substantial increase will take place
in domestic production, lending to the automatic suspension of the bounty,
and that the farmer will then find himself in a worse situation than he is
today.
The truth is that the real justification for a bounty on exports is
to encourage dimestic production up to a point where the country will
be economically self-sufficient. The principle has no application where a
country is already producing more than enough to meet its domestic
requirements, and under these circumstances an export bounty would seem
to be an illogical and unsuitable instrument for effecting a readjustment
of domestic prices.
The experience of European countries with bounties on sugar may be
of interest in connection with this proposal for a bounty on American
agricultural products. The original purpose of the foreign bounties was
to stimulate production rather than to increase the income of the agricultural population. A cash bounty was paid the producers of sugar and
the results desired were obtained. In Germany it was planned to cover
the costa of the production bounty on sugar by collections from an internal
revenue tax on the domestic consumption of sugar, but production increased
so far out of proportion to the domestic consumption that within a comparatively few years the net effect was not to produce revenue. Some
time thereafter the sugar bounties so far exceeded the revenue form the
sugar tax that the Treasury sustained a considerable loss, while sugar was
being sold abroad at considerably less than the domestic price, and somewhat less than the actual cost of production. Consequently, the bounties
of such sugar production had to be removed. There were no limits to
production in the granting of such bounties.
Moreover, it is hardly to be assumed that foreign countries with important agricultural interests to protect will permit their producers to
be subjected to a price war subsidized from the United States Treasury
without adopting protective measures. It is higly probable, therefore,
that they will levy countervailing tariff rates, equal in amount to our
export bounty, thus entirely nullifying the effect of the latter as an
aid to our producers and drawing the amount of the bounty funds into their
own treasuries. The United States was one of the first nations to place
countervailing duties against the bounty-produced sugars of the various
Zuropean countries.
It is apparently contemplated to apply the plan to products of which
we produce a surplus and which are on the free list, notably cotton. This
must inevitably given rise to insuperable administrative difficulties in order
to avoid wholesale fraud. Agan, considerable difficulty is now encountered
in the administration of the customs laws in determining the component
material of chief value in an imported article. In the light of this experience there would be even greater administrative problems in working
out the debenture or bounty rate in the case of articles manufactured
from agricultural products.
It seems unnecessary to point out that the program will, of course,
entail a sharp 'diminution in customs receipts, accompanied by increased
expenses of administration and a corresponding need for supplementing
the loss by increased taxation along other lines. This in itself is by no
means a serious objection if the plan could fairly be said to promise
substantial benefit to American agricultural producers.
Very truly yours,
A. W. MELLON.
Hon. Charles L. McNary, United States Senate.
Analysis by Secretary of Commerce Lamont of Export
Debenture Plan in McNary Farm Bill.
In the view of Secretary of Commerce Lamont the total
cost to the public of the export debenture plan in the socalled McNary Farm Relief Bill would be approximately
$518,000,000, of which $369,000,000 would be increased
cost on domestic consumption and $149,000,000 public
revenues spent on paying bonds. Secretary Lamont makes the
statement that."if there was an increase in production, and
assuming that all the increase would be put on the export
market,it would no doubt result in some depression of world
price levels, and the theoretical gain would not be realized
[VOL. 128.
by the producers nor would the theoretical cost be the
same to the consumers." He also says:
The bill provides that when increased acreage of production reaches
15% the debenture plan then becomes inoperative and shall be withdrawn.
The effect of this would be to leave the industry with an increased production and no protection. Evidently it Is the thought of those who have
prepared the bill that some means would be found of both raising the prices
and controlling production.
Secretary Lamont's analysis of the plan, was submitted
in the form of a memorandum which accompanied the letter
addressed to Senator McNary by President Hoover in which
the latter drew attention to objectionable features of the
plan. The letter of President Hoover will be found under
another head in this issue of our paper. Secretary Lamont's
memorandum follows:
An analysis of the export debenture scheme as contained in the Ketcham
bill H.R. 12892.
John D. Black ("The Annals," Volume OXLII, March 1929, page 381)
makes the following statement as to the principles involved in the export
debenture plan:
"The essential principle of the export debenture plan is the paying
of a bounty on farm products in the.form of negotiable instruments called
debentures which can be used by importers in paying import duties. The
price of domestic farm products would be raised to the extent of the bounty:
likewise prices to consumers. The revenues of the government would be reduced by the amount of the export debentures issued. The maximum
height of the export bounty Is the import duty: otherwise a return-flow
of the product would set in."
In the Jones
-Ketcham bill the rates which are designated are equivalent
to one-half of the present import duties on the commodities named, while
in the case of cotton and tobacco a rate of two cents a pound is experienced.
To make the debenture plan effective it would be necessary to put a tariff
on cotton to prevent a back-flow of the commodity.
The following statistical analysis is a rough estimate of the increase to
Producers and cost to public, based on estimates by the United States
Department of Agriculture, of the quantity sold of each commodity:
THEORETICAL INCREASED COST TO PUBLIC OF SPECIFIED
COMMODITIES.
Increased
Quantity
Debent.
Item—
Sold.a.
Role.
Value.
Hogs (lbs.)
$12,500,000,000
$31,000,000
Si
Cattle (lbs.)
b13,500,000,000
118,000,000
Ii
Corn (bus.)
37,000,000
500,000,000 80.0714
Wheat (bus.)
.21
680,000.000
139,000,000
Rice (lbs.)
1,109,000,000
.01
11,000,000
Cotton (lbs.)
7,800,000,000
.02
156,000,000
Tobacco (lbs.)
1,300,000,000
26,000,000
.02
Total
8518,000,000
a Average total quantity sold by farmers in the production years 1925-28, 1926-27,
1927-28. b Average of the rates for cattle weighing less than 1,050 pounds and cattle
weighing 1,050 pounds or more.
Theoretical value of debentures, based on three year's exports of specified
articles:
Av. Exports Debenture
Value of
Product—
1925-26-27.
Rate.
Debenture.
Pork (1,000 lbs.)
$1,100,000 $0.0014
$4,070,000
Wheat (1,000 bus.)
184,724
.21
38,792,040
Corn (1,000 bus.)
18,087
1,356,525
.0714
Rice (1,000 lbs.)
164,730
.01
1,647,300
Cotton (1,000 lbs.)
4,657,601
.02
93,152.020
Tobacco (1.000 lbs.)
492,137
.02
9,842.740
Cattle (negligible)
$148,860,625
If the above estimate on cost to the public were calculated on the total
crop produced, instead of the portion going to market, the figures would
be approximately 20% higher, due mainly to the fact that only 15% of the
corn crop is marketed.
In making this calculation it is assumed that the export bonus would be
fully effective in raising the price. The total cost to the public would be
approximately 8518,000,000, of which $369,000,000 would be increased
cost on domestic consumption and $149.000,000 public revenues spent on
Paying bonds.
The above calculation, of course, is only an estimate and does not represent actually what would happen.
If there was an increase in production, and assuming that all the increase
would be put on the export market, it would no doubt result in some
depression of the world price levels, and the theoretical gain would not be
realized by the producers, nor would the theoretical cost be the same to the
consumers. The bill provides that when increased acreage or production
reaches 15%. the debenture plan then becomes Inoperative and shall be
withdrawn. The effect of this would be to leave the industry with an
increased production and no protection. Evidently it is the thought of
those who have prepared the bill that some means would be found of both
raising the prices and controlling production.
It might be observed, also, that it would be much simpler to pay a straight
export bounty. It would have the same effect and would cost the public
exactly the same amount and be simpler In operation.
Possibility of Retaliation by Foreign Countries Under Anti-Dumping Laws.
It should be pointed out that practically all countries, with two or three
exceptions, have anti-dumping laws. It is possible the debenture plan would
be interpreted as an export bounty and export dumping, since products
would be sold in foreign countries at lower prices than in this country.
Foreign countries have used export certificates. especially Germany.
Czechoslovakia and Sweden. In none of the cases is the situation comparable to the proposed debenture plan. In the first place, the export
certificates are given on grain, but are only usable for the re-importation
of grain.
In both Sweden and Czechoslovakia the scheme apparently is to facilitate
the export of certain grades and varieties of grain anti imports of other
varieties or grades without paying duty.
When the plan was first adopted in Germany the country as a whole
was on an import basis when all grains were considered. However, Northeast Germany had a surplus, especially of rye, but in shipping this to
Southwest Germany the railway freight and other charges made the prices in
Northwest Germany considerably lower than in Western Germany. Originally the idea was to give Northeast Germany world price, plus the tariff,
without raising prices in Western Germany, and in this way practically
equalizing the price over the whole country. The export certificates issued
in Northeast Germany were used to pay Import duties on grain into West
Germany. However, when product.on was stimulated in Northeast Germany and the number of certificates exceeded the imports, they provided
for a time for using the certificate for paying on both coffee and petroleum.
APRIL 27 1929.]
FINANCIAL CHRONICLE
There was a protest against this, however, as it amounted to using
potential public funds for paying a bounty. The new law enacted in 1925
limits the certificates to the payment of duty on grain. There is also in
effect in both Norway and France an export certificate scheme applying to
wheat, due to the fact that both countries must import certain amounts of
hard wheat for blending. They use an export certificate on the exportation
of soft wheat, which can be used in turn to pay tariff on the importation of
hard wheat.
2745
(6) Cotton, 2 cents per pound.
(7) Tobacco, 2 cents per pound.
Debenture Certificates Negotiable cad Redeemable at Per,
The debenture certificate would be negotiable and redeemable at par
by the bearer in the payment if import duties within one year from the
date of issuance. Except in so far as exporters of debenturable commodities are also importers, the certificates necessarily would be sold
sufficiently below par to induce importers to use them in preference to
Objections of Secretary of Agriculture Hyde to Export cash in the payment of import duties.
Foreign experience shows that import or export certificates usually sell
Debenture Plan in Senate Farm Bill.
at some discount from par vane. To the extent, at least, of such disIn submitting to Senator McNary his views on the work- count, the farmer would lose the full effect of the subsidy in the price
received of the amount of such debenture certificate.
ings of the export debenture plan carried in the Senate form heRevenue from import duties
would be reduced by the total face value
relief measure, Secretary of Agriculture Arthur M. Hyde of the debentures issued. The extend of this loss to the Treasury would
states that as a consequence of the operation of the plan equal the debenture rate times the quantity exported of each of the
debenturable commodities. If the plan had
in operation in
"there would be a tendency informing to shift from many three fiscal years 1926 to 1928 on the basis ofbeen volume of exportsthe
in
the
lines of production toward the production of debenture those years, the annual average loss to the Treasury on account of the
seven commodities specified in the bill would have been $153,000,000, or
commodities." "This -would," Secretary Hyde observes, "at
26.2% of the average of all customs receipts for these years.
least temporarily disturb established production programs.
In practice, however, the loss to the Treasury would have oeen greater
Furthermore should the support of prices provided through than indicated in this table because of increased exports. An increase in
the price of these products by the amount of the export debenture (less
this plan be removed, the debenture commodities would be
the figure at which the certificates would have sold below par) probably
left in an overstimulated condition and agriculture would would have stimulated production and would have tended to decrease dostand to suffer accordingly." Secretary Hyde also contends mestic consumption. The degree to which production might be stimulated,
however, would depend upon the level of prices
the
that an increase in our exports of a commodity would tend the debentures and the prospects for increased resulting from the use of
expanincomes through
to depress world prices. This he argues "would tend to sion of farm operations.
The administration of the proposed plan would not be difficult. On a
reduce the effectiveness of the debentures and necessitate
strictly theoretical basis it should increase the
further increases in debenture rates in order to maintain debenturable farm commodity by the amount ofdomestic price of each
the export debenture,
prices." Other views on the debenture 'plan—those of less the discount on the certificate, and provided competition between
exporters in bidding up the domestic price was sufficinetly effective to
President Hoover, Secretary of the Treasury Mellon, and
amount of the world price, plus the debenture, less the dishold
Secretary of Commerce Lamont,—will be found under countthe full certificte.
on the
separate headings in this issue of our paper details of the
Applying the debenture rates to the average estimated sales by farmers
plan were given in these columns a week ago, page 2568 of debenturable commodities for the three fiscal years 1926 to 1928 gives
an annual average increase of $515,000,000 in the gross value of the seven
The following is Secretary Hyde's communication to Sen- debenturable products marketed by farmers. As a matter of fact, this
ator McNary on the effect of the plan:
sum could hardly be realized because, as already indicated, it is not reasonable to assume that the debenture rate could be translated in full into
Department of Agricuulture.
higher prices to producers, since the debentures would exchange only at
Washington, April 20, 1929.
some discount. Furthermore, it is possible that exporters may not bid
Hon. Charles L. MoNary,
prices up to the full extent of the debenture, less the normal exchange
United States Senate.
discount on the certificate.
Dear Senator:
It is therefore possible that exporters might be in a position to derive
At the request of the President, I am offering you my comments on
an extra profit by not reflecting in prices paid to farmers the real value
the export debenture plan in the Ketcham bill, H. R. 12892, Seventieth
of the debentures. In order to dispose of the surplus, the exporter would
Congress, first session:
have to make some price concessions to meet the competition from other
"A bill to foster agriculuture and to stabilize the prices obtained
for countries, and this would tend to depress world prices.
agricultural commodities by providing for the issuance of export debent'As a consequence of an increase in domestic prices of debenturable
ures upon the exportation of such commodities."
commodities, production would be stimulated. Production of debenturable
Sections 1 to 4 and 10 to 17 of this bill are in the main similar to commodities has materially increased following the adoption of debenture
other farm relief measures providing for a Federal Farm Board, loans and plans in foreign countries. In an effort to prevent overstimulation in
other encouragement to cooperative marketing associations, price insur- this country II. R. 12892 (Section 8 B) provides for a so-called 'flexible
ance, be. Sections 5 to 9, to which this analysis will be confined, include rate' of debentures. If the board should find that the average annual
the so-called "debenture plan."
production of any debenturable stock commodity of the average acreage
The export debenture plan proceeds upon the hypothesis that it should of any other debenturable agricultural commodity 'for the last two
be the policy of the Government to raise the level of domestic prices for preceding years has exceeded the average annual production or acreage of
farm products and to dispose of the surplus upon the world markets at such commodity from the seventh to the third preceding year, the board
the Government's expense. The discussion of the plan which follows is may invoke the flexible debenture."
based on this hypothesis and logically falls under four heads:
If this increase should be more than 5% but less than 10%, the debenture
(1) Would the debenture plan be an effective and convenient means rate would be reduced 25%. Should the increase be 10% but less than
of accomplishing this purpose?
15%, the reduction would be 50%, and should the increase be 15% or
(2) What would be the probable cost of this plan?
more, the issuance of debentures shall be suspended for a period of one
(3) What would ho the probable consequences to agriculture of the year.
operation of this plan?
It is very doubtful that the flexible rate provision on the bill would
(4) What has been the experience of foreign countries that have tried have any material influence in checking the expansion in production.
somewhat similar plans?
The average annual acreage of wheat harvested in the past five years has
Before discussing these questions, it is necessary to outline the prin- been in round figures, 55,500,000 acres.
cipal provisions of the debenture plan in this bill.
Under the proposed plan, the producers would be free to increase their
Section 6 designates swine, cattle, corn, rice, wheat, cotton and tobacco average acre in the first two years of this debenture plan by 5% before
as "debenturable commodities." Other farm products, produced in quan- being obliged to accept a reduction of 25% in the export debenture.
tities beyond domestic requirements and on which a tariff is levied,
In other words, the farmers could increase the acreage from 55,500,000
may be added to this list by presidential proclamation, if it is found
that to more than 58,000,000 acres before the export debenture of 21 cents
the cost of producing the commodity in the United States is greater than would be reduced to 15% cents. It is hardly reasonable
to suppose that
the cost of producing such commodity in competing foreign countries.
the farmers who harvested an annual average of about 55,500,000 acres of
No attempt will be made here to analyze the possibility of
using wheat in the past five years for an average price of about $1.20 per bushel
differences in cost of production as a standard for extending this plan would be induced not to expand production by the fear of having to accept
to farm products other than the seven products specified in the bill.
an increase of only 15% cents over this price instead of an increase of
It should be noted, however, that since much time would be
required 21 cents, the full amount of the debenture.
in determining the cost of production here and abroad, it would
It appears from our study of the effect of export debentures in other
not be
possible to resort to this feature of the plan in time to meet
emergencies countries that it has operated to increase production. In Germany from
due to severe depression in the price of a commodity under the
weight 1890-93 to 1909-13, under the operation of the plan, the acreage of wheat
of an exceptional surplus.
remained substantially the same, but the average production increased
from 104,000,000 to 152,118,000 bushels, an increase of 46%.
Seven Specified Commodities.
In the same country the acreage in rye increased from 14,203,000 to
My comments will be confined to the seven specified commodities. The
15,387,000, whereas the average production increased from 245,449,000
Secretary of the Treasury is directed to issue to any exporter, under bushels to
445,222,000 bushels, an increase of 81%. Substantially the
regulations prescribed by the Federal Farm Board, export debentures same results were realized
with respect to oats and barley. The experience
in the form of negotiable certificates npon the exportation of debent- with it in Sweden has been
for a relatively short time, but it appears that
ureable farm products. The following rates are specified:
the wheat area of that country has expanded from 303,000 acres in 1925
(1) Swine, one-quarter of one cent per pound; fresh pork, three-eights to 574,000 acres in 1927, and that the average production has increased
of one cent per pound; bacon, hams, shoulders and other pork, prepared from 13,359,000 bushels
to 16,151,000 bushels. This increase in yields,
or preserved, one cent per pound; lard, one-half of one cent per pound.
no doubt, was due partly to the increased use of fertilizers and better
(2) Cattle weighing less than one thousand and fifty pounds, three- cultural methods in Germany as in other countries.
fourths of one cent per pound; cattle weighing one thousand and fifty
As a consequence of the operation of the debenture plan there would
Pounds or more, one cent per pound; fresh beef and veal, 1% cents per be a tendency
in farming to shift from many lines of production toward
pound.
the production of debenturable commodities, especially those with a short
(3) Corn and maize, including cracked corn, 7% cents per bushel of production cycle—grain and cotton, for example—the acreage of which
fifty-six pounds; corn grits, meal and flour and similar products, 15 cents could be increased greatly from one
year to the next in the expectation
per one hundred pounds.
of realizing quickly the benefits of the debenture. This would, at least
(4) Paddy or rough rice, one-half of 1 cent per pound; brown rice
disturb established production programs. Furthermore,
temporarily,
(hulls removed), five-eights of 1 cent per pound ; milled rice (bran reshould the support of prices provided through this plan be removed, the
moved), 1 cent per pound; broken rice and rice meal, flour polish and debenturable commodities would be
left in an overstimulated condition
barn, one one-quarter of a cent per pound.
and agriculture would stand to suffer accordingly.
(5) Wheat, 21 cents per bushel of sixty pounds; wheat flour, semolina,
An inquiry might well be made into the probable effect of the debenture
crushed or cracked wheat and similar wheat products not specially provided plan upon existing farming. In some sections,
notably the South, where
for, 52 cents per one hundred pounds.
leaders of agriculture thought are putting their efforts behind programs
2746
FINANCIAL CHRONICLE
of diversified farming, it might result disastrously by putting a premium
upon the one-crop system. The same inquiry might well be made with
reference to those States which have made considerable advancement in
developing the dairy industry.
It should be noted, also, that an increase in our exports of a commodity
would tend to depress world prices. This would tend to reduce the effectiveness of the debentures and neccessitate further increases in debenture
rates in order to maintain prices.
While the debenture bill provides for flexible debenture rates with
respect to an increase in production, it does not provide a means for
making debenture rates responsive to changes in world prices. If, for
instance, world conditions of competition and demand affecting a debenturable commodity should be such as to raise the world price to a satisfactory level, there is no provision in this bill for reducing debentures.
Should the world price level of a commodity rise materially, there would
still be an enhancement of the domestic price above the world level by
the amount of the effective debenture. This would tend to give an abnormal
stimulus to production.
In considering this or any similar plan, it is important to give careful
consideration to both sides of the proposal, lest the alluring prospects
of an immediate increase in prices of the debenture commodities should
obscure the dangers that go with such a plan.
Sincerely yours,
ARTHUR M. HYDE, Secretary.
House Passes Farm Relief Bill—Export Debenture Plan
Carried in Senate Bill Not in House Measure.
The House on April 25, by a vote of 367 to 34, passed
the Haugen farm relief bill, providing for the appointment by the President of a Federal Farm Board, and
making provision for a revolving fund of 8500,000,000 to
promote the marketing of agricultural products. The
House measure is understood to be in accord with the
views of President Hoover, whose objections to the export
debenture plan carried in the Senate bill, are noted elsewhere in these columns to-day. In our issue of April 20
(page 2568) we indicated that the Ways and Means Committee of the House had rejected both the export debenture plan and the equalization fee. Despite the objections
voiced by President Hoover the Senate Committee on
Agriculture on April 22, by a vote of 8 to 6, decided to
retahl the export debenture plan in the Senate bill. Regarding the Senate bill Associated Press advices from
Washington, April 23, stated:
In the Senate the Agricultural Committee's bill containing the debenture section was reported by Chairman McNary with the statement that unless this provision was removed President Hoover would
veto the legislation.
Presenting the Senate Farm Bill, which, except for the debenture
plan, is similar in general scope to the House measure, Senator
McNary declared he would vote against the debenture section because
he felt it was a subsidy and because he considered it certain that Mr.
Hoover would disapprove any bill which contained it.
Senator Caraway of Arkansas, one of the Democrats who took a
leading part in writing the debenture plan into the Senate bill, con•
tended that the arguments set forth by the President in opposition to
the plan were similar to those advanced by interests which in the past
have desired "to fatten off the seat of agriculture."
The Senate gave close attention to Senator McNary as he detailed
the purposes of the Farm Bill under discussion on that side of the
Capitol. The Senator asserted that the heart of the measure was the
stabilization corporations, one of which would be set up for each crop
in need of attention.
The Committee Chairman contended that co-operative marketing had
not been as successful as it might have been in the past because when
a co-operative lost money the farmers dropped their memberships.
Under the present bill, he declared, the Government would underwrite
temporary losses and in this way keep the co-operatives going until
systematic methods finally brought profit to their operations.
McNary Bill Attacked.
Democratic Senators took the view, however, that the new Farm
Bill would make co-operative marketing more difficult of success than
under the McNary-Haugen bill. Senator Robinson of Arkansas, the
Democratic leader, asserted that the bill's success was predicated on
the assumption that co-operatives would flourish. He contended that
the measure did not provide for compulsory co-operation. Instead, he
said, a farmer would become inclined to stay out of co-operatives
because he would receive the benefits of co-operation without any
assessment against him such as would have been made by the equalization fee.
This view was also taken by Senators Walsh of Montana, Glass of
Virginia, Democrats, and Howell of Nebraska, a Republican, who
formerly supported the fee.
Leading the fight for the debenture plan, Senator Caraway contended that the Farm Bill without the proposal would fail to bring
relief.
From Washington, April 25, advices to the New York
"Journal of Commerce" said:
Defeat in Senate Seen.
Strong indications that the debenture plan is doomed for defeat in
the Senate was given today following a caucus of Democratic Senators
who met to find some common ground on which they may stand with
relation to the pending farm legislation. It appeared that a sufficient
number of Democrats would vote against the debenture plan to kill
it in the Senate.
No effort was made to bind the Democratic Senators to any provisions of the pending bill or to any measure. Following the conference it was disclosed that many of the Senators favored the debenture plan.
However, while a majority of the Democratic Senators may be
expected to vote for the debenture plan in the Senate, there will be
,an appreciable number who will oppose it.
(VOL. 128.
Six Democratic Senators have indicated clearly that they will not
vote for the debenture plan. They are Senators Kendrick of Wyoming and Ransdell of Louisiana, who voted in committee against the
debenture plan, and Walsh of Massachusetts, Copeland and Wagner
of New York and King of Utah. There are a number of other
Democratic Senators who have said they were inclined to vote against
the proposal, although they have not fully made up their minds. In
this group are Senators Broussard of Louisiana and Hawes of
Missouri.
There was some discussion at the conference today of the proposal
of Senator Copeland of New York to substitute the old equalization
fee plan of the McNary-Haugen bill of the last Congress for the
The sentiment of the majority, however,
debenture proposition.
appeared to be against an attempt to revive the equalization fee on
it was not practicable to write it into law.
the theory that
The conference of Democrats held today was the first of a series
of such conferences. At the conclusion of today's conference, Senator
Robinson, the Democratic leader and chairman of the conference, made
the following statement:
"The conference was called to discuss the bill now before the Senate relating to farm relief. It is not contemplated that any attempt
shall be made to bind the members of the conference to vote for or
against any particular provision or measure. The discussion in the
conference disclosed the fact that many Senators in attenaance believe
that the incorporation of the debenture plan will prove immediately
helpful.
"The relation of the tariff to the subject of farm relief is recognized
in view of the President's purpose to ask revision of some schedule.
My personal feeling is that it is probable the farm situation will be
made worse as a result of tariff legislation at this time.
"Unless the debenture or some simpler plan is made possible, the
result of any tariff revision which may be fairly expected will be to
increase the cost the farmers must pay for necessary manufactured
commodities. It is expected that further conferences will be held
from time to time in order that Democratic Senators become acquainted
with the viewpoints of their associates and function as intelligently and
effectively as may be practicable.
"The chairman of the conference was authorized to request the
co-operation of the Commerce Committee and of other Senators in
relation to emergency amendments to the Flood Control Act of 1928,
particularly with respect to the provisions relating to compensation
for flowage rights in spillways and emergency protective works on
tributaries.
"While there was some discussion of the equalization fee plan, in
my opinion, it was not believed to be practical to secure its incorporation in the pending bill."
The make-up of the present Senate is fifty-five Republicans, thirtynine Democrats and one Farmer-Labor Senator, Shipstead of Minnesota. The Farmer-Labor Senator will vote for the debenture plan.
Polls of the Republican side of the Senate indicate that not more than
twelve Republicans will support the debenture plan. This would
leave forty-three Republicans voting against the debenture plan, with
six Democrats also voting in opposition to that plan. There would
be a total of forty-nine votes against it to a possible forty-six in
favor of it.
While the Democrats were meeting in party conference, some of the
Republican leaders of the Senate met with Senator Watson of Indiana,
the Republican Leader, and informally decided to oppose the debenture plan and to do all they could to prevent its final inclusion in
the bill.
Associated Press advices from Washington on April 24
regarding the Senate bill said:
The equalization fee figured in the Senate debate on farm relief
today as well as in the House. Senator Copeland, Democrat, of New
York, proposed it as a substitute for the debenture plan, which, he
contended, would be rejected on a Senate vote. The New Yorker
took the position that it was necessary to have some method of
financing farm relief in any legislation enacted to that end.
Senator Copeland said his amendment proposed the equalization fee
in the same language as it stood in the McNary-Haugen bill.
Senator Norris, Republican, of Nebraska, also offered an amendment providing for a decrease of debenture rates whenever the proposed Farm Board found that an excess of any export debenturable
product was probable.
In the House on April 24, when general debate on its
bill was closed, amendments offered to the bill were noted
as follows in the Washington advices to the "Times":
Fee Proposal Ruled Out.
Representative Cannon of Missouri proposed the "equalization fee"
as an amendment. This plan, which was adopted by the House three
times and was the reason for President Coolidge's vetoes on two
occasions, received scant consideration. It was ruled out on a point
of order, its rejection being applauded by both sides.
An attempt to lay the groundwork for offering the controversial
debenture plan as an amendment to the bill was overwhelmingly defeated. Representative Cannon had proposed that the bill contain a
lay-down of the policy that in stabilizing agriculture the board should
"make the tariff effective."
Representative Lehbach of New Jersey offered an amendment providing that appointments to the establishment to be set up by the
farm board be under the Civil Service Commission. It was opposed
on the ground that it would restrict the board in seeking the aid of
experts and was beaten.
Also the passage of tbe bill by the House on April 25,
by a vote of :167 to 34, we take the following from the
Washington advices to the "Journal of Commerce":
• In piling up this unprecedented majority, four-fifths of the Democrats joined all Republicans save two. It is believed this support will
eNert a helpful influence in the Senate, where progressive and Democratic opposition is going after the Hoover plan.
Except for three minor clarifying amendments offered by members
of the House Agriculture Committee, the bill as it passed was in the
form it came from the conunittee. Amendment after amendment wasrejected with a chorus of "noes" throughout the day, the same as
on Wednesday when the reading of the bill was begun.
Pass Up Record Vote.
The export debenture scheme was ruled out on a point of order
the same as was the equalization fee provision on the previous day.
Aram 27 1929.]
FINANCIAL CHRONICLE
When time for the final vote drew near supporters of the bill were
so numerous that neither the debenture plan nor the equalization fee
advocates sought a test of strength of these proposals. They passed
up opportunity to get record vote, which could have been had on a
motion to recommit the measure. Instead, Representative Cannon
(Dem.) of Missouri, fee proponent, offered a motion witn an amendment providing a basis for the Board to fix rate of interest to be
charged for loans. On a rising vote the count was 63 to 302 and a
roll call was not even demanded.
The bill as oassed by the House creates a Federal Farm Board of
six members and the Secretary of Agriculture with revolving funds
of $500,000;000 and broad powers to assist farmers in stabilizing
prices through their co-operative organization. It is not intended so
much as a surplus control act as a merchandising bill. In that respect it differs materially from the Senate bill, which is designated
as an "agricultural surplus control act."
Representative Mapes
(Rep.) of Michigan, presiding, in ruling out the debenture made the
point that the House bill "does not deal with surplus, certainly only
incidentally."
The House bill now goes to the Senate, where that body already is
considering the McNary bill containing the export debenture scheme
and several other features objectionable to the Administration. The
President's friends are confident that they have the debenture beaten,
although realizing a long fight is ahead. They are hopeful that the
Senate bill will not be so seriously out of line, but that it can be
made to conform to the President's views in conference.
Former President Coolidge to Become Director of New
York Life Insurance Co.
It was made known on April 10 that former President
Calvin Coolidge is to become a director of the New York
Life Insurance Co., succeeding the late Myron T. Herrick
Ambassador to France. Darwin P. Kingsley, President of
the company, announced that Mr. Coolidge had been
nominated to the directorship at a meeting of the board
on April 10 and that he would be regularly elected at a
meeting of the directors on May 8.
Former President Coolidge Elected a Councillor of
National Industrial Conference Board, Inc.—Paul
M. Warburg Also Elected a Councillor.
Ex-President Calvin Coolidge has been elected a Councillor
of the National Industrial Conference Board, it was announced at the monthly meeting of the Board at the Hotel
Astor, on April 18, by the President of the Board, Magnus
W. Alexander. The election as Councillors of Dr. Frank
Goodnow, President of Johns Hopkins University, Baltimore, Maryland, of Dr. Michael Pupin, Professor at Columbia University, and of Paul M. Warburg, Chairman of the
International Acceptance Corporation, New York City„
also was announced on this occasion. In addition to those
just elected, the following are now serving as Councillors
of the Board:
Nicholas Murray Butler, President, Columbia Univ., New York City.
William L. Clause, Chairman, Pittsburgh Plate Glass Co.,Pittsburgh. Pa.
Philip T. Dodge, Chairman, Mergenthaler Linotype Co., New York City.
Irenee du Pont,Chairman Finance Committee, E. I. du Pont de Nemours
& Co.. Wilmington, Del.
Eugene G. Grace, President, Bethlehem Steel Corp., South Bethlehem,
Pa.
Arthur T. Hadley, President Emeritus, Yale University, New Haven,
Conn.
Hale Holden, Chairman, Executive Committee, Southern Pacific Co.,
New York City.
Hon. Alanson B. Houghton, Ambassador to the Court of St. James.
Charles Evans Hughes, Hughes, Schurman & Dwight, New York City.
Samuel Insult, President, Comonwealth Edison Co., Chicago, Ill.
Cornelius F. Kelley, President, Anaconda Copper Mining Co., New York
City.
Leonor F. Lome, President, Delaware & Hudson Co., New York City.
Nathan L. Miller, General Counsel, United States Steel Corp.. New York
City.
Charles Nagel, Nagel & Kirby, St. Louis, Mo.
William H. Nichols, Chairman
clhemical St Dye Corp., New York
City.
Silas H. Strawn, Chairman. Montgomery Ward & Co., Chicago, Ill.
Melvin A. Traylor, President, The First National Bank, Chicago,
George M. Verity, President, American Rolling Mill Co., Middletown,
Ohio.
tf. Herman Westinghouse, Chairman, Westinghouse Air Brake Co.. New
York City.
Owen D. Young, Chairman. General Electric Co., New York City.
New York State Attorney General's Office Investigates
Foreign Ford Stocks—Examines Firms That Took
Deposits for New Offerings—Air Stocks Also Sifted.
The following is from the New York "Times" of April
23:
The Attorney General's office is investigating offerings of stocks
of foreign subsidiaries of the Ford Motor Company and in aviation
,companies, it was revealed yesterday by Watson Washburn, Deputy
Attorney General in charge of the Bureau of Securities. Houses that
have accepted deposits of cash on foreign Ford stocks and agencies
offering aviation securities of doubtful value are the ones on which
Mr. Washburn's office is seeking information.
"We have about twenty agencies or firms which have offered foreign
Ford stocks under investigation," said Mr. Washburn. "Some of these
offered Ford stocks for sale without making very definite moves for
its delivery, while others counted on obtaining the stocks from established firms and reselling them at a profit. We have been investigating to see what was done with these deposits. In some eases
we required better bookkeeping.
further.
"Some of the agencies offering
men with unsavory records, and
advisable for us to follow closely
2747
In one case we are investigating
foreign Ford stocks are backed by
for this reason alone it would be
what is done with deposits.
Little Chance to Get Stocks.
"We have not found any cases where investors were unable to obtain the return of their deposits against Ford stock purchases. Apparently, it is not generally realized that there are practically no chances
that any appreciable amount of these stocks will reach tins country.
The intent of some of these companies is evidently to persuade investors to invest cash originally deposited for Ford stock, which would be
of worth if actually received, in other securities of less certain value.
The use of good stocks as a bait to entice investment in doubtful'
stocks is an old dodge, and the Ford situation has afforded a new
variant.
"The great advance in price of Ford of Canada and to a lesser
extent of Ford of England, gave the cue to others besides reputable
financial houses. Now that Ford of Germany, Ford of Belgium and
Ford of France are issuing stock, the undesirables have taken advantage of the situation. They do not make their offers of stocks to
persons of foreign derivation but, trading on the name of Ford, to
all classes. It is to insure that the substantial amounts of cash
deposited for these issues are properly handled that we have started
our investigation.
Capitalize Aviation Popularity.
"The popularity of aviation issues affords another example of how
the undesirables are quick to follow trends of fashion in the security
markets. In this field we find agencies recommending investors to
buy certain aeronautical issues of reliable backing which later net
them a market profit. Then the investors are in a mood where it is
sometimes easy to persuade them to buy aviation issues in which the
elements are not so good."
Mr. Washburn said that while the excitement in the foreign Ford
stocks might die down as a result of the restrictions against Americans buying them, the future of aviation promised to hold the public's
attention for years to come and that therefore aviation stocks would
probably give the Bureau more work than the Ford stocks.
Ford Motor Car Co. of Canada to Be Listed.
Toronto (Ontario).—Canadian Press advices, April 22,
are taken as follows from the "Times":
Application has been made for the listing of the new Class Z and
B shares of the Ford Motor Car Company of Canada, Ltd., on the
Toronto Stock Exchange and trading will start in a few days. When
the present financing is completed Ford of Canada will have outstanding 100,000 of no par value voting shares and approximately
1,700,000 non-voting no par ordinary shares. The listing of these
securities on the local market will mean the passing of the active
trading from New York to Toronto.
Steel Pipe of U. S. in European Trust—British and Canadian Manufacturers Also Join International Cartel.
From the "Evening Post" we take the following Associated Press account from Brussels, April 25:
American, British and Canadian manufacturers of piping have
joined the international cartel for pipes and tubes, it was announced
here today. An agreement has been concluded between these Manufacturers and continental producers for the period ending March 31,
1935, but it may be abrogated in March, 1930, if the German Piping
Syndicate is not renewed.
The agreemeent applies to all gas, water and steam pipes, and to
pipes for drilling tubes for oil and to conduit pipes. It provides for
quotas and fixer maximum prices in certain categories.
The signatories agreed not to export their product into countries
adhering -to the international agreement. Canada is no longer included in the United States continent, but is reckoned as an independent unit.
Other cartel activities included the international rail cartel which,
because Americans have now officially joined the group, one of them
becoming a member of the board, will be known as the International
Railmakers' Association, instead of European Railmakers' Association.
An agreement concluded last March for renewal of the cartel period
of five years has been signed by representatives of the various groups.
The next statutory meeting in June will consider the price question.
The international drawn wire cartel will meet this week to discuss
a new price list.
The Continental cartel for hoop iron and tube stripe, which is now
meeting in Brussels, decided to maintain current prices until the
meeting in May reconsiders the question.
Frank H. Warder Resigns As New York State Superintendent of Banks—New Superintendent J. A. Broderick
—Robert Moses to Investigate Department Incident
to Failure of City Trust Co.—Mutual Trust to Begin
Shortly.
Frank H. Warder, whose term of office as New York
State Superintendent of Banks would have expired on
July 1, tendered his resignation to Gov. Roosevelt under
date of April 19; his resignation was accepted by the
Governor on April 22, on which date Joseph A. Broderick
was sworn in as the new Superintendent. Mr. Broderick,
as was stated in these columns March 30, page 2021, was
named by Gov. Roosevelt on March 23 to take the place
of Mr. Warder as Superintendent, when the latter's term
expired two months' hence. Mr. Warder in submitting his
resignation to the Governor said:
Honorable Franklin D. Roosevelt,
Governor of the State of New York, The Capitol.. Aatanz, N. Y.
My dear Governor Roosevelt:
8
274
FINANCIAL CHRONICLE
As my friends know I had under consideration for some time the
matter of tendering my resignation as Superintendent of Banks. However, the closing of the City Trust Company seemed to me to make
it imperative that I defer tendering my resignation and that I bend
all possible efforts so that depositors of that institution would be paid
in full.
Through these efforts and with the co-operation of a number of
leading bankers a new institution known as the Mutual Trust Com.
pany has been formed with a capital and surplus of $5,000,000 for
the purpose of taking over the affairs of the City Trust Company on
condition that the depositors be paid in full.
On Tuesday last Supreme Court Justice McCook signed an order
permitting the sale of the assets of the City Trust Comp.ny to the
• Mutual Trust Company, and the organization certificate of the new
trust company has been filed in the department and was approved
April 19, 1929.
I am officially advised today that the entire capital and surplus of
the Mutual Trust Company, $5,000,000, has been paid in in cash,
thereby assuring that the affairs of the City Trust Company will be
taken over by strong financial interests and that the depositors will
receive full payment of their claims.
Having accomplished this I feel justified in carrying out my previous resolution to resign as Superintendent of Banks and I beg to
tender you herewith my resignation to take effect at the earliest date
agreeable to you and to my successor.
May I take this opportunity to thank you for the courtesy shown
to me during your administration?
Respectfully yours,
• FRANK H. WARDER.
A statement given out by Mr. Warder on April 22 is
taken as follows from the "Herald Tribune":
"The necessity for closing the City Trust Company and the matters
which led to this were most regrettable. The death of the man
(Francesco M. Ferrari) who was responsible for the condition of the
bank led both to the discovery of these conditions and to the closing
of the institution. I at once recognized the complicated state of
affairs. I was proud of the fact that for over a dozen years no
depositor had lost a dollar through the failure of any incorporated
bank or trust company in this State, and in addition I was most
anxious that some way be devised so that the tremendous number of
small depositors should suffer no loss. The responsibility for handling this situation was mine and I think the result accomplished
fully justifies the course I have taken.
"In connection with this matter there has been some clamor in
one or two newspapers. The articles may have been sensational,
but they did not help the unfortunate depositors who were my main
concern. Certain sensational stories have been circulated, such, for
illustration, as that my rent had been paid by some one connected
with the City Trust Company. This statement is unqualifiedly false.
I have my personal records showing the payment by me of the rent
monthly, and no one other than myself ever paid or contributed to
the payment of my rent in this or any other instance. When renting
my apartment references were asked and advice was given that
inquiries might be made of any bank or banker. I do not know
whether or not such inquiries were made. If any guaranty was given
for the payment of my rent it was not done so with my knowledge.
Certain other stories are equally false.
"I am gratified that notwithstanding the difficulties of the situation
I have been able to render a real service in this unfortunate matter,
and I take this opportunity to thank the constructive press of this
city for its cooperation."
[VOL. 128.
The announcement followed a conference of more than an hour
yesterday afternoon with Joseph A. Broderick, newly appointed State
Superintendent of Banks, in which the collapse of the City Trust
Company was discussed. Colonel Lehman would not comment beyond
the declaration of his intention to appoint the commissioner, who is
said in Albany not yet to have Seen named.
Previous requests for a Moreland act inquiry were reiterated yesterday in a letter to Mr. Lehman from Leon Leighton, lawyer for
City Trust Company depositors.
The appointment of Robert Moses, former Secretary of
State, as Commissioner under the Moreland Act to investigate the Banking Department, was announced as follows at Albany by Acting Gov. Lehman:
"I am unwilling to have any question remain respecting any State
official or the efficiency of any State Department. That would interfere with the business of the State and lessen the confidence the
people have in their Governmeent. I have therefore determined after
careful consideration to supplement the investigation now being carried
on by the District Attorneys of New York and Kings Counties through
the appointment of a Moreland Act Commissioner."
From the "Journal of Commerce" of yesterday (April
26) we take the following:
Through the appointment of a Moreland Act Commissioner, the circumstances surrounding the failure of the City Trust Company and
the affairs of the State Banking Department will be subjected to four
inquiries. Joseph A. Broderick, the present Superintendent of Banks,
will conduct a departmental inquiry, and the district attorneys of
Kings and New York Counties will also make investigations. Mr.
Broderick stated yesterday that the four investigations will be conducted in close co-operation.
A voluntary petition in bankruptcy was filed yesterday in the Federal Court by the Federal Securities Corporation, organized by the
late Frank M. Ferrari and whose assets consisted largely of the
stocks of the City Trust Company. Attached to the petition was
an affidavit of J. P. Vincent Labate, President of the corporation,
asking for the appointment of a receiver.
The Federal Securities Corporation was formed in 1926. The company had planned the offering of $1,000,000 in securities to consist
of 200,000, $5 par value, Class A stocks. It is understood that the
company's liabilities consisted largely in bank loans against the stocks
of the City Trust Company. No schedule of assets and liabilities has
been filed.
An account of the closing of the City Trust Company
appeared in our issue of March 23, page 1840, and the
plans to organize the Mutual Trust Company as successor
to the City Trust Company were referred to in these columns March 23, page 1841, and April 6, page 2213.
Southern Pacific RR. Grants Wage Increase to Shop
Workers.
The following from Ogden (Utah) appeared in the Wel
Street "Journal" of April 22:
The Southern Pacific RR. Co. has granted its 12,000 shop employee'
700 of whom work in the company's Ogden shops, the following increases in
hourly wages: Mechanics, 5 cents: helper apprentices, regular apprentices
and mechanic's helpers, 3 cents; differential helpers,4 cents: coach cleaners,
2 cents.
Announcing that Mr. Broderick had assumed his new
duties "with unqualified jurisdiction over his Department"
and that the new Mutual Trust Company would shortly Delinquent Corporations in New York State Which
Have Failed to Pay Franchise Tax for Five Years
begin business, Acting Governor Lehman on April 22
Face Dissolution Unless Payment Is Made by
stated:
June 30.
"In the unfortunate situation which arose through the closing of the
City Trust Company, Gov. Roosevelt and I have been very deeply
More thon 100,000 business corporations in New York
concerned to protect the interests of the many thousand depositors
State face dissolution and the revocation of their charters
of that institution.
"By the organization of the Mutual Trust Company, the deposi- this year, the Tax Commiss!on at Albany announced in a
tors of the City Trust Company are assured of the return to them
for publication to-day (April 27). The
of their deposits in full on the opening of the new bank. Consum- statement released
mation of the arrangement is an achievement of which the State and Commission says:
those individuals who co-operated in the undertaking may justly feel
proud. It not only protects a great many thousands of innocent
depositors, but continues unbroken the fine banking record of the
State under which no depositor has lost a cent in any bank under
the supervision of the department during the past twelve years.
"I am informed that the capital and surplus of the new Mutual
Trust Company in the amount of $5,000,000 has been paid in in cash
and that the bank will commence operations some time before May
15 and June 1. In the organization of this bank Mr. Warder was
helpful. The new company now having been organized and the
capital and surplus paid in, the necessity for his further connection
with the banking department no longer remains and he has accordingly resigned as Superintendent of Banks, and his resignation has
been accepted by Gov. Roosevelt.
"Mr. Broderick assumes his duties with unqualified jurisdiction
over his department. I am confident Mr. Broderick will give to the
Banking Department a most efficient, independent and businesslike
administration, and if any abuses are disclosed on his examination
he will immediately take steps to correct them.
"Charges have been made of criminal acts in connection with the
administration of the City Trust Company. I am advised that an
investigation of the affairs of the company has been, or is being, made
by the district attorneys of the counties in which its operations were
conducted. All books, records and employes of the Banking Department are at all times at the disposal of the prosecuting authorities,
and such officers will receive the fullest co-operation. If anyone has
evidence of criminal acts it is not only his or her privilege but clear
duty to submit such evidence immediately to the district attorney."
It was stated in the "Herald Tribune" of April 25 that
Acting Gov. Lehman announced at Albany on April 24 that
he would appoint a Moreland Act Commissioner to investigate the State Banking Department in connection with the
defunct City Trust Company. The paper quoted, said:
This number comprises the corporations which on June 30 1929 will be
delinquent for five years in reporting to the Tax Commission as required
by the Corporation Tax Law. Authority for the dissolution of the corporations is contained in chapter 297 of the laws of 1929 which Governor
Rooisevelt signed April 5. Many of the delinquent corporations are inactive
and a large percentage of these includes Realty corporations which apparently have suspended operation.
The Tax Conniiission is preparing now to certify to the Department of
State on June 30 upwards of 100,000 corporations which have not filed
an annual franchise tax return and have not paid an annual franchise tax
during the period of five consecutive years preceding the date of certification. Under the new law the Secretary of State is directed to make a
proclamation as to the corporations whose names are included in the
Tax Commission's list, declaring such corporations dissolved and their
charters forfeited. A copy of the proclamation is to be published in the
December issue of the State Advertising Bulletin. Upon the publication
of the proclamation the corporate existence of each company named therein
shall immediately cease and the company shall be deemed to be dissolved
without further legal proceedings.
The names of these corporations shall be reserved for a period of six
months during which no corporation shall be formed under a name the
same as any name so reserved, or so nearly resembling it as to be calculated
to deceive, nor shall any foreign corporation within six months be authorized to do business in this State under any of these names. After the six
months period has expired the names of the corporations dissolved will
be released for use of new companies. This will not only be an economy
of record keeping in the Department of Taxation and Finance and the
Department of State but it will tend to facilitate the organization of new
corporations desiring to do business in this state and especially those of
foreign corporations who are and have been desirous of locating and incorporating their businesses in New. York.
Several of the delinquent corporations have taken steps to avoid dissolution by paying up their taxes, penalties and interest charges for the last
five years. This is required to be done before June 30 otherwise the
APRIL 27 1929.1
FINANCIAL CHRONICLE
delinquents will be included in the list certified for dissolution. Even
though the revocations are not effective until after the publication of the
list in December all those companies which are delinquent June 30 will
be subject to dissolution. Six months after the date of the publication
and upon the payment of all franchise taxes, penalties and interest charges
and the payment of a fee of $50 to the Secretary of State the proceedings
accomplishing the dissolution of any corporation may be annulled and its
former corporate powers, rights, duties, and obligations may be restored.
Daylight Saving Time in Effect After Midnight To
Night (April 27).—Announcements by New York
and Chicago Federal Reserve Banks.
Daylight saving time will go into effect after midnight
to-night (April 27) when the clocks will be set forward one
hour. Regarding the change in time the Federal Reserve
Bank of New York issued the following notice April 22:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 908, April 22 1929.)
Daylight Saving Opening and Closing Time for Business to Be
Advanced One Hour.
To all Banks. Trust Companies, Savings Banks and Bankers in the Second
Federal Reserve District:
During the period beginning Monday, April 29 1929, and ending Saturday, Sept. 28 1929, this bank will open and close for business in accordance
with local time in New York City and in the City of Buffalo, which will be
advanced one hour at 2 o'clock on Sunday morning, April 28 1929.
Clearings at the New York Clearing House will take place during the
same period at 10 o'clock a. m., local time, which will be the equivalent of
9 a. m. Eastern standard time.
Clearings at the Buffalo Clearing House will take place during the same
Period at 10 o'clock on week days and 9:30 o'clock on Saturdays, local
Buffalo time, which will be the equivalent of 9 a. so. and 8:30 a. m. Eastern standard time, respectively.
GEORGE L. HARRISON, Governor.
The Federal Reserve Bank of Chicago issued the following
notice April 22:
The daylight saving ordinance In Chicago will again become effective
on April 28, and In compliance therewith Chicago banks will advance their
clocks one hour for the period April 28 to Sept. 29 1929.
There will be no change in banking hours, which are from 9 a. m. to 2
p. m. daily, except Saturday, when they are from 9 a. m. to 12 m.
2749
as Cashier, and later President, of the First National Bank.
In 1916 he was made the Senior Vice-President of the 'Na.-'
tional Bank of Commerce, now the Commerce Trust Co., of
Kansas City, and in 1921 he returned to Oklahoma as the
President of the Exchange National Bank of Tulsa. During the three years of his management its deposits increased
from 816,000,000 to 837,000,000. The Presidency of the
First National Bank of Tulsa was tendered to him and accepted by him in 1924. Mr. Brewer is a director of Phillips
Petroleum Co., the Kansas City Life Insurance Co.,the Mexico & Orient Ry., and the Anchor Life Insurance Co. In
1925 he succeeded Will H. Hays as National President of
the Phi Delta Theta.
Allotment of stock in the newly organized Hibernia Trust
Co. of New York, which will open for business at 57 William
Street about May 15, has been completed on an average of
about 10% of the total amount for which subscriptions were
received. The work of selecting the official staff for the trust
company has been practically completed, it is stated. An
item regarding the new institution appeared in our issue of
April 20, page 2573.
The annual field day of the Bond Club of New York
will be held this year on Friday, May 24, it was announced
this week by John D. Harrison, Chairman of the Executive
Committee in charge of the event. The outing will take
place at the Sleepy Hollow Country Club. The Executive
Committee in charge of the Bond Club field day is headed
by John D. Harrison of the Guaranty Company of New
York as Chairman and includes the following Vice-Chairmen: Frank E. Gernon of Hayden, Stone & Co.; David L.
George of George, Haines & Halsey, and Leonard J. Wyeth
of the International Manhattan Company. The chairmen
of the sub-committees in charge of various activities include:
Attendance, Edward H. Gilbert, Jr. of Grace National Bank; Golf.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. Frank T. Stanton of Harris, Forbes &Co.; Indoor Sports, Leslie L. Vivian
of Bayer, Pogue Pond & Vivian; Luncheon and Dinner, Ambrose W. BenPogue,
William M. Carson, Jr., of Morewood & Co. has sold his
membership on the New York Coffee & Sugar Exchange to
Farr & Co. for $28,000. Last preceding sale $29,500.
kert of Ames,
& Co.; Special Sports, Warren W. Ayres of Kean,
Taylor & Co.; Publicity, Everett T. Tomlinson, Jr., of Doremus & Co.;
Publications, Jacques S. Cohen of Bear, Cohen & Co.; Reception, Robert E.
Christie, Jr., of Dillon, Read & Co.; Stock Exchange, Nathaniel F. Glidden.
of Glidden, Morris k Co.; Tennis, Harold A. Throckmorton of Charles D.
Robbins k 0o.; Transportation, Don C. Wheaton of HatTis, Forbes & Co.;
Trophies, Winthrop Battles of Battles & Co.; Whippet Racing, E. Coe
Kerr of Hogue, Underhill & Co.
The stockholders of Bank of Commerce In New York
have approved the plans to the capital stock from $25,000,000 to $30,000,000. The rights to subscribe for the additional
stock previously granted to stockholders at the rate of one
At a meeting of the Corn Exchange Bank of this city on
share for each five shares held, at the price of $100 per April 24 the following changes among officials were deshare, expire April 30 1929. The increase in capital is inci- cided upon in conjunction with the plan to convert the Corn
dent to the proposed merger of the bank with the Guaranty Exchange Bank to the Corn Exchange Bank Trust Co., menTrust Company, the last reference to which in these columns tion of which was made in our issue of April 20, page 2574:
Walter E. Frew, at present President of the bank, will become Chairman
appeared in our issue of April 6, page 2215.
Dunham
William C. Potter, President of the Guaranty Trust Company of New York, announced on April 22 the appointment
of William A. McGregor as Assistant Vice-Pres!dent of the
comp'ny.
B. Sherer, now Vice-President, will be made Viceof the Board;
Chairman of the Board; Henry A. Patten, a Vice-President, will succeed
Mr. Frew as President of the institution.
All of the present directors will remain on the board
with the addition of the following: Richard Whitney, Ethelbert Ide Low, Ralph Peters, Jr., and Mr. Patten. As we
indicated in our iteni of a week ago, the stockholders are
Andrew W. Robertson, Chairman of the Board of Directors of the Westinghouse Electric & Manufacturing Co., to meet May 14 to ratify the proposed conversion and the
was this week elected a director of the Chase National Bank change in the par value of the stock from $100 to $20 per
share.
of New York.
The Irving Trust Co. of New York announced on April 24
the following promotions: Carl A. Miller, Lincoln office,
42nd St. and Park Ave., Assistant Vice-President, to be
Vice-President; Hayward S. Kirby, Auditor, to be VicePresident and Auditor; Paul E. Mead, Resident Counsel,
to be Vice-President; Stephen G. Kent, Assistant Resident
Counsel, to be Resident Counsel.
The Bank of United States of New York announced April
24 the promotion of its Cashier,. Ralph Henderson, to the
position of Vice-President. Mr. Henderson has been with:
The Bank of United States for nine years and has been its
Cashier for the past five years. He will continue to serve
the bank as its Cashier with the title of Vice-President and
Cashier.
General Samuel McRoberts, Chairman of the Board of
Chatham Phenix National Bank & Trust Co. of New York,
was the host at a dinner Wednesday evening April 24 at the
Metropolitan Club, constituting an informal receptirn to
Robert P. Brewer of Tulsa, newly elected Vice-President of
the Chatham Phenix and formerly Chairman of the First
National Bank of Tulsa, President of the Exchange National
Bank of Tulsa, Vice-President of the National Bank of Commerce of Kansas City, and organizer and founder of several
other Oklahoma banks. Following his graduation from
Southwestern University at Georgetown, Texas, Mr. Brewer
organized the First National Bank of Checotah, Okla. Being less than 21 years of age, he could not then serve officially
as an officer of the bank, of which he subsequently became
President. In 1901 he organized the First National Bank
of Quinton,'Okla., and later organized banks at Indianola
and Hannah. From Quinton he went US McAlester, Okla.,
The Irving Trust Company announced on April 11 that
it had leased new quarters in the Brooklyn Chamber of
Commerce Building, at Court and Livingston Streets,
Brooklyn, for its Brooklyn office,.now at 350 Fulton Street,
Alterations to the property will be started in a few days,
and it is expected that the new quarters will be ready by
August 1. Tile space leased includes the ground floor of
the southern half of the building fronting on both Court
and Livingston Streets, with basement and part of the sec,
ond floor. The total floor space will be 6,500-square feet,
:
as compared to 4,500 square feet occupied by the present
Brooklyn office. A complete modern safe'deposit vault will
be installed. The Brooklyn office of -the Irving Was orlg2
inally the National City Bank of Brooklyn, founded in 1850.'
It entered the premises at 350 Fulton Street in 1893 and wai
merged with tile Irving Trust Company in 1919.
2750
FINANCIAL CHRONICLE
At a meeting this week of the Executive Committee of
the Central National Bank of the City of New York, nine
new appointments were made to its Advisory Board. The
list embraces midtown executives who have been interested
in the institution and includes:
-President and Treasurer, Miller Hosiery Co.;
Morris Rosenblum. Vice
Frank Prolamin, Frobman & Altman; Abraham Durmer, President, Fred
H. Samuels & Co.; Sidney Davidson, Davidson Bros.; Herbert Solomon,
Treasurer, La Rue Dresses, Inc.; Fred Leventhal, Director C. K. Eagle &
Corp.; Seymour
Co.; Walter Rosenholz, Vice-President, Roewood Fabrics'
Wiesen Vice-President, Max Wiesen Sons & Co.; Benjamin Ribman, Sherman-Solomon-Ribman-Ooldring.
Members of the board reappointed are:
Harold A. Lobair, Vice-President, The Paul Cornell Co.; Frederick Lew,
New York City; H. Morgenstern, Morgenstern Bros.
The Central National Bank with main office at Broadway
and 40th Street was organized three years ago and at this
time is operating four branches. It has a capital, surplus
and undivided profits of $3,300,000 and resources of approximately $20,000,000.
Charles 11. Sigler was appo-inted Assistant Vice-President
of the Central Union Trust Company of New York at the
regular monthly meeting of the Board of Trustees on April
16. Mr. Sigler has been connected with the company since
1906. He was formerly Assistant Secretary, receiving the
appointment in 1020.
•
ing our item o-f April 13 (page 2404) with
Supplement
reference to a proposed reduction in the par value of the
stock of the First National Bank of Boston from $100 a
share to $20 a share, the Boston "Transcript" of April 16
stated that a special meeting of the stockholders of the institution has been called for May 16 to vote on the proposed
reduction and the issuance of five shares of new stock for
each share of the present stock. If the plan is adopted, the
number of shares will be-increased from 250,000 to 1,250,000.
It is proposed, also, according to the paper mentioned, to
.
issue 125,000 additional shares of the new $20 par value
stock under terms and conditions te be determined at the
meeting. Action will also be taken at the meeting on the
proposal to transfer to trustees all.of the capital stock of
the First National Corporation "to hold for the ratable
benefit of the shareholders of the bank." The corporation
is entirely owned by the bank. In its issue of the next day
(April 17) the "Transcript" stated that the 125,000 shares
of additional stock will be offered at $60 a share to present
stockholders in the proportion of one new share for each
ten shares held, subscriptions to be paid for and the stock
issued on July 1. The new issue will increase the authorized
and outstanding capital to 1,375,000 shares. The capital and
surplus of the First National Corporation, it was furthermore stated, will be increased to an aggregate of $7,500,000,
the bank supplying $3,000,000 of the increase and the balance
coming from undivided profits of the corporation.
[vox,. 128.
Stanley W. Cousley, formerly an Assistant Vice-President
of the Fidelity-Philadelphia Trust Co. of Philadelphia, was
appointed a Vice-President on Apr. 22, according to the
Philadelphia "Ledger" of Apr. 23. Mr. Cousley has been
associated with - the Fidelity-Philadelphia interests for the
past 27 years, starting as a clerk with the Fidelity Trust Co.
in 1902. In 1920 he was made Assistant Secretary of the
company and one year later was promoted to Secretary. In
1927 he was chosen an Assistant Vice-President, the office
from which he has now advanced to a Vice-President. During the last five years Mr. Cousley has specialized in life
insurance trust.
•-At a special meeting on June 21 stockholders of the
Northern Central Co. of Philadelphia will vote on a proposed reduction of the par value of the company's shares
from $50 to $10 a share and will also take action on a
proposed increase in the bank's capital from $700,000 to
$1,000,000 by the issuance of 30,000 shares of new stock of
the par value of $10 a share, as reported in the Philadelphia
"Ledger" of Apr. 20.
According to the Philadelp- hia "Ledger" of Apr. 22, the
Northwestern Trust Co. of that city proposed a issue of
5,000 shares of stock of the Northwestern Trust Co. of Philadelphia, par value $10 a share, will be sold to stockholders
of record June 24 at the price of $200 a share, in the ratio
of one share of new stock for each share of old stock held
on that date. Of the total received from the sale of the
new stock, $50,000 will be allotted to capital, making the
same $200,000 and $950,000 to surplus account. The latter
at present is $1,400,000.
Supplementing our item of last week (page 2575) with
reference to the proposed merger of the Security Title &
Trust Co. of Philadelphia, and the 63d St. Title & Trust Co.
of that city, the Philadelphia 'Ledger" of Apr. 24 reports
that the directors of both institutions have approved the
consolidation plan, and special meetings of the respective
stockholders have been called for May 6 to vote on the
'has an authorized
proposal. The Security Title & Trust Co.
capital of $1,000,000, of which $536,450 is at present issued,
while the authorized capital of the 63d St. Title & Trust Co.
is $125,000 (all of which is outstanding). The consolidation, it is said, will be brought about by an exchange of each
share of stock of the latter company for an equal amount
of Security Title & Trust Co. stock. In our previous item
we quoted the 'Ledger" of Apr. 19 as saying that the par
value of the shares of the Security Title & Trust Co. will
be reduced from $50 a share to $10 a share.
A special meeting of the s- tockholders of the Frankford
Trust Co. of Philadelphia will be held on June 12 to vote
on a proposed reduction of the par value of the bank's stock
from $50 to $10 a share, making the number of shares outAn application has been m- ade to organize the Bergen standing 50,000 ($500,000) instead of 10,000, according to
Trust Company of Jersey City, N. J. The new institution the Philadelphia "News Bureau" of Apr. 19.
will have a capital of $200,000 and surplus of $100,000.
Stockholders of the Philad- elphia National Bank, PhilaThe institution will be located at 2974 Hudson Boulevard.
delphia, at a special meeting on April 23, approved the proStockholders of the Bankers Trust Co. and Empire Title proposed organization of the Philadelphia National Com& Trust Co., both of Philadelphia, at special meetings on pany with an authorized capital of 70,000 shares without
April 22 approved the consolidation of the two companies nominal or par value, the stock to bh issued to three trusas the Bankers Trust Co. of Philadelphia. The capital of tees, to be held for the beneficial interest of the stockholders
the latter was increased to allow for issue of 3,750 additional of the bank, as reported in the Philadelphia "Ledger" of
shares, having par value of $187,500, to exchange for the April 24. From the bank's undivided profits account,
10,000 shares of Empire Title & Trust stock. The merger $2,000,000 will be transferred to the new organization to
will take place at close of business to-day (April 27) after provide its capital and surplus. The stockholders also apwhich the Bankers Trust Co. will have seven offices, two proved the proposed change in the par value of the bank's
being added in West Philadelphia. Six additional Assistant stocks from $100 to $20 a share. Five shares of the new
Treasurers of the Bankers Trust Co. have been appointed, stock will be issued for each share of the old stock. The
better to care for its increased business. These: Edward capital of the bank is $14,000,000. In its issue of the folGreen, John F. Donnelly and Louis Klingsburf, have been lowing day (April 25) the "Ledger" stated that Joseph
officers of the Empire Title & Trust Co. The other three: Wayne, Jr., President of the Philadelphia National Bank,
Harry J. McGowan, Clinton S. Seltzer and Maynard F. has been made President of the Philadelphia National ComMarsh, Jr., are advanced from clerical positions in the pany, other officers being Evan Randolph, Vice-President;
Bankers Trust Co. Four of the new Assistant Treasurers J. William Hardt, Secretary, and Rene J. Clark, Treasurer.
will serve in the three West Philadelphia offices, the other The Company was organized under the laws of Delaware.
two at 713 Chestnut Street office.
On April 20 the Allegheny Trust Co. of Pittsburgh opened
The directors of the Tradesmens National Bank and for business its new banking house at 413-415 Federal Street,
Trust Company of Philadelphia have declared a quarterly that city. The formal opening took place the preceding day.
dividend of $3 per share on the capital stock, payable May The new home occupied the site of the old bank building
1 1929 to stockholders of record at the close of business which marked the establishment and the 28 years of progress
April 27.
of the bank, The building is of Ionic design. The entire
APRIL 27 1929.]
,
FINANCIAL CHRONICLE
facade is composed of Conway pink granite and finely
wrought bronze. The interisr is of bronze and marble.
The trust company, which dates its establishment from the
merging in 1901 of the old Third National Bank of Allegheny and the Nations Bank for Savings, is capitalized at
$700,000 with surplus of $1,000,000. Its officers are as
follows: Charles W. Dahlinger, President; Joseph C. Porter, Henry M. Schmidtt and Hugh F. McKnight, Vice-Presidents; John Aufderheide, Secretary and Treasurer, and J.
E Fisher and F. H. Horst, Assistant Secretaries and Assistant Treasurers.
A special meeting of the shareholders of the People's
Savings & Trust Co. of Pittsburgh, Pa. has been called for
Apr. 30 to take action on a recommendation of the directors
that the par value of the bank's shares be changed from
$100 a share to $20 a share, thereby giving the shareholders
five shares of new stock for each now held, according to
the Pittsburgh "Post-Gazette" of Apr. 17, which went on
to say in part:
Peoples Savings and Trust stock has been selling on the Pittsburgh stock
exchange at $750 per share. The stock sold as high as $800 per share last
December.
Peoples Savings and Trust has outstanding $4,000,000 capital stock,
out of an authorized issue of $5,000,000. Deposits, as of March 25, 1929,
were $41,439,207, surplus and profits $10,071,781, and total resources
$57,166,681.
The bank is considered one of the chief institptions in the Hillman
group, generally given the name of the Associated Banks. J. H. Hillman,
Jr., is Chairman of the 'Board of Directors.
According to the Baltimore "Sun" of April 23, directors
of the Union Trust Co. of that city have approved a plan to
reduce the par value of the bank's $1,500,000 capital stock
from $50 to $10 a share, and the stockholders of the institution at a special meeting on June 17 will be asked to approve
the proposed reduction. By this action the present 30,000
share of the company's stock outstanding will be increased
to 150,000 shares. Continuing the paper mentioned says:
Dividends on the new Union Trust stock probably will be in proportion
to the rate on the present issue, it was said, but the amount has not yet
been determined. Two extras of 2% have been paid so far in 1929 in addition to the regular quarterly dividend of 5%, the last payment having
been made April 1. The annual regular dividend rate was raised to 20%
Jan. 1 after payment of 19% regular and 5% extra for the year 1928.
Payments to stockholders have been increased each year for seven years
without interruption. The new bill passed by the Maryland Legislature
permitting reduction of the par value of trust company stocks from a
minimum of $25 to a minimum of $10 a share goes into effect June 1 and
It is believed several other local trust companies plan similar action.
At stockholders' meetings of the respective banks, held
Saturday, Apr. 20 1929, the Norwood National Bank of
Norwood, Ohio, and The Hyde Park Savings Bank of Hyde
Park, Cincinnati, Ohio, were merged into one institution,
to be known as The Norwood-Hyde Park Bank & Trust Co.
The capital stock, surplus and undivided profits of the
consolidated bank exceed $700,000, and total resources are
over $7,000,000. The business of the new institution will
be conducted at the former banking offices of the Norwood
National Bank at the Northeast corner of Main and Bennett
Avenues, Norwood, ond the Hyde Park Savings Bank at
2710 Erie Avenue (Hyde Park Square), Hyde Park. The
officers and employees of both banks have been retained
by the consolidated bank and will continue at their respective stations in Hyde Park and Norwood. Reference to the
proposed consolidation of these banks appeared in the
"Chronicle" of Mar. 23, page 1842.
27M
Apr. 17. Mr. Symons was reported as saying that the merger
was encouraged by the State Banking Department. The
new institution is capitalized at $40,000 with surplus of
$10,000.
The following promotions in the personnel of the Dime
Savings Bank, Detroit, Mich., were announced recently,
according to the Detroit "Free Press" of Apr. 19: Fred. D.
Lorimer, Frank E. O'Brien, Clifford H. Hyett and George
M. Scripps, heretofore Assistant Cashiers of the institution,
were made Vice-Presidents. Mr. Lorimer has been with the
bank for 21 years and has been active in the work of the
American Institute of Banking, being at one time President
of the Detroit Chapter. The same paper stated that announcement of the appointment of Duncan W. Daker, VicePresident and Cashier of the Dime Savings Bank, member
of the Board of Directors, was made by T. W.P. Livingstone,
President of the institution. Mr. Daker, who has been with
the Dime Savings Bank for 20 years, was formerly Manager
of the discount and mortgage department of the Citizens
Bank when that institution was merged with the Dime
Savings Bank.
G. Hall Roosevelt will become a Vice-President of the
American State Bank of Detroit on May 1, according to
the Detroit "Free Press" of April 21, which stated that announcement of Mr. Roosevelt's appointment was made by
President Robert M. Allan simultaneously with the opening
of the American State Bank's new home on Fort Street
and the opening of two new branches of the institution.
Other Vice-Presidents of the American State Bank are:
Gordon Fearnley, Charles P. Lamed, A. J. Maynard and
Joel Stockard. Mr. Roosevelt, who is a nephew of the late
Theodore Roosevelt, received his A.B. degree from Harvard
followed by a Master of Engineering degree in 1914. During the World War he taught aviation at Arcadia, Fla., and
in Louisiana, and at present is trustee and director of several aviation companies. A few months ago he severed his
connection of 14 years' standing with the General Electric
Co. in Chicago to go to Detroit to aid in resuscitating the
old Detroit United Railroad System. He was made VicePresident of the Eastern Michigan System, which is consolidating the previous electric railroads with buses and
transportation systems radiating from Detroit While retaining this position Mr. Roosevelt will become active in
his new office in the banking field "which he regards as a
most vital public Utility."
That the Fidelity Trust Co. of Detroit will move into
handsome new quarters (formerly the home of the Union
Trust Co.) at the corner of Griswold and Congress Streets,
that city, on Apr. 27, was reported in the Detroit "Free
Press" of Apr. 14, which stated that workmen were then
engaged in remodeling and decorating the interior of the
building which is being completely renovated. The Fidelity
Trust Co. plans to occupy the first three floors of the structure, which will be known as the Fidelity Trust Building.
The date of the formal opening has been set for May 7.
Officers of the Fidelity Trust Co. are as follows: Luther
D. Thomas, President; George B. Yerkes (and General
Counsel), Richard W. Thomas, Scott B. Lamb, Thomas
S. Clayton (and Manager of the bond department), Joseph
A. Brandt (and Manager of the mortgage department)
Pursuant to recommendations of the directors of the and Leverett E. Fitts (and Manager of the business extenOhio National Bank of Columbus, Ohio, a special meeting sion department), Vice-Presidents; Roy R. McDonald,
of the stockholders of the institution has been called for Treasurer; Paul W. Eaton and Charles W. Lee, Assistant
May 20 to vote on the following propositions:
Vice-Presidents; N. D. Bragg, F. J. Freeman, C. W. Horr,
1. Amending the Articles of Association of The Ohio National Bank 4.1r. and John H. Patrick, Trust Officers; Alfred Harris,
Columbus so as to change the authorized capital stock from
of
16,000
shares of the par value of $100 each to 75,000 shares of the par value Assistant Trust Officer; D. J. Milne and Fred L. Day,
Assistant Treasurers, and J. L. Brubaker, Assistant Secof $20 each.
2. Authorizing the incorporation of a Securities Corporation (to be retary.
known, it is understood, as the Ohio National Corporation) and requesting
the dclaration by the Board of Directors of the Bank of a special dividend
of $750,000 to be applied toward the purchase for the shareholders of the
Bank of shares of stock of the Securities Corporation in the same number
as the outstanding shares of the Bank, after giving effect to the amendment
above mentioned, and the issuing of certificates of stock of the Bank in
place of outstanding certificates with indorsement thereon of a certificate
representing a like number of shares of the Securities Corporation; and
to do any and all things which said meeting may deem necessary or proper
in connection with either of the purposes aforesaid.
Henry Hart, Vice-President of the Detroit & Security
Trust Co., Detroit, announces the appointment of J. Derry
Kerr as Manager of the Los Angeles office of the Detroit
Co., an affiliated organization handling investment securities. Mr. Kerr is a native of Los Angeles, and for the past
two years has been San Francisco Manager for the California Securities Co., a subsidiary of the California Bank.
Consolidation of two Otterbein, Ind. banks, viz., the
From the Michigan "Investor" of April 13 it is learned
Farmers' & Merchants' State Bank and the State Bank of
that the Industrial Savings Bank of Flint, Mich., and the
Otterbein, to form the Union State Bank of Otterbein, was
Union Trust & Savings Bank of that city are shortly to be
announced on Apr. 16 by Luther F. Symons, State Bank
consolidated. The industrial Savings Bank as of Mardi 27
Commissioner, according to the Indianapolis "News" of had
combined capital, surplus and undivided profits of
2752
FINANCIAL CHRONICLE
[vol.. 128.
$1,686,647, total deposits of $18,459,729 and total resources the price of $350 a share in the ratio of one new share for
of $21,936,376, while the Union Trust & Savings Bank on each four shares of old stock held. Of the proceeds ($3,500,the same date had combined capital, surplus and undivided 000), $1,000,000 will go to capital account, $1,000,000 to
profits of $938,527; combined deposits of $7,687,520 and surplus account, and $1,500,000 will be for the use of the
Citizens & Southern Holding C., "so as to put it in position
total resources of $9,528,434.
to expand its operations when it is found desirable to do
A consolidation has been effected between the Old Na- so." Coincident with the increase in the capital, the par
tional Bank of Grand Rapids, Mich., and the Kent State value of the bank's shares will be reduced from $100 a share
Bank of that city, according to a press dispatch from Grand to $10 a share. A meeting of the stockholders will be called
Rapids on April 20, appearing in the Detroit "Free Press" shortly to take action on the proposals.
of the following day. The new organization, under the title
The establishment of a new bank at Stuart„ Fla., to be
of the Old Kent Bank, the dispatch said, opened Monday,
April 22, with combined capital and surplus of $4,000,000 known as the Stuart Central Farmers Bank, was announced
and resources of $48,000,000. Officers include Henry April 20 by Howard W. Selby, President of the Central
Idema, Chairman of the Board; Clay H. Hollister, Presi- Farmers Trust Company of West Palm Beach. Application
dent; Heber W. Curtis, T. W. Hefferan, Eugene Richards, has been made by the latter for the issuance of a charter.
Caspar Baarman, A. W. Hompe and Eugene D. Conger, Monday, May 6, has been set as the expected date for openVice-Presidents, and J. Clinton Bishop, Cashier. The dis- ing in the quarters formerly occupied by the defunct Stuart
patch furthermore stated that the consolidated bank would Bank & Trust Company. The bank will have a capital
operate at the bank buildings formerly owned by the indi- stock of $25,000, with a paid-in surplus of $5,000. Kennon
H. Turner, Assistant Treasurer of the Central Farmers
vidual corporations.
Trust Company, has been named President. Mr. Selby will
The final chapter in the consolidation of the Bank of head the Board of Directors, and the following officers of
America, Chicago, with the Central Trust Co. of Illinois the Central Farmers Trust Company will occupy similar
was completed April 22 when the enlarged Central Trust positions in the new institution: Fred H. Farwell, ViceCo. opened for business in new quarters at 208 South President; D. F. Goodell, Vice
-President; Judson L. Owen,
La Salle Street. Although the legal merger of the two Treasurer.
banks took place several months ago, their physical merger
A union of the Pacific National Bank and the National
was deferred until the new quarters were ready. At 208
La Salle Street the Central Trust Co. occupies the street and Bank of Commerce, Los Angeles institutions, was approved
main banking floors, underground safe deposit floor and by the directors of the respective institutions on April 26,
parts of several other floors in a building which covers an according to advices from that city on April 25 to the "Wall
entire block. Every man and woman on the staff of the Street Journal." Stockholders of both banks will meet
two uniting offices was retained when their business was shortly to ratify the action of their directors and the consolicombined. In addition, the Chicago Safe Deposit Co., affili- dation is expected to go into effect about July 1. The
ated with the Central Trust, purchased the business of the enlarged bank will be known as the Paoiifc Cank of ComContinental National Safe Deposit Co., which had been merce, National Association, and will have resources of
located at 208 South La Salle, and retained its officers and approximately $24,000,000. Including the assets of the
employees. An announcement by the enlarged bank con- Pacific National Co. (the holding company for the Pacific
National Bank) the new organization will have total resources
tains the following resume of -matters pertaining to the
in excess of $32,000,000. The present capital of the Pacific
merger:
V. R. Thayer, a figure National Bank is $2,000,000 authorized and outstanding,
A few days before the change in location, Eugene
of national prominence in banking, railroad and industrial circles, was while that of the National Bank of Commerce is $500,000
added to the directorate of Central Trust Company and was made Chair- authorized and issued. Under the merger plan, it is underman of the Executive Committee.
will increase its capital from
Mr. Thayer, who was formerly President of the Chase National Bank of stood, the consolidated bank
New York and prior to that, President of the Merchants National Bank of $2,000,000 to $3,000,000, $500,000 of the new stock to be
Boston, will resume the role of active banker, taking up his residence in used to acquire National Bank of Commerce stock, and the
Chicago, after a retirement from direct participation in the field for the
remaining $500,000 offered to the shareholders of both
last few years, to attend to broad personal interests.
His association with public utility, banking, railroad and industrial banks, at a premium yet to be determined, in the proportion
activities includes membership of the Board of the American Telephone and of one new share for every five shares held. Thomas A.
Telegraph Company, the Chase National Bank of New York, Otis Elevator
Morrissey is President of the Pacific National Bank, while
Company, Stock Yards National Bank of Chicago, Sinclair Consolidated Oil
Corporation, Massachusetts Bonding and Insurance Company, Liberty Mu- Erie M. Leaf heads the National Bank of Commerce. An
tual Insurance Company, Fairbanks Company and the following railroads: item indicating the proposed merger of these institutions
Pere Marquette, St. Louis-San Francisco, Hansa City, Fort Scott and Mem6, page 2219.
the Punta appeared in the "Chronicle" of April
phis. In addition he is chairman of the board of directors of
Alegre Sugar Company and the Stutz Motor Oar Company.
Effective Mar. 1 1929, the First National Bank of Long
0. Howard Marfield, formerly president of the Bank of America, has
been elected Chairman of the Discount Committee and Vice-President.
Beach, Cal., with capital of $200,000, was placed in voluntary
James G. Alexander will continue as Executive Vice-President in addition
liquidation. The institution has been absorbed by the Bank
to which he is scheduled to become President of the Central Securities
Company, the investment organization of the consolidated banks. Prepara- of America of California.
tory to this step it is proposed that the capital of the investment company
The new Central National Bank of Portland, Ore., referbe materially enlarged in the near future and its activities similarly expanded. In addition to the above men, the ranking officials of Central ence to which was made in our issue of April 6, page 2219,
'Trust Company include: Charles G. Dawes, Chairman of the Board; Joseph
E. Otis, President; M. E. Greenebaum, Vice-Chairman of the Board; opened auspiciously on April 15, according to the Portland
Edwin F. Mack, Vice-President and Chairman of the Advisory Committee, "Oregonian" of the following day. Large quantities of
and William It. Dawes, Vice-President.
flowers were received from friends and well-wishers of the
Central Trust Company now is the fourth largest bank in Chicago, only
the Continental Illinois, the First National and the First Trust & Savings institution, and according to C. H. Vaughan, the Cashier, a
Bask exceeding it in size. It has capital stock of $10,600,000, surplus of heavy first-day business was transacted. The building oc47,500,000, deposits of $128,000,000 and resources of $160,000,000.
cupied by the new bank has been entirely remodeled and
•
Pursuant to a resolution of the directors, stockholders
of the National Bank of the Republic, Chicago, at a special
meeting on April 23, authorized an increase of $500,000 in
the bank's capital, raising the same from $6,500,000 (325,000
shares of the par value of $20 a share) to $7,000,000 (350,000 shares), according to the Chicago "Journal of Commerce" of April 24. The additional stock .(25,000) Shares
is being offered to stockholders of record May 15 at par
($20 a share) in the ratio of one new share for every thirteen shares held.
An increase of $1,000,000 in the capital of the Citizens &
Southern National Bank (head office Savannah, Ga.), refsLug the same to $5,000,000, was decided upon by the directors
of the institution on Apr. 17, as reported in the Atlanta
"Constitution" of Apr. 18. The new stock, which will become
effective July 1, is to be offered to present stockholders at
renovated, and the main banking room occupies a space of
100 x 40 feet. The institution starts with a capital of $200,000 and a surplus of $20,000. It is operated under the general direction of tbe bankers who dictate the policies of the
United States National Bank of Portland, of which it is an
affiliation. The personnel is as follows: J. C. Ainsworth,
President; Frank C. Hak, Frank S. Meagher and W. L. J.
Davies, Vice-Presidents, and C. H. Vaughan, Cashier.
Advices from Spokane, Wash. on Apr. 22, appearing in the
"Wall Street News" of Apr. 23, stated that the United
'Hillyard Bank of Spokane, formed by a merger of the
Hillyard State Bank and the First National Bank of
Hillyard (Spokane), has begun business with a capital of
$150,000, surplus of $15,000 and deposits of $1,500,000. The
new organization, which is operating under a State charter,
Is run under the joint management of Fred Stevens and
APRIL
27 1929.]
FINANCIAL CHRONICLE
2753
H. B. Smead, who were the executive heads of the consol- Tel. & Tel. raised its top to the highest level in all time.
The specialties were represented by F. G. Shattuck, which
idated banks.
climbed above 140, and Lambert, which closed above 143,
A dispatch from Vancouve- r, Wash., on April 18, to the the advance in the latter instance being due in part to the
Porland "Oregonian", reported the closing on that date of improvement in its earnings which showed an increase of
the American Security Bank of Vancouver and the placing nearly 35% over the corresponding period for 1928.
of the institution in the hands of the State Banking DeStocks generally moved to higher levels on Monday, the
partment for.liquidation. According to C. S. Moody, As- noteworthy features being the new high record of Amer.
sistant State Director of Banking, the bank's reserve was Tel. & Tel. which climbed upward 53/i points to 23438 and
below the legal limit and the assets are of such a character the rapid advance of New Haven to par. Motor stocks
as to preclude realizing a sufficient sum to bring the re- moved up with the leaders, Packard shooting up about two
serve up within a reasonable time. As of March 27, de- points to 1313i followed by Chrysler with a similar gain but
posits of the institution were $307,284 and total resources General Motors, Studebaker and Hupp were slightly off at
$375,387. The capital was $50,000. C. B. Alexander was the close. General Electric was the outstanding feature as
President. Later advices from Vancouver to the "Ore- it bounded forward about three points to 244. American
Can also was in strong demand at 140 where it showed a
gonian" (April 19) contained the following:
Rumors that depositors in the defunct American Security Bank will re- three point gain. Westinghouse Electric closed with an
ceive about 75% lacked official confirmation today as the State banking advance of nearly three points. United Aircraft & Transofficials who are checking up on the assets will not give out any informaportation adyanced into new high ground at 116 and Union
tion until the work is completed.
Withdrawing more than $300,000 from circulation even temporarily will Carbide and Carbon moved ahead 11 points to a new high
have a depressing effect on business here is the opinion expressed by leading above 237. Public utilities were particularly buoyant,
business men and it may be several months before any of the funds can be
American & Foreign Power leading the upward swing and at
released.
one time was about five points higher. American Power
Sir Charles Gordon, G. B. E., President of the Bank of & Light, North American, Electric Power & Light and
Montreal, was made a director of the Guarantee Company of Columbia Gas (new) were also noteworthy for their strength.
North America, Montreal, at a recent meeting of the Board, Radio Corporation was up aboutfour points, Allied Chemical
according to advices form Montreal on Apr. 13, appearing in & Dye was up seven points and Bethlehem Steel made a new
the "Wall Street News" of Apr. 15. Sir Charles fills the top for the year but lost its gain in the late profit taking.
vacancy on the Board caused by the death of Sir Vincent The market opened higher on Tuesday and under the imMeredith.
petus of a new buying spurt forged ahead to higher levels.
however, was at times somewhat irregular
Barclays Bank (Dominion, Colonial and Overseas), New The advance,
though the turnover was so large that the tickers fell behind
York Agency, announces the following appointments: Gerat one time nearly 20 minutes. Adams Express shot ahead
ald R. Macintyre, Local Director; Courtney C. George,
19 points and reached a new peak around 750. American
Agent; and W. H. W. Rowley and Cecil D. Palmer, SubExpress showed a gain of two points and American Railway
Agents.
Express moved ahead about eight points. Public utilities
The Banca Nazionale di Cr- edit°, Milan, one of the lead- were the center of keen speculative interest during most of
ing financial institutions of Italy, announces that Comm. the session, American Telephone & Telephone leading the
Augusto Castiglioni, one of its Managing Directors, will upward drive to a new high above 238. Commonwealth
hereafter be permanently located in this country and has Power spurted ahead five points and American and Foreign
opened offices at 76 William Street, New York, in order to Power above 100 was nearly nine points above the preceding
close. Vanadium Steel and Republic Iron and Steel were
represent the bank in the United States.
the oustanding strong issues of the industrial group and
United States Steel, common, also improved but to a lesser
THE WEEK ON THE NEW YORK STOCK EXCHANGE. extent. In the case of General Motors a sudden demand
The New York stock market ruled strong early in the week carried the price through 87 a gain of over three points.
and in numerous instances new high records for the year Railroad stocks were represented on the upside by New
were established by some of the more active speculative Haven which crossed 102 with a gain of over three points and
issues. On Thursday and Friday, however, the market Erie which touched 74 at its high for the day. Aircraft
suffered sharp relapses under the influence of high money issues attracted a large share of the speculative attention,
rates. Among the interesting'developments of the week Curtiss leading the advance at it swung upward seven points
was the reduction in rates for bankers' acceptances (though to 156% followed by Wright which advanced six points to
with the rise in the call loan rate on the Stock Exchange on around 251 and United Aircraft which improved a point
Friday to 16% this was seen to be not indicative of the real or more.
state of the money market), the sharp rise in the New Haven
Stimulated by the dividend increases of the Pennsylvania
shares which for the first time since the war sold above par, Railroad and Calumet & Arizona the market moved upthe action of Calumet & Arizona in raising its dividend from ward on Wednesday. The feature of the day was the
a $6 to $10 annual basis and the increase in the Pennsylvania strength of Allis Chalmers which moved vigorously ahead
Railroad dividend to an 8% basis. Another occurrance 15 points to the highest peak in the history of the company.
that attracted widespread interest was the purchase at the Rubber issues were unusually active and moved forward
opening on Tuesday of a block of 100,000 shases of Simms almost as a unit, probably as a result of the recovery of
Petroleum at a new high for 1929 above 30. The weekly rubber futures on the preceding day. United States Rubber
report of the Federal Reserve Bank, made public after the closed at 563/i a gain of nearly 2 points and Goodyear followed
close of business on Thursday showed an expansion of with a gain of 1% points. In the oil group Simms Petroleum
$67,000,000 in brokers' loans. Call money advanced from again lifted its top to another new high at 34% but failed
% on Monday to 8% on Tuesday and made a further to hold its gain and closed 2 points lower.
advance to 12% late on Thursday and soared to 16% on
The market on Thursday was inclined to be weak, though
Friday due to an unusually heavy demand and compara- there were numerous exceptions to the rule. Columbia
tively light supply following the calling of $20,000,000 from Graphophone for instance was one of this class and moved
the market by the banks.
sharply upward 6 or more points at its high for the day.
On Saturday there was a resumption of the advance in In the railroad list Missouri Pacific closed at 83% with a
some of the more highly speculative issues. Oil shares took gain of 2 points. American Can closed with a gain of about
a prominent place in the upswing. Texas Corporation being 2 points. In the copper shares the strong features were
taken in large blocks and closing with a substantial gain Kennecott which closed with a gain of 2 points and Anaconda
in anticipation of increased earnings for 1928. Other strong which was in steady demand at higher prices. Motor stocks
oil stocks included Phillips Petroleum, Atlantic Refining, were down,oil issues were heavy and most of the industrials
Shell Union and Pan American Petroleum all of which were were lower. On Friday the market opened moderately
higher by about two points. Graham-Paige was particu- strong with the call money renewal rate at 9%, but as the
larly weak and a sharp break occurred in Hupp which sold rate gradually mounted to 16% the market turned weak
off to a new low for 1929. Telephone stocks were mod- and many stocks that were comparatively strong in the
erately strong, especially International Tel. & Tel. which early trading sagged and lost all of their early gains, Bethleat one time bounded forward about six points in addition hem Steel for instance closed at 1113/s with a loss of 13(
to a similar gain made on the preceding day. Bethlehem points, Allied Chemical & Dye sold up to 29054, at its high
1
steel at 117 was close to highest since the war and Amer. for the day but closed at 283 with a net loss of more than
[VoL. 128.
FINANCIAL CHRONICLE
2754
2 points. In the final hour a few of the leading stocks
showed slight improvement, but the list as a whooe was
lower.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Week Ended April 26.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
,
1,292,310
3,568,990
4,131,930
4,068,200
3,338,010
4,011,890
*RA Int nnn
2,039,500
2,147,500
2,302,500
2,281,100
1,357,000
1929.
1928.
al RIR.500
Jan. Ito April 26.
1928.
1929.
20,411,300
17,736,185
367,708,760
253,307,504
51,818,500
11,206,600
36,151,000
53,140010
15,396.500
50,081,200
$43,604,600
206,869,150
567,394,590
$63.130,750
300,990,125
763,230,450
$49,176,100 868.617,700
Total bonds
Ann
ell 900
Week Ended April 26.
Stocks
-No. of shares_
Bonds.
Government bonds- -State and foreign bonds
Railroad & misc. bonds
$186,000
328.000
378.500
316,000
397,000
213,000
$1,079,000
$3,799,000
6,746,000
7,351,000
6,092,000
5,743,000
6,420,000
°A A, WM
Sales at
New York Stock
Ezchange.
United
Stales
Bonds.
State.
Municipal &
Foreign Bonds.
Railroad,
&c.,
Bonds.
Boston.
$817,868,250 $1,127,351,325
$16,100
21,000
65,000
36,000
51,000
84,000
308,944
Total
Baltimore.
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales
*27,638
*57,121
*65,904
*55,309
*56,381
*46,591
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
$273,100
a46,479
a134,232
a258,439
al58,867
a132,198
a49,105
$2,000
5,000
23,000
18,000
15,100
Shares. Bond Sales.
51,831
52,868
53,776
54,541
52,820
52,709
523,000
19,700
32,500
21,000
10,000
26,200
779,320
$63,100
18,545
$132.400
371,023
Prey. week reveled
noons.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 2d inst. to mid-day on the 8th inst.:
Imports.
Mexico
Canada
Other countries
Exports.
E107,379 Germany
43,600 British India
8,397 Other countries
$96,500
23,114
$193,700
* In addition, sales of rights were: Saturday, 14; Monday, 781; Tuesday, 47;
Wednesday, 121; Thursday, 60.
a In addition, sales of rights were: Saturday, 3,100; Monday, 2,904; Tuesday,
1,800; Wednesday, 4,200; Thursday, 5,500.
S In addition, sales of warrants were: Saturday, 10; Monday, 25; Tuesday, 134.
Sales of rights were: Friday, 200,
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 10 1929:
£62,800
50,034
8,146
£159,376
£120,980
•
INDIAN CURRENCY RETURNS.
(/n Lacs of Rupees.)
Mar. 31. Mar. 22. Mar. 15.
Notes in circulation
18803
18946
19123
Silver coin and bullion in India
9989
9943
9871
Silver coin and bullion out of India
Gold coin and bullion in India
3222
3222
3222
Gold coin and bullion out of India
Securities (Indian Government)
4323
•
.
.
i
,
iJ'i
Securities (British Government)
1069
1054
1053
Bills of exchange
200
400
650
The stock in Shanghai on the 6th inst. consisted of about 78,500,000
ounces. in sycee, 122,000,000 dollars and 9,200 silver bars, as compared
with about 76,800,000 ounces in sycee. 116,000,000 dollars and 9,320 silver
bars on the 28th ult.
Quotations during the week:
-Bar Silver per Oz. Std.Cash.
2 Mos.
April 4
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
April 26 1929.
stricted as to price, the market assumed a steadier tone, although American
operators have been generally disposed to offer moderately on most after-
2518d.
/
April 5
April 6
April 8
257 d.
A
2551d.
2554d.
2554d.
2534d.
25 13-16d.
A
April 9
257 d.
April 10
25 N d.
25.823d.
Average
The silver quotations to-day for cash and two
same as those fixed a week ago.
Bar Gold
per Fine Os,
84s. lid.
84s. 1130.
84s. 1134d.
25 13-16d, 84s. 1114d.
2514d.
84s. 100.
25 Nd.
84s. 11d.
25.823d.
84s. 11.08d
months' delivery are the
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Thurs.,
Fri.,
Tues.,
Wed.,
Sat.,
Mon.,
April 20. April 22. April 23. April 24. April 25. April 26.
Silver, p. oz_d_ 2514
2554
25 11-16 25 11-16 2551
2554
Gold,p.fineoz_ 84s.1114d. 846.1130. 84s.1034I 81s.10Hd. 84s.11d.
848.1114d.
54 15-15
Como's,2H%
55
55
5434
5434
British, 5%..._
103
103
103
103
•10051
British, 434%.
9834
0814
9814
9814
*96(4
French Rentes
(In Paris)..fr_
74.20
74.05
73.95
74.85
73.90
French War L'n
(in Paris) _fr99.75
99.85
99.95
09.66
99.80
The price of silver in New York on the same days has been:
Silver in N. Y., per on. (cts.):
Foreign
5534
5535
*Ex-dividend.
5551
5514
5514
5534
GOLD.
The Bank of England gold reserve against notes amounted to £154,045,537 on the 3rd inst.(as compared with £153,331,566 on the previous Wednesday), and represents an increase of £139,222 since April 29 1925. when an
effective gold standard was resumed.
In the open market this week about £855,000 bar gold from South
Africa was available. The Bank of England secured the bulk of this
amount
-about £714,000, as shown in the figures below India took £20,000,
the home trade £53,000 and the Continental trade E60.000.
The following movements of gold to and from the Bank of England have
been announced, showing a net influx of E963.053 during the week under
review:
Apr. 4. Apr. 5. Apr. 6. Apr. 8. Apr. 9. Apr, 10.
Nil
£6,380 £506,000 £714,011
Nil
£92
Received
Nil
1.720 250,000
Withdrawn_ _ -- £10,000
Nil
1,710
bar gold
The receipts on the 8th and 9th inst. were in sovereigns and
respectively from South Africa. The withdrawal on the 9th inst. was in
sovereigns "set aside," other withdrawals consisting of £10,000 in BOVereigns and E3,430 in bar gold.
The following were the United Kingdom imports and exports of gold
registered from said day on the 2d inst. to mid day on the 8th inst.:
Exports.
Imports.
British West Africa
British South Africa
Other countries
£ 32,344 Austria
799,959 France
22,306 British India
Other countries
£854,609
£8,875
9,005
107,254
13,585
£138,719
As surmised in our letter of the 27th ultimo, two of the large recent im-
ports of gold from Holland were in the form of foreign gold coin, for in the
official customs figures Issued during the week there is an amendment
showing that the movements in question should have appeared under the
heading"Not of legal tender in the United Kingdom," instead of"Of legal
tender in the United Kingdom." The origin of the recent purchase by the
Bank of England of foreign gold coin amounting to just under £1,000,000 is
thus explained:
The"Times" Berlin correspondent under date of the 9th inst. states that:
"The return of the Reichsbank for the week ended April 6shows a further
sale of gold to the amount of 103,000,000 marks, which reduces the bank's
bullion stock from 2,682.702,000 to 2,579.525,000 marks. As the gold reserves on deposit in foreign central banks increased in the same period from
129.748,000 to 140,944,000 marks, it seems that the gold sold is taken from
Berlin. The Bank has now sold gold to the value of 149.000,000 marks
since its first intervention in the exchange market at the beginning of
March."
According to a Reuter message from New York dated April 8:
"Further purchases by the German Reichsbank of gold held in the Federal Reserve Bank of New York for the account of the Bank of France and
the Bank of Belgium are reported in Wall Street. The latest reported purchase of 811.000,000 in'earmarked gold is believed to bring the total bought
in this way during March and April to about $41,000,000. This method
of building up credit here and protecting the exchange rates saves expenses
and loss of interest in direct transfers of metal across the ocean. Instead
of shipping metal to New York the German Bank has been sending it to
Brussels or Paris to pay for purchases of 'earmarked gold' in the Federal
Reserve Bank."
SILVER.
The week has seen rather a quiet market and movements in the prices
been narrow. The Indian Bazaars being less interested except at
have
war rates, quotations at first showed some disposition to sag under the
tItience of some re-selling of silver on China account. On the fall, howChina was more inclined to buy, and, as offerings were small and re-
COURSE OF BANK CLEARINGS.
Bank clearings will show a small increaes the present
week. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day (Saturday, April 27)
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 1.4%
larger than for the corresponding week last year. The
total stands at $11,706,905,350, against $11,545,772,973
for the same week in 1928. At this centre there is a gain for
the five days ended Friday of 1.4%. Our comparative
summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended April 27.
1929.
1928.
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,931,000,000
506.751.608
487,000,000
396,000,000
108.536.516
107,000,000
155,861,000
166,460,000
174,160,887
215,732,733
120,583,362
72,036,781
54,973,145
35,78400.000
598,500,313
480,000,000
436,000,000
105,312,100
112,400,000
177.059.000
166,540,000
144,897,473
162.770,335
100,516,198
81,478.465
51,718,082
+2.5
-15.3
+5.9
-9.2
+3.1
-4.8
-7.4
-0.1
+20.4
+32.6
+20.0
-11.8
+6.3
Thirteen cities, 5 days
Other cities, 5 days
$8,496,096,032
1,092,991.760
$8,380,992,078
998,866,895
+1.4
+9.8
Total all cities, 5 days
All cities, 1 day
59.589,087.792
2,117.817,558
$9,379,858,071
2,165,914,002
-2.2
$11,706,905,350 $11,545,772,973
+1.4
Total all cities for week
+2.2
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended April 13. For
that week there is a decrease of 4.2%, the 1929 aggregate
of clearings for the whole country being $12,417,883,481,
against $12,962,609,456 in the same week of 1928. Outside
of this city, however, the decrease is only 1.4%, the bank
exchanges at this center recording a loss of 5.7%. We
group the cities now according to the Federal Reserve districts in which they are located, and from this it appears that
APRIL 27 1929.]
in the New York Reserve District (including this city)
there is a decrease of 5.5%, in the Boston Reserve District
of 12.8%, and in the Richmond Reserve District of 7.7%.
The Philadelphia Reserve District shows a gain of 7.5%,
the Cleveland Reserve District of 11.1%, and the Atlanta
Reserve District of 1.9%. In the Chicago Reserve District
the totals register a decline of 6.4%,in the St. Louis Reserve
District of 1.7%, and in the Minneapolis Reserve District
of 4.7%. The Kansas City Reserve District shows an
increase of 3.0% and the Dallas Reserve District of 28.1%,
while the San Francisco Reserve District suffers a loss of
3.9%.
In the following we furnish a summary by Federal Reserve
districts:
SAIMIIMARY OF BANK CLEARINGS.
Week End. Apr. 20 1929.
Federal Reserve Diets.
1st Boston_ _ _ -12 cities
2nd New York _11 "
3rd Philade''ia_10 "
4th Cleveland.- 8 "
.
5th Richmond 6 "
6th Atlanta_ -__13 "
7th Chicago ._.20 "
8th St. Louis__ _ 8 "
5th Minneapolis 7 "
10th KansaaCity 12 "
5 "
11th Dallas
12th San Fran-.17 •
1929.
Ine.or
Dec.
1928.
1927.
1925.
$
$
%
$
$
501,264.516
585,227,252 -12.8
512,637,766
509,632,950
8,080,404,31
8,550,263,349 -5.5 6,044,137,884 6,046,005.946
671,206.814
624,243,227 +7.5
583,035,515
585,181,066
484,822,37
436,264,930 +11.1
441,933,022
390,435,130
182,670,618
197,917,297 -7.7
196,634,570
214,968,737
220,118,271
216,045,245 +1.9
213,633,456
250,555,083
976,252,07
1,043,274,258 -6.4 1,008,231,384
924,605,437
230,494,256
234,401,451 -1.7
210,993,073
224,917,172
122,741,176
128,821,547 -4.7
118,825.918
115,884,382
249,501,798
242.194,231 +3.0
224,196,208
216,008,541
85,927,817
67,053,113 +28.1
68.602,169
65,303,287
812,379,443
636,940,556 -3.9
561,662,925
533,599.093
129 cities 12,417,883,481 12,962,609,456
Total
4,484,052,139 4,548,387,719
Outside N. Y. City
ri.n.d.
31 cities
459.160.488
-4.2 10,181,513,893 10,077,126,824
-1.4 4,265,953,102 4,157,451,746
471.518.389 -26
286.243 911
292 AR9 7411
-
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended April 20.
Clearings at
1929.
1928.
Inc. or
Dec.
$
-Boston
First Federal Reserve Dist act
535,416
510,126
Malne-Bangor._
3,805,132
3,183,945
Portland
Mass -Boston.. 439,000,000 517,000,000
1,888,091
1,283,143
Fall River _ _ _ _
1,050,033
1,183,949
Lowell
1,156,833
1,129,901
New Bedford..
5,642,805
5,105,536
Springfield. _
3,017,492
3,402,315
Worcester
-Hartford
20,405,652
24,422,885
Conn.
9,202,620
8,998,084
New Haven_ _ _
16,270,400
16,701,900
R.I.-Providence
717,006
878,704
N. H.-Manche'r
Total(12 cities)
501,264,516
1927.
1926.
-4.7
-16.3
-15.1
-32.0
-11.3
-2.4
-9.5
-11.3
-16.4
--2.2
+2.7
+22.6
755,767
2,947,567
456,000,000
2,123,650
1,190,293
1,104,007
5,003.550
3,758,968
18,414,616
7,421.760
13,192,600
724,988
644,670
2,810,452
461,000,000
1,863,827
972,577
1,184,716
4,790.633
3,056,923
14,572,752
6,628,394
11,611,200
496,806
585,227,252 -12.8
512,637,766
509,632,950
Second Feder al Reserve D istrict-New
6,128,649
6,951,316
-Albany
N. Y.
1,216,662
1,259,850
Binghamton__
57,449,954
62,716,774
Buffalo
1,179,049
1,041,499
Elmira
1,324,565
1,204,733
Jamestown- _
New York _ _ - - 7,933,831,342 8,414,221,737
14,636,471
14,350,913
Rochester
6,573,785
7,106,501
Syracuse
4,818,690
4,923,879
-Stamford
Conn.
-Montclair
1,005,571
879,374
N. J.
41,708,216
Northern N. J.
46,048,136
York-13.4
6,545,223
7,208,866
+3.6
1,015,700
1,154,869
+9.2
55,774,021
53,153,833
-12.6
1,043,815
945,143
1,456.445
-9.0
1,440,566
-5.7 5,915,560,791 5,919,675,078
11,377,140
13,047,247
-1.9
5.179,919
5,981,685
+9.5
4,434,652
3.740,785
+2.2
1,974,613
1,032,258
-12.5
38,223,207
40,177,974
+10.4
Total(11 cities) 8,080,404.317 8,550,263,349
-5.5 6,044,137,884 6,046,005.946
Third Federal Reserve Dist rIct-Philad elphla.
1,434,092 +9.5
-Altoona _ _ _
1,570,968
Pa.
4,584,251
+6.4
4,878,357
Bethlehem. _
1,307,913 -9.4
1,185,954
Chester
2.301,649 -16.1
1,931,883
Lancaster
Philadelphia_ _ 641,000,000 591,000,000 +8.5
4.743,804 -12.3
4,161,819
Reading
6,292,684 --5.3
5,956,144
Scranton
4,778,442 -21.0
3,774,327
Wilkes-Barre
1,824,409 +11.8
2,039.021
York
4,708,341
5.935,983 -20.7
-Trenton..
N. J.
Total(10 cities)
2755
FINANCIAL CHRONICLE
671,206,814
624,203,227
+7.5
1,803,839
3,695,480
1.606,912
2,209,732
550,000,000
4,699,091
6,325,495
4,089,137
2,379,167
6,230,062
1,650,752
•5,160,963
1,462,328
2,018,064
553,000,000
3,943,851
6,510,397
4,049,087
1,894,007
5,491,617
583,038,515
Week Ended April 20.
Clearings at
1929.
1928.
Inc.or
Dec.
1927.
1926.
$
$
%
$
$
-C hi cagoSeventh Feder al Reserve D (strict
294,916 +26.6
373,302
Aich.-Adrian __
773,570 -0.9
Ann Arbor_ _ _ _
766,226
232,463,349 144,891,864 +60.4
Detroit
8,680,896
8.040.904 +8.0
Grand Rapids_
2.636.176 +22.8
3,238,900
Lansing
3.839,275
3,468,788 +10.7
[nd.-Ft. Wayne
23,088,000 +5.2
24,283,000
Indianapolis...
3,000,900 +8.6
3,258,039
South Bend_ _ _
5,127,821 -8.8
4,674.793
Terre Haute_ _ _
33,741,328
40,280,247 -16.2
Vis.-Milwaukee
2,841,078 -3.4
2.743.520
[owa-Ced. Raps
9,771,356
10,758,946 -9.2
Des Moines....
6,198,502 +21.1
7,503,221
Sioux City__ _ _
1,622,031
1,218,575 +33.1
Waterloo
2,228,436
2,308.253
+3.9
[11.-Bloons'gton.
621,729.649 773,585,586 -19.6
Chicago
1,372,394 -12.7
1,198,459
Decatur
5,632,746 +20.8
6,803,888
Peoria
4,745,495 -11.3
4,210.348
Rockford
3,042,243
3.089,314 -1.5
Springfield....
Total(20 cities)
976,252,076 1,043,274,258
254,222
263,374
880,307
873,174
186,552,501 182,241,916
8,193,996
8,301,061
2,200,000
2,262,000
3,052,727
2,511,195
22.350.000
21,975,000
2,831,600
2,706,000
4,616,634
5,025,007
39,422.685
39,675,781
2.297.673
2,336.087
9,925.998
10,491,130
5,376,379
6,852,037
1,671.921
1.285.167
1,763,253
1,586,282
701.602,689 624,659,104
1,261,740
1,379,747
4,797,128
4,444,779
3.295,150
3,648.291
2,479,134
2,494,552
-6.4 1,005,231,384
924,605,437
Eighth Federa I Reserve DIs trIct-St. Lo uis5,329,052 +8.7
5,793,870
:nd.-Evansville_
480.
-St. Louis
144,700,000 153,500,000 -5.1
38,455,619
+2.4
39,387.847
Ky.-Louisville
312.187 -0.6
310.496
Owensboro._ _ _
20,943,773 +9.8
23,001,343
renn.-Memphis
14,057,482 +9.9
15,449,865
krk.-Little Rock
333,011 +18.1
11.
393,181
-Jacksonville
1,470,327 -0.9
1,457,654
Quincy
6,685,008
138,700,000
35,936,922
299,772
19,424,375
8,211,814
380,294
1,361,888
5,610,259
149,500,000
32,024,588
299,095
20,862,165
14,513,542
378.592
1,728.931
-1.7
210,980,073
224,917,172
Ninth Federal Reserve Die trict-Minn eapolis7,053,668
7,557,071 -14.0
6,461,391
Alnn.-Duluth_
82,234,443 +0.2
73.361.672
82,405,954
Minneapolis_ _ _
31,847,917 +22.9
32,049,037
26,492,749
St. Paul
2,155,732 +1.1
1,896,373
N. D.
2,179,947
-Fargo_ _ _
1,332,739 -11.7
1,114,018
3. 33.
1,176,986
-Aberdeen.
509,150
617,645 +11.7
690,149
Mont.
-Billings
.
2,842,000
3,116,000 +7.0
3,334,000
Helena
6.402,455
73,625,502
29,381,548
1,922,707
1,307,322
484.946
2.759,902
Total(8 cities).
230,494,256
234,401,451
118,825,918
115,884,382
Tenth Federal Reserve DIs trict-Kans as City424,230 -16.9
298,005
352,487
Neb.-Fremont _
290.113
466,355 +29.4
603,492
Hastings
3,772.215
4,497,005 +14.4
Lincoln
4,001,363
35,026,594
45,035,827 +6.8
43,119,413
Omaha
2,899.281
3,419,429 -4.0
(Can -Topeka..
3,282,675
7,648,902
9.208,085 -6.4
8,596,562
Wichita
550.
-Kan. City_ 143,333,975 139,854,210 +2.5 134,864,027
5,609,662
6,501,000 +7.2
St. Joseph
6,969.000
_
31,302,794
29,887,000 +4.2
31,142,022
Oklahoma City
1,159,391
1,534,447 -19.9
1,224,433
Colo.
-Co. Spgs.
1,325,194
1,366,643 +37.3
1,876,375
Pueblo
321,544
550,711
3.852.703
38,305,119
2.727.458
7.783.685
125,818.917
6,923,225
27,483.058
1,065,126
1.186,997
Total(7 cities)-
122,741,176
128,821,547
-4.7
+3.0
224,196,208
216.008,541
-Da Ilas-Eleventh Fede ral Reserve District
1,603.635 +23.7
1,983,188
Tex.-Austin
44,788,449 +32.7
59,439,749
Dallas
10,542,134 +40.1
. 14,773,588
Fort Worth _
.
4,437,000 +5.2
4.668,000
Galveston
5,681,895 -11.9
5,063,292
1a.
-Shreveport_
1,272,073
44,123,580
10,330,351
7,257,000
5,619,165
1,246,285
40,743,962
10,949.576
7,737,847
4,625,617
67,053,113 +28.1
68.602,169
65,303,287
Total(12 cities)
Total(5 cities).
249,501,798
85,927,817
242,194,231
Twelfth Feder at Reserve D istrict-San Franca sco50,933,295 +4.1
45,687,656
53,009,300
Wash.--Seattle
12,655,000
13,251,000 -1.2
13,093.000
Spokane
1,239,703
1,310,471 +32.0
1,730,301
Yakima
40,006,244
38,198,918 -1.3
37,686,407
Ore.
-Portland_
17,606,456 +13.3
19,965,073
19,954,595
Utah-S. L. City
4,456,651
3,840,030 -7.4
3,556,506
Calif.
-Fresno.._
7,347,346
8,822,553
8,206,677 +7.5
Long Beach_ _ _
Los Angeles_ _ _ 222.041,000 214,098,000 +3.7 185,427,000
21,129,332 -9.8
20,415,121
19,054,864
Oakland
7,227,715
7,315.176
8.458,611 -13.5
Pasadena
6,306,072
6,590,853 -1.9
6,466,984
Sacramento _ _ _
6,037,100
5,759,751 +12.3
6,467.583
San Diego_ .. _ _
San Francisco_ 202,536,953 237,838,788 -14.8 196,196,000
2.349,153
2,959,250
3.034,393 -2.5
San Jose
1,355,569
1.827,643 +45.9
2.665,881
Santa Monica.
2,302,378 +1.0
2,345,422
2,324,390
Santa Barbara_
2,646,100
2,694,700
2,553,900 +5.6
Stockton
585,181,066
561,662,928
50,573,425
11,490,000
1,266,929
39,552,556
18.128,085
4,424,155
7,772,838
170,361,000
21,457.449
6,248,618
7,486,053
5,898,329
180,011,000
2,402,301
1,595,508
2,182,517
2,748.300
533,599,093
Total(17 cities) 612,379,443 636.940,556
Grand total (129
12417,883,481 12952,609,456
cities
-3.9
Outs1d.m..vark a AAA nng 150 4 Ata 587 710
-1.4 4 285 052.1024.157.451.746
-4.2 10181,513,893 10077,126,824
Week Ended April 18.
Clearings at
Fourth Fedora I Reserve Dis trict-Cleve land6,185,000 +16.3
7,194,000
6,102,000
Ohio-Akron..
4,116,328 +16.3
4,786,365
3,906,417
Canton
81.011.233 -1.0
79,414,393
79.434,964
Cincinnati. _ _ _
169,172,345 131,064,103 +29.1 126,067,084
Cleveland
17,685,100 +5.2
18,619,800
16,576,700
Columbus
2,478,492 -0.8
2,457,666
2,175,192
Mansfield
5,320,435 +7.5
5,716,428
4,509,590
Youngstown _
+4.8 203,161.475
197,461,382 188,404,239
-Pittsburgh
Pa.
Total(8 cities)-
484,822,379
436,264,930 +11.1
rict-Richm mid-Fifth Federal Reserve Dist
1,295,774 --8.5
1,185,886
W.Va.-Hunt'ien
5,146,787 --2.1
5,040,969
Va.-Norfolk. _
48,986,000 -8.1
45,014,000
Richmond _
.2,500,000 +4.0
.2.600,000
-Charleston
S.C.
4 110,954,179 -9.0
Md.-BaltImore- 100,996,45
29,034,577 -4.1
27,833.309
D.C.-WashIng'n
Total(6 cities).
182,670,618
197,917,297
-7.7
Sixth Federal Reserve Dist rict-Atlant a10,514,995 -19.5
8,461,171
Tenn.-Chatt'ga.
*3.000,000 +6.3
3,189,550
Knoxville
23,992,385 +4.6
25,509,019
Nashville
58,208,977 +9.0
63,432,086
Georgia-Atlanta
2,128,373 -4.0
2,044,120
Augusta
2,145,147 -17.3
1,772,997
Macon
19,891,908 -6.8
18,546,515
Fla.-Jack'nvIlle.
3,452,000 +9.5
3,781,000
Miami
+6.9
28,690,337
30,675,509
Ala.-Birming'm.
2,054,415 -4.4
1,964,872
Mobile
2,197,000 +6.9
2,348,000
-Jackson._
Miss.
429,949 +8.5
466,513
Vicksburg
59.342,759 -2.2
58,026,919
La.-NewOrleans
Total(13 cities)
220,218,271
216,048,245
+1.9
6,548,000
3,545,228
70,832,916
110,821,112
15,710,600
2,455,488
4,054,875
176,466,931
1929.
1928.
Inc. OT
Dec.
Canada$
$
%
Montreal
143,981,711 156,901,777 -8.2
Toronto
151.660,069 153,069,339 -0.9
Winnipeg
47,628,136
51,911,573 -8.2
Vancouver
25,652,196
24,686,196
+3.1
Ottawa
9,889,420 -11.5
8,748,960
Quebec
6,621,247
+4.9
6,944,912
Halifax
3,660,232
3,518,927 +4.0
441,933,022 390,435,130 Hamilton
6,782,712
7.385,274 -8.2
Calgary
14,287,288
13,406,787 -0.9
St. John
3,313,125
3,442,284 -3.7
1,177,742
1,414,446 Victoria
3,944,560
2,762,922 +4.8
5,440.132
8,108,181 London
+7.6
3,939,059
3,600,596
46,879,000
47,193,000 Edmonton
8,139,579
6,320.218 +28.8
2,446,331
2,159,332 Regina
5,669,870
5,306,378 +6.9
114,323.922 129,901,588 Brandon
713,955
662,97
+7.7
26.367,443
26,192,190 Lethbridge
672,242
491,16
+36.9
2,844,345
2,681,68
+6.1
Saskatoon
196,634,570 214,968,737 Moose Jaw
1,508,570
1,357,45
+11.0
1,603,13
-6.1
1,506,171
Brantford
Fort William_
984,36
-9.8
889,550
9,076,664
10,619,423 New Westminster
+60.9
1,258,511
800,91
*3,200,000
3,015,315 Medicine Hat--529,512
679,44 -22.1
25,209,327
21,027,495 Peterborough....
862.42
+2.2
880,971
51,117,524
72,887,319 Sherbrooke
1,074,165
1,065.004 +0.9
1,896,874
1,930,980 Kitchener
1,572,491 -16.5
1,314,642
1,951,590
1,915,973 Windsor
6,076,845 +22.9
7,467,609
25,413,555
34,919,174 Prince Albert....
510,745 +15.0
587,413
6,857,648
16,514,319 Moncton
944,559 +0.9
953,275
26,137,541
29,718,729 Kingston
894,770 -16.0
751,288
2,044,698
1,712,925 Chatham
900,593
782,206 +15.1
1,650,917
1,509,000 Sarnia
665,272 +43.9
957.267
275,220
321,292
Pr....1,,, ..1.1...., IRO 'An AAA 471 95112 ROO -26
58,801,897
54,493,139
213,633,456
250,585,083
5 No longer report elearLoss. •Estimated.
1927.
1926.
$
$
89,347,327 113,070,815
90,480,489 113,413,250
43.574,559
39,252,894
17,555,795
14,034,607
7.602,990
6,900,121
5.474,376
3,327,929
2,528,815
2,565,974
4,988,319
4,846,453
7,523,551
5,656,498
2,820,589
2,081,890
2,249,713
1,846,595
2,843,828
2,625,846
5,218,889
4,115,693
3,061,537
8,026,888
652,220
502,306
563,059
460.517
2,056,048
1,488,100
976.517
1,160,871
1,071,139
1,038,874
655,061
956,776
620,263
908,385
267.803
291,066
788.021
738.716
882,784
800.023
932,674
941.497
3,941.198
3,915,205
334.723
465,604
782,090
759,821
723,107
863,796
637,866
667,189
2116 OAR 011
5952 665 758
•
. 2756
FINANCIAL CHRONICLE
[VOL. 128.
ExportsfromWheal.
Corn.
Flour.
Oats.
THE CURB MARKET.
Rye.
Barley.
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
A general upward movement of prices was in progress in New York
841,000
8,000 102,387
17.100 624,500
Curb Market trading during the week until to-day when Portland, Me
293,000
Boston
30,000
88,000
weakness was in evidence. Business was in good volume. Philadelphia
59,000
4,000 135,000
29,000
443,000
2,000
Aluminum Co. rose from 1803/ to 205. Amer. Rolling Mill, Baltimore
105,000
Norfolk
34.000
1.000
Mobile
1.000
corn. after early loss from 1127/i to 1103/i sold up to New Orleans
134,000
53,000
19,000
25,000
15,000
118%, with the final transaction at 118%. Deere & Co., Galveston
105,000
52,000
1,000
533,000
17,000
18,000
10.000 103,000
30,000
corn. advanced from 577 to 595, but reacted to-day to 576. St. John, N. B
Houston
3,000
24,000
Douglas was actively dealt in up from 30% to 363 , the Halifax
%
3
Total week 1929__ 2,432,000 164,000 181,387 258,000
close to-day being at 34%. Goldman Sachs Trading lost
120,100 803,500
Same week 1928._ 3,102,877 881,075 221,505 116.822
213,000 312.304
about five points to 1073, with the close to-day at 107%.
The destinat'on of these exports for the week and since
Phelps Dodge Corp. moved up from 71% to 77 and sold
finally at 75%. Utilities shared in the general upturn July 1, 1928, is as below:
Amer. Light & Tract., corn. advanced from 226 to 251% and
Flour.
Wheat.
Corn.
ends the week at 2443'. Amer. Superpower, cl. A, rose Exports for Week Week
and Since
Since
Week
Since
Week
Since
July 1 toApr. 20 July 1
from 108 to 1193/i with the final transaction for the week at
Apr. 20
July 1
Ayr. 20
July 1
1929.
1928.
1929.
1928.
1929.
1928.
117. The class B stock sold up from 1113-s to 1213/2 and at
United Kingdom_ 45,718 2.812,303
711,000 62,876,726
62,000 0,720,110
118 finally. Electric Bond & Share advanced from 79M Continent
110,815 4,314,339 1,651,000 171,842,959
94,060 17,210,962
Cent.
13,000
to 84, reacted to 80% and closed to-day at 81. Electric So.&IndiesAmer_ 2,000 288,000
346,000
18,000
217,000
West
12,000
394,000
1,000
74.000
775,000
Investors was up from 963/2 to 1033/i but fell back finally Brit.No.Am.Cols_ .____
1.000
20,000
Other countries__ 10,854 1,246,134
56,000 3,340,733
2,250
to 1003'. Penn-Ohio Edison, corn. improved from 57 to
Total 1929
181,387 9,055,776 2.432,000238.500.418 164.00027,925.322
643-i and sold finally at 62. Rochester Central Power was
Total 1928
221,505 9,442.948 3.102.877 206.037.580 661 075 9 632 286
active and sold up from 363/i to 443/i and at 423/z finally.
United Gas Improvement from 178 reached 1915 , the
Cleveland Stock Exchange.
%
-Record of transactions at
close to-day being at 186 8 Oils were weak. Humble Oil Cleveland Stock Exchange, April 20 to April 26, both in.
clusive, compiled from official sales lists:
& Ref. sold down from 118% to 113. Ohio oil was off from
Friday
Sales
723/i to 683/i with the final transaction to-day at 70.
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
A complete record of Curb Market transactions for the
StocksPar Price. Low. High. Shares.
Low.
High.
week will be found on page 2785.
Aetna Rubber com
• 15
15
15
Air-Way Elec Appl pfd_100
97
97
Akron Rubber Reel corn.*
92
92
Allen Industries corn___•
8
8
10
Amer Multlgraph com___* 37
Bonds (Par Value).
37
3734
Amer Ship Building com100 86
86
86
Apex Elecric
Week Ended
Foreign
• 34
Stocks
34
36
Domestic
Government Bishop & Babcock com_50
April 26
Rights
434
(No. Shares)
434
Bond Stores A
20
4
4
B
$937,000
Saturday
.
38,300
•
$108,000
234
592,100
134 234
199,000
Monday
15,550
351,000 Buckeye Incubator com• 20
20
1,145,700
26
1,325,000
24,100
Tuesday
563,000 Bulkley Building pref. _100 6434 6434 6434
1,100,600
• 14
1,188,000
Wednesday
7,600
356,000 Byers Machine A
14
1,025,600
15
1,216,000
Thursday
215.000 Central Alloy Steel pref100
36.500
1103.4 11114
1,034,700
1,391,000
• 5534 54
269.000 City Ice & Fuel
56,900
Friday
1,119,800
553.4
Clark Fred G com
10
934 1034
934
$7.256,000 $1,862,000 Clev Autom Mach pf_100
Total
91
178.950
6,018.500
95
Clev Build Sup&Br corn •
2934 31
Clev-Cliffs Iron corn
• 210
200 210
Clev Electric III 6% pf _100 1113.4 112 112
Clev Railway com
100 10134 100 102
Clev Sand Brew pr
7
7
7
Clev Stone corn
• 71
71
71
Cleveland Trust
100
460 462
Clev Un Stockyards corn
21
23
-All Clev Worsted Mills com100
Breadstuffs figures brought from page 2861.
1434 15
Columbia Auto pref
•
31
3134
the statements below regarding the movement of grain
- Comb Bookbinding
* 2734 2634 28
•
273 275
receipts, exports, visible supply, &c., are prepared by us Dow Chemical corn
Elec Controller &Mfg corn*
60
6034
First we give the receipts at Western lake and river ports Enamuel Product
•
30
30
Fails Rubber corn
•
634 63-4
for the week ending last Saturday and since Aug. 1 for Federal Knit Mills com_.• 42 42 42
Ferry Cap & Set Screws_ _• 3214 3234 3434
each of the last three years:
Firestone Tire Sr R com _10 269
261 289
6% preferred
100
1083.4 110
199 109
7% Preferred
10834 109
Barley.
Rye.
Oats.
Receipts atWheat. I
Corn. I
Flour.
Foote-Burt corn
40
50
*
* 3734
37
40
bbls.1961bs.bush.60155.bush.56 lbs.bush. 32 lbs.bush.481bs. bush.5615s. Geometric Stamp
9934 993-4
454,000
134,000
744,000
Chicago
60,000 Gen Tire Se Rubber pf _ _100
168,000
193,000
1043.4 105
100
239,000
447,000
Minneapolis-48,000
104.000 Glidden prior pref
1,177,000
47
48
•
Duluth
112,00
50,000 Godman Shoe corn
638,000
Greif Bros Cooperage corn •
4234 423-4
106,000
Mliwaukee
38,000
82,000
5,000
16,000
42,000
Guardian Trust
100
400 400
Toledo
143,000
39,000
37,000
10 4434 4434 45
2,000
Detroit
28,000
2,000
4,000 Halle Bros
30,000
Preferred
100
1043.4 16134
Indianapolis_
242.000
312.000
31.000
Harris-Seybold-Potter11,000
St. Louis_ _ _ _
445,000
598,0001
116,000
347,000
Common
• 1234
1234 1234
51,000
Peoria
342,000
86,0001
53.000
38,000
Ilighbee 1st pref
100
107 107
82,
433,000
Kansas City
647,000
India Tire & Rubb corn_ •
59
60
Omaha
206,
212,000
183,000
Interlake Steamship com_•
155 155
St. Joseph.-42,000
141.000
36,000
Jaeger Machine com____* 3434
3434 36
2
Wichita
85, 0
0 01
146.000
Jordan Motor pref
100 50
40
88
50
Sioux City
19,
58,000
Kaynee corn
10 3434 343-4 35
57
655,000
Total wk. '29
57
223,000 Kelley Is Lime & Tr com _•
404.000 3,552,000 2,904,000 2,456,000
34
555,000
3434
Same wk. '28
259,000 Lake Erie Bolt Ac Nut corn •
465,000 4,170,000 3,876,000 2,585,000
25 5234 523.4 53
486,000
Same wk. '27
285,000 Lamson de Sessions
499,000 3,408,000 1,946,000, 2,319,000
Marion SS pref
100 8834 883-4 90
Maud Miller
1234
1234 1234
Since Aug.1100 425
425 425
18,225.000415,780,000221,210,000 114.669,00084.l87,000 23,060.000 Midland Ind
1928
18.109,000387,746,000245.745.000121,637,00063,100,000 32,586,000 McKee(AG)& Co corn_ •
40
40
1927
42
42
17,966,000 281,298,000175,081,000 113,327,000 16,327.000 24,875,000 Met Paving Brick com__•
1926
Miller Wholes Drug corn.• 39
39
40
Miller Rubber pref. --100
7434 75
Total receipts of flour and grain at the seaboard ports for Mohawk Rubber corn ____• 6234 6134 65
Murray Ohio Mfg corn
•
35
35
the week ending Saturday, Apr. 20, 1929, follow:
Myers Pump common• 3734 37
38
National City
100
300 300
National Refining com25
33
35
Barley.
Oats,
Corn.
Receipts atRye.
Flour.
Wheat.
National Tile common* 3434 3434 35
National Tool common50
14
17
Bushels. Bushels.
Bushels.
Barrels.
Bushels.
Bushels.
Preferred
100
50
50
381,111
New York-- 226,000
168,000
15,000
23,000 Nestle-LeMur
287,000
common_' 2734 2734 28
Portland, Me_
293,001
1900 Washer common...'
2934 30
Philadelphia__
18,000
3,000
34,000
147./ 11
Nor Ohio P dr L 6% pf _100 9
734 9734 9734
17.111
Baltimore_ _ _ _
19,000
42,
18.111
Ohio Bell Telep pref___ 190
113 113
Norfolk
76,000
34,000
1.000
Ohio Brass B
• 8034 8034 8234
New Orleans*
45 1 I •
12,000
105.111
15,000
Preferred
100
107 107
Galveston____
82,111
13.000
Packard Electric corn____* 40
40
403-1
St. John,N.B.
30,000
553,111
103,000 Packer Corp
10,0
17,111
18.000
common. •
283.4 29
Boston
14,000
28,111
49,
000
24,000
Paragon Refining com____* 2434
2434 2434
Preferred
44
•
44
Total wk. '29
346.000
299,000
431,000 1.443.0001
126.000
275,000
V t0
• 2234 223-4 2234
Since Jan.1'29 8,511,111 45,864,004 13.677,000 5,141,000 8,610,000 2,020,000
Patterson Sargent
• 3434 3434 3434
Peerless Motor com
17
17
50
Week 1928__.
403,000 1.953,0001
503,1 11
81,000
97.000
146,000
•
754 7I4
Since Jan.1'28 7.661000130 cc, nenl A 204 non 6.294.1.1 7.369.000 3,534.000 R dr M series I
Preferred v t c
11
11
25
58
57
• 57
•Receipts do not Include grain passing through New Orleans for foreign Ports Reliance Mfg com
Richman Brothers com
365 388
• 385
On through bills of lading.
Rubber Ser Lab
•
25
34
2214
22
• 22
The exports from the several seaboard ports for the week Scher-Hirst class A
Selberling Rubber com • 49
49
47
Selby Shoe common
31
28
• 28
ending Saturday, Apr. 20, 1929, are shown in the annexed Sherwin-Willlams com__25 86
86
82
Preferred
106 107
100
statement:
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Zommerciat ni
t9cCUaflI1flsTiews
100
10
11
190
141
50
1,555
214
110
852
1,174
25
220
130
254
335
224
130
312
54
979
115
50
31
260
225
100
2,450
152
545
800
100
25
1,210
192
55
735
235
465
40
51
204
25
43
185
64
25
31
145
87
378
481
430
155
405
560
170
50
23
75
15
285
40
5,374
15
1,305
15
60
1,358
75
40
660
700
19
16
1,635
80
260
70
425
100
10
185
145
10
60
923
1097
70
50
905
352
629
185
15
Apr 27
9634 Apr 101
8•
35
86
2634
4
3
1
1034
6414
934
1083.(
54
5
70
2834
135
11034
100
7
61
398
21
14
303-4
2634
200
57
30
5
3534
323-4
220
10834
108
40
29
993-4
103
4534
40
376
43
10334
12
10634
39
145
3234
30
27
5634
29
43
8834
1234
350
3934
42
27
'mg
63
3234
3234
254
33
34
14
45
22
22
973-4
1113-4
803.4
10634
39
283-4
2234
4234
21
3434
16
634
10
4734
330
25
2134
47
2634
82
10434
Apr
Mar
Apr
Feb
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Apr
Jan
Feb
Mar
Feb
Mar
Apr
Apr
Feb
Jan
Apr
Apr
Mar
Apr
Jan
Jan
Apr
Jan
Jan
Apr
Feb
Apr
Feb
Jan
Feb
Jan
Mar
Apr
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Feb
Apr
Mar
Jan
Feb
Jan
Feb
Apr
Apr
Mar
Mar
Apr
Jan
Mar
Mar
Apr
Mar
Mar
Apr
Jan
Apr
Jan
Mar
Feb
Mar
Mar
Apr
Jan
Mar
Mar
Jan
Feb
Jan
Apr
Apr
Jan
Mar
Mar
Mar
Apr
Feb
Apr
Apr
Apr
Mar
Jan
Feb
143-4
40
93
37
7
4
234
2834
66
20
113
64
1334
95
35
220
11234
110
7
70
470
25
1934
35
28
270
69
34
1 134
48
3434
285
111
III
5434
40
102
105
54
43
500
50
105
15
10834
73
168
453.4
50
35
6034
35
533.4
105
1434
425
4334
52
42
85
6534
43
3834
300
38
41
18
55
2934
3034
9934
11534
92
107
42
3314
30
4434
28
3834
19
83-4
16
5934
390
34
25
65
35
88
108
Jan
Jan
Jan
Apr
Apr
Jan
Apr
Mar
Mar
Feb
Mar
Mar
Mar
Apr
Feb
Mar
Feb
Mar
Apr
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Feb
Feb
Mar
Apr
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Mar
Apr
Apr
Jan
Mar
Apr
Jan
Jan
Apr
Mar
Jan
Jan
Apr
Apr
Jan
Mar
Feb
Mar
Jan
Apr
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Jan
APRIL
FINANCIAL CHRONICLE
27 1929]
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Corufnunli Par. Price. Low. High. Shares.
Stand Textile Prod com.100
100
Preferred A
100
Preferred B
*
Star Rubber common_
Stearns Motor common..*
100
Steel dz Tubes pref
•
Stetter Corp series A
•
Thompson Prods com_
Union Metal Mfg corn. •
.100
Union Mortgage corn.
100
Union Trust
Van Dorn Iron Wks com.•
Weinberger Drug
•
•
Wheeler Prod
White Motor Secs pref _100
•
Widlar
Wood Chem Prod com_ *
•
W R I Corp pref
Bonds
Cleveland Ry 55
1931
Steel & Tubes 6s
1943
11
11
86
84
47
47
4714
14 1
434
4
4
102
101% 102
30% 31
58
55
48
48
14
%
360
340 360
13
13
1334
43
43
45
34
34%
34
104
104 104
25% 2534
20% 204
103% 103% 103%
96
99
96
68
651
140
175
570
447
250
55
75
100
1,617
315
162
590
59
100
100
160
99% $5.000
20,000
96
Range BOW Jas. a.
High.
Low.
11
71
33
14
4
101
30
464
48
14
307
634
24
32%
102
25
20%
103
99
93
14
90
51
1
6%
103%
32%
68
60
34
360
15
48
36
105
29%
23%
104
Jan
Jan
Jan
Apr
Apr
Jan
Feb
Jan
Apr
Feb
Jan
Mar
Jan
Apr
Jan
Mar
Apr
Mar
Jan
Apr
Apr
Apr
Jan
Feb
Apr
Jan
Jan
Mar
Mar
Apr
Apr
Mar
Mar
Feb
Mar
Mar
Apr 100% Feb
Apr 96 Pan
* No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, April 20 to April 26, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices
Par Price, Low, High. Shares.
Range Since Jan. 1.
V
•-.
....
M2aatriaa
..
clocco..ovw
00101MvMV01
Apr
Apr
Apr
Apr
Feb
Mar
Mar
Apr
^.
125 102
50 18
50 25
100 29
110 109
237 2334
225 41
1,635 2434
,1tMat
jitggtgliStgiLlitgiggtititgtittiU 2t2tinagttggg5tgaligat5
44
XX
XYX XX 0XXX
XX u
X X X
XX
XX
smooskommowomm000mmNco..mmm.m.r.nononocq.o.Nnts=2.m.um.r8comm
....0 t-IN.0
04MWMN M.0.-,
Mt. MC-VMMMOV
.
0.4.01-...vM
..1.0.00
0
0
n .0v044.0.-.NN04 vt,
m..
.-•
....
t••
M
,-. M
Unlisted
10234 10234
Davidson Coke pref
1834 1834
Hach Linn common
254 2534
National Erie pref A
29
29
Penna. Industries COMDIOn110 110
Units
3034
Pitts Screw & Bolt Corp..27
42
41
Rudd Manufacturing
2534
25
Western Public service y t c
High.
Low.
Feb
Allegheny Steel corn
60 60
• 75
80
75
Mar
Aluminum Goods Mfg____
250 29
31% 32
Apr
Am Vitrified Prod com_ 50
450 16
16
16
Apr
Am Wind Gi Mach pref.100
100 45
46
45
53,4 4,100
314 Jan
Arkansas Gas Corp com__•
5
5
10
734 Jan
Preferred
734
714 834 4,163
Armstrong Cork Co
3,995 6134 Jan
• 7034 6934 73
Blaw-Knox Co
25 41 41
655 3814 Feb
42
Jan
8
Calorizing pref
25
600
1134 12
Carnegie Metals Co
10 19
1634 1934 14,200 1634 Apr
Apr
Cent Ohio Steel Prod- •
2434 25
135 24
Apr
Citizens Traction
50
17 35
35
35
Columbia Gas pref
50 10434 Apr
10434 10434 10434
Clark (D L) Co corn
*
255 164 Mar
17
17
Mar
Colonial Trust Co
100
312 312
2 310
Consolidated Ice pref. 50
139 1934 Mar
20
20
Mar
Crandall McKenzie & H.
320 25
2534 2534
Devonian Oil
10
Mar
6
734
975
634 7q
Dixie Gas & Mil com
•
15
734 Jan
1534 1,420
Preferred
Jan
100
75
10 70
75
Duff Norton common
Apr
42
135 42
43
Exchange Nat Bank..__50 89
Apr
89
• 65 89
89
Follansbee Bros pref._ _100
Apr
25 95
96
96
Harb-Walker Ref corn_
•
Jan
380 52
60
6034
Indep Brewing coin
50
Feb
1
100
1
1
Preferred
50
2
134 Feb
55
2
Koppers Gas & Coke pref.. 10134 101 10134
Mar
500 101
Libby Dairy Prod com •
565 2534 Jan
3834 393,4
iM 1st preferred
100 1083,4 10834 120
185 10434 Jan
Lone Star Gas
25 70
Jan
2,664 67
69% 70
McKinney Mfg common.*
1,305 1134 Apr
1134 16
Nat Fireproofing com___50 1534 1534 16
200 1034 Jan
Preferred
50 33
160 2834 Jan
33% 33%
Penn Federal Corp com_ •
45
43,4 43,4
434 Feb
Peoples Say & Trust...100
14 750
Atn•
800 800
Phoenix 011 Co pref
1
2,000 30c Mar
45c 450
Jan
8
Pittsburgh Brew pref...50
10
734 74
Pittsburgh Inv Security __• 31
15,155 2534 Jan
283,4 32
Jan
Pittsburgh Plate Glass.100 6534 65
829 64
65
Jan
Pitts Steel Fdry com15 33
*
3334 3334
Jan
Pittsburgh Trust Co_ __100
10 275
287 287
Feb
55 24
Plymouth 011 Co
25
25
5
Mar
425 22
2234 2234
Reymers Inc
Apr
85 14
14
14
Richardson de Boynton pt.* 14
10 423,4 Apr
Ruud Mfg Co
4234 423,4
314 Apr
150
Salt Creek Consol 011_10
334 314
San Toy Mining
coca Sc Jan
Sc
Sc
6o
1
Jan
50 25
Stand Plate 01 pr pref__100
3234 3234
Apr
310 73
74
73
Standard Steel Springs__ ..
1,715 2534 Apr
Stand Steel Propeller.--• 2634 2534 28
450 2234 Mar
Suburban Electric Dev___• 24
2234 24
Feb
10 150
Third National Bank_11111
150 150
Feb
115 20
Union Steel Casting corn.*
2814 29
Jan
United Eng & Fdry corn _.• 47
4634 4834 3,625 38
100 1034 Jan
12
United States Glass
12
25
Mar
140 70
72
Vanadium Alloy Steel
70%
125 4334 Apr
Westinghouse Air 13rake..•
4854 4914
Apr
2,100 94
94
West Penn Rya pref. _100
94
553,4
325 3134 Jan
54
Witherow Steel oommon. • 54
30 7134 Apr
74
74
Preferred
160
Apr
100 52
52
Zoller (William) common* 52
52
50.000
April 19
-First National Bank of Lexington, Miss
President, W.0. Barrett; Cashier, M. A. Scobey,
50,000
April 20-Nanuet National Bank, Nanuet, N.Y
President, Geo, M. Edsall; Cashier, Chas. Grosch.
CHANGE OF TITLE.
April 8
-The First National Bank of Griffin,Corners. Flelschmanns,
N. Y. to "The First National Bank of Fleischmanns."
April 19-TheIfirde Park National Bank of Chicago. Ill., to "The Hyde
Park- enwood National Bank of Chicago."
April 20
-The First National Bank of Ann Arbor, Mich., to "The First
National Bank & Trust Co. of Ann Arbor."
VOLUNTARY LIQUIDATIONS.
$25,000
April 8
-The Caddo National Bank, Caddo, Okla
Effective April 2 1929. Liq. Agent, W. N. Green,
Atoka, Okla.
Absorbed by Atoka State Bank, Atoka, Okla.
50,000
-The First National Bank of Valley Mills, Tex
April 8
Effective April 2 1929. Liq. Agent, Roy S. Pool, Valley Mills, Tex.
Succeeded by The First National Bank in Valley Mills,
Tex., No. 13272.
25,00
April 9
-The first National Bank of Casa Grande, Ariz
Effective Dec. 5 1928. Liq. Agent, A. M. Peck, Casa
Grande, Ariz.
Absorbed by Arizona Southwest Bank, Casa Grande,
Ariz.
40.000
-The Liberty National Bank of Tahlequah, Okla
April 9
Effective March 28 1929. Liq. Agent, J. Robt. Wyly,
Tahlequah, Okla.
Absorbed by Liberty State Bank, Tahlequah. Okla.
300,000
-The Broadway National Bank of Richmond. Va
April 10
Effective close of business April 9 1929. Liq. Agents,
L. W. Hoffman and H. N. Phillips, Richmond, Va.
Succeeded by a new State bank.
25.000
-The First National Bank of Rhome, Tex
April 10
Effective April 5 1929. Liq. Agent, L. D. Harbin,
Rhome, Tex.
Succeeded by The First National Bank in Rhome,
Tex., No. 13285.
April 15
-First National Trust & Savings Bank of Whittier, Calif_ 250,000
Effective Feb. 11 1929. Liq. Agent, Walter 0, Marshall, 631 Market St., San Francisco, Calif. Absorbed by Bank of America of California, Los Angeles. Calif.
25,000
April 15
-Anadarko National Bank, Anadarko, Okla
Effective March 1 1929. Absorbed by Anadarko Bank &
Trust Co., Anadarko, Okla.
April 15
-The Sonoma County National Bank at Petaluma, Calif_ 400,000
Effective March 1 1929. Liq. Agent, Walter C. Marshall, 631 Market St., San Francisco, Calif. Absorbed by Bank of America of California, Los Angeles, Calif.
300,000
Apri 16
-The Bloomfield National Bank, Bloomfield, N. J
Effective April 15 1929. Lich committee, Alison Dodd,
Frederick R. Pilch, Bloomfield, N. J., and Lewis K.
Dodd, Glen Ridge, N. J. Absorbed by Bloomfield
Trust Co., Bloomfield, N. J.
50,000
April 16
-The First National Bank of Arlington, So. Dak
Effective close of business March 4 1929. Liq. committee, Wm. P. Allen, Wm. Habel, Arlington, So.
Dak., and Max Royhl. Huron, So. Dak. Succeeded
by First National Bank in Arlington. So. Dak.,
No. 13286.
300,000
-The Kenwood National Bank of Chicago, Ill
April 20
Effective April 20 1929. Liq. Agent, Eugene E. Ford,
2350 Lincoln Park West, Chicago, Ill.
Absorbed by The Hyde Park-Kenwood National Bank
of Chicago, Ill., No. 13235.
CONSOLIDATION.
$200,000
-American National Bank of Jamestown, N.Y
April 13
National Bank of Jamestown, N.Y
200.000
The Liberty
Consolidated to-day under Act of Nov. 7 1918, under
charter and title of "American National Bank of
Jamestwon," No. 9718, with capital stock of 8300,000.
$2.000.000
Apri118-The First National Bank of Duluth, Minn
American Exchange National Bank of Duluth, Minn_ 2,000,000
Consolidated to-day under Act of Nov.7 1918, under the
charter of The First National Bank of Duluth, No.
3626, and under the title "First & American National
Bank of Duluth," with capital stock of $3,000,000.
400,000
-American National Bank of Wausau. Wis
April 26
200,000
Marathon County Bank, Wausau. Wig
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927 under the charter and title of
"American National Bank. of Wausau," No. 4744,
with capital stock of $600,000.
150,000
April 20
-The Security National Bank of Everett, Wash
The Citizens National Bank & Trust Co. of Everett.
100.000
Wash
Consolidated to-day under the Act lot Nov.7 1918 under
the charter of The Security National Bank of Everett,
No.11693.and under the title"Citizens Security National
Bank of Everett," with capital stock of $200.000.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Barnes & Lofland, Philadelphia:
$ Per Sh.
Shares. V.I'.
.
All the right, title & int. of Edward
W. Stevenson in the estate of
John B. Stevenson, deceased...325 lot
• No par value.
22 Girard Life Insur. Co., par $10- 26
10 Overbrook National Bank
183
11 Bank
-The following information regarding 100 Bankof No. Amer.& Trust Co-586
National Banks.
of No. Amer. & Tr. Co
national banks is from the office of the Comptroller of the 15par25 Exchange National Bank147
Corn
Currency, Treasury Department:
& Trust Co.(par $20)
18834
35 Corn Exchange National Bank
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
& Trust Co
84
Capital.
REQUESTED.
$100,000 5 Wyoming Bk.& Tr. Co., par $50.223
Apri119-The City National Bank of Huntington, N.Y
1625 U.S. Bank & Tr. Co.,par $10. 10
Correspondent, Wallace E. J. Collins, Huntington, N.Y.
200,000 10 Guardian Bk.dr Tr. Co., par 350 80
April 20
-The Burnside National Bank of New York. N Y
10 Mitten Men az Management Bk.
Correspondent, Joseph G. Abramson, 122 E. 42d St.,
& Trust Co.(stamped)
95
New York, N. Y.
20 Jenkintown Bank & Trust Co.,
195
Par $10
APPLICATIONS TO ORGANIZE APPROVED.
S200.000 5 Trenton Banking Co. (N. J.).
April 10
-The Lehigh National Bank of Philadelphia, Pa
295
Par 550
Correspondent, Charles P. Burke, 1017 East Ritten52 Safe Deposit Bank, Pottsville.
house St., Philadelphia, Pa.
150
Pa., par 550
500,000
April 13
-Fort Greene National Bank in New York, N.Y
30 Integrity Trust Co.. par $10-170%
Correspondent, Bennett De Beixedon, 90 West Broad20 Integrity Trust Co., par $10..- -170
way, New York, N. Y.
11
Apri119-The Citizens National Bank of Chicago Heights, Ill.-- 200,000 5 Republic Trust Co., par 350-170
Security Title dr Tr. Co., par $50. 70
Correspondent, Thomas 0. Deering, 208 8. La Salle
100 Security Title dr Tr. Co., par
St., Chicago, Ill.
50
550
CONVERT APPROVED.
APPLICATIONS TO
34 Franklin Trust Co.. par $10
7731
50 Colonial Trust Co., par $50- - _245
-The Central National Bank & Trust Co. of Des Moines,
April 16
$250,000 20 Southwark Title & Trust Co.,
Iowa
3751
Conversion of The Central State Bank, Des Moines,Ia.
Par $10
25,000 2 Girard Trust Co
1655
-First National Bank in Cimarron,Kan
April 20
Conversion of The Gray County State Bank, Cimarron,
30 Real Estate-Land Title & Trust
7534
Kan.
Co., par $10
40 Real-Estate Land Title & Trust
CHARTERS ISSUED.
7534
Co., par $10
$50.000
-The Winters National Bank, Winters, Calif
April 16
150
12 Tioga Trust Co., par 550
President, F. M. Wyatt; Cashier, W. W.Stark.
2757
$ per Sits
Shares. Stocks.
5 Penna. Co. for Insur. on Lives,
15234
&c., par $10
95 Penna. Co. for Insur. on Lives,
15134
&c., par $10
900
10 Tacony Trust Co
50 Holmesburg Trust Co., par $50.291
35 Bankers Trust Co.. Par $50-132
10 Frankford Trust Co., par $50-511
5 Roxborough Trust Co., par 550.-SOO
5 Broadway Merchants Trust Co.,
301
Camden, N. J
5 Counties Title & Trust Co., Ard160
more, Pa
625 Phila. Life Insur. Co., par 310. 263,4
5Constitut'n Indemn'y Co., par $10 2834
8 units Fidelity Mtge. Guarantee
Co. (unit consists of 1 pref. and
103
1 common)
9 Bankers Secur. Corp., corn. v.t.c.131
25 Bankers Sec. Corp.,corn. v.t.c...130
50 Phila.& Cam.Ferry Co., par $25 61
5Phila.. Germantown & Norristown
130
RR., par 350
9 Phila. Co. for Guarant's Mtges--325
8 Manayunk Quaker City Nat. Bk_550
635
5 North Bank & Trust Co
30
5 Mtge. Co. of Penna.. par
5 National Security Bank
1525
20 Bourse, common
30
Bonas.
Per Cent.
$1,000 Benevolent & Protective
Order of Elks, Gen. Mtge. 68,
1942
$104 lot
per Right.
Rights.
5 Textile Nat. Bank (rights on)__..400
46 Tioga National Bank, ©335_ __ 3
873,4 Textile National Bank,(4 $30 234
30 Corn Exchange National Bank
8434
& Trust Co.,
5100
2758
[voL. 128.
FINANCIAL CHRONICLE
By Adrian H. Muller & Son, New York:
$ per share. Shares. Stocks.
Shares. Stocks.
5 Per share.
.810,000 lot 820 Bertilit Corp., Pref. 820 Ber20 Joseph Hecht Realty Co.
570 lot
tillt Corp., com., no par
58 424 East 57th Street, Inc_ $5,800 lot
Per Cent.
95
Bonds.
300 Securities Co. of N.Y
400 Realty Associates of Miami,Inc.2 Mc. $8,400 Seattle .4 Rainier Valley Ry.
gen. 58, 1934; Jan. 1928 and sub200 Mercer Motors Co., corn., no
2
$1 lot
sequent coupons attached
Par
1
400 Flintlock Corp.. Inc corn
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
$ per SS. Shares. Stocks.
354
5 Atlantic National Bank
60 Mass. Utilities Associates, class
40M
59914
A pref., par 550
5 First National Bank (old)
100 \Vest Boston Gas Co., v. 1. c.,
300 First National Bank (new),
12314
when issued, par 520
par $25
3534-3534
10Beacon Trust Co
275M 11 Post Office Square Co., pref.
2
15 National Shawmut Bank
377
(certificate of deposit)
10 Boston National Bank_ ___215 ex-d1v. 12 Hood Rubber Co.. 714% pref.-68-70
40
7 National Shawmut Bank
380
30 units First People's Trust
3 Old Colony Trust Co
5741$ 47 Old Colony Trust Associates_ _53 M-55
40
457
10 United States Trust Co
10 units First People's Trust
15 Boston National Bank_ __ _215 ex-div. 15 North Boston Lighting Prop67
470
3 American Trust Co
erties, corn. (undeP.)
377-378 80-11 Warrants Springfield Gas
67 National Shawmut Bank
87e.
Light Co. (undeposited)
17 Boston Woven Hose & Rubber
40
96
2 units First People's Trust
Co., common
45
290 Nashua Mfg. Co., corn
10 Atlantic Gas & Elec. Corp., cLA 48
8614 200 North Boston Lighting Prop30 Nashua Mfg. Co., pref
10 Naumkeag Steam Cotton Co
130
erties, pref. (undep.)-Par $50.- 49
4 Arlington Mills
35
10 North Boston Lighting Prop4
87
erties, corn.(undep.)
100 Tremont & Suffolk Mills
22 Naumkeag Steam Cotton Co_..l30
200-11 Warrants Springfield Gas
900.
Light Co. (undeP.)
28 Boston Woven Hose & Rubber
963j 80 Mass. Bonding & Ins. Co.,
Co., common
10814
18 Farr Alpaca Co
Par $25
17034
221 National Service Co., $3 Par10 Merrimac Chemical Co., par 550 75
40
18 Brockton Gas Light Co., v. t. c.,
ticipating preferred
414
3814 210 National Service Cos., corn_
par 525
25 Plymouth Cordage Co
7614 70-11 Warrants Springfield Gas
890.
Light Co. (undeP.)
30 National Fabric & Finishing
40
11
Co., common
8 units First People's Trust
$ per Right.
50 Great Northern Paper Co.,
Rights.
83
53.
100 First Nat. Bank (when iss.)
Par $25
Per
When
Cent. Payable.
Name of Company.
Public Utilities (Concluded).
Utica Gas & Elec., 58 prof. (guar.)
United Gas Improvement (guar.)
Western Power. pref. (guar.)
Books Closed
Days Inclusive.
*51.50 May 1 *Holders of rec. Apr. 20
$1.1214 June 29 Holders of rec. May 31
134 July 15 Holders of rec. July 1
Banks.
•3
Columbus
May
1 *Holders of rec. Apr. 25
May
May
May
May
May
May
May
Fire Insurance.
American Re-Insurance (guar.)
Bankers & Shippers (quar.)
Globe & Rutgers (guar.)
Guardian Fire Assurance (guar.)
Pacific Fire
Westchester Fire (guar.)
Extra
15 *Holders of rec. Apr. 30
8 Holders of rec. May 6
1 *Holders of rec. Apr. 23
1 Holders of rec. Apr. 20
6 Holders of rec. May 3
1 "Holders of rec. Apr. 20
1 *Holders of rec. Apr. 20
Miscellaneous.
Allegheny Steel, tom.(monthly)
May 18 Holders of rec. Apr. 30
American Chicle, common (guar.)
July 1 *Holders of rec. June 12
Amer. Comml Alcohol, corn. (in stock).
May 1 "Holders of rec. Apr. 27
Amer. Home Products (monthly)
June 1 Holders of rec. May 140
American Metal, common (guar.)
June 1 'Holders of rec. May 21
Preferred (guar.)
June 1 *Holders of rec. May 21
Amparo Mining (guar.)
May 10 Holders of rec. Apr. 30
Amer. Tobacco, corn. & corn. B (quar.)_
June 1 Holders of rec. May 10
Amer. Writing Paper, pref.(guar.)
July 1 'Holders of rec. June 18
Atlas Imperial Diesel Engine (guar.)...June 1 'Holders of rec. May 20
Atlas Powder, common (guar.)
June 10 'Holders of rec. May 31
Bachmann, Emmerich & Co., Inc.
Preferred & 8% pref. A (guar.)
Apr. 30 Holders of rec. Apr. 25
$2
Seven per cent preferred (guar.)
87.10 Apr. 30 Holders of me. Apr. 25
1
Beatty Bros., cony. pref.(qu.)(No. 1)_ _ • 5.i May 1 'Holders of rec. Apr. 15
•154 May 15 *Holders of rec. May 1
Berkey dr Gay Furniture pref.(quar.)...
•15,‘ May 1 *Holders of rec. Apr. 20
Berland Stores pref. (guar.)
$1
Aug. 15 Holders of rec. July 19
Bethlehem Steel common (quar.)
11( July 1 Holders of rec. June 1
Preferred (guar.)
Blauner's, common (guar.)
300. May 15 Holders of rec. May 1
75c May 15 Holders of roe. May 1
Preferred (qua?.)
Boss Manufacturing, corn
$2.50 May 15 Holders of rec. Apr. 30
51.75 May 15 Holders of roe. Apr. 30
Preferred (quar.)
Boston Woven Hose & Rubb., com.(qu.) 51.50 June 15 Holders of roe. June 1
Preferred
$3
June 15 Holders of rec. June 1
Brading Breweries, Ltd
500. May 1 Holders of rec. Apr. 23
By R. L. Day & Co., Boston:
Branche Drug Co., pi. (guar.)(No. H.._ 8714c May 1 Holders of rec. Apr. 25
Shares. Stocks.
$ per Sh. Brill (J. G.) Co., common
$ per a. Shares. Stocks.
-No action ta ken
10 First Nat. Bank
59834 11 Springfield Gas Light Co
82-87M
•114 May 1 *Holders of rec. Apr. 29
Preferred (guar.)
15 Atlantic Nat. Bank
35214 20 units Universal Chain Theatres__ 20
Brooklyn Lafayette Corp. class A (qu.).. 3714c May 1 Holders of rec. Apr. 19a
95
70 Webster & Atlas Nat. Bank__ _ _215
10 Metropolitan Ice Co., pref
Bruce (E. L.) Co., common (quar.)!..... 62140. May 1 Holders of rec. Apr. 20
ex-div. 215
15 Boston Nat. Bank
35 Towle Mfg. Co
85
Bruck Silk Mills, Ltd
25e. May 15 Holders of rec. Apr. 30
10 First Nat. Bank
59814 2 Springfield Fire & Marine Ins.
Burroughs Adding Mach. (guar.)
750. June 10 Holders of rec. May 27
20214 Butler Brothers (guar.)
40 Nat. Shawmut Bank
376
Co., par 525
*50c. May 15 *Holders of rec. May 1
4 Old Colony Trust Co
Trust_ _ _ 28
574
1 Old Colony Investment
Calumet & Arizona Mining (guar.)
*52.50 June 17 "Holders of rec. May 31
50 Central Trust Co., Cambridge_ _450
2 North Amer. Edison Co., $8 pref _100
Calumet & Hecla Cons. Copper Co.(qu.) $1
June 29 Holders of rec. May 31
102
2 Amer. Superpower Corp. 1st pit. 95
2Pepperell Mfg.Co
Caterpillar Tractor (guar.)
•75c. May 25 Holders of rec. May 15
1 Ipswich Mills, pref
102
46)4 1 Amer. G.& El. Co.8% pref
Cauldfields Dairy Ltd.(guar.)
•250. May 1 Holders of rec. Apr. 25
17 Farr Alpaca Co
40
10734 6 units First Peoples Trust
7% preferred (guar.)
'8714o May I Holders of rec. Apr. 25
40
.5 Ludlow Mfg. Associates
18114 6 units First Peoples Trust
Childs Company common (guar.)
'60c. July 10 Holders of rec. May 24
5 New Bedford Cordage Co
111$ 40 Charlestown G.& E. Co.(undep)
Preferred (guar.)
•11$ July 10 Holders of rec. May 24
141
184 Connecticut Mills, corn. 13_2214 lot
par $25
Chile Copper Co.(guar.)
'
873.4c June 28 *Holders of rec. June 1
914 Churngold Corp.
5 Whitman Mills
183.4 103 Saco Lowell Shope, corn
common (quar.)
181
3 Amer. Glue Co.. corn
3814 City Radio Stores, common (guar.)... _ '75c. May 15 'Holders of rec. May 1
13 Ludlow Mfg. Associates
37 Mc. June 1 Holders of rec. May 15
10 Saco Lowell Shops 2d pref
5 Amer. Brick Co., pref. par 525... 25
25
•134 May 1 "Holders of rec. Apr. 25
Columbia Invest., prof. (quar.)
40
1 Prov.& Wash. Ina. Co. par $50..94014 Columbia Phonograph, Inc
6 units First Peoples Trust
84
May 25 Holders of rec. May 10a
36 Old Colony Trust Associates.... 55
10 units Thompson's Spa, Inc
Consolidated San dr Gravel (Toronto)
ex-div. 10034-10314 34 Quincy Mkt. Cold Storage &
Preference (guar.)
$1.75 May 15 Holders of rec. May 2
5 Kidder Participation Inc., corn. 3_ 15
Whse. Co., corn
34
Continental Securities Corp. pref (MO - •51.25 June 1 'Holders of rec. May 15
19 Collyer Insulated Wire Co
300
Continental Securities, pref. (qua?).... •$1.25 June 1 *Holders of rec. May 15
Crown Zellerbach, pref. A & B (qua?.).. *51.50 June 1 *Holders of rec. May 13
By A. J. Wright & Co., Buffalo:
Curtis Publishing, corn. (monthly)
*50e. June 2 *Holders of rec. May 20
Shares. Stocks.
$ per 55. Shares. Stocks.
$ per Sh.
Preferred (guar.)
"51.75 July 1 'Holders of rec. June 20
500 ChaPut Hughes, par $1
70. 1,000 Corona Mines, par $1
1)4c. Debenhams Securities, Ltd.
5 Keitor Qualitol Inc., Par $20_.82.25 lot 50 Strab 011 Co.. par $25
American shares
82.75101
Diamond Ice & Coal pref. (guar.)
*$1M May 1 Holders of rec. Apr. 26
1 60
Dodge Manufacturing pref. A & B (qu.). *50e. May 1 *Holders of rec. Apr. 20
Dow Chemical. common (guar.)
$1.50 May 15 Holders of rec. May 1
DIVIDENDS.
Common (extra)
May 15 Holders of rec. May 1
$1
Preferred (guar.)
114 May 15 Holders of rec. May 1
Eisemann Magneto, pref. (guar.)
134 May 1 Holders of ree. Apr. 20
Dividends are grouped in two separate tables. In the Esmond Mills common(guar.)
1
May 1 Holders of rec. Apr. 24
first we bring together all the dividends announced the
Preferred (guar.)
134 May 1 Holders of rec. Apr. 24
•750. June
of rec.
12
current week. Then we follow with a second table, in Fairbanks, Morse & Co.tom.(qua?.)... 4 1u June 29 "Holders of rec. June 11
,
1 *Holders
Preferred (quay.)
May
June 29 *Holders of
June
which we show the dividends previously announced, but Fashion Park Associates, corn.(No. 1) *6214c June 29'Holders of rec. June 17
Common (payable In tom. stock)._
me.
17
.134
First Trust Bank-Stock Corp.(guar.)... 1214c June 1 Holders of rec. June 1
which have not yet been paid.
914c June 1 Holders of rec. June 1
Extra
Fisher Brass $2 A prof.(quar.)
•500 May 20 Holders of rec. Apr. 30
The dividends announced this week are:
Flint Mills (guar.)
*1
May 1 *Holders of rec. Apr. 23
Follansbee Bros. & Co. tom.(quar.).... '50c June 15 *Holders of rec. May 31
Per
When
Books Closed
•250. June 15 *Holders of rec. May 31
Common(extra)
Cent. Payable.
Days Inclusive.
Name of Company.
' June 15 *Holders of rec. May 31
134
Preferred (guar.)
French Line
*13
Railroads (Steam).
Fuller Brush, ChM A (guar.)
*20c. May 1 *Holders of rec..Apr. 25
*2
May 15 *Holders of rec. May 6
Central RR. of N. J. (guar.)
Class AA (guar.)
•80c. May 1 *Holders of rec. Apr. 25
'234 June 20 'Holders of rec. May 28a General Asphalt pref. (guar.)
Delaware & Hudson Co.(guar.)
134 June 1 Holders of rec. May 150
"114 June 1 *Holders of rec. May 16
Hudson & Manhattan,common
General Box Corp. pref.(gum.)
"114 June 1 *Holders of rec. May 20
May 2 *Holders of rec. Apr. 22
Long Island ypar value 550)
83
Globe Automatic Sprinkler, Cl. A (guar.) '62)4c May 1 *Holders of rec. Apr. 20
•1
July 1 *Holders of rec. June 15
Maine Central, common (guar.)
Globe-Democrat
1 Holders of rec.
pref. (qu.). 134
•isi June 1 *Holders of rec. May 15 General Outdoor Publishing A (qua?,).. "51 June 15 *Holders of rec. May 20
Preferred (quar.)
Adv., class
May
May 6
June 19 *Holders of rec. May 31
*2
Norfolk & Western. corn.(guar.)
Preferred (guar.)
*31.50 May 15 *Holders of rec. May 6
June 1 *Holders of rec. May 1
*3
Gluck Mills (guar.)
Ontario & Quebec, capital stock
$1.50 May 15 Holders of rec. Apr. 23
•
214 June 1 *Holders of rec. May 1
(guar.)
Debenture stock
Graton & Knight pref. (guar.)
.
01% May 15 *Holders of roe. Apr. 15
Apr. 15
"5
Great Atlantic & Pacific Tea, corn. (qu.) '$1
Panama RR. (extra)
June 1 *Holders of rec. May 3
May 31 Holders of rec. May la
$1
Pennsylvania RR.(quar.)
Preferred (guar.)
•11.1 June 1 *Holders of rec. May 3
Great Lakes Dredge de Dock (quar.)- -- 2
Reading Company, 1st pref. (guar.) -. *50c. June 13 'Holders of rec. May 23
May 15 Holders of rec. May 17
Greenfield Tap & Die Corp.8% Id.(qu.) 114 July 1 Holders of rec. June 15
Public Utilities.
8% preferred (guar.)
2
July 1 Holders of roe. June 15
Halle Bros. common (guar.)
Amer. Gas & Power, $6 1st pref. (guar.) $1.50 May 15 Holders of rec. May 1
50e. Apr. 30
Apr. 25 to Apr. 30
51.50 May 15 Holders of rec. May 1
Preferred (guar.)
$6 preference (guar.)
Apr. 25 to Apr. 30
$ 1.6214 Apr. 30
2
June 1 Holders of rec. May 10
Hamilton Watch pref. (guar.)
Brooklyn Edison Co. (guar.)
•$1.50 June 1 *Holders of rec. May 10
Harmony Mills, pref. (guar.)
6881. May 1 *Holders of rec. Apr. 20
Central Hudson Gas & Electric, corn- _ •
114 May 1 Holders of rec. Apr. 25
31.75 May 15 Holders of rec. Apr. 30
Hawaiian Commercial Sus. (monthly).- "25e. May 6 *Holders of rec. Apr. 25
Central & S. W. Util., $7 prof. (quar.)..
Higbee Co. 1st pref. (guar.)
Cities Service Power & Light
134 May 1 Apr. 20 to May 1
•500. May 15 *Holders of rec. May 1
Hood Rubber pref. (guar.)
$6 preferred (monthly)
•31.76 May 1 *Holders of roe. Apr. 27
*5814. May 15 "Holders of roe. May 1
Preference (guar.)
$7 preferred (monthly)
'$1.87 May 1 *Holders of rec. Apr. 27
Hormel(Geo. A.) & Co.common (qu.).. •37Me May 15 'Holders of rec. May 1
Connecticut Ry.& Ltg., com.&pf.(q11.)• $1.1214 May 15 "May 1 to May 15
1
2
Hudson Casualty Ins. Co
"75c. June 15 *Holders of rec. May 10
Consol. Gas of N. Y., corn. (quar.)-Holders of rec. Apr. 25
May
Illinois Pipe Line
Empire Pub. Serv., corn. A (qu.)(No.1) o45c. May 15 Holders of rec. Apr. 25
1x June 15 *Holders of rec. May 13
10
50c. June 1 Holders of rec. May 2
International Oxygen, Pref.(guar.)
tFederal Water Service, class A (quar.).
*Holders of rec. May 5
May 15
Havana Electric Ry., pref. (quar.)
International Silver. corn. (guar.)
$1.50 June 1 Holders of rec. May 10
$1.50 June 1 Holders of rec. May 15a
Interstate Rys.-Dividend omitted.
Irving Air Chute (No. 1)
*50c. July 1 *Holders of rec. June 15
•114 May 15 *Holders of rec. Apr. 30
Los Angeles Gas & Elec., pref. (quar.)
Isle Royale Copper Co.
*50e. June 29 *Holders of rec. May 31
Louisville Gas & Electric Co.(Del.)
Jackson de Curtis Investment
Common A and B (quar.)
*Holders of rec. Apr. 22
Associates (stock dividend)
'4334c June 25 *Holders of rec. May 31
y
41100
Lowell Electric Light (guar.)
Old stock (la cash)
•6234c May 1 'Holders of rec. Apr. 15
*Holders of rec. Apr. 22
May
Massachusetts Gas Cos.. pref
June 1 *Holders of rec. May 1
Jones & Laughlin Steel common (guar.). 4 .25 lne 1 *Holders of rec. May 13
*52
ye 11
n
1
1
Mohawk & Hudson Power, 1st pf. (qu.) 41.75 May 1 *Holders of rec. Apr. 19
*Holders of rec. May 13
Common (extra)
Nat. Power & Light, corn.(guar.)
*Holders of rec. June 13
Preferred (guar.)
250. June 1 Holders of rec. May ha
'134 July
North Amer. Co.,com.(In com.stock)_ f214 July 1 Holders of rec. June 8
Kayser (Julius) dr Co. v. t. ctf
*450 July 1 *Holders of rec. June 10
5
Preferred (guar.)
Stronger dr Toll Co.(annual)
75c. July 1 Holders of rec. June 5
North American Edison, pref. (quar.)- - $1.50 June 1 Holders of tee. May 15
Laclede-Christy Co. common (guar.).-750. May 1 Holders of rec. Apr. 20
North Amer. Utility Sec., 1st pref.(qu.) 51.50 June 15 Holders of rec. May 31
Lake of the Woods Milling, corn. (qu.) $1
800. Jua e 31 Holders of rec. May 18
m ny 1
First pref. allot. certificates (qua?.).. $1.50 June 15 Holders of rec. May 31
Preferred (quar.)
14$ June 1 Holders of rec. May 18
Philadelphia Electric Co (guar.)
Holders of rec. Apr. 30
Lehigh Coal & Navigation (guar.)
•50c. June 15 *Holders of rec. May 31
Phila. Suburban Water. Prof. (qua?.)... 114 June 1 Holders of rec. May lb
Ley (Fred T.) & Co.. Inc.(qu.)(No. 1) •75e. July 5 Holders of rec. June 15
Pub. Service Corp. of N. J., pf.(mthly.) *50e. May 31 *Holders of rec. May 3
e
y
Liggett&MyersTob.com.&com. B ((lu.)- *51 June 1 *Holders of rec. May 15
5350.
Syracuse Lighting,8% pref. (guar.)._ *2
*Holders of rec. Apr. 24
Lincoln Printing (guar.)
May 15 *Holders of rec. Apr. 30
7% pref. (guar.)
7% preferred (guar.)
'
"134 May 15 *Holders of rec. Apr. 30
8734c May 1 *Holders of roe. Apr. 24
Lindsay Light, corn. (guar.)
*Holders of rec. May 15
614% preferred (guar.)
'250. Juae
2m ny
•
144 May 15 "Holders of rec. Apr. 30
6% preferred (guar.)
Preferred (guar.)
•144 June 1 *Holders of roe. May 15
•134 May 15 *Holders of rec. Apr. 30
Holders of roe. Apr. 25
Tampa Electric Co.. corn. (guar.)
Loew's Ohio Theatres 1st pref. (qua?.)..
500. May 15 Holders of roe. Apr. 26
1
APRIL 27 1929.]
Name of Company.
2759
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Boots Mita:
Days Inclusive.
Public Utilities (Continued)
•
Miscellaneous (Concluded).
Holders of rec. Mar.30
(r) May
Associated Gas& Elec.. CI. A (guar.)
1.8254 May 15 Holders of rec. May 3
Loew's, Inc., prof. (guar./
Holders of rec. Apr. 30
81.50 June
28 preferred (guar.)
14 May 1 Holders of rec. Apr. 23
pfd.(qu.).
Mackinnon Steel Corp., Ltd.,
Holders of rec. Apr. 30
3 1.8234 June
$8.50 preferred (guar.)
June 20
*151 July 1 *Holders of rec.
MaPinson (H. R.) pref. (guar.)
$1.25 June 1 Holders of rec. May 15
$5 preferred (quar.)
Mangel Stores Corp.11H% pt.(qu.)(No.1) *14 June 1 *Holders of rec. May 15
Bangor Hydro-Electric Co.
87)4c May 1 Holders of rec. Apr. 25
Marathon Shoe common (guar.)
Holders of rec. Apr. 10
50c. May
New 225 par common
McCord Radiator & Mfg., cl. B (qu.)- - *50c May 8 *Holders of rec. Apr. 30
Holders of rec. Apr. 20
50c June
Brazilian Tr., Lt. & Pow., corn.(quar.)_
154 June 1 Holders of rec. May 15
Mengel Co., pref. (guar.)
Holders of rec. Apr. 15
154 May
Broad River Power pref. (guar.)
15
•25c July 1 *Holders of rec. June
Milnor, Inc. (guar.) (No. 1)
*Holders of rec. Apr. 15
Pow.. bit pf.(qu.) *21.25 May
Burt. Niagara & East.
60c. May I Holders of rec. Apr. 19
Missouri Portland Cement(guar.)
Holders of rec. Apr. 180
May
23
Cape Breton Elec. Co., Ltd.. prof
Mock. Judson & Voehrloger Co.
Holders of rec. Apr. 15
- 194 May
Central Power & Light,7% prof.(an.)
*50e. May 15'Holders of rec. May 1
Common (guar.)(No. 1)
Holders of rec. Apr. 15
154 May
Six Per cent preferred (quar-)
*75c. May 20 *Holders of rec. May 10
Mohawk Rubber corn.(qu.)(No. 1)
Cent. & S. W.0111., $7 pr. lien pf.(qu.)_ d$1.75 May 1 Holders of r7c. Apr. 30
of rec. May 10
May 20 'Holders
Common (payable in corn. stock)..._ *11
01.50 May 1 Holders of rec. Apr. 30
$6 prior lien pref.(quar-)
May 1
May 1 Apr. 26 to
3
Morris Plan Bank (Cleveland)
*Holders of rec. Apr. 16
*65c May
Chicago Rapid Transit. pr. pf. A (cu.)
*SI 50 July 15 *Holders of rec. June 28
National Biscuit, corn. (guar.)
*Holders of rec. May 21
'660 June
Prior pref., series A (quar.)
*151 May 31 'Holders of rec. May 17
Preferred (quar.)
*Holders of rec. Apr. 16
•600 May
(guar.)
Prior pref., series B
*21.75 Aug. 1 'Holders of rec. July 15
National Distillers, pref. (qu.)(No. 1)
*Holders of rec. May 21
*80c. rune
Prior pref.. series B (quar.)
*Holders of rec. May 1
"3754c May 15
National Refining, corn. (guar.)
*Holders of rec. May 15
Cleveland Electric Ilium.. pref. (guar.)- '1% June
'72%c May 1 *Holders of rec. Apr. 22
New Amsterdam Casualty (guar.)
50c. May 15 Holders of rec. Apr. 20a
Columbia Gas & Elec. new coin.(guar.)*Holders of rec. May 1
Newberry (J.J.) Co., corn.(no com.stk.). *150
134 May 15 Holders of rec. Apr. 200
Preferred series A (quar-)
rec. May 15
•10c. May 27 *Holders of
New Quincy Mining (quar.)(No. 1)_
'Holders of rec. Apr. 15
May
*2
Commonwealth-Edison Co. (guar.)
011stocks, Ltd., A & B (guar.)
'1231c May 15 'Holders of rec. Apr. 30
Holders of rec. Apr. I2a
750. May
Commonwealth Power Corp. corn.(alt.).
•40c. May 15 *Holders of rec. May 1
Old Colony Investment Trust
Holders of ree. Apr. 120
May
El
C'orn mon (extra)
May I 'Holders of rec. Apr. 24
*2
Oppenheimer (T.) & Co.. common
Holders of rec. Apr. 12
May
134
Preferred (quar.)
*134 May 15'Holders of rec. May 8
Paepcke Corp. corn. (quar.)
Holders of rec. Apr. 20
$1.50 May
Holders of rec. Apr. 300 Community Pow.& Lt.861st pt.(qua -- $1.25 May
Pennsylvania investing Co.(quar.)_ _ _ _ 8254c June 1
(folders of rec. Mar. 29s
Gas of N. Y., pref.(quarj_
Consolidated
"37c.
Perfection Stove (extra)
Holders of rec. June 15
$1.25 July
Consumers Power, 25 prof. (guar.)
-Dividend omitted.
Pick (Albert) & Co.
Holders of rec. June 15
154 July
6% preferred (quar.)
154 June 1 Holders of rec. May 10
Pierce-Arrow Motor Car. pf. (guar.).- Holders of rec. June 15
85
1.
$1u July. y
6.6% preferred (quar.)
'750. June 1 'Holders of rec. May 20
Phillips-Jones Corp. corn. (guar.)
Holders of rec. June 15
7% preferred (quar.)
May 15 *Holders of rec. Apr. 30
*50c.
Plymouth 011, coin. (guar.)
Holders of rec. Apr. 15
500. May
8% preferred (monthly)
53784c June 1 *Holders of rec. May 15
.
Poor & Co. class B (guar.)
Holders of rec. May 15
50c. June
6% Preferred (monthly)
rec. June 15
Powdrell & Alexander, Inc., corn. (qu.) 8754c May 15 Holders of ree
'
Holders
July
6% preferred (monthly)
of rec. June 14
$1.75 July 1 Holders
Preferred (guar.)
Holders of Fee. Apr. 15
y
y
.
500..
6.6% preferred (monthly)
*75c. June 1 *Holders of rec. May 15
Purity Bakeries, corn. (guar.)
Holders of rec. May 15
550. June
8.8% preferred (monthly)
Rio Tinto Co.. Ltd.
Holders
'TaHolders of rec. June 16
8.6% preferred (monthly)
25311111 May 8 Holders of rec. May 1
Amer. dep. rcts. for ord. bearer shs
Holders of rec. Apr. 20
115c5(
Dallas Power & Light, pref.(guar.)
181 May 1 Holders of rec. Apr. 10
Republic Brass. pref. (guar.)
Holders of rec. Apr. 15
Eastern Mass. St. Rya., pref. Li (quar.). 1(4 May
May 1 Holders of rec. Apr. 25
134
St. Louis Car Co.. pref. (guar.)
Holders of ree. AR. 30
134 May I
First preferred (guar.)
Saunders(Clarence)Stores,Inc.Acom(gu) '75c. May 1 *Holders of rec. Apr. 29
Holders of rec. Apr. 15
Eastern States Power. pref. A (quar.).__ $1.75 May
563754c May 1 'Holders of rec. Apr. 29
Preferred A (guar.)
Holders of rec. Apr. 15
$1.50 May
Preferred series B (guar.)
*50c. June 29 *Holders of rec. June 15
Schletter ar Zander, Inc., corn.(No. 1)
Holders of rec. Apr. 10
May
3
Edison Elec. III., Boston (quar.)
May 1 *Holders of rec. Apr. 22
Securities Corp. General corn. (guar.).- .81
1)4 May
Holders of me. Apr. 15
Electric Bond & Share pref. (anal.).
"21.75 May 1 *Holders of rec. Apr. 22
Preferred (guar.)
Holders of rec. Apr. 15
pref. (qu.)_ $1.50 May
Electric Investors, Inc., 36
.30e. Apr. 30 *Holders of rec. Apr. 1
Security Management, class A
Holders of rec. Apr. 130
25c. May
Electric Power & Lt. corn.(guar.)
*10c. Apr. 30 *Holders of rec. Apr. 1
Class A (extra)
Holders of rec. Apr. 135
64e. May
Allotment ctf.. 50% paid
*300. Apr. 30 *Holders of rec. Apr. 1
Class B
Holders of rec. Apr. 13a
1234c May
Allotment Mts. full paid
•200. Apr. 30 *Holders of rec. Apr. 1
Class B (extra)
*Holders of rec. Apr. 15
•50c. May
Empire Gas & Fuel6% pref.(mtbly.)*75c. May 15 *Holders of rec. Apr. 30
corn. (guar.)._
Sherwin-Williams Co.,
*Holders of rec. Apr. 15
54 1-6c May
04% preferred (monthly)
•25e. May 15 *Holders of rec. Apr. 30
Common (extra)
*Holders of rec. Apr. 15
• 58 I-3c May
154 June 1 *Holders of rec. May 15
7% Preferred (monthly)
Preferred (guar.)
'Holders of roe. Apr. 15
•662-30 May
Preferred (monthly)
I Holders of rec. Apr. 25
8%
75c. May
Skouras Bros. A (guar.)
Holders of rec. Apr. 180
750. May
Fall River nap Works(guar.)
"e300 Subj.to stkhders meeting May 11
Sparks Withington Co.(stk. div.)
May 15 Holders of rec. Apr. 30
Foreign Power securities Corp. pf.(qua_ 1 )4
14 June 1 Holders of rec. May 10
Standard 011 (Ohio). prof. (quar.)
15
& Light, prof.(gu.)- 134 May I Holders of rec. Apr. 250
Fort Worth Pow.
Standard Paving & Mat'le (Toronto)
1374c May I Holders of rec. Apr.
General Gas & Elec., corn. B (guar.)._
50c. May 15 Holders of rec. May 2
Common (guar.)(No. 1)
154 May 1 Holders of rec. Apr. 15
Grand Rapids RR. pref.(guar.)
May 15 Holders of rec. May 2
21.75
Preferred (quar.)(No. 1)
•M1155(o May I •itolders of rec. Apr. 20
Hartford Electric Light (guar.)
•750. May 1 *Holders of rec. Apr. 15
Straits (S. W.) Invest.. pt. A (quar.)
1 'Holders of rec. Apr. 20
Havana Elec. & Utilities 1st pt.(qu.).-.•$1.50 May
'90c. May 15 *Holders of rec. May 4
Thatcher Mfg., cony. pref. (guar.)
•$1.25 May 1 *Holders of roe. Apr. 20
(guar.)
Cumulative preference
"210 May 1 *Holders of rec.
Twin Bell 011 Syndicate (extra)
151 May I Holders of rec. Aprl 15
Idaho Power,7% pref.(guar.)
*50c. May 10 'Holders of rec. Apr. 19
Union 011 Associates (guar.)
21.50 May 1 Holders of rec. Apr. 15
$6 Preferred (quar.)
"150. May 1 'Holders of rec. Apr. 15
United Cig. Mach
•1 4 May I 'Holdere of me. Apr. 16
)
Illinois Northern Util. Prof.(guar. .- •
60e. May 25 Holders of rec. Apr. 25
United Corporation partic. pref. (extra)
I Holders of rec. Apr. 15
Illinois Power & Light 26 pref. (guar.)._ 21.50 May 1 Holders of rec. Apr. 30
525e. July 1 *Holders of rec. June 15
UnitedCoametIcsShops Inc.(gu.)(No. 1) .
ferr (quar)
IllAilziatLng & Power %cur.. coin. (qu.) 21.50 May
*406. May 10 *Holders of rec. Apr. 30
United Engineering & Fdy, corn.
134 May 15 Holders of rec. Apr. 30
"200. May 10 *Holders of rec. Apr. 30
Common (extra)
21.75 May 1 Holders of rec. Apr. 180
Internat. Utilities. 27 pref. (quar.)
•14 May 10 *Holders of rec. Apr. 30
Preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 15
Italian Superpower Corp. pref.(guar.) _
June 1 'Holders of rec. May 21
11
U. S. Hoffman Machinery, corn. (guar.) 5
rec. May 1
Kentucky Utilities, junior prof. (guar.). '87140 May 20 *Holders of rec. May 20
3754c May 20 Holders of rec. Apr. 30
Utility dr Industrial Corp., pref. (qu.)
$I June 1 Holders of
Keystone Telephone, pref.(guar.)
Vulcan DetinnIng, pref.(guar.)
154 July 20 Holders of rec. July
May 1 Holders of rec. Apr. 20
h43( July 20 Holders of rec. July 9a Knoxville Pow.& Light 27 pref.(quar.). $1.75 May 1 Holders of rec. Apr. 20
Preferred (acct. accum. dividends)
$1.50
26 preferred (guar.)
1,4 July 20 Holders of rec. July 9a
Preferred A (guar.)
•8243. May 1 *Holders of rec. Apr. 17
Lawrence Gas & Electric (guar-)
6431 July 2 Holders of rec. July 9a
Pref. A wet. accum. dividends)
10c. May I Holders of rec. Apr. 16
Long island Lighting. Corn.(Quar.)
"2 May 1 "Holders of rim Apr. 15
Ware Electric (quar.)
roe. Apr. th
Massachusetts Gas CM MM.(guar.).- 131 May I Holders of roe. Apr. 20
550. June 1 *Holders of rec. May 24
Warner Bros. Pictures. Inc., pt. (Oil.)
Holders of
3H May
Mexican Light & Power preference
*50c. June 1 'Holders of rec. May 15
Weber Showcase, lst pref. (guar.)
10c. May I Holders of rec. Apr. 20
4% second pref.($5 par value)
Apr. 30 *Holders of rec. Apr. 1
*50c
Second preferred (guar.)
51.75 May 15 Holders of rec. Apr. 30
Middle West Utilities, corn.(guar.)
131 May 1 Holders of rec. Apr. 20
Weston (George), Ltd., pref. (guar.)
rec. Apr. 20a
Milwaukee Elec. Ry.& Light, pf.(guar.) 15.4 Apr. 30 Holders of
Westvaco Chlorine Products(No. 1)- -* 33 1-3c June 1 *Holders of rec. May 2
-1.1111111ea Investment
MissIssIDP1 Valley
Westfield Manufacturing corn.(quar.)- - 37 Ac May 15 Holders of rec. Apr. 30
21.50 May 1 Holders of rec. Apr. 15
Prior lien pref.(guar.)
May 15 Holders of rec. Apr. 30
22
Preferred (quar.)
600. Apr. 30 Holders of rec. Mar.31
Montreal L. Ht.& Pow. Cons.(guar.)._
June I "Holders of rec. May 15
*2
Wheataworth, Inc., 8% pref. (guar.)
13.4 May 1 Holders of rec. Apr. 15
Municipal Service, pref.(guar.)
'Si 25 July 1 *Holders of rec. June 20
Whitaker Paper Co., coin. (guar.)
45e. May 1 Holders of rec. Apr. 20
National Elec.Pow. Co.. corn. A (qua*154 July 1 *Holders of rec. June 20
Preferred (guar.)
1 Holders of rec. Apr. 13
National Power & Light,$6 pref.(guar.) 81.50 May
131 May 1 Holders of rec. Apr. 23
White (S. S.) Dental Mfg.(guar.)
$1-75 May 1 Holders of rec. Apr. 16
..
c s el) quar
Natl TelA(& Tejeg. Corp. 1st pf.(qu.).
.
34 May 1 Holders of rec. Apr. 23
Extra
880. May 1 Holders of rec. Apr. 18
500. May 31 Holders of rec. May 15
Wright Aeronautical Corp.(guar.)
250. May 15 Holders of rec. Apr. 27
National Water Wks.Corp..corn. A.(qu)
May 15 Holders of rec. Apr. 27
Preferred series A (guar.)
Below we give the dividends announced in previous weeks Nevada-Calif Elec. Corp.. Pref.(guar.). 87340 May 1 Holders of rec. Mar.30
14
does not include dividends an- North Amer. Gas & El.. class A (guar.). .40c. May 1 *Holders of rec. Apr. 20
and not yet paid. This list
Apr. 15
of
14
N.Y. Utilities, pref. (guar.)._
nounced this week, these being given in the preceding table. Northern States Pr.(Dell,corn A (all.) 2 May 1 Holders of rec. Mar. 31
rec.
May 1 Holders
Northern
May 15 Holders of rec. Apr. 30
$1.75
North West Utilities, pref.(guar.)
134 June 1 Holders of rec. May 16
Books Closed
When
Per
()hie Edison Co.6% pref. (guar.)
1.65 June 1 Holders of rec. May 15
Days Inclusive.
Cent. Payable.
Name of Company.
6.8% preferred (quer.)
154 June 1 Holders of rec. May 15
7% preferred (guar.)
154 June 1 Holders of rec. May 15
Railroads (Steam).
5% Preferred (guar.)
50o. May 1 Holders of rec. Apr. 15
2)4 June 1 Holders of rec. May 3,
6% preferred (monthly)
Atch. Top.& Santa Fe corn.(quar.)_
50c. June 1 Holders of roe. May 15
3)4 July 10 Holders of rec. June 12a
6% preferred (monthly)
Atlantic Coast Line RR.,corn
55a. May I Holders of rec. Apr. 15
134 July 10 Holders of rec. June I2a
Common (extra)
6% Preferred (monthly)
6.
- 560. June 1 Holders of rec. May 15
..
Holders of rec. Apr. 13a
14 June
Baltimore & Ohio. coin.(guar.)
6.6% preferred 'monthly)
June 1 Holders of rec. Apr. 13a Pacific Gas & Electric,6% pref.(qu.).._ •3731c May 1 *Holders of rec. Apr. 30
Preferred (guar.)
34.37c May 1 *Holders of rec. Apr. 30
.870. July 1 'Holders of rec. May 31
Bangor & Aroostook, corn.(guar.)
54% Preferred (quar.)
75e. May I Holders of rec. Apr. 300
July 1 'Holders of rec. May 31
Pacific Lighting, corn. (guar.)
Preferred (guar.)
511.25 May 1 *Holders of rec. Apr. 30
June Si
814 July 1 Holders of rec.
Chesapeake & Ohio, preferred
$5 preferred (guar.)
May I
134 May 1 Holders of rec. Apr. 18
$1.50 May 1 Apr, 16 to
Cincinnati Sandusky & Cleveland, pfd_
Pacific Power & Light, pref.(guar.)._
:32He May 1 Holders of rec. Apr. 10
*21.15 May I *Holders of rec. Apr. 20
Pacific Pub. Serv., corn. A (quar.)
Elmira & Williamsport, corn
25c. May 1 Holders of rec. Apr. 15
25( May 23 Holders of rec. May 9
.....
Penn-Ohio Edison, corn.(guar.)
Ga.Southern & Fla., let & 2d pre(
Holders of rec. Apr. 15
May
134 May 15 Holders of rec. Apr. 30a
Common (1-50 share common Mock)._ (n
Internat. Rye. of Cent. Amer., pf.(qu.)
Holders of roe. May 15
154 June
coin M.1(No 0 1511 May I Holders of rec. Mar. 30.
7% prior pref. (guar.)
Kansas City Southern.
Apr. 20
212.60 May 1 Holders of rec. Apr. Illa
P000.
-0M0 Pow. & Lt.. $6 pref.(qu.)_ $1.50 May I Holders of rec.
Maboning Coal RR..corn.(guar.)
Holders of roe. Alin 20
*e80 Subj. to stockholders' meet. July 9
14 May
Chat.& St. Louis(in stock)
(guar.)
7% Preferred
Nash.
Holders of rec. Apr. 20
May
600.
7.2% preferred (monthly)
New Orleans,Texas & Mexico(guar.).-- 14 June 1 Holders of rec. May 15a
May 1 Holders o rec. Mar. 28a
5.5e May I Holders of roe. Apr. 20
2
6.6% preferred (monthly)
New York Central RR.(qiiar.)
Holders of rec. July 20
1
May 18 Holders of rec. Apr. 30a
%
Pa.- hioPow. &Lt ..2 pref.(guar) ___ 81.50 Aug.
. 8
ar)
Norfolk & Western. adj. pref.(qu.)
114 May 1 Mar. 13 to April 9
154 Aug. 1 Holders of rec. July 20
preferred (quar.)
Northern Pacific (guar.)- Holders of rec. May 20
80c. June
(
14 May I Holders of rec. MM. ton
prior pre .:111AI%)
Preferred (monthly)
.
7 2%
Pere Marquette,
Holders of rec. June 20
80c. July
Holders of rec. Apr. 50
114 May
7.2% preferred (monthly)
Five per cent preferred (guar.)
184 Apr. 30 Holders of rec. Apr. 15a
60e. Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
Pittsburgh & West Va., con) (guar.).
SI
May 9 Holders of rec. Apr. lba
55c. June 1 Holders of rec. May 20
(qua.)
.
6 6% Preferred (monthly)
Reading Company, corn.
of rec. June 20
550. July
131 May 1 Apr. 14 to May 14
.6% Preferred (monthly)
6
St. Louis-San Francisco, pref. (quar.).rs
Holders of rec. July 20
14 Aug
Mc. Aug.
Holders if rec Jut' 1)
6.8% preferred (monthly)
Preferred (guar.)
Apr. 30 Holders of rec. A. Ia
Nov. 1 Holders or roe' Oet
1
SI
lx
company, corn. (guar.).(exra)
n
PhiladelphiaC
Preferred ((loam
2 May I Holder, of rec. Apr. In
750. Apr. 30 Holders of rec. Apr. la
Common
Southern Railway. corn Mar.)
$1.50 May 1 Holders of rec. Apr, 10
154 May 25 Apr. 21 to May 20
6% Preferred
Wabash Ry., pref. A (guar)
Apr. 3 Holders of rec. Apr. 15a
Si
Phila. Rapid Transit. corn. (guar.)
Public Utilities.
15( May I Holders of rec. AK. 10
$1.25 May 1 Holders of rec. Apr. 15
Preferred (guar.).
Alabama Power. 25 pref. (quar.)
154 May I Holders of rec. Apr. 18
$1.25 May 15 Holders of rec. May 1
(guar.)
Portland Gas & Coke. prof.
Allied Pow. & Light, 25 let pref.(guar.)
500. May I Holders of roe. Apr. 15
75e. May 15 Holders of rec. May 1
Power & Light Securities Trust
$3 preference (guar.)
4 Apr. 30 Holders of rec. Apr. 8
(I) May
Holders of rec. Apr. 10
eublic Merv. Corp. of N. J.. Pr.(mthly.)
Amer. Claes Power & Lt.. CIA (quar.)
May
Holders of rec. Apr. 10
Public Service of Northern Illinois
Clam li (guar.)
*2
May 1 *Holders of rec. Apr. 15
Holders of rec. Apr. 15
Common $100 par (quar.)
Am.Commonwealths Pow., let pt. A(gui $1.75 May
May 1 "Holders of roe. Apr. 15
•22
Holders of rec. Apr. 15
31 63 May
Common no par (guar.)
$8.50 first preferred (guar.)
'114 May 1 *Holders of rec. Apr. 15
Holders of rec. Apr. 15
$1.75 May
6% Preferred (guar.)
Second preferred series A (guar.)
•131 May 1 *Holders of rec. Apr 15
Holders of rec. Apr. 15a
$1.75 May
7% preferred (guar).
pt. (quar.)
Amer.& Foreign Power 30
Holders of rec. Apr. 9
$1.50 May
Public Ut11. Secur.. partic. pref. (guar.). 1.6254 May 1 Holders of rec. Apr. 19
Amer. Gas & Elec., pref.(guar.)
12540 Mar. 1 Holders of rec. Apr. 19
Holders of rec. Apr. I8a
2(4 May
Participating preferred (extra)
Amer. Light & Traction. corn. (quar.)
May 1 Holders of rec. Apr. 18
21
el. A (guar.)
Holders of rec. Apr. 185 Rhodeleld. Pub. .)
134 May
ol
Preferred (guar.)
50e. May 1 Apr. 19 to AM. 30
Holders of roe. Apr. 20a
$1.75 May
Preferred
Amer. Natural Gas pref. (guar.)
250. May 15 Holders of roe. May In Rockland Light & Power. corn.(guar.)._ *21.13 May 1 *Holders of rec. Apr. 15
(alt.)
Amer. Water Wks. & Elec. corn.
2760
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded.)
Sierra Pacific Elec. Co.. corn.(quar.)___
50e. May 1 Holders of rec. Apr. 15a
Preferred (quar.)
134 May 1 Holders of rec. Apr. 16a
Southern Calif. Edison, corn.(quar.) _ _
2 May 15 Holders of rec. Apr. 20a
Southern California Gas, corn. (spectal)_ El
Apr. 29 Holders of rec. Apr. 12
Southern Colorado Pow., com. A (Qu.)._
50c. May 25 Holders of rec. Apr. 30
Southwest Gas Utilities, pref.(quar.)--5 1.6234 May I Holders of rec. Apr. 20
Standard Pow. & Light, pref. (quar.)... $1.75 May 1 Holders of re.c Apr. 16
Swiss Amer. Elec. Co.(Zurich), pref____ $3
May 1 Holders of rec. Apr. 23
Tennessee Pow dr Lt., 5% 1st pf.(qu.).. 134 July 1 Holders of rec. June 15
6% 1st pref. (quar.)
134 July 1 Holders of rec. June 15
7% 1st preferred (quar.)
I% July 1 Holders of rec. June 15
7.2% 1st preferred (quar.)
1.80 July 1 Holders of rec. June 15
6% let preferred (monthly)
50c. May 1 Holders of rec. Apr. 15
6% 1st preferred (monthly)
50c. June 1 Holders of rec. May 15
6% let preferred (monthly)
600. July 1 Holders of rec. June 15
7.2% 1st preferred (monthly)
60c. May 1 Holders of rec. Apr. 15
7.2% 1st preferred (monthly)
60c. June 1 Holders of rec. May 15
7.2% 1st preferred (monthly)
60c. July I Holders of rec. June 15
Texas Power & Light,7% pref.(quar.)__
13% May 1 Holders of rec. Apr. 17
$6 preferred (quar.)
$1.50 May 1 Holders of rec. Apr. 17
Unit. Lt.& Pow.,old cl. A & B com.(qu.)
60c. May 1 Holders of rec. Apr. 15a
New class A & B corn.(guar.)
12c. May 1 Holders of rec. Apr. 15a
Utility Shares Corp., corn
30c. May 1 Holders of rec Apr. 15
Wabash Valley Elec.. pref. (quar.)
*134 May 1 *Holders of rec. Apr. 20
Western Pow. Lt. & Tel., panic. A (qu.) •50c. May 1 *Holders of rec Apr. 15
West Penn Elec. Co.. 7% pref.(quar.)__
134 May 15 Holders of rec. Apr. 200
6% Preferred (quar.)
14 May 15 Holders of rec. Apr. 200
West Penn Power.7% pref.(quar.)
134 May 1 Holders of rec. Apr. in
Six per cent preferred (quar.)
134 May 1 Holders of rec. Apr. 5s
York Railways, pref. (cHan)
6234c. Apr. 30 Holders of rec. Apr. 20a
Name of Company.
[Vol.. 128.
When
Per
Cent, Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Austrian Credit-AnstaltAmerican shares
$4.49 May 3 Holders of rec. Apr. 290
Automotive Fan Bearing, com.(quar.)-- •200. May 1 *Holders of reo. Apr. 20
Preferred
*4
May 1
Babcock & Wilcox Co.(quar.)
*1.4 July 1 *Holders of rec. June 20
Balaban & Katz, corn. (monthly)
•25c. May 1 *Holders of rec. Apr. 20
Common (monthly)
•25c. June 1 *Holders of rec. May 20
Common (monthly)
•25e. July 1 *Holders of rec. June 20
Bamberger (L.)& Co.,634% pt.(qu.)
1% June 1 Holders of rec. May 130
63-4% Preferred (quar.)
14 Sept. 2 Holders of rec. Aug. 120
634% Preferred (quar.)
134 Dec. 2 Holders
Nov. 110
Bancroft(Joseph) & Sons Co.. pref.(qu.) 134 Apr. 30 Holders of roe. Apr.
of rec.
15
Bankers Capital Corp., pref.(quar.)- -- .$2
July 15 *Holders of rec. July 1
Preferred (quar.)
.52
Oct. 15 *Holders of reo. Sept.30
Preferred (quar.)
*32
JanI5'30 'Holders of rec. Dec. 31
Barnsdall Corp., cl. A & 13 (quar.)
50e. May 6 Holders of
Baumann(Ludwig)& Co., 1st pref.(qu.) 134 May 15 Holders of rec. Apr. 80
rec. May I
Belding-Corticelli. corn. (quar.)
134 May I Holders of rec. Apr. 15
Benson dr Hedges, pref. (quar.)
*50c. May
*Holders of rec. Apr. 20
Berkshire Fine Spinning Associates
Common (guar.)
750. June I Holders of rec. May 15
Convertible preferred (quar.)
1% June 1 Holders of rec. May 15
Bessemer Limestone & Cem., cl. A (qu.)_
75c. May 1 holders of ree. Apr. 20
Seth lehem Steel. corn
May 15 Holders of rec. Apr. 190
$I
Bigelow-Hartford Carpet. pref. (quar.)- '134 May
•Holders of reo Apr. 18
•1% Aug.
Preferred (quar.)
•Holders of reo. July 18
Preferred (User.)
*1% Nov.
'Holders of rec. Oct. 18
Bird dr Sons. Inc.. pref. (quar.)
'Holders of rec. Apr. 25
'134 May
Hinman Elect. Co., corn.(quar.)
*50c. May
'Holders of rec. Apr. 15
$7 preferred (quar.)
*51.75 May
*Holders of rec. Apr. 15
Bloomingdale Bros., pref. (quar.)
Holders of rec. Apr. 200
134 May
Banks.
Bohack (H. C.) Co.. corn. (quar.)
*6234c May
*Holders of rec. Apr. 15
Amalgamated (quar.)
*24 May 1 *Holders of rec. Apr. 25
First preferred (quar.)
•134 May
'Holders of rec. Apr. 15
Corn Exchange (quar.)
5 May 1 Holders of ree. Apr. 30a Bohack Realty Corp.. pref.(quar.)
*IN May
'Holders of rec. Apr. 15
Bon Ami Co., corn A Opfer 1
ter 3(
ciders of rec. Apr. 150
$1
Trust Companies.
Bond& Mtge. Guar., new ($20 par)(qu.) $1.25 Slay 15 Holders of rec. May 7
Central Union(
stork illvldend)
e20
May 2 *Holden of rec. May 2
Borden Co.(quer.)
51.51 lune I Holders of rec. May 15
Farmers'Loan & Trust (cHar.)
May 1 *Holders of rec. Apr. 20
*4
*3% Apr. 30
British Celanese, Ltd., lot pref
Kings County (Bklyn.) (quar.)
May 1 *Holders of rec. Apr. 25
•20
*3.4 tor. 30
Participating preferred
British Col Pulp de Paper. pref. (quar.)-- •154 May I *Holders of ree. Apr. 15
Fire Insurance.
Bright Star Electric Co., class A (quar.)- •50c. Slay 1 *Ilolders of rec. Apr. 16
American Equitable Assurance, com.(qu) 73.4 May 1 Holders of rec. Apr. 20
British Type Investors, Inc.
Knickerbocker Ins. Co.. corn. (guar.)._
734 May I Holders of rec. Apr. 20
ChM A (1.1-monthly)
55c June I Holders of rec. May I
New York Insurance, corn. (quar.)
6
May I Holders of rec. Apr. 20
Broadway Dept. Stores, 1st pf. (qu.)--- '154 May I *Holders of rec. Apr. 12
Rosati.(stock div. declared April 22)-_. e20
Holders of rec. May 4
Brock way Motor Truck, corn. (quar.)...
750 may 1 Holders of rec. Apr. 150
Brown Shoe, pref. (par.)
134 May I Holders of rec. Apr. 20a
Miscellaneous.
Brunswick-Balke-Collender. corn. (qu.)75c May 15 Holders of reo. Apr. 250
Abbott Laboratories, corn.(No. 1)___.
Holders of rec. June 20
50c I uly
Buckeye Pipe Line (quar.)
lone 15 Holders of rec. Apr. 22
St
Abbotts Dairies, com. (quar.)
lune
*Holders of rec. May 15
*51
Extra
lone 16 Holders of rec. Apr. 22
El
First and second preferred (quar.)-- *134 June
*Holders of rec. May 15
Bullocks, Inc., pref. (quar.)
*14 May 1 *Holders of rec. Apr. 10
Abraham & Straus, pref. (quar.)
slay
Builders of rec. Apr. 150 Butte Bros., pref (guar 1
134
•154 Slay
Acme Wire, pref. (quar.)
I •Iluilders it rec. Apr. 24
ley
,
•Holders of rec. Apr. 16
*2
Burns Bros., ChM A (quar.)
2
May 15 Holders of rec. May la
Adams (J. D.) Mfg., corn
•Holders of rec. Apr. 15
•60c May
Burroughs Adding Mach. (quar.)
75e lone 10 Holders of rec. May 27a
Adams Mfg.(quar.)
*Holders of rec. Apr, 15
•C(1c slay
Bush Terminal Co corn.(quer.)
Holders of rec. Mar. 290
50c 'slay
Adams
-Millis Corp.. com.(quar.)
ao, slay
Holders of rec. Apr. 180
Common (payable In common stock)- fl 34 'stay I, Holders of rec. Mar. 29a
First and second pref (quar.)
1% .lay
Holders of rec. Apr. 18
Byers (A M co., prof (quar.)
134 May ' Holden; 0 f rec. Apr. 150
Allegheny Corporation, pref.(guar.)** 4437., lay
Holders of rec. Apr. 15a California Packing (quar.)
June 15 Holders of rec. May 310
SI
Allegheny Steel, pref. (quar.)
*Ilolders of rec. May 15
*134 lune
Campbell, Wyant & Cannon Fly.(qu.)- •50c. lune I *Holders of rec. May 15
Preferred(quar.)
•Holders of rec. Aug. 15
•I lt rept.
Cam pe Corp.. cony. pref.(quar.)
1.62 to May 1 Holders of rec. Apr. 15
Preferred (quar.)
ec.
•Holders of roe. Nov. 15
.134
Canadian Bronz. corn. (quar.)
6234r Slay 1 Holders of rec. Apr. 19
Allied Chem.& Dye Corp., com.(qu.).. $1 .51 may
Holders of rec. Apr. Oa
Preferred (quar.)
$1.75 Slay 1 Holders of rec. Apr. 19
Allied Internat. Investing, panic. pref... 83
May
Holders of rec. Apr. 25
Canadian Car & Fly., corn. Marl__
134 May 30 Holders of rec. May 15
Allis-Chalmers Mfg.,corn.(iluar.)
51.71 slay It Holders of rec. Apr. 240 Canadian Converters,
Ltd. (quar.)
134 May 15 Holders of rec. Apr. 30
Aluminum Mfrs., com. (quar.)
31 *Holders of rec. June 15
*50c June
Canadian Dredge & Dock corn.(quar.)-75c May I Holders of rec. Apr. 15
Common (quar.)
*60e 'opt. 30 *Holders of rec. Sept. 15
Preferred (quar.)
134 May 1 Holders of rec. Apr. 15
Common (quar.)
*50c Dec. 31 *Holders of rec. Dec. 15
Canadian Industries. Ltd (extra)
•25e Apr. 30 *Holders of rec. Mar. 30
Preferred (quar.)
•134 June 30 *Holders of rec. June 15
Canadian Vickers. Ltd., pref. (quar.)_
1% May I Holders of rec. Apr. 15
Preferred (quar.)
4
.134 4ept. 30 *Holders of rec. Sept. 15
Canfield Oil. com.& pref (qua?.)
.76 rune 3( Holders of rec. May 20
Preferred (quar.)
•134 Dec. 31 *Holders of rec. Dec. 15
Common & preferred (quar.)
51.75 -lees 30 Holders of rec. Aug. 20
Amerada Corp. (quar.)
b0c ..pr. 311 Holders of rec. Apr. I5a
Common & preferred Mar 1
11.75 Dec 31 Holders of ree. Nov. 20
Amer. Alliance Investing, tat pref
75c May 1 Holders of rec. Apr. 15
Capital Realty Associates (quar.)
'7340 May 2 *Holders of ree. Apr. 15
American Can, corn,(quar.)
.
76c May It Holders of rec. Apr. 300 Capital Securities.
Inc., pref. (quar.) ___ 524c. May
Holders of rec. Apr. 22
Amer. Chatillon Corp.. pref. (quer.).$1.71 May
Holders of rec. Apr. 20
Carman & Co., class A (quar.)
50c. June I Holders of rec. May 15
American Cigar, corn. (quar.)
May
2
Holders of me. Apr. 15
Carrier Engineering cony. pref.(quar.)_ _
50c. May 1 Holders of rec. Apr. 19
Amer. Coal of Allegheny Co (civar.)... $I
Apr 12 to May 1
'slay
Cartier, Inc., prof. (quar.)
•134 Apr. 30 *Holders of rec. Apr. 15
Amer.Commq Alcohol, pref.(quar.)....... •134 May
•Holders of rec. Apr. 10
Castle (A. M.)& Co. (quar.)
Holders of rec. Apr. 19
750 May
Amer. Dept. Stores, 1st pref. (quar.)Holders of rec. Apr. 16
-- $1.71 May
Extra
25c May 1 Holders of ree. Apr. 19
Amer. Elec. Securities, panic. pref.(qu.) 3734t. May
Holders of rec. Apr. 15
Celluloid Corp.. 1st Panic. pref
$1.75 ruInS 1 Holders of rec. May 10
Amer. European Securities. pref. (quar.) $1.50 May Il Holders of
rec. Apr. 30
Centrifugal Pipe (qilar.)
15c. May 15 Holders of rec. May 6
American Founders Corp.
Century Ribbon Mills. pf. (quar.)
51.75 June I Holders of rec. May 180
Common (quar.)
1234 May 1 Holders of rec.
Cerro de Paso Copper Corp.(quar.)---- 51.50 May 1 Holders of rec. Apr. Ila
Corn.(I-140th share corn. stock)____. (f) May 1 Holders of rec. Apr. 15
Apr. 15
Certo Corporation
Apr 29 Holders of rec. Apr. 15a
$1
Cora.(1-10th share corn. stock)
(r) June It Holders of rec. May 31
Charts Corp., corn. (quar.)
*Holders of rec. Apr. 18
*50c. May
First pref. series A (quar.)
8734c May 1 Holders of rec. Apr. 15
Common (extra)
•25c May I •Holdere of rec. Apr. 18
First pref. series B (quar.)
8734c May 1 Holders of rec. Apr. 15
Charlton Mills (quar.)
May 1 *Holders of ree. Apr. 15
*2
First pref. series D (quar.)
The. May 1 Holders of rec. Apr. 15
cheisea Exchange Corp., Cl. A & B (qu.)
2 he mitY Ir I tillers Of re . May 1
,
Second preferred (quar.)
3734c May 1 Fielders of rec. Apr. 15
Cherry Burrell Corp., corn.(quar.)
*Holders of rec. Apr. 15
.82 c May
American Glue, pref. (quar.)
2
May 1 Holders of rec. Apr. 20
Preferred (quar.)
*51.75 May
'Holders of rec. Apr. 15
Amer. Home Products Corp.(monthly).
25c. May 1 Holders of rec. Apr. 15a Chic. WilmIngt.
& Franklin Coal, pf.(qu
Holders of rec. Apr. 160
134 May
Amer. Internat. Corp.
Chicago Yellow Cab (monthly)
Holders of rec. Apr. 190
250. May
Common (stock dividend)
Oct.
•e2
Monthly
Holders of rec. May 200
Amer. Laundry Mach., com. Mari-- *El
25e June
June 1 *Holders of rec. May 20a
Chickasha Cotton Oil (quar.)
Holders of rec. June 100
Quarterly
75c July
June 1 •Holdere of rec. May 20
•S1
Chrysler Corporation (quar.)
Amer. Machine & Fdy., com. (quar.)_. $1
750. June 2 Holders of rec. May 3I0
May
Holders of rec. Apr. 19a Cities Service, common
(monthly)
Holden) of reo. Apr. 15
Preferred (quar.)
3-4 May
134 May
Holders of ree. Apr, If a
Com.(pavable in common stock)
Holders of rec. Apr. 15
American Manufacturing, corn. (Guar.)
'4 May
75e. July 1 Holders of rec. June 15
Preferred and preference BB (mthly.).
Holders of rec. Apr. 15
Common (quer)
50c. May
75e, Oct. 1 Holders of roe. Sept. 16
Preference IS (monthly)
Holders of red. Apr. 15
Common (quar.)
5e May
750. Dec. 31 Holders of rec. Dee. 15
Cities Service, bankers' shares
Preferred (quar.)
•35.06 cMay *Holders of rec. Apr. 15
134 Mar. 31 Holders of rec. Mar. 15
City Stores Co.. clue A (quar.)
Holders of rec. Apr. 15
87140 May
Preferred (Quar.)
0
134 July 1 Holders of rec. June 16
Claude Neon Elec. Prod., corn. (qU.) -- •20c. May
'Holders of rec. Apr. 20
Preferred (quar.)
1 si Oct. 1 Holders of rec. Sept. 15
Cleveland Stone. common (quar.)
*ii biers of rec. May 15
•50c fune
Preferred (quar.)
1 4 Dec. 31 Holders of rec. Dee. 15
onrnmon Mar 1
.rl orl•rs ,if re' Aug 15
•50e -rept
American Meter (quar.)
*51 25 Apr. 30 *Holders of rec. AM'. 17
*Holders of ree. Apr. 25
American Radiator, corn.(quar.)
'134 May
51.50 June 29 Holders of rec. June Ila ClInchfield Coal, pref. (quar.)
Cluett, Peabody & Co., Inc., corn.(qu.) $1.25 May
Holders of rec. Apr. 200
Preferred (quar.)
14 May 15 Holders of rec. May 9a Cockshutt
Plow Co.. Ltd. (quar.)
Holders of rec. Apr. 16
374e. May
American Rolling Mill
Cohn-Hell-Marx, corn (quar.)
Holders of ma June 16
Common (payable in common neck)
62340 luly
July 31 'holders of rec. July 1
15
- 0
Colgate Palmolive Peet Co. pref.(gear.) 134 July
Holders of rec. June 8
Amer.Shipbuilding, corn.(quar.)
May 1 Holders of rec. Apr. 150
2
Preferred (Utiar.)
Holders of rec. Sept,
134 Oct.
Preferred (quer.)
13-1 may 1 Holders of rec. Apr, 15a
Preferred
134 Juni '30 Holders of rec. Dee. 7
Amer. Smelt. & Berg., corn. (quar.)__. $1
May 1 Holders of rec. Apr. 12a Columbia 'quar.)
Grephophone. Ltd., corn
May 16
•15
Preferred (quar.)
134 June 1 Holders of rec. May 3a Columbian
Carbon (quar.)
May I Holden) of reo. Apr. 170
Amer. Solv. & Chem., panic. pf.(extra) •81.50 may 1 *Holders of rec. Apr. 10
Extra
25e. May I Holden) of rec. Apr. 170
Amer. Thermos Bottle corn. A (quar.)- •25c. May I *Holders of rec. Apr. 20
Columbus Auto Parts, prof. (quar.)*
50c. June I Holders of rec. May 18
Amer. Vitrified Products. pref. (quar.)134 May 1 Holders of rec. Apr. 20
Community State Corp., A & B (quar.)_
134 May IS Holden) of roe. May 10
Amrad Corp.. com. (quar.) (No. 1)___. *25c. July 1 *Holders of rec. June 20
Class A & B (quar.)
134 Sept. 2 Holders of roe. Aug. 28
Anaconda Copper Mining (quar.)
$1.75 May 23- Holders of rec. Mar. 29a
Class A Ar B (qurar.)
134 Dec. 31 Holders of rot Dee. 20
Anaconda Wire & Cable (q11.) (No. 1)
.75c. May 6 *Holders of rec. Apr. 16
Consol. Bond & Share Corp. pf.
•134 May 15 •Holdere of rec. Apr. 15
Andes Copper Mining (quer.)
75c. May 6 Holders of rec. Mar. 290 Consolidated
Chemical Industries
Apollo Magneto Corp., pref.(quar.)
21.75 May
Holders of rec. Apr. 20
Panic. pref., class A (No. 1)
•4134c May 1 •Ilolders of rec. Apr. 15
Archer-Daniels
-Midland Co.
Consol. Cigar Corp.. prior pref.(qu.)- -8 1.6214 May 1 Holders of rec. Apr. 18a
Common(No. 1)
Holders of rec. Apr. 20a Continental Can,
50c. May
corn.(quar.)
6234c. May 15 Holders of rec. May la
Preferred (quar.)
Holders of rec. Apr. 20a Continental Motors
13( May
Corp.(quar.)
20e. Apr. 30 Holders of rec. Apr. 15a
Armstrong Cork (quar.)
*3734c July
*Holders of rec. June 15
Coon (W. B.) Co., corn
*We Nov. 1 •Iloiriers of rec. Oct. 10
Extra
*Holders of rec. June 15
•124c July
Common
•700 May I *Holders of rec. Apr. 10
Artioom Corp.. pref. (quar.)
Holders of rec. May 15a
$1.75 June
Common
•700 AIM. 1 •II.ilders of rec. July 10
Art Metal Works, Inc., corn. (quar.)*Holders of rec. Apr. 19
-- *60c. May
Preferred
•134 Nov. 1 •IIudders of reo. Oct. 10
Associated Apparel Industries
Preferred
•13-4 May I •Ilolders of rec. Apr. 10
Common (monthly)
33'.c. May
Holders of rec. Apr. Ha
Preferred
•134 Aug. 1 •11olden. of rec. July 10
Common (monthly)
Holders of rec. May 2Ia Coty. Inc., struck
331.e. June
dividend
o13-6 May 28 Holders of reo. May 13
Common (monthly)
Holders of rec. June 23-a
331.c. July
Stock dividend
n1 4 Aug. 27 Holders of rec. Aug. 12
Associated Dry Goode corn.
Holders of rec. Apr. 13a
62c. May
Stock dividend
n1 4 Nov. 27 Holders of reo. Nov. 12
First preferred (quar.) (quar.)
Holders of rec. May Ila Crosby Radio,
14 June
corn.
250. July I !folders of rec. June 20a
Second preferred (quar.)
Holders of rec. May lla Crosley Radio (stock(Quar.)
I% June
e4 Dec. 31
Atlantic Gulf & West Indies 8.8.
dividend)
Lines.
Crucible Steel. corn (quar.)
134 Apr, 30 Holders of rec. Apr. 150
Preferred (quar.)
June 29 Holders of ree. June 10a Cudahy Packing, 6%
$1
May I Holders of ree. Apr. 20
3
preferred
Preferred (guar.)
Sept. 30 Holders of rec. Sept. 10a
$1
7% preferred
3% May I Holden) of reo Apr. 20
Preferred (quar.)
Dec. 31 Holders of rec. Dec. Ila Cuneo Press. pref.(quar.)
$1
•194 June 15 *Holders of rec. June 1
Atlantic & Pacific Int. Corp., pf.(qu.)_
75e. May 1 Holders of rec. Apr. 15
Preferred (quar.)
•194 Sept. 15 'Holders of rec. Sept.
Atlantic Refining, Pref. (quar,)
14 May 1 Holders of rec. Apr. 15a Curtis Publishing. com.(monthly)
50o. May 2 Holders of reo. Apr, 200
Atlantic Steel, preferred
*334 May 1 *Holden of rec. Apr. 20
Davega. Inc. (qua?.)
*25c. May I *Holders of rec. Apr. 18
Atlas Powder. pref.(quar.)
134 May 1 Holders of rec. Apr. 19a
Extra
•260. May I *Holders 01 rec. Apr. 18
Name of Company.
2761
FTN A NCIA L CITEONTCLE
APRIL 27 1929.]
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When I
Per
Cent. Payable.
Books Closed
Days Imitate..
).
Miscellaneous (Continued
Miscellaneous (Continued).
50o. May 1 Holders of rec. Apr. lba
Hupp Motor Car (guar.)
•1
June 22 *Holders of roe. June 8
Davis Mills(guar.)
02}i May 1 Holders of rec. Apr. 154
Stock dividend (quar.)
*50c. June 15 *Holders fo rec. June 5
(quar.)
Decker (Alfred) & Cohn. corn.
e214 May 1 Holders of rec. Apr. lba
Stock dividend (guar.)
rec. May 22
•114 June 1 *Holders of
Preferred (guar.).214 Aug. 1 Holders of rec. July 15a
•1zi Sept. 1 *Holders of rec Aug. 22
Stock dividend (guar.)
Preferred (guar.)
e214 Nov. 1 Holders of too. Oct. 154
Stock dividend (guar.)
May 1 Holders of roe. Apr 20
Dennison Manufacturing, deb.stk.(an.) $2
*2
July .2
Huron St Erie Mortgage (guar.)
111 May 1 Holders of rec. Apr. 20
Preferred (guar.)
*2
Oct. 1
Quarterly
•350. June 1 *Holders of rec. May 20
Company (guar.)(No. 1)
Dexter
•60c July 15 *Holders of reo July 3
Holders of rec. May 31a Illinois (trick (guar.)
June 15
2
Diamond Match (guar.)
*60. Oct. 15 *Holders of rec. Oct. 3
Quarterly
Direction der Disconto-Gesellachaft(Berlin)
Imperial Chemical Industries
May 25 Holders of coupon No.3
Amer.shs.tsublect to meeting Mar.25) 10
June 7 *Holders of rec. Apr. 18
Amer. dep. rem. ord. reg. stock
750 May 15 Holders of tee. Apr. 30
Dominion Bridge (guar.)
July 15 Holders of rec. July la Imperial Royalties Co., pref. (mthly.)_ 114 Apr. 30 Holders of rec. Apr. 25
el
Dunhill Internat. (stock dividend)
18(3. Apr. 30 Holders of rec. Apr. 25
Preferred A (guar.)
oct It. Holders of rec. Oct. to
Cl
Stock divide.'
*e50 May 1 *Holders of rec. Apr. 15
Incorporated Investors (stock div.)
Eastern Bankers Corp. Pref.(quar.)....... $1.75 May 1 Holders of rec. Apr. I
50c. Apr. 30 Holders of rec. Apr. lba
Independent Oil & Gas, corn.(gust.)
$1.75 Aug. I Holders of rec. July 1
Preferred (guar.)
May 15 Holders of reo. Apr. 28
$1
Indians Pipe Line (guar.)
$1.75 Nov. 1 Holders of rec. Sept. 30
Preferred (quar.)
May 15 Holders of roe. Apr. 26
$1
Extra
$1.75 Febl'30 Holders of rec. Dec. 31
Preferred (guar.)
Industrial Finance Corp..7% prof.(qu.) 114 May 1 Holders of rec. Apr. 19
50c June 1 Holders of rec. Apr. 30
Eastern Theatres, Ltd.,(Toronto), corn.
114 May 1 Holders of rec. Apr. 19
pref.(guar.)
Six per cent
50c May 15 Holders of rec. Apr. 250
Eastern Utilities Associates, corn.(qu.)_
$1. May I Holders of rec. Apr. 19
International Cigar Machinery (guar.)
Eastern Util. Inv. Corp. partic. p5.(qu.) $1.75 May 1 Holders of rec. Mar. 30
50c. May 31 Holders of rec. May 150
Internat. Combustion Eng.. corn.(guar.)
$1.50 June 1 Holders of rec. Apr. 30
$6 preferred (guar.)
114 July 1 Holders of rec. June 170
Preferred (guar.)
$1.7' June 1 Holders of rec. Apr. 30
$7 preferred (guar.)
•25e. July I
750 May 1 Holders of rec. Apr. 15a Int. Cont. Invest Corp corn (guar.).
Eaton Axle & Spring, corn,(guar.)
May 1 Holders of me Mar. SO.
Internat. Educational Publishing, Prof.. $1
May 1 Holders of ree. Apr. 17
Electric Shovel Coal Corp. partic.pf.(qu) $1
114 June 1 Holders fo toe. May 40
International Harvester. pref. (guar.) _ _
*8214 May 1 *Holders of rec. Apr. 16
Elgin National Watch (guar.)
Int. Nickel of Canada. pref.(qu.)(No.1) $1.75 May 1 Holders of rec. Apr. 2a
June 24 *Holders of rec. June 1
*50c
Emporium Colwell. corn. (guar.)
600. May 15 Holders of rec. May la
Internat. Paper Co., corn.(War()
Enamel & Heating Products, Ltd.. (au.) 50c May I Holders of rec. Apr. 15
Internat.Paper & Power,corn. el. A (qu.) 600. May 15 Holders of rec. May la
50c May 15 Holders of rec. May I
Equitable Casualty & Surety
25e. June 1 Holders of rec. May 20
rec. Apr. 15a International Perfume, corn.(No. 1)_ _ _
$1
May I Holders of
Eureka Pipe Line (guar.)
64.93 May 15 Holders of rec. May 4
Preferred (No. 1)
May 1 Holders of rec. Apr. 20
$1
Eureka Vacuum Cleaner (guar.)
International Printing Ink, corn. (guar.) 82 Mc May 1 Holders of rec. Apr. lba
I Holders of rec. Sept 20
Oct
Evans Auto Loading. stook dividend._ ••2
114 May 1 Holders of rec. Apr. lba
Preferred (quar.)
3714 Apr. 30 Holders of rec. Apr. 150
Exchange Buffet Corp. (guar.)
- 800. June 1 Holders of rec. May 10
600. May I Holders of rec. Apr. 200 Internat. Safety Razor class A (OIL).
Fair (The), corn.(guar.)
50e June 1 Holders of rec. May 106
Class B (guar.)
of rec. July 20
*800. Aug. 1 *Holders
Common (guar.)
250. June 1 Holders of rec. May 10a
Class B (extra)
114 May 1 Holders of rec. Apr. 20a
. Preferred (guar.)
International Shoe. prof. (monthly).... 500. May 1 Holders of rec. Apr. 15
*134 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
•500 June 1 *Holders of rec. May 15
Preferred (monthly)
114 May 1 Holders of rec. Apr. 15a
Fashion Park Associates, pref. (guar.)._
.500 July 1 *Holders of rec. June 15
Preferred (monthly)
8234e. May 1 Holders of rec. Apr. 15
Federal Knitting Mills (guar.)
*500 Aug. 1 *Howlers of rec July 15
May I Holders of rec. Apr. 15
Preferred (monthly)
12140.
Extra
•500 Sept. 1 *Holders of tee Aug. 15
Preferred (monthly)
Federated Business Publications pf.(qu.) *50c. Apr. 3 *Holders of rec. Alit. 15
.50o Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
May 31 Holders of rec. May 15
Federated Capital Corp., corn.(guar.).- 37140.
*500 Nov. 1 *Holden of rec. Oct. 15
Preferred (monthly)
Common (payable In corn. stock).- f214 May 31 Holders of rec. May 15
•50o Dec. 1 *Holders of tee. Nov. 15
Preferred (monthly)
3714c. May 31 Holders of rec. may 15
Preferred (guar.)
•50o Jan 1'30 "Holders of rec Dec IA
Preferred (monthly)
Apr. 30 Holders of rec. Apr. 15
500(
Federated Publications, pref. (guar.).$1.75 dMay 1 Holders of rec. (1Apr.280
Interstate Dept. Stores. prof. (guar.)
Finance Co.of Amer.. corn. A & B (qu.)_ 1710 July 15 Holders of rec. July 5
la
Intertype Corporation, corn.(gust,).... 250. May 15 Holders of rec. May
4334e July 15 Holders of tee. July 5
7% pref. (guar.)
Investors Assn.Jackson & Curtis
First Federal Foreign Bkg. Corp.(qu.).- 51.75 May 16 Holders of rec. May 1
*e100 May 1 'Holders of rec. Apr. 22
Ctfs. of beneficial int. (in stock)
Fitzsimmons & Connell Dredge dr Dock,
Joint Security Corp
(f) June
Corn.(1-40th share com.stk.)
May 1 Holders of rec. Apr. 20
/1
Corn (Payablein com.stock)
(1) Sept.
Corn.(1-40th share com.stk.)
Aug. 1 Holders of rec. July 20
fl
Corn.(Payablein corn.,took)
(r) Dec.
Corn.(1-40th share corn.stk.)
11
Nov 1 Holders of rec. Oct 20
of rec. June 15a
(payable In corn.stock)
July
Corn.
Holders
114
Florshelm Shoe, pref.(guar.)
June
Kalamazoo Vegetable Parchment((M.).- •15o June 30'Holders of rec. Sept 20
*250. May I *Holders of rec. May 1
Foster & Kleiser Co., corn. (guar.)
20
•ific Sept. 30 "Holders of rec.
*Holders of rec. Apr. 20
Quarterly
Franklin (H. H.) Mfg., pref.(guar.).- •114 May
•15o Dec. 31 'Holders of rec Dec 21
May
Holders of rec. Apr. 15a
Quarterly
$1
Freeport-Texas Co. (guar.)
870 Apr 29 Holders of rec. Apr. 106
Holders of rec. Apr. 20
Kaufman Dept. Stores corn.(guar()..Fulton Industrial Recur. of.(aM.)(No.1) 87340. May
*8214 July 15 *Holders of rec. June 30
35e. May 1 Holders of rec. Apr. 30a Kawnee Company (guar.)
General Alliance Corp.(guar.)
•62 M Oct. 15 'Holders of rec. Sept. 30
July
Holders of rec. June 13a
Quarterly
General American Tank Car (guar.).- $1
*8214 Jan15'30 'Holders of rec. Dec. 31
Holders of rec. June 130
1
July
Quarterly
Stock dividend
*1214 July 1 "Holders of rec. June 20
Kaynee Co., common (extra)
*Holders of rec. May 14
*50e. June
General Bronze, corn.(quar.)
- $1.2 May I Holders of rec. Apr. 15a
June
Holders of rec. May 100 Kayser (Julius) 5c Co.. com.(guar.).
$1
General Cable Corp., el. A (guar.)
114 May 1 Holders of rec. Apr. 19
220 Kelsey-Hayes Wheel. pref. (guar()
Holders of rec. Apr.
$1.75 May
Preferred (guar.)
$1.5 June 1 Holders of rec. May 106
Holders of rec. Apr. 161i Kendall Co., pref.(guar.)
May
$1
General Cigar, corn. (gust.)
Holders of rec. May 100
250
June
Holders of rec. May 2Ia
Preferred (participating dividend).... •25c June 1 *Holders of rec. June 17
Preferred (guar.)
July 1
Holders of rec. Apr. 15a Kinney (G. R.) Co., Inc., new com.(Q11()
75c May
General Mills. Inc., corn. (guar.)
1 *Holders of rec. May 20
*2
June
Holders of rec. Apr. 8a
114 May
Preferred (guar.)
General Motors.6% pref.(guar.)
Apr. 22
Holders of rec. Apr. fle Klein (Henry) & Co., Inc., corn. (guar.) 250. May 1 Holders of rec. Apr. 22
114 May
8% deb. stk. (guar.)
30e May 1 Holders of rec.
Participating pref. (guar.)
1.14 May
Holders of rec. Apr. 8o
7% pref.(quar.)
Apr. 22
Participating pref. (participating div.) 200 May 1 Holders of rec. June 156
*Holders of rec. Apr 10
Serv. Corp. $514 pf.(qu...*$ 1.3734 May
Gen. Pub.
.
$1.75 July 1 Holders of rec.
*Holders of rec. Apr. 10
Knox Hat, prior prof. (guar.)
•$1.50 May
$8 preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept.160
Holders of rec. Apr. 15
Prior preference (guar.)
General Steel Wares, Ltd., pref.(guar.). 111 May
75e June 1 Holders of rec. May lba
Participating pref. (guar.)
*Holders of rec. Apr. 15
*500. May
General Stock Yards Corp.,corn.(qu.)
760 Sept. 3 Holders of rec. Aug. 150
Participating pref.(guar.)
*Holders of rec. Apr. 15
May
*81
Common (extra)
750 Deo. 2 Holders of rec. Nov. lba
Participating pre? (guar.)
*Holders of rec. Apr. 15
11.50 May
1
$6 Preferred (gnarl
•4140 May 1 *Holders of rec. Apr. 15
Co.(guar')
Holders of rec. Apr. 19
May
Kokenge (Julian)
General Tire & Rubber common (guar.)_ $1
250. May 1 Holders of rec. Apr. 20a
Kress(S. H.)& Co. corn.(guar.)
•750. Apr. 30 *Holders of rec. Apr. 15
Gilchrist Company (guar.)
•15o. May 1 *Holders of rec. Apr. 20
Special preferred (guar.)
$1.25 June 1 Holders of rec. May la
Gillette Safety Razor (guar.)
(qu.) •1z,‘ May 1 *Holders of rec. Apr. 15
114 May I Holders of rec. Apr. lba Kroger Grocery dr Baking, 2d pref.
Gimbel Bros.. pref. (quar.)
18
Lake of the Woods milling, corn.(guar.) "800. June 1 *Holders of rec. May 18
Oct. I
Gladding.M citesn& Co.,com(in com stk) *2
'134 June 1 *Holders of rec. May
Preferred (guar.)
Globe Grain & Milling
•50c. Apr. 30 *Holders of rec. Apr. 15
Lakey Foundry & Mach.(guar.)
July 1 *Holders of rec. June 20
*2
Common (guar.).
'e2
Apr. SO 'Holders of rec. Apr. 15
•15./ July 1 *Holders of rec. June 20
Stock dividend
First preferred (guar()
e2yi
. 34 July 30 *Holders of rec. July 15
Stock dividend
July 1 *Holders of rec. June 20
*2
Second preferred (guar.)
'e234 Oct. 30 *Holders of roe. Oct. 15
Stock dividend
750. May 10 Holders of rec. Apr. 25
Godman (H. C.) Co., corn.(guar.)
75e. May 1 Holders of rec. Apr. 150
3 June 1 Holders of tee. May 20 Landay Bros., Inc., el. A ((Mara
First preferred
*750' June 30 *Holders of rec. June 19
Landers, Frary & Clark (attar.)
$1.75 June 10 Holders of rec. June I
Second preferred
*750. Sept.30 *Holders of rec. Sept.20
Quarterly
1 *Holders of rec. June 1
$1.75 June
Goldberg (S. M.)Stores Inc. pref.(an.).•
•75e. Dec. 31 *Holders of rec. Doe. 21
Holders of rec. Apr. I70
Quarterly
Gold Dust comp common
M May
114 ,May 1 Holders of rec. Apt. 15
*Holders of me. May 15
Lane Bryant. Inc., pref.(guar.)
•400. June
Golden State Milk (guar.)
Bakeries-of rec. Aug. 15
Langendorf United
Sept. *Holders
*el
Stock dividend
'500. July 15 *Holders of rec. June 30
*Holders of rec. Nov. 15
Dec.
Class A and B (guar.)
*el
Stock dividend
•500. Oct. 15 *Holders of rec. Sept.30
Holders of rec. May 100
June
Class A and B (guar.)
Goodrich (B. F.) Co., corn. (quar.)____ $1
•500. Ja 15'30 *Holders of rec. Dec. 30
Holders of rec. June 10
114 July
Class A and B (guar.)
Preferred (guar.)
Holders of rec. May 1
Lanston Monotype Machine (guar.)..._ 114 May 31 Holders of me. May 216
50o. June
Gorham Mfg.. corn.((MIX.)
Holders of rec. Aug, 1
R.) & Co., OA% PL(M) 114 May 1 Holders of rec. Apr. 20
Sept.
Lazarus (F. hIC
500.
Common ((mar.)
•87140 July 1 *Holders of rec. June 15
Holders of rec. Nov. 1
50e. Dec.
Leath & Co., pref.(guar.)
Common (quar.)
•87140 Oct. 1 *Holders of rec. Sept.15
June
Holders of rec. May. 1
Common (payable In common stock). 15
Preferred (guar.)
Holders of rec. May 15
114 June
Lefcourt Realty Corp., corn.(No. 1)... •40c. May 15 *Holders of rec. May 134
First preferred (guar.)
Holders of rec. Apr. 150 Lehigh Portland Cement corn.((MM.).- 82100 May 1 Holders of rec. Apr. 20
Gotham Silk Hosiery. 7% pref. (guar.). 134 May
Holders of rec. Apr. 120 Lerner Stores Corp.. pref.(an.)(No. 1). 81.8214 May 1 Holders of rec. Apr. 20
Granby Conaol. M. Sm. & Pow.(qu.)._ $1.75 May
i5e filly 1 Holders .1 rec June
ot•rstat• Holding 510
Grand (F. at %V.) 5-10-25 Cents Storm
•350. May 1 *Holders of roe. Apr. 25
Holders of rec. Apr. 12a Lincoln Printing. common ((Var.)
154 May
Preferred (guar.)
•87140 May 1 *Holders of tee. Apr. 25
Preferred (guar.)
Great Northern Iron OM Properties- $1.25 Apr. 30 Holders of tee. Apr. 60
80o. June 1 Holders of rec. May lba
•75e May I. 'Holders of rec. May I
Greenwa)( orp., 5% pref. (guar.)
Link Belt Co.(quar.)
•50e. Apr. 27 *Holders of rec. Mar. 29
*750 Aug II •Holders of rec. Aug. 1
Lion Oil Refining, corn.(guar.)
6% preferred (gum.).
May 1 Holders of rec. Apr. 200
$1
,
•75c Nov It •11 1riere of rec. Nov 1
Liquid Carbonic Corp. (guar.)
5% preferred foliar 1
•150. May 1 *Holders of rec. Apr. 20
*Holders of rec. May 20
•500. June
Loew's Boston Theatres (guar.)
Omen Watch common (guar.)
850. May 1 Holders of rec. Apr. 180
*50c. Sept. I *Holders of rec. Aug. 21
Loose-Wiles Biscuit common (gust.)....
Common (quar.)
May 1 *Holders of rec. Apt. 17
•500. Dec. I *Holders of rec. Nov. 20
Lord & Taylor. 26 pref.(guar.)
*2
Common (guar.)
May 14
*50e. M'rl'30 *Hold,of rec. Feb. 18'30
Louisiana 011 Refining Corp.. prof.(qu.) 114 May 15 Holders of rec. June 19
Common (guar.)
•1zi May 1 *Holders of rec. Apr. 20
4
.134 June 29 *Holders of tee.
Lunkenheimer Co.. prof.(guar.)
Preferred ((guar.)
•1zi Aug. 1 *Holders of rec. July 21
•114 Sept.30 *Holders of re*. Sept.20
Preferred (guar.)
Preferred (guar.)
21
•15.‘ Nov 1 *Holders of rec. Oct. 21
*134 Dec. 31 *Holders of reo. Dee. 200
Preferred (guar.)
Preferred (guar.)
•154 Febl'30 *Hold. of rec. Jan. 21 '30
May. 1 Holders of rec. Apr.
$1
McCall Corp.(guar.)
Preferred (guar.)
114 May 1 Holders of rec. Apr. 20a
114 July I Holders of rec. June 154 McCrory Stores Corp.. prof.(quit,)
Gulf States Steel, pref.(guar.)
250. June 1 Holders of roe. May 1
134 Oct. I Holders of rec. Sept. lea McIntyre Porcupine Mines (guar.)
Preferred (guar )
Apr. 206
134 Jan 2'30 Holders of rec. Dec 16a
McKesson & Robbins. Inc., coal. (qu.). 500. May 10 Holders of tea. June la
Preferred (goal%)
87)4c June 15 Holders of tee.
•50c. June 1 *Holders of rec. May 15
Preferred (guar.)
Hale Bros. (gust.)
500. May 15 Holders of reo. Apr. 284
25e Apr. 30 Holders of rec. Apr. 20
'
Macy (R. H.)& Co.,corn.(guar.)
Hall (W.F.) Printing common (guar.)..,. •
•75e. Apr. 30 *Holders of tee. Apr. 18
Manhattan Rubber Mfg.(guar.)
Hamilton Bank Note Engraving of Ptg
$1.50 May 1 Holders of MIL Apr. 156
*714c May is *Holders of rec. May 1
Maytag Co., lot pref.(guar.)
Common (quar
750. May 1 Holders of rec. Apr. 156
14 May I Holders of rec. Apr. 15
Preferred ((guar.)
Hamilton Bridge 1st pref.(Mum)
35e. May 1 Holders of rec. Apr. 190
"25c. May 15 *Holders of tee. Apr. 30
Melville Shoe, common (guar.)
Harnmermill Paper, common (guar.)
134 May 1 Holders of tee. Apr. 10
First preferred (quit.)
Harbison-Walker Refract., corn. (guar() 500. June 1 Holders of rec. May 21a
1100 May 1 Holders of tea. Apr. 19
114 July 20 Holders of rec. July 10a
preferred (quit.)
Second
Preferred (guar.)
750. May 15 *Holders of rec. May 1
•
Merritt-Chapin.& Scott Corp.,e0m.(qU) 40e. June 1 Holders of rec. May 15
Hartford Times, Inc.. partic. pt.(qu.)
114 June 1 Holders of roe. may 15
May 31 'Holders of ree. May lb
Preferred series A (guar.)
Hart,Schaffner Az Marx, Inc.. corn.(au ) *2
114 May 1 Holders of rec. Apr. 18
50e. May 31 Holders of rec. May 15a Metropolitan Chain Stores (qu.)
Hawaiian Pineapple (guar.)
•21.511 May 1 *Holders of tee. Apr. 20
July 1 June 28 to June 30
Metropolitan Industries, pref. (qu.)
Hayes Body Corp. (guar.) (pay. in stk.) 2
Apr. 30 Holders of moo. Apr. la
$3
Oct. 1 Sept. 28 to Sept. 30
2
Mexican Petroleum, corn. (guar.)
Quarterly (payable In stock)
240 Apr. 30 Holders of tea. Apt. la
1
Jan 2'30 Dec. 25 to Jan
2
Common (special)
Quarterly (payable In stock)
Apr, 30 Holders of tea. APr. 14
52
*25c. June 15 *Holders of rec. may 15
Preferred (guar()
Hecht Mining (guar.)
0
May 15 Holders of rec. MAY 1
$1
May 15 Holders of rec. Apr. 25a Miami Copper Co. (guar.)
1
Hershey Chocolate, cony. pref.(gust.)
-500 May 15 Holders of fee. Apr. no
114 May 15 Holders of rec. Apr. 25a Mid Continent Petroleum, COM.(guar.)
Prior preferred (guar.)
•111.25 Aug. 15 *Holders of me. Aug. 3
600. May 1 Holders of rec. Apr. 10
Minneapolis-Honeywell Reg., corn
Hayden Chemical. com.(No. 1)
•114 May 15 *Holders of reel. Mal 1
Preferred (guar.)
Hibbard, Spencer. Bar lett&Co.(mthlY ) 350. May 31 Holders of rec. May 24
Aug. 15 Holders of tee. AIlS.
35e. June 28 Holders of rec. June 21
Preferred (guar.)
Monthly
'134 Nov. 15 *Holders of reo. Nov. 1
May 1 Holders of rec. Apr. 15
Preferred (guar()
154
Holly Sugar Corp.. Prof. (guar.)
•15i May 1 *Holders of lee. Apr. 20
*Holders of rec. May 24
Mirror (The) Pref. (gaal%)
Horn (A. C.) Co., 1st pref. (guar.). ' June
- 134
*500 May I *Holders of tea. Apr. 20
Holders of rm. Apr. 110 &Iodine Mfg. (guar()
62340 May
Horn & Hardart of N. Y.corn.(gust.)
*260. May 1 *Holders of rec. Apr. 20
*Holders of tee. Mor. 15
Extra
050o. May
Hunt Bros. Co.(guar.)
134
2762
FINANCIAL CHRONICLE
Per
W ben
Cent. Payable.
Books Closea
Days Inclusive
[Vol.. 128.
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued,.
Miscellaneous (Continued).
Mohawk Mining (guar.)
$1.50 June 1 Holders of rec. Apr. 30
Rio Grande 011
Montgomery Ward & Co., corn.(qu.)
$1
July 25 Holders of rec. July 5a
62Sic May 15 Holders of rec. May 4a Rio Grande 011
$1
Class A (guar.)
(r)
Hold. of rec. Jan. 5 '30
•1.41 July 1 'Holders of rec. June 20
rStock dividend
el Si Oct. 25 *Holders of rec. Oct. 5
Moody's Investors Service, Part. pf.(qu.)
75c. May 15 Holders of rec. May la Riverside Portland Cement,
Cl. A (guar.) •3134c May 1 *Holders of rec. Apr. 15
Moore Drop Forge, cl. A (qua?.)
1111.50 May. 1 *Holders of rec. Apr. 10
Preferred (guar.)
81 50 May 1 *Holders of rec. Apr. 15
Motor Products Corp., corn.(quar.)
500. May 1 Holders of rec. Apr. 24a Roos Bros.. corn. (guar.)
•62Sic May 1 Holders of rec. Apr. 15
Preferred (guar.)
$1.25 May 1 Holders of rec. Apr. 24
Preferred (guar.)
1.62)4 May 1 Holders of rec. Apr. 15
Mullins Mfg., pref. (guar.)
$1.75 May 1 Holders of rec. Apr. 15a Root Refining, prior Prof.
(guar.)
11145e. June 1 Holders of rec. May
Muncie Gear Co.. pref., class A (guar.) 11150c. July 1 'Holders of rec. June
15
15
Cumulative pref.(guar.)
*75e. June 1 *Holders of rec. May 15
Preferred, class A (guar.)
*500. Oct. 1 'Holders of rec. Sept. 15
Royalty Corp. of Amer.. par. Pf. (extra)
Preferred, class A (guar.)
Si May 15 Holders of ree. May 100
•500. Jan 1'30 'Holders of rec. Dec. 15
Russell Motor, corn.(guar.)
•1% May I 'Holders of roe. Apr. 15
Murphy (0. C.) Co.. pref. (guar.)
.2
July 2 *Holders of rec. June 21
Preferred (guar.)
'1)4 May 1 'Holders of rec. Apr. 15
Preferred (guar.)
.2
Oct. 2 "Holders of rec. Sept. 21
Ruud Mfg.(guar.)
*65c. May 1 *Holders of rec. Apr. 20
Nash Motors, corn. (guar.)
$1.50 May 1 Holders of rec. Apr. 206 Ryerson (J. T.) & Sons, corn. (quar.)
•50c. May 1 *Holders of rec. Apr. 19
National Acme,co.(guar.)
corn.
25e. May 1 Holders of rec. Apr.b15a -it. Joseph Lead Co.(guar.)
60e. June 20 June 8 to June 20
National American Co. (guar.)
50c. May 1 Holders of ree. Apr. 15a
Extra
25o. June 20 June 8
National Bearing Metals, corn.(guar.)
to June 20
75c. June 1 Holders of rec. May 16
Quarterly
Preferred (gear.)
50c• Sept 20 Sept. 10 to Sept 20
1% May 1 Holders of rec. Apr 16
Extra
Nat. Bellas-Hess, new corn.(guar.)
25e. gent 20 Rept. 10 to Sept 20
250. ally 15 Holders of rec. July la St. Lawrence Flour Mills, prof.(guar.)_ _
14.i May 1 Holders of rec. Apr. 20
New common (guar.)
25e. Oct. 15 Holders of rec. Oct. la St. Lon is Screw & Bolt, corn.
(guar.).
- •25.. lime I 011.,Idere ,,r re. May
New common (guar.)
25e. Jan. 15 Holders of rec. Jan.2'30a
IS
Preferred (guar.)
134 May 1 Holders of rec. Apr. 25
Stock dividend (guar.)
July 15 Holders of rec. July la Salt Creek Producers Ass'n.
el
(guar.).- 75e. May 1 Holders of rec. Apr. 15a
Stock dividend (guar.)
Oct. 15 Holders of rec. Oct. la Savage Arms, 2d pref. (quar.)
el
•$1.50 May 15 'Holders of rec. May
Stock dividend (guar.)
Cl
Ja.15'30 Holders of rec. Jan. 2'306 Savannah Sugar Ref., coin. (quar.),.,.
1
$1.50 May 1 Holders of rec. Apr. 15
Preferred (Guar.)
$1.75 June 1 Holders of rec. May 2Ia
Preferred (guar.)
14 May I Holders of rec. Apr. 15
National Carbon. pref.(guar.)
2
May 1 Holders of rec. Apr. 20
Scher-Hirst Co.. class A corn. (guar.)
50c. May 1 Holders of rec. Apr.d19
National Casket, common
May 15 "Holders of rec. May 1
*82
Scott Paper
Common (payable in common stock). 11 15
.
May 15 'Holders of ree. May 1
Corn.(In stk.sub). to stkhrs.'approv.) f2
June 30
National Dairy Products (stock dly.).__ el00 May 20 Holders of roe. Apr. 25a
Corn.(In stk.subj. to stkhrs.' aPProv.) f2
Dec. 3
core men (payable in cemmon stk.)
July 1 Fielders of re, June Sa
II
7% series A, preferred (guar.)
lq May
Common (payable In eommon atoek)
Holders of rec. Apr. 160
ei
1 Holder,. of ree Sept. In
Oet
6% series B pref. (q,iar.)
13.5 May
National Dept. Stores. let pref. (guar.). 1;£ May 1 Holders of rec. Apr. 156
Holders of rec. Apr.
Seacrest Laundry, pref. (guar.)
87 Sic May
•1% June 1 *Holders of rec. May 15
Second preferred (guar.)
Holders of rec. Apr. 27
-Roebuck & Co.(guar.)
Sears
62Sic May
Nat Fireproofing. pref. (guar.)
Holders of rec. Apr. 13a
62)40. July 15 Holders of rec. July 1
Quarterly (payable In )Welt)...... _
NIng
Preferred pillar.,
11.)1(lera or roe Apr 16elI ,
62 Fie Oct 15 Holders of ree Oct.
Quarterly (payable in stock)
el
Aug.
National Food Products. corn. A (guar.) 62 Sic May 15 Holders of rec. May 36
Holders of rec. July I5a
Quarterly (payable in stock)
Cl
Nov.
Holders of rec. Oct. 15a
Class B (payable in class B stk.)
2
Oct. 15 Holders of rec. Oct. 5
Seeman Brothers, Inc.. corn.(guar.),_
50e. May
National I.ead, pref. el. A (qua?.)
Holders of rec. Apr. 15
$1.75 June 15 Holders of rec. May 3Ia Selby Shoe, common
(guar.)
(Sc. May
Holders of ree. Apr. 16
Preferred, Class B (guar.)
$1.50 May 1 Holders of rec. Apr. 19a
Preferred (guar.)
Nat. Recording Pump, cony. (guar.)...
13.5 May
Holders of ree. Apr. 16
75c. May 1 Holders of rec. Apr. 20
Service Station Equip., Ltd.(Toronto)
National SashweIght. pref. (guar.)
•87S4c May 1 *Holders of rec. Apr. 19
Preference (quar.)
1)4 May
Holders of rec. Apr. 15
Nat. Securities Invest., pref.(quar.)
s$1.50 May 15 *Holders of rec. Apr. 25
Seton Leather, corn. (guar.)
'50e. May
National Supply. common (01lar.)
Holders of rec. Apr. 16
May 15 Holders of rec. May 4
$
Sheaffer(W A.) Pen Co. (guar.)
$1
Sept. 1 :Holders of tee. Aug. 27
National Tea. 53.i% pref.($10 Par)(qu.) 13 5 May
14c
Holders of rec. Apr. 120 Sheffield SteelNational Terminals, part. stk. (quar.)
•
•250. May
*Holders of rec. Apr. 20
Com mon (payable In common stock)- "11
National Tile (quar.)
July
Holders of rec. June 20
750. May
Holders of rec. Apr. 15
Common (payable In eommon stork). • I
f
Nauheim Pharmacies, Inc., pref. (qu.) _ 620(c May
Oct.
Holders of rec. Sept 20
Holders of rec. Apr. 19
Shepard Stores. Inc., class A (quar.),
Nebel (Oscar) Co., Inc.. corn.(guar.).- 6214e. May
75a. May
Holders of rec. Apr 20
Holders of rec. Apr. 15a Silver (Isaac) & Bros., Pref. (guar.).._.
1% May
Participating pref. ,quar.)
Holders of rec. Apr. 20
500. May
Holders of rec. Apr. 15a Sinclair Consol. Oil Corp., pref.
(guar.). 2
Neisner Bros., Inc., pref. (guar.)
May 1
Holders of ree May la
$1.75 May
Holders of ree. Apr. 15
Skelly 011 (guar.)
Nestle-LeMur Co_ class A (quar.)
50e. June 1
Holders of rec. May 15a
500. May 15 Holders of rec. May de
Skinner Organ (quar.)
New Amsterdam Casualty (in stk.) _ _ e50
'62)40 May
Madera of rec. Apr. 25
July 15 Holders of rec. June 15
Smallwood Stone class A (near.)
Newberry (J. J.) Co., Pref. (guar.)
62340. June 1
Holders of rec. June 5
•21.75 June 1 'Holders of rec. May
Smith (Howard) Paper Mills, pref. (qu.) 1)4 June
New England Equity Co.. corn. (guar.). •623.ic May 1 *Holders of rec. Apr. 15
Holders of rec. May 21
15
Speigel-May-Stern. Inc., corn. (quar.).
New Jersey Zinc (guar.)
750. May
Holders of rec. Apr. 15a
May 10 *Holders of rec. Apr. 20
.2
Preferred (guar.)
•5 1.621i May
New Process Co.. pref. (guar.)
'Holders of rec. Apr. 15
1X May 1 Holders of rec.
Spencer Kellogg & Sons, Inc. (guar.)--New River Co., pref. (acct. accum.div.) 1111.50 May 1 *Holders of rec. Apr. 26
40e. June 3 Holders of ree. June 15a
Apr. 15
Quarterly.
Newton Steel. pref.(guar.)
40e. Sept.3 Holders of rec. Sept. 146
'I)4 Apr. 30 *Holders of rec. Apr. 5
Standard Investing, pref.(guar.)
New York Air Brake (guar.)
1.37Si May 1
Holders of ree. Apr. 25
75e May 1 Holders of ree. Apr. 46 Stanford, Limited, 1st & 25
pf. (qu.)... 14i May
New York Hamburg Corp
Holders of rec. Apr. 15
Apr. 29 "Holders of rec. Apr. 15
Steel Co.of Canada, corn. & pf.(gel_ -- 43403. May
N. Y. & Honduras Rosario Min.(qu.) "1
Holders of rec. Apr. 6
2t15 Apr. 27 Holders of rec. Apr. 17
Steel & Tubes, Inc., corn. B & C (qu.). _ 31.125 May
Extra
Holders of rec. Apr. 24
2Ss Apr. 27 Holders of rec. Apr.
Steinberg's Drug Stores pref.(quar.).._. 87.40 June
N. Y. Merchandise Corp., cons. (guar.). •500 May I 'IL !dors of rec. Apr. 17
Holders of rec. May 20
20
Steinite Radio(guar.)
Preferred (guar.)
'2%
•$1.75 May 1 "Holders of rec. Apr. 20
,turirrerly
Nichols Copper Co., class B
•2
Oct.il
•750. May 1 'Holders of rec. Feb. 1
Stewart
-Warner Corp.
Class B
•750. Nov. 1 *Holders of rec. Feb. 1
New $10 par stock (guar.)(No. 1)___ 87Si0. May 1
Niles-Bement
-Pond. pref. (guar.)
Holders of rec. May 4
•1 Si Jens 29 *Holders of rec. June lo
New $10 par stock (In stock)
Noma Electric Co. (guar.)
e2
Aug. 1
Holders of rec. Aug. 5
•40c. May
*Holders of rec. Apr. 15
New $10 par stock (in stock)
North Amer. Consul. 011 (monthly)._ •10e. May
e2
Nov. 1 Holders of rec. Nov. 5
'Holders of rec. Apr. 20
New $10 par stock (In stock)
North Central Texas 011. corn. (quar.)
e2
Feb.5'3 Holders of rec. Feb.51r
15e. June
Holders of rec. May 10
Sax Baer & Fuller, corn.(quar.)
Northern Manufacturing, pref.(guar.)._
'373.5c June
'Holders of rec. May 15
19e June
Common (guar.)
Preferred (gear.)
e373.50 Sept.
•Holders of rec. Aug. 15
19e Sept.
Common (guar.)
Preferred (guar.)
'Holder, of rec. Nov. 15
'373.5c Dec.
190 Dec.
Stouffer Corp.. class A
Northwest Engineering. cow.(guar.)... •50c May
30S4c. May
Holders of rec. Apr. 20
'Holders of rec Apr. 15
Class B
40c. May
Holders of rec. Apr. 20
Stover Site. & Engine, pref.(guar.).- •ISi May
Occidental Petroleum
*Holders of rec. Apr. 22
•30 Apr 30 *Holden. of reo. Apr. 20
Stroock (S.) Co. (guar.)
Ohio Shares, Inc., pref. (guar.)
*75e. July
'Holders of rec. June 15
*50c May 1 *Holders of rec. Apr. 20
Qiuarterly
l
Qmrter
•750. Oct.
011 Well Supply. pref. (guar.)
'Holders of roe. Sept. 16
....
144 May 1 Holders of rec. Apr. 12a
•75e. Doe. 2 'Holders of rec. Dec. 10
Oliver United Filters. class A (guar.).- •50e Mey 1 'Holders of
rec. Apr. 19
Studebaker Cont.Oppenheim, Collins & Co.(guar.)
$1.25 May 15 Holders of rec. Apr. 26a
Common (payable in common stock)._ 11
June
Holders of roe. May 10a
Otis Elevator. pref. Meat.)
1)4 July 15 Holders of rec June 29a
Common (payable in corn. stook).- fl
Sept.
Preferred (guar.)
Holders of rec. Aug. 10a
1% Oct. 15 Holders of rev. Sept. 300
Common (payable In corn. stock)
11
Dee,
Holders of ree. Nov. cia
Preferred (guar.)
1)4 J'n15'30 Holders of rec. Dec. 3Ia Sullivan Packing.
pref. (guar.)
•2
May
Outlet Company, corn, (guar.)
'Holders of roe. Apr. 20
$1
May 1 Holders of rec. Apr. 20a Sun 011 Co.,
pref. (guar.)
11.4 June
First preferred (guar.)
Holders of rec. May 10a
$1.75 May 1 Holders of rec. Apr. 20a Supermaid
Corp.. corn. (guar.)
•750. May
Second preferred (guar.)
'Holders of roe. Apr. IS
$1.50 May 1 Holders of ree. Apr. 20
Sutherland Paper, corn. (guar.)
•300. Apr. 3 *Holders of rec. Apr. 25
Pacific Associates Man)
.500. May 15 'Holders of ree. Apr. 30
(No. I)
Sweets Co. of America (guar.)
250. May
Holders of rec. Apr. 15
Pacific Coast Biscuit, corn.(qu.)
•25o. May I *Holders of rec. Apr. 15
Teck-Hughes Gold Mines, Ltd
115a. May
Apr. 17 to Apr. 306
Preferred (guar.
•87S4e May 1 *Holders of rec. Apr. 15
)
Telautograph Corp.. corn.(guar.)
250. May
Pacific Equities, Inc
Holders of rec. Apr. 160
•50c. July 15 *Holders of rec. June 30
Texas & Pacific Coal & 011 (in stock)
e2)4 June 30 Holders of rec. June 56
Extra
•100. July 15 *Holders of rec. June 30
Packard Motor Car (monthly)
250. Apr, 30 Holders of rec. Apr. 12a Thera:mad Co.. 7% prof. (guar.)(No. 1) 144 May 1 Holders of rec. Apr. 11
Thompson (John R.) Co..(monthly) _ -300. May 1 Holders of reo. Apr. 230
Monthly
25e May 31 Holders of rec. May Ile
Monthly_
300. June 1 Holders of tea. May 236
Extra
50e. May 31 Holders of rec. May II,
Tidal Osage Oil (special)
.31
May 1 *Holders of roe. Apr. 18
Parker Pen, common (guar.)
'62Sic.Nlay 15 *Holders of rec. May 1
Tide Water 0115% pref. (quar.)
134 May 15 Holders of rec. Apr. 12
Patine Mines & Enterprises (final)
ft) lApr. 30 Holders of rec. Apr. 20a
Tobacco Products Corp., div. ctf.
Penman,. Limited, corn. (guar.)
May 15 Holders of rec. May 6
$1
Series B for corn. stock Un. Cig. Stores 31.28 Apr. 30 Holders of rec. Apr. 16
Preferred (guar.)
1)4 May 1 Holders of rec. Apr. 22
Transue & Williams Steel Forg.(guar.)._
25c. May 1 Holders of rec. Apr. 25a
Perfection Stove (monthly)
•37340 Apr. 30 'Holders of reo. Apr. 18
Troxel Mfg., corn. (guar.)
$2
May 1 Holders of rec. Apr. 19
Monthly
'373.4e May 31 'Holders of rec. May 17
Preferred (guar.)
1)4May 1 Holders of rec. Apr. 19
Monthly
.37 Sic June 30'Holders of roe. June 18
Truax-Traer Coal, corn.(guar.)
40c. May 1 Holders of rec. Apr. 180
Monthly
•37Sic July 31 'Holders of rec. July 18
Tudor City Second Unit. Inc., pref..... 3
May 15 May 1 to May 15
l Aug. 31 *Holders
Monthly
•37
of rec. Aug. 16
Tung Sol Lamp Works, corn. (guar.)._ •200. May 1 *Holders of rec. Apr. 20
Monthly
'3734c Sept. 30 'Holders of rec. Sept. 18
Class A (guar.)
•410. May 1 "Holders of rec. Apr. 20
Monthly
•37340 Oct. 3 *Holders of rec. Oct. 17
Union Oil, corn. (guar.)
50c. May 10 Holders of rec. Apr. 1911
Monthly
•3734c Nov. 31 'holders of rec. Nov. 18
United Biscuit of Am.. COM.(guar.).June l Hot
ua e i holders of rreeco..
ln
ders of
Monthly
17a
1 7a
'371.4c Dec. 8 *Holders of rec. Dec. le
Preferred (quar,)
134 May
Petroleum Royalties (monthly)
Apr.
May
Holders of rec. Apr. 25
United Cigar Stores of Amer.. pf.(au.)
- $1.60 May 1 Holders of rec. Apr. 17a
Extra
Si May
Holders of rec. Apr. 25
United Electric Coal Co., corn.(guar.).750. June 1 IL.Iders of rec. May 1511
Petroleum & Trad. Corp., cl. A (No. I).
1)4 May
Holders of ree. Apr. 19
United Equities(guar.)
111$1.25 May 1 *Holders of rec. Apr. 16
PhillIppe (I outs). Inc.. cl. B (quo)(No.1)
(Sc. May
Holders of rec. Apr. 19
United Milk Crate. el. A (guar.)
•50c. June 1 "Holders of rec. May 15
Phillips Jones Corp., pref. (guar.)
1)4 May
.....
Holders of rec. Apr. 20a United Piece Dye Wka.. pref.(guar.)._
'1)4 July 1 'Holders of ree. June 20
Pitney-Bowes Postage Meter, new(No.1) 'Sc. May
'Holders of rec. Apr. 17
Preferred (guar.)
•134 Oct. 1 •Holders of rec. Sept. 20
Pittsburgh Steel Co., pref. (guar.).154 June
Holders of ree. May I lo
Preferred(gear.)
'1)4 Jan2'30 'Holders of rec. Dee. 20
Postern Co. (quar.)
75e. May
Holders of rec. Apr. 15a United Profit Sha. (q ref
ac r
ro
7.puar.)
50c. Apr. 30 Holders of ree. Mar. 30
Pressed Metals of Amer.. pref. (guar.)
•1% July
'Holders of rec. June 12
United Verde Extension Mining Nu.)_ $1
May 1 Holders of rec. Apr. 4
Preferred (guar.)
Oct.
'Holders of rec. Sept. 12
Asbestos,
750. May 1 Holders of rec. Apr. 20
Preferred (guar.)
•1M Junl'30 'Holders f rec. Dec. 12
li Preferred fru
'
fi.
1 Si May I Holders of rec. Apr. 20
Process Corp.. (Tun. (guar.)
•50e. May I *oldrs of roc. Arr. 20
H
e
U.S.& British Int. Co.. $3 pf. (gu.)_.....
750. May 1 Holders of rec. Apr. IS
Procter & Gamble, corn. (guar.)
May 15 "Holders of rec. Apr. 25
.2
U. S. Cast Iron Pipe & Fdy ., corn. (qu.)
50o. July 20 Holders of ree. June 2iia
Prudence Co., Inc.. pref
314 May 1 Holders of rec. Apr. 10
Common (guar.)
50c. Oct. 21 Holders of rec. Sept. 30a
Pub. Ut11. Securities, Partie. pref. (ge.)$ 1.62)4 May 1 Holders of rec. Apr. 19
Common (guar.)
500. Jan2030 Holders of reo. Dee, 31a
Participating pref. (participating dly.) 1234c. May 1 Holders of rec. Apr. 19
First & serond pref. (guar.)
30e. July 20 Holders of rec. June 2)Ia
Pullman, Inc. (guar.)
$1
May 15 Holders of rec. Apr. 27a
First & second pref. (guar.)
30o. Oct. 21 Holders of rec. Sept. 30a
Pyrene Manufacturing, corn. (quar.),_
Apr. 19 to
May
2
Apr. 30
First A second pref (guar.).
30e Jari20 30 Holders of rec. Dee al,
.
Quaker (1st, Preferred (guar.).
•1 1
'Holders of ree. May II
4 May
U.S.& Forelgn Securities. lot pf.(qu.),, *51.50 May
*Holders of rec. Apr. 11
Quincy Market & Cold Stor.. pf. (qu.)-. •13•1 May
'Holders of rec. Apr. 18
U.S. Industrial Alcohol, corn (guar.).- $1.50 May
Railway & Light Securities, corn.(qu.)-Holders of reo. Apr. 15a
60c. May
Holders of rec. Apr. 15
S. leatherU.
Preferred (guar.)
Holders of rec. Apr. IS
$1.50 May
Class A partlo. & (ion v. dock (00.)-- $1
July
Raymond Concrete Pile, corn. (quar.).
Holders of rec. June Iflo
Holders of ree. Apr. 18
50c. May
Class A pante. & nose, stock (011.)
Oct
Holders of ren. Sept 10a
Common (extra)
Holders of rec. Apr. 18
25e. May
•Ths. may
Universal Leaf Tobacco. corn. (guar.).Common (special)
Holders of rec. Apr. 16
25e. May
Holders of rec. Apr. 18
Universal Pipe & Radiator. pref. (guar.) 144 May
Preferred (guar.)
Holders of rec. Apr. 15a
75c. May
Holders of rec. Apr. 18
Utah Apex Mining
•25c. June
'Holder, of rec. May 15
Reed (C. A.) Co.. class A (guar.)
Holders of rec. Apr. 20
50e. May
Utah Radio Products. corn
•30c. May
Republic Iron & Steel, corn. (qua?.),_
*Holders of
'Holders of ree. May 11
*21 June
Utility & Ind. Corp., pf. (qu.)(No. 1)-- •37340 May 20 *Holders of rec. Apr. 20
Preferred (guar.)
rec.
*Holders of rec. June 12
11114i July
Utility Shares Corp.. corn
.30c. May 1 *Holders of rec. Apr. 30
Rice Stix Dry Goods. corn. (quar.)
Holders of rec. Apr. 15
37)4c. May
vadseo Sales Corp . prof (ge.)(No. I)
$1.75 May 1 Holders of rec. Apr. 15
Second preferred (guar.)
Holder, of rec. Apr.
37 14o. May
Apr.
Vanadium Corp. of Am.(guar.)
75c. May 15 Holders of rec. May 16
Illeharde (F.Imer) Co.. cony. pre:
NIL)- •50c. May ,"Holders of roe. Apr. 25
la
vapor Car Heating, pref.(guar.)
'134 June 10 'Holders of ree.
Richfield 011 of California (quar.)
50c. May 151 Holders of rec. Apr. 20
(qua?.)
'134 Sept 10 folders of ree. June 1
Preferred (guar.)
134 May 1' Holders of rec. Apr. 5
PPrefrefeerrerredd
'144 Dee. 10 *Holders of rec. Sept. 2
Dee. 2
Name of Company
Name of Company.
2763
FINANCIAL CHRONICLE
APRIL 27 1929.]
Per
Cent
When
Payable
119.2k1, C•osea
Daps Inclusive
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending April 19:
Miscellaneous (Concluded).
'Sc. May 1 *Holders of fee. Apr. 30
Venezuelan Petroleum (quer.)
Holders of rec. Apr. 15a .
May
$1
Vick Chemical Co (quer )
Holders of rec. Apr. la
May
victor Talking Mach.. COM.(AtIor.)--- - 81
Holders of rec. Apr. la
$1.75 May
Prior preference (qua?.)
Eat
Holders of rec. A p
$1.50 May
Convertible pref. (guar.)
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSIN
•35e. June 1 *Holders of rec. May 31
Volcanic Oil & Gas (guar.)
FOR THE WEEK ENDED FRIDAY. APRIL 19 1929.
•50. June 1 *Holden of rec. May 31
Extra
•35e. Sept.! *Holders of rec. Aug. 31
Quarterly
-Average Figures.
'Sc. Sept. I *Holders of roe. Aug. 31
NATIONAL AND STATE BANKS
Extra
'35e. Dec. I *Holders of roe Nov. 30
Quarterly
'Sc. Dec. 1 *Holders of roe Nov. 30
Extra
•1 4 July
'Holders of roe. June 22
Waltham Watch. pref.(guar)
Oth.Cash, Res. Dep.. Dep.Other
•1
*Holders of rec. Sept. 21
Oct.
Gross
Preferred (guar.)
Gold. Including N. Y. and Banksand
Loans.
*Holders of roe. Apr. 15
•6244c May
Warchell Co., pref. (qu.)(No. 1)
Bk. Notes Elsewhere Trust Coo Deposits
Apr. 30
Holders of rec.
Warren (A. 1).1 Co.. corn.(qu.((No. 1) $1.50 May 1
Holders of rec. May 15
75c. June
Wayagamack Pulp & Paper (qua?.)
s
$
s
s
s
s
Manhattan"50c. Apr. 30 'Holders of rec. Mar. 30
Web Holding Corp. (quer.)
192,962,000 32,000 3.039,600 29,012.100 1,919,400 189,017.00(
Bank of U.S
'Holders of rec., Apr. 15
2,147,101
*40c. May
Welbolt Store, Inc. (guar.)
195,800
Bryant Park Bank 2,035,300 91.606 139,800
134 May 1 'Holders of rec. May 5
23,246,00(
West Va. Pulp & Paper. pref.(guar.)... •
-.-- 1.798,000 1,671,000
Chelsea Etch. Bk 24,074.000
•134 Aug. 1 'Holders of rec. Aug. 5
Preferred (guar.)
Grace National__ 17,387,600 3,500 108,400 1,490,200 1.683,000 15.723,60(
Nov. 1 'Holders of rec. Nov. 5
3.630,401
Preferred (guar.)
216,000
88,300
3,890,600 30,000
Port Morris
*Holders of rec. Apr. 15
Western Air Express (No. 1)
.14c. May
Public National_ 131,348,000 26,000 1,874,000 8,457,000 11358000 128,927,00(
*Holders of rec. Apr. 20
Western Grocer, corn. (quar.)
"3740 May
Brooklyn
*Holders of rec. June 20
Preferred
3440 July
Nassau National_ 22,293,000 105,000 289.000 1,785,000 682,000 21,519.001
Holders of rec. Apr. 15
Western Steel Products, pref. (guar.)... 114 May
98,000 8,000.00(
576,000
8,300,000 5,000 117.000
Peoples National_
50e. Apr. 3 Apr. 1 to Apr. 9
Westinghouse Air Brake(qua?.)
32.800 2.181.80(
333.300
53.500
- --2.612.500
Traders National _
Apr. 3 Holders of rec. Mar. 110
Westinghouse El. dr Mfg. corn. (qua?.).. $1
Apr. 19a .
Holders of rec.
May
White Sewing Machine, pref. (guar.)._ $1
Will Sr Baumer Candle,corn.(qua?.)
10c. May 1 Holders of rec. May 1 j
-Average Figures.
TRUST COMPANIES
Holders of rec. June 15 I
2
Preferred (guar.)
July
*Holders of rec. Apr. 15 •
Williams(R.C.) Co., Inc.(guar.)
*35c. May
Holders of rec. Apr. 200
May
Will-Low Cafeterias, cony. pf. (Qua?.)
$1
Reeve Dep., Depos.Other
Holders of rec. Apr. 20a
-Overland Co., corn. (qusr.)
Whys
300. May
(dross
N. T. and Banks and
Cash.
Loans.
'Holders pf rec. Apr. 15 ,
WInsted Hosiery (guar.)
24s May
•
IPsetehere. Trust Cos. Deposi •
•ti May
*Holders of rec. Apr. 15
Extra
"Holders of rec. July 15 ,
*24 Aug.
Quarterly
s
$
$
s
•4 Aug.
S
*Holders of rec. July 15 .
ManhattanExtra
20.700 52,906,60
774,700 10,638,400
53,712,900
American
Wolverine Portland Cement (quar.)_ _ 14 May 1 Holders of rec. May 4
16,870,94
57.060
880,753
Bk. of Europe & Tr._ 17,555,646
Holders of rec. Apr. 25a
Woolworth (F. W.) Co., corn.(Mari-- $1.50 June
21,501,98
581,284 1,719,503
21,690,667
Bronx County
Wright Aeronautical Corp.(stock div.). 0100 Apr. 30 Holders of rec. Apr. 15
244,805,000 "35.235.000 4,914,000 3.112.000 255,304.00
Holders of rec. Apr. 200 Central Union
250. May
Wrigley (Win.) Jr. Co.(monthly)
80.183,600 "5,437.200 4,127.400 3,756,600 78.165,20
Holders of rec. May 200 Empire
250 June
Monthly
284.466 18,274,745
226.275 1,353,585
17,901,673
Holders of rec. June 200 Federation
250 July
Monthly
14,045,20
269.700
14,542,600 *1.936,100
Holders of rec. July 20a Fulton
25e. Aug
Monthly
388,468,000 3,275,000 57.360,000 2,189,000361,378.06
*Holders of rec. Apr. 19
Manufacturers
*50e. May
Zenith Radio Corp. (qUar.)
94.000 63.609.30
65,914,200 1.804,800 5,123,700
Municipal
•25o. May 1 'Holders of rec. May 6
Zonite Products (guar.)
59,204,418
74.020.970 3.783,333 6,855.277
United States
Brooklyn
• From unofficial sources. f The New York Stock Exchange has ruled that stock
112,820,00
118,441,700 2,834,100 18.712,000
will not be quoted ex-dividend on this date and not until further notice I The Brooklyn
25,369,217
27,716,253 1,898.741 2,227.840
New York Curb Market Association has ruled that stock will not be quoted ex• Kings County
Bayonne,
dividend on this date and not until further notice.
319.004 9.303.If
797.020
232 007
50.1. AAA
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
f Payable in common stock. o Payable In scrip. S On account of accumulated ;
dIvidanda. I Payable In preferred stock
'Includes amount with Fedora Reserve Bank as follows: Central Union, $34.
S National Acme IS ex-dividend April 16.
Empire, $3,832,000; Fulton, $1,817,500.
1 Common II stockholders of General Gas & Elec. have privilege of applying divi- 233.000;
dend to purchase of corn. A stock at 325 per share on or before May 10.
is Cosy. LOP., declared a stock dividend of 6%. payable lu quarterly installments
o Stockholders of Empire Public Serv. Corp. have option of applying this dividend to the purchase of cont. A stock at $18 per share.
-In the
r Rio Grande Oil stock to be placed on a $2 per annum basis. The company has
Boston Clearing House Weekly Returns.
declared $1 payable July 25 and intends to declare another $1 Payable on or before
summary of all the items in the
Jan. 25 1930. The stock diidends are 1 1 shares on each 100 shares, the first following we furnish a
4
14% having been declared Payable April 25 with the Intention to declare a second Boston Clearing House weekly statement for a series of weeks:
134% Payable on or before Oct. 25
s Unless instructions are received to the contrary. Pacific Public Service dividend
BOSTON CLEARING HOUSE MEMBERS.
will be &Milled to the purchase of additional corn. A stock or scrip for fractional
shame at $13 per share.
Patino Mines & Enterprises dividend Is 4 shillings per share.
April 19
April 12
U Dividend of 87(44. on corn, stock of Fulton Industrial Securities Co. reported
Changes from
April 26
1929
1929
P74040141 Went
in previous issues was an error. No dividend has been declared. the 874Xc. lust
1929
declared being the initial quarterly dividend on preferred or at rate of 53.50 per
annum.
86.550,000
86,550.000
e American Cities Power & Light dividends are 1-32d share of class B on class A
86.550,000 Unchanged
Capital
116,024,000 116.024.000
Mock and 1% in class B stock on the class B stock, the clam A stock having the Surplus and profits
116,024,000 Unchanged
1,134.042,000
option of taking cash at rate of The, per share.
Loans, dise'ts & I nverrts_ 1,125,237,000 -3.645,000 1,128,882.000 656,867,000
674,775.000 -1,187.000 675.962,000
W Lees deduction for expenses of depositary.
Individual deposits
+426,000 132.682,000 135.901.000
Associated Gas dr Elec. dividend payable in class A stock at rate of 24%
. ,
Due to banks
265,847.000 -2.725,000 268,572,000 273.420.000
of one share for each share held.
Time depot- ite
r
13,801.000
11 470.000
s Holders of Federal Water Service class A stock may apply the dividend to pur- United States deposits
8,095,000 -3,375,000
30.820,000
32,999,000
+1,020.000
additional class A stock at rate of $25 per share, receiving 1-50th share Exchanges for Clg. House
34,019,000
chase of
79.021.000
86,793,000
84.995,000 -1,798,000
for each share held.
Due from Other banks.-80.867,000
81,789,000
-132,000
81,657,000
Rea've in legal deposItar's
8.145.000
8,150,000
-63,000
8,087,000,
Cash In bank
1.337.000
1,180.000
+128,000
1,308,000
excess in F. R. Bk.
- Reeve
Weekly Return of New York City Clearing House.
N. J.-
o
Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
-The Philadelphia Clearing House
Philadelphia Banks.
report. The new returns show nothing but the deposits,along return for the week endingApril 20, with comparative figures
with the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDED SATURDAY. APRIL 20 1929.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
"Surplus St Net Demand
Tintri
Undivided
*Capital.
Deposits
Clearing House
Deposits
is not a part of legal reserve. For trust companies not
A verage.
Members.
Profits.
A0t70,06.
-members of the Federal Reserve System the reserve required
$
$
$
$
deposits and includes "Reserve with
6,000,000 13,539,100
60,548,000
Bank of New York & Tr. Co_
9,686.000 is 10% on demand
42,149,000 legal depositaries" and "Cash in vaults."
Bank of the Manhattan Co.._ 22,250,000 42,559,300 172,790,000
47.793,000
Bank of America Nat'l Asso- - 25,000,000 38,364,400 138,769,000
100,000,000 111,246,500 a880,535,000 160,327,000
National City Bank
Beginning with the return for the week ending May 14 1928,
6,000.000 20,731,200 134,236,000
8,587,000
Chemical National Bank
discontinued show25.000,000 49,317,800 293,632,000
34,948.000 the Philadelphia Clearing House Association
of Commerce
Bank
40,638.000
Chat.Phex. Nat. Bk. dr Tr.Co 13,500,000 15.698,000 155,127.000
ing the reserves and whether reserves held are above or below
10,000,000 22,812,400 118,400,000
3.021,000
Hanover National Bank
12,100,000 21,352.500 172,020,000
32,881,000 requirements. This will account for the queries at the end
Corn Exchange Bank
10,000,000 26,601.000 125,880,000
10,958,000
National Park Bank
10,000,000 95.735,400 247,086.000
9.318,000 of the table.
First National Bank
40.000.000 55.037,800
Irving Trust Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
Seaboard National Bank
Bankers Trust Co
U. S. Mtge. & Trust Co
Title Guarantee & Trust Co.Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York 'Trust Co
Farmers Loan & Trust Co_ _ _
Equitable Trust Co
Com'l Nat Bank & Trost Co_
Harriman Nat'l'lank & Tr Co
1,000,000 1,550,500
61,000,000 79,908,400
500,000 3.869,100
11,000,000 111,614.400
25,000,000 77,498.400
5,000,000 6,533,400
10,000,000 23.854.300
40,000,000 65,078,300
4,000,000 3,812,600
3,000,000 4,160,400
g12,500,000 (132,041,100
10,000,000 23.212,700
30.000,000 28,625,000
7,000,000 7,332,000
1.500,000 2.840,300
383,607,000
7,609,000
0566.427,000
26,460,000
118,788,000
(335,068,000
54.274,000
34,833,000
d460,867,000
42,098,000
18,400.000
134,108,000
el28,502,000
f323,614,000
30,961,000
31,202,000
44,062,000
688.000
64,640,000
1,086.000
5,876,000
48,183,000
5,361,000
2,459,000
68,995,000
5,154,000
2.649.000
19.209.000
27,597,000
39.734,000
1,972,000
5,835,000 1
Week Ended April 20 1929.
Two Ciphers (001
omitted.
Trust
afembers of
F.R.System Companies.
59,983,0
Capital
Surplus and profits- 190.044,0
Loans. dlscts. & invest. 1.084.338,0
40.737,0
Exch. for Clear. House
102,389,0
Due from banks
125,816,0
Bank depositS
4:ggi
TInidmi:Iddeuptidtseoualta- -. Tp ts
April 13
1929.
April 6
.11215
Total.
1
$
$
67.483,0
67,483.0
7,500,067,483,0
16,097,0 206.141,0 206,141,0 206,077,0
72,211,0 1,156,549.0 1,158,513.0 1,153,322.0
46.776.0
41,475.0
41,070,0
333,0
96,371,0 103,198,0
13,0 102,402,0
901,0 126,717,0 125,951.0 129,340,0
7
: 74 3
: :
,15
3 1:
lulu S6 17 3 668 470 0 tii 9 :
52,768,0 1.04= 1,025.231,0 1,027.031,0
989,447.0
Total depoelte
1681:13.9000:0871:8.00
5,002.0
5.332,0
ROM with legal deem,69,262,0
69,920.0
69,920,0
1 Res with F It Bank
12:191:g'
1.565,0
12,025.0
10,460,0
an, 4:Ito non Ron 743 sno F.179 100 non ',ICI sot Ann , Cash in vault"
86 455
6,897,0
87,277,0
80,380,0
i Total res. & cash held
?
1
7
?
7
Reserve required
State, Mar. 22 1929; trust tom- Excem reserve and cast
in vaun
"As per official reports: National. Mar. 27 1929;
7
!
7
7
7
7
panics. Mar. 22 1929. g As of Mar. 30 1929.
Includes deposits In foreign branches: (a) $297,033,000; (b) 514.640,000; (c) 64,- ,
•Cash In vault not counted as reserve for Federal Reserve members
3107,415,000; (e) 817,685,000;(1) 5114,612.000.
450,000; (d)
Clearing Non Member.
Mechanics Tr. Co.. Bayonne.
500,000
817,200 _ 3,321,000
5.601.000
2764
FINANCIAL CHRONICLE
For.. 128.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 25 and
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the showing the condition
results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the
The second table shows the resources and liabilities separately for each of the twelve banks. corresponding week last year.
The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between
the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon Comptroller and
the returns for the
latest week appears on page 2732. 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 24 1939.
I
Apr. 24 1929. Apr. 17 1929.!Ap71210 1929. Aprll 3 1929. Mar.27 1929.I Mar.201929. Mar.13
1929. Mar. 6 1929. Apr. 25 1928.
1
RESOURCES.
8
3
$$
1
$
1
0010 with Federal Reserve agents
$
1,288,060,000 1,273,428,000,1,235.237,00011,271.104.000 1,300,876,000 1.213.407.000
1,279,901,000
1,183,910,000 1,207,703,000
.3101d redemption fund with U. B. Tress_
70,573,000, 67.075.0001 64,432.000
68,466,000
66,785,000
70.707.000
64,353,000
62.119,000
59,090,000
Gold held exclusively eget. F.R.notes 1,348,367,000 1.358.633.000 1,340.503,0001,299,669.000
1,337,889.000 1.371,583,000 1,277.760,000 1,246.029,000 1,266,793,000
Gold settlement fund with F.R.Board
682,613,000 674.560.000, 706,899.000 742,785.000 709,176,000
Gold and gold certificates held by banks_ 767,601,000 746,290,000 727,380,000 676.758.000 662,195,000 675,996.000 767,446,000 788,107,000 835,001,000
664,434,000 654.919.000 648,701.0001 621,479,000
Total gold reserves
2.798,581,000 2,779,483,000 2,774,782.100 2,719.212.000 2,709,260,000 2,712,013.00012,700,125,000
Reserves other than gold
174,835,000 176,490,000 175.764,000 173.309.000 169.755.0001 165,778.0001 160.264.000 2,682,837,000 2,723,273,000
152,755.0001 162,551,000
Total reserves
2,973.416,000 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 2,885,824,000
ROn-reserve cash
77.102,000, 80,463.000
78,988,000
75.924,000
77.510,000
78,367,000
78.312,000
75,231.000
Stile discounted:
65,499,000
!
Secured by U. B. Govt. obligations... 541,251,000 533.992,000 540,454.000 610.418.000 621,980.000
588,439,000 583.135.000 606,053,000 462,771,000
Other bills discounted
433,262,000 460,304,000 423,078,000 419,434.000 402,150,000 354.298.000 372,488,000
383,119.000 246,302,000
1
Total bills discounted
974,513.000 994,296.000! 963,532.000 1,029,852.000 1,024.130,000 942,737.000 955,623,000 989,172,000
709,073,000
Bills bought In open market
141,175,000 141,027.0001 157,317,000 174.703.000 208,427,000 236.838.000 283.101.000
304.644,000 365,841,000
U.B. Government securities:
! 51,612,000
Bonds
51.629,000
51,602,000
51,609,000
51,611,000
51.611.000
51.618,000
51,594,000
55,237,000
Treasury notes
91.841,000
80,326,000
91,951.000
91,417.000
91,190,000
90,904.000
90,502,000
90,671,000 107,560,000
Certificates of Indebtedness
17,959.000; 22,526.000
17,854,000
26.032,000
27,509.000 42,836.000
23,177,000
20.699,000 141.958,000
1
Total U. S. Government securities
149,782,000 161,429,000, 166,089,000 169.058.000 170.310,000 185,351,000 165,297,000
162,964,000 304,755,000
Other securities (see note)
7.295,0001
8.845.000
7,396,000
6,845,000
6,845,000
6.845,000
10,250.000
10.250,000
990,000
Foreign loans on gold
6,115,000
7,735,000
7.562,000
Total bills and securities (see note)_
1,280,601,000 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 1,380,659,000
Gold held abroad
1
Due from foreign banks (see note)
723.000
722,000
724.000
722,000
723.000
723,000
724,000
570,000
725,000
Uncollected items
680.417,000 803,693,000' 661,234.000 730,174.000 673.689.000 747,690.000
754.786.000 678.483.000 633,613,000
Bank premises
58,733.000; 58.729.000
58,739,000
58.693.000
58.693.000
58,691,000
58,691,000
58,660.000
59,409,000
All other resources
7,700,000
8,576,000
7,780,000
8,483.000
7,970.000
8,010.000
8,255.000
8,062.000
9,677,000
Total resources
5,080,665,000 5,214,086.0005.054,053.000 5,146,975,000 5,107,312,000 5,143,043,000
5,182,990,000 5,123,783,000 5,035,251,000
LIABILITIES.
F. R. notes In actual circulation
1,652,561,000 1,653,228,000 1,657.719.000 1,683,649,000 1,652.879.000 1,641.577.000
1,650,009,000 1,666.567.000 1.572,612,000
Deposits:
Member banks
-reserve account
2,290,218,000 2,302,392,000 2,301.940 000 2,335,304,000 2,332,181.000 2,339,544,000 2,362,567,000
2,350,497,000 2,417,377,000
Government
45,455,000
4.721 000
30,854,000
10.900,000
23,405.000
4,570,000
7,773,000
21,577.000
33,587,000
Foreign banks Wee note)
10.163,000
9,856,000
9.327,000
10,558,000
6,058.000
6.047.000
5,834,000
5,377,000
9,766.000
Other deposits
21,764,000
23.850.000
19.156,000
19,715,000
21,742,000
20,149.000, 20,611,000
20,704.000
18.278,000
Total deposits
2,350,084,000 2,379,774,000 2.339,838.000 2,382.477,000 2.383.386.000 2.370.3100)0 2,396,785,000
Deferred availability items
643,581.000 748,167,000, 024,251,000 669.514.000 640.280.000 701.967.000 708,172,000 2,402,544,000 2,474,619,000
628,729,000 600,791,000
Capital paid In
155.851,000 155.133.000 154,880,000 154,3117,000 154.310.000 153.730,000
Surplus
254,398,000 254,398,000 254.398.0(10 254.398.000 254.398.000 254.398,000 152 521,000 152,118,000 137.613,000
254.398.000 254.398.000 233,319,000
All other liabilities
23.386,000
22,961.000
24,190,000
22,630,000
22.059.0001 21.061.000
21,105.000
19,427,000,
16,297,000
Total liabilities
5,080,665,000 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
5,035,251,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
69.4%
68.9%
69.9%
67.2%
67.1%
87.8%
65.9%
66.7%
67.3%
Ratio of total reserves to deposits and
F. R. note liabilities combined
73.8%
73.3%
74.3%
71.5%
71.3%
71.7%
70.7%
69.7%
71.3%
Contingent liability on bills purchased
for foreign correspondents
345,317,000 347.390,000 347 652.000 338,287,000 332,165,000 329,194.000 306.944,000 303,397.000
261,543,000
Distribution by Maturities
$
$
1-15 days bills bought In open market _
62,231,000
67.504,000
66,626,000
79.288,000
93,984.000 124.186,000 148,860.000 145,352,000 120,797,000
1-15 days bills discounted
803,341,000 830,046,000 797,619,000 855,144.000 865,446,000 776,069.000 787,080.000 818,385.000 585,962,000
1-15 days.U. S. certif. of Indebtedness.
5,010,000
1.650,000
5,450,000
2.420.000
2.940.000
19,275.000
794.000
1.705.000
4,100,000
1-15 days municipal warrants
18-30 days bills bought In open market.
38,010,000
28,503,000
28,011.000
4t,937,000
52,370,000
54,169.000
64.002.000
81.997,000
68,806,000
18-30 days bills discounted
40,490,000
44,841,000
45,367,000
45.810.000
40,319.000
42,865,000
45,414,000
43,094,000
26,741,000
18-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market
34,736.000
29.495,000
34,266,000
27,855.000
33,147.000
36.423,000
51,249.000
61,864.000
83,644,000
81-60 days bills discounted
68,164,000
65,934.000
67,741,000
70,143,000
65.365.000
73,860,000
69,563.000
50,317,000
70,834.000
81-60 days U. S. certif. of Indebtedness.
930,000
290,000
15,242,000
31-60 days municipal warrants
31-90 days bills bought In open market.
13,048.000
Ill
20,370.000
9,557
23,489.000
26,164,000
19,123,000
14,613,000
11.504,000
82,147,000
81-90 days bills discounted
41,955,000
43,969,000
41,501.
48.324,000
42,679.000
39,763,000
44,156.000
47,483.000
31,899,000
61-90 days U. S. certif. of Indebtedness_
6,000
120,000
80.000
39.000
128.000
61-90 days municipal warrants
102,000
Over 90 days bills bought In open market
2,509,000
1,938,000
2,715,000
2,134,000
2,762,000
2,937.000
4,377,000
3.927.000
10,447,000
Over 90 days bills discounted
13,641,000
11,169,000
16,563,000
10,431,000
10.321,000
10.180,000
9,410.000
9,376,000
14,154.000
Over 90 days certif. of indebtedness_
12,013,000
20.756,000
12,114,000
23,532,000
24,441,000
23,522,000
22,383,000
18,994.000 122,616,000
Over 90 days municipal warrants
300,000
300.000
F. R. notes received from Comptroller_ _ 2,818,819.000 2,835,968,000 2,852,048,000
2,859,913,000 2,867.384,000 2.873,578.000 2.882,693,000 2.890.834.000 2,795,282,000
F. It. notes held by F. R. Agent
757,167,000 767,927,000 778.767.000 796,307,000 816,637,000 824.062,000 833.452,000 823.632,000
845,835,000
Issued to Federal Reserve Banks
2,061,652,000 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 1,949,447,000
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
Byeligible paper
366,995,0001 360,595.0001
1
1
366,195,000
367 595 000 387,195.000
. . !
86.965.000
92,793,0001 89,649,000
95,491,0001 67,659.000
820,913,000 831,416,000 819,868,000 772.151.000 806.250.000
1,070,905,000 1,085,927,000 1,074,128,000 1,150,767,000 1,178,878.000
1
363,195,000, 363,195,000 362.645.000 415,242,000
97.222,0001 99.244.000
87,479.000
91,083,000
840.459,000' 750,968.000 733.786.011(1 701,378,000
1,130.676,000,1,183,273.000 1.256.975.000 1,024,456,000
TOtal
2,350.806,0002.373.987.000 2.347.550 000 2.386.004.000 2.410 n80.0002 431 552 000 2 300.080
OM 2 4411 888 (100 2.232.159,000
-Beginning with the statement or Oct. 7 1925. two new Items were added In order 10500w
NOTE.
separately the amount of balances held Wound awl ...mute due
So foreign correspondents. In addition, the eantlen. -All other earning assets," previously made up of
Federal Intermediate Credit Bank debentures, was changed to
l'Other securities." and the caption, "Total earning assets- to ''Total bills and securities: The latter
.
Item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the
Federal Reserve Act, which, it was stated, are the only items included
therein,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS APR 24 1929
Two ciphers (00) omitted.
Boston. New York. Philo
Total.
Cleveland Richmond Atlanta Chicago, Si Louis, Mtnneap. Kan.City. Dallas. San Fran.
federal Reserve Bank ofRESOURCES.
$
$
$
$
S
$
$
S
$
$
$
$
$
Sold with Federal Reserve Agents 1,279,901,0 76,925.0 281,203,0 71,271,0 154,405,0 37,419,0
89,484,0 267,246.0 19,553,0 49,051,0 49,664,0 23,570,0 160,110,0
3old red'n fund with U.S. Tress.
12,037,0 8,995,0 5,809,0 3,514,0 3,648.0
68.466,0 6,043,0
3,587,0
6,986,0 7.021,0 4,164,0 4.628,0 2,034,01 .
Gold held excl. vat.F. R.notes 1,348,367.0 82.968,0 293,240.0 80,266,0 160,214.0 40.933,0
93,132,0 274,232,0 26,574,0 53.215,0 54,292,0 25,604,0 163,697,0
201d settle't fund with F.E„ooard 682,613,0 74,749,0 148.267,0 33,657. 74,
0
058.0 18,181,0
.
Sold and gold etre held by pans, 767.601,0 20559,0 473,348,0 44,067,0 52,056,0 16,645,0 16,461,0 155,723,0 41,637,0 20,865,0 34,270,0 26,646.0 38 200.0
5.398,0, 87,572,0 10,877,0 5,841,0 5,307.0 10.669, 28,162,0
0.
I
Total gold reserves
2.798,581,0 182.376,0 914.855,0 157.990.0286.328,0 75.759,0 117.991,0517.527.0 79,088,0 79,921,0, 93,869,0 62,818,0 230,059,0
1Iserve other than gold
52,170,0 7,478,0 12,973,0 8,194,0 8.664.0
174,855,0 14,941,0
25,454.0 13,364,0 2,819,0 5,513,0 7,100.01 16,165,0
Total reserves
2,973.416,0 197,317,0 967.025,0 165,468,0 299,301,0 83,953,0 126,655,13 542.981,0 92,452,0 82.740,0 99,382,0 69,918,0/246,224,0
ffon-reherve cash
32,319,0 2,356,0 3,982,0 5.273,0 4,986,0' 8.121,0
78,988.0 6,579,0
4,566,0 1,218,0 2,021,0 3,156.01 4,411.0
lills(Recounted:
I
See. by U. S. Govt. obligations 541,251,0 35,766,0 175,218,0 66,349,0 41,511,0 22,216.0
15.084.0 60.354,0 24,560,0 16,270,0 16,506,0 11.396,0! 513.021.0
Other bills discounted
87,651,0 47,310.0 33,567,0 29,328,0 52,290,0, 51,831.0 22,542,0 7,965.0 28,631,0 10.748,0 23,741,0
433,262,0 39,660,0
1
Total bills discounted
974,513,0 75,426,0 262,869,0 113,659,0 75,078,0 51.544,0 67,374.0 112,185.0 47,102,0 24.235,0 43,137,0 22,142,0 79,762,0
fills bought in open market
28,599.0 12,310,0 15,726,0 7,940,0 8.861,0i 3.086,0 2,492,0 5,119,0 6.711,0 11,126,0. 16,513.0
141,175,0 22,692,0
I. S. Government securities:
Bemis
1,384,0
585,0
51,602,0
689,0
548.0 1,152,0
16,01 19.937.0 7,125,0 4,534,0 7,755.01 7,813,01
64,0
'reasury notes
10.239,0 9,614,0 27,755,0
80,326,0 2,381,0
657,0 3,314,0 5,090,0
4,260,0
902.0 3,817.0 12,297,0
lertifIcates of indebtedness
5,450,0 7,027,0
17,854,0! 1,350,0
5,0
41,0 2,845.0
1.136,0
1
RESOURCES (Concluded)Two Ciphers (00) innified.
Boston. New York.
Total.
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
&Bother
Ma. Cleveland. Richmond Atlanta. Chicago. St. Louie. 1finneaP. Ean•Cilk. DalkiS. R2n1Pras,
$
1,495,0
2.717,0
$
$
7,396,0
7,735,0
Other securities
Foreign loans on gold
2765
FTNANCITAL CIITRONTCLE
APRIL 27 1929.]
613.0
$
401,0
796,0
8
8
$
$
8
846,0
356,0
302,0
1.060,0
309,0
$
2,000,0
207,0
$
1,500,0
255,0
li
1,250,0
274.0
$
750,0
312,753,0 144,392,0 119.958,0 61,649,0 79,908,0 144,203,0 57.028,0 40,355,0 61,396,0 46,422,0 109.386,0
52,0
24,0
24,0
99,0
29,0
18.0
28,0
33,0
74,0
69,0
221,0
186,535,0 56,700.0 68,163,0 47,944,0 21,569,0 82,872.0 30,591,0 12,718,0 36,830,0 30,792,0 87,116,0
16.087,0 1,762,0 6.535,0 3,575.0 2.744,0 8,529,0 3.929,0 2,110,0 4,140,0 1.922,0 3,704.0
499,0
374.0
320.0
887,0
292,0
518,0
556,0 1,923,0
160,0 1.282,0
906,0
1,280,601,0 103,151,0
53,0
724,0
680,417,0 68,587,0
58,739,0 3,702,0
63,0
7,780,0
5,080,665,0 379,452,0 1,515,846,0 370,907,0 499.295.0 202,983,0 237,813,0 787,323,0 188,887,0 140,046,0 204.113,0 152,608,0 401,392.0
Total resources
LIABILITIES.
37,709,0 152,836,0
F. R. notes in actual circulation_ 1,652,561,0 133,130,0 289,096,0 140,405,0 209,344,0 68,016,0 132,796.0 302.818,0 57,120,0 63,516.0 65,775.0
Deposits:
170,778.0
Member bask-reserve &met 2,290,218,0 143,715,0 903,642.0 134,701,0 178,489,0 66,276,0 65,563,0 340,857,0 78,080.0 52,563,0 89,071.0 66,483.0 1,706,0
797,0 4,944,0 1,399,0 1,388.0 1,753.0 2,504,0
906,0 2,551,0
8,054,0 2,549,0
30,854,0 2,303.0
Government
418.0
191,0
191.0
145,0
232,0
795.0
226,0
557,0
592,0
5,813,0
267,0
429.0
9,856,0
Foreign bank
27,0 7,089.0
163,0
203,0
670,0 2374,0
82,0
29,0 1,137,0
69,0
7.165,0
48.0
19,156,0
Other deposits
2,350,084,0 146.495,0 924.674,0 137,836,0 181.124,0 69.163,0 66.668,0 347.266,0 82.185,0 54.299,0 91,178,0 69.205,0 179,991,0
Total deposits
643.581,0 68,514,0 168.551.0 51,933,0 65,003,0 45,874,0 20.723,0 76,998.0 32.069,0 11,030,0 32,929,0 31.862,0 38,095.0
Deferred availability Items
55.821,0 15,133,0 15,076,0 6,176,0 5,331.0 19,471.0 5.424,0 3,089.0 4,293,0 4.476,0 11.255,0
155,851,0 10.306,0
3apital paidlo
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
254.398,0 19,619,0
lurplus
666,0 1,237,0
852.0
6,422,0 1,499,0 2303,0 1,355,0 1,741.0 4.328,0 1,269.0 1.030,0
1,388,0
24,190.0
111 other liabilities
401,392,0
5.080,665,0 379,452,0 1,515,846,0 370.907,0 499.295,0 202,983,0 237,813,0 787,323,0 188.887,0 140.046,0 204,113,0 152.608,0
Total liabilities
Memoranda.
74.0
65.4
63.3
70.2
66.4
83.5
63.5
59.5
61.2
79.7
76.7
70.6
74.3
Ifserva ratio(percent)
3ontingent liability on bills pur13,531,0 47,533,0 13,878,0 8,674,0 11,450,0 11,450,0 24,981,0
chased for foreign correep000'ts 345,317,0 25,675,0 103,488,0 33,308,0 35,389,0 15,960,0
r. R. notes on band (notes reied
from F. R. Agent less notes In
0
409.091.0 24.567.0 121.438.0 38.866.0 31,184,0 19.370.0 31.288,0 32,934,0 10,737.0 8,837,0 11,616,0 9,376.0 68.878.
circulation
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS APRIL 24 1929.
Federal Reserve Agent at
-
New York. 1 Phila. 1Cleveland RichmondlAtlanta.IChicago. St. Louis. klinneap. Ran.City.1 Dallas. Illoa7roen
Boston.
Total.
S
Two Ciphers (00) omitted-F.R.notes ree'd from Comptroller 2,818,819,0 219,772,0
F.R.notes held by F. R.Agent__ 757,167,0 62,075,0
$
$
I
3
734,649.0 211.171,0 270,478,0 107.457,0 219,644,0 413,872,0 80,147.0 89,497.0 101,801,0 62.217.0308.114,0
324,115.0 31,900,0 29,950,0 20,071.0 55.560,0 78,120,0 12,290,0 17.144,0 24,410.0 15,132,0 86,400,0
F.R.notes issued to F. R. Bank_ 2,061,652,0 157,697,0
Collateral held as security for
F.P. notes issued to F. R. Bk.
Gold and gold certificates-- 366,195,0 35,300,0
92,793,0 18,625,0
Gold redemption fund
820,913,0 23,000,0
Gold fund-F.R. Board
1,070,905,0 98,039,0
Eligible paper
410,534,0 179,271,0 240,528.0 87,386,0 164,084,0 335.752,0 67,857.0 72,353,0 77,391,0 47,085.0 221,714,0
14,758,0 35,000,0
8,050.0 14,167.0
47,200,0 6,690.0 24,350.0
12,205,0 6.729,0 4,134,0 1,246,0 3,503,0 1,884,0 3.364,0 2,812.0 12.814,0
266,000,0 8,000,0 33,000,0 46.360,0 6,000.0 112,296,0
95,000,0 24.000,0 61,000,0
90,698,0 55,777,0 75.376,0 114,973,0 48,675,0 29,150,0 49,309.0 33,077,0 94,911,0
553,372,0 180,022,0 245,103,0 93,196,0 164.860,0382,219,0 68,228,0 78,201.0 98,973,0 56,647,0 235.021.0
0 01 8,800,Oj
171,88 .
14,323,0 11,214,0,
95,000,0 51,257,0
272,169,0 108,751,0
2,350,806,0 174,964,0
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 2732 immediately
for a
preceding which we also give the figures of New York and Chicago reporting member banksbills of week later. drafts sold with
exchange or
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and
bills sold with
endorsement," and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and obligations are
endorsement were included with loans, and some of the banks Included mortgages In investments. Loans secured by U. S. Government any more sublonger show n separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not
no
divided to show the amount secured by U. S. obligations and those secured by commercial naper, only a lump total being given. The number of reporting
-a
banks is now omitted: in its place the number of cities included has been substituted. The figure have also been revised to exclude a bank In the San
Francisco district, with loans and investments of $135,000,060 on Jan. 2. which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT
BUSINESS ON APRIL 17 1929. (In millions of dollars.)
Want and investments-total
2
22,340
$
1,506
$
8,511
Leans-total
16,431
1,120
6,329
7,355
9,076
471
649
3,106
3,224
5,909
386
2,181
Cie+ ellnit Richmond Atlanta. Chicago. St. Louis. Minneap. Ran. Cgs Dallas. San Fran,
'
I
$
9
$
3
$
9
3
8
1,943
500
685
381
710
3,319
647
6801
2,197
1,301
365
448
254
529
2,593
512
937
1,522
522
413
105
145
82
237
1,230
149
521
699
196
887
259
303
173
292
1,363
363
415
326
823
643
135
237
127
181
726
135
325
676
158
3,020
2,890
187
198
1,191
990
105
220
325
350
73
85
65
70
342
385
71
109
69
58
113
124
95
40
382
260
1,671
227
98
16
772
63
81
14
122
28
40
11
40
9
249
36
45
6
24
6
57
11
35
8
109
19
13,118
6,779
165
901
466
7
5,804
1,701
72
710
285
8
1.019
962
13
353
242
5
329
228
8
1,844
1,234
20
380
232
2
215
131
1
492
179
2
302
143
11
770
976
16
1,138
2,725
52
112
148
959
64
159
105
204
'74
106
248
439
56
116
45
76
107
187
58
85
134
188
729
gn
909
no
,,,,
48
97
.,
AS
57
MI
18
27
15
89
Federal Reverse District.
Total.
On recurIties
All other
tnveetments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Dash In vault
'
Net demand deposits
rime deposits
20vernment deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
*Sublet:It to correction.
Boston. New York
Phila.
$
1,261
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 24 1929,
In comparison with the previous week and the corresponding date last year:
Apr. 24 1929. Apr. 17 1929. Apr. 25 1928.
tat
WOW' Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
281,203,000
12,037,000
281,344,000
12,608,000
228,393,000
16,294,000
Gold held exclusively ages. F. R. Dotes 293,240.000
Geld settlement fund with F. R. B ord. 148,267.000
Gold and geld certificates held by bank_ 473.348,000
293,952,000
167,376,000
469.035,000
244,687,000
314,345,000
387,244,000
Total gold reserves
Reserves other than gold
914.855.000
52,170.000
930,363.000
52,977.000
946,276,000
32,966,000
Total reserve.
Non-reserve cash
Bills discounted
Secured by U.S. Govt. obligations-Other bills discounted
967.025,000
32,319,000
983,340.000
30,711,000
979,242,000
19,762,000
175,218,000
87,651,000
150,882,000
109,121,000
173,310,000
69,307,000
Total hills discounted
Bills bought in open market
U.S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
262,869,000
28,599,000
260,003,000
20,093,000
242,617,000
95.264,000
1.384,000
10,239,000
5,450,000
1,384,000
13,137.000
5,010,000
1,434.000
14,742,000
38,459.000
17,073.000
1,495,000
2,717,000
19,531,000
1,495,000
2,148,000
54,635,000
Total U.S. Government seouritleeOther securities (see note)
Foreign Loans on Gold
Resources (Concluded)
Gold held abroad
Due from foreign banks 18.. Nets)
Uncollected items
Bank premises
All other resources
Total resources
Apr.24 1929. Apr. 17 1929. Apr. 25 1928.
$
221,000
186,535,000
16,087.000
906.000
220.000
227,407,000
16.087.000
920,000
217,000
173,644,000
16,548,000
1.896,000
1.515,846,000 1.561,955,000 1,583,825,000
Li 45tIlesFedi Reserve notes In actual circulation
Deposits-Member bank, reserve wet-Government
Foreign bank (See Note)
Other deposits
289,096,000
903,642,000
8.054,000
5,813.000
7,165,000
289,592,000 335,683,000
905.479.000 971,935,000
14,772.000
3,970,000
6,120.000
714,000
7,365,000
8,881,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
924,674,000
168,551,000
55.821.000
71,282.000
6,422,000
933,736.000
205,161.000
55.830.000
71.282.000
6.354.000
Total liabilities
985,500,000
152,881,000
42,545,000
63,007,000
4,209,000
1,515.846,000 1.561.955.000 1,583,825,000
Ratio of total reserves to deposit and
74.1%
79.7%
80.4%
Fedi Res've note liabilities combinedContingent liability on bills purchased
correspondence103,489.000
and securities (See Note).- 312,753.000 303,270,000 392,516,000
Total bills
for foreign
7 0
72, d ue te
d
-Beginning with the statement 01 Oct. 7 1925, two new Items were added In order to show separately the amount of balances held abroad and amoun1,s 30. 00
NOTE.
foreign oorreepondente. In addition, toe caption "All other earning assets." Previously made up of Federal Intermediate Credit Bank debentures, was changed to
'Other securities." and the *gegen "Total earning assets" to -Tow bills and securities." The latter term was adopted as a more accurate description of the total of Ste
,"mount acceptances and seoutittes acquired under the provkdens of Sections 13 and 14 of be Fede.al Reserve Act, which,It was stated. are the only items Included therein.
2766
FINANCIAL CHRONICLE
Atiantuers
New York City Realty and Surety Companies.
azette,
(40 prices dollars nor share.)
Wall Street, Friday Night, April 26 1929.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2753.
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow:
STOCKS.
Week Ended Apr. 26.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares
Range Since Jan. 1.
Highest.
Lowest.
Highest.
per share. $ per share. $ per share.$ per share.
Railroads
Buff Roth dr Pitts pf-100
200 100 Apr 24 100 Apr
Canada Southern_ ..100
100 57 Apr,25 57 Apr
Caro Clinch dr Ohlo-100
10 84 Apr 25 84 Apr
Missouri Pac rights
231.100
11 Apr 20 135 Apr
NatRys of Mex 1st pf100
100 5 Apr 20 5 Apr
New On Tex dr Mex_100
6013211 Apr 23 13234 Apr
Pitts Ft NV dr CM pfd 100
10 14834 Apr 25 14634 Apr
Southern Pacific rts
87,550
'is Apr 20
113 Apr
Wheel de L E rad ...100
200 70 Apr 24 7015 Apr
24 98
25 5534
25 84
44
26
20 454
23 130
25 14634
20
'is
25 70
Jan 103
Apr 6135
Apr 9234
Apr 134
Mar 635
Apr 14034
Apr 15354
15
Apr
Mar 89
Feb
Feb
Feb
Apr
Jan
Feb
Feb
Apr
Jan
Indus. & Misc.Air Way Elec APPIL ---* 3,400 3835 Apr 26 4035 Apr 20 3734
Alleghany Corp
• 3,7
3334 Apr 28 36 Apr 22 2734
100 4,700 1004 Apr 23 10135 Apr 26 994
Preferred
Alliance Realty
•
60 90 Apr 20 90 Apr 20 86
Am & For Pow pf (8)-*
120 95 Apr 25 98 Apr 26 95
.10 23,100 37 Apr 26 42 Apr 22 244
Am-Hawaiian SS Co.
Am Radiator pref. -100 600 181
Apr 22 183 Apr 23 140
Am Rolling Mill
36,800 11234 Apr 25 11914 Apr 25 11234
Amer Stores
2,I I I 8015 Apr 26 85 Apr 25 8034
Am-Sumatra Tobac rts_ _ 8,600
% Apr 20
% Apr 25
31
Anaconda Cop new._ _50 38,200 1164 Apr 20 11934 Apr 23 11415
Rights
34,700 2415 Apr 20 2631 Apr 23 24
Assoc Apparel Indust_ _• 500 534 Apr 25 54 Apr 23 53%
Atlantic Refining rights- 211700 634 Apr 20 74 Apr 24 511
Buhn Aluminum & Mr..* 21,900 12
034 Apr 2012
934 Apr 26 114
Borg-Warner
10 32,000124 Apr 2013211 Apr 23 12134
Borden Co new
4,200 9315 Apr 26 9544 Apr 25 9334
Cavanagh-Dobbs Inc..*
400 32 Apr 22 323.5 Apr 23 32
Preferred
100 400 99 Apr 20 100 Apr 20 99
Celotex
•30,100 6315 Apr 20 7311 Apr 25 624
Preferred
100
700 87 Apr 25 8915 Apr 22 87
City Ice dr Fuel
• 800 544 Apr 22 5515 Apr 26 54
Preferred
100
30 103 Apr 25 103 Apr 25 103
100
City Investing
30205 Apr 23205 Apr 23 156
Coca Cola class A
1,400 4834 Apr 22 48% Apr 22 4815
Consol Cigar pref_ -.100
97
Pr 26 9815 Apr 22 92%
orosley Radio Corp-- -•33.00010334 Apr 26 11434 Apr 23 86
Curtis Publishing Co-.* 1,700 1184 Apr 20 12734 Apr 25 117
Preferred
700 117 Apr 2011715 Apr 24 1134
*
Cushman's Sons pref...*
30 11031 Apr 22 11034 Apr 22 1084
Dominion Stores
3,000 50% Apr 25 524 Apr 26 5034
Duluth Super Trac._100
30 834 Apr 22 asi Apr 22 8
Duplan Silk
• 1,200 23 " Apr 25 24 Apr 20 2034
100
Preferred
100 9811 Apr 25 9834 Apr 25 98
Elk Horn Coal pref- --50
120 84 Apr 23 834 Apr 23 84
Emporium Capw Corp'
10 28 Apr 22 28 Apr 22 27
Engin Pub Serv pf(54).1
400 96 Apr 24 9634 Apr 25 96
Evans Auto Loading__ -5 16,200 62 Apr 26 664 Apr 22 55
Fairbanks Co pfd
-25
10 11
Apr 26 11 Apr 26 11
Fashion Park Assoc • 600 684 Apr 25 70 Apr 23 6534
First Nat Pict 1st pfd 100 1,0001144 Apr 20115 Apr 23 10411
Fisk Rubber Ms 50% Pd
200 11
Apr 22 1154 Apr 24 11
Gen Gas& El pfd A (7)-*
13 108 Apr 25110 Apr 20 107
Class A rights
1
Apr 25 1 31 Apr 20 1
Gen Ry Signal pref._100
25010314 Apr 23 10334 Apr 23 99
Glidden Co rights
30.800 234 Apr 20 34 Apr 24 111
Goodrich Co rights
117800
15 Apr 23 1 16 Apr 22
34
Apr 404
Mar 3715
Apr 0534
Mar 05
Feb 00
Mar 42
Jan 195
AP 1934
AP 85
Apr
14
Apr 40
Apr 354
Apr 5514
Apr 715
Apr 29%
Apr 3211
Apr 95%
Apr 42%
Apr 0515
Apr 79%
Apr 934
Apr 62%
Ap 0511
Feb 05
Feb 50
Feb 00
Ma 25
Ma 29
Mar 18
Feb 15%
Ap 5215
Jan 1254
Ma 2834
Mar 102
Ma 13
Feb 38
AP 9934
Mar 7311
Ap 35
AD 72%
Jan 115
Apr 113-4
Ma 11654
AP
154
Jan 105
315
AP
AP
214
Apr
Mar
Feb
Jan
Feb
Apr
Jan
Apr
AM
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Feb
Mar
Feb
Feb
Jan
Jan
AM
Feb
Mar
Feb
Mar
Mar
Feb
Apr
Feb
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Mar
AM
Apr
Jan
Apr
Apr
Apr
Apr
Hayes Body
•72,500 5134 Apr 20 6515 Apr 26 504
Ingersoll Rand pref_ _100
ii 111
Apr 24 111
Apr 24 111
Internal Pap & Pow rts- 1531001-128 Apr 22
134 Apr 20 1-128
Jordan Co rights
6,300
11 Apr 20
11 Apr 22
14
Kendall Co pref
• 130 8934 Apr 20 94 Apr 22 8915
Kinney Co rights
5,000 114 Apr 23 234 Apr 24 115
Lehigh Valley Corp....* 7,200 2234 Apr 26 24% Apr 20 19
Preferred
50 600 354 Apr 20 384 Apr 25 344
• 700 53 Apr 25 5514 Apr 22 53
Link Belt Co
Ludlum Steel pref
• 400 102 Apr 25 102 Apr 25 98%
McGraw-Hill Publi
.1,000 4215 Apr 23 45 Apr 2. 4134
Mexican Petroleum __100
270250 AM 23295 Apr 22 226
Michigan Steel
400 10015 Apr 24 10131 Apr 24 10035
50 1,900 46 Apr 20 484 Apr 23 43
Newport Co A
Newton Steel
2,400 106 Apr 2611034 Apr 25 106
Oliver Farm Equipment - 38,900 5835 Apr 25 6434 Apr 25 583.4
Cony participating... 7,100 65 Apr 25 6934 Apr 25 65
Preferred A
5,800 98 Apr 26 9934 Apr 25 913
Phillips-Jones Corp...'30,620 5731 Apr 26 6334 Apr 23 41
Pirelli of Italy
7,800 5411 Apr 23 574 Apr 26 504
100
Pitts Steel pref
130 9754 Apr 23 98 Apr 20 924
Pub Serv of N J pf(5)--•
300 9514 Apr 24 954 Apr 24 9515
Radio Corp pref B
•35,800 7915 Apr 20 823.4 Apr 24 74
Rand Mines
10 35 Apr 22 35 Apr 22 35
100 11115 Apr 23112 Apr 22 100
Reming Type 2d pfd_100
• 1,900 4911 Apr 26 sw, Apr 20 48%
Republic Brass
• 80010634 Apr 20108 Apr 23 102
Class A
Southern Calif Edison rts 17,600 3 Apr 20 315 Apr 23 24
* 2,000 51 Apr 25 5234 Apr 22 51
Spalding Bros
Sparks Withington
* 9,800181 Apr 2019774 Apr 22 17031
Spencer Kellog & Sons.* 1,100 3515 Apr 22 374 Apr 25 354
• 2,300 4934 Apr 23 51 Apr 22 4814
Spicer Mfg pref A
Superior Steel rights.... 9,100 234 Apr 20 4 Apr 23 174
Timken Del Axle
6,900 2634 Apr 26 28 Apr 25 2631
_100
So Porto Rico Sug pf.
70 126 Apr 2612634 Apr 26 125
United Aircrafts Transp * 381200 104 Apr 20 121
Apr 26 7554
5022,900 774 Apr 20 82 Apr 23 684
Preferred
U S Express
100
700 634 Apr 24 711 Apr 23 2
US Steel new w i..._100 19,000 181
Apr 26 185 Apr 22 181
Rights
324
554 Apr 26 615 Apr 24 514
United Dyewood__._100
380 734 Apr 23 8 Apr 25 634
Unlv Leaf Tobacco pf 100
110 122 Apr 23 122 Apr 23 1203.4
Vulcan Detin pref A100
20 110 Apr 25 110 Apr 25 97
Walgreen Co pref..._ _100
100 10334 Apr 2510334 Apr 25 100%
Warner Quinlan rights 44,300
11
11 Apr 20
34 Apr 22
Wes Oil& Snowd (01d)
lii 1104 Apr 2411034 Apr 24 1064
Wilcox-Rich class A_ _ -•28,700 4234 Apr 23 47 Apr 24 37
Class B
'16,311 40 Apr 20 4434 Apr 25 34
Woolworth new w 1.- _.'98.900 9016 Apr 20 9334 Apr 26 8515
Ap 6514
Ap 114
AP
%
Ap
/4
Ap 96
Ap
234
Feb 283.4
Ma 40
Ap 61
Ma 1024
Ap 48
Ma 295
Ap 10111
Ma 4834
Apr 110%
Ap 644
AP 6911
Apr 994
Mar 63%
Mar 6515
Feb 98
Jan 96
Ma 8215
Ap 36;i
Ma 112
Ap 5314
AP 108
Ap
34
Ap 58
Ap 19735
Apr 43
Apr 55%
Ap
4
Ap 28
Ma 135
AP 121
AP 82
Jan 10
Apr 185
Ap
64
Apr 934
Jan 12315
Feb 110
Mar 106
Apr 1
Jan 112
Mar 4834
Mar 4754
Apr 934
Apr
Feb
Apr
Apr
Feb
Apr
Apr
Feb
Feb
Jan
Feb
AM
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Mar
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Feb
Mar
Apr
Mar
Mar
Feb
Feb
Mar
Apr
Jan 765
Mar
Bank, Trust & Insurance Co. Stocks.
Equip Tr Co of N Y._100,
• No par value.
50722
Apr 25737
Apr 24 493
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
In'.
Maturity.
Rate.
June 15 1929-- 434%
434%
Sept.15 1929
Dec 151929... 454%
Bid.
992Sn
09",,
991111
[VOL. 128.
Asked. !I
Maturity.
Int.
Rate.
Bid.
Bept.151930-32
Mar.151930-32
Dec.15 1930-82
Elept.15 1929
Dec.15 1929
334%
834%
334%
454%
444%
991
•43
96031
981331
gown
9911n
vv.
97333
97
9944n
99•
131
Bid
85
162
545
295
345
420
Ask
100 Lawyers West
158
chest M de T
560 Mtge Bond__
305 N Y Title &
355
Mortgage-New
430 US Casualty.
New w L
Bid
Ask
355
190
395
200
740
74
450
115
750
76
470
120
Bid
N. Y. Inv't'rs
lit pref.
98
2d pref -- 97
Westchester
Title &'Tr - 800
Ask
875
New York City Banks and Trust Compankes.
(AU prices dollars per share.)
Banks-N.Y
America
232
Amer Union._ 280
Bryant Park* 350
Central
218
Century
235
Chase
1135
Rights
119
Chath Phenix
Nat Bk& Tr 790
ChelseaEx nea 108
C1315 aExCp
.
35
Class B_ ___ 35
Chemical
1825
Commerce
_ 1010
Continental'. 825
Rights
21
Corn Exch..1095
Fifth Avenue_ 3100
First
6750
Grace
750
Hanover
1200
Harriman
1240
Liberty
285
Manhattan*
925
National City 868
Park
1040
Rights
20
Ask
238
300
_ 225
255
1145
122
Banks-N.Y. Bid Ask Tr.Cos.-N.Y Bid I Ask
Penn Exalt_
165 180 Empire
620 638
Port Morris__ 1100
Equitable Tr. 708 t 718
Public
318 325 Farm L & Tr_ 1820 1840
Rights ____ 42 1200 FiclenIn Trust 245 252
45 F iil ty
n
Seaboard
_ 1180
750 850
Seward
16(1
172 Guaranty- - .1010 1020
Trade*
310 325 Int'lGermanIc 228 235
Yorkville
230 240 Interstate.... 360
800 Yorktown'.... 300 315 Irving Trust. (8912 3661
70 1
114
Rights
814
8•4
40
Brooklyn.
Lawyers Trust
40 Globe Each' _ 400 425 Manufacturer5 292 296
__ 720 735 Murray Hill_ 315 I 325
162
. Nassau
6750 770 Mutual(Weet750
875 People's
1200
_
cheater) ___ 384 t 415
Prospect
170 195 N Y Trust: - 283 287
112135
Thnes Square. 175 185
Trust Co..
Title Gu & Trt 198 205
6900
New York.
U 8Mstte & 1010 1040
Banes Corcele
Rights
335 350
Italians Tr_ 420 430 United States 4300 4600
1320
1280 Bank of N Y
Westchest'r Tr 1000 1100
295
de Trust Co. 955 075
935 Bankers Trust 169 172
Brooklyn.
373 Bronx Colt _ 500
____ Brooklyn ____ 1140 1155
ICnn tra1 Union 435 442 'Kings Co__ _ _ 3200 3400
Ce uniy
105522
550 610 11311dwood__ _ _ 320 340
,
*State banks. 1 New stook. x Ex-dividend. 0 Ex-stook dlv. y Ex-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Apr.20. Apr.22, Apr.23. Apr.24 Apr.25. Apr.26
First Liberty LuauHigh
315% bonds of 1923
-47.-{Low(First 314)
Close
Total yaks in $1,000 units_
Converted 4% bonds off High
1932-47 (First 4s)
98
974443
9710,1
60
Fourth Liberty Loon
High
4%% bonds of 1933-38. Low.4
(Fourth 4115)
,
Close
Total sales in 31.000 units __ _
Treasury
{High
414s, 1947-52
Low.
Close
Total sales in $1,000 unUs...._
(High
45, 1944-1954
Low.
Close
Total sales in $1,000 units_ _ _
(High
33-(s. 1945-1955
Low_
Close
Total sales in 51,000 units-{High
334s, 1943-1947
Low_
Close
Total sates in 51,000 units...
(High
8301. 1940-1943
01031
98 433
913483
27
Nun non.,
99",,99",,998.st
991033 99443,
16
24
--- ---------
Converted 434% bonds{High
of 1932-47 (First 4)(s) Lowsaki in $1.000 (Close
Total
units..
Second converted 4 31% Higb
bonds of 1932-47(First LowSecond 434,)
98 431
98
981ii
16
992/31
7
- --- -
99n::
9931::
99",,
37
109
108".,
109
42
__._
____
---____
102112
102134
1021n
2
-__
____
------ ____
Total sales in 51 000 units._ _
____
.:
992
9924
09":1
237
109z::
109
1094
::
29
1054n
105332
1053st
2
1024s:
102
1024n
11
98"st
9810as
9810s:
1
__
____
Kiii„
9924k,
98
98
98
971433
974411
9744n
216
07143
974 13
.
97".
I
no% enii„
9914it 9914n
991 1n 9914n
.
10
2
---------
03),.
991,v
9911
11
- - -.
-- -.
16
99nn
9917at
9907
105
109.s:
108ns:
108ns:
153
105432
10411,1
104ns:
30
1021sg
102433
102433
99n::
99,432
99ns:
66
108":s
108nas
108nal
16
105
104"12
104n::
8
------____
98 st
,
98 ::
,
98 s,
,
--- --- _---
____
____
981ii
100
90nst
99",,
991h:
64
108"::
108"::
108n32
6
104w3(
104ns:
10417n
11
_._ ____
99.0 •
99":•
99n:
91
109
108",
109
i
10413rt
104ns:
104nz:
2(
101"::
1014431
10114s
31
---- 98
---- 97"::
---- 97141.
31
974131
97nat
-- -97n::
--35
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6 1st 414s
1 4th 431s
9911i: to 9914n
991132 to 9930n
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84 11(4
1
4.84 15-16 for checks and 4.85% 04.85% for cables. Commercial on banks
sight, 4.8434 @4.841 3-16:siity days 4.80%; nhoty days.4.78)4 @4.78 3-16
and docum mts for payments, 4 79
. 34484.8034. Cotton for payment,
48
. 33.4. and grain for payment, 4.8334.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9054
(43.9054 for short. Amsterdam bankers' guilders were 40.154840.18
for short.
Exchange at Paris on London, 124.17 francs: week's range, 124.24
francs high. and 124.17 francs low.
The range for foreign exchange for the week follows:
Sterling,
Checks.
Cables.
High for the week
4.8554
4.85
Low for the week
4.8534
4.8434
Paris Bankers' Francs
1110 for the week
3.9031
3903.4
Low for the week
3.9056
3.9034
Amserldam Bankers' Guildersish for the week
!"
40.18
40.1954
Low for the week
40.12
40.16
Germany Bankers' Marks
nigh tor the week
23.72
23.7234
Low for the week
23.59
23.60
Asked,
991
%2
9911ii
Alliance RIM..
AinSurety new
Bond dc MO.
Home Title Ins
Lawyers Mtge
Lawyers Title
&Guarantee
9911 s
The Curb Market.
-The review of the Curb Market is
given this week on page 2756.
A complete record of Curb Market transactions for the
week will be found on page 2785.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sale, during the week of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 20.
Monday,
AprU 22.
Tuesday, Wednesday, _Thursday, 1 Friday,
Apr11 23.
Apr12 24.
April 25.
April 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Highest
Lowest
SharesPar a per share I $ per share
Tog:14a
Per share $ per
Nee
Fe--100 19518 Mar 26 20938 Feb 4 18233 Mar 204 $$$?$
9,900 Atch Topeka
100 10212 Jan 2 10378 Jan 7 10213 Jan 1081: Apr
1.400 Preferred
169 Jan 2 1918 Feb 4 157% Oct 19112 May
100
4
1,600 Atlantic Coast Line RR
100 11818 Mar 26 133 Mar 5 10334 June 12578 Dec
21,600 Baltimore dc 02110
77 Nov 85 Apr
100 77 Apr 13 8013 Mar 20
900 Preferred
61 June 8,14 Jan
ao 65 Feb 16 72 Jan 2
600 Bangor dr Aroostook
100 105 Apr 4 11013 Jan 22 104 Dec 1163 May
4
130 Preferred
68 Feb 91 Dee
100 85 Apr 4 10934 Jan 5
1,000 Boston St Maine
5333 Jai, 773 May
4
20,400 Bklyn-Manh Tran v to_No par 64 Apr 19 8178 Fen 25
par 84 Mar 28 9278 Feb 1
82 Jan 95 8 May
3
Preferred v t e
8
8
No
1412 Jan 477 Sept
3,900 Brunswick Term & Ry Elee_100 253 Apr 4 4418 Jan 18
3214 July 6412 Nov
.
4
Bu lEiusquehanna- _100 543 Jan 26 85 Mar 2
&
100 5312 Jan 4 6812 Mar 4
38 Sept63 Nov
20 Preferred
100 22512Mar 26 26978 Feb 2 19512June 253 Nov
21,400 Canadian Pacific
98 Sept10718 Mar
460 Caro Clinch & Ohio otfe st'd100 97 Mar 28 10112 Mar 14
100 210 Mar 26 22914 Apr 8 1751June 21834 Dee
5,300 Chesapeake & Ohio
100 21313 Jan 18 216 Feb 57 __ --- -iii-4 -181-4 . *1434 -111- ;iiis -1i- -1,i8o chieaferrrAlton
4
2
4
-ThT8 -112- ;i8- -111- -il -18
100 114 Jan 2 193 Feb 4
4
8
5 Jan -iii41
7a
7
Prego
1ii;
1878 194 1918 1938 19
19
19
778 Feb 263 May
1834 1834 184 1938 19
100 16 Mar 26 254 Feb 4
6,000 Preferred
8
40
*32 40 .32
34 Apr 11 43 Feb 4
40 *32
40 *32
40
+34
37 Feb 4814 May
*32
40
East
5518 *52
56
5414 Apr 26 66 8 Feb 4
56
5618 5518
5414 5414 1,100 Chi
58 Aug 767 May
60
5514 56
100
°
7
8
*52
Preferred Illinois RR
1812 187
1878 1838 1834 19
1878 19
8 1812 1813 18
183
4 3,200 Chicago Great Weetern.„100 1412 Mar 28 2378 Feb 1
94 Feb 25 Dec
527
8 52
52
5112 5218 5113 527
5318 52
8 5,700 Preferred
100 4618 Jan 7 637 Jan 31
8
2012 Feb 5038 Dec
5118 514 52
3214 3134 3218 3178 3178 3178 327
4
2214 Mar 4012 Apr
324 3214 313 3238 32
8 5,9001Chicago MUw St Paul & Pao.... 31 Mar 26 3978 Feb 2
5313 5314
5314 5433 5318 5418 523 537
4
8 5253 5338 52
50 4 Mar 26 6334 Feb 2
3
5334 16,000 Preferred new
37 Mar 5978 Nov
844 8412 8514 85
8578 84
8438 8378 84
8313 8334 84
78 June 9414
3,300 Chicago & North Weetern_100 8134 Mar 26 9414 Feb 5
134 134
136 136 *135 140
+130 134 *130 134 *130 134
100 134 Apr 24 145 Feb 5 135 Dec 150 May
200 Preferred
12518 12633 125 12513 125 1254 124 1253
126 126
*125 126
4 3,800 Chicago Rock Isl & Pacif1o_100 1221: Apr 2 13978 Jan 19 106 Feb 13978 Nov
107 107 *10613 1071 *10613 1074
10614 10614 *10614 107
*10614 107
100 10514 Mar 27 1084 Jan 25 105 Dec 11112 May
200 77 preferred
10014 10014 1007 1007 101 101
+10014 101
8
10014 10024 10014 10014
99 2 Dec 195 May
100 100 Jan 8 10278 Feb 5
900 8% preferred
*10973 114 *10973 11212 *10918 112% *10973 112 *10978 112 *1097 112
8
100 1094 Apr 6 122 Mar 5 105 Aug 126 May
Colorado & Southern
*7713 79
7713 7712 774 7713 *774 79
*7712 79 *7713 79
100 75 Mar 20 80 Jan 25
67 July 85 Apr
50 First preferred
64
64 *_ 7212 *68
711
70
70
68
70 *6812 71
691: Nov 85 May
100 84 Apr 22 724 Mar 5
80 Second preferred
*62 65
*62
65
63 63
64 64
63
63
831: Dec 8778 June
6318 6318 1,200 Consol RR of Cuba pref
100 621: Apr 16 7078 Jan 2
*684 70
70
*6833 70 *6833 70 *683 70
7513 70
*70
100 70 Apr 10 81 Jan 2
79 Dec 94 June
3
190 Cuba RR prof
187 189
18614 188
187 18814 18614 187
186 18712 187% 190
100 182 Mar 26 20714 Feb 1 16314 Feb 226 Apr
5,700 Delaware & Hudson
124 125
•124 12412 124 124
1233 124
4
124 12434 12314 1233
4 2,300 Delaware Lack & Weetern_100 12314 Apr 26 1334 Feb 1 12514 Dec 150 Apr
*6614 6712 *6514 6714 6713 8818 6834 70
68
5012 Feb 653 Apr
4
6834 69 69
s
1,600 Deny & Rio Or West pref_100 5514 Jan 2 773 Feb 21
*314 34 *34 34 *34 31
.314 313
+34 4
*3
4
64 Jan
3 Apr 9
47 Feb 4
8
3 Aug
Duluth So Shore & Atl----100
*513 6
*54 6
*54 6
*5
6
*513 6
5 Mar 28
713 Feb 4
438 June
913 May
*54 6
100
Preferred
7034 7138 7114 7234 714 7313 72
7318 7114 7258 7114 7314 95,400 Erie
100 64 Mar 28 78 Mar 5
4834 June 724 Dec
60
6014 607
60
8 6013 607
3 6012 6012 *60
6013 60 4 614 2,300 First preferred
50 June 6373 Jan
100 57 Mar 28 843 Feb 4
4
3
*57
58
58
58
*58
59
*58
59
58
494 June 82 Jan
58
100 56 Mar 27 6014 Jan 5
58
58
500 Second preferred
*104 105 *103 1044 1044 10478 105 10578 105 10578 10413 10573 3.700 Great Northern preferred 100 102 Mar 28 11578 Mar 4
934 Feb 11434 Nov
1031 10312 103 103 *10212 103
*103 105
10373 104
103 103
100 10012 Mar 28 112 Mar 4
9118 Feb 11134 Nov
1.200 Pref certificates
4513 4513 4514 47 *4612 4733 4612 463
4 4812 473
4 48
43 Aug 617 Ma7
100 431:Mar 26 69 Feb 4
8
4913 3,500 Gulf Mobile & Northern
100 9712 Apr 8 103 Jan 3 99 Aug 109 May
98
*96
98
*96
98
*96
98
*98
9713 9812 99
9938
600 Preferred
114 111 *1034 12
1034 108g 1034 1138 *10
114 10 s 103
7 Feb 18 114 Apr 20
Aug1734.1nne
7
Fty___No par
7
600 Havana Electric
*73
80
*74
80
73 73
*74
80
*74
7414 *74
75
100 55 Feb 18 73 Apr 15
51 Dec 784 SEA
10 Preferred
+400 410 *382 400 8395 410 *382 410 *395 410 *395 410
100 375 Mar 26 450 Jan 22 340 July 473 Nov
Hocking Valley
441
43
*4213 431
4212 4273 4173 4433 4253
44
423 43
4
50% Dec 731 APT
:
3,100 Hudson & Manhattan-100 4034 Apr 9 5838 Jan 5
7412 7412 *7418 76
*7412 76
74% 7418 7413 741
100 74 Apr 10 84 Jan 18
81 Oct931: Apr
*7413 76
400 Preferred
*13614 137
136 13612 13614 13612 13713 13773 13613 13714 137 1371
100 134 Mar 26 152 Feb 1 13134 Jan 14834 May
2,100 Illinois Central
*135 145 8135 145
140 140 *135 145 *135 140 *135 140
100 135 Mar 27 1454 Feb 4 13012 Jan 147 May
1,100 Preferred
77
78
78
*78
79 *71
80
*7714 78
*774 78
78
120 RR Sec Stock certificates.__ 77 Apr 1 804 Feb 21
75 July 824 June
3
3413 34
3478 3213 333* 313 3333 16,300 Interboro Rapid Tran v t e_100 2858 Apr 10 5838 Feb 25
3138 32'2 32
4 33
29 Jan 62 May
333
*4713 48
47
47% .47
48
*47
48
47
47
*4712 48
3612 Mar 5218 Nov
300 Int Rye of Cent America 100 43 Apr 1 59 Jan 26
46
46
•43
46
*43
46
*43
*43
46
*43
46
*43
No pat 4513 Apr 17 594 Jan 25
Certificates
74
7434 74
7434 *74
*7313 743 *73
4
743 *74
4
743 *74
4
100 7218 Apr 16 8014 Jan 2
6978 Jan
20 Preferred
*313 334 *313 33
4 *312 33
4
312 312 *312 33
4 *312 35
100
34 Jan 30
414 Jan 18
2 Mar
54 Mar
30 Iowa Central
85
8412 85
837 85
8
83 83
84
853
4 8512 853
4 84
100 78 Mar 26 9878 Jan 12
5.400 Kansas City Southern
43 June 95 Nov
*66
8634 66
6578 *6412 6512 6434 647
1,200 Preferred
6611 Aug77 Apr
654 65
100 643 Apr 26 7013 Jan 15
4
86
65
901
*88
91
88% 8914 88% 88% 89
8813 90
89
89
50 883 Mar 26 1024 Feb 2 844 Feb 116 Apr
4
2,000 Lehigh Valley
143 143
14112 141% 140 140 *140 1408 14078 141
143 143
1.200 Louisville & Nashville.. 100 13834 Mar 26 15312 Feb 5 1393 Nov 15913 May
4
68
6013 6018 *61
*63 68
66
*6018 68
*65
50 Manhattan Elevated guar_100 6018 Apr 25 87 Jan 3
75 Jan 96 May
673 68
4
5 3433 3428 357
8 3514 3512 9,600 Modified guaranty
33
8 354 357
40 Jan 64 Ma,
8 3612 373
100 3112 Apr 8 574 Jan 11
3 3514 367
3
4 *213 23
3
*278 3
3
*27g 3 4 *27
8 3 4 *213 23
4
100 Market Street Ry
100
24 Mar 4
44 Jan 22
34 Dec
3
74 May
*2814 3012 *2814 31)12 *2814 3012 *2814 31
*2814 31
*2814 31
3812 Dec 543 May
100 3018 Apr 10 394 Jan 4
4
Prior preferred
22
212 213 *238 278
212 *258 258 *214 218
258 23
8
214 Mar 26
178 May
700 Minneapolis & St Louis
100
33 Jan 19
4
64 May
*36
42
*36
40
42 *36
42
*36
*36
42
42
*36
40 June 5218 Jan
Minn St Paul & SS Marle_100 394 Feb 20 4714 Feb 4
73 *70
73
*65
73
*71
73
*71
*71
73
7014 Dee 875g May
73
*71
100 71 Jan 14 87 Jan 23
Preferred
59
59
59 .59
60
4 59
593
20 Leased lines
60 Dec 7112 Jan
4
100 571: Apr 10 68 Jan 25
593 *58
4
593 *59
*59
5113 5038 52
48
4613 487 4734 4733 491
49
4814 524 94,500 Mo-Kan-Texas R.R...-No par 421:Mar 26 55 Feb 4
8
3012 June 68 Dec
104 10713 106 1063
10334 10334 10414 10412 104 104'z 104 104
4 9,600 Preferred
100 102 Apr 9 10712 Apr 25 10112June 109 Feb
793 81
4
4 8013 821 98112 8318 823 85
4178 Feb 7614 Sept
100 8213 Jan 4 87% Mar 5
80
35,300 Missouri Pacific
8114 8034 823
39134 13424 134 13514 14,700 Preferred
13234 133
133% 1343
1327 13412 133 135
100 120 Jan 2 13738 Mar 5 105 Feb 12672 Dee
8338 *80
•78
8 8014 801 .80
8334 •7813 8338 *80
833
834
30 Morris & Essex
824 Aug 89 June
50 7814 Apr 2 864 Jan 17
19334 1933 19138 191%
0814
4
19034 191
192 19478 191 nil *19112 194
160 Nash Chatt St fit Louis-100 186 Jan 29 202 Apr 10 17113 Aug 2044 May
*218 21
218 21
214 21
218 228 *2
512 Apr
218 21
2 Feb
212
900 Nat Rye of Mexico 2d Pre-100
2 Mar 27
378 Jan 25
185 1861 185 18612 18333 18633 27,600 New York Central
18112 18214 182 18434 184 1851
100 178l1Mar26 20414 Feb 1 156 Feb 196.2 Noy
137% 13712 137 138
•134 136
135% 1361 137 1381 13812 139
2,800 NY Chic dr St Louis Co
100 128'sMar26 145 Feb 2 12114 Oct146 May
•10714 108
1,400 Preferred
100 1054 Feb 25 10914 Jan 4 10412 Aug 110 Jan
10733 10733 108 1087 108 10824 108 10823 10814
*300 310
3C0 310 *300 315 305 310 *300 315 *300 315
N Y & Harlem
ao 285 Mar 26 379 Jan 8 168 Jan 505 Apr
9914 10218 10014 10314 236,200 NY N H & Hartford
9913 10233 100% 1028
964 9758 97% 1001
5438 June 823 Dec
4
100 807 Jan 4 10314 Apr 26
8
11713 11812 11778 1181
1161 11612 1161 11723 11734 11833 11713 118
3.900 Preferred
11478 Jan 3 1194 Feb 2 112 Sept117 May
27
2734 271 2833 2712 2833 2818 2824 271 2713 27% 29
24 Feb 39 May
8.400 N Y Ontario & Western_ _ _100 25 Mar 27 32 Feb 4
*612 6
4,623 6
gig 51
*5
6
*5
513
5
5
514 Jan 13 May
.500N Y Railways pref____No par
978 Feb 21
6 Apr 11
2414 2414 24
24
25% 2533 *2514 26
2312 Dec 43 July
*2414 30
*2314 30
70N Y State Rys pre:
100 24 Apr 28 41 Jan 30
42 .38
40
4012 4022 41
397 394
8
41
*38
42
*38
500 Norfolk Southern
32 June 58 Nov
100 39 Apr 2 4812 Feb 4
19614 19634 19614 1983
19614 19824 1964 19622 197 19784 197 198
4,200 Norfolk & Western
100 191 Jan 9 206 Feb 1 175 June 19813 Nov
84
86
84
8412 85
*8412 86
84
88
844 Oct90 June
*84
86
*84
280 Preferred
100 83 Feb 15 86 Jan 17
10184 MI
8
10134 1021 10233 102i 10212 1037 10213 1034 10213 103
923 Feb 118 Nov
8
3.300 Northern Pacific
4
100 9978 Mar 26 1143 Mar 5
10013 10133 10012 101% 1101 101
10013 1001
2,900 Certificates
904 Feb 115 Nor
10013 lOOIs 10014 1007
100 99 Apr 10 112 Feb 2
32
*28
*28
32
32
*28
32
*28
32
*28
191k May 3478 May
32
*28
Pacific Coast
100 20 Feb 15 43 Feb 28
4
43 *3812 444 *383 4478 *3812 447
4478 *38
40 Aug 70 Jan
•38
447 *35
First preferred
100 32 Mar 27 50 Mar 2
30
*29
+29
30
30
*29
*29
30
30
29
204 Aug 39 May
•29
30
100 2112 Jan 10 40 Feb 28
8
7838 7813 8114 817 8378 8114 823 156,700 Pennsylvania erred
774 77
30
8 77
614 June 7671 Dee
50 7213 Mar 26 8378 Apr 25
ao
7633 773
32
*28
32 •28
32 *28
32
*28
32
•28
33 *28
25 Mar 27 May
Peoria & Eastern
100 30 Jan 18 3478 Feb 1
15913 1594 1593 15934 15934 159 4 -4
3
1;865 Pere Marquette
•155 160
155 15912 8155 180
100 148 Jan 3 1743 Feb 1 12478 Feb 154 Nov
4
4
*9734 99
280 Prior preferred
*9734 9812 98% 9812 *973 9812 984 983 9812 99
100 98 Jan 5 100 Mar 22
96 Oct 10134 Mar
93 93
933 931
8
93
94 94
+90
93
+90
93 *9212
100 92 Mar 15 97 Jan 8 92 Nov 10034 Maz
600 Preferred
------ Phila Rapid Transit
50 4913 Apr 18 51 Apr 12 60 Nov Ws Aug
16 ---7- Preferred
;8W : IC
7 . V4513
50 491: Apr 19 60 Jan 2
rr
50 Mar 5113 Oct
12913 130
130 13134 12812 130
129 129 '130 13278 *130 131
8 5 3 Pittsburgh & West Va
1 3 Rming
:0
100 1284 Apr 22 1483 Jan 10 12114 Feb 163 Oat
4
4
10514 106
10512 1083
8
10612 10713 107% 10833 1063 10833 10612 108
50 10218 Mar 26 11713 Feb 4
9414 Feb 1193* May
*4113 4134 4112 414 *4112 4134 414 411 *4112 4134 4113 4113
ao 4112 Apr 22 4314 Feb 28
4113 Nov 46 Apr
300 First preferred
*4512 47
4514 4514 4514 454
*4415 45
47
45 45 *45
300 Second preferred
50 444 Apr 17 4934 Feb 6
44 Jan 594 May
6312
8813 *67
6712 6818 *137
*6513 6818 67 67
69
*67
100 8318 Mar 21 683 Apr 6
600 Rutland RR prof
4
50 Feb 77 Dee
113's 11333 11333 113 11314 11:8 Stl uis-tin draF nciseo___7100 111 Mar 26 12212 Feb 4 109 Feb 122 Mar
113 113
11233 11234 11333 113's 11312
800
Louis-San
vre oal
96
95's 95
95
96
933 94
4
93 94
933 9414 94
4
100 9214 Mar 28 9613 Feb 2
94 Dee 101 May
101 101 *101 10178 10014 103 *102 10212 10214 10214 *100 10113 3. 03 StP is
9618 Mar 26 1153 Feb 4
671: Feb 1241s NOT
4
0
4
Louis
*91
93'4 93% 93 4 94
9314 *92
,
94
9314 *92
100 8734 Apr 10 94 Apr 26
9314 *92
89 July 95 Jai
Preferred
$ per share $ per share $ per share
19814 19834 199 1993 19834 19934
4
*103 10318 +103 10318 103 103
*17913 180
17978 17973 179% 1797
121 12112 12118 122
121 1224
*7812 79
*7812 79
7813 79
6512 6534 *6512 6612 664 6612
10634 10634 *10618 107
107 107
85 85
86
86
*86
90
6518 6578 6513 6612 663 88
4
*8518 87
*8413 87
*7813 86
28
2813 2814 2878 2914 314
70
*65
72
*62
70
*62
*554 58
*5512 58
*5512 58
23518 23613 23634 240 23834 240
98
9814 9814 9813 9812 99
225 225 22514 2267 225 22578
8
$ per share
199 200
103 10318
17814 17912
12178 12214
*7834 79
*66
67
107 107
88
86
: ,
651 68 8
•80
8718
3012
30
*62
72
*5512 58
239 240
99
99
22414 22514
$ per share $ per share
19914 20078 1994 203
103 103
103 103
17714 17813 17618 177
12134 122181 121 122
793
4
79
7'I '79
6612 66% 6512 6512
106 10618 *10613 107
87
87
88
90
654 6634 657 667
8
8
*80
8715 *80
8712
2913 2978 30
3012
*82
72
.82
72
*5513 58
*554 58
23912 24134 23834 24178
*983 99 .9813 99
4
2243 2254 225 22514
4
may
• Bid and asked prices; no gales on this day. z Ex-dlv,dend. a Er-dividend and ex-eghts.
y Ex-rights.
b Ex-dly. of 1714 the shares of Chesapeake Corp. Stalks
2768
New York Stock Record-Continued-Page 1
Pet sales during the week of stocks not recorded here, see second page preceding.
MGR AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturtlay,
Apr41 20.
Monday„ Tuesday,
April 22.
April 23.
$ par share $ per share
18
*1714 18 I *17
20
*19
20
20
*12512 127 9127 127
14414 14512 14312 14312
9718 9718 *97% 98 I
1231 12312 124 12712
*155 158 *155 160 j
207
s
193 193
4
4 20
*44
48
45
45 I
*98
*98
99
99 I
215 21512 215 21534
*8214 8212 817 8218
4
____I
*95 _-__ *95
(IF
92
*80
42
/
1
4
*42
*34
1358
92
*92
*80
90
4338 4314
*42
45
Wednesday,
April 24.
Thursday, I Friday,
April 26.
Apr11 25.
Sales
for
the
Week.
441
46
*3412 35
35
583
8 5814 5812
4314
457
3412
58
/
1
4
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
Lowest
par $ Per share
Railroads (Con.)
5 per share 1$ per share Shares
100 1612 Jan 2
800 Seaboard Air Line
*1612 1712
17
17
19
1,300 Preferred
1912 *18
100 19 Apr 25
19
100 124 Mar 25
4
1264 127 I 1263 12712 5,300 Southern Pacific Co
/
1
100 141 Apr 1
1423 1443
4
4 4,500 Southern Railway
1423 144
4
100 9714 Apr 1
900 Preferred
9718 9718 9714 9714
100 104 Apr 4
4 1,430 Mobile Ar Ohio certifs
1223 12412 122 1243
4
100 15612Mar 27
400,Texas & Pacific
4
/
1
158 1584 1583 16114
4
100 183 Apr 19
2,700 Third Avenue
19
19
500 Twin City Rapid Transit_.10(1 44 Jan 29
48
*46
48
48
Preferred
100 9712 Jan 29
99
*98
*98
99
100 209 Mar 26
217 21912 6,500 Union Pacific
2163 218
8
100 8112 Apr 6
8212 833
4 1.700 Preferred
818 82
Vicksburg Shrev & Pac____100 98 Mar 4
*95
*95
100 103 Mar 7
Preferred
100 61 Mar 26
6,200 Wabash
65
66
84
- 1
614
100 9112 Mar 28
500 Preferred A
92
92
92
92
*92
93
94
100 8014 Apr 15
Preferred B
*80
83
*80
83
85
*80
85
100 3212 Mar 26
17,900 Western Maryland
44
4
43% 423 4414 42
4415 43
/
1
100 384 Mar 26
200 Second preferred
458
*42
46
46
*41
458 *41
100 33 Apr 1
3612 36 8 *3418 3612 3,300 Western Pacific
,
3512 37
36
100 57 Jan 28
4,600 Preferred
60
4
6014 .593 6014 6012 60% *58
per share 5 per share
17
17
*17
18
1912 20
193 20
4
127 12712
12612 127
14414 1443 1437 14414
4
9718 9714 *97% 973
41
125 127
12412 125
15712 15712 *15334 1583
4
20
2012 20
2014
*46
48
4514 4514
____ 98
99
*98
215 21614 215 21612
*814 8212 *82
/
1
8214
*95 ____ *95
- -- -64
1434
94 i 92
90 I *78
STOCKS
NEW YORK STOCK
EXCHANGE
4
6434 65'2 -6- -
Highest
y Ex-rights.
Lowest
Highest
Per share 5 per share $ per share
214 Mar 5
/
1
1158 Mar 3018 Jan
2412 Mar 5
17 Aug 38
Jan
1383 Feb 2 1175 Feb 13114 May
8
8
1583 Feb I 13912 Feb 165 May
4
99 Jan 3
965 Sept 102
8
/ Jan
1
4
14078 Jan 14 100 Jan 15911 Jan
178 Feb 1
9912 Jan 1944 Oct
/
1
39 Feb 25
2818 Jan 4618 May
5814 Jan 25
3214 Sept 56 May
100 Jan 5
945 Oct 107 Feb
8
231 Feb 2 18612 Feb 2247 Nov
4
843 Mar 18
8
824 Oct 8714 Jas
10014 Jan 5
99 Aug 111
Jan
103 Mar 7
991 Nov 1084 Mar
/
4
813 Jan 6
4
51 Feb 9614 May
1047 Jan 7
8
8812 Feb 102 May
91 Jan 8
87 Feb 9912 May
54 Feb 4
3154 Feb 5454 May
5312 Feb 4
3312 Feb 547 May
8
417 Mar 5
8
2814 Feb 3813 Dee
6412 Feb 4
5212 Aug 6218 Jan
Industrial & Miscellaneous
7
No par 3914 Mar 27 54 8 Jan 22
400 Abitibi Pow & Pap
42
8 42
*43
4412 43 4 43 4 427 427
45
8
*43
*44
45
3
3
8
100 79 Apr 10 815 Jan 7
600 Preferred
80
•78
80
80
7912 7912 7912 80 I *7812 80
80
80
12514 12514 1,000 Abraham & Straus---No Par 12514 Apr 26 15912 Jan 3
128 128
131 13314 13014 13012 *128 130
*132 137
4
100 1093 Jan 16 112 Jan 2
Preferred
111 11112 *111 112
4
111 112 *111 112
*10934 111 *1093 111
2401
100 389 Jan 16 750 Apr 23
3,000 Adams Express
730 739
740 750 *730 735
735 735
709 70912 70912 730
100 92 Apr 3 96 Jan 3
2001 Preferred
95
9512 *92
*92
95
9312 9512 *92
96
*92
958 *92
8
No par 2812 Apr 22 357 Jan 15
4 1.100 Adams Millis
2812 283
29
2812 28
/ 2812 2812 283 283
1
4
*2812 29
4
4 29
/
1
4
100 48 Jan 29 98 Apr 19
96
96 I 93
9214 9414 9112 9514 52,200 Advance Rumely
9318 95
94
957
8 94
90
100 8812 Jan 23 9412 Apr 19
9,400 Preferred
89
92
90
92
90
8912 9012 89
90
923
4 90
47 Fell 20
8
2 8 Apr 9
7
27
8 3
1
6,200 Ahurnada Lead
27
2 3
27g
3
27
2 3
27
8 27
8
3
27
8
8
10714 1113 38,500 Air Reduction, Inc....._No par 9518 Apr 10 1145 Jan 26
8.
106 1082 10832 1103 10912 1117 109 113
10438 106
4
8
712 Apr 10 11 14 Jan 2
5
3
No par
73
778 8
4 77
8 9.100 Ajax Rubber, Inc
8
77g 8
7 8 77
SI
7 4 818
8
55 Mar 26 1014 Jan 8
4
614 612 13,000 Alaska Juneau Gold Min...10
612 67
s
64
614 7%
6'
614 63
4
612 6%
16 Mar 15 25 Jan 3
21
900 Albany Pert Wrap Pap_No par
2112 *20
2012 2012 208 2112 21
2112 *20
20
20
28314 29014 14,400 Allied Chemical & Dye_No par 241 Jan 7 30554 Mar 1
280 286
2843 292
283 284
285 290
4
*279 284
800 Preferred
123 124
100 12014 Apr 8 124 Apr 26
1227 1227 *121 123
8
8
*12212 123 *12212 123 *12212 123
9.000 Allis-Chalmers Mfg
193 197
100 166 Mar 28 205 Apr 24
186 19114 2191 205
1944 200
/
1
18212 18212 183 183
512 Apr 251 1118 Jan 14
512 512
700 Amalgamated Leather_NO Par
512 512
67
7
7
6%
*67
8 7
6
6%
400 Preferred
57
57
57 Apr 23 73 Jan 17
*57
58
58
*58
60
*57
60
57
57
58
7 35
8
4
4 323 3312 16,800 Amerada Corp
333
No par 30 Feb 18 425 Jan 3
33
4
337 3434 333 3418 33
8
3312 34
8
/
4
/
4
4 161 161 1614 1612 1,800 Amer Agricultural Chem__100 1412 Mar 26 235 Jan 15
1712 1712 1712 1712 17
/
1
173
8 164 163
1,100 Preferred
100 5314 Mar 26 7354 Jan 11
5712 5712 5512 56
58
58 I 5614 577 *5614 57
*58
59
120 120
1,700 Amer Bank Note
10 110 Mar 26 1344 Feb 6
115 115
117 1203 1207 12212 122 122 *12014 122
4
140 Preferred
50 60 Jan 3 6212 Apr 25
4 6212 6212 *6212 63
62
623 623
8
8 62
61
61
613 613
4
600 American Beet Sugar_.No par
1514 Mar 25 204 Jan 16
1512 1578 *1512 16
1512 1512 *1512 16
*1512 16
*1512 16
50
*45
50
Preferred
100 46 Apr 24 6014 Feb 5
*45
46
46
*45
46
*4614 50
*45
50
8
32,200 Amer Bosch Magneto _No par 4012 Feb 14 604 Mar 19
8
3
53
5312 54
523 53 4 533 5412 543 58
4
5214 537
54
8
7,900 Am Brake Shoe & F____No par 45 Jan 16 62 Feb 4
5514 5418 5412 535 54
55
5612 55
5512 56
5512 56
4
80 Preferred
4
100 122 Mar 27 12612Mar 21
4
*125 12612 125 12612 *1223 -- *1223 12612 1223 1223 125 125
4
4
4
8
/ 29
1
4
8
28
/ 2912 298 30
1
4
2914 273 2914 265 2712 263 2814 30,200 Amer Brown Boveri EI.No par 1518 Jan 7 333 Apr 5
*8812 90
520 P-eferred
8814 90
100 4934 Jan 7 9438 Apr 12
91
9212 88
92
9212 92
91
93
25 10734 Feb 18 14214 Ayr 26
1364 139% 139 14214 319,500 American Can
/
1
137 139
2
13614 137% 13512 1403 13838 141
1413 14112 2,800 Preferred
8
/
1
141 141
100 1404 Feb 14 1414 Jan 14
1414 14118 14118 14112 14118 14118 *141 142
2,100 American Car & Fdy__No par 93 Feb 18 10612 Jan 3
99 100
4 9814 99
100 1003
973 973
4
4 9912 100 I 99 100
200 Preferred
100 116 Apr 22 12) Jan 29
/
1
116 116 I 116 116 *1164 119 *11618 119 *11618 119
13116 119
8
700 American Chain pref
8
100 725 Jan 23 8518 Mar 13
793
4 7714 7714 *7714 785
4
4
793 793
4
4 783 783 *77
78
76
No par 4634 Mar 26 5812 Feb 1
5412 53
5414 4,000 American Chicle
54
55
5512 56
553
4 55
5512 564 55
/
1
Prior preferred
No par 10912 Jan 2 11414 Jan 30
9 Jan 25 11 Jan 2
-- _ -- Amer Druggists Syndicate..10
;57- 38s 38 4238 41 43 -io- 4434 e4j WI; -4518 417 11.01111 Amer Encaustic Tiling_No par 35 Mar 26 474 Feb 25
7
100 280 Feb 2 409 Apr 8
2,800 American Express
341 341
341 342
344 349% 341 343
342 343
340 340
8
/ 9412 9912 102,400 Amer & For'n Power__ _No par 7514 Jan 4 1387 Feb 19
1
4
9614 993
4 9512 99
8 9712 101
91
9312 9214 973
No par 10412 Apr 9 10818 Feb 14
700 Preferred
10638 1063 10612 10612 10612 107
8
10714 10714 10614 10614 *10614 107
No par 88 Apr 9 103 Feb21
8
4 9,700 2,1 preferred
4
4 903 903
92
8912 8912 8912 90
903 903
893 9112 91
4
100 American Hide & Leather_100
614 Apr 9 10 Jan 2
712 712 *7
*712 8
712
712 07
7% *7
*712 8
100 3014 Feb 6 38 Jan 2
1,000 Preferred
8
*3112 3212' 317 32
317 32
8
33
*323 3312 3218 3214 33
4
8
32,400 Amer Home Producta__No par 75 Jan 2 855 Jan 24
7914 83
7914 7912 7914 807
4
8 793 80
79
79 I 7912 813
8
No par 38 Mar 26 4354 Feb 5
4014 4012 3912 4012 5,500 American Ice
4012 4118 4012 41
41
41
413
8. 41
1,300 Preferred
100 9012 Feb 11 96 Mar 6
94
9412 94
*93
94
9412 *9312 9412 94
93 I 94
93
4
6412 38,400 Amer Internat Corp_ __No par 573 Mar 26 7614 Jan 18
3
4 6418 6512 63
62
623
4 6214 6312 6312 6418 63 4 663
878 Jan 10
6 Mar 26
8 3,600 Amer La France & Foamite_10
*638 63
618 63
614
614
8
63
8 63
63
4 63
4.
4
6
'2 6513
100 6018 Apr 13 75 Feb 21
60 Preferred
6018 6018 6018 6018 6018 6018
*6018 65 I *6018 6012 *6018 65
11718 118
7,800 American Locomotive_No par 10258 Feb 18 123 Mar 18
11812 11978 117 119
s
119 11912 11812 1197 119 120
100 113 Jan 3 118 Jan 22
400 Preferred
118 118 *11712 119
117 117 *1171 118
*11512 117 *11512 117
1,700 Amer Machine & Fdy.._No par 153 Apr 26 199 Mar 6
153 154
155 159
160 162
161 161
162 164
*163 165
110 Mar 11 11612 Jan 12
Fret (7) ex-warrant*
*109 114 *109 112 ,•109 114 *109 112 *109 112 *109 112
4
7,800 Amer Metal Co Ltd-__No par 5512 mar 26 813 Fob 6
5712 58
59
58
59
/ 5914 58
1
4
59
5912 58
59
59
100 117 Jan 3 135 Feb 6
119 119
119 119
300 Preferred (8%)
/
1
4
/
1
4
/
4
*115 119 *115 119 J*1151 119 *115 118
/
1
4
120 Amer Nat Gas pref_....No par 67 Apr 4 9814 Jan 7
7314 *72
7314 7012 7012 7014 7514 7314 7312
7314 7314 *72
174 Jan 31
612 Apr 15
No par
7
7
9
200 American Plano
*7
7
7
9
*7
9
*7
/ 9% *7
1
4
100 36 Apr 26 55 Jan 31
36
38
37
170 Preferred
37
*37
38
37
37
38
38
38
38
4
8
103 10612 105 10612 103 10612 1003 1047 19,600 Am Power & Light____No par 814 Jan 8 120 Jan 30
/
1
4
984 99 104
/
1
*98
8
No par 987 Mar 26 105 Feb 28
,
8 2,200 Preferred
10038 10038 10014 10038 10014 10012 1003s 10012 10012 100 8 10018 1005
No par 73 Jan 7 80 Feb 13
*7412 75
400 Preferred A
*741 75
/
4
7412 7412 *7412 75
*7412 75
*7412 75
4
No par 79 Mar 26 845 Feb 15
8114 8114 1,000 Pref A stamped
3
8118 80 4 81
*81
/ 81
1
4
/ 803
1
4
4 80
803
4 80
803
4
25 165 Mar 26 210 Jan 15
4
4
1,100 American Radiator
3
18412 18412 18412 18612 18412 185 4 *1843 18512 1843 18514
*184 186
4
Apr 10 473 Apr 11
4612 453 46'2 10,100 Am End & Stand San'ry No par 44
4
4612 46
4 46
463
8 4512 4612 457 463
46
178 1823 177 17912 178 1821 13,600 Amer Railway Express-___100
4
1743 179
4
/
4
170 175
174 174
0
j eb 6 8 4 J Pr 2
RepublIcs_No par 1424978 Fan 18 164 Aan 18
/
1
5612 544 567
5518
4 1,700 American
*5514 57
5712 6838 58
567 58
58
4
6614 66
6512 658 1,100 American Safety Rasor_No par 62 Mar 26 745 Jan 31
66
6618 6618 6618 66
*64
66
*65
8
4
No par 323 Feb16 417 Mar 15
40
4014 38% 3912 3812 3914 10,100 Amer Seating v t a
351 3912 3918 41
35 4 357
3
7 Feb 5
3 8 Jan 2
5
8 1,300 Amer Ship & Comm. No par
4
/ 412 *414 43
1
4
413 414
414 414
418 418
414
4
86
86
86
86
160'American Shipbuilding_ __100 86 Feb 27 94 Jan 24
87 87
*86
87
87
*86
87
87
4Mar 1
10418 1063 87,200Am Smelting & Refining-100 9312 Jan 16 1245
4
103 106
8
8
1004 10212 1015 10314 103 1037 103 104
/
1
100 13514 Mar 26 138 Jan 4
136 136
4
700 Preferred
1353 1353 136 136
4
1353 136
4
4
*13534 136 *1353 136
100 19312 Mar 26 206 Feb 1
19912 19912 19612 1973
800 American Snuff
4
196*198 200 •198 200
196
195 196
100 108 Feb 13 112 Jan 24
10812 10812
10 Preferred
*10812 112 *10812 112 *10812 112 *10812 112 *10814 112
8
653 67
4
5,100 Amer Steel Foundries-NO Par 62 Mar 26 797 Feb 4
8 6612 67
67
67% 6614 673
6714 69
69
*68
100 11012 Jan 4 114 Mar 13
11114 *111 11114 *111 11114
60 Preferred
11114 11114 111
*111 11114 111 111
4
100 7112 Apr 5 945 Jan 25
8
4
/ 813 8214 8114 813 11,800 Amer Sugar Refining
1
4
79
80% 8012 82
79% 797
*7714 80
100 10512 Apr 8 111 Feb 1
/
1
4
600 Preferred
/ 107 107 *107 107
1
4
107 107 *107 107
10612 10612 10612 107
4
No par 453 Apr 9 60 Jan 2
48
48
4812 49
2,000 Am Sum Tob
48
49
48
4718 *47
47
*4612 48
8
.100 17 Jan 2 327 Mar 25
24
600 Amer Telegraph & Cable.
2414 2414
24
24
24
42312 25
4
23 4 233 *2312 25
3
100 19314 Jan 8 23812 Apr 23
4
4
2253 2293g 23012 23612 23414 23812 231 2363 229 23012 229 2333 70,800 Amer Telep & Teleg
8
1,500 American Tobacco com..--50 160 Mar 26 18618 Jan 28
165 167 *165 16612 16612 16612 16512 16512 16312 164
*16312 166
50 16014 Mar 26 188 Jar 28
16474 166
3,800 Common class B
4
16612 1683 16612 167
16612 168
16614 16612 167 168
100 11812 Mar 11 12114 Jan 15
500 Preferred
4
1193 1193 120 120 *11912 120
4
1193 1193 *1193 120 *11934 120
4
4
4
14814 150
/ 7,000 American Tine Founders 100 13612 Jan 5 155 Jan 31
1
4
144 14714 146 14914 14814 152
141 141 *141 144
100 10712 Jan 8 112 Apr 5
80 Preferred
110 110 *10812 110
10712 108
*10612 108 *10612 108 *107 108
No par 6714 Jan 8 94 Mar 2
85
14,100 Am Wat Wks & El
85 4 84
,
85 4 85
3
85
3
*83
8312 8314 853
8 84 4 86
97 Jan 3 104 Jan 28
400 1st preferred
101 101 *101 102 *101 102
51C0 10218 *16114 10218 102 102
1812 4,800 American Woolen
100 18 Apr 26 274 Jan 3
4
8 18
8 183 187
183 187
4
19
1912 18
18
/ 19
1
4
/ 19
1
4
4414 4,200 Preferred
100 4318 Apr 23 584 Jan 2
/
1
4 444 4412 44
4578 4412 4512 4318 4412 4312 443
45
*103 12
4
Am Writing Paper ctts_No par 1014 Mar 28 1514 Jan 21
*103 12
4
*103 12
4
*1112 12
*1034 12
*1112 12
Preferred certificate____100 40 Apr 19 46 Mar 2
4
4
4
4
4
4
*393 403 *393 403 *393 40
4
4
4
4
/ *393 403 *393 403 *393 403
1
4
4
8
7,300 Amer Zinc, Lead & Smelt...25 303 Mar 26 4914 Mar 18
3438 357
8 3118 34
*3614 3612 3512 363
8 35
/ 363
1
4
8 3518 36
25 96 Apr 15 11114 Mar 19
800 Preferred
98
983
4 9712 98
9812
*98
99
98
99
98, 98
2
/ *98
1
4
8
140 14212 194,500 Anaconda Copper Mining-50 11514 Jan 15 1747 Mar 21
4
4
1383 14114 140% 14238 140 1413 1393 142
4
138 139
No par 5118 Mar 26 624 Feb 21
5612 4,900 Anchor Can
56
563 563
8
5612 5712 5612 57
8
2 563 563
4 567 57
8
No par 11114 Mar 25 124 Mar 1
400 Preferred
117 117
119 119
*11514 119 *11518 119 *11518 119
119 119
8
/
4
5112 523
4 511 5318 36,700 Andes Copper Mining_ _Ns par 48 Jan 31 683 Mar 1
4
5218 533
4 52% 53 4 523 53
52
52
3
3712 3,700 Archer, Dan'ls, Mid'Id_No par 364 Mar 26 4912Mar 4
3712 ,3712 37
38
37
37
36% 37
37
3714 37
100 114 Jan 4 115 Jan 11
30 Preferred
11412 11412 *11412 115 *11412 115
11412 11412 *11412 115 *11412 115
700 Armour & Co (Del) prat __.100 8512 Mar 26 95 Jan 30
*8712 8812
89
89
/ 893 893
1
4
4
89
*8812 90
/ 88
1
4
4 8812 88
Jan 2
4
4
4
1314 133
4 12 8 1314 12
/ 1314 123 1318 123 127 15,600 Armour of Illinois class It.,. _25 1214 Mar 25 1818
1
4
,
133 137
8
612 mar 26 1014 Jan 2
_25
6
/ 6% 24,900 Class B
1
4
612 7
6% 718
7
7%
63
4 6%
63
4 7
4 1,300 Preferred
..100 7512 Mar 26 86 Jan 24
783
78
*7712 78
7712 7712 7712 7712 *7712 78
78
78
8
2514 25 4 2,500 Arnold Constable Corp V par 25 Mar 25 407 Jan 2
,
26
257 257
26
8 25 4 26
2512 26
3
4
*253 26
V I Imo 2412 Apr 12 30 Feb 5
100 Artloom Corp
26
26
*2412 26
*2412 26
*2412 26
*2412 26
*2412 26
Preferred
... 100 97 Apr 5 100 Jan 4
*96 100
*96 100
*96 100
*96 100
*96 100
*96 100
* Bid and asked prices; no sales on this day. z Ex-dividend.
PER SHARE
Ranee for Prelims
,
Year 1928
3614 Nov
76 Nov
90 June
109
Oct
195
Jan
93 Jan
3012 Dec
11
Jan
3414 Jan
2
/ Jan
1
4
59 June
712 Jul e
1
Jan
224 Dec
146
Feb
12012 June
11514 Feb
918 Oct
69 Mar
85 Apr
1025 July
8
142 Dee
1144 June
425 Dee
994 Mar
3318 Dee
65 Sept
694 Sept
554 Mar
995 Dec
8
1458 Jan
10 Nov
314 Jan
25254 Nor
1275 May
8
200 Dee
1654 Apr
90 Apr
2718
155
8
5558
743
4
60
1454
36
1558
394
120
105
8
4014
70%
1365
4
8814
1105
8
71
44
107
1012
43 4 Nov
7
26 Nov
797 Noy
8
159 May
657 Jan
244 Aug
615 Sept
8
445 Nov
8
4918 Jan
128 June
2614 May
657 May
8
11712 Nov
147
Apr
1114 Jan
1374 Mar
105 June
5054 Dee
114 May
1512 Apr
Feb
Feb
Feb
Jan
Oct
July
Feb
Feb
July
Dec
Apr
Apr
Jan
Jan
July
Aug
Dec
Dec
Jan
Deo
iii" Jan aid- Dec
2258 Feb
10434 June
81
Feb
814 Oct
31 Nov
59 Feb
28
Jan
90
Jan
_
514 Jan
56
Jan
87 June
10314 Oct
12912 June
110 Dee
39 Mar
109 Aug
965 Dec
4
124 July
38 Dec
6214 Jan
10012 Dec
704 Nov
8112 Dee
1304 Jan
115 Oct
854 Oot
115
Jan
134 Mar
1835 Dee
4
Jan
116
63 4 Nov
5
11711 May
9954 Nov
25 Feb
90
Jan
95 May
10714 Mal
774 Nov
8614 Nov
1914 Deo
110i Jan
5114 Feb
56
Jan
275 Nov
8
34 Aug
80 Sept
169 Feb
131 Mar
141
Jan
100
Oct
5018 June
109 June
55 Feb
100 Feb
46 Feb
1714 Dec
172 July
152 June
152 June
115 4 Sept
5
1097 Aug
8
143 )5-00
85
Apr
747 Sept
8
45 May
64 May
119
Jan
293 Dee
142
Apr
210 Deo
120 June
704 Jan
120 Feb
9318 Nov
11018 May
7358 Sept
32
Jan
211 May
1844 Dee
1847 Nov
8
126
Apr
14214 N-T
85 Dee
110 May
100 Sept
15 8 Feb
5
675 Feb
8
86 No.
465 Aug
8
9912 May
107 Nov 115 Mar
52 June 764 Nov
98
Oct106
Apr
14 July 324 Nov
4
39 Aug 653 Nov
10 2 June 194 Feb
,
34 June 53 4 Oct
5
638 Jar 57
Oct
40
Jan 1177 Oct
8
Jan 12014 Deo
54
48 Dee 545 Dec
8
1064 Dec 111 Dee
36% Nov 56 Nov
5514 Feb 1127 Nov
8
112
Oct 1154 Mar
865 Jan 974 June
8
1114 Jan 234 Sept
65 Jan
8
1318 May
374 Jan 9118 June
3514 July 515 Apr
4
2814 Dec 444 Mar
99 Dec 114 Mar
2769
New York Stock Record-Continued--Page 3
For gates during the week of stocks not recorded here. ace third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday, I Monday,
April 20.
April 22.
Tuesday,
April 23.
Wednesday,
April 24.
Thursday,
April 25.
Friday,
April 26.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SARB
Rasps Since Jan. 1.
On hosts of 100
-share lots
I•otoest
I
Highest
PER SHARE
Ranee for Previous
Year 1928
Lowest
Higtheet
Per share I $ Per share $ per share $ Per abate
4
254 Jan 345 Apr
2734 Mar 26 3078 Feb 4
4014 June 754 Dee
50 Mar 26 7034 Jan 10
2
9912 Aug 1137 Apr
100 Apr 4 107 Jan 15
3712 Feb 533 Sept
2
43 Feb 11 4714 Apr 5
37i2 Feb 597 May
8
3218 Feb 16 6212 Apr 24
334 Oct
4534 Feb 11 5938 Apr 23
38 Feb
50 Nov 6812 Dec
5312 Jan 29 88 Jan 2
114 Apr 16 11758 Jan 11 1144 Sept 1184 Jan
Jar 114 Deo
63
90 Apr 15 115 Jan 2
100 Mar 13 1064 Jan 14 102 July 11012 May
1732 June
814 Jan
1018 Feb 25 1578 Apr 26
9 May
14
438 Jan
53 Apr 8 10 Jan 11
4
Jan
25 July 39
32 Mar 14 424 Jan 14
Oct 75 May
58
59 Apr 1 85 Jan 8
612 Jan 34% Nov
2212 Feb 15 353 Apr 8
2
25 Aug 41 Nov
3614 Mar 4 437 Jan '23
2
Oct 5212 May
43
4314 Jan 10 50 Jan '1
225 Mar 2 271 Mar 22 235 June 285 Mar
Oct 12434 Apr
11534 Jan 4 125 Apr 3 115
380 Bamberger (1)& Co pref__100 10814 Jan 2 11012 Feb 1 10714 Nov 111% Jan
10812 1093 10814 10914 10914 110 *10834 1093 *10812 110
4
1083 10884
4
4
267 Aug 3514 Dee
2
par
No 100 2812 Jan 14 3334 Jan 23
900 Barker Brothers
29
29$4 *26
2934 293 *293 30
4
4
29
*27
2934 29
/ 30
1
4
9178 Dec 10112 June
893 Jan 19 97 Jan 28
4
92
92
103 Preferred
93
*92
953 *92
4
*92
953 *92
4
*92
93
93
2312 Aug 5212 Feb
25 17 Mar 14 2914 Jan 15
ar
class A No par
*1712 19
Barnett Leather
*18
20
19
*1712 20
*1712 1912 *1712 1912 *17
53 Nov
20 Jun
3818 Feb 18 467 Jan 3
2
58,600 Barnsdall Corp
4414 447
2 4412 4512 44
447
8 437 4414 4318 4414 4318 44
8
514 Noy
20 Jut'
25 38 Feb 16 49 Feb 2
46
*43
Class B
*43
*43
45
4518 *43
46
*43
46
*43
46
14012 Mar
98 Jun
4
No par 9018 Apr 23 1133 Jan 25
1,500 Bayuk Cigars. Inc
9112 *9012 91
*9018 945
8 9112 9112 9018 91
9012 9112 91
2
4
100 10112 Apr 25 1063 Jan 29 10312 Dec 1103 Mar
510 First preferred
*104 105
104 104
10312 10312 10112 10314 10112 1028
1033 104
4
2412 Dec
1214 Ma
20 Feb 7 281: Jan 8
No Pa
8
23
2314 2318 2312 23
2312 23
2312 225 2338 2253 2314 6,200 Beacon 011
1014 Dee
70% Jul
4
20 813 Mar 26 101 Jan 12
*8512 872 6,400 Beech Nut Packing
93
94
91
92
90
9012 85
8912 8512 86
Jan
12 Dec 22
1118 Feb 13 173 Apr 18
4
4,100 Belding Hem'way CoNo pa
16
16
1514 16
1512 1512 1518 1514 1514 158 1412 15
924 May
82% Sep
/
1
4
460 Belgian Nat Rye part pref __- 81 Jan 29 84 Jan 3
8112 8112
8114 8114 8112 8112 *8114 82
*8112 82
81
81
Oct
3
53 4 Jan 102
75 4 Mar 26 9312 Jan 3
3
No pa
/ 86s 7,500 Best & Co
1
4
87
88'2 85
8418 843
4 85
853
4 86
863
4 8612 89
883 Dee
3
51% Juo
110 113 8 328,400 Bethlehem Steel Corp. __100 8218 Jan 31 11852 Apr 22
,
2
11518 11732 115, 11858 11414 1163 11414 1163 11218 114
2
4
Apr
4
118 118
1,500 Beth Steel Corp Pf (7%)-100 1163 Mar 27 123 Jan 11 11612 June 125
119 11912 118 118
4
11812 1193 11912 1191 119 119
52
33 July 50 Sept
8
4214 Jan 21 617 Apr 5
No pa
557
8 2,300 Bloomingdale Bros
*443 45
8
/ 5412 5412 *55
1
4
56
543 56
8
55
55
55
10 10812 Apr 1 III Jan 16 10912 Jan 111% July
4
4
100 Preferred
4 110 *1063 ____ *1063
4
•10634 1101 *1063 ___-*1063 1093 *1063
4
4
87 June 122 Deo
105 105
100 Blumenthal & Co prat-100 97 Feb 15 118 Jan 2
10512 105'2 105 105
105 105 *105 110 •105 110
6514 Jan 8512 flee
7812 Mar 25 894 Jan 12
No pa
8 83
8312
8412 8412 8312 847
800 Bon Aral class A •
84
847
8 84
847 *81
8
*81
121 Nov
:
514 Jan
4
8 Mar 28 113 Jan 2
No 105
pa
712
712
Pa
8
3,000 Booth Fisheries
712 838
734 8
738 *7
7
732
4114 Mar 724 Nov
45 APT 10 8334 Jan 18
54
507 507 *46
8
8
52
1.300
*51
1st preferred
4 51 12 54
5214 54
513 513
4
Jan
17412 Jan 8 2033 Feb 5 152 June 187
4
1853 1883 18,600 Borden Co
4
4
4
19212 1943 192 1933 187 189
4
1893 1927
4
2
186 188
8% Aug 23 Jan
1018 10I
1018
*10
103
2 10
10
1058 1018
300 Botany Cons Mills class A_50 10 Apr 24 1512 Feb 11
11
*10
1012 *10
6352 Oct
2112 Feb
2
4312 4414 43 4 443
4 4414 4612 111,000 Briggs Manufacturing-No par 3314 Mar 26 634 Jan 3
8 437 453
3
4312 44
4 4312 443
94 May
112 Jan
672 Jan 28
3 Apr 18
/
1
4
100
/
1
.312 414 *312 413 *34 413 *312 412
33
4 33
4 *33
4 4
100 British Empire Steel
12 Feb
24 Jan
7
714 *712 8
5 4 Jan 14 134 Jan 28
3
100
*612 712
*712 8
500 2d preferred
*53
4 714 *712 9
454 June 7512 Nov
8 5312 5434 9,200 Brockway Mot Tr---NO Pat 51 Mar 27 7372 Jan 2
2 5412 557
8 55
553
4 5412 553
555 567
8
8 5518 563
100 121 Feb 16 145 Jan 2 110 June 150 Nov
Preferred 7%
*110 125 *107 125 *106 125 *107 125 •106 125 *106 125
4
100 300 Jan 2 340 Jan 5 2061 Jan 325 Nov
*305 325 *306 325 *313 325 *310 325 *308 325 *307 325
Brooklyn Edison Inc
4
No par 170 Apr 9 2004 Jan 28 139 Jun 2033 Nov
4
17614 1783 1793 1813 180 18312 179 1813 1783 17912 6,500 Bkiyn Union Gas
4
4
1753 176
4
4,
4
44 Dec 5512 Apr
38141 Apr 4 47 Jan 2
4213 424 1,000 Brown Shoe Inc
4412 43
427g 47
43
/
1
*4312 4412 *4212 44141 4312
Jan
:
117 Feb 7 1191 Feb 18 115 Nov 120
*11614 11912 11712 11712 *117 11812 *11714 11712 11714 11714 *11714 11713
20 Preferred
2712 Feb 62% Sept
rt
N
4
8
461 4658 4612 4612 4712 4812 473 4814 •453 4612 447 4612 6,900 Bruns- Balke-Collander_NOo Ipp0ai 42 Mar 26 5514 Jan 18
/
4
2
2412 Feb 48% May
4
8
7
323 Mar 28 423 Jan 5
10
3414 333 33
4
3312 3312 3318 3312 3,200 Bucyrus-Erie Co
*344 3414 3414 3512 34
/
1
33% Feb 5458 May
50 Feb 5
10 4138Mar 2
4312 433
443 443
2
2 4312 4414 4312 4314 *4314 44
4 43
435
8 3,1001 Preferred
Apr
117 Apr 25 11014 Mar 117
100 112 Jan
•11418 ---- 11412 11452 *116
__-- *116
11412 117
1141 1141
/
4
250: Preferred (7)
Oct
9312 Feb 127
•109 111 *109 116 *10914 111 *109 111
109 109 *108 116
100.Burns Bros new clAcomNo pa 109 Apr 16 127 Jan 11
43 2 June
3
1572 Ma
39 Jan 14
3012 3012 3012 3012 3112 3112 30
*297 30
8
30
30
30
9001 New class B com___-No MIT 30 Apr 1
97% Feb 11034 June
100 Apr 1 1054 Jan 7
100
10312 10312 100 100
•10014 1033 1003 1003 100 100
4
2
2
100 100
190 Preferred
Jan 249 Dee
*290 293
289 289 *288 290 *286 288
287 288
2847 286
8
1,300 Burroughs Add Mach_No pa 234 Jan 1 29712 Apr 12 139
88 Dec
50 Jun
8912 Feb 2
60 4 Apr 1
,
No pa
*63
64
6314 64
65
6514 65
65
6414 65
64
64
2,300 Bush Terminal
100 10412 Apr 19 11012 Mar 2 104% Au 115 May
1043 107
4
106 1073 *1044 108
4
/
1
10812 10812 108 108 *10612 108
870 Debenture
I00 110 Mar 22 11812 Feb 19 111 Aug 11912 June
*112 115 *112 11412 112 112 *11312 11412 11312 11312 11312 11311
30 Bush Term Bidgs prat
163 May
4
834 Aug
2
8 8 Apr 17 123 Jan 4
,
812 8% *812 83
812 103
812 812
812 812
812 811 2,200 Butte & Superior Mining_10
4
1214 Nov
44 Jan
618 Apr 9
912 Jan 3
5
758
78 8
3
714
7% 712
712 77
8
7
/ 74
1
4
7'2
7'2 3,600 Butte Copper & Zine
371 Dec 674 May
:
100 29 Mar 27 41 Jan 2
32
32
32
32
3114 3114 *31
32
*31
3112 3012 3112 1,100 Butterick Co
4
9012 Jan 2063 MO
2
----NO Pa 134 Mar 261 1927 Jan 2
160 166
160 16014 1583 1611 159 16334 163 16912 163 166
4
24,000'Byers & Co (A M)
/
4
2
100 105 Apr 3 12952 Jan 26 1083 Apr Hs Dte
115 115 *112
____ 112 112 *112 113
•11014 115
115 115
370' Preferred
65 Mar 122 Des
4
11834 121
1193 121
4
117 123
*11512 11612 114 119
115 11914 17,401) By-Products Coka____No pa 10414 Mar 26 1293 Jan 25
6812 June 821 Sept
.
2
2 7514 763
2 7,400 California Packing _ _ _No par 7218 Mar 26 8152 Feb 27
8 743 753
741 743
/
4
8 733 7412 7312 7412 7414 747
4
2514 Mar 36 Sept
4
25 263 Mar 2 30 Apr 3
*27
30
27
27
*27
30
*27
30
*27
30
*27
30
10 Cantonal& Petroleum
51 Apr
13 Mar
4
212 Apr 10
4 Jan 22
10
8
258 23
4
212 23
4
212 25
8 2.900 Callahan Zinc-Lead
212 2 4
212 23
8
2
/ 23
1
4
4
89 Feb 133 Nov
4
4
8
8
125 125
125 1263 12612 1273 12818 1283 1355 1385 133 13714 37,400 Calumet & Arizona Mintng_10 12114 Jan 7 14252 Mar 1
4
2012 Jan 473 Nov
/
4
25 4212 Mar 26 611 Mar 1
4612 4772 4614 467
455 4632 44% 4
8
23,400 Calumet & Hecla
46
4612 4614 47
612
547 Jan 8612 May
2
16,800 Canada Dry Ginger Ale No par 78 Jan 4 8934 Mar 19
8718 8812 86
8714 8512 8612 8512 86
4 8614 88
854 863
/
1
43 Dee 50 Sent
2 1,400 Cannon Mills
3812 39'
No par 38 Mar 25 4812 Jan 3
39
*3712 3814 38
38
*38
38
38
38
38
Jan 515 Nov
Machine ____100 390 Apr 16 509 Jan 2 247
390
1,300 Case Thresh
405 41212 390
426 426 *400 420
425 430
*415 430
:
100 122 Apr 4 130 Apr 18 12012 Dec 1351 Mar
•122 129 *122 129 *122 129 *122 129 *122 129 *122 129
I Preferred
3814 Dec 3912 Dee
4
38
3814 2,500 Central Aguirre Ass°._No par 3112 Mar 26 483 Jan 30
3712 373
4 378 38 .3714 38
37
3712 3718 37
2812 Mar 483* Dec
Feb 1
4614 4718 4512 4 8 19,600 Central Alloy Steel____No par 4012 Mar 26 5212
67
463 47
2
4614 473
8 4614 474 4612 47
4
Jan 1113 May
4
100 1053 Apr 2 11212 Jan 28 107
•110 11112 *110 11112 •110 11112 *110 11112 *____ 110 *___- 110
I Preferred
Oct
11 Aug 24
18
*1614 17
16
167
o
*1614 18
*16
*15
18
*17
18
500 Century Ribbon Mills_No par 13 Mar 26 204 Jan 2
77 Aug 92 May
100 70 Apr 16 82 Jan 17
7018 *7012 7312
/
4
120 Preferred
*701 7312 *7018 7312 *7018 7312 *701 7312 70
/
4
5812 Jan 119 Nov
961 Apr 17 120 Mar 1
100 101
/
4
9958 100
995 102
8
9812 9812 987 993
8
16,400 Cerro de Pasco Copper_No pa
4 9912 100
2312 Dec 6458 Apr
/
1
1612 Apr 10 284 Jan 2
8 22
4 2218 223
223 223
4
4 2212 2314 2218 2314 2214 223
2212 5,500 Certain-Teed Products_No Pa
75 Nov 100 May
65
*55
64
100 4712 Apr 12 8112 Jan 11
*5712 603 *55
8
*5712 66
*5712 70
*5712 65
1 7% preferred
7012 Oct 8312 Dec
67
6412 66
4
No pa
8
65
*62
63
6318 6412 643 642
563 Mar 28 9214 Jan 31
4 6414 67
4,400 Certo Corn
12
5 Feb 24 Nov
_
20 Jan 24 23 Jan 11
---- ---- ------:Chandler Cleveland MotNopa
_
4
224 Jan 11 223 Jan 18
No pa
---- ---- ------ 1 Certificates
14 Mar 3772 Dee
36 Mar 7 41 Jan 29
No pa
Preferred
---- ---37 Jan 9 40 Jan 14
No pa
Pref certificates
4
62% July 8112 Jan
19 8 "87f2 8914 87872 8634 88 -8634 -ii7.I 13,6051 Chesapeake Corp
-7IET34
7812 Mar 26 90 Apr 8
8
No Po
3212 3214 3214
3212 3212 3212 *32
7
*3112 3152 3112 3178 32
2814 Mar 26 35 8 Jan 2,5 111 Aug 17312 Dee
700 Chicago Pneumat Tool No pa
5214 *51
52
4812 Mar 27 5614 Jan 11
8
52
503 52
4
/
1
*51
52
*51
No pa
5252 513 524
900 Preferred
297 Aug 43 Jan
2
4
33
33
3212 3212 3214 3212 3214 3214
3018 Mar 28 36 Jan 7
323 33
33
33
240,Chicago Yellow Cab__ _No pa
45 Dec 564 Oct
4 4112 4112 4212 4212 *4212 4312 *4212 4312 1,200 Chickasha Cotton 011
4012 Apr 2 50 Jan 2
4112 4112 4112 413
1
37 Apr 64 Dee
5912 58
4472 Mar 26 607 Apr 24
58
5914 577 607
2
8 59
2
593 40,000 Childs Co
4
2
563 583
4
4 58
60
No pa
2
3732 Mar 747 No.
101 10218 10218 10212 10112 103
10114 103
7114 Jan 8 12712 Mar 21
10112 1033
4 4,600 Chile Copper
*9852 101
Jan
76 Dec 131
*100 110 *100 110 *100 110 *100 110 *100 125 •100 110
chr yeia-Brown tern etfalgo pa 100 Apr 15 115 Feb 4
Chrlstler
9913 023 9614 94
54 4 Jan 14012 Oct
3
934 957
/
1
8 93
4
/
1
4
953
4 9318 9614 286,8001
89 Mar 26 135 Jan 2
No pa
9212 94
4958 4958 *4918 495 *4918 49
514 Jan 544 June
8
Jan 2
8 51
/ *4918 495 *4918 495
1
4
8
4912 Feb 25 52
8 1,210 City Stores class A
No pa
*495
2114 2112 2214 2214 23
2114 21
2212 225
8 2212 2212 5,600 New__No par 2012 Mar 26 27 Feb 4
21
61
61
61
61
603* Dec 1095 Apr
8112 61
4
603 60 4 1,000 Cluett Peabody ez Co_ _No par 603 Apr 26 723 Jan 3
4
3
613
8 61
61
4
61
•10714 110 *10714 115 *110 115 *110 114 *110 11514 *110 115100 110 Mar 27 119 Jan 3 1114 Dec 124% Mar
Preferred
-13112 1317 13112 13112 131 13112 1303 1308 130 1307
8
/
1
4
No par 123 Mar 26 140 Feb 5
4
8 1,300 Coca Cola Co_*1313 132
4
4
4412 Dec lllSg Jan
663
8 6214 6412 62'2 63 8 61
No par 50 Jan 4 7214 Mar 14
647
8 63
617 *6012 9178 16,100 Collins & Alkman
8 27
6
7
7
63
Jan
077
8
90 Nov 109
98
*97
977 *97
8
977 *97
8
*97
98
1034 Feb 6
100
*97
Preferred non-voting___100 93 Jan
/ 69
1
4
703
4 68
5212 June 8412 Jan
/ 7012 673 69
1
4
6712 69
8
59 Mar 26 7812Mar 8
67
/ 6814 6812 72
1
4
21,500 Colorado Fuel & Iron
3
13912 1415 137 141
4
8
79 June 134 4 Dee
14012 14612 19,800 Columbian Carbon vs °No par 12114 Mar 26 1547 Feb 4
2
8
137 1407 13712 1403 13812 142
60
62
615 63
894 Mar 14072 Dec
8
,
3
6018 6214 60 4 6214 74,200 Colum Gas & Elec____No par 5312 Mar 26 66 Jan 30
8 57 2 61
5612 583
1043 1043 1043 1043 1043 1044 •1037 105
4
4
4
4
8
4
1900100 10372 Mar 21 10772 Jan 11 106 June 11018 Jan
/
1
Preferred
10412 10414 105 105
4 7214 763
61 Dec 84% Nov
4 7018 713
4 755 818
7018 713
8
6412 Mar 28 8834 Jan 9
844923,8O0 Columbia Graphophone
4 80
697 71
11
$ per share
8
287 287
*
533
4
53
*99 101
*43
4614
5412 553
4
*57
5712
60
607
8
*114 115
963 96 4
4
,
*101 102
1312 1312
*6
7
39
*34
65
*63
3112
3118
4012 4012
453 46
4
24912 250
*12014 1213
4
$ per share $ per share $ per share $ per share $ per share Shares Indus. & kilscel. (Con.) Par
500 Art Metal Construction__ 10
8
287 287
8
8
8 2814 2814 *2832 287* *2814 287 *2814 287
No par
4
8
4
5312 5518 5314 5438 525 5312 5158 525
8 513 .523 11,900 Assoc Dry Goods
100
First preferred
*98 100
*98 100
*98 100
*99 lel
*98 102
25
110 Associated 011
4514
4534 453
4 4514 4512 *4514 4712 4514 4514 45
4
4
.553 58
8
5718 607
8 593 6212 58
607
8 583 6112 40,300 AU G & W 1 5 El Line_No par
100
591 4,700 Preferred
/
4
.577 5812 58
8
/
1
/ 5712 5812 58
1
4
593
8 584 59
25
/ 6212 215,300 Atlantic Refining
1
4
603 611 6012 61
8
/
4
6012 6212 607 6218 60
8
100
120 Preferred
114 114
114 114 *114 115 *11412 116 *11412 116
No par
2,700 Atlas Powder
97
9612 97
97
993
4 9812 9812 96
97 97
100
30 Preferred
100 101 *101 102 *101 102
102 102 *101 102
No par
133 14
8
1412 14 4 157
,
8 3,900 Atlas Tack
14
1418 1412 143
4 14
Austin, Nichols & Co_No par
6
6
400
*614 63
618 618
4
612
612 612 *6
Preferred non-voting_ ---100
*34
39
•34
36
*34
36
*34
39
*34
39
200 Austrian Credit Anstalt
*63
63
*6112 62
65
*63
*63
64
62
65
No par
8 4,900 Autosales Corp
3012 314 3012 311 3012 305
3012 30
303
/
1
8 30
/
4
50
*40
300 Preferred
41
*41
42
40 40
41
*40
41
41
46
46
4612 4612 *45
46
*45
46
700 Autostr Sal Razor "A"../ito par
*4518 46
1,200 Baldwin Locomotive Wks.100
25112 25412 252 25212 *250 253
252 25212 244 246
100
220 Preferred
12134 12134 119 120
119 120
120 120
120 12112
5014 5112 5134 54 11513 533
8
8 5014
Credit__ -_No par
/ 51
1
4
49
*2434 25 *2434 25 *2434 5278 77,500 Commercial
4
4
25
25
4
243 243 *243 25
50 Preferred
*25 4 26
3
*253 26
4
2534 253
4 26
26
25
110 Preferred B
2512 26
98
98
9812 9812 9812 9812 99
8 96
880 1st preferred (635 %)-- _100
9812 9812 9612 965
160 16014 15912 160
160 161
159 160
16012 162
3,800 Comm Invest Trust-__No par
*160 163
100
7% preferred
*10214 10414 *10212 10414 *10214 10414 *10214 10414 *10214 10414 *10214 10414
*9312 95
*9312 9512 *9312 95
95
100
95
95
400 Preferred (63)
94
4
*9312 033
47
*45
4912 *45
4912 47
47
100
100 Warrants
4618 *45
*46
4912 *45
322 333
310 32012 319 325
338 3383 14,000 Commercial Solvents_No pa
4
3093 311
4
310 311
140 145
140 1437 138 144
8
13714 142
25,400 Commonwealth Power _No pa
135 138
133 134
/
1
4
*69
70
68
69
*68
69
70
*69
600 Conde Nast Publics_ .NO pa
69
*69
7112 69
/ 25
1
4
241 247
/
4
8 233 241 18,000 Congoleum-Nairn Inc-NO Pa
4
4
4 243 2512 84
25
25
243 253
4
4
No pa
80 813
7912 80
80
80
80
2,000 Congress Cigar
79
70
8012 80
79
*7
8
1
•34
1
*3
4
1
300 Conley Tin Foll etpd-No pa
1
1
18 88 4 8812 8714 873
2 " 1
8 8712 871
78
8
883 887
3,300 Consolidated CigarNo pa
*8614 87
87
89
4 9312 933
100
4
4 93
/ 931
1
4
150 Prior pref
*92
93 4 *92
3
933
4 9314 9312 923 923
2852 293
8 2818 287 64,000 Consol Film Ind pref No pa
4 2918 30
8
2612 267
8 2712 3012 295 303
8
4
4
1051211067 10614 10938 1095 11118 1085 1103 10818 1093 10738 110 250,000 Consolidated Gal(NY)No pa
9
8
No pa
993
s 7,200 Preferred
8
9914 9912 9918 9938 9914 993* 9958 9958 993 9958 99
483 50
4
*2434 25
*2558 2534
• Isla anclooked prim;no sale on Slits day. t Mx-dividend of 100% In own. nowt
43 Mar 26
244 Jan
25 Jan 21
9518 Apr
13112 Jan
10114 Mar 27
93 Mar 15
2714 Jan 7
22514 Feb 18
10714 Jan 7
68 Apr 25
2212Mar 26
78 Mar 26
3 Apr 6
4
81 Mar 26
9012 Mar 27
25 Mar 26
9512Mar 26
9812 Jan 2
62% Jan 2
28 Jan 9
2712 Jan 30
105 Jan 24
9
195 Feb 4
109 Feb 5
99 Jan 28
627 Feb 4
2
338 Apr 26
/
1
4
14314 Mar 18
93 Jan 19
353 Jan 28
4
92 2 Feb 6
3
112 Feb 7
9614 Jan 2
96 Jan 7
30 4 Apr 23
3
1184 Jan 26
10032 Mar 25
21 Feb
23 Feb
23 Feb
85 June
3
55 4 Mar
Jan
99
92% June
612 Aug
1377 June
8
624 Jan
Jan
48
22 June
67 Feb
4 Jan
7912 Jan
9 / Oct
48
23 July
y74
Aug
97 Aug
14
o Ea-dividend. # Ex-rights. a timings. 6 Ex-411y. and eg-rkIkts.
71 Nov
27 Ma
28 Dee
107 Nov
1407 Nov
2
109 May
9812 Aug
3072 Dec
25014 Nov
1104 Dec
84 Oct
3112 Apr
874 Dee
334 May
100 Dec
4
1023 Apr
294 Sept
1701 May
4
105 Mar
2770
New York Stock
Record--Continued-Page 4
For sales during the week of stocks not recorded here. see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 20.
Monday, , Tuesday,
Awl! 22. I April 23.
Wednesday,
April 24.
Thursday,
April 25.
Friday,
April 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
On /tuft of 100-share loft
Lowest
Highest
PER SHARI
Range for Previous
Year 1928
Lowest
Highest
$ per share I 8 per share $ per share
per share $ per share I8 per share Shares Indus. & Misc.'. (Con.) Par
Per share 8 Per share $ per share $ Per Mars
3*., 3'2
312 319
313 31/4
318 312
312 3i2 5.600 Consolidated Textile_No par
312 3'2
318 mar 26
6 Jan 15
/
1
4
612 Dec
24 Aug
1438 15
144 1514 15
1514 15
154 1512 1614 1518 163
4 7,000 Container Corp A vot__No par 1438 Apr 20 234 Jan 9
20 Nov 36 Apr
7l2 734
6
74
3
74 7 2
,
74 74
818 838 7,400 Class B voting
No par
734 8
6 Apr 20 114 Jan 2
93 Oct 1914 Apr
4
7212 734 734 7614 7512 78
7414 7612 7312 75
74
18,500 Continental Baking el ANo par 4718 Jan 8 78 Apr 23
72
2612 Apr 5311 Jan
1138 114 1134 1218 114 124 1138 12
1112 41,300 Class B
1114 1134 11
No par
818 Jan 8 13 Jan 17
/
1
4
354 Apr
932 Dee
9412 95
95 96
9578 96
9512 96
100 8812 Jan 2 97 Jan 16
9534 9578 9512 9578 3,100 Preferred
73 Apr 9612 Jan
7558 78
764 77
7534 7678 7414 763
70,000 Continental Can Inc-_No par 60 Jan 19 8018 Mar 22
4 7412 7578 7413 77
53 Lee 1281 Sept
/
4
•125 12514 126 126 *125 12514 *125 12514 125 125 *125 12514
46 Preferred
100 12434 Jan 7 126 Feb 14 123 Jan 128 Mar
*8212 8313 8312 864 85
8638 8412 85 *84
10 79 Mar 26 9412 Jan 14
8512 844 8412 5,400 Continental Ins
75 Feb 944 May
/
1
1938 20
1934 20
197 2
2218 24 4 2178 2212 214 2238 119,200 Continental Motors___No par 1718 Mar 26 2838 Jan 21
8 2
,
10 Mar 2012 Nov
91
9214
9034 94
923 9512 934 9478 933 9614 963 993 165,500 Corn Products Refining_25 68 Feb 8 9934 Apr 26
8
/
1
4
8
8
4
6438 Jan 94 Nov
*14134 142
14134 142
14134 1413 14134 142
4
14112 1413 14112 14112 1.140 Preferred
100 14114 Feb 28 14434 Jan 19 13812 Jan 14634 Apr
4
6012 8118 614 617
8 6214 66
6413 863 63
No par 51 Mar 26 8214 Jan 28
6412 6118 65 2 60.500 Coty Inc
,
4
62 Dec 89 Nov
/
1
4
/
1
4
2618 313
4 2714 2912 3112 3438 3678 4014 37
/
1
4
100 22 Jan 10 5758 Apr 17
384 38
393 10,200 Crex Carpet
4
124 Sept 27 Nov
*9738 100
97 97
*97
9712 *97
50 Crown Will Pap let pf_No par 97 Apr 22 10114 Jan 18
9712 97
*97
9712
97
9612 Jan 10514 Oct
1934 207 *2014 22
8
*2013 22 *204 22
Crown Zellerbach
No par 20 Apr 6 2534 Jan 9
*2012 2112 *20 2 2112
,
2314 Dec 2634 Nov
9012 9034 9013 91
9034 91
9012 91
3,200 Crucible Steel of America 100 85 Mar 26 94 Jan 11
8912 91
9012 91
694 July 93 Feb
*110 115
115 115 *110 115 *110 115
200 Preferred
100 109 Jan 8 11634 Feb 28 111 Dec 121 May
110 115 *110 115
*1912 20
201s 2018 2012 214 21
' No par 17 Mar 27 244 Jan 3
4,600 Cuba Co
22
2018 21 2 20 20
,
20 Oct 284 May
/
1
312 Mar 7
*313 378
34 3 4
3
3
No par
313 334
4 33
313 34
4 2,100 Cuba Cane Sugar
5 Jan 3
/
1
4
33
3
13 312
438 July
74 May
914 1014
*114 114 1118 1114 1033 1012
4,230 Preferred
9
/ 10
1
914 10
4
100
94 Apr 24 18 Jan 3
/
1
4
1334 Oct 32 Jan
/
1
4
*1134 12
1114 1138 1114 1113 11
111 11
/
4
1114 1138 1112 5,800 Cuban-American Sugar--10 11 Apr 24 17 Jan 3
154 Dec 2414 May
/
1
6334 6434 6374 64
633 6334 8334 64
4
230 Preferred
100 61 Mar 5 95 Jan 3
6338 634 634 634
93 Dec 108 Feb
/
1
4
513
•5
512 *5
512 *5
458 Apr 3
Cuban Dom'can Sug-No Par
512 *5
512 *5
634 Jan 2
54 *5
5 Nov 12 Jan
55 55
55 55
55 55
1,400 Cudahy Packing
/
4
50 521 Mar 26 6778 Jan 15
543 5434 5412 5511 *5412 56
4
54 Jan 7814 Aug
14818 150
14878 15074 15038 1563 156 180
4
15534 15814 15812 16458 63,100 Curtiss Aer dr Mot Co_No par 13518Mar28 17312 Feb 5
5314 Feb 19234 May
*210 274 *210 274 *210 274 *210 274 *210 280 *205 280
No par 20714 Apr 17 22514 Jan 15 1441 Jan 230 Oct
Cushrnan's Sons
/
4
*12114 125 *12114 125 *12114 125 •12114 125 *12114 125 •121114 125
12018 Jan 22 130 Mar 22 114 Jan 141 Sept
Preferred (7)
100
6112 617
8112 82
8 6112 62
*61
61
6178 *61
1,300 Cutler-Hammer Mfg
61
10 584 Mar 26 6534 Jan 11
62
52 June 6512 Noy
7912 80 *80
8012 80
80
79
794 78
No Par 63 Jan 3 85 Feb 5
7814 7412 7712 2,300 Cuyamel Fruit
49 July 63 Oct
564 5778 57
574 57
5933 5818 594 574 5812 5614 58
19,000 Davison Chemical -No par 49 Mar 26 6918 Jan 31
344 Feb 684 Nov
/
1
/
1
8
*38
3812 373 3834 384 3838 *3814 39
/
1
1,200 Debenham Securities
4
/
1
4
38
bs 36 Apr 5 46 Jan 24
3814 3712 38
36 Oct 4914 Apr
12112 12212 120 123
123 123
12112 12112 12112 12112 122 122
360 Deere & Co pre/
100 116 Feb 26 128 Jan 4 11513 Feb 12634 May
25114 25114 252 252 *251 252 *250 251
25212 25213
251 251
500 Detroit Edison
100 224 Jan 2 260 Mar 21 16612 Jan 22414 Dec
*51
5412 543 563
5312 53
53
4
8 5514 554 54
6,000 Devoe dr Raynolds A__No par 52 Apr 17 64 Feb 5
/
1
4
5412 53
40 Jan 61 Apr
*115 ____ *115
*115
115 115
10 let preferred
100 112 Jan 7 11518 Jan 15 108 Jan 120 May
_- •115 -142 142
142 14214 14214 143
14214 144
14412 148
1,040 Diamond Match
144 145
100 130 Apr 2 1644 Jan 11 13438 Jan 172 Nov
914 94
93
4 93
4
93
1014 1018 1012
834 Mar 26 10.34 Apr 26
4 9 8 10
7
8 June 134 Jan
97 103 23,300 Dome Mines, Ltd
No par
s
4
116 11612 11512 11534 11512 11614 11678 118
11512 11812 9,300 Drug Inc
116 118
No par 110 Mar 20 12618 Feb 4
80 Mar 12018 Nov
*65 66
65 6514 65 66
2,200 Dunhill International-No Par 64 Apr 8 92 Jan 2
65 65
85
65 65
65
5512 Jan 9958 Nov
100 100 •100 10012 10018 10018 100 100 *1004 10012 100 100
600 Duquesne Light 1st pref-100 4912 Jan 24 10078 Mar 5
99 Oct 11612 Mar
/
1
4
*74 8
*713 8
*712 8
*7
*71
Durham Hosiery Mills B.._ 50
8
7 4 *7
8
3
514 Jan 14 1112 Mar 4
3 Aug
84 May
*41
42
*41
43 •39
43 •42 48
*42
43
43
Preferred
*42
100 36 Jan 2 45 Apr 17
344 Oct 4612 Jan
/
1
175 175 1761 17712 176 178
*175 177
/
4
/
1
4
17818 18312 178 180
4,100 Eastman Kodak Co--__No par 170 Apr 13 19412 Feb 2 163 Feb 1941 July
/
4
127 127 *127 128
127 127 *12714 128
128 128 *127 128
60 Preferred
100 126 Jan 2 128 Mar 9 12312 Aug 134 Apr
6614 664 66
6612 65
1354 6412 6412 84
6418 8312 6414 3,900 Eaton Axle& Spring-No par 604 Mar 26 763 Feb 1
26 Jan 6818 Nov
4
179 1791s 178 179
/ 179 1854 1811 18534 17712 1803 17614 178
1
4
/
1
/
4
/ 22,000 El du Pont de INem
1
4
4
20 15534 Jan 22 19812 Feb 1
11714 11714 11738 11738 11718 11714 11714 11714 11714 11712 11714 11714 1.400 8% non-vot deb
/
1
4
100 115 Jan 21 119 Apr 5 114 July l2lliMay
Elsenlohr & Bros
25 63 8 Jan 2 11213 Jan 18
121 Jan 99 Dee
7
/
4
87 Nov 1004 Feb
Preferred
100 9312 Jan 9 100 Jan 18
327 321 '32
33
-3184 3184 -5114 1111- ;51 ii- -51i8 Iii ---isoci Eitingon Schlld
4
8314 Aug 43' Nov
/
1
No par 294 Mar 26 3938 Jan 10
*101 10212 *101 10212 100 100 *100 101
1001s 10012 100 100
/
4
700 Preferred 651%
100 98 Mar 26 113 Jan 19 1011 Aug 1211 Noy
/
4
14518 14714 14712 15274 1494 15112 150 15114 147 150
147 14812 18,000 Electric Autollte
60 June 13612 Dee
No Dar 12634 Mar 26 170 Jan 28
*11314 115
11314 11314 *11314 115 *11314 115 •1134 115 .11314 115
30 Preferred
100 109 Jan 2 115 Apr 2 10818 Sept 11212 Dee
1434 147s 143* 15
14
148
4 1414 1638 1514 1638 17,000 Electric Boat
/ 14
1
4
/ 14
1
4
834 Aug 173 June
No par 1212 Jan 9 1838 Mar 19
8
627g 6312 63 4 6512 65
3
6678 654 667
4
4 653 6814 6512 68 153,600 Electric Pow & Lt.---No Par 434 Jan 8 7018 Mar 21
2834 Jan 49 Dec
/
1
4
1074 10718 108 10812 10712 10712 1084 1083 10734 1073
107 107
4 1,000 Preferred
8
/
1
No par 105 Apr 1 1094 Feb 13 105 Dee 11018 Mar
*13214 ---- *13214 146 *13214 146 *132 4 146 •1324 146 *13214 146
Certificates 50% paid
12212 Jan 4 136 Feb 13 12014 Nov 1294 Apr
,
/
1
8214 8214 8212 8318 8238 8314 8212 827
69 Feb 914 Dec
/
1
4
8 8034 824 814 8212 5,300 Elec Storage Battery- _No par 77 Mar 26 92 Feb 4
*438 4 4 *438 434
3
412 434
414 *4
*4
4
414
4
300 Elk Horn Coal Corp.-No par
4 Apr 24
61 Jan 9
6 une
/
4
9 Jan
1212 1212 1212 124 *1213 14
13
600 Emerson-Brant class A_No par 1058 Jan 22 2212 Feb 7
51212 14
13
•1212 13
514 Feb 155 Dee
8
7213 7212 7212 7213 724 7212 7212 73
723
4 714 714 2,000 Endicott-Johnson Corp____50 713 Apr 4 83 Jan 4
7434 Dec 85 Apr
72
/
1
2
8
12312 12312 *12312 124
12312 12312 •12314 124 •12312 1244 *12312 12412
300 Preferred
100 121 Feb 7 1244 Feb 28 1214 Jan 12758 Dee
4918 491s 494 503
4 504 5114 504 5114 5018 51
5012 12,600 Engineers Public Serv__No pa
50
47 Mar 25 6014 Jan 31
33 Feb 61 Nov
*904 93 2 *904 913
,
s 9314 9314 91
91
934
*91
400 Preferred
91
91
9011 Dec 10212 Ort
No par 90 Jan 12 10412 Jan 31
*353s 353
4 3534 3578 38
3638 36
3878 28,000 Equitable Office Bldg__No par 311 Jan 4 3914 Apr 25
3914 38
3714 37
2958 Oct33 July
/
4
/
1
4
*50
52
504 504 503e 5114 503 504 50
2,600 Eureka Vacuum Clean_No pa
5034 *4912 51
4412 Feb 1 54 Feb 28
4
43 Dec 79 Jan
2418 2418 *24
25 •2413 25 *244 25
*2412 25
100 Exchange Buffet Corp-No pa
2214 Jan 15 25 Apr 2
*2412 25
1934 July 1458 Oct
*44
4478 *44
44
/ 4434 45
1
4
4618 *45
4612 1,300 Fairbanks Morse
No par 4312 Mar 26 5134 Jan 21
4534 46,2 46
321 Jan 54 Apr
/
4
10812 10812 110 110 •10813 11012 110 110 *10812 110 *10812 110
120. Preferred
100 1074 Feb 16 11078 Jan 9 104 Jan 11434 May
*82
85
8112 86
/ 8412 8534 85 85
1
4
8414 844 84l4 3,2001 Federal Light dr Trait
/ 84
1
4
42 Jan 71 Doe
15 68,8 Jan 3 8658 Apr 22
*9812 99
99
99
99
99
*9812 983 *9812 98
210 Preferred
/ *9812 9834
1
4
4
98 Jan 109 Apr
No par 99 Apr 18 104 Feb 6
*231 300 *231 300 *231 300 *231 300 •230 300 •230 300
Federal Miningdk Smelt'g_100 225 Apr 9 310 Feb 4 120 Apr 230 Dec
*9812 9912 *9812 9012 •9812 9912 *9812 9913 *99
994 *99
914 Jan 10212 Sept
100 9814 Mar 27 10034 Jan 7
997
8
1712 1712 18
17
18
17
2 17
4
2.700 Federal Motor Truck-No Par 141:Mar 26 2238 Feb 6
17
17
165 Aug 257 May
8
2
964 964 967 100 4 100 102
8
100 1004 98
9814 6,100 Fidel Phen Fire Ins N Y____10 9014 Mar 26 106 Jan 2
,
98
98
754 June 10718 Dec
*104 12
1038 104 12
12 *11
12 *1058 12
*11
12
20 Fifth Ave Bus
No par 1058 Mar 25 133 Mar 2
1114 Jan 1$1May
4
87
*84
*84
86
*84
86 '
384
86
*82
84
/ 85
1
4
84
300 Filene's Sons
No par 84 Mar 26 984 Feb 25
*10212 103
10212 10212 101 10112 1014 10112 10112 10112 103 103
350' Preferred
100 100 Apr 9 107 Jan 23
6714 673
4 663 68
6758 6838 6714 68 4 6812 71
4
7018 13,800 First National Storee_No par 82 Apr 18 747 Mar 16
5
69
8
28 Apr 764 Dee
/
1
1114 1112 114 114 1112 1134 114 12
1113 113
4 114 1134 27,900,Fisk Rubber
1078 Apr 9 2018 Jan 23
878 Aug 1754 Jan
•____ 60 ,*__
5912
597g 597 •58
60
8
60 *57
200; 1st preferred stamped ___l00 59 Apr 18 724 Jan 14
5514 Oct 914 Jan
*60
63 I *60 63 *60 63 *60
63 *60
63 •60 63
1 1st preferred cony
54 Oct 97 Jan
100 60 Apr 18 8212 Jan 25
/
1
4
72
723
8 72
734 70
714 6818 697
/
1
2 6832 6914 6814 6914 70,700 Fleischmann Co
No par 6818 Apr 24 8438 Jan 2
65 June 8938 Oct
30, 3012 3018 ow •50
8
49
49
50
51
:
50 4 1,600 Florshelm Shoe el A_No par 48 Feb 25 54 Jan 8
3
MA •50
494 Nov 561 Nov
/
1
*100 1024 *100 10218'
3100 1024 *100 10218 *100 10218 10018 1004
200 Preferred 6%
100 9714 Mar 18 10218 Jan 18
9818 Oct 100 Dee
67
6612 6812 6673 68 I 6612 683
66
8 67
67
/ 10.800 Follansbee Bros
1
4
88 2 65
,
/
1
4
No par 59 Mar 28 73 4 Mar 19
5
564 Dec 6912 Dec
/
1
644 667
6778 64
8 64
65
3g 64 647
3
8 6412 86
65
684 21,200 Foundation Co
No par 45 Jan 22 694 Apr 26
364 Oct 5712 Dec
/
1
893g 90141 9012 9234 9118 93381 92
9438 92
93
8812 9234 71,200!Fox Film class A
No par 82 Apr 11 101 Jan 19
72 June 11958 Sept
*10613 109 1•1064 110 *10638 110 110638 110 *1064 110
1063 1084
8
40'Franklin-Simon prat
100 10612 Feb 28 110 Jan 4 10613 Dec 113 Feb
45
454' 45 45
4412 4514 44
4458 44
441 4418 444 8,200 Freeport Texas Co__ __No par 38 Mar 26 544 Jan 25
/
4
/
1
/
1
43 Oct 1091 Jag
/
4
10112 10112 10178 102
*10012 102
10134 102 *1013 10712'1003 10712
4
4
600 Fuller Co prior pref.-No par 99 Mar 26 10612 Feb 28 102 Mar 1094 Apr
/
1
*22
23
22
224 2212 2212 2212 23 *22
221 1,200,Gabriel Snubber A-__No par 20 Mar 25 3378 Feb 5
2212 22
/
4
15 Mar 2812 Jan
13
13
13
1314 13
13141 13
1338 13
1318 1214 13
5,300,Gardner Motor
No par 104 Mar 25 25 Jan 31
714 June 1738 Dec
90
89
89
90
8978 8812 89
90
87
8912 5,100;Gen Amer Tank Car
8834 88
No par 8112 Mar 20 102 Jan 9 60 Feb 101 Dee
/
1
4
744 75 4 744 76
7534 76
/
1
3
74
754 7414 75
7312 7414 11,400'General Asphalt
100 61 Mar 26 814 Jan 12
/
1
68 June 944 Apr
*112 117 *114 1161 *112 115 *112 115 112 112 *113 117
/
4
1001 Preferred
100 10412 Mar 26 12014 Jan 12 11018 June 14112 Apr
•11318 135
1334 13314 1334 135 *13314 135 13314 13314 135 135
150 General Baking pref_No par 130 Mar 26 140 Feb 5 132 Oct 150 June
4614 4713 46
*4714 48
47
461 47
47
461
4712 51
4,700 General Cable
No par 3712 Jan 9 81 Feb 28
21 Feb 4132 Nov
9914 10012 100 10012 10078 103
100 100
100 100
99
99
3,600 Class A
No par 81 Jar 8 12012 Feb 28
56 Feb 884 Nov
/
1
3104 106 *104 106 *104 106 *104 106 •104 106
•99 100 '
Preferred
100 104 Apr 13 10712 Jan 21 102 Oct 107 Oct
69
6838 69
69 69
7012 9,900,General Cigar Inc
694 694 7014 6918 70
70
8
No Par 63 Jan 8 74 Feb 25
5918 Nov 753 Feb
*11714 120
/
1
11714 11714 *11714 120 *1174 120 *11714 120 *11714 120
40' Preferred
100 11214 Jan 5 122 Jan 24 1144 Sept 130 Mar
24114 245 8 239 243 23814 24012 238 243
24312 246
23914 241
5
34,000 General Electric
No par 219 Mar 26 26232 Feb 1 124 Feb 22112 Dec
1113 1118 •1118 1114 1114 1114 1118 1118 114 1118 1114 1114 3,200!Special
10 11 Jan 3 1134 Feb 4
11 Sept 12 June
73
73
75
*764 80
75
75
75
76
7618 764 76
2,400'General Gal & Elea A__No par 70 Jan 7 90 Apr 3
354 Jan 74 Nov
•96 111
9638 *964 Ill 111034 112 *110 112
9612 9612 95
9001 Class B
No par 76 Jan 3 112 Apr 25
37 Jan 80 Nov
128 12812 128 128
126 1277
126 12814 126 126 012612 128
8
510 Pri B()
20 prl A ( )
No par 121 Feb 20 135 Feb 14 121
8
7
Oct 144 Apr
*108 111 *108 11012 108 108
108 108
104 104
108 108
No par 104 Apr 2 115 Feb 15 105 Oct 1147 Ma,
2
*92 109 *100 109
105 109
i*105 109 *105 109
200 Gen Ice Cream Corp--No Par 79 Mar 9 110 Apr 3
/
1
4
744 July 10512 Oct
80
8
77
8
785
4 765 777 38,600 General Mills
747 80181 78
74 8 7514 743 75
8
4
5
No par 74 Mar 26 894 Jan 18
79 Dee 844 Nov
•9638 97 •6658 97 •983s 97
4
4
963 9634 *984 963 *9638 963
1001 Preferred
4
9812 Dec 10014 Des
100 9512 Apr 5 100 Jan 4
86 948,600 General Motors Corp
8414 854 84
8812 85
/ 86
1
4
8414 8733 86
864 84
5 jao 90NAcz y
10 7718 Mar 26 914 mar 21
73 4 Dec 127% oir
/
1
12434 12434 12458 12434 12434 12478 *1244 12434 1244 12474 12458 12458 1,900 7% preferred
100 12412 Apr 8 1264 Jan 2 12312
*5112 52
511 1,000 Gen Outdoor Adv A-_No par 4952 Feb 6 52 Jan 2
52
/
4
51
52
52
5114 5112 5114 5114 *51
584 Janne
1
31
49 Aug 18262/ .13J
0612 3634 3614 37
3512 3418 35
6,500 Trust certlficatee......No par 32 Feb 14 41 Mar 12
34
*364 3634 354 36
2912 Aug
103 10378 10312 1047 1034 1043 10318 1063 105 1064 103 10614 20,900,Gen Ry Signal
/
1
8
4
8
8414 June
No par 9312Mar 26 11112Mar I
7034 71
31,400 General Refraetorles___No par 68 Apr 10 8612 Feb 20
7012 7212 714 723
80
/
1
/
4
8 72
743
4 751 764 77
112 112
11218 11212 112 11312 11212 11374 113 11312 1125 11312 6,3001GUlette Safety Rasor-No par 110 Apr 9 1261 Jan 25
8
123 Oct
/
1
4
/
4
39 4 39 4 39 4 3912 394 3914 39
3
3918 4,400 Gimbel Bros
3
,
3914 3918 3912 39
No par 3778 Mar 26 4814 Jan 28
82 •80 82 *814 8212 *8118 8212 814 813 *814 8212
.80
871:82ner 101 71 ju e
4394 8 Mar 69 June
75
200 Preferred
ua
a
4
100 8118 Apr 25 90 Jan 3
474 474 474 484 4713 4814 48
204 Jan 107 0 ee
/
1
85 , t
1: p
:
50 s 484 4958 481 501 54,300 Glidden Co
3
No par 384 Jan 2 5012 Apr 26
/
1
*10512 1063 1064 1061s 105 10512 105 10538 *10418 10512 *10412 10512
4
230 Prior preferred
100 10312 Jan 3 10618 Apr 22
4578 4612 4518 4614 45 '453
/ 40,200 Gobel (Adolf)
1
4
4714 49
3
4 45 45 4 4534 48
No par 44 Jan 26 66 Feb 5
65 8 65 4 8512 8712 66
,
3
75 Ja n
/ 67
1
4
/ 6618 6738 6512 6654 6318 6578 97,300 Gold Dust Corp v t o_ -_No Par 5418 Mar 26 82 Jan 19 91 j r 1434 Dee
1
4
8412 8512 84 41 87
4212 Dec
3
3
844 85
/
1
684 June 10692:14 NovD
41 87
845 8638 833 864 87.400 Goodrich Co (B F)____No par 835 Mar 26 1053 Jan 2
8
/
1
4
4
8
*113 114 113 113 •113 114
503 Preferred
11378 1137 113 113 *113 114
3
8
100 113 Jan 9 1154 Feb 25 10912 Feb 115 8 May
12912 1313 13012 13278 12918 133 130 13414 1294 132
4
4
129 1333 76,400 Goodyear T & Rub____No par 112 Feb 21 1544 Mar IS
4514 June 140 Dee
8
1037 1037 103 4 103 4 10318 104
3
8
3
9212 Mar 105 Dee
2
No par 10134 Mar 27 1047 Feb 28
10438104¼ 10414 1044 *104 1044 2,200 let preferred
•Bid and Naked [aloes. 06 sales on this MO. a Ex-33.10
11316•
El-rlahls•
New York Stock Record-Continued-Page 5
2;71
For sales during the week of stocks not recorded here, see fifth page
preceding
HIGH AND LOW SALE P,RICES-PER SHARE, NOT PER CENT.
Saturday,
iAprIl 20.
Monday,
April 22.
$ per share $ per share
Tuesday,
April 23.
Wednesday, 1 Thursday, 1 Friday,
April 24. 1 April 25.
April 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
S per share $ per share i $ per share! S per share
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
Shares Indus. & !Mace!. (con.) Par $ per share $ per share
Ne wm
par
Mar 26
;552 - i3- -86- - 7 2 5612 5732 5612 5612 56 56 1 5434 5512 3,100 Gotha Silk Hosiery_No par 5158 Mar 26 5378 Apr 17
4 . 5- -7No
5313
7412 Jan 23
*943 977 *95
4
977 *95
8
994 *95
9712' •943 977
4
8 95
95
600 Preferred new
95 Apr 23 1014 Jan 5
*9334 100
100 100
*97 105
*97 105 *100 105 *100 105
20 Preferred ex-warrants___100 97 Jan 11 100 Jan 12
*714 8
*74 8
*738 8
*73
8 8 I
8
8
8
83
4 1,200 Gould Coupler A
No par
7 Feb 18 10 Jan 9
33
357
8 324 354 3618 3712 355 3714 354 37
8
3618 79.1300 Graham-Paige Motors_No par 3218 Apr 22 54 Jan 2
35
34
34
3112 3112 *33
37
33
341 35
35
*33
35
800 Certificates
Vo par 3112 Apr 22 4913 Jan 11
8314 8438 844 85
834 84
8312 8514 8412 8512 83
8512 10,600 Granby Cons M Sm & Pr_100 81 Mar 26 1027 Mar 20
8
86
86
*88
88
8614 877
8 87
8712 877 92
8
883 913
4
4 3,700 Grand Stores
100 773 Jan 30 9F12 Mar 18
4
26
2812 2614 2614 26
2614 2514 27
2714 283
8 2614 271* 8.90!) Grand Union Co
No par 2018 Mar 26 3278 Jan 2
47
47
47
47
•46
47
467 467
8
463 503
4
4 495 50 4 5,9001 Preferred
8
3
No par 41 Mar 26 544 Jan 4
120 121
12112 12112 12212 1224 123 126
125 125
1223 12514 3,100IGrant (W T)
4
No Par 11412 Apr 12 1444 Feb 5
304 304 3018 305
8 293 303
4
8 2914 30
2918 2912 29
293 11,800 Gt Nor Iron Ore Prop_No par 273 Jan 7 39, Feb 1
4
8
3712 38
33
3812 38
3918 373 3814 3712 3818 374 39
4
13,700'Great Western Sugar
No par 323 Mar 26 44 Jan 25
4
11312 11312 11314 11314 114 116
116 11614 116 116
6501 Preferred
100 11314 Apr 22 11912 Feb 1
15712 158
15812 1633 16012 1635 1595 16212 1594 16118 116 116
8
8
8
15912 162
31,300 Greene Cananea Copper_100 1523 Mar 26 1974 Mar 20
8
35
8 34 *33
4 4
358 3 4
3
312 33
8
312 312 *35
8 4
1,500:Guantanamo Sugar___ _No par
312 Apr 24
512 Jan 3
*5014 55
*5014 55
*5014 55
5014 5014 5014 5014 *5012 55
40: Preferred
100 50 Apr 12 90 Jan 2
654 6518 65
663
4 6612 6612 65
8718 645 65121 837 645
8
8
8 5.900 Gulf States Steel
100 613 Apr 2 79 Mar 5
4
*10112 109 *10112 109 *107 109 •107 109
*107
1 Preferred
100 103 Apr 5 109 Feb 14
*27
2758 275 2758 *273 2734 2734 2734 *273 109 *107 109
8
8
4 28
•273 28
4
20 Hackensack Water
25 25 Jan 7 20 Fen 28
*28
30
*28
30
*28
30
30
30
*28
30
*28
30
20 Preferred
25 27 Feb 18 31 Mar 8
*27
28
28
28
*27
28
27
2714 27
27
*27
28
80 Preferred A
'
,
5 26 Jan 31
29 Jan 14
414 423
4 42
4312 4214 4312 4214 4312 4134 43
4112 43
29.100:Hahn Dept Stores _NO
par 4112 Apr 26 55 Jan 10
993 1005
4
8 993 994 100 101
4
101 10112 101 10112 101 1011s 9,0001 Preferred
100 98 Mar 26 115 Jan 31
*10312 ____ *10312
•10312 _ _ _ _ *10312 ____ 10312 1031
___
201EfarnlIton Watch prof
100 1003 Feb 15 1053 Jan 8
4
94
8
94
95
95
94
94
9412 95
95
95 2'103129412 95
760:Hanna 1st pref class A._100 91 Jan 14 993 Jan 23
4
593
4 593 593 *59
4
4
603 *59
4
803 *59
4
603 *59
4
10•Harbison-Walk Refrac_No par 54 Jan 3 603 Mar 22
803
4
.112
4
____ *112
112 112 *112
____ *112
•112
10 Preferred
100 112 Jan 14 11812 Jan 291
*2412 25 2 *2412 25
,
*243 25
4
*2412 25
*243 25
4
*2412 25
Hartman Corp class A_No par 2418 Apr 5 27 Jan 2
26
263
8 26
2612 2618 2818 26
26
2518 2518 2514 2514 2,400 Class 13
No par 235 Mar 26 3973 Jan 2
8
*644 65 4 6512 65 4 *6412 65
3
3
*843 65
4
*64
65
63
83
400 Hawaiian PlneapPle
20 60 Feb 19 6612 Apr 16
*108 112 *106 112 *106 112 *106 109
*106 109 *106 109
Helme(0 W)
25 104 Mar 15 118 Jan 29
80
82
8012 8218 8012 847
8 8312 86
81
834 8012 8114 12,000 Hershey Chocolate____No par 64 Feb 16 81 Apr
8912 90
24
8912 897
894 9212 9214 9312
91
90
90
7,4001 Preferred
No par 80 Feb 16 9312 Apr 21
•10512 106 *10512 105 4 1053 1053 10512 1053 :90
4
4
3
4 *10512 1053
4,*10512 1053
4
100 Prior preferred
100 104 Jan 4 10618 Apr 17
•164 1712 *16
17
*1612 16
*1812 17
1612 1612 1612 1612
300;Hoe (R) & Co
1612 Apr 25 2178 Mar 5
Vo par
413 413
8
4 41
413
4 4018 41
407 404 41
8
41
4118 4214 2,900,Holland Furnace
No par 40 Apr 16 51 Mar 9
163 1712 *1718 18
4
*17
*17
18
18
17
17
*1612 17
1,500 Hollander dr Son (A)._ NO par 154 AIar 26 22 Jan 2
*7212 7312 7312 7312 *73
76
73
75
75
75
76
76
500 Hotnestake Mining
100 7214 Feb 21 76 Jan 3
893 893
8
8 6912 694 697 70
8
70
70
8912 89781 69 2 707
,
2 2,600 Househ Prod Inc
10114 104
No par' 6512 Mar 26 794 Jan 7
101 10212 99 1025
8 9918 1007
2 98
99 1 9512 99
28,700 Houston 011 of Tex tern ctfs 100 8018 hfar 7 109 Apr 2
6912 70
7012 7134 71
723
8 72
7334 72
733
8 7114 737 23,700 Howe Sound
8
No par 6614 Jan 8 8212 Mar 21
8818 8912 8818 893
8 8738 887
8 874 883
4 8614 875
8 854 8712 48,200 Hudson Motor Car_ No par 714 Feb 15 9312 Mar 15
52
56
5312 553
4 5414 554 523 543
4
8 5212 5314 51
5314 76,600 Hupp Motor Car Corp_ ___10 51 Apr 26 82 Jan 23
373 3814 3712 3812 3712 38
8
3714 373
4 354 374 355 364 61,800 Independent 011 & Gas_No par 30 Jan 31 3812 Apr 22
8
*21
2112 2012 2012 21
21
*21
2112 2012 2012 2012 2012
600 Indian Motocycle
•____ 8912 •____ 89 •____ 88
No Par 2018 Jan 31 324 Jan 2
88
88
88
Preferred
100 89 Mar 6 953 Feb 5
4718 48
4
464 48
46
474 48
514 485 51
8
474 494 140,200 Indian Refining
10 29 Jan 8 523 Apr 10
8
444 4512 4412 46
4412 464 453 483
8
s 48
4312 445 467 51,900 Certificates
8
8
10 28 Jan 7 484 Apr 10
Preferred
100 160 Jan 2 185 Jan 11
116- *ill 115 114- 114 ilaiii- 1-11- iii- ifi800 Industrial Rayon
1377 13778 14312 14312 144 146 - 147 15318 14973 150 145 1463
No par 110 Mar 26 135 Jan 18
8 2,700 Ingersoll Rand
No par 120 Jan 3 15318 Apr 24
92
92
923 931s 9314 9414 93 4 94
4
3
9314 934 924 933
4 8,200 Inland Steel
No par 7812 Jan 2 9678 Mar 20
4812 487
8 49
493
4 4814 497
8 4812 495
8 4814 4912 4838 50
19,000 Inspiration Cons Copper
94 914
9
83
4 9
912
201 431 g Jan 7 6612 Mar 1
9 4 9% *912 10
,
*91 10
,
3,800 Intercont'l Rubber_ _No par
83 Apr 22 144 Jan 11
4
14
14
*1312 1414
135 14
8
133 133 •133 14
8
4
4
133 14
4
900 Intermit Agricul
1212 Apr 12 177 Jan 28
•75
8
No par
78
75
7514 •____ 78
*73
75
*73
75
.73
300 Prior preferred
167 16714 1874 173
100 75 Apr 13 8812 Jan 26
169 17512 17012 1753 17312 1747 17414 75
4
17812 13,460 Int Business Machines_No par 1493 Jan 24 17812 Apr 26
8
*88
89
8712 8712 88
9412 923 943
4
4 9212 94
91
92
13,400 International Cernent_No Par 8518 Apr 9 1024 Feb 4
72
724 72's 74
72
7312 7353 7512 72
7412 6914 7412 117,600 Inter Comb Eng Corp _No par 61 Mar 26 10312 Feb 15
•109 1091 109 109 *10812 114 •108 114
:
100 Preferred
10612 1077 1063 1083 10818 1117 10814 1127 *108 114 *108 114
100 10812 Jan 2 121 Feb 16
8
4
8
8
8
10718 1103 33,900 International Harvester No par 923 Jan 15 115 Jan 29
4
14114 14114 14114 14114 *1413 146 •14138 14314 109 110
4
8
1414 1413 *14112 144
8
500 Preferred
100, 1404 Mar 26 145 Jan 18
83 4 843
4 8312 8412 8312 843
3
4 84
843
4 8212 8373 82
83,
2 8,800 International Match pref_351 8514 Mar 26 1024 Jan 4
814 812
812 63
4
814 63
614 634
8
614 63
4
614 612 7.100Int Mercantile Marine
74 Feb 15
100
5 Mar 26
4814 487
8 484 493
8 487 51 4 49
8
,
503
4 48
4973 4712 4914 37,200
Preferred
100 3812 Feb 1 5114 Apr 23
4712 474 473 505
8
8 504 513
8 487 503
g
4 4814 4912 475 494 288,400 lot Nickel of Canada_No Par 4012 Mar 26 7234 Jan 23
8
*65
75
*66
72
•65
70
*65
70 .56
68
•130
70
International Paper...No par 5712 Jan 11 83 Apr 9
.86
89
*86
89
887 887 *88
8
90
*87
90
*88
90
100 Preferred (7%)
100 87 Apr 10 9412 Jan 8
304 3014 297 3012 29
8
293
8 2918 2912 29
2912 29
2912 9,400 Inter Pap & l'ow cl A _ _No par 2712 Jan 8 3538 Mar19
•18
1812 1712 1814 167 1714 163 17 4 17
s
4
,
1718 17
17
15,600 Class B
15 8 Jan 16 2412 Mar 8
3
No par
1334 134 133 14
4
133 133
8
8 1318 1312 13
4 1318 133
1312 14,100 Class C
No par 104 Jan 10 1714 Apr 4
8718 8714 863 8712 863 87
8
4
86
865g 855 87
8
8618 8612 4,000 Preferred
100 80 Apr 15 93 Jan 23
525 53
8
515 523
8
8 52
52
*53
54
53
5314 524 5214
1,700 Int Printing Ink Corp. No par 515 Apr 22 63 Jan 23
8
99
99
*9812 9914 *9812 0914 99
9914 9812 99
98
9812
250 Preferred
100 98 Apr 26 106 Mar 4
*80
84
8038 80$8 80
80
80
80 .80
*80
82
82
180 International Salt
100 5512 Jan 4 903 Feb 4
4
*132 137 *132 139 .132 139 *132 138 *132 138
13214 1324
200 International Sliver
100 131 Jan 22 150 Mar 6
*11518 11712 *11518 11712 *11518 11712 *11518 11712 *1154
11712 1154 11518
30 Preferred
100 11214 Jan 4 119 Jan 17
2593 2643 2603 2644 256 26
4
4
4
25714 26114 25214 259 4 25412 2823 20,500 Internet
112
3
4
Telep & Teleg
100 19714 Jan 7 279 Mar 28
7412 767
8 76
77
7512 77
753 75 8
7514 71
,
74
11.500 Interstate Dept Stores_No par 71 Apr 26 9312 Jan 2
•110 15014 *110 15014 *110 15014 •110 3 15014 74
•110 15014 *110 150 4
,
Preferred
100 130 Jan 15 150 Jan 2
3212 3212 32
3312 3214 3312 33
33
3312 333 *33 2 334 1,400 Intertype
4
,
*5514 56
No par 29 Jan 2 344 Apr 17
Corp
55
55
55
55
*55
57
55
55
554 5518
900 Island Creek Coal
•140 142
1 53 Jan 2 69 Mar 5
140 14514 146 1463 146 1483 14712 15013 148
4
4
148
4,800 Jewel Tea, Inc
No par 1354 Apr 16 16214 Feb 5
17912 11
-14 179 111- 1817, 11.
Preferred
100 12412 Jan 3 125, Feb 13
8
7
1861- ii9T2 1- - iiiii8 -.,- 53,900 Johns-Manville
- .2
i3
4
1
44
*121 122 '121 122 *121 122 *121 122
No par 15514 Mar 26 2423 Feb 2
4
121 121
121 121
20 Preferred
100 119 Jan 21 122 Mar 14
12112 12112 12112 12112 1213 1214 122 122
4
12112 12112 *12112 122
1901.1onea & Laugh Steel pref _100 11812 Jan 4 12214 Mar 11
•____ 29 *____ 29 •____ 29
_
Jones Bros Tea Inc_ ___No par 35 Jan 21 35 Jan 21
93
4 934 10
10
97 10
8
97 10
3
93 10
4
912 912 2,300IJordan Motor Car
•10812 109 *10818 109 *10813 109
No par
6 Mar 26 1612 Jan 2
10813 1081g *1081g 109
109 109
80!Kan City P&L let pf B_No par 106 Feb 16 1123 Jan 22
*263 28
4
*27
4
28
27
27
2713 2712 27
27
*2013 28
400:Kaufmann Dept Stores_312.60 263 Apr 19 374 Feb 6
8812 8912 893 91
4
4
903 92
4
88
923
8 8814
87
89
54,600 Kayser (J) Co• t c
313 313 .3034 3212 3018 31,2 *2913 3112 *2812 91
3
3
No par 76 Mar 26 9238 Apr 24
30
•2812 30
1.00 Keit h-AIbee-0%
50gi pre
1077 10814 107 108 *103 107 •103 107
8
7rpheum_No par 25 Apr 11
46 Jan 4
*96 103
105 105
16
1658
Preferred
1618 167s
1658 1712 1658 177
100 9412 Apr 11 138 Jan 5
8
17
175
8 164 1712 42,700'Kelly-Springfield
*7718 82
*7718 8812 *7712 79
Tire_ _No par
11 Mar 26 234 Jan 2
79
79
80
80
*7718 80
.85
89
*85
preferred
90
100 7514 Apr 8 944 Jan 9
*88
90
90
90
.80
90
89
89
401 670% preferred
8
49
5014 5012 515
8 50
100 Jan 14
4
503
4 503 5214 51%
5112 523 12,80 Kelsey Hayes Wheel....
180
4
108 10912 *1064 10912 10614 10614 •10614 10912 *10814 53
871878lpr 26 61% Feb 26
45 A a 12
.No
10912 *10814 10912
143 18
4
Ter: L
iI
163 17
e
100 10614 Apr 23 110 Jan 8
1512 163
1618 167
3 1513 153
4 153 .17's 138,800 KelvInator
4
834 843
8 8418 8514 8512 867
Corp
No par
12 Mar 26 1914 Feb 6
8 8434 8712 84
88
8612 8812
K in nec
68
667
6873 063
8 65
No par 785 Feb 26 1044 Mar 18
8
68
66
674 651 -. -4 r1,1 ' -4 365,800°00.Kenoe y ttopper
-2 F71
,
-.
173 10
•1013 102
4
102 102 *102 10214 102 102
Co
No par 5012 Feb
704 Apr 18
102 102 *102 1021,
90 Preferred
394 393
4 3914 4012 4012 44'2 423 4414 4214 433
4Mar
100 9312 Jan 2 1093
8
8 413 4412 %8 Kraster r
8
3 00 Kol f c eeee Corp.___No par 31 Apr
3412 343
4 344 357
dio
8 357 3612 36
8
10 783 Jan 3
8
373
8 3614 3714 3012 4014
95
*95
95
*95
97
No par 3234 Mar 28 4014 Apr 28
96
*95
06
96
96
*95
96
300 Preferred
517
50
8 50
5114 4912 5013 50
9934 Jan 2
100 95 Apr 2
5014 493 493
8
4 49
4913 12,300 Kresge (3 13) Co
•11418 1147 *114 11452 •114 1144 •11414
8
10 464 Mar 26 574Mar 4
•11414
•11414
...... Preferred
•1512 17
1612 1612 *1614 17
1512 1512 •16
100, 109 Jan
115 Feb 14
1612 17
17
330 Kresge Dept Stores.---No pan
00
e ed
err
15 Mar 27 23 Jan 2
*72
7312 *7214 7312 7214 72, .72
4
7312 •7214 7312 7312 73
,
2
09
*97
*98 10212 *98 101
100 7112 Feb 19 7312 Apr 26
*97
99
•97
98
97
97
100 Kress Co
No par 9612 Mar 22 114 Jan to
373 38
8
8
374 3712 374 373
375 377
8
8 375 38
8 3618 37, 45,300 Kreuger
8
A. Toll
4 9414 965
3518 Mar 26 483 Mar
937 9458 95
4
8
8
9612 953 063
8 925 94
8
92
95
28,200 La gerGra ry & Dlig.No par 85 NIar 26 12212 Jan 8
Kroger a T
e
•235 250 *235 250 *235 250 *235 250 .230 250 *230 250
3
100 235 Jan 16 245 Mar 14
.10034 113 *1004 115 *1004 115 •1003 115 •10038 115 *100 8 115
8
3
Preferred
100 100 Mar 8 102 Jan 4
*30, 32
8
8
303 303
4
4 3112 3112 307 3112 30
3012 29
29
811:080000 Lai.co
Legn It ac Transport__No par 264 Feb 19 3312 Apr 15
obO i
13813 1427s 14278 145 8 14338 14514 1435 147
8
3
14412 1467 14218 1487
8
3
No par
1813 18 4 183 187 .18
3
,
s
8
185
4 187 1912 1812 19
1812 1812 4,800 Lee Rubber & Tire__ .No par 12718 Jan 22 15714 A1ar 19
18 Apr 9 25 Jan 14
*53
54
61
53
5714 58
531g 54
5018 60
.58
58
5,400 LephPortln7o Cement_ 50 50 Apr 17
160
ererred 7 nd
*110 11014 •110 1103 110 110 *110 11033 110 110
65 Feb 6
8
110 110
100 1083 Jan 3 11012 Feu 14
4
5612 5612 57
5612 57
57
5614 573
8 56
58
5612 584 2,900 Lehn & Fink
No par 5212 Afar 26 8812 Feb 4
Life Savers
No par 2914 Jan 7 393 Jan 5
;8812 161- -8814 figi4 88 168
2
i61- 883 8838 8813 88% 800 Liggett &M
4
,
3 700
:0
B yers Tobacco_..25 8112 Alar 26 10512 Jan 28
89
897
8 8914 89,
89 2 8818 89
2 89
8814 8812 873
,
4
25 8118 Mar 26 1034 Jan 29
13512 13512 .13512 136 *13512 136 *13512 13612 •13512 136 •13512 884
136
100 Preferred
100 13514 Mar 27 1371 Mar 1
:
52
52
5218 53 8 52
524 5112 5134 51, 5112 50
,
2
51
2700 J
par 4418 Mar 26 55 :Mar 22
8
807 8174 81
817
3 854 873
8 813 89
8614 893
4
s 8518 89
40.500 Liquid Carbonic
par 714
6313 634 03
643
8 63
6'218 63
64
62
627g 6014 613 14,000 Loew's Incorporated__ No par 584 Mar 26 11373 Jan 3
8
_No
Apr 9 8412 Feb 27
*99 100
*9814 100
99
99
*9814 99
9)812 100
•98, 99
4
200 Preferred
No par 98 Mar 10 1103 Jan 31
4
10
104
93 10
4
934 10
912 97
954 10
8
012 9 2 10,000 Loft Incorporated
,
No par
712 Jan 19 1112 Apr 1
28
28
28
28
28
.28
28
30
28
28
*28
30
600 Long Bell Lumber A
No par 27 Apr 11 3212 Jan 5
•Bid anct maws priors: no sales on We day. s Ex-dhidand. r 81-rissis.
0 Old atOOY.
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ per share $ Per share
70 Dec
100 Dec
95 Dec
67 Dec
8
163 Feb
4
2612 June
394 Feb
8514 June
283 JU1Y
4
46 2 Aug
,
1114 Dec
194 June
Jan
31
11212 Feb
8938 June
43 Dec
4
90 July
51
Jan
8
1033 Nov
23
Jan
23
Jan
2512 Jan
93 Apr
Apr
112 May
124 Feb
614 Sept
56 Sept
93 Dee
947 Oct
2
417 Oct
2
8
623 Oct
12512 Sept
333 Oct
3
3812 Dec
120
Jan
17714 Dec
93 Jan
8
107
Jan
737 Sept
8
110
Am.
80
Jar
30 Dee
29 June
99 Aug 104 Apr
59 May 97 Nov
54 Dec 5712 Oct
110 June 120
Jan
2312 Aug 275 Feb
8
165 Aug 373 Dec
8
4
81 Dec 68 Nov
105 Dec 120
Oct
303 Jan 7212 Dee
4
7014 Feb 89 Noy
10014 Aug 105 Apr
154 Sept 307 Jan
8
4012 Dec 493 Oct
4
18 Dec 367 Apt
s
67
Jan 80 Nov
8418 Feb 84
Oct
79 Dec 167
Apr
405 Feb 7334 Nov
8
Jan
75
4
997 Mar
29
Jan 84 Nov
2184 Feb
383 Nov
8
20
Oct
Apr
70
93 Nov 115
Apr
9 Feb
394 July
3714 July
81 Jail
:
140 Dec 185 Nov
118 Dec 146
Oot
90 Feb 127 Nov
48 Mar 80 Dec
18 Feb 487 Nov
8
84 July 214 Jan
13 Feb 2074 May
485 Mar 85 Dee
8
114
Jan 1663 Nov
8
56
947g Dec
Jan
45 4 Feb 80 Dec
,
103 Ma 110 Sept
80 Dec 977 Dec
3
13614 M
147 May
85 Dec 1217 May
8
34 Mar
74 May
3418 June 4453 Jan
7358 Feb 26912 Dec
50
Oct885 May
8
89 Dec108
Jan
22 Dec341 Nov
:
144 Dee 19 Nov
104 Nov133 Dec
4
88 Dec91 Dec
4734 Oct60 Dec
100 Dec100 Dee
491: Mar 884 Jan
126 June 196
Jan
11214 Dec 131
Jan
13912 Feb201 Dec
814 Nov90 Dec
12412 Nov150 Dec
2334 Sept3812 Jae
47
Oct 61 May
773 Mar 179 Nov
4
1193 Nov 1251 Nov
2
:
9614 June 202 Dec
1184 Oct 122
Apr
119 Dec 12414 Mar
255 Mar 4112 Oct
8
818 Aug
1912 Ott
108 Aug 114 Apr
2912 Dec 34
Oct
8
825 Jan 92 Nov
151: May 5112 NOT
7512 May 180 Nov
1914 Dec 2512 No•
5514 Feb 95 Nov
58 Feb 101 Nov
Oct
2212 Jan 56
106 Mar 111 Nov
4
74 July 227 Apr
3772 Aug
4
87, Mar
5114 Aug
32 Dec
9914 Dec
065 Feb
11014 June
1312 Jan
4
511 Feb
87 Feb
8
325 Dec
7314 Mar
Jan
200
99 Nov
273 Feb
2
7912 Jan
Iva Jan
4284 June
10614 Dec
Jan
38
2812 Aug
834 June
804 June
134 Aug
38 July
6312 Feb
4918 June
8
997 Mar
54 Feb
Jan
20
563 Oct
4
100
Apr
957 Nov
4
42 No•
10114 Dec
9114 Nor
118
API'
274 Feb
75 Aug
12414 Nov
404 Oct
13214 Nov
280 Feb
12412 Jan
3914 Apr
1363 Nov
8
2814 Oct
5812 Nov
11058 May
8
847 Oot
4014 Nov
12212 Jan
1231 Jan
:
147
Apr
654 MAY
12412 Nov
77 May
110 8 Apr
5
193 Aug
4
$M. lab
New York Stock Record-Continued-Page Et
2772
For salsa during the week of stocks not recorded here. see sixth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
April 20.
Monday,
April 22.
Tuesday, Wednesday, 1 Thursday,
April 25.
April 23.
April24.
Friday,
April 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Oasis of 100-share lots
Highest
Lowest
$ per share $ per share $ per share $ per share' $ per share $ per share Shares Indus.& Bifocal. (Con.) Par $ per share
/
4
25 591 Mar 26
4 6458 6734 9,000 Loose-Wiles Biscuit
6778 66
6734: 6412 683
67
/ 6712 6714 6814, 67
1
4
100 11612 Jan 12
1st prate
*118 119 *118 119 *118 119 *118 119 *118 119 *118 119
25 20 Mar 25
2238 2112 2218 10,300 Lorillard
/
1
2238 214 2214 . 20
/ 2112 21
1
4
2218 2238 22
100 86 Mar 27
200 Preferred
89
90 *88
*88
89 *88
*8612 8818 87 88
87
87
No par 1234 Mar 26
1412 13,200 Louisiana Oil
/
1
15
1414 144 14
145 15
8
1518 15
14
/ 15
1
4
15
100 89 Feb 8
30 Preferred
*9012 9312 9012 9012
*9012 94
*9012 94
*9012 94
*9012 94
40341 3918 3978 5.400 Louisville0& El A_-__No par 3658 Jan 23
404 4078 40
/
1
3938 41
8.39
40
404 40
/
1
No par 6612 Mar 26
11,800 Ludlum Steel
81
/
1
8
7812 797
8 7712 794 7814 7914 7712 7814 787 81381 80
3818 1,400 MarrAndrews & Forbes_No par 37 Apr 26
38
38
38
38
373 37 4 •3712 3712 37
8
374 38
3
100 104 Jan 8
30 Preferred
*10734 ____ •10734 _ __ _ *10734 _.- 10734 107 *1073 ----,*1073 ---4
4
/
1
4
Mackay Companies
100 122 Jan 19
*130 170 *130 170 *130 170 *130 170 *130 170 , 130 170
/
1
4
Preferred
100 83 Jan 26
/
1
864
/
1
864 *84
8634 *84
8634 *84
8634 *84
*54
8634 *84
No par 91 Mar 26
10234 10614 10618 10838 10412 10612 104 10478, 10338 10514 39,900 Mack Trucks,Ina
10134 103
No par 148 Mar 26
1,200 Macy Co
160 16184 181 161 *158 160 I*15712 161
161 161
*162 163
No par 1814 Jan 5
1838 18
/ 2,400 Madison Ela Garden
1
4
19141 1812 1914 1812 19
194 1912 1914 1914 19
/
1
No par 66 Jan 16
/ 10,500 Magma Cooper
1
4
70
/ 6914 7018 6912 70
1
4
7088 69
6918 697
8 8918 704 69
I
/
1
/
4
8
30
/ 311 3118 3212 3114 3114 297 3112 2714 2918 2714 284 8,0001Ma llson (H R)& Co-No Par 2414 Apr 9
1
4
Preferred
100 9538 Mar 25
8
/
1
4
8
8
*99 1037 *99 1037 *90 103781 *99 1037 *99 1037 *99 103
100 1512 Apr 22
90 Manati Sugar
1658 164 1512 1612 1812 18121 *1512 1812 *1512 1812 *1512 1812
/
1
100 38 Apr 22
2001 Preferred
41
*40
41
*40
*39
41 I *3918 41
38
3812 3812 38
No par 28 Feb 16
1,100 Mandel Bros
30
/ 3038 3038 30
1
4
3014 *2912 3012 30
3038 30
*3078 33
2912 2914 2914 1,400 Manh Elec Supply_ __..No par 2838 Apr 13
/ 29
1
4
/ 2914
1
4
*3018 3038 2934 3038 2938 2958: 29
25 28 Apr 9
900 Manhattan Shirt
30
*29
2912 30141 30
30
30 *2912 30
2912 2912 *29
16
/ 18
1
4
/ 1734 1838 1718 1734 14,400 Maracaibo Oil Expl---No par 12 Feb 18
1
4
*1512 17
/ 1734 18 I 1734 18
1
4
/
1
4
No par 35 Feb 20
/
1
4034 394 4012 46,400 Marland Oil
41
42
41121 4034 4138 40
411 4238 41
/
4
No par 6918 Mar 26
*7212 7312 1,600 Marlin-Rockwell
74
73
7214 7312 7234 88181 7314 7314 *73
7112 72
4
8 9112 8812 9138 29,300 Marmon Motor Car.. No par 663 Feb 18
8718
8912 9214 887
89 4
3
86
8914 87
No par 1214 Apr 22
/ 1214 1238 1,300 Martin-Parry Corp
1
4
1232 12
*1252 13
1238 1278 1214 1238 *1238 13
5238 13,200 Mathieson Alkali WorksNo par 150 Apr 26
/
1
4
190 1993 200 21012 200 204 850
4.
*185 190 *185 188
100 Preferred
100 120 Jan 28
123 123
12314 12314 *123 124 *123 124 )*123 124 *123 124
8614 7,900 May Dept Stores
25 83 Mar 26
8618 85
8478 8314 8312 84 8512 85
84
84 84
22
2212 3,300 Maytag Co
No par
No pw 2034 Mar 26
2134 22
22 22 I 22 22
221
2212 22
2212
41 Apr 1
4112 4112, 4112 4112 4112 4112 4113 4112 2,200, Preferred
4112 4112 4112 411
500 Prior preferred
80
No par 80 Apr 26
80
83 I *82
8312 8112 82
*83 8338 83 83 *82
*77
7712 1,700'McCall Corp
par 7114 Feb 16
77
78781 7612 7634 77
7814 7814 77
784 79
/
1
/
4
No
340,McCrory Stores elan A No ppar 100 Apr 10
10112 10112 *99 1011
102 102
102 102
*10112 102
105 105
No par 100 Mar 26
102 10312 100 10112 2,7001 Class B
104 104 I 103 104
104 104
*103 104
I Preferred
100 111 A111' 16
'
*110 112 *110 112 *112 115 ' 4 112 115 *112 115 *112 115
1812
100 McIntyre Porcupine Mines--5 19 Apr 11
1912 *18
1912 1938
1912 *18
*18
52 7212 38,300 McKeesport Tin Plate_No par 6212 Mar 26
s 70
4
7138 6952 7JJ2' 693 713
6615 664 66
/
1
663
4 87
an 5112 52 5112 5112 2,100 McKesson & RobbIns_No par 49 Jan 7
53 533
4 53 5312 5218 53 I 52
1,700 Preferred
8
60 55 Mar 28
58
/ 5712 5712 573 58
1
4
•58
587
8 58
5812 5812 59 I 58
6434 644 2,400 Melville Shoe
/
1
65
5612 Mar 26
No par
627g 64 65
4 62
6512 65 4 64
3
*61
623
25
2513 3,500 Mengel Co(The)
/
1
20 Mar 26
No par
2414 2614 25 2558 24
2412 25
/ 2514 2514 254
1
4
3
*2634 2614 2612 25 4 *2612 2612 *253 2612 *2534 2612 2614 2614 1,100 Metro-Goldwyn Pictures pf _27 24 Jan 10
4
4112 Mar 26
8 5332 60 175,300 Mexican Seaboard 011 No par
5538 5214 547
4912 50
4914 5012 3012 5438 54
4334 45
17,200 Miami Copper
/
4
5 3018 Jan 8
4418 4558 441 45
443g 4434 4414 4514 4418 45
3512 3434 3514 45,600 MI,1-Cont Petrol
3012 Feb 16
No par
8 35
7
8 3512 36
3618 363
4 35 8 367
/ 3518 357
1
4
- Preferred
100 12014 Jan 18
43
3 Mar 6
/
1
4
10
1;
1
--if4 -1 --ii4 -14 --iis -- ; -1,544 Middle States MCorp
3
2,500 Certificates
3
8 318
2 Feb 25
/
1
4
10
*27
278 3
278
278
278 3
*278 3
1,200 Midland Steel Prod pref_100 225 Feb 15
4
25214 258 260 265 26934 2693 270 270 *265 270 *260 270
2334 233
4 1,900 Miller Rubber
4
2212 Jan 5
No par
2414 233 24
2418 2418 24
24
2334 2414 24
6,700 Mohawk Carpet Mills.No par 6512 Mar 26
7012 6912 71
/
4
711 70
71
721
703 7l1s 71
4
7012 71
8
/
4
8
12534 12852 127 13038 125 1283 1231 12612 12312 1283 249,600 Mont Ward&ColUCorpNo par 11112 Mar 26
/
1
4
121 125
4 7,400 Moon Motors
52
8 57
2
3.58 57
8
53
4 63
512 53
4
5 Mar 26
No par
5 4 57
3
*53
4 5
/
1
4
8
4
4 14 9.700 Mother Lode Coalition_No par
41 418
/
4
3 Feb 8
418 414
418 414
4
4 14
4
4
3.700 Motion Picture
No par
121 Jan 8
/
4
391 3914 3812 3812 3734 39
/
4
39
3918 3918 39
39
39
No par
18 Apr 15
/
4
1818 1818 1812 1812 191 2114 2018 2114 7,500 Moto Meter A
19
1914 1812 19
800 Motor Products Corp No pm 111 Apr 11
127 127
127 127
12734 129 z128 128
126 126
128 128
455 27,000 Motor Wheel
8
39 Mar 26
No par
4678 4414 4578 44
46
4738 45
43711 4538 4434 47
634 11,800 Mullins Mfg Co
4 63
5818 Mar 26
No par
60 633
62
6012 8Ohz 5912 60
614 615
/
1
8 60
120 Preferred
92
4 92
No par 92 Feb 21
94 94
4
*9012 937 *9012 933 *9012 933
*9012 94
5614 5812 14,100 Munengwear Inc
504 Apr 6
No par
5818 59
5634 59
55
/ 57
1
4
*5118 53
/
4
/ 831 188,200 Murray Body
1
4
8 80
62 Mar 26
No par
/
1
7112 72
714 73
/
1
/ 7312 75
1
4
7518 7712 784 817
97
/ 99
1
4
/ 36,800 Nash Motore Co
1
4
No par 94 Mar 26
9912 1008
9912 10138 9812 100
4 9912 10138 9952 101
8 3118 3178 13,600 National Acme stamped...._.i0 284 Jan 7
/
1
317
3112 3214 321g 3278 32
3258 3134 3238 31
17,900 Nat Belles Hess
No par 5018 Mar 26
5914 5712 59
57
5978 58
8 5512 57
5438 5412 5438 557
Preferred
100 105 Apr 2
*106 108 *107 108 *107 108 *106 108 .106 108 *106 108
10,100 National Biscuit
/
1
35 168 Mar 26
183 1844 183 184
186 18738 185 287
180 1833 183 186
/
1
4
4
700 Preferred
100 1413 Feb 20
4
/
1
4
143 143 *143 14314 143 143 *14212 143 *142 143 *14212 143
74,700 Nat Cash Register Awl No par 96 Jan 8
126 12812 12518 12712 12438 12612 12318 127
/
1
4
12558 12612 126 128
56.500 Nat Dairy Products
/
4
-No par 1161 Mar 26
/ 13334 13512 13218 13412 132 13314 130 133
1
4
130 13034 13118 135
3318 1,800 Nat Department Stores No par 2818 Jan 4
33
33
33
33
33
3314 33 3315 33
33
33
300 1st preferred
93
/ 93
1
4
100 9214 Feb 4
*9338 9334 9314 93
*9332 94
*9338 95
*9338 95
45
50 84,900 Nat Distill Prod ctts___No par 33 Mar 26
/
1
4
54
49
50
5312 5214 5434 48
/ 50
1
4
49
/ 48
1
4
6,500 Preferred temp ctfe_No par 67 Feb 7
/
1
4
4 7972 8112 8114 8412 8278 8478 8312 84
*72
7958 7934 793
/ 1,600 Nat Enam & 8tampIng-100 494 Mar 26
1
4
/ 53
1
4
53
/
1
54
544 5434 54
/
1
53
/ 56
1
4
*5312 54
*52
53
8
100 132 Jan 2
147 1497 146 14612 2,400 National Lead
144 14518 14514 14514 148 148
146 146
20 Preferred A
100 140 Jan 2
14112 14112 *140 141 41140 141
140 140 *140 141 *140 141
410 Preferred B
118 118
118 12334 118 118
118 118
100 118 Jan 2
*118 11914 118 118
No par 4214 Mar 26
/
1
/
1
4
2
504 513
/
1
2 507 5212 5218 5338 5218 5358 5214 5412 514 53 107,100 National Pr & Lt
12
1,900 National Radlator
1118 1118 11
No par 10 Apr 15
12
11
1114 *11
11
11
1034 11
100 Preferred
No par 30 Mar 15
3118 3118 *2712 3218 *2714 30 *2714 30
*2714 30
•28
31
126 12614 2,000 National Supply
126 127
126 126
127 127
126 127
126 126
ao 11134 Mar 26
Preferred
100 11414 Feb 8
*11514 ____ *116 -_ *116 __-- *116 -___'i16 ____ •116
129 129 -1:100 National Surety
130 131
130 130
50 12334 Apr 4
131 13112 133 133 *130 134
80 46,500 National Tea Co
78
79
No par 70 Mar 26
80 8112 7912 81 *78
7434 79
/ 80 81
1
4
/ 4832 4718 4812 4634 4838 94,600 Nevada ConsolCoPPer_No par 3984 Jan 18
1
4
4712 4838 4712 4878 467s 4918 46
4512 46
1,300 NY Air Brake
46
/ 46
1
4
No par 414 Mar 25
/
1
4512 4638 464 46
46
46
46
46
50
*48
1,800 New York Dock
49
48
*50
51
100 4114 Mar 27
5014 52
48
4812 4712 50
80
100 Preferred
92 *80
*90
90 90
100 8512 Jan 7
*90
92
*90
92
*8912 92
250 NY Steam pref (13).....No par 9812 Mar 19
9914
997
8 99
109918 9912 991g 9918 9918 9912 9914 9912 99
130 let preferred (7)
11112 11112 11112 113
No par 11114 Mar 15
11114 11112 11312 11312 *11114 114
•1111 114
/
4
2
27,300Hortb American Co---No par 903 Jan 7
8
10384 1043s 10412 10914 108 11012 10714 10912 106 1077 10512 107
53
1,9001 Preferred
/
1
5312 5318 534 53
50 5184 Mar 5
5358 5312 5312 *53
5338
54
*53
10112 10112 1,500 No Amer Edition pref-No par 994 Mar 27
/
1
10114 10112 10132 10112 10112 10112 101 10112
101 101
8 2,4001 North German Lloyd
513
4 5012 505
5212 51
5012 Apr 26
6112 51
52
/ 5234 52
1
4
54
*53
/
4
301 Northwestern Telegraph___50 45 Apr 9
/
4
5112 *4612 5112 *461 5112 *461 5112
*46
46
46
*451 46
/
4
/
1
800 Norwalk Tire & Rubber----10
412 412
44 44
/
1
4 Apr 24
/
1
4
412 434
4
/ 438
1
4
*412 478
*44 5
/
1
40
20 Preferred
40 *38
40 *38
*38
40
100 37 Mar 7
*38
40 40
*3334 40
6
6
612
612 *6
100 Nunnally Co (The)....No par
6
/ •6
1
4
6 Apr 26
612 *6
612 *6
*6
25
25
20
8,000 011 Well Supply
2312 2832 24
25 2212 Apr 2
2318 2234 23
23
23
23
100 Preferred
/ 9912 *9912 100
1
4
984 99
/
1
98
100 9558 Apr 13
100 100
*98 100
*98 100
712 814
74 74 3,200 Omnibus Corp
/
1
4
8
/ 8
1
4
712 Feb 21
NO par
/
1
4
83
8 8
812 8
/
1
4
834 8
/
1
4
89
*80
Preferred A
*83 89 *80 89
100 80 Mar 26
89
*83
89
*83
*85 89
7712 2,700 Oppenheim Collins&CoNo par 7214 Feb 8
7935 7912 80 *77
81
8134 7934 8114 7912 7912 78
40 •____ 40 *____ 40
Orpheum Circuit,Inc
1
230 Preferred
/
4
*73 75 73 741 75 75
100 60 Apr 12
75
75
75
75
71
71
310 31012 2,300 Otis Elevator
31512 317 311 311
so 276 Jan 7
31934 31934 316 316
320 320
Preferred
100 122 Jan 8
*123 12412 12312 12412 *12312 12412 *12312 l24' '123's 12412 *12312 12412
/
1
4
8
4
43
43
/ 427 433 15,600 Otis Steel
1
4
8 4312 44
44 4434 4358 4414 4312 443
/
1
4
No par
100 Prlor preferred
100
*102 103 *102 103 *102 103 *10212 103 10234 10238 *101 103
85
*84
85
Outlet Co
No par
•85 88
*84 85 *84 85 *84
*85
88
86
1,7011 Owens Bottle
8612 3612 8614 8012 86
25
86 86
8618 87
87
87
5612 573
8 5,100 Pacific. Gas & Eleo
57
25
55 55
/ 5512 563
1
4
/
1
8 564 5612 5612 5612 56
/
1
/
4
No par
7938 7734 79 *771 7814 784 7814 2,800 Pacific Ltg Corp
•7514 76
78
76 80
35
*3412 3612 *3412 3612 35
130 Pacific Mills
3414 3414 *3414
100
*3414 35
35
118 5,600 Pacific 011
1
us 14
No pa
112 14
14 11
/
1
/
4
114
14 114
/
1
112
183 185
290 Pacific Telep & Teleg
•180 185
100
180 188 *180 189
185 190
18913 190
70 Preferred
100
12714 12714 *1274 ____ 12712 12712 *12712 -- *12712 ____ *12712 -/
1
12812 12934 12914 132
10
8
13038 1325 13118 13212 13018 13214 13014 134 112,700 Packard Motor Car
58
5812 8,500 pan-Amer Petr &'Trans----50
58
6218 6212 614 623
/
1
6034 5912 6012 58
8 60
3
64 614 63 6512 6134 63
ao
3
3
8 5912 60 4 5812 6118 266,400 Class B
/ 60 4 627
1
4
14
600 Pan-Am West Petrol B_No pa
174 14
/
1
*1412 1514 1412 1514 *14
1712 *14
1714 *14
123
4 1,200 panhandle Prod & ref__No pa
8
8
*1212 13
13
13
1258 1258 12
127
2 127 127 *12
Preferred
*60 65
64
100
*60
65 *60 65 •60 65
*60
64 *60
/ 6712 105,500 Paramount Fain IAA,
1
4
6634 6714 6712 6812 6838 693
/ 6714 65
1
4
-No Pa
8
8 65
8 665 685
63
63
6.900 Park & Tilford
No pa
64
64 64 •63
6512 6512 65 6512 6312 65
104 17,700 Park Utah CM
/
1
1
1014 10
1018 1014 10
1014 10
1014 10
104 10
/
1
/ 12,800 Paths Exchange
1
4
No par
/ 1018 10
1
4
1014 10
103 107
4
2 1038 1118 1034 11
1034 11
/
4
NO par
2214 2214 224 2212 223
22
11
4 223 2212 211 2212 2118 2112 4,000 Class A
8
4
3812 394 3812 38
/
1
3812 39
/ 3814 393
1
4
2 382 3932 3834 397 10,400 Patin° Mines & Eaten:or-a°
• Bid and slaked Daces; an sales an Skis day. g
3714 Jan 2
101 Jan 21
88 Mar 6
81 Jan 7
53 Jan 2
70 Jan 7
29 Feb 18
1 Mar (3
159 Jan 3
4
1163 Jan 3
11612 Mar 26
4014 Feb 18
4012 Feb 10
14 Apr 26
912 Feb 16
474 Feb 25
5512 Jan 2
6012 Apr 11
10 Mar 26
7 Mar 26
/
1
4
1312 Mar 26
3412 Jan 7
X-dividend. a Ex-rights. o Old stook. 8 Ex-dividend 300% in stook.
PER WARR
Range for Previong
Year 1928
Highest
Lowest
per shore
Per share Per Oars
444 June 8884 Sept
744 Jan 5
12112 Apr 2 11712 Aug 125 May
2888 Jan 11
2384 June 4672 Ap
93 Jan 16
8812 Dec 114 Mar
18 Jan 9
988 Feb 1934 Apr
78 July 96 Apr
10014 Feb 21
47 Jan 31
28 Feb 41 May
8234 Mar 4
46 Jan 4
44 Aug 87¼ Apr
1673 Apr 19 106 Oct 110 Nov
4
140 Mar 28 10812 Mar 184 Mar
841 Jan 14
/
4
684 Jan 86 Oat
11434 Feb 5
83 Apr 110 Nov
18684 Jan 2 y134 Aug 382 Aug
24 Feb 28
184 Dec 34 May
4384 Feb 75 Nov
8212 Mar 21
398 Jan 15
8
16 Jan 3812 Nov
1054 Jan 18
8718 Jan 110 Oct
26 Jan 14
21 Nov 41 Jan
40 Nov 88 Jan
5012 Jan 10
3838 Mar 9
32 June 4012 Jan
374 Jan 14
8
2812 Sept868 June
354 Jan 4
/
1
3184 Feb 43 May
1812 Apr 18
1212 Feb 2512 Apr
474 Jan 3
33 Feb 4984 Nov
794 Jan 21
/
1
4514 Mar 83 Nov
9214 Apr 24
77 Deo 86 Dee
124 Mar 2552 June
18 Jan 2
2184 Jan 25 11784 June 190 Dec
125 Jan 2 115 Jan 130 Apr
1084 Jan 10
75 July 11312 Nov
/
1
4
25 Apr 4
1712 Aug 30 Nov
4018 Aug 52 May
454 Jan 3
8912 Dec101 May
9018 Jan 10
8014 Apr 18
58 Feb 80 Dec
77 Feb109 8 Nov
7
11334 Feb 5
8012 Mar 11984 NOV
11512 Feb 6
120 Feb 7 109 Feb11812 Nov
194 Sept 2812 Mar
2312 Jan 5
6212 June 7888 Nov
82 Jan 31
3
4512 Nov50 4 Dec
59 Mar 4
3
54 Nov63 8 Nov
62 Feb 4
72 Jan 3
607 Nov 70 Sept
8
2514 July 41 Sept
3478 Jan 4
2412 Dec 2712 May
27 Feb 25
4 Jan 73 Dec
/
1
4
6988 Jan 3
174 Jan 33 Dec
5412 Mar 20
2518 Feb 4412 Nov
394 Jan 3
/
1
121 Jan 4 10314 Feb 12012 Dee
Vs May
288 Jan
518 Jan 3
57 May
1
112 Jan
312 Jan 3
275 Apr 3 193 June 295 Nov
1812 Aug 27 Jan
2878 Mar 20
2
3918 Aug 757 Dec
8014 Mar 1
15678 Jan 2 1154 Dec 15812 Dec
8
58 Feb 1112 May
8 Jan 8
4 May
/
1
4
288 Aug
612Mar 4
5 Mar 1478 Dec
435 Mar 6
8
3
13 Mar 24 4 Sept
254 Jan 3
94 July 21884 Oct
206 Mar 1
254 Jan 5114 Oct
474 Feb 4
694 Juae 9514 Oa
8178 Jan 4
8
98 Dec 1047 Nov
10214 Jan 11
4884 Mar 6212 May
5988 Feb 13
202 Feb 12414 Oct
834 Apr 28
11878 Jan 25
8014 Feb 112 Nov
3912 Feb 28
74 Jan 324 Dec
71 Mar 1
9014 Jan 1154 Dec
118 Jan 3
205 Jan 4 15912 July 1954 Nov
144 JEID 28 1374 Feb 150 Apr
14834 Mar 20
4714 Jan 10434 Dec
6412 Jan 1334 Dec
1374 Jan 29
2172 Jan 3214 Oct
3784 Mar 5
Jan 102 May
95 Apr 12
91
2914 June 5812 Jail
5512 Mar 14
8
5114 June 718 Jan
8612 Mar 13
234 Mar 574 Nov
6214 Jan 9
Jan
173 Mar 20 115 July 136
14112 Feb 1 139 Jan 14714 May
/
4
1233 Apr 24 1121 Mar 122 July
4
/
1
2178 Jan 464 Dec
614Mar 4
/
1
2
14 July 403 Jan
17 Jan 10
38 Dec 9812 Jan
41 Jan 29
8414 June 146 Dec
144 Jan 2
117 Apr 19 114 Sept 119 Jan
155 Feb 1 13884 Dec 160 Nov
9138 Mar 1 0160 Jan 390 Des
1784 Jan 4288 Dec
6278 Mar 21
2
397 Oct 9018 Nov
4934 Mar 4
47 Aug 6414 Jan
584 Feb 2
/
1
85 Sept 95 Jan
90 Apr 10
9812 Oct 10512 May
103 Jan )0
1147 Feb 19 102 Jan 115 Apr
8
5838 Jan 97 Nov
11012 Apr 23
8
51 Sept 555 May
5414 Jan 9
99
/ Oct 10578 Feb
1
4
1034 Jan 15
63 June 694 Nov
/
1
4
644 Jan 12
48 Oct 55 May
50 Mar 18
74 Sept
211 Mar
614 Feb 4
4
338 Jan 48 Sept
65 Jan 31
634 Dec 13 May
8 Feb 8
2014 June 41 Jan
32 Jan 3
97 June 11012 Jan
10612 Jan 16
712 Dec 22t4 May
107 Feb 28
8
994 June
8312 De
90 Feb 28
67114 Aug 894 Jan
8478 Apr 13
18 May 70 Oet
75 May 104 Nov
95 4 Jan 2
8
2854 Dee
345 Mar 20 1474 Yea 126 4 July
8
125 Jan 24 1194 Jan
1012 Jan 404 Nov
488 Mar 15
s
8218 Jan 103 Nov
108 Feb 20
994 Sent
81 Jun
964 Jan 4
7428 Jan 9578 Apr
984 Feb 13
4328 Feb 564 Nov
694 Jan 31
69 Dec 8588 June
85 Mar 13
25 Oct 354 Nov
37 Apr 17
214 Apr
1 Sep
24 Jan 10
189 Dec
200 Mar 14 145 Jun 1254 May
Feb 27 114 Oct
129
5614 Feb 183 Dec
153 Jan 2
3814 Feb 5512 Nov
6258 Apr 22
2
3784 Feb 587 Nov
6312 Apr 22
1512 July 2888 Allw
171 Jan 3
/
4
114 Feb 2184 May
1514 Jan 3
70 Fe 10e14 May
76 Jan 18
4714 Oct 5688 Dee
70 Mar 18
/
1
4
98 Nov
84 Ma
8772 Jan 14
9 Aug 144 Jan
1378 Feb 28
2 Feb 15 Nov
1472 Jan 9
812 Feb 34 Aug
30 Jan 9
237 Jan 43 Apr
2
474 Mar 4
New York Stock Record-Continued-Page 7
2773
For sales during the week of stocks not recorded here. see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. I Sales
for
Saturday,
Monday, i Tuesday, 1Wednesday, Thursday,
Friday.
the
April 20.
April 22. I April 23.
April 24.
April 25.
Wee/c.
April 26.
$ per share $ per share $ per share $ per share $ per share , $ per share
1618 163
3 17
1712 173o 173
8 17
1758 *1612 17 I 1658 1714
557 564 543 5518 54
/
1
564 57
5512 5318 55
4
4
5314 553
*10514 1087 *106 1087 10514 10514 1087 1087 .10512 1087 .10512 1087
8
8
8
8
8
8
.814 812
814 812
84 814
33
8 88.
814 813
814 814
203 203
4
4 20
231I 2158 23
2012 1912 227
2118 227
8
8 22
83 83
*82
87
*82
83
*82
87
'
*258 262
26014 2623 *260 262 *260 262
4
25914 262
26114 264
*34
35
*34
35
35
3513 *3512 36
*3512 36
3512 3511
*158 164 *158 161 *155 160 *159 160 *157 164 *155 160
9
4912 *49
4913 49
49
*49
4912 4912 4912 49
49
525 523 *523 53
8
4
8
525 523
8
8
8
8
8 525s 525
4 527 527 *5212 527
2014 2012 2014 203
8 2038 203
4 2014 203
4 2012 21
2058 203*
153 1618
4
155 155
8
8 15
1558
15
1538 1413 15
1414 1484
*8212 90
*85
90
92
92
*85
96
90
90
90
90
7
423 443
4
8 425 43
8
4212 43 4 4212 43
42
43
413 4214
4
3
*25
28
*25
27
*25
27
2518 2518 *2512 26
2618 2618
*94
9612 *94
9612 *95
96
*95
96
95
95
95
95
317 317
3214 3314 323 3314 32
325
328 3113 3214 32
*8314 8312 83
837
8 83
84% 84
848 8312 8414 *8312 8414
25
8 3
23
8 27 1
23
27
212 23
2% 28
4
212 234
•46
48
46
46
46
4612 4518 463
415* 41%
4 4412 45
5
512
48 5
513 53
43
8 512
4
514 512
512 53
4
51
517
8 507 5114 52
5112 513
533* 5112 52
4
538 52
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & MIscell. (Con.) Par
50
1,000 Peerless Motor Car
No par
12,700 Penick & Ford
100
20 Preferred
50
900 Penn Coal & Coke
13,500 Peno-Dixle Cement__No par
100
100 Preferred
2,900!People's G L & C(Chic)_.100
No par
500'Pet Milk
'Philadelphia Co (Pittsb)___50
50
20, 5% preferred
50
700, 8% preferred
6,900 Phila & Read C dr 1- No par
10
12.900 PhIlin Morris & Co., Ltd
100
140 Phillips Jones pref
29,500 Phillips Petroleum-__-No par
6
400 Phoenix Hosiery
100
130 Preferred
14,800 Pierce-Arrow Class A__No-par
100
8,8001 Preferred
25
9,100 Pierce 011 Corporation
100
1,400 Preferred
No par
26,100,Plerce Petrorm
6.7001Pillsbury Flour Mills-No par
100
I Preferred
;621-2 73
100
.
62
;61
6212 6238 623
6212 6112 6112 .61
300 Pittsburgh Coal of Pa
*
*87
100
89
*87
89 '87
200 Preferred
'
1
88
89
87
*87
8718
89 .87
*20
25
100
*20
25
*20
25 .20
*20
25
•20
25
25
Atte Terminal Coal
100
*5212 5912 *5213 5912 *5213 5912 *5213 5912 *5212 5912 *5212 591
Preferred
87
8714 873 89
8
87
8514 8514 2,100 Porto Rican-Am Tob cl A_100
8614 89
*8612 88,
2 86
No par
4513 4512 4512 463
4 44
46
4312 453
5.800 Class B
463
4 441 4614 45
•102 1023 1023 1023 1023* 1023 *10218 1023 10258 10212 *10214 102'2
4
4
500 Postal Tel & Cable pref___100
4
8
*
71
7134 718 743
No par
733 76% 376,800 Postum Co, Inc
/3 73 8 75
8
7
73 4 7714 743 77
3
25
6012 613
4 61 18 613
61
597k 6018 8,100.Prairie 011 de Gas
4 6014 613
4 6014 6114 60
25
567 57
8
43,700 Prairie Pipe & Line
5612 56% 568 57
563 56% 565* 60
4
563 57
1 213 213
No par
218 217
8 2I34 2211 213 22
8
4 2053 2114 10,700'Pressed Steel Car
2112 218
4
100
7912 7912 80
7914 794
80
500 Preferred
•79
80
7912 79 2 •7912 80
,
22
2318 22
22
2113 23
2114 2212 2158 2158 2118 2112 4,8001Producers & Refiners Corp__50
*4112 44
50
42
*4113 42
42
43
*4112 42
43
2201 Preferred
43 43
63
*55
63
20 Pro-phy-lac-tic Brush__No par
*6018 63
*6018 63
5918 591s *" 63 .55
817 827
813 833 62,500 Pub Ser Coro of N J__No par
4
8
8 83
4
8 844 8514 823 85
843* 8318 853
10434 10434 *104 1043 *104 1048 1043 1043 1043 1043 1047 1047s
100
8
4
4
4
600, 6% preferred
4
100
11978 1197 *119 120 *119 120
118 120
8
119 119 *119 120
1,300' 7% preferred
•146 1464 1463 1463 1463 1463 *146% 152
100
4
/
1
1463 1463 146 1463
800 8% preferred
4
4
4'
4
200 Pub Serv Elec & Gas pref _100
•1071 108 *10712 100 *10818 109
10818 10818 108 108 •10712 1073
83
No par
83
847 18214 837 31.400 Pullman. Inc
8
83
85
823 8314 8258 8338 83
4
*17
18
17
50
4 17
1618 165* 168 1714 16% 16% 1612 163
3.200 Punta Alegre Sugar
25
2714 28
8 26
273 2812 27% 2812 27% 27% 2612 277
4
273* 78,700 Pure Oil (The)
113 113 •11213 114
11214 113
113 113
430 8% preferred
100
11212 113 •113 114
12518 12714. 12512 1287 12718 12912 126 127
1254 12812 12512 1271 13,400 Purity Bakeries
Preferred
ioi" 1- -7- 33
1:12 8
624
64 4
17151- jai- 1- -1- -053g fiiii; "55- 15414 6- - ,000 Radio Corn of Amer___No par
z
5414
*55
50
55
3 *55
55 .548 55
700
Preferred
55
5514 5414 55
303 31141 3114 313
8
3018 2814 297 56,900 Radio Keith-Orp cl A__No par
30% 30% 29
4 3018 318
3
7413 75
73
10
72
3,900 Real Silk Hosiery
73
7518 76
7314 725* 73
73
/ 75
1
4
*98
100
9812 9814 984 98
9814 *98
50 Preferred
9814
9814 .98
9814 *98
1112
*12
13
12
12
300 Reis (Robt) & Co
1112 1112 *11
No par
12
*12
1212 12
79
*70
79
100
79 .71
*71
79
*71
First preferred
*71
78
*71
79
313* 318
No par
3112 3012 3112 22.100 Remington-Rand
311 32
/
4
8 31
3114 3214 3118 317
94
.94
041
100
9418 94
94
1,100 First preferred
*94
9413 94
*94
.9413 100 I *95
100 Second preferred
100
95
*9414 9978 .9512 997
05
997 *95
997
285 18,700 Reo Motor Car
285* 287
27
10
g. 283 287
*
273 283
4
4 27% 284 2712 277
98
96
997 56,700 Republic Iron & Steel__ _100
8
99 I 9814 9912 993* 10212 99i2 101% 095 100
115 115 *110 11312 112 112 *110 112
100
112 112
112 112
800 Preferred
94 918
No par
912 912
8% 912 3,300 Reynolds Spring
913 912
914
97g
918 97
553 5612 58
5512 9,700 Reynolds (RJ) Top class 11_10
5512 55
55
5512 56
5618 5512 56
*70
10
75
70
70
74
70
*70
30 Class A
*70
74
70
75
*70
56
54
5412
*56
57
700 Rhine Westphalia Elec Pow__
.56
8
55% 555 *55
56
*55% 56
8
463
8 4414 457 43,700 Richfield 011 of Callfornia__25
44% 45
453 4612 45
8
44% 453
4 4614 47
3612 3718 35.200Rlo Grande oii
No par
38% 38% 37% 38% 3612 37% 36% 3714 36% 37
25
*276 284 *270 281
200 Rossla Insurance Co
2803 2803 279 279 .275 280 .275 28
4
4
34% 322 333 80,600 Royal Baking Powder__No par
33
35
363
8 35
35% 3314 35
3614 34
100
100 Preferred
8 09% 99%
*---- 997
101 *____ 101 •__ __ 101 •_ ___ 101
8 51% 5214 517s 524 4,500 Royal Dutch Co(N Y shares)
527 52% 5214 52% 5218 5214 524 525
8
6712 13.000 St. Joseph Lead
64% 663
10
4 65
68
67
6738 67
6814 67
6812 67
8
16312 164
8
No par
8
164 166
166 16712 1643 1663 16412 1665 1633 16412 12,900 Safeway Stores
95
95
95
95
100
120 Preferred (6)
*95
953 *95
4
3
95 4 953
3
953
4 95 4 96
4
100
120 Preferred (7)
•10414 105
4
104% 104% 1043 101% 104% 1043
10412 105 .1043 106
4
4212 1,100 Savage Anna Corp- - --No Par
8
43% 423 42% .42
43
43
433
8 4214 43% *42
43
2112 42,300 Schulte Retail Stores__No par
4 21
21
233 24
213
221
4
2212 233
2312 24
4 21
9712 1004
610 Preferred
100 101
100
973
8 9718 99
99% 100
98% 99% 97
1858 8,600 Seagrave Corp
1712 18%
No par
175 17% 18% 19% 18
1712 173
8
4 1712 17%
154 157
15814 1603 15614 15912 155 15712 15314 15518 1521 1553 48.900 Sears. Roebuck & Co NO Par
8
612 613
612 65
8 6,500 Seneca Copper
612 6%
No par
6% 7
62 7
,
6% 6%
14514 149% 144 1478 45,800 Shattuck (F 0)
13514 1403 140 143% 139 14012 14014 148
8
No par
.455 48
545% 48
.453 48
8
*4512 481 *46
Shell Transport & Trading..£2
8
4614 *453 48
304 57,700 Shell Union 011
3012 307
8
No par
30% 30% 30% 30% 295 3014 2914 29% 20
59
59
59
60
4
603
3,100 Shubert Theatre Corp_No par
80
6212 593 6014 59
59
62
8612 36,400 Simmons Co
86% 84
8414 841
/
1
4
No par
87% 903
4 863 884 85
8314 91,
4
3212 2812 313 1067100 Simms Petroiem
3414 30
4
2518 2534 255 29
32% 31
8
30
10
8 38
387 134,101 Sinclair Cons 011 Corp_No par
8
383 3913 3814 387
4
393 4014 395 4018 39
4
40
8
4
4
4
4
4
800 Preferred
10912 1091 10912 10958 •10912 10958 109% 1093 1093 1093 1093 1103
100
44% 4614 4318 4433 4314 4512 103,400 Skelly Oil Co
7
441 451
46
43
25
4312 44
*110 116 *113 115
100 Sloss-Sheffield Steel di Iron 100
112 112 *110 115 *110 115 *110 115
*108 11013 *108 11012 *108 11012 •108 110% *108 11012 *108 11012
Preferred
100
13 .11
1212 13
*11
13
400 Snider Packing
13
1214 13
*12
1312 *11
43
43% 431 4312 2,200 Preferred
43 .4014 44
43
*40
44
44
45
No par
o pa
8 38
38% 36% 377
383* 7,300 So Porto Rico Sug
3812 3812 3818 383* 3818 3812 38
par
8 561 56% 57,8 56% 56% 5618 56% 56l 57
7,700 Southern Calif Edison No 25
561 5614 55
/
4
a
•36
37
37
36
*36
36
37
200 Southern Dairies cl A__No pa
*36
*36
37
*36
37
13
13
13
•1214 13
13
1314
•13
600 Class B
1312 .13
No pa
1314 .13
*114 116 *114 117 •114 116 •11414 117 •11414 117 •11414 117
Spalding Bros 1st pref
100
464 4412 4618 43
4512 16,800 Spang Chaltant&Co 1ncNo pa
44% 44
427 4312 435 440 43
8
96
•94
943 *94
4
96
943 *94
4
94
30 Preferred
*94
943
94
943
100
*812 9
9
9
.812 9
220 Spear & Co
*84 812
No pa
858 834 *312 94
75
75
76
*7512 76
75
75
180 Preferred
*754 7512 7514 7512 75
/
1
100
8 553 583
4
8 563 58
4 5812 607
4
613
80
5512 5512 5514 60
14,900 Spicer Mfg Co
No pa
4
4
106 10634 10(1 106% 10712 1123 11112 11314 110 111% 10712 1103 62,800 Spiegel-May-Stern Co-No Pa
8 32
3012 31% 293 3012 3,600 Stand Comm Tobacco_No pa
315
4
29
29
29
3012 31% 32
863 87% 8618 8714 853 8612 12,900 Standard Gas d: El Co_No pa
4
88
4
87
86
863
4 8513 88
4
4 6413 648
2.100 Preferred
*64
6418 641 64% 64% 64% 6418 64% 643 643
/
4
50
200 Standard Milling
1133 11334 *115 1182 11814 11814 *113 118 •11512 1177g .115 118
4
4
100
110 110
110 110
801 Preferred
*--__ 110
110 110 •110 115 •110 115
100
79% 77% 78% 7712 78
763 777 62,300.Standard 01101 Cal____No pa
4
78% 7914 7818 7938 78
'
8
/
4
89% 6014 583 601 5812 5914 5812 5914 57% 5812 5712 583 s 112,500'8tandard Oil of New Jersey_2
43% 4212 433 99,800 Standard 011 of New York __2
8 434 43% 43
4312 443
43% 437
8 4313 44
514
512
514 514 1,000 Stand Plate Glass CoNo pa
514 512
5% 512
*5 4 5% *514 5%
,
18 .1812 _V_3__
138
230 Preferred
18% 1012 •1818 1914 *1818 1314 1818 1814 18
10
*4914 49% 4914 4914 488 493
4 1.500 Stand San Mfg Co____No pa
*4918 4912 493 493
4
4 48% 50 *13
373
8142
•13812 -•13812
*13812
•13813
-100
Preferred
39
3812 3812 3812 39
394 384 3818
5.000 Stanley Co of Arner____No pa
37% 38
39
72% 70% 713
4 6913 713 52,200 Stewart
8 71
69
8 70% 717
717
6913 69
10
-Warn Sp Corp
837 85
8
8412 85
83
85
*83
84
85% 8412 85
5,900 Stromberg Carburetor_No Pa
84
847
8 8218 83
82
,
843 29,100 Stud eferre4
8
40 preb rCorp (The___No pa
815 8212 8178 8314 8218 84 4 83
8
'
4
4
12512 •1243 125 *1243 12512 •1243 12512 12513 12512
4
*1243
4
*1243
4
100
314
313
3%
3
33
4 4,100 Submarine Boat
34
,
*318 314
318
3
318 318
No pa
/
1
62
6014 603
4
*62 • 6312 6214 6214 6214 6312 634 6318 62
800 Sun Oil
No Pa
10458 10418 1041s *10412 105
10414
10312 10312 104 10412 *104 106
620 Preferred
100
87
8 94
,
812 878
812 878 52,900 Superior 011
8% 914
918 012
9
/ 9%
1
4
No Par
66
603 63% 58
8
6178 26,700 Superior Steel
58% 6118 62 2 6214 66% 62
,
56
100
1712 1712 1814 8,400 Sweets Co of America
18% 17
•I94 1912 1818 1918 1818 1812 17
50
7
714 1,000 Symington
,
,
714 7 4 *6% 7 4 *6 2 7 4
,
,
712
No par
*74 712 *7
/
1
1612 16
1612 16
15% 1614
15% 16% 16
*15
16
16
par
5.500 Class A
2212 2213 2234
*2212 23
2212 2234 2214 2214 22% 22% *22
9® Telautograph Corp
r
N Par
A'o
-6-2 -
•BIG and asked prices, no sales on this day. s Ex-dividend. a Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
3 per share
1538 Mar 26
38 Jan 2
100 Apr 2
818 Mar 28
17 Mar 26
83 Apr 20
208 Jan 11
3318 Apr 10
15712 Apr 17
4812 Jan 15
51 Apr 1
2018 Apr 19
144 Apr 26
8814 Jan 17
3712 Mar 8
25 Apr 11
95 Apr 25
2712Mar 25
7212 Jan 2
24 Feb 8
30 Jan 8
43 Apr 2'
8
4814 Mar 26
143 Jan 2
61 Mar 27
37 Apr 26
24 Apr 6
60 Apr 2
77 Jan 11
36 Jan 4
102 Mar 26
62% Mar 26
58 Jan 30
535 Jan 14
8
8
195 Feb 18
7412 Feb 16
1814 Feb 16
3814 Feb 20
59 Apr 18
75 Mar 26
104 Jan 5
118 Apr 26
145 Apr 17
1055 Apr 3
8
79% Mar 26
1518 Feb IS
234 Feb 16
112 Jan 14
115 Mar 26
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
03 Mar 20
255 Mar 26
8
7914 Feb 8
1087 Jan 7
8
74 Mar 26
53 Mar 26
70 Apr 24
53 Feb 26
393 Feb 16
4
332 Feb 21
226 Feb 18
30 Mar 26
9912 Mar 25
497 Feb 19
62 Jan 7
157 Mar 26
93 Apr 4
102 Feb 16
3814 Mar 26
21 Apr 21
97 Apr 17
157 Jan 2
8
1393 Mar 26
512 Jan 2
12312 Jan 8
43 Jan 25
253 Feb 18
4
5412 Mar 26
75 Mar 26
1818 Mar 26
3512 Mar 26
109 Mar 26
327 Mar 7
8
108 Apr 15
105 Jan 2
1014 Mar 26
33 Jan 3
34 Mar 26
531 s Jan 4
'
3512 Feb 16
1134 Mar 4
11312 Apr 8
398 Mar 26
89 Mar 19
88 Apr 22
75 Apr 18
45 Jan 7
7714 Jan 15
2514 Apr 11
803 Mar 26
4
63 Apr 4
104 Mar 26
110 Apr 221
64 Feb 18
48 Feb 16
33 Mar 7
412 Jan 2
17 Jan 3
41 Jan 26
11813 Jan 15
26 Apr 11
65 Apr 10
z523 Jan 11
4
77 Jan 5
1243 Jan 2
4
3 Feb 27
57 Mar 26
100 Jan 3
7 Feb 16
38 Jan 2
1512 Mar 11
413 Mar 12
1214 Mar 11
194 Feb 8
Highest
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
$ per share $ per share $ per share
1418 Sept 25% Mar
2213 Jan 11
2258 Jan 414 Oct
5712 Apr 18
Oct 115 Mar
110 Jan 9 103
1112 Jan
8 Aug
12 Jan 20
143 July 31 May
4
27 Jan 5
8
94 Jan 22
75 Sept 963 Apr
28712Niar 14 151% Jan 217 Nov
4512 Jan 3
4113 Dec 4614 Dee
180 Jan 5 145 Mar 174% May
49 Mar 16
4513 Mar 49 Aug
54 Mar 18
51% Oct 57 Mar
34 Jan 8
273* June 39% Jan
15 Mar 2512 May
234 Feb 26
Apr 99 May
85
92 Apr 23
8
354 Feb 537 Nov
47 Jan 3
Oct 38 May
21
3738 Jan 22
94 Dec 10314 Feb
100 Jan 6
377 Jan 9
1813 Oct 30% Dee
562 Oct 747 Dee
8612 Jan 9
12 Mar
614 Apr
338 Mar 18
Oct
164 Feb 50
5112 Mar 18
57 Jan 15
658 Apr
312 Feb
328 Feb 5878 Dec
637 Jan 15
Jan 14433 Deo
15614 Jan 14 108
8
3618June 787 Dee
833 Jan 9
81 May 100% Dec
100 Jan 5
26 Feb 38 Dec
343 Jan 9
8
7814 Jan 9
6318 Oct82 Mar
958 Mar 15
533 July 853* Dec
2314 Aug 517 Dec
5034 Jan 2
105 Jan 31 100% Aug 106 Sent
785 Jan 5
613* July 1361 May
655 Jan 2
8
5913 Dec 645 Dec
60 Feb 25
253 Mar 22
8
18 June 3313 Oct
81 Mar 27
70 Aug 9312 Oct
16 Feb 29% Nov
25% Jan 3
41 Feb 495 000
463 Mar 21
4
0
Feb
4
52 Nov 91
823 Jan 14
943 Jan 31
4112 Jan 8312 Dec
10818 Feb 5 1033 Jan 115 May
8
1247 Jan 3 117
8
Oct 12913 May
15012Mar 15 134 Jan 150 May
1095 Jan 28 106% Dec 110% Apr
8
917 Jan 3
8
777 Oct 94 May
8
2114 Jan 14
175 Dec 347 Jan
8
28% Jan 3
19 Feb 314 Nov
116 Fen 25 108 Mar 119 June
139% Feb 4
75 June 13058 Oct
105 July 16614 Oct
10984 Mar 16
57 Jan 3
5412 Jan 60 May
467 Jan 4
344 Dec 5112 Nov
8438 Mar 4
8
24% Jan 605 Des
10212 Feb 8
8012 July 9712 Dec
15 Dec
1614 Feb 1
512 Feb
10812 Feb 6
6114 Feb 8913 Del
358 Feb 4
2312 Jan 361 May
8714 Dec 98 June
96 Feb 4
Jan
997 Feb 19
8
8818 Oct 100
317 Jan 3
8
2212 Jan 3514 Oct
4918 June 9412 Nov
10212 Apr 23
11512 Feb 27 102 June 112 Feb
1214 Jan 16
s
147 June
84 Feb
66 Jan 11
80 Mar 15 16512 Mar 195 May
64 Jan 2
50
Oct 61 Del
495 Jan 3
2311 Feb 56 Nov
4212 Mar 28
310 Mar 16 145 June 278 Nov
40 Dec 493 Dec
4
4314 Jan 2
10312 Jan 21 10412 Dec 10413 Dec
553 Jan 5
Oct
445* Jan 84
37 Mar 7112 Dec
94 Jan 21
19514 Jan 4 171 Dec 20134 Dee
97 Jan 16
95 Dec 97 Dee
108 Jan 18 10612 Dec 10612 Dec
3614 Dec 51 Dee
517 Jan 24
8
4112 Jan 8
353 Dec 6712 Apr
4
Apr
11812 Jan 2 115 Dec 129
1712 June
2214 Apr 12
10 Feb
181 Jan 2
8218 Jan 1971/ Nov
1012 Mar 20
712 Oct
Jan
2
1493 Apr 25
8
8012 Feb 1404 Oct
393 Jan 571 Oct
8
553 Jan 10
234 Feb 398 Nov
313 Apr 2
4
7412 Jan 21
543 June 8514 Nov
8
116 Jan 31
553 June 1013 Nov
4
1818 Feb 2714 Nov
341 AM'24
/
4
45 Jan 2
173* Feb 463 Nov
Oct
111 Jan 29 10212 Jan 110
25 Feb 4258 Nov
4614 Apr 24
125 Jan 19 102 June 134 Feb
112 Jan 18 10412 Oct123 Mar
11 Dec20 Apr
1614 Feb 5
31 Nov60 Jan
5012 Feb 6
3212 Feb 49% May
4
443 Jan 2
4312 Jan 5612 Nov
6513 Jan 31
8
2412 Jan 605 May
42 Jan 2
Jan 30 Apr
9
8
153 Jan 12
Jan 120 Apr
117 Feb 6 109
26 July 5758 Dec
5214 Jan 3
97 Oct100 Aug
97 Jan 17
20 Feb
104 Nov
143 Feb 4
4
7634 Nov 9238 Feb
8011 Jan 2
8
2312 Jan 513 Dec
663 Mar I
4
6512 Sept 91 Nov
1177 Feb 6
8
Oct 4014 Nov
24
435* Jan 11
997 Jan 31
577 Jan 848 Dec
645 Dec 7112 May
67 Feb 4
Jan 14212 Dee
16314 Jan 18 100
133 Jan 12
814 Mar 20
6112 Apr 2
454 Jan 2
05 Jan 21
8
31 Jan 18
54 Jan 29
138 Mar 21
434 Jan 3
8
723 Apr 24
0213 Jan 9
98 Jan 26
12512 Apr 26
41z Mar 14
6812 Jan 10
10512 Jan 8
12 Jan 3
738 Apr 9
2214 Apr 11
8 Apr 3
17 Apr 3
2512Mar 28
97 Nov 115 Dee
53 Feb 80 Nov
373 Feb 592 Nov
283 Feb 4513 Dec
4
77 Feb
24 Jan
Jan 40 Feb
10
34 June 538* Dec
*
118
Oct 1262 May
35 Dec 693 Sept
4
44
57
12112
3
3112
100
212
18
115
4
10
1514
Jan 99 Dec
Jan 8712 Oct
Feb 127 June
614 Mar
Feb
Jan 77 Nov
Jan 110 Apr
1414 Nov
Feb
Jan 56% Nov
Feb 231z Sept
Aug
7 May
Aug 193 A.Pr
Jan 223 May
8
New York Stock Record-Concluded-Page 8
2774
For sales during the week of etocks not recorded here, see eighth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
April 20.
Monday,
April 22.
Tuesday, ,Wednesday,
April 23.
April 24.
Thursday,
April 25.
Friday,
April 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share Iota
On basis of 100
Lowest
per share
$ per share $ per share Shares Indus. & Miscel. (Con.) Par
$ per share
1814 25,800 Tenn Copp & Chem_No par 16 Apr 9
1818 1818 18
8
1712 187
25 574 Feb 21
4 6412 66 100,200 Texas Corporation
653 663
4
/
4
6612 681
8314 152,900 Texas Gulf Sulphur__ _No par 7214 Feb 18
8218 81
81
5
823 83 8
4
10 164 Jan 25
4
2018 2012 193 204 14,500 Texas Pacific Coal & 011_
2012 2114
1314 Mar 26
1
/
1
1838
1718 1714 164 1718 14,900 Texas Pao Land Trust
1778
No par 1612 Mar 14
8
4 233 2412 5,900 Thatcher Mfg
227 233
8
2218
*22
No par 35 Mar 9
423
4
300 Preferred
4234 *41
*41
43
43
No par 3414 Mar 26
3818 4.300 The Fair
4 38
3814 393
3812, 39
100 10412 Feb 26
30 Preferred 7%
109 110 *109 110
*10814 111
25 444 Mar 28
300 Thompson (J R) Co
46
4612 46
*46
*46
48
1712 Feb 8
2018 21,700 Tidewater Assoc 011__No par
2012 1912
20
8
2012 207
100 86 Mar 15
500 Preferred
*8712 88
*8712 88
8814 89
100 2718 Feb 1
8 3312 3312 1,500 Tide Water 011
335 335
8
3512 3512
100 9018 Feb 25
94
800 Preferred
94
9312 94
94
94
8 8112 834 12,400 Timken Roller Bearing_No par 7312 Feb 16
8134 827
813 823
4
8
151 58,500 Tobacco Products Corp____20 1412 Apr 24
/
4
4 15
153
1412
1638
16
20 1834 Apr 26
4
1918 183 1912 9,500 Class A
z19
1918 1912
1518 Apr 24
300 Dividend certificates A
1518
1514 1514 *15
*1518 18
15 Apr 25
200 Dividend certificates B
*1414 20
15
15
*151 18
/
4
16 Jan 18
certificates 0
20
600 Dividend
2478 *15
*163 20
8
16
1612 *15
*1638 20
*163 20
8
9 Feb 26
103 1118 45,700 Transet'l 011 tern ctf__No par
4
1118
1078 1118 103 11
4
10
/ 1114
1
4
11
1118 11
500,Transue & Williams St'l No par 41 Feb 28
50
*47
50
*48
52
48
4818 *46
*48
50
50
50
4
504 95,500'Trico Products Corp__ _No par 383 Feb 18
/
1
50
5412 4914 5112 48
463
4 4612 49
4534 4612 46
No par 21 Apr 9
4 2,100 Truax Truer Coal
4
22
/ 225
1
4
8 23
23
2312 2312 233 233
2258 23
*223 23
4
3
10 44 4 Mar 26
50
500 Truscon Steel
*48
50
49
*48
4718 47
/ 49
1
4
47
47
*46
48
114 11512 9,000 Under Elliott Fisher Co No par 91 Jan 7
11512 11614 116 11712 116 11714 11514 11614 115 116
100 125 Jan 5
70 Preferred
125 125
125 125
*125
*125
____ 915
*125
31
900 Union Bag & Paper Corp-100 31 Mar 26
31
32
3218 3218 32 . - *31
32
3214 33
*32
33
4
23614 2393 2363 2407 2383 2423 23614 24214 80,000 Union Carbide 64 Carb_No par 19612 Jan 7
/
1
4
8
4
8
4
22314 2255 2264 238
25 46 Feb 20
8 5012 5112 12,500 Union 011 California
8 511 523
/
4
4 5112 511 5114 517
/
4
5212 524 5218 527
/
1
/
4
100 1211 Jan 15
1,700 Union Tank Car
142 147
1453 14612 *140 145 *140 145
142 142
4
*138 142
No par 42 Apr 11
4 8,600 United Biscuit
487
8 4812 493
4
4734 4812 48
4814 49
/ 473 49
1
4
4734 49
100 120 Jan 19
Preferred
118 132 *118 132 *118 132
*115 120 *115 123 *118 122
10 18 Apr 25
184 193 15,400 United Cigar Stores
/
1
8
19
8 2014 2012 1818 2014 18
203 205
8
2012 21
100 98 Apr 24
983
8
7001 Preferred
*98
98
98
98
/ 398
1
4
99
98
*9812 99
/ 9812 98 '
1
4
43
/ 4514 44
1
4
46
4512 454 4414 4612 4414 444 4412 4512 8,8001United Electric Coal.__No par 424 April
/
1
No par 13012 Apr 26
4,100 United Fruit
13012 132
13212 13314 132 13212 *13112 132
13212 13212 13218 133
100 16 Jan 7
8 3,900 United Paperboard
183 195
4
1914
19
20
203
8 1914 20
19
20
207 21
8
4
Universal Leaf Tobacco No par 713 Mar 26
*734 74
*7314 74
*7314 74
*7314 74
*7314 74
*7314 75
89
89
110 Universal Pictures 1st pfd_100 8418 Apr 10
90
874 88
*8512 88
8812 *86
*8512 88
86
8 6,400 Universal Pipe & Rad--No Par 15 Apr 11
4 1512 157
8 1518 1538 1518 16
1512 163
1518 155
8 1518 155
100 9814 Feb 6
95
Preferred.
*86
95
*86
*86
95
*86
95
*86
95
*86
95
/ 42
1
4
11,100 U S Cast Iron Pipe & Fdy__20 36 Mar 26
4
43 4312 43 437
8 427 43
8
42
427
8 413 4214 40
_NON parpo, 1712 Apr 10
1,100
*1712 18
*1712 18
1838 18
*18
1812 *18
181 18
/
4
18
184 Apr 18
/
1
19
2,300 Second pr ,ferred- 193
8 19
*183 19
4
*183 19
4
183 183
4
4 191 1912 *19
/
4
125 Mar 26
8
No par
161 16,100 0 S Distrib Corp
/
4
1614 164 16
/
1
1818 17
1712 1814 17
177
8 164 17
/
1
100 7114 Mar 12
*17
/ 81
1
4
700 Preferred
81
83
83
823 823 *81
4
4
827 84
8
8212 81
/
4
3712 371 2,200 U S Hoff Mach Corp_ __No par 34 Apr 8
37
*3712 39
3512 3712 37
373 3812 3718 39
8
-A0° 128 Jan 16
8
8
4
/
4
1573 1583 1583 1611 16112 1683 16612 1697 16218 1683 1605 1657 56,600 U S Industrial Alcohol
4
4
4
4
8
.....100 12414 Jan 8
Prel 4rred
4
*1253 ____ *1253 - _ _ *12512 12612 *1253 -- - - •1253 -- *12534
4
4
4
par
No loo 20 Mar 26
/ 23
4
/ 8,615 u s I eattor
1
4
223 234 231 ____--4
/
1
/ 2514 2314 244
1
4
2512 2512 2514 2512 23
/
1
No par 4014 Mar 26
/ 3,300 Class A
1
4
455
8 4512 45
47
48
49
/ 4512 47,
1
4
8 45
471s 4712 47
9512 Apr 26
951 96
/
4
900 Prior preferred
*98
99 '
398
99
99
*98
9712 9712 9612 97
No par 81 Jan 8
94
20,900 U S Realty & Impt
8 92
/
1
95
/ 9414 9512 9318 9514 9312 95
1
4
95
/ 934 957
1
4
100 42 Jan 8
/
4
/
4
8 551 571 79,300 United States Rubber
5318 543
8 5418 5614 5512 5814 5618 573
53
/ 54
1
4
100 77 Feb 16
8
4,400
lot preferred
4 807 813
8
4 8114 83
4 8012 813
/ 8114 8114 803 81
1
4
814 813
4
7,600 US Smelting, Ref & Min _ __50 5713 Mar 213
607
8 583 61
/ 59
1
4
58
/ 59
1
4
/ 59
1
4
597
8 5918 59
583 59
4
50 52 Apr 17
5212 5212
400 Preferred
*524 57
5214 5214 *5212 53
5214 53
.5211, 53
1571 Jan 8
/
4
8
8
1853 187
4
18612 18814 185 18712 1845 187 232,700 United States Steel corn
1853 18618 1855 187
8
100 141 Feb 5
/ 6,500 Preferred
1
4
4
/ 14312 1433 14312 143
1
4
4
*14318 14312 14312 14312 143 1433 14312 143
8
No Par 883 Apr 5
92
92
200 US Tobacco
95
95
/ *92
1
4
95
/ *92
1
4
*92
95
*92
95 '
392
100 136 Mar 6
40 Preferred
__ - *140
____ 142 142 *140 140 140 *140 143 *145
10 264 Jan 2
20 Utah Copper
300 300
298 298 *28214 230
*290 300 *280 300 *290 300
4214 4412 36,100, Utilities Pow & 1.4 A__No par 35 Mar 26
45
423 44
4
43 433
4 4318 44
425 43
8
/ 43
1
4
812 Mar 27
No 1w
par
8
/ 84 5,400 Vadsoo Sales
1
4
83
4 8
/
1
4
*87
8 9
8
/ 9
1
4
84 94
/
1
8
/ 9
1
4
69 Apr 23
75
500 Preferred
4 69 69
69 12 6912 8912 6912 *69
*693 7118 6914 693
4
No par 8314 Mar 26
96
96 18 9714 96
99
96
9814 9514 9513 9312 9512 18,400 Vanadium Corp
95
par 27 Mar 12
No I0
3412 2,100 Van Raalte
344 *31
/
1
*31
35
35 '
332
3412 *31
327 3312 34
8
60 Jan 2
83
360 lot preferred
83
84
83
*83
*8012 81
81
81 12 83
*8012 81
No par 82 Jan 4
/ 904 4,300 Vick Chemical
1
4
90
9018 89
90
91
9018 91
91
91
91
91 3
8
1__ . Victor Talk Machine._ _No par 143 Feb 18
460
*1 13 i1_ _ - _ ,
170 .. 3
*170
*170 __*170 ____'
3170
'170
100 110 Mar 1
7% prior preferred
11314 11314 11314 11312 *11318 11312 11312 11312 113 11312
par
No 1oo 1518 Mar 26
p
163
8 4,700 Virg-Caro Chem
1612 1612 16
/
1
8
/
1
161 165
/
4
8 164 164 163 1612 1638 17
50 Apr 6
*5312 54
5314 5313 1,900 6% preferred
5314 5314 53
/ 54
1
4
4
52
/ 52
1
4
/ 523 53
1
4
100 89 Apr 3
91
400 7% preferred
•90
91
ed
*90
91
*90
91
8912 *89
89
89
89
Virg Elec & Pow Df (7)___100 107 Feb 21
*109 10912 *100 10912 *100 10912 *10712 10912 *109 10912 *109 10912
*47
50
50 Irg Iro ( ) & Coke Pf--100 45 Feb 27
v ad0un Coal
50
v
*47
4712 *47
50
*45
4712 474 4712 *47
/
1
0
No 11000 13 Jan 16
par
Preferred
50 Jan 16
8218 8484 2,750 Vulcan Detinning
84
8112 79
8112 82
76
80
74
70
.67
330 Preferred
100 91 Jan 4
110 110 *105 110
104 104 *100 110 '100 110
*9712 104
81
81
230 Class A
100 40 Jan 2
80
80
78
78
80
75
75
70
70
*65
8 2618 2718 26,700 Waldorf System
No par 2218 Mar 26
2512 26
25
/ 2614 2618 2612 2614 265
1
4
25
/ 26
1
4
4
par 2318 Jan 8
4 3912 413 57,400 Walworth Co
8 404 423
/ 4212 42
1
4
4312 4238 443
4014 41 8 40
,
461 Ward Baking Clase A N0par 43 Apr 13
1258 6,300 ciam B
40
47
/ 471 46
1
4
No
/
4
*471 49
/
4
4718 4718 *4712 49
*47
48
/
4
/
4
r
11 8 113 121 111
3
8
814 Mar 26
N
No
4 1114 111 11
/
4
113 11 4 1114 113
4
,
75
75
popar 71 MaY25
1,200 Preferred (100)
/
1
4
/
1
7512 7512 754 7518 7412 7412 7512 754 743 75
4
/
1
4
116 11914 114 11714 11514 11812 11512 1183 11512 119 196,300 Warner Bros Pictures...No par 97 Mar 26
111 11714
52
52
533
41 8,200 Preferred
4 52
No par 44 Apr 10
5314 5114 533
5318 52
51)
5112 52
/
1
4
/
4
4 334 3414; 35,800 Warner Quinlan
4 345 3612 343 361 3312 343
8
No Par 3212 Apr 11
8 3412 343
343
34
15312 15814 159 168 I 10,000 Warren Bros &pive...NNoo
139 Apr 16
15012 154
14812 15114 15014 152
148
1473
4
_ 49
40 First preferred
48 *__ __ 49 •
48 Apr 24
4812 4812 48
59 *____ 49
*47
187 19
8
19
19
3,100 Warren Fdry
1818 19
par
19
19
1518 Mar 26
1912 20
*1912 20
8412 18,900 Webster Eisenlohr
785 8312 82
8
7618 77
77
25 7212 Apr 22
75
7512 7212 7718 74
*90 00100 99 Mar 11
1
390 100
Preferred
*90 100 '
*90 100
•90 100
*90 100
8 4012 42
8,500 Weseon Oil& Snowdrift No par 37 Mar 26
421 435
/
4
/ 43
1
4
38
3812 3812 38
3812 3812 38
/
4
/
1
3
par 6312 Apt 16
6312 6312 6418 65 8 6518 6512 641 644 1,900 Preferred
*6312 64
64
64
12,800 Western Union Telegram_.
8
1793 Jan 2
4
N
/ 193 19414 19212 19312 191 1917 187 191
1
4
19014 193
190 193
/ 12,500 Wstnghse Air Brake__ No Par 454 Jan 24
1
4
8 48
/
1
8
/ 493
1
4
4 4818 49
/
1
/
4
4 491 494 493 497
8 4914 493
487 493
8
1503 1547 76,500 Westinghouse Eleo & Mfg_60 13712 Jan 15
8
8
8
/ 15114 1533 15018 152
1
4
/
1
14758 14878 149 1514 15138 153
145 148
460 lot preferred
50 132 Jan 2
144 144
143 143
143 143
145 145
'
142 145
4118 381 3912 3718 3912 8,500 Weston Elec Instruml-Ne par 22 Jan 28
/
4
/
1
/
4
391 391 404 4014 4114 40
/
4
39
3612 3512 3612 •3614 3614 2,700 Class A
No par 3312 Jan 7
3614 3614 3612 *36
36
*3412 36
105 105
280 West Penn Elea ci A
No par 102 Mar 23
10312 10412 105 105
/
1
4
105 105
3104 105
•10312 104 '
340 Preferred
/
4
100 103 Mar 28
8
10918 10918 109 1097 1094 10914 1091 10912 10912 10912 109 1095,
490 Preferred (6)
8 9812 9912 984 99
99
/ 9912 995
1
4
100 96 Apr 16
9912 98
973
4
99
98
115 115
4
130 West Penn Power met
100 113 Jan 8
11412 114
/ 11412 11412 11412 11412 *1143 115
1
4
115 115
30 8% preferred
100 10613 Apr 11
108 108
10812 10812 *10612 108 *106 108 *106 108 *106 108
54
*52
53
100 West Dairy Prod el A__No par 51 Apr 19
521* 53
351
53 '
*51
53
53
*50
*51
4
4 2,000 Class B
/ 2712 273
1
4
4 273 273
2712 27
No par 26 Jan 10
2714 27
/ 2712 2712 2712 27
1
4
3612 5,800 WhiteEagle01 &Haig _No par 3014 Jan 30
4 3612 364 36
4 3612 363
8
4 363 363
3614 3612 361 363
/
4
/
1
4
4 464 4714 9,000 White Motor
No par 404 Jan
4614 4612 463 473
47
/ 4614 47
1
4
4712 4614 47
/
4
50
/ 501 5018 5,600 White Rock Mln 60 etf
1
4
4 50
50 43 Jan 2
523
8 5012 513
*51
514 514 5178 51
/
1
/
1
243 25
4
4,200 White Sewing Machine_No par 20 Apr 9
2312 25
8
25 4 243 25
3
25
2514 26
25
25 4
3
501 5018
/
4
52
500 Preferred
/
1
4
No par 47 Mar 22
5012 5012 *50
*49
*5014 52
49
/ 50
1
4
50
8
/
1
194 Jan 7
283
4 2518 2712 267 29 160,600 Wilcox 011 et Gas
No par
5
23
2312 2312 25
/ 2538 25 8 27
1
4
234 2514 96,700 Willys-Overland (The)
/
1
/
4
/
4
4
6 231 Apr 26
2512 25 8 2512 257
2512 243 2512 241 28
7
8 24
98
98
1,100 Preferred
98
985
8 98
100 116% Apr 1
8 98
983
974 973 *98
983 *98
4
8
8
/ 84 1,200 Wilson & Co Ine
1
4
814 Apr 25
No par
84 812
812 812
9
9
9
9
9
9
900
17 Mar 26
1814 1814 *1814 201
par
19
19
*194 21
1912 1914 20
19
400 Preferred
64
63
100 59 Mar 26
64 .
64
*6412 6512 6412 8412 *63
64
64 8 6314 37,700 Woolworth (F W) Co
8
25 19218 Mar 26
/
1
4
22258 2248 225 2273 2245 22718 226 227 22245 2264 2233 228
8
/
1
4
8
8
/ 4912 3,900 Worthington P & M
1
4
483 5014 47
4
100 43 Mar 25
51
49
50
51
504 51
5014 51
84
200 Preferred A
4
8412 .82
*82
100 773 Apr 12
82
82
8218 8218 *82
84
8412 *82
*69
70
1,000 Preferred B
70
68 Apr 6
•69
101
71
70
70
71
70 .70
71
68
248 258
14,000 Wright Aeronautical...No par 220 Mar 26
245 2497 24812 256
248 25514 250 251
245 247
8
7612 7612 1,700 Wrigley (Wm Jr)
No par 70 Mar 26
/
1
75
76
7612 764 7812
*7212 75
7612 75
/ 76
1
4
/
4
/ 1,700 Yale & Towne
1
4
25 611 Feb 11
8 7012 70
/
1
7112 6812 7112 7012 7114 71
70
71,
8 704 707
4912 383,800 Yellow Truck & Coack Cl 13_10 35 Mar 26
/ 46
1
4
8
/ 47
1
4
48
463 48
493 51,
8
4 475 50
46
/ 47
1
4
/
4
400 Preferred
100 80 Mar 8
944 9412 921 94
91
91
91
*92
98
9812 '92
*85
63
643 23,900 Young Spring & Wira__No pa
4
5214 Mar 26
66
67
63
654 677
8 8612 67
/ 65
1
4
68
65
125 12612 3,300 Youngstown Sheet & T_No pa 105 Feb 19
8
8
1283 1287 128 12812 127 12712 126 127 *126 127
8 per share S per share $ per share
8 1814 1812 1818 184
/
1
1812 187
8
6714 683
8 664 677
/
1
8 665 6712
4
/ 813 827
1
4
4
3
8
8218 83 8 813 82
2012 21
204 21
204 203
4
1738 18
1714 18
1714 181/4
8
223 2234
4
2212 2212 227 23
43
*41
4314 *41
43
4314
8
39
397
8 3912 3912 393 393
8
110 110 *10814 110 *109 110
4614 *457 464
8
4714 z46
*46
4 2014 203
4 2018 2012
203 203
3
8814 8814 *8712 88
8
877 877
8
8
345 345
8
8 335 3412 3412 3412
94
94
93 4 93 4
3
3
*9214 94
82
833
8
8218 834 8214 83
/
4
15
157
8 1412 151
153 16
4
19
1912 19
194 1918 1912
/
1
*1518 18
1518 1518
*1518 18
1518 154
*1518 20
/
1
*1513 20
•8141 and asked oncost no sales on ibis day. z Ez-dIVIdend, a Ex-rIghte. • No par value,
y Ex-rights,
Higliest
PER SHARE
Range for Previoue
Year 1928
Hila681
Lowest
Per share $ per share
2034 Feb ft
1012 Jan
6812 Apr 20
50 Feb
8514 Apr 18
621 June
/
4
1218 Mar
2378 Mar 21
2413 Jan 17
20 June
27 Jan 3
22
Jan
484 Jan 5
45
Oct
514 Jan 15
/
1
34
Jan
110 Jan 2 10412 Jan
62 Jan 12
5614 June
22 Jan 3
14
/ Feb
1
4
90 Jan 2
817 Mar
8
375 Jan 3
8
194 Mar
/
1
971 Jan 17
/
4
864 July
/
1
150 Jan 3 1125 Mar
8
2218 Mar 18
2258 Mar 18
18 Feb 13
19 Aug
20 Mar 28
19 Aug
1912 Jan 15
19 Dec
13 Jan 2
6 June
/
1
4
533 Apr 18
8
4414 Dee
544 Apr 24
/
1
325 June
8
314 Jan 23
/
1
61 Jan 3
/
1
4
554 Nov
121 Mar 19
63 June
125 Jan 5 119 Mar
43 Jan 14
30 Dec
24234 Apr 25 13618 Feb
6442 Apr 18
42
/ Feb
1
4
Oct
15014 Feb 20 110
344 Apr
/
1
5312 Jan 14
126 Jan 24 1124 Mar
227 Aug
8
2712 Jan 11
2
104 Jan 2 1037 Dec
5814 Oct
8118 Feb 6
15812 Jan 31 13112 June
164 Dec
/
1
263 Jan 22
8
603 June
8
8112 Jan 23
914 Nov
93 Jan 2
2214 Jan 2
155 June
8
10012 Jan 9
87 Sept
/
1
4
55 Mar 18
/
1
4
38 Dec
18 Nov
19 Jan 11
195 Feb 8
8
184 Nov
1812 Apr 19
1312 June
76
84 Apr 20
Oct
4978 Jan 2
41 Dec
/
4
1691 Apr 24 1021 June
/
4
127 Apr 3 1184 Sept
/
1
3512 Jan 14
22
Jan
611 Jan 14
/
4
Jan
52
3
107 Feb 1 100 4 Dec
1191 Feb 6
/
4
6114 Feb
65 Mar 18
27 June
924 Jan 16
/
1
55 July
72,Mar 20
3912 Feb
Jan
58 Jan 3
51
1323 June
193 Mar
/
1
4
8
14414Mar 1 1388 Jan
8
109 4 Jan 30
3
86 June
142 Apr 24 1274 Jan
Jan
353 Mar 19 139
49% Jan 80
2812 Feb
1312 Jan 21
82 Jan 16
60
Jan
1164 Feb 8
74 Jan
35 Jan 17
437 Jan
4
83 Apr 24
Jan
58
947 Mar 19
,
524 Jan
/
1
200 Mar 18
11414 Mar 13 10112 Jan
12 June
2434 Jan 28
445 Jan
8
6513 Jan 26
8812 Jan
971 Feb 4
/
4
109 Feb 18 106% Dec
Oct
47
48 Jan 29
111 June
/
4
15 Jan 4
78 June
22 June
/
1
4
89 Feb 20
74 June
110 Apr 25
1912 June
81 Apr 26
1912 Jan
2712 Jan 3
1412 Aug
444 Apr 24
70 Dec
84 Jan 17
/
1
4
154 Dec
2114 Jan 16
77 Dee
8711 Jan 15
80 Aug
/
1
4
134 Jan 21
510 Dec
4
5914 Jan 22
Feb
26
424 Jan 2
/
1
170 Jan 2 140 June
4914 Nov
53 Mar 27
13 June
3414 Jan 3
1133 Feb 5
8
100 Mar 11 ---- -87 Nov
48 Mar 7
/
1
4
724 Mar 9 105 Dec
/
1
4
220 Mar 9 1394 July
4218 June
5412 Mar 2
8818 Jan
16612 Feb 4
95
/ Jan
1
4
159 Feb 4
1212 Jan
424Mar 28
/
1
303 Jan
4
5312 Apr 23
110 Feb 1 103 June
11114 Jan 17 1074 Oct
gall July
102 Jan 17
117 Mar 18 11312 Oct
1104 Jan 16 103 June
624 Dee
59 Feb 5
/
1
4
203 Jan
8
8
347 Feb 5
2018 Feb
38 Feb 25
531 Mar 2
/
4
54 Apr 19
48 Jan 2
677 Jan 16
8
29 Feb 6
/
1
4
35 Jan 3
103 Jan 3
WI Jan 23
27 Jan 21
79 Jan 23
22814 Apr 26
6412 Feb 6
/
1
924 Jan 23
82 Jan 11
299 Feb 5
807s Jan 30
7112 Apr 19
5114 Apr 24
9412 Apr 25
8
677 Apr 22
1317 Apr 17
8
3014 Feb
3418 Jan
3314 Jung
61% Aug
17% Dec
17
/ Jan
1
4
92314 Jan
Oct
11
Jan
22
634 Oct
1764 Feb
Jan
28
4514 Jan
Jan
41
69 Feb
63 July
8111 Nov
/
1
4
27 Feb
83 Nov
454 De
8312 Jun
per More
19 Dee
/
1
4
744 Nov
8213 Nov
265 Nov
8
30
/ Apr
1
4
3912 May
535 June
8
52 Dec
/
1
4
1144 Oct
71% June
25 Sept
914 Dec
/
1
4113 Dee
10018 Deo
154 Nov
253 Jan
4
24 June
23 Aug
1412 Nov
59 Feb
/
1
4
447 Sept
s
634 Dee
/
1
93 Dec
/
1
4
126
Apr
49 Feb
/
1
4
209 Nov
58 Noy
1281 May
,
57
Oct
135
Oct
344 Feb
/
1
114% Apr
894 Dee
148 Nov
277 Apr
s
875 Nov
8
100
Feb
/ Oct
1
4
35
105 4 Dee
3
53 Nov
1912 Nov
194 Dee
2014 Jan
904 Jan
584 Jan
Oct
138
1257 Nov
2
61 May
Apr
72
10912 May
93 May
5s
63% Jan
1094 Jan
714 Nov
58 Dee
1724 Nov
1474 Apr
120 Opt
139 June
273 Deo
46 4 May
3
11111 Nov
407 008
s
78 Nov
86 Dec
1583 Nov
4
11212 Dec
2004 Nov
6414 Nov
/
1
4
99 Noy
11412 Apr
624 Jan
254 Jan
Jan
100
74 Nov
99 Sept
484 Nov
/
1
2814 Dec
267 Sent
2
123 Feb
295 Jan
8
:
971 Jan
13914 Sept
574 Deo
444 Oct
/
1
1921 Apr
,
Apr
61
364 Oct
/
1
110 Dec
/
1
1084 Nov
Oct
201
57% Jan
144 Nov
139 Nov
284 June
4012 May
112
Apr
11514 Apr
1044 Apr
118 June
Jan
113
Apr
78
Apr
49
38 Nov
43 June
/
1
4
497 Nov
2
524 Dee
68 Dee
224 Nov
83 Dec
10418 Dec
16 Feb
35 May
774 Feb
225 4 No
3
,
66 Nov
93 Nov
80 Nov
289 Nov
84 Aug
8413 Apr
573 Nov
4
Apr
96
561 Nov
/
4
1154 Deo
1
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2775
Jan 1 1909358 Itschange method of quoting bonds was abriSid and Mires are noes "and Interesi"--eseept for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 26.
" -g
g
..'"E
,a.
Price
Friday
April 26.
Week's
Range or
Last &de.
"
1,4
alto
mint.
Bid
U. S. G
Ask Low
High No.
First Liberty Loan
J D 97",,Sale 97,, 984
3!4'7 of 1932-1947
4
., 336
s2
J D ____
___ 99342.Ian'29 ____
Cony 4% of 1932-47
144Sale 993444 997 44 76
J D 99. Cony 414% of 1932-47
.
J D ---- ---- 9924, Mar'29 ____
2d cony 44% of 1932-47
Fourth Liberty LoanA 0 99274:Sale 9915, 993011 701
43(% of 1933-1938
1947-1952 A 0 109
Treasury 43(e
Sale 10821,2 109% 264
Treasury 4s
19444954 J 0 104'4,Sale 10424, 10544 71
19464956 M S 101",,Sale 10134, 102441 59
Treasury 34Se
1943-1947 2 o 9774 Sale 97243. 9814, 41
Treasury 3345
Treasury 334s June 16 1940-1943 j D 9724.98 9724, 984, 136
Range
Since
Jan.I.
Price
Friday
April 26.
Week's
Runge Or
Last Sale.
i...
obrZ
High
Bid
Mph No.
Ask Low
Czechoslovakia (Repot)88-1951 A 0 1091 Sale 10911 11018 17
9742 99,14.
1952 A 0 110 'Sale 1097
Sinking fund 8s ser B
8 11014 31
991 9914. Daniel Cons Municip 85 A-1946 F A 1093 Sale 1093
4,
4
8
4 109%
1946 F A 10912 11012 10912 10912
98122 100',
4
Series B if 88
99 4,9954
,
.2 Denmark 20-year extl 65-.1942 J J 10312 Sale 10312 104
11
1955 F A 993 Sale 993
Est! g 5458
4
4 100% 106
Apr. 161962 A 0 8734 Sale 8712
9811n10011.5
Extlg 4413
27
88
105 11111 Deutsche Bk Am part ctf 65_1932 M 6 9612 Sale 9612
/
41
95
97
101.4.1061144 Dominican Rep Cust Ad 530'42 M 8 9614 97
4
96
961
1940 A 0 9312 9812 94
98144210314.
1st ser 54s of 1926
944
5
Wry 9817.4
2d series sink fund 544s-1940 A 0 9312 95 95
954 10
95', 9223
'21 Dresden (City) external 7s....1945 M N 9912 Sale 9912 10014 16
Dutch East Indies extl 05_1947 J .1 102 Sale 102
47
102
State and City Securities.
1962 M S 102 Sale 102
39
40
-year external 68
103
30
-year external 549-.1953 M El 1014 10212 10134
2
1017
8
N Y C 344% Corp st_Nov 1954 MN
1953 MN 10218
__
____ 8812 Jan'29 -1
884 8812
1024
10218
30
-year external 5444
344% Corporate st May 1954 M N -.
8812 8812 El Salvador (Bennis) 8s__1948 3 J 10918 Sale 1094 110
8612 Jan'29 __
10
4s registered
1936 M N
1967 3 3 8814 8612 864
2
9934 Mar'28 ____ -------- Estonia (Rep of) 7s
865
8
4e registered
1956 M N
-991 J
95 94
Finland (Republic) ern 65_1945 M S 94
'28
9512
3
4% corporate stock
1957 M N ---_-_-_ 99
1950 M S 100 10018 993
External sink fund 7s
95
99
4 10018 15
95 Feb'29 --__
444% corporate stock
1957 M N
1956 M 6 963 Sale 963
4
External a f 644e
--- - - 4
1044 Nov'28__
973
4 II
414% corporate stock
1957 M N
1958 F A 88 Sale 88
4
-3
5
Extl sink tend 545
89
1023 Mar'29 ____ 1023 162 4
4
47 corporate stock
1968 MN ---9712 9712 Finnish Mun Loan 645 A1954 A 0 944 97 96
971 Jan'29
2
9612
4% corporate stock
1959 M N ---974 98
---99 98
External 640 series Et__1954 A 0 9458 9814 9558 Apr'29 ____
Jan'29
4 Xs corporate stock
1960 M 8 D 112 Sale 1115
9958 10018 French Republic ext 744e1941
1901 Mar'29
8 11234 175
448 corporate stock
1964 M S 9914 __ 99 Mar'29 ____
19493 D 10718 Sale 10718
99
99
1074 139
External 79 of 1924
44s corporate stock
1966 A 0 9934
1949 A 0 106 Sale 10512 10618 392
1013 Nov' 8 --8
- German Republic ext'l 7e
2
-.-_-414s corporate stock
1972 A G 1004 ___ 9814 Mar'29 _ _ -_ -9814 -- -14 Gras (Municipality) 85
1954 M N 99 100
1
9
8
99
99
43.s corporate stock
L71 1 u
9. _
184
.,
104
107 10812 June'28 --r.-_-_-, -__ Gt Brit dr Irel(UK of) 545_1937 F A 104 Sale 103
4145 corporate stock
1929 F A 9914 Sale 99
10
13
9914
-year cony 5S45
1024 Mar'29 ___ - 1014 104
`"' a" 8
i
4349 corporate stock
1965.1 D 10358 Sale 1034 10358
i 1035 1035
8
c4% fund loan Lop 1960 _1990 MN c8434 86 r843 Apr'29 ___
8
4
445 corporate stock_July 1967 J 3 1024
c5% War Loan E opt 1929_1947 J D c9718 9914
---- 1044 Feb'29 ____ 11)812 10418
New York State Canal 4(4_1960 ._
9912 995 Greater Prague (City) 734e_1952 MN 1053 106 10514
8
4
10512
6
:::- ---- 9912 Apr'29 __ __
4s Canal
Mar 1958 M 9
9912 9912 Greek Government sfsec 70_1964 MN 97
4
98 973
19
98
__ 9912 Apr'29 ___
- -1968 F A 8314 Sale 823
4
8334 31
Sinking fund sec 66
Foreign Govt. &Municipals.
1952 A 0 99 Sale 99
10
Haiti (Republic) a 1 6e
991
1946 A 0 95 Sale 95
953
4 25
8414 8512 85 Apr'29 ---Hamburg (State) (is
Agri° Mtge Bank a f 6e
1947 F A 84
84
i
9012 Heidelberg(Germany)ext 74550 J J 101 103 101
10112
6
85
85
8512
Sinking fund 65 A_ _Apr 15 1948 A 0 8712
8412 90
93 7
8 26
Hungarian Munic Loan 7145 1945 J J 9312 Sale 93
4
8712 32
Side 863
Akerehus (Dept) extl 5s--1963 M N 934 Sale 9214
8512 8912
17
89
External a I 7a___Sept 11946 3 J 89 Sale 8818
7
934
ottoquia(Dept)col 78 A-1945 2 J
A
9114 963 Hungarian Land M
4
9312 93
9518 10
-Inst 744s 'Si MN 93
9212 14
, 9218 93 92
Externals t 7e eer 11
91
1961 M N 93
947
8
9312 9312 Apr'29 _
8 I 7.4s ser B
1945 J . 92
93 93 Apr'29 -Externals 170 series C
1945 J J 92 sale 92
91% 957 Hungary (Kingd of)if 7)0_1944 F A 993 Sale 993
ii
4
8
4 10078 13
93
External s 1 7s ear D
1945 J J
954 Irish Free State extle 5 f 1Ss 1960 M 4 97 Sale 957
8
91
84
97
1
89
93
9014
9014
External le f 7s let ser_ __.1957 A 0 90
8
306
97
Italy (Kingdom of) ext'175-1951 .1 0 967 Sale 9612
4
92 893
88
95
1
893
4
Extl sees I 7,7,2d ser
1957 A 0
94
Italian Cred Consortium 7e A1937 M El 95 Sale 944
89
6
954
1
90
9014 893
4
893
4
Exti sees! 7s 3d ser
1957 A 0
/
4
1947 M 8 941 9434 944
Extl sec 5 f 7s ser B
943
4 34
873 93
4
4 10014 60
Argentine Govt Pub Wks65_1960 A 0 100 Sale 993
9814 1007 Italian Public Utility ext 70.1952 J J 9212 Sale 9212
0
927
8 42
Argentine Nation (Govt of)1931 J J 9138 Sale 913
8
25
92
Japanese Govt b loan 45
99 Bale 9912 10018 85
/
1
4
Sink fund (is of Juno 1925-1959 J D
98 10118
8
1954 F A 1003 Sale 10014
100
30-year a f 610
Sale 99 - 100
/ 134
1
4
78
Esti e f 6s of Oct 1925 -.1959 A 0 100
4
84 100 4 Leipzig (Germany) e 1 75-1947 F A ____ 973 973
3
2
4
98
0
4 10012 69
993 Sale 993
4
Sink fund 65 aeries A
1957 M S
9812 101
8
Lower Austria (Prov) 734e-1950 J D 9612 987 9314 Apr'29 _
Sale 9912
48
External 68 series B__Deo 1958
D 100 4Sale 9958 100
8
9812 1003 Lyons (City of) 15
4
8 10014 35
-year 614_1934 M N 997 10014 997
loo58 81
6s of May 1926 11960 M N 993
Esti s f
984 1003 Marselles (City of) 13-yr 68_1934 M 4 10014 Sale 997
73
4
8 10014 37
External e f (is (State Ry)..1960 M S 9s5s Sale 9912 100
9814 100 4 Medellin (Colombia) 645_1954 J D 854 Sale 8412
3
8512 14
86
Esti Os Sanitary Works
1961 F A 901A Sale 9912 100
-- -22 Mar'29 ____
18
22
98 1007 Mexican frrigat Asetng 445.1943 ____
8
40
100 Sale 9934 100
Ext 60 pub wks(May'27).1961 M N
98 1003 Mexico(US) extl 5e of 1899£'45 Q J --------491 Jan'28 ____
4
4
954 Sale 953
s
96
42
Public Works extl 5448.„1962 F A - 28 Apr'29 ____
26
30
1945 _
94
/ 9714
1
4
Assenting 500! 1899
9114 90 - Apr'29 ---Argentine Treasury 58 1
1945 M S 89
2834 Apr'29 ____
894 924
Asseiating Se large
4
74
951
Australia 30-yr 5s_ _July 16 1955
J 95 Sale 943
-18 Sale 18
2
Assenting 4s 01 1904
924 97
18
4
1
4
955. 95
External be of 1927.
.Sept 1957 M S 95 Sale 943
- /
1712 Sale 1712
4
173
4
92 4 9612
3
Assenting 4s of 1910 large_ _ _ _ ____
8618 216
873 Sale 8512
4
Extl g 434. of 1928
1966 MN
3412 nu
___- 16 Sale 16
15
16
Assenting 45 01 1910 small
Sale 02
10312 38
Austrian (Govt).1 70
1943 1 D 102
35
30 Apr'29 ____
10114 10312
Tress 65 of'13 assent(large)'33 J J 29
25 Sale 25
3
25
Small
1Sale 911
21
95
/
4
Bavaria (Free State) 6Iis 1945 F A IL%
914 96% Milan (City. Italy) ext'l 645'52 A 0 88 Sale 88
897
8 63
81
115
Belgium 25-yr ext a f 71(
)01945 J D 11434 Sale
11212 11550 Minas Geraes (State) Brazil
10912 Sale 10887 10912
20-yr a f 85
1941 F A
1958 M 8 9314 Sale 9312
93
/ 15
1
4
Exti s f 83.58
77 108 110
25
-year external 6 S48- - _ _1949 M S 104 Sale 0418 10434 04 10215 107
4
1955 j j 993 Sale 9912 100
gm 10078 Montevideo (City of) 711-.1952 J D 101% 10118 10112 10112 10
1
External e I 6s
Sale 0718 1071 137
External 30-year a f 7a
1955 J D 10714
4
1044
3
Netherlands 6s (flat prices)..1972 M /13 10418 Sale 104
8 80 1063 109
1956 M N 10512 Sale 0518 1055
Stabilization loan 76
1954 A 0 --------995 Apr'29 __
10418 10614
8
30
-year external 65
Bergen (Norway) a f 85 ___-1945 M N 111 Sale 11014 III. 16 1093 11212 New So Wales (State) ext 651957 F A 9112 92
9112
5
---114
92
3
00
100
15
-year sinking fund 6s___1949 A 0 99 100
4
--.,
Apr 1958 A 0 9114 Sale 9118
98% 101
917
8 73
External a 1 5a
4
Berlin (Germany)of 00_ 4_1950 A 0 953 97
0512
66
95
Norway 20-year esti 6s-1943 F A 10214 Sale 10112 10212 49
98
4
9018 24
4
External sink fund 65_ _ _ _1958 0 893 90 893
1944 F A 10114 Sale 10112 12014 37
8712 92
20
-year external 135
10318 12 1014
Bogota (City) ext a f Eis____1945 A 0 103 Sale 03
.
!
1952 A 0 102 Sale 10112 1024 24
104
30
-year external 6s
8
Bolivia (Republic of) ext185_1947 MN 1027 Sale 10212 1031/4 76 100* 104
-19653 D 10014 Sale 100
1007
8 54
40
-year a f 51311
17
4
901
1968 j j 88 Sale 893
External sec 75
87
12 95
9612 51
External 8 1 55____Mar 15 1963 M 9 96 Sale 96
884 56
884 88
1969 M s 88
Externals(7s
3
87
92
893
4
Municipal Bank extl 5165_1967 J D 8918 Sale 891g
34
10014
8
4
Bordeaux (City of) 15-yr 6e 1934 MN 1001 Sale 997
9814 101
863
4 10
4
Nuremberg (City) extl 65_1952 F A 8614 863 864
52
Brazil(US of) external 8s.__1941 .1 O 10812 Sale 10712 1081 .-. 10534 109
18
100
8
Oslo (City) 30-year of 6a..._1955 M N 997 Sale 997
e
943 4v.
e
9312 Sale 9312
External e f 645 of 1928._1957 A 0
91
1946 F A 98 Sale 953
964
4
4
98
Sinking fund 5445
941 111
4
Exti s f 644s of 1927
1967 A 0 933 Sale 934
92
964 Panama (Rep) extl 545-1953 1 D 1017 Sale 10112 1017
/
1
8
8 19
98
33
7e (Central Railway) ._ 1952 3 D 9714 Sale 9714
95
5
1961 .1 D ____ ____ 10112 Jan'29 ____
Exti sec e t 6 44s
2 105 0 102
10618
Sale lOS1a
7)58(coffee occur) b Ma0 1952 A 0 10618
.,
10748
4
944 17
Extl s f 55 ser A__May 15 1963 M N 9334 Sale 933
8 100
8
Bremen (State of) extl 75
1935 M S 997 Sale 997
9912 10212 Pernambuco (State of) ext 78 '47 M 5 92 Sale 92
.,
2„'
934 13
9312 0
Brisbane (City) a 155
1957 M 5 91 Sale 9112
. 90
9312 Peru (Republic of)
8978
9134 40
91
Sinking fund gold 58
1958 F A 90
84
917
8
Exti.1 sec 744e (of 19261.1956 51 S __ ____ 10714 Jan'29 __
42
80
Budapest (City) ext1 a f 68 _1962 J D 7914 Sale 7912
79
1959 M S 10118 Sale 100
8312
10112 10
Exile 1 sec 75
48
102
4
Buenos Aires(City)64s
1956 .1 J 1013 Sale 101
, 9918 1024
19003 0 8712 Sale 8714
887 135
8
Nat Loan en's f 613
1960 A 0 964 Sale 904
Esti a I 66 ser C-2
9678 ' 9612 100
1961 A 0 88 Sale 87
8812 92
S f g Os
1960 A 0 96
96
98
Exti e I Os ser C-3
9612
5
96 10018 Poland (Rep of) gold 85
1940 A 0 7712 Sale 771
7818 43
Sale 9112
9128
83
92
Buenos Aires (Prov) extl 65_1961 M El 92
934
63
Stabilization loan 5 17s-1947 A 0 844 Sale 8412
85
8212 10
1967 J .1 82 Sale 8178
Bulgaria (Kingdom)of 7a
a
817 90
Exti sink fund g 8s
19503 J 96 Sale 954
95
97
873
4 21
87 Sale 87
StabTril'il s I 7 yis_Nov. 15'68 ____
8((ei 9714 Porto Alegre (City of) 85-1961 J I) ___ 106 106
106
6
Exti guar sink fd 7>48..l966 J .1 100 Sale 993
4
4 100
(Colombia)743'46 1 J 9612 Sale 96
Caldas Dept of
9612
944 101
5
4
-78 1941 A 0 1083 Sale 1084 109
20
Queensland (State)esti ef
100
10012 23
Canada (Dominion of) 55_1931 A 0 100 Sale
991k Ku%
5
25
1947 F A 102 105 103
10414
-year external 65
8
9978 36
8
10
1929 F A 995 Sale 995
-year 53411
994 100 8 Rio Grande do Sul exti e t 8s_ 1946 A 0 105 Sale 105
3
7
10512
8
1952 M N 10312 1037 1031, 104
43 10134 1053
5e
4
Ext1 s f 6s temp
1968 J D 8812 Sale 8814
37
89
1936 F A 974 Sale 9714
43.4e
977
s 10
995
8
97
Est!
1966 M 4 965 98
8
9612
8
98
1954 1 J 10614 10714 107 Apr'29
Carlsbad (City) a f 88
7 10434 10712 Rio de a f 7s of 1926
Janeiro 25-yr if 130_...1946 A 0 105 1053 10518
8
1053
4
4
23
99
Cauca Val (Dept) Col= 714e'63 A 0 98
983 9812
4
914 102
1953 F A 94 Sale 94
Exti a 10340
37
95
Central Agile Bank (Germany)
Rome (City) extl 6545
63
1952 A 0 9018 Sale 90
90
3
9652 9712
98
10
Farm Loans f To Sept 15 1950 M s 95
9512 99
8 103
8
Rotterdam (City) esti 64_1964 M N 1035 Sale 1033
/ 19
1
4
32
85
Farm Loan of 68.July 15 1960 J J 831 Sale 8312
83
88
/ Baarbruecken (City) 65
1
4
19533 J ____ 91
87 Apr'29 ...__
845
8 84
Farm Loan s t 6s.Oct 15 1960 A 0 83 Sale 83
83
88
Sao Paulo(City).f 88__Mar 1952 M N 111 Sale 111
2
111
Os ser A_Apr 15'38 A 0 8714 Sale 8714
61
90
Farm loan
861e 90 4
3
Exti if 6140 of 1927
1957 M N 9518 965 954
963
. 16
8
Chile (Republic of)San Paulo (State) esti s f 8a.1936 .1 J 1043 10512 105
10512 19
4
10134 20 100 103
-year external s 1 7e_....1942 M N 10114 10112 101
20
15
External sec 5 1 86
1950 J J 10512 Sale 10512 106
8
9312 82
External sinking fund 60..1960 A 0 93 Sale 927
9112 94
1014 14
External a t 78 Water L'n_1956 M S 10014 10134 100
1961 F A 934 Sale 923
4
93
/ 64
1
4
External a I Ile
Exti a f Os lb lot retie
9112 9414
46
91
1968 J 1 90 Sale 89
1961 3 J 937 Sale 93
8
9312 67
Ry ref extl s f lie
915 94
8
k
Santa Fe (Prov Arg Rep) 75 1942 M 13 977 Sale 9718
974 14
1961 M S 9314 Sale 9314
94
Exti sinking fund 65
87
91% 94
Saxon State Mtg lest 75_
973
4 12
1945 J El 9614 Sale 9614
1962 M S 931 Sale 9314
933 249
4
Exti sinking fund 65
91
/ 94
1
4
8 t g 134413
5
9312
Dec 1946 J LI 9112 9314 9312
3 Sale 953
4
33
99
Chile Mtge 111( 63.49 June 30 1957 3 D 95 4
954 993 Seine. Dept of(France)esti 78 '42 1 J 104 Sale 10312 1043
4
8 34
4
9914 21
8
Of 646 of 1926__June 30 1961 3 D 987 Sale 983
97 1007 Serbs, Croats et Slovenes 88 '62 M N 90
8
903
8 30
4
9038 893
1901 A 0 92 Sale 9112
9214 58
Apr 30
89
Guar stile
94
Exti sec loser B
63
1962 M N 81 Sale 80
81
383
3912 3812
4
-1951 1 D 36
8
Chinese(Ilukuang RY)
35
44
/ Silesian Landowners Assn 65_1947 F A 8012 Sale 8012
1
4
6
81
8
58_5
997
8
Christiania (Oslo) 30-yr 8168 '54 M S 997 Sale 995s
99 10112 &Amon,(City of) extl 65_1936 M N 984 Sale 9818
9812 18
94
10
Cologne(City)Germany 0481950 M 8 94 Sale 9212
92
97
/ Styria1946 F A 93 Sale 923
1
4
30
4
93
8
88
19013 J 874 Sale 873
74
Colombia (Republic)65
8412 91
Sweden 20-year (le
19393 D 1024 103 10212 10312 11
88
48
External s t 135 of 1928.._1961 A 0 8712 Sale 874
844 91
External 101412 6348
1954 MN 10312 Sale • 1034
10414 26
84
16
Colombia Mtg Bank of 640.1947 A 0 84 Sale 834
8038 8812 Swiss Confed'n 20-yr. t 8s._1940 .7 J 1095, Sale 1109
34
110
91
10
Sinking fund 78 of 1926_ 1946 MN 90 Sale 90
88
9314 Switzerland Govt eat 640-1945 A 0 102 10312 10112 1023
4 29
93
11
Sinking fund 78 of 1927_1947 F A 9112 9412 91
8812 954 Tokyo city 5., loan of 1912..1952 Nt S 7618 Sale 76
767
8 10
9514 14
8
19523 D 947 Sale 9414
Copenhagen (City) 58
94
9712
1961 A 0 881, Sale 8712
Exti of 6>4s guar ...
8812 43
873
4 11
4
25-yr g 4345.....__1953 M N 9714 874 87,
863 894 Tolima (Dept of) extl 7s._ 1947 M N 8512 89
8
88
1
88
9634 15
4
934 98
Cordoba (City) extl e f 75_1957 F A 963 Sale 954
Trondh1em (City) 1s1 510-1957 M 4 ____ 95
9312 Apr'29 ____
,
9312
External a f 7s Nov 15 1937 M N 9518 Sale 95 8
3
94
._.1945 2 D 9512 98
9712 IIPPer Austria (Prov) 75.
9512
9517
_ _ _ _ 994 100
13
Cordoba (Prov) Argentina 7s1942 J 1 100
9518 1003
4
External a I 6 WI- _June 15 1957 J D 8812 Sale 8812
8812 23
944 48
Coma Nice (Repub)exti 70.1951 MN 944 Sale 94
9212 931 Uruguay (Republic) extl 82_1946 F A 108 Sale 10712
8
10812 43
4
10012
4
Cuba(Repub) 58 of 1904._ 1944
S 99 10212 993
995 1024
8
1960 M N 985 Sale 9812
8
External a t a•
115
99
_ 100 Apr'29 --__ 105 10234 Venetian Prov Mtg Bank 76.1962 A 0 90
External boor 1914 ser A__1949 F A i5512
9012
9012 90
6
(ii 94 Apr'29 ---,
971, Vienna (City of) extl 5!69_1962 M 4 8512 Sale 8512
External loan 430 ser c 1949 F A 9214 8612 111
94
Sinking fund 5335. -Jan 151963 3 3 1011a 102% 10014 1905, 25 100 104
Warsaw (City) external 74_1958 F A 82 Sale 81
7
82%
Cundlnamarca (Dept) Columbia_
8
94781 90
Yokohama (City) extl 68.4.1961 J D 947 Sale 9414
8
85
16
Exti a f 0)45
1959 M N 85 Sale 843
82
i
894
41,20 of Ith to the C ',prying
•01•115 Rah,
Low
re •
'4'
BONDS
N. Y. STOCK EXCHANGE. -`
...a.
Week Ended April 26.
R"., "
Jan. 1.
Low
High
109 111
108 111
10 7 111
8e
107 110
12
12
102 104%
98% 101
/
1
4
861a 90
96
99
9 12 98
5
93
12 9812
90
4 93
74
9912 1014
/
1
1013 10234
4
10114 104
1003 10372
4
101 1034
108 111
8 4 86 8
4
5
9
8
9/
7
1
2
97 101
12
991k
94
85
92
95
99
/
1
4
95
/ 984
1
4
1
094 115
10512 10884
1054 1021
99 1021
103 10452
99 11812
c823 877
2
8
c96 100
104 1074
9514 99
82
874
98 101
93
97
101 10412
93 100
7(08 94
9814
93
9312 9312
994 1014
9514 97
14
9412 97
/
1
4
964
94
91% 95
90
/ 95
1
4
/
1
4
90
94
99 4 1024
3
92 4 1004
3
921s 994
9814 101
9812 101
83 89 4
3
211,25
-28
85
28 4 34
3
1612 22;
17
12 2314
16
Ms
1k
29
37
25
35
/
1
4
87
/ 90%
1
4
92
18 03
11
101 108
/
1
4
109 108
99 2 1004
3
90
12 95
90
12 944
100 103
14
100 103 4
,
100 103 2
7
94172 1011
/
4
9312 971
8
89
95
85
9011
993 10252
4
95 1014
12
100 102
1014 101%
92
12 944
91
95
107 107
/
1
4
100 103
85
90
/
1
4
90%
85
7718 834
83
UN
95
3e 99
10 4 1061
41
,
9712 10234
1077 113
2
103 104 8
1
105 106
92
86
95
991
.
105 10
612
92
95 4
1
88
913
4
1021 104
/
1
4
87 9112
111 115
9 5 9 111
23
8
10
412 103
103 1071k
97 103
874 934
1
95
98
96 4 1004
,
92
116
10212 103;
89
96
8112
77
77
847
2
975 1194
5
90 4 94
3
4
1013 1044
4
1003 105
10818 1104
10 5 103
05
4
75
783
4
56
904
/
1
92
88
93
9614
943 9312
4
8675 884
10712 10914
971e 100
90
94
31512 90
12
80
85
/
1
4
92
9614
2776
BONDS
N. V STOCK EXCHANGE.
Week Ended April 26.
New York Bond Record-Continued-Page 2
h
t
Price
Friday
Ayrit 26.
Range
Since
Jan,1.
Week's
Range or
Last Sale.
High
Bid
High No. Low
Ask Low
Railroad
10274 1031s
Ala Gt Sou let cone A 5e_1943 JO 101 - - 10312 Mar'29
1943 SD 9318 Sale 9318
lit cons 48 ser B
9318 15
8612
85
8512 8612 Mar'29
Alb & Susq let guar 3jia_ _ -1946 AO 83
90
AO
9212
Alleg & West let e gu
_
Mar'29
12
1942 MS 921 1761; 9218
95
3 91
Alleg Val gen guar g 4s
9 12
2
/
4
78
71
25
74
Ann Arbor lit g 4a____July 1995 Q
74
76 7218
-Gen g 48_1995 AO 93 Sale 91
100
9014 94
Ateh Top & S Fe
93
Registered
5
8914 92
AO
85
85
847s 8758
-July 1995 Nov 83
Adjustment gold 4.,
6
87
/ 88 86
1
4
Registered
Nov
'
8 28
6;1_ _ 8712 Jan8
2
81
July 1995 MN
Stamped
55
8318 887
Registered
803 803
MN
4
4
8034 Apr'29
1955 JD 831
8714 90
Cony gold 48 of 1909
/
4
_ 8714 Apr'29
1955 JD 9012 sale 8912
91
6 87
Cony 4e of 1905
9012
1960 JD 8318 88 86
2
851 90
/
4
Cony g 48 issue of 1910
86
/
1
4
1948
Cony deb 4Sis
11414 509 10812 119
113 Sale 112
1965 J J
8
915 92
Rocky Mtn Dly let 4s
8
82,12 9158 Feb'29
93 8912
8712 93
4
-Con Short L let 48_1958 ii 8912
Trans
9512 9814
Cal-Ariz lit & ref 458e A_1962 MS 9812 9934 96 Apr'29
103 103
/
1
4
Atl Knoxy & Nor 1st g ba---1946 JO 10314 ____ 103 Apr'29
9412 96
Atl & Charl AL 1st 436i A _ _1944 3.7 9114 ____ 941 Apr'29
/
4
2 101 104
-year 58 series B._ 1944 J
10112 1013
1st 30
4
Atlantic City let cons 46_ _ _1951 ii 10114---- 8718 Oct'28
84
8678
44 "So- 93
Atl Coast Line let cons4s July'52 MS 9112 Sale 89
92
/
1
4
9011 9014
MS
Registered
9014
1964 JD 975g Sate 97 Jan9'297511 11
94
97
/
1
4
General unified 471s
/
1
4
8
867 91
L & N coil gold 45..__Oct 1952 MN 89 Bale 8938
89
/ 12
1
4
/
1
4
1948 3, 69
75
70
AU & Day lit g 4s
70 70
7 4 13
0
1948 Si
62
6712
5
63
2d 48
62 62
1949 AO 81
81
81
Atl & Yad let guar 48
83 81 Mar'29
100 10314
Austin & N W let gu g 58-1941 Si
1025 103 Mar'29
/
1
4
8
Balt & Onlo let g 417____July 1948 A 0
July 1948 Q J
Registered
1933 M S
-year cony 4315
20
Registered
M S
Refund & gen 5a series A__1995 J D
Registered
J D
July 1948A O
let gold bs
9 J D
95
Ref & gen 6s series C
PLE& W Va Sys ref 40_1941 M N
Southw Div 181 58
1950 J J
Tol dr Cin Div lit ref 45 A.1959 J J
Ref & gen be series D___ _2000 M S
Bangor & Aroostook lit 5s.1943.1 J
1951 3 J
Con ref 413
Battle Crk & Stur 1st gu 3s_ _1989 J
Beech Creek let gu g 4s
1936
Registered
3 .1
2d guar g ba
1936 J .1
Beech Crk Ext ling 3He_ 1951 A 43
Belvidere Del cons gu 330_1943
Blg Sandy lit 4e guar
1944 J D
Both la Ry let be
1927
Boaton & Maine let 58 A C _ _1967 MS
Boston N Y Air Line let 46 1955 F A
Brun. A West 1st gu g 48-.1938
Buff Recta & Pitts gen g 58. _1937 M s
Consol 4348
1957 M N
Burl C R & Nor let & coil 54,934 A 0
9314 61
9238 Bale 9178
1
92
92
4
971 gide 973
4
98 2 133
,
98 June'28
§ife" 10138 10212 112
/
1
4
99 Dec'28
Sale 1031 104 55
/
4
47
8 1091
1084 Sale 1085
/
1
911
/
4
911 13
/
4
92 93
8 12
1025
10218 1025 102
8
5
831
83 831 83
/
4
37
10134 Sale 1013
4 103
102 10012 Apr'29
4
8214
813 Apr'29
5612 ___ 681s Feb'28
1
9512
951
_ 95 Aug'28
97 June'28
9312 -7712 -- 80 Mar'29
i
97 Sale l ef; 1/12
8
/
1
4
774
77H 787 77
93 96 92 Apr'29
1004 10012 Dec'28
893
4
8918 897 88
4
101H 10212 10112 10112
68
..1962 A 0
Canada Sou cons gu 58
Canadian Nat 4Sis_Sept 15 1954 M
A_5
-year gold 434s__Feb 15 11913
81i1
A
30
-year gold 434e
Canadian North debit 75..1940 J D
-year if deb 6348
1946
25
Registered
10-yr gold 434s____Feb 15 1935 F A
Canadian Pao Hy 4% deb stock J J
1946 M
Col tr 4 As
Cast & Shaw 1st gold 4e.__ _1932 M S
Caro Cent let cons g 48
1949 J J
Caro Clinch SC 0 ist 30-yr 58_1938 J D
let & con g 6s ser A_Deci 15'52 J D
1981 J D
Cart & Ad 1st gu g 4s
Cent Branch U P lit g 43_1948 J D
Central of Ga lit gs_Nov 1945 F A
1945 M N
C01:1801 gold Si
Registered
M N
10
-year secured 6a .June 1929.7 D
Ref& gen 545s series B___1959 A 0
Ref & gen 543 series C
1959 A 0
Chatt Div pur money g 45.1951.7 D
Mao & Nor Div let g be_ _1946 J J
Mid Ga& Atl div pur m be 1947.7 J
1946.7 J
Mobile Div lit g bs
Cent New Eng let gu 4e_
1961
J
Central Ohio reorg 1st4 As1930 M
Cent RR & Big of Ga coil 58 1937 M N
Central of NJ gen gold 5s
1987 J J
Registered
1987 Q J
General 4s
1987 J J
1949 F A
Cent Pac 1st ref gu g 4a
F A
Registered
Mtge guar gold 374e_Aug1929 J
Through Short L let gu 48_1954 A 0
1960 F A
Guaranteed g ba
/
1
1054
106 105
9512
97
/ 9414
1
4
Sale 987s
9912
9514
Bale 9414
Sale 10934 110
115
1144 114
/
1
113
112
97
97 Sale 97
854 gale 85
/
1
853
4
98 Sale 975
5
9812
9818 Nov'28
IC/ 7914 Apr'29
/
4
/
4
Has Sale 011 1011
109 Sale 0838 109
87 Feb'29
/
1
4
_ 85 85 Mar'29
lin
_ 05 Dec'28
011 10114
/
4
10114
00 Jan'29
995 Sale 997e
993
4
047
8 105
100 105
98 100 4 0012 Feb'29
3
Mar'29
83 86 87
Jan'29
95 100 01
107 0318 Apr'28
100
100 102 00
80 83 80 Apr'29
9712
- 9712 Apr'29
95 IA 95 Apr'29
0918 10912
1093 III
s
8
/
1
4
107 Sale limy 1075
8818 _ _- 89 Feb'29
9214
92 Sale 9112
88 Sept'28
99
99
9114
90 / 92 91
1
4
10112 Sale 101112 10212
6
23
57
29
27
15
32
4
98
44
.1936.7 J
Charleston & Sayn'h let 7s.
1939 M N
Chao& Ohio let con g bs
1939 iS N
Registered
1992 M S
General gold 4718
M S
Registered
1930 F A
20
-year cony 4348
1993 A 0
Ref & lmpt 4 Hs
F A
Registered
Craig Valley let be__May 1 '44)3 J
Potta Creek Branch 1st 48_194613 .1
R dz A Div let con g 4s____1989 J J
1989.7
2d consol gold 45
Warm Springs V let g 5s_ -1941 M 8
Cbeaap Corp cony Si May 1519471 M N
Chle & Alton R.R ref g 3a1949 A 0
CU dap stpd Oct 1928 int
Railway first lien 3148- -1950 J
Certificates of deposit--- - -Chic Burl & Q-111 Div 3i,s_1949 .7 J
J .1
Registered
Illinois Division 42
1949
J
General 4s
l958.1 S
Registered
M 8
latdcref 47,eaerB
1977 F A
let & ref be series A
1971 F A
Chicago & East 111 let 6s
1934 A 0
C & E III Ry (new co) con 58.1951$
Chic& Erie let gold Ss
1982 M N
Chicago Great West lit
_1959 M S
Chic Ind & Loulsy-Ref6s_ _1947 J .1
Refunding gold 58
1947.7 J
Refunding 45 Series C
1947 J J
lot & gen be ser A
1966 M N
1s1 & gen 68 ser B_ __May 1966 .1 .3
-year 48.. 1956 J .7
Chic Ind & Sou 50
Chic L S di East 1st 4Ha__ _1969 J D
Ch M dr St P gen g 4s A_May 1989 .1 J
Registered
Q .7
Gen g 3Ha ser B__ _ _May 1986 J
/
4
111 Mar'29
loos 166 103 10318
10214 Dec'28
"oils 992 9838 99
9214 Mar'29
9914
Sale 987
8
943
4
938 Sale 9358
9218 Mar 29
100 Apr'29
i66"
8812
89
8812 -- - 8812
84
8318 85 83
8114 83 81 Apr'29
1003 -- 100 Mar'29
4
4
993
4
993 Sale 98
/
1
4
8
67
6614 68 667
661 69 67 Apr'29
/
4
69
67 69 67
69
69 Sale 69
86
8414 7614 8474
84
84
- . 9134 92113
66
9212
92 Sale 9212
/
1
4
911 Sept'213
/
4
9714
97 9712 07
111
_
106
loos 10558 lows Feb'29
10012 106 106
82
8212 Sale 8214
104
101 104 104
68
6712 Sale 67
10914 112 10914 10914
10018 10412 108 Apr'29
8214 -- 92 Jan'29
985s
9834 9912 9812
4
1053 - - 10612 1063
4
/
1
9214 944 Feb'29
94 Mar'29
841
8412 Sale 84
---_ 80 Apr'29
7112 Apr'29
73
102 10412
/
1
4
107 110
9014 04
9938 10312
8018 8514
100 103
100 105
8018 8614
9412 9512
---80
80
9118
"9i12
17
2
2
_
_
_
5
6
11
Price
Friday
April 26.
Week's
Range or
Last Sale,
Chic Milw & St P (Concluded)
Bid
Ask Low
High
Gen 4345 series C___May 1989 3 .1 9412 Sale 944
/
1
95
Registered
100 May'28
Gen 4I4s series E____May 1989 J J 95 Sale 94
96
Debentures 45
1925 JD
811 Feb'28
/
4
Chic Milw St P & Pao
__ _1975 FA 9212 Sale 9212
93
Jan 1 2000 AO 72 Sale 7212
Cony adj be
/
1
4
73
Chic & N'west gen g 37,e___1987 MN 7514 Sale 7278
77
Registered
Q F
-- 7712 Oct'28
General 4e
1987 MN 8714 89 8612
8612
Registered
Q F
84 Apr'29
mix' 4s non-w en la tax '87 MN -5- =- 87
7F4
87
Gen 4He etpd Fed ino tax_1987 MN 9618
10612 Ocr'28
Gen 5s stpd Fed Inc tax...1987 MN 105 107 10512 106
/
1
4
Registered
MN 101 Sale 101
101
Sinking fund Os
1879-1929 AO
993
4
993
4
Registered
AO ---- 10014 Oct'28
Sinking fund 58
1879-1929 AO 99l 99 2 100
100
,
Registered
A0
99 Mar'29
Sinking fund deb 55
1933 MN loorz Sale 10012 10012
Registered
MN
10034 Jan'29
10
-year secured g 78
1930 JD ioii Sale 1014 10134
/
1
s
15
-year secured g 6Jia_ _1936 MS 108 Sale 108
108
1st ref g 55
May 2037 3D 10334 Sale 103
/ 10412
1
4
151 & ref 43.ls
May 2037 JD 9412 95 9412
9514
Chic R I & P Railway gen 45 1988 .7.7 8734 Sale 87
/
1
4
873
4
Registered
3
8814 Dec'28
Refunding gold 45
1934 AO 9414 Sale 941
/
4
943
4
A0
Registered
9234 Jan'29
Secured434eeerlesA
1952 MS 92 Sale 911
/
4
9212
Ch St L & NO Mem Div 48.1951 JO 87 88 88 Apr'29
Gold be
June 15 1951 JD 10314 106 10312 Feb'29
Registered
J D
107 Apr'28
Gold 330
June 15 1951 J D
841 Jan'27
/
4
Registered
J D
78 Apr'29
Ch St L & P let cons g be____1932 AO 99 101 100 Apr'29
Registered
AO
1011 June'28
/
4
Chia St 1' M &0cons 68____1930 J D 98 99 99
/
1
4
99
Cons Os reduced to 3Hs_ __1930 JD
95
/
1
4
953
4
Debenture 55
1930 MS 9712 99 974
99
/
1
4
9712 994 9814 Mar'29
Stamped
/
1
M
Chic T H & So East let 58._ _1960 3D 96 Sale 9512
96
Inc gu 58
Dec 1 1960 M S 8814 8812 88
8812
Chic Un Sta'n let gu 4 Hs A.1963 .7 .1 98
9834 9712
9818
lit 58 series B
1963 J J 102
102
/ _
1
4
10312
Guaranteed g 58
1944 Jo 10112 102 10112 102
let guar 6Hs series C
J 115 11714 11578 1164
1963
/
1
Chic & West Ind gen 68 Dec 1932 1,t
10114 Feb'29
Canso'50
-year 48
1952 J J 8614 Sale 86
8614
lit ref 5348 series A
1962 MS 102 Sale 102
104
Choc Okla & Gulf cons be_ 1952 MN 10058 101 101 Feb'29
Cin H dr D 2d gold 4 He
1937 J J 92 947 9412 Mar'29
s
C 1St L & C let g 4e_Aug 2 1936 Q F 95 9612 95
95
Registered
Aug 2 1936 Q F
97 Oct'28
Cln Leb & Nor lit con gu 4s 1942 MN 9014
9538 Apr'29
Iffi- Clearfield M Mah 1st gu 58.-1943
J
811s Cleve On Ch & St L gen 48..1993 JD
9512
20
-year deb 4 Hs
1931'3
General 55 series B
1993 D
31
-IT48- - 8
.
927
Ref & impt 617 series A.._1929 J
100 102
Ref & Impt Si eer C
1841 is
Ref dr impt 55 ser D
1963ii
10378 1067
4
Cairo Div let gold 48 _ _ 1939
'3
93 987
4
Cin W & M Div 1st g 4a_ _1991 3
9778 997
4
St L Div let coil tr g g 48_ _1990 MN
0312 96
Spr dr Col Div let g 45___ _1940 MS
10818 113
W W Val Div let g 45
1940 J J
114 1161z
Ref &'mut 47,a ser E__.._1977 .1 J
112 113 CCC&Igenconag 6a
1934
'3
9514 99
Cleo Lor & W con 1st g ba- _1933 AO
8318 86 Cleve & Mahon Val g be_-_1938 is
96
99 CI de Mar lit gu g 4 He_
1935 MN
19
--- ---- Cleve & P gen gu 4348 see B.1942 AO
-7914 804
Series A 4 Hs
is
100 10112
Series C 3 He 1948 MN
107 109
1950 FA
Series D 3345
877 877 Cleve Shor Line let gu 4Sia..1961 AO
4
4
8412 85 Cleve Union Term lit 5715..1972 AO
AO
Registered
jail" Wii- let a f be ser B
A0
1977 A0
199 100.4
0 4 00
0
73
let a f gnu:4%86er C
76
92
10414
9518
9918
9514
10978
114
Sate
2
-654 1661-
89
9158 sirtaS
8418
9314
90
8912 92
96
/ 99
1
4
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 26.
Rano
Jon.1.
No. Low
High
10
9216 9564
52
350
486
12
2
2
5
2
5
2
13
6
49
80
15
288
165
"eifs
96
90'i 94
7134 80
72 80
/
1
4
12
85
84
87
9158
84
9014
10458 1O9g
101 101
99 10014
987
s
99
997s
10074
10018
10712
10112
93H
851/
1
l001
99
1017
4
1007
4
103
11114
105
7e
977
4
89
921s 95
9274 9214
86
9518
8458 88
10312 105
"ii"
9912 101
2
1
31
23
17
12
7
27
13
18
39
7
100 July'28
9815 _
_
8712 Sale 871
/
4
8812 17
98 9814 99 Apr'29
10312
112 Jan'29
/
1
4
9958
9958 - - - 99
9078
6
10338 104 10314 10314
1
/
1
4
102 Sale 10112 10214 20
9214 9412 9312 Feb'29
85
11
8214 8712 84
8734
8734
84 _
1
/ 4
911 9412 9216 Mar'29 _
90 Oct'28
_
9812 96
9612 35
lOOSe 104 103 Apr'29 _ _ _
99
2
99 Sale 99
9614
- 100 Oct'28 _ _
9512 98 9614 Apr'29
97 983 10074 Mar'28 4
97 I
2
97 100 97
86
87 91 Oct'28
_ 8934 Jan'29 _ _
86-98 99 98 Apr'29 -7
107 Sale 10612 107 I
107
Oct'28
_
104 Sale 10312 104 I 78
/
1
4
98341 6
9818 10014 97
102 10512 Coal River Ry lit gu 45
19453
904 Mar'29 _
/
1
8314
1C012 10112 Colorado & South ist g 4s
1929 F A
994 Jan'29 _
/
1
87 87
Refunding di exten 4 Hs_ 1935 M
8
963
9638 Sale 963
8
8
101 101
Col & 13 V let ext g 48
1948 A
87
92 8812 Apr'29
Col & Tol let ext 48
1955 F A 91
9112 Mar'29
9958 1001s Conn & Paaeum Rio let 48-1943 A
2
88
2
80 __ _ 88
797s 84 Consol Ry deb 4s
1984 J A 9412
19 F
30
_ 944 Mar'29
/
1
97 994
/
1
Non-cony 4s
73 Mar'29
95
9914
Non-cony deb 45--J&J 19552
70 Mar'29
2 10758 11115
Non-cony deb 4s_ _ _ _A&O 1955 A
76 Nov'28 _ _ _
5
5 107 109 8
Non-cony debenture 45_1956 J
-838 73 Jan'29
5
89 89 Cuba Nor Ry let bits
1942.7
8212 15
12
ii - Sale 8134
90
93 Cuba RR lit 50
38
-year Is g_ _ _1952 J
90 Sale 90
90
/
1
4
9
let ref 734s series A
19363
10058 10212 10112 10112
1
8
1st lien & ref 65 ser B ---1936 J
5 99 993
94
92
1
96 94
9014 9134
28
994 103
/
1
Day & Mich 1st cons 4 He...1931
27
'3 97
/ 9912 9812 Apr'29
1
4
Del& Hudson let & ref 4s
1943 MN 9214 Sale 9214
9214
5
1111 1131
/
4
/
4
30
-year cony ba
1935 AO 102 _ _ _ _ 100 Apr'29
lb-year 534e
6 10158 10412
1937 MN 103 Sale 102
103
13
10-year secured 78
1930 J D 101 Sale 10018 101
2
35 "iiis 16014 D RR & Ridge let gu g 4a_ 1936 FA
_ 9614 Aug'28 - 9214 951 Den & 110 let cone g 4a
/
4
1936'Si 8914 Sale 89
8912 91
9812 991
/
4
Congo'gold 494s
60
1936
J 9112 93 923
4
923
4
DenARG West gen ba_ Aug 1955 MN 93
320 9018 95
164
94
9318 92
921 921
/
4
/
4
Ref & impt be tier B Apr 1978 MN 9014 Sale 89
9058 32
/
1
4
9934 111012 DeeMAFtO let gu 48
1935 ii 2514 39 301
301
1
8812 8812
Temporary etre of deposit_
23
-271
/
4
32
/
4
5 83 861 Des Plaines Val let gen 4348 1947 MS 921 99 0258 Apr'29 _
Feb'29
/
4
81 86
Dot & Mac let lien g 45
1995 JD 75
75 Apr'29 -76
100 100
Gold 45
1996 JD 76
7912 75 Feb'29
98 10012 Detroit River Tunnel 4 Jia_ _1961 MN 964 99 0818
221
9812
8
/
1
66 8 702 Dul Miesabe & Nor gen 5a_ _1941 J J 10314 _ _ 10234 Apr'29 -7
4
6518 69
Dul & Iron Range let be_
1937 AD 99 Sale 9934
997
4
2
/
1
4
Registered
10 6614 71
A0 ---_ _- 10012 May'28 _ _71
2 67
Dul Sou Shore & All g 56_ _1937
763
4
6
7612 78 7612
83
716
36
Minn Nor Div let 45'48 AO 88
934 Feb'29 - /
1
East Ry
94
84
84
East T Va & Ca Div g fo_ _ _1930Ii 97
5
/ 99 9718 Apr'29
1
4
9078 94
8
4
19
Cons 1st gold be
8 1047
1956 MN 10458 Sale 1047
891s 9311 Elgin Joliet & East let g ba 1941 MN 100 103 103
2
104
2
1
El Paso & W 1st be
1965 AO 100 --- 10011 1001
95 1912
17
/
Erie let consol gold 7.7 ext_ 1930 M S 10114 Sale 10114 1011
4
23 10118 106
.
104 cons g 48 prior
16
105 106
841
8
1996 J
837 85 833
a
811
8
807 8518
4
33
Registered
8112
10983
9978 106
6
lst consol gen lien g 4s_ _1996 J
79 4 80
3
78'g Sale 7814
66H 6978
735 Mar'29
8
35
Registered
1996 J
6
Penn coil trust gold 4....195l F A 101 166- 10118 1011
1 1034 11374
811
100 108
50
-year cony 48 series A_ _ _1953 A 0 8O2 82 8112
821
20
92 92
Series B
1953 A 0 81 Sale 81
82 8412 Dec'28
3 95 10314
Gen cony 48 aeries D
1953 A 0 50
97 Ref & Im pt 5s
22 103 10812
SOO
1967 M N 9534 Sale 9514
877e 9478
8
Erie &Jersey ists f Os__ _1955 J J 1093 115 10914 10914
109
Geneesee River let s f 55..1957 J J 19938 110 109
2
94 94
81
8674 Erie & Pitts gu g 37,a ser 13_1940
11
881a -- 102 Feb'28
/
1
80 80
Series C 354a
19405 J 8818 91 884 Jna'29
155
4
711 75 Est RR exti 5 I 7s
2
19541M N 1023 Sale 10258 103
99 161"
4
957 97
9618 101
981s 994
91 1001
i
92H
85
97 1001
8
,
101 1041
100 1021
,
112 11673
10114 10114
8412 8914
101 105
,
100 1011
5e
941s 94 s
7
9412 9618
819584
-iiia lif"
9734 99H
112 112
9912 1017
0
10272 105
98 1037s
9318 93
11
80
93
R558 884
9218 921s
93- 98
103 1041a
99 1011,
-98- 10;
97
9858
8978 89 4
7
96 99 8
7
1051i 109
lO1' 105'g
977 101
8
85
991s
9513
8812
9111
88
9412
71
69
90 s
7
99 s
7
9711
91
911,
90
9411
76
72
16"
ril 81
9314
96
88
10078 106
9058 98
9714
89
97
100
10018
98111
941s
1041,
105
10318
92's
88
8912 944
98
91
7
93 4
87
40
25
27 2 30
,
9252 92 8
7
761
4
75
75
75
9512 1001
4
1027 10 4
4 31
9918 1014
1674 - 1
9312 94
9718 9918
104H 10514
100 105
100 1051
4
100 104
801, 8578
8112 8112
75% 80
12
727 73 s
4
7
1002s 10114
7814 844
7912 844
9111 97
10612 11018
10612 11155
-881s 884
10114 105
New York Bond Record-Continued-Page 3
BONDS
N. T. STOCK EXCHANGE
Week Ended April 26.
1,
24
Ma Cent & Pen let ext g 55__1930 j j
let consol gold 58
1943 .1 .1
Florida East Coast 1st 4%8_1959 JD
let & ref 5s series A
1974 MS
FondaJohns& Glov Ist 4%91952 Ni N
Fort St U D Co let g 434s_ _1941 1 J
Ft W & Den C Ist g 5328
19t31 J O
Frem Elk & Mo Val let 68_ _1933 AO
11 SAM&P lst bs1931 MN
2d extens 55 guar
1931 Ji
Galv Hoes & fiend 1st 5s_ 1933 AO
Ga & Ala Ry let cons 5s Oct 1945 J J
Ga Caro & Nor lit gu g 5s_ _1929 j
Georgia Midland at 3s
194r AG
Gr R & I ext lat
g 430_1941 JJ
Grand Trunk of Can deb 65_1940 AO
15
-year 5 1 65
1936 MS
Grays Point Term let 58_1947 J
Price
Yrniat4
April 26.
Week's
Range or
Last Sale
Bid
Ask Low
98
95
9214
76
3318
94
__ 107 10614
102 105 102
9812 Sale 983
4
99
9912 99
9812 Sale 9812
86
88
86
9814 99
98
741s 75
7312
97
110% Sale 10912
104 Sale 10312
9618
_ 97
95
9214
77
3212
97%
Sale
Sale
3612
Great Nor gen 75 series A
1936 J J 1097 Sale 10912
8
Registered
J J
_ 109
lit & roil 32 Eserler A_ ___1961 J J 95 Sale 9418
General 53.e series B____1952 J J 10814 Sale 10818
General 50 series C
1973 j
1033 Sale 1033
4
4
General 4348 series D
1976 J
9612 Sale 9514
General 434a series E
1977 J J 9634 Sale 94%
Green Bay & West deb etre A_,_ Feb
85
Debentures ate B
Feb 2212 243 22
4
Greenbrier Ity 1st on 481940 MN 9114
9114
Gulf Mob ds Nor lit 5%s_1050 AG 10012 Sale 10018
let M be series (1 _____ ___1950 A 0 9714 99 102
Gulf & 01 1st ref & ter g 58.91952 J J 100 4
10418
3
Hocking Val let cons g 434s_1999• .1 95 - - 4 96%
993
Reglotered
1999 J J
10212
Housatonic Ity cons g 55
51 N 9712
1937
_ 98
H
C let g 58 Int guar....1937 J , 102
_ _ 10214
Waco & N W dly 1st 6s_ _1930
N
102 10014
Houston Belt & Term lit Si.1937 J J 9912 100 9912
Houston E & W Tex late 58_1933 MN 973
s
99
let guar 55 red
1933 MN 97% 100 9812
Hud & Manhat let Ls ser A_1957 FA 9312 Sale 923
4
Adjuetmentincome 58 Feb 1957 AG 78 Sale 75
'P
RIO
o
No
Apr'29
95
9214
78
3318
Nov'29
10614
Apr'29
983
4
9912
9812
Apr'29
Apr'29
Mar'29
Mar'29
111
104
97
3
24
5
10
2
4
17
30
2
1101s 93
Apr'29
95
5
1087
8 33
103% 24
9612 67
963
4 22
Oct'28
Apr'29
Mar'29
10012
7
Dec'28
Mar'29
97
7
Mar'28
Mar'29
Mar'29
Mar'29
994
1
Mar'29
Feb'29
9312 45
78
103
Illinois Central Ist gold 4s
1951 • J 91
9212 92 Mar'29
JJ
Registered
95 May'28
lit gold 3%8
84
85
8018 Apr'29
JJ
Registered
84 Nov'28
Extended let gold 330_ __1051 AO -82- 85
8318 Apr'29
let gold 38 sterling
1951 MS 7118
7414 Mar'29
Collateral trust gold 4s
1952 AO 885 8 8918 8814
8814
NI N
Registered
87
Oct'28
Iitr efunding 45
1955 MN
9034
91
Purchased lines 33444
J J
1952
8334 Jan'29
Registered
J J
87 Nov'28
Collateral trust gold 4s_ 1953 MN
863
4
88
/
1
4
Registered
MN
9014 May'28
Refunding 58
N 1o4T8 10if,f 104 Apr'29
1955
2
15
-year secured 6 Hs g
1936 J J
109% 1093
s
40-year 432s
Aug 1 1966 FA 0811 Sale 98%
99
Cairo Bridge gold 48
1950 JD 8514 92 90 Mar'29
Litchfield Dly let gold 38_1951 • .1 7412
72 Apr'29
Loulsv Div az Term g 3348 1953 J J 81
--- - Sl
8312
Apr'29
Omaha Div lit gold 38._ _1951 FA 73% 77
74 Mar'29
St Louis I)Iv & Term g 38_1951 ei
7218
76% Oct'28
Gold 334s
1951 JJ 77%
81 Mar'29
Registered
J J
- - - 783 Oct'28
4
Springfield Div 1st j 3%8.1951
_
Western Lines 1st g 4s._ _-1951 F A 78- - 88 Dec'28
89
92
9012
9012
Registered
FA
92 Apr'28
III Cent and Chic St L & NOJoint lit ref be series A.._1963
102 Sale 102
10314 25
let & ref 434s serle8 C___ _1963
101 10214 95
95
2
Ind Bloom az %Vest let ext 4s 19411 A
_ _ 91 No14 28
/.
4
Ind III & Iowa 1st g 4s
1950
8587
9312 9214 Feb'29
Ind az Louleville let gu 48_1956
8412 86
86
86
1
Ind Union Ity gen be eer A 1965
102 Sale 102
102
Gen az ref Is eeries II
1965
103 103 Mar'29
Int& On Nor let 6seer A _ _1952
10512 Sale 104% 106
121
Adjustment 6s tier A July 1952
_ 90 Sale 893
4
90
90
Stamped
.
7712 Feb 28
let Si series B
1956 J J 93l 94
937
8
94
3
let g Si series C
1956 J J 9334 94
9312
94
16
Int Rys Cent Amer let 58
1972 MN 79% Sale 79%
81
11
let coil tr
uotes
194 I MN 90
9312 9312 Apr'29
let Hen az rote %5
1947 FA
4
95%
3
Iowa Central 1st gold 5s.,_ 1938 J D 9412 953 9312
41% Sale 41%
4118
4
Certificates of deposit
42 Sale 42
42
1
Refunding gold 48
MS 13
1951
1412 1318 Apr'29
James Frank & Clear 1st 48_1059 J D 8712 90
88 Apr'29
Kan A & It Ist gu g bs_1938 J J 98
10014 Apr'29
Kan az NI lit go g 45
1990 AG 84
85
84 Apr'29
C Ft SA M fly set g 4s 1936 AO 92
9212 9212
9212 13
K C & M It & B 1st gll 58_ -1929 AO 98
__
_
Kan City Sou 1st gold 35._ _1950 AO 75 Sale 98 Apr'29
74
75
17
Ref az Inlet 55
J J 9834 Sale 98
Apr 1950
98%1 44
Kansas City Term let 48_ _ _1960• J 88 Sale
89
88
25
Kentucky Central gold 48_1987 J J 89
92
Apr'29 _ _
Kentucky az Ind Term 4)4i.1961 J J ____ 91% 89
Jan'29....
95
Stamped
1961 J 2 88
90
Apr'29
90
Plaln
1961 J J 91
93 Apr'29 _ _ _ _
Lake Erie& West let g 5s
1037 J J 993 968 10018 100181
4
71
2d gold 58
1941 • j 9918 9912 100 Feb'29
_
Lake 8h & Mich So g 3348_1997 J 1) 7918 80
79
79
1
Registered
1997 J
73
80
Apr'29 _ _ _
78
25
-year gold 48
1931 MN 97% Sale 9712
9834 43
MN
Registered
993 Apr'28
Leh Val Harbor Term gu 58_1054 FA 103" 10713 102 4 Apr'29
__
Leh Val N Y 1st gu g 4%5_1940 J J 9512 96
__
96
N 86% Sale 86% Apr'29
Lehigh Val (l'a) cons g 4s___2003
8612 14
MN
Registered
Jan'29
MN 97 Sale 86
General cons 4 Hs
2003
96
97
17
MN
Registered
__
99 Nov'28
Lehi Valley ItR gen Si wiles 2003 M N 103% 1043 10312 104
4
6
Leh V Term Ity lit gu g ba_ _1941 AO 9914 103 10034 103
4
AO
Registered
- 1037 Feb 28
.
Leh & N Y let guar gold 48_1945 81 S 87
89
90
Oct'28
AO 10618 109 106% Apr'29
Lax & East lit 50-yr 58 gil- -1965
Little Miami gen 48 series A.1962 MN
8612 Dec'28
Long Dock console 68
1935 AO 101 107 10412 Jan'29
Long laid lit con gold 5i3July1931 Q J 9812 ---- 9812
9812
5
lit e011801 gold 4s_July 1931 Q J 9712
- 100 Feb'29
General gold 48
1038 J D 90 -- - 90
944
90
1
Gold 4s
1932• D
_
9912 Dec'28
Unified gold 411
8812 89 Apr'29
1949 MS
Debenture gold 58
1934 ii) 9712 9912 863 Aug'29
4
30
-year p m deb be
1937 MN 9812 9912 9914
99%
5
Guar 81i Is 1st con gu be Oct'32 M
8834 Sale 8858
89
16
Nor Sh 11 1st con gu 544.0et'32 Q J 89 8912 9812
9812
2
Lou & Jeff Ildge Co gd g 43.1945 MS 86
897 90 Apr'29
Louisville & Nashville 5e_ 1937 MN 101 10214 102 Apr'29
Unified gold 45
1940 j
944 9514 94
9414 26
Registered
J
9812 Dec'28 _
Collateral trust gold 5s_ __1931 MN
9812 _.-- 9818
9818
2
Range
Since
Jan. 1.
Low
98
93%
9118
75
2512
94
10614
102
97%
97
98
85
9418
7312
9558
10814
103
High
98
9914
94
80
60
94
10714
1037
4
100
100
100
86
98%
75
97
113
106
BONDS
N. Y. STOCK EXCHANGE,
Week Ended April 26,
2777
Price
Friday
April 26.
Bid
Louisville & Nashv (Concluded)
10-year see 7s.. May 15 1930 M N
lit refund 5345 series A.-2003 A 0
A 0
lit & ref 55 series
lit Ac ref 4%e series C____220033
B99
.1
N 0&
1930 .1 J
lst gold 8s
2d gold Os
Paducah & Mem Div 45_1946 F A
St Louis Div 2d gold 3e...1980 M 5
Mob & Monte lst g 4%3_1945 M S
South fly joint Nlonon 48_1952 J J
Atl Knoxv & Cm n 1)1y 45..1955 M N
Loulsv Cln & Lex Dive 44s'31 MN
Mahon Coal Rrt let Si
1934 M j
0
Manila RR (South Lines)40_193 j N
lit ext 4s
1954 M N
Manitoba 8 W Coloniza'n Si 1939 1 D
7
97
ManGB&NWlet 34e__1941 J J
109 112% Mich Cent Del & Bay CRY 5s_'31 M S
QM
109 109
Registered
9212 98
1940 .1 J
NlIch Air Line 45
10412 1093
J J
4
Registered
10014 104
let gold 345
1952 MN
9212 97 4
1929 A 0
29-year debenture 4s
,
93
A 0
97%
Registered
1940 A 0
Mid of NJ let ext 55
-22- - - -5 Milw L 9 & West Imp g 58..1929 F A
29;
9114 91% Mil dr Nor latest 448(1880) 1934 J D
10012 106
1934 J D
Cons ext 4%s (1884)
Mil Spar & N W let gu 48_ _1947 M S
Mew & State Line let 33444_ _1941 J J
95
99
Minn & St Louie let cons 513_1934 M N
Temp etre of deposit_ I934 M N
975 WI;
let & refunding gold 45.-1949 M S
10214 10214
Ref & ext 50-yr 55 ser A:_1962 Q F
10014 102
___ _
Certificates of deposit
98% 100
NI St P & SS NI con g 4s int gu'3S J J
9812 99
lit cons Si
1938
9714 1021s
1st cons 58 tall as to Int
1938 J J
90
10-year coil trust 634s_ _1931 M 8
08
7212 843
1946 J J
let dr ref 65 series A
4
25
-year 53413
1949 M 5
91
9514
1941 MN
let Chicago Terms f 4s
Nlisslasippl Central let 513_ _1949 J J
801* 154 Mo Kan & Tex let gold 4s_.1990 J D
Mo-K-T RR pr lien 5seer A _1962 J .1
8318 8318
40
-year 45 series 11
1962 J J
7414 7414
Prior Ilen 4 345 ser D
1978 1 J
86% 933
Cum adjust 58 ser A _Jan 1967 A 0
4
Mo Pac let & ref be ser A. 1965 F A
90
92%
General 4s
1975 M 5
83 4 83 4
3
3
let & ref Si series F
1977 M S
_ Mo Pee 3d 75 ext at 4% July 1938 MN
-84
91
1st & ref g 5s ser G
1978 M N
Mob & Ilir prior lien g be__ _1945 J J
ioi" 16E4
Small
J J
107 1113
8
1945 J J
1st M gold 48
97 10012
1945 J J
Small
Mobile & Ohio gen gold 4s_ _ 1938 NI S
86
90
47 Ni s
71% 7514
Montgomery Div hit g 58_ 1 97 F A
81
Ref & Impt 448
84%
Mob & Mar 1st gu gold 45_1991 NI S
74
74
1937J J
Mont C let gu es
let guar gold 55
I- Wdli
0
193 -1
Morris& Essex let gu 3348._2007 2 D
- 2 Nash Chatt & St L 4s ear A.1978 F A
91311937F A
_ N Fla & S let gu g 5s
Nat Ity of Nlex pr lien 4%5_1957 J J
100 10514
J J
July 1914 coupon on
9418 9712
Assent cash war rct No 4 on
--1977 A4
Guar 70
-year 81 45
Assent cash war rct No 5 on
-62- 9214 Nat RR Alex pr lien 4%s Oct'26 ./J
- -8412 884
Assent cash war rct No 4 on
102 103
1951 :4. -6
let consol 4s
103 103
Assent cash war rct No 4 on -_-10014 10612 Naugatuck RR Isle 4s _ _ _ _1954 M N
89
New England RR Cons 53..1945 J J
96
1945 J J
Consol guar 48
9112 96% NJ June RR guar 1st 4s_ _ 1986 F A
91
9512 NO& NE lit ref &imp 4%5A'52 J J
78
82
New Orleans Term let 45. _.l953 J J
93
963 N 0Texas & Mex n-c Inc 58_1935 A 0
4
93
lit 58 series 13
1954 A 0
9834
40
51
1st 513 series C
1956 F A
40
let 4%a series I)
5112
1956 F A
12
20
1954,A 0
lit 5%s series A
85
8912 N & C Bilge gen guar 4%8_1945 J .1
9914 10014 N Y II & M 13 1st con g 58_ _1935 A 0
8412 N Y Cent RR COM/ deb 65 1935 M N
84
M N
Registered
89
93
1998 F A
Consol 48 series A
98
9912
Ref& impt 4 its series A..2013 A 0
70
76
Ref & impt Se series C
2013 A 0
9512 993
4
40
Registered
8618 9012
8814 90% N Y Cent az Hud Rh NI 3%81997 3 J
,
95
95
1997 J J
Regletered
87
90
Debenture gold 4s
1934 M N
907 95
8
M N
Registered
99% 101
30
-year debenture 4s
1942 J J
99 100
Lake Shore coil gold 348_1995 F A
8115
78
Registered
1998 F A
75% 78
hlich Cent coil gold 3345_1095 F A
96% 9912
Registered
1995 F A
NY Chic & St L Ist g 48
1937 A 0
ioiRegistered
1937 A 0
25-year debenture 48
9512 99%
1931 M N
8414 8814
2d 6s series ABC
1931 MN
86
86
Refunding 5345 series A _ _1974 A 0
9212 100
Refunding 534e serlee 11_1975 J J
Ref 4 Ste series C
1978 NI S
N Y Connect let gu 434e A.1953 F A
1011 10714
/
4
let guar 55 series 11
1953 F A
100% 10312 N Y az Erie let ext gold 4s 1947 M N
3d ext gold 44s
1933 IN 8
4th ext gold 55
1930 A 0
105(4 1087 N Y & Greenw I. Ku g 513_1946 M N
*
NY AL Harlem gold 34*..2004) M N
1(34'! 10413
R
9812 10114 NY Lack & W let & ref gu 55'73 M N
97 /00
1st az ref gu 4348 con
1973 MN
90
93
NY LEA W 1st 7sext
1930 M S
N Y & Jersey 1st Se
1932F A
90% N Y & N E Bost Term 4s
88
1939 A 0
13111 100
N Y N 11 di II u-c deb 4s_ _1947 M 8
.
99%
96
Non-cons' debenture 3%8_1947 M 8
88% 91%
Non-cony debenture 330_1954 A 0
9812 1013
Non-cony debenture 4s
1955 J J
8412 90
Non-cone debenture 4e_ _ _1956 M N
10014 10212
Cony debenture 3145
1956 1 J
92% 95 4
3
Cony debenture 60
1948 1 .1
J J
Registered
8
9514 1005
1940 A 0
Collateral trust Os
1957 M N
Debenture 45
lit & ref 4348 ser of 1027.10874 D
Flarietu It & Pt Ches let 45 1954 M N
Week's
Range or
Last Sale,
Ask Low
IOta
High No. Low
10112 Sale 10114
102
10514 Sale 10458 10514
1021s 105 10212 Apr'29
9712 98
9712 • 9712
993 100 9934 Apr'29
4
100 100 Apr'29
9112 9114 Mar'29
6214 65% 65 Apr'29
97 100 100 Sept'28
8612 88
86 Apr'29
91
9112 91 Apr'29
9712 98
98 Apr'29
100
100 Feb'29
74 Sale 73%
7412
____ 73% 77 Feb'29
99%
9912
995
8
46
23
25
28
4
8612
6
8612
100 Apr'29
10034 Apr'28
-oi- 95
9214
93
5
9218 July'28
8212 Apr'29
8312 85
9934 Mar'29
99
Oct'28
93
-'9E1 - - - 94 Mar'29
9412 Jan'29
94
95
96 Feb'29
97% 94
1
94
8912 92 903 Apr'29
4
90 Apr'28
-- li- 50 Apr'29
50
4818 Sale 4818
4818
2314 Sale 2314
40
25
20
4
193
2012 1934
4
18
1912 16
Jan'29
88 Sale 8712
884 20
9418 9712 99 Apr'29
97
9884 9814 Apr'29
9912.
7
9912 100
99
98 101 101
Apr'29_
9112 92 Apr'29 _
86
9312 Jan'29
Ws
_ 9612
9712
7
86 - - - 8518
8814
8518
4
101)4 Sale 100 4 102
3
3
32
84 Sale 8334
15
84
915 9212 92
2
92
3
10612 Sale 1033
4 10712 144
987 Sale 9812
99% 45
75 Sale 7414
753 168
4
983 Sale 983
4
9818 334
4
3
9034 Sale 90 8
90%
1
98(4 Sale 98% 100
198
99 101 100 Apr'29
_
95 100 99 Feb'29
___ 8912 88% Apr'29
__ 8512 8512
4
8512
iji
94
9312 Apr'29
933 6_l_ _ 99 Apr'29
9 11 a e
9
9312
933
4
7
833 87
8
8412 Mar'29
105 10812 106 Apr'29
1773 -. 1003 Feb'29 _ _ _ _
00 4 i_
4
77
2
77
8612 90
100
9018 92
90 Apr'29
102 Mar'29
173 ____ 18 July'28
4
16
__ 183 July'28
4
lo Sale 10
10
5712 Aue'28
1212 14
14 Apr'29
2 2,
'3
02
-1011: 383 July0 7
2 - 2 14
-
1
5
90
90
:
Sale
Oct'28
Apr'29
Mar'29
Nlar:29
Ai 29
90
13
5
2
-64- 98 9
9 '8 8
4
94
8
9818 10012 98 Apr'29
89
917 92
8
92
101 Sale 100 8 101
3
9513 ____ 953 Apr'29
4
97
9934 9512
97
1053 10614 1053
4
4 10614
6
43
8818 183- 186 " 239
4 9
8
8 4
'
8
9
814 9914 98 4
,
99
105% Sale 10518 10614
---- 106 Mar'28
41
37
60
86
7
0
Sale 7
, 78
912
95
Sale
105
107%
1057
2
99
1004
4
10014
9114
674
85
8
897
98
100
73%
74%
98%
89I
92
9912
100
75
77
100•
8612 861z
9512 100
9214 93
80% 85 6
.399% 99%
63is
9912
96
94
90
9684
994
96
95
92
515- 15i
47
5314
1914 35
155 20
8
16
16
67
8914
93% 99
9614 9912
974 101
9812 102
91% 05
931t 934
2
9612 995
815 85%
8
9812 102
8112 86%
94Is
89
102 10712
9518 1014,
77
70
9312 9118
8
901s 917
944 100
99 100
99 100
86
98
8512 89
0112 0752
99
99
974
9
0
8412 86
ins 108
4
1003 101
764 8012
912
-12T4 1334
3
86
99
8618
88
93
High
10012
10014
10218
9718
99%
100
9114
6414
8912 90'2
100% 102
228 Apr'
8
28
99
86is 89
6258
Range
Since
Jan. 1.
3
4
95
95
9518 97
9418
761g 7712 7614
7152 77
735
8
7734 79
7534
725 77
8
78
9314 94 9314
9612
975 98
975
8
101 1013s 10078
10612 Sale 10534
106 Sale 10512
95 Sale 94
9412 9612 941x
10012 104 10012
___ 90
90
_ foo
5912
166
loo
_ _-- 957
96
83
80
78
95 7
4
Jan'29
Apr'29
7714
Apr'29
753
4
Apr'29
93
4
Feb'28
9734
8
1013
106%
10612
9514
9413
Apr'29
Apr'29
Mar'28
loo
96
Jan'29
10112 ____ 18518
00 8
96
104
100
-_-_-_-_ 90
75
8312 80
4
7234 773 773
7134 Sale 7134
81 Sale 80%
7912 8234 80
705 72
8
70 4
3
12312 Sale 12112
_418
10313 Sale 10312
7612 78
76
90 Sale 89
89 Sale 89
Feb2 9
A9r:28
Apr'29
Feb 28
.
Mar'29
Nov'28
Apr'29
Feb'29
7134
8118 16
Apr'29
72
15
12414 184
Apr'29
_
10412
8
76%
15
9014 136
1
139
46
10
41
16
2
13
14
30
64
49
76
3
5
2
2211
19
713 III;
- $
697
98
se!. 86%
88
88
93
974
87% 91
98 100
93 1004
98 101
92
96
10014 105 8
,
Pal, 9544
9512 97
10214 108
106 106
8612 89%
97 10012
10418 1074
77%
774
933
4
95
eo
7414
73%
74%
764
9112
8214
784
9714
95
94%
el%
73%
79
78
96
.
9614
10108
10412
105
93
9312
9914
90
I8
-10212
10714
107
954
97%
10212
90
99 100
94% 98
83
83
16012 1004
96 1001s
100
lOoli
80
75Is
7014
74
76
6914
116
115
102
703
4
854
8812
56"
7741
75
8434
84Is
75
126
119
10512
784
9212
9014
2778
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 26.
Price
Friday
April 26.
Week's
Range or
Last Sale.
1
gj
di cg
Range
Since
Jan. 1.
Bid
Mak No. Low
High
Ask Low
NY O&W ref 1st g 48-11une 1992 M S 68% 69 68
67
2
74 4
3
683
4
Reg 55.000 only__June 1992 M S
70 Apr'28
1955.3
1 -99- In;
General 48
-993- 65 6214
6214
8
NY Providence & Boston 481942 A 0 90
91
87% Oct'28
A 0
Registered
893 Jan'28
4
N Y & Putnam let con gu 48 1933 A 0 855 9212 8512
2
8414 8912
8
88
N Y Swig & West list ref 58_1937 J J 82
8018 8812
8512 8412
8512
8
2d gold 4)0
1937 F A __
80 843 Nov'28
4
7
General gold 5a
1940 F A 7212 sale 72
4 --9r8
7212
Terminal 1st gold bs
1943 M N
99% 10112
101
9912 Feb'29 _
N Y W-ebea& B 1st ser
795 85
8
Hs'46 J J 823 Sale 82
4
83% 66
Nord Ry ext'l s f 654s
1950A 0 10114 Sale 10114 1023
8 81 10012 105
Norfolk South 1st & ref A 58_1961 F A 8414 8514 8418
904
22
83
88
9712 102
9912 99 Mar'29
Norfolk & South 1st gold 59_1941 M N
10112 10314
105 105
997 104
8
89
9214
892 8912
90% 94
13212 13212
9112 95
10778 1077
8
9574 99
96
9614
87
90
85 4 89
3
63
8712
62
8312
96
987
11038 11312
101 105
101 10438
1093 109$4
4
BONDS
N. Y STOCK EXCHANGE
Week Ended April 26.
Price
Friday
April 26.
Week's
Rano) or
Last Sale
Bid
Ask Low
St I.
-flan Fran pr lien 49 A__1978 M
1950
87 Sale 863
4
M
Con M
s series A
8814 Sale 8714
Prior lien 58 series B
1950 J' 10018 Sale 100%
St Louis & San Fr Ry gen 68.1931.3' 1003 10218 102
4
1931 J' 9912 10014 98
General gold 58
St L Peor & N W 1st gu ba 1948ii 1023 10412 10212
4
_ _1931 MS 9618 97% 9718
St Louis Sou let gu g
ctfa__1 8
9
St L S W lst g 4s bond49_- 1932 MN 8414 Sale 8414
2d g 48 Inc bond ctfa Nov 1989 J J 7914 82
79
JD 95% 9512 9514
Consol gold 4s
let terminal & unifying 58_1952'.3 9812 Sale 98
St Paul & K C1311 L lst 4)0_1941 FA 93 Sale 93
St Paul & Duluth let 59____1931 FA 98 100
98
let consol gold 48
1968 JD 8818 89% 8818
St Paul E Or Trunk let 430_1947 ii
9718
St Paul Minn & Man con 48_1933 J 1
164 9412
let consol g 69
1933Ii 10134 104 103
.3.3
Registered
103
Se reduced to gold 450_ __1933.3' 9612 99 965
8
J
Registered
95
1937 JO 92
Mont ext. 1st gold 48
94 94
J 1 8712 90 103
Pacific ext guar 4s (sterling)'40
St Paul tin Dep let & ref 58.1972'.3 10318 10412 10212
S A & Ar Pass let gu g 4s.. _ _ 1943 J J 9018 Sale 9018
Santa Fe Pres & Phen let 59_1942 MS ____ 102 102
Say Fla & West 1st g 6s_ _ _1934 AO 10211 ____ 106
1934 AO 9914
lot gold bs
- 9814
Scioto V & NE 1st gu g 4s_ __1989 MN 8834 ____ 90
731
Seaboard Air Line let g U.__ 1950 AO
Gold 48 stamped
1950 AO 70% Sale 69
959
Oct 1949 PA 445 Sale 44%
8
Adjustment 58
A0 .5634 Sale 5612
Refunding 48
1st St cons Se series A _ __ _1945 MS 73 Sale 73
MS
Registered
_
75
Atl & Birm 30-yr let g 48-d1933 MS 83
8512 8514
Seaboard All Fla let gu 6s A_ 193 FA 65% Sale 65%
1 93
5
FA 653 Sale 65%
Series B
4
Seaboard & Roan lst 58 end 1931 .1 J
- _ _ 9712 98
1936
So Car & Ga let ext 5149_ _.1929 MN 995 100 99 8
8
5
FA 10018 _ _ 101
& N Ala cons gu g 58
Gen cons guar 50-yr 5a_ _1963 A0 106
10512
NW
High No Low
4
83% 8819
873 128
8912 1035
83 4 8912
3
101% 133
983 10118
4
1 101 102
102
9938
3
95% 1004
Apr'29 ---- 102 10318
9512 97
Mar'29 --18
8414
9
83
12 go
82
8
82
79
9512 31
95
9612
99
56
97 10158
98% 13
893 9514
4
Apr'29 -98
98
88%
2
8014 8818
Jan'28 .- -95
4 .94% 9813
Apr'29 - - 101% 1041s
Jan'29 -- 103 109
9812 9914.
9638 10
Dec'28
Mar'29 - 94
95
Mar'28 -10212
1 100 8 10534
-- -7
9012 14
102
2 18714 102
02
91
Mar'29 ---- 106 106
Apr'29 -.9814 10012
Apr'29 -8812 9012
Apr'29 -- -727 7414
3353 30
8
71
12
8712 754
464 85
5738 26
5612 6018
7512 292
73
40
Mar'29 75
75
8514
3
89
85
42
67
71
64
643 70%
4
66% 61
Dec'28 -Apr'29 -- -- -994 los.
Dec'28 -Apr'29 -- 104'g 106,4
Norfolk & West gen gold 68_1931 M N
Improvement & ext 68_ ..1934 F A
New River 1st gold ea.._ _1932 A 0
N dr W Ry lst cons g 48_ _1996 A 0
1996 A 0
Registered
Div'l let lien & gen g 40..1944 J
1929 M S
10-yr cony 68
_1941 J D
Pocab C & C joint 49_
North Cent gen & ref 58 A 1974 NI 8
Gen & ref 424s ser A stpd_1975 M S
North Ohio let guar e 58
1945 A 0
North Pacific prior lien 40-1997 Q J
1997 Q J
Registered
Gen lien ry & Id g 38..Jan 2047 Q F
Jan 2047 Q F
Registered
Ref & impt 424s series A __2047 J
Ref & lmpt 68 series B-_ _2047 J J
Ref & hunt fa series C.._ __2047 J J
Ref & impt 5s series D.__ _2047
J
Nor Pao Term Co lst g 69..1933 J J
Nor By of Calif guar g 5a_ __1938 A 0
102 10512 102 Mar'29
10318
_ 105 Mar'29
10tis 166 10118 Apr'29
12
91 Sale 9012
91
8912 Feb'29
9112
5
92
92
13212 Feb'29
915
92 Apr'29
10778 Jan'29
3
97 Sale 97
97
95 96 Feb'29
118
90 Sale 88%
90
3
87
853 89 86%
8
6518 Bale 6418
6514 70
62 Mar'29
2
9612 9712 9614
9612
11114 Sale 111
1117
8 24
102% Sale 102% 1023
6
4
19
102% 104 10234 104
10934 ____ 109$4 Feb'29
107 June'28
North Wisconsin let 6s..- - -1930 J J
Og & L Cham 1st gu g
J
Ohio Connecting Ry let 48..1943 M S
Ohio River RR 1st g 59-.1936 J D
General gold 59
1937 A 0
Oregon RR & Nay con if 4e.1946J D
Ore Short Line 1st cone g 58_1946
Guar stpd cons ba
1946
J
Ouar refunding 4s
1929.3 0
Oregon-Wash 1st & ref 48-1961 J J
Pacific Coast Co let g bs_ _ .1946.3 D
Pao RR of Mo 1st eat g 48_ _1938 F A
26 extended gold 5s
1938.3 J
Paducah & Ills 1st f 454s..1955 J J
Paris-Lyons-Med RR exit 611 1958 F A
Sinking fund external 78_ _1958 M S
Paris-Orleans RR e I
M
Ext sinking fund 534e.,....1968 IN S
Paullsta Ry 1st & ref e f 79..1942 IN 8
983
4
- 100 Sept'28
787 33
e
80 If 78%
8112 41
955* Nov'28
12
"Ws 99
99% Apr'29
99 4 3
99% 100
993
8
_ 9938 Mar'29
89% 9212 8.1 Pac coil 48(Cent Pao col) k'49
2
9012
90 I 25
9012 92
9014
90 Sale 8812
9
103 Sale 103
103
6 10212 1013
Registered
J D
8618 Apr'29 -4 10212 106
9938! 28
20-year cony 4s
June 1929.3 D 99% Sale 9912
103 1043 10212 103
8
9914
98
181 4)is(Oregon Linea) A.1977 M S 954
98% 71
98% Sale 9812
_ 95 Apr'29 -.-8412 8919
8812 23
20
1934.3 D 101
873 Sale 8712
4
-year cony 68
10118
3
--- 101
76
80
2
198* 1W
75
75
75
Gold 4148
77
94 Sale 94
95
59
903 9418
4
May 1 1989 M N 9412 Sale 543
9114 93
903 Apr'29 _ _ _
9412 12
Clold4S4swi
8
9614 99
San Fran Term let 48---1950 A 0 8918 Sale 88
9818 _
973 Mar'29
4
8918 11
_
8
92% Ws 1005 Oct'28 _
Registered
A0
90 Nov'28 -97% 101
4 10018 113
So Pao of Cal let con gu g 59_1937 MN RIF' 102 - 100 Apr'29 --993 Sale 993
4
4 1033
4 30 10112 104% So Pea Coast 1st gu e 4
1023 Sale 1023
4
6----1937 J J 9112 913 954 Apr'29 -4
1033 Jan'28
8
_
Bo Pee RR 1st ref 48
1956.3 ./ 91% Sale 9114
32
92
93 /6 2
1
95
50
Registered
9418 Sale 94%
J
905 Mar %)--.
10112 104
Southern Ry 1st cons g be.....1994 J J 108 Sale 10712 10814 28
10112 103 102 Apr'29
Registered
J J 106 Sale 106
10614 15
9318 95
2
4
Devel & gen 49 series A_ _1956 A 0 87 4 Sale 873
92 4 943 933
3
933
4
4
8
8
887 178
8
91% 134
Registered
9112 93 9312
9312
A 0
8714 Sept'28 -3
9214 93 4
Develop & gen 88
1956 A 0 11411 Sale 114
115
16
913
4
- 93 Mar'29
99 4 10112
7
14
100 93;1e 100
101
Develop & gen 634e
195/1 A 0 12114 Sale 121
12112 12
9714 10012
Mem Div 1st g 5s
1996.3 J 104% 108 1045* 1045s
99 Sale 9812
9918 83
1
1
St Louis Div 1st g 49
1951.3 J 8612
10614 Sale 10614
107% 47 105 4 108%
8614
8614
1
8
East Tenn reorg lien g be_ _1938 M S 9614 ____ 100
10114 Sale 10118
1013 102 100% 1037
4
100
1!
Mob dt Ohio coil tr 413____1938 M S
10712 Sale 10712 1083
4 60 10712 111
92
92
3'
112 Apr'28
10114 &ice 10114
105 ihi" 161- Spokane Internal let g 58-1955 J J
103
73 Apr'29
4
893 893 Staten Island Ry 1st 4)0-.1943 J D
4
1
893
4
893
4
86 Nov'28
84% 8712 Sunbury & Lewiston 181 49-1938 J J
86 Apr'29
95 Apr'28
89 89
89 Feb'29
Superior Short Line 1st 65..e1930 M
98 166 99 Mar'29
84% 85
845
8
TermA8snofStLlsLg454e.1939A 0 98
84% 10
_ 98
98
1
9612 9919
1st cons gold 5s
1944 F A 100 Sale 100
9712
7
1023
4
9818
3
8814 92
1953.3 J 88% 89% 8718
8814 Mar'29
Gen refund s f g 48
77
90
96% 99112 Texarkana Li Ft S Ist 5)48 A 1950 F A 10112 10214 10114 10114
1
le Sale 98
98% 148
9212 9714 Tex N 0com gold 58
1943.3
9512 96
9512
95% 24
98
_
98 Mar'29
8312 87
2000.3 D
8512 Sale 84
Texas & Pac 1st gold 5a
107
4
8512 69
1681 107
45
37
_
37
41% 37 Mar'29
2d toe5s(viar'28ep on)Dec 2000 Mar _95 100 Dec'27
10212 10312 103
103
17 mit 103
1977 A 0 iiii2 Sale 98%
Gen & ref 58 seriee B
99% 88
101% 1025 101% 103 4 14 10014 104%
1931.3 J 9812 Sale 9812
8
La Div B L 1st g 59
9914 24
3
1
86
91% Tex Pac-Mo Pac Ter 5)0.-1964 M s 105... 10412 105
883 ____ 90
4
90
21
9912 Apr'29 -Toi& Ohio Cent 1st gu 58-.1935 J J 9912 100
92% 9312 93 Apr'29
9214 95
1935 A 0 ____ 100 103 Apr'29
Western Div 1st g 68
107
107 Apr'29
107 108
1935.3 D 95
General gold Ss
971 9912 Apr'29 _ 36 Sale 3512
39
35
36
11
Toledo Peoria & West 1st 46.1917 J j 12_ 15 Nov'27
102 103 Mar'29
103 103
Tol St L & W 50-yr g 48-1950 A 0 88
leie 87%
88
9
94
3
94
96
96
1 9614 98
Tol W V & 0 gu 4 sis A___1931
98 Apr'29
_
9712
9712 Sale 9712
1
95 8 993
5
4
1st guar 434* sertes B__ _1933 J J 9618 98
955 Apr'29 -9712
9712 Apr'29
9614 10012
let guar 48 series C
1942 M
9912
9912 11
9712 Sale 97%
1
9712 993 Toronto Ham & Buff 1st g 48 1946.3
4
9712
16 8414 Mar'29 _
9614
9412 9612
9612
1
9614
9714 Sept'28
9214
Ulster & Del 1st cons g 5a___1928 J
50 Sale 50
5012
1
9612
94% Jan'29
94% 94%
Certificates of deposit
..
;t
63
75
63 Apr'29 __9818 Apr'29
95
9612
9614
let refunding g 49
1952
34
50
53 Apr'29 ____
9618
9612 Apr'29
95
9612 Union Pac let RR & Id gr't 461947 J
9318 Sale 93
9314 11
1
963 _ _ _ _ 96%
96% 100
96%
Registered
90
9512 914 Apr'29
965 99% 9912 Apr'29
8
99% 99%
1st lien & ref 4s
June 2008 M
8912 Sale 8818
8912 11
1063 107 10612 107
4
19 1053 10819
4
Gold 414s
1967 J J 97 Sale 97
9814 33
1033 Jan'28
8
let lien & ref Ss
June 2008 M
1
10812 10912 10812 10812
10712 Sale 10714
108
18 106 10812
40
-year gold 48
1988
D 87
38
88
853
4
87
11312 Jan'28
U NJ RR & Can gen 4s___.1944 M
91
94
92 Apr'29 _
Utah & Nor let ext
1933.3, 9412 ____ 96 Nov'28
10114
10114 10 10114 10114 Vandalla cons g 4s aeries A 1965 PA
9212 Apr'29
jars
_ 10328 July'28
1957 MN 92
Cons s I 48 series B
_ _ _ 9212 Apr'29
997
4
_ 997 Apr'29
S
99% 10012 Vera Cruz & P assent 4)46..1934
12 Bale 12
12
10
10014 Aug'28
Virginia Mid Se series F____1931 MS
10018 Mar'29
9918 Sept'28
General be
1936 MN itiois 16112 10018
1001s
9112 Apr'29
"9114 1312 Va & Southw'n 1st gu 5s- _ _2003 J
9112
99% 10312 99% Apr'29
10318 Mar'29
10312
10318 10319
-year 58
1958 AO 91 Sale 91
let cons 50
91
Virginian By Ist Se series A 1962 MN 10318 Sale 103
103% 31
7113 Mar'29
71l 74
Wabash RR 1st gold 59
1939 MN 10114 Sale 101
10114 18
84
84
-814 82 84 Feb'29
1939 PA 100 10312 99%
2d gold 5e
101
91
91
90
913 90%
15
4
9312
Ref & gen s f 5 34 ser A _1975 MS 102 1023 102
10212 12
4
943 June'28
4
Debenture B 68 registered- 1939 .1 .1
88% May'27
.2 16%
4
99
983 Sale 973
4
61 -9
j -79- 1st lien 50-yr g term 4s...1954
8
66% 887 Nov'28
__ 79
7818 May'28
Del & Chic ext 1st g 59...1941 J J 10012 10112 10012 Apr'29
Feb'29
-99% 102
99 lova 101
Des Moines Div let g 48..1939 .3.3 86
Jan'29
91
88
---6618 100 Nov'28
Omaha Div ist g 3149.... _1941 A0 78
79% 79% Apr'29
6 May'28
.----Tol & Chic Div g 48
1941 M
87
9212 9012 Mar'29
Wabash Ry ref it gen 5e 13_1976 A0 99% Sale 99% 10012 10
- - - 712 Apr'28
7 -8114 9.314
87%
Ref & gen 414s series C...1978 PA 8812 Sale 87%
877 Sale 86%
8
88% 95
78
827
87
82% Sale 80
8 11
9412 28
9312 96% Warren 1st ref gu g 3149_ _2000 FA
933 Sale 93%
4
83 Nov'28
80
75
823 82 Nov'28
4
Wash Cent 1st gold 4s
1948 QM 83
8414 Mar'29
87
87 1612 Wash Term 1st gu 354s
89
87
1945 PA
_ 83 Apr'29
tat 40
-year guar 4s
1945 PA 88%
8818 Apr'29
1
83
8814 W Min W & NW 1st gu be_ _1930 FA 97
88
97 Feb'29
88 Sale 88
99
8
1048 1047 West Maryland let g
8014 92
100 105 104% Feb'29
A0 7914 Sale 7914
4
95
20
1053 Nov'28
let & ref 51.49 series A....1977 J
953 Sale 95
4
651-2 WI; West N Y & Pa let g 59
9612 Sale 9512
9612 22
_ 10012 Apr'29
1937
.; 10012
98 101
8912 Sale 9912 100% 23
1
Gen gold 4s
87%
1993 AO 8712 Sale 8712
. .
99
53
1013 Dec'28
4
Western Pac let set A 54._._19413 MS 9812 Sale 98
67
98% 100
97% Aug'28
100
Regloterei
99% Sale 9914
MS
923 948 West shore 1st 41! guar____2361 J
4
4
943
4 47
Sale 8712
8712 10
9412 Sale 93%
818, 8418
97% 100
Registered_
86
18
100
9712 Mar'29
2361 j j 85
Wheeling & hake Erie-100 Sept'28
Ext'n & Witt gold 541
1930 F A
Refunding 4549 series A 1966 M
854
102 102 Feb'29
- Refunding 5s series 13
1916 MI
851
1949 99
10
RR 19t rensol 49
8518 Sale 8518
Pennsylvania RR cons g 40_1943 IN N
Congo! gold 4s
1948 M N
48 sterl stpd dollar_May 1 1948 M N
Consol sink fund 434s__ 1960 F A
General 43-fs series A....1965 J D
General 58 series B
1968 j D
10
-year secured 78
1930 A 0
lb-year secured 6 349
1936 F A
Registered
F A
40-year secured gold .58_._1964 M N
Pa Co gu 334s coll tr A reg _ _1937 M S
Guar 35s coil trust set B_1941 F A
Guar 330 trust etre C._...1942
D
Guar 3Xs trust ctts D__ _ _1944 j 13
Guar 15 -year gold 48. _1931 A 0
-25
Guar 48 ser E trust ctfs___1952 1W N
Secured gold 4(s
1983 MN
Pa Ohio & Det lat & ref 4 W3 A'77 A 0
Peoria & Eastern let cons 48_1940 A 0
Income 4s
April 1990 Apr.
Peoria & Pekin Un let 5)0_1974 F A
j
Pere Marquette 1st ser A 59.1956
1956
1st 4s series 13
Mlle Bait dr Wash let g 49._1943 MN
General 58 series B
1974 F A
Phillippine Ry it 30-yr a I 48'37j 1
Pine Creek registered 1st 69_1932.7
1958
Pitts .4 NV Va 1st 4348
PCC&dtLgu4345A..1940A 0
Series B 4545 guar
1942 A 0
Series C 452e guar
1942 MN
1945 M N
Series D 413 guar
Series E 3As guar gold_ 1949 F A
Series F 48 guar gold
1953 J D
Series 0 48 guar
1957 M N
1960 F A
Series H con guar 48
Series I cons guar 454a1963 F A
Series J cons guar 4 Sie_ _1964 1W N
D
General M 58 series A-___1970
Registered
J D
Gen mtge guar be set B_--1975 A 0
A0
Registered
PHU McK & Y 1st gu 68-1932 1 J
19341 1
2d guar 69
1940 w 0
Pitts Sh & L E let g 56
1943
let consol gold be
1943 M N
Pitts Va & Char let 45
Pitta Y & Ash 1st 48 ger A _ _1948 J 13
1962 F A
let gen bs series B
1974.3 D
let gen 53 series C
Providence Secur deb 48._.1957 1W N
Providence Term lat 49_ _ -1958 IN
Reading Co Jersey Cen coil 48'51 A 0
A 0
Registered
Gen di ref 454s series A,.1997 J J
1948 MN
Rich & Meek 1st g 49
RIchm Term By 1st gu 50-1952 J J
Rio Grande June 1st gu 59_ _1939 J 0
Rio Grande Sou let gold 48.1940 .1 1
Guar 48 (Jan 1922 coupon) 40J'
Rio Grande West 1st gold -18_1939 J J
1st con & coil trust 48 A__1949 A 0
RI Ark & Louis let 410_ _1934 M 8
Rut
-Canada 1st gu g 48_ _ _ .1949 .) J
Rutland 1st con g 41.48
1941.3 1
St Joe /94 Grand lel let 4s..1947 J
St Lawr & Aft 1st g 58_ _ _1996 .1
2d gold 68
1996 A
1931
St L & Cairo guar g 4s
Eft L 1r Mt & 8 gen con g 59.1931 A
Stamped guar bs
1931 A
Unified & ref gold 48
1929
Rio & G Div 1st g 48_ _ _1933 M
BrIdge Ter gu g 58_1930 A
St L
Due May.
•
hie 11114n
11
0
j
0
0
N
0
C
MI. • letUel.
Ran05
Since
Jan. 1.
8614
8514
9914
95
100
923.
94%
8712
91%
86%
993
4
9914
101%
971
.
9412
91
100
9514
8914
90 4
1
10618
105
83%
103.
9511
92%
90 4
5
110
108
Ws
jai, 115
117 122%
104 10814
89
85
9814 100
91% 93
12
72% sus
100
85
10014
98
105%
99
99
98
103
90
10412
98
109%
07
9812
10212
984
99%
too
106%
10112
103
57
95
9812
9912
8414
91
98
95%
9912
311312
50
55
33
9114
90
86
93 4
8
log
86
92
88
38
6218
Ws
92
907
8
9911
108%
8914
98
1-6i1;
05 1001s
-924 (43.4
9212 94%
12
1711
10018 10018
10(1 100%
9914 100
8
897 9514
101% 104%
10019 10314
97 10114
100 10414
ioo"
89
793
4
901t
047
8
5414
tot
88
453
4
9%
0
10012
907
8
-84f4
83
8818
97
78
92%
9912
88
9519
-- •
8819
818
9
14
14
88
91
97
82
99%
9014
9119
100
.•.
8819
888
9
-ill- IA
101 102
.44 9 89 9
8
8
New York Bond Record-Continued-Page 5
BONDS
N. Y. SToCK EXCIT4
Week Ended AprU 26.
:4 •
t
.
r
Price
Friday
ApriI 26.
Week's
Range or
Last Sale
;
.
_cE
SI'
Range
Singe
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 26.
2779
Price
Friday
April 26.
Week's
Range or
Last Sale.
cot%
Rance
Stwe
Jan.).
818
Ask Low
High No Low
High
891
Ask Low
High No. Low
lath
Wilk & East lat gu 56
9 3
42
19u8 D 6818 697 67 Apr'29
8
6512 74
Cuba Cane Sugar cony 75___1930'.3 6312 Bale 62
6614 63
6012 794
Will& S F let gold es
10018 ____ 99 Apr'29
99 1005
8
Cony deben stamped 8%.1930 J J 65 Sale 6314
83
68
60'4 SO
Winston-Salem SB 1st 445_ _1960 3 J
92 June'28
Cuban Am Sugar let coil 8(1_1931 MS 10112 Sale 101
10112 18
9912 103 4
Wla Cent 50-yr let gen 4s_ __1949 J .1 7812 79
4
7814
4
78%
6 -iiTs 1141" Cuban Dom Sug let 7395_1944 MN 9014 Sale 90
16
91
88
12 97 2
14110 & Dul div & term let 45'36 M N 8414 88 88
7
88
1
87
7 9112 Cumb T & T lst & gen 55-1937 J
1015 10212 1013* 1013* 12 1011s 103
8
Wor & Con East ist 4 Hs.... __1943 .1 J
923 Dec'28
Cuyamel Fruit late f Os A ___1940 A0 98
99 Apr'29 -99
99 103
INDUSTRIALS
Denver Cons Tmmw 1st Ss _ _1933 A0
76 Dec'27
Abraham & Straus deb 530_1943
N 98
Den Gas& EL let & ref stg 53'51
9814 98
100
7 --97With warrants
A 0 10812 Sale 108
10912 58 107 120
Stamped as to Pa tax
1951 MN 9814 997 99% 100
2
8
Adams Express coil tr g 4e_1948 M
97 101
8214 848 84
84%
2
83
14 887 Den Corp(D 0) 1st at 75_1942 MS 64
,
4
70 65 Apr'29
Adriatic Elec Co extl 711_1952 A 0 9512 9612 96
66
73
9612 15
94
98
Second stamped
6512 65
64
65
1
Max Rubber let 15-yr ef 80_1936 J D 100 1037
62
70
8 10014 10014
2 10014 10714 Detroit Edison let coil tr 56_1933
10018 Sale 10018 101
Alaska Gold M deb
7 100 102
A_ __1925 M 8
4
12
4 Feb'29 ____
S 10318
1st & ref 58 series A_July 194,
4
4
0
40
1027
8 10314
Cone deb (is series B
8 10114 104 4
3
1926 M S
3
A0 1021 Sale 10218 1025
1
8
3
3
Gen & ref 65 series A
-- 3
,
8 13 100 4 10414
Albany Pefor Wrap Pau 615_1948 A 0
1
937
937 983
1
3
1st & ref 68 series B__July 194) MS 10614 Sale 10814 10712 15 105 4 105%
4
95
45
Allegheny Corp coil tr 58_ _i944 F A 93% Bale 93%
3
4
'PD 1025 Sale 1025
9812 11913
4
Gen & ref 5s eer B
8
8 103
Allis-Chalmers Mfg deb 54_1937 M N 1013 Bale 10134 1033 1005
18 19014 104%
100 Sale 9974 10014 96
97 101
Series C
1962 FA 1017 10378 103 Apr'29 _ _
8
103 105%
Alpine-Montan Steel 1st 75_ _1955 M
94
9112
13
93
Det United let cons g 4 He_ _1932 J J 965 97
9112 96
8
Am Agri° Chem 1st ref s f 7)0'41 F A 92
965
9712
8
5
9612 95
10413 Bale 104
10412 16 104 10612 Dodge Bros deb Os
1940 MN 10312 Sale 103
Amer Beet Sug cony deb 66_1935 F A
1057 1391
8
97 1057
e
MN 8712 88
90
8718
87 Apr'29 ____
893 Dold (Jacob)Pack let Os. __ _1942
80
e
88
88
American Chain deb e f 64
7
86 4 88
3
1933 A 0 9713 Sale 9714
98
27
Dominion Iron & Steel 5s__ _1939 MS 90
9812 99
95
99
97 Dec'28
99
Am Cot 011 debenture 5a..._ _1931 MN
9812 9914 9812
9812
1
Donner Steel let ref 78
1942
00t2 1001,
10012 101
4 --98,tYE
Am Cynamld deb 5e
"
9512 Sale 9512
9534 13
93 4 9612 Duke-Price Pow let 65 ser A '66 MN 10312 Bale 10312 10414 23 103 10512
3
Amer Ice e f deb 55
1910
1
asatcubaLig 13_ t 4,3 18 7;i8.37 AO 9914 Bale 9914
Duquesne Right 1syr 3 gA 1967
90 4
7
Amer Internet Corp cony 534s'49 J J 90 Sale 90
100
39
98 1007
3
15
99
104 Sale 10312 1043 540 101 III
MS 83 Sale 82
912
4
Am Mach & Fdy ffisA 0
83 4 30
7
97
80
103 10412 1033
' 95
1
'P
4 1033
4 12 103 4 10912 Ed El Ill Bkn 1st COD g 4s
1939
96
American Natural Gas Corp1939
97
97
5
97
95
-_
J J 10814 1097 109 Apr'29 _ _
Ed Else III let cons g 551
1995
Deb 6 He (with porch warr).92 A 0
8
109 110 4
7
2513 963, Else Pow Corp (Germany)6393'50
14
80
94 Bale 9312
Am Sin dr R 1st 30-yr 58 ser A '47 A 0 80 Sale 783
94
9
9112 96
Elk Horn Coal 1st & ref6)411.1931
102
70 100 102
9312 95
Amer Sugar Ref 15-yr 6s..._i937 J .1 102 Sale 10114
9314 Apr'29 -- _ _
90
9518
10312 Sale 10312 10418 30 1017 1047,
*
Deb 7% notes(with waffle)'31 .1
77
Am Telep & Teleg coil tr 4s. _1929 J
78
7712 Apr'29
77
12 811s
993 Sale 99% 99%
8
92
992, Equit Gas Light let con 543_1932
99
9914
1
9914
COnvertIble 4s
994 1001s
36
1933 us 947 Sale 943
1 9 M ft
917 971, Federal Light & Tr 1st 5e1942
&
12
947
941 - 14 947
20-year cony 439s
66
4
947e
3
4
14 967
92
93
981 97
101
97
9714
7
let lien sfAo stamped_ __ _1942
9612 9612 9412
30
945
6
-year coil tr Se
8
9214 97
1946
g 10314 Sale 103
let lien (38 stamped
01
10414 205 1 0 1047
01 3
1942
10312 Sale 103
10112 104
103%
Registered
101 Feb'29 _
30
-year deb 69 ser B
1959
987 99
4
35-yr e f deb 55
11
981
99
96 8 102
5
19603 J 103 Sale 103
4
1 Federated Metals
1033 127 10114 105
193 3D 101 Sale 1007
94
9
8
20
-year e f 5He
8 1007 105
8 102
2
1943 M N 1085 Sale 10512 106% 124 10412 1073 Flat deb 75 (with s f 78
.3' _
3
4
warr)
Am Type Found deb 6e
138 137 Apr'29 - _ _ 137 171
1940 A 0 10214 1033a 1037 Apr'29
3
1037 10514
Without stock porch warrants_
944 957 945
Am Wat Wks & El col 058_1934 A 0
4
8
95
10
9412 103
98 Sale 98
9812 44
97% 993 Fisk Rubber lets f 85
1941
1121, Sale 112
Deb g 615 eer A
112%
5 Ill 11478
1975 M N 10314 Sale 1023
* 10314 53 101 105
14 Frameric Ind & Deb 20-yr 7395'42 J j 10314 105 104
Am Writ Pap let g (is
105
42 10178 1061
,
1947 J J
82 8214
81
8214 11
2513 Francisco Sugar 1st s f 7)0_1942 MN 10012 Sale 10012 10012
Anaconda Cop Min let 65_1953 F A Si
3 100 109
10414 Sale 10414
10412 339 103 4 1053 oar,nett ct Mail 58Lines 78 1949 J o 1017 Sale 1017
1
3 4 French Nao de
03
2
4
4 1017
Registered
g 29 100 4 1027
7
8
P A 93 Sale 93
103 Bale 103
103
1943
15
-year cony deb 7e
93
16 , 93
95
1938 F A 219 Bale 215
22114 319 186 268
Gas & El of Berg Co cone g be 1949 ID 997 10412 106 Mar'29
8
_ _ 106 106
Registered
200 Jan'29 ____ 196 200
Gen Asphalt cony 65
1939 A0 10412 105 10412 10412 11 103 1097
Andes Cop Min cony deb 7e-1943
2
J
_ 235 Dec'28
Gen Cable 1st s t 5398 A__ _1947.3.5 99 Sale 9814
Anglo-Chilean e f deb is. __1945 M N
99
50
98 100
4 98 97
98
1-60- Gen Electric deb g 334s
38
1942 FA 947
Antilla(Comp Astic) 7 Ns _ _ _1939 3 J -965 4_ 947 Apr'29
4
_
9445 96
68
73
70
70
Gen Else(Germany) 7s Jan 15'45• J 10112 Site 101
5
65'5 79 /
71
Ark & Mem Bridge & Ter 53_1964 M
10212 27 100 10414
97 1005
10112 103
810312 Mar'29
S t deb6He with Warr _ _ _194o J o 117% Sale 11718 11718
12
Armour & Co 1st 4 Na
1 11112 123
1939
1) 907 Sale 907
8
3
927
90
8
9114 27
20_Wyealthrosurt
05 attach'd '40 3D 97 Bale 97
18
Armour & Co of Del 5348. i943._
97
10
J 905 Sale 90 8
927 9914
2
MN 8918 Sale 8918
8
9018 Ms
5
9112 121
deb
11993478
Associated 0116% gold notes 1935 M S
9112 24
89
9412
102 10214 10112 102
FA 10112 Sale 10112 10214 241
17 1011 10318 Gen Mot Accept deb 673
:
Atlanta Gas L 1st Se
10014 103 4
3
1947 J
10174 _
10312 Dec'28
Cleni Petrol 1st s f 55
1940 FA 10074 Sale 10012 101
Atlantic Fruit 7s ctfs dep._ _1934 J D
21
99% 102
FA
123*
15 Nov'28
Gen Refr let sf Os ser A
A tStamped ctfs of deposit
10712 Apr'29
103 8 10712
J D 123*-5
_
15 July'28
Good Hope Steel & I sec 7s 19 5 A0 9612 Bale 9612
942
5
Atl Gulf& W I SS L col tr 55.1959
13
97
8
95 1007
J 74
67
75
74
77
17
75
Goodrich(B F)Co let6Hs_ _1947 J J 1067 107 10674 10714 44 1067 10814
Atlantic Refg deb 53
4
8
1937.3
3
101
51 100 10212 Goodyear Tlre & Rub 1st M.1957 MN 9414 Bale 94
Baldw Loco Works let 54-1940 M N 1007 101 100
95
360
91
95
10612-9 106 107
10612 10612
Gotham 811k Hosiery deb 65_1936 J o 99 Sale 985
Baragua (Comp Az) 739e..-1937 J
8
20
99
9812 100
Gould Coupler let e t(is
871*
8712 09
8712
1
1940 P A 69
70
Barnstiall Corp Os with warr_1940 1 0 8712 83
70
70
2
68 2 73
7
12913 142
Gt Cons El Power(Japan)75.1994 P A 98 Sale 98
136
Jan'29 _
Deb Os(without warrant)..1940 J 0
9874 17
96
99%
7 Feb'29
,
.1 J 94 Sale 9314
983* 11,
let & gen e f 639e
0
_
1950
Batavien Pete gen deb 4196-1942
94
24
90% 9512
J 9112 Sale 99
9114
9112 47
9
0
93
12 Great Falls Power lets f 5S- _1940 MN 1065 10714 10612 Apr'29
Belding-Hemingway 6e
8
1004 107
1938
J
95
Gulf States Steel deb .534s _ _ _1942 3D 9774 Sale 0714
8874
4
887 92
11
90
Bell Telep of Pa M series B__1948 J J 89
9814 24
98
99
104 Sale 10358 10412 86 103 10512 Hackensack Water let 4s_ .1952 J J 84
84
87
84
ist&refbssortesC
1
84
671.
1960A 0 106 Sale 10578
10612 32 104 10814 Hartford St Ry 1st 44
1930 M S 9614 98 9618 Nov'28
Berlin City Elec Co deb 634e 1951
D 9214
FA 8214 85 82
Sale 92
Havana Else consol g 5s.
927
1952
4 37
90
% 95
Berlin Else El & Undg 6 34e 1956 A 0
83
6 -81
89 4 94
93
Deb 53911 series of 1926
52 100 104
1961 MS 6912 74
Seth Steel 1st & ref fie guar A '42 M N 92 Sale 92
69%
7012 26
59
7012
Hoe(R)& Co 1st 634s ger A _1934 A0 8212 857 85
10218 Sale 10218 10274 10
997 104
4
85
30-yr p m & imp f
8
83
89
_1936 J
9913 102
4
Holland-Amer Line 65(flat)_1947 MN 1027 103 103 Apr'29
4 10014 32
8
Cons 30
1021s 10342
-year 6s aeries A-.1948 F A 993 Sale 993
104% Sale 10438 10553 162 102% 10534 Hudson Coal let a I 55545r A.1962 31) 7512 Sale 75
76
Cons 30
60
-year 5395 ser B1953 F A
7412 85
Hudson Co Gas let 5e
1940 MN 102 10212 102 Apr'29
Bing & Bing deb 63.4s
io 4
0
1
10012 105
19501W 8 10312 Sale 10212 103% 194
95
94 100
9712 94
Humble Oil & Refining 5345_1932 ▪ J 101 Sale
9412 21
Botany Cone M11156 Hs
56 10014 10218
1934 A 0 65 Sale 65
Deb gold 58
65 100
98
20
67
1937 A0 10014 Sale 10014 10012 62
7414
Bowman-BR Hotels is
9912 10112
1934 M S
Illinois Bell Telephone 5s. _ _1956 J O 1027 Sale 18214
4
983
4
4
9
0 % 183
0 14 18 10112 1047
5
5
B'way & 7th Av let cons 5a1943 J 0 983 Sale 98
3
701* 7718 Illinois Steel deb 4348
7018 Sale 7018
73
1940 At) 97 Sale 97
5
Brooklyn City RR tat 5s_ _ 1941 J
9712 24
93% 9914
AO
86
85
9212 Reeder Steel Corp 5 1 78
8674 867 Apr'29 _ _ _ _
4
1946
103 10812 Mar'29
Mayo Edison Inc gen 58 A_1949 J J
1 03
103 10312
104 Sale 1033
, Mtge 68
4 10912 53 10212 1051
1948 FA 8514 Sale
10
8312 9214
Registered
J J
Indiana Limestone lets I 91_1941 MN 90 Bale 90
1_6i1_, 105% Dec'28 _ _
5
90 12
General (Is scrim B
92
90
J jO011
1931)
Ind Nat Gas & 0115*
102 Apr'29 - _ _ 100 103
1936 MN 1001
2_
6
tsklyn-Man T sec 69
9712 100 4
1
1968.3 J 9912 Sale 9412
.83
:_03.. 1,781.2
95 _ 1_23_ .83_12 9 3_4 Indiana Steel let 5e
1952 MN 10412 aile 103
Bklyn Qu Co & Sub con gtd 5s'41 MN
10412 12 10114 105
Ingersoll-Rand 1st 55 Dec 311935 J J
62
77
1
70 77
1978
01
4
19234 Sep9218
V2
let fe stamped
194i.3
AO 92l Sale
Inland Steel 1st 439s
Jan'29
83
753* 78
Brooklyn R Tr let cone g 4s2002.3
13 --90/4 -93
Inspiration Con Copper 6395 1931 MS 101% Sale 101
8814 Nov'27
3-yr 7% secured notes__ _ _1921 J J
10112 10 101 10213
Interboro Rap Tmn tat 511_1966 ▪ J 7014 Sale 70
Bitlyn Un El 1st g 4-58
154
71
70
7912
1950 F A 105 Sale 13614 Nov'28
▪ J 703 Sale 691
85
9213
90
88
90
Stamped
7
Stamped guar 4-5s
158
8
71
69
7912
1950 F A
86
93
8878 88
8812
Registered
3
Bklyn Un Gas 1st cone g 6e.. 19451W N 57
76 Mar'29 -76
7612
1021, 10814
10
7
-year tle
let lien & ref (is series A -.1947 M N 105 Sale 10412 105
1932
6453 Sale 64
66
48
84
64
116 1171211778 1177
10-year CODy 7% notes_ _1932 M
8
1 11612 118
Cone deb 534s
94 Sale 93
23
95
91
i9362 J
99%
3544 40() Int Aerie Corp let 20-yr 55. _1932 MN 907 Bale 90
Buff & Busq Iron 1st e f 51_1932 1 13 360 390 3541, Mar'29
8
3
1
4
90 4 95
90 s
3
7
_ 941, Mar'29
9412 961a
Bush Terminal 1st 4s
Stamped extended to 1942-- MN 763* 77% 7712
7712 8112
7712
1
1952 A 0 8512 87
9212- 85
Int Cement cony deb 5s._ 1948 MN 10714 Bale ,10512 110 235
85
7
85
88
Coneol Si
1955 1
102 11812
973
4 11
96
Bush Term Bides 5e go tax-ex '60 A 0 0612 Sale 96
9 1 Internet Match deb 55
94
1947 MN 97 Sale 9612
186
97
9374 99
1001 1011 100
10012
9 100 102 8 Inter Mercan Marines f 6s 1941 A0 101 Sale
100 10 5
4
By-Prod Coke let 539s A
9912 102
1945 MN
101
1011
36
4
8 100 4
7
7
International Paper 58 sec A.1947 ▪ J 93 Sale 92%
Cal0& E Corp unit & ret5/3 1937 M N 1007 Sale 1005
25
94
92
12 913513
100
9914 103
Ref s f 6s ser A
Cal Petroleum cone dabs f As 1939 F A 10078 101 100
1955 M
93% Bale 9318
9478 32
97
93
9912
Int Telep & Teleg deb g 4342 1932 J
953* 102
Cony deb e f 5Ha
99
5
1938 MN 10034 Sale 98% 10112 47
9312 Sale 9314
94
9214 9512
97
Sale 100 4 102
3
37
9
J J 12414 Sale 123
934 10314
Cony deb 434e
Camaguey Bug later g 75._ _1942 A 0
126 1826 10912 131
8
93
11
Canada 88 List & gen 6s1941 A 0 93 Sale 915
90
9712 Kansas City Pow & Lt 5s
1957 MS 1027 Sale 10212 1027
952
4
4
4 13 1011s 1057
9812 10112
let gold 4399 aeries B
▪ J 9812 10112 98 Mar'29
Cent Dist Tel 1s1 30-yr 5e. _.1943.3 D 100 10112 991I• 100
20
98 10012
Cant Foundry let s f 68 May 1931 F A 102 103 102 Apr'29
_ 102 10414 Kansas Gas & Electric 65_ _ 1952 MS 10512 Sale 105
35 103 106
106
Ke3 s((Julius)& Co deb 5 Ns'47 MS
K a lt
eli eir
Central Steel 1st g f Se
1941 MN 9717 Sale 9778
_ 128 141
Jan'29
132
977
' _
9618 2
5
Certain-teed Prod .34a A._ _1945 M S 12212 123% 12212 Apr'29 _ _ I 122 19411
B F Coire 8%0 _:1931 MS 925 94
priuf Trp 19t 6:_ 1946
)
_tea
92
1
97
92
92
727 7012
s
73
MN 110 Sale 110
Ceapedes Sugar Co 1st s f 7 Hs'39 M S 71
54
58
83
7 110 11014
11018
95 100
9712 98 Apr'29
Kendall Co 534s with warr 1948 MS 94 Sale 93
Chic city dt Conn Rye 5s Jan 1927 A 0 96
7
92
94
96513
7214 Apr'29 _ _ _ 180 103
CbO L & Coke let gu g 5s_ 1937 .1 .1
7 14 Keystone Telep Co let 5s_ _1935.3.3 9012 9134 91
9
55
91
Apr'29
91
101
Chicago Rye let As
4
Kings County El & P g 5s_ 1937 AO 10014 103
1927 F A 10012 _ __ 100
10412 Apr'29
10214 111412
82l
77% 83
821* 67
Purchase money 6s
Chile Copper Co deb 55
19473 J 96 Sale 8114
1997 AO 12812 Bale 12812 1283*
7 12814 180
Sale 953*
96
9313 9612 Kings County Eiev 1st g 4a 1949 FA 81
310
Cin 0& E let M 4s A
1968 A 0
81
85
Apr'29
80
85
8812 52
Stamped guar 4e
Clearfield Bit Coal 1st 4.1
FA 79
86
893*
1940
.1 8812 Sale 863*
80
79
797
1
8
82
797
8
77
90 Dec'28
Kings t rn ty %5
;Cou et0L113Ming 5e
1s
/t
Colon 011 cone deb Os
1935 F A
194 .3' 10412 ___ 10412 Mar'29
954
9
10412 10514
10614 84 Rol- ills;
ColoF & 1Cogenst 55
19433 J
1954• J 11414 120 11514 Apr'29 - - 11514 11614
9812 971,
9712
g
97
9912 Kinney(GR)& Co 734% notes'36 J o
Col Indus let & coll 5s gu.--1934 F A
4
10518 10712
9518
9518
93
8
9614 18
12 987 Kresge Found'n coil tr 69_ _1938 J 0 1051 10714 107 Apr'29 columble & E deb 59
1952 M N 10012 Sale
102 Sale 10212 103
43 10142 104
Sale 9912 115014 126
9714 10014 Kreuger & Toll Si with war_1959
CO umbue Gas 1st gold 5e. _1932 J
61 13 9814 Sale 98
_ _
9312 99
98 14 371
10018 10014 9712 Mar'29
97
997 Lackwanna Steel let 5.2 A..1950 111 111 10012 Sale 10012 10012 18
4
columbus Ry PA L 1st 4 3.45 1957.3 J 9118
99 102%
9312 93
9318
8
9012 9312 Lacel Gas of St L ref&ext 56_1934 A0 100 10014 100
Commercial Cable 1st g 4a._2397 Q J
1
9812 101%
_ 87% Feb'29
Col & ref 554s series C...1953 FA 10312 Sale 10312 100
8712 8713
Commercial Credits f Os__...1934 MN 8714104
15 101% 105
12
98
9913 97
9612 9912 Lehigh C & Nave f 4348 A.1954
97
'
1
'P
19363
Col tr f 54% 110te3
97
2
9312 9944
93 Sale 927
4
93
7
9 34 9 12 Lehigh Valley Coal let g 541..1933 J J 97 Sale 97
2
9614
8
Commil Invest Tr deb 68
1948 M
_98
99
98'1 101
1
94 Sale 93
94
.1 J
26
Registered
1949 F A 1163
Cony deb 534s
_21 _ _ _ 100 Oct'28
9
9 99
4
94 10514
9614 99
let 40-yr gu lot red to 4% 1933• J 90
Computing-Tab-Rec a f 65_ 194.8_
9312 97
Oct'28
1047 105
8
8
104 1 106
7
ist & ref s f 58
1934 F
Conn Ity & L 1st & ref g 4 As 1951 3J 1 s 914 1047 Apr'29 _
100 __ __ 101
101
15 -151- 101
.
8, 12 8ale9
01e 96 Mar'29
9
:
36
612
97
let & ref s f 55
1944 FA 92 Sale 92
Stamped guar 439e
1951 J
92
15
80
4
037
- 9512 99
1st & ref 8 f 5s
1954 FA ____ 88
Congo! Agricul Loan 64e -1958 J
91
Apr'29
91
9312
833* 8 12
8714 122
let & ref s f 56
7
1964 FA ___ 90 94 Nov'28
Consolidated Hydro-Elm Works
----FL ____ 85
lst&ref f 5s
of Upper Wuertemberg 78- 195
7 88 Mar'29
a
6
88
9212 95
Ms
9212
11
93
s94 973* Lex Ave& P F Ingo g 55
192 MS
Cons Coal °Mid let& ref 56.1950 J D 6878 Sale
993
4
3714
6814
70
30
6514 73 4 Liggett & Myers Tobacco 76_1944 A0 liS'e Sale 11s May'28
3
Como!Gee(N Y) deb 5 He 1945 F A 10.5
11812
3
121/2
Sale 105
106
as
79 10
4 1001
1951 P A 101 12 104 10112 10212 12 118 102
Consumers Gas of Chic go Se 1930.8
99
101 10212 01
100 4 102
Apr'29
1
Loew's Inc deb Os with warr_1941 AO 1127 Sale 11214
Consumers Power let 58..„ _1952 M N 103 104
8
11312 31 11012 12312
03
103
,5 101 104
Without stock pur warrants_ AO 985 Sale 9858
Container Corp let (le
8
1946 J D 9312 Sale 93
9912 57
97 10012
96
7
91 10012 Lo
Lombard(p) let
with war '52 31) 9774 Bale 97 4
d Elec1 7
I5-yr debt% with wart
7
1943 J D
981, 22
97 102
87
JO
911s
84
26
Without warrants
Coot Pap & Bag Mills6 He _ _1944 F A 83 Sale 84
90
95
12
____ 97 Mar'29 ___
97
97
1944 AC 10714 19312 0311
Co
913 08
Copenhegen Telex)ext es__ _1950 A 43
2
97
: 193112
10812 113
12
08 2
00 Apr'29 _ _
99 1004
A0
Registered
Corn Prod Rehr lit 25-yr e f 5s'34 M N
117 Apr'28
----0312 103 Apr'29 _
99'. 103
1951 P A -88- 16 8414
58
Crown Cork & Seal s f Os__ _ 1947,J 0' 102 1
;
5
so 9172
8614 16
98 Sale
4
98 I 14, 95 100
Deb 53.4e
1937 J J 86 Sale 86
Crown-Willamette Pap 66_19511 J 1013 Sale 973
863
6
4
897s
85
4
101
102
29
99 10314 Louisville Gas & El(Ky) 56.1952 M N 1023 10312 10212
4
10234 14 100 104
14
Louisville Ry 1st cons 58- _.1930J
9312 95
93%
93%
2
90
931
yor
---
jail sal. 1051
971,
New York Bond Record-Concluded-Page 6
2780
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 26.
E.g
4Y.
4
Price
Fridav
April 26.
Week's
Range or
Law Sale.
Range
Sines
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 26.
Price
Friday
April 26,
Week's
Range or
Last Sale.
.1 •
41
RAW
Sines
Jas.1.
High
High
Ask Low
844
Iflo) No, Low
High No. Low
Bed
Ask Low
4
89 4 95
924 22
Purity Bakeries a f deb 544_1948 J .1 924 Sale 9214
Lower Austrian Hydro El Pow
14
97 101
1937 M N 9714 Sale 9714
81
7
87 s Remington Arms as
7
9814 13
84
1944 F A 83 Sale 83
late f 614s
9212 98
1e
44
94
98
s
993 Rem Rand deb 514s with war'47 MN 9312 Sale 9212
8 21
993
McCrory Stores Corp deb 5;4641 J D 99 Sale 99
July 1948 M S 10318 Sale 102
10318 11 102 1034
93 4 1 012 Republic Brass 6s
26
1 0
96
9518
Manatl Sugar 1st 5 I 7Hs_ _ _1942 A 0 9512 96
10013 10314
Repub I & S 10-30-yr be a I__1940 A 0 1013 10212 10112 Apr'29 -6012 88
4
6118 30
Manhat Ry(N Y)cons g 48_1990 A 0 6012 Sale 6012
3
102 10212 102
10 101 104
104
Ref & gen 5Hs series A1953 J
4
583 60 8
2013.1 D
4
1
/
8
___ 597 58 Apr'29
2d 433
J 10112 1013 10212 10368
12
9718 10412 Reineibe Union 78 with war_1946
6 10114 104
4
Manila Elm Ry & Lt a f Se....1953 M S i0238 10414 10212 Apr'29
98
94
Without Mk purch war_ __1946 J J 944 Sale 94
9918
94
9434 58
Apr'29
f 6s_ _1947 A 0 93
95 94
Marlon Steam Shove a
Rhine-Main-Danube 78 A_ __1950 M S 101 Sale 101
4
12
97 1023
6
10212
Bare Tr Co Ws of partic in
Rhine-Westphalfa Else Pow 75'50 M N 100 Sale 100
8 100 102
10114
8 102 105
10214
4
A I Namm & Son let 68_ _1943 J D 1013 10218 102
1.552 M N 8814 Sale 8814
4
1
/ 25
89
Direct mtge (is
4
/
4
1
/
97
sn 931
80
4
9014 17
Market St Ry 7s set A Apdl 1940 Q J 893 Sale 89
4
1
/
1953 F A 91 Sale 91
4
1
/
98
90
9212 51
Cons m 65 of 1928
074
93
4
1957 A 0 96
9612
Meridional El let is
9812 954
1955 F A 934 933
96
4
91
RIma Steel lets 17s
4
993 103
1953 .1 J 10115 Sale 1014 10112 22
Metr Ed 1st & ref be ser C
8014 Rochester Gas & El is see B_1946 M S 1074 Sale 193
7
0 14 19394
72
10
8
0
7
9 107 110
74
Metr West Side El(Chic) 413_1938 F A 741 76
4
4
/
733
1948 M S 105 4 106 1054 10512
9212 983
3
2 10312 107
Gen mtge 510 series
s
1
9212
Miag Mill Mach 75 with war_1956 .1 D 9218 98 924
1977 88 S 100 10014 99
954 1001a
Gen mtge 414a aeries D
9412
1
4
1
/
99
4
1
/
85
.1 D 85
86
Without warrants
89 85
104 10514 Roch & Pitts C&Ipm 55_1946 M N 90_ 90 Dec'28 - Mid-Coot Petrol 1st 6 Hs_ _1940 M S
105 Feb'29
97 10018 St Joe Ry Lt & Pr 1st 5s.._1937 MN 94 16 94
3 -i14- 9814
94
4
993 157
Midvale Steel&0cony s f 59_1936 M S -5. 4 Sale 983
2
4
99
99
9712 9918 St Joseph Stk Yds 1st 4148_1930 .1 J
99 Feb'29
4
Mllw El Ry & Lt ref & ext 4149'31 .1 .1 983 100
4
9812
8
983
OIL Rock Mt& P bs strapd.1955 J J 68's 70
s
667 77
100 103
4
70
70
General & ref 58 series A_ _1951 J D 10112 103 101 Apr'29
078 101513 St Paul City Cable cons 5a._1937 J J
4
94
92
___ 9338 92 Apr'29 -1961.1 D 100 Sale 100
8 47
1015
1st & ref be series B
9912 104
8
San Antonio Pub Serv 1st 65_1952 J .1 10518 108 1054 10518
1 1014 1051
8 43
1017
101 Sale 101
Montana Power 18t 55 A___ _1943 J
96 1001a
97 101
27
Saxon Pub Wke(Germany) 7s'45 F A 9812 Sale 9818
99
99331 20
1962 J D 9914 Sale 98
Deb be series A
4
1
/
1951 IN N 91 Sale 91
9414
91
9214 30
Gen ref guar 6 He
Montecatini MM & Agric1946.1 J 91
92 101
Schuico Co guar 6Ha
917 92
1
92
9
5 11112 127
1937 .1 .1 11234 Sale 11118 11314
Deb is with warrants
1948 A 0 90 Sale
90 101
953
93
Guars f 614s aeries B
4
6
.1 J 9514 95 4 9514
4
953
Without warrants
3
0
9
919
4
8 14
67
9
1
4
1
/ Sharon Steel Hoop a f 6545..1948 M N 9514 9612 9514
99
944 97 s
94
9614 25
Montreal Tram let & ref be_ _1941 J
973 9512
97
8
4
1
/ 97
93
954 963 Shell Pipe Line if deb 58-1952 M N 953 Sale 9512
4
9578 51
4
4
1
/ 98 954 Apr'29
Gen & ref s f be aeries A__1955 A 0 93
944 987
4
8814 113
8
97
99
8
9 ,8
9814 Shell Union 011 a f deb 5E1_1947 M N 9714 Sale 8714
0 933 98 97 Mar'29
1955 A
4
Serles B
94
85
8614 8812 SlAnyetau El Pow 1st 6548_1952 J D
13
87 14
Morris & Co 1st if 4148_1939 J .1 874 8712 87
82
914
2
8354
8112 814 Shubert Theatre 6s_June 15 1942.1 D 8214 83l 83
Mortgage-Bond Co 4s ser 2 1966 A 0 7714 90 8112 Jan'29
994 105
1935.1 J 100 10114 100
953 9712 Siemens & Halske sf7;
3
100
4
1932.1 J 98
I0 -year be series 3
3
-25
4
963 95 4 Apr'29
1951 M S 103 Sale 10358 10434 64 102 108
99 102
4
1
/
Debut6148
1934.1 I)
Murray Body 1st6Hs
4
987 99 Apr'29
1024 104
_ 101 100
S f 630 allot ells 50% pd_ 251 M S 1034 104 103 Apr'29
Mutual Fuel Gas 1st gu g 55_1947 M N 10212 1033 10212 Apr'29
4
4
1
/
96 101
8
Sierra & San Fran Power 531_1949 F A 9818 Sale 9818
98
98
9918
Mut Un Tel gtd 6s ext at b% 1941 MN
98 Feb'29
8314 89
Silesia Elec Corp f6 He_ _1946 F A
8314 Apr'29 -.Namm (A I) & Son-See Mfrs Tr
64
55
9
Silesian-Am Exp coil tr 7s_1941 F A 963 Sale 963
4
2
97
4
9614 99
.1 5634 57
4a1951
57
Nassau Elec guar gold
57
99 100
1929 M N 99
9912 99
1 10114 10214 Simms Petrol6% notes
10114
1942.1 D 10114 102 10114
Nat Acme 1st a f 6s
4
/
8
9312 977 Sinclair Cons011 lb-year 7s _ _ 1937 M S 1023 Sale 1014 1027
8 89 10111 1034
8
1948 F A 963 Sale 953
9718 372
Nat Dairy Prod deb 5148
4
8
9812 100
101 101
0
3
23
8
909
991
197114 1227
let lien coil 68 series D__ _ _1930 M S 9914 Sale 969
9997348
Jan'29
Nat Enam & Stampg let be 1929 .1 D 101
101
6
99 1014
7018 8214
1938 .1 D 10112 Bale
let lien 65(5 series D
7412 10
1947 F A 73 Sale 7212
Nat Radiator deb 6f45
4
4
1
/ 9711
94
98
98
Sincalir Crude Oil 514a ser A.1938 J J 98 Sale
4
1
/
Jan'29
.1 9812 100
Nat Starch 20-year deb Sc.. _1930.
98
95
8
8
98
1942 A 0 94 Sale 9334
5 1005 1045 Sinclair Pipe Lines f 5s
9414 23
National Tube Ist s f 5s_ _ _ _1952 M N 10278 104 10312 10312
9518
92
1939 M
1 10012 10312 Skelly 011 deb 54e
9518 41
9418 Sale 94
102
Newark Consol Gas cons 55_1948 .1 D 102 Bale 102
9978 102
4
1
/
104 107
5
Smith (A 0)Corn 1st 6 Hs_ _1933 M N 1014 Sale 00 4 1014
10518
3
New England Tel & Tel be A 1952.1 D 10518 Sale 105
97 10014 South Porto Rico Sugar 75_ _1941 J D 105 Sale 105
1 102 107
17
105
99
lst g 4Hs series B
1961 MN 98
4
4
1
/ 991 983
915 963 South Bell Tel&TY 1st a f 551941 J ./ 1033 Sale 10214 102
8
41
4
941
7 101 10414
s
4
1
/
New On Pub Serv 1st ba A 1952 A 0 94 Sale 9312
9014 9612 Southern Colo Power 65 A 1947 J J 1023 Sale 1023
8
6 101 18 10419
8 10212
9514 31
First & ref Sc series B_1956 .1 D 9514 Sale 9414
81
4
1
/ S'west Bell Tel lit & ref 58_1954 F A 1033 Sale 103
87
24
8
10384 62 10112 1054
82
N Y Dock 50-year 1st g 45_1951 F A 8118 831 81
90 Spring Val Water let g 58_1943 M N 973 100
80
5
19093,134s 0-5:
Apr'29 --21 - , 974 100
4
4
:
m9,1 8
987
87
Serial5% notes
1938 A 0 8412 Sale 844
, 989 102
4
3
4
1
/
1930 M N 99 Sale 983
99
4
8 36 112 115 4 Standard Milling 1st Sc
1133
N Y Edison ist & ref 6148 A..1941 A 0 113 Sale 113
' 102 105
let 53 ref 5 Hs
1945 M S 10112 1024 102 Aplor'22192
18 102 105
2
10
103
1944 A 0 103 Sale 103
1st lien & ref Sc series B
8
4
1034 10712 Stand 011 of N J deb be Dec 15'46 F A 10212 Sale
Si 1003 103 4
8
105
N Y Gas El Lt & Pr g 58_1948 J D 105 107 105
954 98
Stand 011 01 NY deb 4 Hs_ _1951 J D 985 Sale
8
110 Apr'28
Registered
964 100
9113 94
975
Stevens Hotel let Unties A.I945 J J 9712 98
9
5
98
924
4
Purchase money gold 4s__1949 F A 924 Sale 913
98
90
Sugar Estates (Oriente) 7s 1942 M S 93 Sale
8
1025 Oct'27
NYLE&WC&R11534e_1942 MN
10418 107
.
148- W- Syracuse Lighting 1st g bs_ _1951 .1 D 10412 105
98 Mar'29
4
1
/
NYLE& WDock& Impbe 1943 J .1 98 102
1
4
/
1011 103 2
98 10018 Tenn Coal Iron 43 RR gen Sc. 1051 .1 .1 10218
5
103 Apr'29
994
N Y & Q El L P 1st g 58_1930 F A 9814 993 9918
56
7 102 114
Tenn Cop & Chem deb 6sA.1941 A 0 105 Sale 1043
56
4 10614
Jan'29
N Y Rys lat R E & ref 45._1942 J
- 56
5014
1944 IN 13 101 Sale 101
58
58
Cony deb 6s Her B
10218 105 10098 10212
4
/
561 Mar'29
Certificates of deposit
1
/
504
8 39 7044 107
8
4
1
/ 25 Tennessee Elec Pow let Se_.19473 D 105 Sale 105
2
1057
3
2 8 Mar'29
7
258 9
-year adj Inc be. _ Jan 1942 A 0
30
66
51
7
1960.1
3 Third Ave let ref 4s
2
9
5
9 34 284
59
58
8
9 72
5918
Jan'29
3
9
Certificates of deposit
2
47
64 41
8
4712
AdJ Inc bs tax-ex N Y Jan 1960 A 0 4714 Sale 9
124 244
24
7
44
133
4
N Y Rya Corp Inc 6s_ __Jan 1965 Apr 133 Sale 124
8
4
971
92
1937.1 J 931 95
1
94
Third Ave Ry let g be
784 87
5
7
79
8
787
Prior lien 88series A
1965.1 .1 78
80
4
99 5
96
1
13
98
1955 IN S 973 Sale 97
Toho Else Pow 1st 79
4
1
/
s
1 10112 106
N Y dr }Rehm Gas 1st 613 A_ _1951 M N 10418 Sale 1044 1041
12 KAI
98
8% gold notes_ __July lb 1929 J
Bale
414 54
42
994
4
4
1
/
43
N Y State Rya 1st cons 410_1962 MN 42 Sale 413
Tokyo Elea Light Co, Ltd-___ _
70
50
let cons 634s series B
1962 M N 52
54 5118 Apr'29
891 9112
4
1953.1 D 903 Sale 9014
9012 141
8
9 10414 10734 1st 6s dollar series
4 1061
N Y Steam 1st 25-yr 6s ser A 1947 MN 1053 1081 1053
4
9914 10012
4
979 101
4
1
/ 23
99
1930.1
4
1
/
99 Sale 993
8
Toledo Tr LAP 514% notes
22
993
N Y Telep Ist & gen a f 4148_1939 MN 99 Sale 983
s
96 1041s
38
8
99
4
s 50 110 1113 Tmnscont Oil 6145 with war 1038.1 J 99 Sale 983
1105
-year deben s f 66...Feb 1949 F A 11014 Sale 110
80
10012 1004
M
s
1007 104 10012 Apr'29
24 10614 10812 Trenton 0 & El 1st g 5s_
-year refunding gold 68_1941 A 0 10618 Sale 10618 1061
20
96 1034
11
971s
Truax-Traer Coal cony 6Ha_1943 MN 96 Sale 96
9812 101
13
100
N Y Trap Rock IstOs
1946.1 D 9812 997 99
17 10112 1031s
Trumbull Steel 1st f 6s._ _ _1940 M N 10112 Sale 10112 103
19 100 103
4 103
Niagara Falls Power 1st ba._1932 J .1 103 Sale 1013
62
58
58 Mar'29
St Ry ref 59_1962 J J
7 101 1034 Twenty-third
s
1023
Ref & gen 6s
Jan 1932 A 0 102 Sale 102
974 99
5
4
1
/
98
9718
4
1
/ 31 101 10418 Tyrol Hydro-Elec Pow 7;0_1955 M N 9718 98
!flag Lock &0Pr lat be A_ _1955 A 0 10314 Sale 10218 103
89
924
6
1952 F A 9918 91
91
8914
Guar sec s 1731
Norddeutache Lloyd (Bremen)
95 100
6
99
1945 M
8
99 Sale 985
94
90
Ungawa El Pow s f 7a
8 37
923
4
-years 168
20
1947 MN 913 Sale 913
4
9912 100 4
3
10
80
68
54
Union Else Lt & Pr(Mo)55_1932 M S 9912 Sale 994 100
75
Nor Amer Cem deb 6Hs A_ _1940 M S 734 Sale 6918
4
1
/
9912 101
9918 100
14
1933 M N 99 100
9
99 8 102
35
Ref& ext be
3
No Am Edison deb baser A 1957 M
100 Sale 99 4 1001
2 10018 104
99 10178 Un E L&P(111) lat g5Haser A254 J J 10114 1024 10114 10114
113
Deb 534seer B__ Aug 15 1963 F A 1003 Sale 10018
4
8712
83
1945 A 0 83
85
8312 Apr'29
7 10012 10314 Union Elev Ry (Chic)58
10018 1021
1947 M S 10012 Sale
Nor Ohio Trac & Light 6s
4
1
/
98 101
1931 J J 10114 --- 98 Apr'20
4
4
983 1013 Union 011 let lien 5 f be
56
101
Nor States Pow 25-yr bs A_ _1941 A 0 1003 Sale 100
4
12
4
3 1064 109
4
/
4 1071
4
28 104 10612
30-yr 1311 series A _ __May 1942 F A 1063 107 1063
1051
1st & ref b-yr 6s series B_ _1941 A 0 105 Sale 10414
4
1
/
97 101
1
98
4
1
/ 98 98
4
973 1053
4
let lien a 1 be series C.Feb 1935 A 0 97
4
North W T let fd g 4 Hs gtd..1934 J J
973 Apr'29
- 94
0012 10
14
98 100
9212 United Biscuit of Am deb 813_1942 M N 9912 Sale 984
89
62
92
Norweg Hydro-El Nit 5345_1957 MN 9012 Sale 9018
,
4
1
/
9412 97
965s 95
1953 M E3 9534 Sale 9534
12 11012 11312 United Drug 25-yr 55
113
Ohio Public Service 7145 A 1948 A 0 1123 Sale 112
4
8412
82
16
83
_1934 J J 83 8312 83
11512 United Rye St L 1st g 4s
8
4 1097
lat & ref 7s series B
1947 F A 112 11234 11018 111
4
1
/
97 100
1937 M N 99
9912 98 Apr'29
4
1
/
16 105 107
United SS Co 15-yr Se
1948 .1 .1 10518 106 10518 106
Ohio River Edison Istfls
50 84 9012
86
4
1
/
85
91
89
15
Un Steel Works Corp 6Hs A _1951 J D 8514 86
891
Old Ben Coal let(le
1944 F A 89 8914 89
92
84
22
D 854 Sale 85
87
99 102
1
/
18
With stock our warrants
100
Ontario Power N F 1st 533_1943 F A 100 Sale 100
83
12
4
901
87
9914 103
9014 85
3
Series C without warrants_ J D 85
8 100
Ontario Transmission 1st 58_1945 M N 99 8 10212 995
3
4
4
/
1' 851 89 4
87
99
95
pun warrants .1 D 87 Sale 87
23
With stock
97
1953 M S 97 Sale 96
Oriental Devel guar 135
3
85 4 90
1
United Steel Wks of Burbach
4
1
/ 60
88
1968 MN 88 Sale 874
Extl deb 5He int MD
9 108 108
9314
91
4
1
/
1044
Escb-Dudelange if 731_ _ _1951 A 0 103 1043 104
9214 11
92 92
Oslo Gas & El Wks extl be_ _1983 M
90
4
924
88
8
915 192
35 100 10312 US Rubber let& ref Sc set A 1947 J J 9112 Sale 9114
Otis Steel 1st M 68 ser A _ _1941 M S 10014 Sale 10014 101
23 In0 10932
99 10212
10-yr 714% secured note8.1930 F A 100 4 Sale 10094 101
3
10112 70
Pacific Gas & El gen & ref be 1942.1 .1 10118 Sale 101
111 107 10912
9814 10014 U S Steel Corp(Coupon Apr 1963 MN 108 Sale 10812 109
30
4
1
/
100
4
1
/
Pao Pow & Lt let & ref 20-yr 68'30 F A 99 Sale 99
4
1
/
lt16 10112
4
1
/
106 Apr'29
8 19 100 10314
f 10-60-yr bal Regis_ _Apr 1963 MN 01
8 1023
8
1937 .1 .1 1015 Sale 1013
Pacific Tel 53 Tel let be
4
85 4 90
874 8714 Apr'29
10414 18 10114 10558 Universal Pipe & Rad deb Os 19361 D
Ref mtge be series A
1952 M N 10314 Sale 10314
9
8
923 961
944 Sale 93
s 15
953
Utah Lt & Tmc let& ref ba__1944 A 0
8
1095 219 1024 109
Pan-Amer P & T cony a f 69_1934 M N 107 Sale 107
4
1
/
97 101
9914 62
1944 F A 9918 Bale 9818
8
13 1023 1043 Utah Power & Lt 1st Ss
4
1930 F A 10412 Sale 10412 105
1st lien cony 10-yr 7s
4
8
92
4
1
/
4
073 Utica Elec L & P 1st a f g 58_1950 J .1 102 ---- 102 Apr'29 -- 1023 1043
4
1
/
4 98
973
Pan-Am Pet Co(of Cal)conv 6s'403 D 97 Bale 97
1
/
3 1044 107
106
Utica Gas & Else ref & ext 58 1957 J .1 106 ---_ 106
Paramount-Wway 1st 5151 -1951 J J 10112 Sale 10112 10214 42 10012 103
14
4
/
911 98
4
1
/
97 1003 Utilities Power & Light 5148_1947 .1 D 9214 Bale 92
9214 35
4
1
/
994 46
D 99 Sale 9812
Paramount-Fam'e-Lasky 68_1947 .1
8
9018 973
19
9512 Vertientes Sugar let ref 78_ _1942 J
90
92
92 Sale 91
9118 22
Park-Lex let leasehold 630_1953 J .1 90 Sale 90
1
/
344 40
5
38
1953 J
8
3
35 4 381 38
Victor Fuel let 815.1
4
/
8
1
/
Pat & Passaic 33 El cons ba 1949M S 1014 1027 1011 Apr'29-- 1017 105
82
74
1
84
74
74
79
78
Va Iron Coal & Coke 1st g be 1949 M
74
4 16
793
794 784
Pathe Each deb 731 with warr 1937 M N 79
0718 10012
9714 Va Ry & Pow 1st 33 ref ba1934 .1 J 98
91
4
1
/ 9914 9814
33
99
9312 27
Penn-Dixie Cement (is A _ _ _ _ 1941 M S 92 Sale 92
91 103
4 11112 113
Walworth deb 654e (with war)'35 A 0 99 Sale 9612 10012 124
113
Peon Gas & C let cona g 6
8-1943 AO 113 Sale 113
93
88
8912 14
let sink fund lis series A _ 1945 A 0 8912 90 894
8
9 1013 105 4
3
10312
1947 M S 1034 Sale 103
Refunding gold Sc
14 106 107
108
Warner Sugar Refin lot 7s1941 .1 D 106 Sale 106
102 Nov'28 -S
Registered
9
85 4
76
96l 100
9
80
1939 J J 80 Sale 75
Warner Sugar Corp let 7a
100 245
4
Philadelphia Co sec 55 set A_1967 Jo 983 Sale 9812
9812 9914
1939 M 8 984 Sale 98
98 1004 Warner-Quinlan deb 68
1
/
4
1
/
s 65
9914 33 100 10211
993
4
1
/ 9818
99
1967 MN 99
Phila Eiec Co 1st 4 Hs
4
/
94
88
10112 Sale 10112 102
Wash Water Powers f 623_ _ _1939 J
9014 14
.1 90 Bale 90
63_1973
Phila & Reading C & I ref
4
1
/
4
1
/
Westchee Ltg g be stmpd gtd 1950 J D 104 10514 104 Apr'29 -- 102 105
10014 258 100 101
100 Sale 100
1949M
Cony deb 63 w I
3
100 4 104
8912 94
West Penn Power ser A Ss._1946 IN
10114 Sale 10114 102
9212 99
4
1
/
1939.1 D 91 Sale 9112
Phillips Petrol deb 5115
196318 8 10312 1033 10318 1034 11 10178 105
4
Ist be series E
8 10712 11 108 10712
8
Pierce-Arrow Mot Car deb 881943 IN 13 1067 Sale 1065
102 10512
6
105
181 554; series F
1953 A 0 105 __ - 102
Pierce 011 deb a f 8;. Dec 15 1931 .1 D 108 107 106 Apr'29 ---- 106 107
4
1 1014 104 4
4
1
/ l024
19 102 105
1956 3 D 102 102 102
4
1
/
letsecssserlesO
105
Pillsbury Fl Mille 20-yr 6s._1943 A 0 105 Sale 105
sala
25
26 Apr'2
158 119 1544 West Va C &C 181 65
19503
29
28
12712
Pirelli Co(Italy) cony 7s _ _ _ _1952 M N 12712 Bale 12314
3
65 10115 103 4
4
1
/ 103
9412 95
1944 A 0 103 Sale 102
Western Electric deb 5a_
_ _ 9412 Apr'29 _
Pocah Con Collieries Mt a f 581957 J
9 101 10444
101
1 100 1053 Western Union coil tr cur 58.1938 J
4
100 Sale 101
944- Port Arthur Can & Dk (is A.1953 F A 101 102 10112 10112
991
95
14
4
98
98
4
_ 1033 1053
8
99
Fund & real est g 4Ha
1950 M N 98
4
1
/
lst M 6s series 13
1953 F A 101 Ion 105 Mar'29
1
/
1084 14 107 111
7 100 10314
-year 614s
15
1938 F A 108 1084 108
10112
Portland Elec Pow Mt6aB 1947 M N 10112 Sale 10014
22
1
4
1
/
99 10191
98 102
-year gold 5e
25
1951.1 D 1014 Sale 10112 102
Apr'29
__ 98
Portland Gen Elec let Ed__ _1935 J .1
10414 106
4
1043 Feb'29
99
96
_
West'h'se E M 20-yr g 59._1(146 M S
Portland Ry 1st & ref Sc.
9818- 1930 M N 974 981 97 Apr'29
34
4
1
/ 90
82
4
8
84 Bale 8312
9914 Westphalia Un El Pow as_ .1953.1
96
9814 17
Portland Ry L & P let ref 69_1942 F A 97 Sale 97
4
1
/
2
987 102
26
1 100 10212 Wheeling Steel Corp let 5548 1948.1 J 9978 Sale 9912 100
10114
1st lien & ref 6s series B_ _ _1947 M N 10014 10114 10114
13 107 10718 White Eagle Oil& Ref deb 510'37
107
1st lien & ref 734s series A.1948 M N 107 Sale 107
gg4 1057
1
/
4
34 100 107
E3 10112 Sale 10114 1021s 43
With stock purch warrants.
Porto Rican Am Tob cony 85 1942.1 .1 10012 Sale 10012 10112
2 105 139
105
89
95
White Sew Mach 8s (wItti war)'36 J J 10514 120 105
4
1
/ 133
94
Postal Teleg & Cable coil 55_1953 J .1 94 Sale 94
4
039 9312
934 9919
11
94
5
93 8 99
14
Without warrants
96
Pressed Steel Car cony g 5s 1933 .1 .1 95 Sale 95
93 10019
4
933
4
1
/
4
1
/ 93
95
111 111
Parties fdeb tis
1940 MN 93
Prod & Ref f 8a (with war)..1931
D 111 1111.1 111 Mar'29
61
42
50
61
4
1
/
_ 10912 11218 Wickwire Open
1st 78_ _1935 1 J 59 Sale 574
Without warrants attached__ J D 108 109 10912 Mar'29
4
4
1
/ 603
40
4
603 256
167 172 20814 Wickwire Sp SO Co 7s_Jan 1935 MN 60 Sale 5712
187
Pub Serv Corp N J deb 4 Ha_1948 F A 181 18012 187
4
9 101 1023
4
/
Bale 10112 1011
7 101 10512 WIllys-Overland it Hs _1933 M S 10112
104
Pub Serv El & Gas 1st & ref be'65 J D 104 105 104
12
48 100 103
4
971s 991 WIleon & Co lat 25-yr f 65._1941 A 0 1013 Sale 10114 102
13
4
99
let & ref 414s
98
1967.1 D 9812 99
13 107 108
107
710'41 A 0 107 Sale 107
88
76
Winchester Repeat Arms
5
80
Punta Alegre Sugar deb 78_1937 .1 .1 77 Sale 77
994 101
7
4
964 1001. Youngstown Sheet & Tube be 1978.1 3 10012 Sale 1004 100 s 166
9812 69
1937F A 9812 Sale 98
Pure Oile f 5%% notee
APRIL 27 1929.]
FINANCIAL CHRONICLE
2781
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Apr. 20 to Apr. 26, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Railroad Boston & Albany
100
Boston Elevated
100
Preferred
100
tat preferred
100
2d preferred
100
Boston & Maine
Preferred unstamped 100
Ser A lot Prel unstpd_100
Ser B 1st pf unstpd_ _100
Preferred stamped__ _100
Prior preferred stpd 100
Her A Int pfd stpd _ ..1192
Ber-B"lot pfdstpd _ _100
See C 1st pref stpd, 100
Ser D 1st pfd stpd _ _ _100
Boston & Providence 100
Chic Jet & U S Y pfd_100
Comi & Pass Riv pfd_ _100
East Mass St Ry Co_ _ _100
1st preferred
100
Preferred B
100
Adjustment
100
Mawr nsintrel
100
Preferred
100
Y N 11 & Hartford .tie
Nor New Hampshire_ _.i00
Old Colony
100
Pennsylvania RR
60
176
175
831i 82
98
112
1004 10034
180
83%
98%
114
10234
90% 90%
70
71
110 110
sssi 8834
106 10634
71
73
113 118
101 104
141
141 141
175 175
107% 10716
101
101 101
20
19% 21
60
GO
63
60
60
60
45
4834
69
69
82
82%
102% 9656 1033-4
108 110
126
120 126
81% 76% 83%
Range Since Jan. 1.
Low.
196 174
553 82
71 9615
39 110
205 100
High.
Apr
Apr
Mar
Jan
Mar
182
Jan
884 Jan
101
Jan
115
Apr
108
Jan
17
20
10
80
150
100
36
50
20
28
10
5
94
50
40
109
80
60
3,984
43
57
4,13
86
68
105
86
106
71
113
100
141
175
104
101
19%
60
60
45
82
80%
82%
105
120
7236
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Apr
Apr
Mar
92
94
113
90
110
81%
129
III
160
199
10734
103
27
72
70
5654
76
84
103%
115
1394
83%
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Apr
Feb
Feb
Apr
300
5
840
178
235
470
5,500
964
12
8,21
1,275
41
2
13
10
4,603
326
719
330
25
150
3,005
220
39
4,025
1,060
862
1,120
625
2,986
275
15
95
18
15
69
61
38
70
254
154
45
193
1654
95
1004
9234
7054
84%
105
394
13%
4
234
99
45
97
12
2254
280
28
100
394
20
50
14
Mar
Apr
Apr
Mar
Apr
Apr
Jan
Jan
Mar
Jai
Mar
Jai
Jan
Jar,
Ap
Mar
Feb
Ap
Jai
Feb
Jan
Jai
AP
Mar
Jan
Jan
Jar.
Mar
Mar
Apr
Apr
Apr
Apr
22%
20
76
70
43%
75
434
23%
50
238%
24
1064
105
94
76%
88%
120
17%
16%
654
4%
108%
48
102%
18
27
351
36
101
4914
27
61%
19
Mar
Jan
Apr
Jan
Mar
Jan
Apr
Mar
Mar
Apr
Jan
Apr
Apr
Jan
Mar
Jan
Mar
Jan
Apr
Jan
Apr
Feb
Jan
Mar
Apr
Mar
Jan
Apr
Apr
Jan
Jan
Jan
Feb
Miscellaneous
Air Investors Inc
19
American Brick Co
•
Amer Chatillon Corp
724
Amer Cities Pr Lt Corp
654
Class A
50
Amer.& tie,, Sec corp.
Amer Pneumatic Service 25
4%
Preferred
25 23
1st preferred
100
Amer Tel lk Tel
100 230%
•moskeag Mfg Co
• 19
Bigelow-Hart! Carnal-. • 105%
Preferred
100 105
Prowl, & Co__ __
93
-Capital Admin Co Ltd_ __
71
Columbia Graph%
continental Securities Corp
Credit Alliance Corp el A_. 40
Crown Cork & Seal Co. Lt6
East Boston Land
10
Eastern Manufacturing _5
Eastern SS Lines Ina_ _ _2o 104%
Preferred.
•
1st preferred
100
Eastern Utility Inv Corp-- 17%
itconomy Grocery Stores.
26
Rfllson Elea Mum__ . 100 302
Eloc Shareholdings Corp *
Preferred
100
Empl Group Assoc
42
Galv-Houston Eleo____100 20
Preferred
100
General Alloys Co
Georgian Inc (The)
Preferred class A
20
German Credit & Inv Corp
25% 1st pref
011ohrist Co
• 29%
(lineup Safety Rasor Co • 113
Greenfield Tap & Die_ _25
Greif Bros coop'ge class A.
Hathaways Bakeries claasB
Preferred
120
Hood Rubber
• 22
EI•crode Tamp Co
Preferred
Insurance Sec Inc
10
Insuranshares Corp cl A. 21%
lot But Hole Sew Mach_10
International t
lot Hydro El Syst ci A_ _
44
Kidder Peab mean A p1100
Libby McNeill de Libby _10 1234
Loew's Theatres
25
Massachusetts Gan Co.100 16534
Preferred
100 81
Mass Utilities Ass coin
11%
Mergenthaler LinotyPe.100 1074
Mortgage Bk of Colombia
American shares
National Leather
10
33-4
Nat Mfrs & Stores Corp.
Nat Service('0
NelsonC'rp(Herman)tr ctf5 234
New Eng! Equity core
Preferred
100
New Eng Public ServIce• 96%
New Engl Pub Serv pr pfd• 100
New Rug Tel & Tel.
10b 14834
North Amer Aviation Ins.. 1634
North Texas Elec pref 100
Pacific Mills
..
100 34
Plant (Thos 0). 1st Pf-100
in
Reece lInt I fole M co
Recce Folding Machine.10
Reliance m,iiiageinent Corp 32
Roosevelt Field Inc
Shawmur Ass'u Con Stk - 24
Star Sec Corp id allot MN- 32
Swift & Co
100 12936
Torrington Co
•
Tower MR
134
Traveler Shoo Co
Tr -Continental Corp
3334
Preferred
Union Copper Land & 1)1in
Union Twist Drill
.
38%
United Shoe Mach Corp_25 74
Preferred_
25 31
8
-Brit Int $3 pfd
08k innyl sec Corp..
40%
Utility Equities Corp prat 10031
Venosiiniso
011 r'orp 10
Waldorf System Inc
• 27
Waltham Watch pref....100 85
Waltham WatcnPrior preferred
100 102
Walworth Co
25 39%
18
19
15
15
69
7434
63% 65%
38
40
72
72;4
3% 4%
21% 23
4734 48
2254 238%
173.4 19
105% 10634
105 105
93
9334
71
71
70
81%
10554 107
40
40%
16
16
44 434
4% 44
1034 106
46
46%
99 100%
1654 18
25
26
301 304
33
36
100 101
394 42%
20
21
50
50%
16
163--I
16
17
443
15% Apr
1834 1834
5 174
253.5 30
8,299 20
11134 11334
1,35 110
16
16
50 1215
42
42
5 39
30
33
395 30
120 120
1
110
21
23
21
9
39
39
37
6
99 100
170 97
2834 2814
25 2634
2134 2234
3,330 2154
912 9%
10
9%
72
753-4
535 87%
433-4 459-4
1,928 4334
01
91
15 9034
12
1234
60 104
11% 12
718
11
157 166
15,558 1283-I
763-1 83
1,789 76
1134 1236 8,445 114
107 108
155 100%
44
453.4
3
334
26
27
434 49.4
239-4 2336
warren Bros
hot preferred
WhItenights. Inc
17
P37
50 16534 148 167
50 50
4815 50
9
10
9
kreadian Cons MM Co_ _25
Intone Commercial
5
Arnold Mining Co
25
Bingham Mines
10
siumet & Hocia
28
Cliff Mining Co
25
Copper Range Co
•
East Butte Copper Min_ lp
Franklin Mining Co
25
• n aarnek Consolidated..25
Helvetia
25
Island Creek Coal
1
..ns Royal Copper
25
geweenaw Copper
2b
La Salle Copper Co
25
Lake Copper Corp
25
Mason Valley
5
MAAS Consolidated
25
Mayflower & Old Colony 25
Mohawk
26
New Cornella Copper -_ _5
New Dominion copper-Ilplasing Mines
5
'forth Butte
15
Ojibway Mining.
25
Old Dominion Co
26
P.C.Pocahontas Co
•
Quincy
21.
St Mary's Mineral Land_25
Utah Apex Mining
Utah Metal h Tunnel
1
Victoria Copper Min Co_25
54%
46%
254
3%
2%
80c
55
24%
154
300
273-1
6%
1336
153-4
40
36
Bonds-krnoskeag Mfg Cs _1948 85
Ernesto Bredo Co 7s...1954 93
Chic Jct Ry & U 8 Y 5s '40 9934
East Mass Street RR
415s series A
1948 5315
58 series B.....
1948
FoxNewEngTheates64943
Gannet Co Inc 654s. _1943
Good Hope St & hr 7s_1945
Hood Rubber 7s
1936 90
Int Hydro-Elec Syst 681944 100
moNtadi (Rod I lie Bs 1943
904
Mass Gas Co 54s__ _1946
454s
1931
Miss River Power 5s_ _1951
New Eng T & T 5s__ _1932 994
PC Pocah Co 75 deb_ .1935
Reliance Managment 56 54 96%
'
Swift & Co 5s
1944 101
Western Tel & Tel 59.1932
Whitenights Inc 648_1932
1%
334
50c
54%
46
3036
25
4
336
2
800
55
24
5
2%
116
194
620
700
56
44
300
23%
674
23-4
13%
15
393-4
359-4
41i
lint
1%
84
881i 688,000
93
96% 27,000
9936 100
7,000
30,000
8,000
2,000
5,000
1,000
3,000
11,000
26,000
1,000
2,000
4,000
4.000
4,100
11,000
9,000
15,000
12,000
20
3314
12614
18%
4254
3
554
126
283.4
52%
108
33%
22%
104
10254
454
93%
1311
13
167
83
1$
112;4
Jan
Jan
Jan
Feb
Apr
Feb
Feb
Mar
Jan
Jan
Jan
Apr
Mar
Feb
Apr
Feb
Jan
Jan
Apr
Apr
Jan
Mar
434
274
26
4%
224
Feb
Apr
Apr
Apr
Apr
48
5%
40
64
27
Feb
Jan
Jan
Jan
Feb
100 100
100
963,4 965-4
45
9934 100
390
145 150
67
1634 1634
622
214 214
1
33
344
93
184 1834
13
17
1754
135
134
1%
600
30
323-4 2,985
16
1634
1,02
24
25
2,73
3115 32
36
1293-4 130
25
73
75
22
123-4 1334 17,00
22
223-4
6
33
3315
29
104 104
1
600 600
100
35
39
1,675
72
74
3,032
31
31
85
41
41%
275
40% 42
955
100 1003-4
790
66
69
2,125
26% 27
505
8436 85
28
92
96
9954
143
1451(
204
284
18
17
13,4
28
15%
234
30%
127
7034
8
18%
2934
104
60c
25
72
31
39
404
100
M
22%
84%
Jan
Mar
Apr
Apr
Apr
Apr
Mar
Feb
Apr
Apr
Mar
Apr
Jan
Mar
Apr
Apr
Jan
Jan
Jan
Apr
Apr
Mar
Apr
Jan
Jan
Apr
Jan
Feb
Mar
Apr
100
99%
10414
156
19
35%
274
25
1814
1%
7
36%
19
28
37
139%
84
l7'.4
24%
35%
106
136
39
87
3134
4134
44
11116
773'
27
9516
Apr
Feb
Jan
Feb
Jan
Jan
Apr
Jan
Mar
Apr
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Apr
Feb
.Mar
Apr
Jan
Jan
Apr
Apr
Mar
Jan
Jan
Jan
10 100
Feb 102
Jan
147 2515 Jan 4434 Apr
High.
1
3%
50c
5054
42
30;4
25
3%
1
134
65c
523-1
24
5
114
134
1%
50o
700
41
401i
200
%
2%
13
11
36%
34 Ji
33-4
99c
14
Jan
Apr
Apr
Jan
Mar
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Ap
Jan
Jan
Mar
Feb
AD
Jan
Jan
Jan
Jan
83% Ap
93
Ap
99
Fe
53
58
79
94
987.4
90
100
87
103%
9734
97%
99
103
96
100
98%
55
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Feb
Apr
Mar
Mar
Apr
2
5%
55c
58
6014
38
32%
5
4
334
13-4
66
35
71i
25-4
234
800
1
68
43
65r
3%
814
516
1994
22
50 •
46
6%
234
23.4
Feb
Jan
Apr
Apr
Mar
Mar
Mar
Mar
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Apr
Mar
Mar
Mar
Mar
Jan
JAB
Mar
Feb
Mar
Mar
Mar
Jan
91
Apr
96% Feb
101% Jan
64
80
106%
9654
9634
96
10054
9/1
104
9934
102
100%
125
101
1034
1111134
80
Jan
Feb
Jan
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Apr.20 to Apr.26, both inclusive,
compiled from official sales lists:
Friday
•:/1/4",
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low, High. Shares.
Jan
Apr
Apr
Apr
Jan
Jan
Mar
Jan
Feb
Apr
Ap
Ap
Ap
Ap
AD
Ma
Apr
Apr
Apr
Jan
Mar
Ape
Feb
Low.
Apr 167
Apr
428 139
45 4815 Apr 52
Jan
Apr 17% Jan
7
130
950
1%
4
1,525
25
500
112
55
906
46%
32
560
2,050
26
4%
1,615
354 6,180
2%
150
80c
50
60
56
2,825
26
5%
545
2%
390
130
13-4
134 2,820
110
700
900
645
1,115
573-4
125
443,4
39c
4,600
100
27%
67
% 13,895
36
234
920
14%
16
815
423.4 2,282
835
36 34
5
550
400
lin(
1%
60
53
57
60% 6234
98% 98%
94
94
9634 964
90
95
100 100%
90
91%
104 104
9734 9714
983.4 097-4
99911 99%
114 115
96
97
1013,4
101
10055 10015
55
60
Range Mace Jan. 1.
* No par value. z Ex-dividend
Stocks-
1.400
435
290
159
120
102 102
393-1 443-4
Stocks (Continual)
Friday
gales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
Abbott Laboratories Wm•
acme Steel Co --------25
Adams (J 13) Mfg com---•
Adams Royalty Co com_ •
Ainsworth Mfg Corp com10
2.11-Anier Mohawk "A"_ _5
Allied Motor Ind Inc com •
Preferred
•
Allied Products "A"__...•
Altorfer Bros,con pfd..__•
American COlortYPe corn.'"
Amer Corn Ale Corp corn..
Amer CABBMW Pow "A".•
Class B
''
Warrants
liner P9i, serv pref
11111
Amer Pub Util prior pf _100
Amer Radio & Tel St Corp•
American Service Co.eery •
Am States Pub Ser A com.•
Amer Yvette Co Inc corn •
Preferred
•
Art Metal Wks Ino Corn.
•
tssoc A ppar Ind Inc com _•
Assoc Investment Co...•
Assoc Tel Util Co corn.'
1tlas Stores Corp corn...•
auburn Auto Co corn... •
sidoinatWaslierCo con 1nn15
Backstay Welt Co com___•
Balaban & Katz v t c___ _25
Bastian-Blessing Co com •
Batter Laundries Inc A .
•
Beatrice Creamery rem .5(1
itendis Ci rn Clasp B new5
Binks Mfg Co cl A cony pf•
is rg Warner Corp corn lib
7% preferred
100
Borin Vivitone Corp prat •
Itrach & Sons(E J1 cool •
Briggs & Stratt Corp com.•
'Right Star glee -AClam B.
•
iirown Fence & Wire cl A..°
Class"B"
•
Brown Mfg Co
10
Bulova Watch Co com .•
$14 Preferred
•
13unte Bros pref
100
Sutler Srottiers
..211
Camel" Wyant h Can Fdir•
Canal Constr Co cony pf_•
ftatit• & Co(AM)corn__ lu
riero Mfg r0 Inc corn _.
•
Cent Dairy Prod Corp A pf*
.ii r rol In Poo -erv nrer_ •
,
Central Ind Power pfd_100
Certificates of depositCent Pub See (Del)
•
•
Class"ACentral S W UM Pest --•
Common
*
- . - - __.
•
474
3734
4254
154
433-4
73
89
243-1
1934
143-4
27
4234
52
5236
273-4
493,4
1753.4
42
7634
37
223-4
86
13754
30
127
37
2534
3554
153-4
28
28
464
293-4
2951
20
725-1
4854
9734
9376
44%
98
80
Irv,
4154 50
96 100
374 3734
18
1934
39
434
1554 16
3834 4434
47
48
68
7694
39
40
4154 4154
85
89
2434 2534
26
26
8
8
10154 10134
94
94
1934 2134
143-4 1434
263-4 27
20
2194
2734 2834
404 4294
52
543-6
52
533-4
2734 2734
4934 50
173 1793-4
303.4 303-4
42
4474
74
7834
37
38
20
23
85
8634
134 1434
29
303-4
123 13274
1014 10154
36
37
24
2634
3494 3534
21
23
133-4 1534
2734 2816
27
283-4
4634 4754
29
30
4974 4954
104 104
28
3054
39
395/
193.4 2034
6934 73
48
50
23
233-4
9574 9734
95
95
937-4 937-4
3534 3554
4494 4494
977-4 984
80
82
Inn tz In/ lz
4.700
1,300
850
350
15,650
950
21,000
200
40,850
200
100
300
750
100
50
50
50
2,650
2,450
1,150
850
450
3,650
3,700
350
1,200
1,100
10,850
100
250
750
450
3,050
650
62,450
2,550
58,900
100
1,300
1,250
750
200
22,900
1,050
650
600
500
200
100
8,000
200
800
6,300
800
300
600
50
100
100
800
400
750
qr.
Range Since Jan. 1.
Low.
Mar
39
834 Feb
3734 Apr
1734 Mar
344 Mar
1434 Mar
2954 Mar
Apr
47
495-4 Jan
37
Apr
364 Jan
79
Mar
Jan
22
24
Jan
Jan
8
994 Jan
9135 Mar
1894 Mar
1434 Apr
2634 Mar
20
Apr
Apr
27
Jan
MS
4534 Mar
Mar
50
Fell
27
Mar
45
13134 Jan
Apr
30
41
Mar
7474 Ap
35
Mar
15
Apr
78
Mar
98
Mar
2714 Mar
9454 Mar
10134 Apr
29
Mar
2334 Mar
3434 Apr
22
Mar
8
Feb
25
Mar
24
Mar
44
Apr
281-4 Mar
4834 Mar
104
Apr
274 Mar
35
Mar
19
Feb
66
Mar
4354 Mar
22
Apr
94
mar
92
Mar
90
Mar
24
Jan
35
Jan
94
Jan
703-4 Mar
Inn
.*...
High.
50
100
4334
25
4334
39
5714
49
7616
53
4934
89
31
34
114
103
9515
3734
16
29
2254
2954
6734
5616
60
33
7434
191
3914
523-4
88
4814
26
98
1463-1
3734
(62
1034
394
2954
36
26
154
3634
37
57
3134
504
104
45
47
2114
7931
8614
434
og
9534
9516
3814
4434
9531
90
Jai
Jai
Jai
FS
Fel
Jai
Jai
Jai
Ma
Ap
Jai
Jai
ono u
••••
Apr
Apr
Feb
Jan
Apr
Jan
Feb
Feb
Apt
Jan
Feb
AP/
Mat
Feb
Max
Mai
Jar
Mat
Fat
Jet
Feb
Feb
FM
Jar
Pet
Jar
Feb
Fel
Jar
Jaz
Jan
Jai
Jai
Jai
AP
Jai
Jai
Fel
Fell
Jan
AP
Jan
AP
Jan
Jai
Jai
Fel
Fel
Ap
Jan
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price Low. High. Shares.
Chain Belt Co coin
Cherry Burrell Corp corn.*
Chic City &C Ry par sh--•
•
Preferred
Certificates of deposit...
•
Chicago Corp corn
•
Units
Chic Towel Co cony pref.*
City Radio Stores com_ *
..•
Clue Anita Uten Co
Coleman Lamp & St corn.*
C,ogi
wealth Edema _ 106
Commonw URI Corp B..•
Community Tel Co cum Pt*
Consol Film Ind Inc pref.*
Cons Serv Co(The) cat deD
Construction Material_ _•
•
Preferred
Onneumers Co common
Warrants
Crane Do. common
Certie Mfg Co
Davie Indus Inc 'A"._
Decker (Alf) dc Cohn,Inc.•
•
De Mete, Inc. pref w
Eddy Paper Corp (The)-•
El Bruce Co
El HOULInneld LIU! Corp.
Elec Iteeearch Lan Me.. •
Cm etre F. F c.. 5%01100
100
8Li% preferred
7% Preferred
Preferred
8%
Emp Pub Service A
Fabrics Finish'g Corp com•
Federated Publlens $2 pf *
Fits Simmons & Connei Dr
•
& Dredge Co corn
Foote Btos0 & M (1..
Foote-Burt Co (The) corn •
Gnu :Aortae Bumper A _•
•
Class n
Gerlach Barkiow cow
_•
.....•
Preferred_ _
Gleaner Corn Harv Corp
•
Common
Godchaux Sugar. Inc. ol B•
Goldblatt Bros Inc corn •
Great Lakes Aircraft A_.
Drell Bros Cooper A corn.'
• ingsby-Grunow
Common (new)
•
(had Grip Sh Co. Inc corn•
kaliPrinting Co corn... it
•
• tart-Carter Co cony pi .
Hartford Times part pref.'
Hart Schaffner & Marx..100
Hormel & Co(Geo) corn A•
tioudaille-HersheY Corp A*
•
Class B
28
Illinois Brick Co
Island WI & Cable corn.10
Install URI Invest Inc.. _•
554 prior preferred...'
Internal Pwr Co Ltd com •
,
I,on Mfenlan Mfg co v a •
Irving Air Chute Co Ine•
Common
Jackson Motor Shaft Co...
Jefferson Electric Co com •
Kalaruaroo Stove corn....'
Kellogg Switchbd corn AC
hen-Rad Tu be& I,p A com•
•
Iii VIgtOna St Az WI emn
,
Kirsch Co cony prof
La Sane Ext Univ corn...10
lane Drug com v t e.
•
•
Cum preferred
Lawbeck Corp ctfs of dep.
•
• easeA Cocoa).
Cumulative preferred- -•
Warrants
• (btu( McNeill & Libby_ le
*
Lincoln Printing corn.
7% preferred
50
Purchase warrants
Lindsay Light corn
10
Lean On Ref Co eom_ .•
•
Loudon Packing Co
Lynch Glass Mach
McCord Radiator Mfg A.•
•
McQuay-Norris Mfg
Mark Bros' Tneatree Prof •
Material Serv Corp corn 10
Meadow Mfg Co corn _.•
Mer & Mfrs Sw_ .20
ear,. preferred.
Mid Cent Lawnd Inc A. •
Midland Steel Prod corn._
•
Middle West Utilities
-100
Preferred
$6 cum preferred.
Prior lien preferred-100
Miller & Hart,Inc.conv pf •
5.4 name Honey wen Bee
Miss Vail TJtil Inv pr In pf•
MO-Kan Pipe Line com__•
•
!iodine Mfg corn
Mlhawk Rubber
Common
Almightan MB( Corp A. •
M "mete Chem Work,. •
•
Monroe Chem coin
•
Preferred
Morgan Liihograpb eme.
..... •
Msrrell & ro
Muncie Gear class"A" •
Clam "B"
•
Muskegon Mot Specialties
Convertible class A.-. •
Nachman SPringfilled corn*
National Battery Co Did
Nat Elea Power A part
•
National Leatber corn...10
Nat Seem Inv Co
•
Common
6% curoul pref
.100
••• manasrd man
•
New Eng Pr Assn 6% p1100
•uolditt-Sparke Intl own.
•
ortb American Car oom.
•
North Amer 0 & El el A..•
Northwest Eng Co.corn. •
Northwest Utll 7% prof 100
100
Prior lien prof
•
Ontario Mfa Co corn
Oshkosh Overall CO corn, •
Convertible preferred..•
Pac Pith Ser Co el"A"corn•
Parker Pen (The)Co corn 10
•
Penn Gan & Else A corn..
[VOL. 128.
F1NANCIAL CHRONICLE
2782
2%
2214
26%
664
30
2364
37
35
32
464
10
4
46
104
43
44%
10%
90%
93
95%
25
25%
Si
Low.
46% 47
300 46%
49
250 49
5014
14
214
550
22
25
900 18
22
22%
700 16
26
2714 8,650 18
66
68
33,600 65
95
200 94
96
25
25
50 25
16,450 20%
29
33
70
70
50 70
235 237
855 209
37
150 35
38
27
50 27
27
30
30
100 30
35
1,300 35
35
314 33
1,400 27
45
4634 1,500 434
7
8 104
7,350
3
3
44 1,600
46
150 46
46
32
32
100 30
714
104 114
550
18
200 17
18
30
30
100 30
25% 26
150 244
41
43
450 41
42
45
3,850 30
7
10
114 9,300
90% 91
250 90%
93
50 93
93
9514 96
400 05%
108 108
100 107%
1,400 25
25
26
19
200 19
20
50 25
25% 25%
61
224
49
52%
52
19
244
155
6234
500
244
600
50
13,600
61
594 8,150
100
19
450
2614
10034 100
274 2714
29%
24% 234
42
550
101
150
28
50
29%
25% 21,700
100
42
49
54
53
19
244
Range Since Jan. 1.
67
22
47
384
374
19
24
High.
Apr 59%
Apr 5834
Jan
344
Jan
31
Jan 25
Feb 34
Mar 704
Mar 97
Apr 31
Mar 34%
Apr 80
Jan 252
Jan 434
Apr 35%
Apr 30
Mar 35
Mar 38
Mar 55
Mar 134
Mar
6%
48%
Jan
Mar 37
1714
Mar
Apr 27
Apr 37%
Jan 28
Apr 43
Jan 49
Mar 22.4
Apr 9114
Apr 97
Mar 9814
Apr 1104
Apr 2614
Apr 3414
Jan 284
Apr
Mar
Mar
Mar
Mar
Apr
Mar
83%
30
53
61
5914
20
30
Apr vox
Feb 42%
Mar 354
Mar 3414
Jan 45
Mar 190
Jan 6734
Mar 5934
Mar 59
Apr 41
Mar 86
Jan 53
Jan 250
Mar 31
Jan 3434
244 30
1,150 23%
29
324 2,050 25
1,050 45%
53
55
96
1044 2,750 95
1434 17
7,050 10%
23% 26
7,900 20
45
800 40
46
264 27
100 264
3%
314 334 2,250
16
1734 3,450 16
23
350 20
2314
100 100
200 100
18
450 17
1834
42
150 40
42
5
64 614
100
11% 12% 3,200 11
22
23
100 22
42
43
350 42
314 3%
100
3%
314
5
514
350
374 35,800 23
34
42
42
100 40%
254 27
350 20
Mar 30
Apr 4014
Jan 59
Mar 131
Mar 19%
Mar
42
Mar 58
Am 32
Apr
6%
Apr 294
Mar 32
Jan 1024
Jai. 25%
Apr
46
Mar 11%
Mar
1514
Apr 264
Jan 454
Apr
74
Jan
6
Mar 3714
Apr 60
Mar 30
96
14%
26
334
174
23
42
12
5
36%
2514
40
23
15%
40
6434
23
3434
1414
40
67
23
35
17
50
800
250
700
3,100
Jai)
Mat
Mar
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Apr
Mar
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Apr
Mar
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Mar
Feb
Jan
Mar
Apr
Apr
Feb
Feb
Mar 125
90
Jan
Jun
24
38
Feb
Mar 36
28
Jan
Jan
154 Mar 32
3911 Feb 42% Mar
122
46,550 119
119 135
200 354
364 364 373-4
27
2634 274 1.100 23
950 24
27
264 27%
50 42
43
43
20 171
174 174
1,250 3314
50
50
48
8,100 34
42
40% 45
41% 40% 44
8,550 3034
250 324
32% 33
450 704
80
79
414 40% 42% 7,650 30
376 125
2104 210% 220
50 275i
27% 27%
29% 294 324 7,050 24%
294
31%
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Feb
I Apr
38
574
18
83
1434
Mar
Jan
Apr
Mar
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Feb
Apr
Apr
Feb
Jan
4414 Jan
67
Apr
33% Jan
424 Jan
29% Feb
26
25
100
166
167
117%
9835 9814
121
464 46
6514
70
914
324 32
58
27
254
100
16914
118%
99
123
46%
70
94
344
60
1,400 24
900 25
75 98
3,900 161
350 11614
450 98
195 121
650 46
1,000 55%
107 90
4,575 224
2,350 48
Mar
Apr
Feb
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Mar
32
354
108
190
122
103%
127
52
71
944
394
68
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Mar
Feb
64% 604
27
125
137
17
18%
404
27
59%
60
22
17
6434
274
138
18%
41
28
60
234
18
7,250 51
200 27
3,000 104
200 164
100 36
300 25
750 68%
250 18
100 15
Mar 66
Mar 35
Jan 138
Apr 2614
Apr 51
Mar 5614
Apr 664
Mar 31
Mar 30
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Jan
274
60
53
30
3
303-4
6244
54
31
3%
Mar
Mar
Feb
Mar
Mar
3634
764
84
38
54
Jan
Feb
Jan
Jan
Jan
264 254
101
100
444
46
97
40
38
47
464
21
21
374
99
98
32%
12
244 24
23% 2314
45
45
214
2614
102
46
97
40
484
22
38
99
10114
324
12%
24%
23%
47
2134
294
1054
51,
9714
Se
70
20
98
1024
103
40%
1514
27
24%
57
24%
Feb
2634
2934
61%
30
3%
4,400
1,750
600
300
3,350
23%
60
50
27
3
1,250 25
1,800 io0
1.550 39
200 97
400 3214
1,150 40
200 20
150 374
100 93
60 98
500 30
350 12
300 23%
1,300 2134
450 44
250 201(
Feb
Apr
,
Ma
Feb
Mar
Mar
Mar
Apr
Feb
Apr
Mar
Apr
Mar
Feb
Apr
Feb
FeO
Feb
Mar
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Peoples Lt & Pr Co Acorn*
Perfect Circle (The) Co_ •
Pines Winterfront
Common new
Rights
Poor & Co class B com___•
Potter Co(The)corn-----*
•
Process Corp corn
Pub Eery of Nor III com100
•
Common
Q-R-S
-De Vry Corp (The)
Rights
New
•
Quaker Oats Co corn
rtaytheon Mfg Cu
10
rtenanee Mfg coin _
Richards(Elmer) Co pret•
roes Gear & Tool corn_ .._•
Ruud Mfg Co. eten
•
Ryan Car Co(The) com_25
•
Ft Yelnoll .1 Sou Inc Corn_ •
Sally Frocks, inc. corn....'
sangamo Electric Co. .. •
Siguode Steel Strap Co..'
Preferred
311
Purchase warrants
•
sonatron Tube Co corn._.
So Cob Pow El A oom_25
Southwest Gas alt El Co
100
7% Preferred
Southwest Lt& Pow pfd_ •
Spiegel, May Sterne%% preferred
100
•
Standard Dredge cony pt.
•
Common
Standard Pub Service A..'
•
&atone Radio Co
Sterling Motor, pref. ..30
Storkline Fur cony pref.26
Studebaker Mall Or com 5
•
Class A
Super Maid Corn corn... •
Sutherland Paper Co com10
Swift & Co
100
Swift International
16
Tenn Prod Corp. corn_ ...•
Time-O-St Controls "A".•
12th St Store (The) pfd s •
United Chemicals Inc pf-•
''nit Corp of Am pref._ •
United Dry Dks. Inc corn.'
•
United Gas Co corn
On Repro Corp part pf A •
.......20
OYesulit.
25% raid _
•
U S Lines Inc prof
LI 8 Radio & Telev coin_•
Utah Radio Products coin'
tit & Ind Corp. com
•
•
Cony. pref
van sielden Corp part cl A*
Vesta Battery Corp corn 10
•
Vogt Mfg common
Vorolone Corp part prof .
•
Wahl Co com....
•
Walgreen Co 64% 0.100
Corn stock purch warr.•
Warchel Corporation
_•
•
Preferred
Ward (Montgomery) & Co
•
Class A
Waukesha Motor Co corn *
Wayne Pump Co
Convertible preferred..•
Wextark Rad Sts Inc.cam•
West Pow Lt&Tel let pf A•
•
wieboldt Storm Inc
Wilcox Rich Corp
Cony preferred A
MUMMA 011-0-MMIC COW'
Winton Engine con pref. •
Wolverine Port1Cement_10
Woodruff & Edwards!no
Panic clam A.__ ..... •
Wrigley (Wm Jr) Co corn'
ratee-Amer Mach part of •
Yellow Cab Co Inc (Chic)•
Zenith Radio Corp com_.•
47
47
47
48
49
75
684 75
126
116 126
284 27
294
31
31
30
184 20
2424 24214 243
245
24114 245
350
350
1,950
400
5,900
660
560
90
226
Range Since Jan. 1,
Low.
Apr 58
Apr 60
•
66
Apr 75
108
Apr 126
22% Mar 34
27
Mar 4014
18% Apr 83
205
Jan 245
205
Jan 245
3
3
3
650
3
464 4514 4634 3,700 45
320
316 320
329 300
76
81% 19,700 53
69
24
26
3,650 20
24
24
200 24
5314 49
56
5.565 45
42
43
550 41
124 12%
100
8
39%
39
400 38
284 28
30
1.400 28
40
2,150 364
37% 42
18
17% 18
350 164
29
28
29
450 26%
2
2
250
234
34% 33
364 23,600 274
24
24
24
50 23
96% 96%
924 94
33
314
25
34
32
25
62%
130
25
324
47
27
194
294
2734
60%
46%
174
7834
214
22
27
30
294
42
19
23
29
2434
80
614
24
30
32
43
Bonds
Chic City & Con fly. 5s '27
1927
Chic City Rye 5s
.
Certificates of deposit _ _ ......
1927
chaser° Rye 5s
Certificates of deposit-Purchase money 58_1927 ..5834
1927
58 series A
_1927
Ss series B
..1943
El Paso63411
1938
614s
Insull URI Inv Is A..1949 215
Public Serv Co
1956
1st ref gold 55
Swift & Co lots f g 58_1944
Wrought Iron of Am614518
• No par value.
Apr
34
Apr 464
Apr 369
Mar 81%
Mar 304
Apr 2814
Jan 67
Mar 44(4
Jan
18
Jan
46
Mar 3114
Jan 4614
Apr 2014
Apr 3214
Mar
4%
Mar 44%
Max 26)4
96% Apr 101
87% Jan 95
Apr 95
300 88
88
88
Mar 41
1,800 28
33
32
Mar 3914
4,750 28
29
32
Apr 3314
100 25
25
25
Mar 49
8,550 25
334 354
Mar 36
1,100 30
31
32
Mar 30
200 23
24
24
3,150 13% Jan 22
20
18
Apr 30
1,500 24
24% 26
Mar 74
644 1,050 50
61
100 14% Apr 21
14% 14%
Mar 140
950 129
130 13014
3234 3334 2,250 3034 Mar 374
Feb 2814
25
264 4,800 21
Mar 394
29% 324 2,550 26
Mar 26
100 22
22
23
Mar 60%
47
850 45
48
Mar 3734
250 23
27
28
17
5,350 15% Apr 23
20
Apr 3914
2934 314 2,200 25
Apr 4214
1.100 23
27
3034
Mar 724
60% 61% 2,450 55
Mar 53
1,550 42
46% 4814
1734 17% 2.000 17% Apr 184
75
13,650 4444 Jan 141
84
Mar 56
21
23
5,550 18
22.550 2014 Feb 31
21% 23
Feb 31
26% 2734 10,900 25
Mar 364
450 29
29% 30
Apr 15
12
450 10
10
294 2914
50 294 Apr 35
Mar 57%
150 37
42
44%
Apr 27
19
250 19
19
102% 104
100 102% Apr 105
Apr 78
55
50 53
55
1.060 164 Apr '26
2214 244
31
1.050 28% Mat 38
29
134
165
38
4314
3234
50
268
High.
47
45
36%
4314
3214
43
134
168
38
474
34
46
50 131
72 165
300
2,950
1,200
650
46% 46%
50
2314 2414 2,250
78% 8514 10,500
200
634 6%
214
76
2914
31%
414
1,500
24%
100
76
4,650
31
2.100
33
48% 23,150
Jan 134
Feb 210
Feb
Jan
Apr
Apr
Mar
Jan
Jan
Feb
Feb
Apr
Apr
Feb
Apr
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Apr
Feb
Feb
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Apr
Mar
Mar
35
Jan
38
3114 Apr
43
Apr
46
6514
3514
67
37
20
57
6
Jan
Jan
Mar
Jan
49
Feb
29% Jae
Jan
94
8
Feb
2114
724
21%
304
334
Apr
Mar
Mar
Mar
Mar
28% Jan
80
Jan
3214 Apr
85
Jam
6234 Feb
754 7634 529.000 65
83% 83% 11,000 814
1,000 8034
8114 8114
8414 23,000 78
82
8,000 774
82
82
584 58% 7,000 44
1,000 60
72
72
584 5834 12,000 4134
99% 99% 2,000 98%
2,000 99%
101
101
7,000 140
215 215
•
5,000 100
101
101
6,000 100%
100% 101
98
4,000
99
99
Jan 76%
Feb 85
Mar 83%
Feb 88%
Mar 834
Jan 584
Feb 72
Feb 584
Jan 103
Mar 103
Jan 251
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Jan
Apr
Apr
Apr
Apr
Mar
Feb
Apr 101% Jan
Apr 102% Feb
Apr 103
Feb
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, April 20 to April 26, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices
Par Price. Low. High. Shares.
Almar Stores
American Milling new
*
American Stores
BankofNoAm & Tr Co 100
New
Bankers Securities corn....
50
Preferred
Bell Tel Cool Pa prof .100
Budd (E G) Mfg Co ____•
Preferred
Budd Wheel Co
• Preferred
Camden Fire InsuranceCentral Properties corn....
Commonwealth Cas Co.10
Consol Trac of N J....100
Cramp Ship & Eng.
...100
Elec Storage Battery...100
Fire Association
10
Giant Portland Cement.
.50
Preferred
50
Horn&Hardart(Phila)com•
Horn&Hardart(NY)com..•
Preferred
100
5
80%
14514
574
49%
90
85%
37h
10%
2%
494
Range Since Jan. 1.
Low.
5
415
5
534
100 54
60
60
5,900 77
80% 85
40 485
584 585
1454 1484 2,000 130
175 75
146 1494
5714 4,300 5414
56
550 114%
1144 11514
494 54% 15,950 34%
2,382 564
85% 91
1,900 34
91
89
44 95
95
95
30% 37% 9,900 334
5,137
10% 11
26% 25% 1,100 2314
116 50
50%
50
400
214
2% 3
220 791
824
%
82
3,500 464
50
49
100 364
38
38
100 37
3034 3934
20 215
215 216
200 544
54)i 55
20 103
103 103
Apr
Apr
Apr
Jan
Apr
Feb
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Mar
Apr
Apr
Apr
Mar
Mar
Mar
Apr
Apr
Apr
Apr
High.
8%
60
, 97
595
140
220
6314
118
66%
91
10834
100
424
11
32
61
4
92%
50
39 •
4114
233
62%
108
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Mar
Apr
Mar
Apr
Jan
Mar
Jan
Jan
Feb
Feb
Apr
Feb
Feb
Feb
Jan
Feb
APRIL 27 1929.1
FINANCIAL CHRONICLE
$1,000
10,000
15,000
1,000
1,0130
1,000
9,000
12,000
1,000
10,000
1,100
38,000
1,000
TvgAtngEvgr4nliNagnVe,4ME1.4g.glinnr4a114Iiagaligggn.
X
cDpC0-.11 ,
1
XgX
X
owa.v.,p.wwoomm.a.00
=woo
b;c4
cop
X
XXS
g
0.0"-.00•-••-•c0C10
XXX
..t.T.C4
X
ola.0 t.200.1
SgS
91
5435
42
169
26
71
334
3%
88
57%
81
175
28
83%
9734
9334
95
3434
63
50
54
51%
132%
5534
9%
84%
26
38%
70
19%
4931
935
1%
4
3834
35%
6035
47
195%
5335
15
2534
52%
Jan
Apr
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Mar
Apr
Apr
Jan
Jan
Feb
Mar
Jan
Apr
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Feb
Mar
Jan
Jan
Apr
Apr
Mar
Feb
Jan
Mar
Feb
Jan
Jan
5% Apr
gvnttg.nnnlifMg
541 12,900
54
4734
60
99
99%
102%
10331
10635
106
104
102
100
9534
High.
.P•
435
54
47
58
99
9934
10234
103
10635
106
104
102
9935
9534
5494
50
65
99
9934
105
105%
10834
10874
106
10434
• 10035
r 99
XXXX
79% 80% 2,500
54
472
543
2235 30% 47,000
155 162
4,600
2035 2034
850
65
6534 2,600
35 1
300
2
2
100
8534 8534
90
4735 50% 1,900
79
80
360
146% 153
6,600
24
26
4,900
76% 8354 38,600
93
93
100
90
90
25
90
9335 1,100
3335 3334 3,300
58
58
5
43
50
3,500
50
5035 3,000
4935 49% 2,700
130 130
8
51% 5235 1,825
6% 7
500
72% 74%
200
21% 22
800
32% 33
2,095
6235 65
111
1734 1934 9,500
46% 46%
10
434 7
400
700
4
1
ii
334 3% 3,700
3634 38% 3,995
3534
35
200
4734 5735 221,400
4334 48% 104,800
179 190% 114,800
50
50
200
1234 12%
10
2031 20%
900
4534 4834 1,800
mcg00000cq4.4.c..
Insurance Co of N A -10 8034
Keystone Wath Case - -•
Lake Superior Corp _._100 23
Lehigh Coal & Nay.
50 160
10
Lit Brothers
Manufact Cas Ins
6584
Manufactured Rubber __10
Mark (Louis) Shoes Inc.-*
2
Northern Central Ry__ ..54 8534
North East Power Co _ •
Penn Cent L & P cum pf • 79
Penn Insurance
147
Penn Road Corp
Pennsylvania RR
50
Penn Salt Mfg
50 93
Phila Dairy Prod pref.„.--...
Phila Elec of Pa
25
Phila Elec Pow pref _ __25
Phila Insulated Wire ----* 58
Phila Inquirer
4634
Phila Rap Transit
50 50
7% preferred
50 4935
Phila Germ & Norris RR50
Phila Traction
50 52%
Phila & Western Ry_ -50
RE Land Title new
Reliance Insurance
10 21%
Shrev El Dorado Pipe L_25 32%
Scott Paper Co
• 62%
Sentry Safety Control
Tacony-Palmyra Bridge-• 46%
Telephone Security Corp_ ______
Tono-Belmont Devel_ _1
Tonopah Mining
1
3%
Union Traction
50 3634
Certificates
United Corp temp Ws.- 5334
Temp etre preference_ 44
United Gas Improvement50 186)4
US Dairy Prod class A.*
Common class B
*
Victory Insurance Co_ _ _10 20%
West Jersey & Seash RR 50 4734
Rights
Penn RR
BondsElec dr Peoples tr MN 45'45
Inter-State Rye coil tr 49'43
Lake Sup Corp 58 stmpd _ _
Lehigh Vali 4358
(Pa) let 435s ser'87
Phil& El
let lien & ref 5s_1960
let 58
1966
let lien & ref 53513_1947
let lien & ref 534e-1953
Phila El Pow Co 5356.1972
P dr Read Term deb 5s _ '41
Strawbridge & Cloth 58.'48
York Railways 1st 53_1937
• No par value.
Low.
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, April 20 to April 26, both inclucompiled from official sales lists:
sive,
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
.Arundel Corporation _ •
Atl Coast Line (Conn)_50 182
Certificates, 5%
Baltimore Corn Bank-100
Baltimore Trust Co.__ - _50 19435
Bait Tube preferred_ _100
I Benesch&Sonenew w 1.._ 15
Black & Decker corn ----• 4534
Preferred
25
Central Fire Insur
10
Century Trust
50
Ches&PoTelofBalt pf- -100 116
Colonial Trust
25
Commercial Credit
•
Preferred
25
Preferred B
25
634% let prof w w _100
xw
do
Warrants
Corn Credit of N 0 pf _ _ _ ______
Consol Gas E L & Pow._• 96
6% preferred ger D _ _100
535% pref w 1 serE_ _100
5% preferred sec A _ _100 10034
Consolidation Coal- - -100 17%
Delion Tire & Rubber .....*
435
Eastern Rolling Mill ____• 30
Equitable Trust Co.
_25
Fidelity & Deposit
50 310
Fidelity Trust
25
*
Fin Co of America A
Series B
•
10
Fin Service com A
Preferred
10
First Nat Bank w I
55
Bendier Creamery pref.-- ......
Houston 011 pf v t We 100 85
Humphreys Mfg Co
• 4934
25 2535
Preferred
25
Mfrs Fin com v t
25
let preferred
25
2d preferred
Maryland Casualty Co _25 148%
Maryland Mtge corn ____* 4035
Merch & Miners Tmnsp .* 44
MononWPennPS pref._ _25 25%
50
Mtge Secur let pref Mt Ver-WoodbMille v t100 16
100 81
Preferred
Nat Bank of Baltimore_100 270
New Amsterdam Cas Co 10 88%
Northern Central Ry_50 8534
Park Bank
10
Penna Water & Power- _• 87
Silica Gel Corp com v t..- •
Southern Bank Sec Corp__
Stand Gm Eq pf w war_100
Un Porto Rican Sugar corn* 45
Preferred
5
Union Trust Co
50 350
United Rys dr Electric_ _50
US Fidelity & Guar new
7935
US Fidel dr Guar Co
Fire w I
71
Wash Bait & Annapolis-50
Preferred
50
West Md Dairy Inc corn_ •
Preferred
•
Prior preferred
50 5331
Western National Bank 20
39
40
182 182
99
99
160 160
190 195
67
67
15
15
45
46
27
27
35
35)4
191 195
116 116
96 100
54
52
2435 25
25% 26
98
98%
8935 8935
13
14
24
2431
94
9735
110 110
10534106
10054 101%
19
20
4
435
29% 3031
134 135
295 314
261 261
13
13
13
13
1735 1734
10
10
55
56
10035 102%
85
85
4935 4935
2535 2535
2734 27%
19% 20%
17)4 17)4
148 150
40
40%
44
4435
2535 2534
18
18
16
1635
8034 81
270 270
84% 87%
8435 85%
30
30
8435 89
4034 4034
51
50
46
46
45
43
4731
47
343 350
935 931
7934
78
62
9
11%
100
8935
5335
41
74%
9
11%
100
8935 •
53 4
41
775
43
100
60
374
100
244
460
80
105
160
66
123
68
150
326
91
50
3834
35
426
10
53
345
127
2,310
892
130
1,247
5
360
195
40
10
335
41
110
30
60
6
55
7
535
1,202
282
168
2
201
5
15
827
72
15
524
20
46
80
1,992
120
135
175
1,370
Range Since Jan. 1.
Low.
38% Apr
179
Jan
Apr
99
15635 Jan
165
Jan
61
Jan
Mar
15
31% Jan
27
Feb
35
Mar
Apr
190
11331 Jan
Jan
90
40% Feb
2434 Mar
25% Mar
97% Apr
89% Apr
12
Jan
24
Feb
88
Mar
109
Mar
105% Apr
100% Mar
15
Mar
1
Jan
2735 Mar
115
Jan
290
Apr
260
Feb
11
Jan
1035 Jan
1735 Apr
934 Mar
55
Apr
97
Mar
83
Mar
4935 Apr
2535 Apr
27
Jan
19% Apr
17
Mar
148
Mar
31 Ilan
4335 Mar
2535 Mar
18
Apr
13
Jan
76% Feb
267
Jan
7734 Jan
8435 Apr
30
Feb
82
Apr
24
Jan
49
Apr
40% Jan
39
Jan
44
Mar
339
Jan
9
Feb
7735 Apr
193 5631
125
8
50 11
1 100
25 8931
40 53
65 41
High.
4934
200
99
160
195
75
1834
47
28
40
210
11734
100
62
26
27
104%
92
15
2534
104
111%
109%
103
22%
4%
3435
135
314
301%
1335
13%
25
10%
6035
10235
92%
4935
2535
36
22
1934
183%
4635
4735
27
25
1635
82
295
93
88
31
100
43
57
48
45
48
354
13%
9434
Apr
Feb
Apr
Apr
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Feb
San
Mar
Mar
Jan
Feb
Feb
Mar
Jan
Jan
Apr
Feb
Feb
Apr
Mar
Apr
Apr
Mar
Feb
Jar
Apr
Jar
Apr
Apr
Feb
Feb
Feb
Jar
Mar
Jar
Feb
Jar
Apr
Jar
Fet
Jar
Jar
Feb
Jar
Mar
Apr
Fet
Apr
Jar
Jar
Jar
Jar
Apr 87
Jan
934
Jan 1135
Apr 136
Apr 96
Feb 54
Jar
Mai
Jar
Feb
Jar
Feb
Arir
Feb
114
2783
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Price. Low. High. Shares
Range Since Jan. 1.
ODOON24.01 t4.....3c0 0,40
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
(Concluded) Par. Prise. Low. High. Shares.
Stocks
metasColonial Trust w I
Bonds
Baltimore City Bonds
1961
45 Sewer Loan
4s Engine House_ _1957
1954
4s Annex Impt
48 Paving Loan_ _1951
4s Annex Impt
1951
Bait City 335e ctfe_._1940
Baltimore Traction
No Bait Div 58. _1942
Beneath I & Sons Inc w 1_ _
Black & Decker 6358.-1937
Consol Gas gen 4358-1954
Consol G EL &P 4301935
Consol Coal Ref 43.4s
Fair & Clarks Trac 5s.1938
Render Creamery 6s_ J946
Houston 0115 A % notes 38
'
Iron City Sand & Gravel
1940
let 6s
Md Elec Ry let & ref 615e
1957
series A
Newport News & Hampton
1944
fre
Penn Water & Pr 1st 5s '40
Poulson(C W)& Sons
1941
6358
Prudential Refin 6358_1943
Roland Pk Homerd Co 5358
1932
Silica Gel 6358
Southern Bankers Sec 5s'38
United Ry & E let 48_1949
1949
Income 4s
1936
Funding 5s
1930
6% notes
1st 6s
1949
Wash Bait & Annap 5s '41
635
97
97%
97
97
97
10235 10234
635
200
Range Since Jan. 1.
Low.
635 Apr
9735 $5,000 97
97%
9,000 9735
97
2,000 97
97)4 1,700 97
97
500 97
102% 3,100 102
87
87
99
99
16835 170
98% 98%
9735 9734
8435 8435
8935 8935
100 101%
99
9945
2,000 87
1,000 99
8,000 120
1,000 98
6,000 9735
1,000 8435
5,000 8935
8,000 97
8,000 97
High.
635 Mar
Mar 99%
Mar 9935
Mar 9934
Mar 99%
Mar 9934
Mar 10235
Jan
Jan
Jan
Jan
Jan
Apr
Apr 87
Mar 9935
Mar 172
Mar 9934
Apr 9831
Apr 8434
Apr 9334
Apr 101%
Feb 99%
Apr
Feb
Apr
Jan
Jan
Apr
Jan
Apr
Apr
94
81
94
1,000
94
Apr
97
Jan
81
81
1,000
80
Apr
88
Feb
92% 9231
102 102
89
103
99%
107
107
100
100
6034 6035
34
50
50
9535 9534
76
76
7534 7534
103
89
103
9931
107%
10034
6135
34%
5035
9534
78
76
1.000 92% Apr 9231 Apr
1,000 102
Apr
Apr 102
1,060 89
11,000 100
1,000 99%
11,000 10035
8,000 100
13,000 6035
6,000 33
2,100 50
1,000 90
4,000 7435
11,000 75
Apr 92
Jan
Jan 10485 Jan
Apr 99% Apr
Jan 110
Mar
Apr 10534 Mar
Feb 65
Feb
Mar 43
Jan
Apr 63
Jan
Mar
Jan 96
Mar 8335 Jan
Apr 8334 Jan
• No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange,April 20 to April 26,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
American Co
14034
Anglo Calif Trust Co
Anglo & London P Nt Bk
252
Atlas Lm Diesel Eng A_ - ..._ 05
Assoc Insurance
Aviation Corp
2594
Bank of California NA_ _.- 330
Byron Jackson Pump Co- 3694
52
John Bean corn
27
Calamba Sugar corn
Preferred
7
California Copper
......
Calif Cotton Mills corn
California Ink Co A
Calif Oregon power 7% pfd 112
California Packing Corp.__ 77
Caterpillar Tractor
7694
Clorox Chemical Co
Coast Co Gas & El 1st pfd- 98
Crocker First Nat Bank_
Crown Zellerbach pfd A_ _ ..__ _
92;5
Preferred 13
Voting trust certificates_ 2035
27%
Consolidated Chemical
30%
Dairy Dale A
B
Emporium Corp The
4.90
Fageol Motors com
Preferred
Fireman's Fund Insurance_ Ill
Ill%
Foster and Kleiser corn_
40
First Sec of Ogden
Galland Mere Laundry__ . ___Golden State Milk Products _ -53
Gt West Pow series A 6% pf
Preferred
Gen Paint A
25
B
Haiku Pineapple Co Ltd Pf
Hawa'n Com&Sug Ltd ex-d
Hawaiian Pineapple
Honolulu Cons 011
Hunt Bros Pack A com
Honolulu Plant
Illinois Pacific Glass A_ _ _ ......
Low.
High.
14034 14134 3,907 13934 Jan 15135
10 495
500 500
Jan 510
149 251
251 25335
Apr 28934
5835
355 50
56
Mar 6534
985 10
2,860
931 Apr 12
2554 3654 3,284 2534 Apr 2654
330 340
87 290
Jan 340
3374 3735 16,590 31
Mar 8634
7,406 4554 Feb 54
54
51
27
800 28
27
Apr 2734
1731 1781
210 17% Apr 19
681 7
1,615
631 Apr 1054
67
205 63
63
Apr 94
4531 4534
100 4554 Apr 58
11235 112
67 10834 Apr 115%
7431 7735 5,209 73
Mar 8131
7734 23,829 71
74
Mar 8031
4035 40%
325 38
Mar 5035
98
98
25 98
Jan 99
400 400
10 380
Feb 400
92% 9234
259 92
Jan 96
9235 9234
210 9235 Apr 95
2054 21
5,557 1954 Mar 2531
27
27% 1,540 2654 Apr 27%
3035 3135 27,075 23% Jan 3134
243.4 2531 8,476 1735 Jan 2635
28% 2834
460 2735 Jan 3735
4.90
535 1,685 4.90 Mar
7
300
734 731
734 Jan
8
109 11134
770 10454 Mar 151
1134 1135 1,126 10% Mar 12)4
140 140
75 140
Feb 146
51%
315 50% Apr 55
51
53
5554 2.292 5254 Mar 5935
100% 10135
75 100
Mar 10235
147 10535 Mar 10735
106 10735
218 2934 Apr 3294
2934 2974
2535
729 23
25
Apr 2834
22
22
10 21
Mar 2331
5534
55
50 5035 Jan 5594
420 59
64
65
Mar 6535
40
40)4 1,100 3585 Feb 4074
555 22 • Mar 2354
2234 2235
100 6034 Jan 66
66
66
705 35
35% 36
Apr 47
44
44
Jantzen Knit
4335 3935 4435
Koister Radio Corp
. 3334 33
3331
Langendorf United Bak _A
B
3135 3135 3134
1635
16
Leighton Ind A
9
13 voting trust ctfe
10
10
35
35
3635
Le.sile Salt Co
835
Magnavox Co
894 934
3535 3534
Magnin I corn
Mere Amer Realty
9831 983.4 9834
Nor Amer Investment com
123 123
101 101
Preferred
North American 011
25% 2531 2635
Natomle Co
25% 25% 27
Occidental Ins Co
2641 27
Oliver Filter A
3835 3834 39
B
3734 3731 3834
9
9
Paauhau Bug Plantation__
Pacific Gas& Elec corn_ _ _ 5635 5554 5631
1st Preferred
2634 27)4
Pacific Lighting Corp corn_ 7754 7635 7831
10135 10134 103
6% Preferred
Pacific Tel & Tel com ----------185 190
127 127%
Preferred
Paraffine Cos Inc com _ _
8294 8135 8334
Plg'n Whistle pref
123.4 1435
Pat Pub Service
2335 23% 2334
3131 3131
Ranier Pulp & Paper
4435 4674
45
Richfield Oil
2535
25
25
Preferred ex-warr
3235 3235 33
Roos Bros com
9834 9834
Preferred
Si Lt & Pow prior pref
11435 116
116
B F Schlesinger A com
1731 1734 1731
87
88
Preferred
2935 2935 3035
Shell Union Oil corn
90
87
Sherman dr Clay prior pref.. 87
Sierra Pacific Elec Pref.-- - ...... 93
93
Sperry Flour Co com
88
88
Spring Valley Water
873.4 87%
8735 7631 79
Standard 011 of Calif
Teleph Investment Corp ..
--Tidewater Assoc 011 COM -- 1931
88
Preferred
Range Since Jan. 1.
5835 59
1994 2035
875,4 88
Mar
Jan
Feb
Jan
Mar
Apr
Apr
Jan
Apr
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jar
Jar
Jar
Jar
Jar
Mar
Jar
Apr
Apr
Mai
Fet
Jar
Feb
Feb
Jar
Fet
Jar
Jar
Fel
Api
Jar
Fel
Jai
Ap
Ma
Ap
Jar
AP
Fel
159
21,180
2,032
865
435
355
1,492
26,402
2,902
100
105
50
1,902
620
624
349
1,092
200
5.769
2.966
6,896
115
345
150
2,595
420
937
340
19,922
2,062
585
80
305
648
58
1,005
100
15
100
220
13,182
44
32
28
25
16
7
3334
7
33
98
113
100
20
25%
2635
38
34
734
54
26)4
70
10131
160
121
7945
1234
20%
3131
3931
2431
3134
9835
112
16%
88%
26
81
90
87
86
6434
155
690
145
5834 Apr
18
Feb
60
Mr
2174 „la
863.4
joy,'
Jan
Apr
Feb
Jan
Apr
Jan
Mar
Feb
Apr
Apr
Jan
Feb
Mar
Apr
Apr
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
M
Mar
Jan
Apr
Feb
Jan
Mar
Mar
Apr
Apr
Mar
Feb
Apr
Mar
Apr
Mar
Feb
Jan
4854
7935
3531
3234
1834
1035
4754
1334
39
10031
123
10134
38
30
3034
48
45
9
5754
28
8454
104
196
130
8834
1434
2435
35
4835
2534
34
10094
118
21%
90
3134
103
969.4
9831
92
8031
Sal
Jar
Ms
Ma
Jar
Fel
Jar
Jar
Jar
Jai
Fel
Jai
Jet
Ap
Fe
Fel
Fe'
Ja
Ja
Ja
Me
Fe
Ma
Ms
iii.
At
AT
mr
Jo
At
Ja
Ja
Fe
Ja
Ja
Al
Ms
Ja
Ja
is
Ms
lo
27
Transcont'l Air Transp Inc
134% 134
Transamerica
50% 5034
Union 011 Associates
Union 011 of California._
5036 5034
315
Wells Fargo Bk & Union Tr 315
4% 4%
West Amer Finance prat
2331 23%
West Coast Bank Corp_ _ _ _
5144
Yellow & Checker Cab Co_
Range Since Jan. 1.
High.
Low.
2834
310 24
135
33,640 125
5234 4,094 443.4
52% 4,720 4631
15 300
318
531
4.50
1,100
2431
550 24
5134
218 49%
Mar
Mar 30
Feb 14234 Mar
Feb
5336 Apr
Feb 53% Apr
Apr
Mar 318
634 Jan
Mar
Jan
Apr 30
Jan
Mar 53
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange,April 20 to April 26,both
inclusive, compiled from official sales lists:
sales
Friaay
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Associated Gas & Elec___* 5534 5544 5534
25 44
Barn.sdall Corp A
4334 4336
1 1.7234 1.7234 2.00
Bolsa Chico. Oil A
94
96
Bway Dept St pf ex-war100 94
.33 .45
.33
Buckeye Union Oil pref...1
3744
* 3634 34
Byron Jackson Co
* 5134 5131 5334
J. Bean Mfg Co
25 138
13534 140
California Bank
101
101
Central Investment__ _ _100 101
35
35
Cornm'i Discount com _ _25 35
* 35
Doug Aircraft com
3334 36
4034
Emsco Der & Equip corn* 393.4 39
485 485
Farmers & Mer Nat Bk 100 485
12
12
8 12
Gilmore 011
25
25
Globe Or & Mill 1st pf _ _25 25
Goodyear T & R pref__100 9934 9936 100
Goodyear Textile pref __MO 1003.4 10034 101
1.05
1
1.00 1.05
Holly Development
21
21
25 21
Home Service corn
2531
25 2534 25
8% preferred
Hydraulic Brake Co com 25 5334 5331 5334
60
10 60
63
lot reinsurance
734 834
734
Rights
1044 1134
• 11
Jenkins Television
.99
.99
.99
Lincoln Mtge common_ _ _*
100 97
97
97
L A Biltmore pref
LA Gas & Elec pref._ _100 10534 104% 10534
2.35
1
2.30 2.45
LA Investment Co
3534 3574
I Magnin Co corn
* 3534
25 3944 3934 4031
MacMillan Pete
1
1.70 1.70
1.70
Mascot Oil
.26
.26
.26
Midway Northern Oil_ _ _ _1
3.00 3.45
3.45
Moreland Motors corn_ _10
6
6
10
6
Preferred
192 192
Mortgage Guarantee Co100 192
49
47
25 48
Nat Bank of Comm
1 3.10 2.90 3.15
Occidental Pete corn
1.05 1.05
1 1.05
Oceanic Oil
.22
.24
1 .22
Olinda Land Co
33
33
Pacific Clay Products_ _ _* 33
Pacific Finance cool_ _ _25 11534 11536 1163
%
23
23
25 23
Prat series C
Pacific Gas & Elec 1st pf _25 2734 2731 2731
79
77
* 78
Pacific Lighting con
38
38
25 38
Pacific National Co
Pacific Western Corp_ _.
..* 1934
193.4 20
534 6
10
Republic Pete Co
534
• 60
60
60
Republic Supply Co
25 45
4431 463.4
Richfield Oil corn
25
2534
Fret ex-warrants
25 25
Rio Grande 011com(new)25 3614 3634 3834
25 4731 4731 4734
Seaboard Nat Sec
San Joaq L&P 7% pr pf 100 11534 1153611536
41
41%
25 41
Signal 011 & Gas A
So Calif Edison com_ _ _ _25 56% 5634 57
29
29
25 29
7% preferred
,
25 25% 2534 25%
6% preferred
25 2434 2436 2434
53.4% preferred
2534
So Calif Gas 6% pref__ _25 2536 25
25
26
25 25
6% preferred A
%
So Count Gas 6% pfd _ _100 10034 99 1003
7931
Standard Oil of Calif_ _ _ _* 7734 77
3.50 3.50
1 3.50
Sun Realty corn
3.05 3.15
Sou Calif Edison rights _ _25 3.05
1361.6 13634 13834
Sec F N Bank COM
-America Corp__ _ _25 13434 134 13436
Trans
99
99
99
Seaboard Dairy Cr Corp
5034 5234
Union 011 Associates__ _25 50%
5034 5234
25 5034
Union Oil Calif
290 298
Union Bank & Trust Co100 298
.11
.11
25c .11
U S Royalties
Weber Showcase & Fix pfd* 24% 2434 2434
i
Bonds
LA Gas & Elec 5s____1961 0934 9934 993.4
So Calif Edison 5s____1951 10136 10134 10131
1952 10134 1013.4 10134
5s
1957 9834 9834 9831
So calif Gas 5s
200
1,400
57,800
35
3,350
3,200
1,700
1,094
42
30
14,700
9,600
32
1,107
120
75
104
300
138
240
300
800
700
500
4,202
25
73
19,400
1,300
2,300
600
2,800
925
208
30
220
6.833
1,400
7,000
175
500
100
200
2,500
1,690
700
1,900
400
25,100
3,505
24,500
40
87
1,000
2,200
942
1,586
3,197
116
40
30
4,600
152
20,500
2,600
1,900
57
1,800
6,300
20
1,000
100
Range Since Jan. 1.
High.
Low.
5534
38
1.80
9236
.33
33
4931
125
101
30
2431
3734
460
10
25
9931
98
1
21
25
40
53
734
1034
.60
96
10431
2.15
3534
3434
1.70
.20
2
4.35
190
45
2.10
1
.13
31
6736
2334
2634
70
35
1836
536
60
40
2434
3234
42
11234
37
5434
2836
2536
241.4
25
25
100
6434
3.50
3
125
125
99
45
4636
255
.10
2436
5,000 9734
10,000 100
2,000 10034
1,000 98
Apr 57
Feb 463.4
4.30
Mar
Feb 96
1.85
Apr
Apr 39
Apr 5334
Jan 140
Apr 10341
Mar 35
Mar 36
Feb 4444
Jan 485
Mar ism
Feb 2534
Apr 10134
Feb 102
Jan 1.1734
Apr 25
Apr 263.4
Jan 6034
Feb 65
9
Apr
Apr 17
Jan 1.4734
Jan 99
Apr 108
2.55
Jan
Apr 353-4
Feb 4234
3.10
Apr
.35
Jan
3.45
Feb
6
Feb
Feb 192
Jan 48
Jan
534
Feb 1.20
Jan .25
Jan 3634
Jan 12036
Feb 253-4
Feb 2734
Jan 80%
Feb 4034
Feb 23
9'%
Jan
Jan 62
Feb 48'%
Jan 2534
Jan 4236
Apr 50
Apr 11636
Feb 4834
Jan 6744
Mar 2936
%
Mar 263
Mar 25
Jan 2634
Jan 26
Feb 99
Feb 803-4
534
Mar
Mar 3.55
Mar 14234
Feb 142
Mar 99
Feb 533.4
Feb 54
Feb 298
Mar 1734
Jan 25
Apr
Mar
Jan
Apr
Jan
Feb
Apr
Apr
Mar
Apr
Apr
Feb
Apr
Jan
Jan
Mar
Feb
Apr
Jan
Jan
Mar
Apr
Apr
Mar
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Apr
Apr
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jab
Jan
Mar
Jan
Feb
Mar
Jan
Apr
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Feb
Apr
Mar
Jan
Feb
Apr
Mar
Mar
Apr
Apr
Apr
Jan
Jan
101
102
10136
10031
Jan
Jan
Jan
Jan
Mar
Apr
Apr
Apr
* No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, April 20 to April 26, both inclusive, compiled from official sales lists:
Stocks-
NiI{G3
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Bank Stocks
First National Bank _ _ _100
Nat Bank of Commerce 100 180
State National Bank_ _ _100
Trust Company Stocks
Franklin-American Tr_100
Mississippi Valley Tr__100
Miscellaneous
Amer Credit Indemnity_25
A 9 Aloe Co corn
20
Preferred
100 104
Alligator corn
*
Bentley Chain Stores corn *
Michigan Davis Co
*
Boyd-Welsh Shoe
* 3734
Brown Shoe prat
100
*
Burkart Mfg corn
*
Preferred
Champ Shoe Mach pf__100 10236
Coca-Cola Bottling Sec_ _1 47
Consolldated Coal
100
Consol Lead & Zinc A_* 15
100
Corno Mills Co
*
Elder Mfg com
100
A
Ely & Walker D Gds com25
100
1st Preferred
100
2nd Preferred
Fulton Iron Works corn_ *
vr........m. 74 ear onm
_ _* 2534
Range Since Jan. 1.
Low.
High.
380
175
213
382
180
215
58 34234 Jan 420
Apr 210
205 175
Jan 215
19 190
Feb
Jan
Apr
239
375
239
375
8 215
105 370
Jan 239
Jan 387
Apr
Mar
52
52
4
3
3434 35,
104 104
2534 2534
30
30
30
31
3734 3734
11734 11734
6
6
16
17
102 10234
4636 48
22
22
13
1531
195 200
33
32
7441 7434
28
2834
10734 10736
86
86
6
6
22
2a
1
125
5
225
10
25
115
13
50
142
20
740
30
6,101
71
48
15
1,064
8
7
30
410
52
3434
10331
253.4
2834
1234
3736
117
6
16
102
37
22
1031
190
30
72
28
107
86
5
22
Apr
Apr
Mar
Apr
Jan
Jan
Apr
Feb
Apr
Apr
Apr
Jan
Apr
Jan
Mar
Mar
Mar
Apr
Apr
Apr
Mar
Apr
60
37
105
27
35
31
4036
11934
1034
2034
10834
48
25
1531
20034
36
80
30
109
88
744
353.4
Mar
Apr
Mar
Mar
Feb
Apr
Jan
Apr
Jan
Jan
Jan
Apr
Mar
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Friday
Sales
Last Week's Range for
Week
Sale
of Prices.
Stocks Concluded) Par. Price. Low. High. Shares,
Range Since Jan, 1.
Low.
High.
• 17
Huttig S & D corn
100
Preferred
Hydr Press Brick pfd_ _100
Independent Packing com • 1234
International Shoe com__• 64)
,
6
100
Preferred
Knapp Monarch prat__ *
Laclede-Christy Clay Prod
100
Preferred
Laclede Gas Light pref_100
20
Laclede Steel Co
Mahoney-Ryan Aircraft.._5
Moloney Electric A
60%
Mo Portland Cemenpl__25 43%
Marathon Shoe corn _ _ _ _25
*
Nat Bear Metals com_
Preferred
100
25
Nat Candy corn
Nicholas Beazley Aircr 5 20
Rice-Stir Dry Gds corn * 23
100
1st preferred
Scruggs
-V-B D G com25 1734
3434
Scullin Steel pref
•
Securities Inv corn
Sedalia Water pref
100
Southwest Bell Tel Pi--100 118
Stlx, Baer & Fuller com__• 32
St Louis Car corn
10
St Louis Pub Serv com_ *
Preferred A
•
St L Screw & Bolt com_ _25 27
Steinberg's Drug Stores. .°
Wagner Electric com _ _15 44
17
85
70
12
6444
10534
39
1734
85
70
1234
6534
106
39
75 17
10 85
120 62
25 12
1,437 63
54 10536
50 39
Apr 2234
Apr 92
Feb 7134
Apr 15
Apr 7434
Apr 110
Apr 40
Jan
Mar
Mar
Jan
Mar
Feb
Mar
100
9934
4934
2034
57
43%
44
9734
100
2234
20
21
10534
17
3434
34
98
118
32
22
19
77
2634
52
4335
100
9944
5134
2035
6041
45
44
9734
101
25
2034
23
10534
17%
3531
34
98
11831
35%
22
19
77
27
52
4534
17
8
2534
650
2,072
425
30
50
165
5,402
1,903
4,356
10
228
305
20
5
143
250
100
1,092
110
70
120
4,366
Apr
Apr
Apr
Jan
Feb
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Apr
Apr
Mar
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Jan
Apr
Mar
100
10031
57
2334
6041
5534
5334
99%
10134
25
2234
2434
110
1931
4234
37
100
121
4434
26
24
81
27
5234
50
Apr
Apr
Mar
Feb
Apr
Jan
Jan
Apr
Apr
Apr
Mar
Jan
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Apr
Apr
Feb
Street Railway Bonds
City & Suburban PS 5s '34
East St L & Sub Co 55 1932
United Railways 4s_ _ _1934
90
90 $35,000
9544 9534 5,000
83
8344 59,000
91
96
85
Jan
Apr
Jan
90
8334
Miscellaneous Bonds
Houston Oil 534s
1938
Moloney Electric 630 1943
Nat Bearing Metals 6s 1947
St Louis Car 6s
1935
Scruggs-V-B 75
Serial
St Louis Chain Stores 6s'43
* No par value.
100
9934
49A
1634
52%
43
41
77
100
1836
1934
20%
105
17
33
30
98
117
32
22
19
77
24
52
4234
90
Apr
9534 Mar
80% Jan
15,000 9734
99
99
95
9534 5,000 9334
1,000 10336
105 105
10034 10034 6,500 100
99% 99%
500 9734
99
99
2,000 99
Mar 9931
Jan 9534
Jan 105
%
Feb 1013
Jan 100
Apr 99
Jan
Feb
Apr
Feb
Mar
Apr
Cincinnati Stock Exchange.
-Record April 20-26:
Stocks-
Sales
Yriday
Last Week's Range for
Week.
Sale
of Prices.
Par Price, Low. High. Shares.
Ahrens
-Fox A
•
Alum Ind
•
Am Laund Mach com___25
.
Amer Products common_ _
Amrad
Arn Rolling Mill com____25
50
Am Seed Mach corn
Preferred
100
Am Thermost 13ottle A-.._*
50
Preferred
Buckeye Incubator
•
Carthage Mills pref____100
.
Carey (Philip) corn_ _ _100
100
Preferred
•
Central Brass A
Cent Ware & Refrig A_20
*
Churngold Corp
Cincinnati Ball Crank prat
Cincinnati Car B
Preferred
Cin Gas & Elec Prei----100
CN & C Lt & Trac com.100
100
Preferred
Cincinnati Street Ry _ _ _ _ 50
50
CM & Sub Tel
CM Union Stock Yards _100
*
City Ice & Fuel
*
Coca Cola A
100
Col Ry Pr 1st pref
*
Crosley Radio A
Dan Cohen
.
Dow Drug common_ _ _100
Eagle-Picher Lead com_ _20
Early & Daniel pref_ .._ _100
Excelsior Shoe common_ *
Fifth-Third-Union Tr _ _100
•
Formica Insulation
Foundation Inv
-Bauer pf_100
French Bros.
Fyrtyter A
•
Gibson Art corn
Globe-Wernicke com 100
Goldsmith
Gray & Dudley
•
Gruen Watch corn
100
Preferred
Hobart Mfg
•
•
lot Print Ink
100
Preferred
Julian Kokenge
100
Kahn 1st pref
40
Participating
Kodel Elec & Mfg "A"...*
10
Kroger common
Leland Electric
Lunkenheirner
*
Manischewitz corn
100
McLaren Cons"A"
*
Mead Pulp
*
Special preferred__ -100
•
Meteor Motor
Morse Coney "A"
•
Nash (A)
100
Ohio Bell Tel prat
100
Paragon Refining A pref._
B
Voting trust ctfs
Procter & Gamble com__20
100
5% preferred
25
Pure Oil corn
100
6% Preferred
Queen City Pet pref-100
Rapid Electrotype
•
Richardson corn
100
10
U S Playing Card
US Print & Litho com_100
100
Preferred
•
U El Shoe corn
Preferred
100
Whitaker Paper pref___100
WurIltzer 7% oref
100
• No par value.
1934
33
90
5931
117
26
64
163%
20
20
26
3531
334
11
275
%
93
7034
4934
5434
303-4
107
2834
19
10734
47
2634
110
53
11534
63
5234
9931
26
21
9431
3934
1944
30
113
2234
349
4834
102
6
1
1931 19%
3241 34
87
91
27
27
5534 66
111
11834
2134 27
63
64
164 1631
4731 4731
20
25
75
75
330 330
122 122
20
2034
144
134
28
26
3534 36
3
33.4
10
12
9744 6774
9434
93
74
70
49
50
11834 11934
36
36
53% 5434
3034 31
107 107
110 11434
26
2834
2834 3031
19
18
1063% 1073.4
4
4
334% 335
49
39
2634
26
9834 983-4
25
25
4931
49
80
80
2831 283.4
110 110
5534
53
1153-4116
65
62
5234
52
9934 100
27
26
99
99
393-4 42
2034 2131
93
97
49
49
3034
30
393%
36
1931 21
66
66
104 104
24
24
293% 31
734
734
158 165
112 113
4334 433.
2434
24
2234 2234
347 350
1023-6103
2734 2736
9934 100
100 100
65
64
4834
48
10134 103
9834 100
9936 10034
6
6
50
48
10534 105A
116 116
1,4W Wt4
.ww.m.w
a
mw
w
mm
0...1m0mmto0m
.mcomww...4wm.M C00. .mW0..-40M=.
1-4mwmm. 0. WW000mcwm 0M00m..m.com.mow
,
M0000NM000w..CMw00m.w0000000=,100.0Nm0-40.0.0W0w,D000.4o,lwmmo.mo.o0.ococo.ww0oc.mm0.00
Friday
Sales
Last Week's Rang
, /or
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Stocks-
[VOL. 128.
FINANCIAL CHRONICLE
2784
Range Since Jan. 1.
Low.
18
3234
81
20
3731
90
63-4
193%
1634
47
10
75
230
120
20
144
20
3344
3
10
963.4
93
70
4834
11844
3544
5334
3034
107
88
26
2834
18
104
4
327
2
636
20
9834
25
4834
80
24
110
50
11436
62
52
9931
25
9834
3634
15
90
46
28
33
1631
66
104
24
29
7
150
11134
42
2234
20
279
10234
26
99
100
58
48
10034
8531
9934
534
48
102
116
Feb
Apr
Mar
Mar
Mar
Mar
Mar
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Apr
Apr
Mar
Jan
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Jan
Apr
Feb
Apr
Feb
Apr
Apr
Apr
Feb
Apr
Mar
Jan
Jan
Apr
Mar
Jan
Apr
Jan
Mar
Jan
Jan
Apr
Apr
Apr
Mar
Apr
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Apr
Apr
Mar
Apr
Apr
Jan
Apr
Feb
Jan
Jan
Jan
Feb
Apr
Apr
Apr
Feb
Apr
Apr
Jan
Apr
Feb
Apr
Jan
Apr
-See page 2756.
Cleveland Stock Exchange.
-See page 2757.
Pittsburgh Stock Exchange.
High.
20
Feb
Apr
34
96
Jan
34
Jan
66
Apr
11834 Apr
27
Apr
64
Apr
18
Jan
4734 Jan
2734 Mar
75
Apr
35134 Mar
126
Jan
273% Jan
1% Apr
37
Jan
40
Jan
4
Apr
15
Apr
99
Jan
9834 Jan
Feb
77
5534 Jan
130
Jan
4434 Jan
63
Jan
3434 Feb
107
Apr
127
Feb
3134 Mar
4134 Jan
213.4 Jan
10734 Apr
5
Apr
360
Mar
48
Apr
2834 Apr
90
Feb
2
836 Feb
58
Feb
97
Jan
3634 Jan
120
Mar
60
Feb
116
Apr
70
Feb
6331 Jan
108
Feb
30
Jan
104
Mar
42
Jan
29
Feb
116
Jan
50
Mar
32
Jan
3931 Apr
Apr
22
71
Jan
10831 Jan
36
Jan
Apr
31
Mar
10
175
Jan
11434 Jan
44
Mar
30
Mar
2934 Mar
375
Feb
10434 Mar
2736 Apr
10334 Jan
10131 Feb
68
Mar
58 1Mar
115
Jan
100
Feb
102 [Mar
8
Jan
69
Jan
10734 Jan
11734 Apr
APRIL 27 1929.]
FLNANCIAL CHRONICLE
2785
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the
New York Curb Market for the
week beginning on Saturday last (April 20) and ending the present Friday (April 26). It
is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds,
in which any dealings
occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par. Price. Low. High. Shares.
Week Ended April 26.
Stocks-
Range Since Jan. 1.
Low.
High.
Indus. & Miscellaneous
Acetol Products corn A_ •
18
18
100 16
Apr 23
Jan
Acoustic Products oom_ __•
6
6
5
Feb 19
Jan
Aero Supply Mfg el A_._0 4034 4034 631 13.200
42
200 3834 Mar 50
Apr
Class B
* 4031 4035 42
400 38
Apr
Feb 50
Class B new
•
13% 14
500 13% Apr 1474 Apr
Aero Underwriters
* 3834 3834 40
1,000 3634 Apr 4834 Feb
Agfa Ansco Corp com
• 36% 32
900 32
Apr 4335 Jan
Ainsworth Mfg Co40 36%
4234
1,400 39
Apr 424 Apr
Ala Gt Southern ord_ _ _ _50
*
147 147
10 14434 Jan 151
Feb
Alexander Industries
•
1574 19
14,100 13
Mar 23
Mar
Alles & Fisher Inc corn • 1834
28
28
100 274 Mar 3674 Jan
Allied Motors Industries-- 45
2,000 3931 Apr 46
3974 46
Apr
Allied Pack corn
• 650. 60c. 75c. 5,500 600 Apr
2
Jan
Prior preferred
100
8
100
734 Jan
10
8
Feb
Senior preferred
100
1,300
144 Jan
134 2
234 Feb
Allied Products corn A
•
600 7074 Apr 7331 Apr
7074 734
Allison Drug Stores el A _•
4
400
4
4
Apr
731 Jan
Class B
•
234
234 234
800
234 Apr
54 Mar
Altura Portl Cement oom_• 50
48
51
3,800 46
Mar 5434 Feb
Aluminum Co common
• 205
18034 205
4.900 146
Jan 205
Apr
Preferred
100 10674 106 107
900 10334 Jan 107
Mar
Aluminum Ltd
• 119
119 119
100 10634 Apr 13434 Jan
Aluminum Goods Mfg
•
32
Mar 41
1,100 30
32
Feb
American Arch Co
100 44
3731 44
1.300 3735 Apr 474 Jan
American Bakeries Cl A__. 4754 4734 4731
100 4731 Apr 50
Jan
Amer Beverage Corp_
•
15
15
2,100 134 Jan 1534 Jan
Amer Brit & Cont Corp_ _•
17
1774
700 1634 Mar 2274 Feb
Am Brown Boverl Eleo Corp
Founders shares
• 1774 1774 1874 1,900
834 Jan 20
Apr
Amer Chain corn
•
23
23
100 1631 Mar 3434 Mar
Amer Colortype corn
• 41
41
41
100 87
Jan 494 Feb
Amer Corn Alcoholv t c 100 88
83
90
12,600 74
Mar 90
Feb
Amer Cyanamid com cl B 20 67
5374 5731 10,200 v50
Jan 80
Jan
Preferred
100
112 112
100 98
Jan 122
Mar
Amer Dept Stores Corp_ • 1774
1731 1835 3,300 1731 Apr 29
Mar
1st preferred
160
92
94
275 9034 Apr 114
Mar
Amer Laundry My corn* 89
87
89
200 77
Mar 954 Jan
Amer Meter
•
11434 114%
225 1144 Apr 0124
Jan
Am Pneumatic Serv com 25
4
4
4
274 Mar
100
4
Alm
Amer Rolling MIII nom _ _25
11074 11874 50,100 8834 Mar 11874 Apr
Am Solvents & Chem v t c• 29
29
3034
700 204 Jan 4074 Mar
Cony panic preferred-• 4734 4774 49%
600 4634 Jan 5634 Jan
Amer Stores corn
•
8174 8474
900 7734 Apr 97
Jan
Amer Stove Co
100
109 112
20 109
Apr 118
Jan
Amer Thread prof
b
3% 3%
374
300
3
Feb
834 Jan
Amsterdam Trading CoAmerican shares
32
32
200 30
Mar 33
Jan
Anchor Post Fence corn- -• 32
32
3274
200 2974 Mar 4334 Jan
Anglo-Chile Nitrate CorD-• 38
3774 3834 1,100 33
Jan 4531 Jan
Angus Co corn y t c
•
15
15
100 15
Apr 15
Apr
Preferred A
53
53
53
100 53
Apr 53
Apr
Ape° alossberg Co cl A...25
10
10
200
6
Feb
1274 Jan
A pponaug Co com
• 65
65
6531 1,100 65
Jan 654 Jan
Arcturus Radio Tube.....-• 5235 48
55
24,700 2234 Mar 55
Apr
Armstrong Cork cum
• 71
70
75
725 61
Jan 75
Apr
Associated Dye & Print• 21
21
22
800 19
Feb 2734 Feb
Associated ElectricalIndus dep rcts
124 1074 1374 145,600
934 Apr 10
Apr
Associated Laundries A_ •
10
10%
300 10
Mar
1434 Feb
Associated Rayon
• 20
20
21% 1,200 20
Apr 3534 Jan
6% preferred coin_loo
69% 70% 10.300 6934 Apr 874 Jan
Atlantic Coast Fisheries_ •
v70
v70
200 v70
Ap
904 Feb
Atlantic Fruit & Sugar---•
900. 76c
95c 13,900 760 Ap
2
Jan
Atlas Plywood
•
55
55%
200 53
Feb 8074 Jan
Atlas Portland Cement ' 51% 51
1
5235
900 49
Ap
54% Jan
Auburn Automobile oom_• 175
175 179
1,100 1304 Ja 192
Feb
Automatic Regis Mach- •
11
12
1,000
8
la
1534 Jan
Cony prior partio
• 22% 22
2331 3,100 1974 Mar 2934 Jan
Aviation Coro of the Amer• 66
6131 70
9,700 8231 Jan 89% Mar
New. when issued
• 1834
1834 2031 42,000 174 Ap
2234 Mar
Aviation Credit.Corp __ • 20
19
204 1.900 18
AD
2334 Feb
Axton-Flaher Tob con) Al))
3434 3434
200 32
Apr 4334 Feb
Babcock & Wilcox Co_100
11714 11934
125 117% Apr 137
Jan
Bahia Corp
_ _ •
974 Mar 22% Jan
1034 1134 1,100
Balaban &, Katz comytc.25
comnion_7031 704
200 7031 Apr 88% Jan
Bauman(Ludwig)& Co
Common
•
30
30
200 30
Apr 30
Apr
Cony 7% lot prof _ _ _100 97
97
97
210 92% Feb 99
Apr
Bean (John) /Mfg corn
•
13
53
100 49
Apr 55
Apr
Bellanca Aircraft v t o.- •
1734 1714
700 15
Jan 2374 Jan
Bendix Corp coin
5 137
135 14331 5,100 100
Mar 146
Apr
Benson & Iledges com_
•
10
10
200 10
Apr 174 Jan
Blauner's common
•
5531 56
300 61
Jan 6034 Feb
Blaw-Knox Co
• 40
40
40
100 40
Feb 4534 Feb
Bliss(E W) Co common_• 4531 4235 47
4,300 89
Apr 584 Jan
Blumenthal(8)& Co corn •
9134 9736 2,600 80
Feb 9731 Apr
Blyn Shoes Inc com
10
2
2
200
2
Apr3
Jan
Liohaek (H C) Co coin_ • 6434 6434 65
400 6434 Ap
77
Jan
Borden Co. corn
25
93% 99
13,90
884 Mar 100
Feb
Botany Cons Mills com _ -•
3
3
3
300
235 Feb
4
Jan
Bridgeport Machine com..•
334
334
334
400
1% Jan
434 Apr
Briggs & Stratton Corp_• 35
34% 36% 11,600 3431 Ma
38
Mar
Bright Star Mee cl A_
•
20
20
100 19
Ap
24
Mar
Class 13
• 1574
1334 1574 23,700 1134 AP
15% Apr
Brill Corp class A
•
26
2631
300 26
AD
2631 Apr
Mfg coin
Brillo
• 20
20
2034
400 1931 Ap
2774 Mar
Class A
2534 2534 2514
100 254 Ap
2831 Mar
Bristol-Myers Co 00113.--• 954 9334 9934 3.500 894 Ap
10934 Feb
Brit Amer Tob ord bear_£1
3134 3174
900 2954 Apr 3214 Feb
British CelaneseAmer &point receipts-734
7
7% 4,800
4% Jan
8% Jan
Budd(E 0) Mfg com-50
5434 4,100 8434 Jan 67
-- • 50
Max
•
48
Bullard Co (new on)
50% 2,500 44
Feb 634 Mar
•
Bulova Watch coin
29
29
200 29
Mar 31
Mar
49
49
• 49
$3.50 cony prof
300 49
Mar 60
Mar
4
Burma Corp Amer dep rots
4
434 15,400
3% Feb
534 Jan
Butler Bros
29
3034 1,300 25% Mar 4434 Jan
20 30
8
Buss& Clark & Inc oom_ •
100
8
6)4 Fen 174 Jan
Capital Adminbitr allot eV 72
7135 73
700 7131 Apr 78
Mar
Carman & Co cl A
3034 3131
•
500 3031 Apr 3131 Feb
Class B
32
• 31
29
1,800 2334 Apr 32
Apr
Carnation Mil Prod oom 25 38
38
3934
700 37
Apr 48
Feb
Casein Cool America_ _100 200
200 200
10 180
Jan 267
Jan
Caterpillar Tractor
78
75
700 69
• 76
Mar
Jan
Celanese Corp of Am oom • 4234 42% 46% 2,000 41% Mar 82
5734 Feb
First preferred
110 117
2,300 10434 Mar 122
100 110
Apr
Celluloid Co corn
40
40
900 40
• 40
Feb 60
Jan
Centrifugal Pipe Corp_ _ _•
834 931 3,100
8%
834 Apr 13
Jan
Chain Store Stooks Ina_ _• 35
3374 3534 5,700 304 Apr 4014 Jan
Chic Nipple Mfg class A__
100
2 ,Mar
34
3
% 334
4% Mar
Checker Cab Mfg nom_.' 72
71% 76% 13,100 4534 Jan 94
Mar
Chic Jefferaon Fuse & El.•
5334 5314
100 48
Mar 594 Mar
Childs Co pint
1064 107
100 9734 Mar 109
100
Jan
Cities Service common-20 11214 81104 11431 110,300 884 Jan
12114 Mar
New common
28% 284 294 28,100 2834 Apr aim Mar
Preferred
100 9754 9674 9734 1.800 9634 Feb 9834 Jan
Preferred B
10
9
93$
300
8% Jan
934 Jan
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Contintsed)-Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
City Machine & Tool corn
• 2831 2534 2874
800 2434 Apr 3431 Jan
City Say Bk (Budapest)
49
51
300 49
Apr 564 Feb
Clark (D L) Co
•
17
173(
300 17
Apr 1831 Apr
Clark Lighter corn A.
•
2931 3234 2,000
7
Mar 3234 Apr
Cohn-Hall-Marx Co
41% 4474
•
600 364 Feb 4634 Apr
Colgate Palmolive Peet_ •
70
72
200 6631 Apr 804 Jan
Colombian Syndicate
131
131
1116 Jan
2
134 4,200
Jan
Columbia Pict corn w I__ •
29
100 29
29
Apr 3134 Mar
Columbus Auto Parts Pf-*
30
30
300 30
Mar 35
Mar
Consolidated Aircraft ____• 37
30
3874 27,000 254 Mar 43
Mar
Consol AutomaticMerchandising y t 0--•
731
7
874 32,300
534 Apr 17% Jan
• 31
$3.50 preferred
3074 3474 4,500 25
Apr 45
Jan
Consol Cigar warrants_ -__ ----574 Apr 134 Feb
6
834 1,100
coned' Dairy Products-• 4034 3934 4174 2,500
3774 Mar 5074 Fee
Consol Film Indus com • 26
234 2734 53,500 18
Jan 26
Mar
Consol Instrument corn • 28
2735 334 8.200 23
Feb 35
Mat
Comm!Laundries
• 18
18
1834 6.000 17
Feb21
Mai
Corui Ret Stores Inc com_• 3334 3334 3334
700 32
Apr 39% Feb
Consoi Theatres Ltd v t c _• 2134 2034 2135 2,200 1/34 Mar
2134 API
ContInentalDlamondFibre
• 3435 29
3534 25,000 2574 Apr
3534 API
Coon(W B) Co Com. •
2974 30
300 2831 Apr 4334 Jar
Cooper-Bessem'rCorpcom• 4074 40
4074
300 39
Apr 42
Api
$3 cum pref with warm .• 50
4934 5031
1,200 484 Apr 5234 API
Copeland Products Ins
Class A with warm
17
17
•
100 1534 Apr 2134 rat
Corroon & Reynolds 3 rd-* 100
100 102
6.600 100
Apr 102
Api
Courtaulds Ltd Amer dep
recta for ord stk reg- -£1 1974
1974 n21
1.400 1874 Mar 2334 Jan
Crock Wheel El M fg com 100
279% 284%
75 1274 Jan 293% Mai
Crowley Milner & Co corn •
5334 5531 1,300 47
Mar 6274 Jai
Cuneo Press corn
45
10
45
100 40
Mar 4731 Jan
6% pret with warr_ _100
9434 9434
100 8934 Mar 9431 Ay]
Curtbis Aeropl Rep Corp.
• 4335 42
4434 1,200 264 Jan 5274 Eel
Curtiss Flying Semi Ino • 2734 2374 2974 134.100 1974 Mar 2974 Ap
Curtiss-Reid Aircraft
pfd with stk purch war 30 274 2714 28
400 274 Apr 35
Mal
Davega Inc
• 2974 2974 3074
400 284 Apr 364 Jai
•
Davenport Hosiery
2834 29
200 1874 Jan 3431 Fel
Davis Drug Stores allot ate
37
200 35
38
Apr 5734 Ma
Decca Record Ltd
Amer shs for ord sh_ _El
331 334 1,300
331 Mar
434 Fe)
Deere & Co common___100 576
576 595
1,700 546
Apr 642
Eel
De Forest Radio•t c
• 1574
1534 1734 17,100 1474 Apr 2634 Jai
Detroit Steel Products _ .
__- - 4534 4634
200 45% Apr 4631 Ap
Dixon (Jos) Crucible_100 168% 167 16831
4 16034 Jan 173
Ma
Doehler Die-Casting
1.600 27
• 34% 3334 35
Mar 42
Jan
Dominion Stores Ltd new w1
1,700 434 Apr 5634 Ma
4874 5031
8% prior preferred_ _100
103 103
50 9834 Jan 103% Jai
Douglas Aircraft Inc
• 3474 3031 36% 46,900 2474 Mar 3674 Ap
Dow Chemical Co com_ •
270 270
10 220
Jan 270
Dui:oilier Condenser Corp..•
74
7
Er 2,200 631 Mar 114 AP
Ja
Dunlop Rubber Co Ltd
American dep receipts _ _ _ -- _
431 431
300
434 Apr
6
Ja
Durant Motors Inc
• 1334
1234 14
9.300 124 Mar 1974 Ja
Durham Duplex Razor
Prior pref with warr.. *
45
100 40
45
Feb 53% Ms
Eastern SS Lines corn_ _--5 10334 103% 10331
300 88
Mar 103% At
Edison Bros Stores com__• 20% 2031 21
600 2014 Apr 21
At
Educational Pictures
8% cum pref with war100
83% 1333i
25 75
Jan p9734 Ja
Elec Shovel Coal pref__ * 4831 484 4834
100 47
Apr 61
Ja
Fabrics Finishing cum_ • 2034 19
2034 1,000 19
Apr 5534 Ja
Fageol Motors corn
10
434 5
400
434 Mar
634 Ja
Fairchild Aviation class A • 23
2234 2434 4,900 21% Apr345-4 Fe
Fajardo Sugar
100 8835 8374 8834
70 79
Ap 12414 eh
Fandango Corp corn
•
5
5
5% 5,300
434 Fen,LO
Mi
Fansteel Products Inc....* 13
13
200 1044 Mar 2134 Ja
13
Federal Mogul Corp
•
34
100 27% Jan 34
34
Al
Federal Screw Works_ _• 74
7134 75
2,000 6434 Ap
75
Al
V ederated Metals tr
•
33
400
34
1234 Mar 39
Me
Ferri Enameling Co ctf_,
el A•
6174 6174
500 60
Ap
7331 Ai
Fire Assoc of Phila
10
49
5034
1,100 4654 Ap
63
Mi
Fireman's Fund Ins_,100
200 101
10874 111
Mar 155
Fe
Firestone Tire & R com_10 276
257 283
2,271 2204 Feb285
Mi
7% preferred
100 109
1084 110
500 107% AD 11014 Jr
Fokker Air Corp of Amer.• 3934 34% 4374 40,500 18%
Jan 44% MI
Ford Motor Co Ltd
Amer deo rots ord reg.£1
1831
1831 n1934 24,045 154 Jan
2014 Ji
Ford Motor Co of Can B 92
8934 105
4,350 5631 Apr 172
Alyr
Foremost Dairy Prod corn• 1434
14
1531 2,900 14
Apr 1531 Alyr
Convertible preferences 2231 22
2234 8,800 22
Apr 23
Alyr
Forhan Co class A
•
254 26
200 2434 Apr 33% F1ib
Foundation CoForeign shares class A...• 1631 1534 1934
5 500
IT
.
Fox Theatres class A oom_• 2935 28% 3031 52,000 1334 Feb 19% MI
2731 Apr 3674 Jiin
Franklin (H H) Mfg corn • 37
37
100 3074 Mar 4231 MI
37
IT
Preferred
100 8934 87
8934
75 854 Feb 9131 Eneb
Freed -Eiseman Radio•
4
300
4
134 Feb
434 JiIa
French Line Am sins for
corn 13 stock_600 francs
50
50
100 4234 Jail 59
jl10
Freshman (Chas) Co
• 1174
85,200
10% 12
631 Mar
1231 Jiin
Gemeneu co coin
• 78
7431 78
2,800 6854 Mar 78
A pr
Garlock Packingcorn_
•
23
Apr 2331 A pr
2354 1,600 23
General Alloys Co
•
16
100 1334 Apr 21% Jiin
16
General Amer Investors-. 76
66
77% 9,500 66
Apr 934 Jiin
General Baking corn
•
831
831 931 19,900
7
Mar 104 J.
in
Preferred
• 72
69% 72
4,600 6774 Apr 7934 J1in
General Bronze Corp oom • 46
46
4734 2,500 43
Jan 59% ysb
General Cable warrants.... 33
32
600 17% Jan 47
35
Mar
Gen Elea Co of Gt Britain
American deposit rots__
15
14% 1534 33,300 II% Jan
2054 Feb
General Fireproofing corn _•
344 354
500 3054 Jan 3834 M ar
Gen I Laundry Mach corn • 26% 25
2731 9 000 25
.
Jan 2
734 Jan
Gen Printing Ink corn_ _ _-• 46% 46
1.800 46
47
Ap
47
A Dr
Gaul Realty & URI com.• 18
174 18
4,100 1735 AP
25
Pf with corn purch war 100 914 9034 9134
3.000 89 AD 10034 Feb
F
Gilbert(A C)Comm
•
21
300 18
21
Jan '2574Jan
Gleaner Combine Hart •
98
in yj
,
300 95
Feb 12434 Jan
Weil Alden Coal
• 12731 127% 130
800 11954 Jan 119
j
Goldman-BacbsTrading • 1074 10731 112
as
43,700 93
Feb121% hiEar
Gold Seal Electrical Co • 73
7231 75
6,500 23
Jan 79
New
hr
• 19
1831 19% 12,800 1874 Ap
1934 A Pr
Gorham Mfg common.._.' 8134 7431 81%
6,700 71
Jan 8134 A
Gotham Knitbao Maoh._• 1334
1334 14
10,900 12% Apr 1944 3 pr
Gramophone Co Ltd
eb
Amer dep rots ord £1 8434
7954 8534 7,800 624 Jan
Granite City Steel com
8934 DAfar
• 4034 4034 41% 5,700
35
Mar 4434 N
Gt Atl & Pee Tea lot pf 100 115% 1154
117%
40 115
Jan 117% I eb
Greenfield Tap & Die oom • 16
16
1631
500 12
Jan
Greif(L)& Bros pret X 100
1934 II eb
96
96
50 95
Feb 97
Griffith (D W)class A...*
J an
234
24 3
700
134 Jan
Grigeby-Grunow Co new... 1224 12034 134
44 I
2.200 1204 Apr 183
Ground Gritmer Shoe com•
21Ear
3534 36%
50
0 n
$3 preferred
Jan 4374 AlEar
•
38% 37%
500 32
Jan 4236 $
Guardian Fire Assurance 10 60
far
59
60
800 57
Hall(C M)Lamp Co._'
Ap
6914 3Fan
22
22
2
00 X% Mar 26% 1Fan
Hall(W F) Printing
.10 2634 26% 2774
2.800 26
Ap
Happiness Candy Eit-.
85
3
olA.•
Ian
3
%
3
% 3%
800
ate mar
Au _Ian
hales
Friday
Last Week's Range for
Week.
ofPrices
Sale
Stocks (Conttnued) Par. Pries. Low. High. Shares.
Hartman Tobacco com__10
• 984
-Parr Co corn
Hart
• 70%
Haygart Corp
25
Hazel-Atlas Glass
•
Elaseitine Corp
Helena Rull'Atern Inc nom • 20
Hellman (Richard) warr- -----Hercules Powder corn. •
100
Preferred
•
Hayden Chemical
Hires (Chas E) Co corn A'
Hormel(Geo A)& Co corn• 49%
•
Horn(A C) Co corn
50
7% 1st preferred
•
Horn & Hardart coin_
100
Preferred
Housh'd Finance pert Di 60
•
Huyler's of Del aom
100 91%
7% preferred
• 38
Hygrade Food Prod coinImperial Chem Industries
Am deplete ord shs reg El
Imp Tob & B & Ire„.£1
Indus Finance corn v t 0-10
100
7% corn ref
Maur Co of North Amer_10
Insurance Securities.. _10
Internat Perfume corn ......•
Internal Products corn...'
•
Internat Projector
New when issued
•
Internat Safety Rasor BInternational Shoe corn •
Internat Text Book_ _100
Interstate Hosiery Mills- •
Irving Air Chute coin --•
Issotta Frasch int
27
78
80%
2855
1714
104
97%
20%
38%
29%
11
20
92%
6835
100
44%
19
20
119
119
28
24%
48
31
46
55
102
474
26%
9055
37
Range Sines Jan. 1.
100 20
20
800 63%
984
75% 22,000 46
100
100 100
49
1,200 41
21
3,000 19
500 20
21
119
10 9641
1194
80 115
100 1944
28
100 23%
24%
200 334
49%
100 30%
31
100 4341
46
100 55
55
25 100
102
1,600 45
49
500 23%
2654
200 90%
91%
2,100 34%
40
100
831
200
27
27
500
38
32
75
7915
78
7935 80% 2,900
2,800
284 28%
174 19% 1,100
600
10%
10
18,400
67 100
194 2014 7,700
36% 3,500
27
200
64% 65
25
22
22
400
30
30%
234 30% 27,300
300
10% 11
3515
354 35%
36
36
1,000
100
35
36
700
84
1,500 3331
200 102
200 1731
100 12
100 38
600 23%
8,600
741
300 22
1,000 44
600 56)4
2,000 24%
100 95
800
194
5 150
5.30
70
10
25
20
1+64(
200 4444
200 15
4,70
39
664 7015
3534 4135
130 130
5,000 5544
4,200 28
100 125%
355
494
34
Nachmann-Spr.ngfleld. •
• 7055
Nat Aviation Corp
•
National Baking corn_
100 65
Preferred
Nat Bancserv ice Corp_ - _ -•
• 6555
Nat Dairy Prod corn
100
Preferred A
Nat Family Stores corn-• 3755
Preferred with warr 26
Nat Food ProductsClaes A with warr
•
•
Class B
Nat Investors Corp allot ctf
Nat Leather stamped_ __10
• 28
Nat Mfrs & Storm
Nat Rubber Machinery- •
• 3131
Nat Screen Service
•
Nat Shirt Shops Ina
• 40
Nat Sugar Refg
Nat Theatre Supply corn.' 14
•
Nat Toll Bridge corn A
Cum cony preferred__ •
Nebel(Oscar) Co Inc com • 2051
•
Nehi Corp common
•
First preferred
•
Nehiner Bros common
100
Preferred
Nelson (Berman)Cory -6
Neptune Meter class A._ •
Nestle Le Mur Co el A__ •
•
Neve Drug Stores corn
•
Convertible A
• 120
Newberry (J J) corn
22
984
142)4
105
64
2841
21%
130
121%
30
254(
57
47
46%
61%
105
5034
32
10044
49%
Jan
Apr
Mar
Jan
Apr
Jan
Jan
Feb
Jan
Apr
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Apr 114
Apr 33%
Apr 684
Apr 91
Feb 90)4
Mar 334
Mar 24%
1444
Mar
Jan 100
Apr 204
Feb 46
Feb 7434
Jan 22
mar 324
Apr 30%
Apr 1444
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Mar
Apr
Mar
Apr
Jan
60
20
59
2444
17
304
60
53%
2846
2441
Mar
Mix
Mar
Mar
Feb
Mar
Jan
Feb
Jan
Feb
1234
Apr
Apr 45%
41%
Jan
Mar 354
Apr 13
Feb 49
Apr 184
Mar 39
Apr 172
Mar
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Apr
Jan
Feb
Feb
Jan
Jan
Apr
Mar
Apr
Apr
Mar
Apr
Apr
Jan
8%
23%
32
78
7744
284
1631
944
124
19%
25
60
20
30
23
10%
855 951
3354 3354 34
10215 102 10255
19
-19
19
12
12
12
39% 39%
28% 29%
29
7% 855
831
22
22
49
48
47
5555 5955
57
254
2551 25
95
95
155 2
166 167
76% 84
110
25
25
1004 1024
59
58
58
15
1515
15
5251
47
49
68
3915
High.
Low.
1,200 3344
51% 5255
•
Johnson Motor
14
14% 2,900 14
Jonas & Naumburg corn..' 14%
900 47
47
47
• 47
pref
$3 cum cony
900 so%
Karstadt(Rudolph) Am she 2054 20% 20%
100 12
16% 16%
Kellogg Switchb & Sup- 10
26% 2,800 22%
Ken End Tube & L A_ _a 25% 25
384 41% 5,400 31%
Keystone Aircraft Corp.' 39
200 45%
49
49%
Kimberly-Clark Corp corn'
100 234
2454 2454
Klein (D Emil) Co corn_ *
700 19
1954 20
Klein (H)& Co partic pi 20 20
KoLster-Brandee. Ltd.
5%
555 6% 21,900
634
Amer shares
• 3915 3831 3955 5,000 38%
Lackawanna Securities...
Lake Superior Corp. -100 22% 194 3055 9,800 1046
Lakey Foundry & Mach._• 304 30% 31% 2,300 30%
511
200
7
•
531
Land Coot Fla
1,100 3344
Lazarus(F & 10 & co nom* 414 404 43
100 184
184 18%
& Co corn
Leath
400 384
• 37% 37
3755
Preferred
152 1614 4,200 149
60 160
Lehigh Coal & Na,
Leonard Fitzpatrick &
500 23
25
Mueller Stores corn_ - _.• 2335 23
600 44
45% 4655
I.erner stores uorp co,u •
100 67
•
57% 5755
Ley (Fred T)& Co Inc
1,100 11%
114 12%
_10 1155
Libby. McNeil de Libby.
600 179
184, 19014
Owens Sheet Glass 25 184
Libby
1815 19% 4,800 184
• 194
Lily-Tulip Cup Corp
200 19
20% 21
10
Lit Brothers Corp
London Tin Syndicate
200 15%
15% 154
Am dep rcts ord mg--El 1555
945
94 13% 18,900
Louisiana Land & Expior _• 1231
MacMarr Stores corn....'
Niagnin (L) & Co corn_ •
Malacca Rub Plantation
Am dep recta ord sh reg£1
•
Mangel Storm corn
64% pi with corn pur w•
Manning Bowm & Co A.
•
Class B
•
Mapes Consol Mfg
Marlon Steam Shov corn.'
Mavis Bottling Coot Am.'
McCord Rad & Mfg cl IL*
McLellan Stores class A._•
Mead Johnson & Co com •
Merritt Chapman It Scott•
631% pfd A with warr100
•
Mesabi Iron
Metal & Therm1t corn_.
Metropol Chain Storm.._•
Mid-Continent Laund A.'
Midland steel Products_
•
Midvale Co
Milgrim (II) & Pro corn_ _•
Miller(I) & Sons coin....'
-Honeywell
Minneapolis
Regulator common _ _ _•
Mock. Judson Voehringer •
Monsanto Chem Works_'
Montecatlni M & AgrAmer dep rcts bearer abs
Warrants
Moody's Inv part pref..'
Moore Drop Forg class A _•
•
Merrell (2) & Co. Inc_
Mtge Bank & Colombia
American shares
Moto Meter Gauge & EQ
[VOL. 128.
FINANCIAL CHRONICLE
2786
Jan
Apr
Apr
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Jan
Apr 37
Feb 48)4 Mar
Apr 6434 Mar
Jan
Mar 15
Jan 220% Feb
Apr 2344 Mar
Apr 26% Jan
Apr
Apr
2235 Mar
1434 Feu
Apr
Apr
3614 Ayr
38% Jan
Apr
Apr
Apr
Jan
Apr
Mar
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Jan
Mar
Apr
Apr
Apr
Apr
Jan
94
3541
103
20%
13%
42
65%
11
3134
59
59%
284
100%
3
1754
an
344
101.14
66
204
52%
Apr
Mar
Mar
Jan
Jan
Jan
1:+1,
Mar
Jan
hi,'
Apr
Jan
Feb
Jan
Feb
Fri,
Jan
Jan
Mar
Feb
Apr
Jan 72% Mar
Jan 4144 Apr
Apr 130
Mar
12%
34
4754
6055
60
1251
355
49%
644
60
1,100
2,300
900
900
100
124
I
474
59
58%
Apr
Mar
Feb
Mar
Apr
15% Mar
64 Feu
52% Jan
Jan
75
6544 Feb
44
34
44
3531
100
2,800
43
34
Apr
Apr
4855 Mar
354 Apr
300 68
5815 5834
704 73% 5,100 634(
5
300
5
5
25 65
65
65
200 67
67
67
654 6951 21,300 6034
200 102
102 103
3834 6,800 3034
37
600 324
39% 404
324 32%
1056
10
110 110
34
3
28
23
304 30%
3255
25
15
15
4134
40
11% 14
184 19
204 204
194 20%
2455
24
7251
72
15431 154%
200 205
234 24
20
20
28%
28
531
5
20
20
119% 122%
300
1,300
100
400
1,900
1,300
33,100
100
2,100
16,400
200
100
1,800
800
300
100
75
800
100
200
500
100
1.400
32
10
110
3
23
30
25
15
40
7
17
20%
19
204
70
142
187
23
194
24
431
19%
1114
Apr 7631 Feb
Jan 74% Mar
Jan
6
Mar
Apr 70
Jan
Apr 75% Jan
Mar 694 Apr
Apr 106% Jan
48)4 Feb
Jan
Jan 49% Mar
Apr 37
12
Apr
Apr 110
5
Apr
Apr 40%
Apr 414
Mar 344
Apr 20
Apr 654(
mar 1334
Apr 20
Feb 32%
Apr 265*
Mar 294
Jan 76
Jan 164
Jan 210
Apr 28
21
Jan
Apr 2844
Mar 13
Jan 25
Mar 126
Jan
Jan
Apr
Jan
Jan
Jar,
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Jan
Feb
Fen
Feb
Feb
Feb
Apr
Jan
Mar
Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
1
731
New Max & Arts Land
731 7% 2,200
100
24
24
New On Gt Nor RR .100
10151 11455 12,000
•
Newton Steel new
• 19
300
19 , 1951
NY Auction corn A
3,000
46
4331 43
N Y Investors
4055 4151 3,500
• 41
Niagara Share Corn
125% 123 12635 1,300
Nichols& Shepard Co '
300
103 106
Stock purchase warrants
54% 5255 5735 11,400
Ntles-Beml-Pond corn._ _
Nineteen Hundred Washer
300
29
29
•
Class A
2155 24% 6,200
Noma Electric Corp corn... 23
16% 30,000
18
North American Aviation.' 1615
1,400
955 10
•
North Amer Cement
600
39%
Northam Warren Corp Pli-• 3955 39
700
374 384
Northwest Engineering. •
200
Novadel-Agne common...* 24% 24% 24%
8031 82%
•
Ohio Brass clam B
Oil Stocks Ltd
144 1514
Class A without warr • 15
1155 584
Oliver Farm Equip corn_ •
6635 69%
•
Cony partie. stk.
97% 10055
Prior pref A with warr •
Outbd Motors Corp coin B• 134 1244 1444
1931 2134
• 21
Cony prof cl A
46%
Pacific Coast Biscuit pref_• 46% 44
Paramount Gab Mfg corn.' 28% 284 29
4935 50
Parke Davis & Co
•
Parmelee Transport corn.. 244 244 254
62% 65
Pander(D) Groc el A....' 65
345 351
• 345
Penney (J C) Co com
A preferred._„MO 99% 97% 9935
Class
25
Pennroad Corp corn v t c..• 21% 21
81
80
Peopled Drug Stores Inc. •
10034 1004
100
Pepperell Mfg
50
50
Perfect Circle Co com_ •
204 204 2434
Perryman Elec
298 302
Phelps Dodge Corp_ _100
25 75% 714 77
New
2855 28
Philippe(Louls)Ine A oom • 27
2634
• 254 25
Common class B
2% 255
251
Phil Morris Con Inc corn _•
9
9
25
Class A
Pick (Albert). Barth & Co
15
15
class A (partie pf).• 15
Pref
81
77
_
Piedmont & Nor Ry._ _100 80
5
3
Pierce Buti & Pierce Mfg 25
• 3034
Pierce Governor Co
' 49
Piggly-WIggly Corp corn
Pitney Bowee Postage
• 2731
Meter Co
Pitts & L Erie RR corn_ _50
Pittab Plate Glass com.....25
2734
Pitts Screw & Bolt
•
Potrero Sugar corn
• 71%
Pratt & Lambert Co
Procter & Gamble corn..10 347
Propper Silk Hosiery Inc.' 3431
894
Pyrene Manufacturing..1lI
Rainbow LuminousProd A• 35
Raybeetos Co common...25
Reeves (Daniel) common • 41
&
Reliance Bronz. St'l corn. 224
4
5
Reoettl Inc
Republic Motor Tr v a. •
Reynolds Metals common • 42
• 73
Preferred
•
Richman Bros Co
' 1315
Richmond Radiator corn
•
7% rum cony pref
Riverside Fora & Mach_ _
Rolls Royce Ltd
1034
Amer dep receipts reg stk
• 1531
Roosevelt Field Inc
2
56
Ross Gear & Tool corn...' 4n
•
Rom Storm Inc
Royal Typewriter corn _ .._• 10245
Rubber Planta Invest TrAin
14pad el;rcts ord sh reg
p epi
Russeks Fifth Ave Inc...*
35
304 3145
49
49
375
Range Saw Jas. 1.
Huh.
Low.
74
24
684(
184
36%
25
76
55
86)4
9% Mar
Apr
Feb
Apr 32
Jan 1054 Mar
Apr 2441 Feb
Apr 48% Feb
Jan
Feb
47
17% A pr
Jan 106
Jan
Mar 589.4 Mar
25
17
14
844
39
37
2234
Mar
Mar
mar
Apr
Mar
Apr
Feb
2955
2514
24
13
46%
484
31%
92
80% Apr
1,800 144
38,300 374
31,600 61
8,200 974
2,000 11
3,000 18%
300 42
3,700 23
400 48%
7,100 244
500 58%
9,990 330
460 97%
20,100 21
600 7434
200 98
100 45
13,000 2014
250 19944
42,400 7041
1,100 244
1,300 234
1,400
231
834
100
Apr
Mar
Mar
Apr
Apr
Apr
Jan
Mar
Apr
Apr
Mar
Apr
AD
Apr
Feb
Ma
Apr
Apr
Jan
Apr
Apr
Apr
AD
Jan
Apr
Apr
Jan
Jan
Jan
Feb
Feb
Jan
Jan
8
5191 Apr
Apr
160207434
1454 Apr
21% Ms"
ap
;
46% Apr
43% Jan
2531 ireb
" A pr
yap
Apr
65
412
1023(
25
94
1134
8114
244
376
39
30
29%
444
94(
Feb
Apr
Jan
Feb
Jan
Apr
Felt
Mar
Jan
Jan
Jan
Apr
Jan
Apr
Apr
6,000
425
200
15
Mar
534 Jan
All
3
19
81
5
1,100
1,000
30
45
34 Jan
Jan
52
Ma
Fe
30%
2651 2934 32,100 134 Ma
200 13544 Ma 156%
14334 145
78%
Jan
100 64
6655 6634
Mar 3144
3154 8,200 23
27
400
54 Jan
7
515 641
400 6345 Jan 86
7151 73
200 281
Jan 370
347 349
600 33% Apr 43
3334 344
7
700
93(
Apr
74 855
3334 3536 6,400 32)4 Apr 65
1,300 694 Jan 85
76
7831
45%
3641 41% 3,000 364 AD
2231 23% 9,000 224 Apr 2354
Jar,
5
34 441 14,900 65e
200
6)4
231
14 Jan
241
1,700 314 Jan 6234
42
4334
79
Jan
1,400 63
7134 73
Ma 394
00 330
360 38644
194
800 10% Jan
1344 14%
1,200 29
Jan 3814
32%
32
Apr 20
200 20
20
20
Apr
Feb
Jan
Apr
Feb
Feb
Mar
Jae
Jan
Jan
Mar
Jan
Apr
Apr
Feb
Feb
Mar
Jan
Feb
Mar
Apr
114
16%
56
834
10244
1,600
7,100
1,000
200
175
9% Mar 1534 Feb
Mar
15% Apr 18
Jan
45
Apr 56
Apr 2914 Jan
8
Feb
Jan 108
81
1034 1045
41% 42%
35
35
600
1,00
1,500
941 Apr
40% Apr
Apr
35
1031
15%
5034
8
101
Safe-T-Stat Co common..' 3231 31% 34%
Safety Car Mg & Ltg._100 20814 20735 20834
129 135
• 129
St Regis Paper Co
102% 102%
100
iff cu com
% Corn pref
s6% 57
Sch7
•
2331
23
Schletter & Zand corn vtc_• 23
44
44
Cum cony pref
•
6014 6031
Scovill Mfg
253-4
Schulte Real Estate Co.- -• 25% 25
13
1844
Schulte-United Sc to Si St• 154
70%
7% Prof part pd rcts.100 7055 70
Second Goal Amer Inv Co_
27% 31%
• 31
Common
107% 112
6% pref with warrants.. 112
• 71% 67
7131
seernan Bros common_
10%
10
Segal Lock & Hardw corn.' 10
49
47
Seiberling Rubber corn • 49
Selected Industries corn..' 2045 2044 23
934 9434
Allot ctfs let paid
Selfridge Provincial Stores
3% 3%
Ltd ordlnarY
El
33-1
17
20
Sentry Safety Control---• 1935
18
21
• 19%
Servel Inc(new co) v t a...
7534 82
100
Pref v t c
25
24
Beton Leather corn
• 25
35% 4044
60 36
Sharon Steel Hoop
• 5655 514 56%
Sheaffer(W A) Pen
Sherwin-Wms Co com_21 8554 824 8534
49
5554
Sikorsky Aviation corn...' 49
3634 42
Silica Gel Corp corn v t e-• 40
70
Silver (Isaac) & Bro
7734
• 77
11031 1154
100
Preferred
575 600
Singer Manufacturing 100
El
Singer Mfg Ltd
634 636
Skinner Organ corn
• 4531 4534 45%
1903110931
Smith (A 0) Corp coin..' 193
434
445
Sala Viscose
200 Ilm
3
35%
Sonatron Tube common_ •
30% 3446
• 32
Southern Asbestos
23
23
•
South Coast Co corn
24%
24
Sou Grocery Stores corn.... 24
3435
34
Cony class A
1044 10%
South Ice & Util cornet B_•
8
5
southern Stores class A_ •
16%
18
Southwest Dairy Prod..... 1634
100 9954 99% 9944
1834
18
Southwestern Storm corn • 18%
rreeretefernfil
445
4
Span &(ten Corti Ltd___£1
49.4
SPlegelMay Stern Co884 90
100 90
Investing
4taanHda%rdpIrenvfeesnetind corn _
3655 3644 38
434
331
3%
ritan4ar.l Motor Constr.100
2644 2734
Stand Steel Propeller corns 27
• 29
293-1
29
Starrett Corp corn
1444 144
•
Stein-Bloch corn
98
98
100 98
Preferred
2034
17
• 2014
Stein Cosmetics cam
12,100 17
75 157
4,300 119
50 100
200 5641
500 23
100 44
50 6044
700 23
7,100 13
500 70
Feb
Jan
Apr
Feb
Apr
Apr
Apr,
Apr,
Apr,
Apr,
Apr,
1034 Apr
42% Apr
3531 Apr
379.4
22944
15036
107
79
234
44
603-4
3934
26
89
Mar
Jan
Mar
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Jan
11.300 23% Apr 3541 Jan
Jan
2,100 1044 Apr 125
Jan
Apr 80
2,200 67
1344 Jan
934 Mar
700
Mar 659.4 Jan
300 47
25,200 18 44 Jan 3144 Feb
Jan
3,500 9344 Apr 106
2,700
3%
9
21,500
83,300 1444
900 61
200 22%
2,500 35%
6,100 48
81
7
2044
10,40
10,900 234
65%
1,70
225 110%
31.11
Jan
Mar 20
21
Jan
Mar 82
Apr 3234
Jan 5044
Apr 6334
Mar 8844
6334
Jan
4841
Jan
Apr 86
Apr 128
Feb
Apr
Apr
Apr
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Feb
4 670
8
20
40
20
200 163
44
100
3,000 2834
30%
1,60
200 20
2134
40
3034
70
10
30
900 30%
400 12%
200 994
2,700 18
4
2,500
Feb 631
9%
Apr
Jan 47
Feb 200
644
Apr
Mar 4334
Apr 49%
Mar 28
Jan 35
Mar 37%
Mar 2755
Mar 3794
21
Jan
Jan n1003(
Apr 284
7
Mar
Jan
Jan
Mar
Apr
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Jan
Apr
Jan
Jan
800
1,400
2,300
600
3,300
100
100
12,200
Jan
Apr
Ma
Apr
AP
Fe
Apr
Mar
98%
43
44
30
31
1434
98
204
Feb
Feb
Jan
Mar
Mar
Apr
Apr
Apr
88
3541
2%
2531
28
14
914
1644
APRIL 27 1929.]
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range far
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
btein(A)& Co Corn
Preferred
Starch! Bros Stores
Sterling Securities allot etre
Stinnee(Hugo)Corp
Strauss (Nathan)Inc corn •
•
Stroock (S) & CO
•
Stutz Motor Car
Superheater Co
•
Swift & CO
100
Swift International
15
Syrac Wash Mach B corn _•
3055
92
28%
3254 3155
10
2755
2755
42%
17%
160
12955
324 323.4
18
174
3055
93
3135
9355
2855
324
11%
29
42%
194
160
1294
3334
184
Range Since Jan. 1.
Low.
High.
1,600 28
Apr 384
1,000 91
Apr 99%
200 2854 Apr 29
2,600 3055 Mar 3455
200
94 Jan
1655
500 264 Mar 364
100 424 Mar 61%
1,800 1555 Apr 34
50 15955 Jan 176
350 129
Apr 13955
4,500 29% Mar 3735
600 164 Mar 2335
Taggart Corp common___• 4615 454 49
5,800 4355
Tennessee Prod Corp com• 25
25
2555
900 24
Thermoid Co corn
•
29% 304
2,000 25
Cu". oonv pref _100
7%
98
99
200 90
Thompson Prod Inc cl A • 574 54
58% 4,100 48
Thompson Starrett prat .
5155 5155 5155
100 514
Timken-Detroit Axle_ _ _10
2454 27
5.800 2055
Tishman Realty & Constr • 6055 56% 6055
800 494
Tobacco A Allied Stocks • 5455
5455 544
300 6454
Tobacco Products Exports*
255
255
100
255
Todd Shipyards Cory__ •
6035 664 2,000 59
Toddy Corp el A corn_ _ _
27% 273.4
100 254
Trans
-America Corn
13455 1344 13555 12,300 125
Transcont Air Transp____• 28
264 2835 .5,000 2455
Trans-Lux Pict Screen
Class A common
• 1435
14% 16% 8.00
5%
Travel Air Co
47
514
700 4555
Tr -Continental Corp com • 33
3255 33% 22,400 30
6% cum pref with war100 10455 104 10455
1,600 104
Triplex Safety Glass
Am rats for ord oh reg___
2355 27
1.40
224
Trunz Park Stores
45
46
600 45
Tubize Artificial Silk cl 11_•
3704 389
80 .365
Tung-Sol Lamp Wk. coin_• 2454 24
,
25
2.300 15
Class A
• 334 3255 3334
800 244
Union Amer Investment_• 5554 54
5634
1,100 524
Un Carbide & Curb
• 80
7555 81% 159,800 68
Union Tobacco
10% 104 1155
2,200 104
Union Twist Drill
38
38
38
100 26
United Carbon v t o
• 64
6355 66% 2,700 46
Preferred
100 99
98
99
1,000 92
United Chemicals com_.* 100
100 100
100 100
53 cum panic pref
• 46% 464 49
4,500 44
United Corp
54 4 53% 5575 124.600 5355
Preferred
4455
4354 4455 26,600
United Dry Docks corn __* 19% 174 2034 9,100 434
164
United Milk Prod corn__.• 13
1055 13%
900 10
7% cum pref
100 70% 70
76
225 70
Un Piece Dye Wks
•
42
4351
500 404
655% preferred
100 10355 10355 104
300 10355
United Porto Ric Sug corn *
4255 423.4
100 3935
United Profit Shur corn__'
755
7
94 5,300
7
Preferred
10 1154
114 114
1,200 11%
Un Retail Chemists B vtc •
3
3
100
155
United Shoe Mach corn _25
.
724 7355
200 724
US Dairy Prod clam A._•
4955 4955
100 484
• 63
U S Foil eltu*i B
5855 63
4,900 67
U SA Foreign doe com__.• 50
4955 50
600 4755
56 ()refereed
•
90
90
300 87
US Freight
• 94
9255 95
3,900
US Gypsum common.„20 6055 60% 6255 4.400 82
56
U S Lines w 1
1755 1755 7,000 173.5
1755
U 13 Rubber Iteclain3Ing_.• 27
27
28% 1.100 16
Universal Aviation
• 17%
17
18% 6,00
154
Ctfs of deposit
1755
16
18% 2,000! 15
Universal I INtIrance
_25 73
73
73
100, 70
Universal Pictures
• 26
2555 26% 1,500i leg
Van Camp Pack corn
• 3055 2834 3055
4,7001 2755
7% preferred
25 31
29
31
1,800 28
Vogt Mfg Corp
• 3034
30
304
300 28
Apr 6955
Jan 27
Feb
35%
Feb 105
Jan 6955
Apr 58%
Mar 3655
Jan 64%
Feb 5554
Apr
34
Apr . 7655
Apr 31%
Feb 14355
Feb 30%
Feb
Feb
Apr
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan 24
Mar
Apr 61
Jan
Jan n35
Feb
Apr 107% Jan
Jan 334 Feb
Apr 6035 Jan
Apr 695
Jan
Jan
32
Mar
Feb 35
Apr
Apr
Ma
Apr
Feb
Jan
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
724
8135
20
33
76
1024
115
614
5535
4455
20%
21
n80
53
10(355
4255
11
12
3
854
Feb
Apr
Jan
Apr
Feb
Mar
Mar
Feb
Apr
Apr
Apr
Jan
Jan
Mar
Feb
Apr
Mar
Mar
Apr
Feb
Jan
634 Mar
Jan 7434 Feb
Apr 0535 Feb
Apr 9555 Jan
Mar 109% Feb
Mar 73
Jan
Apr
1855 Apr
Jan
31
Mar
Mar 2715 Mar
1851 Apr
/51)
Jan 79
Feb
Ma
29
Apr
Apr 384 Feb
Jan 38
Feb
Jan 36
Feb
Am Dist Tel N J 7% pf_100
Amer & Foreign Pow warr_
Amer CBS tic Elec com_-•
Preferred
•
Amer Lt & Trac com___100
Preferred
100
Amer Nat Gas com v t c__•
Amer States Pub Sere el A
Amer Superpower Corp A•
Class 13 common
•
First preferred
Convertible preferred
Assoc Gas & Elea class A.•
110
6954
143
10535
225
108
11
2655
107
11135
9734
8931
5555
112
7854
150
10555
25155
198
1355
27
1194
12155
9954
90
5835
100
31,300
4,200
200
1,125
25
600
700
71,800
10,700
1.300
700
35,700
Range Since Jan. 1.
Low
110
5235
128
104
205
108
11
2655
6255
68
974
8955
494
High.
Apr
Jan
Jan
Fer
Mar
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Jan
114
1134
19254
10954
25954
11554
184
2754
13454
133
1004
94
614
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Brazilian Tr Lt & Pr ord........
Brooklyn City RR
10083-4
COD
855
Buff Niag & East Pr corn _• 6555
Class A
• 5355
Preferred
25 2535
Central Pub Sere corn
3535
Class A
• 4455
Cent AB Sere States v t c_
1655
Cent dr S W Ut117% pref_.
Prior lien stock
Cent States Elec common. 15434
New corn
• 78
6% pref with warr._100
6% Pre( without wart__
Convertible preferred.-- 13155
Warrants
30
Cities Ser P & I.t $6 pref _• 9455
7% preferred.
100
Cleve El Ilium corn
Columbus Fier & Pow. __• 594
Com'sv'Itb Edison Co._100 234%
Com'w'ith Pow Corp pf.100 10055
Cons0 E 1.dr T Balt com_• 96
Preferred class A
100
Cont G & E 7% pr pf__100
5955 603-4
400 53
Mar 70
8
7% Apr
83-4 11,300
1155
8
8
Apr x1035
855 3,700
63
65% 2,100 614 Mar 7934
61
55
2,300 4955 Apr 72%
2555 25%
1,000 254 Apr 284
354 3555
100 354 Apr 3555
4455 4455 9,400 35
Jan
45
14% 16%
1,700 13
Feb
1954
974 974
50 92
Mar 9755
101
101
100 1004 Mar 101
1543.5 156
200 116
Jan 159
7735 78
1,800 7355 Mar 80
111% 11355
300 1034 Jan 122
83% 8354
10
83
Mar 8754
131 132%
1,60
Jan 13355
97
30
33
1,400 1935 Jar
43
9435 9455
200 944 Apr 9655
10654 10654
20 1064 Apr 10735
61
61
10
61
Apr 75
5955 60
500 56
Ma
7255
234% 23655
440 215
Jar 268
10055 10035 1,060 90% Ma 1034
9555 97% 4,800 8655 Apr 112
100 102%
100 100
An 10255
1024 10355
175 101% Apr 1044
Mar
Jan
Mar
Jan
Jan
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Mar
Jan
Feb
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Duke Power Co
100
East States Pow B corn___• 464
Flee Bond & Sh Co corn5 81
Preferred
106
Elec Invest
• 1004
Preferred
99
Elec Pow & Lt 2nd pf A• 99%
Opti.m warranty
4351
Emp Gus & Fuel 7% pi 100
Empire Pow Corp part stk• 444
Engineers Pub Sere war
Federal Water Sere CIA.... --49(4
Florida Pow At 1.1 $7 P1--5
General Pub Serv corn
• 39%
Georgia Pow $11 pref
•
Internal Tel & Tel new eft • 874
Interuat CBI class A
• 4255
Class B
• 1555
Participating preferred ..•
Warrants
Italian Super Power
1555
tVarrants
Jersey Cent PAL 7%131100
K C Pub Serv corn v t c_.-•
9
169 150
125 155
Jan 210
4655 49
2,300 4234 Feb 58%
79
84
86.500 73
Mar 9734
10555 1064
1,400 10555 Apr 10934
9635 103% 10,300 774 Jan 124
9855 99
SOO 9754 Mar 101
300 9935 Jan 103
907-4100
41
4335 6,000 284 Jan
4E14
954 96
200 9535 Apr 984
4055 454 9,500 39
Mar 69
24% 26
1,100 23
Mar 35
48% 5035 6,200 4635 Apr 6355
100 10054
200 100
Jan 102
374 414 9,900 27
Jan
44
100 100
200 094 Apr 108%
86
8934 106,900 7455 Mar 9455
4255 4255
80
424 Apr 49
1535 1534 3,400
1455 Mar 2274
96
96
200 93
Feb 100
50
454 Jan
634 634
11
1455 1555
1,80
1155 Jan
181-4
94 935
1,00
555 Jan
15
1034 10355
5 103
Jan 105
9
9
36
4
Jan
9
Jan
Feb
/Oar
Jan
Jan
Feb
Mar
Mar
Jan
Feb
Jan
Feb
Mar
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Apr
Long Island Light cote. • 57
7% preferred
Too
Marconi internat Marine
Comruun Ain dep rcts_
21
Marconi ;Viral T of Can _1
8
Marconi Wireless Tel Loud.
Class B
Mass Gas Cos pref
79
Memphis Nat Gas
1455
Middle West Utilcom___.• 168
58 preferred
•
100 168
7% Preferred
Mohawk & Hod Pow com• 514
1st preferred
•
2d preferred
•
Warrants
Monortahela West Penn
Pub Sere 7% pref
_25 25
Montreal Lt. Ht & Power_
Municipal Service
• 27
.50
59%
10955 110
2,90
4
21
22
731 8
32,60
15,200
Wah Co corn
•
1855 184
200 184 AP
2655 Jan
Waltt & Bond class A ___ ..• 2555
2551 2655
1,000 25
Jan 2655 Apr
Class 11
19
194
20
2,100 18
Feb 2255 Jan
Walgreen Co common
• 83
8035 83g
7.900 71% Ma
91
Jan
Warrants
5555 55
56
900 51
Ma
65
Jan
IValker(Iliram) Gooderham
& Worts common
• 7634 7655 84
39,300 66
Ms
93% Feb
Watson (John Warren)Co•
7
7
755
1,900
555 Mar 144 Jan
Wayne Pump common
• 25
17% 25
1.400 1755 AD
32
Jan
Western Air Express ____10 67% 59
705i 5,200 5655 An
7055 Apr
Western Auto Stipp el A • 5454 52
554
1,400 5055 Apr 594 Jan
Westvaco Chlorine Prod_
89
8655 9055 4.300 474 Jan 1164 mar
Nat Power
•
Wheatsworth Inc corn _•
50
50
100 474 Jan 9355 Man Nat Pub & Lt prat
Wheeling Steel com___100 9755 9755 99
Sere corn clan A•
1,200 s9174 Jan 10355 Mar
Common class B
Preferred A
100
133 133
50 13155 Jan 146
Mar New Eng Pow Assn com •
Whitenlghts Inc com____•
735
7% 055 4,500
7% Apr
18
Jan
Whilar Food Products_ _•
6% Preferred
26
26
100 2451 Mar 29
Feb
New Eng Tel & Tel_
Williams (11. C) & Co lue.• 3055
100
3055 32%
400 3055 Apr 4151 Feb
N Y 'ratan 655% pref__100
WII-Low Cafeterias corn _• 20% 204 2155
1.000 2055 Apr 30
Mar
Nor Amer CHI See corn--•
Preferred
5154 5455
700 50
Mar 58
Mar
let preferred
Winter (Beni) Inc eorn___• 15
1351 154 30.800 1155
Northeast Power oorn___•
Wire Wheel Corp com__• 294 2735 30% 5,600 26% Mar 16% Jan
Apr 38
Feb
Nor States P Corp corn _100
Worth Inc cone claw A__ _• 10
9
104
1,500
534 Mar
1154 Jan
Preferred
Wright Aero corn
100
• 127
124 129
5.900 114
Mar 155
Mar Ohio Bell Tel 7% pfd_ ..100
Ohio P S 7% 1st pf A _ _100
Yates Amer Mach part Pi•
3155 3355
400 2435 Apr 334 Apr
Yellow Taxi Corp
Oklahoma Gas & El pref....
• 3155
3154 3255 1,700 1855 Jan
33
Apr
Zenith Radio
4155 4155 48
,
13,000 344 Mar 814 Feb
Pacific Gas & El 1st pref.25
Zonite Products Corp corn• 33% 3355 3555
500 814 Jan 44;5 Jan
Penn-Ohio Ed corn
•
Rights
7% Prior preferred_101
Adams Express
$6 Preferred
•
6155 6055 64%
1,300 6055 Apr 6434 Apr
Option warrants
Acre Supply Mfg
4
4
6
1,700
4
Apr
655 Apr
Warrants series B
American Cyanamid
9%
831 9% 10,100
84 Apr
11
Apr Penn Pow & Lt $7 prat_ •
Amer Radiator &
Penn Water & Power_
Standard Sanitary
134
1%
135 8.900
•
155 Apr
255 Apr Peoples Light &
Associated (1 & I.: deb rts_ _
Pow el A-855
8% 134 40,200
74 Feb
134 Apr Power Secur corn
Atlantic Coast Fisheries_
23
23
30
•
200 23
Apr 30
Apr Puget Sd P&L 6^7,, pref
Chesapeake & Ohio Ity _ _ 25%
2555 2535
_109
300 2555 Apr 2535 Apr
Rochester Central Power_
Continental Can
155
155
155 1.100
13.4 Apr
155 Apr Sierra Pacific Elea com
Flat
74
755 9% 9.000
_100
174 Jan
75 Apr
5
Southeast Pow & Lt com.•
Gold Seal Elec Co
1%
154
155 8,100
155 Apr
135 Apr
Common v t c
354 n6
HaYgart Corp
•
17,450
255 Apr
7
Mar
$7 preferred
Loews Inc deb rights
•
30
30
100 28
Jan 4955 Feb
Warrts to our corn elk
Sou Calif Edison pref A25
Massey-Harris Co
5
555
200
355 Apr
6
Apr
Preferred
McCord Rad & Mfg
...25
13c
13c
13e
500 13c
Apr
13e
Apr
51-4% Preferred C____25
Norauda Mines
270
270 320 14,000 25c
Apr49e Apr Sou Colorado Pow A_
Pennsylvania RR
5
42,500
3
3%
3
Apr
5
Apr dou'weet Bell Teen
Sharon Steel hoop
350
Di-10
155 11,900 35c
75c
0
Apr
3
Apr So'westPow&Lt7%pf ..100
United Carbon
.
2
25
800
255
2
Apr
254 Apr Standard G&E
pref 100
United Power Gas & Water
3,200 100 Apr
100 10c
100 Apr Standard Pow & Lt
25
Universal Pictures preg rts
2
2
200
1.
Apr
2
Apr Swiss
-Amer Elea pref
Westvaco Chemical
4,400
354 4
3%
355 Apr
4
Apr
White Sewing Mach deb rts
100
655
655 635
554 Apr 144 Jan Tampa
Electric CO
•
Union Nat Gas of Can_ •
Public Utilities-.
United Elec Sere warrants..
Alabama Pow $7 prof_
111;5 111%
•
200 11135 Apr 115
Jan
American Shares IV I..
Allied Pow & Lt corn
4435 48
28,600 4455 Apr 48
• 47
Apr United Gas when issued
1st preferred
7854 7834
100 7855 Apr 7835 Apr
United Gas Improvem1.50
Amer Cities Pow & Lt Corp 7855
United Lt & Pow corn A •
Class A
60 39;5
3955 41
5,700 3655 Mar 4355 Mai
Common class B
•
Class B
• 27
264 27% 7,100 234 Mar 304 Mar
•
Preferred class A
Am Com'w'Itti P emu A • 2455 2455 26
3,900 22
Jan 31
mar
Pref class B
Common B
• 2555
254 265( 1.200 2555 Apr 3755 Jan
Util Pow & Lt class B
Warrants
•
834
834 8% 3,600
8
Jan 114 Max Utility Shares corn
•
2787
Friday
Soler
Last Week's Range for
Public Utilities(coml.) Sale
of Prices.
TVeek.
Par. Price. Low. High. Shares.
7555
1454
24455
134
27
117
118
98
90
5755
934
3655
47
100
4235
51
7555
3655
2955
2455
10955
57
25
2555
106 106
2635 27
9755
Jan
Apr
1.1a
5
Mar
Apr
Apr
Mar
Apr
Apr
Mar
28
Jan
1034 Mar
224
79
19)4
189
1044
123
71
11054
110
453-4
Jan
Apr
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
100 25
Apr 25% Apr
100 1054 Mar 114
Jan
3,800 26
Jan
333.1 Mar
108
100 1063-4 Mar 10834 Feb
23
600 22% Mar
26
Feb
31
Mar 3234 Feb
8455
2
9
301 844 Mar 90
1
Jan
96
50 55
100
Feb
14555
100 145
Apr 152
Mar
113
300 1114 Mar 114
Jan
19
5,300 135
5 Jan
1914 Mar
9555
100 944 Mar 96
Feb
51
21,300 40
Mar 8154 Feb
15955
3,000 136(4 Jan 189% Jan
108
250 10755 Apr 109% Feb
110
10 110
Apr 116
Mar
109
40 109
Apr 11055 Jan
107%
100 1074 Apr 11155 Feb
2755 2755
1.400 26
Mar
57
Mar
643.6 6,800 53
10555 10534
Feb
150 102
93
80 89
Feb
953-4
34
39
2,500 30
Mar
1755 1954
1,300 16(4 Apr
10555 10555
25 10555 Apr
85
200 814 Apr
88
47
Apr
48
1,600 45
217.5 2134
100 1655 Feb
320 98
994 10154
Jan
3655 4455 23.300 31
Apr
494 53
1,400 4755 Apr
7535 80
4,400 714 Jan
72
76
1.200 72
Apr
104% 10454
100 104% Apr
33
3835 4,200 274 Jan
2935 30
300 2355 Mar
2555 2555
200 25
,54 Mar
1275: 1274 1,400 2314 Apr
133 14
150
234 2355
100 234 Mar
11755 Apr
10934109(4
4 108
Mar
109 109
10 109
Apr
524 57
SO
4955 Jar
9655 97%
30
Mar
96
6455 63
4055
4055
24
254
1855 1855
39% 3 55
254 28;1
494
4
186 35 178
4755
2555
194 Mar
74 Fe
204 2135 17,500 1855
,
79
79
30 79
1435 15
5,200 1255
165 1634 2,000 162
97
9955
250 97
117% 11834
150 1163-4
51
5254 2,300 38
105 1067.5
325 105
105 10534
125 105
2555 2754
300 234
107
2255
30
84
84
96
145
112
1855
16
9551
4755
4655
15555 155
10755
110
109
1074
62
484 Apr 874 Feb
10855 Jan 113
Mar
6435
1,30
63
41
1,500 34
234 3,500
2%
1955
1.40
1855
504
336
14
23
19155 61,80 155
,
3
2
9
4
;
804
300 32
97% 9731
50
9555
5535 56
50
53
44
495
5 13,400 37
2535 264
300 18%
2855 Jan
714 Jan
108
Jan
97
Mar
48
Jan
1955 Apr
1104 Feb
1014 Jan
584 Feb
27
Mar
10155 Apr
49
Jan
8214 Feb
90
Jan
85
Jan
103% Feb
474 Jan
30
Jan
2655 Jan
264 Jan
2755 Feb
1234 Mar
11134 Jan
1114 Feb
70
Feb
9851 Feb
Apr 794 Jan
Mar 4235 Apr
Ma
44 Feb
Apr 2351 Mar
Mar 39
Jan
Mar 19755 Mar
Ma
4355 Jan
Jan 56
Feb
Ma 100% Jan
Ma
57% Feb .
Jan 4955 Apr
Jan 3$
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Former Standard 011
Subsidiaries. Par. Price. Low. High. Shares
Anglo-Amer Oil(vot sa)_ £1 15% 15
Voting stock ctfs of dep. 14% 1411
14%
Non-voting shares. _£1
1311
Non-voting ctfs of dep- 38
Borne-Scrymser Co_ _100
6951
Buckeye Pipe Line
50
168
Cbeesbrough Mfg
25
22%
Continental 011 v t
23
Cumberland Pipe Line 100
6431
Galena Signal Oil corn ctfs
5%
of deposit
75
New prof etfs of dePHumble Oil& Reflning-25 -113-- 113
44
Solar Refining new
58% 53%
South Penn 011 New
19
Southern Pipe Line
10 19%
6231
Sou West Pa Pipe Lines 100
Standard 011(Indiana) new 59% 5956
1951
Standard 011 (Kansas) 25 1911
39% 39%
Standard 011 (Ky) new
4851
Standard 011(Neb)
05
121
25 124
Standard 011(0) com
Preferred
11651 11651
15
Swan Finch 011 Corp_ _ _25
125% 12551
Vacuum 01 new
Range Since Jan. 1
Low,
1651 3,800 14%
800 14%
15%
400 1434
15%
100 1354
1331
150 38
40
1,400 67
7111
300 14031
170
2411 37,800 1755
100 62
65
100
5%
10
75
118% 28,900
High.
1811
Jan
Jan 18
17
Jan
16
Jan
Mar 4636
Jan 7451
Jan 170
Jan 29
Jan 75%
Feb
Feb
Feb
Mar
Feb
Jan
Apr
Mar
Feb
556 Mar
6% Jan
Mar
Apr 78
75
89% Feb 11954 Apr
Jan 325
Mar 119%
Apr 30%
Feb 97
Mar 25%
Jan 85
Apr 63
Jan 74%
Mar 44%
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Feb
100 38% Mar 50
44
6051 20,600 40% Feb 6051
Feb 2255
1,100 13
1955
50 6211 Apr 70
62%
Mar 63
31,100 56
60
Jan 21%
1,000 18
1956
Mar 45%
40% 6,700 38
100 4555 Feb 49%
4851
1,900 11011 Feb 127%
12531
140 11611 Jan 124%
119
Mar 18
100 15
15
7,400 10555 Jan 13354
12951
Feb
Apr
Apr
Jan
Mar
Jan
Jan
Feb
Apr
Mar
Jan
Mar
Apr 75c
200 75c
2,900 45o Mar 720
851
491 Mar
8,900
4
1% Feb
13,000
5%
3% Jan
30,900
9
7% Mar
4,300
2
Jan
2%
600
2% Feb
451
1,300
8% Mar 15
1,200
1151
634 Jan
400
83.4 Mar 1111
20,000
I% Feb
2%
4,500
11%
8
Feb
100
Mar 26
300 17
5
2
Jan
2,100
200 20% Jan 2755
6,100 14251 Jan 167
751
451 Apr
4,200
Apr 22
6,900 15
2%
111 Feb
46,900
7,500 4631 Mar 6554
Apr 24)
500 28
Apr
Jan
Jan
Apr
Apr
Mar
Jan
Jan
Jan
Feb
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Mar
Jan
Jan
Apr
Jan
Jan
Feb
Mar
Apr
Apr
Mar
Feb
Jan
Feb
Jan
Mar
Feb
Apr
Feb
3%
654
36%
74%
111
3856
656
40
151
2231
2755
5
355
2455
1155
24
354
1055
751
3434
30
Jan
Mar
Apr
Feb
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Apr
Feb
Jan
Mar
Feb
Apr
Apr
Jan
Jan
Jan
Jan
Mar
Jan
Apr
Apr
Jan
Jan
Mar
Jan
315 325
Illinois Pipe Line
100
Imperial Oil(Canada)COM • 114% 11411 117
2851 2951
29
New w 1
91
9251
Indiana Pipe Line
50 591
National Tranelt__12.50 24% 2351 25
77
7856
New York Transit
100
5231 55%
Northern Pipe Line__ _100
68% 72%
Ohio 011
25 70
31
31%
25 31
Penn-Mex Fuel
350 285
2,000 88
8,900 27%
900 81%
4,800 21%
250 72
100 523.1
2,800 6455
1,000 30
Other Oil Stocks
750 75c
Allen 011
75e
500 590
Amer Contr 011 Fields....1 510
411 5
5
Amer Maracaibo Co
5
331 4
4
Argo 011 Corp
10
511
Arkansas Gas Corp corn _ _•
5% 5%
734 8
8
Preferred
10
2%
Atlantic Lobos 011 corn _ •
2
3
351
3%
Carib Syndicate new corn..
9%
Colon Oil
•
931 10
755 834
Consol Royalty Olt
1
856 951
9
Creole Syndicate
•
156 211
1%
Crown Cent Petrol Corp_ _•
•
sy, 8%
Crystal 011 Ref corn
Darby Petroleum Corp__.• 17
17
1751
3% 4
4
Derby 011 & Ref corn_....*
27
27
Preferred
•
15711 16051
Gulf Oil Corp of Penna--25 158
451 474
4%
Homaokla 011
17
• 18
19%
Houston Gulf Gas
1% 231
,
256
Intercontinental Petrol_ JO
InternationalPetroleum • 5351 5356 5651
2351 29
New w 1
Kirby Petroleum
•
Leonard 011Developm3_25
Llon Oil Refg
•
Lone Star Gas COr13- -25
Magdalena Syndicate
1
Margay 011
*
Mexico-Ohio 011 Co
•
Mo Kansas Pipe Line
Mountain dr Gulf 011
1
Mountain Prod Corp___10
•
Nat Fuel Gas new
New Bradford Oil
5
New Engl Fuel Oil
N Y Petrol Royalty
Nor Cent Texas Oil Co_ •
Pacific Western Oil
•
Panden 01 1Cori)
Panetpec 011of Venezuela•
Pennock 011 Corti
Petroleum (Amer)
Plymouth 011
•
Red Bank 011
Reiter Foster Oil Corn-.
Richfield Oil Co pref__ __25
Root Refining Co pref _ _ _ _
•
Royal Canadian 011
•
Ryan Consol Petrol
Bait Creek Consol 011_10
Ball Creek Producers10
Southland Royalty Co_
Tealon Oil dr Land new w I
•
Tid-Osage 011
Tidal Osage 011non-vt stk•
pre1-100
Transeont 0117%
Venezuela Petroleum- _ _5
Woodley Petroleum Corp
25
"Y"011& Gas Co
2
5
36%
60c
5
33
151
1951
25%
411
2055
19
251
8
30
25
14
551
24%
2751
751
2155
1931
201
,
1
14%
435
234
2
5
34
6951
60c
25
451
32
111
1851
24%
451
3
1931
11
19
251
7%
755
29%
2456
251 2,400
1,800
53-4
7,000
3651
300
69%
2.900
6.50
200
25
1,500
5
3451 10,900
134 2,900
2,300
19%
2555 3,500
456 2,700
300
3
2056 2,600
1131 2,000
2051 2,800
234 4,200
5,600
100
751
30% 21,500
2551 2.100
154
5
2334
87
600
25
3%
15%
134
1851
2411
334
3
16
851
18%
2
754
455
28%
23
400
4,300
2,700
2.700
2,000
1,000
100
3,500
2,500
12,200
1,000
2,000
100
4,100
2,300
800
11%
5
2451
23
100
7
356
2151
1951
16%
1034
1031
80
454
554
2%
Apr
Feb
Mar
Mar
Mar
Apr
Apr
Apr
Apr
Feb
Jan
Jan
Mar
Feb
Jan
Feb
16
8%
2551
27%
210
11
5%
25%
24
23
16%
16%
89
654
9%
5%
200
3% 351
195 n260 58,000
100
16% 1934 2,300
1,100
3% 355
151 6,700
920
1251 13% 11,100
8,000
95 110
1,300
760 800
1
134 2,000
2% 1,300
2
15
16% 5,500
100
8451 8451
3%
i/o
55
16
3%
500
1291
5c
710
760
2
14%
81
Apr
Jan
Apr
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Apr
Mar
Jan
6
470
5651
19%
4
14(
18
245
1%
1%
4%
26%
94
Mar
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Fen
Mar
350 19,000
4,800
640
1% 27,000
711 7,400
520 33,000
1851 2,500
300
711
1911 9,500
631 3,400
200
2251
500
55e
10o
200
215
7
160
16
751
18%
355
2251
45c
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Mar
Jan
Apr
Jan
640
1%
2%
12
800
23%
955
23
9%
35
131
Jan
Jan
Apr
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Jan
13%
5
24%
26%
15c
7
351
21
1911
19%
1451
14%
84
4,f4
5%
2%
14
5%
2551
2711
15c
711
223433-4
20%
21
1551
15%
84
5
6%
2%
Mining Stock,
5
Arizona Commercial
1
Arizona Globe Copper
10
Bingham Mines Co
10
Carnegie Metals
1
Chief Consol Mining
Comstock Tun & Dr'ge_10e
Consol. Copper Mlnes Z
Consol Nev & Utah Corp-3
Creeson Consol0 M & M _ I
Dolores Esperanza Corp_.2
Engineer Gold Min Ltd5
Evans Wallower Lead com•
Preferred
Falcon Lead Mines
1
First National Copper_
Gold Coln Mines
Golden Centrrt Mines____5
Goldfield Consol MInes_l
Heola mining
25e
HollingerConaGold Mines5
Hod Ray Min & Smelt___•
Iron Cap Copper
10
Isle Royale Corp
25
Kerr Lake
5
351
220
151
12%
95
1
16
310
550
1%
755
500
1854
18%
6
22%
31c
500
151
7
350
17%
73-4
1851
59'
2251
520
Mason Valley Mines
156
lois
5
154
Mining Corp of Canada-5
4116 451
Mohawk Mining
5555 5555 57%
4251 48%
New Cornelia Conner- -5
New Jersey Zino new
83% 8451
Newmont Mining Corp-10 210
200 213%
2% 3
Nipissing Mines
5
235
53
• 5031 50
Noranda Mlnes. Ltd
211 2%
1
234
Ohio Copper
28
28
Pacific Tin special stock__
734 1111z
Premier Gold Mining _ _ I
154
[VOL. 128.
FINANCIAL CHRONICLE
2788
254 Jan
1% Jan
3,000
6% Mar
4% Jan
1,400
Apr 59% Apr
1,100 50
Jan 4855 Apr
18,500 40
900 75% Mar 8734 Jan
14,800 187% Feb 233% Mar
354 Jan
2% Apr
2,200
11.400 45% Mar 68% Jan
4% Jan
1% Jan
26,400
Apr 34% Mar
100 28
Jan
11118 Apr
6,300
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Mining Stocks
(Concluded)
Par Price. Low. High. Shares.
Red Warrior Mining
1
Roan Antelope C Min Ltd _
Shattuck Denn Mlning •
Bo Amer Gold & Plat
1
Tack Hughes
1
Tonopah Belmont Devel_ 1
1
Tonopah Mining
United Verde Extension 500
•
United Zinc Smelting_
1
Unity Gold Mines
Utah Apex
5
1
Walker Mining
Wenden Copper Mining_ _1
Yukon Gold Co
5
44
20
2%
951
3%
17%
151
4%
355
154
Range Since Jan. 1.
High.
Low.
19e
45
20%
234
911
81c
3%
2,000
1,900
4,800
3,400
300
100
2,300
110
3811
18
2%
8%
90e
216
Jan
Jan
Apr
Feb
Mar
Mar
Apr
32o
50
28
3%
10%
2
4sis
Mid
Jan
Feb
Jan
Mar
Jan
Jan
1754 18%
231
1
156 2%
411 411
355 311
1% 155
755 77c
6,800
2,800
7,600
2,200
600
840
2,200
1544
1
800
311
251
151
75c
Feb
Apr
Mar
Jan
Feb
Jan
Mar
26
231
2%
65
,
1
434
23-4
151
Mar
Jan
Apr
Mar
Mar
Jan
Jan
Mar 8734
Mar 95%
Feb 103
Jan 57
Jan 55%
Feb 102%
Feb 98%
Apr 11555
Feb 97%
Jan
Jan
Jan
Feb
Feb
Jan
Apr
Jan
Jan
19c;
43%
19%
2%
9%
81c
351
Bonds
Abitibi P & P 58 A__1953 8651 8551 86% 84,000 85
9456 29,000 9211
94
Alabama Power 4315__1967 94
1st & ref 59
1956 10255 101% 10256 12,000 99%
5034 52
21,000 45
Allied Pk 1st col tr 88_1939
50
5,000 46
50
Certificates of deposit..
Aluminum Co a I deb tas '52 1014( 101% 101% 84,000 100
Aluminum Ltd 5s_1948 9831 98% 98% 11,000 96
7,000 107
107 108
Amer Aggregates 68-1943
Amer CI & El deb 5.5_2028 9651 9634 9734 124,000 9334
American Power & Light
65, without warr_ 2016 10531 105% 105% 99.000 105
97% 9711 2,000 9551
Amer Radiator deb 4318.'47
Amer Roll Mil deb 58_1948 9631 9555 96% 53,000 94
33,000 92
Amer Seating 68
1936 95% 92% 96
7.000 114
11451 116
Amer Solv & Chem 62_1936
9,000 94
96
95
96
Without warrants
98% 9931 123.000 8751
Appalachian El Pr 58_1956 99
59,000 93
ArkansasPr & Lt. 5.5_ _1956 9511 9355 96
Arnold Pr Wks 1st 6s_1941
Aeao Dye & Press 68_ _1938
Associated 0& E 551e 1977
Con deb 4568w1 war 1948
Without warrants__....
Assoc'd Sim Hard 6558 '33
Atlantic Fruit 85
1949
Atlas Plywood 5550_1943
Bates Valve Bag 68_ 1942
With stock purch warr._
Beacon 0116s. with warr'36
Bell Tel of Canada 58_1955
1s1 5s series B
1957
New
Berlin City Elec 6 A8-1959
Boston Consol Gas 5a_1947
Boston & Maine RR 6s '33
Burmeister & Wain of
Copenhagen 15-yr 68 '40
Canadian Nat Rye 434s 118
7s
1935
Capital Admin 58 41_1953
Carolina Pr & Lt 58_1956
lot & ref 5s new._ _1956
Cent States Elec 5*
1948
Cent States PA Lt 510'53
Chic Pneum Tool 554s '42
Chic Rys 56 ctf dep1927
Childs Co deb 58
1943
Cigar Stores Realty
556s series A
1949
Cities Service 55
1966
Cities Service Gas 5115 1942
Cities Serv Gas Pipe L 6513
95
95
83
10915 106
129
135
109%
113
8656 8651
17% 17
8951 8951
95
85%
110%
13856
115
8656
1751
90%
103 103
103
11151 11151 11256
101 10151
100 100
10031 100% 10056
91 ,n94
91
101% 10151
99 101
101
99
9731
99
99
8731
9156
98%
94
9053
9411
99
9451
107%
97
99
99
8711
9055
9831
81
87
9451
108
9751
9951
99%
8711
91%
99
82
89
94
87
90%
9411
94%
88%
91
9534
Cities Serv PA L5548..1952 9451 94% 94%
10555 10534
Cleveland Elec Iii 78.._1941
97%
Cleveland Term Bldg Oa'41 9756 96
Columbia River Long Bdge
94
94
1953 94
1st 8448
Commerz und Private
86%
1937 8631 86
Bank 5515
97
9751
97
Common Edison 4558.'57
Consol GE L&P Balt105 105%
1952
5510 series E
9951 10031
1969
4518
Consol Publishers 63481936 100% 10051 10011
90
90
1941
Consol Textile 88
1958 8911 8851 90
Cont'l GA Else
9556 9551 96
Continental 01151181937
9751 9735
Cuba Co 6% notes _ _1929
10951 10951
Cuban Takla 7548_ -1941
Cudahy Pack deb 5514 1937 9751 97% 9851
99 100
58
1946 99
95
83
98%
99%
9455
88,46
17
8931
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Apr
98
94
131
148
120%
88
2251
103%
12,000 102
35,000 106
8,000 98
5,000 9934
73,000 9951
135,000 91
1,000 10051
17,000 9851
Apr
Mar
Mar
Apr
Mar
Apr
Apr
Apr
11054 Jan
118% Jan
10254 Jan
10254 Feb
100% Apr
94
Apr
103
Jan
103
Jan
97%
Jan
1,000
4,000
98,000
183,000
116,000
9,000
51,000
7,000
4,000
99%
Jan
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Apr 9635 Jan
34,000 92
Jan
7,000 10751 Apr 110
Feb
18,000 96% Mar 101
Apr 10255 Jan
74,000 99
Apr 9951 Apr
13,000 99
25.000 8544 Mar 9051 Jan
12.000 9051 Apr 9634 Jan
6,000 9836 Mar 101% Jan
Feb
8,000 77)( Mar 82
Jan
Apr 90
29,000 87
43,000
40,000
37,000
14,000
93
87
89%
94
Mar
Apr
Apr
Mar
99% Jan
90% Jan
9235 Jan
98% Jan
Mar 9754 Jan
45,000 94
Feb
Feb 108
2,000 104
8,000 95% Apr 98% Jan
1,000
92
Apr 100
24,000
6,000
86
96
Mar
Mar
88
98%
Jan
Jan
Feb
Apr
Jan
Feb
Mar
Feb
Mar
Jan
Mar
Mar
10655
1003.4
100%
96
9151
9634
97%
111
99%
101
Mar
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
6.000 105
28,000 9934
9,000 9851
6,000 90
72,000 85
48,000 93
9.000 96
6,000 107%
17.000 97
2,000 9734
9456 95% 5,000 9354
Del Elec Pow deb 5518 '59
82% 29.000 80
80
Deny & Salt Lake Ry 6E1'60 82
9931 10056 29,000 98
Detroit City Gas 5s B_1950 100
5,000 105
1947 10.534 105% 105%
68 aeries A
89% 31,000 84
Detroit jut 13dge 6515_1952 89% 86
33,000 70
80
75
25year a f deb 75....-1952 86
Dixie Gulf Gaa 6518-1937
79% 80% 65.000 7951
80
With warrants
93% 21,000 92
92
Elec Pow (Ger)631s_ _1953
9955 17,000 98
98
El Paso Nat Gas(1555 A '43
Deb 6348----Dec 1 1938 10031 10051 10056 6,000 99
Empire 01, & Refg 5515'42 9051 8951 90% 25,000 88
Ercolc Marel Elec Mfg
25,000 86
90
91
6545 with warrants_1953 91
20,000 90
91
90
EuropMtg&Inv7aserC 1967
1939
Fabrics Finish 68
Fairbanks Morse Co 58 '42
Finland Residential Mtge
1961
Bank 65
Firestone Cot Mills 55_1948
Flrxdone TAR Cal 58_1942
First Bohemian Glass Wks
30-yr 78 with warr_1957
Fink Rubber 151581931
Florida Power &Lt55_1954
1939
Foltis Fisher 6565
Feb 10654 Jan
Mar 9955 Jan
Mar 9755 Jan
Apr 9755 Jan
Jan 122
Jan
Feb 97% Mar
Feb 99% Jan
Jan
Mar 498
Jan
Mar 96% Jan
Apr 9134 Jan
Mar 100% Jan
Feb 106% Jan
Apr 96
Jan
Mar 8934 Feb
Apr 8854
Apr 97
Apr 101
Jan 105%
Mar 9155
Jan
Feb
Mar
Mar
Jan
98%
92
Jan
Jan
Apr
Apr
94%
95
9451 94% 22,000
,
3,000
96
95
9451 Apr 10144 Feb
9434 Apr 9834 Jan
8551
9151
94
30,000
8555 86
91% 91% 38,000
9355 94% 20.000
85
Mar
91
Mar
9236 Mar
914( Jan
94
Jan
95
Jan
85
95
92%
85
93
9154
99%
86% 9,000
89,000
95
9235 63,000
5,000
9955
84
Jan
89% Jan
8731 Apr
9051 Apr
88
Feb
96
Jan
92% Feb
99% Apr
97% 97% 5,000 97%
Garlock Packing deb 68 '39
011EIDettU Power 55_1956 95% 95% 9631 43,000 93
1941 97% 9755 9851 16,000 9654
68
20,000 89
Gelsenkirchen Min 65_1934 89% 89% 90
Amer Invest 56_1952
Gen)
8434 83% 84% 20,000 8354
Without warrants
100 10051 17,000 100
Gen Laund Mach 6545 1937
39,000 78
8255 85
General Rayon 65 ser A '48
General Vending CorD19,000 69
79
76
with warr Aug 15 1937 78
6a
1,000 65
1946
Ga & Fla RR 65
80,000 9691
Georgia Power ref 15s_ _1967 9754
7,000 99
99yi 99x
Goodyear T1 & Rub 53.'9'31
17,000 105
!
96 1
8
:7
4
:085
1975 104
07
8
Grand Trunk Ry 6315_1936
6.000 84
Guantanamo & W Ry 55'58
1937 10151 10054 101% 15,000 98%
Gulf 011 of Pa 58
61,000 9955
Sinking fund deb 55 11147 10011
95% 8,000 9434
Gulf States Utl 6s_.--1956 9554 95
7,000 99
100
Hamburg Elea 75-. 1935
9983
0
8334 84% 20,000 82
Hamburg El & Ind 5 Ms 88
Apr 9754 Apr
Apr 97% Feb
Mar 100% Jan
Jan 9154 Jan
Apr 88% Feb
Jan 102% Jan
Apr 95
Jan
Apr
Jan
Mar
Jan
Mar
Apr
Mar
Apr
Apr
Apr
Mar
8734
7051
9855
100
108
8531
101%
102
99%
103
88
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
APRIL 27 1929.]
Bonds (Conlinued)
Hanover Cred'nate%e1949
1931
(1sHarpen Mining es _ _1949
With warrants
Hood Rubber 7s
1936
10-yr cony 534s
1936
Houston Gulf Gas 6148 '43
1943
as
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
4.; Prices.
for
Price. Low. High. Week.
95
91
91
94% 95
6,000
11,000
Range Since Jan. 1.
High.
Low.
Apr
91
933-4 Jan
Bonds (Concluded)
-
9531 Mar
9636 Feb
93
97
8431
9233
92%
Mar
Jan
Jan
Jan
Jan
Pow&Lt516s ser B 1954
9911 100% 10,000 97
Apr 101
May 1957 9215 9234 9253
534s
9614
2,000 9216 Ma
MOP Oil& Gas deb 68 1939 11315 113 1193i 328,000 10234 Feb 119%
Ind'polls P & L 5s ser A '57 98% 984 99 108,000 9114 Mar 9933
Int Pow Secur 75 ser E 1957 95% 954 964 25,000 9141 Ma
9614
Intermit Securities 59_1947
874 88
18,000 85
Mar 92
Interstate Nat Gas 6s.1936
Without warrants
103 103
Apr 10441
15,000 103
Interstate Power 53_ _ _1957 93
92% 94
19,000 90
Apr 96%
New
93
93
94
4,000 9134 Apr 9633
Debenture as
1952 9134
9133 9234 16,000 9134 Apr 97
Interstate P Ser Saner D '56 98% 983( 984 1,000 96
Mar 9816
4148 series F
1958
0033 904 2.000 8711 Feb 90%
Feb
Jan
Apr
Jan
Feb
Jan
Invest Co of Am bs A_1947 9534
WithoutSwarrants
Investors Equity 5s A_1947
With warrants
107
Iowa-Neb. L & P 53_1957
93
[Bare° Ilydro-Elec 7s 1952
Batts Fraschini 7e. _A942
With warrants.
Without warrants
Italian Superpower es 1963
Without warrants
78
Jan
Jan
86%
89%
8754
86
8641
89%
7431
85%
8634
8814 43.000
9111 4,000
75
3,000
87% 26,000
86% 21,000
9533 9634 27,000
794 80
14,000
107 107
2,00
924 9351 34,00
6,00
8741 89
97
99
9051 9031
3,000
2,00
8634
894
7434
8014
83
95
78
99
10234
94
10341
93
99
9714
98
91
99%
Narragansett Elec be A '57 0934
Nat Distillers Prod 634835
Nat Power & Lt 65 A.2026 104
Nat Public Service 513_1978 8134
Nat Trade Journal 68.1938 90
Nebraska Power Co A2022
Weisner Realty deb 6s.1948
New Eng U & El Assn 55'47 92
a@
1948 93
NY & Foreign Invest
534e A with warr _ _1948 89%
N YP&L Corp let 434667 93%
Niagara Falls Pow 68.1950 1054
NichoLs & Shepard 6s
Without Warrants. _1957 9934
98
9634
9716
90%
9941
99%
9934
99
10334
81%
87
106
104
92
9214
100
19,000
Apr 107
Jan 83
Jan
Jan
Jan
Jan
Apr
Apr
Mar
105
Jan 111
9041 Mar 94% Jan
8633 Feb 914 Jan
95
87
75
7531 78 149,00
Jeddo Highland Coal fis '41
3,00 1034
104 10431
Kansas Gas & Elec 6s_2022
5,000 98
100 101
Kelvinator Co fis
1936
Without warrants
75
77
7834 95,000 70
Koppers B & C deb 5s.1917 10034 1001e 100% 44,000 98
5,000 9833
Laclede Gas Light 61s '35
9934 9916
Lehigh Pow Recur fis. _2026 103% 10314 10434 74,000 10255
Leonard Tiets Inc 7 Sue ;46
Without warrants
100 10016 3,000 100
Libby, McN & Libby 58'42 9331 9316 93% 9,000 9041
Lone Star Gas Corp 5s 1942
98
9434 24,000 96
Long Island Ltg (Is__ 1945
15,000 103
103% 105
Louisiana Pow & 14 55 1957 93
9216 9314 4,000 90%
New
9211 9334 13,000 90
Manitoba Power 534s. 1951
Mansfield Min 4( Smelt
78 with warrants_ .iOSi
7s without warrants 1941
Mass Gas Coe 5168_1946
McCord Rad & Mfg 681943
Memphis Nat Gas 68_ _1943
With warrants
Metrop Edison 4 34s._1968
Milwaukee Gas Lt 4)4s '67
Minn Pow & Lt 44s1978
Montreal L II & P col 68'51
Morris & Co 716s- _ _ _1930
Apr
Jai
AP
Apr
Mar
98%
Apr 10636 Jan
Jan
9031 Apr
Mar
82
Jan
Mar 104% Apr
Apr 101% Apr
Apr 79
Jan
Feb 100% Apr
Apr 101
Mar
Jan
Mar 106
Apr 10234 Jan
Feb 94
Jan
Mar 0934 Jan
Apr 106
Feb
Apr 96% Jan
Apr 97
Jan
Apr 101
Jan
102.15 22,000 96
Mar 103
Mar
1,000 93
94
Mar 97
Feb
104% 17,000 102% Feb 104% Feb
9314 5,000 93
Apr 99% Jan
99
19.000
9754 23,000
9,000
98
91
14,000
1,000
9931
8,00
100
100
99%
104
82%
90
106
104
9314
9334
9634
934
96%
89
964
9934
Jan
Mar
Mar
Apr
Apr
Mar
Feb
107
99
Jan
100% Feb
92% Jan
101% Jan
101
Jan
18,00
97
3.00
9831
34,000 102
38,000 79
45,000 87
6,000 106
2,000 102
11,000 89
15,000 8741
Mar
Apr
Ma
Ma
Apr
Apr
Apr
Ma
Apr
1004
101
105%
8341
98%
110
10834
97%
9731
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Jan
884 8933 75,000 8811 Apr 94
Feb
9331 93% 86,000 90
Ma
93% Jan
6,000 1044 Jan 10834 Feb
10533 107
9934 99%
1,000
0954 Apr 102
Jan
Nippon Elea Pow 634s 1953 88
4,000 87
88
89
Apr 92
Jan
North Ind Pub Serv Os 1966
10034 100% 25,000 98
Mar 10134 Jan
Nor States Pow 634 %_1933
10136 10256 19,000 101
Apr 104
Feb
North Texas Utilities 7s'35 101% 100 10156
3,000 9931 Apr 103
Feb
Ohio Power 55 ear 13 _1952 100
416s series D
.1956 93%
Ohio River Edison 5s .1951
Osgood Co with warr tSs '38
Oswego Falls 6s
1941
9951
9255
99
99
80
100%
9331
0916
99
80
27,000
60,000
12,000
11,000
2,000
98
9034
9741
09
80
Pao Gas & El 1st 4348_1957
96% 9656 20,000 9346
Pacific Invent Os
1918 9231 9241 9334 31,000 91
Pacific Western 0116348'43 96
9553 963( 117,000 9514
Park Ave Bldg (Mayfair
House) as
1940
98
98
1,000 98
Parmelee Transport 6s 1914 9934 994 100
59,000 9934
Penn-Ohio Edison 6s 1950
Without warrants
100% 10033 10133 18,000 9834
536s when Issued ___ 1959 944 9433 9434 80,000 9434
Penn Pow & Light 5e D'53 1004 100% 1014 14,000 100
1st & ref Os B
1952
102 1034 7,000 10031
Peoples I.t & Pr 5s_ _ _ _1979
944 98
15,000 9414
Phila Electric 5165____1947
1054 10534 2,000
1953 10533 1054 1054
5368
1,00
Phila Elec Pow 53is 1972 10334 1034 1041.4 16,000
Phila Rapid Trans 68_1962
9833 984 4,00
Phila Suburban Cos98
GIUI & El 1st & ref 4148'57
98
3,00
Pittsburgh Coal 6s____1949 100
100 100
20,00
Pittsburgh Steel 6s_ _1948
101
1011.4 4,00
97
974 ,34,00
Potomac Edison 5s.._1956 97
94
9454 7,00
Power Corp of NY 546s'47
9834 9834
1,00
Procter & Gamble 416s1947
Queensboro G & E 53.3s '52
Reliance Bronze & Steel
Corp 15-yr deb 6s.. _1944 100
Richfield 01155433 notes'31 10034
Rochester Cent Pow be '53 87
Ruhr Gas 634s
1953 83
Ryenon (Jos T)& Son. Inc
15-year f deb 5e _1943 9355
St Louis Coke & Gas 6s '47
San Ant Public Serv 581958
Schulte Real Estate 6s 1935
With warrants
Without warrants
Scripps(E W)534s__1943
ServelIno(new co) 58_1948
85
95%
81
102
1025(
3,00
100
9941
8634
8234
10051
10034
8734
83%
31,00
33,00
72,00
27.00
934 9355
7,00
8833 0,00
85
9453 9533 11.00
101
88
9434
77
Shawinigan W & P 446'87
93
Sheridan Wyorn Coal Os '47
92
Sancta Gel Corp 616s
With warrants
1932
107
Sloes-Sheffield S & 16s 1929
9934
Snider Pack 8% notes_1932 89% 8814
Solvay-Am Invest 58_1942
9616
Southeast P dr L 6s._ _2025
Without warrants
103% 103%
Mar 101
Star 9334
Apr 10054
Apr 10234
Apr 9834
Mar
Apr
Apr
Jan
Jan
Feb
Feb
Jan
9834 Jan
9611 Feb
9834 Jan
Apr 9936
Apr 100
Jan
Apr
Apr
Mar
Feb
Feb
Apr
102
Jan
974 Mar
10294 Jan
10334 Apr
100
Feb
10534
10531
10233
984
Apr
Apr
Mar
Apr
107
Feb
1063.4 Jan
1054 Jan
10334 Feb
96
100
1003.4
9634
94
9536
Apr 984
Mar 100
Apr 103
Jan 98
Apr 98%
Apr 9746
Jan
Mar
Jan
Mar
Feb
Apr
102
Feb 105
Fen
100
9841
83
80
Apr 10011 Apr
Mar 10234 Jan
Star 8834 Jan
Mar 94
Jan
93
Jan
96
Jan
84
Mar
9144 Apr
92
97
Jan
Feb
10153 4,000 101
Apr 110
Jan
914 21,00
Apr 9854 Mar
8
8
9431 14,00
9234 Jan 95
Jan
8234 61.00
Jan 8534 Jan
75
9334 24,00
9.00
92
914 Mar
92
Star
9434
93
Jan
Jan
6,000 101
107
100
10,00
99
77,00
92
88
9633 4,00
944
Jan 11234
Apr 10034
Apr 10734
Apr 9834
Mar
Feb
Jan
Feb
10”4 101.00
Mar 1054
Jan
100
2789
Friday
Last 1Veek's Range Sales
of Prices.
Sale
for
Price. Low, High. 1Veek.
Sou Calif Edison 5s_ _ _1951 102
Gen & refunding 50_1944
1952 102
Refunding .5s
1937
Sou Calif Gas 58
So'west Dairies 614s
1938 9933
With warrants
S'west & E 'is A.. _ _ _1957 94
So'west t.t & Pow Is. _1957
Sweat Pow & Lt 65_2022 103
Staley (A E) SIfg 65_1942 9853
Standard Investm't 5s 1937
With warrants
Stand Pow & Lt 68_ _ _1957 99
Stinnes (Hugo) Corp
7a Oct 1 '36 without ware 923-6
78 1946 without warents 86
Strauss (Nathan) 6s__1938 120
Stutz Motor (Am) 736s '37
1939
Sun 0115168
Swift & Co 5s Oct 15 1932 9934
Texas Cities Gas 5s__ _1948
Texas Pacific Ry 5s_ -.1979
Texas Power & Lt 55..1956
Thermold Co Os w w 1934
Trans Lux Dayl Pict Scr'n
6348 without warr _ _1932
9833
993(
Range Since Jan. 1.
Low.
10241 48.000 99
101% 2,000 100
27.000 994
102
31,000 92
93
Mar 102% Feb
Mar 10234 Mar
Apr
Mar 102
Mar 95
Mar
98
94
9214
102
9933 30,000
954 10,000
93% 2,000
36,000
103
98
9136
9216
994
Apr 101
Jaa
Apr 9734 Jan
Apr 9616 Jan
Apr 107% Jan
9833 9833 20,000
9734
Jan
Feb
130,000 884 Jan 94% Feb
Mar 91
12,000 86
Feb
12,000 1164 Apr 14034 Jan
Apr 11634 Jan
1,000 100
Jan
7,000 100
Feb 102
62,000 98% Mar 1004 Mar
90
86
1164
100
1004
994
93
87
1204
100
101
9953
8334
9934
9731,
105
8434 6,000 8314.
9915 27.000 9812
9834 35.000 96
23,000 100
105
98
9941 12,00
90
Apr 89
Mar
Apr 100
Aim
Mar 9933 Jan
Feb 105% Mar
Jan
994 Apr
9716 7,00
97
1.0
28,00
102
1,000 o70
o70
Apr 993( Feb
Mar 116% Feb
Apr 79
Jan
90% 4,000
87
11.000
9141 36,000
10011 15,000
88
84
8636
99%
.a9
Apr
Ma
Apr
0234
9134
94%
1013.4
Jan
Jan
Jan
Jan
83
Ap
80
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Mar
Feb
100%
10033
10056
10041
100%
100%
100%
100%
10056
100%
102
1044
9834
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Feb
Feb
Feb
8515 21,000
US Rubber
9931 9936
2,000 9834
Serial 64% notes_ _1939
99% 9934
1,000 98
Serial 634% notes_ _1931
98% 9851
2,000 97
Serial 654% notes_ _1932
9834 9833 6.000 9636
Serial 634% notes__1933
9934 99% 2,000 9631
Serial 634% notes_ .1934
9933 9954 7,000 96
Serial 633% notes_ _1935
2,000 9736
99
99
Serial 64% notec__1936
2,000 97
9853 9936
Serial 634% notes_ _1937
7,000 96%
99
99
Serial 634% notes_ _1938
9834 99
10,000 98
Serial 616% notes_ _1939
99
9933 7,000 97
Serial 615% notes_ _1940
US Smelt & Ref 5168-1935 10331 10334 10331 21,000 103
98
98
47,000 98
Utilities Pr & Lt 5s_ _ _1959 98
99%
8841
99
127 127
2,000 126
Jan 138
Mar
9834 994 80,000 96% Mar 9931 Jan
97
Ulen Co 614s._ _Nov 1 1936
Union A bier Invest Os_ 1114a 1015 101
070
United 011 Prod 8s_...1931 o70
United El Serv (Uries)78'56
90
Without warrants
85
United Industrial 6368 1941 85
9056
United Lt & Rye 5348_1952
1952
9914
64 series A
United Steel Wk.:6168 1947
8414 84%
With warrants
Valvoline 011 7s
1937
Van Camp Packing 68_1948
Virginia Elec Pow 58_1955
Webster Mills 654(4...1933
High.
10145
101%
101
9231
10333 10333
1,00 103
84
84
2.00
84
98% 99% 20.000 9631
.
884 884 6,00
87%
Jan
Mar 106
Mar 87% Feb
Apr 10034 Jan
9633 Jan
AD
934 9333 3,00
Ma
92
9634
West Texas URI 58_1957
Western Power 6%s,1957 12031 11631 124 279,000 10933 Jan 124
6.000 9934 Ma 104
Westvaco Chlorine 533s '37 10056 1004 101
86% 8734 46,000 8631 AP
89
Wheeling Stee1416e___1953 87
6,000 96% Jan 9856
98
97
Wise Central Ry 5s _ _ _1930
Jan
Apr
Jan
Jan
Jan
Foreign Government
and MunicipalitiesAgricul Mtge Bk Rep ofCol
20
-year 7s.. _Jan 15 1946
20-yr 7s___Jan 15 1947
Antwerp (CRY)5
s----1988
96
2,000
95
96
95
9711 2,000
9234 9354 15,000
96
Baden (Germany) 7s _ _1951
Bank of Prussia Landowners
0 9734 97
Ass'n 6% notes____193
Buenos Alres(Prov) 7148'47 103% 102%
1952 100
7s
100
Cauca Valley (Dept) Colombia extl s f 7s
1948
Cent Bk of German State&
Prov Banks Os B___1951
1952
6e serial A
89
85
9733
4,000
95
Mar 100
94
Apr 99
894 Apr 9433
Jan
Jas
Jan
923( Mar
Jan
98
9731 6,000 95
Jan
Mar
98
10333 72.000 100
Apr 104% Feb
99% Mar 101
1004 13,00
Jan
8933
8433 86
85
85
5,00
87
Apr
9631
29,00
1,00
83
84
AP
Apr
873.4 Feb
8733 Mar
Jan
Danish Cons Mimic 5365'55
Danzig P & Waterway Bel
1952
Ext1 f 654s
99%
99
9933
4,00
9855 Mar 10141
8511
85
86
5,000
81
Jan
8614 Apr
Frankford (City)633s-1953
9331
9133 94
11,000
91
Apr
9634
Jan
German Cons Munlo 78 '47
(38
1947
9633
864
9635 97
86
87
21.000
47,000
96
Jo
8433 Mar
98
89
Jan
Jan
Apr
93
Jan
Apr
Feb
Feb
Jan
Feb
Jan
Jan
Lima (City) Peru 614e 1988
Nlendoea (Prov) Argentina
74s
1951
Montevideo (City) 6s 1959
Site Bk of Bogota 7s_1947
New
Mtge Bank of Chile 681931
SItge Ilk of Denmark 5s'72
Mtge Bk of Jugoslav 7s '57
Parana (State of) Bras 713'58
Prussia (Free State) 6348'51
Ext1 Os (of '27) Oct 15'52
Rio de Grande do Sul 78'67
Rumanian Niono Inst 714'59
Russian Governments
834s
1919
1919
61.48 ctfs.
5348
1921
5168 Certificates_ _1921
Saarbrucken 78
1935
Santa Fe (City) Argentine
Republic eat! 7s_
1945
Santiago (Chile) 7s.._ _1949
Silesia (Prov) 78
1958
Switserland Govt 5%81929
89
8934
8,000
99
95
87
873(
9711
9511
78
66,000
81,000
13,000
15,000
40,000
2,000
20.000
88
Jan
7634
9533
944
87
87
96%
9551
7631
90
94
884
884 90
94
94
864 88
13,000
2,000
148.000
88
92
86
Apr
Feb
Apr
934 Jan
97
Feb
904 Jan
844
9333 9334 3,000
66.000
8433 85
91
84
Apr
Apr
97
Jan
8933 Feb
9731
9433
87
96%
1733
17
1733
1633
174
1633
18
184
1831
1834
99
99
99
79%
9931
93
9731
79%
994
17,000
132.000
91,000
173,000
2,000
16,000
95
9751 2.000
34,000
81
20,00
100
93
94
87
87
964
95
75
Apr
Fe
AP
Apr
Mar
Mar
Mar
99
964
94
94
984
97
8234
1233 Feb
1234 Jan
124 Feb
1234 Feb
193(
19
1934
19
Apr
Apr
Apr
Apr
99
Mar 10134 Feb
91%
96
79
994
Apr 96
Apr 100
Apr 85
Mar 10033
Jan
JILD
Jan
Jan
• No par value. I Correction. on Listed on the Stock Exchange this week, where
additional transactions will be found. a Sold under the rule. a Sold for cash.
Option sales. t Ex-rights and bonus. w When issued. x Ex-dividend. p Exrights, s Ex-stock dividend.
"Under the rule" sales were made as follows:
a Amer. Meter Co., Jan. 15 at 128; c Danish Con, Munic, 533s, 1955,
Jan. 18
at 105; p Educational Pictures pref., Feb.6 at 100. u United Milk
Products. Mar.
21, pref. at 81 t Allied Pack. 6s, 1939 April 2 at 59.
"Cash" sales were made as follows:
4 Arkansas Power & Light let & ref. 58. Jan. 22 at 99.
"Option" sales were made as follows: u Schutter-Johnson Candy.
alma •: Mar. Ir
100 at 6.
2790
FINANCIAL CHRONICLE
[VoL. 128.
Quotations of Sundry Securities
Alt bond prices are -and interest" except where marked -I .
Pupil, Utilities
Par
American Gas & Electric...I
1
6% preferred
Amer Light & Tree oxim.100
Preferred
100
Amer Pow & Light
Deb 6s2016
M&S
Amer Public UM com___100
7 V. prior preferred_ _100
Partic preferred
100
Appalachian El Pr pt. 100
Amootated Geo & Elea
15 preferred
/
own'w•nia Pr Corn Dref_100
r
East. Util. Also, core
Cony. stock_
r
Elea Bond A Share pre}.100
General Pub Serv corn_ _ _t
$7 preferred
t
Oen'l Public UM $7 pref_ -t
bilssiseipi 1 Ely Pow preLICO
_J&J
First mtge 5s
Deb 56 1947 1951_MAN
National Pow & Light pref _1
$8 preferred
T
North orate, Pow com..100
100
Preferred
Nor Tnirts Elea CO eem_100
100
Preferred
Ohio Pub /sem 7% prel_100
%6 pref
Prreafie Gas & El 1st pref _ _25
PogesSound Pow& Lt6%P /
t
5% Preferred
1s1 & ref 5345 11149__J&D
Mouth Cal Eileen 8% PL-25
Wand 0& E 7% pr pf__100
Tenn Elec Power 1s1 pref 7%
8% preferred
100
Toledo Edison 6% pi
100
7% pref
W
Pow Corp oref_100
Railroad IMInIPmenko
Chain Store Stock,
Investment Trust Stocks
rtirt
Bid Art
Par Bid
Par Bid
Ask
and Bonds
Par Bid AM
•145 147 Chicago A North West dils.
5.50 5.20 Diamond Shoe, corn
44
47
Atlantic & Pac corn
3312 3612
*10512 106
5.40 5.10
Preferred
Equipment63211
104 108
Preferred
4414 4814
243 247 Chic R I & Pao 4345 & 5s.
5.25 5.00 Edison Bros Stores com____ 2012 2114 Atl & Pac Intl Corp units._
74
77
108 114
5.50 5.20
Equipment 611
Preferred
98 101
Bankers Financial Trust
2
612 -5.60 5.20 Fall Farmer Candy elti Drell *32 35
Colorado & Southern el_..
Bankers Inverrtml Am cow_
161
5.50 5.20 Fed Bak Shops,corn
105% 106 Delaware & Hudson 6s_..
t *712 9
Bankers See Trot Am corn _
18
20
5.30 5.00
50
Prei 7% with warr___-100 90 100
Erie 434s & 54
Baninstocks Holding Corp
20
22
5.80 5.20 Feltinan & Curme Shoe
Equipment o,
9312 98
Bankshares Corp of U S CIA
77
8 84
7
94 98 Great Northern 6e
Stores A corn
5.50 5.20
,*
Bankstocks Corp of Md el A
17
20
106 108
5.20 5.00
Equipment Ss
_100 50 85
7% Preferred__ _
ChM]li
1014 1212
Fishman (H M)Stores corn_
5.20 5.00
Hocking Valley 5o
15
18
Preferred
49
55
Preferred
5.50 5.20
*95
Equipment 6e
99 103
Basic Industry Shares
914 co
5.10 4.90 02 All A pee Tea yes eem _, *335 31 -.
10014 1003 Illhaols Central £945 & 51..
4
Britlah Type investors A._. 6512 87
537
3512
5.20 5.00
Equipment61Preferred
100 114 117
Canadian Bank stocks
25
271Il
Equipment 76 & 6341_
*1312 14
5.20 8.00 Howorth-Snyder Co, A__
13
15
Colonial investor Shares
2718 28%
5.50 5.20 Knox Hat.com
__1 *9175 185
10512 106 Kanawha & Michigan 6g...
Continental Securittes Coro_ 105 109
5.25 5.00
*38 40 Kansas City Southern 5948
New w 1
*1135 150
Preferred
82 85
5.50 5.20 Kobacker Stores cum__ ..1 1
.60 68
Louisville & Nashville 13s_.
*110
Credit Alliance A
40 42
Cum pref 7%
5.20 5.00
*91
94
101 102 106
Crum & Foreter InsuranEquipment03211
6.20 4.90 Lane Bryant Inc corn
104 106 Michigan Central 56 & fie
1 *
shares corn
102 107
__ Minn St P AS8 M 434s A 6* 5.40 5.10
100
7% cum oref
100 120 130
Preferred
10. 02
9412 1612
5.50 5.00 Leonard Fitzpatrick A
Equipment 630 & 7/.....
Diversified Trustee slur_ _ _
257 2133
8
8
5.40 5.10
*107 108
Muller Stores corn
Missouri Pacific 6if & 834!.
30
I *22
Shares 11
22% 233
s
5.20 5.00
& Ohio es
_ _ _ ___ 1011 109 ____ Eastern Bankers Corp eon,
Preferred 8%
*9914 10012 Mobile
25
_ New York Central £141&14, 5.00 4.85 Lerner Stores 63-i% Pref.
15612 157
UnitsEq_ ___ ...
. 145 51
5.50 5.20
Equipment as
108 110
Without warrants
Empire
99 102
uities Corp com A
12
1212
5.00 4.80 Lord & Taylor
Equipment 7s
8
9
100 350 370
Equit Investors6% pf units_ 64
68
5.10 5.00
20
First preferred 6%...._101 98 104
22 Norfolk & Western 1141- -Federated Capital Corp__ 6012 85
5.30 5.00
110 Northern Pacific 7e
101 109 113
New units
108
Second purr,8%
106 113
100 103 Pacific Fruit Express 755.20 4.90 51eLellau Stores6% pref 101
Financial Investing
97 100
2312 26
5.10 5.00 Melville Shoe Corp
First Holding & Trad
*25
27 Pennsylvania RR ea 55 -_
11
13
5.25 5.00
let pre(6% with warr.
.
*99 102 MUD & Lake Erie 6945.._101 105 _ _ First Investment. A pref
44
49
5.00 4.90 Mercantile Stores
Fixed Trout Shares
*85
88 Reading Co 444s & 55
223 231s
8
5.20 5.00
___ St Louis & San Francisco Ile
10C 103
Foundation Sec coin
1001
Preferred
1012 12
65 Seaboard Air Line 5345 A Si 8.00 5.50 Metropolitan Chain Stens._
General Trustee common
*55 423
28
5.10 5.00
10812 11012 Southern Pacific Co 1.34a...
New preferred_ __
100 119 123
New units
70
75
Equipment 75
5.25 5.00 Miller (I) & Sons corn_ __I *49
106 107
6% bonds
51
90 95
5.20 5.00
Oreenway Corp corn
98 100 Southern RY 6%a &0
Preferred 6 A% •
101. 93 97
2312 2512
Equipment 66
5.50 5.20 Mock Judson & Voektriger pf 101 105
5412 5612
Preferred (w w)
102 105
Guardian Investment
109 11012 Toledo & Ohio Central Bs.. 5.50 5.20 Murphy (0 C) Co corn_.* *98 103
27 ---Preferred
10414 110 Union Pacific?,..........5.25 5.00
8% cum pref
101 105 110
28 ---Aeronautical Securities
Guardian Investors
Nat Family Stores Inc warr 12
18
15
20
Aeromarine-Kleinm
5
5
7
Nat Shirt Shops, corn
1 *14
1812
6%
90 100
Short Term Securities
Aeronautical Industries_ . 22
2312
83 units
Preferred 8%
100 85 90
42 50
12
Air Associates
14
Harvard Financial
Nat Tea 612% prel
10C 101 105
60
62
I 519
Allle Chal Mfg, 5e May '37_ 100 10014 Air Investors corn
22
18
19
theOrp.rateci Nq llitles
Nedtek's Inc corn
4912 _
Allim Co of Amer.5s May'52 10114 1013
38
Preferred
40
Incorporated Investor!
Neisner Brea Inc corn
4
6412 / *152 155
67
Amer Rad,deb 410,May'47
4
50
52
97 973 Airstocks Inc
Insuransbaresser A
Preferred 7%
100 200 210
263 2814
4
Alexander Indus corn _
Am Roll 01111 deb 5s, Jan '48
I
163 1714 Newberry (.1J) Co 2om
Series Ii 1928
4
9512 96
*120 123
213 2314
4
Anglo-And 011 432e, July '29
Series C
8%'participating pref.... *85 91
983 993
Preferred 7%
4
4
100 103 106
273 2914
4
Amer Aeronautical
Auer% Cop Mln 15t cons 6s
23
25
Series F
NY Merchandise corn......l *3812 40
31
3212
Feb. 1953 10414 10412 American Airports Corp _ ....1
75 82
Seriee 13
First pref 7% _ _
100 102 106
243 281g
4
Batavian Pete 434,....1942 914 9112 Amer Eagle Aircraft
Inter Germanic Tr new
8
10
Penney (J C) Co new_ _100 124 127
226 231
Bell Tel of Can 55 A _Mar'55 10012 10112 Aviation Sec Co of NE
lilt Sec Corp of Am corn A. 61
17
18
Peoples Drug Stores corn..1
64
Beth St15% notes June 1529
2 4 314
3
9914 100 Beach Aircraft
Common B
6 A % cum pref
IOC 114 118
32 36
Beo 5% notes_June 15 '30
9912 isellancanircraft Corp, trea
1712 1814 Ping's-Wiggly Corp
Allot Ws
99
152 157
1' *4712 5012
9512 9912 Berliner-Joyce Alreraft
Bee 5% notes_June 15 '31
18
21
Preferred 8%
n A % preferred
100 103
91
99
10
12
Bet 5% notes_June 15 '32 9812 9912 Central Airport
91
96
6% Preferred
Reeves(Daniel) Preferred
9012 9414
Oom'i Invest Tr 5s_May '29
98 100 Cessna Aircraft new corn- 27
29
Hollers Peet Co corn _ _ _100 135 145
Invest Co of Am core
47
50
Preferred
97 99
May 1930
100 110
6% notes
7% preferred
95
94
Safeway Stcres pref
95 100
Due Pkg.deb 5346.0et 1937 977 9814 Claude Neon Lights
360 370
Series A units
Saunders(Clarence),corn B. 3412 3712
8
164
Ounard HS Line 4345 Dec'29
New w 1
40
41
57
Investment Trust Of N Y_. 1214 ii08a4 9912
Schiff Cocoa,
1 553
Consolidated Aircraft
Ed El 111 Boat
30
Invest Trust Associates_ _
32
.
Cum eon, pref 7% _ _ _10C 115 118
47
52
432% netes
24
Nov 1930 9838 9918 Consolidated Instrument_ _ I
25
78
Investors EquItY
Sliver (Isaac) & Bros corn., *76
50
58
Empire Gas & Fuel Ere
Crescent Aircraft
10
Joint Investors class A
12
7% cum cony pref....100 115 119
48
51
June 1929-30 9712 9938 Curti'Flying Service24 2412 Southern Eltores6 unIta
75
Convertible preferred
107 108
Fla Rub 534e___Jan 1931
Joint Sec Corp13
94 9434 Curtiss-Robertson Airplane
6
*4
-U S Stores corn clues A _ _ _ 1
120 126
Deni Mot Accept.
112 120
Units
Kent Securities Corp corn_ 110 114
i
*212 4
Corn clam 13
6% serial neras__Mar '30 957 9938 Curtise Assets
8
30
35
60
Preferted
55
1s1 preferred 7%
.10(
100 102
5% aerial notes_Mar '31
9712 114812 Curtiss Reid pref
3012 32
Young(EdwinO)Drueunits - 9912 101 Keystope Invest Corp notes_ 147 149
9612 9712 Fairchild Camines Engine_
6% serial notes__Mar '32
55 85
Masaaehusetts Investors
standard on Semi
51% 5438
8
5% serial notee_Mar '33 9614 9714 Fokker Aircraft
35
3512 ii.oglo-Amer Olivet stock_ Si •163 i658 Mohawk Invest Corp
5% serial notes__Mar '34
20
1512 Motor & Bankstock Corp .... 12
Preferred
23
9512 9612
gi •I4
Non-voting stook
14
6% aerial notes_Mar '35
22 23
9414 9512 Great Lakes Aircraft
8
Atlantic Retg mon bew 25 *6112 617 Mutual Investment Trust
12
13
9312 9512 Haskelite Mfg
6% serial notes_Mar '36
30
100 114 115
New England Invest Trust_
34
12
_
Preferred
Gull 011 Corp of Pa deb 5s
Heywood Starter Corp_ _ _
.
27
Old Colony Invest Tr corn... 24 16
30
25 .3612 40
Borne Scrymeer Co
Dec 1937 100 4 10114 Kreider-Relener Aircraft
50 57
3
4 '-.2 % bonds
Buckeye Pipe Line Co-_ _60 56812 70
88 92
Deb 51
Feb 1947 100 4 10114 Lockheed-Vega2 Cheeebrough Mfg Cona_21. •165 170
171 191
2
Investing Corp corn_ 32 35
Paellaes
Hoppers G & Coke deb Ers
Gas
Maddox Air lines corn....
13
Second Internet Sec Corp
15
10 52238 23
Continental 011 TIC
5112 5414
June 1947 100 10012 Mahoney-Ryan Aircraft_
18
23
Com B
65
Cumberland Pipe Line__100 61
22
25
NIag Pet 4)4e_Feb 15'30-'35 94
Mohawk Aircraft
9934
10
15
63
8% preferred
59
Eureka Pipe Line Co_ _11X
44
47
Mar 011 5e. notes June 1530 97
Mono Aircraft
98
10
14
8
Shawmut Ilk by Truet
6
Galena Signal 011 oom..._106
46
48
4
9484 951
Serial 5% notes June 1531
Preferred
30
35
80
430.
Preferred old
100 76
1942 90 93
Serial 5% notes J une 1532 94
95 - Moth Aircraft Corp Unite 19
21
80
55 11152.
Preferred new
100 78
95 99
Common
Mass Gas Coe.5 AsJan 1946 1038 10412
4
10
14
Humble Oil & Renning___25 *1123 113
4
Southern Bond & Share
Pacific Mills 534s___Feb '31
96
98 National Air Transport__ 660 710
Illinois Plpe Line
Corn & allotment MN ____ 30 34
100 320 335
New
Peoples Gas L & Coke 434s
Imperial 011
13 pref allotment ctfe6
35 3
5 5114 11512
- 48 50
Dec 1929 & 1930 98 9912 Nat Aircraft Mat'is Corp__
14
15
New
*29
2912 Stanuard Investing Corp__
35
39
Frost & Climb.4As July '47
National Aviation
9512 98
1 7014 711 Indiana Pipe Line Co_ _60 •x88
4
92
532% preferred w w
100 103
Sloes She( Sal tic Ir 6s Aug '29
9812 9912 North Amer Aviation
1512 1612 International Petroleum.._t 53 5312
5% bonds w w
126
Pollak Mfg
Swift & Co 5% notes
612 712
New
x27
29
State Bankers Financial.... 18 21
9912 091 Scenic Airways common
4
Oct 15 1932
312 5
National Transit Co_12.50 *2414 243 Trustee Stand 011 She
4
1418 141
Cho NJ RR & Can 4e Sept'29
99 9912 Stearin= Aircraft corn 4 ___• 110 120
New York Transit Co___100 78
80
United Founders Corp corn_
3014 3214
Stinson Aircraft corn
Wise Cent 5e
97 98
Jan '30
17
19
Northern Pipe Line Co_100 50 57
13 d Shares Mass A
1418
Swallow Airplane
12
1312 Ohio 011
25 *69
Class A 1
70
136 -8 1615
Travel Air Mfg New
Tobacco Stocks Pa?
4712 49
Penn Mex Fuel Co
25 *3012 3212
Class C 1
35
U B Air Transport
10
12
Prairie Oil& Gas
35 *5938 60
Class C 2
363 -,
4
imerican Cigar corn_ _ _.100 133 138 United Aircraft w I
97
98
Prairie Pipe Line
5884 5914
317 305
8
Class 08
Preferred
100 106
80 81
Preferred
Solar Refining new
*42 44
Clam D
18
Universal Aviation
31
dritish-Amer Tobae ord._ al *29
1712 1812 Southern Plpe Line Co......50 *19
20
U S & Brit Internal el B
16
-Warner Aircraft Engine new 22
31
Al *29
23
Bearer
South Penn 011 new
58 59
Class A
34 37
Western Air Express, new.. 57 58
32
Imperial Tab 010 B & Deed *30
S'weet Pa Pipe Lines, new
*63 65
4114 4414
Preferred
Water Bends.
int Cigar Machinery new100 198 115
Standard 011 (Californhi)--1 •763 77
4
U S Elec L & Powr
41
43
Arkan Wat 1st 5e'56 A.A&O 9412 96
65
55
rohnson Tin Foil & Met_100
Standard 011 (Indiana)
5912 596s U S dr Foreign Sec core.... 49
51
Won WW 1st 5 AeA'64..A&O 10114 10234 standard Oil (Kansas)
20
17
3tand Commq clam B ---25 *1918 1914
91
89
Preferred
let M 58 1954 ser B J&D 9712 98
6
7
Standard 011 (Kentucky)._
Dion Cigar
*395 40
8
sinner
Union Tobacco (De Com__ *1012 12 CIty W(Cluitt)532VIMAJAD 101 103
Standard 011(Neb)
SO • __ 2
26 *4814 49
Caracas Sugar
la M 55 1954
64
J&D 94 -___ Standard 011 of New Jer_26 *577 5818 Fajardo Sugar
*58
()lase A
89
100 87
Standard 011 of New York.25 •4214 421 Godchaux Sugars,Ins
30
Voting (.1 5) CO oom -100 107 ____ City of New Castle Water
t *25
8
J&D 1 94 ____ standard 011 (Ohio)
5e Dec 2 1941
100 104
Preferred
90
100 85
25 *12314 12412
Preferred
Clinton WW 1st trit89_F&A 94 .....
Preferred
14
'10
100 116
19
Hayden Corp Amer
Com'w'th Wat lot 53MAM7 100 102
Swan & Finch
ladue. A Miseell
25 *15
17
Irony sugar ki.e11) Corn-f *33
39
COnlIC1111S W ersOct2•39A&01 95 .... Union Tank Car CO
00 80 84
Preferred
45
25 *140
70 E St L & Int Wat 5e'42.J&J 92 94
vacuum Oil(New)
41
26 •68
imerican Hardware
100 40
Sti* 125 128
National Sugar Ref
J&J 100 102
let M Se 1942
100 119 120
Investment Trust Stocks
28
3ab000k A Wilcox
100 23
New Niquero Sugar
and Bonds
31155(E W)Co
t *117 120
*4212 43 Huntington 15t65 '54.M&S 100 102
t
Savannah Sugar oom
1954 93
55
Allied Internal Investore_t x106 110
Preferred
60 *60
100 110 114
Preferred
Mid States WW 68'86 MAN 100.... Amer Alliance Invest
21
Sugar Estates Oriente p1.200 19
58
Dhilda Company Pref..-100 105 108
63
Amer Bond & Share com_10 2812 3114 Vertientes Sugar pf
den:rules Powder new
100 40
• 109 115 Monm Con w lot68.66Aa&D 90 92
50
95 97
Amer Brit A Con* corn
Preferred..._100 117 120 Monm Val WI 534e -150_J&J
Rubber Stocks (Ckrelatui
2012 21
Intermit Silver 7% Pre:
1714
6% Preferred
.100 114.._ M1U1Cirt WW 5e 0M2'39 A01 94 __ _
Aetna Rubber common--t •15
86 88
Phelps Dodge Cern new _Amer Clt Pow & L units.- 63 65
712
7
t•
612 St JOseph Water lie1941A&O 9612 97
76 -Falls Rubber corn
95
Am 6, For Sh Corp unite_ __
25 *11
linger Manufacturing_100 570 590 Shenango ValWat 5ci'56A&O 92
Preferred
173
83 85
linger Mfg Ltd
Common
____ MA So Pills Wat let 51 1960 JA.1 9512 9612
t *3212 36
el
Faultless Rubber
40
38
FAA 96
let M ade 1955
Firestone Tire & Rub oom.10 *270 285
594% cony debs
1938 97 08
Railroad Equipments
Amer Founders Corp 00u1 __ 9512 98
Ter H W W 011'49 A J&D 100 103
100 10814 110'
6% Preferred
6% preferred
let M 5a 1966 ger B FAD 94 ____
100 1083
4
7% preferred
48
45
Mantic Coast Line 61
50.... General Tire & Rub eom__25 *260 285
7% preferred
5.50 5.20 Wichita Wet Ist tie Mcd_M&S 100 103
Equipment6 As
Preferred
1401115
1st M rer 1958 ear B-FAA 94
100 __ -- 100
5.25 5.00
67c 70o
3altimore & 01110 60
Goody'r T & II of Can 01.100 r 108
Chain Store Stocks
Amer & Gen' See. Unite
5.50 5.20
109
75
72
Equipment 430 & U.__
Class A
India Tire & Rubber
t 55
5.20 5.00 Berland Stores units new.. 100 105
34
60
30
3uff Roth & Pitts equip 68Class B
5.50 5.40 Bohack(H C) Inc tom....? *8312 67
1012 1212 Mason Tire & Rubber ooM-t •-- -- Mnadlen Pacific AAR & Se
100 102 105
Amer Internet Bond & dh
5.40' 5.10
100
7% 1st preferred
Si)
47
Preferred
*812 1012 Amer az Scottish Invest
',antral RR of N J Si
70
Miller Rubber preferred_100 75
- 5.50 5.20 Butler(James) corn
29
26
300 40 50
7,beespeake & Ohio 61
Mohawk Rubber
Amor Financial class A
Preferred
5.50 4.20
100 80 1[6311
50
47
Equipment6 As
Preferred
Class B
100..... 90
5.20 5.00 Coneol Ret Ste, 8% pf with
14
10
100 112 ____
Equipment /is
Selberling Tire & Rubber..? *48 450
warrants
5.29 5.00
Preferred
160 108
.. 0
r Na nac eel... e RA11111_ 4 Purchase...also nave accrued dividend. 8 Last Bahia •Nominal. a Ex-dividend. e Ex-righte. r Canadian quotation. 8 sale ono
Myatt luttritatte.
Xnuestutent anti
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third
week of April. The table covers three roads and shows
11.58% Increase over the same week last year.
Third Wee* of April.
Increase. Decrease.
1928.
1929.
Canadian Pacific
St Louis Southwestern
Western Maryland
$
3,942,000
482,300
350,414
$
3,505.000
443,753
337,771
$
437,000
38,547
12.643
Total (e roads)
Net increase(1148%)
4,774,714
4,286,524
488,190
498.100
8
In the table which follows we complete our summary of
-the earnings for the second week of April.
Second Week of MIMI.
1929,
Increase. Decrease.
1928.
$
7,997,265
23,000
299,976
466,400
3,724,847
337,771
13,704,380 12,849,259
Previously reported (3 roads)
Georgia & Florida
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
Total (8 roads)
Wet Increase (6.65%)
$
t
713,944
8,000
36,038
4,600
92,164
375
855,121
$
8,711,209
31.000
336,014
471,000
3,817,011
338,146
SISK 191
In the following table we show the weekly earnings for
•
number of weeks past:
Per
Cent.
Increase or
Decrease.
PT8140U8
Year.
Current
Year,
Week.
5
s
s
15,877,441
15.642,128
15.776.100
12,177,506
11,317.960
12,137,810
12,780.980
19,183.384
12.955,515
13.630,111
13,368,601
14,482,134
13,838,516
14,087.158
14,485,650
19,580.198
14.258,006
13,704,380
4,774,714
iss week Dec. (12 roads)
2d week Dec. (12 roads)
8d week Dec. (12 roads)
4th week Dec. (10 roads)
let week Jan. (11 roads)
2d week Jan. (11 roads)
3d week Jan. (10 roads)
6th week Jan. (11 roads)
1st week Feb. (11 roads)
24 week Feb. (11 roads)
ad week Feb. (11 roads)
4th week Fe',. (11 roads)
lit week Mar.(11 roads)
2d week Mar.(11 roads)
id week Mar.(11 roads)
(
4th week Mar. 9 roads)
lit week Apr.( 9 roads)
2d week Apr.( 8 roads)
3d week Apr.( 3 roads)
14,501,895
14.280.804
14,365,208
12,061.018
11.212.753
12,721.605
12,905.285
18.082,346
13,296.256
13,598,284
13,226,590
15,431,548
13,385,303
13.715,106
13,818,627
20.378.281
13,394,590
12,849,259
4,286,524
+1,175,546
+1,361,324
+1,410.892
+118.488
+105,207
-593,795
-124.303
+1,101,038
-340,741
+31,827
+142,011
-949,414
+453.213
+372.052
+667.023
-708.083
+863.416
+855,121
+488,190
9.49
9.53
9.82
0.96
0.94
4.60
0.97
6.08
2 56
0.23
1.06
6.15
3.38
2.70
442
3.93
6.45
6.81
11.58
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class 1 roads in the country.
Oren Earnings.
Length of Road.
Month.
1927.
1928.
Jan
February
March
April
May
June
July
August
September
October
November
December
January
February
(+)Or
Dec.(-).
486.722.646
468.532,117
630.643.758
497.865,380
618,569,718
616,448,211
508.811.786
556.743.013
564,421.630
579.954,887
503.040,776
458.660,736
1928.
457.347.810
458.487,911
456.520,897
455,681.258
504.233,099
473.428.231
609,746.395
501.576,771
512,145.231
556.908,120
554.440,941
616,710,737
530.909,223
484,848.962
1929.
486.201,495
474,780.516
1928.
-30.161,749
--12.850,859
-26.410.659
-24,437,149
--8.823.323
-14.871.440
4-3.333.445
4-165,107
--9.980,689
-F36,755.850
+29.968.447
+26.188.216
4.29,853.685
+18,292,585
Net Earnings.
1927.
Miles.
Mlles.
239.476 238,608
239,684 238.731
239.649 238.729
239.852 238,904
240.120 239.079
240.302 239.066
240,433 238.906
240.724 239.206
240,693 239.206
240,661 239.602
241,138 239.982
337.234 236,094
1929.
1928.
240.833 240,417
242,884 242,668
•
Ise. (4-) or Let. (-)•
Per Cent.
1927.
Amount.
99,549,436
107.579.051
135.874,542
113,818,315
126,940,078
129.111,754
126,700,631
164.087.125
178.647.780
181.084.281
127,243.825
87,551,700
1928.
94,151,973
108,987.455
5.558.796
+541.678
-4.034.267
2.910,862
+840,317
1,827.387
+11,711,856
+9,836.659
+1.171.331
+35.437.734
+29.896,691
+46.192.048
-6.58
+0.50
2.96
-2.58
+0.66
1.41
+9.32
+5.99
+0.96
+19.56
+23.49
+52.74
+23.578,218
+17,381.393
+25.04
+15.95
5
January
February
March
AMU
May
June
July
August
September
October
November
December
January
February
93,990.640
108.120,729
131.840.275
110,907,453
128,780.393
127.284.367
137.412.487
173.922.684
180.369.111
216.522.016
157.140.616
133,743,748
1929.
117,730.186
128,368,848
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross, net earnings and net after taxes
reported this week to the Inter-State
for STEAM railroads
Commerce Commission:
-Oress.frons Raftwaa -Net from &lifting- -Net after Taxes
1929.
1928.
1928.
1929.
1928.
1929.
s
s
s
s
s
$
Akron Canton & Youngstown
150,932
96,802
282,465
83,360
131,911
331.631
March
423,627
251,374
777.256
362,967
210.757
Brom Jan 1_ 945,868
Terminal
Brooklyn B D
49,497
57,993
41,0
47,530
138,647
125,492
March
152,325
156,622
127,060
129,485
373,756
From Jan 1_ 352,882
Buffalo Roth & PUta6243,544 6264,570
1,432,000 1,449,876
March
b731,021 6747.135
From Jan 1_ 4,208,277 4.200.569
Buffalo & Susquehanna-639,184
617,714
137,921
March
155,970
b147.275
653,903
408,139
From Jan 1_ 485,349
()antral RR of N J
8469.283 8673.708
March
4,526,139 4,664.875
81,870,712 81,715.479
From Jan 1_13,496,313 12,923,940
-Chesapeake & Ohio Lines
March
10,311,909 10,279,167 3,176,054 2,988,520 2,481,445 2.318.130
From Jan 1_31.332.792 29,772.382 10,092,065 8,179,230 8.008.507 6.169,655
Chicago & East 111
6165,433 12221.608
March
2,065,061 2,191,940
From Jan 1- 6.218.267 6.232.614
,..,-, N94,126 b343,T3T
•
$
2
8
Chic Milw St Paul & Pats
62,193.300 63.367.286
13.722,122 14,231,148
March
66,046,370 b7,138.668
From Jan L38,707,485 28,894,359
Chicago & Northwestern
81,220,696 61,432.362
11,622,611 12,082,737
March
63,030,383 b3,695,322
From Jan 1_33,421.516 33,478.839
Chic Rock Island Lines
61,749,036 1,2.166.983
12.016,903 11.711,292
March
b4,598,143 115,069,281
From Jan 1-34.897,171 32,928,240
Chic St Paul Minn & Omaha
6199,186 1,324.330'
2,095,561 2,300,714
March
6321,605 6584,880
From Jan 1_ 6,136,557 6.523,675
Delaware & Hudson
225,498
332,762
812,998
421,762
3,154,000 3,054,723
March
562,774
827,003 1,205.468
From Jan 1_ 9,547,789 8.959,764 1.472,925
Delaware Lack & Western
6917,000
6826,000
6,142,000 6,348,000 ,
March
63,335,000 62.575.000
From Jan 1_19,304,000 18,380,000
Erie Railroad
9.396,012 8,944,855 2,054,991 1,842,461 1,572,898 1,478,683
March
From Jan L26,984,192 24,913,613 5,832.072 4.131.688 4,538,658 2,026,107
Chicago & Erie
467.959
669.750
519.703
725,855
1,422,864 1,263,166
March
From Jan L 3.853,590 3,454,657 1,754,887 1.216.455 1,586,548 1,061.357
Florida East Coast
6874,000 6381,000
2.034,000 1,687,000
March
1,1,925,000 61,025,000
From Jan L 5,240,000 4,796,000
Great Northern
62,837,326 61,507,228
10,077,074 8.602,668
March
63.554,168 82.982.681
From Jan L24,904.971 22,998,174
Gulf Coast Lines
6380,796 6369,446
1,569,762 1,526,681
March
13816,371 6764,384
From Jan 1_ 4.183,910 4,045,569
Internat Gt Northern
6131,392 13119,637
1,577,591 1,48.8.476
March
6332.344 6274,158
From Jan 1_ 4,557,959 4,274,641
Kamm Okla & Gulf
56,695
117,908
68,005
137,9137
247.270
297.762
March
219,859
347.746
252,382
408,284
745,143
From Jan 1_ 891.780
Lake Terminal
-6,302 -18.053
-1,275 -13.528
78,674
71,305
March
-8,931 -37,430 -24,008 -49,256
225,740
From Jan 1_ 212,972
Lehigh Valley
761,574
900,823
5,630.021 5.424,920 1,182,041 1.024,527
March
From Jan 1_16,594,659 15.556,181 3.564,477 1,791,634 2.693,911 1.158.918
Midland Valley
100.947
810,021
117,236
96,849
281,887
253,463
March
801,617
312,363
352,779
361,774
831,038
From Jan 1.. 852,492
Minneapolis & St Louis
b70,000 6134.000
1,190,000 1,294,000
March
6130,000 6120,000
From Jan L 3,439,000 3,462,000
Missouri Pacific
b1,740,719 1,1.673,790
11,442,570 11,042,137
March
1,5,193,292 64.693,534
From Jan 1_32,767,675 31.266,411
Mobile •Ic Ohio
306,028
275.613
389,283
355,509
1.474,768 1,573,384
March
683,171
685.155
935,023
845.873
From Jan 1_ 4,133,485 4,300.009
Monongahela Connecting
27,647
73,033
33,525
85,836
155,059
234,511
March
62.937
143.489
82,154
174,253
449.363
From Jan 1_ 621,314
Montour
26,870
14,070
28,370
15,570
117,408
126,560
March
79.749
125.429
84,248
129,929
350,633
From Jan 1_ 454,598
New York Central
4,652,701
31,931,768 31,196,639 24,778,258 24,072,075 4,775,653 11.972,925
March
From Jan 1_92,699,283 88.172,626 72,096,807 69,147,862 13,227,931
New York Chicago & St Louis
938,404
4,955,708 4,543,451 1,642,300 1,200.647 1.356,500
March
2.015,878
From Jan L13,702.018 12,989,638 4,075,797 3,431,032 3,307,084
N Y Ontario & Western
23,656
16.541
73,673
61.589
828,263
829.682
March
49,709 --95.713
54.553
184.758
From Jan L 2,508.776 2,310,722
N Y Susq & Western
29.895
74,101
59,245
105,653
389,720
411,037
March
64,452
215,921
152,556
309,482
From Jan 1_ 1,245,318 1,137.275
Manta.
1928.
2791
Taxes
Grassfrom Railwag- -Net from Railway- -Na after
•
Norfolk Southern
231,074
164,872
280,583
216.420
863,692
752,930
March
501,131
299.590
649,001
452,080
From Jan 1_ 1,964,675 2,263,756
Western
Norfolk &
3,121,130 62,614,682 62,525.513
8.665,466 8,636,824 3,189,649
March
685,155
583,171
935,023
845,813
From Jan 1_ 4,133,485 4.300,009
Norfolk & Western
8.665,466 8,636.824 3,189,649 3,121,130 62,614,682 122,525.513
March
From Jan 1_26.927,067 24,189,326 10,277.681 7.967,678 68,014,073 66.174,167
Northern Pacific
61,858,341 132.257,347
7,831,859 8.142,610
March
63,365.679 64,160,531
From Jan L20,584,827 21.298,724
Pere Marquette
61,018.508 13844,085
3.639,696
3,958.798
March
62,481,618 1,1,796.906
From Jan L10,858,663 9.712,025
Seaboard Air Line
5.892.056 5,511.506 1.803.424 1,694,224 1,449,137 1,373.701
March
From Jan 1_16,403,599 15,773,511 4,635,228 4,169,953 3,607,885 3,206,819
Southern Ry. System
16,052,559 16.493,796 3.024,837 4,962,739 2,100.245 3,943.908
March
From Jan L45,888.429 45,970,658 16,772,439 12,280,688 7,829,981 9.315,660
Southern Ry. Co
12.082,582 12,589,788 3,123,113 3,813,073 2.359,155 3.040,184
March
From Jan L34.543,763 35,006,844 8,923,937 9,456,818 6,655,105 7,196,994
Alabama Gt Southern
204.775
239,032
263,088
299.426
878,151
893,880
March
426,501
489,702
580,772
675,275
From Jan 1_ 2,461,997 2,400,739
Chichi New On & Tea Pat.
508,798
602,716 -677,419
1,748,460 1.824,499 -678,645
March
78,846 1,193.226
276,293 1.468,722
From Jan 1_ 5,316,117 5,154.869
Georgia South & Fla
20,592
36,181
43,466
61.268
414,047
452,896
March
62,203
72,423
128,637
143,621
From Jan 1_ 1,181,823 1,189,145
New Orleans & Northeastern
123.134
157,495
168,955
205,977
488,401
534.873
Match
298,025
349,925
432.031
494,362
From Jan 1_ 1,402,135 1.364,778
Northern Alabama
23,774
28.832
30,174
37,832
102,196
102,894
March
52,907
112,032
72.162
134,502
276,743
From Jan 1_ 319,455
Virginian
1,531,025 1,558.758
March
From Jan 1_ 5,025,500 4.868,190
Wheeling & Lake Erie
1,706.700 1,640,756
March
From Jan 1_ 4,915,329 4,175,061
b Aft7er rents.
b619,460 6455,303
62,213,362 61.725,225
b3/15t,6T3
b1,645061
6299,279
b751,562
Other Monthly Steam Railroad Repprts.-In the following we show the monthly reports qf STEAM railroad
sti
companies received this week as issue by the companies
themselves, where they embraces ntr;re facts than are required in the reports to the Inter•!State Commerce Commission, such as fixed charges, &O,, or where they differ in
some other respect from the reports to the Commission.
2792
FINANCIAL CHRONICLE
[Vox,. 128.
Ann Arbor.
National Railways of Mexico.
-Month of March- -Jan. 1 to March 31-Month of January- -Jan. 1 to Dec. 311929.
1929.
1928.
1928.
1929.
1928.
1927.
1928.
S
$
Pesos.
$
$
Pesos.
Pesos.
Pesos.
Operating revenues
576,105
527,913 1,565,344 1,418,179 Gross earnings
9,308,500 9,255.861 112624,723 111056,003.
Operating expenses
401,865
380,672 1.131.318 1,069,441 Operating expenses
7.652,299 8,294.624 99,903,467 104448,240'
Net railway operating income 117,239
270,987
204,382
97,276
Gross income
Net earnings
120,034
279.021
211,746
99,862
1,656,201
961,236 12,721 255 6,607,762
Net corporate income
Percentage exps. to earnings_
82,258
165.871
54.968
79.034
82%
89%
g8%
94%
Kilometers
11.395
11,803
Erie Railroad Co.
(Incl. Chicago & Erie RR. Co.)
-Month of March- -Jan. 1 to Mar.311929.
1928.
1929.
1928.
$
$
$
$
Operating revenues
10.818,875 10,208,022 30,837,781 28,368.270
Operating expenses and taxes 8,576.228 8,261,380 24,712,575 24,280,806 Operated mileage
Operating income
2,242,647 • 1.946,641
Hire of equip. & joint facility
rents
-Net debit
346,139
331,178
Net railway oper.income 1,896,507 1,615,462
Non-operating income
275,396
358,709
Grossincome
2,171.903 1.974,172
Interest,rentals,&c
1,218,505 1,221,726
Netincome
752,446
953.397
6,125,205 4,087,463
1,137,423 1,108,617
4,987,782 2,978,846
820,771 1,073,210
5,808,553 4,052.057
3,665,714 3,690.285
2,142,839
361,771
International Railways of Central America.
St. Louis-San Francisco.
(Including Subsidiary Lines.)
-Month of March- -Jan.1 to Mar.311929.
1928.
1929.
1928.
5,819
5,561
5,542
5,819
Freight revenue
Passenger revenue
Other revenue
5.618,721 5,542,422 15,875,598 15,790,331
851,617
926,193 2,663,305 2,880,975.
561.900
541,112 1,573,129 1,477,384
Total operating revenue_- 7,032,239 7,009.728 20,112,033 20,148,691
Maint. of way and structures 1,008,527
791,972 2,553,300 2,337,691
Maintenance of equipment- - 1,378,427 1,385,901 3,877,100 4,130,764
Transportation expenses__
2,398,077 2,431,222 7,177,785 7,137,131
Other expenses
349,080
290,717 1,057,560
920,529.
Total operating expenses.. _ 5,134,112 4,899,812 14,665,747 14,526,117
Net railway operating income 1,535,137 1,716,705 4,412.354 4,536.019.
-Month of March- -Jan. 1 to Mar. 31Bal. avail,for interest
1,678,425 1,992,093 4,839,537 5,178,626
1929.
1928.
1929.
1928.
Gross revenues
638,542
846,373 2,597.588 2.420,330 Surplus after all charges
857,476
587,534 1,705,202 1,205,345.
Oper. expenses and taxes_
422,241
468,250 1,307,124 1,352,733
Inc. applic. to fixed charges.... 435,235
378,123 1,290,464 1.087.597
Seaboard Air Line Railway Co.
-Month ofMarch- -Jan. 1 to Mar.31Interoceanic Railway of Mexico.
1929.
1929.
1928.
1928.
$
-Month of January- -Jan. 1 to Dec. 31- Total operating
revenues_ _ 5,892,056 5,511,506 16,403,599 15,773,511
1928.
1929.
1928.
1927.
Total operating expenses..... _ 4,088,632 3,817,282 11.768,371 11.603,558.
Pesos.
Pesos.
Pesos.
Pesos.
Gross earnings
1,093,128 1,063,508 12,359,416 11,563,597
Net revenue
1,803,424 1,694,224 4,635,228 4,169,953
Operating expenses
1,044,772 1,079,959 12.272,723 13,576,232 Taxes & uncoil.
ry.revs
320,513 1,027.372
354,286
963,134
Net earnings
48,355 -16,451
86.692-2,012,634
Operating income
1,449,137 1,373,701 3,607.855 3.206,819'
Percentage exps. to earnings..
101
95
117 Equip.& it.fac.rents, net
99
dr. 247,372
Kilometers
387,742
157,901
596,702
1.644
1.646
Net railway operating Inc_ 1.201.765 1,215.800 3.011,153 2,819,077
Maine Central Railroad.
Other income
78.436
152,033
583.093
312,694
-Month of March- -Jan. 1 to March 31Gross income
1,280,201 1,367.833 3,323,847 3,402,170
1929.
1928.
1929.
1928.
Int. and other fixed charges
$
$
$
$
(excl. of int. on adj. bonds) 928,439 1,036,187 2,787,595 3,001,983
Freight revenue
1,188,616 1,289,039 3,506,913 3,798,626
Passenger revenue
724,935
275,393
257,372
803,249
Balance
351.761
536,251
331,666
Railway operating revenues_ 1,592,750 1,708,532 4.630,245 4.997,454
400.186
Surplus after charges
168,749
147,257
71.850
305.658
Minneapolis St. Paul & Sault Ste Marie Ry. Co.
Southern Pacific Lines.
-Month ofMarch- -Jan. 1 to Mar. 311929.
1928.
1929.
1928.
-Month of March--Jan. 1 to Mar. 31$
$
$
$
1929.
1928.
1929.
1928.
Avge. miles ofroad operated..
13,613
13,512
13,613
13,508
Revenues$
Freight revenue
$
$
$
1,706,407 1,768,478 4.691,425 4.842,085 Freight
19,229,278 17,943,854 53,229,199 493A4.226
Passenger revenue
144,627
630.795
209,188
709,445 Passenger
4,237,224 4,161,200 12,227,066 12.172,061
All other revenue
180,952
167,845
472,899
474,395 Mall
450,382
360,515 1,265,112 1,063.953.
Express
619.920
572,892 1,535,578 1,429,558
Total revenues
2,068,880 2,158,619 5,795,120 6.025.927 All other transportation
774,234
701,238 2,202,129 2,049,576
M.of W.& 8. expenses
282,154
792,206
273,551
794,434 Incidental
665,453
581,516 1,927,990 1,698,892
Maintenance of equipment.. 477,077
476,702 1,362,275 1,356,555 Joint facility-Cr
38,159
46,551
93,344
88,655
Traffic expenses
45,182
43.498
127.008
128,065 Joint facility-Dr
--124,330 --124,080 -345.230 -333.196
Transportation expenses._
786,054
814,554 2.392,467 2,399,060
General Expenses
76,355
75.422
204,852
216,323
Ry. operating revenues__ _25,890,322 24,243,689 72,135,191 67,313,728
Total expenses
Expenses1,666,824 1,683,729 4,878,810 4,894,439
Net railway revenues
Maint. of way
402,055
474,889
916,309 1,131.487 Maintenance and structures 3,390,888 3,182,943 9,411,887 9,196,257
Taxes & uncoil. ry.revenue- 158,301
of equipment 4,599,289 4,379,710 13.296,949 12,629,352
128.969
383,843 Traffic
450,749
586,736
640,977 1.868,902 1,885,110
Net after taxes
8,640,416 8,344,857 25,158,498 24,334,581
Cr243,754 Cr345,920 Cr465,560 Cr747,644 Transportation
Miscellaneous
Hire of equipment
469,189
397,792 1,326.703 1.141,809'
Dr8,554
Cr5,394 Cr13,720
Cr2,820 General
Rental of terminals
879,251
951.221 2,812,961 2,917,045.
Dr7,239
Dr6,809 Dr24,906 Dr25,154
Transp. for Investment-Cr_ -134,431 -134,731 -300,375 -308,778
Net after rents
Cr227,960 Cr344,505 Cr454,374 Cr725,310
Ry. operating expenses. .18,431,339 17,762,771 53,575.527 51,795,379
Other income
-Net
Cr37,559 Cr20,945 Cr99,401 Cr77,962
Interest on funded debt
Dr419,125 Dr418,748Dr1223,074 Dr1234.494
Income
Net rev,from ry.operations. 7,458,983 6,480,917 18,559,664 15,518,349'
Net
1,793,601 1,695.385 5,233,600 4,936,376
Dr153,605 Dr53,297 Dr669,298 Dr431,221 Railway tax accruals
Uncollectible ry. revenues__ _
12,924
5,788
21,285
19,380
745.174
Equipment rents (net)
468,088 1,842,380 1.270.207
Missouri
-Kansas
-Texas Lines.
3,072 -287,501 -12.148 -291,756
Joint facility rent (net)
-Month of March- -Jan. 1 to March 311929.
1928.
1929.
Net ry. operating income._ 4,904,209 4.599,156 11,474,545 9.584.140
1928.
$
$
$
$
Mileage operated (average).
3.188
3,188
3.188
3,188
Union Pacific System.
Operating revnues
4,595,731 4.365,627 13,334,133 12,744,743
Operating expenses
3,115.357 2,948,282 9,283.792 8,957,215
-Month of March- -Jan. 1 to Mar. 31Available for interest
1.057,890 1,068,202 2,828,364 2,780,626
1928.
1929.
1929.
1928.
Interest charges incl. adjustOperating Revenues$
$
$
$
ment bonds
429,784
475,873 1,295.872 1.493,336 Freight
13,648,553 13.048.915 38,994,623 36.485,866
Passenger
1,976,526 1,937,353 5,735,502 5.752,964
Netincome
Mail
628.106
376.093 1,297,347 1,075.977
592,328 1.532,492 1,287.289
471.980
Express
300,067
300,036
729,444
703,759
All other transportation
388,517 1,098,549 1,124,743
385.906
New York New Haven & Hartford Railroad Co.
Incidental
281,474
278,772
815,929
840,197
-Month of March- -Jan. 1 to March 311929.
1928.
1929.
1928.
Railway oper. revenues_ - -17,061.773 16,332,419 48,671,394 45,983,506
$
$
Gross earnings
11,199,245 11,116.902 31,867,628 31.420,615
Operating ExpensesNet from railroad
3,667,192 3,170,564 9,913,575 8.030,241 Ma1nt. of way & structures... 2,565,972 2,562,423 5,729,724 5,837,152
Net after taxes
2.968,120 2,551,407 7,712,644 6,129,401 Maintenance of equipment.... 3,290,564 3,271,412 9,400,467 9,506.339
Net after rents
2,463,066 2,034,947 6,244,136 4,638,004 Traffic
366,853 1,092,640 1,064,225
380.189
*Fixed charges
998,256 1,098,144 3,019,755 3,376,964 Transportation
5,139,153 4,753,634 15,149,833 14,178.959
Miscellaneous operations.....299,125
896,198
295.782
902,405
Balance
1,464,810
936,803 3.224.381 1,261,040 General
659.706 2,043.139 1,993.963
686,630
Guarantees& pref. div.requ_ 1,102.608
578.966 2,137.904
188,686 Transp. for investment-Cr._
2,312
2,209
3.033
90
Inc. aft. guar.& pref. dive_ 362,202
357,837 1,086.477 1,072,354
Railway operating expenses12,361,543 11,907,601 34,309,689 33.480,010
•Includes other income debits or credits.
•
Income Items
Netrevenue from ry. oper_ _ _ 4.700,230 4,424,818 14,361,705 12,503,496
New York Ontario & Western.
Railway tax accruals
-Month of March- -Jan.1 to Mar.31- Uncoil, railway revenues_ _ _ 1,346,256 1,252,056 4,038,056 3,762,703
3.684
1.259
2,209
2,388.
1929.
1928.
1928.
1929.
$
$
$
$
Railway oper.income
3.351.765 3,171,503 10,319.965 8,738,405
Operating revenues
8213,262 2,50/3,776 2,310,721 Equipmentrents
829.682
-353,811 -549,347 -977,349 -1,384,383
Operating expenses
754.589 2,324,018 2,256.168 Joint facility rents
768.093
-74.730 -129,165 -216.566 -255.329
Net rev,from railway oper.
184,758
73,672
61,589
54,552
Netincome
2,923,294 2,492,991 9.126,050 7,098.693
Railway tax accruals
135,000
150,000 Aver. miles of road operated_
50,000
45,000
9.874
9,857
9.857
9.874
Uncolleetible railway revs._ _
49
266 Ratio of expenses to revenue_ 72.45%
16
48
72.91%
70.49%
72.81%
Total railway oper.income
49,708 --95.713
23,656
16,540
Equip.& it.faell. rents(net). -46,129 --43,358 --132.884 --129.176
Wabash Railway Co.
-Month of March- -Jan. 1 to March 31-Net operating income
--83,176 -224.889
--29,588 --19.702
1928.
1929.
1929.
1928. .
Other income
92,043
89,093
30,245
30,191
S
$
$
$
Operating revenues
6,484.391 6,202,578 18.344,401 16,743.999
Total incoMe
8,867 -135,795 Operating expenses
602
10.543
4.637.768 4,502,177 13,286,947 12.639,961,
Deductions
,122,728
362,360 Net railway operating income 1,220,658 1,125,397 3.217,462 2.400,2F
364,912
121,825
Gross income
1,368,998 1,239,427 3.635,364 2,8011
Net • income
--12:f26 --111,282 --856,044 --498,156 Net cOrPorate incorne
741,816
670,855 1,804,890 1,076,8 0
Broad River Power Co.
Western Maryland Railway Co.
-Month of March- -Jan. 1 to Mar. 311928.
1928.
1929.
1929.
$
$
$
$
1,530,014 1.629,913 4,494,850 4,751,824
Operating revenues
1,042,252 1,110,919 3,086,721 3,286,052
Total operating expenses__
Net operating revenue_ _ _ _
Taxes
488,762
80,000
Operating income
408,762
Equipment rents
88,149
-Net_ _ _ _ -17,116
Joint facility rents
518,994
85,000
1,408,129 1,465,772
255,000
240,000
433,994 1,168,129 1,210.772
140.664
37,059
185,131
-15.981 -51.857 -48,830
Net railway oper. income_
Other income
479,795
12,828
455,072 1,301.403 1,302,606
32,601
46,643
12,424
Gross income
Fixed charges
492,623
249.441
467.496 1.348,046 1,335,207
758.278
252,047
748,067
243,182
215,449
Net income
576,929
599,979
Wisconsin Central Railway Co.
-Month of March- -Jan. 1 to Mar. 311928.
1929.
1928.
1929.
Freight revenue
Passenger revenues
All other revenues
1.186,101 1,283,902 3,318,727 3,503,157
487,488
461,335
162,703
157,188
268,676
252,875
96,610
87.385
Total revenues
1,430,674 1,543,216 4,032,938 4,259,321
Maint. of way & struct. exp_
530,832
533,988
186,223
188,770
Maint. of equipment exp
856.783
801,237
318,447
263,645
97.510
Traffic expenses
96.377
33,990
34,153
646,158
691,648 1,964,148 2,040,288
Transportation expenses_
175,134
182,541
General expenses
59,542
58,195
1,188,376 1,292.399 3,567,729 3,711.113
548,208
250,817
465,209
242,298
233,943
244,184
83,274
80,476
Total expenses
Net railway revenue
Taxes & uncoil. revenues_
Netrevenue after taxes,&c. Cr161,821 Cr167,542 Cr231,265 Cr304,023
Hire of equipment
Dr54,626 Dr86,271 Dr155,070 Dr181,274
Rentals of terminals
-Dr
52,018
52,774
160,751
161,959
Net after rents
Other income-net
Interest on funded debt
Net income
Cr55,176 Cr28,496 Dr84,557 Dr39,209
Dr23,051 Dr22,407 Dr77,000 Dr66.590
Dr176,863 Dr172,819 Dr514,397 Dr503.276
(Subsidiary of General Gas & Electric Corp.)
-12Mos.End.
-Month of March
Mar. 31 '29.
1928.
1929.
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Atlantic Gulf and West Indies Steamship Lines.
(And Subsidiary Steamship Companies.)
-Month of February
- 2 Mos. End. Feb. 28.
1929.
1928.
1929.
1928.
$
S
Operating revenues
3,284.194 3,054,299 6,402,298 6,008,226
Net revenue from oper. (incl
depreciation)
686,866
390,465 1.102,309
629,109
Gross income
765,777
460,564 1,266,259
766,576
Interest, rents and taxes_ _ _ _
212,215
209,253
432,231
427.724
Net income
553,561
251,310
834.028
338.852
Bangor Hydro-Electric Co.
-Month of March
- 12 Mos. End. Mar. 31.
1929.
1928.
1929.
1928.
S
$
Gross earnings
165,925
162,377 1,987.700 1,884,474
Operating expenses and taxes
77,617
78,343
905,749
864,171
Gross income
Interest, &c
88.308
18,429
84,034 1,081,951
23,226
243,287
Net income
Preferred stock dividend
Depredation
69,879
60.808
1,020,303
305.131
184,881
Operating revenue
89.886
83,739
1,158.469
Operating income
Other income
94,994
89,661
1.049,176
398.583
Central Illinois Light Co.
Balance
Gross earnings from operation
Operating expenses and taxes
447,580
197,269
423.590 4,771,758 4.438,700
185.842 2.190,698 2,244,364
Net earns,from operation_
Other income
250,311
7,046
237,748 2.581,060 2,194.336
41.242
28.330
1,630
Total income
Interest on bonds
Other int. and deductions
257,357
58,125
3,411
239.378 2,622,302 2,220,666
682,499
58.125
697,500
26.730
21,600
3,557
Balance
Dividends on preferred stock
195,821
177,696
353,204 4,040,880 3,476.353
71,684
843,519
861,540
14,136
168,653
98,239
3,028,708 2,516,574
397,203
356,054
2,631,505 2.160.520
Brazilian Traction, Light & Power Co., Ltd.
-Month of March- -Jan. 1 to Mar. 311929.
1928.
1929.
1928.
$
8
S
8
Gross earnings from operation 3,928,550 3,390.396 11,577,092 9.910,375
1,718,395 1.456,516 4,992,538 4,225,682
Operating expenses
1,933,880
6.584.554
5,684,693
Brooklyn-Manhattan Transit System.
-Month of March- -9 Mos. End. Mar. 311929.
1928.
1929.
1928.
Total operating revenues_ _ _ 4,222,985 4,068,867 36,023,524 35.404,376
Total operating expenses_ _ - 2,638,395 2,625,563 23.254,505 22,906,048
Net rev, from operation__ 1,584.590
Taxes on operating properties 292.481
1,443,304 12,769,019 12,498,328
301,074 2,511.749 2,544,230
Operating income
Net non-operating income
1,142,229 10,257,269 9,954.097
142,238
771,448
795,022
1,292,108
168.177
Gross income
1.460.286 1,284,467 11,028,718 10.749,119
Total income deductions_ _ _
672,399 6,331.042 5,984.419
747,469
Net income
712,816
612,068 4,697,675 4,764,700
1.266,437
Florida Public Service Co.
(Subsidiary of General Gas & Electric Corp.)
-Month of March- 12 Mos. End Mar. 31.
1929.
1928.
1929.
1928.
204,976 2.095.332
1,953.996
937.803
138.065
212.566
Operating revenue
940,616
70,549
Oper. expenses and taxes_
Maintenance and deprec'n_
Total oper. exp., mint.,
depreciation and taxes
1,075,868
1.011,165
942,831
124.269
1.067,100
596,054
238,135
107,867
110,972 1.019,464
87,208
1,106,673
104,699
528,507
181,075
94,004
Total income
834,190
357,517
144,472
123.437
Balance of net income
709,583
272,482
149,044
Net income
Provision for dividend on preferred stock
353.154 4,008,857 3,469,751
50
32,023
6,602
354,668
77,168
10,260
1,903.202 1.511,437
245.000
245.000
1,658,202
Balance
Total deductions from income
Total income
Interest on bonds
Other interest & deductions_ _
715,733
Dallas Power & Light Co.
178,761
352,969
1,699
412,490
268,800
(Electric Power & Light Corp. Subsidiary)
-Month of January- -12 Mos.End.Jan. 311928.
1929.
1928.
1929.
Deductions from Income
Interest on funded debt
Other deductions from income
Net earns,from operation _
Other income
1,397,024
918.175
Net income
Dividends on preferred stock
Provision for retirement reserve
1.786.535
389.511
407,490
309.300
159,981
1.996.400
361.434
1,634.965
156,871
Gross income
Fixed Charges
948.106 10,729,931 10.139,704
594.952 6,721,074 6,669.953
2.210.155
411.394
(Subsidiary of Commonwealth Power Corp.)
-Month of March
-12 Mos.End. Mar. 311923.
1929.
1929.
1928.
S
$
$
$
422,688
410,381 4.853,178 4,491,111
Gross earnings
Operating expenses. includ2.704.575
250,400 2,856.778
ing taxes and maintenance 265,817
367,227
188,466
955,027
602,058
Balance
678,129
266,735
Balance of net income
Operating income
Other income
Gross earningsfrom oper _ _ _ _
Oper.expenses & taxes
267.384
769,629
Net income
Provision for dividend on preferred stock
715,172
232.936
115,009
Birmingham Electric Co.
267,240
682.561
87,068
Total deductions from income
838,664
260.599
123,867
t National Power & Light Company Subsidiary.)
-Month of January- 12 Mos.Ended Jan.31,
1929.
1928.
1929.
1928.
Balance
Dividends on preferred stock
1,447,759
Total income
Deductions from Income
Interest on funded debt
Other deductions from income
199.066
Balance
860.576
297.893
Total oper.exp., maint., depr.& taxes
454,198
255.132
Balance
Common stock dividend
2,207,645
173.400
Operating expenses and taxes
Maintenance and depreciation
Dr144,738 Dr166,729 Dr675.954 Dr609,076
Net earnings
2793
FINANCIAL CHRONICLE
APRIL 27 1929.]
213,044
General Gas & Electric Corp.
(And Subsidiary Companies).
--Month of March- 12 Mos. Ended Atfar.31
1928.
1929.
1928.
1929.
Operating revenue
658,810
1,937.024 19,509.441 23.830.216
Operating expenses & taxes_ Maintenance
Depreciation
Rentals
328,586
66,693
28,247
25,863
811,024 8.249,148 10,468,447
212.828 2,006.106 2,404,377
110,174 1.430,241 1,562,804
382,471
362,837
31.944
Total oper. exp., maint.,
deprec., taxes & rentals_
449,392
1,165,972 12,048.334 14.818.101
209,418
*391,756
771,052 7,461,106 9.012,115
946,132
90.805 1,817,318
601,175
861,857 9,278,425 9.958,247
113,537
19,695
41,550
10,406
271,263 3,068,650 3,826,861
538.317
380.052
66.904
178,191 1,742,078 2.105.630
235,577
31,742
203,653
Operating income
Other income
Total income
Deductions
Interest on funded debt
Other deductions from income
Pref. stk. dive. of subsidiaries
Minority interests
Total deductions
185,189
415.985
Balance
General Gas & Electric Corp. dividends:
pref. stock, class A
$8 cumul.
$7 cumul. pref. stock, class A
Cumul. pref. stock, class B
Common stock, class A
Common stock, class B
Dividend participations
548.100 5,394,436 6,706.385
313,756
3,883.989
3.251,861
500,808
280,000
303,793
715,570
432,362
190,160
500,808
280,000
303,793
505.414
306.099
2,422,696 1,896,116
Total dividends
1.461,292 1.355,748
Balance
*Includes income from investment of proceeds of additional stock isgued
during March 1929.
•
2794
FINANCIAL C1TRONICLE
Fort Worth Power & Light Co.
(Southwestern Power & Light Company Subsidiary.)
-Month of January- -12 Mos.End. Jan. 311929.
1929.
1928.
1928.
S
Gross earns,from operation_
305,674
277,145 3.241,045 3,026.584
Operating expenses and taxes 147,684
146,777 1,662,679 1,592,672
Net earns,from operation- 157.990
130,368 1,578,366 1,433,912
Other income
2,331
27,480
1,951
21.947
Total income
160,321
132,319 1,605,846 1,455,859
Interest on bonds
14,542
174,500
14,542
174,500
Other int. and deductions
2,577
30,948
2,469
30,844
Balance
143,202
115,308 1,400,398 1,250,515
Dividends on preferred stock
160,832
160,832
Balanee
1.239.566 1.089,683
Houston Lighting & Power Co.
(National Power & Light Company Subsidiary.)
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
$
Gross earningsfrom oper_ _ _ _
644,508
568,107 7,276,198 6.257,481
Operating expenses & taxes_ _
345,414
331,495 4.101,341 3,637,043
Net earnings from oper_ _ _
Other income
299,094
2,371
236,612 3,174,857 2,620,438
34,427
45,373
2,779
Total income
Interest on bonds
Other interest and deduct_ _ _
301,465
70,012
13.072
239.391 3,209,284 2,665,811
767,898
709,039
62,512
10,402
128,679
87,475
Balance
Dividends on preferred stock
218,381
166,477 2.312.707 1,869.297
210,000
210,000
Balance
2,102,707 1,659,297
Illinois Power Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of March- -12 Mos.End. Mar.311929.
1929.
1928.
1928.
$
$
8
Gross earnings
219,833
247,532 2,786,520 2,662,593
Operating exps., incl. taxes
and maintenance
157,154
155,526 1,794.435 1.809,496
Gross income
992,084
92,006
102,679
853,096
Fixed charges
384,050
396,958
Net income
608,034
456,138
Dividends on preferred stock
Provision for retirement reserve
230.898
150,000
227.136
Balanee
224.077
150,000
82.060
Illinois Power 8c Light Corp.
(And Subsidiaries)
-Month of February- -12 Mos.End.Feb. 28•
1929.
1928.
1929.
1928.
$
8
5
$
Gross earns, from operation_ 3,173,312 2,871,735 35,439.684 31,521,742
Operating exps. and maint__ 1,572,108 1.435,929 18,491,423 17,624.728
Taxes
167,230
115,921 1,592.127 1.240,355
Total caps. and taxes
1,739.339 1,551,851 20,083,550 18,865,083
Earnings from operation_,,_ 1.433.973 1,319,884 15,356,134 12,656,658
Less rentals
74.816
54,965
289.961
767,591
Add other income
37,381
488,469
43,681
314,745
Total net earnings
1,396,537
Less Prior Charges of:
Iowa Power & Light Co
The Kansas Power & Light Co
1,308,600 15,077,011 12,681,442
{1,357.516
1,019,130
Total earnings avail, for
bond interest
13.719,494 11,662,311
Twelve months interest on Illinois Power &
Light Corp. mortgage debt
5,635.234 5,155,911
Interborough Rapid Transit Co.
Net Earnings of the Interobrough System Under the "Plan."
-Month of March-9 Mos. Ended Mar.31.
1929.
1928.
1929.
1928.
8
Gross rev.from allsources _ _ - 6,283,363 6,037,424 51.596,670 50,269.496
Expend. for oper. & maint.
the property
3,595,957 3,700,925 31.789.327 29.498,572
Taxes
h
tofy. State and
tlnited States
2,687,406 2,336,498 19,807,343 20.770,923
204,197
244,877
1,807,718 2.524,504
Available for charges
2.483,209 2,091.621 17.999,624 18.246.419
Rentals pay. to city for
original subways
221.478
221,848 1,990,263 1,992,583
Rentals pay. as int. on Manhattan Railway bonds_
150,686
150,686 1,356,180 1,356.180
Div. rental at 7% on Manh'n
By.stk. not assenting to "Plan of
Readjustment"
25,380
25,380
228,427
228,427
Miseellaneous rentals
28,746
25,127
225,784
212,166
426,292
423.041
3,800,656 3,789,356
2.056.916 1.668,580 14.198,968 14.457.063
Int. pay. for the use of borrowed money & sink, fund
requirements:
Int. on I. R. T. 1st mtge.
5% bonds
Int.on I.R.T.7% sec. notes
Int. on I.R.T. 6% 10
-year
notes
Int.en equip. trust ctts_ _ _
Sink, fund on I.R.T. 1st
mortgage bonds
Other items
699,359
192,355
48,428
2,850
190,973
8,822
699.643 6,277,987 6,277,599
194,508 1,736,652 1.756,246
47,420
8.837
432.982
51,675
423,856
111,162
194,935 1,744,531 1,768.441
84,384
6,844
59.926
1,142.790 1,146,390 10,308,214 10,347,234
Bal. bet. deduct. 5%
Manh'n div.rental_ _ _
522,190 3,890,754 4,109,829
914.126
Div. rental at 5% on Manh'n
modified guar. stk. (pay.
If earned)
231.870
231,870 2,086,837 2,086,837
Bal. aft. deduct. 5% Man.
div. rental (subject to
readjustment) (see note) 682,255
290,320 1.803.916 2.022.992
-The above stated results from the subway and also from the
Note.
System operations are on the basis of the preferential deficits as Computed
by the company and are, consequently, considered to be only preliminary
and tentative because they are subject to such readjustment as may be
necessitated by the final adjudication of objections made by the Transit
Commission to certain items in the accounting under the contract with the
city. Such adjudication may show that a portion of the "Balance" on the
subway is payable to the City with a Corresponding change in that balance
on the System.
[Vol.. 128.
Kansas Gas Zie Electric Co.
(American Power & Light Company Subsidiary)
-Month of January- -12 Mos. End. Jan.311929.
1928.
1928.
1929.
5
Gross earns, from operation_
490,380
479,750 5,428,812 5,039,063
Operating caps. and taxes_ __
243,712
254,711 2,956,874 2,929,664
Net earns,from operation_
246,668
225,039 2,471.938 2,109,399
Other income
34,565
28,657
419,315
324,699
Total income
281.233
253.696 2,891,253 2,434,098
Interest on bonds
85,000
85,000 1,020,000 1,020,000
Other hit, and deductions_
5,545
14,698
122,563
147,881
Balance
190.688
153,998 1,748,690 1,266,217
Dividends on preferred stock
464,578
463,170
Balance
1.284,112
803,047
Kansas City Power & Light Co.
-Month of March- -12 Mos. End. Mar.311929.
1928.
1929.
1928.
3
Gross earns. (all sources)___ 1,197.120 1,138,517 13,976.935 13,025,021
Operating exps. (incl. maint.,
general and income taxes)_ 618,767
574.277 7,144,687 6,614,053
Net earnings
578,352
564,239 6,832,248 6,410,968
Interest charges
97,542
111,026
1,187,944
1,339,270
Balance
Amort. of disc. and proms...
480,810
15,429
453,213 5,644,303 5,017,698
15,429
185,149
184,451
Balance
Dividends first pref. stock
465,381
20,000
437.783 5,459.154 4.887,247
77,776
240,000
877,066
445.381
360,007 5,219.154 4.010,181
Surplus earns, avail, for
depreciation and corn.
stock dividends
Memphis Power & Light Co.
(National Power & Light Company Subsidiary)
-Month of January- -12 Mos.End.Jan.311928.
1929.
1928.
1929.
$
$
S
S
Gross earns, from operation_
593,907 5,990,183 5,725,505
564,157
Operating exps. and taxes__
321,249 3,471,578 3,294,866
315,664
Net earns, from operation_
Other income
248,493
11,014
272.658 2,518,605 2,430,639
263,380
318,959
7.887
Total income
259.507
Interest on bonds
58,172
Other int. and deductions___
4,714
280,545 2,837.564 2,694,019
582,994
608,646
48.483
113.204
114,456
12,618
Balance
Dividends on preferred stock
219.444
196.621
Balance
2,114,462
249,519
1,997,821
232,603
1,864,943 1,765.218
Minnesota Power & Light Co.
(American Power & Light,Company,SubsidiarY)
-Month of January- -12 Mos.End. Jan. 311928.
1929.
1929.
1928.
8
$
$
$
Gross earns, from operation_ 542,214
522,274 6,057,574 5,882,418
Operating exps. and taxes..... 197.702
198,164 2,159,047 2,207.879
Net earns,from operation_
Other income
344,512
11.558
324,110 3,898,527 3,674,539
18,429
213,773
227,276
Total income
Interest on bonds
Other hit, and deductions...
356,070
129,362
5,388
342,539 4,112.300 3.901,815
138,363 1,577,599 1,626,806
65,825
3,708
65,076
Balance
Dividends on preferred stock
221,320
200,468
2,468,876 2,209,933
639,487
817,544
1,651,332
Balance
1,570,446
Nebraska Power Co.
(American Power & Light Company Subsidiary)
-Month of January- -12 Mos.End. Jan. 311929.
1928.
1929.
1928.
$
$
$
S
462,191 5,384,258 4,924,066
Gross earns, from operation_ 516,286
229,839 2,775,634 2.569.639
Operating caps. and taxes_ _ _
244,889
Net earns.from operation_
Other income
271,397
9,539
232,358 2,608,624
188,741
10,335
Total income
Interest on bonds
Other int. and deductions...
280,936
67.250
16.987
242,693 2,797,365 2.534,812
67,250
807.000
807.000
191.005
14.544
140.724
Balance
Dividends on preferred stock
196,699
160.899
1,799.360 1,587,088
364,000
364,000
1.435,360
Balance
2.354,427
180,385
1,223,088
The Nevada-California Electric Corp.
(And Subsidiary Companies.)
-Month of March- 12 Mos.End.Mar.31'28.
1929.
1928.
1928.
1929.
$
S
S
$
475,899 5,525.911 5,220,237
Gross operating earnings_ _ _ _
488,829
194,245 2,505,297 2,289,742
Open and gen. exps. & taxes_
266,139
Operating profits
Non-operating earns.(net).
222,690
11,104
281,654 3,020,614 2,930,494
138,700
7,933
83,944
Total income
Interest
233,794
122.781
289,587 3,159,314 3,014,439
122,737 1,472,968 1,396.652
Balance
Depreciation
111.012
54,453
166.849
46,643
Balance
Disc. & expense on secur.sold
Misc. add us & deducts. (net
Credit)
Surp. avail, for redemp. of
bonds, dividends, &c
x Net debit.
Revenues
Expenses
Net revenues
Less
-Taxes, int., &c
Net income
56,559
7,958
1.686,348 1,617.786
615,790
592.139
120,206 1,070,556
7,949
97.173
1,025,647
93,762
x7.974
x288
33,035
7,854
40,626
111.967
1.006,417
939,739
New York Dock Co.
-Month of March- -3 Mos. End. Mar. 31-1928.
1929.
1929.
1928.
$
$
8
$
342.970
290.584
801,253
945,693
163,212
184,891
426.150
500.245
127,371
74.635
158.079
104.454
375,103
241,832
445,448
283.389
52,736
53,624
133.271
162,059
APRIL 27 1929.]
2795
FINANCIAL CHRONICLE
Reading Transit Co.
The Ohio Edison.
(Subsidiary of Commonwealth Power Corp.)
-Month of March- -12 Mos. End. Mar. 311928.
1929.
1928.
1929.
$
$
$
$
Gross earnings
187,327
176,358 2,181,608 1,967,629
Operating exps., incl. taxes
and maintenance
91.070
92,895 1,060,316 1,056,697
Gross income
Fixed charges
(And Subsidiary Companies).
(Subsidiary of General Gas & Eelctric Corp.)
-Month of March- 12 Mos.End. Mar.31.
1928.
1929.
1929.
1928.
$
$
$
$
244,126
244,301 2,769,403 2,853,226
Operating revenue
1,551,602 1,613,756
628,750
640,260
316.169
313,189
Operating expenses & taxes
Maintenance & depreciation..
Rentals
910,931
144,645
766,285
163,040
153,000
151,307
129,750
Operating income
Other income
615.983
83,463
1,121,291
189,267
932,024
96,256
485,228
Total income
Deductions from Income
Interest on funded debt
Other deductions from income
Netincome
Dividends on preferred stock
Provision for retirement reserve
Balance
Pacific Power & Light Co.
(American Power & Light Co, Subsidiary).
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
$
$
$
$
Gross earnings from operation 393,772
334,937 4,653,186 3,782,868
Operating expenses & taxes_ _
214,210
184,886 2,437,650 2,201,674
Net earns.from operation _
Other income
179,562
9,510
150,051 2,215,536
45,449
816
Total income
Interest on bonds
Other interest & deductions. _
189,072
37,996
72,260
150,867 2,260,985 1,591,057
455,950
37,996
455,950
732,167
334,548
43,139
Balance
Dividends on preferred stock
78,816
69,732
1,072,868
406,439
Balance
666,429
800,559
405,984
Net operating income_ _ _ _
Miscellaneous income
12,756
11,105
-40,943
11,880
79,622 -163,000
34,238
40,090
Gross income
Charges to income
23,861
10,824
-29,063
96,424
113,861 --122,910
109,615
112,797
13,037
67,361
4,245 --235,707
(Lehigh Power Securities Corporation Subsidiary)
-Month of January- -12 Mos. End.Jan. 311929.
1928.
1929.
1928.
$
$
$
$
Gross earns, from operation_ 2,755,819 1,980,695 27,389,883 21,549,760
Operating exps. and taxes___ 1.337,369 1,022,890 13,713,911 11,546,760
Net earns,from operation_ 1,418,450
Other income
47,590
957,805 13,675,972 10,003.000
47,156
936,011 1,464,231
Total income
1,466,040
Interest on bonds
425,762
Other int. and deductions._
27,894
1,004,961 14.611,983 11,467,231
243,303 4,655,775 2,924,110
23.463
313,689
249,163
Balance
1,012,384
Dividends on preferred stock
738.195 9,642,519 8,293,958
3,065.468 2,998,616
Balance
6,577.051
5,295,342
Portland Electric Power Co.
-Month of March
- 12 Mos. End. Mar. 31.
1929.
1928.
1929.
1928
Gross earnings
1,077,706
Operating expenses and. taxes 620,539
Gross income
Interest, &c
1,062,741 12,600,992 12,224,228
636,465 7,485,115 7.218,814
457,167
213,028
212,820 2,541,120 2,428,047
465,590
475,219
777,122
692,110
330,000
302,500
Balance
Depreciation
968,408
778,752
958,218
759,770
Balance
189,656
198,448
(American Power & Light Co, Subsidiary).
-Month of January
- 12 Mos, End. Jan. 31.
1929.
1928.
1929.
1928.
8
Gross earnings from operation 432,886
450,651 4,468,431 4,509,445
Operating expenses & tans- - 288,603
303,853 2,912,058 2,955,912
144,283
Net earns,from operation
146,798 1,556.373 1,553,533
4,283
Other income
1,878
55,151
30,269
.148,566
Total income
148,676 1,611,524 1,583,802
40,604
35,479
Interest on bonds
483,500
425,750
•
4,045
18,246
Other interest & deductions
72,183
259,070
103,917
94,951
1,055,841
381,586
898,982
381,077
074,266
Balance
617,905
Public Service Corp. of New Nersey.
-12 Mos. End. Mar. 31.
-Month of March
1928.
1929.
1929.
1928.
$
$
$
$
Gross earnings
11,177,402 10,237,040 127702,531 117941,186
Oper. exp., maint., taxes &
depreciation
7,732,107 7,261,977 89,796,232 84,167,602
Net income from oper
3,445,294 2,975,063 37,906,298 33,773,583
Other net income
400,609 2,449,932 1,293,676
5,319
Total
3,450,614 3,375,672 40,356,231 35,067,260
Income deductions
1,288,331 1,631,824 16,053,496 18,654,942
Bal. for dive. & surplus_ __ 2,162,283 1,743,847 24,302,734 16,412,417
313,158
87,992
18.035
93,480
106.028
188,157
119,145
207,130
119,145
69.012
87.985
Southern California Edison Co.
-Month of March- 3 Mos. Ended Mar. 31.
1928.
1929.
1928.
1929.
$
$
$
$
,
2,972,704 2,644,925 8,959,349 7,814.705
1,812,095 1,632.705 5,523,700 5,118.955
Gross earnings
Total expenses & taxes
1.280,581
Balance
1.199,858
3,905,020 3,795,90T
Southern Canada Power Co., Ltd.
Gross earnings
Operating expenses
Month of March- -6 Mos. End. Mar. 31-I
1928.
1929.
1928.
1929.
$
$
$
$
889,379
170,102
158,678 1,062,068
289.208
59,297
49,128
354,156
110.805
Net earnings
109,550
707.912
600,162
Southern Indiana Gas & Electric Co.
(Subsidiary of Commonwealth Power Corp.)
Month of March- -12 Mos.End. Mar.3I1929.
1928.
1929.
1928.
269,064 3,237,586 3.066,102
Gross earnings
Operating exps., incl. taxes
and maintenance
288,885
166,973
153,121
Gross income
Fixed charges
121,911
115,942 1,373,346 1,315,477
334,662
304.031
1,864.240
1,750,625.
1,069,314
Balance
980,815
391,635
245,000
363,763
224,595
432,679
Dividends on preferred stock
Provision for retirement reserve
392,456
Southwestern Power & Light Co.
(And Subsidiary Companies).
-Month of January- 12 Mos. End. Jan. 31.
1928.
1929.
1929.
1928.
S
$
$
$
Gross earnings all subsidiaries 1,684,883 1,427,464 18,984,771 16,296,888
Bal. of subsidiaries' earns.
after all exp., applic. to
S. P.& L.Co
Expenses of S.P.& L.Co._ _ _
567,620
19,168
449,723 6,666,814
162,861
12.630
Balance
Interest on secured bonds _ _ _
Int. on 6% debenture bonds _
All other interest
548,452
57,488
25,000
Cr.313
437,093 6,503.953 5,448,388
605,314
689,850
57,488
300,000
300,000
25,000
Cr.7,258 Cr.109,795 Or.311,667
Balance
Dividends on preferred stock
466,277
361,863 5,623,898 4,854,741
587.090
587,090
5,591,996
143,608
5,036,808 4,267,651
Balance
The Tennessee Electric Power Co.
(Including Nashville Railway & Light Co.)
-Month of March- 12 Mos. End. Mar. 31.
1928.
1929.
1928.
1929.
1,179,227
Gross earnings
Operating expenses and taxes 613,112
1,122,292 13,626,112 12,760,388
594,585 6,981,651 6,947,090
566,115
527.707 6,644,461 5,813,298
2,166,539 2,201,903
Gross income
Interest, &c
Net income
Preferred stock dividend
4,477,922 3,611,395
1,338,323 1,286,656
Balance
Depreciation
Portland Gas & Coke Co.
Balance
Dividends on preferred stock
294,550
18,607
Balance of net income
426,276 5,115,877 5,005,414213,456 2,574,757 2.577,367
Net income
244,139
Dividends on prior preference stock
Dividends on first preferred stock
Dividends on second preferred stock
2,558.676
87,831
5,648
24,985
264,351
17,285
281,637
Net income
Pennsylvania Power & Light Co.
219,315 2,505,051
24,992
Total deductions from income
394,575
(And Subsidiaries)
-Month of March- -Jan. 1 to March 311928.
1929.
1929.
1928.
$
$
$
$
Gross earnings
405.407 1,203,589 1,151,104
354,408
Operating expenses & taxes
(not incl. Federal taxes)___
341,652
446.350 1,123,967 1,314,104
219,134
Net income
Provision for dividends on preferred stock
1,581,194
9,863
Pennsylvania Coal & Coke Corp.
Net Inc. before Fed. taxes_
Total oper. exp., maint.,
depree., taxes & rentals..
3,139,599 2,324,739
957,860
1,014,722
2,124,877
Balance
1,366,879
Texas Power & Light Co.
(Southwestern Power & Light Co. Subsidiary).
-Month of January- 12 Mos. End. Jan. 31.
1928.
1929.
1928.
1929.
$
$
$
$
Gross earns,from operation _ 800,686
873,623 9,644,726 9,397,679
486,459 4,930,841 5,255,537
Operating expenses & taxes__
413,866
Net earns,from operationOther income
386,820
9,215
387,164 4,713,885 4,142,142
190,045
136,801
7,316
Total income
Interest on bonds
Other interest & deductions
396,035
157,521
11,189
394,480 4,903,930 4,278,943
155,854 1,884,139 1,730,250
142,617
135,490
11,014
Balance
Dividends on preferred stook.
227,325
227,612 2,884,301 2,406,076
455,000
518,500
Balance
2,366,801
1,951,076
FINANCIAL REPORTS
-An index to annual reports of ste,a,nz
Financial Reports.
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
April 6. The next will appear in that of May 4.
2796
FINANCIAL CHRONICLE
Union Pacific Railroad.
(32d Annual Report
-Year Ended Dec. 31 1928.)
The text of the report, signed by Chairman Robert S.
Lovett, together with comparative income accounts, comparative balance sheet as of Dec. 31 and other statistical
tables, will be found on subsequent pages of this issue.
V. 127, p. 2814.
Chicago Rock Island & Pacific Railway Co.
(49th Annual Report-Year Ended Dec.311928.)
The joint remarks of President J.E.Gorman and Chairman
Charles Hayden, together with the comparative balance
sheet and income account, will be found under "Reports
and Documents" on subsequent pages. Our usual comparative tables were published in V. 128, p. 2291.
GENERAL STATISTICS FOR CALENDAR YEARS.
Res. Freight Traffic1925.
1926.
1928.
1927.
Average miles operated_
8.028
8,024
8,052
8,052
Tons carried
35,448,631 34,335,161 33,786,252 31,867,513
Rev,for tons carried_ --$108,758,903$105.256,593$102.203,024 $95,923,398
1.21 cts.
Av.rate per ton per m
1.23 cts.
1.18 cts.
1.23 cts.
Av.load in tons per m
611.23
457.08
478.69
492.19
Revenue Pass. Traffic
No.of pass. carried
12,951.898 14,113,493 14,113,111 14,722,918
Rev.for pass. carried_ - 320,059.598 622.791,552 $23,857,117 $24,356,632
Av.rate per m.per pass- 2.91 cts.
2.99 cts.
3.01 cts.
2.98 cts.
-V. 128. p. 2291, 2267.
[VoL. 128.
shares of common stock without par value for shares of par value, and the
debt discount and expense incurred during 1926 having been credited with
the net premium on preferred capital stocks for that period. x Includes
Interest on bonds converted into common stock.
BALANCE SHEET DEC. 31 (COMPANY ONLY).
1928.
1927.
1927.
1928.
Assets$
Liabilities
$
Secure owned___ 146.939,611 141,597,049 7% pr. pt. stk__ 21.000,000 21,000,000
See. to be rec.
6% non-cum. pi.
from sub. co.- 8,544,792
stock
1,000,000 1,000,000
Reacquired sec_ 3,595,983
$4 cum. pf. stk. 34,813.050 26,274,000
Stk.diva. recelv.
740,003 Common stocks 56,697,320 66,709,210
Call loans
2,325,000
310,980 20-year 6% gold
Cash
2,607,023 6,850.817 notes
15,000,000 15,000,000
Accts. rec'ble:_ _
6% deb., due'51 15.000,000 15,000,000
Subsid.cos.._.. 5,409,821 9,208,132 8% deb., due'65 10,000,000 10,000,000
Sund. debtors
387,1398
507,010 Accts. payable.. 775,693
757,559
Accr. int. dr diva 3,524,270
939,921 Accrued int., &c
762,000
696,488
Ilnamort. debt
Diva. ACM% Cal).
dig. & expense 1,067,575
990,553 stock
1,824,844 1,799,157
Office fur. & flit
1
1 Misc. reserves_ - 1,371,488
674,796
Def'd charges__
1,575
792 Mis. unadj. cred
135,000
Surplus
14,089,447 12,168,530
Total
172.403,332 161,143,259 Total
172,403,332 161,143,259
a Represented by 1,418,946 shares of no par value. b Represented by
656,850 no par $4 cum. pref. shares in 1928 and by 8% cum. pref. stk.
(par $50) in 1927.
Note.
-The company was contingently liable at Dec. 31 1928 on account
of a note discounted for a subsidiary company in the amount of $100.000.V. 128, p. 2463.
Pacific Gas & Electric Company.
(23d Annual Report
-Year Ended Dec. 31 1928.)
The remarks of President A. F. Hookenbeamer are cited
Wabash Railway Company.
on subsequent pages, together with the income account, bal(13th Annual Report-Year Ended Dec. 31 1928.)
The remarks of President J. E. Taussig, together with ance sheet as of Dec. 31 1928, and other statistical tables.
CONSOLIDATE INCOME ACCOUNT FOR CALENDAR YEARS.
comparative income account and balance sheet for the year
1926.
1927.
1925.
1928, will be found under "Reports and Documents" on sub- Gross oper. rev., incl. 1928.
sequent pages.
other income
$61,788.079 $58,395.812 851.125,990 $48,066,897
GENERAL STATISTICS FOR CALENDAR YEARS.
1926.
1925.
1927.
1928.
Fet(tons)car'd 1 m.(000) 6,053,727 5,535.923 5,994.134 5,771,915
Aver.rev. per ton per m_ 3.010586
1.010639
8.010609
$.010572
Freight carried (tons) __ 22,481,434 20,408,437 21,754,999 21,155,633
Passengers carried
2,145.524 2,565,915 2.936.571
3,087,287
Pass. carried 1 mile_ _ _242.161.413 266,924,409 294,281.148 297,204,138
Rev, per pass. per stile_
$.03151
1.03138
8.03055
8.02971
INCOME ACCOUNT YEARS ENDED DEC. 31.
1926.
1927.
1928.
1925.
Aver. mileage operated_
2.524.20
2.524.20
2,524.20
2,524.20
Freight revenue
$58,840.271 $53,992,504 $57,205,298 $55,329.533
Passenger
7.194.988 8,153.606 9.234,815 9.364,486
Mail
810,434
785.580
853.780
821,243
Express
1,722,641
1,538.874
1.553.661
1.849,684
Miscellaneous
2,637,589 2,720,158 2,545,356
2,630.291
Total oper. revenues371,072.991 $67,108,153 $71,693,341 $69.910,301
ExpensesMaint. of way & struCt _ $9.496,663 $9,340,819 $9,859,556 $9,311,985
Maint. of equipment.. _ _ 11,815,468 11,880,995 12,457,128 12,348.291
Traffic
2,037.900 1,969.161
1.890.493 1.816,543
Transportation
26,784.643 25,924.499 26,276.878 25,431.804
Mism11. operations
387,661
417,702
404.023
421,650
General
2,193,047 2,057.377
2,223,051
1,948,564
Tramp. for investment_ Cr.387,809 Cr.333,399 Cr.493,455 Cr.164,424
Total oper. expenses 452.411,568 151,379,147 652,465,880 $51,080,424
Net rev,from ry. oper
18.661,423 15,729,006 19,227,661 18.829,877
Tax accruals
3,052,357 2.787,694 3,428,682 3,287,580
Uncollectibles
9,672
13,667
8,380
7,069
Operating income_
Other oper. income
$15.595,399 612,931,639 115.790,598 815,535.228
612,211
695.006
431,745
680,665
Total oper. income 116,290.406 $13,612,306 $16,402,809 $15,966,973
Hire of freight cars. Dr. 2,171,711
1,933,814
1,851,695 1,881,230
Joint facility rents
1,939.440 1,842,268
1,791,809 1,673.350
Other ded. fr. oper. inc_
229.215
197,222
224,545
159,877
Net oper. Income..
111.950.039 $9,611,677 $12.562,083 812,252.516
Non-operating income
1.635,865
1,981,198
1,263,370
770,107
Gross income
813,585,895 $11,592,875 813,824.453 113,022,623
Rent tot lease of roads _
363,633
364,948
363,258
361.704
Interest on funded debt_ 5,936.108
5,496,348 5,027,594 4,587,596
Int. on unfunded debt
665,665
814.331
74,288
23,558
Other ded.fr. gross inc._
219,211
153.636
141,824
103,325
Net income
$6.401,277 $4,763,610 $8,217,488 $7,946,438
Dividends paid
3,576,920 3,576.920 3,458,426 2,585.361
Balance surplus
62,824.357 $1,186,690 $4,759,062 $5,361,077
Earns. per sh.on 668,978
sha.com.stk.(par$100)
$1.78
$4.23
$7.14
$8.04
-V. 128. p. 1392.
Standard Gas & Electric Co.
(Annual Report-Year Endei Dec. 31 1928.)
The remarks of President John J. O'Brien, together with
income accounts, balance sheets and other statistical tables,
will be found under "Reports and Documents" on subsequent
Pages.
INCOME ACCOUNT YEARS ENDED DEC. 31 (COMPANY ONLY)
Income Credits1926.
1927.
1928.
1925.
Int. on bonds owned__ $171,663
$699,404
$517,497
$320,297
Int. on notes & accts. rec
1,058,251
1,838,806
813.925
1,771,495
Divs. on pref. and corn.
stocks owned-Public
utility cos., Byllesby
Eng'g Co. and Man8,297.376 3,911.533
agement Corp., &c___ 11,286,166 10,084,461
Net prof. on securs. sold 1,020,008 1,463.922
59,473 1,266,793
Total
513,291,763 813,124,131 $10,893,059 $7,270,117
Gen. amps. and taxes
120,294
243,122
142,236
144,447
Int. on funded debt
1.386,723
2,402,184 2,491,256
900,000
932,281
Miscellaneous interest
114,742
39,122
500,884
Net Income
610,708,220 $10,275,010 $8,453,761 $5,724,785
7 prior pref. div
1,470,000 1.424,366
1,105,369
1,438,702
8 cum. pref. div
1,695,651
1.320.000
2,326,860 2,099,858
6 ,, non-cum. div
60,000
60,000
60,000
60,000
Common divs. (cash)--.. 4,959,746 4,386.561
2.993,669 :1,953,366
do stock
1,215.150
Surplus for year
Previous surplus
81,922,911 $2,258,591 *81,064,925 $1,286,051
12,166,536 9,907,944 8,843,019 7,556,968
Surplus Dec.31
814.089.447 812,166,536 $9,907.944 $8,843,019
She. corn. outs. (no par) 1,418,946
1.240,567
765.635
1,418,803
Earns. per sh.on com
$4.25
$4.85
$4.23
$4.88
* No charge has been made herein for amortization of debt discount and
expense applicable to the year ended Dec. 31 1926, the total unamortized
debt discount and expense incurred prior to Dec. 31 1925 having been
charged against the capital reserve arising from the exchange in 1923 of
Oper. & admin., exp.,
taxes(incl.Fed.)maint
uncoil. acc'ts, &c
31.759,205 30,596.845 29,654,474 28.898,713
Bond int., disc. & exps_ _ 10,659,216 11.034,372 8.383.425 7,508.838
Reserve for deprec'n
5,967.320 5,378.545 4.228,850 3,807,990
Net income
113.402,338 $11,386.050 88,859,241 $7,851,357
Divs. pd. on pref. stk.. _ _ 4,601,630 4,384,858 3,488.880 3.265,434
Common dividends
5.550.574 4.892.352 4.119,970 3,624,337
Balance,surplus
$961,586
$3,250.134 32,108.840 61,250,391
Earns, per sh. on average
stock outst. pref
16.58%
17.47%
14.43%
16.23%
Common (par $25)
10.12%
11.45%
10.42%
12.68%
x Shares of $100 par.
CONSOLIDATED BALANCE SHEET DEC. 31.
1928.
1927.
1927.
1928.
Assets5
$
Plant & prop's_ _375,585,886 300,434,895 Common stock. 72,142,340 65,714,165
Discount and ex1st pref. stock.... 78,892,907 71.788,082
penses on catrSub. co. stock
Rai stk. bis'd_ 9.284,634 9,256,694 (not owned)- _
1,306
50.056
Investments -230,628 9,519,921 P. GI. it E. Co.
Trustees of sinkbonds
155,785,000 151,005,000
ing funds.. _
330,531
369,808 Sub.co. bonds.... 52.098,000 10.065,000
Cash with trusBonds called but
tees
203,250 3,916,370
not redeemed _
195,910 3,516,010
Advans. for conA cols pay.. &c. 2.728,423 1,585,328
struction 4,452,782 Draftsoutstand _
393,583
444,506
Cash
5,868.250 7,885,774 Meter & line dep 1,076,949
880,299
Notes & steels
477,349
Bond Int. due...
411,497
receivable _x 6,775.652 5,207,681 Acc.lot.(notdue) 1,989,458 1,883,831
Installments reAccr. taxes (not
receivable for
5,311,168 4,025,495
due)
952,352 1,876,927 Divs.declared... 1,441,852 1,305,537
stocks
Materials & supRes. for N.C.P.
.5,092,743 5,294,073 Co. plant adj.
plies
Accrued interest
& acct. dept.... 1.847,970 1,647.920
2,372
on investm'ts_
27,437 Res. for delve°. 21,926,722 19,540,005
Deferred charges 9,593,780 8,907,538 Res. for Ins., &c. 2,232,070 1,309,062
Res.for amounts
chgd. In prior
years in excess
of rates atlowed by city
ordinance......183,382
Totaftea.side)413,918,079 357,149.903 Surplus
15,528,324 12,885,426
x After deducting $306,998 reserve for doubtful accounts and notes.
V. 128, p. 1904.
Cities Service Co., New York.
(19th Annual Report-Year Ended Dec. 311928.)
On subsequent pages will be found the remarks of President
Henry L. Doherty, in addition to the 18-year comparative
income account of Cities Service Co., the consolidated income account, including all subsidiary companies for 1928,
and the consolidated balance sheet, including subsidiary
companies, as of Dec. 31 1928.
GENERAL STATISTICS DECEMBER 31.
Electric
Properites-1926.
1927.
1928.
1925.
Kilovrt.hrs.sld_1.421,670,000 1,307,719.522 1,307,477,634 1,212.541,094
K. W. installed
capacity
536,419
541,770
534,880
508.277
Customers
366.142
381.852
344,099
401,069
Population serv'd
1.600,000
1.770,000
1,450.000
1,850.000
Artificail Gas
Sales (cubic ft.)..
8.831,101,000 8.392.616,000 8.067,240,000
24
-hour capacity
32;510,000
(cu. ft.)
37,780
32,462,000
Customers
126,441
134,092
128,223
Mains (miles),3
in. bards
1,876
2,063
1,920
1,150,000
Populat'n served
1.097.000
1,100,000
2,898,000
Natural Gas, Oil. &c.Gas sold (1,000
Cu. ft.)
64,902,813
62,217,547
93,622,345
64,389.149
Oil produ.(bbls.) 19,921,350
12,065,749
28.300,731
10.912,211
011 well owned_
4,456
4,681
5,375
4,003
Gas mains owned
(miles)
7,727
8,437
11,236
Populat'n served
1,751,000
1,640,000
2,898,000
1,700.000
CONSOLIDATED INCOME ACC'T FOR CALENDAR YRS.(CO. c% SUBS.)
1926.
1927.
1928.
1925.
Gross earnings_ _ $167,255,673 $158,028,258 8140.309.835 $127,107,864
Oper.exp.,maint.
& taxes
97,910,265
103,207,626
94,002,927
86,859,249
Net earnings_ $64.048.047 1380,117,992 $46,306,908 $40,248,615
Interest charges_ 21,727,359
18,859,312
18,9613,539
18,557,850
Net to stock &
reserves_ _ _ $42.320,688 841.258,880 827,34368 $21,690,764
Prof. stk. diva
12,946.590
14,714,365
10,304,362
8,070,202
Net to corn.
stock & res.- $27,606,323 $28,312.090 617,036.006 613.620,563
APRIL 27 1929.]
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET DECEMBER 31.
[Inter-company items eliminated.]
1927.
1928.
1927.
1928.
AssetsLiabilities$
8
$
$
Plant & investPreferred stock_103,495,124 103,495,124
ment
723,833,858 650,610,511 Preference stks_ 9,271,985 10,041,985
Cash dap. for
Common stock_101,232,721 85,004,585
retire
14,204,973 Corn. stk. issued
Sinking fund- -- 6,374.113 6,267,174 for warrants__ 3,354,900
Cash
49,863.791 29.485,485 Fret. stks. sub.
Securities owned
973,496 1,027,329 cos
119,237,811 117,702,732
13111s receivable- 1,087,684 1,190,353 Corn. stirs. sub.
Accts.receivable 35,288.841 32,595,471
6,287.462 5.280,891
cos
011 In stock- -- - 30,674,283 26,940,088 Debentures_ - _ _100,840,807 34,863,486
Materials & supSubsid bonds &
plies
10,278,710 10,997,068 funded notes_235,586.513 274.422,555
Payments in adSubs. secur. In
vance
1,513,460
993,207 sinking fund__ 6,147,700 5,942,900
Disc't on bonds
Bills payable__ _ 38,774.347 29.068.936
debentures,&c 39,334,417 28,572,486 Acc'ts payable__ 14,599,795 12,921,604
Special deposits_ 2,835,294
247,707 Taxes accrued__ 4.625.231 3,829,016
Notes & accts.
Interest accrued 4,586,426 4.476,587
receivable_ _ _ _ 1.782.529 1,027,680 Acc'ts pay. (not
Prop'ty amortiz.
248,607
current)
sect
4,416,535
Customers' dep. 3,641,038 3,229,212
Deferred charges 5,335,341 4,976.822 Deprec. & other
3
94,795,405 73.858.858
reserves
Total(ea.side)913.592,354 809,036,357 Surplus
66.866,481 44,897,885
Contingent Liability.
-Guarantee by Cities Service Co. of $2,030,000
Cities Service Tank Line Co. 5% equipment trust certificates, due serially
to 1935.-V. 128, p. 2269.
Norfolk Southern Railroad Co.
(19th Annual Report
-Year Ended Dec. 1928.)
TRAFFIC STATISTICS
-YEARS ENDED DEC. 31.
1927.
1925.
1928.
1926.
Average miles operated_
931.78
931.88
931.88
931.52
Passenger Traffic
No. of passengers carried
1,152,545
1,334,231
823,396
667.361
No. pass. carr. 1 mile __ 16,827,762 21,367,591 27,993,316 32,752,047
No. pass. carr. 1 m. per
mile of road
22,932
18,065
30,040
35,146
Av. dist. car, each pass..
25.22
25.95
24.29
24.55
Av. amt. rec. from each
passenger (cts.)
79.074
74.979
74.404
75.667
Av.receipt per passenger
per mile (cts.)
2.974
3.063
3.047
3.082
No. of tons carried
4.189,243 4.675,719 4,587.109 4.015,534
No. of tons carr. 1 mile_482,154,459 476,105.606 515,428,579 455,757.809
No. of tons carr. 1 mile
per mile of road
517.600
510.064
553.106
489,073
Av. dist, hauled each ton
115.09
101.83
112.36
113.50
Av.amt. rec. fr. each ton
1.924
1.786
1.889
1.892
Av. recpt. per ton per
mile (cts.)
1.671
1.754
1.681
1.667
Net oper. rev, per train
mile (cts.)
115.13
120.78
121.79
102.59
OPERATING STATISTICS AND REVENUES FOR CALENDAR YEARS.
• AU Lines (inel. Electric)
1928.
1927.
1926.
1925.
Freight revenue
$8,058,745 88,352,412 $8,666,126 37.595.416
Passenger revenue
500,382
651,090
857,544
1,009,569
Mail and express
272,537
270.149
251.729
294,670
All other transportation_
290,652
293,370
291,088
232.224
' Total oper. revenue
$9,122,317 $9.567,021 810,066,487 89.131.878
Maint. of way & struct_ 1,207,794
1,202,581
1,327,276
1.191.523
Matta. of equipment__ _ 1,282,532 1,483,413
1,672.702 1,320,534
Traffic
329,345
308,930
289,747
281.681
Transportation
3,370,289 3,473,414 3,499,543 3,552.143
Miscellaneous
353,308
359,630
348,431
340,208
Total oper. expenses _ $6,543,270 $6,827,968 $7,137,700 $6,686,088
Net rev, from ry. oper
2,579,048 2.739,053 2.928,787 2.445.790
Tax accruals, &c
729,147
646.006
676,596
545.702
Total over. Income__ _ 1,849,899 $2,093.047 $2,252.191 51.900.088
Deduct-Equip. rents... _
281,581
353.782
443,894
368.210
Joint facility rents
22,710
21,082
22,210
23.421
Net oper. income.,...81,545,608 31.718.182 $1,786,087 $1,508.456
INCOME ACCOUNT-YEARS ENDED DEC.31.
1928
Operating RevenueSteam.
Electric.
Total.
1927.
Freight trains
$7,845.942
$212,802 $8,058.745 $8.352,411
Passenger trains
431,901
68,481
500,382
651,090
Miscellaneous
421,040
136,584
557.625
557.395
Joint facility
5,564
5,564
6.125
Total oper. revenue...
Operating ExpensesMaint. of way & struet_
Maint. of equipment
Traffic expense
Transportation expense_
General expense
Transpt. for invest. Cr..
88,704,448
8417.868 89.122,317 89.567,021
51,144.859
1,249,440
313.107
3,203,608
337.517
22,748
$62,935 81,207.794 81,202,581
33,092
1,282.532
1,483.413
16.238
329.345
308.930
189,547 3,393,154 3,570,917
15.791
353,308
359,630
118
22.865
97,503
Total oper. expense
$6,225,784
5317.486 $6.543,270 $6,827,968
Net rev, from opor
2,478,664
100,383 2,579,047
2,739,052
Less
-By,tax accruals_ _
697,087
27,984
725.072
643,161
IThcollectible By. rev._ _
3,352
724
4.077
2,845
Net oper. income- $1,778,224
871,674 $1.849.899 82.093.047
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
Net operating Income.. $1,849,899 $2,093,047 82,252.191 $1,900.088
Other Income
Hire of equipment (net)_
1,500
1,165
1,250
1,260
Joint facility rent income
10,611
13,626
Miscell. rent income ...
13,830
10,619
12,357
12,325
Misc. non-op. phys. prop
4,329
4,520
4,545
4,712
Dividend income
30,862
15,449
12,849
12,887
Income from funded secs
11.515
3,820
3,820
3,820
Income from unfunded
28,687
securities and accounts
25,428
31,301
12.739
Income from sinking and
2.818
11,869
other reserve funds
13.484
15,566
590
Miscellaneous income
344
305
Total non-oper. Inc.-- $104,744
886,841
$79,909
$63,310
Gross income
$1,954,643 82.179,888 82,332,100 $1,963,398
Deductionsfrom Income
Hire of equipment
5354,947
$283.081
$445,144
$369.470
Joint facility rents
34,708
33,320
22.210
23,422
Bent for leased roads
167,102
167,102
167,102
167,102
1,566
Miscellaneous rents
1,277
1,051
1,256
Interest on funded debt
843,099
823,800
851,219
857,380
Int. on unfunded debt
11,251
10,413
4.765
5,823
Amortization of discount
on funded debt
18,974
20,801
19,145
18,145
Miscall. income charges_
7,886
7:920
7,886
8,276
Total deductions
$1,347.716 81,439.533 $1,518,523 $1.450.874
Net income year ended
Dec. 31
$740,355
$606,927
$813.578
8512,524
Dividends ($2U)
360,000
Balance
$740,355
$813,578
$246,927
$512,524
Shares of capital stock
outstanding (par $100)
160,000
160,000
160,000
160.000
Earns.per short cap.stk.
$4.62
$5.08
$3.20
$3.79
2797
BALANCE SHEET DEC.31.
1928.
1927.
1928.
Assets$
$
Liabilities$
Road & equip't_ _234,444,760 34,185,075 Capital stock _ _ _ _16,000,000
Real est, not used
18,785.600
Funded debt
In operation_ _ __ 182,703
186,277 Traffic, &c., bals_ 288,216
Impts. on leased
Vouchers & wages_ 346,981
257,382
property
230,348 Misc, accts. pay'le
38,973
54,389
Leased rail, &c_
48.883 Agents' drafts.. _ _ _
7,542
Securities of underAccrued interest.
lying & other cos 4,755.284 4,842,484 rents, &c
417,750
Invest. in affil. cos 1,703,740 1,523,157 Taxes accrued. &o. 348,385
774,381
Cash
904,243 Deferred & unad57,750
69,875 justed accounts_
Depos. with trust_
22,102
204.030
Sinking funds
153,330 Reserves
1,731,927
Notes receivable.
92 Unadjust. credits_ 13.5.797
Misc. accts. receiv. 126,276
102,590 Surplus
6.776,226
38.982
47,681
Balance from agts_
718,421
Materials, &c ____ 733,428
3,983
Wkg.fd.adv.,&c_
131,619
96,381
Deferred assets_ .... 133,822
978,969
.
Unadj. debits_ _ .1,052,870
13,804
Accrued income__ 375,719
1927.
$
16.000,000
18,945,400
269,675
264,540
39,273
23,288
326.714
142,056
22,102
1.581,836
193.882
6,424,464
44,899.500 44,233.232 Total
Total
44.899.500 44433,232
a Includes road, 527,706.819, and equipment, 56,236.804. and $501.136
-V. 127, p. 3087; V. 128. p. 881.
general expenditures.
Pennsylvania Company.
-Year Ended Dec.311928.)
(57th Annual Report
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1926.
1928.
1927.
$10.182,019 $7,555.748 $7.117.425 86.235.162
Dividend income
Miscell. rent incomes_ _ _
11,339
Income from funded secs
267,771
248,855
82.167
57.792
Income from unfunded
securities & account
297.347
105.477
120,468
216,309
Income from sinking and
11,901
other reserve funds_
201,998
915,515
$10,758,476 88.673,898 87.482.691 86.712,227
Gross income
Deductions
$313,463
227,449
Tax accruals
583,546
423,821
Int. on funded debt......
924,852
667.699
716,847
792.484
2,467.358
Int. on unfunded debt_
672.027
158
38,295
30.100
19.361
Maint. of invest. organ_
26,034
6,672
5,680
7.045
Miscell. income charges6,191
$3,750.639 81.602,955 81.332,776 81,242.711
Total deductions
7,007,837
Netincome
7,070,943 6,149,915 5.469.516
Inc. appl. to sinking and
1.098.035
18,391
other reserve funds_
281,442
Balance transferred to
credit of prof. & loss 57,007,837 85.972.908 35.868,473 $5,451.125
28,162,330 28,731.351 31.036,116 37.672,419
Previoussurplus
Sundry net credits dur45.015
11,596,664
ing year
$46.766,831 834,704,259 $36,904,589 $43,168,559
Total surplus
Less div. approp.(6%)- 6,138,750 4,800,000 4,800,000 4,800,000
1,741,928 2,373.239
Sundry net debits
Approp, to gen. fund__ 1,000,000 7.332.442
P.& L.Burp. Dec.31_540.628,082 328.162.330 828.731,351 831.036.116
BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
Liabilities
AssetsMisc. phys. prop 4,376.935 4.383,533 Corn.stk
124,625,000 80,000,000
Inv.In attn. cos:
4% gold loan of
1906 certifs... 16,689,000 16,689,000
95.026,691 95,832,810
Stock
% gold bonds 50.000,000
630,783
Bonds
2,546,385
1 Loans & bills pay 26.750,000
1
Notes
1.489,685 1,489,685 Aud. accts, and
Advances_ _
wages payable
Other invest.:
1,132
200
151,419,310 25,587.066 Misc, accts. pay
Stocks
53,330
34.676
Int.mat'dunpd_
408,001
9,171
Bonds
9,588
3,325
4,627 Funded debt maNotes
24
24 tured unpaid_
Miscellaneous
38,220
52,409
2.022,951 2,017,807 Unmatured int.
Cash
59,193 scorned
928,819
200.000
32,778
Special deposits
Time drafts &
Other clef. Rata
5.602
5,603
Tax liability
793,420
deposits
907,560
750,000
Misc,accts. rec_
27,602 0th. unadjusted
21,618
Int. & diva. rec. 2,300,837 1,957,782 credits
7,673 1,491,455
6,464.811 Miscellaneous
Deferred assets
226,396
Ilnadi. debits
672.382 fund reserve_
11.670,774
Profit and loss,
balance
40,628,082 28,162.330
260.624.936 139.128,108
Total
-V. 128, p. 2625.
Total
260.624,936 139,128,108
Northern States Power Co. of Delaware & Subsidiaries.
-Year Ended Dec. 31 1928.)
(Annual Report
The remarks of President John J. O'Brien together with
the income account and balance sheet as of Dec. 31 1928,
will be found under "Reports and Documents" on subsequent pages of this issue.
INCOME ACCOUNT FOR CALENDAR YEAR.
Gross Earnings1925.
1928.
1926.
1927.
Electric Department_ --$25.915,677 $24,531,285 $23,155,955 $19,080,733
Gas Department
1.507,191
4,309,541
4,118.638 3,977,141
Steam Department
693,331
723.028
755,505
765,692
Street Railway Dept.._ _
356.231
268.705
261,315
268.370
Telep. & Water Depots_
107.382
113.410
130,160
119.173
Total gross earnings.-$31,339,721 829.803358 $28,270,716 521,744.869
Operating expenses
10,887,407 10,490.237 9.931.900 8,361,024
Maintenance
1,481.637
1.576,161
1.549,374
1,593,713
Taxes
1.644.933
2,761,221
2.637,363
2,671,378
Withdrawals from tax &
Cr.337,000
equalization oper. res_
Net earnings
816,097,380 $15,092,168 $14,125,292 810,594,275
Other income
572,872
60.848
Total income
816.670.252 815353.017 314,125,292 810.594,275
Interest charges (net)_
5,577,919 5,906,616 6,200,268 4,595.498
Approp'n for deprec n.. 2,750.000 2.200,000
1.500,000
1,100.000
Net income
a $8,342,334 $7,046.401 $6,425,024 $4,898,777
Pref. stock dividends- -. 4.739,735 4.221.825 3.777,487 3.398,853
Common stk diva_ _ _ _ _ b 2,833,480 62,101,824
1,837.778 61,294,156
Approp'nforsontingencY
350.000
Approp. for amortiz of
debt disc.& expense__
75.000
Balance,surplus
$694,118
$722,751
$459,759
$205,768
Surplus Jan. 1
4,471.878 3,749,127, 3,289.368 3,083.601
Total Surplus Dec. 31 55.165,997 14,471,878 83,749.127 83,289,368
Ms.cl. A out.(par$100)x
292.761
219,246
176,582
179.676
Fibs. cl. B out.
625,000
(no par)_ x
500.000
500,000
500,000
Earns. per sh. on cl. A_ $10.14
$10.49
$16.33
$11.52
Earns. per sh. on cl. B_ _
1.01
1.05
1.63
1.15
x After payment of preferred dividends, both classes of common share
in dividends without preference in ration of 10 cents in each class B share
for each $1 paid on class A stock.
a The company on its books has charged against capital surplus arising
from appraisal the unamortized bond discount and expense at Dec. 31 and
accordingly no charge has been made above for the portion of such discount
and expense applicable to these years.
b Including interest on gold notes converted into common stock.
2798
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31.
1928.
1926.
1927.
a1925.
Assets
6
$
6
Plant,prop.,rights,franchise, &c
$213,981,291 208,022,831 201,297.308 195,318,566
Stock disc. expenses-- - 7,988,299
5,466,638
6,282.863
7,277.224
Sink funds and other
deposits
655,141
459,299
398,235
565,914
Investmentsstks.and
bonds ofother cos.,associations, &c_
_
478,782
413,192
422,649
419.521
Bal. of unamort.
exp. since Dec.31 '24346,667
56,343
361.689
400,712
Prepaid insur. & int--- 106,116
138,096
121.915
112,434
Bate invest. expenses
193,087
140,514
98,857
Exp. & adv. on purch.
of property
78,093
86,715
66,416
60,397
Midis. exp. in c,onnecwith water power,
dams, &c
164,160
Misc. def. & unadjusted
items
228,378
191.188
406,782
363,900
Cash
4.333,654
2,203,998 $13,245,067
2.576,194
Call loans
4,000,000
Cash dep.for bond int
120,614
z151,280
153.360
153,360
Cash dep. or futr. const
3,065,000
Notes receivable
115,674
56,680
55,157
76,918
Accts.receivable
y2,665,446
2.591,935
2,781,528
2,844,385
Unbilled gas & electricity 1,326,867
833.388
913,888
1,218,787
Rec on sale of pref.stk_ 769,876
609.766
153,096
715,276
Due from affil. cos. on
open acct
4,278,975
43,360
Materials & supplies_ _ _ 2,866,422
2,754,547
3,068.797
3,045,408
Total assets
239,475,208 227,952,099 219,328,222 230.203,365
a1925.
1928.
1926.
1927.
Liabilities$
$
$
$
7 cumul. profstk
43,846,500 49,022,500 50,507,300 49,180,400
6% cumul. pref.stk__
5,377,200
27,321,900 18,017,000
Class A corn.stock
29,276,100 21,924,600 17,967,600 17,658,200
Class B corn.stk
x 6,250,000
5,000,000
5,000,000
5,000,000
Cap. stk. of subs, in
hands ofpub
4,279,630
651,300
717,800
669,000
Funded debt
104,139,963 106,668,103 110,772.694 109,230,874
Deferred liabilities
463,667
500,118
Notes payable
4,376.342
3,502.293
Amt. due on prop. purch
comm'ts
14,467,849
Accounts payable
1.112,285
931,778
1,023,193
909,778
Accrued hit
1,235,248
1,155,156
1,194,932
1,177,669
Accrued taxes
3,053,910
2,855,585 ,3,367.277
2,684,389
Accr. pref. stks. dive_
968,711
1.132,051
1,180,933
873,428
Cora. stk. dive. payable459,512
538,652
710,642
444,324
Consume.& other depos.
476.046
449,357
Sundry cur.liabilities_
119,195
183,427
104.009
Deprec.
(retire.) reserve_ 12,930,089 12,925.480 13,121,185 15,078,161
Miscel. reserve
181,245
133,170
88,765
186.525
Miscell. unadj.cred
35,982
Contrib. for line °stens_
195,562
207.346
211,927
151,844
Reser.for contingencies_ 1,285.243
350,000
350,000
Sur.on books ofcos. acq.
at date of acquisition
thereof
689,894
700,692
700,692
628,299
Earned surplus
3,749,127
4.471.878
5,165,997
3,289,368
Total liabilities
239,475,208 227,952,099 219,328.222 230,203,365
a After giving effect to the acquisition as of Dec. 31 1925 of the physical
property and other assets and assumption of the liabilities and preferred
stock of the St. Paul Gas Light Co. and its affiliated companies.
z Represented by 625,000 shares of no par value.
y After deducting $267.599 reserve for uncollectible accounts.
-V. 128.
P. 2462.
Chicago Great Western Railroad.
(19th Annual Report
-Year Ended Dec. 31 1928.)
Chairman Samuel M. Felton, Chicago, April 2, reports
in substance:
Total Operating Revenues
.-The total revenue derived from the operation
of the railroad was $24,871,023. an increase of $426,270, or 1.74% over
the preceding year. While this is less than the high level reached in 1926.
It was larger by $126,695, or .51%, than the average yearly returns for
1921 to 1927.
Passenger Traffic.
-The volume of passenger traffic, as well as the revenue
from that source, continued the decline which had been characteristic of
that portion of the railroad business for the past several years. The decline
was more pronounced last year due to severe competitive conditions, the
continued and expanding use of motor bus lines and of private automobiles.
Dimino% to Texas and California was also less than last year. The practice
of substituting motor trains for steam trains wherever the local service has
been so reduced as to justify it. has been continued and during the year
the company rebuilt and materially strengthened some of the existing
motor car equipment to insure dependable operation. The revenue last
ear was $2,935,709 which is $312,623, or 9.62%, below 1927. and it was
1.019.152. or 25.77%, less than the average annual revenue for the years
1921 to 1927, inclusive.
Operating Expenses.
-With an increase over 1927 of $426,270 in total
operating revenues, the expense account was so controlled that a decrease
of$295,688 was effectei. This result was not obtained at the expense of
the property. The ratio of total operating expenses to total operating
revenues was 78.11% in 1928 and 80.68% in 1927, a decrease of 2.57%.
In 1926 the ratio was 78.98%, and the annual average 1921 to 1927, incl..
was 83.10%.
Taxes.
-The tax bill for 1928 was $1,076,255, compared with $1,042,859.
an increase of $33,397, or 3.20% over 1927 and of $93,700. or 9.54%.
over the annual average of the years 1921 to 1927. Unfortunately this does
not afford evidence of approaching relief from the ever-growing burden
of taxes. In 1928 company spent $4.33 in taxes for every $100 of revenue
It collected. In 1927 the expenditure was $44.27 and the average for the
years 1921 to 1927 was $3.97.
-Exchanges of securities with Mason City & Fort Dodge
Capital Stock.
bondholders and adjustments during the year decreased the preferred stock
outstanding by 6300 and brought the total Mason City & Fort Dodge
1st mtge. bonds surrendered from $11,887,000 as of Dec. 31 1927, to
611,888,093 as of Dec. 31 1928. leaving $112.000 yet to be acquired.
-Two years have passed since the hearing was held
Federal Valuation.
on the protest aigainst the tentative valuation placed on the properties
by the I.
-S. C. Commission, and the final value as of June 30 1916. has
not yet been decided by the Commission. In the meantime company has
received orders from the Commission to prepare data for bringing the valuation to a later date, namely Dec. 31 1927. This, of course, is in ad !Rion
to the work of reporting the physical changes and costs as now reqdired
by valuation orders. The work under these orders is being carried on as
rapidly as circumstances will permit. In Jan. 1929. the United States
Supreme Court received oral argument on the appeal of the St. Louis &
O'Fallon Railway from the lower court's decision, wherein the I.
-S. C. Commission was sustained in its efforts to collect excess earnings from the
O'Fallon road, based on the Commission's value of its property. It is
hoped that the Supreme Court will define some of the principles upon which
the proper value may be based and its ruling is awaited with interest
throughout the railroad world..
Payrous.-A comparison of pay-rolls follow:
Number
Average
Total
Pay per
of
Compensation
of Employees. Employees. Person,
ended Dec. 31 1916
Year
6843
7.899
66,662,427
Annual average, yrs. 1916 to 1927,inc1-11.748,891
7,909
1,486
Year ended Dec. 31 1928
7.139
1.722
12,294,887
-Rates prescribed by the I.
Rates.
-S. C). Commission In the Consolidated
Southwestern cases, involving rates within, to and from the Southwest,
with certain exceptions, took effect during the year. The carriers are still
engaged in revising many commodity rates in harmony with the principles
of this decision. The effect of this decision upon the revenues of this
company cannot be accurately estimated until these revisions have been
sompleted, but is not expected to reflect more than a slight increase.
.. ,
r
IV0L. 128.
FINANCIAL CHRONICLE
During the year the I.
-S. C. Commission brought to a close hearings in
the Western Class Rate case and in the General Grain and Live Stock
Investigations conducted under the Hoch-Smith Hesoltuion. These proceedings are of unusual interest to this company and it is hoped will result
In establishing a basis of rates on a substantial part of the traffic carried
that will materially improve its revenues.
The Southwestern Divisions case, mentioned in the previous annual
report, was decided by the I.- S. C. Commission on Dec. 10 1928. The
Commission laid down a formula for determining divisions of joint rates
between Western Trunk Line and Southwestern territories and directed
the carriers to proceed with the working out of new divisions. Conferences
between the two groups of carriers are being arranged, but until their
work is brought to a conclusion no definite estimate can be formed of
the extent to which this may increase the revenues of this company, nor
the date upon which the new divisions can be put into effect.
To Illustrate the serious effect of the low rate situation (revenue per ton
mile was only 93i mills in the year ended Dec. 31 1928, because the average
level of the freight rate structure in the territory traversed by your railroad
is on a depressed basis and lower than the level prevailing in any other
territory in the United States west of Lake Michigan and the Mississippi
River to the Pacific coast), it may be stated that if the revenue per ton
mile had been equal to the average of the road's direct competitors last
year, there would have been earned 45 on the preferred stock and approximately 5% on the common. Even if the average revenue per ton mile had.
been equal to that of your road in the year 1921, which resulted from
efforts of the I,
-S. C. Commission to comply with the law requiring it to
fix rates to produce a fair return upon the value of the property, the company would have earned 4% on the preferred stock and about 6% on the
common. As a matter of fact,there is an accumulation ofunpaid dividends
amounting to 51% on the preferred stock that must be taken care of before
regular dividends can be resumed on this stock.
•
TRAFFIC STATISTICS CALENDAR YEARS.
1928.
1927.
1926.
1925.
Miles of raod operated-1,495
1,496
1,496
1,496
Revenue tonnage
7,289,091
6,897,361
7,169,345
6,601,962
Revenue ton mileage--2093964,819 1997300,610 2088988,772 1966893,541
Av.rev.per ton per mile. 0.950 cts. 0.961 cts. 0.959 cts. 0.958 cte.
Passengers carried
889,997
743,621
931,880
1.065,691
Pass. carried one mile
93,684,763 106,603.023 105,482,412 127.197,078
Av.rev.per pass.per mile 3.134 cts.
3.047 cts.
3.207 cts.
2.860 eta.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue1927.
1925.
1928.
1926.
Freight
$19,891,568 $19,189,732 $20,031,749 $18,844,285
Passenger
3,637,611
3,382,716
2,935,709
3,248,333
Mail and express
948,401
987,151
1,018,577
1.050,269
Miscellaneous
619,446
533,874
577,046
578,387
Incidental
271,508
247,010
237,802
238,516
Joint facility
177,288
181,509
176,500
172,549
Total ry. oper. rev---$24,871,023 $24,444,753 $25,359,000 $24,502,760
Operating ExpensesMaint. of way & struct-- $3,294,815 $3,374,710 $3,422,674 63,442,378
Maint. of equipment-- 4,357,831
4,849,979
4,639,132
4.991,567
Traffic
884,102
921,447
974,842
933,838
Transp.-Rail line
9,969,368
9.803,838
9,854,747
9,952,921
Miscellaneous operations
174.221
156,118
162,353
159,845
General
672,533
692,437
690,242
705,586
Transp. for invest.-Cr_
20,421
14,333
24,643
33,181
Total oper. expenses...$19,426,521 $19.722,210 $20,027,496 $19,812,718
Net rev,from ry. oper__ 5,444,502
5.331,504
4,722,543
4.690.042
Railway tax accruals.... 1,076,255
1,000,262
1,129,183
1,042,859
Uncoll, railway revenues
3,847
3,849
6,120
3,984
Railway oper.income_ -- $4,364,400 63,675,720 $4.196,201 $3,685,931
Non-Operating Income
Hire of equipment
$1,611,491 $1,646,874 61,619.016 $1,736,930
Joint facility rent inc_ -94,210
93.965
94,178
102,170
Misc. non-oper.phy.prop
1,373
1,339
1,092
1,407
Miscell. rent income.,....
84,342
86,407
81,482
78,769
Dividend income
134,844
5,152
13,882
5,569
Inc.from funded secur
109,941
107,885
87,879
106,360
Inc. from unfunded securities & accounts
41,139
41,184
31,647
48,043
Miscellaneous income
406
329
509
332
Gross income
$6,318,285 $5,655,223 $6,142,971 65,875,914
DeductionsInt. on funded debt-.._ $1,705,661 61.706,220 61.698,304 $1,709,840
Int. on unfunded debt
15,936
9.519
19,483
13,384
Hire of equipment
2.586,053
2,481,686
2.460,653
2,438,464
Joint facility rents
981,614
990.693
960.801
960,350
Rent for leased roads78,540
44,818
45,021
77,690
Miscellaneous rents_ --7,395
9,672
9,249
8,182
Miscell. tax accruals...-.
430
2,591
1,870
1.258
Amortization of discount
on funded debt
13,886
13,547
13,853
13,883
=seen.income charges19.134
17,442
18,098
18,636
Net income
$907,811
$901,405
6400,398
$628.920
Earns. per share on pref$1.93
60.85
$1.34
$1.95
Note.
-In June 1925 cloudbursts and heavy rains put entirely out of
service about 41 miles of co.'s railroad between Dubuque and Oelweln, Ia.
The I.
-S. C. Commission has authorized the distribution of these extraordinary flood damage expenses in equal portions to the accounts of 36 months
beginning July 1 1925. The total amount expended to the end of Dec. 1925
for repairs of damages and other extraordinary expenses in consequence of
the flood was $314,894, of which the final one-sixth has been charged in
the accounts for the year as follows: To maintenance of way and structures,
640,031: to transportation, $12,450.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
.
.
AssetsS
Liabilities$
$
Inv.road dc 061.140,384,306 140,030,582 Common stock_ 45,210,513 45,210,513
Misc.phys.prop.
223,453
145,339 Pref.stock
47,132,702 47,183,002
Impts. on leased
C. G. W. 1st 4s_ 35,484,000 35,485,000
railway prop81,516
61,516 Minn.Term.3Hs
500,000
500,000
Inv.In atilt cos.:
M.C.,& I.t.D 48
113,000
112,000
Stocks
1,405,625
1,405,625 Misc. obits. 6ce_ 4,629,753 5,229,108
Bonds
212,000
172,000 Loans & bills pay
4,750
Notes
224,625
242,050 Traffic, &c., bal.
842,244
796,212
Advances.._
292,903
298,195 Audited accounts .
Other investmls
8,561
8,079
and wages_.. 1,072,850
1,271,993
Cash
2,113,236
1,761.488 Misc. accts. pay
58,848
46.175
U. S. Govt. sec. 2,206,988 2,108,489 Interest matured
Loans & bilis rec
279
39,387
305
45,143
unpaid
Traffic,&c., bal.
242,491
227,756 Unmatured int.
Net balance from
503,041
501,834
accrued
sets.& conduo
118,448
121.738 Unmatured rents
Misc. accts. rec_
98,471
815,568
802,308
58,688
accrued
Material & supp 1.180,887
1,613,102 Divs, matured
Int. & dive. roe.
1,272
74,328
1,272
54,248
unpaid
Other curr.assets
143,308
142,810
21,509
30,570 Other curt. nab_
work's fund ad14,170
14,317
Deferred liabll's
vances
885,803
922.500
46,507
80,272 Tax liability._.
Other def. assets
12,201
10,329 Depreciation_- 2,596.720 2,385,028
Unadjust. debits 1,270,375
1,520,247 Other unadjust710,213
755,478
ed credits _._
Corp. surplus.. 10,714.107 9,840,002
Total
150,891,811 150,492,214
-V. 128. p. 2267.
Total
150,691,811 150,402,214
Ann Arbor Railroad.
(30th Annual Report
-Year Ended Dec. 31 1928.)
OPERATING STATISTICS FOR CALENDAR YEARS.
1927.
1926.
1928.
1925.
Passengers carried
158,719
126,714
164,975
183,204
Peas. carried 1 mile- - - - 6,894,962
8,106,308
8,938,521
9.512.357
Rate per pass, per m..
3.240 cts.
3.238 cts.
3.321 cts.
3.371 ma.
Pass. earns. per train m$1.0031.23
91.31
Tons carried (revenue) - 3.337,929
3,051,245
3,138,045
3,162,203
Tons car. 1 m.(rev.).--557,06'7,919 507 110,810 544,302,471 524,622,999
Rate per ton per mile _. $0.008625 $d.008799 60.008587 $0.008905
Operating rev, per mile.- $17,708
$16.704
$17,541
$17,639
Aver, tons per train mile
790
631
806
769
Aram.27 1929.]
FINANCIAL CHRONICLE
•
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1927.
1925.
1926.
1l'reight
$5,512,998 35,129.191 35,371,430 $5,327,943
'Passenger
223,374
262,608
296,890
320,629
Mail, express, &c
229,300
213,974
223,311
219.120
Total operating revs __ _ $5,965,673 $5,615,412 35.882.293 $5,867,692
Mahn. of way & struct_
621,134
663,500
626,365
615,119
Maint. of equipment_ _ _ 1,292,441
1,199,675
1,171,277
1,219,934
Traffic expenses
154,348
166,033
129,076
143,598
Transportation expenses 2,226,531
2.194,564 2,325,431
2,328,358
General expenses
136.072
139,704
194,903
155,501
Miscel. operations
2,932
229
1,495
49
Trans. for investment_
Cr.20,956 Cr.25.799
Cr.19,657
Total oper. expenses- $4,425,486 34.332.331 34,445,258 34,438.783
Net operating revenue 31,540.186 31.282.781 31.437,035 31,428,909
Taxes, &c
323,243
296,977
267,617
289,749
Operating income$1,216,943
3985.804 31.147.286 $1.161,291
:Other oper. income
84,474
82,928
96.529
91,026
Total oper. income__ _ $1,301,418 31.068.732 $1,243,816 $1,252.318
.
Hire of freight cars Dr._
258,269
203,569
198,387
210,556
-Other ded. from op. Inc107.836
12.925
90,164
70.753
Net oper. Income_ $935,312
$780,182
$969,493 31.028.837
Non-operating income
25.902
22.816
18.217
17,804
Gross income
$961,215
$802,997
3987.298 $1,047,054
Interest on funded debt
426,971
442,984
433,769
491,894
Int. on unfunded debt
38,399
95.495
83,883
67,317
Other ded. from gr. inc..
24,357
28,557
28,163
25.854
Net income
$471,488
$422,964
$256,787
$459,679
Earns, per sh. on 40.000
shs. pf. stk.(par $100)
$6.42
$10.56
$17.78
$11.49
COMPARATIVE GENERAL BALANCE SHEET DEC. 31.
1928.
1928.
1927.
1927.
Assets
Liabilities$
$
Investment In road
Preferred stock-- 4,000,000 4,000,000
and equipment.22,781,659 22,734,1336 Common stock-- 3,250,000 3,250,000
27,563 Long term debt--.12,516,900 12.753.600
Misc. PhYs Prop-27,562
Deposited In lieu of
Non-negot'ble debt
mtge. prop. sold
4,000 to affiliated cos_ 756,400
443,013
Investment in affilLoans & bills pay_
312,000
iated companies. 937,501
869,446 Traffic & car serv.
Sinking fund
57,064
42,472 balances payable 220,534
187,761
Other investments.
50
50 Audited accounts &
Int. &
recvd_
wages payable._ 694.238
896
638
855.586
Cash
504,990
369,890 Misc. accts. pay'le
22,604
26.602
Special deposits
14,735
17,105Int. mat'd unpaid_ 328,635
275,308
Traffic & car serv.
Funded debt mat'd
balances reedy. 222,786
164,220 unpaid
14,000
Agents and conducUnmat. Int. accr'd
29,604
69,386
tors balances
1,508
4,3/0 Other Cuff. liabll's
17.171
26,893
Misc,accts. recelv. 259,951
201,045 Other deferred Ilab
33.675
47.958
Material& supplies 472,225
500,445 Tax liability
307,870
279.611
Other curr. assets_
21,962
27.839 Insur. & cas. ms_
5,000
Working fund advs
3,493
1,370 Accr. dcpr. equip_ 1,280,418 1.188.185
Rents & insurance
Other.unadj. cred_ 197,648
153,054
Premium prepd_ 135,187
138,299 Add'xis to property
Other nasal.debits 3,729,929 3,805.200 through Income
and surplus_ _ _
767,061
764,494
Total(each side)29,171,503 28,908,531 Profit & loss Cr. bal 4,734,740 4.270,076
-V.128, p. 1222.
Eastman Kodak Company & Subsidiaries.
(Annual Report-Year Ended Dec. 31 1928.)
Net
Prolits.
1902, 6 mos. 1,488,295
1904
3,339.148
1906
5,415,700
1908
7,472,519
1910
8,975,177
1912
13,999.047
1914
11,313,012
1916
17,289,206
1918
14,051,969
1920
18.566.211
1921
14,105,861
1922
17,952.555
1923
18,877,229
1924
17,201,815
1925
18.467.114
1926
19,860,635
1927
20,142.161
1928
20,110.440
Preferred
Dividends.
$
162,366
360,347
369,942
369,942
369,942
369,942
369,942
369,942
369,942
369,942
369,942
369,942
369,942
369,942
369,942
369.942
369,942
369,942
Common
Reserve
Dividends.
Fund.
Surplus.
$
$
$
856,930
468,999
1,921,019
1.057.781
3,418,260
500,000 1,127.498
3,904,140 1.000,000 2,198,437
7,806,390
798,845
7.807.957
500,000 5,321,148
5.859.840
5,083,230
13,674,635
3,244.629
8,792,280
4,889.747
7,865,840
10,330,429
7,953,215
5,782,704
12,574,962
5,007,650
15,678.337
2,828.950
16.267,400------13,
1
564,473
16,231,640
NI 1.751,732
16,167.880
227.600 3.095,213
16,209,200
227,600 3.335,419
16.224.700
227.600 3,288,198
27% years-344,796,635
9.764,655 235,193,623 6,046,600 93,791,757
Deduct
-Reserve required in addition to previous reserves and
appropriations to offset entire book value of goodwill & pats-- 15,798,081
$77,993,676
1928. 1927. 1926. 1925. 1924. 1923.
Earns, per share on common_-__ $9.59 $9.61 $9.50 $8.84 $8.26 $9.13
COMBINED BALANCE SHEET DEC. 31 (INCLUDING SUB. COS.).
1928.
1927.
Assets-Matteis:$
$
seal est., buildCommonstock_b 20,582,190 20,570,550
ings,
60,727,875 52,894,556 Preferred stock_ 6.165,700 6,165,700
Supplies, &o._ 29,795,327 28,517,344 Notes payable._ 3,475.000
Accounts & bills
Acc'ts pay.,Incl.
receisele (net). 10,684,929 10,737,135
provision for
1,100,000
Call loans
Federal taxes_ 11,811.823 12,439,447
obligations 10,662.593 12,542,644 Pref. div. Jan. 1.
U.S.
92,485
92.485
-Other mark.sec. 8,057.372 5,243,153 Corn. div. Jan. 1 2,534,711 2,535.756
9,992,159 14,624,157
Cash
Extra
1,520,827 1,521.453
Prepc1.1tems.&o.
555.488
680,466 Cording. reserve 7.329.334 7.208,586
Surplus
77,993,676 74.705,477
131.485.746 125,239.457 Total
Total
131385.746 125,239.457
a Includes real estate, buildings, plant, machinery and capital investments
at cost less depreciation reserve. b 2,500,000 shares of no par value authorized, 11,100 shares of no par value issued in 1924 for cash at $10 Per share,
8,240 shares of no par value issued to employees in 1925 for cash at $10 per
share, 5,120 shares of no par value issued to employees in 1926 for cash
at $10 per share and 5,745 shares of no par value issued to employees in
1927 at $10 per share. Of the foregoing shares of common stock 28.450
are claimed by the Allen Property Custodian and the issue thereof is in
litigation; there remains to be issued 505 shares of common stock of no par
value under plan for sale to employees, as approved by the stockholders
April 6 1920.-V. 128, p. 1062.
Delaware & Hudson Company.
(99th Annual Report
-Year Ended Dec. 31 1928.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1927.
1926.
1928.
1925.
No.tons carr.(rev.frt.), 23,557,354 24.981,012 20,794,153 22.353,063
No.tons carr. 1 mile_.... 3299189361 3535799440 3773810041 3389953846
Av.rev, per ton per mile
3.01025
3.01020
3.01062
3.01026
Frt.rev. p. mile road op- $37,779.08 $40,428.29 $44,693.17 $38,785.84
Trainloads in tons (revenue freight)
837.00
846.96
838.35
793.13
No. passengers Carried
3,022,504 3,255.178 3,560.497 3,710,463
No. pass. carried 1 mile_108,895,300 108,895,212 113,657.792 113,899,537
Av. amt. per pass. mile_
3.0332
3.0328
$0.328
3.0325
Pam rev, per mile road_ $4,204.51
$4,335.43 $4.470.68 $4,441.68
Av.no. pass,per tr. mue
45.47
47.47
44.45
47.82
2799
INCOME STATEMENT FOR CALENDAR YEARS.
1928.
1927.
1925.
1926.
Transportation of mdse317,595,393 $17,921.407 $18,308,677 317.007.189
Transportation of coal__ 16,068.791 18,322.959 21,767,237 17.772,850
Passengers
5,693,854
5,637.298 5,784.215 5,752.360
Miscellaneous
927.458
1,237,092
871,862
573,561
Total oper. revenue-140,285,408 342,753,526 $46,433,690 $41,769,491
Maint.of way,&c
4,740,694 5,713,637 5,373,037 4,713,894
Maint. of equipment
9,388,659 11,284,973 11,506.764 11,121,308
Traffic
651,348
609,370
619,518
639,573
Transportation
14,713,567 15,024,743 15.411.348 15,499.877
General & miscellaneous 2,205,867 2,012,958 2,045,182 2.097,835
Transp. for invest. (Cr.)
14,406
19,782
12,158
14.030
Total oper. expenses_ _$31,685,730 $334,656,101 $34,941.819 $334,030,126
Net earns, before taxes_ 8,599.765 8,097.424 11,491.871
7,739,365
Other Income
Hire of freight cars
177,160 .
130,136
194.512
37.018
Rent freight equipment_
194,066
196,848
224,397
175.837
Joint facility rents
164.847
185,981
180,364
178.725
Gross ry.op.income
Railway tax accruals
Uncollectible ry. rev
Rent for equipment
Joint facility rents
$9,135,808 $8,632,322 $11,911,717 $8.288.439
1,122.128
1.471,158 1,688,168
1,136,746
11,059
Cr.7,866
686
3,754
•
80,171
58,331
55,927
68,292
502,404
379.020
374,165
400.673
Net ry, oper. income_ $7,543,429 36.589.782 $9.774,816 36,715.442
becm-oper. Income
Income from leased road
112,911
113,308
91,395
91.401
Miscell, rent income
73,422
87,902
84,883
81.400
Misc.non-op.phys. prop.
Dr1,362 Dr284,925
1,971.475 1,265.865
Dividend income
1,199,455
1,279,236
1,258,440
1,335,309
Inc.from fund,secs. and
516.672
unfund.secs. & acc'ts- 2,308.731
559.800
621.784
Miscellaneous income
124.075
1,820,740 2,186.009
915,794
Gross income
$11,372,520 39.301.687 315,634.941 312,128,041
Rent for leased roads..
1,883,867
Int. on funded debt
2,931,614
Int. on unfunded debt145,324
Misc,tax accruals
9,900
43.054
Miscellaneous
Net income
Dividends paid
1,915,545
3,266,625
441.475
584,995
55.743
1,962,169
3,641,312
223,206
1,483.196
447,613
1,904.152
3.602,113
183.985
1,182.940
347,142
$6,358.759 $33,037,304 $7,877,445 is,.07.708
4,641.651 4,251,958 3,836,902 3825,270
$1,717.108df$1,214,654 $4,040,543 $1,082.438
Balance, surplus
Shares of capital stock
515,739
outstanding (pa r$100)
515,739
430,927
425 030
Earns.per sh.on cap.stk_
$5.88
$12.33
$11.54
GENERAL BALANCE SHEET DEC. 31.
$18.28
1927.
1928.
1928.
1927.
Assets$
Investm't Inroad
Capital stock-- 51,573,900 51,573,900
& equipment _ 77,040,171 76,678,960 Premium on capital stock._ _ _ 4,535,450
Impts. on leased
4,535,450
railway prop'y 13,472,213 12,826,209 Funded debt unDeposited in lieu
matured
60,202,450 61,967,850
Loans & bills pay
of mtgd, prop
5,000,000
sold
497 Traffic&car serMisc. phys. prop
6,472
12,885 vice bals. pay
528.275
328,538
Inv.In. atfil.cos. 30,880,522 36.336,357 Audited accts. &
Other Investm'ts 4,762,804 45,151,950 wages payable 5,647,843 6.466,400
2,250,012 4,466,089 Misc.accts. Pay. 225,127
Cash
444,441
Int.mat.unpaid_
Demand loans &
44,896
47,500
4,000 DIvs.mat. unpd.
8,041,745
deposits
111,505
107,806
218,462 Funded debt ma361.768
Special deposits_
tured unpaid _
Time drafts &
7,100
7,100
45,000,000
Unmatured int.
deposits
Loans & bills rec
accrued
870,000
501,044
463,873
Traffic & car serUnmatured rents
vice bals. rec _ 1,034,793 1,034,053 accrued
115,832
115,832
Other cur. Ilab.
Agents' & con583,060
579,197
156,967
109,814 Deferred 11a17114. 1,683,317 1,926,044
ductors' bats._
Misc,accts. rec. 3,743,996 2,756,544 Tax liability.,.,
493,147
798,552
4,180,384 3,452,445 Insurance & casMat.& supp._
452,141
115,173
Int.& dive. rec _
ualty reserve. 1,141.887 1,081,409
6,990
6,990 Aeon deprec'nRents receivable
2,991
Other curr.assets
equipment --- 11,214,680 10,423,637
Work.fund.adv-11,665
11,665 Other unadjustInsur.& 0th. fds 1,227.818 1,145,420 ed credits- --- 1,500,575 1,352,735
Other def. assets
6,209
6,157 Add'ns to propRents & insur.
erty through
premiums paid
inc.& surto- --7,006.777 6,995,389 .
96,424
in advance_ _
102,023 Profit & loss, bal 46,676.137' 31,091.144
Other unadjusted
565,312
491,909
debits
Somas. issued or
assumed-un400
406
Pledged
Total
193,758,438 185,341,366
-V. 128, p. 2455.
Total
193,758,438 185,341,366
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Railway Merger Plan Submitted.
-New general railroad consolidation plan
has been submitted to I.
-S. C. Commission by Commissioner Claude R.
Porter.
-"Wall Street Journal", April 26, p. 1.
-Company has granted its 12.000
Southern Pacific Raises Shop Wages.
shop employees, 700 of whom work in the company's Ogden shops, the
following increases in hourly wages: Mechanics, 5 cents; helper apprentices, regular apprentices and mechanic's helpers, 3 cents: differential
helpers, 4 cents; coach cleaners, 2 cents. "Wall Street Journal," April 22.
p.9.
Freight Cars in Need of Repairs.
-Class I railroads on April 1 had 139.538
reight cars in need of repair or 6.3% of the number on line, according to
reports just filed by the carriers with the car service division of the American
Railway Association. This was a decrease of 1.033 cars under the number
reported on March 15. at which time there were 140,571 or 6.4%. Freight
cars in need of heavy repairs on April 1 totaled 99,380 or 4.5%,an increase
of 864 compared with March 15, while freight cars in need of light repairs
totaled 40,158 or 1.8%, a decrease of 1,897 compared with March 15.
Surplus Freight Cars.
-Class I railroads on April 8 had 271,353 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a decrease of 7.754 cars compared with March 31, at which time there
were 279.107 cars. Surplus coal cars on April 8 totaled 134.726, a decrease
of 1,726 cars within approximately a week while surplus box cars totaled
89.107, a decrease of 6,322 for the same period. Reports also showed
27.564 surplus stock cars, an increase of 382 cars over the number reported
on March 31, while surplus refrigerator cars totaled 11,380, an increase of
588 for the same period.
Locomotives in Need of Repair.
-Locomotives in need of repair on the
Class I railroads of this country on April 1 totaled 8,042, or 13.9% of the
number on line. according to reports filed by the carriers with the Car
Service Division of the American Railway Association. This was a decrease of 739 Compared with the number in need of repair on March 15,
at which time there were 8,781, or 15.1%. Locomotives In need of classified repairs on April 1 totaled 4.545, or 7.9%, a decrease of 299 compared
With March 15. while 3,497, or 6%. were in need of running repairs, a
decrease of 440 compared with March 15. Class I railroads on April 1
had 5.866 serviceable locomotives in storage compared with 5.265 on
March 15.
2800
FINANCIAL CHRONICLE
[vol.. 128.
The New York Stock Exchange has authorized the listing of an additional
-Freight cars on order
Freight Cars and Locomotives on Order on April 1.
on April 1 1929 by the railroads of this country totaled 42,561 compared 463,920 shares common stock (par $100) on official notice of issuance upon
-year 5%% cony, gold bonds, series A, making the total
with 25,248 on the same date last year, according to reports received from conversion of 20
the carriers by the car service division of the American Railway Association. amount of common stock to be listed 1,292,315 shares.
The New York Stock Exchange has also authorized the listing of $46.On March 1 this year 37,820 freight cars were on order. Of the freight
-year 5%% convertible gold bonds, series A, due May 1 1949.
cars on order on April 1, reports showed 18,108 were box cars, an increase 392,000 20
of 9,569 compared with the same date last year. Coal cars for which orders -V. 128, p. 2455, 1901.
have been placed number 18,997, an increase of 9,912 compared with the
Panama RR.
-5% Extra Dividend.
number of such cars on order on April 1 last year. Reductions, for the
The company has declared an extra dividend of 5% payable out of the
most part small, were reported in the number of refrigerator, stock and flat
net earnings of the company during the fiscal year beginning July 1 1928.
cars on order this year compared with one year ago.
An announcement just made by the Department of War follows: A
Locomotives on order on April 1 this year numbered 372 compared
check for $350,000, representing the amount of the dividend on a capital
with 137 on the same day in 1928.
New or rebuilt freight cars placed in service in the first three months of stock of $7,000,000, all of which is owned by the United States, has been
1929 totaled 8,544, of which box cars totaled 3,992; coal cars, 2,232; flat transmitted for deposit to the Secretary of the Treasury by the Secretary
cars. 762; refrigerator cars, 1,343, and stock cars, 155. Sixty cars of other of War. The dividend is an adavnce dividend for the current fiscal year.
It is believed that another dividend will be declared after the close of the
classes were also installed in service.
7
New or rebuilt locomotives placed in service in the first three months of current fiscal year, making a total of 10,0 for the year.
The following is a statement of the dividends declared by the company
1929 totaled 118.
Freight cars or locomotives leased or otherwise acquired are not included and deposited in the U.S. Treasury since Aug.5.1923: Aug. 151923,10%•
April 15 1924, 59w; April 8 1925, 5%; Sept. 24 1925, 5%; Sept. 22, 1926.
In the above figures.
'
5%; Sept. 16 1927, 5%; April 2 1928, 5%; Oct. 3 1928, 5%; total, $3,Alton & Southern RR.
-Operation.
150.000.-V. 127. D. 2362.
Commission on March 30 issued a certificate authorizing the
The I.
-S. C.
company to operate over certain railroad tracks, aggregating 4.44 miles,
Pennroad Corporation.
-Pennsylvania RR. Forms New
In and owned by the city of St. Louis, Mo. and over the municipal bridge
-New Company to Deal in Transportation
between St. Louis, Mo. and East St. Louis, Ill., and its approaches, also Investment Unit
owned by the city.
-V. 128, p. 1222.
Securities-Rights to Pennsylvania RR. Stockholders.
-The
directors of the Pennsylvania RR. have approved a proposal
to incorporate in Delaware The Pennroad Corporation, an
investment company with broad powers, among others to
invest its funds in securities of any corporation or other
agency, including those engaged in transportation of any
Canadian Pacific Ry.-Final Installment.
description-on land, water, or by air-but without power to
Due to a typographical error in last week's "Chronicle" page 2623 the operate railroads. It is stated that it is not the present inamount of the final installment of the subscription price for the additional
- tention that the new corporation shall acquire existing inordinary stock was given as $30.55. This should have read $39.55.
See V. 128, p. 2623.
vestments of the Pennsylvania Co., sucji as Lehigh Valley,
Wabash, and Norfolk & Western securities, but rather to
-Hearing in Fall.
Chesapeake & Ohio RR.
-V. 128, p. 2623.
See Baltimore & Ohio RR. Above.
have its resources available for new investments.
The new company will have an authorized issue of 10,000,Chicago & North Western Ry.-Construction of Ex000 shares of common stock without par value, of which
tension.
-S. C. Commission on April 10 issued a certificate authorizing the 5,800,000 shares will be immediately offered to stockholders
The I.
company to construct an extension of its so-called Winner Line from Winner of Pennsylvania RR. in the ratio of one share for each two
northwesterly to Wood, a distance of 33.7 miles in Tripp and MeIlene
shares held, at $15 a share.
Counties, S. Dak.-V. 128, p. 2617, 2623.
The following is from the Philadelphia "News Bureau" Aprll 25:
-Abandonment.
Chicago St. Louis & New Orleans RR,
Directors and Officers.
Baltimore & Ohio RR.
-Hearing in Fall.
Hearings upon the'railroad unification proposals of the Baltimore & Ohio
-S. C.Comand the Chesapeake& Ohio railroads will not be held before the I.
mission until September, according to press reports, since neither the BaltiOhio nor the Chesapeake & Ohio will be prepared to proceed with the
more &
-V.128. p. 2623.
hearings before that time.
-S. 0. Commission on April 12 Issued a certificate authorizing
The I.
abandonment by the Chicago St. Louis & New Orleans RR.,and abandonment of operation by the Illinois Central RR. extending from Deer to
Tiger Tail, and from Stevens Junction to Menglewood, a distance of 16.38
miles, all in Dyer County, Tenn.
-V. 121, p. 1345.
Detroit & Mackinac Ry.-Abandonment of Branch.
-S. C. Commission on April 5 issued a certificate authorizing the
The I.
company to abandon its Rockport branch in Alpena County, Mich., 11.64
miles.
The Commission also issued a certificate authorizing the abandonment
by the company of part of its Hillnaan branch in Alpena and Montmorency
Counties, Mich., 12.93 miles, and a side track mileage of 1.43 ralles.V. 128, p. 1391.
-Abandonment of
Houston & Texas Central RR.
Branch Line.
The I.
-S. C. Commission on April 11 issued a certificate authorizing
the company and the Texas & New Orleans RR. to abandon a branch
line of railroad in McLennan County, Tex., extending from a point near
Waco,about 4 miles north from the company's freight station in that city,
In a general northerly direction to the end of the line, near Ross station,
-V.124, P. 369.
about 7.48 miles.
-Earnings.
Indianapolis Union Railway.
Calendar Years1928.
Operating revenues -- $398,520
Amt. contr. by ten. rds_ 2,497,128
Total revenue
Operating expenses
Taxes &c
1927.
$404,012
2,533,574
1926.
$416,225
2.433,692
1925.
$420,899
2,480,214
$2.895,648 $2,937,586 $2,849,917 $2,901,113
1,837.253
1,844,915
1.889.461
1,915,051
297,844
357,376
328,977
323,597
Net operating income
Other income (net)
$682,588
18,323
$724,691
35,530
$655,288
84,772
$727,222
81,821
Gross income
Ded.from gross income_
$700,911
454,553
$760,221
480,597
$740,060
539.074
$809,043
489,625
Net income
Other approp. ef income
$246,358
88,583
$279,624
109,377
$200,986
72,851
$319,418
56,110
Net income
Dividends
$157,775
69,503
$170,247
30,515
$128,135
55,777
$263,307
19,183
$88,272
$139,732
$72,358
$244,124
Balance, surplus
-V. 126. P. 313.2.
Louisville & Nashville RR.-Abondonment of Branch
-S. 0. Commission on April 13 issued a certificate authorizing
The I.
the company to abandon its so-called Halsey branch which extends from a
connection with its Knoxville division at Keswick in an easterly direction
to Myrlin, a distance of 1.39 miles, in Whitley County, Ky.-V. 128,
P. 2623.
-Earnings.
Maryland & Pennsylvania RR.
Calendar YearsTotal operating revenue_
Total operating expenses
Other operating charges
1928.
$881,588
615,099
88,587
1927.
$947,124
644,770
107,845
1926.
$960,027
666,662
107,271
1925.
$965,497
685.244
103,531
Net ry. operat.income
Non-operating income- -
$177,901
16,416
$194,508
12,730
$186,094
11,219
$176,722
10,513
Gross income
Rentals, int. and misc.
Income charges
Approp. for additions to
property
$194,318
$207,238
$197,313
$187,235
87,267
90,831
87,433
86,836
91,070
65,157
107,521
113,464
$15,981
$51,250
Balance, surplus
-V.126. P. 2472.
Michigan Central RR.
-Bonds.
-
$2,359 def.$13,065
It is announced that the first board of directors of the Pennroad Corp..
the newly created investment corporation, comprises W. W. Atterbury,
Effingham B. Morris, Charles E. Ingersoll, Levi L. Rue, Jay Cooke, R. B.
Mellon and A. J. County, all of whom are directors of the Pennsylvania
RR., and Henry H. Lee, who has been elected President of the new corporation.
The board of the Pennroad Cdrp. may be increased later by the addition
of other prominent business men and business financiers, as the business of
the corporation may require.
Mr. Lee, who has been Treasurer of the Pennsylvania RR. since June
1924, has resigned that office and all affiliations with the Pennsylvania RR.
system in order to accept his new post as President of the Pennroad Corp.
Other officers of the Pennroad Corp. have been elected as follows: Samuel
H. Ogden, Vice-Pres. SE Treas.; William U. Moyer, Sec. & Asst. Treas.;
C. Bidlingmeyer, Asst. Sec. & Asst. Treas.; and Robert P. Andrews,
Auditor. All of them have severed their connections with the Pennsylvania
RR. to devote their whole time to the business and interest of the Pennroad
Corp.
Stock to Be Paid in Full June 14.
Rights to Pennsylvania RR. Stockholders.
-Notices will be mailed to stockholders of the Pennsylvania RR. the end of this week officially advising
them of the formation of the Pennroad Corp. and calling attention to circular which will be enclosed of the Pennroad Corp., in which latter corporation will offer privilege to Pennsylvania stockholders to subscribe to its
stock. Offering of subscription to stock will be made by the Pennroad
Corp. and not by the Pennsylvania RR.
Stockholders of the Pennsylvania RR. of record May 10 will be given the
privilege of subscribing to Pennroad Corp. stock and warrants, for full and
fractional amounts, will be mailed on May 14 or soon thereafter. Payment
of subscription price of $15 is to be made in full on June 14. [Stock of the
Pennroad Corp. is selling on the New York Curb on a when, as and if issued
basis, the high for the week being $25 and the low $21 per share.] Offering
will be made to the 157,000 stockholders of the Pennsylvania and also to
the 100,000 employees who subscribed under the offering of 350,000 shares
made direct by the company one year ago. The latter stock is being paid
for on the basis of 10 or 25 monthly installments, but all employees who so
subscribed will be included in offering of its stock by the Pennroad Corp.
To Be Separate Corporate Entity-Voting Trust.
The Pennroad Corp. will be a separate corporate entity from the Pennsylvania RR.,and although all of its officers have been selected from among
officials of the Pennsylvania RR., they have severed their connections with
the railroad and will devote all of their time to the interests of the new investment company. Although the Pennsylvania RR. will not have any
stock interest in the new company, all of the stock of the Pennroad Corp.
will be placed in a voting trust for 10 years, the three voting trustees being
stockholders of the Pennsylvania RR. Subscription privilege which the
Pennroad Corp. will offer to stockholders of the Pennsylvania RR. will be
to these voting trust certificates.
Although it is officially stated that it Is not the present intention of the
new investment company to acquire existing investments of the Pennsylvania Co., such as Lehigh Valley, Wabash and Norfolk & Wetern securities, it is noted that statement says "not the present intention," which does
not bind action of company in the future. It is believed, however, that
management has some definite plans in mind for investment of part of
$87,000,000 in cash which it will receive June 14, although there is no official
Intimation of plans being considered. New company will also maintain
separate offices from the railroad company.
To Start with $87,000,000 Cash.
Of the proceeds of the Pennroad Corp. common stock to be issued, $10
per share is to be capital and remainder paid-in surplus, not available
for dividends on the common stock. The new company will thus start
with $87,000,000 of cash in its treasury, if all the stock now offered is subscribed, which will be available for investment as opportunities may develop.
In view of the constant emergence of novel opportunities for investment
In the field of transportation and in enterprises closely related thereto,
the directors of the Pennsylvania RR. have reached the conclusion that it
would be of material advantage to the company and its stockholders for
Its stockholders to unite in establishing a corporation so organized as to be
able to make investments on a much broader basis than is possible under the
limited powers of a railroad company. The directors are of opinion that
such an independent instrumentality would effectively supplement the
interests of its stockholders,
acTtivitiespoifttahlesctooemkpaonfytihtse a
and promote the in
m
The capital stock
Pennsylvania RR. consists of approximately
11,600,000 shares (par $50), or a total of $580,000,000 par value. There
are over 157,000 holders of stock of the Pennsylvania RR., the individual
holdings of over 80% of whom amount to 100 shares or less. In addition.
there are approximately 100,000 employee stock subscribers.
The wide diversification of the ownership of Pennsylvania RR. stock,
not only in this country but abroad, indicates that there will be a correspondingly wide distribution of the stock of the new corporation.
The 1.41. C. Commission on April 12 authorized the company to issue
net exceeding $7.634,000 refunding and improvement mtge. bonds.series 0,
to be sold at not less than 96 and int. and the proceeds used to retire
$7,634,000 20
-year 4% gold debentures of 1909 which matured April 1
1929, or to reimburse its treasury for expenditures made in retiring these
bonds. The report of the Commission says:
"No arrangement for the sale of the bonds has been made but the appli-New Directors.
-Listing.
cant requests authority to sell them for cash at not less than 96%. which
Pennsylvania Co.
would make the average annual cost approximately 4.709%.-V. 128,
The New York Stock Exchange has authorized the listing of $50.000,000
p. 1223, 1723.
35
-year 4U% secured gold bonds, due Nov. 11963.
Edgar 0. Felton of Philadelphia has been elected a director to succeed
Missouri Pacific RR.
-Stock Ex-Rights on April 25.
the late Samuel Rea.
-V. 128, p. 2625.
The Committee on Securities of the New York Stock Exchange this week
ruled that the common and preferred stocks be quoted ex-rights on April
-The direc-Dividend Rate Increased.
Pennsylvania RR.
-year o3 % convert, gold bonds; series A. In V.128,
25. (See offering of 20
tors on April 24 declared a quarterly dividend of 2% ($1
p. 1723.)
APRIL 27 1929.]
FINANCIAL CHRONICLE
2801
Count 2 that the acquirement of the stock and bonds of one of said corporations, viz., the Mobile & Ohio RR. was prior to the passage of the
Clayton Act."
Another contention of the Southern is that the New Orleans & Northeastern is so located as to be a necessary feeder to its lines, and is therefore
within the exemptions of paragraph 4 of section 7 of the Clayton Act.
"The Commission will take judicial cognizance," the motion says, "of
the fact that competition in this South Central region, in the sense sought
1900-'05. '06. '07. 1908-20. '21. '22. 1923-25. '26. 1927-28. x'29. to be preserved by Congress, is between the Southern Railway System
7
6 yrly. 43 4A
6 yrly. 6h
6 yrly. 63i 7 yrly.
which includes the New Orleans & Northeastern RR., the Louisville &
x Including dividend of 2% payable May 31.
Nashville System and the Illinois Central System, and that the retention
of the New Orleans & Northeastern by the Southern Railway is essential
Organizes Pennroad Corp., an Investment Company-Stock- to the effective continuance of that competition.
holders Receive Rights to Subscribe to New Company's 5,800,000
"The New Orleans & Northeastern is an extension of other lines of
feeder to these lines,
Southern Railway, so located as to
Shares at $15 per Share-Officers of New Company Sever and therefore within the exceptions be a necessary4 of section 7 of the
of paragraph
Connections with Pennsylvania RR.
- Clayton Act, which reads as follows:
-See Pennroad Corp.
"'Nor shall anything herein contained be construed to prohibit any
V. 128, p. 2455.
common carrier subject to the laws to regulate commerce-from extending
any of its lines through the medium of the acquisition of stock or otherwise
Pittsburgh Cincinnati Chicago & St. Louis RR.
- of any other such common carrier where there is no substantial com;
petition between the company extending its lines sin the company whose
Capitalization Increased-New Directors.
stock, property or an interest therein is so acquired.'"
The stockholders on April 24 increased the authorized capital stock,
The carrier further represents that the charges made by the Commission
par $100, from $100,000,000 to $125,000,000.
"fail for want of jurisdiction, since the complaint shows on its face that the
George J. Adams and Arthur B. Ayres have been elected directors to Southern Railway acquired the stock and bonds of the Mobile & Ohio in
succeed the late Samuel Rea and George D. Dixon, resigned.
-V. 128. P. 1901 and said Clayton Act does not apply thereto."
1223.
With respect to the charge that the acts alleged restrain commerce in
certain sections and communities, the company maintains that the Commission's complaint "shows on its face that if any commerce be restrained.
Richmond Fredericksburg & Potomac RR.
-Earns.
- which is denied, It is not in any section or community but is as between
Calendar Years1928.
1925.
1926.
1927.
-V. 128, p. 2457.
Rallwy. oper. revenues311,035,433 $11.595,722 $12,801,738 $12,891,176 two communities."
Ry.oper.expenses
7,800,240
8,438,157 8,656,356 8,155,041
-Stock.
Tennga Railroad.
Ry.tax accruals
787,962
618,419
858,762
669,451
-S. C. Commission on April 15 authorized the company to issue
The I.
Uncollectible ry.revs_ _
180
227
379
66
$500 capital stock (par $100) to be sold at par and the proEquip.& joint facilty rts
670,308 not exceeding connection with the acquisition of certain railroad property
623.285
604,668
612,400
ceeds used in
-V. 128, p. 1223.
Net ry. oper. income_ $2,011,878 $1,875,647 $2,662,956 $3,277,685 and equipment.
Non-operating income_ _
201.846
210,957
262,849
192,321
Terminal RR. Assoc. of St. Louis (& Affil. Cos.).
-
per share) on the capital stock, par $50, payable May 31 to
holders of record May 1. From Nov. 30 1926 to Feb. 28
1929, incl., quarterly dividends of 13 % (87 , cents per
6
4
share) were paid. Record of distributions made since 1900
(in per cent) follows:
Grossincome
$2,204,199 $2,086.603 $2,925,805 $3,479,530
Int. on funded debt..- - _
367,589
361,967
350,724
356,345
Other deductions
212.119
90.501
13,242
20,504
Netincome
$1,840,233 $1,709,754 $2.473,338 $2.899,821
Income applied to sink& other reservefunds_
200,000
Cash dividends
1,505,341
1,505,341
1,071,949
1.015,273
Balance,surplus
-v.126. p. 2473.
$768,284
$694,481
$967.997 $1,194,480
San Luis Valley Southern Ry.-Construction of Extension.
The I.
-S. C. Commission on April 15 issued a certificate authorizing the
company to construct an extension of its line of railroad from its southern
terminus, on the boundery line between Colorado and New Mexico, in a
southerly direction to a point near Questa, in the southeast quarter of
section 19, township 29, range 13 east, New Mexico principal meridian, a
distance of 18 miles, all in Taos County, N. M.
-V. 127, p. 405.
Southern Pacific Co.
-Bonds.
The I.
-S. C. Commission on April 16 authorized the company to issue
$65,166,00040
-year 4}i % gold bonds of 1929,and not exceeding $19,549,800
of common capital stock, consisting of 195,498 shares (par $100); the bonds
to be sold at not less than 94 and int.. and the stock to be sold at not less
than par. The report of the Commission, says in part:
The applicant has outstanding $53,815,760 4% 20
-year convertible
gold bonds, which were issued under an indenture dated June 1 1909.
Under this indenture there were issued $81,814,000 of bonds, of which
$27,319,240 were converted into stock and $679,000 were purchased by
the applicant out of income,and are now in its treasury and will be canceled.
The outstanding bonds will mature June 11929.
The applicant shows that on Jan. 20 1926, it expended $6,660,225 to
acquire complete control of the Houston & Texas Central RR.by purchasing
24,219 additional shares of stock of that company (par $100 each); that on
March 30 1928, pursuant to authority granted by our order of Feb. 11 1928,
it acquired the outstanding stock, bonds, and open-account indebtedness of
the Texas Midland RR. for $2,250,000 cash; and that on Jan. 17 1929.
fursuant to authority granted by our order of Dec. 14 1928, it expended
3,660,260 to acquire one-half the ca
capital stock of the Northwestern
aciflc RR. which was held by the Atchison, Topeka & Santa Fe Railway
thus securing complete control of that carrier.
The bonds aggregating $53,815,760 which will be retired by the new
bond issue, and the stock purchases totaling $12,570,485, an aggregate
total of $66,386,245 are offered as a basis of capitalization to support the
proposed bond issue of $65,166,000.
The proposed bonds will be issued under a proposed indenture, to be
dated May 1 1929, authorizing the issue of $65,166,000 of bonds. They
will be dated May 1 1929, will bear interest from May 1 1929, at the rate
of 434% per annum, payable semi-annually on Nov. 1 and May 1, will
mature May 1 1969, and will be issued in the denom. of $1,000 each in
coupon form and may be registered as to principal. The bonds may be
called as an entirety on May 1 1934, or on any interest date thereafter to
and incl. May 1 1964, at 105 and int., or thereafter on any int, date at
par plus a premium of 34 of 1% for each 6 months between the redemption
date and the date of maturity, together with accrued hit. Each bond will
have attached thereto a warrant, non-detachable until exercised, entitling
the bearer, or, if registered. the registered owner thereof, to purchase at
any time on or before May 1 1934, 3 shares of common stock at $145 a
share, plus divs. at the then current rate, with appropriate adjustment of
the purchase price of the stock, in case of the issue of additional common
stock at less than $145 a share, or as a stock dividend, but the purchase
price will in no event, so long as the common stock has a par value, be less
than such value.
The applicant's stockholders will be permitted to subscribe at 94 and
int. before 3 p. in. New York time, May 15 1929,for a principal amount of
the proposed bonds equal to 1734 of the par value of the capital stock of
the applicant registered in their respective names on its books at 3 p. m.,
New York time, April 8 1929. Warrants will be issued only for amounts of
$1,000 of bonds or multiples thereof, but fractional warrants will be issued
for subscription privileges involving a fraction of a $1,000 bond. After
3 p. m., New York time, May 14 1929, all fractional warrants will be void.
The proposed bond issue will be underwritten by Kuhn, Loeb St Co.,
which will take so much of the bonds as may not be subscribed by the stockholders on the same terms as offered to them, viz, 94 and int. The commission for underwriting the bonds will be 23,i% of the principal amount
thereof, which will make the average annual cost to the applicant 4.993%.
The proceeds from the sale of the bonds will be used to pay or redeem the
$53,815,760 of convertible gold bonds heretofore described, and for the
financial requirements of the applicant and its system lines.
-V. 128, p.
2457, 2268.
Southern Railway.
-Asks Dismissal of Anti-Trust
Charge-Alleged Illegal Acquisition of Stock Declared to Antedate Passage of Clayton Act.
-The company has filed with the
I. C. Commission a motion to dismiss the latters complaint
-S.
against it, alleging violation of the Clayton anti-trust law
by reason of its acquisition of stock of the Mobile & Ohio
and New Orleans & Northeastern railways.
The Southern says that its acquisition of control of the Mobile & Ohio
was in the year 1901, many years before the Clayton Act was enacted.
and that the Act is not retroactive. To require the Southern to divest
itself of all interest in the stock or bonds of the Mobile & Ohio,it says, would
be to impair a right acquired prior to the passage of the Clayton Act and
contrary to the express terms of part of section 7 of that Act.
It is also contended that Count 2 of the complaint, referring to the acquisition of control of the New Orleans & Northeastern, Is based upon
Paragraph 2 of section 7 of the Act, which is directed against the acquirement of stock in two or more corporations, "and it appears on the face of
Earns. Calendar Years- 1928.
*1925.
1926.
1927.
Revenues
Switching
$12,154,505 $12,643,851 $12,924,964 $12,599,181
Specialservice train_ - - 2,360
268.741
1,016,199
1,012,295
Incidental
935,391
JointfacilityCr354.368 Dr386,060 Dr405,708 Dr.367,840
Totalry.oper.revs_ _ _$12.777,614 813,270,086 $13.537,818 $13,166,732
ExpenseslVfaint. of way & struc- - $2,054,548 $2,261,960 $2,204,231 $2,298.851
1,183.595
Maint. of equipment..- .. 1,042,515
1,129,856
1,115,426
29,633
26,813
Traffic
27,491
29,444
Transport'n-rail line_ _ 5,401,818 5,312,348 5,142,027 5.201.275
39,388
Miscell.operations
39,868
42,829
41,510
355,421
343,334
General
264,211
246,154
16,892
2,952
Transp. for inv.-Cr_ _ _
3.608
Totalry. oper.cap- -- $8,906,414 $9,164,967 88,807,037 $8,932,659
Netrev.freight ry oper_ 3.871,182 4,105,118 4,730,781
4,234,072
1,134,520
1,273.046
Railway tax accruals_ _ - 1,169,275
1,347,419
279
264
1.372
583
Uncollec. railway revs_ _
Railway oper.income_ _ _ $2,701,626 $2,970,335 $3,382.778 12,959,655
Net rev.from misc. oper loss32,660 loss40,058 loss33,274 loss31,135
1.142
933
468
Taxes on misc.op. prop_
1,003
Total oper.income.. _ _ $2.668,032 $2,929,808 $3,348,500 $2,927,378
1,731,043
Total non-oper. income_ 1,815,548
1,801,851
1,646.926
Grossincome
$4,483,580 $4,660,852 $5,150,352 $4,574,304
Hire of freight cars
174,981
119,493
-deb
171,449
180,384
Jointfacility rent
26,566
22,778
11,780
18,576
696,900
Rent for leased roads696,899
696,901
697,733
1,192
Miscellaneous rents..-348,293
330,019
332,486
Miscall.tax accruals153,481
137,633
158,537
125.870
Int. on funded debt_ _-- 1,821,233
1,822.601
1,823.969
1.825.337
Int. on unfunded debt- 18,498
10.521
1,668
468
25,769
Amort.of disc. on fd. dt_
25,758
26,130
22,277
Misc,income charges- - 12,800
13,522
13,405
14,543
Inc. appl. to sk., res. fds
100,000
100,000
100,000
241,771
Income balance
$1,075.692 11.307,863 11.868,449 11.164.859
Earns, per sh. on 30.879
shs.cap.stk.
$38.07
$37.72
(par 3100)
$42.35
$60.51
* Figures for 1925 revised to compare with 1926.-V. 128, p. 1724.
Vicksburg Shreveport & Pacific Ry.-Refunding
The refunding & improvement mortgage bonds series A, have been called
for redemption as of May 1 1929. and will be superseded by an issue of
series B bonds in the amount of $1,845,000 to bear date of May 1 1929,
to mature Nov. 1 1973, and to bear interest at the rate of 5%, payable on
May 1 and Nov. 1. These bonds will be redeemable on any interest date
on and after May 1 1934.at 105 and hit. up to and incl. 1963 and at 34 of 1%
less for each sweeding 6 months, the redemption to be in accordance with
the provisions of the mortgages.
The bonds will be delivered at par to the Yazoo & Mississippi Valley Ry.
in reimbursement for funds advanced for the redemption of the Vicksburg
bonds The issuance of the bonds has been approved by the I.
-S. C.
Commission.
-V. 128, P. 2086.
Waycross & Southern RR.
-Abandonment of Lino.
The I.
-S. C. Commission on April 9 issued a certificate authorizing She
company to abandon, as to interstate and foreign commerce. its use of
railroad extending from Hebardville to Hopkins, a distance of about 211
miles in Ware County, Ga.-V. 124, p. 1217.
PUBLIC UTILITIES.
Matters Covered in "Chronicle" of April 20.
-Electricity cost drops Agra
in last 16 years
-commodity prices show increase of 70% in same
according to W. B. Foshay Co.
-p. 2539.
American States Public Service Co.
-To Offer Class A
Common Stock.
-New Director.Pynehon & co. it is understood, are forming a distributing group, to
offer 25,000 share;common stock class A at $27 per share.
The common stock, class A,is listed on the New York Curb Market and
the Chicago Stock Exchange and application has been made to list this
additional stock.
The company, through its subsidiaries, owns and operates properties
supplying water, and (or) artificial gas to 38 cities and towns in California,
including certain parts of Los Angeles, a substantial part of the city of
Sacramento, Calif., and the city of Kellogg, Idaho. The total population
to be served is estimated in excess of 260,000 including approximately
48,500 customers, a portion of which are large industrial consumers.
Company also owns all of the outstanding stock of American States
Electric Co. which owns and operates (through wholly-owned subsidiaries)
properties furnishing electric light and power to the City of Sault Ste.
Marie and surrounding communities in Michigan and water and electric
services in Indiana.
Capitalization Giving Effect to the Present Issuance of 25.000 Shares of Class
A Stock.
Authorized.
Outstanding.
1st lien
x
% gold bonds due 1948
$5,550.000
6% convert, gold debenture & series A_ _ _ _
x
2,000.000
$6 dividend preferred stock (no par)
20,000 shi.
16,000 shs
Common stock class A (no Par)
y250,000 shs.
85.000 shs.
Common stock class B (no par)
100,000 shs.
100,000 slay.
X Issuance of additional bonds restricted by the conservative provisions
of the trust indenture. y 60.000 shares of common stock class A reserved
for conversion of 6% convertible gold debenture bonds, series A.
FINANCIAL CHRONICLE
2802
[VOL. 128.
Practically all of these reductions in "prior charge" securities have been
-The combined earnings of the properties now owned or
Earnings.
controlled (regardless of the dates of acquisition and excluding any earnings accomplished through the issuance of class A stock of which approximately
presently to be acquired) for the year ended Oct. 31 1928, 3,500.000 shares are now outstanding in the hands of nearly 60,000 sharefrom properties
holders.
(as qualified below*) are as follows:
$1,487.230 Consolidated Statement of Earnings and Expenses of Properties Since Dates
Gross revenue
of Acquisition.
.Operating expenses, maint., renewals & replacments, and taxes- 781.209
-Increase-$706.021
1929.
12 Months Ended Feb. 281928.
Amount. %
Netincome from operation before interest, &c
425,250 Gross earnings & other income_ 447,437,778 $40,208,589. $7.229,189 18
Annual int,requirements on outstanding funded debt
Oper. exp., mahit.,all taxes,&c 26,174,840 22,191.237 3,983,603 18
$280,771
Balance
96,000
Net earnings
$21,262,938 $18,017,352 $3,245,586. 18
Annual dividend requirements on outstanding preferred stock-_ 4,032,053
Underlying pref. diva. &
5,721.298 *1,689,245 *30
$184,771
Balance
Balance
Balance of earnings as shown above, is equivalent to $2.17 per share on
$17,230,885 $12,296,054 84,934,831 40
All other interest
7,388,408
4,083,892 3,304,516 81
85,000 shares of common stock class A.
•Earnings reported are historical except for certain adjustments amountBalance for diva. & deprec
29.842.477 88.212,162 $1,630,315 20
ing to $71.014 submitted by the company's engineers as non-recurring.
a Deductions for maintenance, renewals and replacements equal 10% Prov.for replacements,renewals
& ret, of fixed cap.(dorm). 2,885,189
916.744 47
1.968,445
of the gross operating revenues in accordance with the indenture securing
the first lien 5;i% gold bonds.
Balance for diva. & surplus- - 56,957.288 $6.243,717
$713,571 11
Purpose.-Proceeds will be used in connection with the acquisition of
*Decrease.
-V. 128, p. 2625.
additional properties and for other general corporate purposes.
L. Davis Co., has been elected
Louis Davis, Jr., President of the
(& Subs.).
Atlantic Public Utilities, Inc.
-Earnings.
-V. 128. p. 882. 1050.
chairman of the board.
Consolidated Income Accountfor the Year Ended Dec. 31 1928.*
-Earnings.
Alabama Water Service Co.
Gross earnings (including other income)
V7.866,093
1928.
Years Ended Feb.4,297.001
$707,042 Operating expense
$774,g05
'Operating revenues
635,313
236,521 Maintenance
296,063
-Operating expense
309.213
35.207 Taxes
33.694
Maintenance
65,985
74,601
Taxes (excl. Federal income tax)
Gross income
$2,624,566
prior charges:
$369,329 Subsidiary companiesfunded debt
$370,447
Net earnings from operation
1.658,019
Annual interest on
1,048
1,317
Other income
429,110
Annual dividend on preferred stock
67,091
$370,376 Minority common stockholders' interests
8371.764
Gross corporate income
193,000
Annual int. req. on total funded debt
Balance avail, for int. charges of Atlantic Public Utilities,
-V. 128, P. 2625.
8470,346
Inc., Federal inc. taxes, gen. amort. & diva
113.000
(& Suts.)-Report.- Int. charges of Atlantic Public Utilities, Inc
American Light & Traction Co.
Calendar Years.
Cornparatire Consolidated Income Accountfor
$357,346
1927.
1928.
Subsidiary operating companies:
on pref. stock of Atlantic Public
$41,214,012 $35,596,684 Annual div. requirement
73.885
'Gross revenues
Utilities, Inc
19,409,303 16,599,222
General operating expenses
1,921,855
2,483,471
$283,461,
Provision for retirement on general plant
Balance
2,802.322 2,516,675
Maintenance
now owned, irrespective of dates of acquisition,
*
4,555,787 4,302,965 and Earnings of properties
General & Federal income taxes
after eliminating certain non-recurring items and deducting annual
Interest & diva, on bonds, preferred stock & notes
-V. 127, p. 3241.
charges on securities outstanding.
4,107,038 3,332,104
owned by public
133,855
150.452
-New Common Stock
Amortization of bond discount & expense
Bangor (Me.) Hydro Electric Co.
40,110
40,258
Profit applic. to minority interest
Placed on a $2 Annual Dividend Basis.
The directors have declared a quarterly dividend of 50 cents per share
Balance applic. to American Light & Traction Co 87,665.320 $6.749.898
on the common stock, par S25, payable May 1 to holders of record April
Subsidiary investment companies:
81,885,461 $1,040,864 10. This is equivalent to $2 per share on the old common stock of $100
-Gross revenues
22,027
11,604 par value on which quarterly dividends of $1.50 per share had been paid.
•General expenses (including taxes)
40,670
the last payment at this rate having been made on Feb. 1 1929.-V. 128,
Interest
p. 2458.
Balance applic. to American Light & Traction Co $1,822,764 $ 1,029,259
-W.C.
-Bonds Offered.
Birmingham Water Works Co.
to Aluerican Light & Traction Co.
'Total accruing
$9,488,084 $7,779,158 Langley & Co. and Halsey, Stuart & Co., Inc., are offering
from subs
973/i and interest, an additional issue of $2,000,000 1st
American Light & Traction Co.:
145,761 at
259.799
Interest & dividends
7.953 mtge.5% gold bonds, series C,at 973'2 and interest. Dated
136,246
Miscellaneous income
L.
Total income accruing to American Light &
$9,884,128 $7,932,873
Traction Co
586,794
403.147
General expenses (including taxes)
80,000
Reserve for contingencies
103.897
175.822
Interest
$9,225,159 $7,242,182
Balance-transferred to surplus acccount
-The consolidated surplus account Dec.31 1928 follows:
•Surplus Account.
Balance Jan. 1 1928, $10.085,932; prior local & Fed, tax adjustments and
other miscellaneous adjustments to surplus account of subsidiary and
holding companies. $86,315: transfer of special reserve to surplus account,
$5.966,265; adjusted balance, Jan. 1 1928. $16,138.513: balance from
profit and loss account for the year ended Dec. 31 1928, after deducting
interest charges and preferred stock dividends paid by subsidiary companies
and earnings of subsidiary companies applicable to minority interests,
$9,225,159; profit on sale of securities (less estimated Federal income
taxes) and other similar credits, $8.099.387; surplus to be accounted for,
$33,463,059: preferred dividends. $804,418; common dividends, $6,584.251:
Wane.), Dec. 31 1928, 526.074.389.
Consolidated Balance Sheet December 31 1928.
Liabilities
AssetsAmer. Light & Traction Co.:
Properties, franchises, organ$13,408,100
2155,312,879 Preferred stock
lzalion, &c
69,169,000
Common stock
Unamort. bond discount and
32,446
3,672.053 Common stock warrants_
stock expense
Paid-in surplus (excess paid
Inv.In other public utilities... 50,897,491
in over par value of gom64,316
Other securities
mon stock)
18,238,071
8,925.545
Cash
4,746,732 Subsidiary companies:
Accounts receivable
9,624,345
735,869 Preferred stock
Notes receivable
201,071
150,983 Common stock
Int, and dividends receivable
Paid-In surplus (premium
(materials, supInventories
on preferred stock)
98,320
5,484,269
plies and appliances)
224,230 Surplus applicable to minorPrepaid expenses
11,972
ity interest
64,455
Special funds on deposit
65,887,000
Funded debt of sub. cos
264,000
Notes payable
Accounts payable
2.248,718
1,384,799
Interest
Dividends
1,893,274
Federal taxes(estimated).- 1,722,067
2,027,964
General taxes
71,642
Miscellaneous
1,578,458
Deferred liabilities
2.788
Items in suspense Retirement-General plant_ 12,606.538
807.706
Retirement-Utility equip
423,670
Contributions for extensions_
780,989
Maint. & other oper. res'ves1,921,497
General contingencies
26,074,390
$230,278.824 Surplus
Total (each side)
-V. 128, p. 246.
-Output.
Water Works & Electric Co., Inc.
American
k.w.h. for the first
t
The company reports power output of 471,740.298 for the first quarter
overthe output
311months 0( 1929 an increase of 9.
k.w.h.
of last year, which amounted to 43 .925,171
an increase of 7% over
The March output totaled 160,191.387 k.w.h., k.w.h.-V.128,P.1902,
the output for March, 1928, which was 149,358,698
1393.
-Conversions.
Associated Gas & Electric Co.Gas & Electric securities have
Conversions and exchanges of Associated
Dec. 311927. the date
had a marked effect upon its capital structure since there were outstand•of its last complete annual statement. On that date
stock, with a preference
ing 143.975 shares of the original series preferred this amount is 59,318
value in liquidation of $50 per share, whereas now
for $100 preferreds
shares, a decrease of 59%. The corresponding figureto 28,870 shares, or
are: $7 dividend stock, reduction from 96,236 shares
254.926 shares to 121,268 shares,
70%;$6.50 dividend stock,reduction-from 143,384 shares to 70,572 shares,
or 51%;$6 dividend stock, reduction from
or 51%.
debt. A year ago,
ti Equally great changes have taken place in the funded the general public
to
this time, there were marketed to the stockholders and
convertible into the class A
through bankers $63,000,000 of 4 Ms, due 1948.
of bonds there now
stock of the Associated company. Of this amount
remain of the
remains outstanding only 57.515,790. Similarly there now due 1977, only
bonds.
original issue of $40,000.000 of the 5X% convertible
now progressing at
Conversions of these two latter issues are disappeared.
48,780,000.
a rate such that shortly these issues will have entirely
Oct. 1 1924; due Feb. 1 1957.
-Authorized by the Alabama P. S. Commission.
Issuance.
Data from Letter of D. M. Watt, President of the Company.
-Incorporated under a special act of the Legislature of AlaCompany.
bama. Feb. 13 1885. Supplies water for domestic, municipal and commercial purposes in Birmingham, Ala. and its environs. The total population
served is estimated to exceed 400.000.
-Proceeds will be used to reimburse the company in part for
Purpose.
expenditures for additions, extensions and improvements to the properties
of the company and for other corporate purposes.
Earnings-Twelve Months Ended March 31.
1929.
1928.
$1.589,003 $1,729,701
Gross earnings
584,130
595,596
Operating expenses, rnaint. and taxes
Net earnings (avail.for hit., Federal taxes,&c.)_ $993,407 S1,145,571
525,500
Annual interest on entire funded debt (Incl. this issue)
Net earnings, as shown above, for the 12 months ended March 31 1929,
were equal to over 2.1 times the annual interest charges on the entire
funded debtor', including this Issue.
Capitalization Outstanding upon Completion of Present Financing.
First mortgage gold bonds:
$5,500,000
5 % series A. due 1954
460,000
5% series B,due 1954
4,000.000
5% series C, due 1957 (incl. this issue)
2,500,000
Cumulative preferred stock
2,501.700
Common stock
-All of the common stock, except directors' shares, is
Management.
-V.128, p. 556.
American Water Works & Electric Co., Inc.
owned by
-Acquires New Distribution
Brooklyn Edison Co., Inc.
System.-
Matthew S. Sloan, President of the New York Edison Co. and affiliated
electric companies, announced on April 25 that the Brooklyn Edison Co.,
Inc., has acquired the electric distribution system and business of the
Gerrittsen Electric Co. and will take over the supplying of electric service
to Gerrittsen Beach on May 1.
The purchase now consummated makes it possible for the Brooklyn
Edison Co. to supply directly all the property owners of Gerrittsen Beach
at the same rates for electric service as are charged in the rest of Brooklyn,
-V. 128, p. 1389.
N. Y.
-Earnings.
California Oregon Power Co.
1928.
1926.
1927.
Calendar Years$3.384,861 $2.913,081 $2,502,003
Gross earnings
1,125.841
1,071,600
Oper. expenses, mainten. and taxes__ 1,177.394
32,185
6,202
12,476
Other income
Net earns., includ. other income- $2,239.652 $1,793,442 $1,442,879
601,160
597.838
602,883
Bond interest
15,278
220,000
Note interest
13,519
150.737
83.784
General interest
Cr.99,101
Cr.13,441
Less interest charges to construction- Cr.58.587
$1,486,883 $1,125.368
0769.653
Balance
354,727
463,686
304.326
Preferred dividends
Balance for retirem't res. (deprec.)
amort., com. diva, and surplus... $1,003,198
-Ir. 128. p. 2459.
$770,641
$465.427
--Earnings.
California Water Service Co.
Years Ended Feb.
-1928.
9
S2,072.287 $1,962,437
Operating revenues
799.442
Operating expense
844.308
97,178
Maintenance
136.138
145,532
Taxes (excl. Federal income tax)
123,523
Net earnings from operation
Other income
$1,030.142
mug
$858,460
11.721
Gross corporate income
Annual int. req. on total funded debt
--Nr. 128, P. 2026.
$1,051,021
348.600
2870,189
-Bonds Offered.
Carolina Power & Light Co.
-W. C.
Langley & Co., Bonbright & Co., Inc. and Old Colony Corp.
APRIL 27 1929.]
FINANCIAL CHRONICLE
are offering at 99 and int. an additional issue of $8,000,000
1st & ref. mtge. gold bonds 5% series of 1956. Dated April
11926; due April 1 1956.
Each holder of class A stock of record March 30 1929,
be entitled
to purchase one share of common stock of United Powerwill & Water
Gas
Corp. for each 6 shares of class A stock held, at $35 per share.
Each holder of preferred stock of record. March 30 1929, will be entitled
to purchase one share of preferred stock of United Power Gas & Water
Trustee, Irving Trust Company. New York.
Corp. for each four shares of preferred stock held, at $47 per share.
Data from Letter of P. A. Tillery, Vice-Pres. & Gen. Mgr. of Co.
In order to exercise these rights, the class A and preferred stockholders
Business -Company supplies, directly or indirectly, electric power and
must
light service in 208 communities in North Carolina and South Carolina. and execute the purchase forms on the reverse of the purchase warrant
deliver the same to Central Union Trust Co., New York, as agent of
including Raleigh, Asheville, Goldsboro, Henderson, Rockingham, Canton,
Hamlet, Oxford and Sanford, North Carolina, and Florence, Sumter, United Power Gas & Water Corp., 80 Broadway, New York City, on or
Darlington, Marion, Hartsville and Cheraw, South Carolina, and also before the close of business on April 30, accompanied by payments in fall.
supplies the electric railway and gas service in Raleigh and Asheville. Unless such purchases are made, in accordance with the above terms, on
or before April 30 1929, the purchase warrants will become void.
The total population served is estimated at 398,000.
Certificates for stocks of United Power Gas Az Water Corp. will be
Purpose.
-Proceeds will be used to reimburse the company for expendidelivered to purchasers on or about May 10.
tures made for additions to property and for other corporate purposes.
Fractional purchase warrants may be bought or sold through G. L.
Security.
-Bonds are secured by a first mortgage on the major portion
of the property of the Company and are further secured by a direct mort- Ohrstrom & Co., Inc., 44 Wall St., New York City.
G. L. Ohrstrom Az Co., Inc., have underwritten the purchase of 100,000
gage on the remainder thereof, subject to $7,995,000 of divisional bonds
shares of common stock and 45,000 shares of preferred stock of United
outstanding with the public.
Earnings.
-The earnings for the last 6 calendar years as previously Power Gas & Water Corp.
reported, and earnings derived for the 12 months ended Feb. 28 1929,from
Initial Class B Dividend-Increased Distribution on Class
properties now owned, were as follows:
-A Shares-Earnings.
Calendar
Gross
Net
Interest on
Year
The directors have declared a dividend on the class B stock and an
Income
Income
Bonds.
Balance.
1923
$5,278,820 $2.399,521
$781,660 $1,617,861 increased distribution to class A stockholders. Beginning with the payment
1924
6,020,989
2,884,785
926,575
1,958,210 of the Sept. 1 1929 dividend, the regularly quarterly dividend of 50c. per
1925
7,219,327
3,260,832
949,538
2,311,294 share and an extra dividend of 10c. per share will be paid on the class A
1926
8,576,538
4,247,562
1,166,348
3,081,214 stock. Stockholders may apply the regular quarterly dividend to the
1927
0,514,050 4,711,918
1,496,049
3,215.869 purchase of additional shares of class A stock at a price which will give
1928
9,686,643
5,368.212
1,835,643
3,532,569 to stockholders exercising this privilege 1-54th of a share for each share
al929
9,725.025
5,471,339
1.856.908
3.614.431 owned. At present class A stockholders have the option of receiving
a Twelve months ended February 28.
1-50th of a share of class A stock for each share owned, which is at the
Net income, as shown above, for the 12 months ended Feb.28 1929,
rate of 3% in stock, while under the new policy,
over 2.3 times the total annual interest requirements of $2,329,700 on was the 10c. extra dividend in cash will afford a return 1-54th of a share plus
of more than 8.2% at
the
entire outstanding funded debt of the company including this issue.
the present market price of class A stock. Holders of class B stock will
Supervision -Prom the standpoint of its electric power and light business be entitled to the extra quarterly dividend of 10c. a share which will be
company, is the second ler zest and second most improtant subsidiary of paid in cash.
National Power & Light Co The operations of the latter company and
At their meeting on April 22 the directors declared the usual quarterly
its subsidiaries are supervised by the Electric Bond & Share Co.
-V.128, dividend of 50c. a share on the class A stock, payable June 1 to holders
P. 1552.
of record May 2. The ex-dividend date will be May 2 instead of May 8
as heretofore, In order to facilitate dviidend disbursement work.
Chester Water Service Co.-Earnings.
Canso!. Earns.
-Years Ended Month of Feb.1928.
Years Ended Feb.1929.
1929.
1928.
Gross revenues(including other income)
$13,761,428 $15,198,886
Operating revenues
$527,575
$512,369 Operation
Opwating expense
133,284
147.331 Maintenance & deprec. as prov. in subs. cos'. mtge. 4,475,873 4.345,511
1,280.669
Maintenance
1.378,823
25,455
29,255 Taxes (excluding Federalincome tax)
888,571
Taxes(excl. Federal income tax)
1,015.749
12,446
17.723
Gross corporate income
Net earningsfrom operation
57,116.314 $8,458,804
$356.389
$318,061 Annual int.req.on funded debt ofsubs
Other Income
6,563
9.352 Annual My.req.on pref.stock ofsubs
1111 7
,81!
Reserve for miscellaneous charges
(Gross corporate income)
290,00Q
$3362,953
$327.414
Annual interest req.on totalfunded debt
135,000
Balance
-V. 128. p. 2626.
$3,014,815,
Annual div. req. on 155,500 shs. of Fed. Water SerChicago South Shore 8c South Bend RR.
vice Corp. pref.stock
-Certificates.
991.920
The Indiana P. S. Commission has authorized the company to issue
$810,000 of equipment trust certificates at not less than 95;i
Balance
$2.022.884
128, P•
2267.
* Includes 8 months increased earnings from a rate IMMOe grante4
to Scranton-Spring Brook Water Service Co.
Edison Electric Illuminating Co. of Boston.
Due to a typographical error in last week's "Chronicle" on page 2624
-Sells
$16,500,000 Short Term Notes.
-The company has sold the earnings for the 12 months ended Jan. 31 wore erroneously stated.
Those appearing under the heading 1929 should have appeared under the
$16,500,000 notes to the Old Colony Trust Co. and others. 1928 column and vice-versa -V.128. p.
2628.
The notes consist of $8,000,000 running 6 months dated
General Gas & Electric Corp.
-Transfer of Control
April 25 and due Oct. 25 which have been resold on a 63%
-H. C. Hopson, Vice-Pres. & Treas. in a letter
discount basis and $8,500,000 6% one-year notes dated Explained.
April 30 1929 and due April 30 1930, which have been resold to the stockholders dated April 19 says:
As you have already been advised, W.8. Barstow & Co. Inc., has become
at 993 , or a 614% basis.
%
part of the Associated Gas and Electric System. The W. 8. Barstow or-
Proceeds of this financing are to take care of $14,800.000
May 2 1929, and for other corporate purposes. Of thesenotes falling due
maturing notes
only $12.000,000 are held by the public.
-V. 128. p. 1893.
ganization participated in the formation of your company in 1925 and,
with its predecessor, is and has been, under contracts of long standing,
the operating manager of your company's utility subsidiaries. As such
it is entitled to the credit for the successful development of the enterprise
Empire Public Service Corp.
-Initial Div.-Directors. as a whole, making possible the continuance and steady appreciation in
The directors have declared an initial quarterly dividend of 45c.
the market value of the stocks of this company which you hold.
share on the class A common stock, no par value, payable May 15,per
W. S. Barstow Az Co., Inc., and affiliated interests, at the time
to
holders of record April 25. Upon application to the company holders can acquisition by Associated Gas & Electric Co., owned, among other of this
assets,
apply this dividend to the purchase of additional class A common stock a substantial majority of the class B common stock of your company, which
at $18 per share, thus giving the holder 1-40th of a share for each share possesses the sole voting power for the management of your company,
held. (For offering, see V. 128, p. 883.).
Messrs. W. 8. Barstow and William Buchsbaum, who were President
First public announcement of the men comprising the board of directors and Vice-President respectively and directors of your company, have
of the corporation, organized early this year to acquire control of public since become directors of Associated Gas & Electric Co.
utilities in 7 states with assets of more than $35,000,000 was made this
Protracted negotiations during the late summer and early fall of last
week. The board follows; A. S. Dewing (Professor of Economics, Har- year resulted in a signed agreement, under date of Oct. 30 1928. between
vard University, Boston); W.Findlay Downs(President of Day & Zimmer- representatives of W.S. Barstow & Co., Inc.,and United Gas Improvement'
mann, Inc., Philadelphia): E. A. Feldtkeller (Vice-Pres. of Empire Corp.); Co. contemplating the purchase by the latter company, for 317 295 shares
Richard 0. Hunt (of Chadbourne, Hunt, Jaeckel & Brown, New York): of its stock, of the stock of W. S. Barstow & Co., Inc. carrying control-J. A. W. Inglehart (of J. A. W. Inglehart & Co., Baltimore); C. S. New- of your company. This transaction was not consumded, but t develhall (Vice-Free. of The Pennsylvania Co. for femur. on Lives & Granting oped immediately before the record date for the Jan. 1. 1929, dividend
Annuities, Philadelphia): W.Bruce Pirnie, Robert W. Rea,Ezra Whitman. that United Gas Improvement Co. through a subsidiary had acquired
Floyd W.Woodcock (President), H.C. Yeager and F. W.Young (V.-Pres.), large amounts of class A and B common stocks and dividend participations,'
'
-V. 128, p. 1725.
Presemably with the aid of lists of stockholders obtained during the near:
tiations referred to above.
Engineers Public Service Corp.
-To Increase Stocks.
- These acquisitions continued with increasing vigor after public announgeThe stockholders will vote May 20 on increasing the authorized common ment of the successful consummation of the sale of W. S.
stock (no par value) from 3,000,000 shares to 4,000,000 shares, and the Inc., to its present owners. The dangerous possibilitiesBarstow & Co.,
of these large
authorized preferred stock (no par value) from 700,000 shares to 1,000.000 outstanding concentrated holdings made it appear imperative
that the „
shares. No immediate offering of the now stock is contemplated -V.
128. financial strength of your company be promptly improved in viev(Of its,
p. 1725.
current and prespective obligations.
The original time for the taking over of W. S. Barstow & Co., Inc., was
Fall River (Mass.) Electric Light Co.
-New Control
- April 19 1929, but in view of the activities referred to and other inaminent
Exchange Offer Made-Adjustment Dividend of 75c.
Possibilities, including the necessity of providing for the construction'budRoy F. Whitney. President and General Manager, announced last week get for 1929, this date was considerably advanced. As soon as the advanced :that a controlling interest in this company has been acquired by the New date had been definitely arranged, the Associated Gas & Electric Co. was
England Power Association and the Eastern Utilities Associates, acting asked to acquire additional authorized but unissued class B common stock.
jointly. The Eastern Utilities Associates controls a power plant at Brock- and on March 4, on its own behalf and for affiliated interests, it took, for ,
ton. Mass., one in the Blackstone Valley and has a large interest in another Permanent investment, further interest in the junior equity stock in your
company, purchasing 170,000 shares of class B common stock at $95 per
at Montaup. R. I. just across the river from Fall River.
share. This price was substantially above the current market price on the
In connection with this acquisition of control, the New
Association and Eastern Utilities Associates have made aEngland I'ower New York Stock Exchange for a considerable time previous and took
joint offer for no account
of the wholesale character of the transaction, althafigh the sale
the outstanding shares of the Pall River company. The holder of each
share of Fall River common stock is offered either two-thirds of a share of for cash of a block of stock of this size for distribution by investment hankers
New England Power Association 6% prof. stock or $66.66 2-3 principal would have involved a substantial discount below the prevailing quoted '
amount of 3
-year
% cony. notes of the Eastern Utilities Associates. market, and, in view of the concentrated holdings in the hands of another.
would have been practically impossible without the aid and atquiescence
on May 15.
Rights
notes
The 4 % not of the Eastern Utilities Associates will be issued shortly of such holder.
In view of the conditions then existing the directors regarded it as a ,
$1,000 and $100 and will mature July 1 1932. The
in denominations of
conversion feature will allow for the exchange of each S1001 par value of desirable transaction distinctly in your interest. The funds procured were
bonds after July 1 1930, into two common shares and one convertible Immediately used for the current needs of the corporation, being advanced
principally to operating subsidiaries to provide for their 1920,construction
share of Eastern Utilities Associates.
In a statement issued by Roy F. Whitney, President of the Fall River requirements.
The continued acquisition, after public announcement of the change in
says: "The voting trustees of the Fall River comElectric Light Co.. he
pany and its management believe that the affiliation of this company ownership and management of your company, and the resulting concenwith these large power systems will aid materially in the work of industrial tration of large blocks of the equity stocks of this company by a competing
interest, caused your directors to question whether it would be possible
readjustment that Fall River is now going through.
The Now England Power Association will bring to the situation its for your company permanently to finance the requirements of all of its
power resources and its organized facilities for aiding and encouraging in- operating subsidiary companies to enable them to meet demands for public "
dustries in the territory it serves, among which may be mentioned trained service which are continuous, constantly increase and cannot be postponed
industrial engineers, Including specialists in textile work. The present without endangering their business. It also seemed to your directors that
management will continuo, with the aid of the organization of the association the public interests would be advanced by a closer affiliation of the proper-.
"The Eastern Utilities Associates, of which system the Brockton Edison ties of some of the operating companies with those of other companies
and Blackstone Valley companies are a part, together with the Pall River with which they were or could be naturally and physically connected. '
Electric Light Co., owns Montauk Electric Co., located near Fall River, Your directors, therefore, negotiated the sale of the securities of the operand their participation will contribute to the power resources of the Fall ating companies in question to Associated Gas & Electric interests which are
amply able to finance their future requirements and with whose properties
River Electric Co."
The directors have declared an adjustment dividend of 75 cents per the properties of these operating companies had previously been connected,'
or were in process of connection. This was consummated on a basis which
share, payable on May 15.-V. 128, p. 2628.
we believe to have been very attractive to your company from
every
Federal Water Service Corp.
-New Control
-Rights to standpoint.
The price was well in excess of double the value at which such securities
Subscribe to Stock of New Company.
had been carried on the books of your company. The cost substantially '
United Power Gas & Water Corp. (see below) has been organized to
acquire not less than 79% of the outstanding class B stock of Federal exceeded the reproduction value of the physical properties of all of the
Water Service Corp. and all of the outstanding class B common stock companies including the most liberal allowances for overheads and intangibles of every sort. Ownership of these securities will be profitable to
f Peoples Light & Power Corp.
the purchaser over a period of years only if there are invested large amounts
2804
FINANCIAL CHRONICLE
[VOL. 128.
of additional capital with the assiduous attention to minute details of agreement dated Oct. 23 1924, until the close of business on May 10 1929.
management so as to serve the public beyond question in the manner to Bondholders failing to deposit their bonds on or before that date will not
which it is entitled.
be entitled to become parties to the agreement or to share in the benefits
The interests so disposed of were those theretofore owned in the Bing- thereof, and will acquire no rights thereunder. Bonds should be deposited
hamton Light, Heat & Power Co., Metropolitan Edison Co., New Jersey with The National City Bank of New York, 55 Wall St., depositary for
Power & Light Co., Northern Pennsylvania Power Co., and certain small the committee.
-See also V. 128, p. 2628.
companies in process of being merged into them.
Missouri Hydro-Electric Power Co.
As a result of this sale your company now owns securities of established
-Options on Stock.
marketability, the current income from which is over double that heretoSee North American Co. below.
-V. 122, p. 1917.
fore actually received from those previously owned. This income also
substantially exceeds the total declarable net earnings of the companies
Mountain States Power Co.-Earnings.
upon the stocks which were disposed of.
12 Mos.End.Dec.311928.
1927.
1926.
1925.
All of these transactions involved a great deal of detailed study and Gross earnings
$2,997,296 32,748,174 33,137,169 82,676,518
mechanical work, but have now been fully completed and an audit thereof Op. exp., maint. & taxes 1,822,883
1,715,119
1,956,240
1,718.949
by the regular auditors of your company, Haskins & Sells, is now being Interest
649,702
682,638
672,475
540,431
made. Immediately upon its completions a balance sheet of your company
in the usual form as it appears in the regular annual report will be distributed
Net earnings
$521,711
5350,416
8508.453
8417,138
to the stockholders and given out for publication. We are, however, Other income
78,500
171,727
20.738
pleased to state that these figures will show that your company will have
upon the successful completion of the offering of stock which is now under
Total income
8603,211
$522.143
$529.191
$417,138
way (payment for which is asured, under an underwriting agreement with Preferred dividends_ _ _ _
356,826
317,911
219,914
157,578
AssocUted Gas & Electric Securities Co.. Inc., at a reasonable underwriting commission), assets in excess of $100,000,000 represented by Balance for retire. res.,
capital stock and surplus and subject to no funded debt or eater interest
corn. divs,. amen., &c $246,384
$204,232
$309,277
$259,560
bearing obligations. This figure represents a very substantial increase of -V. 128, p. 2462.
well over 200% in excess of the book value at Dec. 31, last.
National Water Works Corp.
-Revised Circular.
-
Special Stockholders' Meeting Postponed.
-
A revised circular issued by Detwiler & Co.,
•connection with the
offering of the $3.50 cumul. pref. stock, series A (no par) and class A corn.
stock, series 1 (no par) affords the following:
Holdings.
-The corporation now owns, controls and operates, or has in
process of acquisition, (one under option) 15 companies furnishing water,
at wholesale or retail, for domestic, industrial and municipal purposes to
32 communities located in the States of Pennsylvania, New Jersey and
Tennessee.
Among the companies referred to above is a Pennsylvania group consisting of the Reading Suburban Water Co Sinking Spring Water Co.,
Wyomissing Water Co., Girard Water Co., Hammond Water Co., Shenandoah Citizens' Water Co., Lehighton Water Co. Welasport Water Co.,
Great Lake Utilities Corp.
-Stock Increased.
Begins Water Co., Citizens' Water Co. of Tower
Mauch Chunk
The company has filed a certificate at Dover, Del., increasing its author- City., WilliamsWater Co., Co.,Freeland Water Co.; in the State of New
Valley Water
ized capital stock, no par value, from 140.000 shares to 280,000 shares.
- Jersey the Washington Water Co.; and in the State of Tennessee the
V. 126, p. 251.
Ingleside Water Co.
Authorized. Outstanding.
CapitalizationHavana Electric Ry. Co.
-Earnings.a
$1,600,000
Collateral trust cony.6% gold bonds, series A_
3 Months Ended March 31*1929.
1928.
Cumul, pref. stock (no par)
1,500.000 shs. b17,800 shs.
Operating revenue
51,377,748 31.367,984
200,000 shs. 17,800 she.
-series 1
Operating expenses,including taxes
1,124,020
1.162,432 Class A corn. stock (no par)
Series 2
c 800.000 shs.
d 500,000 shs. 100,000 shs.
Net operating revenues
$253,728
$205,552 Class B corn, stock (no par)
a Issuable in series. The issuance of additional bonds will be restricted
Non-operating revenue
7,164
12,546
by the provisions of the Trust agreement. b Preferred stock is issuable in
Gross corporate income
$260,892
$218,098 series, the authorized amount of Series A being limited to 50,000 shares
Interest & other charges
160,973
160,964 entitled to $3.50 cumulative dividends per annum. Representing the
properties described above, there have been issued 17,800 shares of $3.50
Surplus(before deducting depreciation)
599,919
557,134 cumul. pref. stock series A,and 17.800 shares of class Acorn. stock,series 1.
c Includes 80.000 shares reserved to provide for conversion of $1,600,000
-V. 128. p. 725.
collateral trust cony. 6% gold bonds, series A. d Entire amount under
Illinois Bell Telephone Co.
-New Director.
contract of purchase by the bankers.
Earnings.
-The consolidated earnings of the corporation and its subFred W. Sargent, President of the Chicago & Northwestern Ey., has
been elected a director, succeeding Robert P. Lamont, now Secretary of sidiaries after adjustment for certain non-recurring charges, and additional
revenues now in effect, are as follows:
Commerce of the United States.
The directors have approved the expenditure of 51.076,992 for new Gross revenues
$541,702
plant and extensions. This makes a total of $9,934,448 approved so far Oper. exp., maint. & taxes (except Federal taxes) and interest
this year.
-V. 128, p. 2088.
on funded debt of subsidiaries
320,564
The special stockholders' meeting scheduled for April 26 for the purpose
of approving a proposed increase in the company's capitalization was
adjourned until a later date, according to an announcement made by H. C.
Hopson, Vice-President and Treasurer. It was intimated that the adjourned special meeting will be held about May 1.
The annual meeting has been postponed until May 4.
The proposal to be voted upon by the stockholders includes an increase
in the authorized class A common stock of the General Gas & Electric Corp.
from 800.000 to 2,000.000 shares and the class B common from 400,000 to
1.500,000 shares.
-V. 128, P. 2452.
Illinois Water Service Co.
-Earnings.
Years Ended Feb.Operating revenues
Operating expense
Maintenance
Taxes (excl. Federalincome tax)
1929.
$595,121
234,936
25,937
48.902
1928.
$531,097
246,475
31,966
42,399
Net earnings from operation
Other income
$285,346
959
Net earnings
Annual int. on collateral trust cony. 6% gold bonds, series A.._
$221,138
96,000
Balance before reserves, Federal taxes and dividends
Annual dividend requirement on 17,800 shares of $3.50 cumul.
pref. stock, series A
$125,138
$210,256
1,834
62,300
Bal, applicable to the 17,800 shs. class A corn. stk., series 1_
$62,838
The offering price of the units (consisting of one share $3.50 cumul. pref.
corn, stock, series 1) is now $67.50
$212,091 stock, series A, and one share class A
Gross corporate income
$286.306
per unit. Compare also V. 128, p. 2628.
Annual int.req.on totalfunded debt
125.000
The board of directors of the National corporation has been increased by
-V. 128, p. 2628.
the addition of N. M. Argabrite, Vice-President of the American Gas &
Electric Co. and the Appalachian Electric Power Co. See also V. 128, la•
Interstate Rys.-No Action on Dividend.
The directors have taken no action on the declaration of a dividend, 2628.
which would ordinarily be payable May 1, and it is not expected any divi-Earnings.
New York Railways Corp.
dend will be paid at that time. The company has been paying 173i cents
1926.
1927.
1928.
Calendar Yearsa share at quarterly periods since and incl. Aug., 1928. From May, 1926,
$5,967,783 56,252,640 $6,506,229
Five-cent cash fares
to Feb., 1927, incl., quarterly cash dividends of 30 cents per share were
138,514
157,916
120,716
paid on this issue and from May. 1927, to May, 1928. incl., quarterly cash Two-cent revenue transfers
1,086
1,269
892
distributions of 35 cents per share were made. Further dividends will Other transfer fares
-V. 128. p. 1554.
probably depend on future course of earnings.
36.089,390 56.392,240 36,665,415
Total
461,293
515,679
523,317
Ithaca (N. Y.) Street Ry.-Formerly Owned Properties Other operating revenues
Sold.
-V.97. P. 950.
See Borg-Warner Corp., under "Industrials" below.
Kansas City Power 8c Light Co.
-Stock Approved.
The stockholders on Mar. 25 approved the issuance of 11,000 additional
shares of common stock (no par value) at $100 per share. There are outstanding (not incl. the above) 502,000 shares of common stock out of a
total authorized issue of 600.000 shares.
-V.128. Ia. 1892.
Keystone Telephone Co.-Earnings of System.
Period End, Mar. 31Gross earnings
Oper. exp., maint.& tax_
Int. on bonds
Other int. charges
Bal.avail.for res.,Fed.
tax diva. & surplus_
-V. 128, p. 2461.
Total operating revenues
Total operating expenses
Taxes
$6,550,683 $6,907,920 $7,188,732
5,215.648
5,421,255
5,473,058
515,065
466,452
478,191
Operating income
Non-operating income
$868,583 $1,008,475 $1,200,609
69,096
130,988
102,923
Gross income
Interest on funded debt
Controlled companies,account oper-Other deductions
$999,571 $1,111,398 $1,269,705
231,354
251.075
268.010
501,513
506,060
420,243
213,089
174,924
201,468
1929.-3 Mos.-1928. 1929-12 Mos.-1928,
$530,243 52,162.554.
99
$540,233
1,101,386
278,038
1,093,239
273,615
Net inc. avail. for other chgs., &c. x$126,784 4128,785 4357,368
581,831
145,188
558,779
145,437
x Excludes accumulated and unpaid interest on income bonds which
21.281
378
10,500 interest has not been declared due and payable, claims of minority stock7,973
holdings in controlled companies, if any, and non-operating income of
controlled companies.
-V. 127, p. 1675.
5458,056
$106,639
$113,208
$451,581
New York Telephone Co.
-Expenditures Authorized.
-
President J. S. McCulloh announced on April 25 that the board of direcauthorized the additional expenditure
President J. L. Richards on April 22 made public a statement he had tors at their meeting held April 24,in
various parts of the territory served
addressed to stockholders and employees, in which he states that there has of $13,140,780 for new constructiontotal appropriations made for this puradmitted that nego- by the company. This brings the
been no change in the control of the company, but
pose since Jan. 1 to $43,200,535, of which $39,242,575 has been set aside
tiations were pending for the purchase of its stock.
The statement by Mr. Richards follows: "No new interest has secured the for enlargement of facilities in the Metropolitan area.
Keith S. McHugh, of Brooklyn, N. Y. was appointed a Vice-President
control of the Massachusetts Gas Cos., as stated in the newspapers. Certain
'
People have purchased in the open market a substantial amount of Massa- at a meeting of the board of directors held April 24. In this capacity.
opinion, about 20% (one- he will generally direct and co-ordinate the public relations activities and
chusetts Gas stock and at present hold, in my
-V. 128, p. 2462.
fifth) of the total voting power. Other interests are negotiating at the the publicity of the company.
-V. 128, p.
present time for the purchase of the stock of this company.
.-Earnings.New York Water Service Corp.(& Subs.)
2461.
-19
2
8.
Years Ended Feb.
,481
9
$2192 ;432 $2,202,035
-Earnings.er
Opating revenues
Michigan Gas & Electric Co.
711,433
701,250
Operation expense
1926.
1925.
Calendar Years1927.
1928.
92,589
93,228
Maintenance
Gross earns. (incl. other
203,616
222,686
income
$882.094 Taxes (excl. Federal income tax)
$1,242,407 $1,148,307 $1,027,021
Oper. exp., taxes, &c
731,279
669,040
783,651
832,125
$1,454,724 $1,203,940
Net earnings from operation
Interest on funded debt_
109,158
137,138
118.335
138,527
40.784
18,50 1
Other income
Goal int., amort., diet.,
&c
33,865
15,852
34,086
28,212
$1,495,509 $1,222,445
Gross corporate income.
620,250
Net income
$88,043 Ann'l int. req. on total funded debt
5143,541
5193,433
$243,543
39,599 -V.128, p.2629.
Prior lien dividends_ _ _
57,943
62,449
65,072
Preferred dividends
24,000
24,000
24.000
24,000
-New Hydro-Electric Developments.
North American Co.
Common dividends
38,250
93.360
113,230
-President F. L. Dame,says:
Balance, surplus
$23,348
$24.444
One of the largest hydro-electric developments in the Middle West will
$13,624
$41,241
-V. 127, p. 2526.
follow the acquisition by the Union Electric Light & Power Co.,a subsidiary.
of options on the stock of the Missouri Hydro-Electric Power Co., which
Michigan RR.
-Time For Deposits.
owns the 60,000
-acre site of the proposed development on the Osage River
The holders of the 1st mtge. 5
-year 6% gold bonds, due May 1 1924, at Bagnell, Mo., about midwa3. between St. Louis and Kansas City, The
have been notified that the bondholders protective committee for this Union Electric Light & Power Co. and subsidiaries furnish electric service
Issue, comprising Allen G. Hoyt, Stanley A. Russell and William W. to an area of 2,700 square miles with a population of 1,300.000 in Missouri,
Bride, will be prepared to receive deposits of these bonds under the deposit Illinois and Iowa.
-No Change in Control.
Massachusetts Gas Companies.
APRIL
2805
FINANCIAL CHRONICLE
27 1929.1
This project, to cost in excess of $30,000,000 and requiring two years to
complete, is in line with the established practice of North .American subsidiaries to insure the availability of facilities as service demands increase by
anticipating the needs of the territories they servo.
Construction of an earth and concrete dam 100 feet in height will begin
shortly at Bagnell, giving employment to - ,000 workmen. The power
plant will have an initial generating capacity of 120,000 kilowatts, with
provision for additional generating units up to a total of 160,000 kilowatts
capacity. With the completion of the Osage project the Union Electric
system will have total generating capacity of 750,00 kilowatts.
Two steel tower transmission lines will connect the Osage River hydroelectric development with St. Louis and the lead belt centering in Crystal
City. These lines will tie together two hydro-electric plants fed from two
distinct water sheds, the other being the Mississippi River plant at Keokuk,
Ia., as well as the Caholgia steam-generating power plant of 195.000 kilowatts present capacity, located on the Mississippi River opposite St. Louis.
Coincident with the announcement of the Osage River hydro-electric
development, a striking illustration of the growing needs of the territory
served by the Union Electric System is furnished by the long term contract
which the Union company has just signed to supply all the power required
by the St. Joseph Lead Co. This is one of the largest power contracts ever
closed in the United States between a public utility and an industrial
corporation, calling initially for 150,000,000 k.w.h. per year, an amount
substantially equal to the electricity used in 250 000 homes.
The Union company has purchased the St. Joseph Lead Co.'s Power
plant at Rivermines, 11,
1o. retaining it for the present to supplement its
facilities, pending completion of the Bagnell plant and the transmission
lines which will insure to the Union Electric System's entire territory.
Including the lead district, an abundant supply of power fed from the
Mississippi and Osage hydro-plants and the steam plant at Cahokia.
-Earnings.
Ohio Water Service Co.
-1929.
Years Ended Feb.
$508,824
Operating revenues
133,414
Operation expense
28,009
Maintenance
48.379
Taxes, excl. Federal income tax
1928.
$489.009
141.728
27.099
45,746
3299,021
21,872
$274,436
22,553
$320,893
$296.989
Net earnings from operation
Other income
Gross corporate income
Ann'l int. req. on total funded debt
-V. 128, p. 2629.
Usual Common Stock Dividend.
-
The directors have declared the regular quarterly dividends. the 101st
consecutive quarterly dividend on common stock and the 32nd consecutive quarterly dividend on preferred stock since it was first issued, about
eight years ago. Both dividends are payable July 1 to holders of record
June 5. The common dividend of 2%% in common stock is at the rate
of 1-40th of a share for each share held.
Consolidated Income Account 12 Months Ended March 31.
1926.
1927.
1928.
1929.
$141,515,694$122,906,742$117,694,136 $99,702,637
Gross earnings
Oper. exp.,maint. & tax- 74,175,601 64,884,827 65,349,794 57,699,606
Net income from oper_$67,340,093 $58,021,914 $52,344,343 $42,003,031
4,048,060
3,677,448
3,001,249
4,233,047
Other net income
$71,573,140 $61,023,163 356,021,790 346.051,091
Total
18,542,977 17,650,949 16,694,340 14,228,042
Interest charges
5,850,403
8,492,898
9.052,713
10,268,429
Prof. dive. of subs
1,274,418
1,332,695
1,445,005
2,090,996
Minority interest
Appr. for deprec. res- - - 14,916,420 12,665,481 12,143,932 10,185,840
$25,754,318 $20,209,015 $17,357,925 $14,512,388
Balance
1,782,484
1,820,007
1,820,024
Divs.of No.Am.pf stk. 1,820,034
3,422.634
4.030,954
4,450,265
Div. on No. Am.com.stk 4.933,845
Balance, surplus
$19,000,439 $13,938,725 311,506,964 39,307,269
Net earnings available for common stock for the 12 months ended March
31 1929 amounted to 323,934.284. These earnings are an increase of
30.16% over those for the 12 months ended March 311928. and are equal
to $4.84 per share on the average number of shares of No. American coin.
stock outstanding during the year ended March 31 1929, compared with
$4.12 per share of the average number of shares outstanding during the
same previous period.
-V. 128, p. 2629.
North American Light & Power Co.(& Subs.).
-Earns.
1925.
1927.
1928.
Calendar Years1926.
Combined gross earns _ _642,342,001 $38,120,057 $34,175,901432,303,853
Less inter-co. items _ ___
188,145
487,445
502,496
445,441
Gross earns. fr. oper_$41,896,560 $37,617,560 833,688,456 $32,115,708
Exps., maint. & taxes_ _ 23,504,919 22,117,030 20,551,778 20,058.863
Net earns. fr. °per...418,391,641 $15,500,529 $13,136,678 $12,056,845
486.979
169,310
236.738
Other income
Dr.76,155
Total net earnings - --$18,315,486 $15,737,267 $13,305,988 $12,543,825
Int. on bonds, &c., and
amort. of debt disc't _ $9,155,450 $8,246,940 $7,140,231 $6,718,828
2,727,870 2,051,152
3,390.176
Div.on pf.stks. sub.cos_ 3,720,249
3,844
1,455
43,944
1,528
Allow,for minor stk.int.
Balance
$5,438,259 $4,056,205 $3,436,431 63,770.000
Appropriat'd for deprec.,
retirements, &c.:
1,464,881
1,561,315
Mtge. requir. of subs_ 2,480,951
2,007,129
824,636
309,093
Add'! appropriations_ _
Bal. avail,for divs. on
Nor. Am.Lt. & Power
Co. stocks
$2,957,308 $2,049,076 $1,566,023 31,480,483
Divs. on N. A. Lt. & Pr.
301,492
405,469
721,281
847,317
Co.pref.stock
Surplus after pref. div. $2.109,991 61,327,795 $1,160,554 $1,178,991
x After reclassification of inter-company items eliminated for 1925.V. 127, p. 1104.'
150,000
Oklahoma Railway.-Acquisition of Control. acquisition by
-S. C. Commission on March 29 authorized the
The I.
control, by lease, of the railroad of the Oklahoma City
the company (1) of
Junction Ry., and (2) of control of the Oklahoma Belt Ry., by purchase
of the capital stock and by lease of its railroad.
The report of the Commission says in part:
The applicant was approached by the owners of the Belt Company and
an agreement was entered into under date of April 20 1928,leasing the latter
company's line for a period of 10 years from May 1 1929. Under this lease
the applicant agrees to pay an annual rental of $15,000, to maintain the
property, to pay all taxes, to operate the line by electric motive power,
,
the necessary electrical features to be satisfactory to the Santa Fe,the Frisco
and the Belt Company. and to be liable for all loss or damage arising out
of its operations. Additions and betterments are to be made by the
Belt Company or by the applicant at the Belt Company's expense. It
was testified that this lease was not entered into until applicant had ascertained what could be done with reference to the acquisition of substantially
all of the capital stock of the Belt Company. The owners thereof were
originally interested in a certain packing plant, and, having disposed of
their interest therein, were anxious to withdraw from the transportation
business. The Belt Company has a capital stock of 6.000 shares of the
worth
par value of $100 each. It is claimed that the property is to get in the
out of
neighborhood of $200,000, but because of the owners' desire
applicant succeeded in acquiring 5.910 shares of
the railroad business, the
the stock at $25 a share. When the leasing of the Belt Company's property
and the acquisition of its capital stock were taken under consideration the
their
applicant's general counsel and also special counsel advised that inappliopinion we had no jurisdiction over the proposed transactions. The
there opinions were subject to question,immediately
cant upon learning that
filed the application now before us.
Under agreement dated April 21 1928. the Junction Company authorizes
the applicant, for a period of 99 years from May 1 1929. to use its tracks
on the following bases: For each car for which a tariff charge is now made
of 32.25 or over hauled by the appllcant from the Junction Company's
line and which also moves over the Belt Company's line or the applicant's
line, the applicant is to pay to the Junction $1.25; for cars which do not
move over the Belt Company's or applicant's line the applicant is to pay
increase at such time as
$1 per car: the sums per cars shall be subject tocharged by the applicant
there shall be increases in the switching charges
where such increases are not entirely and exclusively due to increases in
operating expenses; no charge is to be made by the applicant for switching
on the Junction Company's track of empty cars between certain railroads',
industrials' or car-owners storage tracks and industrials' or car-owners'
two
loading, unloading, &c., tracks; for any other switching between any
locations in the yard of an industrial plant, or plant owned by car owners,
a charge of $3.15 per car will be made, except when cars are moved for the
purpose of weighing on private scales within the switching yards of the
company owning the scales a charge of 61 cents will be made. The Junction Company agrees to maintain its tracks in safe operating condition, to
pay taxes on its property, and to bear any loss or damage due to its fialure
any
to keep its tracks in safe operating condition. The applicant is to paybear
additional taxes levied because of its electrical installations, and to in
,equipment. The charges
any loss or damage caused by such electrical
-K.
the contract are the same as those in the M. -T. lease which expires on
May 1 1929.-V. 126, p. 3298..
-Earnings.
Oregon-Washington Water Service Co.
1928.
Years Ended Feb.Operating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
1929.
$585,993
220,420
30,189
69,411
$547,382
197,575
28,421
64,188
Net earnings from operation
Other income
$265,972
2,636
$257,199
2,225
Gross corporate income
Annual int. req. on total funded debt
-V. 128, p. 2629.
$268,608
137,730
$259,424
-Control Passes to United
Peoples Light & Power Corp.
-Common and Preferred StockPower, Gas & Water Corp.
holders Receive Rights to Subscribe to Stock of New Company.
-V. 128, p.
See United Power, Gas & Water Corp. below.
2630.
-Tenders.
Peninsular Telephone Co.
The Irving Trust Co.,60 Broadway, N. Y. City, has notified holders of
1st mtge. bonds,53% series, due 1951, that it will receive tenders for the
sale of these bonds to the sinking fund to the extent of $24,765, no later
than noon May 10 1929.-V. 128, p. 2462.
-Sale of Half Interest
Philadelphia Rapid Transit Co.
North American Utility Securities Corp.
- in Interstate Bus Route.
-Earnings.
1927.
1928.
Calendar YearsGross earnings
Expenses, interest & taxes
$1,116,112 $1,147,198
50.585
59.940
Net income
Dividends paid on 1st pref. stock
Dividends paid on 2nd pref. stock
$1,056,172 $1,096,613
360,121
331,843
420,000
420,000
Balance carried to undivided profits
-V. 128, p. 557.
6304.328
$316,492
Northern Indiana Public Service Co.
-Stock Auth.The Indiana P. S. Commission has authorized the company to issue
31.000,000 53.i% pref.stock at not less than 90.-V. 128, p.2091.
-Oklahoma Gas & Electric Co.
-Earnings.
[Including all properties for the periods operated only.]
1928.
1927.
1926.
12 Months Ended Dcc. 31$12,003,353 $9,791,816 $10,888,761
Gross earnings
6,301,272
5,163,387
6,901,101
Operating exp, maint & taxes
Net earnings
Other income •
$5,702,081 $4,628,429 $3,987,660
722,758
811,483
74,259
Total income
Lease rentals
Bond interest
Note interest
General interest
36,424,840 35,439,912 34.061,919
65,625
1,416,353
1,375,000
1,301,134
516,953
552,297
545,749
*37,947
*60,797
288.543
Total
Less int. charge to construction
$2,036,879 $1,988,094 $2,135,426
90,885
83,869
52,432
Net interest charges
Balance
Preferred dividends
31,945.994 31.904,225 $2,082,994
34,478,846 $3,535,687 $1,978,925
1,326,301 *1,079,331
869.131
Bal.for retire.(depreciation),reser.
corn. divs. and surplus
*33,152,545 *32,456,356 $1,109,794
Shares corn. outst.(par $100)
100,000
100,000
75,000
Earnings per share
$31.53
$24.56
$14.80
. *Interest and dividends on securities converted into common stock
Included in common dividends.
-V. 128, p. 2462.
-V. 128, p. 2630.
See Public Service Co-ordinated Transport below.
-Earnings.
Pittsburgh Suburban Water Service Co.
1928.
Years Ended Feb.Operating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
1929.
$306,107
112,750
19,861
5,560
$301.341
122,523
23,809
5,019
Net earnings from operation
Other income
3167,935
871
$149,990
2,189
$168,806
85,000
$152,180
Gross corporate income
Annual int. req. on total funded debt
-V.128, p. 2630.
-Acquisition.
Public Service Coordinated Transport.
This company is reported to have purchased a half interest in the PennTransit Co..
Jersey Rapid Transit Co., owned by the Philadelphia Rapid made public,
under an agreement signed on April 13. The price was not
but the Pennjersey company's rolling stock and other equipment is valued
at approximately $3,000,000. The sale of its holdings in the bus lines oper,
ating between Camden and suburban points in New Jersey and Philadelphia marks the withdrawal of P. R. T.from the Inter-city bus field, as the
latter company previously disposed of 757 of its interest in other out-of-V. 128. p. 1905.
town lines to the Pennsylvania RR.
-Sells Traction Prop.
Puget Sound Power & Light Co.
Announcement was made April 18 that the company's traction railway
lines between Chehalis and Centralia, WaVy.,had been sold to localinterests.
A new corporation it is said will be organized to operate the lines. W. E.
-V.128. p. 2092.
Brown of Chehalis will be president of the new company.
-New Subsidiary Organized
Radio Corp. of America.
Over 99% of Victor Talking Machine Co. Common Stock
Deposited Under Unification Plan. -Formation of the
Radio-Victor Corp. of America, a wholly owned subsidiary
of the Radio Corp. of America, was announced this week
by General James G. Harbord, president of R. C. A. The
new company, incorporated in Maryland, will take over the
sales activities of the Radio Corp. of America and the Victor
t80d
FINANCIAL CHRONICLE
fVoL. 128,
Talking Machine Co. Over 99% of the common stock of
Toho Electric Power Co., Ltd. (Toho Denryoku
the Victor Talking Machine Co. has been deposited by Kabushiki Kaisah).-Consolidated Earnings.
For 12 Months Ended Oct. 31Victor stockholders pursuant to the unification plan an1928.
1926.
1927.
Gross operating earnings
$24,275,435 $22,519,083 $21,393,356
nounced last January.
Oper.expenses, maint.,tax.& deprec. 17,183,230 15,759,232 14,045,567
The announcement further states:
On the board of directors of the new company are representatives of
General Electric, Westinghouse and the Radio Corp. They include II. P.
.
Davis, General James 0. Harbord, J. L. Ray, Andrew W. Robertson,
David Sarnoff, Edward E. Shumaker, Gerard Swope and Owen D. Young.
The officers will be David Sarnoff, Chairman of the Board; J. L. Ray,
President; I. E. Lambert, Vice-President & General Counsel' A. E. Reoch,
Vice-President in charge of production, service and traffic; El. C. Grubbs,
Vice-President of Victor talking machine division; Quinton Adams, VicePresident of engineering products division; Meade Brunet, Vice-President
of radiotron division; E. A. Nicholas, Vice-President of radiola
E.C. Grimley, Treasurer and Comptroller,and Francis S. Kane,Secretary.
The Radio-Victor Corp. welds into a compact unit the entire R. C. A.
sales organization, with branches in New York, Chicago, San Francisco,
Dallas and Atlanta and its foreign sales activities, and the Victor sales
organization with its Camden offices, a nation-wide system of distribution,
and branch connections through subsidiary companies. "The world-wide
sales organizations of Victor and the Radio Corp.," said General Harbord,
"will be brought together under one management. The personnel of both
will be retained."
The unified laboratory, factory and sales facilities of the new company
will result in a more complete service to the trade and to the public, according to J. L. Ray, who will head the Radio-Victor Corp.
Mr. Ray said that the Radio-Victor Corp. would market this year a
number of new models of radio sets and talking machines, with both the
Victor and RCA trademarks, developed in the laboratories of the two
organizations, and embodying radically new principles of design.
-V. 128.
P. 2092.
Rhine-Westphalia Electric Power Corp. (RheinischWeatfalisches Elektrizitatswerk Aktien-Gesellschaft).
-Listing.-
Net operating earnings
Other income
$7.092,205 $6,759,851 87,347.789
3.305,252 3,571,163
2,605,125
Gross income available for interest _$10,397,457 $10,331,014 $9,952,914
Interest
3,865,444 3,622.694
3,211,464
Balance for dividends,reserves,&c_ $6,532,013 $6.708,320 $6,741A50
[Figures converted into dollars at 50 cents per yen.].
-V. 127. P. 1391.
Union Electric Light & Power Co., St. Louis., Mo.New Hydro-Electric Developments.See North American Co. above.
-V.127, p. 2821.
Union Electric Light &
Earns. Calendar YearsGross earnings
Operating expenses
Power
Co. of
Illinois.
1928.
1927.
$3,602,923 $3,068,842
22,708
17,981
Operating income
Appropriations for retirement reserve
$3.580,215 83.050,861
933,822
791,774
Gross income
Interest charges
$2,646,393 $2,259,087
1,095,215
838,555
Net income
-V.127, p. 3247.
$1,551,177 $1,420,532
Union Traction Co. of Philadelphia.-New Pres., &c.
A. Balfour Brehman has been elected President, filling the vacancy
caused by the death of Jeremiah J. Sullivan. Several changes in the corporate organization of the company were also made at the meeting of the
board held on April 17. A new office of Chairman of the Board of Directors
The New York Stock Exchange has authorized the listing of $19,900,000 was created and Arthur V. Morton, Vice-President of the Pennsylvania
consol. mtge. gold bonds, 6% series of 1928. due Aug. 1 1953,(with stock for Insurances on Lives. &c. was elected to that post. In additionCo.
an
purchase warrants attached.)
-V. 127, p. 2684, 1948.
executive committee of the board was formed, composed of Edward M.
Story, Chairman; Joseph Giffillan, Arthur V. Morton, John H. Mason.
San Diego Consolidated Gas & Electric Co.
-Earnings. Sr., and John J. Sullivan. Officers of the company are ex-officio members
12 Mos. End. Dec. 31- 1928.
1926.
1925.
1927.
of this committee. The creation of the office of Chairman and the formation
Gross earnings
$6.834,773 $6,564,213 $5,753,392 $5,381,701 of an executive committee are understood to have been deemed advisable
Oper. exp., maint. & tax 3,632,989
3,150,931
3,496.898
3,120,934 owing to recent increased subjects for consideration by the board in conInterest
665,095
692,798
702,708
633,537 nection with the proposed condemnation and acquisition of the company
by the city of Philadelphia -V.123, p.2903.
Net earnings
$2.499,076 $2,374,517 $1,937,367 $1,627,230
Other income
Union Water Service Co.(& Subs.).
' 6.164
5,045
2,868
-Earnings.
Years Ended Feb.1928.
1929.
Total income
$2,501,944 82.379,562 $1,943,531 $1,627,230 Operating revenues
$401,412
$383,379
Preferred dividends.. _ _ _
Operation expense
440,475
440.475
440,475
440,475
106,735
107,759
Maintenance
17,364
16,998
Bal. for retirem't res.,
Taxes (excl. Federal income tax)
46,583
48,778
com. divs., amort.
and surplus
Net earnings from operation
$2,061,468 $1.939,087 $1,503,056 $1,186,755
$227.877
8212,696
-V. 128. p. 2463.
Other income
55,372
55,529
San Francisco-Sacramento RR.
-Construction.
Gross corporate income
8283,406
8268,068
The I.
-S. C. Commission on April 6 issued a certificate authorizing the Annual int. req. on total funded debt
146,528
construction and operation by the company, or its successors, of an exten- -V.128. p. 2631.
sion of its Pittsburgh branch easterly a distance of 0.88 mile in Contra
United Gas Coe-Constructing New Pipe Line.
Costa County, Calif.
-V. 127, p. 2529.
The company has let a $2,750,000 contract and construction has comScranton Spring Brook Water Service Co.
-Earns.
- menced on the 110-mile 16-inch pipe line from its Refugio natural gas
fields to San Antonio and Austin, Tex. The line will have a daily capacity of
Years Ended Feb.
1929.
1928.
Operating revenues
$5.015,103 $4,186,134 60 million cubic feet, most of which already has been contracted for to
Operation expense
1,165,639 meet the increasing population needs of those two cities. It will also serve
1,147,019
Maintenance
387,625 nine intermediate communities with aggregate population of 25,000 and
361,838
Taxes (excl. Federal income tax)
117,318 supply fuel for a number of large adjacent industries. Among those with
167.592
which contracts have already been signed, are the San Antonio Cement Co.,
Net earnings from operation
$3,338,654 $2,515,552 Ban Antonio Sewer Pipe & Tile Co. and Smith Bros. Cement Co.
Other income
The line is being constructed by the United Gas Engineering Co. and will
10,862
15,598
be operated by the South Texas Pipe Line Co., both subsidiaries of the
Gross corporate income
83,349.516 $2,531,150 United Gas Co. Delivery of gas will start about July 15.
Annual int. req. on total funded debt
1,629,075
The Duval Texas Sulphur Co. the United Gas Co's. sulphur producing
-V. 128, p. 2630.
subsidiary, has made an exclusive contract with the Ashcroft Wilinson
Co. of Atlanta, Ga., to handle the entire output of its sulphur mines.
Southern California Edison Co.
-Listing.
The New York Stock Exchange has authorized the listing of 256,000 Delivery of sulphus will commence June 1, on the completion of the San
additional shares of common stock (par $25) on official notice of issuance Diego & Gulf RR., now being built by the Duval Co. to provide an outlet
and payment in full, pursuant to offer to stockholders making the total from its sulphur holdings, 65 miles inland from Connie Christi, Tex. The
Port Commissioners of Corpus Christi have agreed to construct modern
amount applied for to date 2,719,058 shares. See also V. 128, p. 1905.
terminal facilities to handle sulphur shipments of approximately 150,000
Southern Colorado Power Co.
tons annually for the sulphur company. Construction on the ocean
-Earnings.
loading terminal will start at once, to be completed within 4 months,
Calendar Years1928.
1927.
1926.
1925.
Gross earnings
$2,290,899 $2,327,653 $2,420,650 $2,338,641 when the company's production will have reached 500 tons daily, accordOp. exp., maint. & taxes 1,217,837
1,310,318
1,350,868 1,347,651 ing to present plans. Other Texas Gulf ports will be used by the Duval
company pending completion of Its Corpus Christi terminal.
-V. 128,
Net earnings
$1,073,062 $1,017,335 $1,069,782
$990,990 P. 2631.
Other income
7,548
13,172
17,378
United Power Gas & Water Corp.
-Formed as
Total income
Bond interest
General interest
$1,080,610 $1.030.50S $1,087,159
$990,990
413.580
413,6e,0
413,580
423,358
19,394
20,389
28,67311
Total
Less int. chgd. to const._
$432,974
413
Net interest charged -
$432,561
$433.185
$431,636
$423,358
8648.049
297,865
$597,323
293,061
$655,524
258,513
$567,632
207,208
$350,183
$304,262
$397,011
$360,424
Balance
Preferred dividends - _ _ _
Bal. for retirem't res.
(deprec.) corn. div.
& surplus
2463.
$4433.969
784
$442,253
10,617
$423,358
Southern Sierras Power Co.
-May Issue Bonds.
-
The company has applied to the California RR.Commission for authority
to issue and sell $708,500 of its 1st & ref. mtge. bonds. The proceeds
would be used to reimburse the treasury for expenditures used in additions
and betterments.
-V. 123, p. 2262.
State Line Generating Co.
-Notes Approved.
-
The Indiana P. S. Commission has approved the Issuance of $7,000,000
of2-year5i%notesatnot1essthan95. See V. 128, p. 2271.
Twin State Gas & Electric Co.(& Subs.).
-Report.
Calendar Years1928.
1927.
1925.
1926.
Gross earnings, including
merchandise sales ___ $2,238,420 $2,010,356 $1,908,668 $1,705,771
Oper. exp., incl. taxes &
deprmiation
1,397,670
1,056,560
1,186,305
1,198,693
Int., amortization, discount & exps. on bds.
300,101
304,015
258,101
298,514
Net income
$391,110
$422,263
$536,735
$513,149
Previous surplus
80.049
85,480
248,719
114,757
Contrib. from Natl. Lt.,
Heat & Power Co. for
1927 flood losses
76,000
Total surplus
$471,159
$507,743
$627,906
$861,454
164,623
171,929
Prior lien dividends.--176,248
176,058
77,625
Preferred dividends
77,625
77,625
77,625
Common dividends
143,432
143,432
197,219
125,503
Approp. for 1927 flood
106.640
losses & expenses....
Adjustments
8.883
$85,480
$114,757
$248,719
Profit & loss surplus__ $294,859
outstand.
Shs. corn. stk.
17.929
17.929
17,929
17,929
(par $100)
$8.30
$9.63
$14.48
$15,78
Earns, per share
-V, 127, p. 2957.
Holding
Company to Acquire Voting Control of Federal Water Service
and Peoples Light & Power Corp.
-Rights Offered to Stockholders of These Public Utilities.
-
A new holding company, United Power Gas & Water Corp., has been
organized to acquire not less than 79% of the outstanding Class B common
stock of Federal Water Service Corp., and all of the outstanding Class B
common stock of Peoples Light & Power Corp.,it was announced this week.
The new concern will thus own the controlling voting interests in both of
these corporations whose subsidiaries show annual oes earnings of over
$22,0,000 and combined assets of approximately 200.000,000.
00
Through their respective constituent companies, Federal Water Service
Corp. and Peoples Light & Power Corp. supply electric light and power.
artificail and natural gas, and water service in territories having a total
estimated population in excess of 2.800.000. Besides this diversification of
public utility service, the various operating subsidiaries of these corporations
are located in 21 States and include Green Mountain Power Corp., New
York Water Service Corp., Alabama Water Service Co., California Water
Service Co., Scranton-Spring Brook Water Service Co., Arizona Edison Co..
West Virginia Water Service Co. and Wisconsin Hydro Electric Co.
Upon completion of financing to be undertaken in the near future, the
outstanding capitalization of United Power.Gas & Water Corp. will consist
of $4,000,000 5% converitble gold debentures, Series due May 1 1979;
45,000 shares (no par) pref. stock, $3 Series (with common stock purchase
privilege); and 100,000 shares (no par) common stock.
Present financial requirements of the new company have been underwritten by G. L. Ohrstrom & Co., Inc., and associates and rights to purchase United Power Gas & Water Corp. common stock have been issued
to common stockholders of Federal Water Service Corp. and Peoples Light
hile rights to purchase its preferred stock have been given
& Power
Corp.,Of preferred stocks of these two companies.
to the holders
Each holder of Class A common stock of Federal Water Service Corp.
and of Peoples Light & Power Corp. at the close of business on March 30
1929, is entitled to purchase one share of United Power Gas & Water
common stock for every six shares of Class A common stock of theseCorp.
companies, at $35 per share.
Preferred stockholders of the two companies, as of March 30 1929, are
given the right to purchase one share of United I'ower Gas & Water Corp.
preferred stock for every four shares of preferred stock of the Federal and
Peoples corporations, at $47 per share.
Both the common and preferred stock purchase rights must be exorcised
on or before April 30 1929.
The holder of each share of United Power Gas & Water Corp. $3 cumulative preferred stock will be entitled subsequent to Nov. 30 1930, to purchase one share of the corporation's common stock at $35 per share
including Dec. 31 1933, and thereafter to and incl. Dec. 31 1938, to and
at $50
per share, this stock purchase privilege becoming void after the latter date.
For the year ended Feb. 28 1929, consolidated earnings of subsidiaries
to be presently controlled by United Power Gas & Water Corp., after
ducting all prior charges and after giving effect to the investment by the decorporation and its subsidiaries to proceeds from the sale of securities
to be issued shortly, are equivalent to more than $3 a share on the thereof
common
stock of the corporation to be presently outstanding.
2807
FINANCIAL CHRONICLE
APRIL 27 1929.]
The President of United Power Gas & Water Corp. is George L. Ohrstrom
of G. L. Ohrstrom & Co., Inc., who have been actively identified with public
utility interests for some time past.
The securities to be issued soon by United Power Gas & Water Corp.
and their proceeds will first be used to acquire 79% of the outstanding
Class B stock of Federal Water Service Corp. and all the outstanding Class
B common stock of Peoples Light & Power Corp. After acquiring these
Class B stocks, the new corporation will have a substantial amount of cash
available for investment. A large part of this cash, it is announced, will
be used to acquire additional Class B common stock of the Federal and
Peoples Corp.. thus materially increasing the common stock equity in these
two companies. After making these investments, United Power Gas &
Water Corp. will have approximately $1.700,000 cash in its treasury
available for other investments: under its charter, the corporation is authorized to own securities of public utility holding and operating companies
generally. The present owners of the Class B stocks are retaining a substantial interest in the new corporation and have agreed to accept, in payment of a large part of the purchase price thereof, 175,000 shares of United
Power Gas & Water Corp. common stock which will be delivered to them
from time to time in the future and only when the earnings of the corporation
have shown a considerable increase.
Utilities Power & Light Corp.
-To Create New Common.
A special meeting of stockholders will be held May 22 1929. for the
purpose of considering and voting on an amendment to the charter, creating an authorized issue of 5,000,000 shares of common stock, without par
value, in addition to the present authorized stocks of the company.
It is proposed to reclassify the class B stock by issuing one share of the
new common stock to the holder of each share of class B stock. The class
B stock and the new common stock will share together as a class in respect
to the payment of dividends and the distribution of assets. The class B
stock, however, will retain its exclusive voting power.
The new common stock will be issued to registered holders of class B
stock as at the close of business May 311929.
It is proposed to apply to list the new common stock on the Chicago
Stock Exchange and the New York Curb Market.
Through its control of The Greater London & Counties Trust, Ltd., a
British corporation, the Utilities Power & Light Corp., now is an outstanding international factor of the public utility industry. In addition
to serving more than half a million customers in 19 of the United States.
the Utilities Power & Light system also furnishes electricity without competition in 95 cities and towns in England and Scotland. The British subsidiary, furthermore, is cooperating with several governmental bodies and
industrial associations in furthering the employment of labor and the electrification of industry. It also owns a substantial interest in one of the
largest statutory companies supplying electricity in London's metropolitan
and suburban area.
-V. 128, p. 2450.
Western United Corp.(& Subs.).
-Earnings.
Income Account for the Year Ended Dec. 31 1928.
!Inter-Company Accounts Eliminated.]
Operating revenues
Operating expenses (incl. retirement expense $760,719)
$7,658,796
4,152.492
-Earnings.
Wisconsin Valley Electric Co.(& Subs.).
Calendar YearsGross earnings
Oper. expenses, mainten. & taxes_
Net earnings
Other income
Net earnings, incl. other income
Bond interest
General interest
Interest charged to construction
1026.
1927.
1928.
$1,681,955 $1,616.839 $1,555,403
993.861
836.741
818,699
$736,703
9,900
$688,093
20,464
$780.098
9.058
$708,558
$789,156
$746.603
$193.1013
86,554
Cr.31,157
$193,100
46,456
$167,790
49,401
$248,498
$239,556
$217,191
Balance
Preferred dividends
$460,060
84.000
$549.599
84.000
$529,411
84,000
Balance for retirem't (deprec.) res.,
amort., com. divs. and surplus
-V. 128. p. 2464.
$376,060
$465,599
$445,411
Total interest charges
INDUSTRIAL AND MISCELLANEOUS.
-Negotiations be-Day Week and Increase in Wages.
Bricklayers Win 5
tween the Bricklayers' Union and the Mason Builders' Association were
-day week allowed the
concluded April 24 with an increase of wages and a 5
-year
12.000 bricklayers of New York City. The agreement is for a 3
-day week and an increase in wages
period and grants the bricklayers the 5
of $1 a day from May 1 to the end of the year. and an increase of $1.40 a
day for the remainder of the agreement. This will raise the wages of the
bricklayers from $14 a day to $15 and t2 $15.40 a day after the first of
-N. Y."Sun, April 25, page 15.
next year, a 10% increase.
-Wages of miners in the lead and silver mines
Wages Rise in Lead Mines.
of Utah have been advanced about 5% or 25c.a day, by the larger produe-New York
ersin the district. The increase is retroactive to March 15.
"Times," April 25, page 6.
-I.
-B. 0. Commission Examiners
Grain Rate Changes are Recommended.
urge more equitable redistribution in Middle West. Report finds farm
depression still exists within meaning of Hoch-Smith liclsolution.-New
York "Times," April 21, page 24.
Matters Covered in "Chronicle" of April 20.-(a) Strikers in Southern
Textile Mills, unwise interference by American Federation of Labor.
(Editorial), p. 2532; (b) Industrial wage earner's income at highest point
since 1920. p. 2537: (c) Beet sugar production over 1 million short tons,
P. 2543; (d) Coal mine wages cut reduction made by 2 bituminous companies in Pennsylvania. p. 2548; (e) President Hoover issues order directing Publicity of tax refunds in excess of $20.000. p. 2571
-Earnings.
Acme Steel Co.
1928.
1929
Quarter Ended March 31$460,576
1788,034
Net income after charges
182.958
274.437
Shares cap. stk. outstand.(Par $25)
51
Earns, per share
dividend was paid Feb. 1 1929.-V. 128, p. 22h.
Note.
-A 50% stock
'Net operating revenues
Uncollectible bills
Taxes
$3.506,304
37,024
311,537
Net operating income
Other income
$3,157,744
237,939
r Gross income
Deductions from gross income
Interest on funded debt
-President William M.
-Rights, &c.
Adams Express Co.
Barrett, April 22, says in substance:
$3,395,684
179,390
1,601.333
Net income
Previous surplus
$1.614.961
1,906.415
Total surplus
Less dividends paid & accrued:
Western United Corp-Pref. stock
Western United Gas & Elec. Co.-Pref. stock
Western United Corp-Class A corn. stock
$3.521.376
Profit & loss surplus
-V.125, p. 3483.
$2,408.805
On April 2 1929. the company purchased from the American Express
Co., 122,710 shares of American Railway Express stock which gives it in
excess of 75% of the entire outstanding stock of the latter company. To
provide the company with additional funds for its general purposes an offer
will be made to common stockholders of record May 3 1929, giving them
the right, for each four shares of common stock then held, to purchase one
unit, consisting of two shares of 5% cumulative preferred stock and one share
of common stock of the company, at a price of $600 for each such unit of
three shares. Payment of the subscription price must be made in full at
on or before May
.the time of subscription authorized capital 24 1929. 100,000 shares of 5%
stock of
The company has an
cumulative preferred stock and 120,000 shares of common stock, par $100
per share. There are now outstanding 52,444.7 shares of preferred stock
and 66.209 shares of common stock. Alter this financing there will be
outstanding 85,549.2 shares of preferred stock and 82,761.25 shares of
common stock.
Hayden, Stone & Co. who are represented on the Board of Managers,
)
have agreed for compensation to underwrite the shares of stock s,- to be
offered to common stockholders.
-Warrants will be mailed to each common stockSubscription Warrants.
holder of record at the close of business May 3 1929, specifying the number
of units for which such stockholder will be entitled to subscribe under this
offer.
Warrants will be of two kinds: (1) Full unit warrants entitling the holder
to subscribe for one or more full shares of common stock and twice that
number of shares of preferred stock.
(2) Fractional unit warrants covering the right to subscribe to one
or more fourths of one full share of common stock and twice that amount
of preferred stock, as shown thereon.
Subscriptions are payable in full in New York current funds, to the Chase
National Bank, 18 Pine St., N. Y. City All stock so subscribed and paid
-V. 128, p. 2271.
for will be issued as of the date of payment.
422,366
582,161
108,044
Western United Gas & Electric Co. (& Subs.).
Income Account for the Year Ended Dec. 31 1928.
Operating revenues
Operating expenses (incl. retirement expense $710,056)
$7,652,157
Net operating revenues
Uncollectible bills
Taxes
$3,400,445
37,024
294,831
Net operating income
Other income
$3,068,5cs()
120,880
Gross income
Deductions from gross income
Interest on funded debt
$3,189.470
179.500
1,411.500
Net income
Surplus as at Dec. 31 1927
$1,598,470
5,879,680
-New Financing.
Aircraft Finance Corp. of America.
Public offering of securities in connection with the formation of this
recently announced $30,000,000 corporation in Los Angeles will be made
Total surplus
$7.478.150 shortly by a nation-wide syndicate of investment banking houses, accordPreferred dividends
582,161 ing to announcement of A. 0. Hunsaker, President. The offering will
Common dividends
800,000 consist of both preferred and common stock of the corporation.
Corporation is the first of its kind in the United States and will function
Profit & loss surplus
$6,095.988 in the field of aviation as the large acceptance corporations new function
-V.125, p. 3064.
in the automobile field. Capitalization consists of $20,000.000 8% cum.
Preferred stock (par $10): $10,000,000 8% class A non-cum, common
stock (par $10). and 1,000,000 shares of class B common stock (no par).
West Virginia Water Service Co.
-Earnings.
Class A and B common stocks arm voting and represent control of the
r Years Ended Feb.
-1929.
1928.
corporation.
-V. 128. P. 2093.
Operating revenues
$774,496
$758,561
Operation expense
293,899
308,438
-Earnings.
Air Reduction Co.
Maintenance
39,325
54.348
1926.
1927.
1928.
1929.
3 Mos. End.
Taxes (excl. Federal Income tax)
82,755
77.299 Gross income Mar.31- $4.732.385 $3,503,522 $3,365,862 $3,043,710
1,966.096
2.226.913
2.285,634
Net earnings from operation
$358,515
$3318,475 Operating expenses _ - - 2.894,520
446,996
455.587
488,947
431.670
Other income
3,091
3.334 Addition to reserves_
$630,618
$683,362
$728,940
Net pref. bef. Fed. tax $1,406,195
corporate income
Gross
$361,606
$321.809 Cap,stk. outst. (no par)
208,855
224.597
676,203
738.364
176,100
Annual int, req. on total funded debt
$3.04
$3.02
$1.07
Earns. per share
$1.90
-V. 128, p. 2632.
-V. 128, p. 2632.
Wisconsin Public Service Corp.
-Earnings.
-1928.
1927.
1926.
12 Months Ended Dec. 31
$4,994,239 $4.676,216 $4,454,565
Gross earnings
2,791.602
2,608.345
Oper. expenses, mainten. & taxes.... 2,790,344
Net earnings
Other income
$2,203,895 $1,884.614 $1,846.221
12,817
10,317
3,648
Total income
Bond interest
General interest
$2,216,712 $1,894,930 $1,849,868
802,885
804,465
793,992
34,091
108,866
234,376
Total
Less interest charged to construction_
Net interest charges
Balance
Preferred dividends
Balance for retirem't res. (deprec.)
amortiz., cons. div. & surplus_ --V. 128, p. 2464.
$836,977
56,727
$913,330 $1,028.368
105.472
125,701
$780.249
$807,859
$1,436,462 $1,087,072
548,027
427.898
$888,435
$659,173
$902,667
-Earnings.
Allegheny Steel Co.
1927.
1926.
1928.
Calendar Years$20,358.1390 $16.770,598 $16,261.365
Gross earnings
Operating expenses (including selling
17.799.650 14.636.463 14,180,288
and administrative expenses)
Operating profit
Other income (net)
$2,558,440 $2.134,136 $2.081,077
175,710
166.037
266,645
Total
Depreciation
Federal income taxes
52,825.085 $2,300,172 $2,256,787
375.179
335,498
354,09:3
236.456
253,475
277,758
Net profit
°limb's as at beginning of period
Adj.of Federal tax prior years
$2,193.235 $1.711.199 $1,645,152
5,667.948
4.981.160 4,509,048
Cr.39,006
$7,900.189 $6,692,359 $6,184,199
$947.201 I
Total surplus
1,170,033
28.3,344 Dividends (preferred and common).... 1,163,573
1.018.587
3,007
5.824
Sundry deductions
$663,857 !
'
56,736.616 $5.667.948 $4.981,160
Surplus as at end of period
*Includes dividends declared on pref. stock for entire year 1928.
2808
FINANCIAL CHRONICLE
Comparative Balance Sheet as at Dec. 31.
1928.
1927.
1928.
Assets$
Liabilities
8
Real estate, Plant
Preferred stock___ 3,323,400
and equIpment_14,574,156 13,489,220 Common stock___ 3,355,437
Cash
1,162.475 1,295,489 Trade accts. pay__ 767,171
U. S. Govt. secur_ 1,737,000 1,312,000 Misc. accts. pay-- 193,032
0th. market.secur. 730,322
611,954 Federal tax
292,268
Notes receivable
264,808
262,929 Reserve for depree. 3.848,774
Accts. receivable
1.931,079 1,305,233 Workmen's comInventories
2,148.322 2,192,811
pensation insur_ 238,020
Investments
426,859
43,524
259,710 Employees' contr..
Patents, patterns
4,388,345
Capital sUrplus
and good-will__ _
1
1 Earned surplus
6,736,616
Deferred charges.. 211,565
232,403
Total
23,186,589 20,961,750
-V. 128, p. 1907.
Total
Quarter Ended March 31-1928.
1929.
ProductionTons.
Tons.
Coal
287,040
311,000
Iron ore
425,000
.
3,199,100
421.600
Pig iron
114,700
3,322,013
122,300
Steel ingots
109,300
518,915
111,500
Rolled iron
92,000
194,203
88,900
Workshop manufacture
253,475
4.000
4,200
5,848.147 Shipments
Coal to customer other than subsidiaries
138,100
149,500
Pig iron
258,035
28,100
31,800
Rolled iron
44,325
81,000
80,600
1,655,590 Orders Received
Coal
5,667,948
123,300
167,300
Pig iron
25,400
33,300
Steel ingots
112,700
121,700
Total outgoing invoices
23,186,589 20,961.750
$4.725,000 34,333,000
At the end of March there were at work in the company's various plants
7,730 miners and 5,668 mill hands
-a total of 13.398 men.
-V.128, p. 1907.
1927.
Air-Way Electric Appliance Corp.-Earnings.
-
Quarter Ended March 31Operating income
Deprec. & Federal taxes
1929.
3487.695
67,465
1928.
$364,196
51,220
1927.
$147,130
23,300
Net profit
Preferred dividends
Common dividends
1420,230
35,000
250,000
$312,976
15,880
100,000
$123,830
Surplus
Ohs, corn. stk. outstanding. (no par)
Earns, per sh
-V. 128. p. 2632.
$135,230
400,000
$0.96
3197,096
100,000
$2.97
178,380
100,000
$1.24
45,450
Allied Motor Industries, Inc.(& Subs.).
-Earnings.
Earnings Year Ended Dec. 31 1928.
Gross operating income
Sell, general, and administrative expenses
1574,952
435,048
Net operating income
Additions to income (net)
$139,904
7,302
Total income
Non-recurring expenses
Prov. for Federal taxes (est.)
$147,206
53,182
8,156
Net earnings
Earnings for 3 Months Ended March 31.
1929.
Net profit before Federal taxes
$171,082
-V. 127. p. 3543.
185,867
1928.
$123.985
Alliance Realty Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 132,000
shares of common stock without (par value) on official notice of issuance in
exchange for the outstanding shares of its capital stock. The common
stock is rel isted solely because of an amendment to its certificate of incor
poration, which provided that the authorized capital stock be reclassified
through the changing of the name thereof to common stock -V.128, p.1057.
Allied Aviation Industries, Inc.
-Stock Offered.
-Love,
Bryan & Co., Inc. and Augustine & Co., St. Louis are offering at $14.50 per share 110,000 shares capital stock (with
non-detachable stock purchase warrants).
Transfer Agents: Chemical National Bank, New York; and St. Louis
Union Trust Co., St. Louis. Registrars: Guaranty Trust Co., New York;
and Mississippi Valley Trust Co., St. Louis.
CapitalizationAuthorized. Outstanding.
Capital stock (no par)
500,000 shs. al10.000 shs
a Not including 100,000 shares for sale under options granted, or to be
granted, to the operating management, directors and bankers at $14.50.
per share to Dec. 311929. at $16 per share during 1930, at $18 per share
during 1931,and at $20 per share during 1932,subject to certain restrictions;
and 55,000 shares reserved for the exercise of stock purchase warrants.
Stock Purchase Warrants.
-Each certificate representing shares included
in this offering will, upon the original issuance thereof, be accompanied by
a non-detachable stock-purchase warrant entitling the holder to purchase,
at the same price applying to stock purchase options as above scheduled,
one-half share of the capital stock for each share represented by said certificate.
Data from Letter of D. A. Luseombe, Vice-Pres, of the Company
Company.
-Will acquire, through binding contracts now effective, the
aircraft engine business of the Velie Motors Corp., of Moline. Ill., and the
assets of Mono Air-Craft, Inc., of Moline, Ill., for its wholly owned subsidiary companies, as follows: Lambert Aircraft Engine Corp, Mono Aircraft Corp.. Aviation Accessories Corp. The company plans also to develop
other activities in the field of aviation.
Lambert Aircraft Engine Corp. will acquire the aircraft engine business
of the Velie Motors Corp., of Moline, Ill. The manufacture of aircraft
engines was undertaken in April, 1928. and since that time 325 engines
were sold. Approximately 90% of small planes, in the 60 h.p. class,
produced and sold in this country during 1928 were powered with the predecessor company's engines.
Mono Ahcraft Corp. will acquire all the assets of Mono Air-Craft, Inc.,
of Moline, Ill., and will continue the manufacture of the well-known line
of monoplanes previously manufactured by that company. The manufacture of these planes was started in Feb., 1928, since which time 240 plane
have been sold with only a moderate expenditure for advertising and sales
promotion.
Aviation Accessories Corp., which has recently been organized, will
manufacture and distribute accessories and equipment for aircraft.
Earnings.
-The manufacture of engines and planes was reported by the
predecessor companies to have shown a small profit. This is considered a
very favorable record for the initial period of operations, when considerable
time and money were expended in design, development and testing.
As of March 1 1929, distributors' contracts called for in excess of 300
planes and 300 engines, of which it is expected that more than 100 planes
and 100 engines will be shipped in the near future.
Purpose.
-Proceeds of the sale of this Issue of stock will be used in acquiring assets of the predecessor companies and Aviation Accessories Corp.:
and to provide adequate working capital. For the present, manufacturing
operations will continue in the factory at Moline, Ill., which the company
has under lease.
Assets.
-The consolidated balance sheet, as of Jan. 31 1929, after giving
effect to the present financing, shows: current assets. $809,814; current
liabilities, $45,706; and net current assets, $764,108; cash, $535.927.
equivalent to $4.87 per share of stock to be presently outstanding; net
worth, $1,165,441, equivalent to $10.59 per share.
Directors.
-Floyd Augustine, E. G. Burkham, Hugh E. Curtis, W. C.
Ferguson, Russell E. Gardner, Jr., Warren Goddard, Foster Holmes, S. B.
Lambert, John A. Love, D. A. Luscombe, Seth Low, B. 0. Mahaffey,
Thomas S. McPheeters, J. Ferd. Oberwinder, Seth L. Pierrepont.
Listing.
-Application will be made to list stock on the New York Curb
Market and the San Francisco and Los Angeles Curb Exchanges.
Allis-Chalmers Manufacturing Co.
-Earnings.
-
Quarter Ended March 31Orders booked
Average per month
Sales billed
Net profit
Earns, per sh. on corn. stock
-V. 128, p. 1892.
[VOL. 128.
1928.
1929.
113,260,192.41 38,370,537.85
4.420.064.142.790,179.28
9,942,853.28
8,415,253.42
675,600.25
1,013,374.80
$3.65
$2.60
Aluminum Industries, Inc.
-Stock Offered.
-An issue of
40,000 shares (no par) common stock is being offered at
$26.50 per share by W. E. Hutton & Co., Cincinnati.
Transfer agents: First National Bank of Cincinnati, and Chase National
Bank of New York. Registrars: Central Trust Co., Cincinnati, and Commercial National Bank & Trust Co., New York.
CapitalizationAuthorized. Outstanding.
Common stock (no par)
100,000 shs. 100,000 shs.
Data from Letter of John Eekerle, President of the Company.
-Incorporated in Ohio. Jan. 10 1927, by officers and directors
Company.
of the Kant-Skore Piston Co., and Robert J. Anderson, Inc., to further
develop the fields opened up by these two companies. The Kant-Skore
Piston Co. had been in business since 1921, and was engaged in the manufacture primarily of aluminum alloy pistons.
Company makes aluminum alloy pistons and various other aluminum
alloy parts for automobiles, airplanes, machinery, busses and vacuum
cleaners, as well as kitchen ware, &c. both by the permanent mold and
sand casting processes. Company, it is said, is the largest manufacturer
'
of replacement aluminum alloy pistons in the world and Is one of the three
companies in the United States licensed to make aluminum alloy pistons
by the permanent mold process. Main properties located at Cincinnati,
Ohio. Buildings occupy about 4% acres of ground.
Purpose.
-Proceeds are to be used for the acquisition of additional plant
facilities and working capital.
-Combined net income of company and predecessors after
Earnings.
deducting all charges were as follows for years ended Dec. 31 1928:
1925.
1926.
1927.
1928.
$24,396
345,608
$193,416
x$21,534
x Deficit. In 1927 earnings were materially reduced by the slowing down
of business incident to consolidation and moving into a new plant.
For the first two months of 1929 the books of the company indicate a substantial increase in net sales and earnings over the first two months of 1928.
Dividends.
-Directors intend to inaugurate dividends on the common
stock at the rate of $1.50 a share per annum, payable 37%c. quarterly,
beginning June 15 1929.
Listing.- Company has agreed to make application to list the stock on
the Cincinnati Stock Exchange and the New 'Y'ork Curb Market.
-V.128.
p.2465.
American Brown Boveri Electric Corp.
-Earnings.
-
Quarter Ended March 31Net operating income
Other income
,
Total income
Interest on notes & bonds
Cash discount on sales
Depreciation
Miscellaneous
1929.
$601,722
59,632
x1928.
$167,382
65,213
$661,354
82,856
1,238
142,382
8,475
$232,595
76,459
5,572
149,218
31,543
Net income
$426,402 loss$30,196
Earnins. per sh. on 30,000 shs. pref. stock
$14.21
Nil
x Includes operations of the Moloney Electric Co. and the Scintilla
Magneto Co-V. 128. p. 2465.
American Cirrus Engines Inc.
-Receives Order.The corporation announces that it Was signed an order with the Whittlesey
Manufacturing Co. of Bridgeport. Conn., for 500 engines to be delivered
before Dec. 31 1929. At a retail value of $1,600 an engine, the order totals
$800,000. The Whittley company has the rights in this country for the
British Avro Avian plane. This order, coupled with others recently received, will absorb practically all of the scheduled Cirrus output for the year,
at the present rate of 10 engines a day. Plans are under way, however,
according to Vice-Pres. A. C. Hoffman, to increase the plant's facilities in
the near future to meet the steadily growing demand for Cirrus engines.
V. 128, p. 2633.
American Diatom Co. (N. J.) Phila.-New Director.Cralge M. Snader has been elected a director.
-V. 128, p. 2093.
American Discount Co. of Georgia.
-Stocks Offered.
Fourth National Co., Atlanta, Ga. are offering $300,000
2% cumulative convertible preferred stock and 3,000
63
,
shares (no par) common stock in units of 1 share of each
at $58 per unit.
Preferred stock dividends are cumulative and are payable Jan. 1, and
July 1. Red. all or part, or for sinking fund, on any div. date on 30 days'
notice at $53.50 and diva, Transfer Agents: Courts & Co., Atlanta.
Registrar: Fourth National Bank of Atlanta. Exempt from city state
and county taxes In Georgia and dividends free from normal Federal income
tax.
CapitalizationAuthorized. Outstanding.
6
cumul.convert. pref.stock (par $50)
3500,000
1300,000
.ommon stock (no par)
100,000shs. 50,000shs.
Data of letter of G. B. Ryman, President of the Company.
Jompany incorp. in Georgia in 1919, is engaged in handling installment
otes on automobiles, the larger part of which are purchased from auto,
mobile dealers, the balance being loans made direct to car owners.
Earnings.
-Messrs. Ernst & Ernst have certified that the net earnings
available for dividends for the past 3 years and 5 months after eliminating
non-recurring interest charges have been as follows:
Year ended Aug. 31 1926
849,049
Year ended Aug. 31 1927
53,326
Year ended Aug. 31 1928
62,599
Period Aug. 31 1928 to Feb. 4 1929
24,928
Net earnings as shown above have averaged 2.86 times dividend requirements on the preferred stock to be presently outstanding. It is
expected that with this additional capital, net earnings available for dividends will be substantially increased.
Assets.
-Net tangible assets after giving effect to this financing as of
Feb. 4 1929, were 3615.072, which is equivalent to 205% of the par value
of preferred stock to be presently outstanding.
Conversion.
-Preferred stock is convertible at the option of the holder
to July 1 1934 into 3 shares of common stock for each share of preferred
and thereafter up to Jan. 1 1939 into 2 shares of common for each share
of preferred.
Sinking Fund.
-A sinking fund is provided, beginning Jan. 1 1930. to
retire annually 214% of the maximum amount of preferred stock that may
have been outstanding at any time.
American Express Co.
-Certificates Listed.
-
The New York Stock Exchange has admitted to trading deposit certificates representing shares of the company which have been deposited
under the plan recently announced for its affiliation with the Chase National
Bank and the Chase Securities Corp.
shareholder of American Express
Alpine Montan Steel Corp. (Austria).
-Production.
- hisUnder the plan, eachApril 30 is given the opportunity Co., who deposits
stock
of exchanging his
According to cable advices received from the company at Vienna by F. J. shares foron or before two Chase institutions on the
those of the
basis of five shares of
Lisman & Co., members of the New York Stock Exchange, the figures for new $20
production, shipments and orders received, of the Alpine corporation, are stock forpar Chase National Bank and new no par Chase Securities Corp.
each three shares of American Express Co. American Express
as follows:
Co. stockholders, through becoming shareholders of the two Chase install-
FINANCIAL CHRONICLE
APRIL 27 1929.]
Hong, will continue to have an interest in the business of the American
Express Co., while at the same time participating in the activities of a
large bank and an established securities corporation. Depositaries are
the Bankers Trust Co., New York: the Continental Illinois Bank & Trust
-V. 128, p. 2465.
Co., Chicago, and the Old Colony Trust Co., Boston.
-Earnings.
American Hide & Leather Co.
12 Weeks. 36 Weeks.
Period End. Mar. 9 1929Operating loss after charging repairs, deprec., int.
$985,888
$523,414
on loans,& reserve for taxes
40,271
17,761
Loss on sale offixed assets
$541,175 $1,026,159
Total loss
-V. 128, p. 2272.
-Larger Dividend.
American Home Products Corp.
The directors have declared a monthly dividend of 30 cents per share on
the outstanding capital stock (no par value), payable June 1 to holders of
record May 14. This compares with monthly dividends of 20 cents Per
share paid regularly from May 1 1926 to April 11928, incl., and 25 cents
per share monthly from May 1 1928 to May 1 1929,incl.
1926.
Earns. Years Ended Dec. 311927.
1928.
Net profits
$3,344,857 $2,272.126 $1,278,415
167,899
Estimated income tax
305,856
424.061
Dividends paid to minority stock1,433
3,352
holders in subsidiary companies
3,661
Net income
$2,917,135 $1,962,918 $1,109.083
600.000
Dividends
862,600
1,662,350
Surplus adjustments (net)
Dr.86,814 Dr.52,707 Dr.24,182
Previous balance
484,901
1,532,512
Total surplus
Shares of capital stock (no par)
Earnings per share
$2,700,483 $1,532,512
534.000
599,000
$3.67
$4.87
$484,901
300,000
$3.69
Balance Sheet December 31.
1927.
1928.
1927.
1928.
$
issetsCapital stock____:15,453,939 14,349,682
Land, buildings,
874,311 Mtn. stockholders'
equipment, &c_y1,056,422
485
485
Cash
2.890,338 1.942,247 Int. in sub. cos__
296,525
Accounts payable_ 378,773
U.S. Treas. Ws
500.000
60,000
83.433
Notes payable_ --132,212
142,324
Investments
Accts. & notes rec. 1,537,231 1,109,409 Property purchase
30,172
obligations
778,580
1,236,215
Inventories
194,400
50,834 Dividend payable- 299,500
Prepaid expense
78,026
Res. for Federal
Good-will, trade407.688
and State taxes_ 464.342
marks
12,131,299 12,133,870
150,000
190,900
Res, for coating
2.700,483 1,532,512
Surplus
The present market value of the outstanding common stock of I. G. Dyes
is approximately $450,000,000.
As a result of the development of its world-wide activities, I. G. Dyes
has found it expedient and desirable to cause a corporation to be organized
in the United States under the name of
-This corporation, the American I. G.,
American I. G. Chemical Corp.
Is to be incorporated in Delaware and endowed with broad corporate powers
to foster and finance the development of chemical and allied industries in
the United States of America and elsewhere. All of its common stock to be
presently outstanding will be issued against cash, or for the acquisition of
stocks of certain American chemical companies, including substantial
interests in
(1) Agfa-Ansco Corporation, incorporated in New York and engaged in
the manufacturing an selling of films, photographic materials and apparatus
an in this line the second largest enterprise in the United States. Company has factories in Binghamton, Johnson City and Afton, N. Y., and is
now completing the construction of a large modern film plant in Binghamton. It has acquired all the assets of Ansco Photo Products, Inc., at
Binghamton, and of Agfa Photo Products of N. Y. City, and, further, the
entire capital stock of Agfa Raw Film Corp. of N. Y. City. Under a contract with I. G. Farbenindustrie Aktiengesellschaft (I. G. Dyes), Agfa
Ansco has the sole right in the United States to manufacture all photographic products developed by I. G. Dyes.
(2) General Aniline Works, Inc. (formerly Grasselli Dyestuff Corporation), engaged in the manufacture of synthetic organic chemicals and dyestuffs. Company has a plant in Albany, N. Y., and in Linden, N. J.,
where it manufactures a great variety of dyestuffs. Production has shown
steady and consistent growth, so that during the past two years the plant
equipment had to be considerably increased.
Under a contract with I. G. Dyes it has the permanent right to exploit
in the United States all dyestuff patents and inventions developed by the
plants of I. G. Dyes. Company's products are sold by the General Dyestuff Corp., New York, which maintains branches and warehouses in the
industrial centres of the country. The corporation is also the beneficiary
of profits derived from the manufacture and sale of medicinal and pharmaceutical products.
intends to participate in other chemical enterprises, espe• American 1.
cially in the development of new fields of chemical activity
-Upon completion of the present financing, the American I. G.
Security.
will own assets valued in excess of $60,000,000, against which its only
outstanding debt will be these $30,000.000 guaranteed 535% convertible
debentures. These debentures will be the direct and unconditional obligations of the American I. G., which will covenant not to pledge any of its
assets, except for short term debts in the ordinary course of business, without granting ratable security to these debentures.
19,571,855 17,021,464
Total
Total
19,571,855 17,021,464
x Represented by 599,000 shares no par value. y After depreciation of
$424,655.-V. 127, p. 1678.
-Earnings.
American Ice Co.
Quarter Ended March 31Net earns,after int. but before deprec.& Fed.taxes
-V.128. p. 2094.
1929.
$338,007
1928.
$284,403
-Debentures Sold.
American I. G. Chemical Corp.
The National City Co., International Manhattan Co., Inc.,
Lee, Higginson & Co., Harris, Forbes & Co.,Brown Brothers
& Co., Bankers Co. of New York, the Equitable Trust Co.
of New York and Continental Illinois Co., have sold at
95 and int., to yield 5.93%, $30,000,000 guaranteed 5%2%
convertible debentures. Principal and interest and premium,
if any, upon redemption unconditionally guaranteed by
endorsement on each debenture by I. G. Farbenindustrie
Aktiengesellschaft (I. G. Dyes) Frankfort on the Main,
Germany.
Dated May 11929: due May 1 1949. Both principal and interest payable in United States gold dollars of the present standarl of weight and fineness, at the head office of the National City Bank of New York. also collectible at the option of the holder either at the City office of the National
City Bank of New York, in London, Eng., in pounds sterling, or at the
Deutsche Laenderbank, Berlin, in Reichsmarks. in each case at the then
current buying rate of the respective banks for sight exchange on New York.
Denom. $1,000. Red. all or part on any int. date upon 60 days' notice,
at 110 an int. if red. on or before Nov. 1 1938. and at 100 and int. theroafter. Conversion rights on any debentures called for redemption may be
exercised up to and including the sixth day prior to the date fixed for redemption. National City Bank of New York, trustee.
Data from Letter of Geheimrat Dr. Hermann Schmitz and
Dr. Wilfrid Greif, Managing Directors of the I. G. Dyes.
-This company (I. G. Dyes)
I. G. Farbenindustrie Aktiengesellschaft.
is one of the largest and most successful corporations in the world engaged
in chemical and allied industries. In Nov. 1925 it adopted the corporate
name. of I. G. Farbenindustrie Aktiengesellschaft and exchangel certain
of its shares for all of the shares offive other large chemical concerns,thereby
assembling in one corporate structure six of the most important chemical
manufacturers in Germany. Since that time I. G. Dyes has acquired
controlling interests in a number of other important concerns and now
comprises the principal chemical enterprises of Germany, with long h!stories of successful operation. I. G. Dyes manufactures and distributes
practically every chemical product required to cover the ever-increasing
demands of modern commerce, industry and agriculture. The more
important products include.
Light metals (elektronmetal)
Dye stuffs
Pharmaceutical products,insectiPhotographic articles and films
Artificial silk
cides and fungicides
Synthetic nitrogen, fertilizer and
Organic and inorganic chemical
other nitrogen products
products
Synthetic gasoline
Solvents and lacquers
annual capacity of the synthetic nitrogen plants is over 600.000 tons
The
of pure nitrogen, or over one-third of the present total world consumption.
Within the last few years I. G. Dyes has also evolved a process (the so-called
hydrogenation process) of making synthetic gasoline from coal, and is
actually producing and marketing this product in Germany in increasing
quantities.
In 1927, I. G. Dyes entered into a contract with the Standard Oil Co. of
New Jersey for the joint exploitation in the United States of this hydrogenation process for treating crude oil. Negotiations are now proceeding
looking to a broader working arrangement between the Standard Oil Co.
of New Jersey and I. G. Dyes.
I. G. Dyes, directly or through its affiliated or constituent companies,
controls supplies of the principal raw materials needed in its manufacturing
processes. Its real estate aggregates nearly 20,000 acres, including the
sites of its great factories and brown coal mines with an annual production
of about 20.000,000 tons. It has 478 miles of private railway lines on which
it operates over 12,000 privately-owned freight cars and locomotives.
Total employees number over 140,000.
Capital Structure of t; e I. G. Dues on Dec. 31. 1(28.
Authorized.
Outstanding.
Convertible debentures, variable int_ I Rm. 250,000,000 *Rm. 249,823,600
$59,523,810
1
$59.481,810
None
6% pref. stock series A (Rm.100,0004Rm. 100.000,000
--123,809,524
None
000 held for account of company)
{Rm. 40.000,000 Rm. 40,000.000
331% pref. stock series B
$9,523,810
$9.523.810
Common stock (Rm.160.702,200 held(Rm. 960,000,000 Rm. 799,297,800
k
$228,571,429
$190,309.000
for account of company)
*Entire 250,000.000 Issued, but 176,400 already converted.
2809
Capital Structure of the American I. G.
Issued.
Authorized.
830,000,000
$30,000,000
Guaranteed 531% convertible debentures-400,000 shs.
3,000,000 shs.
Common"A"shares(no par)
3,000,000 shs. 3,000,000 shs.
Common"B"shares (no par)
-A sufficient number of the common A shares will be at
Common Shares.
all times reserved to provide for the conversion rights of the convertible
debentures. In addition, the I. G. Dyes is to be granted an option exercisable from time to time prior to JAn. 1 1935, to purchase as a whole or
in part from the American I. G.. common A shares, the aggregate of any
such purchase or purchases not to exceed 1,000,000 shares, at the current
,
conversion price or prices of each $1,000 debenture set forth in the "conversion privilege.' Any available balance of the authorized amount of
common A shares may be issued upon such terms as the board of directors
of the American I. G. may determine from time to time,subject to suitable
provisions in the convertible debenture trust agreement designed to Protect
the value of the conversion rights of the debentures.
Neither the holders of common A shares nor the holders of common B
shares will have any pre-emptive right to subscribe for any common A shares
Issued in the future. Both classes of stock have the same voting rights per
share.
From any sums declared as dividends by the directors, each common A
cents
share will be entitled to receive dividends at the rate of $1 for each 10 liquipaid on each common B share. In case of voluntary or involuntary
dation, common A shares are entitled to receive $75 per share before any
payment is made upon common B shares. After the A shares have received
875 per share in liquidation, the balance of the surplus funds and property
of the corporation must be distributed in equal parts per share to A and B
shares.
Common A shares will be redeemable at the option of the company, as
a whole or in part, at the market price for such common A shares as shown
by the average quotation for such shares on any recognized stock exchange,
during the 30 days next preceding such call for redemption, but in no event
at a less price than $10 per share in excess of the last price at which any
guaranteed 534% convertible debentures shall have been converted into
common A shares.
-Each $1,000 guaranteed 534% debenture may be
Conversion Privilege.
converted into common A shares on the following terms:
any time up to and including Dec. 311931. into 17 common A shares:
At
1932, into 16 common A shares; 1933, into 15 common A shares; 1934, into
14 common A shares; 1935, into 13 common A shares: 1936, into 12 common
A shares; 1937, into 11 common A shares, and 1938. into 10 common A
shares.
Conversion rights on any debentures called for redemption may be exercised up to and including the sixth day prior to the date of redemption. the
-It is expected that
Earnings Available for Interest and Guarantee.
net earnings of the American 1. G. from the securities to be acquired by it,
together with an amount equal to 6% interest upon the initial cash funds
in its treasury, will amount to more than double the amount necessary
for the payment of debenture interest.
The net earnings of the guarantor company. I. G. Dyes, available for
years
depreciation and dividends upon its stock, averaged during the three maxi1925, 1926 and 1927, approximately $45,947,000, or over 25 times the
mum interest requirements ($1,650.000) on these convertible debentures.
For the year 1927, such earnings amounted to over 30 times such interest
requirements, and it is expected that the final figures for 1928 will be at
least as favorable as those of 1927.
-The board of directors will include, among others: Prof.
Directors.
or. earl Bosch, Chairman of the Exec. Committee, I. G. Farbenindustrie;
Charles E.
Walter Teagle. President, Standard Oil Co. of New Jersey;
Mitchell. Chairman, National City Bank. New York; Edsel B. Ford,
Motor Co.; Paul M. Warburg, Chairman. International
President, Ford
President, General
Acceptance Bank, Inc.; Adolf Kuttroff; H. A. Metz, Inc.; Or. Hermann
:
Aniline Works, Inc.; W. E. Weiss. Vice-Pres ,Drug,
committee, I. G. Farbenindustrie; Dr. Wilfrid
Schmitz, member executive
Greif, member executive committee, I. G. Farbenindustrie. exchange of
[All conversions of Rm, have been made at the rate of
Rm. 4.20 to the dollar.]
-Operations.
American Locomotive Co.
The company is operating at over 50% capacity at the present time, as
in 1928
compared with the average operation of all locomotive companies Pearl &
of approximately 20% capacity, according to a special analysis by
Stock Exchange. The company began
Co., members of the New York
1929 with nearly $20,000,000 in new business compared with about $2,600000 at the beginning of 1928. At this time, it is estimated, that unfilled
orders exceed $30,000,000.-V. 128, p. 1559.
-Earnings.
American, London & Empire Corp.
The corporation reports total net profits, before taxes, of 8304,237 for
the quarter ended March 31 1929, equivalent to 331 times the quarterly
dividend requirements on the $5,000,000 6% preferred shares. Earnings
for the quarter were equal to $2.20 a share or at an annual rate of $9.16
a share on the 100,000 shares participating common stock outstanding.
Total esr25 urces of the corporation were $8,627,884 on March 31.-V.
127 p. o 2
,
3
-Listing.
American Rolling Mill Co.
The New York Stock Exchange has authorized the listing of 1,351,342
shares of common stock (par $25) on official notice of issuance in exchange
for present outstanding certificates, with authority to admit to the list.
424 shares of common stock on official notice of issuance upon consolidation
of outstanding scrip, and 67.588 shares of common stock on official notice
of issuance as a stock dividend.
The directors Jan. 22 1929 authorized the issuance of a 5% stock dividend
Payable July 30 1929 to holders of record July 1 1929. To cover this stock
be
dividend, a total of not exceeding 67,588 shares of common stock willrequired. This dividend will be capitalized at par from capital surplus.
1898.
V. 128, p.
2810
FINANCIAL CHRONICLE
American Shares, Inc.
-Registrar.
-
The Chase National Bank has been appointed registrar for 150,000
shares of common stock, no par value, and 75,000 shares of class A curnul.
pref. stock, no par value.
American Steel Car Lines,Inc.
-Equip. Trusts Offered.
An issue of $450,000 5% equip, trust gold, certificates series
D is being offered by First Illinois Co. at prices to yield 6%.
Principal and dividends unconditionally guaranteed by the American
,
Steel Car Lines, Inc. To be issued under the Philadelphia plan. Old
Dearborn State Bank, Chicago, trustee.
Dated March 1 1929. Payable semi-annually in serial installments,
$200,000 each. March 1 1930 to March 1 1932, both inclusive, and $25.000
each, Sept. 1 1932 to March 1 1939, both inclusive. Denom. $1,000.
Principal and div. payable without deduction of the normal Federal income
tax not in excess of 2% per annum, and corporation agrees to reimburse
certificate holders resident in Penna. for all taxes (other than succession
or inheritance taxes) and the Mass, income tax not in excess of 6% per
annum, upon application as set forth in the lease and agreement. Redeemable in whole or in part on any div. date at 101 and divs. Certificate
and dividend warrants(March & Sept. 1st) payable at office of the Trustee.
Security.
-These certificates are to be issued against 359 all
-steel standard
tank cars, title to which is to be vested in the trustee, for the benefit of
the certificate holders, described as follows: 100 tank cars of 10,000
gallon capacity. and 259 tank cars of 8,000 gallon capacity. An appraisal
of these cars has been completed as of Feb. 21 1929, placing a current
valuation on this equipment in excess of 3600.000, or more than 125%
of the principal amount of the entire certificate issue.
Company.
-Is engaged primarily in the ownership, operation, renting
and leasing of steel cars to railroads, refiners, manufacturers, and their
various related industries, and to all classes of shippers requiring steel
car equipment. The cars are used in the transportation of edible and
inedible products, including molasses, syrups, cocoanut oil, cotton seed
oil, gas oil, gasoline, fuel oils, paint products, etc. All of the above 359
cars are to be used exclusively in the service of the Continental Oil Co.
Art Metal Construction Co.
-Earnings.
-
1928.
$908.468
47.310
1927.
$287,710
26,724
1926.
$502,973
29,230
1925.
$549,691
50,865
Balance, surplus
Previous surplus
Deduct
-Depreciation &
depletion reserves..
Adjust. in invest, of own
pref. stock
._
Spec.res.for Silver Dyke
loss
Surplus adjustments _
$861,158
1,705,081
$260,985
$473,743
1.923,252 x1,930,789
$498,826
1,926,655
379.687
479.157
481,280
511,067
644.578
518,885
Cr.15,275
Total surp.. Dec. 31.. $1,038,364 $1,705,081 $1,923,253 $1,914,415
x Adjusted.
Earnings Ouarter Ended March 31.
1929.
1928.
1927.
1926.
Net profits before depreand depletion
$314,908
$96,492
$180.284
$118,008
-V.127, p. 2368.
Arkansas Natural Gas Corp.(& Subs.).
-Earnings.
-
Consolidated Earnings Statement for 12 Months Ended Dec. 31 1928.
[Including earnings of predecessor.companies for first 3 months of 19281
Gross operating revenue
$8,536.978
Operating expenses, maintenance and all taxes
4,747,703
Net operating revenue
$3,789,275
Non-operating income
132,536
Total income
$3.921,811
Interest on funded debt
646,085
Interest on floating debt
157,312
Amortization of bond discount and expense
73,029
Net income
.Ark. Nat. Gas Corp. 6% cum. pref. stock dividends
A
Reserve Natural Gas Co. of Louisiana 7% cum. pref. stock diva_
ERVIN
29
Balance. surraus
-V. 128, p. 2094.
$1,730,450
Arrow Aircraft & Motors Corp.
-Stock Sold.
-Woods,
'Faulkner & Co., Inc., Chicago, have sold 45,000 shares
'common stock (no par value) at $12.50 per share.
Transfer agent: Central Trust Co. of Illinois, Chicago. Registrar
Harris Trust and Savings Bank. Chicago.
Data from Letter of Mark W. Woods, President.
Company.
-Organized Oct. 22 1928. in Delaware to acquire the
and assets of the Arrow Aircraft Co., and to acquire all of thebusiness
capital
stock of the Patriot Manufacturing Co. The Arrow Aircraft Co. for more
than three years had been manufacturing and developing the airplane
which is now known as the Arrow Sport. More than $50,000 has been expended in the experimental development of the plane.
The company, through its subsidiary. the Patriot Manufacturing Co.
owns a completely equipped factory building at Havelock, a suburb of
Lincoln, Neb. This modern, 2
-story, concrete building contains more
than 400,000 sq. ft. Adjoining the factory is a fly-away field of 65 acres.
Product
.-The present model, Arrow Sport plane, a side by side, two
place, bi-plane, embodies construction and design giving the utmost in
safety, efficiency and performance. Its most outstanding feature, among
its many good qualities is its non-spinning characteristic, from a "stall"
or with a dead engine. Powered with a 60 h.p. Le Blond air cooled radial
engine, with a high speed of 108 miles per hour, and a landing speed of
30 miles per hour, the Arrow Sport is listed at $2,945.
Within 90 days after the Arrow Sport was first offered to the public, a
total of 223 planes were sold; and, to date, orders for 155 additional planes
have been offered to the company but have not yet been accepted. The
production of planes is now one per day and production is being increased
as rapidly as is consistent with proper methods, so that it should reach two
planes per day by June 1 1929.
Other models are being developed with a view to supplying the demand
for mail, transport, and military types. Close contact is being maintained
with operators of air lines, schools and pilots generally, so that the trend
•of development of the aviation industry may be gauged intelligently.
Capitalization.
-Corporation has an authorized capitalization of 100.000
common shares of no nominal par value.
Estimated Net Profits.
-Based on a production of 500 airplanes for the
year 1929. for 223 of which orders have already been received and accepted,
the profits for the year should be $303,600 or $3.04 per share on the stock
of the company.
Earnings estimated by the company on the sale of combined products
of Arrow Aircraft & Motors Corp:and its subsidiary, Patriot Manufacturing
Co.. during the first year's operation are computed as follows:
Sales, including 500 airplanes at $2,945 (list price)
$1,772,500
Cost:direct production cost,S1.304.000:factory burden,$32,100 1,336,100
Sales expenses
47,400
Administration expenses
44,000
Federal income taxes
41.400
Net profit available for dividends
$303.600
-Proceeds will be used to retire funded indebtedness and to
Purpose.
provide additional working capital.
1926.
$8,033.949
6,983,253
$848,429
101,811
$862,509
92,568
$1,050.695
143,829
Net profit
Dividends
$746,617
480.855
$769,941
520,926
$906,866
480,855
Surplus
Adjustment to surplus
$265,762
18,223
$249.015
Cr.42,029
3426,011
Cr.57
Total to surplus
Shares of cap. stk. outst. (par $10)
Earnings per share
American Sumatra Tobacco Co.
-Agent Appointed.
-
American Zinc, Lead & Smelting Co.
-Earnings.
-
1928.
1927.
$8,011.985 $7,786,918
7,163,556
6,924.409
Net profit before taxes
Estimated taxes
The New York Stock Exchange has authorized the listing of 1.642,941 1-3
shares of common stock (without par value), and 118,462 shares of common
stock on official notice ofissuance and payment in full under the employees'
stock purchase plan, maldng the total amount applied for 1,761.40.3 1-3
shares.
-V. 128, p. 2466.
Calendar YearsOperating profit
Interest on bonds, &c_ _
Pro Forma Consolidated Balance Sheet.
LIabilitiesCash
3325,294 Accounts payable
$27,217
County warrants, &c. at cost
3,288 Deposits on stock subscrip
10,358
Receivables, less reserve
26,281 Accruals
5,470
Inventories
137,691 Capital stk. & capital surplus x1,052,417
Prepaid Insurance & advances
2,928
Installment notes receivable_
2,328
Plant & equipment
556,283
Patents, patterns and designs
at cost
26,628
Deferred operating expenses_
9,049
Organization expense
5,693
Total (each side)
31,095,463
x Represented by common stock-authorized 100,000
shares of no ar
value o which 87,500 shares are to be presently issued.
-V. 128, p. 246(1
)
.
Calendar YearsSales
Cost of sales
American Stores Co.
-Listing.
-
The Empire Trust Co. has been appointed agent for the redemption of
the 7% cumul. pref. stock.
-V.128, p. 2633, 2272.
[VOL. 128.
$247.539
320,570
$2.33
$291,045
320,570
$2.40
1426.068
320.670
$2.82
Balance Sheet as of Dec. 31 1928.
Assets1928.
1927.
Liabilities1928.
1927
Plant & property x$2,100,597 $2,152,915 Capital stock
$3,205,700 33,205,700
Patents, less depreMortgage, N. Y.
elation
y484,076
501,488
office building__
81,000
82,000
Cash
1,336,194
828,092 Accounts payable_ 221,388
217,726
Accts.& bills rec.- 1,702,842 1,616,844 Res. for erection &
Inventories
1,772,588 2,009,138
delayed charges_
78,107
94,773
Investments
12,000
12.000 Rm.doubtful accts 217,173
178,269
Deferred charges
42,964
48,497 Reserve for taxes_ 148,401
138,556
Surplus
3,499,490 3,251,950
Total (each side) $7,45l,260 37.168,975
x After deducting $1,300.123 reserve for depreciation. y After deducting
$191.885 reserve for depreciation.
-V. 127. p. 2687.
Art Metal Works, Inc.
-Organizes British Subsidiary.
-
The corporation announce the formation of a new British subsidiary to
be known as Ronson Art Metal Co., Ltd., for the purpose of carrying on
the company's operations throughout Europe and the various British
dominions. The plans for the new company call for the immediate establishment of a factory in London, but in the meantime shipments of
products will be made from the factories in this country.
Of the stock of the new British company, 50% will be owned by the
parent American company and the remainder will be owned by the Cadogan
Co. of England, which is a trading company operating closely with promi,
nent merchandising concerns in all parts of the world. In addition to its
share in the profits of the British company, the parent corporation will
receive a royalty of 5% on gross sales for the use of all patents owned by
the American organization.
In addition to the establishment of the British subsidiary, announcement was made that the Cadogan Co. has completed negotiations
retail distribution of Art Metal products through more than 1,000 for the
stores.
These stores correspond to the United Cigar Stores chain in the United
States.
The increasing volume of business received from foreign countries, Secretary Alexander Harris, said, is chiefly responsible for the establishment
of the British subsidiary. The formation of the British company. stated
Mr. Harris, will result in a large increase in the sales of Art Metal products
abroad.
-V. 128, p. 730. 252.
Asper-Lax, Inc.
-Stock Offered.
-Olsen & Co. recently
offered 20,000 shares(no par)common stock at $20 per share.
Company was incorp. in Del. Aug. 3 1927. Produces a new aspirin
tablet that contains Ingredients calculated to offset the depressive effect
of the common aspirin tablet and to soothe and cleanse the system of the
congestion that caused the disturbance. During the first quarter of 1929
the company has been enabled to place its product in 2,000 additional
drug stores in New York City. A nation-wide advertising campaign is
now being planned.
Capitalization consists of 50.000 shares of no par value common stock
authorized and presently to be outstanding.
Associates Investment Co.
-Earnings.
The company reports for the quarter ended March 31 1929, net profit
of $156,527 after interest, expenses and reserve for Federal taxes, equivalent
after dividend requirements on 7% preferred stock to $1.72 a share earned
on 77,542 shares of no-par common stock.
-V. 128, p. 1230.
Atlantic Coast Fisheries Co.
-Rights, &c.
-The common stockholders of record April 25 have been given the right
to subscribe on or before May 18 for additional common stock (no par
value) at $30 per share on the basis of one new share for each share owned.
The preferred stockholders will receive a special right to exchange their
holdings for common stock.
It is expected that if all the preferred is not exchanged under this plan
it will be retired at an early date.
The board will also authorize the calling of $750,000 5% gold notes
due June 1 1930.
The stockholders approved an increase in the common stock from 135,000
to 350,000 shares, to provide for rights and in part for the acquisition of
the Maritime Fisheries Corp. of Montreal and the National Fisheries,
Ltd., of Halifax and the possible acquisition of an additional company
with which merger negotiations are being carried on.
-V. 128, p. 888.
Atlas Imperial Diesel Engine Co.
-Regular Eividend Rate
Increased
-No Extra Dividend.
The directors have declared quarterly dividend of 50c. per share on
the class A and B stocks, payable June 1 to holders of record May 20.
Previously the company paid regular quarterly dividends of 37%c. per
share, and in addition on March I last paid an extra dividend of 1234c.
per share. The company reports for the 4 months ended March 31, last,
a not profit of $159,309 after taxes and depreciation. Net for the month
of March was $73,018.-V. 128, p. 1559.
Atlas Plywood Corp.
-Earnings.
The corporation reports for the first quarter of 1929 consolidated net
sales of $998,736. and net profit, after all expenses, bond interest and
estimated Federal taxes, of $69,436, equivalent to $1.14 per share on the
60,600 shares of capital stock outstanding. For the half year ended June 30
1928, net sales were $1.623,911. and net profit $100,011,equivalent to $1.95
per share on average stock outstanding during that period.
Balance sheet as of March 31 1929 shows total assets of 36,278.111, of
which total current assets amount to $1.781,945, against total current
liabilities of $385.315. Surplus is $245.771.-V. 128. p. 2467.
Austrian Credit-Anstalt (Oesterreichische CreditAnstalt fur Handel und Gewerbe), Vienna, Austria.
Dividend of 4 Shillings.
A dividend of 4 shillings per share has been declared for the year ended
Dec. 311928. This is the same dividend as was declared last year and is
equivalent to $4.49 per "American" share. The dividend on the "American" shares will be paid by the Guaranty Trust Co. of New York on May
3 1929, to stockholders of record April 29, 1929.-V. 126, p. 4085.
Automotive Standards, Inc.
-Co-registrar.
-
The Riverside Trust Co. of Hartford. Conn., has been appointed[coregistrar of the capital stock.
-V. 128. p. 2634.
FINANCIAL CHRONICLE
APRIL 27 1929.]
2811
-Initial Preferred Dividend.Beatty Bros., Ltd.
Auto-Strop Safety Razor Co., Inc.-Earnings.
•
3 Months Ended March 31Net income from operations
Other income
1929.
$287,076
24,484
The directors have declared an initial quarterly dividend of 134% on the
1928.
$250,605 6% cumul. corn, 1st pref.stock, series A,par $100, payable May I to holders
26,047 of record April 15. See also offering in V. 128, p. 1733.
Total income
Other deductions
Interest paid
Provision for depreciation
Income tax
$311,559
17,258
689
34,961
38,605
$276,652
14,745
Net income
Portion of earns. appli. to minority holds. of Auto
Strop Safety Razor Co., Ltd.,London
$220,047
$187,587
20,021
28,239
Net profit for period
Earns. per sh.on 87,500 cl. A stk (no par)
-V. 128, p. 1732.
$200,027
$2.28
$159,347
$1.82
34,740
39,580
-Bonds
Bellaire Building, Inc., San Francisco.
fered.-Franklin Flick & Co., San Francisco, recently offered
$550,000 1st mtge. 63/2% serial coupon gold bonds at 100
and int.
Babcock 8c Wilcox Co.
-Annual Report.
Calendar YearsGross profits
Other income
1928.
1927.
1925.
1926.
$1,695,427 81,666,890 81,701,497 $1,102,974
852,677
833,067
980,714
939,520
Total income
$2,528,494 $2,647,604 $2,646,017 $1,955,651
Depreciation,&c
411,681
393,058
434,104
414,900
Federal taxes
57,904
185,000
175,397
95,000
Loss on sale of investmts
3,829
3,486
Net income
$2,055,080 $2,069,546 $2,036,516 $1,442,264
Dividends paid (3 %)
794,500
700,000
794,500
841.750
Divs, declared pay. Jan.
2 and Apr. 1 (334%)
794,500
794,500
700,000
794,500
Surplus
$480,546
$400,266
$42,264
$466,080
Profit and loss surplus- _ 6,721,239 6,255,160 6.205,999 5.804,733
Shares capital stock outstanding (par $100)- 227,000
227,000
227,000
. 200,000
Earned per share
$9.11
$17.21
$9.05
Unfilled orders at Dec. 31 1928 amounted to $9,647,4i 1 as compared
with $10.985,507 at Dec. 31 1927, and $8,683,858 in 1926, and $8,112,984
at Dec. 31 1925.
Balance Sheet Dec. 31.
1928.
1927.
1927.
1928.
Assets
Capital stock (par
Real estate, mach.,
22,700,000 22,700,000
equipment, &c_ 5,587,357 5,876,235 $100)
228,000 Accounts payable_ 465,630
509,361
Dies, patt.& draw. 228,000
25,936
Cash
3,279,063 2,143.480 do a d cos
18,535
Dividends payable 794,500
Notes & acctsrec.,
794,500
&c.(less reserve) 6,059,088 5,672,541 Advances on contr 220,223
165,792
Comm., wages,dm 253,387
Deferred assets_ _.. 450,986
322,740
812,099 Res.for Fed'I taxes 187,000
Other market sec_ 1,742,788
185,791
3,530,372 5,262,854 Res. for conting's_ 2,500,000 2,500,000
Inventories
U.S.Gov't secure_ 3,304,358 2,604,358 Surplus
6,721,239 6,255,160
Accrued Interest on
32.881
bonds & notes_
63,181
Inv. In other cos 8,671,410 8,716,135
Cash advanced to
affiliated cos_ _ _ 892,784 1,448,087
Foreign rights_ _ _ _
577,520
77,688 Total (each side)33,867,917 33,451,880
Deferred charges
58.528
-V.128. p. 2467.
Balaban 8c Katz Corp.(& Subs.).
-Earnings.
-
Dec. 28 '28. Jan. 1 '28. Jan. 2 '27. Jan. 3 '26.
Years EndedNet operating income_ __ $2,705,747 $2,777,584 $2,728,241 $2,198,696
Miscellaneous income_ __
615,536
297,032
221,099
8,427
Totalincome
$3,321,283 $3.074,616 $2,949,340 $2,287,122
Interest charges_ _ _ _ _ _ _
336.813
185,835
242,926
146,906
Depreciation and amort_
865,361
693,057
562,153
411,059
Federal tax reserve
258,310
274,631
286,559
225,466
Net income
Preferred dividends_ _
Common dividends
$1,860,798 $2,021,092 $1,857,701 $1,503,690
199,591
199,591
199,591
199,591
792,618
792,618
792,618
792.618
Surplus
$868,589 $1,028,883
Profit and loss surplus- - 5,161,115 4,124,526
Earns, per sh. on 264,206
cont.stock (par $25).
$6.28
$6.89
-V.128, p. 404.
$865,492
3.183,136
$511,481
2.417,643
$6.26
$4.93
1928.
$263,032
Cr.8.781
72,654
$199,159
101.790
1927.
$299,933
0.22,680
39.482
$283,130
70,308
1926.
$169,529
0.18,285
32,909
$154,905
53,555
$97,369
8212,822
$101,350
78,106
$1.25
77,121
$2.76
77,121
$1.32
Bayuk Cigars, Inc.
-Earnings.
3 Mos.End. Mar.311929.
Net after Fed. taxes,&c_ $196,767
Other income
Cr.10,238
Reserves
71,828
Net income
$135,178
Preferred dividends _ _
76,839
Common dividends.
49,424
Surplus
$8,914
Shares common stock
outstanding (no par).
98,848
Earnings per share
$0.59
-V. 128, p. 1058.
Beatrice Creamery Co. (& Subs.).
-Annual Report.
-
Dated Oct. 1 1928; due serially 1930-1940. Interest payable A. & 0.
Int. without deduction for normal Federal income tax up to 2% exempt
from Calif. personal property tax. Denoms.$1,000,$500. Pacific National
Bank of San Francisco, trustee.
-Direct obligation of Bellaire Building, Inc. (organized in
Security.
California), and secured by a closed first mortgage on land owned in fee,
having a street frontage of approximately 60 feet on Green St. and 87 feet
6 inches on Leavenworth St.. including a perpetual easement over a strip
of land 6feet wide along the westerly line of said lot, together with a modern
-story class A steel and concrete, fireproof apartment building to be
20
erected thereon. These bonds, upon completion of the building, will also
be in effect a first lien on the net earnings of the ptimerty. The building,
when completed, will be a strictly high grade, steel and concrete, class A.
-story, fireproof building.
20
-To Change Common Shares
Bethlehem Steel Corp.
From $100 to No Par-to Increase Authorized Common Shares
to 5,000,000-600,000 New Common Shares Offered to Stock-The stockholders will vote May 29
holders at $85 per Share.
on changing the authorized common stock from 2,700,000
shares, par $100 to 5,000,000 shares of no par value. At
present there are 1,800,000 shares of $100 par common
stock outstanding, in exchange for which new no par stock
will be issued on a share for share basis. The common
stockholders of record May 29 will be given the right to
subscribe on or before June 18 for additional common stock
(no par value) at $85 per share on the basis of one new share
for each three shares owned. Following is the text of the
letter sent to the holders of the 7% cumulative preferred
and common stocks:
The directors, at a meeting held April 25, approved a plan involving
(1) the change of the common stock from shares of $100 each to the same
number of shares without par value, (2) the increase of the authorized
common stock without par value from 2,700,000 shares to 5.000,000 shares.
and (3) subject to the approval by the stockholders of such change and
increase, the offer to common stockholders of the right to subscribe, on
or before June 18 for 600,000 shares of the new common stock without
par value at $85 per share, at the rate of one share of the new common
stock for each three shares of common stock held by such common stockholders of record at the close of business on May 29 1929.
The directors have called a special meeting of the stockholders to be
held on May 29 1929 for the purpose of authorizing such changes in the
certificate of incorporation as are n: esssry to carry out the plan.
The corporation's bankers have underwritten the sale of this stock.
Upon the issue of the shares included in the offering the corporation will
have outstanding in the hands of the public 1,000,000 shares of 7% cum.
pref. stock (par $100) and 2400,000 shares of common stock without par
value. The balance of the authorized common stock will be available
for future requirements. It is planned to make a limited amount available
for sale from time to time to employees.
The proceeds of the sale of the 600,000 shares of new common stock
to be offered to the stockholders as above outlined will be used for the
further development of the properties and business of the corporation.
The large expenditures made over the last five years were, in the main,
for the rebuilding and modernizing of plants and properties to accomplish
operating economies and not for increased steel-producing capacity. At
certain plants of the corporation the demand is in excess of capacity and
to provide for this increased business it is necessary to provide additional
facilities.
Subject to the approval by the stockholders of the proposed change and
increase in the common stock at the meeting to be held on May 29 1929.
warrants will be mailed as soon as practicable thereafter to each holder
of common stock of record at the close of business on the date of the meeting,
specifying the number of shares of new common stock to which the stockholder will be entitled to subscribe. Warrants must be returned to the
corporation on or before June 18 1929 by the respective stockholders, or
their assignees, accompanied by payment of the full subscription price.
The new common stock included in the offering to stockholders will beentitled to receive the dividend of $1 per share on the common stock
declared payable on Aug. 15 1929 to holders of record on July 19 1929.
[Signed Charles M.Schwab, Chairman,and Eugene G. Grace,President.]
Report for First Quarter of 1929.-
value of orders on hand Mama 31
E. G. Grace, President, says:
1929 was $62,702,683, as compared with $59,040,202 at the end of the
quarter, and $61,393,488 on March 31 1928.
previous
"Operations averaged 91.9% of capacity during the first quarter as
compared with 83.7% during the previous quarter, and 79.5% during the
first quarter of 1928. Current operations are at the rate of approximately
102% of capacity.
Earnings for Quarter Ended March 31.
1927.
1926.
1928.
1929.
Total income of corp. &
$15,245,471 $9,574,948 $11,757,289 $11,973,038
Its subsidiaries
2,780,575 2,838,145 2.883.958 3,065,032
Interest charges
Prov. for depl., deprec.
3,419,306 3,352,085 3,255.293 3,042,156
and obsolescence
Net income for period_ $9,045,590 $3.384,718 $5,618.038 $5,865,850
1,697,500
1,688,795
1,697,500
Preferred dividends- _ _ 1,750,000
1,800,000
Common dividends
Fiscal Years Ended- Feb. 28'29. Feb. 29 '28. Feb. 28 '27. Feb. 28 '26.
xTot.inc.from sources_ _ $3,036,957 $1,954,339 $1.460,018 $1,513,570
Res. for depreciation.. _
836,320
487,150
342,493
390,989
Res.for Federal taxes.._
232,490
167,239
112,000
120,047
Appraisal, &c
78,929
Minority interests
55,646
77,320
Netincome
$1.912,501 $1,143,70T $1,005,525 $1,002,534
Pref. dividends(7%)- - 416,580
329,000
274,502
245,000
(8%)564,101 (10)612,500 (10)612,500 (10)612,500
Corn, dividends
Balance,surplus
$931,820
$202,201
$118,523
$145,034
Surplus for the period_ $5,495,590 $1.687.218 $3,920,538 $4,177,055
$2.18
$2.32
Shares of com. outst'd'g
110.94
$4.05
Earns. per share on corn_
175,223
(par $50)
134,265
122.500
122.500 -V. 128, p. 2467.
$8.54
Earns. per share on corn_
$6.06
$5.97
$6.18
x After deducting all expenses incident to operations, incl. those for
-Fry, Mills,
-Preferred Stock Offered.
Biltmore Hats Ltd.
ordinary repairs, and maintenance, int. and exp. pertaining to the disSpence& Co., Toronto. recently offered $300,000 7% sinking
-V. 126. P. 3594.
tribution of the company's products.
-Earnings.
--Beech Nut Packing Co.
3 Mos.End. Mar.31Net profits
Dividends
1929.
$654,406
318,828
1928.
$744,580
255,079
1927.
$511,042
242,500
8335,578
$489,501
$268,542
Balance, surplus
Earns, per sh. on 425,000
$1.37
$1.51
$1.20
shs.com.stk.(par $20)
Condensed Balance Sheet March 31.
1928.
1929.
1929.
Liabilities$
$
$
AssetsCommon stock- 8,500,000
.
Real estate, build5,501,113 5,316,774 Prof. stock, class A
4,500
ings, &c
Notes & accts. pay
80,083
Mtges. and secured
110,823 Divs. payable_ __ 318,829
98,757
loans on real est_
1 Expenses & taxes_ 321,350
1
Patents, tr-mks...
Securities owned 1,528,157 1,811,259 Res. for deprec.__ 2,111,820
1,848,003 1,418,169 Res, for ins., &c__ 179,258
Cash
27,437 Res, for red. notes} 18.999f
18,999
Cash for red. notes
64,934
56,670 Res. for red. stock
1
Securities
Accts. & notes rec. 1,615,546 1,271,839 Other reserves. _ .. _ 1,336,368
Inventories (cost)- 8,238.850 7,820,684 Surplus paid in... 1,450,700
260,675 Earned surplus..- 5,670,181
Due from sub. cos_ 255,135
193,135
Deferred assets-. 822,591
Total
19,992,088 18,287,457
-v. 128, P. 1401.
Total
1926.
$672,796
242,500
$430.296
$1.35
1928.
$
8,500,000
4,500
112,753
255,078
315,901
1,908,016
141,370
822
26,804
145,287
1,450,700
5,428,424
19,992,088 18,287,457
fund cumulative preferred shares at (par $100) and div.,
with a bonus of M share of no par value common stock.
Transfer agent: Toronto General Trusts Corp. Registrar: The Canadian
Bank of Commerce. Preferred shares are fully paid and non-assessable;
-M. Callable
preferred as to dividends and assets. Dividends payable Q.
all or part at 110 and diva. on 60 days' prior notice, or company may
purchase for redemption in the market, or by tender, at a price not exceeding 110 and diva. Provision is made for an annual sinking fund of
10% of the net earnings available after making provision for preferred
share dividends, depreciation and income tax.
Authorized.
Outstanding.
Capitalization$300,000
7% sinking fund cumul. preferred shares.. 8300,000
20,000 shs.
20,000 ohs.
Common shares(no par value)
Data from Letter of F. R. Ramsey, Pres. of the Company.
Business.-Biltmore Hats Ltd. is acquiring as a going conProperty and
cern, all the assets and business of the old company of the same name.
Biltmore Hats Ltd. and its predecessors have been manufacturing men's
hats since 1917 in Guelph, Ont. Company owns a thoroughly modern
plant for the manufacture of men's fur felt and velour hats, and employs
160 persons.
Earnings -The average annual net earnings for 2 years ended Nov
30 1928. after depreciation and after making provision for Government
taxes at the present rate were, $75,374. which is at the rate of 25.12% per
annum on the preferred shares, or 3.59 times the preferred dividend requirement. Net earnings for the 12 months period ended Nov. 30 1928,
on the same basis, were, 886,779, which is at the rate of 28.92% per annum
on the preferred shares, or 4.13 times the preferred dividend requirement
2812
FINANCIAL CHRONICLE
[VOL. 128.
power rights included and which it is purposed to develop for furnishing
power to the Ithaca plant.
Balance Sheet of the Morse Chain Co., Incl. Subsidiaries, as of Dec. 31 1928.
AssetsLiabilities
Cash
$895,049 Accounts payable
$163,290
Marketable securities
199,181 Accrued wages, &c
19,403
Accounts receivable
445,207 Provision for Federal taxes___ 124,993
(H. CO Bohack
Inc.-Earnings.Inventories
Due affiliated cos
26,400
Years EndedCo., '29. Jan. 28 '28. Jan. 29 '27. Jan. 30 '26. Prop., plants. mach. (less 1,387,576 20-year debentures, due 1948_ 1,792,500
Feb.2
Stores
352
461
417
391
depreciation)
Capital
2,880,530
Sales$26.168,158 $24,733,554 $21,159,069 $19.395,241 Patents (less amortization)___ 4,294,116 Surplus stock
33,180
3,115,010
Operating e cpense
25,104,296 23,643,984 20.481,832 18.653,337 Invest. In Mill. cos. (net)---- 833,842
Operating income
$741,904 Other investments
$677,237
1,063,861
1.089,570
2,398
Other income
148,072
Deferred charges
31,576
Total (each side)
$8,122,127
-V. 128, p. 2635.
Total income
$677,237
$741,904
$1,211,934 $1,089,570
Depreciation
223,340
345,727
278,838
303,493
Botany Consolidated Mills, Inc.
-Earnings.
Extraordinary charges..
87,222
32,350
68.935
Calendar Years1928.
1927.
Subs.int. & dive_ _ _
139,844
Gross profit from operations, exclusive of deprec_loss$162,316
$372,926
Federal and state taxes_
92,105 Other income credits-interest, discounts,&c
93,384
133.608
137,443
144,309
284,319
Net income
$339,235
$272.665
$592.755
$579,699
Gross
loss$18,007
$657,245
Pref. divs. paid
149,032 Interest income, exclusive of depreciation
149,000
219,000
219.000
-on bank loans,&c
275,218
430,727
Corn.divs. paid
185,000
185,000
213,906
185.000
On bond indebtedness of subsidiary company-44,948
52,635
On bond indebtedness of parent company
569,453
579,828
Surplus for year
85.204 Amort.of organization exp.
$159.849
$175,699 def$61,335
61.237
61,237
Earn. per sh. 1st pref
$16.96 Provision for depreciation & bond discount
y$13.63
$19.75
$19.32
420,161
448,161
Earn. per sh.,2d pref_ _ _
$126.82 Miscellaneous
$88.45
$25.54
$246.46
72.758
24,343
Earn. per sh.,common
10.29
4.04
6.69
19.50
y Based on stock before increase of $1,000,000 pref. at Jan. 29 1927.
Net loss
$1.461,783
$939,686
Balance Sheet
Profit and loss credits
615,461
323,301
AssetsFeb. 2 '29 Jan. 28 '28
Liabilities- Feb. 2 '29. Jan. 28 '28.
Deficit for the year
$846,322
$616,385
Property, plant
1st pref. stk,7% 53,000.000 $3,000,000
150,000
150,000 Less portion applic. to minority int,in subsidiary
1,855
and equip_ _x53,209,583 $3,217,591 2d pref.stk.,6%
466
Bohack real corp 1,244,507
50,000 Bbhackreal. orp
,
Deficit for the year applic. to parent company-- _ $844,467
950,000
Cash
907,984
$615,918
986,906
stock
463,156
463,675 -V.127.P. 3402.
Merchandise.. _ _ 2,558,674 2,366,407 Accts. Pay
500.000
Accts. rec
143,285
131,909 Notes RaY •
-Earnings.
Bowman Biltmore Hotels Corp.
5.210
10,063
Int. rec
3.762
Deposits
88,995
94,664
Notes rec
30,000 Resv. for taxes_
1928.
Years Ended Dec. 311927.
y2.775,000 1,850,000 Inc. from rentals, rest, sales, privileges, &c
Mtges. rec
183.950
2.000 Corn.stk
$12,571,913 $12,840,596
Unexp.ins., &c..
105,216
969,747
773,571 xNet income after expenses, &c
6,842 Surplus
1,874,460 2.398.297
Life ins
50,000
37,245
385.901
395,024
Depreciation and amortization
Del.chgs
8,220
Tot.(ea. side) $8,406,962 36,837,120 Interest
407,251
423,455
65,000
x After deducting $1.733,272 depreciation. y Represented by 92,500 Federal taxes
no par share.
-V. 126, p. 3123.
$1,055,981 $1,540,145
Net profit
Borden Co.
-To Increase Capital Stoc;7-Listing.y462,869
117,786
First preferred dividends
678,600
The directors have called a special meeting of stockholders for May 28 Second preferred dividends
to vote on a proposal to increase the authorized capital stock from 4,000,000
$398,676
shares to 8,000,000 shares, par $25. It is understood that present and
$938.195
Surplus
prospective commitments in connection with the acquisition of new busi- Profit & loss surplus
$6,075,167 $7,666,927
406.840
nesses and properties and, as well, future financing render this increase Shares com, stock outstanding (no par)
406,860
advisable. The stockholders recently voted to reduce the'par value from Earns, per share
Nil
.30.98
x Includes interest accrued on advances to subsidiaries. y Includes
$50 to $25 per share and to issue two shares of new stock for each share
of the old.
dividend adjustment on shares issued for shares of predecessor constituent
The New York Stock Exchange has authorized the listing of 2,884.168 companies.
shares capital stock (par $25) on official notice of issuance, in exchange for
Balance Sheet Dec. 31.
1,442,084 shares of capital stock (par $50) on the basis of two shares of its
1928.
1927.
1928.
1927.
capital stock of $25 par value for one share of its capital stock of $50 par
AssetsLiabitities5
value.
x 7,072,153 7,202,422 7% pref. stock__ __ 6,744,700 6,611,900
not exceeding 126.022 Building
The Exchange has also authorized the listing of (1)
additional shares of its capital stock (par $25): 77,210 shares thereof, on Furnit.& flxt..x 1,575,751 1,561,871 First pref. certific_ 3,571,000 3,569,000
679,570
Y 2,765,818 2,836,638 See. pref. certit-z 679,720
Official notice of issuance, in part payment fot the assets and business of Leaseholds
947,316
592,170 Common stocka 2,034,300 2,031,200
Dairy Dale Co., and not exceeding 48,812 shares thereof, on official notice Cash
401,921
400,774 Funded debt
6,321,400 5,565,800
of issuance, in liquidation of 146,436 shares of the class A stock of said Accts. receivable_
269,584
341,086 Building loan
3,888,258 4,000,869
Dairy Dale Co. in the ratio of one share of the capital stock of the company Inventories
791,518
184,667 Dividends payable
(par $25 each) for each 3 shares of said Class A stock (the acceptance of the Cash value life las_ 205,774
595,173
628,492 Reser. for coating_ 2,687,806
331,725
company's stock in liquidation of class A stock being at the option of the Other assets
21,445
11,700
class A stock in Cap.stk.of sub. cos12,411,611 12,409,610 Deferred income__
holders of class A stock in lieu of the liquidation of such
522,395
Sub. notes rec. &
Accounts payable_ 170,760
cash).
accrued int
438,570
5,922,567 6,213.942 Accr'd int.tax.,&c 419,040
(2) Not exceeding 50,000 additional shares of such capital stock, on
65,000
159,201 Federal taxes
official notice of issuance, in full payment for the assets and business of Sub, accts. reedy. 500,031
154,491 Paid-in surplus.... 3,114,187 5,638,570
Walker-Gordon Laboratory Co., or, in the alternative, in exchange for not Deferred charges__ 199,605
Earned surplus
2,960.980 2,028.357
less than 51% of the common stock and 95% of the preferred stock of
Walker-Gordon Laboratory Co. outstanding on the date of the agreement
32,603,851 32,685,367
32,603,851 32,685,367
Total
Total
between the company and Walker-Gordon Laboratory Co.. plus 95% of
all preferred stock issued, and 95% of all common stock issued on conversion -V. 127, p. 685.
of Preferred stock subsequent to the date of said agreement, in the ratio
xLess depreciation. y After amortization. z Represented by 135.944
-V. 127, p. 685.
of 4 shares of such capital stock of the company for each share of stock. no-par shares. aRepresented by 406,860 no-par shares.
common or preferred, of Walker-Gordon Laboratory Co. so exchanged.
-Earnings.
(3) 26,290 additional shares of such capital stock, on official notice of
Briggs Mfg. Co.
issuance, in part payment for the assets and business, or. in the alternative,
1925.
1926.
1928.
1927.
Calendar Yearsin exchange for all the issued and outstanding capital stock, of Sharpless- Gross profit
86,611,838 $3,225,309 $12.223,529 811,998,100
Bendier Ice Cream Co.
639,874
385,714
755,759
648,334
Other income (net)
(4) 16,600 additional shares of such capital stock, on official notice of
issuance, in full payment for the assets and business of Hammond Dairy Co.
87,260,172 83,611,023 812.979,288 $12,637,974
Total income
(5) 8,000 additional shares of such capital stock, on official notice of Expenses & depreciation 2,406,889
3,533,775
3.208,318
2,305,295
issuance, in full payment for the assets and business of the Springfield Federal taxes
1.288,000
1,267.000
540.000
150,000
Dairy Products Co.
5,000 additional shares of capital stock, on official notice of issuance.
(6)
Net income
84,313.282 81,155,728 $8,178,513 $8,141,656
In full payment for the assets and business of A. H. Barber & Co.; and
7,499,863
6,009.675
3,004,837
Dividends
(7) 1.100 additional shares of such capital stock, on official notice of
Issuance, in full payment for the assets and business of the Purity Ice
$641,793
Balance, surplus
$4,313,282df$1,849,109 $2,168,838
Cream & Dairy Co.
Earned per sh. on 2,003,The directors, at a meeting held on Feb. 5 1929, adopted resolutions
$4.07
$4.08
225 shares of common_
$2.15
$0.57
authorizing a change in the par value of the share of the company from -V. 127, p. 2823.
$50 par to $25 par value per share and authorizing a change in the number
2,000,000 shares (par $50) to 4,000,000
of shares authorized by charter from
Brill Corp.
-Annual Report.
shares (par $25). The stockholders on April 17 approved the change.
1927.
Calendar Years
1928.
Pro Forma Consolidated Balance Sheet Dec. 31 1928.
$555.294
Net income
$572.316
[After giving effect to the acquisition of properties and businesses of Preferred dividends
260,288
260,288
companies.]
certain
217.288
Class A dividends
271.610
Liabilities
AssetsProperty, plant & equip. $74,278,390 Mortgages
$77,712
$734,443
Surplus
$40,418
14,276.686 Notes & accts. payable_ 11,656.279 Earns, per sh. on 217,288 sits. cl. A stock (no par)
$1.30
Cash
$1.44
11,214,537 Income taxes (estimated) 1,598.461
Receivables
1928.BalanceSheet December 31.
l927
.
2.980.430
Marketable securities- 10,472,500 Other items
1927.
1928.
12.897,398 Deferred credits
Inventories
112,371
$
AssetsLiabilities$
Capital stock
$
$
Prepaid items & miscel71,839,900
72,721
330,736 Preferred stock.- _ 3,718,400 3,718,400
_
782,022 Res. for conting., &c_.... 11.686,038 Cash
laneous assets,
Surplus
300,000
ya .
A P. stock12,619,625 12,649,625
ts& B ble
&c_Trade marks, patents&
30,313,609 Call loans
144
Inv. in other cos 15,780,314 15,779,101 xCcoun
7,000,000
A ciass
good-will
300
Organization exp.
99,476
99,477 Prof. stk. warrants
65,072
Liberty bonds_
65.072
Total
515,502
518,814 Pref. diva. payable
$130,921,533
$130,921.533
Total
1,800
Accr. int, on bonds
4,427
4,427 Accrued taxes- --1,800
-V.128, p. 1560.
337,634 _L97,216
Surplus
and at the rate of $3.28 per share per annum on the present no par value
common shares, after provision for dividend on the preferred shares.
Sinking Fund.
-For the redemption of the 7% preferred shares, provision is made for an annual sinking fund of 10% of net earnings for the
preceding fiscal year, after providing for depreciation, income tax, and
dividends on the preferred shares.
-Acquires Morse Chain Co.
Borg Warner Corp.
The corporation has completed negotiations through which it will acquire
a very substantial control of the Morse Chain Co. of Itahca. N. Y., one of
the largest and oldest companies in its industry, it is officially announced.
By this transaction the corporation adds substantially to its earning power,
further diversifies its proaucts and gains additional stability through the
fact that the Morse Chain Co. operates extensively in the industrial field,
aside from the automobile industry.
The Borg Warner Corp. will exchange its own stock for stock of the Morse
Chain Co., the actual amount depending upon final determination of the
value of certain assets not being acquired.
The Morse company has over $8,000,000 in assets, is the undisputed
leader in the manufacture of timing chains and sprockets for automobiles
and conducts an extensive business in the manufacture of power transmission chains and gearing for industrial purposes.
In the year ended Dec.31 1928 the Morse Chain Co. earned a net income
of $1,346,252 after depreciation and taxes and other charges as well as
adjustment to eliminate the subsidiaries not being acquired.
In this consolidation the Borg 'Warner Corporation Is not acquiring the
aircraft, adding machine, typewriter and electric clock divisions, which do
not fit into its present corporate structure.
In the consolidation, the Borg Warner Corp. will acquire the Morse
Chain Co.'s two large plants in the United States, the Ithaca plant with
space
5000scuareoietr
r3ximAte
acres of land
40500square RetoffoorstaL
woecisacrgand
plant
has
floor space. The English company-Morse Chain Co.,Ltd.,and properties
formerly owned by the Ithaca Street Ry., Co., will also be acquired. The
Ithaca Street Ry. Co. properties are acquired because of valuable hydraulic
gg
16,772,531 16,732,558
Total
16,772,531 16,732,558
Total
x Represented by 217,288 shares of no par class A and by 400,000 shares
of no par class B.
-V. 128, p. 891.
Bronx Fire Insurance Co.-New Directors.-
-eovr6.1'. 376 ot of Daniel Reeves, Inc., has been elected a
Rv 2 , j ido
es 0
dIrjecaniteesr.
Bucyrus
-Erie Co.
-Earnings.
Income Account for Year Ended Dec. 311928.
Gross earnings___ ______________________ $2,979,405
144,524
Other income, &c
Gross income
Reserve for Federal & state income taxes
$3,123,929
436,751
Net earnings
Preferred dividends
Convertible preference dividends
Common dividends
$2,687,178
474,610
1,047,780
480,000
Balance, surplus
Profit and loss, surplus
Earned per sh. on 480,000 shs. of corn. stock (par $10)
-V. 127, p. 826.
$684,787
88,665,409
$2.43
2813
FINANCIAL CHRONICLE
APRIL 27 1929.]
Dated March 1 1929; due March 11939. Interest payable (M. & S.)
-New Directors.
Brooklyn Fire Insurance Co.
New York. Red. all or part on 60 days' notice, at 105 and int. until Dec. 31
At the annual stockholders' meeting, provision was made to increase the 1932, at 102 and int. during 1933; at 1013.5 and int. during 1934; at 101 and
board of directors from 35 to 36, the following being elected: Charles A. int. during 1935 and 1936; at 10014 and int. during 1937 and 1938; and
Angell (President of Cranford Co.). Joseph Huber, Herman A. Metz, thereafter at 100 and int. Denom. $1,000. United States Trust Co.,
John A. Campbell (Vice-President and director of American Equitable New York, trustee.
Assurance Co. of New York), John A. Eckert, James F. Corroon (President
-Each $1,000 debenture may be converted, into 24
Conversion Privilege.
of R. A. Corroon & Co.). Manasseh Miller (President of National Title shares of common stock (present stock, $25) at any time to and incl. Dec.
Guaranty' Co.), W. J. Weller, and Louis C. Wills.
31 1929; during 1930 into 21 shares; during 1931 into 18 shares; during 1932
George R. Holahan, Jr., attorney, of Hutton & Holahan. counsel for the into 15 shares. Indenture contains provisions to protect the conversion
company, has been elected Vice-President.
-V. 128, p. 2467.
privilege in certain cases.
-Organized in New York, May 18 1928. with powers to
Company.
Bulova Watch Co. Inc.-Sales for First Quarter.purchase, hold, sell and otherwise deal in corporate, governmental and
Sales for the three months ended March 31 were larger than for any first other securities and also to engage in other undertakings, either domestic
'
quarter in the history of the company, running more than one-third ahead or foreign.
of sales for the corresponding period of 1928, Vice-President Arde Bulova
Amortized, Outstanding.
Capitalizationannounced.
-V. 128, p. 1402.
*120.000 shs. 40,000 shs.
Capital stock ($25 par)
$500,000
$500.000
cony. 5% gold debentures
-year
10
Burroughs ?aiding Machine Co.
-Overseas Order.
* Of these sufficient shares are to be reserved for conversion of debentures.
This company reports that the Midland Bank, Ltd., has placed with the
-By resolution of the board of directors, the
Investment Regulations.
English Burroughs Co. current orders for ledger posting machines which following regulations are now used as a guide for the purchase of securities:
bring the value of this bank's machine purchases in the past 12 months up
Not more than 107 of the funds shall be invested in any ono security.
to $646,000. The Midland Bank, with its 2,450 branches, is the largest
Not more than 2% of the outstanding securities of any one company shall
bank in the Britiih Empire. The initial order for posting machines was be owned at any one time.
placed with the Burroughs Co. in May, 1928, since which time the bank
Not more than 33 1-3% of the funds shall be invested in the securities of
has reordered as rapidly as it can make installations. The headquarters
in any one class of business or the securities of foreign
of the bank in London, and 45 branches are now operating on machine corporations engaged
Governments.
method.
-V. 128. p. 2635.
At least 50% of the invested futids shall be invested in securities listed on
the New York Stock Exchange.
Bush Terminal Co.
-Listing.-None of the foregoing restrictions shall apply to United States GovernThe New York Stock Exchange has authorized the listing on or after ment securities.
May 1, of 3,450 shares common stock (without par value), on official
Purpose.
-The purpose of this issue of debentures is to provide the
notice of issuance as a stock dividend making the total amount applied for corporation with additional capital.
233,845 shares.
-V. 128. p. 2273.
-Roscoe C. Ingalls. Chairman; Alton S. Reeler,
Executive Committee.
J. Edgar Morris. Henry B. Pennell, Jr. John T. Snyder.
By-Products Coke Corp.
-Quarterly Earnings.
Directors -John T. Snyder (Pros.), Roscoe C. Ingalls (1st Vice-Pres.). •
3 Months Ended March 311927.
1928.
1929.
J. Edgar Morris (2nd Vice-Pres.). Henry B. Pennell. Jr. (Sec. Sk. Treas.),
$575,157 Albert C. Field, Edward A. Fitch. Allen S. Hubbard. Alton S. Reeler.
Operating profit
$582,545
$751.219
81,763 Fred I. Rent. Henry S. Snyder. Wallace D. Strack, and William B. Warner.
Non-operatmg income
70,898
74,220
-Corporation has retained lnealls re Snyder as its agent and as
Agent.
$656.920 such they maintain a statistical organization, keep the books of the corporaTotal income
$653,443
$825,439
136,584 tion, &c. For their services as such agent they receive a sum equal to 8%
Deprecation
177,060
206,406
84,066 of the net profits of the corporation. This is in addition to the customary
109,647
Interest
117,153
purchases or sales made through them.
$436,270 commissions on
Net income
$366,736
$501,880
their service., the directors are credited on the books
34,250 of As compensation for a sum equal to 8% of the net profits computed after
Preferred dividends
the corporation with
94.967 deducting the compensation due to the agent. This sum will not be paid.
•Common dividends
94,967
190,088
however, until stockholders shall receive in dividends a sum equal to at
$307,054 least twice the amount to be paid to the directors.
$271,769
Surplus
$311,792
189.931
.Shs. corn, stock outstand. (no par)- 189.936
189.936
$2.11
-Initial Dividends.
$1.93
$2.64
Earnings per share
Caulfield's- Dairy, Ltd.
-V. 128. p. 1402.
Initial dividends of 87S5 cents per share on the 7% pref. stock and
25 cents per share on the no par common stock have been declared, payable
-New Common Stock May 1 to holders of record April 25. See also V. 128, p. 2468.
Calumet & Arizona Mining Co.
-The directors on
Placed on a $10 Annual Dividend Basis.
April 24 declared an initial quarterly dividend of $2.50 per
share on the new $20 par value capital stock, payable June 17
to holders of record May 31. This stock was issued on a
share-for-share basis in exchange for the $10 par stock of the
old Calumet company. On the latter issue, quarterly dividends of $1.50 per share had been paid, the last payment at
this rate having been made on March 25 of this year. In
addition, an extra dividend of $1 per share was paid on Dec.
17 1928.
Central Alloy Steel Corp.-Earnings.-NeT rirect -w.-
1929.
1928.
Quarter Ended March 31$975,128
$1,431,343
Net income after charges & Federal taxes
$0.62
$0.97
Earns, per share on 1,296,371 shares corn.stock_ _ _
-V. 128. p.
H. G. Dalton has been elected a director to fill a vacancy.
1403.
Central National Corp.-Earnings.
The corporation reports for the quarter ended March 311929, of $173,183 before Federal taxes, comparing with $141,852 in preceding quarter
and $30,013 for quarter ended Sept. 30 1928.-V. 128, P. 1735.
-Earnings.
Century Ribbon Mills, Inc.
Incl.]
For record of dividends paid by the old Calumet company, see the
Industrial Number of the "Railroad and Industrial Compendium," of
Dec. 12 1928, page 39.
The stockholders have been informed that the New Cornelia Copper Co.
Is now an integral part of the new Calumet company, and that no further
dividends will be paid on New Cornelia shares.
The Now York Stock Exchange has authorized the listing of 842,857
shares capital stock (1,000,000 authorized) par $20 to be issued on official
notice ofissuance in exchange for 642,757 shares of outstandinz capitalstock
of the Calumet & Arizona Mining Co. (par $10) and for 1,800.000 shores of
outstanding capital stock of New Cornelia Copper Co.(par $5). For details of plan of consolidation see V. 128, P. 1734.
Organtzation.-Calumet & Arizona Mining Co. (present comsanv) was
organized by consolidation, under the laws of Delaware, April 24 1929, of
Calumet & Arizona Min ng Co. (predecessor company) and New Cornelia
Copper Co., both Delaware corporations. Agreement of consolidation was
adopted by stockholders of New Cornelia Copper Co.on April 8 1929 and
by stockholders of Calumet & Arizona Mining Co. on April 15 1929. The
agreement was duly certified and recorded on April 24 1921.
The period of its charter is perpetual. Under its charter the company
takes over all of the property and assets, and assumes the liabilities of the
two constituent companies. It is an operating company for mining,smelting
and refining and is authorized to purchase ores and other mine products;
to contract with other corporations or persons for minins,smelting, refining
or selling its products and to purchase and hold the stock of other corporations.
-V. 128. p. 2273, 1911.
!Company and Century Factors,
1926.
1927.
1928.
3 Mos. End. Mar.31- 1929.
$92,055
$80,933
$101,282
$53,577
Net profits
31.185
27,081
30,458
25,331
Divs, paid on pref.stk_ _
50,000
Common divs. (50c.)- - $10,870
$70,824
$53,852
$28,246
Balance,surplus
Earns, per sh.00 100.000
$0.61
$0.71
$0.53
$0.28
shs. corn. stk.(no par)
Consolidatzd Balance Sheet March 31.
Lta)ilittes1929.
1928.
1928.
1929.
AssetsPlant. equip., &c.y32,202.075 52,237,422 Preferred stock_ _81,417,500 $1,547,500
19,700 Common stock_ _ _x2,536,814 2,536,814
3,100
Investments
11,110 Notes payable_ _ __ 1,125,000 1,425,000
Treasury stock _
515,179 Due Cent. Factors
438,559
Cash
Inc
416,678
Notes & tr. accept. 1,700,365 1,629,409
2,103,372 2,144,290 Acceptance against
Inventories
179,778
letters of credit_ 145,035
52,315
50,919
Other curr. assets_
18,038
12,283
38,042 Accounts payable_
32,147
Prepaid expenses_
940,337
877,227
Surplus
Campbell, Wyant & Cannon Foundry Co.-Earnings.
1926.
1925.
1927.
1928.
Calendar YearsSale of copper,silver, &c.$25,261,249 $20,510,755 $26,072,580 $19,962,342
590.845
848,536
695,900
1,347.315
Divs. & int. received_ _ 1,414,014
1,682.694
1,261,195
Miscellaneous receipts_
8,194,704
5,668,005
7,468,781
6,736,020
Inventory Dec. 31
Calendar Years1927.
1928.
Net sales-castings
(not stated) $6,509,465
1,333.910
81,656,477
Net profit from operations after depreciation _ _
Net profit after provision for Federal taxes
1,242,756
1,574,308
Reorganiz. exp., prem., unamort. disc. & int. paid
92,412
on bonds rot.,& Federal inc. tax for prior period_
$1,574,308 $1,150,344
419.621
170,428
Net profit
Dividends paid
$1,154.688
Carried to surplus
315.000
Shares capital stock outstanding (no par)
$4.99
Earnings per share
March 31.
Earnings Quarter Ended
1929.
Net income after depreciat'on & Federal taxes --- $475,600
315.000
Shares capital stosk outstanding (no oar)
$1.51
Earnings per share
.,
-V. 127, p. 3250.
$979,916
209.548
$5.90
1928.
$435,064
209,548
$2.08
Canadian Eagle Oil Co., Ltd.-Pref. Dividend.
-V. 126, p. 2652.
See Mexican Eagle Oil Co., Ltd. below.
-Annual Report.
Canadian General Electric Co., Ltd.
1926.
1927.
1925.
Calendar Years1928.
Operating income
$4,4)4,665 $2,903,053 $1,870,618 81.617,093
800,000
700,000
600,000
800,000
Depreciation
497,139
1,352,888
Aprop. plant adjust_ _ _ _ 2,865,871
83,342
Interest..
375,000
Prem. on debs. retir_ - - S558,751
$673,479
$750,164
Net income
$828,794
599,043
599,043
553,542
Preferred dividends...,..
599,042
Common dividends
Surplus
Previous surplus
$229,752
2,974,874
$151.121
2,823,751
$74,436
2,749,315
$5,209
2,744.105
Total surplus
$3,204,626 $2,974,872 82,823,751 $2,749,315
Shs. coin. stk. outstand188,845
ing (par $50)
188,845
188.845
188.845
$0.80
$0.39
Earnings per share
$0.03
$1.22
-v. 128. p. 1233.
-Debentures Offered.
-Coffin
Capital Management Corp.
& Burr, Inc., are offering $500,000 convertible 5% debentures at 100 and interest.
Total
$6,530,537 $6,647,467
$6,530,537 85,647,467
Total
x Represented by 100,000 shares of no par value. y After deducting
-V. 128, p. 1735.
reserve for depreciation.
-Earnings.
Cerro de Pasco Copper Corp.(& Subs.).
$33,344,585 $29,936,631 $34,271.816 830,161,904
Total
Smelt. refin. & gen. exp_ 12,052,286 11,645,264 12,207,101 11,217,005
4,863,822
8,194,704
5,668,005
7,468.781
Inventory previous year
2.510,933
3,507,310
3,850,230
2,792,015
Custom ores
1,232.524
1,007.640
952,104
U.S. and foreign taxes_ 840,636
510.190,S67 $7,821,026 $9,355,061 $10,337.615
Net profit
5.614,060
5,614,210
4,491,368
4,107,122
Dividends paid
Balance,surplus
Previous surplus
Adjustments
$6,083,745 $3.329,658 83,740.851 $4,723,555
1,620,093def1,365,333 def1,767337
505,403
Cr4,309,350 aDr287,604 bCr4,048,802
Total
$10,898,498 $4,662,150 $6,424,320 82,956,118
4,321.451
4,804,223
4,156,747
Deprec. & depletion_ _ _ - 4,434,539
•
Balance, profit & Loss,
$505,403 41,620,097df$1,365.333
Dec. 31
$6,463,959
a For income taxes, &c., as of Dec. 31 1926. b Adiustmnet of "Reserves
for Depletion and Depreciation" and taxes necessitated by change in depletion rate resulting from revaluation of properties made for tax purposes.
V. 128, p. 2274.
Chicago Chain Store Terminal (R. D. Brown Properties, Inc.).
-Robert Garrett & Sons,
-Bond Offered.
Baltimore, are offering at 100 and int. $225,000 1st mtge.
coll. trust 6% sinking fund gold bonds (with non-detachable
stock purchase warrants).
Dated April 1 1929, due Oct. 1 1927, int. payable A. & 0., Mercantile
Trust Co.. of Baltimore. Md., corporate trustee.
Lease.
-The Great Atlantic & Pacific Tea Co. has leased the entire
Property for an annual rental of $22,550. The total rental is assigned as
security for the payment by the corporation, of $19,200 per annum, payable
In monthly installments, to provide for interest and sinking fund. The
lease of the property extends beyond the maturity of these bonds.
-These bonds will carry non-detachable warrants entitling the
Warrants.
holder of each $1.000 or $500 bond to purchase 10 or 5 shares, respectively.
of class A stock of the R. D. Brown Building Corp. (Ill.). at $5 per share at
any time prior to Oct. 1 1933, or prior to the date fixed for redemption of
any bond.
-The property consists of one building,part of which
Location of Property.
is 4 stories and part one story in height, and land, owned in fee simple by
the R. D. Brown Building Corp. It is located on the southwest corner of
2814
[VoL. 128.
FINANCIAL CHRONICLE
57th St. and Grove Ave., Chicago. The site consists of approximately
28,000 sq. ft., being an entire city block.
The principal part of the building is a terminal and bakery of4 stories,
approximately 80 x 147 ft., with a floor area of about 47,000 sq. ft., and a
content of about 728,000 cu. ft. It is a fireproof structure of re-enforced
concrete, with brick elevations on three sides, and equipped with modern
freight elevators, plumbing, heating and wiring systems.
Security.
-Bonds are secured by deposit with the trustee of 1st mtge.
notes of the R. D. Brown Building Corp., which are a first lien on the
above-mentioned property, and improvements thereon, subject to the lease
to The Great Atlantic & Pacific Tea Co., the total rental from which will
be assigned as security for the prompt payment ofinterest and sinking fund,
the corporation, however, being authorized to collect the rentals as agent
for the trustee, so long as it is not in default under the terms of its mortgage.
Chesebrough Mfg. Co.(Consolidated).
-Earnings.
--
Listing.
-Application will be made in due course to list the preferred,
and common shares of this company on the Montreal Curb Market.
Claude Neon Lights, Inc.
-Office Change.
-
The corporation announces its removal to new offices at 41 East 42d
St., N. Y. City, on the 22d floor of the Liggett Building. New space has
been acquired in the Ever Ready Building on Thompson Ave., Long Island
City, N. Y., where the new laboratory is being installed, comprising the
foriner equipment at the Long Island City factory and at some of the other
laboratories on the Pacific Coast and in the Middle West.
-V.128, p. 2468.
Cohn-Hall-Marx Co.
-Stock Increased.
-
The stockholders on April 24 increased the authorized common stock
(no par value) from 100,000 shares to 125,000 shares.
-V.127. p. 3261.
Colorado Fuel & Iron Co.-Earnings.-
Quar. End. Mar. 31- 1929.
1928.
1927.
1926.
Gross receipts
$11,396,438 $11,471,531 $11,642,979 $10,363,570
Operating expenses
9,321,094 9,774,236 8,991.043 8,475,201
Net earnings
$2,075,344 $1,697,295 $2,651,936 $1,888,369Inc. from other sources_
32,198
29,098
55,268
55,638
Total
$2,107,542 $1,726,394 $2.707,204 $1,944,007
Bond int., taxes sinking
fund &c
515,026
542,443
519,260
Surplus as at Dec. 31- $1,720,524 $1,318,978 $1,126,671
455,333.
$855,663
Depreciation
673,839
661,930
568,587
Earns, per sh.on 120,000
534,426
corn stock (par $25)_..
$8.06
$8.36
$10.58
$8.49
Surplus
8918,677
$522,021 $1,619,348
$954,248
Consolidated Balance Sheet Dec. 31.
Earns. per sh. on 340,505
Assets1927.
1928.
1928.
1927.
Liabilitiesshs.em.stk.(par $100)
$2.58
$1.41
$4.63
$2.68
Plants, warehouses
Common stock _ _ _83,000,000 $3,000,000 -V. 128. p. 2096.
& real estate_ _ _x$1,511,655 $1,558,516 Accounts payable- 167,435
113,425
Incomplete constr_
1,811
7,382
6.423
5,824 Deferred credits - _
Collins & Aikman Corp.-Earnings.Furn. & fixtures112
4,162
24,874
23,282 Red. of pref. stock
PeriodYear Ended 9 Mos.End.
Autos, trucks and
Sundry reserves__ 1,807,272 1,659,191
Feb. 28 '29. Mar. 3 '28.
stable equip_ _ _ _
5,128
1,720,524 1,318,977 Gross profit
6,505 Surplus
$2,950,080 $2,397,977
Oil prop.,less dePl.
Depreciation
712,769
499,854
& depreciation__
8,560
35,729
Interest, &c
81.755
Cash
131,961
56,715
Federal tax reserve
250,000
244,500.
Accts.receivable
347,166
260,181
Notes receivable.. _
10,000
10,500
$1,905,555 $1,653,623
Netincome
Investments
3,309,077 2,533,010
608,435
Preferred dividends
810,133
Inventories(mdse.) 1,271,941 1,517,175
1,380,800
Common dividends
Red.of pref.stock..
112
deposit account4,162
$1.095,422 def$335,621
Balance
Deferred charges
80.441
90.580 Tot.(each side)_ $6,702.726 $6,102,178 Earns, per sh 597,000shs. corn.stk.(no par)
$1.84
$1.75.
x After deducting depreciation.
Surplus account Dec.
-Feb. 28 1929: Profit and loss surplus March 3
-V. 128, p. 1233.
1928, $1,619,307; surplus for year ended Feb. 28 1929, after preferred
Childs Co.-Earnings.dividends, $1.095,422; miscellaneous adjustments $28,944; total surplus
$2,743,673; deduct: Reserve appropriated for changes in and disposal of
Quar. End. Mar. 31- 1929.
1926.
1927.
1928.
plant and equipment $728.465; adjustment on inventories $290,621; profit
Gross income
$7,220,774 $7,377,062 $7,789,806 $6,525,020
Expenses and taxes
6,928,999 5,929,580 and loss surplus Feb. 28 1929, $1,724.587.
6,684,719 6,964,421
Comparative Balance Sheet.
• Operating income.. _ _ _ $536,055
$860,807
$412.640
$595,440
Feb. 28 '29. Mar. 3 '28.
Feb. 28 '29. Mar. 3'28.
Other income
47.239
38,696
39,033
69,243
AssetsLiabilities
i
$
Real estate, buildPreferred stock_ -10,930,000 11,760,000
Totalincome
$908,046
$634,136
$451.673
$605.298
ings. plant, &c.._12,583,432 13,666,102 Common stock_ _x10,000,000 10,000,000
Depreciation,&c
363,113
395,192
279.784 Cash
436,378
875,000
508,161
198,300 Notes payable_Special deduction
97,862
Accts.receivable-- 1,999,308 2,592,434 Res. for Fed. taxes 250,000
425,111
Notes receivable_ _
871,125
625 Other curr. llab_ __ 720,275
Net income
$544,933
$354,352 Cash surr. val. life
$56,481
x$71.058
10.500
Mortgages payable
Shs. corn. stk. outstand_
346,825
360,742
333,909
362,046
Insurance
145,767
Sundry reserves. • 68,009
Earns per share
$1.31
Nil
$0.79 Market'le sec'tles_
Nil
1,724,587 1,619,307
39,183 Surplus
x This is after deducting $97,861. of expenses incurred before recent Invest in subs
15,994
8,087,448 8,552,515
change in control and which present management is considering making Inventories
subject ofcourt action. If this deduction were not made,net profit would be Deferred sects379,254
485,392 Total (each side)23,703,373 25.550,544
$168,919, equal after preferred dividend requirements to 22 cents a share
x Represented by 597,000 shares of no par value.
-V. 128, D. 254.
on 362.046 shares ofcommon stock.
-V.128, p.2636.
Calendar Years1928.
1926.
1925.
1927.
Earnings for the year..-- $1,269,628 $1,018,516
$967,190 $1,003,033
Previous surplus
1,742,491
1,318.977 1,126,671
855.663
Total surplus
$2,588,605 $2,145,187 $1,822,853 $2,745,524
Dividends paid
427.500
720,000
540,000
660,000
Appropriated to reserves
1,336,484
156,498
148,082
166,209
Preferred stock red
Cr316 Er125,877
Columbia Phonograph Co., Inc.
-$4 Dividend.
-
Chrysler Corporation.
-Quarterly Report.
Three Months Ended March 31Net sales
Cost of sales
1928.
1929.
$99,831,619 $43,503,918
81,734,918 34,141,635
Gross profit
Interest and brokerage
$18,096,701
920,271
Total income
Expenses
Interest paid & accrued
$19,016,972 $9,702,821
8.029,179 4,247,745
31,993
917,889
Profit after charges
Estimated Federal taxes
$10,069,903 $5,423,084
720,618
1,231,730
9,362,283
340,538
Net profit
Preferred dividends
Common dividends
$8,838,173 $4,702,466
431,108
3,308,992 2,037,810
Surplus
Shares corn.stk. outstdg.(no par)
Earnings per share
-V.128,p.2636.
$5,529,181 22,233.548
4,411,990 2,717,080
82.00
$1.57
1927.
Conde Nast Publications, Inc.
-Annual Report.
1925.
Calendar Years1926.
1927.
1928.
Gross rev, from sales of
domestic publications,
advertising patterns.
printing, &c
88,485,930 $7,798,859 $7,015,214 $6,126,467
Produc., sell, gen. &
adm. exp. (inc. chges.
85,078.031
5,715,172 5,070.440
6,373,481
for depreciation)
6,637,921
685,463 Interest paid
64,751
58,865
42,937
34,890
Proportion of bond com$4,392,568
17,588
15,645
13,650
mission & expenses_ _ _
11,682
429,502 Propor. part of profits &
2.030,310
losses (net) of foreign
14,732
15,819
165,742 Cr.14,585
subsidiary companies_
$1,932,756 Provision for Federal &
2.707,080
155,695
198,472
244,295
171,316
States taxes
$1.46 Loss on stk. purch
35,289
Cr.33,676 Cr.37,134
Int. received
Not
Available.
Clark, Howe Waters & Knight Bros., Ltd.-Pref.
Stock Offered.--gociet3 General de Finance, Inc., arrett
& Wood, Ltd. La Corporation d'Obligations Ltee, Montreal;
Cooper and Mackenzie, Toronto; Louis Normand, Inc.,
Three Rivers, and Gerard Brunelle, Montreal, are offering
$500,000 7%•cumul. pref. stock at 100 and div., carrying a
bonus of 32 share no par common stock with each pref. share.
Preference shares are fully paid and non-assessable: preferred as to assets
and dividends; entitled to divs. at rate of 7% per annum accruing from
-J.; red, by purchase in the open market or on
Jan. 1 1929 and payable Q.
call in whole or in part at $105 per share and diva. on 30 days' notice;
convertible on or prior to Jan. 1 1932, unless previously called, at the
option of the holder into 234 shares of common stock; non-voting except
while divs. are in arrears to an amount equivalent to 8 quarterly dividends.
Transfer Agent, Montreal Trust Co.
Authorized. To be Issued.
Capitalization$500,000
Preference shares
$500.000
50,000 shs.
25,000 shs.
Common shares (no par)
Sufficient common shares are to be retained unissued to provide for conversion of preference shares.
Data from Letter of A. E. Clark, President of the Company.
-Is one of the largest Canadian concerns operating in its parCompany.
ticular line and some of the company's predecessors have been carrying on
the businesses continuously since 1865. Company is now acquiring the
businesses and properties of the Knight Brothers Co., Ltd., Burks Falls,
Ont.; Edward Clark & Sons, Ltd., Toronto; Canoe Lake Lumber Co., Ltd.,
Canoe Lake, Ont., and Waters, Martin & Baechler, Ltd., Toronto. The
combined timber holdings and limits of the new company are approximately
200 square miles, most of which is virgin timber.
Purpose.
-Proceeds will be used to purchase the shares, assets and undertakings of the amalgamating companies and for the purpose of furnishing
the company with working capital as well as capital necessary for expansion.
Conversion.
-Preferred stock is convertible at the holder's option up to
and including January 1932, unless previously called for redemption, into
common stock on the basis of 234 shares of no par value common stock
for one share of preferred stock.
Earnings.
-The combined net earnings of Knight Brothers, Co.. Ltd.,
Edward Clark & Sons, Ltd., Canoe Lake Lumber Co., Ltd., and Waters,
Martin & Baechler, Ltd., after providing for depreciation and for income
tax at the current rate and after the elimination of certain non-recurring
Items, for the undermentioned periods were as follows: 1927, $74,029:
1928, $80,073.
These earnings were more than twice the preferred dividend requirements on the total preference shares of the company. The net earnings
for 1929 are estimated at $110,000, representing over three times the
preferred stock requirements or about $3 for each share of common stock
after payment of preferred dividend.
The directors have declared a dividend of $4 per share on the capital
stock, payable May 25 to holders of record May 10. An initial dividend
of like amount was paid on April 25 1928.-V. 126, p. 3597.
Profit
Previous surplus
$1,425,076 81.213.903 81,011,240
887,419
897,848
242,715
$803,260
359,015
Total
$2,322.924 $1,456,618 81,898,659 81,162.275
Prov. for prem. on ins.
130.000
130,108
policies
Prem. paid on pref stk.
38,760
purch
Loss thru liquid, of for.
32,246
subs
42,690
Cr6,067
52,072
Divs. on pref. stock.. -- 55,783
102,166
102,166
Divs. uncommon stock638,888
470,741
$887,419
Surplus at end of year.. $1,639,208
$897,848 x$1,614,312
Earns per sh. on 320,000
$2.38
$2.99
shs. com. stk.(no par)
$4.43
$3.62
-year endowx Entries incident to financing: Cash surrender value of 10
ment insurance (premiums in connection therewith have been charged
above), $141,115; total, including $1,614,312 surplus (as above), $1,755,427. Less, loss on sale of stock of Park Ave. and 86th St. Corp,.
and studio and apartment, construction, fittings and alterations. $216.812;
provision for employees bonus paid in stock in January 1927. $45,900;
Dividend on common stock paid in stock of Montrose Development Corp..
81.250,000 operating surplus at Dec. 311926. after giving effect to financing, 2242,715.-V. 127, p. 2536.
Congress Cigar Co.
-Earnings.Quar. End. Mar. 31Net after all charges including Federal
taxes
Earns. per sh. on 350,000 shs. no par
stock
-V.128, p. 1736.
1929.
1928.
1927.
$456.293
$421,737
$569,843
$1.30
$1.20
$1.62
-Orders.
Consolidated Aircraft Corp. of Buffalo.
Major R. II, Fleet, President of the corporation, announces that the
company now has orders on its books for over 300 commercial airplanes.
-V. 128, p. 1912.
•
-To
Consolidated Automatic Merchandising Corp.
Install Change Makers in New York Department Stores.
The corporation announces that it has received orders from Lord & Taylor
and Arnold-Constable Co. for the installation of its change makers which
change dimes and quarters into nickels. Other orders in thepastlweek
Include one from the Ifengerer Department Store, Buffalo, N. Y., for 24
cigarette units and 5 change makers; from Park Amusement Co. Willow
Grove Park, Pa., for 12 cigarette and candy units; from L. Klein tCo.
-inch cigarette units; and fromithe
(depIrtment store), Chicago, for three 8
-inch cigarette units
DorneY Park Coaster Co., Allentown, Pa., for ten 8
one change maker.
and
-V. 128, p. 2636. ,
2815
FINANCIAL CHRONICLE
APRIL 27 1929.1
-Earnings.
Consolidated Film Industries, Inc.
Quarter Ended Mar.31Net profit after deprec. Federal taxes, &c
Earns. per sh. on combined 300,000 no par she.
partic. pref. 400,000 no par shs. corn. stk
-v. 128, p. 2468.
1929.
5576.853
1928.
5351.344
$0.82
$0.50
Consolidated Textile Corp.
-Annual Report.
Consolidated Income Account (Incl. Consolidated Selling Co., Inc.)
Dec. 31 .'28 Dec. 31 '27. Jan. I '27. Jan. 2'26.
Years Ended5648,680
:Profit from operations- $715,192 $1,335,882 14546,230
Depreciation
247.847
252,614
248,592
247,847
Interest on bonds & bills
payable,&c
781,733
875,608
901,404
849,196
Amortiz. of disc. & corn.
50,509
on bonds & notes
29,036
36,301
46,960
1st pref. div. on Consol.
64,000
Sell. Co.,Inc
64,000
64,000
64,000
Earnings After All Charges
Available for Interest and
Federal Taxes.
Year Ending537.905
Feb. 10 1927
41,925
Feb. 10 1928
41,323
Jan. 31 1929
Based on the above figures the average annual net earnings available for
interest and Federal taxes amounted to $40,384, equivalent to approxi
mately 3times the maximum interest charges on this issue of 1st mtge leasehold sinking fund gold bonds.
-Proceeds will provide funds for the completion of the company's
Purpose.
new building to be erected on a portion of the property.
-Bonds are unconditionally guaranteed both as to principal
Guaranty.
and interest by Michael J. De r cry, whose sworn statement discloses a net
worth substantially in excess of this issue of bonds.
-Indenture provides for a sinking fund payable monthly.
Sinking Fund.
sufficient in amount to retire 76.5% of this issue prior to maturity.
-Status.
Diamond Electrical Manufacturing Co.
C. C. Streeter & Co.. members of the Los Angeles Stock Exchange, in a
recent circular, states:
This company is a consolidation of the Safety Electrical Products Corp.,
and Brown & Pengilly, Inc., both of whom were engaged in the electrical •
equipment, manufacture, and supply business, effected in June. 1927.
The Safety Electric Products Corp. was founded in 1920 by IT. B. Woodill
and associates. Property at the time of consolidation was a factory site of
430 feet frontage on East 16th St. and 500 feet east of Central Ave.. os
Angeles. Brown & Pengilly, Inc., were successors to the business of Wrnon
Brown in 1919, and occupied a factory on East 9th St. in Los Angeles, and
a branch was owned in San Francisco. In the consolidation it is understood that the holders of Safety Electric Products received approximately
2,000 shares of preferred and 8,588 shares of common stock of the new
company. Brown & Pengilly, Inc.. received approximately the same
amount of stock.
Both companies manufactured a fairly complete line of switchboards.
panel boards, motor control and switching equipment, as well as wiring
specialties of various kinds. The two companies were in competition in
most of their products. During the past year a number of improvements
in design of products have been introduced,and another new piece ofapparatus has just been placed on the market.
The board of directors consists of Paul D. Howse, President; Vernon
Brown, Vice President; J. H. Pengilly, Secretary-Treasurer; Luther J. Lee,
F. B. Lewis, Morris B. Miller and II. B. Woodill.
Listed.
-Los Angeles Curb Exchange.
Authorized. Outstanding.
Capitalization$1.000,000
$524,600
7% pref. stock, par $100
30,000 she. 19,492 shs.
Common stock, no par value
The company pays cash dividends at the rate of $2 per share per annum
on the common stock, the last quarterly payment of 50 cents per share
having been made on March 31 1929 to holders of record March 24.
Year End. 7 Mos. End.
1928.
Dec.31 '28. Dec. 31 '27.
Earnings
$376,561 Net incomefor- deducting taxes & deprec
$118,482
$42,602
after
21,598
Surplus at beginning of period
Balance
def$475,632 sur5206,000 def$688,186 def$619,£348
a Including $53,006 written back for interest provided in prior years
on 5 yr. 6% income subordinated convertible debentures converted into
stock during the year. b Including $100,000 profit from sale of investments. x After deducting adm., selling and gen. expenses.
Consolidated Balance Sheet Dec. 31.
'Including Consolidated Selling Co.. Inc.]
1927.
1928.
1928.
1927.
Assets5
$
Licoltities3
$
Land, bides., &c.a 9,795,882 9.939,854 Cap. stk. (no par,
Good-will,&c _ _ _ _
1
see Note b)-_ 6,260,308 6,396,866
1
Inventories
5,789.361 5,613,241 1st M.8% bonds_ 3,170,700 3,370,200
Adv. to outside
-year 7% notes -- 6,569,500 6,569,500
5
206,000
33,000
mills
11.496 5
-year6% notes -.
Acc'ts rec.,lessres. 2,890,402 2,356,599 Consol. Sell. Co.,
800,000
Mortges recelv_ _
40,000 8% 1st pref. stk. 800,000
40,000
500,000
Cash
738,843
449,939 Notes payable_.. 1,700,000
442,300
Accounts payable_ 626.475
Disc. & comm. tin300,925
173,939 Accrued interest__ 264,956
amortized
120,552
47.995
Prepd.ins.,
int., &c
49,896
48,715 Res. for Fed. taxes
Inv. B. B.& R.K.
1
1
Tot.(each slde)_19,424,939 18,633.785
c
Corp
a Land, buildings, machinery, equipment, &c., 511,798,124, less $2,002,242 reserve for depreciation. b Authorized capital, 2,000,000 shares of
no par value; outstanding, 1.515,289 shares without par value, representing capital and capital surplus. c 26,974 sh. of cl. B corn. stk., carried
at nominal value of $1.-V. 127. P. 957.
-Earnings.
Container Corp. of America.
Quarter Ended March 31Net income after int., deprec. & Fed. taxes
-V. 128, p. 1736.
1929.
$35,399
Continental Can Co., Inc.-Rights.
The directors have authorized the sale to stockholders of approximately
152,917 shares of common stock at $60 per share. Both preferred and
common stockholders of record May 3 1929 will be entitled to subscribe
until May 23 1929, to 10% of their holdings. The company has arranged
for the underwriting of this offering with Goldman, Sachs & Co. and Lehman Bros. so that the company will acquire approximately $8,900,000 of
additional working capital.
Due to the acquisition of various properties throughout the United
States during the past year, the business has grown to such proportions and
the prospective developments are such that directors have decided that the
company should have the additional working capital to be obtained through
the sale of this stock.
-V. 128, p. 1561.
Credit Alliance Corp.
-Earnings.
Calendar Years1927.
1928.
1926.
1925.
Notes & oblig. purchased$50.134,033 534,334,407 $20,709,238 $8,217,080
Gross profits
3,432,805 2,181,657
1.434,692
651,134
Expenses,int., &c
1,222.268
2,224.788
651,263
302,454
Net prof. before taxes_ 51,208,017
-V. 128, P. 2274.
5959.389
5783.429
5348.679
$42,602
16,139
4,885
$21,598
$72,919
Surplus at end of period
The net income for the year 1928 after deducting for preferred dividend
requirements was equivalent to 54.195 per share on the outstanding common stock.
Balance Sheet-Dec. 31.
1927.
1927.
1928.
Assets
$56,595
Current assets_ --- $353,050 $286,689 Current liabilities- $54,831
Mtge. note pay.._
47.500
50.000
15,692
Invest. (Texas)...
7,013
330,881 Empl. stk. subs.__
Property (deprec.) 323,298
4,500 Res. for addlt. cost
4,500
Good will
2,359
393
39,246
of sales
22,429
Deferred charges..
Pref. stock
523,000
524.600
Corn, stock
9,746
9,730
72.919
Surplus
21,598
Total
$718.969
5661,316
Total
$718.968
$661,316
-Sales of North American
Distributors Group, Inc.
Trust Shares.
-
Crown Cork & Seal Co., Inc.
Earnings for Year Ended Dec. 311928.
Gross sales
Returns, cost of sales, selling & general expense
Depreciation charged to operations
Amortization of patents
Other ordinary expenses less net of other ordinary income
$11,164,619
8,913,537
449,467
246,035
36,532
Profit before extraordinary items, bond interest & discount,
profit of subsidiary companies & Federal income taxes_ -- - $1.519,049
Net extraord. items incl. net profit on sales of invest, after
deduct, of losses on sale of securities & on scrapping of mach.
& equip., moving expenses & rental of vacant space
550,664
Total profit
Interest on bonds
Amortization of bond debt discount & expense
$2,069.713
329.795
49,088
Profit before profits of foreign subs. & Federal taxes
51,690,829
Proport. share of profits of foreign subs, more than 50% owned
301.798
Profit before allowance for Federal taxes
Earns, per sh. on 268,765 shs. corn, stock (no par)
-V. 128, p. 2274.
$1,992.628
$5.95
At a meeting April 21 of member houses comprising Distributors Group,
Inc., a country-wide dealer organization for North American Trust Shares,
W. W. Watson, of West & Co., President of the group, reported on the
progress of the trust since its organization Jan. 15 1929. Mr. Watson said
that in the 90 day period of the trust's operation the group had distributed
more than $7,000,000 of North American Trust Shares which is stated to
constitute a record for this particular (fixed) type of security. Actual sales
since the public offering on Feb. 19 were 675,710 shares, or 57.011,604.
leaving a reserve on deposit with the Guaranty Trust Co. of New York
of $404,400.
The following directors were elected as members of the board of Distributors Group, Inc.: Randolph F. Tucker (Pearson, Erhard & Co.).
Boston; Henry Lay Duer (W. W. Lanahan & Co.), Baltimore: Tom K.
Smith (Kauffman, Smith & Co., Inc.), St. Louis; Bernard B. Robinson
1Banks, Huntley & Co.), Los Angeles; John S. Myers(Hughes, Schurman &
Dwight, attorneys), New York; W. W. Watson Jr. (West & Co.), Philadelphia; Robert H. Gibson (Gibson & Gradison), Cincinnati; Thomas F.
Lee (Lee Stewart & Co.). New York; Frederick A. Mayfield (MayfieldAdams Co.). Akron, Ohio; W. Bruce Pirnie (Pirnie, Simons & Co., Inc.).
-V.12s,
Springfield, Mass.: W.E.Stewart(Lee Stewart & Co.),New York.
P. 1061.
-Initial Dividend.
Dodge Mfg. Co., Toronto.
Cuneo Press Inc. (& Subs.).
-Annual Report.
Calendar YearsGross profit on sales
Selling,shipping and delivery
General and administrative
$140.080
36,722
19.492
10,947
Gross surplus
Preferred dividends
Common dividends
Deferred moving expenses written off
1928.
1927.
1926.
51,924.830 $1,623,983 31,624,559
437,136
465.652
463,937
579,871
487,150
279,269
Net profit from operations
Other income
$907.824
194,385
5671.182
87,291
$881,354
77.842
Total
Interest
Bond amortiz. & moving exp
Provision for Federal taxes
51.102,209
99,332
40,159
85,000
$758,474
83,621
25,576
92.000
5959,196
39,352
27,444
124.000
$877.718
29,559
$557,276
351,740
The directors have declared an initial quarterly dividend of 50 cents
Per share on both the class A annul. convert. $2 pref, stock and the class B
common stock, payable May 1 to holders of record April 20. See offering
In V. 128. p. 1562.
-Earnings.
Dome Mines, Ltd.
a$768,400
Net profits
Net prof. of cos. acq. appl. to Cuneo_
-Three Months Jan. 1 to March 31.
Approximate Statement
1926.
1927.
1928.
1929.
Average recovery ($7,535
$971,666 $1,024,094
$960.258
$1,030,042
per ton in 1929)
Opel% &gen.costs($3,782
611,838
533.537
552,013
517,013
per ton in 1929)
24.738
26,600
20,925
26,183
Est. Domin.income tax,.
$385.656
$413,392
5387,320
5486.846
Net income
71,428
43,556
60.665
6564
Miscellaneous earnings.
Balance,surplus
5907.277
5909.017
$768,400
$484,820
5429.212
5447,985
Total income
5553,410
She. corn. stk. outstand. (no par)171,500
172.500
100,000
Earnings per share
$4.34
$4.45
56.20 Earns, per sh. on 953,334
$0.51
$0.45
$0.47
$0.58
shs. cap.stk.(no par)a Net profit Is after deducting depreciation of 5221,073, based on cost.
In the above figures no allowance is made for depreciation or depletion.
In addition, depreciation of 5102,603, to provide for exhaustion of value in
-V. 128, p. 2097.
excess of cost, was charged directly to surplus.
-V. 126, p. 3252.
Demery & Co.
-Bonds Offered.
-Livingstone, Crouse &
Co., Detroit, are offering 8225,000 1st mtge. leasehold 6%
sinking fund gold bonds at par and int.
Dated April 1 1929: due April 1 1939. Int. payable A. & 0, at the
Detroit & Security Trust Co., Detroit, trustee, without deduction for
Federal income tax not to exceed 2%. Denoms. $1,000. $500 and $100 c*.
Red. all or part upon 30 days' notice on any date at 102 and int.
Company.-Incorp. in Michigan in 1912; owns and operates a department
store engaged in the distribution of general merchandise.
Security.
-Bonds are specifically secured by a direct pledge and a lien
upon Demery & Co.'s interest in the leasehold estate, which expires May 1
1065, Lucian S. Moore, Jr., Vice-Pres. of Wormer & Moore, has appraised
the leasehold estate in land and building upon completion at $413.000.
Earnings.
-Earnings, after ground rental, taxes, insurance, and all other
charges, available for interest and Federal Taxes,for the fiscal years ending
Feb. 10 1927-28, and Jan. 31 1929, were as follows:
-Bonds Called.
Dominion Coal Co., Ltd.
The company has called for redemption as of May 1 next 5242.500 of 5%
1st mtge. sinking fund gold bonds, due may 1 1940, at 105 and int. Payment will be made at the Royal Trust Co., 105 St. James St., Montreal,
Canada.
-V. 127. p. 1395.
-Larger Dividend.
Dominion Bridge Co., Ltd.
The directors have declared a quarterly dividend of 75 cents per share,
Payable May 15 to holders of record Aprll 30. The last previous quarterly
Payment was 65 cents per share, made on Feb. 15, last. During 1928,four
quarterly dividends at the latter rate were paid, and, in addition, an extra
distribution of20 cents per share was made on Nov. 15.1ast.-V. 128, p.408.
-Listing:
Dominion Stores, Ltd.
The New York Stock Exchange has authorized the listing of 272.250
shares of ordinary stock (without par value) on official notice of issuance in
exchange for the present outstanding certificates for ordinary stock.
[VOL. 128.
FINANCIAL CHRONICLE
2816
Earnings Years Ended Dec. 31.
1925.
1926.
1928.
1927.
$23.257,508 $19,280,716 $15,256.878 $12.616,588
19,053,849 15,607,417 12,237.011 10.124,052
Sales
Cost of sales
Gross profit
Other income
84,203,658 83.673,299 83,019,867 12.492,536
89,129
64.283
189,227
134,942
Gross income
Store expense
Depreciation
General overhead
Federal income tax
$4,392,885 $3,808,241 $3.108,995 $2,556,819
1,465.693
1,746,266
2,599.836
2.147,175
37.467
42,535
52,166
60,271
761,809
907,949
1,077.755
1,133,959
26.332
33.708
47,905
42.829
$550.914
781,239
$4488,316
481,922
1378,537
389,042
81,332,152
$970,239
266.062
189,000
$767,579
16,822
177.000
91.835
Profit & loss surplus _ $1,066,090
Ms.corn. stk. outstand90.750
Earnings per share
$6.07
-V. 128, p. 2097.
1781,239
82.500
$5.92
Net profit
Previous surplus
Total surplus
Preferred dividends _
Common dividends
Miscel. deductions
$481,922
75.000
$4.82
The New London Ship & Engine Co. for the year ended Dec. 31 1928
reports a net loss of 8683,882 after interest, depreciation, &c., comparing
with net profit of $2,078 the previous year.
-V. 128, p. 2638.
Emporium Capwell Corp. (& Subs.).
-Earnings.
Years Ended Jan. 31
Net sales of merchandise
Sales of tenants'departments
1929.
1928.
127,653,712 $24,146,093
2,302.341
2,168,755
Net sales
-Own departments
Cost of sales
825.351,371 821,977,338
16,689,648 14,540,023
Gross profit on sales
8
88.661,723 $7,437,315
Income from tenants' departments and other
$265,516
rentals earned
653,307
542,561
219,454
Gross profit
$9,315,030 17.979,876
$484,970 Operating expense
7,833,842
6,556,090
48,562
46,866
Operating profit
11,481,188 81,423,786
500 Other income(net)
384.040
183,081
1389.042
Net profit
81,865,228 81,606.867
60,000 Depreciation and amortization
263,129
233,698
$3.62 Interest paid
463,573
243,399
Provision for Federal income tax
60.000
103.150
Consolidated net profit
11,078,526 $1,026,619
-Listing.(E. I.) Du Pont de Nemours & Co.
1,277,878
986,862
The New York Stock Exchange has authorized the listing of 47,208 Previoussurplus
resulting from acquirement, during
additional share of non-voting debenture stock and not to exceed 452,508 Increment 181 shares of Emporium's capital the
year. of
stock
additional shares of voting common stock, both on official notice of issuance
held by minority stockholders
3,906
and payment in full, making the total amounts applied for respectively Adjustmentof carrying charges at Jan. 31 1927_
38,142
957,945 shares of 6% non-voting debenture stock, and not to exceed Adjustment of provision for inc. taxes prior years_ _
20,582
10.291,183 shares of common stock.
The issue of the forementioned classes of stock was authorized by the
Total
82.415,129 12.017,386
directors at their meeting on March 18 1929, for the purpose of acquiring Commonsurplus
dividends
705,716
706,805
the minority interests in the Du Pont Rayon Co. and the Du Pont Cello- Preferred dividends
18,221
18,221
both of which companies heretofore have been controlled by
phane Co.,
Additional Federal income tax for prior year
14,483
E. I. du Pont de Nemours & Co.
Consolidated Income Account 3 Months Ended March 31.
31,691.192 81,277.878
Consolidated profit & loss surplus Jan. 31
1927.
1926.
1928.
1929.
$2.94
Earns, per sh. on 360,000 shs. com.stock (no par)..
$2.80
Inc. fr. oper., incl. co.'s
-V. 128, p. 2275.
,
eq. in earns, of con.cos 87,442,844 $3.977,713 $3,287,771 13,3211983
-Earnings.
Co.
in
Evans Auto Loading
Inc. from investment
a17,466.131 14,974,930 11,977,865 8,984,263
General Motors
[Including Lumber Products Corp.]
525,526 d2,359,661
Inc. from miscell.sec.,drc 1,096,119 c3.208.707
1929.
1928.
.
Quarter Ended Mar. 31$316,581
8515,314
Gross profit after depreciation
Total income
$26,005,094 $22,161,350 115.791,162 $14,665,907 Expenses
72.810
124,866
410.017
310,830
625,729
Prov.for Fed. taxes_ _ _ _
744,560
22,064
30,121
21,423
Int. on funded debt- 20.689
8390,448
$243,771
Operating profit
16,481
17,659
Other income
$25.239,845 $21,514,198 815.458,268 114,225,769
Net income
1,198,988
1,176.431
1,209,711
1,392,168
Divs. on deb.stock
$406,929
8261,430
Totalincome
1,168
12,923
Interest
Amt. earned on com.stk.$23,847,677 120,304,487 $14,259,280 $13.049,338 Federal taxes
47,281
35,136
Amt. earned per sh. on
corn. stk. outstanding
1225,131
Net profit
1346,725
Y$5.36
y$4.90 Earns, per sh. on 239,700 shs.com.stk.(par $5)_ _ _
x$218
x$2.42
March 31
$1.45
80.94
Surplus Account.
-V. 128. p. 1563. '
1927.
1926.
1928.
1929.
Surp.at beginning of yr-$105.710 319 $97,785,244 $66,417,566 862,669.541
Evans Wallower Lead Co.
-Earnings.
Netincome 3 months _ _ - 25,239,845 21,514,198 15,458,268 14,225,769
Quarter Ended Mar. 311928.
1929.
Surp. res't'g fr. revel. of
$80,281
Net inc. after deprec. but before depletion
1158.896
Gen.Mot.inv(see note) 24,953.050 19,962,440 26,184,371
-V. 128. p. 2275.
1155,903.2148139 261,8821108,060.205 176.895,310
Total
Fairbanks, Morse & Co.
Subs.).
-Earnings.
1,176,431
1,198,988
1,209.711
1,392,168
Divs.on deb.stock
1925.
1927.
1926.
Calendar Years1928.
Divs,on corn.stock_ _ _ _619,819,672 616,634.718 13,307,545 9.979.645
130,542.421 $28,391,417 $31.550,385 $29,357,668
Net shipments
4,525,838
3,819,422
3,266,967 4,387,228
Surplus at March 31_1134.691,374 1121417,453 193.553.672 165,739,234 Operating profit
950,349
898,750
856,085
857,778
x Amount earned per share on basis of shares of $20 par value common Depr. on bldgs.& equip..
342,222
248,684
393,333
stock outstanding March 31(9,838.675 shs. on 1929:9,315,803 shs. in 1928.) Interest on loans
449,145
256,204
427,690
289,174
y Earnings per sh. on 2,661.658 shs. of no par value. a Includes $9,981,220 Federal taxes
128,184
114,381
110,094
154.955
in 1929 and 1928. representing an extra div. of General Motors Corp. com. Contrib. to pension fund
stock as against $7,985,976 in 1927 and $6,654.145 in 1926. la Includes
$2,124,182 $1,641,607 $2,740,387 13.016,250
Net income
extra divs, on corn, amounting to 19,981,220 in 1929 and 1928, 17.984,976
in 1927 and $6,654,145 in 1926. c Includes approximately $2,286,000 Surp. and undiv. profit
a12.929,889 13.698,974 12,676,464 11.145.378
brought forward
representing profit received from sale of 114,000 shares of U. S. Steel Corp.
common stock. d Includes approximately $2,000,000 representing interest Net profit of Municipal
37.490
Acceptance Corp
received from the Government on account of the refund of taxes overpaid
for the years 1915 to 1924 inclusive.
$15,091,561 315,340,581 $15,416,851 $14,161,628
Total surplus
-The value of du Pont Co.'s investment in General Motors Corp.
Note.
17,691
14,476
7,165
common stock was adjusted on the books of the company in March 1928 Prem, on redemp. of pf_
Cr.1,444
8,278
155.905
91,306
to $139,737,080 and in March 1929 to 1164.690,130 which closely corre- Adjustments
sponded to its net asset value as shown by the balance sheets of the General Pats., good-will, written
70,000
off subsidiaries
1928. respectively. On the
Motors Corp. at Dec. 31 1927 and Dec. 31
basis of the 9,981,220 shares of $10 par value now owned, the present Disc.& int. on 15-yr.5%
457,255
debenture issue
figure represents a valuation of $16.50 per share compared to the previous
173,208
Wisconsin tax settlement
-V.128, p. 1236.
valuation of $14 per share.
526,825
515,426
503,321
492,541
Preferred dividends_
Div. pref. stock Moline
-Earnings.
(Otto) Eisenlohr & Bros., Inc.
717
Scale Co
1925.
1926.
1928.
1927.
Calendar Years959,064
1,106,483
1,106,526
1.106 613
Common dividends
$1,394,551 $1,614,878 31,476.442 $1,526,978
Gross profit
($2.60)
43)
43)
rate
do
981,946
1,084,506
1,264,272
1.068,549
Selling,adm.& gen. exp.
Cr.15,314 Dr.73.178
Cr.11,396
Misc,charges or income_ Dr.61,312
Balance of surplus and
10,200
49,000
33.000
Fedi inc. tax, estimated
undivided profits_ --113.393.935 112,929,889 $13,698,974 112,676,464
368,977
368,977
368 977
368,977
Shs.com.outst. (no par)..
$369.293 Earns. per sh.on corn__ $499.609
$313,002
$231,691
Net profit
$6.74
$6.03
13.08
$4.52
154.425
157,801
148,837
142,800
__
Preferred diva. (7
a Including 12,081,472 undivided profits of subsidlaries.-V. 127, p.2691.
i$3)
%)_
Balance, surplus
$ 88,891
Shs.corn. outstg.(par$25) 240,000
$0.37
Earns. per sh.on corn_ _ _
--V. 128. p. 736.
$164,165
240,000
$0.68
$345.185
240,000
$1.44
$211,492
240.000
$0.88
-Earnings.
Electric Auto-Lite Co.
Quarter Ended Mar. 31Profit after depreciation
Expenses,&c
Interest
1928.
1927.
1929.
$4.361,269 11,424,950 81,003,471
218,721
932,040
204,987
4,716
30.145
22.535
$775,949
$3,399,084 81,201.513
Profit before Federal tax
The net earnings of $3,399,084 is equal to $3.74 per share on the common
for preferred stock dividend requirement. This
stock after providing
compares with $1.69 per share common stock for the first quarter of 1928,
computed on the same basis. If the company's proportionate earnings
Parts Co. were included In
in Eclipse Machine Co. and Columbus Auto earnings per common
share
the first quarter earnings it would bring the
up to $4.10 from $3.74.
C. 0. Miniger. Pres., states that "shipments for April and shipping
specifications for balance of second quarter justify the prediction that
second quarter earnings will exceed the first quarter by a substantial
margin. -V. 128. p. 2470.
-Earnings.
Electric Boat Co. (& Subs.).
(Exclusive of New London Ship & Engine Co.)
1925.
1926.
1927.
1928.
Calendar YearsGross income from oper_ 83,235,983 $3,863,716 $5,095,911 $5.189,501
3,559.888 4,129,992
2,762,383
Cost of operation
2,549.864
Gross profit
1686,119 81,101,333 81,536.023 $1,059,510
623,735
615,796
656,478
Exps. not appor,to cost_
631,224
8912,288
$443,713
$444,856
Net profit
$54,895
98,627
90,495
177,820
Other income
1,096,485
-Initial Dividends.
Fashion Park Associates, Inc.
The directors on April 25 declared a cash dividend of 62;ic. per share
and a stock distribution of 3f of 1% on the common stock, payable on
June 29 to holders of record June 17.
.1k statement of the company's dividend policy follows:
'Inasmuch as the common stock of Fashion Park Associates, Inc., is
now distributed among those who were formerly common stockholders
of Fashion Park, Inc., the Stein-Bloch Co. and Weber & Heilbroner, Inc.
(each of which companies had a different dividend rate), the directors
concluded that an early statement of the company's dividend policy should
be made to stockholders.
"Although, in due course, the quarterly dividend upon the common
stock of the company Is not payable until the end of June, the board
declared a cash dividend of 62Ji c. per share and a stock div. of 8f of I%
payable in common stock, which is at the rate of $2.50 per share
per annum in cash. and 3% per annum in stock. Both dividends are
payable June 29 1929 to stockholders of record June 17 1929. Transfer
books will not close, but checks and stock and (or) scrip will be mailed to
stockholders in due course."
At the annual meeting of stockholders, the authorized number of directors
was increased to 20, and the following were elected to the board for the
ensuing year: Louis M. wellier, George 0. Goldberg, David C. Barry,
Herbert H. Maass, Monroe C. Gutman. Edward R. Rosenberg, George
II. Harris, Dan C. Lippmann, Meyer F. Lang, Simon N. Stein, Maurice
Newton, James II. Becker, George Lytton, IIarry C. D'Annuzio, Herman
Levi, Sidney It. Rhodes and John C. Mayer.
The following officers were elected: Louis M. Weiller, Chairman of the
Board; Edward R. Rosenberg, President; David C. Barry, Vice-President;
Dan C. Lippman, Vke-President, George G. Harris. Treasurer; Herbert H.
_•
-V. 128 • P.
Maass. Secretary, and John C. Mayer, Assistant Secretary.
2275.
-Earnings.
Federated Publications, Inc.
Earnings Year Ended Dec. 31 1928.
Operating revenues
Operating expenses
Interest
Other expenses
Depreciation
Federal taxes
$2.202,778
1.659,605
150,000
32.664
40,767
38.369
$872,672
$523,650
Balance, surplus
$941.813 x$483,018
Net profit
766,932
766.932
766.932
Shs.cap.stk.out.
(no par)
800,000
$1.14
$0.68 Earns per share on 50,000 shares common stock (no par)
$0.63
Earns.per sh.on cap.stk_
$1.17
-V.127, p. 3547.
x Subject to amortization of patents and additional depreciation.
$281,372
$3.54
Gross income
Interest, discount, &c
Depreciation
(
11.151,380
209.567
$622,676 $1,010,915
74,284
139,658
63.958
$534.208
10,558
APRIL 27 1929.]
FINANCIAL CHRONICLE
Ferro Enameling Co.
-Earnings.
The company reports for the 3 months ended March 31 1929 net profit of
$105.395. After reserve for Federal taxes and commission to Ferro Enamel
Supply Co., less net non-operating revenues, there was a balance of $78,318
available for dividends on the class A preferential stock, equivalent to $3.13
a share. Company is said to be the largest manufacturer of porcelain
enamel for distribution in the world.
-V. 128, p. 1914.
Ferro Realty Co.
-First National Bank,
-Bonds Offered.
Cincinnati, recently offered $525,000 10
-year 6% bonds at
99 and interest.
2817
Chas. Freshman Co., Inc.(& Sub. Co.).
-Earnings.
Calendar ears1927.
1928.
Operating profit
loss$52,976 $1,365,020
Selling and advertising expenses
1,243,641
1.044.950
General and administrative expenses
428,549
427.313
Discount and miscell. charges, less sundry income_
82,558
136.138
Royalties
123,606
217.157
Inventories, adjustments, special rebates, &c__ _ _
654,837
Loss for the year
$460.539
$2,586,169
Balance Jan. 1
1.837,018
754.939
Royalties and other expense applicable thereto_
621,540
338.848
Dated Jan 1 1929; due Jan. 1 1939. Denom. $1,000. First National Sundry charges not applicable to current operations
Dr1.964
Bank of Cincinnati, trustee. Interest payable J.
-J. at First National Capital surplus
2,300.000
Bank. Cincinnati. Red. all or part on any interest date upon 30 days
notice at 103 on or before July 11933, and at 102 thereafter.
Balance Dec. 31
$805,654
$754.939
Guaranty.
-Each bond bears the endorsement of the Ferro Concrete
Note.
-The loss for the year 1927 includes an amount of $224.304
construction Co., which' has guaranteed the payment of principal and senting obsolete and inactive materials written off at the close of therepreyear.
interest on this issue.
-V. 128, p. 410.
History and Business.
-Company was founded in 1922. Business consists largely in providing funds for buildings erected by the Ferro Concrete
General Bronze Corp.-New Directors.
Construction Co.. one of Cincinnati's outstanding builders of commercial
Julius II. Barnes and Everett B. Sweezy have been lected directors.
structures. These buildings are generally built to order and leased on Mr. Barnes was formerly president of the United States Chamber of Corn'.
long-term leases to responsible concerns, with or without privilege of merce.-V. 127, p. 2828.
purchase.
Purpose.
-Proceeds will be used to refund the company's current obliGeneral Electric Co., Schenectady, N. Y.
-Earnings,
gations and to provide additional working capital.
Earns.for Quar. End. March 311929.
1027.
1928.
Rentals.
-The properties securing this issue yield annually $54.483 at Orders received
$101.365.208 $79,925.840 $77,550,581
present rentals, which is more than 10% on the bonds to be presently issued. Net sales billed
83.385.015 71,640,790 72,474,474
Cost of sales billed, incl. oper., maint.
(Wm.) Filene's & Sons Co.
& deprec. chgs., res. & prov. for all
-Earnings.
Years Ended Jan. 31- 1929.
taxes
1926.
1927.
73.206,207 63.404.808 63,641,301
1928.
Net sales
$34,173,186 $30,372,457 $28,473,558 $26,299,754
Cost of sales
Net income from sales
22,388,484 19,829,259 18,718,484 17,422,351
$10,178,808 $8,235,983 $8,833.173
Operating expenses
7.821.712
8.480,848
7,636,902 0th.inc. less int. paid & sund. chgs- - 4.327.178
2.648,558
9,435,308
3,669.504
Depreciation-Real estate,fixtures & equip _
Profit available for dividends
39,669
52.865
114,505.986 $11,905,487 811,671,731
33.878
37.160
Cash dividends on special stock
643,688
643,644
643.587
Netincome from oper_ $2,296,529 $2,028,471 $1,896,209 $1,200,830
Other income
Profits avail, for dvs. on corn. stock$13.862.298 $11.261,843 $11,028.144
283,226
209.558
313,700
137,148
Earn. kper p . ) 7.211,462 shs. corn.
stoL (nosharon
s
Totalincome
$1.92
$2,579,755 $2,342,171 $2,105,768 $1,337,978
$1.56
$1.53
Miscellaneous expense_ _
-V. 128, p. 2639.
3,295
48,367
Interest paid
27,258
17,051
7,281
42,257
Income taxes (estimated
-Listing.
General Mills, Inc.
279,797
212,462
on basis of 12%)
139,624
202,335
The New York Stock Exchange has authorized the listing of (1) 6,308
additional shares of 6% cumulative preferred stock (par $100) and 7.900
Net profit for period_ _ $2,269,405 $2.064.292 $1,861,176 $1,191,074 additional shares of common stock (without par value) upon official notice
-V.128,p.2470.
of issuance in partial exchange for the assets and business of the Larrowe
Milling Co.. (2) 31,283 additional shares
1.185
(M.H.)Fishman & Co., Inc.(Sc.to $1 Stores)
-Registrar additional shares of common stock (without of preferred stock and notice
par value) upon official
The Chase National Bank has been appointed registrar for 75,000 shares of issuance and payment in full making a total amount applled for to date;
of common stock, not par value, and 3,780 shares of 7% cumul. cony. 250,000 shares of preferred stock. and 675,096 shares of common stock.
pref. series A stock, par $100.-V. 128, p. 2638.
By resolutions of the board of directors adopted March 30. the officers
were authorized to issue shares of its preferred stock and common stock,
Fisk Rubber Co.
-Listing.
The New York Stock Exchange has authorized the listing of 852,158 as follows:
6,308 shares of preferred stock and 7.900 shares of common stock upon the
shares of common stock (without par value) on official notice of issuance
acquisition of substantially the entire business and assets of the
making the total amount applied for 1,966.022 shares. See V. 128, p. 1563.
Larrowe Milling Co. as part of the consideration therefor.
2098.
1,185 shares of common stock, to be issued to General Mills Securities
Corp., upon the payment therefor in cash at a price equal to 60%
Fleischmann Company.-Earnings.of the market price at the time of issue.
Quar. End. Mar. 31- 1929.
1928.
31,283 shares of preferred stock, to be issued and sold for cash, and (or)
1927,
1926.
Net sales
$14,707,091 $15,510.911 $15,130,160 $14,984.387
for first mortgage bonds of Sperry Flour Co. issued in connection
Costs and expenses
16,322,347 10.546.071 10,343,185 10.387,859
with the retirement thereof.
Operating profit
Other income
$4,384,744 $4,964,840 $4,786,975 $4,596.528
409,801
270,069
221,263
178,643
Gross income
$4,794,545 $5.234,909 $5,008,238 $4,775,171
Charges & Federal taxes
580,550
701,917
667,742
643,793
Net income
$4,213,995 $4,532,992 $4,340,496 $4,131,378
Pref. dividends
18.330
18.330
18,333
18.522
Com. dividends
3,375,000
3,375,000
3.375.000
2,250,000
Surplus
$820,665 $1,139.662
$947.163 $1.862.856
Profit & loss, credit_ _
8,049
7,689
Ins. fund & profit & loss
charges
28.198
262,186
57,279
41.907
Net surplus
Earns, per sh. on 4,500,000 shs. com.(no par)
V. 128, p.876.
$792,467 $1,082,383
$0.93
$1.04
$913,305 $1.608.359
$0.96
$0.91
Flintkote Co.
-Earnings.
--
Calendar Years1928.
1927,
1926.
1925.
Sales
a$12,022,166a$14,352,666 $9,020,663 $7,948,820
Net profit
x702,062
729,589
512,515
715,323
x Equal, after preferred dividends to $4.51 on the average amount of
common stock outstanding during the year. a Includes the Richardson
Co.and the Chatfield Manufacturing Co., both acquired as of Jan. 1 1927.V. 128. p. 737.
Follansbee Brothers Co.
-Extra Common Dividend,
-
Pro Forma Consolidated Balance Sheet as at May 311928.
After giving effect to the formation of General Mills, Inc., as of May
31 1928. the acquisition of the assets and businesses of the Kell Group of
flour mills as of Jan. 3 1929, the El Reno Mill & Elevator Co. as of Jan. 2
1929, the Sperry Flour Co. and the Larrowe Milling Co. as of Dec. 311928,
and giving effect to other transactions incident thereto.]
/MA ides
.
Assets$7,495,217 Notes payable
111,755,200
Cash
252,995 Savings accts. of off. 44 empl. 2,221,695
Inv. in marketable securities_
2,068.391 Accounts payable
1,715,910
Drafts
487,068
Notes & accounts receivable_ 6,422,032 Accr. exp., local taxes, &c....
1,164,815 Prov. for Federal tax
Advances on grain
1,715,054
27,005,269 Divs. accr. or payable (preInventories
Mrtges. dr notes rec.(Sperry)
209.125
decessor cos.)
383,408
200.000
Deferred charges & prep.exps. 704,194 Reserve for organ's. exp
417,458 Special & contingent reserves 2,456,000
Miscellaneous assets
23,301,534 Preferred stock
25,000,000
Land, bldgs. & equla
Common stock
'6 946,408 „
Water power rights, goodwill,
1 Initial surplus
6,157,288
'
dm
169,041,031
Total
169,041,031
Total
-Above balance sheet gives effect to the reitrement on June 1 1929.
Note.
of the first mortgage 6% sinking fund gold bonds ($4,410,500) of the Sperry
Flour Co. outstanding and assumed by General Mills, Inc., and to the issue
and sale of 31,283 shares of preferred stock.
-V. 128, p. 2639.
-First Quarter Earnings Shows
General Motors Corp.
Decrease as Compared with Similar Period of 1928.-Pres.
Alfred P. Sloan, announced April 25, the following:
The directors have declared the regular quarterly dividend of 50c. per
shares and an extra cash dividend of 25c. per share on the common stock,
Net earnings of General Motors Corp.,including equities in the undivided
also the regular quarterly cash dividend of 1;i% on the preferred stock,
all payable June 15 to holders of record May 31. Like amounts were paid profits of subsidiary and affiliated companies not consolidated, for the first
on Dec. 15 1928 and on March 15 last. On Sept. 15 1928 a quarterly quarter, ended March 31 1929, were $61.910,987, which compares with
dividend of 50c. per share was made on the common stock, compared with $69,468,576 for the corresponding period a year ago. After deducting
dividends on preferred and debenture stocks amounting to 32,351.770.
a dividend of 37c. per share in June of last year.
-V. 128, p. 2470.
there remains $59,559,217, being the amount earned on the common shares
outstanding. This is equivalent to $1.37 per share on the common stock.
Foundation Co.
-Earnings for Calendar Years.
as against $1.54 per share for the first quarter of 1928, calculated on acorn1928.
1927.
1926.
1925.
Gross income
$1,415,714 $1,792,476 $2,237,089 $2,067,222 parable basis.
Abnormal expense due to major year-end model changes in certain imFederal taxes
50.000
35,000 portant divisions had
on earnings
Expenses.dm
1,105,507
1,309,097
1,180,709
1,022.661 sales, both to dealers an important influencecorresponding and although
period of the
and users, exceeded the
previous year, they did not reflect the full demand for the corporations'
Net income
$310,207
$483,378 $1,006,380 $1,009,561
Total stocks
products due
Common diva.(cash) _
449,955
687,792 in the hands to a shortage of cars, particularly Chevrolet. substantially
799,904
of dealers at March 31 1929 were subnormal and
do stock
119.981
lower than at the corresponding date in 1928.
For
Surplus
$310,207
$33,423
$321,769 dealersthe three months ended March 31. retail sales by General Motors
$86,495
to users were 448,176 cars, compared with 423.013 cars in the
Shs. of cap. out.(no par)
100,000
100,000
100.000
100.000
corresponding period of 1928, an increase of 5.9%. General Motors
Earns. per sh.on com_
$3.10
$4.83
810.09 sales to
$10.06
dealers for the three months totaled 523.119 cars, compared with
Balance Sheet Dec. 31.
492,234 cars in the corresponding period of 1928, an increase of 6.3%•
Assets1928.
1927.
Cash, U. S. Government. and other marketable securities, at March 31
Liabilities
1928.
1927.
$482,917 $383,515 Capital stock__ _216.795,000 $6,795,000 1929, amounted to $181,963,199. Bank loans were $30,000,000. Current
Cash
Short-term secur.
Accounts payable. 673,745
489,130 conditions are satisfactory.
accrued interest
85,296 Accepts. payable_
104,823
4,930
Overseas Organizations.
Notes receivable_ - 121,675
174,211 Bank loans
698,985
370,445
In the year
value of General Motors
Current accts. rec. 1,901,059 2,356,334 Res. for conting._ 300,000
300,000 sales overseas ended Dec. 31 1928, the wholesaleover 17.3% of the total
approximated $252.000,000, or
Value of life insur_
3,179
79,201 Oth,acer. accts _ _ _
27,373
21,912 business of the corporation. Its exports in 1927 were 172 millions; in
Accts. rec. (to be
Mtge. on Founda1926 they were 98
sec. by real est.
388,000 over 50 millions. millions: in 1925 they were 77 millions; and in 1924.
lion Building _ _ 381,000
734,400
mortgage)
726,570 Surplus
504,535
419,438
Pres. Alfred P. Sloan. Jr., says: "General Motors is truly becoming
Notes & accts. rec.
international in scope and character. At strategic centers of world trade,
-MM.cos
206,972
157,206 .
we now have 24 subsidiary operations that are assembling cars and selling
Adv.on contracts. 346,066
77,264
them through distributors and dealers in more than 100 countries. General
Materials on. hand 565,421
552,971
Motors has made an investment overseas of over 65 million dollars in
Prep. & def. accts.
95,565
46,397
plant, equipment, inventories and working capital. General Motors is
Real est. dr bldgs.,
not merely selling its cars in these markets, but is in business in those
plant dr equip_ _b2,014,381 2,027.623
countries and is making itself a part of the economic life of those nations."
Stock of affil. cos_ 1,332,732 1,332,732
A booklet, just issued by the corporation, gives a brief outline of the
Oth. stk. & bonds. 417,518
430,323
corporation's overseas operations. It says in part:
Good-will & pans 675,145
675,141
of the stock of the General Motors Acceptance
The
Stock issue expense 100,000
Tot.(each side)_19,057,029 $9,217,290 Corp. corporation owns all
112,50C
directors' qualifying shares. In every overseas country
a Represented by 100,000 shares of no par value. b Consisting of real where except Motors has assembly plants and warehouses there is a
General
estate and buildings. $1.135,991 plant and equipment, $1,732,563; fur- branch of the Acceptance Corporation which
financial service
niture and fixtures, 139,089; less depreciation of $893,262.-V. 128, p. 1237. (1) to the assembly plants. (2) to the overseas furnishes a (3) to the retail
dealers and
buyers.
Franklin Surety Co.
-New Director.
From the beginnln,g of the overseas department of the Acceptance CorIrwin S. Chanln has boon elected a director.
-V. 127. IL 1813.
poration in 1919 to the end of 1928, this department has purchased ob.
2818
Mations of overseas dealers and retail buyers totalling $384,772,708, of
which $127,968,262 was in 1928.
Since the year 1920, nearly 850,000 General Motors cars and trucks
have been sold in the overseas markets of the world. For the past 3
years. the value of General Motors cars and trucks sold abroad has exceeded the value of sales of any other manufacturer, and in 1928 General
Motors unit volume in export was over twice as great as that of its nearest
competitor.
Sales overseas by the export organizations of General Motors follows:
Net
No. of
No of
Net
Sales
Cars &
Cars &
Sales
Trucks. Wholesale.
Trucks. Wholesale.
118,791 98.156,088
21,872 $19,875,015 1926
1922
193,830 171,991,251
45,000 39,193,869 1927
1923
282,157 252,152,284
64,845
1924
50,929.322 1928
1925
100.894
77,109,696
The personnel of the export organizations of General Motors total over
18,000 people. More than 100 countries, from Iceland in the north to
New Zealand in the south, and from Peru in the west to Japan in the east
are served by these export operations through distributors and dealers,
and through countless service stations.
The overseas organizations of General Motors are: (1) General Motors
Export Co., New York, which distributes General Motors cars and trucks
In oversews territories not covered by General Motors overseas operations,
and has zone offices in 14 cities abroad; (2) General Motors Ltd., London,
England. which distributes cars and trucks in Great Britain and Ireland.
and has an assembly plant at London; (3) General Motors International,
A-S,Copenhagen,Denmark, which distributes cars and trucks in Denmark,
Norway, Esthonia. Iceland, Latvia and Lithuania, and has an assembly
plant at Copenhagen; (4) General Motors Nordiska, A-B. Stockholm,
Sweden, which distributes cars and trucks in Sweden and Finland. and
has an assembly plant at Stockholm;(5) General Motors w Polsce Sp.z o.o.,
Warsaw. Poland, which distributes cars and trucks in Poland and Danzig
Free State, and has an assembly plant at Warsaw; (6) General Motors
Continental. S. A., Antwerp, Belgium, which distributes cars and trucks in
Belgium, Holland and Switzerland, and has an assembly plant at Antwerp;
(7) General Motors G. m.b. H., Berlin, Germany, which distributes cars
apd trucks in Germany, Austria, Czechoslovakia, Hungary and European
Russia, and has an assembly plant at Berlin; (8) General Motors (France)
S. A. Paris. France. which distributes cars and trucks in Prance, Algeria,
Frencli Morocco and Tunisua, and has a warehouse at Le Havre: (9)
General Motors Peninsular, S. A.. Madrid, Spain, which distributes cars
and trucks in Spain, Portugal, Spanish Morocco, Canary Islands and
Gibraltar. and has a warehouse at Madrid: (10) General Motors Near
East. S. A., Alexandria, Egypt, which distributes cars and trucks in Egypt,
Greece, Italy, Bulgaria. Arabia, Hejaz, Iraq, Italian Africa, Aden. Syria,
Persia west of 56° E. L. Palestine, Jugoslavia, Roumania and Turkey.
and has a warehouse at Alexandria; (11) General Motors Argentina, S. A..,
Buenos Aires, Argentina, which distributes cars and trucks in Argentina
and Paraguay, and has an assembly plant at Buenos Aires; (12) General
Motors or Brazil, S. A., Sao Paulo, Brazil, which distributes cars and
trucks in Brazil, has an assembly plant at Sao Paulo, and branch warehouses at Recife and Porto Alegre; (13) General Motors Uruguaya, S. A.,
Montevideo, Uruguay, which distributes cars and trucks in Uruguay, and
has an assembly plant at Montevideo; (14) General Motors South African,
Ltd., Port Elizabeth, South Africa. which distributes cars and trucks in
the Union of South Africa, Rhodesia, British Southwest Africa, Portuguese
East Africa. Nyasaland, Bechuanaland and the Katanga district of the
Belgian Congo, and has an assembly plant at Port Elizabeth; (15) General
Motors (Australia) Pty. Ltd.. Melbourne, Australia, which distributes
cars and trucks in Australia, and has assembly plants at Adelaide, Brisbane,
Melbourne, Perth and Sydney; (16) General Motors New Zealand. Ltd.,
Wellington, New Zealand, which distributes cars and trucks in New Zealand. and has an assembly plant at Wellington; (17) General Motors
Japan, Ltd. Osaka, Japan, which distributes cars and trucks in Japan,
Korea, China and Manchuria, and has an assembly plant at Osaka; (18)
N. V. General Motors Java, Batavia, Java, which distributes cars and
trucks in the Dutch East Indies, French Indo-China, Siam and the Straits
Settlements, and has an assembly plant at Batavia; (19) General Motors
India, Ltd.. Bombay, India, which distributes cars and trucks in British
India, Ceylon and Persia east of 56° E. L., and has an assembly plant at
Bombay; (20) Vauxhall Motors, Ltd., Luton, England, Which manufactures Vauxhall motor cars and handles their sale in Great Britain and
Ireland, and has a plant at Luton; (21) Delco-Remy & Hyatt, Ltd., London, England, which handles sales and service on all corporation accessory
products in the British Isles and on the Continent of Europe, and has
technical and service headquarters at London;(22) Overseas Motor Service
Corp., New York, which handles sales and service overseas on all corporation accessory products.
Note.-All stock of Nos. 1 to 19 incl., and No. 21, is owned by General
Motors Corp.; all common stock of No. 20 is owned by General Motors
Corp.; and all stock of No. 23 is owned by General Motors Export Co.
-V. 128, p 2639, 2264, 2099.
t
-Earnings.
General Railway Signal Co.
1926.
1928.
1927.
1929.
Quarter Ended March 31Net earns, after dept.., Fed. tax., &c3314,331 $214,730 $715,373 $966,705
Shs. com.stk. outstanding (no par)- - 357,500 357.500 325,000 325,000
$2.08
$2.85
$0.48
Earnings per share
$0.76
--V. 128. p. 897.
-Earnings Increase.
General Refractories Co.
President Burrows Sloan in a statement says in part:
The earnings for the first quarter of 1929 were greater than for any
quarter during the company's existence and the unusually high activity of
iron and steel, copper, and other industries this year to date should result
In continued large demand for refractories.
"The company's export trade is developing steadily, its products are
becoming more widely known and the steady increase in the number of
its customers, as well as the growing diversity of the industries using its
products, all point to a continued growth of its markets.
"The company has favorable contracts with a number of leading concerns in many industries. It has secured contracts with a number of the
leading railroads of the United States.
"On Monday, April 8 1929, the company retired all its outstanding
bonded indebtedness, thereby adding to its earnings for future months the
interest on such debt. After this refinancing the company's balance sheet
shows current assets to current liabilities in a ratio in excess of $10 to $1
it has a considerable cash balance on hand has no floating or bonded
debt no preferred stocks and there is nothing whatever ahead of the
common stock. As at March 31 1929, its accumulated undistributed
earnings, available for dividends, were in excess of $3,000,000 and the
company should therefore be able to maintain its present rate of extra
-V. 128, p. 2277.
and regular dividends indefinitely."
-Earnings.-Acquisition.
Glidden Company.
1929-5 Mos.-1928.
-Month 1928.
Period End. March 31- 1929
Net profit after int. de$921,772
$202,651
$515,985
Fed.taxes $357,357
Preciation &
The company has acquired the vegetable oil refinery and food products
Co. at Portland. Ore.
plant of the Palmolive-Peet
The New York Stock Exchange has authorized the listing of 100,000
additional shares of common stock (without par value) upon official notice
of issuance and payment in full upon subscription by stockholders at $35
per share and 5,276 additional shares of prior preference stock (par $100)
on official notice of Issuance and payment in full for the purpose of acquiring an interest in the capital stock of Metals Refining Co.
(Consolidated Balance Sheet Feb. 28 1929 Giving Effect to New Financing.)
LialrillUeS$11,194,229 7% prior preference stock__ $7,444,300
Land,buildings Sic
500,000
Good-will, trade-marks, &c... 2,803,643 6% pfd. stk. Metals Ref. Coa3,000,000
764,543 Common stock
Cash
1,800,000
Customers' notes & accr. rec. 4,357,593 Notes payable
1,138,808
Mise.current notes,acct.s., &c.
425,075 Accounts payable
371,042
6,532,840 Dividends payable
Inventories
470,541
1,518,927 Accrued taxes. int., &c
Other assets
150,000
454,752 Mtge.for prop. purchase- --Deferred assets
355,000
Bonded debt. subsidiary- - 354,242
Res. for general contingencies
7,566,884
Capital surplus
1,439,893
Unearned surplus
3,460,891
Earned surplus
$28,051,602
Total
Total
-V. 128. p. 2099 .2639.
a 600.000 shares,no par value.
[VOL. 128.
FINANCIAL CHRONICLE
$28,051,602
General Spring Bumper Corp.
-Stock Distribution.
-
The stockholders will vote May 15 on approving a plan whereby one-half
share of class B stock will be distributed to the stockholders for each share
of class A or B stack held.
-V. 128, p. 2099.
(B. F.) Goodrich Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 207,728
additional shares of common stock (without par value) upon official notice
of issuance and payment in full, pursuant to offering to stockholders or
sale to bankers, making the total amount applied for 1.053,638 shares.
V.128,p. 2640.
Gould Coupler Co.
-Earnings.
Quarters End. Mar.31- 1929.
Net profit after deprec.,
Federal taxes, &c_
$100,048
Other income
25,600
1928.
1927.
1926.
$145,185
10,899
$134,624
14,750
$209,101
11,521
Total
Interest
$125,648
69.000
$156,084
70,591
$149.374
72,250
$220,622
72,376
856,648
$85,492
$77,124
$148,246
$0.32
$0.48
$0.44
$0.85
Net profit_ - _____
Earns, per share on class
A stock
V. 128, p. 2277.
Graham-Paige Motor Corp.-Rights.
The directors have voted to offer the common and 2nd pref. stockholders of record April 29, the right to subscribe pro rata to 283,758 additional
shares of no par common stock at $25 per share. This will provide subscription rights on the basis of 1% shares for each share of 2nd pref. stock
and 1 h shares for each 10 shares of common stock held.
The Graham brothers, in behalf of the Graham Bros. Corp. of New
York, have agreed to purchase at $25 per share all such additional shares
as may not be subscribed by the stockholders.
"The new stock," says President Joseph B. Graham, "is to provide
additional capital to handle our steadily increasing production which is
now running in excess of 500 cars.
Quarter Ended March 311929.
1928.
Net profit after chgs. & Federal taxes
$523,641
$257,783
Shares common stock outstanding
1,442.343
1,052,926
Earns, per share
$0.29
$0.15
-V. 128, p. 2640.
(F. & W.) Grand 5-10-25 Cent Stores, Inc.-Listing.
The New York Stock Exchange has authorized the listing of 21,000
additional shares of common stock (without par value) upon official notice
of issuance upon the conversion of the 6% convertible sinking fund gold
debentures of the F. & W. Grand Properties Corp., making the total
amount applied for 314,532 shares.
-V. 128, p. 2277.
Grand Rapids Varnish Corp.
-Earnings.
Quarter Ended March 31Gross sales
Net profit
-V. 128, p. 738.
1929.
$376,808
54,898
1928.
$323,707
38,181
Grand Union Co.-Merger with Royal Importing Co.
The company has acquired the business of the Royal Importing Co., a
large distributor of tea, coffee, &c., in the Middle West. The latter
company, whose business was established about 20 years ago, has 84 advance premium routes in operation in and around Buffalo, Cleveland,
Detroit, Milwaukee and St. Louis. Sales in 1928 amounted to approximately $1,000,000.-V. 128, p. 2472.
Granger Trading Corp.-Earnings Favorable.
Earnings during February and March were at the rate of 20% on the
capital employed, according to an announcement by the board of directors.
The corporation has been employing a substantial proportion of its funds
in the call money market and arbitrage field, which has made possible the
excellent rate of earnings during a period of extreme irregularity in the
general stock market. It is expected that an initial dividend will be
declared at the May meeting of the board of directors, covering the first
fiscal quarter.
-V. 128, p. 1564.
-Receivership.
Granite Mills of Fall River.
Judge Cox of the Mass. Superior Court has appointed Thomas B. Bassett
as permanent receiver. The judge directed the receiver not to sell the
finished goods of the milts below the market value. saying: "I do not
think insolvent concerns should be allowed to dump goods on the market
and spoil the market for other going concerns." The court was informed
that the finished goods on hand were worth about $20,000.
According to information given the court, the mill owes $750,000, and
the whole plant might bring between $500,000 and $700,000. It is assessed
for $1,250,000. Operation of the plant was permanently suspended about
-V. 125, p. 2537.
two weeks ago.
-Earnings.
Graton & Knight Co.
The company reports for the year ended Dec. 31 1928, net profits after
interest, taxes and extraordinary expenditures, of $226,101, equal to 98
cents per share on 83,046 common shares after allowance for full year's
7% dividends on 20.580 preferred shares. Appropriation of $397,690 to
increase the special inventory reserve resulted in a deficit for the year's
operations of $171,589. Before setting aside inventory reserves and appropriation for development purposes, profits amounted to approximately
3400,000.-V. 126, p. 2978.
Graybar Electric Co.-Enters Into New Contract.
Arrangements have been completed for the national distribution by this
company of the street lighting equipment of the Union Metal Manufacturing Co., of Canton, 0.
In making the foregoing announcement the company stated it would
continue to act as distributor for the street lighting equipment of the King
-V. 127, p. 2692.
Co., Sheffield, Ala., as well.
Graymur Corp.
-Stock Offered.
-G. M.
-P. Murphy &
Co. are offering up to 300,000 shares of common stock, no
par value, at $53 per share.
Transfer agent, Guaranty Trust Co. of New York. Registrar, the
New York Trust Co.
-Has been organized in Delaware, with broad powers, to
Company.
acquire, hold, sell and generally to deal in, stock and other securities and
to participate in syndicates, underwritings and other financial operations.
Capitahzation.-Corporation has an authori7ed capitalization of 375.000
shares (no par value), all of the same class. Corporation is to enter into a
contract with G. M.
-P. Murphy & Co. as bankers, pursuant to which
the bankers are to be entitled to acquire from, or sell for, the corporation
'
up to 300.000 shares on or before June 30 1929 at a price to the corporation
of not loss than $50 per share. Corporation will commence business with
at least 100,000 shares outstanding, to yield to the corporation not less
than $5,000,000 net. The bankers are to pay all expenses incidental to
the organization of the corporation.
Corporation is to grant to the bankers options, protected against dilution.
entitling the bankers or their assigns to purchase one share for each four
shares acquired or sold by the bankers pursuant to their contract, at $55
per share to and incl. May I 1932 and at 860 per share thereafter and to
and incl. May 11935.
Management.
-The funds and investments of the corporation are to be
managed by G. M.
-P. Murphy & Co., under a management contract which
is to be subject to termination by the managers in case at any time persons
designated by the managers are not elected as directors, or by the corporation at the option of the holders of a majority of the stock of the
corporation.
-Murphy & Co. will make no charges for their services as
managers under the management contract. Corporation will not acquire
from the managers any securities now owned by the managers. The
managers may deal with the corporation as principals, agents and brokers,
but will accept responsibility for the fairness of any transaction between
them and the corporation.
The corporation is to agree to keep a copy of the management contract
on file for the inspection of stockholders at its principal office in Wilmington, Del. The original board of directors is to be composed of the
-P. Murphy & Co. ,who, with those
general and special partners of G. M.
APRIL 27 1929.]
FINANCIAL CHRONICLE
closely associated with them, will have a substantial investment in the
stock of the corporation.
-The certificate of incorporation is to
Stockholders' Pre-emptive Rights.
provide that the stockholders shall have pre-emptive rights to subscribe
For any additional authorized shares of this stock, but shall not have any
pre-emptive rights BB to any preferred stocks or securities convertible into
stock. These provisions of the certificate of incorporation may be amended
upon vote of the holders of a majority of the stock of the corporation.
Listiny.-Corporation is to agree to make application to list this stock
on the New York Curb Market.
-Transfer Agent.
Hayes Body Corp.
-
2819
Howe Sound Co.
-Quarterly Statement.
Production Quarter Ended
1929.
March 311928.
1927.
1926.
(ounces)2,566
Gold
1,844
Silver (ounces)
700:446
802:151
694,696
576,922
Copper
10,214.981
9,438.600 8.391.336 8,227,371
Lead (pounds)
20,456,992 19,560,036 14.733.053 12,748,969
Zinc (pounds)
17,317.282 14,260,462 12,865,737 9,517,392
Value of metals produced $4,450,583 83.594,968 $3.304,503 $3,317,347
3,323,742 2,910,426 2,597,182 2,476,457
Operating expenses
The Chatham Phenix National Bank & Trust Co. has been appointed
$1,126,842
Operating income_
$684.542
$707,321
$840,890
transfer agent of 500,000 shares of common stock, no par value.
Other income
99,755
93,283
105,888
38,583
The heaviest business in its history is reported by the Hayes Body Corp.,
with all departments on a 53i days per week basis and night shifts in the
Total income
$1.226,597
$777.826
$813,210
$879.473
metal stamping and still manufacturing departments. April sales are Depreciation
236,312
218,630
231,970
184,942
reported as running over $1,000.000 above those for March.
The Grand Rapids plant, devoted exclusively to Chrysler work, is turnNet inc. before depl_ _ $990,285
$559,195
$581.240
$694,531
ing out 650 bodies per day, and the company executives announce that Earnings per share on
this schedule will be maintained or increased for the balance of this month
496,038 shs.cap.stock
and through May.
(no par)
$1.99
$1.12
$1.17
$1.40
The schedule at the Indianapolis plant, now on Roosevelt work, calls for -V.128, p. 1565.
the production of 300 bodies per day during May,an increase of over 100%
-Earnings.
Hudson Motor Car Co.
over the March total of 3,71)0 bodies, which was the greatest in the history
of this plant. The April schedule is being maintained at the rate of 5,400
Quarters EndedMar.31'29. Mar.31'28. Mar.31 '27. Feb. 28'26.
bodies for the month.
Net inc. after deprec.,Fed.
The Ionia plant is producing 70 bodies per day for the balance ofthe month
tax prov. & all charges $4,567,783 $4.207.373 $4.026.515 $2.746,023
and through May for Marmon, Chrysler and Reo.-V. 128. p. 2472.
Shares capital stock outstanding (no par)._ _- 1,596.660
1.596,660
1,596.660
1.330.050
Hershey Chocolate Corp. (& Subs.).
Earnings per share
82.86
$2.63
$2.52
82.06
-Earnings.
Pres. W. J. McAneeny says: "Not only were our earnings for January.
Earningsfor the Year Ended Dec. 31 1928.
Net sales
$38,130,511 February and March the largest first quarter total we ever have known,
but our
Cost of sales
28,792.674 ingly present sales situation and our prospects for the year are correspondfavorable. Since the middle of February our plants have been
Shipping, selling & administrative expenses
2.715.588 operating
at their top capacity of 1.900 cars a day, or around 45,000 a
month, and yet a survey of stocks of cars in the hands of distributors and
Net profits from operations
$6,622.249
Other income, less miscellaneous charges
• 480,329 dealers shows that the number is below normal.
"A year ago there were 33,000 Hudson and Essex cars on hand in the
Total profits
$7,102,578 field. Today, with business far more active and the demand higher, there
are
Usually
Provision for Federal income tax
646.189 the only 30,000 cars. supply, we consider that a normal stock of cars in
field is a month's
which would be around 45.000. Thus we
have
Net profits
$6,456,388 the today 15,000 less than a normal stock of cars in the country, and
active buying season is just about to open. In a number of important
Earned surplus at December 31 1927
461,235 buying
centers there is today a shortage of Hudson and Essex cars for
Total surplus
$6,917,623 delivery to the public.
"Not only have domestic sales reached a new high record, but our ship6Z cumul. prior pref. stock dividends
0
769.693 ments
cony. pref. stock dividends
1,400,000 have of 11,585 cars overseas and 6,178 to Canada were the best we ever
known in a first-quarter period.
Premium on 4,500 shares prior pref. stock retired
12,117
"Because of this strong stock situation and the increasing Spring demand
Earned surplus, December 31 1928
$4,735,813 for our cars we feel conservative in expecting that our shipments for the
quarter will be from 120.000 to 125.000 cars, or more. This will
Earnings per share on 650.000 shares corn, stock (no par)
$6.05 secondthe
prove
largest quarterly volume ever done by the company. Earnings
Earnings Quarter Ended Mar. 311929.
1928.
may
Sales
$11,180,223 $11,032.119 of be expected to reflect three month's steady operations at a high rate
production.
x Cost of goods sold
7,864,825
8.287.623
"Our judgment of this year's automobile market is
Expenses
676,873
678,392 lective, with business largely awarded by the public that it is highly seto companies with
Planning for this sort of
Operating profit
$2,638,525 $2,066,104 products of particular appeal.more completely equipped year last autumn
we made our cars better and
Other income
155,080
65,403 yet priced more moderately. Undoubtedly the present than ever before,
business done by
ourselves
Total income
$2,793.605 $2.131,507 -V.128, and our distributors and dealers is the result of this policy.
P. 2278.
Cash discount, &c
219.582
192,278
Federal taxes
308.883
296,464
Hudson River Navigation Corp.
-New Director.
Net income
Harrington Mills has been elected a director.
$2,265,140 $1,642,765
Dividends paid and accrued
-S. C. Commission that the railroads which
Following the decision of the I.
506.431
567,808
make connection with the barge lines on the Mississippi and Warrior rivers
Surplus
81,758,709 $1,074,957 establish combination barge-rail rates, Col. E. C. Carrington, President of
Earns, per sh. on 650,000 she. corn. stock (no par)
$2.57
$1.52 the Hudson River Night Line this week requested the Delaware & Hudson
x Includes reserve for adjustment of inventory fluctuations.
and Erie railroads to join with him in establishing differential rates on
through freight, moving to and from New York into territory served by
Consolidated Balance Sheet March 31.
these roads. The differential, it is understood, may amount to as much as
1929.
1928.
20%, under the all-rail rate and would include all commodities.
1929.
-V. 128.
1928.
Assets
p. 2641.
Land, buildings,
6% prior pref. stk _14,550,000 15,000,000
machinery,&c_15,281,806 14,769,472 $4 pref. stock-Listing.
Hupp Motor Car Corp.
x350,000
350,000
Cash
1,195,792 4,219,690 Common stock... y650,000
The New York Stock Exchange has authorized the listing on or after
650,000
Accounts receiv.- 2,051,820 1,895,559 Accounts payable_ 1,267,141
942.528 May 1, up to $342,720 additional of common stock (par $10) on official
Inventories
5,505,257 6,885,384 Accrued Fed. taxes 793,553
685,535 notice of issuance as a stock dividend, making a total amount applied for of
Investments
Accrued dividends 250,295
5,500,000
287,500 $14,051,877.
Preferred stook in
Accr. exp., tax, &c 857,089
873,775
Quer. End. Mar. 31- 1929.
1928.
1927.
1926.
treasury
4,686,176 1,117.135 Depreciation res.- 6,981,454 6,415,599 Netsales
$13.998,820 $19,009,279 $12,783,161 $14.437,693
Deferred assets_ _ 363,029
134,698 Sinking fund
483,750
483.750 Operating
}12,468,417 17,281,524 12.290.889142.400.468
Surplus at organis _ 2,389,826 2,280.808 Eenses costs
xp
I y914.918
Total(each side)_34,583,880 29,021,938 Earned surplus6.010,772 1.052,443 Depreciation
125,456
116,155
112,032
x Represented by 350,000 no-par shares. y Represented by 650.000 Fedal taxes
er
204,763
252,134
75,784
no-par shares.
-V. 127, p. 2375.
$1,200,184 $1,359.466
Operating profit
$304,455 $1,122,307
Hotel Pierre, Inc., N. Y. City.
301.411
256,062
-Bonds Offered.
181.123
-S. W. Other income
Straus & Co., Inc., are offering 36,500,000 1st mtge. leasehold 63i% sinking fund gold bonds at par and interest.
Dated April 1 1929; due April 1 1949. Interest payable A.& 0. Denom.
$1,000 and $500 c*. Principal and interest payable at the office of 8. W.
Straus & Co., Inc., in New York City. Red. for sinking fund at 101 and
interest. Callable except for sinking fund at 103 and interest. Federal
income tax paid by the borrowing corporation up to 2% of interest per
annum as to bondholders resident in the United States and up to 5% of
interest per annum as to bondholders not resident in the United States.
Minn. 3 mills tax; Mont. 33.5 mills tax; Penn., Conn., Vermont, Calif. and
Okla. 4 mills taxes; Maryland and W. Virginia 4% mills taxes; Dist. of
Columbia, Mich., Colo., Kansas, Kentucky, Wyoming, Nebraska and
Virginia 5 mills taxes; Iowa 6 mills tax; New Hampshire state income tax
up to 3% of interest per annum and Mass, state income tax up to 6% of
interest per annum refunded. Straus National Bank & Trust Co., New
York, trustee.
Hotel Pierre, Inc., has been incorp. by a group of leading New York
capitalists who plan to make Hotel Pierre the principal social center of
N. Y. City. Overlooking Central Park and standing on the site of the
old Elbridge T. Gerry mansion on the south corner of Fifth Avenue and
61st 8t., Hotel Pierre will be 41 stories in height.
Mortgaged Properly.
-The bonds will be secured by a direct closed 1st
mtge. on the leasehold estate in the land on the south corner of Fifth Ave.
and 61st St. and Hotel Pierre to be constructed thereon. The plot fronts
100 ft. on Fifth Avenue and 270 feet on 61st St. The hotel will contain
738 rooms of exceptionally large size. There will be a large grill in the
basement. The ground floor, mezzanine and first floor will contain two
public restaurants, together with private dining rooms, a largo ballroom
and two small ballrooms. The tom and the dining room on the first
floor will be 2 stories in height and the ballroom foyer on the mezzanine
will also be 2 stories in height, extending through the floor above. The
remainder of the building above the public floors will contain rooms divided
into suites of convenient size, flexible in arrangement, intended for both
permanent and transient guests. The 40th floor will contain foyers and
serving kitchen for use of the large roof garden on the 41st floor.
Total Value of Completed Leasehold Property.
Appraiser
Pease & Elliman, Inc
$11,000,000
Cushman & Wakefield, Inc
11,060,000
Based on the lower of these appraisals, this bond issue is less than 60%
of the value of the property.
Earnings.
-It is estimated that the annual net earnings of the hotel
available for interest and sinking fund, applicable to the payment of these
bonds, will be in excess of $1,475.000. This is more than 3 times the
greatest annual Interest charge and greatly in excess of the greatest principal and interest requirements taken together.
Leasehold Estate -The company holds the property under long term
lease from The Gerry Estates, Inc. Under the terms of the lease the net
ground rent will be $39,000 until Oct. 311929. increasing on a sliding scale
to $355,000 net per annum to Oct. 31 1950, the average for the term being
$322.619. The lessee corporation has the option of two renewals, each for
20 years. on a basis of
% of the then appraised value of the land.
Net profit
Common dividends
$1,501,595 $1,615,528
$485,578 $1.122,3177
est.681,249
703,633 est.351.816
228.452
Surplus
$820,346
$911,895
$133,762
$893,855
Profit & loss surplus
-17.250,164 11,477,094
9,638,362
8,841.808
Shs.com.stk.out.(par$10)
1,362,498
1,005.189
1,005.189
913,809
Earns. per share- - - - - -51.10
$1.61
$0.48
$1.22
x Includes depreciation. y Includes taxes.
Consolidated Balance Sheet March 31.
1928,
1929.
1929.
1928.
Assaf
$
Liabilities--$
$
$
Property account
Common stock_ _ _13,624,980 10,051.899
(less dePrec'n).- 7,327,102 7,362.752 Accounts payable.. 4,267.578 5,329,248
Acc'ts receivable__ 2,534,304 4,022,827 Stock for Chandler
Inventories
7,941,658 6.047.843 exchange
84.186
Cash
10,135,218 8,380,544 Accrued accounts. 153,895
199,381
Govt.securities_ _ 8,566,303 5,182,176 Dividends payable
351,817
Investments
2,968,758 1.021,842 Fed, tax reserve- 1,321,729
552.134
Good-will, &c__._
1 Reserve for int.,
1
Deferred charges
62,122
80,892
coating., &c___ 1,150,000 1,404.176
Stock div. reserve.. 342,729
251,298
Other reserves___ 1.199,135
312.099
Dealers'deposits__ 159,840
150.961
17,250,164 11,477,094
Surplus
Total
39,554,236 30,080,107
-.V. 128, P. 1917.
Total
39,554,236 30,080,107
Illinois Glass Co.-Mever Ratified.-
See Owens Bottle Co. below.- . 128, p2473.
Ilseder Steel Corp. (Ilseder Hutte).-Listing.-
The New York Stock Exchange has authorized the listing of $10,000.000
gold mtge.6% bonds,series of 1928,due Aug. 11948.-V.128, p. 1240.
International Combustion Engineering Corp.
-Rights.
President George E. Learnard announces that the directors have voted
to offer 50.000 shares of 7% cony. pref. stock now in the treasury of
company to preferred and common stockholders of record April 26 the
1929.
at 100 and dive., on the baste of 1-20th of a share for each share
and preferred stock now held. Mr. Learnard stated furtherof common
that "the
business of the corporation in this country so far this year is over 50%
ahead of the same period in 1928, and the outlook for the remainder of the
year is excellent. The net earnings for 1928, which will be released
April 30. will show a very material advance over the previous year. about
"The plant for the distillation of coal at low
wick, N. J. has been in continuous operationtemperature at New Brunsfor over 90 days,
the
results being obtained are far in excess of what was anticipated. and the
On
basis of the present operations, and taking into consideration the quality
of the products being produced, the net earnings from this plant
will be
much greater than originally calculated. On a similar plant at Coatesville, Pa., construction is proceeding rapidly, and negotiations are being
actively carried on for other similar installations. The plants under con-
2820
FINANCIAL• CHRONICLE
[Vor. 128.
The stock offering is being made under authority conferred upon the
struction in England and France are rapidly reaching completion, and it Is
directors by the stockholders at a meeting on May 30 1927, authorizing
expected they will start operating withM 30 days.
"A subsidiary-company, International Combustion Tar & Chemical Co., an increase in the capital to 90,000,000 from 75,000,000 lira, to be issued
-V. 126. p. 1822.
formerly the F. J. Lewis Mfg. Co., has extended its plants and business, at the discretion of the board.
and Is now treating the tar from New Brunswick plant at its Newark plant.
Jackson & Curtis Investment Associates.
-Dividends.
-V.128, p. 2101.
In addition to the 100% stock
recently declared, it is stated
- that a cash dividend of 91 per sharedividendpaid on the present old stock.
-Capital Increased.
International Paper & Power Co.
will be
At the first annual meeting held on April 24, the directors approved an payable the same dates, issued benficial interest certificates on May 1 to
issue of 2,000,000 additional shares of class C common stock. The directors holders of record April 22. The stock dividend, it is stated will increase
have no present plans for the Issue of this additional stock. The present the outstanding shares from 17,652 to 35,304.-V. 128, p. 2642.
common stock capitalization is now 5.000,000 shares or class A common of
Johns-Manville Corp.
-Earnings.
which 1.000,000 have been issued and over 900,000 shares are reserved for
Quarter Ended March 311928.
conversion of preferred stock; 3,000,000 shares of class B common of which
x1929.
$13,023,884 $10,038,574
1.000,000 shares have been Issued; and 5,000,000 shares of class C common Sales
Cost & expenses
of which 2,500,000 shares have been issued.
11,785,230
9,158,951
106,918
At the annual meeting a report was presented covering Nov. and Dec. Federal taxes
132,565
1928. and showing income received from dividends on International Paper
Net profit
Co. stock of 92,157,517 and balance after expenses of $2,146,204. Dividends
$772,705
$1,106,089
$0.85
paid amounted to $2,150,518 and surplus at the close of the year was Earns, per sh. on 750,000 shs. com. stk.(no par)
$1.30
x Including earnings of Celite Co.,Banner RockProducts Co.and Weaver
$18.114,657. Pres. A. R. Graustein stated that deposits of International
-V. 128, p. 1409.
Paper Co. stock since the close of the year bring total deposits to more Henry Co.
than 99% of the aggregate common stock and 94% of the 7% preferred
Joint Security Corp.
-Earnings.
shares. He explained that there was no underwriting expense in connection
with the recent issuance of 1,500,000 class C shares due to the fact that
Earnings Year Ended Dec. 31 1928.
stockholders subscribed to over 98% of the total and International Se- Gross income
9180,991
entities Co. underwrote the remainder. The International Hydro Electric Net earnings after all charges
84,334
System, he said, owns now more than 82% of New England Power Asso- Earns, per sh. on 31,313 86s. corn stk
$2.33
ciation and nearly al the stock of Canadian Hydro-Electric System.
The corporation reports for the quarter ended March 31 1929, net income
of $29,177 after all charges except Federal taxes. This compares with net
Makes High Electric Energy Output Records.
on the same basis, of $14,815 for the corresponding period of last
The production of electric energy in March 1929, by the International income
year.
-V. 127, p. 3408.
Paper & Power Co. system was 363,636,000 k.w.h. 43% greater than the
output of the system in March 1928. For the first three months of this
Jones & Laughlin Steel Corp.
-Extra Dividend.
year the company produced 1,086,986,000 k.w.h., an increase of 37%
The directors have declared an extra dividend of 91 per share in adover that of the corresponding period of last year.
England Power Asso- dition to the regular quarterly dividend of $1.25 per share on the common
Included in the output figures are those of New
-controlling Gatineau stock, par $100, both payable June 1 to holders of record May 13. Quarciation, of Canadian Hydro-Electric Corp., Ltd.
-electric terly dividends of $1.25 per share have been paid regularly on the common
-and of the hydro
Power Co. and Saint John River Power Co.
stock since Sept. 1 1926. inclusive, and in addition, the company on Dec. 1
plants of the International Paper Co. group.
The production of electric energy in March of this year of International last, paid an extra dividend of 91 per share.
1927.
Three Months Ended March 311929.
1928.
Ltd..
Hydro-Electric
Hydro-Electric System-controlling Canadian
$6,907,587 $4,325,204 $5,085,291
that of
and New England Power Association-was 61% greater thanCorp.. the Net after taxes
1,227,989
1,259,616
1,495,610
System in March 1928; and for the first quarter of this year it was 52% Depreciation and depletion
198,578
162,131
157,798
over that of the first quarter of 1928. The International Hydro-Electric Interest
System is the new company recently formed as a subsidiary of International
Netincome
0,254,179 $2,903,457 $3,658,724
Paper & Power Co. to control New England Power Association, serving the
1,012,718
1,020,806
1,027,514
heart of industrial New England,and Canadian Hydro-Electric Corp.. Ltd., Preferred dividends
716,650
720,400
720,400
operating in a thriving and rapidly growing section in Quebec and the Common dividends
Montreal, and also in the
eastern part of Ontario between Ottawa and
Surplus
28
$3,506,265 $1,162,251
Province of New Brunswick,
ares
573,320
573,320
The New England Power Association in March of this year produced Shares of com. outstanding (par $100)
$4.61
$3.28
$7.37
123.960,091) k.w.h. of electric energy, an increase of 14% over the output Earnings per share on common
of the Association in March 1928 and 34% over that of March 1927. In -V. 128, p. 2102.
the first three months of this year, the production of New England Power
Jordan Motor Car Co., Inc.
-Stock Increased- Listing.
Association was 376.924.000 k.w.h., 14% greater than in the corresponding
The stockholders on April 24 increased the authorized common stock,no
period of 1928,and 44% greater than in the first three months of 1927.
166,904,000 k.w.h. par value,from 300,000 shares to 500,000 shares. See also V. 128, P. 2423.
The Canadian Hydro-Electric Corp., Ltd.. produced
The New York Stock Exchange has authorized the listing of 150,000
of electric energy in March, two and one-third times the output of the
corporation in March 1928, and the second highest production for a single additional shares of conunon stock (without par value) on official notice of
month, being exceeded only by that in January. In the first quarter of this issuance and payment in full, making the total amount applied for 450,000
year, the corporation generated 496,039,000 k.w.h., over twice its output shares of common stock.
In the first quarter of last year. and the greatest for any quarter in its
Income Account for Calendar Years.
history.
-V.128. p.2473
1925.
1926.
1927.
1928.
Number of automobiles
-Listing.
Stores, Inc.
Interstate Department
8,321
8,026
sold
6,640
3.785
The New York Stock Exchange has authorized the listing of 1,500 Net value of automobiles
additional shares of common stock (without par value) on official notice of
sold
$4,206,595 $8,247,690 $11,189,954 $13,036,924
Issuance and sale to employees, making the total amount applied for Net value of parts sold._
474,563
442.130
332,903
297,338
238.386 shares of common stock.
Total net value ofsales $4,503,934 $8,580,593 $11,632,084 $13,511,488
Consolidated Income Account for Calendar Years.
1928.
1927.
18,169
697
Int. earned and 0th. inc.
19,957
8,871
$21,544,423 $17,939,789
IS et sales
19,769,481 13.191,16
Cost of sales
Total income
$4,512,804 $8,600,551 $11,632,781 $13,529,656
4,681,755 3.851.805 Cost of goods sold
Total expenses
4.496,857 7,731,539 10,191,808 11,639,369
Selling,adm.& gen exps.
$896,821
$1,093.186
Net profit en sales
including other charges
'
311,248
218,383
1,336,661
1,110,426
Leased department income
580,589 1,767,986
against income
120,387
233,753
a526,779
231,347
Depreciation
$1.404,435 $1,115,204 Federal tax provision_ _ _
63,000
Net profit
108
43,789
Net profit-wholesale business
40.308
Use and occupancy insurance recovered
$795,988 $1,425,753 prof.996.794 Pf.3370.239
Net loss
$2,395,256 $1,550,692 sur$385,851 sur$734,091
Profit & loss deficit
$1,444,850 $1,158,994
Consolidated net proft
-Depreciation in 1927 includes charge for obsolete dies and tools
Note a.
39,811
Non-recurring items organization exp. written offof body tools in the amount of $330,781.
36,500 and for additional amortization
I et adjustment for officers' and managers'salaries
171,844
Earnings for Quarter Ended March 31 1929.
151,537
Federal taxes
$1,015,882
Sales
161,336
$970 957 Gross profit
$1,233,194
-as adjusted
Consolidated net profits
62,500
$4.81
0.64 Operating profit
Earned per share common
19,675
Interest and charges
-V. 128, p. 2473.
1
$1.1i
-Removal of Offices.
Investment Managers Co.
The company announces the removal of its offices on April 29 1929 to
-V. 128, p. 2473.
63 Wall Street, New York City.
-Initial Dividend.
Irving Air Chute Co., Inc.
The directors have declared an initial dividend of 50 cents per share
on the common stock, no par value, payable July 1 to holders of record
June 15. (For offering, see V. 128, p. 1409.)
An announcement says:
Parachutes already shipped and present unfilled orders are 36% greater
than total 1928 United States shipments. Production Is being stepped up
40% at the company's Buffalo plant. The directors have also authorized
the opening of two additional plants, one in California and the other in
Central Europe,all to be financed out of current earnings. The output of the
-V. 128.
company's English plant has been sold out for the entire year.
p. 2473.
Island Creek Coal Co.-Quarterly Earnings.Quar.End.Mar.31Net profit after deprec..
deple.& Fed. taxes_
(par $1)
Shs.com.stk.out.
Earnings per share
-V. 128, p. 2279.
1929.
9818,154
594,005
$1.29
1928.
1927.
1926.
$679,075
594.005
$1.03
9861,500
594.005
$1.32
•
$597.804
118,801
$4.42
Balance
Other income,incl. discounts on purchases
$42,825
14,683
Net profit before Federaltaxes
-V.128, p.2473.
$57,508
Joske Bros. Co.
-373'2c. Dividend.
The directors have declared a dividend of 373 cents on the capital
stock, no par value, payable April 29. to holders of record April 26.V. 125, p.2274.
-The
(Julius) Kayser & Co -50% Stock Dividend.
directors have declared a 50% stock dividend on the common stock no par value, payable in voting trust certificates
on July 1 to holders of record June 10. At last accounts
there were outstanding 266,243 shares of common stock.
It is the intention of the directors to place the increased
stock on a $4 annual dividend basis. The present outstanding stock is on a $5 annual basis. A quarterly dividend of
-V. 128, p. 259, 740.
$1.25 per share is payable on May I.
-Merger Approved.
Kelsey Hayes Wheel Corp.
-50c. Dividend.
Isle Royale Copper Co.
The stockholders of this corporation and of the Wire Wheel Corp. of
The directors have declared a dividend of 50 cents per share on the out- America,on April 25,approved the plan for the merger of the two companies
capital stock, par $25, payable June 29 to holders of into a new corporation to be known as the Kelsey Hayes Wheel Corp.
standing $3,750,000
record May 31.
Under the plan of consolidation the stock of the two companies will be
Dividends paid during 1928 follow: 50c. per share on March 15, 75c. per exchanged for the new company's stock as follows: preferred and common
share on Sept 15,and 50 cents per share on Dec. 15, making a total of $1.75 stock of the Kelsey Hayes Wheel Corp. will be exchanged for 2nd preferred
per share for that year as compared with a total of $1 per share in each of and common stocks of the now company on a share-for-share basis; preferred
-V. 128. p. 1742.
the three preceding years.
stock of the Wire Wheel Corp. will be exchanged for the 7% preferred stock
of the new company on a share-for-share basis; class A stock of the Wire
Isotta Fraschini (Fabrica Automobili Isotta Fras- Wheel Corp. will be exchanged for preferred stock of the new company on
the basis of 5-7 of a share of new stock for each share of class A stock;
-Rights, &c.
chini), Italy.
Corp. will be exchanged for the common
The directors have authorized a 20% stock allotment which will bring common stock of the Wire Wheel
of 59-100 of a share of new stock for
the outstanding stock to 450,000 shares from 375,000 shares, par value stock of the new company on a basis The class A stockholders of the Wire
20011ra. The 75,000 additional shares are to be offered to stockholders in each share of Wire Wheel common. in cash as a dividend adjustment on
lira per share Wheel Corp. will receive $1.66 2-3
Proportion of one new share for each 5 shares hold at 210
payable at time of subscription. The new stock carries the dividend from each share for the period from Jan. 1 to April 30 1929.-V. 128, p. 2102.
Jan. 1 1929 which is payable next year, dividends being paid annually.
-Statement on Rights.
(G. R.) Kinney Co., Inc.
Subscription may be exercised from April 22 to April 27, inclusive, against
The Plaza Investing Corp. April 23 issued the following statement:
the presentation of the old stock for stamping. Rights expire on April 27.
There has been some confusion about the rights on the G. R. Kinney Co
Rights for fractional shares will also be issued on the basis of 1-5 of a new
share and on the presentation of 5 such fractional certificates before May stock,listed on the New York Stock Exchange. Co.
states that the present
The notice to the stockholders of the Kinney
15 1929, will entitle the holder to subscribe for one new share. Fractional
value
certificates will expire after May 15. Subscribers for new stock will receive shares will be split, two for one, and an additional share of no par 22 on
common stock, will be forwarded to shareholders as of record April
provisional certificated before May 31 1929.
group of Italian and May 10. It furthermore states that 40,000 shares will be offered to shareThe new stock issue has been underwritten by a
American bankers, the latter headed by E. H. Rollins & Sons, who have holders at 926 per share in the ratio of one new share for every three snares
acted as bankers for the company in this country. American holders of of the new common stock held. and warrants will be issued on this basis.
Further trading on the stock exchange continues on the old stock up
Italian bearer shares may enter their.subscriptions through the New York
until May 10; therefore, the old stock carried with it two rights per share.
office of Ba.nca Commerciale, Itallaria.
APRIL 27 1929.]
FINANCIAL CHRONICLE
2821
An initial quarterly dividend of 5%,or 25c. per share has been declared
on the 200,000 shares of $5 per value common stock outstanding, payable
May 10 to holders of record April 30.
The proposal to increase the authorized capital stock from $1.000,000 to
Stock Div. Ruling.
$5,000,000 to consist of 200,000 shares of $5 per value 6% preferred stock
The Committee on Securities of the New York Stock Exchange recently and 800,000 shares of $5 par value common stock and to provide for voting
ruled that the common stock be not quoted ex- the 100% stock dividend rights among the preferred and common stockholders share for share was
on April 22 and not until May 13 and that the same stock be quoted ex- also approved at the annual meeting.
-V. 127, p. 2380.
rights on April 22.
Mexican Eagle Oil Co., Ltd.-Pref. Dividend.
1927.
Quarter Ended March 311929.
1928.
This company has declared a dividend of 2s. 9.6d. on each 10 shares of
27
Net profit after chgs. & Federal taxes $120,184
$24,129 loss$31,358
1st preference stock of 4 pesos par value.
-V.128, p. 2642.
The Canadian Eagle Oil Co., Ltd., has declared a dividend of 4s. 2.4d.
(Henry) Klein & Co., Inc.
-Dividends.
-on each 10 shares of its 1st preference $3 par value stock.
A year ago the Mexican Eagle Oil Co., Ltd. paid a dividend of 5s. 6.83d.
The directors have declares a regular quarterly dividend of 30c per share
'
on the outstanding 50,000 shares of participating preference stock as well on each 10 preference shares, while the Canadian Eagle Co. paid Is. 17d.
-V. 127, p. 1261.
as a participating dividend of 20c per share, payable May 1, to holders of on each10 preference shares.
record April 22. A dividend of 20c per share on the outstanding 100,000
Mexico-Ohio Oil Co.
-Rights.
-shares of common stock was also declared, payable on the same date.
Similar distributions were made on the respective issues on Feb. 1 last.
The stockholders of record April 20 have been given the right to subscribe on or before May 4 to additional capital stock (no par value) at $5
V. 128, p. 569.
a share in the ratio of one new share for each four held.
Knox Hat Co., Inc.
-Recapitalization Approved.
The company has an authorized capital of 500.000 shares of no par value
An increase in the common stock from 50,000 shares to 300,000 shares, of which 400,000 shares are outstanding. The Ohio Oil Co. owns 170,700
-V.123. p. 2787.
of which 150,000 shares will be class A common, and 150,000 shares new shares of the outstanding stock.
ordinary common without par value, has been approved by the stockholders.
-Initial Dividend.
Milnor, Inc.
The new stock will be issued to pay dividends on the present common and
participating preference shares at the rate of 25 shares of new common
The directors have declared an initial quarterly dividend of 25 cents per
stock for each 100 shares of the old common and 6;1 shares of the new share on the capital stock, no par value, payable July 1 to holders of record
common for each 100 shares of participating preference stock. Holders June 15. For offering, see V. 128, p. 2475.
of participating preference stock may exchange their stock for the new
-Common Div.
Mock, Judson, Voehringer Co., Inc.
common on the basis of 1% shares of the former for one of the latter.
Holders of the present common shares of record April 22, may subThe directors have declared a quarterly dividend (No. 2) of 50 cents a.
scribe for new common stock at $110 a share on the basis of one new share on the common stock, no par value, payable May 15 to holders of
share for each old share held. The new common stock will possess no record May 1. An initial quarterly dividend of like amount was paid on
voting power.
-V.128. p. 1920.
this issue on Feb. 15 last.
The company will redeem its $819,500 outstanding 1st mtge. bonds
Mohawk Rubber Co.
-Initial Common Dividend.
at 10236 and int., and will also retire its prior preference stock at 110 and
diva.
The directors have declared an initial dividend of 75c. per share in cash
The stockholders also authorized an increase in the board of directors and 1% in stock on the no par value common stock, payable May 20,
- holders of record May 10.-V.128, p. 1569.
from 12 to 14 members. The 2 additional directors will be elected later.
V. 128, p. 2473.
The rights that are quoted on the Stock Exchange are the rights on the new
stock, and not on the old stock. That is why the quotation is at around
$2 per share. (See also V. 128, p. 2642.)
Kraft
-Phenix Cheese Corp.
-Sales.
1929.
$16,293,740 $1519 69 51
,528
2;
Quarters Ended March 31Sales
-V. 128, p. 1387.
-To Increase Capitalization
Monsanto Chemical Works.
-2for 1 Split up-To Place New Common Stock on an Annual $1.25 Cash and 6% Stock Dividend Basis.
-
A special meeting of the stockholders has been called for July 2 to vote on
increasing the authorized common stock (no par value) from 160,000 shares
to 500,000 shares and on approving the distribution of of 2 new shares
for each old share on July 20 to holders of record July 10.
1928.
1927.
1926.
Quarter Ended Mar.31- 1929.
$31,360,267 $28,832,418 $25,447,778 $23,419,154
The directors announced that they propose to place the new stock on a
Sales
Net earnings
3,611,342
3,398,011
2,900,133
2,882,748 $1.25 annual cash basis, which is equivalent to the $2.50 basis paid on
Federal taxes
433,361
458,732
391,515
389,171 the present stock. In addition the directors propose to pay quarterly stock
dividends of 13.6%. The first stock dividend on the new stock will be paid
Balance after taxes-- $3,177,980 $2,939,279 $2,508,618 $2,493,577 on Aug. 1 to holders of record July 20.
Preferred dividends _--35,000
35,000
35,000
On April 1 last, the company paid on the present common stock a 10%
35,000
stock dividend in addition to regular quarterly cash dividend of62% cents
Balance for common --_ $3,142,980 $2,904,279 $2,473,618 $2,458,577 per share.
Shares corn, stock. outPresident Edgar M. Queeney states that sales of the company for the
standing (par $10)--- 5,517,929
3,678,619
3,678,619
3,678,619 first quarter of 1929 show an increase of more than 30% and net profits
Earnings per share
$0.57
$0.79
$0.67
$0.66 show a very substantial increase over the figures for the corresponding
-v. 128, p. 2279.
quarter of last year. Investment in plant made during 1928 for improvements and development of new products contributed substantially to this
Lake Erie Bolt & Nut Co.
-New Director.
showing. The outlook is for continued good business. The directors
A. G. Bean has been elected a director succeeding C. C.Bolton.
-V intend to publish a financial statement as of June 30 1929, it is announced.
126, p. 4093
-V. 128, p. 1743.
-Earnings.
(S. S.) Kresge Co.
Larrowe Milling Co.
-Stockholders Receive $6,500,000.
-
The Commerce Guardian Trust & Savings Bank Co., acting as agents
for this company and for the General Mills, Inc., which has acquired the
business and 'Toledo plant of the Larrowe company on April 19, began the
distribution to the stockholders of $6,500,000 in cash under the terms of
the sale.
The stockholders had the option, also, of taking either preferred or
common stocks of General Mills, Inc., and in addition to the cash distribution there was the distribution of these stocks to security holders. See
also V. 128, P. 2642.
(F. & R.) Lazarus & Co.
-Dividend Dates.
The initial quarterly dividend of 1%% declared last week on the 61.6%
pref. stock is payable May 1, to holders of record April 20 (not April 30
as previously reported).
-V. 128, p. 2642.
Lincoln Aircraft Co., Inc.-Sales.
For the week ended April 20 1929 the corporation reports the sale of 35
Lincoln-Page Trainer planes, bringing total sales to 239 planes for the current year.
-V. 128, p. 2474.
Lincoln Printing Co.
-Earnings.
Quarter Ended March 31Net income after charges
-v. 128, p. 2280.
1929.
$197,187
1928.
$162.491
McKesson & Robbins, Inc.
-Listing.
The New York Stock Exchange has authorized the listing of 569,794
additional shares of common stock and 4.168 additional shares of preference
stock upon official notice of issuance; such shares to be issued as part corasideration to acquire all of the outstanding capital stock of certain cornpanies.-V. 128, p. 2474.
Magma Copper Co.
-Earnings.
Quarter Ended Mar. 31- 1929.
1928.
1927.
1926.
Copper produced (lbs.)- 89.722.101 $8.049,539 $7,386,059 $7,115.386
Net earns, after exp. but
bef. deprec. & taxes__
x992,037
440,970
389,515
422,826
Earns. she. on 408,155
she. cap. stk_ _ ____
$2.43
$1.08
$0.95
$1.03
x After depreciaaon.-V. 128, p. 2475.
Mengel Stores Corp.
-Initial Preferred Dividend.
-
An initial quarterly dividend of 1 l% on the 6%% cumul. pref. stock
has been declared, payable June 1 to holders of record May 15. (For
offering see V. 128. P. 1918.)-V. 128. p. 2474.
Margarine Union, Ltd.
-6% Final Dividend.
-
The directors have recommended the distribution of a final dividend
of 6% on the ordinary shares for the year 1928, making total dividends
for the year 10%.
The combined net profits of Margarine Union, Ltd.. and N. V. Margarine Unie for the year ended Dec. 31 last was 51,666,848. The combined capital and general reserves after appropriations to the general reserve funds, amount to 513,816,264.-V. 128. p. 742.
--Earnings.
Martin-Parry Corp.
PeriodNet sales
Cost of goods sold
----3
-6 Mos.Feb. 28, '29. Feb. 29 '28. Feb. 28 '29. Feb. 29 '28.
$880,749
$415,495 $1,674,249 $1,141,105
929,949
584,264
1,761.485
1,359.907
Operating loss
Other income
$49,200
5,679
$168,770
39,693
$87,236
10,534
$218,802
96.968
Total loss
Fed. tax & misc. deduct.
$43,521
9,692
$129,076
69,322
$76,702
14.164
3121,834
119,968
Net deficit
-V. 128, p. 414.
$53,213
$198,398
890,866
$241.802
-Listing.
Mathieson Alkali Works.
The New York Stock Exchange has authorized the listing of 441,246
shares common stock (without par value)on official notice of issue as a stock
dividend making the total applied for 592,503 shares common stock.
-V.
128. p. 2643.
Merchants & Manufacturers Fire Insurance Co.,
Newark, N. J.
-
-New Control.Morse Chain Co., Ithaca, N. Y.
-V. 126, p. 2157.
See Borg Warner Corp. above.
-Larger Dividend.
Morse Twist Drill & Machine Co.
The directors have declared a quarterly dividend of $1.50 per share,
payable May 15 to holders of record April 25. From Feb. 1 1927 to Feb.
1929, both incl., quarterly dividends of $1.25 per share had been paid.
V. 128, p. 1569.
Moth Aircraft Corp.-Chairman of Board, &c.
Richard F. Hoyt, of Hayden, Stone & Co. has been elected Chairman
of the board of directors. The corporation, which last month introduced
the first American built Moth plane with newly designed steel fuselage,
reports that orders on hand are sufficient to keep the plant operating at
capacity well into the Fall season and that plans are now being laid to
-V. 128. p. 261.
double the present output.
-Proposed Consolidation.
Moto Meter Co., Inc.
Announcement is made of the formation of the Moto Meter Gauge &
Equipment Corp. organized in Delaware, for the purpose of acquiring
the business and assets of the Moto Meter Co., Inc. and the Safe-T-Stat
Co. The details of the plan, which will be announced within a few days,
have been worked out by a committee headed by George W. Davison,
President of the Central Union Trust Co. of New York.
The new company will manufacture a complete panel equipment for
automotive, marine and aeronautical uses, consisting of heat indicators, oil
and gasoline pressure gauges, ammeters, horns, spark plugs and Bakelite
parts. The authorized capitalization will consist of 750.000 shares of
common stock, of which 512,500 shares will be outstanding upon completion of present plans. The acquisition is to be effected by an exchange of
stock of the Moto Meter and Safe-T-Stat companies for the stock of the
new company, and, at the same time stockholders will be given the opportunity of subscribing to 137,000 additional shares of the new company.
The new capital is to be used to retire certain underlying securities of the
subsidiary companies and to provide additional working capital.
The pro forma balance sheet of the new company as of Dec. 31 1928.
after writing down all patents, rights, licenses, trade-marks and good-will
to $1,shows current assets of $3,597,253, as against total current liabilities
of $832,682, or a ratio of about 4.32 to 1. The total sales of the combined
companies for 1928 amounted to more than $8,296,400.
The Safe-T-Stat Co.. organized in 1923. has an authorized capitalization
of 250,000 shares ofcommon stock,no par value,all of which is outstanding.
The company has no funded debt or preferred stock, and owns all of the
outstanding stock of the Nagel Electric Co., Inc. of Toledo,0., which is its
operating subsidiary. To meet the needs ofan increasing volume of business,
Its production capacity was substantially increased in 1928 by the erection
of new buildings and installation of automatic equipment, but in spite of
this increase the company was unable to fulfill all orders,it is stated.
The Moto Meter Co., Inc., incorporated in 1912, has an authorized
capitalization of 200,000 shares of class A stock and 200,000 shares of
Class B stock, all of which is outstanding. The company has no bonds or
preferred stock and owns all of the outstanding stock of the National
Gauge & Equipment Co., which it acquired in 1926.
Application will be made to list the new stock on the New York Stock
Exchange.
The directors of both companies have unanimously approved a plan and
agreement dated April 15 1929.
Holders of the common stock of the Safe-T-Stat Co. and of the class A
stock of the Moto Meter Co., Inc., will be entitled to participate in the
benefits of the plan and become parties thereto by depositing their stock
With the Central Union Trust Co. as depositary,80 Broadway, N. Y. City.
on or before May 8 1929.
Certificates of deposit will be issued by the depositary for stock deposited
under the plan. Certificates of deposit representing deposited common
stock of the Safe-T-Stat Co. will bear detachable participation warrants and
certificates of deposit representing deposited class A stock of the Moto
Meter Co.,Inc., will bear detachable purchase certificates, in each case conferring the right provided in the plan and agreement to purchase stock of the
new company upon payment of the purchase price at the time and upon the
terms and conditions therein set forth. Further details will be given next
week.
-Ed.'
The committee consists of George W. Davison, Chairman; Graham
Adams (of J. A. Sisto & Co.); Victor C. Bell (of Mendes, Bell & Whitney,
Inc.); Dewees W. Dilworth (of E. F. Hutton & Co.); E. F. Gillespie (of
E. F. Gillespie & Co., Inc. ); Frederico Lege (of Lase & Co.), and John S.
Snelham (of Deloitte, Plender, Griffiths & Co.) with C. E. Sigler, 80
Broadway, N. Y. City, as Secretary, and Larkin, Rathbone & Perry as
Counsel,
-V.127, p.2545.
2822
FINANCIAL CHRONICLE
Moto MeterGauge &Equipment Corp.
-Consolidation.
--
See Moto Meter Co., Inc., above.
[VOL. 128.
Newton Steel Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 240,000
shares of common stock (without par value).
Income Account for Calendar Years,
3 Mos. Ended Mar. 31- 1929.
1927.
1926.
1928.
Net earns, after all chgs.
1928.
1927.
1926.
1925.
except tax
$183,414
$107,016 Gross profit after cost of
$150,081
$169,193
sales
$2,142,528 *1,008,827 $1,161,822 $1,489,126
-V. 128, p. 901.
Depreciation
231.275
207,065
193,657
179,669
National Air Transport, Inc. -Co-Registrar.Gross profit on sales _ $1,911,253
The Bank of America N. A. has been appointed co-registrar of 650,000
$801,761
5968.165 $1,309.457
Miscellaneous income -shares of capital stock.
54,148
-V. 128. p. 743.
18,733
13,218
11,786
Gross income
National Assets Corp.
$1,965,401
-Registrar.
$820,495
$981,383 $1,321,243
The Chatham Phenix National Bank & Trust Co. has been appointed Admin. & gen. cap
217,794
163,052
153.378
121,705
registrar of 500,000 shares of cumul. preferred stock, par $25,and 1.000.000 Selling & adver. exp
165,141
137.993
138.266
158.494
Prov. for doubtful texts.
shares of Fommon stock without par value.
3,978
11,348
2,400
2.400
Loss on securities
11,549
10.000
Amortiz. of bond disc. &
National Dairy Products Corp.
-Listing, &c.
expenses
The New York Stock Exchange has authorized the listing of a $650,000
3,726
14,701
7,804
43,747
53 % gold debentures due Feb. 1 1948, upon official notice of issuance as Loss on equip. sold, &c
,
1
2,932
2,326
41
part consideration for the property and assets of J. D.Roszell Co., Simmons interest on bonds
32.127
39,440
4-.096
177,808
& Hammond Manufacturing Co. and the Jersey Ice Cream Co., making Federal income taxes_
49.547
76.570
L'5,804
the total amount of 5; % gold debentures due 1948 applied for to date
,
1
Net profit
$1,356,933
$408,222
$47,665,000.
$544,301
$812.900
200,000
The Exchange has also authorized the listing of 50,491 shares of common No.corn.shs. outst'd'g _
100.000
100,000
101,000
stock (without par value) upon official notice of issuance in connection with Earned per sh. on coin.,
on basis of no. of shs.
the acquisition of the entire assets of J. D. Roszell Co. certain assets of
ofpref & con. outst'g
pee 31
.
Simmons & Hammond Mfg. Co., the entire outstanding common stock
$6.13
$2S7
of The Clover Dairy Co., the entire assets of National Creamery Co. and
$4.20
4.37
of The Jersey Ice Cream Co..certain assets of John H. Muller Dairies, Inc., -V.128. p. 1922.
and Fred H. Muller, Inc., and the entire assets of The Shetler Ice Cream
North American Car Corp.
-Equip. Trusts Offered.
Co.; and the listing on and after July 1 1929 of 505 additional shares, and
on and after Oct. 1 1929 of 509 additional shares of its common stock, Freeman & Co. and Blyth & Co. are offering $700,000 5%
upon official notice of issuance from time to time as stock dividends.
equipment trust gold certificates series K at prices to yield
The 50,491 shares will be issued as follows:
(1) 17.400 shares par value together with $250,000 53.1% gold debentures as 5.20%. Principal and dividends to be unconditionally
part consideration for the entire properties and assets of J. D. guaranteed
by the corporation. Issued under the PhilaRoszell Co., (Ill.), the remaining consideration being the
assumption by the company of the liabilities and obligations of delphia plan.
said J. D. Roszell Co.
Fidelity-Philadelphia Trust Co., Philadelphia, trustee. Dated May 1
(2) 3.500 shares together with $240,000 53 % gold debentures as part 1929. Principal to be;payable semi-annually in serial instalments of$23,000
consideration for certain assets of Simmons & Hammond Mfg. each from Nov. 1 1929 to May 1 1939, both inclusive, and $24,000 each
Co. (Maine), the remaining consideration being the assumption from Nov. 1 1939 to May 1 1944. both inclusive. Denom. $1,000.
by the company of the liabilities and obligations of Simmons the option of the corporation, certificates are red, on any div. date at At
,
101
& Hammond Mfg. Co.
and diva. Both principal
(3) 16.493 shares in exchange for the entire authorized and issued common normal Federal income taxand dive, are to be paid without deduction of
not in excess of 2% per annum. Certificates
stock of The Clover Dairy Co. (Del.).
and dividend warrants (M. & N. 1), to be payable at the principal office
(4) 2,020 shares in exchange for the entire properties and assets of National of the trustee in the City of Philadelphia, or at the principal office of its
Creamery Co. (Mass.), the remaining consideration being the agency, the Bankers Trust Co.,
The corporation agrees
assumption by the company of the liabilities and obligations reimburse to the holders of these New York. the Penn, state tax (not to
certificates
to
shown on its balance sheet as at Jan. 1 1929.
exceed 4 mills annually) upon application as set forth in the agreement.
(5) 4,628 shares together with $160,000 5(% gold debentures as part
Data from Letter of Ii. Ii. Brigham. Pres, of the Corporation.
consideration for the entire properties and assets of The Jersey
Ice Cream Co. (Mass.).
These certificates are to be secured through assignment to the trustee
(6) 6,000 shares in exchange for certain assets of John H. Muller Dairies, of title to the following equipment: 500 now all-steel 8,000-gallon capacity
Inc., and Fred H. Muller, Inc., New York corporations; and tank cars. These cars are to cost $875,000 or 125% of the face value of the
(7)
450 shares in exchange for the entire properties and assets of The certificates to be issued.
Shetler Ice Cream Co. (Ohio).
-V'. 128, p. 2476.
Company.
-North American Car Co. commenced business in 1908 and on
Feb. 1 1926, all the assets owned
National Distillers Products Corp.
-Initial Dividend.
- Car Corp. Its business consists by it were acquired by the North American
primarily in the ownership, operation and
The directors have declared an initial quarterly dividend of $1.75 per leasing of tank cars, refrigerator cars and Palace Poultry cars. These cars
share on the pref. stock, no par value, payable Aug. 1 to holders of record are leased to and used by many of the larger railroad systems, large inJuly 15. This stock becomes cumulative at the rate of $7 per share per dependent meat packers,
shippers, refiner: of petroleum ;toils,
e
annum after May 1 1929.
d molas es,b ninoilet:;enntfacturers
lfeitid
s reffL.
s na ho argdealers in
a ar slo
8
turpentine,f
Consolidated Income Account.
creosotea
e
road building and maintenance materfal, cotton seed oil, vegetable
Quarters Ended March 311928.
1929.
Operating profit
$15,950 greases, tallow and soap stocks, and mineral water. The corporation and
$319,663
Interest and discount
4588:498482 its controlled subsidiaries, the Palace Poultry Car Co. and North American
55.547
Equipment Corp. now own 3,186 tank cars (including the 500 cars under
Depreciation
31,837
this trust), 1,969 refrigerator cars and 600 palace poultry cars. In addition
Profit before Federal taxes
$232.279 10,491,516 the corporation owns well equipped car building and repair shops at Chicago,
Coffeyville, Kan, West Tulsa, Okla., and North Judson, Ind. Comore-V. 128. p. 1744.
tion also operates oil storage facilities at West Tulsa, Okla., and at Chicago.
National Motor Service Corp.
-Stock Offered.-Furlaud having a capacity of 10,920,000 gallons.
Earnings.
-The net earnings of
& Co., Inc., recently offered 64,500 shares no par value Jan. 31 1927 and 1928 and for the 11the corporation for the years ending
months ended Dec. 311928. available
common stock.
for fixed charges, depreciation and taxes were:
The corporation, organized in Delaware. was recently formed to acquire
-Years Ended Jan. 31.- 11 Months.
motor service companies to operate, directly or through subsidiaries, in the
1927.
1928.
principal cities throughout the United States. Upon completion of present Net earnings (as above)
$618,635 $1,096,300 $1,279,469
fthancing the corporation, it is said will own the capital stock of
-Corporation has outstanding 20,000 shares of $6 1st
Capitalization.
Imperial Motor Service Corp., a New York corporation, said to represent pref.
the consolidation of 18 long-established motor service enterprises, which will upon stock, series A. (no par) and 113,849 shares common stock, (no par)
which annual dividends are being paid at the rate of $2.50 per share.
function as a subsidiary.
Imperial Motor, it Is stated, operates a fleet of 300 automobiles in New Common stock is listed on the Chicago Stock Exchange and is now selling
York City, with 8 modern garages and 2 repair and maintenance stations. at approximately $50 per share, representing a value of in excess of $5,Consolidated net earnings after depreciation, Federal income tax and ex- 692,450.-V. 128, p. 2477.
penses and charges,for the year ended Dec.31,last, amounted to $364,455,
-Rights.
North Butte Mining Co.
--V. 128. p. 1745.
or $3.64 a share.
The stockholders of record April 30 will be given the right to subscribe
on or before May 20 for additional capital stock (par $2.50) at $8 per
(J. J.) Newberry Co.
-50% Stock Div.
-Rights.
-V. 128. p. 1243.
The directors have declared a 50% stock dividend on the common stock, share, to the extent of 10% of their holdings.
no par value, payable to holders of record May 1.
-New Vice-Pres.
The company will also issue rights to stockholders of record May 1 to
Northwestern Casualty & Surety Co.
purchase additional common stock at $60 per share in the ratio of one new
Lewis F. Koppang, Comptroller of the Union Indemnity Co., Northshare for each 10 shares held. The 50% stock dividend will also carry the western Casualty & Surety Co., and the other companies of the Insurance
right to subscribe. Rights will expire May 31. No fractional shares will Securities Group, has been elected Vice President of the Union Indemnity
be issued, cash being paid for fractions on the basis of the average price of Co., Northwestern Casualty & Surety Co., La Salle Fire Insurance Co.,
the stock on May 1.
and Union Title Guarantee Co.
-V.126, p. 3135.
The directors also voted to call a special stockholders' meeting in the near
future to vote on increasing the authorized common stock from 400,000
-Initial Common Dividend.
Shares! Inc.
Ohio
shares to 800.000 shares. At Dec. 31 last, there were outstanding 239,620
The directors have declared an initial quarterly dividend of 50 cents per
-V.128,p. 1745.
shares of this issue.
share on the no par value corn, stock. payable May 1 to holders of record.
-Consolidation Plan Approved. April 20.-V. 125. p. 3358.
New Cornelia Copper Co.
Mullins Manufacturing Co.-Earnings.
-
-V. 128,
-See Calumet & Arizona Mining Co. above.
p. 2283.
-Debentures.
New York & Foreign Investing Corp.
-year 5%% gold
The Interstate Trust Co. announces that definitive 20
-Larger Dividend.
Old Colony Investment Trust.
The directors have a semi-annual dividend of 40 cents per share on the
common stock, no par value, payable May 15 to holders of record May 1.
An initial semi-annual dividend of 30 cents per share was paid on this issue
in Nov. 1928.-V. 126, P. 3770.
debentures. series A. with warrants attached, are now ready for delivery
-Listing.
Oliver Farm Equipment Co.
at their office, 59 Liberty St., N. Y. City, in exchange for and upon surThe New York Stock Exchange has authorized the listing of 200,000
render of temporary debentures. (See offering in V. 127, p. 3411.).shares (no par value) prior preferred stock, series A and with and without
V. 128. P. 573stock purchase warrants; (b)432.274 shares (without par value) convertible
-Equipped with Sanitary Machines participating stock; (c) 310,372 shares (without par value) common stock
Neve Drug Stores Inc.
The 70 stores of this corporation in the New York Metropolitan area with authority to admit (a) 39,628 shares common on official notice of
have been equipped with Sanitary Postage Machines, it is announced issue in connection with the acqiisition of the business and properties of
-Parr Co. or Nichols & Shepard Co. upon the exercise of conversion
by the Consolldated Automatic Merchandising Corp., manufacturers of Hart
the machines. Installation of the machines comes as a result of the new rights of outstanding cumulative preferred stock $6.50 convertible series A
-Parr Co. or outstanding warrants to purchase common stock of'
policy of the Neve Stores to discontinue the sale ofstamps over the counter. of Hart
Hart
-Parr Co. or common stock of Nichols & Shepard;(b) 250,000 shares.
-V.128, p. 572, 262.
common, on official notice of issue upon the exercise of outstanding stock
New Haven Clock Co.
-To Finance Through Stock Offering. purchase warrants; (c) 75.000 shares, common, on official notice of issue
The company, it is announced, is about to finance its needs through upon the exercise of certain outstanding options; and (d) 500.000 shares
an offering of 6M % cumul. cony, preferred stock, series A, and a limited common, on official notice of issue upon conversion of the 500,000 shares or
-V. 128, p. 2477.
amount of common stock. Proceeds from the sale of securities will be convertible stock.
used for the purpose of retiring the present outstanding preferred stock
Otis Elevator Co.
-Earnings.and for other corporate purposes. Under present plans an offering of the
Quar. Ended Mar.311927.
company's securities will be made shortly by George H. Burr & Co.,Thomp1928.
1926.
1929.
son, Fenn ,St Co. and Charles W. Scranton. Application will be made to Operating earnings
$1.922,506 $2,085,505 x$1,559,792 x$1,438 201
7 :0
500
75,000
Reserve for pensions
75.000
list the common stock on the New York Curb.
25,000
Under the proposed recapitalization program the company will have an Conting. reserve
100,000
authorized issue of $1.509,000 cumulative preferred, of which $750,000 Federal tax reserve
260,000
See x
205,000
will be outstanding, and 150,000 shares authorized no par common stock
Net income
of which 71.960 shares will be outstanding.
51.692.506 $1,750,505 $1,384,792 $1,363.201
Company, organized in 1857. is an outgrowth of Jerome & Co., which Sha, corn. stk. outstand.
432,181
was established in 1817. The company, through modern production and
(par $50)
430,637
496 996
343 003
merchandising methods, has increased its business substantially during
$3.82
$.21
$2.99
ti.60
recent years. Sales for 1928 aggregated $44,270,240 and net profits were EarninterPer ghare
x Atgs Federal taxes.
$295.076 after expenses and taxes. The latter was equal to 6.05 times -V. 128, p. 2477.
preferred dividend requirements and earnings after preferred dividends.
-Merger Ratified.
Owens-Illinois Glass Co.
based upon the new capitalization, were equal to $3.42 a share on the
outstanding common stock.
-V.128. p. 2646.
See Owens Bottle Co. above.
-V. 112, p. 854.
APRIL 27 1929.]
-Merger Ratified.Owens Bottle Co. Toledo, 0.
Illinois Glass Co., of Alton. Ill., with the
A $20,000,000 merger of
Owens Bottle Co., of Toledo, was unanimously approved, and some imporadditions in the official management of the new combination announced
tant
at the annual meeting of Owens Bottle stockholders April 17.
[The name given in last week's "Chronicle." page 2646, reading "Otones
Bottle Co." should have read "Owens Bottle Co."]
With the ratification of the merger by the stockholders, the new organization will be known as the Owens Illinois Glass Co., and headquarters will be
continued in Toledo,it was announced. It will give to the Owens Company
the world's largest bottle making plant at Alton, besides other large plants
distributed throughout the United States, and makes the company the
largest of its kind in the world, the announcement adds.
The directors elected W. H. Boshart President of the merged organization, while William E. Levis, of Alton, President and General Manager of
the Illinois Glass Co. was elected Vice President and General Manager of
the combination. H. G. Phillips of Tcledo was elected Vice President
and Treasurer, and John H. McNerney, Secretary. These men also were
elected Vice Presidents: R.H.Levis of Alton,W.J. Crane of Toledo,James
Morrison of Toledo and Charles Boldt of New York,
William E. Levis and R. H. Levis were elected to the board of directors,
while William Ford of Toledo was reelected chairman of the board. These
directors were reelected: W. H. Boshart and Harry E. Collin of Toledo,
Marshall Field, Charles H. Sabin, E. P. Currier, Francis H. McAdoo,
Charles Boldt and Fred Schwenck, all of New York.
Through the deal the Illinois Glass Co. now will receive from the Owens
Bottle Co. cash and securities as follows: $5,000,000 in cash $5.000.000 of
5% unsecured debentures, $8,000,000 of 6% preferred stock, redeemable
at 110, and 20,000 shares of common stock. There will be no offering of
the new securities, either to the stockholders or the public as all the debentures and stock to be issued are to be delivered to the Illinois company,
and will be held by it as a permanent investment. (See further details in
V. 128,3o. 2478.)
Pointing to the fact that the Owens Bottle Co. for several years has become concerned chiefly with the manufacture of bottles rather than with
licensing machines on a royalty basis, Presideqt Boshart, in his address
to the stockholders, said:
"The Illinois Glass Co., as a licensee, has been for a long period of years
a substantial contributor to our royalty income. The principal patents
included in its license from us will expire within the next few years, when
your company will necessarily face the loss of this substantial revenue.
By the acquisition and consolidation now to be effected, we will more than
replace this large royalty income through manufacturing profits to be
derived from the operation of the Illinois Glass Co.'s business.
"Increasing use is being made of glass bottles which are displacing containers made of other materials. It is my judgment that the present
volume of the business represents far from the limit of what the ultimate
development of the industry promises. Your company will enter upon its
enlarged field of activities with an increased working capital to meet these
conditions and with an organization thoroughly acquainted with the business through many years of experience.
"The plants of the Illinois Glass Co. are well situated with respect to
large markets where a very considerable development is expected in the
future in bottle consumption. Inspection of these properties by our
engineers discloses that they are in excellent physical conditipn. Much
money has been spent in recent years in the development and irffprovement
of their mechanical equipment which is now modernized to the best standIll.,
ards. Their plant at Chicago Heights. Ill. is especially adapted to the
in which lines we have
production ofhigh grade perfume and toilet
not largely operated. This plant is adapted to the making of relatively
small orders of bottles for which there is a good and stable demand. The
plant at Alton. Ill., is the largest single bottle manufacturing plant in the
world. Its other pants at Gas City, Ind., and Bridgeton, N. J., are well
located, and are equipped with the most modern manufacturing facilities.
We will also get back the exclusive right to manufacture large size water
bottles, deed Johns and carboys on Owens machines, which this company
granted to Illinois Glass Co. years ago and whichtas turned out to be very
profitable. The Illinois Glass Co. also manufactures large quantities of
fruit jars for household preserving, which our company has heretofore not
manufactured.
"I feel justified in placing emphasis on the value of the good will that
rests in the Illinois Glass Co. and which we will acquire. To gain the full
effect of the good will, the name of our company will be changed to Owens
Illinois Glass Co. It remains the same company under a new name,reflecting the history and properties of the two companies. There is also an
intangible but very considerable good will value in the Levis name associated
for so many years with the Illinois Glass Co. that will ultimately reflect
Itself in an increasing public confidence in our company.
'We believe that the interest rate on the debenture and the dividend
rate carried by the preferred stock,'are quite favorable to your company
in view of the current high rates for money. Had these terms not been
agreed upon before the development of the present money situation, it
would probably have been impossible to have financed this purchase so
advantageously to our company."
Income Account for Calendar Years of Owens Bottle Co.
1925.
1926.
1927.
1928.
Mfg. profit & royalties _ $7,019,838 $7,141,999 $8,550,974 $7,489,282
734,575
Other income
888,479 2,362,891
454,579
Net profits of $448,531 compare with a loss of $359.763 in the correspondiny period of 1928. This equals $2.07 per share on the class A corn.
stock after reserving for one month's preferred dividends, which were
cumulative from March 1 only. The earnings are equivalent to $1.66 per
share on class A stock, after reserves of preferred dividends for the full
quarter and indicate substantial earnings on the class B stock owned by
Studebaker.
A. R. Erskine, Chairman of the Board, announced that sales in the
first quarter were 1,979 cars against 1,224 cars last year, a gain of 61%.
Production and sales are now exceeding 60 cars per day and 1,300 cars are
estimated for April. Unfilled orders are in excess of 2,000 cars.
The losses sustained in 1928, substantially reduced if not entirely offset
the income taxes of the company for 1929.
Initial Dividend of 1
-Earnings.
Pittsburgh Steel Co.
Period End. March 311929Net income after deprec. & Federal taxes
Earns, per sh. on 253,500 shs. corn. stk
-V. 128. p. 745.
-Stock Increased-New Directors.
Poor 8c Co.
-Earningsfor 1st Quarter.Postum Co., Inc.(Sc Subs.).
1926.
1928.
1927.
Quar. Ended March 31- 1929.
$32,048,827 $21,139.535 $12,704,761 $11.451,888
Sales
Total exp., less miscell.
7,860,028
8,839.035
26,176.284 16,624.561
income
485.539
520,592
604,814
704,159
Income tax
$5,168,384 $3,910,160 $3,345,134 $3,106,321
Net income
Shs. of corn, outstanding
1,370.000
1,468.096
4,695,222
1,735.047
(no par)
$2.02
$2.25
$2.26
$1.10
Earns. per sh.on COM
V. 128, p. 2648.
-
Balance, surplus
$298,921 $2,884,971 $1,832,138
$474,503
Profit & loss, surplus
$9,186,540 $9,539,299 $9,288,332 $8,204,892
Shares of common outstanding (par $25)_ _ _
732.245
695,100
661,128
768,846
Earns, per sh. on corn.. _
$5.65
$9.16
$6.77
$5.06
Stock dividends of 5% each were paid Jan. 1 1928, 1927 and 1926.-V.
128, p. 2646.
Packard Motor Car Co.
-Production Increased.
Period End. Mar. 31- 1929
-Month-1928.
1929-3Mos.-1928.
Cars produced (No.)
4,790
14,088
4,699
13,098
In February last 4.394 units were produced.
The April production schedule calls for an output of 4,600 cars. Factory
officials report retail deliveries are at the highest level in the company's
-V. 128. p. 2478, 2105.
history.
Palmolive-Peet Co., Chicago.-Sale of Plant.-V. 127. p. 696.
See Glidden Co. above.
Paramount Cab Mfg. Corp.-Earnings.The company reports profit for the quarter ended March 31 1929 of
$507,363 after all Charges except Federal taxes, equal to $2.03 on 250,000
capital stock-V. 128, p. 1244.
Philadelphia Co.for Guaranteeing Mortgages, Phila.,
-for-1 Basis.
-Up on a 5
Pa.-Shares Split
At the special meeting of the stockholders held April 15 approval was
given to decrease the par value of the stock to $20 per share from $100.
Each stockholder Is entitled to receive five shares of new stock of $20 par
-V. 128.
value in exchange for each share of $100 per stock now held.
P. 1069.
-Earnings.
-Pierce-Arrow Motor Car Co. (& Subs.).
Net profits on sales
Interest,cash discount,&c
Dividends on stock in other corporations
$273,521
234.738
27,500
Total profits
Interest on debentures,&c
$530,759
82,227
i Total surplus March 31 1929
$448,532
1,092,901
$1,541.433
9 Mos.
3 Mos.
$1.333,661 $3,076,932
$9.96
$4.54
The storkholders this week voted to increase the authorized no par value
class B stock from 320.000 shares to 500,000 shares.
H. L. Baynes, H. C. Lutkin and H. C. Holloway have been elected
directors, succeeding R. N. Doylies, F. N. Doylies and D. J. Evans.
V. 127. p. 2548.
Net profit
$4,011,319 $4,605,771 $6,928,657 $5,051,052
563,861
472,778
575,360
Preferred diva.(7%)
123,461
Corn. dividends_ _ _ (18%)3.413,355(21)3834,072(20)3479,825(16)2643.554
Earningsfor Quarter Ended March 31 1929.
$5,409,416
Sales-less returns & allowances
Cost of sales, incl, sell., advert.& adm.exp.& all cost of mfg.&c- 5.080.431
55.464
Reserve for depreciation
Declared on Preferred Stock.
At their meeting in Buffalo April 23 the directors placed the preferred
7 payable June 1 to
0
stock on a regular dividend basis by declaring
holders of record May 10, covering the period from March 1 to May 31.V. 128. p. 2479.
Total income
$7,474,417 $8,030,479 $10,913,865 $8,223,856
2,781,709 2,728,186 2,314,173
Expenses, &c., charges _ 2,960,097
1,257.022
858,633
Federal taxes
643,000
503,000
Net profits for quarter
Surplus at Dec.31 1928
2823
FINANCIAL CHRONICLE
-Obituary.
Pullman, Inc.
President Edward F. Carry died at Chicago on April 24.-V. 128, p. 2105.
-Organized.
Radio-Victor Corp. of America.
See Radio Corp. of America under "Public Utilities" above.
-Listing.
Rainier Pulp & Paper Co.
The San Francisco Stock Exchange has authorized the listing of 100,000
-V. 128. p. 1245, 1069, 575;
shares of class A common stock, no par value.
V. 127, p. 2697, 2972, 2382; V. 125, p. 1592.
-J.A.
-Debentures Sold.
Reliance Bronze & Steel Corp.
Sisto & Co. and William R. Compton Co. have sold at
99 and interest, $1,000,000 15-year convertible 6% sinking fund debentures.
-Jerome B. Sullivan & Co. and E. F.
Common Stock Sold.
Gillespie & Co., Inc., announce the sale at $21.56 per share
of 25,000 shares common stock.
Bonds are dated April 1 1929; due April 1 1944. Denom. $1,000c*.
Interest payable A. & 0.at Empire Trust Co., New York, trustee, without
deduction for Federalincome tax not exceeding 2% per annum. Company
will reimburse the holder for the amount of any personal property or
similar tax (not exceeding 534 mills per annum) and any State income tax
(not exceeding 6% pee annum)in the States of Penn., Conn., Mass., Mich.,
Maryland and the Dtftrict of Columbia. Red.(otherwise than through the
sinking fund) as a whole or in part on any int. date upon 30 days' notice at
105 and int., with right to convert debentures into stock continuing to
redemption date.
-Debentures will be convertible at the option of the
Conversion Privilege.
holder into shares of common stock at the rate of 40 shares for each $1.000
at the rate
of debentures at any time on or before April 1 1934 (being adjustment of
of
$25 per share). On all debentures presented for conversion adjustment of
interest will be made. The indenture provides equitable consolidation,
conversion rate in the event of any change in capitalization,
Authorized. Outstanding.
Capitalization$1, rO.000
-year convertible 6% sinking fund debentures- $1,000,000 75.000 shs.
15
200.000 shs.
Common stock (no par)
*40.000 shares have been reserved for conversion of the debentures.
Data from Letter of J. A. Rappaport, Pres. of the Company.
-Corporation has been tricorn. in New York. to
Business and History.
acquire, own and operate the properties and businesses of Reliance Fireproof Door Co. of Brooklyn. N. Y., United Pressed Steel Products Corp. of
College Point, L. I. and Knoburn Products Corp. of Hoboken, N.
These companies (including predecessors) have been successfully engaged
for the past 19 to 22 years in the manufacture of fireproof kalamein doors
and windows of bronze or steel; hollow metal doors, frames and trim of
bronze and steel; combination bucks, frames and trim; and ornamental
bronze work, for office buildings, apartments, residences, banks, theatres.
churches, schools, hospitals, libraries, &c. The new company will, it is
said, constitute the largest single unit in the United States.
-The approximate sales of the three companies have increased
Sales.
of the
from $327,080 in 1919 to $3,193,232 in 1928. Orders on the books Orders
three constituent companies were $1,182,840 on Dec. 31 1928.
1929 were $1.106,231. Sales billed for the
booked in Jan., Feb. and March
same period were 14.3% larger than in 1928.
-The combined earnings of the constituent companies for the
Earnings.
$285.four years ended Dec. 31 1928 averaged $249,348 and for 1928 wereincome
and Federal
856; after depreciation and before charging interest earnings figures, for
eliminated from these
tax. Non-recurring charges,
salaries, withdrawals, discontinued operations and other items, averaged
$37,991 during the said four years and were $36,231 in 1928. The average
earnings for the four years were equivalent to over four times interest
requirements on this issue and earnings for 1928 were equivalent to 4.8
times interest requirements.
-Proceeds of this issue will be used for working capital and to
Purpose.
Pay off previously existing indebtedness of the constituent companies, and
as part of the purchase price for the properties acquired.
-Debentures are to be entitled to a semi-annual sinking
Sinking Fund,
fund
April 11930. payable in cash or debentures, calculated to be
sufficient to retire by maturity 60% of the debentures issued. Debentures
may be redeemed by lot at 105 and accrued interest or may be purchased
at lesser prices and tendered to the sinking fund.
Listing.-Coppany has agreed to make application to list both its
debentures and its common stock on the New York Curb Market.
-Earnings.
Republic Iron & Steel Co.
1926.
1927.
1928.
3 Mos. End. Mar. 31- 1929.
$4.107.576 $1.227,380 $1,879,061 $2 172,091
aNet earnings
459.216
581.250
495,936
Depreciation & renewals1 765.916
94.302
Exhaustion of minerals _ I
296,727
244,113
253.389
464.533
Interest charges
{
$2,877,127
Net income
437.500
)
0
Pref. dividends (1(7 804,568
Corn. dividends (1%)
$487,332 $1.044,421 $1,321,846
437.500
437,500
437.500
300,000
300.000
$884,346
$1,635,059 def$250,168
$306.921
Balance, surplus
Slis. OM.stk. outstand.
x300.000.
x300.000
804.568
x300,000
(no par)
$2.95
$0.16
$2.02
$3.03
Earns, per share
a After deducting charges for maintenance and repairs of plants (amounting to $1,702,757 in 1928) and provision for Federal taxes. x Par $100.
Unfilled orders as of March 31 1929 amounted to 425,569 tons as compared with 405.929 tons Dec. 31 1928 and 170,671 tons March 31 1928.
V. 128, p. 1893.
2824
FINANCIAL CHRONICLE
Rio Tinto Co., Ltd.
-Acquires 49% of Stock of Swiss
Silica-Gel Co.
See Silica-Gel Corp. below.
-V. 128. p. 2480.
[VOL. 128.
South Penn Oil Co.
-Expansion by Subsidiary.
-
Additions are being made to the plant of the Pennzoil Co.,
at 011 City, Pa., by the construction of two additional stills a subsidiary.
and four large
filter presses.
-V. 128, P. 1416.
Rossia Insurance Co. of America, Hartford, Conn.
Sparks Withington Co.
-To Increase Common Stock
Capitalization Increased-Rights
-20% Stock Dividend.
The stockholders on April 22 increased the authorized capital stock May Pay 300% Stock Dividend.
-
from $2,000,000 to $3,000,000,reduce the par value of the shares from $25
The stockholders will vote May 11 on increasing the authorized
common
to $10, approved the issuance of 2% new shares in exchange for each old stock (no par value) from 400,000 shares to
1,000,000 shares. If the
'share and ratified the distribution of a 20% stock dividend to holders of increase is approved the directors plan to pay a 300%
stock dividend. At
record May 4. The stockholders are requested to send their certificates Jan. 31, last, there were outstanding 165,979 shares
of common stock.
of $25 par value for exchange to the New York Trust Co., 100 Broadway, -V. 128. p. 2287.
N. Y. City.
The stockholders of record May 15 are to be given the right to subscrib
Standard Investing Corp.
-To Increase Common Stock
on or before June 15 for 60.000 of the new shares (par $10) at $30 per share
To Pay Regular Quarterly Stock Dividends of 1M% Each. on the basis of 1 new share for each 4 shares held..
-V. 128, 1,• 1750, 1923
To provide for the inauguration of regular quarterly
stock
the rate of 6% a year on the common stock, the directors dividends at
Stutz Motor Car Co. of America.
will
-Rights.
the stockholders at their annual meeting on May 6 a proposal submit to
The stockholders of record May 8, will be given
to increase
on or before May 29 for additional capital stock (nothe right to subscribe the authorized common stock to 250.000 shares from 185,000 shares. This
,par value) at $20 per investment trust was organized in
share to the extent of 10% of their holdings.
Jan. 1927, and finished the
-V. 128. P. 1575
ending Feb. 28 1929, with assets totaling over $11,000,000. fiscal year
.
At present
the directors do not contemplate the issue of further
Superior Steel Corp.-Rights.
common stock except
The Irving Trust Co., 60 Broadway, N. Y. City, is receiving subscrip- in connection with the payment of stock dividends.
In his letter to the stockholders explaining the stock dividend
tions for capital stock at $40 per share on the basis
policy,
each 100 shares of record April 15 1929. The rightof 15 new shares for President Ray Morris says: "The total profit and loss surplus reported as
to subscribe expires of the close of the last financial year, Feb. 28
May 9 1929.-V. 128, p. 1926.
In view of such satisfactory and substantial1929. amounted to $1,017,048.
earnings for the two years of
operation which have now been concluded, the directors believe that
Ruud Manufacturing Co.
some
-Initial Dividend.
The directors have declared an initial quarterly dividend of 65 cents per recognition should be given to the common stock in respect of these earnings
attributable to such stock. The directors do not, however, consider
share on the no par value corn, stock, payable May 1 to holders
it
of record. wise now to initiate cash disbursements by way of dividends on the
April 20. See offering in V. 128, P. 1415.
common
stock, feeling that the interests of the common stockholders will, in
the
long run, be advanced by retaining
Safe-T-Stat Co.
business, to serve
-To Merge With Moto Meter Co., Inc.
- as additional working funds and as current profits in thebehind the debenan increasing equity
See latter above.
tures and preferred stock. Particularly do they feel this to be so where,
-V. 127, p. 2838.
as here, the earned surplus attributable to the common stock largely arises
Schletter & Zander,Inc.
-Earnings-Initial Dividend.
- from realized trading profits rather than from current return on investments.
Net earnings after taxes for the first quarter ending March 31 1929
were
"In order, however, that the common stockholders may receive some
$279,112. or 92 cents per common share outstanding. This compares
recognition without reducing the company's working capital, the direcwith $248,803 for the corresponding period in 1928, a gain of 12.5%.
In view of this showing, the directors have declared an initial dividend on tors have, in principle, approved of paying common stock dividends on
the outstanding common stock, at such
the common stock of 50 cents per share, payable June 29 to holders of
amounts
record opinion conditions may warrant, and it istimes and to initiate as in their
June 15.
proposed
this policy
by the declaration of a quarterly common stock dividend of 1;4% if and
For this period sales were 25% ahead of the corresponding period in
1928. when additional common stock is made available for this purpose by approThe company is in an exceptionally strong position, with no mortgages
priate stockholders' action."
or indebtedness other than current liabilities, and at present has
-V. 127. p. 1821.
cash on
hand of over $457,0(10. compared with $411,000 on Dec. 31.
Mal
Under their agreement with the Brown Durrell Co., Schletter &
Standard Milling Co.
-Changes in Personnel.
Zander
have first call on all Brown Durrell's hosiery production requirements
George K. Morrow (Pres. of Gold Dust Corp.) has been elected President,
,
which to-day are more than 100% in excess of their capacity.
This con- succeeding A. P. Walker, who has been elected Chairman. J. A. Neville,
tract frees them from sales expense and credit losses, as Brown
formerly Secretary and Treasurer, has resigned.
-V. 128, P. 905, 1071.
pays each month for shipments. Their product is tagged as Durrell
Fred L. Rodewald is reported to have deposited his Standard Milling
"Gordon
Hosiery."
-V. 128. P. 1070. 1415.
stock in exchange for stock of the Gold Dust Corp. He originally opposed
the merger.. (See V. 128, p. 748.)-V. 128, p. 1071.
Schulte-United 5c. to $1 Stores, Inc.
-Sales.
This corporation, now operating 51 stores, reports March
Standard Oil Co. of Indiana.
sales of E1,-New Director, &c.
015.160, an increase of 40% over sales for the month of February amounting
Bruce Johnstone has been elected a director, succeeding Dr. Wm. M.
to $630,490.
Burton.
During the month of March 5 new stores were opened in New
In regard to rumors of an offer to exchange Standard Oil Co. of Indiana
Haven,
Conn.; Camden, N. J.; Bay City, Mich.; Streator, Ill.;
and Hamilton, stock for Pan-American Petroleum & Transport Co. stock, President H. G.
Ontario. These new stores were all opened in the latter part of the
month Seubert stated that such reports were without foundation.
-V.128.p. 1925.
so the result of their operation is not fully reflected in the sales for
The 46 stores already in operation showed an increase in March March.
Standard Oil Co. of New York.
sales of
-Earnings.
27% over sales for February.
-V. 128, p. 2106.
Calendar Years1928,
1927.
1926.
1925.
x Total earnings
180,821,895 $52,934,400 171,646,813 172.175,827
Sherwin-Williams Co., Cleveland.
-Extra Div. 25c.
- Deprec. and insurance 36,213,355 35,778,775 35,909,557 28,480,563
An extra dividend of 1% has been declared on the outstanding
$14.861,125 Interest on bonds
4.963,312
5.740,737
common stock, par $25, in addition to the regular quarterly dividend
2,960,755
2,114.878
3%,both payable May 15 to holders of record April 30. Like amounts of
Net profits
were
139.645.228 $11,414,888 $32,776,502 $41,580,386
paid on this issue, Nov. 15 1928 and on Feb.
extra dividend Previous surplus
15 1929.
86,758,712 94.651,701 158.963.802 116,321,195
of
of 1% was paid on Nov. 15 1927, and on Feb. 15.An
Magnolia Petr. surplusMay
15 1928. From Nov. 1925 to Aug. 1927 incl., the cosppany 15 and Aug. Mag.
14.173,728
Petr, sur. of subsdividend of 1% and a regular dividend of 2% each quarter. paid an extra
2,908,659
General Petr. Corp. sur _
The directors have also declared the regular quarterly
929,262
dividend of 134% Ins, res. prior yrs. in exon the pref. stock, payable June 1 to holders record
of
May 15.
cess of requir. restored
4,756,985
• The directors have approved the
of pref. stock on June 1.-V. 128, p. retirement of an additional $375,000 Prem. on capital stock_ 2,069.485 2,733,000
747.
Adjustments
Dr321.488 Cr393,228 Dr2,869,071 Dr547,057
Shubert Theatre Corp.
Total surplus
$128,151.937$113,949,802$189,799,5953174,436,911
-Stock Increased.
•
The stockholders on April 23 voted
27,580.290 27.191,090 23,456,792 14,345.485
to increase the authorized capital Cash dive. paid
stock from 250,000 shares (of which
Dividend rate
217,340 shares have been issued) to
(62-5%)
(6 2-5%)
(6%) (534%)
500.000 shares.
-V. 128, p. 2481.
Capital distribution_
71,691,103
1,127,623
Silica-Gel Corp.
-Organizes Swiss Subsidiary
Profit & loss surp--y$100,571,647 $86,758,712 $94,651.701$158,963,802
Shares of capital stock
outstanding (par $25)- 17,363,783 17,118.931 16,809,928 11,459,264
Earns. per sh.on cap.stk
$2.28
$0.66
$1.95
$3.63
x Total earnings are after deducting expenses incident to operations,
incl. taxes. y Capital surplus, $26,187.773: earned surplus, $74,383,874.
Consolidated Balance Sheet Dec. 31.
•
1928.
1927.
1928,
1927.
AssetsLiabilities$
$
$
$
Real est.. mach.
Capital stock._ _434,094,575 427,973,275
and vessels_ _x451,200,920 443,367,887 Funded debt__y103,897,044
Inv. in 0th. cos- 8,051,059 8,327,152 Deterred credits 6,735,811 107,857,640
6,159,968
Inventories
161,199,291 156,733,294 Accts. payable__ 38,848,032 35,398,825
Cash
20,136,680 14,010,705 Reserves
7.709,734 7,909,067
Accts. & notes
Taxes payable
3,528,933 6,031,286
receivable.._ _ 47,000,796 44,953,218 Surplus
100,571,647 86,758,712
Marketable secs.
3,003,182
Deferred assets_ 7,797,030 7,863,537
(H.) Simon & Sons Ltd.
-Initial Dividend.Total
895,385,776 678,088,775
Total
695,385,776 678,088,775
The directors have declared an initial dividend of 50c. per share on the
x After deducting $308,517,429 reserve for depreciation and depletion.
common stock, payable June 1 to holders ofrecord May 17.-V.126,
p.2805. y As follows: (a) 434% serial gold debentures (completely
maturing in
1948). $20,000,000; (b)
% gold debentures (maturing in 1951), 150,Southern Air Transport.
000,000; (c) Magnolia Petroleum Co. 43 % serial gold debentures (com-Earnings.
,
6
Period Ended March 311929pletely maturing in 1935), $10,500,000: (d) General Petroleum Corp. of
3 Mos.
12 Mos.
Net profits after taxes & depreciation
$69,872
$295,707 Calif. 5% 1st mtge, sinking fund gold debentures (maturing in 1940).
Earns, per sh. on 300,000 shs. cap. stock
$0.23
$0.98 $20,935,000; (f) General Petroleum Corp. of Calif. purchase money obliga-V. 128, p. 1924.
tions (of which $1,264.596 mature in 1929), $2,462.044.-V.
128. p.748.
.
President C. Wilbur Miller on April 22, announced
the
Silica Gel Holding Co.. S. A., of Geneva, Switzerland, formation of the
with a capital of
£1.000,000 sterling, or approximately $5.000,000.
The controlling interest, or
ofthe
has been vested in the Silica 51%Corp. stock ofthe Swiss holding company,
Gel
of Baltimore. The remaining 49%
of the stock is held by the Rio Tinto Co., Ltd.
of
The Swiss holding company, Mr. Miller said, London.
owns all the stock
English. French and German companies, controlllz• operations ofof the
Silica
Gel everywhere except in North America.
A managing board for the Silica Gel Holding
composed of Sir Auckland Geddes, Chairman Co. has been formed and is
of the Rio Tinto Co.: the
Hon. R. N. Preston, managing director of
Miller. President of the Silica Gel Corp. andthe Rio Tinto Co.: C. Wilbur
E.B. Miller,Vice-President of
that corporation.
All stock of the holding company is in
voting trust and
Auckland Geddes and C. Wilbur Millerthe hands of avoting trustees. Sir
are the sole
-V.
126, p.3774.
Southern Pipe Line Co.
-Proposed Sale, &c.
-In response to a number of inquiries received in reference to the
proposed sale of a part of the lines of this company to the
Manufacturers Light & Heat Co., President Forrest M.
Towl, April 24, says:
Stanley Co. of America.
-Offer Extended.
-
See Warner Bros. Pictures, Inc.. below.
-V. 128. p. 2650.
(The) Starrett Corp.
-New Director, &c.
Arthur B. Walsh, who as Vice-President
director of the National
City Realty Corp.. has handled negotiationsand the purchase and sato of
for
The total amount to be received, subject to correction for distance, is. real estate in this and other countries involving many millions of dollars,
$955,056. This will probably be about the depreciated value as shown by has been elected a director of The Starrett Corp. and Vice-President and
director of the Starrett Investing Corp., with headquarters at 101 Park Ave.,
our books.
Proxies have already been received representing more than 63% of the N. Y. City. He has resigned from the National City Realty Corp., and
also from the U. S. R. Management Corp., which is the managing company
stock.
for the joint real estate enterprises of the National City Co. and the United
There is also collectible, from
part of
lines, 150.000, States Realty & Improvemen
so that the 810 per share referred sale of a small of Aprilourwill not
t Co.
to in my letter
12
require
The Starrett Investing Corp., a wholly-owned subsidiary of The Starrett
the sale of any of our securities (see last week's "Chronicle," page 2650).
There are remaining two systems of pipes extending all the way from the Corp., was organized to finance real estate operations in the principal
metropolitan centers of the United States; among other activities, it will
West Virginia-Pennsylvania State
of these underwrite, hold and deal in mortgages secured by real estate. including
systems has a capacity to transport line to Mlliway, Pa. Each as we
more than twice as much oil
are leaseholds. As recently announced, Starrett Bros., Inc., another subsidinow carrying.
-V. 128, p. 2650.
ary, will construct the new Bank of Manhattan Building, which will be
the highest bank and office building in the world, and will occupy most of
Southern Sugar Co.
-Rights.
the block bounded by Wall, Nassau, Pine and William Sta., in the center
•
Eights to subsctibe to the 30,000 shares of 7% pref. stock and
0
15.000 of the financial district.
-V. 128. P. 1574.
shares ofcommon stock recently offered to stockholders, expired on April
The stock was offered to stockholders of record March 30 in units20.
of
StateTitle & Mortgage Co.
-Offers Certificates.
one share of pref. stock and one-half share of common stock at $100 per
The company is offering 8500,000 guaranteed first mortgage particiunit, on the basis of their holdings at the rate of 3 units for each 8 shares of
pation certificates secured by mortgage on the land and modern 16
preferred stock now held.
-story
iruilding located at 259-61 West 30th St., N. Y City. The certificates
The terms of payment by stockholders for stock subscribed for
caah with subscription, 25% on or before June 20,25% on or beforeis: 25% mature serially from July 1 1929 to Jan. 1 1939 and are offered to yield
July 20 5.50%. Principal and interest are guaranteed by the company.
-V.,128.
and 25% on or before Aug 20. See also V. 128, p. 2649, 2287.
'
.
2650.
p.
FINANCIAL CHRONICLE
APRIL 27 1929.]
-Costs Cut By Move.
Studebaker Corp. of America.
Material progress toward the saving of between $3,000,000 and $4.000.000 per year in operating costs of the enlarged Studebaker plant in
South Bend, Ind.. through the transfer of major operations from 'Detroit
to the central factory, will be made during this month (April), President
A. R.Erskine stated on April 23.-V. 128, p. 2651.
-Annual Report.
Submarine Boat Corp.
1936. • 1925.
1927.
1928.
Calendar YearsGross earns from oper_- $2,669,377 $4,199.873 $3.403.185 $4,029,140
2,966.949 4,871.505 3.393,799 3,810,004
Cost of operations
202.436
152.961
158,606
General expenses
361.359
Exp. not appor'd to cost.
Net loss
Other income
$456,178
16,602
$824,595
26,284
$193,050
89.799
$142,222
7,086
Gross loss
Other deductions
$439,576
$798,310
Cr234,772
$103,251
102,200
$135,136
111,990
AssetsLand, bldgs, &e_x
Goodwill St pat'ts_
Cash
Notes & accts. rec_
Inventories
Sinking fund
Munici.& Gov.sec
Other assets
Deferred assets
2825
Balance Sheet Dec. 31.
1927.
1938.
1927.
1928.
$
$
5,990,101 6,037.334 7% Preferred stock 3,842,100 3,966,500'
1 Corn.stk.(par 810) 8,345,960 8.320.7301
200,000
1,103,977 1,059.298 Federal tax (est.)- 331,598
2,112.681 1,006,469 Accounts payable
717,434
1,187,578
not due
4,869,658 4,173.941
187;357 Accrued dividends
229,000
19,112
21,070
and expenses.._
2,537,231 2,564,808
237,379
1,719,192 1,529,418 Other reserves_ _ _ 302,015
658,817
219.236 Deferred income
277.527
4,150,221 3,316,708
Surplus
18,839,367 16,777,864
18,839,367 16.777,864 Total
Total
-V.128, p. 1575.
x After $4,568,099 reserve for depreciation.
-May Change Name.
Tonopah Mining Co.
President Walter L. Haehnlen, in a special notice to the stockholders,
says: "The directors believe that there may be some misunderstanding
in the minds of the stockholders and others, as to the present status of the
$247,126
Balance, deficit
$205,451
$563,538
$439,576
x48,457 company.
Previous deficit
309.430
821.988
765,252
"The company was incorporated in Delaware in July 1901 for the purpose
Bad debts written off_
115.408
Since
of operating a mining property located at Tonopah, Nev. paid tothat
134,962
. Add Fed, tax prior years
the
wonderful producer, and has
deb.34,069 time this property has been a
Adjust,to surplus
Cr.y140.778 Cr.y647.579
the sum of 216,725,000 in dividends,
76,692 stockholders, up to Dec. 31 1928,
Dividends paid
and it is still producing profitably, but how long it will be able to continue
Loss on sale ofships, &c_
320.428
property and
doing so it Is impossible to determine. The entire mining at $66,691, a
Loss on sale of treas. stk_
6.509
mill at Tonopah are carried on the books of the company
salvage value.
Profit and loss, deficit $1,447,723
$3309,430 figure less than theis now a mining investment corporation, having large
$765,252
$681.211
"This company
x Surplus. y Appreciation of investments.
-V.128. P. 2482.
cash resources and investments in other mining properties and other
for the future.
-Details of a companies, showing encouraging prospects to a proposal to change the
Sun Investing Co., Inc.
-Stocks Offered.
"The management is giving consideration
private offering of 85,000 units,at $75 per unit are announced name of the company to Tonopah Mining Investment Corp. or some other
are not confined
name that may carry
by L. F. Rothschild & Co. and the Herrick Co. Each unit only to the old mine in the impression that its resources
Nevada.
consists of one share of preferred stock $3 convertible series "We will be pleased to receive any suggestion from the stockholders
cornand one share of common stock. Each share of preferred on this subject, or any other matters that may be of benefit to the
pany."-V. 126, p. 3316.
stock will be convertible after May 1 1930, until April 30
1934, into 13 shares of common stock and after May 1
1934 until April 30 1938 into one share of common.
The company has been formed in Delaware to do an international investment business. The banking firms and associated interests are paying
$750,000 in cash for 30,000 shares of common stock purchased at $25 per
share, and will receive option warrants entitling them to purchase up to
80,000 additions I shares of common stock on or before May 11939. at $27
per share, and upon every sale of common stock prior to May 1 1939,
(other than that to be Issued presently or upon any exercise of said option
warrants), will be entitled to further options, running in each case for two
years from their date, to purchase shares of common stock up to a number
equal to 30% of the number then being sold and at the then issue price.
An international portfolio will be established with investments distributed
in the United States. Canada and abroad. Application will be made to
list the company's shares on the New York Curb. Compare also V. 128,
p.2482.
Superior Steel Corp.
-Listing.
The New York Stock Exchange has authorized the listing on and after
May 10 of 15,000 additional shares of its common stock (par$100)on official
notice of issuance and payment in full, pursuant to offering to common
stockholders, making the total amount applied for 115.000 shares.
-V.128.
P. 1926.
Sweets Co. of America, Inc.
-Earnings.
guar. End. Mar. 311928.
1927.
1929.
1926.
Net profit after deprec.,
reserve, &c
x$26,520
$10.798 loss$5,584
$24,613
x Before deducting depreciation.
-V.128, p. 1925.
Symington Co.-Earnings.Quar.Ended Mar.31Net after depreciation,
Federal taxes,
Other income
1929.
1928.
1927.
$59,093
9,477
$75,164
4.330
$74,204
5,785
1926.
-Earnings.
Union Bag & Paper Corp.
1925.
1926.
1927.
1928.
Calendar Years$931,746
$527,876
8717,518
$597,112
Net earnings
359,273
254.0301
261,205
257.109
Depreciation
448,736J
444,320
298,952
Repairs & maint
349.390
5.150
4.535
r
Interest
$223.083
$7,459loss$180,039
$41,051
Profit
369,687
x8,731
Inv. adjust(net)
182,733
182,733
182.733
Amort ofdisc
9362,772prof$223,083
$544.961
$150,413
Net loss
1.164.042
1,280,009
917,237
372,276
Previous surplus
5917.237 81.387,125
$3372,276
$221.863
Total surplus
107.116
Prior year tax
$917,237 $1,280,009'
$372,276
Profit & loss surplus_ _ 5221.863
Sbs. corn. stk. outstdg
146.044
146,044
146,044
146,074
(par $100)
Nil
$1.53
$0.05
Nil
Earns. per share
x After credit of $144,424 net profit from sale of capital assets. y InterPaper Power Corp. bonds, less income
est on $3,000,000 Union Bag &
from funds in escrow, etc., together with amortized portion of bond dis-V. 128, p. 2482.
count have been charged to new construction.
Union Carbide & Carbon Corp.(& Subs.).1927.
1928.
Quars. End. Mar.31- 1929.
1926.
Earns. (after prov. for
59,646.500 98,329,468 $7.571,152 $8,014.561
inc & other tax)
Int. on funded debt &
divs, on pref. stock of
306.439
299,763
295.675
309,752
sub. cos
Deprec. & other charges
1.926,126
1.925,060
2,132,802 2,029,661
(estimated)
$7,203,946 $6,004,132 $5,346,329 $5,781.995
Balance, surplus
Shs. corn. stk. outstand.
2.659.733
2,752,072 2,659.733 2,659,733
(no par)
$2.17
$2.01
$2.25
$2.61
Earnings per share
-V. 128, p. 2652.
Total income
$223.864
$79,494
$79,989
$68,570
-Earnings.
Interest
25,487
15,000
12,500
Union Twist Drill Co.
1927.
1928.
Calendar YearsNet income
$782,741 x$308,242
$198.377 Net income after depreciation. Fed.team,&c
$64,989
$66,994
$68,570
x288,419678.888
-V. 128. D. 2288.
Balance after preferred dividends
$1.44
$3.39
Earns, per shr. on 200,000 abs. corn.stk.(par $5)-Made.
Telautograph Corp., N. Y.
-Exchange Offer
x Before taxes.
Balance Sheet Dec. 31.
The Irving Trust Co., 60 Broadway, N. Y. City, has been appointed
basis
1927.
1928.
stockctishare opre common stock
for
exchange fof
Liablintes1927.
1928.
Abetsex.
on
erred 811 ndered t11113hennin Cash
$325,397 Preferred stk- -- 83,129,600 $3,129,600
$257,826
change may be made between Apil 25 and May 25 1222
.
e
312,712 Common stk.__ 1,000,000 1,000,000
431,509
Acets¬es rec
79,489
77,593
The New York Stock Exchange has authorized the listing of 37,500 Inventories
1,633,090 1,553,196 Accts payable-21,553
28,182
71,724 Accrd expenses.
additional shares of common stock (without par value) on official notice Other sects rec.
38,270
150,538 Res. for Fed. &
of issuance in exchange for outstanding 7% cumulative preferred stock, Investments
150,412
49.000
97,000
making the total amount applied for 229,500 shares.
-V. 128. p. 2107.
Plant& equip __ _ 3,147,398 3,118,474 Can Inc. txs....
68,500
68,500
742,555 Notes payable_ _
742,555
GdwIll pats, &c.
Texas Gulf Sulphur Co., Inc.-Earnings.
Reserve for S F
Sink fund pref
438,172
500.764
Quar. End. Mar. 31prefstock.1926.
1927.
1929.
1928.
1,802,253 1,349,847
stock
3,340,279 2,965.509
Net earnings
89,910 Surplus
23,880,261 $3,087,840 82.854.631 81,930,624 Treaa stk.corn-.
Dividends paid
2,540,000 1.587,500 Prepaid exps.- 37,470
2,540,000 2,540,000
38.601
$8,241,918 $7,751,823
Balance, surplus
$1,340,261
$547,840
$314,631
$3343,124
$8,241,918 $7,751,823 Total
Total
Sur. & res've for dopl'n
Earns. per sh.on 2,540,516,641.343 $11,491,303 $9,318,720 87.583,399 -V.126, D. 3612.
-60c. Extra Dividend.
000 shs. capital stock
United Corp., Seattle, Wash.
$1.21
(no par)
$1.57
$1.12
$9.76
The directors announce that at the meeting held April 17 1929, an
May 25, to parDuring the first three months of 1929 the company decreased its reserves extra dividend of 60c. per share was declared, payable
for depreciation, &c. and for Federal taxes accrued, &c., by $157,194 ticipating preference stockholders of record April 25. Cash dividends
making a total of these reserves of $11,502,007 at March 31 1929.
declared since organization of the company July 10 1928, amount to $1.60
All assets subject to depreciation in connection with operations at Gulf, per share. In addition, rights with cash value equivalent to 75c. per
Texas, are now entirely offset in these reserve accounts.
-V. 128. P• 551. share have been issued. Thus, total returns to original stockholders
per share, it is announced. The corpo-23'% Stock Dividend.
Texas Pacific Coal & Oil Co.
- have been equivalent to $2.35
over 1,000 stockholders situated in 14 states of the United
The directors have declared a 2% stock dividend, payable June 30 ration now hasCanada. Alaska, England, and Honolulu.
States, and in
to holders of record June 5. A similar stock dividend was paid on March
President Ban B. Ehrlickman, says in part: "In the near future and
20 last. (Compare V. 128, p.418.)
as soon as final details are worked out the board expects to announce
elected a member of the executive committee. certain developments which will be interesting and constructive."
R. E. Harding has been
-V. 128, P. 1926
.
Proposal to Increase Common and Preferred Stocks.
The directors have recommended to the stockholders that the company's
-Transfer Agent.
Tilo Roofing Co.
preference shares
The National City Bank of New York has been appointed transfer capitalization be increased from 150.000 to 1,000,000
additional shares will
agent for 20,000 shares of cumul. pref. stock, series A, and 125,000 shares and frem 30.000 to 200,000 common shares. Part of to subscribe at prices
be issued at this time,the stockholders receiving rights
of common stock.
under the present market. According to Mr. Ehrlichmann, the primary
reason for the increase in capitalization is that connections with eastern
Title Guarantee & Trust Co.-Loans Approved.
-V.
considered.
At the meeting of the Mortgage Committee held April 17, the company capital for investment in the Pacific Northwest are being
52,791,550. They were distributed 128. v. 1417.
approved 228 loans amounting to
as follows: In Manhattan and in Bronx, $736700; in Brooklyn, Queens.
United Dyewood Corp.-Earnings.Nassau and Suffolk, $1,718,950; and in Staten Island, $335,900.-V. 128,
Consol. Income Account (Subsidiary Companies) for Calendar Years.
p.2651.
1925.
1927.
1926.
1928.
8673,638
$703,012
$940,135
Net profitfrom oper$932,802
-Listing.
Timken-Detroit Axle Co.
22,040
31.585
75,561
51.338
Other income
The New York Stock Exchange has authorized the listing of 968.881
shares (par $10) common stock which is issued and outstanding with
$695,678
5971.720
$778,572
$984.141
Total income
authority to add to the list from time to time an aggregate of 23.215 shares, Deprec., int., Federal
common stock, at present under contract of sale to certain employees,
285.504
314,446
256,239
291.640
taxes, &c
making the total applied for 992,096 shares.
152.118
152.476
142.873
142,777
General reserves
1926.
1927.
Calendar Years1925.
1928.
8321,253
$286,963
$534,098
Net after depreciation &
Net income
$549,723
455,568
340.642
387.825
296,403
Federal taxes
$1,738,337 $1,540,530 $1,772,460 $1,382,065 Dividends
284,238
269,344
Preferred dividends
305,283
257,633
558,391
sur$253,320 sur$193,456 df.$66.572 df.$168.605
Common dividends.
643,086
Balance
645,105
Profit & loss surplus_ -- -x23,375.345 82.318.018 52.284.252 $2,217.172
x Equity of United Dyewood Corp. amounted to 83,361.208.
Balance, surplus
$929,831 $1,076,782
$628,100
$835,599
Shares of corn,stock outV. 126. p. 3141.
827,345
832.073
standing (par $i0)
823,920
834,596
For other Investment News, see pages 2845 and 2852.
Earnings per share
$1.80
$1.30
$1.53
$1.77
o eceliv f r mmon
Tfigetshrar oe joeferred
$218,519
5,345
2826
FINANCIAL CHRONICLE
Reports and.
[VOL. 128.
ovum:cuts.
•ususms• AS ADVEINUSIENCITS
UNION PACIFIC RAILROAD COMPANY.
THIRTY-SECOND ANNUAL REPORT—YEAR ENDED DECEMBER 31 1928.
New York, N. Y April 11 1929.
To the Stockholders of Union Pacific Railroad Company:
The Board of Directors submits the following report of the operations and affairs of the Union Pacific
Railroad Company for the calendar year ended December 31 1928, including the Oregon Short Line Railroad
Company, whose entire
Capital Stock is owned by the Union Pacific Railroad Company, the Oregon-Washington Railroad & Navigation
Company,
whose entire Capital Stock (except fifteen qualifying shares held by Directors) is owned by the Oregon Short
Line Railroad
Company, and the Los Angeles & Salt Lake Railroad Company, whose entire Capital Stock is owned, one-half
each, by the
Union Pacific Railroad Company and the Oregon Short Line Railroad Company. For convenience, the four
companies
are designated by the term "Union Pacific System."
INCOME.
The operated mileage at close of year and income for the calendar year 1928, compared with 1927, after
excluding all
offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., Oregon-Washington Railroad &
Navigation Co. and Los Angeles & Salt Lake Railroad Co., were as follows:
Calendar Year
1823.
Calendar Year
1927.
9,857.53
1,547.16
3,919.82
9,676.81
1,526.31
3.842.05
180.72
20.85
77.77
15,324.51
15,045.17
279.34
Increase.
Decrease.
Operated Mileage at Close of Year.
Miles of road
Miles of additional main track
Miles of yard tracks and sidings
Total Mileage Operated
Operating revenues
Operating expenses
Transportation Operations.
•
$215,169,245.62 $203,891,622.46 $11,277,623.16
146,256,488.06• 140,334,442.20
5,922.045.86
Revenues over expenses
Taxes
Hncollectible railway revenues
$68,912,757.56
15,978,221.79
9.647.37
$63,557,180.26
15,985,844.32
17,073.98
$5,355,577.30
Railway Operating Income
Rents from use of joint tracks. yards, and terminal facilities
$52,924,888.40
1.064,656.17
$47,554.261.96
1,667,282.32
85,370,626.44
$53,989,544.57
$49,221.544.28
$4.768,000.29
$7.965,912.58
2,204.636.96
$6,954,515.26
2.783.638.76
$1,011,397.32
$10,170,549.54
$9,738,154.02
$432,395.52
$43,818,995.03
$39,483,390.26
$4,335,604.77
$11,369,984.81
6.430.397.51
1,485.134.28
127.164.17
612,123.23
321,754.13
$10,276,593.57
6,195,669.48
1,011.533.99
122,174.11
528,587.43
301,070.99
$1,093,391.24
234,728.03
473,600.29
4,990.06
83,535.80
20,683.14
Hire of equipment—debit balance
Rents for use of joint tracks, yards, and terminal facilities
Net Income from Transportation Operations
Income from Investments and Sources other
then Transportation Operations.
Dividends on stocks owned
Interest on bonds, notes, and equipment trust certificates owned
Interest on loans and open accounts—balance
Rents from lease of road
Miscellaneous rents
Miscellaneous income
87,622.53
7,426.61
$ 602,626.15
$579,001.80
Total
$20,346,558.13
$18,435,629.57
$1,910,928.56
Total Income
$64,165,553.16
$57,919,019.83
$6,246,533.33
$17.573,934.29
35,387.97
449,358.76
$17,744,850.84
39.004.85
469.928.92
Interest on funded debt
Miscellaneous rents
Miscellaneous charges
Fixed and Other Charges.
Total
$18.058,681.02
218,253,784.61
Net Income from All Sources
$46,106,872.14
$39,665,235.22
$3.981,724.00
$170,916.55
3,616.88
20,570.16
$3,981,740.00
DISPOSITION OF NET INCOME.
Dividends on Stock of Union Pacific Railroad Co.:
Preferred stock:
2 per cent paid April 2 1928
2 per cent paid October 1 1928
Common stock:
24 per cent paid April 2 1928
2% per cent paid July 2 1928
2% per cent paid October 1 1928
234 per cent payable January 2 1929
$195,103.59
$6,441,636.92
$1,990,862.00
1.990.862.00
216.00
$5,557,290.00
5,557,290.00
5.557.290.00
5.557,290.00
22,229,160.00
Total Dividends
Total Appropriations of Net Income
Surplus, Transferred to Profit and Loss
22,229,160.00
$26,210,884.00
826,210,900.00
316.00
$26,210,884.00
$26,210,900.00
310.00
$19,895,988.14
$13,454,335.22
$6,441,652.92
The increase of $11,823,027.64 or 7.5 per cent in "Freight Revenue" was due to an increase of 8.7 per cent in net ton
miles of revenue freight carried, partially offset by a decrease of 1.1 per cent in average revenue per ton mile, due in part to
a 73. per cent reduction in rates on all deciduous fruits, except apples,from California and Utah, effective February 10 1928.
There were substantial increases in the movement of grain,fresh vegetables,canned vegetables and fruits, and fresh deciduous
fruits, due chiefly to: (1) large hold-overs from 1927 crops of wheat in the Northwestern States, of corn in Nebraska and
Kansas and of potatoes in Idaho, and (2) increased acreage and production of vegetables and better crops of deciduous fruits
in States west of the Rocky Mountains. The movement of citrus fruits decreased because of smaller orange crop. Livestock moved in greater volume principally because of favorable market prices. Business conditions generally were good
throughout System territory and consequently there were increased shipments of manufactures and miscellaneous commodities, particularly automobiles and parts, and of lumber from Pacific Northwest mills, while an improved metal market
resulted in a heavier movement of lead, zinc and copper from smelters in Utah, Idaho and Montana. Larger production
in Kansas, Colorado and Wyoming oil fields, increased output from refineries in System territory and a greater demand for
gasoline in all sections caused an increase in the transportation of petroleum and refined oils, although residual petroleum
oils moved in less volume due to a lessened demand for their use in road improvements. There were decreases in the movement of stone and coal, attributable respectively to the completion during the year of breakwater at Long Beach, California,
and to milder weather conditions during the winter months and termination of the miners' strike in Colorado, which resulted
in a reduction in long-haul shipments from Wyoming and Utah mines and a resumption of short-haul shipments from Colorado
mines.
APRIL 27 1929.]
2827
FINANCIAL CHRONICLE
Operating results for year 1928 compared with year 1927:
Calendar Year
1928.
Average miles of road operated
Operating Revenues
1. Freight revenue
2. Passenger revenue
3. Mail revenue
4. Express revenue
5. Other passenger-train revenue
6. Other train revenue
7. Switching revenue
S. Water line revenue
•
9. Other revenue
Total operating revenues
Operating Expenses
11. Maintenance of way and structures
12. Maintenance of equipment
13.
14.
15.
16.
17.
18.
19.
Total maintenance expenses
Traffic expenses
Transportation expenses-rail line
Transportation expenses-water line
Miscellaneous operations expenses
General expenses
Transportation for investment-Credit
Calendar Year
1927.
9,813.48
9.677.63
$169,568,273.35
26,886,972.96
4,680.872.46
4,347,280.52
3,877,439.45
74,667.03
1,302,709.49
80,459.65
4,350.570.81
$215,169.245.62
Increase.
Decrease.
1.4
135.85
$157,745,245.71 $11,823,027.64
28,452,380.42
337,850.67
4,343,021.79
365,676.09
3,981,604.43
4,010,507.56
85,588.75
1,320,080.18
13,631.38
66,828.17
3,886.365.45
464,205.36
$203,891,622.46 $11,277,623.16
Per
Cent.
$1,565,407.46
133.068.11
10.921.72
17,370.69
7.5
5.5
7.8
9.2
3.3
12.8
.13
20.4
11.9
5.5
$28,243,556.89
39,054,207.81
$27,991,232.06
37.393,403.04
$252,324.83
1.660.804.77
.9
4.4
$67.297,764.70
4,638,306.39
61,713,749.85
61,979.82
4,679,814.51
7,920,081.94
55,209.15
$65,384,635.10
4,579.355.41
58.373.993.60
58,560.47
4,400,306.53
7.560,762.02
23,170.93
$1,913,129.60
58,950.98
3,339,756.25
3,419.35
279,507.98
359,319.92
32,038.22
2.9
1.3
5.7
5.8
6.4
4.8
138.3
$146,256,488.06
$140,334,442.20
65,922,045.86
4.2
21. Revenues over expenses
$68,912,757.56
$63,557,180.26
$5,355,577.30
8.4
22. State and county
23. Federal income and other Federal
$11,433,374.14
4,544,847.65
$11,852,812.46
4,133,031.86
$411,815.79
24.
$15,978,221.79
$15,985,844.32
$7,622.53
--
$9,647.37
$17,073.98
67.426.61
43.5
26. Railway operating income
27. Equipment rents (debit)
28. Joint facility rents (debit)
$52,924,888.40
7,965,912.58
1,139,980.79
$47,554,261.96
6,954,515.26
1,116,356.44
$5,370,626.44
1.011,397.32
23,624.35
29. Net railway operating income
$43,818,995.03
$39,483,390.26
•
68.83
85.335.604.77
35,717,820
14,301,827,671
400.41
1.168
$7.46
34,785,587
13,157,043,050
378.23
1.181
$7.57
932.233
1,144,784,621
22.18
3,091,964
889,651,207
287.73
47.23
2.942
3,494,825
931.033,103
266.40
48.93
2.991
$1 46
20.
Total operating expenses
Total taxes
25. Uncollectible railway revenues
-Operating expenses of operating revenues
Per cent
Freight Traffic (Commercial Freight only)
Tons of revenue freight carried
Ton-miles revenue freight
Average distance hauled per ton (miles)
Average revenue per ton-mile (cents)
Average revenue per freight-train mile
Passenger Traffic (Excluding Motor Car and Motor Coach)
Revenue passengers carried
Revenue passengers carried one mile
Average distance hauled per passenger (miles)
Average passengers per passenger-train mile
Average revenue per passenger-mile (cents)
Average revenue per passenger-train mile, passengers Only
Avera total raven,,., per muzacmm••••trairt Milli
Fir
e
67.97 .
!FP
,
•
00 1n
.
•
$419,438.32
3.5
10.0
11.3
14.5
2.1
11.9
.86
1.2
.013
$.11
2.7
8.7
5.9
1.1
1.5
402,861
41,381,896
21.33
1.70
.049
$.07
I Ild
11.5
4.4
8.0
3.5
1.6
4.8
IS
The decrease of $1,565,407.46 or 5.5 per cent in "Passenger Revenue" was due to decreases of 4.4 per cent in revenue
passengers carried one mile and of 1.6 per cent in average revenue per passenger mile. The decrease in revenue passengers
carried one mile was occasioned by the continued diversion of short-haul business to motor vehicles.
The increase of $337,850.67 or 7.8 per cent in "Mail Revenue" was due chiefly to an increase of approximately 15 per
cent in mail pay rates effective August 1 1928.
The increase of $365,676.09 or 9.2 per cent in "Express Revenue" was due principally to a substantial increase in the
movement by express of carload shipments of early fruits from California and the Pacific Northwest because of improved
crops.
The increase of $464,205.36 or 11.9 per cent in "Other Revenue" was due principally to increases in hotel and restaurant
revenues because of increased travel through Southern Utah Parks, and in joint fccility revenues on account of heavier movement of logs on the Camas Prairie Railroad (operated as a joint facility with the Northern Pacific), resulting from the opening
for operation on January 1 1928 of an extension from Orofino to Headquarters, Idaho, and because of increase in our proportion of earnings of certain passenger trains operated in pool service between Portland, Oregon, and Seattle, Washington
(this increase was offset by decrease in earnings of other passenger trains in the pool service which are included in other
accounts).
The increase of $252,324.83 or 0.9 per cent in "Maintenance of Way and Structures Expenses" was due to ordinary
fluctuations in repairs and renewals.
The principal track materials used during the year in making renewals were as follows:
New steel rails
232.60 track miles
Second-hand steel rails
"
72.21 "
Total
304.81 track miles
excluding yard tracks and sidings, equivalent to 2.9 per cent of the track miles in main track at the beginning of the year.
Ties 2,645,731 (98.3 per cent treated), equivalent to 6.8 per cent of all ties in track at the beginning of the year. Tie plates
1,515,092 and continuous rail joints 102,917.
The increase of $1,660,804.77 or 4.4 per cent in "Maintenance of Equipment Expenses" was due principally to heavy
repairs to locomotives and freight-train cars because of increased use resulting from improvement in traffic and to retirement
of obsolete locomotives and passenger cars. Freight-locomotive mileage increased 8.3 per cent and freight-train car mileage
increased 12 per cent.
The increase of $3,339,756.25 or 5.7 per cent in "Transportation Expenses-Rail Line" was due principally to increases
in engine and train crews and station forces, and in quantities of fuel consumed by locomotives, resulting from an increase
of 2.7 per cent in tons of revenue freight hauled and of 11.1 per cent in freight gross ton miles, and to an increase of approximately $1,450,000 in wage schedules of enginemen, trainmen and station employees.
The increase of $279,507.98 or 6.4 per cent in "Miscellaneous Operations Expenses" was due principally to increased
operations of hotels in Southern Utah Parks area.
The increase of $359,319.92 or 4.8 per cent in "General Expenses" was due principally to increases .in wages, pension
payments and premiums on employees' group insurance.
An analysis by classes of the net decrease of $7,622.53 in "Taxes" is shown in the table. The decrease in State and
county taxes resulted from decreases in several States in both assessments and tax levies. The increase in Federal income
and other Federal taxes was due to increase in taxable income, partially offset by a decrease in the income tax rate from
13% to 12 per cent under the "Revenue Act of 1928."
The increase of $1,011,397.32 or 14.5 per cent in "Equipment Rents (Debit)" was due chiefly to increase of 15.5 per cent
in mileage payments on refrigerator cars, there having been a substantial increase in number of carloads of perishable commodities handled.
2828
FINANCIAL CHRONICLE
[VOL. 128.
GENERAL BALANCE SHEET—ASSETS.
-(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co.,
Oregon-Washington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
December 31
1928,
Investments:
Road and Equipment
$898,463,640.88
December 91
1927,
Increase.
Decrease.
$885,182,950.60 613,280,690.28
Less
Receiptsfrom improvement and equipment fund
Appropriationsfrom income and surplus prior to July 1 1907, credite
to this account
Total
701. Investment in road and equipment
702. Improvements on Leased Railway Property
704. Deposits in Lieu of Mortgaged Property Sold
705. Miscellaneous Physical Property
Total
706. Investments in Affiliated Companies:
Stocks
Bonds, notes and equipment trust certificates
Advances
Total
707. Investments in Other Companies:
Stocks
Bonds, notes and equipment trust certificates
Total
United States Government Bonds and Notes
703. Sinking Funds
Total Investments
'Current Assets:
708. Cash
709. Demand Loans and Deposits
710. Time Drafts and Deposits
711. Special Deposits
712. Loans and Bills Receivable
713. Traffic and Car Service Balances Receivable
714. Net Balance Receivable from Agents and Concudtors
715. Miscellaneous Accounts Receivable
716. Material and Supplies
717. Interest and Dividends Receivable
718. Rents Receivable
719. Other Current Assets:
Baltimore and Ohio Railroad Co. capital stock applicable to pay
ment of extra dividend of 1914
Miscellaneous items
Total Current Assets
720. Working Fund Advances
722. Other Deferred Assets:
Land contracts as per contra
Miscellaneous items
Total Deferred Assets
"Unadjusted Debits:
723. Rents and Insurance Premiums Paid in Advance
725. Discount on Funded Debt
727. Other Unadjusted Debits
Totla Unadjusted Debits
Grand Total
$23,823,091.13
$23,823,091.13
13,310,236.52
13,310,236.52
$37,133,327.65
$37,133,327.65
061,330,313.23
$848,049,622.95 $13,280,690.28
$254,239.88
2,104,473.34
$21.520.37
216,249.21
1,968,779.50
637,990.67
135,693.84
$2,358,713.22
$2.206,549.08
$152,164.14
$20,596,514.46
26,549,446.13
12,148,264.88
$20,495,548.46
26,078,444.69
9,186,119.02
$100,966.00
471,001.44
2,962.145.86
359.294,225.47
$55,760,112.17
$3.534,113.30
$96,473,909.93
75,891,234.76
$93,904,166.63
76,627,577.36
$2,569,743.30
$172,365,144.69
$170,531,743.99
$1,833,400.70
$32,013,361.56
$32,013,361.56
$149,316.72
$143,039.63
*321,520.37
$736,342.60
$6,277.09
$1,127,511,074.89 31,108,704,429.38 $18,806,645.51
$7,229,822.31
27,000,000.00
150,000.00
185,316.60
6,102,131.44
5,122,044.43
1,309,889.34
4,456,631.99
15,996,104.08
1,916.294.24
173,793.36
$6,920,270.84
22,500,000.00
129,338.20
131,950.87
131,702.20
51,332.00
80,618.87
$69,903,316.86
$64,199,636.60
$5,703,680.26
$76.076.13
$67.643.09
$8,433.04
48,414.39
3,619,868.86
62,378.08
3,758.629.44
$13,963.69
138,760.58
$3,744,359.38
$3,888,650.61
$144,291.23
$7,253.01
1,016.850.92
1,532.008.94
$4,170.96
1.048,544.96
1,268,762.60
263,246.34
52.556.112.87
32,321,478.52
$234,634.35
75,367.44
6,601,102.17
4,581.668.39
1.184,377.22
4,181,303.04
16,002,243.47
1,803,201.07
167,068.76
$309,551.47
4,500.000.00
150,000.00
109.949.16
$498,970.73
540,376.04
125,512.12
275,328.95
8,139.39
113.093.17
6,724.60
2,364.00
$3,082.05
$31,694.04
S1.203.714.864.00 $4,179,114,195.11 124.600.668.89
* Transferred to account 701.
The increase in "Investment in Road and Equipment" is made up as follows:
Extensions and Branches
Additions and Betterments, excluding Equipment
Equipment
Total Increase
From which there was deducted:
Cost of property retired from service and not to be replaced
Cost of real estate retired
Cost of equipment retired from service
Total Deductions
Net Increase in "Investment in Road and Equipment"
$2,292.028.92
8,491,755.62
6,029,755.52
$16,813,540.06
$208,244.40
12,076.68
3,312,528.70
3,532,849.78
$13,280,690.25
The North Platte Cut-off, approximately 54 miles, between Egbert, Wyoming,on the main line, 32 miles east of Cheyenne, and Creighton, Wyoming, near the westerly end of the North Platte Branch, which will provide a shorter route from
the west and south to points on the North Platte Branch, and also develop new territory in southern Wyoming, of which
part is a rich agricultural region and the remainder well adapted to the raising of livestock, as mentioned in last year's report,
was completed and placed in operation September 27 1928.
In 1926 the Oregon-Washington Railroad & Navigation Company and the Northern Pacific Railway Company arranged
for the construction of a line of railroad from Orofino, Idaho, on a branch of the Northern Pacific, a distance of 41 miles to
a point called Headquarters, Idaho, to serve an extensive and hitherto undeveloped territory containing approximately
10,400,000,000 feet of white pine timber and about 70 square miles of pasture and agricultural land, approximately 56%
of the timber being owned by the Clearwater Timber Company (Weyerhaeusers). It was agreed that the Northern Pacific
should construct and own the line and that the O-W R.& N. should be granted joint and equal use thereof, and, in order
that the O-W R.& N. might avail itself of this right, that it be granted also joint and equal use of the Northern Pacific line
between Spalding and Stites, Idaho, approximately 66 miles; these lines to be included, for operation for joint account of
the Q-W R.& N.and the Northern Pacific by the Camas Prairie Railroad Company (jointly owned), with the O-W R.& N.,
line between Riparia, Washington, and Lewiston, Idaho, and the Northern Pacific line between Lewiston and Orangeville,
Idaho, so operated since 1909. The Clearwater Timber Company constructed at Lewiston a lumber mill with an annual
capacity of 200,000,000 feet B.M. Logs are transported from the new line to Lewiston and the lumber manufactured there
is shipped via the O-W R.& N.and the Northern Pacific. The new line was completed and placed in operation on January 1
1928.
An issue of $20,000,000 face value debenture bonds, known as Union Pacific Railroad Company Forty-Year Four Per
,Cent Gold Bonds, was made under an indenture dated June 1 1928, and sold on that date for the purpose of retiring and
refunding $20,000,000 face value of Union Pacific Railroad Company Ten-Year Six Per Cent Secured Gold Bonds which
matured on July 1 1928. These bonds mature on June 1 1968 and bear interest at the rate of four per cent per annum from
June 1 1928, payable semi-annually on June 1 and December 1 in each year. They are redeemable as a whole only, upon not
less than sixty days' previous notice, on June 1 1933, or any semi-annual interest date thereafter, at their principal amount
.and accrued interest to date designated for redemption. The discount and expense incident to the sale of these bonds was
eharged to Profit and Loss.
APRIL 27 1929.]
2829
FINANCIAL CHRONICLE
GENERAL BALANCE SHEET-LIABILITIES.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co.,
Oregon.Washington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
December 31
1928.
December 31
1927.
751. Capital Stock:
Common stock
Preferred stock
$222,293,100.00
99,543,100.00
$222,293,100.00
99.543,500.00
$400.00
Total Capital Stock
755. Funded Debt
$321,836,200.00
409,356,215.00
$321,836,600.00
411,317,075.00
$400.00
1,960,860.00
Total
5731,192.415.00
5733,153.675.00
$756,688.08
$395.596.73
n361,091.35
$1,805,897.68
11,025.835.40
$1.731,091.66
11,850,172.26
574,806.02
16,938,938.09
238,015.58
12,884,974.17
170,335.01
4,053,963.92
67,680.57
158,852.29
4,516,507.40
137,031.59
5,116,439.00
21,820.70
123,881.50
129,942.50
6,061.00
139,424.24
5,557,290.00
133,900.00
1,715,793.77
550,318.95
174,368.09
141,819.63
5,557,290.00
136 400.00
1,668,114.16
482,164.70
153,152.41
2,395.39
47,679.61
68,154.25
21,215.68
$43.079,022.99
$40,158,927.09
$2,920,095.90
$48.414.39
1,660.000.00
7,932,045.80
10,216,998.90
562.378.08
1,660,000.00
7,903,882.93
9,879.165.77
$28,162.87
337,833.13
$19,857,459.09
$19,505,426.78
8352,032.31
$3,303,755.81
69,313,093.01
$2,863,207.16
65,140,992.96
$440,548.65
4.172,100.05
678,366.09
2,903,226.05
678,366.09
3,140,527.88
$76,198,440.96
$71,823,094.09
$4,375,346.87
$871,084,026.12
$865,036,719.69
$6,047,306.43
$30,373,965.02
34,972,570.88
536,828.66
152,221.43
$30,309,935.20
34,972.570.88
536,828.66
145,239.43
*364,029.82
566.035,585.99
234,922,375.67
$65,964,574.17
216,440,025.03
$71,011.82
18,482,350.64
754. Grants in Aid of Construction
Liabilities:
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable:
Due to affiliated companies
Other accounts payable
762. Interest Matured Unpaid:
Coupone matured, but not presented
Coupons and interest on registered bonds, due first proximo
763. Dividends Matured Unpaid:
Dividends due but uncalled for
Extra dividend on common stock declared January 8 1914. payable
to stockholders of record March 2 1914, unpaid
Dividend on common stock payable second proximo
784. Funded Debt Matured Unpaid
766. Unmatured Interest Accrued
767. Unmatured Rents Accrued
768. Other Current Liabilities
Current
759.
760.
761.
Total Current Liabilities
Deferred Liabilities:
770. Other Deferred Liabilities:
Principal of deferred payments on land contracts, as per contra_
Contracts for purchase of real estate
Miscellaneous items
771. Tax Liability
Total Deferred Liabilities
Unadjusted Credits:
773. Insurance Reserve:
Reserve for fire insurance
776. Reserve for Depreciation
778. Other Unadjusted Credits:
Contingent interest
Miscellaneous items
Total Unadjusted Credits
Total Liabilities
Surplus:
.Appropriated for Additions and Betterments
Reserved for Depreciation of Securities
Funded Debt Retired Through Income and Surplus
Sinking Fund Reserves
Total Appropriated Surplus
784. Profit and Loss
-Credit Balance
5300,957,961.66
Total Surplus
As this consolidated balance sheet excludes all intercompany items, securities of
the Los Angeles & Salt Lake Railroad Company owned by other System companies are not included. The difference between the par and face value of
such securities as carried on the books of the Los Angeles & Salt Lake (less
unextinguished discount on the bonds and discount charged to Profit and Loss
but added back in consolidating the accounts) and the amounts at which the
securities are carried on the books of the owning System companies is set up
here to balance
Grand Tntal
Increase.
Decrease.
$1,961,260.00
$824.336.86
599,931.60
2,500.00
513,963.69
$237,301.83
6,982.00
5282,404,599.20 $18,553,362.46
.
$31,672,876.22
$31,672,876.22
21-203.714.864.00 83.179.114.195.11 524,600,668.89
* These amounts respectively represent donations made during the year by Federal Government, States, counties and municipalities and by individuals and companies in part payment for improvements, such as road crossings, drainage projects, and industry spur tracks, the cost of which was charged
to "Investment in Road and Equipment." These amounts are so accounted for to conform with regulations of the Inter-State Commerce Commission.
CURRENT NOTICES.
-"The Stock Exchange Official Intelligence" for 1929 (Vol. 47) has
just been published. This volume contains a larger proportion of new
companies (613 in number) than any issue since 1911. and also contains
particulars of 42 new loans (for a total sum of £298,544,058) which have
been raised by various Governments and other public authorities during
the past year. In addition to 2,050 pages of detailed information concerning the many thousands of securities, native and otherwise, that are known
in the United Kingdom, there will be found in the book the list of brokers
who are members of the London Stock Exchange, the statistics relating
to municipal finance, county finance, Dominion and Colonial finance,
and British and foreign finance, and the special articles on Indian finance.
war debts and company law, the last-mentioned dealing with recent legal
decisions affecting companies and containing explanatory references to the
Act of 1928. The volume also gives data regarding stamp duties, trustee
investments, income tax, bank reserve, &c., &c. It is edited by the Secretary of the Share and Loan Department of the London Stock Exchange
and is published by Spottiswoode, Ballantyne & Co., Ltd., 1 New Street
Square, London, E. C. 4, England.
-The new investment house of Cammack, Clark & Co. Inc.• is located
at 208 South La Salle St., Chicago. The officers of the new firm are:
Herbert M. Cammack, President; Walter Leroy Krouskup, Vice-President
and Secretary; Kenneth K. Cox, Treasurer, and Ernest P. Clark, VicePresident. The associates are: John W. Pain, Samuel M. Fitch. Alfred
N. Carstensen and Chester 0. Abramson. This new organization will
conduct a general investment business, handling both stocks and bonds,
and will eventually do considerable underwriting. At the present time
this house has a broad list of securities, but is specializing particularly in
such issues as Cities Service, Associated Gas & Electric, Electric Light and
Power shares, Superpower Corp., Basic Industry shares. and Central
Public Service.
Mr. Cammack, President of the company, has been in the investment
business for nineteen years. His early training was with the Central Trust
Co. of Chicago. Upon leaving the Central Trust Co.. Mr. Cammack
went into business for himself and is said to have enjoyed a series of uninterrupted successes. He has specialized in the field of public utilities
and a few of his underwritings are: The Elk River Power 1st mtge. 6s;
Southwest Ice Co. 1st mtge. Ois; Allegan County Gas 1st mtge. 6s; West
coast Power 1st mtge.656s; Southwestern States Telephone Co.1st mtg.6s.
,
-Adams & Peck, 20 Exchange Place, this city, have issued an analysis
Western Air Express Corporation which points out that with one exception the company receives the highest revenue per mail plane Mile of any
air mail operator.
-Formation of The Dominion Securities Corp.,representing The Dominion
Securities Corp., Ltd. of Toronto,in the United States, has been announced.
The corporation is opening offices at 40 achange Place, New York, and
will transact a general investment banking business corresponding to that
of the parent company in Canada. G. P. Rutherford, Vice-President of
the new corporation, who has had charge of the American activities of
Dominion Securities since 1921, will continue in this capacity. He has
been associated with Dominion Securities Corp., Ltd., for the past ten
years. Established in 1901. the Dominion Securities Corp., Ltd., is one
of the best known investment banking houses in Canada, having specialized
for many years in the underwriting and distribution of government, municipal and corporation securities. Its head office is in Toronto and branch
offices are maintained in London (England), Montreal, Winnipeg, Vancouver, Hamilton. Ottawa, Kitchener, London (Ont.) and Kingston.
E. R. Wood is President of the parent company as well as being VicePresident of the Canadian Bank of Commerce, among many other important connections.
The partnership of W. A. Harriman & Co. announces a change in the
name of the firm to Harriman Brothers & Co., effective May 1. The
announcement states that the change is being made to avoid the confusion
caused by the similarity of the present name of the partnership which
does a current commercial banking and acceptance business, and that
of W. A. Harriman & Co., Inc., whose principal business is wholesaling
and retailing of bonds and other securities. The partnership remains
unchanged in all other respects, and there will be no break in the continuity
of its business. The partners are W.A. Harriman, E. R. Harriman, G.
Walker, D. M.Parker and Knight Woolley.
Sterling Pile, President of Insuranshares Corp.of New York,announces
that Nathan D. McClure, who has been in charge of the Chicago office of
the company, will assume the duties of Asst. Gen. Sales Mgr. in the head
office at New York. Mr. McClure was formerly connected with the
Chicago office of Lee, Higginson & Co., and subsequently with Mitchell,
Hutchins & Co. of that city. During the three years prior to his association with Insuranshares Corp., he was manager of the Chicago office of
The Detroit Co. Mr. McClure will be succeeded in Chicago by Rodney
M. Bliss.
- A. Willard & Co. announce the admission of Waldorf B. Welton
F.
to the firm as a general partner. Mr. Welton has been associated with
Howe Snow & Co. since 1925 as sales director. The following have become
associated with the firm in its sales department: Walter C. Adams, Alva P.
Baker, Earl M. Dixon, Albert Picks Jr., Joseph P. Heuer, Grandin W.
Schenck, Willard A. Von Hagen and Reginald L. Walsh. Alfred J. Mayer
has joined the Paterson office of the company.
2830
FINANCIAL CHRONICLE
[VOL. 128.
THE CHICAGO ROCK ISLAND AND PACIFIC RAILWAY COMPANY.
AND SUBSIDIARY COMPANIES
FORTY-NINTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER
31 1928
To the Stockholders of the Chicago Rock Island and Pacific Railway Company:
Your Directors submit herewith the Annual Report for year ended December 31 1928:
INCOME ACCOUNT.
YEAR ENDED DECEMBER 31 1928, COMPARED WITH PREVIOUS YEAR.
1928.
1927.
$141,232,603.95 $140,086,990.58 $11,1147,813..37
103,266,340.36
103,333,049.94
Operating Revenues
Operating Expenses
Revenues over Expenses
Taxes
Uncollectible Railway Revenues
137.966,263.59
8,379,348.29
73,710.84
Railway Operating Income
Rents from use of joint tracks, yards, and terminal facilities
$29,513,204.46
1,214,579.48
Hire of equipment—debit balance, and rents for use of joint tracks, yards and terminal $30.727,783.94
facilities
6.461,268.80
Net Railway Operating Income
$24.266,515.14
Income from investments and sources other than transportation operation
961,921.10
Total Income
$25,228,436.24
Deduct:
Interest and Other Charges
12,060,739.37
Net Income from All Sources
$13,167,696.37
DISPOSITION OF NET INCOME—
Dividends on Preferred Stock:
7% Preferred
$2,059,547.00
6% Preferred
1,507,638.00
Decrease.
$66,709.58
136.753,940.64 $1,212,322.95
7,935,957.17
443,391.12
44,047.20
29,663.64
$28,773,936.37
$739,268.19
1,210,835.79
3,743.69
$29,984,772.06
$743,011.88
6,548.049.17
886,780.37
$23,436,722.89
1,166,995.17
$829,792.25
$24.603,718.06
$624,718.18
$205.074.07
12.038,887.75
21,852.12
812,564,830.31
8602,866.06
$2,059,547.00
1,507,638.00
$3,567.185.00
$3,567,185.00
Surplus for Common Stock
Per cent earned
Dividends on Common Stock
$9,600,511.37
12.91
4.461.480.00
$8,997,645.31
12.10
3,717,900.00
Surplus, Transferred to Profit and Loss
$5,139,031.37
$5,279,745.31
8602,866.06
.81
743,580.00
$140,713.94
The net income for the year available for dividends and other corporate purposes, after the payment
taxes and other fixed charges, was $13,167,696.37—the largest in its history; exceeding by 4.8% the netof interest, rentals,
income for 1927—
the highest previous year, which was $12,564,830.31.
After paying the full dividends of 7% and 6% upon the preferred stock, there remained $9,600,511.37, equal
to $12.91
per share on the common stock outstanding. Dividends at the rate of 6% per annum were paid on
outstanding during the year,after which there remained for the year's operations,to be carried to profit andthe common stock
loss,$5,139,031.37
which was invested in additions and betterments to the company's property.
(The quarterly dividend paid March 30 1929 was 13 % on the common stock—an increase over last year's quarterly
4
payment which was 1 %.)
The property has been well maintained and is in good physical condition. The outstanding feature of the
account is the fact that traffic representing an increase of over $3,500,000 in gross freight revenue, was handled income
with a
reduction of over $400,000 in transportation expenses, due principally to economies in operation produced by
improvements
to facilities, and improved condition of the equipment. The higher wage rates paid during the 1928 over 1927
increased
the transportation expenses $1,095,761; otherwise, the transportation expenses would have shown a decrease of $1,496,885
under the previous year.
PHYSICAL PROPERTIES.
The increase during the year in Investment in Road and Equipment amounted to $8,186,984.33, as follows:
Expenditures for road extensions
Expenditures for rolling stock
Expenditures for other additions and betterments
11.386,382.16
2,934,487.47
9,281,793.20
Total expenditures
Less:
Property retired and equipment vacated
$13,602,662.83
5,415,678.50
Net increase in Investment in Road and Equipment
$8.186.984.33
To accommodate increased business we have ordered:
Freight train cars
Passenger train cars
Gas-electric motor cars
2,600
27
10
The estimated cost of this equipment is
In addition the following equipment is on the 1929 budget, but is not yet ordered:
Locomotives_
Gas-electric Motor cars
Company service equipment
$7,539,759.00
30
2
2
The estimated cost of equipmentfor which order has not been placed is
$3,318,750.00
The most important project which we have in immediate contemplation is the construction of a low
Coburn, Missouri,—about 12 miles southwest of Trenton, to a connection with the Wabash, the Chicago, grade line from
St.
Paul & Pacific and Chicago, Burlington & Quincy Railroad Companies' lines at Birmingham, Missouri, Milwaukee,the
just across
Missouri River from Kansas City. Our present route into Kansas City from the east is via our own line to Cameron Junction, thence via the Burlington's line, the trackage agreement covering about fifty miles. The distance from Trenton to
Birmingham via the new line will be approximately 85 miles as compared with about 91 miles via the present line. This
will afford the Rock Island a continuous line of its own from Trenton via Birmingham into Kansas City, and avoid the heavy
grades and curvature in the line now used, and give the company a much better entrance into Kansas City from the east.
It is estimated that the new line will result in a very substantial saving in fixed charges and in maintenance and operating
expenses.
Extension of Amarillo Line,—Stinnett to Gruver, Texas, a distance of 33.79 miles was started April 7 1928, and the
line will be completed on April 11929. Further extension of this line from Gruver to Liberal, a distance of 61 miles, has
been authroized and grading was started February 6 1929. Construction will be carried on south from Liberal and north
from Gruver, and construction from each end will proceed to the Beaver River. This section will be completed about July,
in time for the handling of the 1929 wheat crop. The gap of eight miles at the Beaver River will be completed by September
1 1929.
For many years the Rock Island and other roads at Oklahoma City were confronted with the necessity of elevating
their tracks and improving their passenger station facilities. Our main line tracks went through the heart of the City crossing the principal streets, and our passenger station was altogether inadequate. The improvements demanded would have
required an expenditure on the part of the Rock Island of approximately $3,000,000. In order to avoid this we concluded
an agreement with the City whereby the Rock Island agreed to abandon 77-100 of a mile of its main track and sidings through
the business section of the City,—the balance of the track to be retained for industrial purposes; and to construct an entirely
new line, 5.97 miles in length, around the southerly side of the City. The abandoned right of way was sold to the City
for $2,200,000, and this payment has been made. The cost of the new line around the City, plus our proportion of a new
joint station with the St. Louis-San Francisco Railway Company will amount to approximately $2,378,000. Work is now
in progress on construction of the new line.
We also have in contemplation the construction of a new line in the Texas Panhandle from a point on the Amarillo
line east of Amarillo in a southeasterly direction to a connection with a new line being constructed by the St. Louis, San
Francisco & Texas. A trackage right over the latter, together with a trackage right over the Gulf, Texas & Western to
Jacksboro, a point on our Graham branch, will give the Chicago, Rock Island and Gulf a much shorter line through the
2831
FINANCIAL CHRONICLE
APRIL 27 19291
Texas Panhandle between Amarillo and Dallas, a territory within which the agricultural and commercial development has
been very rapid during the past ten years. The existing route from Amarillo via El Reno to Fort Worth is 457.6 miles.
The proposed new route will shorten this distance from 90 to 100 miles.
2—PROFIT AND LOSS.
$31,821.561.82
Credit balance, December 31 1927
Surplus, after dividends for year ended December 31 1928
Sundry credit adjustments, etc., not affecting current fiscal year
$5,139,031.37
24,401.34
$5,163,432.71
Less:
Depreciation on equipment sold, dismantled and destroyed
Loss on tracks removed
Loss on structures sold, removed and destroyed
Property abandoned—Reasnor to Monroe, Iowa
Expenses in connection with issuance of securities
Premium paid on:
Five year secured gold notes due July 1 1929, paid January 1 1928
Five year secured gold notes due September 1 1929, paid March 1 1928
Sundry debit adjustments ,etc
$558,896.95
113,215.46
175,442.04
40,648.07
53,311.76
50,000.00
25,000.00
214,645.13
1,231,159.41
3,932,273.30
$35,753,835.12
Credit balance. December 31 1928
ROCK ISLAND LINES.
3—CONDENSED GENERAL BALANCE SHEET.
DECEMBER 31 1928 AND COMPARISON WITH PREVIOUS YEAR.
1928.
ASSETS.
Investments:
Investment in road and equipment (see page 17, pamphlet report)
Improvements on leased railway property (see page 18, pamphlet report)
Miscellaneous physical property (see page n,pamphlet report)
Investments in affiliated companies (see pages 31 and 32, pamphlet report):
Stocks
Bonds
Notes and advances
Other investments (see page 32, pamphlet report):
Stocks
Bonds
Notes and advances
Increase.
2,820,643.48
6,788,004.11
11,262,511.38
2,822,292.48
6,703,951.48
8,841,034.95
84,052.63
2,421,476.43
2,937.00
39,100.00
602,474.27
2,728.00
42,100.00
653,803.19
Decrease.
$5,486,489.64
72,094.23
209.00
12467,273,888.78 $459,353.295.37
Total investments
$442,700,241.78 $437,213,752.14
782,124.22
710,029.99
2.363,603.14
2,275,852.54
$7.920,593.41
Current Assets:
Cash
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
27,361,228.26
$87,750.60
1,649.00
3,000.00
5L328.92
2,1: :
Fa 88g:g8
1.131,876.84
5,176.36
1,802,967.99
989,510.44
2,855,392.65
8,850,907.07
193,628.62
52,051.10
529,359.94
12,0k=
1.157,471.28
869,768.80
3,104,434.99
8,tigg: (
174 6
:)8
$930.375.59
7,000,000.00
10,914,368.15
23,611.90
$645,496.71
119,741.74
249,044.34
15,466.99
39,824.02
55,244.34
603,633.67
3,193.24
74,273.73
$23,772,097.27 $42,177,368.74
Total current assets
Deferred Assets:
Working fund advances
Other deferred assets
$18,405,271.47
250,024.01
44,157.86
Grand total
$ 6,854.84
12,763.87
274,563.16
219,618.71
2134,608.87
1,971.039.14
$11,253.24
2.433.903.08
2123,355.63
$2,105,648.01
$2,445,156.32
$339,508.31
$493,245,815.93 $504,050,383.59
Total unadjusted debts
$43,169.17
31,393.99
$94,181.87
Total deferred assets
Unadjusted Debits:
Rents and insurance premiums paid in advance
Other unadjusted debits
Securities issued or assumed—
1928.
1927
Unpledged (see page 32,pamphlet report)- _ - _220,168,477.50 $11,666,477.50
Securities issued or aasumed—
Pledged (see page 32, pamphlet report)
45,035,000.00 52,535,000.00
Stock:
Capital Stock:
7% Preferred
*6% Preferred
Common
1927.
$10,804,567.66
$462,883.94
LIABILITIES.
Total
Less held in treasury. Conimon (see page 32, pamphlet report)
Total outstanding in hands of the public
Funded Debt:
Funded debt unmatured (see page 20, pamphlet report)
Less held in treasury (see page 32. pamphlet report)
Total outstanding in hands of the public
Non-negotiable debt to affiliated companies (see page 30, pamphlet report)
$29.422,189.00 $29,422,189.00
25.127,300.00 25,127,300.00
75,000.000.00 75.000,000.00
$129,549,489.00 $129,549,489.00
517.477.50
517,477.50
$129,032,011.50 $129,032,011.50
$336,389,835.00 $352,233,030.00
64,686,000.00 63,684,000.00
$15,843,195.00
$1,002,000.00
$271,703,835.00 $288,549.030.00
87,100.00
12,100.00
$16,845,195.00
75,000.00
Total funded debt
$271,715,935.00 2288,636,130.00
$16,920,195.00
Total capital liabilities
$400,747,946.50 $417,668,141.50
$16,920,195.00
Current Liabilities:
Loans and bills payable (see page 30. pamphlet report)
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
$5,000.00
2.006,708.78
7,334.629.09
180,151.83
1,092,143.10
4,404.75
14,000.00
2,416,196.08
460,925.52
882,220.88
$623,000.00
1,770,239.20
7.185.220.45
211,368.32
1,345.730.57
3,954.75
5,000.00
2,528,171.82
489,638.63
883,589.51
$618,000.00
$336,469.58
149,408.64
450.00
9,000.00
31.216.49
253,587.47
111,975.74
28,713.11
1,368.68
$549,533.22
514,396,380.03 $14,945,913.25
Deferred Liabilities:
Other deferred liabilities
Total deferred liabilities
Unadjusted Credits:
Tax liability
Accrued depreciation—Equipment
Other unadjusted credits
Total uandjusted credits
Corporate Surplus:
Additions to property through income and surplus
Profit and Loss: Credit balance (see page 13, pamphlet report)
Total corporate surplus
Grand total
$498,702.02
$643,953.99
$145,251.97
2498,702.02
$643,953.99
$145,251.97
$5,864,175.64
32,168.349.68
2,708,895.53
25,448.580.68
29,897,627.91
2,563,173.59
$415,594.96
2,270.721.77
145,721.94
$40,741,420.85 $37,909.382.18
$2.832,038.67
$1,107,531.41
35.753.835.12
21,061,430.85
31,821.561.82
$46,100.56
3,932,273.30
$36,861,366.53 $32,882,992.67
$3,978,373.86
. $493,245,815.93 2504,050,383.59
$10,804.567.66
(See Pages 33 and 34, pamphlet report, for indirect obligations.)
NOT113.—In stating the assets and liabilities of the companies forming the Rock Island Lines, the holdings of The Chicago Rock Island and Pacific
Railway Company in the bonds and capital stock of the auxiliary lines, together with loans between the various companies, have been eliminated from
the liabilities and a like reduction made in the assets pertaining thereto; the figures shown, therefore, represent the book value of the assets and the
without duplication.
• Under the final decree in the receivership cause, $10,000,000.00 6% preferred stock was reserved to be issued in settlement of such claims as
might be allowed by the special master. Up to December 31 1928 $127,300 of this stock had been issued.
2832
FINANCIAL CHRONICLE
[VoL. 128.
TAXES.
Taxes continue to increase. State and local taxes have gone up from $5,478,969 in 1920 to $6,537,718 in 1928, and
the total accruals for taxes has increased from $5,894,857 in 1920 to $8,472,599 in 1928. During the year just past the
Company accrued for taxes, $5.91 out of every $100 taken in, while only $5.60 went to the stockholders for dividends.
GENERAL.
In previous years there has been submitted a comparison of certain selected statistics, and, for your information, the
1928figures are added:
Total tons carried (thousands)
Average miles hauled per ton
Tons hauled per mile of road
Freight Service: Cars per train
Gross tons per train
Net tons per train
Net tons per loaded car
Net tons per mile of road per day
Per cent loaded of total car miles
Per cent east
-bound of total loaded car miles
Per cent east
-bound of total car miles
Car miles per car day
Pounds of coal per 1,090 gross ton miles (excluding locomotive and tenders)
Passenger Service: Passenger train cars per train
Ratio of passenger train to freight train mileage
Number revenue passengers per train
Number revenue passengers per passenger car
Pounds of coal per 100 car miles
*Based on year ended June 30 1912.
1912.
1922.
1926.
1927.
1928.
18,969
25,939
33,786
34,335
35,449
242.46
256.39
246.15
250.17
258.92'
572.340
819,416
1,036,501
1,066,730
1,135,621
25.8
30.7
38.1
39.9
40.3
840
1.161
1,388
1.451
1,480
348
455
536
555
565
18.6
21.2
21.9
22.3
22.6
2.016
2,540
3.183
3,296
3,427
72.6
69.9
64.3
52.3
62.0
46.9
55.6
54.7
55.3
55.8
48.9
49.7
48.8
49.7
49.5
24.6
29.2
32.0
34.3
38.1
*286
207
170
160
161
5.4
5.9
6.5
6.6
6.8
109.51
99.95
91.07
92.05
87.76.
51.2
55.5
50.0
47.6
43.7
13.5
14.0
11.6
11.1
10.2
*2,051
1,975
1,644
1,506
1,517
Cheerful acknowledgment is made of the most competent counsel and assistance of Mr. E. N. Brown, Chairman of the
Executive Committee.
The Board acknowledges the faithful and loyal service of the officers and employees, and again urges you as stockholders to take an active interest in the affairs of the Company and in matters pertaining to railroads in general.
Respectfully submitted,
By order of the Board of Directors.
CH.ARLES HAYDEN, Chairman of the Board.
J. E. GORMAN,President.
ROCK ISLAND LINES.
1
-INCOME ACCOUNT.
YEAR ENDED DECEMBER 31 1928, COMPARED WITH PREVIOUS YEAR.
1927.
Amount.
Operating Revenues:
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other transportation revenue
Dining and buffet car revenue
Miscellaneous revenue
Total railway operating revenue
Operating Expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
Total railway operating expenses
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenue
Total railway operating income
Other Income:
Rent from equipment (other than freight cars)
Joint facility rent income
Miscellaneous rent income
I come from lease of road
Miscellaneous income
Total other income
Total income
Deductions from income (excepting interest):
Hire of freight cars-debit balance
Rent for equipment (other than freight eras)
Joint facility rents
Miscellaneous rents
Rent for leased roads
Other income charges
3108.758,903.49 $105,256,592.91 83,502,310.58
20,059,597.87 22,791,552.52
2,808,303.05
2,631,856.39
176,446.I.43
3.543,458.71
3,375,111.45
168,347.26
2.804,178.90
2.753,898.15
50,280.75
826,537.46
805,834.10
20,703.36
2,431,624.47
2,472,145.06
819,173,523.93 $18,585,992.99
26,598,095.36 27.586,674.71
3,146,389.41
3.012,323.65
50,233,183.04 50,634,306.87
1.125.876.42
1,112,072.55
4,140,849.91
3,969,557.19
1,151,577.71
1,587,878.02
Balance before deduction of interest
Interest on bonds and long term notes
Interest on equipment notes
Interest on bills payable and accounts
Per
Cent.
Per
Cent.
Amount.
3.33
82.731.954.65 11.99
6.70
4.99
1.83
2.57
40,520.59
1.64
$988,579.35
3.58
401,123.83
.79
$66,709.58
3141.232.603.95 $140,086,990.58 $1,145,613.37
.06
82
$587.530.94
3.16
134,065.76
4.45
13,803.87 1.24
171,292.72 4.32
416,300.31 26.55
$103,266,340.36 $103,333,049.94
$37,966,263.59 $36,753,940.64 $1,212,:322.95 3.30
8,379,348.29
7,935,957.17
443,391.12 5.59
73.710.84
29,663.64 67.35
44,047.20
329,513.204.46 328.773,936.27
$518,347.10
696,232.38
238,840.21
24,795.48
698,285.41
$482,875.47
727,960.32
278,295.30
31,159.46
857.530.41
82.176,500.58
$739,268.19
2.57
$35,471.63
7.35
$2,377,830.96
$31.689,705.04 $31,151,767.23
____
----
---$31,727.94 4.36
39,455.09 14.18
6,373.98 20.45
159,245.00 18.57
$201,330.38
8.47
8177,998.30
4.34
1,755.77
1.11
$72,492.46
$537,937.81
1.05
1.73
,.
$3.926,907.01
513,211.44
2,021,150.35
5,002.95
156,301.20
183,899.61
$4,104.905.31
512,884.31
1,930,259.55
4,670.53
158,056.97
168,188.38
36,806,472.59
Total
Decrease.
Increase.
1928.
$6,878,965.05
$327.13
90,890.80
332.43
06
4.71
7.12
15,711.26
9.34
824.883,232.45 $24,272.802.18 $610,430.27
2.51
$10,442,533.23 $10,174,263.26
1,227,125.00
1,110,086.29
45,877.85
423,622.32
$268,269.97 2.64
117,038.71 10.54
3377,744.47 89.17
Total interest
311,715,536.08 311,707,971.87
$7,564.21
.06
Net income from all sources
$13,167,696.37 $12,564,830.31
$602,866.06
4.80
DISPOSITION OF NET INCOME
Dividends on Preferred Stock:
7% Preferred
6% Preferred
82,059,547.00
1,507,638.00
$2.059,547.00
1.507,638.00
83.567.185.00
53,567,185.00
Surplus for common stock
Per cent. earned
Dividends on common stock
39.600,511.37
12.91
4,461.480.00
$8,997,645.31 $602,866.06 6.70
.81
12.10
743,580.00 20.0)
3,717.900.00
Balance surplus (carried to profit and loss)
$5,139,031.37
35.279,745.31
Telephone Franklin 0976
New York
St. Louis
Minneapolis
Chicago
Atlanta
Cleveland
Detroit
Los Angeles•
Resident Partners
C. R. Whitworth, A.C.A.C.P.A.
R. C. Brown, C.A.C.P.A.
American Institute of Accountants
TOUCHE, NIVEN St CO.
Public Accountants
10 South La Salle Street
Chicago
AUDITORS' CERTIFICATE.
-- --
3140,713.94
,
2.67
Cable Address "Retexo"
England
Birmingham
London
Canada
Toronto
Montreal
Calgary
Winnipeg
Vancouver
Edmonton
Regina
Victoria
Also Principal Cities in
South America
March 25 1929.
We have audited the books and accounts of The Chicago, Rock Island and Pacific Railway Company and Subsidiary
Companies for the year ended December 31 1928, and certify that the annexed balance sheet and relative income and profit
and loss accounts are in accordance therewith and exhibit, in our opinion, a true and correct view of the financial position
of the Company at the date stated and of the operations of the system for the year then ended.
Touche, Niven & Co., Public Accountants.
APRIL 27 1929.]
2833
FINANCIAL CHRONICLE
WABASH RAILWAY COMPANY.
THIRTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1928.
To the Stockholders of the Wabash Railway Company:
The Board of Directors submit the following report of the operations for the year ended December 31, 1928:
1928.
1927.
Increase.
2,524.20
Net operating revenue
Railway tax accruals
Uncollectible railway revenue
$71,072,991.07
52.411,567.67
$67,108,153.52
51,379,146.87
13,964,837.55
1,032,420.80
$15,729,006.65
$2.932,416.75
$3.052,356.85
13,667.03
Operating revenues (see below)
Operating expenses (see pages 21 to 24 pamphlet report])
$2,787,694.52
9,672.17
1264,662.33
3,994.86
13.066,023.88
•
Other operating income:
Rent from Locomotives
Rent from Passenger-Train Cars
Rent from Floating Equipment
Rent from Work Equipment
Joint Facility Rents
$268,657.19
$12,931,639.96
$2.663,759.56
$70,342.19
59.257.32
85,939.69
22,349.60
457,118.19
Operating income
$2,797,366.69
$15.595,399.52
Total
$82.045.90
71,603.48
57,880.69
22,258.06
446,877.56
$28,059.00
91.54
10,240.63
$11.703.71
12,346.16
$695.006.99
Deductions from operating income:
Hire of Freight Cars—Debit Balance
Rent for Locomotives
Rent for Passenger-Train Cars
Rent for Work Equipment
Joint Facility Rents
Total
114,341.30
$13,612,305.65
$2,678,100.86
$2.171,711.31
114,753.20
65,865.66
48,596.97
1,939,440.01
Total operating income
$680,665.69
116,290,406.51
Total
$1,933,814.40
96,741.29
74,840.64
52,963.52
1,842,258.57
1237,896.91
18,011.91
97,171.44
$4.340,367.15
Non-operating Income:
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-operating Physical Property
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts
Income from Sinking and other Reserve Funds
Miscellaneous Income
' Total
14,000,628.42
$9,611,677.23
$2,338,362.13
121,718.50
210,358.46
35,447.47
1,359,387.47
81,911.25
270,348.11
212.50
1,813.93
$8.974.98
, 4,366.55
1339,738.73
111,950,039.36
$27.841.19
265,185.61
68,152.32
947,800.75
85.478.58
239,679.14
212.50
3,505.72
Net Operating Income, Section 422 Transportation Act 1920
Decrease.
2,524.20
$18,661,423.40
Average mileage operated
$6,122.69
54,827.15
32,704.85
$411,586.72
1,567.33
30,668.97
1,691.79
$1,635,855.81
$1,981,197.69
$13,585,895.17
111.592.874.92
11.993,020.25
1363.633.53
21,189.00
84,985.09
5,936,108.95
665,664.87
109,235.68
3,801.04
$364,948.24
23,370.16
80,538.65
5,496,348.20
814,331.28
94,703.90
5,024.26
$54,446.44
439,760.75
Total
$7,184,618.16
$6,829,264.69
$355,353.47
Net Income
16,401,277.01
$4,763,610.23
$1,637,666.76
Gross Income
Deductions from Gross Income:
Rent for Leased Roads
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt
Interest on Unfunded Debt
Amortization of Discount on Funded Debt
Miscellaneous Income Charges
OPERATING REVENUES.
The operating revenues for the Year 1928 compare with
1927 as follows:
1928.
Freight
Passenger
Mail
Express
Miscellaneous
58,840,270.65
7.194,988.17
853,779.83
1,553,661.48
2,630,290.94
1927.
Per Cent
Increase or Inc.or
Decrease. Dec.
53,992,504.52 4,847,766.13 8.98
8,153,605.96 958.617.79 11.76
785,579.86
68,199.97 8.68
1.538.874.08
14.787.40 .96
2,637.589.10
7,298.16 .28
1928.
$345,341.88
$1.314.71
2.181.16
148,666.41
14,531.78
1,223.22
1927.
$
9.340.819.52
11,880,995.35
1,969,161.07
25,924,498.81
404,023.14
2,193,047.57
333.398.59
Per Cent
Increase or Inc.or
Decrease. Dec.
$
155,843.51 1.67
65.526.69 .55
68.739.59 3.49
860.144.00 3.3217,627.29 4.36
30,003.32 1.37
34,410.22 10.32
Maint. of Way Sr Struct- _ 9,496,663.03
Maint. of Equipment__ _ -11,815,468.66
Traffic
2,037,900.66
Transportation-Rail Line 26,784,642.81
Miscellaneous Operations_ 421,650.43
General
2,223,050.89
Transp.for Investment-Cr. 367,808.81
Total Oner. Expenses_ _52,411,567.67 51.379,146.87 1,032,420.80 2.01
The ratio of operating expenses to revenues for the year
1928 was 73 74% as compared with 76.56% for the year
Total
71,072,991.07 67,108,153.52 3.964,837.55 5.91
1927, a decrease in the per cent of 2.82.
A comparison of freight revenue by general classes of
The increase in Maintenance of Way and Structures extraffic follows:
pense is due to the increase in rail laid, ballast inserted, and
Increase or
roadway maintenance in connection therewith, as well as
1928.
1927.
Decrease.
$9,194,074.91 $8,089,620.27 11,104,454.64 the general repairs to freight stations at St. Louis and
Products of Agriculture
6.540,103.67 6,699,960.82
159,857.15 Detroit.
Products of Animals
Products of Mines
Products of Forests
Manufactures and Miscell_
Merchandise
Total
8,335,955.57 8,171,430.48
164,525.09
2,281,052.30 2.258,558.97
22,493.33
24,762.214.51 21.410,947.04 3,351,267.47
7,726,869.69 7.361,986.94
364,882.75
$58,840,270.65 $53,992,504.52 $4,847,766.13
The decrease in passenger revenue of $958,617.79 was due
to extension of motor bus lines and increased use of private
automobiles.
TRANSPORTATION AND TRAFFIC STATISTICS.
The details of Transportation, Freight and Passenger
Statistics relating to train and car loading and commodities
handled are fully shown on pages 25,26,27 and 28.
FINANCIAL.
CAPITAL STOCK.
The par value of Capital Stock issued to December 31
1928, was $138,492,967.17, there having been no change
OPERATING EXPENSES.
during the year.
The operating expenses for the year 1928 compare with
Under the Articles of Incorporation, the holders of the
1927 as follows:
Five Per Cent Convertible Preferred Stock B, may, at any
2834
FINANCIAL CHRONICLE
time after August 1 1918, and up to thirty days prior to any
date fixed for the redemption of the entire issue of Five
Per Cent Profit Sharing Preferred Stock A,convert the same
into, and exchange the same for, Five Per Cent Profit
Sharing Preferred Stock A and Common Stock of the corporation,such conversion to be at the rate of $50.00 par value
of Five Per Cent Profit Sharing Preferred Stock A and
$50.00 par value of Common Stock for each $100.00 par
value of Five Per Cent Convertible Preferred Stock B,with a
proper adjustment of declared and unpaid dividends.
Since August 1 1918, Five Per Cent Convertible Preferred
Stock B of a par value of $46,266,100.00 has been surrendered
and exchanged for $23,133,050.00 par value of Five Per Cent
Profit Sharing Preferred Stock A and $23,133,050.00 par
value of Common Stock. During the year no Five Per Cent
Convertible Preferred Stock B was converted into Five
Per Cent Profit Sharing Preferred Stock A and Common
Stock.
FUNDED DEBT.
The total funded debt on December 31 1928, was $127,705,187.97, a net increase of $15,659,180.38 as compared
with December 31 1927. This increase was due to issuing
certain obligations and retiring others as follows:
Issued During the Year.
Refunding and General Mortgage Bonds,Series C
$17,867.000.00
Retired During the Year.
Equipment Trust of 1920-6% Certificates
8755.400.00
Equipment Trust of 1922-5% Certificates
283.000.00
Equipment Trust of 1923—Series C
134,000.00
Equipment Trust of 1924—Series D
166.000.00
Equipment Trust of 1924—SeriesE
171,000.00
Equipment Trust of 1925—Series F
'79,000.00
Equipment Trust of 1927—Series G
175.000.00
Gondola Car Agreement of 1924
102,419.62
Kansas City, Excelsior Springs and Northern
Railway Company First Mortgage Bonds
100,000.00
Detroit & Chicago Extension First Mtge. Bonds_ 42.000.01)
2.207,819.62
Net Increase
$15,659,180.38
The issue of $17,867,000.00 par value Refunding and
General Mortgage Bonds, Series C,was dated April 1 1928,
bearing interest at the rate of four and one-half per cent per
annum, payable semi-annually on April 1st and October 1st
of each year, and will mature April 11978. This issue was
used to reimburse the Treasury of the Company for capital
expenditures heretofore made, purchase of capital stock
of The Ann Arbor Railroad Company, and to provide
additional funds for capital purposes.
ROAD AND EQUIPMENT.
The more important items are as follows:
ROAD.
Land for yard and terminal extensions
Grade separation
River protection
Signals and interlockers
Crossings and signs
Train yards
Passing and other track additions and extensions
Bridges, trestles and culverts
Rail and other track material
Ballast
Widening cuts and fills
Freight & passenger stations & other buildingsGrain elevators
Special assessments
Roadway machines
Shop tools and power plant machinery
Application of tie plates
$489,319.36
577,147.22
118,029.59
110,265.67
63,834.70
145,061.01
311,349.21
189,114.61
457,368.44
801,360.77
59,203.83
654,815.12
60,319.67
44,029.80
12,327.60
58.441.64
62,697.39
$4,214,685.63
EQUIPMENT.
New:
10 coal cars
3 wheel cars
1 locomotive crane
$21,344.43
$3,359.23
14,826.78
18,186.01
339.530.44
[VOL. 128.
The following is a general description of the expenditures
enumerated:
The policy of improving condition of ballast in main tracks
was continued by applying 105,366 cubic yards of washed
gravel, 273,638 cubic yards of crushed rock and 24,398 cubic
yards of burnt clay.
One hundred nine miles of new 110 lb. rail was laid, replacing lighter weights.
A combination pile, stone and wire mattress 2,500 feet
long was placed in the Missouri River at DeWitt, Mo., for
bank protection.
For more efficient and economical handling of fruit and
vegetables, a new concrete and brick fruit auction house with
appurtenances, was constructed at St. Louis, Mo. A new
brick passenger station was erected at Huntington, Ind.
The program for the replacing of pile and temporary
bridges with permanent structures was continued.
The work of eliminating grade crossings at State Highway
No. 47, Warrenton, Mo., State Highway No. 3, Udell, Ia.,
Seventh Street, Decatur, Ill.; Loomis Street, Chicago, Ill.;
Raupp Road and Livernois Avenue, Detroit, Mich., and
Delmar Avenue, St. Louis, Mo., was completed. Work was
well under way on the separation of grades at Hastings and
Russell Streets, Detroit, Mich., West Fort Street, Detroit,
Mich., and State Highway No. 6, Moravia, Ia.
A new 150 foot double track concrete and steel bridge was
constructed over North Broadway,St. Louis, Mo., to replace
a 74-foot single track masonry and steel bridge, made necessary as result of widening street.
Automatic block signals were installed between Granite
City and Edwardsville, Ill., and between Litchfield and Mt.
Olive, Ill., making a total of 634.15 miles of track now protected by automatic block signals. Automatic signals at
crossing with the Chicago, Burlington & Quincy Railroad
at Golden, Ill., were installed.
Crossing signals for protection of highway traffic were installed at the following points: Hannibal ,Mo.; Chillicothe,
Mo.; Mt. Olive, Ill.; Manhattan, Ill.; Riverton, Ill.; Litchfield, Ill.; Tolono, Ill.; Williamsport, Ind.; Wabash, Ind.,
and Napoleon, Ohio.
FEDERAL VALUATION.
Final briefs in the Federal Valuation Case were filed and
oral argument had with the Interstate Commerce Commission
during the early part of the year. Since that time the Interstate Commerce Commission has been reviewing the evidence
submitted, as well as the briefs filed, and is now engaged in
the process of preparing a final valuation of the Company's
properties.
DEVELOPMENT.
The Company purchased 63.50 acres of land at Lafayette,
Ind., 3.96 acres at Toledo. Ohio, and 2.70 acres at Detroit,
Mich., for the enlargement of terminal facilities, also 38.56
acres of land at Delta, Ohio, for additional interchange
facilities.
There were one hundred and fifteen new industries located
on the tracks of your Company.
GENERAL REMARKS.
In the latter part of the year the Company entered into
agreements with the American Car and Foundry Company
and the'Pullman Car and Manufacturing Corporation, for
the building of 2,000 40
-ton capacity, steel frame, single
sheathed automobile cars, for delivery the early part of the
coming year.
By orders of the Board of Directors.
J. E. TAUSSIG,
President.
WABASH RAILWAY COMPANY
PROFIT AND LOSS ACCOUNT DECEMBER 31, 1928
CREDITS:
Credit Balance December 31 1927-----------------------------------------------------Balance Transferred from Income (see above)
Profit on Road and Equipment Sold
Donations
Miscellaneous Credits
36,401,277.01
241.40
114,217.56
59,475.26
36.575,211.23
LICSS:
Dividend Appropriations of Surplus----------------------------------------------- Surplus Appropriated for Investment in Physical Property
Loss on Retired Road and Equipment
Miscellaneous Debits
33 576 920.00
'114,217.5
6
89,010.16
7,642.44
3.787,790.16
credit Balance December 31 1928
339,537.449.94
2.787,421.07
At
2 4,29A 511
APRIL
27 1929.]
FINANCIAL CHRONICLE
2835
WABASH RAILWAY COMPANY
CONDENSED GENERAL BALANCE SHEET DECEMBER 31, 1928, COMPARED WITH PREVIOUS YEAR
ASSETS.
1928.
$281,230,395.75
62.51
2.008,497.26
9,577,050.06
23,672,961.56
$2,698,072.03
2,325,903.72
908,915.55
1.271.671.28
280,326.02
2,122,936.30
4,805.118.41
283.655.93
70,651.48
48.364.49
$1,021,251.79
2,141,814.15
644,301.75
896,875.63
38,448.41
$14,815,615.21
$4.446,000.07
$212.982.99
43,544.36
11,232.73
$1,057.00
3,077.14
267.72
$267,760.08
$4.401.86
$79,404.48
3,454,194.23
1.565,769.28
999,406.63
1,037,924.00
Total
$4,549,056.76
$272,161.94
Total
Unadjusted Debits:
Rents and Insurance Premiums Paid in Ad ance
Discount on Funded Debt
Other Unadjusted Debits
Securities Issued or Assumed—Unpledged
Securities Issued or Assumed—Pledged
$311,939,910.38
$214,039.99
46,621.50
11,500.45
Total
Deferred Assets:
Working Fund Advances
Insurance and Other Funds
Other Deferred Assets
$4,127,646.31
$19,261,615.28
Total
Current Assets:
Cash
Special Deposits
Loans and Bills Receivable
Traffic and Car-Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Rents Receivable
Other Current Assets
$277,102,749.44
359.18
2,003,409.80
9,197,607.65
23,635.784.31
$3.719,323.82
4.467,717.87
1,553,217.30
2,168,546.91
318,774.43
1,862,884.86
4,691.575.26
324,251.89
94,517.50
60,805.44
'
1927.
$316,488,967.14
Investments:
Investment in Road and Equipment
Sinking Funds
Miscellaneous Physical Property
Investments in Affiliated Companies
Other Investments
$77,272.01
2,274.733.42
758,192.55
1,041.286.63
1,037,924.00
$2.132.47
1,179,460.81
807,576.73
Increase.
Decrease. II
$296.67
5,087.46
379,442.41
37.177.25
$260,051.44
113,543.16
40.595.96
23,866.02
12,440.95
alil
$41,880.00
ad
$7,136.698.62
1928.
Total
Deferred Liabilities:
Other Deferred Liabilities
Unadjusted Credits:
Tax Li.thility
Insurance a d Casualty Reserves
Accrued Depreciation—Equipment
Other Unadjusted Credits
Total
Corporate Surplus:
Additions to Property
Profit and Loss Balance
Total
1927.
Increase.
$138.492,967.17
$127,705,187.97
$112,046,007.59
$1,698,287.22
5,170.106.08
291,498.17
255,902.00
4,268.75
5,200.00
1,649.369.29
260,884.23
222,164.73
$1,500,000.00
1,539,774.03
5,832,514.67
297,703.72
253,554.50
4,292.50
200.00
1.480,734.28
239,100.96
211,055.10
$11,358.929.76
$1,801.219.29
$7.150,422.17
$15,208,272.81
$8,057,850.64
$2,392,148.71
• - 118,589.88
12,085,738.23
2,378,433.74
$2,174,148.18
103,475.48
10.483,379.66
1,968.787.62
$218,000.51
15,114.40
1,602,358.57
409,556.12
$16,974,820.56
Current Liabilities:
Loans and Bills Pay ble
Traffic and Car-Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous A counts Payable
Interest Matured U paid
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liabilities
$10.946,748.70
$9.557,680.47
Long-Term Debt:
Funded Debt Unmatured
$1.947,290.01
$332,212,694.28
$138,492,967.17
LIABILITIES.
Stock:
Capital Stock
$5,189,408.61
$343,159,442.98
$14,729,790.94
$2,245,029.62
$953,493.63
42,324,871.01
.
Total Assets
$839,276.07
39,537,449.94
$114,217.56
2,787,421.07
I
$1,500,000.00
$158,513.19
—Seligsberg & Co., members of the New York Stock Exchange,announce
the removal of their main office from 71 Broadway, where they have been
located for more than 20 years, to 50 Broad St., New York, where they
will occupy the entire second floor.
—R. Paul Weingarten and Louis F. Fechheimer announce the establishment of the firm of Weingarten & Fechheimer with offices at 2 Rector
St., New York. Mr. Weingarten and Mr. Fechheimer are both members
of the New York Curb Market.
—Furlaud & Co., Inc. of New York announce that Arthur .7. Cook
Franklin T. Price, Thomas F. Rutledge, Chester Slabaugh, John H:
Helmken and Preston Hill Well have become associated with the firm in
its retail sales organization.
—DuBosque, DeWitt & Co. announce that H. C. Reilly Jr., formerly
with Howe Snow & Co., Inc., and P. Joseph Ryder, formerly with Stone &
Webster ahd Blodget, Inc., have become associated with the sales department of the firm.
—James L. Rainey of St. Louis, supervisor of agencies for the Missouri
State Life Insurance Co., has accepted a position of Sales Supervisor with
Caldwell & Co., which is affiliated with Rogers Caldwell & Co.of New York.
—Redmond & Co., announce the appointment of James M. Hocart
as manager of their sales department in New York. Mr. Ilocart has been
with the National City Company in New York for the past ten years.
_stone & Webster and Blodget, Inc., announce the removal of their
Rochester office to the Lincoln Alliance Bank Building. Joseph F. Dryer
and Mc0. Hazelton Brown will be in charge of the Rochester office.
—Field, Glore & Co., Inc. have removed their offices to temporary
quarters at 63 Wall St., pending completion of the new Bank of Manhattan
Building to be constructed on its former location at 38 Wall St.
—Day & Co., Inc., Colorado Springs, Col., announce the opening or
offices for the purpose of acting as dealers in miscellaneous securities and
for the underwriting and distribution of general market securities.
_Tooker & Co. announce the opening of an uptown New York office
in the Guaranty Trust Bldg., 522 Fifth Ave., under the management of
Allyn C. Donaldson, a partner in the firm.
—Lee, Stewart & Co., Inc., and Distributors Group, Inc., have taken
larger quarters at 63 Wall St., New York, which will be the permanent
offices of North American Trust Shares.
662.408.59
6,205.55
p.-. --s
23.75
2,347.50
5,000.00
168,635.01
21,783.27
11,109.63
$43,278,364.64
CURRENT NOTICES.
Decrease.
$15,659,180.38
$40,376,726.01
$2,901,638.63
$343.159.442.98
Total Liabilities
in
2332.212,694.28
$10.946,748.70
•
—The"Monthly Review" of B. H. Roth & Co.,52 Wall St., New York,
discusses the changes during the first quarter of this year in the financial
institutions in New York.
—J. R.Schmeltzer & Co., members New York Stock Exchange,announce
the removal of their offices from 14 Wall St. to the Standard Oil Building.
26 Broadway, New York.
_wood. Gundy dr Co. have prepared for distribution a pamphleeentitled "Canadian Prosperity," which deals with Canada's economic expansion in the post-war period.
—Clark Williams & Co., members of the New York Stock Exchange.
160 Broadway, New York, have issued a special review of the General
Motors Corporation.
—Roy S. Monger, formerly associated with F. J. Lisman & Co.,vhas
Joined the organization of J. A. Ritchie & Co., Inc., to become syndicate
manager of that firm.
—Scovell, Wellington & Co., Accountants
-Engineers, announce the
removal of their New York offices from 270 Madison Ave.to larger quarters
at 10 East 40th St.
—Potter & Co., members of the New York Stock Exchange, 5 Nassau
St.. New York City, have issued a special circular on Standard Oil Co.
of California.
—Eastman, Dillon & Co. announce that George Gazzera, formerly with
Howe Snow & Co., has joined their Philadelphia retail sales department.
—Tamburro & Co. of Philadelphia. announce the opening of a Bank
Stock Department under the management of James M.Dungan.
—Walker Brothers, members New York Stock Exchange, 71 Broadway,
New York, have issued an analysis of the Nash Motors Co.
—Investment Managers Company announces the removal of its offices
to 63 Wall St., New York. Telephone Bowling Green 7220.
_Prince & Whitely, with headquarters at 25 Broad St., New York,
are
distributing an analysis of Kennecott Copper Corp.
_The Empire Trust Co. has been appointed transfer
agent for the
capital stock of the Hibernia Investing Co., Inc.
—Henry J. Zehder,formerly of Henry J. Zehder & Co.,
has become associated with McCabe & Fradley, New York.
—Hornblower & Weeks,42 Broadway, New York, have issued a
circular
on New York New Haven & Hartford RR.
rVoL. 128.
FINANCIAL CHRONICLE
2836
PACIFIC GAS AND ELECTRIC COMPANY
TWENTY-THIRD ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1928.
San Francisco, Calif., April 1 1929.
To the Stockholders:
Your Directors submit herewith a report of the 1928
operations of the Pacific Gas and Electric Company and of
its wholly owned subsidiary companies. Mt. Shasta Power
Corporation, Sierra and San Francisco Power Company and
California Telephone and Light Company.
Formal transfer to the Pacific Company of the properties
of the Western States Gas and Electric Company and Coast
Valleys Gas and Electric Company, control of which was
acquired on May 1 1927, was effected during 1928, and
these companies are now in process of dissolution. The
revenues and expenses of the acquired properties are included under the appropriate items of the following income
statement for the year 1928 and, for comparative purposes,
are also included in the preceding year's statement for the
eight months period from the date of acquisition of the
controlling stock interest in these companies until the close
of the year.
CONSOLIDATED INCOME ACCOUNT.
PACIFIC GAS AND ELECTRIC COMPANY AND SUBSIDIARY
COMPANIES.
1927.
1928.
Increase. Decrease.
(1) Gross Operating Rev_ _ _ $61,449,592 $57,893,181 33,556.411
Deduct:
(2) Operating & Administrative Expenses and
$27,126.832 $26,295.702
Taxes
(3) Maintenance
3.318,039 3.159,825
(4) Insurance and Other
1,314.334 1,141.318
Reserves
$831.130
158.214
173.016
(5) Total Deductions.- 131.759,205 $30.596,845 11.162.360
(6) Net Earnings from Op29,690,387 27,296,336 2,394.051
eration
8164.144
502,631
338,487
(7) Add: Mace11. Income
(8) Total Net Income__ 530,028.874 $27,798,967 32,229.907
$342,073
(9) Bond and Other Interest 10.130.901 10.472.974
(10 Balance
(11) Bond Discount
Expense
319.897,973 317,325,993 $2.571,980
and
528,315
333.083
561,398
$19.369,658$16,764,595 $2.605,063
(12) Balance
588.775
(13) Reserve for Deprecia'n 5.967,320 5.378,545
— ----
$13.402,338$11,386,050 $2,016,288
(14) Surplus
(15) Dividends Paid on Pre216,772
4.601,630 4.384.858
ferred Stock (6%)
38.800.708 57,001.192 $1.799.516
(16) Balance
(17) Divs. Paid on Common
658.222
5,550,574 4,892.352
Stock (8%)
(18) Balance
33,250,134 82.108,84081,141,294
CUSTOMERS.
The month of November 1928 witnessed the placing in
service on the Company's lines of the millionth customer's
meter. The five hundred thousandth meter was set during
September 1919, the number of customers served having
doubled in approximately nine years.
At the close of the year there were 1,004,340 consumers
receiving electric, gas, water or steam service, a net gain
of 36,623 within the year. The growth of population
reflected in this increased number of customers was well
distributed, each of the Company's districts participating
in this increase. The following summary shows the de.
partmental increase in 1928 and during the last ten years
number of consumers served:
in the
NUMBER OF CUSTOMERS.
At December 31
1928.
1927.
1918.
Net Gain.
/n
1928.
In 10
Years.
466.628 453,132
529,306 506.987
6.974
7,762
624
644
254,432
209,412
12.705
463
13,496 212,196
22,319 319,894
788
*4,943
20
181
1,004,340 967.717
Total Customers
•Decrease due to sale of water properties
477,012
36,623
Gas Customers
Electric Customers
Water Customers
Steam Customers
527,328
NOTES ON INCOME ACCOUNT.
Reduced rates for both gas and electric service, resulting
in a saving to our customers exceeding $2,300,000 annually
were placed in effect during the year. Of this amount,
approximately $2,000,000 represented. voluntary reductions
in electric rates, particularly in domestic, agricultural and
street lighting schedules, the major portion of such reductions becoming effective March 1 1928. Our gas customers also benefitted to the extent of upwards of $300,000
annually through a general lowering of rates following
reduced operating costs resulting from lower oil prices.
With minor exceptions, the Company's top rate for
electric energy for domestic purposes •is now 5 cents per
kilowatt hour in all cities and towns in which it operates,
and 6 cents per kilowatt hour in all rural territory, with
cents per kilowatt hour
graduated reductions down to
for larger usuage. In the confidence that these low rates,
coupled with a generally high level of purchasing power
and the steadily increasing demand for household conveniences and labor saving devices, would encourage a more
liberal utilization of electrical appliances and the acceptance
by our customers of improved and more adequate standards
of lighting, the Company, coincident with the reduction in
rates, inaugurated the most vigorous and comprehensive
load building campaign in its history, involving the expenditure of almost one million dollars for advertising and sales
work. The results of this campaign justified expectations,
contracts for new business yielding an estimated annual
revenue of $4,579,298 being signed in 1928, exclusive of
routine applications for service. This increased business was
only partially reflected in our 1928 earnings.
A summary showing in comparative form the gross revenue
received from each branch of the Company's operations during the past two years is given below. Revenue from electric
sales in 1928 increased $2,705,962, and from gas sales $943,267, these departments contributing 63.57% and 33.93%
respectively of total gross operating revenue. The aggregate
income from the remaining activities in which the Company
is engaged, namely the sale of water and steam, and street
railway operation, constituted only 2.50% of its business last
year. The small decreases shown in the revenue from several
minor departmental activities are attributable to the sale of
certain properties and, in the case of the steam sales department, to a downward adjustment of rates following a reduction in the cost of fuel oil to the Company.
GROSS OPERATING REVENUE itY DEPARTMENTS.
1928.
Increase
Per Cent of whole
Contributed by
Each Department.
Electric Department $39.059.071 $36,353.109 $2.705,963
943.267
Gas Department_ — 20.850.005 19,906,738
895,343
683,641
11,702
Street Railway Dept.
Water and Irrigation
437.647
529.689
*92,042
Department
412,122
407,526
*4,596
Steam Sales Dept--7,882
*7,882
Telephone DeptTotal Gross Operating Revenue_ 361.449,592 157.893.181 $3.556,411
63.57
33.93
1.131
.717.
.66%
100.00%
•Decrease.
(2) OPERATING
AND ADMINISTRATIVE
TAXES
-327,126.832.
EXPENSES
AND
The expenses of operation, exclusive of maintenance and
reserves, increased $831,130, or 3.1%. Excluding taxes the
increase was only $618,594. This additional operating cost
is relatively small in comparison with the substantially
greater volume of the Company's business, as reflected in
increases of approximately 107,800,000 kilowatt hours, or
6.5% in sales of electricity, 844,000,000 cubic feet, or 4.2%
in gas sales, and 36,623 in the number of customers connected
to our lines. The downward trend of operating and administrative expenses, as related to gross operating revenue,
has continued without interruption for several years, 118 indicated by the following table:
-561,449,592.
(1) GROSS OPERATING REVENUES
Gross operating revenue from all departments during
1928 aggregated $61,449,592, thus for the twenty-third
consecutive year since the Company's incorporation establishing a new peak in the volume of business and exceeding
by $3,556,411 the corresponding figure for 1927.
1927.
Year.
1925
1926
1927
1928
Gross
Operating
Revenue.
547,729,079
50,960.571
57.893,181
61.449,592
Operating and
Administrative Per Cent of
Expenses and Expenses to
Gross.
Taxes.
$24,785,076
25,560,951
26,295,702
27,126,832
52
50
45
44 a
APRIL 27 1929.]
FINANCIAL CHRONICLE
Taxes in 1928 aggregated $6,419,673, or $212,536 more
than in 1927, and constituted, aside from the wages paid to
approximately ten thousand employees, the largest single
item of operating expense. A decrease in Federal taxes resulting from the lower percentage of corporation net income
collected by the United States Government was more than
offset by larger State taxes, which are based upon a percentage of gross operating revenue.
(3) MAINTENANCE—$3,318.039.
(13) RESERVE FOR DEPRECIATION—U.967,320.
These items, representing the amount expended or set
aside out of the Company's income to provide for the upkeep of its properties, aggregated last year $9,285,359, or
15.1% of gross operating revenue. The practice of making
adequate provision for the preservation of its properties in
a condition of first class operating efficiency has been uniformly pursued for many years, the average upkeep provision
during the past thirteen years exceeding 16% of total operatmg revenue. The Company continues to eliminate systematically from its plant account all unused, replaced, abandoned or obsolete portions of its physical properties, approximately $33,000,000 having been so written off within
a period of twenty years. At the close of 1928, the unappropriated balance in depreciation reserve was $21,926,722.
(4) INSURANCE AND OTHER RESERVES—$1.314,334.
These reserves, representing the provision made out of
.
revenue for uncollectible accounts and for contingencies such
as fires and injuries to workmen or to the public, registered
an increase during 1928, after all charges, of $772,977, and
aggregated at the close of the year $2,261,637, as follows:
Insurance Reserve
Casualty Reserve
Uncollectible Accounts Reserve
Total
CELLANEOUS INCOME—$.338.487. (8) TOTAL NET
INCOME—$30,038,874.
Upwards of two-thirds of the gain in gross operating
revenue was converted to net, which in 1928 reached a new
peak of $29,690,387, or $2,394,051 in excess of the corresponding figure in 1927. This increase in net operating
revenue is particularly satisfactory in view of th reductions
in rates to which reference has previously been made, and
reflects the results of lower unit costs incident to operations
on a continuously larger scale, the adoption wherever feasible
of improved methods of operation, and the larger average
utilization per customer induced by vigorous sales effort
and lower rate schedules.
After the addition of $338,487 of miscellaneous income,
total net income available for depreciation and for a return
on the capital invested in the business, amounted to $30,028,874, exceeding by $2,229,907 the corresponding figure
in the preceding year.
(9) BOND INTEREST—$10.130,901. (11) BOND DISCOUNT AND
EXPENSE—$528,315,
These items aggregated $10,659,216, a decrease of $375,156. This substantial reduction in fixed charges resulted
from bond refunding operations under which an aggregate
of $35,000,000 par value of the Company's First and Refunding Mortgage Series"E"43 % Bonds were sold in September
1927 and February 1928 on an average basis of 4.85%,
primarily for the purpose of retiring obligations bearing
higher interest rates, as follows:
Total
Par Value
Retired.
$10,720.000
16,093.000
5.013,000
331.526.000
The following table shows that since the execution of the
Company's First and Refunding Mortgage in 1920, net
income increased $18,500,723, compared with an increase
in interest charges of only $5,619,650 During this period
.
.
a large part of the Company's expansion has been financed
by means of stock issues, thus largely increasing the equities
and earning power underlying its bonds.
BONDS—MARGIN OF EARNINGS OVER INTEREST CHARGES.
Year Ended
Dec. 31.
Net Income
Available for
Fixed Charges
and Depreciation
Interest
Charges.
Balance.
Number
of Times
Interest
Earned.
511,528,151
13,230,622
15,787.729
16,478,332
16,731.587
19.168,185
21.471,515
27.798,967
30.028,874
54,511,251
4.797.782
5,148,614
6,165,817
6.261.528
7,078,183
7,926.006
10.472.974
10.130.901
57,016.900
8.432.840
10,639.115
10,312.515
10.470.059
12.090.002
13,545,509
17,325,993
19,897,973
2.56
2.76
3.p7
2.67
2.67
2.71
2.71
2.65
2.96
1920
1921
1922
1923
1924
1925
1926
1927
1928
Tnerekas.in R ors
Z1R.500.723
I
25.R10 RAOI 512 Ft51 07'A
At the close of 1928 the book value of the Company's
properties, including net current assets, exceeded by $173,211,445 the total face value of all bonds held by the public.
A summary showing the relationship of funded debt to
physical assets during recent years follows:
BONDls—INCREASING EQUITY IN PHYSICAL ASSETS.
1920
1921
1922
1923
1924
1925
1926
1927
1928
Book Value
of Fixed
and Working
Capitol.
Par Value
of All Bonds
Outstanding
with Pubac.
Excess of
Physical
Evilly Orer
All Bonds.
5170.963,558
197.720.932
208.664.818
232,235.281
263,676,639
279,840,173
302,402,941
371,813,711
381,094,445
Year Ended
Dec. 31.
$95,758,600
113,495,700
111,700.700
129,592,600
153.357,300
161,852.800
170,209,800
208.631.500
207,883.000
575.204.958
84.225.232
96,964,118
102,642,681
110,319,339
117,987,373
132,193.141
163.182,211
173,211,445
Balance in
Reserves at
Increase in R years_ 5210.130.887
Dec.31 1928.
5112.124.400
598.006.487
51.497.824
456,814 (14) SURPLUS—$13,402,338. (15) PREFERRED STOCK DM..
306,999
DENDS—$4,601,630. (17) COMMON STOCK DIV1DENDS—$5,550,574.
52.261,07
A large portion of the Company's properties are of steel
and concrete construction, thus minimizing the fire hazard.
All properties are also subjected to thorough periodical inspections with a view to maintaining the highest standards
of fire protection. The adequacy of these protective measures
may be inferred from the statement that the Company's loss
from fires during 1928, together with the payment of insurance premiums aggregating $27,980, amounted to only
$60,716, or less than one dollar for each six thousand dollars
of investment in physical properties, including upwards of
2,700 buildings, together with an extensive network of
transmission and distribution lines situated, in a large
measure, in remote and inaccessible sections of the country.
Accident and damage payments resulting from injuries
incurred during the year were,in proportion to gross revenue,
lower than for several years, reflecting the cumulative effect
of sustained accident prevention work, the primary benefits
of which, however, are to be measured in avoidance of the
suffering and disability occasioned by injuries rather than
the cost in dollars to the Company.
<6) NET EARNINGS FROM OPERATION—$29,690,397. (7) MIS-
Bonds bearing annual interest rate of 7%
Bonds bearing annual interest rate of 6%
Bonds bearing annual interest rate Of 5%
2837
After the deduction of all prior charges, there remained a
surplus of $13,402,338 available for dividend disbursements
to the Company's 49,068 stockholders in return for their
investment in the property. Preferred stock dividends
absorbed $4,601,630 of the year's surplus, the balance of
$8,800,708 being equivalent to $3.17 per share upon the
average common stock outstanding during the year, and to
$3.05 per share upon the total outstanding and subscribed
common at December 31 1928.
The following table presents a record of surplus earned and
dividends paid since 1920:
STOOK—SURPLUS EARNED AND DIVIDENDS PAID.
Year
Ended
Dec. 31.
1920
1921
1922
1923
1924
1925
1926
1927
1928
Surplus
After All
Preferred
Prior
Stock
Charges,
IncludIng Dividend
Deprecsa- (6%).
lion and
Federal
Taxes.
Balance
for
Common.
Common Stock
Dividends.
Amount.
Rate %.
53,919.959 51.779,933 52,142,026 51,700.846 5% Cash
4,969.230 2,132,283 2.836,947 2,380.859 5% Cash2% Stock
6,587.159 2.574.156 4.013,00.3 2.513,662 5;i%
6.756.294 3,103,847 3.652,447 2,310.499 64,, Cash
7.028.349 3,244.608 3,783,741 3.040.123 8%
44
7.851,357 3,265,434 4,585,923 3.624,337 8
8.859,240 3,488.880 5.370,360 4.119.970
..
11,386.050 4.384.858 7,001,192 4.892.352 8
13,402,338 4.601,630 8.800,708 5,550.574 8,0
"
Increase in
8 Years 59.482.379 $2,821,697 $6.658.682 53,849.728
After the payment of dividends, there was carried to
undistributed surplus a balance of $3,250,134, or $1,141,294 in excess of the preceding year.
The increasing surplus available for dividend payments has
been accompanied by substantial reductions in the cost of
service to our patrons. Since 1920, three major reductions
have been made in electric rates, representing, on the basis
of present business, an aggreagte saving to our electric
customers exceeding ten million dollars annually. This is
equivalent to almost twice the present annual dividends upon
the outstanding common stock. In addition, several adjustments of gas rates in conformity with the practice established by the State Railroad Commission in 1921 of raising or lowering schedules to conform to fluctuations in fuel
oil prices, resulted in net decreases during this period varying
from 13 cents to 23 cents per thousand cubic feet of gas.
The aggregate of these reductions in gas rates represents an
additional saving to our customers of several millions of
dollars per annum.
It is gratifying to the management that the Company's
steadily strengthening financial position has been achieved
with equally beneficial results to the owners of the Company
and to its customers. An important contributing factor,
aside from the obvious advantages of a larger business
volume, technical improvements in production and distribution, smaller average overhead, and decreasing cost of
capital, has been the conservative policy pursued for many
years of reinvesting in the business a portion of annual
earnings.
In the twenty-three years since organization, the balance
of earnings after the deduction of operating and maintenance costs, taxes and interest charges, aggregated $162,767,000. Of this amount only $73,722,000, or 45.3%, was
2838
[Vol,. 128.
FINANCIAL CHRONICLE
disbursed in cash dividends, the remainder being used to character within, or close to, centers of distribution are able
retire bonds or reinvested in the property, as shown by the to compete in comparable unit costs at load centers with all
following summary:
but the most economical hydro-electric installations. The
DISPOSITION OF BALANCE REMAINING AFTER OPERATING trend of engineering practice in California, particularly in
view of the present relatively low price of fuel oil and the
COSTS AND INTEREST CHARGES SINCE ORGANIZATION
availability of natural gas as a boiler fuel, is toward the
OF COMPANY.
Cash Dividends
$73,722,000 establishment of larger proportions of steam electric generatTo Retire Bonds
24,684,000 ing capacity. In recognition of this development, and of
Reinvested in the Property
25,401,000 the fact that the Company's present extensive
hydro-electric
For Replacements and Rehabilitation
34,937,000 generation and
transmission system lends itself admirably
Other Purposes
4,023,000
to economical co-ordinated operation with steam plants, the
Total
$162,767,000 Company is now planning to rebuild its steam Station "A"
in San Francisco to an ultimate capacity of 300,000 horseBALANCE SHEET ITEMS.
power, or approximately three times that of the largest
CURRENT FINANCIAL CONDITION.
single hydro-electric plant now on its system. The enlarged
Working assets at December 31 1928, including $17,064,- plant will be utilized not merely for standby and peak load
445 advanced from working capital for construction purposes purposes, but also to carry a substantial proportion of base
and not then reimbursed through the sale of securities, ag- load.
gregated $38,238,694, or nearly three times the $13,614,No additional production capacity was necessary in the gas
690 of current liabilities including in the latter, $7,300,622 department, the existing plants being sufficient to take care
interest and taxes accrued but not due. Net working assets of the increase in business. The practice of supplying several
amounted to $24,624,004, or $1,899,984 more than at the communities with gas from a few strategically located plants
close of the preceding year. As for many years past, the was, however, extended through the construction of addiCompany has no floating debt. Its liquid position enabled tional high pressure mains.
it to take advantage of all cash discounts offered for the
The 'properties of the Tuolumne County Electric Power
prompt payment of material and supply bills, and a saving and Light Company and the Novato Utilities Company, two
of $98,518 from this source was effected during the year.
relatively small distribution systems which had previously
CURRENT ASSETS AND LIABILITIES.
purchased electric energy at wholesale from this Company,
were acquired during the year.
December 31 December 31
A record showing the annual additions to the Company's
Increase. Decrease.
1927.
1928.
plant account in each of the twenty-three years since its
Current Assets:
organization follows:
$3,713,119
Bond Redemption Funds__
$203,251 $3,916,370
Material and Supplies
5,092,744
Bills and Accounts Receivable (Less Reserve for
Uncollectible Accounts)_ 6,775.652
Due on Stock Subscriptions
952,352
Underlying Bonds bought in
advancefor Sinking Funds 1.076,000
General and Refunding 5%,
Bonds issued against Construction
975.000
Cash
, 5,866,250
Interest accrued on Investments
2.372
230,628
Other Investments
Advances for Construction,
4,323,597
Leased Properties
Advances for Construction
including
Construction
Materials and Supplies
12,740,848
Total Assets
Current Liabilities:
Bonds Called but not Redeemed
Accounts Payable
Drafts Outstanding
Meter and Line Deposits
Unpaid Coupons
Interest accrued but not due
Taxes accrued but not due_
Dividends declared
Total Liabilities
201,329
5,294,073
Year.
5,761,443 $1,014,209
1,884,245
931,893
1,365,500
289,500
975.000
8.390,271
4,204
140,233
2,524,021
1,832
90,395
129,186
4,452.783
5,424,590 7,316,258
$38,238,694 $37,608,712
$629,982
$3,320,100
$195,910 $3,516,010
2,728,423 1,634.290 $1,094,133
50,923
444,506
393,583
47.246
1,076,950 1,029,704
420,311
57,038
477,349
195,029
1,989,454 2,184,483
5,311,168 4,229,321 1,081,847
15,786
1,441,853 1,426,067
$13,614,690 $14,884,692
*1.270.002
Net Working Assets_ _ _ $24,624.004 *22.724.020 $1,899,984
PLANTS AND PROPERTIES.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
Construction.
$3,860,243.84
3,674.474.69
2,099,996.91
1,746.705.64
2.879,158.45
2,248,521.31
7.495,763.69
7,406,415.80
2,733.949.35
2.089,447.17
3.658,426.33
2.781.530.08
1,818,704.32
3.181.909.23
10,600.208.89
18,040.060.51
16,422,278.07
17,044.713.40
29,937,667.89
24.607,647.60
15,793,347.44
12,587,530.85
13,453,357.84
Other Properties
Acquired.
$13,820,125.00
47,861.17
90,632.46
593,766.29
4,768,949.31
404.285.15
389,208.36
4,181.50
120,478.44
12,681.31
1.797.061.50
*6,405.91
11.556.299.37
1,210.60
333.00
1.132,581.99
1,724,585.09
220,407.70
29,768.58
1,692.084.39
b3,463,735.76
61.697.633.38
$98,643.992.92
Total.
$17,680,368.84
3,722.335.86
2,099,996.91
1.837,338.10
3,472,924.74
7,017,470.62
7,900,048.84
7,795,624.16
2,738,130.85
2,209,925.61
3,671,107.64
4,578,591.58
1,812,298.41
14,738,208.60
10,601.419.49
18,040,393.51
17,554,860.06
18,769.298.49
30.158,075.59
24,637,416.18
17,485,431.83
9.133,795.09
75,150,991.22
Total
$302,806.052.2
$206,162,059.30
* Decrease. b After deducting water and telephone properties sold.
CAPITALIZATION.
The Company's financial structure was simplified during
the year by the retirement of practically the entire capitalization of the recently acquired Western States Gas and Electric
Company (of California), Western States Gas and Electric
Company of Delaware, and Coast Vadleys Gas and Electric
Company,consisting of four issues of bonds,four of preferred
stock, and three of common stock, as more fully outlined in
the following sections. These particular refinancing operations also saved the Company approximately $300,000 per
annum in fixed charges and preferred stock dividends.
The aggregate of all securities outstanding in the hands of
the public at the close of 1928 was $358,968,303, a net
increase of $4,746,075, as follows:
At the beginning of the year the cost of the Company's properties (excluding investments and current assets) as shown
in the item"Plants and Properties" on its balance sheet was _$300,434,895
Gross expenditures for additions, betterments and improvements during
$17,599,694
1928 amounted to
Less charges against depreciation reserve created by annual appropriations out of operating revenues for
property renewed or replaced or otherwise disposed of as being of no
4,146,336
further service
$13,453,358
There was added through acquisition of the properties of Western States Gas and Electric Company,
Par Value
Coast Valleys Gas and Electric Company, and
31,831,711
minor conerncs
Outstanding
with Public. Increase. Decrease.
Sierra and San Francisco Power Company plant
and properties included in consolidated balance
29,865,922
Bonds of P. G. & E. Co. and Subsheet
sidiary Companies
75,150,991
$187,207,700 $17,863,000
* Bonds of Affiliated Companies__ - 20,675.300
$18,611,500
Preferred Stock of P. G. & E. Co--- 78,892,907 7,126,825
Total plant and properties as shown by consolidated balance
*375,585,886 Preferred Stock of Companies in Prosheet, December 31 1928
cess of Dissolution
7,891,675
25,800
In conformity with the Company's long-established policy Common Stock of P. G. & E. Co___ 72,142,340 6,428,175
Stock of Companies in Promaintaining the utmost simplicity in its operating and Common Dissolution
of
cess of
168,750
24,256
financial structures, the properties of the Western States Gas
and Electric Company and Coast Valleys Gas and Electric
Company, control of which was acquired on May 1 1927,
were formally transferred to the'Pacific Company at the
close of June 1928.
A construction program in keeping with the traditional
policy of providing for future demand was continued throughout the year, the largest single item of expenditure being
incurred in connection with the Salt Springs project on the
Mokelumne River.
The capacity of the Company's electric generating system
was increased by 71,046 horsepower, of which 32,842 horsepower of hydro-electric capacity was added through the enlargement of the Drum-Spaulding group of power plants and
the balance of 38,204 horsepower by means of an additional
unit of the most modern type in Station "C," Oakland,
where two new boilers and a steam turbine were installed at
a cost of $3,000,000. The new unit ranks among the most
efficient in the country.
The efficiency of steam stations burning fuel oil or natural
gas for the generation of electric energy has been notably
improved during recent years, and large plants of this
Total
$358,968,303 $4,746,075
* Entire outstanding capital stock of these companies owned by
FUNDED DEBT.
An issue of $20,000,000 par value of First and Refunding
Mortgage Series "E" 43,% Bonds was sold in February
1928, the cost of this money to the Company,approximately
43 %,being the lowest since its organization. The proceeds
4
of this sale were utilized to retire all of the secured obligations
of the Western States and Coast Valleys Gal and Electric
Companies,, with a resultant substantial saving in annual
fixed charges.
At December 31 1928, the total par value of bonds outstanding in the hands of the public was $207,883,000, a net
decrease, after giving effect to this refunding operation and
to the purchase of bonds for sinking fund purposes and the
maturity of a small divisional issue, of $748,500.
SINKING FUNDS.
Sinking fund operations during 1928 resulted in the retirement of $1,810,000 par value of bonds, representing a net
annual saving in interest charges aggregating $89,680. In
APRIL 27 1929.]
FINANCIAL CHRONICLE
2839
addition, there was an increase of $33,319 in the uninvested or 78% of all stockholders, own not to exceed one hundred
cash and accrued interest in sinking funds, the relative shares, or $2,500 par value.
status of these funds at the close of each of the past two years
SUMMARY SHOWING DISTRIBUTION OF STOCK.
being summarized as follows:
Number of Stockholders.
Character of
Sinking Fund Assets.
December 31
1928.
December 31
1927.
Bonds of Company-at par_ $26.963.290.00 $25,147,290.00 $1.816,000.00
Cash and Accrued Interest
not yet invested
219.953.55
186,634.19
33,319.36
Total Assets
$27,183,243.55 $25,333,924.19 $1,849,319.36
Net Annual Interest Saving_ 31.360.843.50 S1.271.163.50
Size of Holdings.
Additions
During 1928.
tg9.680.00
Preferred. Common.
Stockholders owning or subscribing for:
5shares ofthe par value of$25
1 to
6 to
10shares ofthe par value of$25
11 to 100shares ofthe par value of$25
101 to 1,000 shares of the par value of$25
Over 1.000 shares ofthe par value of$25
Total
Total.
2,505
2.277
18.996
6,508
220
1,799
2.047
10,680
3,683
353
4,304
4,324
29,676
10,191
573
30,506
18.562
49.068
The $26,963,290 par value of bonds held in Sinking Funds
The numerical preponderance of women over men stockat the close of 1928 was acquired by the following means:
holders, to which we called attention last year, continued to
Bonds Held in
there being now 20,975 of the former compared with
Sinking Funds increase,
From Revenues
$25,429,090 19,592 of the latter, an increase during the year of 1,693
In Exchange for Overlying Bonds
493.000 women and 476 men. In addition, our list of stockholders
From proceeds of sale of Common Stock
1.041.200
at the close of 1928 included 7,557 joint tenancies (usually
$26.963,290 husband and wife) and 944 associations, insurance comRECLASSIFICATION OF CAPITAL STOCK.
panies and other institutions.
The Company's stockholders at a special meeting held on
California stockholders numbered 39,680, or 80.9%, less
February 13 1928, authorized an increase in the capital stock than one-fifth of all stockholders residing outside of the State.
from $160,000,000 to $400,000,000, classified as follows:
OPERATING DEPARTMENTS.
Par Value
Matters relating to the operating departments are more
of Stock.
6% First Preferred of the par value of $25 per share
$140,000,000 fully dealt with in the following abstract of report presented
554% First Preferred of the par value of $25 per share
40,000,000 at the annual meeting of stockholders by Mr. F. A. Leach,
5% First Preferred of the par value of $25 per share
20,000,000
Common Stock of the par value of $25 per share
200,000,000 Jr., First Vice-President and General Manager:
The reasons for this increase in and reclassification of
REPORT OF FIRST VICE-PRESIDENT AND
authorized capital stock were outlined in the following paraGENERAL MANAGER.
graphs of circular letter of December 15 1927, addressed to
From the standpoint of current operations, the year's
all of the Company's stockholders, as follows:
work was featured by reduced operating costs, the adThe Company's growth requires the continuous investment of new
capital for additions, betterments and improvements. The aggregate vantages of which were shared with our customers through
amount of preferred and common stock now outstanding has approached
establishment of lower rate schedules; by augmented sales
so closely to the limit authorized by the Company's stockholders on October the
23 1911, that an increase must now be authorized to enablt your Company activities; by a satisfactory expansion of business, with
to raise, by the sale from time to time of both common and preferred every prospect of a sustained growth in 1929; and by tangible
stock, such proportion of the new capital as may be necessary to maintain
Its present sound financial structure, to preserve its excellent credit, and evidence of intelligent and co-operative effort on the part of
to obtain such new capital on the most advantageous terms.
all employees as revealed in improved operating efficiencies,
Your Company's first preferred stock, largely by reason of the policy
pursued for some years of financing a substantial proportion of its capital diminishing losses from fires and personal injuries, and generneeds by the sale of common stock, has attained a strong investment ally satisfactory relations with consumers throughout our
position with respect to earnings, assets and marketability. In order that
advantage may be taken of this situation, and so that your Company may territory.
also better adapt its offerings of preferred stock to investment
Each year develops its special problems and accomplishconditions, the classification above shown provides for two new market
classes ments. While our electric engineering and construction deof preferred stock bearing dividend rates of 53 % and 5%
,
respectively.
in addition to the present6% class which is retained in the new classification. partments were carrying on the great construction work of
Authorization was secured from the State Railroad Com- the Mokelumne project at Salt Springs dam,our gas engineers
mission on September 21 1928, for the issuance and sale of were studying the development of a natural gas supply in the
$10,000,000 par value of the new 534% preferred stock. San Joaquin Valley, concerning which additional details are
None of this stock was, however,sold in 1928, the Company's given on pages 20-21 [pamphlet report]. The advent of
construction program being financed from the sale of com- natural gas to our territory will be of inestimable value in
mon stock under Par Offering No.3and from working capital. the promotion of all lines of manufacturing industry, as well
as of interest to the domestic consumer who will be furnished
PREFERRED STOCK.
gas of higher heating value for all household purposes.
During 1928, the holders of $7,227,625 par value of the
The Salt Springs dam, when completed, will be the
7% preferred stock of the Western States Gas and Electric largest of its kind in existence, containing approximately
Company (of California), Western States Gas and Electric three million cubic yards of rock. This dam will rise to a
Company of Delaware and Coast Valleys Gas and Electric height of 324 feet from bed rock, with a base thickness of
Company, availed themselves of the Company's offer to 900 feet and a length across the crest of 1,300 feet. To gain
exchange their holdings, prior to the institution of dissolu- access to the damsite for the hauling of equipment a road
tion proceedings, for an equal par value of the Pacific Gas was constructed twenty-nine miles in lengtlf, the cost of this
and Electric Company's 6% preferred stock, the market and certain other minor roads aggregating $600,000. The
value of the latter being considerably in excess of the par first unit of 75,000 horsepower will be ready for operation
value to which the holders of the Western States and Coast in 1931 and ultimately a total of 175,000 horsepower of
Valleys Companies were, under the articles of incorporation additional hydro-electric energy will be developed in conof these companies, entitled in liquidation.
nection with this project.
The relatively small balance of 7% stock of the companies
A new power house, Spaulding No. 3, was built on the
in question which was not exchanged within the time specified Drum development. Spaulding Plant No. 1 was reconis being liquidated at par and accrued dividends in pending structed and enlarged and Spaulding No. 2 was rebuilt and
dissolution proceedings, only $25,800 of this preferred stock the generator replaced. On this work the Company spent
remaining outstanding at the close of the year.
$1,125,000. An additional $500,000 was expended in enThe whole of a small issue of $419,000 of 6% preferred larging and improving the Drum canal, and $720,000 in
stock of the Coast Valleys Gas and Electric Company has installing a fourth unit in the Drum power house.
been liquidated at its par value, as provided in the articles
The steam generating plant at Station "C," Oakland, was
of incorporation.
modernized and enlarged. Twelve boilers were replaced by
the close of 1928, $78,892,907 par value of the 6% but two, and these the largest constructed anywhere up to
At
preferred stock of the Pacific Gas and Electric Company the present time. These boilers rise to a height of a five
was outstanding or subscribed for, its ownership being vested story building, an automatic elevator being used to reach
in 30,506 stockholders, of whom 26,711, or 87.6%, were their several operating levels. Filled with water they weigh
residents.of California.
one million pounds each. Sixty thousand gallons of water
COMMON STOCK.
a minute are utilized in the condensers, a volume sufficient
The Company's common stockholders of record at the to supply the domestic requirements of a city of one million
close of business February 17 1928, were offered the right to inhabitants.
In the gas department a 16-inch gas main was constructed,
purchase, at its par value of $25 per share, additional common stock in the proportion of one new share for each ten at a cost of $465,000, from the Potrero gas plant in San
shares held on that date. Subscriptions were received for Francisco to Lomita Park in San Mateo County, a distance
$6,428,975 par value, or 99.54% of the $6,458,350 common of 16 miles. This new main connects with the San Franciscostock so offered. In addition, $100,000 par value of com- San Jose high pressure line, and furnishes an additional
mon stock was issued in connection with the acquisition of supply to the rapidly growing communities of the Peninsula
the entire outstanding stock of the Novato Utilities Com- district.
High pressure mains were also extended from Hayward,
pany.
Another offering of rights, constituting the fourth at at a cost of $175,000, to several communities not previously
approximately annual intervals, was made early in the cur- supplied with gas; a 22-mile extension was built from the
Marysville-Oroville main to Chico, and an additional main
rent year to stockholders of record on February 8 1929.
constructed to connect the Marysville gas plant with the
DISTRIBUTION OF STOCK OWNERSHIP.
Oroville-Chico line.
At December 31 1928, the ownership of the Company was
Other items of construction included a new office building
vested in 49,068 shareholders, of whom 30,506 held preferred at Auburn, the erection of several new sub-stations, the
and 18,562 common stock.
stock
construction of a 110,000 volt high tension power line from
As indicated by the following table, 4,304 stockholders Newark to Morgan Hill, and similar items made necessary
blocks of from one to five shares each, and 38,304, or desirable by the development of our business.
own small
2840
FINANCIAL CHRONICLE
A contract negotiated some years ago with the Nevada
Irrigation District became effective during the year through
the delivery of water to Lake Spaulding. Substantial payments for use of this water, and the transportation of the
District's water through our system, are a part of this Company's co-operative effort with land owners of the Irrigation
District.
During the past year the Company, in co-operation with
the United States Department of Commerce, built extensions to supply 44 airway beacons located on the San Francisco-Seattle, San Francisco-Los Angeles and transcontinental air routes. The lighting of air ports and airway
beacons is a development of modern transportation which
will provide an increasingly important additional source of
revenue to the Company.
ELECTRIC DEPARTMENT.
The Company operates 32 hydro-electric plants with a
total installed capacity of 654,055 horsepower, and nine
steam electric generating stations with an installed capacity
of 244,470 horsepower. The aggregate installed capacity of
the 41 plants in service at the close of 1928 was 898,525
horsepower.
Electric service is furnished directly to 313 and indirectly
to 36 cities and towns, and to an extensive rural area in
Northern and Central California.
Sales of electricity during 1928 aggregated 1,765,767,000
kilowatt hours, an increase of 107,802,000 kilowatt hours
compared with 1927.
At the close of the year, the connected load of the 529,306
electric customers receiving service from the Company aggregated 2,129,860 horsepower, an increase of 175,043 horsepower during the year. The chart on page 30 fpamphlet report] indicates graphically the marked expansion of the
electric load during the past ten years. The Company's field
of operations is not only growing in population at a rate considerably exceeding that of the average for the country, but is
developing even more rapidly as an industrial area, as indicated by the significant increase in the power load from
381,413 horsepower in 1918 to 1,444,087 horsepower at the
close of 1928. The value of the State's manufacture aggregates almost three billions of dollars annually, and is increasing at the rate of approximately one hundred million
dollars a year. This healthy industrial expansion is paralleled
by,and is to a large extent dependent upon,a proportionately
rapid growth of the power supply.
Following is a brief summary of electric transmission and
distribution facilities owned or operated by the Company at
December 31 1928:
278.85
834.19
2,456.40
154.70
Miles of 220,000 volt lines
Miles of 110,000 volt lines
Miles of 60,000 volt lines
Miles of 30,000 volt lines
3,724.14 miles
Total high tension lines
Miles of overhead distribution lines (less than
14,420.80
20,000 volts)
222.38
Miles of underground distribution
Total distribution
14,643.18 miles
Total transmission and distribution system
18,367.32 miles
There are 73,831 transformers connected with the distribution system, having a capacity of 914,065 kilowatts.
GAS DEPARTMENT.
Gas sales in 1928 aggregated 21,058,368,700 cubic feet,
an increase of 843,534,100 cubic feet. There were 466,628
gas meters in active service at the close of the year.
There are 19 gas plants in service with an aggregate
generating capacity of 118,668,000 cubic feet per day. The
plant at Lodi was dismantled during the year, the city now
being supplied with gas transmitted through high pressure
mains from the larger and more efficient Stockton plant.
The Company's gas distribution system embraces 5,227
miles of mains ranging in diameter from two inches to 36
inches, operated under pressures ranging from one quarter
of a pound to 100 pounds per square inch. Expressed in
terms of pipe averaging three inches in diameter, the length
of the Company's transmission and distribution mains would
aggregate upwards of 24,000 miles.
By-products from gas manufacture including sulphur,
benzol and tar, produced in 1928 a revenue of $41,292.
NATURAL GAS.
Your management for some years has been alert to the
possibility of bringing natural gas from the southern end of
the San Joaquin Valley to the large centers of population in
the San Francisco Bay region, but it was not until the
proving-up of the dry gas area in the Buttonwillow section
and subsequent developments which appear to indicate beyond reasonable doubt that the KettIonian Hills, located
about 200 miles south of San Francisco, constitute the
greatest oil and gas field so far discovered in the State of
California, that it decided that such a project was commercially feasible and should be undertaken for purposes
of conservation, to protect and augment its large existing
artificial gas business in the San Francisco Bay area, to give
its customers the benefit of lowet fuel costs, and to aid the
industrial development of this territory.
Following the completion of contracts to assure the successful operation of the projected pipeline, surveys and acquisition of the necessary right-of-way were actively prosecuted in 1928, and the actual construction of this transmissione line is now sufficiently well advanced to practically
assure its completion in the latter part of 1929. This pipe-
[VoL. 128.
line will require, including 18,000,000 cubic feet of additional
holder capacity and other necessary terminal expenditures,
an investment of approximately thirteen million dollars. Its
total length, including a twenty-inch branch into San
Francisco and a twenty-inch branch into Oakland and other
East Bay cities, will be 282 miles. The main portion of the
line will have a diameter of twenty-two inches. Its initial
capacity will be 65,000,000 cubic feet per day,which,through
the installation of additional compressor stations, can be
increased to 125,000,000 cubic feet per day.
Domestic and commercial consumers in San Francisco,
Oakland and many other communities will be served with a
mixture of natural and artificial gas, containing 700 heating
units (B T. U.'s) per cubic foot, as against 550 carried by
:
the artificial gas now being distributed. Large industries in
proximity to the pipe lines, which will traverse the principal
industrial areas, will be supplied with straight natural gas,
with a heating content of approximately 1,100 B. T. U.'s.
Natural gas is a cheap, flexible and highly efficient fuel
which can be utilized in industry with a minimum of labor.
Its introduction to Northern California is easily the most
significant economic development which has accurred in this
region within recent years. Its most direct and immediate
result will be a saving to the Company's gas customers, due
primarily to the higher heating content of the new fuel, of
between two and three millions of dollars annually.
An even more important, though more indirect result,
will be the strong stimulus imparted to industrial enterprise
in this region, which is already unusually well endowed with
the advantages of an equable climate, strategic geographic
location,unexcelled transportation facilities by rail and water,
cheap and ample power supply and a great variety of mineral
and agricultural resources. The impetus to manufacturing
and commercial development will not only react to the
advantage of your Company,in common with other business
undertakings, by providing employment for a larger population, but will also increase the demand for electric power for
industrial purposes.
SALES ACTIVITIES.
The Company's sales force was considerably enlarged early
in 1928, and an energetic and comprehensive sales campaign
was conducted which gained steadily in momentum and attained its maximum effectiveness toward the close of the
year. The additional business secured not only offset the
loss of revenue incident to the reductions in rate schedules,
but enabled the Company to establish new records in gross
earnings of both the electric and gas departments.
The augmented sales force included more than 400 employees, the total expenditure for sales and promotional work
during the year aggregating $825,277. Contracts were signed
yielding an estimated annual revenue of $4,579,298, or $5.55
of additional annual revenue for every dollar of sales expense.
Of the total business secured, 85.3% required no extension
of the Company's existing distribution facilities.
The Company has made a uniform practice of co-operating
with and encouraging the efforts of appliance dealers, and as
.
a corollary to its advertising and the solicitation of its appliance salesmen, which resulted incidentally in the direct
sale of $1,629,542 worth of appliances, sales by Heal dealers
also substantially increased.
The Company has not engaged in the direct sale of electric
refrigerators, leaving that field to dealers and manufacturers
in accordance with its established policy of "dealer cooperation." A careful survey, however, indicates that there
were 33,429 refrigerating machines in use on the Company's
lines at the close of the year, yielding an estimated annual
revenue exceeding a quarter of a million dollars. The increasing popularity of these installations for domestic and
commercial purposes is indicated by the following summary
showing the number of refrigerators used by our customers
at the close of each of the last five years:
Number of
Refrigerators
Added.
December 31 1924
December 31 1925
December 31 1926
December 31 1927
December 31 1928
1,750
2,800
7,576
20,203
Total
Number
in Use.
1,100
2,850
5,650
13,226
33,429
. Increases of 13.04% in kilowatt hour sales for street lighting purposes, and 10.76% in the consumption of electricity
for commercial and residential lighting, reflect in some
measure the result of intensive sales effort in these particular
branches of the Company's business.
PERSONNEL.
Employees' Service Record—
At the close of the year there were 9,370 employees on the
Company's payroll, of whom 4,424, or 47%, have a service
record of five years or more of continuous employment, indicating an unusual degree of stability in the Company's
personnel. A record of employees holding service badges
follows:
Number of employees holding 5
-year badges
Number of employees holding 10
-year badges
Number of employees holding 15
-Year badges
Number of employees holding 20
-year badges
-year badges
Number of employees holding 25
Number of employees holding 30
-year badges
Number of employees holding 35
-year badges
Number of employees holding 40
-year badges
Total
2,833
67't
549
178
107
43
26
11
4,424
Accident Prevention—
A statistical analysis of accidents to employees during 1928
shows a marked reduction in comparison with preceding
years. In 1927 there were 6.56 lost time accidents per
hundred employees. This was reduced to 4.56 in 1928, a
decrease of over 30%. The number of days lost, per hundred
employees, was 807 in 1927 and 434 in 1928, reduction of
over 46%. The gas departments of five divisions had no
lost time accidents during 1928, and no lost time accident
has occurred in Fresno Division since October 1926.
The accident prevention program of the Company has
been brought to the attention of employees in such a manner
as to challenge their best efforts, particular attention having
been directed to the education of the supervisory force, and
the results attained reflect the hearty co-operation of all
employees.
Distinguished Service Medals—
In 1927 the Company established the policy of definitely
recognizing unusual and particularly meritorious service on
the part of individual employees. This recognition has taken
the form of the John A. Britton Medal for Distinguished
Service, gold or silver medals being awarded according to the
degree of accomplishment. Seven such medals were awarded
in 1927 and 1928.
Research—
All employees are encouraged to submit to a Research
Committee, appointed by the management for that purpose,
any suggestions for the betterment of service which may
occur to them. Awards are made for meritorious suggestions,
and the interest of employees in this phase of our operations,
gauged by the number of ideas submitted, is increasing
year by year.
Employees' Association—
At the close of 1928, 7,553 of the Company's employees
were members of the Pacific Service Employees' Association,
a purely voluntary organization whose activities are devoted
to educational and social work among employees, the payment of death benefits, and the rendering of temporary
financial assistance in case of need. An employees' disability
plan, with a present membership of 4,692, is conducted in
connection with the Association, the amount paid in benefits
during 1928 aggregating $54,476.65.
Payroll—
The expenditure for salaries and wages, including both
operating and construction forces, aggregated last year $17,599,562. The average monthly wages of all employees was
$149.96 per month, a slight increase over 1927, and 66% in
excess of the pre-war average.
Pensions—
The Company many years ago placed in effect a pension
system under which approximately $600,000 has been paid
to superannuated employees in the past sixteen years. At
December 31 1928, there were 97 pensioners on the payroll,
pension disbursements last year amounting to $70,771.
Good Housekeeping Awards—
With the object of encouraging among employees an active
interest in the efficient operation and the general appearance
of offices, electric generating stations, gas plants, warehouses, and similar structures, a system of "good housekeeping" awards was established during recent years, which
has proven very efficacious.
In closing this report, I desire to express to the officers and
employees who have shared with me the responsibility of
conducting the Company's affairs, my sincere appreciation
of their loyal and effective service.
For the Board of Directors,
A. F. HOCKENBEAMER, President.
PACIFIC GAS AND ELECTRIC COMPANY AND
SUBSIDIARY COMPANIES.
CONSOLIDATED STATEMENT OF INCOME AND PROFIT AND
LOSS FOR TIIE YEAR ENDED DECEMBER 31 1928.
Gross Operating Revenue
561,449,592.39
Operating Expenses:
Maintenance
53.318.038.99
Operating, distribution, and administration
expenses
22.021,493.23
Taxes
6,419.673.01
Depreciation
5.967,320.00
Total
37.726.525.23
Net Operating Revenue
kJ iscallaneous income
$23,723,067.16
338,486.93
Gross Income
Deduct:
Interest on Bonds
Miscellaneous Interest
$24.061,554.09
of
Bond
Discount
Total
Net Income
Surplus,January 1 1928—Pacific Gas and Electric Company, Mt. Shasta Power Corporation, California
Telephone and Light Company, Sierra and San Francisco Power Company, and Del Monte Light and
Power Company
13.085,878.83
Gross Surplus
Less Profit and Loss Charges:
Premium paid on Bonds reacquired or redeemed
Undistributed Net Earnings for 1928 of
Subsidiary Companies whose properties
were acquired during the year,the amount
of these earnings having been absorbed
in the liquidation of their affairs
Miscellaneous adjustments
510,915.798.84
784,898.25
$10,130,900.59
and
528.315.28
10.659,215.87
$13,402.338.22
$26,488,217.05
$413,906.42
316.235.04
77,547.36
Total
807,688.82
Surplus Before Deducting Dividends
$25,680,528.23
Dividends:
On Pacific Gas and Electric Company Capital Stocks:
Preferred
$4.576,507.74
Common
5,550,574.13
On Preferred Capital Stocks of Subsidiary
Companies
25.122.21
Total
10,152.204.08
Surplus, December 31 1928
515.528.324.15
CERTIFICATE OF AUDIT.
We have made a general audit of the accounts of the
Pacific Gas and Electric Company and subsidiary companies for the year ended December 31 1928, and
WE HEREBY CERTIFY that in our opinion the above
consolidated statement of income and profit and loss is
correct.
HASKINS & SELLS.
San Francisco, March 30 1929.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1928.
ASSETS.
Plants and Properties
$375,585,885.94
Discount and Expenses on Capital Stocks
9.284.633.91
I
Investments
230,627.76
Trustees of Sinking Funds (excluding
Company Bonds in Sinking Funds):
Cash
$135.756.28
Accrued interest on bonds held in
Sinking Funds
194,774.46
Total Trustees of Sinking Funds
330,530.74
Current Assets:
Cash
55,866.250.36
Cash on deposit with
trustee for redemption
of bonds
203.250.50
26.069,500.86
Notes receivable
$634,310.32
Accounts receivable__ -6,448.340.86
Total
$7,082,651.18
Less reserve for doubtful
accounts and notes
306,998.74
Installments receivable from subscribers
to first preferred and common capital
stocks
Materials and supplies
Accrued interest on investments
6.775,652.44
952,352.18
5.092,743.57
2,372.28
Total Current Assets
18,892,621.33
Deferred Charges:
Unamortized bond discount and expenses $9.562,327.33
_Unexpired taxes and undistributed suspense items
31.452.32
Total deferred charges
Total
9,593.779.65
$413.918.079.33
LIABILITIES.
Capital Stocks of Pacific Gas and Electric Company
(including Stocks subscribed for but not fully
paid):
First Preferred Capital Stock
578.892,906.91
Common Capital Stock
$72.190,773.33
Leas Owned by Subsidiary Company...._
48.43333
72,142.340.00
Total Capital Stocks of Pacific Gas and Electric
Company
5151,035,246.91
Capital Stocks of Subsidiary Companies Not Held by
Pacific Gas and Electric Company
50,056.26
Funded Debt:
Pacific Gas and Electric Co. bonds
$155.785.000.00
Bonds of Subsidiary Companies
52,098,000.00
Total Funded Debt
Current Liabilities:
Bonds called but not redeemed
Accounts payable
Drafts outstanding
Meter and Line Deposits
Dividends
Bond Interest due
Accrued Interest,
--not due
Accrued Taxes—not due
207,883,000.00
$195,910.00
2,728,423.18
393,582.82
1.076,949.52
1.441.852.55
477.349.37
1.989,453.67
5.311,168.48
Total Current Liabilities
13.614.689.59
Reserves:
For Northern California Power Company
Consolidated Plant Adjustments and
Accrued Depreciation
51.647.970.05
Depreciation
21,926.721.86
Insurance—Casualty and other
2.232.070.51
Total Reserves
Surplus
Total
$10,811,056.44
104,742.40
Total
Less Interest charged to Construction
Remainder
Amortization
Expenses
2841
FINANCIAL CHRONICLE
APRIL 27 1929.]
25,806,762.42
15,528,324.15
$413,918.079.33
CERTIFICATE OF AUDIT.
We have made a general audit of the accounts of the
Pacific Gas and Electric Company and subsidiary companies for the year ended December 31 1928, and
WE HEREBY CERTIFY that in our opinion the above
consolidated balance sheet is correct.
HASKINS & SELLS.
San Francisco, March 30 1929.
2842
FINANCIAL CHRONICLE
•
[VOL. 128.
CITIES SERVICE COMPANY
ANNUAL REPORT TO STOCKHOLDERS—FOR YEAR ENDED DECEMBER 31 1928.
Your Board of Directors submits herewith the nineteenth
annual report of the Company.
The consolidated gross revenues were $167,255,673 for
the year as compared with $158,028,258 for the preceding
year. The net earnings available for interest charges,
dividends and reserves were $64,048,047, as compared with
$60,117,992 for the previous year.
The consolidated current assets of the Company and its
subsidiaries were $129,680,266 as compared with $103,229,002 in the previous year, an increase of $26,451,264. The
excess of current assets over current liabilities was $67,094,466 as compared with $52,932,860 in 1927.
The financial operations in the year were of unusual importance. It has been a continuing policy of your officers
to improve the capital structure and in previous years attention was devoted to the subsidiary companies. During the
past year, however, attention has been directed primarily
to your Company's capital structure, not only from the viewpoint of further reduction in interest rates but of establishing its securities in a better ratio. As a result of this policy
there was sold in April $50,000,000 principal amount of 5%
debentures, the proceeds from which were used entirely
for the purpose of eliminating higher interest or dividend
bearing securities of your Company and subsidiaries. Again
in October $30,000,000 principal amount of 5% debentures
of another series were sold having stock purchase warrants
attached, entitling the debenture holders to purchase within
specified periods and at specified prices fifteen shares of
the common stock of Cities Service Company for each $1,000
debenture held. This offering was to supply a part of the
new capital to take care of the Company's expansion programs.
To provide additional capital for the further expansion of
the Company's holdings, an offering was made on March 9
1928 to stockholders which entitled them to buy additional
shares of common stock at $45 per share in the ratio of one
share for each ten held on March 28. The results of this
offering were very gratifying and demonstrated a keen interest in the Company's securities. A similar announcement
was made in December that common stockholders would
have the right to purchase additional shares of common stock
at $65 a share in the ratio of one share for every ten shares
owned on January 8 1929.
PUBLIC UTILITY PROPERTIES.
The year 1928 was the most satisfactory in the history of
the public utility division of Cities Service Company. Both
gross and net earnings of the companies increased satisfactorily in total as well as individually.
New Business efforts were directed to obtain new classes of
business productive of the greatest profit for the smallest
outlay of capital. The total merchandise sales for the year
amounted to more than $10,000,000, the largest in the history of the organization. Included in this business were
5,984 central househeating plants,6,440 electric refrigerating
installations, and many thousands of various types of electrical and gas appliances. Installations of this character
have brought about a substantial increase in domestic consumption, much of which has necessitated practically no
additional investment in transmission and distribution facilities.
Further progress has been made in the matter of reducing
the unit cost of producing both electrical energy and gas.
Insomeinstancesthe savings resulting from these efforts have
brought about a reduction of from as much as 10% to 20%
over the preceding year. These results were attained by the
installation of more efficient equipment, and through successful efforts to stimulate a greater interest on the part of
plant operators in improved • operating results. Greater
care in purchasing of fuel and lower fuel costs generally
have contributed. Very marked improvement in practically
all other operating costs have contributed to the increase
in net earnings.
It is to be noted in this connection that while the net earnings from public utility operations have materially increased,
substantial savings to many of our customers have been
effected through voluntary rate reductions. In every ease
where rate changes have been made, it has been the policy
of your subsidiaries to establish the soundest form of rate
base, in the formulation and application of which the management of your Company has been a pioneer. The installation of such rate forms has resulted in reduced unit
cost to the customer and has had a far-reaching effect in
stimulating the use of gas and electric service.
The public utility division has been extremely active in
extending its lines and stimulating business in the rural
territories adjacent to the larger communities served. Present indications are that it will require only a short period
of time until the entire rural areas in the territories of the
companies will be served.
During the course of the year an agreement was entered
into between Community Traction Company and the municipal authorities in Toledo, Ohio, whereby competition
from independent bus operators was eliminated. Serviceiof
this company was largely extended by the inauguration of
bus routes serving as feeders to the railway system. Railway equipment was materially improved, with the result
that transportation revenue,reflected a greater increase over
the previous year than that in any other metropolitan area
in the United States.
Property Acquisitions.—The general policy of enlarging the
public utility holdings was continued during 1928.
The Tennessee Eastern Electric Company, control of
which was acquired during the year, supplies electric service
in Johnson City and a number of neighboring communities
in eastern Tennessee, and will be operated in connection with
your Company's subsidiaries in Bristol and Elizabethton,
Tennessee. This company owns a hydro-electric plant with
a capacity of 12,000 kilowatts on the Nolichucky River and
a modern steam plant with a capacity of 8,000 kilowatts
at Watauga. The company also controls overflow lands and
dam site on the Holston River, on which it proposes to erect
a plant with an ultimate capacity of 30,000 kilowatts. The
territory served by these properties in eastern Tennessee
is growing at a very rapid rate. Several artificial silk plants
that have located near Eliza.bethton, expanded their operations during the past year.
The Toledo Edison Company acquired the Archbold
Electric Service Company and several other distribution
systems in the vicinity of Toledo, Ohio. The Ohio Public
Service Company acquired the distribution systems in Cortland and Justus, Ohio. The Public Service Company of
Colorado acquired the Estes Park Electric Company and the
distribution system in La Jara.
The control of the Tecumseh Electric Company, which
serves several communities in southern Michigan, was
acquired during the year. These communities will be connected by transmission lines with the Citizens Light and
Power Company, which supplies Adrian.
Construction.—To provide for the growing needs of the
public utilities, the policy of extending transmission facilities,
rather than the construction of numerous power stations,
was continued. This permits the concentration of generating
equipment in large and efficient plants and facilitates interconnection with neighboring power systems.
Nearly 200 miles of 132,000 volt steel tower transmission
lines have been constructed in Ohio, including the interconnection of the Ohio Public Service and Toledo Edison
companies. The completion during 1928 of this construe-
APRIL 27 1929.]
FINANCIAL CHRONICLE
tion, begun several years ago, unifies and completes a system
of steel tower transmission lines extending through the heart
of the Ohio industrial territory from Warren, Ohio, on the
east, to Adrian, Michigan, on the west,a distance of approximately 250 miles.
An additional interconnection near Shelby, Ohio, has been
arranged with the Ohio Power Company. This is a valuable
interconnection for both companies, providing double circuit transmission facilities in this territory.
The Toledo Edison Company commenced the installation
in its Acme plant during the year of an additional 35,000
kilowatt turbine in an extension which is designed to house
ultimately three 35,000 kilowatt units.
The Empire District Electric Company completed a
transmission line interconnecting its steam plant at Riverton,
Kansas, with the Neosho plant of the Kansas Gas and Electric Company, and installed a 25,000 kilowatt frequency
changer in an addition to the present plant. There was also
constructed a steel tower transmission line from its main
plant at Riverton to Joplin, Missouri, as a part of the plan
to supply the entire district with 60-cycle service.
The Public Service Company of Colorado completed an
extensive construction program in order to change from
manufactured to natural gas service, which commenced in
June, 1928. This company also made a number of extensions to its electric transmission lines, one of the most important being an extension to Gilman, Colorado, to supply
power to the New Jersey Zinc Company. A new central
store room and service shop were completedlat a cost of approximately $500,000.
NATURAL GAS PROPERTIES.
The year 1928 was one of progress and accomplishment in
the natural gas division. Developments included the acquisition of new properties and the extension of gasllines from
new producing areas to new domestic and industrial gas
markets.
Property Acquisitions.—Gas transportation and distribution companies in Louisiana, Arkansas and Texas were
acquired and consolidated with Natural Gas and Fuel
Corporation, to form Arkansas Natural Gas Corporation,
control of which is held by your Company. This]property
supplies natural gas service to approximately 75,000 customers and operates 1,834 miles of natural gas pipeline.
The principal cities served are Shreveport, Louisiana; Little
Rock, Hot Springs, Texarkana, El Dorado, Pine Bluff and
Arkadelphia, Arkansas, and Texarkana, Texas.
The St. Joseph Gas Company was purchased during 1928
and natural gas turned into its distribution system in January, 1929. There are 10,000 customers in St. Joseph, and
a rapid expansion of the business is anticipated.
Construction.—Additional compressor station capacity of
12,000 horsepower was placed in service along the pipeline
from Pampa,Texas,to Ottawa,Kansas,during the year,thereby improving facilities for supplying gas to:Kansas City,Topeka, Lawrence, Leavenworth, AtchisonTand St. Joseph.
The 20-inch line from the Texas Panhandleito Wichita was
extended to Ottawa, a distance of 132 miles, and an additional 16-inch pipeline was built from Ottawa to Kansas
City, thus providing three 16-inch lines to that market.
To supply the newly acquired distribution system in St.
Joseph, Missouri, with natural gas, Cities Service Gas Company constructed 27 miles of 12-inch pipeline from a point
on the main line system near Leavenworth, Kansas.
A distribution system at Girard, Kansas, was completed.
A system is in course of construction at Neosho, Missouri,
and franchises have been secured in Monett, Pierce City,
and Marionville, Missouri, where distribution systems will
be built in 1929. To supply gas to these communities and
Springfield, Missouri, a 10-inch pipeline is under construction to connect with the system of Cities Service Gas Company.
A 12-inch line is under construction for a distance of 57
miles from El Dorado to Emmett, Arkansas. This will
provide a direct pipeline connection from the Monroe,
Richland and Champagnolle gas fields to the main line system of the Arkansas Natural Gas Corporation. Engineering work has been completed for the construction of a 20
inch pipeline from the Monroe and Richland fields to Shreveport, Louisiana. To safeguard and increase the gas supply to Texarkana, Arkansas, and Texarkana, Texas, 16 miles
of 10-inch line were built from the main pipeline system of
the Arkansas Natural Gas Corporation.
Drilling operations in the northwest Arkansas field developed new gas areas and construction was completed on 93
2843
miles of 10-inch pipeline from this development to Little
Rock, Arkansas, to make available an adequate supply for
this city and to reach additional markets in Russellville,
Atkins, Morrillton and Conway along this line. Distribution systems in these towns have been completed or are under
construction.
During the year a 22-inch pipeline,in which your Company
has an interest, was constructed from the Texas Panhandle
gas fields to Pueblo, Colorado, and a 20-inch line from
Pueblo to Denver to serve the company's distribution systems in those communities. These lines were completed in
June, 1928, and began the delivery of gas to these distribution properties under favorable long term contracts.
It is planned that during 1929 the pipeline of the Colorado
Interstate Gas Company, which supplies gas at wholesale
to Public Service Company of Colorado, will be connected
with the pipeline of your Company's subsidiary, the Colorado-Wyoming Gas Company, serving Fort Collins, Colorado, and Cheyenne, Wyoming. This project will not only
add to and safeguard the gas supply of this subsidiary, but
will make natural gas available for Golden,Boulder, Greeley,
Loveland and Longmont, Colorado.
Perhaps the most important phase of the Cities Service
Gas Company activities during 1928 was that of developing large additional reserves of natural gas for future requirements. The completion of extensive new pipelines has made
available to your subsidiaries in the Mid-Continent the largest
gas reserves in their history. A continued growth in earnings of the natural gas subsidiaries is expected.
PETROLEUM PROPERTIES.
General Conditions.—The conditions in the petroleum industry for 1928 were marked by a continuation of overproduction of crude petroleum with resultant declining
prices. Notwithstanding sporadic efforts to curtail development in new areas, the production of crude oil in the United
States was almost identical with that in the preceding year.
Imports increased, the total available supply of oil being
1,037,000,000 barrels, an increase of 2.25% over 1927.
Stocks of crude petroleum and its refined products increased 4.23% to the record figure of 614,500,000 barrels,
notwithstanding the fact that there was an increased demand
of 7.02%.
The average price of Mid-Continent crude oil in 1928 was
$1.31 a barrel, a decrease of 7 cents from the average of 1927.
This price is the lowest that has obtained for the past 12
years. The year 1929 opens with current crude oil production at record levels, and with imports on the rise. The
Federal Oil Conservation Board, taking cognizance of the
situation, has recently pointed out to the President of the
United States the necessity of conserving and preventing
the waste of this natural resource.
Your President has for years publicly advocated the unit
operation of pools as the solution for uneconomic and extravagant production methods. It is hoped that sufficient
support can soon be secured to make this plan effective,
thereby conserving the resources of petroleum and putting
the production of petroleum on an economic and rational
basis.
Oil Production.—The oil production subsidiaries of your
Company confined their operations as far as possible to the
blocking out of new reserves for future use, drilling only such
other wells as were necessary to protect their properties
under prevailing leasehold conditions. The oil produced by
the various domestic properties reached a total of 19,921,350
barrels as compared with 28,300,731 barrels in 1927 and
12,065,000 barrels in 1926. At the close of the year the current daily output averaged 52,000 barrels.
During the year 138 producing oil wells were completed,
a reduction of 62M% from the preceding year and at the end
of the year the company had 48 wells in the process of drilling.
Drilling operations in 1928 resulted in the discovery of oil
on 35 new leases, which, in the aggregate, are believed to
assure the largest potential productive area that has heretofore been proved by the company in any one year. Of particular significance was the completion of wells discovering
the Hillsboro Pool in Marion County, Kansas; the southeast extension of the Burbank Pool, and the Oklahoma City
Pool,Oklahoma;and pools in Gonzales and Winkler Counties,
Texas, and Lea County, New Mexico. The leases held surrounding each of these wells vary from 1,000 to 10,000 acres
each and aggregate 18,000 acres.
At the close of the year the domestic subsidiaries owned
5,375 producing oil wells on 748 leases. In addition, royalty
rights are owned where oil is now being produced on 12,290
2844
[vol.. 128.
FTNANCTAL CITRONTCLE
acres. During the year the number of producing leases
increased 31.5%, the producing wells 14.8%, and the producing royalty acreage 190%. The scientific geological
work conducted in past years permitted the expansion of
leasing activities in 1928 with the result that the lands held
under lease by your subsidiaries in the United States increased
from 1,432,000 acres to 2,270,790 acres, and royalty interests increased from 124,000 acres to 266,000 acres.
Oil Pipeline and Crude Oil Storage.
-During the year very
little change took place in the crude oil stocks of your subsidiaries, the amount held in storage on December 31 1928
being 12,826,000 barrels.
The pipeline transportation subsidiaries enjoyed one of
their most prosperous years, showing a marked improvement
in the amount of oil transported for others in addition to taking care of their customary intercompany business. In
the Mid-Continent section, construction work was begun
before the close of the year on a trunk oil pipeline to be jointly
owned with the Texas Corporation. The line will be 12
inches in diameter and 600 miles in length, starting from
-Cushing, Oklahoma, and extending to East Chicago, Indiana. At Lockport, Illinois, it will serve a refinery of the
'Texas Corporation and at East Chicago a refinery now under
-inch branch
construction for one of your subsidiaries. An 8
line will extend to Lawrenceville and Stoy, Illinois, where it
will connect with the Tidewater Pipeline system, which extends to the Atlantic Seaboard. In addition, an 8
-inch
pipeline 32 miles long has been built, connecting the new
Oklahoma City pool with the main pipeline system. Other
extensions are being made which will connect all the subsidiaries' producing leases in the State of Kansas with this
system.
In Pennsylvania major extensions were made to pipeline
facilities of Crew Levi& Company to meet the requirements
of its refinery at Titusville.
Marketing and Refining.
-The results of operations in 1928
were more satisfactory in the refining and marketing divisions
than in 1927. Increased consumption, lower inventories,
and a closer relation of gasoline production to sales demand,
especially in the Mid-Continent areas, were productive of
a much better situation in our marketing territory.
The seven territories operated by your subsidiary companies refined 13,896,184 barrels of crude'oil during the year as
compared with 10,816,940 barrels in 1927. The gasoline
produced and casinghead gasoline purchased for blending
purposes totaled 241,927,638 gallons in 1928, as compared
with 204,666,505 gallons the previous year.
During the early part of 1928 the construction of cracking units for the distillation of heavy oils at the Ponca City
and Gainesville refineries was completed. Toward the end
of the year construction of similar facilities, which will be
completed in the near future, was begun at the Boston and
Philadelphia refineries.
Other refinements in the distillation equipment, together
with the normal additions of tankage and handling facilities,
have been made to keep plants abreast of the latest technical
practices, and to lower the cost of operation.
The retail division has been enlarged considerably during
the year. New construction and purchase of gasoline stations
during the first half of the year averaged about five a month.
During the last half of the year about fifteen stations a month
were either purchased or erected. The majority of these
additions and acquisitions were made adjacent to territories
served by your subsidiaries. Wholesale activities in all
parts of the marketing territories are being co-ordinated
where possible to supplement retail distribution.
Retail marketing facilities have been expanded in both
England and France. The export division is also distributing, through dealers handling Cities Service products exclusively, in Finland and in Argentine, Uruguay, Paraguay
and Brazil.
The marketing subsidiaries sold over 814,300,000 gallons
of oil products in 1928, as compared with approximately
684,000,000 gallons in 1927, of which gasoline alone amounted
to more than 436,500,000 gallons in 1928, as compared with
about 312,700,000 gallons in 1927.
Transportation.
-In 1928 the fleet of tankers transported
6,146,000 barrels of petroleum and its products, and traveled a total of 468,533 miles. The demands of the two east
coast refineries were so large that it was necessary to charter
outside tankers. During the latter part of 1928 an additional
tanker was purchased and christened "Cities Service Empire." The fleet now consists of eight vessels having a
total cargo capacity of 635,000 barrels.
Foreign.
-The earnings of the Mexican subsidiaries in
1928 showed a decrease over the year 1927, mainly on account of lower oil prices.
The total production from the properties was 3,668,816
barrels, of which your subsidiary companies' proportion was
1,598,599. All production and development costs in connection with this production are borne by outside interests.
Toward the close of the year similar arrangements were made
with outside interests for the drilling of a limited number of
wells on land controlled by your subsidiaries in northern
Mexico.
The barging of oil on the Panuco River and the terminal
activities continued at a profitable rate, as did the operations
of buying and selling outside oil.
Exploratory drilling on leases in Alberta, Canada, was in
progress during the year and is being continued.. Exploration activities in other foreign countries was continued and
toward the end of the year options on very large blocks of
prospective oil lands were acquired in Venezuela, where
geologists are now making examinations. The total foreign
holdings of prospective oil lands now exceed 3,000,000 acres,
GENERAL.
During the year an effective advertising program was
again carried on through the mediums of radio broadcasting,
newspapers and magazines, as an aid to the organization in
expanding its sales.
It has always been a policy of your Board and the officers
of your Company to encourage the broadest possible distribution of the securities of the Company as well as its subsidiaries, and there is much cause for satisfaction in the results
obtained. The year 1928 witnessed the greatest increase in
security holders covering all sections of the United States.
and particularly the various sections served by your subsidiary companies. The total number of all classes of security
holders is now more than 450,000. The Cities Service
Company stockholders now number 205,000,including 83,000
holders of preferred stocks and 122,000 holders of common
stock, having increased from 77,000 holders of preferred
stocks and 70,000 holders of common stock a year ago.
All security holders are again invited to avail themselves
of the facilities of the Security Holders Service Bureau for
information about the Company and its affairs.
Respectfully submitted,
BOARD OF DIRECTORS,
by HENRY L.DOHERTY,
President.
EARNINGS STATEMENT.
Gross Earnings.
Year Ended
Dec. 31st
1911
1912
1913
1914
1.915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
Public
Utilities.
Oil
Operations.
Total.
Ezpenses.
Net
Earnings.
$
$
8
$
$
43,843.52
922,032.59
966,878.11
965,876.11
77,034.19 1,113,732.61
1490.766.80
1,190.766 80
85,347.95 t,087,063.16
2,172.411.11
2.172,411.11
116,908.29 3.817,645.08
3.934.453.37
3,934,453.37
172,856.15 4.306.944.20
213.787.84 4,479,800.44
4,268,012.60
239,389.70 9.870,953.20
5,573,116.29 4.637,228.61 10,110,342.90
357,229.09 18,895,263.75
4,742,651.79 14,509,841.05 19,252.492.84
521,485.59 21,758,581.58
4,229,563.15 18.050,504.02 22.280,067.17
703.835.08 19,273,715.69
19,077.550.77
4,655,945.26 15.321,605.51
700,472.70 23,997,566.73
4,609,911.85 20,988.127.58 24,698,039.43
517,054.25 12.944.715.88
6,918.740.77 6.543,029.38 13,461,770.13
453,296.38 14,205,674.43
8,347.546.20 6,311,424.61 14,658,970.81
508,945.50 16,093,616.44
11.278.508.39 5,324,053.55 16.602,561.94
689,473.36 16,773,744.35
17,463,217.71
11,559.318.01 5.903,899.70
775,904.58 18,989,071.46
12,255,184.18 7,509,791.86 19.764,976.04
975,700.68 24.462,562.30
12,475,529.16 12,962.833.82 25.438,382.98
1,108,110.67 31,952.951.59
12,877,601.38 20.183,460.88, . .
16,630.193.48 18.114.03,91 34.744,597.39 1,160,132.02 33,584.465.37
Interest
and
Discount.
$
Net to
Stocks
and Reserves
$
922.032.59
1,113,732.61
123,062.27 1,964,000.89
420,000.00 3,397,545.08
490,000.00 3,816,944.29
258,960.44 9,611.992.7
2,861.74 18,892.402.0
272,579.52 21,486,002.06
1.922.881 17 17,350.854.5
1,941,628.22 22,055,938.5
2,098.130.67 10.846,585.21
2,358.555.34 11,847,119.09
2,624,8.56.4 13.468.760.01
1.927.970 6 14.845,773.74
2.252,141.54 16.736,929.92
2.688,390.2821.804,272.02
2.540,119.8 29.412.831.75
3,934,505.9 29.649,959.44
Preferred
Dividends.
II
521,387.09
605.875.79
908,777.60
1,635.993.50
1,570,005.00
2.409.690.92
3,712,695.15
4,034,274.50
4,215,264.40
4,685.474.90
4,856,831.50
4,917,517.30
4,987,976.60
5.109.697.10
5,240,029.50
6.192,805.55
6.807,906.05
6,773,204.45
Per Csni
Net to
Number of
Times the Common Stock on Average
Common Stock
and
Preferred
Reserves.
Outstanding.
Dividends.
1.77
1.84
2.18
2.07
2.43
3.99
5.09
5.32
4.12
4.71
2.23
2.41
2.70
2.90
3.19
3.52
4.32
4.38
$
400,845.50
607,858.82
1,055,223.29
1,761.551.58
2,246.939.29
7,202,301.84
15,179,706.88
17,451,727.56
13,135.590.12
17,370,483.81
5.989,953.71
6,929,801.79
8.480.783.41
0,736,076.84
11.496,900.42
15.611,466.47
22,604,925.70
22.876 754.90
• Represents percentage on the Increased amount of common stock which beame outstanding as the result of the redemption at par or stock S
8.28
9.29
10.71
11.28
15.27
36.74
60.73
61.67
39.09
43.09
13.04
14.88
18.28
.21.14
*15.24
20.03
27.34
23.98
APRIL
CONSOLIDATED BALANCE SHEET—CITIES SERVICE COMPANY
AND SUBSIDIARIES—DECEMBER 31 1928
Inter-Company Items Eliminated.
ASSETS.
Capital Assets—
Plant and Investment
Sinking Funds
Total Capital Assets
Current Assets—
Cash
Securities Owned
Bills Receivable
Accounts Receivable
Crude and Refined Oil Stocks
Materials and Supplies
Payments Made in Advance
$723,833,858.50
6,374.113.48
8730,207,971.98
$49,863,790.62
973,496.23
1.087,684.41
35.288,841.58
30.674,283.05
10,278.709.99
1,513,460.39
$129,680,266.27
Total Current Assets
Other Assets—
Deferred Charges
$5.335,340.77
Discount on Bonds, Debentures,
39,334.416.99
Special Deposits
2,835,294.28
Notes and Accounts Receivable (Not Current)
1,782,528.86
Property Amortization Account
4,416,534.94
853,704,115.84
Total Other Assets
8913,592,354.09
Total Assets
The above statement shows the financial position of the Company and
Its subsidiaries, all inter-company items having been eliminated.
LIABILITIES.
Capital Stocks Outstanding—
8103.495,124.36
Cities Service Co. Preferred Stock
9,271,984.75
Cities Service Co. Preference Stocks
101,232,721.31
Cities Service Co. Common Stock
Stock,since issued,for
Additional Common
3,354,900.00
Warrants exercised to date
* Subsidiary Stocks Outstanding—
$119,237,811.42
Preferred Stocks
6,287,462.44
Common Stocks
Total Capital Stocks
Bonds and Funded Notes Outstanding—
Cities Service Co. Debentures
Subsidiary Bonds and Funded Notes
Subsidiary Securities in Sinking Fund
Total Current Liabilities
Other Liabilities—
Customers' Deposits
Accounts Payable (Not Current)
Total Other Liabilities
Surplus and Reserves—
Depreciation and Other Reserves
Surplus
$342,880,004.28
8100,840,807.00
235,586,512.72
6,147.700.00
62,585,799.82
$3,641.037.72
248,606.61
3,889,644.33
$94.795.405.29
66,866,480.65
Total Surplus and Reserves
$161.661,885.94
Total Liabilities
$913,592.354.09
Contingent Liability—Guarantee by Cities Service Company of $2,030,000
Cities Service Tank Line Co. 5% Equipment Trust Certificates, due
serially to 1935.
The above statement shows the financial position of the Company and
subsidiaries, all inter-company items having been eliminated.
•Stocks of subsidiary companies not owned.
CONSOLIDATED STATEMENT OF EARNINGS—CITIES SERVICE
COMPANY AND SUBSIDIARIES—YEAR ENDED DEC.311928.
Inter-company earnings eliminated.
Gross Earnings
Operating Expenses, Maintenance and Taxes
8167,255,672.91
103,207,625.65
Net Earnings
Interest Charges
$64,048,047.26
21,727.358.79
Net to Stocks and Reserves
Preferred Stock Dividends
$42,320,688.47
14,714,384.96
Net to Common Stocks and Reserves
$27.606,323 51
United States Asbestos Co.—Earnings.—
1928.
1927.
1926.
Years End. Dec. 31—
1925.
83,528.507 $2,889,037 $2,379,930 Not stated.
Sales
Not earns, aft. deproc. &
8335,021
8596.569
$182,675
Federal taxes
$126,575
Sales for the first three months of 1929 amounted to $941,148 as compared
with $785.441 for the corresponding period of 1929.—V. 127, P. 3418.
United States Cast Iron Pipe & Foundry Co.—New
Name Approved—Changes in Personnel.—
The stockholders on April 25 approved a change in the name of the company to United Stales Plpe & Foundry Co.
Charles R. 'tenth, Secretary, has been elected Secretary and Treasurer,
and 13. F. II aughton, Vice-President and Treasurer, became Vice-President.
—V. 128, p. 1899.
United States Leather Co.—Earnings.—
1928.
Quer. End. Mar. 31— 1929.
Net profit
loss $865,799 $1,581,847
Interest and discount_
Income from investCr47.597
Cr22,124
SUMMARY—CAPITAL STOCKS AND FUNDED DEBT OF
SIBSIDIARY COMPANIES.
Common Stocks—
8161,350,601.00
Owned directly by Cities Service Company
*Intercompany, being securities owned by subsidiary
230,666.190.00
companies
6,287,462.44
Outstanding in hands of the public
8398,304,253.44
Preferred Stocks—
$19,618,240.00
Owned directly by Cities Service Company
*Inter-company, being securities owned by subsidiary
29,232,531.00
companies
119,237,811.42
Outstanding in hands of the public
8168,088,582.42
Bonds and Funded Notes—
823,460,351.00
Owned directly by Cities Service Company
*Intercompany, being securities owned by subsidiary
38.267.835.00
companies
6,147.700.00
Bonds in Sinking Fund
235.586,512.72
Outstanding in hands of the public
$303,462,398.72
•
*The securities of operating companies which are owned by subsidiary
companies are referred to above as inter-company securities. Such subsidiary companies are Cities Service Power & Light Company, Empire
Gas and Fuel Company (Del.), &c.
GENERAL STATISTICS FOR THE YEAR 1928.
Oil and Refineries.
Barrels of Oil Produced (Domestic)
Number of Oil Wells Owned
Miles of Oil Pipelines
Daily Refining Capacity (Barrels of Crude 011)
Oil Storage Capacity in Barrels
Number of Tank Cars Owned and Leased
Communities Served by Distributing Stations
Marine Equipment Capacity (Barrels)
19.921,350
5,375
1,235
39,000
21,110.000
3,032
4,058
774.500
Manufactured and Natural Gas.
Total Bonds and Funded Notes
8342,575,019.72
Current Liabilities—
Bills Payable
838,774,347.03
Accounts Payable
14,599.795.48
Taxes, Royalties & Miscellaneous Accruals4,625,231.56
Interest Accrued
4,586,425.75
a1927.
$790,835
222,360
a1926.
$383,420
239,020
Net income
$124,400
1oss$843.674 $1,629,444 $568,475
* After all charges (except interest) and reserve for depreciation. a Central Leather Co.—V. 128, p. 2289.
United States Pipe & Foundry Co.—New Name, &c.—
See United States Cast Iron Pipe & Foundry Co. above.
2845
FTNANCIAL CHRONTCLE
27 1929.]
93,622.345.000
445,583
1,698
11,236
68.854.495
2,896,000
Sales in Cubic Feet
Number of Customers
Number of Gas Wells Owned
Miles of Gas Mains Owned
Casinghead Gasolene Produced (Gallons)
Population Served
Electric Properties.
1.421,670,000
534,880
401,069
_ 1.850.000
Kilowatt-hours Sold
Kilowatts Installed Capacity
Number of Customers
Population Served
CAPITAL STATEMENT DECEMBER 31 1928
Par
Full Shares
Shares
Value. Authorized. Outstanding.
1,500.000
None
1,034.951
Preferred Stock 86 Cumulative
4,000,000
296.660
None
Preference B Stock 60c. Cumulative
600.000
63.053
None
Preference BB Stock $6 Cumulative
5,061,636
20,000,000
820
Common Stock
$13,257
Convertible Debentures Series A 5%
Convertible Debentures and Refunding Debentures (called for
509.950
redemption)
20.317.600
Refunding 5% Gold Debenture Bonds 1966
50,000.000
5% Gold Debentures 1958
30,000,000
5% Gold Debentures 1963
TRANSFER AGENTS.
New York. N. Y.
Henry L. Doherty & Company (All Stocks)
Columbus, Ohio
The Huntington National Bank (All Stocks)
Boston, Mass.
Old Colony Trust Company (All Stocks)
Kansas City, Mo.
Commerce Trust Company (All Stocks)
Denver, CohL__
The International Trust Company(PM.& Com.)
,
Bank of Italy National Trust and Savings Association e..• KKIPOWthesit. 41
San Francisco,Cal.
(Pfd.& Com.)
REGISTRARS.
..New York, N. Y.
Guaranty Trust Company of New York (Pfd. Sr. Corn.)
New York. N. Y.
Bankers Trust Company (Preference B and BB)
Columbus, Ohio
The Commercial National Bank (All Stocks)
Boston, Mass.
State Street Trust Company (All Stocks)
Fidelity National Bank and Trust Company of Kansas
Kansas City, Mo.
City (All Stocks)
Denver. Colo.
The First National Bank (Pfd.& Corn.)
Crocker First Federal Trust Company (Pfd. & Corn.)__ _San Francisco. Cal!
United States Playing Card Co.—Earnings.—
Earnings Year Ended Dec. 31 1928.
Gross earn
Reserves for depreciation
Reserves for taxes
$2,675,572
245,662
270.825
$2.159,085
Net earnings
$5.99
Earnings per share on 360,000 shares capitalstock (par $10)
Dec. 31.
Consolidated Balance Sheet
1927.
1928.
1927.
1928.
Liabilities—
$
Assets—
$
$
$
Cash & securities_ 4,198,1301
720.968
Accounts payable_ 857.872
315,862
Notes & accts rec. 1.433,I31J 5,550,016 Res. for Fed. taxes 270,825
720,000
Raw materials. &c. 4,576,007 4,547,926 Dive pay. Jan. 1.. 72(.,000
Surplus
8,605.105 8,362,250
Land. bidgs., mach
& equipment.- _ 3,646,532 3,621,137 Capital stock
3.600,000 3,600,000
1
1
Good will
13.853,803 13,719,082
Total
—V. 127, p. 2554.
Total
13,853,803 13.719,082
-20c. Extra Div.—
United Engineering & Foundry Co.
The directors have declared an extra dividend of 20c. per share and the
regular quarterly dividend of 40c. per share on the common stock, payable
May 10 to holders of record April 30. Three months ago the 20c. extra
dividend was omitted, prior to which time it had been paid regularly each
,
quarter. The regular quarterly dividend of 151% on the preferred stock
was also declared, payable May 10 to holders of record April 30.—V.127, p.
562.
2846
FINANCIAL CHRONICLE
[VoL. 128.
NORTHERN STATES POWER COMPANY.
NINETEENTH ANNUAL REPORT—FOR THE YEAR:ENDED DECEMBER 311928.
OFFICE OF THE PRESIDENT
231 South La Salle Street,
Chicago, Illinois.
April 15 1929.
To the Shareholders of
Northern States Power Company:
The nineteenth annual report of your Company is submitted herewith. Comparative earnings were as follows:
1927.
Twelve Months Ended Dec. 31—
1928.
Gross earnings
$31,339,721.01 $29,803,157.97
Operating Expenses, Maintenance and
14,710,989.76
Taxes
15,242,341.01
Net Earnings
Other Income
$16,097,380.00 $15,092,168.21
60,848.57
572,872.31
Net Earnings including Other Income-416,670,252.31 $15,153,016.78
Bond Interest
Note Interest
General Interest
$5,020,174.38
*718,079.63
34,042.17
$5,036,143.84
*844,767.15
141,150.72
Total
$5,772,296.18
Less Interest Charged to Construction_ _ _ _
194,377.52
$6,022,061.71
115,445.81
Net Interest Charges
$5,577.918.66
$5,906,615.90
$11,092,333.65
4,739,735.38
$9,246,400.88
4,221,825.22
Balance
$6,352,598.27
Appropriation for Retirement (Depreciation) Reserve
2,750,000.00
$5,024,575.66
Balance
Preferred Dividends
2,200,000.00
Balance for Amortization, Common
Dividends and Surplus
*$3,602,598.27 *$2,824,575.66
* Interest on securities converted into common stock included in common
dividends.
Gross earnings increased $1,536,563.04, or 5.16%, and
net earnings increased $1,005,211.79, or 6.66%.
Your Company's activity in promoting the use of additional residential, commercial and industrial lighting and the
use of industrial power, and the more favorable business conditions throughout the Northwest were responsible for the
increased earnings. The ratio of operating expenses to gross
earnings was 48.64% for 1928, compared with 49.36% in
1927 and with 50.04% in 1926. The sale of electricity for
power and lighting accounted for 82.69% of your Company's
gross earnings, and for 91.56% of the net earnings.
Substantial rate reductions which will result in savings to
the customers of your Company of approximately $1,000,000
annually were made during the year 1928.
NEW PROPERTIES.
Twenty communities were added to the system in 1928,
making a total of 588 communities no* served by your Company. During 1928 your Company concentrated on improving service and developing business on existing lines rather
than on territorial expansion.
CHANGES IN CAPITAL STRUCTURE.
During the year your Company retired $2,236,740 face
value of funded debt which included $1,686,200 face value
convertible 63/2% gold notes, due 1933, converted into Class
"A" common stock, increasing the amount of that class of
stock outstanding by a like amount. During the year,
$9,304,900 par value 6% cumulative preferred stock was
sold from the treasury and the Company reacquired $291,400 face value funded debt and $5,193,700 par value 7%
preferred stock. As a result of the rights given to common
stockholders as of January 3 1928, the Company issued and
sold $5,665,300 par value Class "A" common stock and
125,000 shares Class "B" common stock.
In December 1928 the Compank offered holders of its
Class "A" common stock the privilege of subscribing to
additional Class "A" stock at $100 per share to the extent
of one-sixth of their holdings as of January 7 1929. At the
same time holders of the Class "B" common stock were
offered the right to subscribe to additional Class "B" stock
to the same extent. Subscription rights on both classes of
stock expired February 7 1929. For this purpose the Board
of Directors authorized the issuance of additional Class "A"
and Class "B" common stocks to the extent of one-sixth of
the aggregate amounts outstanding as of January 7 1929.
As of December 31 1928 your Company had a total of
approximately 65,000 preferred shareholders, exclusive of
those acquiring stock on the monthly investment plan, which
represents an increase of approximately 2,000 shareholders
for the year. Most of these shareholders are customers
served by your Company.
DEVELOPMENT OF BUSINESS.
Business connected to your Company's lines increased at
a satisfactory rate over 1927. Excluding the customers
served indirectly through wholesale contracts, your Company
furnished service to a total of 450,579 customers of all classes
at December 31 1928, a gain of 13,805 customers, or 3.16%
over 1927.
Electric connected load, or business served, increased from
918,678 kilowatts to 962,312 kilowatts, or 4.75% over 1927.
Electric energy output increased 8.27% to a total of 908,760,906 kilowatt-hours. Gas output increased from 3,847,717,000 cubic feet in 1927 to 3,996,528,000 cubic feet in
1928, a gain of 3.87%.
It is the policy of your Company to promote the maximum
sale and use of electric and gas appliances, and to this end
it cooperates with local dealers selling this class of merchandise. The results have shown a steady increase in the sale
of such appliances both by the dealers and your Company.
Your Company now serves approximately 3,000 farms
with electricity.
1928 CONSTRUCTION.
Net construction expenditures for additions'and improvements to properties during 1928 amounted to $6,788,285.
The Chippewa Falls hydro-electric plant, with a capacity
of 21,600 kilowatts, was completed ahead of schedule, and
was in operation in June 1928. A 110,000 volt transmission
line was completed connecting this plant with the Wissota
plant, and with the existing 110,000 volt transmission
system.
The construction of a twelve-story addition to your Company's office building in Minneapolis, begun in May 1928,
will be completed in April 1929. The additional space provided will make possible the consolidation of the different
departments in one building and will eliminate the necessity
of rented, scattered quarters which have been in use for
several years, all of which will further increase the efficiency
of the various departments, as well as add materially to the
convenience of the customers of your Company. A new
office building was built at Montevideo, Minnesota, which
is the Southwestern Division headquarters.
Additional electric generating capacity was installed at
Grand Forks and Minot, North Dakota, in order to accommodate the rapidly growing business in these districts.
Your Company spends a substantial amount each year
for extensions and improvements to its distribution systems
in order to take on new business, and in 1928 these expenditures represented a large portion of the construction budget.
1929 CONSTRUCTION.
The estimated net capital requirements for 1929'as shown
by the construction budget totals $7,546,000. The greater
part of the expenditure will be for extensions and improvements to the distribution systems in order to provide for
additional business, and it is anticipated that there will be
substantial development in service to the agricultural
districts.
Construction of an alternating current underground network in the downtown district of St. Paul will start in 1929.
This development is in line with modern practice and has
already been carried out successfully to a considerable extent
in Minneapolis.
Your Company has under consideration the erection of a
new office building in St. Paul, in which all departments of
the St. Paul Division may be centralized.
CONCLUSION.
The territory in which your Company operates is showing
signs of increased prosperity. The results of last year's harvesting of the crops were favorable and the outlook for
agriculture is better than it has been for many years past.
This, of course, reacts favorably on the business development of the cities and towns served by your Company.
The relations of your Company with the communities
served are excellent. We look forward to a continuance of
the sound business conditions which will reflect favorably
on the earnings of your Company.
The Board of Directors desires to express its appreciation
to the shareholders and customers of the Company for their
cooperation. Sincere acknowledgment is made to the loyal
and efficient force of employes and executives, whose constant efforts have aided in the steady improvement of the
service rendered the public.
By Order of the Board of Directors,
JOHN J. O'BRIEN,
President.
APRIL
2847
FINANCIAL CHRONICLE
27 1929.]
.
NORTHERN STATES POWER COMPANY OF DELAWARE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DECEMBER 31 1928.
ASSETS.
Plant, Property, Rights, Franchises, &c
Preferred and Common Stock Discount, Premium and Expense (Net)
Cash Sinking Funds and Other Deposits
Investments in Stocks and Bonds of Other Companies. Associations, &c
Balance of Unamortized Debt Discount and Expense Incurred Since December 31 1924
Prepaid Accounts and Deferred Charges:
Prepaid Insurance, Rent, &c
Expenses and Advances(n Purchase of Properties
Miscellaneous Deferred and Unadjusted Items
Current Assets:
Cash in Banks and on Hand
Cash on Call Loans
Bond Interest and Other Cash Deposits
Notes Receivable
Accounts Receivable
Less—Reserve for Uncollectible Accounts
S913,981.290.91
7,988.299.34
655,141.19
478,781.57
346,667.30
$106,116.48
78,093.71
228,377.91
412,588.10
$4.333,654.20
4,000,000.00
151,280.00
115,673.73
$2,933,045.39
267,599.48
2,665,445.91
1,326.867.00
153,096.40
2.866.422.28
Unbilled Electricity and Gas
Receivable on Sale of Preferred Stock
Materials and Supplies
15.612.439.52
$239,475,207.93
Total
LIABILITIES.
Capital Stock of Northern States Power Company of Delaware Outstanding:
kss 7% Cumulative Preferred, 438,465 Shares, par value $100.00 each
6% Cumulative Preferred, 273,219 Shares, par value $100.00 each
par value $100.00
1151 Class "A" Common, 292,761 Shares, of no par value each
Class "B" Common,625.000 Shares,
PM
Capital Stock of Subsidiaries In Hands of Public:
7% Cumulative Preferred
Common
$649,300.00
2,000.00
651,300.00
$107,345,800.00
104,139,963.57
Total Capital Stock Outstanding
Funded Debt
Liabilities:
Current
Accounts Payable
Accrued Interest
Accrued Taxes
Accrued Preferred Stock Dividends
Common Stock Dividends Payable
Deferred Liabilities:
Customers' Deposits
Miscellaneous Unadjusted Credits
Reserves:
Retirement (Depreciation) Reserve
Pi. Operating Reserves
IP Contributions for Line Extensions
Reserve for Contingencies
'
we,
Capital Surplus:
Surplus on Books of Subsidiary Companies at
Surplus
343,846,500.00
27,321,900.00
29,276.100.00
6,250,000.00
S106.694.500.00
$1.112.284.82
1,155.155.73
2,855,585.55
1,180,932.75
710.641.80
7,014.600.65
463,667.55
35.982.29
$12,930,088.92
181,245.69
911,927.55
1,285.243.27
14,608,505.43
700,691.70
5,165,996.74
ates of Acquisition Thereof
$239,475,207.93
Total
AUDITORS' CERTIFICATE.
Subsidiaries for the year ended December 31 1928.
We have examined the accounts of the Northern States Power Company of Delaware and
the properties of the Company and subsidiaries (includAs of December 311924, the Byllesby Engineering and Management Corporation appraised
and accrued depreciation at the date of the appraisal. on
ing water power rights and going concern value) and determined the cost of reproduction
accounts as of the date mentioned have been adjusted to give
the companies' books and in the balance sheet above, the property and retirement reserve
of major acquisitions of new properties include cost over
effect to this appraisal. Subsequent additions have been accounted for at cost, and in the case properties. The property retirements during the years
such new
appraisal value with retirement reserves stated at amounts determined by appraisals of
applied against the retirement (depreciation) reserve balance arising from these appraisaLs.
1925to 1928, inclusive, less the provision therefor. have been
and the accompanying consolidated income and surplus
foregoing bases, we certify that, in our opinion, the above"' olidated balance sheet
On the
at December 31 1928, and the results of their operations for the year ended that date.
accounts correctly reflect the financial position of the companies
ARTHUR ANDERSEN & CO.
Chicago, Illinois, March 19 1929.
NORTHERN STATES POWER COMPANY OF DELAWARE AND SUBSIDIARIES.
CONSOLIDATED INCOME ACCOUNT FOR THE YEAR ENDED DECEMBER 31 1928.
AND SUMMARY OF CONSOLIDATED SURPLUS ACCOUNT.
Gross Earnings:
Electric Department
Gas Department
Steam Department
Transportatirn Department
Telephone and Water Departments
Total Gross Earnings
Operating Expenses and Taxes:
Operating
Maintenance
Taxes
$25,915,676.64
4,309,540.76
723,028.18
261,315.49
130,159.94
$31,339,721.01
$10,887,407.05
1,593.713.19
2,761,220.77
15.242,341.01
Total Operating Expenses and Taxes
$16,097,380.00
Net Earnings befor Appropriation for Retirement (Depreciation) Reserve
572,872.31
Otherencome
816,670.252.31
including Other Income
Net Earnings
Interest Charges:
$5,020,174.38
Bond Interest
718.079.63
Note Interest
34,012.17
General Interest
-----------------------------------------------------------------------------Total
$5,71;i:B912
LossunteresE
tio ____________
5,577,918.66
Net Interest Charges
Interest on Notes Converted into Common Stock, 4ppropriation for Retirement (Depreciation)
Balance of Income Before Deducting
Reserve, &c
Deduct:
Preferred Stock Dividends
4.739,735.38
$6.352,598.27
2,833.479.99
Remainder
Interest on Notes Converted into Common Stock
Connnon,Stock Dividends--Including
Remainder
Reserve
Appropriation for Retirement (Depreciation)
and Expense
Appropriation for Amortization of Debt Discount
$11,092.333.65
$3,519,118.28
$2,750,000.00
75,000.00
-- -------------------------------------------------------------------Balance--Carried"to Surplus__ -- -------------------------------------------Surplus,Balance at January 1 1928-----------------------------------------------------Total:Surplus at December 31 1928
2,825.000.00
$694,118.28
4,471,878.46
$5,165,996.74
against capital surplus arising from an appraisal of their properties as of December 311924. the unarnortized
' * The companies on their books charged a portion of the debt discount and expense incurred slime that date. Accordingly no charge has been made
debt discount and expense at that date, and charged off which was applicable to the year ended December 31 1928.
discount and expense
abyve for the portion of
2848
FINANCIAL CHRONICLE
[Vi. 128.
STANDARD GAS AND ELECTRIC COMPANY.
NINETEENTIE ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 311928.
231 South La Salle Street
Chicago, Illinois.
FINANCE COMMITTEE.
At the regular meeting of the Board of Directors on
September 20 1928, there was created a finance committee,
April 17 1929.
to ha 9supervision over all financial affairs of the Company,.
.
.
To the Stockholders:
The nineteenth annual report of your Company is sub- consisting of Messrs. B. W. Lynch, chairman, Robert J.
mitted herewith. Actual earnings for the year 1928 compare Graf, J. H. Briggs and M. A. Morrison.
with those for 1927 as follows:
ORANGES IN CAPITAL STRUCTURE.
Twelve months ended December 31—
1928.
1927.
At the annual meeting of the stockholders of STANDARD
Gross Revenue
$13,291,762.70 813.124.130.96
Net Revenue
13.149,526.17 12.881,008.22 GAS AND ELECTRIC COMPANY on May 161928, an
Interest Charges and Amortization of Debt
amendment to the certificate of incorporation wa s approved,
Discount and Expense
2,441.308.45 2.605.998.18
Balance
10.708.219.72 10.275.010.04 whereby the authorized amount of the class of stock forPreferred Dividends
3.825.562.04 3.629.857.67 merly designated "Seven Per Cent Prior Preference Stock"
Balance for Common Stock Dividends
6,882,657.68 6,645.152.37
Common Dividends
4,959,746.38 4,386,560.73 was changed from 500,000 shares of $100 par value to 750,000
Surplus
1,922,911.32 2.258.591.64 shares without par value, the shares of stock theretofore
The gross revenue is that actually received or in process of outstanding as "Seven Per Cent Prior Preference Stock"
collection, and does not include the Company's interest in the remaining outstanding as a series designated "Prior Preferundistributed surplus earnings of the subsidiary and affiliated ence Stock, $7.00 Cumulative," with the same preferences
companies.
in amount as to dividends and assets, and redeemable at
The above balance of actual earnings available for common the same price, as theretofore, and the remainder of the
stock dividends was equivalent to $4.85 a share on the authorized shares of Prior Preference Stock being issuable
1,418,946 shares of common stock outstanding December 31 from time to time in that series, or in one or more other
1928. This compares with a balance equivalent to $4.68 a series with such designation, preferences and rights, within
share on the 1,418,803 shares of common stock outstanding the limitations specified in the amendment, as determined
by the Board of Directors; the authorized amount of the
December 31 1927.
Consolidated earnings as follows afford comparison with class of stock formerly designated "Eight Per Cent Cumuother public utility holding companies reporting only on that lative Preferred Stock" was changed from 600,000 shares of
basis.
$50 par value to 1,500,000 shares without par value, and
Consolidated earnings of Standard Gas and Electric this class of stock was designated "$4.00 Cumulative PreCompany and subsidiary and affiliated companies for the ferred Stock," with the same preferences in amount as to
year ended December 31 1928, compare with consolidated dividends and assets, and non-callable, as theretofore.
earnings for the year ended December 31 1927, as follows:
The terms and conditions of the Six Per Cent Non-Cumulative Stock and the Common Stock of the Company were
1927.
1928.
Twelve months ended December 31—
not changed.
(To afford comparative figures, Gross Earnings, Operating Expenses and
As the result of the exercise of rights offered during the
Net Earnings for each period are for properties now comprising the system.
Net Earnings of properties disposed of are included in Other Income.)
year to holders of the $4.00 Cumulative Preferred Stock
Gross Earnings:
of the Company, the amount of this class of stock outPublic Utility Companies
147,570.502.06 141,298.821.77
Shaffer Oil and Refining Company
17,813,404.94 16.950.719.98 standing was increased from 525,480 shares to 656,850'
Totals
165.383.907.00 158:249.541;74 shares. Proceeds from the sale of the additional $4.00
Operating Expenses, Maintenance and Taxes:
Cumulative Preferred Stock were used for additional inPublic Utility Companies
79,097,191.38 78,947,642.03
Shaffer Oil and Refining Company
13.775.795.55 13.943.935.66 vestments in securities of public utility companies and for
Totals
92,872.986.93 92.891,577.69 other corporate purposes. The amount of the Company's
Common Stock outstanding increased during the year from
Net Earnings:
Public Utility Companies
68,473.310.68 62.351.179.74 1,418,803 shares to 1,418,946 shares.
Shaffer Oil and Refining Company
4.037,609.39 3.006.784.32
During 1928 Standard Gas and Electric Company inTotals
72,510.920.07 65,357.964.06
creased its investment in Pacific Gas and Electric Company
Other Income,less expenses of Standard Gas
and Electric Company and subsidiary and
Common Stock from 260,000 shares to 286,000 shares.
affiliated companies, including dividends
on outside investments, engineering (reflected in capital accounts of subsidiary
and affiliated companies), supervision.
profits on investments, and other operations
7.068.065.97
Net Earnings including Other Income
799-6.61
3
Interest and Dividend Charges on securities
of subsidiary and affiliated companies in
hands of public, reserves, minority interests' proportion of undistributed surplus
earnings, rentals and sundry expenses_ - 46,346.318.75
Retirement (Depreciation) and Depletion
Reserves and Amortization of Debt Discount and Expense of subsidiary and affiliated companies(year 1927 includes $918.000.00 additional provision not accrued)-- 17.645.006.59
Totals
63,991.325.34
Balance of earnings before deduction of
Standard Gas and Electric Company's income and dividend charges
15,587.660.70
Standard Gas and Electric Company's interest charges and amortization of debt discount and expense
2,433,400.83
Balance
13,154,259.87
Standard Gas and Electric Company's
Preferred Stock Dividends:
Cumulative Prior Preference
1,438.702.05
Cumulative Preferred
2,326.859.98
Non-Cumulative
60.000.00
Totals
3,825.562.04
Balance
9.328.6117:0
SUBSIDIARY AND AFFILIATED COMPANIES.
Improved efficiency of operation was responsible for thesuccessful results shown by the subsidiary and affiliated
8.130.482.32
companies during the year 1928, despite
.
—
73.488.446.38 public utility
numerous rate reductions. The properties have been
maintained in excellent physical condition and are operated
at a high standard of efficiency.
During 1928 rate reductions totaling approximately
43.038.460.23
$4,820,000 annually in savings to customers of the subsidiary
and affiliated public utility companies were placed in
effect or announced for the near future. These rate re15.970.489.99
59,008,950.22 ductions represent the effect of operating economies and
advantageous financing.
Duquesne Light Company at Pittsburgh introduced new
14.479.496.16 rate schedules early in 1928 involving reductions in revenue
amounting to approximately $700,000 annually, and this.
2,574,607.01 was followed early in January, 1929, by further modifica11.904.889.15 tion of schedules applying to industrial power which are
expected to produce an estimated annual saving to this
1.470.000.00 class of customers of $1,600,000.
2,099,857.67
Reductions announced by the Northern States Power
60,000.00
Company during the year amounted to approximately
3.629,857.67
8.275.031.48 $1,000,000. Oklahoma Gas and Electric Company made
changes in rates
of $600,001/
The balance of $9,328,697.83 is equivalent to $6.57 a share annually to its resulting in an estimated saving San Diego
customers. The reductions of
on the 1,418,946 shares of common stock outstanding Decem- Consolidated Gas and Electric Company totaled approxiber 31 1928. The balance of $8,275,031.48 for the year mately $410,000.
which made, rate
1927 was equivalent to $5.83 a share on the 1,418,803 t hares reductions effective Other companies
in varying amounts were Louisville
of common stock outstanding December 31 1927.
Gas and Electric Company,
.
California Oregoil Power
Consolidated gross and net earnings of all subsidiary and Company, Mountain States Tine
Company, Wisconsin
affiliated public utility companies now comprising the system Pubhc Service Corporation,Power
Wisconsin Valley Electriccompare as follows:
Company and Southern Colorado Power Company.
Twelve Months Ended December 31—
1927.
1928.
Inasmuch as rate changes occurred at various times
Gross Earnings
$147,570,502.06 $141,298.821.77
Net Earnings before Appropriation for
throughout the year, their effect is not fully reflected in
Retirement (Depreciation) and Depletion Reserves
62,351,179.74 1928 operations. A substantial stimulation of the sale of
68,473,310.68
energy is expected to follow these changes.
Gross earnings increased $6,271,680.29, or 4.43%, and
added during the year to the
Eighty
net earnings, before appropriation for retirement (deprecia- propertiescommunities were system. At the close of the
now comprising the
tion) and depletion reserves, increased $6,122,130.94, or year the number of communities served was 1,514, having
9.81%.
an estimated combined population of over 6,000,000.
. The growth and condition of your Company and 'sub- Many
affiliated public utility.
comsidiary and affiliated companies are described in the ac- panics of the subsidiary and
made important extensions of their transmission
companying balance sheets, earnings statements and tabu- and distribution facilities to serve rural territories. As.
lated information.
of December 31 1928, a total of 1,529,617 customers of
COMMON STOCK DIVIDENDS.
all classes was served, an increase during the year of 71,543
Quarterly cash dividends were declared regularly on the customers, or 4.91%. Electric connected load, or business.
common stock at the rate of $3.50 a year.
served, increased 256,144 kilowatts, or 9.97%,to a total of
APRIL 27 1929.]
2849
FINANCIAL CHRONICLE
2,825,452 kilowatts. Electric energy output for 1928 capital requirements of the operated companies and the fact
amounted to 4,137,752,254 kilowatt hours, an increase of that a substantial portion of the funds necessary were
12.70%, while gas output for 1928 amounted to 43,188,- provided through the sale of common stocks or other securi485,000 cubic feet, compared with 43,851,693,000 cubic ties. The contraction in customer ownership sales implies
feet for 1927. The sale of domestic electric and gas appli- no lessening of interest on the part of the management in
ances and the continued development of new business added this proven method of equity financing. Sales totaled
a large amount of revenue-producing load to the system's $13,192,700 par value, represented by 16,621 separate
transactions, the average sale being $793.
lines.
The approximate number of shareholders of the subsidiary
Net construction expenditures of the subsidiary and
affiliated public utility companies during 1928 totaled and affiliated companies at the close of the year was 148,000,
$33,198,116. Electric generating capacity aggregating 214,- of which the customer or home shareholders are estimated to
148 kilowatts was added; of this amount 201,530 kilowatts number in excess of 118,000.
In addition to the shareholders of the subsidiary and
represent capacity added through construction activities,
and 12,618 kilowatts represent capacity added through affiliated companies, Standard Gas and Electric Company
had over 43,000 shareholders at the close of the year.
the acquisition of properties.
CONCLUSION.
There were nine projects involving additions to electric
generating capacities completed during the year, four hydro
The directors of Standard Gas and Electric Company feel
and five steam. The largest installation completed was that substantial progress was made during the year in the
the 80,320 kilowatt capacity Ohio Falls hydro-electric administration of the subsidiary and affiliated companies
development on the Ohio river at Louisville, by Louisville and confidently look toward a continuance of their growth
Hydro-Electric Company, a subsidiary of Louisville Gas and usefulness.
and Electric Company.
The development of the subsidiary and affiliated companies
New hydro-electric stations were completed during the is proceeding along consistent lines, active commercial
year or The California Oregon Power Company—the methods being applied towards steady increases in business.
Prospect No.2 station, in Oregon, with a capacity of 32,000 The reputation of the subsidiary and affiliated companies for
kilowatts; and for Northern States Power Company—the fair dealing in all contacts with individuals and communities
Chippewa Falls plant on the Chippewa river, in Wisconsin, continues to be reflected in amicable public relations.
with a capacity of 21,600 kilowatts.
Standard Gas and Electric Company showed total assets
A new 30,000 kilowatt capacity steam electric turbine was on its consolidated balance sheet as of December 31 1928,
installed in the Horseshoe Lake station of Oklahoma Gas and of $1,054,363,782.31.
Electric Company at Harrah, near Oklahoma City, and the
The Board of Directors is deeply appreciative of the loyal
capacity of San Diego Consolidated Gas and Electric Com- and efficient services of the able force of employes and
pany's station "B' was increased by the addition of a executives.
28,000 kilowatt capacity steam electric turbine. Additional
By order of the Board of Directors,
JOHN J. O'BRIEN, President.
capacity also was installed for Northern States Power ComSt. Paul, Minnesota, Grand Forks and Minot,
pany at
North Dakota, and for Mountain States Power Company in
REPORT OF TREASURER.
the hydro-electric station near Big Fork, Montana. DecemChicago, Illinois, April 15 1929.
ber 31 1928, the aggregate capacity of the generating plants
President, Standard Ges and Electric
subsidiary and affiliated public utility companies was John J. O'Brien, Esq., Illinois.
of the
Company, Chicago,
1,366,544 kilowatts.
Dear Sir:—I beg to submit herewith summary of Income
The construction budget for 1929 is estimated at $55,for the year ended December 31 1928,
822,350, of which $39,011,390 is for new projects, while and Profit and Loss December 31 1928, of Standard Gas
Sheet at
is for completion of construction projects started and Balance Company, prepared by Haskins & Sells, certi$16,810,960
prior to January 11929. The largest item of construction and Electric
planned for the year is the James H.Reed steam electric sta- fied public accountants.the audit are the amounts actually
The figures given in
tion to be built on Brunot Island, Pittsburgh, for Duquesne
of collection by the Company,
This plant, which will have an initial received or in the process
Light Company.
in the undistributed surplus
with provision for a second unit and do not include its interest
capacity of 60,000 kilowatts,
earnings of the subsidiary and affiliated companies.
for completion in 1930.
of the same size, is scheduled
Dividends were paid at the rate of $7 a share on the cumuOklahoma Gas and Electric Company will construct a
$4 a share on the cumulative
electric station on the Ark- lative prior preference stock,
15,000 kilowatt capacity steam
the non-cumulative stock
be known as preferred stock, 6% on stock. The balance, afterand $3.50
ansas river, near White Eagle, Oklahoma, to
preferred
common
the Lincoln Beerbower station. Mountain States Power a share on the
dividends, of $6,882,657.68 available for common dividends
Company will install an additional steam electric turbine
to $4.85 a share on the 1,418,946 shares of
unit of 10,000 kilowatt capacity, together with the necessary was equivalent outstanding December 31 1928. This comcommon stock
boilers, in its plant at Marshfield, Oregon, and will install
equivalent to $4.68 a share on the 1,418,additional boiler capacity at this plant to increase the pares with a balance stock outstanding December 311927.
common
capacity of the present turbine from 4,000 kilowatts to 803 shares of
The consolidated earnings of Standard Gas and Electric
5,000 kilowatts.
and affiliated companies for the
The California Oregon Power Company will provide addi- Company and subsidiary
ended December 31 1928, submitted heretional hydro-electric generating capacity and will construct twelve months
$9,328,697.83, equivalent to $6.57
a 110,000 volt transmission line from a point near Roseberg, with, show a balance ofshares of common stock outstanding
Oregon, to connect with the Marshfield plant of Mountain a share on the 1,418,916
for the year 1927 was
States Power Company to provide a more extensive inter- December 31 1928. The balance the 1,418,803 shares of
on
change of electric energy between the two systems. Louis- equivalent to $5.83 a share
ville Gas and Electric Company will install additional boiler common stock outstanding December 311927.
Immediately following the certified audit report will be
capacity in the Waterside steam electric station at Louisas
ville. Wisconsin Public Service Corporation will erect a found statements of securities owned and capitalization,
modern coal gas manufacturing plant of 1,500,000 cubic well as balance sheets, earnings statements and statistical
and affiliated companies.
feet daily capacity at Sheboygan, Wisconsin. The comple- data of the subsidiary Respectfully yours,
tion of the twelve-story addition to the office building of
M. A. MORRISON, Treasurer.
Northern States Power Company in Minneapolis is included
in the budget for 1929.
STANDARD GAS AND ELECTRIC COMPANY.
During the year the gas properties of Fort Smith Light and
BALANCE SHEET DECEMBER 31 1928.
Traction Company and Southwestern General Gas ComASSETS.
pany were sold to other interests, and the electric properties Securities Owned
$146,939,611.21
of Fort Smith Light and Traction Company and Mississippi Securities to be Received from Subsidiary Company, when. 6,544,791.56.
as. and if Isseed
Valley Power Company were acquired by Oklahoma Gas and
Electric Company and are now operated as a part of that Reacquired Securities: Notes,due October
Twenty-Year 69 Gold
$659,847.60
1
Company's system. The street railway properties of Fort 6% 1935, $642.000.00 face value
Gold Debentures. Series "A." due
Smith Light and Traction Company are now owned and
February 1 1951. $1.049,000.00 face
1,090.015.90
value
operated by Fort Smith Traction Company, which was
Series "B." due
6% Gold
organized during the year for that purpose.
Debentures.
December 1 1966. $627,000.00 face
656,406.30
value
Shaffer Oil and Refining Company reported satisfactory
Prior Preference Stock,$7.00 Cumulative,
progress for 1928. Higher market prices for refined products
1.189.693.10
10,452 shares without par value
3.595.962.90
resulted in increased earnings as compared with 1927.
2,607,023.79
Although crude oil production was curtailed slightly the Cash
.325,000.00•
CallLoans2
..
was operated at capacity during the entire year, Accounts Receivable:
refinery
$5,409,821.39
Subsidiary and Affiliated Companies
operating costs the lowest on record. The Company
with
387,698.22
Sundry Debtors
5.797.519.61
continued its policy of acquiring desirable acreage for
Accrued Accounts:
drilling.
$7.637.50
Owned
Bonds
Byllesby Engineering and Management Corporation, Interest onon Stocks Owned
3.516.632.98
Dividends
3,524.270.48
whose entire earnings accrue to Standard Gas and Electric
1.00
Office Furniture and
to show growth consistent with the Prepaid Insurance Fixtures
Company, continued
1,575.42
of the subsidiary and affiliated companies.
Expense. Subsequent to Dedevelopment
Discount and
CUS'l OMER OWNERSHIP
Sales of preferred stock by the subsidiary and affiliated
companies of Standard Gas and Electric Company direct
to their customers on the customer ownership plan were
somewhat smaller during the year, due to the more limited
cember 31 1925:
Unamortixed Debt Discount and Expense 41,612,635.08
Less Net Premium on Preferred Capital
545,059.55
Stock
Total
1.067,575.53
S172.403,331.50.
2850
FINANCIAL CHRONICLE
LIABILITIES.
Funded Debt:
Twenty-Year 6% Gold Notes, due October 1935
$15.000,000.00
6% Gold Debentures, Series "A," due
February 1 1951
15,000,000.00
%_ Gold Debentures, Series "B," due
December 1 1966
10,000,000.00
$40,000,000.00
Accounts Payable:
Subsidiary and Affiliated Companies
$736,017.72
Sundry Creditors
39,675.59
775,693.31
Accrued Liabilities:
Interest on Funded Debt
$611,010.00
Taxes
85,478.45
696,488.45
Accrued Dividends:
Preferred Capital Stock
$583,225.00
Common Capital Stock
1,241,618.92
1,824,843.92
Miscellaneous Unadjusted Credits
135,000.00
Miscellaneous Reserves
1,371,488.29
Preferred Capital Stock:
Prior Preference, $7.00 Cumulative
210,000 shares without Par Value
$21,000,000.00
$4.00 Cumulative Preferred
656,850 shares without Par Value
34,813,050.00
6% Non-Cumulative,Par Value
1,000,000.00
56,813,050.00
Common Capital Stock-1,418,946 shares
without Par Value
56,697,320.40
Surplus, per Accompanying Summary
14,089,447.13
Total
$172,403,331.50
Note.—Standard Gas and Electric Company was contingently liable at
December 31 1928,on account ofa note ofa subsidiary company discounted,
In the amount of$100,000.00.
CERTIFICATE.
We have made a general audit of the accounts of Standard Gas and
Electric Company, Chicago, Illinois, for the year ended December 31 1928.
The amounts included in the accompanying balance sheet, December 31
1928. for securities owned are those shown by the accounts of the Company
without consolidation to reflect the underlying asset valuations of subsidiary companies.
We Hereby Certify that, on the above-stated basis, the accompanying
balance sheet and summary of income and profit and loss, in our opinion,
correctly set forth, respectively, the financial condition of the Company
at December 31 1928,and the results of operations for the year ended that
date.
HASKINS & SELLS.
Chicago, March 28 1929.
STANDARD GAS AND ELECTRIC COMPANY
SUMMARY OF INCOME AND PROFIT AND LOSS FOR THE YEAR
ENDED DECEMBER 31 1928.
Income Credits:
Interest on Bonds Owned
$171,663.32
Interest on Notes, Accounts Receivable,
Call Loans,etc
813,925.66
Dividends on Preferred and Common Stocks
Owned—Public Utility Companies,
Byllesby Engineering and Management
Corporation, etc
11,286,165.80
Net Profit on Securities Sold
1,020,007.92
Total
General Expenses and Taxes
$13,291,762.70
142,236.53
[Vol.. 128.
LIABILITIES.
Funded Debt—Bonds,Debentures and Notes:
Standard Gas and Electric Company:
Twenty-year 6% Gold Notes, due
October 1 1935
67o Gold Debentures, Series "A," due815,000,000.00
Februau 1 1951
6% Gold Debentures, Series "B," due 15,000,000.00
December 1 1966
10,000,000.00
Subsidiary and Affiliated Companies _- -441,657,735.35
$481,657,735.35
Current Liabilities:
Notes Payable
$2,434,628.89
Accounts Payable
7,534,229.22
9,968,858.11
Accrued Liabilities:
Taxes
$12,206,070.40
Interest
6,879,969.25
Dividends
5,506,607.49
Other
252,684.43
24,845,331.57
Deferred Liabilities:
Municipal Assessments
$536,072.44
Customers' Deposits, etc
2,546,641.16
3,082,713.60
Miscellaneous Unadjusted Credits
2,110,021.79
Reserves:
Retirement(Depreciation)and Depletion $68,573,062.11
Contingencies,etc
19,005,374.92
87,578,437.03
Preferred Capital Stock, with and without Par Value:
Standard Gas and Electric Company:
Prior Preference, $7.00 Cumulative
210,000 shares withoutPar Value _ -$21,000,000.00
$4.00 Cumulative Preferred
656,850 shares without Par Value._ 34,813.050.00
6% Non-Cumulative, Par Value.- -- - 1,000,000.00
Subsidiary and Affiliated Companies_ _ _ 227,587,119.70
Subscriptions—Subsidiary and Affiliated
Companies
243,300.00
284,643.469.70
Common Capital Stock,with and withoutPar Value:
Standard Gas and Electric Company:
1,418,946 shares without Par Value _356,697,320.40
Subsidiary and Affiliated Companies -- 57,972,515.41
114.669.835.81
Surplus:
Standard Gasand Electric Company.- _ _314,089,447.13
Subsidiary and Affiliated Companies --- 52,175,854.68
Total
$66,265,301.81
Distributable as follows:
Minority Interests
$15,162,432.61
Standard Gas and Electric Company,
including its proportion of surplus of
Subsidiary and Affiliated Companies
since dates ofacquisition
26,591,813.77
Surplus of Subsidiary and Affiliated
Companies at dates of acquisition by
Standard Gasand Electric Company-- 24,511,055.43
15,162,432.61
26,591,813.77
(Contra)
Total
$66,265,301.81
Capital Surplus of Subsidiary and Affiliated
Companies arising from Revaluation of
Property
4,053,132.97
Total
$1,054,353,782.31
STANDARD GAS AND ELECTRIC COMPANY
and
SUBSIDIARY AND AFFILIATED COMPANIES
CONSOLIDATED EARNINGS STATEMENT TWELVE MONTHS
ENDED DECEMBER 31 1928.
Gross Earnings:
Public Utility Companies:
Electric Department
$87.660.714.88
Gas Department
23,914,883.63
Steam Department
1,771,979.55
Telephone Department
200,117.18
Transportation Department
33,120,344.80
Water Department
311,449.82
Ice Department
365,076.64
Oil Department
225,935.56
Net Income Credits Available for Interest and Other Charges$13,149,526.17
Interest:
Funded Debt, including Amortization of
Debt Discount and Expense
$2,402,183.71
Miscellaneous
39,122.74
2,441,306.45
Net Income
$10,708,219.72
Dividends on Preferred Capital Stock:
Cumulative Prior Preference
Total
$147,570,502.06
$1,438,702.06
Cumulative Preferred
Shaffer Oil and Refining Company— 17,813,404.94
2,326,859.98
Non-Cumulative
60,000.00
Total
3,825,562.04
$165,383,907:00
Operating Expenses:
Remainder
Public Utility Companies:
$6.882,657.68
Dividendson Common Capital Stock
Operating
$59,118,972.55
4,959,746.36
Maintenance
10,084,907.09
Surplusfor the Year
Taxes
9,893,311.74
$1,922,911.32
Surplus, December 31 1927
12,166,535.81.
Total
$79,097,191.38
Surplus, December 31 1928
Shaffer 011 and Refining Company- - 13,775,795.55
$14,089,447.13
STANDARD GAS AND ELECTRIC COMPANY
and
SUBSIDIARY AND AFFILIATED COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31 1928.
ASSETS.
Plant, Property, Rights, Franchises,&c
$913,903,375.41
Investments in Other Companies. Associations, &c
14,176,527.24
Cost of Inter-Company Owned Bonds and Stocks over
book value thereof
12,816,505.70
Reacquired Securities
'3,595,862.90
Sinking Funds and Other Deposits
2,665,164.35
Current and Working Assets:
$22,656,226.88
• Cash
Call Loans
8,900,000.00
Cash on Deposit for Bond and Note
1,307,337.51
Interest, &c
Accounts and Notes Receivable:
Customers and Others (less reserves
17,041,743.27
for bad debts)
412,705.42
Duefrom Sale of Securities
Inventories—Materials and Supplies— 15,914,131.05
66,232,144.13
D elerrod Charges:
.
Prepai.I Accounts and Unexpired Insurance
$1.396,954.56
Deferred Expenses and Charges in Process (1," Amortization
5,704,750.58
Unamortized Debt Discount and Expense 33,872,397.44
40,974,102.58
Surplus of subsidi ry and affiliated companies at dates
acquisition by Standard Gas and Elc:ric CJmpany
$24,511,055.43
(Contra)
Total
Net Earnings:
Public Utility Companies:
Electric Department
Gas Department
Steam Department
Telephone Department
Transportation Department
Water Department
Ice Department
Oil Department
$40,852,908.50
8,316,583.38
656,916.99
75,857.63
8,253,099.41
137,482.14
53,670.55
126,794.08
Total
Shaffer Oil and Refining Company
$68,473,310.68
4,037,609.39
Total
Other Income,less expenses of Standard Gas and Electric
Company and subsidiary and affiliated companies, including dividends on outside investments, engineering
(reflected in capital accounts of subsidiary and affiliated
companies), supervision, profits on investments, and
other operations
Net Earningsincluding Other Income
Interest and Dividend Charges on securities of subsidiary and affiliated companies in hands of public, reserves,
minority interests' proportion of undistributed surplus earnings, rentals and
sundry expenses
940,346,318.75
Retirement (Depreciation)and Depletion
Reserves and Amortization of Debt
Discount and Expense of subsidiary
and affiliated companies
17,645,006.59
Balance of earnings before deduction of Standard Gas and
Electric Company's income and dividend charges
Standard Gas and Electric Company's interest charges
and amortization of debt discount and expense
Balance
Standard Gas and Electric Company's
Preferred Stock Dividends:
Cumulative Prior Preference
$1,418,702.06
Cumulative Preferred
2,326,859.98
Non-Cumulative
60,000.00
Total
81,054,363,782.31
This Balance She does not include operated lessor companies of subsidiary and affiliated comp:Infos, none of the capital stock of said lessor
companies being own,u by subsidiary and affiliated companies. The
outstanding securities of sat 1 lessor companies at December 31 1928,
were: capital stock $16,770,c03, and bonois $8,594,000, certain of which
J
are guaranteed as to divide- .1s, principal and interest.
Balance
92,872.986.93
$72,510.920.07
7,068,065.97
$7908,986.04
63,991,325.34
$15,587,680.70
2,433,400.83
$13,154,259.87
3,825.582.04
$9,328,697.83
Arun, 27 1929.]
STANDARD GAS AND ELECTRIC COMPANY
SECURITIES OWNED DECEMBER 31 1928.
Madison Light and Railway Company First Mortgage 6%
893.000.00
Bonds. due 1942
Without
With
Par Value
Par Value
(Shares)
(Amount)
Stocks—
Preferred
$335,800.00
Oklahoma Gas and Electric Company
1.969
Shaffer Oil and Reining Company
80.000
Standard Power and Light Corporation
Standard Power and Li;ht Corporation, Parti2,997.014
cipating Preferred
$335,800.00 3,078,983
Totals
2851
FINANCIAL CHRONICLE
Without
With
Par Value
Par Value
(Shares)
(Amount)
Common Stocks—
100,000
Byllesby Engineering and Management Corp__ _ ___ _____
83,000,000.00
California Power Corporation
25.001
Fort Smith Traction Company
Louisville Gas and Electric Company (Dela236,880
ware), Class "B"
88.120
Mountain States Power Company
4
Northern States Power Company (Delaware),
624,907
Class "B"
10,000,000.00
Oklahoma Gas and Electric Company
7.150,000.00
Paciric Gas and Electric Company
San Diego Consolidated Gas and 'Electric Co__ 6,950,300.00
56
-- 70CA5
Shaffer Oil and Refining Company
75,000
Southern Colorado Power Company. Class "B"
5:6g6J)WOO
Wisconsin Public Service Corporation
1,260,000.00
Wisconsin Valley Electric Company
9,000
Sundry
$34,010,300.00 1.719.355
Totals
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
COMPARATIVE STATEMENT OF GROSS EARNINGS FOR YEARS ENDED DECEMBER 31.
(Figures for Each Period are for Properties Now Comprising the System)
GROSS EARNINGS.
Company. Including Subsidiary and Affiliated Companies.
California Power Corporation
Fort Smith Traction Company
Kentucky West Virginia Gas Company
Louisville Gas and Electric Company (Delaware)
Mountain States l'ower Company
Northern States l'ower Company (Delaware)
Oklahoma Gas and Electric Company
Ban Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Standard Power and light Corporation
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
1926.
1927.
1928.
53.384.861.93
180310.52
2.153.782.36
9.685.999.09
2,997,295.73
31,339,721.01
12.606.571.57
6.834,772.80
2,290.899.21
71,742.617.04
4,994,239.08
1.681.955.40
$2.913,081.34
206,230.44
223,450.65
8,817.922.59
2,748.173.63
29,803,692.71
10.654,743.50
6,564.212.75
2.327,653.40
71.105,341.84
4.676.215.80
1.616,839.40
1924.
1925.
$2,502,003.04
220,845.05
$2.178.762.02
237,778.22
$1,710.822.60
244.986.66
8,654.574.72
2.624,925.54
28,275.647.52
7,836.270.54
5,753.391.75
2.433.339.57
71.376.076.79
4,454.565.42
1,555.403.13
7.903,898.59
2,539,526.62
26,391,363.42
7.535.139.34
5,381.701.12
2.372.870.80
68.707.646.01
4,007.992.37
1.405,665.40
7.268.599.98
2.464,209.41
24.840,459.36
6,779.290.54
4.710.808.20
2,231.526.50
66,194,793.03
3.660.557.70
1,284.997.52
Totals—Public Utility Companies
Less—Inter-Company Eliminations
$149.893.025.74 $141,657.558.05 $135,687,043.07 8128,662.343.91 8121.391.051.50
137,672.83
147,926.27
144.318.91
358.736.28
2.322,523.68
Totals—Public Utility Companies
Shaffer 011 and Refining Company
$147,570,502.06 $141,298,821.77 $135,549.370.24 $128.514.417.64 $121.246.732.59
17.813,404.94 16,950.719.98 21,910,697.88 15.297.880.23 10.570.279.38
$165.383.907.00 $158.249,541.75 $157.460.068 12 $143.812.297.87 $131.817.011.97
Totals
Earnings of Kentucky West Virginia Gas Company included from date company commenced operation, December 1 1927.
NET EARNINGS.
Company, Including Subsidiary and Affiliated Companies.
California Power Corporation
Fort Smith Traction Company
Kentucky West Virginia Gas Company
Louisville Gas and Electric Company (Delaware)
Mountain States l'ower Company
Northern States l'ower Company (Delaware)
Oklahoma Gas and Electric Company.
Ban Diego Consolidated Gas and Electric Company
Southern Colorado l'ower Company
Standard Power and Light Corporation
Wisconsin l'ublic Service Corporation
Wisconsin Valley Electric Company
Totals—Public Utility Companies
Shaffer Oil and Refining Company
1928.
1925.
1926.
1927.
$1,774,268.94
7,672.54
142,028.92
4.552.966.21
1.033.054.44
15,092.232.16
4.922,337.55
3.067.314.56
1,017.335.32
28,077.257.38
1,884.613.59
780,098.13
$2,189.630.35
21,626.91
1.085.150.39
4,989,704.19
1.174,412.78
16,097.380.00
5.923,206.16
3.201,783.71
1.073,062.13
29,825,365.18
2.203,894.90
688.093.98
1924.
$1,420.222.84
13,820.01
$1.337,109.97
43.213,24
$1,002.642.31
39.528.88
4.370.309.91
1.046,283.67
14,128.774.71
3,555.465.05
2,602,461.16
1.075,132.11
27.237.308.28
1,846.220.55
736.703.24
4,092.030.58
972.294.67
12.400.423.97
3.371,949.01
2.260.767.18
1,002.465.95
26,070.615.89
1.670,531.93
649.751.72
3.556.730.48
914.133.23
11.347.806.61
2.705.502.83
1.925.847.49
910.567.84
22.905,313.93
1.472.678.35
580.610.52
568.473.310.68 $62.351.179.74 858,032.701.53 $53,871.154.11 847.361.362.47
6.045,575.17
4,428.406.13
2.438.640.58
3.006,784.32
4,037,609.39
!72.F.10 090 07 COS 1S7 OAS OR S84.078.27R.70 358.290.560.24 349.g00.00308
•
Tousle
Earnings of Kentucky West Virginia Gas Company included from date company commenced operation, December 1 1927.
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
CAPITALIZATION OUTSTANDING, DECEMBER 31 1928.
COMPANY.
Including Subsidiary and Affiliated Companies.
Funded Debt—
California l'ower Corporation
Louisville Gas and Electric Company (Delaware)
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gm and Electric Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Standard Power and Light Corporation
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
Totals—Public Utility Companies
Shaffer 011 and Refining Company
Totals
Preferred Stacks—
California Power Corporation
Louisville Gas and Electric Company (Delaware)
Mountain States Power Company
Northern States I'ower Company (Delaware)
Oklahoma Gas and Electric Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Standard Power and Light Corporation
Wisconsin l'ublic Service Corporation
Wisconsin Valley Electric Company
Totals—Public Utility Companies
Shaffer Oil and Refining Company
Totals
Common Stocks—
Byllemby Engineering and Management Corporation
California Power Corporation
Fort Smith Traction Company
Kentucky West Virginia Gas Company
Louisville Gas and Electric Company (Delaware)
Mountain States Power Company
Northern States Power Oompany (Delaware)
Oklahoma Gas and Electric Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Standard Power and Light Corporation
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
Totals—Public Utility Companies
Shaffer 011 and Refining Company
Totals
Outstanding (Less InterCompany Holdings).
Owned by Standard Gas
and Electric Company.
Outstanding in
Hands of Public.
Face Value.
$19,244.500
28,624.400
10,308,650
104,139,963
36.684,600
13,868,000
6,893.000
192.729,620
14.180,200
3,726.827
Face Value.
Face Value.
$19.244.500
28,531.400
10,308.650
104.139.963
36.684,600
13,868.000
6.893,000
192,729,620
14.180.200
3,726.827
$430399,760
11,350.975
393.000
$93,000
•
$5.983,000
21,030.300
5,217,500
71.817.700
18,571.000
6,292,500
4.253,900
70,591,650
8,881.700
1,200,000
8441.657.735
893.000
5441.750.735
With
Par Value
(Amount)
$430,306.760
11,350,975
Without
Par Value
(Shares)
With
Par Value
(Amount)
Without
Par Value
(Shares)
5335.800
3,077,014
3,177.014
With
Par Value
(Amount)
$5,983,000
21.030,300
5,217,500
71,817,700
18,235,200
6,292,500
4,253,900
70,591,650
8,881,700
1,200,000
Without
Par Value
(Shares)
100.000
$213,839.250
3,177,014
50.000
$336,800
3.077.014
1.969
$213,503,450
100.000
48,031
$213,839,250
3,227,014
$335,800
3,078,983
5213.503.450
148.031
$8,600
29.278,100
25.000
528,457
54,380
93
82,200
2,750,000
8,490,610
440,000
100,000
100,000
*3,000,000
8.600
29.278.100
10.000,000
7.032,500
2.750,000
8,490,610
5,650,000
1,260,000
$3.000.000
25,000
25,000
765,337
142,500
625.000
25,000
.
6
16.15- 6:0568
236.880
88.120
624.907
6,950,300
75,000
440,000
75,000
5,650.000
1,260.000
$67.469.810
2,197,837
589,000
$26,860,300
1.149,907
569.448
$40.609,510
1,047.930
19,552
$67,469,810
2.786.837
$26.860.300
1.719.355
$40,609,510
1,067,482
2852
FINANCIAL CHRONICLE
[VoL. 128.
SUBSIDIARY AND AFFILIATED PUBLIC UTILITY COMPANIES OF STANDARD GAS AND
ELECTRIC COMPANY.
COMPARATIVE STATISTICAL SUMMARY.
(Figures for Each Period are for Properties Now Comprising the System.)
At December 31-
1928.
1,004.710
435,105
10.605
1,685
5,969
936,463
421,227
10,290
1,654
5,615
1,529,617
1.458.074
1,417.548
1.320,538
87,366
2,825,452
4,137.752,254
43.188,485.000
Totals
Kilowatt Lighting Load
Kilowatt Power Load
Kilowatt Railway Load
Total KW. Connected
Kilowatt Hour Outputs
Gas Output (Cu. Ft.)*
* For calendar years.
1927.
1,061.361
448,915
11,225
1,660
6,456
Electric Customers
Gas Customers
Water Customers
Steam Customers
Telephone Subscribers
1.282,839
1.204,211
82,258
2.569.308
3,671,607,161
43.851,693,000
1926.
1924.
1925.
872,288
403,940
9,774
1.490
5,018
803,133
385,013
8,616
1,514
4,816
1,375,249
1,292,510
1,203,092
1,139,166
1,121,580
67,640
2,328,386
3,365,677,488
47.977.397.000
1,030,216
1,041,098
68,016
2,139,330
3,083.154,735
411 mu R94 nnn
937,524
940,332
67,094
1,944,950
2,745,332,634
40 591 C7(1 ono
Universal Gypsum & Lime Co.
-Receivership.
Waltham Watch Co.
-Earnings.
Eugene Holland, Pres, of the company, and Abel Davis, were appointed
Net profits after taxes, interest, prior preference dividends, allowance for
receivers April 22. The appointments were made by Judge James H. depreciation and paying for now machinery
were $806,966 for the calendar
Wilkerson in the U. S. District Court at Chicago.
year 1928. or $65,337 less than earned during 1927.
The receivership proceedings were instituted by the International CoGross sales were $1,057,258 less
operage Co. An intervening petition filed by Attorneys Henry K. Urion less than a year ago. Dividends than 1927, and inventories are $214.807
upon
and Henry W. Drucker in behalf of the State Bank of Chicago, alleged de- have been paid and $453,999 carried to the preferred and class A shares
profit and loss.
fault in the payment of interest and sinking fund provisions on the 51.754,Balance Sheet Dec. 31.
000 of 6% first mortgage bonds of the company, due Mar. 1.
1928.
1927.
A letter which has been sent to the stockholders' protective committee
1928.
1927.
Assets$
$
Liabilitiessets forth that "it has been determined that an immediate operating re$
$
3,471,410 3,471,410 7% prior pref. stk. 1,700,000 1,700.000
ceivership is advisable in order to avoid closing the plants of the company Plant
6% pref. stock... 5,000,000 5,000,000
which, in the present condition of the industry, would come at an unfavor- Mdse. & stock in
1,029,953 1,244,760 1st mtge. 65
process
able time.
-V. 125. p. 111.
3,000,000 3,000,000
Cash
414,068 2,138,103 5-yr.6% deb.notes
2,560,000
Notes & accts. reRes.for bad debts. 159,504
U S L Battery Corp.
159,504
-New Chairman, &c.
celvable
1,720,230 1,375,447 Res. for Fed. and
C. 0. Miniger, President of the Electric Auto-Lite Co., has been elected
Cost of bonds and
other taxes
' 363.492
412,736
Chairman of the board, to succeed the late E. H. Gold.
debens. purch'd 1,277,354 2,802,108 Res,for discounts_ 106,674
83.326
Daniel R. Kelly, formerly executive vice-president, was elected President.
265,000
All of the stock of the U.S. L Battery Corp. is owned by the Electric Cost of shs.bought 2,526,003 1,286,658 Res,for deprec'n._ 530,000
Trade-marks, PatP.& L.surplus___x1,869,438 1,428,009
Auto-Lite Co.
-V. 126. p. 3468.
ents, &e
2,290,090 2,290,090
Viau Biscuit Corp., Ltd.
-Earnings.
--
Period End. Dec. 31Net profit from operations
Bondinterest
Other interest & exchange
Reserve for depreciation
Reserve for bad debts
Res. for inc. taxes
Losson sale offixed assets
Loss result,from write down ofinv_
Net income
First preferred dividends
Second preferred dividends
Balance,surplus
-V. 126. p. 2811.
Total
12,729,108 14,608.577 Total
12,729,108 14,608,577
12 Mos.'28 12 Mos.'27. 13 Mos.'26.
x Represented by 25,000 shares
class
$189,651
$239,637
$192,460 B common stock of no par value. of 126, A and 70,000 shares of class
-V.
p. 2164.
29,227
28,301
31.134
16,295
18,186
13,971
Westchester Fire Insurance Co.
-Extra Dividend.
30,000
33,000
35,000
The directors
10,000
12,000
7,000 addition to the have declared an extra dividend of 10 cents per share in
regular quarterly dividend of 50 cents per share, both
7,000
payable May 1 to holders of record April 20.-V. 127, p. 563.
3,294
26,386
Westvaco Chlorine Products Corp.
-33 1-3c. Dividend.
The directors have declared a dividend of
$74,447
$141,149
$105,355 mon stock, no par value, covering a period 33 1-3c. per share on the comof two months, payable June 1
75,833
70,000
70,000 to holders of record May 2. Hereafter
35,641
32,900 $2 per annum will be paid on this issue. quarterly dividends at the rate of
An initial dividend of 50 cents per
was paid
$4,447
$29,674
$2,455 sharep. 2483. on the common stock on April 1 see V. 128, p. 1076).-V.
128.
-To Retire Bonds.
Williams Steamship Co.
-
Virginia Iron, Coal & Coke Co.-Earnings.Quer. End. Mar. 31Gross operating revenue
Operating expenses
1929.
$668,632
632,099
Net operating revenue
Rev,from other sources_
Total net revnue
Bond interest, &c
Net loss
-V. 128, p. 1547.
1927.
$789,964
803,688
1926.
$920,607
868,677
$36,533
59.503
$21,743 def$13,724
23,208
28,009
$51,930
22,558
$96,036
62,988
$49,753
70.709
$9,484
71,923
$74,489
84,506
Prf.$33.048
$20,956
$62,439
$10,017
1928.
$613,652
591,909
Vulcan Detinning Co.
-4%% Back Dividend.
-
The directors have declared the regular quarterly dividends of 1 % on
the pref. and pref. A stocks, and an accumulated div. of 431% on each
class reducing arrears on these issues to 8%. Dividends are payable July
20 to holders of record July 9. On April 20 last, a dividend of 3% on
account of accumulations was paid on the pref. stock.
-V. 128, p. 1753.
The F. J. Lisman & Co. has been advised that the Williams Steamship
Co., 1st mtge. 73% marine equipment serial gold bonds, dated Nov. 1
1922, and due after May 1 1929 will be called for redemption at 1033
and int. on Juno 11929.
It is also their understanding that the Bankers Trust Co., upon receipt
of the funds, will be authorized to and will purchase any of the abovementioned bonds at any time prior to Juno 1 1929 at 10331 and int, to date
of surrender for purchase.
Winn & Lovett Grocery Co. (Fla.).
-Sales.
-Month orJanuary
February
March
Total for quarter
-V. 128, p. 1928.
1929.
8489,098
616,107
608,146
1928.
$394,276
387,867
403,103
51.613.351
$1,185.246
Increase.
24
33
50%
36%
Wire Wheel Corp. of America.
-Merger Approved.
-V. 128, p. 2109.
See Kelsey Hayes Wheel Corp. above.
(William) Wrigley, Jr. Co.-Earnings.-
Wagner Electric Corp.-Earnings-Divs.-
1929.
Quar. End. Mar. 311928.
1927.
1926.
Calendar Years1928.
1927.
$44.676.439 $44,857,652 $4,440,673 $4.530,888
Net profits
Gross profit on sales, after deduct, all costs of
1,706,367
1,961,629
1,526,843
1,608,370
mfg., main. chgs. & deprec.of plant & equip---- $3,067,988 31,561,170 Expenses
135,105
Depreciation
105,303
140,911
136,029
General, selling & administrative expenses
1,460,477
1,059,952 Federal taxes (est.)
313,068
375,517
355,683
357,650
Net income
$1,607,511
$501,217
Net profit
32,521,899 $2,433,069 $2,422,118 52,406,091
Interest received
20,693
25,765 Earns. per sh. on 1,800,Miscellaneous income
25,780
18,035
000 she, cap. stk. (no
$1.33
$1.34
31.35
$1.40
Total
$1,653,984
$545,017 -V. 128, p. 1753.
Interest paid on bonded indebtedness
134,402
157,157
Prem.on bonds retired
5,750
Wright Aeronautical Corp.
-Increased Capital Stock
Provision for Federal & State income taxes
233,812
48,633
Net profit for year
Preferred dividends
Common dividends
Placed on a $2 Annual Dividend Basis-Listing.
The directors have declared a quarterly cash dividend of 50 cents per
share on the capital stock, to be outstanding upon the payment April 30
next of the 100% stock dividend. The cash dividend is payable May 31
to holders of record May 15 and is equivalent to the rate of $4 per share
Balance surplus
$861,989
$234,227 per annum on the old capitalization on which quarterly dividends of 50
Shares common stock outstanding (par $15)
391.388
x78,278 cents per share were also paid from Fob. 29 1928 to Feb. 28 1929, incl.
Earnings per share
The New York
300.000
$3.00
$2.99 additional shares Stock Exchange has authorized the listing of issuance
x No par.
of stock without par value on official notice of
P. B. Posttethwaike, President, says in part:
as a 100% stock dividend, making the total amount applied for 600,000
On Aug. 11928, the $550,000 1st mtge. bonds were redeemed and paid. shares. The stock to be so issued will be capitalized at $5 per share.
The balance of the outstanding bond issue, in the amount of $1,599,200. V. 128. p. 2291.
was retired Feb. 11929, as a result of the refinancing program, which was
Youngstown Sheet & Tube Co.
--New Director.
approved Nov. 27 1928.
Harris Creech, of Cleveland, has boon elected a director to succeed the
Dividends, in the amount of 3105.000, were paid on the outstanding
shares of 7% cumul. pref. stock, and dividends, in the amount of $313.030, late Harry Coulby.-V. 128, p. 2109.
were paid on the old no par value common shares. A dividend of 3731c• a
share was declared for the first quarter of 1929 on the outstanding new
CURRENT NOTICES.
$15 par common stock and paid March 1 and at the same time there was
paid an extra dividend of 50c. a share on the new $15 par common shares.
-Schoellkopf. Hutton & Pomeroy, Inc., announce the removal of their
-V.127. p. 2976.
New York office to 63 Wall Street.
(Hiram)Walker-Gooderham & Worts,Ltd.
-Rights,&c.
-Mansfield & Co., 50 Broadway, this city, have issued an analysis of
The directors on April 23 announced that it is proposed to subdivide
each existing share into three, and to give shareholders the right to sub- the Irving Trust Co. of New York.
scribe for one additional share at the price of $15 in respect of each old
-Hanson Bros., Inc., announce that they now occupy their now building
share held.
A special general meeting of shareholders will be called as soon as practi- at 255 St. James St., Montreal.
cable to approve the plan.
-Vanderhoef & Robinson announce the removal of their offices to
It is proposed to place the new shares on a quarterly dividend basis of
25 cents a share.
•
63 Wall St., New York City.
-V. 127. p. 2841.
Samuel Ptashnik has become associated with Harvey-Kahn Co.,
Warner Bros. Pictures, Inc.
-Extends Offer.
Details of the offer of this corporation to acquire the minority common Inc., of this city.
stock of the Stanley Co. of America were announced on April 22 by Albert
Jackson & Curtis announce the removal of their New York office to
Warner, Vice President of the Warner company. Holders of common stock
of the Stanley CO. may exchange their stock on or before May 20, next, for 115 Broadway.
the common stock of Warner Bros., ,an the basis of 3 shares of Stanley
-Chase, Falk & Richardson announce the removal of their offices to
common stock for each share of Warner common. Common stock of
Warner Bros.will be available for prompt deliveryiupon receipt ofthe Stanley 63 Wall St.
stock for such exchange at the office of the New York Trust Co., which is
-Roblent, Maynard & Co, have moved their offices to 160 Broadway,
acting as agent for the Warner Corporation.
-V. 128, p. 2653.
New York.
$1,280,019
105,000
313,030
$339,227
105,000
APRIL 27 1929.]
FINANCIAL CHRONICLE
2853
The Commercial Markets and the Crops
-GRAIN PROVISIONS
-COFFEE
COTTON-SUGAR
-ETC.
-WOOL
-DRY GOODS
-METALS
-HIDES
PETROLEUM-RUBBER
2%d, or equal to 134c. f.o.b. Futures on the 22nd inst. closed
2 points net lower with sales of 55,750 tons
be unchanged to
nIThe introductory remarks formerly appearing here will nowthe European selling followed lower prices in London.
in an earlier part of this paper immediately following
found
nearby
oditorial matter, in a department headed "INDICATIONS OF
On the 23rd inst. 2,000 tons of Philippines afloat
inst.
BUSINESS ACTIVITY."
sold at 3.61c. delivered, or 1 27/32c. c.&f. On the 23rd shipFridzy Night, Jan. 00 1929.
Europe showed a rather keen interest in May-Juneis unCOFFEE on the spot was quiet with Santos 4s 24% to ment Cubas for which bids of 9s were submitted it
4c;
3
/ Rio 7s 173/2 to 1734c. and Victoria 7-8s 1734c. Ro- derstood on 60,000 to 70,000 tons. The Syndicate is under24
bustas were quoted at 19 to 20c. Later Rio 7s were quoted stood to be unwilling to sell or make firm offers at present.
4
3
/
,
1
/
1c;
/
at 172 Santos 4s 24 to 244c.; Victoria 7-8s at 17Ac.; It might be possible, it is said, to buy in other quarters at
Robustas 1934c. Fair to good Cucuta 23% to 2334c.; Ocana 9s 3d. On the 24th inst. 4,000 tons of Philippine raw sugars
2234 to 2334c.; Bucaramanga, Natural 2334 to 2434c.; washed which are now at Philadelphia sold to an operator at 3.58c.
4
3
/
24 to 25c.; Honda, Tolima and Giradot 24% to 25c.; Medel- delivered, equivalent to 1 13/16c. c.&f. This seems to have
lin 2534 to 26%c.; Manizales 24% to 25c.; Mexican washed left the market entirely bare of all firm offerings. Cubas
25 to 26%c.; Surinam 22 to 23c.; Ankola 30 to 35c. Mand- for prompt shipment might be bought at 1 15/16c. c.&f., but
1c.; Robusta operators seemed disinclined to bid over 134c. Refiners con/
heling 35 to 38c.; Genuine Java 33% to 342
/
washed 20 to 2034c.; Mocha 273/2 to 281 2c.• Harra 26% to tinue to hold .off. One explanation of the lack of tenders
27c. Guatemala, prime 2534 to 26%c.; good 25 to 25%c.; on the 24th was that there was congestion of raw sugars
Bourbon 24 to 2434c.; Trie-ala-main 23 to 23%c.
in the port of New York, it being practically impossible to
On the 22nd inst. cost and freight offers from Brazil were obtain weighers and other men necessary for the proper
lower on the average, but buyers did not seem to be at- delivery of sugar. On the 25th inst. there were May 12
tracted. Early cost and freight offers on the 24 inst. were notices issued.
Washington wired: "After hearing reports on the presunchanged or lower. They included for prompt shipment
Santos Bourbon 3s at 24.10c.•, 3-4s at 22.90 to 2334c.; 3-5s ent condition of the American beet-sugar industry, the
meeting
at 22.45 to 22.60c.; 4-5s at 21.80 to 231
/0c.; 5s at 21% to United States Beet Sugar Association at its annual
22.10c.; 5-6s at 21.30 to 21.85c.; 6s at 20.20 to 21c.; 6-7s at 20% on the 25th inst. formulated a program of increased duties
to 20%c.; 7s at 20.30c.; 7-8s at 15 to 20.15c; part Bourbon 3s which it will seek to have incorporated in the tariff bill now
Committee.
at 23.20 to 24.05c.; 3-4s at 22.95 to 235/2c.; 3-5s at 22.95c.; being drafted by the House Ways and Means foreign and
both on
4-5s at 21.85c.; Peaberry 4s at 22.30c.• 4-5c 22.30c.; 5s at The program calls for higher duties Philippine free sugar
22.15c.• 6-7s at 19.05c.; Rain-damaged'
5-6s at 19.70c.; 6-7s Cuban imports, and a restriction on
The association would have
at 19.30c.; 7-8s at 15% to 16.30c.• Rio 2-3s at 17.90c.; 7s at shipments into this country. duty on foreign sugar raised
16% to 16.70c.•, 7-8s at 16.10 to 16:45c.; Victoria 4s at 17.35c.; the present 220c. per pound to 2.40c. in the Cuban preferen5s at 16.90c.; Os at 162 7s at 16.20c.; 7-8s at 16 to 16.15c. to 3c.; an increase from 1.76 of Philippine free imports to
1c.;
/
To-day cost and freight offers from Brazil were about tial tariff and the limiting full 3-cent duty imposed on
the
steady. For prompt shipment, Santos Bourbon 2-3s were 500,000 long tons, with
additional shipments."
here at 24.20c.; 3s at 23.95c.; 3-4s at 22.90 to 23.60c.• 3-5s
Receipts at Cuban ports for the week were 191,524 tons
at 22.40 to 23.35c.• 4-5s at 21.80 to 2234c.; 5s at 21.95 to
'
against 142,366 in the same week last yea.; exports 138,223
22.10c.,• 5-6s at 20:40 to 21.70c.; 6-7s at 19.35 to 20.70c.• 7s
tons against 107,622 in same week last year; stocks (conat 20.15c.; 7-8s at 20c.; part Bourbon 3-5s at 21 to 22.60c.; sumption deducted) 1,479,877 tons against 1,299,484 last year;
7-8s at 15c.; Peaberry 4s at 22.30s.; 5s at 22.15c.; Rain- centrals grinding 95 against 53 last year. Of the exports
damaged 3-5s at 19.20c.; 4-5s at 21%c.; 5-6s at 18.05c.; 6s 80,636 went to Atlantic ports, 15,584 to New Orleans, 2,316
at 19.30c.; 7-8s at 15.80 to 16.95c.; Peaberry 7-8s at 17.45c.; to Interior United States; 6,423 to Savannah; 8,666 to GalRio 7s at 16.60c.; 7-8s at 16.20c; Victoria 7-8s at 16c.
veston, 61 to South America and 24,537 to Europe. Receipts
Futures on the 22nd inst. closed 16 to 24 points lower for at United States Atlantic ports for the week were 114,649
Santos with sales of 28,000 bags and 9 to 18 lower for Rio tons against 122,685 in the previous week and 74,396 last
with sales of 14,500 bags. The cables were not stimulating. year; meltings 70,728 tons against 74,918 in previous week
Europe was understood to be selling. Santos cabled as to and 54,500 same week last year; importers' stock 283,445
the credit situation in Brazil, that the only affected bodies tons against 265,030 in previous week and 320,408 last year;
seem to be foreign banks that have practically no capital in refiners' stocks 248,235 against 222,729 in previous week and
Brazil adding that others have all the money needed for their 147,559 last year; total stocks 531,680 tons against 487,759
business. Concerning reports current here that shipments of in previous week and 468,027 last year.
coffee from the interior to the regulating warehouses during
Havana cabled that the production of 65 mills which
May and June have been prohibited, the explanation is given have finished grinding current sugar crop aggregated 8,122,that the crop year begins July 1st, ending June 30th in the 040 bags against early estimates of 8,487,000 bags. Out of
following year, and that owing to certain zones producing 163 Cuban centrals that started grinding this season, 70
/
earlier that others, the later maturing districts are at a dis- have finished with a total production of about 41 2% under
advantage. On the 25th inst. futures advanced 4 to 11 points Guma-Mejer's estimates. The total outturn of these mills
on Santos with sales of 22,250 bags and 8 to 16 on Rio with is 8,699,504 bags. On the 25th inst. futures closed 2 points
transactions of 39,250 bags. Brazil seemed to be giving sup- lower to 2 higher with sales of 38,200 tons. Sales of 250,port. European cables were rather better. Shorts in May 000 bags of Cubas for prompt shipment to refiners and
Rio covered. Today futures closed 2 to 12 points higher on operators were made at 1 15/16c. on the 25th inst.
Today prices closed 3 points lower to 1 point higher with
Rio with sales of 17,600 bags and 3 points lower to 8 points
higher on Santos with sales of 23,000 bags. For the week sales of 42,250 tons. Final prices show an advance for the
week
e
final prices show an advance on Rio of 8 to 25 points while Iolvr.of 1 to 4 points except on September which is 2 points
Santos is 11 points lower on May and 3 to 11 points higher
2.11
Jaar
2
20
2:09 2 .03134n
Spot unofficial _ _1 15-16 Sept
on other months.
2.150 --Dec
May
1.890
-11.0.1
-1•1 July
1.97@ 1.98
Rio coffee prices closed as follows:
15.480 nom I Dec
Spot unofficial_ .1734 I July
14.4S0
I Sept
16.250
14.83@13.85 Mar
May
LARD on the spot was steady with prime Western 12.25
14.03
4
to 12.35c.; refined Continent 1234c.; South America 1334c.;
WSantos coffee prices closed as follows:
20.8.3020.85 Mar
22.32022.35 I Sept
May
19.760 nom Brazil 14%c. Later refined was %c. lower. On the spot
Dec
20.26020.281
21.660
July
41
•a +a 1
Ng.
on the 23rd inst. prime Western was firmer at 12.20 to
2c.; South America 13c.;
COCOA today closed 1 to 2 points higher. May ended at 12.30c.; refined Continent 12/
10.17, July at 10.52c. and Sept. at 10.88c. or 11 to 24 points Brazil 14c. Prime Western was 12.15 to 12.25c.; refined
Continent 1234c.; South America 13%c.; Brazil 14%c. again.
lower than last Friday.
Futures on the 20th inst. declined 2 to 5 points. Hogs
SUGAR.
-Prompt Cuban raw sugar early in the week were steady. Hog receipts were 30,700 against 44,200 in
was quiet at 134c. c.&f., with duty free afloat and for early the previous week and 26,500 last year.
arrival 3.61c. equal to 1 27/32c. c.&f. Later trade was active
Futures on the 23rd inst. advanced 12 to 18 points on good
at a rise to 1 15
/16c. It is said that 50,000 tons sold to buying, packers taking the offerings by Eastern and foreign
Russia and France at 1.75c to 1.78c. f.o.b, The California interests. Clearances on the 22nd inst. were 2,700,000 lbs.
& Hawaiian and Great Western have reduced the basis from New York. Futures on the 24th inst. advanced 2 to 10
freight rate to Chicago from 493/2 to 40c. per 100 pounds, points. The strength of the grain markets especially corn
which is equivalent to 9% point decline in the price of refined had its influence. Cash markets were firm. There was
sugar in the Chicago and Western districts. Refined was no active buying of lard however. Ribs were dull and hogs
4.90c. with little new buying. On the 22nd inst. private were lower. On the 25th inst. futures declined 5 to 7 points.
cables from London reported an easier market for raw To-day futures closed 5 points lower. Final prices show a
sugars with June shipment Cubas pressing for sale at 9s decline for the week of 12 to 17 points.
COMMERCIAL EPITOME
2854
FINANCIAL CHRONICLE
DAILY CLOSING PRICES OF LARD FUTURES
Mon.
Tues.
Sat.
Wed.
May delivery
11.75
11.52
11.70
11.72
July delivery
12.10
12.10
11.87
12.05
September delivery
12.45
12.25 12.37
12.47
IN CHICAGO.
Thurs.
Fri.
11.65
11.60
12.05
12.00
12.40
12.35
[VoL. 128.
up-river fine spot 211 to 21%c.; coarse 12% to 1234c. Sing/
2
apore, May 9-13/16c.
Rubber invoiced for shipment to the United States for the
week ended April 20, according to visa figures of the DePORK steady but quiet; Mess $32.50; family $35; fat partment of
back $27 to $30. Ribs, Chicago 13c. Beef steady; Mess $26; 147 tons overCommerce totalled 9,601 tons, or an increase of
the previous
packet $25 to $27; family $28.50 to $30; extra India mess 20, British Malaya 6,863 week. Details: Week ending April
tons,
$42 to $45; No. 1 canned corned beef $3.10; No. 2 six pounds, land East Indies 1,886, London Ceylon 740 tons, Netherand Liverpool 112; total
South America $16.75; Pickled tongues $75 to $80. Cut meats 9,601 tons. Week ending April
13: British Malaya 7,061 tons,
quiet; pickled hams 10 to 20 lbs. 211
/
4c.; pickled bellies 6 Ceylon 458 tons, Netherland East Indies 1,935 tons; total
/
1
to 12 lbs. 184 to 194c.; bellies, clear, dry salted, boxed 18 9,454 tons. Week ending April
/
1
6th: British Malaya, 9,234
to 20 lbs. 151
/ 14 to 16 lbs. 15/jc.; Butter, lower grades tons, Ceylon 1,037 tons, Netherland East
4c.;
,
Indies 1,975 tons,
to high scoring 43 to 4634c. Cheese, flats 22 to 29%c.; daisies London and Liverpool 10; total
12,256 tons. British cap23 to 28c. Eggs, medium to extras 25 to 30%c.; closely italists who have extensive rubber
holdings in Central and
selected 31 to 322
/
1c.
South America are reported planning to seek concessions
OILS-Linseed was in fair demand. Crushers were quot- from the Mexican government to exploit rubber in that couning 10.2c. for carlots but would accept, it is intimated, 10c. on try. They are expected to invest upward of $20,000,000 in
a firm bid. Paint and linoleum interests were inquiring more plantations in Mexico, presumably on the Isthmus of Tefreely. Consumption is holding up well despite the unfavor- huantepec in the States of Tobasco and Chiapas. The three
able weather of late. Cocoanut, Manila coast, tanks 7 to capitalists, Charles Hudon, J. L. Graham and E. E. Park,
/
1
4
7 c.; spot N. Y. tanks 734 to 7
/
1
2
/ Corn, crude, bbls., tanks, will spend several weeks in Mexico City and then visit pros1
4c.
f.o.b. mill 8
/ Olive, Den. $1.35 to $1.40. Chinawood, N. pective rubber producing ones.
1
4c.
Y. drums, carlots, spot 1434c.; Pacific Coast tanks, futures
New York on the 25th inst. declined 30 points with sales
1334c. Soya Bean, bbls., N. Y. 11%c.; tanks, coast 9%c. of 2,077 tons. London was / lower. Long liquidation was1
4d
Edible, corn, 100 bbl. lots 12c.; Olive 2.25 to 2.30.c Turpen- a factor. They say factories bought rather freely on a de4
1
4 1
c.
tine 53% to 58%c. Rosin $7.35 to $10.10. Cottonseed oil cline of / to / May ended here at 19.40 to 19.50c.; June
sales today including switches 14,200 bbls. P. Crude S. E. 19.70c.; July 20 to 20.40c.•, August 20.20c.; Sept. 20.30 to
nominal. Prices closed as follows:
23.40.; Oct. 20.40c.; Nov. 20.50c.; Dec. 20.60c.; Jan. 20.80 to
April
July
9.750
10.00010.01 )Oct
10.18010.23 20.90c. Outside prices: Smoked sheets, spot and April 1934.
May
9.730
Aug
10.10010.15 Nov
10.00 ®10.15 to 19*.; May-June 19
/
1
/
1
/ to 194c.; July-Sept. 194 to 201
1
4
/
4c.;
Juno
9.780 9.99ISe,t
10.20© 10.23
Oct.-Dec. 204 to 203/c. Spot, first latex, crepe 20 to 20/sc.;
8
/
1
,
PETROLEUM :-Gasoline continues to improve. The tone clean thin brown crepe 1734 to 18c.•, rolled 1234
to 13c.; No.
was firmer. U. S. Motor in tank cars local refineries ranged
/ to 18c.; No. 4,
3
4
/
1
from 9 to 9 c. and in tank cars delivered to nearby trade 2 amber 18 to 184c.; No. 3, 17 2134c.; coarse 17% to 17c;
/
1
2
21% to
12% to 12%c.;
10 to 102c. The Gulf market was firm and reports stated Paras, upriver fine spot 22
/
1
Acre,
1
4c.; Caucho,
22 to /
that European buyers were more interested. Bunker oil was 1234c. fine spot on the 25th inst. closed Ball-Upper 12% to
London
with spot and May
in good demand and firm at $1.05 at refineries and $1.10 9
/ June 9-15/16d and July-Sept. 101
1
4d;
/ Singapore ended
4d.
f.a.s. New York harbor. Diesel oil was fairly active and on the 25th with May 92d; July-Sept. 9-11/16d
/
1
steady at 2 to 2.10 local refineries. Gas oil demand improved 934d. To-day prices closed 20 to 40 points higherand Oct.-Dec.
with sales of
a little with refiners asking 4% to 51 in bulk refineries. 714 lots. Final prices for the week are unchanged
/
4c.
Furnace oil was in fair demand at 6 to 62 in bulk at re- points higher. Singapore and London today advancedto 20
/
1c.
1/16
fineries. Kerosene buying was a little better at 8% for 43- to / respectively. Spot May at London ended
1
4d
at 9-15/16d;
45 water white in tank cars at refineries and 9%c. in tank June 10d; July-Sept. 101 and Oct.-Dec. 10-11/16d.
/
4d
Loncars delivered to nearby trade. Tank wagon prices were don stocks are expected to increase 500 tons
by the trade
steady. There was a better export demand. Lubricating oils here. At the beginning of the current
week the stock
were somewhat more active and steady. Cylinder stocks were abroad was 30,503 tons.
steady. Gasoline late in the week was advanced / by the
1
4c.
HIDES.
-Recent sales include 1,000 Swift La Plata steers
Cities Service Co. to 104c. in tank cars delivered at Bos/
1
ton and adjacent points. Several other companies are quot- at $40. or 1834c. River Plate stocks are said to be increasing rapidly and are now estimated at around 65,000 Aring this price while one is asking 11c.
gentine steers. Some are looking for lower prices suggest
*Tables of pricm usually appearing here will be found
our department of "Business Indications." In an article on an earlier page in ing the possibility of 171
entitled "Petroleum
c.
/ though no sales were reported
2
and Its Producta."I
at that price. It is stated that late last week one of the
RUBBER-On the 22nd inst. New York advanced 10 to 40 local packers sold April branded hides, including 2,000 butt
points, the latter on May, with London's stock showing an brands at 14c.; 3,000 Colorados at 131c.; 9,500 March native
/
2
increase last week of only 57 tons, and a rise there to 10d steers at 141c. and 1,300 April native steers at 15c. Com/
2
an early feature. But on the rise profit-taking set in and mon dry hides have been quiet. Country hides were rather
.
prices reacted. They ended unchanged to 20 points lower unsettled. Common, Cucutas 25c.; Orinocos 232 to 24c.;
/
1
in some cases though early 1930 deliveries closed 10 points Laguayra, Maracaibo and Santa Marta 232
/
1c.; Central
higher. On the 23rd inst. prices advanced 70 to 90 points on America 23c.; Savanillas 22
/
1
2c.
futures and %c. on spot prices. The sales of futures were
OCEAN FREIGHTS.
-Business was disappointing. Later
856 lots or 2,140 tons. London advanced / on near de1
4c.
liveries. So-called pool operators were said to be buying business increased.
CHARTERS included
Montreal,
25-May
freely. Trade brokers bought. The technical position was Bordeaux-Dunkirk range grain, from Ac.• 24,000 April Montreal.6, to
The. and 15,
qrs.
May
evidently stronger. Much liquidation had recently been done. 8-20, to Antwerp or Rotterdam 13c.: 37,000 qrs. Montreal, May 15-25,
2c., Spain
New York ended on the 23rd inst. with May 20.30 to 20.40c.; to Mediterranean basis 181/ qrs. New 'Ac. more; Gulf, May, to Spanish
Mediterranean 19c.: 82,000
July 20.80 to 20.90c.; Sept. 21.20 to 21.30c.; Oct. 21.30c.; May 15-28, 11c.: 35,000 qrs. Montreal York to Antwerp or Rotterdam,
May 15-25, to Antwerp or RotDec. 21.50 to 21.60c.; Jan. 21.70c. and March 22 to 22.10c. Out- terdam 13c. Sugar:-'Cuba transatlantic, figured at around 18s.
Buenos Aires and
side prices: Smoked sheets, spot and April 20 to 20%c.; Lumber:-Gulf. May-June, Buenos Aires $16.251A,:-Hampton Roads,
/
1
4
Rosario $16.50. Gulf, May to Rosario 155s. Coal
first half
May-June 20% to 2034c.; July-Sept. 21 to 211
/
4c.; Oct.-Dec. 19s 3d: of June. to Santos $3.75. Tankers:-Gulf, June. to Steilene
211 to 211c. Spot, first latex crepe 2034 to 21c.; clean clean. Batoum-Venice, 13s clean, April; Constanza-Alexandria 8s
/
4
/
2
May: Batoum-London 17s, second trip Black Sea-United Kingdom
thin brown crepe 184 to 182 rolled 1314 to 131c.; No. 2 Continent 18s, lubricating, April-May; Constanza-Havre 16s, fuel and/
/
1
/
1c.;
/
2
amber 18% to 183
/
4c.; No. 3, 18 to 181c.; No. 4, 18 to or gas and-or diesel, June • Batoum or Novorissisk-Fiume us 6d, clean,
/
1
4
/
2
April-May:
18
/ Paras, upriver, fine spot 21% to 2134c.; coarse 122 41 c.; Gulf, Black Sea. May-June lubricating to U.K.-Continent 16s
1
4c.
/ A
1
April. Lubricating oil to 2 north of Hatteras ports 35c.,
to 1234c.; Acre, fine spot 22 to 22
/
1
4c.; Caucho Ball-Upper one port 2c. less; Gulf. May, clean to U.K.-Continent 17s 6d. Time:
Continuation, South American round, prompt $1.15; delivery San Fran12% to 1234c. London spot, April and May 10
/ June cisco, redelivery United States North of Hatteras, April-May $1.45
1
4d;
,
10-5/16. Singapore May 9-11/16d.
May delivery, U. S. redelivery, E. C. United Kingdom $1.75, if United
On the 24th inst. came a decline of 50 to 70 points with Kingdom Continent $2 ; Prompt delivery trip across $1.85; round trip,
South America. continuation $1.12'Ac. • prompt North Hatteras, West
the trade a heavy seller. London though up early 1/16d Indies round $1.22%.
Sulphur
Gulf to Hamburg, $3.50.
to 10-5/16d spot April and May reacted later to 104d. The
/
1
COAL.
-Railroad demand has been smaller. Export desales here were 837 lots or 2,092 tons. London, it was said,
reacted on New York reports that steps were being taken mand has been rather slack and prices seemed inclined to
by the pool managers to distribute its holdings among the sag. It appears that discussion of a $1. export coal rail
members. The story could not be confirmed here, although differential has been revived. That reduction would conit was said that pool operators were moderate sellers of actual tinue to impose a considerable freight handicap in competirubber in the outside market. Dealers outside lowered their tion with the short rail run of Welsh coal, but some contend in the export trade that it would eventually add
prices / to 34c. on spot and forward deliveries of stand1
4
10,000,000
ards ribs and latex, offering April arrival of the standard at reported tons to the American export of coal. Pittsburgh
production lower and demand small. Prices show
a shade below 20c. and May-June at 20
/
1
4c. Manufacturers little change: Western Pennsylvania grades of run-of-mine
for once, it was said, bought on the decline on a rather lib- coal were
quoted per net ton as follows: steam $1.25 to $1.75;
eral scale. New York on the 24th inst. closed with May coking
coal $1.50 to $1,75; gas coal, $1.65 to $1.75; steam
19.70 to 19.80c.; July 20.30 to 20.40c.; September 20.60 to slack 80
cents to 90 cents and gas slack $1. to $1.10.
20.70c.; October 20.70c.; Dec. 20.90 to 21c.; Jan. 21c. Outside
TOBACCO was reported in rather better demand here.
prices: Ribbed smoked sheets spot and April 194 to 19
/
1
4c.; Sumatra is obtainable here now and fine grades are in
May-June 20 to 20
/ July Sept. 20 to 20%. Spot, first very
1
4c.;
/
1
4
latex crepe 20 to 2034c.; clean thin brown crepe 18 to shade moderate demand and well taken. For Connecticut
/
1
4
there is some demand at about unchanged prices.
18
/ No.2 amber 18 to 182 No. 3, 18 to 18
1
4c.;
/
1
4
/ Paras, Mayfield, Ky., to the U. S. Tobacco Journal: "The un-.
1
4c.;
/
1c.;
APRIL 27 1929.]
FINANCIAL CHRONICLE
2855
Western 700,000 tons monthly, a suggestive hint as to the size of
usually light deliveries during the week in the and as a the production of pig iron this year. Despite the scarcity
indicate crop has been sold,
fired dark district
of semi-finished steel, there is an ample supply of pig iron.
result auction sales will be had at Mayfield, Paducah and Stocks in the East at furnace yards are said to be the
light at Hopkinsville, which
Murray. Deliveries were also
smallest since 1923. Alabama is said to have sold at $15.
market will close May 3rd. At Springfield and Clarksville to $15.50.
somewhat indifferent about
where the growers have been
-Boston has been less active. Finer grades are
WOOL.
making deliveries, offerings were about normal. No announcement has been made as to the date these markets said to be somewhat steadier as stocks of such wool dewill close. Mayfield: Sales for week 12,995 lbs. at an creased. But in the main trade is very dull. Ohio and
2
1
average of $8.26; week's average $1.56 lower. Murray: Sales Penn. fine delaine 40 to 41c.; / blood 45c.; 34 blood 47 to
2
1
35,850 lbs., average $7.85; week's average $3.99 lower. Hop- 48c.• / blood 46 to 47c. The government report of April
this
'
kinsville: Sales 508,625 lbs. average $12.05; week's aver- 25th said: "Trading in Western grown wools on half
and
age 98c. lower. Clarksville: Sales 1,224,965 lbs. average market is very slow and consists principally of fine the sales
of
$12.95; week's average 38c. higher. Springfield: Sales blood 58-60 strictly combing wools. The volume manufacturis unusually small, with limited inquiries from
1,039,825 lbs., average $14.25; week's average 38c. higher.
ers. Fine strictly combing territory wools have been sold
COPPER was firmer at 18c. delivered to Connecticut Val- at around $1.02 to $1.03 scoured basis and the 58-60s
ley and 18.30c. for export. Demand at best was only fair. brought about $1 scoured basis." The next big event will
Buyers and sellers are awaiting developments. In London be the London auction sales which will open next Tuesday,
on the 24th inst. spot standard dropped 5s to £77 lOs at the April 30th. In Liverpool on April 23rd the East India wool
2
1d
first session, futures were off 2s 6d to 174 12s 6d; sales 100 auction prices were steady on all wools and up / to 1(1 on
tons spot and 700 futures. Spot electrolytic declined 5s; white vicaneres. All carpet wools were firm. Melbourne has
sales were 50 closed for the season except for an unscheduled clean-up
futures off 5s to 184 5s. At the second session
tons of spot and 50 futures. Later trade was slow at 18c. sale at Geelong, April 23rd. With prices steady on an infor domestic and 18.30c. for Europe. In London on the 25th different selection, there was a fair selection in the Geelong
inst. spot standard fell 5s to 177 5s; futures sagged 7s 6d sale. There was good competition and prices were firm,
to £74 5s; sales 800 tons futures. Spot electrolytic declined while Sydney with the Continent still taking tile bulk of the
5s to 183 15s; futures unchanged at 184 5s; sales 800 tons wool, which was Continental styled, was unchanged. Cables
futures. At the second session standard copper ended at £77 from London predicted firm prices in London next Tuesday
7s 6d for spot and £74 7s 6d for futures.
when the third Colonial auction series of the year begins.
SILK to day ended 4 points lower to 5 points higher with
TIN was rather quiet. Sales of Straits and other specific
brands were not more than 50 tons on the 24th inst. Straits sales of 420 bales. May ended at 5.15 to 5.17c.; July 5.06c.
sold at 44.85c. On the Exchange prices advanced 20 to 25 and Sept. 4.86c. to 4.87c.
points with sales of 235 tons. At London on the 24th inst.
sales were 700 tons. American tin deliveries in April are
COTTON
expected by some to be 8,500 tons which would be a record.
Here on the 24th inst. May ended at 44.55c, July at 44.60c.
Friday Night, April 26 1929.
and September at 44.60c. London on the 24th inst. advanced
THE MOVEMENT OF THE CROP,as indicated by our
£1 2s 6d in the first session to £203 7s 6d; futures up £1 to
given below. For the
£205 ; sales 20 tons spot and 430 futures. Spot Straits up telegrams from the South to-night, is receipts have reached
£1 2s 6d to £204 17s 6d; Eastern c.i.f. London advanced week ending this evening the total week and 48,659 bales
£2 to £206 on sales of 125 tons. At the second session stand- 56,917 bales, against 57,351 bales last
ard spot was off 2s 6d and futures 5s. Later trade was the previous week, making the total receipts since Aug. 1 1928
the
1c.
/
quiet and weak at 442 for Straits. Futures closed 80 to 95 8,702,934 bales, against 7,654,224 bales for1928same period
of 1,048,710
lower. In London on the 25th inst. spot standard of 1927-28,showing an increase since Aug. 1
points
at the first session to £201 5s; futures off a 5s bales.
fell £2 2s 6d
to £103; sales 60 tons spot and 340 futures; spot Straits
Total.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts atdeclined £2 2s 6d to £202 15s; Eastern c.i.f. London ad1,182
At the second Galveston
634 1.948 3,167 1,911 ---- --761 9.603
vanced 5s to £206 5s on sales of 275 tons.
176
176---------- ---his; futures off 21 5s to Texas City
session spot standard dropped
105 026
.266 977
1.612 48 2,892 4.224 4,159 2,217 12.264
Houston
18.565
New Orleans_ _ _ - 2,348 2,725 227 3,217 311
1201 15s; total sales 740 tons.
619 204 939 434 1,090 -328 4.906
Mobile
Today prices closed 25 to 35 points lower with sales of Savannah
--- 3.310
663 184 630 575
27 215 1,588
92
49
240 tons. May ended at 43.31c., July 43.40c. and Sept. Charleston
20 1,046
158 125
59 102
582
Wilmington
43.40c. For the week final prices are 35 to 44 points lower. Norfolk
285
215 124 172 210 208 697 1,214
736
325 312 -_-_ ---- ---- ___ _ 2,44070
LEAD was in good demand early in the week but later New York
____
44
-_-_
Boston
the buying fell off somewhat . Prices were steady at 6.85c. Baltimore
East St. Louis and 7c. New York. Most of the inquiry
12.442 9.207 11.366 56.917
was for small lots. On the 24th inst. London fell ls 3d at TntAle this/ son.b. 7 047 9.1126 10.439
the first session to £24 13s 9d for spot and £24 2s 6d for
the week's total receipts, the
The following table shows
futures; sales 500 tons futures. At the second session total since Aug. 1 1928 and the stocks to-night, compared
spot was £24 12s 6d; futures £24 is 3d with no sales. with last year:
Latterly New York has been steady at 7c and East St
Stock.
1927-28.
Louis at 6.85c but with little business. In London on the
1928-29.
Receipts to
25th inst. spot declined 5s to £24 8s 9d; futures down 2s 6d
This
This Since Aug Week. Since Aug 1929.
April 26.
1928.
to £24; sales 400 tons.
1 1927.
Week. 11928.
ZINC was rather weak. Producers are reported to have Galveston
2.720.905 33,846 2,069,770 299,146 307,968
9.603
189 88,91614,271 28.578
176 175,432
sold at as low as 6.60c. while second hands are down to Texas City
2,802.926 13,6252,438,940 517.843 511.237
6.55c. Some of the large producers however cling to the HoustonChristi_ -- 12.264 256,831 ---- 176,961
---Corpus
-... 2.444
15.915
-- -6.75 to 6.90c. range but were not supposed to be doing much Port Arthur, Sze-- 18,565 1,497.205 19,036 1,369,038 262,211 342,951
New Orleans
if any business. In London on the 24th inst. prices fell 5s Gulfport
498
4.906 260.740 4,940 259,202 22,882 .11.697
Mobile
to 126 6s 3d for spot and £26 3s 9d for futures; sales 600 Pensacola
112 12,494
12,373
582
674
tons futures. Of late prices have been quoted, singular to Jacksonville
8
186,-349,375 8.763 588,904 25,414 29,658
3,310
say, at 6.55 to 6.75c. but nobody pretends that there is any Savannah
Brunswick
business at 6.75c. Shipments are good, but new sales small. Charleston
1.588 162.147 3.737 239.985 22,008 24.742
758
5.505 ,---- In London on the 25th inst. spot unchanged at £25 18s 9d; Lake Charles_ --- 1.046 124,167 3,737 121,169 30.524 29,444
Wilmington
2.735 207,806 67.557 65.048
futures off 7s 6d to £25 16s 3d; sales 650 tons futures.
1.214 221,156
Norfolk
92
---STEEL has been in only fair demand where it has not N'Port N(14%13, &C- 2,070 45,754
140 6.439 156.037 135.259
New York
most finished steel was reported Boston
6,754
been quiet. At Pittsburgh
44 3.207 991 64,483 3.450 3,666
1,558
1,056
2,131 48,509 527
finished steel, bars and shaft- Baltimore
steady, i.e. hot rolled strips, cold
155 4,647 5,853
ing. Bolts, nuts and rivets prices, it is stated are being main- Philadelphia
Ril Q17 R 702 024 02 3757 654.22411.427.720 1.498.241
Totals
tained at advanced quotations, as first quarter orders are being liquidated. Sheets are quoted at $2.95 Pittsburgh for
In order that comparison may be made with other years,
black; $3.70 Pittsburgh for galvanized and $2.20 base for we give below the totals at leading ports for six seasons:
blue-annealed. Semi-finished steel is reported scarce. But
demand has recently been lessening. The United States Steel Receipts at- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24.
Corporation is said to have produced steel ingots at 100 per Galveston__ _ _
9,60! 33,846 12,762 19,366 13.293 13,436
12,264 13.625 16,566 37,582 25,846 15,268
cent., owing it seems to increased production at Duluth, in 1louston*
steel to Chicago and relieve the New Orleans_ 18.565 19,036 21.678 26,302 12.658 19,576
order to ship semi-finished
841
690
4.1106 4,940 2.940 2.260 3,220 6,811
Mobile
3.310 8,763 11,104 13,291
shortage there. In Chicago there is apparently a better busi- Savannah_ Brunswick _
ness than at some other centers.
L575
1,139
1.588 3,737 7,453 2,293
Charleston _
1.217
433 1,105
4.819
1,046 3.737 5,326
Wilmington_ _
• PIG IRON has been quiet everywhere. New England Norfolk
9,398 5.676 4.869
1,214 2,735
reported recent sales of Buffalo iron there it seems at as N'port N.Ac..
1,070 1,302
1,959 3,488 3,739
4,421
low as $18. at the furnace at a time when $19 .was All others_ _ _ _
86,136 115,448 64,025 64,783
quoted. Now the range is called $17.50 to $18. It is stated Tot, this week 56.917 92.378
that about 30,000 tons of iron have been booked for water Since Ana. 1_ _ 5702934 7.654.224 119597628.829.885 8.767_6206.224.637
.nipment from Buffalo to the Great Lakes district. The
* Beginning with the season of 1926. Houston figures include movement of
water movement for iron East will start before long. It cotton previously reported by Houston as an interior town. The distinction
is also stated consumption of Lake Superior iron • ore is between port and town has been abandoned.
2856
FINANCIAL CHRONICLE
The exports for the week ending this evening reach a total
of 84,195 bales, of which 16,089 were to Great Britain, 3,013
to France, 10,320 to Germany, 10,093 to Italy, 26,520 to
Russia, 13,500 to Japan and China and 4,660 to other destinations. In the corresponding week last year total exports
were 113,061 bales. For the season to date aggregate exports have been 7,059,808 bales, against 6,196,392 bales in
the same period of the previous season. Below are the exports for the week:
[Vou 128.
it is said, has been done and in central Texas 30%. The feeling was that liquidation, heavy as it had been recently, had
not been completed. On the other hand, the short account
had increased materially. The technical position from every
point of view was better. The forecast was better. That
seemed to atone for rains of 134 to 2 inches in the central
and eastern Gulf States and Arkansas and more or less in
019 Atlantic belt. It was too cool in the Southwest, with
minimum temperatures there as low as 34 to 36 decrees.
It was said that planting in northern Texas was to the exExported to
tent of only 5%. But these were treated as minor considerWeek Ended
ations.
Apr. 26 1929.
Great
Japan&
GerExports from-Britain. France. many. Italy. Russia. China. Other. Total.
On the 24th inst. prices advanced 26 to 36 points. LiquiGalveston
4.912
4,904
..-- 14,253 dation of May had to all appearance about run its course.
2.268 2,169
Houston
--__ 28.678 Liverpool prices were higher than
5,740
2,881 3,974 14,283
expected. The demand
Texas City
774
774
New Orleans -50 2.988
3.754 22,879 for May and July increased. Chicago and Wall Street
3,850 12;i5i
Mobile2,385
2.385 bought July very freely. Covering in the whole
list of
Savannah
53
546 3,204 months
25 2,580
was active. The transactions, estimated at nearly
Charleston
1,618
3,460
1.842
Norfolk
328
110
587 500,000 bales, were the largest for some time past.
149
The
New York
10
710 trade called May on
250
100
350
a considerable scale. Undesirable rains
Los Angeles -- 3.250
2,756
8.322
316
San Diego
2.441
2,441 up to 3 inches fell in Oklahoma. In Texas there were rains
San Francisco..
-268
100
134
502 that were not wanted. Storm
warnings were up for the Gulf
16,089 3,013 10,320 10,093 26.520 13,500 4,660 84,195 of Mexico. The forecast was for colder and even
Total
temperatures in parts of Texas and Oklahoma and freeizng
showers
Total 1927-28- 25,302 6.943 22,837 16,170 25.900 9.378 6,731 113,061
Tntal 1008-97_ _ 15.8011 8.132 37.905 3.888 18.733 48.875 36,173 170.193 over the rest of the belt. The weekly report said
that in
the Eastern half of the belt the nights had been rather too
Front
Reported to
cool for the best germination and growth of early seeded
Any. 1 1928 ft
Apr. 26 1929
cotton and planting had been delayed in parts of the CaroGreat
!Japan&
GerExportsfrom
- Britain. France. many. Italy. Russia. China. Other. Total.
linas, Oklahoma, Mississippi and Arkansas by wet weather.
Galveston
372.286297,329 5.55.995 178,849 15.798548.024!350.875 2,319,156 Recent heavy rains in some parts of Texas necessitated reHouston
392.002271.67 514.468 197,229 79,763427.450 153,921 2,038,522 planting as well as in southeastern Alabama.
Recent floods
Texas City__
34.615 12,068 38,886 1,818
9.682 11,117 107,964
Corpus Christi
46,405 41,940 89,541 21,624 4
,904 55.036 27,781 287,231 prevented cultivation in Tennessee. In Mississippi germiPort Arthur..
680 2.430
8,3101
650
3,845
15,915 nation and growth are mostly poor, owing to frequent rains
Lake Charles_
1.296
330
1,151 3.2
6,027
New Orleans_ 386,005 89,355 212,956 118,31 81,57 148,ii2101.383 1.135,783 and cool nights. In the Carolinas the progress in planting
Mobile
85.001 1,943 73,177 3,398
10,300 4,57
178,389 has latterly been slow owing to the low temperatures and
Pensacola_ ...._
4,348
1,400
100
5.77
7
12,373
Savannah
151,998
49 111,29
10,600 3,767 280,331 the wetness of the soil. And the closing was at very near
2,622
Gulfport
498
498 the top for the day although the belt as a whole was clear if
Charleston._ _
57.739
777 57,519
1,150 13.54
130,730
Wilmington- 33.800
3,400 86.042 too cool. The weekly report had favorable features which
9,842 si,o6o
Norfolk
70,57
1.631 23,903 2,374
5,900 1,965 105,752 were not lost sight of, although the technical position and
Newport.News
92
92 heavy covering directed the course
of prices upward. The
New York_ _ _
22,685 3,984 25,430 13
6,010 14 31 85,518
,
Boston
1,284
1,442
3,
8,290 weekly report said that planting made mostly satisfactory
Baltimore
1,54
2:8i9
4,178 advance. Early plantings have been
nearly completed in
Philadelphia__
82__.
1
233
Los Angeles.. 65.57 13:7 9 38,01
9
72.868
5.9
110 is4 300 South Carolina and progressed rapidly in Gerogia, except in
13451
:
San Diego...
6.807 1,948
4,2
the northern part, with plants ready to chop out as far north
San Fran _ _
9.78
17,170
250
34,960
67
6.78
Seattle
18,073
18,073 as Macon. Louisiana conditions were generally good with
stand excellent. In Arkansas very good progress in plantTotal
1,743.445741,228 1.778 770588 450 182,6421331855698,0187,059,808
ing was reported in western and some northern sections. In
Total 1927-281.215,648793.696 1,859,050542.875214,267854,870715,9866,196.392 Oklahoma planting has become general
in the southeast and
Total 1926-27 2,342,515 916.356 2.591,361 665.366 252.470 1577609 10620059,407.682
south central portions and has begun in the north and west.
Note.
-Exports to Canada.
-It has never been our practice to Include In the above In Texas growth and stands
are mostly good and the general
table reports of cotton shipments to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and it is impossible to get returns condition ranges from fairly good to excellent. One esticoncerning the same from week to week, while reports from the customs districts on mate
put the increase in acreage 5%. Some private reports
the Canadian border are always very slow in coming to hand. In view, however, of
the numerous inquiries we are receiving regarding the matter, we will sea that for the say it will be larger than had been generally supposed in the
month of March the exports to the Dominion the present season have been 24,143 Eastern
belt.
bales. In the corresponding month of the preceding season the exports were 18,857
On the 25th inst., after a brief and very moderate adbales. For the eight months ended March 30 1929 there were 198.509 bales exported, as against 171,163 bales for the corresponding eight months of 1927-28.
vance, prices suddenly turned downward 38 to 56 points
In addition to above exports, our telegrams to-night also from the early high as the demand to cover flagged, new
give us the following amounts of cotton on shipboard, not "long" buying of importance failed to appear and the
buying by spinners and other sseemed to be inadequate to
cleared, at the ports named:
absorb the offerings. The "notices" were for 52,000 bales.
Wall Street, th3 West, Memphis, New Orleans, and local
On Shipboard Not Cleared for
operators sold freely. Stop orders were of course uncovered
Great
Leaving
GerOther CoastApril 26 at
on a decline of roughtly $2 to $3 a bale. There were rainfalls
- Britain. France. many. Foreign wise. Total.
Stock.
of 15,4 to 3 inches in the belt, but they had little or no
Galveston
5.800 5,200 6,800 20,000 4,500 42,100 257,046
New Orleans
5,453 2.202 1,303 6,491
178 15.625 246,586 influence for the forecast was more cheerful. It pointed
Savannah
200
200
_
25,214 to fair weather all over the belt and warmer temperatures
Charleston....
615
615
21,393 in Texas,
Oklahoma, and Arkansas. It is true that the
Mobile
950
14615 4,250 6,400
16,482
Norfolk
67,557 prediction for the rest of the belt was for colder weather.
Other poress
2.500 1,500 5.006 24,000
33,000 695,502 But
in the bearish mood of the time this counted for nothing.
Total 1929
14,503 8,902 13,103 51.691 9,741 97.940 1,329.780 Stocks, grain and cotton were all lower. Call money was
Total 1928
20,959 9,782 14,435 41,888 2,850 89.894 1.408,347 up to 12%
and the Reichsbank of Germany raised its disTotal 1927
25.039 13,708 22,484 73.807 3,692 138.730 1,911.807
count rate 1%, making it 734%. Meantime in some of
*Estimated.
some of the private reports
Speculation in cotton for future delivery was more active for instance the acreage in it is said that in Mississippi
and after an early decline in prices they suddenly took an creased 10%. Some others parts of that State will be inthat the acreage in the
upward course on Wednesday with the market strengthened Eastern belt will be larger stated is commonly expected.
than
by the recent drastic liquidation at home and abroad and Spot markets on Thursday declined 35 to 50 points and
the accumulation of a very considerable short account. the sales were much smaller than on
Moreover the weather has been too cold and in some parts The exports were negligible. On the same day in 1928.
the other hand, the
of the belt there has been too much rain. In some others trade is buying on a scale down.
the soil has been too wet for planting. Later, however,
To-day prices were somewhat irregular and at one time
prices collapsed under very heavy liquidation with the 25 to 30 points lower, with Liverpool depressed and he
weather generally good and talk of a larger acreage than weather in the main favorable, in spite of undesirable rams
has been generally expected. Yet on the 20th inst. prices in Georgia. The forecast was for generally fair weather and
fell 25 to 30 points on heavy liquidation with Liverpool in Texas higher temperatures. The "Dallas News" crop
down and the weather over much of the belt favorable. report was in the main favorable, showing that in the northAlso there was a fear of the May notices to be issued on the ern part of that
.
.s
is 10 days to three Nyeek
25th inst. May liquidation was a feature. The West, earlier than last State the season parts of Texas planting is
year. In other
Wall Street, the wire houses and New Orleans sold. Shorts well advanced; the only trouble is that the days and nights
covered on a liberal scale and the trade bought May but have been too cool. Otherwise the germination would have
the stress was on the selling side, especially on the old crop. been better. Wall Street, the West and the South all sold.
Much switching was done by selling May and July and Long liquidation was heavy enough to drive prices down to
buying December and other new crop months. The belt stop orders. The
stocks had some effect, with
was too cool and the Southwest had rainfalls of 13,1 to 334 money up to 16%.decline in for the week make a poor exExports
inches. But the private crop advices were in the main hibit. Worth Street was dull. In Manchester prices were
good. Planting was making rapid progress.
low enough to attract a larger amount of business.
the
On the 22d inst. prices fell some 20 points owing to liquida- other hand, however, the weevil emergency in Texas Onsaid
is
tion of the old crop, particularly May. Liverpool and to be heavy. One report put the total there up to April 16
Alexandria prices were falling. The weather in the Atlantic at 2.24%, against .37 for the smile time last year. The
States at least was favorable. May was down to 19.67c. technical position is better. Long liquidation has been very
and July to 19c. In southern Texas 75% of the planting, severe. Prices are down sharply. A period of bad weather
under the circumstances, it is believed, would have a good
deal of effect. A rally later in the day left the net decline
on most months 16 points. The trade was a steady buyer.
There was more or less foreign buying. The West covered.
Wall Street, it is said, bought July and October to some extent. Spot cotton fell 15 points to 19.75c. for middling, a
decline for the week of 55 points. On futures the week's net
decline is 64 to 73 points, the latter on July.
Staple Premiums
60% of average of
six markets Quoting
for deliveries on
May 2 1929.
15-16
Inch.
.20
.20
.20
.20
.23
.21
.21
.61
.61
.61
.64
.64
.60
.60
.21
.21
.20
.20
.20
.20
.20
.20
.19
.19
.58
.58
.59
.53
.53
.53
.53
.53
.50
.50
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Differences between grades established
for delivery on contract May 2 1929.
Figured from the April 25 average quotations of the ten markets designated by
the Secretary of Agriculture.
1-inch &
longer.
.80 on
White
Middling Fair
.60
do
Strict Good Middling_
.42
do
Good Middling
.29
do
Strict Middling
Basis
do
Middling
.76 off
Strict Low Middling.... do
1.61
do
Low Middling
42 on
Extra White
Good Middling
.29
do
do
Strict Middling
even
do do
Middling
.76 off
Strict Low Middling__ do do
1.61
do do
Low Middling
24 On
Spotted
Good Middling
.01 off
do
Strict Middling
.76
do
Middling
.04 off
Strict Good Middling___Yellow Tinged
.45
do do
Good Middling
do do
Strict Middling
Light Yellow Stained.1.08 off
Good Middling
1.42 off
Yellow Stained
Good Middling
.69 off
Gray
Good Middling
1.08
do
Strict Middling
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Fri.
April 20 to April 26Middling upland
Set. Mon. Tues. Wed. Thurs.
20.05 19.85 19.85 20.25 19.90
19.75
NEW YORK QUOTATIONS FOR 32 YEARS.
1929
1928
1927
1926
1925
1924
1923
1922
19.75c.
21.60c.
15.10c.
18.900.
24.45c.
30.50c.
28.85c.
18.60c.
1921
1920
1919
1918
1917
1916
1915
1914
12.30c.
42.00c.
29.50c.
28.15c.
20.15c.
12.100.
10.60c.
13.25c.
1913
1912
1911
1910
1909
1908
1907
1906
11.85c.
11.75c.
15.35c.
15.25c.
10.900.
10.10c.
11.30c.
11.75c.
1905
1904
1903
1902
1901
1900
1899
1898
7.55c.
13.75c.
10.500.
9.69c.
8.31c.
9.81c.
6.12c.
6.44c.
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Saturday_ __
Monday ___
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
2857
FINANCIAL CHRONICLE
APRIL 27 1929.]
Futures
Market
Closed.
Quiet,25 pta. decl _ Easy
Quiet 20 pts. decl _ - Barely steady
Quiet, unchanged _ _ Steady
Steady.40 pts. adv _ Firm
Quiet,35 pts. decl _ _ Barely steady_ _
Quiet, 15 pts. dee]-- Steady
SALES.
Spot.
Contr'd Total.
100
100
1,230
900
400
1,230
900
400
•
April 26Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at'Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
bales
1929.
966,000
103,000
1,069,000
1927.
1928.
773.000 1,415,000
1926.
800.000
182,000
80,000
851,000 1,597,000
880.000
661,000
290,000
18,000
125.000
42,000
192,000
210,000
6.000
96.000
19,000
78,000
487,000
235,000
14.000
80.000
44.000
481,000
284,000
11,000
104,000
34,000
860,000
914,000 1.136.000 1,523,000
110,000
1,929,000 1,765,000 2,733,000
Total European stocks
80,000 279.000
171.000
180,000
India cotton afloat for Europe
95.000
524,000
American cotton afloat for Europe 269,000 385,000
93.000 276.000
95,000
Egypt,Brazil,&c.,afloatforEurope 106,000
364,000 397,000 838.000
391,000
Stock in Alexandria. Egypt
999.509
1.217,000 1.004.000 669.000
Stock in Bombay, India
a1,427,720a1,498,241a2,050,537 1,479.275
Stock in U. S. ports
5,823
a824,696
Stock in U. S. interior towns..- a615,322 a737,026
8.838
3,629
75
U. S. exports to-day
6,135.117 6.022,896 7,380,071 5.485.607
Total visible supply
are as follows:
Of the above, totals of American and other descriptions
American
514,000
554,000 1,072,000
654.000
bales_
Liverpool stock
64.000
160,000
59.000
72,000
Manchester stock
794,000 865,000 1,078,000 463,000
Continental stock
279,000
524,000
269,000 .385,000
American afloat for Europe
a1,427,72001.498,241a2,050,537 999.509
U.S. port stocks
a615,322 a737.026 a824.1396 1.479.275
U. S. interior stocks
5.823
8.838
3,629
75
U. S. exports to-day
3.832,117 4.101,896 5,718,071 3,804.607
Total American
East Indian, Brazil, ctc.286,000
312,000 219,000 343.000
Liverpool stock
London stock
16.000
22.000
19,000
31,000
Manchester stock
60,000
58,000
49,000
66,000
Continental stock
110.000
80,000
171,000
180,000
afloat for Europe
Indian
95.000
93.000
95,000
106,000
Egypt Brazil, &c., afloat
276.000
391,000 364.000 397.000
Stock in Alexandria, Egypt
1.217,000 1,004,000 669,000 838.000
Stock in Bombay, India
,2,303,000 1,921,000 1,662.000 1,681.000
Total East India, &c
3.832.117 4,101.896 5,718,071 3,084.607
Total American
6.135.117 6,022.896 7,380,071 5,485,607
Total visible supply
9.94d.
8.35d.
11.61d.
Middling uplands. Liverpool..-.10.23d.
18.900.
15.30c.
21.85c.
Middling uplands, New York.... 19.75c.
17.506.
16.306.
22.406.
19.166.
Liverpool
Egypt, good Sakel,
18.00c1.
10.50d.
13.75c1.
Peruvian, rough good, Liverpool.. 14.50d.
8.60d.
7.55d.
10.00d.
8.65d.
Broach, fine, Liverpool
9.166.
8.00d.
10.95d.
9.80d.
Tinnevelly. good, Liverpool
years
now included In the port stocks; in previous
a Houston stocks are
they formed part of the interior stocks.
Continental imports for past week have been 132,000 bales.
The above figures for 1929 show a decrease from last
Total_
a
Since Aug. 1
week of 224,705 bales, a gain of 113,221 over 1928, of
of 1,241,954 bales from 1927, and a gain
-The highest, lowest and closing prices at decrease bales over 1926.
FUTURES.
649,510
New York for the past week have been as follows:
-that is,
AT THE INTERIOR TOWNS the movement
for
Fri
Monday, Tuesday, Wednesday, Thursday,
Saturday,
the receipts for the week and since Aug. 1, the shipmentsthe
April 25. An 26.
April 20. April 22. April 23. April 24.
the week and the stocks to-night, and the same items for
detail
A prilcorresponding periods of the previous year, is set out in
Rangebelow:
19.62
19.6019.80Closing2,630
2,630
157,657 400.900 5.58,557
May19.62
Movement to Apr. 27 1928.
Movement to Apr. 26 1929.
Range- 19.90-20.11 19.67-10.90 19.65-19.86 19.76-20.02 19.60-20.11 19.31 19.49
Closing_ 19.90-19.93 19.70-19.72 19.72-19.74 19.98-20.02 19.64 19.66 19.4E
Ship- Stocks
Receipts.
Stocks
ShipReceipts.
June
Towns.
nwitts. Apr.
19.82
mend. Apr.
'
Range._
27.
19.3E
Week. Season. Week.
19.5419.88 26.
19.33Week.
19.27Week. Season.
Closing- 19.43July
88.495 1.578 8,467
52,632 1,493 3,343 1,108
421
Range-- 19.23-19.42 19.00-19.22 19.06-19.25 19.21-19.44 18.90-19.53 18.62-18.91 Ala.,BIrming'm
12,317 1,190 6,573
159
9111 3,124
14,344
Closing _ 19.23-19.26 19.07-19.09 19.13-19.15 19.42-19.44 18.91-18.96 18.7.5 18.76
126
Eugenia_ _
75,293 1,453 16,427
767
776 12,807
56,059
Aug.79
Montgomery.
58,283 2,049 12,130
143
1,005 12,267
57,282
Range-130
Selma
503 9.885
18.77
18.95364
78.440
19.5019.19
,
87,649
464 10 400
Closing. 19.24 -19.15- 134
Ark.,13lytheville
447 8,682
31i 36,905
400 3.634
28,470
Sept.
309
Forest City
605 9,719
51,245
19.54
6,421
19.24
576
Range-57,011
27
Helena
754 2.569
18.71
18.9719.5519.25227. 48,649
19.15446 1,381
Closing_ 19.2457,156
17
Hope
222 2,091
31,983
48
191 1,493
33,244
Oct.
45
Jonesboro_
106,414
19.23-19.35 19.36-19.60 19.09-19.68 18.8C 19.07
466
Range-- 19.29-19.50 19.15-19.25
577 117,225 1,021 10,135
Little Rock
2
99
1 63
953 12. 4
19.6010.08-19.09 18.89
19.31
211 48,569
196 1,949
Closing- 19.33-19.34 19.22- 47,707
14
Newport..,,
125 124,246 1,510 19,193
Oct. (now)
269 141,698 2,087 9,235
Pine Bluff....
198 1,306
35,430
5
757 1,831
Range_. 19.25-19.48 19.05-19.21 19.12-19.31 19.29-19.55 18.97-19.60 18.7C 19.00
39,052
Walnut Ridge
-_- 1.697
19.52-19.55 18.98-19.02 18.82-18.83
4.980
8 1,610
Closing_ 19.25-19.26 19.12-19.15 19.223.694
124
Ga., Albany...
50.699 1,150 5,272
64
225 6,040
Nov.
28,728
40
Athens
1,701 27.537
Range._
1,731 126,102 3.047 33,494 1,179 122,065 5,206 55,665
Atlanta
18.81
19.5719.0519.2419.13Closing. 19.281,738 235,632 3,722 66,989 4.322 261,297
Augusta_
658
258
50,887
84
200 10,433
Nos.(new)
49.879
Columbus... 1.200
648 4.089
63,127
409
- --- 19.09-19.16 19.18
656 4,503
Range-51.293
515
Macon
11,139
0
19.58 19.0419.18
18.8;
3.5,161 2,
19.10- 450
800 27,O34
Closing. 19.31 35,871
Rome
363 96,423 4.l59 33,687
Dec.222 144.920 3,043 32,388
La.. Shreveport
240 152.696 1,747 30,381
772 14,123
Range-- 19.36-19.59 19.10-19.32 19.27-19.43 19.42-19.68 19.09-19.72 18.81
45 146,235
Miss.,Clark'dale
4,058
19.34-19.35 19.65-19.68 19.13-19.15 18.9:
85
35,015
326
1
Closing. 19.38-19.40 19.2331.121 2.115, 2,459
169
Columbus
364' 158,158 1,826 49,113
1,784' 19,087
91 189.019
Jan.(i930)
Greenwood,,
633 5,248
19.12-19.28 19.24-19.36 19.38-19.68 19.09-19.69 18.81 -19.10
40,243
240
542 2,036
49,223
91
Range-- 19.31-19.53 19.15-19.16 19.30-19.32 19.66-19.68 19.10-19.12 18.92 18.99
Meridian
500 16,187
36,524
200 17,654
32,074
Closing- 19.31-19.32
100
Natchez. _ _
163 3,622
17,950
79
1811 1,605,
Feb.24.896
7
Vicksburg
27(E 7.658
27.689
16
238 3,045'
3 39,289
Range- Yazoo City19.1419.0:
19.6919.365,675 4,245
19.2219.39435,4431 7,464 18,118 5,480 333,19
Mo., St. Louis. 6,524
Closing441 11,221
24,954
350
2161 11.272
Mar.22,782
486
_
19.34-19.46 19.48-19.74 19.18-19.76 19.01 19.22 N.C.,Oreensb'o
Range-- 19A5-19.67 19.26-19.42 19.43Raleigh
19.72-19.74 19.18-19.20 19.1
to 47.10 ss 10.30ClosingOklahoma
41,462
692 771,145 1,994/ 14,994 1,003 734,550 3,955 53,286
15 towns._ _
3,708 287.513 5,002
Range of future prices at New York for week ending S.C.,Greenville 4,000 193,884 5,000 41,137 10,0601,404.642 16,429194,584
Tenn.,Nlemphis 16,34311,710,759 21,339186,481
April 26 1929 and since trading began on each option:
424 1,938
54,148
393
6 1,173,
116' 53,822
Texas. Abilene482 1,579
109
25,996
8021
____1
42 48.465
Austin
544 11,681
.502
27.594
Range Since Beginning of Option.
80 2,668
35,339
122
Range for Week.
Option for
Brenham
5771 92,527 1,246 25.911
568 139,862 1,530 7,351
Dallas
567 2,513
53.3' 74,450
17.72 Sept. 19 1928 22.30 June 2 1928
685 l,39S
117 90,383
Apr. 1929..
Parts
1929
29,72.5
316
14,908
May 1929.. 19.35 Apr. 26 20.11 Apr. 20 18.00 Aug. 13 1928 21.47 Mar.
Robstown_
5:187
-121
1929
35,869
560
---- 1,
42,418
June 1029_ 19.82 Apr. 24 19.82 Apr. 24 17.12 Sept. 19 1928 21.28 Mar.
San Antonio742
1929
838 4.916
Apr. 26 1929 20.95 Mar.
57,8451
677 2.488
178 65,349
July 1929._ 18.62 Apr. 26 19.53 Apr. 25 18.62
Texarkana -45719,713
508' 88,252
1929
934 5,048
19.50 Dec. 6 1928 20.53 Mar.
681 145,139,
Aug. 1929_
Waco
Mar.
Sept. 1929_ 19.24 Apr. 22 19.54 Apr. 24 18.08 Nov. 5 1928 20.63 Mar. 1 1929
1 68,901'737,026
Oct. 1929_ 18.70 Apr. 20 19.68 Apr. 25 18.70 Apr. 26 1929 20.72 Mar. 1 1929 Total, 57 towns 38.102 5,747,257 67.781615.322 35.6865,227,442
1929
1929.. 19.09 Apr. 22 19.18 Apr. 23 18.89 Jan. 7 1929 20.38
Nov.
•Includes the combined totals of fifteen towns n Oklahoma.
Apr. 26 1929 20.70 Mar. 1 1929
Dec. 1929.. 18.87 Apr. 26 19.72 Apr. 25 18.87
1 1929
Jan. 1930.. 18.87 Apr. 26 19.69 Apr. 25 18.87 Apr. 26 1929 20.66 Mar.
The above totals show that the interior stocks have
Feb. 1930
week 31,559 bales and are to-night
Mar. 1030.- 19.00 Apr. 26 19.76 Apr. 25 19.00 Apr. 26 1929 20.25 Ayr. 1 1929 decreased during the
1
2858
FINANCIAL CHRONICLE
[vol.. 128.
121,704 bales less than at the same time last year. The
receipts at all the towns have been 2,416 bales more than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug.1 in the last two years are as follows:
-1928-29-Since
Week. Aug. 1.
7,464 416,981
78,470
575
5.397
490
40,221
4,131 186,375
13.865 541,357
April 26ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
26,525 1,268,801
production of cotton except the American Egyptian
and Sea Island types.
As repromulgated, the Extra White standards
conform with the white
grades in leaf and preparation and exemplify primarily
The revised American Egyptian and Extra Whitethe color differences.
standards were exhibited in tentative form to representatives of interested
groups of farmers.
merchants and manufacturers, who were in
attendance at the Universal
Cotton Standards Conference in March of this year.
These
were unanimous in expressing a desire that the proposed representatives
promulgation be made by the Department of Agricultur revision and ree.
The new standards, both American Egyptian
and Extra White, will become officially effective August 1 1930, but
under the terms of the order
of promulgation, they may be used meanwhile
permissively in the purchase
-1927-28-- and sale of spot cottons of these descriptions, when specific reference is
made to them in descriptions mutually agreed
Since
The Department announces that it is prepared to by buyers and sellers.
Week. Aug. 1.
to furnish practical forms
of the revised standards at the usual rate,
f. o. b. Washington, for each
5,675 330,551 grade.
1,920 231,406
62
13,382
WEATHER REPORTS BY TELEGRAPH.
243
28,442
-Reports to
3.831 212.270 us by telegraph this evening
indicate that rain has fallen
' 8,883 344,094
20,614 1,160,145
96,572
17,242
571,188
1,658
533
12.243
19,811
685,002
14,434
639,988
6.714
Total to be deducted
Leaving total net overland*
4,245
545
15,021
583.799
6,180
520,157
77,831
18.970
543,187
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 6,714 bales, against 6,180 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 63,642 bales.
-1928-29
-1927 28
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to April 28
56,917 8,702.934
92,378 7,654.224
Net overland to April 26
583,7996.180
6,714
520.157
Southern consumption to April 26-115,000 4.291,000 100.000 4,181,000
Total marketed
178.631 13,577.733 198.558 12,355,381
Interior stocks in excess
*31,559
360,971 *33,372
367.177
Excess of Southern mill takings
over consumption to April 1--691,759
210,534
Came into sight during week-210,190
Total in sight April 26
14,630,463
North.spInn's's takings to April 28 25,657 1,146,821
165,186
--- 12,933.092
14,570 1,229,400
* Decrease.
Movement into sight in previous years:
Week1927
-April 30
1926
-May 1
-May,, 1
1925
Bales. I Since Aug. 1177,199 1927
169,90111926
82,07411925
Bales.
17,880,264
15,183,874
13,983,348
rQUOTA
-TI61;1- 76R MIDDLING"COTTo1ra
8
- lT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
April 26.
Galveston
New Orleans.... _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth_ __ _
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
19.15
18.98
18.75
19.01
19.19
19.90
18.81
18.30
19.10
18.40
18.55
____
Holiday
18.79
18.60
18.82
19.00
19.65
18.50
18.10
Holiday
18.20
Holiday
Holiday
18.95
18.87
18.60
18.83
19.00
19.60
18.63
18.10
19.00
18.20
18.35
18.35
19.25 ... 18.85
19.12
18.77
18.85
18.50
19.12
18.75
19.25
18.94
19.60
19.75
18.88
18.44
18.40
17.90
19.25
18.75
18.50
18.15
18.65
18.30
18.65
18.30
18.65
18.59
18.35
18.81
19.45
18.25
17.75
18.55
18.00
17.95
17.95
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday, 1 Monday,
April 20. April 22.
Tuesday. Wednesday. Thursday, Friday,
April 23. April 24. April 25. April 28.
May
19.10-19.14 18.93-18.94 19.02-19.03 19.27118.91-18.92 18.74June
July
19.14-19.15 18.98-18.99 19.0619.32-19.331 18.89-18.90 18.69-18.70
AugustSeptember
October
19.12-19.15 18.99-19.00 19.0819.38:19.38118.90-18.92 18.69-18.70
November
December 19.17-19.19 19.04-19.C6 19.14-19.15 19.45-19.48 19.00-19.12 18.80Jan.
(1930) 19.20 Bid 19.05 Bid 19.15 Bld 19.48 Bid 19.03 Bld 18.83
bid
February _
March
19.2819.15 Bid 19.26-19.29 19.54 Bid 19.08 BM 18.87 bld
April
Tone
Spot
Quiet
Steady
Steady
Steady
Steady
Quiet
Options
Easy
Barely sty Steady Very st cly Steady
.
Steady
in many sections of the South, but precipitation as a rule
has been light. Planting has made satisfactory progress
except in some localities where the soil is too wet. In the
eastern section the nights have been too cool for best germination and growth of early seeded cotton. Early planted
cotton is up to good stands in many parts.
Texas.
-Growth and stand of cotton are mostly good and
the general condition ranges from fairly good to excellent.
Some replanting will be necessary where heavy rains occurred
last week.
Mobile, Ala.
-Heavy rain the early part of the week retarded farm work and rivers are rising slightly. Weather
has been cool, but cotton is coming up nicely. Early cotton
has been chopped out and stands are good.
Memphis, Tenn.
-It has been too wet for plowing and
practically no cotton has been planted in Memphis territory.
River is 1.2 feet above flood stage and falling slowly.
Rain. Rainfall.
Thermometer
Galveston,Tex
2 days 0.03 in. high 83 low 61 mean 72
Abilene. Tex
1 day 0.04 in. high 86 low 46 mean 66
Brenham. Tex
1 day 1.04 in. high 92 low 48 mean 70
Brownsville, Tex
1 day 0.02 in. high 88 low 68 mean 78
Corpus Christi, Teat
1 day 0.01 in. high 86 low 68 mean 77
Dallas. Tex
3 days 0.87 in. high 86 low 50 mean 60
Henrietta, Tex
1 day 0.54 in. high 90 low 44 mean 67
Kerrville,Tex
4 days 0.12 in. high 90 low 40 mean 65
Lampasas, Tex
2 days 0.40 in. high 90 low 40 mean 65
Longview, Tex
4 days 1.98 in. high 92 low 50 mean 71
Luling, Tex
1 day 0.10 in. high 92 low 54 mean 73
Nacogdoches, Tex
1 day 1.96 in. high 84 low 48 mean 68
Palestine, Tex
1 day 0.68 in. high 86 low 60 mean 68
Paris, Tex
1 day 0.40 in. high 88 low 48 mean 68
San Antonio, Tex
2 days 0.02 in. high 94 low 56 mean 75
Taylor, Tex
1 day 0.18 in. high 88 low 48 mean tili
Weatherford, Tex
2 days 0.56 in. high 84 low 44 mean 64
Ardmore, Okla
dry
high 87 low 49 mean 68
Altus, Okla
1 day 0.10 in. high 84 low 42 mean 83
Muskogee, Okla
2 days 0.46 in. high 83 low 42 mean 63
Oklahoma City, Okla
2 days 1.49 in. high 81 low 44 mean 63
Brinkley, Ark
2 days 1.67 in. high 84 low 43 mean 64
Eldorado, Ark
4 days 3.09 in. high 82 low 48 mean 65
Little Rock Ark
2 days 0.80 in. high 77 low 50 mean 64
Pine Bluff, Ark
5 days 2.70 in. high 84 low 47 mean 66
Alexandria, La
1.07 in. high 89 low 81 mean 70
1 day
Amite, La
3 days 1.85 in. high 86 low 55 mean 71
New Orleans, La
1 day 1.31 in. high __ low -- mean 73
Shreveport. La
4 days 0.92 in. high 83 low 52 mean 68
Columbus, Miss
2 days 2.85 in. high 85 low 46 moan 66
Greenwood. Miss
3 days 2.35 in. high 85 low 48 mean 67
Vicksburg, Miss
3 days 2.48 in. high 81 low 52 mean 67
Mobile, Ala
2 days 1.54 in. high 86 low 56 mean 72
Decatur, Ala
3 days 0.98 in. high 81 low 45 mean 63
Montgomery, Ala
2 days 3.70 in. high 82 low 54 mean 68
Selma, Ala
2 days 2.91 in. high 86 low 54 mean 70
Gainesville,Flahigh 88 low 58 mean 73
Madison, Fla
y dr .09 in. high 88 low 56 mean 72
6
Savannah, Ga
2 days 0.30 in. high 86 low 53 mean 70
Athens, Ga
3 days 1.29 in. high 84 low 48 mean 66
Augusta, Ga
1 day 0.52 in. high 86 low 48 mean 67
Columbus, ea
3 days 1.09 in. high 87 low 54 mean 71
Charleston, S. 0
2 days 0.47 in. high 85 low 54 mean 70
Greenwood, S. 0
3 days 1.46 in. high 85 low 42 mean 64
Columbia, 8. C
4 days 1.37 in. high 82 low 46 rsean 69
Conway, S. C
2 days 0.92 in. high 84 low 40 mean 62
Charlotte, N.0
4 days 0.43 in. high 80 low 42 eman 63
Newborn N.0
2 days 0.91 in. high 81 low 40 mean 61
Weldon, N.C
2 days .
. high 77 low 33 mean 55
Memphis, Tenn
4 days 2.34 in. high 79 low 50 mean 65
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. in. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
April 26 1929 April 27 1928
Feet.
Feet.
18.3
13.5
36.2
31.4
10.4
35.5
13.0
24.6
52.7
43.1
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland reACTIVITY IN THE COTTON SPINNING INDUSTRY ceipts nor Southern
consumption; they
FOR MARCH.
-Persons interested in this report will find it ment of the weekly movement from the are simply a stateplantations of that
in our department headed "Indications of Business Activ- part of the crop
which finally reaches the market through
ity," on earlier pages.
the outports.
EFIM Y. BELITZSKY ELECTED AS MEMBER OF
NEW YORK COTTON EXCHANGE.
Stocks at Interior Towns. Receiptsfrom Plantattons
-The election of Week Rece pts at Ports.
Efim Y. Belit sky of the All-Russian Textile Syndicate to
1929. 1928. 1927. 1929. 1 1028.
1929. 1928. 1027.
1927.
membership in the New York Cotton Exchange was anJan.
nounced Saturday, April 20.
is.... 151,177122.213298.2541.161,140 1.217,543 1,4117,991 108.1158 78,070 274.402
26..
STANDARDS FOR AMERICAN EGYPTIAN AND Feb. 171.761 120.405268,932 1.118,699 1,180.096 1.467.429 129,320 82.958238,380
EXTRA WHITE COTTONS REVISED.
155,731 139.567 235,198 1,072,6781,134.087 1.404.18 (09.71(1 93.558171.958
-An order promulgating revised standards for American Egyptian cotton 16.. 135.078 111.825228,441 1.007.913 1,087.654 1.350,179 70.313 65.392 174.431
1.305,580
and for Upland cotton of Extra White color has been issued 2L. 81.57.1107.419 206,770 966.1121,049.180 1,279,191 40.009 68.94.5 162,171
80.866 75,323 210.19.1 936.927 1,023.120
30.481 49,29311.4.807
Mar.
by Secretary of Agriculture Hyde.
1._ 91.438 62.281 196.159 906,387 987.384 1.224.580 61.798 26,545141.
A need for the new standards for
Egyptian cotton was found to
exist since changes in the color andAmerican
preparatio
crop during recent years have been such that n of the American Egyptian
the present
no longer representative of American Egyptian cotton as standards were
now produced,
according to the Bureau of Agricultural Economics, which administer
s the
Cotton Standards Act.
The Extra White standards apply in the grade classification of
cotton, wherever grown. The Upland cottons, employing the term Upland
Upland
in its accepted botanical sense, include all of the American commercia
l
8-- 86,941
15._ 106.350
22._ 97.0851
29.- 78.041
Apr.
5__ 59 884
12__ 48,659
19__ 57,351
26._ 56.917
645
24.434 161.681
48.437156.806
47.561124.717
65.091,116,594
70.155217.97
73.234 227,560
76.637185.888
88,473 168.756
849.195
814.522
781.867
752,959
941.043 1,168,286
916,246 1.097,531
887,170 1.038,360
863.788 984,188
29,749
71.077
64.230
49,333
80.232 140,928
73,019 131,2
72.882 102,307
92,378 86.136
711.349
679,205
646,881
615.322
835.361 922.735
803,203 889.925
773,381 1,541,773
737.026 824.696
18.274 51.805
16,515 40,8611
25,027. 43,060
25,358 59.006
79.476
98,792
38,190
50.162
APRIL
2859
FINANCIAL CHRONICLE
27 1929.]
Bales.
1.473
-West Hardaway, 1,473
-April 15
-To Liverpool
MOBILE
912
-West Hardaway. 912
To Manchester-April 15
268
18-Skegness,268
-To Liverpool-April
SAN FRANCISCO
134
To Bremen-April 20-Eemdijk, 134
100
To China-April 22-Bintang, 100
14,283
HOUSTON-To Murmansk-April 18-Ootmarsum, 14.283
-Havana
.April 17
-Boston Maru,1,864..
To Japan-April 19
4,090
Maru, 2,226
1.650
-Havana Maru, 1,650
-April 17
To China
680
-April 19-Labette,680
To Naples
679
To Venice-April 19-Labette, 679
2.615
-Ida Zo,2,615
To Genoa-April 20
1,871
22-Crostafels, 1.871
To Bremen-April
810
To Hamburg-April 22-Crostafels, 810
150
-Stuttgart. 150
-To Bremen-April 24
NEW YORK
10
-Scythia, 10
-April 19
To Liverpool
100
1927-28.
To Rotterdam-April 19-Veendam. 100
1928-29.
Cotton Takings,
100
-Conte Grande. 100
l 19
To Genoa-Apri
Week and Season.
150
-Lapland, 150
Season.
Week.
To Antwerp-April 17
Week. i Season.
200
-George Washington, 200
To Bremen-April 23
20
-To Guatemala-April 11-Castillian. 20----.6.098.695
NEW ORLEANS
6.359.832
Visible supply April 19
800
-Caroline. 800
4,961.754
To Dunkirk-April 19
4,175,480
Visible supply Aug. 1
-Cranford.
-Caroline, 1,688_--April 20
19
To Havre-April
American in sight to April 19___ 210,190 14,630,463 165,186 12,933,092
2.188
500
Bombayreceipts to April 25---- 110,000 2,684,000 102.000 2,666.000
150
-Cranford. 150
499,500
7,000
To Antwerp-April 20
11,000
520,000
Other India ship'ts to April 25..
2,750
25-Boja California, 2,750
-April
19,000 1,198,860
To Vera Cruz
22,000 1,521.200
Alexandriareceipts to April 24....
432
-Cranford,432
-April 20
485,000
To Ghent
7.000
532,000
8,000
Other supply to April 24_ 5b__ _
3,850
To Genoa-April 24-Monbaldo,3.850
100
To Guayaquille-April 20-Nosa Chief, 100
Total supply
6,721,012 24,063,143 6.398.881 22,744.206
100
To Barcelona-April 24-0gontz, 100
Deduct
100
-Lopez. 100
To Bolivia April 20
6.135,117 6,135,117 6.022,896 6,022.896
Visible supply April 26
12.237
To Murmansk-April 25-Nicolini Maersk, 12,237
92
To Rotterdam-April 22-Manhanada,92
585,895 17,928,026 375.985 16,721.310
Total takings to April 26_a
50
-West Hematite. 50
To London-April 13
Of which Amer.can
380,895 12.939.826 274,985 12,210.950
10
-Betty Maersk, 10
To La Guayra-April 22
205,000 4.988.200 101,000 4.510.360
Of svhsch other
252
-Clairton, 252
-April 22
Liverpool
-To
NORFOLK
75
•Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
To Rotterdam-April 26--Cit7 of Alton, 75
76
a This total embraces since Aug. 1 the total estimated consumption by
To Manchester-April 22-Welchman, 76
-28
35
Southern mills. 4,291.000 bales in 1928-29 and 4.181.000 bales in 1927 -To Antwerp-April 22-Junoko,35
149
takings not being available-and the aggregate amounts taken by Northern
To Bremen-April 24-Westport. 149
and foreign spinners. 13.637,026 bales in 1928-29 and 12.540,310 bales in LOS ANGELES
-To Japan-April 19-Takaoka Maru. 2.1062,506
1927-28. of which 8,648,826 bales and 8,029,950 bales American.
April 20-Taiyo Marti. 400
2,868
b Estimated.
To Liverpool-April 20-Lochmomar. 534; Skegness,
382
20-Skegness, 382
To Manchester-April
250
INDIA COTTON MOVEMENT FROM ALL PORTS.
To China-April 20-Taiyo Maru. 250
316
22-Saale, 250: Eemdijk,66
To Bremen-April
2,441
-East Lynn. 2.441
SAN DIEGO- To Liverpool-April 20
1926-27.
1927-28.
1928-29.
1.842
-Lubeck, 1,842
CHARLESTON-To Hamburg-April 20
231
April 25.
-April 22-Darian. 231
To Liverpool
Since
Since
Since
1,387
Receipts at
To Manchester-April 22-Darian, 1,387
Week. Aug. 1. Week. Aug. 1. Week. I Aug. 1.
53
-Lubeck,53
-April 23
Hull
SAVANNAH-To
65
-Liberty Glo. 65
-April 25
To Ghent
110,000 2,684.000 102.000 2.666.000 77,000 2,498,000
229
Bombay
-Lubeck,229
To Rotterdam April 23
600
-Liberty Glo,600
To Bremen-April 25
50
Since August 1.
-Lubeck, 50
For the Week.
To Amsterdam-April 23
25
-Liberty Glo, 25
Exports
Havre--April 25
To
-Liberty
Great
Conti- Japan &
-Lubeck, 395---April 25
Great Conti- reran&
from
To Hamburg-April 23
1.980
China.
nent.
Britain. nent. China. Total. Britain.
Glo, 1,585
202
To Antwerp-April 25-Liberty Glo. 202
.
809
Bombay
GALVESTON-To Venice-April 19-Labette, 809
80
-Ida 7,o, 880
1928-29_ _ 4,000 27.000,. __, 31,000 48,000 615,000 1,270.000 1,933,000
To Genoa-April 23
350
63,000 453,000 893,000 1,409,000
1927-28.. 2,000 10,000' 56,611111 68,000
To Trieste-April 19-Labette, 350
130
7.000 273,000 1.301,0001.581,000
1926-27_ - 1,000 7.000, 22,000 30,000
To Naples-April 19-Labette. 130
2.268
Other India
To Bremen-April 20-Crostafels, 2,268
4,904
88,000 432,000
11,0
-Boston Maru. 4,904
520,000
4,000 7,000I
1928-29_
To Japan April 19
948
-Lucille de Larrinaga. 948
499.500
7,000 89,500 410,000
1927-28- 1,000 (Loos;
To Liverpool-April 20
3,964
-Lucille de Larrinaga,_ 3.964
4,000 31.000 309,000
340,000
4,000,
1926-27_ To Manchester-April 20
170
-Lucille de Larrinaga, 170
-April 19
-To Liverpool
TEXAS CITY
604
-Lucille de Larrinaga, 604
-April 19
Total all
To Manchester
84.195
1928-29_ 8,000 34,000, ____ 42,000 136,000 1.047.0001.270,000 2353,000
1927-28.- 3,000 16,000 56,000 75,000 152,000 863,000 893.0001.908,500
-Current rates for cotton from
COTTON FREIGHTS.
1926-27._ 1,000 11,000 22,000 34,000 38.000 682.0001.301.0001,921.000
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1928 are 8,970,115 bales;
in 1927-28were 8,013,389bales,and in 1926-27 were 11,966,908
bales. (2) That, although the receipts at the outports the
past week were 56,917 bales, the actual movement from
plantations was 16,515 bales, stocks at interior towns
having decreased 25,358 bales during the week. Last year
receipts from the plantations for the week were 59,006
bales and for 1927 they were 50,162 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
_______,
r
as furnished by Lambert & Burrowes, Inc., are
According to the foregoing, Bombay appears to show an New York,quotations being in cents per pound:
increase compared with last year in the week's receipts of as follows,
Stand.
High
Stand
HIM
StandHigh
Density. ard.
Density. ard.
8,000 bales. Exports from all India ports record a decrease
Density. ard.
Planchet
Oslo
the week, and since Aug. I show Liverpool .45c. .600. qtockholm .500. .650. Bombay .70c. .850.
of 33,000 bales during
.60c. .750.
.60c. .750.
Manchester .450. .600.
.45c. .60c.
.500. .65c. Bremen
an increase of 544,500 bales.
Antwerp .600. .600. Trieste
.60c.
Havre
.31c.
Rotterdam .45c.
Genoa
.500.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1928-29.
Receipts (centers)
This week
Since Aug. 1
1927-28.
1926-27.
110.000
7,590,098
Alexandria, Egypt,
April 24.
95.000
5,651.833
95,000
7.545.787
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)-
197.995
3,000 148,863 2,750 120,972
To L'verpool
---- 155.346
__
140.022 6,500 133%436
To Manchester. &c
To Continent and India - 7.000394.879 11,500 326,765 6.250316.392
200 100.574 ---- 113,472
1.000 158,232
To America
.46c.
.600.
.650.
Fiume
Lisbon
Oporto
Barcelona
Japan
.50c.
.45c.
.600.
.30c.
.650.
.650.
.60c.
.750.
.450.
.800.
Hamburg
Piraeus
Salonica
Venice
.45c.
.75c.
.75c.
.90c.
.90c.
.65c.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks,&c.,at that port:
26.
April 5. April 12. April 19. April
27.000
32.000
36,000
16.000
18,000
20 000
22,000
10,000
1,000
1.000
1.000
53.000
65,000
69,000
50,000
1,012,000 977.000 965.000 966.000
710.000 682,000 670.000 654.000
75.000
42.000
42,000
73,000
30.000
27.000
21.000
49.000
180,000 182,000 200.000 185.000
86.000
94,000 100,000
96.000
Sales of the weelc
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
11,000841.996 20.950681,747 6,250783.205
Total exports
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Apr.24 were
110.000 cantars and the foreign shipments 11.000 bales.
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
Spot cotton have been as follows:
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is quiet. Demand for India is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
Tuesday, Wednesday, Thursday,
Salurft. Monday.
Spot.
t,More
Marke
Quiet.
demand.
Quiet.
Quiet.
1215 I Quiet.
P. m.
10.588.
10.51d.
10.40d.
10.488.
10.60d.
Mid•UpPds
32 Cop
TWIN.
836 Las. Shirt- Cotton
tags. Common Midas 321 Coy
GPrits. Twist.
to Finest.
d. s. d.
d.
Dec.is.... 153401634 13 3
25.- 1540164 138
Feb.L.- 15340163.1 13 3
8____ 15 416 13 3
15____ 1536661636 13 3
22____ 153.6016% 13 3
Mar.
1„... 1540164 13 4
8..... 1540164 134
15..... 1540164 13 4
22____1540164 13 4
29_ 100
1,634 134
April
5___. 133401536 13 3
12.... 1536016% 13 2
19.- 1536 ,, 1636 13 2
9/1
In
alit
ISO
Sales
1928.
1929.
8)i Lbs. Shirt- Cotton
ings, Common AIfaded
to Finest.
Upt'dS.
a.
s. d.
013 5
013 6
s. d.
d.
0. d. s. d.
10.53 15401634 13 7 014 1
10.48 15 @163.4 13 6 014 0
013 6
(613 5
013 6
013 6
10.35
10.34
10.43
10.49
14340154
1436016
143401634
14)6(41636
13 5
13 5
13 6
13 6
@13 7
413 7
014 0
014 0
9.79
10.07
10.25
10.41)
@13 7
@137
413 7
013 7
@137
10.75
11.12
11.14
11.10
70,96
15 01634
15 01636
15 @16%
1534(817
1536017
136
13 5
13 5
13 8
138
013 7
@137
6613 7
014 0
@141
10.63
10.54
10.77
10 96
10.86
Q13 6
013 4
413 4
Qin n
10.73
10.89
10.69
10_23
154017
1534017%
1536 6.61736
16 @17'.4
13 7
14 0
14 0
141
014 1
014 2
414 2
(8143
10.91
11.11
11.25
11.51
1083
10.32
-As shown the exports of cotton
SHIPPING NEWS.
from the United States the past week have reached 84,195
bales. The shipments in detail, as made up from mail and
telegraphic reports, are as follows:
3,000
5,000
5,000
6,000
5,000
Friday,
Dull.
10.234.
4.000
Steady Q't but sty Very st'dy Steady
Quiet
Quiet
Futures.{
7 to 9 pts. 13 to 15 pts 1 pt. deel. 2 to 6 pts. 11 to 14 pta 21 to 25pta.
Market
decline.
advance.
decline.
decline to 1 pt.adv
opened
decline,
Barely sry
Q't but sty Barely sry Steady Q't unch'd Barely st'y 27 to 31pts.
Market.
4
9 toll pts. 17 to 20 pts 8 to 10 pts to 1 pt. 6t0 12 pta.
decline.
advance.
decline,
P. M.
decline, advance.
decline,
Prices of futures at Liverpool for each day are given below:
I
Fri.
Sat. I Mon. I Tues. I Wec. I Thurs.
,
,12.15 12.30 12.15 4.0012.151 4.00 12.15 4.00 12.15, 4.00 12.15, 4.00
P• P. m•
m • IX to • P. m•rP• m•P •m•P• m•IP. m•P•
P. m.P• m •
d.
d. I d.
d. I d. d.
d. I d. a.
d. I d. I d.
_ 10.2910.1810.1110.10 10.21 10.21 10.20 10.33 10.26 9.98 9.97
April
- 10.37 10.24 10.17 10.16 10.25 10.25 10.24 10.37 10.30 10.02 10.00
May
10.28 10.16 10.10 10.11 10.18 10.18 10.18 10.31 10.23 9.93 9.92
June
_ 10.33 10.21 10.15 10.16 10.23 10.23 10.23 10.36 10.30 10.011 9.99
July
10.29 10.18 10.12 10.13 10.20 10.20 10.21 10.34 10.29 10.011 9.99
August
.20 10.34 10.29 10.09.99
.
.
September_ _ _ _ - .26 10.15 10.09•
10.25 10.14 10.08 10.1010.17 10.18 10.19 10.33 10.29 10.03 10.00
October
November_ _ _ __ 10.23 10.12 10.05 10.08 10.15 10.15 10.17 10.30 10.28 10.02 9.99
__ 10.23 10.12 10.06 10.08 10.15 10.16 10.18 10.31 10.29 10.03 10.00
__
December
January (1930) __ 10.23 10.12 10.05 10.08 10.14 10.16 10.17 10.30 10.28 10.02 10.00
10.24 10.12 10.05 10.08 10.14 10.16 10.17 10.30 10.29 10.0310.01
February
10.26 10.15 10.09 10.12 10.17 10.19 10.21 10.34 10.33 10.07 10.05
March
10.27 10.16 10.10 10.13 10.18 10.20 10.22 10.35 10.33 10.08 10.06
April
Aprli 20
to
April 26.
2860
FINANCIAL CHRONICLE
BREADSTUFFS
[voL. 128.
Iowa, but the general impression was that this would hardly
do much harm. Seeding has been delayed in the American
Friday Night, April 26, 1929.
and Canadian Northwest.
Flour prices were reduced 5 to 15e. early in the week owing
Today prices closed % to inc. higher. Early prices were
to lower prices for wheat. Business as usual, however, down to a new low for the season.
There was some May
kept to its old rut regardless of the decline of prices gen- liquidation. The open interest is gradually decreasing. At
one time May was 49c. under July or the widest on the
erally. Exports from New York last week were 142,609
sacks against 131,415 in the previous week. Yet City and crop. Some frost was predicted but it is not expected to
prove injurious to the crop, for it is not jointed as yet. But
Western mil-feed broke $1 early in the week. Latterly
the technical position was better after the recent very
prices have again weakened though there has been some drastic liquidation and sharp
decline. After the low touched
decrease in stocks.
early in the day there was a rally of roughly 1 to 11
,6c. on
Wheat declined on good weather and heavy liquidation short covering, due to the passage of the Farm Relief Bill
in the House of Representatives at Washington yesterday.
and latterly dullness of the export trade though at one
time it was active. On the 20th inst. prices ended lin to At one time there was a good deal of selling today by the
Northwest. Crop reports from the Southwest were gen1%c. lower with May down to a new low for the season. erally very favorable.
Some are talking of a crop of 650,Reports of Russian purchases of Manitoba in Liverpool 000,000 bushels. North American
shipments, according to
were not confirmed. Also beneficial rains fell in both the Bradstreet, this week were 6,375,000 bushels, pointing to a
total for the world of about 13,000,000 bushels. This may
winter and spring wheat belts. Prospects of farm relief
measures being passed at an early day by Congress seem mean a decrease in the stocks afloat of something like
$7,000,000 bushels. Final prices show a decline for the
more and more remote. The whole matter may be the subweek of 3% to 4%c.
ject of prolonged debate. Liverpool stated the world's visDAILY CLOSING PRICES OF WHEAT IN NEW YORK.
ible supply of wheat and floor April 1 at 496,960,000
Sat. Mon. Tues. Wed. Thurs. Fri.
143h 14031 140 141H 139% 139%
bushels against 526,630,000 as of March 1 and 381,250,000 No.2red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
on April 1 last year. The crop in the central provinces of
Sal. Mon. Tues. Wed. Thurs. Fri.
May delivery
115H 113% 113H 114% 112H 112%
India was estimated at 19,464,000 bushels against 22,896,000 July delivery
119% 117% 117% 118h 118H 116h
12031 120H 120% 122h 12034 12034
last year. Export business was only 450,000 bushels. On September delivery
DAILY ()LOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
the 22nd inst. prices ended 1% to 2%c. lower with reports
Sat. Mon. Tues. Wed. Thurs. Fri.
May
123 120 120 12134 12034 120H
of dissensions in the Canadian wheat pool and the prospect July delivery
delivery
12434 12234 122 12334 12234 123
12434 12134 122 12334 122h 12334
of stout opposition in Congress to measures for so-called October delivery
Indian corn declined, following wheat, though not so
farm relief. President Hoover attacked the debenture plan.
Some of the private crop reports were favorable. The weak as wheat, because there was a good demand on deUnited States visible supply decreased last week, 3,003,000 clines and seeding is rather late. On the 20th inst. prices
bushels against 1,207,000 in the same week last year. The ended Inc. lower, although at times during day, especially
total was 118,246,000 bushels against 65,150 a year ago. early in the trading, the tone was one of independent
One comment on the 22nd inst. was: "Wheat made the low- strength. For the receipts were small, country offerings
est record seen in the last five years, and does not seem to light, the cash demand fair and the weather rainy. That
have any friends at this time. The bearish fundamental seemed to presage a continuance of the small crop movement. But later corn followed wheat downward. It fell
conditions still prevail."
On the 23rd inst. prices advanced %c. and reacted ending 1%c. from the high of the morning. Following its own bent
%c. lower to %c. higher. Export sales were estimated at corn was inclined to advance or at least to maintain prices
2,000,000 to 3,000,000 bushels. Winnipeg wired that reports at a steady level On the 22nd inst. prices advanced % to
of dissentions among the Canadian pool managers were %c. early but broke later with wheat and ended % to Tic.
ridiculously false; that never before had such harmony lower. Again, however, it showed at times not a little inprevailed. Winnipeg reported a good demand for No. 2 dependent strength. The belt was wet. Receipts were
Manitobas and the lower grades; also that there was some small. The United States visible supply decreased last
fresh export inquiry. Canadian country marketings on week 2,617,000 bushels against 1,261,000 a year ago. The
Monday were 320,000 bushels. The world's visible supply total is 30,853,000 bushels against 40,059,000 last year.
for the week decreased 16,408,000 bushels with the total Chicago's stock decreased 2,745,000 bushels. The grain
now in sight 363,000,000 bushels against 273,000,000 in the trade is looking for noteworthy reduction in stocks of corn
same week last year. It is predicted that Germany and at Chicago, providing the boats now loading, clear before
Russia will have to buy considerable wheat. A Winnipeg Saturday night.
Grain Exchange seat was reported to have sold on the 25th
On the 23rd inst. prices ended 1 to 2c. lower with the
Inst. at $16,100, a new high record. This was net to the weather ideal for the movement and seeding. Foreign
buyer.
markets were easier with River Plate and South African
On the 24th inst. prices ended 1% to 2c. higher on a good offerings at lower prices. No aggressive support appeared,
export demand, stronger cables, and too much rain in the though the forecast was for rains in many States. On the
central and southwestern sections of the winter wheat belt. 24th inst. prices advanced 1% to 1%c. with the weather unThe Government weekly report was rather unfavorable as favorable. Further rains, it is said, will bring about a late
to winter wheat. It was bearish, however, as to spring season for the completion of corn. Cash markets were genwheat. Export sales were estimated at 2,000,000 to 3,000,- erally firm. There was a better demand from the Eastern
000 bushels and since Monday they are said to be around Industry. On the 25th inst. prices finally decline lc. under
7,000,000 bushels. Most of this was Manitobas. Foreign the influence of wheat. There was scattered liquidation of
advices reported large sales of Plate wheat to Spain and a May which affected distant months. December showed
good Continental demand for North American grades. The relative steadiness owing to some delay in seeding in some
Continent needs good spring rains in order to allow for parts of the Southwest and constant rains created the fear
that there may be a delay in planting in the central section.
rapid farm work.
An Associated Press dispatch from Lincoln, Neb., said The shipping demand was active and there were sales of
that 300 wheat growers of Nebraska and Wyoming had about 300,000 bushels at Chicago. Country offerings were
effected organization of a wheat pool, giving it the name very small and a light movement is looked for until after
of the Mid-West Market Association, non-stock, co-opera- planting is completed. The weather was too wet for a
tive. The pool was said to represent 13,000 grain growers large movement of corn. Kansas reports seeding delayed
To-day prices ended % to 1%c. higher with the weather
in the two States and was declared the largest in existence
in the Middle West. J. W. Brinton, Director of the Nebraska still unfavorable for farm work and there are fears of deWheat Growers Association, said: "The Farm Relief Meas- layed planting. There was good commission house buying.
ure being formulated in Congress wil organize farmers Cash demand was good. Omaha reported heavy sales on
from the bottom, instead of the top. The Government will the best basis of the crop. Country offerings were light
lend you funds for the constructing of respectable elevators The movement was small. Cash interests were said to be
and facilities, but if you will not use the aid offered you switching from May to September on a considerable scale.
Final prices show a decline for the week of 1% to 2%c.
will be no better off."
DAILY CLOSING PRICES OF CORN IN NEW YORK.
On the 25th inst. prices fell 1% to 2c., reaching new lows
Sat. Mon. Tues. Wed. Thurs. Fri.
for the season: Liquidation was heavy by Eastern and other No.2 yellow
10931 10734 105% 10631 105h 10634
Interests. Some feared further and important liquidation DAILY
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
of the May delivery. Export demand fell off after total
Sat. Mon. Tues. Wed. Thurs. Fri.
9034 90 • 87h 8934 8834
export sales on the 22nd and 23rd inst. of 7,000,000 bushels May delivery
July dellverY
9434 93% 9134 923; 9134 8934
9234
to England and the Continent. Liverpool declined % to id. September delivery
95% 9434 92h 9434 9334 9434
Crop news from the winter wheat territory was favorable.
Oats sympathized only slightly with the decline In other
The Kansas and Oklahoma State reports said that the con- grain. Like
corn they showed independent steadiness
dition of the crop was excellent. Private advices from with seeding
delayed and the
Nebraska, Illinois and Indiana were also favorable. Frost On the 20th inst. prices closed demand not unimportant.
% to %c. lower in response
was indicated for Kansas, Nebraska, Missouri, Illinois and to the decline in other grain but
like corn, oat prices left to
I2861
FINANCIAL CHRONICLE
APRIL 27 1929.]
Wheat.
Corn.
Oats.
Rye.
Barely.
bush.
bush.
bush,
debush.
-bush.
United States
themselves would probably have advanced rather than
3,000
884,000
1,415,000
Mo
/
13,000
218,000
45,000
12,000
In fact, at one time on the 20th they were 34 to St. Joseph,
clined.
Peoria
761,000
357,000 1,373,000
2
1
86.000
c. net higher. On the 22nd inst. prices closed / to %c. Indianapolis
36,000
7,565,000 2,341,000 1,343,000
350,000
y with the decline in other grain. The Omaha
lower in sympath
On Lakes
d last week 626,000
United States visible supply decrease
10,404,000 6,975,000 7,852,000
Total April 20 1929.-118,246,000 30.853,000 11,110,000 6.965,000 8,004,000
bushels. The total is now 10,404,000 bushels against 13,576,Total April 131929-121,249,000 33,470,000 12,490,000 5.410,000 2,676,000
ly
21 1928- 63,620,000 37,388,000
Total April
000 a year ago. On the 23rd inst. prices ended practical
New York, 242,000 bushels:
-Bonded grain not included above: Oats,
Note.
Buffalo, 124,000: Duluth,
unchanged after an early advance of % to %c. May was Boston', 21,000; Philadelphia, 4,000; Baltimore, 45,000;1928. Barley, New York,
bushels in
total, 450.000 bushels, against 28,000
not freely offered. The Northwest and cash interests 14,000;bushels; Boston, 109,000; Philadelphia, 114,000; Baltimore, 158,000; Buffalo,
67.000
266,000; total, 1,645,000 bushels, against
bought. The country movement was still small.
817,000; Duluth, 114,000; on Lakes, York,
bushels; Boston. 1,495,000:
Wheat, New
A3c. higher in sym- 717,000 bushels in 1928. Baltimore, 3,618,000;2,894,0008,884,000• Duluth, 281,000,
On the 24th inst. prices ended % to 7
Buffalo,
ble weather was also Philadelphia, 3,277,000; 20,810,000 bushels, against 9,432,000 bushels in 1928.
pathy with other grain. The unfavora
on Lakes, 361,000, total,
Canadian
399,000
a factor. It is expected to result in a smaller acreage. Some
351,000
579,000
9,627.000
6,321,000 2,116,000 7,265,000
export business in Canadian oats was reported. On the Montreal & Pt. Arthur_66,119,000
Ft. William
221,000 1,187,000
2,249,000
7,729,000
25th inst. prices declined % to %c. Seeding, however, it Other Canadian
9,149,000 2,688,000 8,851,000
is said, will be later in Nebraska. In fact, it has been deTotal April 20 1929_ 83,475,000
9,331,000 2,829,000 9,327,000
Total April 13 1929,. _ 91,380,000
layed in many parts of the belt. The acreage may be re2,413,000 3,305,000 3,978,000
1928-- 76,773,000
Total Apr1121
duced. No great selling pressure appeared. But the cash
Summary-7,852,000
118,246,000 30,853,000 10,404,000 6,975,000 8,851,000
demand was not brisk and the influence of prices for other American
9,149,000 2,688,000
83,475,000
4
grain was apparent. Today prices advanced 1 to %c. on Canadian
19.553,000 9,663,000 16,703,000
Total April 20 1929_201,721,000 30,853,000 20,441,000 9,794,000 17,331,000
the strength of corn and bad weather. There is a fear that
33,470,000
Total April 13 1929-212,629,000 37,388,000 14,903,000 8,715,000 6,654,000
the unfavorable weather conditions might cause a shortage
1928__140,393,000
Total April 21
furnished by
in acreage. Little was heard of export business. Final
The world's shipments of wheat and corn, as
2
1
week
week on May and July of /
prices show a decline for the
l to the New York Produce Exchange, for the 1927.
Broomhal
e.
2
1
to Ric., while September is / higher.
Friday, Apr. 19, and since July 1 1928 and
ending
DAILY CLOSING PRICES OF OATS IN NEW YORK.
are shown in the following:
Sat. Mon. Tues. Wed. Thurs. Fri.
6034 6031
6031
60
6034 60
No.2 white
Corn.
Wheat.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
1927-28.
1928-29.
1927-28.
Mon. Tues. Wed. Thurs. Fri.
1928-29.
I
Sat.
Room.
4731 4631 4634 4734 4631 4734
Slue
Sixes
MayTdeliveri
Week
Since
4531
Since
Week
453 4431 4431 4534 45
July delivery
July 1.
July 1.
Apr. 19.
July 1.
July 1.
43.34 4331 4331 4331 4331 4331
Apr. 19.
September delivery
Bushels,
Bushels.
Bushels.
Bushels. I Bushels.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Bushels.
Sal. Mon. Tues. Wed. Thurs, Fri. North Amer_ 5,617,000455,128.000,401.124,000 225,000 32,434,000 13,835,000
1,827,000 19,029.000
4954 48% Black Sea_ __
4934 50
5131 49
8,000 2,216,000 9.480,000 4,902,00091709,000217,329,000
May-delivery
5041 5131 5034 50% Argentina
5,124,000159.961.000137.491,000
5234 50
Julyrdelivery
4931 49% Australia
50
49
5034 48
3,920,000 93,563,000 55,055,000
October delivery
1,112,000 8,312,000
Rye declined only moderately in response to the lower Indiacomb's 744,000, 38,036,0001 26,672,000 230,000 25.540,000 22,941,000
0th.
for other grain. On the 20th inst. prices ended 1%c,
prices
134 000 5,357,000251,510,000273.134.000
•
5 413,000750,021,000638, .
Total
lower on considerable liquidation in a listless market.
BULLETIN FOR THE WEEK ENDED
On the 22nd inst. prices
WEATHER
Aggressive support was absent.
bulletin,
-The general summary of the weather g the in/
closed 3 to 314c. lower at new low levels for the season. APRIL 16.
of Agriculture, indicatin
May rye fell 6c. at Winnipeg. The visible supply of the issued by the Department the week ended April 16 follows:
for
United States last week increased 10,000 bushels against fluence of the weather off the middle Atlantic coast at the close of
The storm that was central
most
141,000 in the same week last year. On the 23rd inst. prices last week moved slowly northeastward and brought rain or snow to in
Temperatures were generally seasonable
of the
IA to 7/9c. higher though at one time rather weaker, sections districtsNortheast.
scattered. General rains
ended
and precipitation was widely
western
the 19th,
on liquidation. But in the end there was enough demand to were reported over north-central areas and the extreme West on A rather
the more eastern States.
though there was nothing and a reaction to cooler had set in overOklahoma on the 20th, and as it
take the offerings quite well, even
was central over
shallow depression
occurred in the East, with
moved eastward widespread precipitation There were some heavy rains
said about export business.
thunderstorms, severe locally.
On the 24th inst. prices were up to 2% to 2%c. in response numerous passage of this storm, particularly in the extreme South and in
during the
to the rise in wheat and there were reports of some export the Eastern Lake region.
in most areas east of the MissisTemperatures were generally moderate
a reaction
The weather was bad. On the 25th inst. export sippi River during the latter part of the week, except for some parts to
business.
of
cool for the season in
22d, and it was
demand was lacking and this and the lower prices for other cooler on the one or two days,rather
but warmer weather prevailed toward the
to 2c. On the decline, the West on
over western sections on the 20th,
grain affected rye. Prices fell 1%
Close. Precipitation was widespread was largely local in character.
period it
however, the buying was of a good character. Today prices but toward the close of the
as a whole, was considerably cooler than
Chart I shows
that near
No normal from thethat the week,
Ohio Valley northward and eastward, and
closed % to 1%c. higher in sympathy with other grain.
country. In
prevailed in nearly all other sections of the to as much as
normal warmth
export business was reported. Final prices show a decline the former area the mean temperatures ranged from 3de trees
in the Appala8 degrees below normal, with the greatest minus departures of the middle
for the week of 154 to 2%c.
the northern part
chian Mountains,the lower Lake region,andaveraged from 1 deg. to 2 deg.
PRICES OF RYE FUTURES IN CHICAGO.
DAILY CLOSING
Atlantic area. In the South temperatures most stations showing slight
Sat. Mon. Tues. Wed. Thurs. Fri.
above normal to a like amount below, with most parts of the reat Plains
94
in
9331 9031 9131 9431 93
MaY:delivery
excesses. They were slightly above normal
9431 95
northern districts of the
9534 9231 92% 9534
July delivery
and Rocky Mountain States, except the extreme
9634 9331 9334 9631 9431 9631 latter, and were mostly somewhat below normal farther west. in AppalaSeptember delivery
part of the week
Some low temperatures occurred the latter
as far south as extreme
Closing quotations were as follows:
chian Mountain sections, with freezing extending Elkins, W. Va., In the
freezing at
southwestern Virginia, and 6 deg. belowwere confined to the more northern
GRAIN.
temperatures as low as freezing
interior
Oats. New York
from about 40 deg.
Wheat. New York6031 districts, while in the South the lowest reported ranged
1.3931 No.2 white
No. 2 red, f.o.b
,
5934 to 60 deg.
No. 2 hard winter.f.o.b____1.2531 No.3 white during the week was widespread, and
that precipitation Atlantic areas, the lower Lake region.
Chart II shows
Rye, New York
Corn. New York
was heavy in the middle and north
I 06
f.o.b
and
1.06% No. 2New York
with
No. 2 yellow
and in the central trans-Mississippi States, more northeastern Kansas
and most
1.053i Barley,
No.3 yellow
2 to
83
northwestern Missouri receiving from amounts. than 4 inches,
Malting
Southern States
In the
Atlantic cost stations reporting like
a few rather
amount,
FLOUR.
rainfall was mostly light to moderate insubstantialthough central Rocky
in the
Rye flour patents
protein.$6.35©36.95 Semolina No. 2.Pound.$6.45(436.70 heavy local falls were reported, but it was
Spring pat,high
area.
Mountain
valleys and
5.80es 6.20
tiering patents
2.757 2.80
The continuation of rather frequent rains in the interior operations,
5 20 5.60 Oats goods
Clears, first spring
to field
2.60 2.65 many northern districts caused further interruptions an average in Most
Soft winter straights.-- 5.70 6.05 Corn flour
goodsactivities are now considerably behind
and seasonal
Hard winter straights-- 5 65 5.95 Barley
three weeks late. In
3.60
places; in some sections they are from ten days to
upper
flard winter patents.- 5.951h 6.45Coarsepearl Nos. 1.2.
the middle and north Atlantic areas, the Ohio and middle and were
5.10(4 5.55 Fancy 4
Hard winter clears
Lake region some plowing and seeding wet6.50© 7.00 Mississippi Valleys, and the
3and
8.2;
because of
Fancy Minn. patents-. 7 654 8.50
still inactive
accomplished, but field work. in general, isand growth of vegetation was
7.804
City mills
ness. It was again cool over these sections
still
For other tables usually given here, see page 2756.
Checked, but in this respect the season istrees well advanced. y advanced
were unfavorabl
As stated in previous bulletins, fruit
during parts of
The visible supply of grain, comprising the stocks in through the influence of abnormally warm weather to killing frosts March
during
the heavy
principal points of accumulation at lake and and earlier in April, and, consequently,in many places, especially in Apgranary at
done considerable harm and Ohio Valley the damage was
the week have
Saturday, Apr. 20, were as follows:
seaboard ports
palachian sections. In the Lake region
it was more extensive.
generally local and Mostly light. but in the Virginias
GRAIN STOCKS.
when a temperature
Rye.
Barley, Much harm was done in West Virgiaia Friday morning,
Oats.
Corn.
Wheat.
as the week closed, like conbush. as low as 26 deg. was reported at Elkins, and,
bush.
bush.
bush.
extended southbush.
United States
prevailed, while at he same time freezing Atlantic sections
52,000
163.000 ditions again
86,000
11,000
152,000
in some
New York
4,000
5,000
ward to extreme southwestern VL ginia. Fruit part of the week.
storm the first
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
" afloat
Duluth
•
afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
8,000
16,000
66,000
86,000
293,000
3.000
136,000
98,000
173,000
870.000
5,000
2,000
41,000
92,000
212,000
294,000
51,000
159,000
720,000
3,000
43,000
208,000
383,000
2,218,000
57.000
235.000
3,440,000 2,262,000 1,153.000
275,000
451,000
173,000
12,000
12.000
215,000
29,000
2,622,000
21,000
22,000
28,000
27,000
182,000
664,000
13,905,000 12,433,000 1,689.000 2,680,000
550,000
312,000
395,000
588,000 2,049,000
322.000
913,000 2,044,000 2.177.000
28,058,000 1,114,000
351,000
29,675,000 1,010,000 2,154,000 1,422,000 3,518,000
8,000
267,000
696,000
372,000
95.000
10,000
366.000
3,084,000 1,294,000
14,000
32,000
10,000
18,284,000 3,225,000
4,000
3,611,000 Ms 246,000 1.115,000
was damaged also by the severe
favorable. Temperatures were
In the South conditions were generallynights, and rainfall was mostly
seasonable, except for some rather cool operations in most places, and
moderate, permitting active field improved in Florida sincethe
light to
y growth. Crops have
Promoting satisfactor moisture is mostly ample throughout the South,
rains of last week, and and New Mexico; a few sections are still too wet.
except in western Texas few places, conditions were generally favorable
Except for wetness in a
North.
accomplish
also in the Great Plains, with much seeding the easterned in the
Great Basin cold
In some western mountain sections and
livestock, especially for young lambs
for
rain, or snow, was unfavorableloss reported from some places. In the
and calves, with considerable
mostly favorable, except that rain
more western States the weather was of the Pacific Northwest, and frost
is still needed in parts of the interior
commercial
injury to peaches and cherries in Oregon;
did considerable
Pears were saved by heating.
rather unfavorable
-The weather of the past week was
SMALL GRAINS.
fair progress
and
the Ohio
for growth of winter wheat ingenerally Valleygood it made only except for
to
but the condition remains too muchvery Growthexcellent,
was variable in the
rain.
yellowing due to
some local
2862
FINANCIAL CHRONICLE
[VOL. 128.
trans-Mississippi States, varying from poor
to excellent in Missouri; warmth and sunshinein Minnesota to very good headquarters to which informa
tion about fashion trends will
while there were a few complaints of too rankwould be beneficial in Iowa,
growth in
good advance was made in the Great Plains, with plants Missouri. Very be gathered,it is planned to digest this information by means
Kansas and the crop doing well in most western sections. jointing in eastern of charts which will show a clear
comparison of the various.
Marked improvement was shown in Washington, although
some advance was made in Oregon. Winterthere was little or no stooling; tendencies of demand and indicate which fashions are dead
wheat was favored in the East or dying,
and South, except for some poor progress in dry sections
which growing stronger, and so forth. The conof Texas.
Seeding spring wheat made rapid advance
tention is that a scientific analysis of style trends may lead
the Red River Valley; this work progressed in North Dakota, except in
well
week in other northern parts of the belt, but somethe latter part of the to alleviation of the losses and wastes which
sections were still too
result from
wet. Spring wheat was showing better germinati
inability to accurately anticipate demand. It is hoped the
on and
ington, but warm weather is needed generally and more growth in Washthat
moisture in eastern the breadth and scope of the
parts. Oat seeding was rather slow in some central-n
proposed analysis
orthern areas, especially in Iowa where much was broadcast; there
estimates to be made with sufficient accuracy towill enable
were some complaints
of yellowing in Illinois. but
give style
factiry. Oats were heading in progress and condition were generally setts- creators reliable indicators of the direction of demand,
some
so
begun in Florida. Rice planting issections of the South and harvesting has that they may base new creation
well advanced in Louisiana, with very
s on a sounder foundation
good germination, and this work progresse in
d
the Sacramento Valley of than has been hitherto possible.
California.
Cotton goods
continue to move into distribution in good volume markets
CORN.—Except in the Great Plains
, with the
ration of seed beds and the planting States and in the South, the prepa- future made
of corn made slow progress during
uncertain by the dangers which attend the
the week because of continued wet soil, though fair advance
was made in current high rate
some Ohio Valley sections, particula
of production. The apparently unafrly
preparation was possible in Iowa, whilein parts of Kentucky. Very little fected popularity
in Missouri plowing
of silk prints is promoting favorable
only in the southern part. Except for wetness in northeast was resumed
ern Oklahoma, sentiment among factors
the eastern half of Kansas, and southeastern Nebraska
concerned with their production.
, seeding
good progress in the Plains States, with some corn planted as far made Demand continues active, and
north
further improvement in
as southwestern Nebraska, though very little was accompli
shed in Kansas. styling is asked for rather urgently.
Planting was well advanced in Oklahoma, with the
early
erally good stand and some cultivation. In the Southern crop up to a genStates conditions
DOMESTIC COTTON GOODS.—While rumor
were generally favorable.
COTTON.—In the eastern half of the Cotton Belt the nights
port so far this month have not generally painted and retoo cool for best germination and growth of early-seeded cotton, were rather
activity
but planting in cotton goods markets as very great, factors
made mostly satisfactory advance, except where wet soil
are apparently
interfere
cipally in parts of the Carolinas and Mississippi. Early plantings d, prin- expecting that aggregate business will
have been
approximate good
nearly completed in South Carolina.
progressed rapidly in Georgia, exceptwith some cultivation, and seeding proportions. The high volume of business which has ocin
ready to chop out as far north as Macon. the northern part, with plants cupied print cloths and wash goods mills for some
In
time past
generally favorable, with stands good and lookingLouisiana conditions were has been well maintai
well.
ned, and if reports from other places,
In planting was reported from western Arkansas and Very good progress
parts of
but slow elsewhere because of wetness. In Oklahoma planting the north, such as the sheetings division, are not so satisfac
tory, and
general in the southeast and south-central portions and begun has become indeed are a source
of real disquietude to some factors, total
in the north
and west. In Texas growth and stands are mostly good
and the general business for the month is still expecte
condition ranges from fairly good to excellent, though
d to register a favorable
will be necessary where heavy rains occurred last week, some replanting figure. The price situatio
n continues uncertain. There are
and cultivation is
backward in some wet areas.
instances of price shading
in various quarters, and while the
The Weather Bureau also furnishes the following resume general opinion seems
to be that quotations are now as low
of the conditions in the different States:
as they well may be, it is a moot point what might result, for
Virginia.—Richmond: Cloudy, wet, and cool. Frost on
Friday did instance, if heavy orders of sheetings became obtaina
slight damage to truck; heavy frost
ble at
close of week in west.
for wheat, pastures, and meadows.atWet weather retarded Favorable concessions. With regard to the latter, some
constructions
farm work,
which is behind in some localities. Generally unfavorab
are now quoted at the lowest level since last year, and
le for early crops
and for fruit.
similar easiness in other lines is said to be partly a reflection
North Carotina.—Raleigh: Rain early
laying work to some extent in central andin week beneficial, though de- of this state
east;
of affairs. Although some wash goods mills have
In west. Some frost damage to tender tr ck, considerable plowing done
strawberries,
experienced a slight slackening of business of late which has
Slow progress in further planting of corn and cotton account and apples
wet soil and
coolness. Considerable tobacco transplanted in east.
enabled them to catch up on deliveries, they are in a good
Wheat, rye, oats
and clover doing well.
statistical position. In most instances they are well sold
South Carolina.—Columbia: Generally favorable, but some
cool, and rains at beginning and end of week further retarded nights too ahead, and are continu
ing to contract a good volume of
spring plowing in northwest where work is backward and only small part of
corn planted. Elsewhere early corn and cotton planting nearing cotton and orders. Wash goods factors are successfully resisting sugcompletion, gestions of
with germination improving and some cultivation. Winter
concessions, even where large orders
cereals, truck,
and forage improved; oats and rye headed In large areas.
and are benefiting by the stress which demandare involved,
Georgia.—Atlanta: Cool weather checked growth ani
is laying on
germination, fine qualities. It
but a sence of general rains favored rapid advance of farm
is said that buyers are showing a gratifying
work. Planting cotton, corn, and numerous minor crops proceeded
actively. Cotton willingness to lend their support to the higher standards of
suffering somewhat from cool weather, necessitating moderate
amount of offerings. A rather quiet primary
replanting; ready to chop as far north as Macon, but rlanting
market during the middle
slow in
extreme north. Much corn up to good stands and doing well.
of the week was relieved by reports of large foreign demand
Florida.—Jaelcsonville: Progress and condition of cotton good, but
nights for the finer constructions of rayon and cotton
too cool. Rain of previous week
truck, corn, melons, tobacco,
mixtures.
and citrus, but some damage onimrroved , and hail on
lowlands
15th damaged Lines of staple ginghams for the Fall season are priced so
truck, melons, and tobacco beds locally in north and central.
Oats being attractively that it is expected that orders
harvested. Satsumas in west doing well.
will begin to be
Alabama.—Montgomery: Locally heavy
placed for them earlier than might otherwise be expected.
moisture mostly beneficial. Progress and rains Saturday: otherwise dry;
condition of oats, truck, pas- The opening of the Amoskeag Company's
tures, and fruit mostly fair to good. Planting corn
Fall lines at prices
and potatoes continues: corresp
earl -planted generally coming
onding to those quoted on Spring offerings is one
finished. Good progress planting up nicely. Bedding 1-weets practically of
cotton in south
the encouraging features of the week; Print cloths, 28and commencing in extreme north; stands of and some central sections
Irregular, but mostly fair to good; some replantinearly-planted somewhat inch 64x60's construction are quoted at 53 0., and 27-inch
/
g in southeast; chopping
progressing locally in south.
64x60's at 53'c. Grey goods, 39-inch 68x72's construction
Mississtppi.—Vicksburg: Planting cotton and corn made
and germination and growth mostly poor due to frequent slow advance are quoted at 8/0., and 39-inch 80x80's at 1O3
-e.
rains and cool
nights; much up to fair stands. x rogress of gardens,
pastures, and truck
WOOLEN GOODS.—Owing to further unfavorable
fair to good.
Louisiana—New Orleans: Weather favorable for
weather business in woolens and worsteds has not outgrown
nights too cool for best growth. Good progress in crops, except some
planting cotton and the quiet conditions which have been general
corn and cultiva;ing early-planted, with stands good
during the
and looking well;
hail caused slight damage in northwest. Rice
planting well advanced, past two weeks or so. Spring and Summer goods are selling
with germination very good. Sugar cane, pastures,
potatoes, truck, and in retail stores, but demand lacks impetus while the
fruits doing well.
wiather
Texas.—Houston: Warmth, with light or no rain,
generally favorable continues uncertain. However, it is expected that the first
for plant growth and field work, except condition
s
of west and soil too wet for planting and cultivati droughty in portions fine spell should bring crowds of buyers into the stores,
parts of central and southwest. Local hail damageon In upper coast and and that the fresh public demand will be reflecte
in
d in an
east. Progress and condition of inter wheat, oats, central and north- increased
volume of orders placed with mills. Meanwhile,
pastures, and truck
mostly very good, e‘cept poor in droughty sections; oats
heading in south duplicate goods are being asked
and east. Progress and condition of corn very good, but
for steadily, if in moderate
wetter sections. Progress and stands of cotton mostly fields grassy in quantity, and the favorab
le position of the primary ingood; condition
fairly good to excellent; some replanting necessary
last week and cultivation backward in wetter areas. where excessive rains dustry as a whole is enabling most factors to weather the
Oklahoma.—Oklahena City: Favorable for plowing
present comparitive quiet without too much discomfort.
cept in northeast portion where work further delayed by and planting, exheavy to excessive Production continues in a fairly good relation to
rains. Progress and condition of winter wheat and oats
sales, and
generally good this circums
to excellent. Corn planting well advanced; earl generally up
tance, coupled with general faith in the policies
to good
stands, with some cultivated. Cotton planting general in
southeast and of the Wool Institute, is helping manufacturers to retain
south-central and beginning in north and west.
their optimistic attitude. While many worsted manuArkansas.—Little Rock: Very good advance in planting cotton
in
of west and locally in northeast where light rains; progress rather most facturers are complai
ning of the narrow margin of profit
poor
elsewhere, due to wet, cloudy weather; crop up in parts of
central
south. Still planting corn in most portions; much yet to plant in and obtainable on sales, they are in a better position for comnorth bating
and east. Very favorable for growth of cotton,corn, wheat, oats,
conditions of this nature than are otton goods manumeadows,
pastures, potatoes, truck, fruit, and strawberries.
facturers who are hampered by a more intensive production.
Tennessee.—Nashville: Week excellent for farm work and
much done. The
but too cool for vegetation. More rain in some sections would be
possibilities of a strike on a large scale are not being
beneficial, but recent flood prevented cultivation. Little cotton planted,
but regarded with very great apprehension. It is
considerable corn seeded. Oats started well. Progress of winter
thought
wheat improbable that
excellent under favorable weather.
such a strike will start before June, nor
Kentucky—Louisville: Mostly cool; rain heavy in extreme west; other- last longer than
a month, and since June is the month
wise light to moderate. Favorable f r soil preparation until
Corn planting made fair progress in sJuthwest and commencednear end. which is customarily given over to the viewing of Fall
in
offerand central, but awaiting warmer weather. Tobacco plants fine and north ings by buyers,
and the production end of the trade is
ful. Oats average to large size. Progress and condition of winter plentiwheat necessarily quiet at that time, it is not expecte
mostly excellent; knee-high in west and jointing generally.
d that manufacturers will suffer unduly from it.
FOREIGN DRY GOODS.—Linens are practically
less. Business is a matter of steady trading and featureTHE DRY GOODS TRADE
volume, with such changes as do occur charact moderate
New York, Friday Night, April 26 1929.
erized
extreme slowness. The position in Belfast is hopeful by
The general attention of textile interests is being directed cording to
reports, with factors bringing system to bear acto the activity of the Wool Institute in the study of style the analysi
on
tendencies. At a meeting held at the Institute on Tuesday, what more s of costs, and expecting to inaugurate a someprofitable price basis with the appearance of a
details of a projected systematized study of style trends better demand
. Burlap buyers are exhibiting great uncerwere submitted and a conference composed of retailers, tainty and
showing little inclination to buy even at the low
mill-men, and cutters-up was announced for the purpose of prices current
at this time. Light weights are quoted at
discussing its possibilities. Using the Institute as a sort of 6.60c. and
heavies at 9.000.
APRIL 27 1929.]
•
FINANCIAL CHRONICLE
*tate and Titu timartmeni
NEWS ITEMS
.-The
-Legislative Session Closes
Delaware, State of.
102d session of the State Legislature adjourned at 5.15 p. m.
on April 19 after the Senate had defeated two measures
which had been introduced by Senator Virdin, relating to the
primary elections and a complete change in the State registration laws.
Florida, State of.-850,000,000 Bond Issue Bill Introduced in House.-Frank J. Booth, the Representative from
Pinellas County, introduced a joint resolution in the House
on April 18 providing for a constitutional amendment authorizing a $50,000,000 bond issue to be used for the stabilization
of finances in heavily bonded counties, completion of the
primary and secondary road systems of the State and
increased revenue for schools, according to the Florida
"Times-Union" of April 19. The paper goes on to say:
2863
effect when the Governor had signed it and filed it with the
Secretary of State.
BOND PROPOSALS AND NEGOTIATIONS.
-BOND SALE POSTADAIR COUNTY (P. 0. Greenfield) Iowa.
-We are now informed that the sale of the $200,000 issue ofannual
PONED.
-has been
primary road bonds scheduled for April 18-V. 128. p. 2330
postponed until May 3 awaiting the ruling of Chapman & Cutler of Chicago,
as to legality. Dated May 11929. Due 9;20,000 from May 1 1935 to 1944.
incl. Optional after 5 years.
-BOND S4LE.-The
ADAMS COUNTY (P. 0. Decatur), Ind.
following issues of 434% bonds aggregating $9,800 offered on April 18V. 128, p. 2506-were awarded to the First National Bank of Decatur: at
par plus a premium of $4.90, equal to 100.054, a basis of about 4.49%:
$4.120 D. S. Beboit macadam road, Jefferson Township bonds.
3,040 Myers and Oakley macadam road. Blue Creek Township bonds.
2,640 Hoffman and irelan macadam road, Blue Creek Township bonds.
Dated April 15 1929. Due May and Nov. 15 1930 to 1939 inclusive.
-E. C. Galla-BOND OFFERING.
AKRON, Summit County Ohio.
111
her, Director of Finance, w-. receive sealed bids until 12 m. (Eastern
time), May 20. for the purchase of the following issues of 534% special
assessment bonds aggregating:
$288,334.43 street improvement bonds. Due as follows: $57,334.43.
Oct. 1 1930; $57.000, Oct. 1 1931; and $58,000. Oct. 1 1932
to 1934 incl.
246,870.06 street improvement bonds. Due Oct. 1 as follows: $24,The Penellas County representative stated that the bonds could be re870.06. 1930; 824.000, 1931 to 1933 incl.; and 825.000, 1934
tired in about 25 or 30 years in this manner. The license tag sales now
to 1939 incl.
produce $4.888.000 annually he pointed out, and probably will increase.
Dated May 11929. Prin. and int. (A. & 0. 1) payable at the National
If more money than this is needed for maintenance of highways,the personal Park Bank, New York. Bids for bonds to bear a different Interest rate
tax on automobiles, or filling station taxes, could be appropriated for the are also invited. Should a fractional rate be offered such fraction is to be
purpose he stated.
.
stated in a m ultple of X of 1% or multiples thereof. Bids must be for
To Be Voted in 1930.
A certified check payable to the order of the above-men"all or none
The proposed amendment specifies that not more than $10.000,000 shall tioned official for 2% of the amount of bonds bid for is required. Successbe issued during any one year and that the bonds shall not bear more ful bidder to furnish legal opinion.
than 434% interest. The amendment would be voted on in the general
-BOND OFFERING.
ALLEGHENY COUNTY (P.O.Pittsburgh), Pa.
election in 1930, the resolution provides.
is reported to be receiving
The$50,000,000 would complete both the primary and secondary preferen- -Robert G. Woodside, County Comptroller, May 14. for the purchase
the sealed bids until 10 a. m. (daylight saving time),
tial roads of the State, Representative Booth stated, and give Florida
of $5,100,00
X% bonds consisting of $2,550,000 series 9-A, Court House
finest road system in the nation.
.000,000 series 34-A2 roads. $1,000.000 series 1A, airport
This would give the State lasting relief from present taxation problems, Extensions.
Court House Extension bonds. Obligations are
the Pinellas county representative stated. Taxpayers of the State should and 8550.00 cries 4-cDenominations $1,000. Due serially in 30 years.
not view the size of the proposed bond issue with alarm, he said, as the dated March 1 1929.$102.000 must accompany each proposal,
will A certified check for
provisions for spreading the issuance of bonds over a period of years
minimize the expense.
-NO BIDS.
-No bids
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
Resolution in Full.
%
were received on April 15 for the purchase of the following issues of
to have been sold-V. 128. p. 2507
The resolution follows in full:
scheduled
to Section 6, of Article IX bonds aggregating $476.000.
"A Joint resolution proposing an amendment
-Unless the bonds are disposed of shortly, the county commissioners are
of the Constitution of the State of Florida, relating to the power of the to request the State Tax Board to permit them to be offered on a 5% coupon
legislature to provide for the issuance of bonds.
rate.
"Be it resolved by the lerislature of the State of Florida:
$293.500 lz.to Road construction bonds. Denom. 81.000 and 8337.50.
"That the following amendment to Section 6, of Article IX, of the ConDue $7,337.50 May and Nov. 15 1930 to 1949 incl.
relating to the power of the legislature
stitution of the State of Florida,
182,500 Tonkel Road construction bonds. Denoms. 81.000 and $562.50.
to provide for the Issuance of bonds is hereby agreed to and shall be subDue 84.562.50, May and Nov. 15 1930 to 1949 incl.
mitted to the electors of the State for adoption or re ection at the next genBoth issues are dated April 15 1929. Int. payable on May and Nov. 15.
eral election of representatives, to be held of the year A. D. 1930, that is Legality to be approved by Smith, Remster, Hombrook & Smith of Indianto say, said ection shall be amended to read as follows:
apolis.
"Section 6. the legislature shall have power to provide for issuing State
Of
bonds only for the purpose of repelling invasion or suppressing insurrection
ASHLAND, Boyd County, Ky.-BOND S4LE.-The $200.000 issue
or for the purpose of redeeming or refunding bonds already issued at a low- 5% semi-annual sewer bonds offered for sale on April 2-V. 128, p. 2150
er rate of interest, or for the purpose of construction or completing the State was awarded to the Harris Trust & Savings Bank of Chicago,for a premium
highway system. Provided that the bonds issued for the construction or of $3.186, equal to 101.598.
completion of a State highway system shall not exceed In the aggregate the
-BOND SALE.
sum of fifty million ($50,000,000) dollars, and not more than ten million
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
April 22-V.
($10,000,000) dollars in bonds shall be issued In any one year, and no bonds The 312,780 coupon road improvement bonds offered on Columbus. as
to the First-Citizens Corp. of
shall be issued that will bear interest at a greater rate than 434% Per 128. p. 2331-were awarded
about
annum, and they shall be offered for public sale at not less than par and 539s, at par plus a premium of $44.73, equal to 100.35, a basis of1 1930
accrued interest."
5.17%. Bonds are dated May 15 1929, due $710. April and Oct.
to 1938 incl. The following bids were also submitted: ml. Rale. Prem.
-The Florida
House A pproves Navi-ation District Bonds.
Bidder$13.20
534%
Ryan, Sutherland
"Times-Union" of April 19, states that the House passed Provident Savings& Co & Trust Co
5.00
5 X%
Bank
42.17
535
Senate Bill No. 138, ratifying the $1,887,000 bond N. S. Hill & Co
39.00
0
5319
& Mayer
issue of the Florida Inland Navigation District. It is said Seasongood & Irving Co
128.00
6%
Well, Roth
13.00
6%
that the proceeds of this bond issue are to be used to purchase Slier, Carpenter & Roose
Kan.
-BOND SALE,
the right-of-way for the East Coast canal.
ATCHISON COUNTY (P. 0. Atchison),
bonds offered for sale
-The following The $140,000 issue of 4X% coupon refundingPrescott. Wright, Snideron
Bill Introduced to Abolish Bond Trusteeships.
&
-was awarded to the
Apr. 23-V. 128, p. 2507
report is taken from the "Wall Street Journal" of April 23:
Co. of Kansas City, at a price of 97.65. a basis of about 4.71%. Dated
New bill introduced in the Florida Legislature by Representative W. B. July 1 1929. Due $14,000 from July 1 1930 to 1939 incl.
Moon would abolish the office of bond trustees In all counties, districts
-A special
-BOND ELECTION.
ATHENS, McMinn County, Tenn. to approve a proposition calling
and municipalities, and substitute the State Treasurer to handle all details
May 11 in order
of bond issues. The bill is a companion to one introduced in the Senate election has been called for in bonds for special paving assessment purposes.
money for the issuance of $25,000
requiring registration of all bonds with the State Treasurer, and
I(P. 0. Avon),
for interest and sinking fund to be deposited with that official, who shall
AVON UNION FREE SCHOOL DISTRICT NO. T. Davin, Clerk
-BOND OFFERING.-C.
pay out interest and principal when due.
Lexington County, N. Y.
30, for
Education, will receive sealed bids until 7:30 p. m., Aprilinterest
Board of
Hidalgo County Water Control and Improvement the purchase of $95,000 coupon or registered school bonds, rate of
'S.
- not to exceed 6%, and to be stated in a multiple of 1-10th or X of 11930
-Suit Brought to Validate Bonds.
District No. 7, Tex.
Dated May 1 1929. Denom.$1,000. Due May 1,as follows: $3,000,
Our western correspondent informs us that the above named to 1954, incl.; and $4,000, 1955 to 1959, incl. Prin. & int. (M. & N.)
A certified check payable
district has filed a mandamus action in the Travis County payable at the State Bank of Avon. Treasurer, for 81,900 mustto the order
accompany
F. Davin, District
ilistrict court at Austin in order to compel the attorney of Agnes Curran Legality to be approved by Clay, Dillon & Vandewater
each proposal.
to approve $2,750,000 in bonds for canal improve- of New York City.
'general
ments that were voted at an election held on Feb. 19-V. BALTIMORE COUNTY (P. 0. Towson), Md.-BOND OFFERING.
John R. Haut, Chief Clerk, Board of County Commissioners, will receive
128, p. 1437.
m.(eastern standard time). May 22,for the purchase
sealed bids until 11 a.
- of all or any part of $1,000.000 of an authorized amount of $2,000,000 434%
Municipal Borrowing Expected on Large Scale.
June 11929. Denom. $1,000. Due June 1,
int.
'Several large offerings of municipal bonds are expected coupon school bonds. Dated
as follows: $65,000. 1930 to 1944, incl.; and $25,000, 1945. Prin. and
National Bank, Towson.
be floated within the next few weeks, according to the (J. & D.1) payable at the Second County Commissioners for A certified
to
1% of the
of the
Elmer J.
"Herald-Tribune" of April 25. Unofficial adviees state check payable to the order
amount of bonds bid for is required. Legal opinion,if requested,of
that a Detroit, Mich. bond issue of between $15,000,000 Cook, Towson, will be furnished. Offering advertisement says:payment
County is pledged for the
and $20,000,000 is scheduled to be marketed shortly. The of"The full faith and credit of Baltimore which is authorized by Chapter 30
the principal and interest of said loan,
The loan is
Maryland
State of New York and the Port Authority of New York of the Acts of the General Assembly of taxation in of 1929. of Maryland
the State
exempt from state, county and municipal
to be contemplating financing improve- and from Federal taxation. Baltimore County has no incorporated towns,
Are also rumored
indebtedment programs. The State financing it is said, will not and has an assessable basis of at least $216,000,000. The total which the
$256,000 Serial Sewer Certificates, for
ness of
take the form of a public offering. It is understood that Towson the County is is primarily liable, and the Issue of the Public Road
Sewerage Area
notes will be issued amounting to about $20,000,000, and School Bonds of Baltimore County, amounting to $3.000,000, of which
Feb. 1 1926;
Feb.
which it is stated have already been subscribed for by $25,000 was paid 1927; 11924; $30.000, Feb. 1 1925: 835.000,Feb. 1 1929;
$45,000, Feb. 1 1928, and 850,000,
various banking institutions. The "Tribune" goes on to $40,000, Feb. 1
and $1,500,000 public school bonds, of which $10,000 was paid Feb. 1 1927.
$12,000 Feb. 11928. and 814,000 Feb. 1 1929, and $1,500,000 public road
say:
was paid April 1 1928, and $40,000 April 11929,
bonds, of which
It is particularly difficult at this time for any one to predict a munici- and 85.000,000 $40.000
Metropolitan District bonds, for which the properties
is largely because of the fact
pality's intentions as to financing. This
benefitteci will be assessed to repay this loan; the faith and credit of the
uncertain, municipal bond
that with the money market situation so would-be borrowers on this houses whole Metropolitan District and of Baltimore County is pledged for the
point.
themselves are hesitant to give advice to
a payment of this loan. The tax rate of Baltimore County for 1929 is $1.65.
Said the head of one municipal department yesterday: "The situation Isto Total State and county rate is $1.90 74-100.
distinctly new one for us. In former years we always have been glad
for the trend of bond prices
-The Subur-BOND SALE.
have municipalities come to us for advice,
BARRINGTON, Camden County, N. J.
way
has usually been quite clearly established. Now there is no the of pre- ban National Bank of Barrington, purchased on Feb. 28, and issue of
vagaries $13,000 6% coupon park bonds at a price of par. Bonds are dated April 1
are dependent upon
dicting what bonds will do. Bond prices
of the money market, and the money market's trend is in extricably inter- 1929, dbnom. $1,000 and $500, and mature serially on April 1 1931 to 1939
.
twined with that of the stock market, whose future is of course an uncharted inclusive. Int. payable April and October.
-The 4358.000 sewer bonds awarded to the
Additional Information.
sea of conjecture."
-at par, are dated April
-V. 128. p. 2685
above-mentioned institution in
of.-Governor Cooper Signs Four Cent Gasoline 1 1929,and mature serially on April 1,from 1931 to 1939 incl. Int. payable
Ohio, State
Governor Myers Y. Cooper on April and Oct. 1. This issue was also purchased on Feb. 28.
Tax Measure.-On April 16
-BOND OFFERING.
BEACHWOOD, Cuyahoga
signed the Sullivan-Bostwick Act,increasing the tax on gaso- Frank C. Marone, Village Clerk,County, Ohio. bids until 12 m. April
will receive sealed
line from 3 to 4 cents, reports the Cleveland "Plain-Dealer" 30, for the purchase of the following issues of 5% bonds aggregating $179.of April 17. The Act became a law at midnight, going into 583:
2864
FINANCIAL CHRONICLE
$103,309 Property Owners' portion, st. improvement bonds. Due Oct.
1, as follows:
$10,309, 1930: $10.000, 1931 and 1932: 811,000. 1933: $10,000,
1934 and 1935;$11,000, 1936;$10,000, 1937 and 1938;and $11,000.
1939.
59,900 Property Owners' portion, at. impt. bonds. Due Oct. 1. as
follows: $4,900, 1930; 96,000, 1931 to 1938, incl.; and $7.000.
1939.
16.374 Property Owners' portion, st. impt. bonds. Due Oct. 1, as
follows: 81,374, 1930; $2.000, 1931; $1,000, 1932; $2,000, 1933
and 1934: $1,000, 1935; 82.000, 1936 and 1937; $1,000, 1938
and $2.000, 1939.
Three issues are dated May 1 1929. Denom. VAN and multiples
thereof. Bids for bonds to bear an interest rate other than the one specified will also be considered: provided, however, that where a fractional rate
Is bid, such fraction shall be stated in a multiple of % of 1% of multiples
thereof. A certified check payable to the order of the Village Treasurer,
for 5% of the amount of bonds bid for is required. Separate bids must
be made for each issue.
BEAVER COUNTY(P.O. Beaver), Pa.
-The $200,000
-BOND SALE.
coupon road bonds offered on April 25-V. 128, p. 2507
-were awarded
as 434s to R. M. Snyder & Co., Philadelphia, at par plus a premium of
$860. equal to a price of 100.43, a basis of about 4.20%. Due $10,000,
Dec. 1 1930 to 1949, incl. The following bids were also submitted:
BidderPremium.
M. M. Freeman & Co., Philadelphia
8
W. H. Newbold's Son & Co., Philadelphia
659
Guaranty Co. of New York
658
National City Co., New York _
198
Graham, Parsons & Co., New York
120
Union Trust Co., Pittsburgh
53
BEAVER DAM, Dodge County, Wis.-BOND SALE.
-The 325,000
issue of 4%% street improvement bonds offered for sale on April 22-V.
128, p. 2685
-was awarded to the Milwaukee Co. of Milwaukee, at par.
Dated May 1 1929. Due from Feb. 1 1930 to 1949, incl. No other bids
were submitted.
BENTON COUNTY (P. 0. Winton), Iowa.
-The
-BOND SALE.
$79.000 issue of 451% coupon or registered county road bonds offered for
sale on April 18-V. 128, p. 2507
-was sold to the Carleton D. Beh Co. of
Des Moines, for a premium of $697. equal to 100.88. a basis of about
4.58%. Dated May 11929. Due from May 1 1931 to 1936.
BOERNE INDEPENDENT SCHOOL DISTRICT (P. 0. Boerne)
Kendall County, Tex.
-A $40,000 iSS1113 of 534% school
-BOND SALE.
bonds has been purchased by the B. F. Dittmar Co. of San Antonio, for a
premium of $2,100, equal to 105.25, a basis of about 4.83%. Due in
from 1 to 40 years.
(This report corrects that given in
-V. 128. P. 2150.)
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
-The Old
Colony Corporation and the Shawmut Corp., both of Boston purchased
on April 26, a $2,500,000 temporary loan. Interest rate 5.59%. Loan is
dated April 29 1929 and is payable on Oct. 2 1929.
BREVARD COUNTY (P. 0. Titusville), Fla.
-BOND OFFERING.
Sealed bids will be received until April 30, by the Clerk of the Board of
County Commissioners, for the purchase of an issue of 91,250,000 road
and bridge bonds.
-BOND SALE.
BRIDGEWATER, Plymouth County, Mass.
-The
Old Colony Corporation of Boston, bidding 101.67, purchased on April 24,
$58,000 434% coupon water bonds. Interest cost basis about 4.10%.
Bonds are dated May 1 1929 in denom. of $1,000, and mature $2,000.
May 1 1930 to 1958. incl. Prin. and int. (May and Nov. 1) payable at
the First National Bank, Boston. The Bank will also supervise the preparation of the bonds and will certify as to their genuineness. Legality to be
approved by Ropes, Gray, Boyden & Perkins of Boston. These are the
bonds offered in-V. 128. p. 2685 erroneously captioned Bridegport.
The following bids were also submitted:
BidderRate Bid.
R.L. Day & Co
101.09
Estabrook & Co
101.02
E. H. Rollins & Sons
100.47
F. B. Moseley & Co
100.51
Harris. Forbes & Co
100.00
Financial Statement, April 5 1929.
Net valuation for year 1928
85.480.344.25
Debt limit
162.589.28
Total gross debt including this issue
527,000.00
Exempted debt
Water bonds
$432,000.00
School bonds
60,000.00
$492.000.00
Net debt
$35,000.00
Borrowing capacity April 5 1929
$127.589.28
BROOKLYN HEIGHTS, Ohio.
-Harvey Dotal-BOND OFFERING.
cover, Village Clerk, will receive sealed bids until 12 in (central standard
time), May 6, for the purchase of 84.6356% improvement bonds. Dated
April 1 1929. Due April 1, as follows: 8135, 1931; and 8500, 1932 to 1940.
incl. Int. payable (A. & O. 1). Prin. and int. payable at the Pearl Street
Savings & Trust Co., Cleveland. A certified check payable to the order of
the Village Treasurer. for 10% of the amount of bonds bid for must accompany each proposal.
-BOND SALE.
BUCHANAN COUNTY (P. 0. Independence), Iowa.
-The $200,000 issue of registered primary road bonds offered for sale on
April 19-V. 128. p. 2331-was awarded to the Carleton D. Beh Co. of
Des Moines, as 431s, for a premium of $860, equal to 100.43, a basis of
about 4.66%. Denom. $1,000. Dated May 1 1929. Due $20.000 from
May 1 1935 to 1944,incl. Optional after 5 years. Int. payable on May 1.
BURLINGTON, Chittenden County, Vt.-BOND SALE.
-The following issues of 434% coupon or registered refunding bonds aggregating
$60,000 offered on April 25-V. 128, p. 2685
-were awarded to the Burlington Savings Bank, at par plus a premium of $6, equal to 100.01:
830.000 Memorial Bldg. bonds. Dated April 1 1929. Due Oct. 1 1949.
30,000 Memorial Bldg. bonds. Dated May 1 1929. Due Nov. 1 1949.
The following bids were also submitted:
BidderRate Bid.
E. 11. Rollins & Sons
98.72
Harris. Forbes & Co
97.25
R. L. Day & Co
98.89
Old Colony Trust Co
99.20
Stone & Webster and Blodget. Inc
99.08
-BOND SALE.
-The
BUTLER COUNTY (P. 0. Allison), Iowa.
$150,000 issue of coupon primary road bonds offered for sale on April 18-was awarded to the Carleton D. Beh Co. of Dee Moines,
V. 128, p. 2150
as 4%s. for a premium of $580, equal to 100.386, a basis of about 4.67%•
Due from 1935 to 1944 and optional after 5 years. The other bids were as
follows.
Rafe Bid, Prem.
Bidders4j% $579.00
Geo. M. Bechtel & Co
5
White-Phillips Co--1,499.00
Jackley-Wiedman Co
5%
1.255.00
CAMP HILL SCHOOL DISTRICT, Cumberland County, Pa.
PRICE PAID.
-E. H. Rollins & Sons of Philadelphia, paid par plus a
premium of $143.00, equal to 100.26, for the $55,000 434% coupon school
licoonds reported sold in V. 128, p. 2685. Interest cost basis about 4.46%.
Bonds are dated May 1 1929 and mature May 1, as follows: 86,000. 1932 and
1933: 84.000. 1934: $2.000. 1935; 84,000, 1936; 86.000, 1937; 84.000. 1939;
$3,000, 1940 and 1941; $5,000. 1942; 52.000, 1943 to 1946 incl.; 31,000,
1948 and 83.000. 1949. As previously noted the purchasers are reoffering
the issues for public investment, priced to yield 4.25%.
CANTON, Stark County, Ohlo.-BOND OFFERING.
-Samuel E.
Barr, City Auditor, will receive sealed bids until 1 P. m. (eastern standard
time), May 8, for the purchase of the following issues of 434% bonds
P1•o 5 4:
$ 43 Owners' portion, st. impt bonds. Due Jan 1, as
5
3 t
i
follows: $1,669.38. 1931:$2.000. 1932; 8500, 1933; 82,000, 1934;
8500, 1935: 82,000, 1936: 8500, 1937: 82,000, 1938 to 1940, incl.
12.968.04 Property Owners' portion, st. impt. bonds. Due March 1, as
follows: $1.468.04. 1931: $1,000, 1932: 81.500. 1933; 81.000.
1934:81,500, 1935:81.000, 1936:81.500. 1937:81,000, 1938; and
31,500, 1939 and 1940.
aggregatingi.
[VOL. 128.
•
9,149.46 Property Owners' portion, st. impt. bonds. Due Feb. 1, all
follows: 51,049.46, 1931; and $900, 1932 to 1940. incl.
8,161.53 Property Owners' portion, st. Impt. bonds. Due March 1, as
.
follows: $661.53. 1931; 51,000. 1932 to 1934, incl.; 8500, 1935;
91.000. 1936; 8500, 1937; 11,000, 1938; 1500. 1939; and $1,000.
1940.
5.405.00 Jackson Park Swimming Pool impt. bonds. Due March 1, as
follows: 8605, 1931; 11500, 1932; 8600, 1933: $500, 1934; 5600.
1935; 3500, 1936; $600, 1937; and 8500, 1938 to 1940, incl.
Five issues are dated March 1 1929. Prin. and int, payable at the office
of the City Treasurer. Bids for a lesser or a higher coupon rate will be
considered. A certified check for 5% of the amount of bonda bid for is
required.
CARTERET COUNTY (P.O. Beaufort), N. C.
-BOND OFFERING.
-Sealed bids will be received by W. J. Plint, Register of Deeds, until
noon on May 6.for the pruchase of a $515.000 issue of 534% funding bonds.
Dated Mar. 1 1929 and due on Mar. 1, as follows: 816,000, 1934 to 1948
and $25,000 from 1949 to 1959, all incl. Prin and semi-annual int. payable
at the Hanover National Bank in New York City. Chapman & Cutler of
Chicago will furnish the legal approval. Issued under authority of: H.
B. No. 874, Sen. bill 1022, Acts of the Gen. Ass. of 1929. A certified
heck for 2% of the bid, payable to the County, is required.
CEDAR RAPIDS, Linn County, lowa.-PRICE PAID.
-The $160,000 issue of water works bonds that was purchased by the White-Phillip;
Co. of Davenport, as 4
128, p. 2685
-was awarded at par. Due
from April 1 1930 to 1939, incl.
CHARLESTON TOWNSHIP, Coles County, Ill.
-BOND SALE.
The Harris Trust & Savings Bank, Chicago, recently
issue
of $100,000 534% coupon road bonds. Dated April purchased an
15 1929. Denom.
$1,000. Bonds may be registered as to principal Due Dec. 15, as follows:
$6,000, 1931 87.000, 1932 $8,000, 1933 and 1934 $9,000, 1935 811,000.
1936 $12,000, 1937 and 1938 $13,000, 1939 and $14,000, 1940. Prin.
and bit. (June and Dec. 15) payable at the Continental Illinois Bank &
Trust Co., Chicago. Bonds, in the opinion of counsel, are direct general
obligations of the entire township and are payable from taxes levied against
all the taxable property therein. Successful bidder is re-offering them for
cnvestment priced to yield from 4.80 to 4.60%.
Financial Statement.
(As officially reported.)
Assessed valuation for taxation
$5.036,905
Total debt (this issue included)
*115,000
Population, estimated 8,500; population, 1920 census 7,589; population,
1910 census 6.802.
* The above statement does not include obligations of other municipal
corporations which have taxing power against property within the township.
CHESTER, Delaware County, Pa.
-BOND OFFERING.
-S. P.
Gray, Superintendent of Accounts and Finance, will receive sealed bids
until 1 p. in. (eastern standard time) May 21. for the purchase of $550,000
4 or 434% coupon Sewer and Pumping Station bonds. Dated July 11929.
Denoms. $1,000. Due July 1 as follows: $10,000, 1931, and 820,000, 1932
to 1958, incl. Principal and interest payable in Chester. A certified check
payable to the order of the City for 2% of the amount of bonds bid for is
subj
a
trUo irortbr ypinion of Townsend, Elliott
tgv le a tto
& gilues n gll iegilda
rec dr nciOn oin iat
CHICAGO SOUTH PARK DISTRICT (P. 0. Chicago), Cook
County, III.
-OTHER BIDS.
-The following tenders were also submitted
on April 12 for the 93,500.000 4% building bonds awarded to a syndicate
headed by Ames, Emerich & Co., Chicago. at 95.548, a basis of about
4.60%.-v. 128, p. 2686.
Rat
Bidder
Bid.
First Trust & Savings Bank
Halsey, Stuart & Co
CLAIRTON, Allegheny County, Pa.
-BOND SALE. T e
:• 4• 005e
coupon bonds offered on April 23-V. 128, p. 2508
-were awarded as
434s, to the Mellon National Bank of Pittsburgh, at par plus a premium
of 8133, equal to 100.19, a basis of about 4.48%. Bonds are dated April 1
1929 and mature April 1 as follows: 86,000. 1935 to 1941, incl., 89,000.
1942 and 1943, and $10,000, 1944. Other bidders were:
Bidder
Prem.
Prescott, Lyon & Co., Pittsburgh
J. II. Holmes & Co., Pittsburgh
-BOND SALE.
CLEVELAND, Bradley County, Tenn.
-A 82782:000
$5 00
7.00
issue of 5% refunding bonds has been purchased by the Cleveland National
Bank.
CLEVELAND HEIGHTS (P. 0. Cleveland) Cuyahoga County,
Ohio.
-The following issues of bonds aggregating 9529,-BOND SALE.
070 offered on April 22-V. 128, p. 2331-2680
-were awarded as 5s. to
the Detroit & Security Trust Co., Detroit, at par plus a premium of $3,491.86, equal to 100.51, a basis of about 4.93%:
9472,770 special assessment street improvement bonds. Due October 1
as follows: 846,770, 1930: $47,000, 1931; $48,000. 1932; $47,000.
1933 to 1935 incl.; 848,000, 1936; 847.000, 1937 and 1938; and
$48.000. 1939.
56.300 impt. bowie. Due Oct. 1, as follows: 95,300, 1930. 96,000, 1931
and 1932: 85,000. 1933: 86,000, 1934; 85,000, 1935; 86,000, 1936;
85,000. 1937;and 86.000. 1938 and 1939.
Both issues dated May 15 1929.
Harris, Forbes & Co.,'bidding for both issues offered par plus a premium
of $1.106. Braun, Bosworth & Co., Toledo, for both issues as 534s,
bid par plus a premium of $4,077 For $472.770 bonds as 5s they offered
par plus a premium of $236, and for $56,300 bonds as gs they offered
par plus a premium of 928. The Guardian Trust Co., Detroit, for the
$472.770 issue and the $56,300 issue, offered premiums of $808 and $96.
respectively.
CLIFFSIDE PARK (P. 0. Cliffside) Bergen County, N. J.
-BOND
OFFERING.-Arthur H. Abrams. Borough Clerk, will receive sealed bids
until 8:30 p. m.(daylight saving time) May 7,for the purchase of $298,000
434, 5, 5%,5%,5% or 8% coupon or registered assessment bonds. Dated
March 1 1929. Denoms. $1,000. Duo March 1 as follows: $25,000, 1930
to 1935, incl., and $37,000, 1936 to 1939, incl. Principal and interest
(March and September) payable at the Cliffside Park National Bank Cliffside Park. No more bonds to be awarded than will produce a premium of ,
31.000 over the amount of the offering. A certified check payable to the
order of the Borough for 2% of the amount of bonds bid for is required.
Legality to be approved by Reed, Hoyt & Washburn of New York. No bids
were submitted for this issue on Feb. 28 when it was offered with a coupon
rate of 431%-V. 128,p. 1435.
COCHISE COUNTY UNION HIGH SCHOOL DISTRICT NO, 9
(P. 0. Tombstone), Ariz.
-The $70,000
-ADDITIONAL DETAILS.
issue of school bonds that was awarded to the Bank of Mabee, of Bisbee.
at a price of 107.50-V. 128. p. 2508
-bears int. at 6%. Denom. $1.000.
Dated Aprll 1 1929, and due on April 1, as follows: 82.000, 1930 and 84,000
from 1931 to 1947, incl., giving a basis of about 5.01%•
-BOND OFFERING.
-Sealed
COLDWATER, Mercer County, Ohio.
bids will be received by U. A. Decurtins, Village Clerk, until 12 in. May 11
for the purchase of $6,844.31 534% special assessment street improvemen;
bonds. Dated Jan. 11929. Due as follows: 3350. Jan. and July 1 192'
to 1938, incl.: and 8194.31, Dec. 11938. A certified check payable to th9
order of the Village Clerk for $500 must accompany each proposal.
-BOND OFFERING.
COLLINGSDALE, Delaware County, Pa.
Sealed bids will be received by Joseph McDougall, Borough Secretary,
until 8 p. in. June 10 for the purchase of $15,000 434% coupon borough
as to pin ated June 1 1929 and payable in 1959. Bonds are registerable
bonds. Dated
pa
COLUMBIA TOWNSHIP RURAL SCHOOL DISTRICT, Melee
-II. W. Dugeon, Clerk Board of
County, Ohio.
-BOND OFFERING.
Education, will receive sealed bids untll 12 in. (eastern standard time)
May 4, for the purchase of $12.000 534% school improvement bonds.
Dated April 1 1929, Denom. 9600. Due $600, April and Oct. 1 1930 to
1939, incl. Prin. and int. (A. & 0. 1). payable at the office of the District
Treasurer. A certified check payable to the order of the Board of Education for $500 is required. Any bidder desiring to do so may submit a tender
based on a coupon rate other than the one stated above.
CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT (P. 0.
Corpus Christi), Nueces County, Tex.
-BONDS REGISTERED.
The $100,000 issue of5% serial school bonds that was recently sold-V.128.
-was registered by the State Comptroller on April 19.
p. 2508
APRIL 27 1929.]
FINANCIAL CHRONICLE
2865
350,000 water bonds. Due on Jan. 1 as fellows: 36,000, 1932 to 1942:
-The
-PRICE PAID.
CORPUS CHRISTI, Nueces County, Tex.
J. E.
38.000. 1943 to 1950: 310,000. 1951 to 1957: 312,000, 1958 to
$22.435 issue of 6% storm sewer warrants that was purchased by the Due
1962 and 315.000. 1963 to 1968, all incl.
-was awarded at par.
-V. 128, P. 2331
Jarrett Co. of San Antonio
50,000 cemetery bonds. Due on Jan. 1 as follows: $1,000 1932 and 1933.
from July 1 1933 to 1948.
and $2,000 from 1934 to 1957, all incl.
-BOND OFF,ERING.85,000 underpass bonds. Due on Jan. 1 as follows: $2,000. 1932 to 1940:
COTTLE COUNTY (P. 0. Paducah), Tex.
$3,000, 1941 to 1949, and $4,000, 1950 to 1959. all incl.
Sealed bids will be received until May 17, by James M. Whatley. County
The rate of interest is to be named by the bidder. Dated May 1 1929.
Judge, for the purchase of two issues of bonds aggregating 3350.000,
Prin. and int. (J. & J.) payable in gold in New York. The U. S. Mortgage
divided as follows:
$200,000 5% road, series C boccie. Dated March 1 1927. Due serially. & Trust Co. of Now York will supervise the preparation and certify the
These bonds are a part of an $800,000 issue voted on Jan. 15 bonds. Masslich & Mitchell of New York will furnish the legal approval.
1927, of which $262,000 have already been sold.
The city clerk or the above named trust company will furnish the required
150,000 court house bonds. The issuance of these bonds is dependent bidding forms. A 821,700 certified check must accompany the bid.
to be held May 11, and should they be approved
upon an election
(This report supplements that given in V. 128, p. 2687.)
they will bear 5% interest and mature serially.
-BOND
EAST CHICAGO SCHOOL CITY, Lake County, Ind.
A certified check for 23 % must accompany the bid.
SALE.
-The 3175.000 school bonds offered on April 24-V. 128. p. 2332
COTTONPORT SCHOOL DISTRICT NO. 12 (P. 0. Marksville), were awarded to the Fletcher-American Co. of Indianapolis at par plus
-BOND SALE-The $60,000 issue of school bonds a premium of $200. equal to a price of 100.11. Rate of interest not given.
Avoyelles Parish, La.
-was awarded to the Peoples Bonds are dated June 1 1929 and mature June 1 as follows: 325.000,
offered for sale on April 23-V. 128. p. 2509
Savings Bank & Trust Co. of Mansura, as 5s, for a premium of $87.50, 1945 to 1948 incl.. and $75,000, 1949.
equal to 100.145, a basis of about 4.98%. Due from April 1 1930 to 1949.
-BOND OFFERING
EAST LIVERPOOL,Columbiana County, Ohio.
incl.
City Auditor, will receive sealed bids until 12 ml
- -W. M. McGraw,
-BONDS REGISTERED.
10. for the purchase of $3.381.40 5% street
COUNTY (P. 0. Crane), Tex.
CRANE
(eastern standard time) May
A $300,000 issue of 5Si% serial road, series of 1928 bonds was registered improvement bonds. Dated May 1 1929. Denoms. $700, one bond for
on April 18 by the State Comptroller.
$581.40. Due Sept. 1, as follows: $700, 1930 to 1933. Ind; and $581.40.
to
-A 3300.000 1934. Int, payable on March and Sept. 1. A certified check payable is
-BOND SALE.
CRANE COUNTY (P. 0. Crane), Tex.
for
the Dallas Union required.of the City Treasurer for 2% of the amount of bonds bid
issue of highway bonds has been purchased at par by
Trust Co. of Dallas.
-BOND SALE.
EDGECOMBE COUNTY (P. 0. Tarboro), N. C.
CRANE CONSOLIDATED SCHOOL DISTRICT NO.3(P.O. Crane),
coupon school bonds offered for sale on April 25Stone County, Mo.-MATURITY.-The 328.500 issue of 53. % school The $60,000 issue of awarded for a premium of $245 on 5% bonds, equal
-was
V. 128, p. 2509
bonds that was purchased by the Prescott, Wright, Snider Co. of Kansas
of about 4.97%. Dated Jan.1 1929 and due on Jan. 1
City, at a price of 101.842-V. 128, p. 2509- is due from 1931 to 1949, to 100.408, a basis 1930 to 1956 and $3,000 in 1957 and 1958.
as follows: 52,000,
giving a basis of about 5.30%.
-The
-BOND SALE.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND ELECTION.
CROCKETT COUNTY (P. 0. Alamo), Tenn.
improvement bonds offered on April 24-V. 128, p.
On May 11 a special election is scheduled in order to have the voters pass $12.000 43.4% road to the Salem Bank & Trust Co. and the City National
2687
-were awarded
road improvements.
Judgment on a proposed bond issue of $750,000 for
Bank, at par plus a premium of $11. equal to 100.09, a basis of about
- 4.49%. Bonds are dated April 15 1929 and mature $300 May and Nov. 15
-BOND SALE.
CUYAHOGA FALLS, Summit County, Ohio.
The following bond issues aggregating 3779,401.60 offered on April 23- 1930 to 1949, bad. No other bid submitted.
-were awarded as 5)s, to Braun, Bosworth & Co., Toledo,
V. 128. p. 2332
-BOND SALE.
FAYETTE COUNTY (P. 0. West Union), Iowa.
at par plus a premium of 32.189, equal to 100.28, a basis of about 5.19%:
annual primary road bonds offered for sale on April
$764.192.60 improvement bonds. Due as follows: 339.192.60, April and The $200,000 issue of
-was awarded to Stranahan, Harris & Oatis, Inc.,
128, p. 2152
11-V.
$39.000. Oct. 1 1930: 338,000. April and Oct. 1 1931 to 1938 of
Toledo, as 5s. Due $20,00 from May 1 1935 to 1944, incl. Optional
inclusive, and $39,000. April and Oct. 11939.
15,209.00 improvement bonds. Due Oct. 1, as follows: $3,209, 1930, and after 5 years.
-The
-BOND SALE.
$3,000, 1931 to 1934 had.
FAYETTEVILLE, Cumberland County, N. C.
Issues dated May 1 1929.
two issues of bonds aggregating $137,000, offered for sale on Mar. 23-V.
-were awarded to Stranahan, Harris & Oath', Inc.. of Toledo,
SCHOOL DISTRICT NO. 10, Genesee 128, p. 1775
DAVISON TOWNSHIP
-Anna E.Thomas. Clerk Board of Education, as 534s, for a premium of $1,479.60, equal to 101.08, a basis of about
-NO BIDS.
County, Mich.
follows:
reports that no bids were received on March 28 for the $22.000 school bonds 5.14%. The issues are as bonds. Due from April 1 1931 to 1949.
offered for sale (V. 128, p. 1959). Bonds mature on May 1 as follows: $87.000 street improvement
50,000 sewer bonds. Due from April 1 1932 to 1965.
$500 1931 to 1936 incl., $700 1937 to 1941. Incl.. $900 1942 to 1946 incl..
and 31.000 1947 to 1957 incl.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 58 (P. 0. Olney),
-Sealed bids will be received until 4 p. in.
-BOND OFFERING.
DeBACA COUNTY MUNICIPAL SCHOOL DISTRICT NO. 20 (P. 0. Mont.
-The 340.000 on May 10, by Nellie J. Johnson, District Clerk for the purchase of a
N. Mex.-BOND SALE. POSTPONED.
Fort Sumner)
issue of school bonds originally scheduled for sale on May 1-V. 128. la• $3,500 issue of school bonds. A $25 certified check must accompany the bid.
-will not be sold until 1 p. in. on May 20. Int, rate is not to exceed
-BOND
2686
FLINT SCHOOL DISTRICT, Genesee County, Mich.
6%. Dated May 1 1929. Due $2.500from May 1 1932 to 1947 incl.
% school building bonds offSALE.
-The $1,100,000 series A of 1929,
-were awarded to Stone & Webster and
- ered on April 24-V. 128. p. 2687
-BIDS UNOPENED.
DELAWARE COUNTY (P. 0. Media), Pa.
George T. Wades. County Comptroller, reports that all bids received Blodget,Inc.,of New York,at par plus a premium of $750. equal to 100.068,
-V. 128, a basis of about 4.49%. Bonds are dated March 1 1929 and mature
on April 23, for the $600,000 4%% coupon bonds offered for sale
-were not opened, owing to an error in the advertisement. Bonds $55,000.'March 1 1930 to 1949. incl.
p. 2686
are dated May 1 1929. Due $20,000. May 1 1930 to 1959 incl.
The Fidelity Trust Co., Detroit. was associated with the above-mentioned
-George T. Wades. County Comptroller, is re- conoern in the purchase of the bonds. The successful bidders are reBOND OFFERING.
time) May 14 for the purchase offering them for public investment priced to yield 5 to 4.35%, according
ceiving sealed bids until 10 a. m. (standard
of the above issue of 3600,000 4%% bonds. Dated May 11929. Denom. to maturity.
$1,000. Duo $20.000 May 1 1930 to 1959 incl. A certified check, payable
-A $15,000 issue of
-BOND SALE.
FLORA, Madison County, Miss.
to the order of the county. for 2% of the amount of bonds bid for is re- sewer bonds has recently been purchased by local investors.
quired. Bonds to be sold subject to favorable opinion of Townsend,
-BOND
DISTRICT, Armstrong County, Pa.
to their legality.
Elliott & Munson of Philadelphia as
FORD CITY SCHOOL
-We are in receipt SALE.
-BOND CALL.
-The $80,000 434% coupon school bonds offered on April 25-V.
DENVER (City and County), Colo.
-were awarded to A. B. Leach & Co. of Phialadelphia, at a
relative to 128, p. 2509
of the following statement from Geo. D. Begole, City Auditor,
are dated April 1 1929 and
the proposed redemption of an issue of$71,000 4 % municipal water bonds, price of 100.60 a basis of about 4.43%. Bonds
mature April 1. as follows: 110,000, 1934 to 1939, incl.; and $5.000, 1944:
series 1918:
bidders were
and 1959. Other
"Whereas, the City and County of Denver,in the State of Colorado, has 194B9id;
Premium.
Bidderon hand to the credit of the sinking fund for the redemption of that certain
$404.00
Issue of bonds known as City and County of Denver Municipal Water W.H.Newbold's Son & Co
55.00
Bonds, Series 1918. the sum of $71,000, and accrued interest, and desires Prescott. Lyon & Co
many of said bonds as may be offered not to J. H.Holmes& Co
to purchase for redemption as
32 00
457..96
Mellon National Bank
exceed said sum,at a price of not more than principal and accrued interest.
-The $150.000
-MATURITY.
"Now, Therefore, notice is hereby given, pursuant to Section 238 of the
FORT MYERS, Lee County, Fla.
Charter of said City and County of Denver, that said city and county will block of the 534
refunding, series B bonds purchased by the Brown-is due
until 10 o'clock in the forenoon of May 3 1929. receive written proposals Crummer Co. of Orlando. at a price of 95.12-V. 128. p. 2152
for the surrender and redemption of said bonds at a price not more than from march 20 1932 to 1953, giving a basis of about 6.03%.
principal and accrued interest and will, to the extent of said sum 0(871,000
-A.
FREDERICK, Frederick County, Md.-BOND OFFERING.
and accrued interest, purchase for redemption the bonds offered at the lowbids
p. m.
est price or prices. As between bonds offered at the same price, the city N. Nicodemus, City Register, will receive sealed water until 730 public
works and
reserves the right to select the bonds to be purchased by lot or by appor- May 15, for the purchase of 8250.000 43.i% coupon
tionment. Proposals should be addressed to the Board of Water Commis- improvement bonds. Dated June 1 1929. Denom. $1,000. Due June
sioners, 1509 Cleveland Place, Denver, Colo., and marked plainly on the 1, as follows: $2,000. 1931 $3',000. 1932 $4,000, 1933 $5,000. 1934 and
outside of the envelope: "Proposal for surrender of bonds for redemption." 1935 36,000, 1936 to 1938. incl. 37.000, 1939 to 1941. incl. 38,000, 1942
Those whose proposals are accepted will be advised promptly that their to 1944, incl. $9,000, 1945 to 1947, incl. $10,000. 1948 to 1950, incl.
bonds will be purchased by the City Treasurer for redemption upon pre- $11,000. 1951 to 1953. incl. 312,000. 1954 to 1956, incl. $13,000, 1957
sentation to him on or before May 23 1929, in accordance with their respec- $14,000, 1958 and $15,000, 1959. The bonds may be registered as to
tive proposals. If said sum of $71,000 and accrued interest in the sinking principal only. A certified check payable to the Mayor and Board of
fund is not exhausted by the purchase of bonds so presented on or before Aldermen, for 5% of the amount of bonds bid for is required.
May 23 1929, the city reserves the right after May 23 1929, in its discreFREMONT SCHOOL DISTRICT (P. 0. Fremont), Carter County,
tion, to purchase any and all bonds offered at any time at a price not more
-A $19,000 issue of school bonds has been Purchased
than principal and accrued interest until said sinking fund is exhausted." Mo.-BOND SALE. Bank.
by the Fremont State
-Sealed bids will
DE PERE, Brown County,Wis.-BOND OFFERING.
-BOND OFFERGATES (P. 0. Coldwater) Monroe County, N. Y.
be received by the City Clerk until 4 p. in. on May 6 for the purchase of a
-Mary R. Harrington. Town Clerk, will receive sealed bids until
$50,000 issue of 414% annual school construction bonds. Denom. $500. ING. (Eastern standard time) May 3, for the purchase of 844,000 series
March 1 1929. Due 32,500 in from 1 to 20 years. A certified check 8 p. in,
Dated
-rate of interest not to
No. 3, coupon or registered street impt, bonds
for $100 must accompany the bid.
exceed 6% and to be stated ins multiple of % of 1%. Dated April 11929.
-The Denominations $1.000. Due April 1, as follows: $4.000. 1930 to 1935 incl.:
DODGE COUNTY (P. 0. Juneau), Wis.-BOND SALE.
$114,000 issue of 4%% coupon highway, series B bonds offered for saloon 53,000, 1936 to 1939 incl.: and 32.000. 1940 to 1943 bad. Prin. and int.
-was awarded to the First Wisconsin Co. of (April and October) payable at the Union Trust Co., Rochester. A certified
April 18-V. 128. p. 2332
°. check payable to the order of the Town for $500 is required. Legality
Milwaukee, for a $907 premium, equal to 100.796, a basis of about 4.357
The other bids were as follows:
Due on May 1 1948.
to be approved by Clay. Dillon & Vandewater of New York City.
Premium.
-The
-BOND SALE.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
$727.00
Trust & Savings Bank, Chicago
Harris
issues of
690.00 Detroit & Security Trust Co., Detroit, on April 15, purchased 3 at par
Continental Illinois Co., Chicago
$155,962.28
377.00 special assessment improvement bonds aggregating The
A. B. Leach & Co., Chicago
consists
342.00 plus a premium of 904.00 equal to a price of 100.58. from awardto 1938.
The Milwaukee CO., Milwaukee
1930
of 3 issues which were taken as 5365. Due serially
1.
-BOND OFFERING.
County, Colo.
--Sealed mc
DOLORES, Montezuma
An official list of the bids submitted follows:
bids will be received by John R. Becher, Town Clerk, until May 6. for the
semi-annual
364,242.25
purchase of a $10,000 issue of 536%after 5 years. municipal auditorium
$41.079.17 $50,540.86
Issue
bonds. Due in 15 years and optional
Rate Prem. Rate Prem. Rate ?rem.
BidderDRYDEN TOWNSHIP SCHOOL DISTRICT NO. 1, Lapeer County, Blanchet Bowman & Wood
534 $109.21 534 869.83 534 385.92
-The 350.000 school bonds offered on April 11- Title
-BOND SALE.
Mich.
534 334.06 536 213.61 534 262.81
Guarantee & Trust Co
-were awarded to the Detroit & Security 'Trust Co., Seasongood & Mayer
V. 128, 9. 2332
534 201.00 534 165.00 534 61.00
Detroit, at par plus a premium of $1,080, equal to 102.16. Interest rate Detroit & Security Trust Co
534 372.61 534 238.26 534 293.13
April 1 1929 and mature April 1 as follows:
not stated. Bonds are dated
270.52 5 206.04 5% 208.00
5
First Citizens Corp
31,000, 1932 to 1946 incl.; $2,000. 1947 to 1951 incl.: and $3,009, 1932 Provident Savings Bank & Trust Co 534
following bids were also submitted:
to 1959 incl. The
3 e
3 8. d
534 392.50 on all issues combin62
N. S. Hill & Co
Premium.
Bidder785.00 on all issues combined
.53
$1,075 Ryan, Sutherland Co
Bank of Detroit
536 296.00 536 232.00 534 166.00
680 W.L.Slayton Co
Bumpus & Co
-The
-BOND SALE.
602
GIBSONBURG, Sandusky County, Ohio.
Whittlesley. McLean & Co
bonds offered on April 22-V. 128, p.2509
-BOND OFFERING.
-Sealed $5.500 coupon Public Cemetery
DURHAM, Durham County, N. C.
6s, to the Home Banking Co., Gibsonburg, at par plus
on May 6, by C. B. Alston, City Clark, -were awarded asequal to 100.27, a basis of about 5.90%. Dated April 1
bids will be received until 8 p. in.
a premium of 815.
for the purchase of six issues of coupon or registered bonds aggregating 1929. Due 31.100 .193050 1934, incl. One other bid was submitted by the
$1,085.000, divided as follows:
Due on Jan. 1 as follows: $11.000, Gibsonburg Banking Co.
$200,000 street improvement bonds.
GIBSON COUNTY (P. 0. Princeton), Ind.-BOIVD OFFERING.
1931 to 1910 and 310,000 from 1941 to 1949, all incl.
Treasurer, will receive sealed bids until 10 a. an.
100,000 street widening and extension bonds. Due on Jan. 1. as follows: Carl L. Woods, County of $111.600 5%,,C. B. Smith et al, Montgomery
May 10 for the purchase
$2,000. 1932 to 1975,and $3.000, 197650 1979, all Incl.
ated April 15 1929. Denom.
Township road Improvement bonds.
300,000 sewer bonds. Due on Jan. 1 as follows: $5.000. 1932 to 1940: $930. Due $2,790. May and Nov. 15 1930 to 1949. incl. Int. payable
$7.000, 1941 to 1947: 38.000. 1948 to 1955: 810.000. 1956 to 1962 on May and Nov. 15.
and 312,000, 1963 to 1968, all incl.
2866
FINA MITA L O1FROVT0T,F,
[VOL. 128.
GILBOA, BLENHEIM, BROOME AND CONESVILLE CENTRAL
HUTCHINSON, Reno County, Kan.
-BOND OFFERING.
-Sealed
SCHOOL DISTRICT NO. 1(P.O. Gilboa), Schoharie County, N. Y.
- bids will be received
BOND SALE.
-The 5160,000 coupon or registered school bonds offered for the purchase of by H. R. Obee, City Clerk, until 4 p. m. on April 30
on April 20-V. 128, p. 2332
-were awarded as 4.905, to Barr Bros. of New $113,500 as follIws: two issues of 44% semi-annual bonds aggregating
York: at a price of 100.91. a basis of about 4.82%. Dated May 1 1929. $75.000 airport park
bonds. Due serially in from 1 to 10 years. Denom.
Due Nov. 1. as follows:$3,000. 1930 to 1934 incl.; 55,000, 1935 to 1939 incl.;
3500.
and $6,000, 1940 to 1959 incl.
38,500 swimming pool bonds. Due serially in from 1 to 10 years. Denom.
Other bidders were:
$1,000.
Bidder
Rate.
Premium.
Dated Mar. 11929. The bonds will be printed by the city.
Dewey, Bacon & Co
A certified
4.90%
51.168.00 check for 2% of the bid is required.
Kissel. Kinnicutt & Co
4.907
1,119.00
Parson. Son & Co
INDEPENDENCE, Polk County, Ore.
5.00 Q
-BOND SALE.
833.20 issues
-Of the
of bonds, aggregating 512,000, offered for sale on Apr. 18-V. two
George B. Gibbons & Co
368.00
4.90%
128,
Manufacturers & Traders-Peoples Trust Co.. Buffalo 4.90%
-the $6,000 issue of public library
60.00 p. 2333
Independence National Bank, as 6s, at par. bonds was awarded to the
Due in from 1 to 12 years.
GOLIAD COUNTY (P.O. Gonad),Tex.
-BOND OFFERING.
-Sealed We have not been informed as to the disposition of the
remaining $6,000
bids will be received by J. A. White, County Judge, until 2 p. m.on May 13
for the purchase of an issue of $125.000 54% coupon special road, series B Issue of not to exceed 6% street Improvement bonds.
IONIA COUNTY (P. 0. Ionia), Mich.
bonds. Denom. 51.000. Dated March 1 1929 and due on March 1. as
-BOND OFFERING.
-Sealed
follows: $9,000, 1935: $11,000, 1939: $12.000. 1941: $13,000, 1942: $16,000 bids will be received by the Board of County Road Commissioners
until
1947: 519.000, 1950: $22,000. 1953 and $23,000 In 1954. Prin. and int. 1 p. m. (Eastern standard time) May 7 for the purchase of $72,000 Road
(M. & S. 1) payable at the Hanover National Bank In New York City. Assessment District No. 32 bonds, and $46,900 Road Assessment District
No. 33 bonds. Bonds are to mature in from one to Witt
Chapman & Cutler of Chicago will furnish the legal approval. A certified
years. Pate of
interest is not to exceed 6%. Bids will be received at
check for 2% Is required. The following statement is furnished.
approximately $2,200 Assessment District Road No. 44 the same time for
Financial Statement.
bonds, and $7,500
Assessment District No. 43 bonds. These bonds are to
Bonded indebtedness:
mature In from
one to five years. A certified check for 2% of the amount
Sept. 11921. 20 years. $45,000, 54%-Special Road bonds
of bonds bid
for Is required.
Jan. 1 1928. serial. $144000 44 %-serial A road bonds.
July 10 1925,seri I. $135,000 54%-R.& B.funding.
IRVING_, BOWNE, CAMPBELL, FRACTIONAL SCHOOL DISOct. 10 1925. serial, $5,850, 53f% Bridge Refunding.
TRICT NO. 9, Mich.
-BOND OFFERING.
-Sealed bids
Warrant indebtedness:
by F. G. Hynes, Secretary Board of Education, until 8 will be received
April 10 1922. serial. $20.000. 6%-T1 k eradication.
standard time) April 30, for the purchase of $15,000 schoolp. in. (Eastern
bonds, to bear
Sept. 15 1923, serial. $5.000. 6%-Tick eradication.
a coupon rate of 5%.
Total bond and warrant indebtedness
$354.850.00
JACKSON TOWNSHIP SCHOOL DISTRICT (P. 0. Millerton)
Less sinking fund this date
25,000.00
Tioga County, Pa.
-BOND OFFERING.
-Richard Myfelt, Secretary
Net indebtedness
$329,850.00 Board of Directors, will receive sealed bids until 8 p. m. May 13, for the
Assessed valuation 1928 $8,382.447. actual value over $25,000.000. purchase of 55,000 4)4% coupon school bonds. Dated July 15
1929.
Population over 10,000. '
Denoms.$500. Due 5500 Jan. 1 1932 to 1941. incl. Principal and interest
payable at the Merchants National Bank & Trust Co.. Elmira, N. Y.
GON7ALES COUNTY (P.O. Gonzales), Tex.
-WARRANT SALE.
A $60,000 Issue of 6% permanent impt. bridge warrants has recently been
JAMESTOWN, Newport County, R. I.
-BOND S4 LE.-The $26".000
purchased by 11. D. Crosby & Co. of San Antonio. Denom. $1,000. 4)4% coupon sewer bonds offered on April 22-V. 128, p. 2688
Dated May 15 1929. Due from 1930 to 1950.
awarded to John T. Weston of New York. at par plus a premium-were
of $21
&mai to 100.10, a basis of about 4.46%
This was the only tender subGRANTS UNION HIGH SCHOOL DISTRICT (P. 0. Los Lunas) mitted.
Valencia County, N. Mex.-BOND OFFERINCL-Sealed bide will be 1949 incl. Bonds are dated May 1 1929 and mature $1,000. May 1 1930 to
received by Perfecto Gabe on. County Treasurer, until 11 a. m.on May 21,
for the purchase of a 550.000 issue of school bonds. Int. rate is not to
JOHNSON CITY, Washington County, Tenn.
-BOND SALE.
exceed 6%. Denom. $1.000. Dated May 11929. Due 915.000 from May A $65,000 issue of 5% ccupen school funding bends has been purchased
1 1932 to 1941. incl. Prin. and int. (J. & J.) payable at the office of the by Caldwell & Co. of Nashville. renan. $1 ,000. rated March 11829.
State Treasurer or at the National Bank of Commerce in New York City. Due from March 1 1951 to 1959 incl. Prin. ard int. (M. & t3f) payable
A certified check for 5%, payable to the County Treasurer, is required.
at the Chase National Bank in New York. Legality approved by Chapman
& Cutler of Chicago.
GRANT TOWNSHIP, Benton County, Ind.
-BOND OFFERING.
James Dewey, Township Trustee, will receive sealed bids until 2 P. m
JOHNSTOWN. Fulton County, N.Y.
-WebMay 4, for the purchase of $40.000 4)4% school building bones. Dated ster J. Eldridge. City Chamberlain, states -SALE POSTPONED.
that the offering scheduled for
May 11929. Denoms.$1.800 and $700. Due 51.400. July 1 1930 51.400. May 3 of $145,000. not to
exceed 5% bonds
-V. 128, p. 2688
-has been
Jan.& July 1 1931 to 1942, incl and 51.400. Jan. 1 1943. Int. payable on Indefinitely postponed.
(J. & J. 1)
JOHNSTOWN SCHOOL DISTRICT. Cambria County, Pa.
-BOND
GRANT TOWNSHIP SCHOOL DISTRICT (P.O.Prin bar) O'Brien SALE.
-The $260,000
% coupon school bonds offered on April 22County, lowa.-BOND SALE.
-The 517.000 issue of 44% semi-annual V. 128. p. 1961-were awarded
to the Guaranty Co. of New York, at a
school bonds offered for sale on April 8-V. 128, p. 2153
-was awarded price of 100.277 a basis of
about 5.221 0. Bonds are dated April 1 1929
7
to Mr. J. Arnold, of Pringhar, for a premium of $185. equal to 101.09, a and mature April
1 as follows: $8,000, 1930 to 1939 inclusive, and $9,000.
basis of about 4.30%. Due 51,700 from April 1 1930 to 1939 incl.
1940 to 1959 inclusive.
GREEN LAKE COUNTY (P.O. Green Lake), Wis.-BOND SALE.
The following bids were also submitted:
The $312,000 issue of 434% coupon highway bonds offered for sale on
BidderPrem.
April 23-V. 128. p. 2333
-was awarded to the First National Bank of Graham, Parsons & Co
$194.74
Berlin. for a premium of$1,547, equal to 100.492. a basis of about 4.42%. National City Co
153.40
Dated April 11929. Due from April 1 1933 to 1938.
0. H. Newbold's Son & Co
52.00
The other bidders and their bids were as follows:
KEENE, Cheshire County, N. H.
-TEMPORARY LOAN.
BiddersPrice.
Bros, & Hutzler of Boston, purchased on April 19, a $100,000 -Salomon
Green Lake State Bank
temporary
$313.280 loan, on a discount basis a 5.625%. Loan
matures in about 8 months.
Marksean State Bank
311,400 Other bidders were:
Channer Securities Co., Chicago
312.165
Bidder
Discount Basis.
GREENE, Chenango County, N. Y.
-The 520,000 Merchants National Bank,Boston
-BOND SALE.
5.65T
registered street pavement bonds offered on April 19-V. 128. p. 2688
-- Old Colony Corp
5.70
were awarded to the Binghamton Savings Bank, as 54. at a price of par. S. N.Bond & Co
5.88%
Bonds are dated May 1 1929 and mature 52,000 May 1 1930 to 1939. incl.
KEMPSVILLE MAGISTERIAL ROAD DISTRICT (P. 0. Princess
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-Sealed bids
-BOND OFERING.- Anne), Princess Anne County, Va.-BOND OFFERING.
G. R. Morehart, County Auditor, will receive sealed bids until 12 m. will be received by Geo. W. Dawley. Chairman of the Board of Supervisors,
(Eastern standard time) May 1,for the purchase of $3.875 5)4% Amanada until noon on May 8, for the purchase of a $293.000 issue of 5% coupon
road bonds. Denom. 51,000. Dated April 1 1929 and due on April 1, as
Township road construction bonds. Dated Mar. 11929. Denoms.51,000
and $875. Due Sept. 1 as follows: 5875, 1930; and 51.000, 1931 to 1933 follows:$8,000, 1934; 510,000, 1935 to 1949:515,000. 1950 to 1954 and 520,incl. Prin. and int.(M.& S. 1) payable at the office of the County Treas- 000. 1955 to 1957, all incl. Prin. and int. (A. & 0.), payable in Norfolk
urer. Bids for bonds to bear a different coupon rate are also invited. A or at the office of the County Treasurer. Caldwell & Raymond of New
York will furnish the legal approval. A 53,000 certified check payable to
certified check for $250 is required.
the above chairman must accompany the bid.
HEBRON, Thayer County, Neb.-BOND SALE.
-A $30,000 issue of
KENTUCKY, State of.
-BOND AWARD POSTPONED.
water system bonds has been purchased by the First National Co. of
-The
767,000 issue of bridge bonds offered for sale on April 23 (V. 128, p. $10,Lincoln. Due in 1949 and optional after 1934.
2333)
was not definitely awarded as the Bridge Commission took the bids under
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 10 (P. 0. advisement. We quote from the New York "Herald
Tribune" of April 24
Baldwin), Nassau County, N. Y.
-Charles L. as follows:
-BOND OFFERING.
Wheeler District Clerk, will receive sealed bids until 8 p. m. (daylight
"The third attempt on the part of the Highway
saving time) April 30, for the purchase of $200,000 coupon or registered Kentucky to sell its $10.767.000 bridge bonds Commission of the State of
was made
school bonds,rate of interest not to exceed 6%,and to be stated in a multi- brought slx tenders, five of them for all the bonds and the yesterday and
ple of 1-10th or
of 1%. Dated April 1 1929. Denom. $1,000. Due issues only. The Bridge Commission announced that It sixth for three
would take the
$10,000. April 1 1930 to 1949, incl. Prin. and int. (A. & 0.) payable in bids under consideration to-day.
gold at the National Park Bank, New York. A certified check payable to
"Stifel, Nicolatts & Co., St. Louis, Mo., according to advises
the order of Herman Sessler, Treasurer, for $4,000 must accompany each ford, offered to pay 92 for the bonds, to bear 4% interest, up from Frankor down, using
proposal. Legality to be approved by Clay, Dillon & Vandewater of New the United States 4'7 certificate as a barometer, the
0
price always to be
York City.
10 points below the Government certificates.
"C.W.McNear & Co., Chicago, offered to take the bonds at 5.85% interHEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 15 (P. 0.
-Weil, Roth & Irving, Walter, Woody &
Lawrence), Nassau County, N. Y.
-The $135,000 est. Three Cincinnati concerns
-BOND SALE.
Heimerdinger and the Provident Savings Bank & Trust Co., submitted
coupon or registered school bonds offered on April 24-V. 128, p. 2688
- bids to buy the bonds for
the Clay's Ferry, Rio and Munfordville bridges.
were awarded as 4f4s to Roosevelt & Son of New York at a price of 101.275,
a basis of about 4.63%. Bonds are dated Jan. 1 1929 and mature 55.000 They offered to pay 92.13 for 4% obligations. The bonds to be sold for
the Clay's Ferry bridge totaled 5205,000 and the Rio and Munfordville
Jan. 1 1931 to 1957 inclusive.
bridges 5283,000. The three concerns specified that the bonds would
HENDERSON COUNTY (P. 0. Henderson), Ky.-ADDITIONAL to mature In 13 years. that the State would have to carry satisfactory have
insurINFORMATION.
-We are now informed that since the offering of the ance, that there must be no competing structures within a radius of
5200.000 issue of 431% semi-annual road and bridge bonds on April 15 miles, except the Boonesboro bridge, near Clay's Ferry, and that the ten
State
-V. 128. p. 2688
was unsuccessful
-the County Judge has appointed a must maintain sufficient foils to retire the bonds.
committee to attempt to sell the issue at private sale as soon as possible.
"The Merritt, Chapman & Scott Corporation of New York,says the dispatch from Frankfort, offered to accept the bonds at par at 6% interest.
HENRY COUNTY (P. 0. New Castle), Ind.
-BOND OFFERING.
- Poor & Co.,
Cincinnati. offered to buy all of the bonds at par at
Joe R. Leakey, County Auditor, will receive sealed bide until 2 p. in. May interest and to
5)4%
pay
15, for the purchase of $38,985.45 6% Charles Mendenhall et al, drainage first take over the one-fourth of 1% on all bonds delivered. They would
Rio and Munfordville bridges.
bonds. Dated May 151929. Denoms.$500 and $398.55. Due 53,898.55,
"Under their bid Stranahan, Bemis & Oatis agreed to pay 90.50 for
Nov. 15, from 192910 1938, incl. Int. payable (M. & N. 15)•
58,
with the exception of the bonds for the Henderson-Evansville bridge_over
HENRY TOWNSHIP SCHOOL DISTRICT (P. 0. Newcastle), the Ohio River,for which they would pay 92.15 a bond."
Henry County, Ind.
-BOND OFFERING.
-James 0. Crim, Tovrnship
KERMIT INDEPENDENT SCHOOL DISTRICT (P. 0. Kermit),
Trustee, will receive sealed bids until 10 a. in. Max'8 for the purchase
-BOND SALE.
-An IMMO of $100,000 547
of $9,000 4)4% school bonds. Dated July 15 1929. Due as follows: Winkler County, Tex.
0
school bonds has recently been purchased at par by the State
$500 Jan. 15 and July 15 1931 and 1932: $500 Jan. 15 and 31.000 July 15 School Fund.
Permanent
1933; $1,000, Jan. 15 and $500 July 15 1934, and $1,000 Jan. 15 and
. • 4 41
'
July 15 1935 and 1936. Prin. and int. payable at the Citizens State
KING COUNTY SCHOOL DISTRICT NO. 51 (P. 0.
Seattle),
Bank, Newcastle. A certified check for 5% of the amount of bonds bid Wash.
-MATURITY.
-The $25,000 issue of semi-annual school bonds
for is required.
awarded on April 6. to the State as 58, at par
-V. 128, p. 2510-4s due
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N. J.
- from 1931 to 1952 and optional after 1939.
BOND OFFERING.
-Howard J. Bloy, District Clerk, will receive scaled
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFER/NO.bids until 8 p. m.(daylight saving time) May 1, for the purchase of 31,500,- William E. Whitaker, County Auditor, will receive
sealed
000 coupon or registered, temporary improvement bonds. Dated May 1 April 30,for the purchase of $425,000 5% Dickey Place bide until 1 p. m.
Bridge construction
1929. Due in not less than 6 months nor more than 3 years. Bidders to bonds. Dated Jan. 11929.
state rate of interest and maturity desired. Award to be based on proposal July 1. Last maturity Jan. Denoms.$1,000 and $625. Due on Jan. and
1
most advantageous to the Township irrespective of the conditions therein. office of the County Treasurer. 1949. Int. payable semi-annually at the
A certified check payable to the order of the Township Treasurer, for 2% the Board of Commissioners, forA certified check payable to the order of
3% of the amount of bonds bid for is
of the amount of bonds bid for is required. Proceedings incident to the required. Legality to be approved by Matson
Carter, Ross & McCord of
issuance of these bonds have been conducted under the supervision of Indianapolis.
Whittemore and McLean of Elizabeth.
LAKEWOOD, Cuyahoga County, Ohio.
-AWARD TO BE MADE
HUMBLE INDEPENDENT SCHOOL DISTRICT (P. 0. Humble) MAY 6.-A. I. Kauffman, Director of
Finance, states that the $70.000
Harris County, Tex.
-BONDS REGISTERED -The $140,000 issue of issue of 4)4% grade crossing elimination bonds offered
on April 20
5% school bonds that was purchased on April 5-V. 128. p. 2510
-was p. 2334) will not be awarded until May 6. Mr. Kauffman sends (V. 128,
us the folregistered on April 19 by the State Comptroller.
lowing list of the bids submitted:
APRIL 27 1929.1
FINANCIAL CHRONICLE
2867
4
bonds as 43 s. Dated April 1 1929. Due
Rate of $900,000 bridge and viaduct 1 1930 to 1965. Inclusive. Prin. and int. is
$25,000 from April
Int.
e Bros. in
at the City Treasurer's office or at Kountz issue of
payable
5
Bidderof an
ati
New York City. (These bonds are the balance
5
el, Goetz & Moerlein, Cincinn
Detroit
$1,900,000 voted in 1926.)
4
etroit & Security' Trust Co.,
Dated July 1 1928 and
500,000 434% Colorado River Supply bonds.
5
Guardian Trust Co., Cleveland
, 1929 to 1963 and $10,000 in
due on July 1, as follows: $14,000the office of the City Treasurer
National Co. of Detroit, Detroit
5
First
Prin. and int. is 'Payable at
y, Cleveland
1964.
5
Herrick Compan Cincinnati
National Bank in New York.
or at the Bowery and East River July 1 1928 and due on July 1
4
N. S. Hill & Co.,
Cincinnati
Dated
500,000 434% water works bonds. 1963 and $10,000 in 1964. Prin. and
5
Provident Savings Bank & Trust Co.,
314,000. 1929 to
as follows:
5
Prudden & Co., Toledo
or at the Bowery
int, is payable at the City Treasurer's office
5
Ryan, Sutherland & Co., Toledo
& East River National Bank in New York.
Seasongood & Mayer, Cincinnati
5
bonds. Dated July 1 1928 and due on July 1
Toledo
500,000 43. % electric plant
5
Stranahan, Harris & Oatis,
$10,000 in 1964. Prin.
Columbus
as follows: $14,000, 1929 to 1963. and City Treasurer or at the
5 o
The First Citizens Corporation,
and int. is 'sayable at the office of the New York.
Well. Roth & Irving. Cincinnati
l Bank in
Bowery & East River Nationa
DISTRICT NO. 11 (P. 0.
L DISTRICT NO..2
L'ANSE GRISE GRAVITY DRAINAGE D OFFERING.
-Sealed bids
LOVE COUNTY CONSOLIDATED SCHOO
-BON
, La.
-The $12,000 issue of school
-BOND SALE.
Ville Platte), Evangeline Parishthe District Clerk for the purchase of a (P. 0. Marietta), Okla.
-was awarded to the
received until May 18 by
April 9-V. 128, p. 2334
will be
June 1 1929. Due from 1930 bonds offered for sale on Oklahoma City. Due from 1935 to 1945,Ind.
$9,000 issue of 6% drainage bonds. Dated
American-First Trust Co.of
to 1954.
-Perry Cook, Village Clerk.
-BIDS REJECTED.
LYNDHURST,Ohio.
-The 3225,000
-BOND SALE.
which were submitted on April 15,for the
LANSING, Ingham County, Mich. 128, p. 2334
-were awarded at states that all bids were rejected,bonds, offered for sale
-V. 128. p. 2510
offered on April 22-V.
4% paving bonds of Water and Electric Light Commissioners. Bonds are $241,600 5% road improvement mature October 1, as follows: $24,000
e.
par, to the Board
Bonds are dated May 1 1929 and and 325,000, 1939.
mature $45,000, May 1 1930 to 1934 inclusiv
dated May 1 1929 and
1930; 324,000. 1931 to 1938, inc.;
VEMENT DISTRICT
-BOND SALE.-Thelisit
LYNWOOD ACQUISITION ANDs IMPRO Calif.
LAPORTE COUNTY(P.O. Laporte),Ind.
-BOND SALE.
17-V. 128.
,
of 5% bonds aggregating $84,200 offered on April
NO. 19 (P. 0. Lynwood), Los Angele County
lowing issues
ent Co., Indianapolis, at -An issue of $120,000 7% improvement bonds has been purchased by the
-were awarded to the J. F. Wild Investm basis a about 4.83%:
p. 2334
. $1,000 and $500. Dated
r Co. of Wichita. Denoms
par plus a premium of $556,00 equal to 100.66 a
- Feb. 13 1929. Due from Feb. 13 1933 to 1953,incl. Prin. and int.(J. & J.)
. Brown-Crumme
Dtie
- - $2,400
s
- geverhighway improvement bondiZ
37F,00iTarlecompany.
Payable at the office of the above named
May and November 15 from 1931) to 1939 incl.
ement bonds. Due $1,090.
(P. 0. Lyons), Rice County,
21,800 Garland Slocum et al highway improv
LYONS SCHOOL DISTRICT NO. 69 of 431% school bonds offered
May and November 15 from 1930 to 1939, incl. Due $720 May Kan.
-The $170,000 issue
-BOND SALE.
-was awarded to the Guarantee Title
1265
et al highway improvement bonds.
14.400 Ewalt Werner
for sale on Feb. 26-V. 128. p.
Feb. 1 1930 to 1946, incl
and November 15. 1930 to 1939, incl.
& Trust Co. of Wichita. Due $10,000 from
were:
Three issues are dated April 15 1929. Other bidders
-BONDS REGISTERED.
Premium.
COUNTY (P. 0. Waco), Tex.was registered on April 18
McLENNAN
Bidder$152.25 -A $655,000 issue of 5% road, series 0 bonds
Indianapolis
Mer-Kiser Bank,
246.30 by the State Comptroller. Due on April 10 1954. A $29,000 issue of 5%
La ert Savings Bank,LaPort
480.00 road, series A bonds was registered on April 17. Due on July 10 1951.
Salem Bank,Goshen
road, series C bonds was also registered on April
-The A $290,000 issue of 534%
-BOND SALE.
Iowa.
18. Due serially.
LEE COUNTY (P. 0. Fort Madison),
bonds offered for sale on
road
-BONDS NOT SOLD.
Texas.
$200,000 issue of annual coupon primaryd to the White-Phillips Co. of
McLENNAN COUNTY (P. 0. Waco), road bonds offered on April 22
-was awarde
nual
April 19-V. 128, P. 2510
equal to 100.536%, a basis The $1,160,000 issue of 434% semi-an
m
will issue temporary financing
Davenport, as 43(s, for a premiutoof $1,072,
1934.
2334) was not sold. The county sale of bonds. Due $29,000
(V. 128, p.
1944, incl. Optional after
of about 4.64%. Due from 1935
ons until the market warrants the
- obligati
-BOND OFFERING.
to 1969 inclusive.
Fla.
LEE COUNTY (P. 0. Fort Myers),by the Clerk of the Board of from April 10 1930
5,
-The
-NOTE SALE.
County, N. .1.
Sealed bids will be received until June of an issue of$165,000 road bonds.
MANASQUAN, Monmouth
for the purchase
y. 319.500 refunding
County Commissioners,
uan National Bank purchased during Februar
- Manasqnotes at a price of par. Notes bear a coupon rate of 5% and are
-BOND OFFERING.
LEWIS COUNTY (P. 0. Chehalis), Wash. er, until May 4, for the paving
Denoms. $1,000. one for $500.
Sealed bids will be received by the County Treasur school bullding bonds. payable on June 1 1929.
nual
-The $161,450
-BON
purchase of an issue of $100,000 6% semi-an
Richland County,Ohio. 2334 D SALE.
MANSFIELD,
-were awarded as stated
Due in 20 years.
offered on Apri117-V. 128,p.
- coupon bonds
0. Smithland), Ky.-BOND SALE.
below:
LIVINGSTON COUNTY (P.
par:
has recently been
To the Mansfield Savings Bank, atDue as follows: $12,250, April and
A $50,000 issue of 5g% road and bridge funding bonds
ement bonds.
Denom.$1,000. Dated .Apr. 1
purchased by Caldwell Ss Co. of Nashville.int. (A. & 0. 1) payable at the 3118,250 5% improv 11930; $12,000, April and Oct. 1 1931 to 1934, incl.
Oct.
312,000.
1929. Due on Apr. 1 1919. Prin. and City. Legal opinion of Squire,
of Mansfield:
To the Citizrns National Bank awarded at par plus a premium of $10.
Hanover National Bank in New York
$36,300 6% improvement bonds about 5.99%. Due as follows: 36,300.
Sanders & Dempsey of Cleveland.
a basis of
equal to 100.02.
36.000, April and Oct. 1 1931
-BOND OFFERING.
April and 36.000. Oct. 1 1930;
LOCHMOOR VILLAGE, Wayne County, Mich. bids until 8 p. m.
and 1932.
$5,
-Philip F. Allard, Village Clerk, will receive sealed bonds aggregating
bonds awarded at par plus a premium of
of
6.900 5;4% improvement
April 30, for the purchase of the following issues
about 5.48%. Due as follows: $1,300,
equal to 100.07, a basis of1930; 31.300, April and Oct. 1 1931 and
-rate of int. not to exceed 6%:
$186,300
Oct. 1
g May 1,
1 bonds, maturin
April and $1.000.
$9,830 Special Paving Assessment District No.
1932.
as follows: $1,830, 1930; $2,000, 1931; $2.000, 1932; $2,000, 1933;
1 1929.
The three issues are dated April
$2.000, 1934.
maturing May 1,
SCHOOL DISTRICTS (P. 0. Phoenix),
8.560 Special Paving Assessment District No. 2 bonds,
MARICOPA COUNTY-Sealed bids will be received until 2 p. m. on
$2,000, 1933;
as follows: $560, 1930; $2,000, 1931; 32,000, 1932;
-BOND OFFERING. Clerk of the Board of Supervisors, for the purAriz.
L. Walmsley,
$2.000. 1934.
maturing May 1, May 15 by Cissues of school bonds, aggregating $52,500, as follows: Due
chase of two
one for $500.
Special Paving Assessment District No. 3 bonds.
14.750
1931; $3,000, 1932; 33.000. 1933; $17,500 school district No. 7 bonds. Denom. $1,000,
as follows: $2,750, 1930; $3,000,
1932 to 1934; $1,000, 1935: $2,000
on May 1 as follows 32.000,1938; 31,000, 1939; $2,000, 1940:
$3.000, 1934.
bonds, maturing May 1,
1936: $1,000, 1937; $2,000, 1942. (Authorized by election on
15,090 Special Paving Assessment District No. 4
$3,000, 1932; $3.000. 1933:
$1.000,. 1941, and $1,500 in
as follows: $3,000. 1930; $3,000, 1931;
March 16.)
Denom. $1,000. Due on May 1
$3,000. 1934.
35,000 school district No. 45 bonds. and $4,000 from 1945 to 1949
bonds. maturing May 1,
15,140 Special Paving Assessment District No. 5
as follows: 33,000. 1940 to 1944,
$3,000, 1932; $3,000, 1933;
election on March 30.)
as follows: $3,000, 1930; $3,000, 1931;
inclusive. (Authorized by
(M. & N.) payable at the County
13,140, 1934.
Dated May 1 1929. Prin. and int.
bonds, maturing May 1,
' Trust Co. in New York City. Int.
14,550 Special Paving Assessment District No.6
Treasurer's office or at the Bankers
$3,000. 1933;
and legal opinion to be furnished
as follows: $2,550, 1930; $3,000. 1931; $3,000, 1932;
rate is not to exceed 6%. Printed bonds of the bonds bid for is required.
5%
$3,000, 1934.
by the purchaser. A certified check for
maturing May 1,
-BOND OFFERING.
14,880 Special Paving Assessment District No. 7 bonds,
polis),Ind.
$3,000. 1933;
MARION COUNTY (P.O.Indiana
as follows: $2,880, 1930; $3,000, 1931: $3,000, 1932;
receive sealed bids until 10 a. m. May
Harry Dunn, County Auditor, will Flood Prevention bonds. Dated April
1934.
$3,000,
1, at
bonds. maturing May 1, 6, for the purchase of $400,000 5%
93,500 Special Paving Assessment District No.8 $19.000, 1932; $19,000, 1 1929. Denom. $1,000. Interest payable on April and October 1949.
$20,000. April 1 1930 to
as follows: $1'7,500, 1930; $19,000, 1931:
the office of the County Treasurer. Due of the Board of County Com1933: 319,000. 1934.
to the order
with int, payable incl. A certified check payable
of bonds bid for is required. No bids
MI of the above bonds will bear the date. May 1 1929,
missioners for 3% of the amount
March 15, At that time they were
semi-annually.
payment were submitted for these bonds on
providing for
bonds are Special Paving Assessment bondsUse Special Assessment offered as 434s.
These
event of a deficit in
out of the general fund in the
-BOND SALE-The Guardian
Ohio.
MARION, Marion County, 5i%5, has purchased the following issues
Fund.
to the Village Trust Co., Cleveland, bidding for
$20.50, equal
All bids must be accompanied by a certified check payable
$16,547.75, at par plus a premium of on April 9.
the bid.
of bonds. aggregating
These bonds were offered
Treasurer in the sum of 5% of the amount of
to 100.12, a basis of about 5.69%. under advisement appeared in Y. 128.
-H. F.
taken
-BOND OFFERING.
LOCKPORT, Niagara County, N. Y. bids until 10 a. m. May 1. for Bids submitted which were
p. 2511.
Rommell, City Treasurer, will receive sealed
bonds. Due as follows: 31.350.25.
3532.000 coupon Reservoir and Filtration Plant bonds, to $9.350.25 street cleaning equipment 1930, and $1,000 Mar. and Sept. 1
the purchase of
May 1 1929. Denom.$1,000.
Mar. 1 and $2,000 Sept. 1
bear a coupon rate not exceeding 5%. Dated
incl. and $10,000, 1959.
1931 to 1933 inclusive.
Due May 1, as follows: $18,000, 1930 to 1958, New York. A certified
traffic lights and stop signs. Due
Co.,
3,087.50 bonds for the installation of and $500 Sept. 1 1930. and $500
Prin. and int. payable at the New York Trust
d. Successful bidder
as follows: $587.50 Mar. 1
check for 2% of the amount of bonds bid for is require
Mar. and Sept. 1 1931 and 1932.bonds. Due as follows: $610
to furnish legal opinion.
4,110.00 Fire Department equipment
Mar.and Sept. 1 1931 to
ICT (P. 0. Lockport),
Mar. 1 and $500 Sept. 1 1930, and $500
LOCKPORT TOWNSHIP SCHOOL DISTR North, Secretary Board
-W. W.
-BOND OFFERING.
1933 inclusive.
Will County, III.
bids until 8 p. m. April 30,for the purchase
Bonds are dated March 11929.
of Education, will receive sealedDated May 1 1929. Demon, not less than
-The Detroit
-BOND SALE.
of $250.00 5% school bonds. Due August 1 as follows: $30,000, 1930 to
MARSHALL, Calhoun County, Mich.
y, an issue of 3300.000
$100 nor more than $1.000. to 1936, incl. Prin. and int. payable at a & Security Trust Co., Detroit, purchased privatel43.4
%,at a price of par.
incl.; and 340.000. 1933
bearing a coupon rate of
1932,
which no bids were
or Chicago, as the bidder may designate. A school construction bonds,
bank in Lockport, Joliet the order of the above-mentioned official, for Bonds are to mature in 30 years. This is the issue for
certified check payable to
d by Chap- submitted on April 10-V. 128. p. 2690.
accompany each proposal. Legallty to be approve
-The
-BOND SALE.
31.000 must
Ind.
MARTIN COUNTY (P. 0. Shoals), ement bonds offered on April
man dr Cutler of Chicago.
improv
- $6,817.80 434% Perry Township road par to the First National Bank of
-BOND OFFERING.
Calif.
s County,
LONG BEACH, Los AngeleApril 26, by the City Clerk for the purchase 20 (V. 128, p. 2511) were awarded at
$340.89 on April
are dated April 20 1929 and mature
Sealed bids will be received until
semi-annual harbor bonds. Due from 1931 to Loogootee. Bonds 1939 inclusive.
and Oct. 15 1930 to
of a $299,500 issue of 5%
1955.
-BOND SALE -The City Auditor
MASSILLON,Stark County, Ohio.
ACQUISITION AND IMPROVEMENT
paving bonds has been purLOS ANGELES COUNTY Angeles), Calif.
- Informs us that an issue of $6,900 sewer and ioners.
-BOND OFFERING.
DISTRICT NO. (P. 0. Los 2 p. m. on May 6. by L. E. Lampton, chased by the Board of Sinking Fund Commiss
-William
be received until
Sealed bids will
-BOND OFFERING.
an issue of $175,535.52 improvement
MATAWAN,Monmouth County, N. J.
until 7.30 p. m. (dayCounty Clerk, for the purchase of 7%. Denoms. $1,000, $500, one for
A. Rodgers, Borough Clerk, will receive sealed bids
0 5, 53.( or 5;5%
bonds. Int, rate is not to exceed
time) May 7, for the purchase of 3100.00 1 1929. Denom.
from April 15 1934 to 1953. Prin.
$35.52. Dated April 15 1929. Due the office of the County Treasurer. light saving
registered improvement bonds. Dated May inclusive: $4,000.
and semi-annual Int, payable in gold atbid for, payable to the chairman of coupon or
1952
$1,000. Due May 1 as follows: $3,000, 1931 to
d check for 5% of the bonds
A certifie
1961. Principal and interest (May
1953 to 1960 inclusive; and $2,000, the Farmers & Merchants National
the Board of Supervisors is required.
payable in gold at
and November)
-BOND SALE.
-The
, Calif.
more bonds to be awarded than will produce a
LOS ANGELES, Los Angeles County offered for sale on April 23- Bank, Matawan No the amount of the offering. A certified check,
premium of $1,000 over
bonds bid
four issues of bonds. aggregatin 32,400.00C1.
te composed of the First National payable to the order of the Borough for 2% of the amount of d & Long-were awarded to a syndica
V. 128, p. 2689
Legality to be approved by Hawkins, Delafiel
& Co.. Eldredge & Co. and Halsey. Stuart
Bank, Blair & Co., Flallgarten Anglo-London-Paris Co. and the National for, is required.
York.
fellow of New
0., all of New York, the
-At a
Detroit Co. of New York. the
ONDS AUTHORIZED.
,
Bancitaly Co., both of San Francisco, the Inc., and R. W. Pressprich &
MAYSVILLE, Mason County Ky.-B April 17, an ordinance calling
Old Colony Corp., Geo. B. Gibbons & Co., a basis of about 4.58%. The special meeting of the City Council held on was passed on its first reading.
,
Co., all of New York. at a price of 100.198
for the issuance of $60,000 in refunding bonds
Issues_are,described as follows:
Premium.
$1,180.00
532.00
64.00
380.00
366.00
1,190.00
91.00
1,353.00
379.00
1,472.00
1,176.00
384.00
431.00
2868
FINANCIAL CHRONICLE
MEDICINE RIVER DRAINAGE DISTRICT
(P. 0. Cherokee),
Alfalfa County, Okla.
-BOND SALE.
-A $9,000 issue of 6% semiannual drainage bonds has recently been awarded
at par to the Concho
Construction Co. of Oklahoma City.
MELROSE, Middlesex County, Mass.
-BOND SALE.
-R. L. Day
& Co. Boston, bidding 100.34, purchased on
of 4S.i,% coupon bonds aggregating $100,000:April 24, the following issue
Cost basis about 4.17% •
340,000 Continuous Sidewalks bonds. Due $8,000,
May 1 1930 to 1934,
inclusive.
35.000 sewer bonds. Due May 1 as follows: $3,000.
1930 to 1940, incl.;
and $2,000, 1941.
25,000 Surface Drain bonds. Due May 1, as follows:
$2,000, 1930 to
1941. incl.: and $1,000, 1942.
Dated May 1 1929. Denom. $1,000. Prin. and
int. payable at the Old
Colony Trust Co., Boston. Legality to
be approved by
Boyden & Perkins of Boston. Other bids were as follows: Ropes, Gray,
BidderRate Bid.
Eldredge & Co
100.18
Arthur Perry
100.153
Old Colony Corp
100.151
E.H.Rollins & Sons
100.14
F.S. Moseley .St Co
100.10
Estabrook & Co
100.08
Curtis& Sanger
100.02
Stone& Webster and Blodget,Inc
100.02
[VOL. 128.
the State of New York, or upon
stock bid for in such proposal. a National bank, 2% of the par value o
No proposal will be received or
considered which is not accompanie
by such deposit.
All such deposits shall be returned
by
making the same within three days after the Comptroller to the person
the decision has been rendered
to who is or are the highest bidder or
bidders, except the deposit made b
the highest bidder or bidders.
4. If said highest bidder or bidders shall
refuse or neglect within fly
days after service of written notice
of
to the City Chamberlain the amount the award to him or them, to pa
of the bonds awarded to him o
them at their par value, together
with the premium thereon, less th
amount deposited by him or them, the
made shall be forfeited to and retained amount or amounts of deposit th
for such neglect or refusal, and shall by said City as liquidated damag
thereafter be paid into the Sinkin
Fund of The City of New York for the
Redemption of the City Debt.
5. Upon the roayment into the
are accepted, of the amounts due City Treasury by the persons whose bi
for
accrued interest from Dec. 15 1928, the stock awarded to them, includin
certificates thereof shall be issued
them in such denominations provided for by
6. It is required by the Charter of the the Charter as they may desire.
"every bidder may be required to accept City that in making proposals
a portion of the whole amount
therefor bid by him at the same rate or
proportional price as may be specified in his bid; and any bid which conflicts
with this condition, shall be
rejected: provided, however, that any bidder
offering to purchase all or
any part of the bonds offered for sale at a
offer to purchase all or none of said bondsprice at par or higher may also
MERIDIAN, Lauderdale County, Miss.
Comptroller deems it to be in the interest at a different price, and if the
-BOND SALE.
-A
issue of 6% sewerage fund bonds has recently been purchased $60,000 award the bonds to the bidder offering the of the City so to do, he may
by the
highest price for all or none of
Hibernia Securities Co. of New Orleans, for a premium of
bonds;
$1,600, equal said interest provided, however, that if the Comptroller deems it to be in
to 102.66.
the
of the City so to do he
reject
provision, the condition that the biddermay accept all bids." Under this
will
only the whole amount
of the stock
MIAMI COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Osawatorn
ie) in any bids, bid for by him, and not any part thereof, cannot be inserted
Kan.
-BOND OFFERING.
except those for "all or none offered by
-Sealed bids will be received by Stella Stanley.
bidders who have
also bid for "all or any part" of the stock offered for
Clerk of the Board of Education, until 7 p. m. on May 6. for the purchase
sale.
7. The proposals, together with the security deposits,
of an $80,000 issue of 5% semi-annual school bonds. Dated Aug.
1 1929. in a sealed envelope, indorsed
should be inclosed
Due $4,000 from 1930 to 1949. incl. A certified check for 2%
"Proposals for Corporate Stock," and said
of the bid envelope inclosed in
is required.
another sealed envelope, addressed to the Comptroller
of The City of New York. (No special form of
AWARDs
proposal is required,
therefore no blank is furnished.)
MIDLAND, Midland County, Tex.
-BOND OFFERING.
-Sealed bids
PREVIOUS CITY
will be received by J. C. Hudmen, City Secretary,
.-The last public award by
1,
purchase of four issues of 5%% bonds, aggregating until Mayas for the made on Nov. 20 1928. At that time a syndicate managed bythe City was
$260.000,
the National
City Co. of New York, which consisted of 56 individual members,
8185,000 sewer Improvement: $50,000 street improvement; $20,000
paid
hall, and $5,000 street lighting bonds. Maturing on a tax level plan city 100.839999 for $29,000,000 corporate stock, due in 1978, and $26,000,00
0
over serial bonds, payable in equal annual
40 years. A $5,000 certified check, payable to Leon Goodman,
instalments on Nov. 15 from 1929
Meyer, to 1968 inclusive. The total
must accompany the bid.
award amounting to $55,000,000 bore a
coupon rate of 4%;the price paid representing a cost basis
to the City
MILFORD, Ellis County, Tex.
-BOND SALE.
-A $28,000 Issue of of about 4.2002-V. 127, p. 2993. Incidentally,
6% sanitary sewer system bonds has been purchased at par by the Well, $52.000,000 was originally intended to have been the current issue of
included in the
Roth & Irving Co. of Cincinnati. Due as follows: 81,000,
mentioned sale. Acting on the advice of city officials, Comptroller afore1932: 1935, decided
Berry
1938. 1941, 1946, 1948, 1950. 1952, 1954. 1955 and 1957 to
to limit the award to $55,000,000. On Feb. 291928,a $52,000,000
1964, and Issue of 4%
$2,000 from 1965 to 1969.
gold corporate stock for Rapid Transit Railroad construction,
due on Dec. 31 1931, was awarded to a syndicate headed
by the National
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
- City Co. of New York. At that time the city received a price of 100.48997
The $1,150,000 issue of 4%% semi-annual metropolitan sewerage
bonds, for its obligations, equal to a cost basis of 3.66%.-V. 126, P. 1396.
offered for sale on April 22-V. 128, p. 2335
-was awarded to
NEW ULM, Brown
Kinnicutt & Co. of Now York,at a price of 101.79, a basis of about Kissel,
-PRICE PAID.
-The $125,000
4.35%. Issue of filtration plant County., Minn.
Dated April 25 1929. Duo $115,000 from April 15 1940 to 1949, incl.
bonds that was purchased by local investors
V. 128, p. 2691-*as awarded to them at par.
The following is an official tabulation of the bidders and their bids:
NORFOLK COUNTY (P. 0. Dedham), Mass.
Bidder-TEMPORARY LOAN.
Price Bid. -The First National
*Kissel, Kinnicut, Chicago
Bank of Boston was awarded on April 23, $100,000
C. W. McNear & Co., R. M. Schmidt & Co., Kountze Bros_ $1,170,694.99 temporary loan due in about seven months, on a discount basis a 5.275%
of
1,160.695.00 plus a premium of
Northern Trust Co.. Wm. R. Compton
$2.50. The following bids were also submitted:
E. H. Rollins
BidderCo., A.B. Leach & Co.,Taylor, Ewart& Co.,and Guardian
Co..
Discount Basis.
Boston Safe Deposit & Trust Co., Boston
Detroit Co
5.275
1,160.683.00 Dedham National
Stone & Webster & Blodgett, Inc.. and White Weld & Co_
Bank, Dedham
5.32°
Chase Securities Corp., Stranahan, Harris & Oatis, Inc., and 1,160,672.00 F. S. Moseley & Co
5.38
S. N. Bond & Co. (plus $7)
the Milwaukee Co
5.65
First Wisconsin Co., Harris Trust & Savings Bank, and the 1,158,959.00
NORTH LITTLE ROCK SCHOOL DISTRICT (P. 0.
North Little
Detroit Co
Rock), Pulaski County, Ark.
-BOND SALE.
-The $125.000 Issue of
Continental Illinois Co., First Trust & Savings Bank, and 1,157,314.00 school bonds offered
for sale on Mar. 21-V. 128, p. 1438
-was awarded
Halsey. Stuart & Co
to the American
Guaranty Co., N. Y. Bankers Co., New York; Wells-Dickey 1,156,670.00 equal to 95.20. Southern Trust Co.of Little Rock,at a discount of $6,000.
Co., Minneapolis:and Marchall & Ilsley Bank, Milwaukee- 1,154.358.
50
NORTHUMBERLAND COUNTY (P. 0. Sunbury), Pa.
* Successful bid.
-BOND
OFFERING.-Oswalk Kramer, County Controller,
until 2 p. m. May 17 for the purchase of 8200,000 will receive sealed bids
MONTANA, State of (P. 0. Helena).
% bonds. Denom.
-BOND OFFERING.
-Sealed $1,000. Interest payable on June
bids will be received by the State Treasurer, until
and Dec. 1. Bonds mature June 1 as
for the purchase follows:
of a $785,000 issue of State Historical Library andMay 20,Building
820,000,
Capital
refund- consideration. A 1930 to 1939 incl. Bids at less than par will receive no
ing bonds.
certified check payable to the order of the Board of
County Commissioners for 5% of the amount of bonds bid for is required.
MOUNTAIN CITY, Johnson County, Tenn.
-BOND OFFERING.
OAK CREEK, Routt County, Colo.
-BOND SALE.
Sealed bids will be received until 11 a. m. May 6, by the Mayor,
for the of 6% sewer bonds has been purchased by J. II. Goode -A $10,000 issue
purchase of a $40,000 issue of water works bonds. Dated May
& Co. of Denver.
1
and due on May 1, as follows: $7,000. 1934; $9,000, 1939: $10,000, 1929* Denom. $500 and $100. Dated Aug. 1 1928. Prin. and int. (F. & A.)
1944: payable in New York.
and $14,000, 1949.
OOLOGAH SCHOOL DISTRICT (P. 0. Oologah), Rogers County,
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 3 (P.
-BONDS OFFERED.
-Sealed bids were received until 7:30 p.
0. Port- Okla.
land), Ore.
-BOND OFFERING.
-Sealed bids will be received until on April 24, by C. A. Baits, Clerk of the Board of Education, for the pur7:30 p. m. on May 6 by A. G. Oates, District Clerk, for the
purchase of a chase of a $27,000 issue of school bonds. Int. rate to be named by bidder.
$25,000 issue of semi-annual school bonds. Int. rate Is not to
Denom. $500. Due $1,500 from 1932 to 1949, incl.
Denom. $1.000. Dated May 15 1929 and due on May 15 exceed 6%.
(These bonds were voted at an election held on April 26 by a count of
as
82,000, 1940 to 1944 and $3,000, 1945 to 1949, all incl. Teal, follows: 13 to
31).
Winfree,
Johnson & McCulloch of Portland will furnish the legal
approval. A
certified check for $1,250 will be required with bid.
ORCHARD LAKE, Ashland County, Mich.
-OTHER
-The
First National Co. of Detroit offered a premium of $910.00; BIDS.
and Morris.
NEPHI, Juab County, Utah.
-BOND
-A $25,000 issue of Mather & Co., of Chicago, offered par plus a premium of $820.00, on
434% electric light bonds has recently been SALE.
April 15, for the $70,000 bonds awarded as 55, to the Detroit & Security
purchased by
& Co. of Salt Lake City at a price of 97.10, a basis of aboutSnow-Goodart Trust Co., Detroit
-V. 128, p. 2691-at a price of par, plus a premium of
4.93%. Due $915.00, equal
from 1934 to 1941, inclusive.
to 101.207, a basis of about 4.89% •
PALISADE,Mesa County, Colo.
NEW BEDFORD, Bristol County, Mass.
-BOND SALE.
-An issue of $150,000
-TEMPOR
- water works system and reservoir bonds has been
The National Rockland Bank of Boston, purchased on April ARYLOAN.
purchased by an unknown
23.
temporary loan on a discount basis of 5.41%. The followinga $500.000 investor.
bids were
also received for the loan which is payable in about 7 months:
PATERSON, Passaic County, N. J.
-BOND OFFERING.
-Howard
L. Bristow, Clerk Board of Finance, will receive sealed bids until 10
BidderDiscount Basis. (daylight
a. m.
First National Co.,New York
saving time) May 8, for the purchase of the following described
5.625%
S.N.Bond & Co.(Plus $8.00)
4.4 or 5% coupon or registered bonds aggregating $2,295,000:
5.65%
$1,173,000 water bonds. Due June 1 as follows: $25,000, 1930 to 1935
NEWBURGH, Orange County, N. Y.
-BOND SALE.
incl.: $30,000, 1936 to 1968,
-The Newburgh Savings Bank purchased on March 28, an issue of $80,000 4h"%
1,020,000 general improvement bonds. incl., and $33,000, 1969.
Due June 1 as follows: $30.000.
registered hospital bonds, at par plus a premium of $100, equal to 100.12.
1930 to 1934, incl.: $40,000. 1395 to 1940, incl., and $45,000.
a basis of about 4.735%. Bonds are dated April 15 1929. Denoms. $1.000.
1941 to 1954, incl.
Due $5,000 March 1 1930 to 1945, incl. Int. payable March and Sept.
102,000 school bonds. Due June 1 as follows: $3,000, 1930 to
1.
1951.
incl., and $4,000, 1952
NEW EGYPT SCHOOL DISTRICT (P. 0. Ocean) Ocean County,
Dated June 1 1929. Denom. to 1960, incl
Principal and interest
N.J.
-BOND SALE.
-The Teachers Pension and Annuity Fund purchased December) payable at the office81,000. City Comptroller, or at(June and
the Hanon Sept. 12, an issue of 850,000 registered 43.i% new building bonds, at a over National Bank, New York. of the
No more bonds to be awarded than will
price of par. Bonds are dated Aug. 11928, denoms. $1,000,8500 and
produce a premium of $1,000
amount of each issue.
D e serially from 1929 to 1958, incl. Int. payable Feb. and Aug. 1. $100. check, payable to the order of over the for 2% of the amount ofA certified
each issue
bid for, is required. Legalitythe City
to be approved by Hawkins, Delafield &
NEWHALL SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles Longfellow of New York
City.
County, Calif.
-BOND SALE.
-The $30,000 issue of 5% semi-annual
PATERSON, Passaic County, N. J.
school bonds offered for sale on April 22-V. 128,p. 2691
-NOTE SALE.
-The following
-was
to the National Bancitaly Co. of San Francisco, for a premium awarded note issues aggregating $1,708,000 offered on April 24-V. 128, p. 2691
of
equal to 101.556, a basis of about 4.83%. Due $1,000 from April 1$467. were awarded as 53is, to a syndicate composed of the Bankers Co. of New
1930 York, National City Co. and Harris, Forbes &
to 1959 incl.
all of New York, at
par plus a premium of $1,868.30, equal to 100.109, a basis of about 5.45%:
Co..
NEW YORK, N. Y.-$.52,000,00000RPORATE STOCK OFFERING - $1,000,000 Tax Revenue notes of 1928.
Charles W. Berry, City Comptroller, will receive sealed bids until 12.
500,000 capital notes.
m.
May 7, for the purchase of all or any part of a $52,000,000 Issue
200,000 Tax Revenue notes of 1926.
of 51%
Three issues are dated April 24 1929. Due April 24 1931.
gold corporate stock, for the construction of Rapid Transit Railroads.
Stock is dated Dec. 15 1928 and is redeemable on Dec. 15 1932. Interest chasers are reoffering the notes for public investment priced to The puryield 5%.
There were three other bids for the notes. Lehman Bros. and
Payable semi-annually on June and Dec. 15. Issued in coupon form
R.
and
interchangeable, denomination of $1,000 for coupon bonds, or in registered Pressprich & Co. offered a premium of $555 for 5.60s; Eldredge & Co. W.
for
form in any multiple of $10. Issue payable as to both principal
55.s bid par plus a premium of $663: Estabrook & Co. and Hannahs,
and
In gold in the City of New York. Conditions of sale are as follows: int. Ballin & Lm bid par plus a premium of $170 for 5.90s. Assessed
valua1. Proposals containing conditions other than those herein set forth will tion of city is placed at $207,800,000: total bonded and short-term
debt
not be received or considered:
including current obligations is reported as $25,485,664.
2. No proposal will be accepted for less than the par value of the amount
PESCADERO SCHOOL DISTRICT (P. 0. Redwood City), San
bid for.
-BOND OFFERING.
-Sealed bids will be received
3. Every bidder, as a condition precedent to the reception or considera- Mateo County, Calif.
tion of his proposal, shall deposit with the Comptroller in cash, or by a by Elizabeth M. Kneese, County Clerk, until 10 a. m. on May 6 for the
certified check drawn to the order of said Comptroller upon a Trust com- purchase of a $15,000 issue of 6% school bonds. Denom. $1,000. Dated
pany or a State bank incorporated and doing business under the laws of May 1 1929 and due $1,000 from May 1 1930 to 1944 incl. Prin. and int.
(M.& N. 1) payable at the office of the County Treasurer. Purchaser to
APRIL 27 1929.]
FINANCIAL CHRONICLE
2869
ROCHESTER SCHOOL TOWNSHIP, Fulton County, Ind.
payable to the Chairman
urnish the legal opinion. A $250 certified check, the bid. The following BOND OFFERING.-WIlliam Foster, Township Trustee, will receive
15, for the purchase of $25,000 5% school
f the Board of Supervisors, must accompany
sealed bids until 2 p. m. May
Denoms. $1,000.
tatement accompanies the offering notice:
on building improvement bonds. Dated April 11 1929. 1942 incl. Prin.
"Said bonds are issued in pursuance of an election held in said district
Due $1,000. July 1 1930; $1,000, Jan. and Ju.ly 1931 to
the
day of April, 1929,in compliance with the provisions of castPolitical and bit. (J. & J. 1) payable at the U. S. Bank & Trust Co., Rochester.
be 5th
in favor
95 votes were
ode of the State of California, at which election
-The
-BOND SALE.
the issuance of
ROCKWELL CITY, Calhoun County, Iowa.
•f the issuance of said bonds and 18 votes were cast against
$10,000 issue of5% park bonds offered for sale on April 5-V.128, p.2336
Id bonds.
new school building. was awarded to Glaspell, Vieth & Duncan,of Davenport,for a $68 premium,
"Said bonds were voted for the purpose of building
school building with furniture and necessary apparatus and equal to 100.68.
pplying
proving school grounds.
-The 8100.000 issue
RUSSELL,Greenup County, Ky.-BOND SALE.
is $312,280,
15-V. 128.
"The assessed value of the taxable property in said district district.
of6% semi-annual water revenue bonds offered for sale on April of Ashland.
nd there is no present outstanding indebtedness against said The district p, 2512
-was awarded at par to the Ashland National Bank,
is 600.
"The approximate population of said district country,
were submitted. .
with a total No other bids
dudes the town of Pescadero and the surrounding
-BOND
RUTHERFORD COUNTY r. 0. Rutherfordton) N. C. bonds
acreage of approximately 11,200 acres."
bridge
- SALE.
-The $40,000 issue of 5 4 % semi-annual road andto the Detroit
-BOND OFFERING.
Ind.
PIKE COUNTY (P. 0. Petersburg),
-was awarded
until offered for sale on April 22-V. 28. p. 2692
Auditor,
Sealed bids will be received by Thomas). Wiggs, County improvement & Security Trust Co.of Detroit, for a premium of 51.846. equal to 104.615,
% bridge
12 m. May 15, for the purchase of $53,735.24
Prin,
4.89%. Due $5,000 from 1945 to 1952 bid.
of
bonds. Dated Sept. 15 1929. Due serially from 1929 to 1948, incl. check a basis about
-BOND SALE.A certified
RUTHERFORDTON, Rutherford County, N. C.
and int. payable at the office of the County Treasurer. bids submitted for
is required. All
The $103,000 issue of semi-annual refunding bonds offered for sale on
for 3% of the amount of bonds bid for
-was awarded to Stranahan, Harris & Oatis,
April 22-V. 128, p. 2692
these bonds on Nov. 12 were rejected-V. 127. 13• 2858.
to 101.65, a basis
-A $28,000 issue of Inc., of Toledo, as 5Xs. for a premium of $1,700, equal
PINEVILLE, Bell County, Ky.-BOND SALE.
. Duefrom 1945 to 1959.
of Cincinnati.
534% funding bonds has been purchased by Magnus & Co.and 1943; and ofabout5.63%
-BOND
ST. ANNE SCHOOL DISTRICT, Kankakee County III.
Denom. $1,000. Due on Jan. 15, as follows: $7,000, 1938
Bank
-R. B. Hollingsworth. Secretary. Board of Education, will
OFFERING.
$14,000 in 1948. Prin. and int, is payable at the Chemical National
7, for the purchase of $65,000 5%
receive sealed bids until 8 p. m. May
in New York.
Due July 1.
-The $24.000 coupon school bonds. Dated Jan, 1 1929. Denoms. $1,000. 55.000, 1937
-BOND ,SALE.
PLATTSBURG,Clinton County, N. Y.
1932 and 1933; $4,000, 1934 to 1936 incl.;
1778
% coupon or registered school bonds offered on April 5-V. 128. p. 1928 as follows: $3,000, 1940 to 1942 incl., and $7,000,J.943 and 1944. Prin.
,
43
to 1939 incl.; 56.000.
banks. Bonds are dated May 1
-have been awarded at par to local
1950.
and int.(Jan. and July) payable at the Continental National Bank & Trust
and mature May 1 as follows: $10,000, 1948 and 1949; and $5,000,
Co.,Chicago. Legality to be approved by Chapman & Cutler of Chicago.
-R. G. Web-BOND OFFERING.
-BOND OFFER'
POMEROY, Meigs County, Ohio.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
bids until 12 m. April 27, for the
ster, Village Clerk, will receive sealed
e A. Swintz, County Treasurer, will receive sealed bids until
Due as
purchase of $13,300 6% refunding bonds. Dated Sept. 1 1928. March 1NG.-Georg 13,for the purchase of the following issues of5% bonds aggre10 a. m. May
follows: 3700, March and Sept. 1 1929 to 1937, incl.; and $7,900.
gating $64,000:
1 1938. Interest payable semi-annual.
830,000 Liberty Township, Quinn Road construction bonds. Denom.$600.
-R. G. Webster, Village Clerk, will receive sealed
BOND OFFERING.
Due $3,000, May 15 1930 to 1939, incl.
improvebids until 12 m. April 27, for the purchase of $60.000 6% street Sept. 1.
21,000 Penn Township, Endive Road construction bonds. Denom.$1,050.
ment bonds. Dated March 1 1929. Due 53,000, March and the one
Due $1,050, May & Nov. 15 1930 to 1939, incl.
than
bonds. Denom.
1930 to 1939 bid. Bids for bonds to bear a coupon rate other
13,000 Liberty and Union Twps. Oak Road construction incl.
specified are also invited. Interest payable semi-annually.
$650. Due $650, May & Nov. 15 1930 to 1939,
1929.
Three issues are dated May 1
-The $90,000
-BOND SALE.
PORTLAND,Multnomah County, Ore.
17-V. 128,
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph), Buchanan
issue of 4X% street widening bonds offered for sale on April Tichner of
-In connection with the offering
County, Mo.-OFFERING DETAILS.
awarded at par, as follows: $45,000 to Mr. Abe
-was
p. 2512
No. 1.
of the $250,000 issue of 4% coupon school bonds scheduled for May IPortland and $45,000 to School District
-we are now informed that the bonds mature as follows:
bonds are the remainder of the $185.000 issue offered on V. 128, p. 2692
(The above
-V.128, p. 2155.)
815,000 on Feb. 1 1930 $5,000. 1931 to 1940 S15,000, 1941 to 1945 $25,000.
March 19, of which a $95,000 block was disposed of
1946 to 1948 and $35,000 in 1949. Prin. and int. (F. & A. 1) payable at
-Tal- the National Bank of Commerce in New York. A $5,000 certified check
-BOND OFFERING.
TH, Scioto County, Ohio.
PORTSMOU
receive sealed bids until 12 m. May 15 payable to the School District is required.
madge Edwards, City Auditor, will
Dated May 1
for the purchase of L330,000 5% flood prevention bonds.Md. Prin. and
-The $2,ST. LOUIS, Mo.-BONDS OFFERED FOR INVESTMENT.
1929. Denom.$1,000. Due $11,000 May 1 1931 to 1960
works revenue bonds that was awarded on April 19
the
int. payable at the office of the City Treasurer, or at rateFirst National 000,000 issue of water by Halsey, Stuart & Co. of New York, as 4Xs, at
other than the to a syndicate headed
Bank, Portsmouth. Bids for bonds to bear an interest
-is now being offered for
128, p. 2692
p
one specified will also be considered, r ovided, however, that where a frac- 100.158, a basis of about 4.48%-V. from 4.30 to 4.40% according to
to yield
X of
a
tional rate is bid such fraction shall be stated in themultiple of bonds1% public subscription at prices 1 1934 to 1949. The following statement
bid maturity. Due from May
amount of
thereof. A certified check for 2% of
or multiple;
fur- accompanies the offering notice:
for is required. Legal opinion other than that of City Solicitor to be
The offering completes the program for the issuance of $12,000,000 water
nished by successful bidder.
is officially
works revenue bonds. The value of the water works system the City of
Financial Statement.
value of all property owned by
872.321,600.00 given as $48.839,634 and the the United States, as $170,843,269. Assessed
As.sossed valuation,Dec.31 1928_ ..,
104,226,360.00 St. Louis,sixth largest city in
Estimated value (true)
the city as of 1927 amounted to $1.5,377,319.44 valuation of all taxable property in
Total debt including these issues
indebtedness is $40.978,426.
1,597,095.03 358,451,461, while its net bonded
Special assessment bonds included in total
-At a special election held on
Water works incl. total but retired from earnings of the water
ST. LOUIS, Mo.-BONDS VOTED.
1.106,500.00 April 13 the voters approved a proposal calling for the issuance of $400,000
works
338,898.94 in school bonds by a count of 5,070 "for" as compared with 2,592 "against."
Sinking fund for redemption of bonded debt
This amount for sinking fund does not include Water Works Sinking Fund
-Helen
-BOND OFFERING.
SALEM, Columbiana County, Ohio.
as money is transferred from the Water Works Fund to the Water Works R. Woerther, City Auditor, will receive sealed bids until 12 m. May 11, for
Maturity Sinking Fund to take care of Water Works Bonds.
special assessment street improvement bonds.
the purchase of$39.042.29 5%
l'opulation, estimated 60,500; 1920 National census, 33.011.
Dated April 11929. Due April 1 as follows: $3,042.29, 1931; and $4,000.
Bids for ponds to bear an interest rate other than the
POTSDAM UNION FREE SCHOOL DISTRICT NO. 8 (P. 0. Pots- 1932 to 1940 incl.also invited, provided however, that where a fractional
-BOND OFFERING.-Prederick T. one specified are
dam), St. Lawrence County, N. Y.
Int.
multiple of X
bids until 7:30 p. m. (eastern rate is bid such fraction shall be stated in a check payable of 1%. order
Swan, District Clerk, will receive sealed
to the
or registered payable on April and Oct. 1. A certified
standard time) April 30, for the purchase of $300,000 coupon in a multiple of
the City Treasurer. for 5% of the amount of bonds bid for is required.
not to exceed 5%,and to be stated
school bonds rate of interest
May 1,
-BIDS REJECTED.
of 1-10th or X of 1%. Dated May 11929. Denom. $1,000. Due
SALT LAKE CITY, Salt Lake County, Utah.
to 1963, hid.; and
as follows: $5,000. 1930 to 1952, incl.; $10,000, 1953November) payable The $1,000,000 issue of tax anticipation bonds offered on April 23-V. 128.
int. (May and
$15,000, 1964 to 1968, incl. Prin. and
-was not sold as all the bids were rejected. It is reported that
Co.. P. 2692
Trust
In gold at the Citizens National Bank,Potsdam; or at the Irving H. Bryns, Walker Bros. of Salt Lake City have arranged for the purchase of the
daily balance. Dated
New York. A certified check payable to the order of Robert
Dillon bonds as 5 Xs, with the allowance of 23 % on
Treasurer, for $6,000 is required. Legality to be approved by Clay,
May 1 1929 and due on Dec. 31 1929.
& Vandewater of New York City.
-The two
-BONDS NOT SOLD.
SARASOTA, Sarasota County, Fla.
Iowa.
POTTAWATTOMIE COUNTY (P. 0. Council Bluffs), A. Stone. issues of 5X % bonds, aggregating $263,000, offered on March 25-V. 128,
-Bids will be received until May 6 by W.
-have not as yet been sold. The issues are divided as follows:
BOND OFFERING.
P. 1778
poor
County Treasurer, for the purchase of an issue of $103,000 of county
$133,000 refunding bonds. Dated April 1 1929. Due from April 1 1932
fund bonds.
to 1958, inclusive.
-A
SALE.
130,000 refunding bonds. Dated Feb. 15 1929. Due from Feb. 15 1932
PRESIDIO COUNTY (P. 0. Marla) Tex.-IVARRANThas recently
to 1934.
of6% courthouse and jail improvement warrants
$30,000 issue
been purchased by H. D. Crosby & Co., Inc., of San Antonio. Denom.
SCOTT TOWNSHIP SCHOOL DISTRICT (P. 0. Slippery Rock
-James E Burton,
-NO BIDS.
$500. Dated Feb. 11929. Duefrom 1930o 1944.
R. F. D. No. 4), Butler County, Pa.
.
were
PROSPERITY DRAINAGE DISTRICT (P. 0. Lamar), Prowers Secretary Board of Directors, reports that no bidssale received on April
-V. 128, p. 2692
-The $11,000 issue of 6% drainage bonds 20,for the $34,000 issue of 4g % bonds offered for
SALE.
-BOND
County, Colo.
-was jointly awarded to Bonds mature $2.000, Dec. 1 1929 to 1945, incl.
offered for sale on April 22-V. 128, p. 2512
& Co. and Henry Wilcox & Son, both of Denver.
J. H. Goode
-Sealed bids
-BOND OFFERING.
County, Wash.
SEATTLE,
-The will be receivedKing noon on Ma 17 by H. W. Carroll, City Comptroller,
-BOND SALE.
until
PUTNAM COUNTY (P. 0. Greencastle), Ind.
improvement bonds offered on
$6,000 4X % Daniel A. Hutcheson et al,to the Hutcheson Bros.; at par for the purchase of two issues of coupon or registered bonds aggregating
-were awarded
April 15-V. 128, p. 2512
$1,300.000, divided as follows:
April
plus a premium of $75.00 equal to 101.25. Bonds are datedLisby,15 1929 $900,000 municipal light and power bonds, 1926, series LW-3. Due
Alva E.
County
845,000 from 1940 to 1959 bid.
and mature on May and Nov. 15 1930 to 1939,incl. of the other two issues
Treasurer, makes no mention as to the disposition
400,000 water extension bonds, 1920, series WZ-5. Due $26,000 from
offered at the same time.
1935 to 1944 and $28,000 from 1945 to 1949, all incl.
Int, rate is not to exceed 6%. Denom. $1,000. Dated June 1 1929.
0.
RALEIGH TOWNSHIP SCHOOL DISTRICT (P. will Raleigh), Prin. and semi-annual int. payable in gold coin at places designated by
be received
-Sealed bids
-BOND OFFERING.
N. C.
Wake County,
bidder. Delivery in Chicago, Seattle, New York, Boston or Cincinnati,
until noon on May 15, by H. F. Srvgley, Secretary of Public Schools, for at option of purchaser. Legal opinion on light and power bonds by Thomthe purchase of a $500,000 issue of 5% coupon or registered school bonds. son, Wood & Hoffman of New York and on the water extension bonds by
1929 and due on May 1 as follows: $10,000,
forms
Denom.$1,000. Dated May 1
1949 to 1959, all inclusive. Chester B. Masslich of New York City. Separate bids upon blank
1932 to 1937:$15,000, 1938 to 1948 and 52,5,000. York. The U. S. Mort- furnished by the Comptroller are required. A certified check for 5% of
gold in New
Prin. and int.(M. &N.) payable in certif3r the genuineness of the bonds their respective bids must be filed by the bidders. The following stateTrust Co. of New York will
teage
furnished by Reed, Hoyt & Washburn of ments accompany the following notice:
and the legal approval will be check for 2% of the bid, payable to the
Nine hundred thousand dollars of Seattle Light & Power bonds. 1926.
New York City. A certified
being the unsold portion of $3,400,000 of such bonds authorized by OrCommittee, is required.
School
dinance No. 52134, entitled:
6
"An ordinance relating to, and specifying and adopting a plan or system
REDDELL GRAVITY DRAINAGE DISTRICT NO. (P.O. Reddell)
-BOND OFFERING.Sealed bids will be received of additions and betterments to, and extensions of, the existing municipal
Evangeline Parish, La.
for the purchase of a $15,000 light and power plant and system; providing for the acquisition of certain
until 11 a. m.on Slay 18, by the District Clerk,
arch
from 1930
Issue of 6% drainage, series A bonds. Dated June 11929. Due New York transmission system rights of way, for the construction of a concrete
& Hoffman of
dam across the Skagit River at Diablo Canyon, and (construction railway
to 1939, incl. Legal opinion of Thomson, Wood
service being necessary and indispensable thereto,for the extension of the
will be furnished.
Diversion
Bluff) Tehama city's existing construction railroad from the Gorge Creek Crib
RED BLUFF SCHOOL DISTRICT (P. 0. Red be received until Dam to said Diablo Canyon, as an incident to the construction of such
-BOND OFFERINO.-Sealed bids will
County, Calif.
dam: declaring the estimated cost thereof, as near as may be, and providing
Board of Supervisors,
10 a. m.on April 29, by IT. M. Kopplin, Clerk of the
for the issuance and sale of bonds to provide funds therefor; creating and
for the purchase of an issue of $100,000 6% semi-annual school bonds. establishing a construction fund; and creating and establishing a special
to 1939;
Approved Dec.
Denom. $1,000. Due on July 1, as follows: $3,000, 193588,000, $4,000, fund to pay the principal and interest on such bonds.
1952 and 9,
1940 to 1944; 55,000, 1945 to 1949;$7,000, 1950 and 1951;
1926.
1953 and $10,000 in 1954. A certified check for 10% of the bid, payable to
Four hundred thousand dollars of Seattle Water Extension Bonds, 1920,
the Chairman of the Board of Supervisors, is required.
series WZ-5, being the unsold portion of $6,000,000 of bonds authorized
- under Ordinance No. 40634. approved Mar. 10 1920, entitled:
-BOND SALE.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
"An ordinance relating to and providing for additions and betterments
building bonds offered on April 24The $20,000 5X% coupon storage
existing water supply system of the City of
V. 128, p. 2691-were awarded to the Citizens Savings & Loan Co., Mans- to, and extensions of, the
proa premium of $301.00, equal to 101.50, a basis of about Seattle, and amending Ordinance No. 37520, entitled 'An ordinance
field, at par plus
$1,000 April and Oct. 1 viding for additions and betterments to or extensions of. the existing water
5.185%. Bonds are dated May 1 1929 and mature
supply system of the City of Seattle, and specifying and adopting a plan
to 1939, incl. Other bids were as follows:
1930
Premium, or system therefor, declaring the estimated cost thereof as nearly as may
Bidder$284.00 be, provided for the issuance and sale of interest bearing coupon bonds to
Richland Savings Bank, Mansfield
109.00 pay therefor, and for the creation of a special fund into which shall be paid
Mansfield
Mansfield Savings Bank,
2870
FINANCIAL CHRONICLE
certain revenues of such water supply system to
Interest of such bonds, and providing for the terms pay the principal and
and conditions of said
bonds and for their sale. Approved July
dinances numbered 37622. approved Aug. 13 13 1917. as amended by Or1917; 37660, approved Aug.30
1917. and 38506 approved June 4 1918."
Pr SEWARD, Seward County, Neb.-BOND
CALL.
-F. D. Weber, City
Treasurer, has called for payment on June 1
1929,
water bonds, dated June 1 1919, due on June 1 the $85,000 issue of 5M %
1959 and optional in 1929.
• SHAMROCK, Wheeler County, Tex.
--BOND SALE.
-An issue of
$175,000 61 water works revenue bonds has
%
been purchased by the BrownCrummer Co. of Wichita. Denom. $1,000.
Dated
from Feb. 10 1943 to 1959, incl. Prin. and int. (F. Dec. 10 1928. Due
& A.) payable at the
office of the above named company.
SHARON, CHERRY VALLEY AND ROSEBO
OM CENTRAL
SCHOOL DISTRICT NO. 1, N. Y.
-BOND OFFERING.
-Frank S.
Clapper, Clerk Board of Education, will receive sealed
bids until 4 p.
May 16, for the purchase of $125,000 coupon school
bonds. Rate of int.
not to exceed 6%. Dated June 1 1929. Denoms.
follows: $2 000, 1930 to 1934, inci.• $3,000. 1935$1,000. Due June 1 as
to 1939, incl.; $4,000,
1940 to 1944, incl.; $5,000, 1945 to'
1954, incl.; and $6,000, 1955 to 1959.
incl. Interest payable semi-annually. Principal and interest
the First National Bank of Sharon Springs. A certified check payable at
for 2% of
the amount of bonds bid for must accompa
addressed to the above-mentioned officialny each proposal. Bids must be
(care
Sharon Springs. The total assessed valuation of) First National Bank,
of said district in 1929 was
$1,572,145. Estimated population
Indebtedness. Official advertisement 1,000. The district has no other
appears on the last page of this issue. of the scheduled award of these bonds
SHEBOYGAN FALLS, Sheboygan County, Wis.-B
OND OFFER-Sealed bids will be received until 2 p. in.
ING.
on May
Demand, City Clerk, for the purchase of a $25,000 issue 14 by Erhart A.
of 5% semi-annual
water works improvement bonds.
SHELBY AND STERLING TOWNSH
DISTRICT NO. 1, Macomb County IPS FRACTIONAL SCHOOL
Mich.-BOND
Jack Harvey, Secretary Board of Education, will receive OFFERING.sealed
7.30 P. m. (Eastern standard time), May 9, for the purchase bids until
of $140,000
school bonds
-rate of interest not to
4M %. Bonds are dated May 1
1929 and mature May 1 as follows: $2,500. 1932 to
1936 to 1938, incl.; $3.500, 1939 to 1941, incl.; $4,000,1935, incl.; $3,000.
1942 to 1944, incl.;
*4,500, 1945 and 1946; $5,000, 1947; $5,500, 1948;
incl., and $7,500, 1956 to 1959,incl. Interest rate: 37.000. 1949 to 1955,
4,4( 434 %• Each
proposal must be accompanied with a certified check
for
the order of the District Treasurer. Assessed valuation$1,000 payable to
in 1928
at $1.956,900. These bonds will represent the only indebtedn reported
ess of the
Village.
[VOL. 128.
TEXAS, State of
-BONDS REGISTERED.
bonds were registered by the State Comptrol -The following issues
ler during the week endi.
April 20:
*4,0005% San Patricio County Consolida
ted School Dist., No. 9 bon
Due on April 10 1968.
5,000 5% Dimmitt County Consolidated
School District No. 9 bon
Due on Sept. 1 1968.
10,000 5% Cherokee County Consolidated
School District No. 40 bonds
Due on March 11969.
5,000 5% La Grange storm sewer bonds.
2.5005% Harris County Consolidated Due seriall
School District No. 7 bonds
serially.
THURSTON COUNTY(P.O.Olympia
) Wash.
-BOND OFFERING.
Sealed bids will be received until 2
County Auditor, for the purchase p. in. on April 29, by E. L. Van EP
of a
court house bonds. Int. rate is not to $274.000 issue of annual coupe
exceed 5%. Denom. $1,000 an
$500. Dated June 11929. A certified check
for 5% is required.
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
-Earle
Peters, Director of Finance, will receive
for the purchase of the following issues of sealed bids until 12 in. May 6
4
$60.000 city portion sundry sewer bonds. % bonds aggregating $270.0
Due $4,000, Sept. 15 1930
19
44 incl.
50,000 Public Bldg. repaid bonds. Due
$5,000, Sept. 15 1930 to 1939
incl.
26,000 Playground bonds. Due 31,000,
Sept.
25,000 Boulevard and Parkway paving bonds. 15 1930 to 1955. incl.
Due Sept. 15. as follows
$3,000. 1930 to 1934,incl.
mom park Bldg. repair bonds. and $2,000, 1935 to 11139, incl.
Due Sept. 15, as follows: $1,000,
193
to 1934,incl. and $2,000, 1935
25,000 Water Course Inapt. bonds. to 1944,incl.
Due
1930 to 1939, incl. and $1,000. 1940Sept. 15, as follows: $2,000
to 1944, incl.
24.000 Motor Apparatus bonds. Due Sept.
15, as follows: $5,000, 193
to 1933, incl. and $4,000. 1934.
11,000 Fence Construction bonds. Due Sept.
15, as follows: $2,000
1930 to 1933, incl. and $3,000. 1934.
10,000 Bridge repair bonds. Due $2,000, Sept.
15 1930 to 1934, incl.
10,000 City portion, sidewalk construction bonds.
Due $2,000, Sept. 15
1930 to 1934, incl.
4,000 Workhouse Farm Equipment bonds.
Due $1,000, Sept. 15 193
to 1933, incl.
Above bonds are dated March 15 1929. Denom.
$1,000. Prin, and int
(March and Sept. 15) payable at the Chemical National
Bank, New York
Bids for bonds to bear an interest rate other
than the
invited. If a fractional rate is bid such fraction shall be one specified ar
M of 1% or mul
Unties thereof. A certified check
to the
Treasury of City of Toledo," for 2% payableamount "Commissioner o
of the
of
required. Legality to be approved by Squire, Sanders bonds bid for is
& Dempsey of
Cleveland.
SHELBYVILLE SCHOOL CITY,"Shelby County,
Ind.
-BOND
OFFERING.
-Sealed bids will be received by
until 2 p. in. May 13, for the purchase of the Board of School Trustees,
$75.000 4 % school building
bonds. Dated May 13 1929. Denoms. $500. Due
as follows: $2,000.
July 2 1934; $2.000 Jan. and
1941,
July 2 1942 to 1948, incl.; andJuly 2 1935 to 1949. incl.• $3,000 Jan. and
$3,900 Jan. 2
Principal and interest
(Jan. and July 2) payable at the First National Bank,
Shelbyville.
SHIAWASSEE COUNTY (P.
-BOND SALE.
The following issues of 6% bonds0. Corunna), Mich.
aggregating $38,003.24 offered on April
19-V. 128. p. 2692-were awarded to the Detroit & Security
Trust Co.,
Detroit at par plus a premium of $116.00 &pal
to a
$24,028.84 Road Assessment District No. 78 bonds. price of 100.35:
13.974.40 Road Assessment District No. 77 bonds.
Successful bidder agreed to furnish printed and legal opinion.
SHOREWOOD (P. 0. Milwaukee), Milwaukee
County, Wis.BOND OFFERING.
-Sealed bids will be
Village Clerk, until 8 p. in. on May 6, received by Theodore B. Olsen,
bonds aggregating $246,000, as follows; for the purchase of three issues of
$175,000
% sewer and drain bonds. Dated Mar.
Mar. 1, as follows: $5,000, 1930 to 1934 and 1 1929. Due on
$10,000, 1935 to
1949, all incl.
50.000 434% fire prevention bonds. Dated Oct. 11928. Due
on Oct. 1,
as follows: $2,000, 1929 to 1938 and $3,000,
1939 to 1948, all incl.
21,000 4M % railroad track removal bonds.
on Jan. 1, as follows: $1,000, 1939 Dated Jan. 1 1926. Due
$2,000, 1940 and $3,000,
1941 to 1946.
Denom. $1,000. Prin. and semi-ann
int. payable
Village Treasurer. Printing of bonds ualbe paid for at the office of the
by purchaser. Bids
will be received for any or all of the to
bonds. A separate bid is required
for each issue.
SOMERVILLE SCHOOL DISTRICT (P. 0.
Somerville), Somerset
County, N. J.
-BOND SALE.
-The State Teachers' Pension and Annuity
Fund,recently purchased an issue of $73,000
school bonds according to the
District Clerk.
SOUTHAMPTON, Suffolk County, N. Y.
-BOND OFFERING.
Benjamin G. Halsey, Town Supervisor, will receive
p.an. May 8,for the purchase of $150.0005% coupon sealed bids until 1:30
Bays bridge bonds. Dated April 1 1929. Denom. or registered Hampton
$1,000. Due $15,000.
April 1 1930 to 1939, incl. Prin. and int. (April and
Oct. 1) payable at
the Hampton Bays National Bank, Hampton
Bays. A certified check
for 5% of the amount of the bid must accompany proposal.
No bonds
to be sold at less than par. The right is reserved to
and offer the bonds at public auction. Official reject any and all bids
advertisement of this
offering appears on the last page of this issue.
SOUTH ORANGE AND MAPLEWOOD SCHOOL
DISTRICT (P. 0.
South Orange) Essex County, N. J.
-BOND
-Margaret
M. Pryor. District Clerk, will receive sealed bids OFFERING.
until
saving time). May 7,for the purchase of $984.000 4M, 8 p. m. (daylight
4M or
% coupon
or registered school bonds. Dated Jan. 1 1929.
Due Jan. 1 as follows: $30.000, 1931 to 1940, incl.;Denominations $1,000.
incl.: $40,000, 1956 to 1958, incl. and $39,000.$35.000, 1941 to 1955,
1959. Principal and
interest (J. & J.) payable in gold at the Guaranty Trust Co.,
'
No more bonds to be awarded than will produce a premium of New York.
$1,000
the amount of the offering. A certified check payable to the order over
of the
Board of Education for 2% of the amount of bonds bid for, is
Legality to be approved by Hawkins, Delafield & Longfellow of required.
New York.
'ENCERVILLE, Allen County, Ohio.
-BOND SALE.
-The
000 water works system construction bonds offered on April 19-V. $50.128, p.
-were awarded as 5 M s, to Stranahan, Harris & Oatis, Inc., of Toledo
2693
at par plus a premium of $395, equal to a price of 100.79, a basis
5.16%. Bonds are dated April 1 1929 and mature $2,000. Oct. 1of about
1930 to
1954, incl.
IF STAR CITY, Monongalia County, W. Va.-BOND SALE.
$40,000 issue of sewer bonds has recently been purchased at par by-A
the
State Sinking Fund Commission.
STURGEON BAY, Door County, Wis.-BOND SALE.
-The
Issue of5% coupon bridge bonds offered for sale on April 23-V. 128.$40,000
p. 2693
-was awarded to H. M. Byllesby & Co., of Chicago. for a premium of
$907.75. equal to 102.269, a basis of about 4.65%. Dated May 1 1929.
Due from May 1 1934 to 1938. (The purchaser also agreed to furnish
the legal opinion and the printed bonds).
UDAN, Lamb County, Tex.
-BONDS NOT SOLD.
-The $47,000
issue of 5 M % semi-annual water works bonds offered on April 9-V. 128.
P. 1964
-was not sold as no bids were received for the bonds. Dated Feb.
15 1929. Due from Feb. 15 1930 to 1969.
SURRY COUNTY (P.O. Dobson) N. C.
-BOND SALE.
-The $50,000
issue of coupon funding bonds offered for sale on April 17-V. 128, p. 2513was awarded to Braun, Bosworth & Co. of Toledo, as 545" bonds,for
premium of $100, equal to 100.20. a basis of about 5.22%. Dated May a
1
1929. Due $2,000 in 1931 and $3.000 from 1932 to 1947 ineinsive.
SWANTON, Fulton County, Ohio.
-BOND OFFERING.
-H. D.
Allen, Village Clerk, will receive sealed bids until 12 m.May 6,for the purchase of 31.250 5% special assessment bonds. Dated March
Denom. $125. Due $125, Sept. 15. 1930 to 1939, incl. Interest15 1929.
payable
on March and Sept. 15. A certified check payable to the order of the
Village Treasurer for 5% of the amount of bonds bid for is required.lo
TERRY, Hinds County, Miss.
-At a special elec-BONDS VOTED.
tion held recently, the voters approved a proposed $15,000 bond issue to
install_a sanitary_sewerage system,
Financial Statement.
Actual value of property (estimated)
$736,536,210.00
Assessed value for taxation (1928) as folows:
Real
8423.560,540.00
Personal
165,588,430.00
Total
$589,148,970.00
Total outstanding bonded debt including this
issue
Water bonds included above
Electric light bonds included above
219 859197:0
N.30°33
n
1
Special assessment bonds included above
3,501,426.99
Sinking Fund(Except for water,light and special assess. bonds)
4 468,542.14
Floating debt
one
Bonds authorized (not to be sold at this time)
000 00
.
Population, (1920 census) 243,164; population.
en
(July 1 1928
9.87
estima)531,20.
TOLEDO, Lucas County, Ohio.
The $500.000 University 4M % bonds -$640,000 BONDS OFFERED.the
bonds awarded on April 15-V. 128,and2692*140.0004 % improvement
-at 100.04 a basis of about
4.43%, to Arthur Sinclair, Wallace & p.
Co.. of New York, and Otis & Co..
Cleveland, are being reoffered for investment
by the purchasers, priced
to yield 5.00 to 4.25%.
Financial Statement.
Actual value of property,estimated
$736,436,210
Assessed valuation, 1927
589,148,970
Total bonded debt (including this issue)
29.761,947
Water bonds
$1,819,000
Sinking fund
4.539.037•
Net debt
$23,403,910
Population, (1910 census)168.497; population, (1920
census) 243,164;
population, (present estimated) 313,200.
The above statement does not include obligations of other
corporations which have taxing power against property within municipal
the city.
TREZEVANT,Carroll County, Tenn.
-BOND ELECTION.
2, a special election will be held for the purpose of passing upon -On May
a proposed
issue of $60,000 in bonds to reconstruct a high school building.
TUSCALOOSA COUNTY (P. 0. Tuscaloosa), Ala.
DETAILS.
-The $151,000 issue of 5% road bonds that -ADDITIONAL
March 25 by Caldwell & Co. of Birmingham -V. 128, was purchased on
p.2157
described as follows: $1,000 coupon bonds. Principal and -is further
interest(M.&
N. 1) payable at the National Bank of Commerce in New
Yo4k City.
Legality to be approved by Storey, Thorndike, Palmer &
Dodge of Boston.
TUCSON, Pima County Ariz.
-A $68,500 issue of 6% special paving
bonds has recently been jointly purchased by Gray,
Co. and Donald F. Brown Sz Co., both of Denver. Emery, Vasconcells &
Dated Mar. 2 1929.
Due in from 1 to 10 years. Int. payable on Jan. & July
1.
UMATILLA COUNTY SCHOOL DISTRICT NO. 78 (P.
0.
ton) Ore.
-BONDS OFFERED -Sealed bids were received untilPendle2 p. m.
on April 24, by Wilma Dick, District Clerk for the purchase
$1,500 5% semi-annual school bonds. Denom. $500. Dated of an issue of
April 1 1929.
Due $500from April 1 1930 to 1932 inclusive.
UNION COUNTY (P. 0. New Albany), Miss.
-ADDITIONAL DETAILS.
-The $200,000 issue of road bonds that was awatded
to W. L.
Slayton & Co. of Toledo
-V. 128. p. 1097
-bears int. at 5%,and was purchased for a $375 premium, equal to 100.187.
UNION TOWNSHIP (P. 0. Union) Union County,
N. J.-BOIM.
SALE.
-The two issues of coupon or registered bonds offered
on April
24-V. 128, p. 2513
-were awarded as stated below:
$272,000 6% assessment bonds ($273,000 offered) sold
to Batchelder,
Wack & Co. of New York, at par plus a premium of
81.125.00,
equal to 100.413. a basis of about 4.89%. Bonds mature
May 1,
as follows: $50.000, 1931 to 1934 incl., and 172,000.
1935.
118,000 5% public improvement bonds sold to the Union
Center National
Bank, Union Center, at a price or par. Bonds mature
Nov. 1.
as follows: $5,000, 1930 to 1934 incl.; $6,000, 1935 to 1939
ingl.,
Dated ma 1 0 29
andy$1, 9 ..1940 to 1948 incl.
00
VALLEY COUNTY SCHOOL DISTRICT NO. 28 (P.
0. Frazer),
Mont.
-BOND OFFERING.
-Sealed bids will be
District Clerk, until 2 p. in. on May 14 for the received by J. C. Wall,
purchase of an issue of
i21, 8. 6% school bonds. A $1,000 certified check must
the 3id .20
b 7
accompany
VENTNOR CITY, Atlantic County, N. J.
-BOND SALE.
$275,000 coupon or registered municipal 1)1111(1111g bonds offered -Of the
on April 22
(V. 128, p. 2513). Hoffman & Co. of New York, bidding
$274,000 bonds, paying 8275,140, equal to 100.41, a basis offor 5 Ms, took
Bonds are dated April 1 1929 and mature April 1 as follows: about 5.21%.
$10,000, 1931
to 1957 incl., and $4,000. 1958.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
1. 0. Leek, Village Treasurer, will receive sealed bids
until 10 a. in. May 1,
for the purchase of $12,800 4,% Otter Creek
Township llnprove
bonds. Dated May 1 1929.
enom. $640. Due $640, July 15 ment
1930;
$640, Jan. & July 15 1931 to 1939, incl.; and $640. Jan.
15 1940. Int.
payable on Jan. & July 15.
WADSWORTH, Medina County, Ohlo.-Earl
Richards, Village Clerk, will receive sealed bids BOND OFFERING.
until
purchase of $5.634 55" High St., special assessme 12 m. April 27,for the
nt improvement bonds.
Dated May 1 1929. Due Oct. 1, as follows: $1,000,
1930 to 1933, incl.;
and $1,634, 1934. Prin. and int, payable at
the office of the Village
Treasurer. A certified check payable to the
of the amount of bonds bid for is required. order of the Village, for 27
APRIL 27 1929.]
FINANCIAL CHRONICLE
2871
-The
-BONDS NOT SOLD.
WICHITA, Sedgwick County, Kan.
-BOND OFFER-County, N. Y.
22-V.
WALES (P. 0. Wales Centre), Erie highway bonds offered on April $45,344.18 issue of 434% coupon paving bonds offered on April Sept. 1
-The $30,000 coupon or registered to the Manufacturers & Traders- 128, p. 2694
O.
-was not sold as all the bids were rejected. Dated
V. 128, p. 2693) were awarded at par,
1 1929 and mature 1928. Due in from 1 to 10 years.
eoples Trust Co., Buffalo. Bonds are dated Feb.
-Byron
-BOND OFFERING.
incl., and $3,000. 1939 to 1942 incl.
*WILLIAMSPORT, Lycoming Co., Pa.
eb. 1 as follows: $2.000, 1930 to 1935 submitted.
15, for
C. Houck, City Clerk, will receive sealed bids until 10 a. m., May1 1929.
terest rate not stated. No other bid
q% coupon school bonds. Dated April
of $250.000 4
1934: 325.000.
WALLA COUNTY SCHOOL DISTRICT NO. 68 (P. 0. the purchase
WALLA
April 1 as follows: $20,000,
-The $1,500 issue of school bonds Denominations, $1,000. Due 1949; 355,000, 1954: and 365,000. 1959.
-BOND SALE.
alla Walla), Wash.
1939: $35,000, 1944: 350.000.
-was awarded at par for
wed for sale on April 13-V. 128, p,2157 bids were submitted. 6% Bonds are registerable as to principal. A certified check, payable to the
Washington. No other
Legalends, to the State of
order of the City for 2% of the amount of bonds bid for, is required.
of Philadelphia.
County, Ohio.WARD RURAL SCHOOL DISTRICT, Hocking on April 5 (V. 128, ity to be approved by Townsend, Elliott & Munson
Men-The $12,600 6% school bonds offered
OND SALE.
WILLITS UNION HIGH SCHOOL DISTRICT (P. 0. Ukiah) semiThis
-The $115.000 issue of
1964) were awarded at par to the Farmers & Merchants Bank. $630. docino County., Calif.
-BOND SALE.
-was
the only bid received. Bonds are dated Jan. 1 1929 and mature
bonds offered for sale on April 18-V. 128. P. 2694
annual school
33,011,
pril and Oct. 1 1930 to 1939 incl.
awarded to Wooden & Co. of San Francisco, for a premium of News-ADDITIONAL equal to 102.618. a basis of about 4.75%. Due from 1934 to 1954.
WARREN COUNTY (P. 0. Indianola), Iowa.
other bids as follows: American National Co.. and
NFORAIATION.-The $200.000 issue of annual primary road bonds that paper reports give the
National Bankitaly Co., $2,218; Bond & Goodwin &
awarded to Geo. M.Bechtel & Co. of Davenport,at a price of 101.125- Securities Division
& Co., $1,725; Heller, Bruce & Co.,
-bears int. at 5%, giving a basis of about 4.76%. Due Tucker, Inc.. $2,121; R. H. Moulton
128. P. 2693
as $1,617, and National City Co.. $1,184.50.
m 1935 to 1944, and optional after 5 years. The other bids were
-Sealed
Va.-BOND OFFERING.
Rows.
WINCHESTER,Frederick County, 10, by W.T.Barr, City Treasurer,
Premium.
Biddersuntil 2 p. m.on May
$1,560.00 bids will be received a $3349,000 issue of 4,)e., coupon sewer, streets, school
& Co.. Des Moines, Ia
heelock
1,793.00 for the purchase of
Polk & Co., Des Moines, Ia
.
bonds. Denom. $1,000. Dated May 1 1929 and are due
1,100.00 and refundingfollows: $5,000. 1930 to 1933; 36.000. 1934 to 1936: $7,000,
, B. Leach & Co., Chicago
as
2,250.00 on May 1,1938; 38,000, 1939 to 1941: 39,000, 1942; 810,000, 1943 and
Bank, Des Moines. la
owa National
1937 and
- 1944; $11,000, 1945 and 1946; 312,000. 1947: $13,000. 1948: $14,000.
-BIDS TAKEN UNDER ADVISE
WARWICK, Kent County, R. I.
1953; $16,000, 1954; $20.000. 1955 to
-It is reported that all bids submitted on April 23,for the $300,000 1949 and 1950: 315,000, 1951 to in 1959. Prin. and Mt. (M. & N.)
ENT.
-have been taken 1957; 825,000, 1958; and $23,000,
-V. 128. p. 2693
and 434% bonds scheduled for sale
City. Prin•
water bonds payable at the U. S. Mortgage & Trust Co. in New York by Thomson,
nder advisement. The offering consisted of $250.000 434%
registered. Legality to be approved
ue $5,000, May 1 1930 to 1979, incl.; and $50.000 4% water bonds due only of bonds may be
for 2% par of the bid,
The 434% issue is dated May 1 1929; Wood & Hoffman of New York. A certified check
1.000, Nov. 1 1929 to 1978, incl.
Is required.
he 4% issue, Nov. 11928.
Financial Statement (as officially reported).
38 259 028 00
-BOND SALE.-Curthi & Assessed valuation real estate, 1928
WATERTOWN, Middlesex County, Mass.
16.000.000.00
purchased on April 24, the following Real valuation real estate, 1928. estimated
anger, of Boston, bidding 101.07
1,610,733.00
basis
issues of 44% coupon bonds aggregating $235,000. Int. cost1, as 4.07%• Assessed valuation tangible personal property. 1928
follows:
347,000.00
West End Elementary School bonds. Due May
$200,000
Bonds outstanding
90 000 00
1940 to 1944, incl.
s
$14,000. 1930 to 1939, incl.; and $12,000,
1934,Ind. Floating indebtednes
35,000 Arsenal St. const. bonds. Due $7,000, May 1 1930 toOld Colony Deferred purchase money on property recently purchased_ year.) 4,666.66
anticipation of revenue for current
and int.(M.& N.), payable at the
Dated May 1 1929. Prin.
(Borrowed in
696,000.00
Trust Co., Boston. Legality to be approved by Storey, Thorndike,Palmer Total bonded debt including this issue
popula& Dodge, of Boston. Other bidders were:
Population, 1910 census, 5,864; population, 1920 census. 6,883;
Rate Bid. tion, 1928. estimated, 11,000.
Bidder100.95
-The fol-BOND SALE.
& Co
Estabrook
WINCHESTER, Middlesex County, Mass.
100.74
awarded on April
Stone & Webster and Blodget, Inc
lowing issues of 434% bonds aggregating $119,500 were of about 4.12%:
100.74
R. L. Day & Co
24 to Estabrook & Co., Boston,at a price of 100.54,a basis
100.68
Bank
follows:
Due
Union Market National
$47.000 sewer const, and surface drain. bonds. 1939. May 1, as
100.65
Eldredge & Co
$5,000. 1930 to 1938. incl.; and $2,000, May 1 1930 to 1939, incl.
100.635
E. H. Rollins & Sons
$4,000.
40,000 water construction bonds. Due
100.62
1930; and
F. S. Moseley & Co
32,500 Public Park bonds. Due May 1, as follows: $5,500,
100.30
Harris, Forbes & Co
83,000, 1931 to 1939, incl.
and
$500.
-All
-BIDS REJECTED.
Dated May 1 1929. Denoms. $1,000. one bond forBoston. Prin.
WAYNE COUNTY (P. 0. Detroit), Mich.
Legality
Trust Co.,
Mt.(M. & N.), payable at the Old Colony& Perkins, of Boston. Other
bidssubmitted on April 23,for the purchase of thefollowing described bonds
Boyden
-were relected. to be approved by Ropes, Gray,
-V. 128, p. 2513
aggregating E243,000, scheduled for sale
bidders were
Bidders were to state rate of interest. The bonds are to be reoffered.
Rate Bid.
Bidder8135,000 Road Assessment District No. 9 bonds. Due $15,000, May 1
100.44
1931 to 1939, incl.
R. L. Day & Co
100.36
Assessment District No. 10 bonds. Due $12,000, May 1 Winchester Trust Co
108,000 Road
100.26
1931 to 1939, incl.
F. S. Moseley & Co
100.22
Dated May 1 1929.
E. H. Rollins & Sons
100.20
-The Harris, Forbes & Co
-BOND SALE.
WAYNE COUNTY (P. 0. Corydon), Iowa.
100.082
$200,000 issue of annual primary road bends offered for sale on April 11- Stone & Webster and Blodget, Inc
100.02
-was awarded to the Iowa National Bank of Des Moines, Curtis & Sanger
V. 128. p. 2513
-BOND OFFERING.
as 58. for a premium of $560 equal to 100.28, a basis of about 4.95%.
WINSTON-SALEM, Forsyth County, N. C.2, by W. H. Holcomb,
on May
1944, inclusive. Optional after 5 years.
Due from 1935 to
Sealed bids will be received until noon
of an issue
(P. 0. Somerset), Somerset Commissioner of Public Accounts & Finance, for the purchase 1929 and
WELLERSBURG SCHOOL DISTRICT
May 15
-B. F. Getz of Wellersburg, recently pur- of $1,800,000 school bonds. Denom. 81.000. Dated
-BOND SALE.
County, Pa.
$40,000, 1930 to 1935 $60,000, 1936 to 1949
chased an issue of $1,500 5% school building bonds at a price of par. Bonds due on May 15, as follows:
int.(M.&
Interest payable and $80.000,from 1950 to 1958. all incl. Prin, andYork City. N.) payable
are dated Oct. 11929, coupon in denominations of $100.
Int, rate is
in gold at the U. S. Mortgage & Trust Co. in New X of 1%, and must be
on April and Oct. 1. Due annually in $100 instalments.
a multiple of
-Sealed not to exceed 6%, is to be stated in certified as to genuineness ofsignatures
WEST ALLIS, Milwaukee County, Wis.-BOND OFFERING.
Bonds
the bonds.
bids are to be for
bids will be received until 8 p. m.on May 6, by M.C. Henika, City Clerk, the same for all of
by
S. Mortgage & Trust Co. of New York. No
Legal approval by Reed,
for the purchase of five issues of 434% bonds aggregating $247,000, as lessthe U.
than par or for less than the entire issue.bidding forms furnished by
follows:
Required
Hoyt & Washburn of New York.
$70,000 school bonds. Due $10,000 from 1943 to 1949, incl. Payable at the Commissioner or the above trust company. A certified check for 2%
the West Allis State Bank of West Allis.
bonds. Due as follows: $2,000, 1940 and 1941; $3,000, of the °bid is required.
52,000 water
Financial Statement April 19 1929.
883,699,634.00
1942 and 1943, and $7,000, 1944 to 1949. Payable at the First Assessed valuation of taxable Real Property
60.458,596.00
National Bank of West Allis.
taxable personal property
bonds. Due $5,000 from 1940 to 1949,Ind. Assessed valuation of
50,000 police and fire building
$144,158,230.00
Payable at the First National Bank of West Allis.
valuation of taxable property
Total assessed
Payable
225,000,000.00
40,000 storm sewer bonds. Due $4,000from 1940 to 1949,incl.
Actual value of taxable property (estimated)
18,547.000.00
at the West Allis State Bank of West Allis.
Gross bonded debt (incl. proposed issue)
35,000 street improvement bonds. Due as follows: $3.000. 1940 to 1944, Water bonds
$2,994,195.38
and $4,000 from 1945 to 1949, all incl.
check for 5% Sink. fd. (for bonds other than water bonds). 273,022.03
Blank bonds to be furnished by the bidder. A certified
Special assess. (actual or est., applicable to
Is required.
4,167.740.50
payment of bonded debt)
The following statement accompanies the offering notice: by this city Other legal deductions (school bonds)
4,108.000.00
Under Chapter 67 of the Statutes of 1927 all bonds issued
11,542,957.91
are exempt from taxation.
Total deductions
BASIS OF ISSUE.
Assessed valuation of taxable property of the City of West Allis for State
$7,004.042.09
Net bonded debt
in whole
and County purposes:
Note -There is no separate school district embracing the city included
344.719,436.00
1924
and
42,201,574.00 or in part. Bonds for schools are issued in the name of the city
1925
52,445,243.00 In the above statement.
1926
Population 1910 (U. S. Census). 22,356; 1920 (U. S. census), 48.395;
56,939,728.00
1927
68,653,407.00 1928 (U. S. census July est.), 80.000.
1928
MENT DISTRICT
For city purposes:
WOODLAND ACQUISITION AND IMPROVE-BOND SALE.
$29,972,100.00 No. 1 (P. 0. Woodland) Yolo County, Calif.
1924
38.276,602.00 $32.340 issue of coupon improvement bonds was awarded on April 16 to
1925
40,769,259.00 the American National Co. of San Francisco, as 534s, for a premium of
1926
43,814,726.00 $88, equal to 100.272. It is reported that R. H. Moulton & Co. offered a
1927
45,862,179.00
3113 for 53(s; Freeman,
1928
Premium of $912 for 6s; Anglo London Paris Co.,
California
. . .
Debt limit
$176 for 6s; Dean Witter & Co.,$194 for 7s, and
0.00 Smith & Camp,$59 for 7s.
2,027,40
1 1929
Bonded debt March
National Bank,
-BOND SALE.-M.M.
(These bonds were previously offered on April 13-V. 128, p. 2157.)
Bergen County, N. J.
WOODRIDGE,
WEST POINT SCHOOL DISTRICT (P. 0. West Point), Hardin Freeman & Co. of Philadelphia, have purchased an issue of $300,000 53.4%
-A $15,000 issue of6% school building bonds coupon or registered improvement bonds at par plus a premium of $305.00.
County, Ky.-BOND SALE.
Denom.
by local investors, at a price of 101.75.
has been purchased
equal to 100.10, a basis of about 5.475%. Dated March 11929.
DISTRICT (P. 0. Johns- $1,000. Due March 1 as fellows: $45,000, 1930; $35,000. 1931 to 1932
WEST TAYLOR TOWNSHIP SCHOOL Pa.
- Inclusive; $50,000, 1934, and 325,000, 1935 to 1938 inclusive. Purchasers
-BOND OFFERING.
1), Cambria County,
town, R. D. No.
investment priced to yield 4.80%•
Charles W.Lowman. Secretary Board of Directors, will receive sealed bids are reoffering the bonds for public & Raymond of New York.
the purchase of $25,000 434% school bonds.
until 7:30 p. m. May 10, for $1,000. Due May 1,as follows:$5,000, 1934: Legality to be approved by Caldwell Statement.
Financial
Dated May_l 1929. Denom.
$5,000,000.00
A certified check for $125, must accom- Real value, estimated
and $10.000. in 1939 and 1944.
3,231.157.00
Assessed values, 1929
pany each proposal.
2,490.232.00
-A $90.000 Assessed values (3 years average)
Iowa.
-BOND SALE.
941,570.13
WEST UNION, Fayette County,
funding bonds has been purchased at par. as Total bonded debt (including this issue)
Issue of 434% semi-annual sinking fund and $6,000 to the school sinking Less
$621,782.11
taxes
-Assessment bonds and
follows: $13,000 to the city
197,068.67
Sinking fund
818,850.78
fund.
Pa.
-BOND ELECTION.
-An
122,719.35
WEST VIEW, Allegheny County,
signatures of D. A. Atkinson Burma Net debt
official advertisement bearing the
(estimated), 4.000.
Council, states that on April 30, an elec- Population
-The
and W. M. Dickson, President of
-BIDDERS.
tho electors to issue $50,000 bonds
WORTH COUNTY (P. 0. Northwood), Iowa.
of
tion will be held to secure the consent of
Present bonded debt $303,759.24 last following is a list of the other bids submitted for the $150,000 issueips 5%
Co.
for public improvement purposes.
awarded on April 17 to the White-Phill
coupon primary road bonds
assessed valuation $5,557,300.
of Davenport, at 100.963, a basis of about 4.79%:
Pa.
-BOND
County,
Premium.
WEST VIEW SCHOOL DISTRICT, Allegheny April 23-V. 128, p.
maaerson
81.440
-The 880,000 4)t% school bonds offered of Pittsburgh, at par, Carleton D. Bela Co. of Des Moines
SALE.
1.147
-were awarded to the Mellon National Bank about 4.47%. Bonds H. M. Byllesby & Co. of Des Moines
2514
1,130
Davenport
premium of $552, equal to 100.69, a basis of
plus a
11958. Other bidders were: Geo. M. Bechtel & Co. of
550
are dated Dec.1 1928,and are payable on Nov.
Premium. First National Co. of Mason City
BidderDISTRICT NO. 9 (P. 0. Grand
$392
WYOMING TOWNSHIP SCHOOL
& Co.„ Pittsburgh
Prescott, Lyon
-BOND OFFERING.125 Rapids R. D. No. 1) Kent County, Mich.
J. II. Holmes & Co., Pittsburgh
until 8 P.
- Theodore Rogers, School Director, will receive sealed bidsinterest notin.
-BONDS OFFERED.
to
-rate of
WHITE CLOUD, Newaygo County, Mich. until April 26, for the April 27, for the purchase of $60,000 school bonds
bids
1937 to
M. N. Bird, Village Clerk, received sealedDated May 1 1929. Denom. exceed 5,34%. Denoms. $1,000 and $500. Due as follows: $1.500,to 1953
of$12,000 Wilcox Paving bonds.
incl.; 32,500, 1947; $3,000, 1948
purchase
1944 to 1946
Interest payable semi-annually. The vil- 1943 incl.; $2,000,and 1955; and $4,000, 1956 to 1959 incl. Principal and
$1,000. Payable in 12 years. any and all bids.
incl.: $3,500, 1954
lage reserves the right to reject
2872
FINANCIAL CHRONICLE
Interest payable in Grand Rapids. A certified check
for $500 is
Legality to be approved by Miller, Canfield,Paddock & Stone of required.
Detroit.
YANKTON, Yankton County, S. Dak.—BOND SALE.—The
951,000
issue of semi-annual water plant bonds offered for sale on
April 15—V. 128,
p. 2337—was awarded to the Paine-Web
for a premium of $37, equal to 100.072. aber Co. of Minneapolis, as 5s,
basis of about 4.99%. Due in
20 years.
YORK COUNTY SCHOOL DISTRICT NO.37(P.O. Clover),
S. C.—
BOND SALE.—The $50,000 issue of coupon school bonds
on April 19—V. 128, p. 2157—was awarded to Stranahan, offered for sale
Inc., of Toledo, as 6s, for a premium of $4,780, equal to Harris & Oatis,
109.56,
about 5.22%. Due in 20 years. The following is a complete a basis of
list of the
bids:
Bidder—Int.
Rate. Price Bid.
Stranahan, Harris & Oaths, Inc.
% $54,780.00
Stranahan, Harris & Oatis, Inc
534% 52,965.00
Stranahan, Harris & Ostia, Inc
5347 51,665.00
Stranahan, Harris & Oatis, Inc
53407
50,205.00
W.L. Slayton & Co
534% 50,559.50
Ryan, Sutherland & Co
6
52,059.00
Ryan, Sutherland & Co
534% 50,059.00
Magnus & Co
6
52,015.00
Peoples Securities Co
6%
51,800.00
0. W. McNear & Co
534% 51,016.89
0. W. McNear & Co
6
53,855.89
Prudden & Co
5
50,000.00
Prudden & Co
534
51,250.00
Walter, Woody & Heimerdinger
534% 50,910.00
Walter, Woody & Heimerdinger
6%
51,875.00
J. H. HiLsman & Co
51,515.00
Robinson-Humphrey & Co., and South Carolina Na- 6%
tional Bank
534% 50,077.52
Robinson-Humphrey & Co., and South Carolina National Bank
52,126.50
Weil, Roth & Irving Co
gh
50,201.50
* Successful bid.
CANADA, its Provinces and Municipalities.
BEAUPRE, Que.—BOND OFFERING.—Sealed bids will be received
by J.0.Simard, Secretary-Treasurer until
m. April 27,
of $90,000 bonds. Dated May 1 , 1929.12Coupon ratefor the purchase
5%. Denom$100. Due in 40 years. Payable at any branch of the Banque
Cana.
dienne Nationale in Quebec.
BRITISH COLUMBIA (Province of).—BOND SALE.—A
syndicate
headed by A. E. Ames & Co., including Wood, Gundy &
Co., Dominion
[VOL. 128.
Securities Corp. and the Canadian Bank of
Commerce, purchased on AP
25, $6,000,000 5% coupon or registered bonds
at a price of 98.65, a bas
of about 5.09% (Canadian payment).
Dated April
25 1954. Bonds are issued for refunding purposes. 25 1929. Due Apr
ROUYN, Que.—BOND SALE.—The $25,000
school bonds offered o
March 1—V. 128, p. 1268—were awarded
to Hill-Clark-Francis, Lt
of New Liskeard, at a
of 97 a basis
a coupon rate of 5% and is payable serially of about 5.30%. Issue bas
in from 1 to 15 years.
ST. HENRI De TAILLON, Que.—BOND
addressed to U. Gosselin, Secretary-Treasurer OFFERING.—Sealed bi
will be received until 7 1:
on April 27, for the purchase of
1•
$30,000 5% 15
-year serial debontur
Dated February 1 1929 in $100 denom. and
multiples thereof, payable a
St. Joseph d'Alma, Quebec and Montreal.
• SASKATCHEWAN SCHOOL DISTRIC
AND.AUTHORIZED.—The following is a TS, Sask.—BONDS SOL
debentures reported sold as they appeared list of the authorizations an
in the April 19 issue of th
"Finland Post."
Authorizations Granted by the Local Government
Board from March 30
April 13
Schools: Gladstone, No. 1736, 64.500;1929.
Dirksburg, No. 3190. $1.800
Bedford, No. 3195. $3,500; Wing, No.
$3,000: Edelaue. No. 824,$4.800; North1155, $3,500: Hubbard, No. 1513
Plain,
Plain No. 572, $4,500: Fosterdale, No. 3623, No. 1366, $4,750: Pheasan
23,000;
$7.000; Kutawagan, No. 3913. $1,200; Alexandrb Big River, No. 32
, No. 1908. $4.500
Gouverneur, No.4557,$4,400; Troy, No.
2757, $4.000; Cretcher, No. 4784
$10,000: Copeland, No. 2017. $5.500; Glenrosa,
No. 2577, $4,500; Wills
Creek, No. 2468, $4,300; Ailsa Craig, No.
642, $4.200.
Debentures Reported
Schools: Newfield, No. 1760, 91,200, 10Sold.
-West Life
Assurance Co.; Sanderson, No. 1566, $5,000.years 6%, Great
15
& Co., Toronto; St. Henry R. C., No. 5. $16.000years 6%, H. J. Birkett
20 years 534%, Bond ez
Debenture Corp.; Sylburn R. T. Co., $2,000
& Co.; Bounty R. T. Co.. $5.200 10 years15 years 534%, H. J. Birket
6%.
M.
Regina; Dunblane Village, $3,500 10 years 534%, H. J. Turner & Co.
H.
Birkett & Co.
SASKATOON SCHOOL DISTRICT NO. 13, Sask.—B
IDS.—Th
following bids were also submitted on April 15, for the
$125,000
5% school bonds awarded to Wood. Gundy & Co. of Toronto, issue o
at a price
of 92.70 a basis of about 5.50%—V. 128, p. 2694.
Rate
Bidder—
Bid.
McLeod, Young, Weir & Co
90.57
Canadian Bank of Commerce
89.91
WILKE, Sask.—BONDS OFFERED.—Sealed bids were received
by
T. A. Dinsley. until April 26, for the purchase of $27,000 Union Hospital
District bonds, bearing a coupon rate of 6% and maturing in 20
-instalments.
rorice
NEW LOANS
NEW LOANS
$125,000
NOTICE OF SALE
Central School District Number One
Town of Sharon, Schoharie County, and Cherry Valley and
Otsego County, in the State of New York
Roseboom,
S150,000
TOWN OF SOUTHAMPTON
SUFFOLK COUNTY, N. Y.
Hampton Bays Bridge Bonds
SCHOOL (COUPON) BONDS
NOTICE is hereby given that sealed proposals
Notice of Bond Sale
will be received by the Town Board of the Town
of Southampton, Suffolk County, New York, at
Notice is hereby given that the Board of June in each of the
years 1955 to 1959 inclusive. the office of said board in
Education of Central School District Number
the
Purchasers will be required to deposit with Village of Southampton, the Town Hall in1:30
said town, at
One of the towns of Sharon, Schoharie
and Cherry Valley and Roseboom, County. their bids in cash, by certified check or by bank o'clock in the afternoon on the 8th day of May,
Otsego draft,
County, in the State of New York, will receive and two per cent of the amount of such bonds 1929, for the _purchase of any or all of an issue of
sealed proposals at the First National Bank in any, pay the balance, with accrued interest, if bonds of said Town of Southampton in the amount
to be added, when such bonds are delivered. of One hundred and fifty thousand dollars
the Village of Sharon Springs, New York, in said
Bids must be
district, until FOUR 0 CLOCK IN THE AF- Clapper, Clerk sealed and addressed to Frank S. ($150,000) to be used for paying the cost of conTERNOON ON THE 16TH DAY OF MAY, First National of the Board of Education, care of structing a bridge and causeway or roadway
1929, for the purchase of bonds of one hundred and marked onBank, Sharon Springs, New York, across Shinnecock Bay in said town from the
the
twenty-five thousand dollars ($125,000) of said said bids "Proposal outside of envelope enclosing mainland in the vicinity of Lighthouse Point,
Hampton Bays, to the Dune Lands to afford
for School Bonds."
district of the denomination of one thousand
The right to reject any and all bids is hereby access from said mainland to the Dune Road and
dollars ($1,000) each, numbered from one to reserved.
Ocean Beach, in said town.
one hundred twenty-five inclusive and bearing
The said issue will consist of one hundred and
interest at the lowest rate of interest obtainable. atThe bids will be publicly opened and announced
the First National Bank in the Village of fifty (150) bonds for One thousand dollars
not exceeding six per cent per annum
(6%) Sharon Springs, New York, on the 16th day of ($1.000) each, dated the first day of April, 1929,
payable semi-annually.
May, 1929, at four o'clock P. M., at which time and maturing in numerical order as follows:—
Both principal and interest of said
Fifteen (15) bonds aggregating Fifteen thousand
be payable at the First National Bank bonds will and place all bidders are invited to be present.
The said
of Sharon
Springs, New York. to the holder thereof, in debtedness. district has no other bonded in- dollars ($15,000) on April 1st, 1930; and Fifteen
(15) bonds aggregating Fifteen thousand dollars
New York exchange. Said bonds shall not be
The
sold below par and shall bear interest at not ex- 1929 total assessed valuation of said district in ($15,000) on April 1st in each and every year
was
ceeding six per cent per annum and shall be sold district is $1,572.145. Present population of thereafter until all of said bonds shall be fully
estimated at one thousand.
paid.
to the bidder who will take them at the lowest
Prospectiv
The said bonds will bear interest at the rate of
rate of interest, with accrued interest to be added. information e purchasers may obtain any further
by addressing Frank S. Clapper. Five per centum (5%) per annum, payable semiSaid bonds to be coupon bonds and dated Clerk, Board
of Education, Sharon Springs, annually April 1st and October 1st in each year.
June 1, 1929. Two of said bonds shall mature on New York.
Said bonds shall be in coupon form and may be
the first day of June in each of the years 1930 to Dated, Sharon
Springs, New York, April 19. 1929. converted into a registered bond and will be
1934 inclusive, and three of said
shall
payable as to principal and interest at the Hampmature on the first day of June in bonds the BOARD OF EDUCATION
each
OF
years 1935 to 1939 inclusive and four of said of
SCHOOL DISTRICT NUMBERCENTRAL ton Bays National Bank, Hampton Bays, New
bonds
ONE OF York.
shall mature on the first day of
THE TOWNS OF SHARON,
in
SCHOHARIE
the years 1940 to 1944 inclusive, Junefiveeach of
COUNTY, AND CHERRY VALLEY
All bids
and
of said
AND number of must be in writing, sealed and the
bonds shall mature on the first day of
ROSEBOOM, OTSEGO COUNTY.
bonds bidder will purchase, stated
in
each of the years 1945 to 1954 inclusive,Junesix
and must be accompanied by a certified check for
By Herbert L. Odell, President
and
of said bonds shall mature on the first day of
Five per centum (5%) of the amount of the bid.
Frank S. Clapper, Clerk
No bonds will be sold for less than par. Interest
will be charged the purchaser from the first day
of April, 1929. to the date of delivery. Purchaser
FINANCIAL
FINANCIAL
will be credited with any interest received by the
Town upon the amount deposited with the bid.
from the date the bid is accepted to the date of
delivery of bonds.
The right is reserved to reject any and all bids
and to thereafter at the same time and place sell
said bonds at public auction.
We Specialize in
City of Philadelphia
3s
31 2s
/
4s
41 is
/
42
/
1
s
5s
54s
/
1
5v
2s
Biddle & Henry
1522
Locust Street
Philadelphia
Members of
Philadelphia Stock Exchange
Baltimore Stock Exchange
Private New York Wire—Canal 8437
WHITTLESEY,
McLEAN &CO.
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
Dated April 24th, 1929.
BENJAMIN G. 1IALSEY,
Supervisor of the Town of Southampton, N..Y
FINANCIAL
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA
ALAISAMA
MAR,:& COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL ANr
CORPORATION BONDS
@FedFRASER